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financial
The
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
Bank St Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 27 1915
VOL. 100
VD: Thronitte.
Week ending February 20.
1915.
Terms of Subsvription-Payable in Advance
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WILLIAM. 11. DANA COMPANY, Publishers,
New York.
Front, Fine and Depeyster tits..
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold 0.Dana, See. Addresses of all. Office of the Company.
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 $2,628.080,110, against $3,254,594,232 last week
and $2,820,208,899 the corresponding week last year.
1915.
1914.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
51,122,739,031
96,821,480
98,111.327
22,590,645
222,533,794
52.731,144
16,905,713
31,209,597,295
98,245,010
138,056,662
23,764,107
240,812,518
55,999,667
11,726,328
-7.2
-1.4
-28.9
-5.0
-7.6
-5.8
+44.2
Seven cities, five days
Other cities, five dors
31,632,433.134
457,628,234
31,778,201,587
462,097.649
--8.2
-1.0
Total all cities, five days
All cities, one day
52,090,061,368
535,998,742
$2,240,299,236
579,909.663
-8.7
-7.8
Total all cities for week
52,626,060.110
52,820.208,899
-6.9
Cleartne-Raurns by Telegraph.
Wag ending Feb. 27.
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
Of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, February 20. for four years:
Week ending February 20.
Clearings at1915.
1914.
Inc. or
Dec.
1913.
1912.
1,801,553,571 1,793,584,226
New York
Philadelphia _ _ 163,893,947 173,394,917
48,116,865
47,983,777
Pittsburgh
34,065,125
Baltimore
33,309,674
12,813,476
Buffalo
10,052,202
7,023,203
Washington
7,089,996
6,694,652
Albany
5,460,119
Rochester
4,799,001
• 4,612,178
Scranton
3,191,980
2,701,599
Syracuse
2,822,575
2,958,685
Reading
1,740,084
1,528,679
Wilmington
1,549,009
1,844,934
Wilkes-Barre._ _ _
1,474,689
1,307,231
Wheeling
1,917,313
2,147,914
Trenton
1,807,740
1,955,721
911,450
York
776,415
919,405
Erie
1,058,990
Chester
727,164
670,300
Binghamton _ _
667,200
699,500
Greensburg
733,287
567,195
Altoona
557,715
566,682
Lancaster
1,501,244
1,258,653
Montclair
421,871
405,938
+0.4 1,773,835,729 1,532.188.377
142,569,134 123,819.621
46,414,188
48,858,241
31,123,153
34,316,495
-2.2
10,618,457
13,825,628
-21.5
5,892,109
8,078,857
+0.9
5,974,768
5,587,245
-18.4
3,380,419
4,228,288
-3.9
2,537,124
3.492,818
-15.4
1,981,749
2,359,625
+9.8
1,532,042
1,515,368
+14.0
1,360,058
1,381,216
-16.0
1,344.517
1,633,304
+12.8
1,54t7
2,172,838
-10.7
1,363, 5
1,471,573
-7.6
786,160
767,386
+17.4
829,907
935,422
-13.1
507,209
583,379
-7.8
475,400
747,600
-4.6
495,021
589,311
+29.3
474,978
479,492
-1.6
1,122,976
1,431,777
+19.3
403,438
+3.9
Total Middle. 2,094,487,035 2,101,329,036
-0.3 2,049,265,164 1,775,768.485
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford__ _
Holyoke
Lowell
Banger
143,427,687
7,086,900
9,268,321
3,938,153
2,690,275
1,035,074
2,358,624
1,226.090
987,03
711,82
758,19
332,51
151,015.270 -5.0
7.803,000 -9.2
4,603,007 +101.3
2,786.765 +41.3
+6.3
2,554,682
1,785,251 -8.6
2,509,1164 -6.0
+5.4
1,163,775
1,129,359 -14.4
+8.4
656,552
638.103 +18.8
390,818 -14.9
169,022,584
7,230,400
3,892,479
2,483,185
2,477,213
1,515,076
2,472,705
1,141,452
913,65
497,35
439,64
374,81
145,599.585
7,331,000
3,732,391
2,360,262
2.187,956
1,762.781
1,992,303
1,127,092
1,022,073
564,102
486,888
355,901
Tot. New Eng-
174,398,891
177,010,046
-1.5
192,460,967
168,522,334
Nov.-For Canadlan-elearings see "Commereiai and Miscellaneous News."
NO. 2592
Clearings at--
PHB.ISHED WEEKLY.
P.O.Bon MS.
bront&
1914.
Inc.or
Dec.
1913.
1912.
$
$
%
334.274,201 336,073,9E9 -0.5 287,707,373 246,336,704
Chicago
Cincinnati
26,140,050
21.419,150
25,980,950 +0.8
24,228,650
Cleveland
24,249,229
15,229.523
22,044,845 +10.0
22,855,918
Detroit
26,490,190
30,852,843 -14.1
16,702,522
23,650,902
Milwaukee
22,166,463
22,998,784 -3.7
15.271,770
15,751.816
Indianapolis
8,993,736
6,731,085
8,327,579 +8.0
7,882,237
4,742,600
Columbus
4,455,000
7,343,300 -21.8
5,379,400
6,212,513
Toledo
3,585,078
5,492,912 +13.1
5,587,269
3,129,484
Peoria
3,349,814
3,676,162 -14.9
3,132,058
3,433,208
Grand Rapids_ _ _
3,761,158 -8.7
2,743,485
2,908,939
1,844,559
Dayton
1,574,324
2,315,010 -20
2,107,942
Evansville
1,137,858
1.199,946 -5.2
833,490
961,245
Kalamazoo
493,827
705,869 -30.0
823,982
872,271
Springfield, Ill
1,196,472
1,222,109 -2.1
1,115,659 1,281,317
Lexington
761.705 +35.1
1,028,199
1,088,113
1,253,035
1.483,494
Fort Wiyne_ _
1,354,835 +9.5
794,367
931,997
1,248,186
Youngstown_.._
1,180,015 +5.8
1,051.474
1.816,590
871.579 -7.4
807,182
Rockford
897.788
910,750
Bloomington
669,724 +2.1
683,781
700,940
635,648
838,540 -2.9
813,815
602,417
Quincy
786,555
1,439,000
1,479,000 -2.7
1,651.000
2,254,000
Akron
1,500,000
877,936
1,480,36
1,172,392
+2.7
Canton
487,348
835,71
595,87
+4.1
870,240
Springfield,0
387,765
539,404
525,89
-5.0
499,733
Decatur
403,437
640,162
563,28 +22.6
690,778
South Bend
425,354 +39.1
296,702
428,59
591,042
Mansfield
417,74
478,760 -4.1
459,211
364,434
Danville
303,996 --14.2
318,117
260,836
265,39
Jacksonville, 111_
440,371
530,415 +9.6
581.420
475,000
Jackson
339,021 +11.8
269,074
341,890
379,096
Lima
124.277
154,721
229,024 -18.3
187,014
Ann Arbor
350,000
385,000
558,184 +11.
624,489
Lansing
410,165
467,612
473,070 +5.9
500.727
Owensboro
50,682
43,538
80,765 -62.
30,000
Adrian
Tot.Mid. West 480,181,633 485,900,675 -1.2 418.830,084 351,527.147
44,732,553
44,696.569
46.655.351
51,356,333 -9.2
San Francisco___
19,345,304
21,997,162
24,311,551 -13.2
20,197,184
Los Angeles
9,028,885
11,651,280
11,799,714 +6.2
12,527,062
Seattle
9.219,108
12,500,000
12,290,950 -2.4
12,000,840
Portland
7,404,532
5,234,877
6,373,059 -4.7
6.071,608
Salt Lake City
3,337.558
3,259.477
3,778,585 -10.7
3,374,495
Spokane
2,657,792
2.338,170
2,099,255 +5.6
2.216.684
Tacoma
3,495,700
2,870,722
-4.8
3,557,527
3,388,583
Oakland
1,353,468
1,941,409
2,136,505 -25.2
1,597,935
Sacramento
2,165,555
2,455,823
2,240,270 -19.2
2.197,913
San Diego
800,000
1,228,616
1,085,767 -14.2
931,528
Fresno
658,582
1,003,854 -15.7
940,941
845,440
Stockton
539,078
541,672
565,000 +8.0
610,131
San Jose
695.020
919,407 -12.5
867,132
934,407
Pasadena
310,799
328,073 +5.8
347,075
284.247
North Yakima
212.790
Reno
255,328 +9.0
278,320
204,242
Long Beach
477,097 Not Incl.in to tal.
pacific
Total
114,107,281 124,181,178 -8.1 113.702,392 105,361,746
Kansas City__ -74,399,270
43,666,734
47,779,918
52,527,216 +41.8
16.129,274
Minneapolis
1.1,606,308
19.707,386
22,282,711 +42.0
14,304.514
Omaha
17,788,025 -8.5
16,302.435
15,860,765
+7.1
11,915,200
9,219,425
8,387,501
St. Paul
11,121,811
7.8,15,812
Denver
8,998,945
9,007,804
8,363,365 +7.6
St. Joseph
6,957.705
6.077,874
8,912.465
7,676,561 -10.7
Des Moines
4,400.000
4,344,076
5,236,0E8 -16.0
3,787,353
2,665,881
Sioux City
3,419,521 -22.1
3,769,225
2,564,392
Duluth
3:734,835
2,949,537 +26.6
Wichita
1,973,542
1,772,253 +11.3
Lincoln
1,527,827
1,411,672
1,328,568
1,810,055 -26.6
Topeka
1.812,135
1.326,672
1.409.928
1,454,635 -3.1
Davenport
1,465,722
1.059.531
1,854,834
+8.9
1.702,345
Cedar Rapids_ _ _
1,478,993
876.872
673,123 -1.0
666,427
512,585
Colorado Springs
525,852
717,637 -11.4
635,489
Pueblo
720,757
593,974
959,115
473,550 +102.8
Fargo
397,359
491,55:
310,432
325,524 -4.8
333,913
Fremont
280,68:
1,342,868
1,548,908 -13.2
Waterloo
1,238,325
986,561
979,284
1,052,518 -6.9
735,084
Helena
688,40
360,000
406,819 -11.5
305,792
233,04
Billings
164,078
155,500 +5.5
158,691
150,620
Hastings
494,463
409,845 +20.7
Aberdeen
269,499
267,15
Tot.other West 176,688,165 147,333.752 -1-19.9 133.990,238 118,745,931
77,912,896
St. Lout.
81,192,992 -9.0
73,761,641
62,721,209
18,384,393
New Orleans_ _
18,744,934 -2.0
16,515,456
18,963,903
16,235,347
Louisville
16,397,780 -1.0
13,962,63,9
13,951.208
12.059,49
Houston
9,285,888 +29.9
5,568,77
Galveston
3,690,000 +50.9
3,772.000
3,974,50
8,819,14
Richmond
8.380,558
+6.4
7,015,389
7,272,70
13,342,85
Atlanta
15,015,919 -11.1
11,434,53
11,214,445
Memphis
7,888,82
8,769,564 -10.0
7,026,893
7.893,19
5,504,569
Savannah
4,840,090 +13.7
5.826,00
3,524,911
8,100,000
Nashville
7,120,793 -14.3
5,980,572
4.527.971
Fort Worth
9,013,621
5,825,90
8,475,140 +6.3
7.268,229
3.329,33
Norfolk
3,606,236
4,017,478
4,200,054 -14.1
2,031,027
2.934.91
Birmingham _ _ -2,555,078
3,049,066 -33.4
2,359,26
Augusta
1,614,914
1,810,09
-6.1
1.699,046
1.949,13
Knoxville
1,533,318
1,447,377
1,925,706 -20.4
1,899,31
1,878,467
Little Rock
2,028,692
2,474,02 -18.0
3.218,00
3,122.228
Jacksonville _ _ _
2,700,000
3,362.95 -19.7
1.247,51
1,300,000
Mobile
984,839
1.386,50 -29.0
2,039.42
2,760,550
Chattanooga__ _ _
2,219,076
2,503,06 -11.3
1,909,438
1,808,125
Charleston
2,287,45 -13.6
2,256,278
1,172,833
1,767,370
Oklahoma
1,995,33 +60.0
3,191,000
4,000,000
3,672,562
Macon
3,028,967
4.160,910 -27.2
6.537,13
5,000.000
Austin
5,604,429
7,392,483 -24.2
354,11
209.987
299,103 -26.4
Vicksburg
220,137
286.70
308,642
Meridian
266,635 +10.9
295.632
596,14
629,000
+46.3
408,059
597.06
Jackson
522,773
763,890
946,787 -22.1
737,974
Muskogee
756,221
913.236
1,431,370 -21.7
1,120,000
Tulsa
221.798.055 -3.2 183,301,506 176,464.836
Total Southern 214 753,42
3.254,5N72
-3-2 3,257,582.742 -0.09 3,091.551,35i 2,696.390,438
Total all
.--0.7 1:317,714,612 1,164,202.061
Outside N. Y_ ,.es,, mu MR Alit.-7
666
THE CHRONICLE
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial
Section," revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: "The Trespasser Evil," "Sins of and Against Railroads" and
"The Campaign for Advanced Passenger Rates."
wo.
option selling began the very next day and now
bond sales on the New York Stock Exchange on
seller's option of twenty days (allowing the seller
twenty days in which to make delivery of the
bonds) are very common, and latterly have become
very numerous. So plentiful has the record of these
option sales on the Stock Exchange list been getting
of late that we have gone to the trouble of compiling
the figures for the purpose of measuring the magnitude of the movement, and the following is the result:
THE FINANCIAL SITUATION.
Foreign exchange rates have continued to rule
BOND SALES ON NEW YORK STOCK EXCHANGE ON SELLERS'
very low. Primarily, of course, this is due to our
OPTIONS.
Japanese
Series 2 Ois, German stamp
tremendous merchandise exports (consisting largely American Government
$96,000
Telephone & Telegraph collateral 4s
2,000
of war materials and of foodstuffs going out at high American Telephone & Telegraph convertible 44s
2,000
Atchison Topeak & Santa Fe 4s
90,000
prices), giving a trade balance in favor of the United Atchison Topeka & Santa Fe 53
21.000
States of extraordinary dimensions. Nevertheless, American Smelters Securities 6s
26,000
Baltimore & Ohio convertible 4Sis
12,000
this of and by itself is not sufficient to explain the Baltimore & Ohio gold 4s
15,000
Baltimore & Ohio prior lien 3%s
7,000
abnormal exchange situation existing at the present Bethlehem
Steel Corp. first and refunding 5s
27,000
time. A forcible reminder of the size of the trade Central Pacific guaranteed 4s
302,000
Central Pacific guaranteed 3Ms
12,000
balance came in the publication the present week of Chicago
Burlington & Quincy joint 4s
121.000
Chicago
Burlington
Quincy-Iowa Division 4s
2.000
the official trade figures for January and the seven Chicago Burlington &
& Quincy-Iowa Division 5s
18.000
months of the fiscal year since the 1st of last July. Chicago Burlington & Quincy Nebraska extension 4s
21.000
& Southern refunding and extension 4s
1,000
In discussing the subject last week we ventured the Colorado
Central Railroad of New Jersey general 5s
25.000
Chicago
Milwaukee
&
St.
Paul
4s, 1934
opinion that,even with a liberal allowance for the Chicago
3,000
& Pacific Western 5s
88,000
month of January (the official figures for that month Chicago Rock Island & Pacific By. 4s
15,000
Chicago Rock Island & Pacific By. refunding 48
6,000
being not yet available then), the excess of merchan- Chicago
Rock Island & Pacific Ry Central Trust Co. certificates
32,000
Denver & Rio Grande con. 4s
8,000
dise exports over merchandise imports would not Erie
Railroad 1st con. 4s
16.000
exceed $400,000,000. As a matter of fact, the official Illinois Central 4s
28.000
Interborough-Metropolitan 4;is
5.000
return now at hand shows that the excess ran some- Kansas City Southern 48
10.000
Kansas City Southern 5s
what above that figure, the actual amount being Lake
2,000
Shore & Michigan Southern 334s
55.000
$403,957,019. But this relatively small difference Louisville & Nashville 5s
3,000
Louisville & Nashville-St. Louts Division 5s
17,000
does not affect the validity of our conclusions.
Louisville & Nashville unified 4s
8,000
Lorillard Co
The point of chief importance is that, even at (P.)
2,000
Long Island RR. refunding 48
2,000
$403,957,019, the excess of merchandise exports Missouri Kansas & Texas first 4s
15,000
Missouri Pacific 1st cons. 6s
3.000
falls below that of the corresponding seven months Missouri
Pacific 4s
5.500
Pacific 45
of either of the two preceding fiscal years, the Northern
347,000
Northern Pacific 3s
188,000
excess for 1913-14 having been $454,050,038 and Nashville Chattanooga & St. Louis first cons. 5s
4,000
Norfolk & Western convertible 4s
22,000
for 1912-13 $430,149,953. And yet in neither of New York & Erie second extended 5s
23,000
these earlier years was the exchange market de- New York & Erie fourth extended 5s
11,000
Oregon RR.& Navigation convertible 4s
23,000
moralized as it is now. On the contrary, at this Oregon & California first 53
44,000
Oregon Short Line guaranteed refunding 4s
time last year France was taking $2,000,000 gold Pennsylvania
13,000
Railroad 48
5,000
a week here and exchange rates were hovering close Pittsburgh Lake Erie & Western-Southwestern Division 4s
7,000
Republic of Cuba 53
41,000
to the figure at which a general outflow of the metal Southern
Pacific first refunding 48
66,000
was profitable. This makes it plain that other Southern Pacific, San Francisco 45
44,000
Southern Pacific collateral 4s
6,000
causes, acting to supplement our large gold exports, Southern Pacific convertible 53
2,000
Seaboard
Air
Line
adjustment
15,000
must be held responsible for the present peculiar St. Louis & San Francisco gen. 585s
trust certificates, stamped_ _ _
15.000
state of the exchanges. And this conclusion is St. Louis & Southwestern first 48
3,000
Union Pacific first 48
79.000
emphasized when we note that, contrary to the Union
Pacific convertible 4s
72,000
United Railroads of San Francisco
2,000
experience in other years, we are financing the United
States Steel sinking fund 53
59,000
needs of many foreign countries. Canada, for Virginia Railway first 58
500
Westinghouse Electric & Manufacturing first cony, sink. fd. 5s
1,000
example, has in the past made it a practice to go Western
New York & Pennsylvania first 5s
15,000
3.000
mainly to London for its new capital needs. Now, West Shore
its new loans are being placed almost exclusively Grand total, beginning Jan. 28 up to and including Feb. 26_ _ -$2,233,000
here. This is true, not alone of Canadian municipal
It will thus be seen that during the last four weeks
obligations, but of railroad and public utility con- the aggregate of these sales on seller's
option, precerns, a $7,000,000 loan by one of the latter having sumably on foreign account, have
reached no less
been negotiated in this city the present week. than $2,233,000. Nor must it be
imagined that this
Obviously, it does not take very long to whittle represents the full extent of the
foreign liquidation
down even a very large trade balance when new going on. Very large amounts of
foreign-owned
capital demands of this kind on behalf of the out- American securities, instead of being
held on the
side world are being met from week to week and other side, are left in charge of banking houses or
from day to day.
other custodians in this country. When sales from
In addition there is now considerable liquidation these piles are made they do not carry labels in the
from day to day on our market of foreign-owned Stock Exchange lists serving to establish their
securities. On Jan. 27 our Stock Exchange removed identity. Yet there is reason to believe that in a
the restrictions on foreign selling. This was done by quiet way sales from the foreign heaps held here are
rescinding the requirement that sales must be either gradually taking place. In addition, considerable
for cash or in the regular way-that is, for next stock sales on foreign account are in progress, the
day's delivery-thus putting a bar against selling weakening of prices under the weight of foreign
for future delivery. With the removal of this bar, liquidation being the evidence of this.
FEB. 27 1915.]
THE CHRONICLE
667
-- Without attempting to gauge the extent of the large monetary centres are available for the purpose
foreign security selling, it is sufficientfor our present except our own. Floating supplies of capital go to
purpose to note that whatever its magnitude,it serves the point where the demand is likely to concentrate,
to offset the country's large and extraordinary excess and thus New York gains in that way.
Finally, New York is favored because it is not in
of merchandise exports and cannot be without inwar zone,and default and bankruptcy are remote
Of
the
fluence in our foreign exchange market.
here
where they appear to be preciouslyimminent in
that
fact
course, we should not lose sight of the
parts of Europe. We observe that the "Bankfor
some
Canada,
Ottawa,
last summer's gold exports to
er's
Magazine"
of London,in discussing the British
an
as
exist
also
England,
account of the Bank of
influence in the situation. Ordinarily, no gold Treasury regulations forbidding participation in
would have been shipped at that time, bills of foreign loans, readily admits that British resources
exchange being drawn in anticipation of the large should be husbanded,so as to enable the successful
merchandise exports which it was known would prosecution of the war, and yet cannot conceal its
anxiety lest the effect be the loss of a considerable
come later in the season.
country
amount of profitable business and also some of
If some of the gold then sent out of the
equalize
England's financial prestige. Our British conto
be
would
should now return, its effect
exchange
says on that point :
temporary
the
in
influences
the gold movements as
Holden,
H.
Edward
not
merely a question of New York making
"It
is
Sir
situation. We notice that
occasional
loans
in this and that direction, which
Bank,
Midland
&
City
London
of
the
Chairman
•the
in his address to the stockholders of the institution under ordinary circumstances would be applying
to the London money market, but in the matter of
last month (we reprint important parts of the address daily bill transactions there is already a growing
on subsequent pages to-day), in referring to the great tendency for bills, formerly drawn upon London, to
increase in the Bank of England's holdings of gold, be now drawn upon bankers in New York, and a
remarked that "of this amount about £20,000,000 habit formed in that direction will not be so easily
($100,000,000) have been supplied by America in disturbed even when the war has ended.
order to ease their exchanges." "To ease their exIt is well not to be over-confident in urging that
changes" is a neat way of putting the matter, but
extraordinary situation in the world's affairs is
an
the truth is we sent this gold simply because the
parallel, especially when you have a neighwithout
moratorium declared by Great Britain and the
bor
with
a longer memory. A forcible reminder of
moratoriums, or moratoria, declared by the other
comes
to us in a letter we have received from
this
countries of the world, had confiscated for the time
veteran of the business world, Henry
staunch
that
being all our credit balances abroad, so that we had
Hentz recalls that back in 1857 exHentz.
Mr.
nothing to draw against until these moratoriums,
even lower than they are at the
were
change
rates
after repeated extensions, had been definitely terletter
is full of anecdote and makes
His
time.
present
minated, and in the meantime the Bank of England
present it herewith for the
We
reading.
interesting
insisted that we must meet our own obligations to
should not escape notice,
readers.
It
of
our
benefit
Europe by actual shipments of the metal. We do
situation remains dispresent
the
that
however,
not purpose retaliating, now that we are in position
to draw gold from every leading country, but as tinctly unique, nevertheless. The low exchange
fay as the foreign exchanges are concerned, the rates made in 1857 and also those obtained in 1873
forced levy upon our gold supply last summer is a were reached in periods of panic and great financial
disturbances in this country, while the present low
weakening influence now.
level
prevails at a time of complete calm here in the
When all has been said that can be said in this way,
it still remains true that other causes are needed financial world without the slightest trace or sympto explain the present phenomenal demoralization of 'torn of financial disturbances and no danger of finanexchange rates. Nor is it difficult to conjecture cial upheaval of any kind in the United States. That
what these causes are. We have indicated their is obviously an important distinction between the
nature on previous occasions. The fact of the matter present era and former eras.
New York Feb. 25th, 1915.
is that capital is being transferred here from all parts Editor Financial Chronicle:
of the world, some for safe keeping, but no little to
Dear Sir—I notice the "Chronicle" in its issue of the 20th
meet business needs and in response to businessfears. inst., on page 580, says that the decline in sterling exchange
Up to the outbreak of the European war London held to 4 79 for cables "seems to be without parallel in exchange
undisputed pre-eminence as the clearing house for annals."
Being somewhat familiar with conditions in the
the world's international financial transactions.• business since 1856, long before the time that cableforeign
transNow these clearing transactions are by degrees being fers of money were made, I beg to say that during the panic
of 1857 very low rates for 60-day bills on England (the style
transferred to New York and Chicago.
Everyone engaged in foreign trade on any exten- for remittance at that time, and for many years afterwards)
sive scale has heretofore found it necessary to keep prevailed, particularly in New Orleans. It was reported that
60-day bills on the
of Liverpool sold in New Orleans
larger or smaller balances in London for the purpose at 90. A few yearsBank
ago, prior to the death of Mr. Charles
of settling such transactions. Now New York is F. Hoffman, who represented in New Orleans Messrs.
being preferred for this purpose in many instances. Brown Bros. & Co., bankers, of this city, I asked him if he
The British moratorium has played its part in pro- could confirm these figures. He could not recall them, but
ducing or causing a change in the preference from said he knew that bills, with shipping documents attached,
at 60 days sight on England, sold as low as 75, which, on
London to the United States.
the basis of the system of that time for,quoting sterling ex• Then, also, Great Britain is now called upon to change ($4 44 to the pound), would be the equivalent of
finance its gigantic needs in connection with the $3 33 per pound. In normal times, bills sold at a big premprosecution of the war, and therefore is forced to ium on $4 44,ranging from 108 to 1093. 108 was the equivalent of 4 80, and 13/% more, or 109M, was the gold exportdeny the use of its financial markets to outside re- ing
rate.
quirements. These outside requirements, accordThe _present method of quoting sterling exchange was iningly,now have to be financed elsewhere,and no other augurated in the late 70s.
668
THE CHRONICLE
The year 1857 witnessed a real panic. The late John L.
Riker told me that the late Benj. H. Field, with whom he
was connected, bought prime commercial paper. 8 months
date, at 50% of its face value. It was the custom then in
some lines of business to give credits of 8 months. Bills
against cotton purchased in the South were generally drawn
on the North at 60 days sight, but after the war that custom
disappeared, and only sight drafts were drawn, which is the
present method. There were very few call loans made on
stocks at that period. The note brokers were large borrowers at the banks, giving commercial paper for collateral security.
Very truly yours,
HENRY HENTZ.
[VOL. 100.
$123,363,485,against only $97,595,806 in 1914, with
the augmentation largely, if not wholly, revealed in
the figures for Great Britain and France. Finally,
the total merchandise exports for January this year
reached $267,801,370, as compared with $204,066,603 last year and $227,032,930 in 1913, while for
the seven months since July 1 1914 the aggregate,
at$1,334,582,205,falls below 1913-14 by 187 millions,
is 192 millions less than in 1912-13, but exceeds all
earlier years.
As regards imports ofimerchandise in January,the
most notable feature has been the increasing inflow
An extraordinarily heavy export trade in January from Germany—by indirect means of transporta
tion
1915, giving a total for the month very much in of course—the value of the commodities arriving
excess of thatifor the same periodrof any earlier year during the. month having been practically the
same
and approximating closely to the record aggregate as in the period in 1914. On the other hand, the
($278,244,191)[made in November 1912 is disclosed influx of goods from France and Great Britain, and
by the official statement issued at Washington this necessarily from Belgium, was very much less than
week. Concurrently, imports of merchandise, al- a year ago. In fact, any real gain in imports was
though moderately greater than in December last, from South America. The total inflow from all
were well below the similar period in 1914 and of directions in the month was only $122,265,267,
1913 and 1912 as well. It follows, therefore, that against $154,742,923 in 1914Tand $163,063,438 in
the net balance on merchandise account was very 1913. For the seven months ended January 31
largely in our favor; it was,in fact, heavier than ever 1915, the total inflow fails, of course, to reach that
before recorded for a single month and, consequently, of 1913-14—$930,625,186, contrasting with $1,the export balance for the elapsed portion of the 067,752,498—and there is a loss of 166 million dolcurrent fiscal year compares satisfactorily with lars from 1912-13. The net result of the January
preceding seven months' intervals, running ahead 1915 foreign trade is an export balance of $145,of all except 1913-14, 1912-13 and 1907-08—the 536,103(the high-water mark for any month),against
latter the period of depression here and notable $49,323,680 a year ago, while for the period since
contraction of imports. It is to be pointed out that July 1 the balance on the same side of the account is
with the breaking out of war abroad our foreign $403,957,019, this comparing with the record
of
exports, already showing a decline from the previous $454,050,038 set last year.
year, dropped precipitately, the August total exThe movement of gold in January resulted in a
hibiting a lossifrom 1913 of no less than 77 million net gain to us of some 63 million dollars. The
dollars; but the situation improved steadily there- exports were only $691,509, practically all to South
after. The expansion is, of course, not along normal America and the West Indies,and against this
there
lines, being in great measure due to the necessities was an inflow of $6,896,398, of which
something over
of the warring nations; it is an expansion,nevertheless, 2 millions from the Far East
through San Francisco
that has provided markets for our surplus products and much of the remainder
entered at New York,
and to that extent has been of benefit to us. The coming mainly from Canada,
Mexico, South America
adverse effect being found only in the great advance and France. For the
seven months the outflow
in wheat prices and consequent increase in the cost reached $139,333,130
and the inward movement
of bread here.
$33,540,717, leaving a net export of $105,792,413,
Of the articles for which advance information is this contrasting with an import
balance of $11,officially supplied Ibreadstuffs alone show any in- 259,560 in 1913-14.
creaseof importance in the value of the shipments,
and that, while ascribable in part to the higher
Thus far nine mercantile vessels are definitely
prices for wheat, is more particularly due to the reported to have been damaged or sunk by German
extremely free outflow of that grain to Europe. submarines or their mines since the beginning of the
Specifically, the wheat:exports in January were over German war-zone operations on February .18. Two
24 million bushels, against less than 5 millions in of these were American steamships laden with
cotton
1914, and the value of all breadstuffs sent out was for Bremen, the Evelyn having been sunk February
some five times those of a year ago, $55,687,445, 22 off Borkum Island, Germany, by a mine
and the
comparing with $11,042,318. Exports of cotton, Carib having foundered on February 23,
also off the
too, were much more liberal in quantity than in the German coast, by contact with a
mine. Of the list
month last year (over 300,000 bales greater), but four were British, one French and
two Norwegian.
lower prices served to hold down the aggregate value The losses have been made the
occasion of individual
of the efflux to only $59,898,921, against $68,426,384. protests from the neutral countries to
both Berlin
Provisions, mineral oils, cottonseed oil and cattle, and London. These protests
are now receiving
hogs and sheep, collectively, contributed a slightly official consideration. President Wilson
has, it is
greater value to the January exports this year than understood, dispatched a special note
suggesting
last making the total covered by the advance state- informally to Great Britain and Germany that in
ment $144,437,885, against $106,205,564 a year ago. the interests of humanity and the safeguarding of
Increased demand from abroad, however, has not legitimate commerce, all mines be removed from the
been confined to the articles enumerated above; on high seas, except those directly necessary for the
the contrary, there is evidence of a greater outflow protection of coast defenses and harbors. To
of manufactured and other articles, including those Germany the President has suggested that the sinkfor use in one way or another in connection with the ing of merchant vessels by submarines be abandoned.
war. These other commodities covered a value of Great Britain is asked to acquiesce in a plan to permit
FEE. 27 1915.]
THE CHRONICLE
the distribution of imported foodstuffs to the civilian
population of Germany. Great Britain has submitted these proposals to her Allies, France and
Russia, and when replies have been received from
these countries the British Cabinet will at once take
the matter up and a reply will be promptly forwarded to Washington. President Wilson is reported to have suggested that the foodstuffs be
distributed under supervision of American consuls.
Germany, according to latest cabled accounts, is
inclined to view the American proposals as reasonable and to accede to them, although formal reply
has not yet been received in Washington. Intimations from Washington suggest that in the event
of the replies from both London and Berlin not being
considered satisfactory the President is disposed to
recommend an embargo on American food products
to all belligerents as a "coercive" measure.
The Germans seem again to have been favored
in the week's military news. Their victory in East
Prussia, by which that territory was entirely cleared
of the Russian invaders, seems to have grown as
more complete details have been received. The
German claim is that 100,000 Russian prisoners
were captured and that the result was the complete
rout of the Russians. The Russian General Staff
admits the loss of an army corps (about 40,000 men),
but declares that the army fell back in orderly
fashion. Following is the German official version:
In the Eastern theatre: The pursuit after the
winter battle in the Mazurian district has come to
an end. During the clearing operations to the northwest of Grodno and in the battles reported during
the last few days in the Bohr and Naview district
one commanding general and four other generals
and approximately 40,000 men have been taken
prisoners up to the present. Seventy-five cannon
and some machine guns, the actual number of
which has not yet been ascertained, and much other
war material has been captured.
The total booty taken in the winter battle in the
Mazurian district as a result of these additions has
been increased to date to seven generals, more than
100,000 men, upward of 150 cannon (this number
was subsequently increased to 300) and quantities
of other material of all descriptions, the amount of
which cannot yet be approximately estimated.
Cannon of heavy calibre and ammunition frequently are buried by the enemy or sunk in the lakes
near Loetzen and in the Widimer Sea. Eight
cannon of heavy calibre were dug up or 'pulled out
of the water yesterday.
The Tenth Russian Army, under General Baron
Sievers, is considered as having been destroyed.
The Russian staff on Thursday issued an official
statement denying the substantial accuracy of the
German version. "As a matter of fact," the statement says, "the component parts of two of our corps,
the Twentieth and another, finding themselves in
an untenable and dangerous position, withdrew from
their position at Wirballen, Russian Poland, with
heavy losses. As to our other corps, these troops,
after having foiled an attempt of the enemy to surround them, are holding to-day the positions allotted
to them and for several days past they have been
engaging the enemy. Along this entire front our
armies are fulfilling successfully the duties assigned
to them." The Germans apparently, having found
the Russian fortress line around the East Prussian
frontier too strong for them, are attempting to make
their way to Warsaw from the northwest. Start
669
ing from Mlawa, which has been the base of several
previous offensive operations, they have penetrated
as far as the important town of Przasnysz, which is
almost directly north of the Polish capital. They
claim to have captured there 10,000 additional prisoners and much war material. In Western Galicia
and along the Carpathian ranges stubborn contests
are taking place, and the same may be said of the
conditions in the Western threatre of war, neither
side apparently being able to make decided progress.
On the sea, -aside from the developments in the
German war zone already referred to, interest has
attached to the bombardment by the Allied fleet
of the forts at the entrance to the Dardanelles. An
official announcement by the British Admiralty on
Thursday night stated that all forts at the entrance
had been reduced and that operations were continuing. Advices from Constantinople state that three
warships of the Allied fleet were damaged. The
Allied fleets are, of course, operating with the
distinct object of capturing Constantinople and
opening up the Black Sea, thus releasing the large
accumulation of grain that will be available for
shipment.
One of the most important announcements of the
final effects of the war was made by Sir Edward
Grey, Secretary of Foreign Affairs, in the House of
Commons on Thursday. His statement was that
Great Britain was in entire accord with Russia's
desire for access to the sea, meaning obviously that
the British Government has reversed its traditions,
and will permit Russia to occupy Constantinople.
This has been the Russian goal for nearly two centuries, and will permit the Czar's Empire to become
a maritime nation, since it will then have possession
of a port accessible in cold weather.
Italy has requisitioned all railroads for Government use. This has been interpreted as distinct
evidence of the early participation of that country
in the war on a practical basis. On Saturday, however, the Republicans, the extreme war party in
Italy, were not able to successfully pass a resolution
through the Chamber of Deputies in favor of Italy's
entrance into the conflict. The resolution was presented to the Chamber, but was opposed by the
Government forces, and the best that the Republicans
could obtain was a re-affirmation of the declarations
of last December—that Italy would enter the war
when it becomes necessary for her best interests.
Bulgaria is still apparently pursuing a course of strict
neutrality. When last week, tension between Turkey
and Greece was greatest,the Turkish Minister atSofia
asked the Bulgarian Government if it would permit
Turkish troops to pass theough Bulgaria for an attack
upon Greece should war be declared. The reply was
that neither country would be permitted to transport
troops across Bulgarian territory.
The dispute between China and Japan seems to
be gradually assuming a position in which compromise becomes probable. Conferences between
representatives of the two nations are being held
daily, with favorable results. The Tokio Government has intimated that it will not insist at present
upon the group of general demands which it presented. These include the chief points upon which
China based its resistance. The principal demands
which Japan is reported thus to have waived for the
present are:
670
THE CHRONICLE
The Chinese Government shall consult Japan
before choosing foreign advisers in political, military
and financial matters, and if such advisers are employed, Japanese shall be preferred.
China and Japan shall police jointly important
places in China, or Japanese shall be preferred in
case foreign police advisers are employed.
China shall purchase from Japan at least one-half
the arms and ammunition it uses hereafter, otherwise an arsenal shall be established in China employing Japanese experts and materials.
Japan shall have special privileges in the Province
of Fukien and shall be consulted first in case foreign
capital is required in the Province for railroad construction, shipbuilding, mining and harbor improvements.
Japan shall have the same rights as other nations
to establish missions, schools and churches throughout the country, with the privilege of propagating
Buddhism.
Japan shall enjoy certain enumerated rights in
connection with the construction of railroads.
The remaining demands China has already agreed
to discuss, and the prospect is, as already noted,
that a compromise will be reached.
Several of the European embassies at Washington
have made inquiry at the State Department as to
conditions existing in Mexico and the present purposes of the United States. They have been informed, according to responsible press accounts from
the Capital,that the Administration has no intention
of going into Mexico again under any circumstances.
This statement of President Wilson's position was
wholly informal, but it is, nevertheless, understood
to have been positive. It can create no breach
between this Government and those of Europe for
the reason that the latter have not presented any
formal statements and all discussions have been
personal and unofficial. The State Department
has been advised of a decree calling on the business
establishments of the Federal District of Mexico,
Mexicans and foreigners alike, to furnish not later
than 6 o'clock last evening a sum totaling more
than 20,000,000 pesos. Confiscation of property
and imprisonment for thirty days is the penalty for
failure to produce the sums demanded. As the
remarkable decree is called a special tax,and is levied
upon all equally, so far as the order indicates, it
furnishes no ground for protest by the United States.
Protest is being made, however, against the short
time—only seventy-two hours—allowed the business
men to raise the sums and the threat made. This
protest will be made to General Caranza directly at
Vera Cruz. Payment is demanded of gums equal
to "three-quarters of 1% on the capital of all banks,
business houses, stock companies, mortgage holders
and private individuals operating within the Federal
district,including all foreign corporations and private
business men." Companies organized abroad but
operating within the Federal district are also subject
to this payment on the basis of the actual capital
invested in the Republic. A tax will be collected
also of one-third of the present annual tax on all
tax-payers within the district.
Operations on the London Stock Exchange have
continued to be restricted in volume and without
definite trend in the general price level. The destruction of shipping in the war zone proclaimed by
Germany, to which reference has been made in a
preceding column, has, not unnaturally, exercised a
restraining influence both as to investment purchases
[voL. no.
and speculation for a rise. On the other hand, general quotations are so close to the minimum figures
established by the London Stock Exchange Committee that slight encouragement exists to undertake
important commitments on short account. The
expectation, too, that Great Britain would announce
some definite plan ofjetaliation for the German warzone proclamation has been an added influence in
retarding general business in securities. Taken altogether, quotations on the London Stock Exchange
seem to have been well maintained, although it is
necessary to bear in mind the existence of minimum
prices in many issues; and the further fact that the
market is slightly, if at all, above these figures not
unnaturally operates to convey an impression of firmness which may not really be present. Thus the
regular monthly comparison of the aggregate value
of 387 securities dealt in on the London Stock Exchange, as compiled by the "Bankers' Magazine,"
and received by cable, shows a depreciation for the
month ending Feb. 20 of but 01,784,000, or 0.7%.
This comparatively small decline follows a reduction
of £68,690,000, or 2.2%, for the previous period
reported by the magazine, namely from the closing
of the London Stock Exchange in July of last year
to Jan. 20 1915. The total value of 387 securities in
question on Feb. 20 was 0,280,235,000. On Feb. 20
last year the aggregate was 0,455,452,000, on February 1913, 0,491,232,000, and February 1912,
0,603,860,000. These comparisons are suggestive
of the depreciation that has been going on of recent
years in investment and other securities on the London Stock Exchange.
As to the sentiment of financial London in respect
to the continuance of the war the usually conservative London correspondent of the "Journal of
Commerce" cables that it is "becoming curiously
hopeful" as to early and favorable war results.
Good developments, though unfortunately indefinite,
are, the correspondent adds, confidently expected
in the near future. The German submarine action
is regarded as markingthat Government's desperation. It is not considered unlikely, he adds, that
the higher class of German opinion will itself revolt
against such a disgrace to their claims of civilization.
The demoralization that has again existed in
sterling exchange this week does not appear to be
attracting the same active degree of popular interest
at the British centre as at New York. It is suggested that one reason for the absence of a large gold
movement to New York is the fact that banking
credits are being quietly established in New York
against which London bankers can draw and are
drawing. These transactions are ordinary banking
ones. Hence, there is no obligation to make them
public. It is conceded, however, that with foreign
exchange rates on the present low basis, some
substantial movement of the metal must inevitably•
occur unless the flow of gold is kept back by effective
banking methods. Lloyd George is stated to have
minimized the importance of the foreign exchange
situation by ascribing it to "golden calf" worship.
The London capital market has been called upon
to meet quite a succession of demands this week.
On Tuesday tenders were received for £20,000,000
British Treasury bills and the market was also called
upon to pay for the £10,000,000 Russian Treasury
bills which were offered for subscription on Monday of last week and were more than doubly sub-
FEB. 271915.]
THE CHRONICLE
scribed: The result of the subscriptions to the British Treasury bills was considered highly satisfactory.
Applicants for the six months' bills, of which onehalf of the issue consisted, who offered 09 2s. 11d.,
received 47% of their application, while those whose
offers were above that price received the full amount
for which they bid. Bids for the twelve months' bills
at 07 is. 4d. were allowed at the rate of 94%.
of the offerings. Bids above that amount received
allotments in full. The average rate on the six
4%.
and on the yearlings 27
months' bills was
In addition, arrangements have been made on the
London market for an issue of £11,728,000 Queensland 432% bonds to be offered at 99. These are to
take care of notes maturing next July. As the funds
will not be required immediately, the offering may
possibly be divided, £5,000,000, for instance, being
issued immediately and the remainder later. As this
issue represents a renewal loan and not fresh capital,
the British Treasury has given its permission for
the full amount. A small Canadian Government
loan, £500,000 4 per cents, has been taken by a
syndicate of London underwriters at 95. It is
expected that £1,000,000 of the share capital of the
British Dyes Co. will be marketed next week. This
is a company which is to have 0,000,000 share capital and for which the Government will guarantee
£1,500,000 in bonds.
Announcement has been made by the British
Treasury that there is no present intention of floating a joint loan by the Allies for the purpose of financing their smaller belligerent associates. The plan
for a union of the financial and military resources
of the Entente Powers arranged for early this month
in Paris was approved by the House of Commons
on Tuesday afternoon. In the debate the Chancellor
of the Exchequer announced that there would be
another meeting of the Finance Ministers of the
Allied Powers, but this time in London. Referring
to the joint resources of the Allies, the Chancellor
said: "In this struggle resources are almost of paramount importance. This is a war not merely of
men, but even more of equipment. It is in this
that the Allies have fallen short of their great enemy
because of the preparations he has been carrying
on for years and years. In this matter time accounts.
