The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
firtattriaf
The.
ranirk
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 20 1915
VOL. 100
Pie Tixroutcle.
1915.
Terms of Subsuription-Payable In Advance
$10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
Subscription six months (including postage)
European
22 148.
Annual Subscription in London (including postage)
21 118.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following Supplements
times yearly)
B ANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3yearly)
ELECTRIC RAILWAY(3 tunes
RAILWAY EAuxINOS(monthly)
(semi-annually) BANKERS' CONVENTION (yearly)
STATE AND CITY
Terms of Advertising-Per Inch Space
104 20
Transient matter per inch space(14 agate lines)
22 00
04 times)
TWO Months
29 00
Three Months (13 times)
Business Cards
Standing
50 00
(26 times)
Six Months
87 00
Twelve Months(52 times)
OFFICE-Geo.M.Shepherd,513 Monadnock Block;Tel.Harrison 9012.
CHICAGO
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM.B. DANA COMPANY,Publishers,
P.O.Box 96S. Front, Pine and Depeyster Ste., New York.
P Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G.Dana, See. Addresses of all, Office of the Company.
CLEARING-HO USE RETURNS.
the
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for last week
week
beenl$3,273,338,298, against 22,655,368,263
ending to-day have
and 33,2561847,692 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending February 20.
Per
Cent.
1915.
1914.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
81,549,880,113
119,810,727
139,599.914
27,528,535
287,709,424
67,301,443
18,370,462
$1,493,453,700
125,779,487
146,343,306
28,960,928
288,240,694
70,413,669
15,645,922
+3.8
-4.7
-4.6
-4.9
-0.2
-4.4
+18.2
Seven cities, five days
Other cities, five days
$2,210,150,818
639,271,436
$2,168,737,706
555,008,761
+1.9
-2.8
Total all cities, five days
All cities, one day
.
32,749,422,054
523,916,244
82,723,746,467
533,101,225
+0.9
-1.7
ono
CR O5A017000
Ji_n C
OR ORR ROC
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night
We present below detailed figures for the week ending with Saturday
noon, February 13, for four years:
Week ending Feb. 13.
Clearings at
1915.
1914.
Inc. or
Dec.
Week ending Feb. 13.
Clatrings at
PUBLISHED WEEKLY.
1913.
1912.
NO. 2591
1014.
Inc.or
Dec.
Chicago
254,057,882 281,561,722 -9.8
Cincinnati
21,234,800
24,051,600 -11.7
C.eveland
23.423,259
23,860.394 -1.8
Detroit
18,973,785
23,995,067 -20.9
Milwaukee
20,410,048
18,811,145 +8.5
Indianapolis __
6,889.376
7.201,574 -4.3
Columbus
6,004,000
7,465,700 -19.6
Toledo
5,348,194
5,082,623 +5.2
Peoria
2,805,077
3,377,419 -18.S
Grand Rapids_ _ _
2,791,459
3,168,808 -11.9
Dayton
1,618,328
2,176,336 -25.6
842,733
Evansville
1,250,358 -32.6
510,418
Kalamazoo
469,878 +8.7
960,000
Springfield, Ill
929,274 +2.2
1,143,152
Fort Wayne. _
1,050,126 +8.9
1,084,982
Youngstown _
1,429,858 -24.1
1,231,000
1,546,000 -20.9
Akron
926,474
1,015,462 -8.8
Lexington
941,706
1,016,028 -7.4
Rockford
664,493
783,607 -16.2
Quincy
603,083
556,533 +8.4
Bloomington _ _ _
1,334,921 -6.4
1,250,000
Canton
379.125 +9.0
413,105
Decatur
558,725 -6.8
520,765
South Bend
654,166 +7.5
703,659
Springfield, 0_
417,570 -2.9
405,961
Jackson
451,005 -15.7
380,373
Lansing
395,748 +30.1
514.853
Mansfield
217,599 +9.8
237,603
Jacksonville, Ill_
455,612 +6.1
483,285
Danville
371,512 -3.1
360,000
Lima
550,133 -13.6
475.000
Owensboro
228,774 +4.8
240,000
Ann Arbor
35,544 -17.7
29,238
Adrian
Tot.Mid.West. 378,468,091 416,849,996 -9.2
-6.1
45,907,56
43,089,318
San Francisco_ _
22,711,12 -24.6
17,120,556
Los Angeles
10,886,145 -23.7
10.628,540
Seattle
-8.0
10,749,75
9,885,164
Portland
-5.2
9,989,54
4,730,296
Salt Lake City
3,610,188 -16.6
3,012,255
Spokane
2,047,825 -16.0
1,719,24
Tacoma
3,319,150 -10.7
2,963,98
Oakland
1,836,987 -7.3
1,701,524
Sacramento
2,160,616 -24.5
1,630,684
San Diego
822,374 +3.4
850,000
Fresno
992,014 -22.1
773,441
Pasadena
674,200 +33.1
897,495
Stockton
692,268 -14.9
589,797
Ban Jose
340,000 -20.6
269,969
North Yakima
221,247 -2.9
214,878
Reno
468,559 Not included in total
Long Branch_ _
Total Pacific_ _ 100,077,142 111,961,012 -10.6
52,181.455 +37.5
71,823,400
Kansas City_ _
19,403,795 +15.4
22,392,714
Minneapolis _ _
16,319,343 +3.0
16,815.568
Omaha
8,410,418 +13.0
9,501,989
St. Paul
7,330,629 +3.7
7,598,530
Denver
7,583,476 +6.4
8,067,273
Bt. Joseph
4,757,79 -11.0
4,233,555
Des Moines
2,999,52 -10.5
2,683,131.
Sioux City
2,755,270 +27.9
3,150,654
Duluth
3,284,26 +16.6
3.805,342
Wichita
+6.6
1,912,02
2,038,364
Lincoln
1,554,34 -30.4
1,081,869
Davenport
+7.7
1,291,23
1.391,798
Topeka
-7.3
601,77
557,183
Colorado Springs.
1,645,46 -14.1
1,413,932
Cedar Rainde566,28 -13.8
488,865
Pueblo
449,658 +173.1
1,228,825
Fargo
328,231 -3.0
318,226
Fremont
1,015,320 +50.6
1,529,881
Waterloo
930,897 -0.7
925,000
Helena
384,928 -17.2
318,12
Billings
162,013 +19.9
186,16
Hastings
393,285 +29.2
508,000
Aberdeen
Tot.0th.West. 162,418,362 136,241.388 +19.
--15.0 1,832,864,542 1,636,977,829
--8.3 150,318,419 137,499,515
45,146,572
49,298,953
---6.8
39,255,571
37,070,720
A-42.8
9,694,456
9,781,526
A-12.9
6,698,431
5,883,923
--29.0
7,524,436
7,608,676
0.9
4,288,511
4,981,176
--18.9
2,582,672
2,426,038
4-15.0
74,275,197
75,179,363
2,388,216
2,470,837 St. Louis
---4.5
18,773,991
19,200,993
1,640.718 New Orleans__
1,695,589
--9.8
16,645,374
14,225,014
1,790,810
1,441,865 Louisville
---26.3
10,323,213
11,269,682
1,221,542 Houston
+2.2
1,130,813
4,069,000
4,757,000
2,443,331
2,050,775 Galveston
--18.2
8,830.747
8,205,164
---24.4
3,480,615
2,135,394 Richmond
13,946,451
16,700,126
---13.8
796,398
965,715 Atlanta
---9.2
1,028,760
7,739.984
9,399,10
879,797 Memphis
---22.2
560,170
524,929 Fort Worth
7,810,630
9,460,246
---1.8
570,000
6.202,651
544,800 Nashville
7,391,26
---13.1
557,324
518,892 Savannah
6,356.981
4,914,90
--3.3
527,752
539,800 Norfolk
3,792,824
4,340,17
---8.3
1,616,145
1,081,295 Birmingham
3,493,76
2,500.000
---23.9
341,088
Mobile
1,172,894
1,415,26
Knoxville
1,758,411
1,914.897
Total Middle 1,639,949,938 1,889,225,730 -13.2 2,121,256,765 1,903,584,071 Charleston
2,345,423
2,000,000
Augusta
1,975.668
1.935,532
136,621,441 146,717,165 -6.9 166,718,820 171.394,022 Chattanooga _ _
2,224,308
2,837,788
Boston
8,948,200 Little Rock
9,091.300
8.366,000 -18.2
6,845,100
Providence
2,525,653
2,733,774
4,151,430 Jacksonville
4,819,816
5,088,673 +25.7
6,395,032
Hartford
_
2,450.000
3.495,160
2,804,053
2,735,775 Oklahoma
2,985,806 -3.4
2,882,302
2,409,934
2,162,473
New Haven
2,689,629
2,827,937 Macon
2,629,422
2,781,179 -5.5
3,000,000
4.616,113
Springifled
2,603,774
2,455,948 Austin
2,529,126 -7.2
2,348,757
6,793.515
6,771,253
Worcester
1,981,409
1,933,288 Vicksburg
1,820,181
1,771,447
392,355
384,045
Portland
1,196,867
1,170,090 Meridian
1,398,999 -21.0
200,579
377,100
1,105,383
Fall River
1,225,739
1,058,899 Jackson
1,239,302 -16.5
1,035,654
495,514
429,152
Bedford
New
531,340
567,061 Tulsa
1,870,889
841,145 -14.5
1,170.708
828,986
Lowell
649,849
591,410 Muskogee
989.606
681,411
608,518 +12.
751,104
Holyoke
386,226
436,977
386,523
370,376 +4.4
Bangor
Total Southern 210,923.272 221,495,763
27655,368,263 2,949,520,307
Total all
163,531,458 174,746,470 -6.4 194,698,822 198,271,037
Tot.
1"; New Eng.
Outside N. Y_ 1.263.551.809 1,312,220.864
-For Canadian clearings see "Commercial and Miscellaneous News.'
Now.
1,391,816,454 1,637,299,443
New York
120,041.948 130,882,297
Philadelphia
92,335,887
Pittsburgh
39.4766119
31,394,282
Baltimore
44,747,740
Buffalo
10.338,652
9 ,154,356
Albany
6,241,966
4,428,828
Washington
7.085,932
7,152,158
Rochester
4,169,298
3,402,511
Scranton
3,014,911
2,621,845
Syracuse
2,835,054
2,497,345
Reading
1,375,949
1,525,183
Wilmington
1,550,000
2,103,333
Wilkes-Barre..._ _
1,460,004
1,428,276
Wheeling
1,633,198
1,996,713
Trenton
1,909,170
2,527,519
723,629
York
839,072
857.543
Erie
944.93
445,741
Greensburg
572,044
Binghamton
625,000
636,70
529.703
609,67
Chester
495,000
511,95
Altoona
1,254,383
1,369,18
Lancaster
353.022
464,32
Montclair
1
-1.2
+2.2
-14.5
.I-9.
+16.9
+7.6
---16.5
---17.7
+21.1
---15.5
---29.3
---12.6
---28.4
---17.2
---8.1
---14.7
AS 2.1
---21.6
---7.6
---30.0
+11.4
-35.0
A-17.7
---2.1
---29.3
---13.3
--37.4
---24.1
1913.
1912.
293,780,306 277,386,681
25,081,850
25,596,700
22,083,689
19,310,011
22,429,015
20,774,824
17,955,048
16,365,185
8,849,113
8,266,732
7,162,900
6,701,800
5,026.058
4,635,463
3,588.692
3,140,113
2,831,634
2,855,646
2.053,321
1,804,118
1,163,531
1,033,020
610,220
679,591
988,276
1,503,697
1,008,202
960,741
1,501,012
1,183,063
1,893,000
1,179.000
1,543,317
1,161,695
965,860
782.279
782,056
633,061
675,727
758,212
1,381,370
1,270,815
567,411
592,732
596,333
530,071
590,755
455,619
525,000
495.194
518,645
425,764
400,807
378,349
411,029
322,427
380,635
400,768
422,702
489,880
580,504
520,469
195,493
173,412
35,051
27,996
428,578,460 402,345,128
51,150,663
48.958,272
23,861,898
22,249,135
10,811,633
9,592,747
11,406,035
11,054,550
5,378,479
7,801,316
3,811,633
4,366,460
2,536,025
3,102,060
3,799,690
3,729,874
1,781,376
1,405,162
3,401,530
2,328,088
894,306
725,000
1,005,389
899,813
814,436
773,662
570,000
595,530
335.798
398,068
259,770
236,034
121,818,656 118,216,761
53,449,389
53,455,641
21,534,828
19,138,953
16,756,838
18,125,042
7,579,580
9,037,795
8,846,133
8,595,488
7,545,579
7,792,420
4,558,861
4,118,890
3,010,024
2,675,790
2,361,688
2,169,820
3,402,845
3,313,845
1,777,128
1,618,225
1,220,362
1;298,051
1,642,187
1,541,669
537,273
687,732
1.615,177
909,904
622,051
623.267
431.26
700,900
324,55
312,709
1,144,82
883.482
817,26
766,952
325,98
297,288
209,336
203,314
301,952
1,743,238
141,451,401 138,519,122
80,825,243
18,417,218
17,504,864
76,531,511
23,789,459
18,383,889
3,129,500
3,710,000
9,176,769
8,239,624
15,106,453
14,760,968
9,430,545
8,154,908
6,788,039
7,953,398
5,329,1.04
7,233,077
6,527.871
4,675,604
3,763,358
4,239,317
2,955,683
3,513,771
1,668,821
1,258,546
1,963.077
1,558,180
2,065,228
1,805,529
2,507,955
1,795,325
2,348,562
2,829.177
2,365.580
2,317.088
3,420,448
3,377,017
1,652,149
1,753,031
4,364.159
4,077,461
4,150.710
5,498,780
327,976
357,059
279,391
303,807
573,862
423.899
689,175
1,216.967
1.069,426
752,463
208 852.321 210,343,700
-10.0 3,218,656,425 2,971,279 84
1,383 791,883 1,334,301.990
580
THE CHRONICLE
loo.
while the Stock Exchanges were closed,from July to
December, was that re-opening of these security
marts might lead to liquidation of foreign holdings of
American securities on such a scale that the United
States might be drained of its entire stock of gold,
what we are actually witnessing is a state of the
foreign exchanges where we could draw gold in such
volume from abroad that financial disaster in Europe
could scarcely be averted if we chose to assume an
attitude such as the Bank of England assumed
towards us last autumn when it insisted that we must
pay for our maturing obligations to foreigners by the
actual shipment of gold and that transfers of credit
would not be entertained.
Lloyd-George, the British Chancellor of the Exchequer, in his speech in the House of Commons on
THE FINANCIAL SITUATION.
Monday, made the declaration that "Great Britain
The collapse in foreign exchange rates has been the could pay for its huge expenditures on the war for
absorbing topic in financial circles. Sterling bills five years, allowing a substantial sum for depreciation,
have been weak for a long while, with rates down to out of the proceeds of its investments abroad." At
figures where ordinarily there would have been a large the very, moment that the British Chancellor was
influx of gold from abroad, and yet this week there making this rather over-confident statement, the
was at one time a further decline of several cents. foreign exchange market by its severe break furnished
In our review of the exchange market last week, we a tell-tale going to show that if Great Britain has
noted that demand bills had sold down to 4 829' on these extraordinary foreign investments, the owners
Thursday (Feb. 11), establishing the lowest point are not at all anxious to dispose of them, but feel
touched since the panic of Oct. 1907. The present that they are safer here than would be the avails of
week there was a sharp break on both Monday and the same if called home and invested on native soil.
Tuesday, carrying the rate on the latter day down
The fact that the exchange market should be so
to 479, a figure which seems:to be without a parallel depressed is the more noteworthy inasmuch as so
in exchange annals. It has been stated that a similar much financing is being done here for foreign finanlow point was reached here at the time of the great cial needs. The various Canadian loans of one kind
panic of 1873, but methods of quoting exchange were or another which are being negotiated here week by
entirely different at thattimefrom what they are now. week alone constitute an important item, serving to
The reasons for the present low basis of exchange— that extent to offset our excess of merchandise exand the weakness has extended to the rates to the ports. A hint of the real causes undermining forContinental centres as well—do not lie altogether eign exchange was given in the financial column of
on the surface. The general assumption is that the the "Evening Post" of this city on Monday of the
explanation is to be found in the extraordinarily present week. The writer's discussion of the subject
favorable state of our foreign trade. Our merchan- is so suggestive we reproduce his remarks _herewith:
dise imports, by reason of the war, are down to a low
The familiar explanations for this violent swing
level, while, on the other hand, the merchandise
of the international balance were revived to account
exports, owing to the high prices ruling for our grain for it. The scope of
these influences is as important
and the prodigious foreign demand for the same, and now as at any previous time since sterling turned in
the heavy shipments of war material,are of extraor- our favor, during November; yet it may be doubted
dinary dimensions, yielding a huge trade balance in if they explain all the current action of exchange
the country's favor which must be liquidated in one rates. Quite as truly as in the days when exchange
way or another. The truth is, however, that there on London rose to wholly unheard-of-figures, at
panic, the world's financial
have been many occasions in the past when the trade the time of the July war
markets are confronted to-day with conditions never
balance in favor of the United States was of equal previously witnessed, The nature of the financial
and even greater magnitude, and when yet exchange situation, created in Europe's markets by the emerrates were not demoralized and the exchange market gency credit expedients and the war expenditure,
will always be taken into account by observers of
acted in a perfectly natural, normal fashion.
As a matter of fact, the excess of merchandise economic training and experience.
Under such conditions, the tendency, at any rate,
exports for the fiscal year to date is not as heavy as
would naturally be towards something like depreciait was in either of the two years immediately precedtion in all currencies involved. Quite as naturally,
ing. This statement may come as a surprise, but is exchange would tend of itself to swing powerfully
absolutely correct. The January trade figures are in favor of the country or countries which had
not yet available, but, with the most liberal allow- brought their own finances to absolute equilibrium,
ance for that month, the merchandise excess for the which were freely giving out gold, and which were not
seven months cannot reach 400 million dollars, involved in the war itself. There is yet another
fundamental influence on exchange in war-time,
whereas in the corresponding seven months of 1913taught by all past experience: That is, that great
14 the excess was $454,297,752 and for the seven sums of private capital will inevitably, under war
months of 1912-13 $430,149,053. Nevertheless, ex- conditions, be sent, for safe-keeping, from belligerchange was not demoralized in February 1914 or in ent markets to the markets of a powerful neutral
February 1913. Indeed, France was then taking State. German and French capital crowded into
London's deposit accounts in 1870. The Rothschild
$2,000,000 gold a week.
fortune was built up by funds thus confided to them,
It is a striking commentary on the baffling nature in the great free cities, during the Napoleonic wars.
of'the phenomena produced by the war that, whereas How far this influence is now in operation, is a questhe great fear in the financial world during the time tion which economists may find worth discussing.
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the February
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines,the Pennsylvania RR.and others.
FEB. 20 1915.]
THE CHRONICLE
It is undeniably true, as the writer of the foregoing
says, that "exchange would tend of itself to swing
powerfully in favor of the country or countries which
had brought their own finances to absolute equilibrium, which were freely giving out gold, and which
were not involved in the war itself." It is no less
true that "great sums of private capital will inevitably, under war conditions, be sent, for safekeeping, from belligerent markets to the markets
of a powerful neutral State." This last, there is good
reasonfor believing,is just whatis going on atthe present moment, and, coupled with the large excess of merchandise exports,is creating havoc with exchange rates.
Great Britain's unfortunate moratorium of last
year is causing much capital to seek new lodgment.
The part which this is playing in current movements
is being ignored in the discussions in this country
and abroad, but may easily be the most potent influence of all. It is difficult to understand why
Great Britain should have had recourse to the moratorium at all, seeing that the British Government
has itself, step by step, been guaranteeing the solvency of one class of debtors after another, generally
for a period extending until twelve months after the
war. Be that as it may, however, of the part
played by the moratorium in disturbing confidence
in England's financial stability there can be no
doubt. For three months ordinary debts could not
be collected and for four months foreign exchange
debts could not be realized on.
In trade and financial matters London has for
generations been the clearing house of the whole
world. On that account, and for the purpose of
clearing international trade and financial transactions at that centre, practically every merchant and
banker engaged in foreign trade had been keeping
balances there. At a critical moment in the world's
history these credits were found unavailable. For a
period of three to four months they could not be
drawn against and were practically non-existent.
In this state of things it is easy to imagine these
merchants and bankers, in all parts of the world,
engaged in the foreign trade, reasoning that the war
is still in progress, that all the countries engaged in
it are becoming from day to day more heavily involved in debt, and that it is just possible it may
become necessary at some near or remote time to
resort to the moratorium expedient again.
Under these circumstances these parties would
want to transfer their funds to a country and to
the keeping of a financial centre where there was a
minimum of risk that such credits and balances
would be rendered dead or dormant. All the evidence supports the conclusion that very considerable
movements of capital out of London and into New
York are now and have for some time been in progress, influenced by the considerations mentioned, and
that that is the secret of the present demoralized
state of the foreign exchanges.
Gold mining in the Transvaal does not appear to
have gotten back to a normal basis, notwithstanding
the practical cessation of labor troubles, judging
from the result for January 1915 received by cable
this week. Production in this latest month ran
moderately ahead of December last and was quite
a little greater than for the corresponding period a
year ago, but was exceeded on several occasions in
1914, and falls well below the January 1913 output.
Explanation of the failure of the mines to come up
581
to anticipations, however, is not far to seek. It is
found, in fact, in the revolt or rebellion against
British rule late in 1914, which, though of minor importance from a war point of view,and quickly suppressed, served to again draw help away from the
mines and in other ways to cause unsettlement and
uneasiness, conditions not conducive to progress.
The yield for January, as cabled, was 714,984 fine
ounces, a daily average of 23,064 fine ounvs, against
651,753 fine ounces, or 21,024 fine ounces per diem
in 1914, and 789,390 fine ounces and 25,464 fine
ounces, respectively, in 1913.
In building operations activity in the opening
month of the new year was more conspicuous by its
absence than by its presence in most sections of the
country. The January returns from 157 cities furnish an aggregate of contemplated disbursements
only a very little greater than the total for December
and smaller than for January of any earlier year
back to but not including 1908. Of course, in some
localities more is being done this year than last, or
even than in 1913—New York and Boston, for instance—but in much the greater number of the 157
cities (106, in fact)the contrary is the case, there
being little disposition to build structures in anticipation of demand.
For the 157 cities the permits issued call for an
aggregate outlay of $45,332,253, or some 59 million
dollars less than in 1914 and 113 millions smaller
than in 1913. Greater New York shows a satisfactory gain over a year ago,but this is due entirely to a
number of important operations contracted for in the
Borough of Manhattan and not to any general revival
in all the boroughs. On the contrary, in Brooklyn
and Queens a marked decline in activity is discernible.
For the five boroughs the aggregate is $12,533,991,
against $9,453,005 in 1914 and 103/2 millions in 1913.
Outside of New York retrogression in building is conspicuous in many localities, but most clearly so at the
South, and not without reason, taking into account
the decided falling off in the value of cotton as a
result of the war. At such leading cities as Dallas,
Birmingham, Fort Worth, Houston, Memphis,
Savannah and San Antonio the amount of work contracted for is unimportant alongside that arranged
for a year ago, and for the whole group (32 cities) the
total is barely half that of 1914 or 1913.
On the Pacific, Coast,also,lack of activity is very
manifest at such points as San Francisco, Los Angeles,
Seattle, Portland and Tacoma. In New England,
on the other hand, an augmentation in construction
work at Boston and Springfield almost counterbalances the decline elsewhere. Philadelphia, Pittsburgh, Newark, Buffalo and Rochester report less
doing this year than last, as do many of the smaller
municipalities in the Middls section, evidence of real
activity being confined to Schenectady, Albany,
Troy and Hoboken, but the total for 36 cities is only
nominally less than a year ago. At the West,
Toledo, St. Paul and St. Louis stand out as showing
more activity in building lines than a year ago, with
a contrary situation in evidence at Detroit, Kansas
City, Chicago, Indianapolis, Milwaukee and Cincinnati. Finally, for the whole country outside of New
York, the outlay arranged for in the month was only
$32,798,262, against $41,573,211 in 1914 and $46,100,940 in 1913.
The amount of construction work for which permits were issued in Canada in January 1915 can only
582
THE CHRONICLE
be characterized as meagre. Practically every city
from which returns are at hand show decrease of exceptional magnitude from a year ago. Toronto reports only $235,757, against $895,395; Montreal,
$203,261, against $409,605. Ottawa, $13,325,against
$242,200; Hamilton, $23,105, and $107,700; Edmonton, $10,300 and $118,250; Vancouver, $48,525 and
$211,517; Victoria, $5,090 and $323,950; and Winnipeg, $14,800, against $595,800. Probably not all
but at least a considerable part of this virtual stagnation can be ascribed to the war, through which,
although far removed. Canada is a sufferer.
Despite protests of neutral Powers, our own country among others, Germany has not rescinded or
materially modified its proclamation declaring a
war zone around the British Isles. According to the
proclamation, the day of effectiveness was Thursday,
Feb. 18. Yesterday, Friday, the German submarine
U-16, after having sunk the British collier Dulwich
and the French cargo steamer Ville de Lille, on
Wednesday, torpedoed the French cargo steamer
Dinorah, en route from Havre to Dunkirk,while off
Dieppe. The Dinorah received no warning, but the
full force of the torpedo was not felt, only one of the
vessel's plates starting and the vessel was kept afloat
until towed into Dieppe. The Norwegian tank
steamer Belridge struck a mine off Dover and had
to be beached. All cross-Channel travel was ordered
by the British Admiralty yesterday to be suspended.
A dispatch cabled from Berlin via Amsterdam yesterday quoted the "Lokal Anzeiger" as declaring
in a leading editorial that Germany is fighting now
without regard to consequences. Discussing the
blockade plans generally, the newspaper insists that
the time has come when Germany cannot stop to
consider anything other than that she is fighting for
national preservation.
Replies have been received from both the British
and German governments to the notes dispatched
by our State Department on Wednesday of last week
containing, on the one hand, observations on the
use by British ships of neutral flags, and, on the
other hand, asking that steps be taken,by German
.
naval commanders to verify the identity of ships
flying neutral flags in the recently proclaimed zone
of war. In a note presented on Sunday to the State
Department, the German Government expressed its
willingness to consider receding from its intention of
attacking British merchantmen provided Great
Britain would desist from efforts to preventfoodstuffs
reaching the civil population of Germany. The German plan, the note set forth, was in retaliation for
what it termed Great Britain's violation of international law by attempting to cut off the food supplies
of non-combatants. The formal reply of Germany
was made public on Thursday, and, while couched in
the most friendly terms, it maintained the position
announced in the ultimatum. In addition to the protest against Britain's attempt to cut off the food
supply, the German note declares that England's
course in ordering merchantmen to fly neutral flags,
as well as equipping them with artillery, with orders
to destroy submarines, rendered nugatory the right
of search, and gave Germany the right to attack
English ships. Germany holds that she cannot abandon that right under the stress which England has
forced upon her. Germany's offer to withdraw her
threat of a submarine blockade against Great Britain
iffthe British navy would permit the free movement
[VOL. loo.
of foodstuffs to the civil population of Germany, was
presented to the British Foreign Office by the
American Ambassador in London on Tuesday.
There is no expectation that the offer will be accepted. Press dispatches from London, in fact, indicate that Great Britain's answer will take the practical form of placing under more stringent control
ships destined to German ports. A proclamation is
expected in the near future declaring a blockade of
the German coast, or at any rate a prohibition of
foodstuffs destined for Germany. Germany suggested in its note that the United States Government
insure the safety of American merchant vessels by
having them convoyed through the war zone by
United States warships. This, it is understood, does
not meet with the approval of our Government.
The British Government's final reply to the American Government's protest against the seizure or
detention of American cargoes was published on
Thursday. This protest preceded the note in reference to the use by British ships of neutral flags. The
note was a firm refusal, politely phrased, to abandon
a practice made necessary by modern war's exigencies. Sir Edward Gray presented statistics to controvert Secretary Bryan's assertion that our export
trade had been greatly impaired. He pointed out
that the United States had in the Civil War and in
the Spanish-American War seized or detained neutral
vessels without complaint from Great Britain. He
asserted that Great Britain was doing everything
possible to deal justly with all the neutrals. On
the important issue of foodstuffs for the German
civil population, the British note states that all former rules regarding conditional contraband (including
foodstuffs) can no longer be observed by Great
Britain because Germany has cast aside all rules and
because it is impossible to determine whether foodstuffs entering Germany will go to civilians or soldiers.
In the military operations of the week the Germans
seemed to have secured a decided victory over the
Russians, though Russian and German claims regarding the operations in East Prussia are conflicting.
Germany asserts that the Russians were defeated
and narrowly escaped annihilation. Russia admits
being obliged to retire but declares that her armies
are intact. The Russians refer to the retirement
as a strategical move; the German official communication intimates that the appearance of a strong
German force was a complete surprise to the Russians. It seems to be agreed that the Russians
have retired from East Prussia. Bukowina also
has been evacuated by the Russians and Czernowitz,
the capital, has been occupied by the Austrian
forces. An official statement from Vienna says
that an important engagement is proceeding north
of Nadworna and northwest of Kolomea in Galicia.
Fighting continues along the Carpathian front and
Russian attacks, according to Austrian statements,
have been repulsed. In the Western theatre of
war some sharp fighting has been reported, but no
substantial progress seems to have taken place on
either side. The official Berlin War Bureau says
that the Russian prisoners taken by the Germans in
East Prussia amount to 64,000 men. Turkey has
apologized to Greece for the recent insult to a Greek
naval attache at Constantinople. The German
auxiliary cruiser Konprinz Wilhem, operating on
the northern coast of Brazil, has, according to
advices received at Buenos Aires, from the German
FEB. 20 1915.]
THE CHRONICLE
583
steamer Holger, sunk four British vessels during Great Britain could, he said, continue this rate for
the months of January and February.
five years, but must, of necessity, guard its gold
reserves, notwithstanding that they are now at a
China has delivered to Great Britain, France, record-marking total. The war was the most exRussia and the United States a memorandum of 21 pensive, in material, men and money, that had ever
demands made by Japan in the latter part of Janu- been waged. Great Britain would be able to finance
ary. Japan declares that her demands are restricted its part for five years out of the proceeds of her into the territory within her "spheres of influence" vestments abroad. France would be able to do so
in China. They are summarized as follows:
for about two or three years with something to spare;
In Shantung—China is not to alienate or lease to Russia, although prodigiously rich in natural reanother Power part of the Shantung coast or islands; sources, was in a different position. If necessary the
also Japan is to build a spur of railway from the main gold of the Allies could be pooled. At the conference
line back to Kiauchow, up to Chefoo.
of the Finance Ministers held last week in Paris it
In Manchuria and Mongolia—Lease of the rail- had been decided not to issue a joint loan. Russia,
ways acquired from Russia is to be extended; also the Chancellor said, had increased her productivity
four requests as to Japan advisers, investment of from 30 to 40% by suppressing the sale of vodka.
capital, foreign concessions, &c., in these regions.
Russia had had special difficulties in financing her
In Fukien—As this is the province on the mainland purchases abroad, and the same thing had applied
of China, lying opposite to the Japan Island of to France. "I am not sure we realize the strain upon
Formosa, China is not to cede or lease any port or this loyal country," he continued. "She has had
bay in this local:
a larger proportion of her men in the field, and the
It is announced from Washington that the United enemy in occupation of the richest part of her terriStates has moved with a view of securing concerted tory. Nevertheless, the confidence of the French
action by all the Powers interested in the main- nation strikes every visitor to Paris. There is to
be
tenance of Chinese integrity and the principles of seen a calm and sincere courage supposed to be
inthe Open Door. Tentative suggestions have been compatible with the temperament of the Celt, and
laid before Great Britain, France and Russia in the one hears the general assurance that the German
hope that they may be induced to act with the army has as much chance of crushing France as of
United States in any steps that may be deemed overrunning Mars." Lloyd-George argued that each
necessary for the preservation of the common in- ally must merge its resources into the common stock.
terest.
War could not be carried on under limited-liability
principles. The conference of Finance Ministers in
The expulsion of Senor Jose Caro, Spanish Minister Paris had dismissed, he said, the idea of a joint interto Mexico, by General Carranza, has again brought national loan, which would have frightened every
the Mexican question into notice as an international Bourse. It has been decided that each country
problem. Reports have been current that the should raise the money it needed within its own terriSpanish Government has decided to appeal to the tories so far as conditions allow. But if help were
European Powers to intervene in Mexico. No needed for purchases abroad, those who had
means
confirmation has been received at the State Depart- would help to the best of their power.
The only
ment of such a decision. Senor Caro was not joint loan would be
with respect to the advances
accredited to General Carranza or to the existing made or to be made
to the smaller of the allif.d Powgovernment in Mexico. He was sent to Mexico ers. The interpretation
given the Chancellor's stateCity several years ago and his credentials were ments in London is that the
Allies have formed a
addressed to General Huerta, who was deposed, and financial and commercial
combination which will
driven out of Mexico before Senor Caro had oppor- enable great economies through the
elimination of
tunity to present his diplomatic credentials.
competition for supplies, while at the same time
creating enormous strength and mutual confidence.
The London stock market, like our own, has been
without activity this week. But, unlike ours, quoOne of the most striking evidences, so far as our
tations for investment securities have been main- own affairs are concerned, of the complete
control
tained. There has been a disposition to await that the British Treasury has taken of the
English
definite results from the proclamation by Germany investment market is contained in an official
stateof a war zone around the British Isles, beginning ment posted on Thursday by the
Committee of the
Feb. 18. Under these circumstances, slight incen- London Stock Exchange. It
announces that Engtive to purchase has existed. On the other hand, lish stockholders of the New
York Central RR.
selling pressure has not, as a general rule, been in would not be permitted
to participate in the subevidence. The investment demand has been con- scription to the new
convertible bond issue of $100,fined very largely to short-term descriptions. The 000,000 which a syndicate
headed by J. P. Morgan
American department of the London market seems & Co. has just
underwritten and is arranging to reto have been an exception and to have followed New distribute. This is one of the
first effects of the
York prices quite closely. The general steadiness Treasury regulations designed
to keep British capital
of the markets at the British centre seems to have at home. Not only will British
stockholders not
resulted from the favorable impression produced by be allowed to participate, but
the Treasury has dethe statement in the House of Commons on Monday cided not to permit dealings in the bonds
on the
bylDavid Lloyd-George,Chancellor of the Exchequer, London Exchange. There will
undoubtedly be
dealing with war finance. The Chancellor declared considerable foreign subscriptions to the new
bond
that the war will have cost the Allies £2,000,000,000 issue, notwithstanding the interdiction, as
English
by the end of next December, of which Great stockholders will desire to exercise their rights
of
Britain's proportionate cost will have been at least subscription, which have a definite
money value.
E1.00,000,000 more than either France or Russia. Some of these stockholders who have
funds in this
584
THE CHRONICLE
country will indorse the subscription blank and
invest in the new securities through American bankers. Others will be inclined to sell their "rights" on
the local market here for what they can get for them.
A member ofthe firm of J.P. Morgan & Co.in a statement published on Thursday explained that "any
action that the British Treasury may take in discouraging English stockholders from exercising their
right to subscribe for the New York Central debentures will be, we understand, simply in line with
their attitude in a precisely similar matter, namely
the recent offering of Chicago Milwaukee & St. Paul
convertible bonds. The matter is not one of importance to the company here. If English investors
wish to buy certain securities that are obtainable
in America, they will probably find a way to do so.
Any stockholder who receives a warrant entitling
him to a New York Central convertible debenture
bond can simply indorse the warrant, send it to
New York and have his American banker subscribe
and pay for the bond for his account."
• That a demand for attractive investments does
exist in London is indicated by the fact that an issue
of £10,000,000 Russian Treasury bills which was offered on Monday was twice over-subscribed. The bills
are now reported to be selling at a premium. They
were offered with the consent of the British Government at a discount of 5% and are repayable in one
year. Keen interest is being taken in financial circles
in London in the extent of the response that an issue
of £20,000,000 of British Treasury bills will receive
on Tuesday next. The bills will be dated on Feb. 27
and will be payable one-half in six months and the
remainder in twelve months. Of the total amount,
£6,000,000 are renewals. A London Stock Exchange committee on Wednesday issued 21 new or
revised rules, largely technical, to govern speculation.
They will become operative on March 25. Among
the features is a new requirement that five years of
naturalization and ten years of residence will be required for foreign members. Money on the London
market closed at 1%.
The Paris Bourse has been depressed, rentes having
declieed to 68.75 francs, which is the lowest quotation
since the resumption of business. This particular
source of depression is ascribed to sales in anticipation of the forthcoming Government bond issue, the
first installment, of which will be issued on Feb. 25,
probably in the form of ten-year 5 per cents. Press
dispatches state that every fresh fall in rentes makes
more difficult the resumption of liquidation of Bourse
accounts, as the last settlement price for them was
fully 13 points above the ruling quotation. A rumor
comes from Paris by cable that Prench financiers
are endeavoring to negotiate the sale of a financial
institution to a group of New York bankers. This
institution is said to be especially identified with
American securities. A bill providing for a credit
of 500,000,000 francs from which loans can be made
to small business interests ruined by the war (thereby
enabling them to start again) will, it is announced,
be introduced in the Chamber of Deputies by
Georges Berry. President Poincare has issued a
decree authorizing the issue of 1,000,000,000 francs
National Defense bonds at the price of 96 francs,
payable at par in 1925. The bonds bear 5% and
are redeemable at the option of the Government
and
After 1920. They are excepted from income .
to the official
other taxes and are to be admitted
[voL. 100.
Bourse quotations. Following the decision of the
English, French and Russian Ministers of Finance,
that the Allies shall pool their resources for the conduct of the war, the French Minister of Finance on
Wednesday removed the embargo from all French
exportations, so far as the allied nations and the
United States are concerned. Our own country
is the only neutral nation that is so favored. This
exception is declared to be in recognition of the great
friendliness between France and the United States,
although it is not unlikely that one consideration is
that French exports under present circumstances will
aid very materially in restricting the amount of gold
that France will be called upon to send to this
country in payment of the great quantities of supplies she is purchasing at the present time.
In Berlin the news of the decline in French rentes
is attracting attention in financial circles. It is
pointed out by the German press, according to a Berlin cabled dispatch, that for the first time in history
French 3s have fallen below German 3s, having lost
18 points during the year, while the latter have
dropped only 8 points. The inference drawn in
Berlin is that the German people are optimistic over
the military outlook while the French have become
pessimistic. It is probably of no significance, but
the London quotation for German 3s yesterday was
only 5332@•543.1, as against 72 on July 30; German
bonds would naturally be a drug in the English
market. The Swedish Affarsvarlden, one of the
most important newspapers of Stockholm, in its
issue of Sunday discussed the German economic
situation, one of the most striking features of which
it declared was the depreciated value of the mark.
The National Bank of Denmark at Copenhagen has
received 10,000,000 marks in gold from the German
Imperial Bank this week to counteract the DanishGerman exchange. A special cable to the New York
"Times" from Geneva states that, following the example of the Austrian aristocracy, Germans of the
same class as well as German financiers and capitalista have begun to place securities and scrip of all
kinds in Swiss banks, especially those at Zurich,
Berne and Basle. They are, it is said, buying American stocks heavily, losing large sums owing to the
depreciation in the value of the mark. A new Austrian war loan, according to a dispatch from Vienna,
is to issue some time during the latter half of April.
The Prussian Diet will meet on Feb. 22 to discuss
financial matters.
Official Bank rates at the European centres still
remain without alteration, London continuing at
5%,Paris 5%,Berlin 5%, Vienna5% and Amsterdam 5%. At London both sixty and ninety-day
bills are quoted at 13/2%, against 13@1 5-16% a
week ago. Open market rates at the Continental
centres still are nominal, no advices having been
received on this side of the Atlantic, so far as we have
been able to learn.
A further decrease of £1,658,513 was reported by
the Bank of England in its gold item this week.
Note circulation indicated a contraction of £248,000,
while the total reserve was reduced £1,411,000.
Notes reserved decreased £1,590,000. Public deposits were reduced £6,130,000, while other deposits
increased £1,787,000. The loan item (other securities) indicated a decrease of £2,915,000. The Bank
FEB. 20 1915.]
THE CHRONICLE
585.
applications, proposed issues of bonds by Canadian
municipalities. Under these circumstances there
seems encouragement for the banks and other lenders
to be less free in entering into time commitments.
Last Saturday's bank statement showed a further
increase of $24,716,000 in loans, following an expansion of $29,439,000 the week preceding, and reflecting as was the case in the earlier period,'the
renewal of activities in new financing. Net demand
deposits increased $22,883,000 and net time deposits
$819,000. The increased deposits added $3,846,230
to the reserve requirements,thus causing a reduction
of $4,118,230 in the surplus, although the aggregate
reserve decreased only $272,000. Reserve in "own
vaults" decreased $1,448,000, to $368,151,000, of
which $292,780,000 was specie. Reserves in Federal Reserve banks increased $648,000, to $113,293,BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1913.
1912.
1915.
1911.
000 and reserves in other depositaries increased
Feb. 18.
Feb. 19.
Feb. 21.
Feb.17
.
Feb. 22.
$528,000, to $32,773,000. The surplus above re34,167,000 28,077,995 27,788,470 27,684,660 27,110,320
Circulation
One year
40,316,000 17,224,531 23,539,851 22,727,128 16,875,386 quirements now stands at $139,873,350.
Public deposits__
117,617,000 45,957,953 37,676,348 40,282,511 40,049,893
Other deposits
ago under the old form of bank statement, which re24,562,000 11,255,998 13,035,483 15,151,287 14,830,493
securities__
Gov't
Other securities_ _ _ _101,700,000 37,142,721 37,957,246 35,343,726 30,712,918 quired 25% instead of 18% reserve, the surplus was
Reserve notes&coin. 49,828,000 32,899,463 28,373,913 30,670,309 29,536,832
We give the bank statement in a com65,545,972 42,527,458 37,712,383 39,904,969 38,197,152 $37,970,450.
Coin and bullion
Proportion of reserve
plete form on a subsequent page.
52.06%
46.32%
48.64%
52.72%
31.54%
to liabilities
Referring to money rates in detail, call loans have
3%
5%
Bank rate
5%
%
334%
been quoted within a range of 1%®23'%, while,
The Bank of France seems to have resumed the as has been the case for several weeks, the renewal
regular publication of its weekly statement. This rate has been pegged at 2%. On Monday 1%®
week's return shows an increase of 401,000 francs in 24% was the range for Stock Exchange loans; on
gold for the week and of 7,139,000 francs in silver. Tuesday 2®23/2%; on Wednesday 2@2%; on
Note circulation indicates an expansion of 108444,- Thursday 1%@2%, and on Friday 1%®2%. Time
000 francs, Treasury deposits an increase of 97,697,- money closed at 23/2®2%%•for sixty days(against 23/
000 francs, general deposits a decrease of 59,168,000 ® 2%%a week ago);2%@3%for ninety days(against
francs, discounts a reduction of 32,647,000 francs 2(@3%); 3 ® 34% for four months (against 3%),
%
and the Bank's advances a contraction of 8,347,000 and 34®332 for five and six months (unchanged).
A
francs. The Bank's gold item as of Feb. 18 aggre- Commercial paper remains at 31 ®4% for sixty and
gates 4,604,661,000 francs, against 4,235,778,000 ninety-day endorsed bills receivable and for four to
francs in 1914 and 3,854,800,000 francs in 1913. six months single names of choice character. Names
Note circulation shows the large total of 10,349,- not so well known require 44®432%. At their
621,000 francs, against 5,800,009,000 francs and weekly meeting on Wednesday the directors of the
5,677,292,000 francs for the two preceding years, Federal Reserve Bank of New York reduced the disrespectively.
count rate for paper having more than 30 and less
than 90 days to run to 4% from
which bring
The Imperial Bank of Germany reports a further the rate to the same basis as for paper running for
increase of 33,509,000 marks in gold and a decrease thirty days or less. The rate for paper of over ninety
of 1,131,000 marks in the item of "cash," which days remains unchanged at 5%.
term includes Imperial and loan bank notes and notes
Sterling exchange, as well as the Continental
of other banks, in addition to coin and bullion.
Treasury bills decreased 295,000 marks, discounts exchanges, have experienced an eventful week.
increased 2,724,000 marks and loans decreased 971,- Demand bills on London declined as low as 4 79 on
000 marks. There was a contraction of 34,566,000 Tuesday; cable transfers reached 4 794 and sixty
marks in note circulation and an increase in deposits day bills 4 7732. These are figures that we believe
of 47,450,000 marks. The Reichsbank now holds have never before been current. A week ago demand
2,228,566,000 marks in gold—again a high record— bills closed at 4 82%@4 833. While undoubtedly
against 1,309,340,000 marks in 1914 and only 911,- in a weak position,the market suffered from specula420,000 marks in 1913. Circulation outstanding is tive operations on the short side and the subsequent
4,643,404,000 marks, against 1,825,646,000 marks recovery in rates was credited to some extent to the
in 1914 and 1,774,340,000 marks in 1913.
covering of short commitments by well-known banks
and trust companies. The weakness in the foreign
On the local money market rates for fixed ma:- exchanges does not suggest active liquidation by
turities closed fractionally higher for the week and foreign stockholders of American securities, although
the reserve that we noted a week ago was being in a moderate way there can be no question that a
shown by lenders in the direction of new business persistent and sustained movement is in progress.
has not appreciably relaxed. The applications for The news that the British Treasury had refused to
new capital, although retarded somewhat by the permit English stockholders of New York Central
development of greater strain in the war situation, Railroad to subscribe to the new $100,000,000 conhave still been quite liberal. It is well known that vetible bond issue that is about to be offered to
a large amount of new financing is in course of prepa- stockholders in general was one influence of the
ration which only awaits favorable opportunity for recovery that appeared later in the week. Another
definite announcement. It includes,besides railroad influence that may be mentioned was the actual
now holds £65,545,972 in gold, which compares with
£42,527,458 at this date one year ago and £37,712,383
in 1913. The reserve stands at £49,828,000, against
£32,899,463 in 1914. Loans are £101,700,000,
against £37,142,721, while other deposits aggregate
£117,617,000, against £45,957,953 last year. Our
special correspondent reports by cable the gold movement into and out of the Bank for the Bank week:
Inflow, £1,183,000 (wholly bought in the open market), outflow, £2,842,000 (of which £703,000 sold in
the open market, £1,000,000 set aside and "earmarked" currency note redemption account and
£1,139,000 net sent to the interior of Great Britain).
We add a tabular statement comparing for the last
five years the different items in the Bank of England return:
586
THE CHRONICLE
[VOL. no.
entrance into operation of the German War Zone 4 809'@4 82 and sixty days at 4 79; an overwhelming
decree, which is calculated, theoretically at any supply of commercial bills and selling of cables
rate, to restrain exports from this country to Eng- against purchases of war munitions, coupled with a
land and thus reduce the supply of bills. Still restricted inquiry for exchange, precipitated the
further, the market was sustained by well authen- slump in prices. On Tuesday sterling rates dropped
ticated reports that conferences were in progress by to imprecedentedly low figures, indicating in fact
cable looking to the establishment of a large credit conditions bordering upon demoralization; demand
in this centre against which English bankers could actually declined to 4 79@4 803', cable transfers
draw and thus retard the gold import movement. 4 793@4 803' and sixty days to 4 773 There
.
/
2
Definite announcement of the establishment of such was a rally on Wednesday from the phenomenal
a credit has not yet been made. It is significant, declines of the preceding days and demand closed
however, that in face of the existence of rates that at 4 81; the range was 4 79%@4 81; cable transfers
under normal conditions could hardly have proven ranged between 4 803 and 4 819/ with sixty days
8,
otherwise than irresistible in drawing gold, there at 4 793. On Thursday rates fluctuated erratichave been engagements of only $2,500,000 in Ottawa ally; the opening was firm, with an advance to 4 83
this week for transfer to this country. In addition, for demand; this was followed by several sharp
$600,000 has been received by the National Bank of changes, with the close steady at 4 82; cable transfers
Cuba direct from London, which, it is understood, showed a wide range of 4 81%@4 833 and demand
is destined for Havana. The small volume of gold 4 819@4 83; sixty days ruled at 4 803@4 803';
importations suggests that, in an informal way at fear of a check to exports through the war zone
least, bankers on both sides of the Atlantic are co- proclamation was the chief factor. On Friday the
operating to restrain the movement of the precious market again ruled irregular, but closed steady.
metal, a conclusion that is endorsed by the state- Closing quotations were 4 803.@4 803/ for sixty
ment issued on January 15 by bankers in London days, 4 81%@4 823. for demand and 4 82@4 823/i
and New York. This statement declared that after for cable transfers. Commercial on banks nominal,
a conference held by the Chancellor of the Exchequer documents for payment nominal. Seven-day grain
with the London bankers, it was resolved "that bills at 4 809@4 81. Cotton for payment nominal;
insasmuch as exchange between the United States grain for payment nominal.
and the United Kingdom is now substantially normal,
no definite action at the present time is required;
The New York Clearing-House banks, in their opbut that if, during the continuance of the war, or erations with interior banking institutions, have
for one year thereafter, the exchanges between the gained $5,671,000 net in cash as a result of the curtwo countries should become such that gold exports rency movements for the week ending Feb. 19.
from either country to an unreasonable amount Their receipts from the interior have aggregated
might result, committees of bankers could be ap- $9,517,000, while the shipments have reached $3,pointed in the United States and in the United 846,000. Adding the Sub-Treasury operations and
Kingdom, respectively,to consider plans for dealing the gold imports, which together occasioned a loss
collectively with the situation by such methods as of $229,000, the combined result of the flow of money
may seem at the time mutually desirable." It is into and out of the New York banks for the week
understood that credits to be arranged in this city appears to have been a gain of $5,442,000 as follows:
will contemplate purchases for all the Allies.
Week ending February 19.
Into
Out of
Net Change in
The Continental exchanges have all moved in
Banks.
Banks.
Bank Holdings.
Banks'interior movement
$3,846,000 Gain $5,671.000
29,517,000
favor of New York more or less in sympathy with Sub-Tread.over.
and gold imports
229,000
29,348,000 Goss
29,119,000
the sterling market. Bankers' sight draft on Berlin, Total
538.638,000 233,194,000 Gain $5,442,000
after touching 849' on Tuesday, recovered to 84%,
The following table indicates the amount of bullion
but closed at 849/,against 853/i a week ago, and cable
8
in the principal European banks:
transfers, which at the close of last week were quoted
February 19 1914.
February 18 1915.
85%, declined and were yesterday quoted at
Banks of
Silver.
Total.
Gold.
Total.
Silver.
Gold.
84 7-16. Exchange on Paris finished at 5 23 for
demand bills, which compares with 5 263 on Tues- England__ 6.5,545,972
42,527,458
65,545,072 42,527,4E8
France__ 169,367,96
day, the low point of the week, and 5 203's a week Germany_ 111,428,300 14,918,88 184,286,841 143,534,880 25,900,160 169,435,040
2,511,4 113,939,700 65,467,050 16.003.150 81,970,200
6,570,000
4,523.000
ago, while bankers' cables ended at 5 223/ against Russia_ __ 172,831,000 12,140.000 177,354 169.281,000 11,877,000 175,851,000
51,970,000
83,718,
2,
63,897,000
Aua.-Hunc 51,578,000
19,512,000
52,119,1
23,465,000
Spain
5 259/i on Tuesday and 5 193/i a week ago. Bank- Italy _ 49,235,000 28,054,00 52,035,101 45,583,000 28,547,000 48,059,000
2,935,000 48,523,000
2,800,0
826,200 13,454,200
135,90
'de
Nether'
ers' checks on Amsterdam finished at 40 1-16@403', Nat.Beigd 20,710,000 600,000 20,845,900 12,628,000 4,097,867 12,293,000
15,980,000 8,195,333
15,380,000
6,033,000 5,760,000
8,033,000
5,760,000
Sweden
against 403 a week ago, and bankers' cables at 403' Switz'land 9,729,7
9,729,700 6.829,000
6,829,000
2,443,000 2,016,1/00
2,016,000
Norway. 2,443.'''
@40 3-16, against 403/ plus 1-32, last week, while
8,
Tot. week 697,748,932 68,283,180 764,030.112 573,908,721 96,756,177670,664,898
commercial sight closed % lower at 40. Italian Prey.week 700,030.715 65,827,220 765,857.935572,207.085 96.121,827 668,328,912
exchange has moved actively in favor of this coun.b.dy 30. d Sept. 21.
try, bankers' sight drafts closing at 5 67, as against
THE "WAR ZONE" EPISODE.
5 45 a week ago and 5 40 a fortnight ago. In Paris •
London check rate closed at 25 francs, against
the
The situation created by the German Admiralty's
25 14 francs a week ago.
war zone order of February 4, by our own GovernCompared with Thursday of last week (Friday was ment's note of protest, dated February 10, by the
holiday), sterling exchange on Saturday was weak German Government's reply to that note, received
a
and declined to 4 82@4 827 for demand, 4 823.(@, on Thursday, and by England's reported plan of a
82% for cable transfers and 4 809 for sixty days. formal blockade of the German coast, is very remarkOn Monday the foreign exchange market experi- able. The circumstances may be briefly recapituenced a further severe break; demand went as low lated. The German Admiralty had declared, to
as 4 803, while cables sold down to 4 809.; demand begin with, that the waters around Great Britain,
bills ranged at 4 803@4 81%, cable transfers at including the whole English Channel, would be
FEB. 20 1915.]
THE CHRONICLE
deemed an area of warfare after February 18; adding
first that "all enemy merchant vessels encountered in
these waters will be destroyed, even if it may not
be possible always to save their crews and passengers," and, second, that neutral vessels in such area
"cannot always be prevented from suffering from
the attacks intended for enemy ships."
Along with this notice, the German Government
gave out an explanatory memorandum, charging
England with violating the rules of international law
regarding contraband, in respect to seizure from
ships in transit of German citizens liable to military
service, and in other matters. This memorandum
added that "the neutral Powers have generally
acquiesced in the steps taken by the British Government", that "in certain directions they have also
aided the British measures which are irreconcilable
with the freedom of the sea", and that in view of
"the misuse of neutral flags ordered by the British
Government", neutral ships must'be warned that
"their becoming victims of torpedoes directed against
enemy ships cannot always be avoided."
Our Government's reply stated it as its duty "to
call the attention of the Imperial German Government, with sincere respect and the most friendly
sentiments, but very candidly and earnestly, to the
very serious possibilities of the course of action
apparently contemplated." It requested the German Government to consider the critical situation
which might arise between this country and Germany
if a merchant ship of the United States were to be
destroyed in any such way and American citizens
sacrificed. Were that to happen, "it would be
difficult for the Government of the United States
to view the act in any other light than as an indefensible violation of neutral rights." At the same
time,a note was addressed to the British Government,
urgently requesting that the use of the United
States flag by English merchant ships, in the area
defined by the German declaration, would be restrained by the English Government—the question
of the legality of such use of our colors under any
circumstances being reserved for further consideration.
The reply of the German Government to the
serious note from Washington was delayed for a
week. While the Foreign Office was deliberating
.on the form of its answer, Admiral Behncke of the
German Navy made a statement to the Naval
Attache of our Embassy at Berlin, which was given
out publicly as explaining Germany's action—an
extraordinary incident under all the circumstances,
•almost suggesting the setting up of a new channel of
diplomatic communication. The substance of Admiral Behncke's remarks was that "in waging this
commercial warfare, England had in view the subjugation of Germany by starvation"; that "the shutting off of food supplies had now come to a point
where Germany had no longer sufficient food to feed
her people"; that "commanders of submarine boats
have been given orders to make every effort to safeguard neutrals"; but that, nevertheless, such ships
"might, through error or accident, be destroyed."
The suggestion was added that neutral ships in the
war zone be convoyed by warships of their several
governments—a suggestion whose force in the case is
somewhat perplexing.
Finally, last •Thursday's reply by the German
Foreign Office virtually recapitulated the points made
by the Admiral. In tone, it is naturally friendly;
587
but it declines to recede from the position originally
taken. The war zone declaration, the German
Foreign Office declares, "represents solely a measure
of self-defense, imposed on Germany by her vital interests, against England's method of warfare, which
is contrary to international law." The note complains with some bitterness of American sales of war
material to the Allies, even while admitting the
entire regularity of such sales from neutral countries. It repeats the "convoy" suggestion, though
adding that "Germany would be particularly grateful, however, if the United States would urgently
recommend to its merchant vessels to avoid the
British naval war zone, in any case, until the settlement of the flag question." If, however, neutral
merchant vessels enter the "war zone," they "will
themselves bear the responsibility for any unfortunate accidents that may occur. Germany disclaims all responsibility for such accidents and their
consequences."
Purely as a matter of diplomatic history, it will
probably be questioned whether a communication
of just this purport has ever passed between two
great friendly governments since the Orders in
Council and the Berlin Decree of 1806; and those
two threats, at neutral merchant ships not observing illegal orders by belligerent governments,
involved only capture; not destruction of passengers and crew. Naturally, the results of this present
extraordinary situation depend on whether Germany
does or does not fulfill the above intimations regarding neutral ships. The general feeling, both in this
country and abroad, has seemed to be that the war
zone proclamation was primarily intended as a demonstration which, through alarming English and
neutral ship owners, would paralyze England's
foreign commerce. As yet it does not appear to have
had any such effect.
But this is not the whole of the matter. We feel
compelled to say that the proclamation of the Admiralty, both in the source from which it was issued
and in the language employed in it, emphasizes
an unhappy condition of affairs, in which army and
navy authorities almost seemed to have superseded
the Foreign Office in the duties traditionally imposed on the diplomatic service. How gravely
lacking in tact—to put the matter mildly—was the
Admiralty's note, may be judged from the fact that
subsequent official statements in the matter have
been obviously devoted chiefly to removing the unpleasant impressions created. That England had
been responsible for some high-handed actions on
the sea,the German Foreign Office might have been
able to prove. But the Admiralty declaration of
Feb. 4, with the Government memorandum which
accompanied it, appealed to the public primarily
as a scarcely disguised threat against neutral ships—
and that for the plain reason that it recited, with
such care, the extent to which the neutral Powers
had themselves been injuring Germany. It is difficult to imagine anything which could have been more
ill-advised than such language. The declaration
might easily enough have begun, not by'accusations
against neutrals, but merely by expressing great
concern and regret at the danger which would be
created to them,and by promising every effort to
avert that danger. This is the burden of the final
note from the German Foreign Office; but such late
corrections of initial blunders rarely succeed in removing the original bad impression.
588
THE CHRONICLE
But beyond even this,a notification that passengers
and crews—even in the case of enemy merchant ships
—are likely to be sacrificed with the ships raises
certain very grave questions. If commanders of
submarines were deliberately to pursue, in the
case of Englsnd's mercantile marine, the policy thus
inferred, their action would bear at least an unpleasant resemblance, from the point of view of
sea warfare, to massacre of prisoners of War on land.
The point was urged at first that a submarine cannot
openly capture merchant vessels as a cruiser can.
But German submarines did exactly this with two
English vessels in the Irish Sea a fortnight ago, when
the crew of the vessels were merely ordered to tak,
3
to the boats. More recently, the ground has been
shifted to the argument that the British Government
is arming its merchant ships, and offering inducements for destruction of hostile submarines by them.
Supposing this in a given case to be exactly true, it
would undoubtedly convert such a merchant vessel
into a warship in the light of international law. But
it appears to us that this would not alter in one iota
the duty of Germa a submarines to ascertain the facts
as to possession of such an armament before torpedoing the merchant ship. If the fact could not be
ascertained without exposing the submarine itself
to the danger of destruction, that, we submit, is an
incident of the fortunes of war, such as necessarily
arise in all contests of unequal forces, whether on
land or sea.
For this reason, we do not believe that the extraordinary intimations suggested by the original
German Admiralty note will be carried out. Humanity would forbid it in the first place. And if humanity did not do so, there would still remain knowledge
of the overwhelming impression on the sentiment
of the civilized world which would necessarily be
produced. We certainly do not look for war between Germany and ourselves, or for war between
Germany and the other neutrals which have joined
in our Government's protest. Germany has already
shown its own valuation of friendly sentiment on
the part of neutral States. Would its authorities
undertake to turn all such sentiment suddenly against
the German side? To us this is inconceivable.
A formal blockade of the German coast by England
has been rather plainly foreshadowed. It raises
some interesting questions. By the rules of war
as formulated at international conferences, a blockade must be effective ; that is to say, the blockading
ships must be able to stop all entry, even of neutral
ships, into the blockaded port. But this would
mean much closer surveillance of the German ports
than has yet been given by the English fleet. It
would, therefore, seemingly involve, first : the
nearer approach of English warships to the mined
area, thus creating the possibility of their destruction; and, second, the withr distribution of the
English North Sea fleet, creating at least the possibility of a converging attack by the German fleet
on a more or less isolated portion of the English
squadron. It is not impossible that th 3 blockade
thus undertaken might bring on the great naval
battle which many have looked for as the real crisis
of the war.
Behind all this, undoubtedly stands the question
whether the alleged policy of "starving Germany"
can possibly be carried out. It is not easy to get
at the truth as to what the situation is. No doubt
the commandeering of foodstuffs by the German
[voL. 100.
Government seemed to reflect at least apprehension
for the longer future. But, on the other hand, the
German press itself has constantly protested that the
Empire's food reserve and its capacity for replenishing it is so large that it could not be exhausted, even
in a very mucg longer war than has yet been waged.
If the "starvation policy" were actually to be
carried out effectively, it could hardly fail to have
a large effect on the sentiment of the civilized world;
which, in such a case, would probably ignore diplomatic subtleties and place its sympathies in line
with the ordinary dictates of humanity. In behalf
of the German people, we certainly regret that the
Foreign Office and the Admiralty did not employ
sufficient tact to impress the humane view of this
question on the world at large, instead of indulging
in wholly needless accusations and indirect threats
against neutral peoples, whose sympathy is so vital a
necessity.
THE INDUSTRIAL INVESTIGATION.
The investigation conducted in this city by the
Federal Industrial Commission brought to light
truths that do not lie on the surface and are not
noted in the daily papers. Chief,of these was the contrast between the attitude and the testimony of
Mr. Carnegie and Mr. Rockefeller and that of the
men testifying against them and challenging them.
Theformer contented themselves with recounting the
facts of which they have perfect knowledge and declining to discuss general questions.
Mr. Carnegie has a mastery of the details of
manufacturing possessed by few and probably unequaled in the steel industry by any man of his age
in the country; and Mr. Rockefeller has long had the
reputation of unparalleled ability in business organization. They have been successful beyond other
men in accumulating vast fortunes in a single lifetime. With their exact knowledge of industry and
of business as they have been engaged in it, and of
existing conditions as well, they show themselves
to-day intent, as they both have been for years, upon
providing that the vast power embodied in the fortunes they possess shall not with their death fall into
the hands either of incompetent or unworthy men,
and in that way do harm.
They are acting independently and by methods
entirely their own, but with a single purpose. Mr.
Rockefeller has long been known to be possessed
with the idea of the;danger which lies in indiscriminate giving, and has been developing a system by
which his benefactions, great and small, should be
wisely guarded. Mr. Carnegie, with his freer methods
and varied experiments, is now known to have fallen
into the same line. Both with steady purpose, and
the intensity of men who realize the shortness of
time, are doing what they can to secure the utmost
of good to the world from their fortunes.
Happily this isla spectacle not unique in our land
except in the magnitude of the sums involved and
in the exceptional pains the owners are taking to
accomplish their aim. Mr. Hillquit's thought that
sometime the man controlling $100,000,000 "might
do great harm with it" both these gentlemen are
doing all in their power to forestall. Mr. Carnegie's
often repeated assertion that he thinks it a disgrace,
or even a crime, for any man to die rich finds its point
in a man's failure to make this provision.
Not less noteworthy is the immense economic
service these men have rendered the country and the
1
14-F..s. 201915.]
THE CHRONICLE
world. Their fortunes are represented by stocks
and bonds which are certificates for money invested
in vast and varied industries. In these, men by the
tens of thousands are employed in labor, which in the
main is steady and highly paid, to an extent which
secures to them conditions of life which the world
has not known for labor in the past. It is idle to
assume as some do that the money would be better
used if it were divided up and in multiple control.
This ignores the fact that industry has long since
passed out of the day of the small manufacturer or
the individual producer. Social life now gathers
about the great forces of steam and electricity. Organization has everywhere become indispensable,
and the type of man competent to direct the business
of the world is both new and rare. In the higher
realms and larger relations he is to-day almost beyond price. The tens, or even hundreds, of thousands of dollars which are paid to him or fall to him
are of small moment against the value of his services
measured by the output. That such men can be
picked up in the street, or thrown up by the crowd,
or appointed by legislatures, is absurd. If there were
a shadow of truth in the thought the supply would
long since have cut the price.
But far beyond the work given to labor and the
sum of the wages paid is the contribution to the world
represented by these great industries. The steel
industry to-day is a new creation. It throws great
bridges across the Zambesi in Central Africa and the
passes of the Andes; it has created the world's fleets
on river and sea, and made possible the railways
that span the globe. And as for oil, the time
that lies between the tallow candle and the "camphene" lamp, of "colagogue" and goose grease, and
the thousand products from illuminating oil and
gasoline to the last wonder in medicine, from the
refining of petroleum, is to be measured, not by
years but by ages of human progress. The history
of civilization when it comes to be written will have
many things far less notable to narrate than the
lifework of these two men.
They are human, like the rest of us, and faulty.
But let us not fail to measure, if we can, in some
degree intelligently, their contribution to human
well being and to appreciate with some degree of
understanding their efforts to see that their great
fortunes shallido good and not evil long after they
are gone.
We cannot pass from the matter of the investigation without calling attention to the flimsiness of
the various social and economic philosophies which
are so confidently pressed. It is unnecessary to recount them. Every one has a scheme or a doctrine,
all alike untried and visionary; all resting on statements that are unverified or on a construction of
facts according to some philosophy, or on incorrect
inferences, or hasty deductions. We are all suffering from impatience with life. We shirk its tasks;
we are balked by its problems; we dodge its difficulties, and are ready for any short cut to a solution
of any situation. This investigation may set men
to thinking that, however noble our aims or however
bright our visions, the one thing we all have to do
is to start with life as it is. When Thomas Carlyle
was told by Mr. Emerson that Margaret Fuller said
that she "accepted the universe," that hard-headed
old Scotchman exclaimed: "Gad, she'd better."
Now, accepting the universe means recognizing
that human society as it exists at any one time is the
- 589
result of slow-working forces embodied in the nature
of things. While we are hatching new schemes
they are moving steadily on, and only those devices
and efforts of men that move with them, and take
advantage of them, will ever accomplish permanent
results. They are to be studied, and, when discovered, trusted; and, because they are old, they are
intricate in their working and not to be easily grasped,
certainly not by the overconfident and the uninformed. It is because of these great forces, and the
goal appointed for them, and the patient, far-seeing,
often sacrificial labors of the men who have studied
them and recognized them,that the world has made
its progress. Despite the horrors of the present
war and its violent attack upon so much that men
have upheld as essential to human progress and happiness, we are conscious of the deep stirring of men's
hearts in support of the old ideas of truth and honor
and the fear of God.
The outcome is going to be that the people will see
through the fog of false views and give due weight
to facts. The real benefactors are the men who are
opening new fields of production by use of the new
forces of electricity and chemistry and are developing new means of distribution of the necessities ot
life, not by lines of transportation only, but also
by extending banking and financial systems by,which
fluid capital is made available in bulk both for productive investment and for commercial credit,
without which men are left to work as of old with
primitive tools or naked hands.
THE COTTON FUTURES ACT IN EFFECT.
The United States Cotton Futures Act (the Lever
Bill), enacted Aug. 18 1914, became operative on
Thursday of the current week, and now all dealings
in the staple for forward delivery on the various
cotton exchanges of the country must be in conformity with the new law. It has not been found easy to
comply promptly with one essential feature of the
Act, owing to the failure of the Government authorities, whose dutyi,it is to see that its provisions are
strictly observed, to give needed assistance.
The duty is cast upon the Secretary of Agriculture,
under the Act, to designate from time to time the
spot markets the prices in which for the various
grades of cotton shall be used in determining the
differences above or below the contract price that
shall be paid for grades other than the basis grade.
One would imagine that, having fully six months in
which to perfect arrangements, this essential feature
of the Act would have received the official attention
necessary to permit carrying the law into effect with
some degree of smoothness. This, however, has not
been the case, as the New York Cotton Exchange
has found out.
The Revision Committee of the Exchange met on
the 11th to take action, but as the expected notification from Washington regarding the designation of
spot-cotton cities had not arrived, adjournment was
taken to Monday, the 15th. On that day nothing
could be done by the committee, as not all the ten
cities designated by the Secretary of Agriculture had
sent in their quotations; the situation was no better
on Tuesday, and even on Wednesday and Thursday
the incompleteness of the information at hand prevented action. On the last-named day not only were
no quotations whatever received from Fall River, but
reports from Dallas and Boston were incomplete.
590
THE CHRONICLE
Fall River has now been eliminated from the. list
of designated cities, owing to the futility of attempting to get spot-cotton quotations from that
point.
With the Futures Act in force it is asserted by
leading members of the New York Cotton Exchange
that it will have to be amended before long, and some
of its sponsors admit the necessity of minor changes.
Postmaster-General Burleson, a recognized advocate
of the measure, is reported to be opposed to the
method of fixing differences. Something certainly
should be done to assist rather than hamper the work
of fixing the difference between grades.
EFFORT TO REPEAL FULL-CREW LAWS.
On. Tuesday was the first appearance of a broad
advertisement signed by the Presidents of the Pennsylvania, Baltimore & Ohio and Reading roads, and
by the head of the Executive Committee of the
associated roads of Pennsylvania and New Jersey,
concisely setting forth the facts concerning the fullcrew law of those two States. As the law is worded,
a four-car passenger train may be run with five men;
an additional car or more'requires another'man,even
if all cars are Pullmans, which have porters and a
special conductor. Five men suffice for a 29-car
freight; one more car calls for another man. An express or milk train, even if sealed for a through trip
and virtually without stop, must have a crew of six
if it has more than 19 cars; but in that case the end
car would be the only place where they could ride
inside.
• This compulsory extra hiring costs money. The
two millions paid for superfluous brakemen on twenty
roads in Pennsylvania and New Jersey could have
been used otherwise, and would have been but for
interference. It represents the interest on 40 millions
at 5%, and it could have bought 200 of the steel cars
now so demanded,or80 of the locomotives needed for
increased efficiency, or 67,000 tons of new steel rails,
or have supplied block signals on 800 miles of track,
or have eliminated 65 of the grade crossings which
it is so desirable to be rid of. The money might have
been used to increase efficiency or safety, or both;
it cannot hire useless men and also be put to use.
Nearly eight years ago Gov. Hughes vetoed such
a law in New York. In 1912-13 it was vetoed again
in this State, also in Massachusetts and Oklahoma.
It has failed to pass in Delaware, Colorado, Ohio,
Virginia and Texas, a popular protest led by farmers
having beaten it in the last-named State. Its repudiation by a direct popular vote in Missouri at the
last election is probably not forgotten. Such a law
is now in force in New York, New Jersey, Pennsylvania and Maryland.
The roads now advertising declare that there shall
be no lobbying or any other objectionable method
on their part; they propose "an open, square, aboveboard, direct appeal to the intelligence and judgment
of the people." They offer a pledge that if any evidence is produced that trains would be undermanned
without such laws, "to the hardship of employees
or the detriment of or danger to the public," then
they will "openly support such amendments" as may
be necessary to existing Public Service Acts in order
to make sure those Acts shall give the Commissions
.
adequate power to determine the needful size
make the roads man trams as orof crews and
dered.
[vol.. 100.
THE TRUST COMPANIES IN NEW YORK AND
ELSEWHERE.
In continuance of a practice begun by us many years
ago, we again present our annual comparative returns
of the trust companies in this city (Manhattan and
Brooklyn boroughs) and also those in Boston, Philadelphia and St. Louis. The returns will be found
on pages 604 to 617. For this city the figures, as far
as the liabilities and assets of the different companies
are concerned, are those furnished to the Superintendent of Banking at Albany under his latest call,
and accordingly show the condition of these institutions as of Dec. 24 1914. As previously pointed
out by us, it was the custom of the Banking Department for a quarter of a century or more to require a
report for Dec. 31, the close of the year, but this was
changed in December 1911 by the then executive
head of the Department. The unfortunate feature
is not this difference of a few days in the date of the
figures, but that, through the abandonment of the
requirement of statements for Dec. 31, certain supplementary facts which formed part of the end-of-theyear returns relating to the operations of these institutions—their earnings for the calendar year, their
expenses, the amounts charged off to profit and loss,
the interest credited to depositors, the taxes paid, the
amount of dividends declared, Scc., &c.—are completely cut off.
These are obviously valuable items of information,
and we have again been active in endeavors to collect them for ourselves. To this end we have applied
to each and every trust company in this city, requesting the officials to give us the results for the
calendar year as regards these various items. Reference to the compilations which appear on subsequent pages will show that in over one-half of the
cases we have succeeded in obtaining the figures
desired. We have not endeavored to get figures of
liabilities and resources for Dec. 31 in substitution
for the Dec. 24 figures of the Department, as these
latter are near enough to the end of the year for all
practical purposes.
In reviewing the figures for the previous year we
called attention to two distinct characteristics which
had been steadily becoming more manifest in recent
periods, namely the d acline in the number of companies and the falling off in the aggregate of the
business of this class of institutions. The first
mentioned feature is still in evidence and the number
of companies has been further reduced. On the
other hand, there has been a recovery in the business
of these institutions and the totals of their deposits
and resources are again mounting upward. Two
trust companies went out of existence in 1914 and
two more are presently to disappear. On January 26
1914 the Washington Trust Co was absorbed by
the Corn Exchange Bank and on June 27 1914 the
Nassau Trust Co. of Brooklyn was merged into the
Mechanics' Bank of the same borough. One other
change occurred in 1914, but did not involve any
reduction in the number of institutions. We refer
to the fact that the Citizens' Trust Co. of Brooklyn
and the Manufacturers' National Bank were in
August 1914 consolidated, forming the Manufac-Citizens' Trust Co. The result altogether
turers'
that at the end of 1914 there were only 32 comis
panies, as against 34 companies at the end of 1913.
But, as already stated, two other companies are
now about to disappear, arrangements having been
FEB. 20 19151
THE CHRONICLE
consummated by which the Home Trust Company
of Brooklyn is to be taken over by the Lawyers'
Title Insurance & Trust Co. and the Mutual Alliance
Trust Co. is to lose its identity by being merged in
the Chatham & Phoenix National Bank. With
the further elimination of these two companies, there
will remain only 30 trust companies in New York
City (Manhattan Borough) and Brooklyn.
As a striking illustration of the extent to which
the movement in the reduction of the number of
institutions has gone, it is necessary to say only that
in 1907, just before the panic of that year, there
were 50 separate and distinct trust companies in the
two boroughs. Twenty-one companies have ceased
to exist and the Transatlantic Trust Co. is the only
new institution started in over seven years. The
1907 panic proved a severe trial for the trust companies and a tremendous shrinkage in the aggregate
of their deposits occurred at that time. On the
whole, however, the trust companies stood the test
so well that, as previously pointed out by us, the
loss was quickly recovered and the institutions
(treating them collectively) entered upon a new era
of expansion and progress. Yet the number of
institutions kept declining even while deposits and
aggregate resources were mounting to steadily higher
levels, and during 1912 and 1913 these items, too,
tended downward; but 1914, as already said, brought
a recovery.
Obviously, donditions for the trust companies have
been becoming less favorable in many respects in
recent times. The institutions are required to hold
larger cash reserves, the opportunities for making
profits have greatly diminished, syndicate and other
financial underwritings have become fewer, and in
addition there has been a persistent and large
depreciation in security values. Manifestly, such
a situation is peculiarly trying for the smaller institutions and those least strongly entrenched. Altogether, it is not surprising that many trust companies should have concluded that their best prospects
for the longer future lay in uniting with other
institutions, thereby enabling them to cope more
readily with the new conditions.
With the further decline in the number of institutions,the renewed rise in the deposits in 1914 becomes
all the more noteworthy. And further significance
attaches to the increase by reason of the tense
financial conditions that developed late in the summer of 1914 as a result of the sudden and unexpected
outbreak of war in Europe. In 1907 the trust
companies had to bear the brunt of the panic which
occurred, some of the most prominent companies
being then subjected to serious "runs" on the part
of the depositors. As a consequence, aggregate
deposits, which August 22 1907 had been $946,610,382, shrank so that by the time of the call for
December 1907 the amount had been reduced to
only $591,912,441. Recovery thereafter was rapid
and August 31 1908 saw the total back to $945,393,467, while November 27 1908 found it up to
$1,004,577,160.
Thereafter the totals fluctuated but with the
tendency remaining upward, so that the June 14
1912 return showed an aggregate of deposits, of
$1,320,364,382. That proved the maximum, and
by December 26 1912 the total had been reduced to
$1,096,478,894; 1913 saw no improvement and for
December 9 1913 the aggregate was reported only
$1,077,044,549. But 1914 recorded a quick improve
591
ment. The statement for June 30 1914 found
deposits back to $1,317,222,639. After the outbreak of war in Europe the amount was reduced
somewhat, but doubtless would have been reduced
anyway even if the war had not disturbed the whole
world, for deposits are normally drawn down in the
autumn. But the large aggregate reached in June
1914 was, on the whole, well maintained, the exhibit
for December 24 1914 showing total deposits of
$1,241,081,201. At this figure comparison is with
$1,077,044,624 for December 9 1913, showing an
improvement for the twelve months of no less than
$164,000,000. Evidently the trust companies stand
high in public confidence and have a new era of
prosperity ahead of them.
It must not be supposed, however, that this class
of institutions has been exempt from prevailing conditions. No feature of the times is so noteworthy
as the shrinkage in security values, and the trust
companies have suffered from that cause in common
with all other classes of financial institutions. They
have made liberal charges for depreciation, and as a
result their surplus account has been shrinking in the
last few years. However, they were so strong in
that respect that the loss has been easily borne,
leaving them as securely entrenched in public confidence as before. It will doubtless be a surprise
to most persons to hear what a diminution in surplus
account has been worked during the last few years
by the shrinkage in security values and the charges
for depreciation. For December 24 1914 the item
of surplus and profits at market values stands at
$151,279,294. This compares with $163,960,730
on December 9 1913 and with $177,253,055
December 21 1911. This is a loss of about $26,000,000 in three years; but even after the reduction
surplus and profits are about 23 times the amount
of the capital. In other words, on December 24
1914 capital was $67,300,000, while surplus and
profits aggregated $151,279,294.
As to the investments of these institutions, the
collateral loans still constitute the largest single
item, but the tendency is downward. For December 24 1914 the aggregate of these loans was $519,069,692, against $463,871,728 on December 9 1913,
but comparing with $660,489,153 on January '1
1910. Security holdings are also on the increase,
though not being up to the previous maximum; their
holdings now of public securities are $83,449,636
and of other securities $274,134,871, making $357,584,507 together. This compares with a total of
$323,759,748 on December 9 1913, but with $363,829,420 on December 21 1911. As pointed out a
year ago a new feature is that in seeking profitable
investment for their funds at a time of low interest
rates,the disposition has grown up to invest in bills,
and these have become an expanding item in the
assets. The total of these bills purchased now
stands at $172,217,419, as against $154,656,620 in
December 1913. On January 1 1908 these bills
purchased aggregated only $51,764,205.
The cash holdings of the trust companies in vault
are smaller than a year ago and perhaps that is not
surprising, seeing that reserve requirements have
been reduced. Only $87,069,717 of specie is now
held and $12,030,801 of legal tenders and bank notes,
making together $99,100,518, which compares with
$105,126,676 of specie and $9,940,221 of legal tenders, &c., making together $115,066,897 in December 1913 and $130,477,968 in December 1911.
THE CHRONICLE
592
Under the new banking law of 1914 reserve requirements for all banking institutions were greatly
changed, mainly in the case of the mercantile banks,
the change here being in the direction of lowering
reserves to conform to those fixed for the national
banks under the Federal Reserve Law. The requirements for the trust companies were, however, also
altered. Under the old law the trust companies
were required in this borough (or in Brooklyn with
a branch in New York) to keep a reserve of 15%,
and all of it had to be cash in vault. Under the new
law the aggregate reserve required in these cases is
still 15% of the demand deposits, but only 10%
need be cash in vault. In the other boroughs of
New York a total reserve of 15% was formerly
required, of which 10% had to be held in vault.
Now the reserve is only 13%, with but 8% required
to be on hand. In the rest of the State trust companies are not very numerous and the reserve required under the old law was 10%, of which 5% had
to be cash on hand in cities of the first and second
class but only 3% in cities of the third class and
villages. Now only 4% out of the 10% need be
cash on hand in the case of cities of the first and
second class, while the percentage of cash in vault in
the case of cities of the third class and villages remains at 3%.
In the foregoing we have been dealing with the
trust companies as a whole. As far as the separate
companies are concerned, the elaborate statements
on subsequent pages will enable the reader to ascertain what the experience of each company has been
as between the close of 1912 and December 24 1914.
To furnish a sort of general survey we introduce here
the following table, comprising all the companies
in the boroughs of Manhattan and Brooklyn and
show the deposits on Aug. 22 1907 (before the panic),
on Dec. 31 1907 and for Dec.9 1913 and Dec. 24 1914.
Borough of Manhattan.
4119.22 1907. Dec. 31 1907. Dec. 9 1913 Dec.24 1914.
—
$
$
8
$
Astor
8,965,745
8,103,748
20,667,490 20,780,465
Bankers
23,861,606
20,240,194
Mercantile
35,119,131
23,277,232 129.848,542 142,530,401
Manhattan
10,975,957
9,327,741
Broadway
3,932,749
2,340,822
Flatbush
3,104,410
2,541,372
14,420,483 16,2.58.479
Savoy
1,569,287
909,024
Carnegie
7,923,242
6,528,511
Defunct
Defunct
Central
42,137,580
33,961,798
83,432,013 103,407,353
Columbia-Knickerbocker, I 6,774,339
4,700,103
54.089,632 62,248,505
(*)
t 62,114,992
f
Commercial
3,876,981
2,948,586
3,882,550
3,133,331
Commonwealth (defunct)
516
476
458 Defunct
Empire
8,898,940
6,304,846
Guardian
4,185,255
3,315,280 . 22,359.030 21,554,900
Windsor
11,162,536
7,773,031
/Intuitable
17,381.123
9,715.776
Bowling Green
16,233,629
11,209.036 . 66,870,535 75,477,703
Madison
8.101,350
5,623.758
Trust Co. of America
64,124,995
20,705,636
Farmers' Loan & Trust
81,702,513
58,497,300 112,181,300 115,273,384
Fidelity
3,028,403
3,016,254
7.641,801
7,892,793
Fulton
7,423,429
6,047,183
8,361,843
7,709,128
Guaranty
41,996,504
28,161,527
Fifth Avenue
17,532,796
10,413,911
149.456,212 213,261,373
Morton
40,510.828
22,166,365
Standard
12,884,258
7,691,641
Hudson
2,066,175
1,172,075
3,556,973
2,809,856
Lawyers' Title Ins, St Ti'..8,524.049
5,511,071
12.075.457 11,235.255
Lincoln
22,400,958
6.483,066
11,601.761
11,511.878
Metropolitan
23,747.751
15,764,837
17.094,371 27,620,240
Mutual Alliance
5,763,501
3.651,793
8,344,532
8,944,351
New York Life Ins.& Tr.
33,782,456
24,680,912
32,582.070 37,360,065
New York
33,517,360
27,862,835
37,535,428 44,899,005
Title Guar. es Trust._ _ _
28,495,980
21,574,526
26,921,794 26.908,952
Transatlantic a
2.617,687
3,006,188
Union Trust
48,231,644
44,169,764
55,256,528 60,151,926
United States Mtg. dt Ti'..
30,982,562
20,096,258
40,459,470 49.940,549
United States
59,394,159
47.302,953
54,882,451 62.896,825
Washington d
9,798,340
7,415,009
9,702,666
(d)
Total b
849.123.619 538.664,879 985,843,077 1136,812,908
Borough of Brooklyn.
15.363.635
Brooklyn
11,628,311 1 23,458,090 30,010,662
7,055,368
Long Island Ln. &Tr.
6.489,355 f
10,929,960
Franklin
7,579.036
9,290.277 14.352,607
6,734,731
Hamilton
5,490.952
7,137,485
7,397,550
2,636,974
1.638,373
Home
2,695,951
2.969,122
12,346,322
10,120,685
Kings County
15,936,860 17,951.669
4,344,881 •
Lafayette
Defunct
Defunct
1,592,398
1,035.792
Manufanturets-Cifizens_e
5,896,416 10.531,161
8,290.228
5,329,614
5,831,878
Nassau f
(f)
14.946,702
13,651,462
19,037,583 19,038,736
People's
8,206.663•
Defunct
Wililamsburgh
Defunct
Total
Borough of Queens.
County
n95,552.272
c65,504,952
1,934,491
1,482.818
Total Greater N. Y.—
946,610.382
aueens
1,919,001
2,016,785
605,652,649 1,077,044,624 1241.081,200
suspension.
• Not reporting on amount of temporary
a Transatlantie began business May 28 1912.
89,282,546 102,251,507
IvoL. loo.
b Prior to Dec. 26 1912 these totals do not include deposits of Flatbush of Brooklyn, which was consolidated with Broadway of N. Y. C. March 6 1912.
c Prior to Dec. 26 1912 these totals include deposits of Flatbush.d Washington Trust Co. absorbed by Corn Exchange Bank on Jan. 26 1914.
Citizens' Trust Co. and Manufacturers Nat. Bank consolidated in Aug. 1914.
f Nassau Trust Co. merged into the Mechanics Bank June 27 1914.
TRUST COMPANIES AT OTHER -POINTS.
In the case of the trust companies at Boston,
Philadelphia and St. Louis, the figures as presented
on subsequent pages for the different institutions
are all our own, we having in each instance made
direct application for them to the companies, though
in a few instances, where our requests met with no
response, we have had to have recourse to official
statements made in pursuance to calls of the public
authorities. In the nature of things, as we are entirely dependent upon the companies themselves for
the figures and no general data of an official kind are
available, comprehensive totals and elaborate details
such as are available for the institutions of New York
are out of the question. Our summaries for these
other centres are such as we have been able to prepare
ourselves and necessarily are limited to a few leading
items. Nor are the returns in those instances cast
on uniform lines, nearly every company having its
own distinct method of classification, making general
footings out of the question, except as regards those
few common things treated alike by all, and which
have definite, established meaning, such as capital,
surplus and profits, and deposits.
In Boston three new companies were organized in
1914, namely the Massachusetts Trust'Co., the Old
South Trust Co. and the Tremont Trust Co. But,
on the other hand, the Bay State Trust Co. was
merged with the Old Colony Trust and the Lincoln
Trust consolidated with the International Trust.
Accordingly, there has been a net addition of one
company. Here, also, the effect of the shrinkage in
security values is seen in a decline in the item of
surplus and profits, which for December 31 1914
was only $26,143,017, against $29,358,660 at the
end of 1913. Deposits have increased to the largest
figures on record and so also have aggregate resources.
The following furnishes a comparison for the various
items for the last 15 years :
BOSTON.
Dec. 31
Dee. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dee. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
rs.,.. go
1900 (16 cos.).—
1901 (16 cos.)._ _..
1902 (18 cos.)..._
1903 (19 c08.)._
1904 (19 cos.)._
1905 (19 cos.)... _
1906 (16 cos.)..1907 (19 cos.).—
1908 (19 008.).—
1909 (19 cos.).—
1910 (19 cos.).......
1911 (19 coe.)____
1912 (21 cos.)___:.
1913 (23 c08.).—
InIs 191 ens t _ _
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
I
8,450.000
9,000,000
11,100,000
12,100,000
12,500,000
12,500.000
11,100,000
11,750,000
11,750,000
12,150,000
12,250,000
14,850.000
16,250,000
17.250.000
17.450.000
3
10,285,659
12,294,798
15,779,627
18,629,264
19.702,108
20,841,502
22,551,499
23,699,740
24,610,326
26,002,793
27,349,902
26,234,350
28,108,699
29,358,660
26,143,017
$
89,461,044
107,991,782
116,264,790
112,281,257
139,851,208
148,033,197
158,213,825
125,254,672
173,765,331
186,937,983
189,153,760
216,926,992
207,263.762
213,973,959
225,532,137
$
108,196,703
129,286,580
143,144,417
143,010,521
172,053,316
181,397,833
191,885,062
160,704,413
210,125,657
224,090,823
228,753,662
258,248,402
251,622,061
260,582 620
269.125.155
'
At Philadelphia there is no change in the number
of companies. The aggregate of surplus and profits
has slightly increased and both deposits and aggregate resources are at the highest level ever reached.
Here is the record for the last 15 years :
PHILADELPHIA.
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
1900 (40 cos.)____
1901 (41 cos.).......
1902 (41 cos.).—
1903 (43 c00.)._ _ _
1904 (43 cos.). ___
1905 (44 cos.)._
1908 (52 cos.)____
1907 (58 cos.)._. _
1908 (58 cos.)____
1909 (59 cos.)._
1910 (59 cos.)____
1911 (58 cos.)____
1912 (56 cos.)____
1913 (56 cos.)..._
1914 (56 cos.)____
Capital.
Surplus and
Profits.
Depostts.
$
28,399,965
31,927,006
33,142,233
34,320,337
34,800,980
35,312,363
36,931,963
38,727,909
39,068,955
39,897,218
39,931,416
38,511,733
36,797.836
39,162,538
39.069,243
$
27.820,941
33,885,857
37,514,329
39,654,877
42.344,733
45,594,298
49,590,018
50,840,244
52,000,976
55.374,618
59,187,488
62,262,427
64,847,539
65,535,659
65.932.688
$
136,496.312
149,137,386
153,151,355
161,231,152
202,855,986
209,213,067
193,283,134
169,669,224
200,983,530
217,196,883
208,837,634
224,225,832
231,712,387
232,941,234
238.256.333
Aggregate
Resources.
—
$
196,498,618
218,660,249
227,480,117
238,817,566
283,503,299
293,177,935
288,232,600
265,150,778
296,761,341
316,892,720
311,640,645
328,196,392
337,179.556
341,764,741
347.588,292
FEB. 20 1915.j
THE CHRONICLE
At St. Louis there is a reduction of one in the
number of companies, the Commonwealth Trust
having disappeared from the list; its deposits were
assumed by the Guardian Trust Co., organized
March 28 1914, but on December 18 1914 this ntlw
company was merged in the American Trust. The
following gives the comparisons back to 1901. It
will be observed that all the items are smaller for
1914 than for 1913.
593
NEW YORK CENTRAL'S FINANCING.
The $100,000,000 convertible 6% bonds to be issued by
the New York Central RR. (consolidated company) were
heavily oversubscribed by an underwriting syndicate. This
is the largest single operation undertaken in the bond market
since a banking syndicate underwrote the $100,000,000
New York City bonds last September.
These bonds are issued under the plan of permanent
financing which the New York Central is now carrying out,
bringing to a successful conclusion a noteworthy period of
development and unification of lines forming the nucleus
of the New York Central System. The novel feature of this
Aggregate
Surplus and
Resources.
Deposits.
period of the Central's history, extending over the last four
Profits.
ST. LOUIS.
Capital.
or five years, is that improvements involving the expenditure
$
$
3
$
69,829,307 of over
41,339,273
Dec. 31 1901 ( 6 cos.)____ 13,425,660 14,471,934
$100,000,000 were temprarily financed through short62,910,106 109,167,449
Dec. 31 1902( 9 cos.). ___ 20,485,300 24,922,243
62,563,117 107,454,100 term obligations which are now funded. This is the only
Dec. 31 1903( 8 cos.)____ 19,000,000 24,915,483
117,214,632
78,706,702
Dec. 31 1904( 5 cos.)____ 16,000,000 22,507.930
71,681,442 111,268,041 instance known in modern railroad finance, we believe,
Dec. 31 1905( 6 cos.)____ 16,100.000 23,365,609
74,512,832 115,189,586
Dec. 31 1906( 9 008.)._ 16,350,000 23,584,914
66,329,762 107,028,169 where plans calling for such a large sum of money were
Dec. 31 1907( 8 cos.)_.__ 13,350,000 22,537,837
97,856,192 carried out and financed by
61,619,831
Dec. 31 1908( 9 cos.)____ 13,452,400 22,782,021
temporary borrowings.
73.959,732 108,139,489
Dec. 31 1909 (13 cos.)._ 14,752,400 19,428,356
As consolidation and unification of various properties had
73,015,086 107,272,961
Dec. 31 1910 (13 cos.)____ 14,752,000 19,505,474
78.169.009 112,763,152
(16 cos.)...... 16,002,400 19,591,743
Dec. 31 1911
84,229,211 118,747,038 been under consideration for some years, financing was done
Dec. 31 1912 (15 cos.)._ 14,900,000 19,617,825
83,479,325 118,088,484 in temporary form
Dec. 31 1913 (17 cos.)____ 15,000,000 19,608.929
pending the conclusion of consolidation,
81,961,775 114,050,401
19,035,606
Dec. 31 1914 (16 cos.)... _ 13.050,000
since it was more desirable to have the consolidated company
unify and permanently fund the obligations of the several
companies than to have each company issue its own various
INTER-MOUNTAIN RATE DECISION APPLIES ONLY classes of securities.
Now that the recent extraordinary improvements and the
TO CERTAIN ARTICLES.
consolidation with the Lake Shore are practically completed,
We referred last week (page 516) to the decision of the and successfully financed, it is interesting to review the
Inter-State Commerce Commission, which was made public financial operations during this period.
on Feb. 11, permitting transcontinental roads to establish
The annual reports of the New York Central and its affilicommodity rates to Pacific point terminals lower than those ated lines for 1914 are not yet, of course, available, but a
to intermediate points,in order to meet new traffic conditions review of the reports of the New York Central & Hudson
that have arisen with the opening of the Panama Canal.
River RR. and the Lake Shore & Michigan Southern Ry.
One point disclosed from a reading of the opinion should not (which, together with certain minor companies, now merged
be overlooked,and itis to this that we desire to call special at- or consolidated, form the new consolidated company) shows
tention, viz.: that, following the United States Supreme that the assets of these companies increased $195,000,000
Court decision on June 22 1914 upholding the Commission, in round numbers between 1910 and 1913 and their liabilities
the carriers submitted without further question to the $167,000,000. This includes approximately $54,000,000,
Commission's order, except only as to commodities enumer- representing an increase in form rather than in substance,
ated in one of the schedules ("C"). As to these they applied on account of properties acquired by merger or consolidation
to the Commission in July 1914 for a modification of the in 1913, which properties had been owned or controlled and
original order made in 1911, claiming that conditions justify leased prior to actual merger or consolidation. The increase
a greater degree of relief than would be afforded under the
in assets, and the resources from which they were acquired,
original order, and the decision just made refers to the later
are summarized in the following statement, substituting
application: only. Schedule "C," as embraced in the
$100,000,000 convertible debentures for short-term oblicarriers' petition, included several hundred items, among
which may be mentioned, as showing the diversity of the gations:
same, iron and steel (various articles), stoves, wire and wire NEW YORK CENTRAL & HUDSON RIVER RR. AND LAKE SHORE
MICHIGAN SOUTHERN RY. COMBINED.
goods, stamped and tin ware, hardware and tools, coal,
Assets Acquired—
certain articles of leather, paper and dry goods, meats, fish, Investment in road
$39,267.616 50
earthenware,glass, electrical goods, bags and bagging,canned Road formerly owned or controlled and
leased, now merged or consolidated
46,627,874 49
goods, coffee (green) in sacks, cocoa beans in bags, soap, Investment in equipment
31,127,380 23
shoe findings, sauces, pickles, &c. The request was with- Equipmentformerly owned or controlled and
leased, now merged or consolidated
7.680,801 93
drawn with respect to twenty-seven of the items,which have Securities
27,275,271 30
schedules on which rates are pub- Other permanent investments
been transferred to other
24.216,902 89
lished in accordance with the original order, and five of the
Total property investment
$176,195,847 31
items were also transferred by the Commission to other Cash
$2,731,769 21
any con- Securities
5,710.642 75
schedules because they either do not originate in
4,504,244 88
siderable volume on the Atlantic seaboard or do not appear to Rills receivable—net
Other working assets
5,742,897 38
move by water to any great extent. Special findings as to
Total working assets
18.689,554 22
car-load rates on coal and pig iron and other car-load rates
Deferred debit items
13,892 54
were mentioned last week and are not repeated here.
It was represented to the Commission by shippers in
Total assets acquired
$194,899,294 10
Resources Used—
Chicago, Duluth, Minneapolis, St. Paul, St. Louis and
Capital
$2,851,766 00
Missouri River cities, that if further relief were not afforded Funded stock
debt
to the carriers upon the traffic mentioned, the policy prac- Mortgage bonds assumed of companies for- 35,203,572 73
merly owned or controlled and leased, now
ticed by the carriers of maintaining rates from intermediate
merged or consolidated, on which interest
territory to the Pacific Coast no higher than from the Atlantic
was formerly paid as
27,609,000 00
seaboard would be defeated and the business built up by Convertible debenturesrental
100,000,000 00
, these interior shippers with purchasers upon the Pacific coast Working liabilities
1,275.805 27
140,522 13
would be diverted to the advantage of industries near the Accrued liabilities, not due
Deferred credit items
104,989 71
Atlantic seaboard.
Total liabilities created
$167,185,655 54
The suggestion has been made that the Commission in
recognizing the new element introduced by the opening of the Surplus income ______________________________________ 27,713,638 26
Panama Canal seemingly paves the way for an appeal by
$194,899,294 10
Total resources used
the carriers to re-open the other schedules involved in the
How the $39,267,616 50 "Investment in Road" is arrived
original application and that possibly such a move may be at will appear from the table we now insert:
made with a view to restoring many of the old rates.
INVESTMENT IN ROAD.
Lines East of Buffalo.
The carriers are expected within sixty days from the date
Improvements in station, yard and terminal facilities:
of service of the Commission's order to submit such plan for
New passenger stations at Rochester and
at Utica, including new engine teradjustment of rates to the back-haul points as they may
minals. new yards and appurtenances__ $5,402,727 90
desire, in default of which the Commission states that it will
Other improvements at various places_ _ _ 2.540.168 83
rates as will enable it
undertake such investigation as to these
$7,942,896 73
Total
to enter a proper order with regard thereto.
THE CHRONICLE
594
Roadway and bridge improvements:
Four-tracking between New York and
$10,258,702 95
Albany
2,246,210 92
Other main and side tracking
Electrification work between New York
1,679,571 01
City, Croton and White Plains
1,165,040 35
Signals
and other improvements at variBridge
921,055 90
ous places
Total
$16,270.581 13
New construetion—Connection between West Shore RR.
and New York Central main line east of Utica
545.498 59
Elimination of grade crossings
794,349 07
places
Land at various
3,327,536 26
Total
$28,880.861 78
Lines West of Buffalo.
Additional main tracks
Separation of grades
Yard improvements
Road and bridge improvements
Shops, engine houses and fuel stations
Station and other structures
Land
Property sold or abandoned and adjustments
Total
*1.104.16530
2,092,657 55
2,104,545 20
1,953,687 73
1,752,991 50
1,661.320 60
392,170 80
$11,061,538 68
674,783 96
$10,386,754 72
Total—East of Buffalo
Total—West of Buffalo
$28,880,861 78
10,386,754 72
Grand total
$39,267,616 50
The increase in Investment in Equipment is partly represented by the following statement of equipment in service,
a portion of the additional investment having been made
for application of safety appliances and other improvements.
Locomotives
Passenger train cars
Freight train cars
Cars in company service
Floating equipment
Dec. 311913. Dec. 31 1910.
3,524
3,260
3,400
3.114
137,998
123,180
7,119
6,052
299
275
Increase.
264
286
14.818
1,067
24
The increase in securities owned for permanent investment
consists principally of stocks of New York & Harlem RR.,
Cleveland Short Line Ry. and Lake Erie & Pittsburgh Ry.
Of $24,216,902 89 increase in "Other Permanent Investments," $21,250,665 96 is in Grand Central Terminal Improvement. The rentals received from the Grand Central
Terminal now amount to about $2,000,000 per annum, and
should increase as further improvements within the terminal
area are completed.
The increase in funded debt has been as follows:
New York Central de Hudson River Railroad—
First mortgage 330
New York Central-Michigan Central collateral 3;is
Debentures of 1912
Mortgages on real estate in New York City
Equipment trusts
Lake Shore & Michigan Southern Railway—
Gold bonds of 1906
Equipment trusts
•
[VOL.• 100.
Thus it is apparent that there has been noteworthy growth,
notwithstanding the adverse business conditions which prevailed during a large part of the period. Thereportfor 1914
will not be available for some weeks,!but obviously somefalling off in net income for that year must be looked for on accountof the decline in industrial activity which has adversely
affected all railroads. The monthly returns for 1914 have
made it evident that gross revenues were being heavily reduced, but also that the loss was being in great part offset
by reductions in expenses.
It is pointed out, however, by President A. H. Smith that
during 1915 the increases in freight rates recently granted
by the Inter-State Commerce Commission will become effective, and on the basis of 1914 business will result in adding
about $3,500,000 to the company's income;also that increases
in passenger rates which are now pending, and which it is
hoped will shortly become effective, will add still further
to income.
During the five years 1909 to 1913 the net corporate income of the companies now forming the consolidated company,after deducting charges prior to the interest on the new
convertible bonds, averaged over $23,000,000, and in 1911
and 1912 averaged over $24,500,000.
It is officially stated that the proceeds derived from the
sale of the Convertible Debenture bonds will be used to
retire an equal amount of the company's obligations maturing
during the present year, and that the interest on the new
bonds will be substantially the same as that heretofore paid
on the notes. All of the company's outstanding unfunded
indebtedness maturing in 1915, President Smith says, will
be provided for by this issue with the exception of less than
$22,000,000, against which the company holds $19,000,000
quick notes of other companies; also that during 1916, 1917,
1918 and 1919 the total maturing indebtedness,funded and
unfunded, is less than $11,000,000, not including current
equipment trust payments.
The Convertible bonds will be the direct obligation of the
New York Central RR. Co., formed by the consolidation
of the New York Central & Hudson River RR. Co. and the
Lake Shore & Michigan Southern Ry. Co. As now constituted, the official statement says, the property comprises
6,068 miles of main line and 14,777 miles of track.
President Smith, in the letter to J. P. Morgan & Co.,
which we quoted at length in our news columns last week,
brought out some other interesting facts, as follows:
Increase.
$5,000,000 00
(decrease)445 00
The consolidation of the New York Central & Hudson River RR. and
9,188,000 00
1.852,500 00 the Lake Shore & Michigan Southern Ry. has brought Into the treasury
13.896,764 73 of the New York Central RR. Co. securities of a book
value of approxi5,720.000 00 mately $218,000,000, part of which represents the entire stock issues of
(decrease)453.24700 controlled properties, which are not currently quoted. The book value
of stocks which are currently quoted Is about $100.000,000 compared with
Total
S35.203.572 73 a present market value of over
$125,000,000. These holdings include
stocks of Reading Company,Pittsburgh & Lake Erie, Mahoning Coal RR.,
As the reports of 1914 are not yet available, the above stateNickel Plate, Big Four, &c.
ments do not include the assets offsetting the $40,000,000
About 78% of the company's investments in securities represent affiliRefunding and Improvement bonds sold in April 1914.
ated or controlled steam roads. The only interests of the company in
The improvements made since 1910, together with those street railway or other local utilities are its holdings in Mohawk Valley
Co. and the New York
Co.. which have paid the
made during the years immediately preceding 1910, were an an average of 6.75% onState Railways during the last five years.company
its investment
important part of a broad plan looking to the development
Income during the calendar year 1914 from stocks owned by the New York
of adequate facilities and service which must necessarily Central & Hudson River RR. and the Lake Shore & Michigan Southern
Ry. Co., represented a return of about
grow as the transportation demands on the company's lines including all issues paying no dividends 4.64% on the total investments.
increase. It should be noted especially that the New York
During the last fifteen years the value of the equity behind the comabout
Central and the Lake Shore bear the burden of providing pany's bond issues increased byaverage$167.000,000. partly through the
price of 103.6 and partly through
stock at an
adequate facilities required to handle not only the traffic sale of $123,000,000 in the property but not capitalized. During these
earnings re-invested
directly on their own lines but also facilities required for years the stockholders have received regular annual dividends of at least
its
handling business interchanged with about 7,000 miles of 5%. In every year sincerateincorporation in 1869 the Now York Central
of at least 4% per annum.
has paid dividends at the
other New York Central lines, all serving the most densely
populated and highly developed section of the country.
Consequently, a very large part of the improvements made
on the mileage comprising the New York Central and the
Lake Shore directly benefits the whole New York Central
System of some 13,000 miles.
The extent to which the properties have been benefited
by improvements is indicated in the following comparative
income account of the New York Central & Hudson River
RR. Co. and the Lake Shore & Michigan Southern Ry. Co.
(excluding from charges interest on floating debt):
COMBINED INCOME ACCOUNT NEW YORK CENTRAL & HUDSON
RIVER RR. AND LAKE SHORE & MICHIGAN SOUTHERN RY.
1912.
1913.
1911.
1908.
1903.
182,037,759 170,969,611 158,096,090 128,814,226 112,373,859
revenue
Gr
Operating ex penses_137,402,975 123,192,346 111,040,988 92,131,096 80,210,309
44,634,784 47,777,265 47,055.102 36,683,130 32,163,550
Net revenue
8,482,983 7,673,619 7,121,698 5,669,579 4,594,787
Taxes
Oper. income- _ _ 36,151,801 40,103,646 39,933,404 31,013,551 27,568,763
18,989,384 20,077,313 18,308,339 9,629,041 4,439,370
Other Income
Income 55,141,185 60,180,959 58,241,743 40,642,592 32,008,133
Gross corp.
33,231,771 35,080,216 33,728,934 27,562,350 19,854,096
Charges
Net corp.income_ 21,909,414 25,100,743 24,512,809 13,080,242 12,154,037
THE SHIP PURCHASE BILL.
A compromise ship purchase bill, indorsed at a caucus of
Democratic members of the House on the 16th inst. at
2:30 a. m.(by a vote of 154 to 29), was passed by the House
of Representatives at Washington on the 17th at 1:20 a. m.
by a vote of 215 to 121. Efforts to have the Senate concur
in the action of the House have resulted in the virtual abandonment of further action on the bill at this session, that
body having, by unanimous vote on the 18th, sent the measure to conference, where it will remain until the 27th inst.,
pending the disposal of the appropriation bills. The deliberations on the bill shifted from the Senate to the House
on the 11th with the blocking of proceedings in the Senate
by filibustering. The House Deocrats, through Representative Kitchin, majority leader in the next House, put forward
a compromise measure on the 11th; this plan contemplated
the passage of the compromise bill suggested by Senator
Gore, with an amendment that would terminate the Government's activite in the shipping business two years after the
close of the European war. President Wilson refused to
FEB. 20 1915.]
THE CHRONICLE
accept this proposal, but on the 12th yielded to the extent
of indorsing a compromise which embraced the Gore substitute ship bill (in amended form)and the Weeks bill; the latter
providing for the organization of a merchant marine naval
auxiliary had passed the Senate last August; it called for the
establishment of "United States Navy mail lines between the
United States and South America and between the United
States and the countries of Europe," and authorized the
Secretary of the Navy to emply available naval vessels, at
his discretion, in general mail,freight and passenger business.
For the operation of these naval auxiliaries civilians as well
as any naval officers who might be available would be employed. The compromise bill, as finally agreed to, provides
that the Shipping Board created under the Gore bill shall
continue in effect for two years after the close of the European war; the Board would thereupon be dissolved and the
vessels owned by the Government-controlled corporation
turned over to the Navy Department; such as are not required might, with the approval of the President, be leased
to private persons for use in the merchant marine. The bill
limits the amount of bonds to be issued by the Government
shipping corporation to $40,000,000. As indcated above, the
compromise Gore-Weeks bill was passed by the House on
the 17th by a vote of 215 to 121; 19 Democrats voted in
opposition; they were: Bathrick, Borchers, Callaway, Dies,
Donohue,Fitzgerald, Gerry, Gordon,Jones, Kindel, Kitchin,
Morrison, MoSs (of Indiana), Page (of North Carolina),
Saunders, Slayden, Whitacre, White and Witherspoon. All
the Republicans present voted against the bill, while five
Progressives joined with the Democratic majority for it.,
viz.: Representatives Bryan, Kelly (of Pennsylvania),
MacDonald, Lafferty and Murdock.
Following its passage by the House in the early hours of
the 17th, the bill was reported to the Senate, where an agreement, as already stated, to send it to conference was reached
on the 18th, with the understanding that it is to be reported
back on the 27th; with the few days remaining before the end
of the session and the unlikelihood of an extra session, the
death of the bill is generally conceded.
TEXT OF NOTES TO GREAT BRITAIN AND GERMANY.
Late on the 11th inst. the Administration at Washington
made public the text of the notes sent last week to Great
Britain and Germany by the United States—the former
called forth by the use of the American flag by British ships
to escape danger in the war zone established by Germany,and
the note to Germany having been occasioned by the issuance
of the notice by the German Government regarding the
danger threatening neutral vessels traversing the war zone.
In its note to Great Britain, sent through Ambassador Page,
the United States Government, while reserving for future
consideration the legality and propriety of the deceptive use
• of the flag of a neutral Power for the purpose of avoiding
capture, points out that it would view with anxious solicitude any general use of the flag of the United States by British vessels in view of the announced purpose of the German
Admiralty to engage in active naval operations in certain
sea areas adjacent to the coasts of Great Britain and Ireland.
The United States adds that it "trusts that his Majesty's
Government will do all in their power to restrain vessels of
British nationality from the deceptive use of the United States
flag in the sea area defined by the German declaration, since
such practice would greatly endanger the vessels of a friendly
Power navigating those waters and would even seem to impose
upon the Government of Great Britain a measure of responsibility for the loss of American lives and vessels in case of an
attack by a German naval force." The following is the full
text of the note to Great Britain:
The Department has been advised of the declaration of the German Admiralty on Feb. 4, indicating that the British Government had on Jan. 31
explicitly authorized the use of neutral flags on British merchant vessels,
presumably for the purpose of avoiding recognition by German naval forces.
The Department's attention has also been directed to reports in the press
that the Captain of the Lusitania, acting upon orders or information received from the British authorities, raised the American flag as his vessel
approached the British coasts, in order to escape anticipated attacks by
German submarines. To-day's press reports also contain an alleged official statement of the Foreign Office defending the use of the flag of a neutral country by a belligerent vessel in order to escape capture or attack by
an enemy.
Assuming that the foregoing reports are true, the Government of the
United States, reserving for future consideration the legality and propriety
of the deceptive use of the flag of a neutral Power in any case for the purpose of avoiding capture, desires very respectfully to point out to his Britannic Majesty's Government the serious consequences which may result to
American vessels and American citizens if this practice is continued.
The occasional use of the flag of a neutral or an enemy under the stress
of immediate pursuit and to deceive an approaching enemy, which appears
by the press reports to be represented as the precedent and justification
used to support this action, seems to this Government a very different thing
595
from an explicit sanction by a belligerent Government for its merchant
ships generally to fly the flag of a neutral Power within certain portions of
the high seas which are presumed to be frequented with hostile warships.
The formal declaration of such a policy of general misuse of a neutral's
flag jeopardizes the vessels of the neutral visiting those waters in a peculiar
degree by raising the presumption that they are of belligerent nationality
regardless of the flag whcih they may carry.
In view of the announced purpose of the German Admiralty to engage
in active naval operations in certain delimited sea areas adjacent to the
coasts of Great Britain and Ireland, the Government of the United States
wuold view with anxious solicitude any general use of the flag of the United
States by British vessels traversing those waters. A policy such as the one
which his Majesty's Government is said to intend to adopt would. If the
declaration of the German Admiralty be put in force, it seems clear, afford no protection to British vessles, while it would be a serious and constant menace to the lives and vessels of American citizens.
The Government of the United States, therefore, trusts that his Majesty's
Government will do all in their power to restrain vessels of British nationality
from the deceptive use of the flag of the United States in the sea area defined in the German declaration, since such practice would greatly endanger
the vessels of a friendly Power navigating those waters and would even seem
to impose upon the Government of Great Britain a measure of responsibility for the loss of American lives and vessels in case of an attack by a
German naval force.
You will impress upon his Majesty's Government the grave concern
which this Government feels in the circumstances in regard to the safety
of American vessels and lives in the war zone declared by the German
Admiralty.
You may add that this Government is making earnest representations
to the German Government in regard to the danger to American vessels
and citizens if the declaration of the German Admiralty is put into effect.
The note to Germany, despatched through Ambassador
Gerard, expresses "the confident hope and expectation that
the Imperial German Government can and will give assurance that American citizens and their vessels will not be
molested by the naval forces of Germany otherwise than by
visit and search, though their vessels may be traversing the
sea area delimited in the proclamation of the German Admiralty." The communication adds significantly that "if
the commanders of German vessels of war should act upon
the presumption that the flag of the United States was not
being used in good faith and should destroy on the high seas
an American vessel or the lives of American citizens, it would
be difficult for the Government of the United States to view
the act in any other light than as an indefensible violation of
neutral rights." The full text of this communication is as
follows:
The Government of the United States, having had its attention directed to the proclamation of the German Admiralty issued on the 4th of
February, that the waters surrounding Great Britain and Ireland, including
the whole of the English Channel, are to be considered as comprised within
the seat of war; that all enemy merchant vessels found in those waters after
the 18th inst. will be destroyed, although it may not always be possible to
save crews and passengers; and that neutral vessels expose themselves to
dangea within this zone of war because, in view of the misuse of neutral
flags said to have been ordered by the British Government on Jan. 31, and
of the contingencies of maritime warfare, it may not be possible always to
exempt neutral vessels from attacks intended to strike enemy ships, feels
It to be its duty to call the attention of the Imperial German Government,
with sincere respect and the most friendly sentiments, but very candidly
and earnestly, to the very serious possibilities of the course of action apparently contemplated under that proclamation.
The Government of the United States views those possibilities with
such grave concern that it feels it to be its privilege, and indeed its duty, in
the circumstances, to request the Imperial German Government to consider
before action is taken the critical situation in respect to the relations between this country and Germany which might arise were the German naval
forces in carrying out the policy foreshadowed in the Admiralty's proclamation to destroy any merchant vessel of the United States or cause the death
of American citizens.
It is, of course, not necessary to remind the German Government that
the sole right of a belligerent in dealing with neutral vessels on the high seas
is limited to visit and search, unless a blockade is proclaimed and effectively
maintained, which this Government does not understand to be proposed in
this case. To declare or exercise a right to attack and destroy any vessel
entering a prescribed area of the high seas without first certainly determining its belligerent nationality and the contraband character of its
cargo, would be an act so unprecedented in naval warfare that this Government is reluctant to believe that the Imperial:Government of Germany in
this case contemplates it as possible. The suspicion that enemy ships are
using neutral flags improperly can create no just presumption that all
ships traversing a prescribed area are subject to the same suspicion. It
is to determine exactly such questions that this Government understands
the right of visit and search to have been recognized.
This Government has carefully noted the explanatory statement issued
by the Imperial German Government at the same time with the proclamation of the German Admirlaty, and takes this occasion to remind the Imperial German Government very respectfully that the Government of the
United States is open to none of the criticisms for un-neutral action to which
the German Government believes the governments of certain other neutral nations have laid themselves open; that the Government of the United
States has not consented to or acquiesced in any measures which may have
been taken by the other belligerent nations in the present war which operate to restrain neutral trade, but has, on the contrary, taken in all such matters a position which warrants it in holding those governments responsible
in the proper way for any untoward effects on American shipping which the
accepted principles of international law do not justify; and that it, therefore, regards itself as free in the present instance to take with a clear conscience and upon accepted principles the position indicated in this note.
If the commanders of German vessels of war should act upon the presumption that the flag of the United States was not being used in good faith
and should destroy on the high seas an American vessel or the lives of AmeriStates
can citizens, it would be difficult for the Government of the United
violation a
to view the act in any other light than as an indefensible
reconcile with the
neutral rights which it would be very hard indeed to
governments.
friendly relations now happily subsisting between the two
Imperial German GovIf such a deplorable situation should arise, the
of the United States
ernment can readily appreciate that the Government
596
THE CHRONICLE
• [VOL. 100.
would be constrained to hold the Imperial German Government to a strict
accountability for such acts of their naval authorities and to take any steps
It might be necessary to take to safeguard American lives and property and
to secure to American citizens the full enjoyment of their acknowledged
rights on the high seas.
The Government of the United States, In view of these considerations,
which it urges with the greatest respect and with the sincere purpose of
making sure that no misunderstandings may arise, and no circumstances
occur that might even cloud the intercourse of the two governments, expresses the confident hope and expectation that the Imperial German Government can and will give assurance that American citizens and their vessels
will not be molested by the naval forces of Germany otherwise than by visit
and search, though their vessels may be traversing the sea areas delimited
in the proclamation of the German Admiralty.
It is added for the information of the Imperial Government that representations have been made to his Britannic Majesty's Government in
respect to the unwarranted use of the American flag for the protection of
British ships.
lives of those on board all commercial ships, whether neutral or belonging
to the enemy.
First—In arming her merchant ships with guns for self-defence, England
adopted a policy against which Germany strongly protest. The United
States took the British point of view. It is not possible for submarines to
approach British, merchantships and make examinations without exposing themselves to gunfire or bomb attack, against which a submarine boat
would be helpless.
Second—England has advised her merchant fleet to fly neutral flags, to
cover up names and change stacks to escape the consequences of their nationality. This plan was designed to bring Germany into conflict with
other nations.
Germany does not wish in the slightest degree to harm American or other
neutral ships, or their cargoes, unless carrying contraband of war. She is,
however, in a position where her life depends upon her putting into effect
the only means she has of saving herself. She must and will use this means.
Commanding officers of submarine boats have been given orders to make
every effort to safeguard neutrals. In spite of the precautions which subGermany's decree declaring as a war zone the waters marines could take—without danger of being destroyed themselves—the
ships
around Great Britain and Ireland, including the whole Eng- possibility was noted that neutralstrong might, through error or accident.
warning was issued.
be destroyed. For this reason a
lish Channel, beginning on the 18th inst., was published on
In addition, the English coast has been mined by the British themselves
protective reasons, and would be mined by the Germans as an act of
page 525 of our issue of last Saturday. A further warning for
Ships were therefore in danger from mines.
to neutral vessels entering the war area was issued by the offensive warfare.great effect the Admiralty staff feel the use of the subIn spite of the
German Legation on the 13th inst. as follows:
marines will have in bringing the war to a rapid close, the Admiralty do not
Since Germany, following the example of Great Britain, declared as a wish to put it into effect to the detriment of neutral commerce and the rights
of nations on the high seas. They have therefore stated that if Great
war zone on and after Feb. 18 English and Irish waters, the British have
declared all the ports of England to be war ports and have justified the use Britain will abide by the Declaration of London, without modifications, or
by the Treaty of Paris, whereby food supplies necessary for the civil popuof neutral flags on merchant vessels.
Moreover, according to a reliable source, a great number of British mer- lation can be freely brought into Germany, the whole matter of a submarine
blockade will be dropped by Germany.
chantmen have been armed in order to destroy German submarines by
This proposal has been transmitted through diplomatic channels. If
shells or by ramming them. Thereby these ships lose their character as
accepted, the matter will be no longer one provocative of trouble between
merchant ships and become war vessels.
Germany is, therefore, obliged urgently to warn all neutral ships against the United States and Germany.
entering British coast waters after Feb. 18, as from that date the German
Admiral Behncke called Commander Gherardi's attention
Admiralty will pro‘vcute the war with all means at its disposal against to the fact that Great Britain, when, by her proclamation,
British war ports and British armed merchant ships.
Neutral vessels which are then still within the war zone will run the she closed the North Sea, did not give free passage to Amerisame risks as if they pursued a course through sea battles between England can ships bound for the neutral country of Holland. but comand Germany, of which the date and place could not have been made pelled the ships to pass through certain
channels, take an
known, and will bring risks upon themselves for which Germany cannot
English pilot aboard and undergo a search for contraband of .
take the responsibility.
The route around the north of Scotland, owing to the depth of the war at the hands of officers of British warships.
waters, cannot be endangered by mines. There, as well as in the waters of
Admiral Behncke then said that Germany was prepared
the North Sea, with the exception of British waters and the German bay,
neutral shipping will not be endangered by the measures which the German to suggest to the United States an even freer and safer
Admiralty is adopting.
.
method of passage for American ships bound either through
On the 15th inst. Count von Bernstorff, the German Ambassador, delivered a note to the United States, which was
forthwith transmitted to Great Britain, in which Germany
offered to recede from her plan of destroying enemy merchant
ships if restrictions placed by the Allies or shipments of
conditional contraband and foodstuffs destined to the civilian
population of Germany were removed. The following is
the text of the note:
the Channel or to English ports, namely, that several
American warships should wait in some port on the southwest
coast of Ireland, and, when communicated with by wireless
by an American merchantman, one of them should proceed
to the place indicated and convoy the merchantman through
that portion of the sea which Germany, following the example of Great Britain, has declared to be dangerous. He
furthermore said:
According to absolutely reliable information. British merchant ships intend to oppose armed resistance to German men-of-war in the area declared
as war zones by the German Admiralty.
Some of these ships were already armed with British naval guns. Now
all others are speedily being equipped in a similar way. Merchant ships
have been instructed to sail in groups and to ram German submarines,
while the examination is proceeding, or, should the submarines lay alongside, to throw bombs upon them or else to attempt to overpower the examining party coming on board. A very high premium has been offered
for the destruction of the first German submarine by a British merchant
vessel.
Therefore, British merchant ships cannot any more be considered as undefended, so that they may be attacked by German war vessels without
warning or search. The British admitted that instructions have been given
to misuse neutral flags. It is almost certain that British merchant vessels
will by all means try to conceal their identity. Thereby it has also become
almost impossible to ascertain the identity of neutral ships, unless they sail
in daylight under convoy, as all measures suggested by neutrals—for instance, painting of the ships in the national colors—may be promptly imitated by British ships. The attacks to be expected by masked
British
merchant vessels make a search impossible, as the examining party
and
the submarine themselves would thereby be exposed to destruction.
Under these circumstances the safety of neutral shipping in the war zone
around the British Isles is seriously threatened. There is also an increased
danger resulting from mines, as these will be laid in the war zone to a great
extent. Accordingly, neutral ships are most urgently warned against entering that area, while the course around Scotland will be safe.
Germany has been compelled to resort to this kind of warfare by the
murderous ways of British naval warfare, which aims at the destruction
of legitimate neutral trade and at starvation of the German people. Germany will be obliged to adhere to these announced principles till England
submits to the recognized rules of warfare, established by the Declarations
of Paris and London,or till she is compelled to do so by the neutral Powers.
Of course, ships under convoy, by the rules of international law, are
not subject to search, but the country to which they belong is upon its
honor, as it were, to see that they do not carry contraband of war. American warships have distinctive masts and are well known to the officers of
the German navy, and either by night or day they and the vessels under
their convoy would be respected by German submarines.
This is a safe method to follow for American ships which desire to enter
those portions of the seas proclaimed dangerous by GArmany, and differs
only from the rule adopted by Great Britain with reference to American
ships passing through the Channel in that American ships, instead of being
compelled to enter a British port, take a British pilot and be searched by
officers of a British warship, would be permitted to pass unmolested to
their destination without being subjected to search, the Imperial German
Government being willing, of course, to accept the implied word of honor
of the United States that the ships carry no contraband of war.
A statement respecting Germany's position in the matter
was also made on the 16th inst. to Walter R. Gherardi,
Naval Attache of the American Embassy at Berlin, by Admiral Behncke of the German Marine Department as follows:
Up to the present time Germany in the war at sea has followed the London Declaration or the stipulations of the Paris Treaty, on which the conduct of war at sea had been based before the London Declaration.
In waging this commercial warfare. England had in view the subjugation of Germany by starvation. Germany had in every way sought to
bring the attention of the neutral Powers and all others to the necessity she
was under to obtain food for her civilian population, which was her right
under the laws of war. No results could be obtained from her efforts.
Since the shutting off of food supplies had now come to a point where
Germany had no longer sufficient food to feed her people, it became necessary for her to bring England to terms by the exercise of force. Germany
knows that by the use of the submarine England can be placed in a position where food will be lacking. She has the submarine force with which
to do it; her life as a nation and the lives of her people depend upon putting this campaign into action, and she must do so.
The difficulties lying in the way of this campaign have been largely connected with the care which it is desired to give to neutral ships and to the
GREAT BRITAIN'S SUPPLEMENTARY REPLY TO
UNITED STATES PROTEST AGAINST SHIP .
DETENTIONS.
The supplementary reply made by Great Britain to the
communication of the United States Government complaining of seizures and detentions of American cargoes, destined
to neutral European ports, was received by the State Department at Washington on the 12th inst. and was made
public on the 17th. The note of the United States Government was written under date of Dec. 28, and was published
in these columns Jan. 9, page 113. A preliminary reply to it
was made under date of Jan. 7 and was printed in our issue
of Jan. 16, page 181. Touching upon the complaint that the
British policy toward American trade was responsible for the
depression in certain industries which depend upon European
markets Great Britain reviews the export figures of the
United States and asserts that "any decrease in American
exports which is attributed to the war is essentially due to
cotton. Cotton is an article which cannot possibly have
been affected by the exercise of our belligerent rights, for, as
Your Excellency is aware, it has not been declared by His
Majesty's Government to be contraband of war. . . .
Consequently no cotton has been touched. . . . The
general result is to show convincingly that the naval operations of Great Britain are not the cause of any diminution in
the volume of American exports, and that if the commerce
of the United States is in the unfavorable condition which
Your Excellency describes, the cause oughtlin fairness, to
FEB. 20 1915.]
THE CHRONICLE
be sought elsewhere than in the activities of His_Majesty's
naval forces."
The reply also sets out that—
If our belligerent rights are to be maintained it is of the first importance
to us to distinguish between what is real, bona fide trade intended for the
neutral country concerned and the trade intended for the enemy country.
. . . If such inquiries were not made, either the exercise of our belligerent rights would have to be abandoned, tending to the prolongation of this
war, and the increase of the loss and suffering which it is entailing upon the
whole world, or else it would be necessary to indulge in indiscriminate captures of neutral/goods and their detention throughout all the period of the
resulting prize court proceedings. Under the system now adopted it has
been found possible to release without delay and consequently without
appreciable loss to the parties interested, all the goods of which the destination is shown as the result of the inquiries to be innocent.
The reply points out that during the Civil War the American Government adopted the course of sending vessels of
neutrals to the American prize courts, and that the same
course was adopted in the Spanish-American War, when all
British subjects who complained of captures or detentions
of their ships were referred to the prize court for relief.
The British note, in dealing with the questions which arise
with reference to the shipment of foodstuffs, states that no
country has maintained more stoutly than Great Britain the
principle that a belligerent should abstain from interference
with the foodstuffs intended for the civil population, and
adds:
The circumstances of the present struggle are causing His Majesty's
Government some anxiety as to whether the existing rules with regard to
conditional contraband are effective for the purpose or suitable to the
conditions present. . . .
Another circumstance which is now coming to light is that an elaborate
machinery has been organized by the enemy for supply of foodstuffs for
the use of the German army from overseas. Under these circumstances it
would be absurd to give any definite pledge that in cases where the supplies
can be proved to be for the use of the enemy forces they should be given
complete immunity by the simple expedient of dispatching them to an agent
in a neutral port.
In concluding, Sir Edward Grey says:
"It will still be our endeavor to avoid injury and loss to neutrals, but the
announcement by the German Government of their intention to sink
merchant vessels and their cargoes without verification of their nationality
and character, and without making any provision for the safety of noncombatant crews or giving them a chance of saving their lives, has made it
necessary for His Majesty's Government to consider what measures they
should adopt to protect their interests. It is impossible for one belligerent
to depart from rules and precedents and for the other to remain bound by
them."
GERMANY'S OFFICIAL REPLY TO THE PROTEST OF
THE UNITED STATES.
The reply of Germany to the note of the United States
protesting against the German war zone decree affecting the
British waters was given out at Berlin on Thursday. The
answer is couched in friendly terms, but firmly maintains the
previously announced by Germany. The note recommends,
"in order to prevent in the surest manner the consequences
of confusion,".that the United States make its ships which
are conveying peaceful cargoes through the British war zone
discernible by means of convoys. We quote below the
greater part of the reply:
Germany is as good as cut off from her oversee supply by the silent or
protesting toleration of neutrals, not only in regard to such goods as are
absolute contraband, but also in regard to such as, according to acknowledged law before the war, are only conditional contraband or not contraband at all. Great Britain, on the other hand, is, with the toleration of
neutral Governments, not only supplied with such goods as are not contraband or only conditional contraband, but with goods which are regarded
by Great Britain, if sent to Germany, as absolute contraband; namely,
provisions, industrial raw materials, &c., and even with goods which have
always indubitably been regarded as absolute contraband.
The German Government feels itself obliged to point out with the
greatest emphasis that a traffic in arms, estimated at many hundreds of
millions, is being carried on between American firms and Germany's
enemies. Germany fully comprehends that the practice of right and the
toleration of wrong on the part of neutrals are matters absolutely at the
discretion of neutrals, and involve no formal violation of neutrality. Germany,therefore, did not complain of any formal violation of neutrality, but
the German Government. in view of complete evidence before
it, cannot
help pointing out that it, together with the entire public opinion of Germany,
feels itself to be severely prejudiced by the fact that.neutrals, in safeguarding their rights in legitimate commerce with Germany according
to international law, have up to the present achieved no. or only insignificant. results, while they are making unlimited use of their right by carrying
on contraband traffic with Great Britain and our other enemies.
If it is a formal right of neutrals to take no steps to protect their legitimate trade with Germany, and even to allow themselves to be influenced in
the direction of the conscious and wilful restriction of their trade, on the
other hand, they have the perfect right, which they unfortunately do not
exercise, to cease contraband trade, especially in arms, with Germany's
enemies.
In view of this situation, Germany, after six months of patient waiting,
sees herself obliged to answer Great Britain's murderous method of naval
warfare with sharp counter-measures. If Great Britain in her fight against
Germany summons hunger as an ally, for the purpose of imposing upon a
civilized people of 70,000,000 the choice between destitution and starvation
or submission to Great Britain's commercial will then Germany to-day is
determined to take up the gauntlet and appeal to similar allies.
Germany trusts that the neutrals, who so far have submitted to the disadvantageous consequences of Great Britain's hunger war in silence, or
merely in registering a protest, will display toward Germany no smaller
measure of toleration, even if German measures,like those of Great Britain,
present new terrors of naval warfare.
597
Moreover, the German Government is resolved to suppress with all the
nieans at its disposal the importation of war materials to GreatBritain and
her Allies, and she takes it for granted that neutral Governments, which so
far have taken no steps against the traffic in arms with Germany's enemies,
will not oppose forcible suppression by Germany of this trade.
Acting from this point of view,the German Admiralty proclaimed a naval
war zone, whose limits it exactly defined. Germany, so far as possible.
will seek to close.this war zone with mines,and will also endeavor to destroy
hostile merchant vessels in every other way. While the German Government, in taking action based upon this overpowering point of view, keeps
itself far removed .from all intentional destruction of neutral lives and
property, on the other hand, it does not fail to recognize that from the
action to be taken against Great Britain dangers arise which threaten all
trade within the war zone, without distinction. This is a natural result
of mine warfare, which, even under the strictest observance of the limits
of international law, endangers every ship approaching the mine area. The
German Government considers itself entitled to hope that all neutrals will
acquiesce in these measures, as they have done in the case of the grievous
damages inflicted upon them by British measures, all the more so as Germany is resolved, for the protection of neutral shipping even in the naval
war zone, to do everything which is at all compatible with the attainment
of this object.
In view of the fact that Germany gave the first proof of her good will in
fixing a time limit of not less than fourteen days before the execution of said
measures, so that neutral shipping might have an opportunity of making
arrangements to avoid threatening danger, this can most surely be achieved
by remaining away from the naval war zone. Neutral vessels which, despite this ample notice, which greatly affects the achievement of our aims in
our war against Great Britain, enter these closed waters will themselves
bear the responsibility for any unfortunate accidents that may occur.
Germany disclaims all responsibility for such accidents and their consequences.
Germany has further expressly announced the destruction of all enemy
merchant vessels found within the war zone, but not the destruction of all
merchant vessels, as the United States seems erroneously to have understood. This restriction which Germany imposes upon itself is prejudicial
to the aim of our warfare, especially as in the application of the conception
of contraband practiced by Great Britain toward Germany—which conception will now also be similarly interpreted by Germany—the presumption will be that neutral ships have contraband aboard. Germany naturally
is unwilling to renounce its rights to ascertain the presence of contraband in
neutral vessels, and in certain cases to draw conclusions therefrom.
Germany is ready, finally, to deliberate with the United States concerning any measures which might secure the safety of legitimate shipping of
neutrals in the war zone. Germany cannot, however, forbear to point out
that all its efforts in this direction may be rendered very difficult by two
circumstances: First, the misuse of neutral flags by British merchant vessels, which is indubitably known to the United States; second, the contraband trade already mentioned, especially in war materials on neutral
vessels.
Regarding the latter point, Germany would fain hope that United States,
after further consideration, will come to a conclusion corresponding to the
spirit of real neutrality. Regarding the first point, the secret order of the
British Admiralty, recommending to British merchant ships the use of neutral flags, has been communicated by Germany to the United States and
confirmed by communication with the British Foreign Office, which designates this procedure as entirely unobjectionable and in accordance with
British law. British merchant shipping immediately followed this advice,
as doubtless is known to the American Government from the incidents
of the Lusitania and the Laertes.
Moreover, the British Government has supplied arms to British merchant
ships and instructed them forcibly to resist German submarines. In these
circumstances, it would be very difficult for submarines to recognize neutral merchant ships, for search in most cases cannot be undertaken, seeing
that in the case of a disguised British ship from which an attack may be
expected the searching party and the submarine would be exposed to destruction.
Great Britain, then, was in a position to make the German measures
illusory if the British merchant fleet persisted in the misuse of neutral flags
and neutral ships could not otherwise be recognized beyond doubt. Germany,however, being in a state of necessity, wherein she was placed by violation of law, must render effective her measures in all circumstances, in order thereby to compel her adversary to adopt methods of warfare corresponding with international law, and so to restore the freedom of the seas,
of which Germany at all times is the defender and for which she to-day
Is fighting.
Germany therefore rejoices that the United States has made representations to Great Britain concerning the illegal use of their flag. and expresses
the expectation that this procedure will force Great Britain to respect the
American flag in the future. In this expectation, commanders of German
submarines have been instructed, as already mentioned in the note of
Feb. 4, to refrain from violent action against American merchant vessels,
so far as these can be recognized.
In order to prevent in the surest manner the consequences of confusion—
though naturally not so far as mines are concerned—Germany recommends
that the United States make their ships which are conveying peaceful cargoes
through the British war zone discernible by means of convoys.
Germany believes it may act on the supposition that only such ships
would be convoyed as carried goods not regarded as contraband according
to the British interpretation made in the case of Germany.
How this method of convoy can be carried out is a question concerning
which Germany is ready to open negotiations with the United States as soon
as possible. Germany would be particularly grateful, however, if the
United States would urgently recommend to its merchant vessels to avoid
the British naval war zone, in any case until the settlement of the flag
question. Germany is inclined to the confident hope that the United States
will be able to appreciate in its entire significance the heavy battle which
Germany is waging for existence, and that from the foregoing explanations
and promises it will acquire full understanding of the motives and the
aims of the measures announced by Germany.
Germany repeats that it has now resolved upon the
projected measures
only under the strongest necessity of national self-defense, such measures
having been deferred out of consideration for neutrals.
If the United States, In view of the weight which it is justified in throwing and able to throw into the scales of the fate of peoples, should succeed
at the last moment in removing the grounds which make that procedure an
obligatory duty for Germany, and if the American Government, in particular, should find a way to make the Declaration of London respected—on
behalf, also, of those powers which are fighting on Germany's side—and
thereby make possible for Germany legitimate importation of the necessaries of life and industrial raw material, then the German Government
could not too highly appreciate such a service, rendered in the interests of
humane methods of warfare, and would gladly draw conclusions from the
new situation.
598
THE CHRONICLE
THE FEDERAL RESERVE REGULATIONS REGARDING
ACCEPTANCES.
In making public on the 12th inst. its regulations governing
the discount or purchase by the Federal Reserve Banks of
acceptances based on imports or exports, the Federal Reserve
Board, while not insisting that acceptances mnst invariably
be required to carry the indorsement of a member bank,indicates that it will sanction a slight preferential in favor of
acceptances bearing such indorsement. The Board has decided to allow the Federal Reserve banks latitude in fixing
rates for acceptances, and they may from time to time submit for the approval of the Board maximum and minimum
rates within which they desire to be authorized to deal in
acceptances. The regulations define the term "acceptance"
as "a draft or bill of exchange drawn to order, having a
definite maturity and payable in dollars in the United States,
the obligation to pay which has been accepted by an acknowledgement written or stamped and signed across
the face of the instrument by the party on whom it is
drawn." The Board takes occasion to state that "the
acceptance is still in its infancy in the field of American
banking; how rapid its development will be cannot be
foretold; but the development itself is certain; opportunity is given by the Federal Reserve Act to assist the
movement in this new direction; the present regulations are
to be regarded.as a first step and will be extended as circumstances and a reasonable regard for the other uses and needs
of the credit facilities of the Federal Reserve System may
warrant." Its circular in the matter and the regulations are
- printed below; while both bear date Feb. 8, they were not
made public until the 12th:
CIRCULAR NO. 5—SERIES OF 1915.
Washington, Feb. 8 1915.
BANKERS' ACCEPTANCES.
"Acceptances" are dealt with in the Federal Reserve Act in two different
sections—sections 13 and 14. Section 13 deals with the "acceptance" as
one of the forms of paper in the discount of which Federal Reserve banks
may engage, restricting the discount of acceptances to such as bear the
Indorsement of a member bank. Section 14 invests the Federal Reserve
banks, under regulations to be prepared by the Federal Reserve Board,
with power to engage in open-market operations, of which the "banker's
acceptance" is one of the most important.
Careful study has led the Federal Reserve Board to the conclusion that,
at any rate in the first stages, so far as practicable, priority should be given
to operations under section 13. The acceptance is still in its infancy in the
field of American banking. How rapid its development will be can not be
foretold; but the development itself is certain. Opportunity is given by the
Federal Reserve Act to assist the movement in this new direction; the present
regulations are to be regarded as a first step and will be extended as circumstances and a reasonable regard for the other uses and needs of the
credit facilities of the Federal Reserve System may warrant.
It is believed that it would unduly restrict the development of the acceptance business to keep it altogether confined within the provisions of
section 13. which require that acceptances, in order to be eligible for rediscount at a Federal Reserve Bank, must bear the indorsement of a member bank; particularly in view of the further fact that the law limits the
amount of acceptances which may be taken with the indorsement of a
member bank to 50% of its paid-in capital and surplus. Having found
It necessary to extend the scope of dealings in acceptances beyond these
limits, the Board has exercised the authority conferred upon it by section
14. and has formulated regulations covering the purchase of acceptances
without invariably requiring the indorsement of a member bank.
The acceptance is the standard form of paper in the world discount market, and both on this account and because of its acknowledged liquidity
universally commands a preferential rate. By reason of its being readily
marketable it is widely regarded as a most desirable paper in the secondary
reserves of banks and will help to provide an effective substitute for the
"call loan." Its growth, however, will depend upon the ability of the
American market to adjust its rates effectively to those prevailing in other
markets for paper of this class.
Recognizing these facts, the Federal Reserve Board has determined to
allow the Federal Reserve banks latitude in fixing rates for acceptances:
Federal Reserve banks may, from time to time, submit for the approval
of the Board maximum and minimum rates within which they desire to
be authorized to deal in acceptances; within such limits, and subject to such
modifications as may be imposed by the Board, Federal Reserve banks
will be allowed to establish the rates at which they will deal in acceptances.
The Board believes it to be in accordance with the spirit of the Act to
accord preferential treatment to acceptances bearing the indorsement of
member banks, offered for re-discount under section 13—even to the point
of allowing lower rates for such acceptances, inasmuch, as, under the terms
of this section, such acceptances are available as collateral against the issue
of Federal Reserve notes; and the Board will sanction a slight preferential
In favor of acceptances bearing the indorsement of member banks.
When acceptances bearing the indorsement of member banks are not
obtainable in adequate amount or upon satisfactory terms, Federal Reserve
banks desiring to purchase acceptances should restrict themselves, as far
as possible, to such acceptances as bear some other responsible signature
(other than that of the drawer and the acceptor), and preferably that of a
bank or banker.
CHARLES S. HAMLIN,
H.PARKER WILLIS,
Secretary.
Governor.
REGULATION D—SERIES OF 1916.
Washington, Feb. 8 1915.
BANKERS' ACCEPTANCES.
I.
Definition.
"acceptance" is defined as a draft or bill of
In this regulation the term
maturity and payable in dollars
exchange drawn to order, having a definite
obligation to pay which has been accepted by an
In the United States, the
acknowledgment written or stamped and signed across the face of the Insuch agreement to be to the
by the party on whom it is drawn;
[VOL. loo.
effect that the acceptor will pay at maturity according to the tenor of suck
draft or bill without qualifying conditions.
Statutory Requirements Under Sections 13 and 14.
Section 13 of the Federal Reserve Act provides that,—
(a) Any Federal Reserve Bank may discount acceptances—
(1) Which are based on the importation or exportation of goods:
(2) Which have a maturity at time of discount of not more than three
months; and
(3) Which are indorsed by at least one member bank.
(b) The amount of acceptances so discounted shall at no time exceed onehalf the paid-up capital stock and surplus of the bank for which the rediscounts are made.
(c) The aggregate of notes and bills bearing the signature or indorsement
of any one person, company,firm or corporation re-discounted for any one
bank shall at no time exceed 10% of the unimpaired capital and surplus of
said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values.
