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,fitiantial
The
unh1nIrc
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 21 1914
VOL. 98
'Th,e (atonicIe.'.
1914.
Terms of Subscription-Payable in Advance
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Subscription includes following SupplementsBANK AND QUOTATION (monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
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STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
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CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Bin ,k;Tel.Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
P.0. Box 958. Front. Pine and Depeyster SM, New York.
Published every Saturday morning by WILLIAM B. DANA COMYANY.
racob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all, Office of the Company.
100.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,259,195,791, against $2,943,930,381 last week
and $3,098,557,981 the corresponding week last year. Holiday (Washington's)Birthday) in week of 1913.
Clearings-Returns by Telegraph.
Week ending Feb. 21.
1914.
1913.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,493,453,700
125,779,487
146,343,306
28,960,928
288,240,694
70,413,669
15,545,922
$1,773,835,729
169,022,584
142,569,134
34,316,495
287,707,373
73,761,641
16,022,080
-15.8
-25.6
+2.7
-15.6
+0.2
-4.5
-3.0
Seven cities, five days
Other cities, five days
$2,168,737,706
525,209,468
$2,497,235,036
601,322,945
-13.2
-12.8
Total all cities, five days
All cities, one day
$2,693,947,174
565,248,617
$3,098,557,981
-13.1
Total all cities for week
63.259.195.791 53.095.557.951
-I- fi 2
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, Feb. 14, for four years:
Week ending Feb. 14.
Clearings at1914.
1913.
Inc. or
Dec.
1912.
1911.
$
%
$
$
$
New York
1,637,299,443 1,832,864,542 -10.6 1,636,977,829 1,633,233,685
Philadelphia
130,882,297 150,318,419 -12.6 137,499,515 139,480,363
Pittsburgh
45,146,572
49,298,953 -14,1
43,839,095
42,335,887
Baltimore
37,070,720
39,255,571 -20.2
33,254,079
31,344,282
Buffalo
9,781,526
9,694,456 -5.6
9,231,813
9,154,356
Albany
6,698,431
5,883,923 -9.9
6,932,783
5,300,000
7,524,436
Washington
6,968,861
_
7,152,158
7,606,676 -5.9
Rochester
4,288,511
4,1(19,248
4,981,176 -16.3
3,837,930
2,582,672
Scranton
2,621,845
2,246,038 +8.0
2,420,971
2,470,837
Syracuse
2,497,345
3,431,379
2,388,216 +4.6
Reading
1,640,718
1,500,000
1,695,589 -11.5
1,447,665
Wilmington
1,441,865
2,103,333
1,689,354
1,790,810 +17.5
Wilkes-Barre _ _ _
1,428,276
1,221,542
1,354,512
1,130,813 +26.3
Wheeling
1,996,713
2,050,775
2,443,331
18.3
1,993,240
Trenton
2,527,519
27.4
2,135,394
1,593,380
3,480,615
York
839,072
965,715
706,398 +5.4
877,669
Erie
944,931
737,056
1,028,760
8.2
879,797
Greensburg
572,044
438,144
560,170 +2.1
524,429
Binghamton ___ _
636,700
570,000 +11.7
544,800
511,500
609,679
Chester
516,892
557,324 +9.3
437,206
511,952
Altoona
445,489
527,752
539,800
3.0
1,369,180
Lancaster
1,095,732
1,616,145 -15.3
1,081,295
464,321
Montclair
341,088 +36.1
Total Middle _ 1,888,258,581 2,121,256,765 -11.0 1,903,584,071 1,895,341,906
146,717,165
8,366,000
5,088,673
2,985,806
2,781,179
2,529,126
1,820,181
1,398,999
1,239,302
841,145
608,518
370,376
166,718,820 -12.0
9,091,300
8.0
4,819,816 +5.6
2,804,053 +6.5
2,689,629 +3.4
2,603,774
2.8
1,981,409
8.1
1,196,867 +16.9
1,225,739 +1.1
531,340 +58.4
649,849 -6.4
386,226 -4.1
171,394,022
8,948,200
4,151,430
2,735,775
2,827,937
2,455,048
1,033,288
1,170,090
1,058,899
567,061
591,410
436,977
156,270,289
8,606,300
4,136,928
2,601,294
2,308,403
2,345,020
1,706,974
1,305,277
971,727
624,845
523,350
357,047
Total New Eng. 174.746.470 194.695.522 -10.2 195.271.037 181.757.454
Note.-For Canadian Clearings see "Commercial and Miscellaneous News."
NO. 2539
Week ending Feb. 14.
Clearings at
1
PUBLISHED WEEKLY.
IA
Boston
Providence
Hartford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford
Lowell
Holyoke
Bangor
ljnimde
1913.
Inc. or
Dec.
1912.
1911.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _
Columbus
Toledo
Peoria
Grand Rapids._ _
Dayton
Evansville
Kalamazoo
Springfield, Ill_
Fort Wayne ___
Youngstown ___
Akron
Lexington
Rockford
Quincy
Bloomington..__
Canton
Decatur
South Bend
Springfield, Ohl 1
Jackson
Lansing
Mansfield
Jacksonville, Ill.
Danville
Lima
Owensboro
Ann Arbor
Adrian
Tot.Mid.West.
$
$
281,561,722 293,780,306
24,051,600
25,081,850
23,860,394
22,083,589
23,995,067
22,429,015
18,811,145
17,955,048
7,200,000
8,849,113
7,465,700
7,162,900
5,082,623
5,026,056
3,377,419
3,588,692
3,168,808
2,831,634
2,176,336
2,053,321
1,250,358
2,327,062
469,878
610,220
929,274
988,276
1,050,126
1,008,202
1,429,858
1,501,012
1,546.000
1,893,000
1,543,317
1,100,000
965,860
1,016,028
782,056
783,607
675,727
556,533
1,381,370
1,334,921
379,125
567,411
558,725
596,333
654,166
590,755
475,000
525,000
451,005
518,645
395,748
400,807
217,599
411,029
455,612
380,635
371,512
422,702
550,133
580,504
228,774
195,493
35,544
35,051
416,990,340 429,741,991
i
%
3 leOM
-4.2 277,386,681 248,574,949
-4.1
25,596,700
25,306,700
+8.0
19,310,011
18,341,104
+7.0
20,774,824
17,450,820
+4.8
16,365,185
15,586,208
-11.6
8,266,732
8,427,450
+4.2
6,701,800
5,792,000
+1.1
4,635,463
4,288,804
-5.9
3,140,113
3,243,052
+11.9
2,855,646
2,364,590
+6.0
1,804,118
1,931,374
-46.3
2,066,039
2,288,527
-23.1
679,591
578,337
-6.0
1,053,697
910,000
+4.2
960,741
936,554
-4.7
1,183,063
1,143,162
-18.3
1,179,000
936,700
-28.7
1,161,695
1,293,588
+5.3
782,279
751,532
+0.2
633,061
606,564
758,212
551,222
-17.6
-3.4
999,769
1,270,815
490,29/
-33.2
592,732
493,143
-6.4
530,071
+9.1
474,088
455,619
300,000
495,194
-9.5
392,544
-13.0
425,754
-1.3
378,349
331,187
-47.2
322,427
388,612
+19.7
400,768
374,058
-12.1
271,710
489,880
-5.2
520,469
542,828
+17.0
144,228
173,412
+1.4
27,996
55,907
-3.0 403,378,147 366,561.618
San Francisco___
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Fresno
Pasadena
Stockton
San Jose
North Yakima
Reno
Total Pacific.._
45,907,569
22,711,123
10,886,145
10,749,750
4,989,547
3,610,188
2,047,825
3,319,150
1,836,987
2,160,616
822,374
992,014
674,209
692,268
340,000
221,247
111,961,012
-10.2
-4.8
+0.7
-5.8
-7.2
-5.3
-19.3
-12.6
+3.1
-36.5
-8.0
-1.3
-17.2
+21.4
+1.3
-14.8
-8.1
48,958,272
22,249,135
9,592,747
11,054,550
7,801,316
4,366,460
3,102,060
3,729,874
1,405,152
2,328,088
725,000
899,813
773,662
595,530
398,068
236,034
118,216,761
42,867.209
18,200,000
10,148,886
9,993,647
5,299,618
4,200,000
2,621,224
2,936,806
1,359,027
1,384,179
674,523
791,896
578,676
529,869
442,087
226,337
102,253,984
Kansas City_ ___
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Davenport
Topeka
Colorado Springs
Cedar Rapids_
Pueblo
Fargo
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen
Tot.oth.West_
52,181,455
19,403,795
16,319,343
8,410,418
7,330,629
7,583,476
4,757,742
- nnn ene
2,755,270
3,264,260
1,912,022
1,554,348
1,291,237
601,776
1,645,469
566,289
449,658
328,231
1,015,320
930,897
384,928
162,013
393,285
136,241,386
53,444,389 -2.4
21,534,828 -10.0
16,756,838 -2.6
7,579,380 +11.0
8,846,133 -17.1
7,545,579 +0.5
4,558,861
+4.4
53,455,641
19,138,953
18,125,042
9,037,795
8,595,486
7,742,420
4,118,890
52,161,845
18,106,430
13,454,258
8,401,716
8,704,788
7,563,862
3,586,946
51,150,663
23,861,898
10,811,633
11,406,035
5,378,474
3,811,633
2,536,025
3,799,690
1,781,376
3,401,530
894,306
1,005,389
814,436
570,000
335,798
259,770
121,818,656
0 nin nnA
2,361,688
3,402,845
1,777,128
1,220,362
1,642,187
537,273
1,615,177
622,051
431,263
324,555
1,144,828
817,260
325,981
209,336
1,743,238
141,451,401
AA
+16.7
-4.1
4-4.0
4-27.4
---21.5
d-12.0
+1.9
--9.0
+4.2
+1.1
--11.3
dh 18.1
---22.6
---77.4
-3.7
n CAlE nnn
n nno nnn
2,169,820
3,313,845
1,618,225
1,298,051
1,541,669
687,732
909,904
623,267
700,900
312,704
883,482
766,952
297,288
203,314
301,952
138,519,122
2,269,031
3,150,703
1,285,355
1,360,677
1,533,811
676,246
1,010,819
574,617
597,529
270,161
932,180
862,973
106,855
131,105
287,699
129,267,943
76,349,642
80,825,243 -7.0
75,179,383
76,531,511
St. Louis
18,417,218 +1.9
20,145,286
18,773,991
23,789,459
New Orleans.._ _ _
17,404,864
17,112,948
16,645,374
18,383,889
Louisville
lIouston
10,269,682 Not included in total
8,452,000
9,069,000
9,710,000 -6.6
Galveston
9,129,500
7,544,432
8,205,164
8,239,624 -0.4
Richmond
9,176,769
12,771,052
Atlanta
17,000,000
14,760,068 +15.2
15,106,453
7,032,911
Memphis
9,399,101
8,154,908 +15.3
9,430,545
7,072,896
7,810,630
7,953,398 --1.8
Fort Worth
6,788,039
3,905,477
7,600,000
5,329,104
Nashville
7,233,077 +5.1
4,914,902
4,675,604 +5.0
4,118,569
6,527,871
Savannah
2,981,351
4,340,175
4,239,317 +2.4
Norfolk
3,753,358
2,551,515
3,493,762
3,153,771 -0.6
2,955,683
Birmingham _ _
1,702,365
1,415,263
1,258,546 +12.5
1,668,821
Mobile
1,724,625
1,914,897
1,558,180 +22.8
1,963,077
Knoxville
2,345,423
1,805,529 +30.0
1,818,593
2,065,228
Charleston
2,313,813
1,935,532
1,795,325 +7.8
2,507,955
Augusta
1,877,095
2,837.788
2,819,177 +0.3
2,348,562
Chattanooga__ _ _
2,733,774
1,768,997
2,317,088 +18.0
2,365,580
Little Rock
2,929,942
3,495,150
3,420,448
3,677,017 -4.9
Jacksonville
_
2,000,000
2,162,473
1,753,031 +23.3
1,652,149
Oklahoma
4,616,113
4,077,461 +13.2
3,510,539
4,364,159
Macon
5,771,253
2,700,000
5,498,780 +5.0
4,150,710
Austin
357,059 +9.9
375,847
392,355
327,976
Vicksburg
312,271
325,000
303,807 +7.0
274,391
Meridian
965,000
495,514
423,899 +17.0
573,862
Jackson
652,720
1,216,967 +53.8
689,175
1,870,989
Tulsa
790,000
752,463 +31.5
989,606
1,069,426
Muskogee
+0.4 216,343,700 195,479,866
Total Southern 215,732,592 214,852,321
2,943,930,381 3,223.819,956 -8.7 2,978,312.838 2,870,662,671
Total all
Outside N. Y_ 1,306,630,938 1,390,955,414. -6.1 1,341,335,009 1,237,338,986
548
THE CHRONICLE
[VOL. xcvm.
made, from the earnings of three most important
systems, that the margin of safety for bondholders
has suffered an ominous decline in the last few years.
This statement of the case, it is now reported,is sent
both to large bondholders and to the Commission.
We also have now a renewal of the emphatic declaration that the roads may soon claim one form of
"relief" by refusing to carry the mails unless the
injustice inflicted on them (by the parcels-post, particularly,) is rectified by increased compensation.
Should not this have its place among the means suggested for avoiding an increase in freight rates?
The meeting, early in the month, of more than
a hundred manufacturers and shippers who are said
to pay more than a million in freight bills annually,
and the resolution adopted at the meeting in favor
THE FINANCIAL SITUATION.
of the pending 5% increase, may be taken together
The ability and willingness of the Inter-State with earlier reports as affirmative expressions from
Commerce Commission to consume time and disap- shippers, some of which have already been referred
point expectation in the matter of an advance in to. It is necessary to admit that there are expresrates seem past doubt. We get from Washington sions to the opposite and that some shippers, by
reports that even the President disapproves further themselves or in an organization, object to any indelay and has intimated as much; then come re- crease in what seem to them a serious burden; but
tractions and doubts regarding this, just as there here is a case in which it is not blindly partisan to
have been published expressions by individual mem- suggest that the weight of opinion or testimony debers of the Commission which are reasonably taken pends largely upon the direction of it. That is,
as implying that probably there ought to be sortie the voice of some shippers who ask an increase should
increase, promptly followed by a caution that these weigh more than the protest of a similar number
must not be interpreted as meaning what they seem against any increase, and for this simple reason:
to mean. Then we have .lately had reports of a While both sides are "interested parties," the interspeedy decision, and of a putting the case over to est in the latter stops with their own selfish unwillingSept. 12, with contradictory suggestions almost in ness to pay out anything more, while the former look
the same paragraph.
beyond themselves and recognize the larger and paraThe latest up to yesterday is a sort of melange; mount concern which the investments and the whole
that postponement to September is only a perfunc- life of the country have in the disposition of the subtory compliance with the powers granted by the law ject. Therefore, the request of a hundred shippers
and may not be carried out, but that the Commission that the Commission grant an increase ought to
"hopes" to dispose of the matter before the summer count for more—because it looks farther ahead and
recess; meanwhile, that the roads "will receive their considers more—than the ordinary and natural cry
first relief" before April 1, to come in the shape of of another hundred that they do not want to pay
cutting off various alleged allowances and concessions any more.
to very large shippers. These allowances have been
It is no injustice to the Commission to say that
figuring much of late in the treatment of the subject if that body is not seeking pretexts for delay,it readily
and have been seized upon by the self-appointed accepts them, and that if every side issue which can
teachers of efficiency and economy. As to all of be raised by opponents is to be taken up as somethem, Mr. Willard, of the Baltimore & Ohio, still thing which must be deliberately investigated beusing the utmost patient courtesy, remarks that "the fore the main question can be proceeded with further,
carriers feel no special pride in authorship and if a that question may be "settled" by the force of
better plan for sufficiently increasing their net neglect. Freight tariffs may be suspended by a
earnings can be found than the one they proposed, mere vote, but nobody has suspended the arithmetic
they will very willingly accept it." The emphasis as yet; further, it might be proper to note that when
due to the "if" here must not be omitted. Find a each successive demand for a wage increase comes up
way to increase the net earnings—not the gross in the series there are no delays interposed; such
earnings, which seem to fill the minds of some serious matters are pushed along and the increase
persons, to the exclusion of all else—except by an granted by the alleged arbitration may be made to
increase in rates, and the needed result will be take a date backward of that of the award.
reached.
The treatment of the matter of rates suggests a
Now comes the remarkable announcement that suspicion that the Commission is trying to find out
the savings banks are taking notice and are urging and satisfy what the people "want," but is it not a
that unless something is done soon the railway bonds manifest absurdity to take such a subject to any
which lie at the bottom of savings investments will sort of referendum? If a popular vote could be had,
be endangered. A law firm who were retained by it would certainly be inadequate and one-sided, as
the Savings Bank Association of this State, ten years well as considerably unintelligent and selfish; it
ago, to assist in revising the laws concerning invest- would probably be the latter, even if it were numents by the banks, are said to be actively promoting merically large. The function and responsibility of
a movement to stir large holders of railway bonds to the Commission in this matter is not to discover and
realizo the situation, and a comparative showing is obey the popular wish; it is to determine what is
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 statements 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. 211914.]
THE CHRONICLE
necessary to the welfare of the country and accords
with rights already established. It is not a matter
which turns upon the wish of a majority, but upon
its own merits.
549
of political regulative commissions? Can discretion
be kept dissociated from responsibility? In the further course of "nationalizing" our transportation,
in the present sense of interfering with and crippling
it, will not a complete nationalizing, in the financial
and every other respect, become inevitable, the men
who would normally have become able administrators going to some other field, whether here or in
some other country, where no withes bind them and
they can get liberty to prove themselves?
Such reflections might be profitable for us Americans, in our turn. And one other comment on Mr.
Thornton's appointment might be noted also: the
President of the National Union of Railwaymen
(British) said to a meeting of his clan in Preston that
he was amused by Lord Claud Hamilton's statement,
and that if the Chairman "begins to Americanize his
railway he will find that he will have to Americanize
wages and conditions of the employees."
A little flurry has been caused in England, especially in clubs and journals, by what one of the latter
calls "Lord Claud Hamilton's descent upon America" for a combination of qualities needed for the
general management of the Great Eastern Railway.
The Chairman of the directors of that road has
selected to take charge of it Mr. H. W. Thornton of
the Long Island road, and the comments upon this
action do not speak unkindly or doubtfully of the
appointee, but question the necessity of going abroad
for a man of the required dimensions. The excuse
attributed to the Chairman (which may not have
been in these exact words), "that no capable man
could be found in Great Britain," is received with
the most dissatisfaction. A number of prominent
men (not mentioned by name) are said to ridicule
We wish to disclaim responsibility for certain rethis and to add that the trouble was not the non- marks made by Edward D.
Page of the Merchants'
existence of English talent but his inability to find
Association, in the statement submitted by him to
it. To this the answer could be made that it was not
the Federal Reserve Organization Committee, in
the Chairman's duty to hunt out mute, inglorious
Miltons; that he could not have been expected to which Mr. Page spoke very disparagingly of New Oradvertise for persons to take charge of the road, and leans as a place for the establishment of one of the
that if he did not know of any competent railway man Federal Reserve Banks. In this statement, which
at home who had proved his quality, it was admissi- was printed in full in our issue of Jan. 17, Mr. Page
ble to take the man wherever he had arisen and had referred to New Orleans as a "weak" banking centre and made some other remarks betraying a strong
demonstrated himself.
But some of the London journals seek to draw use- bias against the Crescent City. We printed that
ful lessons by comparisons between English and statement, as we did many similar statements, on
American conditions. One declares that nepotism the same subject matter, merely as a matter of news.
has thrown railway control into "the hands of What Mr. Page says about New Orleans is so maniyounger sons of the aristocracy," and that "a system festly unfair and so utterly without warrant that had
vitiated at the head by so indefensible a practice it attracted our notice at the time we should have
calls for drastic overhauling" in order that initia- eliminated the offensive phrase before publishing the
tive and originality be not destroyed. Another says statement, which was very lengthy and dealt in conthe interchange of ideas and methods in railway man- siderable detail with the claims of the leading cities
agement between the two countries would be of ad- throughout the country to be considered centres for
vantage, while yet another says the trouble at home the establishment of the eight to twelve Federal
is not the lack of good raw material but the lack of reserve districts that are to be created under
the new
opportunity and the sterilizing influence of tradition. law.
Further, the same journal declares that the hand of
Mr. Page's derogatory remarks, having unwitthe feudal past lies heavy upon England, while
tingly found admittance to our columns, we deem it
"American genius is free of this atrophy of the past
only right to say that we do not endorse his views,
and faces the problems of modern life with the freshbut on the contrary consider that New Orleans on
ness and initiative which are unknown here."
its
merits has as good a claim as any city in the South
This is interesting, but we Americans should be
to
be designated a centre for one of the Federal
very sure, indeed, before we flatter outselves over
reserve
banks. Sol Wexler, President of the Whitsuch comparisons, and perhaps recall some old superney-Central
National Bank and Chairman of the
ficial talk about the effete civilizations of older countries. Whether excess of respect for the feudal past committee representing the New Orleans Clearingis more injurious than a disrespect which is so fierce House, advanced these claims with great force and
as to make us desire to tear down everything that came cogency at the hearing given by the Federal Reserve
to us from the past is not yet clear. At present, Organization Committee in the Crescent City on the
Americans are not merely facing, but are attacking, 11th and 12th, and we print extracts from his adthe deepest problems, in a confident rush of "fresh- dress in our Bank Items columns on subsequent
ness and initiative" which we hope, for England's pages.
sake, is really unknown there. President Wilson
himself, excellent as his intentions are and admiraLessened activity is to be noted in building operable as are some of his qualities, seems to have an tions in the United States as a whole in January of
unquestioning confidence in his ability to diagnose the current year, the returns from 145 cities for the
all troubles and to cure them forthwith. Also (to month furnishing a total of contemplated outlays
turn the discussion back to the railways), are we not smaller than for any like period since February 1911
destroying initiative here by our legislation which and showing a greater or less diminution from Janudenies it any liberty? What room are we giving for ary of all years since 1908. It does not follow, of
administrative ability? Will men who possess that course, that the slump in construction work—if such
4ontin.ue to wait, hat in hand, at the door or the desk itImaylbe called—was general, nor is it indicative
550
THE CHRONICLE
[VOL. xcvni.
of an unsatisfactory mercantile or industrial situa- The bandit has been locked in a steel cell in a guard
tion. On the contrary, in many localities much house at Fort Bliss, Tex. No application for the
activity is evidenced and in a number of instances extradition of Castillo has been received by United
where operations exhibit important declines it merely States officials from any source in Mexico. Villa,
establishes the fact that prudence has dictated a the leader of the Constitutionalists, is anxious that
halt until structures already erected are more fully Castillo shall be returned to him, and promises that
tenanted.
the bandit shall be publicly executed. But it is
Specifically, our compilation for January makes argued that to return Castillo to the Constitutionalthe estimated expenditures under the plans filed at ists would be a recognition of their belligerency. It
145 cities $45,434,308, as against $51,726,808 in is not expected that the Huerta Government will
1913, with 79 of the separate places reporting smaller make any demand for the bandit, while to keep him
totals this year, and exceptionally so in some cases. a prisoner in the United States will be to permit him
Greater New York shows a comparatively small loss to escape for his crimes in Mexico, for he cannot be
from last year, in which all boroughs except Rich- tried in this country for offenses committed in
mond (Staten Island) share, but contrast with earlier Mexico.
years back to 1908 reveals a considerable let-up. The
Senor Adolfo de la Lama, who resigned as Mexican
aggregate for all five boroughs in 1914 is only $9,- Minister while in Paris, and subsequently reconsid453,005, against $10,453,739 a year ago and no less ered his resignation at the request of Huerta, arrived
than $17,652,733 in 1911. Outside of New York, in New York on the North German Lloyd steamer
there is a very noticeable drop in the proposed out- Kronprinzessin Cecilie on Thursday. He stated to
lay—conspicuous inactivity at some of the larger newspaper correspondents that he secured a loan of
cities being in greatest degree responsible for it— $5,000,000 for the Huerta Government in France
$35,981,303 comparing with $41,273,069, but there and $25,000,000 elsewhere in Europe. "This ought
are increases over 1912 and 1911. But notwith- to be enough," he said, "for all pressing needs and
standing the important decline from last year here in fact to indefinitely 'assure the permanence of the
indicated, there are quite a few instances of work of present government in Mexico." A press dispatch
greatly enhanced magnitude. Detroit reports a from Mexico City early in the week stated that
contemplated expenditure of $2,632,260, against Nelson O'Shaughnessy, American Charge d'Affaires,
only $2,029,605 last year; Cleveland $1,298,620, had threatened to shoot Diaz Miron, editor of the
against $704,740; Pittsburgh $1,171,037 and $385,- newspaper "El Imparcial," which recently printed
488; Seattle, $1,206,580 and $560,775. On the other articles insulting President Wilson. Mr. O'Shaughhand,the estimated cost at Chicago is but $4,784,300, nessy protested against the editorials on the ground
against $7,041,600; at Newark $353,214 and $1,340,- that the Mexican Government owned the newspaper.
339; Dayton $84,705 and $1,992,550; Los Angeles The accuracy of the reports cannot be fairly judged
$1,182,246 and $2,078,736; Portland, Ore., $479,190 from the conflicting accounts that reached the United
and $1,126,570.
States in regard to the incident, but it is announced
Across the border in Canada decreased activity in that President Huerta will send Miron out of the counbuilding construction was quite the rule in January, try, probably as Mexican Consul at some point.
only a very few of the cities reporting any appreciaSecretary Bryan was advised yesterday of the death
bly greater amount of work doing than a year ago. of W. S. Benton, an English ranch owner in Mexico,
We have comparative figures from forty cities for while a prisoner in the hands of General Villa, the
the month and of these only 13 exhibit increases. Mexican rebel general. Benton, it appears, was
Twenty-two cities located in the Eastern Provinces executed by order of Gen. Villa after a military trial.
(Quebec, Ontario, Nova Scotia and New Brunswick) He was charged with being implicated in a plot to
report an aggregate proposed outlay of $2,168,703, take Villa's life. It is quite conceivable that this
against $3,030,179 in 1913, but contrasted with incident unless explained may result in a renewed
1912 a moderate increase is shown. The Western strain in our international relations. The ConstiProvinces (Manitoba, Alberta, Saskatchewan and tutional army has not yet attacked Torreon. GenBritish Columbia), where phenomenal activity in eral Villa gave his consent on Thursday to the estaboperations had been the feature of the Dominion's lishment at Torreon of a neutral zone for the proreturns for the last few years, is represented by 18 tection of non-combatants.
cities, and a most decided halt is indicated. This
year's January total, in fact, is only $840,060, against
Sir Stuart Montagu Samuel, Radical Member of
$3,136,719 in 1913 and there is also a marked de- the British Parliament for Whitechapel, was on
cline from 1912. For the whole of Canada (40 cities) Wednesday ordered by Justice Sir Sidney Rowlatt
our compilation shows a total outlay arranged for in of the King's Bench Division, to pay penalties and
January 1914 of $3,008,763, against $6,139,898, or a costs amounting to $65,000 because he voted in the
decrease of 51%,and compared with 1912 the decline House of Commons while his firm had a contract with
is 11.6%.
the British Government. The judgment was obtained by Sir William Bird, who as a "common inIn Mexican affairs this week there have been few former" sued the defendant. Sir Stuart Samuel.,
really important developments. Maximo Castillo, who is one of London's leading bankers, was comthe Mexican bandit who is charged with responsi- pelled to vacate his seat in Parliament by order of
bility for the Cumbre Tunnel disaster in which ten the Judicial Committee of the Privy Council last
Americans and forty-one others lost their lives, was year because the firm of which he is a member had
captured with six followers by American negro become purchasers of silver for the Indian Governcavalrymen 38 miles south of Hachita., New Mexico, ment. The Act of Parliament under the terms of
on Tuesday. What disposal shall be made of the which he was condemned says that a member of the
prisoner furnishes a legal tangle that the State De- House of Commons may not even indirectly be inpartment has thus far not attempted to unravel. terested in such a transaction or in any Government
FEB. 21 19144
THE CHRONICLE
551
contracts. After vacating his seat in Parliament,
In European centres, particularly in London, the
Sir Stuart Samuel was re-elected. He has given security markets have continued to show a downward
notice of appeal from the Judge's decision.
reactionary tendency. In this respect they have not
differed essentially from conditions existing at home
The recent Parliamentary scandal in connection here. There has, however, been one feature that
with the purchase of Marconi shares by members of has not applied with equallforce in New York and in
the British Cabinet was revived in the House of London. The money situation at our own centre—
Lords on Tuesday, together with the whole question on the surface, at least—continues to show excess of
of the secrecy of party funds and the purchase of the supply. In London, on the other hand, a sudden
titles of nobility. Lord Murray of Elibank made a check has been administered to the extreme redunfrank explanation of, and an apology for, his con- dance of funds, as is evident from the curtailed denection with the Marconi affair, saying, among other mand for the new security issues which, during the last
things: "I deeply regret that I did not give the six weeks, have shown activity wholly unprecedented
matter more consideration and view it from all pos- on the British capital market. London corresponsible aspects. It was an error of judgment and not dents report by cable that underwriters there, recogof intention." Lord Murray explained that when nizing the significance of the check in the movement,
he purchased the American Marconi shares he was are proceeding with more caution, with a view of
convinced that the American company had nothing permitting the securities already distributed to beto do with the British Government contracts and come more thoroughly digested. The first really
was distinct from the English Marconi company. unfavorable development in London, after a long
Looking back now, he said, he thought it might have series of distinctly encouraging issues, was the viroccurred to him that his action might be open to tual failure to distribute the large South African loan
criticism. He also expressed deep regret that he of £4,000,000 4 per cents, which was offered at 984
1
had invested the Liberal Party's funds in Marconi last week. Only 20% of the full amount was taken
shares, and more particularly that his action had by the public, the remaining 80% being left in the
embarrassed the party. He said that he personally hands of the underwriters. A second cautionary
had assumed the heavy losses resulting from the in- signal suggestindthatithe capital supply is less plenvestment and he trusted that those who had com- tiful was in the case of £1,300,000 first mortgage 5%
mented harshly would recognize that it was difficult debenture bonds of the Canada Steamship Lines,
to avoid mistakes. On Thursday the Marquis of which were offered at 93. Of this offering, 90% reLansdowne, Leader of the Opposition in the House mained with the underwriters. No other results quite
of Lords, moved for the appointment of a select as unfortunate as those just mentioned have been recommittee to inquire into the charges brought by ported by cable, however. The Corporation of
newspapers against Lord Murray,and into all matters London issued a loan of £1,000,000 in 33/b per cents.
relating to his dealings in wireless shares. Lord This was purchased by M. Samuel & Co., bankers,
Lansdowne's motion was carried without a division. who outbid the Bank of England and promptly reThe committee's duties will be to ascertain whether sold the entire issue to investors. The transaction
Lord Murray had obtained all the shares for which he is interesting, since it is the first London issue that
applied and who was the actual owner of a large has not been handled by the Bank of England. The
block of shares obtained by Cabinet Ministers. The week's offerings in London have included one of
Marquis of Crewe, the Liberal Leader, said the £750,000 by the City of Pretoria in 43' per cents at
Government would offer no objection to the appoint- par. The final result has not yet been announced by
ment of such a committee, although it was not pre- cable, but up to iThursday evening only 732% had
pared to assume any responsibility for it.
been subscribed. A Chilian loan of £1,000,000,
which was offered on Monday at 94, was fully subPress accounts from London suggest a compromise scribed. An installment of the Hungarian Governin the demands of Ulster that that county shall be ment loan amounting to £3,000,000 has been ofomitted from the operation of the Irish Home Rule fered in London this week at 9031. The books were
Bill. There have been no definite steps taken with closed last evening, and preliminary reports stated
this in view, but it is evident that a much calmer that the amount had been subscribed three-fold.
situation prevails throughout Great Britain on the The fact that the loan has been offered in
subject. The plans of the Unionist Government, London has been interpreted at that center, accordit is reported, contemplate the forcing of a general ing to the London correspondent of the "Journal of
election before the Home Rule bill can be brought Commerce," as an indication that British diplomatic
up for final action on its third passage. They ex- relations with the Triple Alliance are better. The
press confidence that in such an election the Liberal full Hungarian loan, as authorized, amounts to
Government would either be defeated or, at any rate, 500,000,000 kronen (approximately $104,000,000),
the complexion of the House of Commons would be and bears 432% interest.
so changed that it would not be possible to pass the
The firmer money market in London and the
bill in question in its present form. The first of the necessity of the curtailment in the offerings in the
bye-elections due to the recent Cabinet changes has capital market, as we have already intimated, has
resulted in a Government defeat, the Right Honorable produced a less confident situation in London, alCharles F. G. Masterman having failed of re-election though early in the week there was active covering
at Bethmal Green by 24 votes. The vote stood reported of short commitments in Consols, £400,000
2,828 to 2,804 in favor of Major Sir M. Wilson, the par value having, as reported by cable, been purUnionist candidate. A Socialist named Scurr ob- chased by professional shorts, owing to the much
tained 316 votes. In the last election Masterman more favorable sentiment regarding the pacific outpolled 2,745 votes against 2,561 for the Unionist come of the controversy involving Ulster and the
candidate.
Home Rule for Ireland bill. A source of nervousness
at the British centre was the renewed circulation of
552
THE CHRONICLE
rumors of trouble between Greece and Bulgaria,
following recent reports of a secret offensive and defensive treaty between Bulgaria and Turkey. There
were no definite details, however,contained in the
press cables on this subject later in the week, and
British Consols closed last evening at 76 1-16, which
compares with 76 3-16 a week ago. Meanwhile,
London & Northwestern Ry., as a representative
of "home rails" on the London market, closed at
137, against 13834 a week ago, and the Great
Western Ry. shares finished at 1193/2, against 121.
Foreign State bonds have not specifically joined in
the weakness. Bulgarian Gs are still quoted at 100,
Greek Monopoly 4s remain without change from 53,
and Servian Unified 4s without alteration from 7932.
Chinese 5s are % higher at 102, although London
correspondents cable that Chinese finances are in a
chaotic condition and may cause speedy trouble.
German Imperial 3s finished without change for the
week at 78 and Russian 4s likewise closed at last
week's final figure of 89. Money in London finished yesterday at 1@,114% for day-to-day funds.
This compares with % of 1% a week ago.
WoL.xcviti
Berlin has been somewhat unsettled by the renewal of the Balkan tension, especially as between
Greece and Turkey, over the Aegean Islands. Berlin
was quite a heavy seller at one period during the
week of Canadian Pacific stock. An influence in
the opposite direction was the obvious progress
being made for a permanent settlement of the steamship rate controversy. The shipping position, however, is not yet a satisfactory one, owing to the
curtailment in the offerings of merchandise available for shipment and the prospects of laying up
steamers on various lines for want of sufficient
freight. Another unfavorable influence on German
steamship shares is the growing belief that the
restrictive measures announced by Austria to curtail
emigration will seriously affect this important source
of revenue of the German companies. Money in
Berlin closed at 2,74@34%,against34%last week.
No additional reductions in discounts were announced by the European official banks this week.
There now seems slight promise of any further
decline in the Bank of England's minimum discount
figure, as money rates at the British centre are,
hardening quite perceptibly and the Continent is
calling for funds there. Lombard Street, at the
close, quotes 24% for both long and short bills.
A week ago sixty day bills were 1 13-16%@1%% and
3-months' acceptances were 1%%. The outside
bank rate in Paris, however, has been reduced to
24%,against 3% a week ago. Berlin is N% higher
4%, Vienna 3470 lower at 314%, Brussels
at 27
remains at 34% and Amsterdam is A% higher at
43/%. Official rates at the leading foreign centres
Berlin 4%, Vienna
are: London 3%, Paris
43/2%, Brussels 4% and Amsterdam 5%.
Press reports, cabled from Paris, suggest no improvement either in banking or Bourse circles at the
French capital. Daylight, apparently, is not yet
in view in respect to Government financing. Flotations for borrowers who usually appeal to the French
markets are being sent abroad, owing to the Finance
Minister's continued objections to new issues. This
is a feature that Paris correspondents state is resulting in an exodus of French capital, causing home
securities to fall into neglect and even resulting in
selling of French rentes for cash. The French
Senate is declared to be antagonistic to the proposals
of M. Caillaux the Finance Minister. One usually
conservative Paris correspondent cables that strenuThe Bank of England reports a loss this week of
ous opposition has arisen to the Minister of Finance £626,834 in its gold coin and bullion holdings and
and superhuman efforts are necessary to prevent of £595,000 in its total reserve. The proportion of
his followers from breaking away. It is considered reserve to liabilities is 52.06%, which compares with
very probable that his income-tax proposals, as well 53.46% last week and 46.32% a year ago. Revenue
as his scheme for the taxation of wealth, have been collections are again responsible for locking up funds
shelved and that M. Caillaux has finally decided in the form of public deposits. The increase
in that
that a national issue of funds is necessary. Such item this week was £4,778,000, though this
was
an issue, amounting to 500,000,000 francs, will, it is offset by a loss of £4,238,000 in other
deposits.
expected, be offered in March, though the opponents Loans (other securities) showed an
expansion of
of the Government declare that this sum will not £1,147,000. The Bank now holds in bullion £42,be sufficient, as fully 1,800,000,000 francs are neces- 527,458, which compares with £37,712,383 in 1913
sary for immediate obligations. Nevertheless, the and £39,904,969 in 1912. The current amount
is
cumulative opposition to the present Ministry is said the largest of the corresponding week since
1896.
to be giving encouragement in banking circles where In that year the total was £48,797,605. A similar
the Ministry's overthrow is thought to be imminent. comparison is possible in the matter of reserves,
this
Press advices cabled from Paris last evening stated week's figures of £32,900,000 also not having
been
that an unpleasant situation had arisen which, while exceeded in the corresponding week since the
year
not involving any really important houses, was 1896, when the Bank reported £40,745,34
0. One
nevertheless distressing, since the important finan- year, ago the total was £28,373,913 and
in 1912'
cial interests were not in a position to lend assistance £30,670,309. Public deposits are still below
recent
to weaker concerns. The Bourse received a tem- years. They amount to £17,224,000,
against L23,porary stimulant early in the week in the form of 539,851 in 1913 and £22,727,128
in 1912. The
purchases by London and St. Petersburg; but loans aggregate £37,142,000,. and compare
with
toward the close all kinds of trading fell off in £37,957,246 in 1913 and £35,343,72 in 1912.
6
Our
volume and the market became weak. It is re- special correspondent furnishes the following
deported that 100,000,000 francs of the 600,000,- tails by cable of the gold movement into
and out of
000 francs Chinese loan arranged for in Paris the Bank for the Bank week : Imports,
nil; exports,
some time •ago will be offered for subscription £992,000 (of which £250,000
to Egypt, £125,000 to
in the near future. Money in Paris closed at 23/2% India, £502,000 to South America and
£115,000 to
for day-to-clay funds, against 331% a week ago. miscellaneous destinations), and receipts
of £365,000
Rentes finished at 87.323/
2 francs, against 87.373/2 net from the interior of Great Britain.
francs last week.
1
FEB. 21 1914.j
THE CHRONICLE
553
The Bank of France in this -week's return reports of distant maturities. This is not unnatural, in
an increase of 16,003,000 francs in gold, representing view of the cumulative evidence that money and
importations from New York, which add $2,000,000 discount conditions in London are hardening and of
a week, or 10,000,000 francs. The silver on hand the indications that the wave o' overwhelming
decreased 2,009,000 francs. Note circulation de-. money supplies at the British centre has broken.
creased 45,050,000 francs; treasury deposits were re- The Continental exchanges continue to move against
duced 11,625,000 francs, general deposits increased London and in the opinion of international bankers
68,650,000 francs, bills discounted increased 8,725,- on this side, New York in the not very- distant fu000 francs and advances decreased 1,750,000 francs. ture may be called upon to send funds to London,
The Bank now holds in gold 3,588,258,000 francs, especially if the local demands here should fail to
against 3,226,100,000 francs one year ago and 3,236,- show substantial increase as the spring season
075,000 francs in 1912. Its silver stock is 647,520,- advances. However, it i not so certain that the
000 francs, and compares with 628,700,000 francs spring demands for home funds are to be much below
one year ago and 813,525,000 francs in 1912. The the average. It must be conceded that mercantile
outstanding circulation is 5,800,009,000 francs. and industrial activities are likely to increase very
One year ago it was 5,677,292,935 francs and in 1912 gradually and that merchants and manufacturers
5,246,974,795. Discounts aggregate 1,503,425,000 have already taken advantage in a large way of the
francs, against 1,710,992,489 francs a year ago and favorable money market conditions recently prevail1,177,250,692 francs the year preceding.
ing by selling their mercantile paper. But the season
Mail advices bring details of the annual general of outdoor work, especially of railroad construction
meeting of the Bank of France, which was held on and of new building operations is close at hand, and
Jan. 29. The directors in their report stated that, will require financing. There are not a few bankers,
although they could not ignore the general tendency therefore, who are convinced that the point of greatof prices to decline nor the signs of slackening busi- est ease in money at New York has passed and that
ness, these conditions were less marked in France from now on a steadier situation will prevail. While
than elsewhere. During 1913 commercial transac- the demands on the capital market abroad have
tions, as shown by the Bank's statistics for that year, been unequaled ii volume since the beginning of
had considerably increased as compared with 1912. t he year,such a condition by no means exists on our
The total productive turnover of the Bank in 1913 own market. The railroad offerings concern very
had • been (in sterling equivalent) £1,528,575,000; largely payments to be made in the future and are
number of commercial bills discounted in 1913, not to be an immediate tax upon the current supply
30,041,247, totaling in value £800,225,000, an of funds. The $55,000,000 convertible bond issue
amount greatly in excess of 1912; average length of announced by the directors of the Southern Pacific
bills thirty days; total advances on scrip L255,- Company is, for instance, subject to an increase in
296,000, a figure higher than 1912. The total value the capital stock of the company to be authorized
of the credit and debit operations for the French by the .stockholders at a special meeting called to
public treasury, the accounts of which are kept by co vend on April 8th. The necessary authorization
the Bank of France, amounted to £549,840,000. The will, undoubtedly, be given, but the first payment
average note circulation during the year was 026,- by subscribers need not be made before April 22nd.
613,800, which was covered by gold and silver re- This will call for one-third of the full subscription.
serves to the extent of £158,884,000, and the bal- Stockholders then have until June 1st for the payance of 30% by commercial bills, drafts, &c. The ment of the second subscription and until July 10th
total net profit of the Bank for the year 1913 was for the third. Thus, this demand for funds is to
0,029,696. The net dividend per share was 200 be spread over quite a protracted season. Somefrancs. There are 32,251 shareholders in the Bank, what similar conditions apply to the $19,000,000
of which 10,159, who hold altogether 93,517shares, new stock to be issued by the Great Northern Raillive in Paris and 22,092, holding 88,983 shares, live way. Stockholders of record March 26th will have
in the country. The Bank now has 143 branches the right to subscribe for this new stock at par.
and 74 agencies.
This stock, too, must be ratified by shareholders
and the first installment of 40% is not payable until
The Imperial Bank of Germany reports this week May 11th, 30% additional being due on August 11th
an increase of 31,727,000 marks in gold and of 77,- and the remaining 30% on October 13th. A more
749,000 marks in total cash. It also reports a de- immediate demand on the capital market will be
crease of 93,517,000 marks in note circulation and of the distribution of $10,000,000 Interborough Rapid
9,185,000 marks in treasury bills. Deposits in- Transit bonds, which have been sold by J. P. Morgan
creased 139,306,000 marks, loans are 5,903,000 marks & Co. to the same syndicate that successfully dislarger and discounts 205,000 marks higher for the posed of $30,000,000 of similar securities last Octoweek. The Bank now holds 1,632,062,000 marks ber. While in the aggregate quite a large volume
cash, which compares with 1,201,060,000 marks in of underwritings have been arranged on the New
1913 and 1,242,080,000 marks in 1912. Combining York market during the last week or fortnight, they
loans and discounts, we have a total of 849,289,000 are for payment extending well into the future.
marks, against 1,212,440,000 marks one year ago The $30,000,000 Western Union stock to be sold by
and 1,148,400,000 marks in 1912. The Bank's note the American Telephone & Telegraph Co. will be a
circulation aggregates 1,825,646,000 marks, which demand on the capital market during March.
compares with 1,774,340,000 marks in 1913 and 1,Last Saturday's statement of the Clearing House
537,620,000 marks in 1912.
shows that the local banks and trust companies held
$37,970,450 surplus above legal requirements, which
While on the local money market rates have as was a decrease of $2,097,550 for the week. On the
yet shown no definite tendency to advance, it is same date last year the corresponding surplus waa
noticeable that lenders are less free in their offerings $8,946,900 and two years ago it was $36,202,950.
554
THE CHRONICLE
The cash item of the banks and trust companies
decreased $450,000, the former gaining $8,216,000
and the latter losing $8,666,000. The trust companies' reduction, however, was to the extent of
$3,094,000, due to a transfer of cash to the banks.
Loans during the week increased $17,250,000 and
deposits increased $2,367,000.
Referring to call money rates in detail, the week's
range has been 1%@2%, the higher figure having
been paid each day of the week. On Monday the
lowest was 134, with 1%% the ruling quotation;
on Tuesday and Wednesday the lowest and ruling
rates each day were 14%; on Thursday 19'% was
the lowest but renewals were made at 2%; Friday's
minimum was 13/2%, with 13
4% the renewal basis.
For,time money, closing quotations were 234% for
sixty days (against 214@2%% a week ago), 3% for
ninety days (unchanged), 3@314% for four months
(against 3@33% a week ago), 331@332% for five
months (unchanged), and 3
for six months
(against 33@332%). Commercial paper closed at
334@4% (against 332@4% a week ago)for sixty and
ninety-day endorsed bills receivable and for four to
six months' single names of choice character. Others
are quoted at 43@4M%.
Sterling exchange has. responded to the firmer
money situation in London. Aside from some degree of irregularity following the Wednesday's mail
the market has shown a gradual advance and the
tone at the close was quite firm. Large banks and
trust companies that make a specialty of foreign
exchange business were quite free buyers early in
the week, presumably on speculative account, and
the general disposition in sterling exchange circles
appears to be one of expectation of still higher rates
for the near future. London has experienced a
sharp reminder that its large accumulation of funds
has been subjected to such serious inroads that the
pressure of money for investment and banking
purposes has been very largely curtailed. Sterling
rates on the Continent also are against the British
centre and the situation, viewed as a whole, has
become one of many cross currents. The Bank of
France is continuing to take gold from New York,
an additional shipment of $2,000,000 having been
made from New York this week to the Bank
which brings the total since the opening of the
year up to $12,000,000. At the beginning of the
week New York bankers made arrangements to
bring gold from London to New Yrok, but the
precious metal was promptly resold when the
firmness in the London discount and money situation began to so clearly assert itself. Aside from
the shipment of gold from New York to Paris,
$100,000 in gold coin was withdrawn from the subTreasury this week for exportation to South America.
Of the £580,000 South African gold that was available at .the London offering of Cape bars on Tuesday, India obtained £150,000, while the remainder
went to the Continent, partly, it is understood, to
Russia and partly to Holland.
Demand sterling in Paris closed last evening at
25.21 francs, against 25.18 francs a week ago.
London checks in Berlin finished at 20.4534 marks
against 20.44 marks. Sterling in Amsterdam was
quoted esterday at 12.063I guilders, against 12.06
guilders last week. Berlin exchange in Paris at the
close was 123.15 francs, against 123.17 francs on
[VOL. xcvm.
Friday of last week. Mexican exchange on New
York closed at 280 and on London at is. WA.
Compared with Friday of last week, sterling
exchange was unchanged on aturday, with demand
again quoted at 4 8535@4 8545, cable transfers at
4 8555@4 8565 and sixty days at 4 8350@4 8375.
A sharp rise took place on Monday, when demand
advanced 30 points, chiefly on higher discounts in
London and an active inquiry for exchange here,
to 4 8565@4 8575, cable transfers to 4 8585@4 8595
and sixty days to 4 8360@4 8380. On Tuesday
sterling again advanced sharply; demand at one time
went as high as 4 8595 and cables to 4 8615, but
later there was a partial reaction on large offerings,
and the close was at 4 8580@4 8585 for demand,
4 86@4 8605 for cable transfers and 4 8375@4 84
for sixty days; further stiffening in European discounts was the main influence in the upward movement. On Wednesday the market fluctuated irregularly—a firm opening being followed by a
moderate recession, with the close steady; the range
for demand was slightly lower at 4 8575@4 8585
and cable transfers at 48595@4 8605; sixty days
remained unchanged. Continued firmness in discount rates abroad, together with a good demand
for exchange, caused a 10-point rise on Thursday;
final quotations were 4 8585@4 8595 for demand
and 4 86@4 8610 for cable transfers; sixty days
ruled without change at 4 8375@4 84. On Friday
the market ruled quiet but steady. Closing
quotations were 4 8375@4 84 for sixty days, 4 8585
@4 8595 for demand and 4 86@4 8610 for cable
transfers. Commercial on banks 4 8234@4 833i,
documents for payment finished at 4 8234@4 83%
and seven-day grain bills at 4 8434,@4 85. Cotton
for payment closed at 4 8234@4 83, grain for
payment at 4 833@4 833/2•
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $10,790,000 net in cash as a result of the currency movements for the week ending Feb. 20.
Their receipts from the interior have aggregated
$15,165,000 while the shipments have reached
$4,375,000. Adding the Sub-Treasury operations
and gold exports, which together occasioned a loss of
$8,310,000, the combined result of the flow of money
into and out of the New York banks for the week appears to have been a gain of $2,480,000, as follows:
Week ending Feb. 20.
Banks' Interior movement
Sub-Tress. oper. and gold exports
Total
Out of
Banks.
Into
Banks.
Net Change in
Bank Holdings.
$15,165,000
22,393,000
$4,375,000 Gain $10,700,004
30,703,000 Loss 8,310,000
$37,558,000
$35,078,000 Gain 32,480,000
The following table indicates the amount of bullion
in the principal European banks.
I
Feb. 19 1914.
Banks of
Gold.
England.._ 42,527,458
France_ _ _ 143,535,000
Germany 65,467,0501
Russia ___ 169,281,000
Aus.-Hun. 51,970,000
Spain ____ 19,512,00
Italy
45,588,000
Neth'Ian
12,628,000
Nat. Belg. 8,195,333
Sweden
5,760,000
SwIteland 6,829,000
Norway_ _ 2,616,000
Silver.
Total.
Feb. 20 1913
Gold.
42,527,458 37,712,383
25,900,200 169,435,200 129,044,320
15,900.000 81,367,050 45,571,050
6,570,000 175,851,000155,757,000
11,877,000 63,847,000 50,663,000
28,547,000 48,059,000 17,663,000
2.935,000 48,523,000 42,869,000
826,200 13,454,200 13,193,000
4,097,667 12,293,000 7,619,333
5,760,000 5,646,000
6,829,000 6,734,000
2,616,000 2,145,000
Silver.
Total.
37,712,383
25,147,800154,102,120
14,481,750 60,052,800
6,953,000162,710,000
10,268,000 60,931,000
20,734,000 47,397,000
3,388,000 46,257,000
788,400 13,981,400
3,809,667 11,429,000
5,646,000
6,734,000
2,145,000
Tot. week 573,908,841 96,653,067670,561,908514,617,086 94,570,617609,187,703
Prey.week 572,207,085 95,610,427667,817,512512,442,254 93,932,430606,374,684
FEB. 21 1914.]
TIIE CHRONICLE
555
of 1912. At London the scope of the reduction in
THE EUROPEAN MONEY MARKET.
money rates is said to have been more rapid than has
The movement of events on the world's financial ever before been witnessed on that market, except
markets since the opening of 1914 has been of a char- when the extreme stringency of a great financial
acter quite out of the ordinary. In particular, the panic was relieved.
world-wide fall in money rates during January, and
Simultaneously with this lowering of open market
the sudden return of confidence and activity to all money rates, the investing community appeared to
the stock markets, was such as utterly to bewilder reverse its attitude regarding issues of new securities.
one class of observers, while stimulating another At London, where even up to the close of 1913 it had
group to the boldest predictions of returning pros- been all but impossible to place any important new
perity in finance. It is, to be sure, invariably ex- loan unless underwriters were ready temporarily
pected that money rates at the principal markets to assume the greater part of the same, the Victoria
will relax decidedly with the opening of a year, when Government 4% loan was so heavily over-subscribed
the always troublesome December settlements have in the middle of January that allotments to applibeen concluded, and when the general run of business cants had to be scaled down. At New York, in the
activity would become more quiet. Some move- third week of January, the $51,000,000 New York
ment of the sort was, in fact, predicted last Decem- State loan was six times over-subscribed, with the
ber, even from London. But all such predictions, average price obtained one to two points above that
both in this country and in Europe, were at that at which large blocks of the bonds had been pretime qualified by what were regarded as the uncer- viously sold "when issued" on the curb. At Paris,
tainties of the situation. There was the overhang- a few weeks later, a Russian Government
loan for
ing mass of new security issues to be considered. The $100,000,000 was so promptly taken up by
the banks,
state of affairs on the Paris market was pointed out in behalf of themselves and their customers,
that it
as involving grave possibilities. London, particu- actually never came on the open subscription
market.
larly, based many of its predictions on the assump- Along with this noteworthy series of events the stock
tion that money could not become really easy again markets of January throughout all the
world adunless a thoroughgoing shrinkage in the volume of vanced with rapidity, the business done on them
general trade were to occur.
being in some cases the largest for several years.
All such qualified predictions seemed to be strangeTwo questions arise at once in considering thi-s
ly discountenanced by what actually happened. extraordinary movement—how is the movement
How far the tangible results on the markets, after itself to be explained and what does it mean for the
the opening of the present year, surpassed the ex- financial future? The events on the markets of
pectations even of cheerful financial prophets may January are undoubtedly to be explained by what
be judged by the comments made on the movement may be called the "over-pessimism" of 1913. Lookby conservative financial journals. The "Bankers' ing in retrospect at that year's financial history in
Magazine" of London went so far as to say that Europe—which was the storm centre throughout the
"there have probably been few occasions in modern twelvemonth—it is reasonable to say that the tantimes when the change in actual monetary conditions gible and immediate influences of the Balkan war
has been greater than that which occurred during should normally have ceased to dominate the markets
January." The London "Economist," speaking of by the middle of the year, when it became
evident
the stock market, declares that dealers in high-grade to all experienced observers that danger of collision
securities "have not been so busy for years past"; between the first-rate European Powers was
over. No
adding that "the rise in Government stocks since the such sentiment of relief and returning confidence
beginning of the year has been the most important was,however,reflected on the foreign markets.
Talk
recovery that has taken place since the Boer war"— of further complications over the Balkan
war conthat is to say, in at least ten years.
tinued; there were even predictions of renewed disIn view of the unusual tenor of these descriptions, putes between the larger Powers. Investors stood
it is in point to ask, Exactly what is it that has motionless. In Europe, as indeed in America, there
occurred? The downward movement of money was constant talk of a coming panic—which, oddly
rates did not begin immediately with the opening enough, seemed to be encouraged by the fact
that
of the year. At the end of the first week in Janu- the year 1913 would have filled out the
traditional
ary the Bank of England made its first reduction 20-year interval from 1893. Throughout
the whole
in its official discount rate. But it was not until of last year, hoarding prevailed in
Europe, not only
Jan. 22 that the sweeping change at work through- of cash, but of investment capital.
out financial Europe became manifest. In that
Yet, at the same time, all of the great European
week bank rates simultaneously came down at Lon- financial institutions were steadily
gaining strength.
don, Berlin, Vienna, Copenhagen, Stockholm, Ge- The Bank of England before the end
of the year was
neva, Brussels and Amsterdam. The next week the able to report a gold reserve which had
never been
Bank of England again reduced its rate, placing it at equaled at that period, save for the single
year 1896.
3%, and the Bank of France, which up to that mo- The Bank of Germany's gold reserve rose
nearly
ment had made no change in its rate since the out- $100,000,000 over the highest record of any
previous
break of the Balkan war in October 1912, followed year. The Bank of France at the end
of 1913,
the example of the other.European institutions. Since though its note circulation still continued disprothen the Banks of Belgium, Austria and Holland portionately large, held $62,000,000 more
gold than
have made further reductions, and the open market the year before. As for the stock
markets, each
at Paris has fallen nearly 1% below the Bank rate. successive quarterly settlement had been
made the
All of the Bank rates thus fixed were the lowest subject of dismal predictions as to the situation
which,
witnessed on their respective markets since the middle it would disclose; yet the settlement
at Berlin in
556
THE CHRONICLE
July, at Paris in September and at London in December indicated nothing except a market unusually
free from speculative commitments and well supplied with available resources. The very fact that
new securities had gone so badly on the home and
foreign markets and that the attitude of investors
had compelled the withholding of fresh issues of the
sort, was evidence that the accruing capital of the
community must have simply accumulated in idleness. Nothing could have been more natural than
that this huge supply should have rushed suddenly
on the market when the first unmistakable sign had
appeared (as it did with the rapid fall in the London
Bank rate) that the strain, real or imaginary, was
actually over.
As to what the movement of the January markets
signifies for the financial future, that is another
question. It is complicated by the doubt as to how
far the January reaction in the market was merely
due to the highly abnormal and artificial conditions
prevalent at the end of 1913. Such sudden return
of money rates to low figures has occurred before this
at times when a great financial crisis is relaxing (as in
1908); yet they have not on such occasions indicated
anything like progressive revival. On the contrary,
they have sometimes merely reflected financial
exhaustion. It is possible that the home and foreign
financial markets have of late shown some sense of
this, alike in the moderate recovery of money rates
at London, in the less successful outcome of certain
new security issues on that market and in the partial
reaction of prices on our own and the foreign stock
exchanges.
It remains to be seen how far the January movement will turn out to have been. merely a temporary
reaction from the excessive pessimism of the few preceding months. It may have been nothing more.
Yet it must be remembered, on the other hand,
that the analogies between the present period and
the ease of previous after-panic periods, is not in
itself convincing for the very reason that the numerous predictions of a panic in 1913 were not in any
respect realized. In all the financial disappointments of last year there was no such thing as wholesale wreck to unsettle or break down the financial
structure. On the contrary, both the stock market
and the business communities showed wholly unexpected strength throughout the year—not less so in
their power to resist all the influences which appeared to combine againt them. This may at least
be fairly taken as suggesting that the January movement in the markets was more in the nature of an
approaching return to normal conditions than a mere
momentary reaction from a dangerous situation. In
other words, the markets, home and foreign, can now
confront the problems which would usually remain
before them with a far better spirit than has been
possible since the Balkan trouble upset all calculations of finance. There is at least this fact of encouragement in the world-wide situation, that the
embargo on capital supplies which seemed to have
been placed through the apprehensions created by
that episode has been removed. How far investMent capital will be able or willing to take care of
the series of long-postponed security issues which
are already pressing on the markets, and how far
the recent easy conditions on the world's money markets will be affected by the process, is the problem
which must now be determined.
[VOL. xcvm.
DIFFICULTY OF AMENDING THE
SHERMAN LAW.
While the attempt to narrow that already famous
"debatable land" is dragging along, we must again
point out that the very first step in the process is to
set down in a schedule, so plainly that nobody can
misread, precisely what constitutes restraint of trade.
If a thousand conceivable acts of commission or of
omission make the complete schedule, then to
enumerate 999 would leave the other one open to
commit, and somebody might be hurt by it. A
specific and complete enumeration may be very
difficult, but it is a sine qua non of the subject.
Either the subject must be left as it is, or definition
and enumeration must be made; if that process is
beyond human ability, then the attempt should be
abandoned; we perceive no middle between the two
courses. Difficulties are already encountered, both
in this proposed clarifying and in reducing to practical
form the tentative suggestion about "holding companies"; yet the problem must be solved or be let alone.
As we have already asked, can the human mind
conceive of any act or any omission to act in respect
to purchasing (perhaps in respect to producing also)
which does not, or may not be supposed to, restrain
or hurtfully affect or limit some trade of somebody?
Every adult self-supporting person is a purchaser
and nearly every one is a seller; each uses his own
choice of selection, as to article and seller, whenever
he buys, and he has always done this, as a piece
of individual liberty, won by battle and then inherited; is this selection based on right, or is it not?
But the objector assumes a look of superiority and
replies that very trivial matters necessarily lie outside
of any rule on this subject; that the restraining effect
on small retail dealing is inappreciable, and that
the law does not take note of the smallest things; in
short, that the law sees, and condemns, only what is
unreasonable. Precisely: this is the point to which
we have been coming. The "rule of reason,"
reached and enunciated by the Supreme Court, after
some considerable experience in enforcing the
Sherman Act, but now selected by some extremists in
Congress as a matter of weakness which they wish
to eliminate from the practice, is an inseparable part
of that practice. The rule of reason says that
whether a particular conduct complained of, or a
particular defendant brought into court, is or is not
within the inhibition of the law, turns upon a
reasonable construction of that law; interpret the
law by the light of reason, and then judge the nature
and effect of the criticised conduct by the same rule.
Now, whether this method is avoidable may be
readily brought to test. If the rule of reason cannot
be appealed to and used, then we have left only
unreason; in other words, the absence of reason. If
we are not permitted to seek and use a reasonable
construction of the law, then we must be bound by
the unreasonable (i. e., the non-reasoning) one. If
denied the spirit and the reasonable meaning, we are
shut up to the literal one, and we are told that "the
letter killeth." If enforcement may not stop with
unreasonable restraint, then it must attack and
prevent all restraint; there must be a reasonable interpretation or else a literal and undiscriminating
one, since there is no middle course. The way lies
between reason and absurdity.
It is alleged that enforcement has not been strict
enough; that the Supreme Court has erred on the
FEB.21 1914j
THE CHRONICLE
side of liberality; and that the lines should be drawn
tighter. But if the foregoing simple analysis is
sound, the extremists are heading for a ditch of impossible confusion. On the other hand, if the rule
of reason must stand, because of the immovable
alternative, then the debatable land needs no narrowing and the Act needs no amending or supplementing.
557
THE COUNTRY'S PIG IRON PRODUCTION
IN 1913.
It has often been said that the iron and steel trade
is a barometer of industrial conditions generally.
The accuracy of this view finds confirmation in the
results for the calendar year 1913. Statistics of pig
iron production for the twelve months, as prepared
by William G. Gray for the Bureau of Statistics of
POSSIBILITIES OF WIRELESS TELEGRAPHY. the American Iron & Steel Institute, show
that the
Since our last reference to the successful experi- make of pig iron in 1913 was the largest of any
ments on the Delaware & Hudson RR. with wireless calendar year in the country's history, exceeding by
telegraphy from and to moving trains (an improve- nearly 13I million tons the production for the
ment which seemed already past the stage of doubtful previous calendar year, which in itself was of unsurexperiment), a message from passengers has been passed magnitude. Nevertheless, it was a period
received by the "Times," and now comes another of declining trade and declining prices, typifying in
announcement, that Mr. Marconi has lighted an this respect the course of industrial affairs generally
electric lamp by a current through wireless over a during the year, and sharp distinction must be made
distance of six miles, the lamp remaining lighted between the record of the first half of the year and
while the power was kept on the transmitter. This the record of the second half.
is supposed to bring nearer an old prediction by
For the twelve months as a whole, the product was
Mr. Nicola Tesla that illumination will some day be 30,966,301 tons, which compares with
29,726,937
had by electricity taken from the air to masts on tons in 1912 and 23,649,547 tons in 1911,
and with
roofs, and Mr. Marconi hopes that "etheric waves" 27,303,567 tons in 1910—the previous maximum
up
will furnish heat as well as light.
to that time. But when arranged in half-yearly
Only a very few dare pretend any understanding periods it is found that the product for the second
of such subjects, and we suppose even the most half was over two million tons less than that
of the
advanced expert is superior to the common man in first half, being only 14,477,699 tons, against
the street only that he knows the phenomena and 16,488,602 tons. It is true this last was the largest
habits of electricity, not in knowing what it is and half-yearly production by.far ever reached, but the
why it is. Mr. Tesla is quoted as saying that while product for the second half-year also falls over a
he himself performed this lighting feat, over a short million tons below the output for the second half of
distance, and some fourteen years age, he doubts 1912, which was 15,654,663 tons.
whether Mr. Marconi has a sufficiently powerful
The fact that the year was one of declining trade is
plant to cover tIle reported distance; he declared his made still more apparent when the private statistics
own belief, on the lecture platform some ten years reporting the product month by month are studied.
ago, that transmission of signals or even of power, According to the figures prepared by the "Iron Age,"
over any distance without wires, will be reached, the make of iron continued large all through the first
and it is now said that both light and power were five months of the year and in May amounted to
thus transmitted, experimentally, four years ago, 2,822,217 tons a figure never previously reached in
from the Union Pacific shops in Omaha to the Omaha iron and steel annals. In June there was a drop to
Exposition grounds. We recall reading, at some 2,628,565 tons, and in July to 2,560,646 tons. In
date within the last few years, of guiding and driving the succeeding three months, namely August, Sepa small model of a vessel, experimentally, by wireless, tember and October, the production kept slightly
and of a bold declaration that discharging guns (or above 2,500,000 tons each month, but in November
possibly magazines also) by aerial currents was con- there was a drop to 2,233,123 tons, and in December
ceivable if not almost within sight. How effectively a further drop to 1,983,607 tons, while in January
the effort towards a permanent world's peace could 1914 the total got down to 1,885,054 tons.
be aided by such power to reach an enemy's exIn the early months production was continued unplosives is evident.
checked for the simple reason that furnaces were
A single one of these most modern bounds into busy on old orders. Gradually, however, these
the unknown might make us breathless with awe, but old orders were filled, and as new orders were given
custom has brought us to a mood of accepting and of only sparingly, production had to be curtailed—at
hopeful expectancy. Those of us whose recollec- first only slowly, but eventually in marked degree
tions reach to the middle of the last century have as the dearth of new business became steadily more
almost seen the world transformed, and we dare not pronounced. How persistently and how swiftly the
say the process is nearly at its end; the end is hidden, diminution in unfilled orders went on is apparent
just as astronomy shows that worlds are still in the from the monthly reports of the United States Steel
making. We can, however, take encouragement in Corporation. On Dec. 31 1912 the total of unfilled
material respects from these practical discoveries. orders on the books of the subsidiary corporations
Those who have been alarmed by statistical demon- was at its maximum at 7,932,164 tons, and from this
strations of the approaching date when the world's date steadily declined month by month up to the end
stored coal will be gone, or when the sun will have of the year. In January there was a drop to 7,827,become cold, or when the eccentricities of climate and 368 tons, in February to 7,656,714 tons, in March
weather will have gone beyond human endurance, to 7,468,956 tons, in April to 6,978,762 tons, in May
or when the eccentricities of emotional reforming to 6,324,322 tons, in June to 5,807,317 tons, in July
and reconstructing everything will have made living to 5,399,356 tons, in August to 5,223,468 tons, in
impossible—those fearful folk can raise their heads. September to 5,003,785 tons, in October to 4,513,767
This world has been long in reaching its present tons, in November to 4,396,347 tons and in Decemstage and it has a long time yet to serve.
ber to 4,282,108 tons. Thus, at the end of the year
TIIE CHRONICLE
558
the unfilled business was 3,650,056 tons less than at
the beginning of the year.
The Steel Company's statistics relate, of course,
mainly to finished forms of iron and steel, but the
pig iron production was subject to the same conditions and followed a closely similar trend. As a
matter of fact, the "Iron Age's" output of 1,983,607
tons in December was at the rate of less than
24,000,000 tons a year, whereas the January output
was at the rate of nearly 34,000,000 tons a year.
The "Age's" statistics cover the coke and
anthracite furnaces, but do not include the relatively
small amount of iron made with charcoal as fuel.
In the following we furnish a record of the production
in half-yearly periods since the beginning of 1900.
In this instance the figures are derived from the
returns just received from the Bureau of Statistics
of the American Iron and Steel Institute and include
the small amount referred to of charcoal iron.
PRODUCTION OF PIG IRON IN HALF-YEARLY PERIODS.
Gross Tons.
Gross Tons.
13,478,044
7.642,569 1907-1st half
12,303,317
6,146,673
2d halt
6,918,004
7,674,613 1908-1st halt
9,018,014
8,203.741
2d half
11,022,346
8,808,574 1909-1st half
26 half
14,773,125
9,012,733
9,707,367 1910-1st half
14,978,738
26 half
8,301,885
12,324,829
8,173,438 1911-1st halt
11,666,996
2d half
8,323,595
11,982,551
11,163,175 1912-1st half
14,072,274
15,654,663
11,829,205
2d half
16,488,602
12,582,250 1913-1st half
14,477,699
12,724,941
2d half
1900-1st half
2d half
1901-1st half
26 half
1902-1st half
2d half
1903-1st half
26 half
1904-1st half
2d half
1905-1st half
26 half
1906-1st half
2d half
The course of prices was sharply downward. In
the early months, when iron and steel makers found
their capacity taxed to the utmost by reason of unfilled orders, premiums still continued to be paid for
prompt delivery. These premiums disappeared about
May, but long before this quotations displayed a
declining tendency. This may have been in preparation for, or in anticipation of, the enactment of the
new tariff. The tariff went into effect Oct. 3 1913
and then there followed a very sharp break in prices.
New orders for business had by this time dwindled
to very small proportions, and, with prices extremely
low and little business even at these prices, production
had to be sharply curtailed all around. In the
following table we show the prices for leading grades
of iron and steel on January 1 1913 and also on
December 31, with the low and high points for the
twelve months and the dates when reached.
[VOL. xcvm.
Measured by these general averages, the changes
between 1913 and 1912 were not, it appears, very
great after all as a rule, but there was, of course,
this difference between the two years, that the one
ended with the trend upward and the other with the
trend downward.
The country's exports of iron and steel were not
of the extraordinary magnitude of those of the
calendar year 1912, and yet were of large proportions.
Taking only articles reported by weight, aggregate
shipments of all forms of iron and steel amounted
to 2,759,685 tons, which compares with 2,947,551
tons in 1912, but with 2,187,811 tons in 1911, only
1,537,942 tons in 1910, and no more than 964,243
tons in 1908. The general level of prices, however,
was higher, and in value the export shipments of iron
and steel (including not merely articles where the
weights are given but also others, not excepting
tools, machinery and various classes of highly
finished goods) exceeded even the imposing total of
the preceding twelve months and came very close
to the $300,000,000 mark. In exact figures the
value of iron and steel exports and manufactures
thereof was $294,435,000 in 1913, against $289,128,420 in 1912, $241,308,887 in 1911 and only
$194,115,215 in 1910.
'Thus in the three years there has been an addition
to the value of our iron and steel exports of over
$100,000,000. The imports of iron and steel are
now relatively small. In weight they were in 1913
311,243 tons, against 225,072 tons in 1912 and
256,903 tons in 1911. In value they were $33,601,222, against $29,328,709 in 1912 and $28,995,600 in.
1911. The net excess of exports in the case of
articles reported by weight was 2,448,442 tons in
1913, against 2,722,479 tons in 1912, but comparing
with an excess of only 885,200 tons in 1909, 758,488
tons in 1908 and 639,631 tons in 1907, showing
wonderful development of the country's iron and
steel export trade in a very short time. A summary
of the imports and exports for the last six years is
furnished in the following:
IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
1911.
1913.
1912.
1910.
1909.
1908.
...tons 311,243 225,072 256,903 487,967 356,296 205,755
2,759,685 2,947,551 2,187,811 1,537,942 1,241,496 964,243
Imports
Exports
Excess of exports __2,448,442 2,722,479 1,930,908 1,049,975
Price
Jan. 1
1913
Old Iron T rails__
No.2 fdy. p. iron. a
Basic, pig iron__ __a
Gray forge pig iron_b
Bessemer pig iron_ _b
St'l billets at mIlls_b
18 00
18 50
18 25
17 15
18 15
27 50
RANGE FOR YEAR 1913.
Low
15 50 Dec
15 00 Dec
14 00 Dec
13 90 Dec
15 15 Dec
20 00 Dec
10 to Dec
24 to Dec
31
10 to Dec
31
3 to Dec
High.
Price
Dec.31
1913
3118 25 Apr 9 to Apr 16 15 50
3118 50 Jan 1 to Jan 15 15 00
18 25 Jan 1 to Jan 15 14 00
3117 15 Tan 1 to Mar 5 13 90
18 15 Jan 1 to Mar 26 15 15
3128 50 Jan 8 to Apr 30 20 00
a At Philadelphia. b At Pittsburgh.
It will be observed from the foregoing that the
lowest figures in all instances were reached in December and the highest figures in the early months of
the year. As indicating the extent of the decline in
prices, we may note that Bessemer steel billets at
Pittsburgh Dec. 31 were quoted at only $20 a ton,
against $27 50 on Jan. 1, open-hearth billets at $20,
against $28 50, while No. 2foundry pig iron at Philadelphia was $15, against $18 50. To show how the
yearly averages of prices for 1913 compare with the
yearly averages of preceding years, we insert the
following table:
AVERAGE YEARLY PRICES OF IRON AND STEEL. 1906 TO 1913.
1913. 1912. 1911. 1910. 1909. 1908. 1907. 1906.
Articles$
8
$
$
$
8
$
Old Iron T rails at Phlla____ton_17.54 16.74 16.90 19.09 19.42 18.60 23.88 23.05
No. 2 anth. fdy. pig at Phila. " 16.47 16.58 15.71 17.36 17.80 17.70 23.89 20 98
Gray forge pig iron. Lake ore.
at Pittsburgh
" 15.23 14.54 13.96 15.24 15.55 15.23 21.52 19.85
Bessemer pig iron at Plash
" 17.10 15.94 15.71 17.19 17.41 17.07 22.84 19.54
Steel rails at mills in Penn " 28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00
Steel billets at mills at Pittsb. " 25.74 22.38 21.46 25.38 24.61 26.31 29.25 27.43
Best refined bar Iron from
store at Phlladelphia.100 lbs. 1.48 1.75 1.64 1.85 1.75 1.70 2.11 1.98
885,200
758,488
A feature in the statistics of pig-iron production
which. always attracts attention is the relatively
small addition made from year to year in the production of the Southern States. Every one will recall
the prediction fifteen or twenty years ago that the
South was destined soon to supplant other sections in
production of iron by reason of the special advantages possessed by many of the Southern States for
making iron very cheaply-the ore, the fuel and
the flux being found in close proximity. Evidently,
however, there are other factors and considerations
that must be taken into account, and particularly
the facilities possessed at home for the local consumption of iron and its conversion into finished goods.
In this respect the South is necessarily still far behind
other sections of the country.
The whole South produced only 3,285,957 tons
of pig iron in 1913 out of a total of 30,966,301 tons.
This compares with 3,019,980 tons in 1912 and with
2,974,191 tons in 1911, but back in 1906 the output
of the Southern States was 3,467,216 tons. In these
seven years from 1906 to 1913, when the quantity
of iron made in the South diminished from 3,467,216
tons to 3,285,957 tons, that of the rest of the country
THE CHRONICLE
FEB. 211914.)
increased from 25,307,191 tons to 30,966,301 tons.
Pennsylvania maintains its pre-eminence and Ohio is
narrowing Pennsylvania's lead, while New York and
Illinois are steadily augmenting their output. In
closing, we furnish the following seven-year comparison of the production by States.
PRODUCTION OF PIG IRON BY STATES.
Tom
2,240
lbs.
1913.
1912.
1911.
1910.
1909.
1908.
559
Inter-State Commerce totals, but for preceding years
(when the Commission had not yet begun to require
monthly earnings) we give the results just as registered by our own tables each year-a portion of the
railroad mileage of the country being always unrepresented in the totals, owing to the refusal of some
of the roads to give out monthly figures for publication.
1907.
Gross Earnings.
Net Earnings.
Year.
South.
States. Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Ala __ 2,057,911 1,862,881 1,712,211 1,939.147 1,763,617 1,397.014 1.886,874
Vs __
478.771
320,458
391,134
341,815
444,976
256,167
293,642
Tenn..
290,826
393.106
333,845
397,569
280,541
324,648
338,238
65.551
291,066
W Va274,380 291,472
228,282
174,861
45,096
127,946
86.371
Kyz__
100,509
95,202
315,731 1 68,760
24,345
28.072
55,825
14,725
Ga
1,200
Texas
I
286,856
411,833
183,502
255,816 328.214
Md __
219,546
289,059
Total_ 3,285,957 3,019,752 2,974,191 3.397,801 3.116.177 2,326.792 3,445,221
6.987,191 11,348.549
2,861,325 5,250,687
1,019,495 1,659,752
225.372
373.189
1,691,944 2,457.788
348.096
436.507
148.938
322.083
313,071
468.486
13,794
19.119
.---...
ar Tot 30,968,301 29,728,93723,649,54727,303,56725,795,471 15,936,018 25.781.361
Penn.. 12,954,940 12,552,131
Ohio _ 7,129,525 6,802,493
N. Y_ 12,187,820 11,939,231
1 38.876
N.J__ f
Olin's. 2,927,977 2,887,359
Mich.a 1,775,883 1,770.628
303.370
367,328
WIsc.b
397,731
324,283
Mo.c _
17,386
12,810
Mass d
9,807,073 11,272,323 10,918.824
5,310,508 5,752,112 5,551,545
1,562,756 1.938,407 1,733,675
264,781
294,474
40,663
2,108,002 2,675,846 2,467,156
964,289
1,163,932 1.250,103
276,807
307.200
348.177
395,968
428,612 382,766
9,649
16,582
18,388
a Including Indiana. b Including Minnesota. c Including Colorado. Washing.
ton and Calirornia. d Including Connecticut. z Including Mississippi,
RAILROAD GROSS AND NET EARNINGS FOR
DECEMBER.
Our compilation of the gross and net earnings of
United States railroads for the month of December
gives emphasis to the crying need that exists for
allowing a slight advance in freight rates to the
carriers. Gross earnings are undergoing contraction
on account of the recession in trade and last season's
short crops, while it is found impossible to cut down
the expense accounts. As a matter of fact, treating
the roads as a whole,expenses are not only not being
reduced, but they are actually increasing in face of
shortened gross revenues. Our tables show a loss
of $12,005,787 in gross, attended by an addition
to expenses of $1,816,458, thus causing a shrinkage
in net of $13,822,245, or no less than 16.73%.
December (479 roads)Miles of road
Gross earnings
Operating expenses
Net earnings
Inc.(+) or Dec.(-).
1913.
1912.
Amount.
%
243,322
241,180
+$2,142 0.89
$254,218,891 $266,224,678 -$12,005,787
4.51
185,418,865
183,602,407
+1,816,458 0.99
$88,800,026
$82,822,271 -$13,822,245
16.73
To be sure, comparison is with a month in the
preceding year when the earnings returns were quite
good, but even at that time the augmentation in
expenses was a most conspicuous feature, for while
there was an improvement in gross earnings of no
less than $29,681,242, augmented expenses consumed $20,911,628 of this, leaving only $8,769,614
increase in net. In December 1911 earnings were
very indifferent in character, and tremendous efforts
were made to effect savings and economies in operation. Yet the best it was possible to do, speaking
of the railroad system as a whole, was to cut expenses
in amount of $3,108,672. The gain in gross then was
only moderate, namely $1,339,735. The two combined caused an improvement in the net of $4,448,407.
When the comparisons are extended further back,
we get still more striking evidence of the part played
by augmented expenses. In December 1910 a gain
of $15,965,153 in gross yielded an addition to net of
only $2,498,454, according to the compilations of the
Inter-State Commerce Commission, and in December
1909 a gain of $16,720,194 in gross was attended by
an actual loss in net of $185,996. In the following
we furnish the December summaries for each year
back to 1896. For 1910, 1909 and 1908 we use the
Year
Given.
Year
Increase or
Preceding. Decrease.
Dec.
$
$
3
1898 ___ 51,220,114 52,520,887 -1,300,773
1897 ___ 67,542,721 59,449,009 +8,093,712
1898..__ 70,810,17: 86,979,889 +3,830,289
1899..__ 78,244,324 71,010,127 +7,234,197
1900 ___ 90,789,857 81,465,495 +9,324,162
1901 ___ 96,268,122 92,628,931 +3,639,191
1902.... 104,232,385 93,160,941 +11,071,444
1903 ___ 106,978,224 102,928,990 +4,049,234
1904 ___ 116,253,981 108,670,412 +7,583,569
1905 .. _ _ 133,775,020 119,125,94: +14,649,072
1906 ___ 135,735,226 124,733,435 +11,001,791
1907 ___ 132,199,762 141,312,429 -9,112,867
1908 __ 205„45 194
„ +11,555,140
1909 ___ 222,692,092205,971,898 +16,720,194
19l0_ 236,835,304 220,870,151 +15,965,153
1911 ___ 233,61'4,912 232,275,177 +1,339,735
1912 ..__ 263,768,603234,087,361 +29,881,242
1913 _ _ 254,218,891 266,224,678-12,005,787
Year
Given,
$
17,883,104
23,700,713
24,790,227
27,637,073
33,093,800
33,354,272
33,245,049
33,726,576
36,794,527
46,525,454
43,831,182
34,354,158
68,495,740
68,467,305
70,357,004
61,225,377
81,701,974
68,800,026
Year
Preceding.
Increase or
Decrease.
$
$
-47,294
17,930,39:
20,129,31 +3,571,399
23,220,66 +1,569,563
24,908,01, +2,729,061
29,056,29 +4,037,502
33,766,831
-412,559
30,891,654 +2,353,390
34,199,78' -473,209
32,411,58" +4,382,939
38,842,11 +7,883,343
42,943,90i
+887,282
45,998,20f -11,844,048
51,533,08i +18,962,654
68,653,301
-185,996
67,858,551 +2,498,454
56,776,971 +4,448,407
72,932,3f i +8,769,614
82,622,271 -13,822,245
Note.-In 1896 the number of roads included for the month of December was
128; in 1897, 130; in 1898, 122; in 1899, 110; in 1900, 121; in 1901, 104; In 1902,
105; in 1903, 99; in 1904, 95; in 1905, 96; In 1906, 96; in 1907, 89. In 1908 the
returns were based on 232,007 miles of road: in 1909, 239,481; in 1910. 241.364; in
1911, 238,561; in 1912, 238,072: in 1913, 243.322.
In the case of the separate roads the showing is the
same as in the case of the general totals. There are
relatively few companies which are able to report any
increase in gross and still fewer which are able to
report an increase in net. The Southern roads are
about the only ones distinguished in that way.
With these few exceptions,losses among the separate
roads are large and general, both in gross and in
net. The Pennsylvania makes a better exhibit than
in preceding months, inasmuch as a shrinkage in
gross has been in part offset by a decrease in expenses. On the lines directly operated east and
west of Pittsburgh, the loss is $1,150,885 in gross
and $503,986 in net. The New York Central, on
the other hand, reports expenses heavily increased;
with a decrease of'$397,827 in gross,it has a decrease
of no less than $709,653 in net. This is for the
Central proper. Including the various auxiliary
and controlled roads, the whole going to form the
New York Central System, the result is a loss of
$1,690,536 in gross and of $3,194,455 in net. In the
following we show all changes for the,separate roads
for amounts in excess of $100,000, whether increases
or decreases, in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Increases.
Decreases.
Yazoo & Miss Valley.._
$343,349 Pittsburgh & Lake Erie.. 5400.564
Southern Railway
265,819 N Y Central & Hud Riv_
a397,827
Norfolk & Western
192,807 Union Pacific
393,192
Chesapeake & Ohio
173,012 Baltimore & Ohio
393,172
Central of Georgia
160,332 Lehigh Valley
356,051
Seaboard Air Line
159,276 Missouri Kansas & Tex_
343,845
Illinois Central
142,187 Elgin Joliet & Eastern
333.710
Atlantic Coast Line
118,103 St Louis & San Fran
322,956
Mobile & Ohio
117,281 Missouri Pacific
294,314
Chicago St Paul M & 0_
112.018 Philadelphia & Reading_
292,817
Internet & Gt Northern_
217,031
Cleve Cin Chic & St L
Representing 10 roads
215,833
In our compilation__ $1,784,184 Denver & Rio Grande_._
192.503
Wabash
185,148
Decreases. Delaware & Hudson......_
182,162
Atch Topeka & Santa Fe $1,278,264 NYNH& Hartford
160,389
y1,150,885 San An & Aransas Pass.._
Pennsylvania
141,352
Great Northern
984,094 Pere Marquette
116,376
Southern Pacific
761,725 Chicago & Alton
114.785
674.191 Grand Trunk Western...
Northern Pacific
112,700
660.391 Texas & Brazos Valley
Chicago Milw & St Paul
106,152
Chicago Burl & Quincy_
629,742 St Louis Southwestern.._
102.7 48
Lake Shore & Mich South
530,406 Chicago & North West
101.3 19
Rock Island
486.607
Representing 34 roads
Minneap St P & S S M.._
466.739
Colorado & Southern......
451,901
in our compilation..413,551,9 11
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Centre
itself. Including the various auxiliary and controlled roads, like th e
Michigan Central the Lake Shore, the "Big Four," the "Nickel Plate, "
&c., the whole going to form the New York Central System, the result is
a loss of $1,690,536.
y These figures represent the lines directly operated past and west of
Pittsburgh, Eastern lines showing $37,308 increase and the Western line s
$1,188.193 decrease. For all lines owned, leased, operated and controlled
the result for the month is a loss of $1,018,693 in net.
560
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS IN DECEMBER.
Decreases.
Increases.
$312,309
$350,446 Philadelphia & Reading_
310,086
127,511 Southern Pacific
305,387
115,882 Central of New Jersey....
277,007
111,794 Chicago Burl & Quincy..
239,109
110,496 Lehigh Valley
232,041
Pere Marquette
Representing 5 roads
217,367
Baltimore & Ohio
in:our compilation
202,780
$816,129 San An & Aransas Pass_ _
176,159
Erie
171,424
Decreases. Missouri Pacific
Lake Shore & Mich So_ _ $1,423,950 Michigan Central
146,873
Great Northern
141,920
1,125,584 Grand Trunk Western.,_
N Y Central & Hud Riv_
132,610
a709,653 Internat & Gt North_ _
Atch Topeka & Santa Fe
131,453
589,847 Northern Central
Minneap St P & S S M
131,327
573,800 Chicago & East Illinois_ _
St Louis & San Fran......
537,999 Denver & Rio Grande
120,287
&
St
L_
_
Pennsylvania
y503,986 Cleve Cin Chic
119,470
Missouri Kansas & Tex..
496,452 Chic net & Can Gr Tact
117,682
Union Pacific
491,027 Chicago & North West.._
114,774
Bessemer
Pittsburgh & Lake Erie..
& Lake Erie
467,210
111,517
Central of Now Jersey
455,742 Wabash
108,807
Northern Pacific
378,629
Elgin Joliet & Eastern_ _
350,617
Representing 35 roads
Colorado & Southern_ _ _
In our compilation..-$12,240,060
315,175
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
a loss of $3.194,455.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $129,700 increase and the Western.
lines $633,686 decrease. For all lines owned, leased, operated and controlled, the result is a loss of $626.814.
igoL. =vim
• requirement of statements for Dec. 31, certain supplementary facts which formed part of the end of the
year 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, &c., &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 nearly two-thirds of
the cases we have succeeded in obtaining the figures
desired. We have not endeavored to get figures of
As indicating still further the unfavorable character 'liabilities and resources for Dec. 31
in substitution
of the December exhibit, we need only mention that for the Dec. 9 figures of the
Department, as these
when the roads are arranged in geographical groups latter are near enough to the end of
the year for all
or divisions every group except the Southern group practical purposes.
registers a decrease in gross and every group with
Perhaps the most noteworthy feature in the 1913
the same exception, and a trifling increase in one returns of these trust institutions of
this city is the
other group, falls behind in the net. Our summary continued diminution in the number of
companies
by groups is as follows:
and also the further contraction in the aggregate of
SUMMARY BY GROUPS,
their deposits and their total resources. The deGross Earnings
Section or Group.
1913.
1912.
Inc.(+) or Dec.(-)
• $
crease in the number of institutions has been going
December$
Group 1 (17 roads) New England
11,481,021 11,574,559
---93,538 0.81
Group 2(84 roads) East & Middle
61,368,311 62,812,994 ---1,444,683 2.30 on for a long while, but the decline in the volume of
Group 3 (69 roads) Middle West
34,532,581 37,606,925 ---3,074,344 8.20
Groups 4 & 5 (91 roads) Southern_ _
37,224,190 35,075,338 +2,148,852 6.13 their business is a more recent development.
During
Groups 6 & 7 (76 roads) Northwest
55,084,806 59,334,821 ---4,250,015 7.16
Groups 8 & 9(94 roads) Southwest
39,820,475 44,342,202 --4,521,727 10.19 1913 and for the current year to date four companies
Group 10 (48 roads) Pacific Coast...
--770,332 4.99
14,707,507 15,477,839
passed out of existence by consolidation with
Total (479 roads)
254,218,891 266,224,678 -12,005,787 4.51
other
institutions. The Windsor and the Guardian
Net Earnings
-Mileage1913.
1912. Inc.(+) or Dec.(-).
1913. 1912.
have
merged in the Empire Trust, the Long
been
$
$
$
%
7,657 7,674 2,441,605 2,422,024
Group No. 1
+19,581 0.81
Island
Loan
& Trust has been absorbed by the
2
26,722
26,523
15,117,333
17,900,022
No.
Group
-2,782,689 15.54
26,169 26,056 6,027,542 10,257,405 -4,229,863 41.24
Group No. 3
the Washington
Groups Nos. 4 & 5____ 40,840 40,498 12,050,058 11,479,579
+570,479 4.97 Brooklyn Trust, and now in 1914
Groups Nos.8 & 7____ 67,470 66,967 17.573,604 21,120,964 -3,547,360 16.79
Groups Nos.8 & 9....... 56,499 55,839 10,279,359 13,680,815 -3,401,456 24.89 Trust has become a branch of the Corn Exchange
17,956 17,595 5,210,525 5,761,462
Group No. 10
-450,937 7.83
Bank. There have been suggestions that the Metro243,322 241,180 68,800,026 82,622,271 --13,822,245 16.73
Total
politan Trust might lose its identity by consolidaNOTE.-Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
tion
with some of the other institutions, but this is
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana: all of Michigan except the northern made quite unlikely by the present week's announcePeninsula, and that portion of New York and Pennsylvania west of Buffalo and
ment that Superintendent Van Tuyl of the State
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
Banking Department is to assume the presidency
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota of the company. At the present time there are only
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line 33 trust companies in Greater New York, as against
passing through Denver.
Gropus VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and 50 on Aug. 22 1907, just before the panic of that
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of year; 18 companies have passed out of existence, and
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
the Transatlantic Trust Co. is the only new instiGroup X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico,
tution started in over six years. The 1907 panic
proved a severe trial for the trust companies, and a
THE TRUST COMPANIES IN NEW YORK AND tremendous shrinkage in the aggregate of their deELSEWHERE.
posits occurred at that time; but on the whole they
Adhering to a practice begun by us many years stood the test so well that the loss was quickly reago, we again present our annual comparative returns covered and the institutions (treating them collecof the trust companies in this city (Manhattan and tively) entered upon a new era of expansion and progBrooklyn boroughs) and also those in Boston, Phila- ress. Yet the number of institutions kept declining
delphia and St. Louis. The returns will be found even while deposits and aggregate resources were
on pages 573 to 586. For this city the figures,asfar mounting to steadily higher levels; and the last two
as the liabilities and assets of the different companies years these items, too, have been tending downward.
are concerned, -are those furnished to the SuperinEvidently conditions for the trust companies are
tendent of Banking at Albany under his latest call, no longer so favorable as they once were. The inand accordingly show the condition of these insti- stitutions are required to hold larger cash reserves,the
tutions as of Dec. 9 1913. As previously pointed opportunities for making profits have greatly diminout by us, it was the custom of the Banking Depart- ished, syndicate and other financial underwritings
ment for a quarter of a century or more to require a have become fewer, and in addition there has been
report for Dec. 31, the close of the year, but this was a persistent and large depreciation in security values.
changed in December 1911 by the present executive Such a situation is manifestly peculiarly trying for
head of the Department. The unfortunate feature the smaller institutions and those least strongly enis not this difference of a few days in the date of the trenched. Hence it is not surprising that many
figures, but that, through the abandonment of the institutions should have concluded that their pros-
Yazoo & Miss Valley_ _ _
Southern Railway
Boston & Maine
Chicago St PM & 0
Central of Georgia
FEB. 21 1914.]
THE CHRONICLE
pect for the longer future lay in uniting with other
institutions, thereby enabling them to cope more
readily with the new conditions. In union there is
here strength as there is in other directions.
The shrinkage in security values is reflected in a
contraction in the surplus of the institutions. Many
of the strongest and most conservative companies
have charged off large amounts to profit and loss to
represent losses from a decline in the value of their
security holdings, which holdings, of course, are of no
small magnitude. On Dec. 9 1913 aggregate surplus
and profits of all the trust companies in New York
State, on the basis of the market value of their securities, were only $174,941,802, against $185,286,988 on Dec. 26 1912 and $188,676,616 on Dec. 21
1911. The companies still retain the distinction,
however, of holding a surplus account more than
twice the amount of capital. In other words, while
surplus and profits Dec. 9 1913 were $174,941,802,
the capital account was only $78,650,000.
As regards the loss in deposits—still taking the
figures for the whole State instead of for New York
City alone—these deposits on Dec. 9 1913 stood at
$1,263,091,564, against $1,275,731,272 Dec. 26 1912
and $1,342,270,020 Dec. 21 1911. Aggregate resources now are $1,574,656,207, against $1,598,555,823 and $1,656,335,661, respectively, in the two preceding years.
As concerns the investments of the institutions,
the collateral loans still constitute the largest single
item, but have undergone considerable contraction
in recent years, standing, for instance, at $506,365,342 in December 1913, against $545,239,677 in 1912
and as much as $696,601,870 at the end of 1909.
The security holdings have also been declining, but
only the last two years. A new feature is that in
seeking profitable investment for their funds at a
time of low interest rates,a disposition has grown up
to invest in bills,and these have become an expanding
item in their assets. This will appear when we say
that for December 1913 the total of bills purchased
not secured by other collateral stood at $188,956,827,
or over $42,000,000 in excess of the amount in December 1912, notwithstanding the shrinkage in deposits
and in aggregate resources. On Jan. 1 1909 these
bills purchased aggregated only $87,294,263.
The trust companies in this State, as already indicated, are now obliged to hold large amounts of cash
in their own vaults. In this borough the companies
are required to keep a reserve of 15%, and all of it
must be held in cash. In the other boroughs of New
York only 10% of the 15% called for need be in cash.
In the rest of the State trust companies are not very
numerous and the reserve required is 10%, of which
5% must be cash on hand in cities of the first.and
second class but only 3% need be cash in cities of the
third class and villages. These reserves apply to
deposits liable to call. On time deposits not payable
within 30 days when represented by certificates,
and on moneys held in trust not payable within
30 days and therefore removed from the possibility
of immediate call, no reserves need be kept. Under
an amendment to the law made by the 1911 Legislature, deposits may be reduced in figuring the reserve requirement by an amount equal to the market
value (not exceeding par) of bonds or obligations
of the State or City of New York owned by the institutions or held in trust for them by any public
department. For Dec. 9 1913 aggregate cash in
vault was $124,284,267 (consisting of $108,587,054
specie and $15,697,213 legal tenders and bank notes),
and this compares with $127,885,269 Dec. 26 1912,
with $138,822,430 Dec. 211911, with $132,980,316
Jan. 2 1911 and $142,328,507 Jan. 1 1910; but with
only $47,830,348 on Dec. 311907. This last comparison shows what a change has been worked in the
matter of cash holdings as the result of the statutory
mandate compelling the keeping of certain percentages of cash on hand.
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 1911 and December 9 1913.
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.26 1912 and Dec.9 1913.
Borough of Manhattan.
Astor
Bankers
Mercantile
Manhattan
Broadway
Flatbush
Savoy
Carnegie
Central
Columbia-Knickerbocker
Knickerbocker
Commercial
Commonwealth (defunct)
Empire
Guardian
Windsor
Equitable
Bowling Green
Madison
Trust Co. of America
Farmers' Loan & Trust
Fidelity
Fulton
Guaranty
Fifth Avenue
Morton
Standard
Hudson
Lawyers' Title Ins. & Tr_
Lincoln
Metropolitan
Mutual Alliance
New York Life Insa dr Tr_
New York
Title Guar. & Trust
Transatlantic a
Union Trust
United States Mtg.& Tr..
United States
Washington
Aug. 22 1907. Dec. 31 1907. Dec. 26 1912. Dec. 9 1913.
$_
3
$
8,965,745
8,103,748
20,822,597
23,861,606
20,240,194
35,119,131
23,277,232 123,899,728
10,975,957
9,327,741
3,932,749
2,340,822
3,104,410
2,541,372
10,975,359
1,569,287
909,024
7,923,242'
6,528,511
Defunct
42,137,580
33,961,798
98,057,404
4,700,103 } 54,631,890
6,774,339
62,114,992 (5)
3,876,981
2,948,586
4,083,721
476
458
516
8,898,940
18,432,755
6,304,846
4,185,255
3,315,280
2,316,725 1
11,162,536
7,773,031
5,795,756
17,381,123
9,715.776
16,233,629
11,209,036
67,668,627
8,101,350
5,623,758
64,124,995
20,705,636
81,702,513
58,497,300 105,147,230
3,028,403
3,016,254
7,780,280
7,423,429
6,047,183
7,611,984
41,996,504
28,161,527
17,532,796
10,413,911 168,410,452
40,510,828
22,166,365
12,884,258
7,691,641
2,066,175
1,172,075
3,657,538
8,524,049
5;511,071
13,333,539
22,400,958
6,483,066
11,525,700
23,747,751
15,764,837
19,490,454
3,651,793
5,763,501
8,464,471
33,782,456
24,680,912
31,989,365
33,517,360
27,862,835
34,847,969
28,495,980
21,574,526
23,917,415
2,554,866
48,231,644
44,169,764
55,899,534
30,982,562
20,096,258
44,8.57,472
59,394,159
47,302,953
49,767,471
9,798,340
7,415,009
9,049,603
$
20,667,490
129,848,542
14,420,483
Defunct
83,432,013
54,089,632
3,882,550
458
22,359,030
66,870,535
112,181,300
7,641,801
8,361,843
149,456,212
3,556,973
12,075,457
11,601,761
17,094,371
8,344,532
32,582,070
37,535,428
26,921,794
2,617,687
55,256,528
40,459,470
54,882,451
9,702,666
Total b
Borough of Brooklyn.
Brooklyn
Long Island Ln. & Tr.
Citizens'
Franklin
Hamilton.
Homo
Kings County
Lafayette
Nassau
People's
Williamsburgh
849,123,619
Total
Borough of Queens.
Queens County
c95,552,272
c65,504,952
89,607,732
89,282,546
1,934,491
1,482,818
1,874,877
1,919,001
Total Greater N. Y
538,664,879 1,004,996,363
15,363,635
11,628,311
7,055,368
6,489,355
1,592,398
1,035,792
10,929,960
7,579,036
6,734,731
5,490,952
2,636,974
1,638,373
12,346,322
10,120,685
4,344,881 *
5,329,614
8,290,228
13,651,462
14,946,702
8,206,663 *
946,610,382
1
16,767,500
7,400,731 f
6,325,673
9,274,468
6,643,931
2,739,010
15,309,880
Defunct
6,035,829
19,110,710
Defunct
985,843,077
R.!.
23,456,096
.t.
5,896,41 .
9,290,27'
7,137A8
2,695,95
15,936,86
Defunct
5,831,878
19,037,583
Defunct
605,652,649 1,096,478,072 1,077,044,624
* Not reporting on account of temporary suspension.
a Transatlantic began business May 28 1912.
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.
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 the showing is quite different from that
in New York. Two new companies have been formed
and all the items in the returns record an increase as
compared with the Year preceding. The Fidelity
Trust Co. was organized in 1913 with' a capital of
$500,000 and the Market Trust Co. with a capital
of $250,000, while the Exchange Trust Co. increased
its capital from $250,000 to $500,000, making altogether an addition to capital during the twelve
months of $1,000,000. Since the close of the year
consolidation has been arranged between the International Trust and the Lincoln Trust. The following table will show the number of companies and
afford comparisons between the other items for the
last fourteen years. Deposits are not quite up to
the best previous figure, but aggregate resources are
the largest of all the years and so are the other items.
BOSTON.
1
Dec. 31 1')o0 L; w V
bec. 31 1901 (163 ww
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
[VoL. xcvm.
THE CHRONICLE
562
1902 (18 cos.)____
1903 (19 cos.)---1904 (19 cos.)____
1905 (19 coa.)---1906 (16 cos.)____
1907 (19 cos.)____
1908 (19 cos.)-_-1909 (19 cos.)__-_
1910 (19 cos.)____
1911 (19 cos.)__
1912 (21 cos.).___
1913 (23 cos.)____
Capital.
Surylus and
Profits.
Deposits.
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
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
25,002,793
27,349,902
26,234,350
28,108,699
29,358,660
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
Aggregate
Resources.
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
At Philadelphia also there has been further growth
in all directions. 'rho niimbr"" f companies stands
the same as at the end of the preceding year, being 56.
The Tioga Trust Co. was formed with a capital of
$125,000, and the Independence Trust with a capital
of $1,000,000 was merged in the West End Trust
(capital also $1,000,000), the capital of the enlarged
institution then being made $2,000,000. The Frankford Trust increased its capital from $125,000 to
$250,000. The Fidelity Trust doubled its capital
from $2,000,000 to $4,000,000 and also added $1,000,000 to surplus. Altogether capital was increased $2,500,000.
PHILADELPIIIA.
Capital.
Surplus and
Profits.
Dec. 31 1900 (40 cos.)____
Dec. 31 1901 (41 cos.)____
Dee. 31 1902 (41 cos.)---_
Dec. 31 1903 (43 cos.).___
Dec. 31 1904 (43 cos.).___
Dec. 31 1905 (44 cos.)____
Dec. 31 1906 (52 cos.).___
Dec. 31 1907 (58 cos.)____
Dec. 31 1908 (58 cos.)..___
Dec. 31 1909 (59 cos.)......_
Dec. 31 1910 (59 cos.)__
Dec. 31 1911 (58 cos.).___
Dec. 31 1912 (56 cos.)____
Dec. 31 1913 (56 cos.)____
$
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
$
27,826,941
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
Deposits.
Aggregate
Resources.
$
$
136,496,312 196,498,618
149,137,386 218,660,249
153,151,355 227,480,117
161,231,152 238,817,566
202,855,986 283,503,299
209,213,067 293,177,935
193,283,134 286,232,600
169,669,224 265,150,778
200,983,530 296,761,341
217,196,883 316,892,720
208,837,634 311,640,645
224,225,832 328,196,392
231,712,367 337,179,556
232,941,234'341,764,741
St. Louis's experience has been like that of New
York, all the items with the exception of capital
showing a slight shading down. Two new companies
have come into existence, namely the Laclede Trust
and the Meramec Trust, each with $50,000 capital.
In the last decade some of the business of the trust
companies in St. Louis has been transferred to the
banks. Thus during 1908 the commercial business
of the Commonwealth Trust Co. was transferred to
the National Bank of Commerce in St. Louis, involving a diminution in deposits of over $7,000,000,
and in 1909 similar action was taken in the transfer
of the commercial business of the Mercantile Trust
Co. to the newly organized Mercantile National
Bank. The absorption by banks of a portion of the
former business of the trust companies was the sole
reason why the totals of deposits and various other
items continued until 1912 to fall below the totals
reached in 1904. The following shows the comparisons back to 1901.
ST. LOUIS.
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
Dec. 31 1901 ( 6 cos.)____
Dec. 31 1902( 9 cos.)____
Dec. 31 1903( 8 cos.)____
Dec. 31 1904( 5 cos.).___
Dec. 31 1905( 6 cos.)__
Dec. 31 1906( 9 cos.).___
Dec. 31 1907( 8 cos.)„....
Dec. 311008( 9 cos.)____
Dec. 31 1909 (13 cos.).___
Dec. 31 1910 (13 cos.)____
Dec. 31 1911 (16,coa.)____
Dec. 31 1912 (15 co8.)____
Dec. 31 1913 (17 cos.).___
$
13,425,660
20,485,300
19,000,000
16,000,000
16,100,000
16,350,000
13,350,000
13,452,400
14,752,400
14,752,000
15,002,400
14,900,000
15,000,000
$
14,471,934
24,922,243
24,915,483
22,507,930
23,365,609
23,584,914
22,537,837
22,782,021
19,428,356
19,505,474
19,591,743
19,617,825
19,608,929
$6
41,339,273
62,910,106
62,563,117
78,706,702
71,681,442
74,512,832
66,329,762
61,619,831
73,059,732
73,015,086
78,169,009
84,229,211
83,479,325
$
69,829,307
109,167,449
107,454,100
117,214,632
111,268,041
115,189,586
107,028,169
97,856,192
108,139,489
107,272,961
112,763,152
118,747,036
118,088,484
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[THIRTEENTH ARTICLE I
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
contain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter has particular
reference, of course, to the Federal Income Tax Law,just enacted, under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
Interest or coupon payments unless the holder of the bond is
exempt from the tax. We began the series of articles in the "Chronicle" of Nov.22,
pages 1467-1470. The second contribution appeared Nov.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh,
Jan. 3, pages 4345; the eighth, Jan. 10, pages 109-111; the
ninth, Jan. 17. pages 201-203; the tenth, Jan. 24, pages 271272, the eleventh Jan. 31, pages 345-346 and the twelfth
Feb. 14, pages 490-494.
A complete index to the steam railroads whose securities
have been classified will be found in the issue of Feb. 14,
page 490, in which also appears the first installment of the
electric railways.
To the foregoing we now add 38 additional electric railways as follows:
Muncie & Portland Trac. Co.
Atlantic Shore Railway.
Muskegon Trac. & Lighting Co.
Auburn & Syracuse Electric RR.
New Jersey & Penna. Trac. Co.
Bucks County Interurban Ry.
& Providence Ry.
Newport
Buffalo Lockport & Rochester Ry.
Northwestern Pennsylvania Ry.
Central California Traction Co.
Cincinnati Newport & Coy. Tr. Co. Otsego & Herkimer RR.
Putnam & Westchester Trac. Co.
Citizens' Traction Co.
Richmond Lig.ht & RR. Co.
Columbus Marion & Bucyrus Ry.
Columbus New Albany & Johnstown Rochester & Manitou RR. Co.
Light & Traction
Southern
Traction Co.
Suffolk Traction Co.
Empire United Rys., Inc.
Frankford Tacony & Ilolmesb. Ry. Syracuse & South Bay Elec. RR.
Galesburg & Kewanee (Ill.) Elec.18y. Terre Haute Ind. & East. Trac. Co.
Hudson River & Eastern Trac. Co. Union Street Ity.
Indianapolis Columbus & Southern Waikill Transit Co.
Washington Baltimore & AnnapoTraction Co.
Us Electric RR.
Kingston Consolidated RR.
Lewisburg (Pa.) Milton & Watson- Western N. Y. & Penna. Trac. Co.
Wilmington New Castle & Delaware
town Pass. Ry.
City Ry.
Louisville Traction Co.
Manchester Trac., Lt. & Power Co. Winona Interurban Ry.
Milwaukee Northern Ry.
ATLANTIC SHORE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Apr. I 1934
$361,500
Atl. Shore Line first consol. mtge.58
Jan. 1 1924
J-J
120,000
First mortgage 5s
Jan. 1 1928
J-J
246,000
Sanf.& Cape Porpoise 1st mtge. 5s
j
-j
July
1
1935
250.000
Alf. Light Sr Power first mtge.5s
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1931
$150,000
Atl. Shore Ry. gen. lien 5s
J-J
Jan. 1 1941
*641
Refunding mtge.4s ($2,600,000)
J-D
1912 extended
59,000
Mousam River first mtge. 6s
M-S Mar. 1 1917
200,000
Ports. Kit.& York 1st mtge.6s
J-D
June 1 1923
450,000
Ports. Dov.& York 1st mtge.4s
J-D
Apr. 1 1925
57,000
Second mortgage ext. 5s
750
* Interest payable only if earned during first 5 years. No int. earned yet.
AUBURN & SYRACUSE ELECTRIC RR.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Oct. I 1942
1,460,000
A-0
First and ref. mtge.5s($2,000,000)
Feb. 1 1915
F-A
:300,000
5% notes
RAILWAY.
BUCKS COUNTY INTERURBAN
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1937
$500,000
Bucks County El. Ry. 1st mtge. Os
F-A
Aug. 1 1934
400,000
Trent. N.H.& L. 1st mtge. 5s
FEB. 211914.]
THE CHRONICLE
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$100,000
A-0 Oct. 1 1930
Yard. Mor.& T. 1st mtge. 6s
BUFFALO LOCKPORT & ROCHESTER RY.
Issued with Tax-Exemption Clause.
First mortgage 58($4,000,000)
F-A
Feb. 1 1954 $2,750,000
CENTRAL CALIFORNIA TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
A-0 Apr. 1 1936 $1,500,000
563
NEW JERSEY & PENNSYLVANIA TRACTION CO.
Issued with Tax-Exemption Clause,
Int. Maturity Date. Outstand'g.
$600,000
M-N Nov. 1 1932
First mortgage 4s ($3,000,000)
NEWPORT & PROVIDENCE RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s
J-J
July 1 1932 *$300,000
* Company pays its coupons without deduction of normal Federal income
tax.
NORTHWESTERN PENNSYLVANIA RAILWAY.
CINCINNATI NEWPORT & COVINGTON TRACTION CO.
Issued with Tax-Exemption Clause.
Taxes.
Reference
to
without
Issued
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g. First mortgage 58(81,250,000)
M-S Mar. 1 1941
$600.000
$150,000 People's Incandescent Gas L.Co. 1st M.5.9J-D
Jan. 1 1932
So. Coy. & eine. consol. mtge. 68
J-J
150,000
Dec. 1 1920
100,000 Erie Div.first mortgage 5s
Aug. 1 1917
Newp.& Day. St. Ry. 1st mtge.6s
F-A
J-D
Sept. 1 1947
250,000
July 1 1922 2,750,00' Erie Div.second mortgage 5s
Cinc. Newp.& Coy. 1st consol. M.5s_ _ _ _J-J
305,000
J-D
Sept. 1 1947
600,000 Erie Trac.(Erie Div.) 1st mtge.
July 1 1922
J-J
Second mortgage 5s
500,000
J-J
55
July 1 1929
Collateral trust 6% notes
M-N
Mar.
1
1918
165,000
CITIZENS' TRACTION CO., OIL CITY,PA.
OTSEGO & HERKIMER RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
A-0 Apr. 1 1942 $1,202,000
First mortgage 5s ($2,500,000)
Int. Matu
1r9i6
ty
3Date. Outstand'g.
First mortgage 5s ($2,500,000)
$1,150,000
COLUMBUS MARION & BUCYRUS RAILWAY.
PUTNAM & WESTCHESTER TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Issued with Tax-Exemption Clause.
$100,000
First mortgage 6s
Int. Maturity Date. Outsland'g.
250,000 First mortgage 5s
General and refund. mtge.(3%-5%)
J-J
July 1 1937
$71,000
COLUMBUS NEW ALBANY & JOHNSTOWN TRACTION CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-J
First mortgage 55 ($450,000)
Jan. 1. 1925
None
RICHMOND (STATEN ISLAND)LIGHT & RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
First collateral trust mortgage 4s
July 1 1952 $2,200,000
EMPIRE UNITED RAILWAYS, INC.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
and
ref.
First
mtge.55($20,000,000)
J-J
July 1 063
Syracuse Lake Sh. & Nor. RR. 1st M. 5s
($2,500,000)
M-N May 1 1947
5% notes
M-N May 15 1914
Roch.Syr.&East.RR.1st M.5s($7,500,000)M-N May 1 1945
6% notes
F-A
Feb.16 1915
Aub.& Nor.El. RR.1st M.5s($1,000,000)M-N May 1 1945
Outstand'g.
*$63,000
ROCHESTER & MAN ITOU RAILROAD.
Issued without Reference to Taxes.
Int. Maturity Date. Ouktandeg.
M-N May 1 1929
First morgtage 5s
$58,000
2,500,000
a350,000
5,000,000
a1,137,000
250,000
SOUTHERN LIGHT & TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Sept. 1 1949 $1,968,000
Collateral trust 5s ($2,500,000)
984,000
San Antonio Traction first mortgage 5s_ _ _M-S Sept. 1 1949
984,000
San Antonio Gas & Electric first mtge. 5s_M-S Sept. 1 1949
* Free of all taxes except succession, inheritance or income taxes.
a The agreement covering these notes does not, apparently, contain any
tax clause; the company, however, assumes payment of the normal Federal
tax of 1%.
SUFFOLK (L. I.) TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
First mortgage 58
July 1 1957
360,003
FRANKFORD TACONY & HOLMESBURG RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1940
$400,000
First mortgage 58
SYRACUSE & SOUTH BAY ELECTRIC RR.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
First mortgage 5s($1,000,000)
May 1 1947
$471,000
GALESBURG & KEWANEE (ILL.) ELECTRIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 2 1926
First mortgage 58
$400,0010
TERRE HAUTE INDIANAPOLIS & EASTERN TRACTION CO.
Issued with Tax-Exemption Clause.
, Int. Maturity Date. Outstand'g.
A-0 Apr. 1 1945 46,500,000
First and refunding M.58($8,000,000)J-J
July 1 1927 a*659,000
Ind.& East. 1st consol. mtge. 5$
HUDSON RIVER & EASTERN TRACTION CO.
J-J
Jan. 1 1929
a171,000
Ind. & Green. 1st mtge. 5$
Issued with Tax-Exemption Clause.
Ind. Tr.& Term. Co. 1st 5s($5,000,000)A-0 Jan. 1 1933 a5,000,000
Int. Maturity Date. Outstand'g.
b6,000,000
($6,000,000)_J-J
Jan.
1
1933
Ind.
St.
Ry.
gen.
M.
4s
First mortgage 5s ($1,000,000)
F-A
Feb. 1 1957
$130,000
M-N May 1 1933 a4,000,000
Citizens' St. RR. 1st M 55
Equipment Certificates-INDIANAPOLIS COLUMBUS & SOUTHERN TRACTION CO.
M-N To May 1919
Series A 5s rue $10,000 s.-a.}
110,000
Issued with Tax-Exemption Clause.
Series B 5s duo $5,000s.-a.
J-J
To July 1921
75,000
Series C 5s duo $5,000 s.-a.
Int. Maturity Date. Outstand'g.
M-S To Mar.1923
95,000
First mortgage 58 ($1,000,000)
F-A
Feb. 1 1923
Series D 6s dated Dec. '13. due
$932,000
$5,000 s.-a.)
J-D
To Dec. 1923 c100,000
KINGSTON CONSOLIDATED RAILROAD.
Terre Haute Traction & LightIssued with Tax-Exemption Clause.
M-N May 1 1944
3,170,000
First consol. M.5s($5,000,000)
J-J
July 1 1929
Terre Haute Elec.first mtge. 5s
1,500,000
Int. Maturity Date. Outstand'g.
d250,000
Terre Haute & Western Ry. 1st M.5s_M-N Nov. 1 1967
J-J
First consolidated mortgage 5s
Oct. 1 1951 *8532,000
M-S
Mar.
1
1923
($3,000,000)
2,470,000
Ind.& N. W.Tr. 1st M.58
J-J
Jan. 1 1939
Second mortgage 5s
None
J-J
Jan.
1
1932
d750,000
R.
T.
1st
M.
55
Martinsv.
Ind.
&
M-S Mar. 1 1923
Kingston City RR. consol. mtge. 58
*150,000
Indianapolis Crawfordsv. & Danv. Elec.
M-N May 1 1952
1,000,000
* Interest payable free of all United States taxes
Ry.first mtge.5s ($2,500,000)
LEWISBURG (PA.) MILTON & WATSONTOWN PASSENGER RY.
Issued with Tax-Exemption Clause.
Int. Maturity Date, Outstand'a.
F-A
Feb. 1 1940
First mortgage 58
$160,000
LOUISVILLE TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
Feb. 1 1950
Louisville Ry.gen. mtge. 58($20,000,000)_F-A
J-J
July 1 1930
Consol. mortgage 5s ($6,000,000)
Second mortgage 45is ($2,000,000)_ _ _M-S Mar. 1 1940
Outstand'g.
$4,000,000
6,000,000
2.000,000
•
MANCHESTER TRACTION, LIGHT & POWER CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
Manchester Electric Light first mtge. 5s_ _A-0 Oct. 1 1917
$250,000
°offs Falls Litch & Hudson first mtge. 5s_J-D
June 1 1926
200,000
Manchester & Derry St. Ry.first mtge. 5s _J-D
Dec. 1 1927
125,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Manchester Trac., L.& P. 1st cons. M.5s_A-0 Apr. 1 1921 $1,750,000
MILWAUKEE NORTHERN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
($4,000,000)
mortgage
5s
A-0 Apr. 1 1931 *$1,595,000
First
*Company reports that it will pay normal Federal Income Tax on the
coupons.
MUNCIE & PORTLAND (IND.) TRACTION CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
($1,000,000)
J-J
First mtge.5s
July 1 1935
None
MUSKEGON TRACTION & LIGHTING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Mar, J. 1931
First mortgage 5s
$600,000
* Of these bonds, $564,000 are owned by the Terre Haute Ind. & East.
Trac. Co. a Free of U. S. and State of Indiana taxes. b Free of Indiana
taxes only. c Free of all taxes except Federal Income Tax. d Free of
U. S. and State of Illinois taxes.
UNION STREET RAILWAY(NEW BEDFORD.MASS.).
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mtge. 4%8,Jan. 1914 ($2,000,000)- _J-J
Jan. 1 1934
$250,000
WALLKILL TRANSIT CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N May 1 1935
First mortgage 5s
$300,000
WASHINGTON BALTIMORE & ANNAPOLIS ELECTRIC RR.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Mar. 1 1941 $5,000,000
First mortgage 5$ ($7,500,000)
WESTERN NEW YORK & PENNSYLVANIA TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
July 1 1957 32,206,000
J-J
First & ref. mtge. 5$ ($5,000,000)
M-N Nov. 1 1929
164,000
Olean Street By. first mtge. 5s
F-A
First extension mortgage 5$
Aug. 1 1931
106,000
WILMINGTON NEWCASTLE & DELAWARE CITY RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
Juno 1 1942
$200,000
First mortgage 58
Feb. 1 1941
150,000
Wilmington Southern Traction 1st mtge.58F-A
WINONA (IND.) INTERURBAN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1925 4750,000
Goshen Division first mortgage 5$
A-0 Oct. 1 1936 *1,593,700
Peru Division first mortgage 58
* Free of Indiana taxes only.
564
THE CHRONICLE
THE HEARINGS ON THE APPLICATION OF THE
EASTERN ROADS FOR HIGHER RATES.
The announcement on Monday of the further suspension
by the Inter-State Commerce Commission of the proposed
5% freight-rate advances from March 12 until Sept. 12, was
followed by the issuance of a statement on Thursday by
Commissioner Harlan intended to dissipate the impression
which had gained ground that no decision could be expected
in the matter until the fall. On Wednesday, between the
time of the issuance of the order of the Commission and
Commissioner Harlan's statement, a conference is understood
to have been held at the White House between President
Wilson and E. C. Clark, Chairman of the Inter-State Commerce Commission. Nothing, however, was divulged as to
the nature of the conference, the only information imparted
being a statement by Chairman Clark to the effect that"the
President never at any time has discussed with me the proposed rate advance and has not expressed to me any opinion
he may entertain respecting it." Commissioner Harlan, in
his announcement of Thursday, says that Monday's order
has no significance beyond the fact that the case is not yet
ready for decision, and he adds that "there is reason to think
the record on the main issues in the case may be closed and
the arguments had in time to enable the Commission to dispose of these questions before the summer recess." A recess
is generally taken by the Commission on July 1. The
following is the statement issued by Commissioner Harlan:
[VoL. xcvm.
"That part of the case that pertains to the proposed increases in the lakeand-rail rates will be heard at Washington on March 12, 13 and 14. •
"Separate hearings will be assigned later to consider lighterage and other
special services at New York City and New York Harbor, and concerning
re-consignments and diversions in transit and free storage."
. The previous order suspending the advances to March 12
1914 was issued on Nov. 12 last. Commenting upon the
latest order of the Commission this week, Daniel Willard,
President of the Baltimore & Ohio RR.,was quoted as saying:
"It does not necessarily follow that the proposed increases may not
become effective until Sept. 12, because it is well within the powers of the
Commission to permit them to become effective on any date within that
period. They will automatically become effective on that date unless the
Commission, by affirmative action, orders the existing rates to be continued.
"It is clearly the duty of the Commission in such an important matter
as the one now before it to give the whole question the most careful investigation, and should it be found that some of the existing practices—even
though they are of many years' standing—have the effect, under present
conditions, of working discrimination as between shippers or communities,
such practices should be adjusted in harmony with the spirit of the law. I
do not fully share the expressed views of the Commission as to the sum
of money that may be saved to carriers by the changes suggested; however,
the carriers will co-operate fully with the Commission in the furtherance
of any plan intended to increase their net revenues. It should be remembered that the various practices, allowances, &c., which have been under
discussion at the recent hearings were all matters of long standing, were
all the logical result of competition, that in many instances they were
deemed necessary to meet legitimate commercial requirements, and in any
event have all been fully covered by tariffs on file with the Commission.
"I am confident that the Inter-State Commerce Commission is earnestly
endeavoring to reach a just solution of this problem. I have personally
been disappointed because an earlier solution could not be reached, and I
say that without criticism of anybody. I believe it is of the utmost importance, not only to the railroads, but to the people as a whole, that
a just solution of this question should be reached, and that, too, at the
"The action of the Commission on Monday last in further suspending, earliest possible date, and if all who have been called upon by the Commission
to furnish information or data concerning existing conditions and past
until September 12, the proposed increased rates involved in this case,
seems to have been misunderstood by those not familiar with the practices practices will make special efforts to furnish such information as promptly
of the Commission. It may be well, therefore, for me to say that the order as possible, they will materially aid the Commission in reaching an early
then entered has no significance beyond the fact that the case is not yet determination.
"While disappointed, I am not at all discouraged by the situation, and I
ready for decision. Recognizing the public importance of an early disposition of the problems before us here, the carriers, shippers and the am in full accord with the Commission in its desire to investigate the whole
Commission are using every effort to bring the inquiry to an early conclu- situation. I believe the railroads in the end will be benefited by the invession; and there is reason to think the record on the main issues in the case tigation. The carriers feel no special pride in authorship, and if a better
may be closed and the arguments had in time to enable the Commission plan for sufficiently increasing their net earnings can be found than the
one they proposed, they will very willingly accept R."
to dispose of these questions before the summer recess.
"There is another matter that 1 wish to speak of this morning, and in
On the 10th inst, it was announced that the investigation
order that it may be clearly understood by those who have not been able
of
the Commission would embody a comprehensive inquiry
to follow the progress of our hearings, it may be well again to explain
into the matter of leases and grants of property by carriers
that the Commission has before it two subjects of inquiry, namely:
"(a) Are the present revenues of the carriers adequate?
to shippers in addition to the investigation already ordered
"(b) If not, how may they be supplemented? ,
into
allowances to shippers made by the railroads in spotting
"With respect to the first of these issues, the carriers have already
offered much testimony, but their witnesses have not been cross-examined: cars, lighterage charges, &c. At the hearing into these
nor have the investigations by the Commission on that question been allowances, begun on the 12th inst., Louis D.Brandeis, reprecompleted: We are also advised that certain shipping interests will submit
Important testimony touching the adequacy of the present revenues of the senting the Commission, declared that information received
carriers. In aid of an understanding of the first question and of a proper by the Commission indicated that the railroads annually
solution of the second question, the Commission, as I explained at a recent perform many millions of dollars' worth of "free service,"
hearing, has also addressed certain inquiries to the carriers which they
have not yet been able fully to answer. Pending the preparation by the and introduced evidence to show that the advance in rates,
railroads of their replies, we have been hearing the protests of shippers which would add about $30,000,000 to the railroads' revenue,
against the proposed increases in the rates on certain particular commodi- would not be necessary if some of the free service were disconties in which they deal or are otherwise interested. A hearing was also
held on Feb. 12, 13 and 14 regarding the propriety of a charge by carriers tinued. Furthermore, he sought to demonstrate that these
for certain special services that are now performed by them without charge, allowances constitute not only a loss in revenue, but disIn addition to the published rate. At that hearing testimony was offered
crimination against small shippers in favor of the big ones.
by the railroads and large shippers regarding free services.
"A hearing will be had in Washington on Feb. 27 and 28 to consider The free service performed by the carriers, Mr. Brandeis
further the question of making a charge for spotting cars for loading and said, according to the "Evening Post," did not include what
unloading on private spur and side tracks, for the trap or ferry car service
revenue was lost through "industrial plant-line service," but
and for the tunnel and lighterage services in Chicago. It is expected that
the final arguments upon these subjects will be had before the full Commis- represented the aggregate losses in the service of spotting
sion at Washington on March 16 and 17.
cars on private side tracks, in re-consignments and diver"Our records disclose that there are some 25,000 private spur tracks and
sions in transit performed for shippers, in lighterage and
sidings in the territory east of the Mississippi River, and, manifestly, it is
neither desirable nor possible to examine in detail each one of these opera- drayage privilege, and in trap and ferry-car service. It
tions. But typical examples of the different classes of private spurs and was estimated that the Eastern railroads continually have
switch tracks will be helpful in enabling the Commission to determine—
private-spur
"1. The propriety of a charge by carriers, in addition to the rate, for the between 30,000 and 40,000 cars "spotted" on
tracks, for which no charge is made. If a charge could, with
spotting and trap cir service.
"2. The amount of the charge and the manner in which it should be propriety, be made for this service, Mr. Brandeis declared
assessed.
"While the general conditions in this regard at Chicago were outlined at that the Commission wanted to know whether it should be
the recent hearing, further testimony is desired; and the commercial inter- uniform and whether the spurs should be classified, and if so,
ests of Chicago that have already participated in these proceedings, and
on what basis.
others that desire to do so, are requested to come together promptly in conIn the interest of the savings banks, as holders of railroad
ference among themselves in order that at the approaching hearing the
Commission may have further details respecting private spur and switch bonds, a movement has been undertaken by the law firm
tracks by means of illustrative cases
of White & Kemble of this city to assist the railroads in
"The commercial interests of Detroit, Cincinnati and Indianapolis are
also requested to come together in conference in order that they may be securing the freight-rate advance sought. In a letter to the
represented at the next hearing by witnesses who will be able, by means Inter-State Commerce Commission the firm declares that
of illustrative cases, to advise the Commission of the conditions existing
unless the decline in the net earnings of railroads can be
at those places.
"Information is also desired at the hearing as to what the amount of the checked the principle on which the laws safeguarding the incharge will be, if any is to be imposed. The suggestions already made to the vestments of savings banks are based is in grave danger
Commission range from fifty cents a car, in cases where the operation is
basis of earnings
simple, the spur track short and the districts congested, to $2 50 a car in of destruction. In showing that on the
cases where congestion exists and the service is extensive. The Commission of the Pennsylvania RR., the New York Central and the
desires to be fully advised at the hearing on this point.
Baltimore & Ohio for the years 1901 and 1912, the margin
"The matter of making a charge for placing cars for loading on spur
tracks leading to coal mines and coke ovens will be taken up for considera- of safety for bondholders has declined from plus 3.7% to
tion as a separate matter. and March 4 and 5 have been reserved for hearing minus 0.3%, the firm says:
testimony on this subject. At this time testimony will also be heard touch"This margin of safety can be restored in but two ways—either by
ing the propriety of the cancellation by carriers of allowances and divisions reducing the percentage of operating expenses and taxes or by increasing
amount received for the same amount of servicas. It is evident from
the
toithe industrial roads of coal companies and operators.
the above that an increase of service with no increase in the price will not
"March 6 and 7 have been reserved for hearing testimony respecting the restore the margin of safety. The above figures do not show the effect
proposed increase in coal rates; and March 9, 10 and 11 have been set of the advance of wages granted to the trainmen by the late arbitration
aside for hearing testimony upon the general objections to the proposed commission. Feeling as we do that this tendency, unless checked, will become serious in endangering the safety of this class of securities for savings
general increase in rates, and particularly for hearing reports of the State bank funds, we feel it our duty
to take the liberty of addressing this comrailroad_commissions
munication_tolyou."
FEB. 211914.]
THE CHRONICLE
INCOME TAX REGULATIONS AND DECISIONS.
The following announcement regarding the Treasury Decision (1945) relating to the exclusion of income derived from
dividends or net earnings of corporations, joint stock companies or associations, and insurance companies by persons
subject to the normal tax only, in computing their net income
for the taxable year (published on page 495, "Chronicle"
Feb. 14), was issued this week.by the Commissioner of Internal Revenue with the approval of Secretary of the Treasury Hamlin:
REGULATION DEALING WITH EXCLUSION OF DIVIDENDS OF
CORPORATIONS AND STOCK COMPANIES, SUBJECT TO
NORMAL TAX ONLY, EXTENDED TO COVER SUCH
RETURNS BY FIDUCIARIES.
You are advised that the provisions of T.D. 1945—in matter of exclusion
of dividends or net earnings of corporations, joint stock companies or associations and insurance companies by persons subject to the normal tax
only, in computing their net income for the taxable year—are extended
to cover such returns by fiduciaries.
To make clear any doubt on the subject the provisions of T. D. 1945 are
hereby specifically extended to include returns made by fiduciaries as such.
Under date of the 12th inst. the Treasury Department
issued a pamphlet containing besides the Income Tax Law
itself in full, the regulations relative thereto as issued to
Jan. 5 1914. The pamphlet is published as a Supplement
to the Weekly Treasury Decisions, and is styled "Regulations No. 33."
565
I understand that corporations and banks and trust companies acting
as their fiscal agents, urge the present certificate system under such collec
tions at the source as it relates to interest on corporate bonds. Those connected with the drafting of the law had in mind a much more simplified
method. I also understand the Treasury Department is working out a
simplified method which will largely remove the existing complaint of the
banks and trust companies as to expense and inconvenience and that this
will be placed in operation probably within a few weeks.
"Information at the source" would require greater detailed information
from the banks handling coupons with respect to the identification of the
bond, the debtor corporation and the name and address of the actual
bond owner than would "collection at the source" in even its present form of
administration. Furthermore, "information at the source" could not
apply to non-resident American bondholders, of whom there are many thousands and many of whom receive as much as 8500,000 annual corporate
interest from this country. My judgment is that with the experience derived by the Treasury Department from the present assessment for last
year the Department will within a reasonable time adjust collection at the
source to a basis that will impose the minimum of expense to taxpayers
and bankers.
In any event I am satisfied the Treasury Department will arrive at the
most desirable method of reaching the tax upon our $1,300.000.000 of
annual corporate interest. When the Department shall have done this we
can then know whether anything in the law will be necmgary to place it
in permanent operation.
An amendment to the Income Tax Law,offered by Senator
Gallinger of New Hampshire on the 16th inst., provides that
50% of the income tax collected in each State shall be turned
over to the State Treasurer and distributed among the
various cities and towns in proportion to the amount contributed by each.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
An announcement that the Internal Revenue Collectors
The public sales of bank stocks this week aggregate 95
would be required to answer the questions arising in their shares, of which 90 shares were sold at the Stock Exchange
districts on the income tax was made as follows by the Com- and 5 shares at auction. No trust company stocks were sold.
missioner of Internal Revenue on the 15th inst.:
Fourth National Bank stock, which sold in December last
A large part of the volume of correspondence coming to this office asking at 168, shows an advance in price of 22 points, a sale of 5
for information relative to making return and ascertainment of net income,
shares having been made this week at 190. The higher price
&c.,for the income tax is sufficiently covered by regulations and should be
is accounted for by the proposed reduction of the bank's
answered in the offices of Collectors.
Collectors have been furnished with copies of Regulations No. 33 and capital from $5,000,000 to $3,000,000, the details of which
will be advised from time to time of additional rulings in income tax
are fully set forth in another item in this Department.
matters.
COLLECTORS TO SUPPLY INCOME TAX INFORMATION.
Collectors are therefore advised that letters coming to this office asking
for information which should be supplied by Collectors in accordance with
Mitions and regulations furnished them will be referred to Collectors
for reply.
BILL FOR REPEAL OF CLAUSE PROVIDING FOR "COLLECTION
AT SOURCE."
Representative Jacob A. Cantor of New York, who in
January introduced a bill for the repeal of the clause in the
Income Tax Law providing for "collection at the source,"
presented a modified bill for the repeal of this provision on
the 13th inst. It is stated that the modified measure, after
abolishing collection at the source, would have the person,
who under the existing law would deduct the income, furnish
to the Government information in detail as to amounts
and persons so the Treasury Department might collect.
MOVEMENT FOR ADOPTION OF PROVISION FOR "INFORMATION AT SOURCE."
In line with the petition sent out by John H. Mason,
Chairman of the Executive Committee of the Trust Company
Section of the American Bankers' Association, for an amendment to the Income Tax Law so as to provide for a method
of "information at the source" instead of "collection at the
source," a resolution to this end was introduced by Representative J. Hampton Moore on the 14th inst. The resolution reads as follows:
Low. High. Close.
Shares. BANKS—New York.
145
145
5 Chelsea Exchange Bank ...._ 145
*65 Commerce,National Bank of 180
183
180
320
320
*20 Corn Exchange Bank
318
*5 Fourth National Bank
190
190
190
Last previous sale.
Oct. 1912— 140
Feb. 1914— 182
Jan. 1914— 318
Dec. 1913— 168
* Sold at the Stock Exchange.
The Federal Reserve Bank Organization Committee returned to Washington this week with the conclusion of its
hearings at Cleveland on the 17th inst. The hearings,
which were undertaken for the purpose of learning the views
of bankers and business men as to the location of the Federal
reserve cities, were opened in New York on Jan. 5 by Secretary of the Treasury McAdoo and Secretary of Agriculture
Houston, who have since in their tour covered various important cities of the country. On the 13th inst. Messrs.
McAdoo and Houston were joined by the new Comptroller
of the Currency, John Skelton Williams, who, with the
pecretary of the Treasury and the Secretary of Agriculture,
constitute the Organization Committee. Comptroller Williams, however, remained with the other members of the committee only during their two days' stay at Atlanta. With
the return to Washington of Secretaries McAdoo and Houston, they issued a statement announcing that no decision
would be rendered as to the location of the Federal reserve
banks until an examination had been completed of the documents and data in its hands. This statement we furnish
below:
Whereas, The object sought to be attained by the Act of Oct. 3 1913
would be fully accomplished by requiring "Information at the source" to
be supplied by the banks, trust companies and other independent agencies
We have spent practically from Jan. 4 to the present time in hearing the
now obliged to act as collectors for the United States without compensation,
Resolved, That the Ways and Means Committee be requested to consider views of business men and bankers on the problem ofdividing the country
the propriety of reporting an amendment to the Act of Oct. 3 1913, which into not less than eight nor more than twelve districts and of locating in
will provide for "information at the source" instead of "collection at the each district the main office of a Federal reserve bank.
Of these two questions, the division of the country into districts is the
source," or provide some method by which those who are now compelled
to act as collecting agents for the United States shall be compensated for most important and difficult. The committee asked those who appeared
withbefore it to direct their attention to these two problems and to furnish all
the service and expense, which is now arbitrarily imposed upon them
possible information. A great many able and impartial business men and
out_resoluce, and report thereon at an early day.
bankers have submitted their best information and opinions and always
A,statement bearing on the movement for a modification in
a spirit of great fairness. In preparing their information many of them
of the law was made on Tuesday by Representative Cordell had gone to the extent of presenting maps showing not only the districts
but
also the districts for all the nation.
law,
in
tariff
Hull, author of the income tax section of the
The committee has held hearings in eighteen cities and has heard from
which he intimated that the Treasury Department is working every
community of consequence in the sections of the country that it has
out_a simplified method which would largely remove the visited. It has secured a vast deal of information in movements of trade
complaint as to the expense and inconvenience involved in as well as on the currents of banking.
In every section of the country the committee found a practically unani"collection at the source." Mr. Hull's statement is printed mous
conviction among bankers and business men that the currency bill
herewith:
will bring about the most beneficial changes in the business of the country,
The circular petitions now being generally received by members of Con- in fact, the committee heard no one speak who did not say that the measure
gress from banks in their respective localities urging the substitution of was a great step in advance. The committee was presented everywhere
"information at the source" for collection or stoppage at the source, as with overwhelming evidence of the enormous economic strength of the
embodied in the new Income Tax Law, were printed and sent to bankers country and of the rapid progress of every section. The fact that the
throughout the country by the Trust Company Section of the American nation's banking resources as a whole make enormous advances every
Bankers' Association, having its headquarters in Now York, with the twelve or fifteen years, approximately doubling in each such period, was
request that each banker sign the petition and mail it to his respective made evident. While this is true of the country as a whole,i t was shown
that certain sections are advancing with,more rapid strides than others;
Congressman.
566
THE CHRONICLE
and that the country is fundamentally exceptionally sound and strong
economically. The facts and figures submitted to the committee in every
part of the country show amazing growth and strength and disclose a condition of financial, industrial, commercial and agricultural soundness and
prosperity that leaves no doubt as to the future.
The committee was impressed by the frank admission of bankers through
out the country that the present banking system not only encourages but
actually has created striking artificial conditions of banking. With practical unanimity the opinion was expressed that the new measure will restore
normal conditions with great resulting benefits; that the present system
not only furnishes no protection in times of real stringency but also even
In times of great prosperity, especially when there are bounteous crops,
makes it impossible to meet the conditions,and that there has been presented
the singular contradiction of having bankers thrown into fear of a panic
by the emergence of wealth. The bankers were unanimously of the opinion
that the establishment of this reserve system will no longer make our prosperity a peril, and that it will relieve them of apprehension and distress
in these circumstances, and give confidence and stability to business
generally.
The committee has finished its survey in the field. It has yet to make
examination of important documents and data, and cannot render any
decision until it has thoroughly examined this material. It can come to no
conclusion about any part of the country until it has formed its conclusions
for every part of the country, since the districts are necessarily interrelated and interdependent. It cannot, of course, decide the location of
headquarters banks until the districts are defined.
Already practically all the capital represented by the national banks
has come in. A number of State banks have applied for national charters
and many have applied for membership in the Federal reserve system. In
every State in the Union which the committee has visited it has heard expressions from Governors, banking commissioners and others to the effect
that where there is any legal disability against subscription by State banks,
that disability would be removed, and the further expression that State
banks which were eligible would very generally seek to enter the system.
The fact that the problem confronting the committee is one of vast
national importance which should of necessity be dealt with on broad,
national economic lines, free from any local or political or partisan considerations, was recognized everywhere and was of course insisted upon at
all the hearings by the committee.
The committee is gratified with the results of its trip. A great deal of
information that could not have been secured from statistics or by remaining
in Washington was obtained and in the shortest possible time, due in large
measure to the fact that the committee was able to give practically undivided attention to the problem during its absence.
The above was supplemented by a statement given out
individually by Secretary McAdoo, in which he stated that
it was hoped to have the new Federal system in operation
by next fall; he added, howevei, that in the event that it
should not be, the Treasury Department would again place
its funds at the disposal of the business interests of the
country. The following is Mr. McAdoo's statement:
In a few instances the question was asked if the new Federal reserve banks
would be organized in time to take care of the crop-moving contingencies
next fall. It is hoped that the system may be established before that time,
but if it should not be the resources of the United States Treasury will be
placed again at the disposal of and be used for the protection of the legitimate business interests of the country.
The Treasury resources are believed to be adequate for the purpose, but
if they should prove not to be, then it should be remembered that the
Aldrich-Vreeland Act has been extended until June 30 1915, and the tax
upon circulation taken out under this measure has been reduced to the
point where bankers may resort to it with advantage in case necessity
should arise.
The financial situation is, therefore, sound and satisfactory, and there is
every reason why business should proceed normally and with confidence
and courage.
A notification that all national banks must signify their
intention of entering the new Federal system by the 23d of
this month was issued by M. C. Elliott, Secretary of the
Reserve Bank Organization Committee, on the 16th inst.;
up to that date about 97% of the:entire national bank capital
had accepted the provisions of the new Reserve Act, according to Mr. Elliott's statement, which we print herewith:
Although the committee has repeatedly announced that the provision
requiring all national banks to signify their intention to accept the terms
of the Federal Reserve Act within sixty days from its passage is mandatory and that all banks, irrespective of location, must notify the committee
of their intention before Feb. 23, a few banks are still submitting inquiries
as to what penalties will be incurred by failure to send in such notice.
In response to these inquiries Secretary Elliott of the committee is today notifying such banks that this provision, being mandatory, any failure
to comply will constitute a violation of the provisions of the Federal Reserve Act and subject such banks to the penalty imposed by Section 2 of
this Act and may involve a forfeiture of their charters prior to the expiration of the one year should the penalty be enforced.
Whether such banks may be permitted to enter the system later under
regulations to be prescribed by the committee or by the Federal Reserve
Board has not been officially passed upon, but according to the unequivoca
ruling of the committee, no bank can claim this privilege as of right.
National banks representing about 97% of the entire national bank
capital of the country have already formally accepted the provisions of the
Federal Reserve Act, and there is reason to believe that more than ee%
of all the national banks of the country will have assented before the close
of this week, so that the question of the right of the small percentage of
banks remaining out to enter the system at a later date becomes unimportant.
[VOL. xcvm
which enter at the start will be allowed to participate in the
selection of directors of reserve banks in their districts.
Convincing arguments were presented by the New Orleans
interests in support of their claim for a regional reserve bank
in that city at the hearing of the Organization Committee
in the Crescent City on the 11th and 12th inst. Sol. Wexler,
President of the Whitney Central National Bank and Chairman of the committee representing the Clearing House,
offered the principal data bearing on New Orleans' financial
importance, its commercial development being portrayed by
others prominent in the business life of the city. Mr.
Wexler, in urging the selection of New Orleans as a point
for a regional bank, proposed that the territory it would
serve should comprise Texas,Louisiana, Mississippi,Alabama,
Georgia, Florida and that portion of Tennessee West of
the Tennessee River. Further facts in his testimony, as
given by the New Orleans "Times-Democrat", were as
follows:
He said this territory contains 860 national banks, which have an aggre-.
gate capital and surplus of $148,900,000, and is capable of furnishing a
regional bank with a capital of $8,900,000, being based on 6% of the capital
and surplus, as provided by the Currency Law. The deposits of this bank,
based upon 5% of the aggregate of $473,500.000, without Government
deposits, will total the sum of $24,000,000. The speaker declared that if
50% of the State banks and trust companies come into the system,they will
increase the capital of the regional bank by $3,900,000 and its deposits by
$8,000,000, or, combined with the national banks, a regional bank for this
territory can be formed with resources Of $128,000,000.
Mr. Wexler then showed the committee that, with certain abridgments of
the territory, New Orleans still remained paramount as a centre where a
regional bank should be established. He said with the elimination of
Georgia it would reduce the capital of the bank $2,421.000 and reduce
deposits $4,532,000. With the western portion of Texas left out, it would
further reduce the capital of the bank $1,133,000 and reduce deposits $2,774,000, and with the leaving out of West Tennessee it would still further
reduce the capital of the bank $591,000 and reduce deposits $1,657,000,
but still with all of this territory taken away from that claimed by New
Orleans, it still would leave a bank with a capital of $2.598,000 and deposits of $6,240,000.
In his address Mr. Wexler showed the distances from New Orleans to the
extreme points of the territory, and also showed the many water routes
which find their termini in New Orleans. He drew a comparison of the
capital and surplus, and the deposits of the banks of New Orleans and of
the other cities that are contending for a regional bank against this city.
The following table was presented to the committee:
Capital and Surplus. Deposits.
Now Orleans
$86,032,110
$18,797,000
Atlanta
33,000,000
15,000.000
Houston
42,000,000
13,400,000
Birmingham
27,289,000
7,083,100
Memphis
35,130,000
8,804,600
The speaker declared that all the crops of the country of any great volume
or importance move practically at the same time, and that no city properly
serving an agricultural community, whether it be St. Louis, Chicago,
Minneapolis or Kansas City, is any more free from strain at that period
than is New Orleans. He said many of the banks of other cities borrow
surreptitiously abroad, or sell out of their portfolios to other cities in order
not to show the same in their bills payable, under the absurd idea that a
bank should not employ the idle funds of another section when needed in
its own, while New Orleans, to serve its section, openly uses its credit
facilities to facilitate the stupendous volume of business which is tributary
to it. He affirmed that the volume of foreign exchange against such exports of merchandise handled in New Orleans last year aggregated $174,207,000. He said New Orleans issued commercial letters of credit for the
importation of merchandise last year of approximately 320,000,000,and
that the volume of country checks which came to New Orleans in the
territory claimed by it was $478,042,000 last year. He showed the clearings of New Orleans during the past years in comparison with the other
cities, and said that notwithstanding the fact that this city settled each
day in cosh, while other cities settled by cashier's checks, the comparison
was largely in favor of New Orleans. He said that New Orleans is the only
port south of Philadelphia having regular sailings to foreign ports and that
other coast cities do business by means of "tramp" steamers.
In concluding his address, Mr. Wexler said: "It is,indeed, unfortunate
that some of our sister cities cannot see the manifold advantages of a great
regional bank on the Gulf Coast at New Orleans. and allow their petty
trade jealousies to cause them to favor a more remote city, not realizing as
they should that every dollar kept near at home is as available to them as
It would be if the regional bank were in their own city."
J. L. Taylor, Secretary of the Mobile Clearing-House
Association, also testified in the interest of New Orleans as
a regional bank centre and submitted a resolution of his
association endorsing New Orleans as a Federal reserve
city.
In our editorial columns in the article on "The Financial
Situation" to-day we make some reference to the derogatory
remarks concerning New Orleans contained in the statement
prepared by Edward D. Page of the Merchants' Association
for the Organization Committee. This statement appeared
in our issue of Jan. 17, page 206, and is utterly at variance
In a final warning to the national banks on the 19th inst. with our views regarding the claims of New Orleans to be
Mr. Elliott stated that those which failed to act by the 23rd considered the centre of a reserve district.
must prepare to go into liquidation not later than Dec. 22
1914. On the 19th inst. Mr. Elliott indicated that over
It is stated that with the application on the 17th inst.