In men our resources are greater and in money our
resources are greater. Time and the full application of these resources—bold, courageous, resolute
application of all our strength—that is all that is
necessary. If we do it, we shall win." Supplementary Governmental estimates were issued yesterday
covering the amounts that will be required to defray
the expenses of naval and military operations to
cover the cost of assisting with the food supply and
in promoting a continuation of trade, as well as other
expenditures arising from the war. An additional
sum of 07,000,000 will be necessary to meet the
outlay up to the end of the financial year closing with
March 31 next. This makes, with the original voted
credit and the previous supplementary vote, a grand
aggregate of 062,000,000 ($1,810,000,000) for the
current year. Another credit of £250,000,000 ($1,250,000,000) is asked for as an installment for similar
expenses which may be incurred during the year
ending March 31 1915. Included among the purposes of the present credit is a project to put into
operation machinery for the raising of funds by
British dominions and protectorates outside of the
671
United Kingdom, and by the Powers allied with
Great Britain.
In Paris the Bourse market ruled exceedingly
dull and depressed until yesterday, when a spirited
recovery set in. French Rentes closed at 69.60
francs, against 68.75 francs a week ago. In announcing the success of a recent offering of national
defense bonds, which were issued at 96% and are
payable in 1925, Alexander Ribot, Minister of Finance, said it was a sure guaranty of final victory
for France and her Allies. The actual volume of the
subscription has not yet been received by cable so
far as we are aware. An investigation by the Minister of Labor, M. Martin, as to the effect of the war
upon labor, disclosed that the number of employees
now is only 20% less than normal. Data secured
from 31,000 establishments employing more than
1,000,000 persons show that about half of them
were closed temporarily by the mobilization order,
and that they lost about two-thirds of their workmen
at that time. Since mobilization was completed,
the number of factories open has increased 43% and
the number of workers 83%. Many establishments
that had been operated for two or three days a week
in August are now running on a normal basis, and
some are working overtime. An official report of
France's foreign commerce for the years 1914 and
1913, as received by cable this week, shows a large
reduction in French importations of raw materials
and a less striking reduction in manufactured goods.
Almost identical conditions are registered in the exports. The official figures follow:
French Imports—
1914.
1913.
Foodstuffs
8342,600,000
8363,400,000
Raw materials
515,000,000
989,200,000
Manufactured goods
212,500,000
331,600,000
French Exports—
Foodstuffs
$125,400,000
$167.800,000
Raw materials
260.400,000
371,600,000
Manufactured goods
501,800,000
723,400,0110
The parcel-post service shows receipts of 869,400,000 for 1914, compared
with $113,200,000 for 1913. The report shows a diminution between 1913
and 1914 of approximately a billion dollars, about equally divided between
Imports and exports.
In Germany, the Imperial Government has decided to issue a -second 5% war loan. The subscription books will remain open from February 27
to March 19 and the loan will take the form of both
Imperial and Exchequer bonds. Interest will begin
July 1. The Exchequer bonds will be redeemable
by drawing, but the Imperial securities will not be
redeemable until October 11924. The loan will be
issued at 98.50, and the amount of the subscription
will be unlimited. The issue price has been established at a higher rate than that of the September
loan, which was 97.50, the Government being encouraged to take this step by the fact that the older
issue now stands in Berlin at par. The new issue is
being brought out this time in order that the proceeds may be available to meet the first installment
of April coupon payments. Payments on the
new loan will be distributed over a number of dates
extending into the summer. The Prussian Diet,
on the resumption of its session on Wednesday,
after sending a message of congratulation to the
Kaiser on the result of the German victory in East
Prussia, voted 110,000,000 marks for various war
relief funds.
Official Bank rates at the European centres
remain as last quoted, London continuing at 5%;
Paris 5%, Berlin 5%, Vienna 532% and Amsterdam
5%. At London both sixty and ninety days bills
672
THE CHRONICLE
are quoted at 1 7-16©11A%, against 13/2% a week
ago. Money in London is 1% for day-to-day funds,
which shows no net change for the week. Open
market rates at the Continental centres remain
nominal, no advices having been received on this
side of the Atlantic so far as we have been able to
ascertain.
The Bank of England again reports a reduction
in its stock of gold this week, this time of £1,674,432.
There was an increase of £56,000 in note circulation,
and hence a decrease in the total reserve of L1,730,000. Public deposits showed a contraction of £13,391,000 and "other" deposits an increase of £15,251,000. Government securities were £2,362,000
higher for the week and loans ("other securities")
increased £1,231,000. The Bank's gold holdings
now stand at £63,871,540, against £42,705,040 last
year, and the reserve aggregates £48,098,000,
against £32,944,980. The loan item is £102,931,000.
One year ago it was £37,986,182 and in 1913 £41,869,871. The prop )rtion of reserve to liabilities
is 30.1%, against 31.54% last week and 51.41% at
this date a year ago. Our special correspondent
furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
leek: Inflow, £1,476,000 (bought in the open market, of which £53,000 United States coin); outflow,
£3,150,000 (of which £201,000 coin sold in the open
market, £1,000,000 set aside and "ear-marked"
currency note redemption account and £1,949,000
net sent to the interior of Great Britain). We add a
tabular statement comparing for the last five years
the different items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1913.
1912.
1911.
Feb. 24.
Feb. 25.
Feb. 26.
Feb. 28.
March 1.
£
£
34,222.000 28,210,060 27,707,990 27.988,795 27,520,270
Circulation
26,924,000
20,636,505
23,548,493 21,570,536 19,021,510
Public deposits
132,868,000 43,438,437 41,667,026 44,829,649 39,240,544
Other deposits
Gov't securities.— 26,924,000 11,252,858 13,034,146 15,116,036 14,637.633
Other securities__ 102,931,000 37,986,182 41,869.871 38.860,739 32,795,480
Reserve notesdceoin 48,098,000 32,944,980 28,455,017 30,532,328 29,080,638
63,871,540 42,705,040 37.713.007 40,071.123 38,150,908
Coln and bullion
Proportion of reserve
51.41%
43.61%
45.97%
51.86%
to liabilities
30.09%
3%
Rank rate
5%
5%
33.5%
335 %
The return of the Bank of France this week registers an increase of 3,400,000 francs in gold and 8,700,000 francs in silver. There was a further increase of 185,300,000 francs in note circulation and
of 427,700,000 francs in Treasury deposits. General deposits increased 33,700,000 francs, bills discounted decreased 158,000,000 francs and advances
decreased 30,100,000 francs. The Bank now holds
in gold 4,237,400,000 francs, against 3,588,258,000
francs a year ago. Its silver stock is 375,600,000
francs, which compares with 647,520,000 francs.
Note circulation aggregates 10,831,500,000 francs,
against 5,800,009,000 francs in 1914; discounts are
2,285,000,000 francs, against 1,503,425,000 francs;
Treasury deposits, 491,000,000 francs, against 200,357,000 francs; and the Bank's advances, 830,300,000 francs, against 736,524,000 francs; and deposits
are 2,331,700,000 francs, against 763,784,000 francs.
The weekly statement of the Imperial Bank of
Germany showed an increase of 25,715,000 marks
in gold and of 70,515,000 marks in the item of "cash,"
which includes Imperial and loan bank notes and
notes of other banks in addition to coin and bullion.
Loans were reduced 3,427,000 marks, discounts increased 164,394,000 marks, securities increased
[Von. 100.
194,000 marks, circulation decreased 2,051,000 marks
and deposits increased 225,576,000 marks. The
Imperial Bank's gold holdings now amount to 2,254,281,000 marks—again a high record—against 1,337,320,000 marks in 1914 and 932,090,000 marks in
1913. The circulation aggregates 4,635,343,000,
against 1,734,693,000 marks in 1914 and 1,711,700,000 marks in 1913.
If anything, the local money market may be called
a trifle easier at the close of business this week. But
in a broad sense it is without new feature. The
complications that have resulted from the German
war-zone proclamation are responsible for a feeling
of some uncertainty, so much so that bankers, obviously, have deemed it wise to delay offerings of some
of the large capital applications that are in preparation. Nevertheless, such offerings as have been
made have found satisfactory response. Local bankers, for instance, found no difficulty in placing
(within three hours) $16,000,000 5% two-year notes
of the Anaconda Copper Mining Co. A number of
Canadian loans have also been purchased by local
bankers which will be offered in the near future.
These will include one of $700,000 City of Outremont, Canada, three-year 5% notes, and also an
issue of $7,000,000 two-year six per cent collateral
trust gold notes of the Montreal Tramways & Power
Co.
Tentative negotiations have, it is understood, been
in progress for loans to both French and German
bankers, either for themselves or their governments.
A syndicate of French bankers, through a prominent
Paris banking house here, has been sounding banks
and bankers in this city for a loan secured by French
Government bonds; but these negotiations have, it is
believed, been terminated without success. The
chief handicap was the requirement that the proceeds
of the loan be remitted direct to the French centre
instead of standing as a credit here. It is understood
that the French bankers offered at the rate of 6%
for six months and proposed to deposit securities in
the form of 3% rentes to an amount of 25% in excess
of the funds advanced, based on the current market
price of rentes in Paris. As to the proposed German
loan, there does not appear to be convincing evidence
that negotiations went beyond the stage of a general
inquiry.
Last Saturday's bank statement showed the small
decrease of $431,000 in loans. Demand deposits
were reduced $10,809,000. On the other hand, net
time deposits increased $4,875,000, while note
circulation suffered a decline of $49,000. Reserves
"in own vaults" showed a contraction of $2,975,000
to $365,176,000, which includes $291,659,000 specie.
Reserve in Federal Reserve banks decreased $1,597,000 to $111,696,000, while reserves in other
depositaries increased $18,000, to $32,791,000.
The aggregate reserve showed a reduction of $4,554,000. Reserve requirements, however, owing
to the reduction in deposits, decreased $1,855,100,
so that the surplus above reserve requirements was
reduced only $2,698,900 and now stands at $137,174,450. One year ago under the old form of
bank statement, which required 25% instead of
18% reserve, the surplus was $34,614,750. We
give the bank statement in a complete form on a
subsequent page.
Referring to money rates in detail, call loans have
this week been quoted within the range of 1%@2%.,
FEB. 27 1915.]
THE CHRONICLE
673
Monday was a holiday. On Tuesday and Wednes- turn, the supply of bills. Exports are certainly
day 19©2% were the extreme figures, with renewals I keeping up on a scale that is providing an almost
at 2%; on Thursday 13
4 was again the lowest overwhelming supply of exchange. The Departand 2% the highest, while renewals were 13
4%. ment of Commerce,in its weekly report, covering the
On Friday 2% and VA% were once more the highest foreign trade movement at customs districts through
and lowest, respectively, while 2% was the leading which about 85% of the country's trade usually
basis. Time money closed at 23/2@2%% for sixty passes, shows that for the week ending with last
days (nnchanged for the week); 29@3% for ninety Saturday the value of exportations exceeded the imdays (also unchanged); 3@314% for four months portations by $31,000,000; for the week preceding
(unchanged) and 33@332% for five and six months the excess was $30,000,000, and for the week of
(unchanged). Commercial paper still remains at Feb. 6 it was $39,000,000. The complete returns of
33"2@)4% for sixty and ninety day endorsed bills the entire country for January have been published
receivable and for four to six months single names this week, and indicate that the excess of exports
of choice character. Names not so well known over imports was $145,536,100 for the month, comrequire 4%@432%. At their weekly meeting on paring with an excess of $130,976,013 for December
Wednesday, the directors of the Federal Reserve In August—the first of the war months—the excess
Bank of New York did not change the discount was on the side of imports, and amounted to $19,rates. For paper having less than ninety days to 400,396; but in September the tide turned and has
run the quotation is 4%; the rate for over ninety increased in volume each successive month, so that
days is still 5%.
for the seven months of the fiscal year to Jan. 31
the exports have exceeded the imports by $403,957,In sterling exchange the recovery that occurred 019. Foreign exchange experts are not forgetting
during the closing days of last week from the de- that in this year's situation the important factor of
moralization that had existed earlier in that week, tourists' expenses in Europe must be entirely eliminhas not been maintained. Demand bills on Wednes- ated. This is a feature on which there is usually
day of this week sold as low as 4 7938, which is some rather wild figuring as to the amount of money
within % cent of the low figure of the preceding actually spent.
week. The depression was not unexpected. It may
There has been a persistent, though not sensabe said to have been influenced, aside from the tional, liquidation of American securities by foreign
heavy offerings of bills of all descriptions, by the holders this week; but the demands for remittances
absence of expected announcements of the estab- of the proceeds of the saleslhave not been sufficient
lishment at this cc rtre of large credits against which to exert any important stimulative influence on
London could draw either on behalf of individual foreign exchange rates. On the other hand, there
bankers themselves or as representatives of the has probably been a considerable movement on the
English Government. Up to the close of business lines to which we referred in these columns last week
last evening no such announcements had been made. in the direction of transfers of private capital for
Nevertheless, advices cabled from London contained safe-keeping from belligerent markets to New York
an explanation,that seems reasonable, of the absence as the only large neutral centre that seems beyond the
of gold imports on a large scale at a time when direct influence of the war. Such a movement is an
sterling rates are so far below the normal gold altogether natural one, but is necessarily
one that it is
point. This explanation is that there have un- difficult to trace in a definite and exact
form. So far
doubtedly been important credits established as or- as the sales of our securities by
European stockholders
dinary routine banking arrangements. These trans- are concerned, the foreign exchanges seem
to suggest
actions, not being in any sense of a public character, that Amsterdam is the chief source
of supply. At
have been regarded as confidential by all parties. any rate, guilders have been much better maintained
Hence they have not been reported. In no other than exchange on London or on any of the
other
way does it seem possible to explain the backward- Continental centres.
ness of a gold movement. The Bank of England
The Continental exchanges have continued to
on Thursday reported a sale of £696,000 in foreign move in favor of New York. Bankers' sight drafts
coin which, to quote London dispatches, is intended on Berlin closed at 823., against 843/i a week
ago,
for transfer from Ottawa to New York. Yesterday and cable transfers, which at the end of last week
the engagement of $3,250,000 gold was announced to were quoted at 84 7-16, closed last night at 829/
8.
come forward consigned to Lazard Freres and be Exchange on Parisfinished at 5 27%for demand
bills,
deposited here, presumably for account of the Bank which compares with 5 23 a week ago, while
bankers'
of France and the French Government. In addition, cables ended at 5 26%, against 5 223/ a
week ago.
the Guaranty Trust Co. is receiving $200,000 in Bankers' checks on Amsterdam finished at
39 13-16,
the precious metal from Ottawa. A consignment of against 40 1-16@403/á a week ago, and
bankers'
$1,000,000 has reached San Francisco this week cables closed at 39 13-16, against
403@40 3-16.
from Japan and another amount of $750,000 is Italian exchange has continued to move
sensationally
en route for the same port. These latter importa- in favor of this centre, bankers' sight drafts
closing
tions, it is understood, are connected with payment at 5 81,against 5 67a week ago. In Paris
the London
for supplies purchased by Japan in this country. check rate closed at 25.371A francs,against 25
francs
The gold from Ottawa represents, there seems a week ago.
reason to believe, a second installment of the proCompared with Friday of last week, sterling
ceeds of French Treasury bills recently sold in exchange on Saturday was weak and declined
to
London.
4 809©4 813' for demand; 4 813/
s@4 81% for
Less apprehension is apparent in sterling exchange cable transfers and 4 79 for sixty days. Monday
was
circles than existed a week ago that the perils to a holiday. Onffuesday exchange quotations
sufshipping in the German war zone will seriously re- fered anotheribreakiof 13c. in the pound,
demand
strict the exportations from this country, and, in declining to 41799/s—or only %c. above last
week's
THE CHRONICLE
674
s©4 80% for cable
low record; the range was 4 803/
transfers, 4 79%@4 803 for demand and 4 78 for
sixty days; an accumulation of commercial offerings
over the holiday together with a restricted inquiry
were mainly responsible for the drop in prices. The
opening was weak on Wednesday, with a further
decline in the initial transactions to 4 793 for
demand bills; subsequently, however, the market
rallied and demand moved up to 4 803/2; cabl3
transfers ranged between 4 79% and 4 81, while
sixty days was unchanged at 4 78; leading bankers
again met to confer on the international credit
situation, and while no definite course of action was
decided upon, it is believed that large credits are
soon to be established here by England, France and
Russia. On Thursday sterling rates opened steady
at the previous day's closing figures, but reacted
later, on increased offerings of commercial bills,
to 4 80@4 803/ for demand, 4 80%@4 81 for
cable transfers and 4 783/2@4 78% for sixty days.
On Friday the market ruled nervous and irregular.
Closing quotations were 4 783/2@4 78% for sixty
days,4 79 15-16@4 803/2for demand and4 803/2@,4 81
for cable transfers. Commercial on banks nominal,
documents for payment nominal. Seven-day grain
bills at 4 79@4 793. Cotton for payment nominal;
grain for payment nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $3,669,000 net in cash as a result of the currency movements for the week ending Feb. 26.
Their receipts from the interior have aggregated $7,794,000, while the shipments have reached $4,125,000. Adding the Sub-Treasury operations and the
gold imports, which together occasioned a loss of
$2,547,000, 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 $1,122,000, as follows:
Week ending Feb. 26.
Banks' interior movement
Sub-Tress. oper'ns and gold Imports_
Total
Out of
Banks.
into
Banks.
Net Change In
Bank Holdings.
$7,794,000
16,980,000
$4,125,000 Gain $3,669,000
19,527,000 Loss 2,547,000
524.774.000
523.652,000 Gain 51,122,000
The following table indicates the amount of bullion
in the principal European banks:
February 26 1914.
February 25 1915.
Banks of
Gold.
Silver.
Total.
Gold.
England.. 63,871,54
63,871,541 42,705,04
France ___ 169,503,960 15.266,88 184,770.841 143,933,240
66,866,0
Germany. 112,714,050 2.511,40 115,225,4
Russia _ _ _ 171,196.000 4,508.11 175,794.00 169.729,00
52,004,
Aus.-Hune 51,578,000 12,140,11 63,718,
52,389,000 19,614,
Spain
_ 23,470,C10 1 28,919,0
I
I.
45,652,11
2.700,00 51,965,
Italy
49,205. .
120,10 20,975,100 13,024.0
Nether''ds 20,855,
600.11 15,980,0
8.433,333
Nat.Belgd 15,380,1 1 1
6,033,000 5,760,
Sweden -- 6,033,1 1 1
9,545,3
6,818,00
Swita'land 9,545, /
2,616,000
2,509,
Norway._ 2,509,1 1 1
Silver.
Total.
42,705,040
25,841,12 169,774,360
16,525,45 83,391,500
6,744,111 176,473,000
12,017,111 64.021.000
28,721.00 .48,335,000
3.000,011 48,652,000
865,:11 13,889.800
4,216.667 12,650,000
5.760,000
6.818.000
2,616,000
66,855,3 762,716,230577.154,663 97,931,037675,085.700
Tot, week 695,860.8
Prey. week 697,746.932 66,283.18 764,030,112573,908,721 96,756,177670,664,898
a July 30. d Sept. 21.
THE NEGOTIATIONS WITH EUROPE.
The period following the formal adoption of its
war-zone policy by Germany, on Thursday of last
week, has been marked in this country by acute apprehension, not only as to the general results of that
undertaking but as to the effect of the attempted
submarine blockade on our own relations with Germany. This apprehension was certainly not mitigated by the vagueness of the German Government's intimations regarding the danger to neutral
ships, or by the knowledge of what might be done by a
rash,careless or superserviceable commander ofa sub
EvoL. 100.
marine. The known results of the submarine campaign
to date have been that nine or ten British merchant
ships, one French ship and two Norwegian vessels
have been torpedoed, with considerable, though in
no case total, loss of life. In addition, two American
vessels and one Norwegian merchant vessel have
been sunk after colliding with minesin the North Sea.
The Norwegian Government has protested vigorously regarding the torpedoing incident, and our own
State Department is inquiring carefully into the circumstances of the destruction of our merchant ships
by mines. As to that incident, there is dispute on
the question of responsibility. German dispatches
intimate that the cause must have been either rashness on the part of commanders or incorrect instructions given by English navigators as to the
mine-free course. Meantime, however, the international character of the controversy—so far as concerns these actual occurences—has been rendered
somewhat less acute by the singular fact that both
of the American vessels which went down in the
North Sea were carrying cargoes of cotton for German ports. Since these cargoes were urgently
needed by Germany—a fact proved by the enormous
price paid by the consignees .for freight and insurance, as well as for the goods themselves—there is
no possibility of assuming deliberate destruction of
these ships. The question of culpability in placing
mines in the open sea undoubtedly remains as a
matter of general controversy; but it scarcely falls
under the intimation of our Government's note of
Feb. 10 regarding actions which could not be otherwise viewed by the United States than as "indefensible
violations of neutral rights."
Nevertheless, the very formidable possibilities
remain .which have existed ever since the threat
against neutral shipping was promulgated. They will
remain as long as the attempted submarine blockade
continues on its present scale. Nor, indeed, is the
question only one concerning a possible breach of
international good relations. The fact that destruction of belligerent and neutral merchant ships
has already been so considerable points at least to
the possibility that owners and crews might eventually become reluctant to incur the increasing risk
of torpedoes and mines—the effect of which state
of mind on our present very large export trade would
be most harmful. Even in December,our exports to
the United Kingdom ran $20,000,000 above the
same month in the preceding year.
Undoubtedly, these considerations led to the note
presented by our State Department this week to
Germany and England. The proposals contained
in it have been kept secret; rightly so, in view of
the highly delicate nature of the negotiations. Intimations from Washington have been that our
Government's communication amounts to the conveying to England of the suggestion made by the
German Government, through Ambassador Bernstorff, that Germany might consent to discontinuance of its submarine blockade if United States vessels
were allowed to bring grain to Germany, guaranteed
as intended purely for civilian consumption; such
guaranty to be carried out by out own Consular
officers in Germany. Whether such compromise, if
that was the nature of it, was presented as a proposal
by our Government, or merely as the formal handing
along to one belligerent of terms submitted by another, is not publicly known. It was almost certainly, however, of the second character; because
REM 271915.1
THE CHRONICLE
675
thereby our Government would retain a position in disagree—may have no more definite result than
which refusal by Great Britain of the compromise to confirm in a general way the tradition of almost
would not be tantamount to a rebuff to our State all previous military history, that Russian troops
Department.
are formidable fighters on their own territory, but
At this writing the British Government still has far less dangerous when attempting invasion of the
under consideration whatever proposal may have been enemy's country.
submitted. In many -respects the incident is unNevertheless, the result of the East Prussian
usual. If it were actually true that Great Britain campaign may to some extent alter the general
has intended to weaken Germany's resistance situation. It can hardly be wholly without effect
through cutting off absolutely its people's food sup- on the policy of Roumania, whose actual participaplies, the assent of England to such a compromise tion in the war on the side of the Allies has seemed
proposal would involve abandonment of that pur- to be hanging in the balance. Against this must
pose. It would also, and necessarily, amount to be placed the possibility of the capture of the Dardiscarding any plan of formal blockade of German danelles by the Allied fleets and the fall of Conports, such as was intimated in one of Sir Edward stantinople; whose imminence was reported yesterday,
Grey's recent notes. Even of our own position, it and the effect of which on the sentiment of Europe
would seem that, so far as our State Department would be very great. But meantime the progressive
actually favors compromise on these terms, its atti- tightening of the financial as well as physical strain
tude would, to a certain extent, be equivalent to is effecting not only Germany and Austria, but the
waiving protest against the general policSr of Ger- Allies as well—a fact which nothing could more
many's submarine blockade.
surely prove than the present extraordinary depreciaBut, on the other hand, our Government un- tion of all the European exchanges at New
York.
doubtedly recognizes that a condition and not a
theory confronts us. Moreover, while our Govern- THE PRESIDENT'S NOMINATIONS TO THE
FEDERAL TRADE COMMISSION.
ment owes it to our merchants, ship owners and
sailors to take such measures as will insure safety
On the eve of the adjournment of Congress Presifor their ocean trade without sacrificing the Govern- dent Wilson has, the present week, sent to the
ment's own dignity, on the other hand England United States Senate for confirmation the names
herself is bound to consider the consequences to of the men he has selected to act as members of the
her own people's interests, if by any chance the Federal Trade Commission. If those chosen to
submarine terror should become so far effective as exercise the important functions with which this
to frighten away the ships now providing England new regulative governmental body is charged do
with food and war munitions.
not come up to the required standard,it is not beThe matter, we think, has been handled correctly cause the President has not taken more than ample
by our State Department. Indeed, definite and time for the purpose. Indeed, so dilatory has the
reassuring knowledge has come to well-informed President been in this respect that one cannot help
people this week that the foreign affairs of our noticing that the commands he enjoins upon others
Government are in safe hands. The present delicate are not always the commands he observes himself.
negotiations are being conducted, not according to A rule of conduct to which Congress is expected
the individual ideas of the Secretary of State, nor to conform is not a rule that will hold
the President
even in the sole discretion of the President, but by himself.
a strong committee of five, composed of the highest
An unwilling Congress was kept in continuo u
practical experts on the State Department's staff, of session for over eighteen
months in order that the
two of the highest American authorities on inter- President's program of trade and
trust legislation
national law, taken from private life, and of the might be carried to speedy
completion. Business
ranking specialists on the same subject in the army men implored and beseeched him to
delay the enand navy organizations. That the questions with actment of the new laws until the
beginning of the
which these experts are immediately dealing involve regular session of Congress in December
1914, in
some problems of policy highly important to the order to give time for careful considerat
ion and
British Foreign Office, we have shown already. study of the proposals, which in their
sweep and
But it is only right to point out also that any such scope were to be so far-reaching. But the
President
compromise would at least have the humane basis would brook no delay. He insisted that
the Conwhich we indicated last week. It recognizes the stitution of Peace which he in
his exalted wisdom
repugnance of the world at large at any deliberate had designed for the conduct
of business and the
policy of cutting off indispensable food supplies from reformation of the country's
industries, meant unthe civilian population of the enemy country as a told blessings for the
merchant and the business
means of achieving the general purposes of war.
man and that the whole country was impatiently
The effect on the fortunes of the war itself of waiting to see the scheme
carried out. Why defer
whatever action shall be taken on this latest proposal the dawning of the new
era until December,when
is a matter of broad conjecture. The feeling is by a little diligence the scheme
could be set in imcertainly rather general that a crisis in the war is mediate motion. Congress
was far from enthusirapidly approaching. On the one hand, with the astic, but the President applied
whip and spur,and
coming of spring, the operations of the Western on September 26 last the bill
creating the Federal
armies are certain to show renewed activity. On Trade Commission became a
law. On October 15
the other hand, the aspects of the Eastern campaign the Clayton Omnibus Anti-Trust
Bill also became
have been considerably altered by the substantial a law, completing the program
of trade legislavictory of General Hindenburg over the Russian tion.
army in East Prussia. The defeat of the Russian
The President had accomplished his purpose and
generals—as to the completeness of which the onlOct. 24 Congress was
graciously permitted to adaccounts of the opposing War Offices naturally journ. The President was now
supremely happy. He
676
THE CHRONICLE
congratulated himself, he congratulated Congress and
he congratulated the country upon the wonderful
things that had been achieved. Under date of Oct. 17
he wrote a letter to Congressman Underwood speaking in eulogistic terms of what Congress, at his
bidding, had done. He declared that while the
legislative program had several distinct parts and
many items, it had, after all, "a single purpose,
namely to destroy private control and set business
free." But, after having been given the machinery
which was to accomplish wonders, the reason for
urgency seemed all at once to disappear. Now, in
February 1915, five months after the enactment
of the Federal Trade Commission Law, the President
sends in his appointments to the Senate so late in
the session that with the opposition that has developed against certain of the nominees there is
even doubt whether there will be time enough to
get the appointments confirmed.
Three of the appointees are Democrats, and of
course they belong to the radical wing of the party.
Of the other two, one, according to the newspaper
accounts, is a Progressive without qualification
and the other "is under suspicion of having Bull
Moose sympathies." In other words, the Commission
is radical throughout and may be expected to carry
out the radical notions to which the President is
wedded. Mr. Wilson has during his term of office
displayed great ingenuity in unearthing men who
act and think as he does himself and who imagine
they are fulfilling their highest usefulness when they
echo everything he says. Like the President, they
can be blind when they do not want to see, or yet
again, in the exercise of a fertile imagination, they
can equal the President in conjuring up things which
have no existence at all. A type of this class of
man is Joseph E. Davies, at present United States
Commissioner of Corporations, who it is expected,
will be the Chairman of the Commission, and who
at any rate, will dominate the work of the Commission. The President has shown in what esteem he
holds Mr. Davies by giving him the longest term,
the full period of seven years.
Mr. Davies, on December 17, delivered an address
before Williams College, on "Government and
Business", lengthy extracts from which were printed
in our issue of December 26 1914, page 1877. From
his remarks on that occasion one gets an idea of the
manner of person the President has selected as head
of the Commission and also the way in which he
is likely to perform his new task. [It has been
known from the very first that no matter who else
might be missing from the _Board, Mr. Davies would
have a place on it. In other words, he showed
himself to be a man after the President's own heart.
Why Mr. Wilson thinks so favorably of him can be
gathered from certain remarks made by Mr. Davies
in the discourse referred to.
Mr. Davies' discourse was in the main a panegyric
of the President. It was devoted to extolling him
and the new Trade Commission Bill and Mr. Wilson's legislative activity/generally. This might be
passed over as of little account except that to prove
his case the Commissioner of Corporations made
some remarkable utterances completely at variance
with the real facts of the case. The bearing of the
matter upon the new duties which he is to assume
will readily appear when it is borne in mind that one
of the functions of the Trade Commission will. be to
make investigations of one kind or another and
loo.
obviously the results of the investigations will be
valueless if the investigators cannot be depended
upon to present absolutely trustworthy accounts.
Mr. Davies, as already stated, was speaking last
December and in the course of his remarks he depicted in glowing and fanciful language what had
happened the previous January, when the occupant
of the White House unfolded his marvelously conceived scheme for the regeneration of the business
world and the uplift of mankind. Mr. Davies'
words were as follows:
"The President delivered his message to Congress
embodying his trust program on the 20th of January
last. In it he set forth his plan for the constructive
development of the law in so wonderful a way and
in such an inimitable manner, and so forcefully, that
it immediately challenged the admiration and support of the whole business community of the nation.
There was scarcely a dissent, and so well has the
spirit of his message been interpreted by Congress
that two great constructive measures were placed
upon the statute books."
Mark well the statement here made, namely that
the President's proposition "immediately challenged
the admiration and support of the whole business
community of the nation" and furthermore that
"there was scarcely a dissent." Now contrast this
with the actual facts of the case. Instead of the
business world being satisfied with the President's
proposal, which he announced must be pushed
through at all hazards, the leading mercantile and
trade bodies found it incumbent to address protests
to the President and to Congress asking them to
proceed slowly, in view of the radical and experimental nature of the legislation proposed. The protests went unheeded, to be sure, but that does not
change the fact that they were made, and it is difficult to imagine what can be said in extenuation of
Mr. Davies' action in appearing before one of the
country's institutions of learning and utterly misrepresenting the facts.
The truth is, as already stated, that immediate
and earnest protests against the President's policy
were made. For example, the New York Chamber
of Commerce adopted resolutions on the subject
on March 5, while on April 2 a special committee
of the Chamber, voicing the views of the Chamber,
presented a very noteworthy report embodying comprehensive resolutions on the subject, both the resolutions and the report being unanimously adopted
by the Chamber. The Committee in its report took
occasion to point out that it had been "unable to
ascertain from what business organizations or industrial sources there had emanated any important
demand for legislation as outlined in the tentative
(anti-trust) bills and had not yet been able to find
any expression of responsible or organized business
opinion that legislation of such character would be
timely, appropriate or beneficial to the business
interests or the people of this country."
The resolutions declared that the bills "not only
widely depart from the spirit of the Constitution of
Peace outlined in the President's message, but, by
threatened investigations and possible prosecutions,
would restrain lawful business and have a disastrous
effect upon enterprise already established and retard
its further extension."
A few days later, that is, on April 8, the New
York Board of Trade and Transportation at its
monthly meeting also asked Congress not to act
hastily or without affording hearings on the bill.
FEB. 27 1915.]
THE CHRONICLE
The report on the subject said : "The spirit which
pervades the bill and gives it shape is the spirit
of unrest, an abnormal condition of the public mind
which periodically finds expression, leads some
astray and takes on various forms of attacks upon
the welfare of society." What, therefore, becomes
of the statement of Mr. Davies that the President
set forth his plan "in so wonderful a way and in
such an inimitable manner, and so forcefully, that
it immediately challenged the admiration and support of the whole business community of the nation."
But that is not all. In June opposition to the
President's trade and trust policy became so pronounced that the President himself was obliged to
take notice and in his talk with newspaper correspondents on June 15 he went so far as to charge, in
effect, that an organized campaign was being conducted with a view to forcing the adjournment of
Congress in order to block the enactment of trust
legislation. In support of his assertion he produced
a circular which was then being widely circulated,
saying that "prosperity has been lost somewhere in
this country owing to the mischievous activities
of the politicians", and enclosing a draft of a letter
to be addressed to the President and to Congress,
making an appeal "in the name of the suffering
American people, in the name of common sense",
against wantonly harassing business at a time when
it was struggling for its very existence;and winding
up with the following statement!: "The most serious
situation that confronts the country to-day is the
fact that unemployment is growing more acute.
We need relief. We ask the Congress of the United
States to halt before it is too late. Postpone all
anti-business legislation. Give the country a rest;
and last, but not least, permit Congress to earn
a well-deserved rest." It was on that occasion
that the President made the declaration which has
since become famous, that if business depression
existed at all, it was merely psychological.
At the same time, the daily press reported that
protests on behalf of 350,000 business men, corporations and partnerships against the provisions in
the Clayton Anti-Trust Bill and the Sundry Civil
Appropriation Bill "discriminating against the commercial interests of the country in favor of labor
and agriculture" had been filed at Washington by
the Chamber of Commerce of th3 United States.
All this was cumulative, manifesting popular discontent, instead of admiration and support. Yet
Mr. Davies was either living in a cave and delightfully unconscious of what was going on or else
deliberately chose to ignore it so as to make his
point stronger and afford a basis for his praise of
the President and the President's policies.
With the doctrine underlying the Trade Commission idea in its essence unsound and pernicious, to
find, in addition, that administering the provisions
of the law is to be placed in such keeping does not
tend to allay feelings of uneasiness or promote peace
of mind.
RAILROAD GROSS AND NET EARNINGS FOR
DECEMBER.
Our compilation of the gross and net earnings of
United States railroads for December, the closing
month of the old year, shows at once how severe
has been the shrinkage in the gross revenues of these
important transportation agencies and the tremendous efforts put forth by their managers to offset
677
this falling off in gross by reductions in the expenses.
Our table indicates that gross earnings were
reduced in amount of no less than $25,686,901, that
this was met by a diminution in expenses in the large
sum of $18,547,429, leaving, nevertheless, a decrease
in the net of $7,139,472, or 10.46%, as will be seen
by the following.
December (433 roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
Inc.(-I-) or Dec.(—)•
1914.
Amount.
1913.
216,807
243,242
+3,565
1.47
$232,598,369 $258,285,270 —225,630,901 9.94
171,463,619
—18,547,429 9.76
190,011,048
$61,134,750
$68,274,222
—37,139,472 10.46
The most depressing feature of all, however, is
that the showing in the previous year was equally
poor; in other words, that these losses for December
1914 come after very heavy losses in the corresponding month of the previous year. As a matter of fact,
our statement for December 1913 registered a loss
as compared with December 1912 of $12,005,787,
attended at the same time by an augmentation of
$1,816,458 in expenses, producing a loss in net of
$13,822,245. The results for the two years combined, therefore, is that gross earnings have fallen
off $37,692,688 and net earnings $20,961,717. In
brief, net earnings in December 1914 were over 25%
less than they were in December two years before.
To be sure, in 1912 the earnings returns had been
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
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 at that time to give out monthly figures
for publication.
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Increase or
Preceding. Decrease.
Dec.
$
1896 _ _ _ 51,220,114 52,520,887 —1.300,773
1897
67.542,721 59,449,009 +8,093,712
1898-- 70,810.178 66,979,889 +3,830,289
1899 __ _ 78,244,324 71,010,127 +7,234,197
1900_
90,789,657 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 ..-- 133.775,020 119,125,948 +14,649,072
1908 _
135,735.226 124,733,435 +11,001.791
1907 ___ 132,199,762 141,312,429 —9,112,667
1908_ _ 205.777,451 194,222.311 +11,555,140
1909 _ 222,692,092205,971,854 + 16,720,194
1910
28,835,3042200,870,151+15,965,153
1911
233,614,912232,275,177 +1,339,735
1912
263,768,603934,087,361 +29,681,242
1913 - _ 254,218,891 266,224,678 —12,005,787
1914
232,598.369:258.285,27 —25,686.901
Year
Given.
Increase or
Year
Preceding. Decrease.
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
61,134.750
—47.294
17.930,398
20,129,314 +3.571.399
23,220.664 + 1,569,563
24.903,012 +2,729,061
29,0E6,293 +4,137,502
—412.559
33.766,831
30,891,659 +2,353,390
34,199.785
—473,209
32,411,588 +4.382.939
38,342,111 +7,683.313
42,943,900
+887,282
45.998,206 11.614.048
51,533,086 +16,962.654
68,653,301
—185,996
67,858,550 +2,498,454
56,776,970 +4.448.407
72,932,3 +8.769,614
82,622,271 13,122,245
68,274,22 —7.139.472
THE CHRONICLE
678
[VOL. 100.
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 0900, 121; In 1901. 104; in 1902
105; in 1903, 99; In 1904, 95; in 1905, 96; In 0906, 96; In 1907, 89. In 1908 the
returns were based on 232,007 miles of road: in 0909, 239,481: In 0910, 241,364; In
1911, 238,561; In 1912, 238,072; in 1913, 243,322; in 1914, 246,807.
year, too, every group, with one or two exceptions,
had recorded losses in both gross and net. Thus,there
is a clear demonstration that the losses have been
In the case of the separate roads, decreases-and cumulative. Our summary by groups is as follows:
for large amounts too-are the rule. About the only
SUMMARY BY GROUPS.
Gross Earning
exceptions are in the case of Southwestern roads, Sedion or Group.
1914.
1913. Inc.(+)or Dec.
December
where comparison is between excellent grain crops in Group 1(17 roads), New England.... 10,551,759 11,630,990 -1,079,231 9.28
2(89 roads), East & Middle__ 57,295,911 62,835,080 --5,539,169 8.82
1914 and dismally poor cropsin 1913; there are also Group
Group 3 (66 roads), Middle West__ 29,521,958 34,586,243 -5,064,285 14.64
5(95 roads).Southern.._ _ 30,684,025 37,898,422 --7,214,397 19.04
Groups
like
the
roads
Colorado
&
Southern, where Groups46&
some
& 7 (76 roads), Northwest_ 51,476,406 55,673,798 -4,197,392 7.54
Groups 8 & 9 (91 roads), Southwest_ 39,860,002 39,838,091
4-21,911 0.05
earnings the previous year had been heavily reduced Group
10 (49 roads), Pacific Coast__ 13,208,308 15,822,646 -2,814,338 16.52
from special local causes-in this case the strike in (Total (483 roads)
232,598,369 258,285.270 -25.686,901 9.94
Net Earnings
-Mileage
the coal fields of Southern Colorado. In the net,
1914.
1914. 1913.
1913. Inc.(+)orDec.(-)•
8
increases are a little more numerous than in the case
7,663 7,708 2,347,939 2,462,637
-114,698 4.66
Group No. 1
27,379 26,652 12,014,519 14,752.094 -2,737,575 18.56
of the gross, due to the fact that in some instances Group No.2
25,803 25,772 5,178,945 5,h82,977
-304,032 5.17
Group No.3
12,160,866
8,949,059
-3,211,507 26.41
Nos.4 & .5...... 41,886 41,508
the reductions in expenses overtopped the loss in Groups
-154,675 3.15
Groups Nos.6 & 7___. 68,349 67,240 17,033,172 17,587,847
+824,889 8.19
Groups Nos.8& 9_ _ _ _ 57,294 56,131 10,901,831 10,076,942
gross. It is not necessary to go into details. The Group
18,433 18,231 4,308,985 5,350,859 -1,041,874 19.46
No. 10
following shows all changes for the separate roads, Total
246.807 243,242 61,134,750 68,274,222 -7,139,472 10.46
whether increases or decreases, in both gross and net, NOTE.-Group Z. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
for amounts in excess of $100,000.
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
PRINCIPAL CHANGESIN CROSS EARNINGS IN DECEMBER.
Group III, Includes all of Ohio and Indiana; all of Michigan except the northern
Atch Topeka & Santa Fe
Colorado & Southern__
Missouri Kansas & Texas
Rock Island
Chicago Burl & Quincy_
Increases.
$843,845
375,858
269.662
225,110
172,552
Chesapeake & Ohio
Elgin Joliet & Eastern
Mobile & Ohio
Texas & Pacific
Wheeling & Lake Erie..
Minn St P & S S
Southern Pacific
Pittsburgh & Lake Erie.
St Louis & San Francisco
Chicago & North West
Denver & Rio Grande...._
Cm New Or!& Tex PacWabash
Cleve Cln Chic & St L._
San Pedro Los Ang & S L
El Paso & Southwestern..
Dela Lack & Western
Cin Harn & Dayton
Hocking Valley
Trinity & Brazos Valley..
Bessemer & Lake Erie
Phila. Bait & Washington
Toledo & Ohio Cent
Alabama Great Southern
Virginian
Chicago Ind & Southern
Buffalo Roch & Pittsb
Union (Pa)
N Y Chic & St Louis
Maine Central
Decreases.
$277,894
272,571
272.216
258,690
255,689
251,962
249.031
245,608
242,416
238.620
234,424
219,180
215,792
215,382
214,303
184.561
170,811
165,686
159.620
156,556
154.013
146,399
143,320
125.403
122,331
117.493
110.141
107.627
105.254
101,451
Representing 5 roads
In our compilation_ $1,887,027
Decreases.
Pennsylvania
a$2,797,250
Baltimore & Ohio
1,373,282
Southern
1,318.944
Northern Pacific
1,198.466
Great Northern
1.082.279
Louisville & Nashville
1,024.348
Norfolk & Western
750,987
N Y Central & Hud Rivb698,683
Illinois Central
585,289
Atlantic Coast Line
560.409
Erie
544,933
Chicago Milw & St Paul
517,002
Philadelphia & Reading514,601
Lake Shore & Mich South
503.300
Seaboard Air Line
488.601
NYNH& Hartford
478,183
Union Pacific
414,875
Michigan Central
402,667
Boston & Maine
357.980
Missouri Pacific
357,859
325,175
Yazoo & Miss Valley........
313,424
Central of Georgia
Representing 54 roads
299,275
St Louis Southwestern
in our compilation....$22,935,098
292.842
Mashy Chatt & St Louis
Note.-All the figures in the above are on the basis of the returns filed
Commerce
Commission.
Where, however, these rewith the Inter-State
turns 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 This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $1,141,993 decrease, the Pennsylvania Corn.
pony $1,117,354 loss and the P. C. C. & St. L. $537,903 loss. Including
all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $3,304,884.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate."
&c., the whole going to form the New York Central System, the result is
a loss of $2,562,446.