Section 14 of the Federal Reserve Act permits Federal Reserve banks,
under regulations to be prescribed by the Federal Reserve Board, to purchase and sell in the open market bankers' acceptances, with or without
the indorsement of a member bank.
HI.
The Federal Reserve Board has determined that, until further order, to
be eligible for discount under section 13 by Federal Reserve banks at the
rates to be established for bankers' acceptances:
(a) Acceptances must comply with the provisions of Paragraph II.
.
(a), (b), (c) hereof;
(b) Acceptances must have been made by a member bank, non-member
bank, trust company or by some private banking firm, person, company
or corporation engaged in the business of accepting or discounting. Such
acceptances will hereafter be referred to as "bankers'" acceptances.*
(c) A banker's acceptance must be drawn by a commercial, industrial or
agricultural concerrn (that is, some person, firm, company or corporation)
directly connected with the importation or exportation of the goods involved
in the transaction in which the acceptance originated;
(d) A banker's acceptance must bear on its face, or be accompanied by
evidence in form satisfactory to a Federal Reserve Bank, that it originated
n an actual bona fide sale or consignment involving the importation or exportation of goods. Such evidence may consist of a certificate on or accompanying the acceptance to the following effect:
"This acceptance is based upon a transaction involving the importation
or exportation of goods. Reference No. —.Name of acceptor: — —
(e) Bankers' acceptances, other than those of member banks, shall be
eligible only after the acceptors shall have agreed in writing to furnish to
the Federal Reserve banks of their respective districts, upon request, information concerning the nature of the transactions against which accep Itances (certified or bearing evidence under III.(d) hereof) have been made:
( ) A bill of exchange accepted by a "banker" may be considered as
f
drawn in good faith against "actually existing values," under II. (c) hereof,
when it is secured by a lien on or by transfer of title to the goods to be transported:
r_(g) Except in so far as they may be secured by a lien on or by a transfer
orEhe title to the goods to be transported, the bills of any person, firm,company or corporation drawn on and accepted by any private banking firm,
person, company or corporation (other than a bank or trust company)
engaged in the business of discounting or accepting, and discounted by a
Federal Reserve Bank,shall at no time exceed in the aggregate a sum equal
to 5% of the paid-in capital of such Federal Reserve Bank;
(h) The aggregate of acceptances of any private banking firm, person,
company or corporation (other than a bank or trust company) engaged in
the business of discounting or accepting, discounted or purchased by a
Federal Reserve Bank, shall at no time exceed a sum equal to 25% of the
paid-in capital of such Federal Reserve Bank.
To be eligible for purchase by Federal Reserve banks under section 14.
bankers' acceptances must comply with all requirements and be subject
to all limitations hereinbefore stated, except that they need not be indorsed
by a member bank: Provided, however, That no Federal Reserve Bank shall
purchase the acceptance of a "banker" other than a member bank which
does not bear the indorsement of a member bank, unless it has first secured
a satisfactory statement of the financial condition of the acceptor in form
to be approved by the Federal Reserve Board.
*Drafts and bills of exchange eligible for re-discount under section 13,
other than "bankers'"acceptances, have been dealt with by Regulation B.
series of 1915.
IV.
Policy as to Purchases.
While it would appear impracticable to fix a maximum sum or percentage
up to which Federal Reserve banks may invest in bankers' acceptances,
both under section 13 and section 14, it will be necessary to watch carefully
the aggregate amount to be held from time to time. In framing their
policy with respect to transactions in acceptances. Federal Reserve banks
will have to consider, not only the local demands to be expected from their
own members, but also requirements to be met in other districts. The plan
to be followed must in each case adapt itself to the constantly varying needs
of the country.
CHARLES S. HAMLIN,
H. PARKER WILLIS,
Secretary.
Governor.
Regulations which are to govern the exercise of trust
powers by the national banks under the Federal Reserve
Act were made public on Wednesday. These regulations
stipulate that
1—A national bank desiring to exercise any or all of the privileges under
Section 11, sub-Section (k) of the Federal Reserve Act, shall make application to the Federal Reserve Board on a form approved by said Board
(form No. 61). Such application shall be forwarded by the applying bank
to the Chairman of the board of directors of the Federal Reserve bank of its
district, and shall thereupon be transmitted to the Federal Reserve Board
with such recommendations.
2—There shall be attached to each application a statement of the character and extent of the privileges which the applying bank desires to exercise
under the following headings:
(a) Trustee of personal trusts;(b) trustee of corporate trusts;(c) administrator of personal estates; (d) executor of wills; (e) registrar of stocks;
(f) registrar of bonds.
3—Each applicant shall, upon request, furnish copies of the laws of the
State in which it is located bearing upon the exercise of such powers in
force at the time application is made.
The regulations of the board further provide :
FEB. 20 1915.]
THE CHRONICLE
Every national bank permitted to act under this Section shall establish
a separate trust department, and shall place such department under the
management of an officer or officers, whose duties shall be prescribed by
the board of directors of the bank.
The funds, securities and investments held in each trust shall be held
separate and distinct from the general funds and securities of the bank
and separate and distinct one from another. The ledgers and other books
kept for the trust department shall be entirely separate and apart from
the other books and records of the bank.
Examiners appointed by the Comptroller of the Currency or designated
by the Federal Reserve Board will hereafter be instructed to make thorough
and complete audits of the cash, securities, accounts and investments of
the trust department of every bank at the same time that examination is
made of the banking department.
Nothing in these regulations shall be construed to give to a national bank
doing business as trustee, executor, administrator or registrar of stocks and
bonds under Section 11 (k) of the Federal Reserve Act any rights or privilloges in contravention of the laws of the State in which the bank is located.
The Federal Reserve Board reserves the right to revoke permits granted
under these regulations in any case where in the opinion of the board a
bank has wilfully violated the provisions of the regulations or the laws of
any State relating to the operations of such bank when acting as trustee,
executor, administrator, or registrar of stocks and bonds.
599
any interest, and they had not found the Reserve bank of any benefit to
them,as they had had no occasion to do any re-discounting,and if they were
to lose their exchange charges,a very large element of revenue is some
country banks, and to keep still more of their funds on deposit without interest, the advantages of membership grew slimmer and slimmer.
The discount rate of the New York Federal Reserve Bank
on paper having maturities of over thirty days to ninety
days inclusive, was reduced on Wednesday from 4Y to 4%;
The rate on all commercial paper in the case of the New York
bank is thus now 4%; the rate on agricultural and live stock
paper of over ninety days continues at 5%. It is understood that the Richmond Federal Reserve Bank has also
been authorized to adopt a 4% rate on all maturities up to
and including ninety days; the rate had been 4% on paper
maturing up to and including sixty days, and 5% for paper
from sixty to ninety days inclusive.
A bill amending the State banking laws so as to permit
and a maximum rate of 4% on State banks in Michigan to become members of the Federal
A minimum rate of 2%
bankers' acceptances was approved by the Federal Reserve Reserve System was passed by the House on the 15th inst.
Board on the 18th inst. for the New York, Boston and
THE INCOME TAX—NEW RULINGS AND DECISIONS.
Chicago Federal Reserve banks.
With regard to the place of filing income tax returns, the
The Philadelphia Federal Reserve Board effected its first New York "Sun" quotes Charles W. Anderson, Collector of
purchase of acceptances on Thursday, when it bought Internal Revenue for the New York District, as saying:
$100,000 of ninety-day foreign acceptances of the PhilaOn Form 1040 a notation appears that the return should be filed in the
delphia National Bank endorsed by the National City Bank district in which the individual resides, but this is inconsistent with the law.
In that under the Act of Oct. 3 1913 it is stated that an individual may file
of New York. The rate was not made known.
his return in the district in which
his residence is located or in the district
in which his principal place of business is located.
The Federal Reserve Board held an informal conference
on Thursday with the directors of the New York Reserve
INCOME TAX AS AN ALLOWABLE DEDUCTION.
Under Treasury Decision 2135, issued under date of
Bank at which various technical questions connected with
the administration of the regional banks and the policies Jan. 23, it is stated:
For the purpose of claiming as allowable deductions the amounts paid
adopted by the Board were discussed. Other questions
to the Collector and the amounts withheld at the source on account of the
considered were those of clearances by the regional banks Income tax,it is held that amounts of both classes are paid within the meanand the method of computing reserves. The Reserve Board ing of the law in the year in which assessment is made and the tax paid
hopes in a few days to make known its decision in the matter to the Collector of Internal Revenue.
of clearances. The question of international exchange also
The various banks of this city are issuing notices to their
was incidentally discussed.
stockholders informing them of the amount of tax paid by
Fifteen representatives from the eight groups of the New the banks in accordance with the New York law, which levies
York State Bankers' Association met in conference with the an assessment of 1% upon the combined capital, surplus and
directors of the New York Federal Reserve Bank on Wednes- profits. Taxes so paid may be included as a deduction in
day for the purpose of discussing the question of the clearance the individual tax returns of the shareholders. The Merof checks in this district. Benjamin Strong Jr., Governor chants' National Bank under date of the 1st inst., in advising
of the New York Federal Resdrve Bank, presided at the its stockholders in the matter, calls attention to a synopsis
meeting, and at its conclusion, fife following statement was of a ruling of the Commissioner of Internal Revenue under
date of Jan. 23 (printed in these columns Feb. 6, page 448),
issued:
"We discussed a plan for a gradual development-of the system of handling in which stockholders of banks were notified that taxes
checks within this district, which was similar to that'discussed in Washington and submitted to the Federal Reserve Board by the Governors of the assessed against them and paid by the bank in their behalf
twelve Reserve banks. At the conclusion of the meeting a resolution was do not constitute an allowable deduction from the gross
adopted expressing approval of the plan, and there was a general statement income of the bank, but do constitute an allowable deducof a desire on the part of the banks to co-operate in our plans."
tion in the return of the individual. The amount of taxes
Each of the groups, except one, had two representatives in so paid are to be
included in the return of the individual
attendance at the conference.
as income, the said amount being considered as an additional
While the statement above indicates that the plans dividend to the amount of taxes paid.
The amount of the
considered were endorsed at the conference, it has devel- tax paid by the Merchants' National for 1914 was
at the rate
oped that some of the up-State bankers who took part in it of .0205% per share, and it states that under
the above
are not in accord with the plan proposed, embodying the free ruling the stockholders may include as a deduction
$1.025
collection of checks, and the maintenance of deposits, in ex- for each share of stock of the par value of $50.
cess of the reserve requirements, in the Federal Reserve
The American Exchange National Bank has advised its
Bank. The New York "Times" in setting out on Friday the stockholders that it has paid under the New York State
objections interposed to the plan, said:
tax law $1 92 per share, and that they may accordingly
The up-State bankers in their conversations yesterday said the plan was
include as a deduction that amount for each share of stock.
to require them to keep excess balances in the Reserve bank to meet the
The National Bank of Commerce in New York has paid
average daily amount of items against them. The banks are now required
to keep a part of their reserves in the Reserve bank, but still maintain
S1.668 per share, and has notified its stockholders that that
balances also with their New York correspondents. On these balances at
present they receive 2% interest, In season and out of season, and when amount may be deducted for each share owned on June 1
money rates are high they can lend out part of these balances here on ad- 1914, with other deductions
allowable in the individual tax
vantageous terms. If these balances, in whole or in part, were transferred
to the Reserve bank to meet cheeks against them, they would lose this in- return for 1914.
It is suggested that where stockholders are in doubt as
come, as the Reserve bank pays no interest on deposits.
Some of the up-State bankers said that such a loss would be ruinous to to the amount of the
tax to be used as a deduction in any case
many small institutions. Exchange charges and interest on their balances
here were their chief sources of revenue. All that would be left would be they communicate with the bank in which they are interested
the interest on their local loans, the profit in which was reduced to a and get the proper figure.
minimum bypr the settee in many places of paying high interest on their own
deposits. In and around Rochester, it was said, as much as 4% is paid to
depositors. Some banks, it was said, simply could not meet these requirements and continue to make a profit.
On the other hand, it was argued that under the system contemplated by
the Federal Reserve Act checks of country banks would become payable in
New York, and the banks should have funds here to pay them, Just as they
had to have funds at home to pay checks presented over their counters.
The advantage to their customers of being able to draw checks on their
home banks and have them the same as cash here would bring the banks
more deposits and put them at an advantage over State banks in their
territory. Finally, they would not continue to pay 4% on deposits because
they couldn't afford to and neither could their competitors.
The up-Staters couldn'taltogether see this, and said that they were not
enamored of the Federal Reserve System, anyhow. Their contributions
to the capital of the Reserve bank were earning no dividends, part of their
reserve money was locked up in the Reserve banks without earning them
In addition to the synopsis of rulings on questions relating
to the income tax previously issued by the Treasury Department under date of December 14 (T. D. 2,090) and January
23 (T. D. 2135) a further synopsis of rulings is contained in
Treasury Decisions 2137, bearing date January 30. Some
of the regulations embodied in the two earlier decisions were
given in our issue of February 6. The latest series, which
relates both to the personal income tax and;the corporation
income tax, we print below in full:
(T. D. 2137.)
Income Tax.
Synopsis of rulings on questions relating to the income tax imposed by
Section 2 of the Act of October 3 1913.
600
THE CHRONICLE
[VOL. 100.
TREASURY DEPARTMENT.
Change of name of corporation.—The mere change in name does not
constitute a new corporation. If the business was continuous throughout
Office of Commissioner of Internal Revenue.
Washington, D. C., January 30 1915.
the year, no change in management or operation other than the change
The following synopsis of rulings on questions relating to the income tax of name, the return should be made covering the business transacted
Imposed by Section 2 of the Act of October 3 1913, on individuals, corpora- throughout the year, such return to be made by the corporation in the
tions, joint-stock companies, associations and insurance companies, is name which it bears at the end of the year, with a notation on the return
published for the information of internal-revenue officers and others con- to the effect that the name had been changed, giving both the old and
cerned. All rulings or parts of rulings heretofore made which are in conflict new names. If, however, a distinct new corporation was organized to
take over the property of the old, both corporations will be required to
herewith are hereby revoked.
make separate returns covering the periods of the year during which they
were respectively in charge of the business.
PART I.
Corporation owned by an organization exempt, liable.—A stock corporaRULINGS IN RELATION TO PERSONAL INCOME TAX.
Aliens, non-resident, royalties paid to.—Royalties paid to non-resident tion all of whose stock is owned by "a corporation or association organized
and operated exclusively for religious, charitable, scientific, or educational
aliens under an agreement of purchase of certain patent rights, the payments being based upon the quantity of goods produced by the use of such purposes, no part of whose net income inures to the benefit of any member,
patents, are held to be income accruing to non-resident aliens by reason stockholder, or individual," is required under the provisions of the Federal
of property owned or business carried on within the United States; and, Income Tax Law to make a return of annual net income and pay income
as provided in T. D. 2109 of December 28 1914, the corporation or indi- tax.
The fact that all of the stock of the corporation, except shares qualifying
vidual purchasing and using the patent rights is required to make full and
complete returns of the income therefrom on Form 1040, revised, and to the directors, is owned by a corporation which itself comes within the
pay any and all tax, normal and additional, assessed upon such income of class specifically enumerated as exempt, does not relieve the first-named
corporation from liability under the Income Tax Law. The liability of a
said non-resident aliens.
Commission retained by agent on his own life insurance policy.—A com- corporation to the requirements of the Federal Income Tax Law is not
mission retained by a life insurance agent on his own life insurance policy is contingent upon the ownership of its stock.
Domestic corporation doing foreign business.—A domestic corporation
held to be income accruing to the agent, and should be included in his
doing the greater part of its business in the United States and having its
return of income for the assessment of the income tax.
Deduction: Expenses incurred in connection with salary received from a principal place of business in this country and transacting business in
State or a political subdivision thereof not allowable.—Expenses incurred in Porto Rico through a branch office, is required to report in its return of
earning income which is not subject to tax under the Income Tax Law do annual net income its entire earningsfrom all sources, including those arising
not constitute allowable deductions in computing net income from other and accruing to the branch in Porto Rico or elsewhere.
The return of such corporation will be made to the collector of internal
sources which are taxable under the law.
:Husband and wife, separate incomes 01.—The specific exemption of $4,000 revenue of the district in this country in which is located its principal place
may be claimed In the separate return of either husband or wife, the other of business.
Carrying charges part of the cost of assets.—T. D. 2005 is not intended to
claiming no exemption: or may be prorated between the two.
The separate incomes of husband and wife should not be combined in a be so construed that carrying charges, if they consist of such expenditures
as constitute allowable deductions from gross income, are to be added to
return of income for the purpose of assessing the additional or surtax.
Life insurance.—Dividends paid on life insurance policies that have not the cost of the property if there is a gross income from which such charges
matured, whether such dividends are drawn in cash by the insured or as constitute allowable deductions may be deducted. It is intended, howapplied to the reduction of the annual premium due, are not considered ever, that in the case of a holding or developing company which has not
Items of taxable income under the law, and should be excluded from a re- yet reached the stage of having any income of consequence resulting from
its corporate operations, the carrying charges or other excess over the
turn of income.
Dividends from paid-up policies, however, are considered income to incidental income received may be added to and made a part of the cost
the receipient, and must be included in the annual return of income when- of the property.
As a general proposition involving the acquirement and holding of
ever the taxpayer's income, Including such dividends, is in excess of 820,000. They are considered the same as dividends or net earnings from property for future sale, which property was acquired prior to the incidence
corporations subject to a like tax and may, therefore, be excluded from a of the tax and from which property there is but ii nominal income, insufreturn of income in cases where the income is subject to the normal tax of ficient to meet the carrying charges, it would be proper for the corporation
to add to the initial cost of the property the carrying charges, such as
1% only.
Partnership returns.—No return for a partnership, as such, is required interest, insurance and taxes actually paid, and from that amount deduct
to be made for the year 1914 unless it shall be hereafter specifically re- the incidental income which may have been received between the date
quested. Form 1065 was provided for the returns of annual net incomes of purchase and the date of the incidence of the tax. The result then
of partnerships for the year 1913. as requested by circular letter No. 2 shown will be the cost of the property or the amount to be excluded from
of July 31 1914, but no similar request has yet been made for partnership the proceeds as capital when the property is sold.
Depreciation deduction.—The Federal Income Tax Law specifically proreturns for the year 1914.
The individual members of a partnership firm should include in their vides that in making their returns of annual net income, corporations
may deduct, among other items, "all losses actually sustained within the
individual returns of income to be filed on Form 1040, revised, for the
calendar year 1914, their respective distributive interests in the partner- year and not compensated by insurance or otherwise, including a reasonship's profit ascertained for the business year ending on any date in 1914. able allowance for depreciation by use, wear and tear of property, if any."
Under this provision of the law assets of any character whatever which
Line 19, page 2. of Form 1040, revised, is provided for this purpose.
Powers of attorney.—A person acting under a power of attorney in the are not affected by use, wear and tear, are not subject to the depreciation
management of property having no title thereto but with full power and authorized by the Act. Real estate as such, and as distinct from the
authority to deal with the property as he sees fit,is under no obligation to improvements thereon, is not reduced in value by reason of wear and
render returns as a fiduciary. A power of attorney does not constitute tear, and it therefore follows that the "allowance" contemplated by dea fiduciary relationship within the meaning of the Income Tax Law, and in preciation in the case of real estate corporations does not apply to the
all cases where no legal trust has been created in the estate controlled by ground, but is intended to measure the decline in the value of the improvements, which decline in value is due to wear and tear of such improvethe agent and attorney, the liability under the law rests with the principal.
Rents, withholding from, accruing to joint owners.—When the joint owners ments.
In determining the cost of the real estate, in most cases no segregation is
of rented property do not desire to claim the exemption allowed by paragraph C of the Income Tax Law and merely wish to file a statement with made of the cost of buildings as separate and distinct from the cost of the
grounds upon which such buildings stand. In such cases, where the
the lessees that will show the proportionate interests of the joint owners in
actual
order that the normal tax of 1% may be properly deducted,if the amounts cost of the buildings or improvements at the time they were taken over by
such as to render deduction necessary, from the Income accruing to the the corporation can not be definitely determined, it will be sufficient for
are
Individuals, respectively, no certificate has been prescribed; but the de- he purpose of determining the rate of depreciation to be used in comsired information may be imparted to the withholding agents by the use puting the amount which will be deductible from gross income to estimate
of office Certificate 1000, revised, adapted to rentals, and executed by one the actual value of the buildings or improvements as of January 1 1909,
provided such buildings were in existence at that time, and provided that
of the joint owners.
Under these circumstances any proper statement of the joint ownership the value placed upon such buildings shall not be in excess of the cost of
such buildings, less an amount measuring the depreciation which had
that may be made to the lessees will be acceptable to this office, as no
certificate is required to be attached by the withholding agent to his previously been sustained.
Dividends received by corporations.—The income received by corporations
annual return on Form 1042. his duty being fulfilled by withholding the
tax from the individuals concerned, making the proper entries specified on account of dividends will be subject to tax in the hands of the company
paying the same, being a part of its not earnings, and also in the hands
on the form relative to these individuals, and omitting the names of the
of the company receiving the same.
individual joint owners whose interests were not sufficient in amount to
The Federal Income Tax Law specifically sets out that there shall be
require a deduction of the normal tax.
Return by a fiduciary.—A return of income by a fiduciary is required if returned as gross income all. income received from all sources during the
year for which the return is made, and it specifically enumerates the items
the distributive interest of any one beneficiary in the amount entered
which may be allowably deducted from such gross income. There is
on line 5, page 1, of Form 1041, revised, exceeds 83,000.
no
Line 5, page 1 of Form 1041, revised, corresponds with line 3. page 1 provision of the law whereby dividends received from other corporations
may be excluded from gross income or deducted therefrom. Each corof Form 1041, in use for the tax year 1913.
Trustee, return of.—The creator of the trust in each instance being the poration is a separate and distinct entity and must return, for the pursame person and the trustee in each instance being the same, the trustee poses of the tax, the income which it receives (except interest on obligashould make a single return on Form 1041. revised, for all of the trusts in tions of a State or its political subdivisions or on the obligations of the
his hands, notwithstanding the fact that they arise from different instru- United States or its possessions), regardless of the source from which such
ments. Whore a trustee holds trusts created by different persons for the income is received or regardless of the fact that a portion of such income
benefit of the same beneficiaries, he should make return for each trust may constitute dividends from other corporations subject to tax.
Exempt corporations.—In cases wherein corporations have, by affidavit
separately on Form 1041, revised. It is to be noted that this ruling is
based on the identity of the creator and the identity of the trustee of the or otherwise, clearly established the fact and satisfied collectors of internal
revenue that they are exempt from the requirements of the Federal Income
various trusts, and not upon the identity of the beneficiaries.
Tax Law, or are defunct, dissolved, or obsolete, and are no longer carrying
PART II.
on any business and have no property or income, returns will not be reRULINGS IN RELATION TO CORPORATION INCOME TAX.
quired of them after such condition has been clearly established. But
Bond discount deductible.—In the case of a corporation selling its own one showing of this character as to each such particular corporation will be
discount, the amount of the discount should be prorated over required unless it shall later appear that any such corporation
bonds at a
shall have
the life of the bonds and the proportionate part of such discount applicable such income within the meaning of the law as brings it within its requireto each year during the life of the bonds constitutes an allowable deduc- ments.
Expenses deductible by tenant corporations.—In the case of corporations
tion from the gross Income of such year. The deduction from gross income
-year bonds would be one-twentieth of the aggregate amount which occupy leased premises under a lease contract which requires such
in the case of 20
corporations to make all necessary repairs or improvements, which repairs
bonds sold.
of the discount on the
Discount on bonds issued prior to the year 1909, if such discount was or improvements revert to the owner of the fee at the expiration of the
charged against the income of the year in which the bonds were sold, is ease, the tenant corporation is entitled to charge the cost of all such reheld not to be deductible from the income ofsubsequent years,for the reason pairs and improvements to the expense of doing business. This expense
that the charging off prior to January 1 1909 of the entire amount of the of improvements, somewhat permanent in character, should, however,
discount constitutes a closed transaction, and such transaction can not be prorated over the number of years constituting the term of the lease
be reopened for the purpose of reducing the taxable income of a corporation and the amount deductible from gross income of each year would be the
aliquot part of the cost of such repairs and improvements.
by deducting therefrom an aliquot part of the discount.
F.20 19151
THE CHRONICLE
Foreign corporation doing business by an agent.—The Federal Income Tax
Law provides that the normal tax imposed by it shall be levied, assessed.
and collected upon the entire net income arising and accruing to foreign
corporations from business transacted or capital invested in this country.
Such a corporation may transact business or have capital invested in this
country through and by an agent as completely as if it were transacting
the business or investing the capital direct from its home office or through
a duly established branch office in the United States. An agent who is
doing business in this country, buying and selling certain products of the
foreign corporation, is to all intents and purposes a branch of the foreign
corporation, as through and by him the foreign corporation is transacting
business in this country.
The buying and selling of a product in this country through a local agency
or branch for and on behalf of a foreign corporation is clearly transacting
business in this country within the meaning of the Federal Income Tax
Law, and any net income arising and accruing because of the business so
transacted will be held to be subject to the tax imposed by the Federal
Income Tax Law, and every foreign corporation carrying on business in
the manner indicated will be required to make a return of annual net income covering the business so transacted.
Fiscal year returns of new corporations.—In the case of new corporations,
if they shall file or shall have filed within the prescribed time a notice
designating the last day of some month as the close of the fiscal year, such
corporations will be permitted to make their returns as of the period ended
with the date designated, provided the period intervening between the
date of organization of the corporation and the date designated as the
close of its fiscal year does not exceed 12 months. If such period does
exceed 12 months, the corporation will make a return for the portion of the
calendar year preceding the beginning of the fiscal year. which return
must be filed on or before the 1st day of March next following the calendar
year of which it is a part. Corporations partially organized during the
year 1914 should file a return for the period ended December 31 1914, uness they shall have established a fiscal year for this purpose, and if they
shall have actually done no business during the period for which the return
Is made, that fact will be set out in a notation on or a rider attached to
the return.
Good will.—Good will does not represent a value attaching to physical
property, and is held to be an intangible asset, whose value separate and
apart from the business with which it is connected is not capable of determination. For the purpose of the income tax, It is capable of neither
appreciation nor depreciation. Hence, an amount claimed to represent
its decline in value is not an allowable deduction from gross income in
computing the tax liability of an individual or a corporation.
Gross value at the mine, &c.—"Gross value at the mine", as contemplated
n that provision of the Federal Income Tax Law which authorizes mining
companies to deduct from gross Income an amount to take care of depletion of natural deposits, is held to mean the gross price at which the
product could be sold at the mine;that is, its actual bona fide market value.
The term "gross" as applied to "value" contemplates the aggregate
value of the product at the mine determined upon the basis of the market
conditions at the time and place, and is best defined as the price at which
the product sells or would sell when delivered at the mouth of the mine in
a marketable condition. 5% of the value thus determined will constitute
the maximum amount which a mining corporation may deduct under the
Federal Income Tax Law from gross income on account of depletion of
natural deposits. This does not contemplate that the full 5% of the gross
value will be allowed if the aggregate amount calculated at a less rate will
equal the cost in place of such deposits or secure to the corporation the
return of its capital when the deposits have been exhausted.
Indebtedness secured by collateral.—The instruction given under item 6
(a) of the supplementary statement forming a part of the return Form 1031
is in error, in so far as it requires indebtedness wholly secured by collateral
the subject of sale in the ordinary business of a corporation to be included
in item 2 of the return proper.
Indebtedness to be included under item 2 of the return is all interest
bearing indebtedness, except that wholly secured by collateral the subject
of sale in the ordinary business of the corporation.
Income from real estate transactions.—Gains and profits resulting from a
real estate transaction are subject to income tax in so far as they represent
actual net income for the year in which the transaction occurred. The
amount of income to be returned for the purpose of the income tax in the
case of the sale of capital assets is the amount received upon the sale of the
property in excess of its original cost, provided both the purchase and
sale of the property took place since January 1 1909. If the property was
acquired prior to January 1 1909, the difference between the cost price
and the selling price will be considered income to the corporation, which
income may be prorated according to the number of years the property
was held prior to its sale, and the amount thus apportioned to the years
subsequent to January 1 1909, will be returned as income for the year in
which the property was sold.
In determining the amount of income to be accounted for on this basis
the corporation will consider mortgages, mortgage notes, or any other
credits received in payment of the property as though they were cash, and
if it should occur that the purchaser of any of the property should later
default in payment,the corporation will be entitled to take credit as a loss
for the amount of loss actually sustained by reason of the default.
In determining the cost of the property for the purpose of arriving at the
profit realized upon the sale,it will be permissible for the corporation to
add to tho initial cost such carrying charges as interest, taxes, insurance,
Svc., provided such carrying charges have not been deducted from net
income which the corporation may have had and returned for years subsequent to January 1 1909 and prior to the date of the sale of the property.
Itemized statement on Form 1031.—In the case of public-service and all
other corporations,it is desired by this office that the supplementary statement which forms a part of the return Form 1031, prescribed by the Secretary of the Treasury for the use of such corporations in making their returns
of annual net income, shall be prepared as far as practicable in detail.
It is not expected or required, however, that every particular item
going to make up either gross income or the deductions therefrom shall be
set out in the supplementary statement. It will be sufficient for the
purpose of this office in the case of public-service corporations and other
similar concerns that they supply the information by classes rather than
giving the items in detail, classifying the income and expenditures in the
same manner as is required as to these items by the Inter-State Commerce
Commission.
Investment of depreciation fund.—The investment of depreciation reserve
funds in the concern's own plant in the way of additions and extensions
would appear to be such a diversion of the funds as is contemplated by
Articles 132 and 133 of Regulations 33 and T. D. 1943. * * *
Investments in additions and extensions are primarily capital investments and the fact that the corporation is investing its depreciation funds in
additions and betterments or improvements would seem to indicate that
the amounts set aside on account of depreciation were in excess of a reasonable allowance which the law contemplates a corporation may deduct
from its gross income, and when it shall appear that by reason of the in-
601
vesting of its depreciation funds in additions, betterments and improvements, it actually adds to the value of its capital assets.it will be insisted
upon that the amount by which the assets are increased on this account
shall be returned as income and be subject to the income tax.
-bearing indebtedInterest-bearing indebtedness.—The amount of interest
ness of a corporation, outstanding at the close of the year, should be reported under item 2 of the return Form 1031 whether the interest accrued
upon such indebtedness was actually paid within the year or not.
Items entering into cost of manufacture.—The only interest which constitutes an allowable deduction from gross income under the Federal Income
Tax Law is the amount actually paid within the year on the maximum
principal ascertained by adding to the full amount of the paid-up capital
stock outstanding at the close of the year one-half of the interest-bearing
indebtedness also then outstanding and such interest as is actually paid
on indebtedness wholly secured by collateral the subject of sale in the
ordinary business of the corporation.
Interest payments of this character, being allowable deductions from
gross income, will not be taken into account as a part of the cost of manufacture for the reason that to consider them an element of the cost of manufacture and to deduct them from gross income as specific items would in
effect result in a double deduction of the amounts involved.
A corporation would not be permitted to include in its deductions the
rental value of the property which it owns and occupies nor would it be
permitted to deduct from gross income the interest which the capital invested or employed would earn were it otherwise invested.
It therefore follows that a corporation can not take into account as a
part of the cost of manufacture any possible earnings; that is, earnings
which might accrue on its capital or investment had such capital been so
placed as to earn a given rate of interest.
Liability of close corporation.—A corporation formed as a family affair
to hold property together and not to sacrifice in selling does not come
within the class of corporations specifically enumerated as exempt from the
requirements of the Federal Income Tax Law, and is required to make a
return of annual net income showing therein all income arising and accruing to it from all sources and to pay any income tax shown by such return
to be due.
Limited partnerships.—Limited partnerships, which are held to be associations within the meaning of the Federal Income Tax Law, will use
Form 1031 in making their returns of annual net income for the year 1914.
The profits of limited partnerships making returns in the same manner
as corporations make returns will be treated the same as dividends of corporations and will be returned in the returns of individuals in the same
manner as are dividends upon the stock of corporations; that is to say, the
dividends received from such limited partnerships will not be subject to
the normal tax in the hands of the members of the partnership receiving
the same.
Lobbying expenses.—Sums of money expended for lobbying purposes
and contributions for campaign expenses are held not to be an ordinary
and necessary expense in the operation and maintenance of the business
of a corporation, and are therefore not deductible from gross income in
arriving at the net income upon which the income tax is computed.
Publicity of supplementary statements.—The supplementary statement
which is made a part of the return form prescribed for the use of corporations in making returns of annual net income is by express terms made
a part of the return, and to the same extent that the return constitutes a
public record and is open to inspection, to that extent the supplementary
statement is also a public record and open to inspection "only upon the
order of the President under rules and regulations prescribed by the Secretary of the Treasury and approved by the President."
Place offiling returns.—In the case of domestic corporations whose books
of account and other data are kept in foreign countries, the returns should
be made to the collector of internal revenue of the district in which they
have branch offices in this country, if they have such branch offices.
Otherwise, the returns of annual net income of such corporations should
be made to the collector of the district in which are located the statutory
offices of the corporations.
Private banks—Associations.—Private banks which have the form of
corporate organizations, elect officers and a board of managers, have a
distinctive name, a fixed situs and distribute their net earnings upon the
basis of the amount of capital invested by the members or owners, are held
to be associations within the meaning of the Federal Income Tax Law,
and in their organized capacity should make returns of annual net Income
and pay any income tax thereby shown to be due.
The holders of the stock or the owners of the bank will be exempt from
the normal tax to the extent of the dividends or earnings whidh they receive from such private banks as make returns in their organized capacity
and pay income tax in accordance therewith. The individual owners of
the bank will not be required to return as income for the purpose of the
normal tax any dividends or earnings received from the private bank which
pays the tax on its net earnings, but for the purpose of the supertax the
dividends will be returned as income by the individual stockholders or
owners.
Private banks—Individual ownership.—When it can be clearly shown
that a private bank is owned by one man, it is evident that such bank is
• not an association within the meaning of the Federal Income Tax Law,
and that therefore such bank will not be required to make a return such
as corporations and associations are required to make, but the individual
owner, if he has a net income of $3,000 or more, will be required to make a
return on Form 1040, showing in such return the income which he receives
not only from the bank but from all other sources.
Paid-up capital stock.—In making returns of annual net income for the
purpose of the income tax, every corporation in making such returns, must
report under item 1 of the return form the total par value of its stock, both
common and preferred, outstanding at the close of the year.
Stock outstanding at the close of the year and upon the basis of which
dividends are or may be paid is held to be paid-up capital stock within the
meaning of the law. For this purpose it is immaterial whether the stock
be paid for in cash, promissory notes, or other assets. The fact that
notes are given in payment of the stock issued and that the notes have
not been paid in full at the time the return is made Is immaterial.
Returns of holding companies.—In a case wherein a holding company
actually takes up each month on its books its proportionate share of the
earnings of the underlying companies, such holding company will be required to include in its gross income the amounts thus taken up regardless
of the fact that the same may not have been actually paid to it in cash.
The fact that the underlying companies credit to the holding company
the amount of earnings to which it is entitled on the basis of the stock It
holds, together with the fact that the holding company takes up on its
books the amount thus credited, renders it incumbent upon the holding
company to return these amounts as income, regardless of the fact that the
underlying companies needed these earnings and used them in making
extensions and improvements and in furtherance of their business.
Expenditures for such extensions and improvements being chargeable
to the property account of the subsidiary companies are not deductible
602
THE CHRONICLE
[VOL. 100.
from the gross income and will therefore not have the effect to reduce the
The Guaranty Trust Company of New York has gotten
earnings to their respective shares of which the stockholders are entitled.
Returns of subsidiary companies—Where made.—Under the provisions out an interesting pamphlet on the subject of bank accepof the Federal Income Tax Law and the regulations of this department, tances. Coming as it does just at this time, when the
Fedevery corporation, joint-stock company or association, and every insureral Reserve Board has issued regulations governing the disance company, regardless of its relation to another corporation, is held to
be a separate and distinct entity and unless it comes within the class of count of paper of this character, it is very apropos. The
organizations specifically enumerated in the act as exempt must make a pamphlet treats the subject from the standpoint
of the layseparate and distinct return, complete in every detail.
If the subsidiary companies of any parent corporation making a return in man and illustrations of sample acceptances are included in
any particular district have their principal places of business in the same its pages. A table also is given which indicates the attitude
district, such corporations will be listed by the collector of that district of the banking laws of the various States
with regard to bank
on his Form 632 and will be required to make separate returns as above
acceptances. We understand that copies may be secured
Indicated.
If, however, the subsidiary companies keep separate books of account upon application to the Guaranty Trust Co. of New York.
and have their principal accounting offices in other districts, returns of
such corporations will be made to the collector of internal revenue of the
Permission has been granted to the interests in the
district in which they have such principal offices.
Real estate collateral.—The Federal Income Tax Law provides that in Harriman National Bank of this city by the Comptroller
case of indebtedness wholly secured by collateral the subject of sale in the of the Currency to establish a bank at Seward, Alaska.
ordinary business of such corporation, Joint-stock company or association,
new organization will be known as the Harriman
the total interest secured and paid by such company, corporation, or asso- The
ciation within the year on any such indebtedness may be deducted as a part National Bank of Alaska. It is understood that in addiof its expenses of doing business.
tion to conducting a general banking business, the bank will
Real estate to constitute collateral within the meaning of this clause of
developing Alaskan territory.
the law must be such real estate as is in fact the subject of sale in the assist the Government in
ordinary business of the corporation. If the corporation whose ordinary The officers of the bank are: Joseph W. Harriman, Presibusiness is the purchase and sale of real estate has an office building under dent; John
A. Noble, Gaston Hardy and H. B. Wesselman,
mortgage, which office building is not subject to sale in the ordinary business of the corporation, the interest paid on such mortgage will not be Vice-Presidents; Erich Lucas, Cashier, and S. B. Congdon,
deductible under item 4 of the return form (1031), but in that case would Assistant Cashier.
be deductible under item 6 (a) of the return form to an amount not in
excess of the limit fixed by the law as set out in said item.
The control of the City Bank of Hartford has passed into
Tentative returns.—In cases wherein foreign corporations or domestic
corporations doing business in foreign countries are unable to assemble the hands of a group of ten men, prominent among whom is
their data in time to make their returns of annual net income within
the Bank Commissioner Fred P. Holt. A $250,000 syndicate
prescribed time, it will be permissible for such corporations upon a showing
of this fact to file with the collector of internal revenue a tentative return in was formed by Stewart N. Dunning, who secured stock and
which there shall be approximated, as nearly as possible, the actual business options on stock which will give the members 2,304 of the
transacted during the year.
4,400 shares of the bank, par $100. It is reported that most
This tentative return will be substituted by a true and accurate return
as soon as the necessary date to make such true and accurate return shall of the stock was purchased at $125 a share. The largest
be available.
block of stock was secured from the Travelers' Insurance
Collectors of internal revenue are authorized to grant an extension of Co., which sold its entire holdings
of 1,626 shares. The
time not in excess of 30 days from the date when returns are due, such
extension to be granted only in cases wherein the neglect to file the return Hartford "Courant" states that the City Bank will remain
within the prescribed time was due to the sickness or absence of an officer an independent institution and will not be merged into the
whose signature to the return was necessary. Foreign corporations or Phoenix National Bank as
was proposed several weeks ago.
domestic corporations doing business in foreign countries can not be granted
an extension of time merely for the reason that they are unable to assemble Mr. Holt has resigned as State Bank Commissioner to betheir data to make the return within the prescribed time. In all such come President of the City Bank.
cases, liability to the penalty of the Act can be obviated only by filing a
tentative return as hereinbefore indicated.
The absorption of the Charter Oak National Bank of
Tax payable at source on bond coupons.—Interest received by a corporation on bonds by the terms of which the d,ebtor corporation is required to Hartford by the Phoenix National Bank was consummated
pay any tax which may be assessed thereon must be returned by the cor- on the 15th inst., with the payment of $1,000,000 for the
poration receiving the same as a part of its gross income, and, notwith- 5,000 shares of Charter Oak stock to M.
A. Andrews,
standing the fact that the debtor corporation may have withheld and paid
the tax on such interest, the receiving corporation is not permitted to liquidating agent for the bank. The stockholders of the
deduct from its gross income the amount of interest upon which this tax Charter Oak National Bank met on the 15th inst. and voted
may have been paid.
to accept the offer of $1,000,000 for the assets and good-will
Tax-free covenant.—The contract between the issuing corporation and
the bondholder whereby the bonds are guaranteed to be tax free is a con- of their bank. As a result of this decision the assets of the
tract in which this office in the administration of the Federal Income Tax bank were removed on the 15th inst. to
the recently reLaw can have no concern. Each corporation must account for, in its
modeled quarters of the Phoenix National Bank. According
return of annual net income, all income which it receives from all sources.
Interest received by a corporation on bonds which it holds, whether they to the statement issued under the Comptroller's call of
are guaranteed to be tax free or not, must be included in the income of the
corporation receiving the same and so accounted for in its return of annual December 31st, the gross deposits of the Charter Oak
net income. In other words, the corporation receiving the income must
pay the tax upon the same, if it have a net income subject to tax, and the National Bank were $2,597,266, and those of the Phoenix
matter of complying with the covenant of the bond is a matter to be ad- National Bank $5,479,664, giving the latter
institution
justed between the debtor corporation and the bondholders.
Subsidiary companies must make return.4.—In the case of parent corpora- gross deposits of approximately
,000,000. Cashier M. A.
tions owning all or practically all of the stock of subsidiary companies, it is
held that both corporations are separate and distinct entities and that each Andrews and all of the clerks in the Charter Oak Bank enter
must make true and accurate returns, accounting for, in detail, their the employ of the Phoenix Bank.
separate gross income and deductions therefrom, and each such company
will be required to pay the income tax on the net earnings shown by such
return.
Frank A. Munsey has agreed to sell his stock holdings,
It is not sufficient for the purpose of the Income Tax Law that the parent
amounting to more than 50% in the Munsey Trust Co.
company shall report the gross income of the subsidiaries and deduct
from
such gross income the expenses of such subsidiaries. The net earnings
of of Baltimore, the sale to take effect next Tuesday. The
the subsidiary companies turned over to the parent company
within the meaning of the law and as such dividends are are dividends price at which the stock is to be disposed of is said to be
from gross income, the parent company must pay income not deductible
tax on
income notwithstanding the fact that the earnings out of which its net between $110 and $115 a share. A syndicate headed by
dends were paid had been subject to tax as against the subsidiary the divicompanies E. L. Norton, President of the company, has arranged to
W. H. OSBORN,
take over the stock. Middendorf, Williams & Co., it is
Commissioner of Internal Revenue.
Approved:
W. G. McADOO.
reported, being interested with Mr. Norton in the purchase.
Secretary of the Treasury.
changing the present name of the
Plans
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only 7 shares of bank stock were sold at the Stock Exchange this week, and none at auction. Forty-five shares of
trust company stock were sold at auction. A sale of 5 shares
of Franklin Trust Co. (Brooklyn) stock at 260 shows an increase of 6 points over the price paid at the last previous
public sale, which was made in April 1914.
Low.
Shares. BANK—New York.
168
*7 Commerce, Nat. Bank of
TRUST COMPANY—New York.
130
Lawyers' Title Ins. & Tr. Co
40
TRUST COMPANY—Brooklyn.
Trust Co
5 Franklin
High. Close. Last previous sale.
168
168
Feb. 1915— 168
130
130
Jan. 1915— 136
260
260
April1914— 254
* Sold at the Stock Exchange.
Walter L. Clark, until recently Vice-President of the
Niles-Bement-Pond Company, has joined the organization
,_
mrmed by E. R. Stettinius, for J. P. Morgan & Co., to
foake purchases of supplies in the United States for the
British Government.
for
company and
for buying the interests of such minority holders as desire
to sell at a stipulated price, are part of the arrangements
included in the acquisition of Mr. Munsey's stock. It is
reported that negotiations are also in progress looking towards the merger of Munsey Trust Co. with the Baltimore
Trust Co. The Munsey Trust Co. of Baltimore, which
absorbed, in April 1914, the Equitable Mortgage & Trust
Co., began business in January 1913 and has a capital of
$1,000,000, with deposits of over $4,000,000. Mr. Munsey
controls the Munsey Trust Co. in Washington and is to
organize a new Munsey Trust Co. in New York. It is to
locate on 40th Street near 5th Avenue.
The stockholders of the National Exchange Bank of
Baltimore on the 16th inst. voted to increase the capital of
the bank from $1,000,000 to $1,500,000 and the surplus
from $600,000 to 50,000. As stated in these columns on
Jan. 30, the new issue of stock ($500,000) is offered to the
present shareholders at $150 per share. The National Exchange Bank took over the business of the National Howard
Bank on Jan. 18.
FEB. 20 1915.j
THE CHRONICLE
The Mercantile Trust & Savings Co. of Evansville, Ind.,
was acquired by interests in the Indiana Trust & Savings
Co. of Evansville on the 4th inst. The transaction was
effected through the sale of the holdings of Charles F. Smith,
President of the Mercantile .Trust & Savings Co.; these
holdings are said to have amounted to more than four-fifths
of the capital stock of $100,000, and are reported to have
been sold at $150 a share. F. Karges is President of the
Indiana Trust & Savings Co., which was recently incorporated with a capital of $100,000.
The German-American Bank of Detroit purposes raising
its capital from $250,000 to $500,000,by issuing new stock
and declaring a stock dividend of 60%. The proposition,
which the stockholders are about to ratify, is to transfer to
capital stock $150,000 from surplus and undivided profits,
distributing the 1,500 shares pro rata among the shareholders. In addition 1,000 shares will be offered at $200 a
share and of the $200,000 proceeds $100,000 will go to
capital stock and $100,000 to surplus. On July 1st 1907
the bank's capital stocklwas increased from $100,000 to
$250,000. At that time the 1,500 new shares were sold at
$120 each, and a dividend of 70% was declared to apply as
part payment.
603
Werner, President of the Louis Werner Stave Co., has also
been chosen a director of the trust company and Charles F.
Herb, formerly chief clerk of the financial department of
the company, has been appointed Assistant Secretary.
The German Savings Institution7of St. Louis is to increase
its capital by $1,000,000 through the declaration of a stock
dividend of 100%, amounting to $500,000 and the sale of
$500,000 worth new stock. The complete capitalization
of the bank will then be: Capital, $1,500,000; permanent
surplus, $1,000,000, and undivided profits, $500,000.
H. Hunicke, heretofore Cashier of the German Savings
Institution, has been elected Vice-President. Edward
Barklage has been advanced from the position of Assistant
Cashier to Cashier and William Reimann has been made Assistant Cashier.
John F. Heil, previously Assistant Cashier, has"been chosen
.
to succeed the late Louis J. Biyha as Cashier of the German
Bank of Wheeling. E. L. Yeager has been appointed
Assistant Cashier of the bank.
The Citizens' Trust Co. of Savannah has
-applied to the
State Secretary of Georgia for permission to amend its charter so as to provide for an increase of $50,000 in capital,
James J. Hill is reported to have purchased a half-interest raising it from $100,000 to $150,000. The company was
in the Stockyards National Bankrof South St. Paul, which formed in May 1906 and was an/outgrowth of_the Citizens'
has a capital of $200,000. The reports have it that L. F. Investment Co. of Savannah.
Swift of Swift & Co., is associated with Mr. Hill in the
Richard Altschul, previously Cashier, has been elected a
purchase.
Vice-President of the Anglo & London Paris National Bank
Stock or the Iowa National Bank and Des Moines Savings of San Francisco. C. R. Parkerihas been chosen Cashier.
Bank of Des Moines, amounting in the aggregate to 850
The Northern Bank & Trust Company of Seattle, Washshares, have been sold to George Van Evera, John W. ington, has taken action toward increasing its capital from
Howell, Howard Clark, C. L. Herring and Gardner Cowles $100,000 to $200,000; under the arrangements with regard
at $250 a share, according]to the Des Moinesj"Register." thereto the surplus is increased from $20,000 to $50,000.
The stock was the property of James Berryhill. The Iowa
E. C. Harris, a well known banker and railroad man of the
National Bank has a capital of $1,000,000 and the Des
Middle West, is reported to have acquired a substantial
Moines Savings Bank a capital of $200,000. Messrs.
block of the newly issued stock,and will assist President
Cowles and Herring are said to have also recently acquired
W. R. Phillips in the management of the bank.
stock in the Citizen's National Bank of Des Moines.
At the annual meeting of the Boise City National Bank
of Boise City, Idaho, on January 12, T.Regan, who had
been Vice-President of the bank for a number of years,
retired as an officer and director, having accepted the
position as one of the Idaho Commissioners of the PanamaPacific Exposition. Will Regan, his son, formerly Assistant
Cashier in the bank, remains as a director and a member
of the Loan Board, resigning his position as Assistant Cashier in order to take active charge of his father's personal
business. F. R. Coffin, President, and J. E. Clinton, VicePresident, were re-elected. F. F. Johnson, former Cashier,
was elected Vice-President, and C. H. Coffin, former Assistant Cashier, was elected Cashier. B. W. Walker was reelected Assistant Cashier, and Chas. L. Stewart, who has
been with the bankifor a number of years, in the capacity
of Teller, was elected Assistant Cashier. The directors are
as follows, being the same as the old board with the exception of T. Regan, who resigned, and S. T. Davis and 0. 0.
Haga, who were added : F. R. Coffin, Andrew Little, F. F.
Johnson, C. H. Coffin, E. H. Davis, J. E. Clinton, W. V.
Regan, E. M. Hoover, Leo J. Falk, Thos. McMillan,
S. T. Davis and 0. 0. Raga.
Edmund E. Morris has been elected Treasurer and B. B.
Bell, Assistant Treasurer of the Fidelity Savings Trust Co.
of Kansas City, Missouri. Douglass Wallace has been
appointed Manager of the safe-deposit department of the
Fidelity Trust Co. of Kansas City.
Dr. J. T. M. Johnston, heretofore President of the National Reserve Bank in Kansas City, will become an active
member of the board of directors, and his son, J. L. Johnson,
who was Cashier of the National Reserve Bank,will be made a
Vice-President and director. Dr. Johnston will remain on
the directorate of the National Reserve Bank, but has sold
sufficient of his stock to relinquish the controlling interest
in the bank.
J. Sheppard Smith has been elected a director and VicePresident of the Mississippi Valley Trust Co. of St. Louis.
Mr. Smith had been a partner in the firm of Francis, Bro.
& Co. of St. Louis since 1907; he became connected with the
firm in 1902 and had charge of its bond department. Louis
DEATH OF JOHN LANGBOURNE WILLIAMS.
John Langbourne Williams, the well-known Southern
banker and railroad builder, died at his home in Richmond
on the 12th inst. Mr. Williams received his first banking
experience in 1858 as a member of the banking house of John
A. Lancaster & Son, which later became the fiscal agents:of
the Confederate Government. After the war he established
the house of John L. Williams & Sons, in which he was associated with his sons John Skelton, R. Lancaster, Langbourne M. and Berkley, and his son-in-law, E. L. Bemiss.
The firm took an active part in the building of the Seaboard
Air Line and the Georgia & Alabama Railway. Mr. Williamsinspired the development and practical operation of the
first commercially successful electric street railway line in
America—the old Clay Street line in Richmond, the forerunner of the line on Broad Street, of the Richmond Traction Co. and others which now form a part of the Virginia
Railway & Power Co. Among other transportation projects
developed and financed by the banking house of John L.
Williams & Sons are local lines in Petersburg, Norfolk, Augusta, Ga., and Macon, Ga., Nashville, Tenn., Knoxville,
Tenn., and Baltimore, and in New York. Mr. Williams was
also largely responsible for the development of James River
water power. The firm likewise helped in the refunding of
the debt of South Carolina. For many years Mr. Williams
was associate editor of the "Southern Churchman," an organ
of the Episcopal Church; he held the office of President of the
Southern Churchman Company and stood high in church
councils.
He was a man of broad and liberal culture and came of a
distinguished Virginia family. One of his sons, John Skelton Williams, is now Comptroller of the Currency; another
son, Robert Lancaster Williams, is Vice-President of the
Virginia Railway & Power Co., and a member of the firm
of Middendorf,Williams & Co. of Baltimore, and Ennion G.
Williamsis State Health Commissioner. Commenting on the
death of Mr. Williams, the Richmond "News-Leader" in a
leading editorial pays him a deserved tribute, saying: "A
strong man in consecration to the duties of citizenship; in by
alty to service to his fellow-men; in high ideals of the obl 'gations of trusteeship of him to whom lhath been /given, and
in the faith that sustaineth to the'Old, was John Langbourne
Williams."
THE CHRONICLE
604
Trust
[VOL. loo
Tonimug Ileums.
NEW YORK, BROOKLYN, BOSTON, PHILADELPHIA AND ST. LOUIS.
We furnish below complete comparative statements of the condition of all the trust companies in Boston,
Philadelphia, New York, Brooklyn and St. Louis. This is in continuation of a practice begun thirteen
years ago. The statements occupy altogether over thirteen pages.
The dates selected for comparison are December 31 1914, December 31 1913 and December 311912.
In the case of the Boston, the Philadelphia and the St. Louis companies, we have sought to get figures for
these dates and have largely succeeded. As, however, no returns for those dates are required by the
State authorities, several of the Boston companies and a number of the Philadelphia and St. Louis companies
have not found it convenient to compile statistics for December 31 but have furnished instead the latest
complete figures available.
As far as the New York companies are concerned, we have been obliged to make a departure in the
method of compiling the returns. Up to the last four years it was the practice of the State Banking Department to require the trust companies to render a statement of their condition,showing resources and liabilities,
for the last day of December, and also to furnish certain supplementary statistics for the twelve months of
the calendar year. But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now calls on the companies for a statement of their condition for some date late in December
(Dec. 24 on the present occasion), and waives entirely the requirement as to the supplementary items of
information. As these supplementary statistics, dealing with earnings, expenses, dividends, &c., have constituted the most valuable feature of the annual returns and the record extends back a quarter of a century
or more, we have notfelt satisfied to let the record be broken. Accordingly we have made direct application
to the companies in each instance and we are pleased to be able to state that in nearly one-half of the cases
we have been successful in obtaining the supplementary statistics, as the comparisons below will attest.
As regards the resources and liabilities, we use the December 24 figures of the Banking Department, as
being sufficiently near to the end of the year to answer all practical purposes.
NEW YORK COMPANIES.
Astor Trust (New York).
Broadway Trust Co.(New York).
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources$1.070,000
$760,000
Mortgages owned
$950,000
Stock and bond investments
537.611
411,743
352,181
Public securities
9,169,501
8,274,819 8,969,225
Private securities
Loanson bond & mtg.or oth.r. e. coil 6.418,545 5.348.607 4.502,198
192,871
271,450
Loans secured by other collateral--- _
274,571
Loans disc.& bills purch.not sec.bycoll 2.903,123 4,304,957 4,398,917
Overdrafts
994
222
5,295
834,895
Due from trust cos.. bks. & bankers_
1,137.818
1,468,113
1.441.115 2,176,827 2,106,294
Specie
Legal-tender notes & notes of nat. bks
223,291
26,720
108,730
Cash items
380,617
278,444
505,247
Other assets
276,752
196,041
218,396
ResourcesDec. 24 '14. Dec. 9 '13. D ec. 26 '12
Mortgages owned
$819,380
$679.000
$507,800
Stock and bond investments
Public securities
864,968
568.212
461,048
Private securities
1,197,698
904,271
800,451
Loans on bonds&mtg.or other r.e.coll.
168,100
163,600
352,700
Loftus secured by other collateral_
2,586,817 3,448,811
3,207,299
Loans disc.&bills purch.not sec.by coll. 7,564,945 6,223,474
3,572,555
Overdrafts
2,085
1,440
348
Real estate owned
145,376
145,453
142,250
Due from trust cos., bks. & bankers. 2,702,4b8 2,226.067 2,050,800
Specie
1,615,745
1,117,813
1,006,928
Legal-tender notes& notes of nat. bks.
513,995
692,830
327,210
Cash items
474,241
701,805
396.488
Customers' liability on acceptances....
181,321
Total
$23,323.447 $23,321,207 $23,851,476 Other assets
72,519
55,368
67,047
Liabilities
Capital stock
31,250.000 $1,250,000 31,250,000
Total
318,909,688 316,928,144 $12,893,030
Surplusfund & undiv. prof.(mkt. val.) 1,038,788
1,152,741
1,325,531
Liabilities
Unpaid div. &res've for tax.,int.,&c.
15,867
10,187 Capital stock
$1,500,000 $1,500,000 $1,000,000
Preferred deposits
Surplusfund & undiv. prof.(mkt. val.) 875,206
597,403
827.705
Due N.Y.State savings banks_ _ _ _
897,781
1,446,029
905,379 TJnpd. div.& res've for taxes,
int.,&c.
17,741
3,825
Due as executor, administrator, &c.
39,242
42,362
65,842 Preferred deposits-.
Trust dep.&dep. by N.Y.State-228,622
333,054
205,520
Due say. Wm.& say.& loan ass'ne_
593,774
513,225
943,045
Due depositors (not preferred)
19,095,063 18,503,578 19,299,187
Due as executor,administrator,&c.
59,424
38.698
54,755
Due trust cos., banks and bankers
519,755
342,465
346,667
Trust dep.& dep. by N.Y.State
414,516
51,962
19,343
Other liabilities
254,196
235,111
443,163 Due depositors (not preferred)
14,419,255 13.266,406 10,144,254
Due trust cos., banks & bankers
422,236
550.189
163,231
Total
$23,323,447 $23,321,207 323,851.476 Acceptances
181.321
Supplementary
-For Cal. Year1914.
1913.
1912.
162,218
316,345
94,685
Other liabilities
Total int. & comm.rec'd during year.
$1,046,907
All other profits received during year..
$18,909,688 $16,928,144 $12,893,030
Total
Charged to profit and loss
Amt. deposits on which int, is paid_ _$10.614,900 $8,753,485 36,730.000
On account of depreciation
On account of other losses
980
Int.credited to depositors during year
555,420
Central TrustiCo.(New York):
Expenses during year, excluding taxes
171,874
Amt.of dive. declared on cap.stock
100,000
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources
Taxes paid during the year
25,970
$431.064
$844,036 31.216,828
Amt.deposits on which hit. is paid_ _ 5$18,355,5001118,587,300 18,740,400 Mortgages owned
investments
Stock and bond
10,108.081
3.898,441
5,118,589
Public securities
Figures are of date: *Dec 24 1914: tDec. 9 1913.
25.058.132 21,112.441 25,736,474
Private securities
228,100
Loans on bond or mtg.or oth.r. e. coll. 225,100
306,600
Bankers Trust Co.(New York).
Loans secured by other collateral_-- 44,211.020 48,789,014 57,224,048
Loans,disc.& bills pur. not sec.by coll. 8,092,664 8,935,394 4,401,451
Resources
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12. Real estate owned
1,287,013 1,135,498
1,016,243
Mortgages owned
32.804,000 $3,383,000 33,539.000 Due from trust cos., bks.& bankers_.. 24,353,538 9,505 709 12,519,956
Stock and bond investments
8,904.414 10.083;561 11,618,561
Specie
Public securities
11,972,676 6,546,817 6,694,365 Legal-tender notes& notes of nat. bks.
17,500
25,000
11.000
Private securities
23,290,784 25,971,605 29,274,197 Other assets
1,117,648 1,001,778 1,029.211
Loans on bond&mtg. or other r.e. coll.
71,803
221,785
300,268
Loans secured by other collateral.. _ _ _ 76,665,472 63,823,939 64,816,305
$123,806,174 3105558,972 3120198,961
Total
Loans disc.&bills purch.not sec.by coil 13,348,547 14,552,811
5,871,321
Liabilities
Real estate owned
4,386,634 4,369,064 4,298,944
$3.000,000 $3,000,000 $3,000,000
from trust cos., bks. & bankers.. 19.199,059 21,529,367 20,580,475 Capital stock
Due
8
1
Specie
10,426,147 13,541,319 12,624,485 Surp. fund & undiv. prof.(mkt. val.) 15.874,337 17. 1
Unp'd dive. & res. for taxes, int., &c_
8 503
7 167
.
17.515%06
10 0 6
2
Legal-tender notes & notes of nat. bks
269,925
166,300
113,370
2,521,349 2,075,364 3,292,530 Preferred depositsCash items
banks_ _
e savings
212,384
Due ed
errN.Y.
e
200,221
571,982
218,940
Customers' liability on acceptances
Due as executor,administrator, &c. 1,17ing
1,003.529
1,209,996
Other assets
764,628
1,177,913
Deposits by Now York State
preferred)
e end
91,407,600 79,382,319 941
$166,738,374 3156945,9993152,583,173
6
1928
Total
bankers...... 11? ignigg
:
Due trust cos., banks
1,797,508
Liabilities
$10,000,000 $10,000,000 $10,000,000 Other liabilities
91 1,517,023
Capital stock
Surp.fund & undiv. prof. (mkt. val.) 12,451,483 14,462,920 16,256,907
$123,806,174 3105558.972 3120198,961
Total
160,368
125,944
Unpd.dive. & res. for taxes, int., &c_
-For Cal. YearSupplementary
1914.
1913.
Preferred deposits
1912.
ass'ns_ 5,201,253 4,459.125 3,857,180 Total int. & comm.rec'd during year..
35.301,461 $5,915,458
Due say. bks. & say. & loan
Due as executor,eministrator,&c. 10,578,103 8,908,608 12,184,756 All other profits received during year..
N. Y.State- 1,319,032 3,757,928 3,853,510 Charged to profit and loss
Trust dep. & dep. by
42,719
On account of depreciation
359,372
228,533
Other preferred deposits
102,627,893 91,171,617 84.711,594 Int. credited to depositors during year
2,653,349 2,789.648
Due depositors (not preferred)
22,761,400 21,551,262 19,292,687 Expenses during year,exclud. taxes_ _
504.462
424.234
Due trust cos., banks and banke-s
571.982
Amt. of dive. decl. on capital stock....
,
1,500,000
1,500,000
Acceptances
2,300,595 Taxes naid during the year
1.184 509 2,474.171
Other liabilities
Amt. deposits on which int. paid_ _499,749,020 83,485,8M 91.634.000
_$166,738,3743156.945,9993152,583,173
Total
a Figures are of date Dec. 24 1914.
Amt. dep. on which int. ls paid- _ _130,206,900 121,151,200 118,422,700
r48, z
2
?ji ir9
i
THE CHRONICLE
FEB. 20 19151
-Concluded.
Equitable Trust Co.(New York)
Columbia Trust Co.(New York).
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources$2,407,743 $2,107,083 $2,822,786
Mortgages owned
Stock and bond investments
778.417 1.749.696 2.673,002
Public securities
6,231,921 7.772.459 8.592,000
Private securities
1,959.051
Loans on bond & mtg.or 0th.r. e. coll. 1,647,168 1,578,430 21,074,299
Loans secured by other collateral_ _ _ _ 28,600.811 23,778,629 8,024.772
Loans,disc.&bills pur.not sec.by coil- 14,443,811 8.799,992 5,742,411
5,747,036 5.776,171
Real estate owned
5,689,192
Due from trust cos., banks & bankers 5,286,285 6,328.211 4,933,433
3,964,550 5,070,733
Specie
1.051,155
663.185
Legal-tender notes& notes of nat.bks. 1,389,260
2,043,902
990,509 1,145.201
Cash items
512,866
397,202
270.946
Other assets
$71,758,457 664,166,992 $65,118,879
Total
Liabilities
$2,000,000 $2,000,000 $2,000,000
Capital stock
Burp. fund & undiv. prof.(mkt. val.) 7,094,057 7,153,742 7,289,754
47,816
121,574
Unp'd diva.& res.for taxes, int., &c..
Preferred deposits
591,288
587,330
527,563
Due savings banks,loan ass'ns,&c_
Due as executor,administrator,&c. 3,566,547 1.990.549 4.031,706
842.977
157,449 1,378,905
Trust dep. & dep. N. Y. State_ _ _ _
55,445,699 47,036,010 46,660,572
Due depositors (not preferred)
2,551,244 3,096,835 2,505,344
Due trust cos., banks and bankers_
802.047 1,149,421
415,898
Other liabilities, accrued interest_ _ _
$71.758.457 $64,166,992 $65,118,878
Total
605
1912.
1913.
1914.
Supplementary-For Cal. YearConsoliTotal int. & comm.rec'd during year $2,889,074 $2,764,327 dation took
271,003
292,758
profits received during yearAll other
place in this
Charged to profit and loss
year.
589.664
485.892
On account of depreciation
21,766
149.748
On account of other losses
1,503,979
Int. credited to depositors during year 1,512,221
566.533
589.893
Expenses during year. exclud. taxes
400.000
400,000
Amt. of diva. declared on capital stk88,870
95,502
Taxes paid during year
53,817,000 50,245.000 351,000,000
Amt.depos. on which int, is paid__
Dec.24'14.
Liabilities$3,000,000
Capital stock
Burp. fd. & undiv. prof. (mkt. val.). 9,170,979
Unpd. diva. & res've for tax.,int., &c.
Preferred depositsDuesavings banks,loan ass'ns, &c.. 2,946,520
Due as executor,administrator,&c. 2,052.009
Tr. dep. & dep. by N. Y. State._
256,399
42,382
Deposits otherwise preferred
Due depositors (not preferred)
60,325,964
9,854,425
Due trust co's, banks and bankers
Acceptances
2,400,726
3.785,782
Other liabilities
Dec.9'13. Dec.27'12.
$3,000,000 $3,000.000
10,317,991 10,727,891
72,267
65.449
3.512.611
2.461,413
3,091,293 2,697,098
2,936,815
148,098
814,017
295,567
48,057,500 52,546,217
8,976,746 9,001,781
3,174,439
3,114,012
$93,835.186 183,435.229 $84,575,976
Total
Amt. deposits on which hit. paid_ _ _ _ 671,000,000 $64,000,000 $64,900,000
Farmers' Loan & Trust Co. (New York).
Dec.24'14.
Resources$4,312,629
Mortgages owned
Stock and bond investments
6,440,433
Public securities
24,457,974
Private securities
45,300
Loanson bond & mtg.or other r.e.coll.
Loans secured by other collateral_ _ _ 35,991,473
Loans disc.& bills pur.not sec. by coll. 20,099,669
1,084
Overdrafts
3,619.000
Real estate owned
Due from trust co's, banks & bankers 19,065,493
8,445,086
Specie
711,800
Legal-tender notes & notes of nat.bks.
1,256.779
Customers' liability on acceptances
1.038,954
Other assets
Dec.9'13. Dec.26'12.
$5,848,439 $5,625,449
10,872,439
23,633,234
45,500
33,585,148
16,144,556
2,132
3.647,831
11,201.624
11,100,074
485,800
9,980,274
20.732,997
36.536
46,151,870
3,335,794
458
3,647,831
11,211,792
11,103.501
454,400
1,398.250
1,188,725
$125,485,574$120,964,717$113,469,627
Total
Liabilities
$1,000,000 $1,000,000 $1,000,000
Capital stock
Surp.fd.& undiv. orof.(market val.) 6,363,179 6,032,408 6,610.006
42,076
253,143
Unpd. dlr.& res've for tax., int.,&c_
Preferred deposits
Due savings bks.,say.& loan sas'ns 4,494,387 3,821,789 3,573,389
2,154,054
1,428,793
Trust dep.not pay. within 30 days_
540,671
1.098,378
Due as executor, administrator, &c.
746,752
13,085
1,630,000
Deposits by N. Y. State
101,907,089 98,170,241 89,719,970
Due depositors (not preferred)
Trust Co.(New York).
Commercial
8,112,069 6.589.804 8,601.438
Due trust co's, banks and bankers_
1,256,779
Acceptances
670,316
1,592,234
1,497,868
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12. Other liabilities
Resources$18,000
$5,000
Mortgages owned
$125,485,574$120.964.7176113.469,627
Total
Stock and bond investments
1912.
1913.
1914.
804,043
700,375
$820,500
St pPlemcntare-For Cal. YearPublic securities
$4,922,213 $4,957,491
300.112 Total int. & comm.rec'd during year..
254,635
280,310
Private securities
636,491
887,347
604,571 All other profits received during year
724.829
626,238
Loaned on collateral
1,633,918 1,824.171 Charged to profit and lass
Loans,disc.&bills pur.not sec.by coll- 1,441,651
189,272
903,255
4,502
8,473
3.294
On account of depreciation
Overdrafts
5.013
245,441
276.689
On account of other losses
323,303
Real estate owned
2,932,469 3,404.664
312,718 Int. credited to depositors during year
531,000
154,214
Due from trust cos., bks. & bankers_
584.553
544,518
546,812 Expenses during year, excluding taxes
348,016
92,000
Specie
500.000
500,000
136,000 Amt. of diva, declared on capital stk_
86,000
46,566
Legal-tender notes & notes of nat. bks.
135,363
137.701_
9,126 Taxes paid during year
11,286
10,866
Cash items
86,578 Amt.depos. on which hit. paid__ -_a$113,613,034$108,937,318$100,438,700
78,201
81.927
Other assets
a Figures are of date Dec. 24 1913.
$3,880,869 $4,658,422 $4,892,074
Total
Liabilities
$500,000
Capital stock
97.162
Surp.fund & undiv. prof.(mkt. val.)
Unp'd diva. res. for taxes, int., &c_
Preferred deposits
6.223
Due as executor.administrator,&c_
87.000
Trust dep. & dep. by N.Y.State_
3,016.737
Due depositors (not preferred)
23,370
Due trust cos., banks and bankers__ 85,000
Bills payable and re-discounts
Other liabilities
65.377
Fidelity Trust Co. (New York).
$500,000
111.525
157
7,013
150,000
3,655.281
70,255
164,191
Total
$3.880,869 $4,658,422
Amt. deposits on which int, is paid.... 61,658.000 $2,016,000
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
$577,000
$637,000
$567,500
Mortgages owned
Stock and bond investments
517,750
508,582
543,269
securities
Public
1,208.969
4,533
1,163,425
1,659.918
Private securities
1,875,872
146.784 Loans secured by collateral
1,255,048 1.624,371
3,845,833 Loans,disc.&bllis pur.not sec.by coil. 3,913.939 3,323,924 3.620,383
86,570 Due from trust co s, bits. & bankers
1,042,867
1,362,618 1,448,601
657,065
671,234
478,127
156,150 Specie
270.576
235,828
198,137
Legal-tender notes & notes of nat. bks.
427,913
395,766
256,021
Cash items
64,892,074 Customers' liability on acceptances
16,365
$2.267,000 Other assets
121.954
74,000
107,698
$500,000
152,204
Resources-
$10,358,640 110.082,781 $10,320.349
Total
Liabilities
Capital stock
$1,000,000 $1,000,000 $1.000,000
1,326,065
1,362,896
Dec.24'14. Dec.9 13. Dec.26 12. Sur. fd. & undiv. prof. (mkt. val.)-- 1,330,331
Resources17.342
Unp'd div., res've for taxes, int., &c_
10,691
$818,428
$903,409
$414,250 Preferred deposits
Mortgages owned
Stock and bond investments
640,777
Due N.Y.State savings banks_ _ _ _
913,071
518,762
1,668,270
1,582.810
1,644,550
Public securities
24.696
9,831
Due as executor,administrator,&c.
12,750
3,357,000 3,649,583 2,466,154
Private securities
57.000
50.000
Deposits by N. Y. State
22,000
other r.e.
100.936 Due depositors (not preferred)
326,374
317.460
Loanson bond & mtg.or. coll.
6.243,201
6,236,893 6,623,513
Loans secured by other collateral_ _ _ _ 9,088,095 8,674,527 8,564,107 Due trust co's, banks and bankers.,..
701,770
804.448
456,158
1,988,630 Acceptances
Loans,disc.& bills pur.not sec.by coll. 2,283,120 2,571.454
16,365
1,618
166
147
Overdrafts
119,152
liabilities
67,345
196,663
516,661
62,649 Other
460,483
estate owned
Real
Due from trust co's, banks & bankers 5,020,930 5,030,816 4,832,945
Total
$10,358,640 $10,082,731 $10,320,349
1,401,468 Amt. deposits on which int, is paid,... $5,991.000 $5,731,000 $5,419,000
830.857 1.823,391
Specie
471,206
314,500101,505
Legal-tender notes & notes of nat.bks.
865
1.562
Cash itemq
Fulton Trust Co. (New York).
435,525
248,219
209,942
Other assets
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources$24,763,468 $25.632,996 $21.788,148
Total
Mortgages owned
$467,500
$489,500
$497,000
Stock and bond investments
Liabilities
390,610
Public securities
506,372
387,190
$1,500,000 $1,500,000 $1,500,000
Capital stock
Private securities
1,898,539 2,106,091
2,295,999
1,598,767
1.702,070 Loans secured by collateral
Surplus fd.& undiv. prof.(mkt. val.) 1,531,612
3.976,860 4,949,500 4,333,680
18.016
& res've for tax.,int.,&c.
8,108 Loans,disc.&bills pur.not sec.by coil..
Unpaid diva.
397,320
114,500
260,000
Preferred deposits
Overdrafts
8,104
8.223
4,230
1,191,701
895,634 Due from trust cos., banks & bankers
Due say. banks& say.& loan assns. 1,263,836
981,849
219,291
216,443
473,919
adminis'rs. dm.603,684
Due as executors,
Specie
735.082
941,176
849,662
1.044.124
796,339
565,000 Legal-tender notes & notes of nat. bks.
Dep. by State of N.Y
153,898
129,480
141.200
22,102
792.073
66,032 Other assets
Deposits otherwise preferred
91,027
35,867
55,979
Due depositors (not preferred)_____ .. 15,639,862 q5,924,985 14,115,161
2,981,289 3,180.010 2.790,927
Due trust co's, banks and bankers
Total
$8.963,231 19.661.750 $9,017,191
176,959
157,186
liabilities
145,216
Other
_
Liabilities
1500.000
$24.763,468 $25,632,996 $21,788,148 Capital stock
$500,000
Total
$500,000
804,674
704.193
$18,707,696 $19,242,322 $14,250,000 Surp.fd. & undiv. prof.(mkt. val.)-656,568
Amt. depos. on which hit, is paid
Unp'd diva.& res've for taxes,int.,&c.
6,770
5,811
Preferred deposits
Due N.Y.State savings banks_ 27.934
28,016
Equitable Trust Co. (New York).
Due as executor,administrator, &c.
116,140
214.304
Trust dep. not pay. within 30 days
102,857
62,308
Dec.24 '14. Dec.9'13. Dec.26'12.
ResourcesTrust dep. & dep. by N. Y.State
75,669
35,893
7.311.091
336
7,519,339 8.17,
Mortgages owned
$2,761,319 $2,363,595 13.223,994 Due depositors (not preferred)
24,280
Due trust cos., banks and bankers_
9,738
Stock and bond investments
93,762
89,905
97,537
4.678,242 2,916,042 Other liabilities
Public securities
20:136:355 21,488.669 22,321,440
Private securities
Total
$8,963,231 $9,661.750 $9,017,191
194.856
92,506
187,556
Loanson bond & mtg.or other r.e. coll.
1912.
1913.
Loans secured by other collateral_ _ _ _ 31,619,004 29,803,272 31.115,699
Supplementary--For Cal. Year
$368.429
$401.773
Loans disc.& bills pur. not sec.by coll. 3,315,189 2,733,452 3,170,630 Total int. & comm. rec'd during year..
10,039
1.466
12.909
2,825 All other profits received during year..
24,455
Overdrafts
130,542
3,664,726 3,645,392 3,645,392 Chargedto profit & loss, acct. deprec.
Real estate owned
Due from trust co's, banks & bankers 16,787,487 8,559,059 9,926,917 Chgd. to profit & loss, acc't oth.losses
214,280
239,390
4,064,775 6,292,027 5,840,870 Int. credited to depositors during year
Specie
81,238
73,352
592.939
736,583 Expenses during year, excluding taxes
Legal-tender notes & notes of nat. bks. 1,216,972
60,000
60,000
31,611
24,847 Amt. of divs. declared on capital stk.
169,053
items
Cash
13,444
12.293
Taxes paid during the year
Customers' liability on acceptances._ 2,400.726
1,558,231 Amt. deposits on which int. is paid ..a17,378.700 8.290.000 7,435,000
3,424,822 3,039,206
Other assets
$93,835,186 $83,435,229 $84,575.976
a Figures are of date Dec. 24 1914.
Total
Empire Trust Co. (New York).
THE CHRONICLE
606
[VOL. loo.
Guaranty Trust Co. (New York).
Lincoln Trust Co.(New York).
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources
$558,680
$768,100
$230.850
Mortgages owned
Stock and bond investments
13,535,032 13,785.223 17,162,108
Public securities
54.826,585 44,647,179 42,295,198
Private securities
492,764
494.324
Loans on bd. & mtg. or real est. coll
Loans secured by other collateral_ _ _ _ 96.331.885 65,904,167 79,839,863
Loans,disc.&bills pur.not sec.by coil_ 18,200.714 11.263.659 9,445,284
15.147
6,543
6,472
Overdrafts
1,590,434
2.615,260 2,569,662
Real estate owned
15,113,560 13,267,076 13,638,584
Duefrom trust cos., bks.& bankers
13,926,421 11,960,731 15,069,510
Specie
1,132,035
Legal-tender notes & notes of nat. bks. 885,225 1,272,410
5,937,323 4,751,855 6,353,704
Cash items
18,241,228
on acceptances
Customers' liability
28,864.397 37.841,444 37,015,375
Other assets
ResourcesDec. 24 '1.4. Dec. 9 '13. Dec. 26 '12.
Mortgages owned
$873,913 $1,035,472
$915.772
Stock and bond investments
Public securities
535.711
345,000
366.350
Private securities
1.758.993 1,808,531
1,917,350
Loans on bond&mtg. or other r.e. coll.
143.650
126,400
46.000
Loans secured by other collateral_ _ _ _ 4,956,996 5.109,569 5,414,372
Loans disc.&bills purch. not sec.by coll. 1,906,983 1,638,255
1,504.704
Real estate owned
10.000
10,000
10,000
Overdrafts
2,954
544
161
Due from trust co's, banks & bankers 1,222.059 1,595,047 1,351,139
Specie
825,487 1,090,753 1,162,185
Legal-tender notes & notes of nat.bks.
148,700
219,500
217,500
Cash items
536,610
212.840
193.405
Other assets
248,726
204,342
155,018
$269,209,276 $208321.393 5224325,342
Total
Liabilities$10,000,000 $10,000,000 $10,000,000
Capital stock
Surp. I'd. & undiv. prof.(mkt. val.)_ _ 21,360.824 23,827,178 24,350,169
148,142
187,096
IInp'd divs. & res've for tax.,int.,&c_
Preferred deposits
banks_3,930,965 2,160,222 1,582,952
Due N.Y.State savings banks
10,658,726 4,025,296 5,601,924
Due as executor, administrator,
8,318,000 13,588,000
Trust dep. not pay. within 30 days_
1,295,000
520,000 1,200,000
by N. Y. State
Deposits
661,784 2.082,834 2,142,000
Deposits secured by tr. co. assets_
183,269,937 120.162,160 134,137,829
Due depositors (not preferred)
Due trust cos., banks and bankers__ _ 14,219,960 11,507,697 10,068,745
18,241.228
Acceptances
6,345,852 24.850.910 21,410,581
Other liabilities
$269,209,276 $208321,393 5224325.342
Total
1912.
1914.
1913.
Supplementary-For Cal. Year$8,315,910
Total int. & comm'n rec'd during year
1,312,193
All other profits received during year..
Charged to profit and loss
750,000
On account of depreciation
207.710
On account of other losses
4,533,077
Int. credited to depositors during year
Expenses during year, exclud. taxes_ _
957,351
Amt.of divs. declared on cap.stock_ _
2,300,000
Taxes paid during year
Amt. depos. on which int. is paid_a$192,422,767 b$137659655 154,088.277
Figures are of date: a Dec. 24 1914; b Dec.9 1913.
Total
$13,170.782 $13,396,253 513,253.950
Liabilities
Capital stock
$1,000,000 $1,000,000 $1,000,000
Surp.I'd. & undiv. prof.(market val.)
545,195
545,913
558,777
Unpd.divs.& res've for tax.,int.,&c_
11,333
6,750
Preferred deposits
Due say. banks,say.& loan ass'ns_
468,799
398,056
245,801
Due as executor, administrator,&c.
92,533
251,499
202,261
Tr. dep.& dep. by N.Y.State....
63,512
55,000
51,146
Due depositors (not preferred)
10,646,573 10.610,808 10.702.613
Due trust co's, banks and bankers__ _
240,460
286,396
323,877
Other liabilities
113.710
237,248
162,731
Total
Amt.depos. on which int, is paid__
$13,170,782 $13,396,253 $13,253,956
$9,260,000 59.870,000 $10,185,000
•
Metropolitan Trust Co.(New York).
Dec. 24'14. Dec.9'13. Dec.26'12.
Mortgages owned
$953,100
$1,170,595 $1,102,100
Stock and bond investments
Public securities
1,659,400
1,648,260
3,511,905
Private securities
4,113.234 2,817,541 2,946,500
Loanson bond & mtg.or other r.e.coll.
216,463
Loans secured by other collateral_ _ _ _ 11,309,341 10,821,416 14,643.137
Loans disc.& bilis pur.not sec. by coll. 9,156.884 4,358,437 2,442,412
Real estate owned
66,778
68.701
64,764
Due from trust cos., banks & bankers 3,194,406
1.840,037 2.418,393
1,946,505
Specie1.704,745 1,810,856
Legal-tender notes & notes nat. bks
9,220
9,200
Hudson Trust Co.(New York).
Cash items
185,073
194,522
'5
396,39
Customers' liability on acceptances
80,000
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12. Other.assets
639,362
1,504,259
1,310,873
Resources$130,500
$151.400
$161.200
Mortgages owned
Stock and bond investments
Total
$36,190,589 $25,981,731 $28,774,989
921,310
1,003,566
901,403
Public securities
229,108
246,980
298,221
Private securities
Liabilities
178,554
192,913
181,661
Loans on bonds&mtg.or other r.e.coll.
857,324 1,034,280 1,199,608 Capital stock
$2,000,000 $2,000,000 $2,000,000
Loans secured by other collateral_ _ _ _
Sur.I'd. & undiv. prof.(market val.)_ 6,123,408 6,721,545 6,234,830
purch.not sec.by coll.
913,363 1,221,726 1,235.129
Loans disc.&bills
614
728
40.246
1,961 Unpd. divs. & res. for int., taxes, &c_
Overdrafts
841,534
238,541
44,375
19,465 Preferred deposits
Real estate owned
Due N.Y.State savings banks_._ _ 1,924,204
576,618
1,593,746
626.517
584.108
1,277,996.
Due from trust cos., banks & bankers
Trust dep. not pay. within 30 days_
347.694
1.595,774
195,689
308,172
1.469,272
Specie
Due as executor, administrator,&c. 1,563,714
60,650
32,404
62.817
Legal-tender notes & notes of nat.bks.
Deposited by State of New York.... 1,392,550
366,000
280,000
46,076
116,644
80,277
Cash items
18,334,704 12.161,867 15,297,080
25,132
30.380 Due depositors (not preferred)
27,925
Other assets
1,376,982
4,405,065
Due trust cos., banks and bankers
1,166,103
80.000
$4,426,171 $4,994,460 $5,064,402 Acceptances
Total
125,571
208,171
366,944
Other liabilities
Liabilities
$500.000
$500,000
$500,000
Capital stock
Total
$36,190,589 $25,981.731 $28,774,989
707.289
634,477
657,119
Surp.fund & undiv. prof.(mkt. val.)
3,746
86,177
ljnpd. divs. & res've for tax.. hit.,&c.
Supplementary-For Cat. Year-1912.
1914.
1913.
Preferred deposits
150,498 Total hit. & comm.rec'd during year.. $1,262,309 $1,254,239 $1,403,174
151.667
77,066
Due as executor,administrator,&c.
32,849
13,777
28,038
218,000 All other profits received during year..
127,000
259,000
Deposited by State of New York
2,444,145 2,870,309 2,903,517 Charged to profit and loss
Due depositors (not preferred)
On account of deprr elation
385,522
275,996
Due trust co's, banks and bankers_ _ _
161,643
On account of other losses
129.
880
195,830
216,834
459,198
Other liabilities
Int. credited to depositors during year
798,251
553,990
669,684
171,755
189,543
148.371
• Total
$4,426,171 $4,994,460 $5,064,402 Expenses during year, excluding taxes
Amt. of divs. declared on capital stk..
480,000
480,000
480,000
1913.
-For Cal. Year1912.
1914.
Supplementary
Taxes paid during the year91,155
71.087
Amt.deposits on which int.Is allowed 28,004,300 17,338,290 19,749,120
Total int. & comm.rec'd during year. $189,038
$201,222
$203,606
All other profits received during year..
13,474
12,601
17,211
Charged to profit and loss
1,000
On account of depreciation
38,335
24,201
On account of other losses
29,345
38,423
Mutual Alliance Trust Co.(New York).
Int.credited to depositors during year
56.817
57,155
53,405
Expenses during year,excluding taxes
85,473
77,349
86.258
Dec.24 '14. Dec.9'13. Dec. 26'12.
ResourcesAmt.of divs.declared on capital stock
30,000
30,000
30,000
Taxes paid during year
$6.000
$22,500
7,612 Mortgages owned
$26,250
8,430
8,140
Amt.deposits on which bit. Is allowed 1.909,353 2,410,329
1,982,300 Stock and bond investments
1,549,000
965.000
953,750
Public securities
19.700
10,000
1,225
Private securities
23,000
90,711
102,048
otherr.e.
Lawyers' Title Insurance & Trust Co.(New York).
Loanson bond & mtg.or. coll.
2,401,440
Loans secured by other collateral__ -- 2,950,863 2,804,981
3,708,494 3,475,808
2,175,901
Resources
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12. Loansdisc.&billspurch.notsec.bycoll.
11,252
458
1.702
Mortgages owned
$8.733,728 $6,641,507 $6,203,610 Overdrafts owned
190,000
175,000
190,000
Real estate
Stock and bond investments
1,162,412 1,347,478
609.228 Due from tr. cos., banks, bankers,&c. 3,143,065
918,425
Public securities
561,360
681,852
757.680
641,544
Specie
3.216,225 4,497.437 5,541.447 Legal-tender notes& notes of nat.bks.
Private securities
185,702
161,140
241,580
731,500
529,848
Loans on bon&mtg.or other r.e. coll.
188,000
22,122
20,134
26,603
Cash items
Loans sec. by other collateral
1,235,124 2,228.679 2,744,274 Customers' liability on acceptances...
9,587
964,551
352,525
456,841
Loans disc.&bills purch.not sec.bycoll
16,727
10,558
22,437
4,244,149 4,187,145 Other assets
Real estate owned
3,641,656
1.394,282
Due from trust co's, banks & bankers
926,963 1,146,540
Specie
128.480 1.301,552 1,369,047
$10.460,794 $9,904,068 $9,940,842
Total
414,465
221.005
Legal-tender notes & notes of nat.bks. 1.081,830
298,368
389,234
91.979
Cash items
Liabitities427,918
351,910
370,408
Other assets
$1,000,000 $1,000,000 $1,000,000
Capital stock
404,554
462,096
432,045
$20,632,594 $22,822,810 $24,885,835 Surp. fund & undiv. prof.(mkt. val.)
Total
Unpd. divs. SE res. for taxes, int., &c_
6,750
23,000
Preferred deposits
Liabilities
50,830
Due N.Y. State savings banks-58,044
31,864
*4,000,000 *4,000,000 $4,000,000
Capital stock
21.709
Due as executor. administrator, &c.
18,598
15,022
Surp.I'd. & undiv. prof.(market val.) 5,083.232 5,463,369 6,177,893
231,007
Deposits by State of New York__ _
220,469
66,396
Unpd.div. & res've for tax.,int., acc..
Trust dep. & dep. otherwise pref
8,430
15,265
deposits
Preferred
6,768,181
7,371,386 7,586,707
59,970 Du. depositors (not preferred)
149,924
70,361
Due savings banks & loan ass'ns
523,497 Due trust cos., banks and bankers._ 1,872,622
888,073
762,761
438,954
815.610
executor,administrator. &c.
Due as
9,587
345,000 Acceptances
91.968
720,000
Deposited by State of New York
102,302
90,691
166,712
449.429 Other liabilities
227,513
21,329
Deposits otherwise preferred
9,852,565 10,343,891 11,449;941
(not preferred)
Due depositors
505,698
335.536
150,521
$10,460,794 $9,904,068 $9,940,842
Total
Due trust co's. banks and bankers__ _
314,110 1,217,591
1,153,938
Other liabilities
Suppiementary-For. Cal. Year
1914.
.1913.
1912.
$20,632,594 522,822.810 $24,885,835
Total
Total int. & comm.rec'd during year..
$399,645
$387,599
1912.
1913.
1914.
All other profits rec'd during year......
11,110
Cal. Year10,648
Supplementary-For
*994,323 Charged to profit and loss
5963.778
year.. $867.293
Total int.& comm.rec'd during
On account of depreciation
5,242
14,424
945,763 1,022,900 1,577,945
during year......
On account of other losses
17,289
All other profits rec'd
11,235
Charged to profit and loss- •
162,180
179,355
495,510
77,346 Int.credited to depositors during year
192,058
129,625
On account of depreciation
121,195
25,712
42,324 Expenses during year, exelud. taxes_ _
39,839
of other losses
divs. declared on capital stk.
60,000
60.000
On account
367,103
445,208 Amt. of
382,639
year
14,214
14,657
Int.credited to depositors during
967,167 1.203,948
1.324,520 Taxes paid during the year is paid_
_a$6,211,794 5,580,273 b5,809,668
Expenses during year, excluding taxes
400,000
480,000 Amt. deposits on which int.
320,000
capital stock
Amt.ofdivs. declared on
165,080
146,200
152,642
Figures are of date: a Dec. 24 1914; b Dec. 26 1912.
Taxes paid during year
10,644,954 12,437,100 12,924,676
Amt.depos. on which int. Is paid_ ---
Resources-
FEB. 20 19151
THE CHRONICLE
ow York Life Insurance & Trust Co.(New York).
ResourcesDec.24'14.
Mortgages owned
$4,681,571
Stock and bond investments
2,860,475
Public securities
14,250,235
Private securities
Loaned on collateral
Loansdisc.& bills pur.notsec.by coll. 11.563:980
Overdrafts
53,087
1,878,139
Real estate owned
Due from trust cos., banks & bankers 2,399,202
3,002,215
Specie
100,410
Legal-tender notes & notes of nat.bks.
Other assets
520,722
Dec.9'13. Dec.26'12.
$5,651,773 $3,837,142
1,452.871
1,495,035
11,394,943 11,733,675
4,484,471
3,611.250
10,878,586 10,666,357
75,076
78,709
• 1,530,294
1,521,113
761,451
3,092.652
3,700,000 3.750,000
200,000
200,000
563,973
645,657
Total
$45,094,074 $40.693,438 $40,631,590
Liabilities
Capital stock
$1,000,000 $1,000,000 $1,000,000
Surp. fund & undiv. prof. (mkt. val.) 3,493,586 3,825,032 4,111,249
Unpd.divs.& res've for int.,taxes,&c.
10,660
15,306
Preferred deposits
Due N. Y.State savings banks_ _ _ _
474,702
1,212,907 1,001,797
Due as executor,administrator,&c. 2,782.658 2,274,495
1,891,453
Due depositors (not preferred)
33,815,970 28,832.221 28,871,798
Due trust cos., banks and bankers__ _
262,445
286,734
224,317
Other liabilities
3,240,424 3,275,678 3,515,670
607
Transatlantic Trust Co.(New York).
ResourcesDec. 24 '14. Dec. 9 '13. *Dec. 26 '12.
Stock and bond investments
Public securities
$711,575
$714,912
$706.131
Private securities
1,008,000
870.121
908.795
Loans on collateral
1,003,875
504,193
412,877
Loans disc. & bills pur.not sec. by coll.
272,867
493,934
349,149
Due from trust cos., banks & bankers
993,822 1,059,382 1,157,028
Specie
51,409
2.424
1.363
Legal-tender notes & notes of nat. bks.
14,400
47,550
49.220
Cash items
27,231
18,618
4,699
Other assets
38,339
27,696
34,857
Total
$4,121,518 $3.738,830 $3,624,119
Liabilities
Capital stock
$700.000
$700,000
$700,000
Sun).fd.& undiv. prof.(mkt. val.)_ 388,029
388,103
343,310
Unpd. divs.& res'ves for tax.,Int.,&c.
4,352
5,190
Preferred deposits
Due as executor,administrator,&c29,186
31,708
25,104
Trust dep. & dep. by N.Y. State.
153,000
Deposits otherwise preferred
30,000
255.947
218,159
Due depositors (not preferred)
2,534,680 2,209,948 2,034,983
Due trust cos.. banks & bankers
259,322
120,082
276,618
Other liabilities
27,301
28,690
20,755
Total
$4,121,518 $3,738,830 $3,624,119
Amount of dep. on which int. Is paid. $2.099,495 $1,723,909 $1,423,447
Total
$45.094,074 $40,693,438 $40,631,590
Supplementary-For Cal. Year1914.
1913.
1912.
Union Trust Co.(New York).
Total int.& comm.rec'd during year.. $1,928,860 $1,794,889 $1,876,901
ResourcesDec. 24 '14. Dec. 9 '13. Dec. 26 '12.
All other profits received during year..
39,679
34,559
66.585
Mortgages owned
Charged to profit & loss acct. deprec_
$569,000
$649,000
$566,163
int. credited to depositors during year 1,056,131
1,126,442
1,014,712 Stock and bond investments
Public securities
Expenses during year, excluding taxes
5,041
159,358
152,990
141.460
„ 0 3.471.465
Private securities
Amt. of divs. declared on capital stk..
450,000
450,000
14,910,517 12,393,421 15,648.114
450.000
or other r.e. .
Taxes paid during year
95,112
97,118
,
000
103,962 Loans on
Amt.dep. on which hat, is allowed..._ 37,342,531 32,519,444 32,548,984 Loans secured by otber collateral_ __ _ 27,013,962 28,132,129 28,901,137
Loans disc.&bills purch.not sec.by coll. 5,143,562 6,062,524 3,325.692
Real estate owned
2,400,000 2,400,000 2,400.000
Due from trust cos., bks. & bankers.. 6,648,575 3,648,006 3,662,043
New York Trust Co.(New York).
Specie
5.657,929 6,447.343 6,564.780
Legal-tender notes & notes of nat. bks
634,585
417,725
516,115
-Dec. '14. Dec. 9 '13. Dec. 26 '12. Cash items
Resources
24
1,106
7,988
34,150
Mortgages owned
628,553
$2,592.630 $2,445,700 $2.163,658 Other assets
374.482
503,324
Stock and bond investments
Total
Public securities
$68,658,822 $64,353,348 $65,592.983
2,896,146 3,364,102 3,512,204
Private securities
9,022,616 9,643,044 10,176,919
Liabilities
Loans on bond & mtg.or oth. ne.coll- 1,540,331
2,595,996
1,827.126 Capital stock
$3.000,000 $3,000,000 $1,000,000
Loans secured by other collateral
21,691,033 22,895,073 20,877.856 Surp. fd. & undiv. profits (mkt. val.) 4,660,200 5.320,148 7,770.280
Loans disn&bills pun not sec. by coll. 9,155,055 2.600,699 3.367.633 Unpd. divs.& res. for taxes, int., &c.
38,900
49,625
Overdrafts
4,127
8.084
6.382 Preferred deposits
Real estate owned
182,921
Due N.Y. State savings banks
47,434
47,434
4,359,074 3,820,182
3,385,299
Due from trust co's, banks & bankers 7,999,016 3,807,594 3,380,782
Due as executor,administrator,&c. 2,942,883 3,414.414 4.023,620
Specie
3,596,000 4,297,453 3,554,911
Dep. by State of New York
200,005
680,000
515,000
Legal-tender notes& notes of nat.bks.
179,420
271,000
Dep.sec. by trust co's assets
462,000
335.512
455,984
636,798
Cash items
1,275,235 1,370.279 Due depositors (not preferred)
985,345
51,290,413 45.788,422 46,302,125
Other assets
499,792
441,913
1,024.038
393,452 Due trust cos., banks and bankers..
1,097,524
1,036.690
Other liabilities
846,697
737.774
873,546
Total
$60,344,432 $53,693,327 $51,140,636
Total
$68,658,822 1164,353,348 $65,592,983
Liabilities
Amt. depos. on which int. is paid
$56,950.953 $52,123,932 $52,859,941
Capital stock
$3,000,000 $3.000,000 $3,000,000 •
Surp.fund & undiv. prof.(mkt. val.) 11,647,693 12,015.153 11,804,570
Unpd. dive.& res've for tax.,int.,&cUnited States Mortgage & Trust Co.(New York).
73,500
71.000
Preferred deposits
ReSOUITC4-Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Due N. Y. State savings banks
1,734,794 1,430,519
893.994 Mortgages
owned
610,462.103 $10.907,898 $11,225,567
Due savings and loan associations_
18,824
8,276
Due as executor. administrator,&c. 1,846,232 2,985,536 4,399,670 Stock and bond investments
Public securities
Deposits sec. by N. Y. State bonds
3,314,445 2,096,535 2,897,393
620,000
Private securities
Deposits otherwise preferred
8,340,068 7,039,030 8,395.675
645,166
575.895
511,102
Due depositors (not preferred)
75,000
75,000
127.000
37,550,005 29.118.726 26.717,732 Loans on bond&mtg. or other re. coll.
Due trust co's, banks and bankers_
3,122,806 2,785,925 2.317.193 Loans secured by other collateral_ __ _ 20,695,427 13,881,140 17.025,639
Other liabilities
797,836
1,069,249
1,417,099 Loans disc.&bills purch.not sec.by coll. 5,407,925 9,055,845 7,812,224
Overdrafts
43
956
30
Total
$60,344,432 $53,693,327 $51.140,636 Due from trust cos., bks. & bankers.. 9,470,525 6,734.589 5,519,374
Real estate
1,889
Supplementary-For Cal. Year1914.
1913.
Specie
1912.
4.534.200
Total int. & comm.rec'd during year. $2,536,411 $2,390.306 $2,397,576 Legal-tender notes & notes of nat. bks. 3,550,889 3,833.031
408,595
511.500
376.850
All other profits received during year..
164.964
235,045
19,372
9,735
11,537
382,840 Cash items
Charged to profit and loss
Other assets
3,062,959 2.091,631
3,253,687
On account of depreciation
512,451
123,960
On account of other losses
Total
709
36,651
$64,807.351 $56,238,779 $61,179,176
11,616
Int. credited to depositors during year 1.132.724
1,038.516
1,009.769
Liabilities
Expenses during year, excluding taxes
300.677
276.174
255,623 Capital stock
$2,000.000 $2,000,000
Amt. of divs. declared on capital stk..
960.000
960,000
960.000 Burp. fd. & undiv. profits (mkt. val.) 4,226.937 4,350.352 $2,000,000
4.554.586
Taxespaid during the year
158.078
159,503
157,583 Unpd. div.& res. for
151,075
145,063
Amt. depos. on which int. is paid_ -$43,826,972 37,252,334 37,506,597 Preferred deposits taxes, int.,&c_
Due N.Y.State savings banks__ _ _
474,740
312.337
317.709
Due as executor, administrator. &c. 2,110,135
766.493
61,752
Title Guarantee & Trust Co. (New York).
Trust dep. not pay. within 30 days
19,495
21,881
Dep. sec. by State of N. Y. bonds_
266,383
636.176
Dep. sec, by trust company assets_
92,622
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources110,007
Dep. otherwise preferred
253.504
Mortgages owned
$12,111,716 $11,437,127 $14,121,724 Due depositors (not preferred)
38,078.910
Due trust cos., banks and bankers_ .. _ 9,023,259 32,991,822 36,346,832
Stock and bond investments
6,010,315
7,363,111
Public securities
580,547 1,581,226
515,500 Other liabilities
8,639,866 9,277,885 9,622,059
Private securities
6,961,584 6,660,864 6,529,754
on bond & mtg.or oth.r.e.coll- 1,259.876
Loans
Total
757,419
893,796
$64,807,351 $56,238,779
- 10,862,439 9,745,629 7,423,648 Amt.depos. on which int. is paid_ _ _ _$46,014,029 $37.936,166 $61,179,176
Loans secured by other collateral
$42.145.791
Loans disc. & bills pay.not sec.by coll. 3.141,820 3,599,244 3,330,880
Overdrafts
1,361
624
761
Real estate owned
United States Trust Co. (New York).
2,579,148 2,346,002 2,480,394
Due from trust co's, bks.,bankers,&c. 2,589,898 3,323,727 2,994,990
Resources
Specie
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
1,969,199 2,063,527 1,859,760
Legal-tender notes & notes of nat. bks.
Mortgages owned
$3,636,625 83,395.625 83.748,625
385,478
967,976
1,348,995 Stock and bond investments
Cash items
942,167 1,092,454
1,109,897
Public securities
Other assets
1,126,000
684.246
623,211
1,510,000
599,368
1.733,025
Private securities
10,217,160 9.434,580 9.361.640
Total
40,042,085 34,066,520 31,995.084
$44,069,479 $44,199,030 $43,209,473 Loans secured by collateral
Loans disc.&bills purch. not sec. by coll. 9,291,768 12,040,992
8,670.774
Real estate owned
Liabilities
1,150,000
1.200,000
1,000.000
Duo from trust cos., banks & bankers 9,700,912 4.809,752
Capital stock
4.936.398
$5,000,000 $5,000,000
4,600,000 5.400.000 5.200,000
fd. & undiv. prof.(mkt. val.) 11,652,099 11.614,359 $5,000,000 Specie
Surp.
11,797,655 Other assets
633,246
Unpd. diva.& res've for tax.,int.,,Stc_
446,200
445.458
117,081
110,502
Preferred deposits
Total
880.397.796 $72,303,669 $67,091,004
Due N.Y.State savings banks_ __ _ 2,794,053 1,962,618
1,182,553
Liabilities
Due savings and loan associations_
45,959
27,104
18,261 Capital stock
Due as executor, administrator, &c. 628.112
$2,000,000 $2,000,000 $2,000,000
276,832
410,745 Surp. fd. & undiv. profits
Trust dop. not pay. within 30 days..
(mkt. val.) 14,624,477 14,603.109 14.447,073
310,792
267.410 Unpd. divs.& res. for taxes,
Deposits sec. by N. Y. State bonds
int., &c..
84,800
917,563
78.000
Preferred deposits
Deposits otherwise preferred
46,431
Due N.Y.State savings banks...... _ 4,500.387
Due depositors (not preferred)
4,454.771
22,474,119 22,479,066 20,844.058
Due as executor. administrator, &c. 1,932,926 4,882,711
trust co's, banks and bankers_ -Due
2.872,147 1,919,170
947,816
920,275
1,194,385
Trust dep. not pay. within 30 days
Other liabilities
5,126.877 4.698,634
508,431
545.799 2,383,904
Dep. sec. by trust co. assets
605,520
Due depositors (not preferred)
53,021,602 39,782,402 36,711,873
Total
$44,069,479 $44,199,030 $43,209,473 Due trust cos., banks & bankers
2,836,388 2,218,312
1,983,020
Other liabilities
Supplementary-For Cal. Year1914.
1912.
1913.
876,496
733,311
798,463
Total int. & comm. rec'd durnig year $1,872.622 $1.926,219 $1,833,140
Total
$80,397,796 $72,303.669 $67,091.004
All other profits received during year.. 1,817,709 2,034.430
2,301,600
Charged to profit and loss
Supplementary-For Cal. Year1914.
1913.
1912.
On account of losses
78,940
81,315
43,503 Total int. & comm.rec'd during year.. $3,414,127 $3.403,475 $3,285,804
Loss in market value of securities..474,994
249,615
All other profits received during year..
194.676
66,788
3,539
627,952
644.251
Int. credited to depositors during year
632,285 Charged to profit and loss
Expenses during year, excluding taxes 1,521,220
1,571,600
1,668,365
On account of depreciation
304,351
353,263
69,909
Amt.of divs. declared on cap. stock
On account of other losses
Regular dividends
1,000,000 1,000,000
906,250 Int. credited to depositors during year 1.753.101
1,591.729
1,600.400
Extra dividend
200,000 Expenses during year, exclud. taxes272,704
246,984
238.338
Special div. transf. to capital acct
625.000 Amt,of divs, declared on capital stock 1,000,000
1.000,000
1,000,000
the year
173,093
177,359
173,632 Taxes paid during the year
Taxes foal(' during
213,147
197,733
187,943
25,297.702 25,951,030 23,945,540 Amt. deposits on which int. is paid
Amt. deposits on which hit, is paid
60,278,412 51,754,492
48,386284
•
[Vol,. 100.
THE CHRONICLE
608
BROOKLYN COMPANIES.
Brooklyn Trust Co.(Brooklyn).
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources
$993.800
$2,122,750 $1.765.290
Mortgages owned
Stock and bond investments
355,260
522.780
2,093,445
securities
Public
9,782,596 8,279.156 7.069.012
Private securities
539.300
793,250
599,586
Loans on bond & mtg. or oth. r. e. coll.
9,710,723 9,129,228 6,903.653
Loans secured by other collateral
609.407
Loans disc. & bills pur.not sec.by coll. 4,411,347 2.379.939
603
2,581
8.996
Overdrafts
75,000
82,000
571,570
Real estate owned
1,780.020
2,663,316 2.271,684
Duefrom trust cos.. bks. lic bankers
1.370.601
1,725,075 2,020,403
Specie
456.867
779.813
Legal-tender notes & notes of nat. bks. 473,620
283,611
942,835
524,145
Cash items
216,195
239.117
377,358
Other assets
$35,064,527 $29.208,076 $20.653.329
Total
Liabilities
$1,500.000 $1.500.000 $1,000,000
Capital stock
3,349,033 3,659.442 2,465,653
Surp. fd. & undiv. prof.(mkt. val.)
221,523
41,821
Unpd. div. & res've for taxes, int.,&c.
deposits
Preferred
Due say. bks. & say.& loan ass'ns_ 2.173.389 2,107.575 _1,292,527
4,484
2.300
Due as executor, administrator,&c_ 1,239,417
1,216,263 1,182.601
Trust dep. not pay. within 30 days..
99,443
209,224
433,319
Trust dep.& dep. by N.Y.State
33.032
Deposits otherwise preferred
26,107,840 19,912,487 14,164,784
Due depositors (not preferred)
23,659
8,244
23.663
Due trust cos., banks & bankers
198,655
550.720
204,834
Other liabilities
$35.064,527 $29,208,076 $20,653,329
Total
. ,
$11A1:530 $112A?.458
.602
.
1191
.rec
o
.
&c
S
TottfFrtrienlarY--For'ggaCT;ear_
7
22,599
105,391
36,339
All other profits received during year
25,000
235,599
Charged to profit & loss, acc't deprec..
789,852
91,209
43,118
Charged to prot& loss,acc't other loss
522.325
605.322
694,673
Int. credited to depositors during year
202.202
292,831
279,604
Expenses during year, excluding taxes
300.000
374.955
Amt.of diva. declared on capital stock
375,050
36,293
60.947
Taxes paid during the year
54,000
Amt. depos. on which int. is paid_ _ _ _a25,887,000 622,325,320 c15,863.090
Figures are of date: a Dec. 24 1914; b Dec.9 1913; e Dec. 26 1912.
Franklin Trust Co. (Brooklyn).
Home Trust Co.(Brooklyn).
Dec.24'14.
Resources$490,825
Mortgages owned
Stock and bond investments
456,560
Public securities
856,990
Private securities
163,122
Loanson bond &mtg.or other r.e.coll.
812,553
Loans secured by other collateral__ _ _
788,981
Loans disc.& bilis pur. notsec. by coll.
35
Overdrafts
44,234
Real estate owned
277,015
Due from trust cos., banks & bankers
172,362
Specie
30,400
Legal-tender notes & notes of nat.bks.
48,819
Other assets
Dec.9'13. Dec.26'12.
$162.104
$484.140
349,860
720,092
125,292
772,865
872,864
38,468
250,443
154,725
65,000
33,203
352,750
741,245
175,981
946,021
708.272
371
38,468
186,272
160,022
68,100
39,371
$4,141,896 $3,844,916 $3,901,021
Total
Liabilities
$750.000
$750,000.
$750,000
Capital stock
384.719
390,204
387,154
Surp. fund & undiv. prof.(mkt. val.)
5.184
5.503
Unpd.diva. & res've for taxes,int.,&c.
Preferred deposits
292,128
284.438
352,661
Due N. Y. State savings banks......
59.322
21,093
12.360
Due savings and loan associations_
20.710
16.943
31.337
Due as executor,administrator,&c.
85,406
84.007
321,674
Trust deo.& dep. by N. Y.State_
52.152
81,876
Deposits otherwise preferred
2.240,999 2,083,920 2,204,155
Due depositors (not Preferred)
71,053
77.952
10.087
Due trust cos. banks and bankers.....
19,357
9.065
32,574
Other liabilities
$4,141,896 $3,844,916 $3,901,021
Total
1912.
1913.
1914.
SuPPlemeniaty For Cal. Year
$168,264
$179.952
Total hat. & comm.rec'd during year.. $213,967
3,876
2,678
4.162
All other profits received during year..
38,188
81,489
44,050
Charged to profit & loss acct. deprec_
3,000
4.443
4,936
Charged to prof. & toss acct. oth.losses
61,410
59.389
69,484
Int. credited to depositors during year
40,448
44,747
46,726
Expenses during year, exclud. taxes.._
Amt. of diva. declared on capital stk
10,438
10,619
10.613
Taxes uaid during the year
2,362,000
2,479,000
2,720,000
Amt. of dep. on which int. is paid
Kings County Trust Co.(Brooklyn).
Dec. 24'14. Dec.9'13. Dec.26'12.
ResourcesDec. 24 '14. Dec. 9 '13. Dec. 26 '12.
Resources$854,635 $1,125,985 Mortgages owned
$771.885
$903.500 $1,019,631
Mortgages owned
$868,750
Stock and bond investments
bond investments
849.300 Stock andsecurities
829,000
Public securities1.386,024
939,195
878,450
1,665,737
Public
1.327.380
1,290.385
3,230.337
Private securities
1,961.049
5.852,435 3,414,184
Other securities
2.500 Loans on bond & mtg.or other r e.coll.
40,050
275,350
Loans on bond & mtg.or oth. r. e. coll.
178.350
38.775
169,550
2.418.575 Loans secured by other collateral__ _ _ 7,562,931
2.890.181
Loans secured by other collateral
4.803,106
8.688,793
7,891.411
Loans disc. & bills per. not sec. by coll. 2,808.226 3,009,776 3,086.107 Loans disc.& bills pur.notsec. by coll. 1,759,981
2,523.163 2,735,882
18 Real estate owned
304
272
210.000
210,000
210,000.
Overdrafts
543.000 Due from trust cos., banks & bankers 1.525,965
539.352
528.000
1.339.699
1.239.249
Real estate owned
1.066.614 Specie
989,521
916,100
1,277,084
. .
Due from trust cos., bks.& bankers...
951,319 1.043,886 Legal-tender notes& notes of nat. bks.
726.748
220,600
430,655
220,945
Specie
200,000
135.000
16,126
26,431
12,869
Legal-tender notes& notes of nat. bks. 485,600
items
223.622 Cash assets
238,134
692.086
91,506
135,567
212,856
Cash items
Other
586,697
Customers' liability on acceptances60.430
57,169
115,707
$21,176,723 $19,017,136 $18,362,631
Other assets
Total
Liabilities
$17,089,563 $11,824.826 $11,947.417
Total
$500,000
$500,000
$500,000
Cooltal stock
Liabilities
$1,000,000 $1,000,000 $1,000,000 Surp. fond & undiv. prof. (mkt. val.) 2,480,716 2,373,323 2.304,156
Capital stock
1,179,346 1,244,884 Unp'd diva.& res've for taxes,int.,&c.
20,000
16,060
1,036,924
Surp.fd. & undiv. prof.(mkt. val.)
69,098 Preferred deposits
7,520
Unpd. div.& res. for taxes, int., &c
Preferred deposits
Due N.Y.State savings banks_ _
3,937,009 3,314,825 2,551,151
580.593
1,042,841
24,625
45.972
Due say. bits. dr say.& loan ass'ns. 1,552.636
9,838
Due savings & loan associations_ _ _
25,458
92,484
96,409
Due as executor, administrator,&c.
47,652
73.998
319,538
Due as executor,administrator, &c.
93.666
25,770
Tr. dep. not pay. within 30 days_.
110,145
428,406
Trust dep. not pay. within 30 days,.
133,040
138,776
50,000
82,384
Deposits by State of N. Y
83,105
356,858
Deposits by State of New York_
99.809
152,970
331.591
Dep. sec. by trust company assets..
99,912
153,401
339,084
Dep. sec. by trust co. assets
11,904,369 7,287.538 7,972,096 Due depositors (not preferred)
Due depositors (not preferred)
12.792,004 11,733,163 12,353.555
369,803 Due trust cos., banks & bankers
549.895
417.599
40.453
Due trust cos., banks & bankers
104,190
197,335
586.697
228,598
Acceptances
190.895
244,341
Other liabilities
358.970
347.686
113,338
Other liabilities
$21,176.723 $19,017,136 $18,362,631
Total
$17,089,563 $11,824,828 $11,947,417 Amt.of dep. on which int. Is paid- $16,764,900 $14.936,800 $14,309,800
Total
1912.
1913.
1914.
Supplementary-For Cal. Year$479.875
$495,322
Total bat. & comm.rec'd during year.. $522,007
27,933
53,016
31.907
All other profits received during year..
Manufacturers-Citizens' Trust Co. (Brooklyn).
2,000
79.345
Charged to profit& loss. acc't deprec28,739
4,851
815
Chgd. to prof. & loss acc't oth. losses..
917
(Includes Manufacturers' National Bank for Dec. 26 1914 only.)
Int.credited to depositors during year
274,253
293.024
212.536
128.664
Expenses during year, exclud. taxes.. _
138.742
115,890
Dec.24'14. Dec.9'13. Dec.26 '12.
Resources
-Amt. of dlys. declared on capital stk_
120.000
120,000
120.000
$281.539
$345.080
$665.230
Taxes paid during the year
32,998 Mortgages owned
31.708
30.980
Amt.deposits on which int. is paid__ _ 12,319,758
8,027,600 8,047,275 Stock and bond investments
803,250
853,437
1,262,575
Public securities
986,969
554.914
1.661,130
Private securities
659,363
632.986
180,716
Hamilton Trust Co. (Brooklyn).
coll.
Loanson bond &mtg.or other r.e.
274,737
181.535
1,564,819
Dec. 24 '14. Dec. 9 '13. Dec. 26 '12. Loans secured by other collateral_ _
Resources
notsec. by coll. 4,845,319 2.819,356 2;632,025
$567.800 Loans disc.& bills pur.
Mortgages owned
$571,850
$674,300
808,135
616,033
941,495
Stock and bond investments
Real estate owned
128
244
Public securities
440.429 Overdrafts
452.000
448.500
648.1219
638,517
738,550
Private securities
1,940.925 Due from trust cos., bks. & bankers..
1,821,666
2,018.247
435.094
611.006
519,165
Loans on bond & mtg.or oth.r. e. coll.
154.850 Specie
90,450
109,250
145,031
261,975
212,132
Loans secured by other collateral..___ 4,020.102 3,852.332 3,264,644 Legal-tender notes & notes of nat.bks.
34,470
25,309
28,970
Loans disc. & bills pur. not sec.by coll. 279,347
395,117 Cash items
283,828
176,938
81,566
65.479
Overdrafts
128 Other assets
21
35
Real estate owned
13,000
4.500
4,500
$12,844,318 $7,309,114 $7,818,458
.
Due from trust cos.. bks.& bankers _
747,433
677,907
770,577
Total
Specie
575,290
702,377
734,273
Liabilities
Legal-tender notes& notes of nat. bks.
65,950
102.350
102.210
$1,000,000 $1.000,000 $1,000.000
1.251
Cash items
1.447
3.040 Capital stock
200,016
285,588
300.987
Other assets
105,960
93,394 Surp. fund & undly. prof. (mkt. val.)
86.324
34,566
26,873
Unpd. diva. & res, for taxes, int., &c..
Total
$9,031,351 $8,770,232 $8,355,821 Preferred deposits
830,731
812,609
Liabilities
Due say. bks.& say. & loan ass'ns. 1,474.663
18,582
27,328
8,758
$500.000
Due as executor, administrator, &C.
Capital stock
$500.000
$500.000
York
226.410
335.000
332.137
Deposits by State of New assets
1.020,729 1,052,520
1,127,258
Surp.fd.& undiv. prof.(mkt. val.)_
294,197
85,089
118,889
Deposits sec. by trust co.
6.246
7,259
Unpa. divs.& res've for tax.,int.,&c:
43,514
Deposits otherwise preferred
Preferred deposits
8,473,792 4.805,900 5,265,736
1,181,313
827,550 Due depositors (not preferred)
Due N. Y.State savings banks__ 1,259,359
897.957
20,817
27,157
& loan associations_ _
37.278 Re-discounts
Due savings
215,187
164,924
92,545
151,685
23.062
10,941 Other liabilities
Due as executor, administrator,&c.
72,963
72,081
Tr. dep. not pay. within 30 days_
$12,844,318 $7,309,114 $7,818,548
68,174
York..._
484,542
Total
203,870
Deposits by State of New
131,035
1914.
1912.
Dep. sec. by pledge of tr. co. assets 5,708,762
1913.
Supplementary--For Cal. Year
5,512.009 5,477,369
Due depositors (not preferred)
$288.587
$336.756
57,716
56.437
14,839 Total int. & comm.rec'd during year.. $395,595
Due trust errs., banks and bankers
107.404
82,680
22.481
113,074
73,983
77,378 All other profits received during year..
Other liabilities
14,546
99,522
72.246
Charged to profit & loss acct. deprec_
18,042
36,664
35.214
$9,031,351 $8,770,232 $8,355.821 Charged to prof. & loss acct. other loss
Total
65,745
154,086
96,411
Int. credited to depositors during year
1913.
1914.
1912.
87,183
158.871
113,443
year, exclud. taxes
--For Cal. Yearduring
Supplementary
$362.908
$368,822 Expenses
year- $372,377
65.000
60.000
60.000
declared on capital stk.
Amt.
Tot.Int.& comm.rec'd during year..
9,182
8,078
51.045 Taxesof divs,
13.007
11.984
10.725
paid during the year
All other profits received during loss
22,523
8.881 Amt. deposits on which int. Is allowed 7,928,000 3.955.900 4,327.000
oth.
Charged to profit & loss acc't
177.706
169,176
187,441
depositors during year
Manufacturers' National Bank was merged Into the Citizens'
Int. credited to
-The
Note.
85.536
85,144
88,459
1914 are for the
Expenses during year, exclud. taxes_
60,000
60.000 Trust Co. on Aug. 12 1914. Figures above for Dec. 26 26 1912 for Citi60,000
An2t,of dive. declared on capital stock
14,323 combined institutions. Those of Dec. 9 1913 and Dec.
14.018
14,114
Taxes paid during the year
7,049,800 6,561,200 6,440,800 zens' Trust Co. only.
Anat. deposits on which In Is paid
THE CHRONICLE
FEB. 20 1915.]
609
Queens County Trust Co. (Jamaica).
The People's Trust Co. (Brooklyn).
--Dec. '14.
24
Resources
Dec. 24'14. Dec.9'13. Dec.26 '12'
Resources$547,697
$1.146.701 $1,175.312 $1,128,944 Mortgages owned
Mortgages owned
Stock and bond investments
Stock and bond investments
Public securities
349.630
1.075,975
1,053.400
1,060,400
Public securities
Private securities
188,300
4,874.828
4,671,334
4,951,154
Other securities
other r.e.
552,701
635,941 Loanson bond & mtg.or. coll.
237,687
541,786
Loanson bond & mtg.or other r.e.coll.
5,323.203 Loans secured by other collateral
6,048,702
419,013
Loans secured by other collateral____ 6,402,670
2,798.564 Loans disc.& bills pur.not sec, by coll.
2,413,843
507.171
Loans disc.& bills pur.notsec. by coll. 2,508,226
1,368 Overdrafts
209
207
982
Overdrafts
592,250 Real estate owned
577,250
588,750
383.103
Real estate owned
2,464.709 Due from trust cos., banks & bankers
1,873,106
112,388
Due from trust cos., banks & bankers 2,040,832
1,905,804
2,003,390 Specie
1,433.167
41,662
Specie
268,241
397,850 Legal-tender notes & notes of nat.bks.
433,000
84,320
Legal-tender notes & notes of nat.bks.
855,158
566,177 Cash items
401.977
1,961
Cash items
141.111 Other assets
207,858
117,439
Other assets
64,538
Total
$21,540,471 $21,688,756 $22,004,310
Liabilities
Capital stock
$1.000,000 $1,000,000 $1,000,000
Surp. fund & undiv. prof. (mkt. val.) 1,376,715
1,544,495
1,680.596
TJnpd. div. & res. for taxes, int., &c_
22,153
10,541
Preferred deposits
1,998,675
1,503,250
Due N.Y. State savings banks_ ___ 2,305,204
Due savings and loan associations35,711
34,131
48,810
521,431
617,212
Due as executor, administrator, &c.
552,475
212,296
134,268
Trust dep. not pay. within 30 daysDeposits by State of New York___
206,950
470,676
353,743
Deposits secured by trust co. assets
355.330
15,567.674 15,791,801 16.448,806
Due depositors (not preferred)
15,389
8,570
4.618
Due trust cos., banks and bankers___
125,023
84,528
202,466
Other liabilities
$21,540,471 $21,688,756 $22,004.310
Total
-1913.
1912.
Supplementary-For Cal. Year
$889,580
$886,040
Total int. & comm. reed during year- $928,953
49.906
62,256
65.236
All other profits received during year..
311,471
295,348
98.647
Charged to profit & loss acct. deprec_
22,792
9,450
118,971
Charged to prof. & loss acct. oth.losses
433,080
412,615
437,152
Int. credited to depositors during year
208,188
196,672
196,323
Expenses during year, exclud. taxes
120,000
120,000
120,000
Amt. of divs. declared on capital stk..
Taxes paid during the year
32.714
32.664
33,246
Amt. deposits on which Int. is paid.... 16,575,849 16,568,633 15,501,790
Dec.913. Dec.26'12.
$498,072
$523.292
246,000
223,896
121,739
395,025
548,542
369
385,345
145.970
64,682
129,360
2.194
54,560
232,260
266,524
157,132
471,294
462.077
235
379,652
98.726
56.089
112,175
2,352
54,183
Total
$2,938,452 $2.815,754 $2,815,991
Liabilities
Capital stock
$600,000
$600,000
$600,000
Sure. fund & undiv. prof. (mkt. val.)
138,053
74,002
119,051
Unpd. div.& res. for taxes, int., &c..
1,900
2,713
Preferred deposits
Due savings and loan associations_
589
1,046
573
Due as executor, administrator,&c.
39,484
36,870
36.488
Tr. dep. & dep. by N. Y. State
169.980
50.219
70,236
Due depositors (not preferred)
1,760,651
1,763,455
1,788,602
Due trust cos., banks & bankers
26,088
43,275
23,100
Bills payable
80.000
100,000
50.000
Other liabilities
121.164
147,667
124.991
Total
$2,938.452 $2.815,754 $2,815.991
Supplementary-For Cal. Year1912.
1914.
1913.
Total mt.& comm.rec'd during year..
$100.673
All other profits received during year..
21.877
Charged to prof. & loss acct. deprec__
1,294
Charged to prof. & loss acct.oth.losses
20,256
Int. credited to depositors during year
37.860
Expenses during year, excl. taxes____
40,690
Amt. of divs. declared on capital stk_
30,000
Taxes paid during the year
9.588
Amt. deposits on which int, is paid a$1,800,000 b$1.700,000
1.716,400
Figures are of date: a Dec. 24 1914; b Dec. 9 1913.
PHILADELPHIA COMPANIES.
Aldine Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Banking house
Cash on hand
Cash on deposit
Total
Liabilities
Capital stock (paid In)
Surplus fund
Undivided profits
Deposits
Dividends unpaid
Ground rent (4%)
Colonial Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$4,450
$22,450
268,0381 $800,326 I 280,748
425,142
320,747
180,117
134,155
135.000
135.000
135.000
83,316 I
25,4491
22.388
52.082J
I 65,156
$1,090.278 $1,018,642
$980.644
$200,000
120.000
17,316
581.320
6
100,000
$200,000
120,000
15,388
545,236
20
100,000
Total
$1.090,278 $1,018,642
Trustdept.(invest.& uninvest.,addl) $234,833
$201.763
1914.
1913.
Dividends paid in calendar year
4%
47,
Rate of int. paid on deposits____2% ch.& 3.65% say.
$980,644
$112.854
1912.
1%
$200,000
120.000
37,526
632,743
9
100,000
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Real estate mortgages
$69,080
$77,580
$77,980
376,831
Stocks and bonds
374,906
327,383
Loans on collateral
538,398
571,753
664,215
Real estate,furniture and fixtures__ _
224.334
224,334
224,334
Cash on hand and in banks
200,806
184,444
206,437
Commercial and other paper owned214,968
264,638
211,688
Other assets
5,755
4,298
2,670
Total
Liabilities
Capital stock paid in
Surplus and undivided profits
General deposits
$1,628,247 $1,703,878
$270,825
315.021
1.042,401
$1,714,707
$270,825
312,902
1,120,151
$265,610
307,490
1.141,607
$1,628,247 $1,703,878 $1,714,707
$1,385,356 $1,407,759 $1,480.531
1913.
1912.
1914.
Rate of interest paid on deposits____-check,2%; savings, 3%
4%
4%
Dividends paid in calendar year
4%
Total
Trust department (additional)
Columbia Avenue Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$352,499
$383.569
Cash on hand and due from banks,..... $420,780
Belmont Trust Co. (Philadelphia).
140,025
100.318
65.104
Commercial and other paper owned.._
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31'T. Loans on collateral
655,889
420.931
616,065
Cash on hand and duo from banks.._
52,097
303.815
473,865
389.387
40.995
46,323 Loans on bonds and mortgages
Commercial and other paper purch__
130.895
110,782
74,622 Stocks, bonds, &c
1.007.251
1.041,137
916,365
Loans on collateral
75.831
77.794
83,509 Mortgages
411,819
294,899
341.174
Loans on bonds and mortgages
8794
Banking house. furniture, &c
180,000
180.000
180,000
Stocks. bonds, &c
127:355
127:454
113.554 Other real estate
268,067
258,917
262.317
Mortgages
104,825
95.700
68.850 Miscellaneous assets
1.214
1.374
1,320
Banking house, furniture and fixtures
48.150
49,342
47.247
Total
$3,168,935 $3,265,784 $3,233,382
Miscellaneous assets
214
2
2.167
Liabilities
Total
$400,000
$400.000
$4400,000
$548,161
$506,469
$444,844 Capital stockundivided profits
Surplus and
519,080
500.055
Liabilities
476.519
Deposits
2.233.716
2,346.656
Capital stock
2,337,807
$125.000
$125,000
$125,000 Dividend
16.000
16.000
Undivided profits
16.000
38,558
29,081
20.857 Miscellaneous liabilities
139
3,073
Deposits
3.056
383.923
347.895
296.993
Total
Other liabilities
680
4.493
$3,168,935 $3,265,784 $3.233,382
1,994
$569,620
$581,883
$578,038
Total
$548,161
$506.469
$444,844 Trust department (additional)
1914.
1913.
1912.
Trust department (additional)
$57,963
$43.454
$41,318
All
All
All
teiNote.-Rate of int. paid on deposits, 2% on check and 33i% on:savings. Amount of deposits receiving interest
Rate of int. paid on dep.of $500&over 2%&3
%
2%&3
7
2%&3%
Dividends paid in calendar year
8%
84
8%
Central Trust:& Savings Co. (Philadelphia).
-
Dec. 31 '14. Dec. 31 '13. Dec. 31
ResourcesStock investments
$519,747
$497,838
$437,425
Commercial & other paper purchased 1.404.903
1.436.205
1,251.982
Amount loaned on collaterals
1.520,175
1,625,297
1,817,479
fixtures
Real estate furniture &
542,015
534.391
497.976
Cash on hand
216,951
255.575
290.482
Cash on deposit
531,055
550,693
531,362
Miscellaneous
8.107
11.180
2.931
Total
$4,742.953 $4.911,179 $4.829.637
abilities
Capital stock
3750.000
$750.000
$750,000
Surplus fund
450.000
450.000
450.000
Undivided profits
58.552
47.194
26,909
Deposits
3,465.074
3,642,802
3.537.224
Other liabilities
19,327
21.183
65.504
Total
$4,742.953 $4,911,179 $4,829,637
Trust department (additional)
$1.141.303 $1.122,623 a$1,110,075
1914.
1913.
1912.
Rate of int. paid on dep. of $500 & over
2% and 3%
Dividends paid in calendar year
6%
a Figures are of date Nov. 2 1912.
(Molten Trust Co.
- (Philadelphia).
1117Resources-'
Dec. 31 '14. Dec. 31 '13. Nov. 2 12.
Real estate mortgages
$185,245
$191.230
$172,500
Loans on collateral, &c
474.937
430,242
469.473
Real estate
90,000
90,000
90,000
42.829
Cash on hand
41,462
32.989
45.014
Cash on deposit
51.439
62.232
Bonds, stocks, &c
552.932
542,362
490.256
7.517
Other assets
8.913
27,899
Total
$1,398,474 $1.355.648 $1.345.349
Liabilities
Capital stock
$200.000
$200,000
$200.000
100.000
Surplus fund
100.000
100.000
40.895
Undivided profits
45,200
29.289
942.178
General deposits
952.743
1.000.985
72.575
100.531
Other liabilities
15.075
$1.398.474 $1,355,648 $1,345,349
Total
Trust department (additional)
$287.495$293,741
$287.011
1914.
2%.demand; 3.65%,time
Rate of interest paid on deposits
$12,000
Dividends paid in calendar year
Commercial Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks, &c
Loans on collateral
Stocks, bonds, &c
Real estate and vault
Other assets
Total
Liabilities
Capital stock
Surplus and reserve fund
Undivided profits
Deposits subject to check
Other liabilities
Total
Trust department (additional)
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$3326,209
$399.303
$323,870
2.430,411
2,738,414
1,619,653
4,562,512 4,288,480
6,050.249
6,385,112
5,948,073
5.482.780
54,250
57,250 • 572,738
191,996
289.175
248.354
$13,950.490 $13.720,695 $14,297,644
$1,000.000
2,000,000
129,638
10,754,580
66,272
$13,950,490
$9,990,621
1914.
Rate of int. paid on dep.of$300&over
29'
Dividends paid in calendar year
16%
'woo and over.
$1,000,000
2,000.000
77,619
10,554,497
88,579
$13.720,695
$11,018,676
1913.
*2%
16%
$1,000.000
2,000,000
314,362
10,910,455
72.827
$14,297,644
$6,010,219
1912.
*27
mg
Commonwealth Title Ins. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Bonds
Loans on collateral
Real estate
Cash on hand
Cash on deposit
Other assets
Total
Liabilities
Capital stock paid in
Surplus and reserve fund
Undivided profits
Deposits
Other liabilities
Total
Trust department (additional)
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$218,355
$217,235
$229,382
3.547.185
3.303,863
3,269,997
2,155,386
1.991.843
2,140,766
1,288.553
1,213.116
1.204,910
190,572
231.966
247,218
379,540
419.883
380,780
136,206
131,804
144,120
$7,617,173 $7.509.710 $7.915,797
:
$1,000,000 $1,0 82 $1.000,000
1.250.000
1,
1.250.000
239.032
5.426,620
5.18NR
5,107.917
5.178.255
145
50,060
$7,617,173 $7.509,710 $7.915,797
$15,277,887 $14,894,816 $14,311,.
1982410
19132.7
19142.%
Rate of int. paid on dep.of$100&over
12 e
12%
12%
Dividends paid in calendar year
610
THE CHRONICLE
Continental-Equitable Title & Tr. Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and in banks
Other assets
Total
Liabilit,esCapital stock
Surplus and reserve fund
Undivided profits
General deposits
Dividends unpaid
Other liabilities
Dec. 31 '14. Dec. 31 '13. *Dec.31 '12.
$609,176
$726,854
$859,370
2.437,092 2,557.662 2,533,411
3,992.051 3,915,454 3,728,172
838.576
834.962
861,401
544.569
636,487
628,147
42,502
41,522
21,935
$8,463,966 $8,712,941 $8,632,436
[VOL. 100.
Finance Co. of Pennsylvania (Philadelphia).
Resources
Jan. 25 '15. Nov. 1 '13. Nov. 2 '12.
Cash on hand
$68,269
$66,943
$82,983
Due from banks, &c
271,436
676,799
458,728
Commercial and other paper owned-)
822,741(
1.200
22,800
Loans on collateral
1,179,667
1,048,416
Stocks, bonds, &c
3,790.471
4.394,309 4,761,228
Mortgages
549,000
848,500
893,000
Other assets
45.295
11,810
25.487
Real estate
1,059.419
1,385,447
2,254,160
$1,000,000 $1,000,000 $1,000,000
Total
$8,110,561 38,484,741 38,122,806
1,000,000
1,000.000 1,000,000
139,458
97,082
43,018
Liabilities
6,308,467 6,592,728 6,585.038 Capital stock
$3,100,000 $3,200,000 $3,300,000
967
822
1,380 Undivided profits and reserve fund
2,072,768
2125,782
15,074
22.309
3,000 sirsits691,795 2,157,312 1,147,896
1,260.153
1,453,680
payable1.951,000 1,595,080
Total
$8,463,966 $8,712,941 $8,632,436 Miscellaneous liabilities
148,462
272,196
241,984
Trust dept. (additional)
$6,424,437 $4.642,808 $4,485.131
1914.
Total
$8,110.561 $8,484,741 $8,122,806
Rate of int, paid on deposits
2% check; 3% time
Dividends paid in calendar year
1912.
1914.
1913.
$80,000
Rate of int. paid on dep. of $500 & over 2%
2%
2%
*Consolidation in February 1912 of Continental Title & Trust and Equi• Dividends paid in calendar year
table Trust companies.
6%
6%
First preferred stock
6% & 1 ex.
Second preferred stock
6% 5% &I.% ex.
670 & 1 ex.
Ili
Empire Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Nov. 1 '13. Dec. 31 '12.
Cash on hand
$15,658
$26,142
$20,746
Due from banks and bankers
28,590
25.114
30,096
Loans
73.205
42,660
59,620
Stocks, bonds, &c
167.895
154,887
153,430
Mortgages
192.790
188,830
162,815
Real estate, furniture and fixtures- _
55,635
55,978
56,546
Miscellaneous overdrafts
642
Total
$533.773
$4494,253
$4483,253
Liabilities
Capital stock paid in
$156.575
$156,575
$156,575
Surplus and undivided profits
34,756
27,301
27.999
Deposits
342,348
299.339
309,541
Unpaid dividends
74
20
118
Miscellaneous
19
18
20
Total
$483,253
$533,773
$494,253
Trust dept. (additional)
$731
$747
1914.
Rate of interest paid on deposits
2% check; 3% savings
Dividends paid in calendar year
3%
Excelsior Trust & Savings Fund Co.(Philadelphia).
First Mortgage Guarantee & Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$279,738
$168,867
3138.534
Cash on hand and in bank
1,796,851
1,370,258 1.527,362
Loans
377,597
482,197
526.684
Bonds and stocks
116,437
84,222
254,259
Mortgage investments
Securities pledged for bills payable and
80,740
15.550
special deposits
375.153
377.518
378,545
Building
20,071
19,499
19,294
Furniture and fixtures
70,903
95,127
75.272
Miscellaneous assets
Total
Liabilities
Capital stock paid
Surplus and profits
Deposits
Bills payable on demand
Other liabilities
$2,762,846 $2,770,342 $3,117,490
$1,000,000 $1,000,000 $1,000.000
461,509
458.788
426,714
1,408,674
1,092,357 1,134.630
50,000
75.000
197,307
176,924
1.68,775
$2,762,846 32,770.342 $3,117,490
Total
$26,779
328.992
$51.513
Trust department (additional)
-Rate of int. paid on deposits, 2% checking and 4% savings.
Note.
Resources-Jan. 25 '15. Dec. 31 '13. Nov. 2 '12.
$35,741
Cash on hand
$40,048
$445,208
Frankford Trust Co. (Philadelphia).
Due from banks,
&c111,440
.
,
519,399
643,779
Stocks and bonds
600,495
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources286,800
285,209
Loans on collateral
349,198
$357,680$424,295
392,270 Real estate mortgages
328.207
271,753
Mortgages
1,620.546
1,515:231
1,304,518
42,625 Stocks and bonds
42,908
Real estate,furniture and fixtures..
43,102
886,745
534,795
598,162
21,289 Loans on collateral
11,199
Other assets
3,928
159,880
96.497
Loans on personal securities
109,674
25,000
27,943
25.000
$1,431,621 $1,437,832 $1,409,564 Real estate
Total
283,349
396,167
Cash on hand and reserve bonds
294,687
Liabilities
168.132
175,260
164,438
$300,000 Cash on deposit
$300,000
$300,000
Capital stock
8,352
7,000
8,000
127,323 Other assets (incl. vault,turn.& fixt.)
131,336
141,445
Undivided profits and reserve fund_ _
982,241
971.496
865,176
Deposits
$3,270,552 $3,348,670 $2,928,774
Total
35.000
125.000
Bills payable on demand
Liabilities
$1,431,621 $1,437,832 $1,409,564 Capital stock
Total
$250,000
$250,000
$125,000
350,000
350,000
Surplus and reserve fund
225,000
Savings Trust Co. (Philadelphia).
Fairmount
96,272
76,024
49,806
Undivided profits
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12. Gen. dep. payable on demand & time 2,556,780 2.655.230 2,520,218
'Resources$100,305 Dividends payable
$111,989
$107,215
17,416
8.750
17,500
Cash on hand and in bank
55,949
55,949
55.949
Reserve bonds
397,800
372.448
399,343
Total
$3,270,552 33,348,670 32.928,774
Bonds other than reserve
417,830
463.428
425.250 Trust department (additional)
Demand loans
$1,460.094 31,507.145 a$367,132
49,309
64,336
118.513
Time loans
Statisticsfor Calendar Year1914.
1913.
1912.
91,456
82.861
95,146
Mortgages
229.462
264,400
83,445 Inc. profit & loss for year,incl. surplus
Commercial paper
$20,248
$26,218
$26,691
27,000
30,000
30.000 Int. credited deposits during Year.. _Furniture and fixtures
67,346
65,094
59,181
7,752
Expenses of institution, same period_
Real estate
30,383
23.339
20,795
Amt.dividends on company's stock_ 17,500
35.000
26,166
$1.429,917 $1,399,267 $1,307,951 Amt. deposits receiving interest
Total
2,556,780 2,655,230 2,520,218
Rate of int. paid on deposits
Liabilities
2% check,3% time
$250,000
$250,000
$250,000
Capital paid in
112.595
104,699
a Figures are of date Nov. 2 1912.
92,789
Surplus and undivided profits
1,023,359
924,009
Deposits
939,815
3,961
559
Treasurer's and certified checks
347
Franklin Trust Co. (Philadephia).
40,000
120.000
25,000
Bills payable
2
Dividend unpaid
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$67,532
$288,061
$1,429,917 $1,399,267 $1.307.951 Bonds and-mortgages and real estate_ 3298,514
Total
158,167
225,208
Stocks and bonds
164,505
$20,004
department (additional)
$a23.600
b$29,072
Trust
1,277.699
1.430.353
1,539.980
Amt.loaned on coll. & personal sec
1914.
52.473
54,573
60.672
2%,check; 3.65%, savings Cash on hand
Rate of int. paid on deposits
114.241
148,826
180,442
Dividends paid in calendar year
4% Cash on deposit
29.797
1,451
645
Other assets, collection
Figures are of date (a) Nov. 1 1913; (b) Nov 2 1912.
$2,244,758 $2,148.472 $1,699,909
Total
Federal Trust Co. (Philadelphia).
Liabilities
$400,000
$400,000
$400,000
Dec. 31 '14. Dec. 13 '13. Dec. 31 '12. Capital stock paid in
Resources130,527
121,135
152,525
$248,754
$182,648
$152.863 Surplus and undivided profits
Bonds
1,485,337 1,168,898
1,545,163
Deposits
85.725
07,776
70,514 Other
Real estate mortgages
42,000
484
169.487
liabilities, bills payable
349,683
438,443
collateral
339.636
Loans on
100.000
sold..
76.024
63,343
72,517 Mortgages(18 South 15th St.
Loans on personal securities
63,200
64,200
65.200
Real estate
$2,267,175 82,148.472 31,699.909
Total
50.059
46.216
38,807
Cash on hand
$708
$708
$778
39,991
40.060
43,300 Trust department (additional)
Cash on deposit
1914.
2,545
1,914
1,908
assets
Other
2% check, 315% says.
,
Rate of interest paid on deposits
5%
year
$916,881
$939,600
Total
$784,745 Dividends paid in calendar
Liabilities
$125,500
$125,500
$125,500 German-American Title & Trust Co. (Philadelphia).
Capital stock
72.347
63,304
55,286
Surplus fund
719.034
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
750,796
603,959
General deposits payable on demand-Resources
375,639
$67,810
$93,055
Cash on hand
188.237
$916,881
$939,600
$784,745 Due from banks. &c
194.131251,321
Total
646,033
714,520
798,109
1914.
Loans on collateral
925,078
967.823
979.239
2% &
Rate of interest paid on deposits
Stocks, bonds, &c
602,041
648.034
728,717
Dividends paid in calendar year
Mortgages
34,110
36,279
40,294
Commercial paper purchased
302,300
302,300
302,300
and fixtures....
Fidelity Trust Co. (Philadelphia).