98% of the national banks had made known their intention of the Fifth National Bank of New York for membership
to accept the provisions of the new law.
in the Federal reserve system all the thirty-five national
State banks and trust companies, Mr. Elliott points out, banks of the city have signified their intention to enter the
are not required to signify within any given time their in- system. Some of the banks whose stockholders have retention to become Federal reserve members; those, however, cently voted to join are the National Bank of Commerce,
FEB. 21 1914.1
THE CHRONICLE
the stockholders of which took action on the 13th; the East
River National, 13th; Liberty National, 16th; Irving National, 16th; the Chemical National and the Hanover National, the 19th; the Importers' & Traders' National and the
First National, on the 20th.
567
Fifth—It will require inter-State corporations doing an annual business
of $3,000,000 gross or more to furnish to the commission reports, statements, and records of organization.
Sixth—It will not require smaller corporations,doing less than $3,000,000
gross business annually, to furnish such information or file such reports
except where there is specific complaint that the smaller corporation has
violated the anti-trust or Inter-State commerce laws.
Seventh—The proposed commission will aid the Department of Justice
in investigating questions referred to the commission in connection with
any pending suit under the anti-trust laws, but It is understood the commission will not have the broad powers of search and seizure that was proposed to be conferred on it by the Clayton bill.
Eighth—The commission will be allowed to provide for'publicity along
certain specific lines without disclosing trade processes, names of customers
or trade secrets, and the bill will be so framed that the President will have
to be consulted before certain kinds of corporate information is made public.
All of the national banks of Philadelphia have made
known their intention of joining the Federal reserve system,
the last to give such notice being the Ninth National Bank,
whose directors voted on the 18th inst. to enter the system.
The directors of the Third National Bank of Philadelphia
also this week notified the authorities at Washington of its
Following a conference between President Wilson and
purpose to join; its stockholders will formally approve the
Attorney-General McReynolds at the White House on the
step on March 3.
18th inst., it was stated that some of the proposals in the
Attorney-General Barker of Missouri, who in January, tentative trust measures will be entirely revamped and others
informally expressed the view that the State banks of will be dropped,so as to make the legal machinery_carrying
Missouri were at liberty to participate in the Federal reserve out the proposed reforms as simple as possible.
An item to the effect that Chairman Adamson had consystem, has supplemented his earlier observations with a
formal opinion confirming that view. This opinion was sented to withdraw his bill providing for Governmental
transmitted to State Bank Examiner J. T. Mitchell on the supervision of railway stock and bond issues and to accept
in its place a measure prepared by Representative Sims of
12th inst.
Tennessee, appeared in the Philadelphia "Record" of the
The tentative subscriptions to stock in a regional bank in 18th inst. That paper adds:
With the assistance of Louis D. Brandeis and other railroad experts,
Denver are reported to have reached $1,400,000 in three
Representative Sims has completed a bill which provides that the fullest
days. The list is incorporated in a brief forwarded to Wash- publicity
shall be given to future railroad capitalization. The Adamson bill
ington in support of the city's claim for a reserve bank.
merely gave the Commission authority over capitalization and made the
Governor Lister of the State of Washington has announced
himself as of the opinion that the provision in the banking
law of Washington which prohibits State banks from holding
stock in other banking organizations does not apply to
reserve banks. According to the Governor, the State law
is intended to prevent the interlocking of private banks and
does not prohibit State institutions fron subscribing for
stock of the Federal reserve banks. He states that there is,
therefore, no necessity for the calling of a special session of
the Legislature to amend the law. State Bank Examiner
W.E.Hanson concurs in the conclusions of Governor Lister.
Work on an entirely new bill for the creation of an InterState Trade Commission was undertaken this week by a
sub-committee of the House Inter-State and Foreign Commerce Committee at the instance of Chairman Adamson. The
following special committee to frame the new legislation was
named by Representative Adamson on the 16th inst.:
J. Harry Covington of Maryland (Chairman), Thetus W.
Sims of Tennessee, Charles A. Talcott of New York, Sam.
Rayburn of Texas, Frederick C. Stevens of Minnesota and
John J. Esch of Wisconsin; on the 18th inst. two other
members were added to the sub-Committee, viz., Joseph
R. Knowland of California and A. J. Montague of Virginia.
With regard to the proposal to redraft the bill Chairman
Covington was quoted as saying on Monday that "it is quite
apparent from the hearings that none of the bills now pending
fully effectuates the views of the President. It will be
necessary to redraft the Trade Commission bill to overcome
pertinent objections made to it." From the New York
"Times" we learn that sentiment among the members of the
Adamson Committee is strongly opposed to vesting the
Trade Commission with the broad powers possessed by the
Inter-State Commerce Commission over railroads, and that
the sub-committee set about to draft a bill closely along the
lines advanced by President Wilson and Attorney-General
McReynolds. President Wilson, the "Times" says, is
understood to be convinced that the Bureau of Corporations,
which the proposed Trade Commission is to supplant, has
already broad and effective powers, and that the Trade
Commission in the beginning should be mainly a reorganization of the Bureau of Corporations into a trade commission
without much more power than the bureau now possesses.
Attorney-General McReynolds, it is said, opposed the
original bill on the ground that the powers it conferred on
the Trade Commission might conflict with the Department
of Justice in the enforcement of the anti-trust laws. An
outline of the features of the new bill, as tentatively drafted,
by the sub-committee was printed in the "Times" on Thursday as follows:
First—It will adhere strictly to the recommendations respecting the
creation of a trade commission contained in President Wilson's recent
Trust Message to Congress.
Second—It will eliminate the imperfections, contradictions and matters
of doubtful constitutionality embraced in the so-called Clayton bill.
Third—It will provide for a commission of five members, taking the
place of the Bureau of Corporations.
Fourth—This commission will exercise all the powers and perform all the
functions_heretofore imposed on the Bureau of Corporations.
Commission the final arbiter in all questions arising pursuant to proposed
stock flotations. It did not require publicity. The Commission might
proceed behind closed doors in reaching conclusions.
The Sims bill gives the Commission full powers to regulate, but it also provides that these powers shall be exercised only after the railroads have presented their reasons for an increase in capitalization before the tribunal at
public hearings. In other words, not only the secrecy that has attended railroad financing as far as the directors were concerned shall be obliterated
in the future, but not even the Inter-State Commerce Commission shall
make any rulings affecting the subject unless every phase has been given
to the public. The withdrawal of the Adamson bill in favor of the Sims
bill is accepted at the Capitol as meaning that President Wilson proposes
to make corporate and railroad affairs stand the rest of publicity in every
phase of their relations with the public. The enactment of the Sims bill is
not only expected to put an end to wildcat financing, but it is calculated to
give the investor an opportunity to know just where his money is going
before he buys securities and to give the minority stockholders an opportunity to appear before the Commission and block any attempts at unnecessary or reckless flotations.
•
In testifying with regard to the trust bills before the
Judiciary Committee of the House on Tuesday, Nicholas
Ehrlich of Brooklyh, is reported to have charged the United
Cigar Stores Co. with being a monopoly,and to have credited
its perfection largely to Samuel Untermyer. Mr. Ehrlich
who appeared with a delegation of independent tobacco
manufacturers, is quoted in the "Times" as saying:
The merger of the United Cigar Stores Co. was conducted under the
direction of Samuel Untermyer. Mr. Whelan [President of the ,company
was very much disturbed by the Government's investigation into this merger, but he has been continually advised by his counsel that no law was
violated in any way by him in that matter and that he felt certain that any
investigation which might be made woulddisclosenothing unlawful or improper.
We have no complaint to make concerning the fact that Mr. Untermyer
has•been engaged as legal adviser to Mr. Whelan. What we would like to
make clear is that Mr. Untermyer cannot represent the interests of the
American independent business man. No man can serve God and Mammon at the same time. Mr. Whelan's interest is diametrically opposed to
the American spirit, American fairness and American liberty.
If Mr. Untermyer serves the interest of Mr. Whelan's big business, he is
naturally opposed to the interest of the independent business men. The
United States Government can get along without his advice. He might
better save his legal advice for the big corporations.
The history of the Tobacco Trust in this country has proved time and
again that any independent, financially small or large, who started a lawsuit against members of the Tobacco Trust, an action whicn usually lasted
more than a decade, eventually lost his money and his business and ruined
himself and his family forever.
The cemetery of the independent tobacconists is as large as the country.
Big business usually hired the best lawyers in the land to defend itself in the
courts. Dig business is trying to change these bills and modify them to
suit itself. What will be the result? Prosperity for a small minority and
poverty for the small manufacturer, jobber and dealer. Will the country
benefit by it? Positively not.
Price-cutting drove out of business 1,252 cigar manufacturers in 1912 and
716 in 1913. Price-cutting by the United Cigar Stores Co.in New York has
reduced 10,000 cigar manufacturers to a minimum,most of them ruined and
many of them having committed suicide. Price-cutting has ruined the
Henry Siegel stores, which at the same time ruined 15.000 small depositors.
About half a dozen corporations control the production of cigarettes,
tobacco, snuff and package tobacco. Whelan controls over 1,000 cigar
stores, a $30,000,000 concern. He also organized the Tobacco Products
Co., a $50,000,000 concern, and by legal advice of Mr. Untermver be
absorbed the Riker-Hegeman Drug Stores Co., and before long Whelan
will control the medical profession and nurse the American people on its
sickbed.
It was announced on the 16th inst. that the President looks
for the enactment of the anti-trust legislation and the annual
appropriation bills in time for the adjournment of Congress,
not later than June 15.
568
THE CHRONICLE
The Chamber of Commerce of the United States at the
concluding session of its Second Annual Convention in
Washington on the 13th inst. adopted a resolution directing
an analysis of the pending anti-trust measures by a special
committee; the resolution calls for the submission by referendum of the questions involved to the Chamber's membership
of nearly 300,000 business men. "This convention", says
the resolution, "wishes to express to Congress its desire to
co-operate to the fullest extent in securing from business
interests of this country a full expression of constructive
opinion on the principles of the subject matter in question."
[VoL. xcvm.
men who had been committed to the Tombs on the 13th
were released on the 14th under bail of $5,000 each.
The United States Government is about to undertake
an investigation looking to the purchase of oil fields in Oklahoma, the construction of pipe lines to the Gulf of Mexico
and the erection of a refining plant for the use of the navy.
Senator Gore was sponsor for the resolution directing the investigation, which will be conducted by a commission consisting of Cato Sells, Indian Commissioner, and LieutenantCommander David F. Boyd, representing the Interior and
Navy departments, respectively.
A petition for an amendment to the bill prohibiting interlocking directorates has been filed at Washington by the
Executive Committee of the Connecticut Savings Bank
Association; it asks that mutual savings banks having no
capital be made exempt from such legislation.
The New York Association of Savings Banks is also said to
have filed a protest with the Judiciary Committee of the
House of Representatives against legislation which would
prevent a director of a national bank from serving as a
trustee of a saving bank.
In line with the recently announced movement of Governor
Glynn of New York for the establishment of an agricultural
credit system and the creation of a market commission to
handle farmers' products, he sent a special message to the
Legislature on the 10th inst. urging an appropriation of not
less than $25,000 nor more than $50,000 to be used in a campaign of organization and education in the rural districts.
"For every dollar that the consumer of New York pays for
his food," Mr. Glynn says, "The farmer receives only 35
cents. Sixty-five per cent of every dollar paid for food represents merely the cost of distribution. With twentieth
Public funeral services were held in the Senate Chamber century facilities at hand, New York still is in the seventeenth
on Tuesday afternoon, the 17th inst., for Senator Augustus century so far as its system of marketing food is concerned."
0. Bacon of Georgia, who died on the 14th inst. Although We also quote the following from his message:
I do not believe there is any pressing need for new legislation in the
Senator Bacon had been ill since January 30, his death came
New York already has upon its statute books laws which, if
unexpectedly. At the Senate uneral ceremonies, there matter.
properly applied, would stop the present waste and mismanagement.
were present, in addition to the Senators and Representatives, The farmer either has no time to form co-operative societies himself or he
members of the President's Cabinet, the Diplomatic Corps, lacks the necessary initiative and must be assisted by capable organizers
out by the State.
the Supreme Court of the United States and others prominent sent
What the State needs is a campaign of organization which will bring to
in national affairs. The honors shown• the late Senator every farming community in the State the benefits which at present only
were befitting the commanding position he held in the Senate. a few have had the forethought to seize. I therefore recommend that the
appropriate the necessary funds to conduct such a campaign.
He was one of the oldest members of that body and at the Legislature
The Legislature should secure for the State the services of men who will
time of his death he was Chairman of the Senate Committee make it their sole duty to go through the State explaining these co-operative
on Foreign Relations. Mr. Bacon was elected to the Senate laws and assuming the responsibility for creating and organizing credit
unions and co-operative marketing societies.
In 1894, and successively re-elected in 1900. 1907 and 1913—
These men should make it their business to organize Markets and shipping
at the last-named date by general election,and was the first stations under the control of local co-operative marketing associations.
One large receiving centre in cities and towns of medium size will answer
United States Senator to be elected by general popular vote— all
the purposes of a packing, grading, shipping and marketing station.
in accordance with the Seventeenth Amendment providing Here the produce will be delivered by the neighboring farmer and credited
for the direct election of Senators. It is also stated that he to his account. The goods wifl then be graded, packed and labeled.
Pains will be taken to supply first of all the demands of the local towns.
was the only one who was ever elected to the United States The
balance can then be shipped in carload lots to the centres of boss
Senate from Georgia for a fourth consecutive term. Senator demand. One central station equipped with cold storage facilities can acBacon served in the Civil War in the Confederate Army. commodate the surplus products of several smaller stations.
These various associations thorughout the State can organize a selling
He entered the army as an adjutant of the 9th Georgia agency
in the City of New York which will keep itself advised of the conRegiment and in 1862 he was commissioned as a captain in dition of domestic and foreign markets and be in a position to direct the
the Provisional Army of the Confederate States and assigned shipments to centres where the demand is strongest and where the best
prevail.
to staff duty. After the war he resumed the practice of law. prices
The Commissioner of Agriculture informs me that at least $25,000 and
In 1871 he was elected to the Georgia House of Representa- not more than $50,000 would be suffklent to undertake a campaign of orgasaving to the
tives, serving for fourteen years. For two years he was nization and education. Compared with the tremendous
producers and consumers of the State which is being sought, the sum is
Speaker pro tem, and for eight years had been Speaker. trifling.
He was President of the Democratic State Convention of
At a further date I shall suggest to the Legislature certain additions to
and banking laws intended to enable those not already
Georgia in 1880 and a Delegate at Large from Georgia to the agricultural
farmers to purchase farm land on long-time loans and to assist present
1884.
Besides
being Chairman farmers to extend their operations. But before we proceed to new laws we
the National Convention in
of the Committee on Foreign Relations, Senator Bacon was should besure that we:are making the best use of the laws we already have.
a member of the following Committees: Expenditures in the
As an indication of the extent to which the world's comPost Office Department, the Judiciary, Private Land Claims,
mercial and financial interests will be represented at the forthRailroads and Rules.
coming Panama-Pacific International Exposition, we give
the following information, furnished us by a person conWith regard to the recent report that the Oklahoma Cor- nected with the Exposition:
poration Commission had issued an order fixing the retail
As the opening of the Panama Canal by the United States Government
price of kerosene oil at 8 cents a gallon in a certain territory will mark an epoch in the commercial and financial activities of the world
and financial interests will be given more attention at the 1915
in Western Oklahoma, we have received from J. E. Love, commercial
celebration than at any other universal exposition ever held. Extensive
Chairman of the Commission, the following advices in the exhibits representing the commercial and financial activities of the world
will be under the direction of the Department of Social Economy. of which
matter:
OFFICE OF CORPORATION COMMISSION OF OKLAHOMA.
Oklahoma City, Okla., Feb. 13 1914.
Dear Sir:—Tho Commission is in receipt of yours of the 9th inst., having
reference to reported action of this Commission in fixing prices of oil and
gasoline in the State of Oklahoma, and in reply thereto has to advise that
during the month of October last the Commission did make an order on
this subject, relating to a part of the western portion of this State. However, before the order became effective, at the request of certain interested
persons the Attorney-General instituted before the Commission proceedings tending to a State-wido investigation of the oil situation in Oklahoma,
and pending the conclusion of this investigation the Coxnmission suspended
its order made in October, with a view of making an order applicable to the
entire State, based on result of the investigation instituted by the Attorney-General.
Yours very truly,
J. E. LOVE, Chairman.
A certificate of reasonable doubt was granted by the Court
of Appeals at Albany on the 13th inst. in the case of the
poultry dealers convicted of maintaining a monopoly of the
ve poultry supply in New York City; as a result, the eleven r
Alvin E. Pope is chief. They will be shown in the huge Palace of Education, one of the most beautiful of the main exhibit palaces.
Special consideration will be given to the various forms of banking institutions which have developed from the world's complex financial systems.
Documents, records and other forms of statistics will show the nature and
operation of every form of banking institution from the oldest to the most
recent.'
Savings banks, postal savings banks, provident savings and loan institutions, all will berepresented,and proper attention also will be given to cooperative credit and banking institutions and rural credit systems.
Under a separate class of exhibits the varied forms of insurance will be
eatured, including life, fraternal, accident, fire, marine and fidelity.
A parcel-post system was inaugurated in Canada on the
10th inst. Many of the features of the system are similar
to those of the parcel-post service of the United States. The
zone system is used, each of the provinces constituting a
separate zone, with the exception of Nova Scotia, New
Brunswick and Prince Edward's Island, which will form one
zone. For the first three months packages to be sent by
parcel post will be limited to six pounds and after that the
FEB. 21 1914.]
THE CHRONICLE
maximum-weight will be-raised7toe1eveepounds. During
the organization period, covering February, March and
April, an additional fee of five cents will be charged for each
parcel mailed for local delivery in places where the lettercarrier system is in operation. Articles of mail matter acceptable at parcel-post rates include farm and factory products, merchandise of all descriptions, such as dry goods,
groceries, hardware, confectionery, stationery, seeds, cuttings, bulbs,roots, bedding plants, and all other matter not
included in first-class mail and not excluded from the mails
by the general prohibitory regulations with respect to objectionable matter. Parcels containing intoxicating liquors
or explosives are expressly prohibited.
John H. Harjes, who retired in 1909 from the banking firm
of Morgan, Harjes & Co., the Paris branch of J. P. Morgan
& Co., died on the 15th inst. at Grasse, France. He was
eighty-five years of age. Mr. Harjes was born in Bremen,
but came to the United States in 1849 and located in Baltimore. Later he went to Philadelphia, where, as a partner
in the firm of Harjes Bros., he conducted a foreign exchange
brokerage business. At the instance of Anthony J. Drexel,
he established the Paris branch of Drexel & Co. in 1868, under the name of Drexel, Harjes & Co., the title of which was
altered in December 1894 to Morgan, Harjes & Co., when
the change in the name of the New York house of Drexel,
Morgan & Co. to J. P. Morgan & Co. was made. With Mr.
Harjes' retirement in 1909, he was succeeded by his son,
Herman H. Harjes. Mr. Harjes was awarded the cross of
the Legion of Honor by the French Government in recognition of his many benefactions.
The Fourth National Bank of this city, which in 1909 increased its capital and surplus each from $3,000,000 to $5,000,000 through the issuance of 20,000 shares at $200 per
share, now announces its purpose to return to its stockholders the amount then paid in, thus restoring the capital and
surplus to its former status. A meeting of the stockholders
has been called for March 19 to ratify the proceedings. In
explanation of the proposed reduction, a statement to the
stockholders says that the directors are of the opinion that
present conditions no longer require so large a capital and
surplus, and that the bank can do its full duty to its customers and as readily add to its business with a more moderate
capital and surplus. The following is the circular issued to
the stockholders in the matter:
To the Shareholders of The Fourth National Bank of the City of New York:
In November 1909 this bank, by a vote of its shareholders, increased its
capital stock from $3,000,000 (having at that time a surplus of $3,000,000)
to the amount of $5,000,000 of capital stock, with a surplus of an equal
amount, besides its undivided profits. This increase was made through the
issue, at a price of $200 per share, of $2,000,000 of increased capital stock.
Since this increase of stock the business of the bank has largely expanded
and the bank has earned and continued its dividends at the former rate of
8%.
The board of directors is now, however, of the opinion that present conditions no longer require so largo a capital and surplus, and that the bank
can do its full duty towards its customers and as readily increase its business
with a more moderate capital and surplus than is now the case. Therefore, the members of the board believe that it is to the interest of the shareholders of the bank that the amount of the bank's capital and surplus represented by its increased $2,000,000 of capital stock should now be returned
to its shareholders pro rata, and that this can be done without detriment
to the interests of the customers of the bank.
The board of directors accordingly, at its meeting held on the 4th inst.,
by resolution recommended to the bank's shareholders that the capital
stock of the Bank should be reduced to the amount of $3,000,000, and that
upon such reduction the bank should distribute to each of its shareholders,
upon the surrender for cancellation of 40% of the stock held by each shareholder, the amount of $200 per share for each share so surrendered—that
being the rate at which its increased shares were issued in 1909; thus leavng the bank with capital assets in excess of $6,000,000, represented by
$3,000,000 of capital stock and $3,000,000 of surplus, besides undivided
profits.
Since any such reduction of the shares of the capital stock of the bank re
quires the consent of the oiiners of two-thirds of its shares of stock, besides
the official approval of the Comptroller of the Currency and of the Federal
Reserve Board or the Federal Organization Committee, there are herewith
attached copies of the resolutions of the board recommending the proposed
reduction, and a notice of the special meeting of the shareholders called by
the board of directors to vote upon this proposed reduction of capital stock
to be held at its banking house on March 19 1914 at 12 o'clock noon. Those
who cannot attend the meeting in person are respectfully requested to sign
the enclosed proxy and to return the same in the within envelope to the
proxy committee in care of this bank.
When the proposed reduction shall have been approved by a vote of the
holders of two-thirds of the bank's shares, and also by the Comptroller of
the Currency and the Federal Reserve Board or the Organization Committee, it is proposed that the same shall be carried into effect on April 1
1914, when the usual quarterly dividend is payable; and on and after that
date the shareholders will be required to surrender 40% of their holdings
of the bank's shares for cancellation upon receiving the amount of $200 for
each share so surrendered.
By order of the board of directors.
JAMES G. CANNON,President.
Dated Fob. 14 1914.
569
Joseph T. Crosby has been made manager of the foreign
exchange department of the National City Bank of this city,
succeeding Henry V. Cann, resigned. Leo J. Burnes and
Gustave H. Motteler have been named as assistant managers.
A pension fund plan, requiring no contribution from employees, has just been perfected by the Guaranty Trust Co.
of this city. The fund is to be created by the company by
appropriations out of its profits from time to time, and all
income earned on the pension fund in excess of the annual requirements is to be added to the principal of the fund. The
administration of the system is to be in charge of a pension
board consisting of three members to be appointed by the
directors of the company. The pensions are to be computed
at 2% of the average annual salary paid to an employee
for the last three years of his services, multiplied by the
number of years of service. It is provided, however,that
the pension is in no case to be greater than $5,000 a year nor
less than $300 a year. An employee is entitled to a pension
after forty-five years of service with the company (the term
of service not to begin until a clerk has reached twenty years
of age), or upon reaching sixty-five years of age, providing
the employee shall have been in the service of the company
for fifteen years prior thereto. The pension board is required, however, to grant a pension to any employee irrespective of- age or length of service when directed to do so
by the directors. The term "employee" includes all the
officers of the company. With the death of a pensioner the
pension board may, in its discretion,continue the payment
of all or of part of the pension to the widow or dependents
for such period as it may decide. The acceptance of a
pension on the part of an employee will not debar him from
engaging in other business, provided such employment, in
the judgment of the pension board, is not prejudicial to the
interests of the Guaranty Trust. Under the plan adopted it
is stipulated that any employee upon the pension roll may
be called upon at any time by the officers of the company to
give it the benefit of his knowledge or experience or such
service as he may be able to render.
The voting trust of the Guaranty Trust Co. terminated on
Jan. 30 last in accordance with notification given to the
stockholders on Dec. 22. The voting trust agreement under
which control of the Bankers Trust Co. was vested in three
trustees was terminated on Oct. 27 last, as indicated in our
issue of Nov. 1, in which extended reference to these voting
trusts was made.
An organization through which, according to its projectors, it is proposed to combat the loan-shark evil in every
part of the United States, was incorporated in Richmond this
week under the name of the Industrial Finance Corporation. The company is formed with $6,000,000 capital and is
reported to have acquired all the assets of the Fidelity Corporation of America, which had the sole right to the Morris
plan of industrial savings and loans. The plan was originated by Arthur J. Morris and his law firm, Morris, Garnett
& Cotten of Norfolk, Va., and the first institution to operate under the plan was launched about four years ago.
The object of the new organization, as indicated in its
charter, is:
First—Provide for the worthy wage-earner and other small borrowers,
where the need of the loan is apparent, opportunity for borrowing small
sums of money without the necessity of submitting to the extortion of
money lenders, but at rates which are reasonable to the borrower ard yet
fairly remunerative to capital; to enable the small borrower to securesuch
moneys largely upon the faith of indorsements and guaranties and without requirement of a pledge of chattels as collateral security for repayment, and
Second—To provide opportunity for the systematic investment of small
savings bearing a higher rate of interest than is now feasible and affording
a basis for the securing of credit, and thus to encourage thrift.
The corporation has offices at 25 Broad St., New York,
and its organization committee consists of Elgin R. L.
Gould, President of the City & Suburban Homes Co.;
William R. Craig, Samuel L. Fuller, Arthur J. Morris,
Fergus Reid and Charles H. Sabin. The directorate it is
announced consists of:
Now York City—Dr. Nicholas Murray Butler, Dr. E. R. L. Gould,
W. R. Craig, W. D. Sloane, Joseph S. Auerbach, E. H. Outerbridge, S. L.
Fuller, Raymond Du Puy, Newcomb Carlton, S. A. Lewisohn, Theodore
P. Shonts, Charles II. Sabin, Willard Straight, Vincent Astor, Stephen C.
Millet, Edwin S. Marston, Oscar S. Straus, John R. MacArthur, Dr.
Jeremiah W. Jenks, Willard V. King, George B. Hopkins and Frank
Littleton.
Chicago—Julius Rosenwald.
Philadelphia—J. R. McAllister, Charlton Yarnell and Louis J. Kolb.
St. Louis—A. L. Shapleigh and George D. Markham.
Birmingham, Ala.—Robert Jemison.
570
THE CHRONICLE
Baltimore—Henry F.Baker, Redmond C.Stewart and C.I. T. Gould.
Springfield, Mass.—Joseph Shattuck and Ralph P. Alden.
Richmond—Oliver J. Sands.
Washington, D. C.—Hon Nathan B. Scott and Frank S. Bright.
Denver—E. S. Kassler.
Atlanta—Frederick J. Paxon, Hollis N. Randolph and W.Woods White.
Norfolk—Arthur J. Morris, Fergus Reid, H. T. Campbell, T. S. Southgate, J. H. Cofer, H. M. Kerr, H. D.Johnson, T. B. Garnett Jr., Preston
S. Cotten and C. H. Ferrell.
A merger of the New Haven County National Bank and
the National New Haven Bank, of New Haven, Conn., has
been agreed to by the directors, and permission to complete
the union has been received from the Comptroller of the
Currency. The National New Haven Bank has a capital
of $464,800 and deposits of $1,465,000; the New Haven
County National Bank has $350,000 capital and deposits
of $1,560,000. It is reported that the City Bank of New Haven (capital $500,000) may later join the combination.
E. G. Stoddard is President of the New Haven County
National and Victor M. Tyler is President of the National
New Haven Bank.
One of the largest statements of business made by the
Mellon National Bank of Pittsburgh to the Treasury Department appeared under date of Jan. 13. The noteworthy
growth of this aggressive institution can be judged from the
figures without any comment. Its deposits at the last
bank call were $53,681,806; capital, $6,000,000; surplus,
$2,100,000; undivided profits, $122,140, and aggregate resources, $65,494,104.
The business of the Farmers' National Bank of York, Pa.
(capital $200,000), has been merged with that of the Guardian Trust Co. (capital $250,000). As a result the company
will be known as the Guardian & Farmers' Trust Co., its
capital .becoming $300,000. Horace Keesey, President of
the Bank, will be President of the new organization.
Samuel M. Hann, who has been in charge of the banking
department of the Fidelity Trust Co. of Baltimore for some
months past, has been elected a Vice-President of the institution. Before becoming identified with the company last
August Mr. Hann had been well known as a national bank
examiner. J. Herbert Beatson, heretofore Assistant Secretary and Treasurer of the company, has been made Secretary,succeeding Robert S. Hart,who resigned the Secretaryship of the Fidelity Trust Co. to devote more of his attention to the Fidelity Trust & Deposit Co., of which he is
Secretary.
David R. James has been elected President of the State
Banking & Trust Co. of Cleveland, Ohio, succeeding the late
S. K. Barstow. As Mr. James is Secretary and Treasurer
of the Empire Rolling Mill Co., he will not be able to devote
his entire time to the affairs of the bank,and the duties of the
active management will be assumed by Charles R. Dodge,
who has been elected a Vice-President. Mr. Dodge resigns
as State bank examiner for the Cleveland District to enter
the bank's management.
Edward H. Cady has been elected President of the Commerce Trust Co. of Toledo, Ohio, succeeding S. D. Carr,
resigned. Mr. Cady will retire as a Vice-President of the
Ohio Savings Bank & Trust Co.in order to give all his attention to the Commerce Trust Co. The name of the latter is
to be changed to the Guardian Trust & Savings Bank. The
stockholders are to hold a special meeting on March 17 to
take action on the proposal. The Commerce Trust Co. was
organized a year ago by interests in the National Bank of
Commerce.
[VOL.
xcvni.
New interests have taken over the Commercial Naionat
Bank of Minneapolis and in addition to their intention to
conduct its business under the new title of the National City
Bank,they will increase its capital from $200,000 to $500,000.
George F. Orde is one of the principals in the movement,
and others interested with him are C. B. Mills, H. R. Lyon,
Douglas A. Fiske and George H. Rogers. Mr. Orde has
resigned as a Vice-President of the First National Bank of
Minneapolis to become active Vice-President of the National
City Bank. Mr. Orde has been identified with the First
National since May 1905; he had previously for ten years
been connected with the Northern Trust Co.of Chicago,and
held the cashiership of that institution when he retired to
enter the management of the Minneapolis institution. H.R.
Lyon has been chosen as President of the National City
Bank; Mr. Lyon is Vice-President of the Russell-Miller Milling Co.; Charles B. Mills has been elected a Vice-President
of the bank, and S. E. Forest as Vice-President and Cashier.
Mr. Mills has been Vice-President of the Peoples' Trust &
Savings Co. of Clinton, Iowa. The Commercial National
Bank of Minneapolis began business in September 1912.
William H.Dunwoody, Chairman of the board of directors
of the Northwestern National Bank of Minneapolis and an
important factor in the city's commercial and industrial
development, died on the 8th inst. Mr. Dunwoody had
been a director of the Northwestern since 1876, and since
that time had always been active in the bank's management,
having held the offices successively of Vice-President, President and Chairman of the board. He had served in the presidency for nearly ten years when he retired in 1912, after
which time he became Chairman of the board. He was also
Vice-President of the Minnesota Loan & Trust Co. He had,
besides, been a director in the Great Northern RR. for
twenty-five years. He was as prominent in the flourmilling trade as in financial affairs, having for more than
thirty years been associated with the Washburn, Crosby Co.,
of which at the time of his death he was Vice-President. Mr.
Dunwoody was seventy-two years of age. The Northwestern National and the Minnesota Loan & Trust closed their
offices at 2 o'clock on the day of the funeral, the 10th inst.,
as a mark of respect to Mr. Dunwoody's memory.
Control of the Snelling State Bank of St. Paul is said to
have been acquired by R. C. Lilly and Henry Von Der
Weyer, Vice-Presidents of the Merchants' National Bank
of St. Paul and John Regan, Vice-President of the National
Bank of Commerce of St. Paul. The Snelling State Bank
has a capital of $25,000; its assets are said to be somewhat
over $200,000.
The following withdrawals from the board of the United
States National Bank of Denver occurred at the recent
annual meeting as a result of the sentiment against interlocking directorates: A. V. Hunter, President of the First
National Bank of Denver; E. B. Field, a director of that
institution; W. M. Marshall, President of the Central
Savings Bank & Trust Co., and D. H. Staley, a director
of the latter.
In the Colorado National Bank of Denver Augustus F.
Kountze and Charles T.Kountze retired from the directorate,
the Kountze family, founders of the institution, now being
represented solely by Harold Kountze, Vice-President and
Chairman of the board.
The stockholders of the Lafayette Bank of St. Louis
will hold a special meeting on March 17 to take action on
the question of increasing the capital from $100,000 to
$200,000. It is understood that in raising the capital a
stock dividend of 100% will be declared out of the surplus
Preston Hussey, who at the time of his resignation in 1911 and undivided profits, which amount to $1,020,000. The
asPresident of the Terre Haute National Bank of Terre bank pays yearly dividends of 50% in semi-annual payments.
Haute, Ind., was said to have been the oldest national bank
president in the United States in point of service, died on
The Mercantile Bank of Memphis failed to open for
the 10th inst. He was eighty-eight years of age and had
on the 9th inst., its closing having been decided
business
its
and
National
predebeen at the head of the Terre Haute
upon
the
by
directors at a meeting the previous day (Sunday
cessor, the National State Bank, for forty-five years. His
the 8th), when preparations for the filing of a chancery bil
banking career was started in 1854 as a messenger in the
were taken. In the bill the directors stated that the bank
Terre Haute branch of the State Bank of Indiana.
was "wholly insolvent and unable to continue business in
that its liabliities approximately amount to about $2,196,Rudolph C. Keller will retire as Vice-President and Cashier 893 67, whereas its assets amount to approximately $1,408,of the Colonial Trust & Savings Bank of Chicago on March 1. 088 91, leaving a difference between the assets and liabilities
of approximately $788,804 76." The responsibility for the
FEB. 21 1914.1
THE CHRONICLE
571
shortage is laid by the directors on the President of the bank,
C. Hunter Raine; according to the chancery bill "the condition of said bank had been steadily and artfully concealed
from the directors and other officers thereof by its President,
the defendant, C. H. Raine, who had in speculation used
and lost the money by a system of handling its drafts,
property and exchange in such a way as to deceive the
directors and to conceal his manipulations." President
Raine was arrested on the 9th inst. on a warrant charging
him with the embezzlement of $788,804 of the bank's funds
and on the 10th inst. an indictment was returned against
him charging larceny, embezzlement and fraudulent breach
of trust. He pleaded not guilty on the 12th inst. His
bond is fixed at $250,000. The State Bank Superintendent,
J. L. Hutton took charge of the bank on the 9th. Mr. Raine
was said to have originally assumed entire responsibility for
the conditions disclosed and is reported to have stated that
the entire sum was lost in the cotton futures market. The
proceedings leading to the closing of the bank are said to
have been brought about by an investigation undertaken by
its New York correspondent into the loans due from the
Memphis institution, which were noticeably larger than the
amounts loaned it at this particular period in other years.
The Memphis "Commercial Appeal" states that according
to the practice disclosed, President Raine operated as follows:
on January 24. A bill in equity on behalf of some of thS
depositors had been filed on January 21, asking for an injunction and receiver. When the institution was closed on that
day Charles I. Ryan was named as temporary receiver. With
the further hearing in the proceedings on the 24th ult. it:was
announced that a course had been agreed upon by those who
had filed the original action and officials of the State,satis.
factory to the directors, creditors and depositors of the
institution. Under this agreement the Atlanta Trust Co.
consented to act as receiver throughout the entire administration of the receivership for a total fixed compensation
of $15,000, and agreed to advance from its own funds, without interest charge, sufficient funds to pay off one-fourth
of the deposits of the Travelers' Bank & Trust Co. within
fifteen days. Judge Ellis approved the agreement by signing
an order designating the Atlanta Trust Co. as permanent
receiver. The Travelers' Bank & Trust Co. began operaT
tions on October 5 1911. When the business of the Sixth
Ward Bank was merged with it some months ago, it was
announced that the capital of the Travelers' Bank & Trust
was to be increased from $200,000 to $300,000. In the
petition for a receiver it was alleged that the capital was less
than $200,000, with deposits of a substantially similar
amount.
He would draw a check for $50,000, $100,000 or $200,000, have the
cashier of the bank cash it, and direct him to carry the check as cash on
the bank's books, explaining thet he was Operating for wealthy men in
New York, who would honor his draft upon them at any time. When
the Cashier, Claude Anderson, would call upon him for cash, he would
draw a draft on some cotton man in New York, payable at the American
Exchange National Bank of that city, that bank being the New York
correspondent of the Mercantile Bank. His personal check would then
be returned to him and would be destroyed.
The Cashier supposed that Mr. Raine sent the draft to Now York and
charged the New York bank up with that amount on the books of the
Mercantile Bank. Mr. Raine stated, however, that he held the drafts
out of the mail, and later reported to his Cashier that he had received a
statement from the Now York bank that the draft had been paid. The
Mercantile Bank's books, therefore, showed that the bank had a credit in
New York which was, in fact, only a fictitious credit, Mr. Raine having
used the money.
Irvin Alexander was appointed receiver for the IrishAmerican Bank of Augusta, Ga., on January 26. With
regard to the affairs of the institution, the Augusta "Chronicle" of January 27 says:
No audit of the Mercantile Bank, it is stated, has been
made for more than two years. The new State banking law,
under which Superintendent Hutton was appointed, went
into effect the first of the present year. It is the first complete banking Act Tennessee has ever had. The total deposits of the Mercantile Bank on the 7th were reported as
$1,381,526, and of that amount $340,041 were savings
accounts. The same statement showed a capital of $200,000
and a surplus of $100,000.
It was shown by Attorney-General Feld,er that the liabilities of the bank
were about $600,000 while the assets amount to only about $400,000.
According to Mr. Felder, these figures are from the State bank examiners,
who have been examining the books of the bank for several weeks. Overdrafts are reported in excess of $180,000, while the deposits were about
$470,000, according to the books. In the matter of the overdrafts the
books show that the Industrial Lumber Co. alone had overdrafts amounting to $140,000, in round figures. The last statement of the bank published
last fall was to the effect that there were deposits amounting to only
$309,000.
Plans for the merger of the business of the Peoples' Bank
& Trust Co. of Macon, Ga.(capital $50,000), and the Tharpe
& Hertz Realty Co. have been ratified by the stockholders.
The new corporation is to be known as the People's Banking
& Trust Co. and is to have a capital of $100,000. Lee M.
Rapp is President of the bank and William C. Miller is
Cashier.
E. C. Meredith has resigned as Cashier of the Union Bank
& Trust Co. of Montgomery to take the post of Trust Officer
J. F. Hunter has resigned as Vice-President and director in the City Bank & Trust Co. of Mobile.
of the Union & Planters' Bank & Trust Co. of Memphis,
A dividend of 10% in favor of the depositors of the PensaTenn. He is succeeded on the board of the institution by
T. C. Ashcroft, Vice-President and director of the Security cola State Bank was declared by the receivers on Jan. 30.
Bank & Trust Co. of Memphis.
The institution was closed by the State Banking Department
on Dec. 5 last. Of the deposits, said to have amounted to
The Bank of West Nashville (Tenn.) has been acquired about $400,000, about $160,000 belonged to the City of
by the First Savings Bank & Trust Co. of Nashville, which Pensacola.
will operate it as a branch. The West Nashville bank had
A dividend in liquidation of $10 per share was declared on
been owned by the State Trust Co. of Nashville.
Jan. 13 to the stockholders of the State National Bank of
New Orleans, payable Jan. 22. It is reported that the payW. H. Gass, formerly President of the defunct Knoxville ment brings the total return up to $45 per share. The instituBanking & Trust Co. of Knoxville, Tenn., was found guilty tion was placed in voluntary liquidation in 1908,following the
on January 18 of having accepted deposits in the institution resignation of its President, William Adler. The deposits
when it was known to be insolvent. The company sus- were paid in full by the New Orleans Clearing-House Assopended in December 1912. A 10% dividend was recently ciation, a committee of which has conducted the liquidation
paid to the depositors; in a previous payment they received of the bank. It had a capital of $300,000.
20%.
,
The First State Bank of Dallas, Texas, has increased its
At a recent meeting of the directors of the Commercial capital from $100,000 to $250,000. The issuance of the new
Savings Bank of Charleston, S. C., it was decided to increase stock was authorized by the shareholders at the annual
the capital to the full authorized amount of $200,000. The meeting in January.
charter of the institution was amended last year to provide
for a capital of $200,000, but only $150,000 has thus far been
A description of the exceptionally beautiful quarters of
issued. The remaining $50,000 is to be paid in, under the the First National Bank of Los Angeles is furnished in a
action just taken, by March 1, and the price at which the booklet just issued by the institution. The photographs
stock will be disposed of is $130 per $100 share. It is also therein furnish convincing evidence of the sumptuous
proposed to convert the bank into a national institution; nature of the new offices. One of the most interesting of
the recommendations of the directors to this effect were these is a general view of the lobby; the picture was taken at
approved by the stockholders on the 10th inst. Its name, night, without the aid of flashes, and is a remarkably clear
with its conversion, will become the Commercial National photograph. The bank moved into its new quarters on
Bank.
Feb. 22 1913. The building was designed by Morgan,
Walls & Morgan and its erection was the crowning achieveUnder a consent agreement of all concerned, a permanent ment of I. N. Van Nuys, who, unfortunately, did not live
receiver for the Travelers' Bank & Trust Co. of Atlanta, Ga., to see its completion. It is a class "A" building of the highwas appointed by Judge Ellis of the Fulton Superior Court est type. The first three stories are in granite and the super
572
THE CHRONICLE
structure in white terra cotta. The building fronts 155 feet
on Seventh Street and 170 feet on Spring Street, and the
bank, to protect its possible needs, controls the entire first
floor, the space at present occupied as a banking room being
100x170 feet, with the whole basement and a large mezzanine
at the rear. The area of the floor space now in use is approximately 40,000 square feet. The design of the interior
is original and of a distinctive character. The lobby frontage accommodates 43 wickets, officers' platforms with private offices for the principal officers and commodious ladies'
reception and retiring rooms.
The bank ceiling is 25 feet high. The lobby, 120 feet long
by 56 feet wide, is very impressive. In the centre is a rockery of marble some fifteen feet in diameter, in which is maintained a display of tropical plants typical of Southern
California. In the lobby there are seven marble endorsing
desks with all modern appliances and two imposing double
seats executed in marble. The equipment of the cages is
of the most modern type, comprising numerous appliances,
and was executed by the Art Metal Construction Co. The
entire construction is of enameled steel and bronze, with
counter tops of imported linoleum with bronze edges. The
sub dividing partitions of these cages are of enameled steel
and plate glass. The pavement of the counting and clearinghouse room is of cork tile, one-half inch thick laid in cement.
The officers' spaces are overlaid with carpet and the private
offices with Austrian rugs. The pavement in the lobby is
composed of inset panels of vitreous mosaic from Europe,
rich in color, and with borders of imported marble. The
interior of the banking room is composed largely of marble.
The columns, 21 in number, are of Tavernelle, and this
same marble is employed in the treatment of the exterior
walls of the room as well as the vestibules, the top screen of
the counter line, the endorsing desks, seats and other features
of the lobby. The front of the counters, balustrades and
other parts are of Janne Fleuri, a French marble, and all of
the bases are of Escalettes. All the metal work in connection with the counter proper, including all sign plates,
tablets, &c., was executed by the Gorham Company, and is
of oast bronze, plated with Gorham's standard gold plate.
While quite expensive, it is regarded as a good investment
for the reason that it is always beautiful in color and requires
no attention. The modeling of this work is most exquisite.
It is carefully hand-chased and is in fact a piece of jewelry
work throughout.
The woodwork was executed by Matthews Brothers Manufacturing Co. of Milwaukee. That in the banking room
proper is of quartered white oak fumed to a nut-brown shade
and finished in flat wax. The private offices are in genuine
English oak, rich in figure, and worked out in a design with
cross-banding and inlay work. The furniture of the various
rooms is of special design and is inlaid with canary wood and
ebony. The light emanates from diffusers suspended from
the ceiling and electric lamps are concealed in the construction of the cage work. There is not one electric lamp in
sight, the diffusion of light is strong and even without
shadows. The entire basement is devoted to the use of
the bank and is equipped in a thorough manner. The
woodwork is of selected mohogany, the floors of tile and
marble. There is in the basement a large lunch room and
kitchen operated by the bank for the use of its employees,
a large assembly room, library, janitor's room, stencil room,
coin-counting room, and a room for waste paper. The waste
for each day is put into a steel bin and held intact for thirty
days so that if anything is lost it can readily be recovered.
The bank has followed the progressive idea of locating its
vaults in the basement, where they are readily accessible by
means of electric elevators and marble stairs. The cash
and security vault, 16 feet 6 inches square, stands in a pit
3 feet 6 inches deep. The pit is lined with white matted
tile and a series of mirrors is so arranged as to reflect the
bottom of the vault.
The bank is about to undertake a unique departure from
the ordinary methods of securing the description of drafts,
checks and other items sent through the mails by the use
of photography, instead of relying on the imperfect description retained of such items by recording in remittance
registers. Photographic apparatus is being installed, devised by two young men in the bank's employ, by which,
through the use of mirrors, photographs of the front and
back of twenty drafts and checks, &c., can be taken at one
time and one exposure. The process, which is very simple,
will not only provide the bank with a fax-simile of the items
to be retained in its files, but it will be more expeditious and
[VOL.
xcvm.
economical than by present methods. Two young men,
not expert photographers, should be able to handle from
1,000 to 1,200 items an hour, with practically no more expense than the cost of the sensitized paper.
The First National Bank of Los Angeles was granted its
charter, No. 2491, in August, 1880, taking over at that time
the business of the Commercial Bank, which was established
in 1875 by E. F. Spence, Hiram Mabury and J. E. Hollenbeck, who, with others, continued in the ownership and control of the national institution. The capital was $100,000
and the reserve $50,000, with deposits of $900,000. Los
Angeles City in 1880 had about 11,000 inhabitants, and by
1890 it had grown to 50,000. With this growth the bank
steadily kept pace, and from time to time increased its capital stock and also its reserve and undivided profits. In
1901 the old location of the bank on Main Street opposite
Temple, proving too small, the office was removed to the
corner of Second and Spring streets, the capital was increased
to $500,000, with surplus and profits of $350,000 and with
deposits of about $3,000,000. The good judgment of the
move was evidenced, for by September 1905 the deposits
had increased to $7,750,000.
At the last date it was determined by the stockholders of
the First National Bank, the Los Angeles National and the
Southwestern National banks to consolidate the business of
the three banks under the name and charter of the First
National Bank of Los Angeles. To do this, the capital was
increased to $1,250,000, the surplus and profits to $2,860,000,
the deposits aggregating $13,630,000.
Feeling the advisability of having a connected institution
to take care of the trusts, mortgage loans and estates of its
friends and customers, an arrangement was made whereby
the officers of the First National Bank, as trustees for its
stockholders, acquired all of the stock of the Los Angeles
Trust Co. and the Metropolitan Bank & Trust Co., these institutions being later consolidated and the name changed to
the Los Angeles Trust & Savings Bank. In September 1910,
when the stock of the bank was increased to $1,500,000, the
capital of the affiliated isntitution was raised to the same
figure, and at the present time each owner of stock in the
First National Bank has the same number of shares of the
Los Angeles Trust & Savings Bank held in trust for him by
the officers of the First National Bank. The quoted market
price of the stock of the national institution includes an equal
interest in the stock of the Los Angeles Trust & Savings
Bank, which interest cannot be sold or transferred otherwise
than by the transfer of the stock of the First National Bank.
The first President of the bank was J. E. Hollenbeck, whose
name has been associated by his widow with that great beneficence, the Hollenbeck Home. This gentleman retired a;
short time before his death and was succeeded by the late
E. F. Spence, who presided over the bank until his death in
1892. The present President, J. M. Elliott, entered the
service of the bank in 1881, was elected Cashier in 1885, and
served in that capacity until 1892, when he succeeded Mr.
Spence as President, which office he has continuously filled
for a period of more than twenty years. Stoddard Jess,
identified with banking interests in Southern California
since 1886, allied himself with the bank in 1904 as First
Vice-President, which office he still holds. W.C.Patterson,
who was the President of the Los Angeles National Bank,
filled the office of Second Vice-President from the date of the
consolidation to the date of his death, May 1 1913. John
P. Burke, the Third Vice-President, has been with the bank
since 1910. W. T. S. Hammond, who has been in the bank
as teller and Assistant Cashier since 1886, has served as
Cashier since 1904. The junior officers of the bank are four
Assistant Cashiers, an Assistant to the Cashier and an Auditor.
The Anglo-California Trust Company of San Francisco
is one of the State institutions on the Pacific Coast which
has signified its intention of becoming a member of the Federal banking system. The affiliated institution, the Anglo& London Paris National Bank, has also made known its
intention to enter the system.
• C. A. Philbrick, heretofore Assistant Cashier of the First
National Bank of Seattle, has been made Cashier of the institution; D. II. Moss, who was Vice-President and Cashier,
will confine his attention to the duties of the first-named pos.t
The stockholders of the Scandinavian-American Bank of
Portland, Ore., ratified a proposal to increase the capital from
$100,000 to $200,000 at the annual meeting on Jan. 14.
THE CHRONICLE
FEB. 21 1914.]
rxist Tompang
573
eturns.
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 some twelve
years ago. The statements occupy altogether fourteen pages.
The dates selected for comparison are December 31 1913, December 31 1912 and December 31 1911.
In the case of the Boston, the Philadelphia and the St. Louis companies, we have sought to get figures for
these dates and have quite largely succeeded. As, however, no returns for those dates are required by the
State authorities, several of the Boston companies and a number 9f 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 three 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. 9 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 not felt 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 two-thirds 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 9 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).
Bankers Trust Co. (New York).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11. (Includes Mercantile Trust Co. on all dates and Manhattan Trust Co. on
Mortgages owned
Dec. 26 1912 and Dec. 9 1913.
$950,000
$760,000
$110,000
Stock and bond investmentsResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Public securities
1,502,102 Mortgages
537,611
352,181
owned
$3,383,000 $3,539,000 $2,750,000
Other securities
8,274,819 8,969.225 7,190,508 Stock and bond investmentsLoaned on collateral
5,348,607 4,502,198 5,216,950
Public securities
6,546,817 6,694,365
5,254,059
Other loans
271,450
396,050
274,571
Other securities
25,971,605 29,274,197 33,163,277
Bills purchased
1,952,642 Loaned on collateral
4,304,957 4,398,917
63,823,939 64,816,305 65,720,080
Overdrafts
222
5,295
565 Other loans
221,785
300,268
1,328.225
1,468,113 2,729,322 Bills purchased
Due from trust cos., bks. & bankers_ 1,137,818
14,552,811
5,871,321 10,168,624
2,176,827
2,106,294
Specie
1,953,886 Real estate owned
4.369,064, 8, 4 2„ 22
26,720
108,730
154,340 Due from approved res depositories..1 21,529,367
Legal-tender notes & notes of nat. bks.
20,580,475 111,700,073
505,247
278,444
458,407 Due from trust cos., bks.& bankers_ f
Cash items
1 6.909,488
Other assets
218,396
196,041
148,317 Specie
13,541,319 12,624,485 14,212,554
Legal-tender notes & notes of nat.bks. ' 166,300
113,370
678,690
Total
$23,321,207 $23,851,476 $21,813,089 Ca.sh items
2,075,364 3,292,530
1,876,898
Liabilities-.
Other assets
764,628
1,177,913
980,717
Capital stock
$1,250,000 $1,250,000 $1,250,000
Total
Surplus fund & undiv. prof.(mkt. val.) 1,152,741
1,139,393
1,325,531
3156,945,9993152,583,1733157,678,207
LiabilitiesUnpaid div.& res've for tax.,int.,&c_
7,816
15,867 ' 10.187
Preferred depositsCapital stock
$10,000,000 $10,000,000 $5,000,000
1.197,871 Burp.fund & undiv. prof.(mkt. val.) 14,462,920 16,256.907 13,518,402
Due savings banks
905,379
1,446,029
15,180 Unpd. divs. & res. for taxes, int., &c.
Due as executor, administrator,&c.
42,362
65,842
160,368
125,944
77,999
Trust dep.&dep.sec.by N. Y. bds_
144,935 Preferred deposits205,520
333,054
Due depositors (not preferred)
Due say. bks. & say. & loan ass'ns_ 4,459,125 3,857,180 4,710,396
18,503,578 19,299,187 16,908,773
Due trust cos., banks and bankers..
396,422
Due as executor,administrator,&c. 8,908,608 12,184,756
342,465
346,667
8,369,318
Other liabilities
Trust dep. & dep.sec. by N.Y. bds. 3,757,928 3,853,510 4,426,232
752,699
235,111
443,163
Due depositors (not preferred)
91,171,617 84,711,594 97,281,344
Total
$23.321,207 $23,851,476 $21.813,089 Due trust cos., banks and bankers__ _ 21,551,262 19,292,687 22,705.855
Other liabilities
2,474.171
2,300,595
1,588,661
Supplementary-For Cal. Year1913.
1911.
1912.
Total int. & comm.rec'd during year..
$1,046,907
$861,975
Total
$156,945,999$152.583,173$157,678,207
All other profits received during year..
1913.
Supplementary-For Cal. Year1912.
1911.
Charged to profit and loss*4,971.729
On account of depreciation
5,500 Total int.& comm.rec'd during year..
during year..
*85,190
On account of other losses
980
5,924 All other profits received
and lossInt. credited to depositors during year
555,420
451,616 Charged for profit
On account of depreciation
Expenses during year, excluding taxes
171,874
158,235
On account of other losses
Amt. of diva. declared on cap. stock..
100,000
125,000
*2,941,128
Taxes paid during the year
25,970
23,538 Int. credited to depositors during year
*551,295
Amt.deposits on which int.is allowed..*18,587,300 18,740,400 16,922,200 Expenses during year,excluding taxes
Amt. of divs. declared on capital stk..
*1,140,000
Taxes paid during the year.•
*98,483
* Figures are of date Dec. 9 1913.
Amt.dep. on which int, is allowed __a121,151,200bl8,422,700*132,000,000
Figures
are
of
date*
a
Dec.
9
1913:
b
Dec.
26
1912.
Central Trust Co.(New York).
Note.-Manhattan Trust Co. merged in the Bankers Trust Co. March 25
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11. 1912 and Mercantile Trust Co. merged in August 1911.
Resources* These figures do not include the results of the Mercantile Trust Co.
$844,036 $1,216,828 $1,672,171
Mortgages owned
prior to the merger on Aug. 10 1911.
Stock and bond investments3,898,441
Public securities
5,118,589
4,714,841
Other securities
21,112,441 25,736,474 23,671,910
Broadway Trust Co. (New York).
Loaned on collateral
48,789,014 57,224,048 45,404,003
(Includes Flatbush Trust Co. on all dates.)
Other loans
228,100
306,600
60,000
ResourcesDec. 9 13. Dec. 26 '12. Dec. 21 '11,
Bills purchased
8,935,394 4,401,451
3,929,688 Mortgages owned
$679,000
$507,800
$425,500
Real estate owned
1,135,498
1,016,243
1,007,935
and bond investmentsDuefrom approved res.depositories_ 1 9,505,709 12,519,956 j17,181,854 Stock
Public
securities
568,212
461,048
730,398
Due from trust cos., bks.& bankers_ j
1 428,518
Other securities
904,271
800,451
967,403
Specie
10,083,561 11,618,561
9,474,773 Loaned on collateral
3,448.811
3,207.299 2,614,931
Legal-tender notes& notes of nat.bks.
. 11,000
25,000
7,000 Other loans
163,600
352,706
Other assets
1,029,211
1,001,778
693,106 Bills purchased
6,223,474 3,572,555 3,169.653
1,440
348
893
Total
$105,558,972 $120,198,961 $108,245,799 Overdrafts
Real estate owned
145,453
142,350
89,262
LiabilitiesDue from approved res. depositories), 2,226,067 2,050,800 11,289,289
Capital stock
$3,000,000
$3,000,000
$3,000,000 Due from trust cos., bks.& bankers..)
1, 533,559
Surplusfund & undiv.prof.(mkt.val.) 17,817,563 17,519,029 16,485,900 Specie
1,117,813
1,006,928
763,281
Unp'd (Mrs.& res. for taxes, int., &c_
118,107
105,506
85,446 Legal-tender notes & notes of nat. bks.
692,830
327.210
379,300
Preferred depositsCash
items
701,805
396.488
55,905
Due savings banks
200,221
218,940
138,874 Other assets
55,368
67,047
72,138
Due as executor,administrator,&c.
978,132
1,003,529
956,278
Deposits sec. by New York bonds_
440.000
490,000
Total
$16,928,144 $12,893,030 $11,091,512
Due depositors (not preferred)
79,382,319 94,647,426 85,233.387
LiabilitiesDue trust cos., banks and bankers
2,431,339
1,797,508
1,290,200 Capital stock
$1,500,000 $1,000,000 $1,000,000
Other liabilities
1,191,291
1,517,023
1,055,714 Surplus fund & undiv. prof.(mkt.val.) 827,705
597,403
725,367
Unpd.div.& res've for taxes,in ,&c.
17,741
3,825
15,294
Total
$105,558,972 $120,198,961 $108,245,799 Preferred depositsbks.
&
say.
&
loan
say.
ass'ns_
Due
513,225
593,774
476,076
Supplementary For Cal. Year
1913.
1912.
1911.
Due as executor, administrator,&c.
38,698
54,755
41,427
Total int.& comm.rec'd during year.. $5,301,461 $5,915,458 $4,720,991
51,962
19,343
Other trust deposits
17,175
All other profits received during year
27.153 Due
depositors (not preferred)
13,266,406 10,144,254 8,525,188
Charged to profit and lossDue trust cos., banks & bankers
550,189
163,231
253,808
On account of depreciation
359,372
228,533
87,206 Other
liabilities
162,218
316,345
37,177
Int.credited to depositors during year 2,653,349 2,789,648 2,154,231
Expenses during year,exclud. taxes
504,462
424,234
398,343
$16,928,144 $12,893,030 $11,091,512
Total
Amt.of divs. decl. on capital stk....
1,500,000
1,500,000
1,350,000 Amt.
deposits on.which int. is allowed $8,753,485 $6,730,000 $3,606,000
Taxes paid during the year
252,000
249,000
240,000
Amt.deposits on which in allowed
Note.-Flatbush Trust Co. merged in Broadway Trust Co. Mar.6 1912.
83,485,820 91,634,000 85,419,074
574
THE CHRONICLE
Columbia-Knickerbocker Trust Co.(New York).
(Combined results of Columbia and Knickerbo.ker Trust Cos.on all
dates.)
ResourcesDec. 9'13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$2,107,083 $2,822,786 $4,748,828
Stock and bond investmentsPublic securities
1,749,696
2,673,002
2,326,527
Other securities
7,772,459 8,592,000 13,822,176
Loaned on collateral
23,778,629 21,074,299 22,887,785
Other loans
1,578,430
1,959,051
1,719,926
Real estate owned
5,776,171
5,742,411
4,332,827
Bills purchased
8,799,992 8,024,772 4,798,479
Due from trust cos., banks & bankers 5,328,211
5,823,452
5.689,192
Specie
5.070.733 4,933.433
5,179,119
Legal-tender notes& notes of nat. bks.
663,185
1,051,155
836,645
Cash items
1,145,201
2,043,902
348,222
Other assets
397,202
512,866
516,243
Total
$64,166,992
LiabilitiesCapital stock
$2,000,000
Surp. fund & undiv. prof. (mkt. val.) 7,153,742
Unp'd divs. & res. for taxes, int., &c_
121,574
Preferred depositsDue savings banks,loan ass'ns, &c..
587,330
Due as executor, administrator,&c. 1,990,549
Trust dep.& dep.sec, by N.Y.bds. 1,378,905
Due depositors (not preferred)
Due trust cos., banks and bankers.._ 47.036,010
Other liabilities, accrued interest_ _ _ _ 3,096,835
802,047
$65,118,879 $67,340,229
$2,000,000 $4,181,000
7,289,754
7,838,474
47,816
64,605
591,288
1,144,726
4,031,706
2,563.764
842,977
2,257,889
46,660,572 43,910,212
, 2,505,344 4,149.387
1,149,421
1,230,272
Total
$64,166,992 $65,118,878 $67,340,229
Supplementary-For Cal. Year1913.
1912.
1911.
Total int.& comm.rec'd during year.. $2,764,327 Consolida$819,811
All other profits received during Year..
271,003 tion took
124,096
Charged to profit and lossplace in this
On account of depreciation
589,664
year.
68,723
On account of other losses
21,766
2,075
Int. credited to depositors during year 1,503.979
424,791
Expenses during year, exclud, taxes
566,533
144,598
Amt. of divs. declared on capital stk_
400,000
120,000
Taxes paid during year
88,870
20,560
Amt.dopes. on which int. is allowed _ 50,245,000 51,000,000
16,565,000
Note.-Columbia and Knickerbocker trust cos. merged in
June 1912.
Commercial Trust Co.(New York).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$5.000
$18,000
$23,000
Stock and bond investmentsPublic securities
700,375
804,043
817,878
Other securities
254,635
300,112
196,209
Loaned on collateral
724,829
604,571
753,232
Other loans
62,383
Bills purchased
1,633,918
1,824,171
2,019,359
Overdrafts
8,473
4,502
5,745
Real estate owned
276,689
245,441
134,370
Due from trust cos., bks. & bankers_
531,000
312,718
522,927
Specie
348,016
546,812
95,000
Legal-tender notes & notes of nat. bks.
86,000
136,000
384,728
Cash items
"14,286
9,126
28,776
Other assets
78,201
86,578
102.559
Total
$4,658,422 $4,892,074 $5,146,166
LiabilitiesCapital stock
$500,000
$500,000
Surp.fund & undiv. prof.(mkt. val.) $500,000
111,525
152,204
210.957
Unp'd divs. res. for taxes, int., &c._
157
2,000
Preferred depositsDue as executor,administrator,&c.
7,013
4,533
4,533
Trust dep.& dep.sec. by N.Y.bds.
150,000
146,784
156,085
Due depositors (not preferred)
3,655,281
3,845,833 3,984,946
Due trust cos., banks and bankers.._ _
70,255
86,570
199,171
Other liabilities
164,191
156.150
88,474
Total
$4,658,422 $4,892,074 $5,146,166
Supplementary-For Cal. Year1913.
1912.
1911.
Total int.& comm.rec'd during year..
180,775
All other profits received during year_
33,927
Charged to profit and lossOn account of depreciation
5,000
On account of other losses
16,433
mt.credited to depositors during year
Expenses during year,including taxes
Taxes paid during the year
Amt.deposits on which int. is alloweda$2,016,000 b$2,267,000
c$2,470,300
Figures are of date:. ,a Dec. 9 1913! b Dec. 211912; c Dec.
21 1911.
Equitable Trust Co.(New York).
[Including Trust Co. of America for all dates.1
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21' 11.
Mortgages owned
$2.363,595 $3,223,994 $5,215,678
Stock and bond investmentsPublic securities
4,678,242
2,916,042 4,228,247
Other securities
21,488,669 22,321,440 24,125,446
Loaned on collateral
29,803,272 31,115,699 31,176,502
Other loans
194,856
92,5C6
237,500
Bills purchased
2,733,452 3,170,630
2,731,861
Overdrafts
12,909
2,825
3,715
Real estate
3,645,392 3.645,392 2,116,472
Due from approv'd res've depositories1 8,559,059 9,926,917
12,895,695
Due from trust co's, banks & bankers'
18,727,726
Specie
6,292,027
5,840,870
6,387,064
Legal-tender notes & notes of nat.bks.
592,939
736,583
588,755
Cash items
31,611
24,847
31,948
Other assets
3,039,206
1,558,231
640,094
Total
$83,435,229 $84,575,976 $89,106,703
LiabilitiesCapital stock
$3,000,000 $3,000,000
Surp.fd. & undiv. prof.(market val.) 10,317,991 10,727,891 $5,000,000
17,746,508
Unpd. divs. & res've for tax.,int ,&c..
72,267
65,449
117,272
Preferred depositssayings
banks,loan ass'ns,&c. 3,512,611
Due
2,461.413
2,337,137
Due as executor, administrator,&c. 3,091,293
2,697,098
7,481,603
Trust dep. not pay. within 30 days_
814,017
295,567
603,252
Deposits secured by N. Y. bonds
and trust company assets
2,936,815
148,098
789,983
Due depositors (not preferred)
52,546,217 43,814,576
Due trust co's, banks and bankers.-- 48.057.500
9,001,781
8.976,746
10,885,566
Other liabilities
3,174,439
3,114,012
330,806
Total
$83,435,229 $84,575,976 $89,106,703
Supplementary-For Cal. Year1913.
1911.
1912.
Total int.& comm.rec'd during year.
31
00
$2,114
6
3:29
All other profits received during year_
Charged to profit and lossOn account of depreciation
On account of other losses
Int. credited to depositors during year
994,084
Expenses during year,excluding taxes
344,162
Amt. of divs.declared on capital stock
000
Taxes paid during the year
7
12
45
0,39
Amt.deposits on which int. allowed_$a64,000,000b$64,900,000
37,400,000
Figures are of date: a Dec. 9 1913; b Dec. 26 1912.
Note.-Tr.Co.of America merged into Equitable Tr. Co. Feb. 26
1912.
Farmers' Loan & Trust Co.(New York).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$5,848,129 $5,6z5,449 $6,514.849
Stock and bond investmentsPublic securities
10,872,439 9,980,274 10,177,169
Other securities
23,633,234 20,732,997 22,642,265
Loans on collateral
33,585,148 46.151,870 61,383,653
Other loans
45,500
36,536
2,848,937
Bills purchased
16,144,556
3,335,794
Overdrafts
2,132
458
758
Real estate
3,647,831
3,647,831
Due from approv'd rave depositories114,201,624 11,211,792 1 3,269,185
5,996.904
Due from trust co's, banks & bankersJ
110,945,293
Specie
11,100,074 11,103,501 15,275,046
Legal-tender notes & notes of nat.bks.
485,800
454,400
248,800
Other assets
• 1,398,250
1,188,725
1,325,046
Total
$120,964,717$113,469,627$140,627,905
LiabilitiesCapital stock
$1,000,000 $1,000,000
Surp.fd. & undiv. prof.(market val.) 6,032,408 6,610,006 $1,000,000
6,340,391
Unpd. div.& res've for tax.,int.. &c_
253,143
42,076
41,711
Preferred depositsDue savings bks.,say St loan ass'ns. 3,821,789
3,573,389
3,533,578
Trust dep. not pay. within 30 days.. 1,428,793
2,154,054
2,106,780
Due as executor,administrator,&c_
540,671
1,098,378
1,746,208
Deposits sec. by N Y. State bonds 1.630,000
Due depositors (not preferred)
98.170,241 89,719,970 114,548,423
Due trust co's, banks and bankers
6,589,804
8,601,438 10,696,262
Other liabilities
1,497.868
670,316
614,552
Total
$120,964,717$113,469,627$140,627,905
Supplementary-For Cal. Year1913.
1912.
1911.
Total int. & comm.rec'd during year_ $4,922,213 $4,957,491 $4,630,943
All other profits received during year
636,491
887,347
184,918
Charged to profit and lossOn account of depreciation
903,255
189,272
14,681
On account of other losses
5,013
1,445
Int. credited to depositors during year 2,932,469 3,404,664
3,389,336
Expenses during year,excluding taxes
584,553
544,518
620,829
Amt. of diva. declared on capital stk.
500,000
500,000
600,000
Taxes paid during year
135,363
137,701
129,132
Amt. dopes. on which int. allowed_ -$108,937,318$100,438,700$125,511,92
8
Fidelity Trust Co.(New York).
ResourcesDec. 9'13. Dec. 26 '12.
Empire Trust Co.(New York).
Mortgages owned
$637,000
$577,000
Stock and bond investmentsPublic securities
Resources517.750
508,582
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Other
securities
1,208,969
1,163,425
Mortgages owned
$903,409
$414.250
1,624,371
1,875,872
$290,750 Loaned on collateral
Stock and bond investmentsBids purchased
3.620,383
Public securities
1,582,810 1,644,550 1,664,667 Due from approv'd res've depositories1 3,323.
1,448,601
1.042,867
Other securities
3,649.583
Due from trust co's, bks.& bankers J
2.466,154
1.897,568
Loaned on collateral
674,527 8,564.107 8,089,626 Specie
8,
671,234
657,065
Other loans
317,460
Legal-tender notes & notes ofnat.bks_
100.936
270,576
235,828
Bilis purchased
2,571.454
1,988,630 2,212,088 Cash items
427,913
395,766
Overdrafts
166
Other
assets
147
121,954
74,000
694
Real estate owned
62,649
42,798
Due from approv'd res've depositories1 516,661
Total
4,832,945 13,316,442
$10,082,731 $10,320,349
Duo from trust co's, banks & bankers' 5.030,816
11,207,857
Specie
Liabilities1.401.468
1,447,686 Capital stock
Legal-tender notes & notes of nat.bks. 1,823,391
314,500
101,505
78,350 Surp. fd. & undiv. prof.(market val.) $1,000,000 $1,000,000
Cash items
1,326,065
1,362,896
865
250
Other assets
Unpd. div., res've for taxes, int., &c.
1(),691
17,342
248,219
209,942
183,735 Preferred deposits
Due savings banks
518,762
640,777
Total
Due as executor,administrator,&c.
$25,632,996 $21,788,148 $20,432,511
24,696
9,831
Deposits sec. by N. Y. bonds
50,000
57,000
LiabilitiesDue depositors (not preferred)
6,236,893 6,623,513
Capital stock
trust co's, banks and bankers......
456.158
804,448
,500.000 $1,500,000 $1.000,000 Due
Surplus fd. & undiv. prof.(mkt. val.) $1
Other liabilities
67,345
196,663
1,702,070
1,145,987
Unpaid divs. & res'yo for tax.,int.,&c. 1.598,767
18,016
8,108
2,476
Preferred depositsTotal
$10,082,731 $10,320,349
Due say. banks & say. & loan assns I,191,701
895,634
Supplementary-For Cal. Year849,999
Trust dep. not pay. within 30 days
1913.
1912.
38,472
66,032
364,536 Total int. & comm.rec'd during year..
Due as executors, adminis'rs, &c
473.919
All other profits received during year..
Dep. sec. by State of N. Y. bonds..
796,339
565,000
Charged
profit
558,000
to
losses
and
Deposits otherwise preferred
753,601
On account of depreciation
Due depositors (not preferred)
15,924,985 14,115,161 14,195,990
On account of other loss
Due trust co's, banks and bankers_
3,180,010 2,790,927
2,214,519 Int. credited to depositors during year
Other liabilities
157,186
145,216
101.004 Expenses during year,includ. taxes_ _
Amt. of divs. declared on capital stk..
Total
Taxes paid during the year
$25,632,996 $21,788,148 $20,432,511 Amt.
deposits on which int. is alloweda$5,731,000 b$5,419,000
Amt. depos. on which int. is allowed.$19,242,322 $14,250,000
$15,400,000
Figures are of date: a Dec.9 1913; b Dec. 26 1912.
xcvm.
Dec. 21 '11.
$632,850
502,825
930,368
1,516,734
3 497,932
(934,802
369,518
560,139
230,374
144,103
66,123
$9,385,768
$1,000,000
1,283,509
26,254
239,653
1,021
50,000
6,121,388
498,770
165,173
$9,385,768
1911.
$366,883
49,555
149,680
111,231
72,500
22,300
$5,385,000
575
THE CHRONICLE
FEB. 211914.1
Lawyers' Title Insurance & Trust Co. (New York).
Fulton Trust Co.(New York).
Dec. 9'13. Dec. 26 '12. Dec. 21 '11.
Resources$479,500
$489,500
Mortgages owned
$467,500
Stock and bond investments400,027
390,610
Public securities
387,190
1,882.729
2,295,999
Other securities
2,106,091
4,333,680 4,948,022
Loaned on collateral
4,949,500
385,703
260,000
397,320
Bills pourchased
1,680
4,230
8.223
Overdrafts
305,113
216,443
219,291
Due from trust cos., banks & bankers
861,793
849,662
941,176
Specie
212,720
141,200
129,480
Legal-tender notes¬es of nat. bks.
29.323
35,867
55,979
Other assets
$9.661,750 $9,017,191
Total
Liabilities$500,000
Capital stock
704,193
Sum.fd. & undiv. prof.(market val.)
5,811
Unpd. divs. & res've for taxes,int.,&c.
Preferred deposits27,934
Due N. Y. State savings banks _ _
102,857
Trust dep. not pay. within 30 days
75,669
Deposits secured by N. Y. bonds.. _
8,110,691
Due depositors (not preferred)
44,690
Due trust cos., banks and bankers.. _ _
89,905
Other liabilities
$9,506,610
$500,000
804,674
6,772
$500,000
817,840
5,500
214,304
62,308
7,311,091
24,280
93,762
135,771
41,567
7,809,168
116,403
80,361
$9,661,750 $9,017,191 $9,506,610
Total
1911.
1912.
1913.
Supplementary-For Cal. Year$325,882
$368,429
$401,773
Total int.& comm.reed during year_
983
10,039
1,466
All other profits received during year..
130,542
Charged to profit & toss, acct. deprec.
losses
profit&loss,acct.other
Chgd. to
214,280
239,390
199,978
Int. credited to depositors during year
81,238
71,712
73,352
Expenses during year,exclud. taxes.. _
60,000
60,000
50,000
Amt. of divs. declared on capital stk_
13,444
12,293
13,663
Taxes paid during the year
7,435,000
7,904,700
Amt. &posits on which int. is allowed 8,290.000
Dec. 9'13. Dec. 26 '12. Dec. 21 '11.
ResourcesMortgages owned
$6,641,507 $6,203,610 $6,840,533
investments
bond
and
Stock
1,179.355
609,228
918,425
Public securities
5,038,497
5,541,447
4,497,437
Other securities
2,959,120
3,475,774
2,758,526
Loaned on collateral
3,495,212
4,187,145
Real estate
1,394,282 11.710,571
Due from approv'd res've depositories1 1,146,540
500
Due from trust co's, banks & bankers'
3,007,532
964,551
352,525
Bills purchased
1,428,351
1,369,047
1,301,552
Specie
702.055
414,465
221,005
Legal-tender notes & notes of nat.bks.
485,199
298,368
389,234
Cash items
426,504
427,918
351,910
Other assets
Total
$22,822,810 $24,885,835 $27,273,429
LiabilitiesCapital stock
$4,000,000 $4,000,000 $4,000,000
6,171,488
Surp.fd.& undiv. prof.(market val.) 5.463,369
6,177,893
Unpd. div.& res've for tax., hit., Ere_
184,880
220,469
66,396
Preferred depositsDue savings banks & loan ass'ns_ _
17,031
59,970
70,361
Duo as executor, administrator,&c.
934,979
523,497
438,954
Dep. sec. by State of N. Y. bonds..
500,000
345,000
720,000
Deposits otherwise preferred
166712
346,066
449,429
Due depositors (not preferred)
10,343.'891 11,449,941 13,884,075
Due trust co's, banks and bankers_ _ _
335,536
502,595
505,698
Other liabilities
1,217,591
732,315
1,153,938
Total
$22,822,810 $24,885,835 $27,273,429
1913.
1912.
Supplementary-For Cal. Year.1911.
$994,323
$949,905
Total int.& comm.rec'd during year.. $963,778
All other profits reed during year-- _ 1.022,900
1,577,946
1,534,029
Charged to profit and loss31,022
77,346
495,510
On account of depreciation
30,964
42,324
25,712
On account of other losses
443,700
445,208
Int.credited to depositors during year
367,103
1,326,465
1,324,520
Expenses during year,excluding taxes 1,203,948
480,000
480,000
400,000
Amt.of divs.deciared on capital stock
162,107
165,080
146,200
Taxes paid during year
Amt.depos. on which int.is allowed.- 12,437.100 12,924,676 15,359,000
Guaranty Trust Co. (New York).
ResourcesDec. 9'13.
Mortgages owned
$558.680
Stock and bond investmentsPublic securities
13,785,223
Other securities
44,647,179
Loans sec. by bd.&M. or real est. col_
492,764
Loaned on collateral
65,904,167
Bills pmrchased
11.263,659
Overdrafts
6,543
Real estate
2,569,662
Duo from approv'd res've depositories113,267,076
Due from trust cos., bks.& bankers....f
11.960,731
Specie
Legal-tender notes¬es of nat. bks. 1,272,410
4,751,855
Cash items
37,841.444
Other assets
Dec. 26 '12. Dec. 21 '11.
$169,500
$768,100
17,162,108 13,127,462
42,295,198 50,174,605
79,839,863 72,269,677
9,445,284 10,177.076
6,346
15,147
2,403,461
1.590,434
13.638,584 116,174,778
1 2,146,880
15,069,510 17,155,387
1,443,650
1,132,035
6,353,704 12,153.414
37,015,375 32,033,951
208,321.393$224,325,342$229,436,187
Total
Liabilities$10,000,000 $10,000,000 $6,000,000
Capital stock
Surp. fd. & undiv. prof.(market val.) 23,827,178 24,350,169 24,299,315
138,695
148,142
187,096
Unpd. diva. & res've for taxes.int.,&c.
Preferred deposits1,964,856
1,582,952
2,160,222
Due savings banks
8,653,034
6,601,924
Due as executor, administrator,&c. 4,025,296
Trust dop, not pay. within 30 days 8,318,000 13,588,000 10,844,477
830,000
1,295,000
Deposits secured by N. Y. bonds.... 1,200,000
4,834,925
2,142,000
Deposits secured by tr. co. assets.. _ 2,082,834
120,162,160 134,137,829 135,274,163
Due depositors (not preferred)
11,507,697 10,068,745 11,182,437
Due trust cos., banks and bankers
24,850,910 21,410,581 25,414,285
Other liabilities
Lincoln Trust Co.(New York).
Dec. 9'13. Dec. 26 '12. Dec. 21 '11.
Resources$915,772 $1,199,656
$1.035,472
Mortgages owned
Stock and bond investments351,900
366,350
$345,000
Public securities
1,899,831
1,917,350
1,808,531
Other securities
5,460,372 4,240,613
5,235,969
Loaned on collateral
1,814,775
1,504,704
1,638,255
Bills purchased
10,000
10,000
Real estate
1,062
161
544
Overdrafts
1,351,139 .11,014,495
Duo from approv'd res've depositories1 1,595,047
1 519,260
Due from trust co's, banks & bankersi
1,162,185
1,220,821
1,090,763
Specie
217,500
213,500
219,500
Legal-tender notes& notes of nat.bks.
522,947
212,840
193,405
Cash items
73,228
204,342
155,018
Other assets
Total
Total
$13,396,253 $13,253,956 $13,072,088
Amt. dopes, on which int. Is allowed_ $9,870,000 $10,185,000 $10,150,000
208,321,393$224.325,3426229.436,187
Total
1911.
1913.
1912.
Supplementary-For Cal. Year$8.315,910 $6,387,207
Total int. & comm.rec'd during year_
1,443,791
year..
1,312,193
during
All other profits received
Charged to profit and loss500,000
750,000
On account of depreciation
207,710
30,000
On account of other losses
4,533,077
3,747,896
Int. credited to depositors during year
957,351
784,270
Expenses during year,exclud. taxes....
2.300,000
2,000,000
Amt. of divs. declared on capital stk_
300
Taxes paid during year
Amt. dopes. on which int. Is allowed a137,659,655 154,088,277 150,114,281
Trust
Guaranty
Co.
Oct. 16
Note.-Standard Trust Co. merged into the
1912. a Figures are of date Dec. 9 1913.
Hudson Trust Co.(New York).
ResourcesMortgages owned
Stock and bond investmentsPublic securities
Other securities
Loaned on collateral
Other loans
Bills purchased
Overdrafts
Real estate
Duo from trust co a, banks & bankers
Specie
Legal-tender notes& notes of nat.bks.
Cash items
Other assets
Dec. 9 '13. Dec. 26 '12. Dec. 21 11.
$151,400
$161,200
$163,349
1,003,566
246,980
1,034,280
192.913
1,221,726
728
44,375
576,618
347,694
32,404
116,644
25,132
901,403
298,221
1,199,608
181,661
1,235,129
1,961
19,465
584,108
308,172
62,817
80,277
30,380
841,196
215,754
716,749
59,381
1,803,674
1,279
15,258
516,666
53,305
284,251
51,288
25,186
$4,994,460 $5,064,402 $4,747,336
Total
Liabilities$500,000
$500,000
$500,000
Capital stock
707,289
720,163
634,477
Surp. fund & undiv. prof.(mkt. val.)
3,746
4,094
86,177
Unpd.divs.& res,ve for tax.,int.,&c.
Preferred deposits24,090
Due savings and loan associations..
150,498
151,667
82,168
Due as executor,administrator,&c.
218,000
300,000
259,000
Dep.sec. by State of N. Y. bonds..
2,003,517
2,870,309
2,706,251
Duo depositors (not preferred)
385,522
241,984
275,996
Duo trust co's, banks and bankers_ _ _
195,830
168,586
216,834
Other liabilities
$4,994,460 $5,064,402 $4,747,336
Total
1912.
1911.
1913.
Supplementary-For Cal. Year$203,606
$193,190
Total int.& comm.rec'd during year.. $201,222
year_
during
12,601
21,213
13,474
All other profits received
Charged to profit and loss1,000
On account of depreciation
29,345
25,291
24,201
On account of other losses
56.649
56,817
57,155
Int.credited to depositors during year
82.142
85,473
86,258
Expenses during year,excluding taxes
30,000
35,000
30.000
Amt.of divs.deciared on capital stock
7,612
8,440
8,430
Taxes paid during year
1,982,300 a2,056,632
Amt.deposits on which int,is allowed 2,410.329
a:Figures:are of date Dec. 21 1011.
$13,396,253 $13,253,956 $13,072,088
Liabilities$1,000,000 $1,000,000 $1,000,000
Capital stock
550,066
558,777
Surp. fd. & undiv. prof.(market val.)
545.913
6,350
6,750
11,333
Unpd.divs.& res've for tax,. hit.,&c..
Preferred deposits352,407
245,801
398,056
Due say, banks,say.& loan assns..
361,302
202,261
251,499
1)ue as executor,admInistrator.&c_
15,000
51,146
55.000
Tr. dep.& dep.sec. by N.Y.bonds
10,610,808 10,702,613 10,300,364
Due depositors (not preferred)
338,646
323,877
286,396
Due trust co's, banks add bankers._ _
147,953
162,731
237,248
Other liabilities
Metropolitan Trust Co.(New York).
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11
Resources$1.102,100
$953,100 $1,133,100
Mortgages owned
Stock and bond investments1,648,260
1,696,930
1,659,400
Public securities
2,588,430
2,817,541
2,946,500
Other securities
10,821,416 14,643,137 17,045,428
Loaned on collateral
1,527,302
4,358,437
2,442,412
Bills purchased
66,778
68,701
67,614
Real estate
2,418,393 12,201,098
Due from approv. res've depositories1 1,840,037
1 441,264
Due from trust cos., bks.& bankers..J
1,946,505
2,320,787
1,810,856
Specie
9,200
14,100
9,220
Legal-tender notes & notes nat. bks-194,522
87,324
185,073
Cash items
1,852,316
1,504,259
1,310,873
Other assets
Total
$25,981,731 $28,774.989 $30,975,692
LiabilitiesCapital stock
$2,000,000 $2,000,000 $2,000,000
6,122,316
6,234,830
6,721,545
Sur. fd.& undiv. prof.(mkt. val.)
48,126
841,534
40,246
Unpd. divs. & res. for int., taxes, &c_
Preferred deposits-1,852,706
1,277,996
1,593,746
Due savings banks
1,476,820
1,469,272
Trust dep. not pay. within 30 days 1,595,774
345,000
280,000
366,000
Dep. sec. by State of N.Y.bonds_
12,161,867 15,297.080 16.720,322
Due depositors (not preferred)
2,116,847
1,166,106
1,376,982
Due trust cos., banks and bankers
208,171
293,555
125,571
Other liabilities
$25,981,731 $28,774,989 $30,975,692
1913.
1911.
1912.
Supplementary-For Cal. YearTotal int. & comm.rec'd during year.. $1,254,239 $1,403,174 $1,562,429
93,314
28,038
13,777
All other profits received during year..
Charged to profit and lossOn account of depreciation
15
129
On account of other losses
730,322
669,684
Int. credited to depositors during year 553,990
183,731
171,755
148,371
Expenses during year,exclud. taxes....
480,000
480,000
480,000
Amt. of divs. declared on capital stk_
98,727
71,087
91,155
Taxes paid during the year
Amt. deposits on which int. Is allowed 17,338,290 19,749,120 21,703,880
Total
Mutual Alliance Trust Co.(New York).
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Resources$24,000
$6,000
$22.500
Mortgages owned
Stock and bond investments1,202,670
1,549,000
965,000
Public securities
19,700 . 25,500
10,000
Other securities
1,432,532
2,424,440
2,895,692
Loaned on collateral
4,565,589
3,475,808
3,708,494
Bills purchased
2,921
11,252
458
Overdrafts
175,000
175,000
190,000
Real estate
927,889
1,347,478
1,162,412
res've
depositories1
approv.
Due from
1326,401
Due from tr. cos., bks., b'kers. &c.._
704,731
641,544
757,680
Specie
236,780
241,580
161,140
Legal-tender notes & notes of nat. bks.
10,293
26,603
20,134
Cash items
13,537
22,437
10,558
Other assets
Total
$9.904,068 $9.940,842 $9,647,843
576
TIIE CHRONICLE
Mutual Alliance Trust Co. (New York)-Concluded.
LiabilitiesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Capi al stock
$1,000,000 $1,000,000
$700,000
Burp.fund & und V. prof.(mkt.val.)_
462,096
401,997
432,045
Unpd. divs. & res. for taxes, int., &c_
6,760
23,000
15,915
Preferred depositsDue savings banks
58,044
31,864
21,108
Due as executor,administrator,&c.
18,598
15,022
13,944
Trust dep. & dep. otherwise pref
8,430
28,112
15,265
Due depositors (not preferred)
7,520,104
7,586,707
Due trust cos., banks & bankers_ _ _ _ 7,371,386
888,073
919,203
815,610
Other liabilities
90,691
27,460
21,329
Total
$9,904,068 $9,940,842 $9,647,843
Supplementary-For Cal. Year1913.
1912.
1911.
Total int. & comm.rec'd during year.. $387,599
$353,430
$399,645
All other profits rec'd during year_ __ _
11,110
16,626
10,648
Charged to profit and lossOn account of depreciation
14,424
5,242
*64,250
On account of other losses
17,289
11,235
4,344
Int.credited to depositors during year
162,180
179,355
167,434
Expenses during year,exclud. taxes_ _
121,195
129,625
112,015
Amt.of divs. declared on capital stk _
60,000
60,000
42,000
Taxes paid during the year
14,657
14,214
13,187
Amt.deposits on which int. is allowed 5,586,273
a5,809,668 b5,803,451
* This amount includes $45,000 charged off on account
of
the Grand
Street banking house.
Figures are of date: a Dec. 261912; b Dec. 211911.
New York Life Insurance & Trust Co. (New York).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$5.651,773 $3,837,142 $3,735,841
Stock and bond investmentsPublic securities
1,452,871
1,495,035
1,415,220
Other securities
11,394,943 11,733,675 12,181,831
Loaned on collateral
4,484,471
3,611,250
3,499,306
Bills purchased
10,878,586 10,666,357 13,665,276
Overdrafts
75,076
78,709
128,582
Real estate
1,521,113 2,662,923
Due from trust cos.. banks & bankers 1,530,294
761,451
3,092,652
549,105
Specie
3,750,000 4,100,000
Legal-tender notes & notes of nat. bks. 3,700,000
200,000
200,000
200,000
Other assets
563,973
1345,657
382,632
Total
$40,693,438 240,631.590 $42,520,716
LiabilitiesCapital stock
$1,000,000
$1,000,000
Burp. fund & undiv. prof.(mkt.val.)_ 3,825,032 $1,000,000
4,111,249 4,076,288
Unpd.divs.& res've for int., taxes,&c.
10,660
15,306
15,980
Preferred depositsDue savings banks
1,212,907
1,001,797
708,006
Due as executor, administrator,&c 2,274,495
1,891,453
2,843,838
Due depositors (not preferred)
28,871,798 30,429,345
Due trust cos., banks and bankers__ _ 28,832,221
262,445
224,317
147,657
Life insurance
382,699
Annuities1 3,275.678 3,515,670 1
2.350,855
Other liabilities
566,045
Total
$40,693,438 $40,631,590 $42,520,716
Supplementary-For Cal. Year-1913.
1912.
1911.
Total int. & comm.rec'd during year.. $1,794,889
$1,876,901 $1,859,501
All other profits received during year..
34,559
66,585
30,359
Charged to profit & loss acc't deprec_
Int.credited to depositors during year 1,126,442
1,014,712 1,206,765
Expenses during year,exclud. taxes.._
152,990
141,460
140,336
Amt. of divs. declared on capital stk..
450,000
450,000
450,000
Taxes paid during year
97,118
103,962
106,810
Amt.dep. on which int. is allowed..
32,519.444 32,548,984 33,746.026
New York Trust Co.(New York).
Resources
--Dec.
9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$2,445,700 $2,163,658 $1,400,975
Stock and bond investmentsPublic securities
3,364,102 3,512,204 3,497,553
Other securities
9,643,044 10,176,919 10,381,572
Loaned on collaterah.
22,895,073 20,877,856 23,884,170
Other loans
2,595,996
1,827,126
2,288,702
Bills purchased
2,600,699 3.367,633 2,979,209
Overdrafts _
8,084
6,382
5,420
Real estate
47,434
47,434
27,015
Duefrom approv'd res've depositories1 3,807,594 3,380,782
13,151,963
Due from trust co's, banks & bankers(
1 468,175
Specie
4,297,453 3,554,911
4,099,241
Legal-tender notes & notes of nat.bks.
271,000
462,000
218,000
Cash items
1,275,235
1,370,279
1,162,488
Other assets
441,913
393,452
353,884
Total
$53,693,327 $51,140,636 $53,918,367
LiabilitiesCapital stock
$3,000,000 $3,000,000
Surp. fund & undiv. prof.(mkt. val.-) $3,000,000
12,015,153 11,804,570 11,572,329
Unpd.divs.& res've for tax.,int..&c.
73,500
71,000
71,000
Preferred depositsDue savings banks
893,994
607,019
Due savings and loan assoclations_ 1,430,519
18,824
8,276
6,148
Due as executor, admInistrator,&c_ 2,985,536 4.399,670
2,611,856
Deposits sec. by N. Y. State bonds
620,000
Deposits otherwise preferred
575,895
511,102
495,248
Due depositors (not preferred)
29,118,726
30,286,063
Due trust co's, banks and bankers_ _ _ 2,785,925 26,717,732
2,317,193 4,058,222
Other liabilities
1,069,249 1,417,099
1,230,482
Total
$53,693,327 851,140.636 $53,918,367
Supplementary-For Cal. Year1913.
1912.
1911.
Total int.& comm.rec'd during year.. $2,390,306 $2,397,576
$2,367,978
All other profits received during year..
235,045
382,840
694,582
Charged to profit and lossOn account of depreciation
123,960
100,000
On account of other losses
36,651
11,616
31,312
Int. credited to depositors during year 1,038,516
1,009,769
1,089,473
Expenses during year,excluding taxes
276,174
255,623
241,600
Amt.of divs.declarecl on capital stock
960,000
960,000
960,000
Taxes paid during the year
159,503
157,583
150,955
Amt.depos.on which int.is allowed._ 37,252,334 37,506,597
38,137,590
Title Guarantee & Trust Co.(New York).
ResourcesDec. 9'13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$11,437,127 $14,121,724 $12,417,689
Stock and bond investmentspi Public securities
1,581,226
515,500
524.281
Pr Other securities
6,660,864 6,529,754 6,749,439
Loaned on collateral
10,503.048 8,317,444 12,491,208
Bills purchased
3,599,244 3,330,880 4,067,138
Overdrafts
624
781
1,010
Real estate
2,346,002
2,480,394
2,277,990
Due from approv'd res've depositories1 3,323,727
2,994,990
f
3.'
1
Due from trust co's,bks.,bankers,&c_ J
1
Specie
2,063,527
1,859,760
1,835,745
Legal-tender notes & notes of nat.bks.
967,976
1,348.995
1,287,132
Cash items
1,092,454
1,109,897
10,494
Other assets
623,211
599,368
630,969
6
IV 1114
Total
$44.199,0301$43,209,4731$46,156,294
475:EA
[VOL. xcvin
Title Guarantee 86 Trust Co. (New York)-Concluded.
LiabilitiesDec. 9 '13.
Capital stock
$5,000,000
Surp.fd.& undiv. prof.(market val.) 11,614,359
Unpd.divs. & res've for tax.,int.,&c.
117,081
Preferred depositsDue savings banks
1,962,618
Due savings and loan associations_
27,104
Due as executor, administrator, &c
276,832
. Trust dep. not pay. within 30 days..
310,792
Deposits sec. by N.Y.State bonds.
917,563
Due depositors (not preferred)
22,479,066
Due trust co's, banks and bankers_ _ _
947,816
Other liabilities
545,799
Total
$44,199,030
Supplementary-For Cal. Year1913.
Total int.& comm.rec'd during year.. $1,926,219
All other profits received during year.. 2,034,430
Charged to profit and lossOn account of losses
81,315
Loss in market value of securities.. _
249,615
Int. credited to depositors during year
644,251
Expenses during year,excluding taxes 1,571,600
Amt. of divs.deciared on capital stk.Regular dividend
1,000,000
Extra dividend
Special div. transf. to capital acct..
Taxes paid during the year
177,359
Amt. deposits on which int. Is paid
25,951.030
Dec. 26 '12. Dec. 21 '11.
$5,000,000 $4,375,000
11,797,655 11,714,419
110,502
78.909
.
1,182,553
1,931,767
18,261
29,128
410,745
162,361
267,410 3,736,108
20,844,058 22,418,141
1,194,385
622,716
2,383,904
1,087,745
$43,209,473 $46,156,284
1912.
1911.
$1,833,140 $1,682,969
2,301,600 2,307,951
43,503
74,063
632,285
1,668,365
634,140
1,804,305
906,2501
200,000
875,000
625,000
173,632
168,424
23,945,540 27,490,119
*Transatlantic Trust Co.(New York).
Resources9 '13.*Dec. 26 '12.
Stock and bond investments-Public securities.. _ Dec.
$706,131
$714,912
Other securities
908,79
870,121
Loans on collateral
412,877
504,193
Bills purchased
349,149
493,934
Due from trust companies, banks and bankers.. _ _ 1,059,382
1.157,028
Specie
1,363
2,424
Legal-tender notes and notes of national banks_ _
49,220
47,550
Cash items
4,699
18,618
Other assets
27,696
34,857
Total
$3,738,830 $3,624,119
LiabilitiesCapital stock
$700,000
Surplus fund and undivided profits (market value) $700,000
388,103
343,310
Unpaid dividends& reserved for taxes,interest,&c.
4,352
5,190
Preferred depositsDue as executor administrator, &c
31,708
25,104
Deposits otherwise preferred
255,947
218,159
Due depositors (not preferred)
2,209,948
2.034,983
Due trust companies, banks and bankers
120,082
276,618
Other liabilities
28,690
20,755
• Total
$3,738,830
Amount of deposits on which interest is allowed__ $1,723,909
* Began business May 28 1912. See V. 94, p. 1423.
NBA?
Union Trust Co.(New York).
ResourcesMortgages owned
Stock and bond investmentsPublic securities
Other securities
Loaned on collateral
Real estate
Bills purchased
Due from approved res. depositories
Due from trust cos., bks.& bankers_ J
Specie
Legal-tender notes& notes of nat. bks.
Cash items
Other assets
1)ec. 9 '13. Dec. 26 '12. Dec. 21 '11.
$649,000
$566,163
$905,050
3,820,730 3.471.465 4,057.259
12,393,421 15.648,114 14,301,051
28,132,129 28,901,137 27,581,050
2.400,000 2,400,000 2,400,018
6,062,524
3,325,692
2,582,137
3,648,006
3.662,043 J3,002,797
11,121,752
6.447.343 6,564,780 6,377,397
417,725
516.115
59,085
7,988
34,150
99
374,482
503,324 • 372,629
$64,353,348 865,592.983 $62.760,524
Total
LiabilitiesCapital stock
$3,000,000 $1.000,000 $1,000,000
Surp. fd. & undiv. profits (mkt. val.) 5,320,148 7,770.280 8,044,769
Unp'd divs. & res. for taxes, int., &c..
38,900
49,625
46,894
Preferred depositsDue savings banks
3,820,182 3.385,299 3,184,642
Due as executor. administrator,&c. 3.414,414 4,023,620 2.033.921
Dep.sec. by State of N. Y. bonds_
680,000
515,000
750,000
Dep. sec. by trust co's assets
455,984
638,798
567,031
Due depositors (not preferred)
45,788,422 46.302.125 45.380.457
Due trust cos., banks and bankers.. _ _ 1,097,524
1.036,690
1,077,171
Other liabilities
737.774
873,546
675,639
Total
$64,353 348 865.592,983 $62,760,524
Supplementary-For Cal. Year1912.
1913.
1911.
Total int.& comm.rec'd during year..
$2.238,668
All other profits received during year..
345,362
Charged to profit and lossOn account of depreciation
On account of other losses
Int. credited to depositors during year
1,464.857
Expenses during year. exclud. taxes..
296.032
Amt. of divs. declared on capital stk.
500.000
Taxes paid durinj the year
406
Amt. epos. on w ich int. is allowed a$52,123,932b$52,859,941c$52,190:102
Figures are of date: a Dec. 9 1913; b Dec. 26 1912; c Dec. 21 1911.
United States Mortgage & Trust Co. (New York).
ResourcesDec. 9'13. Dec. 26 '12. Dec. 21 ,11.
Mortgages owned
$10,907,898 $11,225,567 $10,231,475
Stock and bond investmentsPublic securities
2,096,535 2,897,393 3,086,075
Other securities
7.039.030 8.395,675 11.132,571
Loaned on collateral
13,956,140 17,152,639 12,975.088
Bills purchased
9,055.845
7,812,224 6,873,700
Overdrafts
956
30
1,020
Due from approved res. depositories' 13,734,589
5,519,374 J4,877,004
Duefrom trust cos.. bks.& bankers_ J
15.696,875
Real estate
1,889
Specie
3,833,031
4,534,200 4,161,837
Legal-tender notes & notes of nat.bks.
511.500
376,850
643.615
Cash items
9.735
11,537
5,310
Other assets
2,091,631
3,253.687
2,831.509
Total
$56,238,779 $61,170.176 $62,516,079
LiabilitiesCapital stock
$2.000,000
$2,000,000
Burp. fd. & undiv. profits (mkt. val.) 4,350,352 $2,000,000
4,554,586 4.502,171
Unp'd diva. & res. for taxes, int., &c_
151,075
145.063
116,436
Preferred depositsDue savings banks
312,337
317,709
286,740
Due as executor, administrator,&c.
766,493
61.752
125,284
Trust dep. not pay. within 30 days..
21,881
19,495
22.856
Dep.sec. by State of N. Y. bonds_
636,176
266,383
142,102
Dep.sec. by trust company assets..
110,007
92,622
38,121
Due depositors (not preferred)
32,991.822 36,346,832 37,044,817
Due trust cos., banks and bankers._
6,010,315 7.363,111
8.710.591
Other liabilities
9,622,059 9,526,961
9,277,885
Total
$56,238,779 $61,179.176 $62,516.079
Amt.depos on which int. is allowed.$37,936,166
842.145.791 $44.019,359
577
THE CHRONICLE
FEB. 21 19144
United States Trust Co.(New York).
ResourcesMortgages owned
Stock and bond investmentsPublic securities
Other securities
Loaned on collateral
Bills purchased
Real estate
Due from trust cos.. banks & bankers
Specie
Other assets
Dec. 9'13. Dec. 26 '12. Dec. 21 '11.
$3,395,625 $3.748,625 $4,165.750
1.733.025
1.216.500
1,510,000
9.434,580 9,361,640 9.854,790
34,066,520 31.995,084 37,795,782
12,040.992 8,670,774 13,254,181
1,000.000
1,000,000
1,200.000
4.809.752 4.936,398 5,342.104
5,400,000 5,200,000 7,250,000
445,458
439,320
446.200
Washington Trust Co.(New York).
ResourcesMortgages owned
Stock and bond investmentsPublic securities
Other securities
Loaned on collateral
Bills purchased
Due from trust cos., banks & bankers
Specie
Legal-tender notes & notes of nat. bks.
Other assets
Dec. 9'13. Dec. 26 '12. Dec. 21 '11;
$739,131
$500,816
$451,800
563,615
2.498,677
4.597,610
1.330.016
1.009.918
1.039,881
100,000
61,527
567,935
2,611.305
4,251.125
689,600
1,366,157
870.864
100,000
89,501
541.290
2,643,347
4.684,950
453,500
1.076,907
1,010,301
100.000
92,383
$72,303,669 367.091.004 $80.318,427
Total
Liabilities$2,000.000 $2,000,000 $2.000,000
Capital stock
Sum.fd. & undiv. profits (mkt. val.) 14,603,109 14,447.073 14,315,471
78,000
90,000
84.800
Unp'd diva. & res. for taxes, int., &c..
Preferred deposits3,880,762
4,882,711 4,454,771
Due savings banks
1,919,170
1,793,964
Due as executor administrator.&c. 2,872.147
Trust dep.not pay. within 30 days_ 5.126,877 4,698,634 5,697,168
36,711.873
48,635.566
39,782,402
preferred)
Due depositors (not
1,983.020 3,089.923
2.218,312
Due trust cos., banks & bankers
798.463
815,573
733,311
Other liabilities
Total
$11,653,044 $11,047,303 $11,341,809
Liabilities$500,000
$500,000
Capital stock
$500,000
1,302,398
Surp. fd. & undiv. profits mkt. val.) 1,330,008
1,373,330
Unp'd divs.& res. for taxes,in,&c..
4,170
4,754
4,052
Preferred deposits1,565,239
Due savings banks
1.457,622
1,788,785
Due savings and loan associations..
796
634
661
Due as executor, administrator,&c.
25,435
38,914
48,235
Dep. sec. by State of N. Y. bonds_
45,000
39,000
56,000
Due depositors (not preferred)
7,775,447
7,481,510 7,735,016
Due trust cos., banks and bankers..
43.545
31,920
33,637
Other liabilities
120,202
119,626
116,319
$72,303,669 367,091.004 $80.318.427
Total
1912.
1911.
1913.
Supplementary-For Cal. YearTotal int.& comm.rec'd during year.. $3,403.475 $3,285,804 $3,125,300
106,375
66.788
3,539
All other profits received during year..
Charged to profit and loss69.909
33,249
353,263
On account of depreciation
On account of other losses
1.600.400
1,817.702
Int. credited to depositors during year 1,591,729
246,984
238.338
233,577
Expenses during year, exclud. taxes_
1,000.000
1,000,000
Amt.of diva. declared on capital stock 1,000,000
197,733
187.944
190,103
Taxes paid during the year
f14,E06
Amt. deposits on which int. is allowed 51.754.492 48,386.'
Total
$11,653,044 $11,047,303 $11,341,809
Supplementary-For Cal. Year1913.
1911.
1912.
Total int.& comm.rec'd during year
$476,457
$470,240
All other profits rec'd during year.._ _
71.144
30,455
Charged to profit and lossOn account of depreciation
45,979
60,968
On account of other icsses
22,297
--2-5-4-,477
Int.credited to depositot :during year
264.266
Expenses during year,eulud.taxes_ _
87,269
82,315
Amt. of divs. declared on capital stk..
75,000
70,000
Taxes paid during year
17,266
17,246
Are.. deposits on r-hfch int.is allowed*S9.586,154
9,290,833 10,146,679
'-ices are (;.; '1 Dec. 9 1913.
BROOKLYN COMPANIES.
Brooklyn Trust Co. (Brooklyn).
Franklin Trust Co. (Brookyln).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$993,800 $1,005,950
$1,765,290
Stock and bond investments- •
Public securities
355,260 • 252,874
522,780
Other securities
7,069,012 7,843,512
8,279,156
Loaned on collateral
9,922.478 7.442,953 6,888.484
1,404,402
609,407
Bills purchased
2,379,939
433
603
2,581
Overdrafts
90,000
75,000
82,000
Real estate
J 2,821,676
Due from approv. res've depositories'
1,780,0201
459,104
2,271,684
Due from trust cos., bks.& bankers_
1,370,601
1,535,863
2,020,403
Specie
456,867
504,491
779,813
Legal-tender notes & notes of nat. bks.
283,611
451,479
942,835
Cash items
239,117
216,195
192,340
Other assets
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11.
ResourcesMortgages owned
$854,635 $1,125,985
$879.950
Stock and bond investments829,000
849,300
Public securities
978,640
Other securities
1,290,385
1,327.380
1,313,547
2,930,231
Loaned on collateral
2,421,075 3,294,640
Bills purchased
3,009,776 3.086.107 4.006.980 ,
Overdrafts
304
18
6,896
Real estate
539,352
543,000
548,000
Due from approv. res've depositories).
989,521
1,066,614
J928.657
Due from trust cos., bks. & bankers'
1286,813.
951,319
Specie
1,043,886
1,059,431
Legal-tender notes & notes of nat. bks.
135,000
200,000
288,000
Cash items
238,134
153,893
223,622
41,677
Other assets
57,169
60,430
$29,208,076 $20,653,329 $23,450,608
$11,824,826 $11,947,417 $13,787.124
' Total
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000
Sum.fd. & undiv. prof.(mkt. val.)
1,360,800
1,179,346
1,244,884
Unpd. div.& res. for taxes,int.. &c.._
13,317
7,520
69.098
Preferred depositsDue say. bks.,say. & loan ass'ns
580,593
1,042,841
927,397
Due as executor, administrator,&c.
25,458
24,204
92,484
Tr. dep. not pay. within 30 days
25,770
93.666
87.670'
Dep.sec. by State of N. Y. bonds_
133,040
169,484
138,776
Dep. sec. by tr. company assets_
99,809
152,970
9,497,652
Due depositors (not preferred)
7,287,538 7,972,096
Due trust cos., banks & bankers
369,803
554,668
549,895'
Other liabilities
151,932
358,970
347,686
Total
$1,500,000 $1,000,000 $1,000,000
Capita! stock
2,465.653
2.414,652
Surp. fd. & undiv. prof.(mkt. val.) _ _ 3,659,442
221,523
41,821
210,348
Unpd. div. & res'ved for taxes,int.,&c.
Preferred deposits1,292,527
1,335,481
Due say. bks. & say. & loan ass'ns.. 2,107,575
55.796
Due as executor, administrator,&c_
2,300
4,484
947,060
1,182,601
Trust dep. not pay. within 30 days 1,216,263
Dep. sec. by N. Y. bds. & tr. co.'s
99,443
209,224
assets
19,912,487 14,164.784 17,290,724
Due depositors (not preferred)
23.659
32,978
8,244
Due trust cos., banks & bankers
550,720
163,569
198,655
Other liabilities
$29,208.076 $20,653,329 $23,450,608
Total
1913.
1912.
1911.
Supplementary-For Cal. Year$993,602
Total int. & comm.rec'd during year _$1,431,458
$996,224
36,339
22,599
All other profits received during year _
95,031
235,599
25,000
Charged to profit & loss, acc't deprec_
5,663
43,118
165
Charged to prof.& loss acc't other loss
605,322
522,325
523,74
Int. credited to depositors during year
292,831
202,202
192,153
Expenses during year,exclud. taxes __
300,000
300,000
Amt.of divs. declared on capital stk__ 374,955
36,293
60,947
35,936
Taxes paid during the year
Amt.depos. on which int. is allowed a22,325,320 a$15,863,090 17,052,220
a Figures are of date Dec. 26 1912.
Total
$11.824,826 $11,947,417 $13,787.124
Supplementary-For Cal. Year1913.
1911.
1912.
5479.875
$515,603
Total int. & comm.rec'd during year.. $495,322
31,907
89,937
All other profits received during year
53,016
79,345
2,000
10,890
Charged to profit & loss, acc't deprec.
815
4,851
Chg'd to prof. & loss acc't oth.losses_
212,536
274,253
319,725
Int. credited to depositors during year
115,890
128,664
Expenses during year,exclud. taxes__
139,692
120,000
120,000
120,000
Amt. of diva. declared on capital stk..
31,708
32,998
32.074
Taxes paid during the year
Amt. deposits on which int. is allowed 8,027,600 8,047,275 al0,075,377
a Figures are of date Dec. 211911.
Citizens' Trust Co. (Brooklyn).
(Including Broadway Bank for Dec. 26 1912 and Dec. 9 1913)
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Resources$345,080
$281,539
$438.149
Mortgages owned
Stock and bond investments853,437
803,250
370,526
Public securities
554,914
986,969
48,971
Other securities
659,363
632,986
261,309
Loaned on collateral
274,737
181,535
37,408
Other loans
2,632,025
2,819,356
Bills purchased
724,204
616,033
Real estate
606,135
216,026
244
222
Overdrafts
55
738,550
Due from approv. res've depositories'
648,449
189,750
Due from trust cos.,tam.& bankers_ J
433
519,165
Specie
138,873
435,094
212,132
Legal-tender notes & notes of nat. bks.
145,031
54,925
28,970
Cash items
25.309
2,599
65,479
Other assets
20,007
61,566
Hamilton Trust Co. (Brooklyn).
Resources- •
Dec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$521,850
$567,800
$571,850
Stock and bond investments389,765
Public securities
452,000
440,429
Other securities
1,821,666
1,940,925
1,658,430
Loaned on collateral
3,961,582 3,419.494 3,417,872
Bills purchased
654,459
263,628
395,117
Overdrafts
35
128
24
13.000
4,500
Real estate
13,944
Due from approved res've depositories' 770,577
677.907
f740,033
Duo from trust cos., banks & bankers.f
1 65,655
702,377
734,273
686,119
Specie
102,350
102,210
Legal-tender notes& notes of nat. bks.
104,630
1,447
Cash items
932
3,040
Other assets
93,394
90.211
86,324
Total
$7,309,114 $7,818,456 $2,503,235
Total
$8,770,232 $8,355,821 $8,343,924
LiabilitiesLiabilitiesstock
Capital
$1,000,000 $1,000,000
$500,000
300,987
Surp.fd.& undiv. prof.(mkt. val.)_ _
285,588
183,128 Capital stock
$500,000
$500,000
$500,000
26,873
Unpd. divs.& res.for taxes, int., &c_
6,499 Surp.fd.& undiv. prof.(market val.) 1,052,520 1,127,258
34,566
1,091,283
Preferred deposits7,259
6,246
Unpd.divs.& res've for taxes,int.,&c.
6,600
612,609
Due say. bks.& say.& loan ass'ns_
630,731
42,130 Preferred deposits27,328
8,758
30,245
Due as executor,administrator,&c.
Due savings banks
827,550
1,181,313
888,552
N.
Y. bonds_
335,000
332,137
Dep.sec. by State of
88,453
Due savings and loan associations._
27,157
37,278
48,677
85,089
118,889
59,344 Due as executor, administrator, &c.
Dep.sec. by trust company assets..
23,062
10,941
11,327
5,265,736
4,805,900
Due depositors (not preferred)
1,585.146
Tr. dep. not pay. within 30 days.._
72,081
130,818
72.963
164,924
92,545
Other liabilities
8.290
Dep.sec. by State of N.Y.bds.(pref.) 464,542
203,870
220,422
Due depositors (not preferred)
5,512,009 5,477,369 5,279,062
Total
$7,309,114 $7.818,546 $2,503,235 Due trust cos., banks and bankers
56,437
14,839
91,651
Other liabilities
77,376
75,532
73,983
1913.
1912.
1911.
Supplementary-For Cal. Year$288,587
$120,423
Total int. & comm.rec'd during year.. $336,766
Total
$8,770,232 8,355,821 $8,343,924
107,404
7,570
All other profits received during year..
22,481
14,546
72,246
1,850
Charged to profit & lass acc't deprec_
1912.
Supplementary-For Cal. Year1913.
1911.
18,042
35,214
16,602
Charged to profit & loss acc't other loss
$368,822
$372,369
96,411
65,745
25,228 Tot. int. & comm. rec'd during year.. $362,908
Int. credited to depositors during year
9,182
51,045
25,561
113,443
87,183
40,071 All other profits received during year..
Expenses during year,exclud. taxes_ _
8.881
22,523
10,094
60,000
65.000
25,000 Charged to prof.& loss acct.0th. losses
Amt. of divs. declared on capital stk..
177,706
169,176
171,145
10,725
13,007
11,207 Int. credited to depositors during year
Taxes paid during the year
85,536
85,144
78,400
1,236000 Expenses during year, exclud. taxes..
Amt.deposits on which int. is allowed 3,955,900 4,327,000
60.000
60,000
60,000
Note.-Broadway Bank consolidated with Citizens' Trust Co. in June Amt.of divs, declared on capital stk..
14,018
14,323
14,206
1912. Figures of Dec. 26 1912 are for consolidated institution; for preced- Taxes paid during the year
Amt.deposits on which int. is allowed 6,561,200 6,440,800 6.190.500
ng year for Citizens' Trust Co. alone.
57
THE CHRONICLE
Home Trust Co. (Brooklyn).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$462,104
$484,148
$549,054
Stock and bond investmentsPublic securities
349,860
352.750
363,800
Other securities
720,092
741,245
614,700
Loaned on collaterals
898,157
1,122,002
868,034
Bills purchased
872,864
708,272
716,008
Overdrafts
371
40
Real estate
38.468
35,022
38,468
Due from approved res've depositories' 250,443
186,272
1179,131
Due from trust cos., banks & bankers.'
53,116
Specie
154,725
160,022
159,512
Legal-tender notes¬es of nat. bks.
65,000
68,100
52,500
Other assets
33,203
39,371
39,498
1
Total
$3,844,916 $3,901,021 $3,630,415
LiabilitiesCapital stock
$750,000
$750,000
$750,000
Burp.fd.& undiv. prof.(market val.)
384,719
387,154
350,197
Unpd.diva.& res've for taxes,int..&c.
5,184
6,503
4,841
Preferred depositsDue savings banks
292,128
284,438
$289,797
Due savings and loan associations..
59,322
21,093
43,445
Due as executor,administrator,&c.
16,943
20,710
70,338
Trust dep.& dep.sec. by N.Y.bds.
84,007
85,406
38,262
Deposits otherwise preferred
81,676
52,152
Due depositors (not preferred)
2,083,920
2,204,155
1,982,655
Due trust cos., banks and bankers..
77,952
71,053
78,185
Other liabilities
9.065
19,357
22,695
Total
$3 844,916 $3,901,021 $3,630,415
Supplementary-For Cal. Yeari
1912.
1911.
Tot. mt.& comm. rec'd during year.. $179;952
$168,264
$157,947
All other profits received during year..
2,676
3,876
12,934
Charged to prof.& loss acct. deprec
81,489
38,188
11,969
Charged to prof.& loss acct. oth.losses
4,443
3,000
13,460
Int.credited to depositors during year
59,389
61,410
52,679
Expenses during year, exclud. taxes..
44,747
40,448
44,741
Amt.of diva. declared on capital stic_
Taxes paid during the year
10,619
10,438
10,732
Amt.of dep.on which int. is allowed_ 2,479.000
2,362,000
2,310,000
Kings County Trust Co. (Brooklyn).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$903,500 $1,019,631
$995,116
Stock and bond investmentsPublic securities
939,195
678,450
581,116
Other securities
3,414,184
1,961,049
1,929.431
Loaned on collateral
8,166,761
8,858,343
9,213,117
Bills purchased
2,523,163
2,735,882
3,025,431
Real estate
210,000
210,000
229,000
Due from approv'd res've depositories' 1,339.699
1.239,249 {1,383,429
Due from trust cos.. banks & bankersj
306
Specie
1,192,402
1.277.084
1,317,626
Legal-tender notes¬es of nat. bks.
220,600
220,945
232,520
Cash items
16,126
26,431
13,073
Other assets
91,506
135,567
121,896
Total
$19,017,136 $18,362,631 $19,042,105
LiabilitiesCapital stock
$500,000
$500,000
$500,000
Burp.fd.& undiv. prof.(market val.) 2,373,323
2,190,040
2,304,156
Unpd.divs.& res've for taxes,int.,&c.
16,060
14,040
20,000
Preferred depositsDue savings banks
3.314,625
2,568,087
2,551,151
Due savings & loan associations__..
45,972
17,925
24,625
Due as executor,administrator,&c.
73,996
47,652
100,489
Trust dep. not pay. within 30 days..
428,406
110,145
94.409
Dep.sec. by State of N.Y.bonds..
83,105
82,384
Dep. sec. by trust co. assets
153,401
99,912
Due depositors (not preferred)
11,733,163 12,353,555 13,269,478
Due trust cos., banks and bankers
104,190
40,453
91,910
Other liabilities
190,895
228,598
195,727
Total
$19,017,136 $18,362,631 $19,042,105
Amt.of dep.on which hit.is allowed_$14,936.800 $14,309,800 $15,097,100
Nassau Trust Co. (Brooklyn).
[VOL. xcvm.
Nassau Trust Company (Brooklyn)-Concluded.
Supplementary-For Cal. Year1913.
Total int.& comm.rec'd during year.. $311,368
All other profits received during year..
6,931
Charged to profit & loss,acct. deprec.
54.353
Charged to prof.& loss,acct.oth.losses
29,173
Int. credited to depositors during year
122,792
Expenses during year,exclud. taxes_ _
97,388
Amt.of divs. declared on capital stk.
48,000
Taxes paid during the year
10,186
Amt.deposits on which int,is allowed 5,019,609
1912.
$283,543
45,488
11,215
44,195
130,564
81.854
48,000
10,586
4,821.957
1911.
$274,436
20,635
3,284
18,436
130,184
76,718
48,000
10,248
4,543,200
The People's Trust Co. (Brooklyn).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$1,175,312 $1,128,944
$946,188
Stock and bond investmentsPublic securities
1,053,400
1,075,975
1,022,940
Other securities
4,671,334
4,874,828
5,172,721
Loaned on collateral
6.601,403
5,959,144
5,397,958
Bills purchased
2,413,843
2,798,564
3,592,216
Overdrafts
207
1,368
821
Real estate
592,250
588,750
622,008
Due from trust cos.,banks& bankers. 1,873,106
2,464,709
1,850,266
Specie
2,003,390
1,905,804
1.760351
Legal-tender notes& notes of nat.bks.
397,850
433,000
537,000
Cash items
566,177
855,158
654,398
Other assets
141,111
109,048
117,439
Total
$21,688,756 $22,004,310 $21,665,915
LiabilitiesCapital stock
$1,000,000 $1,000,000
Surp.fund & undiv. prof.(mkt. val.) $1,000,000
1,696,664
1,680,596
Unpd.div.& reserved for taxes.int..&c. 1,544,495
10,983
22,153
10,541
Preferred depositsDue savings banks
1,543,649
1,503,250
Due savings and loan associations.. 1,998,675
34,131
38,550
48,810
Due as executor,administrator,&c.
521,431
415,626
617,212
Trust dep. not pay. within 30 days_
212,296
344,995
134,268
Dep. sec. by State of N.Y. bonds..
470,676
353,743
240,000
Dep. sec. by trust company assets..
19,583
Due depositors (not preferred)
15,791,801 16,448,806 16,235,923
Due trust cos., banks & bankers
8,570
4,618
8,011
Other liabilities
84,528
202,466
111,931
Total
$21,688,756 $22,004,310 $21,665,915
Supplementary-For Cal. Year1913.
1912.
1911.
Total int.& comm.rec'd during year.. $889,580
$886,040
$860,917
All other profits received during year..
62,256
65,236
50,985
Charged to prof.& loss acc't deprec
295,348
98,647
72,699
Charged to prof.& loss acc't oth.losses
22,792
118,971
17,832
Int.credited to depositors during year
412,615
437,152
444,792
Expenses during year,exclud. taxes
196,672
196,323
196,956
Amt.of divs. declared on capital stk..
120,000
120,000
120,000
Taxes paid during the year
33.246
33,092
Amt.deposits on which int.is allowed 16,568,633 15.501,790 16,379,405
Queens County Trust Co. (Jamaica).
ResourcesDec. 9 '13. Dec. 26 '12. Dec. 21 '11.
Mortgages owned
$498,072
$523,292
$558,666
Stock and bond investmentsPublic securities
246,000
232,260
230,260
Other securities
223,896
266,524
222,725
Loaned on collaterals
395,025
471,294
585,654
Other loans
121,739
157,132
28,707
Bills purchased
548,542
462,077
294,357
Overdrafts
369
235
312
Real estate
385,345
379,652
176,694
Due from trust cos., banks& bankers1
145.970
98,726
j 24,428
Due from approved res've deposilesi
1104,120
Specie
64,682
56,089
55,833
Legal-tender notes & notes of nat. bks
129,360
112,175
111,067
Cash items
2,352
2,194
2,146
Other assets
54,560
54,183
60.070
Dec. 21 '11.
Total
$2,815,754 $2,815,991 $2,455,039
$435,225
Liabilities406,005
Capital
stock
1,009,389
$600,000
$600,000
$600,000
1,230,092 Surp. fund & undiv. prof.(mkt. val.)
171,108
119,051
138,053
1,625,314 Unpd.div.& reserved for taxes,int..&c.
2,120
2,713
1,900
Preferred
deposits
58
Due savings and loan associations..
245,400
1,008
573
1,046
Due as executor,administrator,&c.
1,116,855
41,735
36,870
36,488
Dep.sec.by tr. co. assets& N.Y. bds.
422,111
50,000
50,219
70,236
100,500 Due depositors (not preferred)
1,531,874
1,788,602
1,760,651
4,577 Due trust cos., banks & bankers
44,207
23,100
26,088
62,642 Bills payable
50,000
80.000
Other liabilities
12,987
124,991
121,164
$6,658,168
Total
$2,815,754 $2,815,991 $2,455,039
$600,000
Supplementary-For Cal. Year1911.
1912.
1913.
433,125
4,956 Total int.& comm.rec'd during year..
$99,361
$100,673
All other profits received during year..
21,877
28,836
665,611 Charged to prof.& loss acc't deprec__
1,294
16,430
14,555 Charged to prof.& loss acc't oth.losses
20,256
35
Int. credilal to depositors during year
37,860
36,018
93,396 Expenses during year, excl. taxes__ _ _
40,690
31,453
111,085 Amt.of divs. declared on capital stk..
30,000
30.000
4,702,164 Taxes paid during the year
9,588
7,024
33,276 Amt.deposits on which hit. Is alloweda$1,700,000
1,716,400
1,608,290
ResourcesDec.9'13. Dec. 26 '12.
Mortgages owned
$528,625
$407,325
Stock and bond investmentsPublic securities
389,070
304,650
Other securities
747,704
829,985
Loaned on collateral
1,726,108
1,838,665
Bills purchased
1,599,321
1,688,266
Overdrafts
88
171
Real estate
251,730
245,400
Due from trust cos.. banks & bankers
978,943
1.036,442
Specie
448,796
440,354
Legal-tender notes& notes of nat.bks.
80,000
133,700
Cash items
11,552
3,362
Other assets
57,591
71,018
Total
$6,819,528 $7,089,338
LiabilitiesCapital stock
$600.000
$600,000
Burp.fund & undiv. prof.(mkt.val.).
358,933
413,024
Unpd.div.& reserve for taxes,int.,&e.
4,400
5,178
Preferred depositsDue savings banks
638,423
730,814
Due savings and loan associations_
71,601
55,647
Due as executor, administrator,&c.
113,759
85,451
Trust dep. not pay. within 30 days..
40,814
Dep.sec. by tr.co. assets &N.Y.bds.
110,012
115,820
Due depositors
4,851,458
5,053,902
Other liabilities
24,320
35,310
Total
$6,819,528 $7,089,338 $6,658,168
a Figures are of date Dec. 9 1913.
PHILADELPHIA COMPANIES.
Aldine Trust Co. (Philadelphia).
Belmont Trust Co. (Philadelphia).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
ResourcesDec. 31 '13. Dec. 31 '12. Nov.6'11.
Real estate mortgages
$22,450
$23,250 Cash on hand and due from banks_ __
$46,323
$40,995
Stocks and bonds
$53,507
$800,326
280,748
259,036 Commercial & other paper purchased
74,622
110,782
Loans on collateral
53,344
320,747
289,021 Loans on collateral
83,509
77,794
Loans on commercial pap
51,778
paper
134,155
Loans
on
110,499
bonds
and
mortgages
8,572
4.400
Banking house
15,019
135,000
135,000
135,000 Stocks, bonds, &c
127.454
113,554
Cash on hand22,388
102,334
Mortgages
19,864
68,850
95,700
Cash on deposit
71,520
83,3161
65.156
}
69.984 Banking house, furniture & fixtures..
49,342
47,247
47,374
Total
$1,018,642
$980,644
I
$906,654 Miscellaneous assets
2,167
806
LiabilitiesCapital stock (paid in)
$200,000
$200,000
$200,000
Total
Surplus fund
$395,682
$506,469
$444,844
120,000
120,000
120,000
Undivided profits
17,316
15,388
14,603
LiabilitiesDeposits
581,320
545,236
472,051 Capital stock
Dividends unpaid
6
20
$125.000
$125,000
$125,000
Ground rent (4%)
Undivided profits
100,000
100.000
20,857
29,081
13,850
100,000 Deposits
Total
296,993
347.895
256,832
$1.018,642
$980,644
$906.654
Other liabilities
Trust dept.(invest.& uninvest.(addl) $201,763
4.493
1,994
$112.854
a$17,831
1913.
1912.
1911.
Dividends pain. in calendar year
Total
4%
4%
$506,469
4%
$444,844
$395,682
a Figures are of date Nov. 6 1911.
Trust department (additional)
$43,454
$41,318
$39,81
FEB. 21 1914.]
THE CHRONICLE
Central Trust & Savings Co. (Philadelphia).
pffIResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Stock investments
$497,838
$642,273
$437,425
Commercial & other paper purchased 1.436,205
1.251,982
1,239,350
Amount loaned on collatemls
1,625,297
1,817,479
1,978,791
Real estate, furnitire and fixtures
331,672
534,391
497,976
Cash on hand
255,575
290,482
281,588
Cash on deposit
550,693
796,577
531,362
Miscellaneous
11,180
2,931
236
Total
$4.911,179 $4,829,637 $5,270,487
LiabilitiesCapital stock
$750,000
$750,000
$750,000
Surplus fund
450,000
450,000
450,000
Undivided profits
62,990
47,194
26,909
Deposits
3,642,802 3,537,224 3,970,610
Other liabilities
36,887
65,504
21,183
$4,911,179 84,829,637 $5,270,487
$1,122,623 a$1,110,075 $1,190,562
1911.
1912.
1913.
Rate of int. paid on dep.of $500&over
2% & 3%
6%
6%
Dividends paid in calendar year
6%
Total
Trust department (additional)
a Figures are of date Nov. 2 1912.
*Continental-Equitable Title & Tr. Co. (Philadelphia).
Total
LiabilitiesCapital stock
Surplus and reserve fund
Undivided profits
General deposits
Dividends unpaid
Other liabilities
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
General deposits
Other liabilities
$1,355,648 $1,345,349 $1,237,585
Total
Trust department (additional)
$1,355,648 $1,345,349 $1,237,585
$293,741
$287,011
$193,138
$200,000
100,000
29,289
1,000,985
15,075
Colonial Trust Co. (Philadelphia).
$200,000
100,000
29,016
857,951
50,618
'
Resources-.
Dec. 13 '13. Dec. 31 '12. Dec. 30'11.
Real estate mortgages
$77,580
$77,980
$85,380
Stocks and bonds
327,383
376,831
357,633
Loans on collateral
571,753
664,215
649,393
Real estate, furniture and fixtures....224,334
224,334
224,334
Cash on hand and in banks
206,437
179,255
184,444
Commercial and other paper owned....
264,638
211,687
234,679
Other assets
2,836
2,670
4,298
Total
LiabilitiesCapital stock paid in
Surplus and undivided profits
General deposits
$1,703,878 $1,714,707 $1,733,510
Total
Trust department (additional)
$1,703,878 $1,714,707 $1.733,510
$1,407,759 $1,480,531 $2,452,840
1913.
1912.
1911.
__-Check, 2%; savings, 3%
4%
4%
4%
Rate of interest paid on deposits
Dividends paid in calendar year
$270,825
312,902
1,120,151
$265,610
307,490
1,141,607
38.712,941 $8,632,438
$1,000,000 $1,000,000
1,000,000
1,000,000
97,082
43,018
6,592.728 6,585,038
822
1.380
3,000
22,309
Total
Trust department (additional)
$8,712,941 $8,632,436
$4,642,808 $4,485,131
* Consolidation in February 1912 of Continental Title & Trust and Equitable Trust companies.
Empire Title & Trust Co. (Philadelphia).
Dec. 31 '13. Nov.2'12. Dec. 30 '11.
$191,230
$172,500
$186,050
386,347
430,242
469,473
92,108
90,000
90,000
41,462
32,989
24,960
62,232
61,439
37,353
542,362
490,2561
8,913
27,899j
510,767
$200,000
100,000
40,895
942,178
72,575
Dec. 31 '13. Dec. 31'12.*
$726,854
$859,370
2,557,662 2,533,411
3,915,454 3,728,172
861,401
834,962
628,147
636,487
41,522
21,935
Resources-
Real estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and in banks
Other assets
Chelten Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Loans on collateral, &c
Real estate
Cash on hand
Cash on deposit
Bonds,stocks, &c
Other assets
579
$255,750
280,041
1,197.719
ResourcesCash on hand
Due from banks and bankers
Loans
Stocks, bonds, &c
Mortgages
Real estate, furniture and fixtures
Miscellaneous
Nov. 1 '13. Dec. 31 '12. Nov. 6 '11.
$26,142
$20,746
$15,934
25,114
30,096
49,139
42,660
59,620
49,572
154,887
153,430
159,291
188,830
162,815
151.558
55.978
56.546
56,656
642
5,841
Total
LiabilitiesCapital stock, paid in
Surplus and undivided profits
Deposits
Unpaid dividends
Miscellaneous
3494,253
$483,253
$487.989
$156,575
27,999
309,541
118
20
$158,575
27,301
299,339
20
18
$156,570
24,085
304,911
2
2,421
Total
Trust department (additional)
$494,253
$747
$483,253
$731
$487,989
$875
Excelsior Trust & Savings Fund Co.(Philadelphia).
ResourcesDec. 31 '13. Nov. 2 '12. Nov. 6 '11.
Cash on hand
$40,048
$35,741
$55,721
Due from banks,&c
86,482
111,440
221,120
Stocks and bonds
643,779
519,399
458,324
Loans on collateral
285,209
286,800
260,213
Mortgages
328,207
392,270
418,276
Real estate, furniture and fixtures_ _ _
42,908
42,625
41,625
Other assets
11,199
21,289
15,252
Total
$1,437,832 $1,409,564 $1,470,531
LiabilitiesCapital stock
$300,000
$300,000
$300,000
Undivided profits and reserve fund
131,336
127,323
107,798
Deposits
971,496
982,241
1,062,733
Bills payable on demand
35,000
Total
$1,437,832 $1,409,564 $1.470,531
Columbia Avenue Trust Co. (Philadelphia).
Fairmount Savings Trust Co.(Philadelphia).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Cash on hand and due from banks_ _ _ $352,499
$383,569
$381,791
ResourcesCommercial and other paper owned....
Dec. 31 ,13. Dec. 31 '12. Dec. 30 '11.
100,318
65,104
61,782
Loans on collateral
616,065
655,889
363,743 Cash on hand and in bank
3107,215
$100,305
$67,155
Loans on bonds and mortgages
55,949
303,815
473,865
734,670 Reserve bonds
55,949
46,790
Stocks, bonds, &c
1,041,137
916,365
830,917 Bonds other than reserve
372,448
399,343
490,106
Mortgages
411,819
463,428
294,899
375,575 Demand loans
425,250
361,979
Banking house, furniture, &c
180,000
180,000
180,000 Time loans
49,309
118,513
147,107
Other real estate
258,917
262,317
181,917 Mortgages
91,456
95,146
89,755
Miscellaneous assets
1,214
1,374
1,397 Commercial paper
229,462
83,445
22,950
Furniture and fixtures
30,000
30,000
30,000
Total
$3,265,784 $3,233,382 $3,111,792
Total
Liabilities81,399,267 31,307,951 $1,255,842
Capital stock
$400,000
$400,000
$400,000
LiabilitiesSurplus and undivided profits
500,055
476,519
455,935
Deposits
2,346,656
2,337,807
2,237,983 Capital paid in
$250.000
$250,000
$250,000
16,000
Dividend
16,000
16,000 Surplus and undivided profits
104,699
92,789
76,168
Miscellaneous liabilities
3,073
3,056
924,009
1,874 Deposits
939,815
879,508
Treasurer's and certified checks
559 '
347
166
$3,265,784 $3,233,382 $3,111,792 Bills payable
Total
120,000
25,000
50,000
$581,883
Trust department(additional)
$578,038
$427,381
1913.
1912.
Total
1911.
$1,399,267 $1.307,951 $1,255,842
All.
All.
All.
Trust department (additional)
Amount of deposits receiving int_ __ _
a$23,600
b$29,072
$22,618
2 & 3%
2 & 3%
2& 3
Rate of int. pd.on dep. of$500 & over
8%
8%
Figures are of date: a Nov. 11913; b Nov.2 1912.
Dividends paid in calendar year
8%
Commercial Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks, &c
Loans on collateral
Stocks, bonds, &c
Real estate and vault
Other assets
Total
LiabilitiesCapital stock
Surplus and reserve fund
Undivided profits
Deposits subject to check
Other liabilities
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$399,303
$323,870
$275,448
2,738,414
1,619,653
1,642,095
4,288,480 6,050,249
3,266,864
5,948,073
5,482,780
5,496,917
57,250
572,738
546,589
289,175
248,354
93,084
$13,720,695 814,297,644 $11,320,997
$1,000,000 $1,000,000 $1,000,000
2,000,000
2,000,000
2,000,000
314,362
77.619
370,992
10,554,497 10,910,455 7,887,745
72,827
88.579
62,260
$13,720,695 $14,297,644 $11,320,997
$11,018,676 $6,010,219 $2,578,345
1912.
1913.
1911.
Rate of int. pd. on dep.of$500 & over
2
29'
2%
Dividends paid in calendar year
16%
16%
14%
Total
Trust department (additional)
Commonwealth Title Ins. & Trust Co. (Philadelphia).
Federal Trust Co. (Philadelphia).
ResourcesBonds
Real estate mortgages
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Total
LiabilitiesCapital stock
Surplus fund
General deposits payable on demand_
Total
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$182,648
$152,863
$166,238
97,776
70,514
56,968
438,443
339,636
288,502
68,343
72,517
86.641
64,200
65,200
66,200
46,216
38,807
33,980
40,060
43,300
42,075
1,914
1.908
2,338
$939,600
$784,745
$742,942
$125,500
63,304
750,796
$125,500
55,286
603,959
$125,500
48,454
568,988
$939,600
$784,745
$742,942
Fidelity Trust Co. (Philadelphia).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Real estate mortgages$218,355
3,303,863 3,547,185 3,499,091
Bonds
1,991,843 2,155,386
Loans on collateral
2,013,183
1,288,553
1,213,116
Real estate
1,320,740
190,572
231,966
Cash on hand
248,809
379,540
419,883
Cash on deposit
418,802
136,206
131,804
Other assets
116,287
ResourcesBonds and mortgages
Stocks, bonds, &c
Loans on collateral
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '13. Jan. 31 '13.
$3,110,579 $2,141,079
17,804.181 16,780,812
16,146,842 17,496,778
1,445,234
2,005,453
1,283,038 6,643,149
5,144,0161
155,456
113,451
Total
LiabilitiesCapital stock paid in
Surplus and reserve fund
Undivided profits
Deposits
Other liabilities
Total
LiabilitiesCapital stock
Surplus and profits
Deposits
Other liabilities
$45.089,346 $45.180.722 $39,585,867
Total
Trust department (additional)
Rate of int. on dep. of$100 & over_
Dividends paid in calendar year
$7.509,710 $7.915,797 $7,890,362
$1,000,000 $1,000,000 $1,000,000
1,250,000
1,250,000
1,250,000
151,745
239,032
192,453
5,107,917 5.426,620
5,447,753
145
48
156
Jan. 31 '12.
$2,475,729
15,059,846
14,380,059
1 .982,283
5,591.403
96,547
$4,000.000 $2,000,000 $2,000.000
12,259,703 11,922.975 11.418,040
28,775,525 31,187,010 26,128,079
54,118
70,737
39,748
Total
$45,089,346 $45,180,722 339,585.867
$7,509,710 $7,915,797 $7,890,362
$14,894,816 $14,318,410 $13,900,242 Trust department (additional)_ _ _ _a$173,483.616$164,808.310$159,841.611
Note.-Dividends paid in calendar year 1913 at rate of 24% per annum
1913.
1912.
1911.
2%
2% on new capital of $4,000,000. In 1912 and 1911 on old capital of $2,000,a Figures are of date Nov. 1 1913.
122R
12%
12% 000, 40% and 36%, respectively,
580
THE CHRONICLE
Finance Co. of Pennsylvania (Philadelphia).
ResourcesCash on hand
Due from banks,&c
Commercial and other paper owned
Stocks, bonds, &c
Loans on collateral
Mortgages
Other assets
Real estate
Total
LiabilitiesCapital stock
Undivided profits and reserve fund
Deposits
Bills payable
Miscellaneous liabilities
Total
Nov. 1 '13. Nov. 2 '12. Nov. 6 '11.
$82,983
$70,689
$68,269
676,799
449,022
458,728
22,800
1,200
4.394.309
5,543,847
4,761,228
1,048,416
1,050,524
1,179,667
417,500
848,500
549,000
25.487
1
45.295
676.926
1.385.447
1,059.419
$8,484,741 $8,122,806 $8,208,509
$3,200,000 $3,300,000 $3,337,800
2,009,734
2,072,768
2,157,312
2,064,707
1,147,896
1,260,153
626,320
1.453,680
1.595,080
169,948
148,462
272,196
$8,484,741 $8,122,806 $8,208,509
1911.
1912.
1913.
Rate of int. paid on dep.of$500&over
2%
2%
2%
Dividends paid in calendar yearFirst preferred stock
6%
6%
6%
Second preferred stock
6% 5&1% ext. 5&1% ext.
[VOL.
xcvm
Girard Avenue Title & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Call loans on collateral
Time loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Furniture, fixtures and vault
Miscellaneous
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$149,050
$172,670
$163,770
358,862
374,720
387,489
335,635
297,939
324.048
59,800
52,725
31,354
121,792
67,603
41,283
54,035
52,145
52,145
41,813
44,195
41,459
80,113
31,428
51,128
15,577
16,357
17,183
2,193
46
Total
51,214,677 51.111,975 $1,109,905
LiabilitiesCapital stock
$200,000
5200,000
$200.000
Surplus fund
106,000
106.000
106,000
Undivided profits
42,166
35,027
33,092
Bills payable
30,000
Deposits, special
258,162
257,301
252,789
General deposits, payable on demand
578,349
513,647
518,024
Total
$1,214,677 $1,111,975 $1,109,905
Trust department (additional)
$15,380
$18,063
$14,555
1912.
1913.
1911.
Rate of int.paid on dep.of $500& over
2% & W
Dividends paid in calendar year _ --7%
7%
& Trust Co. (Philadelphia).
Dec. 31 '13. Dec. 31 '12. Nov. 6 '11.
ResourcesCash on hand and in bank
$168,867
$279,738
$284,953
Loans
1,527,362
1,796,851
1,844,585
Girard Trust Co. (Philadelphia).
Bonds and stocks
482,197
377,597
317,884
ResourcesMortgage investments
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
84,222
116,437
45,648 Cash
on hand and in banks
Securities pledged for bills payable and
$8,540,496 $8,471,401 $7,607,951
I.oans
special deposits
22,370,424 22,349,103 19,660,461
15,550
80,740
205,846
Building
2,870,783 14,621,958 16,532,941
377,518
375,153
374,795 Securities
Furniture and fixtures
2,891,960
2.876,360
14,218,212
19,499
9,028 Real estate
20,071
Miscellaneous assets
95.127
70,903
41,840
Total
547,999,915 $48,318,882 $46,693,313
Total
$2,770,342 $3,117,490 $3,124,579
LiabilitiesLiabilitiesCapital stock
$2.500,000 $2,500,000 $2,500,000
Capital stock paid
$1,000,000 $1,000,000 $1,000,000 Surplus fund
7,600.000
7,500,000
7,500,000
Surplus and profits
434,284 Undivided profits
458,788
461,509
1,939.069
2,272,095
2,437,781
Deposits
1,354,573 Deposits
1,134,630
1,408,674
35,835,666 35,655,670 34,196,003
Bills payable on demand
50,000
146,192 Dividend
225,180
225.431
225,215
Other liabilities
176.924
197,307
189,530
Total
Total
$47,999,915 $48,318,882 $46,693,313
$2,770,342 $3.117,490 $3,124,7-6
Trust department (additional)
Trust
dept.,excl. of corp. trusts_ _ _a$158,327
$26,779
;
6
62;b144,130,560c125,501.767
$27,934
$28,992
1913.
1912.
1911.
Rate of int.paid on dep.of$300 & over
2%
Frankford Trust Co. (Philadelphia).
2%
Dividends paid in calendar year
36%
36%
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Note.-Figures are of date: a Nov. 11913; b Nov. 2 1912; c Nov. 61911.
Real estate mortgages
$356,645
$424.295
$443,320
Stocks and bonds
1,515,231
1,304.518
1,322,747 Guarantee Trust & Safe Deposit Co.
Loans on collateral
(Philadelphia).
886,745
598,162
402,505
Loans on personal securities
96,497
Jan. 31 '14. Dec. 31 '12. Dec. 30 '11.
Resources117,378
109,674
Real estate
27,943
}$1,108,256
25,000
26,000 Cash on hand
$5
25
35
9:0
10
94
5
Cash on hand and reserve bonds
283.349
t58
294,687
16
112:5
292,176 Due from banks and bankers
26
78
4
Cash on deposit
175,260
164.438
,66 263 2,407,309
109,227 Loans on collateral
2,2 750
0th.assets (incl. vault,furn. & fix's)_
7.000
8,000
75,753
607,
8.500 Loans on bonds and mortgages
727,
7,850
450,465
1,723,179
bonds, &c
1,691,9811 2,230,457
Total
$3.348.670 $2,928,774 $2,631,853 Stocks,
Legal securities, reserve
125,000
175,000f
Liabilities890,204
772,250
Capital stock
615,200
$250,000
$125,000
$125,000 Mortgages
604,037
604,036
Surplus and reserve fund
603.923
350.000
225.000
200,000 Real estate,furniture and fixtures_ _ _
82,086
77,968
Undivided profits
29,169
76,024
49,806
48,115 Other assets
Gen.dep. payable on demand & time
2,655,230
2,520,218
2,251,238
Total
$7,534,265 $7,570,190 $7,130,722
Dividends payable
17.416
8.750
7,500
Liabilities
ro Total
$3,348,670 $2.928,774 $2.631,853 Capital stock
$1,000,000 $1,000,000 $1.000,000
Trust department (additional)
$1,507,145 a$367,132
$428,384 Surplus fund
600,000
600.000
600,000
Statistics for calendar yearUndivided profits
1913.
113,034
1912.
1911.
103,907
142,294
Inc. profit & loss for yr., incl. surplus
$26,218
5,856,468
$26,691
$24,115 Deposits
5,425,204
5,786,434
Int. credited deposits during year
65,094
59,181
1,611
54,061 Other liabilities
688
5,537
Expenses of institution, same period_
23,339
20,795
20,805
Amt.dividends on company's stock
Total
26,166
17,500
15,000
57,534 265 $7,570,190 $7,130,722
Amt. deposits receiving interest
2,655.230
2,520,218
2,251,238
Rate of interest paid on deposits
2% check, 3% time-Haddington Title & Trust Co. (Philadelphia).
a Figures are of date Nov. 2 1912.
ResourcesDec. 31 '13. Nov. 2'12. *Nov. 6 '11.
Bonds,stocks, &c
525.056
$73,129
$44,588
61,700
Mortgages
33,700
Franklin Trust Co. (Philadelphia).
71.550
98,088
Loans on coll.& bonds & mortgages.. _
271,905
39,194
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11. Loans
12,460
39,269
without collateral
25,453
Bonds and mortgages and real estate.. $288,061
$67,532
$99,022 Commercial paper
72,948
68,896
40,829
Stocks and bonds
225,208
158.167
168,331 Cash on hand
18,180
12,789
10,120
Amt. loaned on coll. & personal sec
1,430,353
1,277,699
1,253,078 Cash on deposit
54,383
9,155
24,637
Cash on hand
54,573
52,473
53,898 Office building,furniture & fixtures_ _
50,199
49,800
48,114
Cash on deposit
148,826
114,241
52,676 Other assets
604
472
Other assets
1.451
29,797
23,414
Total
$2,148,472 $1,699,909 $1,650,419
$586,904
Total
$365,357
$304,957
LiabilitiesLiabilitiesCapital stock paid in
$400,000
$125,000
$400,000
$125.000
$400,000 Capital stock
$125,000
Surplus and undivided profits
121,135
28,877
130,527
16,342
127,174 Undivided profits
12,891
Deposits
1,485,337
433,027
224,015
1,168,898
1,083,054 Deposits
167,066
Other liabilities, bills payah'e
42,000
484
40,191
Mortgages (18 South 15th St.)
100.0(10
Total
$365,357
$586,904
$304,957
Total
$2,148,472 $1,699,909 $1,650,410
* Began business Juno 1 1911
Trust department (additional)
3708
$778
$874
First Mortgage Guarantee
German-American Title & Trust Co. (Philadelphia).
Hamilton Trust Co. (Philadelphia).
ResourcesNov. 1 '13. Dec. 31:12. Dec. 30 '11.