PRINCIPAL CHANGES IN NET EARNINGS IN DECEMBER.
Increases.
Decreases.
Lake Shore & Mich So..
$875,760 Philadelphia & Reading_
$384,195
Atch Topeka & Santa Fe
567,609 Missouri Pacific
316,016
Missouri Kansas & Texas
442.821 Atlantic Coast Line
309.824
.
NY Central & Bud Ely_
301,042
b362.520 Rock Island
Colorado & Southern......
285,490
297,581 Louisville & NashvilleChicago Burl & Quincy_
271,732
208,828 Yazoo & Miss Valley........
Cleve Cin Chic & St L.._
271,438
176,605 St Louis Southwestern
Internet & Great North_
236,287
170,950 Baltimore & Ohio
Delaware & Hudson___ _
210,198
170,123 Dela Lack & Western......
Pere Marquette
209.124
138,771 IllinoisCentral
185,563
Union Pacific
125,237 Wheeling & Lake Erie_ _ 176,135
Chicago & Alton
112,936 Norfolk & Western
175.912
Chicago & East Illinois.._
112,152 Central of Georgia
175,643
109,080 Pittsburgh & Lake Erie..
Boston & Maine
161,971
Seaboard Air Line
132,493
NYNH& Hartford
Representing 14 roads
129,984
in our compilation__ $3.870,973 Lehigh & New England..
119,763
Nashv Chatt & St Louis
115,906
Decreases. Cin New Orl & Texas Pac
113,199
Pennsylvania
41,607,704 Phila Balt & Washington
105,883
Erie
946.662 Texas & Pacific
101,616
Southern
813.797 Great Northern
Chicago Milw & St Paul..
733.361
Representing 28 roads
Southern Pacific
508.308
In our compilation- $9,560,472
Northern Pacific
461,226
a This is the result for the Pennsylvania RR. together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $1,107,730 decrease,the Pennsylvania Company
$450,750 loss and the P. C. C. & St. L. 849,224 loss. Including all lines
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a loss of $1,961,104. •
the operations of the New York Central
S These figures merely cover auxiliary
and controlled roads, like the
itself. Including the various
Shore,
the "Big Four," the "Nickel Plate,'
Lake
the
Michigan Central,
&c., the whole going to form the New York Central System, the result is
a gain of $990.913.
When arranged in groups a striking demonstration
is furnished of the generally unfavorable character
of the exhibits; for, when thus arranged, it is found
that every geographical division records a loss in
gross, with one exception,and also a loss in net with
the same exception, namely the Southwestern group
of roads. It should be added that in the previous
peninsula. and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
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
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
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
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
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.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
RAILROAD GROSS EARNINGS FOR JANUARY.
The opening month of the year does not, according
to the statement we present to-day, afford any
promise of improvement in railroad gross earnings.
On the contrary, the figures furnish evidence of continued shrinkage in revenues-and in a large and
general way, too. Our compilation is simply preliminary, comprising mainly Western grain-carrying and Southern cotton-carrying roads; but
there is no reason to suppose that these in their
returns do not reflect accurately the general results.
Our early statement also always includes the leading
Canadian roads, and these, it is proper to remember,
are for the time being retrograding faster than the
United States roads, on account of the connection of
the Dominion with Great Britain and the involvement of the latter in the European conflict.
brief, our statement to-day, embracing
• Stated in
128,072 miles of road,shows a loss from January last
year of $10,072,625, or no less than 9.50%. The
Canadian Pacific heads the list with a decrease of
$1,811,000, besides which the Canadian Northern
has a decrease of $620,100, the Grand Trunk a decrease or $356,120, and the Grand Trunk Pacific
of $121,220; but that these Canadian systems, notwithstanding the magnitude of their losses, are not
very much worse offthan the roads in this country is
evident when we find that the Southern Pacific has
fallen $1,135,494 behind,the Southern Ry.$1,085,966,
the Louisville & Nashville $896,297, the Baltimore &
Ohio $920,144, the Union Pacific $515,017, the Missouri Pacific $519,000, the Illinois Central $314,023,
the St. Louis Southwestern $235,000, &c.,&c. Only a
few roads form an exception to the rule and show an
increase. This will appear from the following, in
which we have brought together all changes for the
separate roads, whether increases or decreases, for
amounts in excess of $30,000. The increases are
meagre and insignificant, while the list of decreases is
a large and formidable one.
FEB. 271915.]
THE CHRONICLE
PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Increases.
Decreases.
Atch Top & Santa Fe-__
$281,009 Yazoo & Miss Valley___
$183,377
Lehigh Valley
141,835 Minn St P & S S M__
179,732
Chicago & North West
67,485 Denver & Rio Grande___
154.900
Colorado & Southern
56.793 Buffalo Roch & Pittsb__
151.400
Denver & Salt Lake
48,492 Kansas City Southern...,
138,669
Minneapolis & St Louis..
31,340 Cin New Or!& Tex Pac_
130.967
Grand Trunk Pacific__
121,220
Representing 6 roads
Texas & Pacific
117,190
$626,954 Alabama Great Southern
in our compilation__
92,955
Decreases. Wabash
90,438
Canadian Pacific
$1,811,000 Chicago Ind & Louisv
66,886
Southern Pacific
Missouri Kansas & Texas
65,857
Southern Railway
1.085,966 Vicks Shreve & Pacific65,446
Baltimore dr Ohio
920,144 Chesapeake & Ohio
61,407
Louisville & Nashville
896,297 Chic St Paul Minn & 0_
60.214
Canadian Northern
620,100 Alabama & Vicksburg
48,300
Missouri Pacific
519.000 Georgia Southern & Fla44,183
Union Pacific
515.017 Buffalo & Susquehanna..
42.838
Grand Trunk
356,120 Virginia & Southwestern
33,047
Illinois Central
St Louis Southwestern__
235.000
Wheeling & Lake Erie__
Representing 32 roads
212,754
Mobile & Ohio
in our compilation.._$10.680,656
203.582
What makes the present shrinkage in revenues
doubly significant is that comparison, speaking of the
roads as a whole, is with poor results in the corresponding month of the previous year. As a matter
of fact, in reviewing the figures for January 1914 we
lamented that the year had not opened auspiciously.
The Canadian roads were prominent for unfavorable results the same as this year, while United
States roads also did poorly, as trade reaction was
even then in progress. Our early statement at that
time showed a loss of $3,713,220. or 5.32%, to
which, therefore, the loss of $10,072,625, or 9.50%,
for January 1915 is additional. To be sure, in
January last year we were comparing with a period
of very large increases in January 1913, but the
extent of these increases was in a measure misleading,
inasmuch as they followed from the fact that the
weather was so extremelyrmild then (as it was also
the present year), while in January 1912 meteorological conditions were the worst experienced for a
generation, with the effect of seriously curtailing
railroad revenues at that time.
As an indication of the effect exerted by adverse
weather conditions in January 1912, we may note
that our early statement for that month registered
a decrease. This decrease was not large, being no
more than $103,181, or barely 1-5 of 1%. The
showing at that time, however, would have been a
great deal worse except for the fact that the Canadian
systems were then still reporting phenomenal gains,
the three having contributed altogether an increase
of $1,997,547. With these eliminated, the result for
the roads in the United States would have been
a loss of $2,100,728. Nor were the earnings for
January 1911 particularly good. Our early January
statement for that month showed only $1,360,699
increase, or 2.31%. Prior to 1911 there were some
noteworthy records of expansion. The following furnishes a summary of our early January totals back
to 1897. From this it will be seen that, except where
weather conditions interfered seriously with railroad
transportation, or where panicky conditions prevailed
in business, the January record prior to the year 1912
was one of continuous growth:
January.
Mileage.
Year Yr. Pre- InGwen. ceding cese.
Year.
Roads Miles. Miles.
Gross Earnings.
Year
Given.
Year
Preceding.
Increase(±) or
Decrease
1
%
1897 --.- 124 91,113 90,550 0.62 33,135,597 35,982,790 -2,827,193 7.96
1898 _ _ 125 95,817 94,873 0.99 40,531,246 34,640,631 +5,890,615 17.00
1899
118 93,605 92,416 1.29 42,073.103 39,423,994 +2,649,109 6.72
1900....- 104 95,543 93,927 2.26 98,085,950 41,770,230 +6,315,720 15.10
1901 - _ 102 97,369 94,683 2.84 55,377,258 51,031,757 +9,395,501 8.51
1902....- 94 95,656 94,011 1.75 57,169,120 53,126,110 +9,093,010 6.71
75 95,095 93,137 2.10 59,888.350 54,740,827 +5,145,5231 9.40
1903
1904 -- 66 79,629 77,749 2.92 46.258,053 48,085,470 -1,827,417, 3.80
62 80,160 78,338 2.33 40,559,869 96.790.179 +2,769.690 5.92
1905
1906 -- 54 81,800 79,997 2.27 57,728,897 48,559,919 +9,168,978 18.88
1907-- 68 93,516 91,670 2.01 70,798,432 69,253,693 +1,544.7391 2.23
1908-- 58 83,870 82.857 1.21 51,983,470 56,959,883 -4,976,393 8.74
1909 --- 51 79,732 78,148 2.03 49,948,282 47.680,819 +2,267,463 4.76
1910 __-_ 50 82,136 80,688 1.80 55.379,755 48,022,938 +7,356.82715.32
1911 _- 51 88,919 86,559 2.72 59,712,930 58,351,731 +1,360,6991 2.31
98 87,404 85,984 1.65 57,898.284 58,001,445
1912
-103,181 0.18
1913 --- 48 88,321 85.946 2.77 67,033,683 57,120,163 +9,913,520 17.44
1914 ____ 17 90,939 89,602 1.49 68.918.192 70,631,362 -3,713.220 5.32
1915 --- 56 128,072 126.574 1.19 96.194,349 108,266.974 -10.072.625 9.50
Note.-Nelther the earnings o the Mexican roads nor the mining operations of
the anthracite coal roads are Inc uded in this table.
679
It should also be noted that this year's large and
general contraction in revenues occurred in face of a
very much heavier grain movement in the West and
a larger cotton movement in the South. On the
other hand, another fact of general importance must
not be left out of consideration. We refer to the
circumstance that there was one more Sunday in
January 1915, leaving, therefore, one less working
day. Except for that, both the amount and the
ratio of this year's loss would have been to that
extent reduced, leaving the shrinkage, however,
still large. That Western roads should be obliged to
report a falling off in face of the prodigious grain
movement and the fabulous prices realized for the
same is evidence that though agricultural prosperity
is an important favoring element, it is by no means
a full equivalent for general prosperity and activity
in the manufacturing industries. At the moment
we are realizing extraordinary prices for our farm
products, and these products are being exported in
such huge amounts that all the foreign exchanges of
the world are turning in favor of the United States,
and yetj our manufacturing industries (except the
few that:are:engaged in making things for the battlefield) are depressed and railroad traffic and railroad
revenues are shrinking in a startling way. In explanation it can only be said that something more
than good crops, high prices for the same and a large,
export movement are necessary to revive confidence
and start the country's industries humming.
Of course in the South the low price ruling for
cotton has been an important drawback,buteven in
the West generatbusinessis stagnant,notwithstanding
the high grain prices being realized. It may surprise
the reader to hear that for the four weeks ending
Jan. 30 the present year the receipts of grain at the
Western primary markets reached 95,284,000 bushels, as against 63,598,000 bushels in the corresponding
four weeks of 1914. Nevertheless, and notwithstanding the further advantage of high prices, Western railroads, as we see, are reporting diminished
earnings except in a few special cases. In the following we show the details of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four week.end-Flour.
Wheat.
Corn.
Oats.
Barley.
Ina Jan. 30. (bbls.)
(bush.)
(bush.)
(hush.)
(bush.)
Chicago1915
818,000 5,034,010 20,375,000 11,423,000 1,762,000
1914
725,000 1,928,000 7,889,000 7,405.000 2,279,000
Milwaukee399.000 3,873,000 2,110,000 1,294,000
1915
104,000
1914
167,000
487,000
856,000 1,172,000 1,527,000
St. Louis1915
343,000 1,830,000 2,680,000 2,232,000
174,000
1,826,000 1,924,000 2.504,000
1914
259,000
210.000
Toledo757,000
903,000
1915
205,000
6,000
1914
620,000
301,000
101,000
4.000
Detroit209,000
1915
733,000
34,000
356,000
1914
59,080
36,000
339,000
171,000
Cleveland1915
57,000
159,000
613,000
508,000
1914
48,000
57,000
513,000
413.000
Peoria1915
308,000
209,000 1,842,000
997.000
308,000
1914
208,000
235,000
1,371,000
200,000
1,029.000
Duluth1915
1,020,000
987.000
123,000
677,000
1914
1,500.000
283,000
90,000
169,000
Minneapolis1915
9,184,000 2,512,000 1,343,000 2,425,000
1914
8,004,00() 1,291,000 1,278,000 1,733,000
Kansas City1915
447.000
2,746,000 4,185,000
1914
860,000
1,472,000 4.069,000
Omaha1915
1,003,000 5,598.000
914,000
1914
939.000
1,255,000 4,372.000
Rye.
(bush.
785.000
282,000
672,000
245,000
43,000
21,000
5,000
9.000
44,000
41,090
93.000
15,000
492.000
249,000
Total Olaf!
1915
1,669.000 22,191,000 93,755,000 21,212,000 6,042,000 2,084,000
1914
1,443.000 17,124,000 23.527.000 16.041.000 6.049.000 857,000
THE CHRONICLE
680
The gain in the cotton movement in the South was
no lessInoteworthy,;though here was the!disadvantage
of lowlprice. The shipments of cotton overland were
234,173 bales in January 1915 and 230,506 bales in
Januarya1914, as against 247,176 bales in January
1913; but thissloes not reflect accurately the general
cotton movement. At the Southern outports the
receipts the present year reached no less than
1,799,080ibales, against only 1,166,295 bales in
January last yeari and but' 725,995 bales in January
1913) as will appear by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JANUARY
1915, 1914, 1913, 1912, 1911 AND 1910.
January.
Ports.
bales
Galveston
Texas City, &c
NewiOrleans
Mobile
Pensacola, &c
Savannah
Brunswick, &e
Charleston
Georgetown, &e
Wilmington
Norfolk
Newport News, dm
Total
1915.
1914.
1913.
1912.
1911.
1910.
692,302
170,511
307,738
23,094
11,732
325,210
51,500
58.498
145
34.007
106,153
18,190
472,897
108,721
269,132
29,840
7,204
127,386
31,900
8.930
313,993
113,867
116,290
11,274
13,518
70,913
17.900
7,119
475,287
125,992
247.750
58,749
58,358
281,252
36,240
26,989
29,038
57.588
23,659
9,301
28,434
23,386
61,482
72,745
2,057
274,839
147,882
229,089
26,359
30,248
134.625
36,078
12,106
233
36,992
47,144
1,064
271,185
18,833
151,420
19,783
13,097
61,410
3,08
4,095
220
8,956
25,924
1,473
725,995 1,426,881
976,659
580,384
1,799,080 1,166,295
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
January.
1915.
$
Canadian Pacific 5,918,00C
Chic Gt West._ _ 1,132,360
Dul So Sh & Atl _
229,116
Great Northern_ 54,243,531
Minn & St L_a__
841,469
Minn StP&SSM 1,873,881
Total
1814.
$
7,729,001
1,143,58
238.815
4,243,530
810,129
2.053,613
1913.
1912.
1911.
1910.
$
$
$
$
9,679,607 7,328,782 5,740,206 6,104,426
879,372
650,649
843,60:
1,104,048
211.327
208,509
200,34.
256.249
4,590,482 3,806,389 3,285.815 4.062,844
699,613
508,340
576,000
827,770
2.416,37 1,069,961 1.517,274 1,568,720
14.238.356 16.218.671 18.874.525 13.757.428 12.394.066 13.402,689
•Includes Mason City dr Fort Dodge and the Wisconsin Minnesota dr Pacific.
a Includes Iowa Central.
b Month in 1915 not yet reported; taken same as last year.
[VOL. 100.
GROSS EARNINGS AND MILEAGE IN JANUARY.
Gross Earnings.
Name of Road.
1915.
1914.
Mileage.
Inc.(±)or
Dec.(-). 1915. 1914.
$
$
Alabama Great Sopthern
448,156
-92.955
309
309
Ala N 0 & Texas Pac297,298
New Orl & Northeast_
327,042
-29,744
203
203
165,452
117,152
Alabama & Vicksburg
-48,300
142
142
164,507
99,061
Vicks Shreve & Pac--65,446
171
171
160,643
177,860
Ann Arbor
+17,217
291
291
Atch Top & Santa Fe...... 8,822.427 8,541.418
+281,00911,137 10.873
6,486,271 7,406,415
Baltimore & Ohio
-920,144 4,516 4,456
7,710
6,892
Bellefonte Central
-818
27
27
672,294
Buffalo Rock & Pittsb
823,694
-151.400
586
576
155.255
112,417
Buffalo & Susq RR_--42,838
252
252
950,800 1,570,900
Canadian Northern_ ---620,100 4,670 4,670
5.918.000 7.729,000 -1,811,000 12,319 11,827
Canadian Pacific
3.159,380 3,220,787
Chesapeake & Ohio
-61,407 2,367 2,345
1,114,011 1,112,517
Chicago & Alton
+1,494 1.026 1,026
-11.224 1,429 1,496
Chicago Great Western_ 1,132,360 1,143,584
523,709
456.823
-66,886
Chicago Ind & Louisv
617
616
6,497,037 6.429,552
+67,485 8,108 8,091
Chicago & North West
-60.214 1,753 1,747
Chic St Paul Minn & 0... 1.450,102 1,510,316
907.523
776,556
-130.967
Gin New On & TexasPac
336
336
+56,793 1.867 1,867
Colorado & Southern_ -- 1.191,179 1,134,386
-154,900 2,598 2,585
Denver & Rio Grande.. 1,473,500 1,628,400
320,600
-12.200
308.400
943
Western Pacific
936
77,708
126,200
+48,492
255
Denver & Salt Lake......
214
-3,495
78,448
74,953
400
Detroit & Mackinac_ _ _ _
411
-9,699
238,815
627
229,116
Duluth So Sh & Atl _ _ _ _
627
182,111
226.294
-44,183
Georgia Southern & Fla_
395
395
Grand Trunk of Can__
-356,120 4,549 4,548
Grand Trunk West-- 3,410.813 3.766.933
- Del Gr Hay & Milw_
Canada Atlantic_ _ _ _
246,833
Grand Trunk Pacific__ _
-121,220 1,104 1,104
368,053
5,171,599 5,485,622
-314,023 4.763 4,763
Illinois Central
Kansas City Southern
927,020
788,351
827
827
-138,669
Lehigh Valley
3,003,715 2,861,880
+141,835 1,443 1.439
Louisville & Nashville
4,109,985 5,006,282
-896,297 5.034 4,923
Mineral Range
61,482
+24,724
36,758
124
121
Minneapolis & St Louisl
841,469
810,129
+31,341 1,646 1,646
Iowa Central
Minneap St Paul & SSAI 1,873,881 2,053,613
-179,73 4,102 3,976
Missouri Kan & Texas_a 2,787,907 2,853,764
-65,857 3,865 3,817
Missouri Pacific
4,369.000 4,888,000
-519,000 7,284 7,283
Mobile & Ohio
839,705 1,048.192
-208,487 1,122 1,122
Nevada-Cal-Oregon_ _ _ _
19,131
11,236
274
+7.895
236
Rio Grande Southern_ _ _
40,134
-5,750
45,884
180
180
St Louis Southwestern
936,000 1.171.000
-235,000 1.753 1,715
Southern Pacific
9,263,829 10,399,323 -1,135,494 10.548 10,431
Southern Railway
4,653,002 5,738,968 -1,085,966 7,036 7,036
Tenn Ala & Georgia_ _ _ _
7,063
4,705
-2,358
97
97
1,553,345 1.670,535
Texas & Pacific
-117,190 1,886 1,884
Toledo Peoria & Western
93,919
100,917
247
+6.998
247
363.139
Toledo St Louis & West..
367,330
-4,191
451
451
5.895,419 6,410,436
Union Pacific
-515.017 7,807 7,650
146,114
Virginia & Southwest'n_
-33,047
179,161
240
240
2,198.068 2,288,506
Wabash
-90,438 2,518 2,515
313,142
525,896
Wheeling & Lake Erie-212,754
459
459
1,015,263 1,198,640
Yazoo & Miss Valley
-183,377 1.372 1.372
$
355,201
96.194,349 106266974 -10.072,625 128072 126574
(56 rods)
a
_Total
._
et decrease(11.5091)-a Includes Texas Central in both years.
GOLD AND SILVER PRODUCTION AND
MOVEMENT IN 1914.
January.
1913.
1912.
1911.
1910.
1915.
1919.
Much as the prevailing conditions on the European
$
S
$
$
$
$
Buff Roth & Pitts
672,294
523,694
830,531
746,212 707,661
855,925 continent have exerted an adverse influence in many
Chicago & Alton_ 1,114,011 1,112,517 1,238.969 1,065,366 1,144,504
987,907
Chic Ind& Lou_
956,823
523,701
506,083
482,986
432,953
421,967 way,they tended in only a minor degree to diminish
Grand Trunk_ _
Grand Trk W. 3,410,813 3,766,933 4,048,248 3,422,286 3,381,231 3,152,992 the volume of new gold made available for the
Del0 H & M.
.
Canada Atlan.
world's use in 1914. The year witnessed a further
Illinois Central_c 5,171,599 5,485,622 5,380,607 4,252,609 5,497,34E04,913,049
Tol Peo & West
100,917
93,919
122,657
113,664
107,932
107,615 moderate contraction in the amount of gold mined,
Tol St 1.& Wen_
363.139
367,330 390,528
291,028
281,697
213,668
Wabash
2,198,068 2,288,506 2,458,967 2,060,365 2,367,495 2,282,219 an outcome due in greatest measure to developments
Total
13,487.664 14.482.23014.976.594 12.442.606 13.910.828 12.815.342 entirely dissociated with the war situation in Europe.
b No longer Inc udes receipts for hire of equipment, rentals and other items.
In fact, the falling off is not to be accounted for in
c Includes earnings of Indianapolis Southern beginning with July 1910.
any general way, but is rather the result of several
EARNINGS OF SOUTHERN GROUP.
independent causes. For instance, in Africa the
January.
1915.
1914.
1913.
1912.
1911.
1910.
disorganization of the working force of the Transvaal
2
$
$
3
$
$
the strike in June of 1913 and the further
following
Alabama Gt Sou_
355,201
448,15
447,760
385,95
371,039
392,94:
Ala N 0& T Pin January 1914 (starting with railway
troubles
labor
New Orl & NE. 297,298
327,042
343,348
320,322
314,823
292,871
Ala & Vicks
117,152
165,452
162,307
149,081
154,959
146,057
time),accounts for a drop in producthat
employees
Vicks Shrev St P
99,061
164,507
143,386
128,154
126,430
135,585
Ches & Ohlo_c
3,159,380 3,220,787 2,979,278 2,633,993 2,835,119 2,541,852
premier field that gains elsewhere
CM NO & T P. 776,556 907,523
932,340
779,627
786,337
742,453 tion in the world's
Louts,/ 4 Nash _b 4,109 985 5,006,282 5,217,578 4,535,545 4,508,461 4,421,361
overcome. The loss in AustralMobile & Ohio
829.705 1.048,192 1,053,077
899,101
935,48:
894,733 in Africa could not
Southern Ry
4,653,002 5,738,968 5,547,839 4,852,377 4,878,866 4,480,219
story of poorer-grade ores
oft-told
Yazoo& Miss Val 1,015,263 1,198,640 942,889
the
8/7.803 1,050,163
816,791 asia is merely
Total
15,422,603 18.225.549 17.769.802 15.501.031 15 002 741 14 011 ana in the lower levels of the mines and the diminution
b Includes the Louliville & Atlantic and the Frankfort & Cincinnati.
in output in Mexico naturally follows the chaotic
e Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
conditions there existing as a result of the continuEARNINGS OF SOUTHWESTERN GROUP.
ation of the warfare of the various factions contending
January.
1915.
1914.
1913.
1912.
1911.
1910.
for the control of the Republic. These various
$I
$
$
$
$
$
and Russia, France and Austria,show col1,191,179
1,134,386
1,268,614
Southern_
1,154,333
1,335,752 1,394,323 countries,
Colo &
Deny& Rio Gr __ 1.473,501 1,828,400 1,806,324 1,678,558 1,682,385 1,722,955
loss in yield for the year that satisfactory
896,675
881,212
881,817
732,765
Intern'l dt Gt Nor 8896,675
699,467 lectively a
Mo Kan & TeX_Ct 2,787,907 2,853,764 2,657,549 2,256,346 2,351.844 2,115,189
United States and Canada and small
Missouri Pacific_ 4,369.000 4,888,001 5,125,699 4,077,635 4.298,581 4,180,355 gains in the
936,001 1,171,001 1,139,766
945,879 1,056.077
914,534
St Louis So West
several
countries of minor importance
Texas& Pacific__ 1,553.345 1,670,535 1,488,307 1,464.636 1,322,663 1,361,282 additions in
Is 907 (ICA 14.242.761 14.367.471 12.459.204 12.780.066 12 aRa q110 as producers fail to counterbalance.
and Wichita Falls line from Nov.1 1912.
The United States, rather unexpectedly it might be
- a Includes Texas Central in all the years
reported; taken same as last year.
S Month this year not yet
said, exhibits a fair increase in yield over 1913, acWe now add our detailed statement for the month, cording to the early estimate issued jointly by the
comprising all the roads that have thus far furnished Bureau of the Mint and the Geological Survey;
but the result reported is below 1912 or several earlier
returns for January:
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
FEB. 271915.]
THE CHRONICLE
681
years. The gain over 1913 is due in greatest measure indicated below, and in Australasia the history of
to enhanced yields in California, Colorado and 1914 is merely a repetition of that of every year
Alaska, the better outcome in the last-named being since 1905-decreasing product in about every
ascribable to the greater abundance of water than Province. Looking at recent Australasian returns,
in the previous year. Nevada, on the other hand, it is difficult to realize that at one time that country
which only a few years ago seemed to threaten the was the foremost gold producer of the world and
supremacy of California and Colorado as producers, much was expected of its mines. But along in 1906
suffered a further drop in yield as a result of pcorer- poorer-grade ore began to be encountered as the lower
grade ores mined, and returns an output only a little levels were reached, and since that time the output
has steadily fallen off, until in 1914 it reached less than
more than half that of the Pacific Coast State.
began
23/i
which
million fine ounces, against over 4 1-3 million
mines,
The strike in the Transvaal
which
nine
for
years earlier.
causes
the
1913,
June
towards the close of
will
it
ago,
The
following detailed compilation of the gold
year
a
us
by
fully
quite
to
were referred
doubtless be remembered, resulted in a serious loss product will enable the reader to trace the growth of
in the working force of the mines and a disorgani- the contribution from the various sources of supply
zation of labor generally, with a consequent decided since 1880. Corresponding information from 1871 to
decline in output in the last half of that year; but 1881 will be found in Vol. 70 of the "Chronicle," page
some improvement in the situation was discernible 256, and from 1851 to 1871 in Vol. 54, p. 141,or in
before the close of December, and hopes were enter- 1887 issue of the Financial Review.
OOLD.-PRODUCTION IN THE WORLD-OUNCES
tained that a near approach to normal operations
profar
very
had
1914
before
attained
might be
s8R,F.F.
r.,88g2F1S r =We. r stnr, r
oe
gressed. Early in January, however, the aspects £1: o
co
of affairs changed materially. In fact, on Jan. 13
the railway men's General Secretary, without even
0o.0400-1e
waiting for a ballot on the subject or giving the
zeuwmats4
a
called
grievance,
,41';',Z1
commission time to consider the
strike with the support of the Trades' Council, whose
leaders repudiated the settlement made the previous
11.t;91416.'
July (despite important measures the Government
was preparing in the interest of workingmen), and
WEE
initiated a universal down-tools policy. Profiting
4
2,
1• :3-gr.
?itEtit,
by previous experience, the Government immediately taz§a ::-.S13413 a agsg• a; 40,4a •
handled the situation in such a way that the move- a-,3
.gp,Ergi l'arattot. &TOSS Mtn
ar4v, tts
"oics1-*cob
ment was effectively and quickly suppressed. In .410.a
;letr,„, Itittc.g9 14 Lig8r.9 48S80. 1 •
*
885,ssa
r.g *
other words, martial law was proclaimed and the
?
labor leaders were expelled from the country, this
!;Wg;f411.
being considered to be for the best interests of all
.tsze. •
Mit`a" V44;188
concerned, the union included. Month by month
a as*
co4
68:T. 42.73:12:17
during the year the labor force increased in number, ope.:8 c•?.?znar.,
4o.
th2st• •
a
but efficiency being lacking production continued low -454a !LEE-U.'t
a
as compared with a period of normal conditions like
..-cati:-. -cr.
"cc •:.3.
EstEre a/
'11.
ttV•Sfr,
1912 or the first half of 1913. Outside the Transvaal
338E.'.61.
a moderate increase in yield is to be reported for 1914,
of
Africa the output at 9,908,940
but for the whole
c
fine ounces exhibits a decline of 131,478 fine ounces
8`434-Vf. f..85a8
from the previous year and 385,714 fine ounces •
52
21t5.3g PI.,.
g6
-9 t.
-..
':'.
,:in L'1 1"12,gri al3t1§.
;813
from 1912.
r.
]
gc43,14,'Ar, F. tin.m.,'tt
Canada further increased its production of gold ):Po.
t
14
.)
in 1914, according to the preliminary approximation 173t3
0 .8.‘548,1! 6
,
olos0
- %1%13 c tEL.....3;17..‘
a
...• •1
of Mr. McLeish, the added yield coming largely
aoocoll
C V.1.tra
from British Columbia, which, through development
g aS.' v.V. •
.os tital t"Alt,
a
work there, is quite steadily gaining in prominence
ott4coo.
,t,ttest
z.45itral
among the provinces of the Dominion as a producer Engt,
ngures from 1/ggl
gie:12t506111)426rU
ITN see hot. 5
77
to
see
p.
of the precious metal. The Colar field of India, too, The ounces In
d
rner.
ciatitiRe
tlyanne
the foregoing table for any of the countries given7 F
tniti
dollars by multiplying by 20.6718. The value in pounds sterling may also be
made a slightly greater contribution to the aggregate Into
ascertained by multiplying the ounces by 4.2478. Thtni, according to the above.
product In Africa in 1914. stated In dollars, Is $204,835,626, and In sterling
new supply in the late year, and such information She
842.090.635
Only partially revised: full official details for all countries not yet available.
I
t
South
Central
America,
hand
indicates that
as is at
As summarized above, the gold production of the
America and Japan did likewise. Russia (including
Siberia), France and Austria, as already intimated, world in 1914 was approximately 21,731,295 fine
manifestly contracted their output of gold. In fact, ounces, valued at $449,224,983, or a decline of
it is highly probable that such estimates as have been 440,391 fine ounces, or $9,103,675, from the previous
current since the year closed, including those incor- year, and a falling off of 834,402 fine ounces, or
porated in our compilation, may, under the condi- $17,248,592, from 1912. The latest total, moreover,
tions existing in those countries, be found to be some- is the smallest since 1908, but between 1904 and 1908
what excessive when final returns are received a year production advanced sharply as a result of the practhe situ- tical doubling of the output of the African mines.
or two hence. Whatever may have.been
evident
is
it
that It is, furthermore, a fact that while in the last decade
ation before the first of August,
setback.
serious
the annual yield of gold has risen from 16,739,448
since that date the war has been a
have
hamMexico
fine
ounces to 21,731,295 fine ounces, or a gain of
Somewhat similar conditions in
as
about
result
fine ounces, the advance in Africa has been
4,991,847
pered mining operations there with a
AND VALUE%
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I.-
682
THE CHRONICLE
rom 4,163,541 fine ounces to 9,908,940 fine ounces,
or an increase of 5,745,399 fine ounces. It is patent,
therefore, that the world outside of Africa contributed
to the aggregate new supply of gold some 750,000
fine ounces less in 1914 than ten years earlier.
We have for a number of years past made the
tracing of the annual production of gold to its place
of ultimate lodgment a feature of this review, and have
within certain limits met with very gratifying results.
This year, however, the conditions in Europe are
such, on account of the war, that investigations meet
with considerable difficulty. In the first place, it is
to be noted that the principal European banks within
the year increased their gold holdings largely—Germany to the extent of 225 million dollars, England
170 millions, France 145 millions, Russia 50 millions
and the remaining institutions collectively, as far
as we can learn, about 100 millions, or 690 million
dollars for all. Here alone we have a gain some
241 million dollars greater than the total production
of gold for the year. As regards the Bank of England, the gain of 170 million dollars is quite fully
explained by the direct net imports of the metal
into Great Britain (100 million dollars) and the
amount exported from the United States to Canada
(71 million dollars) for the account of the Bank and
included in its weekly statements. The increase
in the holdings of the Bank of France, too, can be
accounted for by the considerable amount of gold
(85 million dollars) sent thence from here and the
60 million dollars received from Great Britain. But
the addition of 225 million dollars to the stock held
by the Bank of Germany between Jan. 1 1913 and
Jan. 1 1914 finds no such means of explanation; it
clearly in large part represents gold that had previously been hid away, including that in the "War
chest." As against the enormous gain in gold by
the European banks,it is to be stated that the United
States visible stock as compiled by Treasury Department decreased 107 million dollars during the year.
Disregarding the 225 million dollar gain by the
Bank of Germany, we have for the remaining
European institutions an enlargement of gold holdings of 465 million dollars, from which should be
deducted the 25 million dollars net received by Great
Britain from India, Egypt and South America, &c.,
and the 107 million decline in the holding of gold
in the United States, leaving net 333 million dollars.
There would remain, therefore, 116 million dollars
to represent the amount of gold used in the arts, &c.,
a total some 50 million dollars less than most
recently estimated as the annual absorption, but
under existing conditions apt to be over rather
than under the mark.
Official Details from Gold-Producing Countries.
[VOL. 100.
poorer quality of the ore treated in leading fields and the
results in Utah, Washington and Idaho fell below those of
the previous year. The ounces and values as estimated
for each State in 1914 contrast as follows with the final figures for 1913 and 1912:
G OLD PRODUCTION IN UNITED STATES.
1914
1913
Ookl.
1912
Fine ass.
Value.
Value.
Production. Fine ozs.
Fine ozs.
Value.
Colorado....__ 961,748 819,881,100 876,057 $18,109,700 906,606 818,741,200
California __ _1,037,537 21,447,800 979,174 20,241,300 967,878 20,008,000
766,744 15,850,000 735,364 15,201,300 831,974 17,198,600
Alaska
348,988
7,214,200378,471
South Dakota
7,823,700
3,935,100 160,647
3,220,900179370 3,707,900
190,361
Montana
218,113 4,508,800 198,906 4,101,400 183,143
Arizona
3,785,400
3,180,200
172,711
3.170,300 208,622 4,312,600
153,842
Utah
532,309 11,003,800 579,408 11,977,400 656,725 13,575,700
Nevada
1,066,000
60,193
1,244,300
51.568
Idaho
67,804
1,401,700
71,495
1,594,500
1,477,900
77,134
36,751
Oregon
759,700
43,149
1,207,600
892.000
58,418
New Mexico_
36,504
754,600
31,806
607,400
657,500
29,383
Washington
23,021
682,600
7,253
165,800
149,900
8,020
South.States.
10,888
212.700
35,133
726,300
1,065,400
23,562
Other States- 51,538
487,100
Totals
4,490,336 $92,823,500 4,299,784 $88.884,400 4,520,719 $93,451,500
Africa.—A reduction in the volume of gold secured from
the mines of Africa in 1914 is indicated by the returns at
hand,an outcome of the disorganization following the strike
in the Transvaal in June-July 1913 and the recrudescence of
labor troubles in January of 1914. Each month of the first
half of the year gave a smaller return from the Rand workings than in the corresponding period of the previous year,
but before the close of the period conditions began to improve and in the closing months production approached close
to normal. In the first six months the loss in output was
no less than 546,920 fine ounces as compared with 1913, but
for the last half of the year the gain was 150,391 fine ounces.
For the twelve months, therefore, the falling off reached
396,529 fine ounces and contrasted with 1912 there was a
decline of 719,999 fine ounces. The output of the Rand
monthly for the last seven years is subjoined:
Ounces.
January__
February_
March__
April_....
May
June
July
August
September
October
November
December
WITWATERSRAND DISTRICT—FINE OUNCES.
1912.
1913.
1910.
1911.
1909.
1908.
540,202 591,076 579,743 625,826 709,280 760,981
520,969 550,645 550,422 585,863 674,960 702,394
553,440 592,415 581,899 649,247 796,755 760,324
543,361 587,626 594,339 638,421 706,763 755,858
558,243 603,411 606,724 658,196 746,948 761,349
550,240 596,21e 598,339 657,023 722,588 716,267
561,988 599,078 610,664 679,881 735,941 625,107
565,545 590,924 623,129 682,405 732,197 597,686
565,439 585,736 621,311 619,773 716,995 676,411
.94,054 581,132 627,445 677,923 738,082 687,515
591,204 576,768, 617,905 691,462 727,699 644,320
637,853 583,209 616,668 680,782 745,860 642,786
1914.
621,902
597,545
657,708
655,607
689,259
688,232
703,136
684,607
677,063
703,985
685,450
669,075
Totals _6.782,638 7,039,136 7,228,588 7,896,802 8,753,568 8,430,698 8,033,569
Districts of the Transvaal outside the Rand did not do
quite as well as a year earlier, but a better showing was made
by Rhodesia, where production increased from 689,934 fine
ounces to 854,538 fine ounces, further progress is to be noted
in West Africa and a small addition is indicated in Mozambique,. Madagascar, &c. Finally, the yield of the whole
of Africa was 131,478 fine ounces less than in 1913, this following a drop of 254,236 fine ounces in 1913 from 1912. The
subjoined compilation, which covers the progress in goldmining in all districts of Africa since 1886, requires no further
explanatory comment.
AFRICA'S GOLD PRODUCTION—FINE OUNCES.
--Witwatersrand-—Other
— TotalYear.
£
Ounces.
Ounces.
£
1887(part yr) O2
88754
.
122,140
122,190
28.754
190.266
1888
808.210
1.020,600
240.266
50.000
212.390
1890
407.750
2.035.980
479.302
71.552
303.939
1.732.041
3,092,024
18
,
89
,
1
727,912
539.691
600,860
2.552.333 127.052
2
4
631.652 1.150.519
1.001.618
98
4.255.524 148.701
188
11899
4.887.176
967.800 1.865.538
7.924.434
1.637.773 6.056 934 227.765
8.984.685
1.845.138
7.637.779 270.000 1.146.906 2.115.138
3.562.813 15.134.115 341 908 1 452.357 3.904.721 16.586.472
3.360.091 14.273.018 305.784 1.298.909 3.665.875 15.571.927
562.307
709.051
2.388.569
1.679.518 166.922
395.385
11980909
474,696
2.016.419
1.015.203 235.701 1,001.211
238.995
1901
8.490.559
7.185.260 307.286 1.305.299 1.998.611
1.691.525
1902
2.859.479 12.146.994 458.183 1.946.200 3.317,662 14.092.784
4.706.433 19.991.658 788.040 3.347.4365.494.473 23.339.099
11,99009385
5559,534 23.585.400 1,042.151 4.486.849 6.601.665 28.072.249
6,220,227 27.403.738 1.200.847 5,100.958 7.421,079 32.504,696
1907
7.039.136 29.900.359 1,295,468 5.502,689 8.339.604 35.403.248
1909
7.228.588 30.705 089 1.263.200 5.365.623 8.491.788 36.070.912
1910
7.806 602 33.544 mis 1.46,1.109 6.240.863 9.369.001 311.784,34
8.753,568 37.182.795 1,541.086 6,546.225 10.294,654 43.720,020
1
19
9112
1 8.430,998 35,812.605 1,609,420 6,837.083 10.040.418 42,649,688
1913
8,033,569 34,124,434 1,875,371 7,966,201 9,908,940 42.090,835
1914
Australasia.—In practically every district of Australasia
the declining tendency in production, which has been an
annual feature since 1905 (due largely to the poorer grade
ores in the lower levels as well astosomeextent to exhaustion)
continued in 1914, the latest year's yield being not much
more than half of that of nine years earlier. The subjoined
table indicates the product of each colony and the total of
United States.—A moderate augmentation in the yield of all, year by year, since 1899.
PRODUCT OF GOLD IN AUSTRALASIAN COLONES—FINE OUNCES.
gold from the mines of the United States is foreshadowed by
New So. Queens- Western
New
South Tastrta-7'otal Alaissued
jointly
estimate
by
the
Bureau
of
the
preliminary
land. Amanita. Zealand, Australia. Ma etc tralasia
rm Vittoria. Wales.
the
281.209 855.959 1.438.659 335,300 26.458 65.710 3.729.961
1900-726.666
Survey,
the
Geological
ouput
being put at 1901-711.046 216.884 733,975 1.616.933 412.868 29.668
Mint and the
70.990 3.792.364
1902-728.380 254.432 653.362 1.769.176 459.408 23.662 60.974 3.949,394
190,552 fine ounces more than in 1913, but 30,383 fine ounces 1903-767.351
258.488 686.469 2.064.798 479.738 24,401 36,678 4.317.923
increase
in
1914
is
contributed
in
The
269.817
624.917
1904-771.298
1,985.230
1912.
467.647 17.913 60.000 4.196,822
less than in
1905.-810.050 274.263 577.559 1.955,316 520.040 20.547 74.316 9.232.091
493.120 1.794.542 532.922 14.078 50.888 3.925,591
greatest measure by California, Colorado and Alaska, where 1906_7864154 253.987
247,363
457
596
1,698,553 477,303 11.870 65.354 34168,308
69
fine ounces, 85,691 fine ounces 1907-710,2
1908_676.001 224,788 452.451 1.648.505 474.415 14.500
there were gains of 58,363respectively. Montana
3.551,113
and the 1909_659.222 204.709 455.577 1.595,269 472.464 20 052 60.453
ounces,
94,777 3,447.070
fine
31,380
and
1910...578,860 189,214 440.784 1,470.032 450.433 7.108 40.434 3.177,465
h
177.918 359.999 1.371.848 428.813 20,000 52,418 2,911,410
Philippines, however, also show verysatisfactoryincreases, 1911_502.914
1912_...480.131 165,283 317,946 1.282,654 310,962
y in
otn Dakot,su
advanced moderately
1913_434,908 149,655 242,420 1,304,434 343,585 "15:000 *40.000 2
2
:9
66
630,0
700
88
production
and
theother 1914_ _ _409,694 '139.000 220,064 1,245,211 *325,000 'i5,000'4A 000 2,393.969
Mexico. .Nevada,
EMI A
Arizona, Oregon and New
*Partly_estimated.
important decline, due mainly to the
hand,showed a further
From the returns we have obtained from the mines,
mint bureaus and other official and semi-official
sources respecting gold-mining in 1914, we are able
to deduce the following:
FEB. 27 1915.]
THE CHRONICLE
683
ounces more than in 1913. This comprises all the really
reliable information we have at hand regarding 1914, but
there is some basis for considering that in Mexico and Australasia production has declined. As to the former, in fact,
there are reports to the effect that the falling off for the year
reached close to 20 million ounces. The price of silver in
London fluctuated in wider limits during the year than in
EAST INDIA-GOLD PRODUCTION PRINCIPAL MINES.