Real estate, ftwniture
18,107
3,137
3,388
Jan. 30 '15. Dec. 31 '13. Jan. 31 '13. Otherassets
Resources
$3,933,025 $3,110,579 $2,141.079
$2,793.714 $2,931,865 $3,196,423
Bonds and mortgageS
Total
17,873,575 17,804.181 16,780.812
Stocks, bonds, &c
12,771,620 16,146,842 17,496,778
Liabilities
Loans on collateral
$500,000
$500,000
$500,000
1,472,431
1,445,234 2,005,453 Capital stock
Real estate
437,471
440,907
413,705
8,097.598{ 1,283,038} 6,643,149 Undivided profits and reserve fund..
Cash on hand
1,840,487
1,990,849 2,282,643
5.144.016
Deposits
deposit
Cash on
15,756
109
75
156,335
113.451 Other liabilities
155.456
interest
Other assets, accrued
$45,114,584 345.089.346 345,180,722
$2,793,714 $2,931,865 33,196,423
Total
Total
31,729,038 31,661.839 $1,579,606
department (additional)
Liabilities
$44,000.000 $4,000,000 $2,000.000 Trust
*1913.
Capital stock
1912.
12.289.808 12,259,703 11,922,975
Statisticsfor Fiscal Yr.end. Sept. 30. 1914.
profits
$145,425
$151,987
Surplus and
$167,223
28,738,826 28,775.525 31.187,010 Total profits for year
42,026
48,007
Deposits
46,453
54.118
85,950
70.737 Int. credited depositors during year 39,506
37.819
44,142
Expenses of institution, same period..
Other liabilities
24,990
25.000
24,990
722 Amount of dividend on co.'s stock-$45.114,584 $45,089.346
Total
$45,180'
$190699,9564173,483,6163164,808310 Amount of deposits receiving interest 1,834,909 2,101,633 2,025.232
2& 3%
2&3%
Trust department (additional)
.2 & 3%
calendar year 1914 and 1913 at rate of 2470per Rate of Interest paid on deposits........
Note.-DIvidends paid in
capital of $4.000,000. In 1912 on old capital of
* For calendar year 1913.
annum (6% Quarterly) on
Figures are of date Nov. 1 1913.
32.000.000. 40%. a
4
3.1.
THE CHRONICLE
FEB 20 1915.]
Germantown Trust Co. (Philadelphia).
611
Holmesburg Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Dec. 31 '14. Dec. 13 '13. Dec. 13 '12.
Resources$566,864 $616,169 Cash on hand
$27,344
$18,899
Cash on hand, due from banks, &c__. $627,191
$21,680
2,893,878 2,614,895 2,793,915 Due from banks and bankers
36,986
17,120
Loans on collateral
33,599
262,986
301,819 Commercial and other paper owned
154,845
Loans on bonds and mortgages
22.149
24,033
32.631
. 2,601,773 2,733,219 2,391,366 Loans on collateral
Stocks, bonds, &c
75,220 . 55,362
45.470
181.619
185,920
188,159 Bonds
Real estate, furniture and fixtures
348,267
326,856
298,592
23.963
19,299
19,750 Mortgages
Other assets
68,496
73,904
74,292
Real estate,furniture and fixtures__ 38,000
38.000
38,000
$6,483,269 $6,383,183 $6,311,178 Miscellaneous assets
Total
2,787
2.616
2,598
Liabilities
Total
$546,862
$557,943
$618,096
$600,000
$600,000
$600,000
Capital stock
Liabilities
951,557
917.311
878,913 Capital stock paid in
Surplus and profits
$125,000
$125,000
$125,000
4,931,712
4,865,872 4,832.265 Surplus fund
Deposits
55.000
55,000
55.000
Undivided profits
16,526
3,198
9.990
$6,483,269 $6,383,183 $6,311,178 Deposits
Total
421,486
362,931
367,517
$9.277,362 $8,410,552 $7.956,970 Dividends unpaid
Trust department (additional)
84
76
153
1914.
1913.
1912.
Miscellaneous liabilities
360
580
2%
2%
Rate of int. pd. on dep. of $500 & over
27
Total
9618,096
$557,943
$546,862
Dividends paid in cal. year
10e,
10%
10%
Trust department (additional)
315,691
$15,356
$19,687
1914.
1913.
1912.
Girard Avenue Title & Trust Co. (Philadelphia).
Rate of interest paid on deposits_ _ _ _-2% check accts. & 3% say,funds
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12. Dividends paid in calendar year......
3%
3%
3%
Real estate mortgages
$122,550
$149.050
$172,670
Stocks and bonds
356,862
374,720 Industrial Trust, Title & Savings Co. (Philadelphia).
363,253
Call loans on collateral
314,125
335,635
297,939
ResourcesDec. 31 '14. Jan. 8 '14. Dec. 31 '12.
Time loans on collateral
25,884
59,80052,725
$494,325
$605,161
$487.470
121,792
104,705
67,603 Cash and reserve
Commercial paper
1,698,967 2,118,282
2,351,444
52,145 Loans on collateral
Real estate
53,890
54,035
2,064,102„1,887,327
31,842
41,813
44,195 Mortgages and ground rents
Cash on hand
2,161,070 2,019,022
1,793,724
80,113
71,978
31,428 Stocks bonds Ace
Cash on deposit
107,351
107,360
114.197
15,577
14,807
16,357 Real estate (free of encumbrance)_ _ _
Furniture, fixtures and vault
62.648
64,717
69,017
655
2,193 Furniture,fixtures and banking house
Miscellaneous
Total
$6,588,463 37,011,459 36,703,179
$1,103,689 $1,214,677 $1.111,975
Liabilities
Total
Liabilities
Capital stock (full paid)
$500,000
$500,000
$500,000
$200,000 Surplus
$200,000
$200,000
Capital stock
900,000
960,000
1,025,000
106,000 Undivided profits (net)
106,000
106,000
Surplus fund
45,500
45,500
45,500
35.027 Dividends unpaid
42,166
51.581
Undivided profits
275
30,000
Bills payable
Dividend due Jan. 15
30,000
25.000
30,000
258,162
261,922
257.301 Deposits
Deposits, special
4.987,688 5,475,959
5,232,679
578,349
484,186
513,647
General deposits, payable on demand
Total
$6,588,463 $7.011,459 $6.703,179
$377,212 Sa619.089
$381,929
Total
$1,103,689 $1,214,677 $1,111,975 Trust funds (additional)
1914.
1913.
1912.
Trust department (additional)
$25,126
$15,380
$18,063 Dividends paid in calendar year
12%
10%
(7
)
1914.
1913.
1912.
Rate of int. pd. on dep. of $500 & over
--2% check; 3%, sayings
a Figures are of date Nov. 1 1913.
7%
Dividends paid in calendar year
7%
7%
Integrity Title Ins., Trust & Safe Deposit Co. (Phila.)
Girard Trust Co.(Philadelphia.)
ResourcesCash on hand and in banks
Loans
Securities
Real estate
Dec. 31 '14.
$8,319,042
22,272,312
14,841,800
3,193,840
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
Dividend
$48.626,994 $47,999,915 $48,318,882
Dec. 31 '13. Dec. 31 '12.
$8,540,496 $8,471,401
22.370,424 22,349.163
2,870,783 14,621,958
14,218,212 2,876,360
$2,500,000 $2,500,000 $2,500,000
7,500,000 7,500,000 7,500,000
974,625
1,939,069 2,437,781
37,427,369 35,835,666 35,655.670
225,180
225,431
225,000
Total
$48,626.994 $47,999,915 $48,318,882
Trust dept. excl. of corp. trust-a$172,538,565b$158,36 678c$144.130,560
3/
2
7
129%14.
1913.
Rate of int. pd. on dep. of $300 & over
129%02.
D
ividends paid in calendar year
36%
36%
Note.
-Figures are of date: a Nov. 2 1914; b Nov. 1 1913; c Nov. 2 1912
ResourcesReal estate mortgages
Stocks and bonds
Loans on coll. & com. paper purch
Real estate, furniture and fixtures
Cash on hand and on deposit
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
Dividends
Other liabilities
Total
Trust dept.(additional)
Jan. 25 '15. Dec. 31 '13. Dec. 31 '12.
$1,746,230 $1,962,811 $2,033,054
1,869,319
1,927,740
1,829.579
1.495,308
1,610,610
1.218,174
92,619
94,419
116,307
789,843
492,645
521,991
12,212
9,783
8,420
36.005,531 36,098.008 $5,727,525
$500.000
1,100.000
272,541
4,125,110
$500.000
1,050,000
215,523
4,324.929
$500,000
1.000,000
179.874
4.043,039
7,880
7.556
4,612
$6,005,531 $6,098,008 $5,727,525
8851,514 31,104,992
$1,089,182
Kensington Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Real estate mortgages
$323,974
$357,446
$332.530
942,851
932,406
883,945
Dec. 31 '14. Jan. 31 '14. Dec. 31 '12. Loans on coll. & personal securities
Stocks, bonds, &c
458,691
407,828
324,587
$254,3631 $1,106.256f $161,568 Cash on hand1 224,226
216,960
1 64,270
853,7181
1 812,274- Cash on deposit
1176,809
2,285,649 2,275,750 2,667,263 Banldng house
59,933
59.933
59,933
.
697,005
727,753
607,850
1,905
916
4,086
1,773.712 1,723,179
1,691,981 Other assets
170,975
125.000
175,000
Total
$2,011,580 $1,975,489 $1.846,160
868,456
890,204
772.250
Liabilities
604.037
604,037
604.036 Capital stock
$200,000
$200,000
$200,000
83,642
82.086
77,968 Surplus and
undivided profits
118,270
97,742
71.359
1.681,325
1.669,066
1.568,972
$7,591,557 $7.534,265 $7,570,190 Deposits
Dividend payable Dec. 31
6,000
6.000
5,000
Miscellaneous liabilities
5.985
2,681
$1,000,000 $1,000,000 $1,000,000
828
600,000
600,000
600,000
Total
$2,011.580 31.975,489 $1,846,159
161,474
142,294
113.034 Trust dept.
(additional)
$46.672
038,326
5,783,771
5,786,434 5,856,468
b$4,981
1914.
1913.
46,312
1912.
5,537
688 Rate of int. paid
on dep. of$500 & over
2%
2%
2%
Dividends paid in calendar year
6%
67;
$7,591,557 $7,534,265 $7.570,190
5%
1914.
Figures are of date: a Nov. 1 1913; b Nov. 2 1912.
2% general; r23-5% special
10%
Guarantee Trust & Safe Deposit Co. (Philadelphia).
ResourcesCash on hand
Duo from banks and bankers
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Legal securities,reserve
Mortgages
Real estate
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
Other liabilities
Total
Rate of interest paid on deposits
Dividends paid in calendar year
Haddington Title & Trust Co. (Philadelphia).
.
Jan. 14 '15. Dec. 31 '13. Nov.2'12.
Resources$73,129
$25,056
Bonds, stocks, &c
$124,097
33,700
18,700
61,700
Mortgages
285,115
271,905
98.088
Loans on coll. & bonds & mortgages_
12,460
12,600
39,269
Loans without collateral
72,948
70,526
68.896
Commercial paper
18,180
19,143
Cash on hand
12,789
54,383
Cash on deposit
36,319
9,155
Office building,furniture & fixtures_ 50.199
50,736
49,800
Other assets
4,762
604
Total
$621,998
$586,904
$365,357
Liabilities
Capital stock
$125,000
$125,000
$125,000
Undivided profits
30,427
28,877
16,342
Deposits
450,984
433,027
224.015
Other liabilities
15,588
Total
$621,998
$586,904
$365.357
Hamilton Trust Co. (Philadelphia).
Resources
Dec. 31 '14. Nov. 1 '13. Dec. 31 '12.
Cash on hand
$74,145
$42.519
$66,104
Checks and due from banks, etc
82,566
80,478
82.139
Reserve municipal bonds
39,200
46,213
38,658
Commercial and other paper owned_ _
454,493
413,446
385,744
collateral
Loans on
294,489
217.778
155.753
64,117
Loans on bonds and mortgages
78,442
63,522
292,506
272,706
Stocks, bonds, &c
277,351
Mortgages
211,071
183,181
201,578
261,422
266,931
Real estate, furniture and fixtures
253,951
8,432
Accrued interest receivable
14,512
7,932
The Land Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Cash on hand
$619,354
$4
.
Due from banks, &c
2,050.370 2449,420 2.298,672
Loans on coll., bonds & mortgages
6,140,763 6,178,417 6,097,739
Stocks, bonds, &c
2,605,742 2,941.309 2,808,427
Mortgages
1,686,611
1,596,214
1,613,765
Real estate, furniture and fixtures
2,082,108
1.905,241
1.922,158
Other assets
463,953
414,815
398.368
Total
$15.648,901 $16,027,337 $15,986,752
Liabilities
Capital stock paid in
$2,000,000 $2,000,000 82.000,000
Surplus and reserve fund
4,000,000 4,000,000 4,000,000
Undivided profits
551,891
445,714
156,730
Deposits
9,097,010 9.581,623 9,830,022
Total
$15,648,901 $16,027.337 $15.986,752
Trust dept. (additional)
838.845,556 $37.445,716 326,117,672
Statistics for Calendar Year1914.
1913.
1912.
Amount of deposits receiving interest $8,085,511 $7,944,648 $8,274,978
Rate of int. paid on dep. of $500 & over
2%
2
2%
Divs. paid in cal. year (payable quer.)
14%
14
14%
Logan Trust Co.(Philadelphia).
Resources
Dec. 31 '14. Dec. 31 '13. Nov. 2 '12.
Cash on hand
$132,583
$133,037
8128,890
Duefrom banks and bankers
165,466
273,917
127,578
Loans on collateral
1,511,083 1,697,983 1,345,081
Bonds,stocks, &c
1,319,982 1.013,650
1,475,506
Mortgages
165,116
122.,,
03.37
Real estate, furniture and fixtures__ 583,511
583,546
582,768
Miscellaneous assets
23,884
28,379
. 35487
Total
Liabilities
$1,815,368 $1,583,279 $1,532,732
Total
Capital stock paid In
Liabilities
$400,000
$400,000
Capital stock
$400,000 Surplus fund and undivided profits
75,000
75,000
75,000 Deposits
Surplus fund
18,242
27.381
9,550 Ground rent
Undivided profits
1,084.526
1,041,978 Bills payable
Deposits
1,206,013
Miscellaneous
100,000
Bills payable
6
6
Dividends unpaid
6
Total
5,505
6,968
6,198
Accrued interest payable
Trust department (additional)
31.815368 31,583,279 $1,532,732
Total
$1.1.6,734 Rate of interest paid on deposits
$105.291
884.415
Trust department (additional)
Dividends paid in calendar year
-Rate of interest paid on deposits, 2% to 3%.
Note.
33.999,614 $4,016,459 $3.537.742
$689.765
1133?181?
$905,900
262,222
339,689
2,141.608 2.093,540 2.136,356
420,000
415,000
410,000
27.MS
20229
29,399
$3.399,614 84.016.459 $33,537,742
8928.206 .3676,076
$956.407
1914.
Reg., 2%;savings, 3%
$45,080
612
THE CHRONICLE
Manayunk Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Judgment notes
Loans
Real estate and fixtures
Cash on hand
Cash on deposit
Other assets
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$391,567
$458.377
$451,102
,
6,745
5:805
6,810
695,824
683,969
568,857
72,150
70,950
71,350
63,121
53,436
63,846
155,540
225,807
155,769
10,098
12,018
6,269
Total
$1,881.672 $2.020,619 $1,801,605
Liabilities
Capital stock
$250,000
$250,000
$250,000
Surplus fund
200,000
200,000
185,000
Undivided profits
31,797
22,324
20,857
General deposits pay. on demand_ _ _ _
620,590
773,276
627,484
Special deposits
772,355
769.255
710,765
Other liabilities
6,929
5,764
7,499
Total
$1,881,672 $2,020.619 $1,801,605
Trust dept.(additional)
$702,005
659,539
$590,702
1914
1913
1912
Dividends paid in calendar year
.8%
.
8%
8%
rvoL. loo.
North Philadelphia Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Stocks and bonds
$436.805
$331,932
$229,067
Mortgages
509,563
509,717
367,122
Amount loaned on collaterals
754,509
832.938
890.162
Amount loaned on personal securities
112,949
88,125
111,732
Cash on hand
109.860
88,388
89,262
Cash on deposit with banks
88,866
174.828
176,869
Other assets
129,199
161,438
135,479
Total
$2,173,990 $2,161,407 $1,993,413
Liabilities
$150.000
Capital stock
$150,000
$150,000
Gen. dep. pay. on demand & time..... 1,815,317 1,835,432 1,690.500
152.913
Other liabilities
208,673
175.975
$2,173,990 $2,161.407 $1,993,413
$8,358
$96,895
$96,691
1914.
1912.
1913.
Amt.of deposits receiving interest_ _ _ $1,815,317 $1,835,431 $1,640,500
2% & 3%
Rate ofint. on dep. of 3500 & over__
Dividends paid in calendar year
8%
8%
6%
Total
Trust department (additional)
Northwestern Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$193,654
$196,755
$150,719
Cash on hand
Resources
-332,504
372,248
227,221
Dec. 31 '14. Nov. 1 '13. Dec. 31 '12. Cash on deposit
Cash on hand
606,402
580,333
534,601
$60,621
$55,392
$52,031 Commercial paper purchased
Due from banks and bankers
594,5181
535,798
709,970
150.885
89,912
55,791 Loans on collateral
Loans on collateral
322,000
235,0001
442.260
463.017
550.664 Loans on bonds and mortgages
Loans on bonds and mortgages
654,581
562,556
433,166
428,035
322,535
240,061 Stocks, bonds, &c
Bonds &c
406,925
282,120
289,595
527,925
388,273
304.248 Mortgages
Mortgages
74,000
75,000
74,950
148,400
121,200
129.950 Real estate,furniture & fixtures
Real estate,furniture and fixtures_
612
669
89,481
86,949
86,774 Other assets
Miscellaneous assets
22,904
20.771
13,557
$3,034,789 $2,991,167 $2,420,941
Total
Total
$1,870,511 $1.548,049 $1,433,076
Liabilities
Liabilities
$150,000
$150,000
$150,000
Capital
Capital stock paid in
200,000
250,000
300,000
$125,000
$125,000 Surplus fund
$125,000
Surplus fund
30,317
20.325
19,876
125,000
100,000 Undivided profits
125.000
Undivided profits
2,564,913 2,570.842 2,040,624
37,860
9,852 Deposits
4,143
Deposits
1.529,717 1,282,499
1.186,264
Other liabilities
Total
$3,034,789 $2,991,167 $2,420,941
52,934
11,960
11,407
$132
$62
$62
Trust department (additional)
Total
1914.
$1,870,511 $1,548,049 $1.433,076
Trust department additional
31
$21,210
$9,444 Rate of interest paid on deposits: Savings Fund
$10,060
Check account
1914.
Rate of interest paid on deposits_2% on check accts., 3%% on savings Dividend paid in calendar year
10%
Dividends paid in calendar year
6%
Market Street Title & Trust Co. (Philadelphia).
Merchants' Union Trust Co. (Philadelphia).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Cash on hand
$59,785
$62,383
$73,873
Duefrom banks and bankers
188,184
215,464
172,529
Loans on collateral
611,752
990,879 1,042,749
Stocks, bonds, &c
1,156,146
1,221,035
1.403,299
Mortgages
225,490
261,100
242,170
Real estate,furniture and fixtures.._
559.699
448.306
485,901
Other assets
92.740
47,611
53,424
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Other liabilities
Total
Trust department (additional)
-interest paid on deposits
Rate of
Dividends paid in calendar year
$3,137,243 $3,162,959 $3,314,317
Pelham Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bends
Loans on collateral
Loans on commercial paper
Cash on hand
Cash on deposit
Reserve bonds
Other assets
Bank building and fixtures
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$130.075
$74,775
$66,850
300.321
312.489
316,491)
225,838
278,860
272.580
96,228
118.340
4.565
33,523
27,567
27,145
29,688
20,050
55,597
30,593
33,088
5.667
5,453
163.719
51,025
$917,397
$895.000
Total
$868.129
Liabilities
250.000 Capital stock
$150.000
$150,000
$150,000
27,618 Surplus fund
70,000
70,000
60,000
2,004,717 Undivided profits
18,606
13,065
19,710
31,982 Geneial deposits payable on demand_
678,767
661,114
637,733
24
821
Other liabilities
686
$3.137,243 $3,162,959 $3.314,317
$917,397
$895.000
Total
$868.129
$1,319,982 $1,307,705 $1,293,399
1914.
1913.
1912.
-2% per annum
Rate of int. paid on dep. of $100 & over
'2
4%
4%
4%
$40.000 Dividends paid in calendar year
$1,000,000 $1,000,000 ilmoomeo
150,000
51.807
1,738,579
196,857
250,000
51,561
1,833,946
27,452
Co. for Insurances on Lives
Mortgage Trust Co. of Pennsylvania (Philadelphia). Pennsylvania Annuities (Philadelphia). & Granting
Resources-- .
Dec. 31 '14. Dec. 31
'13. Nov. 2 '12.
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$1,565
$1,955
$1,646,711 $1.296,796 $1,056,482
34,11672,721 Cash on hand
Due from banks and bankers
4,190,856 3.572.669 2,541,474
227,350
200,050
17.647,092 13,888,631 12.002,277
62.409
267,579 Loans on collaterais
Stocks. bonds, &c
3,210,984 3,107,367 3,122.538
1,675,629
1,510,629
1.649,229
66,397
109,966 Mortgages
933.235
933.635 1,128,496
3.146
4,459 Real estate,furniture and fixtures- _ Reserve fund for protect, of tr. bal- 5.331.634 4,042,932 4.499.461
313,650
224,019
202,561
Total
$193,831
$394,983
$656,730 Interest accrued
Other assets
164.220
53.480
77.985
Liabilities
Capital stock
$125,000
$125,000
$125,000
Total
$35.114,011 $28,630,158 $26,280.503
Contingent fund
32,300
233,239
497,384
Liabilities
Deposits
36,531
36,744
34,346 Capital stock
$2,000,000 $2.000.000 $2,000,000
4.000,000 4,000,000 4,000,000
Surplus fund
Total
$193,831
$394,983
$656,730 Undivided profits
913,508
1.280,500
818,965
Trust department (additional)
$7.500
$7,500
$7,500 Deposits
27,725,355 21.696.591 19.263,749
Note.
-Rate of interest paid on deposits. 2%.
103,246
108,156
114.602
Other liabilities
$35,114,011 $28.630.158 $26,280.503
Total
Mutual Trust Co. (Philadelphia).
186,446,110
197,368.744 197,677,503
Trust department (additional)
1913.
1912.
1914.
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 30 '12.
2%
Cash on hand
$27.871
$31,888
$40.410 Rate of int. on dep. of $100 & ever
a
a:t
24%
Duefrom banks and bankers.
Dividends paid in calendar year
Commercial and other paper owned
196,023
188,480
236:110
Warehousing & Safe Deposit Co.(Phila.)
Loans on collateral
444,834 Pennsylvania
418,459
406.901
Stocks, bonds. &c
115.011
115.072
164.684
Jan. 25 '15. Yoe. 1 '13. Nov. 2 '12.
Resources
-342,945 Cash on hand
Mortgages
126,770
177,890
$19,588
$28,804
$24.212
8,000 Due from banks and bankers
Furniture and fixtures
8,000
8.000
350,606
167.600
189,784
Real estate
56.150
53.050
33.580
42.807
41,120
charges
Accrued
24 Loans onstorage
Interest receivable
12,794
518,368
449.808
549,638
collateral
55,172
5,000
Loans cn personal securities
Total
$1,096,507 $1.070,270 $1,218,908 Investment securities owned
409,757
519,719
530.610
Liabilities
767,700
fixtures__ _
742,375
742,375
$437,986 Real estate,furniture and
$438,043
$438,038
Capital stock paid in
62.631
142.144
27,849
50.000 Other assets
Surplus
50.000
50.000
$2.034.396 $2,281,26 $2,105,588
§
Total
54,605
Undivided profits
20,142
29,338
Liabilities
601,009
Deposits
554,126
542,090
$408,350
$408,350
75,308 Capital stock
$408,350
Miscellaneous money borrowed
25.000
20.000
646,577
635.283
Surplus and undivided profits
635,850
Total
$1,096,507 $1,070,270 $1.218.908 Deposits
347,161
647,344
434,342
1914.
527,000
447,000
Bills payable
497.000
2% Other liabilities
of interest paid on deposits
105,308
Rate
143,286
130,046
Dividends paid in calendar year
I% guar.
$2,034.396 $2,281,263 $2,105,588
Total
Cash on hand
Due from banks, &c
Call loans on collateral
Investment securities
Loans on mortgages
Real estate
Other assets
$1.327
19,080
62.000
14,9811
37,108J
58.917
418
Northern Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$1,530,795 $1,647,695 $1,533,345
Real estate mortgages
Bonds and investment securities_ _ _ _ 3,379,668 3,188.728 3,051,292
3.496,929 3,940,123 3,832,017
Loans on collateral
292,566
228,221
218.869
Real estate
715,311
755,297
684,809
Cash on hand and in bank
29,869
21,887
23,731
Accrued interest
$9,445,138 $9,781,951 $9.344,063
Total
Liabilities
$500,000
$500,000
$500,000
Capital stock
1,800,000
1,800,000
1,650,000
Surplus fund
134.770
30,307
32,263
Undivided profits
7.010.368 7.451,644 7.161,80C
Deposits
$9,445,138 $9.781,951 $9,344,063
Total
a$9,565.733 $8,111,459 $8,007,380
Trust department (additional)
1913.
1914.
1912.
Statistics for calendar Year- year. $174,228
$163.975
$176,103
Interest credited depos. duringstock60,000
60.000
80,000
Amount of divs. on company's
7.000.000 7,123.157 6.600.000
Aver. amt. deposits receiving interest
2% & 3%
Rate ofinterest paid on deposits
al:Figures are of date Jan. 25 1915.
People's Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$115,422
$100,632
$107,869
Cash on hand
259.347
banks and bankers
232.599
Due from
280,169
529,498
Commercial & other paper purchased
593,555
543,466
399,370
393.066
486,428
Leans on collateral
398,173
428,628
432,313
Bonds. &c
174,900
158,466
158,250
Mortgages
386.490
386.490
386,445
Real estate
20,675
20.669
20,360
Furniture and fixtures
11.317
16.283
13.364
Other assets
$2,295.192 $2,330,388 $2,428,664
Total
Liabilities
$634,450
5634.450
$634,450
Capital stock
154.566
152,849
152,821
Surplus and undivided profits
1,406,176 1,443.089
1,541.393
Deposits
100.000
100.000
100.000
$2,295.192 $2,330,388 $2,428,664
I"' Total
$2,333
$6.982
department (additional)
$2,689
Trust
1914.
2 to 33i
-pald on deposits
Rate of interest
%4%
Dividends paid in calendar year
THE CHRONICLE
FEB. 201915.]
Philadelphia Mortgage & Trust Co. (Philadelphia.)
Resources
First mortgages on real estate
City and county warrants
Contract sale account
Accounts receivable
Accrued interest receivable
Real estate, furniture and fixtures_
Other real estate
Cash in banks, &c
Time and call loans
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$68,969
$39,800
$32,950
46,578
46.578
10,237
7.131
1,330
9,578
7,834
9,208
810
706
435
174,300
174,300
174,300
307,800
294,850
246.211
50,135
26.775
17,439
60,000
60.600
Total
LiabiiitiesCapital stock
Company's bonds outstanding
Interest coupons duo January 1
Due depositors
Mortgage 106 & 108 So. 4th St
Accrued interest payable
Contingent fund
Undivided profits
Bills payable
Accounts payable
$481,873
$658,574
$728,407
$250.000
91.000
7,050
$250,000
178,000
8,778
20,364
80,000
742
108,379
7,675
$250,000
202,500
5.728
25,224
80,000
844
111,774
17,912
4,636
34,425
Total
Trust department (additional)
$481,873
$76,013
$658,574
$121,513
8728,407
$121.513
80,000
379
36,951
3.758
10,000
2,735
Philadelphia Trust, Safe Dep. & Insur. Co. (Phila.)
Resources
Cash on hand
Duo from banks, &c
Loans on collateral
Stocks, bonds, &c
Mortgages
Real estate,furniture and fixtures_
Other assets
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Dividends unpaid
Other liabilities
Dec. 31 '14. Dec. 31 '13. Dec. 13 '12.
$995,986 $1.052.697
$511,317
1,501,847
1,676,859
1,669,615
7,487.680
8,102,891
6,682,144
5,031.607
5,347,367
7,335.726
49,571
44.700
37,500
622.483
615,245
618,431
76
122,422
164,955
$17,019,688 $16,905,470 $15,745,961
$1,000.000 $1,000.000 $1.000.000
4.560,376
4,684,822
4,771,245
11,173,887 11.157.558 10.185,475
110
208
94
62,882
74,462
$17,019,688 $16,905,470 $15,745,961
$108,627.4343102,665.184 $89,046,922
1912.
1913.
1914.
2%
2%
2%
Rate of int. on deposits of $200 & over
22%
245
24%
Dividends paid in calendar year
Total
Trust department (additional)
The Provident Life & Trust Co. (Philadelphia).
ResourcesMortgages
Stocks and bonds
Loans on collateral
Foreign exchange gold fund
Real estate
Cash on hand, &c
Duo from banks and bankers
Miscellaneous assets
Total
Dec. 31 '14. Dec. 31 '13. Nov. 2 '12.
$801,749
$670,481
3613.284
5,372.413
4,574,554
4,133,271
7,686.337
9,598,249 8,495,173
26,600
12,722
105,100
105.100
1.106,366
835.762
856,912
1,463.234
1,473.946
1,007.151
4,475
7.500
75,107
$16,415,674 $16,162,516 $16,447,296
Liabilities
Capital stock
$1,000,000 $1,000,000 $1.000,000
Surplus
5,000,000 4,500,000
5,000,000
Undivided profits
792.479
423.371
524,734
Deposits payable
0,738,644 10.154,426
9,886,748
Cort• checks,clear:house due bills.&c.
3,952
Dividends unpaid
391
501
240
Total
$16,415,674 316,162.516 816,447,296
Insurance department (additional)_ -378,564,873 $76,194,415 873.603.317
Trust department(additional) including corporation trusts
$85,134,905 $81,791,949 891,198.977
1914.
1912.
1913.
36%
36%
32%
Amount of divs. on company's stock_
2%
2%
Rate of int. on deposits (generally)__
24
Real Estate Title, Insur. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks, bonds, &c
Loans on collaterab3
Real estate
Cash on hand
Cash on deposit
Other assets
Total
Liabilities
Capital stock
Surplus and reserve fund
Undivided profits
General deposits
Other liabilities
Total
Trust department (additional)
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
3830,280
$1,068,095
8804,960
1,088,006
1,171.715
1,272,090
2,742.185
2,420.830
2,635,852
425.906
402,078
385,363
530.592
620.232
248,005
827,504
786,629
1,072,025
253,415
271.078
261.255
36,744,378 $6,830,362 $6,543,355
$1,000,000 31.000,000 $1,000,000
1,000.000
1,000,000
1,000,000
534,369
399.398
301,582
4,179,583 4,389,818
4,206,594
41,146
30.426
35,179
86,744,378 $6,830,362 $6,543.355
$13,399,382 $13.342.557a$13.062.626
1914.
Rate of interest paid on deposits
Dividends paid in calendar year
2%
10%
a_Figures are of datelNov. 2 1912.
Real Estate Trust Co. (Philadelphia).
ResourcesLawful reserve bonds
Cash on hand
Duo from banks and bankers
Call loans on collateral
Thpo loans on collateral
Loans on bonds and mortgages
Stocks, bonds. &c
Real estate
Other assets
Total
Liabilities
Capital stock paid in
Capital stock prof. (full paid)
Undivided profits
Deposits
Dividends unpaid
Total
Trust Department (additional)
Rate of interest paid on deposits
Dividends paid In calendar year
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$230.000
$230.000
$230,000
191,352
174.574,
508,770
487.400
656.712
2,125,563
2,841,927
1,941.439
636.425
431,375
551.275
735.300
625.992
681,167
1,184,089
1,165,519
1,098.987
3,137,988
3,137,770 3,137,905
80,219
77,962
56,009
Republic Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$186,547
3202.087
$185,434
Cash and reserve bonds
210,000
210,000
211,000
Real est.,safe dep..vaults,furn.Re fixt.
890,618
968.930
957.492
Loans on collateral
312,127
377,4851
431,852
Stocks and bonds
20,3001
19,850
Mortgages and ground rents
8,716
7,313
9,008
Accrued interests
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
Ground rent
Dividend payable January 2
Accrued interest
Bills payable on time
$1,841,727 $1,759,137 81.607,895
Total
Trust department (additional)
$1,841,727 $1,759,137 $1,607,895
$30,683
330.499
$53.466
1912.
1914.
1913.
5%
5%
5%
$300.000
125,000
27,114
1.158,107
145,000
3,756
160
$300,000
150,000
19,391
1,103,344
145,000
3.750
242
120,000
Dividend paid in calendar year
$300,000
125.000
13,422
1,020.642
145,000
3.752
79
The Rittenhouse Trust Co. (Philadelphia).
Resources
Cash on hand
Due by banks
Collateral loans
Investments
Accrued interest
Furniture and fixtures
Suspense
Dec. 31 '14. Dec. 31 '13. Dec. 31 912.
842.450
$59,903
$52,720
46.661
66.224
60,882
541,711
653,549
974,4951
327.339
400,186
I
1,795
2.045
4,260
13,793
13.501
14,250
513
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Certified and treasurer's checks
Dividends unpaid
$1,107,120 81,195,408
5973.749
$250.000
60,932
861,529
22,427
520
$250,000
57,324
665,498
800
127
Total
Trust department (additional)
$1,107,120 $1,195,408
$10,973
a$143,223
8250,000
59,925
795,641
1,394
160
3973.749
510.519
1914.
4%(2%J.&D.)
Dividends paid in calendar year
a Figures are of date Jan. 25 1915.
Tacony Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Total
Liabilities
Capital stock
Surplus and reserve fund
Undivided profits
Deposits
Miscellaneous
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$307,722
$350,947
$385,472
437,560
452,640
437,065
260,607
232,670
367.631
43,011
41.922
43,700
39,000
39,000
39,000
51,953
50,239
49.826
64,210
61,550
45,398
13,081
13,921
10,734
31,245.274 $1,255,995 31,337,590
$150,000
196,865
776
908,354
3150.000
203.103
1,807
889.962
402
3150,000
150,000
33,156
1,004,434
$1,245,274 $1,255,995 $1,337,590
32,148.611 $2,124,863 $2.101,113
1912.
1913.
1914.
2%
27
Rate of hit, on deposits of$200 or over
12%
13%
a
Dividends paid in claendar year
Total
Trust department (additional)
Tioga Trust Co.(Philadelphia).
Resources
Bonds, stocks, &c
Real estate (bank building)
Mortgages
Loans with collateral
Commercial paper purchased
Due from banks
Specie and notes
Other assets
Dec. 31 '14. *Dec. 31 '13.
$172,482
$204,976
28.464
29,086
22,300
51,800
44.521
17.438
63,238
31,427
39,174
9,910
10.656
7,525
3,494
$419,862
$316,629
$125,000
4.675
290,172
15
Total
Liabilities
Capital stock
Undivided profits
Deposits
Other liabilities
5125,000
179,629
12,000
Total
$419,862
$316.629
* Began business June 19 1913.
Note.
-Rate of interest paid on deposits: 2% check accounts, 3%%
savings accounts.
United Security Life Ins. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans and collateral
Real estate
Cash on hand and deposit
Other assets
Dec. 31 '14. Dec. 31 '13. Dec. 31'12.
$1,314,837 $1,432,292 $1.633,017
152.302
128,305
139,540
965,070
982.918
881,586
522,618
573.669
458.503
228,781
226,143
200.118
1,577
3,109
Total
33,232,021 53.296.491 33.315.873
Liabilities
Capital stock
31,000.000 31.000,000 $1,000,000
Surolus fund
800.000
800.000
800,000
Undivided profits
177,462
145,065
135,078
General deposits payable on demand.. 1,254.559
1,351,426
1,330,295
Other liabilities
50,500
Total
$3,232,021 $3,296,491 $33,315,873
Trust department (additional)
$1,383.802 $1,156,581 $1,032,783
Statistics for Calendar YearInt. credited depositors during year
$33,857
$33,390
$31.940
70.000
Amount of dividends on co.'s stock_ 70.000
70.000
1,330.294
Amount of deposits receiving int__- 1,254,559
1,351,425
Rate of int. paid on deposits
2&3%
2&3%
2-23-3-3ii%
West Philadelphia Title & Trust Co. (Phila.)
$8,527,933 $8,808,796 $9,254,535
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and on deposit
Other assets
$1,319,600 $1,319,600 $1,319,600
2,621,800
2,516,300
2,474,400
365.256
388,922
414,418
4,947,605
4,583,574
4,319,279
274
400
236
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
General deposits
$8,527,933 $8,808,796 $9,254,535
$28,307,644 826,740,261 $25,720,056
1914.
2%
$99,084
EIMER 4% on pref. stock.
613
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$623.544
$654,577
$728.134
663.615
782,423.
1.815,128
1,900,897
1.906,108
92.714
92.714
96.927
624.796
551,276
467.816
34.370
31,547
39,407
$44.020,815 $3,955,816 33.854.167
$500,000
500,000
61,983
2.958,832
$500,000
500,000
27,639
2,928,177
$500,000
475.000
28.725
2,850,442
34.020.815 $3.955.816 $3.854,167
31,354,154 $1.342,923 $1,395,969
1913.
1912.
1914.
Rate of int. on dep.of $500 & over_ 2% to 3% 2% to 3% 2% to 37
12 /0
11%
10
Dividends paid in calendar year
Total
Trust department (additional)
614
THE CHRONICLE
Wayne Junction Trust Co. (Philadelphia).
[VOL. 100.
West End Trust Co. (Philadelphia).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
ResourcesDec. 31 '14. Dec. 31 '13. *Dec. 31 '12.
*21,484
*21.629
$22,935 Cash on hand and due from banks_
$540,128
$531,341
$785,392
58,720
43,024
59,599 Loans on coll. & on bonds & mtges__ 3,623,568 3,605,795 3.683,047
132,267
255,250
233,874 Investments,stocks and bonds
4,512,933 4,377,359 4,691,702
95,500
218,250
196,100 Mortgages
177.000
265.050
371,450
131,366
120,697
126,292 Real estate,furniture and fixtures_
1,000,000 1.000,000
846,148
189,453
65,653
30.728 Other resources
94.649
65,783
137,688
36,747
36,747
36,747
99.537
6,503
12,878
$9,948,278 $9,845,328 $10,5151427
Total
Liabilities
Total
$765,074
$767,753
$719,153 Capital stock
$2,000,000 $2,000.000 $2,000,000
Surplus
1,800,000
1,800,0001 2,098,290
Liabilities
Undivided profits
94,738
74,1211
Capital stock paid in
$160.000
$160.000
$160,000 Deposits
6,053.540 5,971,207 6,417,137
Surplus fund
40.000
40,000
60,000
Undivided profits
17,054
13,152
12,186
$9,948,278 39,845.328 $10,515,427
Total
Deposits
476,713
552,118
483,343 Trust department (additional)
$4,909,700 $4,607,783 $3.780,048
Miscellaneous
71.307
2 ,483
3,624
1914.
1913.
1912.
Dividends paid in calendar year
8%
8%
8%
Total
$765,074
$767,753
$719,153
1914.
1913.
1912.
* The Independence Trust Co. was merged into the West End Trust Co.
Rate ofint. pd.on dep.of$500 & over
2% and 33 %
,
5
as of May 1 1913. For the sake of comparison we have combined the reDividends paid in calendar year
4%
4%
4%
sults of the Independence and West End companies for 1912.
Resources
Cash on hand
Due from reserve agents
Loans on collateral
Mortgages
Stocks, bonds, Re
Real estate
Furniture and fixtures
Miscellaneous
BOSTON COMPANIES.
American Trust Co. (Boston).
ResourcesRailroad and other bonds
Time loans
Our real estate
Demand loans
Cash on hand in banks
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
General deposits
Commonwealth Trust Co. (Boston).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$560,869
$519,455
$558,291
12,397,239 10,841,706 10,732.966
30,000
30,000
30,000
2,555,899 3,186,529 3,586,842
4,304,922 4,126,612 4,037,826
$19,848,929 $18,704,302 $18,946,925
*1.000,000 31,000,000 $1,000,000
1,500,000
1,500,000 1.500,000
813,969
803,602
717,699
16,534,960 16,400,700 15,728,226
Total
*19.848,929 $18,704,302 318,943,925
1914.
1913.
1912.
Rate of int. pald on dep. of $500 orover2%
Dividends paid in cal. year
13;°,3% qur.12%
liR
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
32.159,970 $2,458.447 $1,595,930
10,796,753 9,571,477 10,156,386
42,500
407 293
412,294
1,239,368
944.692
1,190,805
3,289.033 1,901.395 2,037,805
Total
Liabilities
Capital
Surplus and undivided profits
Deposits
$17,527,624 $15,529,417 $15,147.107
Total
Rate of tat on dep of $500 & over
Dividends paid in calendar year
$1,000,000 $1,000,000 $1,000.000
701,318
878,472
812,553
15,826.306 13,650,945 13,334.554
$17,527.624 $15,529,417 515,147,107
1914.
1913.
1912.
2%
8%
IR
IR
Cosmopolitan Trust Co. (Boston).
Beacon Trust Co. (Boston).
ResourcesTime loans
Demand loans
Investments
Cash in office and banks
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$5.805.783 $5,656.020 $5,634,773
3,510,028 3,671,894 2,976,431
190.958
410,017
111,820
2,330,753 2,611,804
1,979,566
Total
Liabilities
Capital stock
Surplus
Earnings undivided
Deposits
*11,837.522 *12.349,735 $10,702,590
3600,000
$600,000
600,0001
791,110
328,0151
10,309,507 10.958.625
ResourcesBonds and mortgages
Demand and time loans
Real estate
Cash on hand
Cash on deposit
600,000
1600,000
1 80,000
9,422.590
Total
$11.837.522 312.349,735 810,702.590
1914.
1913.
1912.
Amount of deposits receiving int--- $8.200,000 *8.000.000 *7.500,000
Rate of int. pd. on dep. of $300 & over
2%
2%
Dividends paid in calendar year
$48,000
$448,000
$48,07
28
0
Boston Safe Deposit & Trust Co. (Boston).
Resources-Dec. 31 '14. Jan. 13 '14.*Nor. 26 '12.
Stocks and bonds
$141.698
$132,524
$82,963
Loans on real estate
96.897
115,164
60.902
Demand loans
446,496
283,687
94,681
Time loans
1,120.383
1,383.154
989,742
Banking house,furniture & fixtures..17,001
13.781
11.644
Due from banks
294.429
193,808
242,097
Cash
145,547
151,385
125,055
Other resources
50,714
Total
$2,534,315 $2,001.639 *1,657,798
Liabilities
Capital stock
$200,000
$200.000
3200.000
Surplus fund
100,000
100,000
100,000
Undivided profits
8,719
4,779
41,811
Deposits
1.924,461
1,696.860
1,165,864
Bills payable
300,000
150,123
Miscellaneous
1,135
Total
$2,534,315 $2,001,739 $1,657,798
* Began business April 3 1912.
Resources-Dec. 31 '14. Dec. 31 '13. Dec. 31 '12
'
Massachusetts bonds
$483,800
S483,800
$529,750
Dorchester Trust Co. (Boston).
Railroad bonds
374.000
523,750
.
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Other bonds and stocks
202,008
245,184
197,536
Loans
$723,000
11,265.494 11,564,612 11,776,844 Bonds and mortgages
$715,000
$643,000
Cash in office
1,070.996 1,113,120 1,183,997 Stocks and bonds (market value)
555,000
350,000
306.000
Cash In banks
765,000
1,350,138 1,674,170 2,083,522 Loans on collateral
770,000
496,000
Other loans, incl bills purchased_ Gol I Fund Committee, New York520,000
35,609
520,000
656,500
Due from
Overdrafts and accrued interest
400,000
29,293
33,614
460.000
43,650 Specie_ tr.cos.,bks.,b'kers&brokers
336,000
Cash items
30,000
17,012
25,000
30.000
Legal-tender notes & notes of nat.blci
Real estate by foreclosure
95,000
31,920
100.000
80,000
Real estate
7,000
1,747,150 2,168,015 2,191,731 Safe deposit vaults
8,000
8.980
Stk. B.S.D.&T.Co. held for distrib_
36,750
Total
$3,085,000 $2,938,000 $2,556,480
Liabilities
Total
$16,616.420 $17,700,765 $18,530,780
Capital
Liabilities
$200,000
$200,000
5200.000
Capital stock
75.000
87,000
69.000
31,000,000 $1,000,000 $1,000.000 Surplus & undiv. profits(market val.)
2,760,000 2,600,000 2,150,480
2,000,000 2,000,000 2,000,000 Deposits (not pref.)
Certificates of deposit (not pref.)
Purgiltus loss
137,000
63,000
38,000
and
1,048,260
849,709
903,254
Deposits
12,664,062 13.767,656 14,624,911
Total
Div. B.S.D.&T.Co.stock
$3,085,000 $2,938.000 82.556,480
80,000
105
Reserved for taxes
4,098
3,400
2,500
Exchange Trust Co. (Boston).
"ITotal
$16,616,420 $17.700.765 $18,530,770
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
ResourcesTrust dept.(additional)
$24,617,334 $18,868,654 *16.507,094 Stocks and bonds
$261,982
$318,838
$351,069
630,871
597,935.
Cash in offices and banks_.
36,500
25,000
Charlestown Trust Co. (Boston).
27,500
Safe dep. vaults,fUrnittlre & fixtures427,842
413,984
253,293
Demand loans
ResourcesDec. 30'14. Jan. 13'14. Nov. 26 '12. Time loans
1,849,555
2,122,936
1,216,887
State of Massachusetts bonds
323,811
$68,370
i$23,813 Loans on real estate
1,105,030
989.773
202,562
Other stocks and bonds
224.804
5,000
Loans on real es
estate
386.865
708,880
207,475
$44,490,699 $4.195.085 $2.627,878
Total
Time loans
362.950
298.198
Liabilities
Demand loans
55,600
$500 000
*500.000
Capital
$250.000
Banking house and vaults
52,601
300,000
250,000
Surplus
125,000
Due from banks
116,1401
115,869
47,330
139,295 Profit and loss
46,239
151
Cash on hand
62,7441
128,860 Deposits
3.643,369 3,398.846 2.252.727
Other resources
49,358
37.872
*4,490,699 $4,195.085 $2,627,878
Total
Total
$1,334.874
$930,991
$602,641
Note -Rate of interest paid on deposits of $300 and over, 2%.
:**Liabilities
Capital stock
3200.000
*200,000
$200,000
Fidelity Trust Co. (Boston).
Surplus fund
30,000
30,000
22.500
Undivided profits
13,365
Dec. 31 '14. *Dec. 31 '13.
13,963
8,311
ResourcesDeposits
$54,313
1,067.521
668,128
310,444 United States and State of Massachusetts bonds__
344.250
Uncompleted loans
23,932
45,025 Other stocks and bonds
i18,364
50,000
Bills payable
115.000 Loans on real estate
18,900
357,472
290,000
Miscellaneous
56}
1 1,361 Demand loans with collateral
302,924
92,066
Time loans with collateral
268,317
157,339
$1,334,874
Total
$930,991
$602,641 Other time loans
933,630
523,917
Banking house, furniture and fixtures
9.108
6,432
Due from reserve banks
Columbia Trust Co. (Boston).
131,487
107,708
Due
54,242
93,174
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12 Cashfrom other banks
Resources: currency and specie
97,309
62,963
$93.000
$79,000
State, city and railroad bonds
$79000 Interest on deposits paid and expenses paid
9,967
3,796
621.524
511,679
Loans
482 018 Other assets
41,236
250
Real estate
250
1,000
2,000
deposit vaults
Total
3,000
Safe
$2,337,133 $1,462,871
63,687
51,671
Liabilities
62.946
Cash in office
72,997
97.948
83,138 Capital stock
Cash in banks
$500,000
$500,000
Surplus fund and undivided profits
125,675
100.000
852,208
$742.548
3710.352 Deposits (demand)
Total
1,605,345
762,690
deposits
Time
Liabilities
50,110
$100.000
$100,000
$100.000 Certificates of deposit
Capital stock
42,150
17,500
46,886
39.922
36.020 Certified checks
Surplus and profits
1.927
11,840
705,322
602,626
574,332 Treasurer's checks
Deposits
1,925
1,822
Other liabilities
78,829
191
$852,208
*742.548
$710,352
Total
1914.
1913.
191.
Total
$2,337,133 $1,462,871
2%
2%
2%
Rate ofin pd. on dep of$500 & over
6%
6%
6%
* Began business May 15 1913.
Dividends paid In calendar year
THE CHRONICLE
FEB.20 1915.]
Federal Trust Co. (Boston).
ResourcesState of Massachusetts bonds
Other stocks and bonds
Loans
Cash on hand and in banks
Miscellaneous
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$1'78,000
$178,000
$178.000
1,414.778 1,154.245
1.521,556
5,835.189 5,538,248 5,684,458
1,422.046
1.420.293
1,361.248
5,373
3,745
3,334
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Dividends unpa.d
I
$8.899,327 $8.556,69? 88,442,494
Total
Rate of int. on dep. of $500 and over_
Dividends paid in calendar year
$1.000,000 $1,000,000 $1,000,000
377,314
407.217
404,840
7.149.036 7,064,324
7,494,081
856
439
406
$8,899.327 $8,556,692 38,442,494
1912.
1913.
1914.
6 R'
2 ,
2%
6%
6R,
2
*International Trust Co. (Boston).
Resources*Dec. 31 14. Dec. 31 13. Nov. 26 '12.
$2.022,083 37,099,855 $6.281.931
Stocks and bonds
5,851.446 4,007.498 6,558.476
Time loans
486,491
1,267,619
1,327,201
Demand loans
1,502.158
1,504,658
1,000,000
Banking house
1,627 949
1,590,471
2,110.831
Cash on hand and in banks
109,020
1,991,782
Otherassets(real est.&safedep.vaults)
$12,311.561 $17,461,883 316,566,025
Total
Liabilities
$1,000.900 $1,000,000 $1,000,000
Capital stock
1,000,000 4,000.000 4,000.000
Surplus fund
512,769
419,351
63,670
Undivided profits
10,247,891 12,042.532 11.053.256
Deposits
$16,566,025
$12,311,561 $17,462,883
Total
1912.
1913.
1914
20/
2
2
Rate of int. on dep. of $500 and over..
20 0
20%
8%
Dividends paid in calendar year
* Lincoln Trust Co. consolidated with International Trust on Jan. N '14.
Liberty Trust Co. (Boston).
Dec. 31 '14. Jan. 13 '14. Dec. 31 '12.
Resources$39,653
$39,653
339.653
State of Massachusetts bonds
128.842
198.512
193.569
Other investments
379,678
360.677
344.787
Loans on real estate
275,150
309,808
298.992
Demand loans
2,249,964 2.380.823 2,163,671
Time loans
2.500
3,500
4.500
Banking rooms
732,757
896,349
714.005
Cash on hand and in banks
33,878.214 34.184,379 $3,694,450
Total
Liabilities
$200,000
3200,000
$200,000
Capital stock
250.000
200,000
Surplus fund
200,000
30.625
52,103
Undivided profits (less expenses)____
12,196
3,243,556 3,681,797 3,228,177
Deposits
4,033
Dividends unpaid
479
4,077
150,000
Bills payable
50,000
50.000
Total
$33.878,214 $4,184.379 $3.694.450
Ratcs of interest paid on deposits
2%'
Dividends paid In calendar year
8% (2% quarterly)
*Market Trust Co. (Boston).
Resources-
U. S. and State of Massachusetts bonds
Other stocks and bonds
Loans on real estate
Demand loans
Time loans
Banking house, furniture and fixtures
Due from banks
Cash
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Deposits
Miscellaneous
Oct. 31 '14. *Jan.13'14.
$336,100
$9,000
21.900
16,900
44,470
7,438
29,148
104,938
1,278.324 1,112.596
25,000
25,000
134,881
175.556
72,781
98,111
615
New England Trust Co. (Boston).
Resources
Stocks and bonds
Real estate
Demand and time loans
Cash in bank and office
Other assets
Dec. 31 '14. Dec. 31 '13. Jan. 31 '12
$1.787,037 $1,723,633 $1,802.411
700,000
700,000
700.000
14,659,990 15.750,050 15,754,327
1,340.783 4,409,258 5,296.411
3,948,942
295,009
72,078
Total
Liabilities
Capital stock
Surplus
Earnings undivided
Deposits
Other liabilities
$22,436,752 $22,877,950 $23,625,227
$1,000,000 $1,000,000 $1,000,000
2,000,000 2,000,000 2,000,000
1,214,408
1,073,113
592,166
18,092,880 18,804,428 19,858,889
129.464
409
174,172
Total
$22,436,752 322,877 950 $23.625,227
1914.
1913.
1912.
Rate of int. on dep. of $500 and over_
2%
2%
2%
Dividends paid in calendar year
20%
20%
19%
Old Colony Trust Co. (Boston).
ResourcesInvestments
Demand and time loans
Banking offices
Due from banks
Cash
Dec. 31 '14.
310.396,949
62,548,093
2,635,000
16.376,095
7,168,237
Total
Liabilities
Capital stock
Surplus
Reserved for taxes and interest
Undivided profits
Deposits
$99,124,374 $85,374,343 $86,439,511
Dec. 31 '13.
$12,847,368
50,802,102
2,200.000
11,976.490
7,548,383
Dec. 31 '12.
312.430,934
51,730.709
1.790.000
13,731,765
6,756,103
36,000,000 $6,000,000 $6,000,000
8.000,000 8,000,000 8,000,000
287,127
184,624
196,800
1,354,476
1,349,848
1,252.421
83.482.771 69.839,871 70,990.290
Total
$99,124,374 $85,374,343 $86.439.511
1914.
1913.
1912.
Rate of int, on dep. of $500 and over2%
2%
Dividends paid in calendar year
10%
10%
*Old South Trust Co. (Boston).
Resources
Other stocks and bonds
Loans on real estate
Demand loans with collateral
Other demand loans
Time loans with collateral
Other time loans
Overdrafts
Banking house, furniture and fixtures
Due from reserve banks
Due from other banks
Cash: Currency and specie
Checks and other cash items
Other cash items
Other assets
-expenses and interest on deposits and taxes
*Jan. 14'15
$102,462
2,200
77,050
6,791
88,075
384,669
54
14,974
43,175
13,850
53,743
16,541
127
23,110
Total
3826.821
Liabilities
Capital stock
$200,000
Surplusfund
40.000
Undivided profits
21,022
Deposits (demand); Subject to check
499,948
Certificates of deposit
17.125
Certified checks
5.763
Treasurer's checks
6,313
Deposits (time); Certifs. of deposits not payable within 30 days_ 36,650
Total
$826.821
* Began business Aug. 1 1914.
Paul Revere Trust Co. (Boston).
31,642,604 31.549,539
ResourcesDec. 31 '14. Jan. 13'14. Dec. 31 '12.
U. S. and State of Mass. bonds
336.944
324.458
325.000
Other stocks and bonds
171,527
65,773
31,239
Time loans
816.022
854,326
524.557
Demand loans
609,267
358.183
373.289
Banking house,furniture and fixtures
17,703
19,472
16,292
Total
31,642,604 31,549,539 Cash in banks
366,962
234,704
168,621
•The Market Trust Co.succeeded the National Market Bank of Brighton Cash on hand
121,642
100,579
71.124
Other assets
in Jan. 1913; see V. 96, p. 254.
5.716
144
1.026
Total
*Massachusetts Trust Co. (Boston).
32.145,783 $1,657,639 $1,211,148
Liabilities
Resources
*Dec.31'14. Capital stock
$200.000
3200.000
$200,000
$132,922 Surplus fund
State of Massachusetts Bonds
25,000
25,000
25,000
432,283 Undivided profits
Other stocks and bonds
30,367
13,662
13,814
526,933 Deposits
Loans on real estate, net
1,889,619
1,418,960
972.334
382,203 Other liabilities
Demand loans with collateral
797 '
17
59,260
Other demand loans
676,315
Total
Time loans with collateral
32,145,783 31.657,639 $1,211,148
Note.
1,182,946
-Rate of interest paid on deposits, 2% upwards.
Other time loans
8,041
Furniture'and fixtures
398,893
Due from reserve banks
Puritan Trust Co. (Boston).
15,272
Due from other banks
179,993
Resources
-Cash: Currency and specie
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
5,700 Bonds and stocks
Other cash items
3878,8.34
3735.7133691,759
3,125 Loans
Other assets
1.662,935 2,011.356
1.851,481
Bank building
21,000
25,000
25,000
$4.003,886 Cash in office
Total
173,670
217,778
177,510
Cash in banks
Liabilities
320.689
301.389
271,454
$500,000 Safe deposit vaults
Capital stock
15.000
15,000
15.000
250.000 Miscellaneous
Surplus funds
2,770
3,900
2,256
26,196
Undivided profits, loss expenses, interest and taxes paid
2,434,293
Total
Deposits (demand): subject to check
$3,074,898 $3.310.136 83,034,460
108,100
Liabilities
Certificates of deposit
35.524 Capital stock
Certified checks
$200,000
$200,000
$200,000
6.267 Surplus fund
Treasurer's checks
150.000
150,000
150,000
1,000 Earnings undivided
Deposits (time): Certifs. of deposit not payable within 30 days
54,992
49,966
53.075
420,000 Deposits
days
Open accounts not payable within 30
2,666,047
2,906.311
2,626.125
206.584 Treasurer's checks
Due to reserve banks
3,859
3,856
5,260
14,373
Due-to other banks
400
Reserve for taxes
Total
$3.074,898 33,310,136 33,034,460
1,148
Other liabilities
1914
1913.
1912.
Rate of int. on dep of $500 & ova._
2%
2%
2
$4,003.886 Dividends paid in calendar year
Total __________
87
0
8%
* Began business Feb. 10,1914.
3250,000
125,000
95.948
1,171,656
3250,000
125,000
83.052
1,091,116
370
------------------------Mattapan Deposit it Trust Co. (Boston).
United States Trust Co. (Boston).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$24,605
$21,005
$20,935
Real estate mortgages
50,000
50.000
50,000
State of Massachusetts bonds
932,381
963.452
885,215
Loans on collateral
255,513
336,320
332,255
on personal securities
Loans
148.399
145,375
136,330
Cash on hand
205,081
204.583
202,901
Cash on deposit
2.000
7.623
10.203
Other assets
$1,637,839 31.694,688 $1,651,649
Total
Liabilities
$100,000
$100,000
$100,000
Capital stock
100,000
100,000
100.000
Surplus fund
43,163
50,134
26,923
Undivided profits
1,416,366
deposits payable on demand- 1,384.340 1,451,525
General
8,360
3.365
Other liabilities
$1.637,839 $1,694,688 $1,651.649
Total
1914.
Rate of interest paid on deposits
Dividends paid in calendar year
iR
Resources
U. S. and State of Mass. bonds
Other stocks and bonds
Loans on real estate
Demand and time loans
Syndicate participations
Due from banks
Cash on hand
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$186.637
3,078,632 2,454,189 2151,572
306,889 1,227,841
1.078,579
3,379,840 2,909,879 3.496,997
198,492
223,696
1,137,226
876,093
515.829
596.502
448.115
256,295
Total
Liabilities
Capital stock
3Surplus'1tivded profits
Deposits
Total
Rate of int. on deposits of $500 & over
Dividends paid in calendar year
38.904,218 38,346,450 37.685.909
$3300,000
1.200,000
272,407
7.131,811
3300.000
1,200,000
226,297
6.620.153
3300.000
1.200.000
174,570
6.011.339
38,904.218 $8. 46.450 $7.685,909
3
1914.
1913.
1912.
2
2%
27
0
25%
25%
24%
THE CHRONICLE
616
[vol.. No.
*Tremont Trust Co. (Boston).
State Street Trust Co. (Boston).
ResourcesLoans
Bonds and stocks
Cash in office and banks
Real estate
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$14 557,902 $14.080,053 $13,064,118
426,809
594.087
650,118
3,318.805
3,322.238
3,591,444
336,101
340.100
357,752
Total
Liabilities
Capital stock
Silolus and undivided profits
Deposits
$18.639,617 $18.336,478 $17,663,432
*Jan. 5 1915.
$940,249
10,160
123,098
61,030
ResourcesLoans and investments
Furniture and fixtures
Due from banks
Cash
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Total
Dividends paid al calendar year. ____
$1,000.000 $1 000,000 $1.000,000
1,361,620
1,581.9E5
1,506,936
16,057.652 15,829,542 15,301,812
$18,639.617 $18,336,478 $17,663,432
1912.
1914.
1913.
8%
8%
$1,134,537
$200,000
51,430
883,107
$1,134,537
Total
* Began business Seppt. 17 1914.
ST. LOUIS COMPANIES.
American Trust Co. (St. Louis).
•
ResourcesDec. 31 '14. Jan. 13 '14. Nov. 26 '12.
Bonds and mortgages$754,262
,
,
Demand loans
2,525,881
1,146,7131
Time loans
2,824,265
2,219,102
1,365,680
Real estate loans
634,965
757,913
Due fr. tr. cos., bks., bkrs. & brokers
618,011
738.430
922,796
Cash on hand
449,498
533.735
476.385
Other resources
4,365
978
Total
$7,618,805 $5,001,062 $4,646,036
Liabilities
Capital
$1,000,000 $1,000,000 $1.000,000
Surplus and undivided profits
210,550
178.483
173,449
Deposits subject to check
3,484,2031
12,218,542
Certificates of deposit
310,988
534,208
3,821,561
Due trust c.,banks and bankers
cos..
263,524
498,755
Savings deposits
614,933
1,904,168
Other Habits., res. for taxes, int., &c_
27,500
18,988
6,052
Total
Rate of interest paid on deposits
Dividends paid in calendar year
$7.618,805 $5,001,062 $4,646,036
1914.
2%
$35,000
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Loans on collateral and commercial
$620,034
$725,360
paper and investment securities___ $697.589
105,40I
Bonds and stocks
85.023
83.970
151.201
Due from trust cos. and banks
179.960
136,659
9,792
8,013
Cash on hand
9,092
5.064
4,490
Other assets
16,544
$943,854 $1,002,846
$891,492
$100,000
40,000
31,738
823,743
7,365
$100,000
30,000
26,805
728,687
6,000
$100.000
40,000
38,381
759,473
6,000
$891,492
$943,854 $1,002,846
Total
1914.
•
Rate of int. paid on dep., 2%,current:3X %.say'gs: 4%,12 mo. ctfs. dep.
8%
Dividends paid in calendar year
Chouteau Trust Co. (St. Louis).
Dec. 31 '14. Jan. 13 '14. Dec. 31 '12.
Resources-$145,902
$146,173
$108,290
Loans on collateral security
47,300
57.100
75,670
Loans on real estate security
Other negotiable paper & non-nego129,797
142,324
200,174
tiable paper & invest. securities
43,688
38,787
48,817
Bonds and stocks
5,287
4,637
4,237
Furniture and fixtures
42,276
33.425
31,840
Due from trust cos. and banks
8,271
10,143
5,219
Checks and other cash items
31,823
15,442
11,019
Cash on hand
161
204
Overdrafts
Total
$488,522
-Liabilities
Capital stock paid in
$100,000
Surplus
25.000
Undivided profits
10,718
Reserved for taxes
Deposits subject to draft at sight by indiv.& others, incl. dem.ctfs. of dep
210,469
Time certificates of deposit
63,757
78,497
Savings deposits
Total
$488,441
$459,649
$100,000
25,000
8.302
227,617
26,261
72,469
$459,649
City Trust Co. (St. Louis).
$946,255
$1.348.247 $1.064,240
paid on deposits, 2% check accounts and 4% on savings and
time deposits.
Dividends paid in calendar year 1914, 5%.
To of
Bate tal int.
Jefferson-Gravois Trust Co. (St. Louis).
Broadway Savings Trust Co. (
St. Louis).
Resources--
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Other liabilities
Farmers' & Merchants' Trust Co. (St. Louis).
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$241,886
$229,948
$293,962
Loans and collateral
8. .727
348,414
372.
Loans on real estate
166,077
94,992
165,344
Commercial paper
61,470
62,000
53,975
Bonds and stocks
1,201
1,561
17,000
Furniture and fixtures
25,532
23,742
45,213
Cash on hand
71,817
65,535
63,740
from banks and trust companies..
Due
56,191
40,919
281,449
Tax bills
Other resources, real estate owned and
8,792
56,339
125.803
building
office
$946,255
$1,348,247 $1,064.240
Total
Liabilities
$100,000
$100,000
$100.000
Capital stocks
50,000
50,000
50.000
Surplus
2,763
13,022
26,888
Undivided profits
793.492
901,218
1,171,359
Deposits
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Resources$705,670
$600,000
$680,974
Loans and discounts
4,118
1,780
Special tax bills
10,450
2,345
Bonds and stocks
8,000
7,500
Furn., fixtures & safe deposit vaults_
27,000
7
5,2001
28:5001
Real estate
27.0001
Bank building
106,264
107,312
95,000
Due from banks
5
198
Overdrafts
-$839,673 - $851,798
Total
$732,845
Liabilities
$100.000
$100.000
$100,000
Capital
15,404
24.763
20,000
Surplus and profits
4,000
Dividend No. 3
724,269
723.035
612,845
Deposits
$839,673
$851.798
$732,845
Total
-Rate of int. paid on deposits: 2% checking accounts,3% savings.
Note.
Laclede Trust Co. (St. Louis).
Dec. 31 '14. *Jan. 13'14'
Resources$31:
:0
3 52
$32 2 0
3
606
9013
Loans on collateral
Loans on real estate security
Other negotiable and non-negotiable paper and in195,517
101,250
vestment securities at present value
26.423
Bonds and stocks
4,864
Real estate
3,539
Safe deposit vaults
3,557
2,456
Furniture and fixtures
42,335
Due from other trust companies and banks
1:267066
32.762
173
Checks and other cash items
13,497
Cash on hand (curr., gold, silver & other coln)._
12,099
$185,893
$411,813
Total
Liabilities
$50,000
$100,000
Capital stock paid in
5,000
10,000
Surplus
813
3,413
$100,000 Undiv. profits, less current expenses & taxes paid_
5.000 Deposits subject to draft at sight by individuals &
105,796
198.525
others, including demand certificates of deposit..
5,670
11,323
48,686
1,103 Time certificates of deposit
10,122
30,877
Savings deposits
15.000
238,429 Bills payable
2,839
5,312
40,032 All other liabilities, treasurer's checks outstanding
49,601
8185,893
$411,813
Total
* Began business Dec. 15 1913.
$439,835
-Rate of interest paid on deposits: 2% current, 3%% savings.
Note.
4% time and 12 months certificates.
$439,835
Resources
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
Loans on collateral security
$121,291
$92,088
$86,163
Loans on real estate security
49,168
75,022
72,937
Other negotiable & non-negotiable
paper & invest. sec. at present val..
78,215
130,305
104,016
Furniture and fixtures
6.442
8,842
6.443
Due from other trust cos. & bks.
good on sight draft
23,196
24,575
19.044
Checks and other cash items
31
419
7,103
Cash on hand (currency, gold, silver
and other coin)
8,356
16.268
18,286
Total
$333,294
$342,436
$272,480
Liabilities
Capital stock paid in
$50,000
$50,000
$50,000
Undly. prof. less current exp. & tax_
1,528
1.166
1,430
Dep. subj. to draft at sight by indly.
& others, incl. dom. ctfs. of deposit
149,177
136,304
115,247
Time certificates of deposit
16,705
14,093
24,010
Savings deposits
115,122
129,562
91,974
Other liabilities
762
1,130
Total
$333.294
$342.436
$272,480
-Rate of int, paid on deposits; 2% checking:3%% time & savings.
Note.
Meramec Trust Co. (St. Louis).
Dec. 31 '14. Jan. 13 '14.
IMArtrurces$83,035
$110,389
Loans on collateral security
7,200
36,927
estate security
Loans on real
85,655
74,533
paper & invest.sec.
Other negotiable & non-nego'le
2.127
371
Overdrafts
3,000
Bonds and stocks
7,400
7.378
Furniture and fixtures
33.485
22,732
Due from trust co.'s and banks
373
724
Checks and other cash items
8,729
9,277
Cash on hand
Total
Liabilities
Capital stock pald in
Undivided profits
by tr.cos., bks.&bankers
Dep.subj.to draft atsightsight by individuals and
Dep. subject to draft at
__
others. Including demand certfs. of deposit_..
Time certificates of deposit
Savings deposit
Other liabilities
$285,085
$208,250
$50,000
11,403
704
$50,000
8,437
15,061
111,189
45,116
63.543
3,130
83.249
21.553
29,319
631
Total-------------------------------------
$285,085
$208.250
Easton-Taylor Trust Co. (St. Louis).
Mercantile Trust Co. (St. Louis).
Dec. 31 '14. Dec. 31 '13. Nov. 26 '12.
Resources
$147,950
$26,354
Loans on collateral
$95,004
57,312
real estate
42,582
Loans on
105,000
194„086
Other securities
25.288
55,449
40,833
Due from banks and trust companies_
19.122
14,358
12,238
Cash on hand, etc
5.975
5,650
6,090
Furniture and fixtures
1,220
1,220
1,220
Safe deposit vaults
$361,867
8339,699
$290,131
Total
Liabilities
$100,000
8100.000
$100,000
Capital stock paid in
17.480
10,789
4,243
Undivided profits
170,078
157.155
153,012
Deposits subject to draft
23.808
19.247
5,642
of deposit
Time certificates
47.947
55,062
27,234
Savings deposits
$339,699
$290,131
$361,867
Total
current, 33% savings.
-Rate of interest paid on deposits: 2%
Note.
Dec. 31 '14. Dec. 31 '13. Nov. 26 '12.
Resources
$18,026,525 $16,282,039 $15,037,427
Time loans
4.828,037
3.431,352
5,434,195
Demand loans
7,253.272
8,235.160
8,369,809
Bonds and stocks
880,000
880.000
880,000
(co.'s office building)
Real estate
250,000
250,0000.
Safe deposit vault
5,709,913
5,982,343
4.274,952
Cash and sight exchange
4,830
51,053
Other resources
$36,962,577 $35,111,947 834.246,383
Total
Liabilities
$3,000,000 $3,000,000 $3,000,000
Capital stock paid in
6,908,652
6,867,825
6.680,376
Surplus and undivided profits
26.968,416 25,244,122 24,566,007
Deposits
85,509
Other liabilities
$36,962,577 $35,111,947 $34,246,383
Total
1914.
2%,2%%,3%,3%
Rate of int. on dep. of $500 and over
18% per ann.(1%% monthly)
Dividends paid in calendar year
1N:121,
THE CHRONICLE
FEB. 20 1915.]
Mississippi Valley Trust Co. (St. Louis).
Resources
Stocks and bonds
Loans on real estate
Loans on collateral
Loans on personal security
Real estate
Safe deposit vaults
Cash on hand
Cash on deposit
Other resources
Dec. 31 '14. Jan. 13 '14. Nov. 26 '12.
$7,266,406 $7,935,288 $9,008,970
1,451,883
1,532,278
9,265,1691 12,387,997 {10,190,999
1,702,881
2,686.243
794
45,163
42.966
72,000
72,000
72,000
1,648,805
1,746,889
2,327,245
2,362,339
2,668,390
1,681,840
11.186
10,024
104,541
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits (savings)
Deposits (time)
Deposits (demand)
Foreign acceptances
Reserve for interest and taxes
Other liabilities
$24,978,688 $24,865,751 $26,449,857
$3,000,000 $3,000,000 $3,000.000
3,500,000 3,500.000
3,500,000
2,035.144
1,858,203
1,876,343
5,135.335
5,357.024
5,288,698
3,012,497
3,028,230
3,308,027
9,697,251
7.724,788
7,980,770
1,929
364,279
65,000
14,000
15,000
2,701
19,227
9,850
Total
$24.978,688 $24,865.751 $26,449,857
Note.
-Interest paid on deposits; 2% check; 33% savings; 33. % on
six and 4% on 12 months' certificates of deposit.
North St. Louis Savings' Trust Co. (St. Louis).
ResourcesDec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$132,680
Real estate mortgages
$161,900
$63,587
64,135
Stocks & bond invest.(market value)
60,225
273,780
331,245
Loans on collateral
467,882
406,296
317,165
Other loans, incl. billspurchased_
303,579
96,245
64,746
Duefrom tr.cos.,bks.,b'kers& brokers
95,844
4,594
5,193
3,993
Real estate, furniture and fixtures
4,760
3,969
7,248
Specie
15.229
11,557
Legal-tender notes & notes of nat. bks.
21,887
6,298
6,929
Other resources
8,067
Total
$1,130,625
Liabilities
Capital
$100,000
Surplus & undly. profits(market val.)
50.235
Deposits subj. to check (not pref.).
432,504
of dep. (not pref.) & say. dep
539.401
Other liabilities
Ctf.
8,485
Total
Rate of interest paid on deposits__
Dividends paid in calendar year
$972,191
$836,217
$100,000
39,565
403,270
417,970
11,386
$100,000
26,422
359,831
339,959
10,005
$1,130,625
$972,191
$836,217
1914.
2%, check; 3%, mo.; 4%, 1 year
6
4%
St. Louis Union Trust Co. (St. Louis).
ResourcesDec. 31 '14. Jan. 13 '14. Dec. 31 '12.
Time loans
$4,259.234 $12,325,380 510,393.996
Demand loans
17.048,408 11.704,278 14,973,740
Stocks and bonds
7,181,686
6,504,220
7,320.393
Real estate and office building
412,855
428,745
441,205
Cash on hand
2,887.3331 8,634,739 12,718,719
Cash on deposit
15,373.629
4,766,9301
Safe deposit vaults
100,000
100,000
100,000
Advance to trusts95,875
95,860
Overdrafts
2,772
15,849
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Dividends unpaid
Deposits
Reserves
Total
617
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
February 4 1915:
GOLD.
Receipts were announced by the Bank of England as under:
Jan. 28, £768,000 in bar gold.
Feb. 4. 113,000 in bar gold.
A further sum of £1,000,000 was set aside on account of the Treasury
Currency Note Reserve, making the total in that reserve £23,500,000.
During the week the reduction on balance at the Bank is therefore
£119,000.
SILVER.
The undertone remains good, and prices have moved very little. For
six successive days, namely from the 27th of January to the 2nd of February, inclusive, the price remained at 225d., yesterday eased Md.to 224d.,
but returned to 22Md. to-day.
Business has been for some time past on a very narrow footing. The fall
that took place yesterday was evidence of this fact.for some China selling,
though very limited in amount, at once sufficed to turn the scale downward.
The Indian Bazaars have been buying, but not so actively as during the
ast few weeks. Indian advices under date of Jan. 9 give the reasons for
this activity: "There has been a brisk demand for ready silver all the week,
the off
-take averaging 140 bars a day. Low prices,rumors of an increase
n the du ty and a marriage season are, we believe, the reasons for the improved demand." Another reason may have been some apprehension that
the Suez Canal might not be available for traffic for a while, pending the
departure of the excursion from the East upon its return journey.
An Indian currency return for Jan. 31 gave details as follows in lacs
of rupees:
Notes in circulation
60,25
Reserve in silver coin
30,30
Gold coin and bullion
8.30
East Indian securities
10,00
Gold in England
7,65
Securities in England
4,00
The stock in Bombay consists of 4,800 bars, the same number as last
week. Statistics for January are appended:
Highest price
22 15-16 cash
Lowest price
22 9-16 cash
Average price
22.73
cash
On the first and last working days of the month, 22 Md. was fixed.
A shipment of 850,000 ozs. has been made from San Francisco to Hongkong during the week.
Quotations for bar silver per ounce standard:
Jan. 29
22% cash
No
Bank rate
5%
'10
22M ' ? quotations
Bar gold per ounce standard_ _ _77s. 9d.
Feb. 1
22%
fixed
French gold coin per ounce
Nominal
22% "
tor
U.S. A. gold coin per ounce_ _ _ _Nominal
forward
22% "
22% "
delivery.
Av. for week 22.605 cash.
The quotations for cash delivery to-day is the same as that fixed a week
ago.
$36,935,227 $39,795,994 $41,154,625
$5,000,000 $5,000,000 $5,000,000
5,000,000
5,000.000
5,000.000
1,884 589
1,794,652
1,224,952
200,000
25,484,798 27,969,342 28,840,036
32,000
230,000
225,477
DEBT STATEMENT OF JANUARY 31 1915.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Jan. 31 1915. For statement of Dec. 31 1914
see issue of Jan. 23 1915, page 285; that of Jan. 31 1914, see
issue of Feb. 21 1914, page 585.
INTEREST-BEARING DEBT JAN. 31 1915.
Amount
Amoun:Outstanclinti
Interest Issued.
Registered. Coupon.
Total.
Savings Trust Co. (St. Louis).
Mk of LoanPayable.
Q.
-J. 646,250,150 693,209,750 3,040,400 646,250,150
ResourcesDec. 31 '14. Jan. 13 '14. Dec. 31 '12. 2s, Consols of 1930
3s, Loan of 1908-18
Loans on collator)!
Q.
-F, 198,7E2,660 46,497,600 17,447,860 63,945,460
$192,021
$255.290
45, Loan of 1925
Loans on real estate
Q.
-F. x162,315,400 101,280,400 17,209,500 115,489,900
125,245
131.962
25, Pan, Canal
Other negotiable & non-negotiable
-F. 54,631,980 54,611,420
20,560 54,631,980
$412.465 25, Pan. Canal Loan 1906_Q.
Loan 1908_Q.
paper and investment securities_
-F. 30,000,000 29,687,520
312,480 30,000,000
54,032
79,185
Is, Pan, Canal Loan 1911.Q.-5. 50,000,000 40,440,100 9,559,900 50,000,000
Bonds and stocks
1.160
1.868
2%s,Post.Sav.bds. 11- 13..J.
-J.
Real estate, furniture and fixtures..
5,508,060 4,806,660
5,266
6.4111
701,400 5,608,060
24.347
2%s,Post. Say. bds. 1914J-.J.
Safe-deposit vaults
933,540
842,500
91,040
4,720
933,540
4.7201
Duo from tr. cos.. bks., bkrs.&brokers
46,996
117,655
98,109
Aggregate int.-bearing debt_ _1,146,431,790 921.375,950 48,383,140 969,759,090
Checks and other cash items
15,893
14,407),
20,048
Cash us hand
23,3111
19,539
• Of this original amount issued, $132,449,900 has been refunded into the 2%
Total
$554,969 Consols of 1930 and $2,397,300 has been purchased for the sinking tund and canceled.
$628.092
$471.589
Of this original amount issued, $43,825,500 has been purchased for the sinking
Liabilities
5100.000 fund and canceled.
Capital stock paid in
$100,000
$100,000
22,821
20.564
Surplus and undivided profits
2,849
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
402,1201
Deposits subject to draft
264,419
Jan.31.
432,148 Funded loan of 1891, continued at 2%,called May 18 Dec.31,
Time certificates of deposit
24,586
18,7549,788
7
Savings deposits
79.335
1900, interest ceased Aug. 18 1900
$4,000 00
54,000 00
6.866
Other liabilities, treasurer's checks_
Funded loan of 1891, matured Sept. 2 1891
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904
13,050 00
13,050 00
$628,092
$554,969 Funded loan of 1907. matured July 2 1907
Total
$471 589
661,350 00
559,700 00
Refunding certificates, matured July 1 1907
13,080 00
12,640 00
Old debt matured at various dates prior to Jan. 1 1861
Vandeventer Trust Co. (St. Louis).
and other items of debt matured at various dates
subsequent to Jan. 1 1861
ResourcesDec. 31 '14. Dec. 31 '13. Nov. 26 '12.
903,540 26
903,540 26
Loans on collateral
$321,417
$290.176
$252,421
Bonds, stocks and real estate
5,775
12,833
Aggregate debt on which Interest has ceased since
15,155
7,500
Furniture,fixture and safe dep. vaults
8,166
maturity
7.500
$1,518,670 26 $1,516,580 26
Due from banks and trust cos '
41,959
33,141
16.856
DEBT BEARING NO INTEREST.
Cash on hand
17.984
14.546
17,511
Other resources
211
Dec. 31.
4,947
Jan. 31.
United States notes
$346,681,016 00 $346,681,016 00
Total
$358,862 Old demand notes
$394,846 ,
53,15250
$314,390
53.152 50
National bank notes, redemption fund
Liabilities15,192,433 00
16.960,228 00
Capital stock (50% paid in)
550.000 Fractional currency, less $8,375,934 estimated as
$50,000
$50,000
lost or destroyed
Undivided profits
7,288
11,431
6,851,797 90
6,851,307 90
13,005
Deposits
301,126
323,678
239,843
Aggregate debt bearing no interest
Other liabilities
448
9,737
$368,778,399 40 $370,545,704 40
11.542
$36,935.227 $39,795,994 $41,154,625
Total
$314,390
$394,846
ResourcesReal estate mortgages
Loans on collateral
Cash on hand
Cash on deposit
Other assets
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12.
$111.552
$129,427
$104,453
309.522
358.238
433,02
18.374
26,026
26,415
61 .106
73,030
50,626
121 60
11.049
11,711
-5597.770
$51514
$626,226
Total
Liabilities
Capital
Undivided profits
Savings and time deposits
General deposits payable on demand..
Other liabilities
Total
ate of int. paid on deposits
Dividends paid in calendar year
$100,000
30,872
197,550
282,293
15.511
RECAPITULATION.
Jan. 311915.
Dec. 31 1914.
$358,862
West St. Louis Trust Co. (St. Louis).
$100,000
100.000
28.807 - 23,432
192,616 ".•157 461
267.509 11,'c 214,578
8.838
13,543
Increase (4-) or
Decrease (-).
Interest-bearing debt
$969,759,090 00 $968,825,55000
-i- 5933,54000
Debt interest ceased
-2,09000
1,516,580 26
1,518,67026
Debt bearing no interest__ _ 370,545,704 40
+1,767.30500
368,778,39940
Total gross debt
51,341,821,374 66 $1,339,122,619 66 +52.698.75500
Cash balance in Treasury *_ a226,434,980 22 a233,951,927 76 -7,516,947 54
Total net debt
51,115,386,394 44 $1,105,170,691 90 +510.215.70254
* Includes 5152,454,162 81 reserve fund.
a Under the new form of statement adopted by the United States Treasury on
July 1, the item "national bank notes redemption fund is not only included in
The "debt bearing no interest,' but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication the amount is eliminated as a current liability,
increasing to that extent the cash balance in the Treasury.
$597.770
$626,226
5513,014
The foregoing figures show a gross debt on Jan. 31 of
1913.
1914
3 t 41,821,374 66 and a net debt (gross debt less net cash
3,3%,t4 ` ,-r 1912.
L ____ . 1, h
3
°.3,3
5%
eTreasury) of $1,115,386,394 44.
8% in
astellau.6%
THE CHRONICLE
618
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements shows
the currency holdings of the Treasury at the beginn.ng of
business on the first of November and December 1914 and
January and February 1 1915:
loo.
[VOL.
grettnnerrial anaMiscellaneratsgems
.1111.1WyWenrarerwart
Breadstuffs Figures brought from page 653.
-The
Jan.11915. Feb. 11915. statements below are prepared by us from figures collected by .
$
$
263,650,970 242,248,708 the New York Produce Exchange. The receipts at Western
44,779,612 49,226,995 lake and river ports for the week ending last Saturday and
9,759
9,032
36,268,000 26,969,790 since Aug. 1 for each of the last three years have been:
65,208,492 102,708,252
20,670,681 24,462,626
1,792,234
2,617,756 Il.ceipts at- Flour.
Wheat.
•
Corn.
Oats'.
Rye.
Barley.
Total cash in Sub-Treasuries_ _345,651,858 407,047,038 432,379,7481448,243,159
8513.196195. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4819s. bu.66 lbs.
Less gold reserve fund
150,656,106 151,324,889 151,988,820 152,454,163 Chicago__ -188,000 1,398,000
1,775,000 2,052,000
624,000
58.000
37,000
133,000
343,000
74,000
574,000
464,000
Cash balance in Sub-Treasuries_ _194,995,752 255,722,149 280,390,928 295,788,996 Milwaukee__
Duluth
302,000
202,000
162,000
89,000
42,000
Cash in national banks
1,759,000
348,000
310,000
569,000
78,000
To credit Treasurer ot U. S._ _ 65,742,795 72,931,350 69,631,331 63,420,644 Minneapolis.
Toledo
93,000
158.000
40,000
2,000
To credit disbursing officers__ _ 6.854,322 8,773,733
8,248,498
8,048.957 Detroit
8,000
61,000
44,000
90,000
Cleveland
134,1100
139,000
72,000
30,006
4,000
Total
72,597,117 81,705,083 77,879,829 71,469,601 St. Louis__
_
54,000
601,000
369,000
48,000
533,000
7,000
Cash in Philippine Islands
4,874.294
5,021,660
3,474,247 4,501,130 Peoria
133,000
79,000
67,000
415,000
38,000
247,000
557,000 1,134,000
Net cash in banks, Sub-Treas.272,467,163 342,448,892 361,745,004 371,759,727 Kansas City.
123,000
134,000
478,000
Omaha
Deduct current liabilities_a
154,124,559 155,335,779 142,757,761 133,991,832
Tot. wk. '15
438,000 5.050,000 5,683,000 4,205,000 1,836.000 261,000
Balance
118,342,604 187,113,113 218,987,243
433,000 3,861,000 5,346.000 2,984,000 1,152,000 132,000
National bank redemption fund. 26,702,628 113,611,269 152,216,568 237,767.895 Same wk.'14
180,747,306 Same wk.'13
340,000 4,992,000 9,230,000 4,291,000 2,205.000 232,000
Available cash balance
91,639.976 73,501,844 66.770,675 57,020,589 Since Aug. 1
a Chiefly disbursing officers' balances. I Includes 33,520,712 42 silver
bullion
1914-15... 11,920,000 302,646,000 167,408,000 184,381,000 63,691,000 16828000
and 32,617,755 88 minor coin, &C., not included in statement "Stock of
Money.
1913-14_ _ 11,956,000 209,461,009 135,653,000 138,111,000,63,816,000 9,813,000
1912-13_ 10,289,394 261,208,777 135,835,363 153,538,462170,439,506 12233000
Nov.1 1914. Dec.1 1914.
-Treasuries$
Holdings In Rut
5
256,214,219 251,062,788
Net gold coin and bullion
16,471,559 34,999,130
Net silver coin and bullion
8,611
9,155
• Net United States Treas. notes
11,777,297 27,703,240
Netiega,tender notes
37,949,831 69,950.581
Net national bank notes
21,174,024 21,015,502
Net subsidiary silver
Minor coin,&c
2,056,317
2,306,702
TREASURY CASH AND DEMAND LIABILITIES.
The cash holdings of the Government as the items stood
Jan. 31 are set out in the following.
.
.
LIABILITIES,
Trust Fund Holdings:
$
Trust Funl Liabilities:
Gold coin and bullion__ 988,590,269 00 Gold certificates
996,590,869 00
Silver dollars
476,018,000 00 Less certificates received
Silver dollars of 1890._ _
In exchange for gold
2,331,000 00
and order gold ctfs__ _
8,000,600 00
Total trust funds_ ___I,466,939,269 00
General Fund Hold'gs:
, Net
988.590,269 00
In Treasury Offices
Silver certificates
476,018,000 00
Gold coin
59,652,315 72 Treasury notes
2,331,000 00
Gold certificates
30,142,230 00
Standard silver dollars 22,301,556 00
Total trust liabilities_1,466,939,269 00
Silver certificates
23,404,726 00
Gen'l Fund Liabilities:
United States notes... 26,969,790 00 In Treasury offices:
Treas'y notes of 1890_
9,032 00
Disbursing officers'
Certified cheeks on
62,239,360 91
balances
banks
Outstanding warrants
859,179 87
328,441 75
Federal Reserve notes
Outstanding Treasur24.000 00
National bank notes_ 102,708,251 96
4,798,133 59
er's checks
Subsidiary silver coin 24,462,626 43
Outstanding interest
Fractional currency
294,577 01
checks
2,261 05
Minor coin
6,339,868 20
2.263,053 08
P.0.Dept. balances.
Silver bullion
2,021,509 32
3,520,712 42
Postal Savings bals
Judicial officers' balTotal
ances, Sac
6,506,642 81
295,788.996 41
In Nat. Bank Deposit's:
Redemption fund,
To credit Treas. U.S. 63,420,643 58
Fed. Reserve notes_
443.23750
To credit postmasters,
Nat. bank notes: Redemption fund_ _ _ _
Judicial officers, dre.
16,960,228 00
8,048,957 28
Ret rement of addll
circulating notes... 163,787,077 70
Total In banks
71.469.60086
In Treas. Philippines:
Nat. bank 5% Fund_
25,767,011 58
Assets of failed na
To credit Treas. U.S..
2,050,234 20
To credit disbursing
tional banks
1.305,66742
officers
2,450,895 66
Miscellaneous (exchanges, &c.)
10,845,565 40
Total in Philippines
4.501,12988
Total
302,168,059 31
In National Bank Depositories:
Judicial officers' balances, &c
8,048,957 28
Outstanding warrants
938,198 25
Total in banks_ _ __
In Treasury Philippines:
DIsbrsuing officers'
balances
Outstanding warrants
2,450,895 66
1,133,027 22
Total in Philippines-.
3,583,922 88
8,987,155 53
Tot, liabilities against
cash
314,739,137 72
Cash Bal. & Reserve.
Total cash reserve
209,474,752 22
Made up ofAvallable_1357,020,589 41
and
Reserve Fund:
Reserve Fund Hold'gs:
Gold and
Gold coin and bullion__ 152,454,162 81
bull_ _152,454,162 81
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 13 1915 follow:
Receipts atNew York
Boston
Portland, Me..._ _
Philadelphia _ _ _
Baltimore
New Orleans *
Newport News_
Norfolk
Galveston
Mobile
Montreal
St. John
Corn,
Flour,
1Vheat,
bush,
bush,
bbls.
285,000
235,000 1,532,000
16,000
44,000
54,000
338,000
22,000
249,000
708,000
34,000
19,000
445,000 1,287,000
88,000
117,000 1,462,000
127,000
14,000
150,000
47,000
466,000
534,000
20,000
25,000
72,000
5,000
11,000
218,000
Oats,
bush,
439,000
79,000
Barley,
bush.
77,000
3,000
505.000
601,000
102.000
385,000
18,000
14,000
19,000 545,000
13,000
97,000
Bye,
bush.
24,000
1,000
17,000
563,000 5,979,000 2,082,000 2,221,000 130,000
Total week 1915_
Since Jan. 11915. 3,923,000 41,995,000 12,958,000 12,734,000 2940,000
600,000
656,000 158,000
385,000 1,725,000
Week 1914
SinceJan. 1.1914_ 2,931,000 15,724,000 6,023,000 5,569,000 1590,000
588,000
2917,000
108,009
433,000
*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
ending Feb. 13 are shown in the annexed statement:
Oats,
Corn, Flour,
1Vheat,
Rye, Barley,
Peas,
bush,
bbls.
bush,
bush,
Exportsfrombush.
bush.
bush.
New York
2,327,334 315,964 181,552 347,408
500 50,000 13,349
Portland, Me_
338,000
22,000
Boston
233,178 102,436
3,922
25,904 28,000 50,000
Philadelphia ___ 734,000
69,000 86,000
85
14
Baltimore
435,338 1,211,457 28,617 1,314,434 517,679 151,632
New Orleans_ _1,590,000
18,000
8,000
30,000
Newport News__ 150,000 127,000 14,000 385,000
Galveston
1,082,000
Mobile
25,000 20,000
13,000
St. John
218,000
Norfolk
466,000
47,000
Total week_ ___7,573,850 1,868,857 411,091 2,115,831 546,179 251,646
Week 1914
2023273 137178 195131 243654
, ,
,
,
,
176,725
13,349
3,505
The destination of these exports for the week and since
July 1 1914 is as below:
Corn
Wheat
Since
Since
Since
July 1
Week.
Week,
Week.
July 1
July 1
1914.
1914. Feb. 13.
Exportsfor week and Feb. 13.
1914. Feb. 13.
bush.
bush.
bush.
bush,
since July 1 tobbls,
bbls.
917,886
United Kingdom__ 56,062 3,490,186 1,616,582 90.476,838 402.739
317,805 3,249,908 5,949,768 118264,684 1,420,448 12,050,993
Continent
834,882
7,500 2,831,622
Sou. SE Cent. Amer_ 2,964 955,136
44,980 1,251,507
33,883
31,398 924,297
West Indies
8,318
56,491
Brit, Nor. Am. Cols. 2,607
690
18,615
382,519
255 198,909
Other Countries.._
411,091 8,874,927 7,573.850 211989,546 1,868,857 15,082,201
Total
,573,131
195,131 7,619,368 2,023,273 133495.682 137,178 2
Total 1913-14
-Flour
1 991,153,158 94
Grand total
1,991,153,153 94
The world's shipments of wheat and corn for the week
STOCK OF MONEY IN THE COUNTRY.
-The follow- ending Feb. 13 1915 and since July 1 1914 and 1913 are shown
ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in cir- in the following:
culation on the dates given:
'
Corn.
Wheat.
Grand total
-Stock of Money Feb. 1 '15- -Money in Circulation
In U. S.
Held in Treas.aFeb. 1 1915. Feb. 2 1914.
Gold coin and bullion
1,823,747,112
Gold certificates_ b
Standard silver dollars.... 565,941,478
Silver certilicates.b
Subsidiary silver
184,797,402
Treasury notes of 1890_ _ _
2,331,000
United States notes
346,681,016
e20,514,725
Federal Reserve notes
d982,206,133
National bank notes
212,106,479
130,142,230
22,301,556
23,404,726
24,462,626
9,032
26,969,790
24,000
102,708,252
623,050,364 610,809,854
8958,448,039 1,089,933,778
67,621,922
72,706,661
g452,613,274 468,238,187
160,334,776 160,874,345
2,321,068
2,531,084
h319,711,226 335,136,760
20,530,725
d879,497,881
701,349,504
3,926,218,866 442,128,691 3,484,130,175 3,441,580,263
Total
Population of centinental United States Feb. 1 1915 estimated at 100,016,000;
circulation per capita, $3484.
a This statement of money held in the Treasury as assets of the Government does
not include deposits of public money In national bank depositaries to the credit of
the Treasurer of the United Statee, amounting to 363,420,643 58.
b For redemption of outstanding certificates an exact equivalent in amount of
in the Treasury, and is not Included in the
the appropriate kinds of money Is held
account of money held as assets of the Government.
circulating notes issued under authority of Act of May 30
d Includes additional
1913 and Aug. 4 1914.
1908, as amended by Acts of Dec. 23
banks.
e Amount issued Federal Reserve
Federal Reserve agents for retirement odors!
if Includes $15,041,600 in hands
Reserve notes.
agents for retirement Federal Reg Includes $252,500 In hands Federal Reserve
serve notes.
Federal Reserte agents for retirement Federal Reis Includes $307,000 in hands
serve notes.
certificates received in exchange for
1 Does not Include $8,000,600 demand gold
gold and order gold certificates.
Exports.
1914-15.
Week.
Feb. 13.
Since
July 1.
1913-14.
Since
Jul.!, 1.
1914-15.
1Veck
Feb. 13.
Since
July 1.
1913-14.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
0
North Amer. .984,000 286.796,00 193,522,000 1,510,000 14,723,000 1,277,000
4,813,000 9,629,000
12 074 000 103,654,000
: :
Russia
38,138,000
9,431,000 18,402,000
Danube__ 1,472.000 9,455.000 20,170,000 2,797,000 100,078,000 129,044,000
Argentina
8,996,000 32,498,000
Australia.48.000 17,440,000 25,608,000
India
96,000 5,181,000 5,626,000
0th.counts s
Total _-_ 11600000 342,289,000 419,216,000 4,307,000 138,045,000 158,356,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Total,
Total.
Bushels. Bushels,
Bushels.
Bushels,
40,792,000
Feb. 13 1915_
23,308,000
43,432,000
Feb. 6 1915_
25,288,000
Feb. 14 1914.. 23,080,000 17,768,000 40,848,000 4,428,000 6,741,000 9,860,000
Feb. 15 1913_ 21,968,000 24,832,000 46,800,000 5,559,000 13,736,000 19,295,000
Bushels.
Bushels.
Corn.
United
Kingdom.1Continent.
FEB. 201915.]
THE CHRONICLE
GOVERNMENT REVENUES AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury,we
are enabled to place before our readers to-day the details
of Government receipts and disbursements for January
1915 and 1914 and for the seven months of the fiscal years
1914-15 and 1913-14.
Receipts-Jan. 1915.
Jan. 1914. 7 Mths.'14-15. 7 Mths.'13-14.
Revenues:
$
Customs
16.558,193 00 23,528,079 83 124.291,126 53 182,135,998 27
Internal Revenue
27,096,155 42 24,547,107 94 191,643,324 79 188,648,237 69
Ordinary
Corporation and
Income tax__ _ - 667,773 90
384,016 03 9,905,215 60 3,192,622 73
Miscellaneous
6,390,504 16 5,518,682 59 41,960.118 39 31,670,308 46
Total
Postal savings
50,712,626 48 53,977,88039 367,799,78521 405,647,16715
933,540 00
933,54000 2,246,70000
Grand total of reets.51,646,166 48 53,977,88639 368,733,32521 407,893,88715
Disbursements
Ordinary:
Legislative eatabl__ 1,201,264 55 1,103,569 81
Executive office_ _
79,938 51
56,650 33
State Department- 289,728 22
319,765 74
Treasury Defd.Excl.Public Bldgs, 3,844,19300 3.436,76016
Public lildgs
1.555.03676 1,592.002 66
War Department
Military
9,951,536 73 11,026.784 64
Civilian
174,010 53
175,563 22
Rivers & Harbors_ 2,696,066 70 3,022,324 04
Dept. of Justice__- 972,903 43
756,941 33
Post Ofilcc Dept.Excl. Postal Say. 180,280 12
158,906 23
Postal deficiencies
686 34
Navy Department
Naval
12.404.64287 11,880,147 80
Civilian
78,409 22
69,192 45
Interior DepartmentExcl. Pensions and
Indians
2.086,37545 1,842,262 04
Pensions
12,483,154 41 12,579,404 48
Indians
1,579.645 74 1,560,322 62
Dept. of Agriculture 3,225,156 64 3,910.073 77
Dept. or Commerce. 754.927 76
749,234 31
Dept. of Labor
268,741 78
315,944 41
Independent Offices
and Commissions. 494,317 46
261,062 06
District of Columbia 680,123 64
794,604 50
Int. on public debt_ 3,329,993 08 3.317,96043
7.713,055 59
405.666 88
2,881,104 65
8.494,517 75
2,299,570 10
2,549,814 57
28.867.912 64 26,102,810 40
11,941,872 16 7,816.786 08
81.797,02677 76.816,554 40
1.311,39681
1,353,277 67
30.144,13341 33,093,487 25
6,893,516 48 6,553,843 17
1,144,076 67
1,243.936 23
686 34
83,181,547 40 82,90.5,22723
519,453 19
498,000 14
18,368,429 18
95,319,61941
13,825.99542
17.902,81599
7.113.29031
2,325,694 13
15,144,798 22
99,675,184 09
12,318,020 66
15,111,294 26
7.012,926 04
2,245,331 92
3,031,79406
1,736,881 79
8,158.291 79 8,274,792 38
14,771,80947 14,750,179 29
Total pay warrants
drawn
58,310,347 20 57,830,163 37 439.962,23771 423,659,844 68
Public Debt:
Bonds,notes and certificates retired_ _ _
585 00
2,580 00
37,145 00
19,154 00
Panama Canal:
Pay warrants Issued. 2,564,618 49 2,580,163 48 19,211,668 39 23,466,847 79
Total public debt dr
Pan.Can.disb'ts 2,567,198 49
2,580,748 48 19.248,81339 23,486,001 79
Grand total of dIsble_ _61,398,251 72 61,070,897 21 457.003.86861 447,000,778 36
Net excess of all disbursements
9.750,085 24 7.093.01082 89,170,543 40 39,106,911 21
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
1914-15.
Bonds and Legal Tenders
on Depose for
Bonds.
Legal
Tenders.
Circulation Afloat Under
-
Bonds.
Legal
Tenders.
Total.
$
Jan. 30 1915_ . 810,508.055 191,724,115 e790.482,018
Dec.31 1914_ 897,146.922 188,541,610 d871,169,405 191,724,115 982,206,133
Nov.30 1914._ 1,017,177,241 101,420,019 c1010,579,057 168.541,616 1,039,711,021
Oct. 31 1914.. 1,109.989,665 20,632,278 81100,836,633 101,420.019 1,111,999,076
Sept.30 1914._ 1,089,281,290 15,768,893 a1062.317,883 20,632,278 1,121.468,911
Aug.31 1914_ 870,289,600 15,447,138 *862,093,143 15.766,893 1,077,884,776
July 31 1914- 740.220,680 15,684,220 735,222,801 15,447,138 877,540,281
15,684,220
June 30 1914._ 740.798,910 15,142,939 735.528,960 15,142,939 750,907.021
May 30 1914._ 740,818,360 16,131,271 735,423.425 16,131,271 750,671,899
751,554.698
Apr1130 1914_ 741,213,210 15,585,726 736,180,040
Mar.31 1914_ 740,603,400 16,605,018 735,445,281 15,585,726 751,765.788
16,605,018 752,050,299
Feb. 28 1914._ 741,445,500 16,658.993 736,509,838 16,658,993
Jan. 31 1914_ 741,645,500 17.828,533 738,194,233 17,828,533 753,168,831
Dec.31 1913._ 743,068,500 17,209,316 740,633.645 17.209,316 754.022,766
757.842,981
•Of which 26,241,760 miscellaneous securities, Act of May 30 1908.
a Of which $325,007,900 miscellaneous securities. Act of May 30
80! which $361.119.940 miscellaneous securities. Act of May 1908.
c Of which $270,078.236 miscellaneous securities. Act of May 3030 1908.
S Of which $150,838,692 miscellaneous securities, Act of May 30 1908.
1908.
e Of which $67,307,165 miscellaneous securities, Act
of May 30 1908.
The following shows the amount of each class of
held against national bank circulation and to secure bonds
public
moneys in national bank depositaries on Jan. 30.
Bonds on Deposit
January 30,
2%,U.S. Consols of 1930
3%,U.S. Loan of 1908-1918
4%,U.S. Loan of 1925
2%, U.S. Panama of 1936
2%, U.S. Panama 01 1938
3%, U.S. Panama of 1961
3.65%. District of Columbia
4%,Philippine Loans
4%, Philippine Railway
4%, Manila Railroad
4%,Porto Rico Loans
Various. Territory of Hawaii
Various, State, City, Railroad, &c
Si. S. Bonds Held Jan. 30 to Secure
Bank
Circulation.
Public Deposit
in Banks.
Total
Held.
12,057,700
5,014,400
3,741,200
1,178,500
549,000
13,562,400
633,000
5,640,000
918,000
10,000
1,965,000
2,033,000
35,089,065
617,666,650
26,129,880
37,234,500
54,088,680
29,450,640
13,562,400
633,000
5,640.000
918,000
10,000
1,965.000
2,033,000
35,089.065
742,029,550
68,478,505
Total bonds and other securities._
810,508,055
82,391,265
824,420,815
68,478,505
82,391,265
892,899,320
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Jan. 1 and
Feb. 1 and their increase or decrease during the month of
January:
$1.038,711.021
57,504,888
Amount of bank notes afloat Feb. 1 1915
Legal
-Tender Notes
Amount on deposit to redeem national bank notes Jan. 1 1915
Net amount of bank notes issued In January
$982,206,133
8168.541.616
23,182,499
Amount on deposit to redeem national bank notes Feb. 1 1915_
5191,724,115
NICARAGUA CUSTOMS RECEIPTS.
-We append a
statement showing the Nicaraguan customs receipts for the
first eleven months of 1914, compared with 1913:
January
February
March
1914.
$158,251 36
156.91064
118,220 40
1813.
5149,945 98
126,957 25
139,518 74
Increase (+)
Decrease(-)
+56,305 38
+29,953 39
-21,298 34
First quarter
April
May
June
8432,382 40
115,087 24
118,30640
105,549 52
8416,421 87
154.767 38
150,71894
1E0,006 12
+816.96043
-39,680 14
-32,41254
-44.456 60
$338,943 16
$455,492 44
-8116,549 28
8772,325 56
95,97352
84,53252
82,531 38
5871.914 41
181,62984
140,051 16
153,623 17
-$99,588 85
-85.65832
-55,51864
-71,091 79
5273,037 42
5475,304 17
-5212,268 75
577,998 19
$125,901 40
55,406,78
125,492 42
-547.903 21=
-70085 64
Second quarter
Half
-year
July
August
September
Third quarter
October
November
Canadian Bank Clearings.
-The clearings for the week
ending Feb. 13 at Canadian cities, in comparison with the
same week of 1914, show a decrease in the aggregate of
15.3%.
Week ending February 13.
Clearings at
1915.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Calgary
Ottawa
Edmonton
Quebec
Victoria
Hamilton
Regina
Halifax
Saskatoon
London
St. John
Moose Jaw
Fort Wildam
Brantford
New Westminster
Brandon
Lethbridge
Medicine Hat
Peterborough
'rntalrAn.dm
1914.
Inc.or
Dec.
$
$
%
43,076,156 53,470,111 -19.4
31,409,758 39,126,123 -19.7
22,121,242 19,885,943 +11.2
5,081,601 7,886,707 -35.6
2,767,283 3,154,840 -12.3
3,734.291 3,482,640 +7.2
2,088,013 3,238,276 -38.6
2,875,922 2,835,934 -5.6
1,499,128 2,549,926 -41.2
2,295,931 2,534,555 -9A
1,130,453
1,663,183 -32.1
1,868,666 1,612,248 +15.9
705,175 1,048,124 -32.7
1,518,197 1,521,521 -0.2
1,449,438 1,279,035 +13.3
645,557
741,544 -12.9
924,805
642,428 -33.9
471,319
602,240 -21.8
229,540
354,079 -35.3
375,676
436,030 -14.0
311.858
381,794 -18.3
200,844
406,125 -50.6
275,000 Not InclAn total
1913.
1912.
$
53,991,475
38,430,766
29,989,885
11,729,678
5,012,110
3,144,051
3,664.909
3,510,887
3,437,771
2,924,155
5,731,640
1,825,130
1,745,366
1,565,253
1,430,193
1,035,518
914.935
620,402
522,925
470,786
466,633
$
42,764,522
34,552,407
22,606,187
10,602,790
4,235,765
3,808,780
4,120,432
2,286,462
2,951,180
2,626,682
1,713,341
1,500,062
1,558,744
1,329,937
1,403.992
906,660
812.108
478,558
.._......
435,670
548,417
128 mn RA1 148.854.2116 -18.3 167 166 440 141 222 AAA
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:
Per cent. Shares. Stocks.
Percent.
260
25 New Yorker Slants Zeltung_818,750
Bonds.
Per cent.
.$400
120 Gas Elec.
$9.000 Lockport Light, H.& P.Co.
lot ref 5s, 1938
100 Locomobile Co.of Amer.,com_ 10
86
Shares. Stocks.
5 Franklin Trust Co
_
140 Lawyers'T.I.& Trust Coctf_ _130
Car Co. pt. tem.
By Messrs. R. L. Day & Co., Boston:
$ per sh
Shares Stocks
2824
10 Old Colony Trust Co
119
Fidelity Trust Co
10
2 Warren Nat. Bank,Peabody_ 115q
125)4
2 Lyman Mills
1554
5 Berkshire Cotton Mfg
60
11 Lancaster Mills
112-11231
55 Pacific Mins
14-14%
9-9Lyman Mills
1 Boston Athenaeum,$300 par--327Si
21834
6 Plymouth Cordage
Shares Stocks
$ per sh
2 Boston Wharf
11734
8 Adirondack El.Pow.Corp.. pre. 4114
10 Puget Bound Tr., L & P ,pref. 97
10 E. dr T. Fairbanks & Co./ $500
each
18511
10 Springfield Gas Light
267
25 Draper Co
190
Bonds
Per cent
85,000 Southern California Edison
gen 5s, 1939
93
By Messrs. Francis Henshaw & Co., Boston:
Shares Stocks
$ per sh Bonds
Per cent
3 Massachusetts Cotton Mills...114
$1,200,000 Pere ?slam. RR. impt.
20 Tremont & Suffolk Mills
97
& ref. gen. 5s, 1961,Series A _ _ _ _5-5%
10 Springfield Gas Light
28034 $1,384,000 Cm. Ham.& Day. gen
2-43Lyman Mills
14
M. 1939
35-36
By Messrs. Barnes & Lofland, Philadelphia:
605,608,950
21,115,480
33,493,300
52,910.180
28,901,640
Total
Misc. securities (approved Issue value)__
619
National Bank Notes-Total Afloat
Amount afloat Jan. 1 1915
Net amount retired during January
Shares Stocks
per sir
10 Phila Tr.,Safe Dep.& Ins_725
7 Reliance Insur.$50 each__ 55
3 Mt Holly Lum.& M.RIC.
550 each
61%
3 Commonwealth Title I.& T.235
123 Beach Hay.Coma.,$50eami 5
1,000 So'western Coal & I A5 ea-.85 lot
30 American Sparklet, Met--53 lot
12 American Sparklet,cam_ _ _ _54 lot
25 Marconi W.Tele. of Amer..
pref., 55 each
3%
120 Marconi W.Tele. of Amer.,
corn., $5 each
231
41 Long Beach VpIke,$50each 1)4
21,675 Dona Dora Mining,$1 each *5101
25 Long Bell. Bldg. & L., 1st
series
$500 lot
108 Nye & TredIck Co
35
6 Phila. Bourse,Pref..$25 ea- 1831
4 Phila. Bourse, corn.,S50ea_ 534
$50 Aronimink Country Club. 811
200 Sunset Mg.& Dev., ea_513 lot
10 Amer.Identification, $5 ea_83 lot
.500 National Specialty Sales._.53 lot
Shares Stocks,
$ per sh
3,100 Goldfrog Big C..$1 esch.-51 lot
600 High Gravity United 011,SI
each
$I lot
500 United Water Pow.,$1 ea_ _82 lot
35 Amer.Tin Plats M.& M
51 lot
50 Star Milk Cooler.$10each._51 lot
50 Shore Er.L.,H.&P.,51.0 ea.Al lot
15,000 Leora V Gold.$I each
52 lot
5,003 Un.011 Produc g. S1 each.,S1 lot
.
12,500 Nat. Cons.011,com ,St ea-S1 lot
12,500 Nat.Cons. Oil, pref.,$1 ea.SI lot
255%
1 Bank of North America_
10 Farmers' dr Mech. Nat. Bk-13434
10 Real Estate Trust, pref.... 80
161
1 West End Trust
26 Colonial Trust, $50 each... 94
100
45 Merchants Warehouse
79
5 Bergner dr Engel, pref
8-10 U.S. Loan Soc • $10 each.. 10
20 Phila. Life Insurance
10
Bonds
Per cent'
52.000 Amer. Rubber Reclaiming
65, 1928
90
620
THE CHRONICLE
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Name of Company.
[VOL. 100.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Chesebrough Mfg. Consolidated (guar.)_ _ _ 6
Mar. 20 Mar. 6 to Mar. 21
4
Extra
Mar.20 Mar. 6 to Mar. 21
Cleve.& Sandusky Brew., pref.(guar.).- 1
Mar. 15 Holders of rec. Feb. 27
Columbus Gas & Fuel,common (guar.)
- 1
Mar. 1
Consolidated Gas (guar.)
116 Mar. 15 Holders of rec. Feb. 100
Consumers Co., preferred
334 Feb. 20 Holders of rec. Feb. 10
,
comities/al Oil (guar.)
3
Mar. 16 Holders of rec. Feb. 23
Crescent Pipe Line (guar.)
750. Mar.15 Feb. 21 to Mar. 15
Cuban-American Sugar, mei (guar.)
.
14 April 1 Holders of rec. Mar. 15a
Diamond Match (guar.)
14 Mar. 15 Holders of rec. Feb. 27
Extra
1
Mar. 15 Holders of rec. Feb. 27
Dominion Textile, Ltd., corn. (guar.).- _ 14 April 1 Holders of rec. Mat. 15
Eastman Kodak,common (extra)
10
Mar. 1 Holders of roe. Feb. 15a
Eastman Kodak, common (guar.)
216 April 1 Holders of rec. Feb. 270
Common (extra)
24 April 1 Holders of rec. Feb. 27a
Preferred (guar.)
14 April 1 Holders of rec. Feb. 27a
Electric Storage Battery, corn. & ore!. (gu.). 1
Apr.1 1 Holders of rec. Mar. 22
Federal Mining & Smelting, pref. (guar.)
1
Mar. 15 Ho.ders of rec. Feb. 23
3
Galena-Signal Oil, common
Mar.31 Holders of rec. Feb. 27
Preferred
2
Mar. 31 Holders of rec. Feb. 27
General Asphalt, preferred (guar.)
114 Mar. 1 Holders of ree. Feb. 13a
General Chemical, common (guar.)
116 Mar. 1 Holders of rec. Feb. 23a
General Chemical, pref. (guar.)
116 April 1 Holders of rec. Mar. 17
General Elcarte (guar.)
2
April 15 Holders of rec. Feb. 27a
Goldfield Consolidated Mines
15o. Feb. 27 Holders of rec. Jan. 30a
Goodrich(B.F.) Co., pref.(guar.)
04 April 1 Holders of rec. Mar. 19
Great Northern Paper (guar.)
116 Mar. 1 Holders of rec. Feb. 28a
Harbison-Walker Refract., corn. (guar
15 Mar. 1 Holders of rec. Feb. 21
Homestake Mining (monthly)(No. 484)_
65c. Feb. 25 Holders of rec. Feb. 20a
14 Feb. 27 Holders of rec. Feb. 16
Independent Brewing, pref. (guar.)
Inland Steel (guar.)
1
Mar. 1 Holders of rec. Feb. 10
Int. Ham Co. of N. J., pt. (qu.)
(No.32) 134 Mar. 1 Holders of rec. Feb. 8a
Int. Harv. Corp., pf.(qu.)(No.8)
14 Mar. 1 Holders of rec. Feb. 8a
24 Mar. 1 Feb. 16 to Mar. 1
International Nickel, common (guar.)._
Jumbo Extension Mining (No.3)
5c. Mar. I Holders of rec. Feb. la
Kings Co. El. Lt.& Pow.(g11.)(No.6G)
2 Mar. 1 Feb. 9 to Feb. 23
Lackawanna Steel, pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 27
Laclede Gas Light, common (guar.)
11( Mar 15
Lake of the IVoods Milling, Ltd., corn. (qu.) 2
Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
14 Mar. 1 Holders of rec. Feb. 20
Lehigh Coal St Navigation (guar.)
El Feb. 27 Holders of rec. Jan 30a
Liggett & Myers Tobacco, common (qu.) 3
Mar. 1 Feb. 14 to Mar. 8
Lindsay Light, common (guar.)
4 Feb. 27 Holders of roe. Feb. 15a
Preferred (guar.)
134 Feb. 27 Holdcrs of rec. Feb. lfia
May Department Stores, corn. (quar.)
114 Mar. 1 Holders of rec. Feb. 15a
Mergenthaler Linotype (guar.)
234 Mar. 31 Holders of rec. Mar. 6a
Middle West Utilities, pref. (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Milwaukee & Chicago Breweries, Ltd.._ _ b416 Mar.31 Feb. 25 to Mar.31
Moline Plow,first preferred (guar.)
11( Mar. 1 Holders of rec. Feb. 15a
National Biscuit, tom. (guar.)(No. 67)_ 14 April 15 Holders of rec. Mar. 290
Preferred (guar.) (No. 68)
114 Feb. 27 Holders of ree. Feb. 15a
National randy,Inc., 1st & 2d pl.(No.25) 34 Mar. 10 Feb. 17 to Feb. 24
National Cloak & Suit, pref. (guar.)-14 Mar. 1 Feb. 19 to Mar. 9
prof. (guar.)_ _
Natignal Enamel. &
1345Mar.31 Holders of rec. Mar. 10
DIVIDENDS.
National Lead,common (guar.)
14 Mar. 31 Mar. 13 to Mar. 17
Lead.
114 Mar. 15 Feb. 20 to Feb. 23
The following shows all the dividends announced for the National Transitpref. (guar.)
50c. Mar. 15 Holders of rec. Feb. 27
National
New Fmk Air Brake (guar.)
1 4 Mar.26 Holders of rec. Mar. 3
future by large or important corporations.
Niagara Lockport & Out. Pow. 1st pf. (qu.) 116 Mar. I
Dipidends announced this week are printed in italics.
14 Apr. 1 Holders of rec. Mar. 18
North American Co.((uar.)(No.44)_
114 Mar. 1 Holders of rec. Feb. 19
Oailvie Flour Mills, Ltd., pref. (guar.)._ _ _
134 Mar. 1 Holders of rec. Feb. 15
Ohio Cities Gas Co.,common (guar.)_-_
Per
When
Books Closed,
$1.25 Mar. 20 Feb. 27 to Mar. 14
Ohio Oil (guar.)
Cent. Payable.
Days Inclusive.
Name of Company.
E1.25 Mar.20 Feb. 27 to Mar. 14
Extra
April I Holders of rec. Mar. 16
Pennsylvania Water & Power (gu.) (No. 5) 1
Railroads (Steam).
2
Feb. 25 Holders of rec. Jan, 20
3
Feb. 23 Holders of reo. Jan. 23.2 People's Gas L.& Coke (glue%)
Alabama Great Southern, preferred
394e. Mar. 15 Holders of rec. Feb. 20a
134 Mar. 1 Holders of rec. Jan. 29a Philadelphia Electric (guar.)
Atchison Topeka & Santa Fe, torn.(qu.)_
fig Mar. 4 Holders of rec. Feb. 15
24 Mar. 1 Holders of rec. Feb. la Porto Rican-American Tobacco (quar.)_ _ _
Baltimore & Ohio, common
(r)
Feb. 10 to Feb. 23
Mar. 1 Holders of rec. Feb. la Prairie 011 & Gas
2
Preferred
14
Car, Pref. (Mi.)
Canadian Pacific, corn. (guar.)(No.75)- 216 April 1 Holders of rec. Mar. la Pressed Steel common (guar.)(No. 64).... 24 Feb. 24 Feb. 4 ofto Feb. 23
April 15 Holders rec. April la
Quaker Oats,
2
April 1 Holders of rec. Mar. 1
Preferred
134 May 29 Holders of rec. May la
Preferred (guar.)
75c. Mar. 4 Feb. 21 to Mar. 3
Chestnut Hill (guar.)
134 Feb. 27 Holders of rec. Feb. la
Chicago Milwaukee & St.Paul,common_ 216 Mar. 1 Holders of rec. Jan. 290 Quaker Oats, preferred (nuar.)
6
Mar. 1 Holders of rec. Feb. 15
33.5 Mar. 1 Holders of rec. Jan. 290 Southern Pipe Line (guar.)
Preferred
3
Mar.:31 Holders of rec. Mar. 14
Chicago & North Western, corn. (quar.)- 114 April 1 Holders of lee. Mar. la Scuth Penn Oil
April 1 Holders of rec. Mar. 13a
1
April 1 Holders of rec. Mar. la South Porto Rico Sugar, Com• (guar.)
2
Preferred (guar.)
Preferred (guar.)
2
April 1 Holders of rec. Mar. I3a
Chic. St. Paul Minn.& Om.,corn. & pref. 316 Feb. 20 Holders of rec. Feb. la
April 1 Holders of rec. Mar. 15
3
Cleveland & Pittsb., reg. guar. (guar.)
- 14 Mar. 1 Holders of rec. Feb. 10a South West Penna. Pipe Lines
Mar. 1 Holders of rec. Feb. 100 Standard Oil (California) (qUar.)(No.25) 24 Mar. 15 Fielders of rec. Feb. 24a
1
Special guaranteed (guar.)
Feb. 27 Feb. 2 to Feb. 28
3
Mar. 1 Holders of rec. Feb. 15a Standard 011 (Indiana)
Cripple Creek Central,corn (411.)(No.21) 1
Feb. 27 Feb. 12 to Feb. 27
3
Mar. 1 Holders of rec. Feb. 15a Standard 011 (Kansas)
1
Preferred (guar.) (No. 37)
Mar. 15 Holders of rec. Feb. 19
Standard Oil of N. J. (guar.)
5
Feb. 20 Feb. 14 to Feb. 19
2
Delaware cfc Bound Brook (guar.)
Mar. 15 Holders of rec. Feb. 26
.2
234 Mar. 20 Holders of rec. Feb. 25a Standard 011 of New York (guar.)
Delaware & Hudson Co. Mari
10 Feb. 20 Feb. 10 to Feb. 21
27a Stewart Mining
14 Mar. 10 Holders of rec. Feb.
Erie & Pittsburgh (guar.)
14 Mar. 1 Holders of rec. Feb. 20a
Studebaker Corporation. pref. (guar.).116
Grand Trunk, guaranteed stock
24 Mar. 25 Holders of rec. Mar. 4
Illinois Central (No.120)
234 Mar. 1 Holders of rec. Feb. 80 Union Tank Ling
14 Mar. I Holders of rec. Feb. 230
316 April 15 Holders of rec. Mar. 19a United Cigar Mfrs., pref. Mar./
Minn. St. Paul & S.S.M., corn.& pref _
116 Mar. 19 Holders of rec. Feb. 27a United Cigar Stores of Amer., pf. (guar.) 134 Mar. 15 Mar. 2 to Mar. 15
Norfolk & Western, common(quar.)._
334 Mar. 1 Holders of rec. Feb. 13
U. S. Enselope, Common
Feb. 25 Feb. 11 to Feb. 19
2
North Pennsylvania (guar.)
314 Mar. 1 Holders of rec. Feb. 13
Preferred
71c. Feb. 27 Holders of rec. Feb. la
Pennsylvania (guar.)
United States Steel Corp., pref.(guar.)._ 114 Feb. 27 Feb. 2 to Feb. 23
Phila. Germantown di Norristown (guar.) E1.50 Mar. 4 Feb. 21 to Mar. 3
(N0.8)- 14 Mar. 1 Holders of rec. Feb. 16
Pittsb. Youngs.& Ashtabula, pref.(guar.. 134 Mar. 1 Holders of rec. Feb. 200 White(.1.0.)Engin.Corp..D1.(nu.)
(No.8) 14 Mar. 1 Holders of rec. Feb. 18
Reading Company,first preferred (guar.) 1
Mar. 11 Holders of rec. Feb. 23a White(J.G.)Manag.Corp..pf.(gu.)
Mar. 1 Feb. 19 to Feb. 28
3
Wilmington Gas, preferred
Reading Company, 2d pre!. (guar.)
April 8 Holders of rec. Mar. 23a
1
(No.11) 14 Mar. I Holders of rec. Feb. Ra
Southern Pacific Co.(quar.)(No. 34)__ _ 14 April 1 Hroders of ree. Feb. 27a Woolworth (F. W.I. corn.(guar.)
lq April 1 Holders of rec. Mar. 10a
Union Pacific, common (guar.)
Preferred (guar.)
April 1 Ho.ders of rec. Mar. la
2
Preferred
April I Holders of rec. Mar. la
2
a Transfer books not closed for this dividend. b Less British income tax. d CorWisconsin Central, preferred
April 1 Holders of rec. Mar. 11
2
rection. e Payable in stock. f Payable in common stock. p Payable in scrip.
Street and Electric Railways.
it On account of accumulated dividends. n Declared 7%, payable in quarterly inAmerican Railways, corn. (guar.)
lu Mar. 15 Holders of rec. Feb. 27
stallments beginning Apr. 1. P Declared 34%, payable 134% April 1 to holders
Brazilian Tr., Lt.& Pow.,Ltcl., com.(ou.) 14 Mar. 1 Holders of rec. Jan. 30
of record Mar. 19 and 134% July 1 to holders of record June 18. r Being a distribuCent. Arkansas Hy.& Lt. Corp., pi.(qu.) 14 Mar. 1 Holders of rec. eb. 15a
tion of the stock of the Prairie Pipe Line Co. An the beats of 14 shares of Prairie
Columbus Ry. & Light (guar.)
75c. Feb. 25 Holders of rec. Feb. 13
Detroit United Ply. (guar.)
1.4 Mar. 1 Holders of ree. Feb. I3a Pipe Line Co. stock for each share of Prairie 011 & Gas Co. stock. 0 Declared 7%
Northern Ohio Tree. & Light, corn. (guar.) 1X Mar. 15 Holders of rec. Feb. 250 payable in quarterly inatallm.nta beginning March 1.
Northern Texas El. Co.,com.
(au.)
(No.22) 114 Mar. 1 Holders of rec. Feb. 130
Preferred (No. 19)
3
Mar. 1 Holders of rec. Feb. 13a
CURRENT NOTICE.
Philadelphia Co.,5% preferred
234 Mar. 1 Holders of rec. Feb. 100
Terre Haute Traction & Light, pref
3
Feb. 20 to Mar. 1
Washington(D.C.) Ry.& Elec.,corn. (qu.) 14 Mar. 1 Holders of rec. Feb. 15
.
-William P. Bonbright & Co. are distributing a pamphlet entitled
Preferred (guar.)
114 Mar. 1 Holders of rec. Feb. 15
-Their Record and Progress." It surveys
"Electric Utility Investments
Miscellaneous.
the rapid development of the electrical industry and its features as a basis
Adams Express (guar.)
Si Mar. 1 Feb. 17 to Feb. 28
Amalgamated Copper (guar.)
34 Feb. 23 Holders of rec. Jan. 300 for investment. Among the subjects touched are the importance of the
American Chicle,common (monthly).
Feb. 20 Holders of rec. Feb. 15a "diversity factor" to security values and President Wilson's views on
- 1
American Coal
3
Mar. 1 Holders of rec. Feb. 27
monopoly among utilities.
American Express (guar.)
April 1 Holders of rec. Mar. 13
$1
14 Mar. 1 Holders of rec. Feb. 17
American Gas (guar.)
-White, Weld & Co. and Guaranty Trust Co. of this city are jointly
$1 75 Mar. 31 Holders of rec. Mar. 10
American Pneumatic Service, 1st pref
offering and advertising in this issue of the "Chronicle" $1,100,000 Atlantic
75c. Mar.31 Holders of rec. Mar. 10
Second preferred
Coast Line RR. Co. first consolidated mortgage 50
-year 4% bonds secured
1
Mar. 1 Holders of rec. Feb. 230
Amer.Power & Light, corn. (gu.)(No.9)...
4
by a first and closed mortgage on 1,023.61 miles of road. Price 6234 and
Mar. 31 Mar. 23 to Mar.31
American Radiator, common (quar.)_ _
Mar. 15 Feb. 25 to Mar. 4
Smelting do Refining. com.(guar.) 1
Amer.
interest, yielding over 4.40% •
14 Mar. 1 Feb. 12 to Feb. 18
Preferred (guar.)
Samuel S. McCune, for many years a national bank examiner in CinAmerican Sugar Refln., corn.& pref.(qu.) 114 April 2 Holders of rec. Mar. la cinnati, and until recently Clearing House examiner in Cincinnati, is now
134 Mar. 1 Holders of rec. Feb. 270
(guar.)
American Telegraph & Cable
5
associated in an official capacity with the Maynard IT. Murch Company 0
Mar. 1 Feb. 14 to Mar. 15
American Tobacco, common (guar.).114 April 1 Feb. 14 to Mar. 15
Cleveland, dealers in investment securities.
Preferred (guar.)
5
Mar. 15 Feb. 20 to Mar. 2
Atlantic RefinInc
- G.Corns has become associated with the bond department of IT. let.
0.
114 Mar. 10 Feb. 28 to Mar. 10
Powder (guar.)
Atlas
Byliesby & Co.. Chicago. For the past three years Mr. Corns has been
Mar. 10 Holders of rec. Feb. 27
- 7
Beatrice Creamery, common (special)
n14 April 1 Holders of rec. Mar. 16a with Allerton, Greene & King of Chicago. Prior to that time he was, for
Bethlehem Steel, pref. (qusr.)
14 Mar. 15 Mar. 2
twelve years, associated with the Chicago office of E. H. Rollins & Sons.
Borden's Cond. Milk. pref. (qu.) (Aro. 53)_ 134 April 1 Holders of to Mar. 15
rec. Mar. 17
Dick Brothers & Co., 30 Broad St., New York, have sent out a second
Brotklyn Union Gas (guar.)(No.56)
$2 Mar. 15 Holders of rec. Feb. 20
Buckeye Pipe Line (guar.)
34 Mar. 1 Holders of rec. Feb. 15a circular to the minority stockholders of the Long Island RR., soliciting
Butterlck Company (guar.)
proxies for use at the annual meeting April 13. See adv. in "Chronicle"
50e. Mar. 22 Mar. 6 to Mar. 21
Calumet h Arizona Mining (guar.)
Mar. 18 Holders of rec. Feb. 18
$5
of Jan. 23, page xiii.
Calumet & Heela Mining
Feb. 20 Feb. 10 to Feb. 22
2
Mellor & Petry, 1421 Chestnut St., Philadelphia, will move in March
(guar.)
Caney River Gas
1 Holders of rec. Feb. 18a
Centres! Miss. Val. El.Prop., pref. (guar.)_ 13.4 Mar.
to new offices in the Commercial Trus Co. Building.
APPLICATIONS TO CONVERT APPROVED JAN-29 TO FEB. 10.
The Sentinel Butte State Bank, Sentinel Butte, N. Dale,, into "The
First National Bank of Sentinel Butte." Capital, $25,000.
The Dakota County State Bank, Lakeville, Minn., into "The First NaCapital. $35,000.
tional Bank of Lakeville.
The Planters Bank pf Cotton Plant, Ark., into "The First National
Capital. $35,000.
Bank of Cotton Plant.
The Green River State Bank, Green River, Wyo., into "First National
Bank of Green River." Capital, $40,000.
The First State Bank, Hawkins, Tex.,.Into "The First National Bank of
Hawkins.' Capital, $30,000. •
The People's State Bank, Fremont, Ind., into, "The First National
Bank of Fremont.' Capital; $25,000.
CHARTERS ISSUED TO NATIONAL BANKS FEB. 1 TO FEB.6.
-The Brown County National Bank of Mount Orab, Ohio. Capi10,692
tal. $25,000. T. M. Shockey, President; N. D. Liming, Cashier.
(Succeeds Bank of Mount Orab.)
10,893
-The Citizens' National Bank of Nampa,Idaho. Capital, $50,000.
L. Larson, President; E. F. Larson, Cashier. (Conversion of the
Citizens' State Bank. Ltd.. of Nampa, Idaho.)
-The First National Bank of Dawson, Tex. Capital, $25,000.
10.694
E. W. Munsey, President; J. R. Dunn, Cashier. (Conversion
of The Dawson State Bank, Dawson, Tex.)
-The First National Bank of Lebanon, Mo. Capital, $30,000.
10,695
0. L. Welssgerber, President; E. W.Cook, Cashier. (Conversion
of The Farmers' & Merchants' Bank of Lebanon, Mo.)
10,696-Rockbridge National Bank of Lexington, Va. Capital, $150,000.
Paul M. Penick, Preisdent; S. 0. Campbell, Cashier. (Conversion of Bank of Rockbridge, of Lexington, Va.)
-The First National Bank of Atmore, Ala. Capital, $25,000.
10,697
J. P. McMurphy, President; W. C. Roberts, Cashler.
-First National Bank of Green River, Wyo. Capital, 840,000.
10,698
T. S. Tallaferro, Jr., President; Wesley I. Dumm, Cashier.
(Conversion of Green River State Bank. Green River, Wyo.)
VOLUNTARY LIQUIDATION.
-The First National Bank of 'Fuckerman, Ark. Jan. 13 1915.
10,484
Liquidating a ent, J. E. Williams, Tuckerman, Ark.
g
3,915-The City National Bank of Corsicana, Tex., Feb.2 1915. Liquidating agent, the Corsicana National Bank, Corsicana, Tex., No.
3,645. Consloidated with the Corsicana National Bank.
9,991-The First National Bank of Teriton, Okla.. Feb. 3 1915. Liquidating agent, F. E. Cuillson, Teriton, Okla. Succeeded by the
First State Bank of Terlton.
INSOLVENT NATIONAL BANK.
-The Farmers' & Merchants' National Bank of Mt. Morris, Mt.
6,983
Morris,Pa., was placed in the hands of a receiver Feb.4 1915.
RESUMPTION OF BUSINESS.
-The First National Bank of Islip, Islip N. Y., which was placed
8,794
in the hands of a receiver Dec. 30 1914% was restored to solvency
and permitted to resume business on Monday,Feb. 8. 1915.
FEB. 20 1915.]
THE CHRONICLE
621
Imports and Exports for the Week.
-The following are and since Jan. 1 1915, and for the corresponding periods in
the imports at New York for the week ending Feb. 13; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
For Week encitng Feb. 13
1915.
1914.
1913.
Total 6 weeks
$
2,945,004
17,462,211
2,847,618
16,491,823
14,785.982
20.407.215
19,339,441
19,532,192
83,116,314
Since January 1.
Dry Goods
General Merchandise
$
3,321,825
11,464,157
12.792,316
Total
25,066,192 20,212,240
87,176,463 101,430,083
18,653,728
95,798,611
97.648.546 112.292.655 121,692,323 114,452,339
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. 13 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
Week ending Feb. 13
Gold.
s
$
1,541,003
11,251,313
Dry Goods
General Merchandise
1915.
1914.
1913.
1912.
For the week
Previously reported
$
$
21,051,611 19,011,234 16,510,822
131,249,806 104,310,947 110,231,482
15,622,977
81,650,221
Total 6 weeks
152,301,917 123,322,181 126,742,304
97,273,198
Imports.
Exports.
1912.
Week.
Since
Jan. 1.
Week.
Since
Jan. 1.
14,600
Great Britain
France
Germany
West Indies
Mexico
South Americas
All other countries
$
317,073
299,000
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
575,000
136.721
49,592
138,950
792,680
773,945
331,610
994,000 1.083,000
2,518.424 11,256,700
4,035,000 24,137,678
Total 1915
Total 1914
Total 1913
508,000
150,000
200.913
63,019
494,545
2,354,258
2,087,086
2,310,743
329,088
4,401,978
312,000
755
3,289
Total 1915
Total 1914
Total 1913
329,088
890,781
1.229,038
$2,665
39,579
4,190
115,651
61,920
54,241
7,800
373,740
175.094
4,761,036
9.768,906
6.920,882
179,736
309,444
293.252
611,630
1,577,330
1,516.445
The following table shows the exports and imports of
Of the above imports for the week in
specie at the port of New York for the week ending Feb. 13, American gold coin and $776 American 1915,$15520 were
silver coin.
The Federal Reserve Banks.
-Following is the weekly statement issuedlby the Federal Reserve Board on
As the Federal Reserve banks in New York, Philadelphia, Chicago, Minneapolis, Dallas and San Francisco February 13:
observed the
12th as a legal holiday, the statement shows the condition of these banks:as at the close of business on the
11th. The condition of the other six banks is given as at close of business on the 12th.
The statement indicates a gain of over 3 million dollars in the gold resources of the banks, New York
and Chicago accounting for more than the total gain under this head. The gain in the total cash resources was 2.5 million dollars. Loans and discounts
show an increase of about $670,000,
the three Southern banks and Cleveland reporting substantial gains for the week. Over 46% of the maturities
held by the banks at the end of the week
fall due within 30 days and over 80% within 60 days. About $800,000 of the loans outstanding are
against
lateral. Over 15.5 million dollars of investments are reported, a gain of $842,000 over the preceding week.agricultural and live-stock paper as colsents additional purchases of Government bonds by the Cleveland, Chicago, Kansas City and San Francisco Of the total increase. $490,000 reprebanks, and $344,000 investments by
the New York bank for other reserve banks. The total capital paid in shows a further increase of
figures under this head as compared with the preceding week. Deposits show an increase of about about $700,000, all the banks reporting larger
$895,000. Chicago and Kansas City reporting the
largest gains under this head.
The circulation of Federal Reserve notes as reported by the Federal Reserve Agents increased by 1.2 millions
and stood at
$21,245,000, about 75% being secured by the deposit with the Reserve Agents of gold and lawful money. The net liability the end of the week at
of the banks on account
of their outstanding notes shows a like increase of about 1.2 million dollars. Richmond and Atlanta reporting
the largest increases of this net liability
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE
UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS FEBRUARY 11-12 1915
RESOURCES.
Feb.11-12'15. Feb. 5 1915. Jan.29 1915. Jan. 22 1915 Jan. 151915. Jan. 8 1915. Dec.31 1914. Dee.24 1914.
Gold coin and certificates
1259,256,000 5256,217,000 5235,905.000 8239,662.000 5236,516,000 1232.553,000 $229,069,000 1232,568.000 Dec.18 1914.
5233,279,000
Legal-tender notes, sliver certificates and
subsidiary coin
22,117,000 22,641,000 20,882,000 18,747,000
16,228,000
17,997,000 26,578,000 25,748,000
25,008.000
Total
$281,373,000 $278,858,000 8256,787,000 $258,909,000 1252.744,000 $250,550,000 5255,697.000 3258,316.000 5258,287,000
Bills discounted and loans:
Maturities within 30 days
7,884,000
7.719.000 $6,331,000 86,833,000 86,049.000 54,410,000 11,632,000 84,102.000 85.049.000
Maturities within 60 days
6,126,000
1,945.000
4.903,000
4,089,000
4,344,000
3,686,000
9.215.000
2,750.000
2.266,000
Other
3,080,000
2,761,000
2,721.000
2,140,000
2,049.000
1.780,000
1,746,000
1,700.000
1.728,000
Total
517,090,000 $16,420,000 513.955,000 513,062,000 512,442,000 59,876,000 510,593,000 88.552,000
Investments
19.043.000
14,704,000 13,130,000 810,434,000
9.173,000
6,467,000
255,000
Due from Federal Reserve banks: Items in 15,546,000
transit
4,462,000
5,419,000
7,421,000
9,142,000
7,595,000
6,249.000
All other resources
6,551,000
6,823,000 10,891,000 13,491,000
15.144.000
19,159,000 11.349,000
4.815.000
2,660.000
Total resources
5325.022,000 5322,224,000 $302,234,000 5304,538.000 5297,098,000
8287,301,000 5277,844,000 5271,683,000 8269,990,000
LIABILITIES.
Capital paid in
835,841,000 835.123,000 520,940.000 518,432.000 818,075.000
Reserve deposits
818.058.000 518,051.000 818.050.000 518,050,000
284,996,000 284,101.000 279,516.000
Federal Reserve notes in circulation (net
284,193.000 277,185.000 257,389,000 6256,018,000 6249.786,000 b248,084.000
amount)
24,185,000 .3,000,000 82,278,000 .1,913,000
n1.838.000 .1.854,000 .3.775.000 .3,847,000 .3.856.000
Total liabilities
$325,022,000 5322,229,000 8302,234.000
$304,538.000 5297,098,000 8287,301.000 5277,844,000 $271,683,000 3269,990,000
Gold reserve against net liabilities_ b
91.1%
91.0%
86.0%
87.1%
86.5%
88.5%
Cash reserve against net liabilities_ b
88.2%
91.7%
92.6%
98.8%
99.0%
93.6%
95.3%
93.1%
933%
98.4%
Cash reserve against liabilities alter setting
101.8%
102.5%
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation_ b
99.7%
99.6%
94.0%
93.5%
93.4%
95.7%
99.3%
102.8%
103.5%
Feb.11-12'15. Feb. 5 1915. Jan.29 1915. Jan.22 1915. Jan. 15 1915 Jan. 8 1915. Dec.31 1914. Dee.24
1914. Dec.18 1914.
a) Federal Reserve notes In circulation_ _ $20,106,000 $18,702,000
$17,679,000 517.106.000 516,804.000 $16.530.000 516,027.000 *312,412,000
Deduct: Gold and lawful money in hands
$8,869,000
of Federal Reserve Agents for retlrement of outstanding notes
15,921,000
15,702,000 15.401,000
14,966,000
15,193,000
14.676,000 12,252,000
8.565,000
5,013.000
Net liability of Reserve Banks upon
outstanding notes
34,185,000 $3,000,000 52.278,000 51.913.000 $1,838,000 51,854,000 83,775.000
*83,847.000 53.856.000
(b) After deduction of items in transit be
tween Federal Reserve Banks. viz__ 34,462,000
35,419,000 57,421.000 59,142,000 87,595.000 •$6,299.000 87.930,000 85,863.000
85.169,000
• Corrected figures.
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS FEB. 11-12'15
host. New York.
Phila. . C'lciklona. Richmond. Atlanta. Chicago.
Louis. 311nricap. Kan.City. Dallas.
Feb. 12. Feb. 11, Feb. 11. Feb. 12. Feb. 12. Feb. 12. Feb. 11.
Feb. 12. Feb. 11. Feb. 12. Feb. 11. 1San Fran.
Feb. 11.
RESOURCES.
$
$
$
$
s
5
5
I
a
Gold coin and certificates
3
8
16,085,000 98,881,000 16,590,000 19,134,000 8,800,000 3,761,000 39,962,000
5
I s
10,154,000 10,339,000 11,460,000 7,493,000
Legal-tender notes, silver certlti16,597.000
mites and subsidiary coin
2,342,000 9,334.000 4,867,000
632,000
44,000 2,313,000
303,000; 904,000
33,000
603,000
646,000!