Resources-Dec. 31 '13. Dec. 31 '12. Dec. 30 '11. Cash on hand
$42,519
$66,104
$69,916
Cash on hand
82,139
$67,810
80,478
$93,055
$75,703 Checks and due from banks,&c
48,909
Due from banks, &c
38,658
39,200
194,131
251,321
147,674 Reserve municipal bonds
Loans on collateral
714,520
385,744
413,446
798,109
469,649
743,905 Commercial and other paper owned
Stocks, bonds, &c
155.753
967,823
217,778
979,239
182,051
1,001,723 Loans on collateral
Mortgages
63,522
648,034
64,117
728,717
69,471
634,963 Loans on bonds and mortgages
Commercial paper purchased
34,110
277,351
272,706
40,294
365,880
46,701 Stocks, bonds, &c
Real estate, furniture & fixtures.. _ _ _
201,578
302,300
183,181
302,300
238,450
302,300 Mortgages_
Other assets
3.137
253,951
261,422
3,388
318,510
5,071 Real estate, furniture and fixtures.. _ ..
7,932
8,432
9,238
Total
*2,931,865 $3,196,423 $2,958,046 Accrued interest receivable
Liabilities$1,532,732
Total
51,583,279
51,772,184
Capital stock
Liabilities$500,000
$500,000
$500,000
Undivided profits and reserve fund
$400,000
. 440,907
$400,000
413,705
$400,000
384,863 Capital stock
Deposits
1,990,849
75,000
75,000
2,282,643 2,073,033 Surplus fund
125,000
Other liabilities
109
9.550
18,242
75
20,986
144 Undivided profits
1,084,526
1,041,978
1,096,223
Total
VG.9.;i,Stio $3,196,423 $2,958,040 Deposits
Bills payable
Trust department (additional)
125,000
$1,661,839 $1,579,606
$587,886 Dividends
6
unpaid
6
14
Statistics for Calendar Year*1912.
1913.
*1911.
5,505
6,198
Miscellaneous
4,941
Total profits for year
$151,987
$167,223
$142,360
51,532,732
$1,583,279
Total
Int. credited depositors during year
$1,
46,453
48,007
772,167
1
43,445 Trust department (additional)
$84,415
$116,734
Expenses of institution, same period_
44,142
37,819
5117.983
42,819
Amount of dividend on co's stock__ _
24,990
25,000
24,990
Amount of deposits receiving interest 2,101,633 2,025,232
Holmesburg
(Philadelphia).
Co.
Trust
1,896,329
Rate of interest paidlon deposits_ _ _
2 & 3%
2 & 3%
2 & 3%%
ResourcesDec. 31 '13. Dcc. 31 '12. Dec. 30 '11.
*For fiscal year ending Sept. 30.
Cash on hand
$27,344
$21,680
$28,347
Due from banks and bankers
17,120
33,599 •
14,258
Commercial and other paper owned
22,149
32,631
30,959
Germantown Trust Co. (Philadelphia).
Loans on collateral
55.362
45,470
37,650
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11. Bonds
326,856
298,592
300,889
Cash on hand,due frombanks,&c _ _
$566,864
68,496
$616,169
74,292
$543,958 Mortgages
69,100
Loans on collateral
2,793,915
2,614,895
38,000
38,000
2,559,108 Real estate, furniture and fixtures
38,000
Loans on bonds and mortgages
262,986
301,819
2,616
333,379 Miscellaneous assets
2,598
2,433
Stocks, bonds, &c
2,733,219 2,391,366
2,167,565
Total
$557,943
$546,862
$521,636
Real estate, furniture & fixtures_ _ _ _
185,920
188,159
172,152
Liabilities
Other assets
19.750
19.299
21,777 Capital stock paid in
5125,000
$125,000
$125,000
Total
$6,383,183 36.311,178 $5,797,938 Surplus fund
48,000
55,000
55,000
LiabilitiesUndivided profits
9,990
3,198
3,277
Capital stock
Deposits
$600,000
$600,000
362,931
$600,000
367,517
345,210
Surplus and profits
878,913
917.311
835,577 Dividends unpaid
76
163
149
Deposits
4.8(35.872 4.832,265 4,362,361 Miscellaneous liabilities
580
360
Total
Total
$521,636
446,383,163 36,311,178 $5,797,938
$557,943
$546,862
Trust department (additional)
$8,410,552 $7,956,970 56,224.098 Trust department (additional)
$15,356
519.687
51,054
1913.
1913.
1912.
1912.
1911.
Mg NM
1911.
Rate ofint. pd.on dep.of$500&over2%
Rate of int. paid on deposits
-2% check accounts & 3% sav.fdsDividends paid in calendar year
year
calendar
Dividends
in
paid
11r4
3%
10%
10
3%
2%
THE CHRONICLE
FEB. 21 1914.1
581
Industrial Trust, Title & Savings Co. (Philadelphia).
Market Street Title & Trust Co. (Philadelphia).
ResourcesJan.8 '14. Dec. 31 '12. Dec. 30 '11.
Cash and reserve
$490,695
$487,470
$605,161
Loans on collateral
2,132,587
2,351,444
2.118,282
Mortgages and ground rents
2,103,664
2,096,917
1,887,327
Stocks, blonds, Szc
1,603,684
2,019,022
1,793,724
Real estate (free of encumbrance)_.._
103,294
114,197
107,360
Furniture & fixtures & banking house
73,084
69.017
64,717
ResourcesNov. 1 '13. Dec. 31 '12. Nov.6'11.
Cash on hand
$61,729
$52,031
$55,392
Due from banks and bankers
77,669
89.912
55,191
Loans on collateral
463.017
363,123
550,664
Loans on bonds and mortgages
400,975
240.061
322,535
Stocks, bonds, &c
388,273
304,248
217,338
Mortgages
121,200
129,950
86.000
Real estate,furniture and fixtures.._
86,774
86,949
86,219
Miscellaneous assets
20,771
13,557
12,961
Total
31.548,049 $1,433.076 $1,306,014
LiabilitiesCapital stock paid in
$125,000
$125.000
$125.000
Surplus fund
125,000
100,000
60.000
Undivided profits
4,143
9,852
29,871
Deposits
1,282,499
1,186,264 1,085,402
Other liabilities
11,960
11,407
5,741
Total
$1.548.049 $1,433,076 $1,306,014
Trust department additional
$9,444
$10,060
$9,049
Total
LiabilitiesCapital stock (full paid)
Surplus
Undivided profits (net)
Dividend due Jan. 15
Deposits
$7,011,459 $6,703,179 $6,507,008
$500,000
960,000
45,500
30,000
5,475,959
$500,000
840,000
45,500
25,000
5,096,508
$500,000
900,000
45,500
25,000
5,232,679
$7.011,459 $6,703,179 $6,507,008
$381,929 b$333,108
a$619,089
1911.
1912.
1913.
10%
Dividends paid in calendar year
00%
Figures are of date: a Nov. 1 1913; b Nov. 6 1911.
Total
Trust department (additional)
Integrity Title Ins., Trust & Safe Deposit Co. (Phila).
Dec. 31 '13. 1)ec. 31 '12. Dec. 30 '11.
Resources$1,962,811 $2,033,054 $1,975,581
Real estate mortgages
1,927,740
1,829,579
1,697,949
Stocks and bonds
1,610,610
1,218,174
1,189,249
Loans on coll. & com. paper purch
94,419
116,307
Real estate, furniture and fixtures_ .._
69,527
deposit
492,645
521,991
653,613
Cash on hand and on
9,783
8,420
Other assets •
7,170
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Other liabilities
$6,098,008 $5,727,525 $5,593,089
Total
Trust department (additional)
$6,098,008 $5,727,525 $5,593,089
$770.074
$851,514 $1,104,992
$500,000
1,050,000
215,523
4,324,929
7,556
$500,000
1,000,000
179.874
4,043,039
4,612
$500,000
875,000
227,535
3,981,654
8,900
Kensington Trust Co. (Philadelphia).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Real estate mortgages
$193,020
$332.530
$357,446
Loans on coll. & personal securities
823,255
883,945
932.406
Stocks, bonds, &c
115,732
324,587
407,828
Cash on hand
48.845
1 64,270
216.961
1
Cash on deposit
151,722
t 176,809
59,933
Banking house
59,803
59,932
Other assets
916
4.086
339
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Dividend payable Jan. 1 1913
Miscellaneous liabilities
$1,975,489 $1,846,159 $1,392,716
Merchants Union Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks and bankers
Loans on collateral
Stocks, bonds, &c
Mortgages
Real estate,furniture & fixtures
Other assets
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$62,383
$73,873
$80,180
215,464
172.529
194,355
990,879
1.042,749
1,120,043
1,156,146
1,221,035
1,299,953
242,170
249,550
225,490
448,306
485,901
256,665
47.611
92,740
411,704
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Deposits
Other liabilities
$3,162,959 $3,314,317 $3,612,450
Total
Trust department (additional)
$1,000,000 $1.000,000 $1,000,000
250.000
250,000
300,000
51,561
27,618
24,813
1,833,946
2,004,717
2,230,817
27,452
31,982
56,820
$3,162,959 $3,314,317 $3.612,450
$1,307.705 $1,293,399 $1,557,711
Mortgage Trust Co. of Pennsylvania (Philadelphia).
ResourcesCash on hand
Due from banks ecc
Call loans on collateral
Loans on bonds & mortgages
Real estate
Other assets
Dec. 31 '13. Nov..2 '12. Nov.6'11.
11,565
31,955
!2,233
4,116
72,721
1,40
227,350
200.050
179,750
62,409
267,579
589.664
66,397
109.966
111,324
3.146
4,459
3,556
Total
$200,000
97,742
1.669,066
6,000
2,681
$200,000
71.359
1,568.972
5,000
828
$200,000
57,038
1.129,984
5,000
694
Total
Trust department (additional)
$1,975,489 $1,846,159 $1,392,716
a$8,326
b$4,981
c$3,849
1913.
1912.
1911.
Rate of int, paid on dep. of$500 & over
2
5/
,
2%
2%
Dividends paid in calendar year
660
5%
Figures are of date: a Istov. 1 1913; b Nov. 2 1912; c Nov. 6 1911.
The Land Title & Trust Co. (Philadelphia).
$394,983
LiabilitiesCapital stock
Surplus fund
Contingent fund
Deposits
Total
Trust department (additional)
a Figures are of date Nov. 11913.
$125,000
}
233.239
36,744
3394,983
a$7.500
$656,730
$957.929
$125,000
$500,000
1 372,3841
34.346
408.464
49,465
$656,730
$7,500
$957.929
$7.500
f 125,0001
Mutual Trust Co. (Philadelphia).
ResourcesDec. 31 '13. Dec. 30'12. Dec. 30 '11.
-Dec.
Resources
$31,888
31 '13. Dec. 31 '12. Dec. 30 '11. Cash on hand
$40,410
$47,309
Cash on hand
81,507
$610,808 Due from hanks and bankers
$847.623
$441,921
79,143
108,211
Commercial
and
other paper owned_ _
196,023
2,298,672
2,549,420
Due from banks, &c
1,998,577
188,480
157,789
Loans on coll., bonds & mortgages_ _ _ 6.178,417 6,097,739 4.836,123 Loans on collateral
406.901
444,834
485,649
Stocks, bonds, &c
2,952,588 Stocks, bonds, &c
2,941,309 2,808,427
115,011
115.072
189,751
1.386,400 Mortgages
Mortgages
1,613,765
177.890
1.596,214
342,945
271,300
1.900,930 Furniture and fixtures
Real estate,furniture & fixtures
1,922,158
1.905,241
8.000
8,000
8.000
estate
Real
Other assets
439,688
398.368
414,815
53,050
Interest receivable
24
3,873
Total
$16,027.337 $15,986,752 $14,125.114
Total
Liabilities$1,070,270 $1,218,908 $1,271,882
Capital stock paid in
$2,000,000 $2,000,000 $2,000,000
LiabilitiesSurplus and reserve fund
4,000.000 4,000,000 3,500,000
Undivided profits
stock
paid
Capital
in
445,714
156,730
277,686
$438,038
$437,986
$437,708
Deposits
9,581,623
9,830,022 8,347,428 Surplus
50,000
50,0001
112.649
Undivided profits
20,142
54.6051
Total
$16,027,337 $15,986,752 $14,125,114 Deposits
542.090
601,009
621,525
Trust department (additional)
$37.445,716 $26,117,672 $20,147,341 Miscellaneous, money borrowed
.20,000
75,308
100,000
1913.
Statisticsfor calendar Year1912.
1911.
Amount of deposits receiving interest $7.924.648 $8,274,978 $6,848,485
Total
$1,070,270 $1,218,908 $1,271,882
Rate of int. paid on dep. of$500 & over
2%
2%
Dividends paid in calendar year
14%
14%
14%
Northern Tru3t Co. (Philadelphia).
Logan Trust Co. (Philadelphia).
-Dec.
31 '13. Nov. 2 '12.
Resources
$128,890
$132,583
Cash on hand
127,578
273,917
Due from banks and bankers
1,697,983
1,345,081
Loans on collateral
1,319,982
1,013.650
Bonds,stocks, &c
122.993
165.116
Mortgages
583.511
583,546
Real estate, furniture and fixtures.....
35,487
23,884
Miscellaneous assets
Total
Liabilities- •
Capital stock paid In.
Surplus fund and undivided profits
Deposits
Ground rent
Bills payable
Miscellaneous
$4,016,459 $3,537,742
Total
Trust department (additional)
$4.016,459 3:3,537,742
$676,076
$928,206
$899,200
331,701
2,093,540
415,000
075,000
2,018
$689,765
262,222
2.136,356
420,000
29,99
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Real estate mortgages
$1.647,695 $1,533,345 $1.400,520
Dec. 30'11. Bonds
and
investment
securities_
_
_
_
3,188,728
3,051,292
3,194,043
$106,155 Loans on,collateral
3.940,123 3,832,017
3.475,465
226,464 Real estate
228,221
218,869
220,139
1,166,784 Cash on hand and in bank
755,297
684.809
841,502
958.368 Accrued interest
21,887
23.731
11,479
169,574
583,350
Total
$9,781,951 $9.344,063 $9,143,148
14.696
Liabilities$500,000
$3,225,391 Capital stock
$500,000
$500,000
Surplus fund •
1,800,000
1,650,000
1,525,000
30,307
$500,000 Undivided profits
32,263
37,038
7,451,644
195,039 Deposits
7.161,800
7,031,110
1,876,718
Total
425,000
$9,781,951 $9,344,063 $9,143,148
225,000 Trust department (additional)
$8,111,459 $8.007,380 $8,580,121
3,634
Statistics for Calendar Year1913.
1912.
1911.
Int. credited depositors during year..
176,103
$163,975
$161,372
$3,225,391 Amount of diva. on company s stock_
60,000
60.000
60,000
$151,641 Average amount deposits receiv'g int_ 7,123,157 6.600,000
6,500.000
Rate of int. paid on deposits
2% and 3%
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 '13. Dec. 31 '12. Dec. 3011.
$451,102
$458,377
$459,448
477,602
510,257
447,661
6,810
5,805
7,965
568,857
683,969
550.754
71,350
70,950
57,439
53,436
63,846
55.606
225.807
155.769
236,618
12,018
6,269
31.082
$2,020,619 $1,801.605 $1,846,573
Total
Liabilities$250,000
Capital stock
$259,000
$250.000
185,000
200,000
Surplus fund
175,000
22.324
Undivided profits
20.857
19,987
773.276
Oen. deposits payable on demand_ _ _
627.484
721,126
710,765
769.255
Special deposits
679,556
Other liabilities_
5.764
7,499
904
$2.020,619 $1,801,605 $1.846,573
$590,702
$659.539
$598.465
1013.
1912.
1911.
Dividends paid in calendar year 1913
8%
8%
8%
Total
Trust department (additional)
North Philadelphia Trust Co. (Philadelphia).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Stocks and bonds
$331,932
$229,067
$240.082
Mortgages
509,717
367,122
433,718
Amount loaned on collaterals
832.938
890,162
619,654
Amount loaned on personal securities.
88,125
111,732
176,216
Cash on hand
88,388
89,262
74,853
Cash on deposit with banks
174.828
176,869
117,576
Other assets
135,479
129,199
64,951
Total
$2,161,407 $1,993,413 31,727,050
LiabilitiesCapital stock
$150,000
$150,000
$150,000
Gen. dep. payable on demand & time. 1,835,432
1,690,500
1,443,357
Other liabilities
175,975
152,913
133,693
Total
Trust department (additional)
$2,161.407 $1,993,413 $1,727,,,,,u
$96.691
$8,358
$14,659
1913.
1912.
1911.
Amount of deposits receiving interest. $1,835,431 $1,640,500 $1,443.357
Rate of int. on dep. of $500 and over. 2 & 3%
2 & 3%
2 & 3%
Dividends paid in calendar year
8%
6%
6%
THE CHRONICLE
582
Philadelphia Trust, Safe Dep. & Insur. Co. (Phila.)
Northwestern Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
oans on bonds and mortgages
locks. bonds. &c
Mortgages
Real estate,furniture & fixtures
Other assets
Total
LiabilitiesCapital
Surplus fund
Undivided profits
Deposits
Total
Trust department (additional)
Pelham Trust
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on personal securities
Cash on hand
Cash on deposit
Reserve bonds
Other assets
[VOL. xcvm.
ResourcesDec. 31 '13. Dec. 31 '12. Dec.30'11.
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$131,524 Cash on hand
$196,755
$151,719
$995,986 $1,052,697
$528,160
372,248
256,256 Due from banks,&c
227,221
1,676,859
1,501,847
1,505.147
540,884 Loans on collateral
580,333
534,601
8,102,891
7,487,680
6,453,70a
1362,857 Stocks, bonds, &c
594,5181
5,347,367 5.031,607 6.725,983
709,970
1235,000 Mortgage
44,700
235,0001
49,571
54,750
375,662 Real estate,furniture and fixtures_
615,245
654,581
433,166
622,483
633,929
275,850 Other assets
122.422
282,120
289.595
76
74,000
74,000
75,000
Total
316.905,470 315,745.961 315,901.674
612
669
Liabilities$1,000,000 $1,000.000 $1,000,000
$2,991.167 $2,420,941 $2,252,033 Capital stock
Surplus and undivided profits
4,684.822 4,560.376 4,417,633
$150,000 Deposits
11,157.558 10,185,475 10,484,023
$150,000
3150.000
150,000
Dividends unpaid
208
200,000
110
250.000
18
49,294 Other liabilities
30,317
62,882
20,325
1,902,739
2,570.842 2,040.624
Total
$16,905,470 $15,745,961 $152
,9;674
$2.991,167 $2,420,941 $2,252,033 Trust department (additional)
$102,665,184 $89,046,922a$88.715
90
1,6
1.46
$132
$200
1912.
$62
2%
Rate of int. on dep. of $200 and over_
2%
22%
Dividends paid in calendar year
214
9%
1.
Co. (Philadelphia).
a Figures are of date Nov. 6 1911.
Dec. 31 '13. Dec. 31 '12. Dec. 30'11.
$130,075
$74,775
$88.785
The Provident Life & Trust Co. (Philadelphia)
300,321
316.490
345,382
272,580
225,838
Resources.
Dec. 31 '13. Nay.2'12. Nov.6 '11.
257,067
96,228
$801,749
$691,699
4,565
$670,481
61,896 Mortgages
27,567
5,372,413 6,254,071
27,145
4,574,554
19,513 Stocks and bonds
92
30
2
29,688
7,87
19
2:6
55,597
10
70
3 7,686,337
8,4
19
05:1
44.578 Loans on collateral
33,088
12,722
Real estate
625,801
5,453
as
1,106,366
163,719
835,762
87.500 Ch on hand,&c
1,038,169
Due from banks and bankers
1,473
7:50
2940
1,463, 34
6
1,000
$895.000
3868,129
$904,721 Miscellaneous assets
4,475
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
General deposits payable on demand_
Other liabilities
Total
$150,000
316,162.516 $16,447,296 $16,503,292
Liabilities60,000
$1,000,000 $1,000,000 $1,000,000
14,428 Capital stock
679,935 Surplus
5,000,000 4,500,000 4,500,000
423,371
664,029
358 Undivided profits
792,479
Deposits payable
9,738,644 10,154,426 10,339,240
501
Total..
$868.129
$904,721 Dividends unpaid
$895,000
23
391
1912.
1911.
1913.
Rate ofint, paid on dep. of$100& over
Total
$16,162,516 $16,447,296 $16,503,292
2%
2%
Dividends paid in calendar year
4%
Insurance department (additional)_ -$76,194,415 $73,603,317 $70,593,572
4%
IR
Trust department (additional)includ$81,791,949 $91.198,977 888.823.541
ing corporation trusts
Pennsylvania Co. for Insurances on Lives & Granting Int.
$236,354
credited depositors during year
$235,359
$230,768
Annuities (Philadelphia).
32%
Amount ofdividends on company'sstk. 36%
327
2%
2%
24
Dec. 31 '13. Dec. 31 '12. Nov. 6 '11. Rate of int. on deposits (generally)
Resources$1,296,796 $1,056,482
Cash on hand
$942,975
3,572,669 2,541,474 3,564,209 Real Estate Title Insur. & Trust Co. (Philadelphia).
Due from banks and bankers
13,888,631 12,002,277 11,988,938
Loans on collaterals
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Resources3,107,367 3,122,538 3,591,017 Real estate mortgages
$830,280
Stocks. bonds, &c
$804,960
$825,340
1,510,629
Mortgages
1,171,715
1,649,229
1,918,943 Stocks, bonds, &c
1,088,006
1,212,302
Real estate,furniture & fixtures
933,635
1,128,496
2,742,185 2,635,852 2,604,022
1.124.858 Loans on collateral
Reserve fund for protection of tr. bal- 4,042,932 4,499,461
385,363
4,526.444 Real estate
425,906
387,382
530,592
Interest accrued
224,019
202,561
620,232
161,520 Cash on hand
443,975
827,504
Other assets
53,480
786,629
77,985
87,810 Cash on deposit
514,920
271,078
253,415
241,118
Other assets
Total
•$28,630,158 $26,280,503 $27,906,714
Liabilities$6,830,362 $6,543,355 $6,229,059
Total
$2,000,000 $2,000,000 $2,000,000
Capital stock
LiabilitiesSurplus fund
4,000,000 4,000,000 4,000,000 Capital stock
$1,000,000 $1,000,000 $1,000.000
1,000,000
1,000,000
Undivided profits
818,965
913,508
617,545 Surplus and reserve fund
1,000,000
205,952
301,582
21,696,591 19,263,749 21,132,703 Undivided profits
Deposits
399,398
3,988,076
114,602
103,246
4,389,818 4,206,594
Other liabilities
156,466 General deposits
35,031
35,179
41,146
Other liabilities
$28,630,158 326,280,503 327,906,714
Total
$197,677 5033186.446,110$175,359,421
Trust department (additional)
$6,830,362 $6,543,355 $6,229,059
Total
1911.
1912.
$13,342,557a$13,062,626 $11,995,742
1911.
Trust department (additional)
&
yzer__ _
2iR
a Figures are of date Nov. 2 1912.
paitiefnhdIPTilddienPC:lfeNIU
2IR
$150,000
70,000
13,065
661.114
811
$150,000
60,000
19,710
637,733
686
28
Pennsylvania Warehousing & Safe Deposit Co. (Phila.)
Real Estate Trust Co. (Philadelphia).
ResourcesNov. 1 '13. Nov. 2'12. Nov. 6 '11.
ResourcesLawful reserve bonds
$28,804
$24,212
$20,350 Cash
Cash on hand
on hand
bankers
350,606
189,784
banks
and
from
255,135 Due from
Due
and bankers
42,807
41,120
Accrued storage charges
51,364 Call loansbanks
on collateral
449,808
549,638
Loans on collateral
504,542 Time
collateral
loans
on
5,000
securities
personal
on
Loans
bonds and mortgages
519,719
530,610
Investment securities owned
406,639 Loans on
bonds,&c
742,375
742,375
742,375 Stocks,
Real estate,furniture and fixtures_ -Real
estate
142,144
27,849
29,143 Other assets
Other assets
$2,281,263 $2,105,588 $2,009,548
Total
Total
LiabilitiesLiabilities$408,350
3408,350
Capital stock
3408,350 Capital
stock paid in
635,283
635,850
Surplus and undivided profits
622,164 Capital stock
pref. (full paid)
647,344
434,342
Deposits
510,058
fund
447,000
497,000
Bills payable
307,000 Contingent
Undivided
profits
143,286
130,046
Other liabilities
161,976 Deposits
$2,281,263 $2,105,588 32,009,548 Dividends unpaid
Total
Dec. 31 '13. Dec. 31 '12. Nov. 6 '11.
$230,000
$230,000
$225,000
235,545
191,352
206,993
487,400
508,770
702,875
2.125,563 2,841,927 2,701,152
431,375
636,425
385,219
735,300
625,992
801,842
1,165,519
1,184,089
1,212,538
3,137,905 3,137,988 3,138,169
77,962
80,219
68,852
$8,808,796 $9,254,535 39,442,640
$1,319,600 $1,319,600 $1,320,600
2,621,800 2,726,400
2,516,300
78,605
365,256
388,922
291,516
4,583,574 4,947,605 5,025,519
274
400
Total
Trust department (additional)
38.808,796 $9,254,535 39,442,640
$26,740,261 $25,720,056 $25,458,538
People's Trust Co. (Philadelphia).
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Resources$100,632
$107,869
Cash on hand
$152,435
232,599
280,169
Due from banks and bankers
411.718
Commercial & other paper purchased.
593,555
543,466
512,801
393,066
Loans on collateral
486,428
471,364
428,628
Bonds. &c
432,313
418,967
158,466
Mortgages
158,250
172,400
386,490
Real estate
386,445
386,217
20,669
Furniture and fixtures
20,360
19,791
16.283
Other assets
13,364
11,362
Total
$2,330,388 $2,428,664 $2,557,055
Liabilities$634,450
3634,450
Capital stock
$634,450
152,821
152,849
Surplus and undivided profits
154,414
1,443,089
1,541,393
Deposits
1,668,191
100,000
100,000
Other liabilities
100,000
$2,330,388 $2,428,664 $2,557.055
Total
$2,689
$6,982
Trust department (additional)
$1,528
Republic Trust Co. (Philadelphia).
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Resources$185,434
$186,547
$141,077
Cash and reserve bonds
211,000
210,000
211,325
furn.
&
fixt.
dep..
vaults,
est.,
safe
Real
890,618
957,492
1,021,466
Loans on collateral
377,4851
Stocks and bonds
20,300f
312,127
225,327
Bonds and mortgages
8,716
7,313
9,440
Accrued interest
$1,759,137
$1,607,895
31,608,635
Total
Liabilities$300,000
$300,000
$300,000
Capitalstock paid in
125,000
125,000
100,000
Surplus fund
27,114
13,422
23,898
Undivided profits
1,020,642
1,158,107
1,036,338
Deposits
145,000
145,000
145,000
Ground rent
3,752
3,756
3,000
Dividend
79
160
399
Accrued interest
$1,759,137
$1,607,895
$1,608,635
Total
Philadelphia Mortgage & Trust Co. (Philadelphia). Trust department (additional)
330,499
$30,683
$35,906
1913.
Dec. 31 '13. Dec.31 '12. Dec. 30,11.
Resources1912.
1911.
$68,969
First mortgage on real estate
$39,800
$159,273 Dividend paid in calendar year
5%
5%
4%
46,578
46,578
City and county warrants
46,578
10,237
7,131
Contract sale account
15,851
Co.
Trust
(Philadelphia).
The Rittenhouse
9,578
Accounts receivable
7,834
9,416
Dec. 31 '13. Dec. 31 '12. Jan. 13'12.
810
Accrued interest receivable
706
858
Resources$59,903
$33,813
174.300
174,300
$42,450
Real estate,furniture and fixtures_ _ _
174,300 Cash on hand
46,498
307,800
66,224
46,661
Other real estate
294,850
328,600 Due by banks
50,135
325,396
653,549
541,711
Cash in banks,&c
26,775
48,406 Collateral loans
60.000
327,339
397,267
400,186
Time and call loans
60,600
25,000 Investments
1,795
2,045
8728.407
Total
$658,574
3808,282 Accrued interest
13,793
13,613
13,501
Furniture and fixtures
Liabilities$250,000
$973,749
$250,000
$1,195,408
$816,587
Capital stock
3250,000
Total
202,500
178,000
Company's bonds outstanding
288.000
Liabilities$250,000
5,728
$250,000
$250,000
Interest coupons due January 1
8,778
6,020 Capital stock
57.324
25,224
Due depositors
53,263
60,932
20.364
19,756 Surplus and undivided profits
80.000
664.998
512,170
Mortgage 106 and 108 So.4th St.... _ _
80,000
80,000 Deposits
861,029
500
Accrued interest payable
844
500
742
Reserve taxes
800
21.943
Contingent fund
111.774
1,087
108.379
140,015 Certified checks
127
520
Undivided profits
17,912
67
7.675
23,269 Dividend unpaid
484
Accounts payable
34,425
4.636
1,222 Treasurer's checks
$1,195,408
3973,749
$816,587
TotaL
5728,407
8658,574
$808,282
Total
Trust department (additional)
$10,973
$10,519
$121,513
3121,513
a$10,244
3121,513 Trust department (additional)
Note.-Rate if int. paid on deposits of $5 0 and over, 2%.
a Figures are of date Nov.6 1911.
583
THE CHRONICLE
FEB. 21 1914.1
Wayne Junction Trust Co. (Philadelphia).
Tacony Trust Co. (Philadelphia).
Resources-Real estate mortgages
Stocks and bonds
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '13. Dec. 31 '12. Dec. 30.11.
$307,722
$285,615
$350,947
427,485
452,640
437,560
367,631
345,208
260,607
43,700
43.404
43,011
39,000
39,000
39,000
51,953
40,399
50,239
64,210
75.612
61,550
10,734
13,570
13,081
ResourcesCash on hand •
Due from reserve agents
Loans on collateral
Mortgages
Stocks, bonds, &c
Real estate
Furniture and fixtures
Miscellaneous
Total
LiabilitiesCapital stock
Surplus and reserve fund
Undivided profits
Deposits
$1,255,995 $1,337,590 $1,270,293
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Miscellaneous
$150,000
196.865
776
908,354
$150,000
150,000
33,156
1,004,434
$150,000
171,110
2,478
946,705
$1,255,095 $1,337,590 $1,270,293
$2,124,863 $2,101,113 $2,151,336
1911.
1912.
1913.
2%
2%
2%
Rate ofint. on deposits of $200 & over.
11%
12%
13%
Dividends paid in calendar year
Total
Trust department (additional)
Dec. 31 '13. Dec. 31 '12. Dec. 12 '11.
$95,225
$22,9351
$21.629
43,024
59.5991
238,778
233,874
255,250
304,205
196,100
218,250
126,292
120,697
66,209
30,728
65,653
36,747
36,747
10,190
6,503
12,878
$767,753
$719,153
$714,607
$160,000
40,000
13,152
552,118
2,483
$160,000
60,000
12,186
483,343
3,624
$160,000
60,000
5,354
489,253
Total
$719,153
$767,753
1912.
1913.
Rate ofint. pd.on dep. of $500& over
2% & 33i%
Dividends paid in calendar year
4%
4%
(Including the Independence Trust Co. for all years.)
$714,607
1911.
4%
*West End Trust Co. (Philadelphia.)
*Tioga Trust Co. (Philadelphia).
(Including the Independence Trust Co. for all gears.)
*Dec. 31 '13.
ResourcesResources$172,482
*Dec.31 '13. *Dec. 31 '12. *Dec.30'11.
Bonds,stocks,&c
$913,478
28,464 Cash on hand and due from banks_
$531,341
$785,392
Real estate owned
Loans on coll, and on bonds & mtges_ 3,605,795 3,683,047 4,278,865
22,300
Mortgages owned
4,377,359 4,691,702 4,809,652
44,521 Investments,stocks and bonds
Loans secured by bond & mtge. or other real estate collateral_ _
265,050
371,450
31,427 Mortgages
361,650
Due from trust cos., banks & bankers
1.000,000
846,148
846,148
9,910 Real estate,furniture and fixtures
Specie and notes
65,783
137,688
124,548
7,525 Other resources
Other assets
Total
$9,845,328 $10,515,427 $11,334,341
$316.629
Total
LiabilitiesLiabilitiesCapital stock
$2,000,000 $2,000,000 $2,000,000
$125,000 Surplus
Capital
1,800,0001 2,098,290 2,134,404
179.629 Undivided profits
Total deposits
74,1211
mtge.
liabilities,
bank
building
1st
Other
12,000 Deposits
5,971,207 6.417.137 7.199,937
Total
$316,629
* Began business June 19 1913.
United Security Life Ins. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and deposit
Other assets
Dec. 31 '13. Dec. 31'12. Dec.30'11.
$1,432,292 $1,633,017 $1,813,904
128,305
139,540
175,805
982,918
881,586
922,406
522,618
458,503
374,177
228,781
200,118
224,973
1,577
3,109
2,507
Total
Trust department (additional)
$9,845,328 $10,515,427 $11,334,341
$4,607 783 $3,780,048 $3.713,836
191d.
1912.
1911.
Dividends paid in calendar year
8%
8%
8%
* The Independence Trust Company was merged into the West End
Trust Co. as of May 1 1913. For the sake of comparison we have combined the results of the Independence and West End Trust companies for
1912 and 1911.
•
West Philadelphia Title & Trust Co. (Phila.)
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30'11.
Real estate mortgages
$740,650
$623,544
$654,577
Stocks and bonds
663,615622,802
724.805
Total
$3,296,491 $3,315,873 $3,513,772 Loans on collateral
1,809,264
1,815,128
1,900,897
Real estate
92,714
92,714
92.714
Liabilities499,263
624,796
551,276
$1,000,000 $1,000,000 $1,000,000 Cash on hand and on deposit
Capital stock
31,547
34,258
34,370
Surplus fund
800,000
800,000
750,000 Other assets
Total
135,078
Undivided profits
145,065
150,046
-$3,955,816 $3,854,167 $3.798.951
Liabilities1,453,726
1,330.295
General deposits, payable on demand. 1,351,426
$500,000
$500,000
$500,000
50,500
Other liabilities
160,000 Capital stock paid in
Sur
500,000
450.000
475,000
ngrded profits
$3,296,491 $3,315,873 $3,513,772
27,639
Total
28,376
28,725
$1,156,581 $1,032,783 $1,036,726 General deposits
2,928,177
2,850,442
Trust department (additional)
2,820,575
Total
1912.
1913.
1911.
Statistics for Calendar Year$3,955,816 $3,854,167 $3,798,951
$33,390
$33,857
$30,840 Trust department (additional)
Int.credited depositors during year _
$1,342,923 $1,395,969 $1,314,488
70,000
70,000
70,000
Amount of dividends on co's. stock_ _
1913.
1911.
1912.
1,330,294
1,453,726 Rate of int. on dep. of $500& over_._2% to 3% 2% to 3% 2% to 3%
Amount of deposits receiving interest. 1,351,425
paid
Dividends
in
deposits
calendar year
2 & 3%
2 & 3%
2 & 3%
Rate of int. paid on
11%
8%
10%
BOSTON COMPANIES.
American Trust Co. (Boston).
Boston Safe Deposit & Trust Co. (Boston).
ResourcesRailroad and other bonds
Time loans
Our real estate
Demand loans
Cash on hand in banks
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$519,455
$558,291
$959,269 Massachusetts bonds
$483.800
$529,750
$515,500
10,841,706 10,732,966 12,001,813 Railroad bonds
381,500
523.750543,500
30.000
Other bonds and stocks
30,000
245.184
197.536
193,030
3,186,529 3,586.842
2,661.585 Loans
11,564,612 11,776,844 11,604,129
4.126,612 4,037,826 5,304,356 Cash in office
1,113,120
1,183,997
1.101,873
Cash in banks
1,674.170
2,083,522
1,754,718
$18,704,302 $18,945,925 $20,927,023 Overdrafts and accrued interest
Total
33,614
43.650
37,102
Real estate by foreclosure
10,091
LiabilitiesReal estate
2,168,015 2,191,731
2,259,935
$1,000,000 $1,960,000 $1,000,000 Stock B.S. D.& T.Co. held for distr.
Capital stock
36,750
29,970
1,500,000
1,500,000
Surplus fund
1,500,000
Total
$17,700,765 $18,530,770 $18,049,848
803,602
717,699
Undivided profits
595,664
Liabilities15,400,700 15,728,226 17,831,359 Capital stock
General deposits
$1,000,000 $1,000,000 $1,000,000
Surplus
2,000,000
2,000,000 2,000,000
$18,704,302 $18,945,925 $20,927,023 Profit and loss
Total
903,254
849,709
799,119
Deposits
13.767,656 14,624,911 14,249,229
1913.
1912.
1911.
Div. B.S. D.& T.Co.stock
80,000
105
2%
2%
2
Rate of int. pd. on dep. of$500 & over
Reserved
for
taxes
2,500
3,400
1,500
12% (3%qu.)12% (3%qu.)
Dividends paid in calendar year
12 o
Total
$17,700,765 $18,530,770 $18,049,848
Trust department (additional)
$18,868,654
$16,507,094
$15,337,825
Bay State Trust Co. (Boston).
Jan. 9 '14. Jan. 30 '13. Jan. 5 '12.
Resources$4,834.999 $5,256.402 $4,486,989
Time loans
1,484,434
1,108,638
Demand loans
1,060,929
88,000
86,000
Massachusetts bonds
87,207
Other bonds and stocks
314,808
339,963
765,253
Real est.(banking house,furn.& fixt.)
250,000
250,000
250,000
Cash in office and banks
1,975,534
1,459,405
1.843,666
Total
$8.429,646 $9,016,537 $8,494,044
LiabilitiesCapital stock
$500,000
$500,000
$500,000
Surplus fund
500,000
500,000
500,000
Earnings undivided
163,719
171,775
116,152
Deposits
7,852,818
7,257,871
7,377,892
*Charlestown Trust Co. (Boston).
ResourcesJan. 13 '14. Nov. 26 '12.
State of Massachusetts bonds$68,370
J$23,813
Other stocks and bonds
1 5,000
Loans on real estate
1,
708,880
1207,475
Time loans
1298,198
Due from banks
115,869
139,295
Cash on hand
128,860
Other resources
37,872
Total
$930:991
$602,641
LiabilitiesCapital stock
$200,000
$200,000
Surplus fund
30,000
22,500
Undivided profits
13,963
8,311
Deposits
668,128
310,444
Uncompleted loans
45,025
Total
$8,429,646 $9,016,537 $8,494,044 Bills payable
18.900
115,000
Miscellaneous
1 1,361
Total
Beacon Trust Co. (Boston).
$930,991
$602,641
* Began business Feb.6 1911.
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Resources$5,656,020 $5,634,773 $5,204,809
Time loans
Columbia Trust Co. (Boston).
3,671,894
2,976,431
Demand loans
2.497,133
Resources410,017
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
111,820
Investments
277,100
State,
city
and
railroad
banks
bonds
2,611,804
1,979,566
Cash in office and
379.000
1,686,540
$79,000
$79,000
Loans
511,679
482,018
460.678
$12,349,735 $10,702,590 $9,665,582 Real estate
Total
250
250
250
Safe
deposit
vaults
2,000
3,000
4,000
LiabilitiesCash in office
51,671
62.946
51.858
3600,000
1600,000
1
Capital stock
$600,000 Cash in banks
97,948
83,138
79.444
600,000
Surplus
791,110
400,000
Total
$742,548
$710,352
$675,230
80,000
Earnings undivided
157,716
Liabilities,..sIIII
10.958,625 9,422,590 8,507,866 Capital
Deposits
stock
$100,000
$100,000
$100,000
and profits
39,922
36,020
31,774
$12,349.735 $10,702,590 $9,665,582 Surplus
Total
Deposits
602.626
574,332
543.456
1913.
1912.
Total
1911.
$742,548
$710.352
7675.230
Amount of deposits receiving int_ __.. $8,000,000 $7,500,000 $6,000,000
1913.
1912.
1911.
2%
Rate of int. pd on dep. of$300& over
2% Rate of int. pd.on dep.of$500 & over
Dividends paid In calendar year
48,
$48,000 Dividends paid in calendar year
584
THE CHRONICLE
Commonwealth Trust Co. (Boston).
[VoL. xcvni.
International Trust Co. (Boston).
ResourcesBonds and mortgages
Demand and time loans
Real estate
Cash on hand
Cash on deposit
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Dec. 31 '13. Nov. 26 '12. Dec. 5 '11
$2,458,447 $1,595,930 $1,347,757 Stocks and bonds
$7.099,855 $6,281,931 $6,780,575
9,571.477 10,156,386 10,252,641 Time loans
4.007,498 6,558,476 6,267,371
407,293
412,294
412,293 Demand loans
1,267,619
486,491
1,162,849
1,190,805
1,360,248 Banking house
944,692
1.504,658
1,494,158
1.901.395 2,037,805
1,714,919 Cash on hand and in banks
1,590,471
1,627,949 2,113,692
Otherassets(realest.&safedep.vaults) 1.991,782
109,020
102,778
Total
$15,529,417 $15,147,107 $15,087,858
Total
$17,461,883 $16,566,025 $17,921,423
LiabilitiesLiabilitiesCapital
$1.000,000 $1,000,000 $1,000,000 Capital stock
31,000,000 $1,000,000 $1,000,000
Surplus and undivided profits
878.472
793,651 Surplus fund
812,553
4,000,000 4,000,000 4,000,000
Deposits
13,650,945 13.334,554 13,294,207 Undivided profits
419,351
512,769
432.902
Deposits
12,042,532 11,053,256 12,488,521
Total
$15,529,417 $15,147,107 $15,087,858
Total
$17,461,883 316,566,025 317,921,423
1913.
1912.
1911.
1913.
1912.
Rate of int. on dep. of $500 and over_
1911.
2%
2%
Rate ofint. on dep.of$500 and over_
2%
2%
2%
Dividends paid in calendar year
8Vo
8%
'M %
Dividends paid in calendar year
20%
20%
16%
*Cosmopolitan Trust Co. (Boston).
Liberty Trust Co. (Boston).
ResourcesStocks and bonds
Loans on real estate
Demand loans
Time loans
Banking house, furniture and fixtures
Due from banks
Cash
Other resources
Jan. 13 '14. *Nov.26'12
$141,698
$82,963
96,897
60,902
283,687
94,681
1,120,383
989,742
13,781
11,644
193,808
242,097
151,385
125,055
50,714
Total
LiabilitiesCapital stock
Surplusfund
Undivided profits
Deposits
Bills payable
$2,001,639 $1,657,798
Total
$200,000
100,000
4,779
1,696.860
$200,000
100,000
41,811
1,165,864
150,123
ResourcesState of Massachusetts bonds
Other investments
Loans on real estate
Demand loans
Time loans
Banking rooms
Cash on hand and in banks
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits (less expenses)
Deposits
Dividends unpaid
Bills payable
Total
$2,001,639 $1,657,798
*Began business April 3 1912.
Dorchester Trust Co. (Boston).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Bonds and mortgages
$715,000
$643.000
$529,300
Stocks and bonds (market value)_ _ _ _
350.000
306,000
220,000
Loans on collateral
770,000
496.000
352.000
Other loans. Incl. bills purchased_ _ _
520,000
656,500
527,000
Due front tr.cos.,bks.,b'kers & brok'rs
450,000
336,000
328,000
Furniture and fixtures
3,000
Specie
25,000
30,000
17,200
Legal-tender notes & notes of nat. bks.
100,000
80,000
70,000
Safe deposit vaults
8,000
8,980
8,980
Total resources
$2,938,000 $2,556,480 $2,055,480
LiabilitiesCapital
$200,000
$200,000
$200,000
Surplus & undiv. profits (mkt. val.)..
75,000
69,000
54.480
Deposits (not preferred)
2,600.000
2,150,480
1.778,1)00
Certificates of deposit (not pref.) _ _ _
137,000
63,000
23,000
Total liabilities
$2,938,000 $2,556.480 $2,055,480
•
Undiv.prof.on book val.ofstks.& bds.
$75,000
$69,000
1913.
1912.
1911.
Rate of int. pd.on dep. of 3300 & over 2% and 4% on all sav'gs deposits
Dividends paid in calendar Year..-_ _
6%
6%
5%%
Exchange Trust Co. (Boston).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Stocks and bonds
$318,838
$261,982
$219,891
Cash in offices and banks
597,935
482.105
383,295
Safe dep. vaults,furniture & fixtures.
25,000
36,500
35,183
Demand loans
413,984
427,842
347,910
Time loans
1,849,555
1,216,887
807,347
Loans on real estate
989,773
202,562
377,833
Total
$4,195,085 $2,627,878 82,171,459
LiabilitiesCapital
$500,000
$250,000
$250,000
Surplus
250,000
125,000
50,000
Profit and loss
46,239
151
2,679
Deposits
3,398,846
2,252,727
1,868,780
Total
$4,195,085 $2,627,878 $2,171,459
Note.-Rate of interest paid on deposits of $300 and over, 2%.
Federal Trust Co. (Boston).
ResourcesState of Massachusetts bonds
Other stocks and bonds
Loans
Cash on hand and in banks
Miscellaneous
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$178,000
$178,000
$178,000
1,414,778
1,154,245
924,162
5,538,248
5,684,458
5,751,725
1.420,293
1.422,046
1,708,799
5.373
3,745
3.507
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Dividends unpaid
$8,556,692 $8,442,491 $8,566,193
Jan. 13 '14. Dec. 31 '12. Dec. 5'11.
$39,653
$39,653
$39,653*
128,842
193,569
155,121
344,787
360,677
346,913
298,992
309,808
265,430'
2,163,671
2,380,823
1,850,834
4,500
3,500
6,000
714,005
543,573
896,349
$3,207,524
$4,184,379 $3,694,450
$200,000
$2002000
$200,000
125,000,
200,000
200,000
33,476
52,102
12,196
2,848,991
3,681,796
3,228,177
479
57
4,077
50,000
50,000
34.181,377 $3.694,450 $3,207,524
Lincoln Trust Co. (Boston).
ILsourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '11
Loans on real estate
$58.900
$51,700
$61,500'
Demand loans
429.754
338,104
178,651
Time loans
1,441,792
1,157,045
1,006,909
Furniture and fixtures
2,000
6,000
10,209
Expenses
12,680
14,010
9,594
Cash due from banks
302,320
277,165
294,730
Total
$2,247;446 $1,844,024 $1,561,593
Liabilities$200,000
Capital stock
$200,000
$200,000
Surplus fund
100,000
100,000
100,000
Undivided profits
79,382
46.684
27,519
Deposits
1,808,064
1,497,340
1,234 074
Total
$2-,247,446 $1,844,024- $1;56f 593
Note.-Rate of interest paid on deposits of $300 and over. 2%.
'
*Market Trust Co. (Boston).
ResourcesU. 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
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Miscellaneous
*Jan. 13 '14.
$9,00016,900,
7,438
104,938
1,112,596
25,000
175,556
98,111
11,549.539
$250,000.
125,000.
83,052
1,091,116
370
Total
$1.549,539,
* The MIrke Tras'; Ca.s teceolod the Nat,Ion'ti Msrket Bank of Brighton
in Jan. 1913; see V. 93, p. 251.
Mattapan Deposit & Trust Co. (Boston).
ResourccsDec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Real estate mortgages
$26,905,
$21,605
$21,005
State of Massachusetts bonds
50,000'
50,000
50,000
Loans on collateral
950,402
963,452
932,381
Loans on personal securities
236,767
255,513
336,320
Cash on hand
152,045
148,399
145,375
Cash on deposit
204,583
207,514
205,081
Other assets
2,000
26,086
7,623
Total
-$1,691,688- $1,651:649- i1,649,719'
LiabilitiesCapital stock
$100,000
$100,000
$100,000
Surplus fund..
100,000
100,009
100,000.
43,163
26,92317,409.
Undivided profits
General denosits payable on demand- 1,451,525
1,416,366
1,430,810
Other liabilities
8.360
1,500
$1,691,688 81,651,649 81,649,710'
Total
New England Trust Co. (Boston).
Dec. 31 '13. Dec. 31 '12. Jan. 31 '12.
Resources$1,723,633 $1,802,411 $1,751,856
Stocks and bonds
709,000
700,000
Real estate
700,000
15,750,050 15.751,327 16,013,321
Demand and time loans
4,409,258
5,293,411
Cash in bank and office
9.569,729.
295,009
72,078
Total
$8,556,692 $8,442,494 $8,566,193 Other assets
22,452
1913.
1912.
1911.
Total
-3i-12-$77,950 $23,625,227 $28,090,358
Rate of int. on dep. of $500 and over_
27
27
2%
LiabilitiesDividends paid in calendar year
$1,000,000 $1,000,000 $1,000,000•
'6%
Capital stock
2,000,000
Surplus
2,000,000
2,000,000.
1,073,113
592,166
Earnings undivided
610,432
*Fidelity Trust Co. (Boston).
18,804,428 19,858,889 24,477.534
Deposits
409
174,172
2,392'
Resources*Dec. 31 '13. Other liabilities
$22,877,950 $23,625,227 $28.0901,82
United States and State of Massachusetts bents _
Total
$44,250
35
,84.
(additional)
5,600,000
Other stocks and bonds
department
Trust
$23,802,475
V
50,000
$20,948,805,
Loans on real estate
1913.
1912
290.000
1911.
Demand loans with collateral
2%
(770
92.066 Rate of int. on dep. of $500 & over.... _
Time loans with collateral
20%
19%
157,339 Dividends paid in calendar year
Other time loans
523,917
Banking house, furniture and fixtures
Old Colony Trust Co. (Boston).
6,432
Due from reserve banks
107.708
ResourcesDec. 31 '13. Dec. 13 '12. Dec. 30 '11..
Due from other banks
93.174 Investments
312.817,368 $12,430,934 $12,023,798.
Cash: currency and specie
52,953 Demand and time loans
50,802,102 51,730,709 59,127,335
Interest on deposits paid
3,796 Banking offices
2,200,000
1,790,000
1,830,009.
Other assets
41,236 Due from banks
11,976,490 13,731,763 12,509,030'
Cash
6.756.103
7,548,383
7,328,424
Total
$1,462,871
Total
$85,374,34:3 $86,439,511 $92,818,617
LiabilitiesLiabilitiesCapital stock
$500,000 Capital
$5,000,000 $6,000,000 85,000,001
Surplus fund
100,000 Surplus stock
8,000,000 8,003,039
7,500,000
Deposits (demand)Reserved
taxes
for
interest
and
L2
24
8
15
93
2:
02
10
49
4:864
1,3
18
1
9660
9
2
18
38
1:3
Subject to check
762,690 Undivided profits
Certificates of deposit
17,500 Deposits
69,839,871 70,990,290 79,10'3,295
Certified checks
1,927
Treasurer's chocks
Total
$85,374,343 $86,4:39.511 392,818,617
1,925
Other liabilities
11902i.
78,829
1012.
Rate of int. on dep. of $500 & over
2a,
27
Total
$1,462,871 Dividends paid in calendar year
10%
t Dividends from Sent. 20 1911 were at rate of 10% per annum on calp91181
.
f $5,9)),7)); pea/W.31y at rata of 20% per ann. on capital of $2,500,000'.
* Began business May 15 1913.
$1,000,000 $1,000,000 $1,000,000
407,217
377,314
350,823
7,149,0:36
7,064,324
7,214,742
439
856
628
FEB. 21 1914.)
THE CHRONICLE
Paul Revere Trust Co. (Boston).
ResourcesJan. 13 '14. Dec. 31 '12. Dec. 30,11.
U. S. and State of Mass. bonds
$25,000
$24,458
$24,458
Other stocks and bonds
31,239
28.881
65,773
Time loans
524,557
809,787
854.326
Demand loans
373.289
255,566
358.183
Banking house. furniture & fixtures_
16,292
3,960
19,472
Cash in banks
168,621
110,895
234,704
Cash on hand
71,124
80,069
100,579
Other assets
1,026
144
Total
$1,657,639 $1,211,148 $1,313,616
Liabilities$200,000
Capital stock
$200.000
$200,000
25,000
Surplus fund
25,000
25.000
10,815
13,814
Undivided profits
13,662
977,801
972,334
Deposits
1,418,960
100,000
Bills payable
Other liabilities
17
Total
$1,657,639 $1,211,148 11,313,616
United States Trust Co. (Boston).
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
Resources$186.637
$206,637
$206,638
U. S. and State of Mass. bonds
2.151,572
2,454,189
2,169,131
Other stocks and bonds
1,227,841
1,078,579
1,029,880
Loans on real estate
2,909,879
3,496,997
2,910,584
Demand and time loans
223,696
50,000
Syndicate participations
876,093
515,829
339,688
Due from banks
448,115
256,295
334,799
Cash on hand
$8,346,450 $7,685,909 $7,040,720
Total
Liabilities$300,000
$300,000
Capital stock
$300,000
1,200,000
1,200,000
Surplus fund
1,200,000
226,297
Undivided profits
174,570
129,602
6,620,153 6,011,339
Deposits
5,411,118
Total
$8,346,450 $7,685,909 -37.040,720
1913.
1912.
1911.
Rate of int. on deposits of$500 & over
2%
2%
2%
Dividends paid in calendar year
25%
24%
20%
585
Puritan Trust Co. (Boston).
ResourcesBonds and stocks
Loans
Bank building
Expense account
Cash in office
Cash in banks
Safe deposit vaults
Miscellaneous
Total
LiabilitiesCapital stock
Surplus fund
Earnings undivided
Discount
Deposits
Exchange account
Dividends unpaid
Treasurer's checks
Total
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$595,311
$735,713
$691,759
2,031,874
2.011,356
1,851,481
25,000
25.000
25,000
21,471
217.778
177,510
170,358
301,389
314.939
271.454
15,000
15,000
15,000
3,900
2.256
2,456
$3,310,136 $3,034.4-60 13,06,409
$200,000
150,000
49,966
$200,000
150,000
53,075
2,898,310
2,626,121
8,004
4
3,856
5,260
$3,310,136 $3,034,460
1913.
1912.
Rate of int. on dep. of $500 and over_
2%
2%
Dividends paid in calendar year
8%
8%
$200,000
150,000
30,000
37,060
2,751,448
784
1,141
5,976
• $3,176,409
1911.
2%
8%
State Street Trust Co. (Boston).
ResourcesLoans
Bonds and stocks
Cash in office and banks
Real estate
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Total
Dividends paid in calendar year
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$14,080,053 $13,064,118 $11,458,323
594,087
650,118
1,111,829
3,322,238 3,591,444
2,902.164
340,100
357.752
303,390
$18,336,478 $17,663,432 $15,775,706
$1,000,000 $1,000,000 $1.000.000
1,506,936
1,361,620
1,269.815
15,829,542 15,301,812 13,505,891
$18,336,478 $17,663,432 $15.775.706
1913.
1912.
1911.
8%
8%
8%
ST. LOUIS COMPANIES.
American Trust Co. (St. Louis).
Commonwealth Trust Co. (St. Louis).
ResourcesResourcesJan. 13 '14. Nov. 26 '12. Dec. 30 '11.
Dec. 31 '13. Nov. 26 '12. Dec. 5 '11.
Bonds and mortgages
$754,262
$514,963
$873,553 Loans
$3,085,004 $3,742,402 $3,522,230
Demand loans
Bonds and stocks
1,146,713
2,022,832
1,430,241
1,398,413
Time loans
1,365,680} 2,824,265 2,477,790 Real estate and leaseholds
279,955
221,863
278,206
Real estate loans
Cash in vaults and depositaries
757.913)
878,299
1,019.528
1,561,450
Due fr. tr. cos., bks., bkrs.& brokers
618,011
496,929
738,430
Total
$6,266,090
$6,414,034
Cash on hand
$6,760.299
217,517
476,385
449,498
LiabilitiesOther resources
978
22,966 Capital stock
$2,000,000 $2,000,000 $2,000,000
Surplus
95,439
80,453
135,186
Total
$5,001,062 $4,646,036 $4,088,755 Depositsand undivided profits
4,170,651
4,307,911
4,606,391
LiabilitiesOther
liabilities
25,670
18,722
Capital
$1,000,000 $1,000,000 $1,000,000
Total
Surplus and undivided profits
173,449
210,550
$6,266,090 $6,414,034 $6,760,299
144,502
Deposits subject to check
,,. ,784
* Easton-Taylor Trust Co. (St. Louis).
Certificates of deposit
_I. 3,821,561
310,988
307,498
banks nad bankers_
Due trust cos. ban
263,524
271,998
ResourcesDec. 31 '13. Nov. 26 '12. Dec. 5 '11.*
Savings deposits
- 614,9331.
584,973 Loans on collateral
$26,354
$95,004
$86,171
Other liabils., res. for taxes, int., &c_
6,052
27,500J
Loans on real estate
42,582
32,407
22.200
Other securities
194,086
102,339
37,500
Total
$5,001,062 $4,646,036 $4,088.755 Due from banks and trust companies_
55,449
40,833
36.770
Cash on hand, &c
14,358
12,238
12.412
Broadway Savings Trust Co. (St. Louis).
Furniture and fixtures
5,650
'6,090
6.554
1,220
1.220
1,220
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 5 '11. Safe deposit vaults
Total
Loans on collateral and commercial
-$339,699
$290,131
$202,827
Liabilitiespaper and investment securities.. _ _ $725,360
$620,034
$624,926
Bonds and stocks
$100,000
$100,000
85,023
$100,000
105,401
105,920 Capital stock paid in
Due from trust cos. and banks
•
10,789
4,243
179,960
875
151,201
164,218 Undivided profits
Cash on hand
157,155
153,012
8,013
9,792
87,656
19,283 Deposits subject to draft
Other assets
23,808
5,642
4,490
5,064
3,663
6,300 Time certificates of deposit
Savingc deposits
47,947
27,234
10,633
Total
$1,002,846
$891,492
Totaf
$920,647
$339,699
$290,131
$202,827
Liabilities* Began busines.s July 8 1911.
Capital stock
$100,000
$100,000
$100,000
Surplus
30,000
40,000
30,000
Farmers' & Merchants' Trust Co. (St.. Louis).
Undivided profits
26,805
31,738
17,544
ResourcesDeposits
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11
823,743
728,687
768,186 Loans
collateral__
Other liabilities
$241,886
$229,948
$283,489
4,917 Loans on
7,365
6,000
on real estate
383,727
348,414
301,325
Commercial
paper
Total
166,077
165,344
55,929
$1,002,846
$891,492
$920,647 Bonds and stocks
61,470
62,000
66,750
Furniture
fixtures
and
1,201
1,561
1,146
* Chouteau Trust Co. (St. Louis).
Cash on hand
25,532
23,742
19.069
ResourcesJan. 13 '14. Dec. 31 '12. Dec. 30 '11.* Due from banks and trust companies..
71,817
65,535
58.032
Loans on collateral security
bills
Tax
$146,173
56,191
40,910
.
$145,902
$92,930
16,991
Loans on real estate security
57,100
56,339
8,792
47,300
52,441' Other resources, real estate owned_
3.648
Other negotiable paper & non-negoTotal
$1,064,240
$946,255
$806,379
tiable paper & invest, securities,
Liabilitiesvalue
present
142,324
129,797
91,335 Capital stock
$100,000
$100.000
$100,000
Bonds and stocks
38,787
43,688
Surplus
50,000
50,000
25.000
Furniture and fixtures
4,637
5,287
6,500 Undivided profits
13,022
2,763
16,706
banks,
Due from other trust cos. and
Deposits
901.218
793,492
664,673
33,425
i
good on sight draft
42,276
28,507
Total
$1,064,240
$946,255
5,219
$806,379
Checks and other cash items
10,143
4,927
31,823
15,442
Cash on hand
12,277
Jefferson-Gravois Trust Co. (St. Louis).
161
Overdrafts
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 5 '11.
Total
$459,649
$439,835
$288,917 Loans and discounts
$705,670
$600,000
$419,947
LiabilitiesSpecial tax bills
4,118
Capital stock paid in
$100,000
$100,000
$100,000 Bonds and stocks
2,345
60.956
Surplus
25,000
5,000
5,000 Furniture,fixtures & safe dep. vaults_
7,500
7,500
9,100
Undivided profits
8,302
5,670
1,703 Real estate.
27,000
28,000
Reserved for taxes
1,103
Cash, exchange and miscellaneous_
21,8121
95,000(
20,994
Deposits subj. to draft at sight by inDue from banks
97,268
85,5001
diy.& others, incl.dem.ctfs. of dep
227,617
238.429
155,025 Overdrafts
198
346
Time certificates of deposit
40,032
26,261
2,785
Total
$851,798
$732,845
$608.6
-11
Savings deposits
72.469
49,601
24,004
LiabilitiesCapital
$100,000
$100,000
$100,000
Total
$439,835
$459,640
$288.917 Surplus and profits
24,763
20,000
15,712
* Began business May 1 1911.
Dividend No.3
4,000
Deposits
723,035
612,845
49') ii(49
_
* City Trust Co. (St. Louis).
Total
$851,798
$732.845
$608,61 I
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 30 '1l,
Loans on collateral security
* Laclede Trust Co. (St. Louis).
$92,088
$121,291
$53,870
Loans on real estate security
49,168
72,937
38,417
ResourcesJan. 13 '14.*
Other negotiable & non-negotiable paundoubtedly
__
Loans
good on collateral security
$32.520
per & invest. sec. at present value_
104,016
78,215
66,340 Loans undoubtedly good on real estate security
3,200
Furniture and fixtures
6,443
6,442
8,943 Other negotiable and noa-negotiable paper and investment seDue from other trust cos. & banks,
curities at present value
101,250
good on sight draft
19,044
23,196
16,905
and
Furniture
fixtures
2,456
Checks and other cash items
419
7,103
8,391 Due from other tr. cos. and banks, good on sight draft
32.762
Cash on hand (currency, gold, silver
Checks and other cash items
1,606
and other coin)
18,286
16,268
10,207 Cash on hand (currency, gold, silver and Other coin)
12.090
Total
Total
$185,893
$342,436
$272,480
$212,069
LiabilitiesLiabilitiesCapital stock paid in
Capital stock paid in
$50.000
$50.000
$50,000
$50,000 Surplus
Undiv. prof., less current exp. & tax..
5,000
1,430
1,166 •
1,515 Undivided profits, less current
expenses and taxes paid
Dep. subj. to draft at sight by indiv.
813
subject to draft at sight by individuals and others,
& others. incl. dem. ctfs. of deposit
136,304
115,247
95,311 Deposits
including
demand
certificates of deposit
Time certificates of deposit
105,796
24,010
.14,003
16,230 Time certificates
Savings deposits
11,323
129,562
01,974
40,013 Savings deposits of deposit
Other liabilities
10,122
1,130
All other liabilities, treasurer's checks outstanding
2.839
Total
$342,436
$272,480
Total
$212,069
$185.893
* Began business Jan. 18 1911
*Began business Dec. 15 1913.
586
THE CHRONICLE
Meramec Trust Co. (St. Louis).
ResourcesJan. 13 1914.
Loans undoubtedly good on collateral security
$83.035
Loans undoubtedly good on real estate security
7,200
Other negotiable and non-negotiable paper and investment securities at present value
74,533
Overdrafts by solvent customers
371
Bonds and stocks at present value
3,000
Furniture and fixtures
7.378
Due from other trust co's and banks, good on sight draft
22,732
Checks and other cash items
724
Cash on hand (currency, gold, silver and other coin)
9,277
Total
$208,250
LiabilitiesCapital stock paid in
$50,000
Undivided profits, less current expenses and taxes paid
8,437
Deposits subject to draft at sight by trust co's, banks and bankers 15,061
Deposits subject to draft at sight by individuals and others, including demand certificates of deposit
83,249
Time certificates of deposit
21,553
Savings deposits
29,319
All other liabilities
631
Total
$208,250
Mercantile Trust Co. (St. Louis).
ResourcesTime loans
Demand loans
.
Bonds and stocks
Real estate
Safe deposit vault
Cash and sight exchange
Other resources
Dec. 31 '13. Nov. 26 '12. Dec. 5 '11.
$16,282,039 $15,037,427 $12,565,186
3,431,352 5,434,195
5,493,587
3,235,160 8,369,809
6,903,575
880,000
880,000
880,000
250,000
250,000
250,000
5,982.343 4,274,952
5,753.791
51,053
Total
LiabilitiesCapital stock paid in
Surplus and undivided profits
Deposits
Other liabilities
at
r, Total
$35,111,947 $34,246,383 $31,846,139
$3,000,000 $3,000,000 $3,000,000
6,867,825 6.680,376 6,652.122
25,244,122 24,566,007 21,610,017
584,000
$35,111,947 $34,246,383 $31,846,139
1913.
1912.
1911.
2,3& 3M %
18% per annum (134% monthly)
Rate of int. on dep.of$500 & over
Dividends paid in calendar year
[VOL. xcvm.
St. Louis Union Trust Co. (St. Louis).
ResourcesTime loans
Demand loans
Stocks and bonds
Real estate and office building
Cash on hand
Cash on deposit
Safe deposii; vaults
Advances to Trusts
Overdrafts
Jan. 13'14. Dec. 31 '12. Dec. 30 '11.
$12,325,380 $10,393,996 $10,084,349
11.704,278 14,973,740 13,591,590
6,504,220 7,181.6867,013,909
428,745
412,855
453,058
1 8,634,739 12,718,719
1,737,912
15,373,629 6,033,852
100,000
100,000
100,000
95,860
2,772
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Dividends unpaid
Deposits
Reserves
$39.795,994 $41,154,625 $39,014,670
$5,000,000 $5,000,000 $5,000,000
5,000,000 5,000,000 5,000,000
1.794,652
1,884,589
1,837,688
200.000
200,000
27.969,342 28.840.036 26,848,982
230,000
32,000
128,000
Total
$39,795,994 $41,154,625 $39,014,670
Savings Trust Co. (St. Louis).
ResourcesJan. 13 '14. Dec. 31 '12. Dec. 30 '11.
Loans on collateral
$255,290
Loans on real estate
125,245
Other negotiable and non-negotiable
$359,000
$412,465
paper and investment securities..
79,185
Bonds and stocks
1,868,
Real estate, furniture and fixtures
9,100
24,347
6,411
Safe deposit vaults
4,720
Duefromtr.cos.,bks.,b'kers& brokers
117,655
69,700
98,109
Checks and other cash items
27,600
14.4071
20,048
Cash on hand
23,311J
Total
$628,092
$465,400
$554,969
LiabilitiesCapital stock paid in
$100,000
$100,000
$100,000
Surplus and undivided profits
20,564
22,821
15,500
Deposits subject to draft
402,1201
Time certificates of deposits
432,148
349,900
Savings deposits
7
18,7549,788
Other liabilities, treasurer's checks
6,866
Mississippi Valley Trust Co. (St. Louis).
Total
$628,092
$554,969
$465,400
ResourcesJan. 13 '14. Nov. 26 '12. Dec. 5 '11.
Stocks and bonds
$7,935,288 $9,008,970 $8,458,655
Vandeventer Trust Co. (St. Louis).
Real estate mortgages(1,451,883 1,340,341
Loans on collateral
112,387,997 10,190,999 8,083,524
Dec. 31 '13. Nov. 26 '12. Dec. 5 '11.
ResourcesLoans on personal security
1,702,881
1,677,854 Loans
$321,417
collateral
$290,176
Real estate
$250,892
45,163
794
1,768 Bonds,on
stocks
12,833
and
5,775
real
estate
Safe deposit vaults
15,264
72,000
72,000
72,000 Furniture, fixtures & safe dep. vaults
7,500
8,166
Cash on hand
9,135
1,746,889
1,648,805
1,663,818 Due
41,959
banks and trust cos
33,141
65,085
Cash on deposit
2,362,339 4,332,149 Cashfrom
2,668,390
14,546
17,984
hand
16,718
Other resources
11,186
10,024
14.146 Other on
211
resources
410
Total
$24,865,751 $26,449,857 $25,644,255
$358,862
Total
$394,846
$357,504
LiabilitiesCapital stock
$3,000,000 $3,000,000 $3,000,000
LiabilitiesSurplus fund
5,358,203 13,500,000 3,500,000
$50,000
$50,000
$50,000
17ndivided profits
12,035,144
2,143,200 Capital stock (50% paid in)
J
7,288
6,756
11,431
Deposits (savings)
5,357,024
5,135,335 4,852,604 Undivided profits
301,126
323,678
294,801
Deposits (time)
3,028,230 • 3,012,497
2,371,327 Deposits
448
5,947
9.737
Deposits (demand)
9,697,251
7,724.788
9,760,365 Other liabilities
Foreign acceptances
364,279
1,929
2,902
$358,862
Total
$357,504
$394.846
Reserve for interest and taxes
14,000
65,000
Other liabilities
2,701
19 227
13,857
Note.-Rate of int. paid on deposits; 2% checking accounts; 3A %
savings accounts.
Total
$24,865,751 $26,449,857 $25,644,255
1
West St. Louis Trust Co. (St. Louis).
North St. Louis Savings' Trust Co. (St. Louis).
ResourcesDec. 31 '13. Dec. 31 '12. Dec. 3r) '11.
Real estate mortgages
$132,680
$95,900
Stocks & bond invest. (market val.)_
64,135
$63,587
65,907
Loans on collateral
331,245
273,780
235,352
purchased_
incl.
Other loans,
bills
___
317,165'
406,296
186,702
Due fr. tr. co's, bk.s.. bkers.& brkers.
96,245
64,746
56,990
Real estate,furniture and fixtures..
5,193
4,594
5,794
Specie
3,969
4,760
3,148
Legal-tender notes& notes ofnat.bks_
15,229
11,557
8,540
Other resources
6,929
6,298
5,614
Total
$972,191
$836,217
$663,947
LiabilitiesCapital
$100,000
$100,000
$100,000
Surplus & undivided profits (mkt.val.)
26,422
39,565
17,265
Deposits subj. to check (not pref.) _ _
359,831
403,270
308,393
Certif. of dep.(not pref.) & say. dep_
417,970
339,959
230,801
Other liabilities
11,386
10,005
7,488
Total
$972.191
$836.217
$663,947
DEBT STATEMENT OF JAN. 31 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Dec. 31 1913. For statement of Dec. 31 1913,
see issue of Jan. 17 1914, page 212; that of Jan. 31 1913, see
issue of Feb. 22 1913, page 531.
INTEREST-BEARING DEBT JAN. 31 1914.
AMOUnt Outstanding
Amount
Registered. Coupon.
Interest
Issued.
Total.
Tide of LoanPayable.
$
$
25, Consols of 1930
Q.-J. 646,250,150 642,798,400 3,451,750 646,250,150
3s, Loan of 1908-18
Q.-F. .198,792,660 45,980,520 17,964,940 63,945,460
48. Loan of 1925
Q.-F. x162,315,400 101,208,250 17,281,650 118,489,900
28, Pan. Canal Loan 1906_Q.-F. 54,631,980 54,609,080
22,900 54,631,980
28, Pan. Canal Loan 1908_Q.-F, 30,000,000 29,678,920
321,080 30,000,000
3s, Pan. Canal Loan 1911_Q.-S. 50,000,000 39,679,500 10,320,500 50,000,000
2345,Post.Sav.bds.'11-'13.J.-J.
521,220 3,506,000
3,506,000 2,984,780
2340,Post.Say. bds. 1914.J.-J.
159,100 1,129,820
970,720
1,129,820
Aggregate int.-beariag debt__1,146,626,010 917,910,170 50,043,140 967,953,310
• Of this original amount Issued, $132,449,900 have been refunded into the 2%
Consols of 1930 and $2,397,300 have been purchased for the sinking fund and canceled. z Of this original amount issued, $43,825,500 have been purchased for the
sinking fund and canceled.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Dec. 31.
Jan. 31.
Funded loan of 1891, continued at 2%,called May 18
1900, interest ceased Aug. 18 1900
$4,000 00
$4,000 00
Funded loan of 1891, matured Sept. 2 1918
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904
13,050 00
13,050 00
Funded loan of 1907, matured July 2 1907
683,950 00
683,750 00
Refunding certificates, matured July 1 1907
00
13,390
13,380 00
Old debt matured at various dates prior to Jan.1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861
903.680 26
903,680 26
Aggregate debt on which Interest has ceased since
maturity
$1,641,720 26 *1,641,51026
ResourcesReal estate mortgages
Loans on collateral
Cash on hand
Cash on deposit
Other assets
Dec. 31 '13. Dec. 31 '12. Dec. 30 '11.
$111,552
$147,868
$129,427
309,522
333,960
358,238
18,374
18,857
26,026
50,659
61,106
73,030
9,838
12,460
11.049
Total
LiabilitiesCapital
Undivided profits
Savings and time deposits
General deposits payable on demand..
Other liabilities
$597,770
$513,014
$561,182
$100,000
28,807
192,616
267,509
8,838
$100,000
23,432
157,461
218,578
13,543
$100,000
21,812
174,850
252,017
12,503
$513,014
1912.
$561,182
1911.
2, 33.i & 4%
4%
Total
$597,770
1913.
Rate of int. paid on deposits
2,3,3 & 4%
Dividends paid in calendar year.....
5%
,6
5%
DEBT BEARING NO INTEREST.
Jan. 31.
Dec. 31.
United States notes
...
$346,681,016 00 $346,681,016 00
53,152 50
Old demand notes
53,152 50
17,828,483 50
National bank notes, redemption fund
17,209,266 00
Fractional currency, less $8,375,934 estimated as
6,853,445 90
lost or destroyed
6,853,820 90
Aggregate debt bearing no interest
$370,797,255 40 $371,416,097 90
RECAPITULATION.
Jan. 311914.
Dec. 311013. Inc.(+)orDec(-)
Interest-bearing debt
$967,953,310 00 $966,823,490 00 +$1,129,820 00
1,641,720 26
-210 00
Debt interest ceased
1,641,510 26
370,797,255 40
Debt bearing no interest._ 371,416,097 90
+618,842 50
Total gross debt
$1,341,010,918 10 $1,339,262,465 66 +$1,748,452 50
Cash balance in Treasury...
272,589,751 08 a279,063,583 93 -0,473,832 85
Total net debt
$1,068,421,167 08 $1,060,198,881 73 +$8,222,285 35
*Includes $150,000,000 reserve fund.
a Under the new form of statement adopted by the U. S. 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.
The foregoing figures show a gross debt on Jan. 31 of
$1,341,010,918 16, and a net debt (gross debt less net cash
in the Treasury) of $1,068,421,167 08.
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of November and December 1913 and
January and February 1914.
THE CHRONICLE
FEB. 21 1914.1
P"Holdings in Sub-TreasuriesNot gold coin and bullion
Net silver coin and bullion
Net United States Treas. notes
Net legal-tender notes
Net national bank notes
Net fractional silver
Minor coin, &e
Nov. 1 '13. Dec. 1 '13.
$
r
269,971,436 268,080,256
13,513,506 15,837,415
6,126
7,786
5,778,535
5,279,603
36,283,469 30,614,870
15,753,104 14,411,274
1,506,596
1,545,779
Jan. 1 '14. Feb. 1 '14.
262,442,831 216,069,924
15,212,627 27,044,203
4,947
7,916
6,640,146 11,544,256
31,363,386 52,673,172
14,036,410 18,057,610
2,071,052
1,559,050
Total cash in Sub-Treasuries__342,313,840 336,275,915z331,259,397 327,468,133
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasuries._192,313,840 186,275,915 181,259,397 177,468,133
Cash in national banksTo credit Treasurer of U. S.__ 91,121,102 92,617,560, 85,202,390 76,708,569
7,092,720
To credit disbursing officers__ 6,947,910
7,100,038
6,854,607
Total
Cash in Philippine Islands
98,069,012 99,472,167 92,302,428 84,701,289
6,559,222
7,531,182
4,996,150
4,241,272
Net cash in banks, Sub-Treas_294,624,124 290,744,232 281,093,007 268,728,644
150,864,738 153,796,265 152,029,423 146,138,894
Deduct current liabilities_a
143,759,386 136,947,967 129,063,584 122,589,750
Balance
National bank redemption fund_ 18,835,884 17,481,856 17,209,266 17,828,483
Available cash balance
124,923,502 119,466,111 111,854,318 104,761,267
a Chiefly "disbursing officers' balances." z Includes $2,254,788 38 silver bullion
and $2,071,051 66 minor coin, &c., not inculded in statement "Stock of Money."
TREASURY CASH AND DEMANWIABILITIES.The cash holdings of the Government as the items stood Jan.
31 are set out in the following:
LIABILITIESASSETS.
Trust Fd. Liabilities$
Trust Fund Holdings$
1,138,711,969 00 Gold certificates
1,138,711,969 00
Gold coin
483,909,000 00 Silver certificates
Silver dollars'
483,909 000 00
2,539,000 00 Treasury notes of 1890_
Sliver dollars of 1890._ _
2,539,000 00
Total trust fund
1,625,159,969 00
Total trust liabllities_1,625,159,969 00
Gen'l Fund Hold'03(Aral Fd. LiabilitiesCert. checks on banks
337,158 66 In Treasury offices:
Gold coin and bullion
17,291,732 51
Disburs. officers' bals. 64,732,484 13
Gold certificates
48,778,191 00
Outstanding warrants
1,264,327 73
Silver certificates
15,670,813 00
Outst'g Treas. checks
5,712,318 52
dollars
Silver
9,118,602 00
P.0. Dept. balances_
13,673,584 58
Silver bullion
2,254,788 38
Postal savings bals__
1,493,139 73
United States notes_ _
11,544,256 00
Judicial officers' balTreasury notes of 1890_
7,916 00
ances, &c
6,735,919 52
National bank notes... 42,673,172 23
National bank notes:
Fractional silver cola_ _ _
18,057,610 16
Redemption fund
17,828,483 50
Fractional currencY--- 19,932,203 92
420 86
Nat. bank 5% fund
Minor coin
Assets of failed na1,733,472 14
tional banks
15,087,198 05
Tot. in Sub-Treasles_ 177,468,132 94
249,546 15
Coups. & int. checks_
Ii Nat. 11k. Depositories:
Misc.(exch'ges, &c.)_
8,703,335 74
Credit Treas. of U.S. 76,708,569 06
Total
7,002,720 42
155,412,541 57
Cred. U.S.dis. officers
Subtract: Checks not
cleared
84,701,289 48
Total in banks
5,000,309 39
In Treas. Philippine fat's:
2,708,820 20
Credit Treas. U. 8_ _ _
150,412,232 18
3,850,402 14 In Nat. Bk. Dopes.-'
Cred. U.S.dts.officers
Judicial officers' bal6,559,222 34
ances, &c
Total In Philippines__
7,992,720 42
Outstand'g warrants_
476,759 23
Total in banks
In Treas. PhilippinesDisburs. officers' bals.
Outstanding warrants
8,469,479 65
3,850,402 14
1,235,263 21
Total
5,085,665 35
Total Habil. agst. cash_ 163,967,377 18
Cash Bal. de ReserveTotal cash reserve
254,761,267 58
Made up ofAvailable104,761,267 58
and
Reserve F'd:
Reserve Fund Held'esGold &
Gold coin and bullion_ _ _ 150,000,000 00
bull .150,000,000 00
Grand total
2,043,888,613 76
Grand total
2,043,888,613 76
Wrinetartrg'Commercialgnglisix4cius
English Financia Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Sal.
Mon. Tues. Wed.
Thurs.
Week ending Fee. 20.
Fri.
26
d 20,6
26
26%,
26 9-16 26 9-16
Silver, per oz
76%
76 3-16 76 1-10
d Consols, 2% per cents__ 77 1-16 76 11-16 76%
76 11-16 76 9-16 76%
76%
76%
77%
d For account
87.27% 87.35
87.10
87.22% 87.32%
d French Rentes (in Paris) Zr. 87.30
78%
Amalgamated Copper Co__ _ 79%
78%
77%
78%
77%
70%
70
70%
Am. Smelt. & Refining Co
71
70%
70%
7%
734
7%
7%
7%
b Anaconda Mining Co
7%
100%
100%
101%
Atch. Topeka & Santa Fe_ _ _101%
100%
100%
104%
104
Preferred
104%
104
104%
104
Baltimore & Ohio
95
94%
94%
95%
95%
953I
84%
Preferred
84%
84%
84%
84%
84%
221%
223%
220%
Canadian Pacific
219%
220%
220%
67%
65%
66
Chesapeake & Ohio
66
65%
66
14
14
Chicago Great Western
14
14
14
14
Chicago Milw. & St. Paul_ _ _106%
105
105%
105%
106
106%
Denver & Rio Grande
16%
16%
16%
15%
N%
Preferred
ed
28
27
29
27%
Erie
31%
30%
30%
30%
31%
31%
First preferred
47%,
49%
47%
48
48%
48%
Second preferred
39%
40
39%
40
38%
39%
Northern,
preferred 136%
Great
137
132%
133%
135%
132%
Illinois Central
115
115
114%
115
114
114
Louisville & Nashville
141
140%
140
140
140%
140%
Missouri Kansas & TeX118- -- 22%
21%
21%
21%
22%
22
61
Preferred
61
60
61
60%
61
27%
Missouri Pacific
27%
26%
26%
27
27
12%
12%
12%
Nat. P.R. of Max., 2(1 pref._ 12%
12%
12%
92%
91%
92
91%
N. Y. Cent. AG Hud. River
92%
93
30%
30%
29%
30
N. Y. Ont.& Western
29%
29%
107;5
107
Norfolk & Western
'
j
07%
89
89.....
Preferred
............89
120
120
Northern Pacific
11-93 119%
1
58
58
a Pennsylvania
57%
57%
57%
57%
86%
86%
85%
85%
86%
86%
a Reading Company
45%
45%
a First preferred
45%
45;4
45%
45%
46%
46%
a Second preferred
46;5
754
Rock Island
7%
.7
7%
.
-1;5.
-iii
654
9951
98%
Southern Pacific
98%
98%
99%
99
27%
27%
Southern Railway
27%
27
27%
27%
85%
87
Preferred
86
86
86
86
168
Union Pacific
167%
166%
166%
167%
166%
87%
87%
Preferred
87%
87%
87%
87%
U.S. Steel Corporation
68%
67%
67%
67%
68%
67%
113%
114
Preferred
112%
112%
118
113%
N6
1113
.113
587
London,
Week ending Feb. 13.
Sat.
Wabash
3%
Preferred
9
Extended 4s
60
a Price per share. b £ sterling.
last prices.
Fri.
Thurs.
Tues. Wed.
Mon.
2%
2%
3
234
3%
8%
9
9
8
8%
60
62
61
61%
62
c Ex-dividend. d Quotations hero given are
Commercial antlPaiscellantons4mus
Breadstuffs Figures brought from page 622.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Four.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1061bs. bush. 60 lbs. bush. 56 lbs. bush. 32 tbs. bush.481bs. bu.56 lbs.
Chicago_ _ __
257,000
982,000 2,102,000
1,466,000
424,000
57,000
Milwaukee__
45,000
55,000
343,000
235,000
319,000
26,000
Duluth
99,000
7,000
13,000
2,000
Minneapolis.
1,578,000
225,000
214,000
300,000
38,000
Toledo
26,000
112,000
96,000
2,000
Detroit
6,000
6,000
67,000
66,000
Cleveland
11,000
5,000
162,000
109,000
St. Louis...
61,000
328,000
415,000
366,000
40,000
Peoria
53,000
41,000
543,000
130,000
56,000
7,000
Kansas City.
465,000
507,000
149,000
Omaha
276,000
870,000
216,000
Total wk.'14
Same wk.'13
Same wk.'12
433,000
340,000
328,729
3,861,000
4,992,000
3,798,700
5,346,000
9,230,000
7,680,971
2,984,000 1,152,000
4,291,000 2,205,000
3,031,772 1,073,338
132,000
232,000
136,455
Since Aug. 1
1913-14... 12,299,000 217,952,000 138,001,000 142,146,000 64,531,000 10097000
1912-13... 10,554,520 267,746,966 137,857,228 156,260,688 70,664,330 12820842
1911-12_ 6,957,232 183,693,840 119,192,157 90,247,794 51,838,844 6,379,925
Total receipts of flour and grain at the seaboard ports for
the week ended Feb.14 1914 follow:
Flour,
bbls.
170,000
32,000
17,000
41,000
27,000
70,000
6,000
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans •_
Newport News
Norfolk
Galveston
Mobile
Montreal
Halifax
Wheat,
bush.
394,000
28,000
624,000
170,000
61,000
195,000
43,000
29,000
12,000
8,000
2,000
Total week 1914 _ _ 385,000
Since Jan. 1 1914..2,931,000
415.000
Week 1913
Since Jan. 1 1913..3,045,000
• Receipts do not include
on through bills of lading.
61,000
120,000
Corn,
bush.
82,000
37,000
Oats, Barley,
bush.
bush.
334,000 106,000
75,000
27,000
Rye,
bush.
5,000
26,000
75,000
60,000
69,000
156,000
35,000
18,000
8,000
69,000
242,000
32,000
3,000
38,000
25,000
1,725,000
600,000
656,000 158,000 108,000
15,724,000 6,023,000 5,569,000 1590,000 433,000
2,214,000 3,085,000
822,000 706,000 54,000
22,682,000 18,565,000 8,652,000 4131,000 439,000
grain passing through New Orleans for foreign ports
The exports from the several seaboard ports for the week
ending Feb. 14 are shown in the annexed statement:
Exports fromNew York
Portland, Me
Boston
Philadelphia
Baltimore
New Orleans
Newport News
Galveston
Mobile
Montreal
Halifax
Norfolk
Wheat,
bush.
828,274
624,000
178,999
184,000
56,000
32,000
Corn, Flour,
bush.
bbls.
7,652 105,517
17,000
25,714 22,871
8,000
15,812
5,743
5,000
13,000
6,000
11,000
32,000 12,000
120,000
Oats,
bush,
137,702
Rye, Barley,
bush,
bush.
106,884
102,352
69,841
Peas.
bush,
1,410
96
4,100
2,000•
2,000
43,000
137,178 195,131
Total week____2,023,273
2,222,462 2,404,270 301,713
Week 1913
243,654
176,725
255,390 60,230 688,458
3,505
8,842
The destination of these exports for the week and since
July 1 1913 is as below:
WheatFlour
-CornSince
Since
Since
July 1
Week
Week
Week
July 1
July 1
1913. Feb. 14.
1913.
Exportsfor week and Feb.14.
1913. Feb. 14.
bush,
bush.
bush.
since July 1 tobbis.
bush.
bbls
25,714
United Kingdom_ 71,286 3,676,018 1,213,145 66,086,439
435,313
49,836
Continent
636,144
59,217 1,860,763 646,136 66,099,104
1,375
068,719
Sou. & Cent. Amer_ 24,808 744,900
322,361
West Indies
59,413 1,145,251
85,767
37,917 1,103,227
Brit. Nor. Am. Cols. 1,467
6,017
72,236
Other Countries_ _ _ _
840
28,045
436 162,224 163,992
255,653
Total
Total 1912-13
195,131 7,619,368 2,023,273 133495,682 137,178 2,573,131
301,713 7,069,199 2,222,462 111271,935 2,404,270 17,382,275
The world's shipments of wheat and corn for the week
ending Feb.14 1914 and since July 1 1913 and 1912 are shown
in the following:
Corn.
Wheat.
1913-14.
Exports.
Week
Feb. 14.
1912-13.
Since
July 1.
Since
July 1.
1913-14.
1Veek
Feb. 14.
Since
July 1.
1912-13.
Since
July 1.
Bushels,
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 3,448,000 193,522,000 167,754,000 119,000 1,277,000 16,360,000
4,008,000 103,654,000 75,003,000 306,000 9,629,000 6,712,000
Russia
1,022,000 38,138,000 40,943,000 519,000 15,402,000 10,140,000
Danube
1,920.000 20,170,000 52,802,000 919,000 129,048,000 165,175,000
Argentina
Australia... 2,162,000 32,498,000 20,296,000
144,000 25,608,000 42,664,000
India
0th.countr's 112,000 5,626,000 5,414,000
Total ____ 12816000 419,216,000 404,876,0001,863,000 158,356,000 198,387,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Feb. 14 1914._
Feb. 7 1914._
Feb. 15 1913._
Feb. 17 1912._
Feb. 15 1911_ _
Total.
Bushels.
Bushels.
Bushels.
23,080,000 17,768,000 40,848,000
21,608,000 15,984,000 37,592,000
21,968,000 24,832,000 46,800,000
23,072,000 9,680,000,32,752,000
17.065.000 25,120,000'43.058,000
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
3,128,000 6,741,000 9,869,000
3,791,000 7,837,000 11,628,000
5,559,000 13,736,000 19,295,000
6,163,000 7,174,000 13,337,000
4,145.000 6,214.000 10,362.000
588
THE CHRONICLE
-E. W. Clark & Co., Philadelphia, who for several years
have been specializing in public utility securities, have prepared a statement pointing out(1) Advantages of management of public utilities by large operators.
(2) Additional advantages of central operation of public utilities in the same
territory.
(3) Advantages of public utility securities as investments.
(4) Additional advantages of investment in securities of public utility
holding corporations.
Extent of Operations of E. W. Clark& Co. in Public Utility Field.
Earnings-Year ending Nov. 30 1913.
StatisticsGross earnings
$32,923,711 Passengers, number .._ --413,753,479
Net, after taxes
$14,315,198 Electricity sold, k. w. h_489,411,466
Interest. &c
8,993,938 Track operated, miles_ _ _
2,052
Cars (passenger, 2,852)_
4,592
Surplus
$5,321,260 Power station capac., h. p. 433,140
Among the corporations are: Bangor Ry.& Light Co., Columbus Ry. &
Light Co., Commonwealth Power, Ry. & Light Co., Cumberland County
Power & Light Co.,East St. Louis & Suburban Co., Portland Ry.,Light &
Power Co. and Tennessee Ry., Light & Power Co., and their numerous
constituent companies. Population served, 2,345,000.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred
3
Feb. 23 Holders of rec. Jan. 31a
Atch. Top.& S. Fe, cons.(au.)(No. 35)
14 Mar. 2 Holders of rec. Jan. 30a
Baltimore& Ohio, common
Mar. 2 Holders of rec. Jan. 31a
3
Preferred
Mar. 2 Holders of rec. Jan. 31a
2
Canadian Pacific, corn. (WI.) (No. 71)
234 April 1 Holders of rec. Feb. 28a
Preferred
April 1 Holders of rec. Feb. 28
2
Chesapeake & Ohio (guar.)
Mar. 31 Holders of rec Mar. 6a
1
Chestnut Hid (guar.)
14 Mar. 4 Feb. 21 to Mar. 3
Chicago, Milwaukee & St. Paul, common 234 Mar. 2 Holders of rec. Feb. 9a
Preferred
334 Mar. 2 Holders of rec. Feb. 9a
Chicago & North Western, corn. (quar.)_
114 April 1 Holders of rec. Mar. 2a
Preferred (guar.)
2
April 1 Holders of rec. Mar. 2a
Ctn. N.0. de Tex. Pac., pref. (guar.)
134 Mar. 2 Holders of rec. Feb. 21a
Cleveland & Pittsburgh, reg., guar.(quar.) 134 Mar. 2 Holders of rec. Feb. 10a
Special guaranteed (quar.)
Mar. 2 Holders of ree. Feb. 100
1
Cripple Cr'k Cent., corn. (qu.)(No. 17)_
Mar. 2 Holders of rec. Feb. 17a
1
Preferred (guar.) (No. 33)
Mar. 2 Holders of rec. Feb. 17a
1
Delaware & Hudson Co
234 Mar. 20 Holders of rec. Feb. 25a
Erie & Pittsburgh (guar.)
134 Mar. 10 Holders of rec. Feb. 28a
Grand Trunk, 1st and 2nd preference...- 23,4
Third preference
254
Illinois Central (No. 118)
234 Mar. 2 Holders of ree. Feb. 90
Minn.St. P. dr S.S. M.,com.& pf.(No.22) 334 April 15 Holders of ree. Mar. 19a
N. Y., Chic. & St. L., ist & 2d pref
234 Mar. 2 Holders of rec. Jan. 30a
Norfolk & Western, common (guar.)._
14 Mar. 19 Holders of rec. Feb. 28a
North Pennsylvania (guar.)
2
Feb. 25 Feb. 12 to Feb. 19
Pennsylvania (quar.)
134 Feb. 28 Holders of ree. Feb. 2a
Phila. Germantown .4c Norristown (guar.)
3
Mar. 4 Feb. 21 to Mar. 3
Pitts. Youngs. & A3h corn. & pfd.(qu.)._
134 Mar. 2 Holders of rec. Feb. 20a
Reading company, first preferred (guar.) 1
Mar. 12 Holders of rec. Feb. 24a
Reading Company, 2nd pref. (guar.)
1
Apr. 9 Holders of rec. Mar. 24a
Southern Pacific Co. (guar.) (No. 30)._ _
134 April 1 Holders of rec. Feb. 28a
Southern Railway, preferred
24 April 24 Holders of rec. Mar.28a
Union Pacific, common (special)
s3
April 1 Mar. 3 to Mar. 22
Union Pacific, common (guar.)
244 April 1 Mar. 3 to Mar. 22
Preferred
2
April 1 Holders of rec. Mar. 2a
Street and Electric Railways.
American Railways, cam. (guar.)
75e. Mar. 14 Holders of rec. Feb. 28a
Binghamton Ry
Feb. 28 Feb. lb to Mar. 1
2
Brockton & Plymouth St. Ry., pf.(No.10) 3
Mar. 16 Holders of rec. Mar. 7a
Cent. Arkansas Ry.& L., pref.(qu.)(NO.4). 154 Mar. 2 Feb. 17 to Mar. 2
Detroit United Ry. (guar.)
134 Mar. 2 Holders of rec. Feb. 14a
Duluth-Superior Trac., corn. & pf. (qu.). 1
Apr. 1 Holders of rec. Mar. 14a
El Paso Elec. Co., corn. (qu.)(No. 11)-234 Mar. 16 Holders of rec. Mar. 4a
Federal Light & Trac.. pf.(qu.)(No. 15).. 14 Feb. 2: Holders of rec. Feb. 14a
Galveston-Houston El. Co.,com.(No. 10) 34 Mar. 16 Holders of rec. Mar. ba
Preferred (No. 14)
Mar. 16 Holders of rec. Mar. ba
3
Manhattan Bridge Three-Cent Line
14 Mar. 2 Holders of rec. Feb. 26
Nor. Texas El. Co., corn.(qu.)(No. 18). 134 Mar. 2 Holders of rec. Feb. 14a
Preferred (No. 17)
Mar. 2 Holders of ree. Feb. 14a
3
Philadelphia Co., 5% non-cum. pref__ _ _ 24 Mar. 2 Holders of rec. Feb. 10a
Portland Ry., Lt. dr Power (guar.)(No.13) 1
Mar. 2 Holders of rec. Feb. 12
Rochester R.& Light, pref. (quar.)._ _ _
134 Mar. 2 Holders of rec. Feb. 21a
Tennessee Ry.,L.& P., pref.(qu.)(No.7). 134 Mar. 2 Holders of rec. Feb. 14a
Terre Haute Trac. & Light, pre,
Feb. 28 Feb. 19 to Mar. 1
3
Twin City R.T., Minneap., corn.(qu.)_ _
151 April 1 Holders of rec. Mar. 14a
Preferred (guar.)
134 April 1 Holders of rec. Mar. 14a
United Light dv Rys., common (guar.)._
April 1 Holders of rec. Mar. 16a
1
Common (Payable In coin. stock)
April 1 Holders of rec. Mar. 16a
lr
First preferred (guar.)
154 April 1 Holders of rec. Mar. 16a
Second preferred ((mar.)
X April 1 Holders of rec. Mar. 16a
Trust Companies.
Citizens' Brooklyn (guar.)
14 Mar. 1 Holders of rec. Feb. 20
Miscellaneous.
Adams Express (guar.)
$1.50 Mar. 2 Feb. 18 to Mar. 1
Amalgamated Copper (guar.)
14 Feb. 23 Holders of refs. Jan. 24a
American Coal
Mar. 2 Holders of rec. Feb. 28a
3
American Gas (guar.)
134 Mar. 2 Holders of rec. Feb. 18
Amer. Gas & Elec., corn. (qu.) (No. 16) 2
April 1 Mar.22 to April 1
American Pneumatic Service, is: pre/
34 Mar. 31 Holders of rec. Mar. 14
Second preferred
14 Mar. 31 Holders of rec. Mar. 14
American Radiator, common (guar.)._ 2
Mar. 31 Mar. 22 to Mar. 31
Common (extra)
2
Mar. 31 Mar. 22 to Mar. 31
Common (payable in common stock)._ lOr
Mar. 31 Mar. 22 to Mar. 31
Amer.Smelt. dr Refg.,corn.(qu.)(No.42) 1
Mar. 16 Feb. 26 to Mar. 4
Preferred (guar.) (No. 59)
134 Mar. 2 Feb. 14 to Feb. 19
American Steel Foundries (guar.)
34 Mar.31 Feb. 27 to Mar.
Amer.Sugar Refg., corn. dr pref. (guar.). 134 Apr. 2 Holders of rec. Mar. 19
2a
American Telegraph dc Cable (quar.)_ _ _ _
134 Mar. 1 Holders of rec. Feb. 28a
American Tobacco, common (quar.)._ _ _
b
Mar. 2 Feb. 15 to Mar. 15
Preferred (guar.)
134 Apr. 1 Feb. 15 to Mar. 15
Associated Merchants, corn. (quar.)_ _ - _
134 Feb. 27 Holders of rec. Feb. 20
Common (extra)
34 Feb. 27 Holders of rec. Feb. 20
Bethlehem Steel, pref. (guar.)
1f41 April 1 Holders of rec. Mar. 16a
Booth Fisheries. 1st pref.(guar.)
134 April 1 Mar. 21 to Apr. 1.
Borden's Condensed Milk, pf.(qu.) (Aro.49) 13-4 Mar. 14 Mar. 6 to Mar. 15
Brooklyn Union Gas (guar.)(No. 52)
134 Apr. 2 Mar. 19 to Apr. 1
Buckeye Pipe Line (guar.)
Mar. 14 Holders of rec .Feb. 24
$5
Butterlck Company (guar.)
34 Mar. 2 Holders of rec Feb. 17a
Cent. Miss. Val. El. Prop., pf.
.(No. 1) $1.50 Mar. 2 Holders of rec. Feb. 21
Chesebrcnigh Mfg. (guar.)
6
Mar. 20 Holders of rec. Mar. 6
Extra
4
Mar.20 Holders of rec. Mar.
Cities Service, com, and pref. (monthly)
34 Mar. 1 Holders of reo. Feb. lba
Cleveland & Sandusky Brew., pref. (qu.) 1
Mar. 16 Holders of rec. Feb. 28a
Columbus Gas & Fuel, corn. (quar.)._ _ _
1
Mar. 2 Holders of rec. Feb. 14a
• Connecticut Power, pref. (guar.) (No. 4) 14 Mar. 2 Holders of rec. Feb. 17a
Consolidated Gas (guar.)
134 Mar. 16 Holders of ree Feb. lla
Continental Oil
3
Mar. 17 Fe..
• Mar 16
Crescent Pipe Line (guar.)
$1.50 Mar. 16 Feb 21 to Mar. 17
Cuban-Amer. Sugar, pref.(guar.)
134 Apr. 1 Holders of rec Mar. 16a
Deere & Company, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
Diamond Match (guar.)
14 Mar. 16 Holders of rec Feb. 28a
Extra
1
Mar. 16 Holders of rec. Feb. 28a
du Pont Internat. Powd., pref. (guar.)._ _ _
134 Apr. 1 Holders of rec. Mar. 21a
Eastern Steel, 1st preferred (guar.)
154 Mar. 16 Holders of rec. Mar. 2
Eastman Kodak, common (guar.)
234 Apr. 1 Holders of rec. Mar. 7
Common (extra)
74 Apr. 1 Holders of rec. Mar. 7
Preferred (guar.)
134 Apr. 1 Holders of rec Mar. 7
Electric Storage Battery, corn. dc pfd.(qu.)_ _
1
Apr. 1 Holders of rec. Mar. 23
Federal Mining & Smelling. Mel (guar.)- 134 Mar. 16 Holders of rec. Feb. 20a
[Vol, xevin.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Federal Utilities, pref. (guar.)(No. 10)_ _
134 Feb. 28 Holders of rec. Feb. 14
Preferred (guar.) (No. 11)
134 Feb. 28 Holders of rec. Feb. 14
Galena-Signal Oil, corn. (guar.)
3
Mar. 31 Holders of rec. Feb. 28
Preferred (guar.)
2
Mar. 31 Holders of rec. Feb. 28
General Asphalt, pref. (guar.) (No. 27) 114 Mar. 2 Holders of
rec. Feb. 13a
General Chemical, com.(guar.)
134 Mar. 2 Holders of rec. Feb. 20a
General Chemical, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 19
General Electric (guar.)
April 15 Holders of rec. Feb. 28a
Goodrich (B. F.) Co., pref. (quar.)___ _
134 April 1 Holders of rec. Mar. 21a
Granby Consol• Mining,Smelting & Power. 1% Mar. 16 Holders of rec. Feb.
28
Greene Cananea Copper (guar.) (No. 6) 1
Mar. 2 Holders of rev. Feb. 140
Harbison-Walker Refractories, cam.(guar.)
34 Mar. 1 Holders of rec. Feb. 20
Harwood Electric, preferred
Mar. 2 Holders of rev. Feb. 19
3
Homestake Mining (monthly)(No. 471). 650. Feb. 25 Holders of rec. Feb. 20a
Independent Brewing, pref. (guar.)
1,4 Feb. 28 Feb. 17 to Feb. 27
Inland Steel (guar.)
134 Mar. 2 Holders of rec. Feb. 10a
Internat. Harv. of N. J., pf.(gu.)(No.28) 13' Mar. 2 Holders of rec. Feb. 10a
Internat. Harv. Corp., pf.(qu.)(No. 4).. 13' Mar. 2 Holders of rec. Feb. 10a
Internat. Nickel, common (guar.)
24 Mar. 2 Feb. 15 to Mar. 2
Internat. Smelt. & Ref. (qu.) (No. 19)-- 2
Mar. 2 Holders of rec. Feb. 21a
Intern. Smokel. Paw. & Chem., corn. (qu.)
Apr. 1 Holders of rec. Mar. 21a
Preferred
May 15 Holders of rec. May ba
4
Kelly-Springfield Tire, pref. (quar.)---Apr. 2
134 Apr. 2 Mar. 21 to
Kings Co. El. L. dv Pow.(qu.)(No. 56)._
Mar. 2 Feb. 10 to Feb. 24
Lackawanna Steel, preferred (quar.)___ _
134 Mar. 2 Holders of rec. Feb. 28
Laclede Gas Light, common (guar.)
13.4 Mar. 16 Mar. 1 to Mar. 16
Lake of the Woods Milling Ltd., corn.(qu.). 2
Mar. 2 Holders of rec. Feb. 21
Preferred (guar.)
13-4 Mar. 2 Holders of rec. Feb. 21
Lehigh Coal dv Navagation (guar.)
Feb. 28 Holders of rec. Jan. 31a
Liggett & Myers Tobacco, corn. (guar.) 3
Mar. 9
Mar. 2 Feb. 15 to
Mahoning Investment
1% Mar. 2 Holders of rec. Feb. 20
May Department Stores, common (guar.) 134 Mar. 1 Holders of rec. Feb. 16a
Mergenthaler Linotype (guar.)
23-4 Mar. 31 Holders of rec. Mar. 7a
Extra
34 Mar. 31 Holders of rec. Mar. 7a
Middle West Utilities, pref. (guar.)._ _ _ 91.50 Mar. 2 Holders of rec. Feb. 14
Milwaukee & Chicago Breweries
444 Mar, 31 Jan. 29 to Feb. 19
Moline Plow, first preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 140
Second preferred (guar.)
1% Mar. 2 Holders of rec. Feb. 140
National Biscuit, corn. (guar.)(No.63)-- 13-4 April 15 Holders of rec. Mar. 280
Preferred (guar.) (No. 64)
134 Feb. 28 Holders of rec. Feb. 14a
National Carbon, corn. (pay, in corn. stk.)_ 50 r Mar. 20 Holders of rev. Mar. 10
Nat. Enameling & Stamping, pref. (guar.) 1 X v Mar.31 Holders ef rec. Mar. 11
National Lead, Preferred (quar.)
154 Mar. 16 Feb. 21 to Feb. 24
National Transit (guar.)
750. Mar. 16 Holders of rec. Feb. 28
New York Air Brake (guar.)
134 Mar. 20 Holders of reo. Mar. 20
Nova Scotia Steel & Coal, corn. (guar.)._
14 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
2
Ogilvie Flour Mills, Ltd., pref. (guar.)._ _ _
13-4 Mar. 2 Holders of rec. Feb. 18
Ohio Oil (guar.)
$1.25 Mar. 20 Feb. 25 to Mar. 9
Extra
75e. Mar.20 Feb. 25 to Mar. 9
Ontario Power Co. (guar.)(No.6)
134 Mar. 2 Holders of rec. Feb. 21
Pennsylvania Water dv Power Wu .)(No.1 1
April 1 Holders of rec. Mar. 16
Peoples Gas Light & Coke (guar.)
Feb. 25 Jan. 21 to Feb. 10
2
Philadelphia Electric (guar.)
39340. Mar. 14 Holders of rec. Feb. 21
Pittsburgh Brewing, common (quar.)_ Feb. 28 Feb. 204 to Mar. 1
1
Preferred (guar.)
13-4 Feb. 28 Feb. 204 to Mar. 1
Pittsburgh Steel, pref. (guar.)
134 Mar. 2 Holders of rec. Feb. 19a
Porto-Rican-American Tobacco (quar.)-- 51
Mar. 5 Holders of rec. Feb. 14
Pressed Steel Car, corn. (guar.) (No. 20)
Mar. 11 Feb. 19 to Mar. 10
Pressed Steel Car, pref. (guar.)
134 Feb. 25 Feb. 5 to Feb. 24
Pure oil ((Mar.)
Mar. 1 Feb. 1 to Feb. 28
Quaker Oats, common (guar.)
24 April 15 Holders of rec. April la
Preferred (guar.)
1% May 29 Holders of reo. May la
Quaker Oats, preferred (guar.)
1% Feb. 28 Holders of rec. Feb. 2a
Republic Iron & Steel, pref. (qu.) (No. 46) 13' Apr. 1 Holders of rec. Mar. 17
Southern Pipe Line (guar.)
Mar. 2 Holders of rec. Feb. 16
8
South Penn Oil (guar.)
Mar. 31 Mar. 8 to Mar. 31
3
Extra
Mar. 31 Mar. 8 to Mar. 31
2
Standard Oil (California) (guar.)
2% Mar. 16 Holders of rec. Feb. 2a
Standard Oil (Indiana) (guar.)
Mar. 1
Feb. 28 Feb. 3 to
3
Extra
Feb. 28 Feb. 3 to Mar. 1
4
Standard 011 (Kansas) (guar.)
3
Feb. 28 Feb. 12 to Feb. 28
Extra
7
Feb. 28 Feb. 12 to Feb. 29
Standard Oil of New Jersey (guar.)
Mar. 16 Holders of rec. Feb. 20a
5
Standard'011 of New York
Mar. 16 Holders of rec. Feb. 240
2
Standard Oil of Ohio (guar.)
3
Apr. 1 Holders of rec. Mar. 6
Extra
3
Apr. 1 Holders of rec. Mar. 6
Stern Brothers, pref. (quar.)(No. 13)
13-4 Mar. 1 Feb. 17 to Mar. 1
Studebaker Corporation, pref. (quar.)_ _ _
1,4 Mar. 1 Holders of rec. Feb. 200
Union Carbide (quar.)
2
April 1 Mar. 18 to
April 7
Union Tank Line (No. 1)
254 Mar. 25 Holders of roc. Mar. 4
United Cigar Mfrs., pref. (guar.)
154 Mar. 2 Holders of rec. Feb. 24a
United Cigar Stores, pref. (qu.) (No. 6)... 13-1 Mar, 16 Mar. 3 to Mar. 16
United Dry Goods Cos., pref. (guar.)._
134 Feb. 28 Holders of ree. Feb. 20a
U. S. Envelope, common
3% Mar. 2 Feb. 14 to Mar. 15
Preferred
3% Mar. 2 Feb. 14 to Mar. 15
U. S. Gypsum, pref. (guar.)
145 Mar. 30 Mar. lb to Mar. 30
U. S. Steel Corporation, corn. (quar.)
134 Mar. 30 Mar. 3 to Mar. 10
Preferred (guar.)
134 Feb. 27 Feb. 3 to Feb. 24
Utah Consolidated Mining
Mar. 21 Holders of rec. Feb. 28
SI
Wite (J.G.) Engineering Corp., pt.(qu.) 13-4 Mar. 1 Holders of rec. Feb. 20
White (J. G.) Management Corp..pf.(qu.) 13' Mar. 1 Holders of rec. Feb. 18
Woolworth (F.W .). corn. (qtr.) (No. 7).
134 Mar. 2 Holders of rec. Feb. 10a
Woolworth(F. W.) ,pref. (guar.)
13•4 April 1 Holders.of rec. Mar. 100
a Transfer books not closed for this div dead. b Less income tax. 4 Correction.
!Payable in stock. ti On account of accumulated dividends. I Payable in scrip.
r Payable in common stock. a A distribution of Baltimore & Ohio stock to be
made, viz., $12 par value of 13. & 0 preferred and 822.50 par value B. dr 0. common
for each share of Union Pacific common stock held. I Declared b% payable In
quarterly Installments
u Declared 3% payable In quarterly installments
v Declared 7% payable In quarterly Installments.
-Name of Company.
Canadian Bank Clearings.-The clearings for the week
ending Feb. 14 at Canadian cities, in comparison with the
same week of 1913, show a decrease in the aggregate of
11.2%.
Week ending Feb. 14.
Clearings at1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Calgary
Ottawa
Edmonton
Quebec
Victoria
Hamilton
Regina
Halifax
Saskatoon
London
St. John,
Moose Jaw
Fort William
Brantford
New Westminster
Brandon
Lethbridge
Medicine Hat
Total Canada
53,470,111
39,126,123
19,885,943
7,886,707
3,154,840
3,482,640
3,238,276
2,835,934
2,549,926
2,534,555
1,663,183
1,612,248
1,048,124
1,521,521
1,279,035
741,544
642,428
602,240
354,079
436,930
381,794
406,125
1913.
$
53,991,475
38,430,766
24,989,865
11,729,678
5,012,110
3,144,051
3.664,909
3,510,887
3,437,771
2,924,156
5,731,640
1,826,130
1,745,366
1,565,253
1,430,193
1,035,518
914,935
620,402
522,925
470,780
466,633
Inc. or
Dec.
1912.
I
1011.
$
-1.0 42,764,522 40,253,772
+1.8 34,552,407 32,549,169
-20.4 22,606,187 15,285,942
-32.8 10,602,790 9,324,568
-37.1 4,235,765 2,577,922
+10.8 3,808,780 3,645,356
-11.6 4,120,432 3,309,534
-19.2 2,266,462 2,036,602
-25.8 2,951,180 2,400,002
-13.3 2,628,682 1,709,750
939,834
-70.0 1,713,341
-11.7 1,500,062 1,334,961
866,802
-40.0 1,558,744
-2.8 1,329,937 1,175,785
-10.6 1,403,002 1,176,036
900,660
-28.4
470,297
812,108
29.7
-2.9
478,558
399,377
-32.1
-7.2
435,670
471,453
-18.2
548,417
399,211
Not Inc luded in tot al
148,448,181 187,166,440 -11.2 141,222,606 120,326,971
FEB. 21 1914.]
THE CHRONICLE
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
INSOLVENT NATIONAL BANK.
2,490—The First National Bank of Pensacola, Fla., was placed in the
hands of a receiver January 22 1914.
8,305—The Americus National Bank, Americus, Ga., was placed in the
hands of a receiver Feb. 3 1914.
RESUMPTIONIOF BUSINESS.
7.911—The Marion Nation-al Bank, Marion, Kan., which was closed
On Jan. 12 1914, reopened and resumed business on Jan. 26 1914.
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent.
34 Standard Cons. Mining Co_ _$4 lot
19 Ward Mfg. Co., $50 each
$3 lot
5 Chelsea Exchange Bank
145
39 Bank of No. Amer. (In liq.)_- - 1651
150-15,000 interest in Franklin Tr.
Co. syndicate
$76 lot
500 Brooklyn City RR Co
170
100 L. Martin Co., $50 each
60
Per cent.
Bonds.
$191,000 Valler-Montana L. & W.
$10,000 lot
Co. 1st Series A 6s
$30,000 Tenn. Eastern Elec. Co.
1st 5s, 1943,int. pd. to Feb.'14._ 77
$20,000 Tenn. Eastern Elec. Co.
1st 5s, 1943, int, pd. to Aug.'15__ 69
$16,896 Tenn. Eiu3te n Elec. Co.
$10,000
6% notes, 1914
By Messrs. Francis Hensha,w & Co., Boston:
Shares.
2 National Shawmut Bank
2 Pepperell Mfg. Co
5 Fall River Gas rights
Per cent.
$ per sh. Bonds.
$289,000 Imperial Mach. Stamping
210
& Welding Co. 1st 8s, 1919_535,000 lot
290
9A
By Messrs. R. L. Day & Co., Boston:
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits. R serve.
Average. Average. Average. Banks. Average.
$
$
$
$
$
$
%
Brooklyn
3,659,4 23,442,0 2,251,0
750,0 3,292,0 19,000,0 15.7+14.7
14,462,9 111,528,0 11,939,0
Bankers
116,0 25,416,0 79,627,0 15.1+24.1
H.S. Mtg.& T 4,350,4 34,205,0 4,090,0
336,0 5,474,0 29,455,0 15.0+15.4
1,152,7 20,104,0 2,054,0
Astor
38,0 2,260,0 13,801,0 15.1+13.7
Title Gu.& Tr. 11,614,4 30,967,0 2,083,0
964,0 6,985,0 18,951,0 15.9+26.6
Guaranty
23,827,2 168,689,0 18.222,0 1,085,0 26,858,0 99,477,0 19.4+21.2
Fidelity
1,362,9 7,289,0
650,0
244,0
772,0 5,661,0 15.7+10.9
Law.T.I.& Tr. 5,463,4 16,350,0 1,493,0
269,0 1,829,0 11,634,0 15.1+13.5
Col.-Knicker
7,153,7 45,869,0 5,207,0
560,0 4,736,0 38,857,0 14.8+10.8
People's
1,544,5 15,540,0 1,746,0
373,0 2,263,0 14,038,0 15.0+13.8
12,015,2 44,504,0 3,986,0
New York
353,0 6,574,0 29,394,0 14.4+18.2
Franklin
1,179,3 10,928,0 1,045,0
153.0 1,058,0 7,742,0 15.4+11.5
Lincoln
545,9 10,070,0 1,157,0
217,0 1,353.0 8,865.0 15.4+13.2
Metropolitan
6,721,5 21,804,0 2,129,0
9,0 3,504,0 13,598,0 15.7+20.3
Broadway....
827,7 12,753,0 1,312,0
571,0 1,694,0 12,352,0 15.2+12.0
Totals, average 95,881,1 574,042,0 59,344,0 6,038,0 94,068,0 402,452,0 16.2+18.9
Actual figures Feb. 14 580,917,0 55,199,0 6,045,0 94,322,0 397,677,0 15.4+19.1
The capital of the trust compan es is as follows: Brooklyn, $1,000,000; Bankers'.
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee dc Trust, $5,000,000; Guaranty, 510,000,000; Fidelity, $1,000 000;
Lawyers'Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker.
52000.000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln.
000,000; Metropolitan, $2,000,000; Broadway. 31,000,000; total. $45,250,000. $1.SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
$ per sh. Shares.
Shares.
22 Waltham Watch Co., pref
5 Arlington Trust Co., Lawrence.125
290
30 State Street Exchange
2 Pepperell Mfg. Co
80
34 Arlington Mills
$ per sh•
99
75
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
10 Cont.-Equit. Tr. Co., $50 each 98
40 Logan Trust Co
124
4 Land Title & Trust Co
508
25 Real Estate Trust Co., corn
37
150 Delaware Ins. Co.,$25 each.... 654
25 Nor. Liberties Gas Co.,$25 ea_ 403j
21 Nat. Bank of Germantown.$50
each
141k
4 Lykens V.RR.& Coal Co.,$20
each
15
2 Centennial National Bank_ _ _ _281
1 Nat. Bank of Nor. Liberties.._243
2 Diamond Coal Land Co
15%
2 Philadelphia Warehouse Co_ 130
5 Corn Exchange Nat. Bank__ 273
5 Bank of North America
270%
10 Fidelity Trust Co
615
589
Shares.
$ Per sh.
13 Germantown Tr. Co____273%-273%
3 Girard Trust Co
905A
1 Provident Life & Trust Co_
850
4.1594 Ins.Co.of State of P._100%-104
3 Reliance Ins. Co., v. t. c
413.
3 Mt. Holly L.& M.RR.,$50ea. 50
20 Ridge Avenue Pa.ssenger
_245
41 Amer.Pipe & Constr. CO.
Ry_40X-483i
35 American Dredging Co
98-102
3 Penn. Academy of Fine Arts__ 25
100 Pratt Food Co., El each
3
100 Kimberly Consol. Mines Co.,
15c.
$1 each
Bonds.
Per cent.
$2,200 No. Springfield Water Co.
5s, 1928
90-9034
$500 Springfield Water Co. 5s, 1926 91
Week
ending
Feb. 14.
Capital. Surplus.
Loans.
Specie.
Legal
Tenders.
On Dep.
C.H.
Net
Banks. Deposits.
Averages.
$
$
$
$
$
$
$
Banks ___ 133,650,0210,201,01,450,792,0337,131,0 74,410,0
1,511,976,0
Trust cos_ 46,250,0 95,881,1 574,042,1 59,344,0, 6,038,0 94,068,0 402,452,0
Total... 179,900,0306,082,12,024,834,0396,475,01
Actual
Banks
1,452,614,0340,350,0
Trust cos_
580,917,0 55,199,0
,
Total..
.
2,033,531,0,395,549,0
i
80,448,0 94,068,01,914,428,0
76,018,0
11,519,960,0
6,045,0 94,322,0; 397,677,0
82,063,0 94,322,0,1,917,637,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
By Messrs. Samuel T. Freeman & Co., Philadelphia:
distinguish between the results for New York City (Greater
Shares.
$ per sh,
$ per sh.I Shares.
5 Amer. Pipe & Construction._ _ 483.1 I 6 Fire Association, $50 each
3263.( New York) and those for the rest of the State, as per the
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
Companies.—T
Trust
he detailed statement below
and
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V. 86, p. 316.
members for the week ending Feb. 14. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
State Banks.
Trust Cos.
State Banks.
Trust Cos.
Week ended February:14.
in
are also given:
in
outside of
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. F.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
$
$
$
$
22,900,000
68,400,000 *10,528,000 *10,150,000
banks, and V.92, p. 1607, in the case of the trust companies. Capital as of Dec. 9
Surplus as of Dec. 9
DETAILED RETURNS OF BANKS.
IVe omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital. Surplus.
Loans.
Average.
New York._ _
2,000,0 4,311,0
Manhattan Go 2,050,0 5,090,3
Merchants'_ _ _
2,000,0 2,136,4
Mech. & Met_ 6,000,0 8,724,2
America
1,500,0 6,475,8
City
25,000,0 32,388,8
Chemical,
3,000,0 7,683,3
600,0
Merch. Exch.
527,7
117,1
300,0
Butch.& Drov
Greenwich
500,0 1,119,1
American Ex. 5,000,0 4,661,8
25,000,0 16,417,7
Commerce
995,6
Pacific
500,0
2,250,0 1,356,3
Chat.& Phen
478,0
200,0
Hanover
3,000,0 14,840,8
Citizens' Cent
2,550,0 2,418,3
Nassau
1,000,0
400,0
Market et Milt 1,000,0 1,932,0
Metropolitan
2,000,0 1,856,5
Corn Exchange 3,000,0 5,934,6
Imp.& Trad_ _
1,500,0 7,764,8
Park
5,000,0 14,419,4
East River...
250,0
55,4
Fourth
5,000.0 5,543,2
Second
1,000,0 2,823,1
First
10,000,0 22,337,1
Irving
4,000,0 3,451,6
Bowery
250,0
779,0
N.Y.County_
500,0 1,955,2
German-Amer.
750,0
700,7
Chase
5,000,0 9,819,3
Fifth Avenue_
100,0 2,233,3
German Exch.
200,0
833,7
Germania....
200,0 1,021,5
1,000,0 1.723,7
Lincoln
1,000,0 1,278,7
Garfield
250,0
496,9
Fifth
1,000,0 2,345,2
Metropolis
200,0
883,5
West Side....
1,000,0 2,555,7
Seaboard
Liberty
1,000,0 2,758,6
908,6
N. Y.Prod.Ex
1,000,0
561,7
State
1,000,0
Security
379,0
1,000,0
577,4
Coal & Iron.. 1,000,0
995,5
Union Exch.. 1,000,0
Nassau, Bklyn
1,000,0 1,133,0
22,443,0
40,500,0
21,397,0
59,587,0
26,114,0
191,100,0
28,902,0
6,912,0
1,899,0
9,601,0
45,156,0
142,812,0
5,179,0
19,510,0
2,108,0
79,943,0
23,645,0
10,677,0
9,291,0
11,348,0
63,983,0
28,445,0
94,237,0
1,430,0
32.349,0
14,055,0
121,283,0
40,757,0
3,240,0
8,539,0
4,139,0
100,224,0
13,731,0
3,305,0
4,850,0
14,540,0
9,379,0
3,897,0
12,839,0
4,022,0
25,911,0
24,340,0
9,221,0
18,686,0
11,449,0
6,515,0
9,618,0
7,684,0
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
4,675,0
811,0
12,849,0 1,441,0
4,625,0
842,0
11,631,0 2,644,0
4,447,0 2,005,0
43,761,0 10,578,0
4,794,0 1,934,0
1,506,0
253,0
440,0
62,0
2,540,0
190,0
10,057,0 1,965,0
31,217,0 8,182,0
610,0
658,0
3,228,0 1,790,0
456,0
148,0
21,374,0 1,836,0
5,606,0
611,0
2,375,0
892,0
1,587,0
968,0
2,557,0
253,0
12,696,0 6,290,0
4,551,0 2,007,0
22,660,0 2,649,0
327,0
111,0
6,092,0 2,580,0
136,0
3,056,0
31,238,0 1,839,0
7,897,0 2,851,0
72,0
795,0
774,0
1,549,0
217,0
838,0
33,208,0 5,547,0
3,000,0 1,017,0
381,0
561,0
255,0
1,231,0
728,0
2,960,0
300,0
2,556,0
792,0
271,0
957,0
2,317,0
866,0
326,0
6,412,0 2,137,0
6,603,0 1,209,0
2,571,0
296,0
5,755,0
411,0
2,518,0 1,120,0
879,0
792,0
1,945,0
350,0
1,466,0
205,0
$
21,034,0
49,460,0
21,728,0
57,258,0
25,701,0
188,528,0
25,453,0
6,946,0
1,908,0
10,801,0
45,372,0
131,895,0
5,030,0
19,853,0
2,451,0
90,051,0
23,318,0
12,080,0
9,368,0
11,209,0
75,417,0
26,297,0
98,843,0
1,781,0
33,739,0
12,842,0
110,067,0
42,383,0
3,458,0
8,977,0
4,002,0
124,040,0
15,693,0
3,730,0
5,629,0
14,634,0
10,093,0
4,173,0
12,828,0
4,740,0
30,893,0
27,915,0
10,906,0
24,359,0
13,903,0
6,545,0
9,558,0
6,387,0
26.0
28.8
25.1
25.0
25.1
28.8
26.4
25.3
26.3
25.2
26.4
29.9
25.1
25.2
24.6
25.6
26.6
27.0
27.0
25.0
25.1
25.0
25.6
24.5
25.7
25.0
27.7
25.3
25.0
25.8
26.8
31.2
25.9
25.2
26.4
25.2
28.2
25.4
25.5
25.1
27.6
27.9
26.2
25.2
26.1
25.5
24.0
26.1
Totals,average 133,650,0 210,201,0 1450,792,0 337,131,0 74,410,0 1511,976,0 27.2
Actual figures Feb. 14.
1452,614,0 340,350,0 76,018,0 1519,980,0 27.3
Circulation.—On toe basis of averages, circulation of nai lanai banks In the clearing-House amounted to $43,253,000,and according to actual figures was $43,215,000.
Loans and investments
Change from last week_
39,080,200
163,600,500
*13,729,425
*11,436,248
321,535,200 1,026,143,700
—2,940,000 +5,989,000
123,312,600
—2,300
177,310,400
+200
129,997,300
—155,400
188,375,100
—337,500
128,626,500
—852,200
24,348,300
+241,100
26,690,200
+287,600
17.2%
17.0%
20.0%
19.9%
15.3%
15.1%
64,448,600
Specie
Change from last week_ —14,599,800
Legal-tender SE bk. notes_
Change from last week_
20,811,500
—3,731,600
109,411,800
—347,200
9,443,500
—456,600
Deposits
376,035,500 1,171,655,000
Change from last week_ —22,684,400 +17,047,900
Reserve on deposits
104,973,100
Change from last week_ —19,124,500
P. C. reserve to deposits_
Percentage last week
28.7%
31.9%
-1- Increase over last week. — Decrease from last week. •As of Sept.9 1913.
Note.—"Surplus Includes" all undivided profits. "Reserve on deposits" Includes
for both trust compAntes and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to le.
cation as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust gor it by any public department
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Reserve Required for Trust Companies:
Total
Of
Total
Of
and State Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. its Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches In Manhattan)15%
10%
15%
7A %
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan...15%
15%
15%
15%
Cities of the first and second class
10%
5%
---Cities of the third class and villaget
10%
3%
Elsewhere in State
15%
1-3%,
Tho Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater New York, not in the ClearingHouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
THE CHRONICLE
590
[VoL. xovni.
Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
Philadelphia:
thus affording an aggregate for the whole of the banks and and
We omit two ciphers (00) in all these figures.
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks and Total of at
Members.
Members. Trust Cos. Not Banks &Trust
ActualFigures Average. in C.-H. Aver, Cos, Average.
Week ended Feb. 14-
$
iNational banks
Jan. 13 and
Capital
State banks
Surplus
Dec.9
179,900,000
$
$
$
179,900.000
306,082,100 306,082,100
29,600,000
209,500,000
74,202,600
380,284,700
Loans and investments__ 2,033,531,0002,024,834,000
Change from last week +17,250,000 +8,490,000
530,123,200 2,554,957,200
-1,190,100 +7,299,900
1,917,637,0001,914,428,000
Deposits
Change from last week +2,367,000 -9,952,000
a541,129,800 2,455,557,800
+1,426,000 -8,526,000
Specie
Change from last week
395,549,000 396,475,000
-1,782,000 +2,300,000
58,212,400
+556,500
454,687.400
+2,856,500
Legal-tenders
Change from last week
82,063,000
+1,332,000
80,448,000
+694,000
b8,162,200
-160,900
88,610,200
+533,100
Banks: cash in vault
Ratio to deposits
416,368,000 411,541,000
27.21%
27.39%
12,899,100
14.16%
424,440,100
Trust cos.: cash in vault.
65,382,000
53,475,500
118,857,500
Aggete money holdings__
Change from last week
477,612,000 476,923,000
-450,000 +2,994,000
66,374,600
+395,600
543,297,600
+3,389,600
Money on deposit wit.
other bks. & trust cos_
Change from last week
94,322,000
+3,094,000
Total reserve
Change from last week
61,244,000
94,068,000
+9,810,000
20.123,300 114,191,300
+378,400 +10,188,400
571,934,000 570,991,000
+2,644,000 +12,804,000
86,497,900 657,488,900
+774,000 +13,578,000
Surplus CASH reserv
Banks (above 25%)
Trust cos.(above 15%)
36,378,001
1,592,451
33,547,000
5,014,200
Total
Change from last week
37,970,451
-2,097,550
38,561,200
+4,045,600
% of cash reserves of t
t cos15.40%
Cash in vault
Cash on dep. with bks_
19.17%
16.24%
18.94%
15.30%
1.84%
35.18%
17.14%
Total
34.57%
Banks.
Capital
and
Surplus.
Loans.
Specie.
Boston.
Dec. 27_
Jan. 3.
Jan. 10..
Jan, 17.
Jan. 24_
Jan. 31_
Feb. 7_
Feb. 14..
$
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
225,785,0
226,128,0
224,195,0
221,163,0
220,958,0
224,639,0
226,601,0
226,505,0
22,567,0
24,116,0
26,007,0
28,817,0
30,265,0
28,852,0
29,010,0
28,068,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
372,114,0
372,915,0
378,257,0
378,039,0
378,919,0
382,764,0
383,250,0
384,672,0
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
27.
3_
10.
17
24_
31_
7.
14_
Legals. Deposits.
a
3,942,0
4,135,0
4,015,0
3,889,0
3,734,0
3,669,0
3,632,0
3,818,0
Circu!talon.
251,161,0 9.734,0
259,038,0 9,713,0
254,529,0 9,760,0
270,994,0 9,671,0
268,555,0 9,719,0
269,736,0 9,805,0
271,461,0 9,842,0
269,530,0 9,845,0
*417,722,0
*432,374,0
*432,744,0
*440,403,0
*440,564,0
*440,820,0
*444,845,0
*449,953,0
88,096,0
96,405,0
99,083,0
106,249,0
106,931.0
104,278,0
106,469,0
109,466,0
Clearings
11,281,0
11,435,0
11,504,0
11,527,0
11,487,0
11,416,0
11,432,0
11,435,0
120,448,0
174,091,2
160,082,7
181,512,5
164,445,3
169,792,5
180,830,2
146,717,2
155,404,1
175,589,5
177,524,7
171,881,9
168,330,7
157,577,5
173.867.8
130,882,3
a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $1,585,000 on February 14, against 21,562.009
on February 7.
* "Deposits'?. now include the item "Exchanges for Clearing House," which were
reported on February 14 as $14,820,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 14; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
1913.
1914.
Dry goods
General merchandise
$2,945,004
17,462,211
$3,321,821
11,464.157
Total
Since January 1.
Dry goods
General merchandise
1912.
1911.
22,847,6181
16,491,8231
$3,210,171
14,385.839
214,785,982 $20,407,215 $19,339,441 $17,596,010
$28,724,673 $24,039,854 $22,527,801 $23,503,303
99,244,552 116,215,018 109,951,540 93,058,821
$127,969,225 $140,254,872 $132,479,341 $116,562,124
Total 7 weeks
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. 14 and from Jan. 1 to date:
+ Increase over last week. -Decrease from lase week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $820,021,900, an increase of 24,180,500 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK.
1913.
1914.
1911.
1912.
$19,011,234 $16,510,822 $15,622,977 $13,110,471
119,413,507 125,286,309 101,924,018 90,215,733
For the week
Previously reported
The averages of the New York City Clearing-Housel banks
Total 7 weeks
$138,424,741 2141,797,131 $117,546,995 $103,362,204
and trust companies, combined with those for the State banks
The followng table shows the exports and imports of
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past: specie at the port of New York for the week ending Feb,14
and since Jan. 1 1914, and for the corresponding periods In
1913 and 1912:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Deposits.
Specie.
Legals.
Tot Money EntireRea
Holdings. onDepost
$
2,231,664,7
2,233,530,2
2,253,989,0
2,272,039,9
2,296,438,0
2,341,392,0
2,402,297,1
2,455,935,2
2,464,083,8
2,455,557,8
$
371,901,5
378,490,1
376,316,8
378,264,7
394,487,1
417,505,6
440,760,3
454,411,7
451,830,9
454,687,4
$
87,276,4
86,700,8
86,878,1
89,333,2
91,954,3
96,094,8
91,638,2
89,162,0
88,077,1
88,610,2
2
459,177,9
465,190,9
463,194,9
467,597,9
486,441,4
513,600,4
532,398,5
543,573,7
539,908,0
543,297,6
Loans and
Week Ended- Investments
Dec. 13____
Dec. 20____
D430. 27____
3____
Jan.
Jan. 10____
Ian. 17_
Jan. 24____
Jan. 31____
Feb. 7__-Feb. 14____
$
2,407,434,3
2,401,991,7
2,416,845,4
2,428,218,3
2,427,088,8
2,445,960,7
2,484,152,4
2,528,843,0
2,547,667,3
2,554,957,2
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
2
518,144,1
527,023,1
525,019,1
534,704,(
552,585,1
587,6224
613,389,€
637,705,1
643,910,9
657.488.0
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Feb. 14, based on average daily
results:
We omit two ciphers (00) in all these figures.
Banks.
Capt.tat.
Surplus.
Legal
On
Loans.
Tender Deposit
Disets
with
and
Specie. and
Net
Bank
C.-II. Deposits.
InsetsNotes. Banks.
ments.
New York City.
2
2
$
2
Manhattan and Bronx.
Washington Heights_ 100,0
362,6 1,501,0 155,0
112.6 1,630,0 350,0
Battery Park Nat.__ 200,0
500,0
500,2 6,279,0 591,0
Century
.. 400,0
Colonial
708,3 6,604,0 1,041,0
300,0
Columbia
742,7 6,339,0 665,0
200,0
182,6 1,088,0
Fidelity
57,0
Mutual
200,0
486,0 5,146,0 569,0
200,0
314,5 3,332,0 375,0
New Netherland
Twenty-third Ward_ 200,0
108,9 1,776,0 231,0
100,0
Yorkville
507,4 4,300,0 542,0
Brooklyn.
_, 300,0
688,2 3,736,0 379,0
First National
Manufacturers.Nat.._ 252,0
943,0 5,895,0 714,0
1,000,0
503,4 9,581,0 1,257,0
Mechanics.
300,0
National City
589,1 4,602,0 555,0
200,0
191,9 2,764,0 186,0
North Side
Jersey City.
400,0 1,405,3 4,116,0 285,0
First National
Hudson County Nat_. 250,0
835,1 3,023,0 173,0
_ 200,0
Third National
445,8 2,536,0 103,0
Hoboken.
220,0
First National
681,4 4,666,0 264,0
125,0
Second National
294,2 3,477,0 193,0
$
$
98,0
189,0
63,0
153,0
326,0
447,0
223.0 1,190,0
727,0
507,0
131,0
162,0
400,0
754,0
348,0
125,0
332,0
110,0
998,0
332,0
$
1,231,0
1,755,0
6,258,0
6,754,0
7,309,0
1,036,0
5,377,0
3,425,0
1,944,0
4,804,0
51,0
746,0 3,076,0
75,0
647,0 5,360,0
628,0 2,103,0 11,437,0
915,0 4,577,0
110,0
422,0 2,858,0
191,0
278,0 2,583,0
741,0
63,0
646,0
145,0
49,0
61,0
477,0
561,0
3,063,0
1,596,0
1,290,0
1,726,0
1,324,0
Totals Feb. 14- 5,847,0 10,603,2 82,391,0 8,685.0 4,087,0 15,020,0 76,200,0
5,847,0 10,603,2 82,197,0 8,401,0 3,924,0 14,784,0 75,943,0
Totals Feb. 7
5,847,0 10,603,2 81,915,0 8,580.0 3,885,0 14,317,0 76,098,0
Totals Jan. 31
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
Week.
Since Jan. 1
22,001,904 $10,031,382
300,000
150,020
66,500
$2,518,424 211,256,700
4,035,000 24,137,678
34,976 10,128,536
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countires
$48,367
728,298
350,020
146,500
500
$440
936
33,092
28,591
$63,059 $2,087,086
494,545 2,310,743
456,510 2,922,814
$749,708 $3,703,257
611,842
36,000
293
14,780
90,000
$3,170
47,161
89,696
316,950
2890,781 $4,768,906
1,229,038 6,920,882
1,531,208 6,350,212
Total 1914
Total 1913
Total 1912
716,380
574,775
523,585
223,973
153,322
32,328
120,624
$3,341
13,359
6,781
958,674
292,515
302,660
2309,444 $1,577,330
243,252 1,516,445
62,385 1,638,284
Of the above imports for the week in 1914, $9,000 were
American gold coin and $1,600 American silver coin.
anting and financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds,
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
Albany
White, Weld & Co.
Bonds and Investment Securities.
THE ROOKERY 111 DEVONSHIRE STREET
BOSTON
CHICAGO
14 WALL STREET
NEW YORK
THE CHRONICLE
FEB. 211914.1
Ilan'has'
tli antic.
Wall Street, Friday Night Feb. 20 1914.
The Money Market and Financial Situation.—By far
the most prominent influence of the week in the security
markets have been reports from Washington as to the propability of a decision by the Inter-State Commerce Commission in the matter of an advance in freight rates asked for
by the Eastern railways. On Monday the Commission further suspended the 5% increase in freight rates un il Sept. 12.
As a result prices declined rather sharply at the Stock
Exchange on liberal offerings. Later, announcement wa:s
made that President Wilson is not only in favor of, but, is
using his influence with the Commission for, an earlier decision and this stopped the decline mentioned. The market
has, however, shown almost no recuperative power and no
enthusiasm has developed—a matter which is, of course,
more or less the result of the extreme severity of the season
and the snow blockade.
This lack of enthusiasm is, how ver, not to be wondered
at, in view of the fact that the hopes for an early return to
normal conditions in the business world which prevailed
during the last half of January have not been realized.. Instead, the tendency to a retrograde movement is manifest
in some directions, From.the iron and steel industry it is
reported that the increase pi orders is not progressing as of
late and prices are not as firmly held as a month or so ago.
In this department an absence of orders, directly and indirectly, from the railroads continues to be felt and remarked
upon.
International money market conditions are but little
changed. The Bank of England's gold holdings have been
reduced, but its percentage of reserve is still well above the
average.. There seems to be a constant demand for gold
at the British capital, open market discount rates there have
shown. a hardening tendency and Consols have lost a part
of their recent advance.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1IN@2%. Friday's rates on call were 1%(4)2%.
Commercial paper on Friday quoted 3%@4% for 60 to 90day endorsements and prime 4 to 6 months' single names
and 43 (g,4 % for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £626,834 and the percentage of reserve
to liabilities was 52.06, against 53.46 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 16,003,000 francs
gold and a decrease of 2,009,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
•
I
1
1913.
Averages for
week ending
Feb. 14.
Differences
from
previous week.
1913.
Averages for
week ending
Feb. 15.
1912.
Averages for
week ending
Feb. 17.
$
$
$
$
Capital
133,650,000
133,650,000 135,150,000
Surplus
210,201,000
204,943,000 198,340,600
Loans and discounts__ 1,450,792,000 Inc. 1,069,000 1,386,165,000 1,418,859,000
•
Circulation
1
43,253,000 Inc.
37,000
46,286,000
50,733,000
Net deposits
1,511,976,000 Inc. 4,412,000 1,396,795,000 1,482,480,000
Specie
337,131,000 Inc. 3,001,000 279,970,000 325,445,000
Legal-tenders
747,000
74,410,000 Inc.
75,753,000
79,819,000
Reserve held
25% of deposits
411,541,000 Inc. 3,748,000
377,994,000 Inc. 1,103,000
355,723,000
349,198,750
405,264,000
370,620,000
Surplus reserve
6,524,250
33.547.000 Inc. 2,645,000
34,644.000
Note.—The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.—With firmer discounts in London,
sterling exchange has advanced throughout the week. An
additional shipment of $2,000,000 was made to Paris, making
$12,000,000 thus far since the year began.
To-day's (Friday's) actual rates for sterling exchange were 4 837504 84
for sixty days, 4 858504 8595 for cheques and 4 8604 8610 for
cables.
Commercial on banks 4 82%04 8334 and documents for payment 4
824
04 83%. Cotton for payment 4 82%04 83 and grain for payment
4 83%04 83%.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 8434 for sixty days and 4 863. for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 2134 ©
5 2134 plus 1-16 for long and 5 18% less 1-3205 18% for short. Germany
bankers marks were 94 9-16094% for long and 95095 plus 1-32 for short.
Amsterdam bankers' guilders were 40 26,040 28 for short.
Exchange at Paris on London, 25 fr. 21c.; week's range 25 fr. 2134c.
high and 25 fr. 18%c. low.
Exchange at Berlin on London, 20 m. 4534 pf.; week's range 20 m.
46 of. high and 20 m. 4434 pf low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cables.
Cheques.
High for the week-- 4 84
4 8615
4 8595
Low for the week___ 4 8350
4 8555
4 8535
Paris Bankers' Francs—
High for the week__ 5 2034
5 1834 less 1-16 5 1834
Low for the week__ _ 5 2134
5 1834 less 1-32 5 1834 less 7-64
Germany Bankers' Marks—
6
High for the week___
94%
05 1-16
9534
Low for the week..__
9434
95 less 1-64 95 1-16 less 1-64
Amsterdam Bankers' Guilders—
High for the week__
40 plus 1-16
40 5-16 less 3-32 40 5-16
Low for the week___
40 less 1-16
40.5-16 le,ss 3-32
40%
Domestic Exchange.—Chicago,15c. per $1,000 premium. Boston,par.
St. Louis, Sc. per $1.000 premium bid and 10c. premium asked. San
Francisco, 500. per $1,000 premium. St. Paul, 50c. per $1,000 premium.
Montreal, 3134c. per $1,000 premium. Minneapolis, 60c. per $1,000
premium. Cincinnati, Sc. per $1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board include $565,000 New York 43's at 1083/i to 108%,
591
$14,000 N. Y. Canal 43/2s at 1083 to 108%, $10,000 New
York 4s, 1962, at 1013/2 and $4,000 Virginia 6s deferred
trust receipts at 59.
The market for railway and industrial bonds has been far
less active than last week and the business much more
evenly distributed. Some of the issues then conspicuously
active have been notably so this week and have advanced
to a higher level. We refer especially to Rock Islands,
which have moved up an average of 2 points. Union Pacific,
Southern Pacific, Third Ave. and N. Y. Railways have contributed liberally to recorded transactions, with the result
that both the first named and last are substantially lower.
United States Bonds.—Sales of Government bonds it
the Board include $3,000 4s, coup. at 112%; $10,000 Panama 3s, coup., at 102%, and 81,060 3s, coup., at 1023.
For to-day's prices of all the different issues and for yearly
range see third page following.
Railroad and Miscellaneous Stocks.—The stock mar
ket has again been dull and narrow, manifested both in th
volume of business and the movement of prices. The new
and developments of the week affecting the market hay
indeed, been meagre, and the widespread interest whic
was so prominent last month has been succeeded by a sta
of indifference and apathy quite unusual at this seaso
There has been no important change in the tone of the ma
ket from day to day, and only in the issues of companies
undergoing reorganization, or otherwise especially affected,
has the movement of prices been noteworthy. Among the
latter are Wabash, Rock Island, American Telephone &
Telegraph, General Motors and Am. Ice Securities.
To-day's market has been the least interesting in many
weeks. Several prominent stocks close with net changes
for the day, including St. Paul, Great Northern, Reading,
New Haven and Chesapeake & Ohio, a very unusual record.
Other changes are fractional and about evenly divided between higher and lower. Only 150,000 shares were traded
in, or about one-fourth the recent number during a full session.
For daily volume of business see page 599.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 20.
Sales
for
Week.
Range for Week.
Lowest.
Adams Express
100 91 Feb
Amer Brake Shoe & Fdy
162 9634 Feb
Preferred
451 145 Feb
Am Coal Products, pref.
2010434 Feb
American Express
100 102 Feb
Batopilas Mining
700 $1 Feb
Brunswick Terminal
100 8 Feb
Cent & 8o Amer Teleg
1010934 Feb
Colorado & Southern
100 2634 Feb
Colo & Southern, 1st pref 1,315 57 Feb
Comstock Tunnel
3,50 10c. Feb
Detroit United
'50 73 Feb
Gen Chemical, pref
13010834 Feb
Green Bay & W,deb B
7 12 Feb
Helme (G W), pref
171112 Feb
HomeFtake Mining
134 116 Feb
X C Ft S & Mem,pref._
100 6734 Feb
Long Island
100 35 Feb
N Y Chic & St Louis_ _
300 40 Feb
Southern
Norfolk
30 3834 Feb
Ontario Silver Mining
100 234 Feb
Pettibone-Mulliken
200 27 Feb
Pittsburgh Steel, pref._
100 9234 Feb
Quicksilver Mining
200 2 Feb
13,90017-32 Feb
Sou Pacific rights
United Cigar Mfrs
700 4934 Feb
Preferred
335 103 Feb
United Dry Goods
100 91 Feb
Preferred
10010034 Feb
U S Express
100 5734 Feb
Virginia Iron, Coal & C. 200 50 Feb
Wells, Fargo & Co
150 82 Feb
j
Highest.
Range since Jan. 1.
Lowest.
20 91 Feb 20 91
16 9634 Feb 16 90
1414634 Feb 20 129%
18105 Feb 14 102
17102 Feb 17 100
18 3134 Feb 18 Si
20 8 Feb 20 7%
1810934 Feb. 18 103
20 2634 Feb 20 2634
20 6034 Feb 16 57
16 10c. Feb 18 6c.
17 73 Feb 17 72
1710834 Feb 17 107%
19 12 Feb 19 12
18112 Feb 18 110
17z117 Feb 20 114
20 6734 Feb 20 6514
20 35 Feb 20 28
17 41 Feb 16 37%
19 3834 Feb 19 39%
20 234 Feb 20 234
20 2834 Feb 16 26
16 9234 Feb 16 88
19 2 Feb 19 134
18 11-16 Feb 14 17-32
19 5034 Feb 14 45
14i0334 Feb 19 102
18 91 Feb 18 90
19,100% Feb 19 99%
18' 5734 Feb 18 46
181 51 Feb 20 40
19 82 Feb 19 82
Highest.
Feb 100
Ja. 97%
Jan 146%
Jan 106
Jan 110%
Jan $1%
Jan 8%
Jan 109%
Jan 28%
Feb 62
Jan 10e.
Jan 73
Feb 108%
Feb 14%
Jan 112
Jan 117
Jan 67%
Jan 36
Jan 45
Jab 43
Jan 2%
Jan 29
Jan 93
Jan 2%
Feb 11-16
Jan 50%
Jan 103%
Jan 91
Jan 100%
Jan 63
Jan 51
Feb 91
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Outside Market.—Trading on the "curb" this week was
quiet, weather conditions for a time being unfavorable.