1908.
1910.
1099.
1911.
1913.
1912.
1914.
1913, the close having been at 233d., against 26 7-16d. at
Ounces. Ounces. Ounces. Ounces. Ounces. Ounces. Ounces.
137,255 133,375 132,338 123,195 118,351 113.877 120,533 the opening, with the highest price 273
%d., the lowest 22%d.
Champion Reef
96,261 95,235 92,177 94,034 93,767 92,063 86,252
Ooregum
was
230,665 232,100 231,687 230,135 228,727 228,249 216,488 and the average 25 5-16d. In 1913 the average
Mysore
79,924 80,379 86,995 90,173 89,229 mem 80,889
Nundydroo3
27
9-16d.,
or
2%d.
higher,
and
the
averages
in
earlier
17,027
15,997
17,495
17,379
21,203
28,039
17,403
Dalagbat
7,271
5,282
159
2,009
2,176 years were 28 1-32d. in 1912; 24 19-32d. in 1911; 24 11-16d.
North Anantapur_a_ 13,350 10,780
27,045 19,745 16.991 13,723
Hutt!, &c
in 1910, and 23 11-16d. in 1909; 24 13-32d. in 1908 and
601,903 589,109 .584,838 573,569 546,230 544,007 534,377 30 3-16d. in 1907.
Totals
a Mysore West and Wynaad for 1908 to 1910, inclusive.
We now present a statement of silver production covering
Russia.-With very little early information of a reliable each year since 1890. See "Chronicle" of Feb. 11 1899,
nature procurable from Russia in a normal year, it is a safe page 258, for results back to 1871.
inference that under existing conditions the difficulties in
1LVEE.-WORLD'S PRODUCTION IN OUNCES AND STERLING.
United
that direction would be vastly increased. It is in fact true
AU Other
Total.
Pine
Marko.
States.
Australia. Producers.
Total
Values.
that as regards gold-mining operations in 1914 practically Ounces. Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
£a
58.330,000 35,719.237 10.000,000 33.916,175 137.965.412 25.900.270
no data is available at this time. The situation, however, 1891-1892-- 63.500,000 39.504.800 13.439.011 36.496.175 152.939.988 25.370.513
is such that a loss in production must have occurred in 1914. 1893._ 60.000.000 44.370.717 20.501,497 41.228.063 166.100,277 24.655.510
1894.... 49.500.000 47.038.381 18.073.440 53.140.696 167.752.517 20.226.410
We therefore hazard a tentative estimate of $20,000,000, 1895-- 55.726.945 46.962.738 12.507.335 53,983.231 169.180.249
21.059.416
Total
ounces,
as
the
output
of
the
Russian
mines
fine
967,500
or
'91-95_287.056,945 213.595.873 74.521.283 218.764,340 793.938.441 117.212.123
1896-- 58 834.800 45 718.982 12,238,700 40.268.888 157.061.370 19,959.882
in the late year, or about 241,877 fine ounces less than in 1897-53.860.000 53.903.180 11.878 000 44,431,992 164.073,172 18.885.500
va..
el appended.
1913. Details for the last thirteen years ar
1898-- 54.438.000 56.738.000 10.491,100 51.560.764 173.227,864 19.488.135
1899.... 54.764.500 55.612,090 12,686.653 44.161.000 167,224.243 19,161.112
080.0 1900.10
,17
India.-The returns from the Colar field, from which
very much the greater part of the East Indian gold product
is obtained, denote that the yield of the country in1914was
slightly greater than in the preceding year, development
being noted in a majority of the mines. The details for
the last seven years are appended.
Russia's production In 1902
1903
1964
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
SO
$22,739,013
24,632,200
24,803,200
22,291,600
19,494,700
26,684,000
28,052,200
32,381,300
35,579,600
32,151,600
22,199,600
25,800,000
20,000,000
1,191,580
1,199,857
1,078,356
943,056
1,290,840
1,357,027
1,516,448
1,721,163
1,555,333
1,073,875
1,209,377
967,500
57.647.000 57.437.808 13.340.263 44.413.802 172.838.873 20.344.676
Total
'96-00_279.544.300 269.410.060 60,634.716 224.836.446 834.425,522 97.839.204
1901.... 55,214.000 57.656.549 10.230,046 49,910.688 173.011,283 19.598.934
1902.... 55,500.000 60.176,604 8.026.037 39.060.842 162.763.483 16.318.731
1903___ 54.300.000 70,499.942 9,682.856 33.206,394 167.689.192 17.292,944
1904.... 57.682.800 60.808.978 14,558.892 31,144,596 164,195,266 18.044.173
1905..... 56.101.600 65.040,865 12.561.600 35.884.774 169.588,839 19.652.873
Total
'01-05.278.798.400 314.182.938 55.059.431 189.207.294 837,248.063 90.908.654
1906____ 56.517.900 55.225.268 14.237.246 39.660.226 165.640.640 21.308.978
1907-- 56,514,700 61.147,203 19,083,031 48.269,689 185,014,623 23,271,822
1908___ 52,440,800 73.664.027 17.175.099 59.906,444 203.186,370 20.636.116
1909.- 54,721,500 73.949.432 16,359,284 66.185.417 211.215,633 20.846.543
1910._ 57,137,900 71,372,974 21,545,828 72,822,660 222.879,362 22,926,393
Total
'06-10_277,332,800 335.358,904 88.400.488 286.844.436987,916828 1091,989,652
1911._ 60,399,400 79.032,440 18,578,421 69,362,583 225.372.844 23,094.847
1912..._ 63,766,800 74.640,300 14.737,944 71.165.810224.310,884 26,198.751
1913.... 16,801,500 60,000,000 14,000,000 70,000,000 210,801,500 24,209,014
67,929,700 40,000,000 13,800,000 77,000,000 198,729,700 20,959,773
1914_ _
a Values of silver In this table are commercial values and are computed on the
average price each year of silver as given by Messrs. Pixley & Abell, London. Value
of In this table $4.8665
Canada.-Continued development of mining in British
Columbia and better results in the Yukon district account
for the increasing production of gold in Canada the last few
years. As regards the 1914 yield of the mines, Mr. John
McLeish, Chief of the Division of Mineral Resources and
Statistics, Department of Mines of Canada, was at first
inclined to approximate it at $15,750,000, or a little under
the outturn of 1913, but late estimates from British Columbia FEDERAL TRADE COMMISSION CLOTHED
are of a nature to lead him to state in effect that, if they are
WITH UNCONSTITUTIONAL POWERS.
approximately correct, $1,250,000 should be added to his
original estimate. We have, therefore, adopted as the preThe following communication from Robert R.
liminary totalfor the year $17,000,000,or 822,376 fine ounces. Reed, of Caldwell, Masslich & Reed, possesses much
This is the best result since 1903. The exhibit for the last
interest now that the President has sent to the Senfifteen years is as follows:
Canada's production In 1900
1901
"
- 1602
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
••
Oa
•
••
••
a•
••
Value.
527,916,752
24,462,222
20.741,245
18,824,500
16,400,000
14,486,800
12,023,932
8,382,780
9,842,100
9,790,000
10,205,835
9,781,077
12,648,794
16,261,131
17,000,000
Ounces.
1,350,475
1,183,362
1,003,359
911,118
793,350
700.800
581,660
401,553
476,112
473,592
493,708
473,159
611.885
784,525
822,376
Other Countries.-With the sources of information and
means of communication restricted as a result of the war in
Europe, it is obvious that from other sections of the Continent, as well as from Russia, no reliable data as to gold production can be secured now. France and Austria are the
only countries to be credited with a mentionable yield, but
with both engaged in the war nearly half of the year it must
have decreased quite materially. In Mexico, too, a further
falling off in output is to be predicated under the conditions
existing. South and Central America and Japan and China
also, on the other hand, seem to have contributed a little
more largely to the world's new stock of gold in 1914 than
in 1913. But "Other Countries" collectively, and not including Mexico, which appears separately in our compilation,
have apparently decreased their production by about 50,000
fine ounces.
Silver Production of the World.
The difficulties that beset us in investigating the course
of gold mining in 1914 are as nothing compared with those
encountered in following up silver production. The estimate of the Bureau of the Mint covering the result in the
United States is available as usual, and it shows an increase
of about one million ounces over 1913, Idaho considerably
increasing its output and Montana exhibiting a retrograde
movement. Important progress in the Cobalt region of
Canada, moreover, impels Mr. MoLeish to put the silver
yield of the country at 27,500,000 ounces, or 8 million
ate the names of the men who are to direct the work
of the new Federal Trade Commission. Mr. Reed
makes a very convincing argument in support of the
proposition that Congress has conferred upon the
new body powers that are not alone undemocratic
but also unconstitutional.
Editor "Commercial and Financial Chronicle":
Dear Sir.-The so-called "Stevens Amendment," Section
5 of the new Federal Trade Commission Act, in effect empowers the Commission to prohibit "unfair methods of competition" when it deems it "to the interest of the public" to
do so. This section was said in the Senate debates to
be "the soul" of the proposed law. It has not, I believe,
received the attention it deserves from the legal profession,
or, in fact, from the general public. It is the Ossowatomie
gospel enacted into statute. If anything, it out-Roosevelts
Roosevelt and out-Perkins Perkins, and yet it has been
enacted by a Democratic Congress at the behest or command
of a Democratic President. Within the space permitted, I
shall skeletonize quite briefly the reasons why this statute
within a statute seems to me to be unconstitutional.
This statute, Sec. 5 of the Trade Commission Act, reads
as follows:
"Sec. 5. That unfair methods of competition in commerce are
hereby
declared unlawful.
"The Commission is hereby empowered and directed to prevent persons,
partnerships or corporations, except banks, and common carriers subject
to the Acts to regulate commerce,from using unfair methods of competition
In commerce.
"Whenever the Commission shall have reason to believe that any such person.
partnership, or corporation has been or is using any unfair method of corn
petition in commerce, and if it shall appear to the Commission that a proceeding by it in respect thereof would be to the interest of the public. It shall
issue and serve upon such person, partnership or corporation a complaint
stating its charges in that respect, and containing a notice of a hearing
upon a day and at a place therein fixed at least 30 days after the service
of said complaint. The person, partnership, or corporation so complained
of shall have the right to appear at the place and time so fixed and show
cause why an order should not be entered by the Commission requiring such
person, partnership, or corporation to cease and desist from the violation
684
THE CHRONICLE
such hearing
of the law so charged in said complaint. * * * If upon
competition in
the Commission shall be of the opinion that the method of
writing in
in
report
a
make
shall
question Is prohibited by this Act, it
and cause
which it shall state its findings as to the facts, and shall issue
or corporation an order requiring
to be served on such person, partnership,
cease and desist from using such
such person, partnership or corporation to
method of competition. * * * The Commission may at any t3lime, upon
proper, modify or set aside, in
deem
shall
it
as
manner
such
such notice and in
whole or in part, any report or any order made or issued by it under this
section."
The Commission "may," if the person affected fails "to
obey such order," apply to the Circuit Court of Appeals "for
the enforcement of its order," and the Court may enter "a
decree affirming, modifying or setting aside the order."
The person affected may also apply to such Court to set
aside the Commission's order. In either case, "the findings
of the Commission as to the facts, if supported by testimony, shall be conclusive." The Commission may at any
time interrupt the proceedings, take new evidence and file
"modified or new findings," which shall in like manner be
oonclusive.
What is the Constitutional power back of this statute?
The Federal Government is a Government of delegated
powers. The legislative power is in Congress, and includes
the power to regulate inter-State commerce. The legislative
power cannot be delegated. There are two apparent broad
exceptions to this rule. One is that the duty of determining
a fact or condition upon which the law takes effect may
be imposed upon a ministerial officer. The other is that a
very broad administrative col:Anil has from timeimmemorial,
by necessity, usage and common assent, been vested in the
executive over what have been generically classed asbusinesses "clothed with a public interest." This includes in
varying degrees the power to license, to prohibit, to regulate.
No one has questioned that every privilege granted by law
may be conditioned in its exercise to subjection to administrative control. No one will question that many, if not all,
businesses "clothed with a public interest" may be subjected
to administrative control to protect that interest. These
businesses and occupations as such are no part of the liberty
of the individual.
Professor Freund says (Section 373):
"Omitting those kinds of business which are subjected to a special control in the interest of peace, safety, health and morals, and which involve
only the police power in the narrower sense of thelterm. the following
have been classed from time to time as in a special sense public occupations
or classes of business; at COMMOn law, the business of the carrier, inn-keeper.
,miller * * • bylmodern statutes, and in addition
ferryman, wharfinger,
to the common law the business of railroads and the telegraph and telephone;
also the management of turnpikes and canals; tstorage of grain and tobacco,
and the business of swckyards; the supply of water, gas, light, heat and power
through pipes and wires; and banking and insurance."
To which may be added the allied business of the building
and loan association.
Brady v. Mattern, 125 Iowa, 158;
Mechanics' B. &IL. Assn. v. Coffman, 1625. W. 1090.
See also discussion by Mr.Justice Brewer in Coiling v. Goddard, 183 U. S.
79.
It is unnecessary to consider the principle, character or
limitations of such control,the control of the village president and police over the cab driver, the peddler and the
saloon. It is sufficient that the present statute is not within
that principle. It does not purport to create an administrative control over any business "clothed with a public interest." It deals with the private business and transactions
of individuals as such, and subjects them, as I shall point
out, to the mandate of_'an executive commission. I trust
the reader will get this fact and this distinction clearly in
mind. Let us turn again to the statute.
The Massachusetts Constitution expresses the letter and
living spirit of the fundamental law, both'of_the nation and
the States, in the following historic words:
"In the government of this Commonwealth, the Legislature shall never
exercise the executive and judicial powers or either of them; the executive
shall never exercise the legislative and judicial power or either of them; the
judicial shall never exercise the legislative and executive powers, or either
of them; to the end that it may be a Government of laws and not of men."
—Massachusetts Bill of Rights, Constitution, Part I, Article XXX."
Congress, at the behest of the President, has attempted
to delegate to his nominees the larger part, if not all, of its
powers over inter-State commerce, if, in fact, it has not
attempted to delegate much more power than it possesses.
It has attempted to create a personal oligarchy over all business engaged in commerce between the States. I do not
now question the wisdom or possible efficiency of such a
government. I do question its place in a democracy.
The "Stevens Amendment" presents a plain case of "govent of men," of executive control, of the discretionary
power to prohibit, to correct, to destroy, not any one or more
classes of business or transactions "clothed with a public interest," but any private business or private transaction that
faildwithin the law-making power covered by the words
[VOL. 100.
"unfair methods of competition." Conceding ad arguendum
for the instant, that Congress may prohibit with adequate
penalty so vague a thing—a thing so undefined in the law—
as "unfair" conduct of one kind or another, what is the
prohibition of the present Act? We have the words of flat
prohibition, but there is no prohibition in fact, no penalty,
no duty to enforce a penalty, on a violation of the pretended
prohibition. So far certainly there is no law. The intended
law follows. It negatives both the generality and the fact
of the pretended prohibition. Were the prohibition absolute, and were the function of the Commission merely to
determine in the first instance whether any particular act
was "fair," we would have perhaps a colorable,a very slightly
colorable, case, of an executive determination of a fact upon
which the law becomes effective. It is unnecessary to dwell
upon this view of the Act as it might have read, as, in fact, it
did read when it passed the Senate. As it came out of the
Conference Committee and was enacted, it lost the pretense
of a law prescribing a rule of conduct and became inform,as it
was in fact, a law delegating to the Commission the power
to prohibit and punish what it deemed objectionable in the
broad field covered by the general prohibition. "When it
appears to the interest of the public to do so," the Trade Commission may prohibit anything within the scope of the legislative mind on the subject of "unfair methods of competition." That is the law, the intended law, which is enacted.
Congress prohibits nothing. It authorizes the Commission to
prohibit anything. The courts are required to enforce the prohibition of the Commission. I may violate the pretended
general prohibition with impunity. Even the Commission
may not punish me for that. They may, if they deem it
best, prohibit a continuation or repetition, i. e., a future
act; they may not punish a past act. In other words,
there is no law until their mandate issues, there is no law
but the executive mandate. The Commission both make and
apply the law in each instance. This is the substantial fact,
that words and form cannot hide, that analogies from the
Inter-State Commerce Act do not help. We have a complete discretionary executive law-making power over private
businesses and transactions of the individuals, over the conduct of the individual, over a vast field of legislation and
government. His liberty and his property right, to use his
skill and his capital in a lawful business, become subject, not
to "the law of the land," but to the will of an administrative
bureau, to its power to prohibit a particular transaction or
course of conduct if it may be said to be "unfair" and if the
Commission deems it to be to the public interest to prohibit it.
What are "unfair methods of competition"? Is there any
Constitutional limitation to the extent or character of legislation affecting individual conduct? Can we legislate "fair"
dealing, and make "unfair" dealing a crime? The word is
ethical, not legal. It means one thing to one man, another
to another. There is no standard known to the law, and
none is provided by the statute by which it can be con- •
strued. It necessarily and properly must reside in the mind
of a particular individual. In that class of cases where it is
necessary that the executive control a quasi-public competion, it might have force. I will concede ad arguendum that
the executive might pass upon the goodness, the morality,
of a proposed applicant for a physician's license, or for
admission to the bar, for a liquor license or for the right to
sell dangerous drugs. I will never concede that under a
democratic government, or under our American Constitution, the executive can tell an individual what is "fair,"
"good" or "moral" in his conduct of himself or of his private
business transactions in intra-State or inter-State commerce. The American citizen and an American court
have but one answer to such a proposal. The dictum of
Mr. Justice Bradley in the Yick Wo case (118 U. S. 356)
states the conclusive judicial answer to such a statute:
"The very idea that one man may be compelled to hold his life, or the
means of living, or any material right essential to the enjoyment of life, at
the mere will of another, seems to be intolerable in any country where
freedom prevails, as being the essence of slavery itself."
Space will not permit an extended discussion of the less
vital question, whether or not the prohibition of unfair
methods of competition by persons engaged in inter-State
commerce, is within the power to "regulate" such commerce. To support its Constitutionality we must construe
the prohibition to relate to inter-State competition as well as
to inter-State competitors. But just what the "fairness" of
competition has to do with any inter-State aspect of commerce, is not clear. That "unfair competition" creates
monopolies is a matter of argument, not of law. The destruction of competitors tends toward monopoly. "Unfair
methods of competition" may tend toward the destruction
FEB. 27 1915.]
THE CHRONICLE
of competitors. They may and quite frequently do tend
toward the establishment of an aggressive new competitor.
It is said that the only effect so far of the slightly analogous
provisions of one of the:New Jersey "Seven Sisters" has been
the punishment of a competitor of the Standard Oil Co.
"Unfair methods of competition" are a long way from connecting up, so to speak, with any direct effect on commerce
as such, unless we take the view that Congress may put
legislative ethics and good morals into any subject under its
jurisdiction. The States, of course, may do the same, and
the millenium may be decreed by statute, subject to a
referendum.
ROBERT R. REED.
NATIONAL BANKS NOT ALLOWED TO TAKE OUT
EMERGENCY CURRENCY INDEPENDENTLY.
Portland, Me., Feb. 23 1915.
Editor of "The Chronicle," New York, N. Y.:
Dear Sir—In your issue of Feb. 13 you are made to say
editorially, on page 500:
"Indeed, . . . under the qualifications of the Act,
a bank may take out additional circulating notes all by itself,
without the intervention of the national currency associations sanctioned by the Act, and which provide for collective
action on the part of given bodies of banks in the various
sections of the country.
But in writing this you, perhaps, were reckoning without
the honorable Secretary of the Treasury.
Last August, with a letter from the Comptroller refusing
to issue emergency currency to a bank in Maine, where
there is no currency association, there was enclosed a copy
of a printed circular addressed to "Banks that are not members of currency associations." The opening sentence of
this printed form letter was as follows:
"This office has received a number of applications from
national banks in different sections of the country to issue
additional currency under the provisions of Section 3 of the
Aldrich-Vreeland Act, which makes it possible, under certain conditions, for national banks, with the approval of the
Secretary of the Treasury, to obtain such currency by depositing securities of a particular class. The Secretary of the
Treasury has generally disapproved these direct applications,
preferring that all banks desiring additional currency should
make their application through a national curerncy association, as provided in Section 1 of the Act referred to, rather
than independently."
Now, Mr. Editor, since the original Act gives the individual bank exactly the same rights in the benefits of the emergency currency that are granted to the associations, and since
those rights have not been abridged or altered in any essential way by any amendments, it seems pertinent to inquire
what authority conferred upon the Secretary the power to
refuse the aid granted by Section 3, and why his disapproval
of the applications of the individual banks should be made
generally.
"Generally" implies that there have been exceptions.
Mr. McAdoo appears to have administered the law according
to his predilections and regardless of the law's intent.
Respectfully yours,
A. A. M.
685
use for over 30 years. Nor are excuses offered because it is Socialistic.
Granted that it is, what less can be said of the present workmen's compensation Acts? The whole idea of making commerce carry directly, instead
of in haphazard man-to-man fashion, the cost of industrial accidents, is intrinsically Socialistic. My plea is that, being embarked upon this economic
adventure, we should master and apply all the precepts of such manoeuvres.
It is regrettable, also, that the passage of such lop-sided, jug-hanched laws
of employers' liability and workmen's compensation cannot fail to have a
demoralizing effect on the laborer class. They are bound to conclude that
their voting power,or the fear of their using it, cna get them further largesse
from the State. Thus pauperized and morally debilitated, they become a
genuine risk. It is for the highest welfare of society that all grades of
endeavor be constantly invigorated and incited. Any contrary tendency is
a menace. Unless we manage workmen's compensation with more comprehensive wisdom, the present inefficient laws will fester into cancerous
growths requiring extensive and painful surgery.
THE TEST OF GOVERNMENT OWNERSHIP—A "PRIVATE" MANAGER FOR GERMANRAILWAY=
[From the "Railway Age Gazette" of February 5 1915.
A cablegram from Berlin announces that Herr Ballin, Director-General
of the Hamburg-American Steamship Company,has been placed in charge of
the operation of all the railways of Germany. This is an extraordinarily
interesting and significantpiece ofnews. A large majority ofthe railway mileage of Germany is owned and managed by the Governments of the various
States. The State railways of Germany, especially those of Prussia, are
recognized by every intelligent student of the subject as the best managed
government railways in the world. If it should be assumed that anywhere
there could be found a State railway system which had developed officers
and an organization that would be able to cope with any situation or emergency, every student of the subject would say that the State railway system
of Prussia was that system. And yet, in the crucial test to which the State
railways of Prussia and the other German States are being put by the great
war, the Government passes over the heads of all the men in its civil service, in its army and in its navy, and takes for the manager of the railways
during the war the head of a groat private company.
The German Hamburg-American Steamship Company, however it may
have been subsidized and encouraged by the Government, is a private enterprise which has been developed and managed on commercial principles
by private business men. The Hamburg-American is the greatest and
best managed steamship line in the world, and Herr Bailin in its managembnt has demonstrated the possession of those qualities of foresight, initiative, enterprise, resourcefulness and driving power which are the great essentials to success in all practical affairs. It is doubtless because he has
demonstrated their possession that he, rather than some man developed in
the Prussian civil service, has been selected to manage the railways. Is
it possible that these qualities cannot be developed to the hgihest degree
even in a civil service like that of Germany? If so, how can they be expected to be developed in the civil service of any other nation?
One of the many arguments that have been used in favor of government
ownership of railways is that of military expediency; yet, In this great crisis,
it has been found a matter of military expediency and necessity to go outside
of the Government railways and get a prviate business man to run them.
Highly significant also was the frank acknowledgment made by Colonel
Goethals in his address before the Chicago Engineers' club last week of his
indebtedness to the railway engineers, John F. Wallace and John F.Stevens.
who preceded him on the Panama Canal. Without the organization and
construction methods which they had worked out, and which he inherited,
his labors, Colonel Goethals said, would have been unsuccessful. This
statement illustrates the bigness of Colonel Goothals. and it also tends to
nullify the arguments in favor of Government ownership which have been
based on his successs in building the canal.
STRENGTH OF FRENCH FINANCES.
(Translation of an article by Edmond Thery, Director of
"l'Economiste Europeen."1
Will the financial and monetary situation of France permit her to continue without exhaustion—independently of her military fends properly
so-called and those of her allies--a war of economic wear and tear
against
Germany, even if the final victory is to be won only in a year or
eighteen
months?. This is a question which it Is well to examine at the present
time.
Let us state in the first place that the sources of public revenues
are more
or less disturbed in all the belligerent countries, for even in
England the
getting-in of the ordinary taxes is not sufficient to cover the civil
expenses.
All these nations are carrying on war with the help of public
loans or advances granted by the banks of issue . . . and It may
be asserted
CRUDITY OF WORKMEN'S COMPENSATION LAWS. that, in the coining months, this last method
of credit will be chiefly
[From an Address by Roberts Walker before the Oklahoma Bar Association, employed.
December 28 1914.
Another fact to be stated is that all the countries of the civilized
world
Are we not now in the earliest or vindictive stage of employers' liability now employ paper money of necessity; but this paper
money (Government
and workmen's compensation legislation? With most of us, I am sure, notes and bank notes unconvertible in
gold) cannot be imposed, according
the answer will be "yes." In a land where, thank God,workmen have more to rule, upon neutral countries to whom
the belligerents must apply for
Initiative and intelligence than anywhere else on earth, and because whereof supplies of goods and merchandise
lacking in their own countries; it is here
the defences of contributory negligence, assumption of risk and fellow ser- that the role of gold and national
reserves, easily convertible into gold,
vice were at first (and in many a trade still would be) abstractly equitable becomes preponderant, and
that the funds of a strong bank of issue, like
and right, we have at a stroke of the Gvoernor's pen stricken down those our Bank of France, can render
great services to the country.
defences and have given the employer, what in return? Nothing, absolutely nothing I Nay, more, we do worse; we abolish the whole question of
In spite of the increase in its paper currency, the
notes of the Bank of
fault, fix a scale of prices for casualties per se, and send the whole bill to France, since
the outbreak of the war, carry a premium in
all the foreign
the employes. The propriety of charging the product with some portion markets,
while the notes of the Reichsbank have depreciated
to a conof the cost of industrial accidents is not here discussed. But it is a most siderable
extent.
obviously proper question whether it was just or even defensible to free the
What are the reasons for this phenomenon? (1)
legitimate
The
confiworker from all the consequences of his own acts and saddle his employer dence which
our great issuing institution inspires everywhere; (2) the enorwith the whole burden. The instant result is that the employer passes that mous revenues
from external sources which France possesses,revenues which
same burden on to the consumer,if he can, and thus the worker may blunder the present
war has as yet affected in only a very limited way.
ad libitum, knowing that the consumer foots the bill.
To give a single idea of the importance
of these revenues, it will suffice
Such legislation Is inefficient for at least three reasons! (1) It demoralizes for me to recall
to mind that from Jan. 1 1901 to June 30 1914 (thirteen
the worker by depriving him of his last reason for being careful; (2) it years and a
half) French capitalists made loans of about 20 billions of francs
forces the employer, by physical examination and other tests, to cull out abroad,and
that,during the same period, the gold reserve of the Bank of
many men otherwise unexceptionable; and (3), it necessitates all the "safety France increased
about 1,719,000,000.
first" methods, which the rich, large employers can install, but which the
This shows that between Jan. 1 1901 and June 30 1914 the sum total of
less fortunate manufacturers and contractors can supply only with diffi- all we received from
abroad in the settlement of our credits--that is, the
culty, if at all, thus adding to the oligarchical power of wealth by hampering credit balance
on our foreign accounts—has exceeded by 21,719.000,000
or even obliterating the small producers. How infinitely fairer it would be francs the amount
of
our
payments of the same kind.
to treat this subject in its entirety; to include sick benefits and pensions for
During the first six months of 1914 the issues effected in France for
old age and incapacitation, to create an insurance fund to carry the load foreign account
amounted to 2,213,000,000 francs, but since July 1 these
In a given trade,so that a run of bad luck would not sink a single employer, same foreign issues have reached only the insignificant figure of 31 million
and to have not only master but employees pay premiums to sustain this francs. And it is certainly the suppression of these operations of credit
fund, the workmen's share in the premium to be greater for sickness and which has enabled us, since the outbreak of the war, to pay in cash
700 to
pensions, the employer's portion to be greater for casualties. This is no 800 million francs for merchandise imported from abroad without
bein
maginary scheme that I am so roughly sketching; Germany has had
in obliged to give up a single Louis of gold.
i
686
THE CHRONICLE
From what precedes one may conclude boldly that if the advances made
by the Bank of France to the State—amounting at this moment to 3.900.000,000 francs—were to reach the sum of 10 billion francs, the credit of
its note would not undergo any serious injury.
But if one admits the possibility of a war of long duration7(a year to
eighteen months, for example), the advances of the Bank of France can
then be considered only as reserve capital to be employed by the Government along with the funds furnished by the more regular means of the
Treasury.
The Bonds of National Defense, suggested by M. Noulens at the outbreak of hostitilities and so happily availed of by M. Ribot, have already
furnished us 2 billions; but these bonds, falling due at too short a date,
are inadequate as instruments of credit for a war of long duration: it is to
a type of loan better adapted to the circumstances that it is now necessary
to turn.
If I had a voice in the matter, I would advise the voting of the plan
which M. Ribot explained yesterday to the Budget Commission, giving
It the following form:an eventual loan of 10 billion francs in Treasury bonds
to be issued in successive series of 1 billion, bearing 5% a year, redeemable
at par in a maximum period of 10 years, and not subject to call until complete repayment, and upon which the Bank of France will lend 80% of
the nominal value at the ordinary rate of interest upon its advances. These
bonds would be issued at par and the bearers of the Bonds of National
Defense have the right to convert the same, also at par, into an equivalent
amount of these new obligations.
It would be possible, in the same way, to devise a system of conversion
to liquidate the 3%% loan issued on July 7 last, a loan which an event of
superior force—the war—has prevented from being provided for and paid
up, and which consequently weighs heavily upon our public market.
The moment, furthermore, is propitious for carrying through a large
credit transaction, one which, while not exactly a liquidation of the tempoiary obligations of the war, will yet prepare the ways and means for it, paying off the Bonds of National Defense as fast as they fall due,and holding
he advances of the Bank of France within a reasonable limit.
The moment is propitious because, on the one hand, the ending of the
moratorium relating to deposits and accounts current in private banks
has restored the normal circulation of credit in France, and because, on the
other hand, never at any period of our history has there been so much
cash in the hands of our fellow citizens as at the opening of the year 1915.
Indeed, before the war and outside of the metallic reserve of the Bank of
France, there were in public circulation in our country about 3,500,000,000
francs in gold and 1,500,000,000 francs in silver.
To this 5 billions of metallic money must be added the 10 billions ofthe
present paper currency of the Bank of France which the public holds almost
in full, for the cash or notes held by companies of credit, industrial and
commercial enterprises and Treasury agents certainly does not exceed
500 million francs.
Thus, there are about 14,500,000,000 francs of available cash, without
mentioning the credit accounts in private banks and in the Bank of France,
amounting on their part to more than 5 billions. This cash was for the
larger part hidden during the first months of the war, but it is beginning
now to appear, if we consider the purchases of securities for cash recorded
upon the official market and the demands at this moment for Bonds of
National Defense and the municipal bonds of the city of Paris.
This enormous capital is producing at the present time no interest; it is
inert and without value for the country; to give life to it and to put it
again in motion it will be sufficient to encourage it, to point out to it the
way to be followed and to inspire a little confidence in those who possess it.
Then France would not have to dread any of the financial difficulties which
threaten Germany. for it is in a better position than she to continue a war
of economic wear and tear to final victory.
Who, among all, will perform this patriotic task?
CONGRESS ASKED TO MEET JUDGMENT IN
DANBURY HATTERS' CASE.
Efforts to have Congress appropriate $290,000 to meet
the judgment and costs which the United Hatters of North
America are required to pay under the award to D. E.
Loewe & Co. of Danbury, Conn., recently affirmed by the
'United States Supreme Court, failed this week with the refusal on the 24th inst. of the House Committee on appropriations to make provision for the appropriation in the
General Deficiency Bill. In petitioning Congress in the
matter, the Hatters argued that the situation in which the
members of the Union find themselvesis a result of the Court
giving the Sherman Anti-Trust Law a construction which
Congress did not intend it to have,and applying it tolabor
instead of limiting its application to combniations of capital.
On this ground, it is contended that the nation should come
to the aid of the defendants, many of whom, if compelled
to meet the judgment, would lose their homes and bank
accounts, while others would be made absolute paupers.
The claims upon Congress have followed the defeat of the
efforts of the United Hatters to have the American Federation of Labor call upon its members to contribute fifteen
cents each to meet the costs involved. When the original
judgment was rendered, the individual members of the United
Hatters in Connecticut were held personally responsible
and their property was attached. It was expected that the
American Federation of Labor would devise some plan
whereby the individual members would be relieved from the
burden of paying the fine, and the President and the Secretary of the United Hatters of North America appeared
before the executive council of the American Federation of
Labor on Jan. 13 last in an endeavor to have the Federation
assist the individual defendants to meet the fine. The
executive council considered the matter for some time, and
which is as follows:
has finally rendered its decision,
feeling that a great injustice has been done
The executive council, while
that feeling the A. F. of L. has neither the
the hatters, finds that despite
or the damages in whole or in part.
r authority to pay the award
eans nor
brought by the Loewe Company against the hatters; later,
The suit
[vox,. Ho.
when the United Hatters of North America were financially unable to bear
the expense of defending the case in the courts up to and including the
appeals to the highest courts of our land, the A. F. of L. pledged itself to
aid financially in the legal procedure. This pledge, contained in the
resolution adopted by the Denver convention of the A. F. of L., has been
fully performed. The A. F. of L., by its activities growing out of the
necessity as developed in the Hatters' case, has secured the enactment
of the labor provisions of the Clayton anti-trust law. Oct. 15 1914. This
law precludes the possibility of any similar suit being brought in the
Federal courts for the exercise of normal activities as performed by the
hatters when such activities have been performed since the enactment of
the law, and thus the A.F. of L. has performed its full duties to the hatters
and to all labor in therpremises.
On their part the Hatters contend that the American
Federation of Labor took the case out of their hands by official action at the Denver convention in 1908, when a resolution was adopted pledging both the moral and financial
support of the Federation in the proceedings. These resolutions read as follows:
Whereas. For the past five years the United Hatters of North America
have been and are now contending with the non-union hat firm of D. E.
Loewe & Co., of Danbury, Conn., to have established in said firm's factory
humane conditions, to wit, a fair earning power and reasonable working
hours; and
Whereas, The said firm of D. E. Loewe & Co. having since instituted
suit against the United Hatters of North America, under the Sherman
Anti-Trust Act, for $340,000; and
Whereas, The said firm of D.E. Loewe 8z Co. have caused to be attached
the homes and personal savings of 250 of the members of the United Hatters
of North America; and
Whereas, The Supreme Court of the United States has decided that
the firm of D. E. Loewe & Co. would be entitled to damages if the Court
finds that the company has suffered loss by reason of the withdrawal of the
patronage of organized labor and its friends; Therefore, be it
Resolved, That we, the American Federation of Labor, in twenty-eighth
annual convention assembled, do hereby pledge to the United Hatters of
North America, and especially to the 250 members of that organization
whose homes and bank accounts are attached, moral and such financial
support as may be necessary in the pending contention; And be it further
Resolved. That the executive council of the American Federation of Labor
s hereby authorized and instructed to take such action as will at the proper
time carry these resolutions into effect.
IDLE CARS INCREASING.
The first statement to be issued by the American Railway
Association on the subject of idle cars since the suspension
of its fortnightly reports three months ago, made its appearance last week. We took occasion to refer to the unfortunate absence of these statistics in our issue of Dec. 26, and
we should be glad to know that the present report is a forerunner of the resumption of the Association's former policy in
issuing the statements bi-monthly. The present report is
not so nearly complete as former reports, but,allowing for
this indicates an increase of over 100,000 in the number of
idle cars during the last three months. We print the statement herewith:
THE AMERICAN RAILWAY ASSOCIATION
Committee on Relations between Railroads, Arthur Hale, Chairman.
New York, February 15 1915.
The Committee presents herewith Statistical Statement No. 1, giving a
summary of freight car surpluses and shortages for Feb. 1 1915, compared
to similar figures for Nov. 1 1914.
(February 1 1915
227,473
Total Surplus( November 1 1914
172,325
211,980
(February 1 1914
Reports as of Feb. 1 1915 have been received from 159 roads, operating
1,854,150 cars, while figures for Nov. 1 1914 were furnished by 192 roads
operating 2,203,414 cars. It is, therefore, probable that had reports been
received from the same number of roads in February the surplus would have
been increased by approximately 50,000, or to a total of 277,000.
The greater part of the surplus increase over figures of Nov. 1 1914 is in
Group 2 (Eastern) and consists chiefly of coal cars.
In the surplus grand total this increase is offset to some extent by a large
reduction in box cars in Group 11 (Canada), due to the failure of two large
roads in that section to report.
832
1 1915
(February
ru
2,229
Total ShortagetNovember 1 1914
2,282
February 1 1914
The shortage is negligible.
The figures showing the surplus and shortage by classes of cars follow:
Surplus. Shortage.
Classes—
40,553
493
Box
16.243
56
Flat
133,200
201
Coal and gondola
37,497
82
Other
832
Total ___________________________________________ 227,473
ARTHUR HALE, Chairman,
Committee on Relations between Railroads.
FEDERAL TRADE COMMISSION NAMED BY THE
PRESIDENT.
five members selected by President
the
of
nominations
The
Wilson to constitute the new Federal Trade Commission
were sent to the Senate for confirmation on the 22d inst. The
appointees and the terms for which they are named are:
Joseph E. Davies of Madison, Wis., Commissioner of Corporations,
whose bureau will be merged into the new commission. To serve seven
years.
Edward N. Hurley of Illinois. President of the Illinois Manufacturing
Association. To serve six years.
William J. Harris of Georgia, Director of the Census. To serve five years.
Will H. Parry of Washington, Treasurer of the Seattle Chamber of
Commerce,formerly editor of the Seattle "Post-Intelligencer" and formerly
To serve four years.
Treasurer of the city of Seatt
FEB. 27 1915.]
THE CHRONICLE
George Rublee of Cornish, N. II., counsel for the Alaska Railway Engineering Commission. To serve three years.
The Senate Inter-State Commerce Committee decided
on the 23d to refer the nominations to a sub-committee,
consisting of Senators Townsend and La Follette, Republicans, and Senators Pomerene, Saulsbury and Robinson,
Democrats; this sub-committee was directed to report to the
full committee not later than to-day (Saturday). The
appointments are made under the Federal Trade Commission
bill, which became a law with its approval by President
Wilson on Sept. 26 last. The Act provides that not more
than three of the five commissioners authorized thereunder
shall be of the same political party; Messrs. Davies, Hurley
and Harris are Democrats, while Mr. Parry is termed a
Progressive Republican and Mr. Rublee is regarded as a
Progressive. Mr. Davies is expected to be named Chairman of the Commission. George L. Record of New Jersey,
who was under consideration as a candidate for membership
on the Commission, will, it is thought, be made its Counsellor. Mr. Davies, who was born in Watertown, Wis.,
in 1876, is Secretary of the Democratic National Committee. He is a graduate of the University of Wisconsin,
from which he received the degrees of A. B. and LL.B. He
was admitted to the Bar in 1901 and was elected Prosecuting
Attorney of Jefferson County, Wis.,in 1902; he was appointed
Commissioner of Corporations in May 1913.
Mr. Hurley was born at Galesburg, Ill., in 1864. He w a
formerly an engineer on the Burlington Railroad; in 1888 he
became a traveling salesman and later manager of the United
States Metallic Packing Co. He is said to have been organizer and President and Treasurer of the Standard Pneumatic Tool Co. of Chicago. In November 1913 he was
appointed by the Secretary of Commerce as United States
Trade Commissioner to the Latin-American republics.
Mr. Harris was born at Cedartown, Ga., in 1868 and is a
graduate of the University of Georgia; he entered the insurance business in 1890, and was at one time President of the
Georgia Fire Insurance Co. of Atlanta; he is also said to
have been instrumental in organizing the Farmers' & Merchants' Bank of Cedartown, of which he was likewise President for a time. He became Director of the Census in July
1913; he tendered his resignation as Director last spring in
order to become a candidate for Governor of Georgia, but
subsequently withdrew his resignation, having decided to
continue as head of the Census Bureau.
Mr. Parry was born in New York City fifty years ago.
He located in Seattle in 1888, engaging in newspaper work.
He was Chairman of the committee which financed the
Alaska-Yukon Exposition, and is President of the Lake
Washington Waterway Co. Mr. Parry is a graduate of
Columbia University.
Mr. Rublee was born in Madison, Wis., in 1868. He is a
Harvard graduate, and was an instructor at the Harvard
Law School in 1896-97; he practiced law in Chicago in 1897-98
and then went to New York and became associated with
Victor Morawetz from 1898 to 1905. From 1910 to 1913
he was a member of the law firm of Spooner & Cotton.
687
William H. Childs, President of the American Coal Products Co. and Vice-Chairman of the Merchants' Association
Committee on Trust Legislation, addressed the meeting on
"The Attitude of the Business Men Toward the Trade Commission." During the course of his remarks, Mr. Childs
referred to the Clayton bill as a measure of some good, but
described it as mainly a "collection of innocuous words."
Mr. Childs in advancing the opinion that the Administration displayed a lack of confidence in business men,said:
Without considering the phenomenal condition in business temporarily
caused by the war, the trouble with business has been, on the one
hand.
want of confidence in financial and business circles in the experience
and
judgment of the Administration in dealing with business matters, and
on
the other hand, apparent want of confidence by the Administration
in the
integrity and patriotism of business men as a class.
He also gave it as his opinion that the real cause of so
much disagreement as to the actual business conditions, and
the methods of dealing with such conditions, had been due
to the ignorance of Congress on these subjects, and to the
"stupid want of willingness on the part of the average business man to study and understand public policies."
RETIRING EMERGENCY CURRENCY.
The emergency currency outstanding, according to an
announcement of Assistant Secretary of the Treasury Malburn on the 18th, amounts to but $38,096,358, or a fraction
less than 10% of the total amount of $384,569,005 issued under the provisions of the Aldrich-Vreeland Act. In making
known that $346,472,647 of the emergency notes had been
retired, Mr. Malburn said:
It is evident that any fears that have been entertained that large amounts
of additional currency put in circulation after Aug. 1 1914 would unduly
inflate the circulation, and would not be promptly retired, may be dismissed. The amount still outstanding is less than 40 cents per capita, and
only a little more than 1% of the total amount of money in circulation in
the United States.
Without doubt the issuance of this currency enabled the country topass
through the troublous times succeeding the outbreak of the European war
last summer, with much less strain than has attended financial disturbances of less severity in the past, and it is shown how advantageously
the Federal Reserve notes may be used in the future.
SIR EDWARD HOLDEN'S ACCOUNT OF THE BRITISH
FINANCIAL WAR MEASURES.
The annual address of Sir Edward H. Holden, Chairman
and Managing Director of the London City & Midland Bank,
Ltd., to the stockholders of the institution, at the annual
general meeting on Jan. 29, has been published in pamphlet
form. The address contains a graphic account of the measures taken by London banking interests and the English
Government for dealing with the acute financial situation
which developed with the outbreak of the European war.