96,000
Total
18,427,000 108,215,000 21,457,000 19,766,000 8,844,000 6,074,000
40,265,000 11,058,000
Bills discounted and loans
147,000 1,396,000
379.000
661,000 9,437,000 4,315,000 1,127,060, 682,000 10,372,900 12,063,000 8,139.000 16,693,000
Investments
253,000
556,000 5,710,000 1,569,000
241,000 2,268,000 1,184.000
922,000
4,205,090;
1,077.000
Due from bther F. R.bks.-net
13,013,000
515,000
992.000
1,482,000, 2,285,000
385.000
All other resources
866,000
695,000
160,000
19,000
105,000 1,021,000 1,690,000
59,000
81,000 1,009,000
461,000
19,515,000 129,200,000 24.100,000 21,509,000 13,300,000 10,494,000
Total resources
48,100,00015,715,000 11,761,000 12.900,000 11,416,000
19,330,000
LIABILITIES.
I
15,956,000 122,560,000 19,539,000 16,871,000 7,901,000 5,566,000
Reserve deposits
42,708,000 13,872,000 8,899,000 9,878,000
328,000
7,210,000 13,041,000
Due to other F.R.banks--net
425,000
903,000 1,577,000 1,749,000
1.190,000 1,131,000 1,809,000 3,711,000
Rederal Reserve notes In circu1
latlon-net amount
209,000 1,694,000 1,639,000
53,000
74,000
516.000
3,231,000 6,690,000 4,141,000 4,026,000 2,128.000 1,545,000 4,392,000' 1,843,000
Capital paid in
1,619,000 1,817,000 1,881,000 2,578,000
mrstni tiinhiltieg
19.515.000 129.200.000 24,100,000 21,509,000 13.300,000 10,494,000 48,100,000 15,715.000 11.761.000
12.900.000 11.41a 000 to 550 0041
IS:.
1
Statement of New York City Clearing-House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending February 13. The figures for
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week the
are
also given :
THE CHRONICLE
622
[VOL. 100
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Loans,
Net
Legal
Profits. Discounts,
Investmls, Gold.
Tenders. Silver.
Week Ending
&c.
(Nat.BanksDeo.31)
Fab. 13 1915.
000s omitted.)
(State D'ks Dec.24)
Average. Average. Average. Average.
Members of Federal
$
$
$
$
3
$
Rosen. Book.
26,955,0 1,457,0
719,0
641,0
N.B.A„ 2,000,0 4,480,9
Bank of N. Y..
22,224,0 1,224,0
155,0 1,390,0
2,000,0 2,006,5
Merchants' Nat.Bank__
351,0 2,901,0
89,033,0 7,282,0
Mech. & Metals Nat... 6,000,0 9.408,0
National City Bank__ __ 25,000,0 34,503,9 214,737,0 50,221,0 32,988,0 20,778,0
34,619,0 1,388,0
677,0 1,228,0
Chemical National Bank 3,000,0 7,785,3
8,932,0
509,0
314,0
171,0
762,3
1,000.0
Merchants' Exch. Nat__
2,036,0
40,0
79,0
124,0
300,0
68,0
Nat. Butchers & Drov60,187,0 1,967,0 2.294,0 3.699,0
American Exchange Nat. 5,000,0 4.769,8
Nat. Bank of Commerce 25,000,0 16,480,5 159,563,0 9,524,0 4,136,0 3,628.0
354,0
23.933,0 1,409,0
923,0
Chatham & Phenix Nat_ 2,250.0 1,371,8
90,820,0 9,743,0 1.059,0 1,685,0
Hanover National Bank 3,000,0 15,228,6
24.587,0 1,320,0
105,0 1,180,0
Citizens' Central Nat... 2,550,0 2,393,2
8,797,0
904,0
824,0
/84,0
1,000,0 1.971,5
Market Az Fulton Nat.._
29,590,0 1,275,0 1,395,0 1,129,0
Importers' & Traders'„ 1,500,0 7,508,7
National Park Bank_ _ _ _ 5,000,0 15,002,0 103,543,0 7,419,0 1,387,0 3.424,0
48,0
53,0
1,879,0
250,0
127,0
64,7
East River National____
15,493,0 1.371,0
718,0
312,0
1,000,0 3,009,9
Second National Bank__
996,0 3,300,0
First National Bank__ __ 10,000,0 21,595,1 122,642,0 15,624,0
48,208,0 5,269,0 1,378,0 4.583,0
Irving National Bank__ 4,000,0 3,653,0
496,0
10,014,0
672.0
89.0
500,0 1,902,5
N.Y.County National.
5,000.0 9,172,3 126,561,0 9,736,0 3,644,0 3,499,0
Chase National Bank_ _ _
14,570,0 1,089,0
801,0
1,000,0 1,822,0
735,0
Lincoln National Bank_
966,0
8,278,0
535,0
533,0
1,000,0 1,227,6
Garfield National Bank_
4,122,0
120,0
104,0
281,0
404,8
250,0
Fifth National Bank__
25,976.0 2,787,0
958,0 2,000,0
Seaboard National Bank 1,000,0 2,733,4
727,0
27,470,0
326,0 1,845,0
1,000,0 2,760,4
Liberty National Bank_
121,0
516,0
6,779,0
236,0
638.7
Coal & Iron Nat. Bank.. 1,000,0
186,0
304,0
9,925,0
1,000,0
591,0
966,3
Union Exch. Nat. Bank_
8.134,0
173,0
152,0
1,000,0 1,103,9
545,0
Naasau Nat.. Brooklyn_
Capitol.
Not.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[not
[reserve
Notes
for State counted
(not
as
Institu(ions]. reserve]. reserve].
1,331,544,0 133,356,0
1,315,647,0 136,288,0
1,306,878,0 128,510,0
1.287,483.0119,173,0
1,273,922,0 114,402,0
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Corn Exchange Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germania Bank
Bank of the Metropolis_
West Side Bank
N.Y.Produce Exch._
State Bank
Security Bank
56,292,0
56,743,0
57,524,0
59,248,0
56,723,0
838,0
1,299,0
179,0
389,0
87,0
726,0
2,731,0
25,0
174,0
647,0
58,0
110,0
327,0
221,0
196,0
412,0
91,0
1,286,0
994,0
636,0
507,0
105,0
504.0
4,866,0
57,0
67,0
864,0
147,0
152,0
997,0
169,0
795,0
688,0
326,0
2.376,0
910,0 111,661,0
1,358,710,0
7,479,0 39,987,0
2,189,0
2,743,0
3,865,0
4,143.1
3,934,1
62,872,0
63,094.0
60,522,0
61,133,0
59,981,0
38,740,0 10,738,0
30.198,0 3,323,0
10.009,0
888,0
287,0
4,941,0
2,035,0
259,0
12,408,0 1,077,0
70,354,0 5,733,0
3,619,0
302,0
514,0
4,988,0
15,254,0 1,643,0
3,485,0
998,0
179,0
5,819,0
12,811,0 1,307,0
281,0
4,373,0
10,893,0 1,515,0
16,967,0 1,103,0
622,0
10.326,0
National
Net
Bank
Time
CirculaDeposits. Om
Average. Average. Average. Average. Average. Average. Average. Average,
$
$
$
$
$
$
$
3
23,975,0
1,813,0
319,0
799,0
13,0
20,585,0
47,0 1,455,0
22,0
2,000,0
83,463,0 1,799,0 5,000,0
10,0 5,969,0
67,0
281,585,0
325,0 3,563,0
426,0 29,525,0
108,0
28,702,0
15,0 2,068,0
58,0
449,0
8,377,0
680,0
99,0
22,0
496,0
1,699,0
133,0
115.0
10,0
10,0
58,515,0
7,0 4,489,0
712,0 3,750,0
221,0
139,868,0
71,0 10,918,0
86,0
5,850,0
23,751,0
181,0
18,0 1,199,0
27,0 1,749,0
91,848,0
13,0 6,996,0
213,0
305,0
21,204,0 1,318,0 1,655,0
25,0 1,816,0
39,0
8,877,0
830,0
65,0
177,0
26,035,0
2.255,0
500,0
9,'
50.0
98.921,0
7,234,0
593,0 3,580,0
261,0
1.891,0
154,0
12,0
50,0
13,497,0
14,0 1.000,0
133,0
685,0
114,156,0
3,0 9,171,0
69,0
5,077,0
281,0 1,140.0
14,788,0
83,0 4,318,0
60,0
9,339,0
200,0
650,0
2,0
146,0
138,900,0
450.0
39,0 9,909,0
234,0
14,900,0
890,0
67,0 1,108,0
52,0
350,0
8,710,0
801,0
5,0
76,0
250,0
9,0
4,330,0
312,0
9,0
405,0
30,399,0
11,0 2,298,0
81,0
500,0
27.202,0 1,250,1
42,0
43,0 2,281,0
400,0
6,482,0
507,0
41,0
96,1
400,0
9,352,0
706,0
31,0
267,0
7,0
7,355,0
516,0
2,0
15,0
Totals. avge. for week 112,600,0 174.795,6 1,329,807,0 134,829,0 56,404,0 63,174,0
Totals, actual conditio n Feb. 13
Totals, actual condition Feb. 6
Totals, actual conditlo n Jan. 30
Totals, actual conditlo n Jan. 23
Totals, actual conditlo n Jan. 16
Reserve EXCESS
Net
with due from
Reserve Demand
Legal
Deposi- Deposi- Deposits.
tortes.
tortes.
955,0 113,293.0
965,0 112,645,0
788,0 108,286,0
713.0 113,039,0
637.0 108.103,0
1,360,379,0
1,347,253,0
1,329,000,0
1,306,630,0
1,270.485.0
7,531,0
7,095,0
5,837,0
5,737,0
4,641.0
39,464,0
40,894,0
41.439,0
42,342,0
42,946.0
8 8888888888888888o
b bbbbbbbbbbbbbbbbb
=
•
4,867,6
6,328,8
1,124,2
1,504,7
460,7
1,827,2
6,979,3
275,7
691,6
2,227,1
820,7
999,0
2,110,5
714,7
856,1
687,0
301,8
345,0
388,0
254,0
258,0
24,0
15,0
1,364,0
58,0
12,'
59,0
93,0
110,0
176,0
43.0
172,0
551,1
199,0
1,150,0
80,0
557,0 1,456,0
45,575,0
28,509,0
10,516,0
4,838,0
2,393,0
10,805,0
78,281,0
3.243,0
4,770,0
15,828,0
3,385,0
5,800,0
12,389,0
4,387,0
11,711,0
18,724,0
9,277,0
2,0
3,222,0
292,0
10,0
1,0
3,000,0
195,0
200,0
131,0
192,0
250,0
957,0
140,0
54,0
13,0
8,510,0 13,160,0
4,141,0
11,0
5,976,0 2,624,0
270,431,0
3,291,0
30,719,0
30,864,0
31,245,0
30,454,0
31,088,0
9,031,0
7,762,0
7,990,0
7,861,0
7,876,0
12,849,0
13,364,0
15,001,0
17,678,0
15,837,0
4,103,0
4,362,0
5,177.0
5,277,0
6,273,0
11,0
20,0
21,0
22,0
19,0
6,088,0
6,099,0
5,912,0
5,683,0
5,907,0
2,552,0
2,667,0
2,820,0
2.738,0
270.886,0
270,946,0
270,719,0
271,792,0
272,998,0
3,294,0
3,296,0
3,298,0
3.299,0 •
3,295,0
Trust Companies.
Not Members of
Federal Reserve Bank.
28,147,0 1,262,0
1,500,0 3,349,0
Brooklyn Trust Co
10,000,0 12,451,5 196,280,0 12,587,0
Bankers Trust Co
39,827,0 3,507,0
Dr. S. Mortgage & Trust 2,000.0 4,226,9
20,277,0'1,415,0
1,250,0 1,038,8
Astor Trust Co
34,524,0 1,621,0
Fitly Guarantee & Trust 5,000.0 11,652,1
Guaranty Trust Co-- -- 10,000,0 21.360,8 207,948,0 14,017,0
409,0
7,580,0
Fidelity Trust Co
1,000,0 1,330,3
18,168,0
918,0
Lawyers Title Ins.& Tr_
4,000.0 5,083,2
60,158,0 4,168,0
Golumbla Trust Co_ _
2,000,0 7,094,1
18,265,0 1,224,0
People's Trust Co
1,000,0 1,376,7
45,796,0 3,289,0
'few York Trust Co..._ 3,000,0 11,647,6
632,0
13,779,0
Franklin Trust Co
1,000,0 1,036,9
623,0
Lincoln Trust Co
10,917,0
545,2
1,000,0
32,334,0 1,729,0
kletropolitan Trust Co_ 2,000,0 6,123,4
13,977,0 1,061,0
Broadway Trust Co_
875,2
1.500,0
263,0
244,0
22,0
20,0
133,0
260,0
137,0
137,0
115,0
81,0
199,0
128,0
34,0
403,0
77,0
458,0
162,0
133,0
149,0
150,0
659,0
80,0
75,0
515,0
219,0
93,0
170,0
246,0
225,0
484,0
284,0
12,0
113,0
150,0
256,1
727,0
32,0
32,1
571,0
275,0
21,1
256,0
74,0
114,0
353.0
7,0
10,0
1,076,0 2,212,0
6,489,0 3,680,0
1,640,0 4,343,0
655,0 1,699,0
1,020,0 4,200,0
7,370,0 10,344,0
393,0
306,0
510,0
505.0
2,217,0 1,654,0
883,0 1,065,0
1,590,0 3,758,0
541,0 1,131,0
510,0
486,0
1,200,0 1,748,0
708,0 1,625,0
2,253,0
3,818,0
3,270.0
2,615,0
1,718,0
3,133.0
3,138,0
4,144,0
4,544,0
3,883,0
8,726,0
5,574,0
5,014.0
3,330,0
3,2170
3,594,0
2,936,0
2,878,0
Totals, avge. for week
32,779,7
257,220,0 30,667,0
217,769,0
256,474,0
255,233.0
253,828.0
254,645,0
Totals, actual conditlo n Feb. 13
Totals, actual conditlo n Feb. 6
Totals, actual conditlo n Jan. 30
Totals, actual conditlo n Jan. 23
Totals, actual condltlo n Jan. 16
Totals, avge. for week 46,250,0 89,191,7
Totals, actual condition Feb. 13
Totals, actual condltio n Feb. 6
Totals, actual condition Jan. 30
Totals, actual conditlo n Jan. 23
Totals, actual conditlo a Jan. 16
697,977,0 48,462,0
698,066,0
690,542,0
871,313,0
670,902,0
668,841,0
48.440,0
48,304,0
49,140,0
48,154,0
47,376,0
11,0
13,0
2.0
2,0
17,0
23,0
4,0
16,0
94,0 26,691,0 38,867,0
73,0
Grand Aggregate, avge_ 175,300,0 297,767,0 2,284,804,0 213,958,0 67,167,0 80,152,0 7,411,0 2.376,0
Gomparison, prey. week
+28,008,0-1,291,0 -191,0 +396,0 -483,1 -754,0
3rand Aggregate, actual condition Feb.13_ 2,287,379.0 212.515,0 67,938,0 80,265,0 7,433,0 2,189,0
GomParison, prey. week
+24.716,0-2,941,0 +1,715,0 -76,0 -146, -554,0
Grand Aggregate, actual
Grand Aggregate, actual
Grand Aggregate, actual
Grand Aggregate, actual
3zand Aggregate,actual
Grand Aggregate,actual
condition Feb.
condition Jan.
condition Jan.
condition Jan.
condition Jan.
condition Jan.
6_
30_
23_
16_
9_
2_
2,262,663,0 216,456,0
2,233.224,0 208.895,0
2,212,213,0 197,781,0
2,197,408,0 192,866,0
2,188,899,0 185,912.0
2.191.508.0 189.278.0
66,223.0
68,647,0
70,247,0
68,743,0
64,474,0
61.250.0
80.341,0
84,249,0
84,385.0
80,832,0
78,120,0
71.505•0
7.579,0
8,771,0
8,213,'
9,151,1
9,076,1
8.282.
2,743,0
5,865,0
4,154,0
4,007,0
6.000,o
5.102.0
114,0
95,0
104,0
90,0
52,0
26,685,0 41,062,0
26,146,0 46,618,0
26,163,0 51,221,0
26,020,0 48,829,0
25,790,0
21,534,0 5,158,0
129,773,0 19,832,0
32,798,0 6,187,0
15,922,0 4,351,0
667,0
20,409,0
147,415,0 17,196,0
124,9
6,135,0
263,0
10,203,0
44,341,0 14,322,0
844,0
17,673,0
31,754,0 4.620,0
10,801,0 2,547,0
9.718,0 1,099,1
24,005,0 4,334.0
45,0
14,158,0
536,639,0 81.787,0
535,596.0
525,779,0
522,812,0
519,816,0
515,780,0
82.297.0
81,912,0
81,242,0
79,890,0
82,017,0
1.015,0 144,328,0 41,491,0 2,165,780,0 92,557,0 39,987,0
+53,0 +1,523,0 -111320 +22,932.0 +1.907,0 -999,0
1,080,0 146,066,0 43,614,0 2,16(5,881,0 93,122,0 39,464.0
+1,176,0-5,721,0 +22,883.0 +819,0-1,230,0
1.080,0 144,890,0 49,335,0 2,143,978,0
913,0 140,381.0 54,041,0 2,122,531,0
823,0 144,742,0 51,567,0 2,098,038,0
2,059,263,0
708,0 139,800,0
2,031,280,i
677,0 132,972,0
2,022.165.1
527.0 132,287,0
92,303,0
90,377,0
88,926.0
89,853,0
89,854,0
91,938,0
40,694,0
41.439,0
42.542,0
42,946,0
46,216,0
48,569,0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages
Cash reserve Reserve in
in vault. depositaries
Total
reserve.
*Reserve
required.
Surplus
resale.
Inc or dec.
.
Cash reserve Reserve in
from
Previous wk. in vault. depositaries
Total
resettle.
aReserve
required.
Surplus
reserve.
Inc. or dee.
from
Previous wk.
$
$
$t
Members Federal
113,293,000 365,813,000 245,244,770
Reserve Bank__ 254,407,000 111.661,000 366,068,000 244,941,750 121,126,250 +48,780 252,520,000 6,088,000 62,790,000 48,759,480 120,588.230 -5,341,480
14,030.520 +349,800
I 56,478,000 5,976,000 62,454,000 48,677,580 13.776,420-1.373,520 56,702,000
State Banks
26,691,000 84,494,000 80,495,850 3,998,150 -3,225,600 58,929,000 26,685,000 85,814,000 80,339,400 5,274,600 +873,450
Trust Companies_ 57,803,000
144,328,000 513,016,000
368,151,000 146,066,000 114,217,000 374,343,650 139,873.350 --4,118,230
Total Feb. 13..1308,688.000 142,805,000 513,062,000 374,115,180 138.900,820 -4,000.340 369,599,000 144,890,000 514,489,000 370,497,420 143,991,580 -268,350
8_ 70,257,000
Total Feb. 30_ 08 208,550 159,586,000 507,792,000 370,160,840 142.901,180 -825,860 370,582,000 140,361,000 510,923,000 386,663,070 144,259,930 +1,237,140
.
364,064,980 143,727,020 +5,434,910
Jan.
Total
55,438,000 143.363,000 498,801,000 360,508,890 138,292,110 +9,643,300 380.626,000 144,742,000 505,368.000 382,345,210 143,022,790 +7,051,780
Total Jan. 23
0
90 94 0 0 355,420.990 135,971,010 +15391200
5 00
: :
45,084,000 137,195,000 482,279,000 303.630,190 128,648,810 +14108230 351,592,000 139 800 000 471 :532:0
Total Jan. 16
349,974,190 120.579,810 +6,494,890
,54 , 0-2.632,160 337,582.000
131,083,000 462,012,000 347,471,420
Total Jan. 9.1330,929,000 130,852,000 481,752,000 344,579,260 117,172.740
132,287,000 462,464,000 348,379,080 114,084,920 -3,036.280
.701.77 330.177,000
Total Jan. 2.1330.900.000
Net Demand Deposits in the case of State Banks and Trust Companies but in the case of Members of the Federal Reserve Bank
* This is the reserve required on
$373,950: Feb. 6. $322,850; Jan. 30, $288,700; Jan. 23. 9255,200;
It includes also the amount of reserve required on Net Time Deposits, which was as follows: Feb. 13,
Jan. 9, $248,750.
it
Jan. 16, $226,910:
Net Demand Deposits in the ease of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank16
a This is the reserve required on
$376,550; Feb.6,$354.750: Jan.30,$291,850; Jan.233258,850;Jan.
,
includes also the amount of reserve required On Net Time Deposits width was as follows: Feb. 13,
8227.050; Jan. 9,$247,450.
THE CHRONICLE
FEB. 20 1915.]
623
In addition to the returns of "State banks and trust coin
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing-House" furnished
ln New York City not in the Clearing House, and these are by the State Banking Department, the Department also
presents a statement covering all the institutions of this
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES INGREATER classin the whole State. Thefigures are compiled so as to disNEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
tinguish between the results for New York City(Greater New
Differencesfrom
(Figures Furnished by State Banking Department.)
Feb. 13, 1915. previous week.
York)and thosefor thereatof the State,as per thefollowing.
$554,326,100 Inc. 5279,400
Loans and investments
For definitions and rules under which the various items
718,400
42,872,700 Dec.
Gold
9,800
10,290,800 Dec.
Currency and bank notes
926,500 are made up, see "Chronicle," V. 98, p. 1661.
642,500,500 Dec.
Total deposits
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust com560,399,400 Inc. 3,373,700 ments of State banking institutions were published in the
panies in New York City, and exchanges
140,851,900 Dec. 4,229,700
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 27.0%.
RESERVE.
-TrustCompanies
- tions relating to calculating the amount of deposits and what
State Bank
$42,232,300 9.79% deductions are permitted in the computation of the
Cash in vault
510,931,200 11.88%
reserves
74,171,300 17.19%
Deposits in banks and trust co s- 13,517,100 14.68%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
26.98%
$116,403,600
Total
524,448,300 26.56%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Demand
Deposits.
Specie.
Other
Money.
Entire
Total
Money Reserve on
Holdings. Deposits.
2,489,479,2
2,505,515,9
2,510,353,2
2,525,517,5
2,527,814,4
2,537,104,2
2,560,108,2
2,580,567,9
2,606,658.9
2,644,972,0
2.664,534,5
2,699,873,7
2,726,179,4
307,801,5
305.509,9
303,984,6
303,090,4
305,702.3
303,354,2
301,574,0
312,482,9
321,086,7
333,163.7
338,596,1
336,982,7
94,044,4
90.093,1
86,175,0
86,774,8
83,229,3
83,404,1
85,177,0
87,061,4
88,585,8
89,077,3
85,552,6
84,868,8
404,600,2
401,845,9
395,603,0
390,159.6
389,855.2
388,931,6
386,758,3
386,751,0
399,544,3
409,672,5
422,241,0
424,148.7
421,851,5
- Loans and
Week Ended
Investments
Nov.21
Nov.28
Dec. 5
Deo. 12
Dee. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
$
2,725.762,7
2,716,296,6
2,727,144.8
2,739,891,7
2,736,668,6
2,741,417,1
2,744,806,5
2,745,614,3
2,749,071,9
2,764,600,2
2,775,955,6
2,810,842,7
2,839.130,1
612,901,6
608,533,3
608,010.0
602,362,3
605,880,7
611,698,3
607,295,8
602,350,5
629,276,2
650,606,3
660,446.2
658,143.6
653,867,9
That Cos.
State Banks
Slate Banks
Trust Cos.
in
in
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater N. 7,
Week ended Feb. 13.
Capital as of Sept. 12_ _ __
$
24,550,000
$
67,300,000
Surplus as of Sept. 12__
39,119,300
151,148,900
13,894,000
11,702,800
Loans and investments__
Change from last week_
332,169,300 1,146,253,800
-432,200 +10,039,500
131,802,200
-23,300
190,239,600
-1-753,900
Gold
Change trom last week_
40,106,300
86,543,900
-661,900 -1,341,100
Currency and bank notes_
Change from last week_
27,310,000
-881,400
$
10,758.000
$
11,300,000
13,552,700
1,969,200
Deposits
Change from last week_
917,096,800 1,271,831,100
-5,910,600 -2,523,600
135,792.500
+170,500
199,465,400
-231,000
Reserve on deposits
Change from last week-
95,881,500 247,179,300
-726,000 -18,743,300
22,694,600
+683,500
27,308,000
+361,500
P. C. reserve to deposits_
Pereentrore MO week
27.2%
27 2%,
24.7%
2f3 2%.
18.8%
15 901
16.4%
Ift 90,
+ Increase over last week. -Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Week Ending
F
.,. 15 1915.
Member. of
Fed'I Reserve Bank.
Batty Park Nat. B'k
First Nat. Bk., Bklyn
Nat. City Bk.,Bklyn.
First Nat. Bk.,Jer. C.
Huds'nCo.N.Bk.,J.C.
First Nat. Bk., Hob'n
SecondNat.Bk.,11ob'n
Gold.
Silver.
IP
la
C
CD
0.
CO -.1 rP•
•-•.4Ca C ii.b . C4
00No.00-4COCC340.
1•P•00004,14.-40
CO ,
-+A100b
10- 0;P:V18.
01-
28,346,000
845,000
498,000
539,000
1,744,000
7,883,000
6,963,000
6,496,000
1,208,000
5,797,000
3,200,000
5,072,000
15,956,000
3,096,000
82,000
600,000
314,000
413.000
99,000
523,000
140,000
355,000
632,000
183,000
6.000
113,000
184,000
43,000
9,000
55,000
38,000
60,000
194,000
57.000
57,000
197,000
435,000
288,000
23,000
115,000
112,000
171,000
527,000
104,000
214,000
Average. Average. Average,
$
$
$
1,731,000
20,000 200,000
4.054,000
300,000
4,713,000
119,000
9,384,000
394,000
2,170,000
195,000
1,995,000 2.538.000 214,000
1,804,000 1,767,000
98,000
29,000 2,644.0004,364,000 20,851,000 4,325,000 1,520,000
88888.8888
181,000
4,000
234,000
415,000
532,000
79,000
16.000
27,000
21,000
71,000
32,000
34,000
611,000
43.000
92,000
66,000
15,000
117,000 1,276,000
281,000 8,472.000
401,000 7,530,000
402,000 6,807,000
123,000 1,082,000
335,000 5.736,000
284,000 3,163,000
408,000 5.389,000
1,269,000 16,443,000
71,000 3,319,000
24,000
335,000
115,000
851,000
4,000 3,564,000 3,691,000 59,217,000 1,325,000
--
15,000
550,000 1,338,000 10,408,000
el.C104.
759,000 2,029,000 1,029,000
C•fel.
19,000
254,000
64,000
76,000
9,000
94,000
75,000
94,000
298,000
46,000
500,000 1.020,700 6,895,000
317.300 3,513,000
50,000
Total
Average. Average.
$
$
200,000
520,000 281,000
606,000 337,000
526,000 2,326,000
251,000 700,000
324,000 457,000
217,000 263,000
§§§§§§§§§§
0;0004o:71,3,103 CM CCC
co o*00to ..44 cool Co CC
3,800,000 4.643,10057.415,000 3,341,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Tr.Co..13kn
Meehan. Tr.,Bayonne
Grand aggregate
Comparison, prev.wk.
Excess reserve,
Grand aggr'te Feb. 6
Grand aggr'te Jan. 30
Grand aggr'te Jan. 23
Grand aggr'te Jan. 16
Grand aggr'te Jan. 9
Excess
'Federal Reserve
Due from
with
Reserve
National
Reserve
Net
Net
Legal
Bank
Bank
Time
Notes]Not Depost- Depost- Demand
Cresstastes. Deposits. Deposits. lation.
Reserve]. taries.
1
I1
1,795,000
Total
Legal
Tenders.
Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
200,000
128,100 1,905,000
70,000
52,000
34,000
9,000
300.000
670,600 4,528,000
87,000
28,000 114,000
14,000
10,000
300,000
579,200 4,741,000 169,000
56,000 122,000
25,000
11,000
400,000 1.259.100 4,587,000 256,000 273,000 73,000
48,000
250,000
800,800 3,445.000
91,000
23,000
58,000
80,000
2,000
220,000
670,300 5.094,000 114,000
25,000
62,000
31,000
1,000
125,000
291,400 4,046,000
58,000
41,000
76,000
7,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash'n Ilgts.
100,000
Century Bank
500,000
Colonial Bank
400,000
Columbia Bank
300,000
Fidelity Bank
200,000
200,000
Mutual Bank
New Netherland Bank
200.000
Yorkville Bank
100,000
Mechanics' Bk., Bkln 1.600,000
North Side Bk., Bkln
200,000
Total
Nat.Bank Nat.Bank
Notes[Re- Notes[Not
serve for Counted
as
State Instituttons] Reserve].
Net
Profits.
Loans,
Discounts,
(Nat. banks Dee. 31' Invest\State banks Deo. 24/ masts, etc.
Capital.
.
CLEARING
NON-MEMBERS.
2,000
6,145,000 10,380,600 96,169,000 4,797,000 1,300,000 2,660.000 1,095.009 644,000
-802,000 -75,000 +63,000 +110000 -35,000 +146000
$34,070 increase
6,145,000 10,380.600 96,971,000 4,872,000 1,237,000 2,550,000 1,130,000 498,000
6,345,000 10.776,900 95.801.000 4,810.000 1,310,000 2,682,000 1,142,000 659,000
6,345,000 10,864,100 95,332,000 4,858,000 1,310,000 2,692,000 1.480.000 323.000
6,345,000 10.792.20095,934.000 4,861,000 1,347.000 2,872.000 1,734,000 268,000
6,345,000 10,792,20095,721,000 4,779,000 1,387.000 2,980.000 2,005.000 314.000
265,000 1,425,000 5,304,000 974,000
68,000 431,000 1,368,000 2,038,000
2,000
333,000 1.856,000 6,672,000 3,012.000
30,000 6.541,000 9,911,000 86,740.000 8.662.000 1,520,000
+9,000-20,
000 +1160000 +56,000 +444,000 -3,000
21,000 6,561,000 8,751,000 86,684,000 8.218,000 1.523.000
20,000 6,494,000 9,804,000 85,581,000 8,058,000 1,518.000
18,000 6,795,000 10830000 85,567,000 8,074,000 1,530.000
16,000 6.501,000
85.976,000 7.672.000 1,724.000
11,000 6,503,000
86,179.000 7,041,000 1,727,000
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing-House Banks.
below a sum-We
Clearing-House banks and trust companies of Philadelphia: mary showing the totals for all the items ingive Boston Clearthe
We omit wo ciphers (00)in all thesefigures.
ing-House weekly statement for a series of weeks:
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus.
Dec. 5
Dec. 12
Dec. 19
Dee. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
Loans.
389,633,0
396.719,0
397,010.0
395,929,0
393,452,0
393,545,0
395,052,0
393,671,0
394.575,0
395,604,0
397,425,0
Reserve. Deposits.
a
85,738,0
76,641,0
73,357,0
68.608,0
75,010,0
78,158.0
79,909.0
82,966.0
84,937,0
85,162,0
87,508,0
$
427,516.0
426,510,0
427,709.0
422,876,0
431,039,0
434.191,0
437,435.0
438,174,0
438,966,0
443.310.0
445,806,0
Ctrcula-
Clearings.
Change from
.
Feb. 13 '15. previous we,ek.1Feb 6 '15. Jan. 80'15.
$
13,316,0
12,972,0
12,686,0
12,418,0
12,178,0
11,789.0
11.647,0
11,593,0
11,554,0
11,552.0
11,521,0
163.149,8
141,291,2
152,095,9
133.478,5
131.233,4
178,536,7
151,220,0
150,965,1
144.309,4
168.439,7
120.041,2
52,000 $9,362,000 $9,400.000
Circulation
19,364,000 Inc.
Loans,insole& investments. 233,830,000 Dec. 386,000234.210.000 232,636,000
Indfir. deposits, incl. U.S
67,000 175,768,000 175,245,000
175,835,000 Inc.
Due to banks
;
1,296.000 Dec. 442,000 83,738,000 82,756,000
81
109,000 4,993,000 5,041,000
Time deposits
694:0 0 Dec.
8 0000
5
:
8
Dec. 1,471,000 13,166,000 11,845,000
Exchanges for Clearing House
650,010 23,333,000 22,164.000
Due from other banks
23,983,000 Inc.
91.000 21,218,000 21,795.000
21,309,000 Inc.
Cash reserves
Reserve In Fed. Reserve Bk. 8,679,000 Dec. 562.000 9,241,000 9,792,000
Reserve with other banks_ _ _ 28,814,000 Inc. 1,538,000 27,276,000 28,397,000
163.000 8,618,000 9,203,000
Reserve excess in bank
16:28:
81
8 7 8 000 Inc.
Inc. 1,610,000 14,676,000 15,805,000
Excess with reserve agents_ _
Excess with Fed Reserve 13 k 2.415,000 Dec. 528,000 2,941.000 3,496.000
a Includes Government deposits and the item "due to other banks" (Feb. 13.
5130,906,000); also "Exchanges for Clearing House" (Feb. 13, 513,823,000). Due
rom banks Feb. 13, $51,352,000.
-See second page
and Exports or the Week.
preceding.
624
THE CHRONICLE
Vantiers'
azette.
[VOL. 100.
York Canal 43s at 108 to 1093-f and $5,000 New York Canal
4s. 1962, at 10034.
The volume of trading in railway and industrial bonds at
the Stock Exchange showed a substantial gain over last
week. Prices, however, were considerably lower, owing
largely to disturbing reports from the war zone.
From a comparative list of the closing prices this week
and last of 25 most active issues, 19 show a loss and 3 a gain.
Iowa Central 4s and Minneapolis & St. Louis 1st and ref. 5s
showed considerable strength, adding 53/i to 6% points,
respectively, to their notably sharp rise of last week.
New York Railways adj. 5s and Seaboard Air Line adj. 5s
were the heaviest losers, the former falling off 2, the latter
53/, points, probably due to the recent heavy decline in
3
earnings.
United States Bonds.—Sales of Government bonds at
the Board are limited to $20,000 2s, reg., at 983 ,and $2,000
%
4s, coup., at 110%. For to-day's prices of all the Afferent
issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.—Under influences
mentioned above the stock market has been dull and weak
day by day. There is indeed little else to be said about it.
No evidence of foreign liquidation is noted, or unusual offerings from any source, and prices settled to a lower level,
apparently from sheer inertia. To-day's market showed
exceptional weakness with transactions the smallest of the
month thus far, presumably in anticipation of a protracted
holiday and uncertainty as to developments in the meantime
in European waters.
Among the exceptional features Minn. & St. Louis issues
have been conspicuous for wide fluctuation and advance.
They are the only active railway stocks of a list of 20 which
close higher than last week, the others showing a loss of
from 2 to 4 points.
The industrial list has made a similar record, except that
the range covered is wider. Mexican Petroleum has declined almost 13 points, Smelting & Refining is 53' points
lower and U. S. Steel is down over 3 points.
For daily volume of business see page 633.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Wall Street, Friday Night, Feb. 19 1915.
The Money Market, 86c.—Attention has this week been
divided between developments in the war in Europe, national affairs at Washington and the international exchange
situation in this market. Each has been more or less unique
in character and therefore affected sentiment in the Street
unfavorably. Business at the Stock Exchange has been
limited in volume and prices for all classes of securities have
declined.
Sentiment in Wall Street, as is well known, is often influenced more by the possible than the probable,and the very
remote possibility that new international complications might
result from German naval activities has had a depressing
influence here.
All domestic matters are,of course, of minor importance,
and yet the possible enactment into law of a measure so
portentous as the Ship Purchase Bill, now happily doomed,
was a menace to business so long as it was an open question.
As the present Congress nears its end business men and interests are looking hopefully forward to a period of relief from
legislative disturbance. One of the most interesting features
of the week has been the foreign exchange situation.
The extent of the present trade balance in favor of this
country is illustrated by the lowest quotations in recent years
for sterling exchange and offerings of bills on France, Germany and Italy far in excess of the demand and at prices
substantially below the par of exchange. This- matter is
receiving attention from prominent international bankers
and others, with little if any progress towards a solution.
No country in Europe will, of course, part with gold if that
can be avoided. A little relief has resulted from the transfer of
$2,500,000from Ottawa,but this is as"a drop in the bucket."
It is expected that arrangements will be made for an English
credit in this market of sufficient amount to meet immediate
necessities, but up to this writing nothing of that kind has
been accomplished.
•
The Bank of England reports a decrease of its gold hold
ings, while at the same time the Imperial Bank of Germany
Range for Week.
Sales
STOCKS.
Range since Jan. 1.
for
shows a substantial increase. The latter movement is Week ending Feb. 19. Week. Lowest.
Highest,
Lowest.
Highest.
difficult to account for. Evidently this steady flow of the American Express
20 83 Feb 17 83 Feb 17 83
Feb 95
Jan
metal into the Bank comes from every other source in the Am writing Paper, wet- 1.100 7 Feb 18 7 Feb 18 7 Feb 7 Feb
Canada Southern
6 5634 Feb 13 5634 Feb 13 5634 Feb 5634 Feb
Empire, including small private holdings, in exchange for Cuban-American Sugar_ 200 42 Feb 18 42 Feb 18 38 Jan 47 Jan
Des M & Ft Dodge
50 7 Feb 13 7 Feb 13 4
Feb 7
Feb
the enormous new war loans.
Green Bay & W,deb B.
37 1031 Feb 19 II Feb 18 1034 Jan 1254 Jan
1,45
8 Feb 13 10 Feb 16 6
The open market rate for call loans on the Stock Exchange Iowa Central
Feb 10
Feb
Preferred
Feb
Feb 13
Feb
Feb
on stock and bond collaterals ranged from 1% to 23i%. Keokuk & Des Moines_ _ 180 18 Feb 13 18 Feb 15 18 Feb 18 Feb
10 634
15 634
634
634
Kings Co Elec L &
50 121 Feb 18 121 Feb 18 121
Feb 121
Feb
The rate on Friday was 1%@2%. Commercial paper Lackawanna Steel P
100 2834 Fob 16 2834 Feb 16 28
Jan 30
Jan
2 100 Feb 15 100 Feb 15 100
closed at 33' @4% for sixty to ninety-day endorsements and Michigan Central
Feb 100
Feb
Pacific Tel ex Tel, pref
25 88 Feb 15 88 Feb 15 88
Feb 9034 Jan
prime four to six months' single names. Good single So Porto Rico Sugar_ _ _ _
47 40 Feb 16 40 Feb 16 40
Feb 40
Feb
Union Pacific warrants_
220 2834 Feb 13 2854 Feb 13 2734 Jan 2934 Jan
names 4%@,4 %.
Wells, Fargo & Co
31 8034 Feb 19 8034 Feb 19 7734 Jan 85
Jan
200 3034 Feb 16 3034 Feb 17 25
Jan 30
Jan
The Bank of England weekly statement on Thursday West Maryland, prof
showed a decrease of £1,658,513 in gold coin and bullion
Outside Market.—A heavy tone prevailed for the most
holdings, and the percentage of reserve to liabilities was part in the "curb" market this week, with some recovery in
31.54, against 31.57 the week before. The rate of discount to-day's trading. The oil shares were by far the heaviest
remains unchanged at 5%, as fixed Aug. 13. The Bank of losers, the industrial properties for the most part showing
France shows an increase of 401,000 francs gold and 7,139,000 slight variations. Atlantic Refining was notable for a loss
of 42 points to 543, to-day's transactions resulting in a
francs silver.
further drop to 533, ex-dividend. The close was at 535.
Foreign Exchange.—The market for sterling exchange National Transit fell from 36 to 31 and ends the week at 33.
dividend due March 15 was reduced to 50 cts.
was demoralized early in the week by the heavy pressure of The quarterlyGas lost some 25 points to 210, recovering toPrairie Oil &
bills and by short selling, but recovered later. Demand sold day to 220. Prairie Pipe Line declined from 152 to 135 and
as low as 4 79. The Continental exchanges were also under advanced to-day to 140. South Penn Oil moved down from
pressure.
278 to 255 and recovered to 265. The company resumed
To-day's (Friday's) actual rates for sterling exchange were 4 80g @ dividends this week, declaring $3 payable March 31. Stand480 for sixty days 4 81% @)4 82g for cheques and 4 8204 82% for ard Oil (California) receded from 294 to 274 and sold up
cables. Commercial on banks nominal and documents for payment nominal. Cotton for payment nominal and grain for payment nominal.
to-day to 278, ex-dividend. Standard Oil of N. J., after
There were no rates for sterling posted by prominent bankers this week.
an early gain of a point to 404,dropped to 390, ex-dividend,
To-day's (Friday's) actual rates for Paris bankers'francs were nominal for
long and 5 22% @i5 28% for short. Germany bankers marks were nominal and closed to-day at 391. Standard Oil of N. Y. declined
for long and 84 7-16 for short. Amsterdam bankers' guilders were 39%(g) from 196 to 186 and ends the week at 188. Standard Oil
40g for short.
Exchange at Paris on London. 25 fr.: week's range. 25 fr. 17%c. high (Ohio) fell from 435 to 413 and sold finally at 420. Among
and 25 fr. low. Exchange at Berlin on London, not quotable.
other industrial shares Kelly-Springfield Tire com, sank
The range for foreign exchange for the week follows:
from 113 to 1083/2. The 1st pref. sold down from 8434 to
Sterling. Actual— Sixty Days.
Cheques.
Cables.
4 83
82 and up to 83. Nat. Cloak & Suit com. rose from 52 to
High for the week---4 80%
4 833
4 79
Low for the week---4 77%
4 793
The preferred was off from 99 to
55 and reacted to 53
Paris Bankers' Francs
963/2, ex-dividend. United Cigar Stores of Am. lost 332
5 20%
High for the week_ _ _ ____
5 20
5 26%
_ ____
5 25%
Low for the week_ _ Marks—
points to 90. The new stock, after an early advance from
Germany Bankers'
9% to 932, weakened to 9, with the final figure to-day 9%.
85g
85%
High for the week_ - _ __-_
____
84%
84%
United Profit Sharing, after a fractional gain to 4,eased off
Low for the week__ _ Guilders—
Amsterdam Bankers'
to 3 7-16, with a final recovery to 3%. A good business was
405i
403
High for the week_ _ _ ____
39%
40
done in bonds, the N. Y. Cent. 6s "w. i." weakening
Low for the week_ _ _ _-_Domestic EXchante.—Chicago, Sc. per $1,000 discount. Boston, par. from 102% to 101% and recovering subsequently to 101%.
3
premium. San Francisco. Oc. per $1,000 premSt. Louis, Sc. per $1.000
premium. Minneapolis. 40c. per $1,- To-day business in these bonds was transferred to the Stock
ium. Montreal.$5 93i Per $1,000
.
Exchange, where sales were made up from 101% to 101%
000 premium. Cincinnati. Par.
and back to 101%. Western Pacific 5s lost a point to 34.
State and Railroad Bonds.—Sales of State bonds at N. Y. State 430, "w..1.," advanced from 103% to 1033%
the Board this week include $18,000 Virginia 6s at 54 to 55, and reacted to 103% finally.
Outside quotations will be found on page 633.
$10,000 New York State 4s, 1960, at 1009, $11,000 New
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
625
For record of sales during the week of stocks usually inactive, see preceding Page.
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 13
Monday
Feb 15
Tuesday
Feb 16
Wednesday
Feb. 17
Thursday
Feb 18
Friday
Feb 19
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
8912July
x964 Dec
[9918 Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
914 July
25 July
844 Dec
126 Dec
122 Dec
170 Jan
125 May
132 May
22 July
40 July
20 Mar
3778 Jul
29 Dec
1383 Dec
4
388 Jan
4 July
8 July
2018 July
32 July
2614 July
11158 Dec
2212 July
10312 Dec
103 July
4
60 Dec
204 July
4918 Dec
518 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
918 July
2712 June
101 Dec
130 June
84 Dec
26 Dec
7 Dec
30 Jan
5 Dec
77 July
495 July
8
183 Dee
4
2518 July
9612 Dec
85 Jan
965 Dec
8
10212 Dec
5 July
6418 July
95 June
137 July
87 July
x80 Dec
5 Dec
8
1 Dec
2 Apr
8 May
214 Dec
1778 July
36 July
1014 Dec
4584 Jan
81 Dec
92 8 Dec
7
14 Dec
58 Dec
1112 Dec
33 July
2 Dec
43 Dec
4
9478 July
112 July
774 Dec
712 Dec
22 July
4July
13 Dec
4
103 Dec
4
24 July
814 July
3 Dec
293 July
4
1004 Jan
1013 June
4
126 Jan
983
8Jan
83 2 Jan
3
944 Mar
22012 Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
136 8 Feb
7
180 Jan
1311* July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mat
15912 Feb
4063 June
4
1914 Jan
3118 Feb
3212 Jan
493
4Jan
405g Jan
134 4 Pleb
3
391 Jan
115 Alin
168 Jan
654 JUDI
2819 J uI3
62 JIM
9 Jail
21's Jan
1564 Ji &
36 F.11
14178 Jan
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
965 Jan
8
78 Jan
316
8Jan
43 Jan
10578 Jul:
90 Alw
11812Feb
1154 Jan
8 Jan
91 Feb
101 Ma
17214 Jan
89 8 Jun
3
93 Jan
164 Jan
25 Jan
53 Jan
5
1711 Jan
3
9 4 Jan
2634 Jan
654 Jan
224 Fel
58 Tel
9912Jan
10612 Jim
284 Fet
854 Fet
1734 Am
45 4Jan
3
1214 Jan
23 Jan
108'2 Jail
1643 Jan
2
86 Fet
23 4 Fet
3
4914 Ms
458Jan
13 Jan
35 Jam
63 Jar
8
21 Jae
11 Jar
48 Fet
•
Industrial & Miscellaneous
281s 271e 2838 10,700 dAlaska Gold Mining_Par $10 $2618 Jan
8 28
2834 294 28 8 29
5
2812 2918 281s 286
7 $30l Feb 9 $1912 July
9
9
*8
*8
10
*8
10
10
10
*8
10
•13
200 Allis-Chalmers Mfg v t c
734Jan 12 11 Jan 19
6 July
•___ 37 *____ 37
35
36
35
35
35
344 3414 *33
200 Do preferred v t c
33 Feb 10 37 Jan 16
324 July
5438 5512 5338 5458 5312 5414 527 5384 5214 5318 523g 5312 45,725 Amalgamated Copper
8
513
4Jan 2 5818Jan 21
483 Dec
4
494 494 *48
*48
51
51
•4812 50
50
*48
•48
51
100 American Agricultural Chem_
48 Jan 4 52 4Jan 19
3
474 Jan
*89
93
*89
•89
93
*89
94
93
9112 9112 91
91
200 Do pref
9012Jan 15 914 Feb 16
9014 Dec
41
4112 383 41
4
4
393 4018 3812 3912 373 38 8 373 3812 21,220 American Beet Sugar
5
4
4
33l Jan 6 42 Feb 11
19 July
8734 *85
8734 *85
873 *85
*85
4
8734 *85
874 *85
873
4
Do prat
83 Feb 1 85 Feb 2
66 May
*8714 9312 *8714 9312 *8714 934 *8714 934 *8714 931 *8714 9312
Amer Brake Shoe & Foundry_
80 Apr
•13512 138 *13512 138 *13512 138 *1351 138 *13512 138 •13512 138
Do prof
134 Jan 7 1373
4Jan 22 12912 Jan
284 2812 2734 284
2734 2818 2718 2778 26 4 2714 27
274 12,710 American Can
3
2518Jan 2 313
8Jan 19
194 July
041g 94h 93 s 04
7
9312 t1312
*03h 9514 9358 04
0312 931
1,000 Do pref
9112Jan 5 973
8Jan 21
80 July
4578 457 *4484 453 *4412 46
8
4 42
444 4412 434 433
4
4318 1,800 American Car & Foundry
42 Feb 19 4812Jan 18
•112 11358 •111 1133 *10912 11312 *111 11312 *1117 113 •1114 11311
4214 Dec
8
8
Do pref
113 Jan 7 115 Jan 20 112 July
•____ 60 *____ 60 *....._ 60 ill_ _ __ 60 •____ 52
*5014 60
American Cities pref
5918Jan 5 60 Jan 12
59l2July
*__ 83 •____ 83 •____ 83 •_ _ _ _ 83
82 •____ 8212
§82
11 American Coal Products
82 Jan 20 82 Jan 20 182 Jan
*107 109 *107 109 *107 1094 *109 10958 •100 1095
•107 109
8
Do prof
1105 Jan 7 110812 Feb 10 *102 Jan
4658 48
4618 463
4 453 4614 443 4534 4412 45
4
4
4512 4512 2,725 American Cotton Oil
39 Jan 4 484 Feb 11
8
32 July
*95 100
*95 100 .95 100
*95 100
*95 100
*93 100
Do pref
9712Jan R 974 Jan 26
9358 June
455.
514 514 *5
512
5
5
•44 584
438 438 1,490 American Hide & Leather_ _
43 Feb19
51 Feb 9
314 July
2712 28
2712 2758 27
28
2712 2614 2654 26
27
26
2,225 Do prat
1934 Jan 5 283 Feb 9
4
17 July
24
25
24 .2312 25
*24
2314 231
233 233g 2312 231
8
800 American Ice Securities
204
8Jan 4 2512Jan 18
4914 10
197 July
*
*934 10
*912 10
912 912 *014 10
*9
10
100 American Linseed
74 Jan 2 1112 Jan 16
712 July
ns 29 *2512 29 •25 29 •25 29 *25 29 •25 30
Do pref
24 Jan 5 3014 Jan18
24 Dec
2112 2214 *2112 23
2112 211
2138 214 2112 211
2112 2112 1,400 American Locomotive
2118 Feb 5 283
4Jan 12
2014 July
•__ 83 *--__ 83 *--__ 83 *____ 82
81
81
81
81
300 Do prof
81 Feb 18 9614Jan 9
96 Jan
7
*5
7
*5
*5
7
*5
*5
6
•5
7
7
American Malt Corporation
4 Jan 6
6 Jan 22
414 Dec
31
324 31
3018 304 *30
32
321 *30
*30
324 *30
200 Do prof
2812Jan 20 31 Feb 15
30 Dec
80
*78
--------100 Amer Smelters Sec pref B_.._
78 *_ _ _ _ 80 •___ 80
78
80
78 Jan
7884
794 July
61h 6418 6134 621
8 6334 653
613 6314 43,400 Amer Smelting & Refining... 56 Jan 19 8615 Feb 3
67158 6512 667
4
60
2
Feb 11
5014 July
10078 10078 10078 1007e 10078 l0O7e 10078 101
8
1023 1023 102 102
8
860 Do prof
100 Jan 4 10412 Fob 10
9712 Apr
•148 154 *148 154 •148 154 •148 154 •148 154 *148 154
American Snuff
144 Jan 16 155 Jan 29 148 Dee
•I04 107 *104 107 *104 107 *104 107 *103 106 *103 105
Do pref (new)
103 Jan 19 106 Feb I
8
997 Jan
267g 207g
210 Amer Steel Foundry (new)
27
•26
27
27
28
*26
29
•26
28
*26
264Jan 7 32 Jan 18
2713 July
102 10214 10114 1021 102 103
10112 103
7.500 American Sugar Refining
102 104
103 105
100 Feb 5 11112Jan 29
97 Mar
Do pref
•111 114 *108 114 *110 114 *110 114 •110 114 *110 114
109 Feb 5 11412Jan 29 10778 Mar
119 119
4,427 Amer Telephone & Telegraph- 116 Jan 4 12112Jan 20 114 July
11814 11938 119 119
112012 12018 11912 1204 11912 120
22212 223
796 American Tobacco
223 226 *220 227
229 229 *225 230
230 230
220 Jan 4 2343
4.Tan 29 215 Apr
213 Preferred, new
10618 1061 *1064 1064
*105 107 *1053 1061 *106 107
4
106 106
103'* Jan4 10714 Feb 9 10124 Jan
200 American Woolen
*1512 20 •154 20
18
18
18
18
16 Jan 5 175 Jan 23
•1512 1812 •1512 18
4
12 July
774 774
79
225 Do pref
7912 179
7912 *78
7911 *78
79 .77
774 Feb 19 794 Jan 15
79
7212Mar
Lee.
.than 100 share.. a Ex-dly. and MOM.
Er
t -rights.
New stock.
'Ex 24% accuM. div.
•Bid and asked pricer no Wel on this day.
dollars per °hare. e Firs Installment paid. x Ex-eilv. •FUR Paid.
g2878 Ma
144 Tel
49 Jar
7818 Fel
5912 Mair
9712 Jar
3312 De
80 De
974 Tel
1467 Fel
8
3518 Jar
96 Jar
5312 Fel
118 8 Jul
7
68 Jul
18612 MI
107 Jul
4612 Tel
97 * M,
5
514 Tel
2534 Fel
4
323 Fel
115 Jal
8
3134 Jai
374 Jar
10212 MI
94 Jai
5018 Jul
85 Jul
nig Fel
105 Jai
172 Jai
1063 Ju
4
3712 Fe'
10978 Jai
113 De
1244 Jai
256 M
109 Ju
20 8 Jar
7
83 JR,
Railroads ,
944 9512 93 4 9412 94
9412 9312 9414 93 8 93 4 9312 9414 8,700 Ateldison Topeka& Santa Fe_
3
5
3
93 Jan 2 964Jan 26
9812 983 *9812 99
9812 9812 *9812 9914 99
4
99
*98
997
8
710 Do pre!
96 Jan 5 99 Feb 11
•104 106 *104 106
104 104
104 105
10312 1033 10312 10312
4
700 Atlantic Coast Line RR
99 Jan 5 107 Jan 22
6914 6912 68 8 69
6814 6812 67
5
67
68
67
67
67
7,200 Baltimore de Ohio
67 Feb 17 748 Jan 26
6914 69 8 6912 6912 69 69
4
*6712 68
*6712 69
6812 1,676 Do pref
68
68 Feb 19 7384 Jun 20
•87
863 8714 864 863
88
4
4 85 4 8614 86
8614 8612 8612 2,510 Brooklyn Rapid Transit
3
8412 Jan 6 88.Jan22
15712 1583 157 15812 15634 158
4
15614 157 8 15612 15712 1563 15712 15,050 Canadian Pacific
7
4
1535 Feb 5 1683 Jan 21
8
4
325 •____ 325 •___ _ 325 *___ 325 *____ 325
____ 325
Central of New Jersey
324 Jan 22 325 Jan 22
4214 413 42
42
4
414 413
4 41
413
4 403 4114 *40 8 414 3,550 Chesapeake & Ohio
4
7
403 Feb 18 464 Jan 26
4
1114 1114 *11
115
8
11
11
11
11
10 8 107 *10
8
7
53 1112
500 Chicago Great West tr etts
1014Jan 4 123
8Jan 22
*293 31
3112 §2958 2958 29 8 295
4
*30
2918 *28
5
8 29
30
340 Do pref trust Ws
27 Jan 11 32 Jan 21
863 8712 854 8612 86
4
86
8512 86
8512 8534 8514 8618 4,310 Chicago Milw & St Paul
85'* Feb 15 9318 Jan 22
124 12434 *1233 1243 12418 12418 *12312 125 112412 1244
*123 125
4
4
540 Do pref
124 Feb 15 130 Jan 22
*123 126 *123 126
12518 12518 125 125
124 12414 12414 1244
600 Chicago & North Weetern
122 Jan 5 12912Jan 22
166
- - -3*16
Do pref
*166 Feb 10 1175 Jan 30
• _ - 132 •__ __ 1
.
.
*__ _ _ 1
*._ _ _
*---Chicago St Paul Minn & Om
4.-- -•____ 150 •____ 150 •____ 150 *--- 150 *-,2- 150*_.2,_ 150
Do prof
*25
39
*25
39
*25
39
*25
39
Cleve Cin Chic & St Louis_ 121 Jan 18 121 Jan 18
*25
39
*25
39
*50
57
*53
56
*53
5318 5318 *50
56
60
*52
55
110 Do pref
150 Jan 13 158 Jan 20
*2512 26
*2514 26
*25
•25
26
*25
26
26
•25
26
Colorado & Southern
247 Jan 13 26 Jan 23
8
*4712 ____ *474 ____ *4712 __ *4712
*4712 -- -- *474
Do 1st pref
45 Jan 18 47 Jan 29
438
_ 436
_ *36
__- *36
*36
_
__ __ *36
__ __ ___ _
Do 2d pref
37 Jan 18 37 Jan 18
*149 Illil 1484 fits 1149 149 *147 119 - *147 149 *147 149
210 Delaware dr Hudson
142 Jan 4 152 Jan 18
•410 423 *410 425 *410 425 *410 425 *410 418
410 41012
371 Delaware Lack & Western_ 3997k Jan 6 425 Jan 19
*612 71
*612 71
*612 712 *612 74
612 61
*612 7
300 Denver & Rio Grande
4 Jan 12
712Jan 25
1112 111 *11
123 *1012 1212 *1014 12
121 *10
*10
123
4
100 Do pref
882 Jan 7 137 Jan 21
9
22
224 214 2214 213 22
8 214 22
4
8
214 2158 213 215
11,920 Erie
213
8Feb 17 233 Jan 21
3414 341i 34 8 2,850 Do let preferred
353 36
4
3514 353 *35
34
35 4 3414 354
3
7
3378Jan 15 3712Jan 22
*28
29
29
*2712 29
29
*28
*2814 2912 *2712 29
2912
100 Do 2d preferred
28 Jan 16 3014 Jan 26
116 11618 11514 1157 1145 11518 1143 11434 1143 1148 113 8 11458 4,800 Great Northern pref
4
8
8
7
4
4Jan 2 118 Jan 22
1123
313 3314 3014 3134 30 4 3134 304 31
4
3014 304 3012 3012 7,000 Iron Ore properties
3
2584 Jan 2 3534 Jan 21
*10512 1097 •105 8 1091 .10518 10978 10538 10534 *10514 109 •10512 10714
8
8
300 Illinois Central
1054 Feb 17 110 Jan 22
42 8 1278
5
1238 1258 §1.212 1211 124 1212 124 1214 12
1218 3,665 Interboro-Metropolitan v t ctf 105
8Jan 16 13 Feb 5
5634 5718 56 4 581
3
57
5712 5614 57
7
5614 56 8 541 565
4
4 9,260 Do pref
49 Jan 19 58 4 Feb 11
3
2234 2234 2234 23 •22
22
22
*2112 223
2318 *22
23
4 1.150 Kansas City Southern
2110 Jan 11
2518Jan 22
567 5678 5612 564 •50
8
57
*50
*5012 57
57
*49
57
200 Do prat
56 Jan 18 574 Jan 22
*5
7
7
*5
*5
7
7
*5
*5
*5
7
7
Lake Erie & Western
5 Jan 5
7'. Jan 22
•14
20
*14
20
*14
20 •14
*14
20
20
*13
20
Do pref
133 134
13214 133
132 133
3
132 13212 130 4 132
130 4 13312 14,000 Lehigh Valley
3
1305
8Jan 2 13918 Jan 22
.30
38
*33
39 .31
37
38
37 .31
*32
*31
37
Long Island
30 Jan 11 39 Jan 20
•117 119
117 117
1145 11458 *115 116
8
115 116
115 115
800 Louisville & Nashville
112 Jan 5 12112Jan 22
.
5123 129 *125 130 1129 129 •124 129 •124 129 *12114 128
Manhattan Elevated
128 Jan 20 128 Jan 20
154 1718 1712 193
8 173 19
4
1614 163 *16
4
17
17
18
6,535 Minneapolis & St Louis
104Jan 11
194 Feb 15
41
434 46
49
*44
48
423 43
424 4112 4112 3,455 Do pref
4
39
25 Jan 18 49 Feb 15
112 112 *109 113
112 112 *1091410014 *109 112 1109 109
216 Minn St P & 8 S Marie
106 Jan 4 116 Jan 20
•__ _. 128 •____ 128 •__ __ 128 •___ 128 *---- 128 *--- - 128
Do prof
128 Jan 14 128 Jan 19
1012 114 10 8 10 8 105 10 4 104 1012 104 10 8 1014 10 5 1,300 Missouri Kansas & Texas
5
5
3
8
3
3
7 8 Jan 4 1212 Jan 22
7
314 3114 *30
32
*207 3138 *297 32
8
*294 314
31
31
.
220 Do pref
26 Jan 4 33 Jan 20
113 113
8
4 1012 1114 10 8 11
8 104 1118 10,600 Missouri Pacific
7
10 4 1078 104 113
3
64Jan 8 151* Jan 21
*. - 2112 •_ _ 2112 •..
21 *. _ 21 •- - 21 *.. . 19
Nat Rya of Mexico 1st prat__
23 Jan 5 23 Jan 5
;8 7
,15
7
.
1;1E8 7
47 Jan 23
ii4511 7
478Jan 23
;
ibis 512 ;458 512
Do 2d preferred
847 8538 8334 85
8
8414 17,700 NY Central & Hudson River- 83 Feb 17 9214 Jan 22
8
83 4 8414 83
833 844 83
3
84
49
494 49
49
4778 474 4734 47
49
4714 6,950 N Y N H & Hartford
47
49
47 Feb 17 57 Jan 19
•23
234 223 23
4
*2212 2314 •2212 23
*2212 2234 2212 2212
920 N Y Ontario & Western
8Jan 22
2184 Jan 6 243
•
25
25
25
_ _ __ 2612
25
--- 25
25
200 Norfolk Southern
25 Feb 15 25 Feb 15
.ioiii, loll, ow, 101 •10014 iOOlz *____ 100 *-997/ 9978 *-- __ 101 3,550 Norfolk & Western
101
on
9912Jan 4 10312Jan 22
•84
89
•84
88
88 •83
*83
*84
88
87
*84
88
100 Do adjustment preferred_
85 Jan 27 8512 Jan 26
1033 104
4
10214 1033 1023 103
4
4
102 1024 102 10212 10134 10211 4,500 Northern Pacific
100 Jan 2 107 Jan 22
10512 106
105 10538 10458 105
4
4
10412 10478 1043 1043 10518 10518 5,902 Pennsylvania_
10414Jan 4 10882 Jan 22
_
*5
10
*6
9
*6
0
*6
9
100 Peoria & Eastern
7 Jan 19
4 Jan 5
6
6
*6
9
*66
72
*68
72
*68
72
•138
72
72
*68
72
*138
Pittsb CM Chic & St Louts- 6912Jan 28 72 Jan 18
•____ 100 •_ __ 100 ili____ 100 •____ 100 •____ 100 *
_ 100
Do pre:
1434 145
14318 1445 143 1437 14212 14312 1414 1427 i413 14314 136,810 Reading
8
4Feb 18 1537 Jan 22
1413
9
8
*84
88
•84
88
*83
88
88 •____ 88 •__ 88
•83
1st preferred
8512Jan 11 8612 Jan 11
•84
851 *84
8512 *84
8212 8212 82
84
82
1.000 2d preferred
8581 83
82 Feb 19 8512 Feb 2
*34
*3
4
1
7
*3
4 1
7
8
72
3
386 Rock Island Company
4
3
4
1 Jan 19
*3
4 1
3
8Jan 2
114
114
11
*14
112
11
112 14
114
114
11r
8Jan 15
1 Jan 21
114 1,100 Do prof
17
*2
3
*112 24 *14 21
*112 212
2
2
100 St Louis & San Francisco
*112 24
2 Feb 18
212Jan 26
*8
10
10
10
*8
12
*8
12
*8
*8
10
10
100 Do 1st preferred
10 Jan 25 11 Jan 21
•
312 412 *312 4
*312 4
*34 44 *312 4
*34 4
Do 2d preferred
4 8 Feb 4
3
3 Jan 18
*15
17
15
15
•15
17 •15
17 *--- 17 •____ 17
100 St Louis Southwestern
15 Feb 15 173
4Jan 23
•-2,_. 37 . _ .„. 37 *_,,_ 37 *__,, 37 •_,z.,. 37 ......,.. 37
5_
Do pref
34 Jan 15 37 Jan 21
13 8 1334 *123 1312 13
8
4
13
*1212 1314
12.4 1214 .12
13
400 Seaboard Air Line
1114 Jan 4 1512Jan 26
36
37 •_ __ _ 37
36
36
36
36
36
36
36
36
900 Do pref
36 Feb 8 41 Jan 26
8414 85
8312 541z 834 8412 835 837
8
3
8 834 83 4 834 83 8 17,760 Southern Pacific Co
7
8114 Feb 5 8812Jan 22
Certificates (when Issued)._
95't Feb 9 987 Jan 26
15 8 1612 154 153
7
4 154 1558
1478 1514
15
15
*1518 1512 6,520 Southern v tr Ws stamped
14 Jan 4 18 Jan 23
50 8 5058 50
5
50
50 50
48
48
48
48 •____ 48
1,300 Do
preferred
do - 48 Feb 17 63 Jan 26
13
13
*1212 13
1284 1234 1212 1212 *1112 1312 *114 13
500 Texas & Pacific
11 Jan 11
14 Jan 20
4612 47
454 4614 4512 46
4458 4512 4412 45
4414 4512 5,085 Third Avenue (NY)
35 Jan 2 48 8Jan 28
7
•112 2
*112 2
•112 2
*112 2
*112 2
•112 2
Toledo St Louis & Western
1 Jan 6
2 Jan 11
8
8
812 812 *8
*8
9
9
*712 6
*8
9
500 Do prof
988 Jan 23
6 Jan 6
*9812 100
91412 9812 *98
9912 97
*9612 99
977
8
*9612 09
550
97 Jan 5 994 Jan 16
1107g 121
11912 12012 119 1197g 11812 11918 1183. 1187 1181g 11914 51,260 Twin City Rapid Transit_ _ _
8
Union Pacific
1153
4Jan 2 122 2Jan 22
7
81
814 *80 4 8114 8112 8114 8114 8114 81
3
81
*807 8112
8
921
Do prof
7912Jan 4 8112Jan 26
1014 1014
*8
10
*8
10
*914 10
*8
10
*9
10
300 United Railways Investment8 Jan 5 1414 Jan 20
*26
2712 26
26
27
26
2612 2612 *25
20
*25
27
200 Do pref
23 Jan 5 35 Jan 19
3
4
7
8
7
8
3
4
7
8
*3
*3
4
4
3
3
4
4
i's
7
7
8
2
715 Wabash
11 Jan 22
5
4Jan 15
3
2
214
2
2
2
2
17
8
2
178
14 124 218 1,500 Do pref
112Jan 7
33 Jan 22
*
*1812 20
19
19
18
*1712 19
*18 4 1912 18
3
4 18
183
113 Western Maryland
914 Jan 4 214 Jan 22
312 *212 312 *212 312 *212 312 *212 312 *212 312
•3
Wheeling & Lake Erie
14 Jan 6
3 4 Jan 18
3
•10
15
*10
*10
14
*10
15 .10
14
15
*10
15
Do 1St preferred
12 Feb 6 16 Jan 18
•4
5
*3
5
5
*4
*3
5
*3
5
Do 2d preferred
*3
5
3 Jan 4
6 Jan 18
*31
37
33
3514 *32
37
324 3214 *313 3518 *317 354
4
8
700 Wisconsin Central
31 Feb 9 397
8Jan 21
d QI101.00
626
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
,aturday
,
Feb. 13
Monday
Feb. 15
Tuesday
Feb. 16
Wednesday
Feb. 17
Thursday
Feb 18
Friday
Feb 19
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
Industrial & Miss (Con)
27
2614 26 3 26
3
4
2614 26
2712 2734 267 2714 27
2614 3,800 dAnaconda Copper Par $25 $25 Jan 2 $2818 Jan 21 $2414 Dee $3814 Feb
3213 *3014 3212 *3012 3012
.31
3212 3012 3012 *3012 3012 *30
2912 Feb 10 40 Jan 11
3812 Jan
130 Baldwin Locomotive
5218 Mob
•99 1001z 100 100
•____ 101
*__
10012
•99 10012
•__ - 101
Do peel
99 Feb 8 10312Jan 15 10212Jan 110 June
100
3
4
3
4
•12
.12
*12
3
4
$12 Feb 5
*12
3
4
Vs Jan 9
alatopilas Mlning___Par $20
312 Apr
3
4
*4
$IN Feb
%
;1
2
5
4 5524 5624 5524 5622 38,625 Bethlehem Steel
4614 Jan 2 5734 Feb 10
2922 Jan
5514 553
4 54 8 5614 5518 5758 55% 563
465 Dee
8
4
4
•10412 10513 •10412 10514 1043 1043 10434 1043 1044 10412 10412 1043
4
4 1,500
68 Jan
Do prat
91 Jan 2 10518 Feb 11
9158 Dee
126% 1267 •125 130 *126 130
3
•127 130 •I27 12912 *127 130
118 Jan 5 129 Jan 22 118 Dec 130 Jan
100 Brooklyn Union Gas
.5
63
4 *5
•5
57 July
634 *5
634 *5
63
4
63
4 .5
§5 Jan 28 45 Jan 28
Brunswick Term & R 8
85 Feb
8
614
.2714 29
30 .2714 29
.28
*2914 _
*2/14 29
29
27 Feb 4 2914 Feb 19
26 Jan
2914
200 Butterick
2913 June
1912 1834 1914
2013 19
173 1814
20
4 1712 173
1734 1814 5,240 California Petroleum v t etre
3
15 Jan 16 213 Feb 8
4
154 Deo
305 Feb
8
5324 50
5312 *50
50
5112 •50
5112 52
5312
*50
4
47 Jan 18 543 Feb 8
50 July 68 Mch
54
Do pref
1,000
85
*76
•76
*76
8.5
85
7712 7712 1576
78
178
85
951 Jan
220 Case (J I) Thresh M pf tr ate- 7722 Feb 18 7712Feb 18 *77 Dec
3534 34% 3514 333 3438 33
35
3614 35
364 37
33 Jan 27 3924 Jan8
34
257 Jan
8
32,410 Central Leather
3814 Dee
103 103 .1024 103 *102 10312 10134 10212 102 102
101 10213
8Jan 7 104 Jan 27
1003
94N Jan
Do pref
800
104 July
•113 115 1115 115 *115 11712 •115 116
11514 11514 116 116
§110 Jan 6 116 Feb 19 1103 Jan 110912 Feb
11 Cent & Sou Amer Tel
36
3612 3512 35% 3513 3512 34% 3513 3412 343
4 343 3478 4,600 dChIno Copper
4
4
Par $5 323 Jan 6 3712Jan 22 $3112 Dec $44 Feb
•_-_ 60 •-_- 60 •
- 60 •--- 60
- 60
6812 Feb
Cluett, Peabody & Co. Inc
- - 60
70 Feb
*10012 102 •10012 102 110014 10014 10012 1004
1018 102
99 July INN Feb
10012 10212
Do pref
98 Jan 20 101 Jan 28
250
2534 26
2512 26
25 3 26%
7
2534 25 4 2414 2414 2412 2412 1,810 Colorado Fuel & Iron
3
2012July 3412 Feb
4Jan 5 27 Jan 21
213
11713 11712 *11612 119
118% 118% •11712 119
11612 117
4Jan 4 12214Jan 21 1121± Dec 13912 Jan
11614 11612
1133
900 Consolidated Gas (N Y
4634 463 *4612 48
.4634 48
4
47
*463 48
47
4024 Jan 4 4913 Jan 19
4
3712 June 4514 July
47
47
510 Continental Can
93
004 9012 904 9012 *90
92
*90
*90
92
84 July 9134July
*90
Do pref
92
8812Jan 5 93 Jan 21
300
9
10
612
*912 104
10 3
3
4
93 10
7 July 1318Jan
,
3
9 8 914
8 Jan 2 10 8Jan 16
914 914 3,520 Corn Products Refining
66
*66
6812 166
677 6774 66
3
6678 653 65% 166
3
5818July 72 Jan
Do pref
66
65 Jan 5 6912 Jan 19
660
*8734 894 •._ _ - 89 •---- 8712 •8712 *- - 8714
913 Jan
4
993 Feb
4
Deere & Co pref
88 Jan 29 89 Feb 11
- 8714
1212 11
1113 •11
*11
1214
11
11 July 20123,10h
11 11 11
1014 103
4
500 Distillers' Securities Corp...... 1012Jan 8 13NJan 25
10
•_
*---- 10 *---- 10
93 Jan7 10 Jan 6
4
714 May 15 Jan
-FederalMining az Smelting
•____ 28 *___ - 28 *--_- 26
26
26
26
43 Jan
285 Dee
8
26 Feb 10 30 Jan 22
26 • _ _
Do pref
26
400
171 171
170 170
172 172 117112 1723 11717 17178 51171 172
8
4
165 Jan 26 172 Feb 16 160 Apr 180 Jan
485 General Chemical
10712 10813 1073 10733 •____ 10712 1065 10638 *1065 10712
4
8
Do pref
8
1065 Feb 18 1083,Feb 10 10712 Feb 110 June
8
500
.iii" 144 •141 144 14134 14134 14114 14114 141 141 114258 14238
5
140 Jan 6 14514 Jan 19 13712 Dec 150 8 Feb
350 General Electric
9112 93
9112 9112 •90
*92
14 95
95
8Jan
89
99 May
914 190
373
8
90
82 Jan 2 945 Feb 11
1,560 General Motors vot tr ctts._
95
95
95
96
.
9514 9512 95 95
95 95
70 July 95 Feb
Do pref voting trust etre_
9414 9414
9058 Jan 4 96 Jan 27
830
3134 3218 30 4 31% "3112 32
3
31
3114 30% 31
287 Apr
8
195
8Jan
3
241- Jan 7 3312 Feb 4
034 314 3,400 Goodrich Co (B F)
.9612 9712 *96% 97
*96% 97
9658 9634 97
95 Dec
97
8
Do pref
797 Jan
97
97
4Jan 28
95 Jan 14 983
600
5114 5214 *50 4 51
50 4 5118 485 5013 4912 50
3
,
12
dOuggenhelm Explor_Par $25 34518 Jan 7 $52N Jan 22 34012 July $57 Apr
s
2,700
4912 49
.115 118 1117 117 •115 118 *115 118 *115 118 15115 117 8
1114 Jan 8 11118 Jan 19 1093 JUIY §12212 Mob
4
73 Homestake Mining
183 1912 187 193
4
8
s
183 18 8 1812 1878
4
7
1814 1812 183 188
3
6.850 dInspiratIon Con Cop_Par 220 $165
8Jan 2 $1953Jan 18 $1414July $1914 July
*943 9812 *943 98 2 .
4
4
,
9512 97
943 96
4
9424 9424 94
82 July 11313 Jan
94
1,200 International Harvester of N J 92 Jan 5 9934Jan 11
• ___ 114 •____ 114 *--_- 114 *---- 1137 *---- 113 *____ 114
Do pre/
5
7
,
1187 JulY
113 Feb 3 117 Jan 20 11312 Jan
65 •- - 65
63 •_-__ 63 •_
_
International Harvester Corp
4
60 51 _ _ 60
82 Dee 1113 Jan
73 Jan 7 7318Jan 11
•---- 100
_ 100 •_
98 *-- _
Dopref
98 •___ 95 •____ 95
114 Jan 14 114 Jan 14 11414 May 118 July
•123 17
3 4112 112 •I12 IN
334 Jan
505 Int Mere Marine stock tr Ws_
5 Dec
s
212Jan 22
1 Jan 16
13
4
13
4
13
2 13
4 •114
13
4
524
513 512
Do pref stock trust etfs_
524 .413 53
4 *413 512
1514 Jan
3 Dec
812Jan 22
4 Jan 16
300
4 54
3
514 514 *43
83
4 8%
8
• 518
9
8
.8
9
*8
4
8
9
8Jan 16
8
400 International Paper
63 July 1078 Feb
93
8 Jan 6
33
3412 3412 *33
35
Do pref
35
*33
35
35
*33
41 Jan
35
*33
30 Dec
200
34 Jan 9 36 Jan 16
International Steam Pump
3 June
9 8 Jan
7
*6
15
15
Do pref
•
6
15
•6
11 June 29 Jan
628 Feb 6
5 Jan 4
• 1518 .0 15
6
*78
82 .
7812 82
*78
•7712 80
81
94 June
80
80 Jan
78 Feb 17 80 Jan 4
100 Kayser Ix Co (Julius
•
104 10812 *104 10812 *104 10812 .105 10812 *105 10
Do 1st pref
4
107 Jan 13 107 Jan 13 106 Mob 1083 May
822 *105 10813
10713 10814 10814 109% 109 109
105 107 1108 108 4
81 Jan
.10612 10913 1,070 Kresge Co (S
105 Feb
99 Jan 18 10988 Feb 15
106 106
10514 10512 .104 10612 •104 10612 .104 10612 104 1063
Do pref
.
99 Jan 105 Mob
10514 Feb 15 106 Feb 11
425
4
98
98 .
95 100
*95 100
198
85 July 101 Feb
*96 100
98
92 8 Jan 15 98 Feb 9
7
120 Laclede Gas (St Louis
*95 100
*205 21912 *205 21912 *205 21912 *205 21912 *205 21912 .205 21912
Liggett & Myers Tobacco
207 Jan 9 220 Jan 22 20713 Dec 231 Mel'
*115 119 •117 119 *115 119
Do pref
4Jan 5 11912Jan 21 1113
1133
3Jan
11812July
100
117 117 .114 119 •115 119
•---- 20 *-- - 20
26 Dec
16 Feb 17 31 Jan 11
1612 16
18
16
16
800 Loose-Wiles Biscuit tr co etfe_
18
38 Jan
17
16
Do 1st preferred
94
92
92 Feb 15 10514Jan 13 101 Apr 105 Mob
92
100
88 •_ _ _ _ 86
•--- 88
•---- 84 •- _-- 82 •
Do 2d preferred
•_ _
76
89 Jan
80
9514 June
78 *---- 78
Lorillard Co (P)
16512Jan 6 180 Jan 21 160 July 190 Apr
•
180 *---- 180 •160 180 •160 180 51160 180 •160 180
•iiii2 118 *11413 118 *11412 1181, 111412 11412 *114 116 115 115
Do pref
11214Jan 6 118 Jan 19 110 Jan
110
117 8 July
7
7258Jan 11 76 Feb 17
*73
73
1,100 Mackay Companies
76
61 July 8788 Feb
76
75 •
76
76
75
747 75
3
75 4 76
3
Do pref
200
67 Feb 15 693
6518 Jan
*67
4Jan 19
67
67
67 •_ _ - 67
69
70 Jan
67 *__-- 67 •____ 67
224 23
1514 Jan 6 25 Feb 17
22
1412 Dee
2313 2412 234 25
2312 2374 i378 2414 5,900 Maxwell Motor Inc tr ctfs
1514 Dec
22
Do 1st pref stk tr calf_ _ _ _ 4314 Jan 2 623
4112 Deo
6214 60
3Feb 11
50
44 Dee
60
593 614 59
6014 61N 8,488
4
6012 60
61
Do 2d pref stk tr etre_
2413 2334 2414 244 26
18 Jan 6
17 Dec
24
26 Feb 16
1712 Dee
243
4 2412 2512 7,760
2414 2512 24
May Department Stores
*50
50
§50 Feb 10 1150 Feb 10
56
*50
56
5112 June 6914 Jan
* ' 56
50
56
"50
56 .
56
*50
Do pre
100
96
96
96 Feb 19 97 Jan 19
4
.97
*---- 100 •____ 99 "__ __ 97 •9712 June 1013 Feb
97 *-72
7812 76 4 7134 7633 69
3
7318 Feb
51. Jan 9 77 Feb 9
4612 Jan
i2 70
64
653
4 6314 6512 72,820 Mexican Petroleum
Do cop
*75
200 4m iam pref
80 "79
74
78
.
74
80
67 May 87 Feb
74
75 .72
67 Jan 15 80N Feb 11
75
Copper
4 18% 183
Par $5 $1714 Jan 6 31912 Jan 26 $181s Dec $243 Feb
18% 1914
18% 19
183 183
2
4 1834 187s 184 188
4
8
5073 5012 52
4814 48 3 48
48% 4914 11,690 Montana Power
49
5014 48 8 483
3
5
42 Jan 4 52 Feb 16
41 Dec
527 June
0934 99; 993 10012 101 10112 10014 100 4 •10012 101
4
100l2 10034
7
99 Jan 29 10112 Feb 16 101 Apr 1037 June
8
1'55 National Biscuit
18
0
7
12034 120
po pref
12212 123 •12114 12273 •121 123 *121 130
3 121 121
120 Feb 11 132 Jan 22 120 July 139 Feb
•122 127 212214 1224 *12014 12214 *12014 12214 *12018 12214 120N 12013
Do prof
200
12018Feb 19 126 Feb 3 11914 Jan 128 June
1112 *10
*10
111 *10
3 Nat Enameling & Stamping
2
11
*913 1012 10N 1018
10
10
9 July 14 Feb
9 2Jan 4 1212Jan 18 I
,
*79
•79
90
Do prof
*79
90
90 •79
90 •79
*79
90
90
179 Jan 18 I17912 Feb R
80 June 8678 Mob
4
5012 50
1 *493 5012 493 5024 50
4
•48
49
50
49
*46
600 National Lead
44 Jan 4 52 Feb 11
40 July 52 Jan
*10714 108 *10712 109
1083 1083 107 107 *10/ 108 *10514 10614
3
3
Do pref
400
1043
.4Jan 4 1093
4Jan 19 105 Jan
109 Feb
12 8 1234 12% 12% •1218 13
5
124 124 124 1214 1213 1214
900 dNevada Cons Cop_ _ Par $5 3117
8Jan 2 $13N Jan 19 31014July
60
58
*56
58
___
58
58
200 New York Air Brake
6
6 12
57 Jan 5 59 Jan 2
58 July $19 Jan
.65
68
*65
65
68 .
68 •55.65
69
*65
68
6613 6613
100 North American Co (new).
641g July 7914 Mel]
64 Jan 19 68 Jan 4
20% 207 •I9
•18
21
21
4
•19
21
20 20
19
19
300 Pacific Mail
1714 July 29 Jan
1812Jan 5 2212Jan 19
•
26
26
2914 .
29
*26
2914 •
25l2 29
Pacific) Telephone & Telegraph 2618Feb 11 3112Jan 16
*2512 2924
•2512 28
20 -July 31 Jan
11812 118% *118 119
•1181z 119
11814 11813 118 11812 1174 11712 1,000 People's Gas Lt & C (Chle)--- 11712Jan 5 1207 Jan 16 106 July 125 Jan
8
2012 2114
194 20% 20 8 213
3
1912 20
2312 Feb
8 20
15 Dee
194 20% 11,500 Pittsburgh Coal
2038
8Feb 11
1514Jan 4 213
96
9312 Feb
79 Dec
934 9312 9212 9312 95
93 93
90
Do pref
*90
95
8Jan 4 93 Feb 10
9212 3,130
813
82
82 *-- - 82
93 Feb
82 Apr
Pittsburgh Steel pref
82 •-mm.
*.
, 82
175 Feb 1 175 Feb 1
3113 aus 31 3112 2918 31 2814 29 28'± 2812 2834 2914 3,900 Pressed Steel Car
46 Feb
263 Jan
4
28 Jan 29 39 Jan 11
9734Jan
*96
98
105N Mch
*96
98
1596
98
*96
Do pref
98 '_--_ 97 *---- 97
99 Feb 5 10224 Jan 25
114 Apr
•103
*103
•103
Public Service Corp of N J
106 Jan 13 106 Jan 13 107 Jan
*105
•103
*152 15212 152 15212 15218 15218 152 152
152 Feb 8 15512Jan 22 150 Dee 159 Jan
15228 15224 - 1,500 Pullman Company
152 152
2 8 Jan
7
%June
.1
114
1
1
8Jan 12
17
112 •1
•1
1 Jan 4
1
200 Quicksilver Mining
1
114 *1
13
4
4 Jan
112 June
•114 2
2',Jan 22
14 '114 214 •114 2
1N Feb 19
Do pref
400
113 114
112 112 *114 13
4
8
4
198 July 343 Feb
'
20
5121
25
25
21 Feb 18 2.534Jan 12
*2118 2434 .2114 25
309 Railway Steel Spring
21
21
*2012 25
88 Dee 101 Feb
*-90 *-- - - 88
88 Jan 8 88 Jan 8
Do pref
*---- 88
88
8712 •_
Dee $221 Apr
1712 17
4 17
iii2 173
1738 188 1714 1612 16 k
4
1623 163
5
4 5,640 dRaY Cons CoPPer---Pa, 610 $1514 Jan 2 $1814 Jan 22 $15 Dec
27 Jan
18
193 20 4 •1912 21
4
19 Feb 1 22N Jan 19
20
3
20
1,300 Republic Iron & Steel
•19
519
21 '
519
21 '
21
9114 Mob
75 Dec
72 Jan 30 7884 Jan 20
77
7612 7612 •73
*74
77
Do prof
*7212 75
*7212 77
*73
100
77
18 Jan
37 Dee
8
418Jan 4
7 Jan 22
8
1% 112
124
124
114
114
1
1,100 Rumely Co (M)
114
Ds
11g
114 114
20 4 Apr
3
41 Jan
212Jan 20 16 Jan 5
414 434 *412 514
Do pref
700
•414 43
4
4
4 14
414 414
20438 20513 *203 206 :223 2_0.45_11.: 204 204
182'i Jan 4 20912 Feb 1 17014 July 19712 July
10 :
43
2
1
201 202 *200 203
800 Sears, Roebuck & Co
_ •12334
*12334
12IN Jan 4 12512Feb 19 120 Dec 124N June
3
•12334
Do pref
_ •1233
27
160
_- 122512 12512
1912 July 35 Jan
.25 27 •25
27 •25
27 .254
Sloss-Sheffield Steel & Iron-- 24 Jan 6 27N Jan 22
.25 427
32 Jan
4424 Feb 5 473
4Jan 19
45 Dee
44 3 445 *4412 4512 *4312 45
5
8
*4312 4512 *4312 45
100 Standard Milling
*4312 4512
591 Dec
6712 Dec
16914 69 .88
14
66 Feb 17 70 Jan 16
68
70
*66
66
Do pref
66 .64
69
110
*64
69
353 Jan 2 473 Feb 8
4
20 Jan
45
4614 4412 4.514 45
4
458
3614!deb
4313 443
437 45
1 950 D ebaker
4 44
45% 9;445 Studebaker Corporation (The)
94
70 Jan
95
95
92 May
91 Jan 2 9614 Jan 19
9412 9314 9312 9214 9314 9
prof
x£2 3 927
7
3 93
Feb 19
Jan 8 $243
4
293 29 3 2912 30
4
7
2913 30
4 294 2924 2
7
9
2924 2714 28 4 7,650 dTennessee Copper __Par 525 $2714 Feb 18 $3318 Jan 11 112 4 July $368 Feb
13514
13212 13212 .131 135
July 14973 Mob
128 132
12512
12512 12712 129 129
12712 129
3,300 Texas Company (The)
7314 June 88 Jan
165 _ 1604 6013 *5555 5513 55
_
55 Feb 18 5518 Feb 11
Typewriter
5514
765 Underwood
110018 Jan 13 510014Jan 23 103 Dec 113 Apr
- _ 100
•---- 100
_ f6d
loo *- - 100
Do prof
43g Jan 4
612Jan 19
512 512
3 8 June
5
884 Feb
3
5 4 54 *522 5
3
6
sf2 5I2
6 . 400 Union Bag & Paper
71
i
1814 July 3212 Feb
*2513 2814 *254 2814 .2513 2814 26
2518 Feb 19 28I Jan 15
28
*2513 2612 251: 2512
Do Prof
200
39 Dee
5014 Feb
42 Jan 25 4554 Feb 17
45% 45% 4538 4538 *4512 4612 452 4534 *4512 4612 .
4514 4622
700 United Cigar Mfrs
99 June 1037s Feb
10214 Feb 1 105 Feb 11
10412 10412 •
•103 106 •102 106
102 10312 .102 106 51102 106
Do Prof
100
7 4 June
3
1312Jan
*9
12
8 Jan 2 10 Jan 19
•9
12 ' 12
12
*9
9
.9
12
US Cast Iron Pipe & Fdy..30 July 49 Feb
34 Feb 11 35 Jan 22
34
*30
34 •
3412 *30
*3212 3312 '8
30
.30
34
3313 3 23
Do pref
8
4
200
46 Jan
87 Mob
*65 Feb 18 71 Jan 20
71
"65
71
*65
Express
71
*65
165
65
65
165
65 US
15 Dec
20 Apr
15 Jan 27 15 Jan 27
40 . 5 %CC •15
*15
45 "15
71
45
40 •15
Do pref
*16
40
120 USIndustrlal Alcohol
75 Dec
8518 Jan
70 Jan 26 78 Feb 11
763 763 *73
4
4
80
17814 7814 .72
80
*72
80
80
*76
Improvement._
5112 Dec
63 4 Melo
36 Feb 11 50 Jan 12
3
40 •36
*36
40
*37
40 •3612 40
U S Realty &
*3613 40
*3714 40
56
5612 5534 56
4412 July 63 Mch
5173Jan 2 593 Jan 9
s
5412 5.518538 54
54
5414 2,532 United States Rubber
5612 57
102 Jan 29 10113 Jan 14
95N July 104N Jan
•10112 1031 .10112 10313 •10112 1031 .10112 10312 *10112 103
181 preferred
Do
10312 10322
7
4234 4338 42
33 Feb 1 533
48 Deo
2Jan 21
6714 Jan
43
414 4218 41% 42% 155,1N United States Steel
3
43 3 43% 4234 43
2102 Feb 1 109 Jan 21 10314 Deo 1123 Jan
4
1044 104'2 10412 10412 1044 10422 104 10418 10373 104
/
1
Do pref
4,894
10412 105
Par $10 $181± Jan 6 $553 Jan 22 $453 Dec $593 June
8
8
5114 521z 50 8 52
4
7
514 528 15,535 dUtah Copper
4
5312 5214 5318 5213 523
53
15 Jan 4 223 Jan 22
4
17 Dee
*2012 22
•2012 22
347 Mob
•2012 22
*2013 22
100 Virginia-Carolina Chemical_
2112 2112 *2013 22
80 Jan 6 88 Jan 16
.8212 87
518212 87
96 May 10712 Mch
87
518213 37
*83
87
Do pref
*83
87
.33
57 Jan 2 64N Feb 2
533 July 667s Feb
8
6214 6212 6214 621
4.250 Western Union TelegraPh
7
6314 63 8 6212 631
63 3 63% 6314 64
3
7
- 65 8 Feb 19 74 Jan 11
64 Jan
8 6858 69
7912 July
7142 7412 6934 70 3 6912 695
3
2,834 Westinghouse Elea & Mfg7112 7112
118 Jan 9 118 Jan 12 1157 Jan 12412 June
17
8
20
81
120 *117 120 *117 120 •18678 16
Do let preferred
*117 122 *117 120 *117
92 Feb 19 97 Feb 11
9414 92
95
951± 94
92
1,550 WillYs-Overland (The)
3
3
95 4 95 4 9513 96
97
97
96 Feb 13 9614 Feb 15
96
*95
*95
96
96
400 Do pref
*93
96
9614 9614 96
90
96
9014 Jan 6 947 Feb 11
s
89 July 10314 Feb
4 94
94
4
900 Woolworth (F
9334 937 *933 943
95
1594
3
943 *9312 95
94
115 Jan 8 117N Feb 8 112N Jan 1187 Midi
3
.Do pref
*11612 118 •117 118 *11612 118 •116 118
•117 114 •11612 11812
Leis than 100 shares. t Et
-rights. a Cz-div. and rights. 0 New stook. d Quote§ dollars per share. a Ex-stook
• Bid and asked prices: no sales on this day. I
dividend. :Ex-dividend.
78 78 .77.,
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
62'7
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all
-"and interest"
-except for income and defaulted ponds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 19.
E1
t
Price
Friday
Feb. 19
Week's
Range or
Last Sale
CO
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 19.
Price
Friday
Feb. 19
Week's
Range or
Last Sale
1:4
Range
Since
Jan. 1.
Ask Low
Hid
High No Low High
U. S. Government.
98%
98% 99
98% 20 9812 9914
US 25 ceased reastered_d1930 Q98
dI930 Q98% 9912 99 Feb '15
US 25 consol coupon
99
10112 Jan '15
10112 10112
-k1918 Q - F 10112 _
U B 35 registered
102 Jan '15
102 102
kI918 Q- F 10112 U 5 Is coupon
9
1925 Q - F 10912 110 1097 Feb '15
109% 109%
U 5 45 registered
2 1108.1108.
110%
1925 Q- F 11012 - -- 110%
US 45 coupon
12
U S Pan Canal 10-30-yr 29_k1936 Q - F 98's -- 95 July'13
i6633 1EU S Panama Canal 3e 8-.1961 Q -M 10112 ---- 102 Jan '15
Chesapeake & Ohio (Con.)
Bid
Ask Low
High No. Low High
General gold 4149
88
1992 Id89% 9014 Feb '15
881s 91
Registered
1992 IS 8 ---- 91
9312 Feb '14
Convertible 4148
1930 F - A 7314 7344 73
8 7013 7812
7412
Big Sandy 1st 45
1944J -D - - 8512 83% Jan '15
83 8 83 5
7
7
Coal River Ry let gu 45_1945 .1 -D tio
8213 83 July'14
Craig Valley 1st g 58
1940 J -.2
_
9612 Dee'13
Potts Creek Br 1st 48
1946 J -.8
84% Jan '13
_
R & A 131v 1st con g 4s
1989 J -J
iti- 88% July'14
_
26 consol gold 4s
1989 - J *74 -_
82 Apr '14
Foreign Oov.rnmsnt
Greenbrier Ry let gu g 45.1940 M- N *80
90 Apr '14
Argentine-Internal 55 of 1909__ M- S 5 9312 95 9314
1 93 9914 Chic & Alton RR ref g 38_1949 A-0 58 9314
60% 60 Feb '15
55
60
8312 88 July'14
Chinese(Hukuang Ry)-59 of '11 J -D
Railway 1st lien 3149
1950 J 403
403
s
s
if 38
41
Cuba-External debt 55 of 1904_ M- I 94
Sale 94
9514 72 931s 96* Chic B & Q Denver Div 48_1922 F - A 98% --- 983 Feb '15
e
981 983
s
s
Exter dt 5e oi '14 ser A _ 1949 F - A I 90
5 93 9412
Illinois Div 3145
9312
93% 9312
8214 Feb '15
19493 - .1
8114 8212
External loan 4148
9214 93 June'14
Registered
1949 F- A t1949 J -.8 *80 8614 Aug'12
_
Japanese Govt-£ loan 414. 1925 F - A t 813 Sale 81%
7 814 8412
Illinois Div 45
4
813
4
9518 9414
4
19493 - J 94
9 9312 941 y
9414
Second series 4149
35 97512 82
82
86 9764
8
Registered
1925 J - J to78
1949 J - .1
93 June'13 ---Sterling loan 4s
Iowa Div sink fund 5e
4
1931 J J
7512 783 June'14
RUB; Mr 10212 10212 4 1011- 1E11919 A 3
2
_
Mexico-Exter loan 58 of 1899 QSinking fund 45
7914 Apr '14
82
98% 99
1919 A 9813
2 9634 9812
9812
Gold debt 4s of 1904
65 July'14
Nebraska Extension 48_1927 M-N 96% ---- 963
83
1954 J - D
41 9512 97
97
4
Prey-of A I berta-deb 4149 1924 F-Al 94
9512 9513
Registered
9512 9512 Jan '15
1927 RI-N 9612
96% Sep '12
Tokyo Clty-55 loan of 1912..__ _ M- S
Southwestern Div 49
82 82
81% 82 Jan '15
1921 M- S 0712
99% July'14
_
:These are prices on the basis of EWE
Joint bonds. See Great North
Slats and City Sect:MI.4.
General 45
1958 al- 13 9014 91
9012
89
91
9214
9978
67 99 100 8 Chic & E III ref & Imp 48 8_1955 J -3 2612 2912 2712 Feb '15
100
NY Clty 41/5
3
1960
S 99% Sale
2712 29
4
4
100% 51 993 10014
4149 Corporate stock_ _ _1964 111- S 993 Bale 993
4
1st cowed gold 69
1934 A -0 103 106 10212 Feb '15
10213 10212
General consol 1st 55
4
104% 26 104 10518
4148 Corporate stock__ 1963 IS- 8 10444 Sale 1013
1937 M- N 6012
61
10 60
6118
75
4 12 9533 97
4% Corporate stock
4
954
Registered
1937 M- N
1959 M-N 953 Sale 9544
5912 Feb '15
5913 5912
95 8 97
3
Pur money 1st coal 5s
4% Corporate stock
5
1958 M- N 9514 9614 968. Feb '15
- 92
1942 F - A
97 Feb '13
_
9612 96
1 9534 97
96
Chic & Ind C Ry 1st 58-1936 .1 - J 20
4% Corporate stock
1957 61-N
33
2712 July'14
95 96
94% 96 Feb '15
Chic Great West let 45
4% Corporate stock
1956 M- N
1959 M- S 6912 7012 70
4 28
4 1037 105
8
Chic Ind & Louhrv Ref 68.19471J -J 113 117 117 Feb705
101%
New 4149
4
1957 M- N 1043 104% 104%
'15
6 100 4 10114
3
10114
Refunding gold 55
4
1917 M- N 10044 102 101
1947J - J
1031 Mar'14
8
1 1041a 105
414% Corporate stock ..1957 rd-N 10412 Sale 10112
10412
Refunding 49 Series C_ _1917 J - J
...- 95% Apr '11
414% Assessment bonds1917 111- N 100% 100% 101 Feb '15
10012 101
Ind & Loulsv let gu 4s.__1956 J - J .... ...- 86 July'12
843 853
334% Corporate stock_1954 61-N 84
8
4
853 854 Jan '15
4
4 Chic Ind & Sou 50
-year 45_1956 3.3 ____ ...- 9014 Aug '12
6 10018 10012 Chic L & East 1st 4148
N Y State 48
100%
1961 61- S
10018
1969 J -D ---104 Dec '11
Canal Improvement 45_ _ _1961 J - J
1001e Jan '15
10018 1001e Chicago Milwaukee de St PaulCanal Improvement 45_ _1962 J - J 10014 --- 10012
5 100 10012
10012
Gen'l gold 48 Series A__ e1989 J - J 91
93
91
91
4 88
91-s
Canal Improvement 4s_ _ _1960 - J 100
10018 Jan '15
100 10012
Registered
91989 Q- J
923 July'14 -----------4
Canal Improvement 410_1984 - J 10912 Sale 108%
10912 11 10814 110
Gen & ref Ser A 4348
8914 2014 A Iii;1; 8913
8912 72 89
90
Highway Improv't 41444_1963 M- 5 1083 108% 10812 Feb '15
4
10814 108%
Gen ref cony ser 11 5s
10012 Bale 10012
2014
101 1335 1004 1022
s
Virginia funded debt 2-39
8414 July'14
1991 J - J
Gen'l gold 394s Ber B
e1989 --3 76 --__ 8014 Jan '15 ---- 8014 8014
68 deferred Brown Bros ctfa___
54
Sal 54
18 -id- -66Registered
55
e1989 3-3
- 80
86 June'll ______ ______
General 4145Ser C
tI989 J - J 10112 Sale 10112
1011
8 ii- ilif- 12
9i2
Railroad.
25
-year deben 4s
1934 J - J 8812 88 4 8814
4
16 8814 901s
89
64
Sal 64
A nn Arbor lat g 4s
12 64
51995 Q 64
6612
Convertible 4149
1932 J -D 9612 Sale 06
963 151 9313 978
rxtch Top & E3 Fe gen g 45....1995 A -0 913 Sal 9112
4
929 108 9112 9534
Chic & L Sup Div g 58......1921 J - J 1028. ___ 1023 Sep '1 -- - - -- --Registered
8714 91
92 Jan '1.
92
1995 A 91
Chic & Mo RP,Div 59
4
107 June'14 -1926 J -J 1044 Adjustment gold 48
83 861 8512 Feb '15 93 813 863
51995 Nov
4
Chic & P W lst g 58
4
1921 J - J 103% Sal 10318
1031
51 Yds; idiT3
Registered
86 Mar'13
51995 Nov
C M & Puget Sd let gu 48_1949 J - J 8833 90
8912
90
88% 90
Stamped
8524 84
51995 M-N 83
8512 38 8134 -if Dak & Grt Sou gold 58_1916 J - J 10012 ___ 1003 Feb '1 - 10014 1002*
s
Cony gold 48
9414
5 0238 0818
4
8
1955 -D 933 9438 937
Dubuque Div 181 s f 68_1920 J - J 107 1OS'z 1078. Feb '15
101
107 1078.
Cony 45 issue of 1909
9912 May'13
Far & Sou assum g 6s
1955J -D
1924 J - J 11012 .._ - 110 June'13 ---- ---- --- Cony 4s (issue of 1910)-1960 J -D 94
94
-6E7951s 32
La Crosse & D 1st 58
8
1919 J - J 101% _- 10218 Jan '14 --- ---. -10
-year gold 58
14 Sale 10114
1917 J -D
Wis & Minn Div g 55
10114 41 10014 101%
1921 J - J 10248 --- 1015 Jan '15 -- 101% 1015k
East Okla Div 1st g 48
9212
94 Jan '15
94
1928 IS
92
Win Vali Div 1st 135
1920 J - J 107 _ _ _ - 10914 Mar'14 -Line 1st 48 gold__..1958 J - J _
-W 88% Feb '15
e
Mil & No let eat 430_ -1934 J -D 10012 _ -__ 10212 July'14 -86% 89
Cal-Ariz 1st & ref 4149._ _1962 FA- 13
99
99 July'14
Cons extended 4149____1934 J -D 10014 10112 10212 July'14 -S Fe Pres & Ph 1st g 59_1942 Mioi- 103 Chick Nor West Ext 4s1886-1926 F - A
103 Feb '15
9212 Jan '15
-E1- -iil2
3
Chic & St Louis 1st Os......1915
10018 Feb '15
S 100
100's 100%
Registered
1886-1926 F - A 9112 - 943g July'14 7:
tl Coast L 1st gold 45_ _ _51952 M- S 92% Sale 9214
923
General gold 3145
4 30 88 93
Sale 79
i -i83 - .
1987 M- N 7912 - 61
4
7912
50
-year unified 49
1959 J - D 85
9214 July'14
Registered
1
78 Jan '14 ---- 8914 _9 _7/
12
_. _2 y1987 Q - F
Ala Mid 1st gu gold 5a_1928 M- N 10314 --- 10511 June'14
General 48
8
92
1987 M- N 924 ____ 9234
Bruns & W 1st gu gold 49_1938 J - J 9212
_
9312
Stamped 45
9312 32 91
9312
4 89 9213
9212
1087 M- N 9214 Sale 9214
Charles dr Say 1st gold 79_1936 J - J 124
_
Sinking fund 69_ ___1879-I929 A 10918 -___ 109
10914
2 109 1 914
0
L & N coil gold 4s
01952 M-N 86
8614 86
8614 31 84s 874
Registered
1879-1929 A -0 ---- ---- 10512 Dec'13
Say F & W 1st gold 6s__ _ _1934 A 116% 122 115 Dec '14
Sinking fund 58
1879-1929 A -0 10314 ___ 10318
113i 8 foie
-4 '
1031
1st gold 58
1934 A -0 104% 106% 110% May'll
Registered
1879-1929 A -0 •I01
102 Oct '13 -----------Sil Sp Oca As G gu g 4s__ _1918 J -3 96 4
98 May'14
3.
Debenture 58
1011
2
1921 A -0 10114 --- 10112
ii
That & Ohio prior 31481925 J - J 0113 Sale 9112
9212 58 891s 9212
Registered
_ ___ 101 Dec'12 ---1921 A -0
40 Registered
51925 Q
8812 Jan '15
8813 8812
Sinking fund deb 55
1933 M-N jails ___ 102
102
I
Gold 4s
51948 A -0 89
Sale 89
8912 25 89
9112
Registered
1933 61-N _-- --- 101% Apr '1 ___ ii5- l iRegistered
887 Sale 88
8
51948 Q 10 8712 887
887
e
8
Frem Elk & Mo V 1st 6s 1933 A -0 11918- 11914 Feb '1 ---- 1191i 1 iii- 3
20-yr cony 4148
8494 Bale 843
1933 863 224 8334 88
e
4
ManGB&NW 1st 3146_1941 J - J
90 Sep '09 -12
PittaJunc let gold 69
19223 - J
112 Jan '12
_
Mllw & L lat gu 3148_1941 .1 -3
PJuno& M Div lst g 3149 1925 M- N 84 _
1 87
88
88
88
MI1 L El& West 1st g 65_1921 Id- El
1061s Dec'14
---PLE&W Va Sys ref 45_1941 M- N 8044 82 80%
82
18 7812 84
Eat & imp a I' gold 5a
1929 F - A
Mar'14
---- ...Southw Div 1st gold 3149_1925 J - J 883 89 4 88%
4
89
3
16 8712 9012
Ashland Div lat g 68_1925 16- S
*
1132 Feb '14
Cent Ohio R. Isle g 410..1930 M- S
---100 Apr '13
Mich Div lit gold 68_1924 J - .1
113% Mar'14
CI Lor & W con Ist g 58..1933 A 104
104
2 idi" jaiMil Spar & N W let gu 49_1947 al- El
91
92
Monon River let go g 58_ _1919 F - A
102% June'12
Northw Union lit?. g_1917 M- S 104 _- 107 * May'14
5
Ohio River RR let g 58_ I936 ./ -D
10544 June'14
St L Peo & N W lat gu 59_1918 J -3 10414 105 105
105
General gold 591
1937 A-0
10448 May'14
Winona & St P 1st ext 79_1916 J - D 10311
Pitts Clev & Tol 1st g 6s 1922 A - 10614 July'14
11312 Feb '12
Chicago Rock Ial & Pao 68_1917 J - J 10214 sale 102%
210211
Pitts & West let g 4s
985 Mar'14
4
1917395 .
Registered
1917J -J 1014 103 104 * Mar'14
4
3
Stat Isl Ry 1st gu g 4145 1943 J -13
91 June'12
General gold 49
19883 - J 83
Sale 83
8412 28 813 845
Bolivia Ry 1st 59
1927.8 - .3
Registered
19883 - J •_
8719 82 Feb '15 -- 82 82
106'
2
Buffalo R & P gen g 58
_ 10213
1937 M2 10213 10212
10212
Refunding gold 45
1934 A -0 Bi Bale 6512
12
6712 38 654 71
Consol 4145
1957 16-N 1011i Sale 10114
1013
7 100 103
4
213
-year debenture Is
19323 - J 5512 Sale 5512
57
38 53 5712
All & West lst g 49 gu
943
8
1 943 943
943
1998 A 8
8
8
Coll trust Series P 4s
1918 61-N
945g June'll
Clear & Mah 1st gu g 58._1943 J - J 101 ____ 112 Apr '14 --Chic R I & Pac RR 4s_ _ _2002 M- N
_ 2212 22
23
62 -1984 245
Roch & Pitts 1st gold 68 1921 F - A 107 - _ - 10718 Jan '15 ---_
Trust Co ecru of deposit______
22
2312 23
24
130 1915 2512
Consol 1st g 6s
19223 -D 10844 -- 1118. July'14 -R I Ark & Louis Ist 4149_1934 51-8
_.
78
85 July'13
°amide Sou cons gu A 55._1962 A- 0 10314 10312 10314
Bur C R & N-lat g 5a1034 A -0 99 993 99
10314
3 101I 1031*
4
99
9913
2 99
"•-, Registered
10672 Apr '14
1962 A -0
CRIF&NWIstgu58.1921 A-0 1007 May'14
...Car Clinch & Ohio let 30-yr 59'38.8 -D
_ 100 July'14
M & St L lst gu g 79
1927 .1 -13
_ ____
Central of Ga 1st gold &a__ _y1945 F - A 104 10512 10312 Feb '15
1031z 10313
Choo Okla & G gen g 58.019193 - J
13
May'
Consol gold Is
i 101 10211
Consol gold 55
10114
1945 M- N 101 1019 10114
4
1952 RI- N .9012
99% June'14
1064 Mar'13
Registered
_Keok & Des Moines 1st 58 1923 A -0
1945 M- N
_
83
83
1 83 84
Chatt Div pur money g 4a 1951 -D
86
86 Feb '15
86
. 86
St Paul & K C Sh L 1st 4149'41 F - A
- 0034 6812 Dec '14
Mao & Nor Div 1st g 58_1946 J -3 16614
Chic St P M &0con 68_ _1930 J -D iff
10714 Jan '12 ---1173 Jan '15
4
Mid Oa dr Atl Div Is
10412 Apr '14
19473 - .1 100%
Cona 65 reduced to 3148_1930 J -D
-90 Jan '15 ---- 90 90
Mobile Div 1st g Is
Debenture 55
1946 J - J 102 .
1930 61- B
10118 Feb '15 ---- 10118 102
Cen RR & B of Ga col g Is _1937 61-N
19
11P2 Deo 1
M":114
Ch St P & Minn 1st g 65_1918 M-N
11612 Jan '14
Cent of NJ gen'l gold 58
32 11213 11514
1987 J - J ill% 11444 11412
North Wisconsin let 65_1930 J - J
1144
4
129% May'09
Registered
51987 - J 114
114 Jan '15 ---- 112 114
St P & City lst g 69.-1919 A -0
10512 Feb '15
Am Dock & Imp gu 59_1921 Q-3 10311 115 104 Feb '15 ..-- 1023 104
16it- 10513
4
4
Superior Short L 1st 55 g_g1930 M- S
Leh & Bud Riv gen gu g 541920 - .1 10018 10511 100 June'13
Chio T H & So-east 1st 5s
--1960 J - D
N Y & Long Br gen g 49941
813
- IanIli
M- S 9412 ____ 10019 Jan '13
Chic & West Ind gong 69_41932 Q -M 1061
Cent Vermont 1st gu g 49._91920
10812 10612 4 105 10612
-1 138
68
68
F
_ 68
Consol 50
-year 45
1952 J - .1
-ii" 79
Chess & 0 fund & imp% 59._1929 Q- J *60
80
14 78 80
J95
96 95
ClnlI&D2dgoid4I4s
1937 J - J
let consol gold Is
96 Mar'14
1930 111-N 10312 104 1033 Dee '14
104
4
1st & refunding 45
jai* ili4 4
4
1959 J - J
Registered
1939 111-N 10212
_
1st guaranteed 4s
10512 June'14
1959 J - J
(i1- ine
4 -MISCELLANEOUS BONDS
-Continued on next vase.
101
Railway
Brooklyn Rapid Tran g 58-1945 A -0
let refund cony gold 4s___2002 J - J
6
-year secured notes 55___1918 J- .1
Bk City 1st con 5s-1916-1941 J - .1
Bk Q Co & S con gu g 5a__1941 111-N
Bklyn Q Co & 8 1st 5s ____1941 J - J
Bklyn Un El 1st g 4r5s_ _1950 F -A
Stamped guar 4-59
1950 F - A
Kings County El 1st g 49_1949 F - A
Stamped guar 4s
1949 P - A
Nassau Elec guar gold 48_1951 J - J
Chicago Rys 1st 58
1927 F -A
Conn Ry & List & ref g 41.46 1951 J - J
Stamped guar 414s
1951 J - J
Del United 1st cons g 4 Ms 1932 1 - J
Ft Smith Lt & Tr 1st g 5s_ _ _1936 Id- 8
Grand Rapids Ry 1st g 59._ _1916 J -D
Havana Flee ennsol g Is. _ 1952 F - A
WI;
S
Railway
10212
5 100121023
8 Hud de Manhat 59 Sex A_.._1957 F - A
101 10212 10214
_.-- 77
78 Feb '15 ___ 75 79%
6 80 8512
8244
82 _ _ 8214
Adjust income 55
1957
_
273 Bale 2784
e
24 2612 2915
28
9934 Sale 994
8100
100 • 129 987
N Y & Jersey 1st fui
4
1932 F -A
_- 99 101_-- __
10014101
--- - -, /nterhero-Metrop coil 4145_1956 A -0
1
10012 101% 101 Jan '15
7412 Sale -7412
______ -143 7384 70%
90
.--- -- 98 Apr '14
. Interboro Rapid Transit
96
__--. 101 Mar13 ---, -- r - rrr 1st & refunding 58
1966.8
Sale 977
86 97 9848
98
8
10112 13 100 10112 Manhat Ry(NY)cons g 4s-I990 - J 98
101 Bale 101
A -0 89
90
90
5 8814 91
90
991210012
101 10012 Feb '15
Stamped tax-exempt
1990 A -0 -_-- 91
I 88% 91
90
90
824
-8
8212 Jan '15
8212 822
Metropolitan Street Ry827 ___- 8212 Jan '15
8444
8212 8212
Sway & 7th Av let c g 55_1943 J - D 997 ---- 101 Feb '15 ___ 100 101
e
-___ 78
78 Jan '15 -.. 77 78
Col & 9th Av 1st gu g 58.1993 M- S 9812 101
9912 July'14
9612 Sale 9613
16 96 97%
967
e
Lex Av & P F 1st gu g 55_1993 M- S 99
9912 101 Apr '14
92 ..--- 1017 June'12 --------Met W S El (Chic) 1st g 4s
8
1938 F - A --------80 Mar'14
9412
0614 June'14
Milw Elec Ry & Lt cons g 551926 F -A 10112 ----100's Dec '14
68
68
8 658 7219
6912 68
Refunding & eaten 033_1931 .1 - J 911s 94
8
3 923 925e
923
e
8
923
--------84 Jan '14
J 99% 10112 102 Nov'12
"
Minim
9912 -_ 100 June'14
____ _..... MontrealSt 1st eons g 88- -1919 J Tramways 1st & ref
____ 8912 92 Apr '14
30
-year 5s Ser A
21 941e 941 t
94%
19413 - J 9414 Sale 9414
*No price Friday: latest this week. t: Due April. eDue May. pDueiune, aDueItsy.
kDUOAUZ. °Due Oct. y Due Nov. eDueDec. soptionsale. 9"German
stamped."
628
[VOL. 100.
New York Bond Record-Continued-Page 2
,Ei
BONDS
N. Y. STOCK EXCHANGE §
.r,e.
Week Ending Feb. 19
Price
1
Friday
Feb. 19
Week's
i
1
Range or
Lass Salere .41
Range
Since
Jan. 1.
BONDSPrice
Friday
N. Y. STOOK EXCHANGE 1.1
Feb. 19
8244.
Week Ending Feb. 19
Week's
Range or
Last Sale
,3 _ i
§;
so0
Range
Since
Jan. 1.
High No Low Hush
ask Low
Ask Low
Bus
Bid
High No. Low High StPM & M (Continued)On Ham & Day(Con.)1937 J-J -------13614 May'06.-- ---- ---10012 Mar'le 1941 M-N _ __
Registered
OtnD&Ilstgug 58
4 Feb '14 ---- ---- -1937 J -J 106 ..... 1063
lst guar gold 55
0Find& Ft W 1st gu 4ag_1923 M44
1937 J -J
Gin 1 & W 1st gu g 4s____1953 J -J --------65 J'ly '14 --.- __ ____
Registered
e'l
Will & 8 F 1st gold 59_1938 J-D lafT14 -. . lelily.rn- - - ----Day& Mich lstcons4 %8_1931 J-J ---- ____ 94% Dec'14 _--- ____ ____
Ind Dec & W 1st g 5s___-1935 J-J --------65 J'iy '14 ---- _______ Gulf& S 1 1st ref& t g5s_b1952 J -J
8711 89 90 Dec'le ---- -.-- ---1935 J-J --------10713 Dec '02 .-Registered
1st guar gold 5s
:1 id% lig
9dC1i12 gitie 64'12
70
70
3 70 74
Hock Val 1st cons g 4 d•is_..1999 J -J
Cleve Cin C & St L gen 4s 1993 J-D 6914 -4
.-4 Registered
4
1999 J -J --------9784Jan '14 -- --- -1931 J-J ----. 843 82 J'ne '14 20-yr deb 4 dis
1948 A-0 831 ___ 85%Jan '15 ---- 8512 8512
Col & if V 1st eat g 4s
Cairo Div 1st gold 4s
1939 J -J 81 ____ 81 Feb '15 ---- 81 81
1955 F-A 83 ____ 9012.Pne'14 -- -... --Col & Tol 1st eat 4s
Gin W & M Div 1st g 4s 1991 J-J --- 80 83 Feb '14 ---- ____ ____
2 93 9312
9312
1937 J -J *9312 94 93%
St L DIvIst coil tr g 4s.- 1990 M-N ---- 88 83 Dec'14 --- ____ ____ Hous Belt& Term 1st 5s
Mch'14 ..... ____ ____ Illinois Central 1st gold 421_1951 J-J 89% ____ 97% J'ly '14 --. - - -- -- - 1990 M-N ---- ---- 8214
Registered
Sep '11 ------1951 J-J Spr & Col Div lstg4s
1940 M-S ......- 85 85 Mch'14 ---- ____ ____ 1 Registered
8
823 ---- 7834Jan '15 --- 7834 78%
1951 J-J
1st geld 3 dis
W W Val Div 1st g 4s
1940 J -J --- 92 91 Apr '12 --- ____ ____
1951 J-J --- .... 8812 Feb '13 ---- _-- ---0I St L& C consol es
Registered
1920 M-N --- ___ 10534 Apr '14 ---- -------8
1951 A-0 823 ---- 7814 Dec'14 ---- ___ --- Extended 1st g 3 din
1st gold 4s
90 90
k1936 Q-F 881 _,.__ 90 Feb '15 1951 A-O
90 Mch'13Registered
11936 Q-F 87
Registered
'155
1951 rn-s ____ _:- id'rii- - ____ ____
Cin S & CI con 1st g 5s-1923 J-J 10014 -__ 103 May'14 ---- ___
1st gold Is sterling
_
1951 M-S --------0 C C & I gen con g es __1934 J -J ------ 1053 fly 14 ---- _ _ _ -Registered
4
_ ____
-6
8 -14
4
4
853 8714
1952 A-0 *--__ 8614 88
Coil trust gold 45
Registered
1934 J -J
_
_
Ind id & W 1st prof 4s...._1940 A-0 75 ...... 94 J'i '013 --- _
1952 A-0 .-- ---. 9514 Sep '12 ---- __
Registered
.
11 8da; di%
87
1955 M-N 86 87 8612
0 Ind & W 1st pref 5s_a1931. Q-J ----. --------------------1st ref 48
-_
_
7
1952 J -J --------82 Feb 14 -, - - - --- -Purchased lines 3)o •
Fen & East 1st col 48_194( A-0 65 74 65 Feb '15 __-- 65 - -65 8534 15 8512 Ws
3
1953 M-N ---- 85 4 8512
1neon]e 4s
2312 Feb '15 L N 0& Tex gold 48
1990 Apr
2312
21
2312
_
--. 95% 84 May 14 --1953 M-N
Cleve Short L 1st gu 412s-1961 A-0 9312 Sale 93%
Registered
9312
3 9312 9334
87 ___ 89 Feb '15 ---- 8814 89
001 Mid and 1st g 4s
1950 J -D 15
15
17 15 Jan '15 Cairo Bridge gold 4s
1947 J -J
1951 J-J -------- 74 Feb '14 ---- ____ _ _ _ _
Trust Co. certfs. of deposit___ _ _
15 15% 15 Dec'14 ___,
Litchfield Div 1st g 3s
___
2 77 77
77
0o1orado& Sou 1st ;4s__1929 F-A 87 90 8812
Louisv Div& Term go Sis 1953 J -J 77 ---- 77
4 -SA; -9012
4
893
Refund & ext 4 dis
83
1935 M-N 83 85 83
Registered
2 82% 85
Ft W et Den C 1st g 68.-.1921 J -D 10112 102% 10112 Jan 15---- 1
1921 F-A --------123 Marge -- ___ ____
Middle Div reg 55
10112
- 72% Feb '14 --- ._ ____
Conn & Pas Rivs 1st g 4s.._1941: A-0 -----------1951 F-A ------- ---- --Omaha Div lse g Is
__Cuba RR 18t 50-yr 5s g
St Louis Div & term g 38_1951 J -J --------7512 114c1212 .... __
1952 J -J ---- 10012 be May'111 --.- ---- _-_1051 J -J
r2el Lack & WesternRegistered
.
i
7
1951 J -J f ___. i'112Sefs 'i3 -- ____ __ .
_ 100 Feb '15 ---- 10034 101
--• M & Ss 1st con gu 78_1915 J-D 10034
3
Gold 3 dis
1981 J -J ...._____ 101% Oct '99 ---- ____ ---Registered
1915 J -D --------103 Nov13 Registered
845
77 ---- 783 Mc1314.--- - --- - - -- 8
1st ref gu g113is
1951 J-J
25 84 13428
2000 J -D 84 8412 84
Spring Div 1st g 3 dis
N Y Lack & W 1st es
1051 J-J
1921 J-J 10734 ____ 109 Feb '15 ---- 10714 109
Registered
10412Feb '14 ---1951 F-A Si ---- di- Feb 'i4 ---- -___ __Construction 58
1923 F-A 101%
Western lines 1st g 4s
Term & Improve 4s
___ ---- ___ ---8
4
I923 M-N 95% 957 9514 Jan .15 __ 951- -6i1,
1951 F-A --- ____ .___
Registered
Warren 1st ref gu g 3dis-2000 F-A --- _ ___ 10218 Feb '03 ..... _ _
1923 J-D 104 _ _ 117% May'10 ---- ____ ____
Bellev & Car 1st es
___ --Del & Bud 1st Pa Div 78_1917 M-S 10528 108% 1083
1932 M-S ___- -___ 9412 J'ly '12 _.
Carb & Shaw 1st g 4s
24Mchle ---- _ -- - ---_
8
10914
6 108 - 1097149 Aug'01 Chic St L& NO g 5s
Registered
1951 J-D 10914 Sale 108
..
1917 M-S 10-yr cony deb 48
4 22 iv''kir;
993
9934 Sale 9912
J-D -___ 10934 114 Feb 11 ---- --------1951
1916 J-1.3
Registered
1st lien equip g 43s
2 99 100
100
Gold 3 dis
1922 J -J 100 10012 100
.__ __
____ .. ._
1st & ref 4s
9558 21 92 66
1951 J-D
1943 M-N 95 Sale 96
Registered
13 9812 100
Alb & Sus cony 3345
84% 15 84 8434
1963 J-D ___- Sale 994 100
4
993
Joint 1st ref 5s ser A
1948 A-0 8414 86 84
Rens & Saratoga 1st 78.- 1921 M-N 11314 ____ 1133
1951 JD 80 _ .. 9213 Aug'12 --. ____ _ _ _ 8Jan '15 ..-- 11338 11338
Atemph Div 1st g 48
Deny & R Or 1st con g 4s 1936 J-J 75% 79 77
11 76 78
77
Registered
St L Sou 1st gu g 48
1931 M-S _r„... ii% -ii ali IA ..-- ____ _ _ _ _
Consol gold 410
1936 J-J 81% 84 88 J'ly '14.
1950 J-J 85 8618 831a Jan 15 ---- 83% 84
Improvement gold 55
1922 J-D 77 8312 80 Jan '15 ---, 78 80 Ind Ili& la 1st g 48
1919 MN --------100 Jan '15 ---100 100
bot & Great Nor 1st g 6s
46
1st& refunding 58
13 38 48
1955 F-A 4512 47 4512
_ .
1939 J -D 92 ---- 109 Dec '12 .-- ___. ____ James Frank & Clear 1st 441 1959 J-D --. ---- 9112 Mell'14 ---- _
Rio GrJunc 1st go g 5s
2 'ifs; ji
88
Rio Gr So 1st gold 4s
---- 6112 Apr '11 .--- ____ ____ le an City Sou 1st gold 3s 1950 A-0 6728 Sale 6728
1940 J -J ---.
195041-0 -------63 Oct '00 -- _ .7 _ _
Registered.
74 85 Mch'08
Guaranteed
1940 J -J
di%
4 dd
91
90 91 91
5 70% 713
Ref & Imps 58
7118
Apr 1950 J -J
4
Rio Or West 1st g 4s
8
8
1939 J -J 703 715 71
_ Kansas City Term 1st 4s___1960 J-J --.._ 9012 93 Feb '15 ---. 63 93
Mtge& col trust 49 A.. 1949 A-0 _ _ _ - 80 60 J'ly '14 ---9812
1 9812 9812
Utah Cent 1st gu g 4s_a1917 A-0 --------90 Apr '14 ---- ------ T aka Erie& W 1st g 5s___1937 J-J ---- 9812 9812
__ - :__
:
8
1941 J -J ____ 937 94.4May'14 ___ -_____ -2 4 2d gold 58
Des Mol Un Ry 1st g 58_1917 M-N -------- 110 Sep '04---. _
_
-North Ohio 1st gu
1945 A-0 ...__ 100 98 Mch'14 ____ _
g 5s
Det& Mack 1st lien g 4s
1995 JD 80 ____ 80 Jan '15 ____ go -iii
4
___
Leh Vail N Y 1st gu g 4 dis.1940 J-J 101 101% 10118 Feb '15 ---- dda- idf%
Gold 4s
1995 J -D 78 ____ 82 rly '14....__
8
1940 J -J -.100% 1003 Feb '15- 10038 10038
Registered
Det Riv Tun-Ter Tun 4%8_1961 M-N ---- 97 93% J'ly '14 ---- ____ _ 87
1 87 87
-- -_ Lehigh Vail (Pa) cons g 444_2003 M-N 87 88 87
DidMissabe & Nor gen 59_1941 J-J 101 104 104 J'ly 14 ---2003 M-N 98% ____ 97's Jan •16 ____ 9714 9714
General cons 4(45
Dul & Iron Range let 5s
1937 A-0 --- 102 101 F4 b '15 --100 jai'
108 ___ 10818
A-0 - _ ---- 10612 Meh'08 ...... ____ _ __ _ Leh V Ter Ry 1st gu g 58._1941 A-0 .... ____ 11118 Feb '15.... 10528 196%
1937
Registered
Dee '11
1941 A-0
Registered
1916 J-J 98 ......_ 104 Feb 11 --2d 65
: Leh Val Coal Co 1st gu g 58_1933 J-J 101% ____ 10414 Feb '15 -. Hi% 1041;
_
101
101 XS,'14 ____
Du So Shore& At g 58... _ _ _1037 J-J -1933 J-J 100 10414 105 Oct '13 ---- _ ___ _ _ _ _
Registered
.
---- _--_ 104% Feb '15 ---- 1412 HIE
pistil Jot & East 1st g 58-1941 M-N
1933 J-J
1st lot reduced to 4s
8
1920 M-S 10812.-- 110% Feb '15 -_ 1097 11012
•-:drie 1st consol gold 78
-313
_ Leh & N Y 1st guar g 48_ _ _1945 M-S 14- ---- Rile Feb 'i-i ...... _ _ _ _ _ _ _ _
_
,
1947 M-N 93 ____ 97 2J 'ne'14 __
N Y& Erie 1st ext g 4s
_ ___
_ _ _ ____
1945 M-S __ _. ____ _ ..__
Registered
-S 101 ____ 10112 10112
5 101¼10112
1919 M
2d ext gold 58
2 idi - 10412
104
9914
9914
2 987 9914 Long Isld 1st cons gold 5s_h1931 Q-J 10312 ___ 104
1923 M-S 9814
3d ext gold 434s
_ __ _
1s1931 Q-J 90 - 9614 Mehl ---1st consol gold 4s
10112
5 10114 113112
1920 A-0 101 16138 10112
4th ext gold 5s
1938 J-43 86 88% 8618 Feb '1 ---- Ails 8738
General gold 49
3
93 8 May'14 -__
1928 J-D
5th ext gold 48
__ _ _
1922 M-8 92 -___ 9514 May'14 -_
Ferry gold 44s
NY L g & 1V 1st gfd 7s....1920 M-S ---- -_ 11012 J'ne14 __-- _ _ _
.
1932 J-D ___ .. 9914 Oct '06---. --- - - --Gold 4s
82
7 dd% di_l2
8112 Sale 81%
1996 J-J
grle let con g 4s prior
1949 M-S 84 88 8612 May'14--__
Unified gold 4s
83 Jan '14 --__
1996 J-3 80
Registered
1934 J-D 99 101 951s Jan '1 ---- di% 95%
Debenture gold 59
678 15 6612 6912
1st consol gen lien g 49_1996 J-3 6612 67 6612
8.513
i 84 86%
.
1949 M-S 83 ____ 8512
Guar ref gold 4s
77 Apr '12 1996 J-J
Registered
____ 95 Jan '1 --- ____ __
194 M-S
8712 15 8712 873
4
Registered
1951 F-A 8712 :Nile 8712
Penn cod tr g 4s
__6158 33 60 6312
N Y ti & MB 1st con g 58_1935 A-0 1411115.--.. 100% Jan '14 --1953 A-0 61 Sale 61
60-year cony 4s A
1927 M-S _-_ _-__ 10212Jan '14__ _ _ _ _
6 64 6614
N I'& R Id 1st g 5s
64
1953 A-0 64 6478 64
do
Series B
Nor Sh B 1st con g gu 59_01932 Q-J ____ 101 102 J'ly '1 ---- _ _ __
Buff N Y & Erie 1st 78.-1916 J-D 102% 10314 103 Jan '15 _-_ 10212 103
,
1027 M-S ____ ---- 01 2 Feb '14 - --- ____ - - _
101 105 104% Feb '15 ---. joit2 10412 Louisiana& Ark 1st g 5s
1982 M-N
Chic & Erie 1st gold 58
1 110 115
115
1930 J-D 11012 11312 115
Loulsv & Nash Gen 68
Cloy & Mahon Vai g 5s 1938 J-J 10112 ____ 101 Feb '15 ---- 101 101
1937 M-N 107 10812 10938 May'14 ---- __ _ ___
Gold 58
Long Dock consol g 68_1935 A-0 120 ___ 12212 May'14 ____ _ __ - __ __
9338
3 9112 9414
_
1940 J -J 931 65 9312
_
Unified gold 4s
106 Dec '12 ____
Coal & RR 1st cur gu 69..1922 M-N ---- 10234
1940 .1 - J --------95 roe'14 --__ __
Registered
Dock & Imp 1st ext 513_1943 J -J •102 ____ 103 Feb '15 -- jai j6i
103' Jan '15 --__
4
/
Collateral trust gold 59-1931 M-N 1031 ---- 1083 May'14- 10d14 iO314
N Y & Green L gu g 5s-1948 M-N 100 ... 10312 Aug'12 ..... __ - _ _ _ _
_ __ _ _ _ __
6
1919 J-D 10412 ---E H & Nash 1st g 63
_
_
1937 J -J 90 93 93 J'ly '14 ___
N Y Sus & W 1st ref 5s
__ .
1931 M-N 100 ---- 10228 J'ly '14 .._
L Cin & Lox gold 4 dis
1937 F-A 70 85 10014 ore 'O6._ . - --2d gold 4 1is
8Jan '15 ---- His; 113%
4
/
1930 J-J 114%1161 1133
NO & M 1st gold (Is
id - -id 1940 F-A 70 75 75 Feb '15 _
General gold 5s
14
1930 J-J 107 109 111 Feb , -- ____ ____
N 0& M 2d gold es
Terminal 1st gold 59
1943 M-N 100 103 102 Jan '14 ____ ___ _ _ ___
_ __ _ _
Paducah & Mem cilv 414_1946 FA 89 ____ 84 Dec'14 ___.
_
99 ____ 11112 May 12,...,,_
Mid of NJ 1st ext 58
1940 A-0
.
gold 6s 1921 M-S 10714 ___ 10712Jan '15 310 i61314 10712
St Louis Div 1st
Wilk & Ea 1st gu g 58-1942 J -D 85 89 92 J'ly '14 ___-_
____ -_,_ sSeP 12 .--.
1980M8 59 -,..,- 693
- --2d gold 3s
Ev & Ind 1st con Rug 6s
1926 J-J ---- __ 106 May'12 _.
5 8512 eV2
88%
1955 MN 8812 89 881
All Knox & CIn Div 4s
Evans & TB lst cons 08_1921 J -J 97 100 100 Dec'14 __ _- -- -____ ...All Knox & Nor 1st g 58_1946 J0 107 ___ 111 Jan 13 .... __ _ _ ____
1st general gold 5s
1942 A-0 --- 80 9928 Dec'13 ____ __ _ - - --.- 108 Jan '14 .....
10412
- -- -Mt Vernon 1st gold 6s
A-0 --------108 Nov'11 _. --------Render Bdge 1st s f g 68_1931 M-S 86 8714 86
1923
873
4
5 88 873
1987 J -J
4
_ Kentucky Cent gold 4s
1930 A-0 --------95 Joe'12 ___
Bull Co Branch 1st g 5s
L& N & M & M 1st g 4 101945 M-S 9912 __ 101 May'14 ..... _ _ __ _
2 -ddis -di
907
3
plorida E Coast 1st 4 dis 1959 J-D 89 90 4 90%
80
ii 86
L & N-South M joint 4s 1952 J -J 7812 ____ 95 Jan '15 --L ort St U D Co 1st g 440 _1941 J-J .88 .. . 92 Aug'10 _
'
Feb '05. 81952 Q-J -__ ____
-----Registered
Ft W & Rio Or 1st g 49
1928 J -J ---- 60 62 Apr '14._ _ _ _ _ _ _ _ _
;
N Fla& S 1st Rug 58____1937 F-A 1011 ---- 108 rly 14 ..... _ _ _ _ _...
(.1reat Northern_
.
7
941 963
N& 0 Bdge gen gu Ir 4 die 1945 J -J 95 -_ 97 Dec 14 _
4
9818 212
...ji 0 II& Q coil trust 49
1921 J -J 9514 Sale 94
Pens & All 1st gu g 68-1921 F-A 10712 10938 108% Feb '15._. 10811 10828
5
5 9428 96 4
4
953
4
1921 Q-J *- _ _ _ 96 955
Registered h
8
S & N Ala con gu a 5s--__1936 F-A 1047 106% 105% Feb '15 ___ 10518 1051
5 99 101
1t& refunding 4 da's see A 1961 J -J 9712 Sale 971z
100
3 991 102
Gen cons gu 50-yr 58..1963 A-0 unt, int% an% 1008
1961 ------------96 J'ne'13 ____ ____ - - -Registered
88 8312 Mch'14 ---__
St Paul M & Man 4s
---- -- - 1933 J-J 9512 ----9714 May'14 -_ ____ ____ L & Jeff Bdge Co gu g 48-1945 M-S
1st consol gold es
8 4 (aisle SR-Sou snes4s_1936
1933 J-J 11978 121 11938 Feb '15 -- 11712 1193
vl ex Internet 1st con g 4s1977M-S --------77 Mch'10
1933 J -J --- 12112 11712 Aug'13 ___ _ _ _ ____
Registered
Stamped guaranteed ---i977 M-S ......... 79 Nov10
Reduced to gold 4%8-1933 J -J 1003 10218 101's Jan '15 ___ 10014 10112
4
4
-___ vlinn & St L lst gold 79----1927 J-D -_-- --- 12412 Oct '12 _
1933 J -J ____ 102% 1o88 d'nel)(4 __
Registered-- -1937 J-1.) 91% 94 94 Jan '15 -- ___- -94
Pacific gat 1st gold 6,3_-_1921 A-0 95 _-__ 11012 Aug'11 _: -_-_- -2_9213
Mont ext 1st gold 4s
1934 M-N 91 Sale 91
9214 35 -88 - -92=
1st consol god 55
_
94% Apr 14 1937 J-D
Registered
1949 M-S 57 Sale 53
925k Mch•11 ---. ____ ____
60 376 40
GO
1st and refund gold 4Pacific ext guar 49 £.__1940 J -J 87 _
60
Des M & Ft D 1st go 424_193 J -J 60 Sale 60
1 60 60
E Minn Nor Div 1st g 48-1948 A-0 8918 --- 95 May'14 ---- ____ _ ___
9014 17 84 9014
1922 J-J ---- 10812 11015 Jan '14 ---- ..- -- -_-_
Iowa Central 1st gold 58_193 J-D 86 90 90
Minn Union bat g 6s
an
gare ,e
an
,
RefondIng gold 4s ---. _1051 M-S 5312 571 531,
1937 J -J 120 122 125 J'ne'14 ____ ___
Mont0 Ise au sr Os
------100
---
---------
._..".
,
31 SCI-11.1.ANEOUS BON DS
--Continued on Next P o
Street Hallway
iew Orl Ity & Lt gen 4 tis-1935 J-J
i y Rye 1st R II & ref 48 1942 J-J
a1942 A-0
30-year adi Inc 5s
I Y state Rys 1st cons 4 des '62 M-N
'ortland Hy 1st & ref 5s-_-1930 M-N
'ortland R v Lt & Pow 1st
1942 F-A
& ref cony at 58
J -J
Portland Gen Elea 1st 58_1935 M-N
5s 1937
I. Jos Ry,L. H& P 1st g55-1937 J -J
Paul City Cab cons g
t
1960 J-J
`bird Ave 1st ref 4s
al960 A-0
Adj Inc 55
5s -- -1937 J -J
'bird Ave y 1st g
A-0
'r1-City Ry & Lt 1st s f 513-1923 J - T
of London 4 lis...1933
rod
1948 - _
Income es
felon Elev (Chic) lit g 58_1549 A.-b
g pit. 1..1925 M-N
ir
,,.,,.4 4,
and egged
'No price Fruhur; 181055 old
Street Railway
78
United Rys St L 1st g 4s-1934 J-J ____ 66 698 Dec'14
0 593
. .5 90 92,
.
12 D
72%
St Louis Transit gu 59____1924 A-j. . 6578 551 J :: 4 :-..-- -- - - -14
5528 United JCRs San Fr s f 4s__1927 A-0 ____ 5434 4912
2
3014 ii -411____ Va Ry & Pow 1st & ref 5s__1934 J
-_ __-- ---9912
(las and Electric Light
Atlanta G L Co. 1st g 5s--_1947 J-D 10114 _ ._ 10114 May'14 -----------4
8412 87 92 Mch'14 .... - -- - --- Bklyn U Gas 1st con g 5s-1945 MN 1033 104 104 Feb '15 ____ 103 1041
.
1947 A-0
994 ---- _.- - - --- --- - ---- Buffalo Gas 181 g 58
97% ---- 98 Nof'N --- ---- --- - Columbus Gas 1st g 541___ _1932 J-J -----_ 97 Feb '15 ..... if if
___ ____ Consol Gas cony (3s when Issued ____ 11234 Sale 11214
1
11334 319 10928 1153
---- ---- 10312Feb '13 ...
1923 J-J 9832 100 9812 Dec'14 _ _. . -- - -- •
8214 24 7028 823 Detroit City Gas g 5s
8
8112 Sale 8112
797
38 7538 8114 Del Gas Co.con 1st g 58-1918 F-A .9812
9528 Sep '08 ..... _ _ -,..- •
79% Sale 7912
li 1013; iud
105 107 10612Feb '15 ___ 10612 10612 Del Edison 1st coll tr 531
1933 2
1-3 1°212 103 10212 103
3 95 971 Eq G L N V tat con g 5s
97%
1932 .41-S •100 .-. 10812 Oct '12 ___ ____ ___.
4
/
9834 97% 9718
...... --_- __ Gas& Bloc Berg Co c g 5s 1949 -1-D 97 ..... 100 Feb '13
1271y 14
--- 94 96
•
72 90 8712 rig '14 _--- ---- ---- Or Rap0 L Co 1st g 58-1915 F-A ------- - 100 Oct '091949 M-N 103 Sale 103
-------- 84 Oct '08 ___ ---- --- Hudson Co Gas 1st g 58
. _ii _1_ _62
10314
92 Mc12 1 2 ....il i _i 4 i ..3- !
71 rne'13 ---- _ _ _ _ ____ Kan City(Mo)Gas 1st g es 1922 A-0 ____
-- 66
0 Due Feb 4 DUO Aor11. 8 Due July. 8 DUO Aug. 0 Due Oct. e Option sale.
a DUO Jan
4AUS MOM
7734 78%
4
714 sale
5314 Sale
84% 8614
9912 993
2
78
4
78
214
1
/
7228
8
531
4
543 109
8812J1y '14.9912 Feb '15 _-__
78
7112
5118
___.
0914
FEB. 20 1915.1
New York Bond Record-Continued-Page 3
629
d
,...
Week's
Week's....
Range
BONDS
Price
a, Price
I
Ran?,
BONDS
since
N. Y. STOCK EXCHANGE 0 Friday
Range or gm
Friday
Sim.
Range org . ._
N. Y. STOCK EXCHANGE li
Jan. 1.
...,e.
Last Sate cz
Week Ending Feb. 19
Feb. 19
...,a.
Feb. 19
Last Sob
so,
Jan. 1.