Price changes generally were irregular and,outside the Standard Oil stocks, narrow, though the undertone of the market
was good. Standard Oil (Indiana) on Saturday last jumped
up from 515 to 545 and improved further during the week,
resting finally at 570. Standard Oil (California) moved down
from 325 to 317, but a favorable annual report caused an
advance to 338, the stock reacting to 320 and closing to-day
at 323. Atlantic Refining, after a rise of 14 points to 720,
fell off to 692 and ends the week at 698. Ohio Oil gained 3
points to 163, then dropped to 153, the close to-day being at
160, ex-dividend. • Prairie Oil & Gas sank from 515 to 500,
rose to 529 and finished to-day at 527. South Penn Oil
moved up from 332 to 354 and reacted finally to 347. Standard Oil (Kansas) fell from 479 to 463, but ran up to 501, the
close to-day being at 495. Standard Oil of N. J. lost over
15 points to 4024, recovered to 420 and moved back finally
to 417, ex-div. Standard Oil of Ohio rose over 25 points to
450 and reacted subsequently to 430. Union Tank Line
advanced from 101 to 1033/2, dropped to 94 and ends the
week at 97. The company declared its first dividend this
week—semi-annual, 23/2% per share. United Cigar Stores
common fluctuated between 92% and 923,closing to-day at
the low figure. Tobacco Products pref. sold at 85. KellySpringfield Tire gained 10 points to 60 and closed to-day at
56. In bonds, Canadian Pacific 6% notes ranged between
4, with the close to-day 1033
103% and 1037
%. The new
Cuban 5s eased off from 983% to 983/y and advanced to 99.
In copper shares, Braden was weak, losing over half a point
to 6%. British Columbia weakened from 23% to 23/i and
closed to-day at 23j.
Outside quotations will be found on page 599.
L92
iiew York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stoz!(s usually inactive, see Preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb. 14
londay
Feb. 16
Tuesday
Feb. 17
.Vednesday
Feb. 18
Thursday
Feb. 18
Friday
Feb. 19
Sales of
the
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCIIANGE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
9314 Jan 3 1003 Jan 23
9014 Nov 106% Jan
987g 99
98
9818 8,200 Atchison Topeka & S F__
9838 9714 9812 97i3 98 8 9734 9314 98
96 J'iy 10214 Jan
9712Jan 13 1015 Feb 9
Do prof
350
*1014 10158 .10012 10158 110012 10112 10013 1005 *10012 10112 .101 10112
Jan
23
126
112
Atlantic
J'ne 1333 Jan
Coast
Jan
3
Line
RR_
116
950
12512
.12313
*12434 12534 121 12412 12312 12312 12334 12412 *12313 125
90% J'ne 1065 Jan
88'0 Jan 7 983 Jan 26
9234 9314 9112 92% 9134 9212 9134 934 9214 9234 9212 9232 11,190 Baltimore & Ohio
7714 J'ne
56
Do pre('
88 Jan
18212 8212
7734Jan 6 8338 Jan 29
82
182
08153 83
.8153 83
.8153 8212 *8158 83
9234 May
9213 9273 9218 9212 92
9338 92
9258 9238 9234 9212 9314 21,950 Brooklyn Rapid Transit- 8712Jan 3 9313 Feb 17 28334 .inc
20014 Jan 13 22012 Feb 4 201 Dec 26634 Jan
21473 21714 213 21334 21312 21438 21334 21i14 21434 2155 21414 21458 34,350 Canadian Pacific
Central of New Jersey__ 310 Jan 12 310 Jan 12 275 J'ne 302 Jan
.305 325 *305 325 *305 325 *305 32,3 *305 325 *305 325
6118 illy
80 Jan
5911Jan 5 68 Jan 22
64
6458 20,900 Chesapeake & Ohio
6434 6512 6338 6414 6234 6414 034 6412 6334 65
1018 J'ne
1778 Jan
1134 Jan 3 1412 Jan 24
1312 .131s 1312
430 Chicago Cit West tr ctfs
.1314 1312
1314 1314
1333 1333 1333 1333 .13
23 J'ne
35 Jan
Do prof trust ctfs
2712 Jan 7 33 Jan 27
31
131
3012 3012 1,650
3138 31
3118 3013 31
3112 3112 31
9614
4
Nov
Feb
11814
Jan
1074
3
9918
Jan
11,300
Chicago
Milw
&
St
Paul_
103 10312 102 10212 102 10258 10178 104
103 10334 103 103
Do prof
13911 Jan 15 143 Feb 6 13112 Nov 145 Jan
167
140 140 114018 14018 .138 141 .140 141
.138 140 1140 140
1,150 Chicago & North Western 123 Jan 3 13673 Feb 14 z123 Dec 133 Jan
1364 1367* 113812 13012 .136 137
136 136
13534 136
136 136
Do prof
170 Jan 5 180 Jan 24 17118 Nov 1189 Jan
•171 18114 *173 14114 *172 18114 .171 18114 .171 185 .17114 18114
54 Jan
34/8 Aug
•___ 40 .____ 40 .____ 40 *____ 40
38 Feb 6 40 Jan 5
200 Cleve Cin Chic & St L
33
38
38
38
9434 .lan
60 Oct
Do prof
6112Jan 2 70 Feb 9
72 .65
70
*6413 7018 .66
73 .65
*65
70
*65
70
J'ne
167
Jan
14712
4
Feb
Delaware
&
Hudson__
_
_
Jan
3
1592
2,100
150
158 153
1545 15734 1541 155
155 156
156 15614 .156 159
388 Jan 6 405 Jan 27 380 Dee 445 Jan
100 Delaware Lack & West
*394 396 .392 400 .392 396
395 395 *394 396 .395 400
2318 Jan
.333 J'ne
Denver & Rio Grande... 14 Feb 10 194 Jan 31
20
•1538 20 .16
*15
17
.15
1612 .15
17 .15
17
41 Jan
23 J'ne
Do prof
25 Feb 10 3118Feb 4
1,350
•2673 30
26
26
2534 26
30
26
26
.26
30 .26
3212 Jan
2014 J ne
271.4 Jan 3 3212 Jan 23
314 314 2973 303
2912 3018 2912 3034 304 30% 3014 3013 39,025 Erie
3312 J'ne
4912 Jan
Do 1st preferred.... 427Jan 3 495.j Jan 27
4712 4753 4058 4712 4614 4612 4658 47% 4734 4734 .474 4734 3,200
41 Jan
2814 J'ne
Do 2d preferred
35 Jan 2 4014 Jan 23
100
*3713 3912 3713 374 *37
3814 *3712 39
*3712 3914
38
.37
13253 Jan
1324 1327 13114 13218 1294 13158 1284 13033 12913 1297 12913 12912 44,577 Great Northern pref.... 12514 Jan 3 3343. Feb 4 11512 J'ne
4114 Jan
2512 J'ne
Iron Ore properties
1,300
3314Jan 3 3914 Jan 10
38
.36
38
38
38. *3612 38
.364 38
35% 3714 .36
540 Illinois Central
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
11034 11112
.111 11312 111 11134 *III 112 .11013 11114 *11013 112
195 Jan
123 .1'no
147 Jan 3 1638Jan 24
1513 1512 1538 153
1533 1538 *1514 1512 1514 1512 1514 154 1,450 Interboro-Metrop v t ctf_.
6533 Jan
5934Jan 3 63 Jan 24
45 J'ne
Do prof
6034 6114 2,350
61
61
8133 6112 6078 615* 61
61
6078 61
2833 .I'ly
2438Jan 5 2738Jan 31
2138 Joe
2612 2578 2612 1,500 Kansas City Southern
*2513 2858 257 2614 *2512 2614
2512 257 .25
6112 Jan
56 J'ne
.61
02
400
Do prof
61
58 Jan 12 62 Jan 24
61
*61
6212 .6012 62 .60
6134 61
61
7 May
9 Jan 23
634Feb 10
Lake Erie & Western-1112 Feb
.634 734 .634 8
*634
734 *634 734 .
634 712 *634 712
16 Nov
35 Jan
Do pref
18 Jan 17 2112Jan 23
20
20 .17
*17
20
.17
21
.17
21
*17
20 .17
148 Jan 3 156'4 Jan 23 14114 J'ne 1683 Jan
•15034 15112 1497* 15012 150 1507 150 15134 150 15158 15034 15111 12,100 Lehigh "Valley
1,300 Louisville & Nashville... 13358Jan 3 1417s Jan 19 12614 J'ne 14214 Jan
•136 137
13553 13634 13614 13614 13613 13612 *136 13634 136 137
Manhattan Elevated__ 123 Jan 5 133 Feb 7 El J'ne 13258 Feb
*131 132 .130 133 .130 13212 .13014 133 .131 133 *130 133
12 J ne
2314 Jan
1212Jan 6 1614 Jan 31
Minneapolis & St Louis__
*10
16
*12
16 .12
.12
17
*13
17
.1312 17
17
3313 Jan 6 3512 Jan 22
30 Dee
47 Jan
1)o prof
*30
40
*30
40
*30
40 .30
40 .30
40
40
•30
12412 Jan 14 137 Feb 5 11514 J'ne 14214 Jan
750 Minn St P & 8 S Marie
•13412 13612 13412 13412 134 13453 13334 1341 135 135 .134 136
14212Jan 21 145 Feb 2 131 Nov 1150 Jan
1)o prof
*143 150 .143 150 *143 150 *143 150 *143 150 *143 150
1418 J'nc
2918 Jan
19 Jan 3 24 Jan 26
2114 22
2,000 Missouri Nan & Texas
.2114 217
2134 2178 2113 2112 2118 2114 2114 22
52 J'ne (144 Apr
523IJan 13 60 Jan 30
400
Do preferred
60
59
59
.57
59
59
60
.5812 5914
*59
8034 60
2114 Dee
43% Jan
2378 Jan 7 30 Jan 27
6,260 Missouri Pacific
2612 2612 2612 27
2512 2612 2534 2614 2534 27
264 265o
59 Mch
31 Dee
Nat Rys of Mex 1st prof_
30 Jan 19 34 Feb 6
34 .30
34
34
.30
*30
34
34
*30
.30
33 .30
14 Jan 26
834 Dee
2712 Jan
Do 2(1 preferred
10 Jan 6
*1134 12
.1158 12
.1158 12
•1158 1234 *1158 1212 .1158 12
003 Dec 10934 ilan
883 Jan 13 0653 Jan 31
90
9034 9014 9058 43,512 N Y Central & 1( 11
8912 9018 89
898 894 8934 8914 91
6558 Dec 129% Jan
2
Jan
78
18
Feb
6812
NY
N
11
&
27,866
Hartford__
_
7113 724 7013 7134 6913 7034 6812 7012 6913 69% 6873 6934
2513 J'ne
3378 Jan
900 N Y Ontario Ac Western: 26 Jan 7 31s Jan 23
294 2912 29
29
285 2858 285* 285* 2834 2834 2834 2834
93 J'ne 11312 Jan
9953Jan 9 10534 Feb 4
5,225 Norfolk & Western
10433 10412 10334 10418 10334 104
1037 10412 10413 10412 10413 1045
Aug
47 Feb
8014
19
Jan
7
8518
Jan
23
85
Do
pref._
adjustment
88 .86
.86
8812 .86
8812 188
86
.86
88 .86
8812
109 Jan 2 11813 Feb 4 10134 irne 12258 Jan
11614 1163 116 11618 12,050 Northern Pacific
11612 11634 11513 11612 115 116
115 117
1085* Jan 3 11512Jan 31 Lai Dec 12331 Jan
11034 11234 112 112% 11214 11233 22,681 Pennsylvania
1125* 11234 11112 1125* 11013 112
7713 Dee 101 Jan
83 Jan 6 91 Feb 4
Pittsb Cin Chic & St L__
894 .88
9012 .88
*88
.88
91
.88
91
.88
91
8918
.0 J'ne 1109 Sep
______ 10
Do preferred
*101 108 *101 108 *101 108 *101 108 .101 108 .101 108
17134 1)eo
166% Feb 10 17214 Jan 22 15133 roe
16734 16812 1663 16734 16653 16718 1665 16838 16714 1677o 16714 16778 143,550 Reading
9212 Apr
8212 Jet
3
Jan
88
Jan
8
1st
8712
.88
90
preferred
90
*88
90
*83
90
.88
90 .88
90 .88
J'ne
95 Apr
84
28
Jan
2d preferred
9014 Jan 10 93
.90
92 .00
92
02
.90
.90
92
92
.90
92
.90
247 Feb
115 Oct
612 732
613 714
553Feb 20 165 Jan 23
7
738
658 738
553 614 23,200 Rock Island Company
61s 67o
4434 Jan
Oct
1712
913
Jan
16
25
20
Feb
24,475
Do
1014
preferred
918
934
1012
93
8
978
1038 113
1018 1112 1038 1138
J'ne
1934 Jan
234
15
535Jan
312 Feb 10
*312 4
100 St Louis & San Francisco
*313 4
.34 4
334 334 *312 4
.312 412
59 Feb
13 J'ne
1)o 1st preferred.... 16 Jan 8 1712J1sn 13
20 .15
20 .15
20
20 .15
20 .16
.15
20 .15
29 Jan
J'ne
512
26
934Jan
814
(.714
814
712Jan
8
*7
100
Do
814
2d
preferred
.7
813
812
713 712 *7
*7
3512 Jan
20 Dee
21 Jan 6 2634Jan 26
200 St Louis Southwestern
*2512 264 *2512 2614 *2512 2614 2512 2558 *2318 2614 .2478 2614
75 Jan
5014 Dec
57 Jan 8 05'* Jan 26
6512 .60
100
Do preferred
6512 .60
6512
6512 *60
*64
6512 *00
64
64
2084 Apr
Joe
1412
Feb
5
2
228
1634Jan
Seaboard
2,050
Air
Line
203
4
203
4
2114
8
2114
2113
2072 2112 2012 2058 2034 2114 207
493 Sep
33 J'ne
4534 Jan 2 58 Feb 4
6,064
Do preferred
5434 65
547 54% 5313 5434 5312 5414 537 5513 5413 547
83 Nuy 110 Jan
8813Jan 3 9912Jan 23
9614 968 9534 9614 9534 9618 9512 967s 9618 9634 9614 9612 44,023 Southern Pacific Co
9912 Sep.
884 Nov
9458Jan 2 10518 Jan 31
1,197
Certificates (wh. iss.)_
_
101% 10234 10218 1025 ____
2858 Jan
1918 J'ne
3 2811 Feb 4
iil; "iiiis 163-4 -2618 261 2613 27 2634 27 2634 li 8,200 Southern v tr ctfs stmpd. 227 Jan
8112 Melt
72 rile
1)o preferred do
75 Jan 3 8514 Feb 4
8312 18353 835* 84
8418 1,890
8313 8312 8312 83
8412 83
, 84
Jan
2253
J'ne
Jan
104
21
1634
5
Jan
1312
600
Texas
&
.14
16
155
1558
*1473
1534
Pacific
16
1512 .14
• 1534 1534 15
43% Sep
2778 J'ne
4113 Jan 29 4534 Jan 13
44
4334 4414 44
44
44
4412 6,175 Third Avenue (N Y)....._
4313 4412 44
' 4434 45
13 Jan
713 J'ly
10 Jan 6 1214 Jan 24
300 Toledo St L & \Vestern
*10
1034 *9
1014 *9
1014 1014 1014 104 1014 "014 1034
2534 Jan
1514 J'ne
19 Jan 3 23 Jan 26
22 .19
22 .19
*19
22
Do preferred
22
*18
22
22
.18
.20
100 Twin City Rapid Transit 10514 Jan 7 10812Jan 19 10113 J'no 109 Sep
10612 10612 *10612 108 *10612 10734 *10612 10734
•107 108 .10612 103
15312Jan 3 1643 Jail 31 13734 J'ne 16234 Jan
183 16312 16134 16258 16112 10214 1613s 16312 162 16278 1617 16212 93,480 Union Pacific
7934 J'ne
9312 Jan
8434 8434 *8434 85
8212 Jan b .86 Feb 4
*8413 8513 8412 85
750
Do preferred
854 8518 .85
8512
1(1 J'ne
3512 Jan
2212
2213 2212 *22
100 United Rys Investment _
19 Jan 7 2334 Feb 6
24
.22
24
.22
24
24
.22
.22
3i8 J'ne
634 Jan
3812 Jan 14 49 Feb 13
300
48
4612 *45
Do preferred
48
47
.46
48
.46
47
49
47
*47
Jan
23
2
J'no
(1 Aug
19
48
Feb
2
6,400
Wabash
2
238
213 212
212 212
234 234
.234 3
.234 3
64 J'ly
71 Feb 20 13 Jan 23
174 Aug
4,120
Do preferred
713 8
712 734
74 812
712 85*
Ott
*812 912
1914
2878 Dec
46 Jan
30'z Feb 10 35 Jan 22
31
3013 30% 303 3012 1,000 Western Maryland
8133 318 31
82
.31
32
32
33 ()et
633Jan 7
8 Jan
412 Feb 20
500 Wheeling & Lake Erie...
•514 512 *534 6
434 5
434 434
413 412
6
5
13 J'ne
2818 Jan
Do 1st preferred...-. 16 Feb 18 21 Jan 23
200
.15
18 .15
16
19
17
16
20
17
.16
.17
19
558 Dec
14 Jan
713 Jan 6 11 Jan 24
Do 2d preferred
.6
8
*6
9
*6
10
.7
9
.7
10
.8
10
4018 J'ne
5312 Apr
437 Jan 9 48 Feo 4
Wisconsin Central
*45
50
•45
50 .45
50
50 .45
4814 .45
4812 .45
Industrial and Miscell.
Nov s213 Oct
2258 2278 2212 2234 2213 2212 2213 2212 2,700 dAlaska Gold Min Par SIO 82034Jan 9 $24 Feb 4 518
2234 2278
23
23
758 Dec
9 Dee
853 Jan 6 144 Feb 20
838 Allis Chal Mfg v t c 13114 1338 1314 1314 .1234 1312 13
1414
1338 1318 1338
. •13
4312 Dec
40 Nov
1,100
Do preferred v t c-:.: 43'2 Jan 8 49 Jan 26
48
48
48
*4713 4813 4813 49
4812 48
4812 43
.48
8012 Sep
6138 J'ne
Feb 4
7818
Jan9
3
75,225
Amalgamated
Copper...
707
8
7614
4
75
7738
7612
4
753
4
7534 7678 754 7614 754 70
767s
4114 Sep
57 Jan
4734 Jan 2 57 Jan 23
54
5412 5412 *54
54
55
200 American Agricul Chem_
.54
5512
5512 *5314 65
*54
90 Nov
99 Jan
91 Jan 8 9712Jan 23
100
Do preferred
06
*9513 96 .95
96
.95
*9478 957 *9513 96
95
95
1934 J'ne
504 Jan
2213 Jan 5 2812 Jan 22
2234 2434 2312 2312 2,630 American Beet Sugar
2534 2518 2513 .2453 2512 2514 2514
*25
86 Metz
05 Oct
69 Jan 6 73'.j Jan 26
100
Do preferred
69
*6314 7312
7312 *____ 7313 .____ 7312 *---_ 7312 69
•70
4678 Jan
21 J'ne
2834Jan 3 3513 Jan 27
307 31
3014 31
31
3114 14,950 American Can
31
315* 305* 314 3012 31
Do preferred
89 Jan 3 96 Jan 24 /8012 J'ne 12912 Jan
0212 9278 9278 9278 1,300
*9213 9312 927 9278 9273 0272 9234 93
3012 J'ne
5638 Jan
4
Feb
5312
5
Jan
Foundry
44i
5134
52
4
5214
3,100
&
513
American Car
52
5112 5214 51
5113 52
524 527
114 Jan 23 110's Feb 5 103 J'ile 117 Mch
125
Do preferred
116 116 .116 118 *116 118
*116 118 .115 118 .11578 118
3314 J'ly
484 Jan
Jan 26
363
4
5
Jan
38
.36
American
Cities
3612
3612
.36
.36
3612
3612
3612
.38
3612
*36
•38
6014 Joe
784 Jan
Do preferred
60 Jan 5 68 Jan 26
1,515
*6112 6812 62
62
6134 62
624 63
63
63
82
•63
3312 J'ne
5738 Jan
3712 Jan 8 40'2 Feb 9
450 American Cotton OIL
444 4412 1444 4412 .4412 4534
45
4412 45
*4514 4612 45
may
98
9212 Sep
941j Jan 15 96 Jan 27
Do preferred
.96
97
.06
97
97
07
.96
97
*96
.06
97
*96
54 Jan
J'IY
312
6
Feb
514
Jan
19
1,800 American Hide & Leather
47
5
4'8
5
5
*434 514
.48 514 *434 514
5
5
J'ne
1518
6
2414
Feb
Feb
2112 Jan 14 2534
.23
Do preferred
25
400
24
2314 2314
2412 2312 2312 .23
24
*23
25
273 Apr
17 J'ne
24 Jan 3 3234Feb -20
297
2934 3134 3072 3234 44,335 American Ice Securities_
2818 285* 2734 2878 287 2912 29
61 J'ne
1218 Nov
10 Jan 8 1158 Jan 28
600 American Linseed
.1014 11
*1012 1112 .1014 1112 1038 1038 1014 1034 .1014 11
20 Oct
3332 NON
2913 Jan 8 3134Jan 16
.28
31
*28
Do preferred
31
31
32
*2813 301 *28
.28
31
•28
3714 Jan 31
441 Jan
27 J'ne
341
2
Locomotive.Jan
3412
343
3158
4
2,550
American
35
3412
35
3412
343
35
4
*344
3534 3614
94 Oct 10634 Jan
96 Jan 6 102 Feb 4
432
Do preferred
102 102 .101 103
10178 10178 .101 103 *101 104
*101 103
514 Oct
13 Jan
914 Jan 26
7 Jan 13
*7
9
100 American Malt Corp..
.7
0
9
814 814 *7
*712 9
9
*7
21
417 ()et
Jan
5013
6112 Jan
3
Jan
42
51
504
Do
preferred
.50
5018
800
51
*48
50
*48
51
50
.49
51
7012 J'no 80 Jan
Amer Smelters Sec pref B 84 Jan 29 85 Jan 19
86
.83
86
85 .82
85
*80
85
.82
.80
85
.83
742
4 Jan
5813 inc
684 677 6912 6812 6812 6812 6813 8,400 Amer Smelting & 1efIn'g 6318 Jan 3 7113 Feb 4
-6884 6918 6813 6812 88
9334 Jan 3 105 Jan 27
97 J'ne 107 Feb
10134 1017
1,025
Do preferred
*10114 10214 10178 10218 *10118 10212 10218 10218 .102 104
Jan
193
J'ly
172
Jan
31
150
2
Jan
160
200 American Snuff
163 168 .165 171 *165 169
163 163 *165 170
*108 170
-iai,
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America L..
Amer Etch__
Battery Park
Boweryll____
Bronx 13oro9
Bronx Nat__
Bryant Parkl
Butch & Dr_
Century IChase
Bid
560
205
120
425
225
175
150
120
180
690
575
210
135
200
190
1315
190
610
1
Bid
A3k
Sank.
Chat ei( Phen. 168
174
Chelsea Ext. t145
410 420
Chemical
180
Citizens' Cen 175
375
370
City
161
Coal & iron. 156
Colonial--- 450
ifiColumbial -- 290
Commerce - t180 t183
Corn Etch 1 _ t318 t320
105
CoAmpol'n 11 85
75
Eaat River__ 60
/AZ
Banks
165
Fidel ty3.
4500
Fifth Ave
300
th
000
First
t190
Fourth
Garfield - 220
Germ-Amer 1 130
375
German Ex
Germania ¶- 450
Gotham -- 190
Greenwich 3. 260
640
Ilanover
Ask
175
325
925
250
140
425
475
Banks
Harriman
Imp Sr Traci_
Irving
Liberty
Lincoln
Mannattan
Mark & Fult.
Medi ik Met_
Nlereh Etch_
Merehanta'._
Metropolis 3.
Metropen
Bid
275
510
130
615
325
310
240
237
155
175
300
178
Ask
Banks
285
Mutual S -520
Nassau
185
New Nethi_
625
New York Co
345
New York325
Pacific 3....
250 Park
245
People's 3...
165 ProdEtch I185 Pubild
310
Reserve
185.
/31a
290
180
210
850
370
225
365
230
160
200
92
Ask
187
225
875
330
250
372
250
165
250
*Bid and asked price, no sales on this day. 5 Et-rights, I Less than 100 shares. 11 State banks. a Ez-d v. ds rights. b New stock
Aga at Block hi:change or as auction thLs week 4 Flrst in.statlinent paid, a Sold at private sale at Ws price. is 22a-dtv. I Pal paid.
Hanks
3eaboardSecond
Security
Sherman ____
State I
23(1 Ward "j
Union Exch
Unit Stateal
wash Iris 9 _
Westeh Av
(Vest 81de 1 Yorkville 1.-
410
375
1-8(
-/
130
140
500
275
160
450
Ask
435
400
105
135
200
140
150
1-7r
47$
300
I Zs 24% ammo. at.
New York Stock Record-Concluded-Page 2
FEB. 21 1914.1
593
Por record co, sales during the 1,8
3ek of stoc'ts usually inactive, see secon I page preceding
,
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 14
11onday
Feb 16
Tuesday
Feb 17
.Vednesday
Feb 18
Thursday
Feb. 19
Friday
Feb. 20.
Sales of
STOCKS
NEW VOR K. STOCK
the
EXCHANGE
Week
Shares.
Range since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
Industrial & Misc (Con)
0101 104 .101 104 1101 101 .101 104 .101 104
9978 Jan 9 104 Feb 20
271 Amer Snuff pref(new)__ _
104 104
37
37
23 Jan 6 3712 Feb 16
Amer Steel Found (new)_
3712 3712 4.36
750
3712 *36
3712 .36
37,2 .36
3712
107 107 .10512 10712 .1004 10712 107 107 *1064 10712 .1054 10514
475 American Sugar Refining 10278 J250 8 10975 Jan 24
113 113
405 Do preferred
1104 Jan 20 113%Jan 7
113 113 .112 114 111212 11212 .112 114 *11234 114
1197 12012 11912 12134 121 12112 1213$ 12178 12133 12112 11214 121 14 5,025 Amer Telephone & Teleg 11718Jan 2 12414 Jan 30
24434 248 *244 250
24218Jan 14 25154 Feb 2
247 248
24712 24912 24812 24914 21818 24814 2,100 American Tobacco
0104 105 4.101 105 4.104 105 .104 10514 10514 10514 10614 101314
10154 Jan 7 1084 Feb 20
300 Preferred, new
15 Jan 16 2078 Jan 28
300 American Woolen
015
18
10
1012 1612 .15
1634
18
.1512 18 .1512 13
7554 Feb 14 83 Jan 26
7534 7578 77
7712 1,222 I)o preferred
77 .7538 78
7712 7712 77
7612 77
200 Amer Writing Paper pref 1338 Feb 16 1738Jan 23
013
1612
1612 133 1338 *13
1612 014
16
15
15 .14
373 375
3658 3878 3658 3634 5,800 aAnaconda Cop Par $25 3334Jan 9 384 Feb 3
3634 378 3634 37
3834 37
210 Assets Realization
20 Jan 27 297s Jan 8
025
2538
26
26 .24
2412 25
024
126
26
26
O24
800 Baldwin Locomotive_ _ _ _
3812Jan 7 4518 Feb 14
43
43
45
45
454 4412 444 *43
4412 4412 4412 .43
no Do preferred
10212Jan 16 10614 Feb 19
010512 --- •10512 10012 .1051$ 10612 .108 10812 10614 10614 110612 10612
5,730 Bethlehem Steel
2913 Jan 5 39 Feb 20
3712 3734 39
38% 374 36
3612 3634 3634 3612 3634 37
79
68 Jan 10 80 Jan 28
4,200 Do preferred
78
78
78
77
764 77
77
78
7714 *7538 78
300 Brooklyn Union Gas__ _ _ 121 Jan 5 130 Jan 24
*126 129 .125 12812 12018 12618 .126 129 .126 1284 127 127
18 Jan 2 3038 Feb
28
28
*2814 29
2833 2,400 California, Petrol v t ctfs_
27
28
271s 2712 2718 2778 28
810 Do preferred
04
5058Jan 2 131334 Feb 4
64
6434 6434
64
6512 0512 64
647 4.04
6612 84
2,570 Case(JI)ThreshMpftrcfs 82 Feb 19 9518.Jan 16
8634 834 87
82
89
934 0312 917 0312 90
9072 86
3314
Central
3218
Leather
57,280
2578 Jan 14 35 Feb 10
3233 3312 3333 35
33% 3434 3313 3412 321 34
720 Do preferred
9478Jan 6 1001 Feb 5
*9912 101
10012 10012 10018 10012 100 100 110012 10012 10014 100,4
417 4258 417 4238 19,100 dChino Copper__ _ Par $5 3712Jan 9 44 Feb 4
434 4312 4214 4314 4212 4234 4214 43
Cluett,
300
Peabody
&
Co,
Inc
70 Feb 13 70 Feb 13
.8812
7034 .
8812 7034
70
70
70
06812 7034 70
170
70
500 Do preferred
104 104
10312 Feb 13 10413 Feb 14
.1034 105 *10312 105
10418 10412 *10414 105
3234 334 3238 3233 1,510 Colorado Fuel & Iron _
2812Jan 2 3412 Feb 5
33
133
3314 3312 3234 3234 -52; 39
800 Consolidated Gas(N Y)_ 12912Jan 3 13912 Jan 24
134 13434
13438 13412 .13414 13434 .134 135 *134 135
•134 135
12
2,400 Corn Products Refining_
1214 .1173 1214 12
12
12
914Jan 9 13 Jan 28
1214 1212 1178 1218 12
6878 69
925 Do preferred
06812 70
70
63 Jan 3 72 Jan 29
70
7034 70
70 *0812 70
70
*94
9714 .94
300 Deere & Co Prof
97
9134Jan 2 9954 Feb 3
98 .9033 9712 9834 97
9714 9712 094
3,600 Distillers' Securities Corp 17 Jan 9 204 Feb 13
1914 1912 1878 1938 1873 1914 1914 1934 1878 1878 187 19
17 .12
Federal Mining & Smelt'g 15 Jan 24 15 Jan 28
17 .12
17 .12
17
17 .12
012
17
010
42 .37
42
Do preferred
42
.3912 42 .40
42 .35
42 .38
351 Jan 16 43 Jan 27
036
140 Jan 3 1501* Feb 20
148 14812 14314 14812 1484 14812 14812 14834 14858 14858 149 15033 4,449 General Electric
0814 6034 7034 7114 7534 72
6212 6212 6412 64
62
3738Jan 3 7534 Feb 19
7514 21,970 Gen Motors vot tr ctfs
934 95
93
90 004 8912 0012 8934 9318 9212 94
9372 16,220 Do pref v t ctfs
77 Jan 5 95 Feb 19
2414 2434 2312 244 2333 244 2412 2512 2472 2514 25
254 4,100 Goodrich Co (B F)
1958Jan 17 2654 Feb 4
*88
00
91 .1
90
90
9012 .83
.8
*884 91 .38
191
7124 _9_011
700 Do preferred
7978Jan 2 91 Feb 3
5114 5234 5138 52
5134 517
5133 5234 5134 5238 52
62,4 7,300 dG uggenh Explor Par $25 34438Jan 8 55234 Feb 16
•1714 1712 1714 1714 173$ 173$ 17
1714 *17
1712 1714 1714 1,600 dInsp'n Con Cop Par $20 11518 Jan10 $1814 Feb 4
110 110
110 110
10912 10912 108 10878 10814 .
108:4
. .1
11
0712 771.
2 1,500 Internet Harvester of N J 1007g Jan 3 11312 Jan 22
o11713 ___ .11712 -__ .11712 _- .11712 ____ .11712
Do preferred
11312 Jan 3 11712 Feb 13
01074 110 *10712 110
10912 1094 .10714 10878 *10712 1083-4 1073 10738
300 Internet Harvester Corp_ 1007 Jan 3 11184 Jan 22
*1174
*11712 _-_ 11712 11712 *11712
11470 Jan 6 11712 Feb 13
*11712
100 Do preferred
3
3
278 278 .238 3
212 27
234 234 0238 8
214 Feb 9
600 Int Mer Marine stk tr ctfs
334Jan 27
01118 12
4.1132 1214 O1112 12
11
11
812 Feb 10 1514 Jan 30
1112 1112 1114 1114 '300 Do prof stk tr ctfs.._ _
*94 10
.9
10
.912 10
650 International Paper
*912 10
838Jan 5 1078 Feb 2
912 912 10
1011
038
40 .Q7
40
4'38
3712Jan 19 41 Jan 31
100 Lo preferred
39 .38
39
3914 3911
39 .38
*8
978Jan 20
912 *1
618Jan 9
300 Internet Steam Pump
912
8
.54 8
*5
8
8
8
.5
022
2712 2078 2678 *25
19 Jan 2 29 Jan 19
24 .22
300 Do preferred
80
24
26
20
27
854 8512 .65
100 Kayser & Co (Julius)._ _ 80 Jan 19 86 Jan 28
87
87
4.85
18634 81334 .85
87
87 .
85
0104 10812 .104 10812.101 10812 .104 10812 .104 10812.104 10812
12 Do 1st preferred_ _ _ 10612 Feb 9 100'2 Feb 9
81 Jan 6 10158 Feb 20
984 9812 .98 100
99 1013$ 1,100 Kresge Co (8 8)
09
99
98
93
98
98
99 Jan 13 104 Feb 13
100 Do preferred
104 104 4.102 105 .1014 105 .10112 105 *102 105 .10112 105
34 Jan 15 40 Jan 28
300 Lackawanna Steel
3812
*36
37
.
3812 39
3812 37
3813 3834 *3812 387 .37
300 Liggett & Myers Tobacco 21934Jan 5 230 Jan 31
22878 2287 .225 228
•223 231 0220 230 220 226
229 229
11138Jan 8 11714 Feb 11
50 Do preferred
*11412 120 111712 11712 *1144 117 4.115 117 *11412 117 .113 117
3628 035
200 Loose-Wiles Bis tr co ctfs 32 Jan 6 38 Jan 26
3912
37
*35
035
3712 on
37
36
38 .35
Do 1st preferred---- 110412Jan 9 1105 Feb 5
0103 ___ .101 -___ *100 105 •101 105 .103 107 .103 106
Do 2d preferred
09
89 Jan 2 95 Jan 24
99 .90
093
99 .93
09
*90
99
.93
99
093
rio
(P
ed
)
llarp
dre
Cfe
orr
168 Jan 20 175 Feb 2
300 LoD
170 170 .162 170 .165 170
172 172
*172 173 .172 173
_ .112 ____ .112_ *112
110 Jan 6 114 Feb 11
*112 ___ .112 ____ .112
77 Jan 12 8738Feb 20
8738 2,360 Mackay Companies _ _ _
841 -847-2 8458 854 8514 161-2 87
8434 8434 83% 85
er
DyoDeppra
6518 Jan 2 70 Jan 27
fterre
inen
70 .6954 72
70
70
dt stores_
6912 6934 8934 O69
700 ma
8912 69
*69
84 .6112 8334 .8113 6334
85 .6112 6334 .81
081
*81
62
62 Feb 11 6914 Jan 17
100 Feb 13 10134 Feb 9
141 Do preferred
*100 1014 .100 10114 .100 10114 .100 10112 10014 10014 .100 10114
6712 6812 39,920 Mexican Petroleum
0812 6714 677
OS
6914 6514 6612 66
8934 71
4612Jan 2 7312 Feb 9
2334 2414 2312 243$ 2334 2372 2334 2378 2334 2334 2334 2334 8,100 dMiami Copper_ _ _Par $5 32134Jan 3 $2414 Jan 27
122 Jan 6 139 Feb 3
132 13333 1,600 National Biscuit
135 13512 13414 135
01357 136
134 13412 .13312 135
11914 Jan 13 12312 Feb 4
35 Do preferred
*120 125 .120 125 .120 125 *120 125 *120 125 11244 12418
978Jan 8 14 Feb 3
410 Nat Enamel'g & Stamp'g
13
14
111318 1312 1212 1212 1214 1234 *1212 1314 13
•13
Do preferred
178 Jan 8 178 Jan 8
88
88 .78
88
078
86 .
73
85 .78
O79
83 .79
44 Jan 3 52 Jan 26
.491* 51
100 National Lead
50
SO
*4934 51
4.4933 61
.4933 51
.4933 51
105 Jan 13 109 Feb 18
330 Do preferred
109 109 .107 11112 210812 10812
*107 109 1103 108 1109 109
1618 1638 1614 1638 1014 164 104 1638 1134 1614 16
1612 4,700 dNevada Cons Cop Par $5 314;Jan 7 $1613 Jan 20
1,000 North American Co(new) 65 Jan 2 7273 Jan 31
70
7234 *70
70
70
0694 7234 4.08
7234 7114 7114 70
24 Jan 8 29 Jan 21
•2534 21314 2614 2638 02534 2634 *254 2012 02512 2012 *2512 2612
300 Pacific Mail
2812Jan 9 31 Jan 24
28
*274 2912 02712 2912 2734 2734 28
30
*28
30 .28
200 Pacific Telep & Teleg_ _ _
*1224 12312 4.122 121 .122 12312 12112 122 *121 123
400 People's G L & C (Chic)_ 1207 Jan 3 125 Jan 6
12178 1217
1775 Jan 3 2312 Feb 4
22
22
22 .21
2238 2212 21
1,600 Pittsburgh Coal
2214 *214 2212 021
22
02
9134 9278 0134 924 92
9234 03
92
8812Jan 7 934 Feb 4
9134 9234 92
3,100 Do preferred
2634Jan 5 4512 Feb 2
444 458 4434 4514 24333 4518 4412 454 4434 448 7,720 Pressed Steel Car
4533 40
9734Jan 15 104 Jan 30
Do preferred
•10314 104 .103 105 .103 105 *10314 10514 .10312 10514 *10312 105
107 Jan 13 11314 Feb 13
200 Pub Sery Corp of N .1
*11314 114 4.112 ____ 113 113 •112 ____ .112 ____ 113 113
15112Jan 6 159 Jan 28
15414 1548 1,440 Pullman Company
1554 15508 15418 15514 *154 155,2 1544 15438 .154 165
254 Jan 7 3438 Feb 2
3214 314 3212 314 3158 3134 3134 2,800 Railway Steel Spring_ _ _ _
3212 3212 3212 3233 32
97 Jan 14 101 Feb 14
110 Do preferred •
99 102
99 .99 102
199
4190 102 .99 102 .
101 101
2018 1978 2018 204 2018 7,850 dRayConsCopkerPar$10 $1734 Jan 9 $2036 Feb 5
2014 2033 2018 2033 20
204 20
2614 3,735 Republic Iron
264 2012 2512 20
1934Jan 5 27 Jan 27
Steel..
2533 26,4 2534 2534 2512 2533 20
89
920 Do preferred
80 Jan 2 90 Jan 31
8933 8934
894 8912 89
8914 4.884 894 *8812 8912 189
9 Jan 30 18 Jan 14
1312 1412 1434 .134 1434 12
14
1514 14
1514 13
1312 3,900 Rumely Co (M)
23
3018 2,200 Do preferred
33
3212 33
2612 Jan 30 41 Jan 13
34
3334 34% 3318 334 32
84
878 Sears, Roebuck & Co_ _ 183 Jan 3 193 Feb 2
18712 1874
018614 192 .187 18934 18634 187,4 18614 187 *18834 188
34
3412 344 3412 .33
35
35
600 Sloss-Sheffield Steel & Ir. 27 Jan 3 35 Jan 26
3312 3312 *33
03312 35
03412 35 .3412 35
*344 35 .344 35
100 Standard Milling
32 Jan 7 3534 Feb 2
35
0344 3512 36
063
68
65
063
65
66
13512
100 Do preferred
4
063
65 Jan 22 65% Feb 3
653
*63
053
4
003
02712 2812 .27
2812
000 Studebaker Corp (The)_
2734 2714 2733 .2714 28
20 • Jan 3 3034 Feb 5
284 2812 27
8434 8434 *83
86
160 Do preferred
87 .8412 8612 08412 86
70 Jan 5 87 Feb 6
18412 8113 .34
3534 3638 3.534 3612 364 3618 5,500 dTennessee Cop_Par $25 $3178 Jan 9 $3634 Feb 11
8612 3634 3533 3633 3534 36
14714 1484 14612 14734 14734 1484 14712 14812 14734 14878 14712 148% 9,300 Texas Company (The)_.. 128 Jan 3 149 Jan 12
080
90
080
90
90
Underwood Typewriter_ _
88 080
83 080
85 Jan 12 88 Jan 31
88 .80
080
108 111
Do preferred
108 Jan 16 110 Jan 23
*108 112 *108 112 0108 111 *103 111 *108 111 .
7
78,
74 714
714 714
7
752
712 512 5,810 Union Bag & Pn.per
812 Jan 31
74
64 Jan 12
7
3134 3134
12912 2912 02914 8134 *2914 3134 O2914 8134 0294 33
25 Jan 9 324 Feb 3
118 Do preferred
14
012
1312 012
1312
4,1212 1312 *12
100 U S Cast Iron Pipe & Fdy 1058Jan 8 1312Jan 23
1312 *12
1312 O12
49
.47
047
60
48
48
4834 4834 49
40 Jan 8 49 Feb 6
60
200 Do preferred
49 .47
64
052
54
5414 54
54
90017 S Realty & Improv't-- 54 Jan 7 5678 Jan 19
54
54
64
65
54
053
597 60
5938 593$ 5934 5934 5934 6034 6012 6012 12,000 United States Rubber
5938 60
6734 Jan 3 6258Jan 28
102
102
101 Feb 10 10458 Jan 14
10178 102
1,660 Do lot preferred_
1017 1017s 10134 10178 1017g 10178 10178 102
6014 285,210 United States Steel
0513 0612 6533 6018 43514 6614 13578 1301* 06
13012 67
5712 Jan 3 6714 Jan 31
1064Jan 2 11234 Jan 31
Do preferred
11078 1107 10914 11018 10914 10978 1Q912 110% 11018 11014 110% 110% 4,014
55
558, 13,800 dUtah Copper.. Par $10 $4878 Jan 10 $5814 Feb 18
5514 5534 5434 557
657k 504 5518 5614 558, 56
3012 32
31
03012 31
31
8,100 Virginia-Carolina Chem.. 23 Jan 7 3314Jan 21
31
031
32
31
3114 31
101 104 010412 105
96' Jan 8 105 Feb 18
200 Do preferred
105 105 0104 10512 *10418 105
*1014 106
6878 658, 6658 6533 6614 6512 8534 654 6514 27,800 Western Union Teleg..
8414 6458 64
5734Jan 16 664 Feb 18
714 724 7.100 Westinghouse El & Mfg_ 64 Jan 3 7213 Feb 20
704 7014 7014 704 71
71
71
7014 704 70
Do 1st preferred--- 1167 Jan 19 119 Feb 11
0115 11912 .110 11912 4.115 11012 *115 11912 *116 1191 .115 Mil
9912 10012 084 9378 9818 09 .9814 100
99
09
9213 Jan 3 10314 Feb 5
2,850 Woolworth (F W)
101 101
11254Jan 5 11614 Feb 17
110 11012 mots nott
110 Do preferred
.11412 11012 .1144 11612 11614 11614 *116 11612.
Range for Previous
Year 1913.
Lowest.
Highest.
100 J'ne
25 J'ne
99% Dec
11018 .J'ne
110 Dec
200 J • ae
93 J'ly
1412 Dec
74 May
11% Nov
307s J'ne
22 Dec
3612 Dec
0014 J'ne
25 J ne
8214J'ne
11.0 Oct
18 Aug
45 J'ly
9014 Dec
17 J'ne
r88 J'ne
3038 J'ne
105 Jan
4012 Feb
118 Jazz
11858 Jan
140 Jan
20434 Jan
1084 Jan
2312 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
5312 Jan
10512 J'ne
4112 Jan
74 Aug
13778 Jan
5612 Feb
88 Jan
103% Feb
3018 Feb
9714 Niel),
47% Jan
2412 J'ne
12518 J'ne
738 J'ne
614 J'ne
9112 Dec
984 J'ne
11 Dec
33 Id ch
12934 J'ne
'25 May
70 May
1812 Nov
73% Nov
4054 J'ly
13% Dec
96 J'ne
tii May
9512 J'ne
111 519V
278 J'ne
1212 J'ne
612 Oct
3218 Oct
412 Dec
1578 Dec
77 Dec
10612 Oct
58 J'ne
97 Joe
29% J'ne
195 J'ne
10812 J'IY
21 J'ne
89 Aug
84 J'iy
r150 J'ne
103 J'ne
7558 J'ly
62 Dec
65 Oct
9712 J'ne
4134 Nov
, 20% J'ne
104 J'ne
118 J'ne
9 J ne
7414 Oct
43 Oct
IOU J'ne
13 .me
80 J'ne
16 J'ne
22 Nov
104 J'ne
144 J'ne
73 J'ne
184 J'ne
8812 J'ne
105 Dec
149 Sep
2214 J'ne
9014 J'ne
15 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
15434 J'm
23 J'ly
31 Dec
5212 May
1534 Dec
644 Nov
:2334 J'ne
89 J'ne
78 J'ne
104 J'ly
4 Nov
184 Nov
914 J'ne
40 Dec
4934 Nov
51 Nov
118 J'ne
49% J'ne
10212 J'ne
39% J'ne
22 J'ly
93
5418 Dec
53% J'ne
10778 J'ne
8112 J'ne
109 J'ne
4112 Feb
14238 Jan
174 Jan
7914 Jan
10018 Jan
21; Jail
18 Jan
44 Jan
137 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
53% Jan
2038 Jan
11112 Selz
118 Oct
11014 Sep
11434 Sep
4,
8 Jan
1012 Jan
1258 Jan
4812 . an
184 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
4978 Feb
235 Mob
11612 Jan
3978 J..n •
105 Jan
95 Jan
200 J
117 Feb
87 Jan
69 Apr
7678 Jan
10512 Jan
7814 Feb
2612 Jan
130 Sep
12478 Jan
1914 Jan
9214 Jan
5614 Jan
108 Oct
20 Jan
8112 Jan
3113 Jan
46 Jan
12934 Sell
24;Jan
95 Jan
36 Jan
10113 Jan
118 Jan'
165 Jan
35 Jan •
100 Jan
22 Jan
283s Jan •
9214 Sep
9214 Jan
9934 Jan '
2131t Jan
4512.1-m
401: Jan
6878 Feb
30 Feb
9314 Jan
3912 Jan
13212 Den
9912Jan
113 Jan.
734 Jan ,
411 Jan
16;Jan
6834 Jan
77 Jan
6912 Apr
10934 Apr
691$ Jan
11034 Jan
6033 Jan
41113 Jan
114 Jan
751 Jr.n
7914 Jan
119;Jan
112 Jan ,
1154 Jan l
a
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
14143
Bank
Brooklyn
Cons, 141'd i
216'
First
Flatlaush
110
Greenpoint
IilllsI0e1
Homestead , 80
Manulacere 400
Mechanical 125
Montauk 1.
2/1Nassau
-- --
Atk
160
30
130
155
125
100
425
140
140
220
Bid
Ask
273
175
145
285
200
155
N Y City
355
Astor
Bankers' Tr, 455
[Sway Trust.. 150
365
465
160
Banks
Brooklyn
Nations. City
North Side 1..
'coole's
l'rust Co's
Trust Co's Bid
Ask
N Y City
Central Trust 1003 1015
ColumbiaKnIckerboc 445 455
Commercial 85
300 310
Empire
Equitable Tr. 430 440
Farm L & Tr 1100 1130
Fidelity
210 225
275 300
Fulton
Guaranty Tr 630 595
Trust Co's
N Y City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westchester)...
Bid
Ask
130
183
120
360
138
168
130
370
140
147
130
140
Ask
Trust Co', Bid
NY Oils
N Y Lite & Tr 965 980
NY Trust..-- 600 610
Title Gu &Tr 425 435
Transatlantic 200 220
Union Trust- 3110
U N1t.t&Tr 420 425
United Stater 1030 1050
140
Westchester
Trust Co's aid
Ask i
Brookline
Brooklyn Tr,. 470 500 .
Citizens'
35 140
Franklin -------260 ;
Hamilton _ 270 280 t4
100 los
Home
Kings County 570
136 ji
125
Nassau
285 298
People's
85 100
Queens Co
•Bid and asked prieec no sales on this day. 1 Lees than 100 shares.
Es-rights. a Ex-div da rights. b New stook. d Quoted dollars pas Mare. t Bale It,
Stook inehange or at auction this week. I Li-stock dividend. 1 Banks marked with a paragraph (1) are State 441% •itz-dividenA
4
_
.
594
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 Ow Exchange method oi quoting bonds was changed, and prices are now all-"and interest"-except for income ana defaulted bonds.
12
BONDS
N. Y. STOCK EXCHANGE ,.."C
Week Ending Fob.20.
-till.
Price
Friday
Feb. 20
Week's
Range or
Lass Sale
2
0•
ce.3
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE 13
41.)..
Week Ending Feb. 20.
Price
Friday
Feb. 20
Week's
Ranoe or
Last Sale
a
gll
q53
Range
since
Jan. 1.
Bid
Bia
Ask Imo
Ask Low
High No. Low High Chesapeake & OhioHigh No Low High
100 ____ 100 Feb '14 ____ 9834 100
Gen funding Sc impt 58_1929
9834 9914 9834 Feb 14 ____ 9813 9831
i 10712 Sale 10712
1st consol gold 55
1936
9834 9912 985s Jan '14
98 9838
10778 28 105 1077s
102 103 1024 Jan '14
i 10413 ___ 103 Jan '14 ____ 103 103
1939
Registered
10214 10214
102
General gold 4)s
00 Sale 96
1992
10214
10214
1 102 10234
97
37 9314 98,11
1992
9312 9612 9912 AlC11.13
Registered
11134 11234 11214 Jan '14
11118 11214
...
112
, 84 . 8412 8312
1930
Convertible 430
11278
11278
841, 72 -7078 %ors
3 11212 113,4
Big
Sandy 1st 4s
1944
1 -. 8614 8518 Feb 13 __
___
9512 J'iy '13 ____
9814 __
Coal River Ity 1st gu 4s 1945
1 -___ 85 8413
;10213 10212 10 101- 1-0212
8412 -5 -8414 IS'
10134 1023
Craig Valley 1st g as
101 ___ 9612 Dec '13 _. ____ -1940
.__ ___. 843 Jan'13 .._ __
Potts Creek Br 1st 4s
1946
Foreign Government.
8818 92 8712 Dec '13 ......_
It & A Div 1st con g 48_1089
98
6 97 98
Argentine-Internal 5s of 1909_ MS:9653 97 97
2d consol gold 4s
8312 85 8313
1989
8912
8312
2 88 8912
7 -8312 1511
Chinese (Hukuang) Ity 55 £____ J -D 1 89 91 8913
84 ____ 95 Oct lu ___ ____
Greenbrier My 1st gu g 48_1940
_
Imperial Japanese Government
9034 20 88 9034 Chic & Alton RR ref g 3s_1949
6312 6612 60 Feb '14 __ 07 -67
1925 F-A 1 8934 9018 9018
Sterling loan 430
5313 5378 5312
8912
Railway 1st lien 330
54
7 87 8912
3 5314 5513
1950
2d Series 430
1925 J -J I 8878 Sale 8873
993
4
Jan '14 _...„ 0934 9934
Chic B & Q Denver Div 48_1922
0834 100
1931 J -J 1 79 8012 79
2 7812 80
79
Sterling loan 4s
26 99 10012
85
Illinois Div 3)0
8434 85 85
3 82 85
Republic of Cuba 53.exten debt_ M'S + 9978 10034 9934 100
1949
8314 ....„ 8614 Aug 12 _ __
Registered
External loan 430_1049 F-A 1 ..,,.. 9413 9412 Oct .13 _ _
1949
-0d
ga
I. 93 ;IA
.1
8912
9512
8834
11412 97 9512
Tokyo City loan of 1-9-1-2- 5s____ M-8 1 8812 8912
Illinois Div 48
1949
1809 Q-J /--- 8112 8414Jan '1. --- 84 85
___ ____ 93 J'ne'13 ---- ---- ---U 8 of Mexico s f g 58 of
Registered
1940
1023
4
8
__
Dec
683
4
'13
Noy'13
705
71
10158
-D
J
Iowa
1954
4s
of
1904
Gold
Div sink fund 58
1919
;These are y rices on the b as-is- 51 §iS 10798
i 9634 5-813
Sinking fund 43
98 Sale 98
1019
9658
8 9434 965s
State and City Securities.
Nebraska Extension 4s
9634 9714 9658
1927
1013
8
.951, __ 965s Set) '12 ---- -rnr -_-_-_10114
Sale
10112
N Y City-4%s
M-S
1960
22 100 102
Registered
1927
10614 00 10334 106'41 Southwestern Div 4s
43, 8 Corporate stock --_1963 M-S 10614 Sale 106
9734 -- 0813 Feb '14 .--- 118.3 9812
1921
9712 48 9512 9712
4% Corporate stock
Joint bonds. See Great North
1950 191-N 9714 9713 9738
1958 M-N 9713 Sale 9738
0712 11 9512 9712
General 4s
9334 12 9114 04
19581
9313 Sale 03
4% Corporate stock
e 9534 9738 Dhic & E ill ref & imp 48 )3_10551
1957 M-N 0714 -___ 9714
9714
4% Corporate stock
._.,..... 65 6513
6512
1 65'3 68
1st consol gold 6s
10638
1957 14-N 10618 10838 106
New 4 s
9 10353 10638
11012 _ _ 10714 Jan '14 __.. 10714 10714
1934
General consol 1s1 is
4 9534 1004
1917 11-N 10112 ____ 10112 Feb '14 ---- 10112 102
New 4 s
100
1937
9012 Sale 9913
Registered
8_9__
1937
2__ 2
.8
4;A 7 Corporate stock - 1957 M-N 10618 10638 105.8 Feb '14 325 10378 100
4.
.1 ..-.
784 I
L..L
F
,eb 13
. 96
9 98
Fur money 1st coal 5s
11 10113 10238
1942
4 34 cf, assessment bonds-1917 M-N 19153 102 10112 1011
8658 30 85 8658
'
3'
, 0 Corporate stock
Registered-------- --- -1954 VI-N 8614 8658 8534
Chic & Ind C My 1st 53
1936
iiir ioi - 1551; J'iy '13 -.... _.- ---N Y State-48
1961 M-E 10114 10134 100 Jan '14 ---- 100 100
Canal Improvement 48-1961 J-J 10113 ____ 10112 Feb '14 ---- 9718 10112 ir llic Great West 1st 4s
1059
7434 Sale 7418
7478 77 -70 754
11814 120 118 Jan '14 __ 118 118
Canal Improvement 4)3_1962 J -J 101 __ 10012Jan '14 --- 99 10012 Dhic Ind & Louisv-Ref 63_11/47
_
Refunding gold 53
Canal Improvement 45.-1960 J -J 100 _-. 9934 Noy'13 --_ ____
1947
10312 ..... 10213 Oct '13 _. _.. -.
Canal Improvement 4 ;is..1904 J-J 10833 10838 10814 10838 554 10734 108
1017
Refunding 4s Series C
____ 91 9538 Aim '11 ____ -- --- -34
Ind & Loulsy 1st gu 4(3_1956
10858 14 10712 10878
Highway Improv't 4 3,58-1963 M-S 1083 Sal 10818
- 10312 J'iy '10
Mlle Ind& Sou 50-year 4s 1956
132 -___ 9014 Aug 12
South Carolina 430 20-40_1933 J -J ---- ---_
.104 Dec '11
Virginia funded debt 2-33_1991 J-J 8112 - - 843i Jan '14 --__ Nig -843-4 3121c L 8 & East 1st 43s.._..1969
Rid 10018 lows
Chic Mil& St P terml g 5s 1914
low8
6s deferred Brown Bros Ws-- ---- 69 Silo 69
59
4 5634 60
i iiiiiT8 1-65.14
955 9614 90
Gen'l gold 48 Series A_ „e1089
9034 18 92 9634
Railroad.
9313 ---- 9314 Jan '14
e1989
A nn Arbor 1st g 4s
Registered
h1995 Q-J
7013 72 71
71
1 70 74
G on'l gold 330 See B_411989
82 8312 8312
9578 88 03 96
La-tch Top & S Fe gen g 48_1995 A-0 95511 Sale 955*
8311
1 80 -8384
86 J'ne'll ._
e1989
1095 A-0 9313 9511 93 Feb '14 -Registered
Registered
9212 93
9112
51 . iiie 9012
25-year deben 4s
h1905 Nov 87 881 88 Feb '14 --- 84 8818
Adjustment gold 4s
1934
1i8
10238 Sale 10213 10234 171 10078 103,4
Mch'13 -1932
Convertible 430
Registered
h1995 Nov -------- 86_
10314 Sale 10234
Gen 430 Ser C
10314 54 100381035*
8818 52 8438 8812
Stamped
h1995 M.-N 88 Sale 8734
e 1989
10314 _._ 10238 Sep '13
Chic & L Sup Div g 53_-1921
981s 10 94 100
Cony gold 4s
1955 J -D 9753 9812 984
10412 ____ 10338 Nov '13
Chic & Mo Ely Div 5s___1926
Cony 48 issue of 1009
1955 J-D -_-----. Ms May'13 --__
10312 10 10213 1.-a2
10312 Sale 1031a
Chic & P W 1st g 5s
99
1921
90 9118 -9-0-5-8
Cony 4s (issue of 1910)_1960 J-D 975s 9812 98
9312 25 89 037s
93 Sale 93
10134 11 9978 10178 0 M & Puget Sd 1st gu 48_1949
10-year gold 5s
1917 J -D 10134 Sale 10134
10012 ____ 10034 Nov '13.__ ____
Dak & Grt Sou gold 5s
1016
Debentures 4s Series L
1914 F-A -,-- ---- 9834 J'ly '13 --_- _
10838 --10812 Feb '14____ 108 1-081a
1920
Dubuque Div 1st s f 6s
East Okla Div 1st g 43
1028 M-S 94 -___ 92l Jan '14.._. 5114 -9-2-3;
_
11134 __. 110 J'ne '13 ____
1924
8913
Far & Sou assum g 6s
8918
Short Line 1st 4s gold
1058 J -J 89 91
6 8614 9158
10238 --._ 10218 Jan '14._. 10218 1-02-13
La Crosse & D 1st 5s
1919
Cal-Ariz 1st & ref 430
1962 M-8 9814 9834 9814 Feb '14 --__ 9714 9833
10313 10378 10258 Jan '14 ___ 10238 10233
W13 & Minn Div g 5s
1921
Ei Fe Pres & Ph 1st g 53_1942 VI-S 107 109 104 Jan '14 --_- 104 104
108 11234 10738 Sep '13._
1920
Wis Vail Div 1st 6s
Chic & St Louis 1st 6s-1915 91!8 19114 --- 1011* Jan '14 --_- 10118 10112
10034 __-_ 9934 Dec'13
NJ il & No cons ex 430
1934
0412 61 91
AC Coast L 1st gold 4s___h1952 M-S 031 Sale 9314
95
9934 __ 9934 Jan '14 _- 0934 -9911934
4
1st extended 43's
Registered
1)1952 1I-8 ---- ----05 Jan '13 _ _. _ __
10238 10212 10238 Feb'14_- 10214 10258
50-year unified 48
1059 J -D ---- ---- --__ :Am & Nor West cons 75_1915
9538 __ 9213 Oct '13 _
Extension 4s
Ala Mid 1st gu gold 58
1928 M-N 10234 ____ 104 Dec '13 -_
1886-1926
95
95
5 iiii ii
95 _ .
1886-1926
Registered
Bruns & W 1st gu gold 48_1938 J-J 89 ____ 95 Aug'12 --__ _
8358
9 80 84
8234 83 8314
_ - ---_ _1987
General gold 330
, Charles & Say 1st gold 78_1936 J-J 12714 -__ - ____ __. 7812 Jan '14 -- 7813 7812
ai ii- 95
ii
p1987
Registered
L & N coil gold 4s
o1959 M-N 94 Sale 5i13
9078
3 93 97
961a 97 0634
General 4s
1987
Say F& W 1st gold 63____1934 A-0 11813 ___ 12313..1'ne12
10612 __ 106 Sep '13 __ ___ __.
Sinking fund 6s-1870-1929
1934 A-0 10514 ____ 11038 May'll
, lit gold 5s
105.3 _ ._ 10512 Dec '13 ___. ___ ___
Registered
1879-1929
1311 Sp Oca & CI gu g 48_1918 J -J 1(538100 97 Oct '12
10338 -___ 10413 Nov'13 ___ __ ____
Sinking fund 5s-1870-1'329
9178 15 'oil 013-4
Italt 6,3 01110 prior 330_1925 J -J 9134 Sale 9113
10278 -_ 102 Oct '13 ___ ____
1879-1929
Registered
1)1025 Q-J 90 ---- 8014 fly '13
sa Registered
10234
1 10012 1-024
10212 10412 10234
96
Debenture Is
h1948 A-0 9514 Sale 9514
.621
Gold 4s
27 0078 90
98 ____ 101 Dec '12 ____
9313 94 94 Feb '14
Registered
1921
h1948 Q-J
Registered
9078 94
9338 Sale 9234
9334 197 9038 9434 Sinking fund deb 5s
1 ---- 10212 Feb '14 ___ IC1213 10213
103.9
1933
30-yr cony 430
112 Jan '12
---- ----l0013 Aug'13 -. --1933
Registered
1922 J -J 105 ..
-.
Pitts June 1st gold es
.
38
- ..... 120 Feb '14 __ 120 1-2-0 I
P Junc & M Div 1st g 33A81925 11-14 8812 90 8934 Feb '14
120
85i4 -8-9-3; Freni Elk & Mo V 1st 62_1933
Man G B & N W 1st 33is 1941
. _ . __ 9013 Sep '09 ..--- _- -.
i P L E & W Va Sys ref 4s 1941 M-N 8912 94 8912 Feb '14.., 8413 8911
9034 Sale 9012
Niilw & 8 L 1st gu 3301_1941
9134 us 8'714 9134
Southw Div 1st gold 3 30_1925 J -J
1561;::1663
Mil L 8 & West 1st g 611_1921
;Feb'
-11 -_::.: 1555.8 1-0-9-3
Cent Ohio It 1st c g 4 30_1030 NI-S 9912 _.100 Apr 13 ___ ___
;
---Ext & Imp. s f gold 58_1929
10534 110 101 Sep '13 __ ____ __
Cl Lor & W con 1st g 5s.._1933 A-0 10538____ 103 Nov'13
- -- -Ashland Div 1st g 68_1925
11318 --- 11413 Fen '13 __ ___ .....
14onon River 1st gu g 5s 1910 F-A 10038 -- __ 10214 J'ne'12 _-__: 2
- -Mien D
1936 J-1) 10434 _ __ 102 Nov'13
Div 1st gold 681924
_
Ohio River RR 1st g 5s
11238.... 111 Nov'13 ...._. __---1937 A-0 10118 105 9858 Oct '13 _
Mil Spar& N %V 1st gu 4s-1917
General gold 5s
9358 0334 9353
9338
7 91 -0-4
_
_-- -____10738 ___. 10814 Fob '14____ 10814 10814
Northw Union 1st 7s g
Pitts Clev & Tot 1st g Os 11)22 A-0 105 ____ 11212 Feb '12
1917
10613 ____ 10033 NOV'13 -- __-- Winona & St P 1st ext 73_1916
1917 J -J 9513____ 97 May'13:
Pitts & West 1st g 4s
-_
------91
tis_1917
J'ne
10413
-12
10514
Dhicago
10434
Rock 181 & Pac
10434
Stet Isl By 1st gu g 4 30_1943 J-1)
2 104.12 1:95
1017
10414 109 104 Oct '13 ..„.
_
1927 J -J ---- ---- --- -----Registered
-Bolivia My 1st 5s
:_
1983
89 Sale 8858
89
40 84 -80
General gold 4s
1937 \I-S 10714 .-__ 10534 Dec'13
Buffalo It & I' gen g 53
10118
87
__
1988
8712
*____
10314
'13
87
An:
1 8412 87
Registered
1937 91-N
Consol 4 3,63
1934
81
133 72 81
81 Sale 7813
Refunding gold 4s
1998 A-0 87 ___ 94 Jan '14
All & West 1st g 4s gu
04 94
1932
801
20-year debenture 53
'1 801
804 Sale 773s
1043 J-J 102 ____ 103 J'iy '08 ___ __
Cl & Man 1st gu g 5s
__ .„. 97 Sep '11. ..........___ __ __
1914
(.3011 trust Series L 4s
Roch & Pitts 1st gold Os 1921 F-A 10914 ____ 10734 Oct '13 ___ ___ •--1918
P 4s
10933 Dec '13 ..
- -- - - 92,2 9434 J'ne'11
1922 J -D 11058 _
Consol 1st g 6s
4738 1233 -4273 -53 -471; Sale 4413
2002
Chic It 1 & Pac ER 4s
10634 12 10334 10634
Canada Sou cons gu A 38_1962 A-0 10614 10634 10614
4218 Fob '14 ___
4273 5138
2002
.10034 Jan '11
Registered
1962 A-0
•-, Registered
_ 84 82 J ly 13 _____
R I Ark & Louis 1st 4j0_1934
9913 12 97- 99'2
CarClinch&Ohlolst 30-yr5s1938 J-D 9914 __ 9914
16i.4 ____ 102 Dec '13
Bur 0 It & N-Ist g 58-1934
108
Central of Ga 1st gold 5s__p1945 F-A 108 ..Sale 108
2 108 108
10014 104 10078 Feb '14 ........ 10078 1-0-67;
0111 F& N W 1st guUs-19L1
1945 M-N 10413 Sale 10413
Cousol gold 5s
105
5 102 105
I927
_ -- -- - - - Id & St L 1st gu g 7s
1945 11-N ---- 103 10614 Mch'13 _
- - - - ---- ---- -Registered
-:: _ 9934 99.8 May'13 __ -- ---- --103 Dee '11
- ---- --_-_-_i CLoc Okla & G gen g 5s....c1919
1st pref income g 5s____p1945 Oct ---.9812 _ _ 106 Jan '13 __ _
1981
2d pref income g 5s____p1045 Oct ---- ---Consul gold 5s
____ 105 Dec *11 - --- 92
5 iiii, -9I9218 - - 93
Keok & Des Moines 1st 58.1923
3d pref income g 5s____p1945 Oct ---- -_ lei Dec '11
80
__ iii 80
1 80 80
3d pref income g 5s stamped__ _ _ . - --- 851.3 Oct '11 . - ---- St Paul& li C Sh L 1st 430'41
11812 12018 11814
11814
3 118 11814
Chatt Div pur mon g 4s 1951 J---1) 8531 90 85 Jan '14 _-__ -5 -8-i- Dhic St 1' NI & 0 con 65_1030
85 _ _ _. 8914 Dec '12 __
Mac & Nor Div' 1st g 58_1946 J -J 10258 ..... 10714 Jan 12
Cons Os reduced to 330_11130
10212 10 151" iiiis;
1930
10218 Sale 102
Mid Ga & All Div 5s
1947 J-J 10258 ___ 10212 Sep '13 2:- --- -- Debenture 5s
On St P & Minn 1st g 6s 1918
11713 -- - _ 116'2 Jan '14 ____ 11012 1164
Mobile Div 1st g 5s
1946 J -J 1031a _. 10934 May 11 _ - --- -:___
_
11712 _ _ 12958 May 09
Con RR & B of Oa col g 5s_1937 (1.1-N 10014 102 100 Jan '14 .--- -513i4 11i0 North Wisconsin 1st 613_1930
1,684 i0i12 10713 Jan '14 _
St I'& 8 City 1st g 6s
107- 1-Clils
1987 J -J 11653 Sale 11612 11058 -14 114 117
Cent of N J gent gold 5s
1919
__ 11334 Jan '14 __ 11334 11334
Superior Short L 1st 5agg1930
h1987 Q-J 11014
Registered
. ---:'isi" -85. Ja19-'11:::: "83" II'
Am Dock & Imp gu 581921
.;-.1 10414 Sale 10458 10458
_
1 104 1045s Jilic T It & So'east 1st 58_1960
rad
___ 105 Dec '13 _
Leh & Mud it gen gu g 5s-1920 J -J 1003A ___ 100 J'ne'13 _
Jhic & West Ind gen g 6s-q1932
8613 &'ale 86
N Y & Long Br gen g 4s1941 M-S 0313 ___ 10012 Jan '13
Consol 50-year 4s
87
1952
Zi -15; IF
(lent Verment.1 tat am 17 dm al 41911 (1-14` 8)114 Sale 8)11,2
8111. --a at
WI.
U.S. Government.
U El 28 consol registered-d1030 Q-J
U S 28 consol coupon
a1930 Q-J
U 8 38 registered
4.1018 Q-F
U 8 is coupon
k1918 Q-F
11 S 4s registered
1925 Q-F
U 13 4s coupon
1925 Q-F
118 Pan Canal 10-30-yr 2sk1936 Q-F
U 13 Panama Canal 38 g
1961 Q-M
al—JOZZ-4
ii gi3
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
Brooklyn Rapid Tran g 58_1945 A-0
lit refund cony gold 48___2002 J-J
6-year secured notes is..,.1918 J -J
Bk City 1st con 5s__1916-1941 J -J
Bk Q Co & S con gu g 5s__1941
Bkiyn Q Co & S 1st 5s__1941 J -J
Eklyn Un El let g 4-5s_1950 F-A
Stamped guar 4-58
1950 F-A
Rings County El 1st g 43_1949 F-A
Stamped guar 43
1949 F-A
Nassau Elec guar g iid 48_1951 J -J
Chicago Rwys 1st Us
1927 F-A
Conn Ity & L lst&ref 5g 4;0'51 J -J
1951 J-J
Stamped guar 434s
Del United 1st cons g 4 30_1932 J -J
Ft Smith Lt & Tr 1st g 5s 1936
S
Grand Rapids ity lat g 518_1916 J -D
1952 F-A
Havana Elec consol g 5s
10213 Sale 102
103
17
9238 Sale 9133
9212 177
9912 Sale 9938
9958 168
10134 10212 10134 Feb '14
9712 99 98 Apr '13
_ 101 May'13
1011
i6f 10134 10138
5
10118 Sale 10113 10118
1
84 ---- 83 Jan '14
8412
84 8412 8412
80
79 80 79
26
9878 99 9878
9878
5
_ 99 10178 J'ne 12
9113. 9512 J'ne'13
7014 15
. 75
74
-- 84 Jan '14 ___
99 - _ 98 J'ne'13
93 95 Feb '14 __
•No swift Friday: Weal Shie week. 4 Doe
Street Railway
8012 90 Feb '14-_
9012 10312 Hud & Manhat 5s Ser A__ 1057 F-A
-37 3834 3834
1057
Adjust income 5s
4
3834
8713 9212
100 101
11132
N Y & Jersey 1st 5s
9618 9958
'l85 202
101 10134 Interboro-Nletrop coil 4 3s_1956 A-0 7778 Sale 7734
1nterboro Rapid Transit-0018 603
1966 J-3 98% Salo 0878
1st & refunding 5s
9112
7
-61512 11513; Manhat Ry(NY)cons g 43_1990 A-0 ' 9112 Sale 9113
1990 A-0 9178 9212 9113 Fob '14
Stamped tax-exempt
100 10112
Metropolitan Street By83 83
10134
J-D
5s-1943
Sale 10134 10134
8234 8413 [sway & 7th Ay 1st c g
99 101 100
100
Col & 9th Ay 1st gii g 5s- _1993
74 80
100 101 085 Jan '14
Lex AY & 1' F 1st gu g 58_1093
9634 9914
- 80 031221y 06
Met W S El (Chic) 1st g 48-1938 F-A
.5218
10218 Jan '14
Milw Eiec Ry & Lt cons g 581026 F-A 1
69 I611
Refunding & eaten 4%0_1931 J-J ---- 6i 91 Apr '13
1919 J-J
102 Noy'12
Minneap St 1st cons g 5s
84 84
Montreal Tramways 1st & ref
1041 J -J 98 99 09 Feb '14
30-year 5,8 Ser A
-93- 95
e Due Max. a Ds Imo. ,
1 138‘. Jab.,
rum A.., •Das ch.i.
89 9114
3834 39
-778E4 -7-91;
9833 9914
8918 92
8878 921s
101 10134
100 100
9853 983s
ia"
0714 99
Dna Igas.--...1.ima Ilaa.-1111attea sale.
FEB. 21 1914.1
VI:
BONDS
4
N. Y. STOCK EXCHANGE 4
v'4
.02
Week Ending Feb. Ati
,
*
595
New York Bond Record—Continued—Page 2
Price
Friday
Feb. 20.
Week's
Range ev
Lan Sale
3
0,
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE /3
Week Ending Feb 20.
4
,
Price
Friday
Feb. 20,
Week'•
Range or
Lan Sale
Range
since
Jan. 1.
cool
---High No. Low High
Ask Low
Bid
High Ho. Low High St P M & M (Continued)—
Ask Low
Bid
93 9312
Mont ext 1st gold 4s_1937 J-1) 9412 95 932 Jan '14
t 93 98
98
Oinn & D 2e1 gold 4 348.._..193t ,T -4 97 994 9634
1937 J-D 92 9412 98 J'ne'11
Registered
1st & refunding 4s
1959 .1 4
'11
Mch
8
925
_
1940
87
-J
J
ext
.C
48
Pacific
guar
___.
1st guaranteed 4s
_. 91
8614 J'n-e'12
1059 J -J
E Minn Nor Div 1st g 4s 1948 A-0 91 963-4 07 Sep '12
Cin D & 1 1st gu g 5s
1941 il-N 10.g1a — - 97 Oct '13 --13 1012
1022 J -J 10954.... 11012 Jan '14
Minn Union 1st g 6s
0Find& Ft W let gu 48 g_1923 NI-Ii ---- 88 hich 11 _._
Mont C 1st gu g 6s
1937 J -J 11934 125 11812 Dec '13
W
"55"
Cln 1 & W let gu g 4s
1953 J -J -___ gtiit., 86 Jan '14 _—
1837 J -J
Registered
- 13614 M ay'06
95 ---. _. _
Day& Mich 1st cons4 lis_1931 J -J
4 107
1063i
_ 10634 Feb '14
1937 J -J 107
1st guar gold 58
Rio - --i 165" toll
Ind Dec & W let g 5s
1935 J -J _ _ 100 160 1937 J -J
Registered
1071;Pee '02 _—
1st guar gold 58
1935 J -J
Will & S F 1st gold 5s
1938 J-D 10738 _ _ 10412 J'ne'13
10 85 -ig."
85
Cleve Cin 0& St L gen 4a_1993 J -D 84 8434 85
91
9012 9114 91
S I 1st ref& t gOs_61952 J -J
8712 8712
86 8812 8712Jan •14
20-yr deb 4 34s
1931 J -J
o1952 J -J
Registered
8778 Dec '13 ---8514
Cairo Div 1st gold 4s
1939 J -J
166 9914 101 166
!jock l'al 1st cons g 4 As--199° J -J
1 85 83
83
Cln W& Al Div 1st g 4s 1901 J -J 83 8412 83
- 9734Jan '14
9658
1999 J -J
2 83 853,
Regirtered
8534
St L Divlst coil tr g 48_1990 MN 8412 8$ 8514
1948 A-0 8818. 92 Apr '13
Col& 11 V 1st ext g 4s
8412 91 Oct '07 ___
_
1990 NI-N
Registered
Col & Tol 1st eat 4s
_,
95
1_
5 F-A 9012 93- 9213 Apr '13
Spr & Col Div lstg4s
1940 NI-S 8258 85 82 Sep '13
Hous Belt & Term 1st 5s
111.“ J -J - _ -- - - 10014 Dec '12
W W Val Div 1st g 4s
1040 J-4 8234 ___ 91 Apr '12
95
95 -- -. 95
16E1-4 Illinois Central 1st gold 48_1951 J-J
CI St L & 0 consol 6s
1920 r‘ti-N IIX38 — _. 10514 Feb '14
leu Sep '11
L Registered
1951 J -J
I 91 91
91
let gold 48
k1936 Q-F 91 96 91
'13
Oct
8418
87
84
1st
1951
gold
J-3
--__
3
3as
'13
..-Mch
90
91
k1936 Q-F
Registered
8813 Feb '13
1951 J-J
Registered
Cln 8 & 01 con 1st g 58_1923 J-J 102 ___ 102 Oct '13 ---_
1951 A-0 8112 --- 9312 May'09
Extended 1st g 3jis
1914 J -D 10038 --- 10114 Oct '13
000& I consol 7s
1951 A-0 -_---Registered
_ _ _ ---Consol sinking fund 7s 1914 JD ---- ---- ---56- J'li-q)5 -_=
1st gold 3s sterling
1951 M-S ____ _
120 Mch-'13 _—
____ ____
• General consol gold 6s 1934 J--.1 -------1951 M-S
Registered
- ____ ____
J-J
1934
Registered
9334 9214
921s
1952
8912
Coll
trust
A-0
gold
__-_
4s
94
.--'08
J'ly
ILA
.
.C
A-0
Ind 13 & W 1st pref 48_1940
1952 A-0 ------ 9514 Sep '12
Registered
_
95 - - -. __
0 Ind & W 1st pre(5s___d1938 Q-J --17
94
1st ref 4s
1955 NI-N 93 94 9378
84
6 8014 84
84
gi
A-0
1940
4s
con
Peo & East lst
1952 J -J 80 8314 82 Feb '14
Purchased lines 3
1990 Apr -_. 32 30 Feb '14 ____ 30 30
Income 48
91
1953
L N 0& Tex gold 48
89 911, 91
2012 15 Dec'13 --18
1947 J -J
Col Mid and 1st g 4s
4
945
1953 51-N
Jan '11
9512
Registered
20
16
17 Feb '14
17 17
___ __
Trust Co. certfs, of deposit
1950 J -D gle
Cairo Bridge gold 45
9473 J'iy '12
2 00 93
9234
1920 F-A 9214 9238 9214
Colorado & Sou 1st g 4s
74 -- 7513 Nov'12
Litchfield Div 1st g 3s__ 1951 J -J
9314 14 9012 9312
1935 .111-N 9273 9314 93
Refund & ext 4 3-is
Louisv Div & Term g 3;i;1953 J -J
7514 84 81 May'13
2 105 107
10678
Ft W & Den 0 1st g 6s_1921 J -D 1067s Sale .1067
1053 J -J
83 Aug'12
Registered
Conn & Pas 'this 1st g 4s_1943 A-0 -----------1021 F-A 10118 _ _ _ 123 May'99
Middle Div reg 5s
1952 J -J --------100 Ma-y-'10
Cuba lilt 1st 50-yr 5s g
1951 F-A 7118 7212 7213 Feb '14
Omaha Div 1st g 3s
1-1el Lack & Western7512 Mch'12
St Louis Div & term g 33_1051 J -J 69 77
10012 10078
1914 M-N 10012 101 1o01 Feb '14
11-'Morris & Essex lst7s
1951 J -J
Registered
1 103 10314
10318
1915 J -D 1034 ---- 10318
•
lat consor guar 7s
1951 J -J 80 --- 7713 Sep '13
Gold 3;0
103 Nov'13 1915 J -D -„,-Registered
1951 J-J ---10118 Oct '99
Registered
8512 84 Dec '13 2000 3 -D 84 -,..,1st ref gu g 3 34s
78 Nov'13
Spring Div 1st g 3%8
1051 J-J
3 10814 1095s
10958
1921 J -J 10953 ---- 10988
N Y Lack & W 1st 6s
1951 J-3
R egistered
1023 F-A 103 --- 10412 Feb '14
10412 10412
Construction 5s
--91
Jan '14
"66F-A
Western
1st
lines
4s
g
1951
---4
94 Dec '13 ......
Term & Improve 4s
1923 M-N 043
1951 F-A 88 891;
Registered
Warren 1st ref gu g 33is 2000 F-A 70 ___ 10218 Feb '03
1023 J-D 105 ___. jiff: malTo
Bellev & Car 1st Os
;l081 Jan '14 __-- it-1;78
Del & ilud 1st Pa Div 7s-1917 M-S 10814 1087
1932 M-S 8712-- 9412 Ply '12
Carb & Shaw 1st g 48
-----149
Aug '01 __-. 1917 84-S ,
7
Registered
1951 J -D 108 ---- 10214 Aug'13
Chic St L& NOg 5s
44 -.
r 10-yr cony deb 48
99
1916 J-D 99 bale 9834
038 .-661-8
1951 J-D 104 ---- 114 Feb '11
Registered
y ioo 101
10018
rlst lien equip g 4 3.6s
1922 J -J 9973 10018 1004
90 Oct '09
1951 J-D 774
3
Gold
4
008
9312 0818
lit & ref 4s
1943 M-N 064 97 oeis
_1951 J-D
Registered
8478 8634
Alb & Sus cony 334s
1946 A-0 86 8634 8634 Feb '14
_
3 Au-g-*U
10
3
1951
833
J-D
4s
g
Memph
Div
lst
1153
115
....„
'14
4_..__
115
Feb
115
• Rens & Saratoga 1st 7s_1921 M-N
1951 J-D _
Registered
18 83 85
85
Deny & R Or 1st con g 4s 1936 J-J 8312 Sale 8312
1931 NI-S 8918 95
St L Sou 1st gu g 4s
1 904 9034
9034
Consol gold 4jis
1936 J-J 9034 Sale 0034
1950 J-J 8834 7
,- 88 Fob '14
Ind Ill & la 1st g 4s
1928 J -D 9213 0312 9034 Oct '13 ---Improvement gold 5s
Int & Great Nor 1st g 68_1919 M-N 10353 1115 10212 Nov'13
27 -662 74
71
1955 F-A 70 Sale 6518
1st & refunding 5s
J-D 9312 94 9312 Feb '14
Central
Iowa
1st
gold
938
518_1
'12
Dec
109
-,,----D
J
1939
IRio Gr June 1st gu g 5s
1951 M-S 64 56 66 Feb '14
Refunding gold 4s
1940 J-J ---. 774 6113 Apr '11 ---I Rio Cr So 1st gold 4s
1 amestown Franklin & •
1940 J-J - - 75 85 Meh'08
t Guaranteed
1059 J-D 9112 9218 907g Sep '13
• Clearfield 181,4s
1035
-J
J
51
844
'14
84
Feb
84
79
,Rio Or West ist g 4s
70
"ars "fir ,
Wan City Sou 1st gold 3s_ 1950 A-0 6914 70 6934
1 72 72
72
1949 A-0 72 7214 72
/. Mtge& co! trust 4s A
-1950 A-0
63 Oct '00
11- Registered
, Utah Cent 1st gu g 4s_a1917 A70 88 ---- 97 Jan '08 -_-971 Sale 97
7 -Ws
9734
Apr 1950 J -J
& inapt 5s
Ref
'04
Sep
-------110
M-N
1917
Des Moi Un Ry 1st g 5s
13 9318 9512'
95
9434 95 9412
Kansas City Term 1st 48_1900 J-J
Det& Mack 1st lien g 48_1995 J-D 84 -- -- 84 J'ne5'13 ...._
100 103%
10334
10334
J-J 10314
I ake Erie & W 1st g 53-1937
1995 J -D 83 -„, 8218 Oct '13
Gold 4s
1941 J -J 95 95 1
6.3-4 95 Jan '14
5s
gold
2d
-1-4
19
9612
3
0
tft
:1134
u
9618
10061:
4,
M-N
97
;is_1961
Det Itiv Tun-Ter Tun 4
2 98 98
99 93
55_1945
98
Feebh
98
A-0
g
gu
1st
Ohio
North
103
Dul Missabe & Nor gen 581_1941 J-J 104,14 10412
10112
10014 10115
6 10012 10412 Leh Vall N Y 1st gu g 4%8_1940 J-J 10112 Sale 10138
10414
10413
Dul & Irou Range 1st 5s_1937 A-0
101 100 Dec'13
1940 J-J _
Registered
..,
Meh'08
1937 A-0 --------10012
L.-Registered
9912 20 991 995*
2003 M-N WI; Sale 9913
General cons 450 •
98's --- - 104 Feb '11
1016 J-J
r12d 6s
2 8713 8711
8712
Lehigh Vail (Pa) cons g 48-2003 M-N 89 -- 8712
1937 J-J 100 _- 0914 Dec '13
Du So Shore& At g 5s
1941 A-0 11034
10714 Dec'13
53
g
gu
1st
Ry
Ter
V
Leh
____
10412
110
'12
Aug
IVI-N
Elgin Jo!& East 1st g 5s_1941
'11
Dec
1941
1114
A-0
Registered
113
11178 Feb '14
Hirt, tiffs
1920 M-S 11114
' rie 1st consol gold 7s_
104 Nov'13
Leh Val Coal Co 1st gu g 58_1933 J-J
1947 M-N 9414 ---- 10112 J'ne'11 .._
-N Y & Erie 1st ext g 4s
kir
1933 J-J 102 --- 105 Oct '13
Registered
191 g Ws 10212 ---- 10213 Feb '14
16573 16212
- yd ext gold 58
1933
_
..._
J-J
int
1st
48
to
reduced
1 loo 100
100
1923 M-S 99% -,, 100
. . Ild ext gold 4 3•68
1945 M-S
65Leh & N Y 1st guar g 48
1920 A-0 10218 1021-2 102 Feb '14 _-- 102 102
. 4th eat gold 5s
1945 51-S
Registered
- 100 Jan '12
1928 J-D 944
' 5th ext gold 4s
Feb '10
1914
---1011i
100
&
0
A-0
El
1st
N
6s
pref
Aug'13 _-__
,
iN Y I, E & W 1st g fd 7s 1020 M-S ------109
1914 A-0 100 -- 994 Nov'13
Gold guar 5s
33 825i 874
87
1996 J-J 87 Sale 57
!Erie 1st con g 4s prior
lich'13
---107
10612
lsid
1st
Long
cons
5s_h1931
gold
Q-J
'14
83
Jan
83
1996 J-J -,, 8512 83
1 Registered
81931 Q-J
8934- 0614 Mch'12
1st consol gold 48
;Sale 7478
747
8 7114 7614
7512
1996 J-J
1st consol gen lien g 4s
1)212
"al;
1938 J
.i12 9212
9014 0
General old 4s
7434 77 Apr '12
! Registered
1996 J-J
1922 M-S 94 100 97 Feb '14
97 97
gold
3is
4
Ferry
92
'14
904
89
1051 F-A
92 Feb
;Penn coil tr g 48
1932
'06
Oct
_
83
994
4s
J-D
Gold
56 7212 7733
76
1953 A-0 7558 Sale 75
'50-year conv 4s A
1949 M-S 89 90 8712 Jan '14
-gii" WI;
Unified gold 4s
7514 76 7133 76
1953 A-0 7434 Sale 7484
Series B
,' do
1934 J -D 1014 - - 10014 Feb '14
thole 10014
Debenture gold 5s
t Buff N Y & Erie 1st 7s1016 J-D 1044 - -- 104 Nov'13 -1949 M-S 91 9632 92 Feb '14
89 92
48
gold
ref
Guar
1082 M-N 10734 169 106 Jan '14 .-- ioiis COWChic & Erie 1st gold 5s
1049 M-S
95 Jan '11
Registered
,Clev & Mahon Vs, g 5s_1938 J-J 1031a 108 103 Feb '14
fa' -- 10014 Jan '14
lOOSe
10014
A-0
5s_1938
lstcong
NYB&MB
_
1.
384
2
102
1
7_1_
2
123
123
2 12112 123
Long Dock consol g 6s-1935 A-0
1927 M-S 1004 -- 10212 Jan '14
10282 10212
NY&RI3 lstg 5s
,Coal & RR 1st cur gu 6s.._1922 M-N 99 10712 108 Dec '12 ......
104 Apr '13
Nor Sh B 1st con g gu 5s_01932 Q-J 10138 J -J
102 Feb '14
1017 102"
—
Dock & Imp 1st ext 5s1043
1927 M-S 89 9111 89 Nov'13
Louisiana & Ark 1st g 5s
1946 fil-N 10038 ---- 10313 Aug'12 --_
N Y 13c Green L gu g 5s
112 --1 11112 112
1381930 J-D 1121g 11414 112
9712 ,„- 99'2 Jan 14_'
1937 J-J
"6/ 995* Louisv & Nash Gen
NY Sus & NV 1st ref 5s
5 10534 10712
1937 M-N 10758
10712 10712
Gold 5s
_
1037 F-A 74 100 10014 Dec '06
, yd gold 4 3fis
954 54 9214 9614
1940
9512
9612
951s
J-J
4s
gold
Unified
'13
Aug
81
2
8
1040 F-A 78
; General gold 5s
Nov'13
9212
1940
J-J
Registered
1943 .111-N 106 110 102 Jan '14
102 102
Terminal 1st gold 5s
1931 M-N 165 ---- 104 Nov'13
Collateral trust gold 58
1940 A-0 10178 -,„- 11112 Mar 12 _-Mid of N J 1st ext 58
- 10833 Dec'13
1919 J -D 10833
9234 "ii1"2 .E H & Nash 1st g 68
1942 J-1) 9612 98 9814 Feb '14
Wilk & Ea 1st gu g 5s
Wig fddi
10118 ---- 100'8 Jan '14
L Cin& Lex gold 4
100 108 106 May'12
Ev & Ind 1st con gu g 0_1926 J-J 10514
1930 J-J 1045s -- 12014 Mch'13
O& M 1st gold 6s
N
'13
Dec
104
----J
J
68_1921
Evans & '1' 11 1st cons
fir
Hi1
1930
111
111
-109
-J
J
&
0
N
2d
M
6s
gold
9912
'13
Dec
93
9958
1042 A-0
• 1st general gold 5s
89 89
89 Feb '14
Paducah& Mem dist 4s_1946 F-A 89
_
Mt Vernon 1st gold 6s_1923 A-0 - - - - ---- 108 Nov'll
.10512 Mch'13
1920 M-S
gold
Pensacola
Div
Os,.
_
J'ne'12
-----95
A-0
Sull Co Branch 1st g 58_1930
1
jai
S idg3
;/id 10833 10833
St Louis Div 1st gold 68—.1921
i -61" ..6494
0rrida E Coast 1st 4 30_1959 J -D 94 Sale 93
•1491o
1980 M-S 58 -- 6938 Set) 12
2d gold 3s
tr St U D Co 1st g 4;48_1941 J-J ------02 Aug'10
1 1.
16 "55 905*
90
4 8934
Atl Knox & Cin Div 49-1955 M-N 8934 9036;
-Liirs
64 ---1928 J -J 64 Sam 64
Ft w & Itio (Jr 1st g 4s
Atl Knox & Nor 1st g 5s 1946 J -D 118 ____ 111 Jan '13
0ratll
1.66 106"
1054 — 106 Jan '14
9678 19C 9434 974 !lender 1.3dge ist s f g 6s_ 1931
1921 J-J 9633 Sale 9638
11 trust 4s
Q colt
1 8812 904
904
Kentucky
1987 J -J 90 144 9018
Cent gold 4s
1C
9614
9653
9514
9614
Q-J
1921
• Registered h
100
100
'14
Jan
100
1stg4381945
10012
10312
M-S
L&N&M&M
k 100 101
10012
1011 100
10034 ---lst & refunding 4 gs ser A 1961 J -J -,,83
3 83 84
L & N-South M joint 4s-1952 J -J 83 8412 83
- - 100 96 J'ne'13 ....... ---_ _1961
Registered
81952
95 Feb '05
Registered
9914
'13
9613
Oct
.1
9412
J1933
St Paul M & Man 4s
.16,-14 fat;
1937 -j
N Fla & Slstgug5s
-A 105 -- 10414 Feb '14
11934 12014
1933 J-.1 12138 122 12014 Feb '14
1st consol gold 6s
9912 9912
N& C Bdge gen gu g 43-i8 1945 J -J 10034-- 9012 Jan '14
1933 J -J 117 __-- 11712 Aug'13 —
Registered
10858 10958
10834 110 10958 Feb '14
&
-A
Pens
1st
Atl
6s
g
F
gu
1921
8
10i23
10574
t
102
102
10214
J-.1
102
Reduced to gold 4 3is_1933
10514
10514
'14
1936
Feb
10514
.
10534
58
-A
g
gu
Ala
N
F
&
S
con
1933 J-J 99 - — 10834 J'ne'09 ......
Registered
83 8411
8412
L& Jeff Bdge Co gu g 48_1945 M-S 8412 8512 8412
--
-
--
i
V
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Street Railway
United Rys St L 1st g 48_1934 J-J -_— 7212 7212 Feb '14
New On fly & Lt gen 4 148_1935 J-J -_-- 82 8514 Feb '13
70 Feb '14
Louis
Transit gu 5s_1924 A-0 7014 St
!N V Itys 1st Ii E & ref 4s 1942 J-J
7812 76 75 7918
7812 Sale 7814
6134 872 6838 6312 United RRs San Fr s f 49_1927 A-0 584 59 59 Feb59
a1942 A-0 6133 Sale 6058
' 30-year adj Inc 58
'14
Va fly & Pow 1st & ref 5s__1934 J -J -- 9312 94
101 Jan '13
Portland fly 1st & ref 5s___1930 M-N 9973
'Portland lty Lt & Pow 1st
Gas and Electric Light
1049 F-A
95 Mch'13
rk ref cony s f 5s
Atlanta 0 L Co. let g 5s___1947 J-D 101 _ 10212 Dec'13
I Portland Gen Elec 1st 5s-1935 J -J
Bklyn U Gas 1st con g 5s__1945 M-N 105 10614 10512 106
65 NoTO5
"St Jos By L,H & P 1st g 58 1937 M-N
1947 A-0 —.- 54 J'ne'13
Buffalo Gas 1st g 5s
lot paul City Cab cons g 5s_1937 J -J
-- 10312 Feb '13
Gas 1st g 5s_1932 J -J 90 ___
Columbus
85
1960
-J
85
J
4s
ref
1st
803
84
8412
Ave
Third
84 Salo
.834 Feit-'11
9812 -___ -0
1923 J-J
5s
7614
g
Gas
City
Detroit
84,
8
a1960 A-0 824 Sale 8234
8418 39
Adj Inc Os
1918 F-A _ _ 10012 9553 Sep '0
10012 10714 Bet Gas Co.con 1st g 5s
!Third Ave lty 1st g 58 —1937 J -J 10738 10812 1074 Feb '14
4 10134
1013
10134
10218
J-J
5s.-1933
tr
Coil
Det
1st
Edison
98
5s...1923
06
A-0
1st
97
f
s
Lt
&
Ity
8
967
iTri-City
97 97
_ 10612 Oct '12
1932
Eq G L N V 1st con g 5s
9413 06
9514 96 96 Feb '14
Undertr of London 4%8_1933 J- T
8534 9214 Gas & Elec Berg Co c g 58-1949 J-D 994 - - 100 Feb'13
1948
9214 93 92 Feb '14
Income Os
Or Rap 0 L Co 1st g 5s19I5 F-A _ _ _ 101 100 Oct '09
84 Oct '08
—
Union Elev (Chic) 1st g 58_1945 ;co
1011k Jan '14
Hudson Co Gas 1st g 5s.._1949 M-N 10234
United Rye ley let lien coil
91 Feb '14
Kan City(Mo)Gas 1st g Os 1923 A-0
1926 M-N
71 J'ne'13
trust Os Pitts Issue
Opt on sale.
t
Oct.
Due
•
Aug.
1
July.
Duo
Due
8
April,
Due
II
Feb.
JAR.
Due
a
Duo
week.
this
a
sv2e No price Friday: latest bid sad saked
I
70
70
52
94
7212
70
614
944
•
596
New York Bond Record—Continued—Page 3
Sr
e
BONDS
N. Y. STOCK EXCHANGE H
Week Ending Feb. 20.
-ie.
Price
Friday
Feb. 20
Weeks
Range or
Last Sale
;
a
cii ,3
Range
since
Jan. 1.
BONDS
...Z,
i,
N. Y. STOCK EXCHANGE 13 r.
v
Week Ending Feb. 20.r
,
iy.
(VOL. xovin.
Price
Friday
Feb. 20
Week's
Range or
Lass Sale
,V-2
ali 2
Range
since
Jan, 1.
Btd
Ask Low
High No. Low high
Bta
AA Low
High No, Low MO
RR—Son lines 48_1936 M-N
____
N Y New Haven & Hartf—
4M
3.1. ex Internet 1st con g 4s 1977 31-S
7
77 - Mc-h'
Non-cony deben 4s
- -16
1955
J
-J
79
801,
80
8012
9 75 8012
Stamped guaranteed____1977 M-S ---- ----79
_
Non-cony 1s
Nov 10
1956
dj-N
793
2
8034
7978
80
51 76 81
Minn & St L 1st gold 78.___1927 J -D 108 ____ 12412 Oet '12 _ _ _ ______
Cony debentit,:e3 As
1936 J -3
74 75 71
74
8 6872 75
Pacific Ext 1st gold Gs___1921 A-0 10012 107 llols Aug 11
Cony deben Lure Gs
11142+ J -J 11438 Sale 11413
115
51 105 11712
' 1st consol go.d 5s
1934 M-N 9312 95 921k Jan '14 83 89 -921;
20-yrc mv deb Gs (wh iss) _
_ ------- 10318 Ja n '14 ---- 103 104
1st and refund gold 41949 M-S 5712 58 5814
---Harlem R-P t Ches 1st 4s_1954 14--N
5814 14 51 61
---9914 Nov
- •
._
Des NI & Ft D 1st gu 48_1935 J-J
13 & N Y Air Line 1st 4s_1955 F-A -„- -_ - 9912 inc'12
68 72 69 Jan '14 .-__ 69 69
'12 — -_-_-_- ---II StP&88131 con g 48int gu 1938 J -J 9412 Sale 9414
Cent New Eng 1st gU 45_1961 J -J
9412
8 90 941;
b212 ---- 83 Jan '14 ---- 83- lilst Chic Term I s f 4s
1941 11-N —_—___ 9714 J'ne'12
Housatonic It cons g 5s
1937 31-N 107 ____ 110 Feb '13 .__, —
M 3 S& A 1st g 4s int gu_1926 J -J
.____ 96 Nov'13 --- _ ____
W'clies&B 1st ser 1 4-As'46 J -J
73 80 80
8138 23 -79 If
83
Mississippi Central let 5s 1040 J -J 9112 __ _ 9312 Mch'11
N II & Derby cons cy 5s 1018 31-N -_.- .. _ __ 107 Aug'09 __
__ __
Mo Kan & Tex 1st gold 48_1990 JD 9034 013-4 9034
9112 36 8734 -91-78
New England cons 5s
1945 J -J - - -- -- - - .,...3.- .. . -.-.
-, 2d gold 45
01990 F-A 74 78 76 Jan '14 ---- 7378 77
Consoi 4s
1945 J-J -------- 1/1).3 NIC-11-'12 --.... ...... ....
‘ let eat gold Is
1044 11-N 98 99 99 Feb '14 ____ 9513 99
Providence Secur deb 4,
70 8314 Feb '13 --- _
3_1957 M-N -„.
_
1st& refund 4s
70
N Y 0& W ref 1st g 4s_ _01092 :VI-8 8334
3004 31-S 6912 71 70
6 68 70
-- 86 85
85
L id ra ii
Gen sinking fund 4 As
8334 84 8418
8418 39 8112 85
1936 J-J
Registered $5, 00 only
9212 J'ne'12
._,01992
-NI-S
St Louis Div 1st ref g 48_2001 A-0 70 7712 7814 Apr '13
0
General 4s
3955 j-D
87 8931 Feb '12
_
Do'3c Wa 1st gu g 58
1940 11-N 10018 ---- 9934 Dec '13 ___ _
.4 orfolk Sou 1st& ref A 58_1061 F-A ___0634
0634 97 9634
7 di -6/12
Kan C & Pac 1st g 4s
1990 F-A —_—__ 8214 Nov 13
--- Norf& Sou 1st gold
1941 M-N 10218 ____ 100 Jan '14 ---- 100 100
Is
Mo K & E 1st gu g 5s
1042 A-0 10318 10414 104 Jan '14 -_- 104 104
Norf& West gen gold 68_1931 44-N 1181s --__ 11712 Feb '14 ---- 11712 1171s
M K& Ok 1st guar 5s
1342 M-N 98 101 9912 Oct 13 ...._ _
improvement& ext g 6s 1934 F-A 1195
.s -__ 123 Jan 13____ __—
—
' M K & T of'! 1st gu g 53_1942 M-S 95 9912 96 Jan '14 ___ iti i6New River 1st gold 6s
1932 A-0 Hos -- _ - 118 Feb '14 ---- 118 ifs
Sher Sh & So let gu g 5s 1942 J -D 98 104 98 May'13 _
N & W Ry 1st consg 4s
37 9412 9512
95
1996 A-0 9434 Sale 9434
Texas& Okla 1st gu g581943 M-S 9714 103 9912Jan '14 --, "ii" 991-2
Registered
1 .....:::. 73w3
134 Janb 14
_172 98
-13154 _9
3..
4
Missouri Pac 1st cons g 68_1920 M-N 10414 10412 10414
10414
Div'l 1st l& gen g 4s
1 103 105
91
19
04
94
6 AJ--OJ
Trust gold Is stamped_a1917 M-S 9818 Sale 9734
9318
10-25-year cony 4s
5 9484 9818
---- 104 101 Jan '14 ---- 101 101
1932
J
-D
Registered
a1917 9.1-S
97 Mav'12 _
10-20-year cony 4s
1032 94-s
10.134 Feb '14 .- 101 10434
let collateral gold Is
1920 F-A 95 0612 95 Jan '14 _ _ 94 95
Convertible 4 A s _ _ _ _ 1938 11-s ---10312--_23 100% 10512
10412 10312 104
_
Registered
1920 F-A _ _ _ _ _ _ _
Pocah C & C Joint 4s:..:_1941 J -D 891g 8934 8912
8912 14 8918 0012
40-year gold loan 45
1945 M-S iid 6-5 di
iii
ii 755i, WI, C 0& T let guar gold 5s_1922 J-j 10212 - — 105,14 Jan '13 ---- _
—
1st & ref cony 55
1959 M-S 73 Sale 72
74
44 09 7754
Selo V & N E 1st gu g 4s 1939 A-N 9212 93 9234
7 9038 -93
93
3d 7s extended at 4%,,_1o38 M-N 7814 --- 86 Jan '14__ 86 86
Northern Pacific prior I g 49 1907 (3,1 9514 Sale 9514
9572 50 9212 00
Cent Br Ry 1st gu g 48_1919 F-A 905 ____ 89 Dec '13 ____ ___ ____
Registered
1097 Q-J
---- 9418 Feb '14 -9413 95
Cent Br U P 1st g 4s
1048 J -D 771 ---- 7712 Dec '13
General lien gold 35
6734 Sale 6734
.39047 -F ..„-6814 74 6414 6832
Leroy & 0 V A L 1st g 5s_1926 J -J ---- ----110 Meh'05 —
Registered
a2047
-F
-,07
6512
6512
6512
1
67
Pac R of Mo 1st ext g 4s_1038 F-A 90 ---- 8812 Nov '13
St P.-ul-Duluth Div g 4s__1990 -I3 89;-,-- 90 Jan '14 ---90 90
24 extended gold 5s
1938 J -J 10234 104 100 Jan '14 ---- iod ilid
Dui Short L 1st gu 5s____11116 INI-S ,,-- 10118 10012 Sep '13 .--____
___
BEL Ir M&S gen con g 5s_1931 A-0
23 1031 104 Feb '14 --- 101 105
St I'& N P gen gal 6s___1923 F-A 11112 113 11078 Jan '14 --11078,1107i
Gen con stamp gu g 58_1031 A-0 ---- ---- 103 Feb '14 -- 103 103
Registered certificates_1923 Q-F ------ 1153s Aug'11
Unified & ref gold 4s
79 Sale 79
1929 J -J
St Paul & D .luth 1st 5s__1931 F-A 11/5 109 107 Jan '12 __ _--79
7 76 82
---Registered
1920 J -J -_— _ __ 8078 Oct '12__
24 Is
1917 A-0 101 ___ 101 'Fob '14 --- 101- foi"
Riv & (I Div 1st g 4s
11/33 M-N 79 81 7934
8112 14 7614 is
1st consol gold 4s
1068 J-1) 8712 -.-- 37 Feb '14 -- 87 87
Verdi V 1 & NV 1st g 58_1920 M-S 931S _. _ _ 9213 Dec'13 ....._
Wash Cent 1st gold 4s
1948 Q-131 . - - - --- 8112 Dee '13
Mob & Ohio new gold 6s
1927 J -0 115 110 115
115
1 1151
.
2 1-113-4 Nor Pac Term Co lat g 6s 1933 j-j 11314 ..„. 111 Oct '13
1st extension gold 6s____h1927 Q-J ____ 115 11234 Jan '13
Dregon-Wash
-j 9114 92 0114
9114 16 'oi- 11-1-3
General gold 4s
1938 M-S 83 84 813.i Jan '14 __ a- il 114 pacific Coast1st & ref 48_1961 j
Co 1st g 5s. _194E1 J -D 103 Sale 103
10312
4 9914 10312
Montgom Div 1st g 58_1947 F-A 1051$ __-_ 10712 J'ne'13
3- ennsyl yenta 18RSt Louis Div 55
1937 J-D 03 --_. 95 Dec 13 _
- "—
1st real est g 48
1923 M-N 9634 100 97 Dee '13
St L& Cairo guar g 4s
90 -_-_ 8934Jan '14 _
1931 J-J
1919
104
Consol
m_s,
10212
110
8814 8934
gold 5s
Nich.12
Xi ashvilleCh & St L 1st 5s1928 A-0 10614 107 107
107
5 10512 107
Consol gold 4s
1943 M-N 99 10014 99 Dec '13 _ _ _ " "—
LI Jasper Branch 1st g 6s192$ J -J 10934 ---- 111
Convertible gold 33,
Jan'13 ---99
0_01915 J-1) 9873 Sale 9838
195 di; "iiii;
McM M W & Al 1st Gs
1917 J-J 10312 ...._ 10334 Jan '14 ___ 1iiii4 1-6i3-4
--------08
12Feb '14 _, 9812 9312
Registered
,
01915 J-D
T & P Branch 1st Gs
1917 J -J 103
_ 113 .Fly '01
Consol gold 4s
1048 im-N DR/34 ale 0034 10034
1 99 10034
Nat Rya of NIex pr lien 4 As 1057 J -J 61 63 52 Dec '13 __ _
Alleg Val gen guar g 4s
Sale
9612
9012
9612
34 9613 9658
1042
MS
Guaranteed general 4s_1977 A-0 ---- 83 77 Feb '13
D 18 18 J4& 13'ge 1st gu 4s g '36 F-A 8734 —__ 100 Sep '12 ___ ___ __
Nat of Nlex prior lien 4 As-1926 J -J _ ____ 06% Feb '13
Phila. Bait& IV 1st g 4s
-1943 H-N ---- ---- 9918 FlY '13 --__ __ ____
let consol 4s
1951 A-0 •523-8 70 55 Aug'13
Sod Bay & Sou 1st g 5s
1924 J -J -,,--_ 102 Jan '03 .... __ ____
NO Mob & Chic 1st ref 5s_1960 J -J
5612 Sale 5613
57
18
573
Sunbury & Lewis 1st g 48_1936 j-j
1
N 0& N E prior lieu g Gs__p1915 A-0 10138 104 10114 Feb '14 ___ 101 10114
,
z- MaY•32
---71- ---U N J Rli & Can gen 48_1944 m-g "
---. -------- ---- -------:
1002
New Orleans Term 1st 4s_1053 J -J -_,-- .--- '
78
'
2 MaY'13 --;.- ---- ---- Pennsylvania Co—
N Y Central & II It g 3325_1997 J -J
3Salel 83
Guar
1921 i-j 101 10114 101
let g 43-as
101
1 100 101
39 82 84
84
,
1997
j
-J
Registered
83 Sale 83
83
1 8112 84
Registered
1021 J -J - _ 10114 10114 Feb '14 --- 100 10114
Debenture gold 4s
1934 M-N 8912 91 90
91
Guar 3 As coil trust reg 1937 31-S 1;E3s - --. 86 Jan '14 ---- 88 86
72 86 91
Registered
90 93 May.12
1934 M-N
ct
ccoil toru
94
16
1H
g
1
s
F-NA 84528534 85 Feb '14 --- 85 85
_
3
t
B
....
s
3i
e
s
r
..
Lake Shore colig 3 As__1993 F-A ---81
Sale
8234
84 i& "Iii- WTrust(3uar3Co
9013 ---- 9713 Jan '14 ---- 9713 974
I
Registered
831s 42 7834 8318
1993 F-A 8214 Sale 803s
Guar 3 A 8 trust ctfs0_ _1942 .4 -13 8512 86 83 Jan '14 ---83 83
Mich Cent coil gold 340_1998 F-A 74 7512 78 Feb '14
--------8413 Nov'13 —. ___
7314 78
Guar 3 As trust ctfs D
_
1944
JD
k
Registered
1098 F-A -3-- 76 74 Jan '14
Guar 15-25-year g 4s
74 74
1931 A-0 94 9512 91 Jan .14—._. 03 15
Beech Creek 1st gu g 4s-1
j 11534 ---- 9534Jan '14_,_ 9514 9534
1936 J:J
Chi Leb& Nor gu 48 g
1042 H-N 9314 Sale 9314
9314
8 9314 0314
'( , Registered
.--------99 May'11 __
CI & Mar 1st gu g 440_1935 M-N 96 ____ 110 Jan '05._ ____ ____
,' 24 guar gold 55
-___ __ -_-_-_- ---1936 J-J 300 --- — ....
CI& P gen gug 4 43s ser A 1942 J-j 10238 —.10133 Nov.13____ __ __.
- ---Y
Registered
1936 J -J
Series 13
1942 A-0 10213 ---- 10934 J'ly '09 ___ ___ ____
Beech Cr Ext 1st g 3 As_b1951 A-0 --- ---- ----- ____ __--_
lot reduced to 3As
9114 Feb '12 -- ..... ....
1942 A-0 -.------5114
'Cart & Ad 1st gu g 4s
1981 J -D 853-s -- 88 - Oct '12 ---- —... --Series 0 33-is
1948
H-N /3413 ........ 9013 Get '12 ___ ___ ____
, Gouv & Oswe 1st gu g 5s_1942 J-D 10212 ---- ----Series D 33s
1950 F-A 85 -- 841s Dee '13..____ __
, Mob & Mal 1st gu g 4s
1991 M-S 90 ---- 083 Jan '13
Erie & Pitts gu g 3 As 13_1940 J-j -- ---- 8678 Sep '13 .---N J June R guar 1st 4s
1986 F-A 9114 ---- 105 Oct '02 ____-Series 0
1040 j-j -_,---..
9018J'iy '12 _ _ __ __,
Registered
1986 F-A 89 ---- --,
--Gr It & 1 ex 1st gu g 4 As_1941 j-j 9578 ---- 9538 Den '13
-N Y & Harlem g 3 As
200 M-N 831s --- 871-2 Dec '12 ---- ---- ---Pitts Y Sc Ash 1st cons 53_1927 31-N 10352 --__ 109 illay'10 _ ------ —
.
Registered
200 M-N --- -,-- --__
_-___
Tol W V& Owl 443s A
9618 ---- 10211 J'ne '12 _
1931 J -J
.
16"N Y & Northern 1st g 5s 1927 A-0 1013-4 108 102 jan '14
Series 11 4 As
1933 j....1
96's,_-- 10238 Nov'12_ _ ___ ____
. N Y & Pu 1st cons gu g 48_1993 A-0 82 96 92 Oct '13 ___
Series 0 4s
1942
9214
_.9512
Sep
M-S
___
'13
_
Nor& Mont 1stgug 58_1916 A-0 ---- ---- __ ,.._."—
P 00& St L gu 4 As A
A_O
10212
-_-_
10134
1940
Jan
'14
_ I8038 1-0134
Pine Creek reg guar Gs_1932 J -D 115 ---- 116 Fob '14 . 118- 1-16Series 13 guar
1942 A_O 10212 Sale 10212 10212
3 10014 10212
R NV & 0 con 1st ext 5s_h1922 A-0 104 ..--- 104 Feb '14,,_. 10213 104
Series C guar
1942 31-N ---------100 Joe'11 _ _ _
Oswe & It 2d gu g 5s
e1015 10-A 100 ---- 100 Jan '14
Series D 4s guar
100
9912
93
954
1045
9413
H-N
Uct
__
'13
.
R W & 0'!' 11 1st gu g 5s 1918 M-N 1014 ---. 104 J'ne'10
_ _
Series 13 3 As guar g
1949 F-A 8913--- 90 Apr '13.
.
Rutland 1st con g 4 As...._1941 J -J —_ ---- 90 Apr '13
-Series F gu 4s g
1953 J -0 9234 --- 9514 Jan '13 __
Og& L Cham 1st gu 48 g 1948 J-J ---- 81 80 Sep '13,,__
-Series G 4s guar
--Jan
9214
972
1957
H-N
13
_
Rut-Canad 1st gu g 48_1949 J-J ..„--- 92 J ne'09'
—
C St L & P 1st con g 53_11/32 A-0 10578 --- 108 J'ne'13
-St Lawr& Adir 1st g 5s-1996 J -J 100 --- - 103 Sep '12
Peo & Pek Un 1st g Os
_
'13
Feb
106
--,1921
Q-F
24 gold 6s
--"" —
1996 A-0 105 ---- 11912 Nieli.12
2d gold 4 As
b1921 94-N 89 Sale 89
89
a id li
Utica & Bik Itiv gu g 4s-11/22 J -J 96 -„-- 95 Dec'13 ___
Pere Marguette--Ref 4s___1955 j-J -------54 Jan *13 ____ __
Lake Shore gold 33s
1907 J -D ---- 85 8812 Jan '14
Refunding guar 48
____ ____
1955 j-j - _ 50 40 Dec'13
Registered
1997 J -D 84 8712 84 Jan '14 Ch & NV Al 5s
____
'12
Oct
08
—
IV
84
84
1921 J-D
--Debenture gold 4s
1928 M-S 92 Sale 92
9212 39 8914 9278
Flint & P M g Gs
1920 A-0 103 104 103 Feb '14 __I 100 103
25-yr gold 4s
1031 M-N 917 Sale 9134
92
1st consol geld 5s
30 8812 9214
1939 m-N 8812 92 881s Feb '14 __ I 8812 90
Registered
1931 M-N ---- ----93 Oct '12 ___- _--- —_
Pt IIuron Div 1st g 53_1930 A-0 9013 9213 9014 Feb '14 .... 9014 9014
Ra A & U It 1st gti c 5s 1938 J -J 10318 ,-,- __
_
Sag Tus & H 1st gu g 48_1931 F-A ----2:3Mahon Cl lilt 1st 5s_1934 J -.1 104 11012 11112 Mch-li -_-- -- "—
---- -Ry 1st 30-yr s(45'37 j-j __— en -,7Feb '14 .....
tie Feo
Pitts & L Erie 2d g 53-11928 A-0 101 107 105 Apr '12 _--- ----- Philippine
PiAs Sh& LE lstg 53
1940 A-0 108 ..--- 108 Apr '13 ____ ____ ____
Pitta McK & Y 1st gu 6s_1932 J -J 113% ---- 1304 Jan '09 --1st
consol gold Is
--- ------ -10612 --- 11314 Nov'll ._ _
1943
j-j
2d guaranteed Gs
1934 J -J 112
— 12314 Mch'12
1)eading Co gen g 45
Sale
951
..
07 9238 -ars
McKees& 13 V 1st g 6s1918 J -J 10014 ---- ---J t, Registered
- -1997 j.1 _O.,5:.8,
94
512
941 ..
3 9412 944
Michigan Centra. Is
1931 M-8 10214 —.. 111 Jan '12 7:—
-- --Jersey Cent coil g 4s
....... -9514 15 9313 96
1951 A-0 95 Sale 95
Registered
1931 Q-M 10012 - - 119 J'ne'06
Atian City gu 4s g
.
.
1951
J-J
45
1940 J-J
98 Apr '12
'
,tJo& Gr Isl 1st g 48
iiiT,
3 "ii78
78
1947 j-j fro% — - ii
Registered
1940 J -3 --------87 Feb '14
87 87 0t Louis& San Francisco—
J L & 8 1st gold 3As_1951 M-S_
. --_ 90 J'ne'08 ___ - -- —_
General gold 6s
11012-.-110
Feb
.
14
1931
___1110
J-J
110
1st gold 33-is
1952 M-N 82
82 Nov'13
General gold 5s
1931 J -.I 10214---- 10218 Feb '14 —_1100 10214
20-year debenture 44_1929 A-0 8578 87 8614
8012 10 8378 87
St L & S F RR cons g 48_1996 J -J
7912 Feb '14 ..
75127312 7918
NY Chic& St L 1st g 4s1937 A-0 97 98 9638
97
Gen 15-20-yr 58
6 9434 97
1927 94-N 50 Sale 50
51
iii 50 54
Registered
1937 A-0 96 _ __ 971 Jan '13 ___ ___
Tr Co certfs of deposit-51
50 - - - - 5014
8 50 5584
Debenture 4s
1931 M-N 8678 Sale 867s
87
15 84; IfSenthw Div let g 5s...-1947 A-b 93 --- 93 Dec '1
.
__ . _
West Shore 1st 48 guar
2361 J-J
94
9318 Sale 9318
26 9112 95
Refunding ges
1951 J -j 7712 Sale 773s
7738 177 ii -file
Registered
2361 J -J 9114 Sale 9114
92
27
893
Registered
4
92
1051 J -J
_ __-_. 8034 Melf11 _
/1 Y (lent Linemen tr 4 1.4 R 1922 .1-1 073.
1001, J'Iy '11
'IC(3 ltt 14 & M rtnn Lr an
Is)2s ni-N TN" ____ 1103a Feb '14
Far, nighl
MISCELLANEOUS BONDS—Continued on Next Page.
-_
-g-
joy
airs'
-05
Gas and Electric Light
Kings Co E1L & P g 5s____1937 A-0
Purchase money 6s
1997 A-0
Convertible deb Gs
1932 M-S
Ed h1111 Bkn 1st con g 4s_1939 J-J
Lac Gas L of St L 1st g 5s_e1919 Q-F
Refand ext 1st g 5s
1934 A-0
111waukee Gas L 1st 4s......1927 M-N
Newark Con Gas g 5s
1948 J-D
N YGELII&Pg5s
1948 -D
I Purchase money g 4s
1949 F-A
1 Ed El 111 1st cons g 53
J -J
1998
Y&QE1L & I.' 1st con g 58 1030 F-A
Y& Rich Gas 1st g 58
M-N
1921
acific0& E I Co Cal CI & E
; Corp unifying& ref5s
1937 N1-N
i,.._ac Pow& Lt 1st& ref 20-yr
Ifs Internet Series
1930 F-A
•at& Passaic G & It 5s
1949 31-S
No price Friday:'stoat bid and asked.
P
104
113
_.1031 Feb '14
11212Jan '14
_. 1249s 122 Dec '12
8434 88 8818 Apr '13
10112 10134 10114
10114
100i2
10013 Sale 10013
9058 9034 91 Fob '14
10218 ____ 1013k Jan '14
10434
10412 Sale 10138
8534 Sale 8514
87
108 10911 103 Feb '14
101
100 10118 101
9213 J'iy '09
94
9412 941s
9412
90 94 90
90
101 .._ _ 100 Jan '14
a Doe Jan, 5 Due Feb
10
12
1 11
03312
i ido" kii3-4
5 9718 10012
8812 01
_ 10134 10134
6 10134 105
10 83 87
_ 106 103
1 101 101
_. - —
12 9233 951s
1
90 90
100 100
*Due May.
f
Gas and Electric Light
['co Gas & C 1st con g 6s.-1043 A-0 114 Sale 114
114
Refunding gold 5s
194
947 NI:S
s 10038 10038 10083 1005
Registered
09 Sep '13
Ch (.1-L & Cke 1st gu g 55-1037 J -J iciii iiiiii 10214 Feb '14
Con CI Co of eh 1st gu g 581936 J -D 00 1003 10013 Feb '14
Ind Nat Gas & 011 30-yr 5s '36 31-N -------i4 93 Sich'12
Mu Fuel Gas 1st gu g 5s....1947 34-N 100
100 Feb '14
Philadelphia Co cony 5s.-1919 F-A
_ -- 95 Sep '13
Cony deben g 5s
1022 31-N 07 9738 97 Feb '14
-itan Gas & El cony s f 6s_19213 J -D 9014 9218 88 Jan '14
Syracuse Lighting 1st g 5s_1951 J-D
16013 Feb '14
Syracuse L & 1' 5s
3513 J'no'12
1954 J -J 931...
Trenton 0& E 1st g 53
100 Feb '01
1949
(VI'S
17-01-1-4
::::
Union Elec L & P 1st g 58_1932 94-S 1C1012 -- 97 J.ne'13
net & eat Is
94 Nov.13
1933 M-N
Utica El L & P 1st g 5s
1950 J -J HU
Utica Gas & I: ref 5s
1057 J -J 97 ---- 10014 Dee '11
1Vestchester Lzg g Is
1950 J-D 10414 Sale 104
10414
Doe June. 5 Due July. o Due Oot. y Due blot. a Option Isle.
1
1 9854 1008s
15674 10214
9914 1001$
lir,gal;
88 88
10012 1004
-02
7 4fa;
New York Bond Recora—Concluded—Page 4
FEB. 21 1914.)
BONDS
. Y. STOOK EXCHANGE
Week Ending Feb. 20,
;
Is
Pries
Friday
Feb. 20
Week's
Range or
Last Zak
Range
since
Jan. 1.
All Low
Bid
High No. Low High
$ L & San Fran (Con)
4
7612 46 73
i KO Ft S& M Ry ref g 43_1936 A-0 70 Sale 76
774 J'ly '12
1936 A-0
I Registered
10312 J'ly '12
, K 0& M R& B 1st go 55_1029 A-0
9914 May'13
t Ozark & Ch C 1st gu 55 g_1012 A-0 _
7184 -8734
- -1;8
1989 M-N 864 8714 8714
Si L 8 W 1st g 4s bd ctfs
75 ---- 76 Jan '14
75 75
2d g 45 Inc bond etfs___p1989 J -3
744 7734
7614
1932 JD 76 7638 764
Conseil gold"4s
9812 Jan '14
0812 9812
Gray's Pt Ter 1st gu g 58_1947 JD
8234 §-cifj 8234
77 8338
8234
11 A& A Pass 1st gu g 4s
1943 J-J
104 Oct '09
5 P& NP 1st sink ig 5s
1919 J-J
8518
- -811-2
-8538
Seaboard Air Line g 4s
1050 A-0 --_- 8478 8514
8312 8538
85
1050 A-0 85 Sale 85
Gold 4s stamped
1950 A-0
Registered
7434 -86
7838
Adjustment 58
o1949 F-A 78- Sale 7714
7414 784
78
7714 Sale 77
Refunding 4s
84 8534
4
85,
4
8534 Sale 85,
Atl-Birm 30-yr 1st g 4s__ 010
9
1 1)
85 85
85
85 Sale 85
Car Cent 1st con g 4s
10314 Jan '13
Fla Cent & l'en 1st g 5s 1918 J -J 1003s
JJ 1004 —.104 Noy'12
1st land gr ext g 5s
10178
10178
15174 10-1-7-4
102
_Copse]gold 5s
10412
3 19213 10512
10412
10412
j1 ---.
Oa & Ala Ry 1st con 5s....olE j
Dec '13
Ga Car & No 1st gu g 58_1029 J - J 1024 -- 102
1926 J-J 10138 ---- 10114 Oct '13
Seab & Roe 1st 58
Southern Pacific Co—
0212 17 90 04
9134 9214 9184
Gold 4s (Cent Pac coll)_k1949 J-D
90 00
90 Feb '14
Registered
8814 722 8618 92
88
Sale
8814
1
1ij
)N
'
991
20-year cony 4s
10338 1512 10278 10353
10318 Sale 10278
SO-year cony 5s
3
37 9112 9412
94
A 9334 Sale 93 4
e -D
j
1) '
34
94
11)
Cent Pac 1st ref gu g 4s_1
8912____ 9412J'iy '12
Registeree
A 9114 92 9113 Jan '14 33 -5i- -ill;
1 -1)
F
29 .
04
19
,3a—k1
Mort guar gold 3;
85,
4 853:
A-0 8034.._ 8534 Jan '14
Through St L 1st gu 48_1954
10313 10334
103 10334 10334 Feb '14
0 H & S A M t''.; P 1st 5s_1931 el-N
-N 9914 ____ 1024 J'iy '12
Gila V 0 & N 1st gu gr5s..1924 M
-N 1024 104 102 Sep '13
nous E & W 'I' 1st g Js...1933 M
102_ 102 Jan '14
10112 102
193
guar Os rod
1 10818 -159-13 108 Dec '13
3 TII & T 0 1st 5 5s int gu_7
4 51- 9512
04
9314 95 94
A-0
1921
Gen gold 4s int guar
10818 10978 11014 Mehl()
Nvv N
Waco&
st g es 1930 iil-N 102 - -_ 10112Jan '14
A&
iet
15
digy 5
lItgb
i.5173 1-611-2
1074 10814
- 10013 Feb '14
ma 106,
4
j
0
'
A
8
19911
Morgan's La & T 1st 7s
10718 10713
1020 J -J 10638 —.10718 Feb '41
1st gold es
106 ____ 112 Feb '07
No of Cal guar g 5s
1034 104 1014 May'13
78 4.1 --7 10413
19327
15:::1 993
ir 5
;
Oe
s
ieur :
gto
eeC
repSc
la
eafIc
i—
st
_ 10113 Nov 13
MN
9118 93 9112 Sep '12
-J
J
g_1927
48
gu
1st
So Pac Coast
864
8738 8734
8734
A-0
0
8434 184s....195
San Fran Terml 1st
06 Jan '14
00 00
Tex & N 0 con gold 5s 1943 J-J -019234 93 8038 9314
2 Sale 9214
J-J
46.-1055
ref
1st
So Pac RR
Southern8
105
1053
Sale
1054 ss 10214 10578
1094 J -J
1st consol g 5s
100 Aug'13
1094 J -J
Registered
7514
754
7512 154 73 7C1
Develop & gen 4s Ser A 1956 A-0 83 Wale
4 8014 8312
8312
84
83
Mob & Ohio coil tr g 48_1938 M-S 10414 ____ 104 Jan '14
101 104
11/96 J -J
Mem Div 1st g 453-5s
834 83,
4
1051 J -J 8412 ....„ 838 Jan '14
St Louis div 1st g 45
1918 .1 -.I 10318 106 10514 Sep '12
Ala Con R 1st g 68
'14
8018Jan
---8
877
-81
7
1
3
113
8
1.1
J
1948
Daily
&
1st
s
4
g
AO
8214 Feb '12
_
1048 J -J
' 2d 4s
All & Yad 1st g guar 4s 1049 A-0 70 -Fob '14
1015
1015 11154
8
:
1
0
07
1
J-J
1016
&
Oreenv 1st es
Col
J'ne'13
103
1930 J -J
E T Va (lc Cla Div g 5s
107'3 Jan '14
10514 10738
1956 M-N
Con 1st gold Os
3
12
J
34,
5:8
,
104
100
4338
4
1938 M-S 1°
E Ten reor lien g 5s
61'2
1946 A-0
Ga Midland 1st 3s
4 111 108 Jan '14
1922 J-J 1575Ga Pac By 1st g es
109 11012
1925 J -J 10918 __-_ 11012 Jan '14
, Knox & Ohio 1st g 6s
—_ 10512 Nov 12
Mob & Bir prior lien g 55_1945 J -J 1004 ---_
79 blch'13
72
1045 J -J
Mortgage gold 4s
1005 cOl
1915 J-J 101 10218 101 Feb '14
Rich & Dan con g Gs
1927 A-0 10314 104 101 Dec'13
1 Deb 5s stamped
73 Sep 12
70M-N
4s__1948
g
1st
Meek
&
Rich
‘
101
101 102
1919 M-N 101 1.151-12 101
So Car & Oa 1st g 5s
1916 M-S 10138 __ 112 Oct '06
( Virginia Mid ser 0 es
Noy'12
10334
8
1017
_—
ei-S
1921
4-5s
D
Series
,
1026 M-S 10213 __ 102 Dec'13
s, Series E 5s
1031 al-S 10278 ____ 104 blch'13
Series E' 58
10418
10213 nii1.2
1936 ilil-N 10418 -- 10418
' General 5s
Feb '14
10312 105
1 Va & So'w'n 1st gu 5s 2003 J-J 105 — 105
4 9112
C
00,
1958 A-0 9213 04 9112Jan '14
1st eons OO-year 55
92 J'ne'13
'W 0 ec W 1st cy gu 4s_....1924 F-A 9018
West N 0 1st con g 08_1914 J -J 10018 —.100 Aug'13
'11
Apr
10212
1955 J -J
Spokane Internet 1st g Os.,,,l955
10114 10038 Feb '14
10554 1-665-8
A of St L 1st g 4%8_1930 A-0 100
10334 106%
con gold 5s__..1894-1044 F-A 10618 108 1064 Jan '14
8514 0012
1953 J-J
Gen refund .1 f g 4s
3 Feb991142 _
1314
99
4 _9_5_ 10
1:8
99
10134 10134
St L M Bore Tor gu ;5s_1930 A-0 10
10314
991: 104
2000 J-1) 103 ____ 10214
Tex & Pac 1st gold 58
12
Nov
51
40
20
q9000 Mch
gold In Os
2d c
90 ____ 9912 Apr '11
1931 J -J
La Div B L 1st g 5s
10613 Nov 01
W Min W & N IV 1st gu 5s_1030 F-A
10'1I Fob '14
10334 f6i1-2
1935 J -J /Oil;
Tol & 00 1st g 5s
1935 A-0 10434 ___ 101 Aug'13
_
Western Div 1st g 5s
98 98
1935 J -D 100 10112 98 Jan '14
General gold 5s
'14
Jan
4
853
8712
8512 8534
Kan & M 1st gu g 4s_......1990 A-0 8014 98 9812 Feb '14
9534 9812
1027 J -J 964
2d 20-year 55
9012 85 Dec '12
1917 J-.1
Tol I' & W 1st gold 4s
82
8113 82
Tol St L & W pr lien g 3 As_1025 J -J 8113-82
E81-3 5812 Feb '14
68 00
1950 A-0
50-year gold 4s
50
2 50 50
1017 F-A 49 50 50
Coll tr 4s g Ser A
'13
Dec
85 ____ 84
Tar Ham & Buff 1st g 4s_h1946 J -D 10134 ____ 10134 Feb '14
100l 1013i
Tilster & Del 1st con g 5s_1928 JD 7514
84 74 Jan '14
74 74
1952 A-0
4*-, 1st refund g 45
Union Pacific68 954 98
1st RR & land grant g 45_1947 .1 -J 9634 Sale 9638 Feb9713
'14
0612
9613 9012
1947 J -J
Registered
027 1092 90 934
20-year cony 4s
1927 .1 -J 9134 Sale 9112
95
29 91 95
1s1& ref 4s
g2008 M-13 9313 9418 9334
9318
1 02 94
Oro By & Nay on g 48_1946 J -D 93 9334 9318
10918 11012
Ore Short Line 1st g 135_1922 F-A 111)1211034 11012 Feb '14
3 10534 108
1946 J -J 10734 Sale 10734 108
1st consol ; 55
9414 33 8914 0414
_ 94 944
1929 J -D
Guar refund 4s
May'll
.
1926 J -J 162-18108
Utah & Nor gold 5s
1st extended 48
1933 J -J 9112 Rif;
93 Apr '13
Vandella cons g 4s Ser A_1955 F-A
--, v Consol 4s Series 13_
93 Meh'13
1957 II-N
---Vera Cruz & P 1st gu 4 3.]s_1934 J-J
9712 94 Oct '12
997
10012
71 0738 16612
Virginian 1st Is Series A _1962 M-N - 78
-k9 Sale 9938
Aj:_?,
let
Ter
Price
Friday
Feb. 20
BONDS
N. Y. STOCK EXCHANGE I,3
Week Ending Feb. 20.
Range
sind
Jan. 1,
Week's
Range or
Last Sale
High No, Low Iligh
10412 33 1014 105
b 94 100
99
0 J'ne 12
-9— 999
— -9
-9_8
08 98
---- 99 98 Feb '14
70 ____ 75 Noy'13
61 484 5013 6114
5812 Sale 58
50l Jan '14
50 5012
55
25 50 5612
55 Ktie 55
504Jan '14 _- _ 564 5653
5714 183 48 6714
-6C5 Sale 55
10612 106 Nov'13
—
7112 ____ 80 Aug 12
b 414
Feee
1 J
4
,
7
71 '
1I
78
6
W70 70
1114 Dec'13
_
1212 48 1113 1414
13 1178
11
11
1314 Feb '14 ___ 1234 1314
13
8 3
-11.
171a4 Jan '14
114
3
'114
11
8334 ____ 8378 Feb '14
8114 8378
9314 __
100 Sep '12
79 Sale 79
81)5 76 -80
7912
105 Sale 105
105
3 10212 105
-8234 3
2 Jan '14
84
07
75 82
Feb
10113 Feb '14
10112
i5i- 102
95 -___ 9512 Noy'13
92 __-- 91 Feb '14
_ 91 91
79 82 80 Feb '14
75 80
90 ____ 9534 Nov'13
88 ____ 88 Feb
.- -88-2-1§
4 854 894
88 89 88
8814
87 894 8938 Feb '14
86 87
Ask Low
10413 Sale 104
Bid
1939 111-N
'Wabash 1st gold Os
TV 2d gold 5s
1939 F-A
Debenture Series B
1939 J -J
1921 M-S
1st lien equip s fd g 5s
1st lien 50-yr g term 4s 1954 J-J
1956 J -J
1st rdl and ext g 4s
Cent Trust Co etfs
Do Stamped
Equit Trteit, Co 2tfs
Do Stamped
Det & Ch Ext 1st g 5s_1041 -J
Des Moin Div 1st g 4s_1939 J -J
Urn Div 1st g 3 es
1941 A-0
Tol & Ch Div 1st g 4s
1941 M-S
Wab Pitts Term 1st g 4s 1954 J-D
Cent and 01(1 Col Tr Co certs_
Columbia Tr Co ctfs
rtlids t4s
ro
2d ,g
1954 J-D
Co certfs
Wash 'Fermi 1st gu 3 Ms___1945 F-A
1st 40-year guar 4s
11145 F-A
West Maryland 1st g 4s
1952 A-0
West N Y I-, Pa 1st g 58_1937 J -J
Gen gold 4s
1943 A-0
Income Os
y
A -ocl
3N
2,
94
1,
.1
g 54‘..d
Wheeling & L E 1st
Wheel Div 1st gold 5s
1928 J -J
Exten & Dept gold 5s
1930 F-A
1C1C 1st consol 4s
1049 M'S
20-year equip s f 5s
1922 J -3
Winston-Salem SB 1st 4s 1960 J -J
Wis Cent 50-yr 1st gen 4s_1940 J -J
Sup&Dul div & term 1st 45 '36 M-N
. Manufacturing Sc industrial
An, Ag Chem 1st c Os
Am Cot Oil ext 43's --g1
8 AO
915
192
Q
F
:
Debenture Cs
Am Bide & L 1st s f g 6s
-N
1-S
1 PN4
19
93
19
Amer Ice Secur deb g 6
A-0
1925
An, Smelt Securities s f 65_1926 F-A
Am Spirits Mfg g Gs
Am Thread 1st col tr 4s
5 NI-1
11919J
Am Tobacco 40-yr g Gs
1944 A-0
A
A-0
1F
Registered
54
94
1,
Gold 4s
Registered
Am Writg Paper 1st s f 53_1
951 F
1919
J
J:A
Baldw Loco Works 1st 5s_1940 M-N
Beth Steel 1st ext s f 5s
1926 J-J
1st & ref 5s guar A
Cent Leather 20-year g 5s_1925
A-O
M
1942-N
Cense' Tobacco g 48
Corn Prod Ref s f g 5sA
F-N
1M
31
195
1st 25-year s f Is
Cuban-Amer Sugar coll tr es 19
O
A:N
38 M
914
Distil Sec Cor cony 1st g 58_1927 A-0
E I du Pont Powder 43-0_1936 J-D
General Baking 1st 25-yr Gs_1056 J -D
u en Electric ueb g 3eis. _1042 F-A
Debenture 5s
Gen'i Motors 1st lien Gs
-0
Al21%8
915
195
III Steel deb 4 e3s
O
A-N
1940 5,1Indiana Steel 1st 5s
Ingersoll-Rand 1st 5s_-__q1
19
2 J -J
55
93
Int Paper Co 1st con g 65_1918 F-A
Consoi cony s f g 5s
M11
1935 .
Int St Pump 1st s f 5s
1929
Lackaw Steel 1st g Os
-s
A-O
1923 NI
1st con 5s Series A
5-year convertible
9 M'S
915
195
_1
&
Liggett
Myers Tobac
78_1944 A-0
5sOs
1951 F-A
Lorillard Co (P)7s
1944 A-0
5s
1931 F-A
Mexican Petrol Ltd env es A_'21 A-0
Nat Enam & Stpg 1st 5s1929 J-D
Nat Starch 20-yr deb 5s
1930 J-J
National Tube 1st 5s
1952 M-N
N Y Air Brake 1st cony 6s-1928 M-N
Railway Steel Spring—
Latrobe Plant 1st s f 5s_1921 J-J
Inter-ocean P 1st a f 5s_1931 A-0
Repub 1 & S 1st & col tr 55_1934 A-0
-N
1-O
05
30
194
10-30-year 5s s f
19
Standard Milling 1st 5s
The Texas Co cony deb 6s_1931 J-J
Union Bag & Paper 1st 5s_1030 J -J
1930 J -J
Stamped
U 8 Realty & 1 cony deb g 5s_'24 J -J
U S Rod & Refg 1st g 65_1931 J-J
11 S Rubber 10-yr coil tr 65_1918 J -D
S Steel Corp—jcoup _41963 81-N
S f 10-60-yr 5slreg —d1963 M-N
Va-Car Chain 1st 15-yr 55_1923 J -D
West Electric 1st 5s Dec 1922 J -J
Westinghouse E&Alef 55_1931 J -J
10-year coil tr notes 5s 1917 A-0
10138 10112 101
10114
7
984 9918 984 Feb '14
9312 Sale 924
9312 34
102 103 102's Feb '14 ____
88 Sale 8334
89
31
10434 14
1045a Sale 10138
95 99 9514
96
2
9234 9312 93 Feb '14
118 ___ 120 Feb '14 ____
116 Oct '13
2
8 j,fle9711.
7!,2
95
974 Sale ,
9784 102
96 984
89 9315
101 10212
784 89
10312 105
94 99
93 931s
3
20
712 19
13
19
97
9712
72
7218
4 68 78
103 Jan '14
102 103
0814
99
-65 9312 100
78 8138 8618
63188 199
89
9
8512
974 9988
99'8 Sale
718Jan '13
99
— 9
974 974
94 9811
93
a71e 9633i.1
9334 S9
95
5314
3 0113 9384
8
92 96 9212 Feb '14
9213 93
68 106 6314 68
0012 Sale 6013
20 87 8913
53 Dec8'013
,31-8
8 ,2
9
58
8
e-2 1
-1,
a0
2
88,3
77 164
10412 105 10434
105
22 103 103
1,4 7
08
10078 Sale 10013 18
5 9812 10088
18
87$4 83 88
8312 8818
101 Sale 101
10138 22 9838 1018$
100 Oct '13
100
10112 103 103
103
2 101 103
8178
814 Sale 8134
5 813g 844
06 ---- GO Feb '14
60 674
964
9614 Sale 9614
9014 97
78
78 Sale 7734
15 70 7812
9778 9814 9734
98
27 9313 9814
12238
12134 12278 122
6 120 12238
10014 Sale 10014 1004 17 9684 1004
12114 Sale 1214 12138
3 11938 122
10038 18 9638 10068
10014 1004 100
95 974 95I Jan '14
91 9514
*9338 ---- 93
934 TO 9112 9334
82 S4 8212 Feb '14
8212 821s
5
100 .
100 Sale 99
12! 9634100
9812-- 9914 Feb '1•
9813 0911
7213 Sale
10212 ____
99 Sale
8818 Sale
98 Sale 98
5 97 93
98
92
91 9134 914
11 91 921e
10278 ---- 102es Dec '13
9234 Sale 924
93
4 -51- 9313
80 --- 89 Feb '14
844 89
10514 586 10038 106
10530 Sale 10434
80 90 Feb '13
89 9114Jan '13
0 Feb80
,
2
I -24- 89
88 Sale 8
'14
20 20 ,
10338 21 10134 104
103 Sale 103
1024 Sale 10213 10238 120 994 1024
4 15 100 1024
10234 Sale 10214 102,
98
6 9138 98
97 98 9034
101
31 10018 10214
101 Sale 101
39 894 94
94
94 Sale 9313
9014 97 9714 Feb
9634 9714
Telegraph & Telephone
8933 121 85 8971
Am Telep ac Tel coil tr 4s-1929 J-J 894 Sale 8918
9634 9714
Convertible 4s
1936 M'S 94 90 95 Feb '14
973 107 944 9914
20-yr convertible 4 3is _1933 M-8 9714 Sale 97
Chicago Telephone 1st 5E4_1923 J -D
81;
8138
Commercial Cable 1st g 45_2397 Q-J WI;
8138 815
8312 Nov 11
Registered
2397
9713 9738 98 Feb '14
9015 98'4
Cumb'd T & T 1st & gen 5s_1937 VJ
-j
Keystone Telephone 1st 53_1935 J-J 8914 -- 9114 Sep '13
2
Metropol Tel&Tel 1st sf5s-1918 M-N 1004 Sale 1004 1001
991
2
Mich State Telep 1st5s1924 F-A 9918 100 9912
101 10314 May 11
NY&NJ Telephone 5s g_1920 11-N
981
98 9838 98
17 -51 'VII;
N Y Telep 1st& gen s f4 Xs 1939
9814 33 96 9984
L'ac Tel & Tel 1st 55
1037 J -J 9814 9838 9818
993
9914 Sale 984
39 9718 100
South Bell Tel& T 1st s f 55 1941 J-J
9818
1 93 984
West Union col tr cur 55-1938 J-J 984 Sale 984
M-N 92 93 92 Feb '1
Fd and real est g
8678 92
-- 104 Jnehl
Mut Un Tel gu ext 5s— _1941 M-N
87 ____ 93 Jan '13
Northwest Tel gu 4;es k_1934 J-J
63,fa;
ia-9033
.0
MISCELLANEOUS BONDS—Concluded.
Coal Sc Iron
Buff & Susq Iron Al 5s___1932 J-D
a1926 84-S
Debenture Os
Col F& 1 Co gen a f g 5s-1943 F-A
1919
' Col Fuel gen 6s
Col Indus 1st & coil 58 gu_1934 F-A
Cons Ind (Joel Me let 58-1935 J-D
Cons Coal of Md lstScrel 5s 1950 -D
Continental Coal 1st g 58..1952 F-A
Or lily Coal& (J 1st g es_111919 A-0
Kan & 11 0& 0 let s f g 58-11/51 J -J
Pocah Con Collier lets f 58_1957 J -J
St L Rock Mt& P 1145s-190 J -J
1951 J -J
Tenn Coal gen 5s
Birm Div 1st consol es-1917 J-J
a1917 A-0
Tenn Div 1st g 6s
Cali C Al Cu 1st gut; Gs1922 J -D
1953 J -J
Victor Fuel 1st s f 58
Va Iron Coal&Coke 1st g 55 1949 M-8
92 9312 90 Sep '13 ____
-8180 85 80 Jan '14 ____ -81598
10 9112 98
98 9812 98
10534 _
1074 J'ne'12
8078
7 7012 82
79 Sale 79
79
1 79 79
---- ---_ 79
89 92 89 Feb '14 ---- 89 89
91 99
___ __ .lois; Apr '06
9214 ____ 9214 Dec'13 ------------2
-8512
8578 8738 8512
84 0
8512
81 86 82 Feb '14 .... 7 82
10138 103 101
10112
3 9818 10112
__-- 10212 10215 Feb '14 ____ 10112 103
- 103 101 Jan '14 — 101 101
i5i.__ _ 103 J'ly '13 -- ---- -___
_ — 84 80 May'13
93 9338 93
93
5 -9212 15 -
Miscellaneous
1948
Adams Ex coil tr g 45
Armour & Co let real eist.4343 '39 J-D
1952 A-0
'lush 'rerminal let 4s
1955 J -J
Consol Is
1960 A-0
Ridge 5s guar tax ex
Chino Copper 1st cony Os 1921 J -J
tnspir Cons Cop 1st es (rects)-1922 in t Mercan Marine 4 eir
/C6
lot Navigation 1st s f 5s_1929 F-A
Mge Bond (N Y) 4s ser 2-1966 A-0
1932 J
10-20 yr 5s series 3
11139 J -J
Morris & Co 1st s f 4 is
N Y Dock 50-yr 1st g 48-1951 F-A
1932
Niag Falls Pow 1st 5s
1945
Ontario Transmission 5s
Tub Seri( Corp N J gen 58-1959 A-0
itayConsCopper 1st cony 681921 J -J
Wash Water Pow 1st 5s-1939 J -J
• No prim Friday; latest bld and asked. a Due Jazz. 4 Due April, $ Due May. f Due June. is Due July,
78 79
93 Sale
884 8934
91
if4 88
--- 180
10114 Sale
5514 Sale
__— 75
4
784
78
53
9213
93
1
8713
871
91 Jan '14
11
881
8713
150 Jan '14
1011
25
101
154
56
55
74 Feb '14._
May 13
883 _.__ 8813 Jan '14
78
78 79 78
101 --- 100 Dec '13
89 Dec'13
90
91
91 Sale 904
10934
10838 10912 109
100 103 10312Jan '14
Due Aug. o Due Oat. ro Due Nov. 4 Doe Doc
7312 8034
8912 93
8712 88
91 91
87 884
150 150
9684 103
474 61 ,
74 7712 .
78
1 .
;
11
78
4 8813 91
63 1074 1104
1034 1034
a °Ptlen
598
CHICAGO STOCK EXCHANGE—Stock Record.
STOCKS—HIGHEST AND LOffEST SALE PRICES.