We print here that part of the address:
Berlin only had to meet its domestic transactions and a small proportion
of its international transactions, whereas London had to meet the international transactions of the whole world, including those of Germany. payable in London. Goods shipped from any country to England,from England
to any country, or from any country outside England to any other country,
have been settled in the past by bills accepted payable in London. London
acceptors agree to pay all bills drawn on them on the understanding that
the means to pay them are in their hands before the maturity of the bills.
The means to pay these bills consist among others of goods imported into
this country for sale, and bills remitted here for discount. When the war
broke out, imports and exports for a time practically ceased, bills remitted
could
not be discounted, and the acceptors, seeing that the conditions upon
FEDERAL TRADE COMMISSION EULOGIZED AS PART
which they had accepted the bills could not be carried out, claimed to
OF PLAN AGAINST PRIVATE MONOPOLY.
have time given to them by means of a Bill Moratorium. This
The new Federal Trade Commission and its effect on granted on Sunday. Aug. 2. On Bank Holiday, Aug. 3. a meeting ofwas
the
business was discussed by Joseph E. Davies, United States bankers and merchants of the City of London was held at the Bank of England, at which a resolution was passed petitioning the Government to proCommissioner of Corporations, at the luncheon meeting of claim Tuesday. Wednesday and Thurdsay as additional holidays,
the Members' Council of the Merchants' Association on banks to reopen on the Friday. This Bill Moratorium had the effectthe
of
17th inst. Mr. Davies discoursed upon the same subject making the position much more difficult for the bankers, because their
of
exchange,
bills
which they always regard as one of their best liquid asat the recent annual meeting of the Chamber of Commerce sets,
became as it were frozen up. The London Stock Exchange was
of the United States, and his remarks thereon were quoted at closed on Friday, July 31, and this rendered their investments
unrealizable.
considerable length in our issue of two weeks ago. Speaking During the three days' holiday, many long and important meetings took
place. The bankers recognized that if their business proceeded on ordilast week of the effect the Commission is likely to have on nary lines, there would be no difficulty, but they
had to take into considerbusiness, Mr. Davies said:
ation the fact that their depositors might not be content with their usual
What will be the effect on the commercial and industrial interests of the requirements, and that the ordinary course of business might, therefore,
country? It seems to me there is promise of great helpfulness. * * *
be disturbed. For this reason, they felt that arrangements should be mad
There is promise of definite aid in this, that here will be a body of men who whereby they could be provided withIthe necessary:currency.
will, I trust, to be originally, and certainly, we will all admit, finally, be
Almost every country has had to adopt measures to increase its currency
constituted a body of experts with expert opinion and information as to In order to meet the extraordinary demands which have arisen for money.
the industry of this country.
Germany could issue notes by discounting bills, which, as we have seen.
The American people have implanted in their hearts that instinct to was done by the Reichsbank to the extent of about 200 millions sterling,
govern themselves and to turn their faces against private monopoly. And in addition to the notes issued by the war banks. In Canada,the partiallythe Sherman Law, thank God, is the declaration of industrial freedom. covered issue of Dominion notes has been raised from 6 millions sterling to
The Sherman Law has provided that any monopoly or any attempt to 10 millions; outstanding notes or legal-tender are not now redeemable in
monopolize is illegal. In restraint of trade means practically the same thing gold; the Government made loans in the form of Dominion notes to the
banks against approved securities; and the notes of the Canadian banks
as any attempt to monopolize.
The South African Union, the Government of Brazil, the Government of were made legal-tender. In the United States, emergency currency was
Argentina, the Government of the Republic of France, the Government o
issued against commercial paper and securities, and Clearing-House cerEngland, the Government of Canada, the Government of New Zealand, tificates were issued in New York and other cities. In France, the limit
the Government of Australia have declated that private monopoly in in- of the note issue of the Bank of France was raised from 272 millions sterdustry is illegal and unlawful. Why? Because private monopoly means ling to 480 millions, and the Bank was authorized not to pay its notes in
267 millions sterling of notes
:
what? Private monopoly means control of the industry in the hands of the gold. At the beginning of the war, she had
few. It means that there shall be no opportunity for men to rise as there in circulation against 165 millions of gold. At theprcesteicnatllytimiteho
same
bout 400 millions of notes in circulation against practically
has been in this country.
amount of gold.
688
THE CHRONICLE
In Russia, the note circulation of the State Bank has increased by 100
millions sterling, although the gold has gone down by 8 millions remitted
to London in October. Before the war, the Russian Bank could only issue
30 millions of notes beyond the amount of gold held, but since the war the
Bank has been authorized to issue 150 millions sterling without gold cover.
I mention these instances to show you that the bankers were quite right
when they pressed for the currency to be increased. Under the Bank Act
of 1844,the Bank of England cannot increase its note Issue unless gold be
deposited, and if gold be taken away, its note issue diminishes. The consequence was that the only currency available at the beginning of the war
was about 25 millions sterling of notes in the banking department, and 17
millions of these were withdrawn, reducing the notes held to 8 millions.
Compare this with the position of every other country and ask yourselves
the question if it is not time that this Act of 1844 should be amended?
Bankers have for years seen this weakness. For a considerable time
before this crisis, a small committee consisting of three bankers had been
sitting week by week with the object of deciding on some satisfactory
scheme. They agreed that the Act should be amended to the effect that
if one-third of gold and two-thirds of securities were placed by the banks in
the issue department, a corresponding amount of notes might be issued.
The scheme, which was to some into operation only when a crisis was at
hand, was submitted to the Gold Committee, presided over by Lord St.
Aldwyn, and was approved by them. It was then submitted to the representatives of the clearing banks and was also approved by them. To increase the currency, the only alternative to this scheme was a suspension of
the Bank Act, which meant an issue of notes without any gold cover at all.
The scheme submitted by the committee would form an inducement for
bankers to hold more gold, inasmuch as, when a crisis was imminent, they
would be able to get more currency. This scheme was submitted to the
Chancellor of the Exchequer, but strong opposition to it was shown by the
Bank of England. The bankers persisted and they understood that the
opposition either was or would be withdrawn, but it was too late. Friday
was approaching when the banks were to be reopened.
It was deemed advisable for the present to drop the scheme, and they
then made another suggestion which was adopted, viz.,that the banks should
give security for an issue of notes to be made to them by the Government:
and the issue was made in the shape of Treasury notes. These notes were
ssued to the English, Scotch and Irish banks and the savings banks—In
other words, the Government placed on deposit with the bankers a certain amount of these notes which were put into circulation. By the end of
September, the banks had repaid the amount received from the Government, with the exception of about one million sterling; by the end of October, practically the whole amount was repaid. These Treasury notes
were issued in the first instance without a gold basis, but the Government
undertook to pay them in gold if required. It was recognized that a gold
foundation should be provided, and the notes as on the 21st of January last
were secured by a balance in the Bank of England of £449,000, by securities
of nearly 14 millions and by 213. millions sterling of gold, and this gold
Is Increasing at the rate of one million per week.
The Treasury has acted wisely in accumulating the gold, as in all probability the notes will find themselves back in the Treasury within a reasonable
period. In fact, it appears that the amount in circulation is now being
gradually curtailed. It ought to be observed that the issue of the Treasury
notes prevented a suspension of the Bank Act.
After this digression. I will return to the position of the banks during the
three days before their opening on Friday. Aug. 7. No body of men could
have been given more serious thought to the position than the bankers did
at their meetings, and no men could have been more desirous of meeting
the ivishes of their customers. Knowing at the time that serious runs were
taking place on the banks in Paris and in Berlin, they decided that, while
In their opinion a moratorium was advisable,they would only partially take
advantage of it, and they accordingly agreed to pay all checks passing
through the Clearing House, however large or however small. They further agreed that on the first Friday they would pay a.1 wages in gold, and
It really wasonly oxi other checks requiring cash over the counters, that any
restriction was to take place. In such cases,they decided, until they knew
better how the position would develop, to pay only such a percentage as
was absolutely necessary for current needs. The position, therefore, on
the Thursday evening, was that there would be a moratorium as from the
Friday, and that bankers had the opportunity of taking Treasury notes.
On Friday, the banks all over the country reopened, and as they had
been closed for five days, people naturally wanted a little additional money,
but by Friday night all difficulties were past. Those who had saved the
situation were the customers of the banks and the press of the country.
The great confidence shown by depositors in their respective institutions
was highly gratifying to bankers, and a debt of gratitude is owing by the
bankers to the press, which so loyally and intelligently advised the prople
to continue their confidence in their banking institutions. A few restrictions were placed on lending at first, but bankers soon came to the conclusion that the proper course to adopt was to lend freely. The moratorium
was declared to be at an end on Nov. 4, but early in September—although
It was not publicly declared—the banks really came from under it and carried on their business as if no moratorium existed.
The positions at the end of December of the London Clearnig banks who
publish their balance sheets monthly are interesting as compared with the
positions at the end of July last. Their total deposits amounted at the end
of July last to about 597 millions sterling; on Dec. 31 they were 657 mil
lions. Where have those additional deposits come from? When gold is
bought by the Bank of England, a corresponding amount of notes is issued
from the issue department. The owners of a large amount of these notes
ultimately become depositors in the Bank of England and the joint-stock
banks. As these deposits have been created by the deposit of gold, and the
issue of notes, so the deposits will be reduced when gold is taken away and
notes are canceled.
Before describing a second method by which deposits have been increased,
I want to say that this country has been fortunate in having Mr. LloydGeorge at the Treasury. No man could have steered the country through
these critical times in a more skillful manner. Helhas had, and we hope he
will continue to have, his able, cool and far-seeing colleague, Lord Reading,
to assist him.
Now as to the second method by which deposits have been increased.
About the middle of August, under the advice of these two gentlemen, the
Government authorized the Bank of England to discount all approved
bills of exchange accepted before Aug. 4, discharging the holders of the
bills from responsibility. The Government went further—if the bills were
not paid at maturity, it authorized the Bank of England to give time to the
acceptors, and If any loss were made it would be borne by the country.
Such an arrangement was undreamt of before it was announced, ft was a
great boon to the market and full advantage was taken of it. In the Bank
statement of Aug. 5 the "other securities," which of course include bills
discounted as well as other loans, amounted to about 65 millions sterling.
millions. Thus in 28 days about 57
By Sept. 2 they had increased to 122
millions sterling of bills were discounted and new deposits for a similar
allows no interest on deposits,
England
of
Bank
amount were created. The
but the joint-stock banks unfortunately are compelled to do so. Cense -
[VOL. 100.
quently, many of these deposits were transferred to the joint-stock banks,
but the condition of the markets was such that the banks could not lend
these deposits, and they consequently made large losses in respect to the
interest which they had to pay. These increased deposits must be regarded
as unstable. Deposits are further increased by disbursements from the
War Loans.
Bankers fully realize that the times we have yet to face may be difficult
because we are still the free market for gold, and gold is as essential to us as
it is to Germany or Austria. The Bank of England at the present time holds
about 69 millions of gold. Of this amount about 20 millions have been
supplied by America in order to ease their exchanges.
REVIEW OF FINANCIAL CONDITIONS
INCIDENTAL TO WAR.
"The Financial Situation in Europe Before and Since the
Outbreak of the War" is comprehensively treated in a paper
prepared by B. Howell Griswold Jr. of the firm of Alexander
Brown & Sons of Baltimore. Mr. Griswold discusses at
length the finances of the five great European nations involved—Great Britain, France, Russia, Germany and
Austria-Hungary. His discussion falls under six different
heads, viz.:
(1) Statement of the national debts of the five leading European nations
before and since the war;
(2) Comparison of the statements of the Government banks of these five
nations before the war with recent statements;
(3) Estimate of the cost of war to these five countries;
(4) Statement of the methods of financing the war adopted by them;
(5) Discussion of the cost of food products and commodities;
(6) Some phases of the legislation adopted by the leading nations to meet
the financial and food crises brought on by the war.
Space will not permit us to make extended reference to Mr.
Griswold's paper which covers the points outlined above in
exhaustive fashion. In presenting his facts and figures in the
review, Mr. Griswold expresses the opinion that "there is
too great a tendency in some quarters to believe that the
financial barometer controls the weather rather than that
the weather controls the barometer. Banking conditions
will not control the outcome of the war so much as they will
reflect in advance the consensus of banking judgment as
to the outcome. Experience has shown that countries can
fight, and fight well too, without a gold reserve and with
unconvertible paper money. Yet all precedents seem to be
set at naught by the immensity of the present war. When
it is realized that Germany, with 4,000,000 men in the field,
spent 2M billions of dollars in six months it appears that the
usual economies and makeshifts such as were adopted by
the Confederacy will not carry so far as in former wars."
CANADIAN WAR TAX AND NEW TARIFF
SCHEDULES.
A radical revision of the Canadian tariff and the imposition
of special war taxes as a means for raising $30,000,000 of
additional revenue are provided for in the budget speech of
the Minister of Finance, W. T. White, presented to the
Canadian Parliament on the 11th inst. In his speech Minister White estimated that the revenue of the Dominion for
the fiscal year ending March 31 next, computed upon the
present basis of duties, would amount to $130,000.000; and
he pointed out that, compared:with the figures for the previous year of $163,000,000, this year's loss in revenues
would reach $33,000,000. "We must," he said, "endeavor
to raise additional revenue to an amount of at least $30,000,000, and when we shall have accomplished this we shall still
be obliged to borrow heavily over the next fourteen months—
that is to say, between now and March 31 1916—to meet
expenditures for purposes other than war."
For next year, beginning April 1, he estimated the revenue
at $120,000,000. Against this there is a total estimated
expenditure of not less than $300,000,000, including a special
war expenditure expected to reach $100,000,000, 0,000,000
of capital outlay, $140,000,000 of consolidated fund expenditures, the redemption of £3,000,000 treasury bills issued after
the flotation of the British war loan,plus pensions and interest provision for pensions and unusually heavy interest
charges. Mr. White proposes to meet the whole of the
special war expenditure by borrowing, and will negotiate
with the Imperial authorities for a continuance of the arrangements made some time ago for advances from the Bank
of England.
A summary of the tariff revisions and war taxes levied to
make up the deficiency in revenue receipts is published in
the Toronto "Globe" as follows:
Briefly stated, with a small list of exceptions, there is an all-round increase of 754% in the general and 5% in the British preferential tariff
while the free list is abolished, save for certain specified articles mentioned
below.
Special war taxes are imposed upon banks, insurance companies, railways, cable and telegraph companies and patent medicines.
On bank note circulation there is to be a tax of 1% and on trust and loan
companies a tax of 1% on the gross income. Insurance companies, except
ife and marine concerns, will pay 1% of net premiums,
FEB. 271915.]
THE CHRONICLE
All cable and telegraph messages will pay a tax of one cent each, while
from all railway and steamship tickets the Government will collect five
cents from each where the tickets costs up to $5 and five cents for each
additional $5 of cost. On parlor car seats and sleeping car berths there
will be a tax of 10 cents each.
A tax of $1 is levied on steamship tickets costing up to $10 to all points
other than in Canada or the West Indies; $3 for berths costing up to $30
and $5 for berths over that amount.
There will be a stamp tax of two cents upon commercial paper, such
as receipts, checks, transfer and business agreements, as well as on express
and money orders. Every letter and postcard will bear a one-cent war
stamp, bills of lading a two-cent stamp and postal notes one cent; patent
medicines will pay a tax of one cent for each ten cents of cost.
Upon non-sparkling wines there will be a tax of five cents per quart; upon champagne, 25 cents per pint.
By reason of the trade conventions with the British West Indies and
France, the increased duties do not apply to silk fabrics, velvets, ribbons
and embroideries.
The list of items in the tariff schedules or in the former free list which
are exempt from the general tariff increase announced by the Finance
Minister to-day is as follows: Fish from Newfoundland, animals for the
improvement of stock, cocoa and chocolate products, tea, salt for the
fisheries, Indian corn, except for distillation purposes, wheat, wheat flour,
sweetened biscuits, squid, oysters, seed and breeding, fish and fish eggs for
propagating purposes, sugar, tobacco, wines from South Africa, books
(printed), newspapers and magazines, news printing paper, matrix 'paper,
nicotine sulphate, ores of metals, bells for churches, gold and silver coin,
and gold and silver ingots, blocks, bars, drops, &c., typesetting and typecasting machines, newspaper printing presses, mowers, binders, harvesters
and reapers, traction ditching machines, surgical and dental instruments,
material for ships, binder twine, articles for the manufacture of binder
twine, fish hooks, lines, twines and nets for the fisheries, artificial limbs,
artificial teeth not mounted, articles specified in tariff for schools, hospitals
and charitable objects, settler's effects. The customs duties on the above
remain unchanged.
Only five specific agricultural implements are exempt from increase in
duty, viz.: reapers, binders, mowers, harvesters and ditching machines.
6% increase, which means an average inAll others are subject to the 73,
crease from 20 to 273 % on ploughs, cultivators, harrows, discs, thrashing
machines, wagons, &c.
The increase of revenue anticipated from these changes is from $20,000,000 to $25,000,000.
The tariff changes, according to custom, go into effect immediately on
announcement. In regard to the special taxes, those on wine and champagne go into effect at once, and the others at a date to be fixed.
The question of imposing an income tax upon individuals
was given consideration by the Finance Minister, but it was
decided that such a tax was not expedient at the present
time.
CANADA'S OVER-ISSUE OF NOTES.
Hon. W. T. White, Finance Minister of the Dominion of
Canada, is quoted in the Canadian press as saying that the
Government has issued Dominion notes to the extent of
$26,000,000 since the war broke out, in excess of the amount
authorized by statute. Of this Amount, $10,000,000 was
issued without the necessary gold deposit in order to meet
obligations of Canada on loans and expenditures as they
matured. In his recent budget speech the Finance Minister
announced that he was introducing special legislation confirmatory of the Government's action. Of the remaining
$16,000,000 notes issued beyond authorization, $10,000,000
was advanced to the Canadian Northern Ry. Co. on security
of the company's 4% debenture stock guaranteed by the
Dominion under the legislation of last year to an amount
of $12,500,000; $6,000,000 was advanced to the Grand
Trunk Pacific Co. on security of $7,500,000 of the company's
4% bonds guaranteed by the Dominion last year. Both these
advances are repayable on May 1 of this year at 5%interest
per annum.
The Finance Minister is also quoted as saying that Canadian banks had taken advantage of the special legislation
passed last August, and had borrowed from the Government
a total of $14,439,767 on advances of Dominion notes secured
by approved collateral. Of this amount the banks had repaid $7,047,267.
WAR AN ARGUMENT FOR PEACE.
The trustees of the Carnegie Endowment for International
Peace are not discouraged, notwithstanding all the leading'
countries of Europe are now at war. They think that in the
end this gigantic conflict, which in area and the magnitude
of the forces engaged is without a parallel in history, will, by
reason of the great destruction of life and property, and the
suffering and misery entailed thereby, prove a potent and
an effective argument for the adoption of methods which shall
insure permanent tranquillity among the nations of the
world. Here is the statement made by the Trustees of the
Endowment, at Washington, under date of Feb. 16:
February 16 1915.
The undersigned have been associated for some years in the execution of a
trust to promote international peace and our duties have involved a continual survey of the efforts to that end throughout the world.
We wish to say to all friends of peace that the dreadful war now raging
affords no just cause for discouragement, no discredit to past efforts and
no reason to doubt that still greater efforts in the future may be effective
and useful.
689
The war itself is teaching the gospel of peace through a lesson so shocking
and so terrible that the most indifferent can not fail to attend and understand it.
Not only have the destruction of life, the devastation and the suffering in
the warring countries passed all experience, but the cessation of production,
the closing of markets, the blocking of trade routes, the interruption of
exchanges, have affected industry and caused ruin and poverty in all the
peaceful countries of the world.
The universal independence of nations has been demonstrated and the
truth forced upon every mind that the peace of all nations is the vital concern of every nation.
To cast our weak protest now among the tremendous forces that are
urging on the great conflict would be futile; but the end of this war will
come before long and then the great question will stand for answer:
Shall the lesson be forgotten; the sacrifice lost?
That question the belligerent nations only will have the power to answer;
but every one in the world will be entitled to be heard upon it, for it will be
a question of civilization, the most momentous of our era.
It seems incredible that after this the stricken people will set their feet in
the same old paths of policy and suspicion which must lead them again to
the same result.
Finding expression through a great multitude of voices everywhere the
general public opinion of mankind should influence the minds of the negotiators who settle the terms of peace and inspire them to a new departure
In the establishment of justice as the rule of international relations.
While we must not be overconfident of our individual qualifications to
point out the detailed methods through which the result may be accomplished, we may still advocate measures which seem practicable and appropriate to the purpose.
We can sec that definite rules of national conduct should be agreed upon
that a court of competent jurisdiction should be established to judge of
national conformity to those rules; and that new sanction should be provided to compel respect for the judgments rendered.
Above all the motive and spirit of the new institutions should be clearly
and fully, not the promotion of ambition or the extension of power, but
the safeguarding of human rights and the perfection of individual liberty.
Toward this high end the courage and hope and conviction of the humblest citizen of the most distant land may contribute.
Joseph H. Choate,
James L. Slayden,
Andrew D. White,
John Sharp Williams,
John W. Foster,
Charles L. Taylor,
Elihu Root,
Henry S. Pritchett,
Luke E. Wright,
William M. Howard.
Cleveland H. Dodge,
Charlemagne Tower,
Robert A. Franks,
Robert S. Woodward,
George W. Perkins,
Austen G. Fox,
Nicholas Murray Butler,
Jacob G. Schmidlapp,
Andrew J. Montague,
Thomas Burke,
Arthur William Foster
Robert S. Brookings,
James Brown Scott.
Oscar S. Straus,
Samuel Mather,
METHODS OF PARCEL POST SYSTEM FOSTER
MONOPOLIES.
A protest against the parcel post system, not in its theory
but against its practice "as carried on under the lax and
apparently haphazard method now employed," was voiced
at the annual meeting (held in this city two weeks ago) of
the National Canners' Association by Oscar B. McGlasson,
President of the National Wholesale Grocers' Association
of the United States. Mr. McGlasson characterized the
parcel-post method, as now conducted, "an enormous
octopus, nursed by the Government." "It quietly," he
said, "builds up a market which with its many branch houses
is slowly but surely draining the very life of the little business
that meansso much to the people." In his further criticism,
he said:
The Government permits policies that would prove ruinous to any commercial house, and Uncle Sam allows himself to be particeps criminls to a
gigantic trust, one that will eventually mean the ruin of the small business
of the nation. The present parcel post plan will centralize commercial endeavor into the mail order houses and create the greatest monopolies the
world has ever known.
It has required many years to build our country up to its high commercial
and industrial position, and to lose this prestige without a protest is not
expected. It is not economy to centralize the business of this country into
the hands of a few. This is what the parcel post is doing, and the oil, steel
and tobacco trusts will soon be pygmies compared to the mail order trust,
with the United States as chief partner and no share in the profits.
If the business men of the country sit idly by, offering no criticism and
no intervention, the Post Office Department will continue this ruinous
plan, irrespective of the aggregate cost. A strong protest by the combined
business, banking and industrial interests should be presented in some
forcible, decided way to the authorities.
If the Government will ascertain the cost of parcel post service and
charge accordingly, the damage will not be so great, though if continued
on the present plan it will mean the ultimate destruction of the small business of the nation. Mr. Burleson, our Postmaster-General, is not an
exception to the average run of men. When one figures on a pet question
he takes what appears to be the bright side and unconsciously proceeds
along lines that are obviously unbusinesslike. What business man could
hope to compete with the Government, especially when a certain Department is run at a loss and that loss is made by up robbing another?
We are vying with the nations for our share of the world's commerce,
and our President is urging that the ship purchase bill become a law, but let
me say in all earnestnees that we must preserve and protect our domestic
trade. If this parcel-post policy is not curbed, it will tear down and
absolutely destroy the business that has taken the life of the republic to
build up by high tariffs and other aids.
Of what good will the ship subsidy law be—another business venture on
the part of the Government fraught with much danger—if the trade between
the States is handicapped and eventually killed by the Government building
up through its parcel post a great monster which is gradually but certainly
sapping the life-blood of business. In spite of all the laws that have been
or may be enacted at Washington. the business depression of 1914 cannot
and will not be improved unless some one will give the Postmaster-General
a jolt to awaken him from this parcel-postgream,wherein the Government
performs the functions of retailer and wholesaler by carrying products
from the producer to the consumer.
690
THE CHRONICLE
Is business to have no "backbone"? Are we to permit a few men at
Washington to keep in force a policy that means the ruin of merchants and
the destruction of towns and villages? If so, a lack of intelligence on the
part of business is shown for the general welfare of the people.
Every time Uncle Sam charges less than the amount it actually costs to
carry a package, either a short or long distance, just to that extent are the
mail order houses favored and the small commercial interests of the country
detrimentod. The parcel-post method as now conducted constitutes an
enormous octopus, nursed by the Government. It quietly builds up a
mail order system at some great central market, which, with its many
branch houses, is slowly but surely draining the very life of the little
business that means so much to the people.
An axiom of good business is that all merchandise, all service, must bear
at least the cost of such merchandise or service. We all know that the
Parcel post is not doing this.
The Government is being robbed under the plan ofipaying Contractors,
who carry parcel-post matter, more than is received in postage. We are
told of a carrier near Los Angeles, Cal., who is paid $1 per fifty pounds,
and the Government receives 54 cents postage. This gives a net profit to
the carrier where he pays the postage of 46 cents on every fifty-pound
package. It seems that this man bought a ton of bricks, put them in
fifty-pound packages, and as he received a bonus of 46 cents on each package, he soon had enough bricks to build a home free of cost.
It is related that one contractor, who has the Star route between Holbrook and Snowflake, Ariz., two small mining towns of that State, bought
ten thousand pounds of barley at Mesa. Ariz., and shipped it by parcel post
via Holbrook to Snowflake. The barley cost him 95 cents per humdred
pounds at Mesa, and the postage from Mesa to Holbrook was $I 08 per
hundred pounds. making the barley cost him laid down at Snowflake $2 03
per hundred pounds. For transporting the barley from Holbrook to Snowflake the contractor received $2 25 per hundred pounds from a beneficent
Government. Here is the way the deal worked out. The barley cost, laid
down in Snowflake,just $2 03. He received $2 25 from the Government for
hauling it over the Star route, making the barley cost him nothing and
getting $22 clear for his trouble in handling. How about the merchant
who sells barley? How is he going to compete with a man who gets his
barley for nothing?
Over $150,000,000 has been spent by the United States out of the
Treasury Department in buying buildings for the Post Office Department.
From 1865 to 1913 the Department received in revenue $3,775,000,000 and
expended $4,555,000,000 in expenses,a loss of approximately $800,000,000. Add 4% interest on public buildings and salaries of officers, and
the loss from 1865 has been $14,000,000 a year. How long would it take
to make you a bankrupt if you ran a canning factory like that?
There has been too much anxiety on the part of Mr. Burleson to push
the Federal Government into a business that unfairly competes with the
express companies and railroads without first ascertaining accurately all
items that go to make up the cost of service. When it comes to making a
net profit or even paying the cost of doing business Uncle Sam,is certainly
a failure.
Why should the Government be guilty of"unfair methods" when so much
13 said and done to prevent an individual, co-partnership or corporation
from taking an unfair advantage of a competitor? The business men of
the United States are as a whole broad-minded. intelligent, law-abiding,
and they expect a "square deal" from Uncle Sam, but they are not getting
It from the Post Office Department.
How long will it be before the public awakes to the great danger that
will surely come from centralizing the distribution of the necessities of life
nto the hands of men living like millionaries in the great central markets?
Here is a condition brought about by the Postmaster-General that you know
is bad. It is the most effective brake to business prosperity, and we who
love our country and hope for its commercial supremacy dare not wait. I
call upon all interests in business, regardless of party principles or sectional differences, to urge—yes, demand—that a change be made at
once in the parcel-post policy of our Government.
ORDER DIRECTING WITHHOLDING OF INFORMATION CONCERNING MANIFESTS REVOKED.
The order issued by Secretary of the Treasury McAdoo on
Oct. 28 last directing Collectors of Customs to withhold from
the public information concerning manifests for a period of
thirty days after clearance, was revoked by the Treasury
Department on the 12th inst. At the time the order was
issued it was stated that the restrictions were imposed in
view of the many unjust suspicions aroused and the resultant
unwarranted seizures of ships. The Merchants' Association
of New York claimed to have been instrumental in securing
the issuance of the order. Complaints from exporters and
others, who contended that the order worked a hardship upon
them, have served in large measure to bring about its revocation. In seeking to have the order rescinded it was urged
that there was no longer any need for maintaining secrecy
concerning manifests with the general adoption of the plan
to have officials of the United States and British governments inspect the loading of vessels. Secretary of the
Treasury McAdoo, in making known the withdrawal of the
order, issued the following notice to Collectors of Customs:
T. D. 34888 of October 28 1914, relative to the making public of Information regarding outward cargoes and the destination thereof, is hereby
revoked, and collectors of customs may permit publication of such information relative to outward cargoes as,was permitted prior to said instructions.
COMMERCE COMMISSION DENIED RIGHT TO
EXAMINE RAILROAD CORRESPONDENCE.
The right claimed by the Inter-State Commerce Commiscorrespondence of railroads is
sion to inspect the files and
down by the United States
handed
opinion
denied in an
The decision is an outSupreme Court on the 23d inst.
November 1913, calling
in
passed
resolution
growth of the
of the relations befor an investigation by the Commission
its allied lines, to
and
RR.
Nashville
&
Louisville
tween the
[VOL. loo.
determine whether there had been any violation of the antitrust laws. Following the refusal of the officials of the road
to submit its files to the agents of the Commission, suit was
brought by the Government to compel the officials of the
road to grant the Commission access thereto, the Government contending that that privilege was accorded the Commission under the section of the Hepburn law which provides
that"the Commission shall at all times have access to all accounts, records and memoranda kept by the carrier,subject
to the Act." In March of last year Judge Evans, in the
Federal Court at Louisville, refused to grant a writ of mandamus asked for by the Government to compel the roads to
give the Commission access to its files; the Court maintained
that certain communications which the railroad declined to
produce were privileged between lawyer and client; that the
Hepburn law did not give the Commission power to make
general examinations, and that the inquiry was not along
lines sufficiently specific. In this week's decision of the
Supreme Court, the opinion being written by Associate Justice Day, it is held that the omission of the word "correspondence" from the provisions of the law serves to limit the
Commission's powers to an inspection of "accounts, records
and memoranda." The decision was unanimous, except that
Associate Justice McReynolds, who as former AttorneyGeneral, instituted the proceedings for the Government,
did not participate in the findings. Justice Day, in presenting the conclusions of the Court, quoted the provision
of the Act which requires that the accounts, records and
memoranda shall be open to the Commission, and pointed
out that the law was designed to prevent the falsification of
accounts and the wilful mutilation or destruction of records.
Continuing, he said:
"There is nothing to suggest tha the provisions of the Act were intended
to include correspondence relating to the business of railroads. In recommending the passage of the Act,the Commission did not suggest that It was
essential to its purposes to have an inspection of the correspondenc
of railroads.
There is nothing,from the beginning to the end of the section referred
to, to indicate that Congress had in mind that It/was making any provision
concerning correspondence received or sent by railroad companies. The
primary object to be accomplished was to establish a uniform system
of accounting and bookkeeping and provide for the inspection thereof.
If it intended to permit the Commission to authorize examiners to seize
all correspondence of every nature. Congress would have used language
adequate to that purpose.
The desirability of protecting confidential communications between
attorney and client as a matter of public policy is too well known and has
been too often recognized by text books and courts to need extended
comment now. If such communications were required to be made the
subject of examination and publication, such enactment would be a practical prohibition upon professional advice and assistance."
SUPREME COURT UPHOLDS CALIFORNIA'S EIGHTHOUR LABOR LAW FOR WOMEN.
The constitutionality of the California law, limiting to_
eight hours a day the employment of women in manufacturing and mercantile establishments, except those in harvesting and canning fruit, boarding houses and graduate
nurses in hospitals, was upheld by the United States Supreme
Court on the 23d inst. The decision establishes the principle
that reducing hours of woman's labor to eight hours a day is
not an improper exercise of a State's police power. The
Court had previously upheld a limitation to ten hours a day
in the Massachusetts law and fifty-four hours a week in
he Ohio law.
WHEAT SUPPLY ADEQUATE IN THIS COUNTRY.
In response to a report of Mayor Mitchel's Committee on
Food Supply,urging that consideration be given to the placing of an embargo on wheat by the Federal Government,
President Wilson last week called upon the Secretary of
Agriculture for a statement concerning the supply; this
statement, made public under date of the 17th inst., says
that there is sufficient wheat on hand to permit the export
of nearly 1,000,000 bushels a day until July 1, before which
time the new crops will begin to be available. The statement
also refers to the great surplus in other foods, and adds that
"it would seem the United States is not likely to be threatened with a shortage of foodstuffs." The following is the
statement:
The 1914 wheat crop of the United States was estimated to be 891,000.000 bushels. The estimated curplus carried over from the 1913 crop was
about 76,000.000 bushels. There was, therefore, a total available supply
of 967,000,000 bushels. The normal annual per capita consumption of
wheat in the United States is about 5.3 bushels; 520,000,000 bushels should
meet our normal domestic requirements for food; in addition, 90,000,000
bushels are required annually for seeding; 610,000,000 bushels, therefore
should supply the normal domestic demand.
This would leave a surplus of 357,000,000 bushels. Of this suripus about
210,000,000 bushels were exported by Jan. 30. This left 147,000,000 bushels, or 40,000,000 bushels more than our average annual export for the last
five years, for export between Feb. 1 and the appearance of the new:crop.
FEB. 27 1915.]
THE CHRONICLE
or for carrying over into the next crop year. This amount is sufficient
to permit the export of nearly 1,000,000 bushels a day until July 1, before which time the new crops will begin to be available. This is about
the average recent exportation.
The large demand for our wheat arises from the fact that there was
an estimated world shortage of over 400,000.000 bushels outside the United
States, from the fact that the Russian exportable surplus of 100,000,000
bushles is not available generally, and from the fact that the belligerent nations are eager to secure food supplies. If it were not for these things, we
should be discussing ways and means of disposing of our tremendous surplus of food product.
As has been stated, the new American crop will begin to appear before
July. The Argehtine croplis now coming onithe market. It is estimated
that from this source there will be available 100.000,000 bushels. A
surplus of 75,000.000 bushels or more from India will be available in May
and June. The increase in the fall-sown wheat acreage of the United
States in 1914 was 11.1%, or over 4,000.000 acres; in the Northern Hemisphere generally the average of winter wheat shows an increase of from 3 to
33%, as follows:
Denmark, 3%; Italy, 5%; Switzerland, 10%; United Kingdom. 10%;
United States, 11%; India, 22% and Canada, 33%.
But suppose a shortage in wheat should develop in the next three months
what would be the situation? There is a great surplus in other food crops
in the United States, a number of which can be used as substitutes. Wheat
does not constitute more than 12% of the normal diet, about the same as
poultry and eggs. Meat and dairy products constitute 48%, vegetables
11%,fruits, nuts,sugar,fish and other items the remaining 19%. There
are larger supplies of corn and other grains, meat animals, dairy products,
potatoes and fruit at the opening of 1915 than for many years.
The most important competing products are corn and potatoes. This is
shown by the fact that while the normal consumption of wheat is 5.3 bushels,in Maine it is only 4.7 bushels and in Michigan 5. In the wheat growing
States, where wheat is abundant, such as Minnesota, the average is 712,
whereas in the South, where corn is much used, the average is 4 bushels.
Normally about 3% of the corn crop is consumed as food. Of our total
crop, about 80,000,000 bushels would be used for food, the remainder for
other purposes. The remainder could be used for foods and substitutes
used for animals.
The potato production in the United States averages 3.8 bushels per
capita. This year the available supply is 4.1 bushels. The average price
of meat animals was 7% cheaper in January than a year ago; butter, 2%;
lower; price of checkens slightly lower; pototoes 35% lower and apples 37%
lower.
It would seem the United States is not likely to be threatened with a
shortage offoodstuffs.
A copy of the Mayor's Committee's report suggesting the
necessity of the embargo was forwarded to the President on
the 14th inst.
ROCKEFELLER FOUNDATION TO BE CONDEMNED BY
INDUSTRIAL RELATIONS COMMISSION.
The nature of the report upon the Rockefeller Foundation
which the Federal Commission on Industrial Relations is
to make has been indicated by Frank P. Walsh, Chairman
of the Commission. His latest remarks on the subject came
from Kansas City on the 15th inst. during the temporary
recess of the Commission which is to resume its hearings in
Chicago next month. In his utterances in criticism of the
powers of the Foundation Mr. Walsh was quoted as saying:
The Commission is not yet through with the Rockefeller and other
foundations and is not yet ready to announce any findings; but this much
can be said: the Rockefeller Foundation is entirely without the realm of
Governmental control. The bill for its incorporation was withdrawn from
Congress before it was acted on, and it now exists under a New York
charter, without any of those safeguards that would have been imposed
upon it if it had received Federal authority.
The powers it claims and is exercising are practically unlimited, as are
Its financial resources. They are powers which ought to challenge the attention of every thoughtful American citizen. Whether such powers can
safely be permitted in the hands of any authority less than that of the
Government of the United States is a question which will form an important
part of the Commission's forthcoming report. Dean Kirchwey, a leading
constitutional authority, has expressed an opinion that they are powers
that cannot be exercised under the American theory of government, and
after hearing the testimony in New York,I am inclined to agree with him.
It was shown on the testimony of Mr. Rockefeller and his son and on
that of the Secretary and trustees of the Foundation that there is hardly
anything to which the enormous power of the money it employs cannot
be applied, if Mr. Rockefeller deems it proper to apply it. I say Mr.
Rockefeller, because Mr. Rockefeller is the Foundation, and the Foundation is Mr. Rockefeller. The testimony showed that. It showed that the
trustees exercised no authority that did not come from him. It showed
that the directors of the Foundation were also directors of those same
industries from which the Foundation obtained its funds. As an interlocking system it beats anything the railroads and banks ever exhibited.
And what are the things to which the power of that money is being
applied to-day? For one thing it is competing with the United States
Government in the investigation of those same questions that are being
investigated by this Commission. The United States Government is
speeding $400,000 in its inquiry. The Rockefeller Foundation, if it will,
can spend $5,000.000 a year. Its investigation is being conducted by the
author of an industrial Act tried in Canada, which was opposed by every
labor organization there and which signally failed. One of the provisions
of that Act was that no strike could be called while an investigation of the
causes of the strike was in progress. How long such an investigation could
be protracted by employers may be left to the imagination. It was tried
In Canada and strikers were put in jail, until the labor organizations challenged the Government to build jails enough to hold the men who refused
thus to be bound.
I asked Mr. Rockefeller if the funds of the Foundation could be used to
create a public opinion favorable to such an industrial Act in the United
states. He said they could. I asked him if they could be used to establish
a strike-breaking agency if the Foundation deemed it to the interest of
American workingmen that a strike should be broken. He said they could.
Another interesting revelation was that of A. Barton Hepburn, a director
of the Foundation and a director of an industrial concern in New Jersey,
$5.000,000 of whose bonds are in the Foundation. And that concern is
fighting a strike, a strike in which men have been killed. Mr. Hepburn
confessed that he didn't know what a living wage was in New Jersey.
691
He confessed that he didn't know what pension a workingman's widow with
a family °ugh,,to receive. And yet Mr. Hepburn,as a Rockefeller Foundation director, is one of those who asked the State of New York not to pass
a widow's pension law because the Foundation was investigating the
subject.
But Mr. Hepburn learned something at the hearing. He heard one of his
own workingmen testify. His name was Antone Wiater. a laborer. He
laid his grocery bills and rent receipts on the table and showed that it cost
him to live $13 a month more than his wages brought him in from the
concern whose profits go to the Rockefeller Foundation's investigations of
industrial conditions.
I am nor surprised that the trustees and directors of the Rockefeller
F undation do not know these things. They do not know anything about
the Foundation. They do not see Mr. Rockefeller twice a year. One
had not seen him in five years. One had not seen him twice in fifteen
years. This either means that they are free to do as they please or that
the work of the Foundation goes on over their heads. Mr. Hepburn's
testimony shows which,I think. The final admission of this extraordinary
witness was that he was utterly incompetent to deal with the questions
which he, as a director of the Foundation, was supposed to be investigating.
These are the men who are wielding this power. Thesc are their connecnections. These are their relations to Mr. Rockefellier. Mr. Rockefeller
is a very smart man, perhaps the smartest in this country, but there was
a thing he could not tell this Commission. He could not tell it after hearing the testimony of Henry Ford. He could not tell why he did not use
his profits to pay a living wage instead of using them in the distribution
of a charity that constituted a power which many Americans have come
to look upon as a menace.
John D. Rockefeller. took occasion on the 17th inst. to
deny one of the statements credited to Mr. Walsh in the
Kansas City interview dealing with the use of the Rockefeller Foundation funds in strike-breaking proceedings. We
quote Mr. Rockefeller's statement below:
Newspapers throughout the country yesterday quoted Mr. Frank P.
Walsh, Chairman of the United States Commission on Industrial Relations.
as saying in reference to my testimony in New York:
"I asked him (John D. Rockefeller Jr.) if they (the funds of the Rockefeller Foundation) could be used to establish a strike-breaking agency, if
the Foundation deemed it to the interest of American workingmen that a
strike should be broken. He stated they could."
This statement, as reported, is absolutely false. The fact is that no
such question was asked me, and not alone was no such answer given, but
any such inference was unwarranted by either the letter or the spirit of
my testimony. If such a question had been asked. I should have answered
unqualifiedly that such use of its funds by the Foundation would be in
violation of the law granting its charter.
Mr. Walsh is of course aware that strike-breaking is a very sensitive
subject with workingmen. He well knows that if I had made such a statement as this it would inflame the minds of workingmen against the Rockefeller Foundation, as well as against those who were trying to administer
its affairs.
It may be that it is not inconsistent with the purpose of Congress in
creating this Commission that its Chairman should from time to time
publish broadcast his personal judgment upon the acts and motives of
witnesses who had testified, or who were expected to appear.
It surely could not have been intended by Congress that the Chairman
of this Commission should distort the testimony of witnesses, or put into
their mouths testimony which they never gave, the inevitable result of
which would be to increase the very industrial unrest which the Commission
was appointed to allay.
A reply to Mr. Rockefeller's statement was made by Mr.
Walsh on the 18th inst., and was printed in the "Herald"
of the 19th from which the following is an extraot:
Last Monday I gave an interview to the press which contained some
purely personal comment upon the New York hearings. The interview as
printed contained the statement that John D. Rockefeller Jr. had testified
that the funds of the Rockefeller Foundation could be used to establish a
strike-breaking agency. This was erroneous so far as imputing the statement to Mr. Rockefeller was concerned.
I stated that testimony establishing this fact had been made during the
course of the New York hearings, which was entirely correct. Dr. George
W. Kirchway, one of the ablest lawyers in the United States,and for ten
years dean of Columbia University Law School, testified upon the witness
stand that under the broad powers of the Foundation its funds might be
used for advocating and assisting in the employment of strike-breakers.
Nicholas Murray Butler,President of Columbia University,
had something to say on the 13th inst in denunciation of the
proceedings of the Federal commission on Indistrial Relations, and instanced Andrew Carnegie as having succeeded
in showing how ridiculous the inquiry is. President Butler,
whose remarks were addressed to the Traffic Club during
its annual dinner at the Hotel Astor, is quoted as saying:
The country is clamoring for men, upholders of institutions, to apply the
formula of liberty and justice to our national and international difficulties.