Week Ending Feb. 19
Mph No Low High NYNH& Hartford (Con.)Bid
Ask Low
Ask Low
High No. Loa High
ma
Cent New Eng let gu 03-1961 J-J ---- 80% 81 Mch'14 ___ ___ _ - 11 stp&ssm con g 4sintgu 1938 .1-J 90 95 93 Feb '15 ____ 90 93
____
Housatonic It cons g
_1937 M-N 105 ____ 105 Feb '15 ---- 105 105
1041 61-N --------9714 J'ne'12 --1st Chic Term Is 14s
68%
9 67% 70%
NY W'ches&13 1st ser 1 430'96 J -J 67is 70 6712
____
5s_MU S& A 1st g 4s Int gu-1926 J -J --------96 Nov'13 ____
N li & Derby cons cy 58_1918 M-N 100 ..107 Aug 'OR ---- ____ ____
____
91 .rly '14 ____
MississippiCentral let 58-1949 J-J 857
7912 15 75 81
New England cons 5s____1945 J -J -- -- - -,lstgold4s 1990 J-13 77 80 79
Mo Kan& Tex
4 53 60
60
Consoi 4s
1946 J -J -,..-- _ _ -__ 9912 Meh'12 ____ _ _ _ _
91990 F-A 60 Sale 60
2d gold 45...,....
wrovidenceSecur deb if 1957 M-N 5814 65 5812 Feb '15 ___, j,612 'gi12
1944 M-N ---- 90 89 Feb '15 ___7 89 89
let ext goic10
__ 5218
81
1 49 52% N Y O& W tel lstg 4s___ _91992 88-8 80 81 8034
5218
52
5 80 . ,
2004 M-S
b.2 8
1st& refund 45
15 6912 71
71
9212 J'ne'l• ---.
Registered 55,000 only_o1992 M-13 -- -71 Sale 7034
__
19313 J-J
Gen sinking fund 4;0
General0
1955 J -D ---- 76 7512 Feb '1 ---- ___- -751;
6018
1 6018 6018
7512
Louis Div let ref g 4s 2001 A-0 60% 6412 60%
St
--------9914 Dec '13 --.._
____ Norfolk Sou lst& tel A 58_1961 F-A ---- 8312 94 J'ne 14 ...1940 111-14
Dal& Wa 1st gu 558
_ Norf& Sou 1st gold 5s
1941 M-N 10114 102 102 Jan '1 __-_ 111134102 78 J'ly '14 ---1990 F-A
Kan0& Pac 1st g 4s
---- Nori & West gen gold 0-1931 M-N 11712 120 120 Feb '15 ---- 190 120
Mo K & E 1st gu g 5s_-I942 A-0 93 9612 104 Apr '14 ---- Improvement& ext g 0_1934 F-A 119 120 119 Feb '15 ____ 119 119
1942 m-N ____ 92 88 Feb '15 ____ 88 88
61 K& Ok 1st guar 5s
New River lstgold Gs
1932 A-0 11612 120 120 J'ly '14 _
-S ---- 90 89 Feb '15 --- 80 89
NI K & T of T 1st gu g 5s_1942 NI
N & W Ity Istconsg 4s
93 -i ii- 1996 A-0 92 Sale 92
____
6 may'13 ----E
64Sher Sh & So 1st gu g 5s-1942 J -D --------9
_
Registered
1996 A-0 -,- - 94 May'14 ____ ___---1
Texas& Okla 1st gu g 58-1943 14-5 -------- -99 1 Jan '14 ----------- _
4
12
11812 Feb '15 ___
11 493
Div'l 1st l& gen g 4s
1001
8712 8812
3
1944 J -J 881- 1141
10018 0012
,
Missouri Pac 1st eons g 6s_1020 61-14
40 89% 95
8
10
-25-year cony 4s
94
987
8
-D 98 101 987
2 9E378 102
1932 J
933
4
Trust gold Is stamped__a1917 NI- 8 ---- Sale 9334
____
4Jan '15 --- 993 994
10
-20-year cony 48
1932 MS 98 101 993
4
4
a1917 61-S --------97 liav'l --Registered
102
4 8812 9012
17 101 103
Convertible 430
1938 M-S 101 10112 101
89's
ist collateral gold 58
1920 F-A 8812 891 8812
4
887
4
Pocah 0& C joint 4s
1941 J-D 873 8934 873
8 10 89% 90
1920 F-A
Registered
4
20 373 i612 0 C & 'I' 1st guar gold 5s 1922 J-J 102 ____ 10534Jan 13 ___ _ _ _ _ _
46
12
40-year gold loan 45
1945 M-S ii 47 ig
44
14 38 47
Scio V & N E 1st gu g 0_1939 IVI-N 9014 --__ 90 Feb '15 ---- 66 96
1st & ref cony 58
1959 M-S 4314 4412 433
8
Northern Pacifizpri3r 132 9s 1997 -J 897 sale 897
91 351 89% 93%
1938 M-N --------78 Jan '15 --__ 78 78
3d 7s extended at 4%
4
Registered
1997 -J *--- 9034 903 Feb '15 __-- 88% 9034
---- 83 85 Feb '15 --- 85 85
Cent Br Ry 1st gu g 48_1919 F-A
__ ___ 7732 Dec '13 ------------General lien gold 35
64
65 6234 65
3548a2047-F 62 4 63 62%
Cent Br U P 1st
110 Mch'05 --Registered
a'047 Q-F ---- ---- 6212Jan '15 -_ 6212 62%
1928 J - J
Leroy & C V A L 1st g 0_1946 j 1 --St P-u1.13uluth Div g 48_1996 J -D --------90 Jan '14 _ .. ____ ___ _
863
4
4
Pac R of Mo 1st ext g 4s_1938 F-A 86 8912 863 J'ly '14 -- 4 8634 868
- __
Dul Short L 1st gu 5s____1916 M-S ------10034 Sep 13 -__ ___ _ _ _.
_
2d extended gold 533-1938 J -J ---- 100 9712
St P & N P gen
_-ill's
9934 .10
got I 0_1923 F-A 110 1104 Ill's
98
5 10911 11114
ASt L Jr M&S gen en g 5s_1931 A-0 _ _ Sale 98 .Fly '14 ---- _9734 10112
Gen eon stamp con 58_1931
___ ___ _
Registered certificates_1023 9-F
9934 102
4 63 71
69
107 Jan 1.2 _-__ _ _ _ _ _St Paul & D -Nth 1st 58_1031 F-A 101
1929 J-J 68 69 67
Unified & ref gold 4s
2d 55
_
8
. _ 807 Oct '12 ---_ -------1917 A-0 19014 10134 10014 Jan '15 ---- 10014 10014
1929 J -J Registered
1 6769
69
1st consol gold 4s
67 76 69
1968 JD --------87 Feb '14 ____ ____ _ _ _ _
Riy& CI Div Ist g 48-1933 MN _
Wash Cent 1st gold 48
--- 92% Dec •13 --1948 14-M --------14112 Dec'iu
Verdi V 1 & W let g 58-.1926 M-S
4 48
4
4
11118
- 1143 Feb '15 --__ ii43 ii - Nor Pac Term Co 1st g 0_1933 J -J 11114 113 112 Dec'14
4
Mob & Ohio new gold 6s......1927 JD ---- 1143 11212 Apr '14 -Oregon-Wash Ist & rel 4s_1061 J-J 857 898 8612 . 88
____
8
20 661; 88
1st extension gold 6s---_h1927 Q-3 104 __ 75 Jan '15 --75 75
Pacific Coast Co Isle 58. _1946 J-D 98 Sale 98
1938 61-S 7412
3 98 9814
98
General gold 4s
'
1947 F-A 100's 103 104% J'13' 14 ---- - - ---- J- ennsYlv RR 1st g 48____1923 M-N --------98 Dee'14 ___ ___ _ __ _ _
Montgom Div ist g58
Como' gold 5s
102 May•14 ___ _ _ ___
1927 JD --------95 Dec'13 ......._ _ ___
1919 M-S 101
St Louis Dly 5s
Oonsol gold 4s
9713
1 9734981
1943 M-N --------972
1931 J-J 86 ____ 87 Jan '15_.-_ ii 87
1
St L & Cairo guar g 4s
lop% 3 1041 105
100% 118 99%10018
Convertible gold 3 ha___o1915 .1-D WO Sale 100
Mashville Ch &N111.L 1st 59 1928 A-0 10612 Sale Iowa
-107 .... 111 Jan .13 ---- --------_
---- 99% J 'ne'14 ..
Registered
o19I5 J-D
LI Jasper Branchilst..g osI923 J-3
3
10142 ..... 103 4 Jan 14 --- _ _ _ _ ____
Consol gold 4s
9712 33 -67 984
-,..- sale 9714
9712
1948 M-N
1917 J-J
McM NI W & Al is316s
____
1917 J-J 101 _ __ _ 113 J'ly '04 ---Consol 912s when issued 1960 __ _ 10418 side 104
10412 1679 104 1047
__
'15
Aileg Val gen guar g 4s
1942 MIS 9314 9514 94 Jan . .__. 94 94
Nat Rys of Mex pr lien 4 30119007 J -J ---- 60 58 J'ne'14 ---77 Feb 'l3......
____
D R R R& B'ige 1st
---- _ _ _ - -._ _
gu
4s g '36 F-A 9212-Guaranteed general 4s__.:10'77 4-Q ---- -___
8
___
Phil:3 Balt& W 1st g 4s
____ --- 1943 M-N 97 ...... 99% Ply '1
Nat of Meg prior lien 4 3is_1926 J-.1 ------ 967 Feb '13 ---Sod Bay & Sou 1st g 5s
1951 A-0 --------50 Apr '14 --.. _ - _ _
2924 J -J -------- 102 Jan '03 ___ _ _ ---- 1st consol 4s
z; .::
Sunbury & Lewis 1st g 0_1936 .1 -J -2•:_ ---- -_,,
-,_,- ---- N 0 Mob & Chic 1st ref 0_1960 J -J 26 _ 35 Feb '15 -- _0.14 so
--4
98 4
1
4
6 gs 913
4
4
U NJ RR & Can gen 48-1944 M-S US3- Sale 961N 0& N E priorlien g 6s__p1915 A-0 --__ 104 101 .1126'14 -__
Pennsylvania Co_
New Orleans Term 1st 4s 1953 J -J --------7912 NiaV13 ---.
8012 26 fi 812
4
Guar 1st g 4 30
1921 J-J 100 101% 109 Feb '15 ____ 10014 102%
N 'V Central & 11 R g3;433_1997 3-J 7934 8012 7912
1921 j...2 99% ____ 99 Dec '1 ____ ____ _1997 J -J 75% - 41, 7513
1 7512 7814
73
'3
.
Registered
Registered
Guar 3;4s colt trust reg_1937 M-S 85 ....- 8412 Apr '14 -- ____ __
Debenture 65 when issued ___ - . 101% Sale 10113 10134 218 10113 10138
5 86 88
15618
0eoenture gold 45
1934 64IN 8618 sale 86
Guar 3 Its colt trustser 11_1941 F-A 85 ...._ 87'z J'ly '14 ____ ____ _ _ __
_ _
_
- __
1934 M-N --__ ____ 89% .1'ne'14 ____ _
Trust Co ctfs gu g330_1916 M-N 8812 ---- 9814 -Ely '14
ItezIstered
7334
8
8
4 ii- ii
1098 F-A 733 Sale 733
Guar 330 trust ctfs0_ _1942 JD 83 --- 83 Feb '15 ____ 83 83
Lake Shore coil g 310
9ii2
8.3 _135__ 94
b
Guar 3;0 trust ctfs D_
1998 F-A --------765 J'ne '14 ___
1944 .1-0 934: 8 12 J;ly :15.... ..iiili -Registered
Deo '14 -__ _ _ _ _
Guar 15-25-year g 4s - 1931 A-0
J P M & Co ctfs of dep.___ ., - 7812 80 79
• .;.'
-Mich Cent coil gold 3;0_1998 F-A 70 71 70 Feb '15 --__ : .7..7
OinLeb& Nor gu 4sg
1942 M-N ---- -___ 9312 Apr '14 ___ ____ _ _ __
4 _..
CI & Mar 1st gu g 9;0_1935 M-N --------98 May'14 ____ ____ _ _ _ _
1998 F-A ---- 7412 75 J'ne'14 --__ _7_1_ _!_b
Registered
____
CI& P gen gu g 4;0ser A 1942 J-J 10134 ____ 10134 Nora ....... ____ ____
13 eech Creek let gu g 4s 1936 J -J 911 ____ 95% Apr '14 -___ _ _ _ _
__
4
Series B
1936 J -J 8812 -__ 99 May'll ___
1942 A-0 1003 ---- 1093 J'ly '09 ___. _ __ _
Registered
2d guar gold 58
Int reduced to 3 3i4
1942 A-0 841k ____ 9114 Feb '12 __. _ _ _ _ __
____
---- ---- __ _ __ _
1936 J -J - --- --- ---Series 0 330
it egistered
1948 M-N 83 ---- 9018 Oct '12 ___ __ ____
---- --- - __
BJech Cr Ext 1st g 330-b1951 A-0 ---- - - - - - - -1950 F-A 83 ---- 8418 Dec '13 ____ ___
-Series_. 330
. _ D
- --______
Lserac ro gu g 33s B 1940 J -J 8418 --__ 8614 May'14 __. ____ ---rie ies ltts
1981 JD -------- 88 Oct '12 --- Cart & Ad 1st gu g 48
- -__ - --_ ---10414
84% ---_ 9018 J'Iy '12 ___ __ ___
Gouv & Oswe lstgu g 5s 1942 J -D
--..
Gr It & hex 1st gu g 4;0_1 9 3-,1 97 ____ 100 Feb '15 ._. 100 100
Mob & Mal 1st gu g 4s
1991 11-S - 9212 9512 J'ne'14 ____ _ _ _1Z
194n 3 -.1
-7:
N .1 Juac R guar 1st 4s
Pitts Y 33 Ash 1st cons 5s_1927 M-N 10134 ._ _1199 May 10 ___ ____ _ _ __
1986 F-A -------- 86 Jan '15___ ao so
Tot WV & 0gu 434s A
2000 M-N 81 ---:
1
1
N V & Harlem g 330
1931 .1-J 9734 ---- 99 . 1V'.4 ---- ---- -Registered------------ ------------Series B 430
193$ J-j 9734.-.. 9812 3 -ne 14 ____ ____ ...._N Y & Northern 1st g 5s 1927 A-0 *102 _ _ 10178 n '15 .___ 101%10178
-_-- ---Series 0 9s
1942 M-S 1..--- ---- 9313 J'ly '1
.._
N V E'E. Pu 1st cons gti g 423_19931A-0 ---- iii 92 Oct '13....
C0& St L gu 430 A
1940 A-0 99 101 101 Feb '15 __-- 99 101%
Nor & Mont 1st gu g 58_1916 A-0 ---- ---- --- 10114
1 991:10112
--,, ---Series 13 guar
1942 A-0 99 101 10114
116 Feb 14 ---::
Vine Creek reg guar Gs
'
1932 .1 -0 -------Series c guar
1942 M-N 99 -_-- 10112 Feb '15 ___ 101%101%
i - ---2 ii ii, ioi8
103
It W & 0 con 1st ext 5s h1922 A-0 103 Sale 1027
Series D 4s gum•
1945 61-01 9334.-.... 94 J'tie '14 ___ _ _ _ _ _ _ _ _
5 10018 1(10%
1001a
Oswe & R 2d gu g 5s
e1015 F-A --- ---- 100%
Series E 330 guar g
1949 F-A 90 ____ 92 J 'ne'14 -----------;
R W& 0, R 1stgu g 5s I918 M-N 1001 .... 104 J'ne'10...
1'
1953 .1-D 935 --- 9514 Jan '14 ____ _ _ _ _ _ _ _
__
Series F gu 4s g
- 9712 J
m
._
14:
Rutland 1st con g 4 34s_.-1941 J -J ------- 90 Apr'13 ___
::
1957 M-N 9334 :.__ ... __ 106 2 Jan . 3 ._ ... .. __ __: _. __
Series G 4s guar
_
Og & L Chem 1st gu 4sg 1998 J -J -_. 71 70 Feb '15 -- -.:.--. _ -.7.-:
1932 A-0 10218
0 St L & P 1st con g 5s
du to
I tut
-Caned 1st gu g 4s 1949 J -3 --------92 .1 ne'09 _._
1921 Q-F --------10114.31ay'14 _ ____ ____
eo & Pelt Un 1st g 6s
St Lawr& Adlr 1st g 5s
1996 J -J --------108 Sep '12 ...- --------- 2d gold 430
61921 M-N --------89 Feb1.4 ___ _ _ _ _ _ _ __
20 25 May'14 -----------2d gold 68
---- Pere Marquette
1996 A-0 --------11912 NIcti'12 _ _-_ I955 J -J
-Ref 4s
Utica & Illk illy gu g 4s 1922 J -J 961s --- 97 Feb '15 -_j - -if '
9 19 40 Dec 18 ---- - - -- - --Refunding guar 4s
1955 J-J
5
--- 73 May'14 ___ ____ ____
Lake Shore gold 330 _ 1997 J -D 81 897 83
1921 J-D 55
8314
8
3 83 8314
Ch & W M 5s
_
1920 A-0 --_ 90 85 Dec'14 ___ _ _
8512 May'14Registered
Flint & P 31 g 6s
_
1997 J -D 82
_
1 68 ji
63
1939 M-N 651; ---- 68
9 .5(184 -6i
9112
Debenture gold 48
1st consol geld 5s
1028 M-S 91 Sale 91
25-yr gold As
Pt Huron Div 1st g 5s 1939 A-0 6512 ---- 75
9114 63 893 9214
1931 M-N 90 90% 893
4
___ ___ _ _ _ _ _ ___
Sag Tus & It 1st gu g 4s_ 1931 F-A ____ ____ ____
Registered
1931 M-N ---92's 91% J'ne'14 .....
-y'l .... __
Ka A& CI It 1st gu c 58_1938 J -J ---...__ . -- ------_ Philippine Ity 1st 30-yr s f 4s'37 .1-J ___ 60 65 ida
-_
__
1940 A-0 105 -._. 108% May'14
-_ Phts Sh & L E 1st g 5s
Mahon 0'1 RR 1st 5s
1934 J -J 10312 ---- 10714 Apr '14 ---1943 J -J --------11314 Nny'll _ _ _
1st consol gold 59
Pitts & L Erie 2d g 5s_ _31928 A-0 103 --__ 103 Jan '15 --- joi- jai
6314 -31 665; 94792 Sale 9134
1997 J -J
8
_ _ __ 10110 eadIng Co gen g 9s
1301s Jan '09 ---Pitts NIcil & Y lstgu 6_1932 3.j 112 __
2 90i2 93
93
1997 J-J --------9034
it Itegister,
__
2d guaranteed Gs
1934 J -J 112 ....... 12314 Sicti'12 12 9112 Jan 'lb____ 91 91%
1951 A-0
Jersey Cent colt g 4s
_
---- _
_
MeKees& 13 V lst g 68_1918 J -J 100
1951 J -J
City gu 48 g
.
Michigan Centre, 5s
- -- 1931 .41-83 10212 -------- 113314 3'7iiii ---_ __ _ _
7
8
1947 J -.1 ___ ii7- ii12 May'14 ___.
____t Jo & Or 181 1st g 4s
It egIstered
1931 Q-M 10113._ 1.03% May'14 ..- __
12 ji6612 108
108
t Louis& San Fran gen 651931 J -J 108 -__ 10734
48
1940 J -3 85 --__ 98 Apr •12 ---- --1931 J -J 99 100 100 Feb '15 .s4 99 100
General gold 58
Feb '14
Registered
_ _- lt L& SF RR cons g 4s 1996 J -J ---- ---- 75 J'ly '14 __
_
J L & 8 lst gold 3;0_1951 VI-S .----90 J'ne'08 ..._
-- _
1927 MN 35 ---11 ii ii
Gen 15-20-yr Is
81
1st gbid 330
3 -fill, -E1i
1952 VI-N 81 - - 81
4
20
- 363 42
Tr Jo certfa of deposit__-- ---- 3512 42 42 Jan '15
-year debenture 4s...-1929 A-0 80 82 7815 Dec '14
do
N Y Chic& St L Ist g 4s 1937 A-0 93 93% 9314
4
Stamped__
---- 4113 40 Feb '15 ____ 363 43
9313
2 -66- -633-4
Soutlaw Div 1st g 5s
-1 -0
I947 A
-„.
____
---- 93 IWO '13 ____
Registered
1937 A-0 _ ___ __-_ 9234 J'ly '14 ____
Refunding g48
1951 J -J 66 67 66 Feb '15 __-- 6312
Dec '14 _
Debenture 45
"
4
1931 M-N 76 827 82
West Shore 1st 4s guar
Registered
1951 J -J ...... --- 8034 Mcii'll
8 8938 92
91
90 90% 9018
2161 J - J87-.3,Trust Co ctfs of deposit_ _ - 66 ----84 J ' --:--- -SU; !".1
Registered
_
4
1 873 RA
4
87%
2361 J-3
14 8814 873
NY Connect 1st gu
do
Stamped____ _ _ 64 ____ 62
9412 12 9412 942
9412
62
78 613 140
4
N Y New 'Liven a 90 A.1953 F-A --__ 9412
160 Ft 8 & M con g lis
1928 MIN 10934 110 1098
3
109 4
llartf3
7 107 109 3
Non-cony deben 49
K C Ft S & M Ry ref g 48-1936 A-0 71 Sale 71
2 72 72
72
73
21 69
1955 J -j _ _ 72 71
7311
li 0& 3.1 R& B 1st gu 5s_1929 A-0 __-- 95 95 Mch'14 _
Non-conv 4s
_ - 1956 VI-N:3_ 73 72 Jan '15 ...._ 72 72
St L S W 1st g 48 bd ctfs
1989 61-N 77 Sale 77
Oonvdebentuee330
1956 J-3 7812 -Z -ii lid
6212 64 6312 Feb '15 __ ii 6312 64
105
103 106
Cony debenture69
2d g 4s inc bond ctfs
91989 3-3 --_. 68 60 Dec'14 -----------103
1948 J - 3
Harlem R-Pt Ches Ist 4s_1954 M -a. 103 Sale 9914 Nov'19 .....
Canso' gold 4s
____
1932 J-D 5714 58 58
I 57 61
58
B 83 NY Air Line Ist4s_ 1955 F-A ---- ---- 9912 J'ne'12 _-__
Gray's Pt Ter 1st gu g 5s-1997 3-13 ------9811 Jan 11
_
-Continued on Nev'
4.1 SCELLANEOUS BONDS
g
---------Allan
Gas and Electric Light.
Kingi,Co L3L &1'g 5s____1937 A -0
Purchase money (Is
1997 A-C
Convertible deb 63
11125 M-8
Ed L1111.13kn 1stcon g 48_1939 J -J
Lac GasL of St L 1st g 5s-e1919 Q-F
Roland ext 1st g 5s
1934 A-0
Milwaukee Gas L 1st 0_1927 M-N
Newark Con Gas g 5s
1948 J -C
NYG ELII& Pg5s
1948 '-C
Purchase money g 4s
1949 F-A
Ed El Ill let cons g
_1995 J -J
NY&QE I L & P 1st con 95s 1930 F-A
5s_1921 4-N
N Y & Rich Gas 1st g 5s
Pacific G & El Co Cal G &E
Corp unifying& ref __ _1937 ,I-N
5sPac Paw & Lt 1st& ref 20-yr
1930 P- A
5s Internat Series
1949 1- 5
Pat& Passaic0 & I.3 55
.. .
.
*Vo pries Fralsyl a
Gas E.nd Electric Light
Peo Gas& C 1st con g 6s_1943 A-0 114 116 114 Feb '15 ___ 110 114
4
103% 90334 103 Jan '15 -- 1023 103
1947 M-S 10034 101 10034
112 113 10912 Dec'14 ------------Refunding gold 55
10034
3 10018 101
Registered
115
5 115 115
1947 34-S...... _ . 99 Sep '13 ---- ---- --- 115 11512 115
Oh G-L& Cke 1st gu a 55_1937 J -J 102 10234 10134
87% 89 8734 J'ly '14 ....... _ __ ___
1013
4
2 10114 103
Con 000ofeh 1st gu g 5s1936 3-D 10014 Sale 10014
101
1 10014 101
10034 -- 101
3 10018 10014
10014
1 97 99
99
,
Ind Nat Gas & 011 30-3 1 523'36 M-N ___ _
9814 100 99
93 Mch'12 ----------.... 9018 9118
Mu Fuel Gas 1st gu g 5s 1947 M-N 1001; _-_-: 100 Jan '15 ___ 100 100
91% 91% 9118 Feb '15
1919 F-A
101 ____ 10154 Jan '14 ---- ---- --- - Philadelphia Co cony 5s
95 95
95
2 95 95
103
13 10114 10313
103 105 103
Cony deben 15s
1922 64-N - 94 9634 J'ne'It
8414
7 8314 8538 Stan Gas & El cony 8 f 6s_1926 J -D _ _ 90 13812Jan '15 ---- 8812 8811
8314 Sale 8314
106 ____ 109 J'ly '14- __-- ____ Syracuse Lighting lst g 5s 1951 J -D oil . __ 100 mewls..
._. ____ _
--------101 Feb '14 --- --- ____ Syracuse L & P Is
1954 J -J ____ 80 8512 J'ne'12 ___. .___ ___
___ ___ 92% J'ly '09 ____ ____ ____ Trenton G & E 1st g5
1949 MS 99 ___ 10112 J'ne'1.4 -----------'
Union Elec L & P 1st g 58_1932 M-S 100 101 100
100
I 100 101
9112 9212 9212
927
8 11 91 9314
1933 M-N 9018 __-- 89 Jan '15 __. 89 89
Ref & ext 58
Utica El L & P 1st la 5s
1950 J -.I 103 ____ 96 Jan '15 -- 96 96
91 Sale 8912
91
5 8812 91
1957 J-J__ ____ 10014 Dec '11 --___ -- _.
Utica Gas & E refs
99% ____10o Jan '14 .... ____ ____ Westchester Ltg g 5s
1950 J -D Jan '15 ____ 10212 1021,
1021; 10314 102%
.2110JUne. 6 Due July, o DUe OCt. v ue Noy,
option late
630
i
BONDS
N. Y. STOCK EXCHANGE 11
Week Ending Feb. 19
..,14.
New York Bond Recorn—Concluded--Page 4
Price
Friday
Feb. 19
Week's
Range or
Last Sale
4.
gA
rc
Range
Since
Jan. 1.
BONDS
I
N. Y. STOCK EXCHANGE It
Week Ending Feb. 19
,a.
[Vox,. 100.
Price
Friday
Feb. 19
Week's
Range or
Last Sale
.1
gR
is.1
Range
Since
Jau. 1.
•
Bed
Ask Low
High No. Low High Wabash (Concluded)—
Bid
Hioh No Low High
Ask Low
El A & A Pass 1st gu g 4s-1943 J-J ---- 7834 79 Jan '15 ---- 7814 80
Eqult 'Fruit Co Als
8Jan '14 ..... ____ __ _ _
563
S F & N I' 1st sink .g 59-1919 J-J ....... -__ 104 Oct '09 ---- ____ ____
Do Stamped
2014 Sale 2014
2212 16 19 30
Seaboard Mr Line g 4s----1950 A-0 80 8234 75 Dec '14 ___. _ -- _ _ ___
Det & Cl Ext 1st g 5s---1941 7-J 95 __-. 100 Feb '15 --- 100 100
Gold 4s stamped
1950 A-0 80 8212 8312 Feb '15 ---- 78 8312
Des Moln Div 1st g 4s_--1939 J-J --------80 Aug 12 --- ___. - -- Registered
1950 A-0 --- - -. ------- __ ___
Om Div 1st g 3s
1941 A-0 -_-- --_ 6014
1 60 6014
6014
Adjustment 55
11949 P-A 6212 Sale 62
- 6612 60 62 713;
Tol & Oh Div 1st g 49
1941 M-8 65 _
7234
1 72 723
723
4
4
Refunding 48
1959 A-0 6612 70 67 Feb '15.-68 67 • Wab Pitts Term 1st g 4s 1954 J-D ---- 63
4
2 6
93
4
9
6
Atl-Birm 30-yr 1st g 49_21933 M-8 8014 8338 82 Jan '15 ---, 81 82
Cent and Old Col Tr(Jo certs- ---9
11 6
6
6
6
7
Car Cent 1st con g 4s
1949 J -3 8412 __ 8412
8412
Columbia Tr Co ctfs
1 8412 8412
7 J'ly '14 __-_ ___- - _ _8
Fla Cent & Pen 1st g 5s 1918 .1 -J 1003 __ 19314 Jan '13 ---- ____ __—
8
Col tr ctfs for Cent Tr ctfs.
712 Dec'14 --- - -. -- 3
7
1st land gr ext g 55
1930 J-J 10012_
104 Nov'12 ---2d gold 45
58 138 1
log- 1-15
4
i 5- 1
1
8 Consolgold 5s
1943 J-J 10078. _ 100 Dec'14
Trust Co certfs
12Jan '15 ---% 13
8
12
12
Ga& Ala Ry 1st con 59_01945 J -J 1013 102% 10112 Jan '15 ---- 10012 10134 Wash Term!1st gu 3;is___1945 F-A 813
4
4-- 8312J'ne '14 ---- ---- - -- Ga Car & No 1st gu g 58_1929 J-J 1013 Sale 1013
4
4
102 -- 4 10012102
1st 40
-year guar 45
1945 FA --------100 Sep '12 -----------Saab & Roa 1st 5s
1926 J -J 10112 -- 10038 Dec 14 ___ ____ ____ West Maryland 1st g 4s
3
1952 A-0 65 4 .ale 6518
683
4 11 54 6914
iouthern Pacific Co—
West N Y & Pa 1st g 58_1937 J-J 101
0118
7 10118 10278
10218
Gold 49 (Cent Pac coll)-k1949 J-D 82 8414 8138
8338
5 83% 8614
Gen gold 4s
1943 A-0 75 77 7812 Jan '15 ---- 7812 7812
Registered
90 Feb '14
k1949 J -D
0943 Nov - - -- 35 34 Feb '07 ____ ___ _ _ _
Income 55
20-year cony 4s
i
82 243 8012 8334 Wheeling& L E 1st g 5s___1926 A-0 95 __ 102 J'ly '14 ---- ____ _ _ _ _
g1929 84-8 8138 Sale 807
20
-year cony 59
9738 172 96 9934
1934 J-D 97 Sale 964
Wheel Div 1st gold 5s___1928 J -J 90 ---. 9512 Nov'13 ---- ___ _ _ __
Cent Pac 1st ref gu g 48_1949 F-A 8678 Sale 8638
87% 331 8614 90
Eaten & Impt gold 58__1930 F-A 85 _—_ 91 Feb '14 ---_ ____ _ _ _
Registered
1949 F-A
9412 Ply '12
1949 MS 66 ___- 6512Feb '15 ---- 65 653RR 1st consol 4s
4
Mort guar gold 3 34s_k1929:
,-D 8834 Sale 8885
11 8712 89
89
20
1922 J -J --------90 Apr '14 ---- ____ _ __
-year equips f 5s
Through 8t L 1st gu 49_1954 A-0 84 ____ 87 Feb .15 ____ 87 87
Winston-Salem 8 B 1st49_1960 .1-J --------88 Feb 14 --__ ___ _ _ _ _
G II & S A M ...4 P 1st 521_1931 MN 10212---- 10212 Dec'14 --. ____ ____ Wis
14 843 87
4
87
Cent 50-yr 1st gen 4s 1949 J -J 864 Sale 8614
Gila V G & N 1st gu g 59-1924 M-N --------10234 Apr '14 ..... ___ ____
8514
1 84% 864
8514
Suri&Dul div & term 1st 45 '36 M-N 8514
bus E & \V 'I' 1st g 59_1933 M-N ---- 105 103 Jan '15 ---. 103 - 103
1st guar 5s red
1933 MN 9812 --- 10412 Ply '14 —.... ____ ____ Manufacturing & Industrial
11 & T C 1st g 5s lot gu_1937 J -j 107 10012 109 J 'ne'14
Gen gold 49 lot guar_
1921 A-0 95 9614 9512 Jan '15 -- 93 9512 Am Ag Chem 1st c 55
6 99%101
101
1928 A-0 101 __— 101
Waco& N W div 1st 'a
M-N 108 110 108 Mch'14 _... _ _ _ _ _61930 __ Am Cot Oil ext 4 3i8 ____91915 Q-F 100% Sale 10018 10018 35 99 8 1004
7
A & N IV 1st gu_g 5s
7
1941 J -J 100 103 103 Meh'14 27 9212 94
94
1931 MN 93 Sale 937
Debenture 5s
Morgan's La & T 1st 721-1918 A___ Am Hide& L 1st s f g 6s-1919 M-13 10112 102%10214 10214 12 10012 1034
0 ,..- ---- 10712 Ply '14 ....f.... ___
1st gold Gs
1920 J -J 102- ---_ 10614 Ply '14 --__ ___ - - _
7 80 85
85
1925 A-0 83 Sale 83
. Amer Ice Secur deb go
No of Cal guar g 58
1938 A-0 --------112 Feb '07 --_ __
.
8
8
- - - _ _ Am Smelt Securities if 89_1926,F-A 1047 Sale 10438 1048 234 1033 104%
Ore & Cal 1st guar g 5s 1927 J-J 1111411112 10014
10012 33 RW4 pm% Am Spirits Mfg g Gs
4
1915 M-S *---- 94 943 J'ly 14 — __ _ _ _
So Pac of Cal—Gu g 5s 1937 M-N 105% ... 10112 Nov'13 ____ __
__ Am Thread 1st col tr 4s
1919 J-J --------94 .1 'ne'14 _ ____ _ —
Si.. Pac Coast 1st gu 48 g_1937 J-J 90 ___ 9112 Sep '12 ___
_ _ - -_- _ Am Tobacco 40-yr g Gs
1944 A-0 119 122 121% Feb '15 --- 1207 121%
8
San Fran Terml 1st 49_1950 A-0 7918 797 7938
;
80
Reg
5i -794 gi58
1944 A-0 --------12184 Ilar14 --- --- -, —
Tex & N 0 con gold 5s 1943 J-J --,.. 97 98 Apr '14 --__ ___
_ __
Gold 45
4
1951 F-A 96 ---- 9818 Feb '15 --- 973- 98%
So Pac RR 1st ref 4s
1955 J-J 85 Sale 85
8634 194 8414 -89
Registered
1951 F-A --------98 J 'ne 14 --, — _ - --40uthern—lst cons g 58_1994 J-J 993 Sale 9938
8
9978 101 9812 101
Am WrItg Paper 1st s f 59_1919 J-J 61 63 59
7 59 6214
61
Registered
1994 J -J --------100 Aug'13 ---. ___ __ _ _ Baldw Loco Works 1st 59_1940 M-N 101 ___ 10084 Jan '15 --- 1003 1003
4
4
Develop & gen 4s 8er A 1956 A-0 66 Sale 65 4
Beth Steel 1st ext s f 5s
4
58 623 89
3
67
1893 sale 993
100
4
1926 J-J
441 9812 10014
4
Mob & Ohio coil tr g 49_1938 M-S 75 78 76
1st & ref 5s guar A
1 74 76
76
8
1942 MN 883 Sale 883
888 89 8518 8918
Mem Div 1st g4;I-5s
1996 J-J 100 10312 100 Dec '14 --- ____ ____ Cent Leather 20-year g 58_1925 A-0 9812 Sale 98%
99 133 9678 9912
St Louis div 1st g 4s
1951 J -J -,.- 8438 8812 J'ly '14
Consol Tobacco g 45
1951 F-A ---- ---- 9734Jan '15 ---. 973 973
4
4
Ala Cen It 1st g 6s
1918 .7-5 102l4.,,__ 1043 J'ne'14 ____ ____ ____ Corn Prod Ref s f g 5s
1 9434 9714
96
1931 MN 96 9714 96
Ala (it Sou 1st cons A 5s 1943 J-D 95 9812 9934 May'14 ___ _
_
____
lst 25
-years f 55
9312
5 93 9488
1934 M-N 93 94 9312
AU & Danv 1st g 4s
86 8518 Jan'15 ____ £ii% 8518 Cuban-Amer Sugar coll tr 691918 A-0 95 96 95
,
1948 J -J 84 2
3 95 95
95
2d 4s
5412 38 5112 56
1948 J-J --- ____ 8214 Fee .12 ____ ____ ____ Distil Sec Cor cony 1st g 59_1927 A-0 5212 Sale 52%
All & 'Fad 1st g guar 4s 1949 A-0 --------7534 Dec'14 __ ____ ____ E I du Pont Powder 4%8_1936 JD 8714 8712 8712
873
4 16 84 8812
Col & Greenv 1st 6s
101 ___ 0038.11y '14 ____ ____ ____ General Baking 1s1 25-yr 65_1956 J-D ..--- ---- 8712 J'ly '14 ---1916 J-J
E T Va & Ga Div g 521_1930 J-J 10312 ---- 106 J'ne'14 ____ ____
_ Gen Electric deb g 3;is. _1942 F-A 75 79 79 Ply '14 --__ _ _ _ _
Con 1st gold 52;
0414
10414
,
Debenture 5s
1952 AI-8 10314 Sale 10314
1 10312 i£1114
1956 M-N 1044
10314
I 163 i65
E Ten reor lien 558
1938 M-S 98 - — 0312 J'ly '14 ____ ____ ____ Gen'l Motors 1st lien 69_1915 A-0 10114 Sale 101%
10114 41 10034 10112
Ga Midland 1st 3s
Ill Steel deb 45-s
6412 May'13 -8
1940 A-0 -___ 85 847
85
1946 A-0
7 84 87
10611Jan '15 ---- 106 10612 Indiana Steel 1st 5s
Ga Pac Fly 1st 565
9912 20 99 10012
1952 M-N 9912 Sale 9914
1922 J -3 1071
Knox & Ohio 18t g 6s__,,1925 j-j 1065.,,.__ 1018 May'14 --- ____ ____ Ingersoll-Rand 1st 5s.,__ __q1935 .7-5 100 ____ 100 Oct '13 .....
_
_
Mob & Bit' prior Ilen g 19_1945 J-J 10012 ____ 1051z Nov 12 ___ _ __ ____ Int Paper Co 1st con g 89_1918 F-A 1003 Sale 1003
4
4
1003
4
1 10012 i6132
78 Mch'13....
Mortgage gold 4s
1935 J-J ---- 7417 80 Feb '15 ---- 80 82
- Consol cony s f g 5s
1945 J-J 70
Rich & an con g 68.__1915 J-J ---- -___ °Many '14 -----------St Pump 1st s f 5s
1929 M-S 48 50 46 Feb '15 --- 38 46
__ 10314Feb '14 ____
Lackaw Steel 1st g 5s
Deb 5s stamped
1923 A-0 90 Sale 90
11 89 91
90
1927 A-0
lst con 58 Series A
_
_
1013
4
1950 M-8 7014 Sale 7014
7012 14 65 71
1948 M-N ---- ___ 73 Sep 12 ____
Rich & Meek 1st g 4s
100
So Car & Ga lst g 58
2 i.56 io6
1919 M-N 10018 10012 100
1 99 100
100
5-Year Convertible 55._ 1915 M-8 100 10018 100
9 122 12412
8
12334
Virginia Mid set 01 68
1916 M-8 10014 -- — 112 Oct '06 ---- ____ ____ Liggett & Myers Tobac 78_1944 A-0 123 Sale 1227
4
59
_
1951 F-A 100 Sale 100
Series I) 4-5s
10012 61 100 102
1921 61-8 10014 ---- 1033 Nov'12 _-__
102 Dee.13 ____
Lorillard Co (P)7s
Series E 5s
1944 A-0 12214 12312 12338 12312
1926 M-8 10034
1 12214 124
55
.
. 104 Mch'13
Series F 5s
1931 24-8 101
10038 15 100 102
1951 F-A 100 Sale 100
10318
1 102 10318 Mexican Petrol Ltd coy 65 A_'21 A-0 _--- 9934 100
1936 M-N 10318 ____ 1031
General 58
10018
5 9614 100%
100% 11 95
1st lien & rates series C 1921 A-0 ___- 9978 997
Va & So'w'n 1st gu 59_2003 J-J 10018 10118 10018 10018
3 10018 10014
8
Nat Enam & Stpg 1st 5s 1929 J-D 89 93 9212Feb '15 ---- 9212 100%
1st cons 10
-year 59
1958 A-0 8612 90 8612 Den •14 ____
9314
1924 F-A *88 -_ 92 Pne'13 ____ _ _ _ _ _ _ _ - Nat Starch 20-yr deb 5s
W 0 & W 1st cy gu 4s
1930 J -J 8312 ---- 844 Ply '14 -__ _
__
_
West N C let con g 69_1914 J -J --------10014 May'14 ____ _ ___ _ _ _ - National Tube 1st 5s
1952 M-N 9634 99 98
9814 17 SW
59_1955 J -J --__ 98 9612 J 'ne'14 ____ ____ __ _ -_ N Y Air Brake 1st cony 69_1928 M-N 90 92 91 Feb '15 ---- 90 967lpokane I ternal 1st g
ns
94
101 Ply '14 -_
_ Rallway Steel Spring
A of St L 1st g 4 Hs 1939 A-0 9618 _ .
1st con gold 59_1894-1944 F-A 10118 15/ 102 Jan '15 -- 102162
Latrobe Plant 1st 5 1 58_1921 J-J 95 97 96 Feb '15 --- 9514 9613
Gen refund a(g 45
1953 J-J 8438 86 8814 May'14 ---Inter-ocean P 1st s f 58_1931 A-0 90 92 90 Feb '15 ---- 90 93
St L M Bee Ter gu 2 5s_1930 A-0 98 101 102 J'ne'14 ___
Repub I & 8 1st & col tr 59_1934 A-0 --------104 J'ly '14 --- _ __ ...
['ex & Pac 1st Fold 5s
2000 J -D 9514 Sale 9514
9514
10 -year 5s s f
-30
2 fii id'
334 94 9318
1940 A-0
933
4 38 6012 9334
2.1 gold inc 55
q2000 NIch ---- 40 51 Nov'12 -- ____ _ _ _ _ Standard Milling 1st 5s
1930 M-N 88% ____ 8812
1 88% 90
8812
La Div B L 1st g 5s
1931 J-J --------95 May'14 ____ __ _ _ _ _ __ The Texas Co cony deb 68_1931 J-J 9812 Sale 9812
997k 49 9812 100
W Min W& N W 1st gu 59_1930 F-A --__ ____ 10612 Nov'04
_
Union Bag & Paper 1st 59-1930 J -J --------90 Feb '13 ---- __.....icil & 0 C 1st g 5s
1935 J-J 103 105 103 Feb '15 - - j2"j
Stamped
1930 J-J ---- ---- 914Jan '13 --- ____ --Western Div 1st g 59
__ 101 Aug'13 __
U S Realty& I cony deb g 5s_'24 J -J ____ 7412 7512 Jan '15 --- 74 76
1935 A-0 100
General gold 59
1935 J-D --------10111 Apr 14 ___- _ —_ _ _ _ U 8 Red & Refg 1st g 6s
.
1931 J-J -- 30 20 Jan '15 .--- 20 20
Kan & M 1st gu g 48
2 8612 8612 U S Rubber 10-yr coil tr 6s_1918 J -D 1023 Sale 10212
8612
1990 A-0 85 88 8612
10212 21 10118 1023
8
3
2d 20
-year 5s
1927 J -J 9512 96 9512
95 2
,
10114 582 991s 102%
U 8 Steel Corp—jcoup _61963 M-N 10012 Sale 100%
I 9512 96
'01 P & W 1st gold 4s__1917 J -J 65 68 66 Jan '15 ____ 66 68
8 f 10-60-yr 5slreg -__d1963 54-N 10012 Sale 10012 10138
2 9934 10214
'01 81L& IV pr lien g 33 8_1935 j-j 75 7712 76 Feb '15 .....- 76 78
9212
5 90 95 2
Va-Car Chem 1st 15-yr 59_1923 J-D 9212 93 92%
,
50
-year gold 4s
1950 A-0 4712 49 4712Feb '15 ____ 41
10112 30 10034 1013
West Electric 1st 5s Dec 1922 .7 -J 101 10112 101%
4
,
Co tr 48 g Ser A
Coll
--- 40 43 J'ne '14 -------- ----Westinghouse E & M s f 521_1931 J-J
1917 F-A
9112 Sale 9112
934 36 90 2 94
,
Ilam & Buff 1st g 49_711946 J-D 80 85 85% J'ne'14 ___
994 15 9814 9914
10
-year coil It notes 5s 1917 A-0 9914 9934 9914
-- lister & Del 1st con
J-D 100 101 101 Jan
J 1st refund a 4s g 59_1928 A-0 --------76 Apr '15 ___ joci- jof 1952
'14 ___
Miscellaneous
inion Pacific—
8 7018 73
7212
1948 61-8 71 Sale 71
- ---- ---- Adams Ex coil tr g 4s
1st RIt & land grants 48_1947 5-5 9518 Sale 943
913
4 39 904 93
9514 113 9434 9718 Armour& Co 1st real estA 3is '39 J-D 91 Sale 9038
4
Registered
1947 J -J
4
1952 A-0 --------8534 Feb '15 ..-- 853 853
4
Bush Terminal let 45
. 9512 9414 Feb '15 __ - 944 95
20
-year cony 4s
1955 5-i 88 91 87 Feh '15 .--- 87 90
1927 J -J 89 8912 89%
90
Consol 5s
50 8812 91
1st & ref 45
6 83 8678
8678
1960 A-0 86 Sale 86
(72008 84-5 89 90 90
4
Bldg') 58 guar tax ex
1 8814 903
90
Ore Ry & Nay ,on g 48__1946 J-D 90 90 s 91 Feb '15 _.-98
2 98 99
Grant's ConsIA 8 4s, p corn 6sA'28 MN 9712 99 98
,
5
9038 91
Ore Short Line let g 68_1922 F-A 10814 Sale 10814
1007
8 53 97 100%
10814 10 10712 10914 Issnir Coss Cop 1st conves 1922 M-8 9985100 100
1st consol 4 5s
9834 51 9434 983
1919 J-J 9734 98 97%
1946 J -J 10512 106 105 Feb '15 _
4
6
-year cony deb 65
103 105
Guar refund 4s
3512 109 304 38
1929 J -D 91 Sale 903
4
91% 39 877 917 Int Mercan Marine 4;i8-1922 A-0 3512 Sale 3312
Utah & Nor gold 5s
1926 J -J 100 ... 108 May'll ---- ---- ---- lot_
36
3 36 57
Navigation 1st s t59_1929 F-A 3814 __-- 36
1st extended 48
1933 J-J ____ _ _
9212 78 8834 9212
__
_ Montana Power 1st 521 A — -1943 J-J 92 Sale 9114
Jandalla cons g 4s Set A-1955 F-A 87 ::- -cii- Apr- --- ---- -- -_ _ Morris & Co 1st s
90 8812Jan '14 ..... _ _ _ - _ _ _
- '13
.
f44411
J-J
8634
r Consol 4s Series B
1957 M-N 87 -93 924 May'14 __-- --- - - -_ _ _ Mtge Bond(NY)45 set 2 1939 A-0 --------83 Apr '14 ..... ____ _ _ _ _
1966
era Cruz & P 1st gu 434s_1934 J-J .--- 97 94 Oct '12__-- ---- -_ _
1932 J-J 94 ---- 100 Ply '14 ___ ___
_
10 -Yr 6s series 3
-20
- - --lrginian 1st Is Series A
1962 M-N 97 Sale 967
9738 15 -it'd; -991; N Y Dock 59-yr 1st g 49-1951 F-A --------7934 Dec '14 -. _
Alabaan 1st gold .15
1939 M-N 100 Sale 100
1932 J-J 100 1024 101 Jan '15 __-- 101 151
8
10012 68 97 1007 Niag Falls Pow 1st 5s
.
'V 2d gold 5s
1939 F-A ____ 91 943 Feb '15 -_-- 86 £143 Nlag Lock & 0 Pow 1st 5s 1954 81-N ---- 94 9114
9114
3 9114 9114
8
Debenture Series B
1939 J -J --------90 J'ne'12 ___
Ontario Power N F 1st 5s 1943 F-A 95 9514 9514
9512
6 94 9538
1921 M-8 .--- 90 90 Ply '14 .._- -_-__- - ___ Ontario Transmission 58-1945 M-N --------90 Feb '15 --- 90 90
1st lien equips fd g 5s
65 ___ 75 Apr '14_- - _ _- - — - Pub Serv Corp NJ gen 59—.1959 A-0 88% 804 88
1st lien 50-yr g term 4s_1954 J-J
88
7 8633 8914
1956 J -J
24 Sale 24
1st tel and eat g 4s
26
10612 19 103 107
27 -24 - -34
BaYConsCOpper 1st cony 691921 J -J 106 Sale 106
. 30 5014 May'14 ___ _
Cent Trust Co ctfs
_____ Sierra & 8 F Power 1st 59_1949 P-A ---- 9312 9214 Feb '14
53 Apr '14 ____ _ _ _ -_ -_ _ Wash Water Pow 1st 5s
Do Stamped
-J 9812 —__ 10312 Jan '14
1939 J
--------
F
MISCELLANEOUS BONDS—Concluded.
Iron
Telegraph & Telephone
Bull & susq Iron ., 1 5s____1932 J-D 87 ____ 92 Ply '14 --------- _ Am Telep & Tel coil It 45_1929 J-J
a1926 84-8 ..-- 85 80 Ply '14
Debenture Is
1936 M-8
Convertible 4s
58___1943 FA 87 90 87
87
1 87 87
Col le& I (10 gen s f e
20-yr convertible 4 Hs _1933 H-8
73
3 72 73 Cent Dist Tel 1st 30-yr 521_1943 J-D
Indus 1st& coil 5s gu-1934 F-A ____ 75 7212
Col
Cons Ind Coal Me 1st 5s-__1935 J-D --------73 Mch'14 ____ __ __ ____ Commercial Cable 1st g 49_2397 -J
____ _ _ _ _
89
8918.1'1y
2397 -J
Registered
Cons Coal of Md lst&r1f 5s 1950 J -D 94 92% 9918 Feb '14 ____
'14 ____
99
Continental Coal 1st g 55__ 1952 FA
Cumb'd T& T 1st& gen 5s-1937 -J
A-0 90 9812 10238 Apr '06 ____ __ _ _ __ _ _ Keystone Telephone 1st 5s_1935 J -J
Or Riv Coal& C 1st g 69_61919 .1 -J 90 ____ 93 Mch'I4 ____ __ _
MetropolTel&Tel 1st s f59_1918 M-N
Kan & 11 C & C 1s1 s f g 59_1951
8712 89 88 Jan '15 ____
Mich State Telep 1st 5s
1924 FA
Pocan Con Collier 1st s f58_1957 J -J --------75 Jan '15..— 13/ 88
75 75
N Y & NJ Telephone 5s g_192O M-N
t& P let 5s___1955 J -J
St L Rock M
8118Feb
-.--: 80% 85 10034 Feb '15 ____ 75 8118 N Y Telep 1st& gen s f4;is 1939 \4-N
Trust Co. ctfs of dep
'15 ___ 100 101
Pac Tel & Tel 1st 5s
1951 J -J 1004 101
1937 J-J
Tenn Coal gen 58
10112
1 10014 10134 South Bell Tel& T 1st s f 5s 1941 J- J
10112 10214 10113
Birm Div 1st consol 69-1917 J-J 1003 -_-_ 101 Jan '15 ___ 10014 101
4
-j
1938 j
Tenn Div 1st g 69- ---a1917 A-0 -------101 Dec '14 ____ ____ ____ West Union col tr cur 59
Fd and real est g 43s_.,.,,,1950 M-N
J-D
Cah 0 M Co 1st gu g 69-1922 j
1953 -j __ -- 84 73 Apr '14 ____ __-- _- -Mut Un Tel gu ext 55
1941 M-N
Victor Fuel 1st 9 f 5s
85
3 85 86
Northwest Tel gu 4%a 9_1934 J-J
85 90 85
V& Leen Coal&Coke lat g 59 1949 M-8
*No price Friday'latest bid and asked. a Due Jan. 4 Due April. 8 DUe SY, t DUe JUne. h Due July. 8 Due Aug. oDue Oct.
883 Sale 883
8
8
89
47 87 89%
90 9512 9334Feb '15 ___ 9334 95
9838 Sale 98
993 127 96 10014
8
9812 ---- 9812Feb '15 ._ . 98% 99
_--- 83 8814 J'ne 14 ____
-------- 79 Apr '14 __ _ -..--_- - ----_
9714 Sale 9714
9712 -7 -95 - -9712
____ ___ 89% Dee'14 ___ __ _ _
.
100 10112 10014 ,Jan '15 --- 1003- 10034
4
9814 9878 9814 Feb '15 ___. 9714 98 4
,
100 105 101 Dec '14 ____ ..... _ _ _ _
95 Sale 943
4
95
27 943- 9614
4
9738 Sale 973
8
97% 27 943 97 8
4
7
977k 98 973
4
9778
9 9614 99
97
5 96% 9712
963 9738 963
4
4
9114 Sale 9114
9114 2 8818 92
---------104 J'ne'll ___ ........--90 ___ 93 .an '18 ------ -- —
vDue Nov. gDuo Dee, a Option sale
BOSTON STOCK EXCHANGE-Stock Record
FEB. 20 1915.j
SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
Feb. 13
Monday
Feb. 15
1
Tuesday
Feb. 16
Wednesday
Feb. 17
,
Thursday
Feb. 18
Friday
Feb. 19
Sates
of the
1Veek
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
944 *9312 94
*9311 94
4
/ 984 988 ____ ____
1
4
98
4
983 *98
189 18912 *___ 189
190
90
8912 8912
90
90
90
/ 90
1
4
110 115
110 110
110
22
22
2012 2014 2412 2212 24
Last Sale 23012 Jan'15
_____-- *230
July'14
Las, Sale 7
-- _-_- ...-Jan'15
Lass Sale 50
Last Sale 612 Nov'13
W- ;55- W- ;3712 "ii" Wii" W- Leal Sale 39 Jan'15
157 157 •____ 159 •__ __ 159 •_ ___ 159 •___ - 159 joi104
104 104
104 1041 *10414 ____
_Last Sale 165 Jan'15
•ItiF 160 *145 fao - •145 165 *145 160
55
54
55
55
4
55
544 5314 5414 *533 55
120 120
120 120
120 120
120 120 .117
• 4 88
863
*8612 88
Last Sale 8712 -Feb'15
*8613 88
88
*87
95
95
.
95
95
95
*9514 95
95'l 95
/ 95
1
4
7
7
•7
43
44
4
4
45
*43
454 45 1514 443 443 ---- ---45
4712
47
/ 4712 47
1
4
49
48
49
47
49
5012 49
49
Last Sale 10312Ju1y'14
•iii- fE" 1..5. 1-' •45 fu *iK) 11E- *150 156 151 151
-- .
.01- 51
20
20
25
20
•20
25
*20
20
25
*20
8
1203 120 4 120 120 *119 1193 *1188 119 _ 1183 1184
4
8
8
3
Lon Sale 807s Feb'15
Last Sale 105 Feb'15
ini
Aioti" 113 •iiii- Ili" *ioi" Ili-6912
/ 70
4
70 70 70 70 70 70 6934 70 691 92 92 6912
52
92
92
9212 92
9312 91
9212 9212 *9212
Railroads
1 Atch Topeka dr Santa Fe 100
10 Do
ref
100
7 Boston dr Albany
100
121 Boston Elevated
100
186 Boston dr Lowell
100
1,141 Boston dr Maine
100
Boston & Providence _100
Boston Suburban Elea Cos
Do pref
Boston & Wore Electric Cos
Do prof
10 Chic June Ry & U 23 Y___100
'13 Do pref
Connecticut River
100
83 Fitchburg pref
100
22 Georgia Ry & Elea stmpd_100
Do prat
• 100
40 Maine Central
100
20 Mass Electric Cos
100
103 Do pref stamped
100
780 N Y N H & Hartford
100
Northern New Hampshire_ 100
30 Old Colony
100
20 Rutland, pref
100
105 Union Pacific
100
Do pref
100
Vermont dr Massachusetts_ 100
280 West End Street
50
46 Do pref
50
/ 4912 49
1
4
4912
4 49
4934 493
50
*49
*4812 50
9134 9134 9012 913
4
3
3
8
4 908 90 4 903 90 4
93
92
Last Sale 214 Feb'15
,
•
214 212 .214 2 2 .214 212
1784 1724 *171: 18
18
18
4
1714 173 •173 -- -4
/
4
4
102 1023 1011 10212 102 103
10214 103
102 103
112 11212 11212 11212
112 11212 112 11212 112 112
4
11813 1193 1183 11914 11884 11912
4
8
1193 12012 1195 120
4
Last Sale 15 Mar'14
18
18 .
16
*16
18
•16
7814
7812 7814 7814 78
7814 7814 78
7814 79
62
6212 62
63
*62
.62
166- i66*99 101 *100
-- *9912 101
584 53
4
*53
1 - -10'i 1014
*1014 1012 •1014 1012 '104 104 "ioit 1014
10
978 10
10
93 10
4
912 9 8
7
*93
8 94
3
245 245
243 24812 243 244
249 249
255 255
141 142
4
141 14212 1403 1414-14114 142
101 1017 10114 10112 1011 10212 10212 102 2
8
/
4
10112 102
1
811
81
81
81
81
8114 801g 804
82
82
8978 90
90 90
91
91
91
91
90
90
172 172 •172 1733 •172 175 *173 175
4
174 174
Last Sale 3
July'14
12
12
*12
_
*12
•12
•12
Last Sale 40 --Fe12 15
'
.46- •35 40 *35 38 - *35 40
*35 Last Sale 20 July'14
•__ __ 20 •___ 20 *____ 20 •_ _ _ _ 20
Last Sale 38 Dee'14
▪ _ _ _ 38 •_ _ 38 •____ 38 •__ __ 38
139 139
139 139
8
7
1397 139 8 •138 140
.
138 139
133 140
151 1513 15114 1518 1513 152
4
4
8
4
4
1513 1523 1513 1513 1518 152
4
4
17
17
17
1714 *17
*17 -- •17
_1714 17
17
/
1
108 10812 10818 1081 10818 10812 1084 1084 1083 1084 10814 1084
8
283 29
4
2884 288
/ 29
1
4
283 283
4
4 28
4 2812 2812 2812 284
271 *2714 2712 2712 2712 *27
27
2714 *27
2712
- - 11
•1
•1
*1
Last Sale 1
113 •1
112
Jan'15
114 115.84 11514 11614 11534 11618 116 116
11612 11714 11514 117
/ 55
1
4
543 55
4
543 544 54
55
4
55
5412 55
543 548
4
4
288 29
4 284 29
4
283 283
283 29
4
4
*283 29
4
283 29
4
4278 431z 4238 43
4 4278 44
8
433 443
4188 4218 4184 424
4
101 10412 104 10418 10414 1043 104 10118 104 10114 10334 104
Miscellaneous
664 Amer Agricul Chemical___ 100
prof
204
pueu01a
100
Amer
tic Service-- 50
43 Do pre
50
748 Amer Sugar Refining
100
129 Do pref
100
2,936 Amer Telep & Teleg
100
American Woolen
100
268 Do pref
100
60 Amoskeag Manufacturing.--32 Do prof
85 Atl Gulf & WI El El Lines_100
10 Do prat
100
765 East Boston Land
10
128 Edison Electric Ilium
100
175 General Electric
100
232 McElwain(W H) 181 pret_100
219 Massachusetts Gas Cos_ _100
603 Do prat
100
100
34 Mergenthaler Linotype
Mexican Telephone
10
11 MlesissIppl River power..100
Do prat
100
New Eng cotton Yarn_ _100
Do pref
100
.108 New England Telephone-100
100
682 Pullman Company
85 Reece Button-Hole
10
100
434 Swift & Co
25
286 Torrington
25
60 Do pref
Union Copper L & M
25
1,860 United Fruit
100
413 United Shoe Mach Corp
25
248 Do pref
25
4,193 US Steel Corporation
100
200 Do prat
100
*94
*9814
•_ _ _
91
112
20
*230
9412 943
4
983 *9814
4
190
____
91
91
110
112
2114 20
-- *230
_----
4
943 *94
983 *9834
4
190 •_ _ _ _
90
91
110
110
20
/ 20
1
4
__-- •230
---- _-__
*Jai-
50
50
9212 0212
./ 212
2
1
4
'17 4 18
3
104 105
112 112
4
3
120 6 1203
18
•16
7814 7814
6212
*62
100 100
*53 - - 4
•10
1114
*912 10
255 2553
4
142 1424
*101 102
/
1
8214 824
90
90
17512 176
631
,4:1 TF, age
S
B
See _
Range for Previous
Year 1914.
Range Since Jan. 1.
9312 Jan
97 Jan
183'8 Jan
8912 Feb
110 Feb
20 Feb
225 Jan
11 9618 Jan 22
15 9834 Feb 18
2 198 Jan 12
19 96 Jan 5
18 125 Jan 23
13 34 Jan 2
5 23012 Jan 27
50 Jan 8
39
157
103
165
51
118
86
95
7
43
47
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
143's Jan
20 Jan
11612Jan
807 Feb
*
105 Feb
663 Jan
4
85 Jan
48
90
2
17
20
13
12
11
9
2
5
15
22
6
17
50 Jan 19
39 Jan
157 Feb
105 Jan
165 Jan
75 Jan
120 Feb
8712 Feb
98 Jan
812 Jan
56 Jan
56'i Jan
20
13
22
12
5
6
5
21
7
6
19
2 151 Feb 15
8 2014 Jan 2
4 1233
8Jan 22
11 807
8Feb 11
9 122 Jan 19
2 7213 Jan 25
4 93
12Feb 4
Jan 5
Jan 28
Jan 8
Feb 1
5314 Jan
93 Jan
234 Jan
1912Jan
11112Jan
1 0112 Feb 5 1143
6
4Jan
116 Jan 4 12112Jan
77 Feb
59
/
1
4Jan
98 Jan
58 Jan
4
10 Jan
92Jan
243 Feb
1383 Jan
4
10018 Jan
8018 Feb
87 Jan
154 Feb
Lowest.
Highest.
Lowest.
20
19
9
9
29
29
21
6
20
19
16
4
6
17
2
16
19
2
8
794 Jan19
6212 Feb 9
101 Feb 6
57 Jan 19
8
1212Jan 19
10 Jan 18
260 Jan 22
145 Jan 22
103 Jan 30
86 Jan 7
9213 Jan 28
200 Jan 4
12 Jan 15
39 Feb 8
1214 Feb 8
481:Jan 26
129'l Jan 2
150'! Jan 2
17 Jan 22
10434Jan 4
28'i Jan 4
27 Jan 21
.95Jan 113
114 Feb 16
54 Jan 2
2812 Jan 2
38 Feb 1
10214Jan 27
143 Jan
155 Jan
1814 Jan
10878 Feb
30 Jan
2713 Jan
1 Jan
125 Jan
57 Jan
2912Jan
5314 Jan
109 Jan
29
22
2
18
16
4
25
7
6
/3
21
18
Highest.
8814 Nov
973a Jan
175 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
50 July
100 July
1013 Feb
8
195 Jan
1014 July
/
1
1/9 Feb
55 Jan
255 Jan
7 Feb
/
1
4
60 Jan
35 July
160 Mar
103 Dec
162 Nov
75 July
1l512 Dec
83 Jan
90 8 Jan
7
9 Apr
54 Dec
497 July
8
100 May
140 July
19 May
1103 No
4
82 Apr
115 Jan
65 No
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887 Apr
8
99 Mar
14 Jan
6612 Jan
77 8 Jan
7
112 Feb
165 Jan
30 Jan
163 4 Jan
3
85 Jan
130 Feb
75 Jan
95 Mar
474 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
108 Mar
112 Nov
14 Mar
4
723 Mar
574 Dec
973 June
4
5 Feb
1312 MAY
912 Dec
234 Nov
137 Dec
9812 Nov
7614 Nov
85 Nov
200 Dec
214 May
18 July
55 June
20 Apr
38 Dec
128 Nov
148 Dec
16 Jan
10112 Nov
27 Feb
27 Ma
.95 Dec
:113 Dec
5214 Dec
28 Jan
48 Dec
10314 Dec
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
10012 June
9 Jan
163 Jan
4
1412 Feb
265 Mar
15012 Feb
102 Jan
943 Feb
8
96 Mar
2163 Feb
4
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
2018 July
10734 Mar
31 May
29l Jan
2 Feb
173 Feb
613 June
4
3018 July
6714 Jan
112324 Jan
Mining
1
•1
1
13
8 •1
18
8
*1
138 *1
13
8 •1
138
100 Adventure
25
1 Jan 22
13
8Jan 8
1 Apr
2 Jan
260 260 *260 280 •
260 260
260 270
260 260 *250 260
16 Ahmeek
25 240 Jan 25 266 Feb 4 2393 Apr 300 Mar
4
284 2912 284 294 2812 29
2814 283
28
281
28
284 8.895 Alaska Gold
10 2614 Jan 6 304 Feb 9
19 July 283 May
4
*12
3
4
3
*12
*12
3
4
Last Sal .50 Feb'15
*12
Algomah Mining
3
4
13 Jan 20
25
.45 Feb 10
12 Dec
4
13 Jan
4212 4314 424 423
/
1
4 422 4278 4134 42'
8
4112 4113 40
mi
la
0
25 35's Jan 5 4312 Feb 3
8 78 Almel rgaz
4114 181:97695A mouez :etc,
3412 Jan
433 Feb
4
548 5514 5312 544 5334 5418 53
8
531
524 53
/
1
5234 53 8
8
er__ _ 1 00 513
.
4Jan 2 5818Jan 21 49 Dec
7814 Feb
193 2012 1912 2034 2014 22
4
2138 221
228
8 2212 23
22
d eCaPPSmelt- 25 163 Jan 4 23 Feb 19
L ad &
4
1214 Nov
2138 Jan
412
412 •414 41
/
4
414 414
438 438
4
Arizona Commercial
4
/
1
4
,
41 418
/
4
5
314Jan 4
5 Jan 29
212 Nov 6% Mar
212 213
*2 8 213
3
278 3
278
23
4 24
28
8
3
3
3
230 Butte-Balaklava Copper- 10
2 Jan 16
3 Feb 17
1 Nov
418 Feb
4612 4714 4558 464 454 461
4514 461
45
4534 4514 4618 21,561 Butte & Sup Cop (Ltd)
10 3554 Jan 4 4812 Feb 4
24 Nov 403 may
4
5234 541
5538 54
5414 55
65
52
55
52
/ 5214 5213 1,056 Calumet & Arizona
1
4
10 52 Feb 1
56 Jan 21
53 Dec
7018 Mar
390 392
390 391 *386 395
396 397 *390 395
386 386
36 Calumet .4 Hecht
25 350 Jan 4 400 Feb 3 350 Dec 460 Feb
17
•17
17
19
18
•17
18
*1712 1812 •17
17
4
6 0 Chinonnlopper
148 Gente cal
1712
25 15 Jan 1
3
18 4 Feb 4
14 Jan
19 Feb
3418 347
3534 36
3412 35
351
3618 37
8 35
348 343
8
4
5 3278 Jan 6 37's Jan22
3014 Dec
43 Feb
12
341
*3414 34
3334 34
3
34
333 3312 1,116 Copper Range Cons Co
8
3424 3512 3412 35
100 30 Jan 1
3512 Feb 13
29 Dec
4034 Feb
•2
214 •2
21
214
•2
214 *2
25 Daly-West
214 *2
2
20
2
178 Jan 2
2 Jan 4
112 Nov
3 Feb
9
918 91
918
912 978
9
97 Feb13
3
95
8 2,070 East Butte Copper Mtn
912 98
8
10
94 94
812Jan
8 Dec
13 Jan
478 51
5
5
*43
4 518 3.023105 Frankl
25
514 •518 514
412 Feb
514 514 *5
Apr
6612 68
6612 67
6712 683
3,035 Granby Consolidated
69
7
69
69
100 58 Jan
6212 t i 12
78 a z
el
68
6914 68
6g
2412 2412 25
Greene-Cananea
2412 25
25
271
26
100 2314 Feb
2612 2814
2812 Feb 13
28
281
2114 Apr
42 8 Feb
3
1,475 Hancock Consolidated
1112 1134
12
1138 114 12
4
25 11 Jan 1
127* Jan 8
4 113 113
118 113
4
113 12
.27 4 30
21 Dee
1.38 JJ nlrye 3202
25 Auup
IIedley Gold
Last Sate 28 Feb'15
*29
30
10 28 Feb
201 Jan19
4
30
•27
30
*27
Mar
Helvetia Copper
Last Sale .27 Jan'15
25
•.25 .35
.27Jan
.25 .3
.27 Jan 5
.25 .40 •
•
•.25 .4
775 Indiana Mining
33
4 33
25
4 •312 373
214 Jan 2
e4 Feb 4
3 4 33
3
.1
312 312
34 3
3
4
33
4 33
imanebe
44
37 Island Creek Coal
44
44
44
1 44 Feb 1
45
*44
45
4712 Jan 16
*44
45
*44
4412 Dec
*4412 45
56014:
35 Do pref
87
87
89
1 8512Jan 5 90 Jan 13
*88
89
8712 8712 8812 8813 •88
81 June 8912 June
8712 88
21
2012 203 - 1,160 Isle Royale Copper
25 1712Jan 11 23 Feb 3
2118 21
2112 2112 21
22
16 Dec
22
2214 223
24 Feb
Kerr Lake
8
44 4 8
4
16
85
434 43
5
414 Jan 8
5 Feb 5
1 43
4
4 •41
*48
8 43
3 8 Mar
4 *428 43
7
484 43
618 July
5 5 Ke ee
3
3
22
8 23
25
Colmar
25
8Feb 19
318 Jan 9
23
4 23
234 23
4
4
2 May 4
234 2 4
3
*24 234
Feb
6
*53
4 6
6
285 Lake Copper Co
25
612 612
614 614
512Jan 27
67 Jan 19
s
4318 Nov
4
612 612 *
1012 Jan
64 64
225 La Salle CoPPer
4
4
4
25
318 Jan 7
418
412Feb 11
*4
4
4
34 Dec
*4 _ _
4!.44 41
. 4
512 Feb
•1
50 Mason Valley Minas
18
8
114 Jan 9
13
4Jan 15
•114
12
1
13
8
114 Dec
8 •1
13
114 *I
114
4 Jan
48 8 488 1,270 Massachusetta Consol
4
414
2
412
41.4
3 Jan 11
43 Feb 16
4
2 Mar
4
43
4
*312 4
7
378 3 8
e512 may
*45
8 5
414 Jan 5
53 Jan 12
4
220
*44 48
2
.434 5
5
5
5
5/
33 June
1
4
4
5
0
9 Jan
1884 183
1812 1812
120 Miami OolVer
1634 Jan 2 1918 Feb 13
:
1
: 161
551 58
18
*184 19
1918 1918 •1884 19
163 Dec
4
2418 Feb
.60 .75
•
2
60 Michigan
.70 .7
.70 Feb 18
8.70 .75
3
4Jan 20
..60 .90 •
1.
.50 .75 •.(10 .90 .
.50 Jul
Feb
5312 553
4 1,063 Mohawk
25 4614 Jan 15 6212Feb 5
5314 551
5712
57
5812 59
58
57
39 Apr
y 4914
1218
8 12
123
5 12 Jan 6 133
124 *12
1218 1213 12
8 1218 1214
124 128
sJan 19
10 Dec
164 Dee
45
8 5
New A rcadasnlidotad
N eyada Ca la a Cap per
48
8 43
25
478 513
458Feb 18
538 54
54 •514 53
718Jan 4
54
178 Jan
645 Niplesing Mines
5
512 51
512 83
2
538Feb 3 5% Jan 4
512 55
512 512
512 512
512 512
5 July
; tret1
18 ai
2
2312 233
2312 238
4 3,315 North Butte
15 2214 Jan 2
234 2414 2312 24
2378 2434 2313 24
243 Feb 13
4
194 Dec
3034 Feb
11
100 North Lake
25
14 14 .1
1 Jan 28
112
13
8 •Ita
•114
112
•118
112Jan 6
.95 Apr
2 8 Jan
5
011bway Mining
.85 .85
100
25
.70 Feb 3
.90 Feb 9
---3 Apr
4
2 Jan
4
4
4
720 Old Colony
4
414-14
25
43
3 8Jan 4
8 42
5
44 -- 2
412 Jan 12
/ 411
228
Feb
4214 4344
42
4212 4212 42
320 Old Dominion Co
43
25 42 Feb 1
/
1
4514 Feb 4
4414 4412 434 4312 43
44 - Noveg'i
243 Osceola
6912
69
70
7012 09
25 64 Jan 2
704 70
8 69
72 Feb 11
71
7112 '7014 718
64 Dec
84 Feb
575 Pond Creek Coal
*1313 14
1414 137 14
8
1412 14
10 12 Jan
/
1
1438 144 *14
14
163 Jan 21
8
1414
123 Dec
4
2078 Jan
55
*5518 56
215 Qitaulyncyconsomated
173
56
5514
5612 57
25 50 Jan 1
5714 574 56
58
57
58 Feb 11
5178 Dec
68 Feb
17
1688 1634 17
Copper. 10 153 Jan
17
17
8
1724 174 *17
173 *17
173
s
1814 Jan 22
15 Dec
2212 Apr
593 St Mary's Mineral Land
2812 2812 29
29
29
30
25 28 Jan 4 32 Feb 4
•2912 30
30
3114 30
31
28 Dec
40 Feb
100 Santa Fe Gold & Copper_ 10
•118 114 •118 114 *118 114
11 11
/
4
11 118
/
4
•1
hg Jan 7
114
13, Jan 20
3
1 Jan
214 Jan
679 Shannon
512 512
513 52
10
5 4 53
8
512 5321
534 584
4 Jan 15
53
4Feb 5
4 Nov
53
4 53
4
12
7 Feb
399 Shattuck-Arlsona
.2134 23
4
2212 *213 2212
22
10 185 Jan 5 243
2322 4 223
3
_
22
i
8Jan 20
23
23
18 Dec
298 Feb
4
South Utah M & S
Last Sale .10 Feb'15
*AO
*.10
5
.10Feb 4 .1212 Jan 28
.10
•
•
.10
.10 June
.23 Feb
365 Superior
2712 2714 274
25 2212Jan 6 2914 Feb 3
•27
2712 275
8
27 - - / 2
1 i
4
22 Nov 32 Feb
2814 - 1- 28
g2
Superior & Boston Copper- 10
200
112 •13
2
8 13
13
8 112
8 al%
13
8 13
13
8 11
8Jan 4
17 Jan 21
8
*138
112 •13
114 Nov 2% Jan
395 Tamarack
25 25 Jan 4 34 Jan 29
3012 3012 31
3134 30
31
8
3214 318 32
2412 Dec
324 32
32
43 Feb
00Trln uy
4
5 0 Tuotitmne copper
8 •212 3
25
25
8 25
2 8Feb 11
3
*24 3
•28
3 8Jan 4
3
8 3
*212 3
254 Nov
*212 3
512 Jan
.28 .28
1
.20 Jan 2
.28 .28 •.25 .28
.25 .25
.28 Feb 3
•.24 .28
.23 Dec
.85 Mar
*.30
50 2018Jan 28 25 4Jan 6
2112 2112 21
2112 2,672 US Smelt, Rein & MM
213 22,
3
2212 23
4
2414 Dec
4
2
14312 Feb
22 31 2 223 23
592 Do Wet
41
50 38 Jan 15 43'z Jan 2
41
42
4112 4114 4112 41
4012 Apr
4214 41
487 Feb
8
4218 42
42
655 Utah-Apex Mining
2
2
5
2 Jan 2
2141 218
233 Jan 22
218 218
/
1
4
2
114 Nov
/ 2
1
4
218 21
258 Feb
,
*218 2 4
393 Utah Consolidated
5
972 10
912 Feb 1 10 4 Feb 13
93
4 93
3
10
8 Jan
54
2
14 Feb
1014 10 8 1012 104 10
10 4 103
3
4
10 4884 Jan 8 55'z Jan 22
,
2 0 Ui ogo
164 vr Copper Co
005
s
--4514 Nov 59 June
5118 5212 5158 513
53 53
17384
54
5
413 5234 53
25 18 4 Jan 11
45
112
X
13
8 •118
VI Feb 4
1 Ma
8 •112 14 *Its
13
8 15
13
8
8
e2% May
•114
18
138
2
Winona
17
8
8
184Jan 18
17
4
214 Jan 21
/
1
17 Dec
8
8 •112 13
4 •14 17
15
4 •112 15
154
*13
4 2
2
1,733 Wolverine
32 Jan 6 5012 Feb 13
4612 4712 4934
45
46
30 Dec
4612
48
45
4
54 491
50
5012 47
2
Wyandott
.51 Jan 25
Last Sale .70 Jan'15
.75 Jan 12
.30 Jun
•.51
) .75 •.50 .75
.50 .7
114 Jan
.50 .75 •
•
a Assessment paid. D Ex-kat* 111051051110. h EX-r1ithta. a Ex-dividend and right'. a Unlitamped. a 3d paid. le Halt paid.
*BM and aaked prices.
Novee 97173
632
THE CHRONICLE
ioo.
Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
Boston Bond Record.
-Complete record of transactions Feb. 13 to Feb. 19, both inclusive, compiled from the official
in bonds at Boston Stock Exchange Feb. 13 to Feb. 19, incl. sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
Week's
Staniar
Range since Jan. 1.
cent of par value.
Friday
Range.
Week.
Outside Exchanges-Record Transactions
Sales. Low.
High. Shares.
Bonds.
Am Agric Chem lot 55 1928 101
1004 101
Am Tel & Tel coil 4s_ _1929 88% 88% 89
20-yr eonv 44s____ 1933
9934 994
Ati G & W I SS 5s_
1959
60
60
Cent Vermont 1st 4s_ _1920
69
69
C B & Q-Den ext 48_ _ 1922
984 9834
Gt Nor-C B & Q coil 481921 95% 95% 9634
Mass Gas 43.6s
9634 9634
1929
Debenture 436s_ _ _ _ 1931 93
93
93
New Rag Telep 5s_ _ _ _1932 10136 101 10134
N_YNH&11 non-cony 4s '55
70% 70%
Seattle Elect'ic 1st 50_1930
9836 9834
Swift & Co lot 55
1944
96
96
Western Tel & Tel 58_1932
96% 964
Low.
High.
$10,000 9936 Jan 101
26,000 8636 Jan 89
3,200 95% Jan 100
12,000 60
Jan 62
Feb 69
1,500 69
1,000 98% Jan 99
Jan 96%
19,000 95
2,000 95
Jan 97
7,000 924 Jan 94
31,000 99% Jan 101%
1,000 • 70% Feb 70%
1,000 9836 Feb 9836
1,000 9434 Feb 96%
Jan 97
12,000 95
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from Feb. 12
to Feb. 19, both inclusive.
9134
9634
9634
9334
8934
100%
9434
102
10236
102
9834
10134
853 8534
4
9134 9134
9834 99%
9634 9636
9634 96%
9334 9334
88
8834
9234 9234
8934 89%
5
100% 100%
98
98
9334 9434
9334 9334
100 100
102 102
884 8834
1024 1024
102 102
10234 10234
8234 8334
9
8
9834
101% 1014
39
34
96
93
93
10434
9034
9931
105% 105%
8334 8334
61
6036
85% 85%
86
100
81
8034
40
34
96
93
10435
91
99%
105%
8334
61
85%
86
100
81
m
444
104
11334
534
25
11
54
8536
68
'25
354
.
m
44
10334
1134
54
5
25
25
11
54
85
85
68
24
24
355
.
m
.
...
.mm c...up..t.o...&m:A.ww0,..com-4-4-1000
---"bbbbbbbbb^^1D
4434
.m
Stocks.
Bait Elec, pref
10
Consol Gas E L & Pow _100
Preferred
100
Cosden & Co
Fairmont Gas
50
Houston Oil trust etfs 100
Preferred trust certfs 100
Northern Central
50
Penne Water & Power_100
United Ry & Elec
50
Wayland Oil& Gas
5
Bonds.
Atl Coast L cony deb 48'39
Atl C L (S C)4s
1948
Balt Elec etpd 5s
1947
Balt Sp Pt P&C 436s 1953
Chicago Ry 1st 5s_ _ _ _1927
Consol Gas gen 434s_ _1954
Conrad GitE E & P 43681935
Consol Coal ref 434s..1934
Refunding 58
1950
Convertible 65
1923
Davison Chemical 68_1932
Elkhorn Fuel 5s
1918
Small 5s
1918
Fair & Clarks Tr 58_ _ _1938
Fla Cen AL Perrin cons 5s'43
Florida South 1st 4s.1945
Georgia & Ala cons 5s..1945
Ga Car & Nor 1st 5s_ _1929
Ga Sou & Florida 5s.1945
Jamison C & C
-G C 58'30
Md Elec Ry lot 5s....1931
M St & St P C it 5s__ _1928
Mt V-Woodb Cot Duck
Ss certfs of den
NO Mobile & C 1st 581960
N News& Old Pt 1st fe'38
Nonf & Atl Terml 5s__1929
Nor Cent Ser A 5s_ _ _ _ 1926
Penne Wat & Pow 5s_ 1940
Portland Ry ref 58.._ _1930
Say Fla & W 1st 58.._ _1934
United Ry & E 4s_ _ _ _ 1949
1949
Income 44
1936
Funding 55
Funding 5s small_ _ _1936
1916
Notes 5s
Woah 11 A. A RA
1041
.
6 1,,
0000000o o
0000000000000 0
6"bb.bbb8b§§§8 8
0 o§§§888g8©00000008P8g 8n523c;INgli5
0000000...00
Week's
Sales/or
Friday
Range.
Week.
Par. Sales. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
43
10234
10634
5
25
1034
54
83
68
24
334
Jan 4434 Feb
Jan 10736 Jan
Jan 114
Feb
Jan
534 Feb
Feb 25
Feb
Jan
12
Jan
Jan 55
Jan
Jan 8536 Jan
Feb 68
Feb
Feb 25
Jan
Feb
436 Jan
85
9134
9634
95
9534
93
87
00
8634
9934
97
9234
9334
9834
101%
8434
100%
101
10136
8234
9634
100%
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
35
33
95
93
10436
88
99
105%
8134
60
85%
86
100
8034
Jan 40
Feb
Jan 3534 Jan
Jan 96
Feb
Feb 93
Feb
Feb 1044 Feb
Jan 91
Feb
Jan 9934 Jan
Feb 105% Feb
Jan 84
Jan
Feb 63
Jan
Feb 87
Jan
Feb 8734 Jan
Jan 100
Jan
.bIll
86
9134
9934
97
97
94
884
924
91
10034
98
'9434
94
100
102
8834
10234
102%
10236
86
9834
102
A1
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
rah
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from Feb.13to Feb.19,both
Inclusive,compiled from the official sales lists, is as follows:
Safes/or
Week's
Week.
Friday
Range
Par. Sales. Low. High. Shares.
Stock.
100
American Can
American Radiator pref100
Booth Fisheries, corn_ _100
100 70
Preferred
Chic Pneumatic Tool _100
Chic Rys part etf "1"_ _ __ ..
2636
Part ctf "2"
Chicago Title & Trust.100
Commonwealth-Edison 100 13636
100
Diamond Match
Hart Ethel & M,pref__ _100 107
100
Illinois Brick
Internet Harvester Co _100
Kan City Ry & Lt. pf _100
Preferred certificates_ __ -- __
61
Maxwell Mctor, pref
100
National Biscuit
12036
Preferred
100
National Carbon
100
Preferred
People's G L dc Coke_ _ 100
Pub Ser of N III, com_ _100 8034
100
Preferred
100
Quaker Oats Co
100 103%
Preferred
Sears-Roebuck,com_100 20034
100
Preferred
100 10834
Swift & Co
100 154
bide Co
Unien Cat
4234
U El Steel, common- _ _ 100
ward, montg,& Co, PreBonds.
Chicago City Ry 5s..1927 9834
Chic Elev Ry g notes_ 1916 9634
1927
Chicago RY8 58
7436
Chic Ry8 48, Ser "B"..
Chi° Ry Pr m Mg 45'27
;Mingo Telephone 5s 1923
•-lommonw-Edison 58.1943
10136
Dia Match Con deb 6s 1920
8
Wetr W S El 1st 58-.193
VW G L & Coke Co 551928 991i
1945
3gden Gas 58
F_Isb Eery Co let ref g 5s'56
2734 2734
r13094 130%
30
3034
70
72
4734 50
88
88
26
27
205 207
13634 138
97
974
107 107
62
62
60
60
50
52
53
53
60
61
123 123
120% 120%
12934 129%
119% 1204
1174 11834
7834 8034
964 97
233 235
1034 104
200 207
125 125
10834 10834
15134 160
42
4336
113 1134
9834
9534
9634
7434
6534
100
%
101%
10134
75%
pp%
92
8934
95%
0514
sEx-dividend.
Range Since Jan. 1.
Low.
25 284
22 513034
27 30
95 70
62 4534
25 88
450 2534
55 205
229 136
20 9234
17 105
8 61
50 60
70 45
30 45
150 60
35 122
12 120%
33 11934
10 119%
210 116%
657 75
138 95
8 230
77 10334
1,416 184
4 121
1,009 10434
803 14436
177 3834
10 1104
98% $22,000 97%
95% 5,000 95%
9634 29,000 95%
3,000 75
7434
2,000 654
6534
100%
5,000 9934
17,000 100
102
600 1014
101%
70
10,000 75
5,000 9936
00%
92
9234 20
7,000 8731
8934
63.000 944
06
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
3034
132
3034
7334
534
93
3134
207
139
98
107
65
60
52
57
61
125
125
140
124
121
8034
98
235
10434
215
125
109
165
53
113%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan 00
Feb 9534
Jan 97
Jan 7
734
Feb 67
Jan 101
Jan 102
Feb 102
Jan 77
Feb 9934
Jan
236
Jan 8934
Jan 9634
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
F eb
Feb
Week's
Sales/or
Friday
Week.
Range
Par. Sales. Low. High. Shares.
Stocks.
10
Alliance Insurance
American Gas of N J..100
Warrants
10
American Milling
American Railways__ _50
100
Preferred
Baldwin Locomotive_ -100
100
Preferred
50
Cambria Iron
50
Cambria Steel
Cc/reel Trac of N J__ _100
Elec Storage Battery_ _100
Fairmount Park Trans_ _ _ _
Insurance Co of N A_ __100
International Powder.__50
Keystone Telephone__ _50
50
Preferred
Lake Superior Corp__ _100
Lehigh Navigation
50
Trustee certificates_ -50
Lehigh Valley
50
Lehigh Vail Transit__ _ _50
Preferred
50
Minehill & S H
50
Northern Central
North Pennsylvania__ _50
50
Penn Salt Mfg
50
Pennsylvania
Phila Co pref cum 6% _ _50
Philadelphia Electric_2234
Flinn Rapid Transit__ _50
Voting trust recta_ _ _ _50
Philadelphia Traction. 50
Reading
50
50
2d preferred
Tone-Belmont Devel_ _ 1
I
Tonopah Mining
50
Union Traction
50
United Gas Impt
US Steel Corp
100
Warwick Iron & S
10
West Jereey & Sea Shore 50
Westmoreland Coal_ _..50
Scrip.
Cambria Steel scrip_ _ 1917
-1916
do
do
• 1918
Pbila Co scrip
....1918
do
do
York Rys pref scrip
Bond.
Amer Gae & Elec 55.2007
Small-2007
do
do
Baldwin Lot let 55...-1940
Choc Oki & Gulf gen 55.'19
ConsolTrac NJ 1st 5s 1932
Elec & People's tr ctf8 4e'45
Gen Asphalt deben 55-1916
Harwood Electric 65_ _1942
Inter-State Rys coil 481943
Keystone Tel 1st 58_ _1935
Leh C & Nay cons 4345'54
Lehigh Val gen cons 482003
Gen consol 434s_ _ 2003
Lehigh Vol Coal 1st 551933
Leh Val Trans let 5s_ _ 1935
Market St E'er: 1st 40_1955
1948
Penn RR cons 4s
Temporary °Us 4 s_ _ _ _
Convertible 3348___ 915
People's Pass tr etfs 461943
Phil Elec trolls 55_ _ _1948
1948
do
small
Trust Mfg 4s small__1950,
PCC&StL 44sA__1940
1997
Reading gen 45
Spanish Am Iron 68..1927
United Rys gold tr elf 4s`49
1930
Welsbach Co Ss
West NY & Pa 1st 58.1937
Range Since Jan. 1.
Low.
High.
Jan
16
16
16
45 15% Jan
16
10134 x100 10334
Feb
422 100
Jan 104
4 Feb
2
Feb
3.1
3.4
36
5% 5%
5% Feb
20
534 Feb
35
35
Jan
15 35
Feb 36
43 100% Feb 101
1004 10034 100%
Jan
30% 30%
Jan
100 30
Feb 40
99% 100
15 99
Feb 1034 Jan
317 42
42
Jan 42% Jan
4234
423 41% Feb 45
42
Jan
4336
42
50 72
Jan 73% Feb
724 7234
Jan
145 4736 Jan 50
49
4834 48
1% Feb
6
810
34 Feb
3:6
34
Jan
139 21
21
2134
Jan 314 Jan
115 29
3034 30%
15% Feb
810 1334 Jan
1434 1434
Jan 63% Feb
29 61
63
63
934 Jan
Jan
9
10
9
9
Jan 7634 Feb
109 74
7636 76% 7635
Jan
Jan 77
192 74
764 7636
Jan 694 Jan
88 65
6534 65% 67
1634 Jan
Feb
210 14
14
1434
14
Jan
Feb 29
10 27
27
27
27
Jan 5534 Jan
1 55
55
55
Feb
Jan 86
20 83
86
86
Feb 92% Feb
160 90
90
90
Jan
Feb 90
5 85
85
85
Jan
51
6
2,256 52aX Jan
4
5234 525 53;fs
Jan
Feb 39
37
21
37
38
24% Feb
4,215 23% Jan
x24% 24
243.1
Jan
11
Jan
2 10
10% 10%
Jan
12
936 Feb
5,703
936 104
4111
Feb 79% Jan
30 77
77
7734
71
Feb 76% Jan
771
71
7234
Jan 4234 Jan
90 40
42% 4234
434 Jan
3% Feb
334 434 2,951
334
736 Jan
6% Feb
1,052
634
636
6
Jan 394 Jan
577 36
36
36
36
Jan
409 8034 Jan 83
82
82
8211
Feb 53% Jan
4134 41% 4434 12,572 38
Jan
10
934 Feb
25
934 9%
Jan
29 49% Feb 50
49% 50
Feb
Jan 61
27 58
61
61
61
96
9634
80
93
8634
1024
58
9934
10434
100
79
7334
9034
1)5
95
80
90
93
86
8534
101%
95%
10234
7734
98
984
58
94
99%
8735
98%
10434
1024
93
974
104
100
82
10134
10134
79
10135
93
101
7334
90
102%
97
97
80
91
93
8634
85%
102
97.
102%
78
9834
99
583.4
9434
99%
8734
9834
10434
1024
93
97%
1043.4
100
82
102
101%
80
10134
93
101
73%
9034
10236
33,386
1,329
2,858
1,128
854
95
95
80
90
93
Feb
Feb
Feb
Feb
Feb
$8,000
1,200
7,000
13,000
4.000
4,000
7,000
2.000
24,000
6,000
29,000
3,000
2,000
2,000
1.000
1,000
3,000
81,000
10,000
1,000
4,000
1,000
400
8.000
29,000
4,000
7,000
11,000
2,000
85
85
101%
95%
101%
774
98
9836
5734
90
97%
8736
97
103
102
93
97%
104
9934
82
10034
101
79
10134
93
10034
73
89
102
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
97
Feb
9736 Jan
81
Feb
91
Jan
93
Feb
86%
85%
102
97
102%
78
98%
99
5934
9436
99%
88%
0834
104%
10234
9334
9834
105
100
83
10234
10234
80%
10134
95
101
73%
9034
102%
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
-Following sales were rePittsburgh Stock Exchange.
ported Feb. 13 to Feb.19,both inclusive. Like records will
be found in previous issues.
Bonds.
-Feb. 13, $7,000 at 5934 •
Pittsburgh Brewing 65. 1949
%@93
5
Pittsburgh Coal deb. 58, 1931-Feb. 15,8500 at 94; Feb. 17, $5,000 at 93
Feb. 18, $1,000 at 9334; Feb. 19, 81,000 at 233i •
Stocks.
-Feb. 15, 285 at 1834; Feb. 16, 15 at 19; Feb:18.
American Sewer Pipe (par 8100)
Feb. 19, 10 at 193i •
100 at 1934;
-Feb. 18, 20 at 113.
American Window MAW, preferred (par 3100)
-Feb. 18, 10 at $24% •
Caney River Gas (par 825)
-Feb. 13, 400 at 1034 @11; Feb. 15, 675 at
(par 8100)
Columbia Gas & Electric
1034@1031: Feb. 16, 15001 1034: Feb. 17, 575 at 1034 @1034: Feb. 18. 150
at 1036 01034; Feb. 19, 250 at 1034§1034
-Feb. 15, 44 at $40.
Consolidated Ice, preferred (par 850)
-Feb. 13, 70 at 14(4144: Feb. 15. 15 at 14;
Crucible steel, common (par 81.00)
Feb. 17, 25 at 14: Feb. 19,115 at 1334.
Feb. 16, 50 at 14:
-Feb. 13, 100 at 80: Feb. 16. 10 at 7934.
Preferred (par 8100)
-Feb. 15, 20 at 974; Feb:16,
Harbison.
-Walker Refractories, preferred (par 3100)
0111
40 at 9734; Feb. 17, 10 at 9734; Feb. 18, 10 at 974.
-Feb. 13,40 at 8334; Feb? 15,SO at $335;
Independent Brewing, common (par 850)
Feb. 17, 10 at 834; Feb. 18, 32 at $334; Feb. 19, 110 at $3@$334.
-Feb.15,210 at 819(44193C Feb. 17, 50 at 81741Feb. 18,
Preferred (par 550)
0 1•11,1111111
110 at 81634 0817.
-Feb. 13, 100 at 29; Feb. 15, 100 •atT2836
La Belle Iron Works,common (par 8100)
-Feb.15,20 at $493.4; Feb. 18,89 at 84934
Manufacturers Light & Heat (par $50)
849%.
-Feb. 13, 160 at 35; Feb. 15:70 9415:
.
National Fireproofing, common (par 850)
1111119111Mpuipma
Feb. 16, 50 at 85; Feb. 18, 250 at 15; Feb. 19, 65 at O.
-Feb. 13, 25 at 819; Feb. 15, 185 at 81713818; Feb. 16:350
Preferred (par 350)
at $18: Feb. 17, 30 at 818@$1836; Feb. 18, 275 at 517%@81836. 80ss.s
Pwell.or
-Feb. 13.95 at 814; Feb. 15, 10 at 814.
Ohio Fuel 011 (par 81)
-Feb. 15, 35 at $42; Feb. 16, 25 at 843; Feb. 17:75'at
Ohio Fuel Supply (par $25)
$43.
-Feb. 13, 40 at 57; Feb. 17, 1i5 a857.
Oklahoma Natural Gas (par 8100)
-Feb. 18, 20 at 70.
OM ON
Osage & Oklahoma Co. (par $100)
-Correction-Feb. 11 last weelishould read
Brewing, common (par 850)
Pittsburgh
-Feb. 13, 220 at 8434; Feb. 16, 10 at 8436; Feb. 17 10 at 3436;
300 at $4
Feb. 18, 250 at 8434 @844.
IN
-Feb. 15, 300 at 8l734@$17%; Feb. 17, 10 at 8164Feb. is.
Preferred (par 550)
35 at $1535; Feb. 19, 1,045 at $151341534.
-Feb.17,10 at 20%; Feb. 18, 110 at 19%(420;
Pittsburgh Coal,common (par 3100)
Feb. 19, 100 at 20.
-Feb. 16. 10 at 9234.
Preferred (par 8100)
4
THE CHRONICLE
FEB. 20 1915.]
-Feb. 15, 30 at 6.
Pittsburgh Oil & Gas (par $100)
Pittsburgh Plate Glass (pal 5100)
-Feb. 13, 30 at 107%; Feb. 16, 50 at 107;
Feb. 18, 45 at 10654.
-Feb. 13, 350 at 51454@$1454; Feb. 15, 325 at $1454;
Pure Oil, common (par 55)
Feb. 16, 165 at 51434; Feb. 17, 800 at 51434; Feb. 18, 260 at $1454®51454;
Feb. 19, 000 at 51454051454.
-Feb. 15, 200 at 12e.
San Toy Mining (par 51)
-Feb. 15, 10 at 131; Feb. 16, 20 at 131.
Union Natural Gas (par 5100)
-Feb. 15, 56 a 39454 0595; Feb. 16, 60 at 595;
Union Switch & Signal (par 550)
Feb. 18, 104 at 595.
United States Steel Cot poration, common (par 5100)-CorrectIon-Feb. 11 last week
should read 110 at 433404354-Feb. 13,45 at 43%04414; Feb. 15.40 at 430
4334; Feb. 16, 10 at 4334: Feb. 17, 25 at 42340423.4; Feb. 18, 10 at 42
-Feb. 15. 16 at 511934; Feb. 17, 50 at 5120;
Westinghome All Brake (par $50)
Feb. 18, 70 at 5120; Feb. 19, 10 at $120
-Feb. 16. 35 at 535.
Westinghouse Electrig & Mfg., common (par 550)
-Feb. 15, 30 at 558; Feb. 19, 30 at 5593.4.
Preferred (par 350)
-Feb. 18, 25 at 70.
West Penn Rya., preferred (par 5100)
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
•
Railroad,
Stocks.
State
U. S.
&e.,
Week ending
Bonds.
Bonds.
Bonds.
Feb. 19 1915.
Par Value.
Shares.
51,801,500
2,006,000
2,798,500
2,111,500
1,951,500
1,931,500
529.500
95,000
31,000
60,000
58,000
81,000
1.051.432 592.101.350 512.600,500
5351,500
137,927 511,877,700
225,515 20,045,500
160,160 14,350.150
190,785 16,765,800
187,255 16,059,750
149,790 13,002,450
Saturday
Monday
Tuesday
Wednesday
Thuzsday
Friday
Tote!
512,000
10,000
22.000
Tobacco Stocks
-Per Share
Par Bid
American Cigar common_100 117 123
Preferred
100 67 99
Amer Machine & Fdry 100 65 80
British-Amer Tobae ord. El "1712 18
Ordinary. bearer
El *173 1812
4
Conley Foil
100 275 300
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes..100 172 180
Porto Rican-Amer Tob_100 230 250
6% scrip
155 165
Reynolds(R J) Tobacco_100 280 290
Preferred
118 120
Tobacco Products corn..100 50 70
Preferred
100 87 90
United Cigar Stores com_100 89 93
Preferred
100 112 117
914
United Cigar Stores(new) 10 .9
Young (3d) Co
100 140 150
Short Term Notes-Per Cent.
Arnal Cop 55, alar15 '15 MS t0018 10014
Amer Locomotive 5s,'15_J-J 10014 10012
4
58, July 1916
J-J 993 10014
58, July 1917
J-J 9912 100
Am Tob
scrip, Sep 1 '15. 101 10114
Am T & T Sub Cos 58, 1916_ 10012,10034
Balt dc Ohio 434s, 1915 J-D 10014 10012
8
5
BethSteel5s.rnell '15 J-DI 1003 100 8
4
Chatt Ry & L Is, 1915.J&D 993 100
9312 9114
Ches & Ohio 58 1919 _
2
Chic Elev Ry 58, 1916_ _J-J 9512 95'
Chic & W Ind 5s, 1915_ _M-S 100 10014
Coneol Gas 68. June 25'15_ e314 2.50
Consum Pow 68, 17_131&N 9712 99
Erie RR 5s, April 1 1915_1-0 1001s 10014
55. Oct 1 1915
A-0 10014 10012
A-0 9712 98
5348. April 1 1917
General Rubber 434s,'15.J-J 100 10014
Her Riv & Pt Ch 58.'16 M-N 98 99
Hocking Valley 68,'15_M-N .00 4 101
3
lot Hari 58, Feb15 '18_F
,
-A 9912 100
Lack Steel .58, 1915
M-S 100 10014
Lake Sb & Mich So,J'ne '15_ 83.50 2.75
Louisv G & E 6s, 1918 A&O 9612 973
4
Mich Cent 434s, 1915_ M-S 100 10014
Minn Gen El 6s, 1917_J&D 991210014
New Eng Nay 68, 1917_111-N 923 9314
4
8
N YC&H
58.'15_ _A-0 1001811)03
4458, May I 1915
10018 1003
8
58, Sept 15 1915
1003 1005
8
8
55, Oct 1 1915
1-0 1003 1005
8
8
NENH & H 55. 1915_M-N 9814 9914
Pac G&E5s, Mar25'15M-S25 10018 1003
s
100 1003
55 Dec 15 1915
8
Pub Set Corp NJ 55,'16 51-S 993 10014
4
4
Schwarz & Sulzb 65,'16..J-D 993 1001s
Seaboard A L 58, 1910.
.M5 9812 100
Southern Ry 58, 1916__F-A 9934 100
Nt-e2 9818 983s
58, Mar 2 1917
3
Sulz&SonsCo(is,rne1'16M-S 99 4 10018
4
UnTypew 5s,Jan15 '16 3-315 963 973
4
8
United Frult(38,Mayl'17M-N 101 1013
Cold notes 5s 1918 M-N 9712 9814
97ll 9814
Utah Co 6s, 1917
A-0
UtabSecurCorp 6s,'22M-S15 80 8112
4
Western Power 68, 1915_J&I 993 10014
West States G&E6s Oct '17 96 9714
633
- Par! Ma. Ask
WestPenn Tr & WatPow 100 .
Preferred
100
Elec. Gas S.Power Cos
50 *87 90
Am Gas & Elec corn
Preferred
50 ..47i2 4$4
Am Lt & Trae common 100 314 316
Preferred
100 107 109
Amer Power & Lt corn...100 63 64
83
Preferred
100 81
Amer Public Utilities com1001 34 38
66
Preferred
100'
Bay State Gas
56 .10c. 12e,
Buffalo City Gas stock 100 _ _
Cities Service Co com
100 50 52
Preferred
100 57 59
Columbia Gas de Elec..
..100 101 11
4
lot 58, 1927
3-2 7112 73
Elm Bond & Share pref 100 9812 100
Indiana Lighting Co___ _100 39 _
45, 1958 optlenal
F
-A 69 72
Pacific Gas & El corn__ _ _100 4112 43
Preferred
100 82 83
South Calif Edison com_100 74 76
Preferred
100 9012 9212
Standard Gas& El(Del)_ 50 .4
512
Preferred
50 •1712 1812
United Gas & Elec Corp_1130 20 24
1st preferred
100 55 61
2d preferred
100 20 24
1412
Utah Securities Corp_ _ _ _100 14
6% notes
-See Short
-Term NoteS
17
Western Power common_10( 16
Preferred
10( 61 63
Industrial
and Miscellaneous
Adams Exp col tr &As'47J-D /7112 73
Alliance Realty
101
75 85
Amer Bank Note corn__ __Ea •28 31
Preferred
50 .49 51
1014.
1914.
1915.
1915.
American Book
100 155 165
14,894,621
American Brass
8,462,924
100 134 137
1,526,790
1,051,432
-No.shares_ _ _
Stocks
American Chicle com
100 176 180
$729,361,385 51,308,166.745
92,101,350 136,756.000
Par value
Preferred
95 97
5189,700
10
579.900
59,000
$700
Bank shares, par
Am Graphophone corn.
.100 35 37
Bonds.
574,000
5221,500
Preferred
100 73 77
54,000
522,000
Government bonds__ _
American Hardware....100 ____ 119
12.769,500
3,229,000
869,500
354,500
State bonds
Amer Malting 68 1914
131,522,500
86,341,500
12,600,500 15,821.000
RR.and misc. bonds
Ext to 1917
J-D 9612 99
Amerlean Surety
50 163 17C
589,792,000
5144,366,000
512,977,000 $16,694,500
Total bonds
Amer Typefounders com_100 37 40
DAILY TRANSACTIONS AT THE BOSTON, PHILADEL PHIA AND
Preferred
100 87 90
BALTIMORE EXCHANGES.
Amer Writing Paper___ _100
12 1
'
Bliss(E W)Co corn
50 140 150
Baltimore
Philadelphia.
Boston.
Preferred
50 125 .
Week ending
Bond & Mtge Guar
100 275 280
Borden'sCondMilkcorn_lOOj 110 112
Shares. Bond Sales. Shares. Band Sales Shares. Bend Sales.
Feb. 19 1915.
Preferred
1001 104 105
Braden Copper Mines
732
542.900
5 *63 67
Saturday
5,776
549,374
4
ii
12,606
528,600
132
25,000
Casualty Co of Amerlea-100 85 100
132,037
Monday
43,500
8,493
17,907
19,000
Celluloid Co
100 133 136
7,761
5,053
82,027
Tuesday
21,130
12,400
City Investing Co
2,846
27,800
100 15 20
81,434
Wednesday
14,000
5,315
23,144
43,700
Preferreu
100 70 80
Thum
3,294
40,033
15,241
4,000
6,585
Consol Car Heating
10
63 66
1,527
Friday
99,110
44,000
18,221
26,200
4,210
Davis
-Daly Copper Co_ _ _10 •1
114
Taal
du Pont (E 1) de Nemoursi
35,432 504.015
16.292 5202,400
108,249 $128,700
100' 198 203
Powder
1001 8512 8612
Preferred
Enierson-Brantingham _100 10 20
New York City Notes
10, 45 50
6
,1
101.5 1015
s
65, Sept 1 1915
Preferred
I
•112 15
5
10212 102.4 Goldfield CO11801 Mines
135, Sent 1 1916
Banks
Ask
Bank
Bid
Ask
Trust Co's
68, Sept 1 1917
10418 1045 Havana Tobacco Co__ _100 ___ --s
New York
Mech & Met_ 232 237
100
5
8
Preferred
America* __
___
Merch Exch. 165
____
New York
Rid
Ask
Peres Basis 1st g to June 1 1922...../-1)1 /57 63
0
0
RR. EquipmentsAmer Exch..
213 Merchants'„ 180 190
Astor
250 260
Bid. Ask. IntercontInenti Rub corn 1
615 714
Battery Park
135 Metropolis. _ 300 340
Bankers Tr
410 420
4.60 4.45 Internet Banking Co
Baltimore & Ohio 434
1130 95 105
,
Bowery* ____
____ hfctroporn*_ 165 175 B way Trust_ 144
150
106510712 109
Buff Roeh & Pittsburgh 434
4.80 4.50 International Nickel
Bronx Dom._
260
Mutual
325
____ Central Treat 985 995
Equipment 48
4.80 4.50
100 103 10.5
Preferred
Brons Nat.__
____ New Neth* _ 210 225 Columbia ___ 420 440
Central of Georgia 5s
55.00 4.80 International Salt
100' 17 20
Bryant Park.
_ New York Co 250 800 Commezcial -----85
A-0 /59 63
Equipment 43.4s
4.00 4.80
ltt g 55 1951
Butch & Dr_
130 New York_
380 895 Empire
295 305
Chicago & Alton 4s
99 102
International Silver pref _1
6
Century. ___
160 Pacific'
200 230 Equitable Tr 400 410
Chicago & Eastern Illinois
3-0 9712 WO
6
1st Os 1948
Cluom
575 Park
390 100 Farm L & Tr 1090 1120
Equipment 4348
6
Kelly Springfield Tire...1001 108 10812
Chath &Phen
185 People's.
225
___ Fidelity
205 215
Chic Ind & Loulay 4948
5
4.80
Chelsea Ex._
1st preferred
135 Prod Each'_ 155
1001 8212 8312
160 Fulton
275 300
Chic St L & N 0 58
4.75 4.65
Chemical ___
405 Public*
2d preferred
_ 175
1001 120 125
Guaranty Tr 540 550
Chleago & NW 4458
4.60 4.40 Kerr Lake Mining
•455 45*
Citizens Cent
170 Seaboard _ _ _ 410 430 Hudson
125 135
Chicago R 1 dic Pac 434s... 6,75 .5.75 Langton monotY1133
65
City
358 Second
400 425
Law TI & Tr t180
5.00 4.80 La Rose Consol Mines
155 Security. -------85 Lincoln Trust 105 115 - Colorado& Southern 58
5
"8
Coal & Iron_
5
84
Erie 55
5.00 4.85 Lawyers' Mtge Co
100 187 192
__ Sherman --------135 Metropolitan 390 400
Colonial* ___
Equipment 454a
5.00 4.85 Lehigh Val Coal Sales___50 155 165
325 State*
125
Columbia* _ _
145
Mutual AillEquipment 45
5.00 4.85 Manhattan Transit
3
8 12
20
_ _ __ 23d Ward._ 100 135
Commerce ....
ance
100
--- - Evansville & Terre Haute
5
8 258
0
143 Mut'l (WestMarconi Wireless of Am _5 *23
310 Union Etch_ 137
Corn Each'.
Hocking Valley 413
4.95 4.70 Mortgage Bond Co
100 103 110
__._
Coarnopolitn•
105 Unit States*. 300
130 135
Illinois Central 51
4.70 4.50 NatCloak&Suitcom...lOO1 53 56
_ _ _ NYLife I &Tr 950 985
____ Wash Ms._ 275
East River_
445s
4.70 4.50
1019 97 99
Preferred
N Y 7rust
585 600
155 Wee tch Atc._ 160 175
Fidelity.-Kanawha & Michigan 4348._ 5.10 4.80
130 140
NY Mtge & Security__ _1
___ Went Side._ 450 475 Title Ou &lir 890 400
Fifth Ave__
K C Ft S & Memphis 43.4s.....
10
55 70
N Y Title Ins Co
Fifth
300 Yorkville • 540 575 Tensatlanti, 200 220
Louisville & Nashville58.
5 *51
55
8
4.70 4.50 Nipissing Mines
Union Trust_ 350 360
860
First
Minn St P & S M 4%EL:: 4.90 4.60
1 *10c. 15e.
U S Mtg & Tr 400 410
210
Garfield
Missouri Kansas & Texas 58_ 5.75 5.20 Ohio Copper Co
1019 68 70
Otis Elevator corn
United Statc8 1035 1055
Brooklyn.
Germ-Amer*
140
Missouri Pacific 5s
7.10 5.50
1019 90 9112
Preferred
Westchester. 125 135
____ Conoy I8I'd.- ____ 105
German Ex'.
Mobile & Ohio 58
5.10 4.90 Pittsburgh Brewing
43
4
5 •4
240 260
475 First
Germania W._
Equipment 434s
5.10 4.90
5 .15
1612
Preferred
110 130
Gotham ____
_ _ _. Flatbush
New York Central Lines 511_ 5.6 4.00
100
Producers 011
Brooklyn
____ 155
Greenwich' _
280 Greenpoint
Equipment 434s
5.0 4.90 Realty Assoc (Tklyn)_ .1019 05 100
Hanover ____
Hillside._ _ _ ____ 125 Brooklyn Tr_ 460 475
635
N Y Ontario & West 434s_
4.90 4.70 Remington Typewriter
Harriman _ _
.
290 Homestead._ 80 101) Citizens' ____ 137 145
Norfolk & Western 4348
4.60 4.40
100 1212
Common
Imp & Trad_
510 Mechanics* _ 130 140 Franklin....1160
Equipment 4s
4.60 4.40
1001 70 80
151 Preferred
Irving
285
Montauk* _ ___ 105 Hamilton.
177
Pennsylvania RR 434s
4.40 4.25
106 48 55
2d preferred
Liberty
160 167
215 230 Home
585
N11.9811U
Equipment 48
4.40 4.25 Riker-Hegeman (new)
*7
718
Lincoln
325 National City 273 285 Kings County 585
Pere Mamuette 51
6
Royal Bak Powd com___106 150 160
peoples ___ 280 295
Manhattan._
320 North Side._ 175 200
Equipment 434s
6
100 10212 10312
Preferred
Mark & Fun_
90
247 Peonleif ____ 145
155 Queens Co__ 75
St Louis Iron Mt & Sou 58_ 5.20 4.90
Safety Car Heat & Lt
100 103 105
• Banks marked with a (*) are State banks. 1' Bale at auction Or at Stock St Louis & San Francisco 5s
6
Singer Mfg Co
100 230 35
Exchange this week.
Seaboard Air Line Es
5.00 4.90 Standard Coupler corn_ _1
25 35
Equipment 434s
5.00 4.90
Preferred
1
100 ._
Southern Pacific Co 454s.,,_ 4,60 4.50 Sterling Gum
*31
IN
Southern Railway 434s ___ 5.00 4.80 Stewart
50 52
-Warner Speedo'? 1
Toledo & Ohio Central 48_:_
_
AB bond prices are and Interest" escape where marked sst."
Preferred
100 102
1
Sulzberger & Sons pref_.1
90 92
RailroadsTexas & Pacific Coal_ _..1
125
_
Standard 011 Stocks-Pe'Share
N.Y. Cent. 6.1 when las
Stand 011 Stks (COna) Per Mare
_ 10158 10184 Tonopah Extension All__1 .2 2 2 4
5
5
Par Bid. Ask,
Parj Std. AM,
Rights
5
s
154 Tonopah
1 '65* 67
8
Anglo-Amer 011 new
10 217 222
West Pao 1st SRI, 1935_ _M-S 33 36 United MM of Nev
•1312 14
PraIrie 011 & Gas
Profit Sharing
1 -- Atlantic Refining
100 k535 510 Prairie Pipe Line (wh LW _..1138 140
r3 -54
New
Bome-Scrymser Co
1
235 240
lOOj 250 280 Solar Refining
Street Railways
190 210
1
tr S Casualty
Buckeye Pipe Line Co
501'z108 112 Southern Pipe Line Co_.lOfil 210 213
Par Md. Ask.
130 140
1
Chesebrough Mfg Cone..1
Com'veltb Pow Ry & L__100 54 5512 U S Envelope cam
650 660 South Penn 011
100 235 270
105 -1
Preferred
Colonial 011
Preferred
1001 90 100 Southwest Pa Pipe Lin.l00i 110 115
100 811 8212 U 8 Finishing
1
10 15
Continental 011
Federal Light &'Traction 100 15 19
100]z222 228 Standard 011 (California) 10015227 279
1
35 40
Preferred
Crescent Pipe Line Co.._ 501'x38 40 Standard 011 (Indiana) _ _100 427 432
Preferred
100 57 61
89 1st g 58 1919
Cumberland Pipe Line__
Republic Ry & Light
48 52 Standard Oil (Kansas).l00l 340 350
100 15
70 80
Con g 55 1929
17
Eureka Pipe Line Co.
Preferred
...100I 215 220 Standard 01101 Kentuckyl00j 248 252
100 64 66 U S Tit Go & Indem..„ _1
30 50
Gialena-Signal 011 Oom.._lOOI 137 143 Standard 01101 NebraskalOOl 305 315
Tennessee RY L & P com_100
9 Westchester & Bronx Title
7
Preferred
1
163 166 Standard 01101 New Jer_1 5391 393
Preferred
1
170 180
100 35 37
& Mtge Guar
Illinois Pipe Line(when is ).l 123 130 Standard 011 of New Y'rklOOl 188 190
United Lt & Rys com
100 45 48
8
Willy., Overland see Stock
Indiana Pipe Line Co
let preferred
50 98 102 Standard 01101 Ob!o.._.100I 420 425
Exchange List
68 69
National Transit Co
100 140 150
25 *31
2d preferred
33 Swan & Finch
Worthington (H R) Com100 65 68
New York Transit Co...i0OI 217 225
Wash Ry & El Co
Union Tank Line Co....1001 81 83
1
40 50
100 88 91
pany Pret
_ ......100I 183 187
Northern Pipe Line CO 100 90 94
Preferred
Vacuum 011
5 .21
212
Yukon Gold
100 8414 sa
111 .33 37
Ohio 011 Co
25]'13l 133
Washineon Oil_
4s, 1951
J
-D 804 8114
/
1
Pierce 011 (new)
25 *13
1312
Bonds.
an
751
P1.,.... d111 Onrn onmy Ca 1094
*Per share. aAnd accrued dividend.
Flat price. n Nominal.
Basis.
S Sale price. xEx-dividimd.it Ex-righta.
Sales at
New York Stock
Exchange.
Week ending Feb. 19.
Jan. 1 to Feb. 19.
NC4C4 Cx.b1...baCirt4.-,
SCa
CnOlteDti,
ICre CANI.P.Cel.a06300t
C4701.11•Ona-4Gaeto.cal19, ..112C 0000."
00,0000000W,PC.Ca0.00 0
, 0.00 0CCOO
,
WCA0000.040,17.00wC..00
New York City Banks and Trust Companies.
Inactive and Unlisted Securities
1
.1001
THE CHRONICLE
634
[vol.. um.
investment and fiattroad Intelluience.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
solumns 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.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
;la N 0& Tex Pac297,298 327,042 2,093.404 2,430,140
N 0 & Nor East_ January
117,152 165.452
Ala & Vicksburg- January
923,812 1,154,063
Vicks Shr & Pac_ January -99,061 164,507
861,375 1.110.271
1st wk Feb
Ann Arbor
39,697
36,531 1,432,587 1,459,217
San Fe.. December 9.701.634 9,137.494 61.101,052 57.906.276
Atch Top &
Atlanta BIrm & Atl December
246,136 339 813 1,377.653 1,831,984
Atlantic Coast Line December 3.073,852 3,630.478 15,007,498 17,453,837
Chariest & W Car December
150.555 199.993
894.940 1,071,572
Lou Bend & St L December
106,434 109,953
730,967
710.305
g Baltimore & Ohio. December _ 6,674.075 8.052,972 47,138,435 53.656,845
B Ss 0 Ch Ter RR December
111,389 132.059
821,646
933.578
Bangor Sz Aroostook December
274.457 296,683 1,703,881 1,782,317
Bessemer & L Erie. December
315.333 469,346 5.232,441 5,300,597
Birmingham South_ December
66.581
96.009
6.35,509
449.749
December 3.588.975 3.946.954 24,603.434 25.839,874
Boston & Maine
Buff Rock & Pittsb_ 2d wk Feb 190,054 204,388 6,142,895 7,412,462
Buffalo & Susq RR_ December
131,919 153.423
Canadian Northern 2d wk Feb 256,300 312,700 11,406,500 15,551.600
Canadian Pacific 2d wk Feb 1,634,000 1,733,000 64,930,125 86,500,161
Central of Georgia_ December 1,102.462 1.415.887
, .
Cent of New Jersey December 2,944,326 3,117,292 16.870,326 17,635,137
Cent New England.. December
296.724 327.075 1,887,026 1,952,143
Central Vermont December.. 291.930 316.339 1.988.252 2.178,088
Ches & Ohio Lines.. 2d wk Feb 710,737 643,028 24,013.125 23,475,456
Chicago & Alton .__ 1st wk Feb 253.863 229.523 8.914,492 9,314,297
Chic Burl & Quincy December.. .729,151 7.556.599 49.794,216 51.495,123
Chicago & East Iii December .229.861 1.305,169 7.594,875 8,492.974
p Chic Great West_ 1st wk Feb 206,326 243,178 8.724.100 8.969,052
Chic Ind Ss Loulsv_ 2d wk Feb 109,602 114.209 4,080,518 4.440,617
Chic Milw & St P_1 December 7.282,244 7.799,246 48.790,069 50.373,955
ChicMil & Pug Si
oChic & North West December 6,713,187 7,013,660 44.772,634 47.035.903
oChic St P M & Om December 1,518,690 1,581,860 9,773,821 9,966,709
Chic Terre H & S E December
196,297 174,231 1.164.522 1,149.272
Cin Ham & Dayton December
653,435 819,121 5,170,413 5,418.597
Colorado Midland_ December
127,382 138,136 1.045,410 1.008.436
b Colorado & South. 2d wk Feb 249,322 232,355 9,351.592 8,902,653
97.185
Cornwall
66.804
December
14,431
9,680
167,291
Cornwall& Lebanon December
156,217
25.083
20.675
Cuba Railroad
December
403.378 458.343 2,006.459 2.173.574
Delaware & Hudson December 1,807,869 1,823,075 11,920.644 12,471,624
Del Lack & Western December 3.562.409 3,733.219 22,664.386 23.420.340
Deny & Rio Grande 2d wk Feb 348,500 382,400 14,339,260 . .
Western Pacific.._ 2d wk Feb
95.200 3,510,487 4,153,483
72,100
Denver & Salt Lake 1st wk Feb
25,000
10,636 1,104,874 . 748.092
837.597
Detroit Tol & front. December
131,106 140.753 1,046.688
667,913
737.080
18,170
Detroit & Mackinac 2d wk Feb
18.885
737.350
804,967
Det & To! Shore L.. December.. 137.184 150,172
67.852 118.451 2.730.862 4,796.138
Dul & Iron Range.._ December
1,773,381 2,143,878
46,573
Duluth So Sh & Atl 1st wk Feb
778:161 4.249,402 6.295.131
Elgin Joliet & East.. December
612.885 797.446 3,780,490 4,381,062
El Paso& Sou West December
December 4.548,252 5,096,937 31,216,708 32.548.958
Erie
Florida East Coast_ December.. 446.298 468,880 2,109,621 2,064,092
63.514
75.764
Fonda Johns & Glov December
519,723
459.943
December
244.778 299.298 1.512.878 1,759,641
Georgia Railroad
Grand Trunk Pac 3d wk Jan
53,570
82,263 3,234,695 4.560.282
Grand Trunk Syst_ 2d wk Feb 817.255 868.432 31,526,334 34,928,286
Grand Trunk Ry 4th wk Jan 869.381 1,038,516 24,031,638 27,379,201
Grand Trk West.. 4th wk Jan 162,956 181,297 4,307,978 4,273,962
Det Gr H & Milw 4th wk Jan
59,346
65,940 1,580,414 1,536,591
Great North System December_ 4.595.680 5,677.958 40.280.076 45.910,682
Gulf & Ship Island_ December
131,189 178,961
836,112 1,074,125
Hocking Valley
December
414,792 574,412 3,539.651 4.282,599
Illinois Central.. _
January _ _ 5,171.599 5,485,622 37,795,433 40,143,138
Internet Sr Grt Nor December
807.965 767,165 4.823,456 5,608,285
Kanawha & Mich December
205,029 247,429 1.585,596 1.752.084
Kansas City South_ December_ 839.412 926,122 5,288.577 5,429,345
Lehigh & New Eng_ December
184.867 172,600 1.368.856
964,924
Lehigh Valley
December_ .210.874 .282.857 22.117,027 22,630.924
Louisiana & Arkan_ December- 140.184 142,513
868.659
874,175
sLouisv & Nashville 1st wk Feb 937,670 1,128,800 31,891,933 37,869,406
Macon Sc Birm'ham December..
12.262
16.394
78,342
82,978
Maine Central
December
797.004 898.454 5.910,393 6,151.669
Maryland & Penna.. December
36 558
40 238
279.940
288,276
a Mexican Railways 3d wk Nov 103,600 206.500 3.852.700 3,959.600
Midland Valley..__ - December.. 120.549 136.457
760,171
901,513
Mineral Range.._
1st wk Feb
15,506
9,721
472,024
218,444
Minn & St Louis._ 2d wk Feb 205,423 194,135 6,536,032 6,200.772
Iowa Central_ _ _
Minn St P & S
2d wk Feb 501.936 450,164 18,310,197 9.462,513
Mississippi Central_ December
71.185
85.357
458,106
534.722
uMo Kan & Texas. 2d wk Feb 685,377 559,025 21,340.085 1,572,374
z Missouri Pacific.... 2d wk Feb .045,000 1,041,000 37,659,456 9,132,495
Nashv Chatt & St L December
844,405 1,127.695 5,684,900 6.524,041
Nevada-Cal-Oregon 1st wk Feb
2,866
3,950
234.990
244,740
New On Great Nor, December
127,830 166,734
980.640
817,541
eN Y 0 & Hod Ely December .612,567 8.202,878 49.637.775 54,245,440
Boston & Albany December .284,979 1,393.356 8,432.993 9,272,962
Lake Shore & M S December .046.920 4,550,220 26,543.555 9.711.827
n Lake Erie & W_ December
396,047 461,555 2,917,509 3,058.387
Chic Ind & South December
332,267 449.760 2.130,998
Michigan Central December .656,591 3.059.258 17,202,680 2.280,544
8,668,771
Clev 00 & St Ll
Peoria & Eastern j December ,901,172 3,116.554 18,781,845 9,821,732
Cincinnati North. December
114,736 137,729
833.872
821,678
Pitts & Lake Erie December
934.762 1,180,371 7,601,788 9.673,784
N Y Chic & St L_ December
960.113 1,065.367 5,732.067 6.246,463
To!& Ohio Cent_ December
362,384 505,704 2,874,676 3.295.984
Tot all lines above December 21602538 24122747 142689758 157097564
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
143,988 203,605
N 0 Mobile & Chic.. December
918,526 1,153,350
NYNH& Bent_ December 5.015,072 5,493.255 33.095.293 35,554,126
673,103 673.698 4.939.635 5,013,488
N Y Ont & West___ December
358.332 333.209 1,906,029 1.979.731
N Y Susq & West_ December
329,212 366,126 1,963.838 2.101,874
Norfolk Southern__ December
Norfolk & Western.. December 3.021,440 3,772,427 21,446.398 23.499,805
NorthernPacific___ December 4.679,791 5,878.258 35,579,876 40,168,716
Northwestern Pac- December.. 227.689 251,461 2,047.129 2,096.107
Pacific Coast Co___ December.. 432,589 543,534 3,447,013 4,066,958
zPennsylvania RR._ December 14366256 16673573 95,512.202 105181498
82,841
93,448
Bait Ches & Atl_ December
748,903
752,592
Cumberland Vail. December
210,549 290.029 1,518.591 1.816.999
829,885 923,637 7,265,082 7,070.210
December
Long Island
Maryl'd Del & Va December
75.159
80,486
556.910
570,235
268,020 303,774 1.950.209 2.019,763
N Y Phila & Norf December
Phil Bait & Wash December 1,583.957 1.730.357 10,538,637 10.838,064
W Jersey & Seash December
3,756,268 3,853.447
Pennsylvania Co._ December 3,551:308 4.868.661 28,436.709 35.136.369
395,816 454,947 2,849,217 3,014.173
Grand Rap & Ind December
Pitts00& St L.. December .856,153 3.394,056 19,972,419 23,083,355
December
Vandalia
925,466 954,603 5,815.887 6,124,528
Total lines—
East Pitts & Erie December 18159633 20795141 124889516 136684859
West Pitts & Erie December .832,097 9.605.582 57,818,676 68.188.994
All East & West.. December 25991729130400723 182708192 204871854
December.. .421.69911.489,292 9.350.708 9.074,272
Pere Marquette
Reading uo—
Phlia & Reading.. December .745.43714.331.622 24 225.085 26,586,918
Coal & Iron Co December ,949,665 2.845.591 15,953.693 16,101.022
Total both cos
December 6.695.102 7,177.213 40,178.778 42.687.940
Rich Fred & Potom December
226.703 240,7091,347.732 1.372,109
Rio Grande June
November
541,518
103.204 106.466
527,669
Rio Grande South 1st wk Feb
7,873
7,085
349,700
424,611
Rock Island Lines December.. 5.888,718 5,663.096 38,237,698 36,497,299
Rutland
December
253,802 292,806 1,847.044 2.047,853
St Jos & Grand Is!.. December
116,021 134,175
850,456
869,629
St L Brownsv & M_ December
158,832 170,471 1,149,258 1.250,777
St L Iron Mt & Sou December 2,497.925 3,034,243 15,809.345 17,417,209
St L Rocky Mt & P December
263,440 247.205 1,461.022 1,257.456
St Lcuis & San Fran December 3.546.866 3,789.281 22,489.742 24,265,221
St Louis Southwest_ 2d wk Feb 205.000 248,000 6,967,615 8,615,843
San Ped LA & S L.. December.. 718,187 932,490 4.673.088 5,437 984
Seaboard Air Line December 1.845.154 2.333.755 10,370.194 12,324,401
December 9,997.195 11253514 67,495.082 73.420,171
Southern Pacific
Southern Railway 1st wk Feb 1,102,429 1,359.711 38,487.340 44,080,719
Mobile & Ohio 1st wk Feb 186.135 225.827 6.671,509 7,960.779
Cin N 0 & T P 1st wk Feb 169,625 203,409 5,704.079 6.613,093
Ala Great South_ 1st wk Feb
72,107
87,958 2,871,391 3,387,497
Georgia So & Fla.. 1st wk Feb
42,505
50,944 1.416,820 1,626.407
Spok Port & Seattle December
343.557 392.701 2.532.210 2.787.556
Tenn Ala & Georgia 4th wk Jan
1,399
2,207
42.546
56,605
Tennessee Central. December
110,848 151.180
766,732
888,500
Texas & Pacific...... 2d wk Feb 360,187 349,368 11,792,227 12,547,420
Tidewater & West.. November
7,053
5.154
36,147
33.957
Toledo Poor Sr West 4th wk Jan
35.634
40,042
734,632
808,400
Toledo St L & West 1st wk Feb 100,666
91.082 2,755,775 2,893,283
Trinity & Brazos V. December_
90,241 246,798
587,116 1.360,948
Union Pacific Syst_ December 7,041,701 7,456,576 49,026.080 51.974,788
Virginia & Sou West December
151.935 152.153
975,296
991.885
Virginian
December
434,864 549,899 3,053,619 3,564.125
Wabash
January
2,198.068 2,288,506 17,471,410 18,703,683
Western Maryland_ December
640,838 676.249 4,200.197 4.310.544
Wheel & Lake Erie_ January...... 313,142 525,896 3,180,974 5,022,952
Wrightsv & Tennllie December
30,630
34.740
146,805
193,357
Yazoo & Miss Vali_ January
1,015,263 1,198,640 7,067,593 7,952,441
Various Fiscal Years.
Period.
Delaware & Hudson
Jan 1
N Y Central Sr Hudson River_e Jan 1
Boston & Albany
Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & NVestern_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Chic Chic & St Louis.... Jan 1
CincinnatiNorthern
Jan 1
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
zPennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Phlla Baltimore & Washing'n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Conipany
Grand Rapids & Indiana...— Jan 1
Pitts Cinc Chic Sr St Louis— Jan 1
Jan 1
Vandalia
--East Pitts & Erie Jan 1
Total lines
—WestPitts & Erie Jan 1
—All Lines E & W_ Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
ggsgs'gszsgsgsgg ssgssggssggsgs-
Latest Gross Earnings.
ROADS.
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Current
Year.
Previous
Year.
31 22,677.150 24.220,746
31 95.559.818 104095523
31 16,491,442 17,719.565
31 51.524,286 59.353.110
31 5.602,771 5.934.643
31 4.205,196 4.487.659
31 33,464.968 38.676,970
31 35,365.691 37.613.499
31 1,471,472 1,436.709
31 15,597,365 19,644.111
31 11,294,971 12.393,873
31 4,930,626 6,031,430
31 275508606 305387092
30 187298752 205148244
31 1,250,246 1,247,862
31 3,227,054 3.587.682
31 13,220,334 13,083,925
31
31 3.743.272 3,931.219
31 20,357,562 21,164,340
31 6472.599 6.581.747
31 54.898,670 66,676.741
31 5,387,885 5,598,050
31 39,006.662 44,260018
31 10,946,595 11,399,933
31 241504700 261545260
31 111733895 129516798
31 353238595 391062058
30 1,026,49& 1,053.165
31 3.526.094 3.759.598
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly
Current
Year.
Previous
Year.
Current
Year.
Previous
Increase or
Year.
Decrease.
Yr.
$
$
Mileage. Cur. Yr. Prev.
$
$
2. ,547 236,511,600 245.048,870 —8,517,270 3.48
4th week Nov (35 roads)__-- 14,5?7,713 17.915,795 —3,398,082 18.99
April
243.954 239.427.102 265.435,022 —26,007,920 9.73
May
let week Dec (37 roads)---- 11.191.969 13.645.289 —2,453,320 17.98
222,001 219.691 230,751,850 241,107,727 —10,355,877 4.30
2d week Dec (37 roads)--- 11.008,619 13,301.723 —2,293.104 17.22 June
roads)_-__
235,407 231.639 252,231.248 261,803.011
3d week Dec (34 roads)---- 10,347,462 13.174,223 —2,826,761 21.46
240.831 237.159 269,593.446 280.919.858 —11,37
Dec(
37
A uZust
ul
3202
4th week Dec37 roads)____ 15.140.798 18.121,396 —2,980.598 16.45
9.417.808 10.844,847
September-242.386 238.698 272.992,901 285.850,745 —12,857,844 4.50
1st week Jan 35 roads)--- 9,918.756 10,897.423 —1.427.039 13.16
—978.667 8.98
October__ - _244,917 241.093269.325,262 298,066.118 —28.740.856 9.64
2d week Jan 35 roads)---- 10.454.162 11.820.619
—1.366.456 11.56
November —246,497 242.849240,235,841 272.882.181 —32.646.340 11.96
3d week Jan 35 roads)_--- 14,161.846 17,112.484 —2,950.636 17.28
December 246,807 243.242 232,598,369 258,285,270 —25,686,901 9.94
week Jan 37
.— --,.. tOnh (2c rnads)_--- 10,087.722 11,332,852 —1,265.130 11.16 January _ ..... 81.441 80.568 53.641.04761,409,702 --7,768.655 12.65
include earnings of Colorado Springs & Cripple Creek District By.from Nov. 11911. e Includes the New York &
a Mexican currency. b Does not
Canadian
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of which, being a g Includesroad does not make returns to the
Includes Evansville & Terre Haute and Evansville & Indiana RR.
the Cleveland Lorain & Wheeling
Inter-State Commerce Commission. f
p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes
n Includes the Northern Ohio RR.u Includes the
By.in both years.
o Includes
Texas Central
Louisville & Atlantic and the Frankfort & Cincinnati. Mountain & Southern. s and the Wichita Falls Lines. beginning not only operating revenues.
July 1 1914. • We no longer
Includes the Norther ci Central
but also all other receipts. x Includes St. Louis Iron
nclude the Mexican roads in any of our totals.
'Weekly Summaries.
Increase or
Decrease.
%
'Monthly Summaries.
is:MB
!Iii
FEE. 20 1915.]
THE CHRONICLE
635
Latest Gross Earnings by Weeks.—In the table which
follows we stun up separately the earnings for the first week ELECTRIC RAILWAY AND TRACTION COMPANIES.
of February. The table covers 35 roads and shows 11.16%
Jan. 1 to latest date.
Latest Gross Earnings.
decrease in the aggregate under the same week last year.
Name of
Road.
First week of February.
1915.
1914.
Increase. Decrease.
S
$
3
Alabama Great Southern
72,107
4,958
15,851
Ann Arbor
39,697
36.531
3,166
Rochester Buffalo & Pittsburgh
167,430
36,958
204,388
Canadian Northern
232,900
70,200
303,100
Canadian Pacific
1,440,000 1,752,000
312,000
Chesapeake & Ohio
623,522
8.218
615,304
Chicago & Alton
229,523
253.863
24,340
Chicago Great Western
36,852
243,178
206,326
Chicago Ind & Louisville
11,627
118.304
106,677
Chic New On & Texas Pacific...
33,784
203,409
169,625
Colorado & Southern
29,834
223,149
252,983
Denver & Rio Grande
48,900
368,800
319,900
Western Pacific
54.700
102,900
48,200
Denver .3t Salt Lake
14,364
10,636
25,000
Detroit St Mackinac
1,973
18,906
16,933
Duluth South Shore & Atlantic_
46,573
12,563
59,136
Georgia Southern & Florida_ —_
8.439
50.944
42,505
Grand Trunk of Canada
Grand Trunk Western
87,180
873.338
786,158
Detroit Or Hay & MilwCanada Atlantic
Louisville & Nashville
191.130
937,670 1.128,800
Mineral Range
5,785
9,721
15,506
1
Minneapolis & St Louis
171,539
172.311
772
1
Iowa Central
Minneap St Paul St 8 5 M
8,787
482,934
474,147
Missouri Kansas & Texas
14,424
679,012
664,588
Missouri Pacific
1,016,000 1.085,000
69,000
Mobile & Ohio
39,692
225,827
186,135
Nevada-California-Oregon
3.950
2,866
1,084
Rio Grande Southern
788
7,085
7.873
St Louis Southwestern
193.000
250,000
57,000
Southern Railway
1,102.429 1,359,711
257,282
Texas & Pacific
344,132
336,687
7,445
Toledo St Louis & Western..___
100,666
91,082
9,584
Total (35 roads)
10.067,722 11,332,852 104.296 1,369,426
NeltdArrnsmn
(11 1(1.7-1
1 9A4 12A
Net Earnings Monthly to Latest Dates.—In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle", we give the December figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the December results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
Roads.
—Gross Earnings— —NetEarnings—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Boston & Albany—b
Oct 1 to Dec 31
3,991.887 4,472,284 1,059,963 1,084,455
Toledo Peoria & West_b_Jan 100,917
93,919
7,214
def6.025
July 1 to Jan 31
734,633
808,401
76,504
38,877
Ulster & Delaware—b
Oct 1 to Dec 31
223,252
237.337
46
31,456
July 1 to Dec 31
598.499
625,770
112,127
165,872
Jan 1 to Dec 31
1,048,946 1.123,039
186,985
276.155
Wheeling & Lake Erie_ __Jan 313.142
525,896
7.790
148.570
July 1 to Jan 31
3,180,974 5,022.952
835,706 1,583,637
INDUSTRIAL COMPANIES.
—Gross Earnings— —Net Earnings—
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
3
S
S
Detroit Edison
Jan 708,378
603,326
24,462
238,118
Gt West Pow Co. Syst_aJan 235,343
230,512
168,867
141,399
Huntingt'n Devel&Gas.a.Dec
19,040
8,248
6,777
4,272
Jan 1 to Dec 31
120,175
65,645
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Roads.
—hit., Rentals. &c.— —Bat, of Net Earns.—
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
S
3
$
I
3
American Rys Co_ __ January -- 431,114 429,018
429,018
431,114
Atlantic Shore Ry___ January __ 21.900 21,997
21,997
21,900
cAur Elgin & Ch c Ry December 152,658 168,956 2,024,376 2,030,351
Bangor Ry & Electric December
777.752
65,509 65,645
764.085
Baton Rouge Elec Co December
163,128
178,825
17,128 16.386
BeltL Ry Corp
(NYC)November
697.860
681,158
62,627 63,194
Berkshire Street Ry_ December_ 76,638 76,164
977,1621.003,621
Brazilian Trac, L & P December f6010490)13142209.173351,478f72074,361
Brock & Plym St Ry_ December
.124.401
8.071
.
Bklyn Rap Tran Syst November 2105,114 2104,136 24,995,61824,362.244
Cape Breton Elm Co December
380,952
29.796 36.169
349.894
Chattanooga Ry & Lt December
89,012 100,378 1,085.096 1,204,921
Cleve Pamesv & East December_ 27,693 33,525
425,922
423,595
Cleve Southw & Col.. December- 96,900 105.364 1,255.284 1,255,231
Columbus(Ga) El Co December
59,937 66.904
681.6
.
gComwth Pow,Ry/kL December 1341,385 1349.191 14,006.484 13,669,321
Connecticut Co
December_ 630,642 631,963 7,995,452 8.153,231
Consum Pow (Mich). December_ 335.499 325.027 3,415.402 3.155.214
Cumb Co(Me P & L December 203,510 205,547 2,513,620 2,354,797
Dallas Electric Co,,,, _ December 186.414 203,917 2,208.878 2.193.50C
Detroit United Lines 3d wk Jan 207,609 204.412
600,272
612.116
DDEB& Bat(Rec) November
41,554 46,570
547,271
469,562
Duinth-5uperlor Trac November 104.457 109.263 1.200.595 1.165.821
East St Louis & Sub_ December 213,997 238,628 2.623,827 2,700,961
El Paso Electric Co December
88,386 87.725 1,041.792
886.871
42d St M St St N Ave November 158,058 158,389 1.714,440 1,743,14]
Galv-Hous Elec Co December 192,136 203.561 2,424.119 2,373.061
Grand Rapids Ry Co December 125,913 122,461 1,286.568 1,301,40:
Harrisburg Railways. December
87,682 86,178
991.87:
993,929
Havana El Ry, L & P
(Railway Dept)_ _ _ Wit Feb 14 51,255 55.117
351,125
372.981
Honolulu It T & Land December
52,437 56,908
613.1313
602,842
Houghton Co Tr Co_ December
21,486 24.833
276,633
296.85::
b Hudson & Manhat_ November 458,574 470,204 5,067.032 5,010,29:
Illinois Traction
November 706.342 729.946 7.479.121 7.188,04]
lnterboro Rap Tran_ December,, 3000,364 3035,729 33,786,643 32,760.151
Jacksonville Trac Co December
56.142 64.485
679.621
715,255
Key West Electric
December
10.026 13.244
132,252
142.951
Lehigh Valley Transit November 149.939 191.199 1,700,506 1,634,29:
Lewis Aug & Watery_ December
50,073 50.420
676.922
675,55
,
Long Island Electric_ November
16.676 16,645
228,4CE
Louisville Railway December 259,827 275,321 3 229.540 3,226 271
166.482
Milw El By & Lt Co_ December_ 535,097 536,537 6,005,496 6,016.911
Milw Lt, Ht & Tr Co December_ 114.515 116.545 1,493.668 1,443.25]
N Y City Interboro November
56,145 53.454
608,396
564,571
NY & Long Island November
33,313 31,718
384,577
381,421
NY & North Shore November
13,265 13.011
156,586
151,521
N Y & Queens Co,,,,_ November 106,442 106,223 1,254,496 1,276.60
New York Railways_ November- 1061.863 1138,477 12.365.914 13.005.021
N Y & Stamford Rys December_ 24,466 24,879
376,137
374,39
NY Westches & Bos_ December- 38,043 34.173
420,795
374.931
Northampton Trac December
13,690 15,210
183,378
188.881
Nor Ohio Trac & Lt_ December 316,380 295.377 3,636.084 3,284.53'
North Texas Electric December 162,561 184,876 2,071.098 2,132.20
Northw Pennsylv Ry November.. 27,320 28,844
330,739
340.70
Ocean Electric (L I)_ November
5,515
5,644
155,556
148,55
Paducah Tr & Lt Co_ December
29.461 29.523
303,514
296.56
Pensacola Electric Co December
20.107 26.290
264.840
285,75
8
Phila Rap Transit
January __ 1998,395 2006,527 1,998,395 2,006,527
Port(Ore)Ry,L&PCo December 514,493 607.476 6,273.171 6.723,74
2
Portland (Me) RR_ December
81,058 79,867 1,044,842 1.036,31
Puget Sound Tr L&P December 717,650 790,307 8.450.974 8.613,60
Republic Ry & Light November 244,251 251.827 2,756.557 2.702,53
3
Rhode Island Co_ _ _ _ December 411,510 424,554 5,333.494 5,388,757
Richmond Lt & RR_ November
27,116 26,116
358,718
363,819
&Joseph
(Mo)Ey,Lt,
Heat & Power Co.. January __ 117,275 113,414
113,414
117,275
Santiago El Lt & Tr_ December,, 41,046 40,378
464,639
457.69
Savannah Electric Co December
71,678 74,505
842.639
827.78
Second Ave (Real,,,,,, November
68,773 79,862
849,632
963,292
Southern Boulevard_ November
17,686 17,768
206,371
193.011
Staten Isl Midland__ November
20,781 20,052
301.768
291,895
Tampa Electric Co__ December
85.501 83.107
981,000
844.940
Third Avenue
November 310,511 333,844 3,613,013 3,725.290
Toronto Street Ry
January __ 471,226 501.843
471,226
501.84
Twin City Rap M•an- 1st wk Feb 179,775 170.906
942.310
910.57
Union Ry Co of N Y C November 216,444 216,983 2,644.638 2,525,045
5
United Rys of St L
November 978.9941062.951
Virginia Ry & Power_ January __ 436,196 441.822 11.457.945 11.605.522
436.196
441,82
Wash Bait & Annap_ December
62,434 68.818
816.939
831.940
Westchester Electric_ November
44,707 43,201
559,511
547.129
Westchester St RR January __ 11,210 11.060
11.210
11.013
Western Rys & Light November 218.777 217,994 2,448.427 2,333.676
Yonkers Railroad_ _ _ November
58,721 68,114
661.287
641,405
York Railways
January __ 66.211 68,328
66,211
68,328
Youngstown & Ohio_ December- 24,351 22.914
272.369
255.81
Youngstown & South November_ 13.529 13.767
162.161
1513.24
b Represents income from all sources. c These
dated company. I Earnings now given in milreis. figures are for consolig Includes constituent
companies.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Boston & Albany—
—Gross Earnings— —NetEarnings—
Oct 1 to Dec 31
1,301,877 1,294,164zdf152,986 zdf122,230
Current
Previous
Current
Previous
Toledo Peoria & West_ _Jan
26,488
Roads.