Saturday,
Feb. 14
Monday,
Feb. 16
Tuesday,
Feb. 17
Wydnesday, Thursday,
Feb. 18
Feb. 19
Sales of
the
Week.
Shares.
Friday;
Feb. 20
STOCKS
CHICAGO STOCK
EXCHANGE
Range for Previous
Year (1913).
Range since Jan. 1,
Lowest.
Highest.
Lowest.
!Zed!roads
Chic Clty&O liy ptsh corn
20 Feb 3 2034 Jan 31
Do pref
851
5312 Feb 18 5512 Feb 2
Chicago Elev Rys conc100 23 Jan 21
25 Jan 19
241,Joe
Do pref
100 70 Jan 21
70 Jan 21
70 J'iy
708 Chic Rys part ctf "1"___
90 Jan 10 0814 Jan 24
83 Jan
1,280 Chic Rys part ctf "2"___
27 Jan 8 35 Jan 10
18 J'ne
Chic Rys part at!' "3"___
818 Jan 14
812 Jan 29
512 J'ne
Chic Itys part ctf "4"___
2 Jan 14
4 Jan 2
2 J'ne
Kansas City Ry & Lt_100
l'7 Jan 15 17 Jan 15
1614 J'iy
Do pref
100
3512 Nov
413 Jan 7
75 Streets W Stable C L_100
412 Jan 7
438 Dec
200
Do pref
100 25 Jan 20 25 Jan 26
25 Sep
Miscellaneous
314 3138 3078 31
31
3034 3034 3012 31
755
31
31
American
Can
100 29 Jan 3 348 Jan 23
31
2112 J'ne
93
93
9278 9278 9278 9278 93
250
Do pref
9258 9258 9234 9234
93
100 8012 Jan 2 0534 Jan27 o 81 J'ne
*416 440
439 440
440 440 .415 440 *415 440 *415 440
21 American liadiator_100 401 Jan 5 440 Feb 16 400 Oct
*--- 135 .—.. 135 *___ 135 ....— 135
10
130 130
____ —__
Do pref
100 130 Feb 13 13412 Feb 0 125 Dec
•........ 4112 *____ 4112 *____ 4112 ._ _ 4112
Last Sale 39 Feb'14
Amer ShipbuildIng__100 30 Jan 9 44 Jan 31
28 Nov
•..... 90 .____ go *____ go
55
go
.88
oo
5
Do pref
100 76 Jan 8 02 Fen 4
78 Nov
121 121
12112
12114
.121
.121
12112
12112 1-2-112
11912 11912 12114
200 Amer Wien & Telog_100 118 Jan 2 124 Jan 28 11034 Dec
48
48
.44
46
4434 4434 *44
4512 444 45
424 44
950 Booth Fisheries corn 100 4212 Feb 20 5014Jan 21
4912 Dec
*79
80 .80
81
80
80
8012 8012 8012 8012 80
80
225
Do 1st pref
7312 J'ne
100
81an 2
*48
51
51
.48
*46
4912 .48
4912
Last Sale 50 Dec'13
225 Cal & Chic Canal & D 100 -------------------40 J'iy
_
_
__58
5812 5818 5858 584 5812 5814 59
5812 5812 5814 5814
680 Chic Pneumatic Tool_100 51 Jan 2 60 Feb 13
4712 J'ne
0212 21212 .212 21212 .212 21212 .212 21212
Last Sale 212 Feb'14
Chicago Title & Trust 100 212 Jan 13 21212Jan 2 200 Apr
13578 138
13513 13534 13514 136
13534 13612 13634 13137s 13612 137
414 Commonw'th- Edison.100 133 Jan 26 13812Jan 3 u12412 Dec
1212 124 12
12 .12
1212 1214 1214 *1112 1212 12
12
400 Corn Prod lief Co coml00
94 Jan 9 13 Jan 31
8 J'ne
.
Last Sale 77 Feb'13
Do pref
100
77 Feb
PiOi" f61- iiii" 161- ioNs 101e8 iiil foi 10158 10158 1014 10013
157 Diamond Match
100 9112Jan 2 1-02 Jan 28
Oct
90
*24
25 .24
25
*2312 2412 *234 2412
Last Sale 38 F'
Goodrich (B.F.) corn ..100 2538Feb 5 28 Feb 4
1512 Nov
0105 10512 10518 10518 .1054 106
10518 1054 .105 10514 ----.
112 Hart Shaft& Marx pf100 10012Jan 2 10512 Feb 18
----94 —eh
8612 6812 66
6612 6838 8638 624 65
6412 65
470 Ilinols Brick
6514 43514
100
5978 Jan 9 70 Jan 30
58 Nov
110 110
10 Internat Harvester Co100 109 Feb 4 III Jan 22 100 J'ne
0-___ 77 *-___ -ii •._.
._ lif *.___ Vi
Last Sate 7iiits "Aug;ii
Knickerbocker Ice pf_100
0135 140 .135 140 .135 140 .133 138 *133 138
150 National Biscuit
13212 13212
100 12134 Jan 14 138 Feb 3 105 J'ne
0120 125
12114 12114 .120 125 .120 125 .120 125 .120 125
35
Do pref
100 12114Feb 16 12312 Feb 4 116 Dec
0150 153
15212 155
155 155
158 161
155 155
15934 160
600 National Carbon
100 13412 Jan 3 101 Feb 19 113 J'ne
118 118 .118 119 .118 11812 118 118
--------80
117 118
Do pref
100 11514Jan 27 118 Jan 23 11112 J'ly
.4613 4712 4638 4638 4578 4578 *45
4534 4514 4514 45
45
130 Pacific Gas & El Co_ _100 35 Jan 9 4712 Feb 13
33 Nov
12214 12234 12212 123 *122 123
122 12214 122 12214 122 12214
518 People's Gas L&Coke.100 121 Jan 3 125 Jan 5 104 J'ne
80
80
80
80
7951 80
*80
8012 .80
490 Pub Servo!'No 111 com 100 77 Jan 3 80 Jan 9
80
8012 80
65 J'iy
09
99
994 9914 9914 9912 *99
9912 99
9912 99
99
801
Do pref
100 9434 Jan 21 100 Feb 7
8934 Dec
0 __ 15 *---- 15 *-- — 15 ._
1
15
Last sale 15 Feb'14
Rumely common----100
15 Feb 4 1734 Jan 14
19 Aug
3434 35 .____ 35 .-_— 35 *___... 35 ...„- 35 *---- 35
25
Do prof
100 3434 Feb 14 4034Jan 14
4012 Aug
18912 18978 188 18918 1863ii 18758 188 18714 18712 18712 18612 18712 1,326 Sears-Roebuck com 100 181 Jan 3 19312Jan 31 155
J'ne
123 123 .123 124 *123 124
0123 124
12312 124
12478 12478
40
Do prof
100 122 Jan 14 12478 Feb 20 117 May
2812 2812 .28
29 .27
28 .27
28
*27
23 .27
60 Studebaker Corp com.100 2712Feb 3 3034 Feb 5
28
1014 Nov
86
.85
80 .85
.85
86
*85
Last Sale 86 Feb'14
86
Do prof
60 Nov
100 83 Feb 3 88 Feb 4
107 10738 1074 10718 107 10714 107 10718 1074 10714 10714 10714
194 Swift dc Co
100 10434 Jan 3 10738 Feb 14 101 J'ne
0240 270 *240 270 *240 270 *240 270
Last Sale 238 Jan'14
The Quaker Oats Co_100 230 Jan 6 240 Jan 30 195 J'ne
0104 105
105 105 *105 10711 *105 10714 *105 10714 0
8
Do pref
1071
9934 J'ne
100 102 Jan 6 105 Feb 16
14712 14734 146 14778 146 14612 145 146
14534 14534 ---- --533 Union Carbide Co
100 140 Feb 9 152 Jan 5 3142 Dec
Last Sale 118 July'13
1 Jan
Unit Box Bd & I' Co_100 .
6658 ----------6553 6538 6658 6578 6838 6014 6614 2,050 U S Steel corn
50 J'ne
100 575 Jan 3 6712 Feb 13
0112 11212 112 112 ...___ 112
111 111
112 112
11134 112
175 Ward, Montg'y & Co pref 109 Jan 3 11212 Feb 11 10512 Feb
*6
8
*6
8
*6
8
.8
Last Sale 612 Feb'14
8
9 J'iy
Western Stone
812 Jan 14
5 Jan 13
100
Last Sale 9131 May'13
Woolworth_ eorn
100
8714 Mei)
*__
20 *._
55
55
.20
27
*20
*70
85
*70
*9112 9134 *9118
3234 33
33
*712 8
.712
*234
312 *234
*15
1912 *15
.--35 *-*412 5
*412
........ 25
25
20 .__
55 .___
27
*20
85
*70
9134 92
83
33
8
.713
312 *234
1912 .15
85 *--413
5
25
25
20 .18
54
5312
27
020
85
*70
93
95
3338 3314
8
*712
312 *234
1912 .15
35 ...--412 *488
25 *__
Last Sale 20 Feb'14
19
544 54
5414 5414 5412
Last Sale 23
27
Jan'14
85
Last Sale 70
Jan'14
93
9234 9312 03
9314
3358 33
3314 3314
3314
8
Last Sale 712 Feb'14
Feb'14
312
Last Sale 34
Jan'14
1912
Last Sale 17
Last Sale 3512 Nov'13
35
434 *438 434 .438 434
25 ...___ 25 .___ 25
Chicago Banks and Trust Companies
L/11/11.7144 accurch
NAME.
Capital Surp. &
Stock.t Profits t in
/n
Per(003 om Used.)
1912. 1913. Lod.
Last Paid.
% Bid. Ask.
30 Jan
91 Jan
102 J'ne
33(4 Sep
9 Sep
458 Apr
37 Sep
38 (Jet
ins Jan
45 Mch
4012 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
1394 Jan
71 Jan
8978 Jan
65 Jan
5512 Sep
221 Sep
155 Sep
1012 Jan
77 Feb
11014 Feb
53 Feb
10012 Deo
7612 Jan
115 Jan
130 Sep
123 Jan
137 Dec
118 Jan
63 Jan
130 Sep
85 Aug
10158 Jan
69 Feb
9738 Feb
21434 Jan
12434 Feb
34 Feb
70 Nov
10778 NI eh
281) Feb
10812 Feb
218 Nov
112 Feb
6834 Jan
111 Sep
1412 Jan
112 Jan
Dividend Record
Stop. &
Per- Last Paid.
In
In
Stock. t Profits t
% I Bid. Ask,
1912. 1913. led.
(00s cm Wed.)
Capital
NAME.
-
Highest.
Southwest Tr &
$200.0 y$30,9 Org. J uly 5
Standard Tr & Say 1,000,0
6
427,1 -_-Stockraen's Tr & 8
6
6
57,9
200,0
Union Trust Co__ 1,200,0 1,701,7
8&3e
8
WestSide Tr&Say
12
136,0 8&2e
400,0
Woodlawn Tr & S
10
200,0
10
119,1
'12.
Q-M
J-J
Q NI
Q-M
Q-J
V. 95, p. 18. 120 125
Deo.31'13,134 150 159 ,
Jan. '14. 3 145 150
Dee.31'13,2
___
Dec.31'13 3 300 _
Jan. 14, 23.4223 228\
I
a
American State-- w$200,0 3211,3
234 53410 ---- Dec31'1311210 k175 185
Calumet National
72,0 None
100,0
6
An Jan '14, 8 150 -Capital State_._
y20,6 Org. J an. 27 '13. V.95, p.1585 107 110
200,0
Central Mfg Dist.
250,0
27,1 Beg. b us. Oct 712 V. 95, p. 944 145 150
Cent & Corn Nat_ 21,500,0 10,821,8 10
11 41 : Q-J Jan.'14, 3 293 294
Corn Exch Nat__ 3,000,0 0,467,6 10
16&8y Q-J Jan. '14, 4 410 418
Drexel State
6
145,8
300,0
6
Q-J Jan. '14,212m 205 215
10
Drovers' National
Q-J Jan. '14, 234 250 258
389,7 10
750,0
8
63,4
200,0
8
Englewood State_
Q-J Jan. '14, 2 174 180
,J
17 Q-M Dec.31'13,414 425 427
First National
10,000,0 12,125,3 17
BONDS
247,5 1234 103,3e Q-M Dec31'13 512m 350
FIrstNatEngiew'd
150,0
Range
CHICAGO STOCK
Erds
Week's
Inter.
Price
Priv ate Ba nit
523,3
Foreman Bros.__ 1,00(8,0
Since ‘•
EXCHANGE
Sold
Range or
est
Friday
982,9
8
Q-J Jan. '14, 2 262 Y6-8
8
Ft Dearborn Nat_ 2,000,0
Week Ending Feb. 20.
January 1.
period Feb. 20.
Last Sale
y28,8 Org. N ov 25 1912
200,0
Halsted St State_
120 131
HibernianBk Assn 2,000,0 1,248,0 Not pu bibbed —se e note (11)
(11)
High
High No. Low
Bid
Ask Low
48.9 Beg. b us Aug '12. V.95, p.273, 132 136
200,0
Hyde Park State_
Am Tel & Tel coil 4s__1929 J - J .—
91 Feb '13 ---f
___
....
512,5 Orga n. Feb '12; V. 94, p 465 118 120
100,0
Irving Park Nat-Armour de Co 434s
1939 J -D:9212 93
9158 13 -8934 -923s
914
209,8 10 10&5e J-J Jan. '14, 5 240 __
400,0
Haspar State__
Auto Elec 1st M 611
1928
8214 April'12 --- ____ .._
74
:70
8,7 --200,0
ln Q-J Jan '14, i3 106 110
Lake View StateCal Gas & El unit & ref 5s 1937 11-N t____ 93
9618 May '12 ......,
....
Lawndaie State__
y60.1 ___
200,0
6 Q-M Dec.31'13, 2 240 _
Chicago City Ry 58
1927 F - A 10014 Sale 10058
10034 48 0014 1-01
Live Stk Exch Nat 1,250,0
649,1 10&2e
12 Q-M Dec.31 '13,3 254
Chic City & Con Rys 55.41927 A -0 8512 Sale
8512 213 8118 8512
8118
Mech &Trad State
200,0
59,9 Beg. b us.Aug 26'1 2 V 95, o 593 131. i5E
Chicago Elev Ry 58
1914 J - J I 9712 Sale
974
9712
3 95% 98
Nat Ilk of Repub. 2,000,0 1,451.2
Q-J Dec.31'13,2 203 210
8
8
Chlo Pneu Tool 1st 5s—a1921 J - J t 9312 95
93
Feb'14 9212 93
National City__ 2,000,0
768,4
Q-J Jan.'14, lyi 168 170
6
8
Chicago Rye 5s
1927 It - A t 99 Sale 9814
oois 555 gots 994
National Produce
118,2
Q-J Jan. '14, 134 173 176
6
250,0
6
Chia Rys 5s
serial 'A" A -0 t 9312 9412 94 Feb '14 --- 91
04
200,0
North Ave State_
Q-J Jan.'14, 151 150 160
7
122,7
7
Chic Rya 4s
81
series "B" J -13 3 81 Sale
8114 10 7834 815s
6
23,8
North Side St Say
200,0
6
Q-J Jan. '14, 13.4 130 135
Chic Rys 4s
93 Sep '13 --- ___ -series "C" F - A 8 93
95
North West State
300,0
7
Q-J Jan '14, 134 183 188
1/03.0
6
Chia flys colt 85
. 100 Jan '12 ---1913 V - A __
Ogden Ave Statey11.0 Org. N ov. 27 '12. V.95, p.1944 100 104
200,0
Chic Ry Pr m NI g 4s.c1927 J - J 5____ -7-3-12 70 Feb '14 ---, 87 /04
133.4 10
reoPle4StkYdeSt
10
500,0
Q-J Jan '14, 412m 258
5314
1 45
5414
5314
Chic Ry Ad1 Inc 4s..._e1927 Hayl:534 Sale
23,3 Beg. b us Nov 1'11 V.93, p. 1235
200,0
Second Security__
Chicago Telephone 5s-1923 J -D :10078 10118 10118 Feb'14---- 9934 10118
Security
6
176,7
400,0
734 Q-J Jan. '14, 2 250
_
9658 Dee'12 --.. ___
Cicero Gas Co ref 0 m-1932 J - J t 9534 __
148,0
300,0
8
South ChIcagoSay
8&2e Q-J Jan.'14, 4m 250
10178 10 101 1-01-7
;
Commonw-Edison 5s_—_1943 H- S :10134 Sale 10134
31,9
200,0
8
6
South Side State_
Q-J Jan.'14, 13.4 130 135
10118
2 10058 10114
Commonw Elea 5s—b1913 NI- S :10118 Sale 1014
State Bank of Chic 1,500,0 2,802,4 12
12
Q-J Jan. '14, 3 395 399
9914 994
9914 Jan'14.—
Cudahy Pack 1st M 53-1924 NI- N 510012 101
54,4 Beg. b us.Aug 19'l 2 V.95, p.523 138 140
State Bank of Italy
200,0
10512
2 104 1054
Dia Match Con deb 6s-1920
810512 Sale 10512
249,5 10
Stook Yards Say.
15 Q-M Dec.31'13,4 325
250,0
9934 AprIl'12 ---- __
99
Gen Mot 8% 1st L notes..1915 A -0:98
6
179,5
Union Bk of Chic_
500,0
6 M-N Nov'13, 3 175 lib*
hit Bar 3-yr 5% g notes-1915 F - A __ —_ 99 July'13 ---- ____ ___
10&3e
27,6
Washingt'nPkNat
Q-J
100,0
14,
Jan.
834
10518 April'12 ---534tn 225
Inland Steel 1st NI g 84..1928
9
Q-J Oct.'13, 234 235 555
8
Central Tr Coot III 4,500,0 2,161,1
Kan City Ry de Light Co
Chicago City B&T
500,0
407,3 10&2e 12&le J-J Jan. '14, 6 295 310
__. 90 Oct '12 -- ___ ____
55
1913 11-N __
Q-J Jan. '14, 134 141 144
8
Chicago Say B &T 1,000,0
6
265,2
75 Sep' 13 ---1928 I - J :____ -75
Lake St El—lst fa
7814 14 774 -784
Chicago Title &Tr 5,600,0 12,886,9
834 Q-J Jan'14, 234 210 215
8
Metr W Side 10 lat 43-1938 F - A 3__ 7812 78
Colonial Tr & Say 1,000,0
76
Q-J Jan.'14, 2 109 172
76
(o)
2 76
498,4 8&2e
1933 J - J 17514 7812 76
Extension g 48
Cont&ComTr&S 3,000,0 1,769,2 Not pu Wished —so e note (¶)
Mil El Ry & Lt 1st g 5s-1926 F - A :103 10.112 10478 April'12 ---- __ _.
Drovers Tr & Say
044 Jan. '14, 234
183,3 10
10
250,0
do
9412 95 Anril'12 ---ref as ext 4%s-1931 J - J:94
First Trust & Say 5,000,0 3,732,0 None None Q-31 Dec30'11,4
1939 J - J 5 8334 8938 8878 Feb'14 --- 864 89
Morrie .te Co 414s
FtDearbornTr&S
250,0
31,5 Beg. b us.Apr 3'11 V.92, p.929
...
Nat Tube 1st g 5.1
1952 4-N___ ._ 10034 May'12 .... ____
300,0
Franklin Tr & Say
130,5 __
_ Q-J Jan. '14, IX
Jan'14 -- _. 99 -9-9
Nor Shore El lit g 5,-1922
A -0 8 9918 .. . 09
—
Greenebaum Sons 1,500,0
Q-J Jan. '14, 234
343,3 10
-10
98
9812 10 98
984
do
lit & ref g 6s-1940 A -0 8....._ 9-1
Gua•antee Tr & S
200,0
J-J Jan. '14 334 NE HO
y58,4
6
6
Nor Sh Gas of 111 1st 6s._1937 le - A ____ _... 9512 Sept '12 --__ __
Harris Tr & Say_ 1,500,0 2,471,7 12 123,10e Q-J Jan. '14, 71 450
10014 July '11 ..... __ ____
North West El 1st 4s—.1911 NI- S
Home Bank & Tr_
300,0
88,3 Bea. b us.Apr 10'1 1.V.92,p.1004 150 1E*3
_
NWGL & Coke Co 53-1928 Q -M 8 9834 ___ 100 Sep'13 ---Illinois Tr & Say_ 5,000,0 10,063,0 16&4e 18&4e g Oct. '13. 4 475 485
1945 NI-N:9514 96
Ogden Gas 5s
0514
2 -9_3 -9-8_"
9514
HenwoociTr&Say
Q-J Oct. '13. 134 180 186
116,2 7&2e
200,0
7
Poop Gas L & C 1st 8s-1943 A -0 ___ _- 11512 Sept '12 ---- _.
_
6
LakeViewTr&Say
Q-J Dec 31'13,1A 174 177
300,0
113,7
6
1947 NI- S :10012 Sale 10012
--058
10058 '13 994 10
Refunding gold Si
LaSalleStTr&Sav 1,000,0
302,2 Beg. b us. Ma y'10
102 105
-- 10114 Jan'14 ---- 101 10184
Chia Gas L & C lit 5s-1937 J - J 1401
Liberty Tr & Say_
275,0
4,5 Org. D ec. 6 12.
175 200
Consum Gas 1st . _1930 J -D 5100 11012 10112 Feb'14 ---- 99 1014
Market Tr & Say_
200.0
31,3 Org. Sept. 5 12. V.95, P. 593 116 119
10018
1 100 1004
Mutual Fuel Gas5s-1st 6* 1947 NI-N 8.--- 1004 10088
Mere'ntileTr&Say
250,0
59,3 Beg. b us-rly 1'12 V. 94, p. 481 160 105
Pub Bert Co lst ref g 58-1958
9318 Jan'14 ....., 9012 9334
94
3935s
Merchants'L & Tr 3,000,0 7,353,1
Q-J Jan. '14, 4 438 441
18
16
924
2 90
02'8
South Side Elev 4148.---1924 .1 - 35 9012 9218 924
Michigan Ave Tr_
200,0
73,8....
Q-J Jan.'14, 134 130 135
5
Jan'14 ---- 100 10113
Swift & Co isle 5.1
1914 J - J 8 9978 -- 100
500,0
Mid-City Tr &Say
120,3 Com.b us. Ap 101 1.V.92,p.1004 210 215
TrI-City Ry & Lt coil
Northern Tr Co-- 1,500,0 2,931.9
Q-J Dec.31'13,2 318 322
8
8
9814 April'12 ---- ....,_ .....
___
trust lien s t 15e
1923 A -0 ___
Nor-West Tr & S. n250,0
8
J-J Jan. '14, 5 313 318
176,7
8
Union Elee (Loop) 5s..-1945 A -0 8—.. -75
75 Dec'13 ---- .... ....
Old Colony Tr & S
y52,2 Beg. b us.J'ne 1 11 V.92, p.1537 109 115
200,0
U S Gypsum lit g 5s____1922 NI- El
.. _ 100 May'12 ....... ___. ......
People's Tr & Say
241,9
500,0
8 912432e Q-J Jan. '14. 234 285 288
9958 Dec'13 -- ..... .....
1922 J - .1 1014 1-02Western Elea Co 53
2
'13,
Pullman Tr & Say
Oet.
200
8
Q-J
288,4
300,0
8
Sheridan Tr & Say
200.0
Q-J Jan.' 14,112 150 1E5
50.4
8
3
Note—Arerned Interest mils t be added to all Chicago price 5.
•Bid and ask prices; no sales were made on this day. t Jan. 13 (close of business) for national banks and Jan. 14 (openlng of business) for State institutions. t Ni
price Friday; latest price this week. I Sept. 1 1911. 1 Dividends not published; stock all acquired by the Continental & Commercial National Bank. a Due Dec. 31.1
Due June. e Due Feb. d Due Jan. 1. e Extra div. k New stock. 1 4% of this Is extra. nStocknolders to vote Jan. 13 1914 upon increasing capital to $300.000
.1
the additional stock to be distributed as a 20% stock dividend. V. 97, p. 1799. z Salmi reported beginning April 18. f Dividends are paid Q.-J. with extra,
payments Q.-F. t Dec. 31 1913. o Ex 24% accumulated dividend. so Increase in capital to $490.000 authorised Sept. 24, a cash div. of 75% being Paid t.
connection therewith. V. 97, p. 1000. 574. m Includes ex div. a Ex-div, and ex-stook div. r 14 amassment paid. •Paid 6% reg. aid 134 extra or old sapU ,
stook of $600,000 and 134% °anew capital $1,000,000. s Oct. 21 1013. yOot. 22 1913.
Chicago Bond Record
iia
THE CHRONICLE
FEB. 211914.]
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
Feb. 20 1914,
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
158,987 $14,028,950
338,693 30,027,150
231,837 20,891,200
440,052 39,387,700
203,525 18,164,500
155,698 14,256,500
,r,
..•..1
1
Sales at
Now York Stock
Exchange.
Eno nnaeloa
Railroad,
&c.,
Bonds.
$1,296,500
2,630,500
2,890,500
3,564,000
2,610,500
2,823,000
,,ma nnn elk
Week ending Feb. 20.
1913.
1914.
5291
U. S.
Bonds.
State
Bonds.
non
$65,500
195,000
62,500
312,000
171,000
63,500
$4,000
8869.500
$4,000
Jan. 1 to Feb. 20.
1914.
1013.
13,468,988
14,894,621
1,941,665
1,526,790
Stocks-No,shares-136,758,000 175,227,100 21,308,166,745 51,240,815,950
Par value
$18,800
$189,700
$2,500
$9,000
Bank shares, par
Bonds.
$74,000
$273,500
$26,000
$4,000
Government bonds__.
3,297,500
12,769,500
496,500
869,500
Statebonds
87,172,000
131,522,500
15,821,000 11,030,000
RR.and misc. bonds
$144,366,000
$90,743,000
$16,694,5001 $12,452,500
Total bonds
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
Feb. 20 1914.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia,
unlisted
Listed Unlisted
Shares. Shares.
Bond
Sales.
12,808
13,724
11,067
19,219
13,217
13,718
4,625
8,092
6,851
6,449
4,139
8,939
$11,000
33,200
20,000
27,000
57,200
60,000
3,110
4,240
6,005
5,875
4,210
2,202
3,885
12,280
4,972
14,335
4,233
4,073
$27,100
38,600
78,200
81,100
42,700
32,100
83,753
39,095
$215,000
26,3141
44,378
$299,800
Listed
Shares.
Shares.
Bond
Sales.
Inactive and Unlisted Securities
All bond prices are nuw "and interest" except where marled • C"
Street Rallways-(Con ) Bid Ask
83
Bid Ag United Lt & Rya com_100 82
Street Railways
79
100 77
let preferred
76
100 74
2d preferred
New York City
25 United Rya of St',' Bleeok St & Ful Fy stk-100 18
100 1114 12
Common
72
.14 88
let mtge 4s 1950
3812
100 38
0 Preferred
100 170 175
By de 7th Ave stk
100 58778 90
9934 10012 Wash By & El Co
2d mtge Ifs 1914
90
100 .87
Preferred
Broadway Surface BR-2-2
J-D 82
8214
As 1951
J-J 100 10212
1st Is 1924
10 West Penn TrdeWatPow 100 2112 22
Cent Crosstown stock 100
100 67
99
Preferred
1st mtge its 1022____M-N
Christopher & 10th St stk100 115 125 Electric, Gas 8c Power Co.
New York City
Dry Dock E B & Batt,.1-D 0012 10112 Cent Un Gas be 1927._ „2-.1 102 104
,
, 1st gold Is 1932
35 e Kings Co El L & P Co_100 121 122
F-A / 28
• Scrip Is 1914
lEighth Avenue stock-100 280 310 New Amsterdam Gas.1-2 10012 10113
let consol Is 1948
F-A / 99 10012
r Scrip Os 1914
N Y & E It Gas 1st Is'44 J4 10212 104
42c1 & Or St Fy stock
100 220
J-J 99 101
Consol bs 1945
'420 St M & St N Ave
55
N Y & Q El L & Pow Co 100 45
let &text at 5% to'40.M-S
80
Preferred
100 70
Ninth Avenue stock.._100 150 170
a N Y de Richmond Gas 100 25 35
100
Second Avenue stock
25 North'n Un 1st bs 1927_M-N 09 102
20
Consol Is 1948 etfs-F-A
100 112 117 Standard CI L 1st Is'30 M-N 100 105
eSixth Avenue stock
Other Cities.
J-J 8912 100
Sou Bouiev Is 1945
BO .80
98 Am Gas dc Elec corn...
82
A-0 90
So For let Is 1919
Preferred
50 *47
80
4812
Tarry WP & 51 53 '28 M-6 / 76
100 352 354
28 de 29th Sts bs '96 ctls A-0'7 16 Am Lt & Trio corn
Preferred
107
108
100
, Twenty-third St stock_100 240 280
7412
Union By let Is 1942_ F-A 101 104 Amer Power & Lt corn.. 100 73
100 8234 83
Preferred
• Westchester 1st 18 '43_J-J 89
50
Yonkers St RR bs 1948_A-0 92 100 Bay State Gas
13uffalo City Gas stock .100
313
112
Cities Service Co corn....l00 96
97
Brooklyn
Preferred
100 75
7512
Atian Ave RR con be '31A-0 101 102
100 12
97 Columbia Gas de Elec
13
BB& WE be 11133___A-0 94
1st Is 1927
.1-2 70
72
Brooklyn City RR
10 169 172
Bklyn Hos 1st Is 194-1A-0 100 102 Con Gas of N J Is 1938J-2 97
100 90 100 Consumers' L H de PowConey Isl & Bklyn
J-D 95
Is 1938
84
J-J 80
1st cons g 48 1048
83 Consumers Power (Minn)78
Con g 4s 1955
8812 00
1st de ref be '29 opt'14M-N
24 98 100
• Brk C & N 58 1939
92
94
Nassau Elec 1st Is 1944 A-0 100 103 Denver a & El be 1949..M-N
Electric Bond Share prof 100 119812 100
N Wmsburgh & Flatbush95 Elisabeth Gas Lt Co...-100 325
F-A 92
• 1st 43is July 1041
J-J 99 103 Essex & Hudson Gas. .100 132 134
Steinway Is' 68 1922
I00 87
Gas & El Bergen Co
90
Gr't West Pow Is 1946- -.1 8312 85
Other Cities.
1 0 130 131
Hudson
County
Gas
10112
'31F-A
Buff St fly 1st con Is
Lighting
Co......100
Indiana
38
42
59
Com'w'Ith Pow By & L.100 58
F-A
es 7112
48 1958 opt
8012
100 80
Preferred
50 101
68 Indianapolis Gas
0 Conn Sty & Ltg com-100 64
A-0
88
1952
1st g be
90
75
•Preferred
100 05
•
76 Jackson Gas 58 g 1937-A-0 95 100
•Detroit United Ity
100 71
25 e Laclede GasL(St Louis)100 99 101
Federal Light & Trac_100 23
9412
100
e Preferred
74
100 71
Preferred
Madison Gas es 1926...A-0 100 106
ellavana Nice Ry L & P 100 83
95
C Preferred
100 94 -05 Narragan (Pray) El Co- 60 *92
•Loulev 5the 1930
J-J 10234 10312 Newark Gas Os Apr '44-Q-J 122 124
100 93
_ s60 Newark Consol Gas
New On Rys & Lt com-100
e Preferred
100 59 s60 No Ilud L H & P453 1938A-0 95
72 Pacific Gas & E coca-100 4512 48
eN Y State By,com
100 68
100 8712 88
Preferred
eNor Ohio Tr & Lt corn. 100 6312 88
x list Pat de Pas Gas & Elec.-100 88 -Pub Serv Corp of N 2-See Stk
90
ctfs 6% perpetual___ 104 105 St Joseph Gas Is 1937-23 85
78
81 Standard Gas de El (Del) 50 *812 912
St 1st 4s 1948
N
50 .29
Preferred
100 7312 7412
30
het of N J
Cons
United Electric of N
J-D 102
let be 1933
J-D 80
103
1st g 48 1949
82
New'k Pass By Is
United Gas & Eleo Corp-100 34
100 230
35
Rapid 'Iran St Ity
..100 78
A-0 100
Preferred
78
let Is 1921
100 20
79 Utah Securities Corp
78
2012
J 0 Bob & Pat 45'49 M-N
6% notes Sep 15'22M&S15 8413 85
So J Gas El & Trac_100 123 128
Western Power corn _...100 2234 2312
M'S 9812
On g bs 1953
100 621 8312
Preferred
No Bud Co lty 541928 2-1 102 104
95
Western States Gas de ElM-N
Ext Is 1924
1st & ref g Is 1941 op_J-D 87
92
Pat By con its 1931__J-D 110
Ferry Companies
20 Os 1914 opt__A-0 100
2
NY&ER Ferry stock-100 10
18
Republic. By & Light-100 10
75
M-N
44
52
1st Is 1922
100 70
Preferred
18 N Y & Bob Is May '48....1-1) 97
Tennessee Ry LAP com-100 15
69
M-N
1948_
101
Bob Fy 1st be
i61100 68
Preferred
12 N Y & N 55 1948
9
98
Tolodo Tract L & P____100
80 10th & 230 Sts Ferry
_100 20
30
100 50
Preferred
J-D
100
45
1st mtge Is 1919
55
Trent P & 1.1 Is 1943.__J-D 90
100 29
31
Union Ferry stook
M-P4 96 100
let Is 1920
1
599
Ask
Felegraph and Telephone B.d Ask Indust and Miscell-(Con) Bid
e Amer Teleg & Cable
60 Am Steel Fdy 68 1035_A-0 10012 104
100 55
70
312
70
112 18
e Central & South Amer 100 108 110
F-A 17
Deb 4s 1923
Comae! Un Tel (N Y)25 100 110
Amertcan Surety
5
Empire & Bay State Tel_100 80
American Thread pref___5
50 *4
72
4212
Franklin
50
Amer Typefounders com.100 41
100 40
e Gold & Stock Telea.....100 120 123
Preferred
100 93
95
96 100
e Mackay Cos-See Stk Ex ist
Deb g its 1939
1
e Northwestern Teleg___50 105 115
112
Amer Writing Paper...... _100
0
8_ _ 1212
Pacific & Atlantic
72
25 65
Barney & Smith Car coin 100
e Pac Teiep & Teleg pref_100 87
100 eferre
90
Pr
d
Southern & Atlantic
Bliss(E %V) Co com
25 80
95
5
0 18
81,8
0.
13
5
2 2 12
_:5
84
85
Short•Term Notes
Preferred)
Amal Copper 58 1915__M•2 10012 10034 Bond & Mtge Guar
19
14
8 235
Amer Locomotive a 1915 J-J 9978 10014 Borden's Cond Milk com.1
116
100
88 2
Is 1916
J-J 9938 100
Preferred
Is
s 1917
23 9912 9973 British Col Copper Co_r_8
5
0
47
3 0
Balto & Ohio Is 1914_ _J-J 10012 10034 Brown Shoe com
50
2
Bklyn Rap Tr-See N Y Stk Na list.
Preferrei
Ches de Ohio 4 tie 1914...J-D 100 10014 e Butterick Co
ChicElev Rys Is 1914_23 97
98 Casualty Co of America..1
030
9
824
114 12
1822
2858
00 110
:18
1100
0
2
0000
Erie Os April 8 1914__A-08 10018 10038 Celluloid Co
Coll Is Oct 1 1914___A-0 10014 10012 City Investing Co
32
Coll Is April 1 1915.-A-0 9934 100
Preferred
Oen'l Motors 6s'15-See NY Stk Ex list e Claflin (H B) Co com-100 70
72
Hocking Valley 4 6s'14 M-N 10013 10034
e 1st preferred
Ill Cent 434s 1914
e 2c1 preferred
2-1 10018 10012
10
°0
3 80
8 _5
8_5
8_
Int & Gt Nor Is 1914...F-A 97 98 Cluett. Peabody & Co-See StkEx list
Inter Harvester bs '15-F-A 10012 10034 Como! Car HeatIng
72
100 70
K C By & Lt 6s 1912__M-S 1 87
Continental Can cons ___100 34
Lake Sh & Mich So 4128;14 100 16614 Preferred
100 91
93
Michigan Central 412s.. 1914 100 10014 e Crucible Steel com___100 1611. 1614
Minn de St L g Os 1916._F-A 97
98
0 Preferred
100 ---- 04
21s
*178
99 Davis-Daly Copper Co___10
Mo Kan & Tex Si 1915_M-N 98
914 d
EumePePreferredo
orn
st(E
Missouri Pacific Is 1914..J-D 9712:
nirantingham_d
__
_ 18
8
277_14
38
5
I e Nem Pow 100 131
/NYC Lines Eq Is 1913-22 b 4.75
448 Jan 1914-1921.-14 5 4.85
B
30
_110
°0
8
43is Jan 1914-1927_14 b 4.65 4.50
78
8103
Preferred
100 10014 Empire Steel de Iron corn 118008
N Y Cent 4125 1915
03
.
.
s 4G
Pr
eepneree
feefa
rerirerc
Is Apr 21 1914 ____A-021 1001s _10..
dehaeraleal earn _1
100 ii3
2:_ 1721007
St L & S F Is 1913 opt_J-D --(38 Sept 1 1914 opt_M-S
166
10
0;
1
Goldfield Consol M
Seaboard Air L Itybs'16 M-S
10 •112 13s
8
58 k Hackensack Water CoSouth Pao Co 53 J'ne 15 1914
1°°
Ref g 48 '52 op 1912.-23 80
Southern By Is 1918__ F-A 9934 10014
312 ;
;30
5
30 8
98 Hale & Kilburn com
100 8
West Maryland be 1915.2-J 95
1st preferred
WestInglese Ni & M 6s 1915 10114 10138
2d
rred
E
x
list
preferred
Stk
5% notes Oct'17-See N Y
2
4
Havana Tobacco Co........1110
800
00
Railroads
Preferred
100
e Chic de Alton corn
Pa 20
9
15
67
19
e Preferred
1st g 55 June 1 1922......-813
8 1 62
100 12
e Chic St P M & Om
100 125 130 Hecker-Jones-Jewell Milling
1st Os 1922
e Preferred
51-,S 98 101
100 136 150
6
15
I Colo & South corn
100 26
27 Herring-Hall-Marvin _100
e 1st preferred
100 53 60 Hoboken Land & Improve't
e 2d preferred
100 40
50
1st 53 Nov 1930
11I-N 100
Dui 55 & At! com__ _ _100
5
714 Hotking Val Products_100
312
39
44
e Preferred
100 111s 12.14
1st g Is 1961
e N Y Chic & St L com 100 36
e
41 e Ingersoll
r-eRand com ---100 120
0 1st preferred
100 92
---.
85 Intercontln Rub com
9
I Id preferred
100 53
100
88 982
Northern Securities Stubs.... 103 105 Internat Banking Co
100 95 105
Pitts Bess & Lake Erle___60 .28
3212 International Nickel
100 118 121
0
12
3
8,2 101.
0
Preafa
Preferred
ertira
ea
dai salt
0 1110
50 05612 6012 inter
.11
.
10D0
4
e Railroad Securities CoA-0 1 50
52
in 0stk tr etre Sec A
78
1st g 53 1951
West Pao lot Is 1933._M-S 70 72 International Silver pref_100 110 120
110
1st es 1948
Standard Oil Stocks
Per share
1712 Internat Smelt & Refg_ 100
113 .
Anglo-American 011 new.... .17
Atlantic Refining
100 690 700 Kelly Springfield Tire _100 55
58 •
,17
20
2 18
30
5 *I
Borne-Scrymser
300 310
Preferred
Buckeye Pipe Line Co___50 *167 170
Debenture 4s 1951
A1-08
8
Chesebrough Mfg Cons_100 670 690 Lanston Monotype8334 837s
195 200 ,
Colonial 011
100 115 125
Lawyers' Mtge Co
Continental Oil
100 210 220 i Lehigh Val Coal Sales-1
_0
4
50 180 190 •
60 ..;
Crescent Pipe Line Co-_50 *55
60
Manhattan Shirt
100 40
Cumberland Pipe Line...100 58
62
Preferred
100 98 1031s
Eureka Pipe Line Co.._ 100 290 300 Manhattan Transit
20 *1
1111
Galena-Signal 011 corn _ 100
00 185
135 189
Mortgage Bond Co
Preferred
140 e National Surety
Indiana Pipe Line Co-__50 *130 135 e New York Air Brake.._11100
00 10
998
2
7 219608
22141
43 e New York Dock com_100
25 *41
National Transit Co
5
20
e Preferred
New York Transit Co._ 100 300 310
2P
4 14
62
5:
Northern Pipe Line Co__I00 118 122 N Y Mtge & Security...I
O 16
W
N Y Title Ins Co
25 *159 181
Ohio 011 Co
*102 105 N Y Transportation
Pierce 011 Corp
120
88 '
/59
95
94
75 ,
Prairie Oil& Gas
100 525 530 Nlies-Bern-Pond com
100 72
10
*14
le
Solar Refining
100 350 360 Ohio Copper Co
100
212 3 1
Southern Pipe Lino Co-I00 235 240 e Ontario Sliver
100 78
South Penn 011
100 345 350 Otis Elevator corn
77
21
Preferred
100 98
Sou West Pa Pipe Lines_100 148 153
Standard Oil (California)100 322
2epetibaaa.Muiken
estpreferreg
Co lgs N . ,
Stand 011 (Indiana)
100 580
Standard 011(Kansas) -100 495 505 Pittsburgh Brewing
50 .
105 11
29
Stand 011 of Kentucky...100 /270 280
50
Preferred
Stand 011 of Nebraska-100 440 460 P
e aPple
ttem
8012 94
burgh S
Steel
etee
am pref100
_
2
Stand 011 of N J (old)-1
1
Mfg Co
10
00
0 14
0
00
30
10
8
Stand 011 of N J
1012
9
420
100
Preferred
99 103
Standard 011 subsidiarlea-- *925
Pratt & Whitney pref-1
1
Standard Oil of N Y
100 202 i6i- Producers 011
100 130 r
„Standard 011 of Ohlo
100
00 2
47
20
5 435 Realty Assoc (Bklyn)_100 105 112
Swan de Finch
30
290 Remington I'ypewt'r com100 27
Union Tank Line Co..---11000
0
98 103
97
1st preferred
Vacuum 011
215
2d preferred
.0
26105
9
as
Whington
011
30
8
84
5 19
83 Ropyral
efeSta
reltdrowd corn-100 19
Waters-Pierce 011
10
10
8 3800
100 10612 1071s
Tobacco Stocks
Safety Car Heat & Lt_100 109 111
(See also Stock Exchange LisO
Sears,Roebuck&Co--SeeN Y Stk E a list
Amer Cigar COM
100 14
01 148 sinegP
erreif\eirfrged
c
0 See Ohio Stk Ex lls I.
Preferred
100
0
10 315 317
Amer Machine & Fdy 100 78
88 Standard Coupler comBritish-American Tobac-il *2332 237s
Preferred
New stock
*2334 2414 Stern Bros pref.....-100 61
64
100 270 290 Texas & Pacific Coal-100 95 100
Conley Foil
com._100 160 180 e Texas Pacific Land Tr_100 95 10212
6 lle
eP
100 110 118 TonopahMin(Nev)-SeePhlia Stk E a list
im
reaferTed
e° W)
312 6
Johnson Tin FolideMetal 100 170 190 Trenton Potteries com_100
100 45
55 !
MacAndrews & Forbes...100 180 190
Preferred new
Porto-Rican-Amer Tob_100 215 230 Trow Directory
100
7
15 '
United Copper
Reynolds (It J)Tobacco_100 255 265
100
ht
'it
8
Preferred
Tobacco Products corn...100 100 130
100 8434 88 e United Dry Goods--1
97 :
8 83
2
Preferred
10
00
* Preferred
• United Cigar Mfrs corn 100 4878 50
100 z98:14 1004
100 10214 104
e Preferred
U S Casualty
100 190 200
011s.
6612
2
10
3
0
8 154
United Cigar Stores com.100 92 93 U S Envelope corn
100
0 xi
10
100 11313 116
Preferred
Preferred
U S Express__ •____100
Weyman-Bruton Co.. 100 215 280
e Preferred
100 115 118 U S Finishing
13
100 10
100 140 150
P
lertefgerr
Ised1010
Young (2 S) Co
100 30
35
Industrial&Miscellaneous
95
J-J 90
100 85 91
2-.1 70
75
e Adams Express
Con g 55 1929
J-D / 74
33
Col In g 4s 1047
77 e U 8 Indus Alcohol__100 21
e Preferred
100 88
92
Alliance Realty
100 82 100
48
U S Steel CorporationAmer Bank Note com--50 *44
50 '51
53
Col 31 bs Apr 1951 op 1911 113 -..
Preferred
100 160 170
Col 5 f 511 Apr 1951 not opt 113
American llook
-fS"1
100 137 142
Ur 5 Tit Gu &
American Brass
American Chicle com..-100 202 204 s Virginia IronIndem.....100-C & C-100 50-- 60
100 98 10012 I Wells Fargo & Co
85
100 81
Preferred
100 1(
WIstatg
ese
t(
eri de Bronx Tilt
3%12 105
e American Express
185
Am Graphophone corn 100
ii100 80 ---- e Westingh'se Air Brake..50 *128 6')
Preferred
69
71
verland com-100
e
ed
American Hardware___-100 120
rr
O
Wilir
p etr
97
100 94
Amer Malting 6s 1914-2-D 9024 i(763",
55
85
45
Worthington(HR)Co p1-1
100 40
Amer Press Assoc'n
;gii
o3,
138
IN
I
New stook. 11 Earn
Per share, a And accrued dividend. 6 Basis. k Listed OD Stock Excnange but usually Inactive. / Flat price. a Nominal. s Sale price.
subsidiaries. s Ex-div. y Ex-rights. r Includes all new stock dividends and subsoriptions. e Listed on Stook 'exchange but Infrequently dealt 1111 reeled of Islet
j
kpy wilt be found on a praeeling Mtge. I Ex-300A. stook dIVIdend
COO
BOSTON STOCK EXCHANGE-Stock Record.
a
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday.
Feb. 14
Monday,
Feb. 10
Tuesday,
Feb. 17
Wednesday,' Thursday
Feb. 18
Feb 19
Friday
Feb 20
Sales of
the
(Feet
Shares
Range since Jan. 1.
On basis of 100-share lots.
BOSTON STOCK
EXCHANGE
9814 984 984 9714 0714 .9734 08
9773 974
10112 .101 10114 10034 10034 .10013 101
10073 10078
187 .187 188
188 188
188 188 .187 188
84
8212
83
83
8313 82
82
82
83
172
170 170
170 ..._- 170 •____ 170
45
46
4612 434 45
44
49
43
48
255 255
255 •___ 255
Last S:le 7F216- .7
15
15
.7
1,s1 Sale 00 Jan'14
85
66
*60
*00
65
Last Sale 613 Nov'13
Last Sale 40 Feb'14
;IT 11- ;io" 1111- ;46" If.162 184 .162 164 '162 164
163 163 .102 164 .162 164
.10612
•10812
10612 10012 .10612 ---- 10612 10612
.10612
Last Sale 200 Jan'14
.185
*185
.185
•185
02
-- 92 .-___ 92
Last Sale 92 Feb'14
92 .83
*11812
.11813
Last Sale 12033170'14
.11812 -- .119
*3534 57
Last Sale 86 Feb'14
*8534 8634 .8534 8634 .8513 86
97
•____ 98
97 .97
98
07
97
97
07
97 .90
•11
12 .11
11
*1114 12
11
12
12
1112 1112
*11
0213 63
.02
03
624 6214 03
62
63
6213 03
63
7112 7213 7012 72
6914 71
6838 7012 69
60,
8 6834 9912
*109 113 .100 113 .109 113 *109 113
110 112
•-___ 165 •-___ 165
165 165 *MT 167
105 105
165 165
•.--- 28 •____ 26 •____ 24
Last Sale 26 Feb'14
26
*1034 16338 16233 16233 1624 16238 102 103 .1024 10233 162 162
8512 .8434 8512 .8412 85 .85
.85
Last Sale 85
Jan'14
8514
•125 130 .125 130 .125 130 .125 130
Last Sale 130 Feb'14
•72
7213 7212 7212 724 72
73
72
7212
02 .92
92
93
92
03
92
9312 93
93
924 93
67 Atch Top & Santa Fe_100
100
30 Do pref
100
105 Soston & Albany
100
315 1oston Elevated
100
61 tio*ton & Lowell
100
2,300 tioston & Maine
48 Boston & Providence_100
Sostor Suburban El Cos_
1)o pre('
Boston & 1Vorc Elec )s_
Do pre
5 Chic June My & USY_100
6 Do pref
Connecticut Itiver___100
Fitchburg prof__ _100
Ga By & Elec stmpd_100
Do pref
100
44 Maine Central
100
25 Mass Electric Cos
100
178 Do pref stamped _100
0,093 N Y N I1&IIartforcLlOO
37 Northern N 11
100
18 91d Colony
100
Rutland, pref
100
137 Union Pacific
100
Do prof
100
Vermont er.
54 West End St
50
Do pref
350
50
5514 *54
5434
5434 53
5514 5514 55
9534 96
9514 9514 9514 90
9512 06
312 334 .
378 378 *334 4
34 334
2013 2012 20
21
21
21
21
201
10678 10678 107 10713 10634 107
10678 107
1124 11234 113 113
113 113
113 113
120 12112 11058 12112 121 12134 12133 122
.15
18 •16
17 .15
771-2
771,
76
7714 70
77
77
77
65
64
•67
65 •-_-- 65
68
63
*0914 100
*9914 100
9014 9914 *-- 9912
•834 9
858 858
814 814
*834 9
16
1678 16
16
16
10
•1534 16
1413 1412 1334 1334 •13
1334 134 1334
25412 25514 25434 255
255 25512 255 255
148 14812 1484 14833 148 14873
148 148
10113 10113 10112 10112 10112 10113 10113 1014
9418 04
9414 9438 9414 0414
94
94
93
0234 9234 93
92
03
93
93
215 215 .215 21634 *21518 217 *215 21634
• *234 314 .234 314 *234 34 *3
34
•---- 3712 •____ 3712 *--- 38 *--- 88
.69
•69
.69 ____ *69
•25
*25
30 .25
80 .25
35
35
*8713 70 .6713
.6713 70 .6712 70
140 140
140 140
140 140
140 1,40
155 15512 154 155
154 15412 1544 15414
1813 1812 1813 1812 1814 1814
*184 ---107 10713 107 10712 107 10738 107 10713
23
• *2712 28
2713 2713 274 2713
28
*28
2838 2833 2838 •28
2812 28
2838
, •138 158 *138 153 •133 158 •138 158
170 171
17134 172
. 172 17213 172 172
5513 50
5513 5512 5514 5578
5512 56
,
1 4. 284 284 2813 284 2813 2812 284 284
6514 6812
6634 67
6512 60
6512 66
11012 11034 10912 110
109 1104 110 110
aiscollancous
353 Amer Agricul Chem__100
703 Do pref100
40 Amer Pneu Service- 50
141
Do pref
50
757 Amer Sugar Refin
100
228 Do pref
100
4,240 Amer Telep & Teleg_100
American Woolen
100
014
Do pref
100
30 Arnoskeag Manufacturing
110 Do pref
22 Ati Gulf & WI SO L_100
322 Do pre!'
100
420 East Boston Land
10
748 Edison Elec illum100
775 General Electric
100
153 McElwain(WH)lst pf 100
548 MassachusettsGasCosl00
Do pref
396
100
24 Mlrgenthaler Lino
100
Mexican Telephone__ 10
Mississippi Riv Pow_100
Do
prof
100
10 N E Cotton Yarn.._.. 100
Do pref
100
155 N E Telephone
100
614 Pullman Co
100
280 Reece Button-Hole
10
Swift
&
258
Co
100
552 Torrington
25
54
Do pref
25
Union Copper L & M 25
704 United Fruit
100
2,013 Un Shoe Mach Corp_ 25
Do pref
201
25
8,932 U 14 Steel Corp
100
229 Do pref
100
9334
•101
•-__.
84
170
48
•255
.7
*60
0834 *OS
10112 .101
186
188
84
*8313
170 .170
4812 4712
.255
15
.7
65 .60
54
5434 5414 5414
954 06
9513 96
312 312
*314 334
*204 21
.2013 21
107 10713 10512 107
113 11314 113 113
1214 12134 121 12114
Last Sale 1514 Dec'13
7733 7714 7733
77
65 .63
*63
65
9812 9914
5
5
.7
812
15
154 .1512 16
1313 1334 •____ 13
25412 25512 25514 256
148 14854 14834 15012
10112 10112 10112 10112
04
9414 0334 9334
92
93
03
93
216 216
210 210
Feb'14
Last Sale 3
Last Sale 38 Feb'14
Last Sale 70 Feb'14
25
25 .25
30
Last Sale 08 Feb'14
13914 13913 13912 13912
154 15458 15414 15434
1814 1814 1814 1812
10714 10713 10634 10714
274 2734 2734 28
.28
28
3833 28
Last Sale 14 Feb'14
169 170
169 170
5513 5513 55
55
.2818 2814 284 284
6513 604 60
6633
11012 11012 110 110
Range for Previous
Year 1913.
Lowest.
Highest,
Lowest.
Highest.
9638Jan 15
973 Jan 15
186 Feb 11
82 Feb 18
155 Jan 2
43 Jan 5
250 Jan 5
7'2 Feb 13
60 Jan 19
9078 Jan 26
10133 Feb 10
195 Jan 5
9112 Jan 16
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
0112 Oct
9531 J'ly
183 Dee
82 Nov
150 Dec
35 Dee
23812 Dec
7 Sep
05
712;
J
I enbe
37 Jan 5
163 Jan 15
10434Jan 5
185 Jan 10
80 Jan 10
12033Feb 13
83 Jan 3
908 Jan 5
11 Feb 14
62 Jan 30
6714 Feb 13
105 Jan 17
152 Jan 10
25 Jan 27
15658 Jan 9
85 Jan 5
115 Jan 9
6812 Jan 3
8712Jan 8
40 Jan 26
163 Jan 15
10612 Feb 11
200 Jan 24
93 Jan 28
12034 Feb 9
86 Feb 10
98 Feb 7
14 Jan 23
6612Jan 24
777 Jan 2
112 Feb 0
165 Jan 30
30 Jan 8
10314Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
93 Feb 0
3612 Dec
162 Sep
10112 J'ne
200 J'iy
68 Dee
z115 Aug
8212 rly
91 Dec
1012 Dee
63 Dec
6534 Dec
100 Doc
150 Dec
25 Aug
13912 J'ne
8018 roe
105 Dec
6714 Dec
35 J'iy
10614 Jan
10133 Feb
215 Jan
1144 Jan
205 Jan
97 Jan
290 Jan
1012 Oct
65 Nich
714 Mch
45 Jan
106 Feb
107 Mch
200 Jan
122 Feb
126 Feb
88 Sep
110 Mch
1938 Feb
79 Feb
130 Jan
130 Feb
17612 Feb
:13 Mch
1624 Jan
9012Jan
150 Feb
8113 Feb
100 Jan
2 57 Jan 22
3 9712 Jan 23
27
4 Jan 31
2 22 Jan 31
8 11014Jan 2
19 114 Jan 29
3 124 Jan 24
41 Sep
8913 Dec
21; J'ne
10 Nov
9912Dee
10813 Dec
11014 Dec
1514 Dec
74 May
59 May
9234 rly
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 MaY
87 Apr
86 J'ne
209 rim
3 Jan
30 Nov
70 Dec
17 Apr
6373 Apr
127 Dec
140 Dec
1112 Apr
'
101 Joe
26 Sep
26 Sep
4714 Jan
01 'Jan
212Jan
17 Jan
103 Jan
111 Jan
11718Jan
76 Jan 3
60 Jan 21
9S1 Jan 10
5 Feb 19
15 Jan 5
10 Jan 20
246 Jan 3
13913 Jan 3
9912Jan 2
8912Jan 2
90 Jan 3
2414Jan 3
3 Jan 28
3113 Jan 8
6712Jan 19
25 Jan 10
6712 Feb 9
133 Jan 3
151 Jan 7
10 Jan 7
10412Jan 3
274 Fob 18
2712Jan 7
114Jan 19
16212Jan 3
5334Fee 2
3
Ja
an 0
5
27812j
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 16
1412 Feb 11
269 Jan 20
15012 Feb 20
102 Jan 23
0433Feb 17
9312Jan 30
216 Feb 3
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1834 Jan 22
10712Feb 5
29 Jan 10
2912 Jail 20
2 Feb 4
173 Feb 13
57343an 8
23
1
74j
Jan 3
8
29
10573Jan 5 11233Jan 26
57 Jan
994 Jan
4 2 Jan
2331 Jan
3181s Jan
11714 Feb
140l Jan
21 Apr
834 Sep
75 Jan
100 Jan
1213 Aug
1912 Aug
15 Feb
28315 Jan
18634 Jan
104 Jan
0312 Jan
9558 Alch
220 Sep
314 Feb
4114 Sep
7012 Dee
50 Apr
911 Jan
160 Jan
16513 Jan
18 Sep
108 (11cli
2812 Jan
2814 Jan
2 Jan
182 Jan
147Jtl;
'4 j:n
4112 J'ne 6534 Feb
2812 Feb
2038 J'ne
69 Jan
ne 111 Jan
J:n
10
52
012 j
Mining
Adventure
i ,cek
Con
180 A
1 May
2 Jan 22
25
112Jan 2
172 173 *134 2
•184 2
*184 2
*172 • 2
*134 2
Last Sale 290 Feb'14
25 270 Jan 7 290 Jan 14 230 Nov
*290 300 *290 300 .290 300 *290 300
Joe
10 2012Jan 3 2373 Jan 22
2258 2234 2238 2258 2234 2234 2214 2258 1,008 Alaska Gold
2234 2234 2213 23
8'4 May
I *122 112 *114 113 .114
113 113
134 Jan 20 .15
153
25
700 Algoma!) Mining
113 .114
112 154
1 Jan 21
2912 rue
4334 4313 4312 43
43
25 3413Jan 8 4334 Feb 18
4338 1,370 Allouez
' 4114 4114 4134 4134 4134 42
(1.2 .Joe
7714 7534 7614 7534 7614 7534 7012 7534 764 7673 7013 3,755 Amalgamated Copper 100 71 Jan 9 781a Feb 4
77
1514 Dec
2013 2018 20
20
20
1973 1978
310 Am inc Lead & Sm.. 25 1812Jan 2 2133Jan 30
*1934 2012 20
20
20
24 J'ne
5.4 514
PA 5'4
51
4 55A
514 514 2,997 Arizona Commercial- 5
4 Jan 10 5,Feb 18
6.4 5.4
VA 53
4
325 Bu`te-Balaklava Cop 10
413 Feb 2
312Jan 3
*334 4
34 3,
334 334
334 334
3 .
.334 4
313 334
115e
18
1:4J
4 j:1'
3712 9,931 Butte & Sup Cop(Ltd) 10 3112Jan 3 3758 Feb 14
3614 3658 3614 3673 3634 364 37
37
3758 3614 37
10 6212Jan 10 6034 Feb 4
5612 J'ne
08
60
69
63
6814 6834 6813 6813 1,681 Calumet & Arizona
894 6813 6834 68
37 Calumet & Ilecla
445 450 445 445 *445 450 450 450
25 410 Jan 9 460 Feb 13 388 Dec
455 460 450 455
440 Centennial
1814 1814 *18
1812 18
18
18
18
25 14 Jan 9 19 Feb 4
10 J'ne
18
18
1812 18
• 4314 4314
4238 42
550 Chino Copper
42
3014 J'ne
5 38 Jan 9 4312 Feb 4
4212 4278 4212 4234 4213 424 42
69 Copperi(ange Con Co 100 313 Jan 8 4034 Feb 4
32 Dee
3913 3912 3913 3912 8912 3912
3913 40
14 393
8912 40
2 Sep
3 Feb 6
234 234 -------25 Daly-West
214 Jan 6
20
•213
*213 3
*213 3
*212 3
914 J'ne
12
1178 12
665 East Butte Cop Min_ 10 1034Jan 5 13 Jan 20
1218 12
12
12 12
12
*12
1214 12
95
282
1:2
8D
J(;(eti
o
te
612 Feb 20
212Jan 8
458 44
64 613 4,805 Franklin
434 434
434 434
413 44
473 513
884 80
8714 864 8058 3,380 Granby Consolidated-100 7313 Jan 9 91 Feb 4
87
8834 80
8834 8612 8758 85
4014 40
4238Feb 4
40
100
404 4014
953 Greene-Cananea
39
3934 40
3934 .3812 3913 39
12 Nov
3 22 Feb 4
'
' jan 8
2114 2134 2114 2114 .2112 22
13
6'
.2112 22
21
805 Hancock Consolida.';ed 25 2
21
21
22
277
,84 Ian
29
10 2813 Feb 10 29 Jan 21
30
100 Hadley Gold
-_-- -___
2812 2812 2812
2312
12 $;.-4"g
34
0.45
34
300 ilelvetia Copper
•.45 .60
4
13
.47
43
414 Oct
ne
2tae?) 28
014
Jan
an IS
615 Indiana Mining.....
534 612
.
433
3j
534 534
*514 534
514
514
533
*533
538
534
47
4612 48
4713 47
48 .47
*47
92 island Creek Coal... 1 4613 Feb 10 4953Jan 21
47
4712 47
4712
79 J'ly
86 .86
Do pref
87
187
oF812 8613 8612 8634 8612 8612 80
8613 87
1 84 Jan 14 87 Jan 22
10 J'ne
2314 .2213 23
2212 23
2213 2212 23
1,270 Isle Royale Copper_ 25 1812Jan 3 24 Feb 4
2234 23
25s Jan
478 44 -47)4-178 1,090 Kerr Lake
478 473
5
412Jan 5 5 XeJan 20
473 472
472 4%
*Vs 4%
1 Aug
412 452
214Jan 10 4% Feb 18
433 4%
45
25
4 41
4
438
4
412 412 2,419 Eeweenaw Copper
414 414
5 Nov
9
9
9
914 *9
913
014
9
913
9
913 934
25
7 Jan 3 1012Jan 16
459 Lake Copper Co
314
,J'ne
Feb
14
512
418Jan
2
512
La
812
Salle
514
Copper
25
532
5
512
812
512
532
512
880
513 512
313 Nov
*314 312
314 314
314 Feb 16
313 313
4 Jan 16
313 312
34 312
445 Mason Valley Mines- 5
313 313
134 Nov
313
314
312 Feb 20
313 31
24 Jan 5
314 333
314 314
'5
4
313 314
314 313 1,255 Mass Consol
Jan 1i
i
n
165 Mayflower
*734 8
8
2g 2(1314 Jan
8
8
8
*734 8
734 773
o
noe
y
3S1t 1c
300 Miami Copper
*2418 2438 24
2413 2334 24
2312 2373 .2313 24
233.1 2334
12 Dec
114 Feb 18
114 .114 112 .114 114
112 .1
25
50 Michigan
112
1 Jan 27
114 .1
114
*1
33 Nov
451
45
40
4512 •45
270 Mohawk
25 42 Jan 8 46 Jan 23
454 4512 45
45
4514 4514 45
13 roe
380 NevadaConsolidated_ 5 1434 Jan 8 164 Feb 4
1832 1638 1033 1638 1614 1638 1633 1632 164 164 18
164
7:42 J'ne
413 Feb 10
4
418 44
414
us Jan 14
418 1,525 New Arcadian Copper 25
4
4
41/(4 414
*413 414
4
Nipissing
Mines
4,001
Clif
614 638
4
658
03
3
614 638
014
614 633
VA VA
99
134 Joev
30
3034 29
2914 2934 9,219 North Butte
3058 3034 8013 3053 30
3013 30
213 21
.214 212
218 213 .24 212
232 232 .2
238
85 North Lake
12 J'ne
23
Jan
1
Feb7.
1 1
2:31.
4:I
J
i. a
aatS
ub 10
i 3(1
.134 2
21
113 134 .112 2
125 0Jibway Mining
•112 2
2
1i-).
•134 173 •134 14
431,4 JoeApr
1 ,Jan 28
25
358Jan 3 5 /
595 Old Colony
413 412 *413 43
44 44
413 434
473 473
*478 5
25 60 Jan 5 54 Feb 4
5234 8272 8212 53
5213 53
5234 5312 53
53
378 Old Dominion Co
5234 53
0714 Dec
25 73 Jan 14 84 Feb 4
8212 .82
8312 .82 83175 0*-eola
83 .82
83
8313 82
83
83
15 rne
10 1812 Feb 19 2073.Jan 22
•1012 1932 19
1812 1812 19
*1813 19
19
210 Pond Creek Coal
194 •1813 19
524 Dec
25 60 Jan 3 68 Feb 5
*6766 66
6614 6612 60
6613
67
175 Quincy
88
67
*66
1514 J'no
20
204 204
10 1734 Jan 10 2033 Feb 14
2018 20
204 -213-8 2014 2032 2012 2014 20
337 Ray Consol Copper
30 Nov
245 St.Mary's Min Land- 25 32 Jan 3 38 Feb 4
37
3734 3734 37
3712
37
3613 3612 .3637 37
218 218
2
1 J'ne
2
2
*2
21g
2
218 *2 --jig
2
214Jan 27
112Jan 7
445 Santa Fe Gold & Cop- 10
712Feb 10
10
738 738
618Jan 8
7
7
669'Marmon
74
714 714
7
714 714
74 714
21 Pe el;
2912 2834 29
2878 29
20
29
29
29
29
2858 29
10 2612 Jan 8 2934 Feb 4
560 Shattuck-At izona
15 Aug
Last Sale .20 Feb'14
.23 Feb 0
.20Jan 3
south Utah M & IS- 5
.30 0.20 _
..20 .30 4..20 .25
.
3113 3113 3113 2,270 Superior
lacan
3113 ii- 31
. ;,,(4 Nov
21
3 !
enil: 1
31
j
.Fiaa
3013 3178 31
304 32
212 253 3,765 Superior& Boston Cop IS 227
214 238
214 21
213 258
238 258
214 24
4jan 10 V5Ki62
21 J'ne
41
42
25 2813 Jan 9 42 Feb 20
3953 4134 3912 41
40
4034 4033 41
3,259 Tamarack
4012 40
*413 5
*413 5
414 412
413 413 .412 453
413 413
95
265 Trinity
414.1an 7
5
.80 Jan 31
.62 .62 1,210 Tuolumne Copper
1
.55 Jan 5
.70 .70 ..60 .65 ..60 .65
34
.74
34
34
4313 Fob1
over
J'ne
4214 42
4
42
4213 4212 4214 4214 42
4218 42
082 U H Smelt
42
42
Ref & Min_ 50 3858Jan 1,
t,'
et
4834 4834 4858 4858 4813 4834 4812 4834 4834 4834 4813 4834 1,003 Do
4Ig Febr
461 Jan
Ma)'
.2
238
233 238
218 214
213 214
23
218 213
51:
695 Ut:tit-Apex Mining
24 212
714 may
1313 1334 1313 1358 1313 134 13
13
1312 13
2,247 Utah Consolidated.-- 5
1334
834Jan 6 14 Feb 13
40 J'ne
10 4912 Jan 10 5613 Feb 13
5613 5618 5534 50
106 Utah Copper Co
5533 5538
55
5533 5553 5533 5538 55
enpe
J'
•138 113
153 134 1,415 Victoria
25
138 138
113 112
158 158
133 112
134 Jan 26 .9034 s
l's Jan 0
434 Feb 19
4
412 434
414
44 41
434 434 1,290 3iinona
414 412
414 414
212Jan 8
::5
46
40
46
46
1
4712 46
40
25 44 Jan 8 473k Feb 20 ;430014
48
203 Wolverine
4613 .47
'3
Joe
34 Jan 22
114 Jan 24
25
1
655 N,, ntufott
*1
114
..99
113 •1
__
.09
114
114 ---- ----1
•1312 and asked prim. •Alies.Laent paid. 011x-itoeY tilvIdend. is Ez-rlagtzte. a Ex-dividend and rIgilts. s Uastamped. I 24paid. V .1141t9114,
ii.2
8,4 8,4
2 2718
2 411:
iv.
8 Jan 1
330 Jan
22
44
33 Jan
4214 Jan
8038 Sep'
3273 Feb
512 Sap
46
6 J
Oant
7212 Jan'
555 Jan
18 Jan
4712 Jan
63 Jan
4 Jan
15's Jan
3758
1)111 Jan
pg
25 Jan
35
3
1
,
5
784 Jan *
871* Jan
13F Jan
4 • Nov
33Feb
26l Jan
514 Jan
104 Jan
6I Jan
6
25
014
23i
2 A
11)34 Jan
212
,
2
1:ta
l%
e
32
43
1:Jan
n
314 Jan
88
833 n
Jan
107 Jan ;
2814 Jan !
80 Jan i
22 Jan
46 Jan
31
,(Aug
4
el taeti ,
25 Jan
'0 a
1::
j
ase20
:
4
0111:
3111.1
88 Jan ;
4312 Jan
61%
en
p,
1114 Jan
60 Jan
,
2,12
Jan
75
14 Jan
601
Boston BondRecord •
FEB. 211914.1
s
.
t
BONDS
BOSTON STOCK EXCHANGE
Week Ending Feb. 20
Price
Friday
Feb. 20
hg!. No.
Ask Low
0934 Apr '13
8938 45
.§-ai; 89 Mch'13
1033*
4
9714
9714 Sale 9714
1
72
72 Sale 72
10312 Jan '14
12
951
9512 Sale 9512
8538Jan '14.__
8414 Aug '13
9478 Jan '14-.-7113
'
714 Dec6
60
---- 10
26
----------9734 ---_
,Oct 'Or,
1041,
05 Feb '12
"i
101
101
101
Bid
Am Agricul Chem lit 5s___1928 A-0
Am Telep & Tel -oil tr 411-1929 J -J
1936 M-S
Convertible 4s
1933
2CI-Arear cony 4 3,is
Am Writ Paper lstsf 5sg_1919
1913
,A in Zinc L & 8 deb es
Ateh Top & S i• e gen g s 1995 A -0
Adjuztment g 4s____July 1995 Nov
July 1995 M-N
Stamped
1955 J -D
50-year cony 4s
1017 J-D
1 0-year cony 5s
AU Gut 4'; %V I SS Lines 5(1_1959 J -J
Bos & Corb Ist cony s f 6s 1923 51-14
1935 N1-N
Boston Elev 3 -yr g 4s
1916 J -J
13oston & Lowe] 4s
1944 J -J
'Bost in & Maine 4;is
1942 F-A
, Plain .'s
1913
Bur & Mo RI v cons 6s
1951 J
Butts El & Pow lit 5s
Cedar Rap t•- Mo lily 1st 73 1916 M-N
'Gent Vermt let g 4s___May 1920 Q-F
1919 A-0
0 B & Q Iowa Div 1st 5s
1919 A-0
Iowa Div 1st 4s
1922 F-A
\ Denver Eaten 4s
1927
, Nebraska Eaten 48
1921
S
48
f
s
W
S
&
, B
1949 J-J
' Illinois Div 3;is
Chic Jct Ity & 8th Yds 5s 1915 Coll trust refunding g 4s_1940 A-0
Ch Mliw & St 1' Dub D 13s_1920 J-J
Ch M & St P Wis V div 68_1020 J -J
M-N
Ch & No Mich 1st go 58-1031
1921 J -D
Chic & IV Mich gen 5s
Concord & Mont cons 4s-1920 J -D
1949 A-0
Copper Range 1st 5s
Cudahy Pacic (The) lstg 5 1924 M-N
1926 A-0
Current River 1st 58
1946 A-0
Dot Or Rap & IV 1st 4s
Dominion Coal 1st s f 58_1940 M-N
1927 M-E3
Fitchburg 45
Fremt Elk & Mo V lit 6s 1933 A-0
1933 A-0
Unstamped 1st 6s
g.
BONDS
BOSTON STOCK E XCHA NGE t t.
Week Ending Feb. 20
',a.
Range
Since
Jan. 1
Week's
Range or
Last Sale
8630,2jmay:11
mcwo
_- 1041-4 3Tne'13
8578 -5
8578 Sale 8512
1103 Oet '07
-- 08 May 13
9712 -- 9814 Nov '13
065820
963a Sale go%
9812 Dec '12
83 J'iy '13 .-__
- 10014 10014 17
10014
83 --- 83 Feb '14 ___
___ 107 J'ne'13 --__
11338 Feb '11 ::__
"if 84 80 Dec '13
91 95 9114
9114
_ 97.2 Sep '11
9312
95 Meh'13
10014 Aug'12
78 79 92 J'ly '13
984 9912 78 Jan '14
9938
---- -- 9933
95 Oct 12 .
122 Feb '13 ____
119
122 NI eh '12 _
Price
Miley
Feb. 20
Weut's
Range or
Last Sale
Q
g
ce
Range
Since
Jan.1
High No i.otc High
Ask Low
Ilia
General Motors 1st 5-yr 6s_1an A-0 10038 10078 9938 Apr '13 .__.
1
9634 18 -11:114 -67;
Olt Nor 0 B & Q coil tr 4s_1021 J -J 9612 Sale 9614
2 9458 9631
9638
1921 Q-J 9618 ____ 9638
Registered 4s
95 904 flouston Elec 1st s I gen 5s_1925 F-A
--1
---1917 A-0 -------- 117 Apr 08 _72 72 la Falls & Sioux 0 1st 7s
1925 A-0 ____ 90 92 Feb 13
Kan C Olin & Spr 1st 5s
100 104
1012 1105s 10 Ida"; ifda;
1
9313 051: Kan 0 Ft Scott & Mem 6s_1928 M-N
8538 853, K (3 Ft S & M icy ref 4s 1(4_1936 A-0 -------- -7633Jan '13
13E-"ir
1934 M-S 85 ___. 85 Feb '14
Kan CM & B gen 4s
947 -047k
Assented income 5s
1934 01-S _ . _ 80 78 Nov 13
9834 963g
6
9135a Jan '14
Kan C & El Hy & Br 1st 5s_1929 A-0
NI arq 11 ough & Ont 1st Gs_1925 A-0 ---- ----115 J'ne'08
6312 68
3 9514 "66"
96
Nlass Gas 43.0
1029 J -J 96 -___ 96
1 93 95
9414
Debar] 4 ;is
9514 ---. 9414
Dec 1931 J -J
832 831.
97 Aug'13
NI ich Telephone 1st 5s
1917 J -J ____
81 8534
85 Feb '14
Miss River Power 1st 5s......1951 J-J
2 83 83
83
New Eng Cotton Yarn 5s_1921 F-A 82 834 83
2 9978 100
9978
New Eng Teieph 5s
1915 A-0 997g Sale 9978
idi
2 10018 10134
10112
5s
1932 A -0 101 11)138 101
- - - New
79 80
80 Jan '14
River (The) cony 5s 1934 J -J
6878 75
N Y N II & II con deb 30_1956 J -J -------- 75 Jan '14
117 Feb '14 ___ 117 117
Cony deb 6s
1948 J -3
./reg Sh Line 1st g es
1922 F-A 11012 ____ 1093s Jan '14 ____ 10938 10934
2 10534 1074
07
107
Pond Creek Coal 1st es ,.__1923 J-D
9514 965,. l'uget Sd Elec By 1st 5s____1932 F-A -------- -88 Jan '14
88 88
103 Jan '11
Repub Valley 1st at 6s__1919 J -J
7014 Dec 'io
iavannah Elec 1st cons 5s_1952 J -J
idci i&i1;
1930 F-A 10018 ____ 10012 Feb '14
983
4 ieattle Elec 1st g 5s
4 1601
1
-6g
1 92 94
91
1919 NI-N 94 Sale 94
81 84 ihannon-Ariz 1st Os g
1929 J -J ____ -___ 97 Apr '07
l'erre Haute Elec g 5s
,
10034 Mch'13
1918 NI-S
l'orrington 1st g 5s
--------9514 Nov 13
Union Pac lilt & Id gr g 48_1947 J -J ---1927 J -J ____ _ 90 J'ly '13
20-year cony 4s
-11-4
91 -9
1 93s 96
96
1923 J -J 98 Sale 96
United Fruit gen s f 4Iis
9 02 9514
95
1925 J -J 95 9512 95
1)ebenture 4;is
1001810234
U 8 Steel Co 10-60-yr Si Apr1963 NI-N 10214 103 1023g Feb '14
5 93 99
99
1915 F-A 99 Sale 99
West End Street By 4s
78Feb '14 ___ 9978 9974
1914 /1-899
Gold 4 Iis
78 78
98% 983s
---- ----98,Jan '14
1916 M-N -_
973s 995) Gold debenture 4s
1917 F-A --__ -..... 9638 Nov'13 ____
Gold 4s
4 9334 -1164
98
1932 J-J 98 Sale 9734
Western Teleph & Tel 5s
----9333 Feb '12.
Wisconsin Cent 1st gen 48_1949 J-J _ _ _
Low Mgt.
;
7 -867
-84;
-
-
NOTE.-Buyer pays accrued Interest in addition to the purchase price for all Boston bonds. • No price Friday; latest bid and asked. 11 Flat prices.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Sales
of the
ie kgb1Fergrf ib1ibI9Febsmres
SHARE PRICES-NOT PER CENTHIll PRICES
•
Saturday
'ridi
pc
Wednesday
Thursday
Friday
105 10512 105 10514
10512 106
105 108
10378 104
\ 103 103
11012 11012
110 111 *110_ *110 111
11018 11018 110 110
1714 1714 .1714 1734
174 1712
181g 1812 1814 1814 1734 18
5812 5812
03812 Cu •____ 59 *____ 59 ...-- 59
1181-2 1-1-9.
;2178 -2-2 - ;iiii3 -_-_-_-_ ;ZOT1 -_-_-_-.. ,-Piii4 -_-_-_-_ ;i5i2 -_-___ *21
. *5412
_ .54
-- *55
-- *5312
__ .5312
253-4 2555 255s
2534 --2514 -2512
2538 -233s
2512 -2512
•517802514 25%
r51-)rs ii-2 ;5o- "io-3-4 -55is "313-8 "564 -a-61-4 --------60 60
60
5083 5034 501, 5012 5014 6014 50 501s 50
1112
1114 1114 *11
54
54
54 1412 54 -5414 537g 54
6478 -5478 5412 55
4112 4173 42
4112 .41
; 4112 4134 4112 4112 .4034 4114 41
80
7912
7934
4
793
7934
4
783
79
79
804
80 8014 8014
12
•1212 1234 *1212 1234 *1214 1234 1218 1212 1212 1212 12
2212
22
23 .2212 23 .2212 23
23
23 23
2234 23
8312
8312
8338
833g
8
837
8
837
8414
8414
84
85
84
•841$
6 7534 7534
/
7512 757g 7514 7514 75% 7512 70/4 7514 75 751
1914 20 20
•1934 20 *1912 20 .1914 1034 .1914 1934 19
33 .3234 33 .3212 33
3314 33
3312 3312 33
*3312 34
55% 5614 55% 5618 56%56%
/456'X. 5578 56'4, 5512 56
„ 563
4414 4414
44
4412 4412 4434 4418 4418 44
' 4434 4434 44
2714 2634 2678
27
2678 2678 2634 2678 2634 2678 2634 27
1814
•1814 1812 1812 1812 1814 1812 *1814 1812 1814 1814 .18
8
84 84% 833* 8334 8333 8312 8312 831X4 8334 8334 833* 833
7
7
6
/
7711
7if.i
7
71A4
7
7
7
7
7
4614
46
46
4614 4614 4012 4612 4614 4614 *4618 4614 46
8434 8478
85 85
85 85
.85 8514 8518 8518 85 85
1,420
419
903
10
82
717
1,732
10
832
1,200
992
111
1,533
168
474
116
316
2,993
347
6,496
650
2,251
2,116
195
703
ACTIVE STOC:(S
(For Bonds and Inactive
Stocks see below)
Range Since Jan. 1
11tallest
Lotces.
Range for Previous
Year (1913)
LAcest
Ilighart
.
Baltimore
Con Gas El L & Pow_100 103 Feb 14 108 Jan 26 101 J'ne 120 Jan
100 109 Jan 3 112 Feb 3 101 J'ne 12014 Jan
1)0
pref
2512 Nov
1312 Jan 3 1912 Feb 2 1212 Dec
Houston Oil tr ctfs_._100
68 Jan
pref tr ctfs_100 561t Jan 7 60 Jan 19 5612 J'Iv
Do
50 115 Jan 22 120 Jan 2 10612 Dec 123 Apr
Northern Central
100
1734 Jan 6 22 Feb 5 1412 J'ne 21 Jan 1
Seaboard Air Line
4912 Sep
pref
Do
100 46 Jan 2 5512 Feb 9 4112 J'iy
2753 Apr
United By & Electric. 50 2412 Jan 7 2614 Jan 29 23 Jan
Philadelphia
50
American Cement
50
American Railways
50
Cambria Steel
Electric Co of America 10
Sloe Storage Ilattery_160
100
Gen Asphalt
100
pref
Do
Keystone Telephone_ 50
Lake Superior Corp 100
50
Leh C & Nay tr ctfs
50
Lehigh Valley
Lehigh Valley Transit 50
50
pref
Do
50
Pennsylvania
50
PhIladel Co (Pittsb)
Philadelphia Elect11_ 25
Phlia 11 T vot tr ctfs_ 50
50
Reading
1
Tonopah Mining
so
Union Traction
50
United Gas lmpt
3734 Jan
4734 Jan
11 Jan
4812 Jan
3612 Jan
7434 Jan
11 Jan
21 Jan
8318 Jan
7438 Jan
1812 Jan
301 Jan
543* Jan
39 Jan
2578 Jan
18 Jan
8338 Feb
638 Jan
45 Jan
8234Jan
5
9
15
6
9
5
3
8
3
3
3
3
3
6
5
23
10
5
3
6
.
2 Feb
2 Feb
3912 Feb 14 37 J'ne 24912 Feb
5134 Jan 21 41 J tie 6358 Jan
1219 Jan
1114 Jan 27 1114 Ply
5512 Feb 2 4212 J'ne 5414 Jan
4212 Feb 10 33 J'ne 4278 Feb
82 Feb 10 70- 'lie 78 May
1312 May
93; . ne
1312 Jan 16
3112 Jan
2314 Jan 31 21 Dec
8434 Jan 22 81 J 'no 93' Jan
7818 Jan 24 70:41 J'ne 843,4 Jan
2378 Itch
2038 Feb 4 1534 Jan
34 Jan 29 2912 J'ne 3712Mch
5734 Jan 31 53'A Dec 61% Jan
4634 Feb 6 37 J'ne 50 Jan
2714 Feb 19 112012 J'ne 112618 Dec
2018 Jan 15 18 Nov 2812 Jan
8618 Jan 23 753* J'ne 85% Dee
,f, Dec
71
4 J'ly
712 Jan 14
47 Jan 15 4134 Nov 5112 Jan
86 Jan 28 8054 ,J'ne 9112 Feb
8.
PHILADELPHIA
Inactive 'stocks
!
'Amer Gas of N J
10
iAmerIcan al Wing
100
!Amer Itys pref
50
'Cambria Iron
Central Coal & Coke. 100
100
Preferred
100
!Consol Trac of N J
,Harwood Electric.._100
50
'Huntington & Is T
50
l'referred
10
Insurance Co of N A
Inter Sin ('ow & Chem 50
Kentucky Securities 100
50
Keystone Telep, prof_
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
Minehill & Schuyl IL. 50
Nat Gas N:lec Lt & P 100
100
Preferred
50
North Pennsylvania
ennsy receipts $30 paid_
50
Pennsylvania Salt
Pennsylvania Steel-100
100
Preferred
Phil(' Co(Pitts) 5% prf 50
6% cumulative pref 50
Phila German & Norris 50
50
Phila Traction
10
Railways General
Tonopah Belmont Dem 1
100
United Cos of N J
United Trac Pitts prof 50
Virginia By & Power_100
100
Preferred
Warwick Iron & Sa3el_ 10
WashinIton-Va Ity_100
100
Preferred
100
3Velsbach Co
West Jersey & Sea Sh_ 50
Westmoreland Coal_ 50
Wilkes Gas & Elec......100
50
York Railway
50
Preferred
Bid
Ask
Bid
Ask
--
PHILADELPHIA
Ph & Read 2d 53 1933 A-0
Bonds
Ex Imp M 44 1947_A-0
Prices are all "and
102 .-- Terminal 5s g 1941 Q-F
interest"
I
. P NV & B col tr 48 '21.._J-J
1004 0134 Alt & L V Elec 4 Hs'33F-A .
Gas & Elec 5s '07_F-A tii..1;812 Read Trac 1st 66 '33 _J-J
4312 44 Am
.____ Roch By & Leon 5s'54J-J
._ Am Rys 58 1917_____ A-0 __.
Spanish-Am Jr es '27__J-J
. Atl C Gas 1st s f 55 '60 J-J _ _
- Berg&EBrew lstes'21 J-J ___ 11E5-4 Stated Gas & El 68'26 J-D
.--.
Stand St! Wks lst5s'213J-J
Bethleh S'ti Os 1008-Q-F 11612 ..
4 U Trac Ind gen 58 '19_J-J
--;. Ch Ok & G gen 5s 1919 J-J 9912 (i2-3•--. Con Trac of N J 1st 5s '33 10314 __ _ Un Rys tr ctfs 4s 49 _J-J
ited Rys Inv 1st coll tr
.22 .2218 Del Co Rys tr ctfs 4s'49J-J
El-N
_ Edison Elec 55 19413A-0 ----------8 f 5s 1926
Elec & Peoples Tr tr ctfs_ i43-4 -ii Welsbach.,f 5s 1930.._J-D
_
Wil-B
_
58
O&E
con
'40_J-J
'55_J-J
55
1st
II
&
Tac
Fr
574 .5714
_ .-_ Gen Asphalt 5s 1916_M-S rii - :_-__ York Rys 1st 5s 1937-J-D
1812 -_ Harw Elec 1st Cs 1942 151-S 10112 10212
BALTIMORE
.-_ Interstate 49 1943_ F-A 5934 60
Stocks
- - .--- Kentucky Tra&T 58'51F-A ____ _ _ AtlauInactive
Coast L(Conn)_100
1)112
55 ..-- Keystone Tel 5s 1935--J-J 91
100
Lake Sup Corp Inc 5s'24 0 70 7012 Canton Co
82
100
Lehigh Nay 4;is '14-Q-J _ _ ___ Consolidation Coal
100
Gen M 4;is g 1024_0-F _ ____ Georgia Sou & Fia
. _ __
100
1st preferred
10712 .08 Leh V 0 1st 55 g 1933_J-J 1013
100
Leh V ext 4s 1st 1948_J-1) 10012::::2d preferred
100
0-B-S Brewing
Consol Os 1923.._J-I) 111
6512 66
4112 4312
Bonds
Consol 45s 1923___J-1) 101 102
J-D --. -Prices are all "and
Annuity 6s
4512 46
interJst"
Gen cons 4s 2003__M-N 1
J-J
__
City 3;is 1930
83 8314 Leh V Tran con 4s '35 J-1) ........Bait
4s 1954-1955_--Varlou
1st series A 4s 1935_M-S
M-N
5s 1916
1st series 13 58 1935 M-S 10i. :773 -I..._ MarketStEl 1st 4s'55M-N _ ,..,_-_ Anacostia & Potom 58 A-0
-------- All C'st cony deb 4s_111-N
NatLII&P seri) 5s '19 J-J -_____
New Con Gas 55 1948_J-D ____ Atl Coast L(COctfs 5s J-D
J-J
5-20-yr 4s 1925
N Y P11 & No 1st 4s'39 J-J
B S 1' & c 1st 4 ;is '53 F-A
Income 4s 1939___ M-N
._
Penn Steel 1st 5s '17.151-N .,:- --___ Bait Trac 1st 5s '29_ M-N
No Bait Div 5s 1942J-D
People's 'Pr tr ctfs 4s_1943 ___--.. - 7
._ P Co lst&coll tr 5s'49M-S 100 10014 Cent icy cans 5s '32_M-N
Ext & Imp 5s 1932 M-S
Con & coil tr 53'51 iNI-N 8812 8878
.--l'hil Elec gold tr ctfs_A-0 102 10234 Chas City By 1st 5e2.. J-J
6112
._. Trust MN 4s 1949__J-J 82 8238 Chas By G & El 55 '9911113
City & Sub 1st 5s 1922 J-D
954 1014 1,SG S gen M 5s ,r '20_A-0
...... Cityn;Sub (Was) 1st 5s '48
A-0
Gen M 4r; g 1920
3312 34
•/34 and asked; no Wes on Ina day.
PHILADELPHIA
ors-dividend. I $16 paid. 4 417H paid.
12214 paid.
Bid Ask
____--
BALTIMO:ZE
Coal & 014 1st 5s'19A-0
98 ____ Coal & I By let 5s'20 F-A
11414 11412 Col & Grnv 1st Gs 1916 J-J
---_ 9814 Consol Gas 5s 1939__J-D
A-0
Gen 4;is 1954
____ ___ Cons G E & P 4;is '35 .7-J
101 102 Consol Coal 5s 1950 J-13
91 - Fair & 01 Tr 1st 5s'38 A-0
---- -- Ga & Ala let con 5s '45 J-J
Ga Car&N 1st .5 g '29 .1-J
7412 ___ Georgia!' 1st Os 1922__J-J
Oa So & Fla let 58 '45_J-J
7714 7712 0-13-S Brew 3-is '51_M-S
____ 8834 tiouston Oil div ctfs-F-A
10214 -__ Knoxv Trite let 5s'28 A-0
--__ __ Maconny&Lt lit 5s'53J-J
Md Elec By 1st 5s '31 A-0
Memphis St 1st 59 '45_J-J
Monon V Trac 5s '42 J-D
255 257 Mt Vet Cot Duck 1st 5s-NptN & 0 P 1st 5s'38M-N
Ili Ws N & A Terml 55 '29 M-S
_. Nor&Port'jr 1st 5s'36 J-D
26
89 ____ Norf By & L 5s '49. 151-N
78
... North Cent 4 Hs 1925 A-0
i:eries A 5s 1926----J-J
1 ____
Series 13 5s 1926....--J-J
Pitt Un Trac 5s 1997__J-J
Foto Vol 1st 551941. ..J-J
92 9314 Say Fla & West 55'34.A-0
A-0
983)
_ Seab Air L 4s 1950
10112 -_.-.--. Seab & Roan 5s 1926-J-J
9914 ____ south Bound 1st 5s_A-0
9434 __-_ U Si L&P lst 43is'29M-N
100 ___ Un By & Si 1st 4s "1.1) M-S
J-•
Income 48 1949
8812 ____
Funding 5s 1936_ _J-D
__ _ 67
Cony notes 5s 1914 J-J
1031- __
104 ____
-- Va Mid 3d ser es '16_M-S
4th ser 3-4-:4 1921 111-8
103 ___
5th series 5s 1926 M-S
103 ___
102 104 Va (State) 35 new '32_J-J
Fund debt 2-38 1991 J-J
931 951
103 10312 West:r a con Gs 1914-J-J
101 ___ Wil & Weld 54 1035....J-J
Bid
Ask
92 94
99 100
10112
10512 --,
9378 044;
8984 90
8812
101 _......
104 -..
10312 ---.
1087s -10378 _,...
2712 281S
78 79
102 _ __.
96 99
9812 99
96 96
__
8612 --95 _ ....
9212 94
87 88
97 98
101 ....,
105 ......
105 .....:
__._
103
104
85 -;
10112 ---.......
10378 _
93 94
.
83t2 _ .
6334 ells
8714..
....
9934 ---..
101 .....
102 - ....
10812 ..:-.,
__ _....
10018 10010
106 ...AC
602
THE CHRONICLE
tnnstment and
[VOL.
xcvm.
aitroad /intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 'I be first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
kOADS.
Week or
Month.
Curreni
Year.
Previous
Year.
JuLy 1 to Latest Date.
Current
Year.
PretflOUS
Year.
Ala N 0& Tex Pacs
S
$
N 0 & Nor East_ January __ 327,042 343,348 2,430.140 2,262,217
Ala & Vicksburg_ January __ 165,452 162,307 1,154.053 1,119,873
VieksSbrev&Pac January __ 164,507 143,386 1,110,271 1.032,869
Ann Arbor
1st wk Feb
38,619
40,029 1.460,944 1,409,911
Atch Topeka & S Fe December_ 9,137,494 10420242 57,906,277 61.228,359
Atlanta Birm & Att. December- 339,813 294.781 1.831,984 1,669,879
Atlantic Coast Line December_ 3.630.478 3,512.376 17.463.837 16.978.452
Chariest & W Car December_ 199,993 182,479 1,071,572
943.617
Lou Hand & St L December
637,872
109,129 102,877
705.079
g Baltimore & Ohio.. December.. 7.909,925 8.303,097 52,653,964 52,449,338
B & 0 Ch Ter RR December- 128,321 143,180
919.401
950,837
Bangor & Aroostook December,. 296,683 268,635 1.782.317 1,596,442
Bessemer & L Erie_ December_ 465.913 448,035 5,287,589 5,030.864
Birmingham eoutli_ December_
98,009 103,497
635,509
582,088
Boston & Maine.... December_ 4,049,210 4,026.408 26,582,059 28,748,445
Buff Roch & Pitts 2d wk Feb 194,532 225,116 7,375,813 7,045.955
Buffalo & SusqDecember,. 191,908 196,003 1,226.6331,237,812
Canadian Northern 2d wk Feb 312,700 306,200 15,551,600 14,353,100
Canadian Pacific 2d wk Feb 1,733,000 2,200,000 86,400,162 88,617,191
Central of Georgia_ December,. 1,406,628 1,248,296 7,597,292 7,325,372
Central of New Jere December_ 2,955,153 3,024,915 16,695,570 17,075.910
Cent New England_ December,. 328,761 302.993 1,951.334 1,920,408
Central Vermont-. December. 313,720 326,332 2,155,968 2,188,349
Ches & Ohio Lines_ 2d wk Feb 618,288 660,333 22,911,203 22,225,719
Chicago & Alton__ _ let wk Feb 229,765 262,801 9.311,851 9,784,501
Chic Burl & Quincy December_ 7,498,672 8,128.414 51,06-1,084 50,713,685
f Chic & Eas5 In
December.1,297.645 1.358,521 8,450,841 8,404,080
p Chic Great West_ 1st wk Feb 238,072 234,358 8,897.535 8,619.193
Ohio Ind & Louisv- 2d wk Feb 113.301 120,750 4,433,898 4,409,914
Chic Milw & St P-1 December,. 7.852.902 8,313,293 49,347.705 50.502.758
Chic M 11 & 1 neS I
eChIc & North West December- 13,913,883 7494.247 48,418,066 45,664,316
oChic St Faul M &0 December,. 1,559,240 1,443,233 9,784,956 9,275,102
Chic Terre H & SE December_ 173,394 189,278 1.144.902 1,033,943
Ohi Ham & Dayton December_ 819.121 860.399 5.418.597 5,579,335
Colorado Midland_ December
137,629 153.703 1,000,483 1,115.479
Ir Colo & Southern 26 wk FA 221.216 281,048 8,801,587 9,847,836
Cornwall
December_
14.431
121,764
20.897
97.185
Cornwall& Lebanon December,.
207.429
167,291
28,083
33.438
Cuba Railroad_..,.._
December,. 458,343 412,408 2,173,574 1,948,951
Delaware & Hudson December- 1.812.125 1,994,287 12.404.741 12.308.060
Del Lack & West December,. 3,402,390 3,438,977 21.512.403 21,248,299
Deny & Rio Grande 2d wk Feb 377.300 428.00 15.500.409 16,166.809
Western Pacific 2d wk Feb
93.200 108.300 4.063.432 3,920,720
Denver & Salt Lake let wk Feb
10,636
18,141
749,044
761,566
Detroit Tol & Trent December
920.327
837.597
140,753 153.747
Detroit & Mackinac 2d wk Feb
18,170
21,228
736,046
762.950
Dui& Iron Range December.. 117.204 114,749 4,738,905 4,538,787
Duluth So Sh & Atl let wk Feb
59,138
53,112 2,132,030 2,042,871
Elgin Joliet & East_ December,. 778,161 1.111,871 8,295,131 6,647.738
El Paso & Sou West December., 795.360 776,951 4,366.080 4,220,916
Erie
December,. 5.092.4364.951.821 32.544,45832.745,969
Florida East Coast- December.. 463,714 423.848 2.041,681 1,899,536
Fonda Johns & Glov December_
75,764
74,341
516.152
519.723
Georgia Railroad December_ 299.298 277,495 1,759,841 1,565,685
Grand Trunk Pac 3d wk Jan
82,263
91,027 4.560,2$2
,
Grand Trunk Syst_ 2d wk Feb 868,432 866.864 34,928.286 34,1117:571
.Grand Trk West_ 3d wk Jan 129,244 133,093 4.092.665 4.132.758
Det Gr Haw & M 3d wk Jan
41,739
39,457 1,470,660 1,448,491
Canada Atlantic.. 3d wk Jan
37.019
40,849 1.330,748 1,378,350
Great North System January __ 4,207,164 4,590,482 49,198,686 48.701,210
Gulf & Ship Island_ December.. 178,961 166,849 1,074,113 1,007,411
Hocking Valley
December,. 574,411 604.024 4,282,599 4,180,894
Illinois Central
January __ 5,395,352 5,380,607 40,052.869 38,794,248
Internet & Gt Nor_ 26 wk Feb 157,000 187,000 6,811.507 7,715,505
a InteroccanicMex_ 2d wk Feb 220,262 152.750 5,973.593 5,496,885
Kanawha & Mich December_ 247,284 234,590 1,751,680 1,701,312
Kansas City Sou_,.,. January __ 929,329 893,765 6,373,084 6,404,485
Lehigh & New Eng. December_ 172,600 155,888
964,924
911,488
Lehigh Valley
December_ 3,105,303 3,461,354 21,236,622 22,542,679
Louisiana & Arkan- December- 142.513 149,774
874,175
831,667
3 Louisv & Nashv
1st wk Feb 1,125,506 1,164,935 37.704,909 36,303,828
Macon & Birm'ham January __
13,112
11,507
93,959
98,839
Maine Central
December_ 894,278 868,498 6.045,102 5,912,817
Maryland & Penna. December
40,238
38,643
288,276
264.050
a Mexican Railways 3d wk Jan 185,800 185,300 5,453,400 4,791,500
Mineral Range.... let wk Feb
12,887
219,100
9,721
520.745
Minn & St Louis-- 2d wk Feb 187.589 221,266 6,184,713 6,390,582
Iowa Central__
SMI
Minn StP & S
26 wk Feb 450,164 474,723 19,482,513 20,687,879
ChicagoDivision
Mississippi Central_ December,.
85,357
87,258
534.722
508.541
uMo Kan & Tex
2d wk Feb 552,914 604,113 21,226,914 21,466,421
s Missouri Pacific 2d wk Feb 1,040,000 1.077,000 39,069,347 40,173,732
Nashv Chatt & St I, December,. 1,127,695 1,107,619 6,524,041 6.630,519
a Nat Rye of Metx_t al wk Feb 603,587 1,155.907 21,317,986 39,980,518
Nevada-Cal-Oregon 1st wi.: Feb
3.893
5,376
231,084
266,983
New Orl Great Nor_ December,. 166,633 137.193
830,998
980,072
eN Y C & fled Ely_ December_ 9,169,410 9,567,237 61,042,067 59,225,714
Lake Shore & M S December_ 4,488,969 5.019,375 28,907,565 29,237,697
n Lake Erie & W_ December_ 481,555 530,439 3,058,387 3,188,069
Chic Ind & South December_ 447,837 394,958 2,285,023 2,210,027
Michigan Central December.. 3,002,885 3,050,834 18.306.748 17.674,360
Clev 00 & St L_ December- 2,822.532 3.038,365 17.878,419 18,019,422
Peoria & Eastern December_ 265,923 345,622 1.742,354 1,923,420
Cincinnati North. December- 137.729 139.080
801.891
821.675
Pitts & Lake Erie December_ 1.176.371 1,576.938 9,649.091 10,091,682
N Y Chic & St L_ December_ 1.061,888 1,085.032 8.217,823 8,498,985
Tel & Ohio Cent.. December.. 493,594 441.663 3.277,469 2,943,963
Tot all lines above December_ 2:3523193 25189541 153164619 151813210
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
s
5
Current
Year.
Previous
Year.
s
s
203.454 241,300 1,152.398 1,280,776
N 0 Mobile & Chic_ December
N Y N H & Hartf__ December_ 5,428.914 5.019.235 35.173,307 36,664,375
NY Ont & West__ December,. 651,3811 706.148 4,888,742 5,040,966
NY Susq & West__ December_ 337,7091 322,390 1,984,231 1,859,841
Norfolk Southern__ December_ 320.1.4021 299,3811,853,611 1,763,323
Norfolk & Western_ December_ 3,759,317 3,566,510 23,413.765 22,133,930
Northern Pacific... December_ 5.681,585 6,355,776 39,t,45 874 39,721,737
Northwestern Pac__ December_ 251,4611 251,701 2,096,107 2,050,419
Pacific Coast Co___ December_ 543.5341 582,940 4,066,957 4,247,373
Pennsylvania RR__ December.. 16030699 14993 391 98,147.403 92.577,482
Balt Ches & Atl_ December_
217,180
189.834
16,543
19,276
Cumberland Vail. December_ 288,649 278.602 1,803,943 1,757,058
Long Island
December_ 887,294 793,221 6,831.443 8,268,589
Maryrd Del & Va December_
92,635
96,336
10,630
8,361
NY Phlia & Norf December,. 303,775 288.236 2,019,764 1,870,045
Northern Central December,. 1.161.5711,139,280 7,062,892 8,834,114
Phila Bait &Wash December_ 1,730,356 1,164,945 10,8;38,082 10,777,444
W Jersey & Seash December_ 384,860 362.581 3,739,070 3,704,419
December_ 4,602,928 5,300,813 34,712,729 35,459,702
Pennsylvania Co
Grand Rap & Ind December_ 454,947 458,464 3,000,710 2,939,552
Pitts C 0 & St L_ December_ 3,392,139 3,882.447 23,072,188 23.345,701
December,. 954,603 984,540 6,121,528 5,929,000
Vendetta
Total LinesEast Pitts & E_ December_ 20753100 20684724 136432578 132908100
West Pitts & E December_ 9,605.582 10824951 68.186,995 68,859,939
All East & %Vest_ December_ 30358681 31509674 201619575 201768042
Pero Marquette
December_ 1.450,2701.566.646 8,826.028 9,249,849
Reading CoPhila & Reeding_ December_ 4,160,880 4,405,830 25,552,590 28,405,411
December_ 2.845,591 4,138,152 16,101,022 23,098,308
Coal & Iron Co
Total both cos_,._ December_ 7,006,272 8,543,982 41,653,011 49,501,717
Rich Fred & Potom December_ 240,688 250,924 1,372,032 1,350,572
Rio Grande June
November
106,468 117.767
527,669
572,035
12.501
Rio Grande South 20 wk Feb
12,196
436,807
416,688
Rock Island Lines December 5.628,012 6,114,620 36,243.781 38,221,924
Rutland
December- 291,769 299,479 2,041,029 1,995,238
St Jos & Grand Isl.. December,. 133.765 121,143
867,404
862,200
St L Iron Mt & Sou December.. 3,024,5133,004.397 17,383,552 17,680,644
St L Rocky Mt & P December,. 247.205 203,926 1.257,456 1.069,542
St Louis & San Fran December_ 3,789,278 4,112,234 24.265.220 24,193,528
St LOUP;Southwest_ 20 wk Feb 250,000 270,000 8,575,297 8,728,662
San Pad LA & S 1,.. December_ 918,104 889,219 5,335,396 5,180,749
Seaboard Air Line._ 1st wk Feb 550,853 582,820 14,960,83114,402,600
December_ 11,253,513 12,151,501 73,420,171 75,648,104
Southern Pacific
Southern Railway 20 wk Feb 1,287,474 1,270,870 44.541.031 43,377,621
Mobile & Ohio,.,.,. let, wk Feb 215,863 228,688 7.924,641 7.417,854
Cin NO & Tex i.. let wk Feb 203,409 193.407 6.578,096 6,305,708
Ala Great South_ 1st wk Feb
87,958
98,498 3,352,670 3,167,648
Georgia Sou & Fla 1st wk Feb
48,412
58,309 1,612.150 1,547.879
Spok Portl & Seattle December,. 338,066 438,052 2.744,081 2,800,805
Tenn Ala & Georgia 1st wk Feb
1,443
2,446
67,138
82,574
Tennessee Central_ December _ 151,180 141,697
855,078
888,500
Texas & Pacific,.,.,. 2d wk Feb 337,006 326,242 12,338.517 12,041,849
Tidewater & West,. December _
52,048
7,019
40,976
7,796
Toledo Poor & West 1st wk Feb
18,246
867,640
20,172
830,513
Toledo St L & West 2d wk Feb
82,442 100,485 2,970.153 2,682,145
Union Pacific Syst_ December 7.458,576 7,843,148 51,974,788 51,580,269
Virginia & So West_ December
152,153 137,276
991,885
890,538
Virginian •
December_ 549,899 487,522 3,564,125 2,859,13i
Wabash
January .2,257,464 2.458,966 18,568,430 19,338,910
Western Maryland_ Decembet;_ 676,249 577,127 4,310,544 3,790,504
Wheel & Lake Erie_ January .._ 524,567 575,325 5,009,524 4,943,063
Wrightsv & Tenniee December
34,740
193,357
161,324
27,836
Yazoo & Miss Vali- January -- 1.150,653 942,889 7,904,455 8,635,255
Various Fiscal Years.
Current
Year.
Period.
Delaware & Hudson
Jan
NY Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Lake Erie & Wee;ern_n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw & Virginia... Jan
N 1r Philadelphia & Norfolk_ Jan
Northern Central
Jan
Phila Bait & Washington
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cin Chic & St Louis
Jan
Vandal's,
Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Brie Jan
-All lines E & W._ Jan
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
I
1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Dec
Dec
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
Nov
Dec
Previous
Year. '
S
$
31 24,096,212 22,417,070
31 116901301 109697588
31 57,941,920 54,283,618
31 5,934,643 5.839,630
31 4,462,452 4,235,819
31 36,011,886 32,911,753
31 33,840,298 32,714,238
31 3,387,43.4 3,429,867
31 1,436,709 1,418,646
31 19,597,919 18,162,119
31 12,312.000 12,226,237
31 6,006,241 6,363,019
31 297885808 280282532
31 185400325 174607598
346,001
31
302,506
31 3,574,335 3,291.361
31 12,201.738 11,186,657
156,655
31
141,526
31 3,931,218 3.566,191
31 13,563,72? 12,844,716
31 21,164,340 20,280,042
31 6.405,787 6,395,256
31 65,835,378 62,950,425
31 5,580,232 5,435,271
31 44,237,388 43,604,082
31 11,399,933 10,718,710
31 261109510 247825108
31 129516798 125000370
31 390826308 372825478
30 1.033,165 1,078,067
31 3,752.773 3,612,521
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
*Weekly Summaries.
Current
Year.
S
14,137.264
13,445.789
14,259,979
18,715,282
17,912,504
11.572,457
12,315,781
17.913,504
11,942,759
Previous
Year.
s
Increase or
Decrease.
$
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Mileage. Cur. Yr. Prey. Yr.
$
$
let week Dec (38 roads),.,...,.
14,457,280
-320,016 2.21
April
240.740 236.515 245,170.143 220,981,373 +24,188.770 10.9(
2d week Dec (37 roads)..,._,.
14,122,476
-676,687 4.79
May
239,445 236.619 263,496,033 232.879.970 +30.616,063 13.1,
3d week Dec (38 roads),._,._
14,778.757 -518.778 3.51
230,074 227,242 259.70:3.994 242,830,646 +16,873,448 6.91
June
4th week Dec (35 roads),.,.....
19,524,994
-809,712 4.15
July
206,084 203.773 235.849,764 223.813.526 +12,036,238 5.31
19,434,431 -1,520,930 7.88
1st week Jan (37 roads)____
August _.....219.492 216.709 259.835.029 255.49:3,023 +4.342.006 1.51
12,121,817
26 week Jan (37 roads)____
-549.360 4.51
September 242.097 239.050 285,050.042 275,244,811 +9,805.231 3.53
3d week Jan i:37 roads),.,.,._
12.861,124
-515,343 4.24
October _-.243,690 240,886 299.195,006 300,476,017 -1,281.011 0.41
19,434.434 -1,520,930 7.88
4th week Jan 37 roads _ -November-213.745 241,452 269.220,882 278,364,475 -9,143,593 3.3;
1st week Feb 39 roads)..,.,...
12,863,864
-920.905 7.16
December 243,322 241,180 254,218,891 266,221,678 -12,005,787 4.61
nti week Feb 124 roadsL..,.,.
8_008.904
9.762.239
-855.335 8.118
January
00.939 89.600 1111 018.142 70.631.362 -3.713.220 5.31
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District Railway from Nev. 1911. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter1 of
which, being a Canadian
toad, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & T irre Haute and Evansville
& Indiana RR. g Includes the Cleveland Lorain & Whee,ing Ry. in both years. n Includes the Northern Oelo RE. p Includes earnings
of Mason City & Ft. Dodge and
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. I Includes the Mexican
International. u Includes
the Texas Central in both years and the Wichita Falls Lines in 1912. beginning Nov. I. o Includes not only operating revenues,
but also all other
receipts. a Includes St. Louis Iron M__euntain & Southern. *We no logier include the Mexican roads in any of our to_tal,i
Northern Express Co.Gross receipts from operation
Express privileges-Dr
November-- -July 1 to Nov. 311912.
1913.
1912.
1913.
$
$
$
$
272,651 1,484,408 1,526,666
246,124
819,134
789,050
147,589
132,690
Increase. Decrease.
Total operating revenues_
Total operating expenses..
113,434
90,229
125,062
95,074
695.357
480,301
707,531
480,910
$
30,584
Not operating revenue
One-twelfth of annual taxes..
23,205
4,500
29,988
4.500
215,056
22,500
226,620
22,500
18.705
25,488
192.556
204.120
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnnigs for the second week
of February. The table covers 24 roads and shows 8.66%
decrease in the aggregate under the same week last year.
Second week of February.
603
THE CHRONICLE
PER 21 1914.1
1914.
1913.
$
225,116
194,532
Buffalo Rochester & Pittsburgh
306,200
312,700
Canadian Nor'hem
1,733,000 2,200,000
Canadian Pacific
660,333
618,288
Chesapeake & Ohio
120,750
113,301
Chicago Ind & Louisville
281,048
221,216
Colorado & Southern
428,200
377,300
Denver & Rio Grande
108,300
93,200
Western Pacific
21,228
18,170
Detroit & Mackinac
Grand Trunk of Canada
866,864
868,432
Grand Trunk Western
Detroit Or Hay & Milw _ _ _ _
Canada Atlantic
187,000
157,000
Internat & Great Northern _ _ _ _
221,266
187,569
Minneapolis & St Louis
Iowa Central
474,723
450,164
Minneapolis St Paul & S S M_
604,113
552,914
Missouri Kansas& Texas
1,077,000
1,040,000
Missouri Pacific
12,501
12,196
Rio Grande Southern
270,000
250,000
St Louis Southwestern
1,270,870
1,287,474
Southern Railway
326,242
337,006
Texas & Pacific
100,485
82,442
Toledo St Louis & Western __ _ _
$
i
6,500
467,000
42,015
7,449
59,832
50,900
15,100
3,058
Operating income
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name o
Road.
1,568
We(k or
Month.
Current ' Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year. ,
30,000
33,697
$
$
$
$
405,091
American Rys Co_ __ January..__ 429,850 405,091
429,850
22,292
21,997
Atlantic Shore Hy_ _ _ January __ 21,997 22,292
24,559 cAur Elgin & Chic Ry December_ 161.944 155.453 2,004.314 1.913.025
51,199 Bangor Ry & Electric January __ 63,687 58,793
58,793
63.687
37,000 Baton Rouge Klee Co December_
147,381
163.128
16,386 14.384
305 Belt LRycorp(N Ye) October.... 69.931 55,604
540.355
634.666
20,000 Berkshire Street Ity _ Deem ber _ 76,164 74.180
16,604
Brazilian Trac, L& P December_ 2002.536 1881.556 23.5:39.965 20.610.033
10,764
120,008
124,403
Brock & Plym St Ry. December_
7,688
7,849
18 043 Bkiyn Rap Tram Syst October._ _ 2066.841 2103,071 20.815,847 20.371.208
360.296
380.952
Cape Breton Elec Ry December_ 36.169 34,387
35,436
890,771
9,762,239
8,906,904
95,633
99,233
Chattanooga Ry & Lt January __ 99,233 95.633
Total(24 roads)
855,334 Cleve Painesv & East November
370.525
392.397
30,187 30.862
Net decrease (8.66%)
Cleve Southw & Col_ I)ecember _ 105,472 97,177 1,255.344 1.182,157
Mexican Roads(notincl in total)
67,512
152,750
220,262
540.465
608.636
56.904 48.278
Columbus(Ga) El Co December_
Interoceanic of Mexico
552,320 Com'th Pow,Ry & Lt December.. a346,530 153.123 a2,403,690 1,302.461
603,587 1,155,907
National Railways of Mexico..
Coney IsI'd & Bklyn_ October_ __ 118.894 120.053 1,442.257 1,368.738
December. 631,963 615,582
For the first week of February our final statement covers Connecticut Co
Pow (Mich)_ December_ 325.028 284.111 3.155.214 2.774.551
39 roads and shows 7.16% decrease in the aggregate under Consum
Cumb Co(Me)P& L December_ 205,547 175,134 2,354,797 2,128.388
the same week last year.
Dallas Electric Corp_ December_ 203.916 174.240 2,193.500 1,821.562
925,980
890.974
Detroit United Lines 4th wk Jan 294.758 306.137
Increase. Decrease. 1) I) E B & Batt irec) October__ 48.955 52.818
1914.
1913.
First Week of February.
517.510
500,705
980,113
Duluth-Superior Trac November 109,263 91.687 1,165,828
$
$
$
$
East St Louis & Sub_ November 245.851 224,023 2.462.745 2,224,247
(25
954,927
reported
roads)- 9,165,195 9,946,401 173,721
Previously
793,320
886,880
El Paso Electric Cos_ December_ 87,721 81,228
10,540 Federal Light & Trac ()ctober___ 194.206 184.087 1.909.848 1.745.741
Alabama Great Southern
87,958
98,498
3,410 42d St M & St N A ye_ October... 173.976 172.704 1.584.752 1.503.533
40,029
36,619
Ann Arbor
33,039
Chicago & Alton
262,804
229,765
Galv-Hous Elec Co_ _ December. 203.561 183.391 2,373,065 2.027,656
3,716
234,356
Chicago Great Western
238,072
Grand Rapids Ry Co December_ 121,731 106,978 1,294,347 1,233,588
10,002
991,872
918,932
Cincinnati Now On & Texas Pac
193.407
203,409
Harrisburg Railways December_ 86.178 82.005
5,505 Havana El Ry. L & P
16,141
Denver & Salt Lake
10,636
7,897
365.873
56,309
372,982
Georgia Southern & Florida_ __ _
Railway Dept _ _ Wk Feb 15 55,117 52,241
48,412
39,430 Honolulu Rapid Tran
Louisville & Nashville
1,125,505 1,164,935
12,825
228,688
512,387
562.978
November
Mobile & Ohio
50.425 48.420
215,863
& Land Co
1,478 Houghton Co Tr Co. December_
5,376
307.506
3,898
296,853
24.833 26,421
Nevada-California-Oregon
4,197
11,282
7,085
Rio Grande Southern
inison & Manhattan October_ . _ 323.477 320.571 3,072,928 2.976.716
32,167 Illinois Traction _ _ _ _ December _ 744,260 715,266 7.932,302 7,500,084
582,820
550.653
Seaboard Air Lino
'
1,003 Interboro Ran Tran. December 3035.729 2962.828 32,760.151 32.132.639
2,446
1,443
Tennessee Alabama & Georgia_
1,926 Jacksonville Trac Co December_ 64.483 48,626
20,172
582.537
679,621
18,246
Toledo Peoria & Western
Lake Shore Elks: fly November 105.942 104.789 1.299.534 1.213.814
11,942.759 12,863,664 187,439 1,108,344 Lehigh Valley Transit December_ 140,525 130,702 1,774,821 1.541.511
Total (39 roads)
920,905 Lewis Aug & Watery_ December_
618,031
677.221
50,420 47,359
Net decrease (7.16%)
190.027
211,762
Long Island Electric_ (ember..... 17,873 16.814
255,389
254,613
Louisville Railway__ January __ 254,613 255.389
Mexican Roads (not included in total)2,681
188,983
191,664
5,682.356
6,016.916
December_
of Mexico
fly
536.537
Lt
&
(7o.
517.104
El
Milw
Interoceanic
509 209
SRI 720 1 Isan cll.,
NT...1.......1 TInlhvnAre nfT/Avion
Milw Lt. IR & Tr Co December_ 116,545 98,034 1,443,251 1.237,384
847.896
960.261
Monongahela Val Tr. December_ 87,790 71.731
Net Earnings Monthly to Latest Dates.-In our "Rail- Nashville Ry & Light November 189.660 181.156 2.009,352 1.885.952
376.698
511.124
October...
56.552
City
Interboro_
46,098
Y
N
way Earnings' Section or Supplement, which accompanies N Y & Long Is' Tree_ October.... 32,838 34.131 349.709 333.523
to-day's issue of the "Chronicle,' we give the December figures N Y & North Shore__ October._ _ 13,680 • 13.349 138,517 130,287
113.761 114.430 1.170,381 1,122.205
V & Queens Co_ . _ October.
of earnings of all steam railroads which make it a mariien in NNew
York Ratiwhys_ N ovember 1138,477 1154.418 12.975.031 12.690,755
issue monthly returns or are required to do eu oy the 1 nter-State N y westches & 13os_ December_ 34.186 24.253
R y_ December_
24,879 84.876
Commerce Commission. The reader is referred to that Supple- N V & Stamford'
180,366
188.879
ortham Easton &'W December
15,210 14,520
ment for full details regarding the December results for all the NNor
Ohio Trac & Lt_ December_ 295,377 259.881 3.284.533 2.996,037
North Texas Rice Co December_ 184.878 170.923 2.132.200 1,790,762
separate companies.
346.455
373.236
Northw Pennsylv Ry December.. 32.536 29.131
In the following we give all statements that have come in Ocean
Electric (L I). October_..
131.748
142.906
6.735
5,727
the present week covering a later or a different period from PaducahTr & Lt Co_ December_ 29,523 27.878 296.565 286,537
285,429
Co
Electric
285.757
December..
Pensacola
23,837
26,291
Section
that to which the issue of the "Railway Earnings"
Phila Rap Trans Co_ January __ 2006,523 2002,067 2,016,523' 2,002,067
is devoted. We also add the returns of the industrial com- Port(Ore)Ry L&P Co December.. 607.476 586.857 6,723.742 6,642,308
981,052
79.867 76.693 1,036.316
Portland (Me) RR.. December_
panies received this week.
Puget Sound Tr,1,&P December_ 790,306 725.642 8.613.600 8,313.848
- Republic By & Light January __ 257,978 244.341
-Gross Earnings---Net Earnings
244,341
257.978
Previous
Previous
Current
Current
Rhode Island Co__ __ December 425,554 414,068
Year.
Year.
Year.
Year.
Roads.
8t.1 )s.eph(Mc))Ry .1.t.
Heat & Power Co_ December.. 117.830 110,874 1,252,904 1.179.839
944
6,225
,710
402 Santiago El Lt & Tr_ January __ 37,501 39,368
39.368
37,501
Bellefonte Central_b___ _Jan
747,058
827,780
74,916 68,447
348,430
893,765
349,021 Savannah Electric Co December_
Kansas City Southern_ b_Jan 929,329
824,511
883,430
6,373,084 6,404,485 2,446.196 2,519,277 Second Avenue (rec)- October__ 90.787 86.747
July 1 to Jan 31
125,241
175,243
19.108 14.952
43,653
149,774
59,491 southern Boulevard_ October....
Louisiana & Arkansas_ _ _Dec 142,531
753.835
844.940
Tampa Electric Co.. December_ 83,107 66.797
831,667
296,569
874,175
282,644 Third
July 1 to Dec 31
October . 351.321 332,420 3,391.446 3,190.819
Avenue
840,158
910,575
Twin City Rap Tran_ 1st wk Feb 170,906 156,287
New London Northern...1)317,761 def14,033
252,467
44,405 underground Elee fly of London Oct 1 to Dec 31
657,516
5,503
89,356
£74,860
554,866
£74,190
July 1 to Dec 31
London Elec Ry Wk Jan 31 £14,265 £14.955
£66,725
£65,949
Metropolitan Dist_ Wk Jan 31 £12,900 £13,273
148,652
575,325
133,924
Wheeling & Lake Erie___Jan 524,567
London Gen Bus_ _ Wk Jan 31 £53,172 £51,974 £262,743 £270,708
5,009,524 4,943,063 1,584,423 1,692,007
July 1 to Jan 31
218.31n
2.308.062
Co
2.130.953
NYC
Ry
of
_
Union
233.185
October_
INDUSTRIAL COMPANIES.
United RysofSt Louis December. 1097,113 1049,835 12.702,644 12,251,091
411,173
169,989
Jan 414,759
164,270 Virginia Ry & Power_ December 450,487 417.817 5,038.313 4,670,791
Cities Service Co
51,883
57,690
Balto & AnnaP January __ 57,690 51,883
Wash
281,468
500,573
238,732
Jan 603,326
Detroit Edison_a
495,551
503.938
46.632
Westchester Electric.. October._ _
630,142
818.406
612,587 Westchester St RR.. December_ 46.696
g Mexican Light& Pow_ _Jan 872,752
19.334 17,502
95,306
80,201 Western Rys & Light November 215.819 194.760 2.309.237 2,056.538
140,575
Utah Securities Corp.._ _ _Jan 158,400
560,069
680,790
753.411
754,076
412,785 Wisconsin Gas & Elec December_ 71,900 60,164
Aug 1 to Jan 31
936,145
613,457
583.291
60.673 65.633
Yonkers Railroad_ .. October._
a Net earnings here given are after deducting taxes.
59,282
68,328
January __ 68.328 59,282
York Railway
b Net earnings here given are before deducting taxes.
253,114
239.528
21.406 20,108
g These results are in Mexican currency.
Youngstown & Ohio_ December
19 019
15 097
Youngstown & South npeamhn.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal.,of Net Earns.
Jan
Bellefonte Central
709
240
235
162
Dec
Louisiana & Arkansas
14,013
29,162
29,639
30.330
July 1 to Dec 31
123,040
173.530
157,405
125,239
New London Northern82,136
80,863 def96,169 def36,458
Oct 1 to Dec 31
166,381
165,019 def160,878 def75,663
July 1 to Dec 31
INDUSTRIAL COMPANIES.
Jan
65,029
63,483
216,439
175,249
Detroit Edison
x After allowing for other income received.
EXPRESS COMPANIES.
-October
July 1 to Oct. 311912.
• 1913.
1913.
1912.
$
$
Canadian Express Co.$
$
310,156 1,282.037 1,204,793
Gross receipts from operation 303,399
137.969
141,042
568,669
581,625
Express privileges-Dr
165,430
146,262
169,114
145,380
700,412
590,734
636,123
533,250
Net operating revenue.....19,167
2,850
One-twelfth of annual taxes_
23,733
2,750
109,677
11,300
102,873
11,000
16,317
20,983
98,377
91,873
Total operating revenues
Total operating expenses_ _ _ _
Operating income
a Includes earnings from May 1 1913 only on the additional stocks
acquired as of that date. c These figures are for consolidated company.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Roads.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
21,997
Atlantic Shore Ry_b____Jan
Bangor By & Elec_ a_ __ _Jan
63,687
99,233
Chattanooga Ry & Lt_ a _Jan
Hudson & Manhattan_aFeb 1 to Dec 31
c5,037,862
Dec 744,260
Illinois Traction_a
7.932,302
Jan 1 to Dec 31
g Mexico Tramways..__ _Jan 579,361
Phila Rapid Transit.... _Jan 2,006,523
14,246,064
July 1 to Jan 31
22,292
58,793
95,633
1,218
32,354
40,881
2.228
29,860
36,392
c4,856.976 2,722,532 2,799,254
312,038
715,266
333,869
7,500,084 3.279,642 3.061,963
285,348
291,376
561.635
773,936
804,476
2,002,067
13,928,191 6,907,973 5,613,286
604
THE CHRONICLE
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Republic Ry & Light-Subsidiary Companies_ _ _ _Jan 257,978
244,341
95,775
105,700
Wash Bait & Annapolls_Jan
57,690
51,883
21.811
19,053
York Railways_ b
Jan
68,328
59,282
23,513
29,771
a Net earnings here given are after deducting taxes.
b Net earnings hero given are before deducting taxes.
c Represents income from all sources.
g These results are in Mexican currency.
Interest Charges and Surplus.
Rentals, &c.- -Bat. of Net Earns.Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
Bangor Ry & Electric__ _Jan
17,358
17,340
14,996
12,520
Chattanooga Ry & Lt__ _Jan
27,653
24,399
13,228
11,993
Hudson & ManhattanFeb 1 to Dec 31
a245,078 a210,959 2,477,454 2,568,295
Phila Rapid Transit
_Jan 802,687
769,001
1,789
4.935
July 1 to Jan 31
5,598,842 5,329,922
309,131
283,364
Republic Ry & Light-Subsidiary Companies_ _ _ _Jan
43,089
45,816
62,611
49,959
York Railways
Jan
21,246
21,046
8,525
2,467
-a Does not include interest on bonds.
After allowing for other income received.
Roads.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published.. The latest index will be found in the issue
of Jan. 31. The next will appear in that of Feb. 28.
Northern Central Railway.
(Report for Fiscal Year ending Dec. 31 1913.)
The report of President Samuel Rea, with the detailed
balance sheet and income account, is given on a subsequent
page. Below we compare the results for several years:
[VOL. xcvm.
.surplus (a) invested in sink, and redemp. funds, $617,947, and (b) in other
soserve funds,$1,404,452,and car trust prin. chgd.out in advanco,$227,633.
c After deducting sundry net debits during the year aggregating $92,420.
-V. 97, p. 365.
Twin City Rapid Transit Co. (of New Jersey).
[Minneapolis-St. Paul, Stillwater, Lake Minnetonka,
Minnesota.I
Pres. C. G. Goodrich, Jan. 28, wrote in substance:
(Report.for Fiscal Year ending Dec. 31 1913.)
Results for Year.-The following increases are shown: Gross
earnings,
$661,368,or 8.06%; operating expenses,$302,639,or 7.21%;
net operating
revenue, $358,729, or 8.94%.
The following causes increased operating expenses beyond normal:
(1) Increase in June of wages of employees in the operating and mechanical
departments, effecting an increase in the pay-roll of $102,243. (2) Normal
taxes were increased $30,180, and, under the new Federal income tax law
it was necessary to apportion $17,659, which is an additional tax ove111912.
New Cars.-Ouring the year 107 cars were ordered built in the company
shops. They will all be in service by Feb. 15 1914.
Extensions.-There was built and put into operation 10.46 miles of new
track and extensions.
Depreciation.-The directors have appropriated from the surplus for the
year the sum of $1,060,000 which has been added to the depreciation and
renewal reserves.
From the accumulated surplus also the directors have appropriated the
sum of $1,275,000 to the reserve for depreciation and renewals, deemed advisalge on account of insufficient charges for depreciation in past years.
Bonds.-To provide for new construction during the year 1914 the
directors have sold $652,000, par value, of bonds, as follows: From insurance fund investment, $107,000; from renewal fund investment, $160,000;
unissued first consols, due Jan. 15 1919, $192,000: unissued consols, due
Oct. 1 1928, $193,000. (V. 97, p. 1735)•
New Constructian and Renewals.-The expenditures on those accounts
aggregated $1,830,686, the renewals'aggregating $525,603 and the new
construction $1,305,082, the latter Including, new power, $475,202; new
shops and tools, $46,347; car equipment, $367,230; car houses, $16,153:
track and paving, $334,461; real estate, buildings, miscellaneous. $65,689.
EARNINGS. EXPENSES, CHARGES, &C.
1913.
1912.
1911,
1910.
Rev, passengers carried_175,895,811 162,407,993 154,380,730 146,980,553
Passenger earnings
$8,818,178 $8,147,199 $7,749,157 $7.481,696
Other sources
52,158
61,768
62,036
49,952
Total receipts
$8,870,336 $8,208,967 $7,811,193 $7,531,648
Maint. of way & struc
$394,527
$364,050
$358,606
$316,765
Maint. of equipment_...
347,453
370,251
380,270
373,065
Traffic expenses
40,913
39,943
42,804
49,414
Conducting transport'n_ 2,923,629
2,680,490 2,470,401
2,323,577
Gen.& misc. expenses.._
743,261
794,119
654,635
604,880
Total operating
$4,500,641 $4,198,001 $3,906,716 $3,667,702
Net earnings
$4,369,695 $4,010,966 $3,904,477 $3,863,946
Interest and taxes
$1,561,440 $1,529,231 $1,486,129 $1.466,394
Dividends on pref.(7%)
210,000
210,000
210,000
210,000
Dividends on corn.(6%) 1,206,000
1,206,000
1,206,000 1,206,000
Total
$2,977,440 $2,945,231 $2,902,129 $2,882,394
Balance
$1,392,255 $1,065,735 $1,002,348
$981,552
Approp. for renew. fund 1,060,000
775,000
750,000
736,000
Balance, surplus
$332,255
$290,735
$252,348
$245,552
P.c. exp. taxes & renewal
approp. to earnings
(69.30)
(65.96)
(67.14)
(64.77)
GENERAL BALANCE SHEET DECEMBER 31.
Resources1912.
1913.
1911.
1910.
Roadway,&c.,including
securities in treasury..$48,141,950 $46,836,867 $45,637,776 $44,680,263
110,459
Notes& accts. receivable
109,614
34,149
66,286
Cash
626,453
214,666
59,623
112,100
633,284
Materials and supplies....
518,387
543,999
569,686
Insurance fund
224,849
193,301
162,969
Renewal funds
160,000
1,173,500
1,173,500
TRAFFIC STATISTICS.
1913.
1912.
1911.
1910.
Road operated (miles).472
472
473
469
OpPrationsPassengers carried, No_ 5,405,363
5,109,178 4,882.417 5,150,217
Pass. carried one m110_132,042,777 116.942,210 112,704,849 111,815,677
Rate per pass. per mile_ 1.990 cts. 2.036 as. 2.043 cts. 2.006 cts.
Frelght(tons)carr. (rev.) 24,264,748 22,872,193 22,654.778 22,583,012
Freight (tons) 1 mile___1734377103 1640115924 1647378779 1652548258
Rate per ton per mile_ _ _ 0.584 cts. 0.592 cts. 0.592 cts. 0.596 cts.
Train-load (tons)
548.98
519.75
522.64
539.65
Earns. per fr't train mile
$3 206
33.079
33.092
$3.219
Earns. per pass. train m.
$1.347
31.275 •
31.226
$1.230
Gross earnings per mile_
328,726
$27.203
$26,932
$27,306
EARNINGS AND EXPENSES.
1912.
1913.
1911.
1910.
Passengers
$2.608.897 $2,358,289 $2,284,962 $2.230,361
Total
$49,512,146 $48,064,383 $47,642,348 $46,764,804
Freight
10,063,324
9,657,292 9,717.958 9,830,006
Liabilitiesmisc.
891,501
Mail, express and
829,135
742,947
738,261 Common stock
$20,100,000 $20,100,000 $20,100,000 $20,100,000
stock
3,000,000 3,000,000 3,000,000 3,000,000
Operating revenues_ _$13,563,722 312,844,716 $12,745,867 $12,798,628 Preferred
Funded
debt
19,888,000 19,503,000 19,503,000 19,503,000
Maint. of way, &c
$1.759,169 31.600,869 $1,558,302 $1,941.172 Unpaid vouchers, &c_
__
175,408
72,908
152,978
238,443
Maint. of equipment
3,118,696 2,615.559 2,517.763 2,513,106 Taxes accrued,
not due..
598,309
532,811
483,072
492,844
Traffic expenses
208.937
187.291
181,825
192,195 Interest accrued,not due
343,282
328,594
328,529
328,520
Transportation expenses 6,574,669 6,222,361 6,176.006 5,841,474 Bills
payable
110,493
93,653
88,000
General expenses
335,257
317.927
292,448
293,522 Renewal funds
4,585,057
2,754,215 2,495,110
1,932,087
Other reserves
378,623
381,052
281,121
253,670
Total operating exp__$11,996,728 310,944.007 $10,726,345 $10,781,469 Income
account,
surplus
*355,404
1,298,150
1,178.336
925,980
P. c. of exp. to earns-(85.20)
(88.45)
(84.15)
(84.24)
Total
$49,512,146
$48,064,383
$47,642,348 $46,764,804
Net earns, before taxes $1,566,994 $1,900,709 $2,019,522 $2,017,159
Outside oper.(net rev.)_
6.557
6,236
6,218
6,864
* After deducting $1,275,000 appropriated to the reserve for depreciation
Total net revenue....__ 81,573,551 $1.906,946 $2,025.740 $2,024,024 and renewals (see above).-V. 98. P. 388.
Taxes Nor.Central Ry.} $514,194
$464,502
$418,563
$382,974
Taxes leased lines
Lake Shore Electric Railway.
57,912
(Report for Fiscal Year ending Dec. 311913.)
Net earns, over taxes_ $1,059,357 $1.442,444 $1,607,177 $1,583,138
INCOME ACCOUNT.
Pres. E. W. Moore, Cleveland, says in substance (compare
map on p. 39 of "Electric Railway Section"):
1913.
1912.
1911.
Operating income
$1,059,357 $1.442,444 81,607.318
Results.-Gross income increased $90,100, net after taxes increased
Stock and bond income
$1,099,382
$929,582
$915.945 $7,424 and net surplus after int. and div. on 1st pref. increased 35,427.
Rents and miscellaneous
778,196
Improvements, &c.-The contract with the King Bridge Co.for the erec558,594
572.844
tion of steel bridges was completed during the past year. On the Toledo
Total other income
31,877.578 31,488,176 $1.488,789 Div. new steel bridges over Sugar, BigMuddy and Tousaint Creek were
Gross income
$2,936,935 $2,930,620 $3,096.107 installed, and om Cleveland Div., the Chappell, Vermilion River and Oak
Lease of other roads
$283,961
$316,525
$392,457 Point bridges were completed, all of double-track design. Oak Point
Hire of equipment, balance
285,298
204,780
304,373 trestle was filled. In Bellevue 1,200 ft. and in Norwalk 2,500 ft. of 100-113
Joint facilities
130,653
102,302
94,394 T rail were laid on white oak ties and crushed stone and pavement comInterest on bonds
361,316
366,222
369,257 pleted, entirely by the company. At Clyde, under the new franchise, the
Sinking fund, &c., appropriations..
80,275
track was moved to the centre of the street for a distance of 3.800 ft. Curb27,345
Dividends (8%)
1,547,400
1.547,406
1,547,400 ing placed on either side of track and the space between filled with crushed
Miscellaneous
172,636
115,357
70,162 stone. In Norwalk for 1,700 ft. the track was moved to the side of the
road at the request of the County Commissioners. In connection with the
Total deductions
$2,861,539 32,679,931 $2,778,043 building of the new County Bridge at Lorain, the company laid now rail
Balance, surplus
$250,689
Iv 1375.396
$318,064 on treated white oak ties for a distance of 2,000 ft. of track.
The Bellevue Illuminating & Power Co. was purchased. Five doubleGENERAL BALANCE SHEET DEC. 31.
truck passenger cars were purchased, also one Thew automatic electric1913.
1912.
1913.
shovel for new construction and trestle-filling work.
1912.
AssetsLiabilities-$
of Way.-The following franchise rights were extended for 25years:
Road and equip_a34,625,182 32,780,083 Capital stock ____19,342,550 19,342,550 OnRights
Feb.7 1913,over County Bridge across Black River at Lorain;on March'
Prop., MM., &c.,
Bonds (see "Ry &
over
1913
the Huron River Bridge at Huron.on Columbus
24
and on
cos. stock (all but
Ind." Section)._ 7,049,633 7,125,511 Hancock St. in both cases from the Soldiers' Home to SanduskyAve.,
City limits;
$1 unpledged)___ 2,041,101 2,040,701 M tges. and ground
Dec.
on
franchises in Fremont. (Referendum petitions demand9
the
Other Investments
2,401
6.245 rents
248,629
ing a vote of the people on these last have been circulated). The
124,827
Cash
437,167 1,531,510 Loans dr bills pay
785.000
People's Light & Power Co. was granted 25-year franchises for lighting
Securs. In treasury
12,000
12,000 Traffic, &c., bais_ 915,052
with a ten-year regulation ordinance in villages of Bay and Berlin Heights.
Marketable scours. 5,087,625 4,852,281 Vouchers & wages 643,862 1,612,989
Bonds.-For the sinking fund there were purchased (a) $27,000
811,200
Agents and cond'rs 341,971
414,372 Misc. accounts._ 1,258,246 1,048,126 Fremont & Norwalk RR. bonds of 1920, making $156.000 of theseToledo
bonds.
Traffic, &c., bals_ 145,054 1,288,228 Matured int.,divs..
In this fund, or over 10% of the issue; (h) $10,000 first consols of 1923
Misc. accounts_ .._ 487,518
259,552 &c., unpaid
777,728
777,868 making $60,000 bonds canceled in all, leaving outstanding $1,690,000.
Material&supplies 717,122
649,889 Unmatured interOn May 14 1913 the P. U. Commission sanctioned the issue of $63,000
Cash, &c., In sinkest, diva., &c........ 162,971
168,197 Gen. M. bonds to cover 80 of cost of improvements made during 1912,
ing, &o., funds_ 617,000
597,000 Taxes accreed
216,452
220,813 amounting to $78.044. These bonds are in the treasury, making the total
Cash,&c.,InInsfds. 1,404,452 1,348,169 Prov. funds
203,710
treasury bonds of this issue $179,000.
Cash,&c.,in prov.
Other def. credit
Flood.-The March flood caused us heavy losses through loss of business
funds
203,710
Items
7,221
676 and damage to property, particularly on the Toledo division, the power
Advances, dte
897,455
204,467 Approp'd surplus_b5,476,942 5,324,368 plant and shop at Fremont being out of service for nearly two weeks.
Oth.def.deb.ltems
22,052
1,699 Profit and loss___ _c9,934,914 9,609,051 Partial service was maintained through the purchase of power for our lines
west of Fremont. Operating charges were, however, largely increased on
Total
47,021,810 45,066,177 Total
47,021,810 45.986,177 account of the damage done. On account of the severe snow and ice storm
a After deducting reserve for accrued depreciation ofequipment,$716,908. I beginning Nov. 9, the Cleveland division was practically
out of service forb Appropriated surplus in 1913 (35,476,942) includes additions to prop ! three days, not only causing a severe loss in business but
also largely( nye since June 30 1907 through income,$3,226,909; reserves from income to 1 creasing operating charges.
605
THE CHRONICLE
FEB. 21 1914.]
surrounding country districts. Much work has also been done during the
GROSS EARNINGS OF LAKE SHORE ELECTRIC RY. PROPER.
past year to extend the electric light and power service to farmers located
1913.
1912.
1911.
1904.
1906.
1908.
1910.
contiguous to our country lines, a very promising field for future work
$659,873 $860,720 $828,321 $952,044 $1,009,639 $1,052,518 $1,119,312 A careful examination of the Republic mining district failed to reveal a sufficient amount of low-grade ore to warrant the construction of the transLAKE SHORE ELECTRIC RY.-YEAR ENDING DEC. 31.
mission line mentioned in the last annual report. A transmission line has
1911.
Operations1912.
1913.
been constructed west from Davenport, Wash., to serve the towns of Cres5,323.348 ton,
Passengers carried
5,366,013
5,647,440
Wilbur, Almira and Hartline. Power was turned on at Creston and
16.62c. Wilbur in Dec.,and will be available in Almira and Haetline in Feb.or March.
Earnings per passenger
16.80c.
16.80c.
Number car miles
3,303,012 3,333,070 3,276,608
Amisitions.-The company acquired (a) on July 1 1913 the IdahoGross income per car mile
30.81e. Washington Light & Power Co.[V.97,P. 526;stock at last accounts $444,000;
31.58c.
33.89c.
13.43c.
13.95c. bonds 325,000], which operates in the towns of Moscow, Genesee, Troy
Net earnings per car mile
13.59e.
Earningsand St. Manes, Idaho, and in Tekoa, Garfield,Colton. Uniontown,Palouse
$872,566 Farmington, Oakesdale and Pullman, Wash. (b) On Jan. 1 1914 the propPassengers
$938,258. $892,039
5,607 erty of the Big Bend Light & Power Co. [stock at last accounts $300,000; no
Parlor, &c., car revenue
7,590
6,727
89,122 bonds], covering the local distributing systems In the towns of Rearden,
Freight, including milk
104,461
114,158
42,344 Davenport, Sprague, Harrington, Ritzville and Lind, Wash. The
49,291
Rents, power, &c
59,306
wholesale power supply for these towns was heretofore purchased from the
$1,119,312 $1,052,518 $1,009,639 Washington Water Power Co. We believe that we can give better service
Gross income
$552,530 and secure more satisfactory results by dealing directly with our customers.
$605,063
11670,605
Operating expenses and taxes
(55.72)
(57.49)
(59.91)
Per cent of operations to income
Expenditures in 1913 for Extensions and Betterments.-(a) Electric light
and power, $2,012.846, chiefly Long Lake development, $1.012,030; dis$457,109 tributing system, Spokane, $89,755; transmission lines and
3447.455
$448,707
Net earnings
sub-stations,
25,000
25,000
25,000
Other income
$325,203; purchase of Idaho-Washington Light & Power Co. and Wilbur
Light & Power Co., 3458.800. (b) Electric railway system: Paving and
$482,109 re-laying track and changing grade to comply with city ordinances, $104,$472,455
$473,707
Total income
$319,276 426; miscellaneous, $19,173; total, $123,599.
$322,700
6324,697
Deduct-Interest
60,000
60,000
60,000
New Stock.-A 10% issue of new stock has been offered at par to stockDividends on first pref. stock (6%)
holders April 1 1914, with an allowance of 1% If prepaid on or before Feb. 2
$102,833 1914 [see another page.-Ed.1.
$89,754
$89,010
Balance, surplus
Bonds.-The sinking fund retired $104.000 First Refunding M. bonds of
BALANCE SHEET DEC. 31.
1909. leaving $4,884,000 outstanding; total so canceled, $476,000.
1912.
1913.
1912.
Dividends.-Dividends amounting to 8% on the capital stock have been
1913.
paid during 1913 and the trustees expect to continue the same rate in 1914.
$
AssetsCommon stock_ __ 4,500,000 4,500.000
Intcrest.-The following amounts have been charged for interest on work
Cost of road and
1,000,000
1,000,000
under construction: 1905, $25,859: 1906, $52,085: 1907, $71,993; 1908.
13,845,958 13,757,374 First pref. stock__
equipment
542,684 Second pref. stock 2,000,000 2,000,000 $30,000; 1910, 351,649; 1911, $64,325; 1912, $116,051; 1913, 3167,472.
Securities in treas.. 588,290
6,195,000 6,205,000
132,503 Bonds
Sink.fund T.F.&N. 162,440
COMPARATIVE STATISTICS.
225,000
Bills payable._ _ _ _ _ 232,400
Due from cos. and
89,370
1912.
174,504 Accounts payable_ 174,722
1913.
1911.
1910.
1909.
169,969
individuals
h.
p.
Motors,
46,979
accr.
not
due..
46,979
60,896
Int.
98,960
Mat'l and supplies
13,929
In Spokane..__
18,609
17,970
16,224
15,692
9,880
15,270 Taxes accr. not due
18,255
7,151
Miscell. accountsElsewhere ___
15,645
25,244
20,992
18,735
17,824
16,652
3,030 Int. & dam. fund..
527
3,503
Prepaid Insurance
2,382
19,965
18,850
17,852
15,502
3,062
12,340 Miscell. accounts..
2,937 Meters in use(No.) 22,244
Cash
Surplus account
112
112
109
101
691,950
614,860 Miles of track__
112
Pass. car'd (No.)19,437.009 20,726,062 23,691,820 24.730,145 21,842,767
14,877,333 14,698,601
Total
Total
14,877,333 14,698,601 Car miles run___ 3,650.692 3,698,584 3,982,362 3,990.653 3,624,586
RESULTS FOR CALENDAR YEARS.
LORAIN STREET RR.
1911.
1910.
1912.
1913.
Calendar
Gross
Expenses and
Net
Interest
Balance,
Gross earns. (see below) $2,909,147 $3,146,734 $3,243,5891 $3,155,223
Year- Income.
Taxes.
Earnings.
Sur. or Def. Sundry
Paid.
20.5695
receipts
23,511
5,803
1913
$196,948
$118,217
$78,731
$64,500
sur.$14,231
179,249
1912
105,624
•sur. 9,125
73,625
64.500
Total receipts
32.914,950 $3,170,245 $3,264,158 $3,155,223
1,602,353
1,652,981
1,678,540
Exp.,incl. tax.(see below) 1,291.674
SAND USKY FREMONT & SOUTHERN RY.
1913
$75.724
def. $5,202
$48,676
$27,048
$32,500
Net earnings
31.623.276 $1,567.892 $1,611.177 $1,476.683
1912
def. 6,267 Int. on bonds,less int, on
70,116
44,133
32,250
25.983
-V. 98, P. 387.
$148,337
$205,345
$223,424
work under construe_ $166,873
3,357
4,260
4,947
5,641
Prem.on bds. exch., &c.
31,467
Interest on loans
12,772
The Toronto Railway Company.
8,571
Uncollecle acc'ts, &c
8,000
8,000
8,000
Amort.fund for disct_ _ _
(22nd Annual Report-Year ending Dec. 311913.)