You cannot suppress, oppress, or depress a class by law. You may just
as well have this question out now and while the warts on. The demagogue
does not like liberty, nor does he recognize justice.
We have had an example of this here within the last few days. of a
Federal Commission attempting to solve problems growing out of industrialism, proceedings something like an itinerant minstrel show, during which
questions were asked of the public—foolish questions put to both rich and
poor. And the Chairman of that Commission, having first given his own
preposterous opinions to the public through the public press, proceeded in
his own way to prove that business success was a danger and that philanthropy was a crime.
Fortunately, Mr. Carnegia succeeded in showing how ridiculous the
whole proceedings were, and it makes not the least difference when this
Commission reports. I do not say this just in criticism of the Commission.
as everybody Is doing that, but to indicate how little may be expected to
come from such activities in considering these great problems.
We have problems involving great questions which cannot be solved by
the agitator and the demagogue and the man who has formed his opinion
beforehand. Rather we should approach them with human sympathy
and prepare for the undertaking with a sense of justice and willingness to
follow the teachings of fact and logic wherever they may lead into the ways
692
THE CHRONICLE
of liberty and justice. I believe that the world is about to leave in our
hands the solution of these problems, and we will have to face them and
meet the responsibility.
ARKANSAS COAL MINE RIOTERS PUNISHED.
Seven defendants in the Prairie Creek, Ark., coal mine
cases received sentence on Jan. 20 after entering pleas of
guilty. James B. McNamara, former member of the City
Council of Hartford, Ark., received the maximum sentence
of two years in the penitentiary and a fine of $1,000; James
Slankard, a former constable of Hartford Township, and
Fred W. Holt, ex-Secretary of the United Mine Workers
of America in District 21, were sentenced six months in jail
and fined $1,000 each; Clint Burns, Sandy Robinson and
John Manick, miners, were given six months in jail and
fined $500 each, while Peter R. Stewart, former President
of the United Mine Workers of America in District 21, was
fined $1,000 but received no jail sentence. The Government entered nolle prosequies in the cases of twelve other
defendants who were indicted for conspiracy against the
Government. It is expected that this action will terminate
the trouble in the Prairie Creek mining district, which began
in April 1914, when the Bache-Denman Co. attempted to
run its mine on the "open shop" plan. There was continuous trouble which culminated on Nov.3 1914 in the blowing
up of the Bache-Denman mines and the destruction of several houses. Federal troops were ordered to the strike territory on Nov. 3 1914 to assist United States Judge Frank A.
Youman in enforcing the orders of his court for the suppression of lawlessness. On Nov. 13 1914 an investigation into
the situation was started by Secretary of Labor Wilson.
All of the men involved in the proceedings of Jan. 20 were
indicted by a grand jury last November on charges of conspiracy against the Government, excepting one—W. W.
Roberts—who was indicted for intimidating a witness. It
was reported last month that control of the Bache-Denman
mines had been purchased by the district union of the United
Mine Workers of America on Jan. 19, and that they would
be operated on a co-operative basis.
INQUIRY INTO LOBBYING IN CONNECTION WITH
SHIP PURCHASE BILL.
A resolution calling for an investigation to determine
whether any influences have been at work tending to affect
the passage of the Ship Purchase bill, which has been the
subject of such sharp controversy in Congress, was adopted
by the Senate on the 15th inst. The resolution directs that
an inquiry be made to learn what efforts the so-called
"Shipping Trust" has made to prevent the passage of the
bill, whether any company of shipowners or other body
dominated by shipowners whose vessels would compete with
the ships to be purchased or constructed under the Act have
had attorneys or lobbyists at Washington working for the
defeat of the bill, &c. The resolution was pressed for passage by Senator Burton, but was amended before its adoption by the Senate; in its amended form, as agreed to by the
Senate, it reads as follows:
Resolved. That a committee offive Senators be appointed by the Presiding
Officer of the Senate, with authority to compel the production of books
and papers, summon witnesses and take testimony in order to ascertain:
1. Whether any individual, firm or corporation in the United States has
made loans or advances to any individual, firm or corporation owning ships
which are detained in the ports of the United States or elsewhere to avoid
the consequence of war.
2. Whether any individual, firm or corporation in the United States has
at any time obtained options upon any ship or ships.
3. Whether the persons, firms or corporations having made such
loans
or obtained such options have any connection, direct or
indirect, with the
Government of the United States.
4. What efforts the so-called Shipping Trust or any person,
firm or corporation engaged or interested in shipping have directly or
indirectly made
to prevent the passage of S. 6856, commonly known as the Ship
Purchase
bill; whether any company of ship owners or chamber of commerce
or other
body influenced by or dominated by ship owners whose vessels would
compete with the ships to be purchased or constructed under said Act have had
attorneys or lobbyists at Washington working to consummate the defeat
of the bill, and whether any Senator or Senators of the United States are
stock owners or bondholders of the United Fruit Co. or of any other company owning ships which would compete with the ships to be purchased
or constructed under the provisions of said bill.
5. That the said committee, or any sub-committee thereof, be authorized
to employ a stenographer at a price not to exceed Si per printed page to
report such hearings as may be had in connection with the subject pending
before the said committee; that the committee may sit during the sessions
or recesses of the Senate, and the expenses thereof shall be paid out of the
contingent fund of the Senate.
The committee named to conduct the inquiry consists of
Senators Walsh, Simmons, Reed, Democrats, and Burton
and Sutherland, Republicans. Senator Weeks was originally
named as a member of the Committee, but with his declination to serve Senator Sutherland was appointed in
his stead. Another resolution introduced by Senator
[VOL. no:
Burton requested the Secretary of the Treasury to furnish certain information in the matter. Senator Fletcher
during the discussion of the resolutions on 15th inst. read
a letter from Secretary McAdoo stating that he would
be glad to furnish the Senate all the information at his command in response to the inquiries contained in this other
resolution, and that as the information was in course of preparation and would be sent as soon as completed, the passage
of that resolution was unnecessary. Accordingly no action
was taken by the Senate respecting this resolution, and on
the 16th inst. the information requested therein was submitted by Secretary McAdoo to Senator Fletcher in a letter
as follows:
In compliance with the letter I addressed to you yesterday, I now have
the pleasure of answering the questions propounded in the resolution introduced in the Senate by Senator Burton on the 13th instant.
First.—Has the Secretary of the Treasury knowledge that any officer
of the Government has made overtures or addressed inquiries to the owners
of ships under the flags of belligerent nations, including those ships now detained in ports of the United States or other neutral ports, with a view to
the purchase of such ships on the part of the Government of the United
States or any of its authorized agencies?
No; unless certain inquiries made last summer by the Secretary of War
as a member of the Board of Relief, composed of the Secretaries of State,
Treasury, War and Navy,appointed by the President on the 5th of August
1914, to have general charge of the work of relief, protection and transportation of American citizens abroad, under and by virtue of joint resolution 314, passed Aug. 5 1914, may be considered as coming within the
purview of the question.
It will be recalled that upon the outbreak of the European war in August
1914 it was estimated that more than 100,000 American citizens were scattered throughout Europe. Their letters of credit had become unavailable
because of the breaking down of exchange transactions between the various
countries at war, steamship traffic was partially paralyzed, and they were
left in a precarious situation. Congress made an appropriation of 82,750,000 for their relief, and by executive order the President appointed the
Board of Relief to which I have referred.
The question of the transportation of American citizens across the high
seas was one of the most serious problems with which the Board of Relief
had to contend.
As the War Department had large experience in transporting troops and
handling matters of transportation, this particular branch of the work was
intrusted to the Secretary of War. Whatever negotiations he had with
steamship companies were solely with a view to making provision for the
transportation of American citizens in this emergency.
Since the emergency disappeared no communications have been had by
the Relief Board, or any member thereof, or any agent or employee of the
Government, so far as I have knowledge, with any steamship company or
companies, or ship owners, except to the extent that such communications
have been made necessary to effect a settlement for charter parties or for
charges made by such companies for transporting American citizens from
Europe to the United States.
Second.—Have tenders of sale of any merchant ship or ships carrying the
flag of any of the belligerent nations been made to the United States or
any of its officers or agencies?
Possibly some vessels were offered to the Secretary of War in connection
with relief and transportation of American citizens as stated in my answer
to the first question.
The Merchant Marine Agency, J. V. McCarthy, Manager, of Boston.
Mass., in January 1915 voluntarily,and without the solicitation or request
of the Secretary of the Treasury, sent to the Secretary of the Treasury a
list of vessels, some of English and some of German registry, as shown in
exhibit 77 to the report made to the Senate by the Secretary of the Treasury
and the Secretary of Commerce on the 27th of January 1915 In response
to Senate resolution of Dec. 18 1914,and to which reference is made. Reference is also made to exhibits 75, 75A, 75B and 750 of said report, showing
some offerings of ships of British and French registry, made through B. N.
Baker of Baltimore. Mr. Baker gave the information contained in these
exhibits in response to a question I asked him, viz., whether it was true.
as alleged by opponents of the shipping bill, that no ships other than the
interned German vessels could be purchased if the shipping bill became
law.
Third.—Have there been any tenders for the sale of vessels at present
carrying the flag of any neutral nation to the United States or any responsible officer or agent thereof?
I attach as exhibit No. 1 several letters and voluntary offerings made
by the Merchant Marine Agency of Boston, J. V. McCarthy, Manager,
dated Feb. 3, 4 and 6, of various ships of neutral registry. The Secretary
of the Treasury has entered into no negotiations with Mr. McCarthy,
or anybody else,for the purchase of ships. These offesr were submitted
to the Treasury Department, as before stated, without solicitation on my
part, and resulted. I presume, from publication of the fact that the shipping bill is under consideration by Congress, and that the Secretary of the
Treasury is mentioned as a member of the shipping board.
Fourth.—Is it within the knowledge of the Secretary of the Treasury
that any individual, firm or corporation in the United States has made
loans or advances to any individual,firm or corporation owning ships which
are detained in the ports of the United States or elsewhere to avoid the
consequences of war; or that any person, firm or corporation ,acting either
in private capacity or that of agent for the Government, holds an option
on any such ship or ships contemplating their transfer either to the Government of the United States,-an agency thereof, or to private citizens of the
ave
Stnaotes?
Unit
lhed
knowledge whatever of any such transactions as those referred
to in this question nor have I heard of any such.
Fifth.—Is it within the knowledge of the Secretary of the Treasury that
the Government of the United States, or any official thereof, has in his
employ or under his direction any person or agent who is making inquiry
as to the possibility of purchasing any ship or ships of any description whatsoever contemplating their eventual transfer to the United States or an
agency thereof? In each of the above instances the names of the persons,
ships and terms involved in each contemplated sale or purchase is requested.
I have no such knowledge except as to the Treasury Department, where
I can state that neither the Secretary of the Treasury nor any one under
his authority or acting upon his direction or as an agent, is making or
has made inquiry as to the possibility of purchasing any ship or ships
of any description whatsoever contemplating their eventual transfer to the
United States or an agency thereof, or otherwise.
In view of false rumors and statements which have come to my ears,
permit me to say in conclusion that the Secretary of the Treasury has at
FRE. 27 1915.]
THE CHRONICLE
no time had a communication from or discussion with any banking house.
banking institution or banker in or out of the United States in connection
with the purchase, sale or disposition in any manner whatsoever of the
German ships interned in the ports of the United States or elsewhere, or in
connection with any other ships of belligerent or neutral nations for any
purpose whatsoever.
Both Kuhn, Loeb & Co. of New York and Paul M. Warburg of the Federal Reserve Board took occasion to deny
charges that they were in any way interested in the pending
ship bill. The firm's statement in the matter, issued on
15th inst., is as follows:
It had not been our intention to take any notice of the statements made
in connection with the shipping bill now before Congress, but the mention
of our name has become so persistent that we deem it proper to state
specifically what is probably already generally known.
1. Paul M. Warburg retired from our firm when he became a member
of the Federal Reserve Board, and has since then had absolutely no direct
or indirect connection with it.
2. His brother, Max M. Warburg, who is a resident of Hamburg, Germany, and who is a member of the board of directors of the HamburgAmerican line, has never had any direct or indirect interest in our firm.
3. We are private bankers, and as such cannot receive Government
deposits.
4. We are not the bankers for the Hamburg-American line, have never
ssued any securities for account of that company or done any business
for it.
5. We have no direct or indirect interest whatsoever in the passage of
the shipping bill.
6. We have never considered, nor has it ever been proposed to us to consider acting as intermediaries in the sale to the United States Government
or to others of ships now interned in this country.
Mr. Warburg's denial, given out on the same date, said:
My attention has been called this morning to an article in an important
paper published yesterday in which my name has been connected with
alleged negotiations for the sale of the ships of the Hamburg-American line
and with the ship purchase bill.
When I became a member of the Federal Reserve Board I declared
publicly that I thought it essential that incumbents of this office should be
free from all outside affiliations, business or otherwise, so as to be free from
any suspicion of bias or partisanship. I have scrupulously adhered to this
policy since I came to Washington. I have not taken part in nor been
advised of any business negotiations excepting those like the Gold Pool
and Cotton Pool,with which I had to deal as a member of this Board. I
have never discussed with Secretary McAdoo or any member of the Administration or Congress, directly or indirectly, the purchase or sale of ships
of the Hamburg-American line or any other line. As a matter of fact,
I have conscientiously avoided all political discussions, and there is not a
living soul in the United States to whom I ever said a word favoring the
ship purchase bill.
As far as I am personally concerned, I would not dignify by a denial these
allegations, but as a member of the Federal Reserve Board I feel it my duty
to protest against any such unwarranted attempt to draw any member of
this board into the arena of political or partisan controvesry.
693
Denver. Jan. 30 1915.
Hon Seth Low, Chairman, the President's Colorado Coal Commission,
65 Liberty Street, New York City:
The undersigned, operators of coal mines in Colorado, producing 61%
of the coal mined in the State, acknowledge the receipt of your letter of
Jan. 19.
We thank you for the tender of your good offices, but beg to state that,
under existing conditions, there is no way in which your Commission can
be of service to the coal-mining industry in this State.
We believe that it would be unwise for you to come to Colorado as a
commission, or to attempt in any way to raise new issues or revive those
which have been settled by the termination of the strike.
Our employees, both before, during and since the strike, have been and
are working contentedly and their relations with us are such that should
any differences arise in the future, they can be adjusted satisfactorily
without the assistance of your Commission.
Referring to the President's letter of Dec. 21 1914, a copy of which
accompanies yours, and the three points to which the President calls your
attention, we have already expressed at length to the President our views in
relation to a board of conciliation, and see no reason now to change those
views.
A bill has been introduced in the Colorado Legislature, now in session.
providing for an industrial commission which, in case of necessity, will act
as a board of mediation.
A check-weighman is provided for by the laws of Colorado and the law in
that respect has never been violated by the operators, notwithstanding the
statements to the contrary made by the strike leaders.
We have made special efforts to have the miners select check-weighmen.
but in many cases the proposition has been voted down by large majorities.
Discrimination on account of membership in a labor union is prohibited
by Colorado law, and this law has been strictly observed bythe operators.
The statement by the strike leaders to the contrary is a mere assertion in
support of which they have presented no proof. It is worthy of note that
since your letter was written, the Federal Supreme Court has decided that
laws of this character are unconstitutional.
The plan adopted by the Colorado Fuel & Iron Co., to which you refer.
was adopted by that company without advising or consulting with any of
the other operators; while we are skeptical as to its success, we shall watch
the experiment with interest.
The coal mine operators of Colorado have been persistently lied about by
the strike leaders and their sympathizers, and the conditions attending the
recent strike have been grossly misrepresented by sensational newspaper
writers, unprincipled politicians and biased investigators.
The people of Colorado who understand the situation, at the last election
expressed, by an overwhelming majority, their condemnation of the lawless
acts of the United Mine Workers of America and the attempt to force their
organization on the employers and employees of the State. This unqualified disapproval was inclusive of those who aided and encouraged lawlessness
by word or deed, whether such aid and encouragement were prompted by a
misdirected sympathy or by the ignorant belief of self-seeking politicians
that such a course commended itself to public approval. A Governor and
other State officers pledged to the enforcement of law and order without
Federal assistance, were elected by a vote the magnitude of which was
most significant.
Mr. Patrick Gilday, a member of your Commission, is a member, and,
until recently, was an officer of the United Mine Workers of America, the
organization responsible for the Colorado coal strike and the violence
which accompanied it.
Mr. Charles W. Mills, another member/of your Commission, is unknown
to us, but we have learned from sources we believe to be reliable, that he
has been closely associated in the past with Mr. Gilday and that his appointment on your Commission was suggested by Mr. Gilday.
As stated, there are no differences to be adjusted with our employees. If
differences existed, we would be loath to submit their adjustment to a
commission, a majority of which we believe to be strongly biased against
us, or one which has in its membership an official or member of the United
Mine Workers of America.
The business of the coal operators, the welfarejof employees and the
prosperity of the entire State have been most seriously affected by the
strike. Peace has been restored, and what is now most to be desired is
continued harmony and the restoration of normal industrial conditions. We
cannot feel that a visit by your Commission, or agitation of recent contentions of the strike leaders would have a tendency to further the end desired.
Upon the contrary, the very opposite result might well be expected to
follow. And in respectfully declining the proffer of your good offices, we
feel that we express not only our own convictions, but reflect the views
of our faithful employees and the people of the State.
COLORADO MINE OWNERS DECLINE SERVICES OF
PRESIDENT'S STRIKE COMMISSION.
The Colorado Coal Commission, of which Seth Low is
Chairman, has received from the operators of the coal mines
in Colorado advices to the effect that there is no way in
which it can be of service to the coal-mining industry of the
State, and that it is the belief of the operators that it would
be unwise for it to go to Colorado as a commission or to
attempt in any way to raise new issues or revive those which
have been settled by the termination of the strike. The
operators state that there are no differences to be adjusted
with their employes, and that if differences did exist
they would "be loath to submit their adjustment to a commission, a majority of which we believe to be strongly biased
A separate reply sent by President J. F. Welborn of the
against us, or one which has in its membership an official or
member of the United Mine Workers of America." The Colorado Fuel & Iron Co. to the President's Commission on
communication, addressed to Mr. Low as Chairman of the the 1st, was made public coincident last week with the letter
Commission, is in response to one written by him under date quoted above. In his letter Mr. Welborn says:
Gentlemen:—We are in teceipt of your communication of Jan. 19, enclosof Jan. 19 to D.W.Brown,President of the Rocky Mountain
ing copy of letter received by your Commission from the President of the
Fuel Co., offering the good services of the Commission. United States
in reference to the recent labor troubles in Colorado,
Mr. Low's letter was accompanied by a copy of a letter sent offering the good offices of the Commission in [helping to prepare and
the
to the Commission on Dec. 21 by President Wilson in which details of a plan which will afford, with respect to grievances, quick and
easy access on the part of the employees of the Colorado Fuel & Iron Co.
the findings of the Anthracite Strike Commission were to the officers of the company.
referred to as offering a solution of the Colorado difficulties.
You are quite right in assuming that the company is in no way averse
to the creation and adoption of some such plan. As frequently intimated
The Commission selected by President Wilson to deal with In
the past, and brought out in my testimony before the Industrial RelaColorado mining troubles was named by him in November, tions
Commission at its recent session here, this company was only awaiting
after the rejection by the coal miners of his plan for the the termination of the strike to introduce a plan of co-operation which it
is
hoped
may serve to permanently avoid serious differences and to insure
settlement of the difficulties. In accordance with action
the maintenance of fair and friendly relations between its officers and
taken by the Colorado members of the United Mine Workers employees.
The first step in the inauguration of this plan was taken on Dec. 16 1914,
of America on Dec. 8, the strike was officially declared terat which time Mr. David Griffiths, formerly Mine Inspector of the State
minated on Dec. 9. The members serving on the Commis- of
Colorado, was
with power to act as a mediator between the
sion with Mr. Low, who is President of the National Civic company and its appointed
employees in the adjustment of possible differences.
On
Jan.
5
Federation, are Charles W. Mills of Philadelphia, principal
notices were posted at the different camps, of which the following is a copy:
owner of the Climax Coal Co., and Patrick Gilday of Clear- "To
the Employees of the Colorado Fuel & Iron Co.. at
field, Pa., President of the Second District of the United
"The employees of the Colorado Fuel & Iron Co. employed at
_ or
at
hereby invited to assemble in mass meeting on the
Mine Workers of America. The letter containing a state- are
the hour of
at
for the purpose of selecting by ballot
or more of their number to represent them at a joint meeting of themment of the reasons why the services of the Commission are one
selves and representatives of the company, to be held in Denver, for the
considering means
declined emanates from seventy-one operators; the Colorado purpose of discussing matters of mutual concern and offriendly
of more effective co-operation in maintaining fair and
relations.
Fuel & Iron Co. was not a party to the communication.
'You have already been notified of the appointment of Mr. David Grifand its employees in matters
fiths
company
as
a
mediator
the
between
We print the letter below:
concerning the welfare of the latter.' It 15 believed by the management
694
THE CHRONICLE
that Mr. Griffiths may be greatly assisted in the discharge of his duties
to,the satisfaction of the employees and the company alike were the employees at each of the several camps to select one or more of their numthem, if they so desire,
ber in whom they have confidence, to represent
to questions of mutual interest,
in conference with Mr. Griffiths in respectinvite
to
representation of its emand the company therefore proposes of
one representative to every two
ployees in this manner, on the basis
hundred and fifty employees in each camp.
"The person selected to attend the Denver conference shall be the duly
accredited representative of the employees, not only at the first Joint
meeting, but at all subsequent joint meetings and in all matters of cooperation between the company and its employees, until the employees
person to represent them. It is,
in like meeting shall designate some other
therefore, highly important that the employees choose with the utmost
care the one of their number in whom they have most confidence.
"In order that the men may feel the greatest freedom in making their
selection, neither superintendent nor pit bosses shall attend, and none
other than wage earners in the company's employ shall be entitled to be
present and vote in the choice of a representative.
"The meeting is to choose its own Chairman, whose duty it will be to see
that the purpose for which the meeting is called is duly carried out, and to
notify the management in writing of the name of the person selected as
representative.
.under the above provision, is entitled to elect
"Camp
representative.
"J. F. WELBORN,President."
In pursuance of this notice, the camps selected representatives to the
and
on
Jan.
19
nineteen
of the representatives chosen
number of twenty,
met at my office in Denver with myself, Mr. Griffiths and our manager,
Mr. Weitzel.
The meeting was informal and lasted practically all day. There was no
apparent restraint on the part of any of the delegates, and many of them
showed a freedom such as one might expect from them in a meeting exclusively of their immediate associates.
Our plan was received most cordially by all of the delegates, and advices
so far had from the mines show that it was received with the same cordiality
and enthusiasm by the miners themselves when presented to them by their
representatives. We are, therefore, convinced that our plan of mutual cooperation will fulfill the purposes outlined by the President in his letter,
and we trust will meet the full approval of your committee.
The attitude of our company toward your Commission has already been
expressed to you by Mr. John D. Rockefeller Jr., and we will be pleased
to keep the Commission informed of any further steps taken in the plan
as adopted.
It is my present purpose to be in New York during most of the week
beginning Feb. 15, at which time I will, if you desire, be very glad to acquaint you with more of the details of our plan and its operation.
Your letter reached my office about the 26th ultimo, while I was on a
trip to the coal mines, or it would have received earlier answer.
Yours very truly.
(Signed) J. F. WELBORN.
100.
when the attendance for the opening day aggregated 176,453.
President Moore of the exposition company; Franklin K.
Lane,Secretary of the Interior; Governor Johnson and Mayor
Rolph were the speakers at the opening ceremonies. The
per capita expenditure on the opening day was $2 19, as
compared with $1 57 at the St. Louis World's Fair and $1 29
at Chicago.
HOUSE PASSES CHILD LABOR BILL.
The Palmer Child Labor Bill was passed by the House
on the 15th inst., notwithstanding a stubborn filibuster
conducted by a few Southern Democrats from cotton-mill
States. It passed by a vote of 233 to 43. The bill, which
has yet to be passed by the Senate, prohibits the shipment
in inter-State commerce of products of mines or quarries
made in whole or in part by children under sixteen years of
age; it also forbids inter-State shipment of manufactured
products made by children under fourteen years or by children under sixteen who work more than eight hours a day
or are employed at night.
In speaking for the bill Mr. Palmer explained that all
child labor organizations of the country favored the passage
of the measure; that forty-six States had already passed
laws setting up the same standards, and twenty-two had
adopted the eight-hour day for children. It is stated that
the bill does not affect children in the cotton fields or in any
pursuit conducted in the home.
APPROPRIATION
FOR PROPOSED PAN-AMERICAN
CONFERENCE.
Included in the Diplomatic and Consular Bill, reported to
the Senate on the 24th inst., is an item in the form of a
Senate amendment incorporating the suggestion of Secretary
of the Treasury McAdoo that an appropriation of $50,000 be
In addition to these communications, a letter written made to defray the expenses of the proposed conference in
under date of Dec. 30 to Chairman Low by John D. Rocke- Washington of the Ministers of Finance and leading bankers
feller Jr. has also: been made public the last week, and of all Central and South American nations. At this conferwe print it below:
ence, which is planned for this spring, the financial and
December:30 1914.
commercial problems confronting the Americas as a result
Honorable Seth Low, 30 East 65th Street, New York City.
My Dear Mr. Low:—I want to add this written word in expression of of the European war will be discussed. The plan originated
my appreciation of the sympathetic and helpful attitude taken in our with Secretary McAdoo and has received the support of
several interviews by you as Chairman and supported by your colleagues
on the Commission appointed by President Wilson to act as a friend of Secretary Bryan and President Wilson.
all parties in an effort to bring about a mutually acceptable agreement
Officials of the State, Treasury and Commerce departbetween the operators and employees in the coal-mining industry in Colo- ments believe that this conference will be an important step
rado.
I was very happy to have the opportunity of talking with-you about these toward closer commercial relationship between the two
matters so fully and informally and of making clear to you our attitude American continents, and point out that in this direction lies
and our understanding of the attitude of the officers of the Colorado Fuel the
hope of South America for financial independence of
& Iron Co. in relation thereto. It was gratifying to find that the steps already taken and my rough outline of the several further steps which it is Europe. Further reference to the proposed conference
my impression the officers of the company have in mind in the development will be found in our issue of Jan. 16.
will insure to
of a plan which
employer and employed opportunity for the
full and free interchange of views on all matters of common interest, met
so generally with your approval.
As I said to you in conversation,in line with my telegram to the President
several months since, I shall be glad to have you assure him of my desire
and purpose to co-operate with the Commission which he has appointed
In every way in my power, consistent with what seems to me to be a sound
business principle, namely that the executive officers of the ColoradolFuel
& Iron Co. at Denver are the ones upon whom the responsibility for final
decision must properly rest.
With expressions of my high regard. I am,
Very sincerely,
(Signed) JOHN D. ROCKEFELLER JR.
Concerning the action of the seventy-one operators,
Secretary Wilson of the Department of Labor stated on the
14th that their position was not conclusive, since no dispute
had arisen as yet. The Secretary at the same time took
occasion to deny the charge that the Commission is biased.
THE OPENING OF THE PANAMA-PACIFIC
EXPOSITION.
The Panama-Pacific Exposition at San Francisco was
opened at noon on the 20th inst., the pressing of an electric
button at the White House by President Wilson officially
signalizing the opening of the gates, the turning of the
wheels in Machinery Hall and the starting of the Fountain
of Energy. The Exposition occupies a compact area of 635
acres along San Francisco Bay. There are eleven main exhibit buildings, covering a total area of 2,663,183 square feet,
for which 60,000 exhibits have been provided.
Notwithstanding the European War, forty-one nations
are represented at the Exposition. While England, Germany, Russia and Austria are not officially represented,
many commercial organizations of these countries have arranged for exhibits. Of the twenty foreign buildings within
the grounds,a large majority werefinished by Jan. 1. Fortythree States and three Territories of the Union are represented at the exposition. The attendance for the opening
day was approximately 215,000, which isjin excess ofiithe
Previous record made at the St. Louis World's1Fair in 1904,
SENATE PASSES RURAL CREDITS BILL.
The Senate passed on the 25th inst. a rural credits bill
as an amendment to the Agricultural Appropriation Bill.
Senator McCumber of North Dakota presented the amendment during the dinner hour when but few members were
present, and it was quickly passed. The bill, which differs
materially from the bill recommended by Senator Fletcher's
commission, has never been considered by any committee
of Congress; its provisions have not been studied and it is
admitted to be simply a rough draft. Its advocates hope
that a satisfactory bill can be perfected in conference between the House and Senate. The McCumber bill provides
for the creation in the Treasury Department of a bureau of
farm credits to make loans of Government funds through
national banks on farm mortgage notes. It provides an
appropriation of $10,000,000 to be used for purchasing the
notes secured by first mortgages on agricultural lands. The
loans may run for ten years and would be required to bear
5% interest. National and State banks would act as agents
of the new bureau to receive and forward the mortgage notes.
No mortgage of less than $300 or more than $10,000 could
be issued. To provide for additional funds the amendment
states that whenever $1,000,000 of these notes are received
by the bureau United States bonds may be issued to run for
twenty years, bearing 43% interest.
NEUTRALITY LEAGUE ORGANIZES.
The Committee on Organization of the American Independence Union, a league formed at Washington on Jan. 30
by German-American and Irish-American societies to establish "genuine American neutrality and to uphold it free from
commercial, financial and political subservience to foreign
Powers," held a meeting at the Hotel Astor in this city on
the 20th inst. and perfected its organization. The following
officers were elected: Herman Ridder of New York, Hono-
J.27 1915.]
THE CHRONICLE
695
rary President; Richard Bartholdt of Missouri, President; full reply of the British Government in the matter is as fol.
Dr. Thomas C. Hall of New York, First Vice-President. OWS:
The communication made by the United States Ambassador in his note
The policy of the organization is outlined in the following to Sir Edward Grey of the 16th inst. has been carefully considered, and the
committee:
the
following
observations are offered in reply:
by
adopted
resolution
organized upon the declaraThe American Independence Union has been
representative American citizens
tion of principles adopted at a conference of
January 1915. Its memheld in the city of Washington on the 30th day of
citizens, irrespective of
bership will be confined exclusively to American
Government of the United
their descent, but of unquestioned loyalty to the
and undiminished
unshaken
absolutely
States, a loyalty which would remain
any other country on the face
in case of war between the United States and
of the globe.
deprives a
We bold, however, that loyalty to the Government neither
citizen—of whatever lineage or descent—of his right to scrutinize the action
it absolve
does
nor
station:
their
high
how
matter
no
of public officials,
affairs of the
him of his duty so to do, and to discuss with his fellows the
State and the nation. The Union is not, and will not be, a segregation,
politically, of one or more elements of our people from the other.
Our work will be confined to a peaceful, but determined, effort to educate public opinion in the United States in favor of the liberation of our
country from all undue foreign influences, and to bring all lawful pressure
to bear upon our public servants, so as to cause them to conduct our international affairs in a spirit of real and not mere paper neutrality in times of
war between friendly Powers and of complete independence of foreign influences in times of peace.
Our country must, in its international relations, and in its public spirit,
and public opinion, be American only.
We beg now to invite the attention of all patriotic citizens to the platform adopted at the Washington conference and to invite their earnest
co-operation.
At the time when His Majesty's Government gave directions for the
seizure of the cargo of the steamship Wilhelmina as contraband they had
before them the text of a decree made by the German Federal Council on
the 25th of January, under article 45 of which all grain and flour imported
nt,o Germany after the 31st of January was declared deliverable only to
certain organizations under direct Government control or to municipal
authorities. The vessel was bound for Hamburg, one of the free cities
of the German Empire, the Government of which is vested in the municipality. This was one of the reasons actuating His Majesty's Government
in deciding to bring the cargo of the Wilhelmina before a prize court.
Information has only now reached them that by a subsequent decree,
dated Feb. 6, the above provision in article 45 of the previous decree was
repealed, it would appear for the express purpose of rendering difficult the
anticipated proceedings against the Wilhelmina. The repeal was not
known to His Majesty's Government at the time of the detention of the
cargo, or, indeed, until now. How far the ostensible exception of imported
supplies from the general government monopoly of all grain and flour set
up by the German Government may affect the question of the contraband
nature of the shipments seized is a matter which will most suitably be investigated by the prize court.
It is, however, necmsaxy to state that the German decree is not the only
ground on which the submission of the cargo of the Wilhelmina to the prize
court is justified. The German Government have in public announcements claimed to treat practically every town or port on the English east
coast as a fortified place and base of operations. On the strength of this
contention they have subjected to bombardment the open towns of Yarmouth. Scarborough and Whitby among others. On the same ground
a number of neutral vessels sailing for English ports on the east coast, with
TWO-CENT POSTAGE TO BRITISH HONDURAS.
cargoes of goods on the German list of conditionallcontraband, have been
Postmaster-General Burleson issued an order on the 24th seized by German cruisers and brought before a German prize court.
Again, the Dutch vessel Maria, having sailed from California with a
inst. establishing a two-cent letter postage between the cargo
of grain consigned to Dublin and Belfast, was sunk in September last.
United States and British Honduras. The order will go by the German cruiser Karlsruhe. This could only have been justified if,
into effect March 1. Recently similar agreements were among other things, the cargo could have been proved to be destined for
British Government or for armed forces, and if a presumption to this
made with the British possessions of the Bahamas, Canada the
effect had been established owing to Dublin or Belfast being considered
and Newfoundland to reduce the postage to the two-cent fortified places or bases for armed forces.
The German Government cannot have it both ways. If they consider
basis. These reductions are in accordance with the policy
themselves justified in destroying by bombardment the lives and property
of Postmaster-General Burleson to extend the two-cent of the peaceful civil inhabitants of English open towns and watering places
rate between the United States and all countries in the and in seizing and sinking ships and cargoes of conditional contraband on
their way thither, on the ground that they are consigned to a fortified place
Western Hemisphere.
or base, a fortiori, His Majesty's Government must be at liberty to treat
Hamburg. which is in part protected by fortifications at the mouth of the
and base of operations and supply for the purposes
GREAT BRITAIN IN JUSTIFICATION OF SUBMI TTING Elbe, as a fortified town
of article 34 of the Declaration of London.
WILHELMINA CARGO TO PRIZE COURT.
If the owners of the cargo of the Wilhelmina desire to question the validA note defending the course of the British Government in ity in international law of the action taken by order of His Majesty's Govthey will have every opportunity of establishing their case in due
deciding to bring the cargo of the American steamer Wilhel- ernment,
course before the prize court, and His Majesty's Government would in
mina before a prize court was handed to Walter Hines Page, this connection recall the attention of the United States Government to
the American Ambassador, at London on the 19th inst. the considerations put forward in Sir Edward Grey's note to Mr. Page of
10th inst. as to the propriety of awaiting the result of prize court proalong with the reply (printed elsewhere in this issue) of Great the
ceedings before diplomatic action is initiated. It will be remembered that
Britain on the use of the American flag by British vessels. they have from the outset given definite assurance that the owners of the
The Wilhelmina sailed from New York for Hamburg on Wilhelmina, as well as the owners of her cargo, if found to be contraband.
be equitably indemnified.
Jan. 22 with a cargo of foodstuffs for Germany. As indi- would
There is one further observation to which His Majesty's Government
cating the attitude of Great Britain towards the Wilhelmina, think it right and appropriate in the present connection to give expression.
the British Foreign Office at London issued a statement on They have not so far declared foodstuffs to be absolute contraband; they
have not interfered with any neutral vessels on account of their carrying
the 4th inst. referring to the new German decree, which it foodstuffs, except on basis of such foodstuffs being liable to capture if
stated made it evident "that all grain and flour is to pass destined for enemy forces or governments. In so acting they have been
by the general principle, of late universally upheld by civilized
under control of the German Government, and it must guided
nations and observed in practice, that the civil populations of countries at
German
consigned
the
to
virtually
as
regarded
therefore be
war are not to be exposed to treatment rightly reserved for combatants.
Government or to the authorities under its control"; this, This distinction has, to all intents and purposes, been swept away by the
novel doctrines proclaimed and acted upon by the German Government.
it was added, created a novel situation, and it was furtherIt is unnecessary here to dwell upon the treatment that has been meted
more then stated that "it is probable that if the destination out to the civil population of Belgium and to those parts of Prance which
in German occupation. When Germany, long before any mines had
and cargo of the Wilhelmina are as supposed, the cargo will, are
been laid by the British authorities, proceeded to sow mines upon the high
court
prize
a
to
if the vessel is intercepted, be submitted
seas and by this means sunk a considerable number not only of British
in order that the new situation created by the German but also neutral merchantmen with their unoffending crews, it was, so his
Majesty's Government hold, open to them to take retaliatory measures
decree may be examined and a decision reached upon it even if such measures were of a kind to involve pressure
on the civil popuafter full consideration." The statement of the British lation, not, indeed, of neutral States but of their enemies. They refrain
subsequently
English
towns
When
and
so.
British
greater
defenseless
doing
at
from
printed
was
Foreign Office on that occasion
subjects,including women and children,were deliberately and systematically
length in these columns Feb. 6, page 442. While the fired
upon and killed by ships flying the flag of the Imperial German NavY,
seizure of the vessel by Great Britain was looked for, in when quiet country towns and villages, void of defence and possessing no
or naval importance, were bombarded by German airships, his
military
the
accordance with that statement, it is understood that
Majesty's Government still abstained from drawing the logical conseWilhelmina's entrance into the harbor at Falmouth,England, quences
from this form of attack on defenceless citizens.
on the 10th was accidental, and was occasioned by the
Further steps in the same direction are now announced and in fact
damage which she had suffered as a result of the rough have already been taken by Germany. British merchant vessels have been
weather through which she had passed. Following the an- torpedoed at sight without any attempt being made to give warning to
the crew or any opportunity being given to save their lives. A torpedo
nouncement on the 11th inst. that the cargo would be seized has been fired against a British hospital ship in daylight, and similar treatby Great Britain and would go to a prize court, evidence ment is threatened to all British merchant vessels in the future as well as
by the owners of the vessel to prove that she was loaded with to any neutral ships that may happen to be found in the neighborhood of
British Isles.
foodstuffs for non-combatants and not subject to seizure theFaced
with this situation, His Majesty's Government consider It would
was forwarded by the State Department at Washington on be altogether unreasonable that Great Britain and her Allies should be exdetriment, by rules and
the 15th to Ambassador Page for presentation to the London pected to remain indefinitely bound, to their graveimpartially
observed as
principles of which they recognize the justice if
Foreign Office, with the suggestion that the ship be permitted between
at
belligerents, but which are at the present moment openly set
to proceed with her cargo to her destination at once, unless
Great Britain had sufficient grounds not yet advanced for
doing otherwise.
In indicating its determination on the 19th to submit
the cargo to a prize court, Great Britain states that if the
owners of the cargo "desire to question the validity in
international law of the action taken by order of His Majesty's Government, they will have every opportunity of establishing their case in due course before the prize court." The
defiance by their enemy.
If, therefore, His Majesty's Government should hereafter feel constrained
to declare foodstuffs absolute contraband or take other measures for interfering with German trade by way of reprisals, they confidently expect that
such action will not be challenged on the part of neutral States by appeals
to laws and usages of war whose validity rests on their forming an integral
part of that system of international doctrine which, as a whole, their enemy
frankly boasts the liberty and intention to disregard, so long as such neutral
States cannot compel the German Government to abandon methods of
warfare which have not in recent history been regarded as having the sanc.
tion of either law or humanity.
696
THE CHRONICLE
[vol.. No.
W. L. Brooking, a member of the firm of W. L. Green &
Co., the St. Louis commission merchants who own the cargo
on the Wilhelmina, arrived in London on the 24th inst. from
Berlin bearing a statement from the German Foreign Ministry signed by Gottlieb von Jagow, the Foreign Minister,
and attested by James W. Gerard, the United States Ambassador, which pledges the German Government not to
take over control of the cargo of the Wilhelmina or of other
American vessels which may reach Germany.
subscribed $1,535,000 toward the fund to meet the obligations of New York
City, although this subscription involved our placing $1,230,000 in gold at
the disposal of•the city at a time when gold was unusually precious; we
subscribed $535,340 in gold toward the fund to provide for the payment
of other American debts held abroad; we subscribed $1,000,000 toward
the national fund to provide loans upon cotton, and $100,000 toward the
loan fund to facilitate the reopening of the New York Cotton Exchange.
The customers of the company, both great and small, were promptly and
adequately provided for the officers of course requiring proper assurance
that accommodation was necessary. These emergency loans amounted to
several million dollars. To meet a small part of these heavy demands the
company availed itself of the right to use clearing-house loan certificates
to the extent of $1,400,000 at the maximum amount, which was reduced
from time to time, the account being finally balanced on Sept. 24 1914.
REPLY OF GREAT BRITAIN ON USE OF U. S. FLAG No loans to stock brokers or other borrowers were called while the Stock
Exchange was closed.
BY BRITISH VESSELS.
The good standing of the company in the community was attested by the
Great Britain, in her reply to the note of the United fact that Its deposits did not fall off during the period of stress, but indeed
States concerning the use of the American flag by British showed a marked increase. On Aug. 1 1914, when the war was beginning,
deposits stood at $56,248,844; on Sept. 1 they were $S7.222,655; on
vessels, states in justification of the action of the Lusitania our
Oct. 1, $57,520,328; on Nov. 1. 859,283,626; on Dec. 1, 160,348,513; and
in raising the United States flag on her voyage to Liverpool on Dec. 24. the date of official call by the State Banking Department,
that such action was taken in consequence of the reported $61.770,213. This shows a gain of over $9,000,000 in deposits during the
year, as on Dec. 24 1913 net deposits were $52,115,254. None of this inintention of the German Government of sinking British mer- crease
Is due to paying high rates of interest. Our rates appear to be
chant vessels at sight, "without giving any opportunity of about the same as those of our conservative competitors. It should be
however, that a small part of our deposits are of a temporary
observed,
making any provision for the saving of lives of non-combatant
crews and passengers." The reply points out that the Brit- nature.
The trust department has received a large amount of new business. We
ish Merchant Shipping Act makes it clear that the use of the have of late qualified as executor or trustee for several substantial estates,
for a great many smaller ones. The volume of this business is over
and
British flag by foreign merchant vessels is permitted in time
100% greater than at the time of the merger. Our coupon business also
of war for the purpose of escaping capture, and expresses has more than doubled.
A revision of the New York State banking law has gone into effect during
the belief that in the case of some other nations there is
the past year, followed by a revision of the New York Clearing-House
similar recognition of the same practice with regard to their regulations
concerning reserves; as the result of which we are now required
flag, but adds that "the British Government have no to keep 10% cash reserve instead of 15%, and 5% deposited with reserve
agents,
instead
of 10%. In view, however, of the unsettled conditions
intention of advising their merchant shipping to use foreign
due to the war, your officers are now keeping about 12% cash reserve,
flags as a general practice or to resort to them otherwise nearly
all of which is in gold, and about8% deposited reserve. To strengththan for escaping capture or destruction." We quote en further the liquid Condition of the company, a very substantial increase
below in full the reply as presented to Ambassador Page on has been made in our line of outside bills purchased, which stand at over
811,000,000, as compared with about $5,000,000 during the month of July
the 19th inst.:
last. It is worthy of note that none of the paper purchased by the company
The memorandum communicated on the 11th of February calls attention defaulted during the course of the war. The company also holds over
In courteous and friendly terms to the action of the captain of the British $13,000,000 maturing securities falling due in less than two years
(the aversteamship Lusitaniainraising the flag of the United States of America when age maturity being about ten months). In general these securities are
approaching British waters, and says that the Government of the United readily salable and are subject to small fluctuations in value. The company
States feels certain anxiety in considering the possibility of any general use has no acceptances outstanding. The Federal Reserve Bank system was
of the flag of the United States by British vessels traversing those waters. established during 1914, but this company has not found it desirable to
since the effect of such a policy might be to bring about a menace to the become a member of the system.
lives and vessels of United States citizens.