25,864 zdef15,273 zdef24,683
Year.
Year.
Year.
Year.
July 1 to Jan 31
181,278
175.656 zdef90,214zdef102,966
$
Ulster & Delaware—
Albany Southern-a—
Oct 1 to Dec 31
61,780
Oct 1 to Dec 31
64.069 zdef44.129 zdef30,464
124.575
119,005
July 1 to Dec 31
30,103
33,881
128,226
135,805
July 1 to Dec 31
z19,001
z33.943
280.809
277,138
Jan 1 to Dec 31
87,477
79.289
247.269
263.353 zdef21,322
z22,957 Atlantic Shore Ry-b____Jan
21,900
21.997
1,540
1.218
Bangor Ry & Elec_a_ _ __Dec
INDUSTRIAL COMPANIES.
65,509
65.645
35.756
34,919
Jan 1 to Dec 31
777.752
764,085
—hit., Rentals, &c.— —Vat, of Net Earns.—
402,533
417.573
Brazilian Tr,L & P
Current
Decc6,010,490 c6,142.209 c3.317,350 43,531.930
Previous
Current
Previous
Companies.
Jan 1 to Dec 31
Year.
Year.
c73.351.478c72.074.361c41,927,578c39.273.897
Year.
Year.
$
$
$
Chattanooga R_y & Lt-a-Dec
$
89.012
100,378
39.604
22,871
Detroit Edison
Jan
Jan 1 to Dec 31
83,338
214,124
1,085.096 1,204,948
65,029
173,089
487.303
385.373
Gt West Pow Co Syst Jan 103,433
98,521
z78,891
z60,108 Columbus(0) Ry,P&L.aDec 278,561
107.525
276,016
127.134
Huntington Devel & Gas.Dec
Jan 1 to Dec 31
3,066.298 3,003.454 1.179,552 1.063.934
2,170
6,078
750
3,522
Jan 1 to Dec 31
19,481
Commonwealth Power, Ry St
46,164
Light Co System_ a----Dec 1,341,385 1,349.191
622.465
675.119
x After allowing for other income received.
Jan 1 to Dec 31
14,006.484 13,669,321 6,456.586 5.990.430
Consumers Pow(Mich).aDec 335.499
EXPRESS COMPANIES.
147,742
205.149
325,027
Jan 1 to Dec 31
3,415,402 3,155.214 1,946.404 1.486.477
—October
July 1 to Oct.31Cumb Co(Me) P & L.a.Dec 203.510
1914.
1913.
89.484
79.241
1914.
205.547
1913.
Canadian Express Co.—
Jan 1 to Dec 31
$
$
S
2,513.620 2.354.797 1.056.600 1.041.924
3
Total from transportation— 280,551
293.743 1,186.764 1.240.493 East St Louis & Sub_a_Dec 213.997
95,674
105.137
238.628
Express privileges—Dr
140,379
137,969
601.415
Jan 1 to Dec 31
581.625
2.623.827 2,700,966 1,007.613 1.096.563
Grand Rapids Ry_a___Dec 125.913
50,140
Revenue from transporta'n 140,171
61.181
122,461
155.774
585,349
658,868
497.796
Jan 1 to Dec 31
456,931
Oper.other than transporta'n
1,286,568 1,301.403
5.565
9,656
21.389
41.543
13.572
Honolulu It T & Land b_Dec
11.045
56.908
52,437
Total operating revenues- 145,737
Jan 1 to Dec 31
235,047
165.430
241.898
613.138
606,739
602,842
700,412
Operating expenses
131.584
146.262
547.007
590.734 Hudson Valley Ry_b—
Oct 1 to Dec 31
206.805
80.467
238.492
79.739
Net operating revenue_
14.152
91,167
59,731
109.677
July 1 tolDec 31
203.641
523.554
515,501
227,632
Express taxes
4,000
2,850
16.000
11.300
Jan 1 to Dec 31
879.500
326.433
899.333
335.498
50.420
Lewis Aug & Water'n_a_Dec
50.073
11.416
Operating income
10,152
13,302
16,317
43.731
98.377
aJn 1 to Dec 31
676,922
675.554
209,113
247.839
THE CHRONICLE
636
Roads.
---Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Y or.
Year.
[voL. loo.
ANNUAL REPORTS
87.631
87,710
197,893
Annual Reports.
-An index to the annual reports of
868.227
2,207,246
887,984
railroads, street railways and miscellaneous companies that
804,471
2,006,527
824.637
14,246.065 5,871,040 5,907,974 have been published during the preceding month is given
259,010
331,604 on the last Saturday of each month. This index does not
607,476
6,723,742 3,009,288 3,425,432 include reports in the issue of the "Chronicle" in which it
79,867
27,740
28.810
latest index will be found in the issue
1.036,316
397,601
346,840 is published. The
73.027
32,443
30,837 of Jan. 30. The next will appear in issue of Feb. 27.
113,414
58,919
54,429
International & Great Northern Railway Co.
441,822
231.052
237.349
3,060,942 1.601,737 1.593,312
(3d Annual Report-Year ended June 30 1914.)
The report, signed by Frank J. Gould, Chairman, and
831,940
382,238
408,314
Thomas J. Freeman, President, says in substance:
Net earnings here given are after deducting taxes.
Results -Operating revenues show a decrease of $1,319,191, or 11.7%.
b Net earnings here given are before deducting taxes.
More than $1.000,000 of this decrease is in freight revenue. Droughts and
c Earnings now given in milnds.
floods resulted in a heavy decrease in agricultural products, the total revenue on which decreased $536,503, or 16.6%. Revenue on lumber decreased
Interest Charges and Surplus.
$125,373 and on cement, brick and lime $92,334, due to general depression
in business. Fruits and vegetables show a decrease of $93,535, due to
-Int.. Rentals, &e.-- -Bat, of Net Earns.
- droughts, early frosts and decrease in acreage. Revenue from interchange
Current
Previous
Current
Previous
with the Mexican National Ry. decreased $300,000 on account of the
Year.
Year.
Roads.
Year.
Year.
chaotic conditions in Mexico. It is considered that $200,000 is a conservative estimate of the net loss in freight revenue on account of the December
Albany Southern
floods, which washed away portions of the Fort Worth and Gulf divisions,
Oct 1 to Dec 31
23,507
23,922
6,596
9,959 causing the suspension of traffic over portions of the lines affected for a
July 1 to Oct 31
47,301
49,641
40,176
29,648 period of three weeks. There is now no interchange of passenger business
Bangor By & Electric_ _ _Dec
17,462
17,354
18,294
17,565 with the Mexican National at Laredo, with whom we formerly enjoyed a
Jan 1 to Dec 31
209,118
207,584
193.415
209,989 lucrative long-haul interchange business.
Operating expenses decreased $505,900, or 5.9%, notwithstanding
Chattanooga Ry & Lt_ _Dec
29,337
26,114
de16,466
13,490 unprecedented floods and washouts. Repairs following the October washJan 1 to Dec 31
339,409
298,082
45,964
189,221 out amounted to $15,000. The extraordinary expenses directly assignable
Columbus(0) Ry,P & L.Dec
43,463
83,671
to the Brazos River flood in December aggregated $224,427, of which $201,Jan 1 to Dec 31
520,438
659,114
911 is charged to maintenance of way and structures, for repair of roadway
and bridges; $5,695 to equipment damaged, balance to transportation and
Commonwealth Power, By &
Light Co System
Dec 372,263
336,308
302,856
286.157 general expenses for detouring of trains, temporary yards, dm; it is estiJan 1 to Dec 31
4,212,852 3,864,853 2,243,734 2,125,577 mated that after the roadway was open the flood cost us a further $75,000,
due to soft track, slow operation of trains with light tonnage, derailment,
Consumers Pow (Mich)-Dec
71,953
69,960
133,196
77,782 &c. The heavy rains during March, April and May also necessitated reJan 1 to Dec 31
857,230
775,751 1,089,174
710,726 pairs and renewals estimated at $50,000, without reference to the extraordiCumb'd Co(Me)P & L_Dec
62,523
63,576
16,718
25,908 nary cost of operating.
Jan 1 to Dec 31
758,859
714,273
297,741
327,651
Notwithstanding the heavy decrease in revenue due to crop failures and
the net
East St Louis & Sub_ _ _ _Dec
71,748
46,652
33,389
49,022 general business depression throughout the year, it is evident that the unrequirements but
Jan 1 to Dec 31
701,949
589.134
305,664
507,429 revenue would have been ample to meet all not be controlled for account
on
fortunate operating conditions which could
Grand Rapids By
Dec
12,162
12,421
49,019
37,719 of the disastrous floods, rains and washouts.
Jan 1 to Dec 31
161,778
166,633
295,153
331,163
-There was spent for improvements to roadway and
Improvements.
Honolulu R T & Land __Dec
6,260
3,719 structures and charged to additions and betterments $195,294,1es.s $17,874,
7,326
7,312
Jan 1 to Dec 31
75,125
87,916 x172,663 z166,565 value of property abandoned-net $177.421; $52,986 was expended for ballast and$45,282 for industrial and new side tracks.
Hudson Valley RyThirteen new
Oct 1 to Dec 31
89.047 zdef4,041 zdef8,262 none vacated oroil-burning consolidation freight locomotives were added;
85,619
cars were added and 238
sold;
July 1 to Dec 31
175,731
x32,894
x53,848 scrapped, &c.; increase1,137 new freight train
172,373
of 899.
Jan 1 to Dec 31
339,748 zdefl0,441 zdef1,201
339,896
1913-14
1913-14
1912-13
1912-13
Lewis Aug & Water'n_ __Dec
def4,218 def2.036
15,634
15.338
1,159 Tons carried_ _ _ 3,556,382 3,896,793
1,159
Jan 1 to Dec 31
22,696
68,264 Aver miles oper
179,575
186.417
Passengers cited 2,009,859 2,128,215 Tons coed 1 m_580,827,567 695,410,512
Nashville By & Light_ __Dec
31,079
39,928
56,552
47,782
car'd 1 m_ 90,078,095 101,038,166 Revenue per ton
403,992 Pass p pass.p.m. 2.491 eta. 2,439 cts.
Jan 1 to Dec 31
464,235
388,313
499.671
per mile
1.209 eta. 1.161 eta.
Rate
802,682
12,224
1,789
Phila Rapid Transit_ ___Jan 812,413
INCOME ACCOUNT.
210,671
309,132
5,660,369 5,598,842
July 1 to Jan 31
1913-14. 1912,13.
Oiler. Revenue- 1913-14. 1912-13.
76,036
175.483
156,121
Portl (Ore) Ry,I., & P__Dec 182,974
57,024.295 $8,074,686 Total net revenue_51,900,940 $2,712,072
2,172,678 2,008,602
836,610 1,416,830 Freight
Jan 1 to Dec 31
339,841
340,000
2,274,688 2,500,296 Taxes accrued__
21,332
23,498
6,408
5,312 Passenger & niisc_ 542,612
Dec
(Me) RR
Portland
584,955
Mall,exp.
250,604
180,881
146,997
165,959 0th. than transp_
Jan 1 to Dec 31
100,628 Oper. income_ _S1,561,099 52,372,072
99,779
Joint facility rents
65,223
71,022
20,833
20,133
34,296
38.086
St Jos By, L, H & P_ _ _ _Jan
6E0
Total
$9,941,374 311260,565 Div. from stock_
135,409
x99,508 z108,531
Virginia By & Power.._ _Jan 137,720
Int. on time den__
5,880
10,319
Oyer. Expenses948,284
938,228 x700,384 x708,802
July 1 to Jan 31
Maint.of way,&c.$1,633,202 $1,472,197
Wash Bait & Annapolis
Gross corp.
Maint. of equipt.
289,590 2101,778 x129,620 Traffic expenses 1,110,369 1,557,565 Deductions inc..$1,632,202 $2,454,073
Jan 1 to Dec 31
293,531
321,038
319,663
Transp. expenses_ 4,556,773 4,796,525 Joint facility rents 5109,949 $105,285
z After allowing for other Income nmAved.
751,418
381,529 Hire of equipment 647,286
General expenses_ 400,198
Int. on fund. debt 1,307,730 1,261,717
New York Street Railways.
Total
$8,021,580 $8,527,479 Dividends(4%)....136,000
16,133
12,135
-Gross Earnings--Net Earnings
-- Net oper. revenue $1,919,794 $2,733,086 Oth. Int.& miscel.
Out.open (net def.) 18,854
21,014
Preldata
Current
Current
Previous
Total deductions52,031,098 $2,266,555
Year.
Year.
Year.
Roads.
Year.
Total net rev.._ _ $1,900,940 $2,712,072 Bal.,sur.or def.. _ def5448,896sur$187,518
$
$
$
319,856 c173,580 c175,689
Hudson&Manhattan_ a-Nov 308,028
BALANCE SHEET JUNE 30.
Jan 1 to Nov 30
3,413,980 3,392,784 1,860,866 1,824,611
1913.
1914.
1913.
1914.
$
Interbor R T (Sub)_a__Nov 1,536,907 1,498,046 1,018,851
971,354
Liabilities$
Assets$
$
Jan 1 to Nov 30
16.265.140 15,395,966 10,316,495 9,186.295 Road & equip't __.37,243,133 35,841,377 Common stock.._ 1,422,000 1,422,000
Preferred stock _ 3,400,000 3,400,C00
Interbor It t (Elev)_ a_ _Nov 1,297,003 1,323,449
591.103
635.259 Scour, pledged as
collateral, &c.._12,150,500 12,150,500 Mortgage bonds_ _26,280,000 25,745,000
Jan 1 to Nov 30
14,521,139 14,328,459 6,832,295 6,707,574
7,409 3-yr. 5% notes.. _ _ 11,000,000 11,000,000
7,409
Total Interbor R 9C _n__Nov 2,833,910 2,831,496 1,609.954 1,606.613 Other Investments
209,000
142.455 Reedy.equip notes 171,000
86,956
Cash in hand, &c_
Jan 1 to Nov 30
30.786,279 29,724.422 17,148,793 15,893,867 Marketable secur_
4,400 Equip. notes I. &
4,400
950,000
G. N."A
Brooklyn Rap Trans-a_Nov 2,105,114 2,104,136
677,792
727,496 Agents and con19,000
Jan 1 to Nov 30
258,142 . 301,628 Short-term notes_
24,995,618 24,362,240 8.923,625 8,675,373
ductors
60,00()
673,409 Loans & bills pay_
New York Eddlways_ a_ _Nov 1,061,862 1,138,477
294,624
380,512 Materials & aupp_ 715,551
242,690
342.982 Traffic, &c., bats_ 172,729
_
Jan 1 to Nov 30
12,365,914 13,005.028 3.378,756 4,181,567 Miscellaneous__ - 393,225
831,733
Vouchers & wages 1,376,298
29,516
25,280
Belt Line-a
63,194
15,515
15,155 Unexting. discount
Nov
62,627
51,120 Miscellaneous
on bonds
370,558
Jan 1 to Nov 30
697,860
128,483
171.389 Sinking,&c.,funds
681.158
19,501 Unmat.int.&rents 402,393
18,681
178,994
Taxes accrued........ 116,098
79.862
14,179
19,301 Due by insurance
Second Ave_ a
Nov
68,773
45,015
Oper. reserves(del) 121,361
963,292
196,286
253,063
Jan 1 to Nov 30
849.632
(fire losses)......
225,636
117,207 Oth.def.(cr.) items 194,077
61,400
138,396 Pref.claims unadl.
333,844
98,541
Third Ave_ a
Nov 310,511
Cond'I interim ctfs 5,078,000 5,078,000
3,613,013 3,725,290 1,350,591 1,502,517 Miscellaneous deJan 1 to Nov 30
80,000
31,610 Res. fund (5%).._. 80,00()
20,853
ferred deb.Items
Dry Dock E BH.1c:Bat_a_Nov
46.570
3,586
41,554
Profit and loss__ a389,630 1,018,234
4.711
Jan 1 to Nov 30
547,275
129,388
469,562
45.546
Total
51,020,280 49,785,111
51,020,280 49,785,111
42d St Man& St/7 Av _ a _Nov 158,058
158,389
65,877
65,491
Total
Jan 1 to Nov 30
752,197
1,714,440 1,743,141
673,880
$927,815 for reserve for accrued depreciation. a After deduct*After deducting
City Interbor_a_ _ _Nov
53,454
11,609
56,145
17,126
extinguished through surplus, 5185,228, and sundry
182,059
98,314 ing discount on funded debt
Jan 1 to Nov 30
564,578
608,396
--17. 99, P 1451.
Southern BouleVard_a_ -Nov
17,686
17,768
3,705
6.138 debits aggregating $5,765.
193,011
206,371
51,970
29,023
Jan 1 to Nov 30
Hercules Powder Company.
216,983
51,997
34,907
Union By of 171( C_a__Nov 216,444
2,644,638 2,525,045
505,010
531.725
Jan 1 to Nov 30
(Report for Fiscal Year ending Dec. 31 1914.)
44.707
43,201
6,250
8,164
Westchester Inect_ a---Nov
547,139
92,624
125,627
559,511
Jan 1 to Nov 30
The report is given at length on an advertising page, in14,839
Nov
58,721
58.114
Yonkers-a
eluding the profit and loss account, balance sheet and the re661,287
641.405
122,140
1697:95A46
Jan 1 to Nov 30
-V.99, p. 1676.
marks of Pres. R. H. Dunham.
16,645 def1,825
16,676
def3,415
Long Island Elect_a _ _ _ _Nov 229,540
10,703
228,407
21,140
Jan 1 to Nov 30
Atlas Powder Co., Wilmington, Del.
31,718
33,313
6,312
N Y & Long: Isi Trac_a_Nov 384,577
381,427
71,528
AM
(Report for Fiscal Year ending Dec. 311914.)
Jan 1 to Nov 30
13,011
13,265
3,222
2,798
IC lir Sr North Shore_a_-Nav 156.582
Pres. W. J. Webster, Wilmington, Del., wrote in subst.:
151,528
39,436
27.134
Jan 1 to Nov 30
106.223 def1,113
10,980
Our business is largely dependent upon such undertakings as railroad
Co_a_Nov 106;442
Ir Sc Queens
construction, cement manufacturing, mining and quarry work, the opera1,276,604
84.786
175,146
1,254,496
curtailed by the general depression, aggravated by the
Jan 1 to Nov 30
5,644
def 791
det 876 tions of which were
5,515
European war. However, we have been able to offset to a great extent
OceanlElect (I, I)_ a__ 17ov 155,556
148,550
67.043
51. 47 these conditions, and secure a gross volume of business that compares
6
. Jan 1 to Nov 30
5,411
26,116
det7,746 favorably with 1913 through a partial resumption of operation of the
27.116.
Richmond Lt Sc ER _allov 363,819
9,723 def59,093 copper mines in Michigan in the spring of 1914, which were shut down late
358,718
Jan 1 to Nov 30-4.722 def1.443 in 1913 on account of the strike, and also in part from an increaSedi demand
20.052
20,781
71,475
Staten Isl Midland-a- Nov 301 768
51.630 for Atlas farm powder, which is being extensively advertised for agri291.895
cultural purposes.
Jan 1 to Nov 30
An offer to employees of the privilege to subscribe to the stock was rededucting taxes.
peated and has been well received.
Net earnings here given are after Nov. 1914, against $87,146 in 1913.
a
C Other inc. amounted to $91,358 in
Nashville By & Light_a-Dec 197,278
2,240,308
Jan 1 to Dec 31
Phila. Rapid Transit_ _ _ _Jan 1,998,395
13,943,519
July 1 to Jan 31
Portl (Ore) By L & P_a_Dec 514.493
6,273,171
Jan 1 to Dec 31
81,058
Portland (Me) RR_ a-_Dec
1,044,842
Jan 1 to Dec 31
64,018
Porto Rico Railways_ _ -Jan
St Jos Ry, L, H & P_ _ _ _Jan 117,275
Virginia By & Pow_b_ _Jan 436,196
3,068,902
July 1 to Jan 31
Wash Bait & Annapolis_ b
816,939
Jan 1 to Dec 31
THE CHRONICLE
FEB. 201915.]
INCOME ACCOUNT YEARS ENDED DEC. 31.
1914.
1913.
1913.
1914.
$
$
$
$
474,150 502,838
5,133,307 5,043,062 Net income
Gross sales
Interest on income
Cost of goods sold,
180,000 180,000
bonds(6%)
delivery&oth.exp.4,664,907 4,140,883
(6%)179,961(1%)44969
Dividends
Net oper. profit__ 468,400 502,179
Total deductions_ 359,961 224,969
659
5,750
Other income (net)..
Net income
474,150 502,838 Balance, surplus__ __ 114,189
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
A ssetsPlants, lands, build3,415,587 3,301,163
ings, &c
Good-will,pat'ts,&c.1,373,906 1,373,902
132,703 116,438
Real est.& sec.Inv
523,175 344,760
Cash
812,671 856,816
Bills & accts. mete
415,709 452,258
Finished product
Materials & supplies 1,273,393 1,232,221
33,243
17,564
Def. debit items
7,964,708 7,710,801
Total
277,869
1913.
public accountants, however, shows that the tangible assets applicable to
the capital securities of such companies held by this company, plus its
own tangible assets, are over $5,000,000 in excess of the total amount of its
outstanding pref. stock.
UNITED DRY GOODS COMPANIES BALANCE SHEET DEC. 311914.
United Dry
Book value
Shown by
Goods Cos.
Book value. Subsid. Cos
Associated Merchants Co. 2nd preferred stock_ _ $2,748,300 $2,748,300
Associated Merchants Co., common stock
7,064,800
2,700.732
Hahne & Co.,
All capital securities
!tal
6,848,215
Wm. Hengerer Co.,
2,696,272
''
Powers Mercantile Co.,
"
"
10,721,801
1,654,172
..
..
Stewart Dry Goods Co.,
1,776,626
3,000,000 3,000,000
Capital stock
Fund. dt.-inc. bds_3,000,000 3,000,000
Bills & accts. Pay. able& accr. int_ 1,023,281 961,042
Int. on income bonds 130,000 180,000
369,369 291,889
Reserves
Undistributed profits 392,058 277,869
$20,534,901 $18,424,317
Lord & Taylor,2d pref. stock (14,550 shares) cost_ 1,455,000
Lord & Taylor, common stock (24,207 shares) cost
806,059
Due from subsidiary companies
1,359,347
Due from the H. B. Claflin Co.(partially secured) 2,418,962
Cash
1,675
Bills receivable, secured
520,833
6,561,877
7,964,708 7,710,801
Total (Compare V. 98, p. 837.).._$27,096,778 $24,986,193
Liabilities
Accounts pay.. $450; notes (secured),'8520,833
$521,283
Stock issued: pref. 7%,$10,844,000; common $14,427,500_ _
25,271,500
Deficit
806.590
Total
p. 683.
Sherwin-Williams Co., Cleveland, Ohio.
(Balance Sheet Sept. 1 1914.)
1913.
1914.
Assets
Plant & equip't_ 4,080,355) 4,022,591
56f
Pat's & tr. marks.
195,987
416,032
Cash
258,655
498,244
Bills tecelvable
Accts. receivable. 1,613,235 1,672,576
3,457,138 3,136,225
Merchandise
Prepaid purchases 105,128
Securities owned_ _ 1,903,373 1,870,898
25,271
25,578
Prepaid insur.,&c.
12,099,139 11,182,203
Total
98, p. 302.
637
1913.
1914.
$
Pref.stock (6%)__ 1,409,400 1,409,400
500,000
Pref.stock (7%)._ 500,000
Common stock-. 6,090,400 5,987,000
606,517
Accts. payable_ __ 599,823
100,000
425,000
Bills payable
64,392
64,595
Accrued taxes, &c.
16,762
Deferred & reeved
140,535
Res'ved for depr'n 156.157
Undivided profits_ 2,837,002 2,374,359
Total
12,099,139 11,182,203
(The) Associated Merchants' Co.
(Report for 11 Months ending Dec. 31 1914.)
President C. N. Bliss Jr. says in substance:
Since the statement of July 28 1914, to stockholders a full examination
has been made of all the properties of this company, including an audit by
certified public accountants of the books as of June 30 1914.
The earnings of the companies owned for the past 11 months as reported
by them are such as would entitle this company to receive upwards of
$70,000. The pref. dividend for 11 months on both classes of stock would
-thus entitling us to a considerable amount above the pref.
be 3488,376
stock requirements. On the other hand, the liquidation of the O'Neill
Adams Co., approximately' 80% of whose securities are owned by this
company, and the failure of The H. B. Claflin Co., over one-half of whose
securities are owned by this company, with the loss attendant thereon and
the impairment of capital caused thereby, made it impossible to pay any
dividend during this period.
As incidental to the liquidation of the O'Neill-Adams Co.(V.99,p. 1218),
this company purchased the capital stock of the Surety Coupon Co.for the
sum of $500,000. The earnings of that company are satisfactory, and it is
believed that the purchase will prove advantageous. It will be noted that
this company is carried on our balance sheet at $546,001, which represents
its cost price, plus its earnings since its purchase.
The matter of the reorganization of the company so as to restore it to a
dividend-Paying basis has been held in abeyance pending a settlement of
various matters with the receivers of The H. B. Claflin Co., which are now
in course of final adjustment, and we hope in the near future to be able to
present to stockholders a plan under which there can be an early resumption
of dividends (V• 99. p. 967, 971; V. 100, p. 57, 232, 400.)
Appended is a balance sheet of this company, and following that (in the
official report) are condensed balance sheets of the various companies the
capital securities of which it owns, in whole or in part.
THE ASSOCIATED MERCHANTS'CO. BALANCE SHEET DEC.311914
Associated
Book Value
Merch. Co. Shown by
AssetsBook Value. Subs-td. Cos.
-Debentures, $4,000,000;
James McCreery & Co.
income bonds, $3,405,000; capital stock, $100,$7,505,000 $7.907,680
000; total
-Debentures, $995,000; capital
Stewart & Co.
1,695,000
stock, $700,000; total
1.790,048
-Debentures,$700,000; income
J. N.Adam & Co.
2,700,000
2,842,827
bonds, $1,295,000; stock, $705,000; total
200.000
276,699
0. G. Gunther's Sons common stock
546,000
546,000
Surety Coupon Co. common stock
130,000
130,000
Higbee Co. 2d preferred
45,008
45,008
Accounts receivable,$42,217; cash,$2,791; total-
Total liabilities
$24,986,193
Note.
-This company has no liabilities other than those shown above
except its contingent liability as guarantor of the lease of the premises now
occupied by Lord & Taylor. (V. 99, p. 1836, 1914).-V. 99, p. 987.
(The) Mackay Companies.
(Report for Fiscal Year ending Dec. 311914.)
Pres. Clarence H. Mackay,Feb. 15,reported in substance:
Results.
-Business depression, both before and since the outbreak of the
war in Europe, has affected your telegraph company in common with other
enterprises, and your trustees have been compelled to insist on the most
rigid economies; besides refusing to nay commissions to managers of hotels,
apartments, stores and other places where telegraph facilities have been
installed for the accommodation of guests, tenants or patrons: and declining
to enter into unprofitable engagements with railroad companies.
Your dividends have been earned, and as in orevious years re-construction has been charged to operating expenses, and your properties have been
maintained in a high state of efficiency. Nevertheless, should wages and
material continue to increase in value, as they have in the past, it may
be necessary in the near future to increase telegraph rates Just as it has
been found necessary to increase railway rates.
Land Line Extensions.-ln addition to the stringing of numerous wires,
a new pole line has been constructed from Cheyenne to Laramie, Wyo.,
Wyo..
and from Fort Steele, Wyo. to Salt Lake City, via Ogden, 412 miles.
Agitation for Government
Dec. 15 1914 the PostmasterGeneral repeated his recommendation for the purchase of the wires In the
U. S.(V.97. p. 1796), but the President, in his message to Congress in the
same month, made no reference to the question-a,significant omission
(V. 99. 13. 1802). One of the best analyses of the disadvantages of such
ownership is contained in a speech by F. O. R. Gordon in N. Y. City on
Dec. 4 1914. A reprint is enclosed.
Litigation.
-The decision in our favor in the suit against the Western
Union and Southern Pacific companies to prevent the Western Union from
keeping the Postal Co. off the right of way of the Southern Pacific Ry.,
has been affirmed by the U. S. Circuit Court of Appeals, thus ending that'
litigation.
Contract.
-A contract with the Canadian Pacific Ry. has been renewed,
providing for the interchange of telegraph business, as between two telegraph companies, without burdening us with deadhead railroad telegrams.
-The $12,000,000 realized about five years ago from tes e
Cash Fund.
of American Tel. & Tel. Co. stock is still preserved,intact, in the highestclass of securities, including N. Y. State and N. Y. City bonds, and this
great fund is ready for emergencies and extensions.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING FEB. 1.
1911-12.
1912-13.
1913-14.
1914-15.
Income from
other companies_ _ _ _$4,246,014 $4,202,414 $4,136,009 $4,128,491
investm
Div. on pref.stock (4%,_ 2,000,000
2,000,000
2,000,000
2,000.000
Div. on com.stock (5%)_ 2,069,020
2,069,020
2,069,020
2,069,020
Oper. exp., incl. transfer
agents`, registrars' and
trustees' fees, office
rent, salaries, &c
32,092
31,324
30,588
*60.584
Balance carried forward $116,410
$102,806
$35,665
$27,379
* Includes in 1914-15 also Federal income tax.
BALANCE SHEET FEBRUARY 1.
1914.
1915.
1915.
1914.
Assets$
g
$
Liaiii:U/es$
Investm'ts in other
Pref,shares issued 50,000,000 50,000,000
companies
91,996,160 91,997,714 Com.shares issued 41,380,400 41,380,400
Cash
589,959
471,995 Balance, profit__ _ 1,205,719 1,089,309
$12,821,008 $13,538,262
Total assets (Compare V. 98. p. 836.)
Total
02,586,119 92,469,709
92,586,119 92,469,709
Total
Liabilities
-V. 99, p. 1134.
Capital stock: 1st pref.. $4,491,500; 2d pref., $5,$17,250,000
$7,622,300; total
136,200; common,
996,711
New York Air Brake Co., New York City.
Accts. pay.,$496,711; bills pay., $500,000; total
4,708,449
Deficit
(Report for Fiscal Year ending Dec. 31 1914.)
$13,538,262
Total liabilities
Pres. C. A. Starbuck, N. Y., Feb. 17, wrote in substance:
It will be noted that the securities of The H. B. Clarlin Co. and the
O'Neill-Adams Co., owned by this company,arenot included in the abvoe
Notwithstanding that the past year has been for equipment companies
one of great depression, your company has been able, through improved
balance sheet.
We find that this company has no contingent liabilities except the guar- methods of manufacture and close economy, to pay its fixod charges and
anty to the receivers of The H. B. Claflin Co. of the payment of a balance maintain its usual dividend and show a small addition to its surplus.
of approximately $426,000, due from the O'Neill-Adams Co.against which
The outlook for the coming year is much more encouraging. We have
company, holds upwards of $600,000 of accounts receivable which do not already received brake equipment orders from several foreign governments
appear on this statement.
which, together with increased orders and inquiries from our own railroads
-V. 99, P• 1216, 971.
give promise of a much more prosperous year. Nothing, we assume, can
happen worse than happened in the past year and any changes should be
United Dry Goods Companies, New York.
for the better.
(Report for 11 Months ending Dec. 31 1914.)
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31.
President C. N. Bliss Jr. says in substance:
1911.
1914.
1913.
1912.
Sales
$2,915,932 $3,186,543 $3,035,623 $1,585,681
Since the statement of July 28 1914 to stockholders a full examination
has been made of all the properties of this company and its subsidiaries, Receipts from invest's,
int. and disc. bills
58,714
18,524
42,632
57,769
includ. an audit by certified public accountants of the books as of June 30'14.
The earnings for the past eleven months of the subsidiary companies, as
Total income
$2,934,456 $3,244.312 $3,078,255 $1,644,395
reported by them, are such as would entitle this Company to receive up- Cost of
manurg,Sic_
$1,740,436 $2,104,936 $2,074,204 $1,181,550
wards of $620,000. in addition to which the percentage of earnings of the
217,787
238,221
292,935
219,761
Associated Merchants Co. (see that company below) to which this com- Administration expenses
15,460
Taxes
11,650
18.682
17,517
pany would be entitled, and other income, would give a total of upwards
61,357
67,586
of $1,150,000. The pref. dividends for 11 months would be $695,823. Royalty
181,800
181,800
180,000
180,000
Thus the company would be entitled to receive a considerable amount Interest on bonds
449,658
(6%)599,544(6%)599,544(134)149,886(
434)
above its pref. stock requirements. On the other hand, owing to the Dividends
possible depreciation in value of the capital stock of the Associated MerTotal deductions_ _
$3,189,343 $2,655,761 $2,046,255
$2,892,954
chants Co., of which this company owns 98,131 shares, with the impairment
of capital which would be thereby occasioned, this company could not Balance, surp. or der_ _ _sur.$41.502 sur.$54,969sur.$422,494 def.$401.860
pay any dividends during this period.
CONSOLIDATED BALANCE SHEET DEC. 31.
The matter of the reorganization of the affairs of the two companies so
1913
1914
1914.
1913.
as to restore them to a dividend-paying basis has been held in abeyance,
Assetsg
$
pending a settlement of various matters with the H. B. Clalfin Co., which Factories,
0:
148
7:
0
Capital stock____10,000,00 10,000.000
patents.
are now in course of final adjustment,and we hope in the near future to be wat.pow.,iand,&c.
0
0
3
9,974,832 9,771,217 First M.cony. bds 3,000 000 3 0 0 0
able to present a plan to stockholders under which there can be an early Stock, bonds,
718.259 Accounts payable- 109 898
&c. 739,089
resumption of dividends.
Cash
639,190 Accrued interest on
Appended is a balance sheet of this company, and following that (in Accts. & bills rec_ 525,041
30,000
811,172
782,124
the official circular ] are condensed balance sheets of the various corpora- Inventory
231,510
nd
1,391,824 1,465,553 Profit and loss...- 273,012
tions the capital securities of which this company owns in whole or in part.
The balance sheets of certain of the subsidiary companies include among
13,412,910 13,409,391
Total
Total
13,412,910 13,409.391
their assets, good will and other intangibles. The report of the certified -V. 98, p. 605.
Pressed Steel Car Co., Pittsburgh, Pa.
(16th Annual Report-Year ending Dec. 31 1914.)
Pres. F. N. Hoffstot, N. Y., Feb. 17, wrote in substance:
-The gross sales were $13,375,090 and the profits derived from
Results.
operations, interest, dividends and all other sources, after deducting
$212 045 for repairs and renewals to buildings and machinery, were $892,352, which amount, less the pref. dividend ($875,000) has been added to
'
surplus and undivided profits. Dividends aggregating 3% were paid on
the common stock out of the earnings of 1913.
Early in August, incident to the European conflict, our forces and
running expenses were reduced to the lowest basis consistent with efficiency.
Less than 70,000 cars were ordered during the year from all the car manufacturers and of this number only 1,705 freight and 308 passenger cars were
placed between Aug. 1 and Dec. 31. We secured our proportion of orders.
but ended the year with less freight car orders on the books than any year
in our history. The passenger car department ran with a good amount of
business during the year and has orders booked well into 1915, and the
prospects are good for continued full operation.
For the past nine years the railroads of the country have ordered less than
half of their average annual requirements of new cars, which are estimated
at 250,000 cars. With the large surplus of equipment [not in use] there has
been little incentive to the railroads either to buy new cars or to put badorder equipment in good repair, and unless general business improves or
the large trunk lines undertake to fill what are known as vacant numbers,
the outlook is not promising.
The inventory shows the materials on hand in all departments at theirlowest market prices. The increase in property account [$306,153) represents a portion of the cost of the addition to the passenger-car department
mentioned last year. The addition to stocks and securities represents the
acquisition of 1st M.5% bonds, due 1948, of the Western Steel Car & Foundry Co. at Chicago, of which your company owns the entire capital stock.
Passenger Car Department.
-This department has been in constant operation during the year and the doubling of its capacity, as authorized during
1913, will be finally completed by April 11915. There is reason to believe
that the enlarged capacity will be fully taken up, placing us in a most favorable position to secure its full share of this business, with resultant profit.
Western Steel Car & Foundry Co.
-This works, operated throughout the
year at about the same proportion to capacity as your plants in the Pittsburgh District. To date the earnings of this plant have been used in
transforming it from a wooden-car works to a steel-under-frame-car works,
and then adding facilities for the manufacture of all-steel freight equipment.
The plant to-day covers over four times the acreage of your Allegheny
works and is three times as efficient as it was when taken over by your co.
Patents.
-Several new patents covering improved features in car construction have been taken out during the year and others are pending, so that at
the present time your company owns a considerable munber of unexpired
patents.
SALES, PROFITS, DIVIDENDS, ETC., FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
Gross sales
$13,375,090 $30.967,360 $19,019,403 $11,331,064
Gross earns., all sources $1,104,396 $2,768,459 $1,285,610
$892,836
Repairs and renewals_ _ _
$212,045
$315.267
$393.643
Divs. pref.stock(7%)
$875,000
875,000
875,000
875.000
Divs,corn.stock (3%)_
375,000
Depreciation of plants..
180,000
Balance, surplus
Previous surplus
$17,351
8,405,001
$8,405,001
$95,343
7,364,841
$944,816
7,460.184
$8,422.352
Net surplus
Total
35,293,328 36,959,438
-V, 100. p. 403.
$17,836
7,347,005
$7,460,184 $7,364,841
BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
Liabilities
AssetsProperties & fran_27,348,667 27,042,514 Common stock___12,500,000
Stocks owned__ _ _ 3,133,335 2,937,185 Preferred stock ._ _12,500,0.10
Accounts payable_ 773,659
Taxes & insurance
78,567
20,534 Accr.salary&wages
6,881
not accrued_ _ _
Accrued pref. divs. 218,750
Accounts and bills
1,667,758 3,750,228 Common dividend
receivable
Material on hand_ 886,109 1,493,643 Reserve for contln. 800,000
8,422,352
2,250,578 1,715,334 Surplus
Cash
Total
1913.
12,500,000
12,500,900
1,953,626
207,061
218,750
375,000
800,000
8,405,001
35,293,328 36,959,438
National Carbon Co., Cleveland, 0.
(16th Annual Report-Year ended Dec. 311914.)
PresVames Parmelee, Cleveland, Feb. 15 wrote in subst:
Notwithstanding the business depression,the company was able to make
quite a satisfactory showing.
In Feb. 1914 the property and business of the American Ever Ready Co.
of New York and San Francisco were purchased, the transfer taking effect
as of Jan. 1 1914, and have since been operated as branches, this report
including the business of those plants.
The company now has 10 factories in operation, located at Cleveland,
Fostoria, Fremont and Lancaster, Ohio, New York City and Niagara
Falls, N. Y. San Francisco, Cal., Noblesville, Ind., Clarksburg, W. Va.,
and Jersey City, N.J. Our products are lighting carbons carbon brushes,
carbon electrodes, carbon specialties, wet batteries, flashlights and flashlight batteries, standard dry batteries, storage batteries, electric starters,
motor car accessories and specialties. We also have a factory in Toronto
operated as the Canadian National Carbon Co., Ltd., manufacturing dry
batteries, flashlights and flashlight batteries.
During the year the company completed its new factory in Jersey City,
and is now completing a large factory in Long Island City, which will
furnish for the American Ever Ready branch increased facilities for its
rapidly growing business. These new factories are fire-proof buildings,
with perfect ventilation and light.
Under a resolution of Feb. 16 1914 we offered 5,000 shares of common
stock to faithful employees, at par, allowing from three to five years to
complete payments. A bonus of $5 per share per year will be credited
for faithful and continuous service during the five years over which the
profit-sharing plan extends. Subscriptions have been accented from
1,264 employees.
1914.
1913.
1911.
1912.
Net earnings
$2.215.880 $1,476,622 $1,261.203
$931,145
Div. on pref. stock (79') $372,750
$315,000
$315,000
$315.000
Div. on coin.stock (6%) a582,930
330,000
330,000
330,000
*Depreciation
389.872
329,690
300,909
234,820
Reserve for insurance__ _
50,000
25,000
Bonus to employees_ _
19.709
Charged off
6,025
9,184
7,154
$495,907
Bal. to profit and loss. $825,619
$250,110
$44,171
* Exclusive of monthly charges aggregating $145,589 in 1914, against
$120,000 ill 1913, 1912 and 1911.
a Also a stock div. of 50% ($2,750,000) paid Mar. 20 1914.
BALANCE SHEET DEC. 31.
1913.
1914.
1914.
1913.
$
Assets Preferred stock..__ 5,600,000 4,500,000
Real estate, plants,
&c..11,372.707 8,540,132 Common stock_ _ 9,965,500 5,500,000
•machinery,
1,556,546 Common dividends
Mdse.,raw & mid. 3,137,875
payable Jan. 15 149,482
038,611
1,074,852
82,500
Cash------------ 149,482
82,500 Accounts payable_ 425,390
232,385
Cash for dividend_
Reserve for insur_
50,000
50,000
accounts
Notes &
25,000
860,304 Rester empl.bonus
receivable -----1,612.969
17,028 Profit & loss, surp.x1,155,856 1,330,236
23,343
Prepaid expenses_
Total
[voL. no.
THE CHRONICLE
638
17,371,228 11,695,121
Total
17,371,228 11,695,121
revalua'n & sale of property.-V.99,p.820
xAfter crediting $1,750,000 for
(The) J. G. Brill Company, Philadelphia.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Samuel M. Curwen, Phila., Feb. 10, wrote in sub
The total output of our five plants amounted in sales value to $4,903,511,
comparing as follows (000s omitted)!
1911.
1910.
1912.
1909.
1907.
1908.
1913.
1914.
$5,960 $5,870 $7,842 $9,154
83,845 $4,261
$9,211
94.903
The profit for the year 1914 was $313,106, after charging $158,47 for
maintenance; there was also set aside into the reserves for
all repairs and
depreciation $154,222, leaving a net profit of $158,884. The total reserves
for depreciation now aggregate $1,601,312.
The general conditions have changed but little to affect our business,
since your board of directors deemed it advisable to declare a 1% dividend
on the pref. stock, payable Nov. 2 1914, in place of the regular quarterly
dividend of 14%. and to allow the remainder of the regular quarterly
dividend to accumulate. The board, therefore, declared a like dividend of
1%. payable on Feb. 1 1915 (V. 99, I). 1217, 1368). To meet, as far as
possible, the great depression in business, we have put in force every possible
economy not inconsistent with proper efficiency, including a material reduction in the salaries of all officers, heads of departments and clerks.
On Feb. 6 1915 the combined orders of your company and its subsidiary
companies in process of execution amounted to $1,147,100. While general
business conditions have improved and seem to be improving, it must be
uncertain, in view of the extraordinary causes which serve to continue the
present depression, when it will be possible for the railways to purchase
equipment in normal amounts.
THE J. G. BRILL CO. AND SUBSIDIARY COMPANIES'SALES AND
EXPENDITURES FOR THE YEARS ENDING DEC. 31.
1912.
1911.
1913.
1914.
94,903,511 39.154,433 87,842.091 35,870,907
Total sales
Oper., gen. & adm. exp_ _ $4,590,4051 $8,245,290 $6,787,240 f$5,181,498
134,429
154.2221
Depreciation reserve_ _ _ _
$554,980
9909,143 $1,054,851
3158,884
Net profit
Less div. on pref. stk_ _(63)286,250 (7)320,600 (7)320,600 (7)320.609
Balance,sur, or def.. _def.$127,366sur.$588,543sur.3734,251sur.$234,380
THE J.0 .BRILL CO. AND SUB. COS. COMBINED BAL. SH. DEC. 31.
1914.
1913.
1914.
1913.
Liabilitiess
$
AMU-3
$
Cost of properties_ 8,048,735 7,987,860 Preferred stock___ 4,580,000 4,580,000
Material, raw, In
Common stock__ 5,000,000 5,000,000
process and finBonds (John Ste400,000
phenson Co.)_ _ 400,000
ished
1,516,758 1,887,499
736,434
Investments
348,633
316,795 Bills & accts. pay_ 220,349
Bills and accounts
Surplus
a1,368,370 1,535,417
receivable
1,020,670 1,622,998
Cash
633,893
436,699
11,568,719 12,251,851
Total
11,568,719 12,251,851
Total
a After deducting adjustments of 939.680.-V. 100, p. 558.
(S. S.) Kresge Co., Detroit and N. Y. (5 & 10c. Stores).
(Report for Fiscal Year ending Dec. 311914.)
SALES AND GROSS TRADING PROFITS FOR YEARS END. DEC. 31.
1914.
1913.
1912.
1911.
Sales
916,097,571 913,258,228 $10.325,488 $7,923,064
Gross trading profits_ _ _
Not reported- $3,246.105 $2,460,442
INCOME ACCOUNT YEARS ENDING DEC. 31.
1914.
1913.
1912.
$1,150,498
$863,686
$669,179
(7)128,783 (7)135,800f(4 2-3)93,333
(6)300,000 (4)200,000
Net income
Preferred dividends
Common dividends
Balance, surplus
3721,715
3533,886
$575,846
* For 8 months. The net income for the year 1911 was $418.219.
Compare V. 96. p. 946.
CONSOLIDATED BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
LiabilitiesAssetsS
$
$
$
Good-will,leases,&c. 4,376,026 4,376,026 Common stock_ _ _ - 5,000,000 5,000,000
a2,440,703 1,951,722 Preferred stock.___ 1,828,000 1,930,009
Merchandise
Rents, &c., prepaid 184,981 149,249 Mortgage payable_ 325,000
Bills & accts. ree'le.
47,891
81,767 Purch. men. oblig's c331,037
bFurn., fixt's, &c 1,903,583 1,568,632 Bills & accts. pay_ 607,8521
Mars. & buyers
Office building_ _ 656,037
496,767
. 274,817
comm'ns pay_ _
582,223 362,697
Cash
18,018
Income tax reserve_
Supplies,stationery,
.
28,634
2,097 Res.to retire pf.stk. 200,000
&c
Dividends payable.. 181,990 133,775
Profit and loss_ _ _ .s1,453,364 931,648
Total
10,220,078 8,492,190
10,220,078 8,492,190
Total
-a At or below cost.
b Furniture, fixtures & perm. irnpts. on leased property, less deprec'n.
c On account of office building,of.which $256,037 was payable Jan. 2 1915
and $75,000 on Feb. 1 1915.
*After deducting $75,000 approp. to retire pref. stock.-V.100,p.559,233.
American Writing Paper Co., Springfield, Mass.
(15th Annual Report-Year ended Dec. 311914.)
The executive committee report as follows:
The year proved disappointing in results due to conditions confronting
all manufacturers and particularly those requiring imported raw material.
Just prior to the European war there were evidences of a general revival
of business throughout the country, but subsequently prices of all raw
materials advanced abnormally and the demand for paper decreased. In
August it was necessary to advance prices in order to compensate in part
for the increased cost of manufacture. These prices are being maintained
to-day and they are generally recognized as fair by the trade, since even
before the war prices were too low to permit a fair margin over cost of
manufacture. Our coal consumption has been higher, due to another year
of unprecedented low water conditions in the'Connecticut River.
The plants have been maintained at a cost of $350,144, charged to operating expenses. The treasury bonds remain intact at $1,400,000, being
available as an asset.
The trustee has received the annual $100,000 for the sinking fund, also
$121.416 from interest on bonds in the sinking fund; total, $221,416. The
trustee purchased during 1914 $265.000 bonds at cost of $182,331. Cash
in hands of trustee Jan. 11915, $104,808.
Your management have earnestly devoted themselves to the question
of economy and decrease in cost of manufacture, and it is hoped that the
various changes made will be effective.
EARNINGS, EXPENSES, CHARGES, &C.
1911.
1914.
1913.
1912.
Net earnings
$1,009,638
$943,910 $1,489,762 $1,400,096
Interest, &c
125,435
94,920
111,887
105,943
Pulp duty refund
148,848
Total net income _ _ $1,253,406 $1,049,853 $1,601.649 $1,525,531
$850,000
Interest on bonds
8850.000
$850,000
3850.000
312,208
Expenses,incl. maint_ _ _
306,392
411.716
329,043
100.000
Sinking fund
100.000
100,000
100,000
Dividends
(2)249.610 (2)249,564
Balance
$1,361,716 81,279,043 31.506,002 $1,511,772
df.$108,310 df.$229,190 sr .895,647 sr .$13,759
THE CHRONICLE
FEB. 20 1915.]
BALANCE SHEET DECEMBER 31.
1915.
1914.
1915.
$
Assets_16,706,471 16,687,906 Preferred stock___12,500,000
Plant& real est_ _
9,500,000
Good-will, &c____18,010,150 18,010,150 Common stock__17,000,000
154,277 5% bonds
177,987
Cash
1,487,729 Accts.& bills pay.. 302,198
Accts.& notes rec. 1,297,732
Company bonds 1,187,345 1,187,346 Sink, fund reserve 2,129,416
254,472 General reserve_ _ _ 1,237,411
Miscell. stocks_ _ _ 259,472
415,311
Supp. & materials 3,315,762 3,030,532 Surplus
2,129,417 1,908,000
Sinking fund
43,084,336 42,720,412
Total
-V. 100. p. 476.
Total
1914.
12,500,000
9,500,000
17,000,000
51,380
1,908,000
1,237,411
523,621
43,084,336 42,720,412
Mohawk Valley Company, Utica, N. Y.
(Report for Fiscal Year ending Dec. 31 1914.)
This electric light and power ally of the New York Central
RR. Co. (which owns $5,114,300 capital stock) reports:
639
BALANCE SHEET JAN. 1.
1915.
1914.
1915.
1914.
LiabilitiesAssets$
$
$
$
4,000,000 4,000,000
Plant investment6,234,898 6,236,316 Preferred stock
1,000,000 1,000,000
Stock on hand
1,167,280 1,090,314 Common stock
First mtge. bonds_ 1,750,000 1,800,000
Accounts and bills
5,225
8,950
receivable, &c..
811,433 901,059 Bond coupons
Cash
202,978 249,582 Accts.& bills payable 327,005 364,552
Cash for coupons
8,225
9,950 Reserve for depreen 750.000 740,000
3,000
1,000
Treasury stock, corn. 250,000 250,000 Reevefor 1st M.bds.
• a839,584 822,719
Surplus
Total
Total
8 674,814 8,737,221
8 674,814 8,737,221
-a After deducting $139,464 for adjustment of patent and good-will account.
-V. 99, p. 204.
Imperial Tobacco Co., of Canada, Limited.
(Third Annual Report-Year ended Sept. 30 1914.)
The report, signed as of Dec.8 1914 by M.B. Davis and
D. C. Patterson, directors, and 0. S. Perrault, Sec., says:
INCOME ACCT. YEARS END.DEC.31(NO REPORT ISSUED FOR 1913)
During the year dividends amounting to 6% were paid upon the prefer1911.
1912.
1914.
$3,826,978 $3,466,695 $3,159,278 ence shares and four interim dividends aggregating 6% were paid on the
Earnings from operation
1.581,887 ordinary shares, and the directors recommend the payment of a final
1,846.795
2,080.159
Expenses
dividend on the ordinary shares of 1%. absorbing $270,025. The balance
$1,746,819 $1_,619,900 $1,577,391 of $379,310 [including $374,251 brought forward Oct. 1 1913] to be carried
Net earnings
$251,055
$255,222 forward. The above figures do not include the company's proportion of
4264,597
Taxes
7,895
6,585 undivided profits of the associated companies, and which 'hey have not
11,503
Uncollectible bills
thought fit to declare as dividends.
$1,470,719 $1,360,950 $1,315,584
Net income
295,127
315,542 PROFIT AND LOSS ACCOUNT FOR YEAR ENDING SEPTEMBER 30.
96,405
Non-operating revenue
1913-14. 1912-13.
1913-14. 1912-13.,
$1.567,124 $1,656,077 $1,631,126
Gross income
Net profits
52.580,034 52,352,703 Div.on ord. stk.•_S1,890,175411,755,16"
Deduct
$874,185
$872,212 General reserve... 5203,000 5200,000
$838,655
Interest and rentals
Total deduc'ns_52,574,975 82,328,401
92,905
92,905 Pref, stock divi92,905
Divs. on subsidiary stocks now owned_
481,800
373,239 Balance, surplus__
dent,6%
524,302
55,059
3,791
628
5,324
Proportion undiv.surp.of subsid. cos.*
449,808
449,806
449,808
% in 1912-13.
•7% in 1913-14 and
Dividends (6%)
$1,386,692 $1,420,689 $1,415,551
Total deductions
BALANCE SHEET SEPTEMBER 30.
$235,388
$180,432
$215,575
Balance, surplus
1914.
1913.
1914.
1913.
Mohawk Valley Co.
Asset
Liabilities$
*Applicable to stock of subsidiary cos. not owned by
$
Real est. & bldgs_ 1,342,194 1,261,200 Pzeterred stock._ 8,030,000 7,970,593
Ordinary stock...27,002,500 27,002,500
Plant, machinery,
BALANCE SHEET DEC. 31 (NO REPORT ISSUED FOR 1913).
757,496 Bills payable
furniture. &c_ _ _ 881,103
1,200,000
1914.
1912.
1912.
1914.
Creditors & credit
Good will, PatLiabilities$
Assets$
$
26,816,801 26,816,801
balance
ents, &c
470,009
607,167
Investments .,_ _ _ al1,020,836 10,706,051 Capital stock ____ 7,500,000 7,500,000 Shares in associaPremium on pre17,471 Accrued taxes_ _ _
17,273
13,125
9,571
Cash
414,958 ferred stock__
240,836
240,836
ted companies._ 444,958
1,830
1,354
566,241 Accrued interest__
Bilis& accts.sec _ _ 580,587
funds_ _ _
620,736
506,087
1,948,000 1,860,000 Stock in trade,&c., 7,317,039 5,677,926 Reserve reserve..
3,200 Bills payable
Re-acquired secure.
3,200
Genet al
803.000
600,000
funds
Prep'd exp ,&c._.
175 Profit and loss__ _ 2,160,277 1,918,659 Sundry debtors,&c 2,082,621 2,260,291 Capital, surplus.. 101,579
13,186
101,579
214.341 Profit and loss___ 649,335
233,279
374,251
Total
11,627,380 11,293,138 Cash
11,627,380 11,293,138 Total
39,117,995 37,403,013 Total
39,117,995 37,403,013
Total
a Investments as above in 1914 ($11,020,836) include Canandaigua Gas
Light Co. stock, oar $20,550, book balue. $8,220; Eastern Monroe Elec.
Total auth. stock, $30,000,000 ordinary in $5 shares, and £1,999,995,(or
Lt. & Gas Co. stock, par $250,000, book value, $98,726; Rochester Ry. &
shares of £1 ($486 2-3) each.
-V. 100. p. 144
Lt. Co. pref. stock. $1,143,200 at par; Rochester Ry. & Lt. Co. common $9,733,309) cum. 6% pref.
stock, par $6,495,700. book value, $9,757,777; N. Y. State Rys. common
stock, par $2,000, book value, $1,482; Rochester Elec. Ry. stock, par,
Laconia Car Co., Boston, Mass.
$300, book value, $751; Canandaigua Elec. Lt. & RR. Co. bonds, $6,500;
Ontario Light & Traction Co. bonds,$2,500; Utica Belt Line St. Ry. bonds,
$1,500, and Rochester Ry. & Lt. Co. bonds, $180.-V. 100, 0. 556.
(Report for the Year ending Sept. 30 1914.)
1913-14. 1912-13.
1913-14. 1912-13.
249,707 $103,110
Net earnings
Gross profit from
Fisk Rubber Co., Chicopee Falls, Mass.
Pref. dive.
*5412,2151 Not
(334)35.000 (7)70,000
sales, &c
Exp. & adjustments 162,508) stated. Balance, surplus__ _ $14,707 $33,110
(Report for Fiscal Year ending Oct. 31 1914.)
$49,707 $103,110
Net earnings
*Less cost of manufacture.
PROFIT AND LOSS ACCOUNT.
GENERAL BALANCE SHEET SEPTEMBER 30.
1913-14. 1912-13.
1913-14. 1912-13.
1913.
1914.
1914.
1913.
Net profits*
5942,204 $606,000 Balance, surplus
$432,204 $187,063
Liabilities
$
Assets$
Inventory adjustment $160.000 3117,688 Previous surplus
187,063
1,000,000 1,000,000
Plant, machin YA0-1,153,09611,485,591 Common stock
Incorporation exp.
15,416
1,000,000 1,000,000
Preferred stock
370,000)
Good-will
Preferred dividends..y350.000 y285,833
17,370
17,370Accounts payable_ _ _ 25,9091 365,952
Investments
Total surplus On
45,000J
62,4531 164,616 Bills payable
Balance, surplus_ --$432,204 $187,063
Oct. 31
$619,267 $187,063 Cash
Reserve for doubtful
Accts.¬es receiv_ 105,2631
435
x354,548 717,518 accounts
* After deducting yearly manufacturing costs of sales at average annual cost Inventories
35,874
50.583
17,166 surplus
58,762
all expenses, depreciation and interest pa d on borrowed money. x Includes trans- Miscellaneous
actions of Fisk Rubber Co. of Delaware from Nov. 1 1912 to Feb. 1 1913. y Pref.
2,121,492 2,402,261
Total
Total
2,121,492 2,402,261
dividends as above ($350,000 in 1913-14) include 7% on $3,000,000 1st pref. and also
on $2,000,000 2d pref. stock. $210,000 and 3140,000, respectively. In 1912-13 diva. -V.98. 13. 316
.
include $43,778 on pref. stock of the Fisk Rubber Co.of Delaware from Nov. 1 1912
to Feb. 19 1913,and also $145,833 on the 1st pref. stock and 597,22200 the 2d pref.
stock of the Fisk Rubber Co. of Mass. from Feb. 19 to Oct. 31 1913.
Continental Gas & Electric Corporation, Cleveland, 0.
BALANCE SHEET OCT. 31.
(Report for Fiscal Year ending Dec. 31 1914.)
1914.
1913.
1913.
1914.
President C. S. Eaton says in substance
Liabilities
Assets$
Common stock_ _ _ 8,000,000 8.000.000
Real estate, Milo,
The total value of additions and betterments made to the properties of
machinery, &c_ 1,932,748 1,729,684 1st pref. stock__ __ 3,000,000 3,000,000 this company during the year 1914 was $992,949. The additions included
2d pref. stock__ __ 2,000,000 2,000.000 the purchase of four co
Equip., turn., &c.. 215,3071 208,849
companies (V. 99, 13. 750). viz.: (a) Oakland (Ia.)
450,000 Electric Co.,
Notes payable... _ 1,745,000
Molds and autos__ 304,5491
light and power to Oakland and vicinity; (b)
607,620 Nebraska Gassupplying
10,419 Accounts payable_ 228,524
8,759
Leasehold prop'ty
& Electric o., owning power stations and supplying elec37
705 tric current in Beatrice. Holmesville, Wymore, Blue Springs, Blair, NorGood-will & paVts 8,000,000 8,000,000 Unpaid diva. due_
52,500
52,500 folk, Tilden and Meadow Grove, Nebraska; [This company in 1914
183,420 let p1. div. Nov. 1
Cash
362,644
35,000 made a 81,000,000 mortgage]; (c) Iowa Gas & Elec. Co., owning power
35,000
Notes & accts. rec. 2,131,577 1,294,789 2d pf. div. Dec. 15
207,967
50,000 stations and supplying electric current in Missouri Valley, Logan and MagStock subscrip'n-a 175,482
210,932 Reserves
619,267
187,063 nolia, Iowa; (d) Avoca Elec. Light & Power Co., controlling the utilities
Materials& suppl's 2,622,721 2,579,615 Surplus
Tires under milein Avoca and Shelby, Iowa.
age contracts
Aggressive campaigns for "new business" were conducted with satisfac49,899
93,106
Prep'd int..ins.,&c
72,074
tory results in each of the commumt‘es served. The territory in Southwest84,609
ern Iowa and Southeastern Nebraska,comprising one of the most productive
18,888,295 14,382,888 agricultural districts in the United States, has had a year of unusual prosTotal
15,888,295 14,382,888 Total
perity, unaffected by the unsettled business conditions that have obtained
a Due on collateral notes from employees for subscriptions to capital stock.
elsewhere. The thriving condition of the cities occupied is reflected in our
There was retired Dec.311914. out of the profits for the fiscal year ending Oct. 31 earnings, and has made it possible, while other companies were retrenching.
1914, $225,000 of the first pref. stock, in accordance with the provisions governing to pay dividends on the common and pref. shares of this company at the
regular rates, and to continue all profitable improvements and betterments.
that stock -V. 100, p. 401.
[Capital authorized, $5,000,000 each of common stock, preferred stock
and first lien bonds. See offering of the bonds in V. 99, p. 750. 897; V.96.
P. 138.1
United States Envelope Co.
SUMMARY OF OPERATIONS.
(Report for Fiscal Year ending Dec. 31 1914.)
1914.
1913.
1912.
Gross earnings
Treas. William 0. Day says: "There has been added dur- Oper. expenses,incl, maint.,taxes & insurance$550,330 $321%052 $264,708
$352,868 $184,918 $157,235
5,790
5.790
ing the year to our permanent plant and equipment, in ma- Int. on outstanding bonds of subsidiary cos_ _ _ 5,790
chinery, $110,592, and in real estate and buildings, $27,991.
Balance, surplus
$191,672 $130,344
$101.6$3
Int. on outstanding bonds of Cont. Gas & El.
Corporation
$64,525 $37.125 $35,750
[The annual dividends at the regular rate of 6% on the pref. and 2% on
1911.
$722.378 the common now outstanding calls for $24,402 and $29,820, respectively.
Profit
-Ed.]
Deduct$97,292
first mtge. bonds
BALANCE SHEET DEC. 31.
$94,792
Int. on
$ .
$92,292
89 792
1,400
104
Int.on deb. bonds,&c_
Assets
-1913.
Liabilities1914.
1913.
262,500
262,500
Div. on pref. stock (7%)
280,000
271,250
Wks. & bds.owned$3, 07,338 $2,623,838 Common stock-51,491,000 $1,266,000
5
Def.div. on pref. stk._
*(4 )168,750 (2))93,750 (23)93,750 Acc'ts receivable_ 1914
232,286
92,763 Pfd. atk.,6% cum. 406,700
300,000
Div.on common stock_ _ (7)6'2,500 (23)18,750
6,350
10,050 First lien 5s
1.290.500 *950,000
48,822 Bills receivable__ _
Depreciation
68,737
48,075
63,640
Cash in banks._ _ _
48,765
17,7171Acc'ta & bills pay- 472 244
13 :295
4
196 00
3 1:6877
Adjust's ofinvent. accts.
17,969
Furn. & fixtures..
109 Surplus
$503,764
$519,883
$470,367
Total
$632,651
Total
$3,794,739 52,744,4771 Total
$218,614
$3,794,739 $2,744,477
$207,152
$156,329
$41.298
Carried to surplus
* Includes $207.500 bonds reserved for future purchases.
-V.100, p. 400.
-Tiflis/payment of 43 % was made Mar. 1 1913 in full for deferred diva.
EARNINGS, CHARGES, &C.
1912.
1914.
1913.
$727,035
$626,696
$673,949
640
THE CHRONICLE
Ogilvie Flour Mills Co., Ltd.
31 1914.)
Pres. Chas. R. Hosmer, Oct. 8, said in substance:
-Year ending Aug.
(13th Annual Report
[VOL. 100.
Belding Bros. & Co., N. Y. City and Rockville, Conn.
(Balance Sheet Dec. 31 1914.)
1913.
1914.
1914.
1913.
AssetsLiabilities
$
Preferred stock
The issue of $600.000 6% 1st M.bonds,series"C," the proceeds of which Real estate, machin2,500.000 2,500,000
the cost of the Medicine Hat flour mill and elevators,
*1,699,551 1,654,090 Common stock
ery, &c
were used towards
3,000,000 3,000,000
550,844 554,747 Surplus
were disposed of during the year (V. 98, P. 159, 308). This mill and the Cash
1,040,878 793,416
elevators have been in successful operation during the year, and are proving Bills & accts. reedy_ 784,865 999,738 Reserve
345,724 290,663
regards profits and for the protection of Inventories
2 747,375 2,583,985 Bills & accts. payable 718,478 991,618
to be a wise investment both as
Invests,in other cos_1.827,623 1,788,198 Pay-roll
our Western and Pacific business.
5,181
5,061
flour mills, elevators and other properties are in first-class condition.
Our
Total
7 610,261 7,580,758
Total
Liberal expenditures are constantly being made to keep them up to the most
7,610,261 7,580,758
modern standard of efficiency.
*Includes in 1914 real estate, equipment and water, power, 31.615,782,
The usual dividends have been paid on the pref. and common stocks.
Statement by W. A. Black, Vice-President and Managing Director. and supplies, $83,772.-V. 99, p. 406.
August, when the war started, conditions have
If we except the month of
been normal, sales in the domestic and export markets being quite up to
American Wringer Company.
the average, notwithstanding increased competition, and you will note a
(Report for Fiscal Year ending Dec. 31 1914.)
substantial margin over dividends and fixed charges has resulted.
Whilst the harvest in our Northwest has not resulted in as large a crop
INCOME ACCOUNT.
as the preceding year, the quality in the main is satisfactory, and the total
monetary return should equal, if not exceed, that of last year. Some
1914.
1913.
1912.
1911.
considerable area suffered very severely from drought and heat, but the Gross earnings
$246,223
8299,408
8336.695
5316,689
Dominion Government has taken the matter in hand and is furnishing Reserve from 1914
25,000
feed where necessary to enable those requiring assistance to prepare the
land this fall and seed for spring sowing. It is to be hoped that the farmers
$271,223
8299,408
3336,695
5316,689
will make the most of the present opportunity to put under seed the great- Expenses
138,248
139,224
132,242
130,44
est possible area, for, owing to the war, the demand for grains of all kinds
will be very great from this side of the Atlantic, and prices are likely to
Net earnings
$132,975
8160,184
8204,453
$186,445
remain on a high level for at least another crop year. Our recent advices Preferred dividend (7%)
$59,500
$59.500
$59,500
$59,500
from the West indicate that this policy is being carried out by our Common div. (6%)...... _
54,000
54,000
54,000
54,000
farmers, and favorable weather has prevailed for fall ploughing.
Depr.,real est.,mach.,&c.
20,953
19,475
36,684
22,945
INCOME ACCOUNT.
Balance, surplus
810,000
$70,000
$50,000
1913-14.
1912-13.
1911-12.
1910-11.
$521,431
Trading profits
$581,944
$576,735
$481,310
BALANCE SHEET JAN. 1.
Deduct
1915.
1914.
1914.
1915.
$132,000
$105,000
$105,000
$105,000
Interest on bonds
Assets
$
I Liabilities-.
$
3
$
140,000
140,000
140,000
140,000
Pref. divs.(7%)
*675,078 670,736 Common stock
900,000 900,000
200,000
Common diva. (8%)
200,000
200,000 Property
200,000
555,044 597,352 Preferred stock
Merchandise
850,000 850,000
28,375
- 89,195
32,527 Dividends payable
28,375
Total deductions_ _ _ _
$472,000
8445,000 Cash
$445,000
$445,000
342,066 341,629,Reserve
25,000
15,000
Balance,surplus
$109.944
$36,310 Investments
$131,735
$76,431
Bond & mortgage...
8,000 Surplus
7,500
180,000 180,000
BALA NCB SHEET AUG. 31.
Notes & acc'ts rec... 204,492 233,131
Pat's, good-will, &c_ 100,000 100,000
1913.
1913.
1914.
1914.
A ssels$
$
Total
2,000,000 2,800,000
Plant, real est., &c_ _6,127,610 5,891,408 Preferred stock
1,973,375 1.983,375 Total
1,973,375 1,983,375
51
Good-will,tr.mks.,&c.
2,500,000 2,500,000
*1 Common stock
* Includes real estate, $446,337; machinery, tools and appliances, $224,3.950 FirFt mtge. bonds_ _.2,350,000 1,750,000
Cash on hand,etc.__ 54,685
68,227 Bank of Montreal
863,886 1,447,850 841. and office furniture and fixtures, $3,900.-V. 100, p. 400.
Bills receivable
68,584
Accts. rec. (less res.
Accounts payable. _ _ 823,368 535,013
for contingencles)_ 1,549,830 1,406,315 Reserved for bond
American Pipe & Construction Co.
int, and dividends 120,250 111,250
Materials & supplies 1,234,379 1,280,847
64,101
67,231
45,678 Pension fund
49,470
Furniture, &c
(Report for Year ending Dec. 31 1914.)
582.466 472,523
Investments
197,050 184,311 Profit and loss
President Joseph S. Keen Jr. reports as follows:
do pension fund_ 25,592
In
Total
9 307,201 8,880,737 year;the passing of our dividend (1% quer. Oct. 1, making 3% paid for the
9,307,201 8,880,737
Total
the Jan. 1915 dividend was also omitted. V. 99, p. 676, 1676), it
Note.
-There was also Aug. 31 1914 a liability for $584,242 customers was not altogether a question of decreased earnings, but principally the
paper under discount.
lack of cash, due to the inability to market securities which we have taken
-V. 99, p. 1134.
in exchange for work. The percantaro of net earnings was 5.1% on stock.
Western Canada Flour Mills Co., Ltd„ Toronto.
All things considered, however,the year's business has not been unsatisfactory, the gross profits being $478.769 and the net profits 3254,908-this
(Report for Fiscal Year ending Aug. 31 1914.)
after charging off against profit and loss the sum of $126.833, mostly advances made to your subsidiary companies during the year, which we now
INCOME ACCOUNTS FOR WEARS ENDING AUG. 31.
carry in suspense account. The percentage of net earnings was 5
.1% on
1911-12.
1910-11.
1913-14.
1912-13.
your capital stock.
$186,934
$283,293
$264,539
Profits
5315.246
Your company, after paying the
8100,159
862,357 April 1 and July 1 1914, amounting dividends (of 1% each] on Jan. 1.
$103.143
Bond interest
895.619
to $150,000. reduced its indebtedness
Other interest
27,000 as follows: Collateral
colalteral trust
157,482
Dividends (8 7)
120.000
120,000
120.000 certificates, Series" trust certificates, Series"A,"$50,000;
13," $50,000; bills payable. $70,000; accounts payable.
red'm'd
312
Prem, on bonds
900
993
1,073 $80,054; total. $250,554. In
Co. retired and canaddition, the Securities
Balance,sur. or deficit sur$57,293 sur$59,250 sur$47.927 def$23,496 celled $156,000 of its 6% collateral trust bonds
Most of our construction work was confined to the operations on the
New York Barge Canal, which contract shows a satisfactory profit. The
BALANCE SHEET AUGUST 31.
profit on our construction work during the year 1914 amounted to 3200.586.
1913-14. 1912-13
1913-14 1912-13.
The subsidiary companies, even under the depressed conditions, show a
8
Assets$
Liabilities$
s
Real erlt., bldgs.,
Capital stock
2,124,700 1,500,000 substantial increase in earnings over the year 1913.
The board,considering the condition of the security market, has remach'y & equip__ 2,692,375 2,642,994 Funded debt
1 653,593 1,704,742 appraised the security
holdings. The bonds were reduced approximately
Patents, trade-marks
Accrued bond, &c.,
5%, which, with the other items
to suspense account and the
and good-will.... 182,851 182,801
interest
49.648
51,170 dividends paid April 1 and July 1 transferred reduced the undivided profit
1914, have
Share investments_ 649,769
15,880 Dive due Sept. 15._ 42,494
30,000
at a
Accts. & bills reeely. 922,061 532,966 Bank loans
1 067,250 453,792 account to $410,550. This reduction, it is believed, leaves our assets
very conservative appraisement, on the basis of which your stock is worth
807,827 609,470 Accts & bills pay
Stock in trade
234,850 142,493 approximately
$108 per share.
Bags,bbis.,supp ,&c. 343,075 290,034 Profit and loss
502,263 444,969
76,840
Cash
53,021
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1913.
1914.
5.674,798 4,327,166
1913.
1914.
Total
Total
5,674,798 4,327,166 Earns.
contracts-$200,586 $214,940 General, &c.,exp. $20.106 522,089
-V. 99. P. 1304.
61,263 67,081
' sub-cos_ _ -- 11,974
73,639 Salaries
16,689
West Kootenay Power & Light Co., Ltd., Montreal.
Miscell. earnings.. 24,138
18,815 Taxes & insurance 15,660
51,700
Interest
240,172 212,692 Adjust. of secure_ 126,833
-Year ending Aug. 31 1914.)
(17th Annual Report
1,973
Profit mdse
1,899
Total deduc'ns_$223,862 $157,559
President C.R.Hosmer, Montreal, Nov.2,wrote in subst.:
$478,769 $522,059 Balance, surplus_$254,907 $364,500
Total
Out of the net earnings have been paid the interest and sinking fund
Net Earns. Div. Paid.
Net Earns. Div. Paid.
3506,482 5400,000
on the bonds, and dividends at the rate of 7% on the pref. stock and 5% 1914
5254,907 $150,000 1909
400,000
629,678
on the common [the latter contrasting with 4% in
250,000 1908
364,500
We have also 1913
420,000
615,983
written off $3,272 for had debts. After making 1913.
the above payments, 1912
605,392 400,000 1907
618,043 480.000
there remains a surplus of $53,588, which increases the total credit to profit 1911
400,000 1906
652,890
352,482
588,669
400,000 1905
and loss to $302,062 on Aug. 31, 1914.
473.752
1910
During the year the installation of another unit, giving the company an
BALANCE SHEET DEC. 31.
completed at a cost of $118,726, and is in operaadditional 8,000 h.p., was
1914.
1913.
1913.
tion. This outlay was met by the sale of 1.000 shares of pref. stock, which
1914.
Liabilities$
$
$
yielded $105,000, the balance being contributed from surplus.
Assetsstock (par,
2,772,080
Bonds, appr's'd vol.2,918,395 3,056,750 Capital
INCOME ACCOUNT YEAR ENDING AUG. 31.
5 600,000 5,000,000
$100)
appr. vs1.2,450,498
Cap.stks.,
Collateral trust cer1913-14.
1912-13.
1911-12.
Unfinished contracts 166,742 370,253
1910-11.
tificates
1,400,000 1,500,000
Rev.-produc.load,h.
-p8,029.97
7,984.73
Rear estate (clear of
6,705.90
84,692 Dividend due Jan. 1_
50,000
84,319
Gross receipts
encumbrance) - -$424,262
$415,414
5332.864
$308,201 Accounts receivable. 875,521 1,234,449 Accounts payable... 72,957 153,012
Operating expenses..
119,718
115,280
110,257
109,804 Bills receivable- ---- 496,882 653,33e Bills payable
184,987 655,486
Undivided profits... 151642)1.375,892
tools on
Net earnings
5304,544
8300.134
$222,607
Profit and los*
$198,396 Mach. and
254,908J
construction work
Int.and sinking fund__ _ $104,400
$104.400
5121,964
5124.774
depreciation) 264,216 349,437
(less
Int.& 8k.fd.on Cascade
63,320
Merchandise on hand 64,969 160,072
bonds
17.564
17,564
148,972
Cash on hand
Miscellaneous deductions
1,220
2,251
1.913
Preferred diva. (7%)
24,500
21,000
14,000
Total
14,000
7468,401 8.734,390
7,468,494 8,734,390
Total
Common dividends
(5)100,000
(4)80.000 (23)50,000 (254)50,000
-In the statement of assets for 1914 no account is taken of sundry
Note.
accounts receivable of the face value of $2,543
which
stocks, bills and
Total deductions,-- $247,684
$225,215
3187,877
5188,774 are for the present appraised at a nominal figure.
-V.99, p. 1676.290,
856.860 . $74.919
Balance,surplus
$34,730
$9,622
BALANCE SHEET AUG. 31.
Rotary Ring Spinning Co.
1913.
1914.
1914.
1913.
(Balance Sheet Dec. 31 1914.)
$
mammies-$
$
AssetsS
1913.
1914.
mammies2,000,000 2,000,000
property account-3,562.053 3,422,560 Common stock
1914.
1913.
Assets400,000 300,000 Patents & marhinerys$584,165 4585,165 Capital stock
$775,880 $775,880
Invest's other co's__ 395,370 395,370 Preferred stock
54,782Funded debt
124,950
151.200 Accounts payable,.. 14,272
53,719
1,500,000 1,500,000 Securities owned....
12,746
Merch., suppl., &c__
15,571
15,190
Redempt'n bds., s.f_ 123,220 103,267 Rossland Water &
Inventory
Light Co
22,447
118,096 *72.608
1,458 Cash, loans & accts. b 20,924
Cash
15,243
101,219 Cascade Water Pow.
44,923
Profit and loss
So. KoOt. Wat, P.Co. 120,867
36,475
& Lt. Co., Ltd.__ 14,486
7,914
Other bills dc accts._ 36,761
Accounts payable... 54,073
$790,152 $788,626
Total
12.169
Total
$790,152 $788,626
Cap. exp. Rossland
19,418 Reserve for sink. fd.,
W.& Lt.Co.,Ltd. 20,904
prem. and div.-- _ 40,840
3,422
35,840
3,691
a Includes patents, $572,793: machinery, $11,372; b Includes cash,
Unexpired ins., &c
Sinking fund
813,592, and accounts receivable, $6,812.
124,718 103,597 $520; loans,
330
1,498
Royal Trust Co_ _
302,062 248,474
Profit and loss
The balance•sheet of the American Worsted Machinery Co. (controlled
by stock ownership) of Dec. 31 1914 shows total assets (incl. cash, $18;
4 436,179 4,209,451 mete receivable, $1,998, and profit and loss deficit, $8.576), $113.592.
Total
4,436,179 4,209,451
Total
offset by capital stock. $100,000, and accounts payable, 813.592.-V. 98.
p. 302.
Mind
*Includes bonds on hand In 1913.-V. 99, D. 1604.
FEB. 20 1915.]
THE CHRONICLE
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlantic Coast Line RR. Co.—Offering.—White, Weld
& Co., and Guaranty Trust Co., N. Y. are offering, at
92M and in, yielding 4.40%, $1,100,000 1st Consol. M.
50
-year 4% gold bonds of 1902, due July 1 1952. The
bankers report. (See advertisement on another page):
641
and over 70% of the 1st M.bonds of the Madeira-Mamore Ry. have already
been deposited. See V. 100. p. 307. 53.
Canadian Northern Ry.—Railway Development in Canada.—President William Mackenzie is quoted as making
substantially the following reply to the statement of an
officer of the Canadian Pacific Ry. (see V. 100, p. 472)
regarding railway construction in Canada:
When the Canadian Northern began building in 1896 there were 16,270
miles of road in Canada and in 1913 there were 29.304 miles. During the
18 years, in which the mileage had not quite doubled,the foreign trade of
A first:and closed mortgageon 1,023.61 miles ofroad. Also by a general lien Canada more than quadrupled, and although full statistics of the domestic
on 2,918.52 miles of road subject to $29,730,500 prior liens. Including trade are not available, there is no doubt that that expanded in proportion.
At any rate,
prior liens, these bonds are outstanding at the rate of less than $21.600 per five times. the aggregate earnings of the Canadian railways increased by
mile. Followed by the Unified and General Unified Mortgage Bonds.
If there was
sufficient of which are held to retire the Consolidated 4s at maturity; and the Canadian not a need for more railways, what justification was there for
Pacific to spend millions of dollars annually for several years
also by $67,558,000 capital stock with a present market value of approxi- in
double-tracking the company's main line? Why did the company
mately 870.000,000. For year ending June 30 1914, total net income was recently
313,105,935, applicable to the payment of interest, rentals, &c., amounting already spend millions on a new line between Toronto and Ottawa, when it
possessed one between these points?
to $5,776,927. Legal investments for savings banks in New York and
What, then, are the "threatening features" in the Canadian
Connecticut. See annual report in V. 99, p. 1523.—V. 99, p. 1831.
situation? Two additional transcontinental lines will soon berailway
operation, both with relatively low grades. The maximum under
Atlantic Shore Ry.—Earnings.—
grade
of the Canadian Northern through the Rocky Mountains is 0.4%. with. the
CM.
Gross
Operating
Int. on Balance. exception
,
Other
All
Net
of60 miles in the Albreda Pass,where the maximum rises to 0.7%.
Year— Earnings. Expenses. Earnings. Income. Taxes. Bds.,&e. Deficit.
The maximum grade of the Canadian Pacific through the Rocky Mountains
1914_ --$357,869 $289,235 $68,634 $2,271 $7,819 $94,399 $31,313
1913_ _ - 373,915
283,221
94,429
10,959 Is more than 2%. The Canadian Northern last year carried one-third of
7,223
90,694
the grain moved to the head of the Groat Lakes. During the period in
—V. 98, p. 688.
which the railway mileage of Canada has
Boston & Maine RR.—Plan to Extend Notesfor 6 Months. ally produced on the prairies increased not been doubled the grain annufrom 30,000,000 to more than
500,000,000 bushels yearly.—V. 100. p. 396. 393. 307.
—The holders of notes due March 2 1915(about $23,000,000)
are urged to extend these notes to Sept. 2 1915 on the terms
below indicated, and for that purpose to notify the Old
Colony Trust Co., Boston, before 2 p. m. Feb. 23, which of
the alternate offers they desire to accept, also the numbers,
denominations, etc. See adv. on another page.
Statement by President. Directors and Trustees. Feb. 15.
The trustees appointed by decree of the U. S. Court to represent the
Boston Railroad Holding Co.'s majority stock have caused bills to be
presented in the legislatures of Me., N. if., Vt. and Mass. asking for relief
from present onerous conditions that beset the property (V. 100. p. 395).
If relief is granted, as we expect, we are hopeful for the future of the
property and its securities. The full effect of the passenger and freight
rate increases so far granted, the return of business to more normal conditions and the expected friendly attitude of the leased line interests are all
likely to aid us in our task.
If the necessary legislative relief is not granted, then a receivership will
be necessary with consequent demoralization and loss. We believe the
seriousness of the situation is appreciated by the law-making bodies.
The extension of the notes for a period of 6 months is asked because it is
believed that within that time the necessary legislation will be granted, and
a consequent plan in the interest of the property be adopted. During this
period the condition of the notes extended will remain unchanged, as no
mortgage may be placed upon the property without securing the notes.
The trustees are giving their best attention to the work of rehabilitation,
but they fear their efforts will be in vain if they do not receive the heartiest
co-operation of all concerned.
Plans for Extension of Notes Maturing March 2 1915.
Offer (I): Any holder of notes may extend the par amount thereof until
Sept. 2 1915, with interest discounted at the rate of 6% per annum; or
Offer (2): Any holder of notes may extend 65 thereof as above and
may receive in exchange for the remaining 35% 5
-year 5% gold notes of
Maine Railways Companies due April 11919. at par flat, with April 1 1915
coupon attached, of which four-sevenths [being an amount equal to 20%
of old notes) will be convertible, par for par, into Maine Central RR. Co.
capital stock until Oct. 1 1918, and the remaining three-sevenths (15%)
will be non-convertible. In case of fractions a certificate of Old Colony
Trust Co. representing the ownership of such fraction will be delivered.
The total issue of Maine Railways Companies' notes is $12.064.000.
They are secured by deposit of $15,779,700 stock of Maine Central RR.Co..
on which dividends are now paid at the rate of6% per annum. The present
market value of Maine Central stock is about $96 per share: it is carried as
collateral for these Maine Railways Companies' notes at about $76
share. [See further particulars under last-named caption below.]45 per
This plan will not In any way impair the position of
of
notes. Holders will either retain their present notes,the holdersfor the
extended
six
months, or they will retain 65% in extended notes and receive 35% in notes
of the Maine Railways Companies.
Digest of Statement by Trustees of Road. Boston, Feb. 15 1915.
For the fiscal year ending July 1 1914 the road paid no dividends, and its
net earnings were less than its fixed charges by the sum of $2,044,742.
Although the present managing officers have striven to reduce expenses, its
net earnings for the six months ending Jan. 1 1915 were only about $32,000
more than for the corresponding half
-year in 1913. Of its outstanding indebtedness about $23.000.000 will become due on March 2 1915, and this is
represented by notes some of which have been twice extended, and all of
which have been once extended with considerable difficulty.
The noteholders are now asked to extend these notes for a further six
months. In the opinion of all the trustees and all the members of the board
of directors, unless something radical is done to prevent it. and the cooperation of the noteholders is essential to this end, the railroad will, at an
early day, be forced into the hands of receivers.
Principal Causes Which Have Led to This Condition.
(a) Large expenditures in different parts of its system, for new bridges,
heavier rails, automatic signals.
(b) Interest on increased debt and interest at much higher rates.
(c) Heavier taxes and other additions to its former annual expenses.
(d) Increase in rates of wages, adding more than $5,000,000 to the operating expenses of 1914 above those paid in 1901.
(e) Expenditure by the corporation on its entire system of nearly $7,000.000
for the abolition of grade crossings under statutory proceedings, with no
resulting operating economy or increased revenue.
The increased burden of present conditions upon the railroads of New
England is proved by statistics. From 1001 to 1914 the gross revenue of
the Boston az Maine RR. has increased 56%, while its operating expenses
during the same period have increased 83%. The ratio of its operating
expense to its operating revenue in 1901 was 68.8%, while this ratio In
1914 was 80.8%, an increase of 12 points. This large advance in the ;proportion of revenue taken by expenses is.
peculiar to the
It is seen in the returns of practicallyhowever,not in the East. B.&M.
For inall railroads
stance, the increase of this ratio during the same period for the Baltimore &
Ohio RR., the Pennsylvania RR. System and the New York Central Lines,
considered together, was an average of 12.2 points.
This corporation paid as rentals
to other railroads in the year 1914
65,348.492 at different rates. ranging downward from 10% on the capital
stock of the lessor, with an allowance
for organization expenses. Most of
the leases were made for terms
times when railroads
of
were earning large dividends. nearly 100 years, atcontracts which the
They are binding
Boston & Maine RR. Is unable to
diminution in earnings
of a system covering nearly 2.500 perform. The
miles of road, when left to be sustained
by a single corporation of small
effect. An equitcapital is crushing in
able arrangement for organization of such a system its
would permit all the
corporations to share the benefits of prosperity and leave them with diminished income In times of adversity.
The proposed legislation (V. 100, p. 395) has a two-fold obect: (1)
Through an arrangement with the leased railroads to effect a reorganization
without a receivership; (2) to provide a method of dealing with the chaotic
conditions that would arise in case of a receivership. For this purpose the
proposed legislation is an absolute necessity, and the co-operation of the
noteholders at this time, and until the matter may be reviewed in the
several legislatures, is essential.
There are difficulties but they must be
[Signed: Marcus P. Knowlton, Henrymet. Day, James L. Doherty,
B.
Charles P. Hall and Frank P.
Carpenter, trustees.i—V. 100, p. 395, 307.
Carolina Clinchfield & Ohio Ry.—Completion of Road.
—The last spike in the extension from Dante, Va., north to
Elkhorn, Ky., 35 miles, was driven on Feb. 9. The road
will be formally opened for operation about May 1. See
map in "Ry. & Ind." Section, page 26.—V. 99, p. 966.
Chesapeake & Ohio Ry.—No Dividend Action.—No
action has, it is stated, been taken as to a dividend on the
$62,792,600 stock.
On Dec. 31 1914 1% was paid and from Sept. 1913 to June 1914 quarterly
distributions of 1% were made. In August 1914, however, consideration
of the dividend policy was deferred until the regular monthly meeting in
November, it being stated that the board had in mind the
semi-annual distributions. Compare V. 99, p. 537, 1527. feasibility of
Chicago & Eastern Illinois RR.—Receiver—Deposits.—
Federal Judge George A. Carpenter on Feb. 11 accepted the resignation
of Edwin Winter as one of the receivers of the road. W. J. Jackson will
now act as sole receiver.
More than 75% of the outstanding 5% purchase
-money First Lien coal
land bonds has been deposited with the Metropolitan Trust Co.,depositary,
under the bondholders protective agreement. See V. 100, p. 473. 307.
Chicago Utilities Co.—Old Receivership Ended.—
Judge KohLsaat in the U.S.District Court on Feb.Irmade an order discharging the receiver of the predecessor Illinois Tunnel Co. and directing
the transfer of the remaining $25,000 in the hands of the receiver to the
successor company, per plan V. 94, p. 938,939. 1386.—V. 96. p. 1700.
Chicago & Western Indiana RR.—Gen. M.Bonds Called.
One hundred and twenty-two ($122,000)6% gen. mtge. bonds of 1882 for
payment March 1st 105 at office of J. P. Morgan & Co. V.99, p. 1672.
Cincinnati Bluffton & Chicago RR.—Extension.—
Fred. A. Dolph of Chicago, who purchased the property on
Oct. 15 1914, has obtained an extension of time from Feb. 15
in which to cover his bid of $350,000 for the property.
Mr. Dolph is to pay $100,000 in 30 days, $125,000 in 6 months and
$125,000 in 9 months. Up to the date of the last payment, however, the
property Is open to any higher bid and the road continues in the charge
of the receiver. Compare V. 100, P• 396.
Cincinnati Hamilton & Dayton Ry.—Separate Receiver
for Controlled Co.—See Cincinnati Indianapolis & Western
Ry. below.—V. 100, p. 555, 473.
Cincinnati Indianapolis & Western Ry.—Separate Receiver.—Judge Hollister in the U. S. District Court in this
city on Feb. 18 granted the application to appoint as separate
receiver of the road, B. A. Worthington of Cleveland.
Judge Hollister is sitting here by temporary assignment
will be filed in the Federal Court in Cincinnati. Compare V.and the order
100, p. 397.
Columbus (0.) Railway & Light Co.—Dividend.--A
dividend of 75 cents per share has been declared on the
capital stock, payable Feb. 13. Similar dividends were paid
on May 25 and Nov. 20 1914. Compare V. 98, p. 1459.
No dividend will be paid to stockholders who are in default
of payment
of assessment due Dec. 30 1913 or June 30 1914, but the
dividend will be
applied to account of said a‘cmsments as of Feb. 25 1915.—V.
99. p. 1366.
Dallas (Tex.) Electric Co.(of Maine).—Bonds Offered.—
Perry, Coffin & Burr offer $150,000 Dallas Electric Corporation 1st (closed) M. Coll. Trust 5% bonds (due April 1 1922)
at 973 and interest, yielding over 5.40%.
The Dallas Electric Co.,successor of the corporation, controls
practically
the entire street railway and electric-lighting and power business
(a Federal Reserve Bank city). Population served estimated atof Dallas
For cal. year 1914 the net earnings were $921,219, or more than 115,000.
the interest charge of $200,000 on this $4,000,000 issue, of which 41 times
$519,000 is
already held by sinking fund. Property controlled
and managed by
Stone & Webster interests—V. 98. p. 1608.
Denver Laramie & Northwestern RR.—Sale.—On
Feb. 20 1915 final decree of foreclosure and sale in Case No.
55,132, Bankers Trust Co. vs. The Railroad Co. et al., will
be submitted to the District Court at Denver.—V.96, p.1296.
Erie RR.—Further Data as to E. & J. 6s—New Refunding
Mtge.—Pres. Underwood on Feb. 9 wrote in substance:
The Erie & Jersey line
includes a double-track tunnel 5.314 ft. long, two
viaducts—one 3,200 ft. long with a maximum height of
other 588 ft. long with a height of 72 ft.—and the line 195 ft., and the
is built without
highway crossings at grade. The road is laid with 90
rails
ballasted throughout. The ruling grade eastbound -lb.0.2%and is rock• compared
is
with the old line grade of 1.4%. and the ruling grade westbound is 0.6%.
compared with 1.5% on the old line; therefore no polisher service is required
on the Erie & Jersey RR. The saving in time of freight trains using this
line is approximately one hour eastbound and 134 hours westbound.
The sale of these bonds is subject to their assumption by the Erie RR.Co.
through the merger of the two corporations. After the completion of this
merger, the Erie RR. Co's new Refunding Mtge. bonds, the Erie RR.
First Consul, (Prior and General Lien) 4% bonds due 1996 and the Erie
RR, Co. General Convertible 4% Bonds clue 1953 will constitute claims
upon the Erie & Jersey mileage junior to the lien of these bonds. Under
the provisions of the proposed Refunding Mortgage.sufficient bonds are to
b
be reserved for the retirement of the Erie & Jersey 1st M. bonds.
[The new Refunding Mortgage has not yet been formally authorized y
Brazil Railway.
--Deposits till March 1.—
the shareholders, the final details not having been completed. The bonds
The bondholders' committees
announce that the time for deposit is ex- to be issued thereunder, together with the underlying bonds, will, it is
tended to March 1 1915, and that
over 70% of the 5%
capitaltooci,be limited oan amount not exceeding three times the outsto k. m.1
l
tures and over 60% of the 43i% 1st M. -year bonds convertible debenof the Brazil Ry. standing
60
642
THE CHRONICLE
[vol.. No.
This margin of $250,796, or over 40% above said interest, was earned in
The net income of the Erie, after the payment of interest, rentals, &c..
depression, especially felt in the New England
for the last six fiscal years aggregated $29,554,908. No dividends were a year of exceptional business ending
Dec. 31 1914 the net earnings of the
For the six months
Dec. 31
paid during this period. For the six months endedover the 1914. net States. Central exceeded those of the same six
months of 1913 by about
income,after interest, rentals, &c.,showed an increaseoffering correspond- Maine
by Guaranty 178,000, and the present indications are that the road will fully earn its
previous fiscal year of$31.638. [See
ing period of the
6% dividend in the fiscal year ending June 30 1915. The company has
Trust Co. and Drexel & Co.in last week's "Chronicle."]
for last 10 years. Present
6%.
Genesee River RR. Bonds.—The Guaranty Trust Co. paid dividends of not leas than 6% p. a.voluntary trust formed April 11914
The Maine Railways Companies is a
rate.
and administering the stock
of purchasing
of N. Y. and Drexel & Co. of Philadelphia have exercised for the sole purposefor these notes. holdings 0.Bancroft,
Charles
as collateral
Morris McDontheir option to purchase the $6,000,000 Genesee River RR. pledged Harry M.Verrill, all of Portland, Me.,are the trustees. The Maine
ald and
-year 6% bonds which were recently purchased by Railways Companies has issued 33,000,000 capital stock, all of which Is
1st M.50
RR.Co. The proceeds of this stock ($3,000,owned by
J. P. Morgan & Co.,from the Erie RR. The bankers will 000 cash) the Maine Centralof these 5% gold notes were delivered to the
and $12,162,000
probably offer the bonds shortly. Compare V. 100, p. 474. Boston & Maine RR. in payment for 515,960,100 Maine Central stock.
The Maine Railways Companies has no liabilities other than these notes.
—V. 100, p. 555, 474, 481.
Fairmount Park Transportation Co., Phila.—Deposits. —V.99, p. 969. 674.
On Feb. 16 24,500 of the 40,000 shares had been deposited under plan.
Massachusetts Electric Companies, Boston.—New
The time for deposits has been extended to and including Feb. 23. See Notes.—The $3,000,000 new notes to be issued
in connection
V. 100, 1). 555.
Full Crew Laws.—Appeal to the Public.—In our advertis- with the refunding of the $3,100,000 5% notes maturing
May 1, will be exactly like the maturing notes except as to
ing columns on other pages of this issue will be found a state- dates,being dated April 1 1915 and due April 1
1918. Like
ment urging the repeal of the Full Crew Laws issued by:
the maturing obligations, they will be secured by deposit of
Samuel Rea, President of the Pennsylvania RR.
Daniel Willard, President of the Baltimore & Ohio RR.
almajority of the common stock of the Bay State Street Ry.
Theodore Voorhees, President of the Philadelphia & Reading By.
R. L. O'Donnel, Chairman of the Executive Committee Associated Rail- —V. 100, p. 556.
roads of Pennsylvania and New Jersey.
Michigan Central RR.—New Offer of Exchange.—The
.
The appeal emphasizes the fact, already many times dwelt $6,000,000 of 43% notes due on March 2 will, it is anweek's issue, p. 511), that nounced, be paid off out of treasury funds and from the proupon in the "Chronicle" (note last
these arbitrary laws are placing on the railroad companies ceeds of a new issue of $3,000,000 432% 1-year notes. J. P.
a heavy burden for wasted, unwarranted extra labor, which Morgan & Co., as agents of the company, are now offering
actually means divided responsibility and consequently a the old noteholders the privilege of exchanging their holdings
decrease, rather than an increase, in operating efficiency, for the new notes at
99%.
together with heavier casualty lists. It is calculated that
More than two-thirds of the new issue has already been taken by the old
20 railroads in Pennsylvania and New Jersey last year paid noteholders. The company recently sold 54,000.000 of 1st M. bonds and
in employment to superfluous brakemen $2,000,000, being so obtained treasury funds out of which to pay one-half of the $6,000.000
equal to interest at 5% on $40,000,000. While such laws notes. See V. 100, p. 556, 474.
First Mortgage 33'% Bonds Offered.—Kountze Bros.
are in force in Pennsylvania, New Jersey, New York and
Maryland, they have been rejected or vetoed in Missouri, and Wm. A. Read & Co. are placing at 81 and int., to net
Texas, Massachusetts, Connecticut, Oklahoma, Colorado, 4.57%, the final block of $4,000,000 1st M. 334% gold
Delaware, Virginia and Ohio. In the interest of the public, bonds of 1902, due May 1 1952. Outstanding, $18,000,000
the railroads, and the great body of railroad employees, (closed mortgage). Denom. 031,000; r1,000, $5,000 or
multiples. Interest M.& N.in N. Y. A circular shows:
these burdensome laws,it is held, should be repealed.
A legal investment for savings banks and trust funds in N. Y., Mass..
Gary & Interurban RR.—Bonds.—
Conn. and other States. Normal Federal income tax paid by company if
The amount of refunding and first mortgage 5% bonds outstanding of the
Gary & Interurban By.Is $1,000,000. not 51,153.000.
exemption is not claimed by the bondholder. May be made tax-exempt in
N. Y. State bypayment of % of 1% recording tax.
A closed first mortgage on the main line between Detroit and Chicago,
Including the perpetual rights to trackage from Kensington, Ill., to Chicago,
The 1st M. bonds in default are the ($400,000] Gary Connecting 1st 55,
company's
the interest on which was due Dec. 1 1914, and on which we have six months 13 miles, over the Illinois Central RR., and the use of that a standard
consists of
to pay same under the mortgage. The same is true of the coupons due Chicago terminals. The mileage thus mortgaged in
connection with the
double-track railroad 270 miles in length, which,
Oct. 1 1914 on the ($250.000] Valparaiso & Northern bonds. [Interest
Co. and the Canada Southern RR. Co., leased by
due Sept. 1 1914 on the $350,0006% convertible notes was paid on Nov. 29. Detroit River Tunnel for 999 years from 1907 and 1904.
respectively,gives
—Ed.] There are no committees representing bonds or notes, and there is the Michigan Central
the N. Y. Central System its shortest route between New York and the
no reorganization plan contemplated. See V. 100, p. 397, 305.
West. Since 1895 dividends of not less than 4% per ann. have been paid
Grand Trunk Pacific Ry.—Bonds Sold.—The "Journal on the entire $18,738,000 cap. stock, of which $16,819,300 is owned by the
N. Y. Central RR. The present bonds have been sold by the railroad
of Commerce" of Montreal says that the company has sold company subject to the approval of the public authorities.—V. 100.
£482,400 of the 4% bonds issued under the Act of 1914, due P. 556, 474.
Coupons, &c.—An officer of the company writes:
Jan. 1 1962, which are guaranteed by the Dominion, and a
portion of the remainder has been pledged for the purpose
set out in the Act. Compare V. 98, p. 1766, 1920; V. 99,
p. 342,674.—V.99, p. 1214.
Grand Trunk Ry.—Dividend on Guaranteed Stock Reduced.—Cable advices from London yesterday stated that
the directors have declared a dividend of 1%% for the halfyear on the guaranteed 4% non-cumulative stock, making,
with the 2% paid on Oct. 31 last (the rate previously paid)
a total of 33% for the year 1914. No dividends were dedared on the preference shares.
In April last year 2;4% each was paid on the first preference 5% stock,
on the second preference stock and on the third preference 4% stock (the
last named being the full payment for the year).
No payments were made on the pref. stocks in Oct. 1914, action being
deferred until the present time.(V.99. p. 816).
Dividend Record of Preferred Stocks cPer Cent).
'01. '02. '03. '04. '05. '06. '07. '08. 09. '10. '11. '12. '13. '14
Ist pref_ __ 5 5 5 5 5 5 5
5 5 5 5 5
5 5
2d pref___ 4 5 5
5 5
5 0
5 5 2% 5 5 5 5
3d pref-__ 0
1
2 0 2 3 3 0 0
15i22.i 0
—V.100, p. 140, 54.
Middle West Utilities Co.—Bonds Offered.—The Illinois
Trust & Savings Bank, Russell, Brewster & Co.and McCoy
& Co. and others in Chicago and a syndicate formed by A.
H.Bickmore and associates in New York are offering a new
issue of $500,000 6% 10-year collateral gold bonds dated
Jan. 1 1915 at a price to net 6.75%.
These bonds are secured by pledge of mortgage bonds on the property
of subsidiary companies owned entirely or controlled by the Middle West
company. The bonds are limited to 76% of the ourstanding capital stock
of the company.—V. 99, p. 1528.
Minneapolis & St. Louis RR.—Merger—Circular.—Referring to the adjourned meeting to be held Feb. 20,to vote
on the purchase of the property of' the Des Moines & Ft.
Dodge RR.,Pres. Newman Erb Feb. 10 wrote in substance:
The proposition as modified now provides that holders of the pref. stock
of that company shall receive 50% in pref. stock and 50% in Refunding &
Extension M.5% gold bonds of the Minneapolis & St. Louis RR.Co. The
amount distributable to holders of the common stock of the Des Moines &
Ft. Dodge RR. Co. remains unchanged, namely one share of common stock
of the Minn. & St. Louis RR. for each two shares of common stock of the
Des Moines & Ft. Dodge RR. The proposition set forth In circular of
May 1 1914 remains unchanged except as herein stated (V. 98, p. 1537)•
Stocks Now Outstanding and Increase for Proposed Purchase
Minneapolis & St. Louis RR. Co.
Des.M AR. [Tabulated by
Total. *Net Amount.
Now Out.
Dodge Stock. "Chronicle."' For Purchase. 515,370,200 517,511,750 $16,246,750
Common stock 50%-$2,141,550
84,283,100
{50%-381,750 5,917,500 6,299,250 6,299,250
763 500fProt. stock_ _ __}
50%-381,7501 *3,587,000 "4,012,000 "4,012,000
Illet&Ext.bds_
do (legal teesoitc.,in pur.43,250J *Supplied by "Chronicle."
The Minneapolis & St. Louis, as owner of $2,530,000 of the common stock
of Des Moines & Ft. Dodge RR., will receive $1,265,000 of the new common
stock. [Deducting this amount, makes the net amount of M. & at. L.
table.—Ed.l.—V. WO, p. 386.
stock after purchase as shown in
International Railways of Central America.—Dividend
Omitted.—No dividend was paid on Feb. 15 or on Nov. 15
last on the $10,000,000 5% and participating pref. stock.
Quarterly payments of 13% each were made from Aug. 15
1912 to Aug. 15 1914, inclusive.—V. 99, p. 407.
Maine Central RR.—Pref. Stock.—The Maine Legislature
has been asked to sanction an issue of $10,000,000 5% nonvoting pref. stock with a view eventually, it is stated, of
replacing therewith $10,000,000 of the $15,799,700 stock of
the road now held by Maine Railways Companies (see that
Missouri Pacific Ry.—New Interests.—Regarding the
caption below).—V. 99, p. 1748.
entrance of new interests into the directorate represented by
committee at the annual meeting on
Maine Railways Companies.
-5% Gold Notes.—In con- the bankers' proxy
nection with the proposition to extend the notes of Boston & March 9, George J. Gould is quoted:
advantages to
As matters look now I see great Interests tgi be derived from the
Maine (see above), the following particulars are furnished
thsesihei t p n. Un the
ppoe ttuar ioieoeforiess
entrance of new
banking
regarding the Maine Railways Companies 5% gold notes, something occursandchange my views.I restanoint
to
but will co-operate with them in all matters essential to
annual meeting,
dated April 1 1914 and due April 1 1919. Int. A. & 0.:
- V. 100, p. 309.
Authorized, $12,202,000; outstanding, $12,064,000; canceled by calling the welfare of the property.or purchase, 5138.000. Callable, as a whole or in part, at par and int. on
New Haven & Hartford RR.—Progress with
New York
any int. date. $5.000,000 of these notes are convertible, liar for par, into
capital stock of Maine Central RR. until Oct. 11918. The remaining $7,- Sale of Outside Properties Under Order of the Court.—The com064,000 are non-convertible.
pany on Feb. 16 sent a report to the P. U. Commissions of
Convertibles. Non-Convert's. Total.
How Notes Are Now Held—
$5,000,000 $4,143.000 $9,143,000 Mass., R.I. and Conn. recounting the progress that has been
Owned by Boston & Maine RR
2,921,000
2,921,000 made by itself and the New England Navigation Co. in conHeld by public
55,
000,000 $7,064,000 $12 064 000 forming with the decree of the U. S. Court, entered Oct. 17
Total
These notes are secured by adepoisit with the Fidelity Trust Co.'of P'ort- 1914(V.99, p. 1215, 1221) as to the disposing of certain con(par value) Maine Central RR. stock
land, Me. trustee, of $15,799.700
stock outstanding at about$76 45 trolled properties. The report shows:
5%
' of the total of $24,907,467
(beh63.3
. This stock was purchased by the Maine Railways Companies
at 95,the present market value being a6t.06.
er
From the Boston & Maine RR.
ending June 30 1914 and Proportion
of Maine Central RR. Yearon Stock Pledged an taxesThese $h,98.915
Earnings
for
Notes,
o
Thereof Applicable to Dividends Oper. expenses
$11,685,969
Operating
378,422 Int., rents, s.fds.&oth.chgs.1,617,414
Other income (net)
$1,348,061
Net for dividends
$12,064.391
Total income
6 300
$85 :2
3
0 996
dividends on stock pledged
Of this net 63.35% is applicable to ($12,064,000) requires
5% int. on Maine Rys. Cos. notes
Boston Railroad Holding Co.—We have assigned and transferred to the
rustees all of our stock in the Holding Co. and in the various subsidiary
and leased lines of the Boston Sc Maine RR.(see V. 99, p. 1221).
Rhode Island Co.—Connecticut Co.—We have assigned and transferred to
the respective trustees the entire capital stocks of these companies and all
our interest (stock and bonds) in the Providence & Danielson By. and Sea
View By. subsidiaries of Rhode Id. Co.(V. 99, p. 1221. 1451, 1452, 1599.)
We now have no control over or interest in any of the aforesaid companies
(Boston RR. Holding Co., &c.) except as the beneficiary of any accrued
Interest, net earns, and proceeds upon liquidation as permitted by decree.
FEB. 20 1015.]
THE CHRONICLE
Berkshire Street Ry.-Vermont Co.
-The 53,981 shares of stock of the
former and 6,500 shares of the latter will be sold whenever the State of Mass.
shall authorize or the court shall direct such sale.
Eastern Steamship Corp.
-This corporation has recently gone into the
hands of a receiver, so that there is now no demand for the stock at any
reasonable price. but the New England Nay. Co. intends to sell its holdings
at a time and for such prices as will reduce its losses on this investment to a
minimum. In the meantime we are enjoined from voting upon the stock.
(V. 99, 13. 1369, 1454, 1676; V. 100, P. 558).
-Shore Line Electric RR.
N. Y. & Stamford Ry.-Westchester Street RR.
The rights to capital stock have been converted into actual capital stock,
and the New Haven Co. has funded the floating debt of the Westchester
Street RR. Co. by an issue of mortgage bonds(V.99, p. 1912). We intend
to merge the three railways into one company and to dispose of all of the
securities whenever a reasonable price may be realized.
-The $13,709,000 gold notes are
New England Investment & Security Co.
now pledged as a part of the collateral for the S20,000,000 gold notes of the
NewEngland Nay. Co. due May 1 1917 (V. 98, p. 1396), but will be sold
as soon as a reasonable price may be obtained.
-Pending
New England S.S. Co.
-Hartford & N. Y. Transportation.
decision by the I. S. C. Commission on our application for authority to
retain control and the order of court respecting same, we have refrained
from selling any of the property of said companies and from disturbing
the status of their business.
Central New England Ry.-We intend to continue to hold and operate this
company,thus continuing the Poughkeepsie Bridge route,which is essential
to the proper handling of through traffic to and from the West, and is necessary as an alternate route to the more congested route via the Harlem
River and New York Harbor.
N. Y. Ontario & Western Ry.-The stock control will be retained unless
an opportunity can be found to dispose of the same to advantage. This
route gives New England direct connection with the anthracite coal fields.
-Negotiations are in progress for the disposal of
Housatonic Power Co.
the property, except undeveloped water rights on the Housatonic River,
which are necessary as a source of electric power for the mainline between
New Haven and New York. We intend to turn over to the Connecticut
Co. all of the property of the Connecticut Ry. & Lighting Co. now held by
sub-lease by the Housatonic Power Co.(V.98. p. 1075), also to lease to the
Connecticut Co.the Bulls Bridge hydro-electric development near New Mllford, Conn.
-The holdings (book value. $3,799,000) of improved and
Millbrook Co.
unimproved real estate along the line of the N. Y. Westchester & Boston
By. Co., also the miscellaneous assets, are to be sold as soon as proper
prices can be obtained, when the company will be wound up.
-Our policy is to dissolve this company as
New England Navigation Co.
soon as its various stocks and securities can be disposed of at a reasonable
price, or transferred to the New Haven Co., and in the meantime to permit
no more advances to or by that company except such as are absolutely
necessary to protect investments already made.
N. Y. Westchester & Boston Ity.-We plan to continue operating this
road in the belief that in time it will become a paying investment and of
great value as an alternate route into N. Y. City. In the meantime it is
planned to consolidate it with the Westchester Northern Co.
-Our policy is to conserve the present properties and not
General Policy.
to acquire any new properties and to simplify the corporate organization
and thus ourfinancial reports as rapidly as possible by reducing the number
of corporations holding its various assets. It will be necessary, however.
from time to time to protect our investment in some of the subordinate
companies by making advances for payment of interest and for additions
and betterments pending the sale of the properties. We intend to sell the
so-called outside properties, securities and real estate not essential to the
property.
-V. 100, p. 398. 141.
643
charges since 1905, while other concerns paid cash. The amount of notes
still outstanding is stated to be $103,000. The specific charge in the indictment recites that in April 1913 two debts. aggregating 81,400. werecontracted by the lumber company and remain unpaid. The case is said to
be similar to that of the Sunday Creek Co., where debenture bonds were,
however, ultimately given in payment of the freight bills.
-V. 92. p.957
St. Paul Union Depot Co.
-New Passenger Terminal
to be Used by the Nine Roads Entering the City.
-The "Railway
Age Gazette" of N. Y. on Feb. 13 with maps, &c., said:
The general plans for a new union station were recently submitted to the
City Council in asking for the ordinances which are necessary before the
work can be undertaken. The old station was destroyed by fire on Oct. 3
1913. The company's terminal is used by all of the 9 roads entering the city,
The new station building will be located on the same site as the old one
with a 315-ft. front on the east side of Sibley St. and 220 ft. on the south side
of Third St. The area of terminal property will be increased from 17.2
acres to 54.2 acres, the mileage of tracks from 9.2 to 24.9, the number of
passenger tracks from 14 to 26, the number of freight tracks from 2 to 4,
and the capacity of the coach yard from 100 to 218. All passenger tracks
in the terminal will be elevated, the through station tracks being carried
past the station building on a viaduct. In general the freight tracks will
remain, as at present,on the lower level. In order to secure the needed property for the enlargement outlined in this plan, it is proposed to move the
channel of the Mississippi River towards the south about 400 ft.
It is estimated that the new terminal will cost between $15,000,000 and
$20,000,000, that the work of changing the river channel will require about
15 months and that the entire project will consume about four years. See
also St. Paul "Pioneer Press" of Jan. 3 1915.-V. 95. p. 1609.
Southern Pacific Co.
-Decision as to Steamship Lines.
The I. C. Commission on Feb. 13 granted the application
of the company to continue the control and operation of the
Pacific Mail Steamship Co. provided an amendment is made
thereto within 60 days under which the ships will be operated
no further than Balboa and not to Colon, so that they will
not pass through the Panama Canal.
The decision is regarded as of general importance, as it is the first made
under the Federal law making it necessary for railroad companies operating
water lines to obtain permission from the Commission to continue to do so
after July 1 1914. The operation of such lines has been permitted by the
Commission meantime, owing to the lack of time to consider
applications. It is expected that the Commission will be the numerous
liberal in its
views in passing on similar appliaatians-)y other roads, although it seems
that each will have to be considered in view of the special circumstances
surrounding it.
The Commission holds that the boats owned by the Southern Pacific .
Co. are operated in the public interest and for the convenience and commerce of the people, and that the continuance of operations will not prevent competition. The Commission says "that the Pacific Mail SS. Co.
operating boats between San Francisco and Balboa or Colon, the termini
of the Panama Canal, may compete for coastwise inter-State traffic between points in the United States; for traffic between points in the United
States and points in Mexico and for traffic between points in the United
States and points in European countries with the Southern Pacific rail lines
from San Francisco." The steamship company is, however, ordered to file
with the Commission its rates, schedules and practices in the same manner
as inter-State roads, as provided by law.
-V.100. p. 557. 399.
New York Central RR.
-New Bonds-Allotment-British
Subscriptions.
-The underwriting of the issue of $100,000,000
6% convertible bonds, which J. P. Morgan & Co. undertook
at the request of the company, was so largely over-subscribed
that an allotment of about 20% has been made to houses on
the Street and in out-of-town markets. Opportunity to
participate was also given to the banks which underwrote the
$40,000,000 note issue last fall (V.99, p. 1674). On a preceding page will be found an interesting statement regarding
the company and its finances and in the "Financial Situation'
are given the facts respecting the position of British shareholders. See also full description of issue in V. 100, p. 556.
New York State Rys.-Denied.-The P. S. Commission
yesterday denied the application of the City of Rochester
for an order directing the company to reduce its fare in the
Rochester zone from 5 to 3 cents during rush hours.
Calendar
Gross Net(after
Preferred
Common
Balance,
Year
Earnings. Taxes).
Dividends.
Dividends. Sur. or Def.
191
178,690 $25,173 (5%)$15,000 (3%)69.000 sur.$1,173
1913
85,908
29,010 (71,i) 23.250 (2%) 6.000 def. 240
-V. 99, p. 1911.
According to press dispatches, it was estimated by the Commission that
such an order would reduce the returns of the lines to 4.55% on their investment, and this was held to be too small.
-V. 100, p. 549, 475.
Notice is hereby given that the company's headquarters will be removed from Los Angeles to San Francisco.
-V. 99, p. 539.
Northern Central Ry.-Earningsfor 6 Mos. end. June 30:
Southern Ry.-No Dividend Action Yet.
-The directors
met last week, but took no action on the question of a semiannual dividend on the 5% non-cumulative pref. stock. This
has been taken by some as meaning that it has been definitely
decided that the payment usually made at the end of April
will be omitted this year, since declarations have in the last
year or two been made at the February meeting of the board.
In previous years, however, payments were ordered at the
March meeting, and the directors, it seems, think that it
will be early enough to take action on the matter next month.
-V. 100, p. 557, 310.
Springfield & Xenia Ry., Cleveland.
-Earnings.-
Stockton Electric RR.
-New Office.
-
Tennessee Ry.-Extension Authorized.
-The Court has
authorized receiver Bird M. Robinson to extend the road,
which runs from Oneida, Tenn., southeast to a point beyond
Norma, 14 miles further, toward the opening of the State
mines.
-V. 97, p. 177.
Underground Electric Rys. of London.
-First M. Bonds Called.
Northern Ry. of Costa Rica.
-Dividends,cfcc.
Subject
Net(after
Other
Interest,
Dividend
6 mo.end. Gross
Balance.
June 30. Earnings. Taxes). Income. Rentals,&c
Paid.
Deficit.
1914 _ _.S6,061,943 $163,827 $863.226 $573,417 (4%)$773,770 $320,064
1913 --__ 6.500,828 275.385
There was also appropriated to sinking and other reserve funds, 1•31,875,
making the total deficit for the 6 months $351,939.-V. 99. p. 1749.
to final audit, &c., approximately the following amounts were
Thirty-six ($36.000) 1st M. 5% bonds issued under mortgage dated
Sept. 15 1900, for payment at par and int. Mar. 1 at Old Colony Trust Co., carried forward for the year 1914 (including balance from previous year)'
after provision for the semi-annual and other distributions, making the
Boston.
-V. 99, p. 538.
total annual payment as shown:
Oakland Antioch & Eastern (Elec.) Ry.-Committee.DeclarationsForward. Last Yr. Forward.
The committee selected to prepare a new financial plan consists of Osgood Underground El. Rys.,full 3%(6% for year) on
Hooker, A. Christeson. J. J. Mahony, Philip Bancroft, John Lawson,
6% 1st cum.income deb. stk. and inc. bonds_ £35,000(Same div.)£45,000
L. S. Bachman and Fred. H. Beaver. Compare V. 100, p.475. 399.
Central London Ry. (a) undivided ord. stock
£1j(2%% for year); (b) pref. ord. stock
13 und.ord.1
Ozark Valley RR.
-The company, incorporated
-Bonds.
£2(£4% for year);(c) def. ord. stk. £1 ;11 %_.
in Missouri on Dec. 7 1914 as successor to the Williamsville London General Omnibus Co., Ltd., £8% on 27,21812 def.ord.115,413
ord.
year)
18
34,197
Greenville & St. Louis Ry. foreclosed, has made a mortgage City &shares(5169'forBy. 5% (full dividends 64.547
South London
to secure an issue of $150,000 6% gold bonds.
for the year) on the5% pref.stock of 1891 and
Bonds are dated Feb. 1 1915
1896 but none on the pref. stocks of 1901 and
Mexico Savings Bank, Mexico. and mature Feb. 11912; E. R. Locke and
1903for the second half of the year. The Co.
Aug. 1 at Southwest nat.Bk. Mo. trustees; interest payable Feb. 1 and
has obtained power to pay the dividends on
CityMo.', guaranteed
of Cotnm
Ka
prin. and int. by James K.
these stocks during the period of reconstrucCochran* denominations,$2,5;)and 35,0 each.
Stock authorized,
tion
& Treas orah p r $L
7
Pres., J. T. Long; $350,000; outatandingihig 0.000; Par $100. Officers: Metropol. Dist. By., 5% pref., 1% (£2% for
. Office, 1219 Commerce
Bldg., Kansas City, Mo. p
year)
13,937
12,659
234
Long informs us that it is not intended
to operate the road'by
London Elec. By., ord. shares, 3.‘ of 1%
%
Y
for passenger service. electricity,•.denbut t gasoline motor cars will be tried later
for year)
1
11,547
1,086
Mr. Long is quoted: "It is intended to extend
the road, which now runs from
Williamsville to Cascade, Mo. 35 miles,for .-Ar, 99, p. 1599.
10 to 20 miles within the next year
United Railways of St. Louis.
companies, and are going to put or so We are connected with some land
-Earnings.in some small charcoal furnaces along the Calendar
line of this road, which p
Gross
Interest on Balance.
Other
yearNet (after
through very rich undeveloped iron-ore
lands, there being
Earnings.
Income. Bonds,etc. Surplus.
Taxes).
of timber or charcoal, which will make it very
profitable for m
$12,450,924 -43,126,296- $2.618,255 $508,041
1914
ng charcoal iron."
-V. 100, p. 475, 399.
1913
12.702,644
899,031
2,660,673
3,475.354 $84,350
Peoria (Ill.)
-Nr. 100. p. 557. 400.
The Illinois P. U. Commission
Ry.-Refunding
hasauthorizedthe sale of $570,000 1st M.
Utah Light & Traction Co.
-New President.
ref. bonds of 1906 in order to provide
By. 1st Es. due April 1 1915. See the taking of a like amount of Central
C. W. Whitley, General Manager
Smelting & Refining Co.
V. 90, P. 560. and page 27 of "Electric n Utah, has been elected President.of American1453.
Ry. Section.
-V. 93, p. 1535
.
-V.99. p.
Rates.
-Intermountain
Decision.
See editorial columns of to-day's issue. -V. 100, p• 557. 230.
Sierra Ry. of California.
-Indictment.
The grand jury in the Federal Court
at
down an indictment against the company San Francisco on Jan. 8 handed
on the charge of discrimination in
favor of the Standard Lumber Co. It is alleged that the railroad company.
in violation of the Inter-State
Act, granted concessions to the
lumber company in the matter Commerce on freight ca-ried from Oakdale
of charges
to Sonora, by accepting the personal notes of President Thomas S. Bullockt
owns 98% of the stock of the lumber company,in payment for freigh,
who
Virginian Ry.-New Officers.
-C.W.Hotchkiss,formerly
General Manager of the Chicago Indiana & Southern RR.,
has been elected Chairman of the Board. Raymond duPuy,
formerly Vice-President and General Manager of the company, becomes President.
-V.99, p. 1524.
Wabash RR.
-New Company-Receiver-Notes.-Judge
Adams in the U. S. District Court at St. Louis, Mo., on
Feb. 11 appointed Edward F. Kearney, First Vice-Pros, of
[voL. no.
THE CHRONICLE
644
the Texas & Pacific Ry. co-receiver with Edward B. Pryor,
the remaining one of the three receivers named by him in
1911. This is generally accepted as an indication that he
will be made President of the road when reorganized. The
Court also authorized the receivers to issue $1,545,000 notes
to take up the equipment trust 4%s of 1906 that fell due in
July 1914 and Jan. 1915 and those maturing to July 1916.
Compare V. 100, p. 400.
The new 6% receivers' equipment notes are dated Jan. 1 1915 and mature
as follows: $154,000 on July 1 1915. $309,000 on Jan. 1 1916 and $1,082,000
on July 1 1916.-V. 100. p. 557, 400.
Ayer Mills, Lawrence, Mass.
-Guaranteed Notes for
-Brown Brothers & Co. purchased
Refunding Oversubscribed.
this week and offered at 96, to yield 6%%,$1,000,000 construction and equipment 5% coupon notes of $1,000 each,
dated Mar.1 1915 and due Mar.1 1918, but red. at 102 on
aniy nt.date upon 60 days'notice. Guaranteed,principal and
interest, by the American Woolen Co. Interest M. & S.
Issued to refund $1,000,000 notes due March 1 1915. The
issue was twice over-subscribed, but the advertisement, for
record, will be found on another page. A circular shows:
Incorporated in Massachuseets, being owned and successfully operated
by the American Woolen Co. and manufactures worsteds and worsted yarns,
Balance, largely for the various mills of the latter company.which guarantees these
Pf Divs. Common
Fixed
Charges. (5%). Dividends. Surplus. notes. For the year ending June 30 1914 the .Ayer Mills earned more than
Calendar
guarantor, has an
twice their fixed charges. The American Woolen
Year
Co..
5,082,326 2,494,863 1,453,390 425,000 (7%)456.516 159,957 outstanding capital of $40,000,000 pref. and $20,000,000 common shares.
1914
4,953,537 2,538,627 1,381.977 425,000 (0)422,500 309,150 and has paid regular quarterly dividends on the pref. shares at the rate of
1913
7% per annum since its organization in 1899, and had an estimated accumu-V. 100. p. 400, 231.
lated surplus at Dec. 31 1914 of over $8,000,000. There are no encum-Earnings.
Washington Water Power Co.
brances on any of the American Woolen Co.'s 40 plants. which are carried
DeducBalance, on the books at about 845,000,000 with a reproductive value far above this.
Net (after
Dividends.
Gross
Calendar
lions.
dends.
Deficit.
Earnings. Taxes &c.).
YearNet quick assets on Dec. 31 last were estimtaed at about $20,000,000.
$2,976,425 81.613,827 $519,381 (731)$1,094.863
$417 The American Woolen Co.is the largest manufacturer of worsted and woolen
1914
1.623.277
514.086 (8%)1,126.552 17,361 goods in the country.
2,914,950
1913
Deductions as above included: Int. on bonds, $254,092 in 1914, against
An Indenture provides that this issue of notes shall be equally secured by
$259,219 in 1913; amount written off for depreciation and sinking fund, any mortgage placed hereafter upon the property of the Ayer Mills, whose
$325,000, the same as in 1913; other deductions, $163.456 in 1914, against outstanding issues of notes (43%) are: $1,000,000, due March 1 1915 (to
522.233, maldng a total of $742,548, against $606,432. Against these be refunded by this issue); $1,000,000, due March 1 1916; $1.000.000. due
totals there was credited $223,167 for int, on work under construction in March 1,1917. It is the intention to merge the AyerMills into the Ameri1914, against $92,346, leaving the net amount of deductions, $519,381, can Woolen Co. upon the retirement of the outstanding notes, say, $3,000,
against $514,086.-V. 100, p. 56.
000. balance of *4,500,000 outstanding March 1 1910. Compare V. 90,
p. 701; V. 92, p. 1312; V. 96, p. 556.
-Merger Plan.
Westchester Street RR.
-Earnings.
-V. 84, p. 392.
Bell Telephone Co. of Pennsylvania.
See N. Y. New Haven & Hartford RR. above.
Interest. Divs. %). Bal.,Sur.
(6
Net.
Gross.
Cal. YearYoungstown & Ohio River RR.
-Earnings.
8465,801 83,600,089 $1.289,184
820,312,537 $5,355,074
1914
1,238,417
3,600,040
21,273
4,859,730
18.934.912
Taxes & Bond
Gross
Net
Pf.Divs.
Bal.. 1913
Calendar
993..075
3,600,040
122,566
4,715,681
17,.803,375
1606
Earns.
Earns. Rentals. Interest. (34%). Surplus. 1912
Year8279,666 $118,566 818,509 *50.000 $37,500 812.557 -V. 98, P
1914
18,082
50,000
266,312
37500
106,967
1,385
1913
-Bonds Offered.
Brier Hill Steel Co., Youngstown 0.
C.E.Denison & Co. Of Boston and Cleveland are offering a limited
-V. 99, p. 1912.
amount of the bonds.
-The First National Bank of Cleveland, 0., is offering _by
-Earnings.
Washington (D. C.) Railway & Electric Co.
Gross
Income.
Net
Income.
adv. on another page, at par and int., $1,800,000 1st M.
INDUSTRIAL, GAS AND MISCELLANEOUS.
6% gold bonds dated Feb. 1 1915 and due $200,000 each year
-Resultsfor 12 Mos.end. Dec.31. from Feb. 1 1918 to Feb. 1 1926, both incl. Part of an
Allis-Chalmers Mfg. Co.
Sales Billed. Net Prof. 1914Sales Billed. Net Prof. authorized issue of $3,000,000 secured by First Mortgage
1914$871,694 $23,012 on all of the real and personal property of the company
January
$918,413 *$30,458 July
803,986
February
*65,275 August
908,514
*4,938 (subject to $200,000 underlying bonds),with the exception
856,866
March
30,035 September
964,384
*2,250 of the company's investments in stocks or bonds and quick
862,151
April
18,555 October
990,833
*29,953
701.640
944 November
May
939,950
*14.700 or liquid assets. Principal and interest (F. & A.) at office
684,383
*4,743 December
June
820,335
of the First Trust & Savings Co., Cleveland. 0., trustee.
• Denotes deficit.
Tot. 12 mths_$10,323,149 •$78,971
agrees to pay Federal income tax.
The unfilled orders on hand for the fourth quarter (Oct. to Dec.) were Denom. c". Company
32.400,663, against $2,638,570 for the third quarter (July to Sept.), $3,
086.795 for the second quarter (Apr. to June) and $3,285,000 for 1st quarter (Jan. to Mar.).
-V.99, p. 1301.
The "Iron Age" of April 2 1914 had a long illustrated article describing
-V. 100, p. 312.
the company's plant.
-Earnings.
Brunswick Terminal & Ry. Securities Co.
-Gross Earnings- Hold.Co. Exp.& Taxes Repairs, Bal.,
Calendar
-New Vice-President.
American Express Co.
St. Ry. M.L.& W. Income. Salaries. Paid. Ins. &c. Sump.
YearD.S. Elliott, President of the Great Northern Express Co., has accepted
2
8
8 8 716 *91.898 $18,935 $4,398 $8,147 $814 $5,576
.6 :
the appointment as Vice-President in charge of traffic of the American Co., 1914
4,176
10,391
7,524
22,421
330
40.049 87.868
effective March 1. E. E. Bush, formerly Assistant Traffic Manager, has 1913
-V.98, P
-V.100, p. 142.
been made Traffic Manager.
-New Director.
American Gas & Electric Co.
Edward R. Stettinius, Pres. of the Diamond Match Co., has been elected
-V.99, p. 1834.
a director in place of A. V. Paige, deceased.
-Earnings.
American Graphophone Co.
-Bonds.
Buffalo General Electric Co.
The P. U. Commission on Feb. 17 authorized the sale of $900,000 1st Ref.
-year 5s at not less than 95 and int.-V. 100. p. 477.
30
-Bonds, &c.
Butte-New York Copper Co., N. Y. City.
Balance,
Preferred
The shareholders will vote at 25 Broad St., N. Y., April 16 1915 on (a)
Special
Bond
Net
Calendar
-year 1st M. convertible income
Surplus. authorizing an issue of $500,000 10
Dividends.
Income. Interest. Deprec.
Yearbonds.
5637,036 8125.374 $161,330 (7%)$146,764 8203,568 (b) Changing the par value of the shares of stock from $5 to $1, thus de1914
265,462 creasing the auth. stock from $4,000,000 to $800,000. (c) Increasing the
(730 162,488
172,079
120,132
720,161
1913
authorized capital stock by 300,000 shares of $1 each, making the total
-V. 98, p. 687.
$1,100,000. (d) Changing the number of directors from 11 to 7.
-Stock Increase.
American Lead Pencil Co., N. Y.
Data from President M. M. Ferguson in Circular of Feb. 10.
This company on Feb. 15 filed in Albany a certificate increasing the
It is estimated that $150,000 will be necessary to meet present indebtedcapital stock from $1,008,000 to $2,200,000. Louis J. Reckendorfer is ness and to perform preliminary development work; should results warrant
President. Office, 220 5th Ave., N. Y.
it, additional funds will be required for equpiment and further development.
If said bonds and stock be authorized, each stockholder of record April 19
-New Director.
American Piano Co., New York.
1915 will be premitted to subscribe for $150,000 of said bonds at par, up
A. G. Milbank has been added to the directorate.
to and including May 15 1915, to the extent of 25% of their respective
holdings of stock, subscriptions to be paid 50% on or before May 15 1915
-For calendar years:
Earnings.
and 50% on or before June 15 1915, or in full on May 15 1915. The pur1912.
1911.
1913.
1914.
chase of said $150,000 of bonds has been underwritten.
Gross sales
82,682.000 $3,440,000 $3,287,171 $3,138,618
The authorized capital stock as changed will be $1,100,000, of which ap382,799
393,065
392.493
311,102
Net earnings
$20,000 will be held for exchange
207,102 proximately $580.000 will be outstanding;Co., and the remaining $500,000
270,102
270,102
270,102
Preferred dividends(7%)
of stock of the Butte-Milwaukee Copper
33,000
Depreciation
will be reserved for the conversion of bonds.
holder
The bonds will be dated June 1 1915 and convertible at option ofshare).
Balance, surplus
$8,000 $122,963 3122,391 *112.697
11925 into stock at par (81 per
The gross sales as above represent only the retail sales and do not include at any time up to and including June
company or on after June 1 1918
and be subject to redemption at option ofJune 1 1920 the interest on said
the retail sales by the company's own retail stores in New York, Boston
int. Up to and including
and Baltimore. This method is adopted in order not to duplicate sales. at 105% and exceed 6% per annum, will be aable only out of income, but
bonds, not to
and shall be paid before
-V.98, p. 521.
for that period said interest shall be cumulative to said date the interest
-Option to Hold- any dividends are paid on the stock; subsequent 91500andoffered or
American Telephone & Telegraph Co.
g l ,O00f.
Denom. $100.
will be payable unconditionally.
subbe first
ers of Paying Part Cash on Conversion of Bonds.
-The com- future issue of the remaining $350,000 of bonds will is Secretary.
pro rata. 0. E. Connell
pany, whose $67,000,000 20-year 432% bonds dated Mar. 1 scription to stockholders
1913 are, under the terms of the mortgage, convertible into
common stock taken at 120 between Mar. 1 1915 and Mar. 1
1925, with a cash adjustment of interest and dividends, offers
to holders, instead of the foregoing method, the option of
converting the bonds into as many shares of common stock
as the face value of the bonds held is a multiple of $100,
upon payment of $20 for each such share, with a similar cash
adjustment. For details of the method of conversion,see advertisement on a previous page and compare V. 96, p. 204,
362, 792.-V. 100, p. 400, 57.
American Tobacco Co., N. Y.
-Sale-Exchange.
The U. S. Dist. Court at N. Y. on Feb. 9 ordered (a) that the small
amount of 5% and 7% bonds and,5% and 7% pref. stock of the Liggett &
Myers and P. Lorillard companies now in the hands of the Guaranty Trust
Co.for exchange be disposed of, any time up to April 1916, the net proceeds
to become the absolute property of the American Tobacco Co. (b) That,
pending the sale, any holder of the securities of the old American Tobacco
Co. still outstanding and exchangeable therefor under the decree of 1911
(namely, $990,000 65, $1,489,000 and *905.000 non-voting pref. stock)
may make the exchange of his securities for the Liggett & Myers and the
Lorillard securities, provided there remain at the time in the hands of the
Guaranty Trust Co. sufficient Liggett & Myers and Lorillard securities to
carry out the final decree. See p. 147 of "Ry. & Ind. Sec.,' and V. 100,
p. 311.
-Earnings.Superior Copper Co., Ltd.
Butte &
Dec.31'14. Sept.30'14. June30'14. Mar.31'14.
Quarters ending$738,803
$704,781
$638,316
Net value(zinc concentrat.)$238,803
282.033
161,540
161,676
Net value(lead concentrat.) 75,966
Total
Other income
$314,769 $1 ,020,836
6,740
8,705
8866,321
2,896
8799,992
5,875
Total income
Operating costs
$323,474 $1,027,576
528,440
192,937
$869,217
531,974
$805,867
492,882
8499,136
$130,537
*337.243
$312,985
Balance, surplus
The above earnings are computed upon the basis of 5.012 cents per lb. for
speller for the quarter ending Dec. 31 1914, against 5.11 cents for the
quarter ending Sept. 30 1914; 4.94 cents for quarter ending June 30 1914
and 5.14 cents for the quarter ending March 311914.-V. 99, p. 540.
-Earnings.
(The) By-Products Coke Corporation.
(after
Gross
Calendar
Income.
Year$509,343
1914
869,359
1913
_Nr. gg, p. 1689.
Net
Depreciation
Taxes, &c.). & Misc.
$332,478
$160,338
661.525
329,619
Dividends
Paid.
$155,864
180.000
Balance,
Surplus.
$16,276
151,906
Canada Machinery Corporation, Ltd., Galt, Ont.Plan.-The holders of the $618,000 1st M.6s of 1910 were to
vote Feb. 18 on authorizing the company
s
(a) To discharge one-half the principal of each of said bonds outstanding.
Jan. 25 by the delivery of 7% non-cum. pref. stock, par for par, said
ranking pani passu with the outstanding $180,000 pref. stock (which provided cash working capital.
(b) To pay the interest due on said bonds in 1914, 1915 and 1916 by
the issue forthwith of a like amount of 7% non-cum. 2d pref. stock, and also
In lieu of compounding the interest on 2d pref. stock to the amount of onehas been declared,
A dividend of 9d. per share
payable Feb.
ninth of said Interest.
for
par 5a. £60,000 was griTa
£395,000 ordinary shares ( year; each)
(c) To release and sell the property situate in the city of Hamilton, and.
Last
making Is. 9d. per share for
for year. pending such sale, to place a prior lien mortgage upon the property in
declared, making 2s. 9d. per share
priority to the aforementioned mortgage bonds, the proceeds to be applied
year Is. 3d. _lop. share was
-V. 99, p. 540.
-Offering of Guaranteed RefundAmerican Woolen Co.
-V.98, p. 758.
-See Ayer Mills below.
Notes.
ing
-Dividend
Ltd.
Arizona Copper Co.,
r
u Ftr,0n
free
free of inc ,e e 27
FEB. 20 1915.]
THE CHRONICLE
645
prior to default on said bonds towards additions to and extensions of the malty bad one, on account of the low prices of petroleum products and the
plant, &c., in the town of Galt.
general business conditions.
Nevertheless, our net earnings were over
3500,000 in 11 months and for the year 1915 should not be less than $700.Digest of Statement by Pres. T. H. Watson. Gait, Jan. 25 1915.
000. We are producing ourselves from 2.000 to 3,000 bbls. of crude oil
The operations for the year ending June 30 1914 and for the six months per day
succeeding, have shown that the company cannot continue its business p. 1530.and are gradually developing this end of our business. See V. 99.
1751.
unless a substantial reduction is made in its fixed charges. The volume of
business which has been done since June 30 last has been much smaller
Deere & Co.
-Earnings for Fiscal Year ending Oct. 31.than would have resulted under normal conditions, but orders have recently
Net
Admin.. Depre- Int. on Dividends. Balance.
been received for machinery required for the manufacture of war materials Year end.
Oct. 31. Income. &c.,Exp. ciation. Deb.,&c. (7%).
Sur. or Def.
which will largely increase the output for the ensuing six months. The
1913-14___$2,802,903 $366,068 $68,270 8283,486 $2,647.995 def$562,916
company will, however, not be able to meet its interest coupons falling due
1912-13_ _ _ 4,755,778 432.576 67,362 151,617 2,647.995sur1,456,227
Feb. 1, and consequently must ask its bondholders to postpone their -V.
100. p. 57.
Interest due on that date. The sale of the property at Hamilton will permit of the concentration at Galt of the greater part of our operations,
Edison Electric Illuminating Co. of Boston.
-Stock.lessening overhead charges and facilitating manufacturing.
-V.98, p. 389.
The stockholders will vote Feb. 24 on applying to the Mass. Gas & Else.
Light Commission for authority to issue new stock for additions and exten-Note Issue.
Central Maine Power Co.
-Bond & Good- sions, probably, it is thought 10%, or about 20,480 shares. Recent issues
win are offering at par and int. $600,000 3
-year 6% gold of the stock have beento shareholders at $215 a share.
-V.99, p. 1370.
coupon notes dated Feb. 1 1915, due Feb. 1 1918. Int. F.&
A. at First Nat. Bank, Boston. Denom. $1,000 c*. Trustee, State Street Trust Co., Boston. Issued to refund a like
amount of 5% gold notes due May 1 1915. A circular shows:
Supplies (a) electric light and power, without competition, in leading
cities and towns in Kennebec Valley. including Augusta, Hallowell, Gardiner, Waterville, Fairfield, Skowhegan, Norridgewock, Pittsfield and
Dexter; (b) gas in the three first-named cities, (c) also controls the street
railways connecting Waterville with Fairfield and Oakland. Population
served (est.), 100,000. Water-power developments, installation 11,750
h. p.; steam stations, 5,000 h. p., Undeveloped riparian rights owned and
controlled permit an additional development of about 25.000 h. p.
Issued capitalization: (a) Stock
-common, $2,500,000, and pref. (6%
cum.). $866,000; (b) Funded debt: 1st M. 5s of 1909 (V. 93, p. 798).
$3,076,000; debentures due May 1 1915, $600,000.
Earnings for year 1914,$620,019; net (after taxes). $295,390; bond int.,
$156,201; balance, $139,189, or 4 times the 36,000 interest on these notes
-V.94, p. 418.
Electric Bond & Share Co.
-Increase-New Directors.-
The directors on Feb. 17 authorized an increase of stock from $5,000,000
to $8,000,000 each of common and pref. stock. William Darbee
Claflin have been elected directors to succeed Benjamin Strong Jr. and G.E.
and R.T.
Paine, who resigned.
A portion of the new preferred stock will probably
shortly'
for subscription to stockholders at par and at the samebe offered General
time the
Electric Co. will take an equal amount of the new common stock for cash
at par.
-V. 100, p. 401.
Fisk Rubber Co.
-New Stock.-
The stockholders were to vote this week on issuing $500,000
additional
pref. stock. Amount now out. $3,000,000.-V. 100. p. 491.
Fort Worth Stock Yards Co.
-Called Bonds.-
Six 1st M.5% bonds due Mar. 1 1922 have been
redemption
Mar. 1 at 105 and int, at the N. Y. Trust Co.. N.drawn for p. 449. on
Y.
-V.90.
General Baking Co., New York.
-Note Payment.
-The
$400,000 2 -year 5% notes due Mar. 1 will be paid at
Chicago Telephone Co.