Written off for deprec'n
Pres. Sir Wm. Mackenzie, Feb. 4, said in subst.:
314,400
325,000
325,000
325,000
of plant, &c
2,367
6,751
Cr16,000
The gross passenger earnings show a most gratifying increase, namely Profit and loss account_ 1,126,552
708.231
1,125,120
939,008
Dividends
(8%)
$613,193. The several payments made to the city amounted to $1,089.708
(percentage on earnings, $939,991; pavement charges, $91,466, and general
Total int., divs., &c__ $1,640,637 $1,617,468 $1,496,177 $1,266,141
taxes, $58,251), an increase of $147,659. The expenditure on capital
def$17,361 def$49.575 sur$115,000 sur$210.542
account amounted to $1,064,858. A storage battery building was com- Balance
BALANCE SHEET DECEMBER 31.
pleted at the Harrison St. sub-station; a sub-station (No. 4) was erected
paint
shop
was
built.
and
a
East,
St.
in Queen
1913.
1912.
1912.
1913.
To meet the heavy expenditure on capital account we disposed of Z100,LiabilitiesAssets$
$
$
$
000 treasury bonds.
Capital stock____14,081,900 14,081,900
bldg. &
est.,
Real
York
Radial
Ry.
&
Co.
reports
gross
earnings
Toronto
of
The
$584,491,
Bonded
debt
17,871,2461
3,675,568
5,524,000
5,628,000
wat.-pow.prop.i
an increase of 18.5%•
12,309,232 City Ry. tickets
El. L.& P. prop..
out
5,201
5,244
Electric RI. MOP- 4,282,411 4,357,411
STATISTICAL STATEMENT FOR YEARS 1906-1913.
199,176 Acc'ts current and
Supplies
186,765
1913.
1912.
1911.
1910.
1908.
1906.
188,382
204,434
Day-rolls
Paid on contr'ts de
•
$
13,292 Bills payable
2,308,500
250,000
unfin. contracts
14,307
Gross Inc _6,049,019 5,448,050 4,851,541 4,377,116 3,613,273 3,109,739 Stocks of other cos.
15,000
50,655
39,164 Accrued taxes_
74,164
Net earns--2,925,710 2,581,500 2,198,180 2,139,928 1,721,226 1.463,224 Prepaid insurance
104,675.
2,859 Accrued damages_ 104,165
15,504
34,557
163,838 Accrued interest _ Bills & acc'ts rec... 223,943
RESULTS FOR CALENDAR YEARS.
208,000 Moscow El. Lt. dr
Amort.fd.lst ref.M. 200,000
1910.
1911.
1912.
1913.
25,000
Cash
137,470
92,835 Power Co. bds
Passengers carried
151,236.925 135,786.573 120,997,844 109,415,264 Unsold bds.in treas. 400,000
1,119,105 1,136,466
400,000 Surplus
Transfers
63,083,118 56,176,985 48,730,671 42,630,756
Total
23,405,810 21,461,375 Total
23,405,810 21,461,376
Gross earnings
$6.049,018 $5,448,050 $4,851,542 $4.377,116
Operating expenses
2,053,362
3,123.309
2,866.550
2,237.188 -V. 98, p. 454.
$2.925.710 $2,581,500 $2.198,180 $2,139,928
Net earnings•
$190,993
$201.2138
$198,554
Interest on bonds, &c._ $188,807
798,959
596,297
City percentage on earns. 939.991
687,650
General taxes
58,251
52,137
48,142
50,120
Dividends paid
(8%)879,958 (8)879,596(7%)*671159 (7)560,000
Cost of paving
91,466
90.953
83,041
84,463
Total
Surplus
$2,158,473 $2,012,638 $1,691,946 $1,488,768
$767,237
$568,862
$506,234
$651,160
*Also a stock dividend of 124% ($1,000,000) paid out of accumulated
surplus to holders of record Aug. 25 1911 (V. 93, p. 230, 470).
BALANCE SHEET DEC. 31.
1912,
1913.
1913.
1912,
$
Assets$
LiabilitiesRoad, equipment,
Capital
11,000,000 11,000,000
real est., build19,483,007 18,379,410 Bonds outstanding 3,987,207 3,658,940
ings, &c
Mortgages
70,000
70,000
Advances to sub70,026
743,488 Accrued interest.. _
936,953
sidiary cos
64,680
234,457 Accts. and wages_ 681,815
268,578
Stores on hand
446,411
600,302 Unredcem. tickets
Accts. receivable_ 527,926
131,218
443,632 Accr.s.f.Tor.P.Co. 301,162
532,141
Cash
241,572
179.991
Injuries fund
185,285
219,992
Dividend
219,982
780,801
688,443
Renewal reserve
4,448,611 3,694,757
Profit and loss
Total
21,748,605 20,401,289
--V. 98, p. 454.
Total
21,748,605 20,401,289
Washington Water Power Co., Spokane, Wash.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, dated at Spokane, Feb. 2 1914, says in subst.:
Property.-The entire property is carried on the books at cost, less an
annual deduction for depreciation, the total amount of which in the past
ten years is $2,411,989. Much of the real estate and water-power property,
purchased many years ago,could not to-day be replaced at the old prices.
Income Account.-Prior to 1913, the system of accounts, continued from
the time when the electric light and street railway departments were separate corporations, included in the gross receipts and expenses gross charges
for service rendered by one department to the other. The Washington
P. S. Commission prescribed a system of accounts, effective in 1913, which
abolished these charges. The effect is to reduce the gross earnings and expenses in 1913 each by $353,783. This does not affect the net earnings.
The receipts from the railway system in 1913 were less than in 1912. This
loss is probably attributable to the increasing use of automobiles. The
other branches of our business show a moderate increase.
Electric Light and Power System.-The total output for the year is 157,061,662k. w. hours, an increase of 11.2%; December increase, 16.1%.
We contemplated for 1914 continuing the construction of the Long Lake
power station and extending the distribution system in Spokane and in the
New York Air Brake Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. C. A. Starbuck, N. Y., Feb. 19, says in substance:
At the beginning of 1913 the business prospects were bright, but soon the
contemplation of early radical legislation had a most depressing effect
and business generally slackened up. That year has expired and it Is believed
that acute depression has gone with it. Apparently the one thing requisite
to start the wheels of commerce is that the railroads be allowed an advance
in freight rates, for business cannot prosper save when the railroads are
prosperous. Only 108,000 freight cars were ordered during 1913, as
against 235,000 during 1912. The deficiency must be made good as soon
as the railroads can finance the expenditure.
The completion of our new plant during the past year furnishes capacity
for more than double the former output, and., with improved automatic
machinery installed, the cost of manufacture will be greatly reduced.
The financial statement submitted herewith represents conditions as
they existed in 1913. The reduction in administration expenses is largely
due to the decrease in legal expenses. Taxes have increased and must continue to increase,owing to the exactions of State and National Governments.
The company during the past year has secured many new contracts with
large railroad systems, and has under negotiation many more, and enters
upon the year 1914 with not only more orders on its books than a year ago
this date, but more than it had at any one time during the preceding year,
which justifies the hope that 1914 will be a prosperous year.
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31.
1913.
1912.
1911.
1910.
Sales
$3,186,543 $3,035,623 $1,585,681 $2,568,364
Receipts from invest'ts,
42,632
58,714
int. and disc. bills
57,769
121,834
Total income
$3,244,312 $3,078,255 31,644.395 32.690.198
Cost of manuf'g, &c..- $2,104,936 $2,074,201 $1,181,550 $1,836,629
217,787
238,221
210,205
219,761
Administration expenses
15,460
Taxes
11,650
13,593
17,517
Royalty
67,586
181,800
181,800
Interest on bonds
180,000
181,800
(6%)599,544(14)149,886(44)449,658 (3)299,772
Dividends
Total deductions....-_ $3,189,343 $2,655,761 32,046,255 32.541,909
Balance, Burp. or def___sur.554,969sur.3422,494 def.$401,860sur.$148,289
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.1912.
192.
LiabilitiesAssets$
$
Capital stock _ .. _ _ 10,0
19
003
,000 10,000,000
Factories, patents,
First M.cony. bds. 3,000,000 3,000,000
water pow., land,
87,111
Arc
9,775,217 9,612,605 Accounts payable_ 147,881
452.956 Accrued interest on
Stock, bonds, &c. 718,259
bonds
30,000
30,000
855,697
Cash
639,190
231,510 176,542
Accts. & bills rec.. 811,172 1,188,456 Profit and loss...
1,465,553 1,183,939
Inventory
Total
13,409,391 13,293,653
-V.97, p.890.
Taal
13,409,391 13,293,653
606
Ti1E CHRONICLE
Pressed Steel Car Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 311913.)
Pres. F. N. Hoffstot, N. Y., Feb. 18, wrote in substance:
Results.-The gross sales were $30,967,360 [contrasting with $19.019,403
in 1912 and 311,331.064 in 19111, and the net profits derived from
operations, cash discount on purchases, royalties, dividends, interest, &c., after
deducting liberal amounts for repairs and renewals, were $2,374.816, awl
after deducting for preferred dividend paid, reserve for common dividend
and depreciation of plants. $944,816 was added to surplus and undivided
profits [against $95,543 in 1912 and $17,836 in 19111.
The financial results shown have been obtained through the large volume
of business done and were accomptished by efficiency,as,with the exception
of materials and specialties, the actual turnover of business was made at
a lower cost and a closer margin of profit than ever before.
The output of the company's plant during the first three months was
restricted, owing to inability to secure sufficient raw materials, but
during the last nine months the plants were operated to capacity. While
we carry into next year quite a little business that was on the books at the
beginning of 1913, we feel confident that if the railroads secure an increase
in freight rates, business will be given quite an impetus. During 1913
there were less than 100.000 freight cars purchased and it has been many
years since the full estimated requirements for renewals (namely over
250,000 cars annually) have been purcnased. Moreover, it is known that
a considerable number of freight cars in this country are in bad order.
Dividends Resumed on Common Shares.-A dividend of 3% was declared
on the common stock out of the surplus net earnings for the year
1913, and
3375.000 was set aside for this purpose, payable in four equal quarterly
installments during 1914, the first installment of
of 1%
March .11 to stockholders of record Feb. 18 1914 (V. 98. P. 391)•to be paid
Improvements.-During the year $129,314 was spent on your plants
McKees Rocks and Allegheny, Pa., for machinery, safety devices,&c.at
Passenger Cars.-This department has continued to contribute to the
earnings, but while we were the first to build steel passenger cars, at no
time has the output been large. Since it is quite probable, however, that
the future will bring an increased demand for this class of equipment, the
directors have authorized doubling the capacity at an expenditure of about
$500,000. These improvements will both increase the capacity and reduce
the cost of the entire output.
Western Steel Car & Foundry Co.-These works have been operated at
capacity most of the year. Late in 1913 the operations were placed directly
under the Pittsburgh management, with more profitable results, but the
earnings have been left In the Western Company's treasury for additional
working capital and improvements. This plant is equipped to build any
type of all-steel or steel-underframe freight equipment and repair freight cars.
SALES, PROFITS, DIVIDENDS, ETC., FOR CALENDAR YEARS.
1913.
1912.
1911.
1910.
•Gross sales
$30,967,360 $19,019,403 $11,331,064 $27,975,978
Gross earns., all sources $2,768.459 $1,285,610
$892,836 $1,848,366
Repairs and renewals
3393,643
$315,267
$280,000
Divs. pref.stock(7%)-875.000
875,000
875,000
875,000
Divs. coin. stock(3%)- 375,000
Depreciation of plants
180,000
Balance, surplus
Previous surplus
$944,816
7.460,184
$95.343
7,364,841
$17,836
7,347,005
$693,366
6,653,640
Net surplus
$8,405,001 $7.4A0,184 $7,364,841 $7.317,006
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Assets$
Liabilities8
Properties & fran_ 27,042,514 27,093,200 Common stock,..l2,500,000 12,500,000
fitocks owned _ _ 2,937,185 2,936,835 Preferred stock,....12,500,000 12,500,000
Taxes ,!‘ insurance
20,534
24,734 Accounts payable_ 1,953,626 2,257,330
Account- -I bills
Accr.salary&wages
185,539
061
recely ble____ 3,750,228 2,031,139 Accrued pref. dive. 207,
218,750
218,750
Material en hand 1,493,643 2,569,842 Common dividend 375,000
Cash
1,715,334 1,266,053 Reserve for contin. 800,000
800,000
Surplus
8,405,001 7,460,184
Total
36,959,438 35,921,803
Total
36,959,438 35,921,803
-V.98. p. 391.
The Mackay Companies, New York.
(Report for Fiscal Year ending Feb. 1 1914.)
Pres. Clarence H.Mackay,Feb. 16, wrote in substance:
Additions, &c.-The extensions of your systems have gone on as usual
without the issue of obligations and without tho use of any part of
the
reserves built 111.) in the past. The reserves have continued to be increased
-not so largely as in previous years, but substantially. The PostalTelegraph-Cable Co. has extended its system into parts of Missouri and
Oklahoma and North Dakota and the Commercial Cable Co. has renewed
parts of the oldest of its three cables between Waterville, Ireland,
Weston-super-mare, England. All reconstruction Is charged to oper. and,
exp.
Emergency and Extension Fund.-The $12,000,000 realized about four
years ago from the sale of American Telephone & Telegraph Co. stock
is
still preserved intact, in cash and in the highest class of securities, including
N. Y. State and N. Y. City bonds, and is ready for emergencies, etc.
No Wireless Competition Feared.-The wireless telegraph continues to
demonstrate its usefulness as a means for communication between moving
points or between a fixed and a moving point. There has been no development to modify our opinion that wireless telegraphy in no way threatens
the supremacy of the submarine cable.
Suit.-Notwithstanding that the suit of the Commercial Cable Co.
against the Newfoundland Government for repudiation of a contract
was
decided in favor of the company by the Privy Council of the British House
of Lords, the Newfoundland Government has declined to carry out the
contract and the Commercial Cable Co. is therefore engaged in
suit which it is expected will definitely be decided in Its favor. a further
Separation of Western Union Telegraph Co. from Telephone System.
The action of the Attorney-General of the U. S. in compelling the American
Telephone & Telegraph Co. to sell its holdings of Western Union Telegraph
stocks
Co.
is gratifying to your trustees and it is hoped that the diversion
of the Postal Company's business to the Western Union will now cease.
Government Ownership of Telegraphs.-The U. S. Postmaster-General
now advocates the acquisition of telephone lines in the United States
by the U. S. Government, and their use for telgraph as well as telephone
purposes in competition with the present two telegraph companies. Such
a proposition will hardly commend itself to the intelligence and fairness
of the American people. Furthermore, it has been pointed out that it
would require at least $2.000.000,000 to pay for the physical properties and
the earning capacity of the telephone and telegraph plants (which
capacity must be paid for under the decision of the U. S. Supreme earning
and that the Government would have to pay the railroads in orderCourt)
to acquire their rights in the telegraph lines now on the railroads. The plan
has met with no support in the public press or in Congress or in public
pinion. Every municipality, also every State and even the Federal
'overnment itself has a direct interest in maintaining the status quo,
because the telephone and telegraph companies pay from 15 to 20 million
dollars a year in taxes, which would be lost in case of Government ownership.
Results of Government Ownership of Telegraphs in Great Britain.
1908.
1909.
1910.
1911.
1912.
Receipts __$15,516,805 $15,492,245 $15,830,960 $15,829,960 $15,747,420
Oper. loss.. 2,026,035
2,901.760
2,829,750
2,010,055
3,237,670
Tot.ann.loss 4,847.425
5.081,835 *5,911,605 *5,636,965
5,248,245
The "total loss" above includes interest paid and fresh money expended
the totaLs in 1911 and 1912 being estimated.
We feel there is little danger of the Government embarking in such an
enterprise, and, in any event, your interests would be safeguarded.
Discriminatory Extra Charge on Messages Transferred En Route.-This
case having been decided in favor of the Postal Company by the P. S. Commission on Jan. 29 1913, the Western Union Telegraph Co. took the matter
into the courts where a decision was handed down in January 1914,affirming
the decision of the Commission. (Compare V. 97, p. 1508; V. 98,P• 242.)
Right of Way.-The court on Oct.6 1913 held that the grant of exclusive
rights to the 'Western Union over the lines of Southern Pacific RR.
void. The Postal has long had portions of its telegraphic lines on was
the
right of way of the last named and was compelled to resort to the courts
to get permission to reconstruct the same.
G
(VOL. xonn.
Cable Rates.-The Commercial Cable Co. continues
maintain its rate
of 10 ct.s. a word for carrying press matter during thetobusy
hours of the
day. The Western Union has reduced its rate to 5 cts.
word, an noremunerative rate. The Commercial Cable Co. gives aadeferred
press
service at 5 cts. a word.
Capitaliz Won Unchanged.-No bonds, notes or stock have been issued
and no debts incurred during the year.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING FEB.
1.
1913-14.
1912-13.
1911-12.
1910-11.
Income from investm'ts
in other companies_ _ _ 4,202,414
4.136,009
4,128,491
4,125,907
Div. on pref. stock_(4) 2,000,000
2,000,000
2,000,000
2,000,000
Div. on corn. 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
31,324
30,588
32.092
37,194
Bal. carried forward.. _
102,806
27.379
35,665
19,693
BALANCE SHEET FEB. 1.
1914.
1914.
1913.
1913.
AssetsLiabilities$
$
$
$
Investm'ts in other
Pref. shares issued.50,000,000 50,000,000
companies
91,997,714 92,013,749 Com.shares issued.41,380,400 41,380,400
Cash
profit_
1,089,300
Balance,
_
471,995
353,155
986,504
Total
92,469,709 92,366,904
-V. 97, p. 1508.
Total
92,469,709 92,366,904
International Paper Co., New York.
(Report for Fiscal Year ending Dec. 311913.)
Pres. Philip T. Dodge, Corinth, N. Y., Feb. 17, wrote:
The net earnings,after payment of interest, sinking fund and due allowance for depreciation, were $993,805. During the year we retired $353,000
of the company's bonds; also bonds of subsidiary companies to a still greater
amount. While the net revenue is, for special reasons, somewhat less than
in the preceding year, there were compensating gains and a substantial
increase in the net surplus.
The nominal decrease in revenue was due mainly to the destruction
caused by the spring floods, the worst in many years, which carriodlaway
the dams of two important mills on the Hudson River, causing a loss in
paper output from these mills for a considerable period. The net results
were also affected injuriously for a time by the uncertainty due to the
placing of news paper on the free list and the temporary reduction of
prices by timid U. S. manufacturers to a point approaching cost.
It was soon realized, however, that the steadily increasing consumption of paper would, at an early day, demand the normal production
of all existing mills in the United States and Canada, and justify the
reasonable prices prevailing for the past two years. That the future
growth of the company must be largely in the development of its Canadian
properties is more a cause for concern to the public than to our shareholders.
The placing of news paper on the free list, while other papers made
under similar conditions were given protection, was a gross injustice and
doubly so because the Canadian Government had forbidden the exportation of pulp wood from Crown lands to the U. S. mills, although large
amounts had bean paid by the American manufacturers for the Government leases of these lands. Nearly all foreign countries, mdreoyeir, have
tariff laws which prevent the free admission of American paper.
Notwithstanding all the adverse conditions, the company is stro ng'y
intrenched. Measures are bets g taken both in the U. S. and Canada to
safeguard its interests and insure reasonable earnings in the coming years.
The dams carried away in the spring have been replaced by concrete structures of great strength and throughout the system large amounts have
been expended in maintaining the efficiency of the mill plants at a maximum, so as to keep at a minimum the cost of manufacture not only of
news paper but of the various other papers produced.
When the general conditions of the country during the past year and the
temporary adverse conditions affecting the industry are considered, the
business of the year must be considered satisfactory. Practically all the
Yearly contracts with consumers due for consideration have been renewed
through the coming year at substantially the prices obtained the past year.
With our Many well equipped plants, extensive timber holdings (not
onlv crown lands in Canada, but also fee lands in both the U. S. and
(anada), undeveloped water powers and other properties in both countries, we are in a position to continue to manufacture on the largest scale
of any company in the world a great variety of papers, and meet any
trade conditions.
EARNINGS, EXPENSES AND CHARGES.
Note.-Taxes and Insurance are deducted in 1913 and 1912, respectively,
before arriving at net income ($2,984,110 and $3.238,359, as above , and
in earlier periods are deducted from the item of "net income," making comparisons erroneous to that extent.
Year end. 6 Mos. end. Year end.
Year end.
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11. June 30'11.
Gross income
Not
Not
$11,237,562 $23,095,746
Costraw mat'l,mfg.,&c. stated.
stated.
89,599,967 $20,208,344
Net income
Bond interest
Taxes and insurance
Deprec of mill plants
a$2,984,110 $3,238,359 $1,637,595 $2,887,402
8909,0661 $605,554 $1,216,385
$887,597
I
See note above.
1,131,615
j 1,102,708
484,760
Balance
$993,805 $1,197,678 $1,032,041 $1,186,256
Divs. on pref. stock_...(2% 448,134 (2)448,134 (1)224,067 (2)448,134
Surplus for the year__
$545,671
Previous surplus
10,395,622
$749,544
9,646,078
$807,974
8,838.104
$738,122
8,099,982
Surplus end of period_310,941,294 $10,395,622 $9,646,078 $8,838,104
a Net income ($2,984,110 and $3,238,359) in 1913 and 1912,respectively,
includes: In 1913, net revenue from operations, $2,317,987, and other
revenue, $666,123; and in.1912, not, 32.562,958, and other rev., $675,401.
BALANCE SHEET.
AssetsDec. 31 '13. Dec. 31 '12. Dec. 31 '11.
$43,645,660 $44.329,666 $45,126,408
Mill plants and water powers
3,403,631
3.456,517
Woodlands
3,456,690
Securities of sundry corporations..
9,983,078
9,904,R16 10,141,816
3,801
Sinking fund
73
4,180
8,665
8,680
Furniture and fhttures
11,905
1,027,479
Cash
922.969
708,312
4,867,233
Accounts and notes receivable
4,578,233
4,330,077
Inventories of merchandise on hand.. 7,929,254
7,092,553 6,274,388
361,031
Deferred assets
325,816
60,807
1,813,239
Due from subsidiary companies
2,002,849
1,990,853
$72,961,382 $72,862,900
Total
LiabilitiesCommon stock
$17,442,800 $17,442,800
Preferred stock
22,406,700 22,406,700
Bonds
15,617,000 15,970,000
Accounts payable
684,357
472,871
Notes payable
5,521,5005,818,000
Accrued int. and water rents, not due
244,873
235,698
Dividends payable
112,034
112,034
Surplus
10,941,294 10,395,622
Total
-V. 97, p. 599.
$71,946,698
$17,442,800
22,406,700
16,473,000
616,721
4,985,000
264,365
112,033
9,646,078
$72,961,382 $72,862,900 $71,946,698
New York Telephone Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. U. N. Bethell, Jan. 28, wrote in substance:
The first of the following statements for the year 1913 below shows combined operating results for the company and its associated companies, including the Bell Telephone Co. of Penna., the Central District Telephone
Co., the Delaware & Atlantic Teleg. & Telop. Co., the Diamond State
607
THE CHRONICLE
FEB. 21 19141
Telephone Co. and the Chesapeake & Potomac Telephone Co. operating on the common stock out of the profits of $1,653,481, this sum of $500,000.
in the States of N. Y., N. J., Pa., Dela., Md., Va., W. Va. in the Dist. of must be set aside.]
There remains $463,000 in the trust fund set aside to retire all outstandColumbia,and in parts of Connecticut and Ohio, but not'including local
ing debenture bonds. The Michigan Ave. properties have been sold, and.
connecting companies, with inter-company items eliminated.
Net Additions During 1913.-Real estate,$2,760,798; equipment,$5,930,- there has been paid into the treasury on account $565,000 in cash and
035:1 Ines,$7,434,105;construction in progress,$149,797;total, $16,274,735. $1,925,000 in 1st M. notes.
Stations.-On Dec. 31 1913 there were 1,082,765 stations in the system
directly operated by your company and its local connecting companies, EARNINGS FOR YEARS ENDING DEC.31 (see Text as to Common Dies.).
an increase during the year of 96,985. Including the associated and con1913.
1912 (Old Co.).
necting companies, there were in service in the whole system at the end of Sales
$39,725,712 abt.$35.000,000
the year 1,931,984 stations, an increase of 175,641 stations.
Net earnings after depreciation
$1,653,481
$2,347.605(6.43%)$321,805
COMBINED OPERATING RESULTS FOR NEW YORK TELEPHONE Preferred dividends
CO. AND ITS ASSOCIATED COMPANIES.
Balance, surplus
$2,347,605.
$1,331,676
Not including local connecting companies-Inter-company items eliminated.
BALANCE SHEET JAN. 1.
1910.
1911.
1912.
1913.
1914.
1913.
1914.
1913.
Telephone earnings__ _$71,933,994 $65,632,689 $59,019,411 $54,616,962
Assets$
Liabilities$
Telephone expenses..___ 54,209,843 48.461,691 43,946,710 39,548,251
Real est.bldgs,&c.x5,036,857 6,587,546 Common stock_ - _ 8,186,396 8,159,507
181,800
139,831 Preferred stock_ _ _ 5,000,000 5,000,000Net telephone earns_ _$17,724,151 $17,170,998 $15,072,701 $15,068,711 Investments
1,306,670 Adv. & accts. rec. 587,642
1,443,594
437,380 Undivided profits_ 1,331,676
1,510,072
Other income
1,406,204
Notes receivable_ _y1,943,352
Accounts payable_ 1,705,1641 1,969,883
7,691,916 5,139,547 Notes payable__ - _ 400,000f
Total net income____$19,130,355 $18,681,070 $16,516,295 $16,375,381 Mdse. at cost
1,123,808 2,762,845
Interest charges
$3,578,815 $3,179,573 $2,585.766 $2,396,600 Cash
9,606,031
Prepaid expense
57,861
62,241
Dividends declared_ __ _ 10,008,799 10,009,335 10,010,493
Total
16,623,236 15,129,390
Total
Bal. to sur. and res'rve $5,542,741 $5,492,162 $3,920,036 $4,372,749
16,623,236 15,129,390
Real estate, buildings, &c., include in 1914 $3.930,545 for land and
INCOME ACCOUNT OF NEW YORK TELEPHONE CO.
buildings and $1,106,312 for machinery and equipment. y Of the $1,943,1910.
1911.
1912.
1913.
$35,898,693 $32,884,715 $30,048,488 $27,856,733 352 notes receivable in 1914 $1,928,500 were secured by mortgages on real
Exchange service
9,141,478
8,497,166 estate.-V. 98, p. 456.
10,932,341 10,338,908
Toll service
Total
General
Operating
Maintenance
Rentals
Insurance
Taxes
$46,831,034 $43,223,623 $39,189,966 $36,353,899
3852,115
$696,580
$670,826
$1,167,374
9,685,353
13,372,754 11,917,803 11,374,064
14,157,047 13,049,471 12,137,895 10,767,670
3,591,392
3,159,719
2,833,616
2,682,241
79,443
96,055
92,704
96,139
2,201,044
2,466,418
1,878,328
1,832,504
$34,834,428 $31,276,208 $29,013,189 $25,734,733
Total expenses
$11,996,606 $11,947,415 $10,176,777 $10,619,166
Net earnings
Divs. & in earnings
5,770,395
5,356,176
5,043,707
3,840,605
Miscellaneous earnings_
15,278
9,579
2,536
36,944
Total net earnings_ --$17,782,279 $17,313,170 $15,223,020 $14,496,715
Interest
$3,494,695 $2,951,845 $2,395,826 $2,150,71,1
Dividends
10,000,000 10,000,000 10,000,000 8,712,488
National Carbon Company.
(Report for Year ending Dec. 31 1913.)
1912.
1913.
Net earnings
$1,476,622 $1,261,203
Div.on pref. stock(7%) $315,000
$315,000
330,000
Div.on corn. stock(6%)
330,000
*Depreciation
329,690
306,909
Reserve for insurance
50,000
9,184
Charged off
6,025
1911.
1910.
$931,145 $1,303,296.
$315,000
$315,000
330,000
330,000
280,000,
234,820
7,154
5,893,
$372,40a
$44,171
$250,110
Bal. to profit and loss $495.907
* Exclusive of monthly charges aggregating $120,000 yearly.
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
LiabilitiesAssets$
Preferred stock__ 4,500,000 4,500,000
iteal estate, plants,
machinery, &c_ 8,540,132 8,614,084 Common stock __ 5,500,000 5,500,000
Mdse.,raw it mfd. 1,556,546 1,399,573 Common dividends
82,500
82,500
payable Jan.._ _
304,265
638,611
Cash
254,463
82,500 Accounts payable_ 232,385
82,500
Cash for dividend_
50,000
Reserve for insur_
50,000
Bills and accounts
834,329
820,871 Profit & loss, surp. 1,330,236
receivable, &c_ _ 877,332
Balance,surplus
$4,287,584 $4,361,325 $2,827,194 $3,633,513
BALANCE SHEET DECEMBER 31.
1913. .
1912.
1913.
1912.
Assets3
Liabilities$
$
$
Plant
117,621,002 110545,646 Capital stock_ _ _125,000,000 125000,000
Real estate
75,391,015 76,473,760
20,578,872 18,397,313 Bonded debt
19,000
19,000
Stocks & bonds_ _ _81,493,102 77,986,952 Real est. mtges..._
1,205,000
840,000
Bills & acc'ts rec24,126,781 29,824,250 Bills payable
11,695,121 11,221,292
11,695,121 11,221,292 Total
Total
2,131,069 2,128,315
Supplies
3,304,241 3,674,167 Acc'ts payable_
Prepaid expenses_ 554,149
300,955 Replace't res've..21,854,107 18,389,293 -V. 98, p. 307.
2,000,000 2,000,000
182,548 Emp. ben. fund
Sinking fund
91,679
The J. G. Brill Company, Philadelphia
1,681,812 1,195,483
1,987,669 3,231,391 Accr'd liabilities
Cash
59,365
Miscellaneous_
7,547
(Report for Fiscal Year ending Dec. 31 1913.)
Res. for conting 4,000,358 3,423,821
.16,415,769 14,666,003
Surplus
Pres. Samuel M. Curwen, Phila., Feb. 11 1914, wrote
The total sales value of the combined output of all the five plants owned
Total
249,757,495 244143,222
249,757,495 244143,222
Total
operated in 1913 was $9,154,434, comparing as follows:
and
for
reserve
contingencies
and
$37,818 for
* After deducting $2,500,000
1913.
1910.
1911.
1912.
1909.
1908.
1907.
miscellaneous items.-V.98, p. 241.
$9,211,826 $3,845,174 $4,261,205 $5,960,778 $5,870,907 $7,842,091 $9,154,434.
Niles-Bement-Pond Co., Machine Tools, New York.
The entire expense of maintenance and upkeep, amounting to 3257242,.
was taken from current earnings,and there was also set aside out of earnings,.
(Report for year ending December 311913.)
as an addition to the depreciation reserve, the sum of $155,234. This total
Pres. B. C. McKinney, N. Y., Feb. 6, wrote in substance: reserve now amounts to $1,462,580.
A very satisfactory porticru of the work done in 1913 was for export.
Expenditures for extensions in 1913 were confined to work begun more
than a year ago. Extensive improvements at Hamilton have been com- On Feb. 0 1914 the amount of orders of the combined companies in process
execution was $1,781,000 (against $4,140,689 on Feb. 1 1913 and $3,of
build
the
very
to
largest
able
we
are
machines
for
which
pleted, so that
there is any demand. Since this addition was completed, we have sold the 152,156 on Feb. 10 1912.-Ed.) The outlook at this time makes somewhat.
Government a 36-foot boring mill weighing 600,0001bs. that could not have uncertain how profitable the year 1914 will be. Conditions, however,.
seem to show a marked improvement during the last few weeks.
been handled in the old shop.
Litigation.-From the total surplus as of Dec. 31 1912 there has been deBusiness for the year, while below normal, was better than in either of
the two years preceding; the volume at the several works varied front 60% ducted a sum of $207,724, which represents damages and expense found
the Brill Co. by the U. S. Circuit Court of Appeals in a case begun
against
considerable
part
of
the
business was taken
to 85% of their capacity, but a
at material reductions from regular prices. Export shipments were un- over 22 years ago for the alleged infringement by the Brill Co. of a small
usually large in amount. The railroads, which are our principal customers, portioil of a journal box. Final judgment was obtained against the Brill
Co. and the award, which covered business done in previous years,was paid..
have not been active in their purchases during the past year.
I now feel that it would have been better had we reduced the rate of divi- THE J. G. BRILL CO. AND SUBSIDIARY COMPANIES' SALES AND'
dends on our common stock during the years 1911 and 1912. The payment
EXPENDITURES FOR THE YEARS ENDING DEC. 31.
of'dividends at the regular rate during those years now makes It seem unwise
1911.
1912.
1910.
1913.
to pay further dividends on the common stock until increasing business shall
$9,154,433 $7,842,091 15,870,907 $5,960,779.
Total sales
result in releasing part of the company's funds now employed in carrying Oper.,gen.&adm.
5,181,498
5,519,823'
6,787,240
exp_
_
8,245,290
_
an abnormally large inventory.
134,429
114,624
Depreciation reserve_ _ _ f
RESULTS FOR YEARS ENDING DEC. 31, INCL. CONTROLLED COS.
$326,332
$554,980
profit
$1,054,851
Net
$909,143
1911.
1912.
1910.
1913.
320,600
320,600
320,600
$930,120
$553,089 $1,794,564 Less div. on pref. stk.(7%) 320,600
Net profits after repairs_ $1,104,114
Direct loss by flood_ _ _ _
$165,600
$5,732*
$234,380
Balance,
surplus
$734,251
$588,543
$25,000
$50,000
32
00A()
Depreciation
75,000
100,000
100,000 THE J. G. BRILL CO. AND SUB. COS COMBINED BAL. SH. DEC. 31.
Loss on spec. contract..
1,255
14,088
Prom.on redmd.pfd.stk.
1912.
1913.
1912.
1913..
$297,195
302,102
282,258
Prof. dividends(6%)
303,444
AssetsLiabilitiesi
$
$
$
Common dividends_(154 %)127,497 (6)510,000 (6)510,000 (6)510,000 Cost of properties_ 7,987,860
8,003,102 Preferred stock_ _ _ 4,580,000 4,580,000
5,000,000
,
5,000,000
stock__
Common
raw,
in
Material,
.38,237def
.$318,194sur .$702,306
Bal., stir. or del_ _ _ _ sur .$432,573 del
Bonds (John Steprocess
sid
fin400,000.
CONSOLIDATED BALANCE SHEET, COMPANY AND ITS
phenson Co.)__ 400,000
1,887,499 1,850,549
ASSOCIATED COMPANIES, DEC. 31.
995,55%
288,272 Bills & accts. pay_ 736,434
Investments
316,795
1913.
1912.
1912.
1913.
Surp. G. C. KuhlBills and accounts
16
LiabilitiesAssets$
144,361
1,812,199
man Co
1,622,998
receivable
Property account_13,755,717 13,502,218 Common stock___ 8,500,000 8,500,000 Cash
1,535,417 1,233,553
399,356 Surplus
436,699
Preferred stock__. 1,746,300 1,746,300
Investm'ts in other
.cos
.
3,311,700
.assoc
.stk
103,812 Prof
3,311,600
companies
110,503
12,251,851 12,353,47&
Total
12,251,851 12,353,478
Total
125,000 -V. 98, p. 526.
Inventories
5,535,870 5,288,155 Bonds assoc. cos__ 125,000
Current liabilities_ 1,564,6691 1,747,262
Cash, notes and
pay.oncontr.
41,475J
Adv.
accounts receivAmerican Writing Paper Company.
2,312,147 2,445,836 Deprec'n reserve_ 2,563,279 2,498,928
able
Profit and loss_ _ 3,861,904 3,410,931
(Report for Fiscal Year ending Dec. 31 1913.)
21,714,327 21,340,021
Total
-V. 98, p. 456.
Total
21,714,327 21,340,021
The report dated Feb. 3, says in substance:
Results.-The year 1913 proved particularly unfortunate for the company and the earnings show a marked decrease.
Montgomery Ward & Co., Inc., Chicago
Owing to unprecedented drought during the summer and fall months,
the water in the Connecticut River was lower than in any other previous-.
(Report for Fiscal Year ending Dec. 311913.)
year recorded, with but one exception, and the head gates were closed forVice-Pres. Chas. H. Thorne states:
a total period of 16 days, thus greatly curtailing production and increasing
The Kansas City branch has outgrown its facilities, and a new reinforced the consumption of coal.
Our two mills in Ohio suffered from the devastating flood of March last,.
concrete warehouse, the largest west of the Mississippi River, is now under
construction and will be ready for occupancy about July 1 1914. The cost and consequently required $60,000 for repairs and suffered a considerable
of the lands and buildings will approximate $1,500,000, of which one-half curtailment of production for several months.
Notwithstanding the general depression in business, especially duringhas been provided by the company and one-half by outside parties, under
an arrangement by which this company will pay for the remaining one-half the latter months of the year, the increased cost of raw material, particuin ten yearly installments, and then own the entire property, both land and larly rags, referred to in last year's report, was largely maintained, but no
corresponding increase in the price of paper occurred. The selling prices.
buildings. (See V. 98, p. 240.)
A N.Y.house capable of caring for six million of sales was opened in Aug. of nearly all grades of this great staple still remain much lower than they'
1913 and has become in five months' time a well-equipped and well-manned should be to give a fair return on capital invested.
Plants.-The sum of $322,507 has been spent for repairs and charged ta
branch house, with a stock of more than $1,000,000 of merchandise. A
Portland, Ore., branch has been opened on a moderate scale. The increased operating expenses. The mills are in excellent physical condition.
Bonds.-The annual requirement of $100,000 cash for the sinking fund
outlays incident upon these expansions, including extra advertising and
many months of preparation before opening, have been charged to "ex- was paid to the trustee and $107,100 was received for coupons on bonds
there
have
been
installed
at
great expense, already in the fund, making a total of $207,100 available for re-purchase
penses." In the Chicago plant
labor-saving devices on a large scale designed to increase economy and of bonds. The trustee purchased $228,000 bonds for $191,562, and on
efficiency. As a result of the above, the net profits for the year were less Jan. 1 1914 held $65,723 cash, from which have since been purchased.
than they were in 1912, although the gross sales for the year increased by $93,000 additional bonds.
There still remained in the treasury on Jan. 1 1914 $1,400,000 bonds..
nearly $5,000,000. From the earnings not less than $500,000 will be
carried to "surplus" in accordance with the provisions of the certificate of representing a cost to the company of $1,187,345, which are held as an,
incorporation. [The accountants say that before any dividends are paid asset to be disposed of as the directors may determine.
608
THE CHRONICLE
On Feb. 3 1914 there were in the sinking fund and treaSury $3,701,000
of the company's bonds.
Reserves.-These now amount to $3,669,032, consisting of $1,237,411
set aside for working capital, $1,908,000 sinking fund and $523,621
to the
credit of profit and loss.
EARNINGS, EXPENSES, CHARGES, &C.
1913.
1912.
1911.
1910.*
Net earnings
$943,910 $1,489,762 $1,400,096 $1,317,242
Interest,&c
105,943
111,887
127,592
125,435
Total net income
$1,049,853 $1,601.649 $1,525,531 $1,444,834
Interest on bonds
$850,000
$850,000
$850,000
$850,000
Expenses, incl. maint_ _ _
329,043
306,392
269,567
312,208
Sinking fund
100,000
100,000
100,000
100,000
Dividends
(2)249,610 (2)249,564 (2)249,910
xcvm.
Midvale Steel Co., Philadelphia.
(Report for Fiscal Year ending Oct. 31 1913.)
RESULTS FOR YEARS ENDING OCT. 31.
1912-13.
1911-12.
1910-11.
Profits over all costs,
charges and expenses,
including depreciation
Deduct-Dividends _
Fire insurance fund__
$767,931
$390,000
$770,951
3585,000
100,000
1909-10.
$816,518 $1,411,181
$487,500 *$367,500
100,000
100,000
Bal.,sur. for year....
___
$377,931
$85,951
$229,018
$943,681
* Also stock dividend of 1200% paid to stockholders of record
Feb. 1910,
calling for $9,000,000.
Note.-In addition to the deductions from profit and
account, there
has been further charged $149,050, representing a fund loss
for distribution as
salary bonus.
$1,279,043 $1,506,002 $1,511,772 $1,469,477
def.$229,190 stm$95,647 stm$13,759 def.$24,643
BALANCE SHEET JANUARY 1.
BALANCE SHEET OCT. 31.
1914.
1913.
1914.
1913.
Assets3
1913.
1912.
1913.
1912
Plant & real est__ A6,687,906 16,685,841 Preferred stock ...12,500,000 12,500,000
AssetsLiabilities-$
$
$
Good-will, &c____18,010,150 18,010,150 Common stock__ _ 9,500,000 9,500,000 Prop. & equip't_ _11,291,489 10,942,848
Capital stock__ 9,750,000 9,750,000
Cash
154,277
532,336 5% bonds
17,000,000 17,000,000 Patterns
100,000
100,000 Bills payable
2,375,000 1,900,000
Acc'ts & notes rec. 1,487,729 1,382,103 Accounts payable_
Worked
materials_
2,378,253
51,380
2,625,173 Accounts payable_ 411,532
1,252
616,681
Company bonds._ 1,187,346 1,187,346 Sink, fund reserve 1,908,000
604,046 Miscellaneous_
1,700,901 Raw materials ___ 515,327
13,342
Miscall. stocks_ _ _ 254,472
254,472 General reserve__ _ 1,237,411 1,237,410 Mdse., coal, &c__ 613,716
459,488 Fire insur. fund- 400.000
400,000
Supp. & materials 3,030,532 3,064,031 Surplus
Bills
&
accts.
!vele
1,136,182 1,178,637 Surplus
a523,621
3,776,753 3,738,152
877,616
Sinking fund
1,908,000 1,700,900
Investm'ts in bds_ 409,000
400,000
Cash
277,318
107,983
Total
42,720,412 42,817,179
Total
42,720,412 42.817,179
Total
16,712,285 16.418,175
16,712,285 16,418,175
Total
a After deducting dividend of 1% on prof. stock ($124,805) paid April 1 -V. 98, p. 527.
1913 out of 1912 earnings but not previously deducted from profit and
loss.
-V. 98, p. 455.
Manufacturers'
Balance
Cambria Steel Co.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, signed on Feb. 5, by Chairman Effingham B.
Morris and President William H. Donner,says in substance:
Adjustments.-After careful examination as of Jan. 11913. it was deemed
conservative to set aside, out of the surplus accounts, aggregating
819,635,226, as shown Dec. 31 1912, the amount of $2,650.000 to cover:
Manufacturers Water Co.: Book value reduced
$850,000
By-product coke ovens : Rebuilding fund not previously provided
for-estimated cost
Blast furnace relining account: To cover shortage due to certain 690,000
current repairs charged to this account instead of to costs
Converting works, open-hearth steel plants, blowing engines, 110,000
mills, &c.: Replacements-approximate cost
1,000,000
The above amounts with reasonable annual charges for replacements and
depreciation will not only modernize but fully maintain your plants. It
Is the policy to make these improvements promptly. Larger expenditures
would have been made had business and labor conditions permitted.
Notes.-The $2,000,000 of term notes maturing May 1 1914 were anticipated and paid May 11913.
Extraordinary Replacements, &c.-There was expended during 1913 [and
paid from earningsj-$584,224 for extraordinary replacements
alterations, the principal items being the remodeling of No.4 blastand
furnace;
slag pits at Nos. 2-3 blast furnaces; new trolley for ore bridges
1-4
blast
furnaces; rebuilding 50 coke ovens, battery No. 3; 50 coke ovens, battery
No.4,and work was started on rebuilding 54 ovens, battery No. 8; electrification of tables and runs at rail mill;changes to 40-inch and 48-inch. blooming mills at Cambria Works;9-inch mill No. 2: 12-inch mill No. 2; and work
was started on the remodeling of the other mills.
Capital Expenditures in Improvements.-The expenditures for plant additions aggregated $654.510, including the enlarging of No.4 blast furnace,
extension to yards, additional cranes, addition to 9-inch No. 2 and 30-inch
mills, four 5-ton electric locomotives, &c., &c.
General.-The demand for steel products was such that your production
and shipments exceeded any previous year, but there was quite a slowing
down in business during the last quarter and low prices prevailed. Specifications in November and December were so curtailed as to restrict tonnage,
despite which fact, inventory of products was increased. Your output of
pig iron was a record, notwithstanding that the blast furnaces have had a
long campaign and all, with one exception, will shortly require
relining.
During the last three months, all of your men were employed, the
excess
not required in current operations being assigned to general repair and
construction work, so that practically the entire force of approximately
16,000 men were continuously employed, and at the highest rate of wages
In the history of the company, your pay-roll being largely in excess of any
previous year. (An extra dividend of 1% was paid Jan.20. V.97.p.1901.)
During the storm on Lake Huron in November the steamship "Charles
S. Price", owned by the Mahoning Steamship Co.(In which your company
owns a half interest), was lost, together with its entire crow of 28 men.
Another vessel Is building to replace this steamer and is under contract for
completion in May 1914.
OPERATIONS, EARNINGS, CHARGES,ETC.
1913.
1912.
1911.
1910.
Pig iron (tons)
1,006,172
972,758
767,499
806,865
Ingots (tons)
1,495,546
1,382,650
973,457
1,087,548
Shipments(fin.products) 1,062,737
1,038,634
656,382
783,081
Net earns,from operat'nx$7,579,814 $4,301,381 $3,492,789 $5,230,930
Rents, investments,&c_
208,156
145,328
125,545
230,405
Total net income_
$7,787,970 $4,446,709 $3.618,334 $5.461,335
Extraord. replacements_
$900,000
$378,112
$369,588
$514,529
Exhaustion of minerals..
199,440
167,246
Fixed chgs. under Cambria Iron Co. lease_ __
$6,688,530 $3,901,351
453,580
$3,248,746 $4,946,806
490,268
471,407
393,474
Balance
$6,234,950 $3,411,083 $2,777,339 34,553,333
Dividends
(6)2,700,000(5)2,250,000(5)2,250,000(5)2,250,000
General deprec'n fund
150,000
100,000
Betterm't & improv. fd_
2,090,039
Total deductions_ _ _ _ $2,700,000 $2,250,000 32.400,000 $4,440,039
Surplus
$3,534,950 $1,161,083
$377,339
$113,294
x After making deductions for ordinary repairs and maintenance, approximately $3,349,000 in 1913. $2,550,000 in 1912, $2,000,000 in 1911
and $3,200,000 in 1910, currently charged during the respective years to
cost of production and in 1913 interest on bonds of Manufacturers' Wat.Co.
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
AssetsLiabilities$
$
3
$
Leasehold estate5..33,090,305 33,090,305 Capital stock__ _45,000,000 45,000,000
Plant addltions.....17,588,792 16,934,281 Terminal notes_
2,000,000
Equip. additions__ 727,840
723,204 Reserve for blast
Real estate
418,770
furnace re-lininga2,619,641
414,672
394,856
Sundry securities_ 1,592,250 1,592,200 Res for exeh.of min. 366,686
167,246
Inventories
12,252,341 9,312,892 Accts. pay., incl.
Cash
646,089 1,233,204
dividends
3,192,548 2,559,698
Accts. receivable_ 5,273,120 6,283,564 Gen.deprec.acct.
4,000,000
Bills receivable
109,543
172,703 Better't & im- b20,520,176 11,690,039
prove' t fund
Prof.& lossacct.
3,945,187
Total
71,699,050 69,757,025
Total
71,699,050 69,757,025
Light & Heat Co., Pittsburgh, Pa.
(29th Annual Report-Year ending Dec. 31 1913.)
Pres. John E. Gill, Pittsburgh, Dec.31, wrote in substance:
Output.-The continued demand for service from all classes of customers
resulted in the delivery of 2,614.625,000 cu. ft.
of gas in excess of the year
previous,and the gross earnings have therefore increased
proportionately.
New Stock.-To render more secure the affairs of the
board, with the co-operation of stockholders who purchasedcompany, the
30,000 shares
(Par $50, total, $1,500,000) of additional capital stock at par
(V. 96, p.
206, 793,949 , has been able further to reduce the annual requirements
for
bonded debt by the purchase and redemption of bonds aggregating $2,171,000, reducing the liabilities of this character to an amount that is
$673,536
less than the net revenue for the year, or $2,039,000, maturing serially
as
follows: 1914, $151,000; 1915, 3159,000; 1916, $187,000; 1917,
$194, 00;
1918, $180,090; 1919, $580,000; 1920, $588,000.
At this time the net debt is less than $1,500,000. The interest charges
for the year decreased over $100,000, and by reason of the reduction
in the
bonded debt during the current year, the charges for interest will show
a
corresponding reduction for 1914.
New Work.-By reason of the large volume of business and to maintain
the efficient service of the past, it has been necessary to drill a number of
new wells which, with the increased cost of labor, material, gas purchased
and taxes, has necessitated additional expenditures. We have also constructed a new office and shop at McDonald. Pa., and, about May 1 1914,
will complete a now office and shop on Milibridge St., Pittsburgh.
Stock for Employees.-Under a nlan similar to that of the U. S. Steel Corporation the employees will be allowed to buy a limited number of shares
of the capital stock-at par, upon a monthly payment basis, with special
bonuses for continuing in the company's service.
Data from Report of Gen. Mgr .T. 0. Sullivan.
• During the year 109 wells were drilled and 13 purchased, of which 67
were productive of gas, 25 were productive of oil and 30 were dry holes.
Of the productive wells 69 were drilled deep and 23 shallow. The company
has in operatim Dec. 31 1913, 965 gas wells and 291 oil wells, a total of
1,256 productive wells, with 28 wells drilling. We abandoned during the
year 42 wells (33 gas and 9 oil), the operation of which was no longer profitable.
We now hold under lease 306,371.60 acres of gas and oil territory situated
in Penn.. W. Va. and Ohio,of which 104,868 acres are operated and 201,503
acres are unoperated, a decrease of 1,889 acres in the operated territory and
an increase of 3,755 acres in the unoperated leaseholds owned by your co.
In the past year there were laid in the several fields 39.72 milesof pipe of
all sizes, 2 in. and ab we., and 23.90 miles were lifted, an increase of 15.82
miles; in the city plants there were laid 54.42 miles of same sizes and 13.52
miles lifted, an increase of 40.90 miles, making a total of 1,628.55 miles in
use in the fields and 883.56 miles in the city plants,a grand total of 2,512.11
miles of pipe of all sizes, 2 in. and above, now in operation.
The oil producti mi for 1913 was 131,494.24 bbls., a daily average of
360.26 bbls., a decrease of 8.01 bbis. per day compared with the previous
years' production.
On Dec. 31 1913 there were on the books 88,993 meter accounts, of which
88,196 are domestic, an increase for the year of 4,344 domestic meters. It
has not been found necessary to operate the steam compressing stations,
with the exception of one or two, and those only for short periods.
The supply of gas during the past year has been very satisfactory and but
very few complaints have been made. We not only expect to continue
this service in the future but hope to improve it.
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
(The Manufacturers' Light & Heat Co. and its affiliated companies.)
Receipts1913.
1912.
1911.
1910.
Gas sales
$6,090,581 $5,646,411 $4,872,804 $5,370,930
Oil sales
345,213
226,848
198,951
215,742
Water sales
2,553
2,384
2,593
2,332
Miscellaneous
34,664
65,061
43,778
21,306
Total gross earnings_ _$6,503,448 $5,919,421 $5,108,973 $5,610,311
ExpensesOp.exp.,drilling wells,&c.$3,418,101 $3,003,255 $2,711,426 $2,985,164
Taxes
136,692
140,524
171,489
95,066
Total oper. exp., &c_ _33,589,590 $3,139,947 $2,851,950 $3,080,230
Net earnings
$2,913,858 $2,779,475 $2,257,022 $2,530,081
Other income
37,384
51,834
65,461
6,996
Gross income
$2,979,319 $2,816,859 $2,308,856 $2,537,077
Int., discount & comm...
*3371,143
$278,145
Interest on bonds
$298,840
$171,663
312,015
320,900
Premium on bonds
25,480
48,640
Sundry adjustments_ _ _ _ Dr.46,480 Dr.83,674
Cr.95,436
Cr.56,974
(7%)1,610,000(430913,750 (30161,250
Dividends
Depreciation
705,994
695,767
738,235
802,713
Total deductions
Balance,surplus
$2,572,550 $2,027,738 $1,487,207 $1,344,784
$789,121
$406,769
$821,649 $1,192,293
* Includes extraordinary charges incident to re-financing of floating debt
as of Aug. 2 1911.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Manttafcturers' Light & Heat Co. and its affiliated companies.)
1913.
1913.
1912.
1912.
AssetsLiabilities-$
$
Investments
27,712,972 27,952,660 Capital stock ___.23,000,000 21,500,000
Treasury stock... 458,900
628,600 Bonds
2,039,000 4,210,000
Treasury bonds
Accounts payable_ 451,552
2,000
436,493
Cash
972,040
672,394 Accr. Int. & taxes_ 105,859
77,785
Accts. receivable_ 698,646
714,010 Dividends payable 402,500
268,750
receivable_
Bills
2,449
3,422 Security deposits_ 170,327
148,743
Incomplete invest.
89,917
94,940 Miscellaneous....
36,890
6,615
Employees' acct.
Surplus
4,247,209 3,840,440
stock subscrip'n
47,972
Mat'l and supplies 431,551
416,185
Miscellaneous
36,890
6,615
*Property, Works, coal, ore lands, &c., subject to payment of $338,720
annual rental under Cambria Iron Co. lease for 999 years, being
4% on
$8,468,000 Cambria Iron Co's. stock.
a Includes "other operating funds" in 1913.
b After deducting $2,650,000 for replacements and depreciation account
modernization of plant.
Note.-There were also, Dec. 311013 33,852.000 Manufacturers' Water
Total
30,453,337 30,488,826
o. bonds guaranteed by the company.-V.97, p. 1901.
-V.97, p. 1902, 1289.
Total
30.453,337 30,458,826
609
THE CHRONICLE
FEB. 21 1914.)
Pettibone Mulliken Co., Chicago and New York.
(Report for Fiscal Year ending Dec. 311913.)
Pres. A. H. Mulliken says in substance:
The abundant harvests in 1912 created a prosperity which extended into
1913, and which continued nr nearly six months. Under these circumstances the railroads were obliged to provide increased facilities, and spend
large sums for equipment and for repairs. Those purchases continued until
June when the extreme drought in the Central West,followed by political
activity, legislative agitation in Congress, &c., caused a further decline in
railway buying.
Notwithstanding the adverse business conditions of the past six months,
our net profits for the year 1913 were $596,532, being an increase of $71,821
over 1912. This profit, however, was largely earned in the first six months
of the year. The balance of the not profits.after deducting full dividends
for the year on the 1st and 2d pref. stocks, and deducting the allowance
for depreciation, was over three times the amount required for the sinking
fund payment of $100,000, to be provided within 60 days after Jan. 11914.
Since Jan. 1 there has been an improvement in the demand for steel.
demand. Prices have slightly advanced, owing to the increase in the
for a
The 52 Eastern railroads have applied to the I.-S. C. Commission
be granted,
5% advance in freight rates. Should these freight advances
takes place, and
it will result in prompt buying of railroad supplies. If this anticipate
fairly
we have average crop prospects in the early summer, we
profitable results for the year 1914. [Produces railway frogs, &c.]
31 (INCLUDING OLD
INCOME ACCOUNT YEARS ENDING DEC.1912).
COMPANY TILL JUNE 25
1913.
1912.
1911.
3583,140
Mfg.profits less maint ,tax.,selling&adm.exn•}3279.40813511.922
71,505
1 70,776
Depreciation of plant
Net profits after depreciation
Interest, discounts, dividends, &c., received
$279,408 $441,146 $511,534
9,271
12,789
13,392
Net profits for the year
First preferred dividends
Second preferred dividends
Organization expenses
$288,679 $453,935 $525,027
eS81,375b$157,500
a 26,250 b52,500
40,740
$305,570 $315,027
Balance, surplus
a3%. b7%.
earnings,
after
net
average
depreciation,
for the 7 cal. years
Note.-The
ending with 1911 were $507,610 and for the 3 years ending with 1911
$493,926.
BALANCE SHEET DECEMBER 31.
1913.
1912.
1912.
1913.
AssetsLiabilities$
Real est.,blags.,&c.1,622,944 1,669,014 Common stock_ _ _ 7,000,000 7,000,000
Pat'ts & good-will 7,451,448 7,451,448 1st pref. stock__ 2,250,000 2,250,000
1st pfd. treas. stk. .405,000
750,000
2d pref. stock_ _
750,000
Notes receivable_ _
111,324
7,180
24,851
3,905 Accounts payable_
Acc'ts receiv., &c_ 394,425
305,570
614,438 Profit and loss_ _ _ _ 620,597
Inventories
478,775
475,006
Cash
285,696
203,083
Total
Total
10,645,448 10,416,894
* 5.000 shares at cost.-V.98,p. 456.
10,645,448 10,416,894
Illinois Brick Company, Chicago
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Wm. Schlake, Feb. 3 1914, wrote in substance:
National Grocer Co., Detroit, Mich.
(Report for Fiscal Year ending Dec. 31 1913.)
As to Western Grocer Co., an allied concern,see separate report below.
1913.
1911.
1912.
Not stated $10,505,148 $10,257,565
$1,017,220
$954,940 $1,040,670
758,132
$766,606
753,033
Total sales
Gross torofits
Expenses, depreciation, &c
Net earnings
Preferred dividends (6%)
Common dividends(5%)
Employees' bonuses
$250,614
$90,000
100,000
17,935
$201,907
$90,000
100,000
$282,537
390.000
100,000
Total deductions
Balance, surplus
$190,000
8207,935
$190,000
$92,537
$42,679
$11,907
BALANCE SHEET DEC. 31.
1913.
1912.
1912.
1913.
AssetsLiabilities$
Trade-marks, goodPreferred stock [6%
will, &c
2,000,000 2,000,000 cumulative]
1,500,000 1,500,000
Real est.& wareh'ses a297,887 a276,883 Common stock [par
Mach., furniture,&e. b40,688 b40.283
$100]
2,000,000 2,000,000
Horses, wagons, &c_ 21,108
23,198 Bills payable
930,000 1,085,500
410,494 325,719 Accounts payable__ _ 60,919
Cash
67,376
Accts. & notes rec 1,021,131 1,011,964 Pref. dividend Jan. 1 45,000
45,000
1,301,016
Merchandise
1,533,573 Undivided profits___ 556.405 513,744
Total
5,092,324 5,211,620
Total
5,092,324 5,211,620
a Warehouses Lnd places of business owned by the company. b Machinery at coffee mills and printing plant and furniture and fixtures at branches
after charging off 10% yearly. Compare also V. 97, p. 517.
Central Leather Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Below we give the comparative income account for four
years. Further data will be given another week.
1911.
1910.
1913.
1912.
$59,586,498 $66,854,413 $52,991,240 $55,640,383
Volutne of business
. exp.,
Earns, after oper.
incl. repairs & mainteNot
nance and all taxes_ *39,609,031*311,296,334 *85,437.811
Exp. & losses of all cos.,
stated.
3,159,322
3.587.129
incl. int.(exc. on bds.) 3.357,863
Net profits
Income from invest'ts
86,251,168 87,709,205 32,278,489 33,403,680
17,912
26,160
144.210
26,687
$6.269,080 37.735,892 $2,304,649 $3,547,890
Deduct-int. on bonds
$1,882,735 $1,999,007 $2,009,467 $2,053,387
and debentures
2,330,930
2,330,930
2,330,930
Cent. Leath. pf. divs.(7)2,330,930
0)793,999
Common dividends__(29'
'dal., sur. or def____sur$1,261,416 sur$3405,955 def$2035.748def$836,427
1,770,458
5,176,412
3.806,206
4,642,633
Surp. beginning of year
Tot. sur. as per bal.sh. 36,437,828 35,176.412 31,770.458 $3,806,206
* Expenses include in 1913, 1912 and 1911 also provisions for plant abandonment and stumpages. Repairs and maintenance approximate $1,166,891 in 1913 and $999,076 in 1912, against $1,006,068 in 1911.-V. 98, p. 75.
The earnings for 1913 were the largest for any year in the history of the
company, namely $593,607. Of this amount there was paid in dividends
Library Bureau, Boston, Mass.
for tho year 5X,% (against 4% in 1912), 3242,000, and there was transferred to reserve for depreciation account $307,055, to reserve for taxes
(Report
for Fiscal Year ending Dec. 31 1913.)
$25.000 and to surplus $19,552.
The report says: "Despite the general contraction in business during the
On Dec. 31 1913 we had on hand a much larger supply of brick than a.
shown a slightly increased volume each month. Thenet
year ago. The favorable weather of the closing months enabled us to run year sales have
year amount to $214,445 any have seemed to fustify the
all of our plants to their fullest capacity thus permitting us to avoid the rush earnings for the
action of the board in declaring 5 pref. stock dividends as in 1912."
usually incident to the opening of business in the spring.
BALANCE SHEET DECEMBER 31.
Chicago must and will continue to grow, and I feel confident we will
continuo to reap a reasonably fair advantage from her growth and prosperity.
1913.
1912.
1913.
1912.
AssetsRESULTS FOR CALENDAR YEARS.
1,500,000 1,500,000
Real est. & bidgs_ _ a435,057 463,371 Common stock
1910.
1913.
1912.
1911.
Mach.& eluipment_ a320,123 324,457 Pref. stock "A"_ _1,000,000 1,000,000
$574,799 Office
Net profits
$591,454
$460,735
$593,607
61,345 Pref. stock "B"_
500,000 500,000
turn. & flxt's_ 59,831
Dividends paid_ _ - -(5%%)3242,000 (4)$176,000 (2)388,000 (8)3346,200 Catalogs
6,439
6,455 Mortgage bond& ___ 148,600 158,200
Depreciation reserve.317,837
325,064
181,099 Leasehold property_
307,055
21,216 Debenture bonds_ _ _ 350,000 350.000
7,707
Reserve for taxes
25,000
23,000
25,000
29,304
29,368
Patents & good-will_1,500,090 1,507,940 Mortgages
Res've for rep's &
30,000
77,973
30,663 Accounts payable__ _ 98,990
Stocks an:1 bonds__ 51,577
246,000 306,000
104,746 115,069 Notes payable
Cash
$31,898
$47,495
Balance, surplus
$35,389
$19,552
59,985
Acc'ts & notes rec'le_ 504,724 564,716 Div. payable Jan. I_ 60,000
32,621
r 1,161,165 909,138 Accrued liabilities__ 55,998
Inventories
BALANCE SHEET DEC. 31.
194,415
19,667 Profit and 1033
99,952
Advanced expenses_ 26,002
1913.
1912.
1912.
1913.
Liabilities-Assets8
$
Total
4,182,371 4,114,038
Total
4,182,371 4,114,038
5,000,000 5,000,000
1,151,274 1,147,456 Capital stock
Real estate
Pay-rolls and current
Buildings and maReal estate, machinery, &c.,includes in 1913 Real estate and buildings,
a
accounts not due_ 147,528 144,275 (less reserve), $435,057: factory machinery and enuipment (less deprechinery
4,386,505 4,063,312
325,000 172,000 ciation), $320,123; office furniture and fixtures (lees depreciation), $59.830;
600,000 600,000 Bills payable
Unissued stock
48,634 Dividend Jan. 15___ 132,000
50,322
88,000 catalogs, 86,439; leasehold property and improvements (less depreciaCash
Accounts receivable_ 425,299 419,296 Depreciation reserve 1,131,057 824,001 tion), $7,707.- V. 97, p. 1737.
34,220 Res've for taxes, &c_ 25,000
25,000
67,699
Bills receivable
30,000
Bricks and supplies. 439,028 310,348 Res.forrep'rs& renew
359,542 339,990
Surplus
GENERAL INVESTMENT NEWS.
7,120,127 6,623,266
Total
---V. 98, p. 455.
Total
7,120,127 0,623,266
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Government Roads.-See item under "Banking,
Tobacco Products Corporation (of Va.), New York.
Financial and Legislative News."-V.98, p. 385.
(First Annual Report-Period ending Dec. 311913.)
American Railways, Philadelphia.-Offer for Bonds.Treas. Gray Miller, Richmond, Va., Feb. 6 1914, wrote:
The directors are stated to be considering an offer that has been received
The financial statement herewith is for the period from the organization for the company's holdings of $1,244.000 mortgage bonds of the Springfield
of the company up to Dec. 31 1913 and it includes only such of the earnings (0.) Ry. Co., representing the advances made in previous years for the
betterment of the Springfield property. The sale, it is said, would Just
of subsidiary companies as have been declared to your company as divs.
The company was organized in Virginia. Oct. 16 1912. Its authorized about liquidate the present floating debt of the American Railways Co.
capital stock was $20,000,000 pref. stock and 330,000,00 common stock The bonds in question are understood to be the 5s of 1913 due 1935, the
of which there was outstanding Dec. 311912, $10,000,000 pref. stock and $500,000 old 1st M. 5.s owned by the Am. Rys. being presumably before
$16,000,000 common stock. During 1913 your company decided not to the sale referred to replaced by the new issue, making the latter a direct
extend its business for the time being and deemed it expedient to buy with first lien (V. 97, p. 300).-V. 98, p. 154.
its surplus cash and retire, 20,000 shares of pref. stock and also to reduce
Atlantic Coast Line Co.(of Connecticut).-Ratified.its authorized capital to $8,000,000 pref. stock and $16,000,000 common
stock. Such purchase of pref. stock was made in the open market at an The stockholders yesterday voted to reduce the capital stock
average price of 89.2862 per share and a certificate accomplishing such
from $17,640,000 to ,820,000 and to distribute from the
reduction and retirement was duly filed with Va.authorities Dec.31 1913.
assets to stockholders in exchange for the retired stock
FINANCIAL STATEMENT.
$17,640,000 of Atlantic Coast Line RR. common stock held
Interest and dividends received (less expenses), $748,031; preprofit
on
20,000 shares
mium on stock subscriptions, S140,769;
by the company.-V.98, p. 234.
preferred stock purchased and retired, 5214,277; total
$1,103,077
Boston & Maine RR.-Holders of 90% of Notes AgreeDeduct-Four quarterly dividends of 1X % each on $10,000,000
preferred stock
700,000 Attachment.-This official statement was put out on Feb. 17:
Surplus and profit and loss December 31 1913
$403,077
BALANCE SHEET.
Assets-(Total 38,747,994)Stock in other cos., $6.042,465; treas. securities, $77,277; total, $6,119,742
Cash and secured demand loans, $1,973,874; loans to subsidiary
2,628,252
cos., $566,000; sundry debtors, &c.,$88,377; total,
Liabilities-(Total, $8,747.994)Preferred stock, $8,000,000; common stock (160,000 shares par
value $100 per share, issued under Va. Law at $1 per share),
$8,160,000
$160,000; total
Dividends unpaid,$175,000; sundry creditors, &c.,$9,917; total, 184,917
Surplus and profit and loss
403,077
-V.98, p. 76.
Our officials have been told by some of the Boston banks that a suit
against the railroad has been commenced by trustee process and that the
company's bank accounts have been attached. The plaintiff's name is
William Schaumberg, presumably a holder of some of its notes due Feb. 3
1914. The amount sued for is $190,000, but this does not necessarily mean
that the plaintiff is the holder of notes to that amount.
It may be added that about nine-tenths of the holders of these notes have
agreed to extend their notes to June 2 and that the company cannot treat
one holder differently from the others. The company has not paid off any
of these notes, and,as is well known ,has no funds for this purpose. There is
every reason to think that if the notes are extended and time thus gained,
the eonteany can make arran.mments of such a nafi‘re that all the noteholders will eventually be protected. [Later several other attachments
were obtained.-Ed
.1
610
THE CHRONICLE
[Void. xcvm.
President Resigns.—Pres. McDonald recently resigned
El Paso (Tex.) Electric Co.—On 9% Basis.—A quarterly
to devote himself to the Maine Central RR.—V.98,p.452. dividend of $2 25 a share (21
4%), comparing with 2% in
Canadian Northern Ry.—Sub. Co. Bonds.—
Dec., Sept. and June 1913, or at the rate of 9% a year, has
See Canadian Northern Western Ry. below.—V. 98, p. 452.
been declared on the $2,000,000 common stock, payable
Canadian Northern Western Ry.—Guaranteed Deben- March 16 to holders of record March 4.
ture Stock.—Lazard Bros. & Co. offered in London Feb. 5
Payments were previously made semi-annually in March
to 9 at £93 per £100 an additional £1,320,000 43'% (Al- 3%% having been disbursed in March 1913 and Sept. 1912.and Sept.,
Previous Dividend Record (Per Cent).
berta) guaranteed 1st M.debenture stock, repayable Feb. 16 1910.
1911.
1913.
1942, unconditionally guaranteed as to principal and inter- 4%
6141%2'
5%
March, 3% (s.-a.); June, Sept. & Dec., 2
est by the Government of the Province of Alberta by enStock Increased.—The stockholders will vote Mar. 9 on
dorsement. An adv. says:
increasing the authorized common stock from $2,000,000
This debenture stock is part of an issue that is constituted by trust deeds to $3,000,000. Of the new stock, $375,000
will be offered
dated June 22 1912 and April 8 1913 a first mortgage on certain lines of railway (exclusive of terminals) and other property and assets as specified in at par pro rata to the extent of one-eighth of their present
the said trust deed. The amount of deb. stock and bonds at any one time holdings to holders of record of both classes
on Mar. 16, the
outstanding is limited to $20,000 per mile (or its equivalent in sterling or
other money) (a) of several sections of the company's railway [as built or remainder to be held in the treasury.—V. 96, p. 1556.
projected], totaling 1,275 miles in length, specified in the said trust deed,
and (b) of any additional lines hereafter to be constructed by the company
Gary & Interurban RR.—Guaranteed Notes.—
in the Province
Alberta,
of
in respect of which the Province may hereafter
be authorized by its Legislature to give a guaranty. See also V.93, p. 1724;
V. 97, p. 1583.
Central Mississippi Valley Electric Properties.—First
Dividend.—An initial quarterly dividend of 1 % has been
declared on the $750,000 6% cumulative pref. stock, payable
March 2 to holders of record Feb. 21.—V.98, p. 72.
Charleston (S. C.) Consolidated Railway, Gas &
Electric Co.—New Stock.—The shareholders will vote
March 18 on increasingthe stock by issue of $500,000 common.
See Goshen South Bend & Chicago RR. below.—V. 97, p. 950.
Goshen South Bend & Chicago RR.—Guaranteed Notes
Offered.—Poe & Davis, Baltimore, are offering at 993 and
int. $100,000 6% 2-year first (closed) mortgage secured
coupon notes, dated Nov. 1 1913 and due Nov. 1 1915, but
red. at 102 & int. on 60 days' notice. An adv. says in subst.:
Both principal and interest unconditionally guaranteed by the Gary &
Interurban RR. Co., the Valparaiso & Northern By. Co. and the Gary &
Interurban By. Co.
A first secured mortgage on approximately 22 miles of electric railroad
built with 85-lb. rails and white oak ties on private
right of way from LaThis will make the total capital stock $3,500,000, viz.: Common,$3.000,- porte to Goodrum. Ind.; estimated
replacement value, exclusive of fran000; pref.. $500,000. The proceeds of the new stock is to be used to pay chise, $710,000. Also a first lien on
equipment
approximately
costing
for additions and betterments as made from year to year.—V.95, p. 1122.
$40,000, an auxiliary power plant, brick car barns and about 350 acres or
total costing about 61,000,000, or ten times the amount of the
Chicago City & Connecting Rys.—New Trustee.—B. E. land—the
notes. For a distance of 17 miles the road is without a curve
and has no
Sunny has been elected a member of the trust to succeed grade in excess of 3i of 1%. No lien of equal
or prior standing can be
placed on this property during the life of these notes.
Edward Morris, deceased.—V. 98, p. 452.
At Laporte a connection is made with the Chicago South Bend & Northern Indiana By. and at Goodrum with the Valparaiso &
Chippewa Valley Railway, Light & Power Co.—Change forming
Northern Ry., thus;
the connecting link in the railway system serving South
Bend
in Control.—Kelsey, Brewer & Co., operators of the Ameri- (65,000), Michigan
City (22,000), Laporte (18,000), Valparaiso (16,000).
Porter
and
Chesterton
can Public Utilities Co., Grand Rapids, Mich., announced Chicago and Indiana (2.500), Gary (45,000), Hammond (25.000), East
Harbor (35,000), Whiting (20,000) and
on Feb. 19 that they had closed a deal whereby they had
The net earnings of this division are, we understand, about Chicago.
double the
interest charges, and the territory in which it operates is growing rapidly.
taken over and will operate:
Gary & Interurban RR., in Feb. 1913 proposed as a consoliAll the trolley properties of the Chippewa Valley By.,Light & Power Co., (Compare
dated
company,
in
V.
96,
p.
1422.)
which operates the street railway in Eau Claire and Chippewa Falls, together with the interurban lino between these two cities, a distance of
Great Northern Ry.-8% New Stock Offered at par to Sharemiles; the Chippewa Falls•Waterworks & Light Go., the Menominee2234
El.
Light & Power Co., the water-power plant at Menominee and rights along holders of Record March 26.—The directors have voted to issue
the Red Cedar and Chippewa rivers, with a capacity of developing approxi- $19,000,000 new
stock (subject to ratification by mail by
mately 100.000 h. p. of electric current, together with other public utilities
in Menomihee, Elmwood,Spring Valley and other small towns which repre- 75% of the existing $231,000,000 stock) ranking equal with
sent extensive gas and electric plants and manufacturing interests. The the present stock, and raising the total of the
same to.
deal covers an approximate investment of $3,000,000.
As the result of this deal, Kelsey, Brewer & Co. control "practically all $250,000,000, all of one class. An official circular, dated
the public utility rights in the Mississippi Valley between Lacrosse, Wis., February 16, announces this fact and offers to shareholders
and St. Paul, Minn., thus furnishing an outlet at the Twin Cities for the
Immense capacity of the Mississippi Valley between the cities mentioned, of record March 26 (the transfer books, however, closing
a territory exceedingly rich, prosperous and growing."—V. 92, p. 321.
March 12 at 3 p. m., to determine who are so included) the
Cincinnati Georgetown & Portsmouth RR.—Decision.
—The Ohio Supreme Court on Feb. 17 sustained the right
of the company and of the'Interurban Ry. & Terminal Co.
to charging 10-cent fares from Cincinnati to California and
Coney Island. The suit was begun by the city 3 years ago.
The franchise of the Interurban Co. was secured in 1901, the terms provided for a 5-cent fare between California and the eastern boundary of Cincinnati and from the cty centre to the eastern border.
In 1909 California and Coney Ildand were annexed to the city. The
city claimed that the company is obligated by statutes under which it made
traffic arrangements with the Cincinnati Traction Co. to carry passengers
for 5 cents within the city limits.—V. 94, p. 1316.
Cincinnati Lebanon & Northern Ry.—Bonds Sold.—
See Pennsylvania RR. above.—V. 98, p. 155.
" Cleveland (Electric) Ry.—Settlement.—Mayor Baker on
Feb. 10 announced:
"Street Commissioner Witt and I have decided to let the street railway
ordinance take its natural course with regard to the fare and not to attempt any tricks with it. When the ordinance provides for higher fare, the
fare will go up. Under one of the arrangements we are considering the fare
would rise in July, but that is not settled yet."
The agreement between the city and the railway, it is stated, contemplates the charging off of maintenance deficits amounting to more than
$1,000,000. The city officials and the railway are not agreed as to the
amount of the deficits and will negotiate to fix it.
The terms of the agreement later made fix: (1) 6705,348 as the value of
discarded power equipment and obsolete street cars: (2) beginning with
March the company be authorized to deduct $12,000 monthly from its
gross receipts until the reproduction value of obsolete equipment is charged
off: and (3) the company is authorized to deduct monthly $6,000 until
"over-expenditures" in the maintenance, depreciation and renewal reserve
amounting to $217,445 are paid.
A resolution embodying the settlement was referred to the Council Committee on Street Railways on Feb. 16. Commissioner Witt said that it
was impossible to determine the exact time that the deductions from the
gross receipts would result in increased fare. On Jan. 1 the interest fund
amounted, roughly, to 6363,000. This will be increased as a result of
January and February operation, when surpluses are expected. Heavier
maintenance allowances, beginning in May with the $18,000 a month to
he charged off, will reduce the interest fund below $300,000,it is estimated,
about mid-summer. When that happens, the fare will rise.—V. 98, p. 522.
Commonwealth Power, Ry. & Light Co.—Bonds Sold.
—The company has sold $1,500,000 of its 6% 5-year convertible bonds. The bonds are part of a $10,000,000 authorized
issue, of which ,500,000 were outstanding, and close the
issue.—V. 98, p. 450.
Connecting Railway, Philadelphia.—Bonds Offered,
Guaranteed by Penn. RR.—Edward B.Smith & Co. and Brown
Brothers & Co. are offering by adv. on another page at 98
and int., yielding about 4.11%, the unsold portion of their
block of 83,311,000 1st M.4s, guaranteed by Penn. RR. Co.
See adv. and further data in V.98, p. 522.
Denver & Salt Lake RR.—Tunnel Plan Approved.—
See "Denver" in "State and City" Department.—V. 98, p. 73.
right to subscribe for the new shares at par on the official
warrants (to be mailed March 26) at the company's office,.
32 Nassau St., prior to 3 p. m. May 11 to the extent of 8%
of their respective holdings, subscriptions to be paid 40%
May 11 1914, 30% Aug. 11 1914 and 30% Oct. 13 1914.
Proposed Application of Proceeds of Issue—Circular Feb. 16.
(a) Additional main or other tracks new rolling stock and terminal'
properties and other acquisitions, additions and improvements for use in
connection with or in extension of, any lines of railway, branches, telegraph
or telephone lines owned by the company or by any railway company or
whose shares of capital stock at least a majority are owned by this company.
(b) The acquisition of the stock, bonds and other securities of Montana
Eastern By. Co. or of any other company which lawfully it may acquire,
as from time to time may be authorized by the board.
Subscriptions.—Interest will be allowed on all subscription payments to,
Nov. 2 1914 from the due dates of the installments at 5% per annum and
will be paid on Nov. 16 1914. Subscribers may anticipate payment of their
installments, but interest will be allowed on such payments only from the
Installment dates and only upon the amounts of the installments due upon
such dates. The new certificates will be issuable against full-paid receipts;
on and after Nov. 16 1914. Transfer of rights may be recorded in the
books to April 30 1914. For the purpose of this subscription full-paid
subscription receipts for $21,000,000 issue of Dec. 4 1912 have the samerights as existing stock.—V. 98, p. 386.
Gulf Florida & Alabama Ry. (Deepwater Route).—
Bonds Offered.—Megargel & Co., New York, are offering, by
adv. on another page, the unsold portion of $750,000 1st M.
5% gold bonds of 1911 (due July 1 1961) as follows: $1,000
1st M.5% bond and $200 common stock for $900 and int.
Auth., $10,000,000; outstanding, incl. this issue, $2,324,000.
Exempt from Federal Income tax.
Data from G. A. Berry, V.-Pres. and Gen. Mgr., Pensacola, Jan. 15.
Property.—The company owns and operates a main stem 90 miles in,
length,a remunerative branch 15 miles in length,and in the city of Pensacola 4% miles of belt line trackage, providing direct switching facilities for
the industries of the city. The road is constructed on the lowest grade linep
of any railway in the South, namely .75 of 1% against the weight of traffic,
and is protected with block signals. Equipment modern, representing a.
value of over $2,000 per mile of line. The company's marine terminals are
not equaled by those of any other road in the South (see V. 97, P. 1203)•
We are pushing with all possible speed the completion of an extension
of 50 miles to a connection with the Southern Ry. near Pine Hill, making.
an ideal operating division 140 miles in length.
Earnings.—Since Jan. 1 1913 the road has operated 70 miles of main line,
and on Nov. 16 a northerly extension of 20 miles was put into operation.
Since June 1913 the export lumber and naval stores business of the South
has experienced one of the most inactive periods in its history. Shipments.
over our line, from June up to the present time, have averaged only about.
20% of the average maintained for the first six months of the year. Nevertheless, the gross for November was practically 2% times that for January;
and total gross for 1913 (Dec. partly estimated) were sufficient to pay the,
interest on all bonds outstanding, including those issued during the year
proceeds of which have been used for the building of the marine terminal.
and the construction work now being carried on at the north end. Upon
the completion of the 50-mile extension now in progress we may expect an
average daily interchange at Pine Hill of not less than 500 tons of through,
business, which, with through passenger, mail and express business, should
result in a total of $725,000 g.ross earnings for the first year's operation or
the extended line. See also V. 97, p. 1203, 1115, 950;
p. 1541.
Detroit Toledo & Ironton Ry.—Receivers' Certificates.
Halifax Electric Tramway Co.—Earnings.—For cal. yr.:
—Notice is given that the receivers' certificates issued under
Gross.
Net.
Bond Int. Dividends. Depr..&c. Surplus.
$268,925 $30,000 (8%)$112,000 $8,619 $118,307
orders of Court dated Dec. 18 1909, Feb. 21 1910, Mar. 20 1913- -.4605,934
p
539
6,
6
96
5.2 253,392
6,558
104,834.
30,000 (8%) 112,000
1911 and June 20 1911 will be paid at par and int. at N. Y.
Trust Co., 26 Broad St., N. Y., on or before Feb. 25 1914
Hudson & Manhattan RR.—Income Interest.—The difor account of the reorganization committee under plan dated rectors have declared an interest payment of $10 (or 1%)
Dec. 15 1913. See V. 97, p. 1821; V. 98, p. 73, 235, 452.
on each $1,000 Adjustment Income bond for the six monthe.
FEB. 21 1914.]
THE CHRONICLE
ending Dec. 31 1913, payable April I. The first payment of
$8 34 for the 5 months ending June 30 was made on Oct. 1
last, being also at the rate of 2% per annum.—V.98, p. 386.
Interborough Rapid Transit Co., N. Y.—Bonds Offered.—A syndicate headed by Lee, Higginson.& Co., Harris,
Fobes & Co. and Kissel, Kinnicutt & Co. are offering at 99
and int. $10,000,000 "First and Ref." M. 5% gold bonds
of 1913, dated Jan. 1 1913, due Jan. 1 1966. Exempt from.
all N. Y. State, county and municipal taxes. The agreement between the city and the company makes these bonds
in effect a quasi-municipal security. See map, &c., pages
63 and 64 of "Ry. & Ind . Section.—V. 98, p. 304.
Jacksonville (Fla.) Traction Co.—New Stock—Option.—
To provide for present and future needs,the shareholders will
vote Feb. 26 on increasing each class of stock by $500,000,
the preferred to $1,000,000, common to $1,500,000.
611
Northern Ry. of Costa Rica.—First M. Bonds Called.—
Thirty-three ($33,000) 1st M. 5% bonds issued under mortgage dated
Sept. 15 1900,for payment at par and int. Mar. 1 at Old Colony Trust Co.,
Boston.—V. 95, p. 544.
Oakland Antioch & Eastern Ry.—Assessments—Notes.
—An assessment of $4 per share (par $100)on the $10,000,000
per share on the $3,500,000
stock of this company and of
stock of the subsidiary Oakland & Antioch were payable on
and
19
20.
Feb.
Feb.
or before
Only $540,000 of the $1,000,000 bonds offered in Aug. 1913 having been
subscribed, the issue was withdrawn and the needs of the system are to be
financed by these assessments and by an issue of 3700,000 6%. 4-year
convertible gold notes (convertible at 85 into bonds), secured by pledge
with Union Trust Co. of San Francisco, trustee, of $1,167,000 bonds of
the 0. A. & E. By. Co. The road began operations to Sacramento on
Sept. 3 1913 and for the 3 mos. ending Nov. 30 earned: gross, practically
all passenger, $127,113; net, $47,517, against fixed charges (bond int. and
taxes) of $55,756. The freight schedules were to go into effect early this
month. J. G. White & Co. estimated the earnings for the first year
as follows: Gross, $996,850: net from operation, $398,740.—V. 98, p. 237.
Ocean Shore RR., California.—New Bonds.—The company has applied to the Cal. RR. Commissioner for authority
to issue $200,000 in bonds to provide for electrification of the
road from San Francisco to Halfmoon Bay.—V.98, p. 237.
Oklahoma Pacific RR.—New Project—Bonds Offered in
London.—The Metropolitan Bank of England and Wales in
Plan.—
Y.—Amended
N.
Ry.,
Mid-Crosstown
London on Feb. 4 to 6 were authorized, as bankers for the
See Twenty-eighth & 29th Streets Crosstown below.—V. 98, p. 304. company, to receive subscriptions at 85% (or .£87 6s. 9d. per
Missouri Kansas & Texas RR.—New Officer.—C. N. $500 bond) for $2,000,000 1st M. 5% 30-year gold bonds,
Whitehead, Asst. to Pres. C. E. Schaff, has been elected a dated Jan. 1 1914 (of which the directors were to subscribe
vice-President.—V. 98, p. 523, 387.
for $150,000), forming part of an authorized issue of $6,000,Missouri Oklahoma & Gulf Ry.—Loans.—The receivers 000 bonds. An advertisement shows:
Bonds due Jan. 1 1944 but callable at 105 and t. all or'part, after
have, it is reported, borrowed $100,000 for 4 months at 6%
Trustee.
or future,' Trustee,
in,
1 1919. Int. J. & J., "free of all taxes, present
from the Fidelity Trust Co., Kansas City. The receivers Jan.
First Mortgage Guarantee & Trust Co., Phila. Interest for first three
will, it is said, shortly apply to the U. S. Circuit Court at St. years endorsed as follows: "To guarantee the payment of this coupon at
maturity, the face value hereof has been deposited in cash with the trustee
Louis to be allowed to issue $750,000 receivers' certificates. prior
to the certification of the bond to which it is attached."
—V.97, p. 453, 236.
Company incorp. in Okla.[in Aug. 19131. Common stock "fully paid':
$6,000,000. Line projected to extend from Oklahoma City westerly via
Mobile & Ohio RR.—New Director.—
Powers, Hinton, Cordell, Dill City, thence northwesterly, via Sayre and
debt of
A circular dated Feb. 16 says: The company has a floating
must during the
385,000, incurred for extensions and improvements, and
directors
the
which
improvements,
and
extensions
present year make further
at this time of corn. stock.
believe should be met in part at least by the sale
corn. stock will be offered to
When duly authorized, $200,000 of the newsubscription
at par ($100 per
for
28,
Feb.
record
of
common stockholders
shares of present corn. stock,
share) to the extent of one share for every four
% payable May 1.—V.97, p. 117.
the new stock to carry quer. div.,
Guy Cary of N.Y. as director fills a vacancy.—V. 97, p. 1663.
New York Central & Hudson River RR.—Application.
—The P. S. Commission, 2nd District, has begun to take
testimony on the application of the company, recently made,
to issue $70,000,000 refunding and improvement bonds
to be sold at not less than 92M, to retire the $30,000,000
3-year 4
notes which matured Mar. 1 (and provision
for which has been made by the sale of a new issue of shortterm notes) and $39,662,000 additional one-year notes falling
due this year. The new consolidation and refunding and
imprt. mortgages were filed this week. See V. 98, p. 387).
The hearings in the inquiry by the Inter-State Commerce Commission
into the propriety of the making of the two mortgages were completed
on Wednesday.—V. 98, p. 523, 387.
Cheyenne, Okla., to Canadian, Tex., on Atch. Top. & S. Fe. Rights of
way and terminal lands have all been paid for with the common stock.
The proceeds of the sale of these bonds, after deducting the expenses of this
issue, will be received by the mortgage trustees and will be payable to the
construction company,the Southwestern Building Co.of Oklahoma,against
engineers' certificates of actual work done. It is estimated that thenet proceeds from the issue of the $6,000,000 1st M. 5% bonds will be ample to
build and equip the 180 miles of main line and 23 miles of sidings, and provide a sufficient working capital.
Directors.—W. T. Van Brunt, railroad constructor (formerly director
of the Railroad Securities Co. and President of several railroads controlled
by the late E. H. Harriman), N. Y.; E. H. Cook, Pres. of State Nat. Bank
of Oklahoma; S. L. Brock and F. C. Colcord, Oklahoma City; R. A. Brown,
St. Joseph, Mo.; I. H. Kempner, Galveston, Tex.; C. D. Simpson, N. Y.;
H. H. Hoover and G. M. Hold, Hobart, Okla.
Ottawa (Can.) Electric Ry.—Earnings.—
Balance,
Interest, Contingent Dies.
Net
Gross
Calendar
Earnings. Earnings. Tax.,&c. Account. (15%). Surplus.
Year—
$1,041,282 $412,160 $46,731 $55,000 $281,535 $28,894
1913
30,909
255,948
44,202 69,000
400,059
934,398
1912
—V. 97, p. 1357.
New York New Haven & Hartford RR.—New Investigation Proposed.—See page 496 of last issue of "Chronicle."
Pennsylvania RR.—Sale of Bonds.—William Salomon &
Disbands.—Boston shareholders' committee has dissolved. Co. have purchased from the Pennsylvania RR. Co. and the
in
committee,
the
a
letter
of
to
Chairman
the
Meyer,
L.
stockvon
Geo.
holders stated that the change in management had made a stockholders' Pennsylvania Company the follbwing:
committee inexpedient(V.96, p. 1489, 1630,1840).—V.98,P.453.304,236.
Northern Electric Ry., California.—Letter to Noteholders.—A letter asking the holders of the $5,200,000 notes to
deposit their holdings with the Union Trust Co. of San Fran.
by Feb. 20, under trust agreement of Jan.31,says in subs.:
In order to obtain the time necessary to finance the requirements of the
company and its allied interests, and in tho meantime to protect the notes
endorsed or guaranteed personally by members of the Sloss family and
others, as well as other liabilities of the railway and the corporations herein
referred to, the undersigned have consented to act as trustees under an
agreement of trust dated Jan. 31 1914, in which you and others may become beneficiaries by depositing your notes and collateral with the Union
Trust Co. of San Fran. on or before Feb. 20 upon terms below described.
On Jan. 31 1914 there were incorporated the Sloss Corporation, capital
stock $1,500,000, all issued, and the Sloss Securities Co., capital stock
$5,000,000, of which $3,332,500 has been issued.
Mrs. Sarah Sloss has transferred to the Sloss Corporation her interest
in bonds and stocks of the appraised value of $1,500,000, and has accepted
as full consideration therefor its capital stock, fully paid.
The Sloss brothers together with the other corporations mentioned in
the trust agreement, in which they are affiliated or interested, have transferred bonds, stocks and like property and their equities therein the appraised net value of which interest is $3,332,500, to the Sloss Securities Co.,
and have accepted as full consideration therefor, in amounts proportionate
to the net value of the properties so delivered by them,$3,332,500 fully paid
capital stock of the latter corporation.
Upon receiving the said stock of the Sloss Corporation and the Sloss Securities Co., the said arties entered into the trust agreement dated Jan. 31
1914 with the Union Trust Co. of San Fran., as depositary, and Frank B.
Anderson, John S. Drum,Percy T. Morgan, Herbert Fleishacker and E. S.
Heller, as trustees, whereby back of said stocks were delivered to the Union
Trust Co.ofSan Fran.,to beheld, together with the stocks, bondsand other
properties above mentioned, under the control of the trustees above named,
with the aim of conserving the assets of said companies, for the benefit of
the note holders and other creditors of the Northern Electric By. Co. and
of the other companies,and for the payment ofsuch claims, under the terms
of the said trust agreement.
By this means there has been deposited, supplementary to the note and
collaterals already held by you, additional assets of the Sloss Securities Co.
of an estimated net value of $3,332,500, and beyond this there has been
created, through the voluntary act of Mrs. Sarah Sloss, a guaranty on the
part of Sloss Corporation, up to the full amount of its net assets, of the appraised value of $1,500,000. In addition, other members of the Sloss family who are not in any way liable as indorsers, guarantors or stockholders,
but who hold notes for moneys advanced, aggregating over $500,000, have
agreed to postpone the collection thereof until the other creditors are paid.
In order to receive the benefits of (a) the properties transferred to the
Sloss Securities Co.,(b) the guaranty. of the Sloss Corp.,(c) tho deferring
of claims by members of the Sloss family, it is necessary to deposit your
notes and claims immediately, with the collateral pertaining thereto, with
the Union Trust Co.,and to defer collection thereof for one year, if needed,
or such extension thereof from time to time, under the terms of the trust
agreement, as the trustees may find necessary for the permanent financing
of the Northern Electric Ry. Co. or the realizing on its securities held as
collateral, the trust agreement providing for the payment of interest on
the notes deposited in accordance with the terms thereof.
The securities pertaining to each note will be kept separate and distinct
from the securities of all other depositors. No charge will be made on or
expense incurred in behalf of those depositing their claims.
Leon Sloss, Louis Sloss, Joseph Sloss, E. B. Lilienthal, W. P. Hammon
and E. J. de Sable Jr. have agreed that all notes deposited which bear their
endorsements or guaranties, or those of any of them, may. be so deposited
without affecting their liability in any way, and have further expressly
agreed to waive the right to plead the statute of limitations should any such
•question arise. See also V. 98, p. 523.
Wheeling Terminal 1st M.4s, due Aug. i1940, guar., p. & i., by
51,363,000
the Pennsylvania Co., part of $1,566,000 outstanding
Cincinnati Lebanon & Northern First Consol. M. 4s, due Nov. 1
400,000
1942, also guar. p. & I.. by Penn. Co., part of $1,218,000 out _
—V.98, p. 524, 388.
Pennsylvania Monongahela & Southern RR.—Stock
Increase.—The company has filed at Harrisburg, Pa.,notie•
of increase of auth. stock from $1,000,000 to $1,500,000.
Outstanding Dec.31 1912,$782,250, of which $584,700 owned
by Pennsylvania RR.—V.86, p. 982.
Quebec Ry., Light, Heat & Power Co.—Interest Payment.—It was announced on Feb. 17 that the company had
begun paying the interest due Dec. 1 1913 on its outstanding•
bonds.—V. 98, p. 156.
Rapid Transit in New York City.—Contracts.—
The P. S. Commission on Feb. 17 awarded the contract for the reconstruction of the Steinway Tunnel for temporary operation to the Rapid
Transit Subway Construction Co., which is controlled by the Interborough
Rapid Transit Co., at $383,910, the lowest bid. The Commission also
approved the form of contract and plans for the construction of Section 6-A
of Routes 4 and 38, which is the connection between the present subway in
Seventh Ave. near 43d St. and the continuation of that line down Seventh
Ave. Bids will be opened on March 12.
The Interborough Rapid Transit Co. last week let the contracts for thirdtracking the Manhattan Elevated By. lines in pursuance of the agreement
with the city authorities.
The Commission yesterday authorized the Now York Municipal Railway Corporation to award the contract for the construction of Section 2 of
the Lutheran Cemetery line, which is an extension of the Myrtle Ave.
elevated between Fresh Pond Road and Metropolitan Ave., to F. W.
Burnham for $143,225. The Commission held a public hearing on the
form of contract for construction of Section 7 of the Lexington Ave. line
between 43d and 53d streets, Manhattan. The form of contract will be
drafted and bids advertised for.—V. 98, p. 524.
St. Louis & San Francisco RR.—Payments.—The receivers state that funds to pay St. L. & S. F. series "Q"
equipment notes and coupons and series "B" Kansas City
Fort Scott & Memphis Ry. equipment bonds and coupons
(both of which matured Feb. 1 1914) will be in the hands of
their paying agents to-day.
Additional interest will be paid on each series as follows: Series "Q," in
respect of each note $2 78, each coupon 7 cents; series "B,' in respect of
each bond, $2 50, each coupon 6 cents. The Central Trust Co. will pay
the St. L. & S. F. notes and coupons and Blair & Co. the Fort Scott bonds
and coupons.—V. 98, ro• 524.
San Francisco-Oakland Terminal Rys.—Bonds and
Notes.—The shareholders will vote April 7 on authorizing an
issue of $35,000,000 First & Ref. M.30-year 5% gold bonds.
Application has been made to the Cal. RR. Commission for authority
(a)to issue $1,000,000 bonds as additional security for the $2,500,000 notes
which have been extended by the holders; (b) to market $500,000 collateral
trust 7% notes, pending preparation of plans for permanent re-financing
by the George 0. Moore syndicate, comprising the Investment Registry,
Ltd. of London, the British Foreign & Colonial Corporation, Ltd. and
Montgomery & Fitzgerald Co. Mr. Moore is said to be in London
Basil,
negotiating for the sale of $15,000,000 bonds in order to finance the require-
612
THE CHRONICLE
ments of the property which the aforesaid interests recently contracted to
purchase from the trustees of the United Properties Co.ofCal.(V.98.p.306)•
[VOL. XCVIII.
American Graphophone Co.-Earnings.-
Net
Cal.
Bond
Maint., Special
Preferred
Balance
Year. Income. Interest.Deprec.,&c Deprec.
Dividends.
Surplus.
1913____$720,161
$120,132
$172,079 (7h %) $162,488 $265,462
The following appointments were reported Jan. 21: Frank B. Whipple,
-1,227,772
1912_
108,390
_
114,184 710,080 (4M %) 94,321 200,796
Vice-President, succeeding J. K. Moffitt, and as director to succeed Gavin
McNab; Gen. Mgr., A. W. McLimont, succeeding W. R. Alberger. who -V. 96, p. 1225.
remained a Vico-Pres.; Robert Morrison Jr., Sec., and Kirke Lathrop,
American-La
France
Fire Engine Co., Inc.-Earnings.
Treasurer.-V.98. P• 306.
For calendar year 1913, net profits were $238.154; dividend on
pref.
from
Dec.
Dec.
20
to
1912
31
1913
(7 21-100%). $144,200; bal., stir., stock
Southern Ry.-$10,000,000 5% 3-Year Notes Sold.$93,Net earnings in 1912 were $227,057. Compare
report V. 97 p. 46.
$5,000,000 Equipment Trusts.-Pres. Fairfax Harrison yes- 954.
New Management Following Recent Change in Control.-
American Public Utilities Co.-Purchase.-
terday made substantially this announcement:
See Chippewa Valley Ry., Lt.& Power Co.-V.98. p.4 54, 239.
The Southern Railway Company, believing in the continued prosperity
Amer. Screw Co., Providence, R. I.-New Directors.and growth of the territory it serves, and recognizing the necessity of enlarging its facilities to keep pace with that growth, has, pending the imThe board having been increased from 7 to 9, Benjamin Thurston
provement of the market for long-term securities, sold $10,000,000 of 5% William G. Smythe were elected to fill the new places and Walter and
W.
3-year notes secured by the pledge of Development and General Mortgage Griffith to succeed Arthur H. Watson, deceased -V. 92, p. 464.
4% bonds which for smile time past have been held in the treasury. This
Amer. District Telegraph Co. of N. Y.-Earnings.new capital is to be applied in carrying to completion plans for improvements and betterments which were included in the general plan for the fuCalendar YearsNet.
Gross.
Div.(2%).
Bal.,Sur.
ture of the railroad made at the time the Development and General Mort- 1913
$89,061
3699.486
$76,891
$12,170
gage was created in 1906, chiefly additional and enlarged shops, yards and 1912
113,740
689,379
76,888
36,852
other freight terminals, which have been earnestly recommended for sevTelegraph
Co.
eral years past to facilitate economical operation. These improvements
-Sale of Stock.American Telephone &
will be pushed to completion as rapidly as possible.
See Western Union Telegraph Co. below.
We have also arranged to finance, through a 10-year equipment trust, the
Sale of Bonds of Controlled Companies.acquisition of additional modern rolling stock, largely of steel construction,
See Central District Telephone Co.and Southern Bell Telep. & Teleg. Co.
representing an aggregate cost of more than $5,000,000. Bids for this adbelow.-V.98, p. 525.
ditional rolling stock are now being received.
J. P. Morgan & Co. have bought the 3-year 5% notes.
Car Trust Certificates.-Drexel & Co. announced this
week that they had purchased $4,300,000 5% car trust
certificates, maturing serially in 10 years, and had sold a
large part of the same.-V.97, p. 1735.
Springfield (O.) Ry.-Negotiations for Bonds.See American Railways above.-V. 97, p. 300.
Twenty-Eighth & Twenty-Ninth Streets Crosstown
RR., N. Y.-Amended Plan.-The bondholders' committee
on Feb. 16 adopted substantially the following amended plan.
Atlas Powder Co., Wilmington, Del.-Earnings, &c.-
Calendar
Gross
Net
Other Income Dividend Balance,
YearSates.
Profit. Income. Interest.
%)• Surplus.
1913
35,043,062 $502,179 $659 $180,000 $44,968 $277,869
The report states that it Is expected that an offering of stock will be made
at an early date to provide additional working capital, which is necessary
because of the acquisition of a new plant in Pennsylvania and extensive
construction work, &c. It is also anticipated that during the year a plan
will be considered looking to an amendment of the charter to permit an
increase in capital stock and the creation and issuance of preferred stock
for additional capital required from time to time and ultimately
retiring
the income bonds.-V.97. p. 1428.
Avery Co., Peoria, Ill., Agricultural Machinery, &c.-
The affairs of the company aro now in the hands of a Chicago bankers'
committee, consisting of Frank 0. Wetmore (V.-Pres. of First Nat. Bank),
The P. S. Commission, having disapproved the plan of Dec. 11 1911 Chairman, Don A. Moulton (V.-Pres. of Corn Exchange Nat. Bank) and
(V. 93, p. 1790) and also a subsequent proposition, finally, on Jan. 23 1911, James McCluney (of McCluney & Co., commercial paper brokers). 1Curgave its consent to the plan now proposed, authorizing: (a) The Mid- rent liabilities Dec. 31 1913. 32,157,448; current assets, $4,067,185.Crosstown Ry. Co. (the successor co.) to issue $150,000 capital stock in V. 95, p. 1401.
payment for all the franchises, tracks,&c.,of the 28th & 29th Streets CrossBelding-Paul-Corticelli Co., Ltd.(Canada).-Earnings.
town RR. Co., free from all liens and claims, no liabilities whatever to be Nov. 30.
Net
Deben. Sinking Depre- Written Preferred Balance,
created; and (b) tho Third Ave. By. Co. to issue for the acquisition of said
Year- Profits. Interest. Fund. dation. Off.
Dividends. Surplus.
stock $187,000 of its 4% bonds, including not over $37,000 thereof on 1913_ _$127,876 $37,409 $14,944 810.076
$3,575 (33i)$29,904 $31,967
account of the compensation of receiver, his counsel and the committee. 1912._ _ _ 134,470
37,613 8,750 21,931 ---- (7%) 59,808
6,366
The proceeds of the remaining $150,000 bonds will be applied to the liens -V. 97, p. 668.
and claims against the property, and the debts of the receiver and of the
Mid-Crosstown By. Co., Inc., and the committee, and such part of the
Bell Telephone Co. of Pennsylvania.-Earnings.compensation of the receiver and counsel as shall not be paid by the Third Cal. YearInterest. Dividends. Bal., Surp.
Gross.
Net.
Ave. Ry. Co. Any residue will be distributed pro rata among
$21,273 $3,600,040 $1,238,417
318,934,912 34,859,730
deposit- 1913
ing bondholders along with the proceeds of the notes below the
3,600,040
17,803,375
122,566
4,715.681
mentioned. 1912
993,075
The balance of the purchase price will be received in the form of a 4% 1911
19,862,382 4,928.861
3,600,046
235,974
1,092.841
promissory note of the Third Ave. By. Co. for $250.000, payable within -V. 96. p. 556.
one year from date, with the right,at maturity,to renew $166,666 66 there.
:f
Booth Fisheries Co., Chicago.-Economies in 1913 to
for one year at 4%,and again, at the second maturity, to renew 883,333 33
of same for another year at same rate.
Result in $100,000 Saving in Administration Expenses in
The claims which are to be paid by the committee out of the proceeds of
the $150,000 bonds received by it amount, at their face value, with interest Current Year.-The effect of the reduction of $100,000 in
and penalties to July 11913, to approximately $106,621; but some of them administration expenses resulting from the economies acare of doubtful validity and reduction should be obtalaed on many of them.
complished during the late year will, we learn, appear when
The committee is to have full power to carry out the fmegoing
and
also to prosecute, liquidate, compromise, adjust or settle any andplan;
all of the the accounts for the current calendar year are compiled,
said claims against the New York Rys. Co. and Metropolitan Traction Co.
and the persons who were at one time directors of the Metropolitan Traction and was not shown in the figures for the year 1913. The stateCo. and if any moneys shall be realized upon said claims, the committee ment to the contrary in last week's issue of the "Chronicle"
shall, after meeting the reasonable costs and expenses incurred, satisfy all was
due to a misunderstanding of the official data furnished
lawful claims of bondholders, creditors and stockholders of the Crosstown
to our representative. The annual report, which was pub-,
Co., in accordance with their respective rights and interests, if any.
The committee believe that these are the best terms that can be obtained. lished at length in
last week's issue, will be found of interest.
fOld bond issue was $1,500,000. Committee: John W. Hamer (Chairman), Horace A. Doan, A. Merritt Taylor, Wm. C. Heppenheimer and -V. 98, p. 525, 529, 518.
Charles E. Loxloy. This plan will be binding on all depositors unless
Buffalo By-Product Coke Corporation (of N. Y.).within 20 days from Feb. 17 moro than one-third in interest dissent in
writing to Central Trust Co., depositary.)-V.97, p. 1116.
Offering.-Cramp, Mitchell & Co. of Phila., syndicate man-
Underground Electric Rys. of London.-Dividends, &c. agers, are offering by circular for each $900 subscribed $1,000
1st M.
sinking fund 6% bond and $500 common stook.
Subject to final audit, &c., approximately the following amounts were
All payments will be made to the Commercial Trust Co. of Phila.,' the
carried forward for the year 1913 (including balance from previous year)
after provision for the semi-annual and other distributions, making tho depositary, which will disburse the money on account of con.struction, &c.
subscriptions are payable 10% on allotment and the remainder optionally
total annual payment as shown:
one payment or in installments during 11 months, bearing interest at
Declarations-.
Forward. Last Yr.-Forward in The
•
circular states that the company has executed a 5-year binding 6%
Underground El. Rys.,full 3%(6% for year) on
con6% 1st cum. income deb. stk. and inc. bds_ _ .C45,000 (Same div.) £3,000 tract for the purchase of the coal from Rochester & Pittsburgh Coal & Iron
co.
also
and
the
for
binding
contracts
sale
of the entire output of
Central London By, (a) undivided ord. stock
coke to M. A. Hanna & Co. (200 tons daily, 5 years) and Buffalo Union
.C1% (.C3% for year); (b) pref. ord. stock £2
Furnace Co.(800 tons daily, 10 years); of the gas for 5 years to Lackawanna
(.C4% for year); (c) def. ord. stock £2% _ ___ 20,878
do
27,218
Steel
Co.
and
years
ammonia
10
for
to the Anglo-American
of
the tar and
London General Omnibus Co. Ltd., Z10% on
Tar Products -Co. Therefore the income is practically a known quantity,
ord. shares (Z18% for year)
34,197
as shown below: Capitalization Is as follows:
City & South London By. (with assistance of
£7,336 charged to capital), on pref. stock
1st M. gold s.f. 6% bonds dated Jan. 11914, duo Jan. 11030,
£23%
% (£556.% for year)
callable as an entire issue any int. date at 105 or for sk. fd. at
738
10734. Int. J.& J. at Bankers Tr. Co., N. Y.,trustee. cs&r*_$1,650,000
Pref. stock,7% cum. after Jan. 1 1917 and convertible into common
stock from 1915 to 1919 inclusive
600,000
United Properties Co. of California.-Financing.-Common stock
3,000,000
See San Francisco-Oakland Terminal Itys. above.-V. 98, p. 306.
The plant will be built under the supervision of T. V. Salt (the expert
who erected the Joliet coke oven plant for the U. S. Steel Corp.) on a plot
United Railways Co. of St. Louis.-Earnings.adjacent to the Lackawanna Steel Co.,having exceptional railroad connecCal.
Gross
Net
Other Bond, &c., Balance, ti ms. It will include 100 ovens with a total daily capacity of 1,236 tons
Taxes
Year- Earnings. Earnings. Paid.
Inc.
Interest.
Surplus. of coke, 35,250 lbs. ammonium sulphate, 14.128 gals. tar and 19,426,000
1913
$12,702,645 $4,129,027 $653,674 $84,350 $2,660,674 3899,030 cu. ft. of gas, of which 9,713,000 ft. will be used in operati vn. Estimated
1912
12,251.091 4,422,589 652,222 64,917 2,696,197 1,139,088 not earnings after taxes and gen. exp., $735,996; sinking fund, $100,000;
-V. 98, p. 454, 388.
bond int., $99,000;7% on pref. stock,$42,000; bal., stir., for com.(19.8%).
$594,996. The beehive ovens, discarded in Germany many years ago, are
Valparaiso & Northern Ry.-Guaranteed Notes.said to have wasted in the U. S. In 1912 $22,000,000 worth of ammonia.
See Goshen South Bend & Chicago RR. above.-V • 96, p. 362.
Warren A. Wilbur is expected to be Chairman and George B. Leighton
Pres. Other directors will
Frank B. Baird, H. H. Hewitt of Buffalo,
West End Street Ry., Boston.-Bonds.-The company Carl Otto, M.G. Christie ofbe
London, Howard E. Mitchell, Phila., Thomas
V. Salt, Chicago, and Thomas C. Clarke, N. Y.
will receive proposals until 10:30 a. m. Feb. 24
for the issue
of $2,000,000 5% 30-year bonds dated March 2 1914. See
V. 98, p. 238, 454.
Wheeling Terminal Ry.-Bonds Sold.See Pennsylvania RR. above.-V. 76, p. 655.
Youngstown & Ohio River RR.-Earnings.Calendar
Gross
Net
Taxes & Bond.
Preferred
YearEarns. Earns. Rentals. Interest Dividends.
1913
$253,115 $106,967 $18,082 $50,000 (33i')$37,500
1912
239,527 111,757 17,768 50,000(43) 45,000
-V. 98, p. 74.
Balance,
Sur.orDef
sur.$1,385
def. 1,011
INDUSTRIAL, GAS AND MISCELLANEOUS,
Algoma Steel Corporation.-Guar. Notes.-A press dispatch says that the London Debenture Corporation is offering at 96 £500,000 6% 3-year notes, guaranteed, principal
and int., by the Lake Superior Corporation.-V.97, p. 1117.
Butterick Co.-Bonds Called.-
One hundred and twenty ($120.000) 6% 20-year gold bonds of the Federal Publishing Co.. dated Feb. 12 1900, for payment at par and int. on
May 20 at Equitable Trust Co., N. Y.-V.96, p. 1624.
(The) By-Products Coke Corporation.-Earnings.Calendar
Year1913
1912
-V. 96, p. 1300.
Gross
Net(after Deprec. Dividends Balance,
Income. Taxes,&c.) & Misc.
Paid.
Surplus.
3869.359 3661,525 $329,619 $180,000 $151,906
809,206
240.000
273,108
677,696
164,498
Calgary Power Co., Ltd.-Earnings.Calendar
Gross
YearEarnings.
1913
$240,116
1912
192,346
-V. 97, p. 1901.
Operating
Expenses.
$52.056
40,639
Net
Earnings.
$188,060
151,707
Interest
Charges.
$100,034
89,757
Balance,
Surplus
388,026
61,950
Canada Steamship Lines, Ltd.-Subscriptions.-
Of the £1,300,000 5% consol. let M. debenture stock offered last week
at 93, about 10%. it is said, was taken by the public, the remainder being
left for the underwriters.-V.98. p. 526, 157.
FEB. 21 1914.J
TIIE CHRONICLE
613
Case Threshing Machine Co.-Bonds.-The First Trust
& Savings Bank, Chicago, and Potter,Choate & Prentice, N.
Y., together with a syndicate of prominent banks and bankers,
have bought and will shortly offer $12,000,000 first mtge. ser.
bonds, maturing each year from Dec. 1 1914 to Dec. 1 1926.
Pres.F.K.Bull made substantially the following statement:
would have been produced sufficient to pay interest upon your bonds and
the underlying bonds of the power company and the 1st M. bonds of the
railway company, which neither the power company nor the railway company operating separately can do. Unless some feasible plan of consolidation is put forth,each company or its successor must immediately provide
a large sum of money to parallel the facilities of the other, resulting in an
over-supply of power and ruinous competition.
The charges brought by the Priest committee against the Fuller corn..
Irate° have given rise to such animosities as to make it practically impossiThe sale of these bonds will practically fund the company's current obli- ble we believe for the Priest committee to obtain more than a bare majority,
gations and place it in a position so that after the year's product is sold, the of the bonds. It is necessary that all the bonds act in concert, and accorcompany should have no current obligations and a large cash balance.
dingly, representing the holders of a large number of bonds who are unOur profits are largely in excess of the amount required to pay the inter- willing to deposit with the Priest committee until it shall have presented a
est on these bonds and the dividends on the pref. stock. The quick assets plan calculated to be successful, we solicit the deposit of your bonds with
will now exceed the entire amount of obligations, including the bonds now our depositary in order that the proper plan, by whomsoever presented,
Issued and also the entire par value of the pref. stock outstanding. The may receive unanimous support. We do not wish to embarrass or harass
volume of accepted business since Jan. 1 is larger than for similar period the Priest committee, but to aid them should they present a proper plan.
In any preceding year.
The certificates of either the Fuller of Priest committee, properly enThe bonds are Issued for the sole purpose of reducing current loans. dorsed, will be accepted by our depositary, the Equitable Trust Co. of N. Y.
The recession in business for the last quarter of 1913 compelled us to carry We will prepare or adopt and approve as soon as practicable a plan for the
over a larger amount of material and product,so that outside of earnings we reorganization of the company or of procedure best calculated to protect
shall be able to pay the first installment of the bonds through liquidation of your interests and submit the same for your approval before obligating you
inventory and,except for a few months during the height of its manufactur- without your consent beyond the incidental expenses of investigation and
ing season, will be free from current borrowing. The annual bond redemp- preparation of a report. As a committee we are serving without compentions can readily be met and still leave ample earnings for the pref. dividend. sation.-V. 98. p. 527.
Our net manufacturing cost will be materially reduced through the operaKaufmann Department Stores, Inc., Pittsburgh.tion of the large now foundry and machine shop now completed, with a,
The stockholders on Feb. 16 ratified the decrease in the pref. stock from
new power plant of ample capacity, on ground owned at Racine. This investment will enable us to withdraw from the purchase of castings from $2,500,000 to $2,400,000.-V. 98, p. 455.
outside sources.-V. 97, p. 1358.
Kresge (S. S.) Co.-Earnings for Calendar Year.Cal.
Gross
Net Retirem't Appro. Preferred
Central District(Bell) TelephoneCo. of Pitts.-Bonds.
Common Balance,
Year.
Sales.
Props. Pf. Stk. p,'W.
Divs.
purchased
initial
of
issue
the
Divs. Surplus,
have
Co.
-J. P. Morgan &
$
$
$
$
and
11943.
due
1913
Dec.
1
Dec.
dated
5s
M.
1st
$10,000,000
1913__13,258,227 869,686 74,500
(7)135,800 (4)200,000 459,386
Among other houses interested will be Kuhn,Loeb, &c., Drexel & Co., 1912....10,325.488 669,179 50,000 178,083(42-3)93,333
347,763
"appropriation"
The
as
Co.,
Peabody
and
Lee,
Kidder,
above
&
in
Higginson
1912 is the estimate of the amount
Union Trust Co. of Pittsburgh,
applicable to operations for 4 months Jan. 1 to date of organization, Apr.30
& Co.
1912, based on sales for the period and applied in reduction of good-will,
Total authorized, $25,000,000. Trustee, Fidelity Title & Trust Co. of
&c. The sales for the month of January 1914 were $945,083, comPittsburgh. Interest J. & D. Principal callable as a whole at 105 on due leases,
pared
with $744,834 in January 1912, a gain of 26.88%.-V.98, p. 307.
covers
property
in
mortgage
some
19
counties
In
notice. The
Western
Pennsylvania, including the City of Pittsburgh and 18 West Virginia
Laclede Gas Light Co., St. Louis.-New Directors.counties.-V. 97, p. 1586.
F. 0. Watts has been elected a director to succeed W. It. Bixby, who is
Chester County Lighting Co.-Bonds Called.retiring from all directorates; E. A. Faust to succeed his brother-in-law, the
First M.bond No. 107,dated May 201911,for $100,and 2d M.bond No. late Adolphus Busch; R. H. Stockton to fill the vacancy acused by the
57. for $250, and No. 163, for $100, for payment at 105 and int. on Mar. 9 death of C. H. Huttlg, and W. C. McBride to succeed Alonzo Potter.
V. 98, p. 520, 158.
at First Mtge. Guarantee & Trust Co., trustee. Philadelphia.
Lake Superior Corporation.-Guaranteed Notes.Consolidated Gas Co., New York.-Provision for Notes.
See Algoma Steel Corporation above.-V.97, p. 1666.
-The company will pay off with treasury cash $5,000,000
Merchants Coal Co. of Penn.-Deposit of Bonds.of the $15,000,000 6% collateral trust notes which mature
The committee named below requests the deposit on or before Feb. 25
Feb. 25 1914, and has arranged to provide for the remainder of the 5% sinking fund bonds of 1909 with the Union Trust Co. of Pittsburgh,depositary,or the Baltimore Trust Co. of Baltimore,as agent of the
by making $10,000,000 of 432% notes dated Feb. 25, $5,- depositary.
Each bond must be accompanied by $5 on account of the ex000,000 to run for three months and $5,000,000 for six mos. pensas of the committee, viz.: James H. Beal, Chairman; Wm N. Frew,
Gen. W. Atkinson and Harry W. Atkinson with Wm. Frew, Sec., 1363
They will all be handled as a banking transaction through the Frick Bldg. Annex,Pittsburgh. (Total ofthis issue outstanding understood
National City Bank of N. Y. There will be no public offer- to be about $2,249,000. V. 90, p.630.)-V. 97,p. 599.
ing. See V. 98, p. 389.
Middle West Utilities Co., Chicago.-Location of PropConsumers' Co., Chicago.-Earnings to Dec. 311913.- erties Owned and Controlled.-This company, headed by SamNet
Int. on Balance, uel Instill of Chicago (V. 96, p. 1769, 1773; V. 97, p. 595;
Mtg. Bond Deb.
Gross
10 1-3
Months. Profits.
Earnings. Interest. Interest. Loans.
Surplus. V. 98, p. 236), has issued a map for the first time showing
S3,461,733 $676,678 $179.05! $52,500 $54,494 $390,633
1913
Norman Kirkland and Clarence Gray have been elected directors to suc- as below the location of the various properties owned
ceed W.J. Shedd and Fred. Kraeckmann.-V. 97, p. 447.
and controlled by its principal subsidiary companies (Nos. 1
(William) Cramp & Sons Ship & Engine-Building Co. to 12), and also (see "13" below) the miscellaneous detached
The U. S. Circuit Court of Appeals has decided in favor of the company properties owned and controlled but not so grouped:
the suit brought in 1909 by the International Curtis Marine Turbine Co.
and the Curtis Marine Turbine Co., alleging patent infringement of a certain new type of turbine engines used in U. S. warships.-V. 97, p. 43.
(1) Illinois Northern Utilities Co., all in Illinois.
(V. 97, p. 240; ene also p. 157 of "Railway & Industrial Section".)
Ilarvard,
Morrison,
Kingston,
Walnut,
Plano,
Belvidere,
Burlington,
Lyndon,
Ohio,
Sandwich,
Crocker-Wheeler Company-Earnings.Forreston,
Polo,
Prophetstown, Franklin Gr'veSomonauk,
Net
Calendar
Interest
Replacem't Dividends
Bolan ce,
Adeline,
Oregon,
Tampico,
Ashton,
Leland,
Year-- Profits.
Paid.
Surp. or Def. Kirkland,
Paid.
&c.,Reserves
Sycamore,
Geneseo,
Lee Centre, Farlville.
$300,090
1913
$50,035
sur. $52,388 Genoa,
$102,750
$94,917
Dixon,
Sterling,
W. Brooklyn, Mendota.
213,100
1912
' 13,426
def.
128,250
73,321
1,897 Hampshire, De Kalb,
Rook Falls, Compton,
-V. 96, p. 1627.
Mt. Morris, Fulton,
Amboy,
Sublette,
Dayton (0.) Breweries Co.-Report.-For calendar year: (2) Tri County Light & Power Co., Aledo, Ill.(V. 97, p.669)-All in Illinois.
Viola,
Arpee,
Seaton,
Woodhull,
Alexia.
Cal.
Gross
Net Depre- Bond Sinking Preferred
Balance,
New Boston, New Windsor, Rio,
Year. Earnings. Earns. ciation. Int. Fund. Dividend. Sur. or Def. Kiedo,
Joy,
Kelthsburg, Alpha,
N.Henderson,
$
8
11
16
$
$
$
1913 -1,291.852 404,334 41,787 154,375 25,000 (4156,210 sur.126,962 (3) Central Illinois Public Service Co.. Mattoon City, Ill.-All in Illinois.
1912 _ A,193,752 223,628 39,005 154,875 25,000 (1)i 18,737 def. 13,989 (See V.95,p. 1744:see also p. 74 of"El. Ry." Sec.)
Bbls. sold, 167,151 in 1913, agst. 156,021 In 1912.- .96, p. 1705, 1024.
This company's field of operation includes a large partlof Central Illinois
and a portion of Southern Illinois, as shown in groups in "Chronicle" of
Denver Union Water Co.-Purchase Disa8pproved.Dec.
28 1912, p. 1744. To these groups have been added some 63 small
City"
See "Denver" in "State and
Department.-V.9 p. 526.
places as follows: To Macomb Group for electric service 22, for gas and
Dominion Power & Transmission Co.,Ltd.-Earnings. elec., 1 (Beardstown); Jerseyville Group, electric
service 6 (heating also
Calendar
Gross
Maint'ce Bond,
Net
Divs. Balance, In one); Lawrenceville Group, electric 3; Mattoon-Parls Group, electric 12;
Earnings. Earnings. & Ren'ls. Int.&c.
YearPaid. Surplus. Taylorville Group. electric 10 (also ice and heat in one); Carbondale$2,737,806 $1,281,813 $141,116 $378,172 $362,379 $400,146 Marion Group, electric 9; ice only 1 (Cairo).
1913
2.563,371 1,203,912
352,153 362,301 489,458 (4) Central Illinois Utilities Co., Chicago (V. 95, p. 1748)-All in Illinois.
1912
Nesbit, Thomson & Co. of Montreal deal in the company's securities.- Sheldon,
Piper City, Onarga,
Leda,
Saybrook,
V. 97, p. 1203.
Watseka,
Paxton,
Arrowsmith.
Chatsworth, Milford,
r111 -At..
Rant+-In.
Donnaconna Paper Co., Ltd.-New Plant in Operation: Crescent City, Forrest,
Glbsonrity.
Fairbury,
Buckl-y,
-Foster & Adams, N. Y., who placed the company's securi- Gilman,
(5) Missouri Gas ee Electric Service Co.
ties, report in substance:
Lexington and Marshall in Missouri.
This company has recently placed in operation its plant,for the manufac
(6) Public Service Co. of Oklahom2-Wholly in Oklahoma.
ture of newsprint paper and ground wood and sulphite pulp, a structure o
Tulsa,
Coalgate,
Lehigh,
Atoka,
concrete, brick and steel located at the mouth of the Jacques Cartier River, Vinita,
Cottonwood,
31 miles west of Quebec, on Canadian Northern Ry., and within a few feet Guthrie,
of the company's dock on the St. Lawrence River for ocean-going steamers.
(7) Kentucky Utilities Co. (V. 98, p. 63, 1157)-All in Kentucky.
Leas than 1,400 ft. from the plant is a water-power development with a New Castle, Midway,
Mt. Sterling,
S palm.tat,, Middlesboro
65-ft. fall sufficient for its needs. The company has two timber supplies, Pleasureville, Lawrenceburg. Winche;ter,
Ferguson,
one above the mill on the Jacques Cartier River, the other east of Quebec, Eminence,
Tyrone,
Richmond,
Burnsi.le,
accessible by rafts on the St. Lawrence River. G. H. P. Gould, Lyons Shelbyville,
Versailles,
Elizabetotown, Pineville,
Falls, N. Y., paper-making expert, is in charge. A contract has been made
with the New York "Times" for the output of the mill. Outstanding capi- (8) Interstate Public Service Co (V. 96, p. 1701, 1157)-All in Indiana.
Fowler,
Spicaland,
Columbus,
talization: 6% serial notes, $500,000; pref. stock (auth., $2,000,000). Crown Point, GYYlland,
Lowell,
Remin;tan, Boswell,
Greenwood, Seymour,
$1,550,000; common stock, $1,500,000.-V. 95, p. 682.
Morocco,
Wolc ott,
Whiteland,
Lebanon,
Bedford
Eastern Steamship Corp.-New Director.Brook,
New Castle Shelbyville, Salem.
Mo oticello,
Earl Park,
Greenfield.
Secretary Roderick A. Pepper has been elected a director to succeed Kentland,
Franklin,
William A. Hill, deceased.-V.96, p.656.
(9) Constantine Hydraulic Co. (V. 90, p. 353)-All in Michigan.
(7assopolis, Jones, Vandalia, Three Rivers, Constantine, White Pigeon.
General Baking Co., New York.-Earnings.10) Marquette County Gas & Electric Co. of Michigan.
Net
Calendar
Bond, Ac.,
Preferred
DepreBalance,
Ishpeming and Negaunee (V. 91, p.351; also seep. 64 in "El. Ry." Sec.)
Interest.
Income.
YearDividends.
ciation.
Surplus. (11) Twin State Gas & Elec. Co.(V.98. p. 156, and p. 18"Elec. Ry." Sec.).---- $417,563
$906,037
1913
$237,000
$251,473
New York, Vermont, Maine, and New Hampshire.
194,110
893.094
184,536
1912
349,596
164,853
New York.
Bennington, New Hampsh. Dover,
Berwick,
Total surplus Dec. 31 1913. $674,428.-V. 97, p. 889.
N. Hoosick.
Centre,
Hinsdale,
Salmon Falls, S. Berwick,
Georgetown (D. C.) Gas Light Co.-Sale.Hoosick Falls. Denning,
Rochester,
Berwick Jct.
Maine.
Vermont.
see Washington Gas Light Co. below.-V. 93, p. 411.
W.Brattleb o, Rollinsford, Lebanon,
N.Benningt'n, Brattleboro, Somersworth, N. Berwick,
Griffin Wheel Co.-New Directors.(12) United Gas & Electric Co. of New Albany, Ind. (see -El. Ry." Sec.).
John E. May of Curtis & Sanger is now a director.-V.98, p. 526.
Indiana.-New Albany Street RR.(V. 72, p. 1080); Louisville & NorthRy. & Ltg. Co.(V. 96, p. 1626); Louisville & Southern Indiana TracIdaho-Oregon Light 8a Power Co.-Circular.-The now ern
tion Co.(V. 95, p. 1010); New Albany Water Works.
committee of holders of "First & Ref." M. bonds of 1907,' Kentucky.--Charleston, Sellersburg, Clarksville, Port Fulton, Silver
Grove, New Albany and Jefferson.
Alvin W.Krech,Chairman,in circular of Feb. 10,says in sub.: (13)
Miscellaneous Properties not Included in Any of Above Groups.
While the plan submitted for your approval was not entirely to our ,
Vermont.-St. Johnsbury Electric Co. (at last account $150,000 stock
satisfaction, it was better than no plan, and we regret that the Fuller and $80,000 bonds). St. Johnsbury Centre, St. Johnsbury, Danville,
committee felt compelled so retire. We feel that if the plan to consolidate Concord, Passumpsic.
the railway and the power property had been careied into effect, an income
Kentucky.-Bloomington and Corydon.
614
TIIE CHRONICLE
Illinois.-Freeport Railway & Light Co. (p. 55 of "Elec. Ry." Sec.).
Wisconsin.-Fontana & Walworth.
Nebraska.-Nebraska City Water & Light Co.
Oklahoma.-Chlekasha and Lawton.-V.98. P. 236, 159.
[VoL. xcvna.
Dividends as above, $840,512 for year ending Dec.. 31 1913, include
$455,275 on pref. and $385,237 on the common stock;for the
14 months ending Dec. 31 1912 ($673,719), $311,349 on the pref. and
$362,370 on the
common stock.-V. 97, p. 1289.
Montgomery Ward Co., Inc.-New Officer.-
(M.) Rumely Co., La Porte Ind. (Agricultural Machinery).-Financing-Offer of 1r:3,000,000 Cash Conditioned
on Extension of Old Notes.-The following was issued on
r
Mount Whitney Power & Electric Co., Cal.-Bonds.- Wednesday following a meeting in N. Y.of bankers interested
-The Calif. RR.Commission has been asked to sanction the issue of $500,- in financing the company's requirements:
Charles H.Thorne has been elected President to succeed the late A.Montenent3anW
nuaarli
betrn ertpedt5c4irector to succeed Mr.Ward.
000 additional 1st M.6% bonds on account of developments already made
at the Kaweah River plant. (V.97,p. 1737.)-V.98, p.391.
The company has received assurances of approximately
of
the $4,000,000 needed to meet the seasonal requirements of the$3,000,000
year.
An effort is being made to secure pledges for the remainder. Allcurrent
the pledges,
however,
are
conditioned
upon
plan
the
for
the
extension
of the matttrity
Calendar
Net
-Dividends (7%)Balance,
of the l$10.000,000) 2-year notes until Mar. 1 1918 being declared operative.
YearEarnings.
1st Pref.
Sur. or Def.
2d Pref.
The company is informed that almost half of the 2-year notes actually
1913
$118,951
$70,000
sur.$272,341 has been
$461,292
deposited
Mortgage
with
States
United
the
&
Co. as de1912
168,255
118,951
70,000
def.20,696 positary of the noteholders' committee of which John W.Trust
Platten is Chair-V.97, p. 441.
man. Holders of about $2.000.000 additional notes have signified their
willingness
to deposit. Every effort will now be made to secure the deposit
National Carbon Co.-Stock Increase-50% Stock Div.The stockholders on Feb. 16 authorized an increase in the preferred stock of the remaining notes in order that the funds pledged for the seasonal
from $4,500,000 to $5,000,000 and in the common from $5,500,000 to $12,- requirements may become available.
The payment of the interest due March 1 upon the $10,000,000 2-year
000,000. The directors on Wednesday announced: "By the liquidation of
certain of its assets,the company has increased its surplus so that its board notes seems to depend upon the success of the plan for the extension of the
has declared a 50% stock dividend, payable March 20 to holders of its notes, inasmuch as without that extension funds to pay the interest would
55,000 shares of common stock. The distribution will be made to stock- not be available.
Vice-Pres. Kilborn of Nat. City Bank, N. Y., was on Fob. 19 quoted
holders of record on March 10." Compare V. 98. p. 308. 240.
Conrad Hubert has been elected a director to succeed Webb C. Hayes. as saying: "I do not believe there will be any receivership proceedings.
The parties who stood back of the company last year will, in my opinion,
He has also been made a Vice-President.-V.98, p. 308.
stand back of it now. A company that holds $8,000,000 or $10,000,000
National Enameling & Stamping Co.-Earnings.farmers' notes, which are slow, but perfectly good, and that has millions
dollars' worth of materials and implements which are worth cost of proPeriod
Gross
Net
Int.,
Pref.
Balance, of
duction, plus a good profit, should be given time properly to place them
CoveredProfits.
Profits. Disc.,&c. Divs.
Sur.or Def.
Yr.end. Dec.31'13 $1,648,649 $1,051,546 $290,273 $598,263 sur.$163,011 or dispose of them.-Ed.)-V. 98, p. 309.
18 mos. end. Dec.
Schenectady(N. Y.)Illuminating Co.-Notes.31 1912-_ 2,119,968 1,097,902 441,737 897,393 def. 241,228
The P. S. Commission on Feb.5 approved the sale of $1,186,000 of 3-year
-V. 96, P..6W
6% notes, dated Aug. 1 1913, at not less than par, for the purpose of reNational Steel Car Co., Ltd., Canada.-Earnings.tiring the entire amount of the 4%% consols of 1903.-V.97, p. 954.
For first fiscal year ending Nov. 30 1913:
Shawinigan Water & Power Co., Montreal.-Earnings.
Net earnings
$236,052 I Repairs and renewals
$86,074 YearGross.
Net.
Miscellaneous earnings__ _7,176'Balance, surplus
All Interest. Dividends,
Bat. Sur.
157,154
The report states that the-re was a loss of approximately $65,000 incurred 1913
-$1,690,883 $1,473,439 $501,360 (6%)$660,000 $312,079
1,569,671
1,362,257
during Jan., Feb. and March 1913, due largely to incompetent labor and 1912
489,897 (53.1) 540,000
332,360
From
the
accumulated
surplus in 1913 there was transferred $206,000 to
lack of organization, invariably occurring in new industries. There was
reserve and sinking funds, $10,000 to contingent fund and $100,000 to
'expended out of earnings $86.075 for maintenance.-V.95, p. 548.
depreciation reserve, leaving a balance of $19,878 undistributed.-V. 96.
New River (Coal) Co. of W. Va., Boston.-Option.- p. 1627.
Pres. Robert II. Gross in a statement to the stockholders Feb. 17 said:
Shredded Wheat Co., Niagara Falls, N. Y.-Earnings.
"Referring to the option on stock and bonds which was given to Mr. George
Dobbin Penniman,and which provided for payment of$600,000 on Feb. 16,
For year ending Dec. 31 1913 (incl. Canadian Shredded Wheat Co.):
we beg to advise that the deposit was not made. After the close of business Profits
$982,361 Common dividends (6%)_ _3525,000
'hours, however, a cable was received from Mr. Penniman stating that his Depre:lation reserve
surplus
42,804 Balance, splus
339,557
representative was returning on the Olympic and requesting that situation Preferred dividend (6%)___ 75,000
be held as at present until his arrival. Mr. Penniman remains in London.
The net earnings in 1912 were reported at 3922,000. After writing off
While the option expired yesterday, several of the large stockholders and $1,024,000 from good will (reducing the valuation as per balance sheet on
bondholders have agreed to allow the option on their holdings to remain Dec. 31 1913 at $7,400,000). The major part of the cost of the new
intact until the arrival of Mr. Penniman's representative. -V.97, p. 1902. building was met during the year out of net earnings.-V.95, p. 1611.
National Candy Co., St. Louis, Mo.-Earnings.-
Northern California Power Co.-Settlement.Judge Barber in the Superior Court early in February entered judgment
by consent of all parties in a suit which has been pending for about six
years against the Shasta Power Co., which has been absorbed by the company. Nearly all the farmers along Hat Creek in the eastern part of Red'ding County were parties to the suit, which involved the right to use the
water of Hat Creek and Lost Creek. The Shasta Power Co. laid claim to
700 inches of water and dug a ditch conveying the water to its power plant
on Snow Creek. An order was asked for restraining the company from
,diverting the water. The Judgment rendered allows the Shasta Power Co.,
or its successor, the Northern California Power Co., o divert the water
only from Sept. 15 to the first day of the following day. From May 1 to
Sept. 15, or during the irrigation season, the farmers are to have the water
.exclusively. The company is enjoined from taking any water at any time
from East Hat Creek. The farmers, it Is stated, release all claims for
damages.-V. 98, p. 456, 72.
Nova Scotia Steel & Coal Co., Ltd., Now Glasgow,
N. S.-Earnings.-For'calendar years:
,Calendar
Profits
Int. on Depr.,Sk. Pf. Die. Corn.Div.
Balance,
Yearfor Year. Bd.s.,&c. Fd.,&c. (8%)• (6%). Sur. or Def.
1913
$1,255,954 $505,135 $233,132 $82,400 $360,000 sur.$75,287
1912
1,000,609 412,311 201,842 82,400 360,000 def.55,944
-V.97. 13• 1280*
Ohio Oil Co.-Seventy-Five Cents Extra.-
Shreveport (La.) Water Works Co.-Sale to City.See Shreveport in "State and City" department.-V.97, p. 1290.
Siegel Stores Corporation.-Chicago Concern to Issue
7% Convertible Notes.-Siegel, Cooper & Co. of Chicago,
controlled by the Siegel Stores Corporation, gave out the
following on Feb. 18:
Directors on Feb. 11 authorized issue of 51,000,0007% 7-year convertible
gold notes, which have been fully subscribed at par, being issued in place
of pref. stock, for issue of which directors heretofore called a meeting of
stockholders Feb. 14.
The change in plan is caused by the fact that one of the stockholders of
Siegel, Cooper & Co., owning about 7% of the stock, though having given
verbal assent to issue of the pref., when it came to putting that assent into
writing declined, and insisted on getting some individual advantage over
other stockholders which the company and the stockholders refused to permit-V.98, p. 76, 160.
Southern Bell Telephone & Teleg.-Bonds.-J. P.
Morgan & Co. and Robinson, Humphrey, Wardlaw & Co.,
Atlanta, have purchased $5,000,000 1st 5s of 1941, making
about $18,000,000 outstanding (see V. 95, p. 1212).-V.
96, p. 494.
Southern California Edison Co.-Earnings.-
A dividend of $1 25 (5%) and an extra payment of 75 cents (370)have
been declared on the $15,000,000 stock (par $25), both payable Mar.20
Gross
Net (after Interest Deprecia- DiviBalance,
to holders of record Feb. 25. This compares with $1 25 and $6 75 in Dec. Calendar
Earnings.
YearTaxes). Charges.
Lion.
dends. Surplus.
last. In Sept. and June last 75 cents extra was also paid, and in March
$4,779,280
1913
$2,354,465
$818,S50 $700,000 $620,000 $215,615
1913 $1 extra. In 1912, $1 25 was disbursed, but without any extra.
- 1912
4,337,441
708,796
2,008,355
650,000 620,000
29,559
V. 97, p. 1508.
Dividends include yearly $200,000(5%) on preferred and $420,000(5%)
on common stocks.-V.98, p. 456.
Pacific Gas & Elec. Co. (of Ariz.), Phoenix.An agreement was reached on Jan. 30 between the Arizona corporation
South Penn Oil Co.-Earnings for Calendar Year 1913:
'Commission and the company, under the terms of which the existing litigation is ended, reductions that are practically equivalent to the demands Net earnings
$6,637,102 Previous surplus
$13,908,286
of the Commission are immediately granted and the company will expend Dividends(12%)
1,500,000 Stock dividend (300%)_
7,500,000
' $100,000 for betterments, improvements and extensions.
Balance, surplus
5,137,102 Total balance Dec.31 '13 11,545,388
The new base rate for electricity for lighting is 12 cts. instead of 10 cts.
December
Balance
Sheet
31.
for the /first 20 kilowatts and the secondary rate thereafter is 6 cts. On
1913.
1913.
1912.
1912.
•electric power the base rate is 8 cts. and slides to 24 cts. per kilowatt, acAssetsLiabilities$
cording to the amount consumed, and on gas the base rate is $1 60 for the Property *
13,011,539 12,084,228 Capital stock __ _ _12,500,000 2,500,000
first 2,000 ft. instead of $1 62. The next 3,000 ft. are on a $1 40 rate, the Material & mdse
1,387,803
dr accounts
next 5,000 at $1 20 and thereafter the rate is $1 per 1,000. The new rates Stock in prod. cos- 710,000 1,230,915 Notes
692,985 1,163,715
payable
for the first year will, it is stated, mean a net loss of about $30,000.
Cash & oil on hand 7,669,528
Profit and loss_ _ _ 11,545,388 13,008,286
The Commission may at its option act upon the two portions of the plant, Notes,bds.&mtges. 1,690,000
gas and electric, separately, as though they were separate plants, and when Accounts receiv'le. 269,503 4,256,858
the net return on either shall have reached 10% per annum,either gas rates
or electric rates may be considered separately and reduced. The board of
Total
24,738,373 17,572,001
24,738,373 17,572,001
Total
appraisal are instructed to find the value of the property as of Aug. 11912
and also the amounts of additions and improvements to date. After the
* Includes producing plant, $10,178,374, and non-producing plant,
appraisal is completed the Commission shall amend its order of June 23 1913 52,833.165.-V. 97, p. 1514.
to include such items of valuation as were prescribed by the courts and inSpringfield (Ill.) Coal Mining Co.-Receivership.cluded in the agreement, and the company shall expend $100,000 in extensions asked by the people of Phoenix. The company is to refund to conFrancis
Peabody of Dupage County was appointed receiver by the
sumers any amounts advanced by them for extensions. Although the value Sangamon E.
Circuit Court at Springfield, Ill., on Jan. 26,on npplicaof the desert plants is decreed to be amortized over a period of 15 years, tion by theCounty
Columbia-Knickerbocker Trust Co., mtge. trustee. The rethe amortization funds shall be invested in the plant.
ceivership followed the death of V.-Pres. D. D. Shumway on Jan. 21.The company is to be entitled to at least 8% per annum return on its V. 98. p. 309.
total valuation as may be determined from time to time after deducting
Standard Oil Co., California.-Report.-Ackermann &
reasonable operating costs, &c., by a board of appraisal to consist of 3 engineers, one to be appointed by the company, one by the Commission and
the third to be selected by these two. The working capital shall be $50,000 Coles have received the following by telegraph:
Year.
1913.
1912.
Year.
and the depreciation reserve $64.293, as prescribed by the Federal Court.
1913.
1012.
Dec. 31$
The element of going value shall be considered and the U. S. contract value
Dec. 31$
$
3
19,386,140 7,1013,156 Dalance,surplus_ A4,802,741 5,982,807
as of Aug. 1 1912 shall be amortized over a period of 15 years. Compare Net earnings
Divs. (10)
4,493,399(24)1123349
V. 97. p. 1827.
Earnings were at the rate of 42.0% on the outstanding capitalization, which comPacific Mail Steamship Co.-New Director.pares with 15.8% In 1912 and 12.6% in 1911.
. A. Worthington has been elected a director to succeed Maxwell
BALANCE SHEET DEC. 31.
Everts, deceased.-V. 98, p. 241.
1913.
1912.
1013.
1912.
Pennsylvania Steel Co.-Bonds Called.AssetsLiabilitiesOne hundred and forty-two($142,000) Cornwall Ore Banks 5% loan dated Plant investments 50,268,456 38,241,000 Capital stock__ _45,183,993 44,933,904
Oct. 1 1002, for payment at 105 and int. on Apr. 1 at Girard Trust Co., Other investments 190,750
190,750 Notes and accts.
Philadelphia.-V. 98. P. 456, 160.
Inventories
21,724,390 19,246,014
payable
7,448,018 2,185,906
Accts. receivable_ 6,083,042 4,317,777 Capital stock premPublic Service Co. of Northern Illinois.-Earnings.-- Unexpired
ins.,&e. 164,189
ium account_
250,000
Period
Gross
Net (after Bond, ac., Deprec'n Divs. Balance, Cash
1,065,268
072,504
Surplus
35,088,743 20,196,002
Covered- Earnings. Taxes).
Interest. Reserve. Paid. Surplus. Loans
4,347,857
Year ending
Prod. property_ _ 8,474,659
Dec.31'13_36,066.825 $2,476,724 $1,307,398 $121,130 $840,512 $207,603
14 mos. end.
Total
87,970,754 67,315,902
Total
87,970,754 67,315,902
Dec.31'12_ 4,230,021 1,861,758
745.734 137,774 673,719 304,531 -V.98,D.457.
FEB. 211914.]
THE CHRONICLE
615
Western Union Telegraph Co., N. Y.-Sale of $30,000,000 Stock Held by Am. Tel. & Tel. Co.-Option to Sub9 to 4% Foreshadscribe-Increase of Dividend Rate from 37
owed.-It was announced on Feb. 16 that,in accordance with
the agreement entered into with the Dept. of Justice, the
American Telephone & Telegraph Co. had sold its entire
Union-American Cigar Co., Pittsb.-New Directors.- holdings of about $30,000,000 stock of the Western Union
Julius Marquesee, N. D. Lean and Tilgham Johnson have Telegraph Co. to a syndicate formed by Kuhn, Loeb &
been elected directors.-V. 98, P. 392.
Co. (and since greatly over-subscribed), under an arrangeUnion Natural Gas Corporation (Pittsburgh, Pa.)- ment by which the privilege was reserved to stockholders of
the Western Union Telegraph Co. to subscribe for the same
Earnings.-For calendar years 1913 and 1912:
Cal.
Gross
Balance. pra rata at $63 per share, on or before Mar. 24 1914, to an
Operating
Int. on Gas &Elec. Dividends
Surplus. amount equal to 40% of their holdings as of record on Feb.28.
Year. Earnings. Expenses. Bds., . Purchased. (10%).
1913_44,673,220 $1,682,197 $307.738 $1,166,198 $950,000 $567,086
Treasurer A. R. Brewer in circular of Feb.18 says further:
865,130 900,000 795,283
1912__ 4,431,310 1,618,660 252237
Standard Oil Co. of Ohio.-3% and 3% Extra.-
A quarterly dividend of $3 (3%) with $3(3%) extra has been declared
on $3,500,000 stock, payable April 1 to holders of Mar. 6, comparing with
$3(3%) and $2(2%) extra quar. in Mar. June, Sept. and Dec. 1913. and
$5(5%)on Dec. 16 1912. The last-mentioned dividend, the first distribution since the disintegration of the Standard Oil Co., covered the 6 months
ending Oct. 30.-V. 96, p. 558.
From the surplus as above in 1913 there was deducted $550,700 for depreciation, against $600,030 in 1912, leaving $16,386 in 1913, against
$195,253 in 1912.-V. 97, p. 370.
Subscription warrants will be issued shortly after Feb. 28 and must be
returned to this office, 195 Broadway, N. Y., on or before Mar. 24 1914,
accompanied by the amount of the purchase price in checks or drafts.( N.Y.
in favor of the company for the exact amount due, whereupon the
Union Switch & Signal Co.-Earnings.-For cal. years: funds)
shares will be issued entitled to all dividends hereafter declared.
1910.
1911.
1912.
1913.
In connection with the above offer, the following information is furnished:
$4,139,902 $6,259,093
Gross receipts
----Not stated
1,763.019 Cash and cash assets Dec. 31 1913: Accounts receivable,less re905,772
Net income
$1,704,792 $1,076,501
serve for doubtful accounts. $6.670,000; notes and loans re1,231,093
826,172
1,004am
Surplus over int. & depr_ 1,618,008
ceivable, $9,000,000; cash, $2,278,950; total
$17,948.950
-V. 97, p. 1903.
Less: Accounts payable
4.064,000
-Dividend.Union Tank Line Co., New York.