The net earnings of the company from June 6 1912 to Dec. 31 1914.
It was understood that the German Government announced their inten- approximately two and a half years, have been $2,027,980 97, equal to
tion of sinking British merchant vessels at sight by torpedoes, without giv- 40% per annum on the $2,000,000 capital; or, to state it more fairly,
ing any opportunity or making any provision for the saving of the lives of 8.7% upon the $9,000,000 capital and surplus. This is after deducting
non-combatant crews and passengers. It was in consequence of this threat all losses except depreciation in real estate and securities, an item which has
that the Lusitania raised the United States flag on her inward voyage.
been unusually large during that period. During the first two years this
On her subsequent outward voyage a request was made by United States was partly due to declining railroad credit and partly to higher cost of
passengers, who were embarking on board herl that the United States capital. A further and more serious fall in prices resulted from the Euroflag should be hoisted presumably to insure their safety. Meanwhile the pean war. These declines we have met from time to time as they ocmemorandum from your Excellency had been received. His Majesty's curred, charging our securities down to the market quotations; and while
Government did not give any advice to the company as to how to meet these inroads into our earnings have been discouraging,
at least by facing
this request, and it understood that the Lusitania left Liverpool under the them promptly we have prevented an alarming
accumulation. The
British flag.
summary is shown in the following figures:
It seems unnecessary to say more as regards the Lusitania in particular. Gross earnings
$3,940,320 86
In regard to the use of foreign flags by merchant vessels, the British Expenses
and taxes
1,784,812 32
Merchant Shipping Act makes it clear that the use of the British flag by
foreign merchant vessels is permitted in time of war for the purpose of
$2.155,508 54
escaping capture. It is believed that in the case of some other nations there Written off loans and
other accounts
127,527 57
Is similar recognition of the same practice with regard to their flag, and
that none of them has forbidden it.
Net earnings
$2,027,980 97
It would, therefore, be unreasonable to expect His Majesty's Government Deductions:
to pass legislation forbidding the use of foreign flags by British merchant
Written off real estate
$45,358
89
vessels to avoid capture by the enemy, now that the German Government
Written of investments
*963,450 85
have announced their intention to sink merchant vessels at sight with their
1.008,809 74
non-combatant crews, cargoes and papers, a proceeding hitherto regarded
by the opinion of the world not as war, but piracy.
$1.019,171 23
Net
gain
It is felt that the United States Government could not fairly ask the
1,000.000 00
Dividends
British Government to order British merchant vessels to forego a moans,
always hitherto permitted, of escaping not only capture; but the much
$19,171 23
profits
undivided
Balance to
worse fate of sinking and destruction.
Great Britain has always, when a neutral, accorded to vessels of other
* Net, after deducting profit on sale of securities.
States at war the liberty to use the British flag as a means of protection
The expense account of the company is large in comparison with some
against capture, and instances are on record when United States vessels others, but this Is on account of the large volume of our business and the
availed themselves of this facility during the American Civil War. It would fact
that it is conducted in four offices. The corresponding advantage
be contrary to fair expectation if now, when conditions are reversed, the should be a slighter fluctuation in the amount of deposits, on account of
United States and neutral nations were to grudge to British ships the liberty the wider distribution. We have in all offices a total of 15,546 accounts,
to take similar action.
subject to cheque, whereas another company with two branches and
The British Government have no intention of advising their merchant approximately the same total of deposits has under 8,000
accounts, and
shipping to use foreign flags as a general practice or to resort to them another with two branches and a total of about $50,000,000
deposits has
otherwise than for escaping capture or destruction. The obligation upon a 9,075 accounts.
belligerent warship to ascertain definitely for itself the nationality and character of a merchant vessel before capturing it, and a fortiori before sinking
EFFECT OF SINKING OF EVELYN AND CARIB ON
and destroying it, has been universally recognized.
If that obligation is fulfilled, the hoisting of a neutral flag on board a
WAR RISK INSURANCE.
British vessel cannot possibly endanger neutral shipping, and the British
during the past week of the American steamsinking
The
Government holds that if loss to neutrals is caused by disregard of this obligation it is upon the enemy vessel disregarding it and upon the Government ships Evelyn and Carib in the mine area of the North Sea
giving the orders that it should be disregarded that the sole responsibility resulted in the decision of the Bureau of
War Risk Insurance
or injury to neutrals ought to rest.
HOW ONE TRUST COMPANY DEALT WITH PANIC
CONDITIONS.
Willard V. King, the President of the Columbia Trust Co.
of this city, in a report to the shareholders under date of
Jan.-2,furnishes an interesting account of the part performed
by this institution in meeting the unusual and extraordinary
conditions growing out of the war in Europe. We quote
in part as follows:
The sudden outbreak of war in Europe found this company in so strong
a position that It was not only able to extend aid to it customers, but to
assist in the large undertakings for the protection of Ame ican credit. We
on the 24th inst. to suspend temporarily the issuance of insurance on hulls and cargoes of vessels bound for belligerent
countries. On the 25th inst., following a meeting of the
Advisory Board of the Bureau, announcement was made that
all ports in the United Kingdom and certain ports in France
had been included in the "list of special ports," to which
special rates apply. The following is the Bureau's announcement:
Owing to the exceptional hazards involved, the Bureau of War Risk Insurance will consider only these ports when application is made to the Bureau
of War Risk Insurance, Washington, D. C.
The Bureau reserves to itself the right to decline any risks to these ports,
or, if accepted, to name such rates as may seem in its judgment adoqua .
FEB. 27 1915
THE CHRONICLE
697
This list is effective from the date hereof, but subject to change without
notice. At this date it is as follows:
All ports in the United Kingdom and on the Continent of Europe north
of Bordeaux and south of Christiansand. Also ports on the Kattegat and
Baltic Sea and adjacent waters.
Ports on the Adriatic Sea, Black Sea, or Bosporus. and the Port of
have enough to give him as full a discount privilege with the Reserve Bank
as he would be likely to make use of. How, then, shall the banker put
10% of his paper in eligible form? It seems a sufficient answer to say that,
as he makes the loans himself, he ought to be able to get at least 10% of
them to suit him. The real answer is, by gradually forming new practices
and habits among his borrowers and in himself. To be more definite:
A careful study of every note in the loan pouch will disclose, even in the
Smyrna.
reports
of
list
deadest pouch, many notes that can be made eligible for re-discount: that
The ports above mentioned comprise the present special
proand
clear
not
may
vessels
which
to
policy,
notes whose makers are engaged in industrial, commercial or agricultural
is,
ferred to in the vessel form of
Bureau
the
of
pursuits and who actually used the money borrowed in one of these purpermission
special
without
ceed
Applications for insurance to the above-mentioned ports must contain suits, and who are producing something they will convert into money
full particulars of the proposed voyage, including name of consignee and wherewith to pay the note.
It is believed that a full and frank talk with each one of the borrowers
description of cargo, as well as the amount of insurance.
will result in many of them replacing their present notes with
The above announcement was accompanied by a state- of this class
new ones for either all or, at any rate, part of the indebtedness, which new
ment from the Director of the Bureau, W.C. DeLanoy,that notes can be made, both in form and in spirit, eligible for re-discount: To
the rates to German ports were temporarily suspended accomplish this, the borrower must—
First. Give a written statement of his condition. This need not be
pending the receipt of advices from Secretary of the Treasury
technical in form, but it should show that he is; engaged in an industrial,
McAdoo as to the circumstances attending the loss of the commercial or agricultural pusinass; that his net worth is ample to assure the
Evelyn and Carib. A statement concerning the financial soundness of his note; and that his business operations are actually going to
him with the money wherewith to pay it.
condition of the Bureau and indicating the damages suffered supply
Second. The new notes must be strictly negotiable in form, that is (in
Secretary
by
issued
was
vessels,
the
of
sinking
the
through
California) about as follows:
McAdoo on the 24th, and we give it herewith:
days after date, for value received, I promise to pay
Dollars, with interBank, or order.
the
of
Insurance
The total insurance carried by the Bureau of War Risk
per
maturity hereof, until paid, at the rate of
from
thereon
est
Borkum
off
sunk
reported
Evelyn,
ship
the
upon
Treasury Department
brought hereon to compel the payment
is
suit
case
in
and
annum;
per
cent
Island Feb. 19, and the steamer Carib, reported sunk in the North Sea hereof, an additional sum of ten per cent on the principal hereof as attorFeb. 23, is 3659.103, which is covered entirely by premiums already earned ney's fees.'
by the Bureau of War Risk Insurance.
Third. He must figure out and insert in the note a due date on which he
The total premiums received by the Bureau up to and including Feb. 23 can be morally certain of having the money on hand with which to pay it.
amounted to $1,502,302. Of this $752,041 has actually been earned and all If he cannot fix a date on which he can positively pay the whole debt in full,
risks released. The $659,103 represents the maximum possible liability let him cut it up into several notes with different maturities. In consideraof the Bureau of War Risk Insurance in connection with the sinking of the tion to him for his positive agreement to pay, without fail, at maturity, let
two steamers. This does not take into account the possibility of salvage. him decide for himself, without coercion or persuasion, what these due dates
The condition of the sunken steamers at this time is unknown. Cotton is shall be, so long as they are anywhere within reason. The loan would
rather easily salvaged, and it is possible that the cargoes are not beyond probably run that long, anyway, so why not frankly agree upon it right in
recovery. If so, this would mean a material decrease in the possible loss.
the note. If the note is made to fall due in six or eight months after date,
The total amount of insurance so far written by the Bureau of War Risk it will not be eligible for re-discount for several months, but it will be no
Insurance is $5,645,084, and the sinking of these two steamers represents worse than it is now, and it will become eligible as soon as enough time has
the first loss suffered since the Bureau was organized on Sept. 2 last.
passed to bring it within ninety days of its maturity.
It is fully believed that any banker can go carefully and thoroughly
The discontinuance of the War Risk Bureau by President
his loans, and by this process create considerable eligible paper,and,
Wilson was urged in the House on the 24th inst. by Repre- through
by adhering continuously to the same methods, can steadily increase the
sentative Moore of Pennsylvania. In part Mr. Moore said: amount of such paper, as the borrowers and the banker himself work into
The Evelyn was insured to the extent of $100,000 upon her hull and her new habits and practices in regard to these loans.
cargo was insured to the extent of $301,000. a total of $401,000 insurance
After this course of treatment has been administered to the loan pouch,
guaranteed by the people of the United States upon cotton going to the war It might be interesting, as a second course of treatment, to make a systematic
zone, and for that insurance the United States received a premium of $13,- comparison of the large and long-standing loans with the average balances
030—about 3%. That is to say, we staked $401,000 of the people's money which the makers thereof keep on deposit with the bank. It would not be
against $13,030 which we got in the form of a premium.
surprising to find that the bank has many loans which,while eventually good,
The Carib was insured on her hull for $22,253, on her cargo for $235,850, are of long standing, uncertain as to their date of payment, and whose
the premium paid was $7,965 62, which we staked on the Carib as against makers keep no deposit accounts worth having, or who give the bank prac3258.103 of the people's money. The total premiums on•these two ships tically no business except to borrow from it, and who could. sonsequently
was $20,795, as against a loss of $659,103.
with great advantage to the bank, be asked to borrow the money elsewhere,
The total amount received is $1,502,302, and, to be fair with the Bureau, from some savings bank, mortgage company or individual, and pay up.
the
of
certain
because
protected
absolutely
is
that
of
a very large proportion
They could be told to take plenty of time in doing this, so as to work no
insured cargoes have arrived at their destination. But that million and a hardship or ill-feeling; in fact, told to fix their own reasonable time for doing
half dollars derived in premiums amounts to $55,000,000 in liabilities.
It, but to do it. With the proceeds of the payment of such loans, the bank
Reading to the House that section of the War Risk Bill could accumulate a line of strictly high-class commercial paper, of a kind
of the Reserve
which empowers the President to terminate the activities of that would instantly meet all the discounting requirements
Bank. Such paper can practically always be had through the country
this Bureau, Congressman Moore went on:
an interest
high
bank's city correspondents, and while it will not yield so
I call upon him (the President) now to exercise that discretion and stop
rate as the home paper, it will be paid when due and the certainty of its
the
of
this terrible loss, this tremendous hazard, against which the money
eligibility for re-discount, together with the recently reduced reserve repeople of this country is being staked. Now the time has come for the
quirements, will allow that a larger loan line can be carried than in the past,
President to act.
which should more than compensate for any loss through the lower rate
which such paper bears.
process of effectually raising the character of our bank loans so as
THE FEDERAL RESERVE SYSTEM AND THE COUNTRY toThe
enable them to measure up to the high standards of the Reserve Bank
BANKS.
(they are also the standards of every highly developed financial community
the
With the object of helping to overcome the feeling enter- of Europe) may take a few years, but we have waited many years for
enactment of this law, and can now well afford to devote the efforts of antained by many of the smaller banks that they can do no other
year or so to putting into practice its fundamentally sound requirebusiness with the Federal Reserve Bank, H. S. McKee, ments.
Cashier of the National Bank of California, of Los Angeles,
is sending to all the members of the San Francisco Federal
Reserve District a circular prepared by him under the caption "Will the Federal Reserve System Help the Country
Banks?" While the statement of the Federal Reserve Bank,
Mr. McKee says, would seem to indicate that very few of
the member banks are needing to re-discount, yet the fact
of the matter is that the city banks are carrying large amounts
of paper for their country correspondents which ought to be
in the Reserve banks. In his circular Mr. McKee says:
The Federal Reserve Act has made many changes in the banking business
and will lead to many more. Consequently, human nature itself tends to
plant in the banking mind a slight prejudice against, or at least a lack o
enthusiasm for, these changes. Simple fairness, therefore, as well as a selfish desire to realize a substantial benefit, suggests that we lay aside any
preconceived unfriendliness to the Federal Reserve Bank and try to give
It the help and co-operation each of us would give if he had been the one who
proposed it in the first place.
It seems to the writer that the Reserve Bank is not itself a remedy for
the long-standing defects in our banking system and customs, but is, instead, really a device oy the use of which we can remedy them for ourselves.
Some of us are going to do this, and do it energetically,and with great resultant benefit. A few of us are probably going to make no effort at all,
but be content with criticism, and expect the Reserve Bank to come inside
our very doors and force relief upon us. In other words, the Federal Reserve Bank is an instrument which the member banks may use or not, as
they severally elect. The fact of the matter is, nearly all of the relief the
Reserve Bank will afford must originate right in the member banks themselves, and the benefit to any member bank will be much or little, just as
It shall, Itself, decide.
Let us assume the case of a typical bank in a small town, where the
President says the Reserve Bank does him no good, for he has no eligible
paper. There are two courses open to him: One is to take no action except
to complain, and the other is to set about accumulating a line of eligible
paper. How much will he need? It is believed to be a fair assumption to
say that if he had 10% of his loans in form eligible for re-discount, he would
FEDERAL RESERVE BANKS NOT FOR ACTIVE TIMES
ALONE.
Frederic A. Delano of the Federal Reserve Board discussed the Federal Reserve Act at the monthly dinner of the
Baltimore Credit Men's Association on the 16th inst. Mr.
Delano entered into a detailed explanation of the new system and, continuing, said:
It might be assumed from what has been said that these twelve Federal
Reserve banks exist solely to take care of the unusual,spasmodic or seasonal
demands of business, or else those excessive demands which periodically
come upon us at greater intervals of time. That alone might well be called
a worthy object to attain, but it would have to be admitted that a ponderous
and costly machine had been created to serve an occasional demand: and
it might be doubted whether a machine thus kept in comparative idleness
two-thirds of the year would operate smoothly and successfully when the
steam was turned on. But the framers of the Act had no such idea. They
meant that these district banks should be active undertakings and, among
other requirements, imposed upon them the duty of earning for their stockholders (the members' banks, aggregating to begin with 7,600) not only
operating expenses and all costs by the Government for engraving and
printing of notes, the salaries and expenses of the Federal Reserve Board
and its staff of employees, but, in addition, 6% on the investment by the
banks. In order to enable the twelve reserve banks to employ their funds
profitably in dull seasons (the seasons of liquidation) and recognizing that
In such seasons the member banks would not bring commercial paper to
the reserve banks for re-discount and the issuance of currency, for the
obvious reason that in those seasons the banks themselves would have
ample loanable funds, Congress provided for the purchase and sale of certain readily marketable Investments.
From the foregoing it may be seen that, while the Federal Reserve Act
provides a valuable "shock absorber," it is far more than an inert piece
of machinery which comes into action simply in an emergency. It might
more truly be likened to an extra unit in a large power station, revolving
at all times on, say, half-load, yet capable of taking on a full load at any
time, or, for short periods, even a considerable overload.
698
THE CHRONICLE
The benefits of the Reserve Act as thus far developed are evidenced more
by the indirect benefits derived than by the actual transactions of the reserve
banks themselves. For example, there was released on Nov. 16. when the
banks were declared opened by the Secretary of the Treasury, something
like $450,000,000. This large fund was released to meet the demands of
business; its immediate effect was the reduction in all interest rates in every
district.
The emergency currency issued to meet the panic conditions brought
on by the European war was rapidly retired, so that from a maximum
issue of $385,216,655 this emergency currency outstanding has been reduced (at the close of business Feb.13)to 844,206,802, and this is in spite
of the fact that a large area of our country has suffered from a most serious
setback, due to the unexpected and sudden reduction in the demand of
their chief staple product, cotton.
As a precautionary measure and on the advice of bankers three years
are provided in which to develop the reserve banks to their full power.
Whether this was an unnecessary length of time is a debatable subject.
but one thing is already evident and that is that the country is now demanding results, as if three months instead of three years had been named.
The Federal Reserve Act also formed the subject of an
address by Charles S. Hamlin, Governor of the Federal Reserve Board, at the second annual banquet of the Chicago
Real Estate Board on thp 13th inst. The assertion that
"under the Federal Reserve system we shall see no more
financial panics" was contained in Mr. Hamlin's remarks,
from which the following extract is also taken:
The establishment of the Federal Reserve system has been a potent
cause in our financial recovery. In the first place, it established lower
reserve requirements, thus releasing an enormous amount of cash as a basis
for future credit operations. It mobilized a material proportion of the reserves of the member banks in the Federal Reserve banks, thus furnishing
a fund from which banks could be assisted in re-discounting commercial
Paper.
An elastic note issue was also provided for, rising and falling in response
to the needs of agriculture, commerce and industry. Acceptances in the
Import and export trade also are permitted to be discounted by Federal
Reserve banks, and the member banks for the first time were authorized
to accept bills drawn upon such transactions.
Much has been said about the true function of the Federal Reserve
banks;some claim that they are purely emergency banks, while others seem
to feel that they are ordinary commercial banks, which should at all times
compete with the member banks. Neither of these extremes, however,
represents the real function of the Federal Reserve banks.
Their duty Is not alone to meet emergencies, but, so far as possible, to
prevent emergencies from arising. While ordinarily they do not and are
not intended to compete with commercial banks, yet occasions may arise
where such competition, through the exercise of their open market powers,
will be necessary for the protection of the people of the United States.
FEDERAL RESERVE MATTERS.
On the 25th inst. Secretary of the Treasury McAdoo announced his purpose to print approximately $500,000,000 of
Federal Reserve notes, to be sent to Federal Reserve banks
when demanded, through the proper channels. They will
take the place, to a large degree, of the notes issued under
the Aldrich-Vreeland Act, which expires June 30. Mr. McAdoo's announcement is as follows:
In view of the fact that the Aldrich-Vreeland law, as amended by the
Federal Reserve Act, expires on June 30 next, and that 90% of the emergency currency issued under that Act has now been redeemed, and that
after the 30th of June next further issues of emergency currency under the
Aldrich-Vreeland Act cannot be made, the Federal Reserve Board has requested the Secretary of the Treasury to continue the printing of new
Federal Reserve notes in order that an adequate supply of these
note.
may be on hand June 30 next, when the Aldrich-Vreeland Act expires, so'
that they may be at all times available for prompt issue to meet the needs
of business throughout the country.
For many years the Treasury Department has kept on hand a
printed
supply of emergency currency, aggregating in amount
$500,000.000
Secretary McAdoo said it was the purpose to print and keep on
hand'
approximately $500,000,000 of Federal Reserve notes in lieu
of the $500.000,000 of emergency currency which is to be retired.
Applications of three national banks to exercise the functions of trust companies conferred under the Federal Reserve
Act were approved by the Federal Reserve Board on the
25th inst. The institutions are the National Metropolitan
Bank of Washington, D. C.; the American National Bank of
Richmond, Va., and the People's National Bank of Charlottesville, Va. The Board has notified these banks that
they may act as trustee, administrator and registrar of stocks
and bonds in so far as not forbidden by the State laws within
the State in whichlthe banklis located. The banks will be
required to establish separate trust departments with special
officers at the head thereof; the funds kept in trust must be
held separate from the other funds. The trust departments
will be under the examination and supervision of the Comptroller of the Currency.
While Parker S. Williams, counsel for the Federal Reserve
Bank of Philadelphia, has given it as his opinion that it
will be impracticable without amendment to the present
State laws for national banks in Pennsylvania, New Jersey
or Delaware to take advantage of the trust privileges accorded under the Federal Reserve Act, both ex-Gov. Edward
C. Stokes of New Jersey and Thomas K. Johnston, Deputy
Banking and Insurance Commissioner of that State, have
expressed the belief that there is nothing in the New Jersey
laws to prevent the national banks within the State from
[VOL. 100
assuming trust company functions. So far as the admission
of trust companies and State banks to the Federal Reserve
system is concerned, Mr. Williams states that enabling
legislation is necessary in Pennsylvania and Delaware. A
law passed by the New Jersey Legislature in April 1914
gives the necessary authority in that State. Mr. Williams'
views were made public by Charles J. Rhoads, Governor
of the Philadelphia Federal Reserve Bank, on the 18th inst.
The Philadelphia "Ledger," in quoting Mr. Williams' conclusions, says:
Mr. Williams said in the opinion: "As to the eligibility of national
banks
to act as trustee, executor and registrar under the laws of
Pennsylvania,
New Jersey and Delaware, I am of the opinion that at the
most
sufficient doubt on the question to render enabling legislation there is
necessary
in each State before a national bank could act in any of
the capacities
referred to, except that of registrar.
The opinion declares the absence of directly permissive or
prohibitory
egislation, except in New Jersey, on the right of trust companies
and State
banks to subscribe to stock of the Reserve banks makes a definite
decision
on the latter point difficult, and that to clear up doubts
enabling laws
should be passed in Pennsylvania and Delaware.
The adverse opinion as to national banks was based on the
following
reasons:
Pennsylvania.—No statute authorizes corporations generally to act
as
executor or administrator; that power is conferred specifically only on
title
insurance companies and trust companies. Also, limitation of
powers
of banks under Federal laws to hold real estate would be inconsistent
with
powers necessary to trustee.
New Jersey.—No general provision authorizing corporations to act as
!executor, administrator or trustee, that power being conferred specifically
upon trust companies. Limitations as to holding real estate similar to
those in Pennsylvania, and inconsistent with necessary powers to a trustee.
Delaware.—No general statute empowering corporations to act as
executor, administrator or trustee, and no general statutes for incorporation of banks or trust companies, each being chartered under special acts.
It appears to be the opinion that national banks in New
York State are barred, under the banking law passed last
year, from adopting trust company functions, and that an
amendment will be necessary to give them the right to
exercise such functions.
Trust companies in Michigan have taken steps toward
preventing the exercise of trust functions by national banks
in that State, a brief in the matter having been submitted to
the Federal Reserve Board on behalf of the Security Trust
Co., the Detroit Trust Co. and the Union Trust Co. of
Detroit. It is contended that the Federal Reserve Act is in
contravention of the Federal Constitution in seeking to confer on national banks, powers, the control of which lies with
the several State Governments. In his argument, Sidney T.
Miller, representing the Detroit Trust Co., says:
"First. That the existence of national banks is authorized
under the
Federal Constitution only because they are necessary
instrumentalities
of the Federal Government.
"Second. That such instrumentalities are permitted
to go into the business of private banking solely because that is an
incident which is inherent
to this form of instrumentality.
"Third. That the functions of executor,
administrator, trustee and
registrar, when discharged by corporations, lie within
the province of trust
companies only, and that such corporations have been
created by our various States and have been recognized by the United States
courts as occupying a field distinct from banking.
"Fourth. That the functions named and which have been regarded
as
trust company work and incidental to banking, are private in character,
subject entirely to local administration and within the exclusive jurisdiction of the States.
"Fifth. That any stretch of the words trustee and registrar, in the legislation under discussion, so as to interpret them as including possible Federal
connections is unwarranted by the plain reading of Clause K.
"Sixth. That as Clause IC is undoubtedly beyond the Federal power in
part, and as the reading of the Federal Reserve Act indicates that the innovation contemplated by Congress was had in toto, the whole clause is tainted. The work it attempts to delegate is within the jurisdiction of the
States alone, and the Federal Government cannot encroach upon it."
The other arguments are along similar lines.
As indicating the views of the up-State bankers who are
opposed to the plan for the collection of checks, discussed
at last week's meeting in this city, F. E. Lyford, President
of the First National Bank of Waverly, N. Y., is quoted
as
follows in the "Journal of Commerce":
"Country banks figure that with only 7,000 banks in the
Federal Reserve
Bank System and over 17,000 State banking institutions,
the Federal
Reserve banks handling only checks of member banks, they
will have to
carry accounts with other banks which will handle checks
on the outside
banks.
"This will cause them to carry more than 12% reserve with
the Federal
Reserve banks, also to carry large balances with other banks
to care for
the checks on outside banks, thus increasing their reserves
instead of decreasing them. The Federal banks paying no interest on reserves,
country
banks will lose the amount they have been receiving from their
reserve
agents, also the exchange they have had for the expense of handling
checks
on other banks, and will face a probable loss on checks on outside
banks.
"As country banks see the situation, the ultimate result
will be the
handling of checks all over the country at par, the additional
transfer of funds now borne by the post-office and express burden of the
companies and
paid for, will be thrown on the banks and a vast additional
amount of
detail work required, and all at a great loss. The
small banks will not
enjoy helping to increase the deficit in the Post Office
Department, in this
way, neither do they look forward with much pleasure
to
burden of transferring of all of the funds of the country assuming the
at such a cost
of effort on their part, knowing that they are not only not
receiving anything for their services but are suffering a large loss.
FEB. 27 1915.]
THE CHRONICLE
"The small banks are not earning or paying large dividends, and do not
feel like having their profits reduced, as they will be unless the present
banking law is amended."
The purchase of acceptances in the open market by the
Federal Reserve Bank of New York under the recently
announced regulations of the Federal Reserve Board was begun on the 23d inst.
The rates on acceptances approved on the 18th inst. for the
New York,Boston and Chicago Federal Reserve Banks, were
made applicable to the Federal Reserve Bank of Minneapolis
on the 19th inst.; the rates make 2% the minimum and 4%
the maximum.
R. M. Van Sandt, of Fort Worth, Vice-Governor of the
Dallas Federal Reserve Bank, was chosen on the 25th inst.
to serve as Governor of the Dallas District until April 6,
when the regular meeting of the Board will be held. Mr.
Van Sandt serves in the place of Oscar Wells, who resigned as
Governor to become President of the First National Bank
of Birmingham.
699
Internal Revenue Commissioner Osborn in his advices in
the matter says:
Cash dividends, or their equivalent paid from the net earnings or the
established surplus, or undivided profits of corporations, joint stock companies, or associations and insurance companies, if declared and paid on
or after March 1 1913, constitute taxable income in the hands of shareholders or beneficiaries when received and should be returned when the
total net income of any individual is in excess of $20,000, inclusive of such
dividends, and the additional tax should be paid thereon as on income for
the year in which such dividends were received, without regard to the
period in which the profits or surplus were earned, or the period during
which they were carried as surplus or undivided profits in the treasury or
on the books of the corporations, &c.
Stock dividends issued as a bona fide and permanent increase of the
capital stock of corporations, &c., without intent to evade the imposition
of the personal income tax, are held to represent capital and are not therefore subject to the income tax as gains, profits and income in the hands of
the stockholder.
If, however, the dividend stock should be surrendered to the corporation
for cash or its equivalent, or if the assets of the corporation in any manner
should be distributed by means of the stock dividend, the amount realized
will be considered income for the year, when so converted or received.
and will be returned as income by the corporation or individual receivin
the same.
Collectors of Internal Revenue were notified this week of
the Treasury Department's ruling to the effect that interest
A petition which had been filed with the Federal Reserve from bonds and dividends on stock of domestic corporations,
Board by banks in Stewart; Montgomery and Robertson owned by non-resident aliens, are not subject to the income
counties, Tenn., asking that those counties be detached from tax. The notice says:
Interest from bonds and dividends on stock of domestic corporations.
the Atlanta Federal Reserve (or Sixth) District, and be made
owned by non-resident aliens, are not subject to the income tax, whether
a part of the St. Louis Federal Reserve District (Eighth Dis- such bonds and stock are physically located within
or without the United
trict) was withdrawn this week. The petitioners notified States or whether they are in the possession of agents, or trustees, in some
capacity,
in
the
United
States or otherwise.
the Board that they had deicded to give the present arrange- fiduciary
All rulings and decisions in conflict herewith are hereby superseded and
ment a trial, and the hearing set for Feb. 25, at which their overruled.
claims were to have been presented, has been abandoned.
MODIFICATION SOUGHT OF RULING CALLING FOR RETURNS
BASED ON DIVIDENDS DECLARED.
NEW ITEMS CALLED FOR IN REPORTS OF NATIONAL
A protest against two of the Treasury Department's
BANKS.
rulings on the income tax is voiced by the Merchant's AsIn forwarding to the Cashiers of the national banks new sociation of New York. With regard to the decision calling
forms on which to report at the forthcoming call, Comptroller for returns on dividends declared, the Association says:
recent Treasury decision under the income tax law requires payments
of the Currency Williams has addressed to them the following onAdividends
declared during the year covered by income returns, instead
communication:
of upon dividends actually received during that year. In many cases divi-
Washington, February 10 1915.
To the Cashier:
There are inclosed three blank reports of condition and two publishers'
certificates to be used at the time of the next call for a statement of condition of your bank.
In addition to forwarding a report to this office, you are requested to
fill out and send one copy, in sealed mail, to the Federal Reserve Agent
of the Federal Reserve Bank of your district.
Your attention is called to the following items:
[On face of the report.]
RESOURCES.
NO. 4. "U. S. BONDS PLEDGED TO SECURE U. S. AND POSTAL
DEPOSITS."
District of Columbia or any Territory or insular pc...melon bonds must
not be included therein, but must be shown under other bonds pledged.
LIABILITIES.
NO. 9g. "STATE, COUNTY OR MUNICIPAL DEPOSITS SECURED
BY ITEM 8 OF 'RESOURCES'."
Only deposits which are secured by a pledge of bonds or other securities
as collateral should be reported here.
[On back of report.]
"DRAFTS OR BILLS OF EXCHANGE,INCIDENT TO THE IMPORTATION OR EXPORTATION OF GOODS, 'ACCEPTED'
UNDER SECTION 13 OF THE FEDERAL RESERVE ACT."
This refers to drafts or bills of exchange accepted by your bank and outstanding as of the date of your next statement to the Comptroller.
"NUMBER OF DEPOSITORS."
Space has been provided for reporting the number of "demand" and
number of "time" depositors to whom interest is and is not allowed.
"LIABILITIES OF OFFICERS AND DIRECTORS," ETC.
Item 7 of this schedule has been changed to show the number of shares
as registered in names of officers and directors on your stock ledger, and the
number of shares actually mimed, regardless of the amount indicated on
stock ledger. Columns 1, 2 and 7 must be complete, whether officers or
directors may be indebted to bank or not.
Respectfully,
JOHN SKELTON WILLIAMS, Comptroller.
THE INCOME TAX—NEW RULINGS AND
DECISIONS.
PROVISION FOR REMISSION OF PENALTIES.
A favorable report on the resolution providing for the remission of penalties collected under the income tax law was
authorized by the House Ways and Means Committee on
the 24th inst. The resolution provides:
"That the Treasurer of the United States be, and he is
hereby, authorized to pay to the corporations entitled thereto
the sum of 0 in each case where an offer of compromise
of $50 has been made, accepted, and the money paid into
the Treasury, and the sum of $15 to the parties entitled
thereto in each case where an offer of compromise of $20 has
been made, accepted and the money paid into the Treasury."
dends are declared about the close of the fiscal year but not actually paid
until some time thereafter In the following year. Stockholders are frequently in ignorance of the declaration of dividends and until the actual
receipt by them of such dividends are unable to comply with the requirements of the Treasury Department.
Returns can only be made with certainty as to dividends actually received. The Government would suffer no loss by permitting returns to
be based upon the last stated condition. It is an injustice under such circumstances to subject stockholders to penalty for their failure to report as
part of their current year's income moneys not received during the current
year.
Your committee recommends that the Association protest against the
existing Treasury decision and endeavor to secure its modification.
The Association also points out that: "Another Treasury
decision forbids the deduction from income tax returns of
losses incurred outside the ordinary course of business, but
requires the inclusion of profits made outside the business.
Your committee considers this requirement manifestly unfair and recommends that urgent protest be made against it."
ALL INTEREST PAID ON INDEBTEDNESS ALLOWED TO BE
DEDUCTED.
Caldwell, Masslich & Reed, General Counsel for the
Investment Bankers' Association of America, announce the
receipt of advices from the Commissioner of Internal Revenue to the effect that "all interest paid within the year by
taxable persons on indebtedness may be deducted in computing net income." The ruling was given in answer to
the following telegram sent to Commissioner Osborn on
the 11th inst. by the firm:
Article 6 of the regulations of Jan. 5 1915. In referring to deductions from
Individual's income permits the deduction of interest "paid within the year
on personal indebtedness of the taxpayer, incurred in the conduct of business." Do we understand that the Department does not allow deduction
of interest unless incurred in the conduct of business? Law says "all
interest paid within the year by taxable persons on indebtedness." We
would appreciate immediate reply, for information of investors and individuals carrying securities.
The reply of the Commissioner of Internal Revenue,
given under date of the 16th inst., was as follows:
Your telegram Feb. 11 received. All interest paid within the year by
taxable persons on indebtedness may be deducted in computing net income.
A further synopsis of rulings on questions relating to the
income tax, in addition to those referred to during the past
few weeks in these columns, has been issued under date of
Feb. 12 by the Treasury Department. The present synopsis
embodies an amendment to the ruling regarding scrip certificates set out in Treasury Decisions 2090, published in our
issue of Feb. 6, page 447; under the latest regulations, also,
TAX ON DIVIDENDS—NEW REGULATIONS.
another ruling contained in Treasury Decisions 2090—that
Internal Revenue Collectors were yesterday advised of affecting bank guaranty funds—likewise given in the "Chronnew rules governing the collection of income tax on divi- cle" of Feb. 6, page 447, is rescinded. According to the
dends of corporations already taxed on their net income. synopsis of regulations just issued,which we print below in
700
THE CHRONICLE
[VOL.
full, bonds and securities are not subject to wear and tear value of the capital stock and is not intended to operate so as to prevent
banking corporations from deducting from their gross income any
State
within the meaning of the Income Tax Law, and therefore tax
imposed against the corporation itself, as an excise or
franchise tax:
depreciation does not apply to any shrinkage in their value. that is, a tax which the corporation is required to pay
to the State in order
that it may transact business within the State.
(T. D. 2152.)
Corporations Liable to Make Rcturns.—The tax imposed by the Federal
Income lax.
Synopsis of rulings on questions relating to the income tax imposed by Income-Tax Law is not imposed only upon such corporations as are organized and operated for profit. Any corporation, joint-stock company,
Section 2 of the Act of Oct. 3 1913.
or association, and any insurance company, no matter how created or
TREASURY DEPARTMENT.
organized
or what the purposes of Its organization may be, unless it comes
Office of Commissioner of Internal Revenue.
within the class of organizations specifically enumerated in the Act as
Washington, D. C., Feb. 12 1915.
The following synopsis of rulings on questions relating to the income exempt, will be required to make returns of annual net income and pay intax imposed by Section 2 of the Act of Oct. 3 1913 on individuals,cor- come tax upon the net income which arises and accrues to it during the year.
A corporation is not exempt simply and only because it is primarily not
porations, joint-stock companies, associations, and Insurance companies
is published for the information of internal-revenue officers and others organized and operated for profit. If income within the meaning of the law
concerned. All rulings or parts of rulings heretofore made which are in arises and accrues to a corporation which is not organized and operated for
profit, such income will be subject to the tax imposed by this Act.
conflict herewith are hereby revoked.
It is therefore held that commercial men's associations, farmers' mutual
Part I.—Rulings in Relation to Personal Income Tax.
Alien, non-resident, services rendered by a. in a foreign country.—If the fire-insurance companies, and like organizations come within the requirestatus is that of a non-resident alien, the compensation paid for services ments of the law.
Corporations Not Completely Organized.—Corporations which have aprendered in a foreign country. including the per diem allowance for business
and travel expenses, is not subject to the income tax imposed by Section 2 plied for and never received charters, or corporations which have received
charters
and never perfected their organizations, transacted no business
of the Act of Oct. 3 1913.
Annuity.—The ruling with reference to annuities on page 2 of T.D.2090 and had no income whatever from any source, may, upon presentation of
of Dec. 14 1914 is hereby amended by omitting therefrom the words, these facts to the Collector of Internal Revenue, be relieved from the necesWhen the settlement under such a contract is made in more than one pay- sity of making returns of annual net income so long as they remain in this
unorganized condition.
ment, each payment will be considered as being composed of interest
and
Cost of Manufactured Products.—A manufacturing corporation may
a proportionate part of the principal. Where the entire annuity
is cominclude as an element of the cost of manufactured products the cast of rawposed of an interest return upon the principal sum paid therefor, the
entire material,
the cost of labor of the men who actually work on such products,
annuity is income," so that the ruling as amended will read as follows:
as well as the cost ofsupervisory,or what may be denominated as"unproduc"Annuity.—The amount paid under a life insurance, endowment,
or tive" labor, such as that of the
foremen, inspectors, overseers, &c., proannuity contract is not income when returned to the person making
the
contract, either upon the maturity or surrender of the contract; but the vided such expenditureh are not separately deducted from gross income in
the return of annual net income.
amount by which the sum received exceeds the sum paid and coming
into
The overhead charges referred to in Form 1031 should include the salaries
the hands of the person making the contract and payment is
income."
of officers, clerk hire, and such other office expenses as do not have to do
Executor or Administrator: Return on Form 1040, revised,
by.—The In- directly
with the manufacture of the product.
come-Tax Law of Oct. 3 1913 provides in paragraph E that-Fixed Salaries and Commissions.—In cases wherein employees or officers
"The tax herein imposed upon annual gains, profits and income
not falling of a corporation
are paid a stated salary to which is added a certain perunder the foregoing and not returned and paid by virtue of the
foregoing centage of the net profits
of the corporation as compensation for services
shall be assessed by personal return under rules and regulations
to be pre- rendered, such
corporation will be required to report under item 4 (a) 7 of
scribed by the Commissioner of Internal Revenue and approved
by the Form 1030 or
1031 the amount of such combined payments made to such
Secretary of the Treasury."
It is held that the income tax due from a deceased person is a debt individuals during the year, provided the combined amount is $3,000 or
more.
against the estate in the hands of his executor or administrator; and under
Irrigation Bonds, District.—District irrigation bonds as a rule, if not
the authority quoted it has been prescribed by regulations that the executor or administrator shall file a return for the decedent in order that the always, are a lien upon the real estate affected by the irrigation project,
and
until the corporation has taken such steps as are necessary to protect its
amount due the Government from the decedent's estate may be determined
rights and enforce the collection of the bonds, it does not appear that the
and paid.
Income-Tax Laws of Other Countries.—American citizens, whether re- corporation would be warranted in writing out of its assets and deducting
siding at home or abroad, resident aliens, and non-resident aliens receiving from income, as a loss, the face value or any other arbitrarily ascertained
income from property owned and from business, trade, or profession carried amount representing a loss or shrinkage in the value of such bonds.
No Fixed Rating for Depreciation.—This office has fixed no definite
on within the United States, all of whom are subject to the Income-Tax
Law of Oct. 3 1913, are not relieved from tax liability under that Act by rates by which an allowable deduction on account of depreciation in the
reason of the fact that they are also subject to the income tax laws of other value of any class of property subject to wear and tear is to be computed.
The rule which this office has established and which is very generally
countries.
Scrip.—The ruling under this heading on page 17 of T. D. 2090 of Dec. 14 followed by corporations, contemplates that an allowable depreciation
1914 is hereby amended by inserting after the word "of," in line 8, the words deduction within the meaning of the Federal Income-Tax Law shall be
"interest paid on," and omitting the word "payment" after the word "scrip" computed upon the basis of the cast of the property and the probable number of years constituting its life.
in same line, so that the ruling as amended will read:
The life of property necessarily depends upon its character, the uses to
"Scrip.—Scrip certificates issued by a corporation to its stockholders
in lieu of dividends, such scrip certificates bearing interest and redeemable which it is put, and the conditions under which it isused. These elements
being
taken into consideration, corporations should as a result of experience
at a specified time not longer than one year from date of issue, are not corporate obligations similar to bonds, mortgages or deeds of trust, and the and observation, very closely approximate the number of years constitutnterest payable thereon will not be subejct to withholding except when the ing the life of the property and upon this basis determine the rate of depreamount thereof payable to an individual in a calendar year exceeds $3,000. ciation which annually occurs.
Royalties Subject to Income Tax.—In the case of mines operated by a
Payment in scrip is hold to be equivalent to payment in cash, and when the
amount of interest paid on such scrip to any one individual in a calendar lessee on a royalty basis, it is held that the lessor in disposing of his ores
or
natural deposits on the basis of royalties has a measure of profit in every
year is in excess of $3,000, the tax must be withheld and accounted for in
ton of ore disposed of in this way, and that so much of the gross receipts
excess of exception claimed."
State, Payment by, to Contractor not Exempt.—An individual who enters on account of royalties as is in excess of depletion, not exceeding 5% of the
into a contract with a State, or any political subdivision thereof, for the gross value of the output at the mines, plus any incidental expenses to
construction of a public highway, is held not to be an officer or employee which the corporation may be subject, is income within the meaning of the
of the said State,or political subdivision thereof, and,therefore, the amounts Federal Income-Tax Law and should be so returned by the lessor.
Salaries Paid Officers and Employees.—In the case of salaries paid to
received by him from the State or a political subdivision thereof under the
officers and employees of corporations, this office has fixed no definite
terms of the contract, are not exempt from tax under the provisions
of the amounts which may be allowably
deducted from gross income. Any
Federal Income-Tax Law, and should be included in any return of
annual amount renresenting a fair and reasonable compensation for the services
net income he may be required to render.
officers
employees,
If actually paid, will constitute an
rendered
the
or
by
Part II.—Rulings in Relation to Corporation Income Tax.