-New Director.
-Angus S. Hib- maturity at the office of Harvey Fisk & Sons. No securibard has been elected a director to succeed the late A. A. ties will, it is stated,be issued in their stead.
-V.98,P. 683,
Sprague.
697.
-V. 100, p. 553,477.
Cincinnati & Suburban (Bell) Teleph. Co.
General Chemical Co., N. Y.
-Earnings.
-New Director-Stock.
George Blumenthal of Lazard
Calendar
Gross
Net (after Dios.
Paid.
(10%).
$796,477
749,916
Freres has been elected a director to succeed
Teleples, James
Dec. 31. some Speyer, who declined re-election in accordance with a decision made
time ago to reduce the number of his directorates.
75,413
The stockholders on Feb. 18 authorized an increase in the stock
71,489
from
$12,500,000 common and $15,000,000 pref. to $20,000,000
and also the proposed changes in the by-laws in regard to of each class,
the
(H. B.) Claflin Corporation.
-Payment to Creditors, &c. subscribe for future stock issues as stated in V. 100, p. 40 . rights to
1
There is
The assenting creditors and noteholders are now receiving their 15% in said to be no present intention to increase the common
stock outcash under the reorganization plan. Non-assenting creditors will receive standing beyond the present figures, except sufficient or prof.latter issue
of the
29% of their accrued claims. The assenting creditors will later receive to complete the exchange of stock for that of the General Chemical Co. of
ss% in notes.
California.-V. 100, 13. 401, 233.
-V. 100, 13. 558, 477.
YearEarnings.
$2,726,742
1914
1913
2,578,558
-V. 98, p. 1395.
Taxes).
$899,294
880,745
Balance,
Surplus.
$102,817
130,829
Consolidated Ice Co., Pittsburgh.
-Earns.for Cal. Yr.:
Calendar
Gross
General
Dividends. Balance. Total
Net
Year- Earnings. Expenses. Earnings.
(6%). Sur. or Def. Surplus
1914
$663,297 $559,338 $103,959 $120,000 defS16,041 $718,527
1913
706,434 582,391 124,042 120,000
sur4,042 734,568
-V.98, p. 692.
Gilbert Transportation Co., Groton, Conn.
-Decision.
Judge Thomas in the U. S. Dist. Court at Hartford. Conn., on Feb. 13
confirmed in most respects the report filed by Special Master Frank D.
Haines of Middletown, holding that the amount of the company's debt was
$344,294 and the cast of the litigation would be $21,500. The amount
outstanding as unpaid on coin, stock was fixed at $407.320 and on the pref.
stock 829,696, and the shareholders, he stated, should be assessed for the
Consumers' Co., Chicago.
-New Officers
full par value of the bonus shares of common stock.
0. R. Campbell and Morris S. Rosenwald have been elected directors
As to the right of the bondholders to participate
of the Consumers' Co. to succeed M.E. Robinson and T. H. McInerney, or of the American Surety Co.to participate for the to the extent of 264,793,
$25,000 notes and $4.000
who resigned as Vice-Presidents.
receiver's certificates, the Court does not pass at this time, but in all other
particulars the report is approved. The order to be entered will provide for
Earnings for Calendar Year 1914.
an assessment against the owners of unpaid or part-paid
Gross
Net (after Bond, &c., Preferred Balance, revoking the stay of the State Court proceedings made stock and also for
by Judge Holt in
• Period endingProfits. Dep'n, &c. Interest. Dividends. Surplus. the Federal Court, and the receiver will be directed
to proceed to collect
Yr.end.Dec.31 '14-$3,901.487 $815,985 $354,510 $277,161 $184,314 the assessments by
prosecuting suits that are pending in the State Court,
10 1-3 months endand he Is authorized to institute such new suits as he may think are ading Dec. 31 1913- 3,461,733 676,679
286,046
237,280
153.353 visable. Compare V. 97, p. 525; V. 95, p. 52; V. 93, p. 472.
-V.99, p. 536.
Consumers Power Co. of Minnesota.
-Bonds Offered.
William P. Bonbright & Co. and H. M. Byllesby & Co. are
offering, at 9034, to yield 6%, a block of 1st M. 5% gold
bonds of 1909, due Nov. 1 1929. The bankers report:
A first mortgage (closed except for refunding the divisional bonds) on a
large and successful public utility system. Earnings
times
interest charges on outstanding bonds including thoseavailable, 2.97 Comnow offered.
pany, directly and through subsidiaries, serves 58 municipalities, notably
Minneapolis, St. Paul, South St. Paul, Stillwater, Faribault, Mankato and
Moorehead. Minn.; Galena, Ill.; Fargo, Grand Forks and Minot,
Platteville, Wis. and Sioux Falls, S. D. Population estimated to N. D.;
exceed
$750.000, increase 37% in ten years.
Outstanding Capitalization. [The General M.5s are not held by the public.
1st M.5% bonds, due '29-$7,179,000[Gen. M.5s, 1937
$6,059,000
Divisional bonds
2,821.000[Coll. tr.6% notes due '17.. 934.500
Entire cap. stock except directors' shares owned by Nor. States Pow. Co.
The $7,179,000 1st M. bonds include $300,000 now offered to retire a
like amount divisional bonds due June 11915.
Consumers Power Co. owns entire capital stock of Minneapolis General
Electric Co.(except 70 shares of pref. and qualifying directors shares) subject to lien of $5,000,000 North. States Power Co.6% notes due June 11917.
Earnings Years ended Dec. 31 (incl. in 1914 Sioux Falls Aug. 110 Dec. 31)
.
1913.
1912.
1914.
Oros earnings
$1,810,724 $1,994,128 $2,248,065
Net (after oper. exp. and taxes)
859,667
1,075,922
775.725
Other income, including $12,500 int. on constituent bonds held
by trustee and surplus of the Minneap. Gen. Elec. Co,after
deducting fixed charges, including $300,000, int. on $5,000.000 Northern States Power Co.6% notes
538,998
Total net income
$1,614.920
Int. charges on Consumers Pow.Co. 1st 5s and divisional bonds
544.148
Balance ____
S1 070 772
The gross earnings
-------------------------------- -------- the net earnings of 25.1%. See also_______ p. 288; V.97, p. 953, 1o38; V. 100, p. 400.
V.96,
Great Lakes Towing Co.
-Formal Decree Entered.-
The U. S. District Court on Feb. 13 entered its formal decree at Cleveland, 0.. in the Government suit under which the company was ordered to
amend its practices. The decree was handed down on June 15 1914 and
the company has been acting under the limitations prescribed for some time
past. Compare V. 98, p. 1922.
Great Western Power Co.
-Plan-Guaranty.-
See United Light & Power Co. below.
-V. 100, p. 478.
Plan Operative for Western Power (Holding) Co.-
See that company below.
-V. 100, p. 478.
Harwood Electric Co., Phila.-Pref. Dividend Deferred.
The directors have decided to defer the payment
tribution usually made in March on the $688,000 of the semi-annual dis6%% cum.
The payment was also omitted in Sept. 1914.-V.99, p. 1676, pref. stock.
541.
Hester-Columbus Associated Breweries Co.
-Deposits.
It is reported that more than 90% of the $4,799,000 bonds has been deposited with the bondholders' protective committee.
-V.100. p. 233. 58.
Housatonic Power Co.
-Negotiations, &c.above.-V.98.p.1075
Improved Property Holding Co., N. Y.
-Suit Dismissed.
Judge Hough in the U. S. District Court on Dec.
See N. Y. N. H.& Hartford RR.under "Railroads"
9
brought by Receiver Howland against Henry Corn, Alwyn dismissed a suit
E. Dowling, Elbert S. Barlow and the General Realty &Ball Jr., Robert
to hold the defendants, who were officers and directors, Mortgage Co.,
responsible for
the payment of a 81,000,000 issue of bonds which the receiver
were invalid. The receiver brought several suits to augment the claimed
fund
defraying these debts. The Court says that there was no basis for for
the
charge that the individual defendants had fraudulently conspired to
enrich
themselves through the promotion of the company.
-V.99. p. 1600.
Inland Steel Co., Chicago.
-Bonds Offered
The First Trust & Savings Bank of Chicago -Earnings.is offering
additional $1,000,900 Extension & Ref. M. 6s of 1912 an
at
Cosden & Co., Producers & Refiners of Petroleum, 101 and int., to yield 5.92%. Denom.
$1,000. Int.
Tulsa, Okla.
-Status.
-Smith, Lockhart & Co., Baltimore, ble J. & J. in Chicago and New York. Total auth.,paya$10,recently offered common shares at par, $5 a share.
000,000; issued or now issuable, $4,500,000. (Compare
A circular dated Jan. 1915 reports: Capitalization-Common stock
V. 97, p. 953.) The bankers report:
(auth. $2,000,000), $1,220,000; $200,000
10% pref. stock, $275,000 1st M.
These bonds are
bonds (out of $500,000 auth.). Acquired by consolidation the oil-refining
secured by a lien on all property now owned or hereafter
acquired and
plants of J. S. Cosden Oo. (capacity 7,000
daily), Tulsa, not including at present time valued by the company at over 216,000,000.
crude
the property to be purchased with the proceeds of those bonds,
Okla.; Southwestern Refining Co. (plant bbls. of1911). oil
Bigheart, Okla., subject only to
new in
and Colonial Refining Co. (plant
$2,100,000 of 1st M. bonds which mature serially at the rate
all
June 1913), Cushing,
situated in the famous Cushing oil new in Oklahoma. Company Okla. and of $150,000 per annum to and including 1928, the company covenanting
owns
'
not to renew them.
operates 368 modern tank cars andfields,
The net earnings for the calendar year 1914. after providing for exhaust
through the oil-producing districts has about 8,000 acres of land scattered
of Texas; not having been tested out,
this land is carried on the books at from $5 to $10 an acre; 100 acres is now lion of minerals and depreciation reserve, applicable to bond interest and
producing 2,000 bbls. daily. Replacement value of property over $1,- dividends, were $1,336,380. For the five year ending Dec. 31 1914 the
net earnings averaged $1,515.851, or
500,000. Earned for the year 1914 about $560,000; deducting pref. divinearly four times the interest requirement on the entire amount of bonds outstanding. Compare report for
dend and bond interest; balance equivalent to
on
common stock. Several dividends have been about 51%last outstanding year ending June 30 1914 in V. 99, P. 339.-V. 99, p. 1302. 346.
one 2% in
Daid the
Dec. 1914. The dividends for the
understood, will be
declared quarterly. Directors: J. S.current year, it isW.Giesko. V.-Pres.;
International Mercantile Marine Co.
-$25,000,000
Cosden. Pres.; A.
John R. C'•ary, Sec. & Treas.: A. F. Lawrence, J. H. Yust, Tulsa; Elmore Bonds Deposited
-Extension of Time-Committee Enlarged.B. Jeffrey and Jacob France. Baltimore.
The committee of holders of 4% bonds of 1902, Otto T.
Data from President J. S. Cosden, Tulsa. Jan. 20 1915.
Started business Dec. 1913, refining 75,000 bbls. of crude per month, and Bannard, Chairman, has extended the time for the deposit
Lanow refining from 200,000 to 250,000 bbls. per month, with a capacity of bonds till Saturday, Feb. 27 1915, after which day 1;io
of about 300,000 bills. By May 1 this capacity will be increased to a mini- deposits will be
received except on such terms as the commitmum of 450,000 bbls. per month an, d it Is our intention to run to capacity
during the summer months,at which time we have never been in position to tee may presdribe. L. G. Myers, 26 Broadway, N. Y., has
meet the demand made on us for gasollne. The year 1914 was an abnor- been added to the committee. The committee says (see adv.)
[VoL. 100.
THE CHRONICLE
646
Approximately $25,000,000 of the 434% Mortgage and Collateral Trust Feb. 27, comparing with 75 cts. (3%) quarterly from March 1912 to Dec.
Gold Bonds have been actually deposited with this committee. About 1914, both inclusive. The reduction, it is stated, is made necessary by
-V.100, p. 559.
$17,000,000 of the bonds are said to be held in Holland, deposits of which the cut in pipe line tariffs and general business depression.
are being made with a separate committee in Amsterdam; so that only
New England Telephone & Telegraph Co.
-Earnings.
-V.100, p.559
about $10,000,000 of said bonds remain to be accounted for.
Calendar
Gross
Net (after
Other
Interest, Dividends. Balance,
-Earnings
Interstate Electric Corporation, N. Y.
Year- Earnings. Taxes,&c.) Income. Rentals,ecc (7%).
Surplus.
1914 _ -317,583,879 $3,708,237 $283,295 $840,821 $3,021,624 $129,087
-AU Sub-Company Bonds Retired.Extension of Service
1913 ___ 17,672,945 3.785,162
616,674 3,015,978 152,510
Consolidated Statement of Earnings for Three Months ending Dec. 31.
"Interest, rentals, &c," as above, in 1914 include interest, $648,516, and
1914.
1913. Increase. %
rent, &c., $192,305; in 1913, interest only.
-V. 98, p. 1762.
$90,807 $78,999 $11,808 14.9
Gross income
New York Dock Co.
-Decision.
earnings (after operating expenses) $36.859 $29.739 $7,119 23.9
Net
The 1-C. Commission in an opinion by Commissioner Clark holds that
The high-tension transmission lines now being erected in Pennsylvania
will be placed in operation March 15 from Erie, Pa., to Corry, Pa. Other the trunk lines need not establish through routes and joint rates with the
extensions are contemplated.
New York Dock By. on traffic between complainant's stations on the
The $214.600 bonds of subsidiary companies, it is announced, have been Brooklyn (N. Y.) water front and points on defendants' lines in and west
canceled. See full official report in V. 100, p. 482, 471. 401.
of trunk-line territory. The New York Dock By. receives for its services
to
lbs. on all freight, except grain in bulk,
Kaufman Dept. Stores, Inc., Pittsburgh.
-Earnings. fordefendants 4 1-5 cents per 100or destined to points west of the western
track delivery, originating at
Calendar YearsSales.
Profits.
Pref. Divs. Bal.. Surp. termini of the trunk lines; 3 cents per 100 lbs. on all freight originating at
$10,231,172
1914
$389,450
$168,001
$221,449 or destined to points on and east of the western termini, and 3 cents per
10,165,610
1913
704,329
154.583
549,746 100 lbs. on all grain in bulk for track delivery. The Commission says that
-V. 100, p. 478.
where the general public is adequately served, where there is no apparent
necessity or demand on the part of shippers for the establishment of joint
Lehigh Coal & Navigation Co., Phila.-Earnings.rates, and where there are no absolutely unreasonable rates, practices or
Gross
Net
Cal.
Deprec.
Bond
Dividends Balance, discriminations, the Commission cannot view with favor an effort to reEarnings. Earnings. Res., &c. Int., &c.
Year.
(8%).
Surplus.
establishment of such routes and rates merely to enable a carrier
1914_316,168,055 $4,766,335 $724,717 $1,558,040 $2,124,636 $358,942 quire the
to wrest from its connections or an agent to wrest from its principal greater
1913___ 15,294.687 4,497,845 762,017 1,363.317 2,124,636 247.875 compensation.
-V. 99. p• 1533.
Depreciation, reserves, &c., include in 1914 depletion of coal lands,
-Re-incorporated.
$221,257,against $227,313 in 1913,and depreciation and reserves.$503,460,
New York Mills Corp., N. Y.
against $534,705.-V. 100, p. 479.
This company was incorporated in New York on Feb. 17 with $1,000,000
capital stock as successor to the old New York Mills Company (see V. 98.
Loose-Wiles Biscuit Co., N. Y.
-Earnings-Dividends.
- p. 1540; V. 99, p. 541). The incorporators are: P. M. Smith, C. A.
Net
1st Pref.
24 Pref.
Balance, Braman, F. A. Julliard, 70 Worth St., New York.
Calendar YearEarnings. Dividends. Dividends.
Surplus.
-For cal. year:
-Earnings.
1914
$503,501
New York Telephone Co.
$350,000
$140,000
$13,501
Net.OtherInc.Interest.Dividends.Bai-Sur.
1913
601,814
350,000
Gross.
140,000
111,814
$
The report intimates that it may be necessary to discontinue for a time Yeardividend payments on the cumulative second pref., owing to unsettled 1914 -__47.295,088 10,159,046 6,016,695 3,460,199 10,000,000 2,715,542
conditions due to the war, the high price of materials and the commence- 1913 -.46,831,034 11,996,606 5,785,673 3,494,695 10,000,000 4,287,584
ment of the annual sinking fund payment of $75,000 on Feb. 1 1915 for
Total surplus Dec. 31 1914, was $19,131,311.-V. 99, p. 1752
the redemption of the first pref. stock.
-V.98, p. 1069.
-Earnings.
Northern Ontario Light 85 Power Co., Ltd.
Balance,
Manufacturers' Light & Heat Co., Pittsburgh.
Preferred
Bond
Net (after
Gross
- Calendar
Interest. Dividends. Reserve. Surplus.
Taxes).
Year- Revenue.
Earnings (including affiliated companies).
$248,055
1914
$875.196 $664,173 $273,360 $142,758
Gross
Net (after Other
193,387
50,000
142,758
Bond
Dividends
Balance, 1913
272,263
658,408
872,510
Year. Earnings. 'lazes). Income. Int., &c.
Surplus. -V. 100, p. 234.
Paid.
1914_ _ _$6,471,675 $2,498,811 $60,162 $121,453 (8)$1,840,000 $597,520
-Larger Extra Dividend.
Ohio Oil Co.
1913_
6,503,448 2,913,858 65,461 220.303 (7) 1.610,000 1,149,016
Total surplus Dec. 31 1914, after deducting amount appropriated for
_An extra dividend of 75 cents (5%) has been declared along with the
_reserve for depreciation of property ($685,013) and crediting miscellaneous regular payment of $1 25 (5%) on the $15,000,000 stock (par $25), both
payable Mar. 20 to holders of record Feb. 26. In Dec. 1914 the extra
adjustments ($14,859) was 84,174,575.-V. 99. n• 1677.
payment was 75 cts. (3%). In Sept. 1914 no extra disbursement, but in
Merchants' & Miners' Transportation Co., Baltimore. June and Mar. 1914 the payment was 75 cts. In Dec. 1913 $1 25 and $6 75
also paid,
and June
-New Debenture Notesfor Refunding.
-The Mercantile Trust extra were paid. In Sept. In 1912, 1913 75 cts. extra was quarterly, and
distributed
but
extra.
& Deposit Co. of Baltimore hasformed a syndicate to under- in March 1913 $1-V. 100. p. 145. $1 25 was
without any extra.
write $1,750,000 of 5% "one-year preferred debenture notes"
dated Mar. 1 1915. Holders of the $1,200,000 pref. 15
months' debenture 6% notes due Mar. 1 will have the privil99M, or a
ege of exchanging the old notes for the new at
53'% basis, and any not so taken will be sold privately at
the same rate.
€0 Data Furnished by President James S. Jenkins.
The proceeds of these notes will be used in part for the retirement of:
-months6% notes due Mar. 1 1915 $1,200,000
$1.200,000 pref. debenture 15
300,000
Norfolk Wharf mtge. 4% city bonds
200.000
Remaining outstanding maturities of 5% equip. mortgages
remainder
For other corporate purposes
Upon the completion of this refunding operation, the physical assets,
consisting of steamships, $5,620,200. and wharf property and real estate.
$2.552,500. a total of $8.172,700, will be entirely free from mortgage debt
except $110,000 on real estate, which will be disposed of for at least the
value of the lien. This issue is followed by 4% debentures (25-year 45 of
1907. due 1932. interest M. & N. at Merc. Tr. & Dep. Co., Baltimore.
Issued to purchase Boston & Phila. SS. Co.; V. 84, p. 752.$3,250,000, and
capital stock, $5,000,000.
While the interest on this issue amounts to $87,500, the net income apable to interest on these notes for the past six years has averaged
306,500 per annum. During the past year the company has reduced its
funded debt by the payment of $200,000 of maturing equipment bonds and
a mortgage of 5370,000 on Boston Wharf property, thereby effecting an
annual saving through concentration of its business at that point. In the
same period the company has inaugurated a number of changes in policy
and administration which are resulting in an annual saving of at least
$200,000.
Company operates a fleet of 24 steamers between Baltimore, Norfolk,
Newport News, Jacksonville, Savannah, Philadelphia, Providence and
Boston. [Compare statement offering equipment bonds now retired in
V. 90, p. 1494. The control passed again to Baltimore in April 1914.
V. 99, p. 1054, 52.
Mexican Northern Power Co.
-Prior Lien Bonds.
-
The 1st M. bondholders will meet March 30 in Toronto to authorize the
Issue of the remaining $2,000,000 of the $3,000,000 6% prior lien 30
-year
gold bonds authorized last May. See V.98, p. 1159, 1464. 1611, 1697,1922.
-Stock.
Ohio River Western Coal Co., Woodsfield, 0.
A certificate has been filed in Ohio decreasing the capital stock from
$3.000.000 to 5150,000.-V. 82, p. 456.
-Earnings.
Pacific Lighting Corp., San Francisco.
Depre- Pf. Divs. Cotn.Divs. Balance,
Net
Gross.
Calendar
(8%). Sur. or Def.
Year. Earnings. Income. dation. (5%).
$4,443,665 $1,415,358 $842,158 $208,100 $384,000 def.$18,900
1914
4,568,254 1,563,130 802,053 208,100 384,000 sur.168,977
1913
-V. 96, p. 493.
-Decision of Commerce Corn.
Pacific Mail Steamship Co.
-V.99, p. 116.
See Southern Pacific Co. under "Railroads" above.
-Exchange.
Pepperell Mfg. Co., Biddeford, Me.
The shareholders on Feb. 10 voted to transfer the property to trustees
under agreement of March 15 1915, the shareholders to receive three trust
shares for each share of stock. See "Chronicle" of Feb.6, page 479.
Pittsburgh Coal Co.
-Sale of Coal Rights to Subsidiary for
$9,343,333- ,500,000 1st M. 5s 1904 to be called and Paid
at 110 on July 1 With Proceeds.
-This official statement was
issued in Pittsburgh on Feb. 15:
At a meeting of th€ respective boards of directors of the Pittsburgh Coal
Co. and the Monongahela River Consolidated Coal 3c Coke Co. to-day, the
purchase and sale from the former and to the latter of approximately 11,530
acres of coal rights, including surface and improvements, was agreed upon
and authorized to be consummated at a valuation fixed by appraisers
consisting of Capt. W. Harry Brown, S. A. Taylor and W. N. Henderson,
appointed by the Union Trust Co. of Pittsburgh, trustee. The consideration to be paid is about $814 per acre, or approximately $9,343,333.
The transfer and payment, it is expected, will be completed ahead of the
next interest payment date on the bonds of the Pittsburgh Coal Co., of
July 1 1915, at which time the payment and retirement of all of the bonds
then outstanding will be effected out of the proceeds of such sale. (Compare report V.98, p. 835, 1248.)-4. 100, p. 559.
-For cal. year:
-Earnings.
Pittsburgh Plate Glass Co.
1911.
1912.
1913.
1914.
Year$2,404,020 $2,455,298 $2,158,880 $1,942,647
Profits
303,265
489,558
770,081
665,315
Depreciation
18,000
18,000
18,000
18,000
Milwaukee & Chicago Breweries,Ltd.
-Dividend,4IA%. Dlv. on preferred (12%)- 1,569,456 1,569,446 1,569,445 1,560,578
A semi-annual dividend of 43i %, less income tax, has been declared Div. on common
payable Mar. 31 to holders of record Feb. 24. On Oct. 30 1914 234% VMS
$81,877
$60,804
597,771
paid, on Mar. 31,1914, 4%%. on Oct. 31 1913, 3%, and on May 15 1913,
Balance,surp.for year. $151,249
134% Earnings for the year ending Sept. 30 1914 are reported as about -V. 98, p. 911.
.
the same as in 1912, which was a very successful year. The company has
-Earnings.
Light Co.
Portland (Me.) Gas Net (after Depre- Dividends Balance,
during the past two years taken up 20% of its $3,000,000 bond issue.
Gross
Calendar
V. 99, p. 1303.
ciation.
Interest).
Paid.
Surplus.
Earnings.
Year55,00
$45,435
$70,126
$15,000
$325,488
Monongahela River Cons. Coal & Coke Co.
-Purchase. 1914
56,496
15,000
28,073
13,423
305,806
See Pittsburgh Coal Co. below.
-V.97, p.54.
1913
-V. 97, p. 448.
Montana Power Co.
cr%)_..
-Bonds.
-The company has sold to
Lee, Higginson & Co., Guaranty Trust Co. and J. & W.
Seligman & Co. $6,000,000 5% 1st M. bonds, making $16,000,000 outstanding (see V. 98, p. 455).
The proceeds will be used for work in connection with electrification of
430 miles of Chic. Milw. & St. Paul By, and to meet an increased demand
from copper-producing companies. Total net income for cal. year 1914,
$2.597,280, or 2% times the interest charges of $949,577. Gross and net
earnings in 1914 showed an Increase of over 5%, notwithstanding the bus-V. 99, p. 1752.
ness depression due to the war.
Mount Vernon-Woodberry Mills, Inc.
-Notes.
to be arranging
with the Mercantile Trust & Deposit
The company is said
-year 6% notes,
Co. of Baltimore to float an issue of probably $2,500,000 3
to provide working capital, &c. See V. 100, p. 479. 234.
-New Director.
National Enameling & Stamping Co.
-Earnings.
Provident Loan Society of New York.
Expenses.
Net.
Interest.
Surplus.
Cal. Year. Income.
$289,293
$906,654
51.195,947
$466,036
$440,618
1914
283,942
722,851
328.402
1,006,793
394,449
1913
The amount loaned in 1914 was $18,824,802, against 516,730,889 in .1913. Loans outstanding Dec. 311914, $9,725,257. against $7,955,435 in
1913. Funds employed, $10,300,934, against 58,392.348.-v. 98, p. 693.
-Combined Earnings.
St. Joseph Lead Co.
Gross
Other
Income
Net
Divs.
Balance,
Year
Income. Income. Charges. Paid.
Surplus.
Ending: Profits.
Dec.31'14 $2,317,039 5110,646 52,427,685 $880,410 5352.532 51,194,743
87,596
Apr. 3014 2,240,132 calendar 2,327,728 743,790 536,655 1,047,283
year 1914 include $258,390 declared from
the
The dividends foryear and $94,142 paid out of the accumulated surplus.
earnings of the
the
and $219,294, respectively, for the year ending Apr. 30
against $317,360
1914. The total surplus Dec. 31 1914, after adding $67,185 cre0ts to
profit and loss and deducting $82,489 debits, was $9,416,629.-V.99, p.534j
Alfred J. Kieckhefer of New York has been elected a director to succeed
A. M.Steinhardt. who resigned. George V. Hagerty,formerly Asst. Treas-Earnings.
Shawinigan Water & Power Co., Montreal.
Mr. Steinhardt,
urer, has been made Treasurer in place ofThe regular 7% and Samuel D. YearNet.
AU Interest.
Gross.
Dividends. Bat.,Sur.
annual dividend
Roberts, Asst. Secretary and Treasurer. of earnings of 1914,
$1,805,217 $1,560,622 $499,153 (6%)5721,875 $339,594
the first quar- 1914
pref. stock out
1,473,439
has been declared on the
1,690.883
312.079
501.360 (6%) 660.000
1913
payable Mar. 31 to holders of record Mar. 10.
terly installment beingyear ended Dec. 31 1914 are stated to be $84.494 in
From the accumulated surplus in 1914 there was transferred 5200.000 to
The earnings for the
bonds and the full preferred divi- reserve and sinking funds. $20,000 to contingent fund and 5100,000 to
interest on
excess of the requirements for$598,263), against $163,011 in 1913.-V. 98, depreciation reserve, leaving a balance of $39,473 undistributed.-V. 98,
(the latter
dend for the Y
p. 100.
p. 685.
-Div. Reduced.
Transit Co., Oil City, Pa.
National
a share, or 2%, has been declared on
A quarterly dividend of 50 cts. payable Mar. 15 to holders of record
the $12.727,575 stock (par $25).
-Dividends Resumed.
South Penn Oil Co.
A dividend of 3% has been declared on the $12,500,000 stock, payable
March 31 to holders of record March 14. This is the first payment since
FEB. 20 1915.1
THE CHRONICLE
June 1914, when payments were suspended on account of unsettled conditions brought about by the war. From Dec. 1913 to June 1914 3% and
2% extra was paid and in Sept. 1913 3% without any extra. Compare
V. 99. p. 542.
647
stock has been deposited under the plan of July 15 1914,
and that the plan has been declared operative.
The time for deposits without lienalty has been extended to and incl.
Mar. 15. In addition to the 90.7% stock deposited as
-The First Trust been pledged for deposit 4.4%, total 95.1%. See V. 99.stated, there has
-Bonds Offered.
Swift & Company.
p. 204, 1218.
& Savings Bank, Chicago, Potter, Choate & Prentice, N. Y.,
Westinghouse Electric & Mfg. Co.
-Sale of French and
and White, Weld & Co. Chicago, N. Y. and Boston, are
'
offering by adv. on another page, at 96 and int., to yield Italian Interests to English Subsidiary.
about 5.27%,$10,000,000 1st M.sinking fund 5% gold bonds itsWith a view to economy of operation this company has sold its interest in
French subsidiary, the Societe Anonyrne Westinghouse of Paris, carrying
of 1914, due July 1 1944, but redeemable all or any part on also the control of the Societe Italians Westinghouse to the British Westinghouse Electric & Manufacturing Co., Ltd., a controlled concern of
any interest date upon 3 months' notice.
Summary of Letter Signed by President L. F. Swift. Feb. 11 1915.
These $10,000,000 bonds are issued for the general corporate purposes,
and, together with the $15,000,000 bonds previously issued, aggregate $25,000,000 bonds now outstanding. Of the remaining [unissued] bonds $10,000,000 are reserved for corporate purposes and 515,000.000 for additional
real estate, buildings, &c., at 75% of the cost.
(1) The bonds are secured by a first mortgage upon the property and
plants of the company located at Chicago, East St. Louis, South Omaha,
Kansas City, South St. Joseph, South St. Paul, New York, Boston, Philadelphia, Denver, Milwaukee, St. Louis and distributing branch houses in
sixty-two of the principal cities of the United States. Aggregate appraised
value of property mortgaged is over $47,000,000.
(2) These bonds are further secured by pledge of stocks of subsidiary
companies representing an investment by the company of over $15,000,000.
These stocks include 95% of the capital stock of the Swift Refrigerator
Transportation Co.. which has more than 6,700 cars in service used for the
transportation of the products of this company, all of which are unincumbored, and 85% of the capital stockof the Swift Live Stock Transportation
Co.. which owns 1,069 cars, which are also unincumbered.
(3) The company covenants that it will maintain net quick assets equal
at all times to the amount of bonds outstanding. As of Sept. 26 1914
net quick assets were $42,112.624.
(4) Net earnings for the fiscal year ended Sept. 26 1914 applicable to bond
interest were $9,887.500, or nearly eight times the interest requirements on
bonds now outstanding.
(5) Bonds are followed by $75,000,000 capital stock, all sold for cash at
par. Cash dividends have been earned and paid continuously for 29 years,
and for the past 16 years at the rate of 7% per annum.
(6) Beginning July 1 1915 the company is required to pay annually to
the trustee a sinking fund of 2% of the bonds issued, either in cash or in
bonds at par, all cash payments to be applied to the purchase or redemption
of bonds. Bonds so acquired are to be canceled.
(7) Our sales for the fiscal year 1914 exceeded 5425.000.000, as against
$400,000,000 in 1913 which, considering existing conditions, shows a very
'
healthy growth. The results for the four months ending Jan. 31 1915
prove to us that our Lusiness is on a very good basis, both as to volume
and profit, and I anticipate a showing for the coming year that will be
highly satisfactory.
(8) This is one of the largest packing concerns In the world, our organization including, besides the main packing plants, poultry and produce
plants, 400 branch houses and sales agencies in nearly every city in the
world. In addition to being large distributers of beef, lamb and pork, we
manufacture such by-products as lard, tallow, oleomargarine, bone, horn,
beef extract, bouillon cubes,soap, washing powder, glue, hides, hair, glycerine, fertilizers, poultry food. &c. Our employees number overl 35,000,
of whom 3,500 are shareholders. Total shareholders, 21,000.. See also
annual report, &c., in V. 100, p. 227. 560; V.99, p. 1678, 1683.
the American Co., in exchange for certain securities in power and investment companies in Glasgow and London. bThe European companies
It is stated, enjoying a better business than the American company. are
A
valuation of about 58,000.000 has been placed upon the French and Italian
companies.
-V.100, p. 560, 59.
Wisconsin-Minnesota Light& Power Co.
-Earnings.
--For year ending Jan. 31 compared with earnings of constituent cos. in earlier period:
Gross
Operating
Net
Bond
Balance.
Years endingEarnings. Ex. & Tax. Earns.
Interest. Surplus.
Jan. 31 1915
51,041,769 5519,492 5522,277 $232,500 $289,777
April 30 1914
771.925
392,879
379.046
187,500
191,546
Quarterly dividends(H(%)on the 51.700.0007% cum. pref. stock were
begun on Sept. 1 1914. 'These call for $29,750 each. The payments on
Sept. 1 and Dec. 1 1914, therefore, amounted to 559,500.-V. 99, p. 1758.
CURRENT NOTICE.
-In our advertising columns the Aetna Life Insurance Co. of Hartford,
Conn., Morgan G. Bulkeley. President, and its affiliated companies, the
Aetna Accident & Liability Co. and the Automobile Insurance Co., publish
their annual statements in full to-day. In every department of endeavor
the Aetna Life reports striking gains during 1914. Its business embraces
life, accident, health, liability and workmen's compensation insurance.
Briefly summarized, the actual increases for 1914 were: 'Surplus to policyholders,$2,475,202; premium income,$1,902,543; assets increased, $5.559.738; increase in life insurance in force, $25,263,184; new life insurance
issued in 1914 was $75,142,409, while life insurance paid for amounted to
564,756.755. The company's income from premiums, interest, rents, &c.,
was $27,721,278; its total assets increased to $119,516.736, and total llf
Insurance in force Jan. 1 1915 to $380,798,405. Since 1850 policyholders
have been paid $263.717.904.
The eighth annual statement of the Aetna Accident& Liability Co.shows
Its assets on Jan. 1 1915 to be 53.392,950, surplus to policyholders
$2,085,885, while income in 1914 was $1,846,150 and payments to policyholders $597,894. The second annual statement of the Automobile Insurance Co. indicates assets of $791,440, surplus to policyholders$592.793
and income $385,862. Payments to policyholders were 5133,287 in 1914.
Union-American Cigar Co., ittsburgh.-Earnings.- Morgan G. Buikeley is President of both companies. See to-day's full
Calendar YearProfits. dividends. Bal., Surp. Total Sum. page advertisement for list of agents and [classes of insurance covered by
1914
$112,789
$100,596
$126,689 each of the three companies.
512.193
1913
320,917
200,169
120,748
114,496
-The Fidelity Mutual Life Insurance Co. of Philadelphia, Walter Le
-V. 100, p. 404.
business in 1914
Union Oil Co. of California.-Earnings (incl. owned cos) Mar Talbot, President, wrote more new paidto $134,064,215. than in any
It set aside
year since 1909, increasing insurance in force
(Including proportionate share of the operation of controlled companies.)
for policyholders in 1915 the largest dividend distribution in its history
Cal.
Gross
Net (after Int. on
DepreDividends Balance,
Year- Revenue.
The Fidelity's report for 1914 shows increases in income,payments to policyTaxes). Bands,&c. ciation.
(4.2%).
Surplus.
1914__$6,085,252 $5,274,812 $756,114 $1,783,173
_
$2,735,525 holders, contingency reserve (surplus) and in assets of nearly 6%. The
1913- - 5,359,834 4,715,488 763,066 1.426,191 $1,311,781 1,214,450 company
has paid to and held in trust for policyholders $64,869.686 and
The proportion of the net profits of controlled companiesincluded above
Is 31,082.290 in 1914, against $1,026,272 in 1913. The total surplus paid to policyholders and beneficiaries since organization $34,321,107.
Dec. 31 1914, after deducting wells discount on collateral trust notes and Besides being a purely mutual profit-sharing company with no stock or
other accounts written off, $2,023.324, was 51,788,673.-V. 99, p. 1838.
proprietary interests, its insurance and investments are confined to AmeriUnited Electric Securities Co., Boston.
-Earnings.
- can soil and under the supervision of forty-one States. The detailed report
Calendar Inc. from Int.on Prof.fm ExBond Dividends Balance, of the company will be sent upon request to any one applying to the home
Year- Secur's. Dep.,&c. Sales. penses. Interest. Paid.
Surplus.
1914
5630,344 311,351 $4,504 $54,649 5292,866 $195,000 $103,684 office in Philadelphia at 112-114-116 North Broad St.
1913
597,358
8.991 56.282 41,694 282,307 195,000 143.630
-McCluney & Co. of Chicago have become the correspondents of
Dividends as above include yearly 7% on $1,000,000 preferred stock,
Blake Bros. & Co. of New York and Boston, and of W. T. Rickards Co. of
$70,000, and 25% on $500.000 common stock, 5125.000.-V. 100,P. 235.
Chicago; these two concerns in turn have become the correspondents of
United Gas Improvement Co.
-Readjustment of Light- McCluney & Co. in New York, Boston and Chicago. This arrangement
ing Business.-Pres. Bodine is quoted as saying that the offi- Is in no sense a consolidation; each firm retains its separate identity, but
cers of the street lighting companies controlled by the takes advantage of the home] organization(A the other firms, the effect
United Light & Heating Co.,in which the United Gas Im- being to limit overhead charges and afford increased efficiency in selling
provement Co. is interested,and the officers of the latter are and distributing.
-The $1,000,000 Ayer Mills construction and equipment 5% coupon
at work in an effort to prepare a plan for reorganization
of the street lighting business, which he hopes will re- notes due Mar. 1 1918 which were offered by Brown Brothers & Co. yesmove all cause of adverse criticism by the Government. terday have been over twice subscribed. The notes are guaranteed, principal and interest, by the American Woolen Co. and are redeemable at102
The plan, on completion, will be submitted to Mr. Todd.
While the Welsbach Co. has at times been mentioned in connection with on any interest date upon sixty days' notice. Price 96 and interest, to yield
the investigation into the affairs of the United Gas Improvement Co.. 6157. Full particulars of this security appear in the advertisement
the Government's criticisms, it is stated, have not been directed against published to-day in our advertising pages.
the manufacturing company of that name. The Welsbach Street Lighting
Co. will, however, be affected with other lighting companies in the proposed
-N.W. Halsey & Co.. 49 Wall St., New York, are offering for investreorganization. The United Gas & Improvement Co. is interested in about
another page a very attractive list of high-grade municipal and
40 gas and electric companies in the country. The United Light & Heat- ment on
ing Co.is a holding company for many of these properties, but no statement railroad bonds at prices to yield from 4.15% to 5.20%. A number of the
issued to show its exact status.
are legal for savings banks in New York, Massachusetts and ConnecIssues
has ever been
-V.100, p. 404.
ticut. Full particulars
Utah Power & Light Co.
-Bonds Offered.
-Harris, fice in New York or its may be had upon application to thelfirm's main of
branches in Boston, Philadelphia, Chicago, BaltiForbes & Co., N. Y.; N. W. Harris & Co., Boston; Harris
more, St. Louis and San Francisco.
Trust & Say. Bank, Chicago, and Perry, Coffin & Burr,
Boston, are offering, at 92 and int., $1,000,000 1st M.5%
bonds of 1914 due Feb. 1 1944.
-A.A. Raven,President of Atlantic Mutual Insurance Co., 51 Wall St.,
has been elected Chairman of the board and Cornelius Eidert, Vice-President, has been made President. Walter Wood Parsons, Second ViceThe generating plants now operated have a total rated capacity of 161,000
h. p., of which 125.650 h. p. is hydro-electric and 35,350 h. p. is steam, and President, is now First Vice-President and Charles E. Fay, Third Vice
the company is constructing an additional 27,000 h. p. hydro-electric plant. President, becomes Second Vice-President. Mr. Raven was President
upon the completion of which the company will operate plants with a total of the company for the past seventeen years and has been identified with it
generating capacity of 188.000 h. p.
for sixty-three years.
For the year ended Jan. 31 1915 the gross earnings were $2,178,316; net
(after taxes). $1,117,692; annual interest charge:on 511,000,000 1st ?1.5s
-Potter. Choate & Prentice and White, Weld & Co.of New York, and
(including annual interest charge on 51,000,000 bonds shortly to be issued). the First Trust & Savings
Bank of Chicago, are jointly advertising for in$550,000; balance, surplus, $567.692. Net earnings ,over twice bond int.
vestment $10,000.000 Swift & Co. first mortgage sinking fund 5% bonds
particulars in V. 98, p. 528.
See full
due 1944 at 96 and interest, yielding 5.27%. For details of this offering
-The decision of Judge Marshall of the U. S. see advertisement in our
Decision.
advertising columns. The bankers will furnish
District Court at Salt Lake City, Utah,on Feb. 15 in the suit complete circular upon request.
against the company, which is referred to in some of the daily
-Thompson, Shonnard & Co., 20
this city, started
papers this week,is regarded as unimportant by the company. business last Monday. The members Exchange Place,include J. Edward
of the new firm
The reports tend, it is stated, to create an erroneous impression of the Thompson, member of the New York Stock and Coffee exchanges; Horatio
merits of the case. At most, we are informed, the Government could
and F. Clark
require the company if the appeal from the decision is successful. to takea S. Shonnard, member of the New York Cotton Exchange. securities and
license from the Department of the Interior for the occupation of lands by Thompson. The concern will conduct a general business in
and Battle Creek), for which a rental of possibly commodities.
two small plants (Logan
$2.000 yearly might have to be paid. In any event, there can be no loss
-William M.Bell,formerly with Moore, Leonard & Lewis of Pittsburgh,
of property to the companyithrough the litigation, the question being simply
whether or not the company should pay a tax for occupying Government and Edward A. Owens, previously connected with the city Deposit Bank
land.
-v. 99. p. 677.
of Pittsburgh, have formed a partnership under the name of Wm. M. Bell
Western Power Co. (of N. J.), California.-Plan Op- & Co. The concern will engagelin the buying and selling of investment
-Notice is given that 90.7% of the bonds at 1644 Oliver Building, Pittsburgh.
erative-Time Extended.
THE CHRONICLE
648
pit
Tornutertial
Times.
COMMERCIAL EPITOME
Friday Night, Feb. 19 1915.
The feeling in many branches of business is optimistic
and trade is increasing somewhat, though it is not keeping
pace with predictions. Exports of wheat and cotton continue
large. Those of wheat for the week were well over 10,000,000 bushels and up to February 18 had reached the imposing
total of 264,000,000 bushels, or far in excess of the exports
of ordinary years. And war orders still take large quantities
of various kinds of merchandise. Cotton and woolen mills
are busy. So are shipbuilding yards. Trade in steel is
gradually increasing. The winter-wheat crop in general
looks well. Money continues easy. Foreign exchange has
further declined, though latterly firmer. Heavy exports
are increasing the trade balance in favor of this country.
Travel in Europe, with the usual large American expenditures there, is interrupted by the war. But it would be
idle to deny that the German war zone order has moderated
optimism somewhat. The number of idle cars is much larger
than a year ago, though the railroad companies are taking
on more men. Collections are still poor at the South, where
trade is slow. In parts of the West they are good,but taking
the country as a whole they are none too prompt. The
lumber and coal trades are quiet. Stocks and bonds,
especially bonds, have been sold more freely by Europe at
some decline. War risks have advanced. The situation
in Europe is watched with intense interest, not unmixed with
a certain degree of apprehension. Yet it is believed a way
out will be found whereby our foreign commerce may proceed without serious interruption. It is hoped that the very
desperation of the conflict may turn out to be the prelude
to an early peace.
LARD has been weaker; prime Western 10.75e.; refined
for the Continent 11.300.; South America 11.75c.; Brazil
12.75e. Lard futures have been weaker, in sympathy with
a decline in corn and hogs. Last Wednesday the East
Buffalo cattle markets were closed in order to disinfect them.
Commission houses have been heavy sellers on outside orders.
To-day prices advanced slightly. Packers both bought and
sold.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon.
Tues
.
Sat.
10.62
10.57
10.77
cts_10.95
10.80
10.85
10.80
10.90
10.75
11.00
11.07
10.95
May delivery
July delivery
VOL. 100.1
than any other in West Virginia. Crude prices were as
follows:
Pennsylvania dark $1 50
Second sand
1 50
Tiona
1 50
°shell
110
Mercer black
1 07
New Castle
1 07
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
95c.
$1 05
83c.
78c.
78c.
79c.
Somerset.32 deg__ 90c.
Ragland
70e.
Illinois, above 30
degrees
84c.
Kansas and Oklahome
40o.
TOBACCO has been quiet. Manufacturers are buying
only to supply their immediate requirements. The Ohio
crop has been practically disposed of, at very firm prices,
to packers and manufacturers. Sumutra sells slowly, as
manufacturers complain of poor trade. Cuban leaf is firm,
owing to reports of recent damage to the crop by excessive
rains in Cuba.
COPPER has latterly been firmer, with rather better demand and higher prices in London for electrolyties. Lake
4
4
here on the spot 143 ©147 .; electrolytic 14%c. Tin ac5
tive and firmer. London prices have latterly declined, then
raffled. Spot here 37 cents. Lead has been stronger at
3.85c.; Spelter is up to 9c., partly in response to a further
advance in London, where it is quoted at £40. Pig iron has
been in moderate demand only; No. 2 Eastern $13 SO®
$13 75; No. 2 Southern Birmingham $9 50@$9 75. Trade
in steel is gradually increasing, and in spite of occasional
shading of prices the general tone is considered steady. The
recent favorable exhibit of unfilled orders is not forgotten.
Galvanized steel and iron pipe have advanced $6 and $4 a
ton, respectively.. Galvamzed sheets have risen $5, owing
to the recent advance in spelter. Zinc blend in Missouri has
reached a high record price. Again there is nervousness as
to future supplies of ferromanganese. Since the German
war zone order manganese has advanced at Pittsburgh, it is
stated, nearly 50%; 200 tons sold to steel makers there, it
seems, at $100 a ton. At Baltimore it had previously been
quoted at $68 a ton.
COTTON
Friday Night, Feb. 19 1915.
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
368,739 bales,against 404,621 bales last week and 419,923,
bales the previous week, making the total receipts since
Aug. 1 1914 7,498,071 bales, against 8,820,717 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 1,322,646 bales.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
PORK unchanged; mess $19 75@$20 25; clear $21 ©
19,347 20.219 39,537 25,117 19,990 16,110 140,320
$23 50; family $24©$25 50. Beef: mess $21 ©$23; packet Galveston
1,877 3,291 2,955 4.932 2,645 5,404 21,104.
Texas City
$23 ©$24;family $24 ©$26;extra India mess $36 ©838. Cut Port Arthur_ _ --- ---- ---- -- -411
meats continue steady; pickled hams, 10 to 20 lbs., 113 @ Aransas Pass, &c ----------------------968 1,411
4
968
12,
19,i 2,
10,
11 . 11,087 67,122
2
128sc.; pickled bellies, 6 to 12 lbs., 13 ©13Me. Butter, New Orleans
/
Mobile
637
737
---747
836
726 3,683
creamery extras, 30 ©30Mc. Cheese State whole milk held Pensacola
--_- 8,900
_8,900
specials 17 W ©17Mc. Eggs,fresh gathered extras,28 M ©290 Jacksonville,&c_
t
iii
40
12UM 13:§55 127,g8i 124'65 87,685 9,736 68,037
COFFEE has been irregular and rather depressed at times; Savannah
Brunswick
-„,
9.000 9,000
No. 7 Rio, 73 0.; later, 73/8e.; No. 4, Santos, 9M ©94C.; Charleston
/
7
918 3,032 3,07
920
8481,096
889•
Georgetown
--------151
151
_
fair to good Cucuta, 10 M ©11e. Coffee futures have been Wilmington -------- ---- ---1,358 1,577
592
776
711 1,358 6,372
irregular and unsettled, at one time declining, partly under Norfolk
3,431 4,899 2,458 3,23
,
2,138 17.783
__
the influence of heavy switch selling, dulness of the spot N'port News, &c ---- ---- ---- --------- 6,848 6,846
_
New York
'
§
§ii344 1,971
trade and liberal receipts. Also Brazilian markets have de- Boston
371
170
1,129 2,674
343
567
clined, while at the same time exchange has fallen to 1234d.; Baltimore
--------------------2,468 2,468
-later it was 12 11-16d. The situation in Brazil is being
sharply watched, as it is not considered altogether satisfac- Totals this week_ 50,266 60,106 81,461 51,353 55,692 69,861 368.739
tory, with coffee and exchange both declining. To-day
The following shows the week s total receipts, the total
prices there declined. Closing prices were as follows:
since Aug. 1 1914 and the stocks to-night, compared with
February _ _5.50 5.51c. June
5.73@5.74c. October __6.9516.96c. last year:
March ____5.50@5.51c. July
6.73@6.74c. November _7.027.03c.
fr:Y
1
5.60 5.61c. August__6.81 6.89c. December -7.09
5.70©5.72c. September_6.89 6.90c.
7.10c.
SUGAR has been weaker but rallied later, with 96-degrees
test centrifugal 4.77c. and molasses 89-degrees test 4.02e.
Raw sugar, in other words, was pressed upon the market;
later refiners bought more readily and quite freely. Sugar
futures declined for a time, with active trading. Latterly
prices have rallied on reports of excessive rains in Cuba.
Stocks at Atlantic ports are also rather small, being only
102,455 tons, as against 111,052 last week and 120,085 last
year and 121,145 two years ago. Importers, it seems, also
own over 20,000 tons. Outside trading in sugar futures has
increased. It is attracting a good deal of attention. Trade
interests have been uncovering hedges. Latterly there has
been less selling against sugar. Granulated 5.75c. from refiners and 5.50c. from second hands; trade light. Closing
prices were as follows:
February- _3.83 3.84c.
March __ _ _3.83 3.84c.
3.85®3.87c.
April
3.90@3 92c.
May
June
3.95©3.96c. October __ _4.05
July
4.00 4.02c.. November _4.00
August _ _ _ _4.04 4.05c. December _3.94
September _4.09 4.10c January __ _3.79
4.07c.
4.02c.
3.95c.
3.81c.
1914-15.
Receipts to
February 19.
1913-14.
This Since Aug This Since Aug
Week. 1 1914. Week. 1 1913.
,
140,320 3,063.400 60,560 3,001,858
Galveston
21,104 410,453 9,587 447,269
Texas City
__29,625
30,716
1,411
Port Arthur
60 137,145
51,850
968
&c_
Aransas Pass,
67,122 1.198,036 36.733 1,426,430
New Orleans..
Gulfport
3,683 125,232 4,838 351,245
Mobile
26,393 7,000 125,266
8,900
Pensacola
572
28.434
28,373
40
Jacksonville, Sic_
68,037 1,370,036 17,318 1.589,662
Savannah
9,000 141.808 6,800 277,542
Brunswick
9,889 305,732 2,962 399,774
Charleston
1,035
151
Georgetown
6.372 164,349 4,749 371,432
Wilmington
17,783 386,633 7,044 458.746
Norfolk
76.959
NewportNews,&c 6,846 100.617 4,349
7.206
110
1,971
4.532
New York
29,433
5
2,674
12,472
Boston
55.039 1,348
2,468
80,936
Baltimore
1,730
218
---1,390
Philadelphia
Stock.
1915.
1914.
560.943
95,332
427.479
44,224
5.407
429,865
539
251,466
49,195
41,335
767
269,392
44,000
119,788
1,000
93,024
15.000
26,999
58,786
79,601
35,457
53,705
107.082
11,774
3,873
7,605
113,898
6,514
4,896
4,061
368,739 7,498,071 164,890 8,820.717 1.843.410 1.110.597
-Linseed quiet and steady; city raw, American seed,
OILS.
.
In order that comparison may be made with other years,
60c.; boiled 61e. Calcutta 70c. Cocoanut has been firm; we give below the totals at leading ports for six seasons:
©15Y:c., Ceylon 11 ©11 Mc. Olive 80 to 90c.
Cochin 15
1913.
1012.
4
1910.
Castor 8Y ©8Me. Palm 11 M ©12c. for Lagos. Cod, do- Receipts at
1911.
- 1915. I 1914.
mestic steady at 35@36c. Cottonseed oil unchanged at Galveston
60,560
57,523
140,320
27,217
90,038
26,204
winter and summer white. Corn in good Texaseity,&c. 23,483 10,284
8,257
27,525
13,487
28,343
7.25c. for both
Spirits of turpentine 45e. Com- New Orleans_ 67,122 36.733 19.262 45,123 20,201 18.704
demand at 6.26@6.31c.
4,838
3.683.
2.308
7,091
12,955
864
Mobile
40.
17,318
68.0371
13,062
11,166
49,915
12,185
Savannah
mon to good strained rosin $3
6.800
9,000.
1,400
13,000
3.700
Brunswick
PETROLEUM steady; refined in barrels 7.75©8.75c.; Charleston,&c 10,040, 2,962
876
805
9,972
686
4.749
6,372
2,708
1.211
10,019
2,065
bulk 4.25@5.25c.; cases 10.25©11.25e. Naphtha, 73( Wilmington_ _ 17,783
7,044
4,022
6,651
20,569
3,695
Norfolk
/
100-gallon drums, 233 20.; drums $8 50 extra. N'port N.,&e.
4.349
6,8461
148
1,018
76 degrees, in
2,518
16,053'
9,253
1.278
1,042
3.281
6,876
-degrees, 26e.; 74@76 degrees, 24c.i 67@70 All others_
Gasoline, 89
Crude prices somewhat lower. Advices from Total this wk. 368,739 164,890 114,107 288,510 101.224 85.129
degrees, 22c.
Pittsburgh state that the future of the Berea grit develop- Since Aug. 1- 7.498.071 8.820.717 8,300.251 9,876.724 7,689.199 6,067.058
ment in Cabin Creek district is attracting more attention
FEB. 20 19151
THE CHRONICLE
649
The exports for the week ending this evening reach a total
of 390,978 bales, of which 90,429 were to Great Britain,
75,461 to France and 225,088 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
If the next crop should be only 12,000,000 bales, that would,
of course, mean a supply next season of 17,000,000 bales.
This season many believe it is 18,200,000 bales, allowing fora
crop of 16,500,000 and a carry-over from last season of 1,700,000 bales. Even if the world's consumption this year should
be in the neighborhood of 13,250,000 bales, the
Week ending Feb. 19 1915.
From Aug. 1 1915 to Feb. 19 1915.
carry-over would be about 5,000,000 bales. As to cutting
Exported toExported todown the acreage, it is pointed out that grain-raising
Exports
fromGreat
ContiContiGreat
would be an experiment at the South and that many would
Britain. France. need. Total. Britain. France.
need.
Total.
avoid it if they could. The wheat acreage was increased, but
Galveston. _ 47,407 99,866 15,904 153,177 856,341 194,126 926,323 1,976,790 it is said
that not a little of it is looking bad and that some of
Texas City.
34,522 306,957 it
6,100 6,100 272,935
may yet be ploughed up and sowed to cotton, a quick
Pt. Arthur_
24,518
29,918
400
Ar.Pass,&c.
61
618 cash crop all over the world. Meantime,
stocks are large.
New Orlean
99 16;i5i 48,068 65,702 439,501
54,888 284,605 778,994 Europe has
been selling more freely here. In some cases spot
Mobile __ _ _
38,841
39,678
837
Pensacola _ _
1,666
8,900
17,272
26,572 markets have declined, they have been generally less
400
8,90
active.
Savannah_ _ 30,395
32,752 525,352 827,850 Though exports
62,8115 93,204 269,746
have been liberal, they are believed to be
Brunswick _
86,823
86,823
Charleston _
33,704
143,254 largely on old business. On the other hand, the decline has
14;itio 14,800
109,550
Wilmington 5;51
46,650
71,823 not been very severe.
5,55
25,173
Of late Europe has sold less freely.
Norfolk_ _ _ _
59,699
9,900 9,900 13,351
46,348
New York_
-the Lever Act wentformally into opera8,346 212,218 267,367 On the day-Feb.18
17,027 17,027
96,803
Boston _ _ _ _
1.069
1,909
3,102
91,957 tion, prices here actually
38,351
advanced. At times during the
Baltimore_ _ 3,
1,60
29,351
6,55
700 3,706
21,201
Phliadel a_ _ 2,068
3,386
31,491 week spot houses have been pretty good buyers. Finally,
2,068
28,105
Pembina._ _
quite a large short interest has recently been formed, so that
50
50
San Fran_ _
2,732 2,732
91,262
91,262 the market is
believed to be ripe for a rally if any bullish
Pt.Towns d
6,208 6,208
106,046 106,046
should be received from Europe.To-day prices declined, news
artly
Total_ _
90,429 75,461 225,088390,978 2.212,1691 305,562 2,393,269 4.911,000 owing to nervousnes
s over the German war zone order,and the
Total 13-14 73,314
58,060 131,374 2,649.2231 882,76 3,281.4106,813,398 fact that a Norwegian tank steamer had struck a mine
off Dow
er. Thesteamer was beached and the crew safely landed,
-Now York exports since Aug. q include 6,276 bales Perubian and 25 bales
Note.
but
the incident made an unpleasant impression at this
West Indian to Liverpool, 50 bales Egyptian to Mexico.
particuIn addition to above exports, our telegrams to-night also lar time. On the other hand, exports were liberal, Liverpool
give us the following amounts of cotton on shipboard, not and some of the spot houses bought,at least to some extent]
cleared, at the ports named. We add similar figures for and the South did not do much hedge selling. So that
during much of the session contracts were scarce rather
New York.
otherwise. War risks advanced, however. Rates to than
Havre
went from 50 to 100%, it was stated, and to England
On Shipboard. Not Cleared for
advanced about 25%. A new revision of differencesthey
Great
GerOther
has
CoastLeaving
just been made. Some confusion as to the method of proFeb. 19 at
- Britain. France. many. Foreign wise.
Total.
Stock.
cedure in spot transactions under the Lever Act militates
New Orleans__ 19.107 25,117 1,172 53,561
920 99,777 330,088
Galveston ____ 64,720 19.665
91,633 6,250 182,268 378,675 against new business among spot houses. But this is exSavannah ____ 10,000 9,000 srAo 21.000 1,500 50,000 219,392 pected to be only temporary.
The Lever Act may be
Charleston____
7,000
5,000
12.000 107,788 amended
in some minor particulars. Spot cotton closed at
Mobile
13,779
100
280 14,159
35,036
Norfolk
30,281 30.281
49,320 8.55e. for middling uplands, showing a decline for the week
New York
200
6,000
6,200 100,882 of 10 points.
Other ports
25,eloo
19.000
44,000 183,544
The official quotation for middling upland cotton in the
Total 1915
139,606 53,882 9.772 196,194 39,231 438,685 140,725 New York market each
day for the past week has been:
Total 1914
97,264 51.755 110,747 48,033 20.266328,065 791.532
Total 1913._
23,720
6,534 52,703 39,441 23.870 146.268
611.011
Speculation in cotton for future delivery has continued
on only a moderate scale,and prices have declined. For this
decline the war news from Europe has been largely responsible. Grave fears have been felt that the naval developments in foreign seas might be prejudicial to the American
cotton trade. England has retaliated upon Germany for
its war zone order as affecting the British Isles, which went
into effect yesterday, February 18th, by announcing its
determination to bar food ships from German ports. And
not a few have inferred from this that very possibly England
may also exclude cotton ships from the same ports. In
any case the situation across the water has been regarded
as threatening. At one time, too, it was deemed not at
all unlikely that the American Government's notes to
England and Germany on the question of the navigation by
American ships of waters adjacent to those countries might
provoke more or less friction. Some decline in the stock
markets has also had more or less effect. So. too, as regards the abnormally low rates for foreign exchange, not
merely as regards England, but as affecting other European
countries. Theoretically, at least, such low rates for
exchange would tend to discourage export business. In
the meantime ocean freights continue high and naturally
there has been no abatement, to say the least, of the rates
on war risks. The tendency has been to increase the war
risk rates. Then, too, there was more or less nervousness
as the time approached for the legal enforcement of the
Lever Act on February 18th. Not but that the business in
futures here ever since the opening of the Exchange on
Nov. 16 had been based almost entirely on the Lever Act,
but complications of one sort or another in regard to the
trade in actual cotton were feared. Revision of differences
has had to be postponed on account of incomplete returns
from the ten markets on which such revision must be based,
and instructions as to the methods of procedure are still
awaited, peculiar as this may seem at this late day,from the
Department of Agriculture. Awkward conditions are likely
to arise under the Act, at least at first. Arbitrations are
likely to be rather frequent, and they must be referred to
Washington. This is considered a needlessly cumbersome
method. Why, it is asked, should not the Government
establish an inspection bureau at New York and other large
markets? Such questions are greeted with smiles now. But
in the end it is suggested that some less cumbersome method
will have to be found than carrying the matter to Washington
every time there is a dispute about transactions in the actual
cotton. Meantime the weather at the South has, on the
whole, improved. Field work is being pushed with greater
vigor. And there are those who are not so sure that the
South is going to greatly reduce its acreage much, especially
if prices should move up and if prospects look favorable for
an early peace in Europe. And the war is assuming so desperate a phase that there are those who believe that this very
fact will hasten its end. Moreover, not a few believe that
at least 5,000,000 bales will be carried over into next season.'
Feb. 13 to Feb. 19Middling uplands
Sat.
8.55
Mon. Tues. Wed. Thurs. {Fria.
8.65
8.65
8.65
8.65
8.55
NEW YORK QUOTATIONS FOR 32 YEARS.
The iluotations for middling upland at New York on
Feb. 19 for each of the past 32 years have been as follows:
1915_c
1914
1913
1912
1911
1910
1909
1908
8.55
12.95
12.60
10.50
14.10
14.50
9.85
11.40
1907_c
1906
1905
1904
1903
1902
1901
1900
11.00
11.10
8.15
14.50
10.05
8.81
9.25
8.88
1899_c
1898
1897
1896
1895
1894
1893
1892
6.62
6.25
7.12
7.88
5.62
7.94
9.19
7.12
1891_c
1890
1889
1888
1887
1886
1885
1884
9.00
11.25
10.06
10.62
9.56
8.94
11.25
10.75
MARKET AND SALES AT NEW YORK.
Futures.
Mat ket
Closed.
Spot Market
Closed.
Saturday.
-- Quiet, 10 pts. dec.._
Monday
Quiet
Tuesday
Quiet
Wednesday.. Quiet
Thursday
Quiet
Friday --- Quiet
SALES.
Spot.
Barely steady-Firm
Steady
Steady
Steady
Barley steady_
Contect Total.
"NZ
200
Total
200
200
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
-
Saturday, Monday, Tuesday, Wed day, nurse!
Feb.13. Feb. 15. Feb.16. Feb. 17. Feb. y, Friday,
18. Feb. 19.
Nest contract
February
Range
Closing
8.15-.25 8.11-.20
March
Range
8.42-.52 8.37-.45
Closing-. 8.46-47 8.42-.43
May
Range
8.66-.76 8.60-.71
Closing
8.68-.69 8.75.72
July
Range
8.85-.94 8.78-.90
Closing
8.86-.87 8.90-.91
August
-- Range
8.94 Closing
8.95-.97 9.00-.02
September
Range
Closing.... 9.03-05 9.07-09
October
Range
9.11-.19 9.03-.16
Closing
9.11-.12 9.15-.16
December
Range
9.26-.32 9.20-.32
Closing
9.27-.28 9.30-.31
January
Range
9.38-.41 9.30-.39
Closing
9.35-.37 9.39-41
Old Contract
MarchRange
Closing
8.00 - 8.01 May
Range
Closing
8.33 - 8.35 -
8.20-.25 8.08-.15 8.19-.25
Week.
.
8.44-.50 8.40-.45 8.41-.49 8.43-.50
837-.52
8.50-.51 8.38-.40 8.49-.50 8.40-.42--8.68-.78 8.64-.72 8.02-.74 8.63-.73
8.60-.78
8.76-.77 8.61-.65 8.73-.74 8.64-.65-8.88-.96 8.82-.90 8.81-.93 8.82-.92
8.78-.96
8.93-.94 8.82-83 8.92-.93 8.82-.83-9.03 - -- 8.92-.97 8.94-.00 8.94-.03
9.03..05 8.92- .94 9.02-.03 8.93-.94-9.10-.12 8.98-.00 9.08-.10 8.99-.01 -9.12-.20 9.07-.13 9.07-.19 9.08.18 9.03-.20
9.19..20 9.07-.08 9.18-.19 9.08-.09-9.28-.36 9.24-.32 9.27-.34 9.26-.35 9.20-.36
9.35-.20 9.24-.25 9.34-.36 9.25-.26--9.38
9.42 - .9.30-.42
9.44-45 9.33-.35 9.43-.45 9.33-.35--8.07 - 7.95
8.41 - 8.32
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
THE CHRONICLE
650
[VOL. 100.
OVERLAND MOVEMENT FOR THE WEEK AND
(Friday), we add the item of exports from the United States,
-We give below a statement showing the
SINCE AUG. 1.
including in it the exports of Friday only. 1913.
1912.
overland movement for the week and since Aug. 1, as made
1914.
1915.
February 19
bales.1,061,000 1.181.000 1,431,000 1,112,000 up from telegraphic reports Friday night. The results for the
Stock at Liverpool
2,000
5,000
5,000
27.000
Stock at London
17,000 week and since Aug. 1 in the last two years are as follows:
90.000 100,000
91,000
Manchester
Stock at
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1.179,000 1,276,000 1,539.000 1,191,000
8,000
14,000
13,000
*16,000
*212,000 556,000 493,000 507.000
220.000 422,000 470,000 321,000
3,000
2,000
2,000
3,000
17,000
32,000
32,000
36,000
32,000
36,000
44,000
329,000
2.000
25,000
. *3,000
819,000 1,095,000 1,046,000 890,000
----1914-15---Since
Week. Aug. 1.
37,360 420,326
7,721 209,310
100
2,513
3,815 114,856
6,145
70,236
3,244
96,581
7,483 235,440
February 19ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes,&c
----1913-14---Since
Week. Aug.
10.023 379,632
10,283 292.164
83
5,083
2,795
86,446
4,800
94,889
1,987 122,966
8,627 302,679
65,868 1,149,262
Total gross overland
38,598 1.283,859
1,998,000 2,371,000 2,585,000 2,081.000 Deduct Shipments
Total European stocks
80.000
115,000 199.000 105,000
93,408
Overland to N. Y.,Boston,&c_ _ _ 7,113
India cotton afloat for Europe
1,681
99,330
_1.309.430 460,143 466,364 839.299
8,234 113,282
Between interior towns
3.208
Amer. cotton afloat for Europe_
92,511
66,000
48,000
66,000
1,415
80,289
Inland, &c., from South
Egypt, Brazil,dic..afloat for Eur'pe 81,000 352,000 294,000 277,000
4,250
78,156
299,000
Alexandria, Egypt
Stock in
829,000 642,000 568,000
520,000
16,762 286,979
Total to be deducted
Stock in Bombay, India
9,139 269,997
1,843,410 1.119,597 757,279 1,469.519
Stock in U.S. ports
49,106 862.283
interior towns_ _ 1,149,984 838,633 721,689 639.908 Leaving total net overland*
29,459 1.013,862
Stock in U. S.12,500
8,579
31.609
51,873
U.S. exports to-day
*Including movement by rail to Canada.
7,367.697 6.267,252 5,627,911 6,033,226
Total visible supply
The foregoing shows the week's net overland movement
Of the above, totals of American and other descriptions are as follows!
49,106 bales, against 29,459 bales for the week last
American
927,000 1,254.000 988.000 has been
bales_ 781,000
Liverpool stock
54,000 year, and that for the season to date the aggregate net over67,000
56,000
63,000
Manchester stock
*725,000 1,045,000 1,013.000 861,000 land exhibits a decrease from a year ago of 151,579 bales.
Continental stock
1,309,430 460,413 466,364 839,299
American afloat for Europe
-----1914-15----- -----1913-14----1.843.410 1,119,497 757,279 1,469,519
port stocks
U. S.
Since
In Sight and Spinners'
Since
1,149,984 838,633 721,689 639,908
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
V. S. interior stocks
12,500
8,579
31,609
51,873
U. S. exports to-day
368,739 7,498,071 164,890 8,820,717
Receipts at ports to Feb. 19
862,283 29,459 1,013,862
49,106
5,923,697 4,478,252 4,287,911 4,864,226 Net overland to Feb. 19
Total American
Southern consumption to Feb. 19.. 60.000 1,710.000 60,000 1.746,000
East Indian. Brazil,
280,000 254,000 180,000 134,000
stock
Liverpool stock
477.845 10,070,354 254,349 11,580,579
2,000
5,000
Total marketed
5,000
27,000
London stock
*33,205 1,029,845 *31,779
23,000 Interior stocks in excess
33,000
695,165
34,000
28,000
Manchester stock
29,000
33,000
50,000
*94,000
Continental stock
222,570
80,000
Caine into sight during week-- _444,640
115,000 199,000 105,000
India afloat for Europe
if.1116;i§§
66,000
Total Insight Feb. 19
48,000
12,275,744
66,000
81,000
Egypt, Brazil, &c., afloat
299,000 352,000 294,000 277.000
Stock in Alexandria, Egypt
520,000 829,000 642,000 568,000 Nor,spinners' takings to Feb. 19- 98,797 1,894,536 58,315 2,027,617
Stock in Bombay, India
*Decrease during week.
1,444,000 1,789,000 1,340,000 1,169,000
Total East India, &c
5,923,697 4,478,252 4,287,911 4,864,226
Total American
NEW ORLEANS CONTRACT MARKET.-The high7,367,697 6,267.252 5,627,911 6,033,226 est, lowest and closing quotations for leading contracts in the
Total visible supply
5.93d.
6.77d.
7.090.
5.01d.
Middling Upland,Liverpool
10.45c. New Orleans cotton market for the past week have been as
12.50c.
13.00c.
8.55c.
Middling'Upland, New York.,
9.790. 10.354. 9 13-16d. follows:
7.254.
Egypt, Good Brown. Liverpool
9.10d.
9.00d. 10.25d.
Peruvian, Rough Good,Liverpool 8.90d.
64id. 5 1146d.
63d.
4.80d.
Broach, Fine, Liverpool
551c1.
654d.
Saturday, Monday, Tuesday. Wed'day, Thursd'y, Friday.
4.72d. 6 5-16d.
Tinnevelly, Good, Liverpool-Feb. 13. Feb. 15. Feb. 16. Feb. 17. Feb. 18. Feb. 1.
* Estimated.
Continental imports for past week have been 105,000 bales.
The above figures for 1915 show an increase over last week
of 204,369 bales,a gain of 1,100,445 bales over 1914,an excess
of 1,739,786 bales over 1913 and a gain of 1,334,471 bales
over 1912.
-that is,
AT THE INTERIOR TOWNS the movement
for
the receipts for the week since Aug. 1, the shipments the
the week and the stocks to-night, and the same items for in
corresponding period of the previous year-is set out
detail below.
Movement to February 19 1915.
Towns.
Movement to February 20 1914.
Ship- Stocks
ments. Feb.
Week. Season. Week. 19.
Ship- Stocks
meats. Feb.
Week. Season. Week. 20.
Receipts.
—,
—,CIN , NOvetqWolNOts...t.....ot,014,1
LOMCDt...N.W.101N00,
Ce
Vit.
7C0
OiCiet
.
6 60 .
C;t" . 4<0
294
208 23,188
Ala.,Eufaula-. 2,138 180,762 4,461
Montgomery
2,009 117,640 3,481
Selma
1,435 57.063 1,018
Ark., Helena
6,888 174,529 8,501
Little Rock
754
120 30,981
Ga.,Albany_ - _
2,120 102,379 2,200
Athens
3,916 154,750 4,676
Atlanta
9,729 386,269 10,391
Augusta
340 91,915 1,692
Columbus. _ - _
236 36,093 1,431
Macon
1,989 55,162 1,977
Rome
La.,Shreveport 2,431 135,151 9,261
809 28,135
486
Miss.„Columbus
652 68,727 1,514
Greenville
. 1,34 120,279 2,122
Greenwood_.
Meridian ---. 1,067 37,643 2,424
2I 1
Natchez
19,849
518
91
1,045 35,284
Vicksburg
437 38,204 2,254
Yazoo CityMo.,St.Louis_ 24,019 434.959 24,7
7,690
425
26
N.C.,Raleigh_
0., Cincinnati_ 13,192 184,579 10,245
45
20 15,926
Okla.,Hugo- _
S.C., Greenw'd 1,267 17,987 2,845
Tetm.,Memph1 22,612 819,886 25,721
77
217
Nashville
4.450
364
530 15.604
Tex., Brenham
611
100 35.940
Clarksville.__
1,477 107,966 1,405
Dallas
51 23.465
Honey Grove_
250
108,151 2,756,180 116,516
Houston
1,51s 105.861 2,1s i
Paris
Receipts.
171 21,689
455 149,546
838 120,400
732 62,444
3,277 163,919
39 28,703
630 106,709
1,787 206,735
3,527 336,055
1,100 74,322
131 44,000
224 53,090
2,810 174,454
230 34,534
1,535 81,936
4,064 134,437
974 29,373
250 19,075
220 32,030
356 39,645
10,037 399,912
78 12,633
8,483 162,824
300 37,436
184 13,364
17,969 933,974
9,781
198
130 22,583
50 48,436
1,270 90,909
300 32,202
44,3682,614,697
1,000 104,853
110 2,181
1,423 24,668
1,568 14,497
1,239 10,875
3,774 58,865
266 3,007
1.150 22,107
3,001 15,272
10,432 76,435
2,775 19,188
247 1,876
550 5,703
3,881 38,233
360 4,120
2.807 21,418
____ 29,064
560 7,609
300 5,450
1,239 8,321
1,188 12,254
10,023 32,525
374
30
7,753 25,205
900
482
183 1,218
26.880191,294
917
480
137 1,848
156 3,500
2,303 7.385
473 2.200
52,149 177,724
1,577 6,000
New Contract.
February
Range
March1
ansf
glogg
May
.
Range
osg
July
Range
October
81%
gitf:Ig
January
December
Range
Closing
Old Contract.
March
Range
Claing
May
Range
Closing
Tone
Spot
- .._
8.58-.63
8.58-63 8.51-.63
8.60-.61 8.62-.63
7.80 - 7.8.5 - 7.75 8.08-.15 8.01-.13 8.02-.13
8.05-.07 8.12-.13 8.02-.03
8.36-.43 8.33-.43 8.32-.42
8.35-.36 8.41-.42 8.32-.33
8.54-.62 8.53-.62 8.52-61
8.53-.54 8.59-.60 8.52-.53
8.80-.85 8.75-.87 HOLT8.83-.84 8.86-.87 DAY.
8.79-.88 8.78-.88 8.78-.87
8.79-.80 8.85-.87 8.78-.79
8.98 - 8.92-.01
8.97-.98 9.00-.01
8.94-.98--- 8.95-.03
8.95-.95 9.00-.02 8.93-.94
9.09 - 9.12 -
9.05-.07 9.11-.13 9.04-.00
7.90 - 7.90 8. 3-.18 8.13-.14
8.16-.18 8.16-.17
8 39-.43 8.32-.44
8.41-.42 8.43-.44
8.22
8.22
8.38 - 8.40 i.
omamuy.
Quiet.
.ovamou,.
8.14
8.32-.41
Quiet.
Easy.
ChIlett
Rtamdv.
Steady.
Waylay
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening denote that
while rain has fallen in most districts during the week, the
precipitation has been light or moderate as a rule. The
movement of the crop continues on a liberal scale.
-We have had rain on one day during the
Galveston, Tex.
week, the precipitation reaching twenty hundredths of an
inch. The thermometer has ranged from 52 to 66, averaging
59.
rained on one day of the week the
Abilene, Tez.-It has.
precipitation being thirty-eight hundredths of an inch.
Average thermometer 56, highest 74 and lowest 38.
-There has been light rain on two days of the
Dallas, Tex.
week. Minimum thermometer 42.
212.5116.424.495245.716 1149954 107.7106.305 224 130 4051125 R22
Total.33 to
.
-There has been rain on two days the past
Palestine, Tex.
QUOTATIONS FOR MIDDLING COTTON AT OTHER week, the rainfall reaching one inch and eight hundredths.
-Below are the closing quotations of middling The thermometer has averaged 56, ranging from 42 to 70.
MARKETS.
-We have had ram on one day of the
San Antonio, Tex.
cotton at Southern and other principal cotton markets for
week, the rainfall reaching sixteen hundredths of an inch.
each day of the week.
The thermometer has ranged from 46 to 72, averaging 59.
Closing Quotations for Middling Cotton on
-We have had rain on one day the past week,
Taylor, Tex.
ending
Week
the rainfall being sixty-six hundredths of an inch. Minimum
'ursd'y. Friday.
February 19. Saturday. Monday Tuesday. Wed'day.2
thermometer 40.
8.45
8.45
8.45
.45
8.45
8.45
Galveston
New Orleans, La.
-There has been rain on two days during
7.94
8 1-16
.88
7.88
New Orleans___ 8 1-16
the week, to the extent of fifty-four hundredths of an inch.
.75
7.75
7 13-16 74(
Mobile
I§
834"
31
The thermometer has averaged 59.
Savannah
8
8
8
8
, 8
Charleston
-There has been rain on one day during
Shreveport, La.
8
8
8
8
Wilmington_ -8
8
7.80
the week,to the extent of one inch and forty-five hundredths.
8
Norfolk
83(
85i
The thermometer has ranged from 39 to 50.
Baltimore
8.80
8.80
8.80
8.80
8.80
Philadelphia
-We have had rain on one day of the
7.97
.00
Vicksburg, Miss.
8.00
, 8
7.874 7.93
Augusta
7.88
.88
7.88
7.88
7.88
week, the precipitation reaching sixty-seven hundredths of
8
Memphis
8
8
8
8
an inch. The thermometer has ranged from 36 to 72, averSt. Louis
8.40
.40
8.40
8.40
8.40
8.40
Houston
7.75
.75
7.75
7.75
7.75
aging 55.
Little Rock
1
THE CHRONICLE
Foil. 20 1915.]
-Rain has fallen to the extent of sixty-five
Mobile, Ala.
hundredths of an inch on two days during the week. Maximum temperature 65, minimum 37 and average 56.
-We have had rain on two days during the
Selma, Ala.
week,the precipitation being one inch and thirty hundredths.
The thermometer has averaged 51, the highest being 70 and
the lowest 30.
-We have had rain on one day of the week,
Madison, Fla.
the rainfall reaching seventy-five hundredths of an inch.
The thermometer has averaged 52, ranging from 40 to 66.
-There has been ram on one day during
. Memphis, Tenn.
the week, to the extent of one inch and eighteen hundredths.
The thermometer has ranged from 3466, to averaging 51.
Savannah, Ga.-It has rained on one day of the week, the
precipitation reaching fifty-one hundredths of an inch.
The thermometer has averaged 57, ranging from 36 to 72.
Charleston, S. C.
-We have had rain on two days during
the week, the precipitation reaching eighty-three hundredhst
of an inch. The thermometer has ranged from 34 to 73,
averaging 53.
-Rain has fallen on one day of the week,
Charlotte, N. C.
to the extent of forty-seven hundredths of an inch. Minimum thermometer 29, highest 67, average 48.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1913-14.
1914-15.
Cotton Takings.
Week and Season.
Week.
Week. I Season.
Season.
6,277,744
7.163.328'
Visible supply Feb. 12
2.581.551
3.176,816
Visible supply Aug. 1
444,640 11.100,199 222,570 12,275,744
American in sight to Feb. 19
790.000 124.000 1,747.000
b90,000
Bombay receipts to Feb. i8___
14,000
95.000
226.000
b1.000
OtherIndia ship'ts to Feb. 18
7.000
684,000
908.600
b35.000
Alexandria receipts to Feb.i7
14,000
1,000
62,000
210,000
Othersupply to Feb.17*
7,734,968 15.908,015 6.659,314 17,948,895
Total supply
Deduct
Visible supply Feb. 19
7,367.6971 7,367.697 6,267,252 6.267,252
367.2711 8,540,318
270,271 6.856,318
97,000 1,684,000
Total takings to Feb. 19_a
Of which American
Of which other
392.062 11,681,643
303.062 9,131,043
89,000 2.550.600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
-takings not be1,710.000 bales in 1914-15 and 1,746,000 bales in 1913-14
ing available-and the aggregate amounts taken by Northern and foreign
spinners, 6,830,318 bales in 1914-15 and 9.935,643 bales in 1913-14, of
which 5,146.318 bales and 7,385,043 bales American.
b Estimated.
NEW YORK COTTON EXCHANGE.
-Notice Days.
The following are the days in February and March upon
which notices may be issued for the delivery of cotton on
contract: Feb. 18 for delivery on Feb.25; Feb. 19 for delivery on Feb. 26; Feb. 23 for delivery on Mar. 1; Feb. 24 for
delivery on Mar. 2; Feb. 25 for delivery on Mar. 3; Feb. 26
for delivery on Mar.4; Mar.2for delivery on Mar.8; Mar.3
for delivery on Mar.9; Mar.4for delivery on Mar. 10; Mar.5
for delivery on Mar. 11; Mar. 9 for delivery on Mar. 15;
Mar. 10 for delivery on Mar. 16; Mar. 11 for delivery on
Mar. 17; Mar. 12 for delivery on Mar. 18; Mar. 16 for delivery on Mar. 22; Mar. 17 for delivery on Mar.23; Mar. 18 for
delivery on Mar.24; Mar.19 for delivery on Mar.25; Mar.23
for delivery on Mar. 29; Mar. 24 for delivery on Mar. 30;
Mar. 25 for delivery on Mar. 31; Mar. 26 for delivery on
April 1.
Trading in February contracts ceased at 12 noon on Feb.
19. Trading in March contracts will cease at 12 noon on
Mar. 25.
-The Revision Committee of the New
Cotton Differences.
York Cotton Exchange has announced to-day the new
differences on cotton grades under the Government standards, based upon the quotations in the official spot markets.
These apply only to white cotton. The differences on stained
and tinged cotton will likely be announced early next week.
The new differences follow:
New
Jan.
25
difference. difference.
1.06 on
1.05 on
82011
76 on
55 on
50 on
26 on
28 on
32 off
45 off
99 off
86 off
1.50 off
1.54 off
2.00 off
2.04 off
Middling fair
Strict good middling
Good middling
Strict middling
Strict low middling
Low middling
Strict good ordinary
Good ordinary
-The receipts of
BOMBAY COTTON MOVEMENT.
India cotton at Bombay and the shipments for the week
ending Jan. 7 and for the season from Aug. 1 for three years
have been as follows:
1914-15.
Jan. 7.
Receipts at
-
Week.Week.
Bombay
Exports
95,000
Since
Sept. 1.
1913-14.
1912-13.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
498,000 112,000 1,028,000 99,000 887.000
For the Week.
Since August 1.
Great Conti- Japan
Great
Main. neat. &China Total. Britain.
Bombay-1914-15__
1913-14__
1912-13_
Continent.
Japan
&China
Total.
651
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-The following are the receipts and shipments
for the week ending Jan. 20 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
January 20.
1914-15.
1912-13.
238,000
3.938.609
Receipts (cantars)This week
Since Aug. 1
1913-14.
165,000
6.318.965
170.000
6.581.724
This Since
This Since
Week. Aug. 1. Week.Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
10,000 79,989 5.250 136.896
To Manchester
6,750 80,301
____ 132.354
To Continent and India- 8,250 114,034 11,500 251.326
To America
6,250 67,361 1.500 24.529
1.500 146,502
_-_ 152,914
9,500 213,314
3,500 77,252
Exports (bales)-
Total exports
31.250 341.655 15.250 545.108 14 Ann ARO OR9
Note.
-A cantos is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending Jan. 20 were 238,000 cantars and the foreign shipments were 31,250 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that there is a fair
trade in both American and Egyptian yarns and that margins
are improving.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 390,978 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
-To BrememFeb. 18,4,803
NEW YORK
4,803
To Gothenburg-Feb. 18, 1,500
1.500
To Genoa-Feb. 13, 1,450: Feb. 15, 4,524; Feb. 16. 2.800
8.774
To Naples
-Feb. 13, 950; Feb. 16, 1.000
1,950
GALVESTON-To Liverpool
-Feb. 15, 11,813; Feb. 16, 9.786:
Feb. 17, 12,858
34,457
To Manchester-Feb. 15, 12,950
12,950
To Havre
-Feb. 15. 12,363; Feb. 16, 11,004; Feb. 17, 15,024;
Feb. 18. 11.475
49,866
To Bremen-Feb. 12. 4.019; Feb. 16, 5,733
9,752
To Gothenburg Feb. 12,6.684; Feb. 15,8,347;Feb. 16,10,944 25.975
To Barcelona-Feb.18,6.303
6.303
To Genoa-Feb.17, 13,724
13,724
-Feb. 15, 150
To Mexico
150
CITY
-To Copenhagen-Feb. 12, 5.550
TEXAS
5,550
To Mexico
-Feb. 17, 550
550
NEW ORLEANS
-To Glasgow-Feb. 13.99
99
To Havre -Feb. 13, 6,937; Feb. 17, 9,758
,
16,695
To Gothenburg-Feb. 15, 2,150; Feb. 16, 9,007
11.157
To Rotterdam-Feb. 15, 4,401; Feb. 18. 2.750
To Barcelona-Feb. 13, 4,250
4:250
To Genoa
-Feb.12,9,641; Feb. 13,6,114; Feb. 15, 10,495
26,250
-Feb. 13, 100
To Buenos Aires
100
PENSACOLA-To Havre
-Feb. 17, 8,900
8.900
SAVANNAH-To Liverpool
-Feb.15, 13,902; Feb. 16,9.714; Feb.
30,395
17, 6,779
9,729
To Bremen-Feb. 15, 9,729
To Rotterdam-Feb.16, 11.152: Feb. 17,8,442; Feb. 18,4,688 24,282
14,803
To Gothenburg-Feb. 15, 3,400; Feb. 16, 11,403
9,245
To Barcelona
-Feb. 15, 1,400; Feb. 16,7,545
To Genoa
4,750
-Feb.15,4,750
14,800
CHARLESTON-To Gothenburg &. c
-Feb. 13, 14,800
WILMINGTON-To Liverpool-Feb. 13. 5,550
5.550
NORFOLK
9,900
-To Bremen-Feb. 18. 9.900
BOSTON-To Liverpool-Feb. 17, 1,904
1.904
BALTIMORE
-To Liverpool
3,006
-Feb. 11, 3,006
To Rotterdam-Feb. 17, 700
700
PHILADELPHIA-To Liverpool
2.068
-Feb. 12, 2,068
SAN FRANCISCO-To Japan-Feb. 13. 2.732
2.732
PORT TOWNSEND-To Japan. Feb. 15,3,634; Feb. 16, 2,574.._ 6,208
Total
390.978
LiVERPOOL.-Sales, stocks, &c., for past week:
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. 29.
33.000
3,000
2,000
25,000
11.000
74.000
918.000
658,000
88,000
69.000
523.000
438,000
22,000 127,000 339,000 488,000
10,000 374,000 294,000 678,000
12,000 133,000 164,000 300,000
According to the foregoing, Bombay appears to show a
decrease, compared with last year, in the week's receipts of
17,000 bales. Exports record a loss of 65,000 bales during
the week and since Aug. 1 show a decrease of 190,000
bales.
Feb. 12. Feb. 19.
40,000
3,800
5.000
30,000
12,000
8,000
102,000 100,000
953.000 1,061,000
695.000 781,000
139.000 215,000
110,000 172,000
723,000
637,000
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.
Saturday.
Monday.
Market.
12:15 I
P.M.
blid.Uprds
Dull.
Quiet.
Quiet.
Quiet.
Quiet.
4.94
4.92
5.01
4.99
4.95
5.01
5,000
2,000
6,000
1,000
7,000
1,000
6,000
1,000
6,000
1,000
7,000
1,500
Sales
Spec.&exp.
Tuesday. Wednesday. Thursday.
Futures.
Quiet at Barely st'y Firm at Barely sty,
Market 1 1(8)13.5
31415 pts. 6(E)714
unch. to
opened
J pts. dec. decline. pts. adv. 14 pt. dec.
Market, I Quiet at Steady at Quiet at
Quiet,
4
4 9(4)9
134(42
un4@434
pts. dec.* Dts. dec. Ms. adv.
P. M.
hnnrrL
* From Thursday close.
Quiet at
31414514
Dts. dec.
Friday.
Quiet.
Quiet
1.1g2 pts.
advance.
Steady, Barely st'Y
unch. to unch to %
I et_ adv. pt. dec.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100/hs.
4.011 3,000 26,000 33,000
3,001 44,000 51,000 98,000
0,000 75,000 81,000
Feb. 5.
36,000
4,000
3,000
26,000
9.000
96,000
929.000
675,000
172,000
143,000
628,000
549.000
Thus: 4 84 means 4 84-100d
Feb. 13
Saturday. I Monday. Tuesday. Wed'day. Thursday. Friday.
to
4
4
Feb. 19. 1214 1214 11214 4 1214 4 12H 4 1214 p.m. 123‘ p.m.
p.m. p.m. :p.m. p.m. p.m. p.m.P.m. p.m.
d. d. d. d. d.
83 87% 88H 87H
May-June ____ 4 8414 8014 82148
9 8614 87 86
97 96
July-Aug_ ____ 4 93 89 91 98 9534 9614 95 92 96 08% 07H
10H 07H 09H 0714 04140714
Oct.
-Nov. ____ 5 05 01 03
14H116H 1414 1114 1414 15 14
Jan.
-Feb_ ____ 5 111408 10 17%
THE CHRONICLE
652
BREADSTUFFS
Friday Night, Feb. 19 1915.
Flour has been quiet and more or less unsettled. Prices in
some cases have been modified. Of course the war news has
had its effect. So have the fluctuations in wheat. Buyers in
general have hesitated to follow the recent advance. The
Southwestern mills, however, have remained just as firm in
their demands as those at the Northwest,at pretty much the
same prices. The future of the market depends in no small
degree on the course of events in Europe. Last week the
total production at Minneapolis, Duluth and Milwaukee
was 381,150 barrels, against 379,055 in the previous week
and 381,605 last year. Sales at the Northest have been
noticeably small. Meantime an unusual demand for foreign
flour is reported in all European centres. Italy and Scandinavia, according to Liverpool reports, are bidding freely.
Foreign mills are not operating at anything like their normal
capacity in most cases.
Wheat demands command world-wide attention not only in
the grain trade itself but throughout the country as something
which may enter the field of politics, or at least into the
social life of the people. Prices have recently declined
sharply. The Mayor of New York has asked President
Wilson to put an embargo on further exportations of wheat.
The President has declined to do so, for the reason, as he
states, that this country can safely export 1,000,000 bushels
daily until July. Acting upon the suggestion of the President,the Department of Agriculture has issued a statement
denying that any shortage of foodstuffs is at all likely.
With the amount carried over from last year-76,000,000
bushels—the available supply of the United States for this
season, counting the last crop as 891,000,000 bushels, is
no less than 967,000,000 bushels. The American consumption is reckoned at 520,000,000 bushels. In addition
90,000,000 bushels, the Department estimates, are required
for seeding. Therefore 610,000,000 bushels are required
by this country. That would leave 357,000,000 available
for export. Of this surplus about 210,000,000 bushels were
exported up to Jan. 30. -This left 147,000,0C10 bushels
or 40,000,000 bushels more than our average annual export for the last five years, to be exported if necessary
between Feb. 1 and the appearance of the new crop,which
will begin to be available before July 1. The Department points out that the extraordinary demand
for wheat is due to the fact that there was a shortage in the world's crop of over 400,000,000 bushels
outside of the United States. The Russian exportable
surplus of 100,000,000 bushels has not been generally
available, owing to the war. Belligerent nations have been
eager buyers. But for these things we should
be discussing ways and means of disposing of our
tremendous surplus of food products. July 1st is the beginning of the crop year, but before that date, as already intimated, the new crop will begin to appear in the American
markets. The Argentina crop is now being marketed. The
available export surplus of that country is estimated at
100,000,000 bushels. India will be able to furnish 75,000,000
bushels or more in May and June. Also the increase in the
seeding of winter wheat in this country was 11%, or over
4,000,000 acres. The winter-wheat acreage was generally
increased in the Northern Hemisphere anywhere from 3 to
33%, i. e., Canada 33%, India 22%, United States 11%,
United Kingdom 10%,Switzerland 10%,Italy 5% and Denmark 3%. Even in the improbable contingency of the wheat
supply of this country giving out, there is a big surplus of
other food crops in this country. Wheat does not constitute
more than 12% of the normal diet of the American population, or about the same as poultry and eggs. In other words,
there seems little likelihood of an embargo being put on the
exports of wheat from this country. But the declaration by
Germany of a war zone around the British Isles and the determination of England to keep in force a blockade of German ports against food ships have undoubtedly had a more
or less chilling effect on the wheat trade in this country.
The reporting of the sinking of four British steamers in South
American waters also caused depression. There is opposition to the advance in the price of the loaf here to 6 cents.
Some bakers will sell at 5 cents. The District Attorney of
this city has begun an investigation into the increased cost of
bread. The Attorney-General of New York State has also
instituted an investigation into the same subject. Charges
of conspiracy among some of the larger bakers are heard.
Crop reports from the Western States of this country have
continued generally favorable. The same is true of Russia,
Holland and Denmark. On the other hand unfavorable
weather has at times been reported in Argentina. Also,
whatever the talk about foreign blockades, export business
has been liberal of late. Last Monday the export sales
were given as 1,500,000 bushels, and since then they have
ranged from 1,000,000 to 1,500,000 bushels, though part of
this, to be sure, was apparently old business. Moreover,
chartering rates have been advancing. As high as 15 shillings have been paid for a steamer chartered for Denmark.
English quotations have, naturally, been strong with future
supplioas threatened. In Italy floods have devastated a
[vol.. No.
large area and much wheat acreage is severely damaged,
while stored grain has, in some cases, been ruined. Liverpool reports the arrivals there as of disappointing size, with
a large business in Argentina wheat, and the price strong.
Fearing an interruption of supplies, English millers have
latterly been buying more freely. Under the circumstances
prices have rallied. To-day prices advanced early fully
3cents, with export sales reported of 1,500,000 bushels
within 24 hours. Later, prices broke on liquidation, partly
due to reports that the crop has wintered well over the
greater part of the belt. Minneapolis mills sold May.
Speculation was less active.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri..
No. 2 red
cts_163% 168% 172% 167q 169% 170%
May delivery in elevator
161
165
169% 166% 167% 167%
July delivery in elevator
137
1413 1434 139% 139% 138%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
CHICAGO.
May delivery in elevator
cts_154% 1593 162% 160
161% 161%
July delivery in elecator
130
134% 136% 132% 133% 132%
Indian corn declined in sympathy with the fall in wheat
and then recovered a portion of the loss. Commission houses
have been large sellers. Traders at Chicago have sold aggressively. There has been less support. The domestic
cash demand has been small. The largeness of the stocks
on hand is commented upon. The available supply in this
country increased last week 3,750,000 bushels, against an
increase in the same week last year of only about one-fifth
of this quantity. The total stock is now 44,360,000 bushels,
or more than double what it was at this time in the last
two years. These very large stocks, it is believed, would
tell unfavorably on the price should anything happen seriously to depress the price of other grain. The present stocks
are the largest on record. At the same time country offerings are far from heavy. As a rule they are small. And
some export business has been done. On Monday last it
amounted to 600,000 bushels. On Tuesday to 300,000 bushels. While since then they have aggregated some 500,000
bushels a day. Under the circumstances, prices have rallied
somewhat. Holland and Scandinavia have been good
buyers. In Liverpool, however, the fact that the outlook
for the crop in Argentina is excellent, that reserve stocks in
Argentina are good, that the indications point to liberal receipts from Argentina at Liverpool, where stocks are already
described as ample, has made the trade more conservative.
To-day prices advanced early but declined later. Exporters
took 2,000,000 bushels.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 86% 883
86% 85% 86% 86A
No. 2 mixed
PRICES OF CORN FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 79% 80% 79% 77% 78%
May delivery in elevator
77%
July delivery in elevator
81
81% 80% 793
794 78%
Oats declined with other grain and then rallied somewhat.
The export demand of late has been less active, owing to the
European war news, and country offerings have increased
somewhat. At times there has been more pressure to sell
than to buy, which is something new. Also, the available
supply of oats in this country increased last week 205,000
bushels, in rather sharp contrast with a decrease on the other
hand in the same week last year of 1,060,000 bushels. The
available stock in the United States is now 44,000,000 bushels,
or practically the same as that of a year ago, and about
double what it was at this time in 1913. Meantime, prices
are 20 cents a bushel higher than at this time last year. If
exports should be seriously threatened by naval warfare in
foreign waters, a decline would be no more than natural.
On the other hand, earlier in the week St. Louis sold half a
million bushels for export via the Gulf and at that time both
exporters and cash houses were large buyers of May. Last
Monday the export sales of oats were reported as 2,000,000
bushels and last Tuesday they were 400,000 bushels and
on Wednesday 1,200,000 bushels, Since then some falling
.
off of the foreign demand has been reported, though the
business with Europe is still important. The Department
of Agriculture calls attention to the increased acreage of
oats in the Southern States, placing the total at 102% over
.
last year, when the fall sowings amounted to 1,872,000 acres;
this year the total is 3,775,000 acres, with indications of corresponding increase in the spring-oats acreage. The fall.
,
sown oats will be available for use m the latter part of March,
and will tend to materially restrict the demand for Northern
oats at that time. In Liverpool there is less activity. The
consumptive demand there is only fair,Shipments from
America and Argentina are liberal. Chilian oats are, it is
stated, offered freely in Liverpool. To-day prices advanced
for a time and then reacted; exporters took 600,000 bushels.
ES . TATS
on
sat.RICAI 0F O ues INivedN.EW
.
DAILY CLOSING P
Fri.
Thurs.
Fri.
cts- 64% 643 @)65 65%
65
63%
Standards
64
65@65% 66
65
66
64
No. 2 white
644
PRICES OFs ii TS ILUTU ues. IisT d Thur5G
t?A M . TRES ive C ICA.
.
DAILY CLOSING
CHICAGO.
.H
May delivery in elevator
July delivery in elevator
cts- 60% 61
60%
5 % 57% 57
6
59% 60
5931
55% 55% 55%
The following are closing quotations:
GRAIN.
Corn, per bushel—
Wheat, per bushel—f. o. b.
Cts.
No. 2 mixed
$1 72%
f. o. b.
86
N. Spring, No. 1
No. 2 yellow
N. Spring, No. 2
C. 1 f.
86
1 70%
No. 3 yellow
Red winter, No. 2
84
1 73%
Argentina in bags
Hard winter, No. 2
Cts.
Rye, per bushel
Oats, per bushel, new—
64
New York
Standard
1 34
64%
Western
No. 2, white
63% Barley—Malting
No. 3, white
90®98
FLOUR.
Winter, low grades---$6 00@$6 50 Kansas straights. sacks.$7 25037 60
7 75 8 00 Kansas clears, sacks___ 6 900 7 15
Winter patents
8 75
7 2SI 7 60 City patents
Winter straights
6 750 7 25
Winter clears
6 90@ 7 15 Rye flour
3 15
7 50 7 85 Buckwheat flour
Spring patents
6 250 6 50
7 O0t 7 40 Graham flour
Spring straights
6 750 6 90
Spring clears
For other tables usually given here, see Page 618.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Feb. 13 1915 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheal. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush, bush. bush.
In Thousands905
4,573
144
701 2,063
279
569
91
New York
"
afloat
29
433
Boston
85 -155 -22
253
2
294
1,124
Philadelphia
18
5
668
Baltimore
1,124
162
617
809
1,911
New Orleans
244
502
2,509
Galveston
18
1,655
Buffalo
-5ii
25 ---2,176 1,555
1,425
afloat
____ 1,098
577
6,984
Toledo
494
338
797
---afloat _____
50
Detroit
-- 15
615
73
342
37 -455
14,788 12,812
Chicago
796
.::
3,698 1,715
"
afloat
119
-- Yr -ill
479
095
28
Mlwaukee
250
afloat
"
5
18 --55 -854
1,932 2;555
10,021
Duluth
334
258
"
afloat
-154 "ioi
1,069 4,160
15,365
Minneapolis
2
17
590 1,460
1,727
St. Louis
28
4,424
897
4,529
Kansas City
1,301
Peoria
3
---295
278
905
Indianapolis
ii
--ii
3,004 1,271
190
Omaha
187
Total Feb. 13 1915_53,572 2,611 40,110 32,967
186
Total Feb. 6 1915..56,943 2,559 36,601 32.604
Total Feb. 14 1914__59,197 5,539 17,595 22,539 6,529
190
Total Feb. 15 1913__64,583 3,095 14,235 10,785
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush.
.In Thousands120 1,089
1,198 ---Montreal
_
1,942
Ft. Wiliam&PLArthur. 5,065
"
283 ___
afloat
__ 2,674 --Other Canadian
5,515
Total Feb. 13 1915_12,061
Total Feb. 6 1915_13,176
Total Feb. 14 1014,23,254
Total Feb. 15 1913_23,393
/n Thousands
American
Canadian
120
117
19
21
5,705
5,837
13,404
8,709
1,518
1,455
1,964
1,396
3,888
4,195
4,836
2,543
118
128
1,196
116
Canadian Bonded
Rye. Barley. Barley,
bush, bush. bush.
16
264
16
16
23
264
277
465
SUMMARY.
Bonded
Bonded
Bonded
Wheat. 1Vheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush, bush. bush.
53,572 2,611 40,110 32,967
118
187 1,518 3,888
16
264
12,061
____
120 5,705
Total Feb. 13 1915_65,633
Total Feb. 6 1915_70,119
Total Feb. 14 191482,451
Total Feb. 15 1913..88,771
2,611
2,559
5,539
3,095
40,230
31,718
17,614
14,250
38,672
187
38,501
186
35,993 6,529
19,494
190
1,534
1,471
1,987'
1,396
4,152
4,472
5,301
2,596
118
128
1,196
116
THE DRY GOODS TRADE.
New York, Friday Night, Feb. 19 1915.
Activity and strength have again characterized the drygoods trade during the past week. All seasonable merchandise is in good demand and prices are firmly maintained.
Manufacturers of cotton goods are reported to be'comfortably situated on business for some time ahead, while some selling agents state that they have accepted contracts for about
all the goods they care to at prevailing prices. Jobbers report an active call from retailers in all sections of the country,
both for staple goods and spring and summer fabrics. They
are in turn placing orders with manufacturers for delivery
as far ahead as the latter are willing to accept. The goods
are re-shipped as soon as received from the mills and in
many cases manufacturers are being requested to advance
shipping dates. All raw material markets connected with
the dry goods trade are decidedly firm and spinners are
quietly marking up prices on all the active counts of yarns.
Salesmen on the road with lines of manufactured goods, in
addition to sending in fair orders, are making encouraging
reports concerning the condition of retail stocks and the prospects for spring and summer trade. Aside from unforeseen
developments, the outlook for the drygoods trade is quite
satisfactory. There is a tendency in some quarters, however,
to regard Great Britain's intended "actual blockade" of
Germany with anxiety. It is argued that this would again
close one of the largest export markets for the staple, and
together with Germany's threat to destroy British shipping,
would put conditions in the cotton trade back where they
were at the outbreak of the war. It is also feared that seriout business depression will surely follow such extensive
interference with this country's foreign trade. The closing
of large contracts for army duck has been the feature of the
export trade during the past week. Contracts for about a
million yards have been, or are about to be, closed, and many
manufacturers have taken orders covering all that they can
turn out for several months to come. The deliveries generally asked are not later than July. It is reported that
aside from the heavy contracts just closed, a number of inquiries for duck are still in the open market. Export business through the regular channels is slow, with little prospect of improvement. Government figures covering exports of cotton goods during 1914, just published, reveal
big losses compared with 1913. The greatest falling off has
been in the trade with China. A decline of 140,199,373
yards in exports of cotton goods was shown compared with
1913, while the value of the goods exported was $6,621,833
less.
653
THE CHRONICLE
FEB. 20 1915.]
-The exports of cotton
DOMESTIC COTTON GOODS.
goods from this port for the week ending Feb. 13 were 11,701
packages, valued at 12,883.
1914
-1915
Since
Since
New York to Feb. 13
-
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Week. Jan. 1.
8,104
973
2.677
105
1,215
52
1.234
3
4,165
6,158
1,952
1.039
1,726
5.685
3
75
19
2.256
395
4,232
3.221
10,326
11,701
43.914
Week. Jan. 1.
216
58
313
131
16.540
3,454
3.032
1,501
1.595
109
8.531
1,128
78
37
2.874
232
5,733
466
8.567
2,170
7.785
48,980
The value of these New York exports since Jan. 1 has been
$3,038,231 in 1915, against $3,395,843 in 1914.
A good volume of business is being quietly put through in
staple cotton goods for both near by and distant delivery.
Most buyers regard present prices as attractive, regardless
of the recent advances which have taken place. Some hnes
of staple bleached goods were advanced an eighth to a guarter cent early in the week, while others were placed "at
value" pending a revision of quotations. Jobbers are receiving calls for the better grades of spring and summer dress
fabrics, and while individual orders are small they are numerous and aggregate a good volums. In print cloths sales are
backward and buyers are bidding for lower prices. In
some cases moderate recessions have been made by sellers
to dispose of goods, but manufacturers generally are firmly
holding present quotations. Buyers are not placing much
forward business, but mills are not open to the same for
more than two or three months ahead. Gray goods,38-inch
standard, are quoted at 4c. to 43/sc.
WOOLEN GOODS.
-Further openings of fall lines of
woolen and worsted dress goods have been made during the
week and prices are about in line with previous openings.
Manufacturers are very firm in their ideas concerning the
future, and are not inclined to make heavy bookings of future contracts at opening prices. The pronounced uncertainty of the raw wool situation during the progress of the
war is chiefly responsible. Initial bookings of fall lines are
about as heavy as manufacturers care to accept,and from the
standpoint of demand, there is no cause for complaint.
Manufacturers are closely watching the raw material situation and have little hope of obtaining any further modification of the export regulations covering wool on the part of the
British Government. Large purchases of Australian wool
are reported to have been made by United States consumers,
but it is feared that the shipments will be very slow in arriving. Late call for spring and summer goods is better than had
been expected and shipments of goods are being called for as
soon as due.
FOREIGN DRY GOODS.
-Buyers are beginning to realize the firmness of prices in linens and,fearing further advances, are placing more orders. Business done in dress
linens for spring and summer is not large, but is increasing
from day to day. Supplies of Scotch linens are becoming
scarce, particularly towelings, and,despite the recent advance
of from 25 to 35% in prices, demand for these is good. Business for forward account is greatly hampered by the inability to get importers or foreign manufacturers to quote
prices on linens for shipment more than two or three months
agead. Further arrivals of German linens via Rotterdam
and Copenhagen are reported and considerable goods are
claimed to be still obtainable from that quarter. The expense of shipment is so great, however, that the goods ar.
riving here offer no relief to the price situation. Demand
for burlaps continues good, with supplies light and the undertone of the market firm. Lightweights are quoted at 4.60c.
and heavyweights at 5.25o.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
Feb. 13 1915. Since Jan. 1 1915.
Pkgs.
Value,
Pkgs.
Value.
Manufactures of
Wool
442
149.165
6,073
1,501.926
Cotton
1,483
369,997
13,202
3.678.854
Silk
533
295,955
4,306
2,104.952
Flax
595
176,389
5,546
1,656,014
Miscellaneous
1.700
201,744
13,783
1,675,233
Total 1915
4,753 1,193,250
42.910 10,616.979
Total 1914
9,260 2,642,503
75.037 19,815.756
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
-Wool
286
79,045
3,283
957.894
Cotton
548
133.635
4,008
1,256.788
Silk
307
124,829
2,524
984.335
Flax
513
142,947
775.890
2,848
Miscellaneous
2,994
153.133
931,013
12,301
Total withdrawals
4,648
4.905.920
633,589
24.964
Entered for consumption
4,753 1.193,250
42,910 10.616.979
Total marketed 1915
9,401 1,826,839
67,874 15,522,899
Total marketed 1914
16.135 3.445,559 111,910 26,205,338
Imports Entered for Warehouse During Same Period.
Manufactures of
Wool
133
49.091
1.920
727,074
Cotton
176
56,347
3,693
1,042,697
Silk
192
89.702
1,834
688.119
Flax
245
72,160
2.215
659,269
Miscellaneous
341
80,453
13,380
798,054
Total
Entered for consumption
Total imports 1915
Total imports 1914
1.087
4,753
347,753
1,193,250
5.840 1,541,003
12.143 3,321,825
23.042
42,910
3.915.213
10,616.979
65.952 14.532,182
102.732 75,066,192
THE CHRONICLE
654
'PATE MID
CITY
DriaitirrIVrENT.
News Items.
-Court Refuses to
Beech Grove, Marion County, Ind.
-On Feb. 3:
Judge Linn D. Hay
Enjoin School Bond Issue.
of the Superior Court refused to enjoin the Beech Grove
School Town from issuing bonds in the sum of $25,000 to
pay for the construction of a new school building in Beech
Grove. According to the Indianapolis "News," two suits
against the School Town were filed. by Charles Burge and
Joseph C. Gold. It was alleged in these suits that the notice
published by the School Town for bids on the proposed school
building was defective in that it named Thursday, July 29,
1914;as the date the bids would be received, when there was
no such date as Thursday,.July 29 1914. Thursday fell on
July 30. It was also alleged that if the bonds were sold the
indebtedness of the town would exceed the constitutional
limit of 2% of the assessed valuation of the property in the
town. Judge Hay decided that the defect in the notice was
not sufficient to invalidate the contract, and that the bonds
could be sold without the indebtedness of the town exceeding
the constitutional limit.
Carter County (P. 0. Grayson), Ky.-Bonds Declared
-The $150,000 road bonds voted Nov. 3 have been
Void.
held invalid by the Kentucky Court of Appeals on the
ground that the wording of the ballot was "confusing and
unintelligible."
-V. 99, p. 1546.
Cumberland, Md.-Court Sets Aside Paving Bond Award.
-In an opinion filed Feb. 12 Circuit Court Judge Robert R.
Henderson declared illegal the action of the city authorities
in awarding $150,000 43'% paving bonds to Alex. Brown &
Sons of Baltimore. The firm bid 98 and supplemented their
bid with an alternative offer to pay $150 more than any other
bid received provided that the price to be paid by Alex.
Brown & Sons should not be less than 98 nor exceed 99.80
and accrued interest. The highest bid was 99.31; submitted
by Baker, Watts & Co., Townsend Scott & Son and Nelson,
Cook & Co. of Baltimore. As already stated in these
columns, the bonds were twice advertised at public sale, but
the bids received at these sales having been considered un.
satisfactory, a private sale was negotiated on Nov.20 at 98 to
Alex. Brown & Sons, who subsequently re-sold the bonds. A
technical defect was discovered, however, and to correct this
it was necessary to re-advertise the issue (V.99, p. 1766). In
order to carry out their purpose to deliver the bonds to their
clients in perfect legal condition,the Baltimorefirm devised
the special form of bid referred to. See V. 100, p. 155 and
244.
-Vote Cast on Question of Commission
Hoboken, N. J.
-On Feb. 17 Justice Swayze of
Government to be Recounted.
the New Jersey Supreme Court signed an order authorizing
a recount of the vote cast February 9 on the question of
adopting the commission form of government. As stated
last week (V. 100, p. 570) the vote, as reported, stood 3,570
"for" and 3,567 "against."
-Equal Suffrage Amendment Ready for
Massachusetts.
-The women suffrage amendment to
Submission to Voters.
the State constitution was passed by the House on Feb. 16.
The measure has already been approved by the Senate and,
having been passed by last year's Legislature, will go to the
voters for ratification at the fall election.
-Equal Suffrage Amendment to be Passed
New Jersey.
.
-With the passage by the State Senate on
Upon by Voters.
Feb. 16 of the constitutional amendment granting the right
of suffrage to women, the measure is now ready for submission to the voters at a special election in September.
Bond Proposals and Nedotiattons this week
have been as follows:
-BOND OFFERING.
ADAMS COUNTY (P. 0. Decatur), Ind.
Reports state that bids will be received until 3 p. m. Feb. 22 by W. J.
Archbald, Co. Treas., for $5,440 4j % highway-improvement bonds.
-On Feb. 16
-BOND SALE.
ALBANY COUNTY(P.O. Albany), N.Y.
,
1% reg. court-house-constr. and equip. bonds (V. 100, P.
the $300,000 41
491) were awarded to Harris, Forbes & Co. of N.Y. at 101.095 and int.
Other bidders were:
101.091RemIck,Hociges & Co. .Y.100.313
,N
Biodget & Co., N. Y
-Proposals
ALLIANCE, Stark County, Ohio.
-BOND OFFERING.
will be received until 12 m. March 8 by Chas. 0. Silver, City Auditor, for
the following 5% bonds:
$35,000 city hospital bonds. Denom. $500. Due $10,000 March 1 1940
and 1941 and $15,000 March 1 1942.
2,800 storm sewer bonds. Denom.( )$500, (1) $300. Due March 1
5
1935.
Date March 1 1915. Int. M.& S. at office of City Treasurer. Certified
solvent national or State bank for 3% of bonds bid for, payable
check on a
to City Treasurer, required. Bids must be made on blank forms furnished
by the City Auditor. Successful bidder to furnish at own expense the necessary blank bonds. The city reserves the right to issue a smaller amount
the contractor's bid.
than herein advertised, based on
ANDREWS SCHOOL DISTRICT (P. 0. Andrews), Cherokee Coun
-The $10,000 30
-BOND SALE.
-year school bonds offered
Caro.
ty, No.
have been awarded to A. J. Hood & Co. of
on Jan. 30 (V. 100. P. 154) Denom. $1,000. Date Jan. 1 1915. Int.
at 100.26 for 5s.
Detroit
J. & J.
-BOND
RVANSONIA, Darks County, Ohio. until 12 OFFERING.-Blds will be
Clerk,
m. March
received by H. R. Millette, Vii. bonds. Denom. $500. 1 for $4,000 53i
Date March 1
-apparatus-purchase
coupon fire
Due $500 each six months from March 1 1916 to
1915. Int. M. & S.
for $100, payable to "Vil. of Ansonia",
1919 incl. Cert. check
Sept. 1
required.
-BOND OFFERING.
-Proposals
County, Ohio.
Ilb• ARCHBOLD,Fulton Fagley, Village Clerk, until 12 m. March 8 for
will be received by J. H.
-system-completion bonds. Denom. $500. Date
water-works
$7,000 5%
Due $1,000 yearly on March 1 from 1922 to
March 1 1915. Int. M.& S.
for 2% of bonds bid for, payable to
1928, inclusive. Certified check Bonds to be delivered and paid for
required.
"Village of Arehbold,"
[vol.. No.
within ten days from time of award. Purchaser to pay accrued interest.
Purchaser to furnish at own expense printed or lithographed bonds with the
necessary coupons attached.
-BOND OFFERING.
ASHDOWN, Little River County, Ark.
-Further details are at hand relative to the offering on Feb. 25 of the following
6% bonds(V. 100. p. 570):
$45,000 Water Works Dist. No. 1 water-system-installation bonds. Due
$2.500 yearly from 1926 to 1931 incl.; $3,000 yearly from 1932 to
1938 incl. and $4,500 1939 and 1940.
39,000 Sewer District No. 1 sewer-system-installation bonds. Due
$2,000 yearly from 1926 to 1933 incl., $3,000 yearly from 1934 to
1938, incl., and $4,000 1939 and 1940.
Proposals for these bonds will be received by the Board of Commissioners,
A. D. Du Laney, Attorney. Date not later than June 1 1915. Int.
annually at place t,o be designated by purchaser. Certified check for $500,
required. There is no bonded debt. Assessed val. 1912, 6317,943, est.
now at $400,000. Official circular states that there is no litigation pending
or threatened.
ATLANTIC CITY, Atlantic County, N. J.
-BOND SALE.
-The
Commissioners of the City Sinking Fund have purchased at par and interest
the following 434% bonds:
$70,000 paving bonds purchased on Feb. 6. Due July 1 1933.
75,000 water-impt. bonds purchased on Feb. 8. Due July 1 1944.
Denom. $1,000. Date July 1 1914. Int. J. & .7.
AUDUBON, Audubon County, Iowa.
-BONDS VOTED.
-The question of issuing $1,000 sewer-system-install, bonds carried, it is stated, at the
election held Jan. 16 by a vote of 344 to 103.
AUGUSTA, Ga.-BOND OFFERING.
-Further details are at hand
relative to the offering on Mar. 2 of the $250,000 434% 30-year coup. taxfree flood-protection bonds (V. 100, p. 570). Bids for these bonds will be
received until 12 m.on that day by Wm.Lyon Martin, Clerk of City Council. These bonds may be registered as to principal or as to principal and
Interest. Denom.$1,000. Date July 1 1914. Int. payable J. & J. at the
office of Collector and Treas., or at the Amer. Exch. Nat. Bank, N.Y. Certified check for 2% of bonds bid for, payable to "City Council of Augusta,"
is required. Bids must be made on blank forms furnished by the above
Clerk. Bonds to be delivered and paid for within 10 days after notice
of acceptance of bid. The purchaser will be furnished an opinion by
Storey, Thorndike, Palmer & Dodge of Boston favorable to the legality
of the bonds. The Clerk of the Superior Court of Richmond County will
also certify as to their validity. The U. S. Mtge. & Trust Co. of N. Y.
will certify as to the genuineness of the bonds. These bonds are part of
the $750,000 bonds voted June 1 1914, 16250,000of which was sold on Nov.
12 1914. See V. 99, p. 1546.
-BOND SALE.
-On Feb. 12
AUGUSTA, Kennebec County, Maine.
$16,000
% 25
-year coupon refunding bonds were awarded to Geo. J.
Babson at 106.875 and int.-a basis of about 4.061%. Other bidders were:
E. H. Rollins & Sons, Bost.106.288 A. B. Conant & Co., Boston-104.195
G.A.Fernald & Co., Boston_106.04 C.E. Denison & Co., Boston.103.90
W.L. Raymond & Co., Bost.105.38 lAdams & Co., Boston ......_103.87
Chas. H.Gilman & Co., Bost.103.90
Denom. $1,000. Date Feb. 15 1915. Int. F.& A. at First Nat. Bank.
Boston.
BARBERTON CITY SCHOOL DISTRICT (P. 0. Barberton), Sum -Reports state that no bids
mit County, Ohio.
--BONDS NOT SOLD.
% coup. site-purchase and
were received on Feb. 17 for the $150,000
bldg. bonds offered on that day (V. 100. p. 570)•
The above bonds have subsequently been sold at par to the Central
Savings & Trust Co. of Barberton at private sale.
BARLOW SCHOOL DISTRICT (P. 0. Barlow), Washington
-The question of issuing $12,000 high-BONDS VOTED.
County, Ohio.
school-building bonds carried, reports state, by a vote of 166 to 38 at the
election held Jan. 18.
-Reports
BARRE, Washington County, Vt.-LOAN OFFERING.
state that the City Treas. will receive proposals until 7 p. m. Feb. 23 for a
loan of $47,500. maturing Aug. 10 1915. and issued in anticipation of taxes.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-BOND OFFERING.
-Proposals will be received until 2 p. m. Feb. 23 (and thereafter
until sold) by John W.Scheidt, Co. Treas., for 64.000434% Youman roadimprovement bonds. Denom. $200. Date Feb. 15 1915. Int. M.& N.
-BONDS VOTED.
BASTROP, Morehouse Parish, La.
-Reports state
that the election held Feb. 9 resulted in favor of the issuance of $10,000
refunding and $16,000 water-works and electric-light-plant-improvement
bonds.
BAYONNE, Hudson County, N. J.
-BONDS AUTHORIZED.
-An
ordinance has been passed providing for the issuance of $75,000 43 %
-year gold coupon repavement bonds. Denom. $1,000. Date March 1
20
1915. Int. J. & J. at Mechanics' Tr. Co., Bayonne.
BELL COUNTY (P. 0. Pineville), Ky.-BONDS VOTED.
-The
question of issuing the $250,000 road and bridge bonds carried, at the
election held Feb. 13. (V. 100. p. 570) by a vote of 3,666 to 375.
BELLE VALLEY, Noble County, Ohio.
-BOND OFFERING.-Blds
will be received by R. C. McNabb, Village Clerk, until 12 m. Feb. 23 for
$5,150 20 5% Main St. improvement (assessment) bonds. Auth. Sec.
Gen. Code. Denom. $515 02. Date Jan. 2 1915. Interest annual.
3914,
Due $515 02 yearly on Jan. 2 from 1916 to 1925, inclusive. Certified
check for 10% of bonds bid for, payable to Village Treasurer, required.
Bonds to be delivered and paid for within ten days from time of award
Purchaser to pay accrued interest.
BELLEVILLE TOWNSHIP (P. 0. Belleville), St. Clair County, Ills
-BOND OFFERING.
-Proposals will be received until 50. m. Feb. 23 by
Fred. S. Fleischbein. Chairman of Finance Committee, for $210.000 5%
-15
2 -year (ser.) school bonds. Interest semi-annual.
BIDDEFORD, York County, Me.
-TEMPORARY LOAN.
-On
Feb. 9 a loan of $30,000 maturing Oct. 4 1915 was negotiated with the Old
Colony Trust Co. of Boston at 3.56% discount.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND OFFER1NG.-Reports state that bids will be received until 12 m. Feb. 25
by Geo. H. Newbauer,Co. Treas.,for $17,000 434% highway-impt. bonds.
BLACKSBU'RG, Montgomery County, Va.-BOND ELECTION.
An election will be held Feb. 23 to vote on the question of issuing 64,000
-15
sewerage and $4,000 school 6% 10 -year (opt.) bonds.
BLAIR, Washington County, Neb.-BONDS NOT YET ISSUED.
The $35,000 5% electric-light bonds voted Sept. 29 (V. 99, P. 1080 have
not yet been issued as a protest has been filed with thelState Auditor against
the same.
BLOOMFIELD TOWNSHIP (P. 0. North Bloomfield), Trumbull
-BOND OFFERING.
-Proposals will be received until
County, Ohio.
12 m.March 8 by A.0.Huntley,Twp.Clerk,for $30,000 5% road-improvement bonds. Denom. $500. Date March 1 1915. Int. A. & 0. at
North Bloomfield Banking Co., North Bloomfield.
Due $1,500 each six
months from April 1 1925 to Oct. 1 1934 Wel Cert. check for $300,
payable to Township Treas., required.
BOONE (P. 0. Capron), Boone County, Ills.
-BONDS VOTED.
The proposition to issue $9,500 reftmding bonds carried at the election
held Jan. 26, It is stated.
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND OFFERING.Proposals will be received until 10 a. m. Feb. 25 by J. T. Frank Laughner,
Co. Treas., for $6,000 4 b % Ed. Beesley et al highway-improvement bonds
in Sugar Creek and Jefferson Tvrp. Denom. $300. Date Feb. 1 1915.
Int. M. & N. Due $300 each six months from May 15 1916 to Nov. 15
1925 inclusive.
BRECKENRIDGE, Wilkin County, Minn.
-BOND OFFERING.
Proposals will be received until 8 p. m. March 1 by D.J. Jones, City Clerk,
for the $25,000 5% 20-year, city-hall and jail bonds. Denom. $1.000.
Date July 1 1913. Int. semi-ann. Cert. check on a reputable bank of
Minnesota for at least 10% of bid, payable to City of Breckenridge, required. Purchaser to pay accrued int. These bonds were offered on Jan.
25, but the bids received were rejected. (V. 100, p. 415.)
-BONDS VOTED.
BRISTOL, Hartford County, Conn.
-The ques-year funding bonds at not exceeding 43.%
tion of issuing the 6200,000 25
int.(V. 100, p. 571) carried at the election held Feb. 15 by a vote of 1,140
to 422.
BROOKLYN HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0.
-BONDS VOTED.
Cleveland), Cuyahoga County, Ohio.
-By a vote
of 44 to 16 the question of issuing the $35.000 site-purchase and construction bonds carried,it is stated, at the election held Feb.9.
FEB. 20 1915.]
THE CHRONICLE
BROOKVILLE VILLAGE SCHOOL DISTRICT (P. 0. Brookville),
-Proposals will be
-BOND OFFERING.
Montgomery County, Ohio.
received until 1 p. m. Mar.5 by A. M.Tucker, Clerk Bd.of Ed,for $10,000
5% coup. school bonds. Denom.$500. Date Mar. 1 1915. Int. M.& S.
at Citizens Banking Co., Brookville. Due $1,000 yearly on Mar. 1 from
1927 to 1936 Incl. Cert. check for $250, payable to District Clerk, required. Bids must be unconditional.
BROWN TOWNSHIP SCHOOL DISTRICT (P. 0. Delaware), Dela-BONDS VOTED.
-At the election held Feb. 2 the
ware County, Ohio.
question of issuing $35,000 bldg. bonds carried. it is stated, by a vote of
117 to 93.
BRUNSWICK COUNTY (P. 0. Lawrenceville), Va.-NO BOND
ELECTION.
-Reports that this county is contemplating calling an election to vote on the question of issuing $100.000 Alberta District road
bonds (V. 99, p. 555) are erroneous, we are advised.
CALHOUN COUNTY (P. 0. Pittsboro), Miss.
-LOAN OFFERING.
Proposals will be received at any time by Dennis Murphree for $18,000 6%
notes due Jan. 1 1916.
CANTON, Ohio.
-BOND SALE.
-The bidders and premiums offered
Feb. 15 for the 10 issues of bonds described in V. 100. p. 571,were as follows:
$5,000 $5,500 $3,500 $25,200 $42,100
Jail
Fire
Paving Paving
Water
5%.
5 %.
5%.
5'70.
5%%•
Tillotson &Wolcott Co.
,Clev.
3 50 $227 05 $95 05 $259 5681,171 85
Otis & Co., Cleveland
401 00 *275 00 *165 00 *368 00 1,263 00
Well, Roth & Co., Cinc
368 75 231 00 127 75 214 20 968 30
A.E.Aub & Co., Cincin_ _ '41400 261 05 153 85 333 04'1,374 66
Prov. S. B.& T.Co., Cinc
362 50 198 00 119 00 156 24 1,010 40
Seasongood & Mayer, Cin
78 00 239 00 1,235 00
343 50 187 50
$23,000 $8,400 $8,300 $13,000 $3,500
Impt.
Sewer
Impt.
Impt.
Impt.
W17$0
Tillotson&WolcottCo„Clev.a 50 laP27
57°
/3ar
.
11
.
Otis & Co., Cleveland
610 00 '25000 '21000 '30000 '$3&O0
Well, Roth & Co., Ciao
450 80 193 20 190 90 188 50
7 00
A.E. Aub & Co., Cin
*651 29 203 80 197 78 290 50
19 10
Prov. S. B.& T.Co.. Cinc
441 60 151 20 149 40 221 00
10 50
Seasongood & Mayer, Cin
447 00
210 00
For the Entire Ten Issues.
Hayden, Miller & Co., Clev--$3,1811R. L. Day & Co., Boston $3,320 63
Field, Richards & Co., Cin„.. 3,0561
* These bids were successful.
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND SALE.
-On
Feb. 17 the $6,000
% 6-year (average) highway-impt. bonds (V. 100,
p. 571) were awarded to Wm. J. Guckien of Camden. Ind., for 86,015 25
(100.254) and int.-a basis of about 4.45%. Other bidders were:
Edward 0.Larry, Lafayette_ _116,0151Fletcher-American Nat. Bank.
J. F. Wild & Co., Indianapolis 6,0001 Indianapolis
$6,000
CARUTHERS UNION HIGH SCHOOL DISTRICT, Calif.
-BOND
OFFERING.
-Bids will be received until 2 p. m. March 3 by the Clerk
Bd. of Co. Supers. (P. 0. Fresno), it is reported, for the $30,000 5% 5 -15
year (ser.) high-school-building bonds voted Dec. 17 (V. 100, p. 68)•
Denom. $1,000.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 25 by D. A. Hyman. Co.
Treas., for $1,377 50 (not $1.367 50 as first reported) 5% Martin Ulrich
ditch bonds in Adams Twp. (V. 100, p. 571). Denom. (4) $275; (1)
$277 50. Date June 11 1914. Int. semi-ann. $275 yearly on June 11
from 1915 to 1918 incl., and $277 50 June 111919.
BOND SALES.
-On Feb. 15 the five issues of 4%% highway-improvement bonds, aggregating $22,650 (V. 100, p. 571) were awarded to the
State Savings & Trust Co. of Indianapolis at par and interest. Breed.
Elliott & Harrison and J. F. Wild & Co. of Indianapolis each submitted a
bid of par.
The $2,680 4%% 5
-year (aver.) Chappelear road-improvement bonds
offered on Feb. 10 (V. 100, p. 492) were awarded on that day to Wm. M.
Graffis of Logansport at par and int. Date Sept. 1 1914.
CHELSEA, Rogers County, Okla.
-BONDS TO BE OFFERED
SHORTLY.
-John L. Jones, City Clerk, will offer for sale shortly an issue
of $30,000 6% coupon sewer-system bonds. Auth. Sec. 27, Art. 10, Constitution of Oklahoma. Denom. $1,000. Date Dec. 18 1914. Int.
F. & A. at the fiscal agency in New York. Due $6,000 every 5 years.
Cert. check for $500, payable to the "Town of Chelsea," required. Bonded
debt, exclusive of this issue, $76,000. No floating debt. Assess. val.
1914. $648,017.
CHICAGO SOUTH PARK DISTRICT, 111.
-BOND SALE.
-On
Feb. 17 an issue of $500.000 4% impt. bonds was awarded, reports state,
to the Harris Tr. & Says. Bank of Chicago at 99.342. Denom. $500.
The above bonds are dated July 1 1914 and due serially $25,000 each
year from July 1 1915 to 1934, inclusive. They are part of
$3,000,000 voted in 1907 for the purchase and improvement ofan issue of
park lands
and for small parks. The Park District includes all of the City of Chicago
south and east of the Chicago River, with an estimated population of about
800,000 people. The bonds will be offered in the near future.
CINCINNATI, Ohio.
-BOND SALE.
-On Feb. 11 the $280.000 4%%
-year street re-surfacing bonds, dated June 2 1913 (V. 100, p. 155), were
12
awarded to Field, Richards & Co., Seasongood & Mayer of Cincinnati and
William Salomon Co. of N. Y. at their Joint bid of $285 075 (101.812)a basis of about 4.306%. The other bidders were:
Western German Bk.,
Breed, Elliott & liarBrighton German Bk.)
rison, Cincinnati
- 284,032 00
& Prov. Says. Bk. &$284,912 98 Atlas Nat. Bk., Cin _ 284,007 50
Merrill,Oldham&Co„Bos. 283.693 20
Tr. Co.of Ctn., jointly)
Hayden, Miller & Co.,
Fifth-Third Nat.Bk .of1
Cleveland
283,668 00
Cm. and Kean. Tay-1 284,761 00
• Tillotson & Wolcott Co.,
lor & Co.of N.Y.,jtly.
283,262 00
Well, Roth & Co., Cin- 284,650 00
Cleveland
-BOND OFFERING.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
Bids will be received until 10 a. m. Feb. 26 by John R. Scott, Co. Treas.,
for $6,200 434% John F. Lewman et al highway-improvement bonds in
Charlestown Twp. Denom.$310. Date Feb. 1 1915. Int. M.& N. Duo
$310 each six months from May 15 1916 to Nov. 15 1925 incl.
CLINTON COUNTY (P. 0. Wilmington), Ohio.
-BONDS VOTED.
At the election held Feb. 16 the proposition to issue $300,000 court-house
and jail construction bonds carried, it is stated.
COLUMBUS, Ohio.
-BOND SALE.
-Reports state that the City Sinking Fund Trustee, on Jan. 28 purchased $50,000 East Main St.. $48,000
E. Long St., $65,000 W.Broad St.. $15,000 Glenwood park-impt., $3,500
storm-sewer and 83.500 Roster St.-impt. bonds. The first three issues
of bonds were authorized by the City Council on Nov. 30.(V. 99, P. 1924.
)
COLUMBUS CITY SCHOOL DISTRICT (P. 0. Columbus), Ohio.
-BOND SALE.
-On Feb. 18 the $175,000 4%% 40
-year school bonds
(V. 100, p. 492) were awarded to Well, Roth & Co. and the Fifth-Third
Nat. Bank of Cincinnati on their joint bid of 102.66 and int.-a basis of
about 4.36%. The other bidders were:
Breed, Elliott & Harrison and Proy. Say. B.& Tr. Co., Cinc-$178,937 50
Field Richards & Co. and Seasongood & Mayer, Cincinnati
178,755 00
New First National Bank, Columbus
176,750-00
CONECITH COUNTY (P.* 0. Evergreen), Ala.
-BONDS NOT YET
-No sale has yet been made of the $50,000
SOLD.
30-year road-impt.
bonds offered, but not sold on Aug. 10 1914 (V. 5% p. 423). Denom.
99,
$1.000. Int. J. & J.
CONNEAUT SCHOOL DISTRICT (P. 0. Conneaut), Ashtabula
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
12 In. Feb. 26 by Elmer D. Loose, Clerk Bd. of Education, for $20,000 6%
school bonds. Auth. Secs. 7626-7628 incl. Gen. Code. Denom. $500.
Date March 1 1915. Int. M.& S. Due $500 each six months from Mar. 1
1916 to Sept. 1 1935 incl. Cert. check for $300 required.
COPIAH COUNTY (P. 0. Hazlehurst), Miss.
-BONDS VOTED.It is reported that the proposition to issue $150,000 road bonds carried at
the election held Feb. 6.
cossiN, Whitley County, Ky.-BOND SALE.
-On Feb. 9 25,000
6% electric-light bonds were awarded to Weil, Roth & Co. of Cincinnati at
104.20 and Int.-a basis of about 5.45%. Denom. $1,000. Date Jan. 1
1915. Int. ann. in Jan. Due Jan. 1 1925. Using newspaperreports,we
stated In V. 100, p. 416 that an issue of $10,000 was being offered on
Feb. 9.
655
COTTON BELT LEVEE DISTRICT NO. I (P. 0. Helena), Ark.
NO BONDS OFFERED.
-According to some newspapers this district is
reported as offering for sale on March 3 an issue of $300.000 levee bonds.
We are advised by the Secy. Bd. of Commrs. that there are no bonds being
offered at this time.
COTULLA, Lasalle County, Tex.
-BONDS NOT YET ISSUED.
The City Secretary advises us that the $14,000 5% 10 -year (opt.) water-40
works
-system bonds voted Aug.8(V. 99, p. 767) have not yet been issued.
Denom. $1,000. Interest annually in September.
CUMBERLAND, Cass County, Iowa.
-BOND SALE.
-The $5,000
-20-year (opt.) water bonds (V. 100. p. 68) have been purchased
53-4% 5
by Schanke & Co. of Mason City. Denom. $500. Date Feb. 1 1915.
Int. F. & A.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND OFFERING.
-Proposals will be received until 10 a. m. Feb. 27 by E. G. Krause,
Clerk Board of County Commissioners, for the following 5% coupon
road-improvement bonds:
$15,424 So. Kinsman road-improvement (assess.) bonds. Denom. (1)
$424,(30) 3500. Due yearly on April 1 as follows: $424 In 1916.
$11,000 from 1917 to 1920 incl.. $1,500 1921 and 1922 and $2,000
from 1923 to 1926 incl.
8,473 So. Kinsman road-hunt. (county's portion) bonds. Denom.
(1) $473. (8) $1,000. Due yearly on April 1 as follows: $473 in
1916. $1.000 from 1917 to 1919 incl., $2,000 in 1920 and $3,000
in 1921.
23,373 Washington St. and State St. improvement (assess.) bonds. Denomination (1) $373, (23) $1,000. Due yearly on April 1 as
follows: $373 1916; 811,000 1917; $2000 1918 to 1920 incl.; 83.000
1921 to 1924 incl. and $4,000 April 1 1925.
20,639 Washington St. and State St. Impt. (county's portion) bonds.
Denom.(1) $839,(20) $1,000. Due yearly on April 1 as follows:
$839 in 1916, $2,000 1917 to 1920 incl.; and $4,000 1921 to 1923
inclusive.
Date Mar. 11914. Int. A. & 0. at office of Co. Treas. An unconditional cert. check on a bank other than the one making the bid, for 1% of
bonds bid for, payable to County Treasurer, 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.
BOND SALE.
-On Feb. 10 the two issues of 5% coupon Front
-Factory
St. improvement bonds, aggregating $14.330(V.100. p. 492)were awarded,
it is stated. to Otis & Co. of Cleveland for 814.395
-equal to 100.453.
DARBY SCHOOL DISTRICT (P. 0. Darby), Delaware Countyi
Pa.
-BOND SALE.
-On Feb. 17 the $35,000 434% bldg. bonds
. 572) were awarded to the Mellon Nat. Bank of Pittsburgh for(V .100.
$36,236
103.531) and int. Other bidders were.
.B. Leach & Co., Phila__-_103.11 Martin & Turner
Riley, Brock & Co., Phila_103.05 Tillotson & Wolcott Co.,101.575
Thos. A. Biddle & Co„Phila..102.419
Cleveland
101.59
Holmes. Wardrop & Co.,
Warner & Fitzharris
101.52
Pittsburgh
102.23 Wurts, Dulles & Co., Phila_-101.10
All bids provided for the payment of accrued interest. venom. $1,000.
Date about Apr. 1 1915. Int. A. & 0.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-On
Feb. 16 the four issues of 434% highway-impt. bonds, aggregating $25,100
(V. 100. p. 572) were awarded, it is stated, to the Fletcher-American Nat.
Bank of Indianapolis at par and interest.
DAYTON, Montgomery County, Ohio.
-PRICE PAID FOR BONDS.
-We are advised that the price paid for the two issues of 5% coupon bonds.
aggregating $195,000, awarded on Feb.9 to Hayden, Miller & Co. of Cleveland (V. 100,9. 572) was as follows:
-improvement bonds at 111.16, a basis of
$150,000 30
-year water-works
about 4.333%.
45.000 20-year garbage bonds at 108.76-a basis of about 4.341%.
The other bidders were:
For
For
8150,000
$45,000
Sidney, Spitzer .& Co.. Toledo
$165,630 00 $48,730 50
Field, Richards & Co., Cincinnati
165,525 00 48,690,00
Well, Roth & Co., Cincinnati
164.445 00 48,487 50
Otis & Co., Cleveland
164,115 00 48,265 00
R. L. Day & Co., Boston
163,888 50 48,311 55
Seasongood & Mayer Cincinnati
163.445 00 48,137 00
Spitzer, Rorick & Co., Toledo
161,200 00 47,515 00
Dayton Savings & Trust Co., Dayton
156,000 00 46.350 00
For both Issues
Harris, Forbes & Co., N.Y.
$211,734 90
Estabrook & Co.. N.Y
210.912 00
BOND OFFERING.
-Proposals will be received until 12 m. Mar. 16 by
Hugh E. Wall, City Accountant, for $40.300 5% coup. sewer bonds.
Denom. (1) $300. (40) $1,000. Date Mar. 11915. Int. M.& S.in N.Y.
City. Due Mar. 1 1936. Cert, check for 82.015, payable to City Accountant. required. Bonds to be delivered on Mar. 23.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND SALE.
-On
Feb. 16 the $4,000 434% 6
-year (average) highway-improvement bonds
(V. 100. p. 572) were awarded to C. J. Erdman at par and int. There were
no other bidders.
DELANO GRAMMAR SCHOOL DISTRICT, Merced County, Calif•
-BONDS VOTED.
-By a vote of 149 to 14. the question
building bonds carried, it is stated, at the election held ofissuing $23,000
Feb. 5.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 23 by G. G. Williamson, Co.
Treas., for the following 434% highway-Improvement bonds:
$5,200 Henry G. Morris et al road bonds in Union Twp. Denom.
4.600 Lewis H. Acker et al road bonds in Perry Twp. Denom. $260.
$230.
7,360 Martin H. Brandt et al road bonds in Union Twp. Denom.
5,600 Amos N. Foorman et al road bonds in Union Twp. Denom. $380.
$280.
7.200 David E. Bmmmer et al road bonds in Hamilton and Delaware
Twps. Denom. $360.
Date Feb. 15 1915. Int. M.& N. Due one bond of each issue
each six
months from May 15 1916 to Nov. 15 1925 incl.
DENTON, Denton County, Tex.
-BONDS VOTED.
-The election
held Feb. 2 resulted, it is stated, in favor of the questions of issuing 375.000
school-building and $37,000 fire department, street and water-works-improvement bonds.
DE WITT COUNTY (P. 0. Cuero), Tex.
-BONDS VOTED.
-An election held in Yoakum Precinct on Feb. 1 resulted in a vote of 155 to
31, it Is
stated,in favor of the proposition to issue $50,000 road-construction
bonds.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0.
Duluth),
Minn.
-BOND OFFERING.
-Proposals will be received until 3 p. m. Feb.
27 by Chas. A. Bronson, Clerk Board of Education, for
%
20
-30-year (opt.) coupon building and equipment bonds. $100.000
Denom. $1.000.
Date March 1 1915. Int. J. & J. at the American Exchange
Nat. Bank.
New York. Cert. check for 1% of bid. required. Official
circular states
that no default has ever occurred in the payment of princlapl
and interest
upon90.Aaa.vai. t9ai
any
of the district.
53
1 debt,exclu r ?f this tres
3.sea aeparaat
issue of $200,000. Authorized by vote of 1,547 to 282 at
the election held
July 18 1914. (V. 99, P. 1160).
EAST PROVIDENCE, Providence County, R. I.
-BOND SALE.