Net amount of cash and cash assets in excess of acc'ts payable $13,884,950
A semi-annual dividend of 2}4% has been declared on the $12,000,000
This
is
the
first
of
record
March
4.
stock, payable March 25 to holders
The total rev, and income for the cal. year 1913 increased 4% over 1912.
distribuaon since several years prior to disintegration of Standard Oil Co.
It is confidently believed, because of the progress made in the construction of plant and renovation of offices, that the work will be completed
Profit and Loss Statement.-For calendar years:
during 1916. Meanwhile, on a conservative basis, dividends at 4% per
1912.
1913.
1912.
1913.
annum will be warranted.
(The Am.Tel. & Tel. Co. is said to have carried this stock on its books at
Nette,arn.for yr.1,203,229 1,305,7721 Total sur. or clef.
75,so that the sale means a book loss of about $4,000,000.-Ed.)
Total def. Jan.1 885,881 2.191.6531 end of year_sur.317,348 df885,881
See also statement made by Pres. Theo. N. Vail, Esq., in Jan. 1914 in
Balance Sheet December 31.
V. 98, p. 301, 392.
1913.
1912.
1913.
1912.
Wheeling (W. Va.) Mold & Foundry Co.-Directors.AssetsLiabilities$
$
.E.Stone and H.E.Fields have been added to the board.-V.98,p.392
Tank car eq'pt10,124,259 *9,877,850 Capital stock_12,000,000 12,000,000
Mach.,tools,&c 380,126
49,721 Accts. payable
62,614
L74,322
Youngstown (0.) Sheet & Tube Co.-New Stock.Office furn__
13,948
11,765 Surplus
317.348
Cash & accts. 1,861,629 1,249,109
A circular dated Feb. 10 announces that common stockholders of record
Profit & loss
885,881
Totals
12,379,962 12,074,327 March 1 1914 will be permitted to subscribe at par ($100 per share) on the
company's warrants,on or before April 1 ,for 20% new common shares en* After deducting $3,485,735 for depreciation.
titled to dividends after that date. Subscriptions are to be paid 25%
The cars contracted for delivery in 1913, referred to in the statement of July 1 1914,25% Oct. 1 1914,25% Jan. 1 1915, 25% April 1 1915. In the
of rights to fractional shares,the stockholder will be allowed to purchase
May 1 of that year, have practically all been received. They were paid case
an additional fraction at rate of $175 per share, or he may sell his fraction
for out of the earnings.
company at the same rate.-V.96, p. 1428.
the
to
Another order has been placed for 1,000 new steel cars of 8,000 gallons
capacity each. These cars were ordered to replace a like number of old
wood-body cars now being withdrawn from service and dismantled.-V.96,
-The manual published annually by the Stone & Webster
p. 1302.
United Electric Securities Co., Boston.-New Bonds, Management Association is now being distributed. The
Parkinson & Burr and Perry, Coffin & Burr, Boston, are offering at 99 results for 1913 compare with those for 1912 as shown below:
and int. $500,000 38th series collateral trust 5% gold bonds,dated Aug. 1 Calendar
Gross
Net (after
Other Int. Chges. Dividends Bal., Sur.'
Earnings.
1913 and due Aug. 11943, but callable, all or part at 103 and int. CollatYearTaxes). Income. & Sink Fd.
Paid. forRes,te.
eral $625,000 par value of mortgage bonds of electric light, railway and pow- 1913
526,688,521 511,104,764 $93,071 $5,002,495 $4,184,477 $2,010,863
er cos. Int. F. & A. at American Trust Co., Boston, trustee. Successful 1912
23,925,415 10,085,997 77,406 4,608,043 3,699,119 1,856,241
record of over 20 years. Surplus Dec. 31 1913. $1,578,622. Since 1890
COMBINED OUTSTANDING CAPITALIZATION DEC. 31.
an amount equivalent to 7% p. a. has been paid on $1,000,000 pref. stock
1912.
1913.
and over $900,000 has been paid in dividends on common (now $500,000).
$86,512,100 $80,742,700
Including this new series, the company has issued in all $22,000,000 collat- Bonds and coupon notes
38,092,100 33,579,400
eral trust bonds and has redeemed and canceled $15,938,000; now out, Preferred stocks
61,911,200 59,057,100
$6,062,000. Total assets as reported by company, including underlying Common stocks
collateral, at appraised valuation, 59,391,330.-V. 94, P. 1453; V. 96,
Total
$186,515,400 $173,379,200
p. 291, 423.
1,224
1,299
Miles of equivalend single track owned
United States Envelope Co.-Com. Div.Passengers carried, including transfers
341,255,000 318,203,000
A dividend of 334% has been declared on the $750,000 common stock, Total connected electric lighting load, equiv. to 16 c. p.
together with the regular semi-annual payment of 3M % on the $4,000000
2,414,820
2,136,760
lamps
pref. stock, both payable Mar. 2 to holders of record Feb. 13. The initial Total commercial power load, h. p
137,400
179,880
payment on the stock, 2%%, was made on Sept. 2 last. In March 1913 Total combined power-station capacity, h. p
289,640
276,780
a distribution of ‘fl6% was made on the pref. stock, in full payment of ac110,200
Of which water power is, h. p
109,500
cumulated dividends. See "Annual Reports."-V.97, p. 180.
Total gas output (1,000 cu. ft.)
1,754,158
1,306,949
last week (p. 493) was ghen a list of the outstanding bonds
United States Worsted Co., Boston.-Plan-Report.- In the "Chronicle"
(not, however, grouped by systems) showing which issues have their interest paid
The shareholders will vote March 7 onwithout deduction and which after deduction for the normal Federal income tax.
(a) On reducing the common stock from $7.000,000 to $700,000 by Most of these companies own trolley lines and are fully described in the "Electric
changing the par value from $100 a share to $10, with a corresponding Railway" Section.
reduction in voting power.
(b) On giving to the holders of 2d pref. stock the right to convert such
-Subject to sale and advance in price, Edward B. Smith
stock at any time into common stock, $ for $.
Philadelphia and New York and Brown Brothers
(c) On authorizing the issue of $4,300,000 new common stock, $300,000 & Co. of
to be held in the treasury and the remainder,$4,000,000, to be issued solely & Co. of Philadelphia, New York and Boston, are jointly
In exchange for 2d pref. when holders elect to convert the same.
advertising in to-day's "Chronicle" $3,311,000
Digest of First Annual Report of Pres. Andrew Adie, Feb. 11 1914. offering and
The properties were never in a more satisfactory condition, and the Connecting Railway Co. first mortgage 4% bonds of the
prospects for a successful future are good, provided we have your unquali- Pennsylvania Railroad system, due 1951, at 98% and interfied support in our efforts to straighten the financial and mfg. tangle.
The past year has been a most serious one to the textile trade in general. est, yielding about 4.11%. Principal and interest of these
We have also sustained considerable loss due to disastrous contracts made bonds are unconditionally guaranteed by the Pennsylvania
by the old U. S. Worsted Co. prior to the consolidation, as well as from
heavy depreciations on defective goods taken over from the old company. Railroad Co.'and bonds are free of Pennsylvania State tax
The revision of the tariff has had the effect of reducing prices in a marked and the normal Federal Income Tax. The salient points of
degree, not only to meet foreign competition, but also the competition of
large American mills. The result is that domestic prices are below the the letter written by Samuel Rea, President of the Pennprices of foreign competitors, but we have so far been able this year to sylvania Railroad Co., summarizing the investment features
secure new business without adopting a radical policy, which would mean of this security, are published in the advertisement.
heavy losses in the future. We are fortunate in having secured a large
stock of raw material in anticipation of these conditions.
-Frederick Lownhaupt announces a course of personal inThe report of the auditors will shortly be mailed to each stockholder.
Arrangements have been made whereby the bankers have accepted in lieu struction for individuals and small groups in the principles
of their $1,000,000 demand notes (V.96, p. 1162, 1560; V. 97, p. 180, 379, of investment. The course includes a thorough and practical
600), which have now been canceled, $1,300,000 sinking fund income
certificates,and have agreed to offer these certificates to all our shareholders study of securities, help in the selection of investments,
on the same terms on which they received them, the holders of each ten analysis of current offerings, investigation of issues, &c. Mr.
shares being entitled to subscribe for $100 of these certificates at $76 92
Lownhaupt was formerly a bond market editor of the "Wall
on or before March 15.
These income certificates provide that the directors shall determine each Street Journal," and author of the books "Investment
year the amount of the net earnings after the payment of dividends on the
first pref. stock, and shall apply the same to the payment of 6% interest Bonds," "What an Investor Ought to Know," and "Bond
on said certificates, and thereafter to a sinking fund of $130,000annuall3r, Studies." He has had practical bond house experience: The
or the purchase, for cancellation, at not over par, of such of the certificates as may be tendered, any deficiency therefor in any year to be made course can be taken at the individual's own time and place.
up out of the excess earnings of subsequent years. Upon liquidation or by appointment. Address Mr. Lownhaupt, Room 212, 120
dissolution, the assets will, after payment of all indebtedness and the claim
of the first pref. stock, be applied next to payment of these certificates and Liberty St., this city.
all unpaid interest thereon.-V. 98, p. 309.
Passport to
Under this
Comfortable Travel.'"
-"The
title Knauth, Nachod & Kuhne of N. Y. have put out an.
attractive booklet describing their system for supplying convenient funds for travelers. K. N. & K. letters of credit
and travelers' checks are well known throughout the world,
Wellman-Seaver-Morgan Co., Cleveland, 0.-Corn.Div. having been in use for several decades. A copy of this booklet
An interim dividend of 2% has been declared on the $1,834,900 common will be sent to any of our readers who apply to Knauth,
stock, payable Mar. 16 to holders of record Feb. 28. This is said to be the Nachod & Kuhne, 15 William St., New York.
first payment on the stock since 1905.
-John E. Price & Co., investment bankers of Seattle,
Earnings.-As reported in the newspapers:
they have appointed John H.
DeprePreferred
Calendar
Net, after
Balance, Washington, announce that
elation.
Dindends.
Interest.
Surplus. Rumbaugh, Commonwealth Building, Pittsburgh, Pa., as
Year$50,886
$44,625
$253,013
$157,501 their Sales Agent for municipal and corporation securities
1913
50,371
43,134
189,543
96,038
1912
emanating from the Pacific Northwest.
611:11
-V. 96, p. 1225.
Washington (D. C.) Gas Light Co.-Purchase.-
The company, it is reported, has finally succeeded in arranging a purchase of the 2,470 shares of the Georgetown Gas Light Co. not already
owned. The directors of the Georgetown company have accepted the offer
of 155 for the stock. The purchase will enable the companies to apply to
Congress to authorize the consolidation of the two companies.-V.98, p.242.
616
THE CHRONICLE
[VOL xcvm
eports anti Pacuments.
PIJEILISHED AS A•YEAlischiENTS.
THE NORTHERN CENTRAL RAILWAY COMPANY
FIFTY-NINTH ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 31 1913.
General Office, Baltimore, Md., February 18 1914.
on account oi the inauguration of the President and the
The Board of Directors herewith submit to the Stock- Fiftieth Anniversary of the Battle of Gettysburg.
holders of The Northern Central Railway Company a synopThe Rail Operating Expenses were $11,996,728 12, an
increase of $1,052,721 56 over 1912, of which $158,299 89
sis of their Annual Report for the year 1913Rail operations-revenues
$13,563.721 66 is in Maintenance of Way and Structures, due to higher
Rail operations-expenses
11,996,728 12 wages and heavier outlays for bridges, buildings and track
Net revenue-rail operations
$1,566,993
54 material; Maintenance of Equipment increased $503,137 13,
Ausiliary operationsdue to higher wages, greater use, and consequently increased
Total revenues
$14,900 50
repairs to locomotives and freight cars and higher charges
Total expenses
8,343 04
to properly provide for equipment depreciation; while TransNet revenue
6,557 46 portation Expenses increased $352,308 21, due generally
to
Net railway operating revenue
$1,573,551 00 increase in wages, greater yard and freight station expenses
Railway tax accruals
514,193 62 due to increased traffic and higher charges for fuel.
Railway operating income
In connection with the question of wages and the arbitra$1,059,357 38
Other incometion thereof with your employees under Governmental legisRent income
$414,193 80
lation, it will be recalled that within the past two years
Income from dividends and interest on investments
1,198,639 92
adjustments of such controversies have been reached in
Miscellaneous income
264,744 31
1.877,57$ 03 the cases of the Enginemen, Firemen, Conductors and Trainmen. While in principle the advantage of settling wage
Gross income
$2,936.935 41 disputes by
Deductions from gross incomearbitration is conceded, in practice it has so far
Deductions for lease of other roads
$283,961 11
resulted not only in increasing the wages of the employees
Interest deductions for funded and unfunded
in whose behalf arbitration was directly invoked, but has
debt _
377,354 01
Hire of equipment, rent deductions and
largely augmented the wages by specific restrietions in operamiscellaneous deductions
572,548 42
tion, so that it is difficult to secure compensatory service for
1,233,863 54
the wages awarded, and has also generally necessitated variNet income
$1,703,071 87 ous adjustments in the wages of other employees.
Appropriations to sinking and other reserve
As the
tunas
control of railroad rates is by law vested in another Govern$80,275 75
Dividend appropriations aggregating 8%
mental body, the railroad companies have not as yet been
Appropriations for additions and betterments-1,547,400 00
expended during the year
able to obtain advances therein that would enable them to
75,396 12
1,703.071 87 meet the increased burdens that have been thus placed upon
them. In other words, while for the purpose of avoiding
Amount to credit of Profit and Loss, 31s December 1912
89,609.051 29
interruption and delay to traffic, the railways have yielded
Sundry credits during the year
418,282 47
to the demands of the public that wage questions shall be
10,027,333 76
Sundry debits during the year
92,420 10 submitted to arbitration, and have also met other heavy
expenses
resulting from legislation, both State and Federal,
Balance to credit of Profit and Loss 31st December 1913_ _ $9,934,913 66
and thus in some cases have had their expenses increased
beyond
their ability to meet them and leave a margin as
GENERAL BALANCE SHEET (CONDENSED) 31ST DEC. 1913.
a basis for credit or for any return to their stockholders,
ASSETS.
they
have
had no protection through the authorization of
Property Investment-Road and Equipment
$34.625,182 26
Securities Owned
7,108.726 23 the reasonable advance in rates for which they have applied
Other Investments-Miscellaneous Investments
2,401 00 to the Inter-State Commerce Commission. At prosent,
Working AssetsCash
therefore, your management is compelled to use every
$437,167 22
Securities issued or assumed-held in treasmeasure to conserve its resources and seriously restrict its
ury
12,000 00
capital expenditures.
Balances due from other companies
145,054 10
Net balance due from agents and conductors 341,970 82
Railway taxes continue to show an increase, being $49,Miscellaneous accounts receivable
389,229 50
691 79 greater than in 1912, caused by an increase in the
Materials and supplies
717.121 33
2,042,542 97 Federal Taxes.
Accrued Income Not Due
98,287 70
Other Income shows an increase of $389,401 69 over the
Deferred Debit ItemsTemporary advances to proprietary, affiliprevious year, of which $36,433 was received for the use
ated and controlled companies
$895,475 04
by other companies of facilities at Baltimore; an increase
Working funds
1,980 00
Cash and securities in sinking and redempof $166,262 50 in Dividend Income, $122,500 of which was
tion funds
617,000 00
from holdings of Union Railroad Company Stock and
Cash and securities in insurance funds, &c
1,608,162 39
Other deferred debit items
increased Dividends resulting from the exchange of Baltimore
22,052 18
3,144,669 61 & Ohio Railroad Stock for that of the Southern Pacific ComTotal
$47,021,809 77 pany, to which reference is hereinafter made; there was an
increase of $134,601 59 in Miscellaneous Income, principally
LIABILITIES.
on account of the larger sum paid by the Pennsylvania RailCapital Stock
$19,342,550 00
Mortgage, Bonded and Secured Debt
7,296,262 07 road Company as its proportion of the deficit in operating
Working Liabilities:
the Elmira & Williamsport and Elmira & Lake Ontarki
Loans and bills payable
$785,000 00
Balances duo to other companies ..
Railroads, forming the Elmira Division.
915,951 96
Audited vouchers and wages unpaid
643,861 73
The deductions from Gross Income increased $128,676 87,
Miscellaneous accounts payable
1,251,848 37
Matured interest, dividends and rents unpaid 777,727 50
the principal increase being in the item "Hire of Equipment,"
Other working liabilities
6,396 81
which is 0,518 28 higher than in 1912, because of increased
4,380,786 37 use
Accrued Liabilities Not Dueof freight cars of other companies and the higher per
Unmatured interest, dividends and rents
diem rate in effect.
.
payable
$162.971 33
The Net Income for the year was $1,703,071 87, a deTaxes accrued
216,452 42
379,423 75 crease of $122,361 84, compared with 1912. After deductDeferred Credit Items
210,032 20 ing the regular semi-annual dividends, aggregating
Appropriated Surpluseight
Additions to property since 30th June 1907,
per cent, and the appropriation to Sinking and Other Reserve
through income
$3,226,909 21
Funds, amounting to $80,275 75, there remained a balance
Reserves from income or surplus:
Invested in sinking and redemption funds 617,947 38
of $75,396 12, which was used on account of additions and
Invested in other reserve funds
1,404,452 06
betterments.
Car trust principal charged out in advance 227,633 07
The efforts made to economically handle your freight and
5,476,941 72
Profit and Loss
9,934,913 66 passenger traffic is evidenced by an increase of only 0.12
Total
$47,021,809 77 per cent in the freight train mileage, notwithstanding the
tonnage increased 6.09 per cent and the ton-miles 5.75 per
cent. The average freight train-load was increased 29.23
TRAFFIC.
The number of tons of freight carried was 24,264,748, an tons. The passenger train mileage increased only 3.61
Increase of 1,392,555, or 6.09 per cent. The number of per cent, despite an increase of 5.80 per cent in the number
passengers carried was 5,405,363, an increase of 296,185, or of passengers carried and an increase of 12.91 per cent in
the passenger mileage. However,as explained elsewhere, the
5.80 per cent.
continuing increase in expenses,caused principally by increases
GENERAL REMARKS.
in wages, taxes and legislative enactments, has decreased
The Income Statement shows that the total rail revenues the not freight revenue per
ton mile to six-tenths of a mill
for the year 1913 were $13,563,721 66, an increase of $719,the not revenue per passenger mile to sixteen one005 59 over the previous year. This increase is chiefly in and
hundredths of a mill.
the Freight and Passenger Revenue.
The necessity for the enlargement of freight terminals in
Of the increase $21,290 43 was derived from Merchandise the
of Baltimore makes it evident that this work can
Freight traffic; $384,741 81 was in Coal and Coke traffic; and not City
be much longer deferred without causing very serious
$250,608 04 in passenger revenue, due very largely to travel congestion
and a considerable inoresee in the expense of
FEB. 21 19)4
THE CHRONICLE
617
handling traffic, especially in the Calvert District, where
the volume of traffic is beyond the capacity of the present
tracks and station. Therefore, freight yards at Monument
and Constitution Streets and at Aliceanna Street and Central
Avenue were improved; and the real estate has been acquired and final plans are being formulated for pier extensions
at Canton. The necessary real estate required for the
enlargement of the Calvert Street Terminals was also purchased and the Company has entered into negotiations with
the City of Baltimore for the necessary revision of streets
to materially enlarge the yard and station at that point.
Little progress has been made during the past year towards
a termination of the litigation instituted by a few of the
stockholders which prevents the consummation of the proposed lease of the property and franchises of your Company
to the Pennsylvania Railroad Company.
The suit involving the validity of the sale and transfer
by this Company in the year 1894 to the Philadelphia Wilmington & Baltimore Railroad Company of 5,000 shares of
the stock of the Union Railroad Company of Baltimore has
been terminated by a decision of the Court of Appeals of
Maryland, fully sustaining the action of your Company in
this matter.
There are still pending the other suits referred to in the
last annual report. The Court in which these are pending
has been asked to fix a time for their hearing, and this
request, we are advised, will be considered.
With reference to the proposed disposition, as heretofore
announced, of the security holdings of anthracite coal companies in which your Company and the Pennsylvania Raili
road Company are respectively interested,
an agreement has
been reached for the sale of the lands leased to and operated
by the Mineral Railroad & Mining Company, in which this
Company is interested.
Your Company leased for 999 years from the Shamokin
Valley & Pottsville Railroad Company, in addition to the
railroad and other property thereby demised, certain coal
lands in the vicinity of Mt. Carmel and Shamokin, Northumberland County, Pennsylvania. Pursuant to the authority conferred by such lease, it sublet these lands to the
Mineral Railroad & Mining Company for the unexpired term
of said lease terminating February 27th 2862,but the Mineral
Railroad & Mining Company has been unable to pay the
royalties provided for in said sublease. No action, however,
was taken looking to a termination of this sublease, due to
the belief that better results would not follow a change of
lesseeship unless your Company would permit the lessee to
mine only the profitable seams, and thereby considerable
bodies of coal would consequently remain unmined and be
unitimately lost.
During the past year your Board ascertained that the
Susquehanna Coal Company was prepared to consider the
purchase of the lands embraced in the lease if it could acquire the interests therein of the Mineral Railroad & Mining
Company, of this Company and of the Shamokin Valley
& Pottsville Railroad Company.
The Mineral Railroad & Mining Company was prepared
to assign all the interest that it had in the coal lands in
question, and this interest has been assigned, effective
January 1st 1914,to the Susquehanna Coal Company. The
interest which the Shamokin Valley & Pottsville Railroad
Company had in these lands was almost a nominal one, inasmuoh as all of the coal,if mining operations were continued
upon the lands and the present rate of production maintained,
would be mined and removed within fifty years and the payment to which it is entitled under the lease is a fixed sum
not affected by the amount of coal mined from these coal
lands. The lands, however, were subject to a mortgage of
the Shamokin Valley & Pottsville Railroad Company for
$2,000,000, and in order that the Susquehanna Coal Company might acquire a title to the lands free and clear of all
liens, it was necessary that this mortgage should be canceled
and extinguished. This Company is the holder of all of the
bonds secured by this mortgage, part of which are held in
the Coal Land Depreciation Fund and the balance in your
Treasury, with the expectation of their transfer to that Fund
as the lands are exhausted and an agreement has been
reached with the Shamokin Valley & Pottsville Railroad
Company by which this Company, in consideration of the
conveyance to the Susquehanna Coal Company of the interest of the Shamokin Valley & Pottsville Railroad Company
in the lands, will surrender to that Company the $2,000,000
of bonds and the mortgage securing the same will thereupon
be extinguished.
An agreement has also been reached between this Company
and the Susquehanna Coal Company by the terms of which
the Coal Company will pay, upon the acquisition of the interests of all of the three parties above-named, a minimum
price of $2,600,000, payable in the five per cent bonds of
that Company, exchangeable for its First Mortgage Bonds
if and when the same are issued by that Company, the
actual price to be determined under the advice of an expert
appointed for such purpose by both parties, but who shall
not be affiliated with either of the Companies.
Your Company has received from the Mineral Railroad &
Mining Company $412,500 in repayment of advances heretofore made to that Company, which sum has been credited
to your Profit and Loss Account. As no purpose will be
subserved by continuing the corporate existence of the
Mineral Railroad & Mining Company, steps will be taken
looking to its dissolution.
The Susquehanna Coal Company will not purchase the
railroad tracks leading to the several collieries located upon
the coal lands above mentioned, and as the railroad of your
Company now reaches these lands and has large markets
upon its lines for the coal which will be mined therefrom,
it should continue to enjoy the transportation of that tonnage.
Upon the completion of this transaction your Company
will have in its Treasury securities of the Susquehanna Coal
Company, with reasonable assurance that the interest thereon will be paid, and it will in addition be relieved from any
obligation to furnish additional capital, which will no doubt,
be required to operate the mines and make future improvements. The sale to the Susquehanna Coal Company is also
made to insure the continued operation of the unprofitable
as well as the profitable mines and thereby conserve the
coal supply and so that should the securities of that Company held by the Railroad Companies be sold, the new
owners will obtain possession of the property subject to such
mining obligations.
The Company sold its 10,487 shares of Baltimore & Ohio
Railroad Company Common Stock and 10,000 shares of
Preferred Stock, having a total par value of $2,048,700, and
received in payment therefor 18,487 shares of the Capital
Stock of the Southern Pacific Company, having a par value
of $1,848,700. In completing the transaction the stock of
the Southern Pacific Company was valued at par, the Common Stock of. the Baltimore & Ohio Railroad Company at
the same figures and the four per cent Preferred Stock at
0 per share, which was its approximate market value.
The company is receiving greater dividend returns from the
ownership of the Southern Pacific Company Stock, and it is
a security that under stable business and financial conditions
can, no doubt, be sold on terms advantageous to your Company.
During the year your Company acquired $270,000 par
value of Norfolk & Western Railway Company Convertible
10-25-Year four and one-half per cent Gold Coupon Bonds.
Details of the Organization changes, and statements
covering the financial, traffic and operating results will be
found in full in the annual report.
By order of the Board,
SAMUEL REA,
President
A copy of the annual report has been mailed to each stock
holder and additional copies may be obtained by applying
to or addressing:
H. D. THOMPSON, Assistant Treasurer,
General Office, S. E. corner Calvert and Centre Streets,
Baltimore, Md.
J. W. MARSHALL, Assistant Treasurer,
85 Cedar Street, New York City, N. Y.
LEWIS NEILSON, Secretary,
Executive Office, Broad Street Station,Philadelphia,Pa.
—William Salomon & Co., 25 Broad St., N. Y., and
105 La Salle St., Chicago, are advertising City of New
Orleans new public improvement 4% bonds, due Jan. 1
and free of Federal Income Tax.
1942, price to yield 4
Under Treasury Department rulings certificates of ownership are not required from holders of these bonds in collecting
coupons and individuals need not report such income to the
Government. The bankers expect to make delivery of the
bonds by or soon after March 1st. Special circular on
request.
—Meikleham & Dinsmore, bankers of 25 Broad St., N. Y.,
Boston and Philadelphia, to-day announce the opening of an
office in the Union Bank Bldg., Pittsburgh, the removal of
their Philadelphia office from the Lafayette Bldg. to the
Morris Bldg., 1421 Chestnut St., and the appointment of
Nathaniel P. Hall as representative for Western New York,
with offices at 82 Pearl St., Buffalo. The Pittsburgh office
will be under the management of F. S. Carmack. The firm
are dealers in municipals, equipments and public utilities
investments.
—Megargel & Co., bankers, 35 Pine St., this city, arc
publicly offering for investment the unsold portion of $750,000 Gulf Florida & Alabama Ry.Co.first mortgage 5% bonds
due July 1 1961 and exempt from the Federal income tax.
Subject to prior sale, a $1,000 first mortgage 50-year 5%
bond and $200 par value of common stock is offered. at $900
and interest, yielding about 5.62%. Bonds will be delivered
to residents of New York State, free of personal tax. See
advertisement for all particulars.
—The partnership heretofore existing between George S.
Pingree, Guy B. McKinney and William 0. Kimball, under
the name of Pingree, McKinney & Co., 8 Congress Street,
Boston, was dissolved on the 14th inst. George S. Pingree
will transact a bond and investment business at 19 Congress
Street, Boston, under the name of Pingree & Co. A similar
business will be conducted by William 0. Kimball and Guy
B. McKinney under the firm name of Kimball, McKinney
& Co. at 8 Congress Street, Boston. .
618
THE CHRONICLE
Tomutercial Pmts.
COMMERCIAL EPITOME.
[VOL. xcvm.
COTTON.
Friday Night, Feb. 20 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
164,890 bales, against 209,734 bales last week and 246,093
bales the previous week, making the total receipts since
Sept.1 1913 8,517,565 bales, against 8,061,651 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 455,914 bales.
Friday Night, Feb. 20 1914.
Recent storms have cut both ways, as far as trade is concerned. They have hurt some branches and helped others.
Retail trade has been benefited in various lines, notably
clothing. The coal trade has also been increased. In the
big industries there is some tendency to increase production.
Heavy snows at the West have improved the prospects for
the winter-wheat crop. Wheat has advanced, and it is becoming clear that foreign crops are smaller. In the iron and
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total.
steel trade there is a fair business and the feeling is not unGalveston
6,636 10,862 17,689 6.330 9,116 9,927 60,560
hopeful. Money has been easy, but shows a trend towards Texas
City
855
448 1,953 1.276 4,236
819 9,587
greater steadiness. Commodity markets have on the whole Port Arthur_
----------_--evinced a tendency to rise. On the other hand,however,there is AransasPass,&c. ------------------------ --697
697
New Orleans
,716 36,733
5,178 4,292 11,051 6,051 5,445
still observable a note of conservatism. Railroad earnings Mobile
108
1
280 4,838
1,105 1,133 11
keep running behind those of last year and the decision as to Pensacola
--------7,000
7.1300 ---------&c_____
---_
572
572
an advance in freight rates appears to have been deferred Jacksonville.
Savannah
2,520 2,405 4.095 3.996 2,830 1,472 17,318
till about July 1.
Brunswick
6,800 6.800
184
908 2,962
669
255
360
586
LARD has been quiet; prime Western 10.950., refined for Charleston
Wilmington
516
607
510
460 1,462 1,194 4.749
818 1.339 1,8'71
the Continent 11c., South America 11.95c. and Brazil Norfolk
59'7 1,29'7 1,122 7,044
e ;p'
lItoN
rirs,&c.
_ijo
4,349 4
12.95c. Lard futures have fluctuated within narrow limits
-------------------- 110
and have shown, therefore, no very interesting changes. On Boston
5
---4
1
Baltimore
1;348 1,348
Tuesday, however, a feature was the selling of 3,000 tierces Philadelphia_
___
50
218
of lard and 1,000,000 lbs. of short ribs by a well-known
Chicago firm. But shorts were the only buyers. Of late Totals this WPAlt 18(1(18 20.84R 38.257 23.1(17 21.297 34.255 164.890
prices•have been steady, owing to some advance in hogs at
The following shows the week's total receipts, the total
Chicago, but the trading has been for the most part prosince Sept. 1 1913 and the stocks to-night, compared with
fessional. To-day prices were lower. Packers sold.
last year:
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
g
May delivery
July delivery
Sat.
Mon. Tues.
Wed. Thurs. Fri.
cts_11.02X 10.95
10.92X 10.92X 10.80
10.77
11.20
11.15
11.12X 11.10 11.00
10.95
COFFEE has been more or less depressed, and at the same
time quiet; No. 7 Rio 93/20., fair to good Cucuta 143@
14%c. Coffee futures have declined, owing to some increase in the receipts, particularly at Sao Paulo. Santos
quotations have also declined. Liquidation of March has
been at times something of a. feature. The Brazilian crop
movement has thus far reached 11,751,000 bags, against
9,872,000 up to this time last year and 10,560,000 in 1912.
Stocks are only slowly decreasing. They aggregate 2,272,000
bags, against 1,973,000 a year ago. To-day prices declined.
Closing prices were as follows:
Feb _ _ 8.87 8.901April_ _ 8.9909.011June_9.2002.221Aug _ _ 9.34
March 8.8908.901May _ _ 9.1009.111July _ _ 9.28ep 9.301
9.36
PORK on the spot has been quiet; mess $23 50(024;
clear $20 25@$22 50; family $24 50@$27. Beef, quiet
and firm; mess $18@$19; family $24 50@$27. Cut meats
steady; pickled hams, 10@20-lbs., 13 ©14 Wic. Butter
quiet; creamery extras 30 4c. Cheese quiet; State, whole
milk, fall and summer, colored, specials, 18 ©18340. Eggs
quiet; fresh-gathered, extras, 29IA @30c.
OILS.-Linseed steady; City, raw, American seed, 52@
530.• boiled 53@54c.; Calcutta, raw, 70c. Cocoanut easier;
Cochin 10%@11 Ye.; Ceylon 10%(0)10%0. • Castor steady;
No. 2 9@9%c. Corn oil steady at 6.45@6.50c. Palm
quiet; Lagos 73@73'o. Chinawood steady at 7M @7Ylo.
Lard firm; prime 93@95c.; off prime 67@70c.; extra No. 1,
59@61c. Cod quiet; domestic 380.; Newfoundland 40c.
PETROLEUM.-Refined in moderate demand and firm;
barrels 8.75 @9.75c.; bulk 5.25@6.25c.; cases 11.25@12.250.
Crude firm; Pennsylvania dark $2 50; second sand $2 50;
Tiona $2 50; Cabell $2 07; Mercer Black $2; Newcastle $2;
Corning $2; Wooster $1 91; North Lima $1 49; South Lima
$1 44; Somerset $1 35;- Illinois $1 45. Naphtha firm;
73@76 degrees, in 100-gallon drums 24%c.• drums
50
extra. Spirits of turpentine easier at 47@48c.
'
Rosin
steady at $4 25@$4 30 for common to good strained.
SUGAR.-Raw quiet and easier; centrifugal, 96-degrees
test, 3.42c.; muscovado, 89-degrees test, 2.92c.; molasses,
89-degrees test, 2.67c. The visible supply of raw sugar in
the world is now 4,210,000 tons, as against 4,070,000 a,
year ago,showing an increase this year of 140,000 tons. Refined has been quiet; granulated 4.05 ©4.10c.
TOBACCO.-Binder has been quiet and steady. In
Connecticut and Florida wrappers there has been a pretty
good business. Also there is some trade in what is left of
the crop of New York State. Most of the Wisconsin crop
has been disposed of, and the business in Ohio and Pennsylvania tobacco is light. Filler of the better grades meets
with a fair demand with prices firm. An interesting event
in the near future is the next inscription of Sumatra tobacco
at Amsterdam.
COPPER has been quiet and somewhat depressed in spite
of the recent bullish statistics; Lake 14%c.;electrolytic
143/2 ©14%c. London of late has been dull at some decline.
Tin on the spot was 39]Ac. at one time, being quite weak
here as well as in London and Singapore. Trade here is
light, but the close is steadier; spot here 39%0. Lead
here 4c. on the spot and spelter 5.35c. Pig.iron has been
in rather less demand, yet forward deliveries show some
advance; No. 2 Eastern $14@$14 25 and No. 2 Southern,
Birmingham, $10 50@$10 75. In manufactured steel there
is a fair business. In some directions an increase is noticeable. New orders in some cases are larger than expected
after the liberal January sales. But the buying of railroad
equipment is on a small scale.
1913-14.
Receipts to
February 20.
1912-13.
This Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.
1914.
1913.
427,479
44,224
255,208
22,584
539
251,466
41,335
094
112,660
21,161
1,000
93,024
15,000
26,999
1,711
95,518
4,898
20,844
35.457
53,705
22,91/
53,479
113,898
6,514
4,896
4,061
124,476
11,007
7,510
2,318
164.890 8.517,565 114,107 8,061,651 1,119,597
757,279
Galveston
60,560 2,772.632 57.523 3,331,914
Texas City
9,587 445,577 7,681 640,990
Port Arthur
29.625
107,592
Aransas Pass,&c_
697 112.433
70,409
576
New Orleans
36,733 1.419,924 19,262 1,118,553
4.838 348,218 2,308 171,847
Mobile
Pensacola
7,000 125,266
106,272
Jacksonville, tke_
27,926
13,919
572
8
Savannah
17,318 1,565,955 13,062 1,086,100
Brunswick
6,800 275,000 1,400 215,150
2,962 397,957
Charleston
876 265.539
Georgetown
105
Wilmington
4,749 371,120 2,708 311,562
Norfolk
7,044 452.694 6,651 421.635
86,472
N'port News,&c_ 4,349
75,903 1,018
12,972
4,506
_ __
New York
110
11,909
I43
38,806
Boston
5
79,530
59,602
536
Baltimore
1,348
2.212
Philadelphia
1,390
218
55
Totals
Stock.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1914.
1913.
1912.
1911.
1910.
1909.
3,281
805
1,211
4,022
148
1,278
50,298
20,018
27,773
3,157
11.541
3,875
1,725
3,175
4,714
386
2,225
101,224
85,129
128,987
__
TexasCity,&c
GalvestonNew Orleans_
Mobile
Savannah
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N.,&c.
All others_ _
60,560
10,284
36,733
4,838
17,318
6.800
2,962
4,749
7,044
4,349
9,253
57,523
8,257
19,262
2,308
13,062
1,400
876
2,708
6,651
1,018
1,042
90,038
27,525
45.123
12,955
49,915
13,000
9,972
10,019
20,569
2,518
6,876
26,204
28,343
20,201
864
12,185
3,700
686
2,065
3,695
Total this wk.
164,890
114,107
288.510
27,217
13,487
18,704
7,091
11,166
Since Sept. 1_ R 517 5115 R 081 (151 0.5(12.399 7.517.670 5.964,42618.04o,625
The exports for the week ending this evening reach a total
of 131,374 bales, of which 73,314 were to Great Britain,
to France and 58,060 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Week ending Feb. 20 1914.
Exported:to-Exports
from-
From Sept. 1 1913 to Feb. 20 1914.
Exported to-
Great
ContiContiGreat
Britain.Prance. nentdtc. Total. Britain. France. nent&c.
Galveston__
Texas City_
Pt. Arthur_
Ar. Pass,dce
New Orl'ns_
Mobile ____
Pensacola__
Savannah
Brunswick
Charleston
Wilm'ton
Norfolk_ _ _
New York_
Boston ____
Baltimore
Philaderia.
Detroit
San Fran
Pt.Towns'd
12,639
23,993
18,130
3,621
7,000
4,585
100
2,716
550
Total.
15,384 28,023 815,514 241,177 987,320 2,044,01r
23,993 299,664 24,682 74,308 398,654
1,540
16,085 17,625
25,720
8,108 33,828
25,248 43,378 609,887 149,687 375,972 1,135,546
3,621 96,462 59,538 104,706 260,706
7,000 48,927 44,844 31,495 125,266
4,377 4,377 179,941 218,944 600,847 999,732
68,170 22,954 141,546 232,670
107,631
5,030 175,434 288,095
73,024 85,365 159,715 318,104
4,565 33,993
53,683 87,676
2,980 3,080 115,838 15,195 150,021 281,054
359 3,075 55,735
6,984 62,719
34,171
7,118 73,953 115,242
950 29,252
7,981 37,233
400
313
313
154,711 154,711
6,976 6,976
2,336 2,336
71,790 71,790
Total__ _ _ 73,314
58,060 131,374 2,595,782 874,634 3,194,6596,664,975
Tat ,19.-,12 88 407 18.857 54.053 128.2172.017.128 903,365 2.828.0806.648.573
Note.-New York exports since Sept. 1 include 8,793 vales Peruvian, and 75 bales
Brazilian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
FEB. 21 1914.]
THE CHRONICLE
On Shipboard. Not Cleared forGreat
GerOther
Feb.20 at- Britain. France. many. Foreign
New Orleans__ 10,723 4,695 11,854 9,435
Galveston ___ '70,616 38,732 49,469 35,338
Savannah---------------____
_-__ 2,621
-_-Charleston____
3,000
Mobile
4,725 7,928 9.053 2-,60
Norfolk
__14,750
New York_..__
1,200
400 1.000
900
Other ports
10.000
_--_ 19,000
---Total 1914_ 97,264 51,755 110,747 48,033
Total 1913_ 23,720 6,534 52,703 39,441
Total 1912_.. 142,644 37,039 96,553 67,047
Coastwise.
Total.
_-_ 36,707
5,672 199,827
400 3,021
---- 3,000
400 24,466
13,794 28,544
---- 3,500
---- 29,000
Leaving
Stock.
619
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 14. Feb. 16. Feb. 17. Feb.18. 1 Feb. 19. Feb. 20.
214,759
227,652
90,003
23,999
16,869
25,161
110,398
82,691
Week.
FebruaryRange ---12.23 ----I12.18 -12.27 -12.18-.27
Closing-- 12.19-.22 12.14-.18 12.23 -12.18-.19 12.23-.25 12.19-.22--MarchRange ____ 12.21-.28 12.23-.33 12.19-.24 12.18-.22 12.18-.27 12.21-.35 12.18-.35
Closing__ 12.27-.28 12.22-.23 12.23 .24 12.20-.21 12.26-.27 12.23-.24---AprilI
Range ---20,266 328,065 791,532
Closing____ 12.09-.11 12.06-.08 12.07-.09 12.02-.04 12.06-.08 12.06-.10--23.870 146,268 611,011 May24,600 367.893 1,101.626
Range __:- 11.94-.10 11.95-.06 11.90-.97 11.87-.93 11.88-.96 11.95-.04 11.87-.10
Closing--..- 11.98-.00 11.95-.98 11.96-.97 11.91-.92 11.95-.96 11.90 ---.Speculation in cotton for future delivery has been quiet at June1
Range ____ 12.00
some decline in prices. The dulness of speculation in itself
11.86 ----11.86-.01
Closing---- 12.00 -11.91-.92 11.92-.94 11.86-.88 11.91-.93 11.90-.93--has been a damper, and Liverpool advices at times have July
been less encouraging. Manchester reports a poor trade.
Range --__ 11.94-.98 11.89-.01 11.84-.92 11.81-A8 11.81-.89 11.88-.98 11.81-.01
Closing_-__ 11.96-.97 11.89-.90 11.90-.91 11.84-.85 11.89-.90 11.89-.90--On occasions the spot sales at Liverpool had been notice- August
ably small. Then, again, although the receipts at American
Range --._ 11.75-.78 11.73-.81 11.68-.73 11.64-.68 11.66-.67 11.72-.77 11.64-.78
Closing____ 11.77-.78 11.72-.73 11.73-.74 11.67-.69 11.72-.73 11.71-.73--markets have undoubtedly been smaller than they were Sept.
recently, they have quite as certainly exceeded those at
Range ____ ---11.55-.59---11.48-.50
11.48-.59
Closing__ 11.58-.60 11.54-.56 11.55-.57 11.50-.51 11.51-.53 11.48-.50--this time last year to a very noticeable degree.. Also it has October
India
that
East
the
evident
crop,
like
become increasingly
Range ____ 11.52-.55 11.49-.55 11.44-.49 11.41-.47 11.42-.47 11.42-.52 11.41-.55
Closing..__ 11.52-.53 11.48-.49 11.49 -11.45-.46 11.46-.47 11.43-.44--that of America, is turning out larger than was expected.. A November
stated
East
day
the
India
other
yield
the
dispatch
London
Range ____
Closing__ __
at 4,900,000 bales, or 600,000 bales more than that of last
year. The conviction is spreading,too,that the yield in this December
Range ___ 11.62-.65 11.60-A4 11.55-.59 11.50-.55 11.50-.54 11.48-.56 11.48-.55
country is fully 14,750,000 bales, or the largest on record,
ClosIng___ 11.62-.64 11.58-.60 11.58 -11.53-.54 11.53 -11.48-.49--with the exception of that of two years ago. At the same January
Range ____ 11.61 ----11.50 ----11.46 ----11.46-.61
time, as near as can be gathered, the spot trade at the South
Closina
is less active. Certainly it shows less life than it
THE VISIBLE SUPPLY OF COTTON to-night, as made
did last month when the spot sales were so large as to form a
distinctive feature of the situation. There are those who up by cable and telegraph, is as follows. Foreign stocks,
think that the consumption has been over-estimated, just as as well as the afloat, are this week's returns, and consequently
the crop was under-estimated. They base this idea on.the all foreign figures are brought down to Thursday evening.
increased East India crop, and also on the facts that the ex- But to make the total the complete figures for to-night
ports from India to the continent of Europe are so largely (Friday), we add the item of exports from the United Qtates,
in it the exports of Friday only.
In excess of those of last year as to strongly suggest that the including
February 201914. 1913.
1912.
1911.
Continent will actually consume less American cotton than it Stock
at Liverpool
bales.1,181,000 1,434,000 1,112,000 1,305,000
Stock at London
5,000
5.000
2,000
10.000
did then. Roughly speaking, the exports of East India cot- Stock
at Manchester
90,000 100,000
17,000 100,000
ton to the Continent this year are 325,000 bales larger than
Total Great Britain
1,276,000 1,539,000 1,191,000 1,415,000
in the same time last year and nearly 400,000 more than in. Stock
at Hamburg
14,000
13,000
8.000
4,000
the same period-since Sept. 1-two years ago. Further- Stock at
Bremen
556,000 493,000 507,000 249,000
Stock at Havre
422,000 470.000 321,000 306,000
more, there has apparently been some falling off in American Stock
at Marseilles
2,000
2,000
3,000
2,000
trade in cotton goods. Then the weather, which for a time Stock at
Barcelona
32,000
32,000
17,000
16.000
was cold and unfavorable, has latterly been better. Tem- Stock at Genoa
44.000
36,000
32,000
70,000
25,000
2,000
2,000
peratures have risen and beneficial rains have fallen west Stock at Trieste
Total Continentalstocks
of the Mississippi. Advice, too, from many sections of the
1,095,000 1,046,000 890.000 649.000
South state that field work is progressing rapidly. In parts
Total European stocks
2,371.000 2,585,000 2,081,000 2,064,000
of Texas it is said to be further advanced than usual at this India cotton afloat for Europe
199%000 105.000
80,000 147,000
cotton afloat for Europe
Amer.
460,413 466,364 839,299 607.082
time of the year. It is also stated that the farmers of the EgyptBrazil,&c.,aflt.for
Europe_ 66,000
48,000
66,000
44,000
overflowed districts of Texas-overflowed some time ago- Stock in Alexandria, Egypt
352,000 294,000 277,000 251,000
Stock in Bombay, India
829.000 642.000 568.000 480,000
will have no trouble in getting seed of good quality. Finally, Stock
in U.S. ports
1,119,597 757,279 1,469.519 739,434
the opinion is advanced that the recent cold weather at the Stock in
U. S.Interior towns
838,633 721.689 639,908 605,145
31.609
South was a good thing, for two reasons: first, it had U. S. exports to-day
12,500
8,579
47.756
a tendency to kill boll-weevil, and, second,it,so to speak, 11°Total visible supply
6,267,252 5,627,911 6,033,226 4.985,417
above,
the
totals
of
Of
mellowed the soil and prepared it for plowing to greater
American and other descriptions are as follows:
,Ameni anadvantage. The talk, too, is that the South is going Liverpool
stock
bales.. 927,000 1,254,000 988,000 1,175,000
to plant for a 17,000,000-bale crop. On the other hand, Manchesterstock
,
.
,
Continental stock
1.045:000 1,013,000 861,000 620,000
declinein
the
prices
has
not
been
great. American
afloat for Europe
460,413 466,364 839,299 607.082
Spinners' takings of late have been suggestively liberal. U.S. port stocks
1,119,597 757,279 1,469,519 739,434
838,633 721,689 639.908 605,145
Furthermore, the exports, which at one time this season U.S. interior stocks
31,609
8,579
12,500
47.756
lagged far behind those of last season, have latterly closed U.S.exports to-day
Total American
4,478.252 4,287.911 4,864.226 3,882.417
up the gap, and in fact have somewhat exceeded those of
East
Indian,
Brazil,
8.
.last year. Then there is the March situation. Although Liverpool stock
254,000 180,000 134,000 130,000
5,000
the premium over May has recently fallen at times from 40 London stock
5,000
2.000
10,000
Manchester stock
34,000
33,000
23,000
12,000
points to as low as 26, yet it is noticeable that every now and Continental
stock
50,000
33,000
29.000
29,000
then this premium goes above 30 points, and there are fears India afloat for Europe
199,000 105,000
80.000 147,000
Brazil, &c., afloat
66,000
66.000
44,000
48,000
that there may yet be an interesting situation in the March Egypt,
Stock in Alexandria, Egypt
352,000 294.000 277,000 251.000
option. And it is insisted that there is an excellent demand Stock in Bombay. India
829,000 642,000 568,000 480,000
for the better grades of spot cotton in different parts of the
Total East India, &c
1,789,000 1,340.000 1,169,000 1,103,000
South,even if the lower grades are not selling as well as could
Total American
4,478,252 4,287.911 4,864,226 3,882,417
be desired. There has been some disposition to buy the new
Total visible supply
6,267,252 5,627.911 6,033,226 4,985,417
crop months at current discounts. But,taking the week as a, Middling
Upland,Liverpool
7.09d.
6.77d.
7.51d.
5.93d.
Middling Upland, New York
13.00c.
whole, the market has rather been feeling its way than mov- Egypt,
12.50c.
10.45c.
14.104.
Good
Brown,
Liverpool
9.706.
9 13-16d. 10 5-16d.
ing decisively in either direction. In other words, while Peruvian, Rough Good,Liverpool 9.006. 10.35d.
10.25d.
9.10d. 11.306.
there has been some liquidation which has had a more or less Broach, Fine, Liverpool
6Md.
6Md. 5 11-16d.
73(d.
6d.
5',d.
7 Md.
depressing effect, there is a very noticeable disposition to hold Tinnevelly, Good, Liverpool.._ - 61X.d.
Continental imports for past week have been 98,000 bales.
aloof, awaiting further development. To-day prices at first
The above figures for 1914 show a decrease from last week
advanced, partly because Liverpool was stronger than ex10,492 bales, a gain of 639,341 bales over 1913, an excess
pected and partly because of buying here to undo straddles of 234,026
bales over 1912 and again of 1,281,835 bales over
'between New York and Liverpool at the current wide differ- of
ences. Also Wall St. brought to some extent. But later 1911.
NEW ORLEANS CONTRACT MARKET.-The highest,
in the day decreased spinners' takings caused selling and a
reaction. Spot cotton closed at 13c. for middling uplands, lowest and closing quotations for leading contracts in the New
an advance fol. the week of 15 points. To-morrow the Ex- Orleans cotton market for the past week have been as follows:
change here will be closed out of respect to the memory of
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
the late George W.Neville, who was President for two terms.
Feb. 14. Feb. 16. Feb. 17. Feb. 18. Feb. 19. Feb. 20.
He died on Feb. 18.
The official quotation for middling upland cotton in the February
Range
lan
seg
New York market each day for the past week has been:
12.52 -12.43 -12.42 -12.31-.33 12.37-.39 12.35-.37
MarchFr Feb. 14 to Feb. 20Sat. Mon. Tues. Wed. Thurs. Fri.
Range
12.55-.61 12.50-.63 12.45-.51
Middling uplands
12.85
12.90 12.90
12.90
12.95 13.00
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Feb.20 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907
13.00
12.50
10.50
14.10
14.50
9.80
11.40
11.00
1906_c
1905
1904
1903
1902
1901
1900
1899
11.00
7.90
14.50
10.05
8.81
9.31
8.88
6.56
1898_c
1897
1896
1895
1894
1893
1892
1891
6.25
7.12
7.88
6.62
7.88
9.19
7.12
9.00
1890_0
1889
1888
1887
1886
1885
1884
1883
11.31
10.12
10.56
9.56
8.94
11.25
10.75
10.19
Closing
MayRange
Closing
July-
Range
Closing
a
OctoberRange
Closing
ToneSpot
Ontions
12.39-.47 12.38-.46 12.41-.51
12.59-.60 12.50-.51 12.50-.51 12.39-.40,12.45-.46 12.43-44
12.60-.69 12.56-.70 12.52-.58 12.48-.54112.48-.56 12.50-.61
12.65-.66 12.55-.56 12.56-.57 12.49-.50,12.55-.56 12.51-.52
1
12.62-.70 12.57-.72 12.53-.59 12.48-.55 12.49-.58 12.52-.64
12.66-.67 12.57-.58 12.57-.58 12.50-.5112.57-.58 12.53-.54
I
11.67-.70 11.64-.70 11.60-.62 11.55-.59 11.58-.62 11.58-.60
11.67-.68 11.60-.61 11.62-.63 11.55-.57 11.61-.62 11.58-.59
Steady. Quiet. Steady. Quiet. Steady. Quiet
Steady. B'lyst'Y. Steady. Bly.st'y. Very at'r Steady.
THE CHRONICLE
620
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to February 21 1913.
Movement to February 20 1914.
Towns.
Receipts.
Ship- 1Stocks
ments. Feb.
20.
Season. Week.
Receipts.
Week.
I
Week.
Season.
Ship- Stocks
ments. Feb.
21.
Week.
20,541
373 6,917
273
1101 2,181
175
21,287
Ala., Eufaula__
598 146,577 6,249 30,621
Montgomery _
455 144,719 1,423 24,668
881 113,085 1,501 7,427
Selma
838 117,198 1,568 14,497
39,124 1,199 11,623
201
732 62.444 1,239 16,875
Ark., Helena_ 3,277 163,536 3,774 58,865 1,623 168,211 1,274 39,987
Little Rock
100
23,744
400 1,700
268 3,007
27.366
39
Ga., Albany_ -96,827 1,224 23,011
630 106,636 1,150 22,107 1,719
Athens
923 147,551 2,181 18,848
1,787 206,396 3,001 15,272
Atlanta
Augusta
3,527 332,086 10,432 76,435 2,907 305,996 6,246 84,844
74,062 2,775 19,588
670
71,306 1,500 28,396
Columbus - _ _ 1,100
247 1,876
503
131 • 43,933
Macon
34,772
93 12,235
52,778
550 5,703
522 45,208
224
Rome
580 8.997
La.,Shreveport 2,810 173,963 3,881 38,233
952 135,203 3,674 15,456
230
34,534
360 4,120
Miss.,Columb,
355
24,637
343 3,500
Greenville __
1,535
81,892 2,807 21,418
366
46,487
776 11,629
Greenwood-_ _ 4,064 134,437
29,064 1,000 104,837 3,000 21,800
Meridian ____
974
28,823
613 49,134 1,221 16,622
560 7,609
Natchez
465 2,249
17,766
250
19,075
300 5,450
9
499 4,893
Vicksburg_ _ _ _
258
27,784
220 31,902 1,239 8,321
36
22,325 1,021 5,642
Yazoo City
356
39,593 1,188 12,254
Mo.,St. Louis_ 10,037 393,420 10,023 32,525 10,071 437,047 9,358 28,961
100
378
136
8,178
30
374
78
12,350
N.C.,Raleigh..
0., Cincinnati_ 8,483 157,208 7,753 25,205 5,709 170,589 5,549 29,799
168
30,194
737
482
900
_ -300 37,436
Okla., Hugo__ _
600 3,500
100
18,750
12,912
183 1,218
184
S.C., Greenw'd
Tenn.,Memphis 17,969 929,293 26,880 191,294 16,208 687,622 17,879 149,972
6,369
201
431
480
917
100
Nashville _
198
9,771
191
16,640
137 1,848
200 1,473
130
16,808
Tex., Brenham
156 3,500
86 43,086
_ ___
1,012
Clarksville_ _ _
50 48,436
Dallas
1,270
89,556 2,303 7,385 2,300 116,400 2,000 5,300
395
473 2,200
43,650 1,936
860
Honey Grove..
300 32,202
44,365 2,416,700 52,149 177,724 41,2292,809,070 48,761 139,462
Houston
1,000 104,853 1,577 6,000 4,423 137,779 5,764 4,076
ParLs
Total. 33 to
107.7196.157.605 139.498838.633 95.3576.166.489 126.904721.689
The above totals show that the interior stocks have decreased during the week 31,779 bales and are to-night 116,944
bales more than at the same time last year. The receipts at
all towns have been 12,362 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
February 20ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct ShipmentsOverland to N. Y.,Boston,&c
Between interior towns
Inland, &c., from South
----1913-14---Since
Week.
Sept. 1.
10.023 367,093
6,283 144,164
83
5,051
2,795
84,276
4,800
93,147
1,987 120,264
8,627 299,644
----1912-13---Since
Week.
Sept. 1.
9,358 412,023
7,185 195,603
1,163
16,407
1,314
62,403
2,731 112.597
1,098 106,561
7,998 255,418
34,598 1,113,639
30,847 1,161,012
Total to be deducted
Leaving total net overland*
1,681
3,208
4,250
97,335
89.290
66,896
1,034
1,486
2,526
113,592
80,365
62,425
9,139
253,521
5,046
256,382
25,459
860,118
25,801
The foregoing shows the week's net overland movement
has been 25,459 bales, against 25,801 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 44,512 bales.
Total marketed
Interior stocks in excess
1912-13
Since
Wee,,.
Sept. 1.
114,107 8,061,651
25,801
904,630
56,000 1,392,000
250,349 10,867,683 195,908 10,358,281
*31,779
724,119 *30,947
624.653
Came into sight during week__ _ 218,570
------ 164,961
11,591,802
___ 10,982,934
Total in sight Feb. 20
North. spinners' takings to Feb.20 54,315
1,775,534
51,258
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening denote that
rain has fallen in most districts during the week, with the
precipitation light as a rule in Texas and moderate on the
whole elsewhere. The movement of the crop continues on a
liberal scale for the time of year.
Galveston, Tex.-We have had no rain the past week.
Average thermometer 57, highest 66, lowest 48.
Abilene, Tex.-We have had rain (shower) on one day during the week, the precipitation reaching ten hundredths of
an inch. The thermometer has ranged from 36 to 56,
averaging 46.
Dallas, Tex.-It has rained on two days of the week, the
precipitation being fifty-six hundredths of an inch. Average
thermometer 48, highest 60 and lowest 36.
Palestine, Tex.-There has been rain on one day of the
week, to the extent of twenty-four hundredths of an inch.
The thermometer has averaged 51, the highest being 60 and
the lowest 42.
San Antonio, Tex.-We have had rain on two days the past
week, the rainfall being twenty-six hundredths of an inch.
Average thermometer 50, highest 62, lowest 38.
Taylor Tex.-There has been light rain on two days the
past week, the rainfall reaching sixteen hundredths of an
inch. The thermometer has averaged 49, ranging from 36
to 62.
New Orleans, La.-There has been rain on one day during
the week, to the extent of thirty hundredths of an inch.
The thermometer has averaged 56.
Vicksburg, Miss.-We have had rain on one day of the
week, the rainfall reaching forty-one hundredths of an inch.
The thermometer has ranged from 28 to 68, averaging 48.
Memphis, Tenn.-There has been rain on three days during the week, to the extent of eighty hnudredths of an inch.
The thermometer has averaged 41, ranging from 22 to 66. Mobile, Ala.-We have had rain on three days during the
week, the precipitation being two inches and forty-six hundredths. The thermometer has averaged 52, the highest
being 69 and the lowest 32.
Selma, Ala.-We have had rain on three days of the week,
the rainfall reaching seventy hundredths of an inch. The
thermometer has averaged 45, ranging from 26 to 72.
Madison, Fla.-There has been rain on two days during
the week, to the extent of three inches. The thermometer
has ranged from 36 to 72, averaging 55.
Savannah, Ga.-Rain has fallen to the extent of one inch
and eighteen hundredths on one day during the week. Maximum temperature 76, minimum 34, and average 49.
Charleston, S. C.-We have had rain on two days of the
week, the precipitation reaching two inches and forty-five
hundredths. The thermometer has ranged from 32 to 69,
averaging 51.
Charlotte, N. C.-There has been rain during the week,
the precipitation reaching one inch and nineteen hundredths.
Average thermometer 40, highest 62, lowest 17.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
904,630
*Including movement by rail to Canada.
-----1913-14
In Sight and Spinners'
Since
Week.
Takings.
Sept. 1.
Receipts at ports to Feb.20
164,890 8,517,565
25,459
860,118
Net overland to Feb. 20
Southern consumption to Feb.20_ 60,000 1,490,000
[Von. xcvm.
1,866,423
1913-14.
1912-13.
Week. I Season.
Week. I Season.
-------- 5,770,236
2,135,485
2,055,351
218,570 11,591,802 164,961 10,982,934
124,000 1,717,000 118,000 1,269,000
105,000
5,000
161,000
3,000
7,000
947,000
905,000
5,000
14,000
182,000
185,000
12,000
6,277,744
Visible supply Feb. 13
Visible supply Sept. 1
American in sight to Feb. 20.
Bombayreceipts to Feb. 19...
OtherIndia ship'ts to Feb. 19
Alexandria receipts to Feb. 18
Other supply to Feb. 18*
6,646,314 16,612,153 6,073,197 15,624,419
Total supply
DeductVisible supply Feb. 20
6,267,252 6,267,252 5,627,911 5,627,911
379,062 10,344,901 445,286 9,996,508
Total takings to Feb. 20_a-299,062 8,155,901 317,286 8,061,508
Of which American
80,000 2,189,000 128.000 1,935,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
1,490,000 bales in 1913-14 and 1,392,000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 8,854,901 bales in 1913-14 and 8,604,508 bales in 1912-13
of which 6,665,901 bales and 6,669,508 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
*Decrease during week.
1913-14.
Movement into sight in previous years:
Ba es.
361,325
164,211
129,999
182,735
Week1912-Feb 23
1911-Feb. 24
1910-Feb. 25
1909-Feb. 26
Sin e Sept. 11911-12-Feb. 23
1910-11-Feb. 24
1909-10-Feb. 25
1908-09-Feb. 26
Ba es.
12,354,631
10,059,327
8,530,000
10,942,803
February 19.
Receipts atTVeek.
Since
Sept. 1,
I
1912-13.
Week.
Closing Quotations for Middling.Cotton on-
Week ending
February 20.
Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
•
Savannah
Charleston _ _ _ _
Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little.Rock
12X
12X
12X
12X
12X
124
13
13
13
13
13
13
12%
12%
12%
12A
12%
12%
13
13
13
13
13
13
12X
12X
12y4
12X
12X
l2%
12Y
12X
12X
12%
12X
12%
12%
12%
12%
12%
12%
12%
13.20
13.10
13.15
13.15
13.25
13.15
13 3-16 13 X
13X,
13 3-16 13X
13
13
13
13
13
13
13
13
13
13
13
13
13
12 11-16 12 11-16 12 11-16 12 11-16 12 11-16 12 11-16
12%
12%
12%
12%
12%
12%
Exports
from-
Since
Week, Sept. 1.
_
Since September 1.
Great
Great Conti- Japan
Britain. neat. &China Total. Britain.
Bombay1913-14....
1912-13_
1911-12__
Calcutta1913-14....
1912-13.. _
19i1-12....i
Madras1913-14..j
1912-13_ _
1911-12_
All othe
1913-14_ _
1912-13....
1911-12....
Total all1913-14._
1912-13_
1911-12_ -
1911-12.
124,000 1,717,000 118,000 1,269,000 126,000 1,266,000
Bombay
For the Week.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Since
Sept. 1.
1;6 65
13.000 20,000 33,000
17,000
16,000
6,000 56,666 64,000
400
5,000
3,666
3,500
-465
5,000
3,000
3,500
_18,000 20,000 38,000
1,668 16,000 3,000 20,000
____ 6,000 61,900 67,900
ContiJapan
acne. &China.
Total.
12,000 436,000 496,000 944,000
14,000 158,000 361,000 533,000
2,000 106,000 393,000 501,000
2,000
3,000
2,000
11,000
7,000
6,000
10,000
5,000
1,300
23,000
15,000
9,300
5,000
4,000
2,000
18,000
13,000
5,000
1,000
24,000
17,000
7,700
17,000
7,000
4,000
91,000
51,000
44,000
700
6,000 114,000
73,000
15,000
58,000
10,000
36,000 550,000 513,000 1,105,000
28,000 229,000 381,000 638,000
10,000 161,000 405,000 576,000
FEB. 21 1914.1
THE CHRONICLE
CENSUS BUREAU'S MONTHLY COTTON REPORT.
-The report issued by the Bureau of the Census covering
the amount of cotton consumed in the United States during
January 1914 in comparison with 1913, the stock on hand
at the close of the month, the number of active spindles,
import of foreign cotton and exports of domestic cotton is
as follows:
('rho statistics of cotton in this
are given in running bales, counting
round as half bales, except foreignreport
cotton, which is in equivalent 500-ponnd
bales. Monthly,totals of cotton consumed
are affected somewhat by,some
mills reporting for a period of four or five weeks
instead of for a calendar
month.)
COTTON CONSUMED AND ON HAND, AND ACTIVE COTTON
SPINDLES FOR .TANUARY 1914 AND 1913.
621
-Mr. George W. Neville, ex-President of the New York
Cotton Exchange, died on Wednesday morning (Feb. 18) in
the Elizabeth (N. J.) General Hospital, following an
tion for appendicitis performed on Tuesday night.operaMr.
Neville was born in Portsmouth, Va., on Aug. 4
He
went to Norfolk at an early age and entered the 1862.
employ of
Ralli Bros., going later to Houston, Tex., as a member
of
the firm of Dorrance, Neville & Cairns. In 1898 the
firm
of Weld & Neville was formed by Mr. Neville
and Gen.
Stephen M. Weld of Boston. He was President of
the Exchange for two terms, being elected first in 1911.
MARKET AND SALES AT NEW YORK.
Cotton on Hand Jan. 31.
Cotton
In manu- In Inde- Active cotton
Spindles.
Year consumed facturing es- pedent
(bales.) tablishments warehouses (number.)
(bales.)
(bales.)
Locality.
United States
1914 *540,874 *1,851,496 *2,900,149 31,112,723
1913 533,743 1,012,993 2,657,048 30,359,843
Cotton-growing States. 1914
1913
All other States
1914
1913
277,994
271,504
262,880
262,239
929,408
917,712
922,088
995,281
2,724,023
2,450,397
176,126
206,651
12,270,883
11,740,465
18,841,840
18,619,378
* Includes 14,954 bales of foreign cotton and 23 735 bales of linters consumed, 50,594 bales of foreign cotton and 87,081 bales of linters on hand in
manufacturing establishments, and 2,362 bales of foreign cotton and 49,519
bales of linters in independent warehouses.
IMPORTS AND EXPORTS OF COTTON FOR MONTH OF JANUARY
1914 AND 1913.
Imports of Foreign Cotton.
Saturday_ _ _ Quiet
Monday _ _ _ Quiet, 5 pts. adv.._ _
Tuesday
Quiet
Wednesday.. Quiet
Thursday _ _ Quiet, 5 pts. adv.. _ _
Friday
Quiet, 5 pts. adv. _ _
Total
500-1b. bales.
1914.
1913.
Country to
which export'd
Total
19,624
52,022
Total
Egypt
Peru
China
All other_ _ _ _
11,341
883
508
6,892
47,098
1,586
3,132
206
Un.Kingdom.
Germany _ _ _ _
Franco
Italy
All other_ _ _ _
Bales.
1914.
1913.
*1,052,198
*900,931
437,224
308,116
78,574
54,824
173,460
355,837
240,08^
97,818
49,871
157,318
* Figures for 1914 inch de 24,697 bales of linters; quantity of
linters included for 1913 not available.
SALES.
Spot. Contra1
Steady
Barely steady_ _
Steady
Steady
Steady
Steady
Total.
76
78
76
76
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
February 18.
Receipts (cantars)This week
Since Sept. 1
Exports of Domestic Cotton.
Country of
Production.
Futures
Market
Closed.
Spot Market
Closed.
F:cports (bales)
-
1913-14.
1912-13.
1911-12.
Not
received.
70,000
7.102.224
200,000
6.402.880
This I Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
To Liverpool
To Manchester
Not
Not
To Continent and India_ rere- .
To America
ceived calved
2,750 160,037 8,250 142,478
_ _ _ _1166,683 5,500 171.008
7,500 245,524 8,500 233,658
2,7501 90,634 5,750 57,722
Total exports
I
13.000 662.878 28.000 604.866
Note.-A cantar is 99 lbs. Egyptian bales weight about
750 lbs:-
MANCHESTER MARKET.-Our report received
cable to-night from Manchester states that the marketby
is
steady for both yarns and shirtings. Merchants are buying
very sparingly. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
WORLD STATISTICS.
The world's estimated production of commercial cotton from the crop
grown in 1912 is 21,457,000 bales of 500 pounds net, distributed
follows:
United States (including linters), 13,696,000 bales; India (notas
including
360,000 estimated as used outside of mills), 3.158,000; Egypt, 1,523,000;
1914.
China, 1,074,000; Russia, 950,000; Brazil, 320,000. and all other countries,
1913.
736,000. The estimated consumption for the year ending
311913,
sg lbs. Shirt- Corn
is 21,392,000 bales of 500 pounds net. Except for theAugust
854 lbs. MinUnited States,
32a
Cop
togs,
common
Mid.
cotton included in this amount refers almost exclusively to that
323 Cop
ims, common
in
Twist.
to finest.
Upl's
Twist.
spinning and does not include large quantities which are consumedused
to finest.
in the
manufacture of felts, bats, &c. The estimated number of active consumd.
d.
s.
d.
s.
d. d. d.
ing cotton spindles during that year is 143,398,000.
d.
d.
s.
B. d.
Jan2 10
0 11. 62 4411354 7.05 10 7-160 11% 64 011 7%
FALL RIVER MILL DIVIDENDS.-Thirty of the
9 934 0 10% 8 1544411 3
6.91 10% © 11% 64 011 7
16 9% 0 10% 8 1%011 3
7.16 10% 44 11 63 011 8
thirty-seven cotton-manufacturing corporations in Fall 23
9% 0 10% 6 1%011 3
7.21 10 44 10%63 011 6
River have declared dividends during the first quarter of the 30 9% 44 10% 6 1 011 2
7.09
10 44 10%63 011 6
Feb.
year, and the total amount paid out is $17,242 more than
for the corresponding period of 1913, and $122,650 greater
than in 1912. The aggregate of the amount distributed has
been $353,667, or an average of 1.20% on the capital. In
1913 thirty-one mills made distribution, and the
average rate was 1.17%. In 1912 the average rate was
0.83%; in 1911 was 1.60%; in 1910 was 1.90%, in 1909 was
2.71%, in 1908 was 2.27%, in 1907 was 2.70%, in 1906 was
1.94%, in 1905 was only 0.32%, in 1904 it was 1.21%, in
1903 it was 1.44%, in 1902 it was 1.41%, in 1901 it was
1.73%, in 1900 it was 1.81%, in 1899 it was 0.88%, in 1898
it was 0.26%, in 1897 it was 1.01% and in 1896 it reached
1.99%.
First Quarter
1914 and 1913.
Capital.
Dividends 1914. Dividends 1913.
%
Amount.
% Amount.
6 9% 0 10% 61 @112
13 9% 0 10% 6 1 011 2
9% 0 10% 6 1 011 2
20
6.96 10 44 10% 6 3 611 6
7.04 10% ig 11 6 4 011 6
7.09 10 01 10% 6 3%011 6
Cots
Mid.
Upl's
a.
7.19
7.02
6.80
6.69
6.84
6.94
6.93
6.77
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To London-Feb. 13-Minneapolis, 100
100
To Bremen-Feb. 16-Prinz Friedrich Wilhelm, 1,031
1,031
Antwerp-Feb.
To
17-Samland,800
800
To Genoa-Feb. 13-Italia,600_ _ _Feb. 14-Prinzess Irene,99
_ _ _Feb. 16-Hamburg, 150
To Naples-Feb. 13-Italia, 100__ _Feb. 14-Prinzess Irene,200 849
300
GALVESTON-To Liverpool-Feb. 17-Borderdalo, 12,639
To Bremen-Feb. 14-Fridland, 3,261.._ _Feb. 18-Naneric, 12,639
12,023
15,284
To Rotterdam-Feb. 18-Naneric, 100
100
TEXAS CITY-To Liverpool-Feb. 17-Meltonian, 14,959.._
_
Feb. 19-Student, 9,034
NEW ORLEANS-To Liverpool-Feb. 14-Serrana, 8,130_ - _ 23,993
Feb. 20-Nitonian, 10,000
Inc.(-I-)
18,130
To Bremen-Feb. 20-Koln, 10,812
or Dec.
10,812
To Rotterdam-Feb. 14-Andijk,287 __ _Feb. 17-Genova
,651
(-).
938
To Antwerp-Feb. 19-Strabo, 2,694
2,694
To Barcelona-Feb. 19-Balmes, 1,563
$
1,563
To Genoa-Feb. 16-Veniero, 9,151
9,151
To Port Barrios-Feb. 17-Marowjne, 90
90
MOBILE-To Liverpool-Feb. 18-Nessia
n, 3,621
3,621
PENSACOLA-To Liverpool-Feb. 14-Ida,
7,000
7000
SAVANNAH-To Bremen-Feb. 13-Boscombe
Chine, 100
100
To Antwerp-Feb. 19-Callisto, 200
200
To Barcelona-Feb. 13-Gerty, 2,877
2,877
To Genoa-Feb. 13-Gerty, 50
50
To Trieste13-Gerty, 1,150
-1,258 NORFOLK-ToFeb.
1,150
Liverpool-Feb. 18-Eagle
4,565
4,565
BOSTON-To Liverpool-Feb. 13-BohemiaPoint,
n, 2,102.... Feb. 16Alannia, 374
2,476
To Manchester-Feb. 13-Iberian, 240
240
To Yarmouth-Feb. 14-Boston,359
359
PHILADELPHIA-To Manchester-Feb. 13-Manchester Mariner, 550
550
To Antwerp-Feb. 12-Manitou,400
400
SAN FRANCISCO-To Japan-Feb. 11-Manchuria, 6,450...._
-10,500
Feb. 14-Nile, 536
+2,625 PORT TOWNSEND-To
Japan-Feb.17-Mexico Maru,2,286..-- 6,976
Feb. 19-Tencer, 50
2,336
Total
131,374
$
8
8
A.merican Linen Co
800,000 No di vidend. No di vidend.
Ancona Mills
300,000 al%
1,500 al%
1,500
Arkwright Mills
450,000 No di vidend. No di vidend.
Barnard Mfg. Co
500,000 No di vidend.
No di vidend.
Barnaby Mfg. Co
350,000 No di vidend. No di vidend.
Border City Mfg. Co
1,000,000
1
10,000
10,000
1
Bourne Mills
1,000.000
15,000
15,000
13
14
Chace Mills
1,200,000
1%
18,000
18,000
114
Conanicut Mills
251,670
1
2.517
114 ' 3,775
Cornell Mills
400,000
2
8,000
8,000
2
Davis Mills
1,250,000
114
18,750
18,750
114
Davol Mills
500.000
7,500
114
7,500
114
Flint Mills
1,160,000
114 17,400 114 17,400
Granite Mills
1,000,000
1
10,000
10,000
Hargraves mills
800,000 No dl vldend. No1 di Mend.
King Philip Mills
1,500,000
114
22,500
22,500
114
Laurel Lake Mills
600,000
114
9,000
9,000
114
Lincoln Mfg. Co
1,250,000 No di vidend. d114
10,500
Luther Mfg. Co
525,000
7,875 c154
154
5,250
Mechanics' Mills
750,000
1
7,500
7,500
1
Merchants, Mfg. Co
1,200,000
1
12,000
12,000
1
Narragansett Mills
400,000
1
4,000 b134
5,250
Osborn Mills
750,000
154
11,250
1%
11,250
Parker Mills
800,000 No di Mend. No di vidend.
The particulars of the foregoing shipments for the week,
Pilgrim Mills
1,050,000 bl%
5,250 b 1%
5,250
Pocasset Mfg. Co
arranged in our usual form, are as follows:
1,200,000
114
18,000
18,000
154
Richard Borden Mfg. Co. 1,000,000
4
40,000
154
15,000 +25,000
Great French Gre- -0th -Europe- Mex.
Sagamore Mfg. Co
1.200,0001 2
•
24,000
2
24,000
Britain. Ports. many. North. South. .ttc'. Japan. Total.
Seaconnet Mfg. Co
600,000
1
6,000
1
New York
6,000
100 _--- 1,031
800 1,149 ..__
Shove Mills
_-550,000
3,080
114
6,875
Galveston
1
5,500 +1,375
12,639
Stafford Mills
. 28,023
1,000,000
1
10,000
Texas City _ _ _ _23,993 --------1
10,000
__-- --- ------_
-----_.___
Stevens Mfg. Co
23,993
700,000
114
10,500
1%
New Orleans ....18.130 ____ 10,812 3,632 10,714
Tecumseh Mills
9() _-_ 43,378
750,000
114 11,250 154 10,500
Mobile
11,250
3,621
Troy Cot.k Wool. Mfg.Co
3,621
300.000 2
6,000
2
Pensacola
6,000
7,000 --------------------Union Cotton Mfg. Co.__ 1,200,000
„
7,000
1%
18,000
1% 18,000
Savannah
,.
F)
4'
Wampanoag Mills
-----4,377
750.000
1
7,500
1
Norfolk
7,500
4
,11
--48---Weetamoo Mills
500,000
1%
7,500
Boston
7,500
134
,
58§ -_-_-_ 4,565
3,075
Philadelphia
550
•I'ntrtl
-4156 ---20 MR 0711 12(1
950
101607
117 116 490 -1-17 9d9
San Francisco
____
____
__ 6,976
6,976
Port
Townsend_
____
a On $700,000 capital stock, Son $350,000 capital stock. c On $350,000 capita
___ 2,336
2,336
stock. d On $700,000 capital stock.
Total
73,314
___- 27,227 5,132 15,940 449 9.312 131,374
i
------------
THE CHRONICLE
622
The exports to Japan since Sept. 1 have been 223,015 bales
from Pacific ports, 21,670 bales from Galveston, 27,800
bales from Savannah, 6,450 bales from Mobile and 3,490
bales from New York.
LIVERPOOL.-Sales, stocks, &c., Tor 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
Feb. 6. Feb. 13. Feb. 20.
51,000
47,000
59,000
2,000
2,000
4,000
1,000
1,000
1,000
41,000
38,000
45,000
51,000
18,000
6,000
7,000
7.000
95.000
82,000 113,000
86.000
1,115,000 1,130,000 1,178,000 1,181,000
878,000 878,000 914,000 927,000
135,000 103,000 167,000 117,000
94,000
74,000 126,000
100,000
365,000 393,000 313,000 291,000
242,000
260,000
324,000
293,000
Jan. 30.
61,000
10.000
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.
Tuesday. Wednesday. Thursday.
Market,(Fair
business
Good
Dull.
12:15
doing,
inquiry,
P. M.
Mid.Upi'd
7.05
Sales
Spec.ezexp.
4,000
300
Good
demand,
Good
demand.
Friday.
Fair
business
doing.
7.06
7.05
7.03
7.02
7.09
10,000
500
8,000
500
10,000
500
12,000
1,000
8,000
500
Quiet at Quiet,unch. Quiet at Very st'dy,
to 1 pt. 102 pts. 102 pts.
45405
advance.
pts. dec. advance, decline.
Quiet,unch.
st'dy,
Very
st'dy,
Bly
at
Steady
at
st'y
Very
Quiet,unch
Market, 1
to 234
234 0434 134 pts.
40534
40534
4
4 to 1 pt.
P.M. I decline. tits. adv. Dts. (iec. pts. dec. pts. adv. pts. adv.
Futures. Steady at Steady at
20234
Market ) 1340234
opened J pts. adv. pts. adv.
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.
[VOL. xcvm.
to the increased firmness noticeable in the markets across
the water. Furthermore, there is said to be someAmerican marwhat better export demand in
kets, even if actual transactions as near as can
be gathered do not show a very large total. It seems to be
an accepted fact that the crops of Argentina, Australia and
East India are smaller than those of last year, something
which appears to be only partially offset by the increased
shipments from Russia. Duluth early in the week bought
250,000 bushels at Minneapolis, supposedly against export
sales. On the other hand, the speculation has not been very
active. The West has had a good snowfall and the crop
prospects have naturally improved. Then, as already intimated, the actual business for export has not been very large,
and in fact at times it has been small. Also, it is a fact that
the world's visible supply statement this week was in the
main rather disappointing. The big decreases which
marked the statements of recent weeks are absent.
The decrease in the world's stock, instead of running up into the millions, actually proved to be only
451,000 bushels, as against a decrease in the same week
last year of 295,000 'bushels, which is certainly no very
remarkable difference. And the world's stock just now is,
after all, 200,027,000 bushels, against 202,314,000 bushels a
year ago and 190,157,000 two years ago,so that,for the time
being at any rate, there seems to be no lack of wheat. The
crop outlook in the United Kingdom is favorable, and in
most parts of France the same is true. This is also the case
in Russia, where supplies are said to be very liberal. To-day
prices advanced somewhat, owing to higher cables, reports of
export business here and at Kansas City and winter-killing
in France and Russia. The crop outlook in this country has
improved; the plant now has a good snow covering.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
103
102
102
cts_10134 10134 102
No.2 red
10154 10154 10234 1024 102,4 10254
Feb. 14 Saturday, Monday, Tuesday. Wed'day. Thursday. Friday.
May delivery in elevator
9634 97
to
9754 9754 9754 9754
July delivery in elevator
Feb. 20. 123% 1234 123% 4 1234 4 124 4 1234 4 123% 4
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
P.m. p.m. P.m pin• p.m. p.m • pin• pan• p.m. p.m. p.m. pan.
7
3
94%
cts_ 9354 93%
9454 9454 9454
May delivery' in elevator
d.
d. d. d. d. d. d. d. d. d. d.
d.
883% 8834 8934 8954 894 8954
in elevator
delivery
July
6834
7034
66
84
6434
67
67
6534
February_ ____ 6 66 6834 7134
in
partly
sympathy
with wheat,
Indian corn has advanced,
Feb.-Mar. ____ 6 66 68 71 6634 6634 65 64 6334 6534 70 68
Mar.-Apr. ___- 8 6734 6934 7234 68 6734 66. 6434 64 66 71 6834 partly owing to the strength of the techrucal position. In
Apr.-May __-- 6 64 66 69 64 64 62 6034 60 62 67 64 34
over-sold.
become
The counhad
May-June ____ 6 64 68 69 64 84 63 6034 60 62 6634 6434 other words, the market
very large. The movement
June-July _ --_ 6 60 62 65 60 5934 57% 56 5534 57% 6134 59
been
not
have
too,
offerings,
try
55
5734
53
July
6 56 58 61 56 5534 5334 5134 51
of the crop,on the whole, has been small enough to encourage
-Aug------Sep_ ____ 6 45 4734 50 45 45 43 4034 40 42 46 44
Aug.
6 32 3334 36 313432 31 29 28% 30% 3234 31
Sep.-Oct
believers in higher prices. The world's shipments
the
Oct.-Nov. ____ 6 24 2534 28 2334 24 23 2134 21 23 2434 23
reached only 1,863,000 bushels, against 3,120,000 in the pre___ 6 20 2134 24 19 20 19 17 17 19 20% 19
Nov.-De
6 19 '2034 23 18 19 18 1634 16 18 193418
Dec.
vious week and 4,547,000 in the same week last year. Last
-Jan------- 6 19 2034 23 1834 19 18 1636 16 18 191.4:18
Jan.-Feb_
points were 3,938,000 bushels
•
BREADSTUFFS.
Friday Night, February 20 1914.
Flour has been somewhat steadier, but for one cause or
another, trade has been comparatively small. In the first
place, the recent blizzard blocked the streets with snow,
and this naturally made deliveries difficult, and discouraged
trading. Then, again,very many buyers have by no means
abandoned their old attitude of purchasing, as a rule, from
hand to mouth. But there can be no doubt that some
holders have been encouraged by the firmness of cash wheat,
and therefore. have shown less disposition to shade prices.
Yet, when all is said, it remains true that, taken as a whole,
the market has shown a lack of snap, nor does there appear
to be any promise of much improvement in trade in the
immediate future, particularly as regards the city trade,
as the streets are still encumbered with deep snow. The
production at Minneapolis, Duluth and Milwaukee was
381,605 barrels, against 391,310 barrels in the previous week
and 375,025 barrels last year. To-day prices were firm,
with a moderate demand.
Wheat has advanced, owing partly to light receipts and
decreasing stocks. Trading has increased, and the sentiment
has become more bullish. The strength of the Northwestern
markets has been a noticeable feature. The Argentine news
on the whole favored the believers in better prices. The
Argentine exportable surplus has been estimated at only
56,000,000 bushels, a fact that caused more or less covering.
The total American supply fell off for the week close to
2,000,000 bushels, as against a decrease in the same time last
year of only 895,000 bushels. The stock at Minneapolis
has been decreasing, with receipts falling below those of last
year. At the same time the world's shipments for the week
showed a falling off. The total was 12,816,000 bushels,
against 14,000,000 in the previous week and 12,941,000 in
the same week last year. The North American shipments
decreased from 5,058,000 in the previous week to 3,448,000
last week,which offset, or even a little more than offset,a noticeable increase in the shipments from Russia. Those, too,
from the Danube showed a noteworthy decrease, and Australia shipped a couple of hundred thousand bushels less than
in the previous week. In France there has been some fear
of damage by severe weather; the. native offerings, too, are
very small. In Germany a succession of freezing and thawing
weather is expected to result in damage to the crop. From
Hungary come complaints of damage by recent severe weather, especially in parts of the country where there has been
little snow, and it is added that the native offerings are small
at high prices, and that large importations are expected between now and April. All this, with other things, has had
the effect of causing firmer markets in Europe. The American news has undoubtedly contributed in some degree
week's receipts at primary
smaller than the same week last year. It is true that the receipts of late have increased somewhat, but they have admittedly fallen far behind those of last year. On the other
hand,the cash demand has been rather sluggish. The contract
stocks at Chicago have increased and are now 2,460,000
bushels, against 269,000 a year ago. To-day the market
advanced on small receipts and a good demand, partly to
cover. Farm reserves, however, are said to be large. There
was a rather better shipping demand at Chicago.
.2 MIXED CORN IN NEW YORK.
DAILY CLOSING PRICES OF NOSat.
Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. 723% 7254
No.2 mixed
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sat.
Mon. Tues. Wed. Thurs. Fri.
cts_ 6594 6554 6654 66
6534 6654
May delivery in elevator
6491 647% 6554 654 6534 6534
July delivery in elevator
6434 6434 65
6454 6454 6534
Sept. delivery in elevator
Oats have advanced in response to the rise in other cereals.
Early in the week May showed noticeable strength, with
the shorts the best buyers. The cash trade has been fairly
active at firm prices; but it would be too much to say that
there has been any great activity in the market. Also, although stocks have decreased somewhat, the supply of contract grade is even now 3,233,000 bushels at Chicago, against
412,000 a year ago. It is a fact, too, that the total supply in
America is put as high as 44,000,000 bushels, against 23,000,000 a year ago and 22,750,000 at this time in 1912.
To-day prices were higher, with small trading, however.
Cash prices at Chicago were stronger but there seems no
disposition to trade in either cash or futures on a large scale.
Farm reserves are said to bo 300,000,000 bushels, against
604,000,000 bushels a year ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tues.
Wed, Thurs. Fri.
Sat.
cts_4434-45 45-4554 4534-46 4534-46 4534-46 4534-46
Standards '
4534-46
45-4534
464634 464634
46-4634
46-4634
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 3954 3954 40
3934 3934 404
May delivery in elevator
394 3954 3934 3954 3954 397%
July delivery in elevator
The following are closing quotations:
FLOUR.
$4 15 $435
Winter, low grades___..$3 20 $3 40 Spring clears
4 90 5 10 Kansas straights,sacks- 435 4 50
Winter patents
4 25 4 40 Kansas clears, sacks_-_ 3 75 4 10
Winter straights
5 95 0 35
380 4 15 City patents
Winter clears
320 3 80
4 75 5 0) Rye flour
Spring patents
3 80 4 50
4 50© 4 75 Graham flour
Spring straights
GRAIN.
eta.
Corn, per bushelWheat, per bushel-f. o. b.
72%
No 2 mixed
$1 054
N. Spring, No. 1
73%
new
No 2 yellow
1 044
N. Spring, No. 2
new70070%
No 3 ellow
1 0454
Red winter, No. 2
70%
Argentina in bags
Hard winter, No.2,arrive 1 02 h'
Rye, per busheleta.
Oats, per bushel, new6934
New York
Standards
4534 046
6834
Western
4646g
No. 2, white
65080
Barley-Malting
45@45
No. 3, white
For other tables usually given hero, see page 587.
623
THE CHRONICLE
FEB. 21 1914]
The value of these New York exports since Jan. 1 has
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and been $3,793,747 in 1914, against $3,620,305 in 1913.
The demand for staple cotton goods continues satisfactory,
seaboard ports Feb, 14 1914 was as follows:
UNITED STATES GRAIN STOCKS.
and
selling agents express the opinion that there is a substanAmer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
business pending. With the exception
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley, tial amount of new
In Thousandsbush. bush. bush, bush. bush. bush. bush. bush. of slight irregularity in some quarters, prices are generally
3
70
388 steady and buyers are becoming more willing to meet full
287
956
161
New York
1,409 1,000
1
21
3
38
9
Boston
30
6 1,682
asking prices. Popular lines are reported to be well sold for
200 --184
Philadelphia
486
318
266 --- -iii --160
215
Baltimore
646
some distance ahead. Bleached sheetings and drills are
____
-----120
113
New Orleans
773 --particularly well sold and mills are consequently not disposed
323551
Galveston
175 112 to shade prices, although by so doing they could book a
732 --in
831 1,037
1,580 --ii
Buffalo
1,324
79
566
2,728
411
3,285
afloat
large amount of additional business. Buyers who had hoped
20 ---.0! -_ -_ -_ -_
583"i5i 2
Toledo
1,084
---- ---- for a further decline in the cotton market,with a consequent
-:Ii2
afloat
ii
--.
66
Detroit
147 -- -- - i,ishading of prices on finished goods, are becoming aware that
420
afloat
-- the spot cotton situation is very firm, and are willing to
5,671 :::: 8-ini ici,iiii -256 -582 "iii
Chicago
521
"
450 _afloat
accept present prices on goods which they will shortly need.
"156 -iiii
212 -518
_ .._
248
Milwaukee
706 "109 Mails were delayed by the storm but when received contained
323
326 . 1,359 2",ii5
12,112 1,0'78
Duluth
275
226
1,434
a substantial volume of orders covering general lines, as well
"
afloat
- 1,121
19,528 _ _ __ -iii 2;8154 ____ -a6
Minneapolis
as requests for the more prompt shipment of such goods due.
61
38
421 1,248 ____
1,619 __St. Louis
925
7,159 ____ 1,670
Gray goods, 383/
Kansas City
2-inch standard, are unchanged at 5 M to
--ii
____
1,297
____
67
122
---Peoria
5%c.
101
---_
495
193 ___ _
Indianapolis
-Hi
66
710 ____ 2,250 1,195
Omaha
WOOLEN GOODS.-A feature of the market has been
Total Feb. 14 1914__59,197 5,539 17,595 22,539 8,529 1,964 4,836 1,196 the recent heavy importations of foreign dress goods for late
Total Feb. 7 1914__59,349 7,084 16,892 23,418 6,400 1,983 5,095 1,251 spring delivery. Domestic manufacturers, being behind on
190 1,396 2,543
116
Total Feb. 15 1913_84,583 3,095 14,235 10,785
759 1,082 2,806
608 deliveries,are becoming worried, fearing that much business
Total Feb. 17 1912_58,430 1,559 11,330 13,599
CANADIAN GRAIN STOCKS.
will be diverted to these foreign lines, owing to their inability
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. to meet their contract dates on deliveries. It appears that
bush. bush. bush, bush. bush. bush, bush. bush. dress goods manufacturers were over-cautious in accepting
In Thousands__
491
19
23
465 ____ business, fearing competition from foreign lines, and that
286 --__
Montreal
---- 3,858
Ft.William&Pt.Arthur.10,882
4,083
___ 2,514
their conservatism has so delayed them that they will have
afloat
"
8,003
6,541
Other Canadian
great difficulty in catching tip with the orders they have
booked. A heavy initial business for spring was booked
19 13,404
Total Feb. 14 1914_23,254 ____
23
465
Total Feb. 7 1914_23,963 ___
17 13,329
482
23
early, owing to the attractive reductions which were made in
Total Feb. 15 1913_23,393 __
21 8,709
53
prices, but manufacturers delayed in starting to turn these
Total Feb. 17 1912_23,080
3 4,952
90
goods out, believing that there would be many cancellations
SUMMARY.
Bonded upon the appearance of imported lines. This has not been
Bonded
Bonded
Wheat, Wheat, Corn. Oats. Oats. Rye. Barley. Barley.
In Thousands-bush, bush, bush, bush. bush. bush, bush. bush. the case, however, and mills are now receiving urgent reAmerican
59,197 5,539 17,595 22,539 6,529 1,964 4,836 1,196 suests for the shipment of these goods instead of cancella465 ____ tions, as they had expected. The better grades of
23
Canadian
23,254 ____
19 13,404
imported
Total Feb. 14 191482,451 5,539 17,614 35,943 6,529 1,987 5,301 1,196 goods are finding a ready market for both late spring and
Total Feb. 7 1914 83,312 7,064 16,909 36,747 8,400 2,006 5,557 1,251 fall delivery, and this is another source of annoyance to
116
190 1,396 2,596
Total Feb. 15 1913_88,771 3,095 14,256 19,494
608 domestic manufacturers, who fear that lower prices will have
759 1,082 2,896
Total Feb. 17 1912_81,516 1,559 11,333 18,551
to be named on fall lines in order to hold their trade. On
fall lines of woolen and worsted men's wear,the situation is
THE DRY GOODS TRADE.
New York, Friday Night, Feb. 20 1914. better and mills in many cases have been able to make furAside from the hindrance to local store trade caused by the ther advances in prices without hurting the demand.
FOREIGN DRY GOODS.-Linen jobbers report a steady
heavy snowfall, business in dry goods during the past week
has been fairly active. There are still a largo number of demand from retailers and are moving out a large volume of
out-of-town buyers in the market and they are rounding goods. Household lines are heavily sold up and in steady
out their needs for the spring and summer, while mail orders request,while there is a heavy call for shirt-waist and blouse
are frequent and cover a wide range lof merchandise. Buy- material as well as goods suitable for embroidering purposes.
ers, though taking an active interest M all offerings, are con- The outlook for the coming spring and summer in dress
fining the bulk of their purchases to immediate and nearby linens is very good, and the call for both plain and fancy dress
requirements. Jobbers report that the demand from.retail- linens foreshadows a popular season for these goods. It had
ers is improving and that retail sales m various sections of been thought that the recent heavy demand for silks and silk
the country have been better than was expected. They also mixtures would be to the disadvantage of linens, but this has
claim that the retail trade will improve from now on, as not proved to be the case. Importers report a fair response
much buying which has been delayed, owing to the unseason- to new offerings and state that their road salesmen are turnable winter,has left retailers with heavy winter stocks, which ing in good orders, covering all lines of goods. The reports
must be either disposed of at sacrifice or stored over the that Belfast manufacturers were planning retrenchment,
summer. Jobbers are preparing to dispose of a large vol- owing to the absence of business, are not understood in the
ume of merchandise during the coming month or so, as local market, as the call for goods is fully dqual to supplies,
retailers so far have made little preparation for their spring and importers report no difficulty in securing new business.
and summer trade. Road salesmen carrying finished lines Burlaps, while less active, have ruled steady, influenced by
of specialties report a good reception and state that stocks advices from Calcutta where markets are firm, owing to
ederywhere are at very low levels. In agricultural sections mill curtailment. Lightweights are quoted at 4.85c. to
good crop prospects and plentiful. money are stimulating 4.90c. and heavyweights at 6c.
factors, and a good foundation exists for future. business. Importations & Warehouse Withdrawals of Dry Goods.
Manufacturers are complaining about the lack of interest in
The importations and warehouse withdrawals of dry goods
the new fall season, but realize that this business will natur- at this port for the week ending Feb. 14 1914 and since
ally be delayed much beyond the normal period. Under- Jan. 1 1914, and for the corresponding periods of last year,
wear mills are not well situated on fall business and are were as follows:
seeking confirmation of advance orders already on the books Imports
Entered for Consumption for the Week and Since Jan. 1.
as a result of the poor consumption of these goods during the
Week Ending
Feb. 14 1914.
Since Jan. 1 1914.
investigated
it
would
matter
were
the
season.
If
current
Pkgs.
Value.
Value.
Pkgs.
probably be shown that summer underwear lines oversell the Manufactures of3
Wool
458,898
1,501
12,869
3,983,221
heavyweights by 100%. Aside from a good inquiry from
3,305
Cotton
928,058
28,648 8,174,632
India for drills on a 7Y1c. basis, little is being done in export
932
Silk
506.818
10,051
4,938,412
1,437
Flax
364,766
circles. Some further sales for India were made at about
12.341
3,064,543
2,085
384,013
22,430
2,680,829
Miscellaneous
8c., but had the price been shaded a little, much more could
have been placed. A better inquiry from China is reported
9,260 2,642,553 86,337 22,841,637
Total 1914
9,504 2,438,832
81,155 19,602,693
Total 1913
for both light and heavyweight sheetings and a resumption
Warehouse Withdrawals Thrown Upon the Market.
of buying from that quarter is expected at any time. Busi- Manufactures
ofness to.miscellaneous ports is poor, as foreign manufacturers
852
168,717
Wool
14,760
3,829,697
893
222,026
Cotton
6,807
1,910,017
are still underselling New York.
307
124,002
Silk
2,262
964,130
DOMESTIC COTTON GOODS.-The exports of cotton
622
128,021
Flax
4,034
928.336
4,301
160,240
19,021
1,179,730
Miscellaneous
goods from this port for the week ending Feb. 14 were 7,785
packages, value(' at $623,721, their destinations being to the
6,875
803,006
Total withdrawals
46,884 8,811,910
9,260 2,642,553 86,337 22,841,637
Entered for consumption
points specified in the table below:
New York to Feb. 14.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1914
Since
Week. Jan. 1.
58
229
131
313
3,454
16,540
3,032
1,501
109
1,687
1,128
9,388
96
37
232
3,266
466
6,198
2,170
10,519
7,785
52,769
--1913
Total marketed 1914
16,135 3,445,559
Since
Total marketed 1913
12,528 3,111,785
Week. Jan. 1.
Imports Entered for Warehouse During
224
5
120 Manufactures of48
429
100,624
Wool
1,596
6.563
893
3,831
260,666
Cotton
153
68,170
5,973
Silk
423
121,603
Flax
644
3,761
985
128,209
Miscellaneous
944
6,758
488
36
Total
2,883
679,272
2,401
468
9,260 2,642,553
916
8,346 Entered for consumption
489
7,486
_
12,143 3,321,825
Total imports 1914
46,251 I
15,933 2,945,004
Total imports 1913
5,166
133,221 31,653,547
114,464 24,276,914
Same Period.
5,178
5,490
1,988
4.081
13,293
1,597,908
1,555,809
858,067
932,276
938.976
30,030
5.883,036
86,337 22,841,637
116,367 28,724,673
126,972 24,039,854
624
vim AND
THE CHRONICLE
CITY atfiCPTIVITNi.
MUNICIPAL BOND SALES IN JANUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of January which the
orowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 464 of
the "Chronicle" of Feb. 7. Since then several belated January returns have been received, changing the total for the
month to $83,490,025. The number of municipalities issuing bonds was.296 and the number of separate issues 438.
JANUARY BOND SALES.
Name.
Page.
Rate. Maturity. Amount.
Price.
465-Adel Ind. Sch. Dist.,Iowa
5
1924
$48,000
174__Akron, Ohio
434
1,250,000 100.104
a1930
320__Akron.Ohio i4 issues)
5
250,150 101.387
320__Akron,Ohio 3 issues)
5
45,105 102.54
406_ Akron C. S. 3Akron ., Ohio
43,5
75,000
a1924
250_ _Allen Co., Ind.(5 issues)
113,760 100.694
43i
136,000 100.572
250.._Allenhurst, N.J
1934&1944
20,000 100.27
5
406...Alliance S. D., Ohio
70,000 104.531
1934
6
465_.Antioch, Calif
25,000 100.852
a1927
534
406_ _Antwerp,N.Y.(2 issues)
20,000
539_ _Arma, Kan
1939
5
26,000 96.50
320Ashiand (T.), N.Y
5
1915-1924
i4,000 100.125
1,000 103
320_ _Asotin County, Wash
5 d1924-1934
5,000 98.602
320...Atlantic City, N. J
1943
4
150,000
320.._Atlantic City, N. J
1944
4
350,000 101
320__Atlantic City, N. J__ ______
4
175,000
1938
465__Bald Knob Sch.Dist., Ark
6
1920-1941
16,500 100
465-.Bancroft, Nob
5 d1918-1933
17,500 100
465.. _Bellingham, Wash
5
100,000
7 d1915-1924
539- _Bellingham, Wash
75,000
175__Belmont. Mass
4
a1924
60,000 102.27
406.._Bexar County,Tex.(5 issues) 5
1.000,000 101.099
434
465_ _Binghamton, N Y
a1932
125,000 104.142
465_Bonham. Texas
5 d1933-1953
75,000
627__Boone Co. S. D. No. 21, Neb- 4% 1915-1923
2,000 100
465_ _Boston. Mass
4
1915-1925
55.000 100
539....Bowerston Sch. Dist., Ohlo
5
1921
20,000 101.75
4
250_ -Braddock. Pa
150.000 103
250...Bremen,Ohio
1,600 100.951
534 1914-1929
7
465.._Buena Vista, Oa
1915-1922
4,000
407__Buffalo, N Y
1934
434
1,500,000 104.311
4
539- _Buffalo, N Y
1939
18,000 x100
5.
539- _Burlington,Iowa
13,600 100
175_ _Butler Sch. Dist.,Ind
5
4,550 101.389
5
539-_Caddo Parish, La
44.000
539_ _Caldwell County.Tex
5 d1924-1954
50,000 100
251__Canton,Ohio (5 issues)
59,100 104.921
536
50,000 108.195
1953
{5
407_ _Carroll County. Ind
4
5,600 100.839
407- _Cass County, Ind.(2 issues)
4
26,460
407__Cass County, Ind
12,800 100.451
4
407_ _Cedar Rapids. Iowa
1926-1934 125,0001 100
407__Cedar Rapids. Iowa
434 1915-1929 125,0001
1924
5
175-Celina, Ohio
10.000 100.63
35,000 100
628_ _Central City School Dist., Neb.. 434 d1923-1938
7 d1914-1923
589.._Centralia Wash
26,500
a1929
175-.Chagrin Falls Viii. 8.D., Ohio_ 5
38,000 101.34
1944
434
35.000
465- _Chatham, Conn
251_ _Charlotte, No. Caro.(2 issues).. 6
135,000
6
1915-1918
465_.Chattanooga,Tenn
5,478 100.71
251__Cheektowaga U.F.8.D.No.7.
a1920
4.75
N Y
30.000 100.136
434
a1924
321__Chemung County,N Y
12,495 100.40
5
7,725 101.25
321_ _Cheviot. Ohio (2 issues)
4
28,000 100
466..Chicago, Ill
4
131,000 100
321_ _Chicago, Ill
4
175__Chicago, Ill
57,000 100
5
20,000 102.38
407_ _Chillicothe, Ohio
10,000 100
1914-1933
5
466_ _Choudrant Sch. Dist., La
10,000 100.17
1934
5
251_ _Claiborne County, MLss
11,000
466_ _Clinton, Ind
540-..Clinton, NO. Caro
10.000 102.1
6
d1923-1928
5,100 100
4
407_ _Colorado Springs, Colo
2,252 100
4
175...Columbus,Ind
1944
50,000 100.816
6
251_ _Columbus Co., No. Caro
4
1,000,000 98.511
251_ _Cook County, III. (2 issues)
1939
6
25,000 100
466- _Coplah County, Miss
534
15,000
407_ _Correctionville, Iowa
466__Cowlitz Co. S. D. No.52, Wash. 6 d1915-1920
800 100
1915-1924
6
321_ _Crookston,Minn
13,6691 100.882
6
1915-1919
3,321 f
321_ _Crookston, Minn
5
2,000 100
407..Culpeper County, Va
6 d1924-1934 125,000 96.50
466_ _Dade County, Fla
466_Daviess County,Ind.._(2 1s.)
10,200 101
43
115,500 101.616
251_ _Dearborn County, Ind
1 7.500 100.783
628_ _Depue School District, Ill
19,500
534 d1924-1934
321_ _Dexter, Mo.(2 issues)
53,000
1934
5
40,000 100
321_ _Dothan, Ala
78,000 100
6
540- _Dubuque, Iowa
1944
400,000 100
434
251_ _Duluth, Minn
6,500 101.538
251_ _East Brunswick Twp. S. D.,N.J 5
-1-9-21-1934
70,000 100
4
540- _Easton School District, Pa_
60.000
407__East St. Louis S. D.No. 189,111. 454
1915-1934
25,000 101.114
5
407_ _Edwardsville, Pa
1,500
175_ _Elmore. Ohio
50,000 100.75
1934
321_ _Enfield,Conn
454
60,000 103.005
1954
6
321_ _Enfield Twp., No. Caro
1914-1934
6,000 100
5
407 __Escondido, Cal
25,000 100
1933
629_ _Falls City School District, Nob. 434
65,900 100.941
321_ _Fountain County,Ind.(4 issues) 434
80,000
1944
321_ _Franklin Twp.. No.Caro
53
60,866 100.427
321_ _Fulton, N Y
434
34,000
466_ _Georgetown School District, Ill_
_Gloversville,
3,500 100
N Y
321_
434
80,000 100.718
321_ _Goldsboro, No.Caro
6
25,000
321_ _Goldsboro Twp., No. Caro_ _ _ _
giiiciiii
50,000 ii100
_"
252_ _Goshen Township, Ohio
45,000 100
1924
541_ _Grand Junction S. D., Iowa-.-.. 5
200,000
466_ _Grants Pass, Ore
321_ _Green Bay, Wis
434 1919-1933 170,000 100.245
6,200
408_ _Greene County, Ind.(2 issues)_ 454 1915-1924
2,000 100
1915-1918
5
252_ _Greenville, Ohio
25,000 100
1915-1931
321_ _Gridley School District, Cal_ -- 5
1,000 100
1914-1924
5
541- _Gustavus Sch. Dist., Ohio
40,000 102.112
1944
6
466_ _Halifax County, No. Caro
6,989
1915-1924
5
252_ _Hamilton, Ohio
25,000 103.76
1944
435
176_ _Hamilton County, Ohio
25,000 102.12
1944
5
176_ _Hamilton County, Tenn
70,000 102.071
5 d1919-1924
541--Hampton Sch. Dist.,Iowa
15,000
1919-1940
6
466_ _Hardy School District, Ark_
10,000 97.50
322_ _Harrison School District, Ark..- 6
5,510 100.725
434
408.. _Harrison County, Ind
570.0001 103.851
1933
322_ _Hartford, Conn
436
650,0001
1939
322_ _Hartford, Conn
434
322__11111 County. Mont
50,000 101.252
1932-1934
5
467__Holmes County, Fla
40.000 100
1944
6
8 d1914-1923 130,000
541_ _Hoquiam,Wash
WoL. xcvm.
Name.
Page.
Rate. Maturity.
408_.Huron, Ohio
53.4 1914-1923
541_ _Iowa
5
1915
408_ _Irondequoit, N.Y
541_ _Janesville, Wis
6
1915-1919
176_ _Jasper County, Ind
434 1915-1924
176_ _Jeffersonville, Ind
4.40 1919-1921
541--Kansas (22 issues)
541--Kansas City, Kan
5
1915-1924
322_ _Kinston, No. Caro
5
1934
176_ _Knox County,Ohio
5
al922
176_ _Kosciusko County Ind
434 1915-1924
541_ _La Grange, Ga.(2issues)
434
176_ _Lake County, Ind.(7 Issues)....
1914-1923
408__La Porte County,Ind
434 1914-1923
408--La Porte County,Ind.(2 issues) 434 1914-1923
322....Lancaster, Ohio
a1920
5
322-_Las Cruces S. D.No.2, N.M
5 d1934-1944
a1931
252_ _Lauderdale County,Miss
534
1934
408_ _Laurel, Miss
5
434 19144923
322_ _Lawrence County, Ind
322_ _Lewis Co.S. D.No.11,Wash
5 d1915-1924
a1916
252_ _Linden Heights Ohio
5
1934-1943
176__Little Ferry S. ., N J
5
322- _Lockport, N. Y.(2 issues)
4
a1920
176_ _Lorain,Ohio
5
408_ Lorain, Ohio(3 issues)
5
541_ _Loudonville, Ohio
a1919
5
322_ _Lucerne School District, Cal
1921-1924
5
322_ -.LynchburgVa
1948
434
adison, N. Y
408_
a1933
4.85
322_ Madison County,Ind
434
176__Madison Township, Ohio
1924
5
253_ Mahoning County, Ohio
a1924
5
253_ Malden, Wash
6 d1924-1939
253_ Manhattan Beach, Cal
322- Manasquan S D. N J
5
a1928
467_ Maricopa Co. S. D.No.4, Ariz 534
1934
323_ Marion, Ohio
5
a1918
323_.Marton, Ohio
5
a1919
323_ Marion, Ohio
a1916
5
467- Marion County,Ohioal917
467- Marion County, Ohio
a1916
409_ _Marshall County,Okla
176_ Maryland
4
d1924-1929
467_ Medford, Ore
6 d1915-1924
253 Miami County,Ind
434
177_ Miami County,Ohio (18 issues). 5
323_ _Miami County, Ohio (2 issues)._ 5
323..Middletown, Ohio
5
-1-91-57-1624
253.. Milwaukee County,Wis
434
a1924
467_ Mineral Springs S. D., Ark_
6
1923-1933
4
•
542-Minnesota (20 issues)
43.4
409_ Monroe County,Ind
a1920
467_ _Monroe School Township,Ind
43
a1920
467_ _Monroe Twp.School Dist.,Ohio 5
a1922
467- Montgomery Co.,Ind.(7 Issues) 43-4
467- Montgomery County, Ky
a1927
467- Montgomery County, Md
434
Amount.
Price.
101.78
400,000 100
19.732
1,766 102.63
5.200 100.711
10,000 100
162,833 100
200,000
60,000 1/100
80,000 101.833
4,000 100.65
175.000 97
124,400 100.16
18,800 101.468
27.600 101.328
50,000 101.444
25,000
100,000 100
40,000 100.21
3,000 100.7
12,500 100
20.000 100.0785
38,000 104.623
100,000 100.193
91,000 101.002
67,227
8.000
97.562
2,000 100
150,000 100
14,500
83,300 100.675
36,000 100.81
100.000 101.71
7.000 101.015
111,000 102.702
32,000
90,000
66.414 100.229
5,018 100.154
1,500
53.000 102.166
25,000 101.091
75,000
250,000 98.27
8.750 100
48.796 105.833
43,000 100
90,000 101.76
8,745 100.017
160,000 100.547
6.000
173,294 100
4.150 100.12
20,000 102.83
20.000 v101.75
69,100
15.000
119.000 98
1 6,000 100
10.000 100
631_ _Morehead Twp.S. D.,No.Caro 5
4,600 102.57
409_ _Mt. Pleasant U.F.8.D.9,N.Y
-1W47-1528
5
35,000
a1931
467_ New Albany, Miss
6
400,000 105.22
1959
323_ Newark, N..1
100,000 104.501
323_ Newark, N.J
1944
3,376,000 103.37
323_ _Newark, N. J.(3 issues)
1944
4
700,000 100.25
323_ Newark, N.J
1943
4
544,000 102.159
409_ New Bedford, Mass.(3 issues). 4
10,000 100.11
323_ New Boston School Dist., Ohio80,0001
253_ New Haven, Conn
a1934
4
200.000 101.082
253_ New Haven, Conn
a1934
4
200,000
253 .New Haven, Conn
a1932
434
60,000
253_New Haven, Conn
1938
409.._New Kensington, Pa
1923-1943 100,000 103.153
4
409_.New Philadelphia, Ohio
38,941 101.141
5
40,000 99.005
323_ _Newton Ind. S. D.,Iowa
434 d1919-1924
500.000 2100
468_.New York City
1923
3
468_ New York City
3 On or aft.'15 500,000
324__New York State
1964 30,000,000 106.077
4
324_ _New York State
1963 21,000.000
436
468_.Northfield, N.J
17,300 100
1914-1931
324_ _Nueces County, Tex
100,000
409_ _Nueces County, Tex
6
1924-1954 250,000 100
409_011 City, Pa
40,000
468...Oneida, N Y
30,000 100
1920-1939
468_ _Oneida, N Y
1915-1924
7.000 100
468_ _Oneida, N. Y
1915-1924
4,513 100
253_ _ Orangeburg. So. Caro
60,000 100.10
1934-1954
50,000
324_ _Orange County. Fla
15,500 i/100
409- _ Osawatomie, Kan
5
60,000 104.39
324_ _Oswego County, N Y
a1923
5
90.000 96.35
1919-1934
177- _Overcup Slough Dr. Dist., Ark.. 6
6.000 100.533
253_ _Painesville, Ohio (2 issues)
5
14,762
a1920
631_ .Parke County, Ind
434
6,940 10u
409_..Pendleton, Ore
6
1,184 100
468...Pendleton, Ore
6
253_ _Peoria Co. S. D. No. 150, Ill. 434 1915-1934 300.000 100.083
8,000 100.9375
409_ _Pier ont. So. Dak
6
444,362 Various
1924
543...Port and, Ore
6
400,000 96
409_ _Port of Astoria, Ore
5
800,000 99
468_ _Port of Seattle, Wash
5
600.000 91.75
468_ _Port of Seattle, Wash
434
60,000 99.833
a1924
178_ _Racine, Wis
434
35,000 100.428
325_ _Racine, Wis
434 1914-1933
3.500 101.542
a1916
325_ _Range Township, Ohio
6
143.500 100
325_ _ Red Bank N.1
434
15,000
1943
468_ _Reeves Co.Com.S.D.No.4,Tex 5
84.000 102.18
a1928
325_ _Rensselaer County, N.Y
434
300,000 100
1964
410_ _Rhode Island
4
50.000 100
468_ _Riverside Township, N. J
5
200,000 100
410__Rocky Mt., No.Caro.(5 Issues) 5
1953
29,000
410__Round Rock S D., Tex
25.000
410 _Rowan School District. Iowa_
90,000 100
1931-1932
468 _Sacramento County, Cal
6
30,000 107.935
1943
468 _St. Bernard, Ohio
5
9.414 100
1915-1924
410 _St. Johns, Ore.(3 issues)
6
4,600 100
325 _St. Paul, Minn
4,000 101.651
468_ _Salem, Mass
434 1915-1018
17,466 101.56
410_ _Salem, Ore
6
100.000 99.05
468 _Salt Lake City Sch. Dist..Utah_ 434
a1920
2.500 100
410 _Sandusky, Ohio
4
279,200
254_ _San Francisco. Cal
5
410 _San Francisco. Cal
128,000
5
1,191.500 100.88
410.. _San Francisco, Cal.(2 issues) 5
1915-1954 182.000 100
468_ _Santa Cruz, Cal. (2 issues)_ _ 5
324 _Saratoga County, N. Y.(2 iss.) 5
80,000 104.63
1944
325_-.Savannah. Ga
600,000 101.019
434
325_ _Scott County, Va.(3 issues)
53,
1 d1934-1944 167,100 100
254 _Scottsbluff. Nob
15,000 101.373
6 a1918-1933
1934
325- _Sedalia School District, Mo
5
32,000 103.25
255 _Shiloh, Ohio
a1917
6
4,500 103
178_ _Sidney. N. Y
a1924
11,732
468 _Smith County Tex
5
76,000
469 _Somerville Tex
5 d1916-1953
20,000
469..-So. Pasadena, Cal.(3 issues)_
1934
5
50,000 100.2
178 _South Hadley, Mass
70,000 101.52
1914-1933
4
325 _South Orange. N.J
250.000 100.15
434
1944
50,224 101.51
325 _South Orange, N.J
5
1915-1923
325- _South Orange, N.J
20,000 100.42
434 1945-1948
325_ _South Orange. N.J
8,000 100.42
1944
434
29.000 101.51
325-South Orange, N.J
1915-1922
5
410- _South San Joaquin Dist., Cal 5
50,000 90
544- _Spokane, Wash
62,000
6 d-1-9-1-4--1923
325_ _Steelton School District, Pa35,000
454
255_ _Strong, Kan
5
20.000 98.025
410_ _Tallahatchie Dr. Dist., Miss
1914-1933
6
93,000 100
81
FEB. 21 1914.]
THE CHRONICLE
Page.
Name.
Rate. Maturity. Amount.
544-Tarkington Prairie S. D. Tex__ 5
d1918-1953
8,000
469_ _Teraita School District, Cal_ _ 5
24,500
255 _ ...1 exas
75,725
5
411__Trenton, N.J
1924
434
40,400
178__Troy, N. Y. (2 issues)
434 1914-1934
98,000
326__Troy, N Y
434 1915-1934 350,000
41E _Trumbull County, Ohio
a1917
5
16,000
469_ _Tucson, Ariz
51944
165.000
411Tustin School District, Cal_-_ 5
1915-1939
50.000
411_ _Union County. Ohio
15.000
469_ _Valliant, Okla
515
1938
36,000
6
469_ _Vigo County, Ind
a1920
3,000
434
255....Wabash Ind
10,000
a1923
434
321:I....Wabash County, Ind
89,640
179.. _Waltham, Mass
1915-1934
4
46,500
179.. _Waltham Mass
.
1915-1924
4
544 __ Walton '
School District, Ind.__ 4.40
3,500
1924
326_ _Warren County, Ind
1914-1923
11,500
469_ _Warrenton Twp., No.Caro__ _ 4
30,000
1954
5
411_ _Washington County, Ind
4,580
434
470...Washington County,Ind
100,000
al919
4
255_ _Watertown, Maas
69,2001
1914-1933
4
255_ _Watertown, Mass
1914-1918
5,0001
4
179 __Wayne Twp.,Ind44
7,875
al920
2,000
d1933-1953
41E _Weatherford, Tex
5
1924-1939 140,000
470_.Western Clay Dr. Diste., Ark.._ 6
15,000
1920-1944
320._Westmoreland, Kan
5
49,500
255 _ _West New York S.D.,NJ.(3iss.) 5
a1927
10,000
1933
470_ _White Consol. Sch. Dist., Miss.. 6
d1919-1934
10,000
6
326__Wildwood Sch. Dist., Fla
30,000
5
320._Wilson Two. S. D., No. Caro
a1918
4,517
179_ _Woodsfield, Ohio
6
1914-1923 280,000
4
320._Worcester, Mass.(4 issues)
7
18,000
411_ _Yakima County, Wash
10,000
545__Yakima Co. S. D. No. 94, Wash 534 d1924-1934
1924-1933
6
40,000
411_ _Yalobusha County, Miss
6,300
545-..Yorkville, N. Y.(2 issues)
411__Youngstown, Ohio
5
1917-1930 200,000
6
1916-1926
411_ _Youngstown, Ohio
77,000
411-_Youngctown, Ohio
5
1916-1923
32,000
5
1916-1923
411_ _Youngstown, Ohio
23,500
411-Youngstown, Ohio
5
1915-1919
5,000
411_ _ Youngstown, Ohio
5
1916-1919
4,500
..Youngstown.
Ohio
4115
1916
2,500
411__Youngstown, Ohio
5
1916
1,300
411-Youngstown. Ohio
5
1916
1,000
_Youngstown
411_
, Ohio
5
1916
1,000
411- _Youngstown, Ohio
5
1915-1919
1,920
411-Youngstown, Ohio
5
1915-1919
10,875
411_ _Youngstown, Ohio
5
1915-1919
1,150
411__Youngstown, Ohio
5
1915-1919
1,650
411_ _Youngstown, Ohio
5
1915-1919
24,900
411_ _Zanesville Sch. Dist., Ohio
5
63,000
a1937
Total bond sales for Jan. 1914 (296 municipalities, covering 438 separate issues)_ _1483,490,025
Price.
100
100
100
102.14
101.033
101.508
100.281
101.32
100
100
100.708
103.85
100.557
101.91
100.65
101.692
100.078
100
100.873
100.619
101.77
101.46
97.50
96
101.57
100
100.11
100.666
100
101.85
95
100
106.53
101.565
102.79
102.76
100.56
100.727
100.08
100.076
100.10
100.10
100.052
100.898
100.086
100.727
100.887
105.071
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $48,859,003 of temporary loans reported, and which do not belong in the list; also does not
include $700,000 bonds of Porto Rico. z Taken by sinking fund as an
investment. y And other considerations.
BONDS OF UNITED STATES POSSESSIONS.
Rate. Maturity. Amount.
Name.
Price.
$50,000 101.31
250_ _Porto Rico
1914-1950 100,000
4
97
25,000 100.01
525,000
06.52
Page.
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our total for previous
months should be eliminated from the same. We give
the page number of the issue of our paper in which the
reasons for these eliminations may be found.
Page.
Name of Municipality.
Amount.
465__Branch Hill School District, Ohio (September list)
$17,000
321__Farmers Irrigation Instrict, Nob. (August list)
76,500
538__Gooding County, Ida.(November list)
160,000
322__Las Cruces School District No. 2. N. Max.(December list)_
25,000
253_Los Angeles, Calif. (August list)
100,000
253...Los Angeles, Oallf. (September list)
130,000
631__Mohave County, Ariz.(October list)
100,000
323...Newark, N. J. (December list)
700.000
254.._Roane County, Tenn. (November list)
110,000
468__Salt Lake City Sch. Dist., Utah (September list)
100,000
411....Wood County, Ohio (November list)
50,000
411__Yankton, So. Dak. (December list)
60.000
We have also learned of the following additional sales for
previous months:
Amount. Price.
Maturity.
Page.
Name.
Rate.
250_ _Absecon, N. J
$20,000 100.5
5
a1921
250_ _Atoka, Okla.(2 issues)
35,000
1938
6
d1918-1933
5
10,000 100
250 Auburn. Neb.(Nov.)
47,000 105.193
460._Bakersfield, Cal. (Jan.)
5
250.._13eaver, Pa
18,000 102.02
434 1917-1944
251__Brockton, Maas.(Aug.)
1914-1923
20,000
4
1914-1923
251_ _Brockton, Maas. Oct.
4
5,000 100
251__Brockton, Mass. Oct.
1914-1916
1,500
4
251_Cabridge,
Mass.(Feb.)1
1,000 100.18
m
251_ _Cambridge, Mass. (July)
10,000 100
251....Cambridgo, Mass. March)_...... 4
10,000 100
251_ _Cambridgo, Mass. Nov.)
10,000 100
4
251_ _Cambridge, Mass
11,000 100.68
1923
4
251__Cariton, Minn.(Oct.)
25,000 100
6
a1927
321.._Carroll, Iowa
13,000 100
534
251_ _Charleroi, Pa
17,000
1938
44
251__Cleveland, Ohio(May)
1913-1917 498,000 z100
5
628--Commerce,Tex.(Sept.)
10,000
d1933-1943
5
251__Corvallis, Wash
51,397 100
1953
5
407....Devol, Okla. (Nov.)
15,000
1938
6
251_ _Eldorado, Ill.(Aug.)
55,800
1915-1923
5
407_ _Ellensburg, Wash
40,000
1914-1923
7
321_ _Elizabeth, N. J. (Juno)
128,000 100
44
1952
321__Elizaboth, N. J. Aug.)
175,000 100
44
1952
251_ _Erie School District, Pa
43( 1926-1940
25,000 100
252.. _Euclid Township, Ohio (Oct.).__ 5
14,800
a1933
252- _E verett, Wash
7
1,282 100.442
1923
434
1914-1943
252._Fall River, Mass.(May)
60,000 102.099
4
1914-1933
252_ _Fall River, Mass.(May)
23,500 100
466__Fisher Special Sch. Dist., Ark.._ 6
1914-1939
16,000 100
252__Forsyth Co.,No. Caro.(Nov.)._ 5
1921
18,000
466.._Fredonia School Dist., Nan......- 513,700
321_ _Gila Co. S. D. No. 26, Ariz...... 6
---fo-SS
15,000 103.166
466.._Gillett Special Sch. Dist., Ark.._ 6
1914-1939
16,000 100
252_ _Glendora School 1)istrict, Cal.... 540,000 100
6
-1-918.--1923
252_ _Glenwood, Wis. (Nov.)
3,000
252_11ampton S. D., Neb. (Aug.)-- 5
d1917-1932
12,000 100
466_ _Hanover Twp.,Ind.(Aug.)____ 5
a1918
7,500
252__Itasca County, Minn.(Oct.)___ 434 1918-1932 300,000 100
252 __Jersey City. N..T.(May)
434
1915
250,000 z100
467....Jim Wells Co., Tex
54 d19234953 125,000 101.78
541__ICansas City, Kans
44
101,000
252__ICelso, Wash
1916-1922
6
7,000 100.514
408._King County, Wash
7
d1918-1923 300,000
408__Kirkland, N. Y.(Sept.)
a1933
5
11,500
252.._Kleburg County, Tex.(2 issues) 5
d1924-1054 160,000
252_ _Lake County, Ind.(Nov.)
28,000 100.285
434 1914-1923
252--Lancaster S. D.,Cal.(Aug.)..... 5
5,000 ..
625
Page.
Name.
Rate. Maturity. Amount.
Price.
322__Leavenworth, Kan.(Nov.)____ 5
1914-1923
5,919 100.473
252__Leola Drainage District, Wis__ 6
1018.-1927
14,929 100
252_ _Lincoln Co.S. D.No.144,Wash.
(Sept.)
534
1,500 100
408.._Lewis & Clark Co. S. D. No.16.
Mont. (Oct.)
6
1918-1923
1,600
253 Lodi Sch. Dist., N. J.(Nov.) 5
1917-1943
62.000
467 Long Beach S. D.,Cal.(Oct.).- 5
3,000 100
541 Lonsdale, Tenn.(Oct.)
6
1943
20,000
om.
Vis
nkn,. Nm
uc
222_ ..Lynn.Ly
1914
450
5 issues, June)_4&44 1914-1943 222,000 100.18
3
5
322 _Lynn, Mass. Nov.)
44 1914-1923
5.000 z100
409 _Mason City, Iowa (Nov.)
5
1923
20,000
400._Matagorda County, Tex
6
1914-1923
60,000
96
542_ _Midland County, Mich. (Jan.).. 6
1914-1918
13,000 100
323_ _M flan , Mich.(Nov.)
6
1914-1916
8,463 100
323_ _Minidoka Co. S. D. No. 5, Ida.
(Nov.)
6
1933
2,000 100
409_ Now Jersey Jan.)
40,000
409 New Jersey Feb.)
4,000
400._New Jersey (April)
18,000
409....Now Jersey (May)
9,200 *100
409_..Now Jersey (July)
36,000
409_ .New Jersey Oct.)
93,100
409 New Jersey Nov.)
49,500
468.. Niles, Mich. (Nov.)
5
1924-1927
25.000 100
253.. North Dakota (7 issues)
4
60,250 100
253_ _North iiempstead, N. Y..
__
16,000
468_ _Norwood School District, Ga
6
1915-1919
2,500 100
468_ -Ogden School District, Ark._
6
1918-1933
5,000
409 Oklahoma (Oct.)
434
2,061,000
253_ _Olathe, Kan
5
1939
63,000
468-01yphant,Pa.(Sept.)
5
135,000
468._Ontario, Cal.(March.)
5
1915-1926
25,200 100
253--Palm Beach County Special Tax
School District No. 1, Fla_
6
1923
35.000
253 _Palmyra, Wis
5
18,000 100.983
324 _Paris, Tex. (Oct.)
5
d1923-1963
50.000 100
253- _Patterson Twp. S. D. No. 1.
Ohio (May)
6
2,000
253_ Pendleton, Ore
6
1915-1924
7,187 100.52
254 _ _Pinal Co.S.D.No.3,Ariz.(Aug.) 6
1923
10,000
410..-Port of Seattle, Wash. (Oct.)_.. 44
690,000
90
325_ _Plaza S. D., Cal.(July)
6
1918-1923
6,000 100.583
325_ _Providence, R. I.(Nov.)
4
1943
300,000 x100
254 _ -Pulaski County, hid.(2 issues). 434-- ___ _
6,220 100
410.._Pueblo, Colo
5
d1924-1929 202.000 100
254_ _Quincy, Mass. (Oct.)
4
1914-1924
20,000
100
410__Sac City Ind. Sch. Dist., Iowa_ 5
d1918-1923
10,000 100
254-Saline, Wash.(July)
13,260 100
Creek
Two. Ind. (Oct.).. 434 1914-1917
254-..Sand
1.800 100
410__ Sanders Co.S. D.No.70,Mont. 6
d1924-1929
1,000 100
254....San Juan County Sch. Dist. No.
30, Wash. (Nov.)
534 d1914-1923
1,300 100
632-_Sawtelle, Cal. (Sept.)
534
1934
21,000 102.293
254__Scott County, Ind. (Oct.)
454
a1919
1,597 100.062
468....Sierra Madre, Calif. (July)........ 5
1914-1952
39,0001 100
488.. Sierra Madre, Calif. (July)....
5
1914-1953
20,000r
469__South Bend,(May).._...
Wash.(
.8
24.770 100.23
325 ..ShelbyCounty Corn. Sch. Dist.
No. 34, Tex. (Aug.)
5
d1923-1933
1,000 100
325....Shelby County Corn. Sch. Dist.
No. 82, Tex. (Aug.)
5
d1918-1933
800 100
10,000 100.10
325-Sliverton, Ore
6
d1914-1923
10.000 100.01
1,000 100.10
2,000 100.05
460_ _Stone Sch. Dist., Calif. (July). 5
1916-1924
5,000
100
255__Taunton, Mass. (April)
4
1942
15.000 100
255Taunton,
„
Mass. (Nov.)
8,000
101
_Texas
(October)
255..
5
30,925}
255.. _Texas (November)
.5
64,450 100
255....Texas
5
56.975
544....Tippecanoo County, Ind
434
1923
8.000 101.5
633.._Toledo, Ohio (7 issues)
5
48,221 z100
633-Toledo, Ohio (2 issues)
4
1927&1943
63,000
z100
255.._Twin Falls Co., Idaho (Aug.)
50.000
255__Utica, N. Y
434
1915
4,000 z100
469_ _Walnut Groves. D.,Cal.(July) 5
1924-1933
3.000 100
326__Washington (Jan.)
49,250
326.. Washington (March)
8,600
326_ Washington (April
14,300
326_ Washington (May
44,500
326_ _Washington (June
12,250
326....Washington (July)
24,000 'I'100
326_ _Washington (Aug 1
35.000
326_ _Washington (Sept.
119.650
_Washington
(Oct.
326_
14.200
326_ _Washington (Nov
4,700
326_ _Washington
_Waycross,
Ga
411_
5
1917-1927
1
M4_ _Wayne, Mich. (Oct.)
5
27,000 101.574
470-Wayne Twp. Sch. Dist., Ohio.... 6
a1916
4.000 102.525
470_ -Williamson Co. Corn. Sch. Dist.
No. 35. Tex.(Nov.)
5
d1924-1954
1,700 100 .
255....Winooski. Vt
4
1934
70.000
* These are school, city, town and county bonds purchased with State
funds.
?:(333,
All the above sales (except as indicated) are for December.
These additional December issues will make the total sales
(not including temporary loans) for that month $44,340,028.
The revised figures make the sales for the year 1913 aggregate $402,905,501.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES
IN
JANUARY.
Page.
Name.
Rate. Maturity.
Amount. Price.
327- _Battleford, Sack
$3
50
3:0
000 98
412- Brockville, Ont
471__Calgary, B. C
5 1933 & 1943 3,598,000
471--Carleton Place, Ont
534 1934-1951 107
2:5
56
03
0
412-Cochrane, Ont
412-Colchester Ont
5
1915-1944
8,500
545 ..Dominionof Canada (school
districts in Alta. and Sask.
12,800
412- Esquimault, B C
100,000
471 - _Fort qu Appelle, Sask
'7.- ---19
6
2
6-4
39,000
327_ Galt, Ont
5
1954
97.60
471- -Grainville S. D.No.2699,Alta. 8
1915-1924
6
25
1
4 i00
5
10
90
3
99
471__Ifardisty Sch. Dist., Alta
734
471- High River, Man
(3A 1914-1943 5
100:0
000 85
412- Medicine Hat, Alta
471_ _New Westminster, B.0
5
1.000.000
85
471_ _Railway S. D. No. 1675, Man__ 7
1915-1924
1,250
412„Richot (R. M.), Man
5
1915-1944
60,000
412...Sandwich, Township, Ont
5
1915-1944
8.000
257..-Saskatchewan (Province of)..
44
5,000,000
412....Saskatoon Sask
750,000
327- _Scott, Bask
6
1934
6,000
546__Sherbrooke, Qua
5
1944
36
80.0
30
70
5
98.50
412- Souris, Man.(2 issues)
634
97.653
327__South Vancouver. B. C
5
NO
1,000,000
257- Stellarton, N S
5
1,000 100
471_ Stratford, Ont
44
24,000
412 Sudbury, Ont
44,000
471__Sydney, N. S
434
150,000
412__Windsor Separate S. D. Ont.._ 6
1914-1933
32,000
412_ Woodstock, Ont
434&5 1914-1954
53,000
327_ Yorkton, Bask
5
19154944 100,000
Total debentures sold In January
$13,281,681
626
THE CHRONICLE
xcv I)
We have also learned of the following additional Canadian graft hearing at New York under subpoena from District
Attorney Whitman. An investigation of the State Treassales for previous months.
Page.
Name.
Rate. Maturity. Amount. Price. urer's office was made by the State Comptroller a short
86
$50,000
412__ Beaconsfield, Quo
1943
5
time before Mr. Kennedy's death and its affairs found to be
96.312
1,600
1923
327_ _Diamond S. D. No. 2914, Alta_ 8
correct. A thorough audit of the books is now being made
256....Dominion of Canada (various
90,250
school districts in Alta.& Sask)
by the Department of Efficiency and Economy in co-opera5,000
327_ _Holland, Man. (Nov.)
tion with officials from the State Comptroller's office in
1,500 83
1914-1928
412__Montmarte, Sask
6
order to ascertain beyond doubt whether the State's funds
546_ _North Vancouver, B. C. (3 is5350,750 86
5
sues, Oct.)
are intact.
92
1203,860
150,000
1943
96.50
6
546_ _Oak Bay,B.C
Ohio.—Special Session of Legislature Ends.—The'Legisla35,000
97
1943
6
546_ _Oak Bay,B. C
ture of this State adjourned last Tuesday evening (Feb. 17),
50,000 96
1914-1943
6
256__Parry Sound, Ont.(3 issues)
75,000
1914-1933
257_ _Swift Current Sch. Dist., Sask_ 6
the extra session having lasted three weeks and two days.
4,450 100
1928
5
546_ _Watford,Ont.(April)
20,000 z95
Osawatomie, Kan.—Commission Government Adopted.—
327.._W. Kildonan S. D.,Man.(Nov.) __
---iliSS
40,000
327_ _West Vancouver, B. C.(Nov.).. 5
An election held Feb. 17 resulted in favor of the commission
The above sales of debentures (except as indicated) took plan of government. The vote is reported as 289 to 64.
place in December. These additional December issues will Officers under the new rule will be chosen at the regular
make the total sales for that month $28,978,134. The total municipal election in April.
of debentures sold in 1913 was $161,536,083, according to
Republic of China.—Loans.—Official advices from Peour records.
king received Feb. 12 stated that an agreement had been
effected between the Government of China and the Standard
News Items.
Oil Co. of America whereby the latter is to lend to the GovDallas County (P. 0. Springfield), Mo.—Decision in ernment $15,000,000 in return for important oil concessions
Bond Case.—An opinion sustaining the motion of attorneys for in Shansi Province.
Coincident with this news are cable advices from Paris
Dallas County for the dismissal of the bill of complaint filed
in the Federal Court by Harry J. Cantwell, solicitor for that the Industrial Bank of China has arranged a loan for
David Yost of Pittsburgh, Pa., to authorize the appoint- the Peking Government of $120,000,000 at 5%. According
ment of a special master to bring about the settlement of to the report, the money is to be used for the construction
the controversy regarding an old railroad bond issue was of a port at Yamchow, a railroad 1,250 miles long from
filed Feb. 9 with United States Commissioner George Pep- Yamchow to Chungking, with an option on a plan for the
perdine by Judge Smith McPherson of Red Oak, Ia. Judge construction of railroads from Nankin to Lunchow and from
McPherson holds, it is said, that it is not within the juris- Suifou to Chengtou. It is said that French firms are to
diction of the Federal Court to force collection on the bonds, supply all the material for the construction of these roads.
as suggested in Yost's complaint, and that the enforcement
Santa Monica, Cal.—Engineers Recommend Purchase of
of any special tax whereby a fund might be created with Water Plant.—Engineers employed by the city a few months
which to meet the bonds and accrued interest is not possible ago recommend in a report submitted Feb. 9 that the city
except as may be authorized by legislative acts. According acquire the local water plant at a cost of $667,000. It is
to a St. Louis newspaper the opinion recites in part as follows: suggested that an election be called immediately to vote on
This case is pending on the bill of complaint and the motion of respondent
$900,000 to purchase the property and imto dismiss the case, stating in lieu of what formerly would have been a de- a bond issue of
murrer. Complainant is the owner of a judgment for something more than prove the same.
$1,000,000 against the defendant county, which, with judgments in favor of
other parties, aggregate nearly or quite $2,000,000. These judgments were
rendered at different.times by United States courts for this district, based
upon bonds of the county issued in the year 1871, under a statute of January 11 1860, to aid in the building of the Laclede and Fort Scott Railroad.
Parts of these judgments bear interest at 10 per cent ,part at 7 per cent and
still others at 6 per cent per annum. The county has never paid anything
on the bonds or the judgments, which bonds originally amounted only to
a few hundred thousand dollars. As I understand it, little or no part of
the work was done on the railroad, and the people receited no benefits
therefrom, but the bonds, having been sold, were held to be a legal liability
of the county, resulting in these judgments. The tax levy, as authorized
by statute, if collected and paid, would be less than interest on the judgments. so that unless there is a substantial increase in the value of taxable
property in the county, no part of the principal of these judgments can
Compare V.96,
ever be collected and only part of the interest thereon.
p. 1241.
Denver, Colo.—Plan for Purchase of Water Plant Rejected.
—The tax-paying electors of this city on Feb. 17 rejected the
plan formulated by the Retail Merchants' Association of
Denver for the purchase of the plant of the Denver Union
Water Co. at a valuation to be fixed by a board of arbitrators (V.98, p.538).
Moffat Tunnel Bond Issue Approved.—The question of issuing $3,000,000 bonds for the payment in part of the "Moffat
Tunnel" carried at the election held Feb. 17(V. 98, p. 83).
Fort Scott, Kansas.—Commission Government Adopted.
—The question of establishing a commission form of government carried, it is stated, at the election held Feb.3.
Green Bay, Wis.—Election on Question of Purchasing
Water Plant.—An election will be held April 7 to vote on the
question of purchasing the local water system.
Mississippi.—Burkitt Bond Bill Defeated in Senate.—The
upper branch of the State Legislature on Feb. 13 registered
its disapproval of the Burkitt Bill, which provided for the
issue of $1,000,000 6% 5-10-year (optional) bonds, half of
which were to be in small denominations, or $100 each,
the other half in larger amounts, and all, if possible, to be
sold only to bona fide citizens, who would be required to
make oath that they are such.
The "Commercial Appeal" of Memphis says: "There is no doubt of
the fact that the State of Mississippi is in debt to the extent of upward
of $1,000,000, and that some step for a reduction or wiping out of this debt
is imperative. It must be either through bond issue, through negotation
of a special loan, such as was authorized in 1912, or by an increase of the
tax levy. There are members of the Legislature who believe that the best
and most business-like plan would be the latter, and that a half mill increase
would come very near floating the State out of the present financial straits."
This action is taken, it is stated, in view of possible annexation to Los
Angeles in order to obtain Owens River water. An opinion was given
that in event of Santa Monica annexing to Los Angeles that Santa Monica's
share of the aqueduct would be about one-fortieth. Another opinion
given, that in event of annexation Santa Monica should not regard the expense as an indebtedness but rather as an investment, as the sale of surplus
water would result in final profit.
Rhinelander, Oneida County, Wis.—Election on Commission Government.—The question of establishing a commission form of government will be submitted to a vote,reports
state, on Feb. 24.
Weaverville, Buncombe County, No. Caro.—Bond Suit
Compromised.—The suit to restrain the issuance of $27,000
sewer and water bonds voted May 6 1913 was compromised
in the Buncombe Superior Court on Feb. 4. Under the
terms of the compromise a verdict is rendered in favor of
the city officials, and it is ordered that the costs of the action
be divided equally between the plaintiff and the defendant.
Bond Calls and Redemptions.
Cape Girardeau, Mo.—Bond Call.—The city has exercised its option to call for payment 4M% normal school funding bonds Nos. 31, 32, 36, 37 and 38, each for $500, issued
Jan. 1 1904. Bonds will be redeemed on presentation to
the Sturdivant Bank, the city depository. Interest will
cease April 1.
Missouri.—Bond Calls.—Whitaker & Co. of St. Louis, in
their quotation pamphlet dated Feb. 16,include the following
list of municipal bonds which have been called for redemption:
Adair County, Mo.—City of Kirksville S. D.4% building bonds, dated
July 11899, Nos. 67. 68, 69 and 70, for $500 each, have been called and
will be paid Jan. 1 1914.
Boone County, Mo.—S. D. No. 14, 6% building bond, dated Aug. 1
1912, No. 2, for $266 66, has been called and will be paid Feb. 11914.
Cass County, Mo.—City of Harrisonville 4% light bond, dated Sept. 1
be paid March 11914.
1901, No. 23, for $500, has been called and5 will
% building bond,dated June 1
Hickory County,Mo.—Weaubleati S.D.
1903, No. 10, for $300. has been called and will be paid March 11914.
Johnson County, Mo.—Warrensburg Twp.4% ref. bonds, dated April 1
1898, Nos. 81, 82, 83, 84 and 85, for $1,000 each, have been called and
will be paid Feb. 1 1914.
Monroe County, Mo.—Court-house bonds, Nos. 11 to 20, inclusive, for
$500 each, have been called and will be paid Feb. 1 1914.
Monroe County, Mo.—Poor-house 4% bonds, Nos. 13, 14 and 15, for
$500 each, have been called and will be paid March 11914.
Piattsburg, Mo.-4% refunding bonds, dated July 1 1901, Nos. 7 and 8,
for $500 each have been called and will be paid Dec. 311913.
Rails County, Mo.-4%, refunding bonds (railroad indebtedness), dated
Feb. 11898, Nos. 274 to 300, inclusive, for $1,000 each, have been called
and will be paid Feb. 2 1914.
Ray County, Mo.—City of Richmond 5% water-works bonds, dated
Aug. 1 1903, Nos. 1, 2 and 3, for $1,000 each, have been called and will be
paid Feb. 1 1914.
Municipal Bonds as Security for Postal Savings Deposits.—An amendment to the Regulations of the Board of
Trustees of the Postal Savings System, adopted Jan. 27 1914,
provides that bonds to be acceptable as security for deposits
shall be "general obligations" of the places issuing the same
Spokane, Wash.—Bond Call.—The following special
and payable either "directly or ultimately, without restric- improvement bonds are called for payment at the City
tion or limitation" from taxes levied upon all taxable real and Treasurer's office on March 1:
No
personal property. The text of the amendment is as follows:
No
Section 8-a. Bonds of the several classes described in Section 8, paragraphs (b), (c) and (d), to be acceptable as security, shall be the general
obligations of the States, Territories, counties, cities, towns, or other
political divisions by or in behalf of which they are issued, and payable,
either directly or ultimately, without restriction or limitation, from the
proceeds of taxes levied upon all the taxable real and personal property
within the territorial limits of such political divisions.
New York State.—Treasurer a Suicide.—John J. Kennedy, serving his second term as State Treasurer, killed himself in the Markeen Hotel at Buffalo last Sunday afternoon
(Feb. 15) by cutting his throat with a razor. Mr. Kennedy's
suicide is ascribed to worry due to his being called to appear
for the second time on Monday (Feb. 16) at the John Doe
Name of Dis ric —
Bonds.
Name of District—
Sewer—
Grade—
llth Ave., No.554
11
Ash St., No.3
Howard St., No. 486
6
Elm St., No. 858
Riverside Ave., No. 6
4
Longfellow St., No. 901
Sherman St., No. 1
3
Rockwood Blvd., No.893_ _
_- 18
Sheridan St., No. 392
Bonds.
6
30
8
19
Bond Proposals and Negotiations this week
have been as follows:
ACADIA PARISH (P. 0. Crowley), La.—BOND SAL)I.—Reports
state that this parish has sold tho $170,000 5% 10-year good roads bonds
(V. 98, p. 406) to Chicago capitalists.
THE CHRONICLE
FEB. 21 1914.]
AKRON SCHOOL DISTRICT (P. 0. Akron) Ohio.-BONDELECTION PROPOSED.-According to reports, an election will shortly be held
to submit to a vote the question of issuing.bldg. bonds.
ALBANY, N. Y.-BOND SALE.-On Feb. 18 the four issues of 4M %
non-taxable bonds, aggregating $430,000 (V. 98, 13. 320), were awarded to
Parkinson & Burr and Lee, Higginson & Co. of N. Y. at their joint bid of
106.353 and int. Other bids are reported as follows:
For All Issues.
Biodget & Co., New York__ _106.18 A. B.Leach & Co., N.Y..._ _105.279
Harris, Forbes & Co., N.Y_ _106.174 Bond &.Goodwin and Wm.R.
Curtis & Sanger, New York_ _106.15
Compton & Co., N. Y__ _ _105.271
Remick, Hodges & Co., N.Y 106.073 Edw.L. Stokes, Philadelphia 105.268
Estabrook &o. New York_105.764 James R. Magoffin, New York105.14
E.H.Rollins & Sons, N.Y__105.668 C. H. Venner & Co., N. Y.105.127
Equitable Trust Co., N. Y__105.518 Kountze Bros., New York_ _104.36
For Separate Issues.
Sc) O
$200,000 $120,000 $100,000 $1(agi.
Water.
Riv. Impt. Riv. Impt.
102.52
Folsom & Adams
106.72
107.22
101.10
102.32
Adams & Co
106.42
107.01
Kissel, Kinnicutt & Co. and
101.41
102.30
Kean, Taylor & Co., jointly.: J106.86
106.31
Isben Hess, Albany
106.50
101.425
102.395
105.795
Union Trust Co., Albany
106.255
105.54
Chisholm & Chapman
106.01
100.658
101.276
103.626
104.156
Hallgarten & Co
106.581
Fisk & Robinson
103
Home Savings Bank, Albany_-ALBION, Calhoun County, Mich.-BOND ELECTION PROPOSED.
-Reports state that an election will be held this spring to vote on the
question of Issuing $7,000 park-purchase bonds.
ALCORN COUNTY (P. 0. Corinth), Miss.-BOND OFFERING.
Proposals will be received until Mar. 3 by 0. M. Hinton, Co. Clerk, for
$50,000 5% 20-yr. road bonds.
ALDERPOINT SCHOOL DISTRICT, Humboldt County, Calif.BONDS NOT YET SOLD.-The County Clerk advises us that no sale has
yet been made of the $2,000 6% 6M-year (aver.) gold school bonds offered
without success on Oct. 14 (V. 97. p. 1304).
ALEXANDRIA SCHOOL DISTRICT (P. 0. Alexandria) Rapides
Parish, La.-BOND ELECTION.-Reports state that an election will be
held Mar. 10 to vote on the question of issuing $125,000 high-school-bldg.
bonds
ALLEGHENY COUNTY (P. 0.Pittsburgh),Pa.-BOND OFFERING.
_proposals will be received until 11 a. m. Feb. 27 by the Co. Comptroller,
It is stated, for $500.000 30-yr. road, $550,000 30-yr. bridge and $135,000
20-yr. poor-house 4V tax-free bonds. Denom. $1,000. Date Jan. 1
1914. Cert. chock for $10,000.required.
ALLISON, Butler County, Iowa.-BONDS PROPOSED.-Reports
state that this place is contemplating the issuance of electric-light bonds.
AMITY, Yamhill County, Ore.-BONDS DEFEATED.-At the election held Feb. 2 the proposition to issue $20,000 water-system-installation
bonds was defeated, it is stated, by a vote of 9 "for" to 122 'against."
ARCADE, Wyoming County, N. Y.-BOND OFFERING.-Proposals
will be received until 10 a. m. Feb. 24 by J. II. Howard, Vil. Clerk, it is
stated,for $20,500 6-year highway bonds. Cert. check for $1,000 required.
ASHTABULA SCHOOL DISTRICT (P. 0. Ashtabula), Ashtabula
County, Ohio.-BOND ELECTION PROPOSED.-Reports state that a
resolution will be presented to the Board of Education on Mar.3 calling for
an election to vote on the question of issuing about $150,000 bldg. bonds.
AUSTIN, Travis County, Tex.-NO ELECTION AT PRESENT.-We
are advised by the Mayor that the election to submit to a vote the questions of issuing the $50,000 market-house, $50,000 abbatoir and $25,000
fire-alarm-system bonds (V. 97, p. 1605) will not be held until about 6
months hence.
AZUSA, Los Angeles County, Cal.-BOND ELECTION.-An election
will be hold Mar. 3 to submit to a vote the question of issuing $50,000 5%
40-yr. light and water-system-impt. bonds.
BARTOW, Polk County, Fla.-BOND SALE.-According to reports,
the two issues of 5% 30-yr. bonds, aggregating $80,000, offered without
success Dec. 29(V.98. p. 250), were recently awarded to Baron Oppenheim
of London at 97.50.
CERTIFICATE SALE.-An issue of $100,000 5% street-paving certificates was also awarded to Baron Oppenheim at 97.50, reports state.
BAYFIELD, Bayfield County, Wis.-BONDS TO BE OFFERED
SHORTLY.-We are advised by A. H. Wilkinson, Vice-Pres. of the First
Nat. Bank of Bayfield, under date of Feb. 17 that this city will probably
offer for sale within the next thirty days $25,000 5'70 bonds. Denom. $1,000 and $250. Int. A. & 0. Due part yrly. on April 1.
BEAUMONT, Jefferson County, Tex.-BOND OFFERING.-Further
details are at hand relative to the offering on Mar. 17 of the $500,000 5%,
20-40-year (opt.) gold coupon water-works bonds (V. 98, p. 539). Proposals for these bonds will be received until 10 a. m. on that day by J. G.
Sutton, City Secy. Denom. $1,000. Date March 1 1914. Int. M.& S.
at City Treasurer's office or at Chase Nat. Bank, N. Y. City. Certified or
cashier's check on a Beaumont bank for 1% of bonds bid for required.
Bids must be made on blank forms furnished by the city. Bonded debt
Feb.3 1914,$1,072,900. Floating debt,$56,805. Sinking fund,$287,964
Assessed valuation, $20,352,340.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
BEE COUNTY (P. 0. Beeville), Texas.-BONDS DEFEATED.-By
a vote of 45 "for" to 66 "against," the proposition to issue $25,000 road
bonds was defeated at the election recently held in Skidmore and Papalote
precincts.
BELL COUNTY (P. 0. Belton), Tex.-BOND ELECTION PROPOSED.-Reports state that an election will be held in the near future to
submit to a vote the question of issuing $105,000 Precinct No.7 road bonds.
BELLE VALLEY SCHOOL DISTRICT (P. 0. Belle Valley), Noble
County Ohio.-NO ACTION YET TAKEN.-The Clerk of the Bd. of
Ed. advises us under date of Feb. 18 that no action has yet been taken
looking towards the re-offering of the $2,000 5% bldg. and equipt. bonds
offered without success on July 10(V.98, p.84.)
BELLEVILLE, St. Clair County, Ill.-BOND ELECTION.-The City
Council at its meeting on Feb. 2 passed an ordinance providing for the
holding of an election in April to vote on the issuance of $50,000 park bonds.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND SALE.
-Reports state that $52,300 gravel-road bonds have been awarded to
Miller & Co. and Breed, Elliott & Harrison of Indianapolis at 101.391.
BOONE COUNTY(P.O. Lebanon),Ind.-BOND SALE.-On Feb. 16
the $1,440 454% 6 1-6-yr. (aver.) J. W. Moore et al. highway-impt. bonds
dated Dec. 15 1913 (V. 98, p. 539) were awarded to the State Bank at
Thorntown for $1,445 (100.347) and int. The Boone County State Bank
of Lebanon bld par and int.
BRAINERD, Crow Wing County, Minn.-BOND SALE.-On Feb. 10
the two issues of 5% bonds dated Feb. 10 1914(V.98, p.406) were awarded
as follows:
$75,000 20-yr. city-hall and jail-constr. bonds to Wells & Dickey Co. of
Minneapolis for $78,025 (104.033) and int.
22,000 10-yr. street-impt. bonds to local bidders at par and int.
Other bids were:
Both
$75,000
$22,000
Issue.
Issues.
Issue.
Premium. Prem.
Prem.
Harris Trust & Savings Bank, Chicago
$3,020 00
1,987 00 $570 00
H.T.[Jolts & Co.. Chicago
Minneapolis Trust Co., Minneapolis
1,345 00
275,00
Cutter, May & Co., Chicago
1,00000
217 00
E. F. Parr & Co., Chicago
952 50
171 60
Wells & Dickey Co., Minneapolis
375 00
Minnesota Loan & Trust Co., Minneapolis
350 00
Kissel, Kinnicutt & Co., Chicago
$3
:7
067
5
10
Bolger. Mosser & Willaman, Chicago
First National Bank of Brainerd
Minneapolis Trust Co., Minneapolis
1,345
1
627
BOONE COUNTY SCHOOL DISTRICT NO. 21, Neb.-BOND SALE.
-An issue of $2,000 434% bldg. bonds was purchased by the State during
January at par. Date Oct. 22 1913. Due serially from Jan. 1 1915 to
1924 incl.
BRAZORIA COUNTY (P. 0. Angleton), Tex.-BOND ELECTION.
An election will be held March 7, reports state, to submit to a vote the
proposition to issue $38,000 Clute Road District bonds.
BRENHAM, Washington County, Tex.-BOND ELECTION PROPOSED.-An election will be held in the near future, reports state, to vote
on the proposition to issue $26,000 5% 35-yr. water-works and seweragesystem-improvement bonds.
BRISTOL COUNTY (P. 0. Taunton), Mass.-TEMPORARY LOAN.
-We learn that a loan of $100,000 maturing Oct. 29 1914, was negotiated on Feb. 17 with Curtis & Sanger of Boston at 3.33% discount.
BRUNSWICK COUNTY (P. 0. Southport) No. Caro.-BONDS
NOT YET ISSUED.-Up to Feb. 12 the $40,000 bridge bonds voted July 8
(V. 97, p. 1839) had not yet been issued. We are advised that these bonds
will not be issued unless New Hanover County also authorizes an issue of
bridge bonds.
BUCYRUS, Crawford County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Mar. 13 by Otto Feiring, City Aud., for
321,500 5% coup, general street impt. (city's portion) bonds. Denom.
$500. Date Dec. 1 1913. Int. M.& S. at City Treas. office. Due each
six months as follows: $500 from Mar. 1 1915 to Sept. 1 1917,inch, $1,000
on Mar. 1 and Sept. 1 1918, $2,000 from Mar. 1 1919 to Mar.11921.incl,
$2,500 Sept. 1 1921 and $2,000 on Mar. 1 and Sept. 1 1922. Cert. check
for $100, payable to John McGuire, City Treas., required. Bonds to be
delivered and paid for within 10 days from time of award.
BUTTE SCHOOL DISTRICT (P. 0. Butte), Silver Bow County,
Mont.-BONDS NOT SOLD.-No sale has yet been made of the $100,000
building bonds voted May 31 1913 (V. 96. P. 1715). The State Board of
Education authorized the purchase of the issue, but later reconsidered its
decision upon being advised by the Attorney-General that the bond election
was invalid because of insufficient notice. (See item on a subsequent
page under Silver Bow County.)
CALHOUN CONSOLIDATED SCHOOL DISTRICT (P. 0. Collins),
Covington County, Miss.-NO BOND ELECTION.-We are advised
that the district will not vote on the question of issuing school bonds
(V. 97, p. 1762).
CAMDEN, Camden County, N. J.-BOND SALE.-On Feb. 1 $75,000
4%% 25-yr. park-impt. bonds were awarded to local investors at par, it
is stated. Denom. $1,000. This item was inadvertently reported under
the head of Camden. Pa.. in last week's "Chronicle."
CAMDEN SCHOOL DISTRICT (P. 0. Camden), Benton County,
Tenn.-BOND ELECTION.-According to newspaper dispatches, an
election will be held Mar. 20 to submit to a vote the proposition to issue
"
$20.000 school bonds.
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
Ohio.-BOND ELECTION.-According to reports, an election will be held
March 12 to vote on the question of issuing $500,000 school bonds.
CARLISLE, Nicholas County, Ky.-BOND OFFERING.-At 2 p. m.
Mar. 2 this city will offer for sale at public auction in lots of $5,000 the
$30,000 5% 5-20-yr. (opt.) water bonds voted Nov. 4 (V. 97, P. 1445)•
Denom. $500. Date Feb. 14 1914. Int. F. & A.
CARTHAGE SCHOOL DISTRICT (P. 0. Carthage), Jasper County, Mo.-BOND ELECTION PROPOSED.-Reports state that an election
will be held some time this spring to submit to a vote the question of Lasing
$12,000 negro-school-construction bonds.
CASCADE COUNTY (P. 0. Great Falls), Mont.-BONDS PROPOSED.-According to local newspaper reports, this county is contemplating the issuance of $250,000 good roads bonds.
(P. 0. Logansport), Ind.-BOND OFFERING.CASS COUNTY .
Proposals will be received until 10 a. m. Feb. 23 (and from day te day
thereafter until sold) by M. M. Minnick, County Treasurer, fir the
following 4%% road bonds dated Feb. 15 1914:
$4,400 W. R. Tousley road bonds. Due beginning May 15 1916.
8,280 Wm. Keiser road bonds. Due beginning Feb. 15 1915.
CINCINNATI, Ohio.-DESCRIPTION OF GENERAL BONDS SOLD
IN 1913.-As previously stated in these columns (V. 98, p. 175). this clitY
during the year ending Dec. 31 1913 sold $4,444,855 general bonds and
$431,024 assessment improvement bonds. As a matter of record we print
below a description of the general bond issues:
PurposeMaturity. liseltate
Amount.
Jan. 15.
1913 Jan. 15 1914 4
$20,000 Flood relief
Feb. 1 1913 Feb. 1 1933 4
130.000 House of refuge
3,350 Health Dept. laboratory_Mar. 1 1913 Mar. 1 1928 4•
Feb. 1 1913 Feb. 1 1953
90,000 Parks and playgrounds_
Mar. 15 1913 Mar. 15 1953
7.500 Livingston St. widening
Mar. 15 1913 Mar. 15 1933
3,000 Sewer-construction
Mar. 15 1913 Mar. 15 1953 4
do
25,000
Mar. 1 1913 Mar. 1 1953 4
1,675 Street-improvement
Apr. 1 1913 Apr. 1 1933 4
6,600 Sewer-construction
Apr. 1 1913 Apr. 1 1933 4
930 Street-improvement
Mar. 15 1913 Mar. 15 1928 4
do
4,500
Mar. 15 1913 Mar. 15 1933 4
5,000 Drinking fountain
Feb. 1 1913 Feb. 1 1933 4
5,000 Public improvement
Feb. 1 1913 Feb. 1 1933 4
54,500 Sewer-construction
May 1 1913 May 1 1933 4
8,300 Street-improvement
100.000 Ctn. So. By. terminals..__ _Dec. 18 1912 Dec.18d'52-'65 4
55,000 Sewer-construction
May 1 1913 May 1 1933 4
My 21 BB
125,000 Flood-damage-repair
Apr. 21 1913 Apr.
660,000 Parks and playgrounds_ _ May 1 1913
346,500 Street-improvement
June 2 1913 June 2 1933 44%
do
Feb. 1 1913 Feb. 1 1933 4%
00
4
16
5:500
Sewer-construction
Mar. 1 1913 Mar. 1 1933 4
do
May 20 1913 May 20 1933 4
00
0
00
13
0:0
2
Comfort station
Feb. 15 1913 Feb. 15 1933 41
Feb. 1 1913 Feb. 1 1933 4
113,000 Street-improvement
Mar. 1 1913 Mar. ld'33-'53 4
40,000 Pumping station
Mar. 1 1913 Mar. 1 1933 4
do
175
2500
:000
Eden Park reservoir
Mar. 15 1913 Mar. 15 1953 4
May 20 1913 May 20 1933 4
10,300 Street-improvement
June 2 1913 June 2 1943 1
12,000 Bridge-construction
400,000 Sewer-construction
June 16 1913 Juno 16 1953
o
July 7 1913 July 7 1943 4
22
55
0:0
000
0
do
Water-works-extension_ _ _ _Mar. 1 1913 Mar.ld'33-'53 4.
June 16 1913 June 16 1953 454
6.000 Public library
9,000 Sewer and street improv't_June 2 1913 June 2 1953
June 2 1913 June 2 1953 4
12,000 Water-main
Feb. 1 1913 Feb. 1 1938 4
120,000 House of refuge
6,100 Street-improvement
June 16 1913 June 16 1933 4
June 2 1913 June 2 1925 4
140,000
do
Aug. 1 193Aug.do
4
51,000
July 1 1913 July 1 1933 4
000
do
117
6:0
July 21 1913 July 21 1933 4
do
Sewonstruction
Aug. 1 1913 Aug. 1 1933 4
er-c
July 1 1913 July 1 1933 4
.0
700 Street-improvement
10
7'
Aug. 15 1913 Aug. 15 1933 4
3,900 Public improvement
June 16 1913 June 16 1933 4
38,000 Street-improvement
Sept. 1 1913 Sept. 1 1933 4
25,000 Hospital
Sept. 5 1913 Sept. 5 1933 4
24,500 Sewer-construction
July 1 1913 July 1 1943 4
340,000 Hospital
Oct. 15 1913 Oct. 15 1923 4
5,000 Street signs
11,700 Street and sewer improv't_Nov. 1 1913 Nov. 1 1933 4
Oct. 15 1913 Oct. 15 1933 43-4
20,000 Street-improvement
Oct. 15 1913 Oct. 15 1933 4
41,500
do
Nov. 15 1913 Nov. 15 1933 4
6,500 Sewer-construction
Dec. 15 1913 Dec. 15 1933 4
do
17,100
Nov. 15 1913 Nov. 15 1933 4
2,200 Street-improvement
Dec. 15 1913 Dec. 15 1933 4
10,000 Pumping station
Oct. 1 1913 Oct. 1 1953 4
600,000 Sewer-construction
Oct. 15 1913 Oct. 15 1933
7,500 Street-improvement
•
•
d Subject to call in and after the earlier year and mature in the later year.
BOND OFFERING.-Proposals will be received until 12 m. Mar. 20
% 40-yr. general hospital
by Wm. Leimann, City Aud., for $300.000
bonds. Denom. $500. Date Jan. 2 1914. Int. J. & J. Cert. check for
5% of bonds bid for, payable to City Aud., required. Purchaser to pay
accrued interest. Bids must be made on forms furnished by the City Aud.
628
THE CHRONICLE
CEDAR FALLS, Black Hawk County, Iowa.-BONDS VOTED.-By
a vote of 235 to 28,the question of issuing the $25,000 59' 10-year electric11 ht andpower-plant completion bonds (V. 98, p. 321) carried at the
election held Feb. 16.
•
CENTRAL CITY SCHOOL DISTRICT (P. 0. Central City), Merrick County, Neb.-BOND SALE.-The State of Nebraska purchased
during the month of January $35,000 43 % 10-25-yr. (opt.) bldg. bonds
dated July 1 1913 at par.
CHARLESTON, Mississippi County, Mo.-BOND OFFERING.Proposals will be received until Feb. 26 by Roy D. Strickland, City Clerk,
for the following 5% bonds:
$47,500 water-system-installation bonds. Due as follows on Mar. 1:
$500 in 1916, $1.000 in 1917. 1918 and 1919, 31,500 in 1920 and
1921. $2,000 in 1922 and 1923, $2,500 in 1924, 1925 and 1926,
$33.000 in 1927. 1928 and 1929. $3,500 in 1930 and 1931, $4,000
in 1932, $4,500 in 1933 and $5,000 in 1934.
36,000 sewer-system-Installation bonds. Due as follows on Mar. 1:
$500 in 1916, 31,0001n 1917, 1918, 1919 and 1920, $1,500 in 1921.
1922, 1923 and 1924, $2,000 in 1925. 1926 and 1927, $2,500 in
1928, 1929, 1930 and 1931, $3,000 in 1932 and 1933 and $3,500
In 1934.
Denom. $500. Date Mar. 1 1914. Int. M. & S. in St. Louis. Cert.
check for $500. payable to Scott McElmurray, City Treas., required.
Bonds will be sold subject to opinion of Wood & Oakley of Chicago. Purchaser to pay accrued interest and furnish bonds. Bonded debt $11,500.
Assessed valuation 1912, $1,040.845.
CHEBOYGAN COUNTY (P. 0. Cheboygan), Mich.-BOND ELECTION PROPOSED.-The question of issuing $75,000 trunk-line road
(county's share) bonds will be submitted to a vote at the spring election,
it is stated.
CLACKAMAS COUNTY (P. 0. Oregon City), Ore.-BOND ELECTION PROPOSED.-Local newspapers discuss a proposed election to
vote
on the issuance of $500,000 road bonds.
CLATSOP COUNTY (P. 0. Astoria), Ore.-BOND OFFERING.
Further details are at hand relative to the offering on March 2 of the
$400.000 5% 20-year road bonds (V. 98, p. 540). Proposals for these
bonds will be received until 2 p. m. on that day by J. C. Clinton, County
Clerk. Denom. $50, or multiples thereof Up to $1,000. Int. semi-annually at office of CotmtyTreasurer or at fiscal agency of State of Oregon in
N. Y. City. Certified check for 5% of bonds bid for, payable to above
County Clerk, required. Bonds will be delivered $100,000 April 1 1914
and balance in $100,000 lots upon 30 days' call.
CLAY SCHOOL DISTRICT (P. 0. Shinnston), Harrison County,
W. Va.-BOND OFFERING.--Proposals will be received until 2 p. m.
Feb. 28 by C. L. Watkins, Sec. Bd. of Ed., for $15,000 5% coup. taxable
high-school-bldg. bonds. Denom. $500. Date June 1 1912. Int. J. &D.
at office of Co. Sheriff in Clarksburg. Due June 1 1932, subject to call
any interest-paying day after June 1 1922. Cert. check for 2% of bid,
payable to Bd. of Ed., required. Bonds to be delivered and paid for
within 30 days from time of award. These bonds are part of an issue of
$50.000. which is the only debt of the district. Assess. val. 1913, $7,677.381.
CLAY TOWNSHIP (P. 0. Amo), Hendricks County, Ind.-BOND
OFFERING.-Additional information is at hand relative to the offering
on Feb. 27 of the $14,300 4%% school-bldg. bonds (V. 98, p. 466). Proposals for these bonds will be received until 10 a. m. on that day by Wm.
Hunt, Twp. Trustee. Denom.(14)$1,000,(1) 3300. Date Feb.
1914.
Int. F. & A. Due $300.Feb. 15 1915 and $1,000 yrly. on Feb. 15
15 from
1916 to 1929 incl.
CLEVELAND, Ohio.-BOND SALE.-On Feb. 16 the ton issues o
4%%25-year coupon funding bonds. aggregating $570,000(V.97, p. 1920).
were awarded, to Breed, Elliott & Harrison of Cincinnati and Kountze
Bros. of N.Y. at their joint bid of 104.30-a basis of about 4.22%. Following is a list of the bids, the cents being omitted.
3200,000 $22,000 $8,000 $20,000
$5,000
Paving & Sewer
Sewer
Sewer
Sewer
Intersection.Dis.No.5Dis.No.9 Dis 11.Dis.No.15
Breed, Elliott & Harrison1
and Kountze Bros
r $208,600 $22,946 $8,344 $20,860 $5,215
Adams & Co. and Lee, Mgginson & Co
208,280 22.910 8,331 20,828
5,207
Blake Bros. & Co. and Stacy
& Braun
208,140 22,895
8,325 20,814
5,203
Otis & Co., Curtis & Sanger
and Seasongood & Mayer.. 208,040 22,890 8,324 20,808
5,200
Bond &Goodwin and Parkin-'
son & Burr
207,932 22,872 8,317 20,793
5,198
Estabrook & Co
207,820 22.860 8,312 20,782
5,195
C. E. Denison & Co. and
Blodget & Co
ç 207,576 22,833 8,303 20,757
5,189
Weil, Roth & Co. and Kean,
Taylor & Co
207,406 22,800 8,290 20,700
5,180
Harris. Forbes & Co
206,864 22,755 8,274 20,686
5,171
Hayden,Miller & Co
206,838 22,752 8,273 20,683
5,170
E. H. Rollins & Son
206,320 22,695 8,252 20,632
5,158
Remick, Hodges & Co
206,186 26.680 8,247 20,618
5,154
Field, Longstreth & Rich-1
ards and Prov. S.B.&T.Cof 204,980 22,503
8,165 20,458
5,094
Equitable Trust Co
204,598 22,505
8,183 20,459
5,114
$55,000 $30,000 $15,000 $15,000 $200,000
Sewer
Sewer
Sewer
Sewer Intercept.
Dis.No.20 Dis.21. D13.22. Dis.23. Sewer.
Breed, Elliott & Harrison
and Kountze Brothers__ $57,365 $31,290 $15,645 $15,645 $208,600
Adams & Co. and Lee, Mgginson & Co
57,277 31,242 15,621 15,621 208,280
Blake Bros.& Co. and Stacy
& Braun
57,238 31,221 15,610 15,610 208,140
Otis & Co. Curtis & Sanger
and SeasOngood & Mayer..
57,225 31,205 15,604 15,604 208,040
Bond & Goodwin and Parkinson & Burr
1 57,181 31,189 15,594 15,594 207,932
Estabrook & Co
57,150 31,173 15,586 15,586 207,820
C. E. Denison & Co. and
Bodget & Co
57,083 31,136 15,568 15,568 207,576
Weil, Roth & Co. and Kean,
Taylor & Co
57,005 31,010 15,500 15,500 207,206
Harris, Forbes & Co
56,887 31,029 15,514 15,514 206,864
Hayden, Miller & Co
56,880 31,025 15,512 15,512 206,838
E.EL Rollins & Son
56,738 30,948 15,474 15,474 206,320
Remick, Hodges & Co
56,701 30,927 15,463 15,463 206,186
Field, Longstreth &
ards and Prov.S.B.&T.Co.j 56,243 30,687 15,339 15,336 205,780
Equitable Trust Co
56,264 30,689 15,344 15,344 204,598
Fifth-Third National Bank_
205,110
Spitzer, Rorick & Co
56.832
206,022
* The bid of Remick,Hodges & Co.of $26,680 46 for $22,000 Sewer Dist.
No. 5 funded debt bonds was a clerical error and by resolution the Committee of Finance released the bid.
BONDS AUTHORIZED.-Ordinances were passed Feb.9 providing
the issuance of the following 5% coupon street-impt. (assess.) bonds: for
$855,000 Improvement bonds. Due $95,000 Nov. 1 1914 and $190,000
yearly on Nov. 1 from 1915 to 1918 incl.
21,000 improvement bonds. Duo $3,000 Nov. 1 1914 and $6,000 on
Nov. 1 1915. 1916 and 1917.
216.000 improvement bonds. Duo 324.000 Nov. 1 1914 and $48,000
on Nov. 11015. 1916 .1917 and 1918.
105.000 improvement bonds. Due $15,000 Nov. 1 1914 and $30,000
Nov. 11915. 1916 and 1917.
Denom. $1,000. Date April 1 1914. Int. M. & N. at Amer. Exch.
Nat. Bank, N. Y. City.
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Lesueur
County, Minn.-BOND ELECTION PROPOSED.-An election will
shortly be held, reports state, to vote on the issuance of building bonds.
CLINTON COUNTY (P. 0. Frankfort), Ind.-BOND OFFERING.
Reports state that proposals will be received until 10 a. m. Feb. 27 by
E. M. Caldwell, County Treasurer for $1,440, $2,800, $1,200, $2,160,
$3,120, $11,280, $5,680, 816,640,32,480, 37,600, $2,000 and $4,320 434%
10-year (serial) road bonds.
(Vol-
X(11IIJ
C t1T DEPARX,Park County, Mont.-BOND ELECTION PROPOSED.
-Local newspaper reports state that an election will shortly be held to
vote on the question of issuing $20,000 water-works bonds.
COFFEY COUNTY (P. 0. Manchester), Tenn.-BOND ELECTION
PROPOSED.-Reports state that an election will be held in the near future
to submit to a vote the question of issuing the $200,000 good roads bonds
(V. 98, p. 251).
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND ELECTION.
An election will be held Feb. 21, it is stated, to vote on the question of issuing $100,000 Princeton District, $100,000 Prosper District and $65,000
Culleoka District road bonds.'
The proposition to issue $65,000 Frisco District road bonds will be submitted to a vote on March 14, it is stated.
COLUMBIA COUNTY (P.O. St. Helen), Ore.-RATE OF INTEREST
-We are advised that the $360,000 road-impt. bonds voted Feb. 2(V. 98,
p. 540) bear interest at the rate of 5%. Due in 5, 10, 15 and 20 yrs.
COLUMBUS, Ohio.-BOND ELECTION PROPOSED.-Reports state
that an ordinance calling for an election to be held March 25 to vote on the
question of issuing $4,000,000 bonds for flood-protection work was introduced in Council on Feb. 9. The ordinance was referred to the Council's
Finance Committee for consideration.
COLITSA COUNTY (P. 0. Colusa), 'Calif.-BOND ELECTION
PROPOSED.-According to reports,an election will be held in the near
future to submit to a vote the question of issuing $60,000 Hall of liecords,
$250,000 bridge and culvert and. $100,000 bridge-constr. bonds.
COMMERCE, Hunt County, Tex.-BOND SALE.-The $10,000 5%
20-40-yr. (opt.) coup. tax-free warer-works-ext. bonds (V. 97, p. 1920)
have been sold to the Wm. R. Compton Co. of St. Louis. Denom.$1,000.
Date Sept. 11913. Int. M. & S.
COOPERSTOWN, Griggs County, No. Dak.-BONDS NOT TO BE
ISSUED AT PRESENT.-The Mayor advises us that the 330.000 waterworks-system-construction bonds (V. 97, p. 1677) will not be issued at
present.
COVINGTON COUNTY (P. 0. Collins), Miss.-BOND SALE.Reports state that the $10.000 6% Road Dist. No. 1 bonds offered on
Feb. 2 (V. 98, p. 407) have been sold
CRAWFORD, Dawes County, Neb.-BOND SALE.-On Feb. 10 the
315.000 5% 10-20-yr. (opt.) city-hall bonds (V. 98, p. 407) were awarded
to E. F. Parr & Co. of Chilago at par. Other vids were:
Causey,Foster&Co.,Denv__*$15,0001Chas. S. Kidder & Co., Chi_$14,637
1J.R.Sutherlin&Co ,Kan.0'y _ 14,400
*For 5%% bonds.
CRAWFORD COUNTY (P. 0. English), Ind.-BOND OFFERING.
-Proposals will be received until 10 a. m. Mar. 2 by A. H. Flanigan, Co.
Treas., for $16,840 434% B. F. McFarland et al. road bonds. T)enom.
$842. Date Mar.3 1914. Int. M.& N. Due $842 each six months from
May 15 1915 to Nov. 15 1924 incl.
CREE': COUNTY (P. 0. Sapulpa) Okla.-BOND ELECTION PROPOSED.- According to reports an election will be held in the near future
to vote on the question of issuing $500,000 court-house-construction bonds.
CROOKSTON, Polk County, Minn.,-BOND OFFERING.-Proposals
will be received until 8 p. m. Feb. 24, it is stated, by Lewis Ellington, City
Clerk, for $15,918 paving and $3,321 sewer 5-year bonds. Certified checic
for 2% required. Separate bids must be made for each issue.
CROWLEY SIXTH WARD AND DRAINAGE DISTRICT (P. 0.
Crowley), Arcadia Parish, La.-BONDS NOT YET SOLD.-The Secretary-Treasurer advises us under date of Jan. 31 that no sale has yet been
made of the 350.000 5% coup. draingae bonds (V. 97, p. 1839).
CUMBERLAND COUNTY (P. 0. Crossville), Tenn.-BOND ELECTION PROPOSED.-An election will be held in the near future, It is stated,
to vote on the question of issuing $75,000 road-construction bonds.
CUSTER COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Marsh),
Mont.-BONDS WITHDRAWN FROM MARKET.-We are advised by
the District Clerk that the $2.000 6%, 4-5-year (opt.) building bonds
offered without success on June 25 (V. 97, P. 1920) have been withdrawn
from the market.
BONDS PROPOSED.-We are further advised that this district will issue
a larger amount of bonds this spring to take the place of the above issue.
DAVIS, Turner County, So. Dak.-BONDS NOT YET SOLD.-The
Town Clerk advises us that no sale has yet been made of the 37,500 5%
5-20-year (opt.) water-works bonds offered without success on Nov. 24
(V. 97, p. 1762). Denom. $500.
DENTON COUNTY (P. 0. Denton) Tex.-BOND ELECTION RESCINDED.-Reports state that the election which was to have been held
to-day (Feb. 21) to vote on the question of issuing the $300,000 road bonds
(V. 98, p. 407) has been rescinded.
DEPUE SCHOOL DISTRICT (P.O. Depue), Bureau County, Ill.BOND SALE.-An issue of $19,500 building bonds was sold in January,
it is stated,to a Chicago firm at a premium of about $300 and accrued Int.
DES MOINES, Iowa.-BONDS AUTHORIZED.-Reports state that
the Executive Council has authorized the issuance of $200,000 capitalext-site-purchase (assess.) bonds.
DES MOINES SCHOOL DISTRICT (P. 0. Des Moines) Polk
County, Iowa.-BOND ELECTION PROPOSED.-According to reports,
an election will shortly be held to submit to a vote the propositions to Issue
$4,000 site-purchase and $15,000 building bonds.
DETROIT, Mich.-BIDS REJECTED.-All bids received on Feb. 17
for the $500,000 4% 30-yr. coup. tax-free water bonds offered on that day
(V• 98, p. 466) were rejected.
DOVER, Cuyahoga County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 in. Mar. 23 by Clifford Pease, Vil. Clerk for
'
$4,000 634% Clague road imt. bonds. Denom.$500. Date Mar. 11913.
Int. M. & S. Due $500 yearly on Oct. 1 from 1918 to 1924 inel. Cert.
check for $50, payable to Vil. Treas., required. Bonds to be delivered and
Paid for within 10 days from time of award. Purch. to nay accrued int.
These bonds were offered as 4345 in denominations of $250 each on Jan.
29(V. 98, p. 85), but no sale was made,
DURHAM, Durham County, No. Caro.-BOND ELECTION PRO-.
POSED.-According to reports an election will be held shortly to submit to
the voters the question of issuing bonds to purchase the water-works-plant.
EAST FORK IRRIGATION DISTRICT, Hood River County, Ore.
-BOND OFFERING.-Further details are at hand relative to the offering
on Feb. 25 of the $150,000 6% 11-20-yr. (ser.) coupon irrigation bonds
(V. 98, p. 466). Proposals for these bonds will be received until 1.30 p. m.
on that day by C. R. Boone, Pres. P. 0. Hood River). Denom. $1,000.
Date July 1 1913. Int. J. & J. at Dist. Treas. office. Cert. or cashier's
check on some responsible bank for 2% of bonds bid for, payable to above
President, required. The legality of these bonds has been approved by
Dillon, Thompson & Clay of N. Y. City, a copy of whose opinion will be
furnished successful bidder. Bids must be unconditional.
EAST LIVERPOOL, Columbiana County, Ohio.-BOND OFFERING.-Proposals will be received until 12 xn. March 12 by James A. Kenney,City Aud.,for 35,581 755% street-impt.(city's share) bonds. Denom.
(I()) $500. (I) $581 75. Date Feb. 11014. Int. F.& A. Due $1,500 on
Feb. 1 1919, 1920 and 1921 and $1,081 75 on Feb. 1 1922. Cert. check for
5% of bonds bid for ,payable to City Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest. Bids must be unconditional.
EASTON,Talbot County, Md.-BOND SALE.-On Feb. 16 the 35,000
5% 26-year (aver.) tax-free street-impt. bonds(V.98 p. 540) were awarded
to Nelson, Cook & Co. of Baltimore at 104.392 and int. Other bids were:
Townsend Scott & Son, Balt..103.071Mrs. T. A. Wetherill
102
EDENTON GRADED SCHOOL DISTRICT(P.O.Edenton),Chowan
County, No. Caro.-BOND OFFERING.-Proposals will be received until
3 p. in. March 2 by It. W. Boyce, Clerk Bd. of Co. Commrs. and Reg. of
Deeds, for $25,000 69' gold farm life and high-school-bldg. bonds voted
Jan. 20. Denom. $1,000. Date day of sale. Int. semi-ann. at Bank of
Edenton or Hanover Nat. Bank, N. Y. Due in 25 years, subject to call
1 bond yearly after 10 years. No deposit required. District has no
bonded debt. This item was reported in last week's "Chronicle" ,page 540,
under the head of Chowan County.
EDGEWOOD (P. 0. Pittsburgh), Allegheny County, Pa.-BOND
ELECTION.-Reports state that an election will be held Mar. 21 to vote
on the question of issuing $100,000 high-school-bldg. bonds.
FEb. 211914.1
THE CHRONICLE
EDNEYVILLE TOWNSHIP(P.O. Bearwallow), Henderson County,
No. Caro.-BOND OFFERING.-Bids will be received at any time for the
$12,000 6% 30-year road-construction bonds voted in December (V. 97.
p. 1921). C. Oatis is Chairman of Soliciting Committee.
ELGIN, Kane County, Ill.-NO ACTION YET TAKEN.-The City
Treasurer advisee us, under date of Jan. 31. that no action has yet been
taken looking towards the offering of the $162,0005% coupon municipalelectric-light-plant-erection bonds voted Oct. 22 (V. 97. p. 1839)•
ELIZABETH, Union County, N. J.-BOND SALE.-On Feb. 18 the
$203,000 4% 40-year coupon or reg. school bonds (V. 98, p. 540) were
awarded to Kean, Taylor & Co. of N. Y. at 103.28. Other bids were:.
R. M. Grant & Co., N. Y 102 19
101.85
Blodget & Co., N.Y
Hallgarten &
. Y_ _ _102.0466 Estabrook & Co., N Y
1101.59
0.H. Venner Co.,d
&
N.Y__o., _101.927 J. D. Everitt & Co., and
Outwater & Wells,Jer. City.101.872
A. B. Leach & Co., N.Y 1101.4
Union Co. Trust Co., Eliza101.299
J. S. Rippel, Newark
beth
M. Crane, Eliz. ($1,000)-101.5
N.
86
101
N. Y. Life Insurance Co_ _ -101.86
H. W.Crane, Eliz. ($2,000)_101
ELIZABETHTOWN SCHOOL DISTRICT (P. 0. Elizabethtown),
Hardin County, Ky.-BOND ELECTION PROPOSED.-Reports state
that an election will be held in the near future to submit to a vote the
question of issuing $25,000 building bonds.
ELLENSBURG, Kittitas County', Wash.-DESCRIPTION OF
BONDS.-The $20,000 20-year warrant funding bonds awarded on Feb. 2
to Ferris & Hardgrove of Spokane at 101.576 and int. for 5s(V. 98, ro• 540)
are in the denom. of $500 and dated Feb. 11914. Int. F.& A.
ENTERPRISE, Wallowa County, Ore.-BOND ELECTION PROPOSED.-This city is preparing to hold an election to vote on the question
of issuing $20,000 sewer bonds.
FAIRPORT SCHOOL DISTRICT (P. 0. Fairport Harbor), Lake
County, Ohio.-BOND SALE.-On Feb. 18 the $4,000 5% 614-year
(aver.) coupon refunding bonds (V. 98, p. 466) were awarded to Otis & Co.
of Cleveland, it is stated, for $4,007-equal to 100.175.
FALLS CITY SCHOOL DISTRICT (P. 0. Falls City), Richardson
County, Neb.-BOND SALE.-During the month of January $25,000
4%% school-house bonds were awarded to the State at par. Date July 1
1913. Due July 11933.
FANNIN COUNTY (P. 0. Bonham), Tex.-BOND ELECTION PROPOSED.-Reports state that at a mass meeting held in the District Court
on Jan. 26 it was decided to petition for another election to vote on the
$300,000 road bond proposition defeated on Jan. 24 (V. 98, p. 407)•
FARRELL SCHOOL DISTRICT (P. 0. Farrell), Mercer County,
Pa.-BOND ELECTION.-An election will be held Feb. 24 to decide
whether or not this district shall issue $55,000 434% 30-year site-purchase
and grade-school-bldg. bonds.
FAYETTE COUNTY (P. 0. Cannersville)Ind.-BOND SALE.-On
Feb. 18 the $12,500
% L. Matney et al highway-construction bonds
(V. 98, p. 540) were awarded to J. F. Wild & Co. of Indianapolis at 100.92
and interest. Bids were also submitted by the First National Bank of
Connersville, Miller & Co.. Breed, Elliott & Harrison, the FletcherAmerican National Bank and Gavin L. Payne & Co. of Indianapolis
and
E. F. Parr & Co. of Chicago.
FERRIS, Ellis County, Tex.-BONDS NOT YET ISSUED.-The
City Secretary advises us that the $16,000 sewerage-system
bonds voted
in December (V.97, p. 1921) have not yet been issued.
FLATHEAD COUNTY (P. 0. Kalispell), Mont.-BOND OFFERING.
-Proposals will be received until 10 a. m. Mar. 20 by the County Commissioners, Fred. S. Perry, County Clerk and ex-officio Clerk of Board, for
$100,000 10-20-year (opt.) refunding bonds at not exceeding 5% int.
Denom. $1,000. Int. J. & J. at office of County Treasurer. Certified
check for 5% of bid required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Depariment.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 6, Mont.-BOND
OFFERING.-Proposals will be received until March 12 by T. Clair Williams, Dist. Clerk (P. 0. Kalispell) for $20,000 10-20-yr. (opt.) coupon
refunding bonds at not exceeding 6% int. Denom. $100. Int. ann.
FORT BENTON, Chauteau County, Mont.-BOND OFFERING.
John F. Murphy, City Clerk, will offer for sale at public auction at 2 p. m.
April 1 an issue of $33,000 5%% 12-20-year (opt.) sewer-system bonds.
Int. semi-ann. Cert. check for $1,000, payable to City of Fort Benton,
required.
FORT PAYNE, De Kalb County, Ala.-BONDS NOT YET SOLD.The Mayor advises us under date of Feb.6 that no sale has yet been made
of the $10,000 4% 20-year school bonds offered without success on June 1
(V.97, p. 1921). Denom. $100. Int. J. & J.
FRANKLIN, Norfolk County, Mass.-BOND SALE.-On Feb. 19
the $75,000 4% coupon sewer bonds were awarded to E. H. Rollins & Sons
of Boston at 103.87 and Int. Other bids were:
Merrill, Oldham & Co.,Bost 103.639 N. W.Harris& Co.,Inc.,Bos 102.89
Adams & Co., Boston
103.43 Perry, Coffin & Burr, Bost_ _102.87
Estabrook & Co., Boston_ _ -103.35 Paine, Webber & Co., Bost_ _102.33
13lod et & Co., Boston
103.29 Blake Bros. & Co., Boston_ _102.21
Curtis & Sanger, Boston_ _103.14 Kean, Taylor & Co., N. Y.. _102.001
Date Nov. 1 1913. Int. M.& N. at Franklin Nat. Bamk. Due $3,000
yearly Nov. 1 1914 to 1938 incl.
FRANKLIN COUNTY (P. 0. Winchester), Tenn.-BONDS DEFEATED.-The question of issuing the $250,000 40-year pike bonds at not
exceeding 5%, int. (V. 98. p. 252) failed to carry ,reports state, at the
election held Feb. 17 (not Feb. 12 as first reported.)
GALLIPOLIS, Gallia County, Ohio.-BOND SALE.-Reports state
that on Feb. 10 Seasongood & Mayer of Cincinnati were awarded at private
sale $85,000 4.90% 30-yr. water-works-refunding bonds.
GARLAND LEVEE DISTRICT (P. 0. Texarkana), Miller County,
Ark.-BOND SALE.-On Feb. 5 the $200,000 6% 1-20-yr. (ser.) levee
bonds (V. 98, p. 321) were awarded to R. 11. & G. A. McWilliams at par
and interest.
GEORGETOWN,Copiah County, Miss.-BONDS NOT YET SOLD.The City Clerk advises us under date of Feb. 6 that up to that day no sale
had been made of the $7,500 coupon water-works bonds at not exceeding
6% interest for which proposals are asked at any time.(V. 97, p. 1921.)
GIBSON COUNTY (P. 0. Princeton), Ind.-BONDS NOT SOLD.
No sale was made on Feb. 11 of the $1,025 44 5% 5-year (aver.)road bonds
offered on that day (V. 98, P• 252). Denom. $125. Date Oct. 14 1913.
Int. M.& N.
GLENCOE, Cook County, Ills.-BOND ELECTION.-An election
Ivill be held March 21, it is reported, to submit to a vote the question of
issuing $10,000 intercepting sewer-construction bonds.
GLENCOE SCHOOL DISTRICT (P. 0. Glencoe), Cook County,
Ill.-BONDS VOTED.-The question of issuing the $42.000 bldg. bonds
(V. 98, p. 540) carried, reports state, at the election held
Feb. 14.
GLENDIVE, Dawson
Mont.-BOND SALE.-On Feb. 14
the $27,000 gold coup. or County,
reg. city-hall-constr. bonds (V.98.p. 466) were
awarded to Wells & Dickey Co. of Minneapolis for $27,055
(100.203)
and int. as 5s.
GLENDALE SCHOOL DISTRICT (P. 0. Glendale), Los Angeles
County, Calif.-BOND ELECTION.-An election will be held Feb.
27.
reports state, to vote on the questions of issuing $20,000 gymnasium -construction and $90.000 site-nurchase and construction bonds.
GRAND RAPIDS, Kent County, Mich.-BOND SALE.-On Feb. 16
the two issues of 434% 4-year (ay.) coup. tax-free bonds, aggregating
$180,000(V. 98. p. 541), were awarded to the Harris Trust & Say. Bank of
Chicago at 100.875 and int. Purchaser to pay for blank bonds. Other
bids were:
Curtis & Sanger, N.Y_ _$180,900 00111. L.Day St' Co., Bost ...$180.358 20
EquitableTr. Co., N.Y.. 180,682 20 Bond & Goodwin, N. Y_ 180,307 80
IA.B. Leach & Co.. Chic_ 180,243 00
First NationalBank, De180,504001 MichiganTr.Co.,Gr.Rap. 180;000 00
troit
* And blank bonds.
H. T. Holtz & Co. of Chicago submitted a conditional bid.
POWER BOND ELECTION.-On April 6 a vote will be taken on a charter
amendment providing for the establishment and acquireemnt of a waterpower works on Grand River in the city for the generation and furnishing
of power and electricity for domestic, commercial and municipal use, and
629
the further extension of flood protection work, improvement of sanitary
conditions along the river and the full conservation of the city water supply
and the issue and sale of $450,000 bonds of the city to provide a portion of
the money therefor.
GRAND RAPIDS, Itasca County, Minn.-BOND ELECTION.-An
election will be held Feb. 21, reports state, to vote on the question of issuing $19.000 water-works bonds.
GRAND VIEW HEIGHTS Franklin County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. March 14 by V. W. Jones.
VII. Clerk,(P.O. Columbus, R.F. D.No.5, Station "A")for the following
5% street-improvement bonds :
$40,000 assess. bonds. Denom. $1,000. Due $4,000 yearly on March 1
from 1915 to 1924 incl.
4,700 village's portion bonds. Denom. (4) $1,000 (1) $700. Due one
bond yearly on March 1 from 1920 to 1924 incl.
Date March 1 1914. Int. M.& S. Cert. check for 1% of bonds bid for,
payable to VII. Treas., required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
GRANTS PASS, Josephine County, Ore.-BONDS VOTED.-Local
papers state that on Feb. 10 the voters of this city authorized the issuance
of$200,000 railroad-aid bonds. It was previously reported in the "Chronicle"
that these bonds had been contracted for by Keeler Bros. of Denver.
GREAT FALLS, Cascade County, Mont.-BOND ELECTION.
According to local newspaper reports, an election will be held April 6 to
submit to the voters the proposition to issue $30,000 market-bldg.-constr
bonds.
GREENFIELD TOWNSHIP (P. 0. Chicago Junction) Huron
County, Ohio.-BOND OFFERING.-Proposals will he received until
12 m. Feb. 28 by C. D. Wheeler, Twp. Clerk, for $40,000 of an issue of
$60,000 5% coupon road bonds. Denom. $500. Date March 16 1914.
Int. M.St S.at Home Says.& Banking Co.,Chicago Junction. Due $2,000
Sept. 15 1914 and $1,000 each six months from March 15 1915 to Sept. 15
1933 incl. Cert. check on a bank other than the one making the bid, for
5% of bonds bid for, payable to Twp. Clerk, required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest. Bids must be unconditional.
HAMILTON, Butler County, Ohio.-BONDS NOT SOLD.-No bids
were received on Feb. 12 for the $7,774 20 Hahn Ave.-Impt. and $4,442
sanitary-sewer 4%% 1-10-year (ser.) assess. bonds offered on that day.
(V. 98, 13. 252).
HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND OFFERING.
-According to reports,proposals wiil be received until 11 a.m. Feb. 28 by
M. L. Cordwell, Co. Treas., for issues of $1,800, $5,600 and $3,720 454%
10-year (ser.) road bonds.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.-BOND SALE.
-The $500.000 5% 30-yr. Market St. bridge-constr. and $100,000 Walnut
St. bridge impt. bonds recently authorized have been awarded, it is stated.
to the Harris Trust & Say. Bank of Chicago.
HAMPDEN COUNTY (P. 0. Springfield), Mass.-TEMPORARY
LOAN.-On Feb. 17 the loan of $100,000 dated Feb. 18 and due Nov. 6
.n9
d8s
(Va
)
35 4p1r
4%
em
wa
is
umnegotiated with Estabrook & Co. of Boston at
, ip.
3
1.3
913
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND ELECTION
PROPOSED.-Papers state that the County Commissioners have been
asked to call an election for the purpose of voting bonds for the erection of
a county library building.
HARTFORD (Northeast School District), Conn.-BOND SALE.On Feb. 17 the $100.000 434% 30-yr. coup. bldg. bonds (V. 98, p. 408)
were awarded to Merrill, Oldham & Co. of Boston at 105.179. Other
bids were:
Estabrook & Co., oston_ _ _104.53 1E.11. Rollins & Sons, Boston 103.588
Richter & Co., dartford_ _ _ _104.119 Harris, Forbes & Co., N. Y.100.592
F. R.Cooley & Co., Hartford103.82 Travelers' Insurance Co..
Par
A. B. Leach & Co. Boston_ _103.73
Hartford
HARTFORD TOWNSHIP (P. 0. Nutwood R. D. No. 1), Trumbull Co. Ohio.-BOND SALE.-On Feb. 16 the $20,000 5% 8%-year
(av.).GoOd Road Dist. No. 1 road-improvement bonds(V. 98, p. 322) were
awarded to Hayden, Miller & Co. of Cleveland at 100.615 and interest.
Other bids were
Otis & Co., Cleveland
$20,100 Spitzer, Rorick & Co., Tol__$20,000
Se,asongood & Mayer, Cinc
20,061 Orangeville Savings Bank Co.,
Well, Roth & Co., Cincinnati 20.001
Orangeville ($10,000)--- 10,002
Sidney Spitzer & Co., Toledo 20,0001
HASTINGS, Adams County,-Nob.-BOND ELECTION PROPOSED.Reports state that petitions will be circulated in the near future calling for
an election to vote on the question of issuing $50,000 municipal-bldg.constr.
bonds.
HENDRICKS COUNTY (P. 0. Danville), Ind.-BOND OFFERING.
Further details are at hand relative to the offering on Feb. 26 of the $11,320
43% J. F. Randolph et al road-impt. bonds (V. 98, p. 541). Proposals
for these bonds will be received until 10 a. m. on that day by Geo. Macomber, Co. Treas. Denom. $566. Date Feb. 16 1914. Int. M.& N. Due
$566 each six months from May 15 1915 to Nov. 15 1924 incl.
HICKSVILLE SCHOOL DISTRICT (P. 0. Hicksville), Defiance
County Ohio.-BOND ELECTION.-An election will be held Feb. 26
to submit to a vote the question of issuing $4,000 sanitary-toilet-installation bonds.
HIGHLAND PARK, Wayne County, Mich.-BOND SALE.-On
Feb. 16 the $450.000 20-year water-works-construction bonds (V. 98. P.
541) were awarded to the Highland Park State Bank of Highland Park for
$450,350 (100.077) as 434s. Denom. $1,000. Date Feb. 1 1914. Interest F. & A.
HIRAM, Portage County, Ohio.-BOND OFFERING.-Proposals will
be received until 5 p. m. March 2 by S. H. Bartlett, Mayor, for $3,150
5% coupon light-plant-equipemnt-purchase bonds. Denom. $150, $200.
$300 and $400. Date March 1 1914. Int. J. & J. at First Nat. Bank.
Garrettsville. Due one bond yearly on July 15 from 1915 to 1926. No
deposit required. Bonded debt including this issue), $16,150. No
floating debt. Assessed value 191 , $315,000.
HOLGATE, Henry County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Mar. 10 by E. G. Peper, Vil. Clerk, for three
issues of 53C% coup. st. impt. bonds aggregating $11,546 46. Denom.
$1,154 64. Date Mar. 1 1914. Int. ann. in Mar. at Holgate Commercial
Bank, IIolgate. Cert. check for 5%, payable to Vii.
required.
Bonded debt (incl. these issues), $20,000. Assessed valuation,
Treas..
$187,090.
HOLLY SPRINGS SCHOOL DISTRICT (P. 0. Holly Springs),
Wake County, No. Caro.-BONDS VOTED.-The question of issuing
$10,000 school impt. bonds carried by a vote of 57 to 12 at the election held
Feb. 17. it is stated.
HOMESTEAD SCHOOL DISTRICT (P. 0. Homestead), Allegheny
County, Pa.-BOND ELECTION.-An election will be held March 19 to
submit to a vote the question of issuing $35,000 building and equip. bonds.
HOUSTON HEIGHTS, Harris County Tex.-BOND SALE.-On
Feb. 10 the two issues of 5% bonds, aggregating $220,000 (V. 98, p. 252),
were awarded, it is stated, to Cutter, May & Co. of Chicago at par and int.
HUNTER, Garfield County, Okla.-BONDS NOT SOLD.-No sale
was made on Jan. 21 of the $5,000 6% 25-year town-hall bonds offered on
that day (V. 98, p. 86)HUNTINGTON COUNTY (P. 0. Huntington), Ind.-BOND SALE.
-On Feb. 14 the five issues of 434% highway-impt. bonds Aggregating
$57,280 (V. 98, p. 467). were awarded as follows: $27,849 for $28,201 50
(101.265) and int. to J. F. Wild & Co. of Indianapolis and $29,431 for
$29.803 50 (101.265) and int. to the Fletcher-Amer. Nat. Bank of Indianapolis. Bids were also received from E. F. Parr & Co. of Chicago and
Breed, Elliott & Harrison of Indianapolis.
HURON, Erie County, Ohio.-BOND SALE.-On Feb. 15 the $5,000
534% 534-year (aver.) coup. electric-light-works-improvement and equip.
bonds (V. 98, p. 467)were awarded to Stacy & Braun of Toledo at 102.44.
HUTCHINSON, Reno County, Kan.-BOND ELECTION PROPOSED.-According to reports the question of issuing between $15,000
and $20,000 town-hall, fire-station and down-town park site-purchase bond
will be submitted to a vote at the spring election.
JACKSON TOWNSHIP (P. 0. Attica), Tippecanoe County, Ind.
-BONDS OFFERED BY BANKERS.-J. F. Wild & Co. of Indianapolis
are offering to investors the $15,000 4j1% tax-free school-house bonds
(V. 98, p. 322). Denom. $500. Date Feb. 1 1914. Int. J. & J. at their
office. Due $1,000 each six months from July 1 1915 to July 1 1922 incl.
630
THE CHRONICLE
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m.Feb.28 by A.A.Fell,County Treas.,
for the following 4%% semi-ann. highway-impt. bonds dated Feb. 3 1914:
$31,350 Frank Hill et al, highway bonds. Due $1,710 May 15 1915 and
$1.560 each six months from Nov. 15 1915 to Nov. 15 1924 incl.
18,000 Lewis Zeck et al. highway bonds. Denom. $900. Due $900 each
six months from May 15 1915 to Nov. 15 1924 incl.
JEANNETTE, Westmoreland County, Pa.-BOND ELECTION.-An
election will be held May 19 to vote on the question of issuing $150,000
street-paving bonds.
JEFFERSON CITY, Cole County, Mo.-BONDS DEFEATED.-The
question of issuing the $150,000 municipal electric-light-plant bonds (V.97,
p. 1764) failed to carry, it is stated, at the election field Feb. 5. The vote
was 893 "for" to 840 "against,' a two-thirds majoirty being necessary
to authorize.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. March 7 by the Road Corn"
missioners for the $35,000
% coup.Croxton's Run free turnpike bonds•
Denom. $500. Date Jan. 1 1914. Int. P.& A. at office of County Treas•
Due $500 each six months from Oct. 1 1914 to Apr. 1 1924 incl., $1,000 on
Oct. 1 and $500 on Apr. 1 from Oct. 1 1924 to Oct. 1 1934 incl., $1,000 each
six months from Apr. 1 1935 to Apr. 1 1937 incl. and $2,000 on Oct. 1 1937
and Apr. 1 1938. Cert, check for 5% of bid, payable to Road Commisstoners, required. Bonds to be delivered and paid for in Steubenville on
or before March 14.
These bonds were reported sold to the Western German Bank of Cincinnati in V. 98. p. 408.
JEFFERSON COUNTY (P.O. Beaumont), Tex.-BOND ELECTION.
-An election will be held Mar. 10, reports state, to vote on the questions
of issuing $200,000 District No. 5 (Hildebrandt) and $85,000 District
No. 4 (McFadden) drainage bonds.
The election to vote on the question of issuing the $140,000 hospital
bonds(V. 98. p. 322) will be held May 15, it is reported.
JEFFERSON TOWNSHIP (P. 0. Sulphur Springs), Henry County,
Ind.-BOND SALE.-On Feb. 13 the $22,800 4%% 10-yr. school-house
bonds (V. 98, P. 467) were awarded to J. F. Wild & Co. of Indianapolis
for $23,388-equal to 102.57.
JOHNSON COUNTY (P. 0. Franklin), Ind.-BOND SALE.-On
Feb. 16 the two issues of 4%% gravel-road bonds (V. 98, p. 541) were
awarded, reports state, as follows:
$7,300 Quillen Road, Hensley Twp., bonds for $7,385 (101.164) to the
Citizens' National Bank of Franklin.
4,740 Ragsdale Road, Union Twp., bonds for $4,790 (101.054) to the
Farmers' Trust Co. of Franklin.
KANSAS CITY, Mo.-CERTIFICATE SALE.-On Feb. 16 the
$111,659 24 6% East Park District certificates, Series A-5 (V. 98, p. 467),
were awarded to the Commerce Trust Co. of Kansas City at par and int.
There were no other bidders.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Kans.BONDS PROPOSED.-Local newspaper reports state that this district is
contemplating the issuance of $141.000 building bonds.
KERR COUNTY (P. 0. Kerrville), Tex.-BOND OFFERING.-Wo
are advised that this county is offering for sale the $40,000 5% 10-40-year
(opt.) road bonds voted during May 1913(V.96, P. 1511). Denom.$500.
Date Sept. 10 1913. Int. ann. on April 10.
KERT CREEK DRAINAGE DISTRICT (P. 0. Grand Rapids),
Wood County, Wis.-BONDS NOT YET SOLD.-The District Attorney
advises us that no sale has yet been made of the $57,000 6% drainage bonds
offered without success on Jan. 2. Denom. $100 or multiples thereof, not
exceeding $1,000, to suit purchaser. Date, day of delivery. Int. semiannually at place to suit purchaser. Due in 15 annual installments beginning June 1 1917.
KING COUNTY (P. 0. Seattle), Wash.-BOND OFFERING.-Proposalls will be received until Mar. 3, it is stated, by the Chairman of Bd.
of Commrs. for $500,000 road bonds.
KINGS RIVER SCHOOL DISTRICT, Kings County, Calif.PRICE PAID FOR BONDS.-We are advised that the price paid for the
$12,000 6% school bonds awarded to Wm. R. Stoats & Co. of San Francisco on Feb.3(V.98, p. 541) was $12,082 60(100.688) and not $12,087 60
(100.73) as previously reported. Date Jan. 7 1914. The Hanford Nat.
Bank of Hanford bid $12,020 50.
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood), St. Louis
County, 110,-BONDS OFFERED BY BANKERS.-Wm. R. Compton
Co. of S.Louis is offering to investors the $65,000 5% building and impt.
bonds voted Jan. 24(V. 98, p. 408). Duo 1934. Total bonded debt $85.000. Assessed val. $4.185,710.
KLAMATH COUNTY (P. 0. Klamath Falls), Ore.-NO BOND
ELECTION.-The County Clerk advises us that there will be no election
to submit to a vote the question of issuing the $300,000 road bonds (V. 97,
p. 1606).
KLA.MATH FALLS, Klamath County, Ore.-BOND SALE.-The
$50.000 20-year coupon city-hail bonds offered on Feb. 9 (V. 98, p 252)
were awarded to R. M.Grant & Co.of Chicago on Feb.10 at par for 5s, less
$200 for blank bonds. The following is a list of bids received:
Grant & Co., Chicago, discount of $200 at 5%, premium of $2,312 at
5%%,premium of $3.010 at 6%;furnish bonds.
Northern Bank & Trust Co., Seattle, 5%,$617 premium; 6%,$1,067
premium.
Terry, Briggs, Slayton, Toledo, 6%. premium of $511.
14. H. Rollins & Son, Denver, 5%, premium of $525.
Allerton, Green & King, Chicago, 5%, premium of $285.
Ulen & Co., Chicago, par, furnish bonds.
Farson, Son & Co., Chicago, discount of $967 at 5%; premium of $2,15825 at 53-%.
William F. Sweet & Co.. Denver, premium of $630 at 534%; $1,775
premium at 6%;furnish bonds.
First Trust & Savings Bank, Klamath Falls, premium of $1,750 at 6%.
McCoy & Co.. Chicago, premium of $2,061 at 5%%; furnish bonds.
Bolger, Mosser & Williaman, Chicago, premium of $815 at 5%;furnish bonds.
Security Savings Bank & Trust Co., Toledo, premium $512 at 6%;
furnish bonds.
0. H. Coffin, Chicago, premium of $251 at 534%; furnish bonds.
Canso% Foster & Co., Denver, discount of $1,695 at 5%, premium
$1,270 at 5% 7,,; furnish bonds.
Morris Brothers, Portland, premium of $625 at 5;4%, $1,625 at 6%.
John Nuvoen & Co., Chicago, premium of $750 at 6%.
Spitzer, Rorick & Co., Toledo, premium of $842 50 at 5%%.
KNOX COUNTY (P. 0. Vicnennes), Ind.-BONDS AUTHORIZED.
-An ordinance was passed Feb. 7, it is reported, providing for the issuance
of $64,885 25 Niblack. Spangler and Brevoort levee bonds.
LA COSTE INDEPENDENT SCHOOL DISTRICT (P. 0. La Coate),
Medina County, Tex.-BOND OFFERING.-The $10,000 5% 5-40-year
(opt.) school bonds voted in November (V. 97, p. 1526) have been turned
over to the La Coste Nat. Bank of La Coste for disposal. Bids for those
bonds will be received at any time. H.C. Heilig is Cashier of said bank.
LANSING, Ingham County, Mich.-BONDS VOTED.-The question
of issuing the Prospect street-sewer bonds carried, reports state, by a vote
of 777 to 648 at the election held Feb. 5.
io LASSEN COUNTY (P. 0. Susanyllle), Calif.-BOND ELECTION
PROPOSED.-The Clerk Bd. of County Supervs. advises us that an election will shortly be held to vote on the question of whether or not this
county will issue $349,172 road, court-house and hospital-constr. bonds.
LAWRENCE, Mass.-LOAN OFFERING.-According to reports, proposals will be received until 12 m.Feb. 25 by the City Treasurer for a loan
of $200.000 issued in anticipation of taxes and maturing Nov. 5 1914.
LESTERSHIRE, Broome County, N. Y.-BOND OFFERING.
Proposals will be received until 8 p. m. March 25 by the Village Trustees,
Wm. 0. Lewis, Vii. Clerk, for $20,700 coupon or reg. Main St. county
highway bonds at not exceeding 5% Int. Denom. (1) $200, (41) $500.
Int. semi-ann. at First Nat. Bank, Lestershire. Due $7,700 in 1 year,
$7.000 In 2 years and $3,000 in 3 and 4 years from date. Cert. check cash
or a N. Y. draft for $300 required. Bonds to be delivered and paid for
within 30 days from time of award
LEWIS COUNTY (P. 0. Nes Perce), Idaho.-BOND ELECTION
POSTPONED.-According to reports, the election which was to have been
held Feb. 23 to submit to a vote the proposition to issue tho $40.000 1020-yr. (opt.) court-house bonds (V. 97, p. 1764) has been postponed
indefinitely.
[VOL.
xcvux.
LIMESTONE COUNTY (P. 0. Groesbeck), Texas.-BOND ELECTION.-Reports state that an election will be held in the Groesbeck Precinct on Feb. 21 to vote on the question of issuing $150,000 road bonds.
LINCOLN COUNTY (P. 0. North Platte), Nob.-BOND SALE.
On Feb. 2 the $15,000 6% bridge-construction bonds were awarded to the
Hanchett Bond Co. of Chicago for $15,153 41 (101.022) and int. Denom.
$1.000. Date April 1 1913. Int. A.& 0. Due serially beginning Apr. 1
1924.
LITCHFIELD TOWNSHIP (P. 0. Litchfield), Medina County,
Ohio.-BOND SALE.-On Feb. 17 the $30,000 5% 13%-year (average)
coupon taxable bonds (V. 98, p. 541) were awarded to the New First Nat.
Bank of Columbus for $30,594 50 and int., equal to 101.981. Other bids
were:
Tillotson & WolcottCo.,Clev.$30,450 Stacy & Braun, Toledo
$30,124
Hayden, Miller & Co.,Cleve. 30,390 Seasongood & Mayer, Cin
30,090
Sidney Spitzer & Co., Toledo 30,171 Spitzer, Rorick & Co., ToL- 30,051
Well, Roth & Co.. Cincinnati 30,157
LITTLE RIVER DRAINAGE DISTRICT, 110.-BONDS REGISTERED.-On Jan. 26 the State Auditor registered $4,500,000 drainage
bonds, reports state.
LOGAN COUNTY (P. 0. Russellville), Ky.-BOND ELECTION
PROPOSED.-Reports state that a petition calling for an election to be held
April 1 to vote on the question of issuing $300,000 pike-construction bonds
has been filed.
LONACONING, Allegany County, Md.-BOND ELECTION.-An
election will be held May 5 to submit to the voters the question of issuing
$8,000 5% bridge bonds. Due "any time after 5 years.'
LONG PINE, Brown County, Neb.-BONDS NOT YET ISSUED.
We are advised under date of Feb.2 that the $5,000 6% water bonds voted
Jan. 6 have not yet been issued.
LOUISA COUNTY (P. 0. Louisa), Va.-BONDS DEFEATED.The proposition to issue $50,000 road and bridge bonds was defeated at the
election held Feb. 3, by a vote of 44 "for" to 162 "against".
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND SALE.-The following bids were received on Feb. 13 for the five issues of 5% road impt. bonds,
aggregating $190,200, offered on that day (V.98, p. 408):
$31,900
$46,500 $29,500
Issue.
Issue.
Issue.
Prem.
Prem.
Prem.
Spitzer, Rorick & Co., Toledo
*$983 25 *$573 55 *3575 75
a590 00
Otis & Co., Cleveland
a953 00 a580 00
573 47
652 32
Stacy & Braun, Toledo
947 19
Well, Roth & Co., Cincinnati
a535 00
a855 60 a525 10
Hayden, Miller & Co., Cleveland
6501 00
a830 00 a504 00
819 80 497 08
496 68
Tillotson & Wolcott Co., Cleveland
Sidney Spitzer & Co.,Toledo
362 85
354 50
591 00
Security Savings Bank & Trust Co.. Toledo_
302 75
$44,800 $37,500 $190 200
Issue,
Issue.Entire Issue
Prem.
Prem.
Prem.
*$807 65 $605 75
Spitzer, Rorick & Co., Toledo
a830 00 a695 00
Otis& Co., Cleveland
788 48 *707 84
Stacy & Braun
a733 67 a622 10
Weil, Roth & Co., Cincinnati
a707 00 a607 00
Hayden, Miller & Co., Cleveland
697 54 609 00
Tillotson & Wolcott Co., Cleveland
497 28
427 50
Sidney Spitzer & Co., Toledo
r0i)-406
Farson, Son & Co., Chicago
83,861 06
Breed, Elliott & Harrison, Cincinnati
* Successful bids. a Conditional bids.
McKINNEY, Collin County, Tex.-BOND SALE.-On Feb. 7 the
(V.98.542)
$75.000 school and $75,000 street 5% 20-40-yr. (opt.) bonds
were awarded, reports state, to the Collin Co. National Bank of McKinney at par and int.
PdcLENNAN COUNTY (P. 0. Waco), Tex.-hONDS VOTED.-The
question of issuing the $1,075,000 Road Dist. No. 2 bonds (V. 98. P. 322)
carried, reports state, at the election hold Feb. 14 by a vote of 3,047 to
1,242.
MADDOCK SCHOOL DISTRICT (P.O. Maddock), Benson County,
No. Dak.-BONDS VOTED.-This district on Feb. 3 voted, reports state,
in favor of the question of issuing bldg. bonds. The vote was 178 to 67.
MADEIRA,Hamilton County, Ohio.-BOND OFFERING.- Proposals
will be received until 12 m. Mar. 21 by Frank L. Rey, VII. Clerk, (P. 0.
Room 305, Bell Block, Cincinnati), for $1,044 35 6% 1-5-yr. (ser.) coup.
Miami Ave. side-walk (assess.) bonds. Denom. $208 87. Date .Tan. 28
1914. Int. ann. at First Nat. Bank, Norwood. Cert. check for 5% of
bonds bid for, payable to VII. Trans.. required. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to pay acer'd int.
MADISON COUNTY (P. 0. Anderson), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 28 by Geo. T. Beebe, County
Treas.,for $1,880 4 1.4 % C.L.Gentry et al. highway-impt. bonds. Denom.
$94. Date Feb. 241914. Int. M.& N. Due $94 each six months from
May 15 1915 to Nov. 15 1924 incl.
MADISON COUNTY (P. 0. London), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. March 16 by II. M.Cheney,Co. Aud.,
for the following 5% coupon ditch and road-impt. bonds:
$10,550 M.Bidwell ditch-impt. bonds. Denom.(1) $550.(20) 9500. Due
$550 Sept. 1 1914 and $1.000 each six months from Mar.1 1915
to Sept. 1 1919 incl.
1,900 Silver ditch-impt. bonds. Denom.(1) $400,(5) $300. Due $400
Sept. 1914 and $300 each six months thereafter.
3,750 Dun No. 1 ditch-1111ot. bonds. Denom. (8) $400, (1) $300. (1)
$250. Due $400 each six months from Sept. I 1914 to March 1
1918 incl., $300 Sept. 1 1918 and $250 March 1 1919.
Due MI each six
600 Dun No. 2 ditch-impt. bonds. Denom. $60.
months from Sept. 1 1914 to March 1 1919 incl.
Duo $500 each six
3,000 Ella Dun ditch-impt. bonds. Donom. $500.
months from Sept. 1 1914 to March 1 1917 incl.
Duo $390 each six
3,900 Richmond ditch-impt. bonds. Denom. $390.
months from Sept. 1 1914 to March 1 1919 incl.
Denom. (1) $300,
1,550 McFarland joint-county ditch-impt. bonds.each
six months from
and $250
(5) $250. Due $300 Sept. 1 1914
March 1 1915 to March 1 1917 incl.
Denom 4500. Due $50()
6,000 Beyer joint county road-imPt. bonds.
each six months from Sept. 1 1914 to March 1 1918 incl. and $1,000
on Sept. 1 1918 and March 1 1919.
Date April 1 1914. Int. M. & S. at Co. Trans. office. A deposit of
$1,000 required.
MARGATE CITY (P. 0. Atlantic City), Atlantic County, N.
BONDS PROPOSED.-According to reports,this city will float an issue of
$45,000 sea-wall construction bonds.
MARION, Marion County, Ohio.-BOND SALE.-On Feb. 18 the
$2,000 5% sewer bonds offered without success on Feb. 11 (V. 98. p. 642)
were awarded. It is stated, to Josephus Monnette at par and int.
8 pS
4L07/1)-O
.A
MARION COUNTY (P. O. Indianapolis), Ind.-BOND
were
Feb. 13 the $4,700
% 10-yr. (ser.) road bonds (V.
awarded to the Fletcher-American Nat. Bank of Indianapolis. The
price paid Is reported as $4,756. Denom. $235. Date .Tan.15 1914.
MARION COUNTY (P. 0. Marion), Ohio.-BOND SALB.-On
Feb. 17 the $27.500 53 % refunding bonds were awarded, reports state, to
6e
pi4tz
p.
S
7)
r,.Rorick & Co. of Toledo at 101 and printing of bonds. These bonds
were
rejected
w
r
w
were
advertised to be sold on Jan. 31, but all bids received
because bonds were not advertised the required number of days (V. 08,
MARION COUNTY (P. 0. Salem), Ore.-BOND ELECTION PROPOSED.-Reports state that an election will be held this spring to vote on
the question of issuing $850,000 road-construction bonds.
MARSHALLTOWN SCHOOL DISTRICT (P. 0. Marshalltown),
Marshall County,Iowa.-BOND ELECTION PROPOSED.-It is reported
that a petition is being circulated asking for an election to vote on the
proposition to issue $30,000 building bonds.
MASSACHUSETTS.-BOND SALES OVER THE COUNTER.-Newspaper dispatches state that only $10,000 of the $6,325,000 4% bonds which
the State Treasurer is offering "over the counter" on a 3.585% basis(V.98,
p. 542) were subscribed for yesterday (Feb. 20). This, it is reported,
brings the total of bonds allotted up to $3,685,000. Of this latter sum,
$2,000,000 have been fully paid for and delivered. The bonds were first
put on sale last Friday (Feb. 13) and applications for over $3,000.000 worth
FEB. 211914.)
THE CHRONICLE
were received on that day. Since then, however, the demand, as the news
dispatch indicates, has fallen off considerably.
MERCED COUNTY (P. 0. Merced) Cal.-BOND ELECTION NOT
YET CALLED.-The County Clerk advises us that no date has yet been
set for the election to vote on the question of issuing the $1,000,000 road
bonds (V. 97. p. 1607).
MERCER COUNTY(P.O. Celina), Ohio.-BOND SALE.-On Feb. 18
the $30,000 5% coupon Brown joint free-turnpike-impt. bonds (V. 98,
p. 467) were awarded to Tillotson & Wolcott Co. of Cleveland at 100.03
and int. The First Nat. Bank of Columbus and the First Nat. Bank of
Celina each bid par.
MERCER COUNTY (P. 0. Princeton),_ W. Va.-BOND OFFERING.
-Proposals will be received until 1 p. m. mar.9 by C. R. McNutt, Pres.
Co. Court,for the $500,000 5% 1040-yr. (opt.) road bonds voted Dec. 30
(V. 98, p. 253). Denom. $1,000. Date April 15 1914. Int. A. & 0.
Cert. check for I% of bid required. Bonds to be delivered and paid for
April 15. Bonds to be registered with coupons attached and will be offered in blocks of $100,000 and then as a whole.
MIAMI COUNTY (P. 0. Peru), Ind.-BOND OFFERING.-Proposals
will be received until 10 a. in. Feb. 25 by Aaron 13. Zook, Co. Treas., for
$15,800 Hossong-Duckwall road No. 8, $11,600 Ed. Whitezel road No. 1
and $9,450 Leroy Kercher road No. 6 43% bonds. Int. M.& N. Due
one bond of each issue each six months from May 15 1915 to Nov. 15 1934
Inclusive. .
Proposals will be received until 10 a. m. April 4 by Frank K. McElheny,
Co. Treas., for $47,500 47 bridge bonds. Denom. $500. Date April 1
1914. Int. A.& 0. Due $2,500 yrly. on April 1 from 1915 to 1933 incl.
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-TEMPORARY LOAN.
-On Feb. 14 the loan of $100,000 maturing Nov. 6 1914 (V. 98, p. 542)
was negotiated with Estabrook & Co. of Boston at 3.26% discount plus
$1 50 premium.
MILWAUKEE, Wis.-BONDS TO BE OFFERED SHORTLY.-Local
newspaper reports state that this city will shortly offer for sale $550,000
sewerage, $150,000 State St. bridge, $100,000 isolation hospltal,$100,000
parks and $50,000 Blue Mound sanitarium bonds.
MINERAL WELLS,Palo Pinto County, Tex.-AMOUNT OF BONDS
SOLD.-Using newspaper reports, we stated in last week's "Chronicle"
that this city recently sold $125,000 bonds. We are now advised that only
$115,000 bonds were disposed of, consisting of $69,000 street and $46,000
school.
MOHAVE COUNTY(P.O. Kingman), Ariz.-BONDS RE-AWARDED
-The $100,000 5% 20-40-yr. (opt.) coup. road and bridge bonds awarded
in October to James N. Wright & Co. of Denver (V. 97, p. 1307) have been
re-awarded to Kelly & Kelly of Kansas City, conditional on acceptance of
proceedings of the Board of Supervisors.
MONTESANO, Chehalis County, Wash.-BOND OFFERING.
Proposals will be received until Mar. 2 by Geo. W. Gauntlett, City Clerk,
reports state, for $14,000 8% funding bonds. Cert. check for 5% required.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND
SALE.-On Feb. 17 the five issues of 4%0
0 gravel-road bonds, aggregating
/
$60,900(V.98, p. 542) were awarded as follows:
To J.
Wild & Co., IndianapolisF. G. McIntire et al. road, Union Twp., bonds for $34,952 25534,600 F.
equal to 101.018. Denom. $1,730.
12,220 Luna Bayless et al. road, Brown Twp., bonds for $12,346 65equal to 101.202.
5,500 Sherman McClamrock et al., Union Twp., bonds for $5,555 90equal to 101.016.
To Chas. Harding$4.900 Silas Maxwell et al. road, Union Twp.,bonds at 101.
3,700 Frank Beck et al. road, Walnut Twp., bonds at 101.
Date Feb. 16 1914. Int. M.& N. Due one bond of each issue each six
months from May 15 1915 to Nov. 15 1924 incl.
Breed, Elliott & Harrison, submitted the following bids: ($34,600)
$34,822; ($12,200) $12,268: ($5,500) $5,531; ($4,900) $4,928, and ($3,700)
$3,721.
MOREHEAD TOWNSHIP SPECIAL SCHOOL TAX DISTRICT
(P. 0. Greensboro), Guilford County, No. Caro.-BOND SALE.The $10,000 5% coup. tax-free school bonds offered but not sold on Oct. 7
(V.97, p. 1923) have been sold to the Hanchett Bond Co. of Chicago at par.
MT. KISCO, Westchester County, N. Y.-BOND SALE.-On Feb. 16
the $28,400 4%% sewer bonds were awarded to John H. Watkins of N. Y.
at 100.31. Denom. (1) $650, (25) $1,110. Date Feb. 28 1914. Int.
M. & S. Due $1,760 Sept. 1 1918 and $1,110 yrly. Sept. 1 from 1919 to
1942 incl.
MURRAY SCHOOL DISTRICT (P. 0. Murray), Salt Lake County,
Utah.-BONDS VOTED.-The question of issuing $30.000 Ilillcrest school
impt. bonds carried, reports state, at the election held Feb. 10 by a vote
of 108 to 68.
MUSKEGON, Muskegon County, Mich.-NO BONDS TO BE ISSUED.-We are advised that the reports stating that this city would issue
$6,000 emergency-bridge bonds are erroneous.
NAPA COUNTY (P. 0. Napa), Cal.-BOND ELECTION PROPOSED.
-According to reports, an election will be held in the near future to submit
to a vote the question of issuing $150,000 road and bridge bonds and not
$125,000, as first reported (V. 98, P. 409).
NASHVILLE, Tenn.-BOND OFFERING.-Proposals will be reccived
until 10 a. m. Mar. 10 by J. W.Dashiell, Sec. 13d. of Commrs.,for $695,000
5% st.-Impt. bonds. Denom. 81,000. Date Mar. 2 1914. Int. M.& S.
at City Treas. office or Nat. City Bank, N. Y. C. Due yrly. on Mar. 1
as follows: $80,000, 1915 to 1919 incl., $20,000, 1920 to 1929 incl. and $19,000 from 1930 to 1934 incl. Cert. check on a Tennessee nat. bank or trust
company for $13,900 required. Bonds registerable as to principal in
N.Y.O. These bonds will be certified as to genuineness by the ColumbiaKnickerbocker Tr. Co. and their legality approved by Caldwell, Masslich
& Reed of N. Y. C., whose favorable opinion will be furnished to purchaser
without charge. Bids must be made on forms furnished by above Sec.
Bd. ofCommrs.or trust company. Bonds will be delivered on Mar. 24 in
Nashville, Chicago, Cincinnati or New York, at purchaser's option.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
NELSON, Nuckolls County, Neb.-BONDS VOTED.-The question
of issuing the $8,000 light $9,000 water and $11,000 water-extension 5%%
bonds carried at the election held Feb. 10 by a vote of 236 to 23.
NEPTUNE TOWNSHIP (P. 0. Ocean Grove), Monmouth County,
N. J.-BONDS DEFEATED.-The question of issuing $50,000 schoolbldg. bonds failed to carry, it is stated, at the election held Feb. 10.
NEWARK SCHOOL DISTRICT (P. 0. Newark), Licking County,
Ohio.-BOND SALE.-On Feb. 17 the $20,000 5% 10%-year (average)
building and equipment bonds (V. 98, p. 323) were awarded to Parson,
Son & co. of Chicago at 104.12 and interest. Other bids were:
Prov. S. Bk.& Tr. Co. Cin_$20,7461Seasongood & Mayer, Cin_ - _$20,605
20,636 Franklin Nat. Bank,Newark 20,600
C.E. Denison & Co.,Cleve_
20,6231 Tillotson & Wolcott Co.,
Stacy & Braun, Toledo
Cleveland
20,434
Field, Longstreth & Richards,
20.8181
Cincinnati
NEW BRITAIN, Conn.-BOND SALE.-On Feb. 18 the following
coup. bonds, aggregating $169,000 (V. 98, p. 542), were awarded to Richter & Co. of Hartford for $171,461 35-equal to 101.456:
school bonds. Date Feb. 11913. Due Aug. 11921.
$20,000 4
35,000 4% sewer bonds. Date Jan. 1 1913. Due Jan. 1 1936.
14,000 4 % school bonds. Date July 1 1913. Due July 11938.
50,000 4 % school bonds Date Feb. 1 1914. Due $10,000 yearly on
Aug. 1 from 1915 to 1919 incl.
50,000 4}4% park bonds. Date Feb. 1 1914. Due $2,000 yearly on
Aug. 1 from 1914 to 1938 inclusive.
Other bids were:
Parkinson & Burr, Bos_ _$170,253 511Thomson,Fenn &Co.1Id $168.792 50
E.11.1tollins&Sons.Bos_ _ 169,892 33 Redmond & Co., N. Y
Curtis & Sanger, Boston_ 169,523 90 Blake Bros.& Co., Bos__ 168,286 00
Kissel,Kinnicutt&Co..Bos 169,373 00 Estabrook & Co., Boston 168,212 20
Merrill.Oldham&Co.,Bos 169,321 10 A. B. Leach & Co., Boa.. 168,189 00
It. L. Day & Co., Boston 169,133 51 Harris, Forbes & Co.,
New York
168,038 39
Blodget & Co., Boston__ 169,057 46
631
NEW ORLEANS, La.-BOND SALE.-It was announced this week
that the $3,000,000 5% cotton-warehouse bonds (V. 97, p. 681) had been
sold at par and interest to the Whitney-Central National Bank, the Hibernia Bank & Trust Co. and the Interstate Trust & Banking Co. of New
Orleans. It is understood that the greater part of these bonds has been
as
re-sold to bond houses in Chicago and St. Louis.
NEWPORT, Washington County, Minn.-BONDS VOTED.-According to local newspaper reports, the proposition to issue $13,000 refunding bonds carried unanimously at the election held Feb. 11.
NEWPORT, R. I.-BOND OYFERING.-Proposals will be received
until 5 p. m. Feb. 26 by John M. Taylor, City Treasurer, for $125,000
4}i% coupon school loan bonds. Denom. $1,000. Date March 2 1914.
Int. M.& S. at office of City Treasurer. Due $5,000 yearly on March 2
from 1915 to 1939, inclusive. Bonds will be delivered to the purchaser
on March 2 at First National Bank, Boston. These bonds will be certified
as to genuineness by the above bank, and their legality approved.by Ropes,
Gray, Boyden & Perkins of Boston, whose opinion will be furnished purchaser.
eill11111101111118
NEWPORT TOWNSHIP, Carteret County, No. Caro.-BONDS
AUTHORIZED.-Reports state that the County Commissioners recently
authorized the issuance of $5,000 road bonds.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND OFFERING.
According to reports, bids will be received until 2 p. in. Mar.'4, by F. C.
Rich, Co. Treas., for $11,100
% road-impt. bonds.
NOKOMIS SCHOOL DISTRICT NO. 42 (P. 0. Nokomis), Montgomery County,Ill.-BOND SALE.-On Feb. 10 $25.000 59' bldg. bonds
were awarded to II. T. Holtz & Co. of Chicago at 104.084. Denom.$600.
Date April 1 1914. Int. ann. in March.
NORRISTOWN, Pa.-BOND ELECTION PROPOSED.-There is talk.
according to a Philadelphia newspaper, of calling an election to approve
a $100,000 loan for a sewage-disposal -plant.
NORTH LIMA SCHOOL DISTRICT P. 0. North Lima), Mahoning
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. Mar. 10 by L. J. Rohrbaugh, Clerk of Bd. of Ed., for $26,000 5%
coup. tax-free bldg. bonds. Denom. $500. Date Mar. 10 1914. Int.
M.& S.at Mahoning Nat. Bank. Youngstown. Due $500 yrly. on Mar. 10
from 1917 to 1924 incl., $500 each six months from Sept. 10 1924 to Mar. 10
1934 incl. and $500 on Sept. 10 and $1,000 on Mar. 10 from Sept. 10 1934
to Mar. 10 1942 incl. Cert. check on an Ohio bank for 1%, payable to
Treas. of Bd. of Ed., required. Bonded debt $700. No floating debt.
Assess. val. 1913, $1,070,000.
NORTH LOUP, Valley County, Neb.-BOND ELECTION PROPOSED.-According to reports, a petition is being circulated calling for
an election to vote on the question of issuing water-system-constr. bonds.
NOXUBEE COUNTY (P. 0. Macon), Miss.-BOND OFFERING.
% semi-ann.
John A. Tyson, Co. Clerk, is offering for sale $70,000
Supervisors' Dist. No. I road bonds. These bonds are the unsold portion
f3$99,000, $29,000 of which was sold locally as mentioned in
i p. el9o2
9n7.ssu
.a
vf
o
NUECES COUNTY(P.O.Corpus Christi) Tex.-BOND ELECTION.
-The election to vote on the question of issuing the $165,000 causewayconstr. bonds (V. 98, p. 409) will be held Mar. 14, it is stated, and not
to-day (Feb. 21), as previously reported.
OCEAN CITY, cape May Co.,N. J.-BIDS.-The other bids received
on Feb. 12 for the $132,000 5% 30-yr. gold coup. or reg. funding bonds
awarded on Feb. 13 to R. M.Grant & Co. and A. B. Leach & Co. of N. V.
at their joint proposal of 102.179 and int (V.98, p. 543) were:
Masses & Edwards, O'n City_101.25]Ocean City Title & Trust Co.,
100.00
Ocean City
First Nat. Bank, Ocean City 100.00
All bids included accrued interest.
Hart),
0.
(P.
Mich.-BOND ELECTION.-An
OCEANA COUNTY
election will be held April 6, it is stated, to vote oti the quesion of Issuing
$100,000 court-house-constr. bonds.
OGDENSBURG, St. Lawrence County, N. Y.-BOND SALE.-On
Feb. 10 the $10,000q03--yr. (ay.) coup. sewer bonds (V. 98, p. 324) were
awarded to John H. Watkins of N. Y. at 100.61 and int. for 43.s. Other
bids were:
Adams & Co., of N. Y. at 100.03 and int for 4.45s.
Isaac W. Sherrill, Poughkeepsie, at 100.27 and int. for 4
St. Lawrence Co. Say. Bank, Ogdensburg, at par and int. for 4}is.
Nat. Bank of _Ogdensburg par and int for 43is.
OKMITLGEE, Okmulgee County, Okla.-BONDS NOT YET SOLD.We are advised by the Commissioner of Public Safety that no sale has yet
been made of the $100.000 5% park bonds offered in July (V. 97, p. 1923)•
OMAHA, Neb.-BOND SALE.-The $361,500 (3 issues) 43. % coup.
bonds (V. 98, p. 409) were sold Feb. 16 to Spitzer at par.
ONTARIO SCHOOL DISTRICT (P. 0. Ontario), San Bernardino
County, Cal.-BOND ELECTION PROPOSED.-An election to vote on
the proposition to issue $15,000 bldg. bonds will be held in the near future,
it is reported.
ORANGE COUNTY (P. 0. Hillsboro), No. Caro.-BOND ELECTION PROPOSED.-Reports state that the Bd. of Co. Commrs. will be
asked to call an election to submit to a vote the issuance of $50,000 bonds
to represent the share of Chapel Hill and Bingham Township for the construction of a proposed new railroad from Danville to the coast. The proposed routing of the railroad is from the coal fields of Virginia by way of
Greensboro, Burlington, Chapel Hill and Durham on to the seaboard.
OTTAWA COUNTY (P. 0. Grand Haven), Mich.-BOND SALE.
On Feb. 11 the $150,000 good road bonds(V. 98, p. 324) were awarded, It is
stated, to the Harris Trust & Savings Bank of Chicago for $153,040equal to 102.026.
PALATINE BRIDGE, Montgomery County, N. Y.-BOND SALE.
On Feb. 14 the $10,500 sewer-system bonds (V. 98, p. 468) were awarded
to Adams & Co. of N. Y. for $10,503 75 (100.035) as 4.80s. There were
several other bids received for portions of these bonds.
PARK COUNTY SCHOOL DISTRICT NO. 19, Mont.-BOND
OFFERING.-Bids will be received until 2 p. m. March 9, reports state,
by Martin Bates, Chairman (P. 0. Livingston), for $1,700 15-year school
bonds. Denom. $100. Certified check for $100 required.
PARKE COUNTY (P. 0. Rockville), Ind.-BONDS OFFERED BY
BANKERS.-J.F. Wild & Co. of Indianapolis are offering to investors the
following 4%% tax-free gravel-road bonds awarded to them on Jan. 22
for $11,841 86(100.678):
$6,600 Liberty Township bonds. Denom. $330.
5,162 Union Township bonds. Denom. $258 10.
Date Jan.6 1914. Int. M.& N.at the County Treasurer's office. Duo
one bond of each issue each six months from May 15 1915 to Nov. 16 1924,
inclusive.
PURCHASER OF BONDS.-We are advised that the issue of 6.3.000
43 % 1-10-year (serial) road-improvement bonds also sold on Jan. 22 was
purchased by local parties and not J. F. Wild & Co. of Indianapolis, as
reported in last week's "Chronicle.'
PEEKSKILL, Westchester County, N. Y.-BOND SALE.-On
Feb. 16 the $60,604 17 paving bonds were awarded to Douglas Fenwick
& Co. of N. Y. for $60,705 17 (100.166) as 4.40s. Denom. $1,000 and
$1,604 17. Date Mar. 15 1914. Int. M.& S. Due $2,000 yrly. Mar. 15
from 1919 to 1947 incl. and $2,604 17 Mar. 15 1948.
CERTIFICATE SALE.-Douglas Fenwick & Co. of N. Y. were also
awarded on Feb. 16 an issue of $23,000 paving certificates at 4.40% int.
PELHAM (TOWN) FIRST FIRE DISTRICT (P. 0. Pelham), Westchester County, N. Y.-BOND SALE.-On Feb. 18 the $7,750 6%
7 1-3-year (average) registered bonds (V. 98, p• 543) were awarded to
Adams & Co. of N. Y. for $8,061-equal to 104.012. Other bids were:
$7,956 93
I. W. Sherrill, Poughk_ _$8,020 501J. J. Hart, Albany
PEORIA, Peoria County, Ill.-BOND ELECTION PROPOSED.
An ordinance calling for an election to vote on the question of issuing
$142,000 44% refunding bonds was referred to the Finance Committee on
Feb. 10, it is stated.
PILOT POINT, Denton County, Tex.-BONDS VOTED.-According
to local newspaper dispatches, a favorable vote was cast at the election
held Feb. 10 on the question of issuing $14,000 water-works-system-installation bonds.
632-
THE CHRONICLE
[VoL. xcviii
PLAQUEMINES PARISH (P. 0. Pointe-a-la-Hache), La.-BOND
SANTA CRUZ SCHOOL DISTRICT (P. 0. Santa Cruz), Santa
SALE.-We are advised that the $8,000 40-yr. Road Dist. No.2 road bonds Cruz
County, Cal.-BOND ELECTION.-An election will be
held
(V..97, p. 1679) have been sold.
March 17 to vote on the question of issuing $250,000
5% semi-annual
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND SALE.-On high-school buildings and grammar school and site-purchase
bonds. A
Feb. 17 the 814.400 434% gravel-road bonds (V. 98, p. 543) were awarded two-thirds majority necessary to carry bonds. Bonded
debt, $20,000.
to J. F. Wild At Co. of Indianapolis for $14,559 (101.104) and int. Denom. Assessed value, 37.500,000.
$720. Date Jan. 16 1914. Int. M.& N. Due one bond each six months
SANTA ROSA SCHOOL DISTRICT (P. 0. Santa
Rosa),
Sonoma
for 10 years.
County, Cal.-BOND ELECTION.-According to reports,
an election
PORTERSVILLE, Tulare County, Cal.-BOND ELECTION.
- will be held March 14 to vote on the proposition to issue $180,000 5%
According to reports, an election will be held Feb.24 to vote on the question school bonds. Denom.$1,000.
of issuing $15,000 city water department improvement bonds.
SARPY COUNTY (P. 0. Papillion), Neb.-BONDS DEFEATED...
PRINCEVILLE, Crook County, Ore.-BONDS NOT YET ISSUED. Local newspaper dispatches state that the question of issuing the $60,000
-The Mayor advises us that the sewer bonds voted Dec. 15(V.97, p. 1923) 5% 5-10-year (opt.)
coin.) court-house bonds (V.98,p. 325) was defeated at
e ection held
have not yet been issued.
10.
l
PULASKI COUNTY (P. 0. Mound City), Ill.-BONDS DEFEATED.
SAWTELLE, Los Angeles County, Cal.-BOND SALE.-On Sept. 2
-The question of issuing the $15,000 5% 20-year court-house and jail the $21,000 53,6% city-property-purchase bonds (V. 97, p. 193) were
bonds ('V. 97, p. 1923) was defeated, reports state, at the election held awarded to the State of California for $21,481 26-equal to 102.293. DeJan. 20 by a vote of 312 "for" to 417 "against.'
nom. $1.000. Date April 1 1913. Int. A. & 0. Due one bond yearly.
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND OFFERING.SEATTLE, Wash.-BOND ELECTION PROPOSED.-Reports state
Proposals will be received until 3 p. m. Mar. 6, it is reported, by J. J. that a bill was introduced in Council recently, asking for an election to
be
Lowry, Co. Treas., for $12,700
% road-impt. bonds.
held Mar. 3 to submit to a vote the proposition to issue $100,000 bonds to
PULLMAN, Whitman County, Wash.-BOND ELECTION.-The construct a fire and police sub-station and municipal court in Denny Hill
question of issuing 320.000 city water-system-impt. bonds will, reports Re-Grade District.
state, be submitted to the voters on Feb. 24.
SHEBOYGAN, Sheboygan County, Wis.-BOND ELECTION PROPURYEAR SCHOOL DISTRICT (P. 0. Paris), Henry County, POSED.-An election will be held in the near future, it is stated, to submit
Tenn.-BONDS VOTED.-According to reports, this district on Feb. 4 to the voters the proposition to issue $70,000 additional city-hall bonds.
voted in favor of the issuance of $1,000 bldg. bonds.
SHREVEPORT,La.-BOND ELECTION PROPOSED.-The City ComPUTNAM COUNTY (P. 0. Ottawa), Ohio.-BOND SALE.-On missioners have decided, it is stated, to call an election to vote on the quesFeb. 18 the six issues of 5% road-impt. bonds, aggregating $109,500(V.98, tion of issuing $1,000,000 bonds for a municipal water-works and sewerage
P. 325), were awarded, it is stated, to Hayden,'Miller & Co. of Cleveland system. No date has been fixed, however. In October last a board of
appraisers reported the plant of the Shreveport Water-Works Co. to be
for $109,532 19-equal to 100,029.
RAHWAY, Union County, N. J.-BOND SALE.-This city has dis- worth 31.354.273. This figure was considered too high.-V. 97, P. 1304.
SILVER BOW COUNTY (P. 0. Butte), Mont.-SEEKS TO ENJOIN
posed of an issue of $26,000 water bonds.
RED LODGE, Carbon County, Mont.-BOND ELECTION PRO- JAIL BOND ELECTION.-An action has been started by County Clerk
POSED.-An election will be held shortly to vote on the question of issuing and Recorder Dave Kehoe to prevent a vote being taken Feb. 24 on the
water-works bonds. These bonds, if authorized, will take the place of the question of issuing $100.000 jail bonds. In the case of Butte School Dist.
item on a preceding page) the Attorney-General expressed the opinion
130,000 5% 10-20-yr. (opt.) coupon water-works bonds offered without (see
that, since there was no registration for said election, the booka not having
success on May 29 (V. 97, p. 1766).
been closed the necessary 30 days and the notice of such closing not having
RICHMOND, Contra Costa County, Cal.-BOND ELECTION PRO- been published or
for the necessary 30 days previous to the date when
POSED.-The election to vote on the question of issuing the municipal said books shouldposted
have been closed, that said bond election was invalid.
water-system bonds (V. 97, p. 1231) will be held shortly, it is stated.
Mr. Kehoe bases his objection on the ground that not having received the
RICHMOND,Vs.-BOND OFFERING.-Proposals will be received until necessary notice in time, he has not been able to close the registration books
days before the bond election, and therefore any election for the issue of
12 m. March 10 by Cleo. S. Crenshaw, City Auditor, for $1,500,000 4% 30
bonds on Feb. 24 would be illegal. Judge Donlan
the District Court
34-year coupon or registered convertible public-improvement bonds. on Feb. 9 denied the writ of prohibition asked for byinthe
County Clerk to
Coupon convertible bonds will be issued in denom. of $1,000. Date restrain the County Commissioners from holding the election, and the
case
will now go to the Supreme Court, it is said, with as little delay as
Jan. 1 1914. Certified check for 2% on bids of $100,000 or less, or 14%
possible.
on all bids in excess of that amount, payable to City Auditor, required.
SIMPSON COUNTY (P. 0. Franklin), KY.-BOND ELECTION PROThe official notice of this bond offering will befound among the advertisements POSED.
-Reports state that a petition calling for an election to be held
elsewhere in this Department.
April 18 to vote on the question of issuing not to exceed 3100.000 road bonds
RICHMOND SCHOOL DISTRICT (P. 0. Richmond), Contra Costa Is being circulated.
County, Cal.-VOTE.-We are advised that the vote cast at the election
SIOUX FALLS, So. Dak.-BONDS VOTED.-The questions of issuing
held Jan. 31, which resulted in favor of the question of issuing the $150,000 the $175,000 school-building and $7,000 athletic-grounds 5% 20-year
bonds
5% 30-yr. bonds (V. 98, p.543) was 1,337 to 500. Denom.$1,000. Int. (V.98, p. 325) carried, reports state, at the election held Feb. 10. The vote
semi-ann.
was 848 to 510 and 749 to 568, respectively.
/AY
,
.
RIVERSIDE COUNTY (P. 0. Riverside), Cal.-BOND SALE.-On
SOUTH PASADENA,Los Angeles County, Cal.-BOND OFFERING.
Feb. 18 the $1,125,000 5% 26 r-5-year (average) gold coupon highway- -Proposals will be received until 8 p. m. Feb. 24 by John W. Scott, City
construction bonds (V. 98, p. 325) were awarded to the First National Clerk, for 3120,000 of an issue of S200,000 5% gold sower bonds voted
Bank of Riverside, agent for N. W.Halsey & Co. and E. H. Rollins & Sons Oct. 8 (V. 97, p. 1157). Denom.$500. Date .an. 2 1914. Int. J. & J.
of San Francisco and the Continental & Commercial Trust & Savings Bank Due $3,000 yearly on Jan. 2 from 1915 to 1954, inclusive. Certified check
of Chicago. for $1,162,237 50-equal to 103.31.
on a South Pasadena bank for 2% of bonds bid for, payable to City Clerk,
ROCHESTER, N. Y.-BONDS AUTHORIZED.-The Common Coun- required. Bonds will be ready for delivery within 30 days from date of.
cil on Feb. 10 authorized the issuance of $1,000,000 30-yr.funding bonds at sale. Bids must be made on forms furnished by the City Clerk. The
legality of these bonds will be approved by O'Melveny, Stevens & Milliken,
not exceeding 43,6% int., it is stated.
ROCKYFORD SCHOOL DISTRICT (P. 0. Portersville), Tulare whose opinion will be delivered to the purchaser.
SPARTA, Monroe County, Wis.-NO BONDS TO BE ISSUED.-The
County, Calif.-BONDS DEFEATED.-At the election held Feb. 2 the
proposition to issue the $9,000 school-bldg. bonds was defeated, it is stated. City Clerk advises us under date of Feb.7 that the $20,000 5% street-impt.
bonds (V. 97, p. 1924) will not be issued as the proposition was defeated
ROSEBORO SCHOOL DISTRICT (P. 0. Roseboro), Sampson by
vote of electors.
County, No. Caro.-BOND SALE.-According to reports, this district
STEUBENVILLE SCHOOL DISTRICT (P. 0. Steubenville),
has sold the $10,000 5% 30-year building bonds (V. 98, p. 254).
County, Ohio.-BOND ELECTION.-An election will be
ROSEVILLE SCHOOL DISTRICT (P. 0. Roseville), Placer County, Jefferson
Feb. 28, to submit to a vote the propositions to issue $35,000 Pleasant
Calif.-BOND ELECTION PROPOSED.-The question of Issuing 845.000 held
bldg., 335.000 Grant bldg.. 375,000 Wells High School addition
high-school-building bonds will be submitted to a vote at the April election, Heights Washington
bldg., and $20,000 equip. bonds.
$35,000
It is stated.
STRASBURG VILLAGE SCHOOL
(P. 0. Strasburg),
ROWLAND, Robeson County, Nor. Caro.-BOND OFFERING.
- Tuscarawas County, Ohio.-BOND DISTRICT
OFFERING.-Proposals will be
Proposals will be received until 12 m. Mar. 10 by the Board of Commissioners. 0. P. Chitty, Clerk. for 330.000 6% 30-yr. coup. electric-light, received until 12 m. March 17 by J. P. Miller, Clerk pro tem., for the
voted Feb. 2 (V. 98, p. 410). Denom.
water-works and sewerage bonds. Int. semi-ann. A deposit of 5% of 340.000 5ti% high-school bonds
8500. Int. semi-annual. Due $500 yearly on April 1 from 1917 to 1924,
bid required.
inclusive, $500 each six months from April 1 1925 to Oct. 11035, inclusive,
RUSH COUNTY (P. 0. Rushville), Ind.-BOND SALE.-On Feb. 18 $500 on April 1 and $1,000 on Oct. 1 from April 1 1936 to Oct.
1 1943,
the five issues of 4M % gravel-road bonds, aggregating $28,620 (V. 98, p. inclusive, and $1,000 each six months from April
1 1944 to April 1 1950,
544), were awarded to the People's National Bank of Rushville for $29,- inclusive, subject to call after April. 1 1919.
046 50 (101.49) and interest. Other bids were:
SULLIVAN COUNTY (P. 0. Blountsville), Tenn.-BONDS AUTHPremium.
Premium. ORIZED.-The County Court on Feb. 16 voted 33 to 10 in
favor of the quesJ. F. Wild & Co., Indianap--$250 86 Rush Co. Nat. Bk., Rushville$156 85 tion
of issuing the $100,000 road bonds, it is stated.
E. F. Parr & Co., Chicago_ 186 03 Breed ,Elliott& Harrison ,Ind_ 145 nn
SYRACUSE, N. Y.-TEMPORARY LOAN.-On Feb. 10 the $150,000
Rushville Nat. Bk., Rushvill-e 181 25IFletcher-Amer.Nat.Bk.,Ind_ 115 00
temporary loan in anticipation of taxes, dated Feb. 13, and due
13
RUSHVILLE, Rush County, Ind.-BOND SALE.-On Feb. 14 the 1914, was awarded to Bond & Goodwin of N. Y.,ills stated, at 4% Nov.
interest
$20.000
% 10-yr. refunding bonds (V. 98, p. 468) were awarded, it is and $11 premium.
stated. to J. F. Wild & Co. of Indianapolis at 100.505 and int.
TABOR SUPPLEMENTAL SCHOOL DISTRICT NO. 11 (P. 0.
SACRAMENTO CITY SCHOOL DISTRICT (P. 0. Sacramento), Tabor), Columbus County, No. Caro.-BOND SALE.-OnrF
iceeb. 15
in
th
t.e
Sacramento County, Cal.-BONDS NOT YET SOLD.-No sale has yet $10.000 school bonds(V.98, p.410) were awarded to the Hancsh,Be.it4t
diB
5on6dRc
ato
e.
.
been made of the $500,000 4 % school bonds offered without success on of Chicago at par for 5tis. Other bids were:
July 7.
BidderST. BERNARD (P. 0. Cincinnati), Hamilton County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. March 16 by Chas. S. Kidder & Co., Chicago
10,000 5
Geo. Schroeder, City Auditor, for 313,000 5% 20-year street-improvement J. R. Sutherlin & Co.. Kansas City, Mo
10,600 6
(city's portion) bonds. Denom. $500. Date Feb. 1 1914. Int. F. & A. Sidney Spitzer & Co., Toledo
H. T. Holtz & Co.. Chicago
10,341 6
Purchaser to pay accrued interest.
O. H. Coffin. Chicago
10,106
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-DESCR/PTION Spitzer, Rorick & Co.. Toledo
10.000 6%
OF BONDS.-The $26,900 4 % tax-free Center Twp. gravel-road bonds
0.
Tamaqua),
TAMAQUA
(P.
DISTRICT
SCHOOL
Schuylkill
awarded on Feb. 6 to J. F. Wild & Co. of Indianapolis for $27.295 50equal to 101.47 (V. 98, p. 544) are in the denom. of $1.345 and dated County,Pa.-BOND OFFERING.-Proposals will be received until 7 p. m.
Jan. 15 1914. Int. M.Sc N. at the County Treasurer's office. Due $1,345 March 2 by Joseph H. Shepp, Secy. of School Board, for $30,000 4 %
each six months from May 15 1915 to Nov. 15 1924. inclusive.
coupon school bonds. Date May 1 1914. Due not less than 10 years nor
ST. PAUL, Minn.-BONDS AUTHORIZED.-Local newspaper dis- more than 30 years from date of issue. Certified check for $1,000
required.
patches state that the city assembly recently passed ordinances providing
The official notice of this bond offering will befound among the advertisements
for the issuance of 350.000 water-works-etx. and $25,000 play-grounds bonds.
ST. PAUL, Howard County, Neb.-BOND OFFERING.-Proposals elsewhere in this Department.
TEXAS.-BONDS PURCHASED BY STATE.-At its meeting Fob. 9
will be received at any time by A. 0. Rowell, City Clerk, for the $5,000
5% coup. taxable sewer-outlet bonds voted Sept. 16 (V. 98, p. 468). De- the State Board of Education paid out $44,300 on bonds contracted for at
nom. $500. Int. ann. on Oct. 1 at office of State Treas. Due Oct. 1 previous meetings and invested $33,087 50, the remainder of the funds on
1923, subject to call after 5 years. No deposit required. Bonded debt hand, in new bonds. The $44,300 completes the payments on all bonds
(not incl. this issue). $12,000. No floating debt. Assess. val., $290.000. heretofore contracted for. Below we print a description of the new bonds
the payments made on the same:
ST. PETERSBURG, Pinellas County, Fla.-BOND ELECTION which the Board has arranged to buy and
school-house bonds, dated Oct. 15
PROPOSED.-Local newspapers state that an election will be held March 3 $1,000 Commerce Ind. Sch. Dist. 5%
The total issue of $5.000 was
years.
due
1912,
in
40
years,
20
option
to submit to a vote the question of issuing $148,000 gas-plant bonds. Due
contracted for.
$25.000 every 5 years.
$800 Brashear Ind. Sch. Dist. 5% school-house bonds, dated July 1 1913,
SAFFORD, Graham County, Ariz.-BOND ELECTION.-An elecdue in 40 years, option 10 years. The total issue of $4,000 was contion will be held March 14 to submit to a vote the question of issuing $3,000
tracted for.
(or smaller, as Council may determine)6% 10-15-year (opt.) town-hall-and- $937 50 Coperille Ind. Sch. Dist. 5% school-house bonds, dated Aug. 1.
jail-construction bonds. Denom. $500. Int. annual.
1913, due In 40 years, no option. The total issue of $6,562 50 was conSALINA, Saline County, Kans.-BONDS VOTED.-The question of
tracted for.
issuing $4,000 Smoky Hill River bridge-constr. (city's share) bonds car- $2,000 Jagton Ind. Sch. Dist. 5% school-house bonds, dated July 10 1013,
ried, it is reported, at the election held Feb. 10 by a vote of 1,123 to 240.
due in 40 years, option 10 years. The total issue of $12,000 was contracted for.
SAN ANGELO,Tom Green County, Tex.-BOND ELECTION PROPOSED.---Local newspaper reports state that an election has been petitioned $1.000 Lott Ind. Sch. Dist. 5% school-house bonds, dated Juno 1 1913, due
in 40 years, option 10 years. The total issue of $10,000 was contracted
for to submit to a vote the propositions to issue $80,000 school-building
for.
bonds and 315.000 viaduct bonds.
$1,000 Meridian Ind. Sch. Dist. 5% school-house bonds, dated April 6
SAN BERNARDINO SCHOOL DISTRICT (P. 0. San Bernardino),
1912, due in 40 years, no option. The total issue of $3,000 was conSan Bernardino County Calif.-BOND ELECTION.-The election to
tracted for.
vote on the question of issuing the $250,000 (not $200,000 as first reported) $1,500 Pecan Gap Ind. Sch. Dist. 5% school-house bonds, dated Aug. 1
polytechnic high-school bonds (V. 98, p. 87) will be held March 19, it is
1913, due in 40 years, option 20 years. The total issue of $12,000 was
stated.
contracted for.
6%
FEB. 21 1914.1
THE CHRONICLE
633
$1,000 Robstown Ind. Sc!:. Dist. 5% school-house bonds, dated July 5 1913,
UNION TOWNSHIP
0. Rutherford), Bergen County, N. J.
due in 20 years, option 5 years. The total issue of $4,250 was contracted BOND SALE.-On Feb.(P.
13 the 348.000 434% coupon or reg. town-hall
for.
bonds offered on Feb.9
awarded to the First Nat.Bank of Lyndhurst
$500 Tell Ind. Sc!:. Dist. 5% school-house bonds, dated Aug. 1 1913, due in at 100.625. Other bidswere
received were:
20 years, option 10 years. The total issue of $2,500 was contracted for. R. M.Grant & Co., N. Y___100.0251J.
S. Rippel, Newark
100
$750 Willow Hole Ind, Sch. Dist. 5% school-house bonds, dated July 16 A.B.Leach & Co., N. Y_ _ _100
1913, due in 20 years, option 10 years. The total issue of $2,500 was
Denom. $1,000. Date July1 1913. Int. J. & J. Due $2,000 yearly
contracted for at this meeting.
Jan. 1 from 1918 to 1941 inclusive.
$500 Anderson County Corn. Sc!:. Dist. No. 29 5% school-house bonds, dated
Aug. 11 1913. due in 20 yrs., option 10 yrs. The total issue of $3,000 was
URBANA, Champaign County, Ill.-BOND ELECTION.-An eleccontracted for.
tion will be held Feb. 28, it is stated, to submit to a vote the question of
$600 Brazoria County Corn. Sc!:. Dist. No. 10 5% school-house bonds, dated issuing $10,000 5% library-construction bonds.
June 1 1913, due in 20 years, option 1 year. The total issue of $2,000
UTAH.-BOND SALE.-It is reported that arrangements have been
was contracted for.
made for the sale of 8200.000 5% 20-year. $200,000 4% 20-year and
$600 Collinsworth County Corn. Sc!:. Dist. No. 2 5% school-house bonds, $200,000
10-year state-Capitol-building bonds. The bonds, which will
dated Sept. 1 1913, due in 20 years, no option. The total issue of $2,000 be dated 4%
Jan. 1 1914, will be handled, it is stated, by the Continental &
was contracted for.
Commercial National Bank of Chicago.
$600 Collinsworth County Corn. Sch. Dist. No. 28 5% school-house bonds,
UTICA, N.Y.-BOND SALE.-On Feb. 17 the $70,000 4%% 10%-year
dated Sept. 11913, due in 20 years, no option. The total issue of $1,500
(average) registered tax-free school-site-purchase bonds (V. 98, p. 544)
was contracted for.
$500 Coryell County Corn. Sch. Dist. No. 74 5% school-house bonds, dated were awarded to Kean. Taylor & Co. of N. Y. for $71,813 (102.59) and
June 9 1913, duo in 20 years, option 10 years. The total issue of $2,000 interest. Other bids were:
was contracted for.
Utica Tr.& Dep.Co.,Utica$71,750 E. H.Rollins& Sons.Boston_ $71,182
$800 Dickens County Corn. Sc!:. Dist. No. 15 5% school-house bonds, dated Biodget St Co., Boston
71,596 N. W. Halsey & Co., N.Y.... 71,147
Aug. 10 1913, due in 20 years, option 10 years. The total issue of $3,000 Farson, Son & Co., N. Y.._
71,512 Bond & Goodwin, N.Y
71,130
C. H. Venner & Co., N. Y__ 71,488 A. B. Leach & Co., N.Y
was contracted for
71.127
bonds,
Remick,
dated
school-house
$800 Erath County Corn. Sch. Dist. No. 9 5%
Hodges dr Co.. N.Y. 71.465 Sutro Bros. & Co.. N. Y
71,106
Apr. 10 1913, due in 20 years, option 10 years. The total issue of $3,000 Estabrook & Co., N.Y
71,463 W. N. Color & Co., N. Y___ 71,064
Lee, Higginson & Co., N.Y
was contracted for.
71,421 Adams & Co., New York..
71,051
$600 Erath County Corn. Sc!:. Dist. No. 52 57 school-house bonds, dated Curtis & Sanger. N.Y
71,417 Dominick & Dominick, N.Y. 70,960
June 10 1913. due in 20 years. no option. The total issue of $2,500 was Rhoades & Co., N.Y
71,339 John H Watkins. N.Y
70.868
Kissel, Kinnicutt St Co..N.Y. 71,323 Haligarten & Co., N.Y
contracted for.
70.831
$500 Broth County Corn. Sch. Dist. No. 21 5% school-house bonds, dated IIarris, Forbes & Co., N.Y__ 71,275 W.C. Williams ($4,000)
4,080
May 10 1913, due in 20 years, option 10 years. The total issue of $1,500 Douglas Fenwick & Co.,N.Y. 71,253 Geo. J. Wagner ($3.000)
3.015
was contracted for.
VALLEJO,
Bolan°
County,
Sch.
Dist.
school-house
Cal
Corn.
No.
101 5%
-BOND ELECTION PROPOSED.
bonds, dated
$500 Fannin County
Sept. 10 1913, due in 20 years, option 5 years. The total issue of $1,500 Reports state that an election will be held in the near future to submit to a
vote the propositions to issue $100,000 and $42,000 harbor-impt. bonds.
was contracted for.
Corn.
Sch.
County
Dist.
Grimes
No.
2 5% school-house bonds, dated
$500
VALLEY JUNCTION, Polk County, Iowa.-BOND ELECTION
Apr. 1 1913, due in 20 years, option 1 year. The total issue of $1,300 PROPOSED.-An election will be held the latter part
of March to vote
was contracted for.
on the question of issuing $39,000 water-works-extension bonds.
$1.000 Grimes County Corn. Sc!:. Dist. No. 3 5% school-house bonds, dated
VAN BUREN TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 8,
June 20 1913, duo in 20 years, option 1 year.
$600 Grimes County Corn. Sc!:. Dist. No. 11 5% school-house bonds, dated Montgomery County, Ohio.-BOND OFFERING.-Proposals will be
Apr. 10 1913, duo in 20 years, option 5 years. The total issue of $3,000 received until 8 p. m. March 2 by E. E. Storms, Clerk Board of Education
(P. 0. Dayton, IR. F. D. No. 12), for $15,000
was contracted for.
% coupon building and
$1,300 Grimes County Corn. Sch. Dist. No. 18 5% school-house bonds, dated equipment bonds. Auth. Secs.7625,7626 and 7627, Gen. Code. Denom.
$500. Date day of sale. Int. M. & S. Due $1,000 yearly Sept. 1 from
June 23 1913, due in 20 years. option 1 year.
$800 Hopkins County Corn. Sc!:. Dist. No. 32 5% school-house bonds, dated 1915 to 1929. inclusive. Bids must be unconditional. Certified check for
June 9 1913, due in 20 years, option 10 years. The total issue of $2,000 $300, payable to the District Treasurer. required. Bidders must satisfy
themselves of the legality of the issue prior to submitting a bid. A like
was contracted for.
$800 Hopkins County Corn. Sch. D S. No. 43 5% school-house bonds, dated issue of bonds was reported sold to the Teutonia National Bank of Dayton
on Jan. 31 (V. 98, p. 469).
May 16 1913, due in 20 years, option 10 years. The total Issue of
$1,900
was contracted for.
VAN NUTS HIGH SCHOOL DISTRICT (P. 0. Van Nuys), Los
$800 Hopkin. County Corn. Sc!:. Dist. No. 92 5% school-house bonds, dated Angeles County, Calif.-BOND ELECTION.-Reports state
that an
June 9 1913, due in 20 years, option 10 years. The total issue of $1,800 election will be held Feb. 24 to submit to the voters the proposition to issue
was contracted for.
$120,000 site-purchase and construction bonds.
$600 Lamar County Corn. Sch. Dist. No. 7 5% school-house bonds, dated
VINELAND SCHOOL DISTRICT (P. 0. Vineland), Cumberland
July 1 1913, due in 20 years, option 10 years. The total issue of $3,000 County,
N. J.-BONDS VOTED.-According to reports, this district
was contracted for.
recently authorized the issuance of $60,000 vacationsl school-bldg. bonds.
$500 Lamar County Corn. Sch. Dist. No. 9 5% school-house bonds, dated
WABASH
COUNTY (P. 0. Wabash),Ind.-BOND SALE.-On Feb.18
Sept. 11913, due in 20 years, option 10 years. The total issue of $2,000
the two issues of 416% gravel-road bonds, aggregating $20,300 (V. 98,
was contracted for.
$500 Lamar County Cons. Sch. Dist. No. 79 5% school-house bonds, dated P. 544) were awarded, reports state, to the La Fontaine Bank of La FonAug. 11913, due in 20 years, option 10 years. The total issue of $1,500 taine for $20.400 (100.492) and interest.
was contracted for.
WACO, McLennan County, Tex.-BONDS VOTED.-The proposition
$1,000 Lee County Corn. Sch. Dist. No. 22 5% school-house bonds, dated to issue the $150,000 schools. $65,000 street-paving, 860,000 park. $50.000
Aug. 1 1913, due in 20 years, option 1 year.
bridge, $15,000 storm sewers and 310,000 sanitary sewer bonds (V. 98, p.
$600 Limestone County Corn. Sch. Dist. No. 29 5% school-house bonds, dated 326) carried, reports state, at the election held Feb. 16.
Oct. 10 1913, due in 20 years, option 10 years. The total issue of $2,000
WALLACE COUNTY (P. 0. Sharon Springs), Kans.-BOND ELECwas contracted for.
TION.-An election will be held Feb. 24 to submit to a vote the question
$500 Limestone County Corn. Sch. Dist. No.94 5% school-house bonds, dated of
issuing the $30,000 5°)' court-house-construction bonds (V. 98, 1). 411)•
July 10 1913, due in 20 years, option 10 years. The total issue of $2,000 Int.
semi-ann. Due $1.500 yearly.
was contracted for.
WARREN COUNTY (P. 0. Bowling Green), Ky.-BOND ELEC$1.000 Limestone County Corn. Sch. Dist. No. 102 5% school-house bonds,
TION.-The amount of the bond issue to be voted upon at the electron to
dated June 10 1913, due in 20 years, option 110 years.
$500 Parker County Corn. Sch. Dist. No. 71 5% school-house bonds, dated be held March 25 (V. 98, p. 411) is, it is stated, $300,000, bearing 434%
Oct. 10 1913, due in 20 years, option 10 years. The total issue of $2,000 Interest and maturing in 30 years.
was contracted for.
WARREN COUNTY (P. 0. Vicksburg), Miss.-LOAN OFFERING.
$600 Robertson County Corn. Sch. Dist. No. 3 5% school-house bonds, dated Proposals will.he received until 12 m. March 3 by J. D.Laughlin, Chancery
Aug. 1 1913, due In 20 years, option 5 years. The total issue of $2,500 Clerk,fora loan of $40.000 to defray the expenses of the county other than
was contracted for.
judiciary, for the current year.
$600 Robertson County Corn. Sc!:. Dist. No. 45% school-house bonds, dated
WARRICK COUNTY (P. 0. Boonville), Ind.-BONDS NOT SOLD.Aug. 1 1913, due in 20 years, option 5 years. The total issue of $2,500
No sale was made on Feb. 14, it is stated, of the $7,346 64 5% ditch bonds
was contracted for.
$1.200 Robertson County Corn. Sch. Dist. No. 34 5% school-house bonds, offered on that day (V. 98. p. 326.)
dated Aug. 11913, due in 12 years, option 5 years.
WAUCOMA, Fayette County Iowa.-BOND ELECTION PRO$800 Shelby County'Com. Sc!:. Dist.No. 14 5% school-house bonds, dated POSED.-Local newspaper dispatches state that an election will be held
May 10 1913, due in 20 years, option 5 years.
in the near future to vote on the question of issuing 812.000 light-plant$400 Shelby County Corn. Sch. Dist. No. 82 5% school-house bonds, dated construction bonds.
July 14 1913, due in 20 years, option 5 years.
WAUKON SCHOOL
(P. 0. Waukon), Allamakee Coun$1,000 Upshur County Corn. Sch. Dist. No. 49 5% school-house bonds, dated ty, Iowa.-NO BOND DISTRICT
ELECTION.-We are advised that the reports
Oct. 1() 1913, due In 20 years, option 5 years.
that this district would vote on the question of issuing $40,000 buildstating
$1,000 Wharton County Corn. Sch. Dist. No. 17 5% school-house bonds, ing bonds are erroneous.
dated Sept. 12 1912, due in 20 years, option 10 years. The total issue
WAVERLY SCHOOL DISTRICT (P. 0. Waverly), Pike County,
of $5,000 was contracted for.
Ohio.-RESULT OF BOND ELECTION.-The election held Feb. 17 on
BONDS REGISTERED.-The following bonds were registered by the the question of issuing $55,000 high-school-construction
bonds resulted in
State Comptroller during the week ending Feb. 14:
a vote of 116 to 116.
Amount. Place.
Purpose.
Rate. Due.
Option.
TOWNSHIP
WAYNE
Grass
Fulton
(P.
Creek),
County, Ind.0.
Street-improv t __ 5% 40 years 15 years
825.000 Hillsboro
BOND SALE.-On Feb. 14 the $20,000 5% Mats. Nos. 9 and 11 schoolPublic school..._ 4
250,000 Dallas City
$6,000 per year.
bonds(V. 98, p.411) were awarded to the First Nat. Bank of Roches500,000 Dallas City
Park-improv't
414 $12.000 per year. impt.
ter, Ind., at 105.85 and int. Other bids were:
275,000 Dallas City
City-hall
414 40 years None
Fretcher-Am.Nat.Bk.,1nd'lis.$21,1201Hanchett Bond Co., Chic.. _320,474
300,000 Dallas City
Sewerage-disposal 4% 40
& Co. Indianapolis__ 20,930 E. F. Parr & Co.. Chicago__ 20,135
Miller
250,000 Galveston Co. Spec. Rd_Road
5% 40 years 20 years
18,000 Sonora I ndep.Sch.Dist._School
5% $1,000 each year. E.M.Campbell&SonsCo.,Ind. 20,737
WEST ASHEVILLE (P.O. Asheville), Buncombe County, No. Caro.
TIPTON COUNTY (P. 0. Covington), Tenn.-BOND SALE.-On -BONDS VOTED.-The question of issuing the 850,000 water and sewerFeb. 10 the 345,000 30-year funding and $25,000 2.5-year bridgo-construc- system-Installation bonds(V.98, p. 179)
carried, it is stated, at the election
tion bonds (V. 98, p. 544) were awarded to the Covington Savings Bank & held Feb. 10.
Trust Co. of Covington for $71,200 (101.714) for 5s
WEST ORANGE, Essex County, N. J.-BONDS NOT YET SOLD.TOLEDO, Ohio.-BOND SALES FOR FOURTH QUARTER.-During The two issues of gold coupon bonds, aggregating $70,000, offered without
the quarter ending Dec.31 1913 the following eight issues of 5% Itsssessment success on May 6 as 4340 (V. 97, p. 833). have not yet been disposed of.
bonds, aggregating $48,221 04, were purchased by the Sinking Fund at par:
WHITMAN SCHOOL DISTRICT (P. 0. Merced), Merced County,
Amount.
Purpose.
Amount.
Purpose.
Calif.-BONDS AUTHORIZED.-According to reports, the Supervisors
35.107 18_ _Sewer No. 1151.
$5,706 87_ Woodi'd Ave.No.3,Pav'g. have authorized the issuance of 86,000 school bonds.
1,007 49_ _Sewer No. 1156.
498 39_Ewing St. No. 3, Paving.
WILLIAMSPORT, Washington County, Md.-BOND ELECTION.1.755 50.Sewer No. 1163.
*22,000 00_Sower No. 1139.
An election will be held June 1, reports state, to submit to a vote the ques3.553 24_ _Elmw'd Ave.No.1,Pav'g. 8,592 37_Vinal St. No. 1.
* These bonds are dated Jan. 11913: Remaining seven issues dated Oct. 27 tion of issuing $40,000 water-works and electric-light-plant bonds.
1913. Due part yearly.
WINTHROP, Mass.-TEMPORARY LOAN.-A loan of $20,000.
The following general bonds were also purchased by the Sinking Fund:
maturing Sept. 20 1914. has been negotiated with the First Ward National
Amount. Rate.
Parpove.
Bank of Boston at 3.22% discount, it is stated.
Due.
Date.
$33.00() 4%
Bridge
Dec 1 1912 Dec. 1 1927
WOOD COUNTY (B. 0. Bowling Green), Ohio.-BOND SALE.30,000 4%
City-hall
Dec. 1 1912 Dec. 1 1943
16 the $50,000 5% 2%-year (average) coupon Andrew Hanley,
Y.
TROY, N. -BOND SALE.-On Feb. 19 the $81,000 4%% 20 annual On Feb.
J. W. Turley and W. F. Spilker stone road improvement bonds (V. 98, p.
Installment registered tax-free public-building bonds (V. 98, p. 544) were 411)
were awarded to Stacy & Braun of Toledo at 100.78 and scoured int,
awarded to the Troy Savings Bank at 102.75 and int. Other bids were:
Other bids were:
remzurn.
Premium.
Co., Cin_$50,347 00 Brighton-German Bk..01n$50,20600
Harris, Forbes & Co., N.Y.$2,090 61 Biodget & Co.. N.Y
$1,749 60 Davies-Bertram
Hayden,Miller&Co.,Clev 50,337 50 Spitzer,Rorick&Co.,Tol_ 50.191 00
N. W. Halsey & Co., N.Y_ 2,052 54 Kissel, Kinnicutt & Co.,
Weil, Roth & Co., Cm..__ 50,319 00 SicineySpitzer&Co.,Tol__ 50,161 50
Curtis & Sanger, N. Y____ 2,055 13
N. Y
1,733 40 Secur.
S. B.& Tr.Co.,Tol. 50,266 30 Otis & Co., Cleveland_ - _ - 50.106 00
C. II. Venner & Co., N. Y.. 1,87677 Dougla,
sFenwick&Co..N.Y, 1.73250
Estabrook & Co., N.Y...... 1,854 90 Edw. L. Stokes, Phila..... 1.70091 Fifth-Third Nat.Bk.,Cin_ 50,255 00 Breed, Elliott & Harrison.
Cincinnati
50.030 00
Bond & Goodwin, N. Y..-- 1,808 23 Remick,Hodges&Co.,N.Y_ 1,695 33 Tillotson & Wolcott Co..
Cleveland
50,230 00
Mfg. Nat. Bank, Troy........ 1,782 00 Farson, Son & Co., N. Y.... 1.620 00
WOODSBORO INDEPENDENT SCHOOL DISTRICT(P.O. WoodsUNION COUNTY (P. 0. Marysville), Ohio.-BOND SALE.-On boro), Refugio County, Tex.-BOND
ELECTION PROPOSED.
Feb. 14 the $34,900 5% 234-year (average) emergency bonds(V.98, p. 544) Reports state that an election will be held in the
near future to submit to
were awarded to Chas. W. Southard, Cashier of Commercial Savings
Bank of Marysville for $35,001 36 (100.29) and interest. Other bids were: a vote the question of issuing 89,000 school-buildthg bonds.
WORCESTER, Mass.-LOAN OFFERING.-Proposals will be received
Well, Roth & Co., Oincin..$35.026 40 Field, Longstreth& Richards,
12 m. to-day (Feb. 21), reports state, by the City Treas. for a loan
Davies-Bertram Co.. Chi_ 34,991 001 Cincinnati
$34,904 until
dated Feb. 24 1914 and maturing Oct. 16 1914.
$150,000
of
Tillotson St Wolcott Co.,
lUnlon Banking Co., MarysCleveland
34,917 001 ville ($10,000)
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-BOND OFPar
The first four bids were conditional.
will be received until 12 m. Feb. 27 by Jay Mar-Proposals
FERING.
J
634
THE CHRONICLE
guerat, County Auditor,for $29,500 5% road-improvement bonds. Denom.
$2,950 or smaller amounts if desired. Date Jan. 1 1914. Int. J. & J.
at office of County Treasurer.
Due $2,950 yearly Jan. 1 1915 to 1924
incl. Bidders must deposit $500(cash or certified check) with County
Treasurer. Delivery at Upper Sandusky within 5 days from date of sale.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 6, Mont.
BOND OFFERING.-Reports state that bids will be received until 2 p. m.
Feb. 25 by J. M. Mammen, Chairman (P. 0. Comanche), for $5,000 6%
10-year bonds. Denom. $200. A check for 5% required.
YOAKUM,Dewitt County, Tex.-BOND ELECTION.-The questions
of issuing $40,000 street-impt., $30,000 school-bldg. and $2,000 incinerating-plant bonds will be submitted to a vote on Mar. 18, it is stated.
•
YORKTOWN,Dewitt County, Texas.-BOND SALE.-Reports state
that the $8,000 5% 5-40-year (opt.) city-hall bonds registered by the
Comptroller during the week ending Jan. 17 (V. 98, p. 324), have been
purchased by the First State Bank of Yorktown.
Canada. its Provinces and Municipalities.
ASSINIBOIA, Man.-DEBENTURE SALE.-Newspaper dispatches
state that Goldman & Co.of Toronto recently purchased $100,000 debens.
BEVERLY SCHOOL DISTRICT, Alta.-DEBENTURES PROPOSED.
-Reports state that the board of trustees are contemplating the issuance
of $20,000 school debentures.
BRANDON, Man.-DEBENTURES VOTED.-It is reported that the
rate-payers recently passed a by-law providing for the issuance of $165,000
debentures to acquire the Gordon Mackay warehouse.
BRANT TOWNSHIP, Ont.-DEBENTURE SALE.-Reports state
that Goldman & Co. of Toronto have purchased the $7,700 school debentures offered without success on June 9 1913. (V. 97, p. 398.)
CHAPEAU TOWNSHIP, Ont.-DEBENTURE SALE.-According to
reports, 0. A. Stimson & Co. of Toronto have purchased the $15,000
20-year town-hall and $5,000 30-year water-works 6% coup. debentures
offered on Jan. 10 (V. 98, p. 180).
CHAPMAN, Man.-DEBENTURE OFFERING.-According to reports,
proposals will be received until Feb. 28 for $30,000 school-site-purchase
and construction debentures.
CHATHAM, Ont.-DEBENTURE ELECTION.-An election will be
held April 1, it is stated, to vote onthe proposition to issue $2,900 Canadian
Concrete Products Co. factory-site debentures.
CLIFFORD SCHOOL DISTRICT, Ont.-DEBENTURE OFFERING.
-Proposals will be received until 6 p. m. Feb. 28 by .1. It. Aitchison, Vii.
Clerk, for $19,000 5.4% 30-ann. installments, school debentures. Debenture debt (not incl. local improvements), $1.955. These debentures were
offered without success in December (V. 98, 9.412).
EDMONTON, Alta.-DEBENTURES 'AUTHORIZED.-The City
Council recently passed a by-law providing for the issuance of $200,000
local-impt. debentures.
EDMONTON SCHOOL DISTRICT, Alta.-DEBENTUEE SALE.Reports state that Goldman & Co. of Toronto recently purchased_an issue
of $60,000 school debentures.
FITZROY TOWNSHIP (P. 0. Antrim), Ont.-DEBENTURE OFFERING.-Proposals will be received until 12 m.Feb. 27 by Alex. Murphy,
Twp.Clerk,for $20,0005% debentures. Int. ann. Due in 20 ann.Installments.
NEW LOANS.
[VoL. xcvm.
FORT GARRY (Rural Municipality), Man.-DEBENTURE OFFERING.-Proposals will be received until Mar. 1 by Chas. J. Drake, Clerk
(P. 0. 620 McIntyre Block, Winnipeg), for $70.000 30-yr. asphalt paving,
$96,250 15-yr. concrete paving, $11,000 15-yr. st.-ext. and $1,054 75 7-yr.
sidewalk 6% debentures. Int. semi-ann.
GASFIELD NORTH TOWNSHIP, Ont.-DEBENTURE SALE.
Reports state that an issue of $11,000 debentures was recently purchased
by Goldman & Co. of Toronto.
HAMILTON, Ont.-DEBENTURES PROPOSED.-According to newspaper reports, this city is considering the issuance of $75,000 quarry purchase debentures.
DEBENTURE SALE.-Reports state that Wood, Gundy & Co. of
Toronto have purchased $820,000 43 % 20-year debens.
HEBERT,Sask.-DEBENTURES AUTHORIZED.-Reports state that
this town has been authorized to borrow $21,000 for construction of a townhail, a fire-hall and for sidewalk impt.
HESPELER, Ont.-DESCRIPTION OF DEBENTURES.-We are
advised that the $25,000 municipal-building debentures voted Jan. 5(V. 97,
.1%, payable ann. on Oct. 1 at Town
p. 327) bear interest at the rate of 53,
Treas. office. Denom. not less than $100. Date day of issue. Due part
yearly from 1915 to 1934 incl.
HUMBOLDT,Sask.-DEBENTURE SALE.-On Feb. 2 $181,240 6%
water and sewer debentures were awarded to the Ontario Securities Corp.,
Ltd., of Toronto 94. Duein 30annualinstallments of principal and interest
atmsatn&e.Co. of Regina have purchased an issue of $15,000 debentures,'
reports
KILDONAN, Man.-DEBENTURE SALE.-An issue of $11,000 debentures was recently purchased,reports state, by Goldman & Co.of Tor.
LEBRET, Sask.-DEBENTURE OFFERING.-Proposals will be received at any time by J. Z. Lafleur, Secy.-Treas., for the $1,0006% coupon
sidewalk-construction debentures (V. 97, p. 1372). Int. at Imperial Bank
of Canada, Fort Qu 'Appelle. No deposit required. No debenture or
floating debt. Assess. val. 1913 $81,600.
LE PAS, Man.-DEBENTURES NOT YET ISSUED.-The Municipal
Clerk advises us that the $130,000 5% 20-year sewer, water-works and
electric-light debentures Voted Dec. 16 (V. 97, p. 1925) have not yet been
issued. He further states that these debentures will be guaranteed at
present session of Provincial Parliament, after which they will be placed
on the market.
LETHBRIDGE SEPARATE SCHOOL, DISTRICT (P. 0. Lethbridge), Alta.-DEBENTURE SALE.-It is stated that an issue of$50,000
5% debentures has been recently awarded to Goldman & Co. of Toronto
at 96.50.
LITTLE CURRENT, Ont.-DEBENTURE OFFERING.-Proposals
will be received by D. M. Gilvery, Town Clerk, for $15,000 5% 30-year
Installment debentures.
MAISONNEUVE, Que.-DESCRIPTION OF LOAN.-As stated last
week, an issue of £92,500 5% municipal impt. debentures recently offered
in London at par by Coates, Son & Co. was fully subscribed. The debentures are for £100 each. Repayable May 1 1953 in London in sterling or
in Montreal in currency, at the option of the holder. Interest coupons will
be payable in sterling half yearly on May 1 and Nov. 1 at the Bank of Montreal, London, or,at the option of the holder,in currency in Montreal. A
full six months' interest will be payable on May 1 1914.
NEW LOANS,
NEW LOANS.
$695,000.00
$500,000
$1,500,000
City of Nashville, Tennessee, City of Beaumont, Texas, CITY OF RICHMOND, VA.,
SERIAL 5s
WATER-WORKS BONDS
4% IMPROVEMENT BONDS.
The undersigned will receive sealed bids at
his office in Nashville until 10 o'clock A. M.,
MARCH 10. 1914, for the purchase of $695,000
Serial 5% Bonds of the City of Nashville, to be
issued to pay the cost of street improvements.
Bonds dated March 2, 1914; principal and
semi-annual interest (March and September 1)
payable at City Treasurer's office or National
City Bank,New York,at holder's option; denomination $1,000; maturing $80,000 annually,
March 1,1915 to 1919.$20,000 annually March 1,
1920 to 1929, and $19,000 annually March 1,
1930 to 1934.
These bonds are declared by the City Charter
to be absolute and general obligations of the City,
and a general tax levy for their payment is required by the Charter and authorized by ordinance.
Bonds, registrable as to principal in New York
City, will be prepared and certified as to genuineness by Columbia-Knickerbocker Trust Company,
New York, and legality approved by Caldwell,
Masslich • & Reed, Esqs., New York, whose
favorable opinion will be furnished to purchaser
without charge.
All bids must be upon blank forms which,
together with other information, will be furnished by the undersigned or said Trust Company,
and must be accompanied by certified check
upon a national bank or upon a bank or trust
company in Tennessee, for $13,900. No bid for
less than par value and accrued interest will be
received.
The bonds will be delivered in Nashville,
Chicago, Cincinnati or New York, at purchaser's
option, on March 24, 1914, The right to reject
any and all bids is expressly reserved.
Nashville, Tenn., February 17, 1914.
J. W. DASIIIELL,
Secretary Board of Commissioners.
Sealed bids will be received by the City Council
of the city of Beaumont, Texas, TUESDAY,
MARCH 17TH. 1914, at 10 o'clock A. M. for
the purchase of $500,000 City of Beaumont Water
Works Bonds, being of the denomination of $1,000
each,dated March 1st, 1914, maturing March 1st,
1954, subject to the right of the city to redeem
all or any part of Said bonds at any time after
twenty years from the date thereof, at par and
accrued interest, and bearing interest at the rate
of 5% (five per cent) per annum, payable semiannually on the first day of September and the
first day of March of each year. The principal
and interest payable in gold coin of the United
States of America, at the office of the City
Treasurer, Beaumont, Texas, or at the Chase
National Bank, New York City, at the option
of the holder.
Each bid must be made on blank form furnished
by the city (and no other), and must be accompanied by a duly certified or cashier's check on
some bank of the city of Beaumont (and no other)
for one per cent (1%) of *par value of the bonds
bid for. The bid should be in a sealed envelope,
marked "Bid for City Bonds", and addressed
to J. G.Sutton,City Secretary, Beaumont,Texas.
The bids to be considered must be filed with me
by or before Tuesday. March 17th, 1914, at 10
o'clock A. M. The right is reserved by the city
to reject any or all bids.
J. G. SUTTON, City Secretary,
Beaumont, Texas.
By authority of an ordinance of the City Council, approved February 13, 1914, the Committee
on Finance of the City of Richmond is instructed
to advertise and receive bids for the purchase of
all or any portion of One million five hundred
thousand Dollars ($1,500,000 00) Registered or
Coupon Convertible Four Per Cent Bonds having
thirty-four years to run, dated January 1st,
1914, and bearing interest from that date. The
proceeds of said issue to be used for making
public improvements.
The Coupon Convertible Bonds will be issued
in denominations of $1,000 00. Bids for all or
any part of said issue will be received at the office
of the City Auditor till noon of MARCH 10TH,
1914. A certified check for an amount equal to
2 per cent on bids of $100.000 00 or less, or 13i
per cent on all bids in excess of that amount, payable to order of the Auditor of the City of Richmond, must accompany each bid.
The right to reject any and all bids is expressly
reserved by the Committee. For further information apply to Geo. S. Crenshaw, Auditor.
BARTON H. GRUNDY.
Chairman Committee on Finance.
$428,000
$100,000
Wilkes-Barre,Pa.,City School District,
4% COUPON BONDS
Wilkes-Barre (Pa.) City School District
will accept sealed bids at not leas than par and
accrued interest for an issue of $100,000 4%%
coupon bonds, dated June 1, 1913. Bids must
be accompanied by a certified check for $2,000
and must be in the hands of the Secretary of the
Board by 4 P. M., FEBRUARY 23, 1914. The
4%% BONDS.
Board reserves the right to reject any and all bids.
information given by
432% FUNDING BONDS
Sealed proposals will be received by the Town Further
A. W. MOSS,Secretary.
Bids for $140,000
% funding bonds of the Council of the Town of Kearny, Hudson County,
New
Jersey,
at
the
Town Hail, WEDNESDAY,
School District of St. Joseph, Mo., serial 5, 10,
15. 20 years will be received at 2P.M.MARCH 2, FEBRUARY 25th, 1914, at 8:30 p. m., for the
purchase of the following bonds:
1914.
$208,000 4 % 30-year Funding Bonds
Certified prospectus on application.
150,000 439 1 to 10-year, Serial, Funding
A. L. LOVING,Secretary,
Bonds, $15,000 due each year,
St. Joseph, Mo.
BONDS
1915 to 1924.
70,000 43 % 25-year School Bonds.
Said bonds will be dated March 1st, 1914, and
GRAND RAPIDS
80 STATE STREET. BOSTON
will be approved as to legality by Messrs. Hawkins, Delafield & Longfellow. New York City,and
80 PINE STREET. NE f YORK
the bonds will be prepared and certified by the
United States Mortgage & Trust Company of STATE, CITY & RAILROAD BONDS
New York City.
Bids may be made for all or part of the above
Grand Rapids, Mich.
Issue
NEW ORLEANS
Each bid must be accompanied by a certified
check for 5% of the amount of the bid.
The Town Council reserves the right to reject
WADSIA/ORTH
& WRIGHT
any or all bids.
We negotiate entire issues and purchase
For financial statement of the Town or any
Members of New York Stock Exchange
other information desired. address
Public Service properties of wellNEW YORK
WALL STREET
BURTON E. CANFIELD,
established earnings.
Direct Correspondents in New Orleans
Town Treasurer.
IF The
TOWN OF KEARNY,
Hudson County, New Jersey.
$140,000 School District of St.loseph,Mo.,
BLUDGET St CO.
Howe,Snow,
Corridan & Berteles
Public Utilities Securities.
635
THE CHRONICLE
FEB 21 1914.1
MARKHAM, Ont.-DEBENTURES AUTHORIZED.-Reports state
that the Council recently passed a by-law providing for the issuance of
$4,000 bridge-constr. debentures.
MEDICINE HAT, Alta.-DEBENTURE SALE.-Wood, Gundy & Co.
of Toronto have been awarded an issue of $53,500 6% debentures, it is
stated.
MONCTON, N. B.-DEBENTURES PROPOSED.-This city is contemplating the issuance of $50,000 street, $25,000 sidewalk and $10,000
sewer-constr. debentures, it is reported.
MONTREAL, Que.-PROPOSED LOANS.-Newspaper reports state
that the Bank of Montreal has been authorized by the Montreal comptrollers to negotiate a loan of $500,000, which the city requires to carry it over
till April 1. While previous loans have cost 43- and 5%,the present one,
which falls due on June 16, is quoted by the Bank of Montreal for flotation
In London at total charges of 3.77% %•
It is also reported that the city is arranging through the Bank of Montreal for the issue in the near future of $8.000,000 debentures.
NORTHWEST SCHOOL DISTRICT (P. 0. North West), N. S.
DEBENTURE SALE.-An issue of $150,000 school debentures has been
stated.
it
is
Toronto,
purchased by Goldman & Co. of
OGILVIE, N. S.-DEBENTURE SALE.-Newspaper reports state that
Hanson Bros. of Montreal report the issue of $450,000 debentures]entirely
sold.
OWEN SOUND, Ont.-DEBENTURE SALE.-A. E. Ames & Co. of
Toronto have, reports state, purchased an issue of $72,000 5% debentures.
Due in 1933.
PEMBROKE, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. Feb. 24 by W. H. Bromley, Chairman Finance Committee, for the following 5% ann. debentures (V. 98, p. 327):
$13,000 debentures. Date Feb. 10 1914. Due in 10 installments.
5,000 debentures. Date Mar. 10 1914. Due in 10 installments.
5.000 debentures. Date Oct. 1 1913. Due in 15 installments.
5,000 debentures. Date Feb. 10 1914. Due in 10 installments.
PETERBORO, Ont.-DEBENTURE ELECTION PROPOSED.-According to reports, an election will be held in the near future to vote on
the proposition to issue $19,000 sanitorium-constr. aid debentures.
PORT MOODY, B. C.-CERTIFICATE SALE.-Reports state that
an issue of $10,000 6% treasury certificates, due in Sept. 1915, has been
purchased by C. H. Burgess & Co. of Toronto.
RICHMOND HILL, Ont.-DEBENTURE OFFERING.-Proposals
will be received until Mar. 1 by A. J. Hume, Clerk, for $26,000 30-yr.
school and $4,000 20-yr. electric-light 53 % debentures, it is stated.
ROCHESTER TOWNSHIP, Ont.-DEBENTURE SALE.-The Dominion Securities Corp., Ltd., of Toronto, recently purchased $10,000 6%
15-year installment debentures, it is stated.
SALTCOATS, Sask.-DEBENTURE OFFERING.-C. E. Boake,
Soc.-Treas., will receive bids for an issue of $5,000 debentures, it is stated.
SASKATOON, Sask.-DEBENTURES PROPOSED.-This city is
contemplating the issuance of $439,707 debentures, it is reported.
SA17LT STE. MARIE, Ont.-DEBENTURES AUTHORIZED.-The
Council, according to reports, has passed a by-law for $50,000 for appropriation of lands for park purposes.
SHERBROOKE, Que.-DEBENTURE SALE.-Reports state that this
city has disposed of $440,000 5% 30-year debentures, three firms acquiring
large blocks. The sale of $380,000 of these debentures was reported in last
week's "Chronicle.'
STRATHROY, Ont.-DEBENTURES VOTED.-The question of issuing the $25,000 5% hydro-electric power debentures (V. 98, p. 546) carried
at the election held Feb. 16 by a vote of 383 to 81.
THOROLD, Ont.-DEBENTURE OFFERING.-Proposals w
@FedFRASER