On Feb. 16 the $32,000 434% 20
-year gold coup. taxable highway-impt.
bonds (V. 100, p. 572) were awarded to Blodget & Co. of Boston at
100.414
and int.-a basis of about 4.469%. Other bidders were:
Merrill, Oldham & Co., Bost-99.649 IN. W. Harris & Co.,
Boston--99.285
EAST VIEW, Cuyahoga County, Ohio.
-BOND
-Proposals will be received until 12 m. March 1 by Chas. OFFERING.
(P. 0. Eleventh Floor, Marshall Bldg., Cleveland) E. Burger, VII. Clerk
for
of 6% coupon road-impt. (assess.) bonds. aggregating eighty-two issues
$909.962.
'day of sale.
Int. A. & 0. at office of Vii. Treas. Cert. check Date
on a
bank other than the one making the bid for 10% of bonds bid for, payable
to Vii. Treas., required. Bonds to be delivered and paid for
days from time of award. Purchaser to pay accrued interest. within 10
EDGECOMBE COUNTY (P. 0. Tarboro), No. Car.
-BOND OFFER'
ING.-Proposals will be received until 12 m. March 1 by H. S. Bunn.
County Clerk, for the following 5% coupon bonds:
$20,000 road bonds authorized by vote of 765 to 479 at an election
held
July 29 1913. Due 82.000 yearly Jan. 1 from 1920 to 1929, lad.
10,000 bridge bonds authorized by vote of 767 to 688 at an election
held
July 29 1913. Due $1,000 yearly Jan. 1 from 1920 t,o 1929 Incl.
Denom. not less than $100, nor more than 31,000. option of
purchaser.
Date Jan. 1 1915. lot. .1. & J. at place to be named by
purchaser. Cert.
656
THE CHRONICLE
[VOL. 100.
GLOUCESTER TOWNSHIP (P. 0. Gloucester), Camden County,
above issues, $86.000
check for $500 required. Bonded debt, including 33. Actual val. (est.) N. J.
-BONDS AUTHORIZED.-Aecording to reports, this township has
Floating debt, $10,000. Assess. val. 1914 $12.339 litigation threatened autnorized the issuance of 55,500 road bonds.
$40,000,000. Official circular states that there is no been any default in
-BONDS AWARDED IN
GLOUVERSVILLE, Fulton County, N. Y.
these issues and there has never
or pending affecting
any bonds issued by this county. The
-On Feb. 17 $4,800 of the 512.300 (unsold portion of an issue of
payment of principal and interest ofby Storey, Thorndike,Palmer & Dodge, PART.
% reg. local-impt. bonds (V. 100, p. 573) was awarded to local
321.400)
of the bonds to be approved
legality
has been adInvestors at par and int. The sale of the remaining $7,500
of Boston.
-On Feb. 11, an journed until 2 p. m. Feb. 24.
-BOND SALE.
ELIZABETH, Union Co., N. J.
IRRIGATION DISTRICT (P. 0. Goodnoe
Fund
GOODNOE HILLS
Issue of $25,000 4% reg. school bonds was awarded to the Sinking
-BONDS WITHDRAWN FROM
Commissioners. Denom. $5,000. Date Feb. 1, 1915. Due $5,000 Hills), Klickitat County, Wash.
7
-The $20,000 65 11-20-year (ser.) bonds offered without sucMARKET.
yrly. on Feb. 1. from 1918 to 1922 incl.
-Pro- cess on Mar. 24 1914 (V. 99, p 1240) have been withdrawn,as the district
-BOND OFFERING.
, Wallowa County, Ore.
ENTERPRISE
dissolve. The debts are being paid by assessment.
posals will be received until 2 p. m. March 15 by W. F. Savage, City Re- has voted to
DISTRICT, Marion
GRAND PRAIRIE TOWNSHIP SCHOOL will be received until
corder, for $20,000 5% sewer construction bonds. Auth. vote of 125
-Proposals
-BOND OFFERING.
held June 29(V.98. p. 629). Date Feb. 1 1915. Int. County, Ohio.
to 30 at the election
F. & A. at Continental & Commercial Nat. Bank, Chicago. Due in 1935 12 m. Mar. 15 at the office of Conley & Johnson, Att'ys (P. 0. Marion),
at
subject to call any interest paying date after 1925. Cert. check on an for the $15,000 5% school bonds authorized by a vote of 63 to 62sixthe elecmonths
Enterprise bank for $1,000, payable to "City of Enterprise," required. tion held Feb. 10 (V. 100, p. 492). Int. send-ann. Due each
Bonds to be delivered and paid for within 30 days from time of award. from Mar. 1 1916 to Sept. 1 1925.
Mich.
-BOND OFFERING.-Bids
check must be unconditional. These bonds were previously
Bids and
GRAND RAPIDS, Kent County,
offered without success on Aug. 25. (V. 99, p. 688.)
will be received by James Schriver, City Clerk, until 3 p. m. Feb. 23 for
-On Feb. 1 an ordin- the following 434% tax-free bonds:
-BONDS PROPOSED.
ERIE, Erie County, Pa.
1915
ance was introduced in the City Council providing for the issuance of $200,000 street impt. bonds. Due $40,000 yrly. on Aug. 1. from
$15,000 4% 20-year coupon Mill Creek bonds. Denom.$200. Int. J. & J.
Due $8,000 yrly. on Aug. 1, from 1915
W er 9 incr
at office of City Treasurer.
40,000 sewl91constil bonds.
ETNA TOWNSHIP RURAL SCHOOL DISTRICT, (P. 0. Etna),
Int. F. & A.
0
to 1919 Date Aug. 1, 1914. payable to Cityat office of City
Denom. $1, 00.inci'
-Proposals will be received
-BOND OFFERING.
Licking County, Ohio.
Treas.,required.
3% of bonds bid for,
until 12m. Mar. 20 by S. Parker, Clerk Bd. of Ed., for the $30,000 6% Treas. Cert. check for that this city has never defaulted on any bonds at
circular states
bldg. bonds voted Nov. 28 (V. 99, p. 1766). Denom.(75) $200,(30) 5500. Official and the legality of a bond issue has never been questioned: and
Date Apr. 1, 1915. Int. A. & 0. at Kirkersyille Says. Bank, Kirkersville. maturity is no question as to the legality of the corporate existence of
Due seven bonds yrly. on Apr. 1 from 1917 to 1931 incl. Cert. check for that there
leaglity of the terms of the officials. Total bonded
$600 payable to above Clerk, required. Bonds to be delivered and paid the city or as to the
Assess val. 1915. $160,debt Feb. 1. 1915, $4,699,400, no floating debt.
for within 10 days from time of award.
- 842,216.
-BOND OFFERING.
FLOYD COUNTY (P. 0. New Albany), Ind.
-Re-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind. receive bids until 2 p. m.
Bids will be received by Claude A. Sittason, County Treasurer, until 10
Treas., will
a. m. March 4 for the following 4j. % highway-improvement bonds in New ports state that Uz McMurtrie, Co. highway-impt. bonds.
Feb. 25 for $6,300 and $4,500 434%
Albany Township:
-BOND
No. 118, Wash.
$11,000 Grant Line road-impt. bonds. Denom. 5275.
GRANT COUNTY SCHOOL DISTRICT 2 p. m. Feb. 20 by W. J.
-Proposals will be received until
17,600 State Run road-impt. bonds. Denom. $440.
OFFERING.
(P. 0. Ephrata), for $15,000 school bonds at
8,520 Green Valley road-impt. bonds. Denom. $213.
Hauser, County Treasurer
20 years, subject
Date March 4 1915. Int. M. & N.
not exceeding 6% interest, payable annually. Due in
five years. Bidder to state price
date
FOSTORIA SCHOOL DISTRICT, (P. 0. Fostoria), Seneca Co. to call any interest-payingblank after
bonds.
-Proposals will be received until 12m. Mar. 1. at which he will furnish
-BOND OFFERING.
Ohio.
-On Feb. 18
-BOND SALE.
by Geo. L. Hoege, Clerk Bd. of Ed. for $150,000 5% bldg. bonds authorGREENE COUNTY (P. 0. Xenia), Ohio.
ized by the Board of Education on Feb. 4. Denom. $500. Date day of" the 570,0005% 10-year (aver.)funding bonds(V. 100, p.492) were awarded
Int. semi-ann. Due each six months as follows: $500 Mar. 1 it is stated, to the Atlas Nat. Bank of Cincinnati for $72,890. equal to
sale.
1916 to Sept. 1 1927 incl., $3,000 Mar. 1 1928 to Sept. 1 1932 incl. 104.128-a basis of about 4.49%.
1
53.500 Mar. 1 1933 to Sept. 1 1937 incl., $4.000 Mar. 1 1938 to Sept. '
GREENE SCHOOL DISTRICT (P. 0. Greene), Butler County
1942 incl. and $5.500 from Mar. 1 1943 to Sept. 1 1945 incl. Cert. check Iowa.
-We are advised by the Secretary o
-BONDS NOT YET SOLD.
for $1,000, payable to Treas. of Bd.of Ed.,required. Bonds to be delivered Board of Education, under date of Feb. 6, that no sale has yet been made
and paid for within 10 days from time a award. Purchaser to pay ac- of the $4,500 5% building bonds (V. 100. p. 69). Denom. $500. Date
crued interest.
Dec. 15 1914. Int. M.& N. Due $500 each 6 months from May 1 1919
-On Feb. 13 to May 1 1923 incl.
FRANKLIN, Norfolk County, Mass. BOND SALE.
-BOND OFFERING.
the two issues of 4% coup, tax-free bonds aggregating $125,000. (V.100,
GREENSBORO, Guilford County, N. Caro.
p. 572) were awarded to Hornblower & Weeks of Boston at 101.3964 and Bids will be received until 2.30 p. m. Mar. 3 by T. J. Murphy, Mayor,
int. Other bidders were:
for $100.000 5% 30-yr. coupon street impt. bonds authorized by vote of
E.M.Farmsworth & Co.Bos. 101.23 'Curtis & Sanger, Boston__ _ 100.42 510 to 25 at an election held July 21, 1914. Denom. $1.000. Date Dec.
-- 100.34
E. H. Rollins & Sons, Bos_ 101.1681R. L. Day & Co., Bos
31 1914. Int. J. & D. in Greensboro. All proposals must be made upon
N. W. Harris & CO., Bos.__ 101.046J Blake Bros. & Co., Boston__ 100.31 forms furnished by the City of Greensboro, and must be accompanied by a
Millet, Roe & Hagen, N.Y. 100.851 Estabrook & Co., Boston--- 100.31 certified check on some reputable bank for two per cent of the amount
100.659
Merrill, Oldham &
of bonds bid for, payable to the order of the Treasurer of said City. The
The Farmers' Loan & Tr. Co.of N Y.submitted a bid to net them 434% purchaser must pay accrued interest in addition to the amount that is
exclusive of this issue,$1,000,000. Assess val. 1914,
int.
-By a vote lold. Bonded debt,validity of these bonds has been passed upon and apFULLERTON, Orange County, Calif,-BONDS VOTED.
$10,400.000. The
of 668 to 191 the question of issuing $36,000 paving bonds carried, it is proved by Caldwell, Masslich & Reed, New York City, and they will be
stated, at an election held Feb. 10.
and delivered by the U. S. Mtg. & Trust Co.. N. Y. City.
- certified circular states that the city has never made default in the pay-BOND OFFERING.
Official
FULTON COUNTY (P. 0. Wauseon), Ohio. W. W. Ackerman, Co.
of interest on any of its bonds, has never contested the payment of
until 1 p. m. Mar. 2 by
ment
Proposals will be received
interest or principal of any of its bonds, and no litigation is now pending
Aud. for the following 5% road bonds:
1916 and or has been threatened that will in any way affect this issue of bonds.
'
514.000 road-impt. No. 41 bonds. Due $1.000 July 1 1915 and
-BONDS PROPOSED.and $3,000 each six months from Jan. 1 1917
33.000 Jan. 1 1916
GREENVILLE, Washington County, Miss.
to Jan. 1 1920 incl.
At a meeting of the City Council on Jan. 18 it was decided to issue $50,000
6.500 Archbold-Fayette road bonds. Due $500 July 1 1915 and $1,000 5% refunding railroad-aid bonds. Date Feb. 10 1915. Interest semieach six months from Jan. 1 1916 to July 1 1918 incl.
annually at some bank in New York. Chicago or St. Louis. Duo serially
Denom. $500. Date "to be of issue of Apr. 1 1915." Int. J. Jr J. at without option, the longest maturity being 20 years.
office of County Treas. Cert. check for $500 required with $14,000 issue
GUILFORD SCHOOL TOWNSHIP (P. 0. Plainfield), Hendricks
Bonds to be delivered and
and for $300 required with the $6,500 issue.
-It is stated that bids will be received
-BOND OFFERING.
County, Ind.
paid for within 15 days from date of issue.
until 2 p. m. March 9 by Ralph Swearingin, Twp. Trustee, for 84.000
this city
-On Feb. 9
-BOND SALE.
GALVA, Henry County, 111.
% school bonds.
according to reports, disposed of at par $6,000 and $7,500 bonds dated
-The following bids were
-BIDS.
HAMILTON, Butler County, Ohio.
Oct. 11914.
-On received on Feb. 16 for the six issues of bonds aggregating $15,152 90.
(P. 0. Lancaster), Ky.-BOND SALE.
GARRARD COUNTY
on that day (V. 100,.p. 416):
Feb. 9 the 515.000 6% 10-yr. (aver.) coupon courthouse-impt. bonds offered
$7,214 50 for the Ludlow St.impt. bonds.
(V. 100, p. 245). were awarded ot Elston, Clifford & Co., of Chicago for Seasongood & Mayer, Cincinnati, $15.157 90 for all the issues.
Co., Cincinnati,
$16,031 (106.873) and int.-a basis of about 5.114%. Other bidders were: Field. Richards &
-TEMPORARY
HAMPDEN COUNTY (P. 0. Springfield), Mass. 1915 and issued
Seasongood & Mayer. Ctn._ $16,0301Ulen & Co., Chicago-- _ $15,465.00
-On Feb. 16 tho loan of $100,000 maturing Nov. 5 with Jackson &
Well. Roth & Co., Cin.____ 15,9751Prov. Say. Bk.& Tr. Cin. 15.262.50 LOAN.
negotiated
-On Feb. 10 the In anticipation of taxes (V. 100, p. 573) was Day & Co. of Boston bid
-WARRANT SALE.
GARY, Lake County, Ind.
discount. It. L.
at
$75,000 6% current expense warrants maturing June 1. 1915 (V. 100. Curtis of Bostonplus3.05% premium.
25 cents
p. 416) were awarded to the Fletcher Amer. Nat. Bank of Indianapolis for 3.12% discount,
-BOND OFFERING.
were:
COUNTY (P. 0. Findlay), Ohio. Mar. 15593.000 roadHANCOCK
$75.425 (100.566) and int. Other bidders
sale on
_ $75,300.001E. M. Campbell SODS &
Byer & Co., N. Y._
According to reports this county will offer for
$75,053.75 impt. bonds.
J. H. Youche, Crown Pt. 75,351.10 I Co. Indianapolis
0. Corydon), Harrison
Cotineelman & Co., Chic. 75,047.50
International Tr.& Says.
HARRISON SCHOOL TOWNSHIP, (P. two issues of 434% coup.
-On Feb. 11 the
Bank, Gary
75.115.00
-BOND SALE.
County, Ind.
416) were awarded as follows:
- refunding bonds(V. 100, p.
GENEVA, Fillmore County, Neb.-BONDS NOT YET ISSUED.
of Corydon for 31,402, equal to
The City Treasurer advises us that the $20,000 5% city-hail and hose-house 51.400 bonds to Ephriam Stonecipher
100.142.
bonds voted Aug. 11 (V. 99, p. 587) have not yet been issued.
of Corydon at par.
1.750 bonds to V. J. Bulleit
-Augusta papers state that March 15
-BOND OFFERING.
GEORGIA.
bidders.
There were no other
will probably be designated by John NI. Slaton, Governor, as the day
Lodi), Medina County,
HARRISONVILLE TOWNSHIP (P. 0.
opening bids on an issue of 33,600.000 refunding bonds. Denom. 8500
for
-Bids will be received at 12 m. March 9 by
OFFERING.
-BOND
Ohio.
or 31.000. Bids are requested at both 4 and 43% interest.
-6-year (aver.) road bonds,
Clerk, for $28,000 5% 6 5
A. V. Sanford, Twp.
GERMAN SCHOOL DISTRICT (P. 0. Springfield), Clark County
semi-ann. Cert. check for 2% required.
-The question of issuing $15,000 building bonds it is stated. Int.
-BONDS VOTED.
Ohio.
-BOND SALE.(P. O. Denville), Ind.
HENDRICKS COUNTYof 4%%awarded'highwa -o
carried at the election held Feb.9 by a vote of 221 to 24, it is stated.
n
t improvement
ues
n 57
, the
gatink 2880o three
-BONDS NOT YET ISSUED.- On Feb.15 th or.
G/LBERT, St. Louis County, Minn.
were
$
The Village Clerk advises us that the $40,000 bonds voted May 18 1914
Indianapolis for $28,810. equal to 100.034.
of
(V. 99, p. 90) have not yet been issued.
HERINGTON SCHOOL DIStRICT (P. 0. Herington), Dickenson
-Proposal
-BOND OFFERING.
GIRARD, Trumbull County, Ohio.
-An election will be held Feb. 25,
-BOND ELECTION.
will be received by R. L. Sanford, Vii. Clerk, until 12 in. Mar. 15 for the County, Kan. vote on the question of issuing $32,000 high-school-bldg.
it is stated, to
following 5%% coup. Prospect St. impt. bonds:
54.000 village's portion bonds. Due $500 yearly on Sept. 1 from 1916 to bonds.
-BOND OFFERING.
1923 incl.
HERNANDO COUNTY (P.O. Brooksville), Fla.
of
M.
3,500 assess. bonds. Due $500 each six months from Sept. 1 1917 to -Proposals will be opened on March 6 by 30 II, Snow, Clerk Board
-year funding and highway
for $250.000 5%
Sept. 1 1920 incl.
County Commissioners,
Denom.$500. Date Jan. 21915. Int. M.& S. Cert. check on a Trum- bonds. Denom. $1,000. Date March 6 1915. Int. J. & J. at Brookville.
trust
bull County bank for 5% of bonds bid for, payable to Vii. Treas., required. Fla., and New York City. Certified check on a responsible bank or has
Bids must be unconditional. Separate bids must be made for each issue. company for 1% of bonds bid for, required. The legality of these bonds
may state upon their bid the price for which they will furnish said been approved by Dillon. Thompson & Clay of N. Y. and their opinion
Bidders
$300,000
These bonds are
an
bonds if same is awarded to them, but must not be included as a part of will be furnished purchaser. which was soicl on part ofto issue of at 95.
of
Jan. 9
the State
(V. 99. p. 1925). 350,000
the bid for the bonds.
OFFERING.
-BOND
-Proposals will
-BOND OFFERING.
GLENCOE, Cook County, Ills.
HIGHLAND COUNTY,(P. 0. Hillsboro), Ohio.
VII. Trustees
12 m. Mar. 1. by W. A. Teter. Co. And.,
be received until 8 p. m. Mar. 2 by the Prest. and Board of $500. Due PrOpOSSIS will be received until road impt. bonds. Denom. $500. Date
fire apparatus bonds. Denom.
1 10
1 09 5coup. taxable
for 2:0 15 Int. M. & S. at office of Co. Treas. Due $5,000 on Mar.
for $6.500 5% semi-ann. 1917 to 1929 incl.
%
Mar.
8500 yrly. on Dec. 31,from
0. Glen Ridge), Essex 1 and Sept. 1 1916 and Mar. 1 1917 and 86.000 Sept. 1 1917. Cert.
floating
GLEN RIDGE SCHOOL DISTRICT (P.
-Proposals will be received until check for 5% payable to Co. Treas., required. No bonded or
-BOND OFFERING.
J.
County, N.
Street, Dist. Clerk, for 860,000 454% gold debt. Assess val. 1914, 332,409,070.
3:10 ID. m. Feb. 26, by E. D.
Date Mar. 1 1915.
Int.
Denom. $1,000.
HIGHLAND PARK, (P. 0. New Brunswick), Middlesex County!
school bonds.
-On Feb. 10 532,000 of the $442.000
Tr. Co.. Glen Ridge. Due yrly. on Mar. 1 as N. J.
-BONDS AWARDED IN PART.
M. & S. at Glen Ridge to 1919 incl., 32.000 1920 on n
rp$4,.000
heck
100., p 492)
53.000 from 1916
4%% 15-30 yr. (ser.) school bldg. bonds offered on Feb. 10 (V.
follows:
1930incorporated were awarded to the Estate of John C. Meyer at par. Denom $500. Date
and 32.000 in 1937. Cert. c
incl.
e
i
1931 to 1936 company for $1.000, payabletoFrancisBurdett, Custodian
E
1, 1015
1,aA1.. mt.
M
bank or trust
required. These bonds will be certified as to genuiness
. Cotnty, Ohio.
-BOND OFFERING.-Pronosals
Henry 3'j
.Gb y inaloo ns
‘ r
Hawkins
of School Moneys, & Tr. Co. and their legality approved enearh o ituh1
51,000
by the U. S. Mtge.
will be received until 12 m. Mar. 5 by E. Cl. Peper, VB. Clerk, for
h be
by tlle furnishedwopni
refunding bonds. Denom. 3500. Date Jan. 4 1915. Int.
Longfellow of N. Ir
6% 10-year
Atty.
Delafield,&
proceedingsapproved
required. Bonds to be
$100, payable to Vii. Treas.,
bidder. A copy of the be furnished purchaser. Coupon bonds with ann. Cert. check for within 10 days from time of award. Purchaser to
paid for
J. will also
State of N.registration as to principal only or as to both principal and delivered and
pay accrued interest.
privilege of
interest.
Pim 20 1915.]
THE CHRONICLE
INDIANAPOLIS, Ind.
-TEMPORARY LOAN.
-On Feb. 15 a loan
of 8100.000 4ited Feb. 15 1915 and maturing May
between th, In liana Trust Co. and the Merchants' 15 1915 was divided
Nat. Bank of Indianapolis. each ot W tom bid 3% int. plus $135 premiu
m, a basis of about
2.46%. Other bidders were:
657
LEXINGTON, Middles
-BONDS VOTED.-Reporta
state that on Feb. 10 at a ex County, Mass.
town meeting the
sewerage-system-construction bonds carried proposition to issue $100,000
by a vote of 315 to 61.
LIMA, Allen County
-BONDS NOT YET ISSUED,
-The City
Auditor advises us that , Ohio.
Rale.
the $70.000 water-i
Prem. in V.
Gavin L.Payne & Co.,Indianapolis
99. p. 1926 have not yet been issued. mprovement bonds mentioned
2.5%
Fletcher-American National Bank, Indianapolis
30
LOGAN, Hocking County, Ohio.
reed, Elliott & Harrison, Indianapolis
-BOND OFFERING.
-Proposals
3 %
$77 0B will be received until 12 m. Mar.9 by Fred Allen. VII. Clerk, for
2 5
5 0
Bond & Goodwin, Chicago
$3,3006%
33 %
North St. impt. bonds.
IRONTON, Lawrence County, Ohio.
Due $330 yearly from 1 toDenom. $330. Date Mar. 25 1915. Int. ann.
-BOND OFFERING.
10 years incl. Cert. check for 10% of bonds
-Proposals will be received until 12 m.Feb.24 by Percy
W.Dean. City Auditor, for, payable to VII. Treas., required. Bonds to be delivered and paid bid
for $12.200 5% 20-year coup. street-impt. (city s
portion) bonds. Auth. within 10 days from time a award. Purchaser to pay accrued interestfor
Sec. 3821. Gen. Code. Date Mar. 1 1915. Int.
.
LOGAN COUNT
check for $200. payable to City Treasurer, required semi-ann. Certified
. Bonds to be deliv- -Proposals will be Y (P. 0. Bellefontaine), Ohio.
-BOND OFFERING.
ered and paid for within 10 days from time of
received until 1 p. m. Mar. 1 by J. S. Van Hise,County
award. Purchaser to pay Aud., for $9,000
accrued interest.
5% Anderson-Bell pike impt. bonds. Denom.
$500.
Date Mar. 1
BOND OFFERING.
-A local newspaper states that this city is offering 1916 to Jan. 1915. Int. J. & J. Due $1,000 each six months from Jan. 1
1 1920 incl. Bonds
for sale an issue or $250,000 water-works
10 days from date thereof by to be delivered on day of sale or within
bonds.
purchaser making a deposit of 10% of his
ISRAEL TOWNSHIP SCHOOL DISTR
ICT (P. 0. Fairhaven), purchase with the County Treas. Official advertisement states that this
Preble County, Ohio.
-BOND
-Proposals will be received county has never defaulted in principal or interest.
at private sale by W. S. PinkertOFFERING.
on. Clerk Bd. of Education. for $9,000 of
LONDON, Madison County
an issue of $11,000 5% coupon taxable construc
-BOND OFFERING.
-Bids will
be received by John W. Byers, , Ohio.
Denom. $600. Date April 11915. Int. A.& tion and equipment bonds. lowing
Vil.
Oat Dist. Depository, now
5% Walnut St. impt. bonds:Clerk, until 12 m. Mar. 19 for the folthe College Corner Banking Co., College Coner.
Due $600 yearly on Oct. 1 56,000 village's portion bonds. Due
from 1916 to 1930 incl. No deposit required
$500 every other year on Sept. 1
issue) $11.900. No floating debt. Assess. . Bonded debt (not incl this 12,000 from 1916 to 1937 incl.
assess. bonds. Due
val. 1914 $2.187,520.
yearly
JACKSON COUNTY (P,0. Brownstown),Ind.
and $1.500 yearly on$1,0001 from on Sept. 1 from 1915 to 1920 incl.
Sept.
-BOND OFFERING.
1921 to 1924 incl.
-Proposals will be received until 10 a. m. Feb.
Auth. Sec. 3914, Gen, Code.
23 by John E. Belding. Co. ann.
Denom. $500. Date Sept. 11914. Int.
Treas., for $4,000 4%7 M.A. NVaskom at highway
0
al
-improvement bonds Bonds Cert, check for 5% of bonds bid for, payable to Vil. Clerk, required.
in Driftwood Twp.. Denom. $200. Date Jan.
to
15 1915. Int. M.& N. Purchaser be delivered and paid for within 10 days from time of award.
Due $200 each six months from May 15 1916 to Nov.
to pay accrued interest.
15 1925 incl.
JACKSON SCHOOL DISTRICT (P. 0. Jackson), Jackso
LONG BEACH, Nassau Chunty,
n County, the $14,000
N. -BOND SALE.
Mich.
-BONDS NOT YET SOLD.
-On Feb. 1
10
-We are advised that no sale has yet
-year street-improvementY.
bonds (V. 100. p. 493) were
been made of the 1,30.000 offered without
awarded to Geo. B. Gibbons & Co.
14 last and the The Hanchet
Y. as 53
$200.000 offered without success on Feb. success on Feb.were
t Bond Co. of Chicagoof N.514.177 for $14,180 (101.285)•
16 1914. We
previously Oct. 1 1914.
bid
advised that the $30,000 issue had been disposed of.
. Denom. $500. Date
Int. annual in Oct.
(V. 98. p• 1336)•
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca
LOWELL JOINT SCHOOL
County, Ohio.
DISTRICT (P. 0. Whittier), Los
BOND OFFERING.
-Proposals will be received until 12 m. Mar. - Angeles County, Cal.
-BOND ELECTION PROPOSED.
5 by be called soon, it is stated,
W. H. Rinebold. Twp. Clerk, for $33,000 5% coup.
-An election will
to vote
Secs. 7033 to 7052 incl., Gen. Code. Denom. $1.000. road bonds. Auth. grounds-purchase and building on the question of issuing $30 000 schoolbonds.
Int. M.& S. Duo $1,000 each six months from Mar. Date Mar. 5 1915.
LUVERNE,Rock County, Minn.
5 1916 to Mar.5 1922
Inc! except that on Mar. 5 1917 and 1919 and
-BOND SALE.
-The State of MinneSept. 5 1921 82,000 is due, sota purchased at par during the month of
$2.000 each six monthsfrom Sept.5 1922 to Mar.5
January an issue of 510.0004%
1924
1924 and 86.000 Mar. 5 1925. Cert. check for 10% incl., 83.000 Sept. 5 municipal bonds, dated Jan. 11 1915.
of bonds bid for, payable to Twp. Trees., required. Bonds to be delivere
LYONS, Wayne County
-BOND OFFERING.
d and paid for within received until 12 m. Mar. , N. Y.
-Bids will be
10 days from time of award. Purchaser to pay
3 by II. F. Zimmerlin, Vil. Clerk, for
accrued interest.
the following coup. or reg. bonds:
JOHNSON COUNTY (P. 0. Franklin_,) Ind.
Proposals will be received until 10 a. m. Feb. -BOND OFFERING.- $91,000 sewer bonds. Due $3,500 yearly beginning 4 years after date.
23 by Harry Bridges, Co.
97.000 water bonds. Due part yearly from
Treas.. for the following 4 % highway-improv
1926
Denom.to suit purchaser. Data "day of issue." to 1943 Incl.
ement bonds:
$7.100 F. L. ShuMebarger at at road bonds in
Int. (rate to be named
White River Twp. Denom. in bid) payable ann,at place to suit purchaser. Cert,
$355. Date Feb. 15 1915.
check for 2% Payable
to Vii. Clerk, required. Bonded debt (incl.
5,700 Guy Copeland et al road bonds in Pleasant
these issues). 8258.000; no
Twp. Denom. $285. floating debt; assess. val., $2,039,025.
Date Feb. 1 1915.
McGREGOR
Int. M.& N. Due one bond of each issue each
six months from May 15 Gregor), Tex. INDEPENDENT SCHOOL DISTRICT (P. 0. Mc1916 to Nov. 15 1925 incl.
-BOND SALE.
-The 825.000 5% 10-40-yr. (opt.) bldg.
bonds recently offered without success (V.
JUNCTION CITY, Perry County, Ohio.
99, p. 1850) have been sold.
-BOND OFFERING.
- it is stated, at par and int.
Proposals will be received until 12 m. March
6 by J. D. McGonagle, Vil.
Clerk, for $17,000
McKEES ROCKS, Allegheny County, Pa.
% 1-10-year (ser.) Logan St. improvement assess. Feb.
-BOND SALE.
-On
bonds. Denom. (10) $200;
1 an issue of $100.256 bonds was awarded to the
Commonwealth Trust
Cert,check for 3% of bonds (30) $500. Date Oct. 11914. Int. A. & 0. Co. of Pittsburgh at par and int.
to be delivered and paid for bid for, payable to Vil. Treas.,required. Bonds
McMIL
to pay accrued interest. within 10 days from time of award. Purchaser tonagon LAN TOWNSHIP SCHOOL DISTRICT (P. 0. Ewen), OnCounty, Mich.
-BONDS VOTED.
-According to reports, this
district at a recent
KANDIYOHI COUNTY INDEPENDENT SCHOO
L DISTRICT NO. building bonds. election voted in favor of the issuance of $30,000 school47 (P. 0. Willmar), Minn.130ND
-An election will be
held to-day (Feb. 20) to vote on the ELECTION.
MC MINNVILLE, Yamhill County, Ore.
question of issuing to the State of
-BOND
Minnesota $8,000 4% refunding bonds.
-On Jan. 5
the 36,676 37 6% 1-10-year (opt.) sewer-impt. bonds SALE.
dated Jan. 1 1915
KANSAS CITY, Kan.
-BOND SALE.
-On Feb. 10 876,500 5% munici- (V. 100, p. 69) were awarded to the Hanchett Bond Co.
pal electric-light bonds were sold, it is stated,
McPHERSON, McPherson County, Kan.
to Curtis & Sanger of New
-BOND
York and Boston at par and int.
-On Jan. Hi the Bd. of Commrs. passed an ordinan S AUTHORIZED.
ce providing for the
issuance of 515,000 43
KENT, Portage County, Ohio.
-BOND OFFERING.
-Proposals (10) 81.000. (10) $500. % coup. street-impt. bonds. Series 6. Denom.
will be received until 12 m. March 15 by
Date Feb. 1 1915. Int. J. & J. at the fiscal
$00,000 5% sewer-construction (village' Fred. Bechtle, Vil. Clerk, for the agency of the State of Kansas in Topeka.
s portion) bonds voted Jan. 12
Due $1,500 yrly. Jan. 1 from
(V. 100, p. 246). Cert, check for
$500, payable to Vil. Treas., required. 1916 to 1925 incl.
Bonds to be delivered and paid for
MADEI
Purchaser to pay accrued interest. within 10 days from time of award. ty, Ohio.RA SCHOOL DISTRICT (P. 0. Madeira), Hamilton Coun
-BOND SALE.
-On Jan. 28 the $1,000 5%% 35
KENYON SCHOOL DISTRICT (P.
-year school
bonds (V.
0. Kenyon), Goodhue County, Cincinna 100. p. 246) were awarded to the Tillotson & Wolcott Co. of
Minn.
-BONDS VOTED.
ti at 101.3 and int. There were no other bidders.
--By
849.000 building bonds carried,a vote of 283 to 217 the question of issuing
it is stated, at an election held Jan. 28.
MADISON COUNTY (P. 0. Huntsville),
Ala.
-BOND OFFERING.
KINNEY, St. Louis County Minn.
Further
-BOND OFFERING.-lincon- court details are at hand relative to the offering on Feb. 23 of the 870,000
ditional bids will be received until , p.
-house and 815.000 equipment 5% 20-yr.
8
Recorder, for the following bonds: m. Feb. 23 by Russell Goudge, Vil. p. 573). Proposals
gold coupon bonds (V. 100.
for these bonds will be received.until 12
513,000 gold municipal water bonds. Due
m.
by W. T.
55.000 Jan. 2 1917; $6,000 1907: also Lawler. Judge of Probate. Auth. Chap. 11. Art. on that day
Jan. 2 1918 and $2.000 Jan.
8. Code of
an election held Nov. 3. Denom.
$500. Date Jan. 1915.
7,000 refunding bonds. Duo $2,0002 1919.1919
Int. J. St J. in New York. These bonds
Jan. 2
are exempt from all taxes.1 Cert,
Denom. $1,000. Int. (rate not to exceed 6%) and 55.000 Jan. 2 1920.
check for
payable semi-ann. Date incl. this $1,000, payable to the Probate Judge, required. Bonded
Jan. 2 1915. Cert, check on some State or national
debt.
issue,$257,500. No floating debt. Assess.
bank having banking
connections in St. Louis County, Minn.,for $500.
val. 1914.$13.700.000.
MALDEN, Middles
payable toll. C. Miller,
Vil. Trans., required.
-BOND OFFERING.
stated that bids will be ex County, Mass.
-It is
received until 7:30 p. m. Feb. 23 by the
for $89.000 4% bonds.
KLAMATH FALLS, Klamath County, Ore.
City Treas.
-BOND OFFERING.
Dispatches state that A. L. Leavitt, Police Judge, will
MALTA SCHOOL DISTRICT (P.O.
receive bids until BOND
Malta), Valley County, Mont.
8 p. m. Mar.8 for 810.0406% 10-year street-impt. bonds.
Cert. check for poses ELECTION PROPOSED,
-Local papers state that this district 5% required.
to call an election to
probuilding-addition-erection vote on the question of issuing $10,000 Lincoln
KNOX COUNTY (P. 0. Vincennes), Ind.
bonds.
-BOND
Bids will be received until 2 p. m. Feb. 23 by E. P. Blam, OFFERING.MANCHESTER, Hillsboro County
Co.
, N. H.
five issues of 4%% highway-improvement bonds, aggregat Treas., for Feb. 17 the $150,000
-BOND SALE.
-On
4% 12-yr. (aver.) coup. incinera
ing $33,080. (V.
it Is stated.
tor-plant bonds
100, p. 574) were awarded to Blodget &
Co. of Boston at 101.80.
Other bids were:
KOKOMO,Howard County, Ind.
-BONDS NOT SOLD.
Other bidders were:
ing bids received for the $15,000 4% fire-apparatus-purchase-The followbonds offered N. W.Harris & Co..
on Feb. 11 (V. 100, p. 417) were rejected :
Boston_101.2761Estabrook & Co., Boston
Merrill, Oldham & Co.. Bos_101.1691E.
Breed, Elliott & Harrison. Indianapolis, 814.825
H. Rollins & Sons, Dosten_100.78
and
Hornblower & Weeks.Bos_ _ -101.15
Howard National Bank, Kokomo, $14,805 and int. int.
100
61
LAKELAND, Polk County, Fla.
TEMPORARY LOAN.
-BOND OFFERING.
-Proposals has negotiated a loan of -According to local newspaper reports, this city
will be received until 10 a. m. Mar. 18 by
$150,000 dated Feb.
the Board of Bond Trustees, C. D. 1915 at
Clough, Sec., for the following 5%
3.45% discount as follows: $50.00017 1915 and maturing Dec. 8
to Manches
8130.000 water and light plants bonds voted Oct. 6 (V. 100. p. 1694):
$50,000
impt. bonds. Denom. 51.000. Due $25,000 to Amoskeag Says. Bank. $25.000 to the First ter Says. Bank$3.000 yearly from 1925 to 1934 incl. and $5,000 yearly
Nat.
to the Merrimac River Says.
Bank. all of Manchester. Bank and
from 1941
to 1960 incl.
MANTUA, Portage County, Ohio.
20,000 fire-dept. impt. bonds. Denom.
-BOND OFFERING.
$1,000. Due $2,000 yearly state that bids will be received by C. II.
-Reports
from 1932 to 1941 incl.
Bowen. Vil. Clerk. until 12 m.
Mar. 8 for 812,829 6% 1-10-yr. (ser.)
15,000 Morrell Memorial Hospital bonds.
street-impt. bonds. Int. semi-an
Denom. $500. Duo $1,500 Cert, check for $200 required.
n.
yearly from 1932 to 1941 incl.
MANTUA TOWNSHIP SCHOOL
Cert, check for 1% of bonds bid for
DISTRICT (P. 0. Mantua), Portrequired.
age County, Ohio.
-BOND SALE.
LAKEWOOD SCHOOL DISTRICT
-On Feb. 15 the
(aver.) building bonds (V. 100,
(P. 0. Lakewood), Cuyaho
-year
County, Ohio.
p. 574) were awarded$7,500 5% 20 Nat.
-BOND OFFERI
to the First
-Bids will be considered by P. ga Bank of Cleveland for
Harrold, Clerk Bd. of Education.NG.
T.
until 7:30 p. m. March 9 for $150,000 4.814%. Other bidders $7,678 40 (102.378) and int.-a basis of about
were:
5% coupon building improvement bonds. Denom.$1,000.
seasongood & Mayer, Cincinna
Date March 9
ti, $7,547.
1915. Int. A.& 0. at Cleveland Trust Co..Clevela
Otis &
on Oct. 1 from 1920 to 1949 incl. Cert, check on nd. Due $5,000 yearly TillotsoCo.. Cleveland, $7.508.
n & Wolcott Co.. Toledo,
of bonds bid for, payable to Treas. of Bd. of Ed., a national bank,for 5%
$7,501.
required. Purchaser to
MARION, Marion County, Ohio.
pay accrued interest.
-BOND OFFERING.-propomds
will be received until 12 in.
LAPORTE COUNTY (P. 0. Laporte), Ind.
March 12 by Harry E. Mason, City Aud., for
-BOND SALE.
-On $2,200 5% Market St. fire-station-equipment bonds. Denom.
Feb.16 the three issues of 4%% 6-year (aver.) highway
(1) 5700
impt. bonds, ag- (3) $500. Date March 1 1915. Int.
grwattng $61,000 (V. 100, p. 573) were awarded to the Fletcher
M. S. Due 4700
1 1917
-American and $500 on March 1 1918. 1919 and 1920.&Cert, check for Marchpayable
Nat. Bank of Indianapolis at par, it is stated.
8100.
to City Treasurer, required
.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
MARION COUNTY(P.O.
-BOND SALE.
- Bids
Indianapolis), Ind.
On Feb. 3 the $50.000 534% 183. -year (aver.) tax-free Road Dist.
-BOND OFFERING
will be
bonds (V • 100. P. 326) were awarded, it is stated, to C. W. McNear No. 1 for $4,000 4 received until 12 m. Feb. 27 by Carl Von Hake, Co. Treas..
% S. B. Wilson, at al, highway-improvement bonds in Pike
& Co. Twp.
of Chicago at 102.082 and interest.
Denom. 4200. Date Feb. 15 1915.
Int. M.& N. Due $200 each
six months from May 15
LAURAMIE SCHOOL TOWNSHIP, Tippecanoe County
1916 to Nov. 15 1925 incl.
, Ind.
-Proposals will be received until 10 a. m. Feb. BOND OFFERING.
MARION
-BOND OFFERING.
Dougherty, Twp. Trustee (at office of Allen Boulds, Atty., 27 by Proposals willCOUNTY (P. O. Marion), Ohio.
Chas.
be received until 12 m. Mar. 1 by the Road
La Fayette), for $9,450 4%% school bonds. Denom. 8525. Int. P. O. of Conley & Johnson. Attys. (P. 0. Marlon), for $4.000 Commrs. at office
semi5%% coup. RetState Bank of Clarks Hill. Due $525 each six months from July 1 terer free turn-pike bonds. Denom.
ann. at
(5) 5275. (2) 8300. (3) $325 and (3)
$350. Date Mar, 1 1915. Int. M.& S. at office of Co. Treas.
1916 to Jan. 1 1925 incl.
six months as follows: $275 from Mar. 1 1916 to Mar. 1 1918 Due each
-BOND SALE.
LEE COUNTY (P. 0. Marianna), Ark.
-On Feb.
incl.. $300
Sept. 1 1918 and
$25.000 6% Special Road Improvement Dist. No. 1 bonds were sold, it is 8350 from Mar. Mar. 1 1919: $325 Sept. 1 1919 to Sept. 1 1920 incl. and
.
1 1921 to Mar. 1 1922 incl. Cert, check for $100 on a
stated,to Wm.R.Compton Co. of St. Louis at par.
Marion County bank, payable to Bd. of Co. Commrs.,required
. Bonds to
658
THE CHRONICLE
usroL. 100.
-Accord-BOND OFFERING.
MONTROSE,Montrose County, Colo.
within such reasonable time thereafter as may be
Clerk, will receive sealed bids until 10 a. m.
be delivered on Mar. 1 or r for the examination of the transcript thereof. ing to reports A.E.Puttle, City bonds.
the purchase
$90,000 water-works
Feb. 25 for
required by
-.The
Purchaser to pay accrued interest.
MONTROSE, Henry County, Mo.-BOND SALE. to the$6,000 5%
e
have been awarded
(P. 0. Twining), Arenac County, Mich.
MASON TOWNSHIP election will be held Feb. 20 to vote on the ques- electric light bonds (V. 100, p. 69). Denom $500 and $100. Commerc
Int. semi-An
Trust Co. of Kansas City at 97.50.
BOND ELECTION.
315.000 road bonds.
in 1925, subject to call.
ann. Due
tion of issuing
-On Feb. 15 the nine issues of
-BOND SALE.
-BOND OFFERING.
MASSACHUSETTS.
MOORESVILLE, Iredell County, N. Caro.30-yr. imps. bonds. ing 33.555,500 (V. 100, p. 493) were awarded
E.
at private sale $15,000 5%
4% gold reg. bonds, aggregat
k & Co. of Boston on their joint bid of This town is offeringClerk.
Estabroo
is Town
to R. L. Day & Co. andof about 3.82%. Other bidders were:
C. Deaton
int-a basis
Price
101.619 and
-BOND
CT
Amount bid for.
MORRIS COUNTY SCHOOL DISTRIpar NO. 14, Kansas. of JanuBidderduring the month
101.189 SALE.
Entire Amount.
-The State of Kansas purchased at
N. W. Harris & Co.. Boston.
ary $800 5% 1-4-year (ser.) building bonds, dated Jan. 11915.
n & Co.,
Lee, Higginso
101.233
-This
-BOND SALE.
Entire Amount
MORRISVILLE, Madison County, N. Y.
Blake Brothers & Co.,
as
g
village sold at public auction on Feb. 13 $15,000 5% refundin bonds
White Weld & Co.,Boston_ _
Blootget & Co..
101.537 follows:
Entire Amount
Y.for $14,355 50
-equal
Merrill, Oldham & Co.,
314,000 to Geo. B. Gibbons & Co. of N.from 1916 to 1943 incl. to 102.__
539. Due $500 yearly in Jan.
Curtis & Sanger,
10034
Boston_1,000 to the Village. Due $500 in Jan. 1944 and 1945.
Heed', Loew & Co.. N. Y. $42,000
1,000 Armory.
Denom. $500. Int. .7. & J.
1,000 Development ofPort of Bost.
MOUNT BLANCHARD,Hancock County,'Ohio.-BOND OFFERING.
1,000 Harbor Improvement.
-Proposals will be received until 7 p. m. Mar. 1 by Harry G. Benjamin.
1,000 Metropolitan Parks.
100
Vii. Clerk, for the $10,000 5% water-works bonds voted Nov. 3 (V. 99.
1,000 Metropolitan Sewerage.
Robert Levi, Roxbury
p. 1548). Auth. Secs. 3939 and 3943, Gen. Code. Denom. $500.toDate
1,000 Metropolitan Water.
1935
Mar. 11915. Int. M.& S. Due $500 yrly. on Mar. 1 from 1916
1,000 State Highway.
Incl. Cert, check for 3% of bonds bid for, payable to VII. Treas., required.
1,000 State House Construction.
Bonds to be delivered and paid for within 10 days from time of award
-BOND OFFERINO.-Proposals Purchaser to pay accrued interest.
MASSILLON, Stark County, Ohio.
Krisher, City Aud ,for the
-On Feb. 16 the
-BOND SALE.
will be received until 12 m. March 15 by R. J.
N. Y.
NAPLES, Ontario
following 5% coupon bonds:
village bonds(V. 100,p. 574) were awarded
County,
department bonds. Denom. 31,000. Due $1,000 $13,600 434% 6 1-3-year (aver.)
were no other
$6,000 public-service
to local banks on their joint bid of par and int. There
yearly on April 1 from 1920 to 1925 incl. (8) $1,000. (1) $600. bidders.
-purchase bonds. Denom.
8,600 fire-apparatus
-On Feb. 16 the $978,000 5%
-BOND SALE.
on April 1 from 1920 to 1928 incl.
NASHVILLE, Tenn.
Due one bond yearly
Massillon. Cert.
-Improvement reimbursement bonds (V. 100,
-year (aver.) permanent
Date April 1 1915. Int. A. & O. at State Bank of required. Bonds 12
E. H. Rollins & Sons, N. W. Halsey & Co.
check for 5% of bonds bid for, payable to City Treas., of award. Pur- p. 574) were awarded jointly toof New York at 103.61-a basis of about
from time
and the Equitable Trust Co.
to be delivered and paid for within 20 days
4.606%. Other bids were:
chaser to pay accrued interest.
-BOND OFFERING -Proposals Redmond dt Co.,N.Y 131,010,460 00 Estabrook & Co.,N.Y.j$1,000,396 20
;
MAUMEE, Lucas County, Ohio.
Blodget & Co., N. Y_
7.30 p. m. March 1 by Thomas N. Dowling, Vii. Nat.City Bk., N.
Y-_
will be received until
& Wolcott
Denom. $500. Date Feb. 1
Clerk, for $2,500 534% refunding bonds. 1922 and $1,500 Sept. 11923. Wm.A.Read & Co.,N. . 1,006,557 60 Tillotson
Co., Cleveland_ _ _ _
Stacy & Braun, ToL _
Int. semi-ann. Due $1,000 Sept. 1
1915.
Kissel, Kinnicutt &
or Toledo for $100, required. Bonds Breed, Ell.& Har.,Cin.
Cert. check on some bank in Maumee
998,538 00
Co., N. Y
Well, Roth & Co. Cm. 1,005,579 60
to be delivered and paid for within 10 days from time of award.
C. E. Denison & Co.,
0.
MAY VALLEY DRAINAGE DISTRICT (P. will Lamar), Prowers R.M.Grant&
d
Clevelan
be received until Fleasong'd&May.,Cin.
-Proposals
-BOND OFFERING.
County, Colo.
Sec.Wd.Say.Bk.,Milw.
bonds.
Field ,Rich.&Co.,Cin.
2 p. m.Feb. 25 by H.C.Byrnes, Secy. Bd.of Directors,for $25,000
Harris Tr.&Say.B.,Ch C. 896,434 00
-On A.B.Leach & Co.,Chic. 1,004,211 00 First Say. Bk. & Tr.
-TEMPORARY LOAN.
Mass.
MEDFORD, Middlesex County,
and due Nov. 24 W.R.Compt.Co..St.L.
988,000 00
Co., Nashville..._ _
Feb. 15 a loan of $50,000 issued in anticipation of taxes3.14% discount.
1915 was negotiated with R. L. Day & Co. of Boston at
-"The Commissioners of the Sinking
-BOND SALE.
NEWARK, N. J.
The other bidders were:
Newark" have purchased at par an issue of
Fund of 1864 of the City of
April 1 1914.
Loring, Tolman & Tupper, Boston, 3.17% dLscount.
$125,000 4H% 30-year city-hospital bonds. Date
Blake Bros. & Co., Boston, 3.21% discount.
-On Feb. 11, Mayor Raymond
BOND ISSUE VETOED BY MAYOR.
-BOND OFFERING.
0. Medina), Ohio.
g for the issuance of
MEDINA COUNTY (P.
by C.P. Dicker- vetoed the resolution of the Board of Works providin
Proposals will be received until 12 m. Mar. 16, it is stated,
road bonds. $300.000 meadow land inapt. bonds, it is stated. Feb. 10, this city sold
state that on
Sec. Bd.of Co. Commrs..for $36,000 5% 1334-yr.(aver.)
man,
-Reports
TEMPORARY LOAN.
& Goodwin of N. Y. at an interest
Int. semi-ann. Cert. check for 2% required.
- $49,000 temporary loan bonds to Bond
County, Ohio.
MENTOR TOWNSHIP (P. 0. Mentor), Lakel-construction bonds cost to the city of 3.10% less $5.
town-hai
-On Feb. 10, the
-On Feb. 11 the $2,100 6%
BOND SALE.
Licking County, Ohlo.-BOND SALE.
NEWARK,
Falls Banking Co.of Chagrin
May
on
(V. 100, p. 246) were awarded to the Chagrin bidders were:
5% 2334 yr. (aver.) grade crossing eliminati bonds dated
Falls for $2,134 57(101.646) and int. Other Miller & Co.. Cleve_$2,106 $240,000 100 p. 247) were awarded to Seasongood & Mayer of Cincinnati
1, 1914 (v.
I Hayden,
Tillotson & Wolcott Co.,
and int.,a basis at about 4.478%. Other bidders were:
2,105 for 258,255(161.606)
$2,112 I First Nat. Bk., Barnes
Stacy & Braun, Cin.--_ $255.555.05
Cleveland
- Weil, Roth & Co. Cin.-___ $257,592 Sidney, Spitzer & Co.Tol 254,616.00
OFFERING.
Ohio.
257,430
MERCER COUNTY (P. 0. Celina), 25 by -BOND
Co. Clove.
J. F. Steinbrunner, Co. Otis & Dollings Co., Flam- 256,460 Fifth-ThirdNat.Bk.Cin-254,472.00
until 10 a. in. Feb.
Bids will be received
bonds. Denom. $500. Date R. L.
& Co.Cln 253,560.00
Awl- for $59.500 5% coupon taxable roadTreasury. Due part yearly on Field, Richards Co., Cin. 256,260 Hayden, Miller & Tr. Co.
Say. Bk.
March 15 1915. Int. M.& S. at County cash) for $100, payable to Co. N. Y. Life Ins. Co., N.Y. 255,739 Prov.
252,720.00
Cincinnati
Cert. check (or
Tol. 255,632
Co..
March 15 for 10 years.
issue), $848,420. Assess. val. Spitzer, Rorick &
-BOND
Ohio.
Treas., required. Bonded debt (incl. this
NEW BOSTON (P. 0. Portsmouth), Scioto County,
342,795.690.
D.O'Neal,
1
1914.
-Bids will be received until 12 in. Mar.5 by Thos. 3939 and
NG.
-BOND OFFERING.-Bids wil OFFERI
coup. fire-dept. bonds. Auth. Secs.
Y(P.O. Troy), Ohio.
MIAMI COUNT
T. Staley, Co. Aud., for Vil. Clerk, for $2,500 5%
$500. Date Jan. 1 1915. Int. J. & J. at
be received until 10 a. in. March 5 by Mahlon
pike bonds. Denom. 3947, Gen. Code. Denom.
Due $500 yearly on Jan. 1 from 1917
$15.000 5% Dayton & Troy Spur one-mile assess.
Due $1,000 Portsnouth Bank Co., Portsmouth.
1 1915. Int. M.& S. at Co. Treasury. Cert. check to 1921 incl. Cert. check for 2% of bonds bid for, payable to VII. Treas.,
$500. Date March
1923 incl.
each six months from March 1 1916 to March 1 . Bonds to be delivered required. Bonds to be delivered and paid for within 10 days from time of
or cash for 5% of bid, payable to Co. Aud.,required
r to pay secured award. Purchaser to pay accrued interest.
and paid for within 10 days after time of award. Purchase
-Reports state that the Village Council on
BONDS AUTHORIZED.
interest.
street-impt. (assess.) and $12,500
-On Feb. 10 Feb. 5 authorized the issuance of $90,500
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
pt. (village's portion) bonds.
street-im
three issues of 5% assess. bonds(V. 100, p.247) were awarded
the following
-NOTES AUTHORIZED.NEW BRITAIN,Hartford County,Conn.
as follows:
of Cincinnati for $7,- TheCommon Council on Feb. 10 passed a resolution, it is stated, provding
$7,471 90 improvement bonds to A. E. Aub & Co.
of
sewer fund ninth series notes or certificates
to 100.434.
of $90,000
505 40, equal
own for for the issuance
Indebtedness.
2,308 40 improvement bonds to Oglesby & Barnitz Co. of Middlet
-On
-BOND SALE.
N. J.
40, equal to 100.129.
$2,311
NEW BRUNSWICK, Middlesex County,
own for
reg. school bonds dated
2,081 10 improvement bonds to Oglesby & Barnitz Co. of Middlet
Feb. 15 the $175,000 22 1-6-year (aver.) coupon or
Harris, Forbes & Co. at
$2,084 10, equal to 100.100.
Oct. 1 1914 (V. 100, p. 494) were awarded to
Other bidders were:
-a basis of about 4.336%.
102.321 and int. for 434s
For
For
For
Other bidders were:
$2,308 40 $2,081 10
$7,471 90
Y.Life Ins. Co., N. Y-$177,660
177,065
John D.Everett & Co.,N.Y$178,000 N.
$2,311 00 $2,083,40
177,975 Kean, Taylor & Co., N. YFifth-Third Nat. Bank, Cincinnati----37,495 40
Leach & Co., N.
$2,308 40 $2,081 10 A.B. Grant & Co., N.
177,761
wn_ _ _$7,495 40
Merchants' Nat. Bank, Middleto
R. M.
-BOND OFFERING.
Conn.
-Proposals will be received by Louis T. Nein, City
BOND OFFERING.
NEW HAVEN, New Haven County,
Feb. 25 of the folAuditor, until 12 m. March 25 for the following 5% street-impt. (assess- Further details are at hand relative to the offering on 574):
100, p.
ment) bonds:
coup. or reg. tax free bonds (V. 15. 1935.
lowing 4H%
$25,510 50 Sixth and Second Sts. improvement bonds. Denom.(50) $500, $100.000 street pavement bonds. Due Feb. Feb. 15 from 1940 to 1944
$20,000 yriy. on
(10) $51 05. Due $5,051 05 yearly on Dec. 1, beginning in
100,000 sewer bonds. Due
1915.
icl
considered until 11 a. m. on that day
Sts. Improvement bonds. Denom.
8,720 70 Crawford, Fifth and Grimes
for
Proposalsr these bonds will be
Denom. $1,000 or any multiple
(10) $500. (10) $372 60. Due $872 67 yearly on Dec. 1 from by Arthur D. Mullen, City Compt. F. & A. at office of City Treas.
1915. Int.
1924, inclusive.
15.
1915 to
City Cornpt. required. Bonds to be
N.Y. Certified thereof. Date Feb.
to
Date Dec. 1 1914. Int:J.& 13. at National Park Bank,
Cert. check for $1.000 payable
such date as may be mutually
check for $200 with 325,510 50 issue and for $100 with smaller issue delivered and naid for on Mar. 10 or on
forms
Bids must be
time
to pay accrued int. certified as to made oness by
required. Bonds to be delivered and paid for within ten days from
agreed upon.
genuinen
will be
bonds
of award. Purchaser to pay accrued interest.
furnished by the city. These N. Y.
Tr. Co. of
MINERAL CITY VILLAGE SCHOOL DISTRICT (P. 0. Mineral the U. S. Mtge. &
-BOND OFFERY (P. 0. New Madrid), 310.
-BOND OFFERINO.-Proposals will
City), Tuscarawas County, Ohio.
NEW MADRID COUNT
until 1 p. m. March 16 by S. R. Hunter
be received until 12 in. Feb. 27 by E. Bender, Clerk Board of Education, ING.
-Proposals will be received
use and $10,000 Jail bonds. Denom.
for 31.000 6% school bonds. Denom. $100. Date Mar. 1 1915. Int. Jr.. County Treas.,for $40,000 court-ho
to the Co. Treas., reM.& S. Due $100 each six months from Sept. 1 1918 to Mar. 1 1923 incl. $500. Cert. check for not less than $500, payable on March 2 1914 to
of bonds were reported sold
Purchaser to pay accrued interest.
quired. Similar issues of St. Louis (V. 98, P. 8$3)•
Compton Co.
- Wm. R.
MINER'S MILLS (P. 0. Wilkes-Barre), Luzerne County, Pa.
R. I.
-TEMPORARY LOAN.
NEWPORT, Newport County, City Treas., will receive bids until
-The Town Council on Feb.3 passed an ordinance
BONDS AUTHORIZED.
r dispatches the
'providing_for the issuance of $40,000 5% coupon tax-free paving and sewer According to newpapeloan of $50,000.
bonds. Denom. $1,000. Date March 1 1915. Int. M. & S. at office of 5 p. m. Feb. 25 for a
-At noon on Mar. 10 bids
-BOND OFFERING.
Borough Treasurer. Due $5,000 on Jan. 6 1921 and 1926 and $16,000
NEW YORK STATE.
Jan. 6 1936.
office of Eugene M. Travis, State Comptroller, for
will be opened at the
MINERVA SCHOOL DISTRICT (P. 0. Minerva), Stark County,
gold bonds issued in coupon or registered form.
-Reports state that an election will be held $27.000,000 4% tax free
-BOND ELECTION.
Ohio.
of New York State bonds that is contemplated
the question of issuing 365,000 site-purchase,
This is the only public sale
Feb. 24 to submit to a vote bonds.
year.
construction and equipment
during the present calendar
classes, and bidders will be
ed
-On Feb. 11 $50.000 5% buildSALE.
These bonds have been segregat into two
MINNESOTA CERTIFICATE Minnesota Loan & Trust Co. of Minnethe proposal the class of bonds and the amount
certificates were awarded to the
required to state clearly in
ing
Feb. 15 1915. Int. F.&A. Due part on Feb. 15
for, coupon bonds being issued in denominations
apolis at 100.624. Date
and price for each $100 bid
d bonds in denominations of$1,000.00.$5,000.00.
and Aug. 15 1917.
-On Feb. 15 of $1,000.00 and registere
-BOND SALE.
Angeles County, Calif.
MONROVIA,Los
$50,000.00.
1534-year (aver.) street-improvement bonds (V. 100. 310.000.000 and
of the Erie. Champlain
the $15,000 6%
to Wm. R. Staats Co. of Los Angeles for $16,037 60
Class No. 1. $8,000,000 for the Improvement
p. 417) were awarded basis of about 5.339%•
due Jan. 1, 1965: $4,000,000 for
and Oswego canals, dated Jan. 1. 1915,
due
(106.917) and int.-a
-BOND SALE.
and Seneca canal, dated Jan. 1, 1915,
(P.O. Red Oak), Iowa.
MONTGOMERY COUNTY g bonds were sold at public auction, It is the Improvement of the Cayuga
of Highways, dated Mar.
346.000 5% refundin Bank, of Chicago for $47.191 (102.589) Jan. 1, 1965; $10,000,000 for the Improvement
On Feb. 10
Trust & Say.
stated, to the Harris yearly March 1 from 1921 to 1924 incl., and $10,000 1, 1915, due Mar. 1, 1965.
bonds, bearing 43i% interest,
and int. Due $9,000
As bonds enumerated above are all 50-yr.
l bidder, bonds of
March 1 1925.
-BOND the Comptroller will reserve the right to allot to the successfu
Crawfordsville), Ind.
(P. 0.
issue
1, notwithstanding the specific
MONTGOMERY COUNTY bids will be received until 10 a. in. Feb. 25
that
all of the above issues in Class No.
state
OFFERING.-Reports Treas., for five issues of 434% highway-impt. bonds, any or
Co.
may be stated in the bid.
by 0.P. Everson,
aggregating $84,400.
FEB. 201915.]
THE CHRONICLE
659
Int. A. & 0. at office of VII. Treas. Cert, check for $5%
Class No. 2. $5,000,000 for the Construction of Barge Canal Terminals.
bid
for, payable to VII. Treas., required. Bonded debt $250. of bondsval.
dated Jan. 1.1915, due Jan. 1.1945.
Assess.
1914. $657,140.
Temporary receipts will be issued which will be exchanged for the per.
PELHAM MANOR, Westchester County, N. Y.
-BOND OFFERING.
manent bonds when ready for delivery.
_Proposals will be received until 8:30 p. m. Feb. 26 by W. P. Brown.
These bonds are legal investments for trust funds.
Clerk of Bd. of Trustees, for $20,000 highway bonds at not exceeding 5%
No bids will be accepted for less than the par value of the bonds nor unless interest. Cert, check for 5% required.
accompanied by a deposit of money or by a certified check or bank draft
PELICAN RAPIDS SCHOOL DISTRICT (P. 0. Pelican RaggV
i i
upon a solvent bank or trust company of the cities of Albany or New York. Ottertail County, Minn.
-BONDS VOTED.
-The question of
payable to the order of the Comptroller of the State of New York, for at the $30,000 high-school-bldg-erection and $5.000 building-improvement
bonds(V. 100, p.327) carried at the election held Feb.8.
least two per cent of the par value of the bonds bid for.
PELLA, Marion County, Iowa.
-The City Clerk
The official notice of this bond offering will be found among the advertise- Is offering for sale the $10,000 5%-BOND OFFERING.
1-20
-year (ser.) water-main-ext. bonds
Milts elsewhere in this department.
voted Jan. 12(V. 100. p. 327). Denom. $500.
-Local papers state that on
NORFOLK, Va.-BOND AUTHORIZED.
PENN YAN, Yates County, N. Y.
-BOND OFFERING.
Jan. 21 the Board of Aldermen authorized the issuance of the $20,000 bond will be received by H. M. Putnam, VII. Clerk, until March 1-Proposals
for $24.000
or two-year note issue.
reg. paving bonds at not exceeding 5% interest. Denom. $1,000.
Int.
NORTH BEND, Dodge County, Neb.-BONDS AWARDED IN payable at office of Vil. Treas., in N. Y. exchange. Due $2,000 yearly
PART.
-The Alamo Engine Co. has purchased the $16.000 5% 5
-20-year on Oct. 1 from 1915 to 1926 incl. Cert. check for $1,000, Payable to Ezra
J. Titus, VII. Treas., required. Bonds will be ready for delivery on
(opt.) sewer bonds voted Aug. 7 (V. 99, p. 559). Denom. $1,000. Date
Apr. 1.
Sept. 1 1914. Int. ann. Sept. 1.
PENNINGTON COUNTY (P. 0. Rapid City), So. Dak.-BOND
No sale has yet been made of the $21,000 electric-light-system bonds also OFFERING.
-Proposals will be received until 9 p. m. March 9 by J.
C.
voted on Aug. 7. Bids will be received at any time for these bonds by the Hopkins, Co. And., for $50,000 6% coupon refunding
City Attorney.
Denom. $500. Int. J. & J. at office of Co. Treas. Due bridge bonds.
$5,000 yearly
NORTHFIELD VILLAGE SCHOOL DISTRICT, Summit County, from 5 to 14 years from date, incl. Cert. check for 5% of bonds bid for,
-3-year (aver.) payable to Co. Treas., required. Purchaser to pay accrued interest.
Ohio.
-BOND SALE.
-On Feb. 10 the $25,000 5% 5 2
site-purchase, construction and equipment bonds dated Aug. 4 1914 (V. Bonded debt (not including this issue) $18,500. Floating debt $124.100, p. 494) were awarded to Rodgers & Son of Chagrin Falls at 100.548 772.83. Assess. val. 1914, $18,153,565.
and int.-a basis of about 4.889%. Other bidders were:
PHELPS, Ontario County, N. Y.
-BOND SALE.
Otis & Co., Cleveland_ _- -$25.0201)0'Fifth-Third Nat. Bk.,Cin_$25.067 50 $34,000 9
-year (aver.) coup. or reg. paving bonds (V.-On Feb. 15 the
First Nat. Bank, Cleve__ 25.069 80!Sidney Spitzer & Co.,Tol_*25,000 00 awarded to Geo. R. Granby & Son of Naples, N. Y., at 100, p. 494) were
100.0225 and int.
for 4%s. Other bids were:
*Including accrued interest, less $240 for attorney's fees and expenses.
NORTH HEMPSTEAD (Town) UNION FREE SCHOOL DISTRICT
Price Bid.
Rale.
-On Feb. 17 the $80,000 Union Trust Co.. Rochester
-BOND SALE.
NO. 6, Nassau County, N. Y.
100.025
4.60
14%-year (aver.) building bonds (V. 100, p. 574) were awarded to Farson, Geo. B. Gibbons & Co., New York
(100.02
4.65
Son & Co. of N. Y. at par for 4.455. Other bidders were:
1102.35
5.00
Isaac W.Sherrill Co.. Poughkeepsie
Price.
Rate.
100.12
4.70
Farson, Son & Co.. New York
$80,21500
4.50
W.N.Coler & Co., N.Y
100.078
4.80
H.A. Kehler & Co., New York
80.102 00
4.50
Geo. B. Gibbons & Co., N.Y
100.058
4.85
Phelps National Bank,Phelps
80,087 37
4.50
Curtis & Sanger, N. Y
100.000
4.90
Harris. Forbes & Co.. New York
80,025 00
4.50
W. H. Cook. N. Y
80,100 00
4.60
A.B. Leach & Co., N. Y
PLAINFIELD, Union County, N. J.
-BOND OFFERING -Proposals
80,027 00
H.A. Kehler & Co.. N.Y
4.60% will be received by James T. MacMurray,
City Clerk, until 8 p. m. Mar. 1
80,072 00
Harris, Forbes & Co., N. Y
4.65% for
$100,000 43- % coup. or reg. school bonds. Date Mar. 1 1915. Int.
80,000 00
James It. Magoffin, N. Y
4.65°7
80,408 00
Clark, Dodge & Co., N. Y
M. & S. Due yearly on Mar. 1 as follows: $3,000 1943 to
4.75%
1954, incl..
-BOND SALE.
NORWOOD, Hamilton County, Ohio.
-On Feb. 15 44,000 1955 to 1961 incl. and $9,000 1962 to 1965 incl. Cert, check for
-year (ser.) Smith road-improvement bonds (V. 100, 2% of bonds bid for, payable to City Treas.,
the $9.671 09 5% 1-10
required. Bonds to be delivp. 574) were awarded to the German National Bank of Cincinnati for ered and paid for on
or before Mar. 10, unless a subsequent date shall be
-a basis of about 4.519%. Other bidders
$9.895 51 (102.320) and tat.
mutually agreed upon. These bonds will be certified as to genuineness by
were:
Fifth-Third Nat. Bk., Cin-$9,872 34 Weil, Roth & Co.. Cin----$9,758 34 the U. S. Mtge.& Trust Co. and their validity has been examined by
Haw9,846 13 A.E. Aub & Co., Cin
Atlas Nat. Bk., CM
9,750 09 kins, Delafield & Longfellow, N. Y. C., whose opinion will be
furnished to
Seasongood & Mayer. Cin- 9,835 09 Provident Says. Bk.& Tr.
Norwood Nat.Bk.,Norwood. 9,781 09
Co., Cincinnati
9,74749 the purchaser. Bids must be made on forms furnished by the City Clerk
Field, Rich'ds & Co., chi-- 9,772 59 First Nat. Bk., Norwood
9.740 96 or the above trust company.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
The official notice of this bond offering will be found among the advertise-BOND OFFERING.
County, Calif.
-It is stated that bids will be re- ments elsewhere in this Department.
ceived by M. P. Kearney, Dist. Sec.. for $297.400 6% Irrigation-systemPORTAGE COUNTY (P. 0. Ravenna), Ohio.
completion bonds. Int. semi-annual. These bonds are the unsold por-BOND SALE.
-On
-year (aver.) tuberculosis hospital bonds (V. 100.
tion of an issue of $339,500, of which $42.100 was disposed of on Jan. 29 Feb. 15 the $6,000 5% 4
p. 494) were awarded to the Brighton-German Bank of Cincinnati at 100.76
(V. 100. p. 494).
and int.-a basis of about 4,79%. Other bidders were:
OKOLONA, Chickasaw County, Miss.
-BONDS VOTED.
-The
proposition to issue the $58,000 5% 20
-year sewerage-system-installation Field, Richards & Co.,Cin_$6, 40 2010hio Nat. Bank,Columbus$6,025 30
er
bonds (V. 100. D. 494). carried by a vote of 157 to 37 at the election held Seasongood & May,Cin.. 6,033 00 Tillotson & Wolcott Co.,Cle.6.020 40
Hayden.Miller & Co.,Clev.6,031 00 Otis & Co., Cleveland_ 6.00500
Feb. 9.
OKTIBBEHA COUNTY(P.O. Starkville), Miss.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND SALE.
-On
-proposals will be received until 2 p. m. March 1-BOND OFFERING, Feb. 18 the five issues of 4%% highway-Improvement bonds, aggregating
by E. 0. Mcllwain.
Chancery Clerk, for the $130,000 coup. tax-free Supervisors' Dist,
575) were awarded, reports state, to J. F. Wild & Co.
No. 1 $53,000 (V. 100, p. $53.021-equal
road bonds voted Sept. 25 (V. 99, p. 999). Auth. Chap. 176, Laws 1914. of Indianapolis for
to 100.396.
Denom. $500. Date Feb. 1 1915. Int. (rate 5 or
PORTER TOWNSHIP SCHOOL DISTRICT (P. 0. Sciotoville),
semiann. in New York or Chicago, as purchaser desires.5%)payableyearly Scioto County, Ohio.
Due $13,000
-BOND SALE NOT CONSLMMATED.-We are
from 1926 to 1935 incl. Certified check for $1,000, payable to J. C. Mc- advised that the $3.500 5% coupon taxable school improvement
bonds
Creight, Pres. of Board of Supervisors. required. Total debt
awarded to the First National Bank of Portsmouth on May 27 1914 at
trict (including above issue), $150.000. Assess. val. approx. of this dis- 100.91 (V. 98. p. 1791) were never delivered
to the above bank.
$1,700.000:
arox.actual value $4,000,000. M.A. Saunders is attorney for
Board.
PORTLAND, Jay County, Ind.
-BOND SALE.
-The $20,000 4%
" ORANGE COVE SCHOOL DISTRICT, Fresno County, Cal.
-10
- 2 -year (opt.)
BONDS VOTED.
-Reports state that the proposition to issue $9,000 posed of on Dec.refunding bonds mentioned in (V. 99, p. 1769) were dis28.
building bonds carried at the election held Jan. 28.
PORTLAND, Ore.
-BOND OFFERING.
-Proposals will be received
OWOSSO SCHOOL DISTRICT (P.0. Owosso), Shiawassee County,
until 2
m. Feb. 23 by A. L. Barbour, City Auditor. it Is stated, for
-BONDS VOTED.
Mich.
-According to reports. the question of issuing
p.
-year water bonds. Int. semi-ann. Cert. check for 5%
$30,000 4% building and equipment bonds (V. 100, p. 327) carried at $460,000 4% 25
the
of bonds bid for, payable to the Mayor, required.
the election held Feb. 3.
PORTLAND WATER DISTRICT (P. 0. Portland). Me.
PAINESVILLE, Lake County, Ohio.
-BOND
-BOND SALE.
-On Feb. 15 the SALE.
-On Feb. 15 the $200,000 4% 20
-year coupon water bonds(V. 100.
three issues of 5% coup. bonds. aggregating $66.500 (V. 100. p. 248). were
p. 418) were awarded to Paine, Webber & Co.of Boston at 99.86 and int.awarded to Otis & Co. of Cleveland at par and int. Other bidders were:
a basis of about 4.01%. Other bidders were:
Provident Says. Bank & Trust Co., Cincinnati,for 215,000 issue_$15.018 00
Fidelity Trust Co.,Portland-99.32 Merrill, Oldham & Co.. Bos_-99.089
Parson, Son & Co., Now York. for $15.000 issue
15.011 05
E. H. Rollins & Sons, Boston_99.066
PALESTINE TOWNSHIP HIGH SCHOOL DISTRICT NO. 202 Maynard S. Bird & Co., Port.
& Lee, Higginson & Co.,Boa. 99.19 Perry, Coffin & Burr, Boston_98.533
Palestine), Crawford County, Ills.
(P. 0.
-BOND SALE.
-On Feb. 12 Mercantile Trust Co
99.125 Chas.H.Gilman & Co.,Port1.97.65
e
,
the $35,000 67 4 1-3-year (aver.) building bonds (V. 100, p. 494) were
awarded to II. I'. Holtz & Co. of Chicago for $36,435 90 (104.102) and Mt.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND OFFERING.Proposals will be received until 3 p. m. March 5 by J. J. Lowry,Co. Treas.,
-a basis of about 4.87%. Other bidders were:
Blston,Ciifford& Co.,Chl.$36,424 50 Hanchett Bond Co.,Chic-335.887 00 for $4,600 4%% Joseph Fox et al highway improvement bonds in Salem
John Nuveen & Co., Chic.. 36,287 51) Little&HaysInv.Co.,St.L. 35,787 50 Twp. Denom. $230. Date Dec.8 1915. Int. M.& N. Due $230 each
Cutter, May & Co., Chic- 36.275 00 Clark L. Poole & Co_ _
35,761 00 six months from May 15 1916 to Nov. 15 1925 Incl.
N. W.Halsey & Co.,Chic. 36,251 00 Bolger, Mosser & WillaQUINCY SCHOOL DISTRICT NO. 172 (P. 0. Quincy), Adams
36,137 50
McCoy & Co., Chic_ man, Chicago
35,752 50 County, Ills.
-BONDS AWARDED IN PART.
-It appears
Merchants' Loan & T.Co.. 36.078 50 Yard, Otis & Taylor, Chic. 35.528 00 Papers that of the $95,000 5% coupon school bonds offered on from local
Nissen, Kinnlcutt & Co.,
D. M. Farson, Chicago_ 35.355 00 000 (Instead of $70.000 as first reported) was sold on that dayFeb. 4 $75,to
Chicago
36,050 00 C.H.Coffin,Chicago---*35,107 00 Compton Co. of St. Louis (V. 100, p. 575). In addition to the Wm. R.
$70,000
R. M. Grant & Co., Chic_ 36,007 00
awarded at a premium of $3,212. a contract was formally entered into with
* This bid was submitted for 5% bonds.
the Board of Education that evening whereby it was agreed that, subject
PARKE COUNTY (P. 0. Rockville), Ind.
• OFFERING.- to the action being found to be legal, the purchaser should be given an ad-BOND
Bids will be received by J. Ii. Rush, County Treasurer, until 2 p. m. ditional $5,000 at par, to be dated July 1 1915 and redeemable in 1935.
Feb. 23 for $11,550 4%% E. R. Jeffries et al. road bonds in Raccoon The Compton Co. will furnish free of charge the bond and coupon forms.
Date Dec. 30 1914. Int. M. & N. Due
TWO. Denom. $557
RALEIGH, No. Caro.
-BOND SALE.
-Local papers state that $100.50*
$557 50 each six months from May 15 1916 to Nov. 15 1925 incl.
000 6% bonds were sold at private sale on Jan. 1 to Sidney Spitzer & Co. of
-Pro Toledo at par.
4 PARKERSBURG, Wood County, W. Va.-BOND OFFERING.
posals will be received until 3:30 p. m. Mar. 11 by W.H. Smith, Chairman
RAVENNA TOWNSHIP SCHOOL DISTRICT (P. 0. Ravenna),
-year coup. sewerage and Portage County, Ohio.
of the City Commissioners for the $200,000 5% 10
-BONDS VOTED.
-Local newspaper reports
street-imPt. bonds voted Feb. 2 (V. 100. p. 574). Denom. $100.$500 and state that this district at a recent election voted in
favor of the issuance of
Date June 11915. Int. semi-annual.
$1.000.
$38.000 building bonds.
PATERSON SCHOOL DISTRICT (P.0.Paterson), Passaic County,
REEVES COUNTY (P. 0. Pecos), Tex.
-BOND OFFERING.
-Pro-BONDS PROPOSED.
-Reports state that this district is contern
N. J.
posals will be received until March 8 by Ben Randals, County Judge. for
plating the issuance of $500,000 school-improvement bonds.
-40
S100,000 5% 20 -year (opt.) Road Dist. No. 1 bonds. Denom. $1.000.
-BOND OFFERING. These bonds were offered without success on July 13 (V. 99. p. 1851)•
PAULDING COUNTY (P. 0. Paulding), Ohio.
-proposals will be received until 3:30 p. m. March 4 by Edw. McGaharan,
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND OFFERING.-Bids
Denom.
Co. Aud.,for nine issues of 5% pike bonds. aggregating $159,700.Treasury. will be received until March 1 by W.P. Darwin for the $250,000 5% road
bonds (V. 100, p. 157). Denom. $1.000. Int. semi-annually. The
$500,$600 and $1,000. Date April 1 1915. Int. A.& 0.at Co.
Due part yearly on April 1 beginning in 1918. Cert. check or certificate county has no bonded debt. Assess. val. about $4,000,000: est. actual
Treas.. required. value $6,500,000. These bonds were authorized by act
a Paulding bank for $1,000,
of Legislature
of deposit on unconditional Purchaser to 'payable to Co.
furnish blank bonds and coupons of Tennessee in 1913. and declared legal by the Supreme Court of Tenn.
Bids must be
without cost to county.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND OFFERING.
-The following -Proposals will be received
-BIDS.
PAWT17CKET, Providence County, R. I.
until 2 p. m.Mar. 15 by J.A. Dalton, Co. And..
Feb. 11 for the two issues of4%% gold coupon for the following 5% bonds:
are the other bids received on
$387,000, awarded to the N. Y. Life Insur. Co. $22,000 Shelby Blackfork ditch bonds. Date Mar.
15 1915. Due 22,000
or reg. bonds, aggregating 100. p. 574):
each six months from Mar. 15 1916 to Sept. 15 1919 incl. and $3,000
of N. Y. on that day. (V. 101.182IEstabr000k & Co., Bost,on- _100.56
on Mar. 15 and Sept. 15 1920. Cert, check for $300 required.
lodget & Co., Boston
Boston_100.687IMerrill, Oldham&Co ,Bost. 99.179
42.000 Amoy road bonds. Date April 15 1915. Due $4.000 each six
B.1V• Harris & Co..
N
-Proposals
months from April 15 1916 to Oct. 15 1919 incl. and $5,000 on April
-BOND OFFERING.
PEEBLES, Adams County, Ohio.
15 and Oct. 15 1920. Cert, check for $500 required. Bids must
m. March 3 by G. A. Petersen, VII. Clerk, for the
by 12
will be received coupon bonds:
be unconditional.
following 555
29,000 New State road bonds. Date April 15 1915. Due $3,000 each
electric-light bonds. Due each six months as follows: $175
$11,500
six months from April 15 1916 to April 15 1920 incl. and $2,000
$275 April 1 1925 to Oct.
from April 1 1920 to Oct. 1 1924 incl., 1934 incl. and $400 from
Oct. 15 1920. Cert, check for $300 required. Bids must be
1929 incl., $300 April 1 1930 to Oct. 1
unconditional.
April 1 1935 to Oct. 1 1939 incl.
Denom. $500. Int. semi-ann. at Co. Treas. Cert. checks must be
each six months
town-hall bonds. Denom. $350. Due $350
.500
made payable to the Board of County Commissioners.
Oct. 1 1944 incl.
foomiApril 1 1940 to
3
660
THE CHRONICLE
[VOL. 100.
-BONDS NOT YET SOLD.
SAN ANGELO, Tom Green County, Tex.
RICELAND DISTRICT SCHOOL DISTRICT (P. 0. Wheeling,) -The $80,000 5% 10-40
-year (opt.) high-school bonds offered without
be
-Proposals
Ohio County, W. Va.-BOND OFFERING. Bd. of Ed.,will the received success on Aug. 24 (V. 99, p. 625), had not been sold up to Jan. 15.
for
$50,000
until 12 m. March 9 by Geo. S. Eberts, Pres.
-BONDS NOT YET SOLD.
SAN ANTONIO, Bazar County, Tex.
5% coupon building-Improvement and equipment bonds authorized
-year (serial)
been made of the $723,000
by a vote of 329 to 87 at the election held Jan. 26(V. 100,P. 494). Denom. Up to Jan. 16 no sale had not sold on June 1 (V. 99. p.1-40
999).
$500. Date Feb. 15 19J5. Int. ann. at Bank of Warwood, Warwood. refunding bonds offered but
-BOND ELECTION.
-An
Due:
SAN BENITO, Cameron County, Texas.
__1935
$8,500 --1925 $1,500 __1930 $2,000 __1936 $2,500 ....1940I$2,000 --1945 election will be held March 2 (postponed from Feb. 2), it is stated, to vote
2,000 1941l 1,500 --1946 on the questions of issuing the $5,000 sewage-disposal-plant and 5.3,000
1,500 __19261 1,500 __1931 1,500
1,000 -1927 1,500 --1932 2,000 __1937 3.000 1942J 1,500 --1947 street
-improvement bonds. (V. 100, p. 249).
1,500 --1928 2.000 -1933 2.500 -1938 2,500 ....19431 1,000 --1948
Mont.
-BOND OFSANDERS COUNTY (P. 0. Thompson Falls), offering on
500 __1949
_1934 2.000 --1939 2.000 _-1944
1.000 __1929
March 1
-Further details are at hand relative to the
bonds bid for, payable to the Board of Education, FERING.
'
Cert. check or 2% of
road refunding bonds (V. 100, p. 249). Proposals
of the $65,000 coupon
required.
for these bonds will be received until 10 a. m.on that day by Frank Foster,
-BOND
RICHLAND SCHOOL DISTRICT, Kern County, Calif.
Co. Clerk. Denom. $1,000. Date not e,arlier than April 1 1915. Int.
-On Feb. 10 $9,000 6% building bonds were purchased by Blyth, (rate not to exceed 5%) Jan. 1 and July 1 at the Co. Treas. office. Due
SALE.
-equal to 100.366. Denom.$900. In 20 yrs., subject to call $20,000 in 5 and 10 yrs. and $25,000 in 15 yrs.
Witter & Co.of San Francisco for $9,033
Date Jan. 111915. Int. Jan. 11 and July 11. Due $900 yearly Jan. 11 Bids will be received for the entire issue or for blocks of $5,000 each. Bonds
from 1916 to 1925 incl.
to be delivered within 30 days after award. Cert, check for 1% of bids,
RICHMOND TOWNSHIP ROAD DISTRICT, Huron County, Ohio. payable to the "County of Sanders." must accompany each bid except bid
will be received until 12 m. March 2 by of the State Board of Land Commissioners of Montana.
-Proposals
BOND OFFERING.
-BOND OFFERING.
-Proposals
W.N. Keesy, Clerk Board of Township Trustees( at office of Home Savings
SANDUSKY, Erie County, Ohio.
& Banking Co. Chicago Junction). for $10.000 5% coupon read-impt. will be received until 12 m. March 13 by Fred. W. Bauer, City Aud., for
Sec. 7033-7052, inclusive, Gen. Code. Denom. $100. the following 44% bonds:
bonds. Auth.'
Date April 11915. Int. A.& 0.at above bank. Due $500 Oct. 1 1929 and
South End sewer (assess.) bonds. Denom. $500. Due $7,500
1934 and $1.000 each six months from April 1 1930 to April 1 1934, incl. $75,000 yearly on March 1 from 1917 to 1926 incl.
An unconditional certified check on a bank other than the one making the
1,800 DivLsion St. impt. bonds. Denom. $100. Due Mar. 11918.
bid for 5% of bonds bid for payable to Township Clerk, required. Bonds
Date Mar. 1 1915. Int. M. & S. Cert. check for $500 with $75,000
to be delivered and paid for within ten daysfrom time of award. Purchaser issue and for $200 with 51,800 issue, payable to Robert A. Koegle, City
for within 10 days from
to pay accrued interest.
Treas.. required. Bonds to be delivered and paid
-On Feb. 15 the time of award. Purchaser to pay accrued interest.
-BOND SALE.
RIPLEY, Brown County, Ohio.
-year electric-light bonds (V. 100, p. 494) were awarded
SCHOOL DISTRICT, Ashtabula County,
$12,000 5% 20
SAYBROOK TOWNSHIP
-year (aver.) coup.
to the Citizens Nat. Bank of Ripley at par and interest.
-On Feb. 15 the 55.000 5% 3
-BOND SALE.
Ohio.
to the National Bank of As
RIPLEY TOWNSHIP ROAD DISTRICT, Sandusky County, Ohio. school bonds (V. 100, p. 418) were awarded other bids were conditional
All
at 100.1-a basis of about 4.96%.
BOND OFFERING -Bids will be received until 12 m.March 15 by Albert
Binsack, Clerk Bd. of Twp. Trustees (P.O. It. It. D. No. 3, Fremont). and therefor were not considered.
-On
for $15,000 5% coupon road-Improvement bonds. Auth. Secs. 7033-7052
SCHENECTADY, Schenectady County, N. Y.-I30ND SALE. 1)•
% reg. bonds aggregating $45,000 (V. 100,
Gen. Code. Denom. $250. Date Mar. 15 1915. Int. M. & S. at office Feb. 16 the two issues of
N. Y. as follows:
of Two. Treas. Due $1,500 each six months from Mar. 15 1917 to Sept. 15 575) were awarded to Parson, Son & Co. of
et about 4.23%.
1921 incl. Purchaser to pay accrued interest.
$40,000 10%-year (aver.) park bonds at 102.28-a basis
5.000 5%-year (aver.) fire bonds at 101.2-a basis of about 4.25%.
-BOND OFFERING.
-Proposals will
ROBERTSON COUNTY, Texas.
Other bidders were:
be received until 2 D. m. March 5 by J. L. Goodman,County Judge, at
For $40.000. For $5,000.
-40
the First State Bank of Bremond, for $100,000 5% 10 -year (opt.) Jus$5,044 85
540.754 00
tice Precinct No. 5 road bonds. Date ($50,000) Jan. 1 1913, ($50,000) W.N. Color & Co., New York
5,038 50
40.656 00
Estabrook & Co., New York
5,021 10
Jan. 1 1915. Cert. check for $4,000, payable to the County Judge, re- Harris, Forbes & Co., New York
40,640 20
5,012 00
quired. The sale of the bonds is subject to approval by Dillon, Thompson James It. Magoffin, New York
40,625 00
& Clay of New York.
5,023 15
40.573 20
Hodges & Co., New York
Remick,
5,030 00
40,560 00
-On Feb. 16 the four issues of A. B.Leach & Co.. New York
-NOTE SALE.
ROCHESTER, N. Y.
5,013 90
40,511 20
% 30-year funding bonds, aggregating 52.000.000 (V. 100, p. 575). R. M.Grant & Co., New York
5,059 35
40,474 80
were awarded to Harris, Forbes & Co.at 106.091-a basis of about 4.144%• Rhoades & Co. New York
5.015 15
40,440 40
'
Curtis & Sanger, New York
Other bidders were:
the
The $7,500 4% fire bonds also offered on Feb. 16 were purchased by
For All.
Police and Firemen Pension
A. B. Leach & Co. and Bond & Goodwin, New York_ ------$2,100,422 00 City Compt. at par for the credit of the City
Funds.
Lee, Iligginson & Co., New Yorkz Montgomery, Clothier -Proposals will
SEBREE, Webster County, Ky.-BOND OFFERING.
Tyler, Philadelphia, and Clark, Dodge & Co., New York__ 2,097,600 00
2,097.426 60 be received until March 1 by Vernon Sullinger, CityClerk. for 514,0005%
Guaranty Trust Co., New York
5%
-year water-works bonds. Date April 1 1915. Certified check forwere
20
Remick, Hodges & Co., Blodget & Co.,and Estabrook & Co.,
2,095.820 00 of bid, payable to C. H. Ramsey, Mayor, required. These bonds
Y..
New York
offered without success as 4Iis on Feb. 1 (V. Ion. p• 158)•
The Equitable Trust Co. of N.Y.,E.H. Rollins & Sons, N.
-BOND OFFERING.
2,085,158 00
SERGEANT BLUFF, Woodbury County, Iowa.
and N. W.Halsey & Co
2.083,400 00 -This town is offering at private sale an issue of $10,000 5% tax-free elecWilliam A. Read & Co., New York
2,064.600 00 tric-light-plant bonds (V. 100. p. 71). Denom. $500. Date Sept. 1 1914.
Rhoades & Co., New York
Int. J. & J. at Pioneer Valley Says. Bank, Sergeant Bluff. Due July 1
Bidders for a part were:
105.775 1935, subject to call after July 1 1920. Bonded debt, this issue: no floating
-improvement bonds
Parson, Son &$100,000 water-works
105.775 debt. Assess. val. 1914, 556.500; real val. (est.), 5226,000. E. E. Bryan,
Co., N.Y_1 100,000 sewage-disposal bonds
Security Trust Co., Rochester. $125.000 water-works-impt. bonds-131.375 Is Town Clerk.
-BONDS VOTED.
-The
SHADYSIDE, Belmont County, Ohio.
-On Feb. 17 the $300,000 local-improvement and $100.000
NOTE SALE.
water-system-installation bonds carried, reports
(V. 100.
mature in
water-works notes to be dated Feb. 23 1915 andCo. of N.1 month$400,025 question of issuing $45,000
Y. for
state, at the election held Feb. 9 by a vote of 242 to 96.
were awarded to Kissel, Kinnicut &
P• 575)
-BOND SALE.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
(100.006) as 2.25's. Other bidders wore:
Prem.
Rate.
On Feb. 16 the three issues of 6% So. Moreland Boulevard-improvement
Salomon Bros. & Hutzler, N. Y
(assess.) bonds. aggregating $104,217(V. 100, p. 329), were awarded
coupon
2.62 0
of Cleveland at 100.051 and int. There
Robert W. Daniel & Co., New York
51-1513 to the First Trust & Says. Co.
2.699
H. Lee Anstey, New York
were no other bidders.
2.875%
Bond & Goodwin, New York
-Accord
-BOND SALE.
SHELBY COUNTY (P.0.Shelbyville),Ind.
Goldman, Sachs & Co., New York
_ _ _ _ log to newpaper reports J. F. Wild & Co. of Indianapolis were awarded on
3 01
3.
Farmers' Loan & Trust Co., New York
(aver.) highway-improvement bonds
-year
Feb. 18 the $8,690 4%% 6
-equal to 100.017.
-Proposals (V. 100, p. 575) for $8,601 50
-BOND OFFERING.
ROCKFORD, Mercer County, Ohio.
Ohio.
will be received until 12 in. March 15 by Jno. W. Lloyd. VII. Clerk. for
SPENCER TOWNSHIP (P. 0. Spencer), Medina County, 10, It is
$750.
$7,500 5% street-improvement (village's portion) bonds. Denom.years. BOND OFFERING-Bids will be received until 12 in. March (aver.)
Clerk, for $40,000 5% Elk-year
F. & A. Due $750 yearly from 4 to 13
Date Feb. 10 1915. Int.
stated. by N. J. Walters. Twp.
Cert. check for $500, payable to VII. Treas., required. Bonds to be de- road bonds. Int. semi-ann. Cert. check for 2% required.
County, Ohio.
livered and paid for within 10 days from time of award. Purchaser to
SPRING CREEK TOWNSHIP (P. O.Piqua), Miamireceived on Feb. 8
pay accrued interest.
-Reports state that no blds were
BONDS NOT SOLD.
-BONDS NOT IS for the 52.000 5% 2%-yr. (aver.) site-purchase and town-hall-construction
0. Rockwall), Tex.
ROCKWALL COUNTY (P.
-20-year bonds offered on that day.(V. 100, p. 249).
-The County Treasurer advises us that the $20,000 5% 5
SUED.
Summit County,
(opt.) road-improvement bonds offered in September (V. 99. p. 917) were
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT,until 9 a. m. Mar.
not issued because the Attorney-General refused to approve the same, Ohio.
-Proposals will be received
-BOND OFFERING.
owing to the failure of the county to post the notices of the election.
Ed., (P. 0.. R. F. D. No:32, East
15 by Emerson Boyer. Clerk of Bd. of
-BONDS NOT YET Akron), for $25.000 5% school bonds. Denom. 51.000. Date March 15
ROCKY RIVER, Cuyahoga County, Ohio.
-3-year (aver.) 1915. Int. A. & 0. at office of Clerk of Bd. of Ed. Due 51.000 yearly on
SOLD.
-No sale has yet been made of the 527.392 20 5% 5 2
Frazier Drive impt. (assess.) bonds offered without success on Aug. 11 1914 Oct. 1 from 1916 to 1940 incl. Cert. check for 52,500 required.
(V. 99, p. 1927). Denom. to suit purchaser. Int. A. & 0.
-On Feb. 17
-BOND SALE.
STARK COUNTY (P. 0. Canton), Ohio.
-The $50.000 5% sewage-disposal-plant
BONDS NOT YET ISSUED.
(V. 100, p. 495). were
and sewer bonds voted Nov. 3 1914 (V. 99. p. 1927) have not yet been the six issues of 5% road bonds, aggregating $130.500
for $132.757 (101.729)and
awarded to Hayden. Miller & Co.of Cleveland
Issued.
-The question of issuing int. Other bids were:
ROME,Floyd County, G&.
-BONDS VOTED.
$132,550 R. L. Day & Co., Boston _ _$131,726
Cin
131,480
the $75.000 city-hall and 525.000 public-hospital 4% bonds(V. 100, p. 248) Well, Roth & Co.,Co., Cin_ 132,470 Otis & Co., Cleveland
carried by a vote of 765 to 171 at the election held,Feb. 11. Due510.000. Field, Richards & Co..Clev131.829 Spitzer, Rorick & Co., Tol- 131.183
Tillotson &Wolcott
yearly from 1925 to 1934 incl.
-BOND OFFERING.
Jefferson County, Ohio.
STEUBENVILLE,
- Proposals will be received until 12 m. Mar. 19 by Chas. R. Wells, City
-BOND OFFERING.
ROSEBUD COUNTY (P. 0. Forsyth), Mont.
Bids will be received until 10 a. m. May 3 by R. J. Cole, Co. Clerk, It is Aud., for $17,500 5% Woodlawn road-impt. bonds. Denom. $500. Date
-year (opt.) bonds. Cert. check for $3,000 Aug. 11914. Int. F. & A. Due $3.500 Mar. 1 1916 and $2,000 yrly. on
stated, for 5130,000 5% 10-20
for, payrequired.
Mar. 1 from 1917 to 1923 incl. Cert. check for 3% of bonds bidfor within
-Pro- able to City Treas., required. Bonds to be delivered and paid
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND OFFERING.
posals will be received until 2 p m. Feb. 25 by J. 0. Williams, County 10 days from time of award. Purchaser to pay accrued interest.
Cuyahoga
Treas., for the following 4%% highway-impt. bonds:
STRONGSVILLE TOWNSHIP (P. 0. Strongsville),advised that
510,280 Leonidas W.Keisling et al road bonds in Richland Twp. Denom. County, Ohio.
-BONDS AWARDED IN PART.-Wo are
$514.
voted Nov. 3 (V. 99, p. 1550), $11,147
of the $50,000 road-impt. bonds
15,600 Enoch Spurgeon et al. road bonds In Anderson Twp. Denom.$390. has been sold to a Cleveland Bank.
2,400 Geo. Lamberson et al. road bonds in Washington Twp. Denom.
-Proposals will be receive:n:1
-BOND OFFERING.
SYRACUSE, N. Y.
$120.
until p. m. Feb. 24 by M. E. Conan, City Compt., for the $50,000 inter:
Date Feb. 20 1915. Int. M.& N. Due one bond of each Issue each six cepting sewer bonds dated Dec. 11914; $50,000 Genesee school bonds dated
0
$55,00
months from May 15 1916 to Nov. 15 1925 incl.
Jan. 1 1915; $12,000 Spencer St. bridge bonds dated Jan. 1 1915:
-Attention is called to the offi- public safety bonds dated Feb. 1 1915. and 5100.000 Delaware school bonds
ST. LOUIS, Mo.-BOND OFFERING.
semiDenom. to suit purchaser. Int. 5%, payable check
1915.
cial advertisement elsewhere in this Department of the offering on Mar. 15 dated Feb. 1 Mtge. & Tr. Co., N. Y. Due 1-20-year (ser.). Cert.
ann. at U. S.
of the $2,750.000 4%% 20-year gold bridge-completion bonds. For de- for 2% of bonds bid for, payable to City Compt., required. Bonds to be
terms of offering see V. 100. p. 495.
tails and
delivered on March 10 at above trust company. Purchaser to pay accrued
The above trust comare exempt from
The official notice of this bond offering will be found among the advertise- interest. These bondsthe genuineness oftaxation.
these bonds and the legality will
pany will certify as to
favorable
ments elsewhere in lids Department.
be examined by Caldwell, Masslich & Reed of N. Y., whose
Marys), Auglaize Coun- opinion will be furnished purchaser. Bids must be unconditional and upon
ST. MARYS SCHOOL DISTRICT (P. O. St. be
-Proposals will
received until 7 p.• forms furnished by the City Comptroller.
-BOND OFFERING.
ty, Ohio.
-Proposals will
-BOND OFFERING.
March 1 by F. D. Ausman, Clerk Bd. of Ed., for the $50,000 5% coupon
TIFFIN, Seneca County, Ohio.
school-property-improvement bonds recently authorized (V. 100, P• 249)• be received until 12 m. Mar. 18 by Albert J. Halley, City Aud.. for $75,000
Date "day of sale." Int. M.& S. Due each six months of an Issue of $300,000 5% coup. Sandusky River impt. bonds. Denom.
Denom.$1,000
of bonds bid for, payable
Trus.
beginning 5 years after date. Cert. check for 2%unconditional.
$1,000. Date Mar. 11915. Int. M.& S. at office of Sinking Fund 1932
required. Bids must be
tees. Due 56.000 Sept. 1 1927, $12.000 yrly. on Sept. 1 from 1928 to
to Board of Education,
-This city Incl. and $9,000 Sept. 1 1933. Cert. check on a Tiffin bank for not less
-BONDS TO BE OFFERED SHORTLY.
Minn.
ST. PAUL,
next two months $677.000 refunding, 3150,000 than 2% of bonds bid for, required. Bonds to be delivered and paid for
will sell probably within the
-improvement bonds on a basis of 4%.
within 10 days from time of award. Bids must be unconditional.
water and 5400.000 local
-No sale has ye
-On Feb. 12 the two
-BOND SALE.
Mass.
TIFTON, Tilt County, Ga.-BONDS NOT SOLD.
SALEM, Essex County, bonds, aggregating $400,000 (V. 100, p.495). been made of the three issues of 5% bonds, aggregating $37.000,offered
tax-free
Issues of 4% coupon Naemkeag Tr. Co. of Salem at 102.28 and int. Other on Juiv (1 (V. 98. p. 1635).
were awarded to the
-According to
-BONDS REFUSED.
TOLEDO, Lucas County, Ohio.
accept
bidders were :
'Merrill. Oldham& Co., andi
reports. the National Bank of Commerce of Toledo has refused to
N. W. Harris & Co., Boston.102.089 R. L. Day & Co.,BostJtly J101.419 the 5282.000 5% 4-yr. refunding bonds awarded them for $288.100(102.163)
Sanger and Blod-1
Curtis &
1101.79 I Estabrook & Co., Boston_ _ _101.14 on Jan. 25 (V. 100, p. 419).
.
get & Co Bost , jointly.
-5-
BEE. 20 1915.]
THE CHRONICLE
TROY, N. Y.
-BOND OFFERING.
-Proposals will be received until
10 a. m. Feb. 25 by W.H. Dennin. City Comptroller,for $100.000 5% taxexempt certificates of indebtedness or revenue bonds. Denom. $25,000.
Date Feb. 25 1915. Due Oct. 8 1915. Cert. check for not less than 1%
of bonds, payable to "City of Troy". required. Bonds to be delivered and
paid for within five days from time of award. Purchaser to pay accrued
interest. Official circular states that the city has never defaulted on any
of its obligations.
TROY TOWNSHIP (P. 0. Nova), Ashland County, Ohio.
-BOND
OFFERING.
-Proposals will be received until 12 m. March 20 by J. W.
Davidson, Twp. Clerk, for $26.000 591 road-improvement bonds. Auth.
Sec. 7035 Gen. Code. Denom.(12) $500,(20) $1,000. Date April 11915.
Int. M.& S. Due $500 each six months March 1 1916 to Sept. 1 1921 incl.
and $1,000 each six months from March 1 1922 to Sept. 1 1931 incl. Certified check for $500, payable to Twp. Clerk, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
TRUMBULL COUNTY ROAD DISTRICT NO. 2, Ohio.
-BOND
SALE.
-On Feb. 15 the $35,000 5% 11 1-3-year (aver.) road bonds (V.
100, p.419) were awarded to Hayden, Miller & Co.of Cleveland for $35,955
(102.728) and int.-a basis of about 4.685%. Other bidders were:
Season ood & Mayer,Cin.$35,916 00 Tillotson & Wolcott Co.,
Fifth-Third Nat. Bk., Cin. 35,876 00
Cleveland
$35,203
Brighton-German Bk.,Cin.35,863 25 Spitzer, Rorick & Co.,Tol__ _ 35,152
Otis & Co., Cleveland_ _
35,438 00 Hoehler, Cummings & PrudFirst Nat.Bank.Cleve_ _ _ 35.412 60
den Toledo
35,035
TULSA COUNTY (P. 0. Tulsa), Okla.
-BOND ELECTION PROPOSED.
-Petitions are being circulated asking the County Commissioners
to call an election, it is stated, to vote on the proposition to issue bridgeconstruction bonds.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
-BOND
OFFERING.
-Bids will be received until 1 p. m. March 11 by R. 11. Nussdorfer, Co. And.. for $45,000 6% road bonds. Denom. $1,000. Date
March 15 1915. Int. M.& S. Due $15,000 on Sept. 15 1916. 1917 and
1918. Cert. check for 1% of bonds bid for, payable to Co. And., required
Bonds to be delivered and paid for on or before March 15. Purchaser to
pay accrued interest. Bids must be unconditional.
UEHLING, Dodge County, Neb.-BONDS NOT SOLD.
-The Village
Treasurer advises us under date of Jan. 19 that no sale had been made
of the $4,000 6% 2
-20-year (opt.) electric-light bonds offered in October
(V. 99, p. 1163).
UTICA, Oneida County, N. Y.
-BIDS.
-The following are the other
bids received on Feb. 11 for the two issues of 44.9' reg. tax-free paving
bonds, aggregating $35,865 85, awarded to Clark, Dodge & Co. of N. Y.
on that day (V. 100. p. 576.):
Parson. Son & Co., N. Y.$36,028 061A. B. Leach & Co., N.Y.$35,883 78
W. N. Coler & Co., N.Y. 36.004 651
VANDERKURGH COUNTY (P. 0. Evansville), Ind.
-BOND OFFERING.
-Carl Lauenstein, Co. Treas., will offer for sale at public auction
at 10 a. m. Mar. 15 $12,000
% Lower Mt. Vernon road-impt. bonds in
Perry Twp. Denom. $600. Int. M. & N. Due $600 each six months
from May 15 1916 to Nov.1115 1925 incl.
WALLER COUNTY,Tex.
-BOND OFFERING.
-This county is offering
for sale $25.000 53" 10-40-yr. (opt.) road bonds. Denom. $1,000. Int.
annually. C. J. Rhemann is Commissioner (P. 0. Brookshire).
WARREN COUNTY (P. 0. Vicksburg), Miss.
-BOND SALE.
-On
Feb. 4 the $140,000 5% 15 2-3-40-yr. (opt. aver.) road and bridge bonds
661
offered without success on Jan.6 (V. 100, p. 73) were awarded, it is stated.
to the Provident Say. Bank & Trust Co. of Cincinnati at par,
commission to float issue. This sale was reported in last week'sless $525
"Chronicle", but the amount of the issue was erroneously given as $150.000.
WARREN, Warren County, Pa.
-BOND ELECTION PROPOSED.
According to reports,this city proposes to hold an election to
quest.on of issuing $50,000 storm-sewer and fire-dept. bonds. vote on the
WASHINGTON COUNTY (P. 0. Greenville), Miss.
-CERTIFICATE
SALE.
-On Feb. 1 $150,000 6% certificates-of indebtedness. dated Feb. 1
1915 and due Jan. 20 1916 were sold through the Commercial Say. Bank of
Greenville to local capitalists at par. Denom. $500 to 510.000.
WATERLOO, Blackhawk County, Iowa.
-BONDS PROPOSED.
Local papers state that a resolution providing for the issuance of
refunding bonds was presented at the regular meeting of the City $20.000
CouncI
on Jan. 25.
WATERTOWN, Middlesex County, Mass.
-LOAN OFFERING
WITHDRAWN.
-We are advised that the sale of the $175,000 loan maturing Dec. 10 1915 which was to have taken place on Feb.
10 (V. 100.
p. 496) was withdrawn and will be offered again later.
WATERTOWN SCHOOL DISTRICT (P. 0. Watertown), Jefferson
County, N. Y.
-BONDS NOT TO BF. ISSUED AT PRESENT.
-The Cerk
of the Board of Education advises us that this district is not contemplating
the issuance of bldg. bonds at present. as"no money has bean appropriated
for school construction." (V. 100. p. 330.)
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND SALE.
-On
Feb. 13 the two issues of 4)i% 6
-year (aver.) highway-impt. bonds aggregating $19,000 (V. 100. p. 496) were awarded to the Second Nat. Bank of
Richmond for $19,200 (101.052) and int.-a basis of about 4.30%. Other
Dickinson Trust Co., Richmond
$19,178 90
First National Bank, Richmond
19,120 00
Evansville Securities Co., Evansville
19.050 00
Breed, Elliott & Harrison, Indianapolis
19,038 00
RichardStudy
19,025 00
Fletcher-American National Bank, Indianapolis
WAYNE COUNTY CONSOLIDATED SCHOOL DISTRICT (P. 0.
Waynesboro), Miss.
-BOND OFFERING.
-W. A. Bodi, Chancery Clerk.
will receive bids until March 1 for $1,200 6% 10-20-yr. (opt.) school bonds.
Interest annually.
WEST ELKTON SCHOOL DISTRICT (P. 0. West Elkton), Preble
County, Ohio.
-BOND OFFERING.
-This district will offer for sale on
March 1 the $2,000
% 20-year school-heating-plant-installation-plant
bonds recently voted (V. 100. p. 576)•
WEST PARK, Cuyahoga County, Ohio.
-BOND
-Fred
Fenchter. Vii. Clerk, will receive bids until 12 m.March OFFERING.
16 for the following
5% bonds:
$7.000 coupon delinquent sidewalk Improvement (assess.) bonds. Denom.
$1,000. Due $3,000 Oct. 15 1915 and $4,000 Oct. 15 1916.
10,795 road-improvement bonds. Denom.(10) 51,000.(1) $795. Due in
30 years.
Date Oct. 15 1914. Int. A.& 0. Cert. check on a bank other than the
one making the bid,for 5% of bonds bid for, payable to Vii. Treas.. required.
Bonds to be delivered and paid for, within 15 days from time of award.
Purchaser to nay accrued interest.
WHITE COUNTY (P. 0. Monticello), Ind.-730ND OFFERING.Proposals will be considered by 0. C. Middlestadt, County Treas.. unti
10 a. m. Feb. 27, for $12,800 0 % coup. tax-free John Hartman et al.
,
5
NEW LOANS.
NEW LOANS
CORPORATION NOTICE.
STATE OF NEW YORK
$100,000
CITY OF PLAINFIELD, N.J.
SCHOOL BONDS
4 Per Cent Gold Bonds
/
1
4
EXEMPT FROM TAXATION, INCLUDING THE FEDERAL INCOME TAX
Notice is hereby given that on Monday, the
FIRST DAY OF MARCH. 1915,
at 8 o'clock p. m., at the Council Chamber,
AMOUNTING TO
No. 149 North Avenue, Plainfield, N. J., the
Common Council of said City will receive sealed
bids for the purchase of $100,000 School Bonds
of said City, dated March 1st, 1915, bearing interest at the rate of four and one-half per cent per
annum, payable semi-annually and maturing
Issued in Coupon or Registered Form
serially, $3,000 on March 1st in each of the years
1943 to 1954, both inclusive; $4,000 on March 1st
in each of the years 1955 to 1961. both inclusive,
and $9,000 on March 1st in each of the years 1962
to 1065, both inclusive. The bonds will be couthe State Comptroller's Office, Albany, N.
pon in form, but may be registered as to principal
only or as to both principal and interest. A cerThis is the only public sale of New York State bonds that is contemplated
tified check for two per cent(2%) of the par value
of the bonds bid for, payable to the Treasurer of
during the present calendar year.
the City of Plainfield, must accompany each bid
No bid less than par and accrued interest will
These bonds have been segregated into two classes and bidders will be
required to state clearly
be accepted.
in the proposal the class of bonds and the amount and price for each $100 bid for,
The right is reserved to reject any or all bids.
issued in denominations of $1,000 00 and registered toonds in denominations of coupon bonds being
$1,000 00. $5,000 00.
All proposals or bids must be submitted on $10,000 00 and $50.000 00.
forms of proposal especially prepared for that
Class No. 1. 28,000,000.00 for the Improvement of the Erie,
purpose, copies of which may be obtained from
Champlain
the City_ Clerk or from the United States Mort and Oswego canals, dated January 1,
1915, due January 1, 1965; $4,000,e & Trust Co., New York City.
he legality of the issue has been examined by 000.00 for the Improvement of the Cayuga and Seneca Canal, dated JanuMessrs. Hawldns, Delafield & Longfellow, whose
1, 1915, due January 1, 1965; $10,000,000.00 for the Improvement
favorable opinion will be furnished to the purchas- ary
of
Highways, dated March 1, 1915, due March 1, 1965.
ers. The bonds will be prepared and certified
to genuineness by the United States Mortgage as
As the bonds enumerated above are all 50-year bonds, bearing 4 V per cent
&
i
Trust Co. of New York City, and the bonds will
inbe delivered to the respective purchasers on terest, the Comptroller will reserve the right to allot to the successful bidder
bonds of
Wednesday, the tenth day of March,. 1915, at the any or all of the above issues in Class No. 1,
notwithstanding the specific issue may be
office of the City Treasurer of
Plainfield. N.
stated in the bid.
unless another time be mutually
agreed upon.
Bids will be received for all or any
part of such
Class No. 2. $5,000,000.00 for the Construction of Barge Canal
issue.
TermiDated, February 15, 1915.
nals, dated January 1, 1915, due January 1, 1945.
By order of the Common Council.
Temporary receipts will be issued which will be exchanged for
JAMES T. MacMURRAY, City
the pennanen t
Clerk.
bonds when ready for delivery.
$27,000,000.00
Will Be Sold WEDNESDAY, MARCH 10, 1915, at 12 o'clock, noon
At
Y.
9
H. M. Byllesby & Co.
Incorporated
THESE BONDS ARE LEGAL INVESTMENTS FOR TRUST
FUNDS.
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank
draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed
"Loan for Improvement,"and enclosed in a sealed envelope directed to the"CompPurchase, Finance, Construct and troller of the State of New•York, Albany."
All bids will include accrued interest.
Operate Electric Light, Gas, Street
The Comptroller reserves the right to reject any or all bids which are not in his
Railway and Water Power Prop- opinion advantageous to the interests of the State.
erties.
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, etc., will be mailed upon application to
NEW YORK
CHICAO0
TACOMA
Trinity Bids. Cont. & Comm.
Washington
Bank Bldg.
Examinations and Reports
Utility Securities Bought and Sold
EUGENE M. TRAVIS, State Comptroller, Albany, N. Y.
Albany, Feburary 13, 1915.
•
[VOL. 100.
THE CHRONICLE
662
$640. Date
highway-irnpt. bonds in Prairie Twp. Denom.$480 each six Feb. 2 1915.
months from
Int. M.& N. at office of County Treas. Due
May 15 1916 to Nov. 15 1925 incl.
Greenbrier County, W. Va.-BOND
WHITE SULPHUR SPRINGS,
-Proposals will be received until 1 p. m. March 13 by B. F.
OFFERING.
bonds.
Dixon, Town Recorder, for $9,500 6% gold coupon sewer and water
Int.
Denom. $500. Date "day of sale.years. payable at the White Sulphur
Cert. check for 10%. payable
Bank. Due in 10 and 20
Springs
$2,000. Assess. val.$475,448
to the Town Treas..required. Bonded debt
-BOND OFFERING.
WILKES BARRE, Lucerne County, Pa.
by Fred H. Gates, City
Proposals will be received until 12 m. March 1 coupon city-improvement
$100,000 of an issue of $390,000 43 %
Clerk,for
Int. J.
Date
bonds, series "J". Denom. $1,000. on Jan.Jan. 1 1915. $20,000. & J.
1 as follows:
1920:
at office of City Treas. Due yearly
to 1925 incl.: and $10.000 from 1926 to 1929 incl. Cert.
$8.000, 1921
Treas..
check for 2% of bonds bid for, payable to City of U. S.required. Bonds
Mtge. & Tr. Co.,
to be delivered and paid for on March 3 at office legality of these bonds
N. Y. Purchaser to pay accrued interest. The whose opinion is on file
has been approved by John G. Johnson of Phila.,
as to the
In the City Clerk's office. The above trust company will certifyfurnished
genuineness of these bonds. Bids must be made on blank forms
tax except that levied for
by the city. This issue of bonds is free from to principal. Official cirState purposes. Bonds may be registered as
cular states that there is no controversy or litigation pending or threatened
present
affecting the corporate existence, boundaries of the city, or title of that no
officials to their respective offices or to the validity of these bonds,
previously issued bonds have ever been contested and that the city has
never defaulted in the payment of either principal or interest on any of its
bonds. Total bonded debt (incl, this issue), $1,841,400. Assess. val.,
$71,900.000. Est. 8120.000,000.
-BOND OFFERING.WILLIAMS COUNTY (P. 0. Bryan), Ohio.
Proposals will be received until 12 m.March 8 by C. R.Lowe,Co. And..for
$40,000 5% highway-improvement (assess.) bonds. Auth. Sec. 1223,
Gen. Code. Denom. $1,000. Date March 1 1915. Int. M. & S. Due
$5,000 each six months from March 10 1916 to Sept. 10 1919 incl. Cert.
Bonds to
check for 5% of bonds bid for, payable to Co. Treas., required. Purchaser
be delivered and paid for within 10 days from time of award.
to pay accrued interest.
-On
WILMINGTON, New Castle County, Dela.-BOND SALE.
-year (aver.) coup. or reg. building-commisFeb. 16 the 8300.000 41i% 32
sion bonds (V. 100. p. 496) were awarded to Harris, Forbes & Co. of N.Y.
at 103.831 and int.-a bests of about 4.28%. Other bidders were:
102.85
103.769'Rhoades & Co., N. Y
Estabrook & Co., N. Y
103.27 Remick, Hodges & Co.. N.Y.102.793
Blociget & Co., N. Y
Alex. Brown & Sons, Balto-103.048Equit. Gu. & Tr. Co., Wilm_102.778
-BOND OFFERING.
WINCHESTER, Middlesex County,Mass.
Proposals will be received until 10 a. m. Feb. 23 by Geo. H. Eustis, Town
tax-free bonds:
Treas., for the following 4% coupon
$14,000 surface-drainage bonds. Date Mar. 1 1915. Due $3,000 yearly
on Mar. 1 from 1916 to 1919 incl. and $2,000 Mar. 1,1920.
7,000 Highland playground loan bonds. Date Feb. 1 1915. Due
$3.000 Feb. 1 1916 and $2,000 on Feb. 1 1917 and 1918.
Denom.$1,000. Int. semi-ann. at Old Colony Tr. Co., Boston. These
bonds will be certified as to genuineness by the Old Colony Tr.Co.and their
validity approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion will be furnished purchaser without charge.
-Proposals
-BOND OFFERING.
WINONA, Winona County, Minn.
will be received until 8 p. m. Feb. 23 by F. S. Bell, Secy. Board of Park
Commrs., for $15,000 5% coupon park bonds. Denom. ($7,500) $100.
($7,500) $1.000. Date May!1915. Int. M.& N.at the Nat. Park Bank
of N. Y. Due May 11939. Bonds will be delivered May 1 1915. Cert.
check (or cash) on a bank in Winona for 2% of bonds bid for required.
-BOND SALE.
-On
WINSTON-SALEM, Forsyth County, No. Car.
Feb. 6 the $218,000 funding $60,000 school, $50,000 street-improvement,
-year
$50,000 water-extension and $50,000 sewage-disposal-plant 5% 30
coupon bonds offered, but not sold on Aug. 5(V.99. p. 494). were awarded,
It is stated, to Baker, Watts & Co., and the Mercantile Trust & Deposit
-equal to 101.705. The above funding
Co. of Baltimore for $135.300
bonds are part of an issue of $250,000, of which $32,000 was taken by the
City Sinking Fund Commission.
WINTERS JOINT HIGH SCHOOL DISTRICT (P. 0. Woodland),
-On Feb. 2 the 850,000 5% high-BOND SALE.
Yolo County, Calif.
school-building and equipment bonds dated Jan. 11 1915 (V. 100, p. 330)
were awarded at par and int. as follows: $30.000 to the State of California
and $20,000 to the First Nat. Bank of Winters. There were no other bids.
-On
WOODRUFF, Spartanburg County, So. Can-BOND SALE.
Feb. 10 the $60,000 5% 20-40-year (opt.) coupon water-works and sewersystem-installation bonds dated Oct. 1 1914 (V. 100. p. 420) were awarded
-a basis of about 5.245%
to J. H. kinsman & Co. of Atlanta at 97 and lot.
to optional date and 5.179% to full maturity.
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
On Feb. 18 a loan of $150.000 maturing Oct. 18 1915 was negotiated with
Livingston Davis of Boston at 3.03% discount, plus $2 85 premium.
Other bids were:
Discount.
Premium.
3.04
plus $140
Morgan & Bartlet, New York
Merchants' National Bank, Worcester
3 1
3 5
:?4
Brothers & Co., Boston
plus 91 25
3.12%
Curtis & Sanger, Boston
3.12
R. L. Day & Co., Boston
3.13%
Solomon Bros. & Hutzler, New York
-BOND
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
-On Feb. 18 four issues of 5% road-improvement bonds. aggreSALE.
gating $41,500. were awarded, it is reported, to the First Nat. Bank of
-equal to 101.156.
Upper Sandusky for 841,980
-BOND
YAKIMA COUNTY SCHOOL DISTRICT NO. 94, Wash.
-Proposals will be received until 10 a. m. March 6 by Jas. F.
OFFERING.
-year (opt.) coup. funding bonds.
Wood. County Treas., for 812.000 1-20
Date day of issue or the first day of some month to suit purchaser. Int.
(rate not to exceed 6%) payable ann. at office of County Treas. These
bonds were voted at an election held Jan. 30. Bonded debt $16,000.
Assessed and equalized val. 1914, $824,715.
YANKTON SCHOOL DISTRICT (P. 0. Yankton), Yankton Coun-Proposals will be received until 7:30
ty, So. Dak.-BOND OFFERING.
p. m. March 4 by Israel Daniels, Secy. B .of Ed.. for $100,000 5% coupon
by vote of 759 to 678 at the election held Jan. 30
building bonds authorized
(V. 100, p. 577). Denom. $200. Int. May 1 and Nov. 1 at such place
as may be designated by the purchaser. Due $15,000 in 3 years, $5,600 in
$6,800 in
4 years. $6,000 in 5 years, $6,200 in 6 years. $6,600 in 7 years,13
8 years. $7,200 in 9 years, $7,600 in 10 years, $8,000 in 11, 12, for and 14
5% of
and $7,000 in 15 years after date of bonds. Cert. check
years
bonds, payable to S. S. Buckwalter, Treas.. Bd. of Ed., required. No
bonded debt. Assess. val. 84,031.617.
-BOND OFFERING.YAVAPAI COUNTY (P. 0. Prescott), Ariz.
Proposals will be received until 10 a. m. March 8 by R. T. Belcher, Clerk
NEW LOANS.
ENGINEERS.
$2,750,000.00
THEIGWHITE COMPANIES
CITY OF ST. LOUIS
FINANCIERS
ENGINEERS
/%
412 MUNICIPAL BRIDGE 20-YEAR
GOLD BONDS
OPERATORS
MANAGERS
43 EXCHANGE PLACE, NEW YORK
ST. LOUIS, FEBRUARY 1ST, 1915.
SAN FRANCISCO
LONDON
By virtue of Ordinance No. 27,796,the undersigned are authorized to issue and sell,for the City CHICAGO
Municiof St. Louis. two million seven hundred and fifty thousand dollars ($2,750,000 00) of St. LouisMayor's
for the purchase of asid bonds will be received atthe
pal Bridge Bonds, and sealed proposals
Office, in the City of St. Louis, until 12:00 o'clock noon of the 15TH DAY OF MARCH,1915, and
publicly opened by the undersigned at said place and hour.
Aiten S. Miller
Alex. O. Humphreys
Said bonds will be dated April 1st, 1915, and will each be of the denomination of $1.000 United
States Gold Coin, payable twenty (20) years after their date, and will bear interest from their date at
interest coupons. payable on the
the rate of four and one-half(4%)per cent per annum. Semi-annual
and coupons
first day of October and April, respectively, will be attached to each bond,and both bondsNewYork,in
will be payable to bearer, as he may elect, either at the National Bank of Commerce, in
ENGINEERS
Lane. London,
United States Gold Coin, or at the National Bank of Scotland. Limited, 37 Nicholas
England,in pounds Sterling, at the rate of four dollars, eighty-six cents, six and one-half mills (84.8665)
in payment of principal and interest.
per pound Sterling. The bonds will contain the condition that
of
the United States Gold Dollar and the Pound Sterling will be calculated at the present standard
NEW YORK
185 BROADWAY
weight and fineness. The bonds may be exchanged for registered bonds at any time.
the par and premium
Bidders are requested to state in their proposals the price offered per bond,
to be stated as one amount.
No bid will be considered that is not made on blank furnished by the Comptroller.
CompProposals must be accompanied by a cashier's or certified check, payable to the order of the
bid
troller (and subject to his approval), equal to two (2) per cent of the nominal amount of the bonds by
returned immediately if the proposal is not accepted,otherwise to be retained
for: said deposit to be
Engineering and Construction
proposal,
the City asliquidated damages in event of failure on the part of the bidder to comply with his required
or in case of compliance to be retained as part of the purchase money. A deposit in theYork, on
of Commerce, in New
Plans, Methods, Examinations
amount to the credit of the City of St. Louis, In the National Bank
or before Saturday, March 13th, 1915, will be accepted as full compliance with the requirements rePublic Utilities and industrials
lating to deposits. No interest will be allowed on earnest money deposited.
Proposals will be subject to all the conditions and reservations of this advertisement,and must refer
REPORTS FOR FINANCING
to same as a portion of the agreement on the part of the bidder.
Proposals should be enclosed and addressed to the undersigned and endorsed "Proposals for PurBankers Trust Bldg., New York
chase of St. Louis City Bonds.'
The undersigned reserve the right to reject any or all bids.
be delivered against payment therefor in current funds, at the office of the CompThe Bonds will
troller in the City of St. Louis, or,if the bidder so elects in his proposal,at the National Bank of Com- Alfred E. Foretell
Charles 1). Robison
merce. in New York. on the let day of April, 1915.
York
The opinion of Messrs. Dillon, Thomson & Clay. Attorneys and Counselors at Law, New
City,as to the validity of the bonds, will be furnished the successful bidders by the City.
information obtained at the office of the Comptroller.
A sample bond can be seen and
ENGINEERS
BOARDIOF ESTIMATE AND APPORTIONMENT:
Investigations and Appraisals of Gel and
HENRY W. KIEL, Mayor.
JAMES Y. PLAYER, Comptroller.
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,
HUMPHREYS& MILLER,Inc
Power-Light-Gas
C. G. YOUNG
FORSTALL AND ROBISON
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Balls St., CHICAGO
MINING ENGINEERS
H.
-
M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
THE CHRONICLE
11'm:4 20 1915.]
Board of Supers.,it is stated,for the $250,000 5% gold coupon court-houseconstruction and equipment bonds offered without success on Sept. 23.
(V. 100, p. 250).
YORK TOWNSHIP (P. 0. Powhatan Point), Belmont County,
Ohio.—BOND OFFERING.—Bids will be received until 12 m. March 6
by G. L. Donal', Twp. Clerk, for $2,000 5% road-improvement bonds.
Denom.$500. Int. semi-ann. at First Nat. Bank,Powhatan Point. Due
$500 on March 1 and Sept. 1 1923 and 1924.
YORKVILLE, Oneida County, N. Y.—BOND SALE.—On Feb. 8
$6,000 sewer-system-ext. bonds were awarded to Geo. B. Gibbons & Co.
of New York City at 100.25 and int. for 4.90s. Denom. $100. Date
April 1 1915. Int. A. & 0. Due $600 yearly on April 1 from 1918 to
1927 inclusive.
YOUNGS TOWNSHIP SCHOOL DISTRICT NO.4 (P. 0.Fountain
Inn R. D. No. 2), Greenville County, So. Caro.—BONDS NOT YET
SOLD.—No sale has yet been made of the $2,00067 20
0 -year building bonds
offered without success on June 30 (V. 99, p. 220)•
TUBA COUNTY RECLAMATION DISTRICT NO. 10 (P. 0. Marysville), Cal.—BONDS AWARDED IN PART.—Of the $100.000 6%
reclamation system completion bonds offered on Jan. 30 (V. 100. p. 330).
$84,000 were sold, it is stated, to the Rideout Bank of Marysville at par
and interest.
Canada. its Provinces and Municipalities.
BRAMPTON, Ont.—DEBENTURES'AUTHORIZED.—Reports state
that the Council on Jan. 20 passed by-laws authorizing the issuance of
$16,275 67 paving, $4,289 47 sidewalk and $20,565 14 local-improvement
debentures.
COATICOOK, Que.—DEBENTURE SALE.—It is stated that this city
has sold an issue of $4,500 6% debentures to the Eastern Securities Co,
Ltd.. of Montreal for $4,328 75—equal to 96.194. Denom.$500.
JOLIETTE, Que.—DEBENTURE OFFERING.—Proposals will be
received until 8 p.m. Feb.24 by A.L. Marsolais, Secy.-Treas..for $112,000
-year coupon debentures. Denom. $1,000..Int. M.& N. at Banque
57,30
d kiochelaga, Montreal. Purchaser to pay accrued interest.
LITTLE CURRENT, Ont.—DEBENTURE SALE.—The $8.000 6%
electric-light-plant debentures authorized by a vote of 58 to 4 at the election
held Jan. 25(V. 100. p.331) have been sold to local investors. Due in 1927.
MINNEDOSA, Man.—DEBENTURE OFFERING.—Bids will be received by G. T. Turley. Town Clerk, until March 3 for $3.500 6% localmprovement debentures. Due in 20 equal annual installments.
NEEPAWA, Man.—BID REJECTED.—Reports state that an offer of
82 and int. received from W. L. McKinnon & Co. of Toronto for the two
issues of 6 7 impt. debentures, aggregating $7,500 10, offered, but not
sold, Aug. 27 1914 (V. 99. p. 691) has been rejected.
OTTAWA, Ont.—ADDITIONAL BID.—We learn that'the official list
of bids printed in last week's"Chronicle" failed to include the bids submitted
by A.E. Ames & Co.of Toronto,for both classes of bonds offered on Feb. 8.
This firm offered 92.852 for the $1,405.536 24 435% general debentures and
99.286 for the $190,000 5% school debentures.
017TREMONT, Que.—BID REJECTED.—Owing to an error in the financial circular. which caused a misunderstanding as to the date of the issue
of the $700,000 5% 3
-year debentures which were offered on Feb. 15 (V.
100, p. 577). only one bid wasreceived,and this was submitted by Hanson
Bros. of Montreal, who offered 96.74. This bid was not accepted.
MISCELLANEOUS.
663
PENTICTON, B. C.—DEBENTURE SALE.—Reports state that the
Municipal Council has disposed of an issue of $10,000 6% 30
-year irrigation
debentures at 85 to Wolverton & Co. of Vancouver.
OPTION GRANTED TO PURCHASE DEBENTURES.—It is further
stated that the above firm has been given a thirty-day option to purchase
$2.700 school and $4,000 Weir Boyce Judgment claim 6% debentures.
RENFREW, Ont.—DEBENTURE SALE.—On Feb. 13 the $16,000
6% electric-light debentures (V. 100, p. 497) were awarded to W.A. MacKenzie & Co.of Toronto for $16,485 (105.281) and int. The other bidders
W. L. McKinnon & Co.,
Aemillus Jarvis & Co..
Toronto
$16.697 76
Toronto
816,466 40
A.E. Ames & Co.,Toronto 16.60300 Macnell & Young,Toronto 16,363 20
C. H.Burgess& Co.,Tor_ 16.545 60 Brent. Noxon & Co..Tor_ 16,231 00
A. B. Marten & Co
16.507 00 E.B.Butterworth
16,19200
G.A.Stimson & Co.,Tor_ 16.504 00 Kerr & Bell
16.177 60
Canada Bond Corp., Tor_ 16.503 36 R.C.Matthews& Co..Tor.15,840 00
ST. VITAL, Man.—DEBENTURE SALE.—According to reports the
Sterling Bank has purchased $242,000 6% debentures.
SASKATCHEWAN (Province of).—LOAN.—Reports state that this
province has arranged a loan in New York of 82,500,000 for a period of
three years by the issue of securities bearing 57,, interest. It Is said that
the net cost to the Province will be 551%. It is stated that the same institution will further finance the needs of the province after March 1 with
an additional $3,500,000 making a total of 56.009,000.
THORDENSKJOLD SCHOOL DISTRICT NO. 421, Alta.—DEBENTURE SALE.—An issue of $1.000 8% school debentures was sold by this
district during the month of January. Date Jan. 15 1915. Due in installments up to Dec.2 1924.
TORONTO, Ont.—DEBENTURE NOTE SALE.—On Feb. 11 the
$2,000.000
% debenture notes due $750.000 In one-year and 81.250.000
in two-years, were awarded to Aemilius Jarvis & Co.of Toronto and Kissel,
Kinnicutt & Co. of N. Y. at their joint bid of 100.081. The city did not
supply an official list of the bids but we are told that some of the offers
were as follows:
Wood, Gundy & Co. and A. E. Ames & Co.. Toronto, 99.91.
N. W. Harris & Co., Montreal, 99.687.
E. Lowber Stokes. Philadelphia, Pa., 99.625.
A. B. Leach & Co.. New York, 99.378.
A. H. Martens & Co. (one-year), 100.0625; (two-year) 99.757.
MacNeil & Young. Toronto. 99.30.
Horne Smith & Co. (in conjunction with New York
Dominion Securities Corporation. Toronto, 99.86. interests), 99.876.
Goldman & Co., Toronto, 97.9312.
Osier & Hammond, Toronto, 99.78.
W. Salomon & Co.. N. Y., and G. A. Stimson & Co., Toronto. 99.8275.
Brent. Noxon &
Toronto. 99.81.
W. A. Mackenzie 8t Co., Toronto, 99.777.
Co.,
D. K. Ridout. Toronto. 99.65.
It was stated that there were in all 23 tenderers.
VERMILION, Alta.—DEBENTURE OFFERING.—Proposals will be
received by H. P. Long, Secy.-Treas.. until 6 p. rn. March 8 for 56.000 6%
debentures. Due in 10 equal ann. installments of principal and interest.
WESTON, Ont.—DEBENTURE SALE.—According to reports. the
$6.000 6% 15-year water-works-improvement debentures voted Jan. 4
(V. 100. p. 331) have been sold to W. A. McKenzie & Co. of Toronto at
102.35.
MISCELLANEOUS.
STONE & WEBSTER
SECURITIES OF
PUBLIC SERVICE CORPORATIONS
STONE Z. WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS
STONE Z. WEBSTER
111XNAGE9ENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
The Union Trust Company of New York (established in
1864) has for many years made a specialty of Personal Trusts—
under Will or under Agreement—and maintains a carefully organized department for handling them.
Many millions of dollars worth of property—real and personal
—have been intrusted to the company by conservative people,
residents not only of New York State but of other States in
which the Union Trust Company is authorized to transact business.
Correspondence or interviews with persons considering the
formation of trusts of any kind—for themselves or for others—
are solicited.
UNION TRUST COMPANY, 80 Broadway
MELLON NATIONAL BANK
PITTSBURGH
BOSTON
147 MILK STREET
NEW VORIS
CHICAGO
5 NASSAU ST. FIRST NAT.BANK BLDG.
Adrian H. Muller &
SOki
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street
Statement of Condition at the close of business December 31, 1914.
RESOURCES.
Loans, Bonds and Investment Securities
. $46,322,158 26
Overdrafts
25 90
•
Cash
•
•
•
.
4,645,618 69
•
Due from Banks
6,325,386 47
$57,293,189 32
LIABILITIES.
Capital . .
•
•
•
. .
Surplus and Undivided Profits . .
Circulating Notes . . .
Deposits
.
.
•
•
•
•
•
Regular Weekly Sales
.
.
.
.
$6,000,000 00
2,576,926 90
4,810,000 00
43,906,262 42
$57,293,189 32
diZOMMEN
OF
STOCKS and BONDS
EVERY WEDNESDAY
IllinoisTrust&SavingsBank
At the Exchange Sales Rooms
CHICAGO
14-16 Vesey Street
BRANDELL KENMORE & CO.
C:OUNTANTS
UDITORS
NALYSTS
A
TURKS HEAD BLDG., PROVIDENCE. R. I.
Capital, Surplus and Undivided Profits
-
$15,700,000
Pays interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
cellent Securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
ohange. Transacts a General Trust Business.
Corporation Bonds
THE CHRONICLE
664
Erut Companiefs
[VOL. 100.
gankets & Wolters outstbe
P.
PITTSBURGH
CHARTERED 1853
United States Trust Company of New York Donner, Childs & Woods
Members New York Stock Exchange. Pittsburgh
Stock Exchange. Chicago Board of Trade.
45-47 WALL STREET
•
•
•
• .
Capital,
Surplus and Undivided Profits
• $2.000.000.00
• $14,178,094.82
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON. President.
WILLIAM R. KINGSLEY, Vice-President
WILFRED J. WORCESTER. Secretary.
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. Secs
PA YNE WHITNEY
EDWARD W SHELDON
CHAUNCEY KEEP
GEORGE L. RIVES
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
Union Bank Building,
PITTSBURGH. PA.
FOR SALE
INTEROCEAN TRANSPORT CO.
DEBENTURE 6s, DUE 1918
11-Pirayinr& CO.
NEW YORK
PITTSBURGH
BUFFALO
.luotations and Information Furnished on
PITTSBURGH SECURITIES.
TRUSTEES
JOHN A. STEWART Chairman of the Board
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
:AMES STILLMAN
JOHN 3. PHELPS
LEWIS CASS LEDYABD
LYMAN 3. GAGE
INVESTMENT SECURITIES
OGDEN MILLS
EGERTON L. WINTHROP
CORNELIUS N. BLISS JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
CHARLES F. HOFFMAN
BALLARD & McCONNEL
Members Pittsburgh Stock Exchange
ommon wealth Bldg..
PITTSBURGH. PA
PHILADELPHIA
3nsttrante
W.0. HOPPER,
H. S. HOPPER.
Members of Philadelphia Stock Exchange,
ATLANTIC MUTUAL INSURANCE COMPANY
Wall. G. Hopper & CO.
STOCK AND BOND BROKERS
New York. January 26th, 1915.
The Trustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1914.
The Company's business has been confined to marine and inland transportation insurance.
5,026,461 19
Premiums on such risks from the 1st January, 1914, to the 31st December, 1914
654,783 26
Premiums on Policies not marked off 1st January, 1914
Total Premiums
5,881,244 45
Premiums marked off from January 1st, 1914, to December 31st, 1914
5 South Third Street,
PHILADELPHIA
Investments receive our special attention. Inormation cheerfully furnished regarding present
*aiding, or proposed investments.
GRAND RAPIDS
4,687,279 32
Interest on the investments of the Company received during the year 330,262 43
Interest on Deposits in Banks and Trust Companies, etc
42,065 85
Rent received less Taxes and Expenses
141,088,74
Howe,Snow,
Corridan & Berteles
513,417 02
2,253,324 69
Lomes paid during the year
242,315 69
372,200 31
Less: Salvages
Re-insurances
Grand Rapids, Mich.
814,516 00
Public Utilities Securities
1,638,80869
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,etc
138,873 43
562,724 57
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 second of February next.
The outstanding certificates of the issue of 1909 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the second of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending
Slat December, 1914, which are entitled to participate in dividend,for which, upon application, certificates
will be issued on and after Tuesday the fourth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
EDMUND L. BAYLIES,
ANSON W. HARD,
CHARLES M.PRATT,
JOHN N. BEACH,
SAMUEL T. HUBBARD,
DALLAS B.PRATT,
NICHOLAS DIDDLE,
THOMAS H. HUBBARD,
ANTON A. RAVEN,
ERNEST C. BLISS,
LEWIS CASS LEDYARD,
JOHN J. RIKER,
JAMES BROWN,
WILLIAM H. LEFFERTS,
DOUGLAS ROBINSON
JOHN CLAFLIN,
CHARLES D. LEVERICH,
WILLIAM JAY SCHIEkFELIN,
GEORGE C. CLARK,
GEORGE H. MACY,
SAMUEL SLOAN,
CLEVELAND H.DODGE,
NICHOLAS F.PALMER,
WILLIAM SLOANE,
CORNELIUS ELDERT,
RICHARD H.EWART,
ADOLF PAVENStEDT,
WILLIAM A. STREET,
PHILIP A S. FRANKLIN,
CHARLES A.PEABODY,
GEORGE E.TURNURE
,
HERBER1 L. GRIGGS.
JAMES H.POST,
M
RICHARD H. WILLIAS,
A. A. RAVEN,Prestdent.
CORNELIUS ELDERT, Vice
-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY,ad Vice-Prestdent.
ASSETS.
United States and State of New York
Bonds
New York City, 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 of 1887)
Premium Notes
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
in foreign countries
Cash In Bank
Loam
670,000 00
1,783,700 00
2,723,912 00
357,095 00
500,000 00
4,299,426 04
75,000 00
941,068 28
775,688 06
LIABILITIES.
Estimated Losses, and Losses Unsets
2,162,711 00
Bed in process of Adjustment
993,985 13
Premiums on Unterminated Risks_ _ _
Certificates of Profits and Interest
277,510 45
Unpaid
104,976 64
Return Premiums Unpaid
47,993 70
Reserve for Taxes
209.323 59
-insurance Premiums
Re
Claims not Settled, including Com122,813 07
pensation ,ete
Certificates of Profits Ordered He
deemed, Withheld for Unpaid Pre22,55664
miums
1,26440
Income Tax Withheld at the Source
Certificates of Profits Outstanding— 8.986,82000
We negotiate entire issues and purchase
Public Service properties of wellestablished earnings
BUFFALO
BONDS
of the
nternational Railway System
and other
Local Securities
TELLER & EVERS
$14 Ellicott &mare.
Buffalo. N. Y.
CINCINNATI
FIELD, RICHARDS & CO.
{Municipal
Bonds k..orporation
CLEVELAND - CINCINNATI
CDGAR FRIEDLANDER
DEALER IN
Cincinnati Securities
CINCINNATI
149,249 82
1,756,535 26
70,000 00
10,929,734 62
14,101,674 46
'Thus leaving a balance of
3 171,93984
Accrued Interest on the 31st day of December, 1914, amounted to
'36,72545
28,122 35
Rents due and accrued on the 31st day of December 914, amounted to
Re-Insurance due or accrued, in companies authorised in New York, on the 31st day of
158,649 70
December, 1914, amounted to
33,42171
Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
450,573 98
William Streets and Exchange Place in excess of the Book Value given above at._
63,700 00
And the property at Staten Island in excess of the Book Value, at
The Insurance Department's valuation of Stocks, Benda and other Securities exceeds the
1,439,1,5210
Company's valuation by
On the basis ot these Increased valuations the balance would be
5,343,085 11
OHIO
AUSTIN
High-Grade Texas Municipals and
(4i
Investments
High-Class Industrial Propositions
Splendid Propositions in Farming.
Mineral and Large Ranch Lands
Your patronage respectfully solicttei
STERLING R.FULMORE
AUSTIN. TEXAS
H. AMY & CO.
Members N. Y. Stock Exchange
44 AND 46 WALL ST.,
an
Transact a General Investment
Exchar.iS Business
GEO. B. EDWARDS
BROKER
Tribune Building, NEW YORK. N. Y.
FOR SALE.—Timber, Coal, Iron, Ranch and
other properties.
Confidential Negotiations, Investigations
Settlements, Purchases of Property.
United States. West Indies. Canada. Mexico
SIONTGOINERII, ALA.
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMICHT, ALA
@FedFRASER