Asscssments Against Private Banks as Associations.—In the case of pri- allowable deduction from grass Income. The salaries which constitute such
allowable deductions should not depend upon the profits of the corporation.
vate banks which have the form of corporations and which are held
to be but should, as indicated, be a fair measure of compensation for services renassociations within the meaning of the Federal Income-Tax Law, it
is not dered, and upon this basis should not vary accordingly as the net income or
the purpose of this office to assess the income tax against
such banking as- profits
of the corporation may vary from year to year.
sociations and then also against the individual members of the association.
Shrinkage in Value of Securities.—Bonds and securities are not subject
Income which the members of the association receive from the bank
to
wear
and tear within the meaning of the Federal Income-Tax Law, and
1 because of their investments therein will be considered dividends, and for
the purposes of the normal tax these dividends will not be required to be therefore depreciation does not apply to any shrinkage in their value.
returned by the individual members receiving them, but if any individual Shrinkage in the value of securities as such does not constitute a loss actually
member of the association have an income including the dividends, of sustained within the year, the amount of which is definitely ascertained.
more than $20,000, the dividends in that case must be returned as income Therefore, under the rules of this office and consistent with the provision of
the law, a shrinkage in the value of bonds or like securities does not constifor the purposes of the additional or supertax.
Bank Guaranty Fund.—Banking corporations, which, pursuant to the tute an allowable deduction from gross income either as loss or depreciation.
The fact that bonds and similar securities were written off at the direclaws of the States in which they are doing business, are required to set
apart, keep, and maintain in their banks the amount levied and assessed tion of the Comptroller of the Currency, or the State banking department,
against them by the State authorities as a "Depositors' guaranty fund," Is not material. A mere book entry does not constitute either a loss or
may deduct from their gross income in their returns of annual net income gain for the purpose of the income tax. The fact that bonds were written
the amount so set apart each year to this fund, provided that such fund is off does not necessarily imply that they are a total loss, nor is this act a
set aside and carried to the credit of the State banking board, or other duly conclusive proof that any loss occurred, during the year for which the return
authorized State officer, and may be withdrawn upon demand by such is made.
Losses of this character are only ascertainable when the securities maboard or State officer to meet the demands of these officials in reimbursing
are disposed of or canceled.
depositors in insolvent banks, and provided, further, that no portion of the ture,
Compensation Not Deductible.—Snecial payments made by a
Special
amount thus set aside and credited is returnable under the existing laws of
corporation as extra compensation to certain of its employees may be dethe State to the assets of the banking corporation.
ducted from gross income, if it is clearly shown that such payments are
In such cases the amount of the guaranty fund thus levied against made as compensation for services
rendered and are naid in pursuance of
the banking corporation and so set apart, kept, and maintained is no a contract expressed or implied.
longer an asset of the bank, but is in the nature of a tax "imposed by auIf such so-called "compensation" is a gratuity or voluntary payment,
for
thority of the State," and io such is deductible from the gross income of the which no service is rendered, the
amounts so paid are not deductible. In
banking corporation.
cases wherein the payments are made as comminsation for
services
renThe first paragraph on page 19 of T. D. 2090, issued Dec. 14 1914, which dered, the employee receiving the same, if
he be a "taxable" person, will
paragraph bears the title "Bank guaranty fund," being in conflict with the be required to include the amount of such
compensation in his personal
above ruling, Is hereby rescinded.
Income tax return.
W. II. OSBORN,
Bank Taxes Deductible.—The ruling of this office previously made to
Areiroved:
Commissioner of Internal Revenue.
the effect that banking corporations are not permitted to deduct from
W. G. McADOO,
gross Income the amount of taxes paid for stockholders on the value of
Secretary of the Treasury.
their carital stock outstanding, applies only to the taxes levied upon the
FEB. 27 1915.]
THE CHRONICLE
701
INCOME FROM FARM PRODUCTS AND CROPS TO BE
ACCOUNTED FOR.
its agents that in building its public works it wishes its own moneys to be
paid to its own citizens and, if not to them, then at least to citizens of the
United States. The argument is made that in thus preferring its own citiUnder a ruling of Feb.4,made public in the Treasury bulle- zens
in the distribution of its own wealth, it denies to the alien within its
farm
products
from
income
that
tin of Feb. 18, it is required
borders the equal protection of the laws.
Those who are not citizens are not members of the State. To disqualify
and crop-share rentals are to be included in income returns for
citizens from employment on the public works is not officially discriminathe year in which they are sold or exchanged.
tion, but arbitrary discrimination, for the principle of exclusion is the re(T. D. 2153.)
striction of the State. Ungenerous and unwise such discrimination may be.
Income tax.
It is not for that reason unlawful.
Income from farm products and crop-share rentals to be included in the reThe power of a State to discriminate between citizens and aliens in th
turn of income for the year in which sold or exchanged
distribution of its resources is sanctioned alike by decisions of the courts and
for money or a money equivalent.
by long-continued practice. Neither aliens nor the citizens of other States
TREASURY DEPARTMENT.
are invested by the constitution with any interest in the common property
Office of Commissioner of Internal Revenue.
of the people of this State. The common property of the State belongs to
Washington, D. C., Feb. 4 1915.
the people of the State, and in the distribution of that property the citizens
To Cotlectors of Internal Revenue:
may be preferred.
The term "farm" as herein used embraces the farm in the ordinarily
Since the Government in expending public moneys is expending the money
accepted sense, plantations, ranches, stock farms, dairy farms, poultry of its citizens, it may not by arbitrary discriminations having no relation to
farms, fruit farms, truck farms, andall lands used for similar purposes; and the public welfare foster the
employment of one class of its citizens, and disfor the purposes of this decision all persons who cultivate, operate, or man- courage the employment of
others. It is not bettered, of course, by any
age farms for gain or profit, either as owners, or tenants, are designated as rule of absolute equality. The public
welfare may at times be bound up
"farmers."
with the welfare of a class; but the public welfare,in a large sense, must none
All gains, profits and income derived from the sale or exchange of farm the less be the end in view.
products, whether produced on the farm or purchased and re-sold by a
The construction of public works involves the expenditure of public
farmer, shall be included in the return of income for the year in which the moneys. To better the condition of its own citizens, and it may be to preProducts were actually marketed and sold; and all allowable deductions, vent pauperism among them, the Legislature has declared that the moneys
including the legitimate expenses incident to the production of that year or of the State shall go to the people of the State. The equal protection of the
future years, may be claimed in the return of income for the tax year in which laws is due to aliens as to citizens, but equal protection does not mean that
the right to such deductions shad arise, although the products to which those who have no interest in the common property of the State must
such expenses and deductions are incidental may not have been sold or share in that property on the same terms as those who have an interest.
exchanged for money, or a money equivalent, during the year for which the
To hold that this statute violates the Federal Constitution would be to
return is rendered.
Ignore the contrary judgment expressed in the constitutions and legislatures
Rents received in crop shares shall likewise be returned as of the year in of many other States. There must be some relation between the exclusons
which the crop shares are reduced to money or a money equivalent, and
of the alien and the protection of the public welfare. But subject only to
allowable deductions, likewise, shall be claimed in the return of income for
the exercise of the police power, it is true that in dealings between man
the tax year to which they apply, although expenses and deudctions may
and man the alien and the citizen trade and labor on equal terms.
be incident to products which remained unsold at the end of the year for
Because the State may thus discriminate in favor of the citizen in reguwhich the deductions are claimed. When farm products are held for favora- lating employment of its public works, it
does not follow, however, that
ble market prices, no deduction on account of shrinkage in weight or physi- It may exclude aliens from the enjoyment of those works after they have
al value, or losses by reason of uch shrinkage or deterioration in storage, been completed.
shall be allowed.
We do not assume to pass judgment upon the wisdom of the Legislature.
Cost of stock purchased for re-sale is an allowable deduction under Our duty is done when we ascertain that it has kept within its power. The
the item of expense,but money expended for stock for breeding purposes is statute does not hold from the alien the rights secured to him by the conregarded as capital invested, and amounts so expended do not constitute stitution, and we must enforce it as the law.
allowable deductions except as hereinafter stated.
Chief Judge Bartlett in concurring in the views of Judge
Where stock has been purchased for any purpose, and afterwards dies
from disease or injury, or is killed by order of the authorities of a State or Cardozo said:
the United States and the cost thereof has not been claimed as an item of
It seems to me that the only constitutional prohibition which can be
expense, the actual pucrhase price of such stock, less any depreciation which relied upon with any confidence to invalidate the statute forbidding the
may have been previously claimed, may be deducted as a loss. Property employment of aliens is the provision of the Fourteenth Amendment of the
destroyed by order of the authorities of a State or of the United States may, Federal Constitution, which declzres that no State shall deny to any person
in like manner, be claimed as a loss; but if reimbursement is made by a State within its jurisdiction the equal protection of the laws.
or the United States, in whole or in part, on account of stock killed or
I can find no reason to suppose,however,that the Fourteenth Amendment
property destroyed, the amount received shall be reported as income for the was designed to limit or restrict the rights of a State as an employer of
year in which reimbursement is made.
labor. Other employers, individual or corporate, possess the undoubted
The cost of farm machinery is not an allowable deduction as an item of right to withhold employment from whomever they see fit. The constituexpense, but the cost of ordinary tools may be included under this item.
tion could hardly have been intended to deprive the States of equality with
Under the sixth deduction enumerated in paragraph B, providing for private employers in this respect.
"a reasonable allowance for the exhaustion, wear and tear of property arising
The statute is nothing more than a resolve by an employer as to the charout of its use or employment * * s," there may be claimed a reasonable acter of his employees. An individual employer would communicate the
allowance for depreciation on farm buildings (other than a dwelling occupied resolve to his subordinates by written instructions or by word of mouth.
by the owner), farm machinery, and other physical property, Including
The State, speaking through the Legislature, communicates the resolve to
stock purchased for breeding purposes; but no claim for depreciation on its agents by enacting a statute. Either the private employer or the
stock raised or purchased for re-sale will be allowed.
State can revoke the resolve at will.
Farmers who keep books according to some approved method of accountEntire liberty of action in these respects is essential unless the State is
ing, which clearly show the net income, may prepare their returns from such to be deprived of a right which has heretofore been deemed a constituent
books, although the method of accounting may not be strictly in accordance element of the relationship of master and servant, namely, the right of the
with the provisions of this decision.
master to say who his servants shall (and therefore shall not) be.
A person cultivating or operating a farm for recreation or pleasure, on
The differences of opinion upon the present appeal are necessarily radical
a basis other than the recognized principles of commercial farming, the and depend upon the question whether the denial of an opportunity to work
result of which is a continual loss from year to year, is not regarded as for the State is a denial of the equal protection of the laws. For the reaa farmer. In such cases, if the expenses incurred in connection with the sons which I have briefly stated, in addition to those set forth so clearly
farm are in excess of the receipts therefrom, the entire receipts from sale and cogently in the opinion of my brother Cardozo, I think this question
of products may be ignored in rendering a return of income, and the ex- must be answered in the negative. I do not believe that either the Fourpenses incurred being regarded as personal expenses, will not constitute teenth Amendment or any other of the Constitutional provisions relied
allowable deductions in the return of income derived from other sources.
upon by the respondent was designed to limit the right of the State to
W. H. OSBORN,
choose its own servants.
Approved:
Commissioner of Internal Revenue.
While an appeal is expected to be taken to the Supreme
W. G. McADOO,
Court, Comptroller Prendergast was yesterday quoted as saySecretary of the Treasury.
CONSTITUTIONALITY OF ALIEN LABOR LAW
UPHELD.
The constitutionality of the Alien Labor Law of the State
prohibiting the employment of aliens on public work, was
upheld by the Court of Appeals at Albany on the 25th inst.
The case in which the decision was given concerned the employment of alien labor in the construction of the subways in
New York City; Clarence A. Crane, Secretary of the Contractors' Association, was one of the defendants in the case.
The prevailing opinion was written by Judge Cardozo and
was concurred in by Chief Judge Bartlett and Judges Seabury, Chase, Hogan and Miller. Judge Collin dissented
from the majority opinion. It was contended that the law
was unconstitutional because it violated the provision "that
no member of this State shall be disfranchised or deprived of
any rights or privileges secured to any citizen thereof unless
by the law of the land or the judgment of his peers," and that
"no person shall be deprived of life, liberty or property without due process of law"; also that it was unconstitutional in
that it applied to contracts already in existence at the time
of its enactment and that it made acts penal which otherwise were innocent and harmless.
Judge Cardozo in upholding the validity of the law said:
The moneys of the State belong to the people of the State. They do not
belong to aliens. The State, through its legislators, has given notice ot
ing that the only remedy adequate to the urgency of the situation is the immediate repeal of the provision prohibiting the
employment of alien labor on public work. As indicating
the effect of the decision, Chairman McCall of the Public
Service Commission said:
There are contracts for rapid transit work for $400,000,000 now outstanding. Sixty-four of the eighty-three major contracts for the construction of the dual subway system have been let already. Seven more contracts are ready to be let. We were to have opened bids on another section of the Seventh Avenue subway to-day. We will not open these bids
as a result of this decision, for should we do so we would be in the position
of having to award the contract to the lowest bidder.
MORATORIA AND FINANCIAL MEASURES ABROAD.
Supplementing the information on moratoria and financial
measures abroad contained in the London "Economist" of
January 9 and 16, printed in our issue of February 13, we
give below the following further advices in the matter set
out in subsequent issues of the "Economist"; the following is
from its January 30 edition:
In Greece, according to the current issue of the Board of Trade Journal,
the operation of the law authorizing the courts to defer summary proceedings
against debtors has been extended to July 13th.
In Argentina the suspension of the obligation of the Conversion Office
to deliver gold against paper currency is authorized until further notice.
A Turkish law of December 7th forbids, until the conclusion of peace,
the payment to alien enemies, or subjects of States allied to such enemies,
of interest and payment in redemption of capital on loan or Treasury bonds
issued by the Ottoman States or by Ottoman districts; this prohibition
similarly applies in respect of the payment of interest or sums in redemption
THE CHRONICLE
702
of capital on bonds and dividend payments by Ottoman joint-stock companies.
The general moratorium in Paraguay is prolonged until May 31st.
On the 13th inst. the "Economist" printed the following:
The current issue of the Board of Trade Journal contains the following
statement, which appears a little belated:
The Board of Trade have received, through the Foreign Office, a translation of a German proclamation, dated September 30th, prohibiting all
payments (with the exception of payments for the support of Germans)
and the assignation of gold or securities, directly or indirectly, to the
United Kingdom and to the British Colonies and Foreign Possessions.
Legal claims against Germans are suspended from July 31st until further
notice. Judicial consequences, as a result of this suspension, are waived;
neither will interest accrue. This suspension is also valid as against a
transferee, unless the transfer took place prior to the above-mentioned
date, or if the transferee was established in the German Empire before
September 30th. A German debtor is enabled to discharge his obligation
by depositing the amount due in the Reichsbank. The proclamation also
establishes a moratorium in respect of bills of exchange and checks, which is
to remain in force untilfurther notice.
Information relating to Bolivia is given in the same issue. The Bolivian
Congress,it is stated, owing to the difficulty experienced by the Government
In obtaining bills of exchange on London to meet their external financial
obligations, has passed a law whereby exporters of national produce are
compelled to sell to the National Treasury 10% of the value of the bills
they draw against the exported goods. The most important effect of the
measure will be to assure to the Bolivian Government a supply of bills of
exchange at a fixed rate, which will tend to be higher (exchange being
quoted in pence per dollar) than that given In the open market under free
competition; the necessary corollary being, apparently, that the merchant
buying bills on London will receive them at a lower rate than would normally
be the case, owing to the exporters endeavoring to obtain compensation
for the high rate given the Government. The Banco de in Nacion Boliviana
Is authorized to maintain in circulation the amount of notes to the value
of one bollviano (about Is. 7d.), which It had actually Issued, being obliged
to proceed to the withdrawal of those notes as soon as the State shall have
Issued the equivalent thereof in silver currency.
100.
one change has been made during the past two weeks, and
also the previous minimum.
Previous —Changes with Dates—
Stock—
Minimum.
When Effective.
American Car & Foundry
42
40 Feb. 23
American Coal Products
82
80 Feb. 20
American Locomotive, preferred
83
181 Feb. 171 78 Feb. 25
180 Feb. 23J
American Steel Foundries
26
24 Feb. 23
Baltimore & Ohio. common
67
65 Feb. 23 63 Feb. 25
69
Preferred
67 Feb. 17
Federal Mining & Smelting, preferred.._ 26
24 Feb. 23
12
Internat. Agric. Corp., preferred
Free Feb. 17
Preferred voting trust certificates___- 12
Free Feb. 17
International Harvester Corporation___ 65
163 Feb. 161 55 Feb. 20
160 Feb. 18J
100
J98 Feb. 161 90 Feb. 20
Preferred
195 Feb. 18J
20
18 Feb. 16 Free Feb. 23
Loose-Wiles Biscuit corn. stk. tr. ctfs
16 Feb. 17
First preferred
92
90 Feb. 16 86 Feb. 19
88 Feb. 17
80 Feb. 16
82
78 Feb. 17 70 Feb. 27
Second preferred
74 Feb. 23
72 Feb. 25
67
65 Feb. 25
Mackay Companies, preferred
Minn. St. P.& Sault Ste. Marie, pref__ _ 126
123 Feb. 19
119 Feb. 171Free Feb.23
National Rys. of Mexico,first preferred_ 21
117 Feb. 23f
117 Feb. 271
New York New Haven & Hartford
49
47 Feb. 17 43 Feb. 25
45 Feb. 23
Pressed Steel Car, preferred
96
94 Feb. 23 90 Feb. 25
Railway Steel-Spring, preferred
86
84 Feb. 25
Seaboard Air Line, preferred
36
34 Feb. 23 32 Feb. 25
Southern Railway, common
14
Free Feb. 24
Preferred
148 Feb. 171 43 Feb. 25
50
145 Feb. 201
United Fruit
113
110 Feb. 25
United Rys. of St. Louis, preferred
25
20 Feb. 24
BILL FOR PARTIAL MORATORIUM IN ONTARIO.
A bill providing for a partial moratorium in Ontario was
Introduced in the Toronto Legislature on the 18th inst. by
Attorney General Lucas. The bill is intended to apply to
real estate covered by mortgages or agreements of sale, and
will not bear upon commercial paper or personal debts.
According to the Attorney General the Act provides for a
simple application to a Judge in Chambers before proceedings
can be taken to recover principal money. For the recovery
of interest, taxes, insurance and other money, proceedings
can be taken in court in the usual way. The bill is said to
be so drafted that the application must be made by the
mortgagee who desires to take proceedings, rather than
the mortgagor whose property is affected. The Judge
The directors of the Pittsburgh Stock Exchange at a
meeting on the 11th inst. voted to remove all official minimum prices except as to stocks listed on other exchanges,
the new rule going into effect on Monday, Feb. 15. The
Pittsburgh "Gazette" prints the following:
The Pittsburgh Stock Exchange, which last year took the lead in restoring
trading facilities after the outbreak of the European war, yesterday (Feb.11)
took another step in the forward direction. At a meeting of the board of
directors, held after the close of the market, it was decided to remove all
official minimum prices here except on stocks listed on other registered
exchanges. The new rule will go into effect Monday.Feb. 15. The stocks
listed on other exchanges which are excepted from the absolutely open list
are Westinghouse Electric, Airbrake, Union Switch & Signal, Crucible
Steel, Pittsburgh Coal and U. S. Steel. The policy of enforcing restricted
prices, which has been under the supervision of the committee on securities,
served a good purpose while conditions were unsettled, but in the judgment
of the directors this precaution is no longer necessary, and the Pittsburgh
Stock Exchange now has virtually a free market for listed securities.
has entire discretion, and, if in his opinion, the inability
to pay can be attributed to the war, directly or indirectly,
The New Orleans Stock Exchange began trading again
he may then suspend the right of action, or impose such
in bank shares on Thursday, Feb. 11. When business was
conditions as he may deem desirable.
Some difficulty, it is stated, was experienced in making resumed on Jan. 11 in all classes of listed stocks bank shares
the law retroactive to the date of the commencement of the
war. To meet this situation the bill prescribes that in any
were excepted. This is, therefore, the first public trading in
these shares since the outbreak of the war in Europe.
proceedings instituted before the outbreak of the war but
not completed by August 4, or any proceedings commenced
The Committee of Five of the Baltimore Stock Exchange
subsequent to that date, for which orders have been granted, has removed the minimum price restrictions on all bank,
the mortgagee must apply to the Judge, for confirmation trust company and insurance company stocks and also on
of his title before it is valid, and in this way the case may be the stock of the Canton Company. These shares can now
reopened.
be dealt in freely as before the close of the Exchange last
July.
PROPOSED BRITISH COLUMBIA MORATORIUM.
A moratorium bill was introduced in the British Columbia
Legislature on the 10th inst. The bill defines an instrument
as meaning and including "any mortgage, charge, encumbrance, agreement of sale or other instrument charging land
with the payment of money in respect of or affecting land
situate within the Province, and whether created before or
after coming into force of this Act; but shall not include
liens under the 'Mechanics' Lien Act', or a
certificate of
judgment." It authorizes "any judge or any court
in the
Province in which any action or proceeding
was pending
on the first day of August 1914 or has since been or may
hereafter be taken to secure any right, remedy or
obligation
under any instrument or in respect of the lands, moneys,
covenants, stipulations or agreements mentioned or contained therein.
To postpone the payment of any moneys relating wholly or in part to
principal duo, or accruing due, in pursuance of such instrument, and for
such purposes to stay any such action or proceeding and the execution of any
process already issued in such action, and any proceeding to enforce payment by sale, writ of execution, or other process of the court, and registration of certificate of judgment in any such action, until after the lapse
of a time named in such order.
EXTENSION OF BELGIAN MORATORIUM.
It is reported that the Belgian moratorium has been
extended until March 31.
VESSELS DESTINED TO GERMAN PORTS INSTRUCTED
ON SAFE ROUTES.
The following statement calling the attention of neutral
shippers to the instructions of the German Admiralty, for
the avoidance of the mined seas, was issued by the Gorman
Embassy at Washington on the 24th inst.:
In connection with the deplorable loss of the Evelyn, all circles interested
In shipping to the North Sea and the nearby waters are again advised to follow the German Admiralty's instructions.
- Merchant vessels bound for the Eider, Elbe, Weser and Jader rivers
must first make Lister Deep Buoy; those bound for the Ems should make
for Its month. pilotage is compulsory from Lister Deep Buoy.
Vessels are permitted to make the German Coast and to enter or leave
the mouths of rivers only between sunrise and sunset and in clear weather.
Approximate position of Lister Deep Buoy,latitude 55 degrees,3 minutes.
45 seconds north; longitude 8 degrees, 17 minutes, 30 seconds east.
Shipping north of the Shetland Islands in the eastern area of the North
Sea and in a strip of at least thirty sea miles in width along the Netherlands
coast is not imperilled.
AUSTRIA SEIZES GRAIN STOCKS.
THE STOCK EXCHANGES.
The following changes were made this week and last week
in minimum prices for stocks below which transactions are
not allowed on the New York Stock Exchange. We give
the successive changes made in each stock where more than
On the 20th inst., following an appeal made to Austrian
; farmers on the 18th by the Minister of Agriculture not to
leave a single plot of ground uncultivated, a peremptory
decree was issued by the Austrian Government ordering landI owners to sow immediately every available part of their
FEB. 27 1915.]
THE CHRONICLE
ground with spring-wheat. Where necessary, local authorities are empowered by the decree to provide labor for this
work and to recover from the sale of crops the expenditure
incurred. Failure to comply with the edict is punishable
by heavy fine or imprisonment.
Announcement that the entire stocks of grain and flour in
Austria had been seized by the Government was contained
in the following dispatch to Reuter's Telegram Co. from
Venice on the 25th:
"The Austrian Government is confiscating entire stocks of grain and flour
in the monarchy. After an approximate estimate is made of the available
supply a per capita apportionment will be announced and a distribution
made through the local authorities.
"Severe fines and other penalties will be inflicted on any person for
attempting to secrete supplies of grain, and flour.
"The Government has issued an order under which 300,000 acres of land
which had been used in the cultivation of the sugar-beet are made available
for grain production. It is said that Austria will receive only maize from
Hungary."
703
Lists were distributed among the Berlin households on the
9th for the reporting to the municipal authorities of the
membership of families. The lists were used as a basis in the
distribution of bread tickets, which were put into requisition
on the 23rd. No bread is delivered except upon presentation of these tickets. Every member of the Imperial family
as well as the humblest households, was included in the distribution without distinction. About four million tickets
will be issued weekly. The Greater Berlin bakers have
agreed on 90 pfennigs (223' cents) as the minimum price
of a two-kilogram (4.40-pound) loaf of so-called war bread,
about 53/i cents a pound, but are charging 95 pfennigs
(233
4 cents) in the better sections of the city.
According to advices from Hamburg on the 9th inst., the
Council has appropriated 12,000,000 marks ($3,090,000)
with which to purchase a supply of foodstuffs, fodder and
The "Times" yesterday published the following dispatch other articles, so that the
city may be prepared for evento "The Daily News" from Rome:
tualities.
"An Imperial ordinance was issued in Vienna on Wednesday fixing
the
daily consumption of wheat at ten ounces and of flour at seven ounces a
person. The Hungarian Government has ordered the municipalities to
requisition all available flour and to allow only thirteen pounds a person
a month."
GERMANY'S SEIZURE OF FOOD PRODUCTS—TERMS
OF DECREE.
A note presented to the State Department on the 13th
inst. by Count von Bernstorff, the German Ambassador,
POTASH EXPORTS PROHIBITED BY GERMANY.
A decree prohibiting the export of potash salts and the relative to the German Federal Council's decree concerning
manufactures thereof was issued by the German Govern- the seizure of foodstuffs was made public on the 17th inst.,
ment on Jan. 29. With regard to the edict, A. Vogel, rep- as follows:
1. The Federal Council's decision concerning the seizure of food
products,
resentative general of the German Potash Syndicate, this which
England alleges to be the cause of food products
to Germany
city, was quoted as saying: "The German Government has being treated as contraband, is exclusively on "wheat,shipped
rye, both unmixed
put an embargo on any potash salts containing more than and mixed with other products," and also "wheat, rye, oats and barley
flour."
20% actual potash, to take effect at once." A cable bear2. The Federal Council makes an express exception in section 45 of
the
ing on the matter received at Washington from the United order. Section 45 provides as follows: "The stipulations of this regulation
do not apply to grain or flour imported from abroad after Jan. 31."
States Consulate at Berlin on the 9th inst. said:
3. Conjunctively with that saving
The potash syndicate has decided to form a commission to consider
means for denaturizing potash salts so as to preclude the possibility of using
them for ammunition and military purposes and making them valuable
only as fertilizers. Upon receipt of the report of the commission,the potash
syndicate will confer with the Government relative to moderating the embargo on potash. The syndicate would be seriously embarrassed by the
continued absolute embargo—from Jan. 29 1915—and large quantities
of salts now under way would be detained.
The United States imported during the fiscal year ended June
30 1914
German potash salts for fertilizers aggregating 1,066,929 tons gross.
Importations for the six months from July 1 to Dec. 31 1914
totaled
only 184.192 tons, against 567.595 tons during the similar period
of 1913,
thus leaving a shortage on Jan. 1 1915 of 383.403 tons.
The first cargo of potash received at Norfolk, Va., since
the outbreak of the European war arrived on the
29th
ult. from Germany on board the Dutch steamer Walcheren.
The vessel carried 5,100 tons.
BAN PLACED ON SOUTH AFRICAN MAIZE EXPORTS.
Under date of January 30 it was reported that the South
African Government had announced that the export of
maize and oats had been prohibited, owing to the needs of
the defence force of the South African Union. The following
day the dispatches stated that the embargo on the export
of maize had been withdrawn. It is since reported, however,
(on the 17th inst.) that an official decree extending the
Government's rights of requisition to maize has been published in the "Official Gazette" at Budapest.
clause, the Federal Council's order
contains a provision under which imported cereals and flours could be
sold
exclusively to the municipalities or certain specially designated organizations by the importers. Although that provision had for its object simply
to throw imported grain and flour Into such channels as supply the private
consumption of civilians and, in consequence of that provision, the intent
and purpose of the Federal Council's order which to protect the civilian
population from speculators and engrossers were fully met, it was nevertheless rescinded so as to leave no room for doubt.
4. My Government is amenable to any proposition looking to control
by a special American organization under the supervision of the American
consular officers, and, if necessary, will itself make a proposition in that
direction.
5. The German Government.further calls attention to the fact that
municipalities do not form part of or belong to the Government, but are
"self-administrative bodies," which are elected by the inhabitants of the
commune in accordance with fixed rules, and, therefore, exclusively represent the private part of the population and act as it directs. Although
these principles are generally known and obtain in the United States,
as
well as in England itself, the German Government desired to point out
the fact so as to avoid any further unnecessary delay.
6. Hence it is absolutely assured that imported food products will
be
consumed by the civilian population in Germany exclusively,
and there
remains no doubt upon which England can prevent the exportation of
food
products from America to Germany for the use of civilians.
The Imperial Government expresses that firm hope that the
American
Government will stand on its right in this matter.
The German Bundesrath decided on the 14th inst. to
expropriate all the domestic stocks of oats, with the exception of seed oats and the grain necessary for fodder for horses.
The order became effective on Feb. 16. Its action in confiscating the supply of oats is a further step in the policy of
the Government to conserve the food supplies of the country.
NEW FOOD RESTRICTIONS IN GERMANY.
MEAT SUPPLY OF AUSTRALIA TO BE TAKEN BY
In announcing new food restrictions in Germany, the
GOVERNMENT.
New York "Times" on the 31st ult. said:
12th inst. the British Government requested all
the
On
The authorities of Berlin, in conjunction with those of Charlottenburg.
the Australian States to obtain all the meat available for
Schoneberg, Ncukalin, Wilhelmsdorf, Lichtenberg and Tetlow, in
view
of the fact that the bakers after Feb. 1 will receive only
three-quarters of export during the war, as large quantities will be necessary
the amount of flour formerly received by them,
have ordered the following to meet the needs of the British army; France also will
relimitations regarding consumption:
quire a considerable supply. The Commonwealth ParliaFirst.—The daily per capita consumption of all kinds
of bread flours
combined many not exceed two kilograms.
ment unanimously passed a bill authorizing the measures
• Second.—Only uniform bread may be baked—wheaten
bread in loaves necessary to this end.
of 75 grams, rye bread of one and_a half kilograms,
and biscuit to be sold
only by weight.
Third.—Pastry may contain only 10% of its total weight of
cereal
Restaurants and other places of refreshment may receive only flour.
threefourths of the amount formerly received by them.
On the 2d inst. advices from Rotterdam stated that the
German War Grain Co.,an organization the purpose of which
is to acquire all the available grain in Germany and store
it until next May, has seized over 3,000,000 tons of grain.
The paper says that none of this foodstuff will be at the
disposal of the public before next summer.
Dispatches to Amsterdam from Berlin on the 8th ann unced hat the German Federal Council had empowered the
municipal authorities on the 6th to commandeer all stores
of grain and flour in private houses above the weight of 20
kilogrammes (41 pounds).
MOVEMENT FOR REPEAL OF FULL CREW LAWS.
A movement for the repeal of the full crew laws of New
Jersey and Pennsylvania was initiated two weeks ago by a
number of the leading roads operating in those States. In a
statement issued on the 8th inst. on behalf of the roads identified with the campaign, the intention was announced of submitting the matter to the public, since, it is pointed out,it
is a
"problem in the proper solution of which the public is vitally
Interested and should have the right to determine upon
its
merits." In pursuance of the purpose to enlist the
support
of the public, a committee was appointed to carry
out
the plans, this committee consisting of R. L.
O'Donnel,
General Superintendent of the Pennsylvania RR.,
Chairman; C. H. Ewing, General Superintendent of the
Phila.delphia & Reading Ry.; F. Hartonstein,
Assistant to the
704
THE CHRONICLE
General Manager of the Lehigh Valley RR.; Robert Finney,
General Agent of the Baltimore & Ohio RR., and J. S.
Fisher, Solicitor of the New York Central. The statement
indicating the inception of the movement was issued as
follows by Samuel Rea, President of the Pennsylvania RR.,
Theodore Voorhees, President of the Philadelphia & Reading
Ry., and Daniel Willard, President of the Baltimore &
Ohio RR.
After consideration, and acting to promote the larger interests and the
greater good of the public, the corporations, their employees and their
security holders, the managements of thirteen railroad companies in Pennsylvania and New Jersey have determined to submit an important matter
to the public.
Briefly stated, they intend to present the question of the repeal of the
full crew laws to the public, this being a problem in the proper solution of
which the public is vitally interested and should have the right to determine
upon its merits.
This presentation will be done openly, frankly and upon all the facts,
coupled with plain statements as to exactly what the railroads feel to be
right, and the reasons therefor. The railroads propose to submit the question directly to the public, that the people may determine what is just,
right and fair. This is done recognizing the fact that the Interests of the
public stand superior to those of either the corporation or their employees
and feeling that the public, by its greater interest, may be trusted to exert
its dominating influence with intelligence for what is best.
These railroad companies seek to enlist the support of the people of the
States of Pennsylvania and New Jersey for repeal by the legislatures of the
full crew laws. Their conscientious judgment is that these acts work
an injustice and accomplish no good.
In no sense do the railroads war upon their trainmen. The full crew law,
which compels employment on thousands of passenger and freight trains
of extra men whose services are not required, forces waste—not less than
$1,500,000 a year in Pennsylvania alone. It means In all such cases
employment without service.
That Is a defiance of economic law. It makes a proposition which
organized labor hurts itself by upholding. It throws an improper cost
upon the railroads. This ultimately rests upon the public as a burden
and makes a charge which transportation service should not be called upon
to bear because it is productive of nothing good, neither in improved
service nor in increased operating safety. On the contrary, it makes it ims
possible for the railroads to do many things for the public which the money
now so wasted could be expended for.
Let US add that if there shall be evidence that without such laws the
railroads would underman trains to the hardship of employees or the detriment or danger to the public; that, assuming the present public service
acts do not give to the commissions ample powers to determine what crews
are necessary on different trains and to compel the railroads to man train
as ordered, we will openly support amendments to the present Acts as may
be necessary to give such assurance.
The roads concerned in the movement are the Pennsylvania RR., Baltimore & Ohio RR., Philadelphia & Reading
Ry., Lehigh Valley RR., Erie RR., Delaware Lackawanna &
Western RR., New York Central, Delaware & Hudson Co.,
Buffalo Rochester & Pittsburgh Ry.,Pittsburgh Summerville
& Clarion RR. and the Cumberland Valley RR.
The members of the Legislative Boards of the Brotherhood
of Railroad Trainmen, the Order of Railway Conductors and
the Brotherhood of Locomotive Engineers of Pennsylvania
have all recently registered themselves as vigorously opposed
to the efforts to repeal the full crew law.
In answer to an "Appeal to the Legislature," made by the
Pennsylvania Legislative Committee of the trainmen's
organizations, Messrs. Rea,Willard, Voorhees and O'Donnel
—the executive committee of twenty-one Associated Railroads of Pennsylvania and New Jersey—made public a
statement on the 21st, saying:
[ o . 100.
Legislature by Assemblyman Stevens on the 24th inst. This
is a forerunner to a proposed bill providing for the repeal
of the law and the substitution in its place of a law giving
the Board of Public Utility Commissioners supervision over
the manning of trains. The resolution provides that the investigation into the operation of the full-crew Act shall be
made at the expense of the railroad companies; it calls for
the appointment of nine investigators, three to be named by
the Governor, three by the President of the Senate and three
by the Speaker of the Assembly. The measure was referred
to the Judiciary Committeefor consideration. The New Jersey
State Chamber of Commerce recently issued a letter urging
the citizens of the State to communicate with their Senators
and Assemblymen in support of bills repealing the full-crew
law. It is argued that the power of deciding the size of the
crews ought to be left to the Service Board,and should not be
set arbitrarily by the Legislature. Other organizations which
have adopted resolutions urging the repeal of the law are
the Newark Board of Trade, the Passaic Board of Trade
and the Lambertville Chamber of Commerce.
A bill introduced in the New York Legislature for the repeal
of the full-crew bill enacted during Gov. Sulzer's administration, was unanimously endorsed at a conference of Republican Senators at Albany on the 24th inst. The repeal bill
was introduced by Assemblyman Conkling and Senator
Spring. The repeal would be effected by leaving to the discretion of the State Public Service Commission the number of
men which shall constitute the crew of either a freight or passenger train. The New York State Railway Employees' Conference Board is said to have been assured several weeks ago
of the support of Gov. Charles S. Whitman in its efforts to oppose the repeal of the full-crew law. The Conference Board,
while in session at Albany on the 9th inst., discussed with
Gov. Whitman the repeal of the law,amendments to the compensation law and other legislative matters.
Full crew laws have been enacted thus far, it is stated, in
twenty States, namely Arizona, Arkansas, California, Connecticut, Indiana, Maryland, Missouri (defeated in initiative
and referendum vote of citizens at last November's election),
Nebraska, Maine, Nevada, New Jersey, New York, North
Dakota, Ohio, Oregon,Pennsylvania,South Carolina, Texas,
Washington and Wisconsin. It is estimated that the additional expense to the railroads of the United States by the
passage of a Federal full crew law involves more than
$20,000,000.
Labor leaders who are apprehensive as to the agitation in
the various States over the extra crew legislation are said to
be directing their efforts toward the enactment of a Federal
full crew law.
GAINS AND LOSSES IN THE FOREIGN TRADE.
The Government last week published the foreign trade
figures showing the exports and imports between the United
In their statement, the trainmen's legislative committee, urging to mind States and each of the leading nations of the world for the
the beneficent results of air brakes in preventing train wrecks and making
and for the last two calendar years.
railroad operation safer and more economical, all of which is frankly ad- month of December
The falling off in our exports to Germany is particularly
mitted, add that "the full crew law will have the same result."
The actual, not the theoretical, result of railroad operation under full striking, the total value in December 1914 being only
crew laws, has been a large increase in the casualty list. This is particularly
$33,210,285 for the corresponding
true as to the class of accidents which the trainmen have most emphatically $2,194,035, as against
asserted the laws would prevent—injury to passengers getting on and off month in 1913. Similarly our exports to Austria-Hungary
trains.
and Belgium record marked decline, the former having been
The trainmen assert that the railroads would underman trains, even at
December 1914, as against $3,162,652 in
the risk of accidents. Were the railroad managers devoid of all regard for only $2,700 in
human life and safety, the cold dictates of business sense would cause them 1913, and the latter $758,282 in December 1914, against
to so man trains as to avoid accidents which are costly out of all proportion $5,740,512 in 1913. On the other hand, the value of our
to $2 75 as a day's wages for one trainman, and to get the most efficient,
which is the largest service, out of every train and mile of track. That the exports to France, the United Kingdom and Italy registers
railroads did man trains for safety and efficiency of operation before the an increase, especially in the case of the last-mentioned
law made an arbitrary manning of trains, and that they continue to do so country, where our exports in December 1913
were only
now quite irrespective of the law's requirements, the following plainly shows:
IBAt the time the full crew laws went into effect, eleven railroads were oper- $9,109,962, but for December 1914 reached $26,162,688.
ating in Pennsylvania and New Jersey 276 passenger and 540 freight trains, Our exports to France increased from $18,341,017 in 1913
or 816 out of 7,805 trains, with crews larger than the law required. To-day to $37,585,679 in December 1914, while to the
United Kingthe same railroads are operating 316 passenger and 414 freight trains, or
730 out of a total of 6,853 trains, manned In excess of the full crew law re- dom our exports rose from $64,092,740 to $83,863,254.
quirements.
In many instances the value of our imports from the
Thus when the trainmen say, as they do in their statement to-day, that different nations of the world also
showed substantial
an
experiment—is
in
not
innovation
an
not
railroad
is
"the full crew law
operation," they are entirely correct. The railroad managers, as a business changes. From Belgium we received in December 1914
proposition, as a fulfillment of a plain duty to the public, had full-crewed imports valued at $396,676., as compared with $3,043,076
all trains. The laws which were enacted had nothing to do with it, nor in December 1913. Our imports from
Germany fell from
have they since. What they have done is to arbitrarily put men on trains
where they were not needed. Therefore, these so-called full crew laws per- approximately $18,000,000 in December 1913 to a little over
form no good service, while on the other hand, they create an unnecessary
,000,000 in December 1914. The showing of Russia in
burden, which should be removed in the public interest, in that of the great Europe is most striking, the imports
from that country
body of railroad employees and as a matter of justice by prompt repeal of
having decreased from $2,512,754 in December 1913 to
the laws.
only $7,448 in the corresponding period in 1914. The table,
A resolution.calling for an investigation into the workings of as compiled by the Bureau of Foreign and Domestic Comthe full-crew law of New Jersey was introduced in the State merce of the Department of Commerce, follows :
1.B.
THE CHRONICLE
27 1915.]
Month of December.
Imports from—
Grand Divisions:
Europe
North America_ _ _
South America
Asia
Oceania
Africa
12 Mos. end. with December.
1913.
1914.
$
$
44.955.265
28,669,317
17,373,868
18,776,195
2,753,236
2,128,664
91,045,007
33,098,167
25,055,750
29,771.436
3,037.369
2,017,842
1914.
1913.
$
5
783,517,509 864.666,103
441.401,027 389.814,744
229.520,375 198,259,005
266,864,028 281,407,363
34,719,505
48,312,360
23.729,760
19,660,702
114,656,545 84.025.571 1.789,276,0011,792,596,480
Total
Principal countries:
Austria-Hungary _ 1,226,194 1,977.836
Belgium
396,676 3,043,076
France
6,025,647 17,553,751
Germany
8,680.428 18,272,085
Italy
4,075.523 6,056,037
Netherlands
2,059,251 3,511,276
Russia in Europe
7.448 2,512,754
United Kingdom
14,937,749 28,597.188
Canada
12,875,747 16,563.208
Mexico
5,386,849 8,827.933
Cuba
6,940,772 4,552,640
Argentina
2,870,991 4,569,424
Brazil
9.300,331 14,178,032
China
2,471,531 3,622,270
India, British
3,583,980 7.550,833
Japan
7,006,092 11.969,027
701,780 1,037.039
Australia
15,683,880
30,362.019
104,215,131
149,389,366
55,207.274
37,499.623
12,306,334
287.391.443
164.032,179
86.280,966
146,844,576
56,274,246
95.000,622
36,313.770
63.069,239
105.696,252
18.452,386
19,083,392
41,458,376
138.933,883
184.211,352
55,322,304
37.638,809
22,322,957
271,954,987
142,127,982
81,735,434
125,093,740
25,575,667
100.947,735
40,120,826
70,360.612
98,935.957
10.420,053
Exports to—
Grand Divisions—
190.201,330 156.668,211 1,339,295.916 1.499,573,363
Europe
North America_ _ _ 31,904,468 41,288,809 481,588,221 601,176.159
91.013.339 146,514.635
South America _ _ _ 5,371.837 11,846,532
99,193,210 126,122,651
10,576,473 12,866,424
Asia
81,702,676
77,209,541
5,887,373 7,736.325
Oceania
28.928,808
25,323.823
1,691,077 2,789,327
Africa
245.632,558 233,195.628 2,113,624.050 2,484,018,292
Total
Principal countries:
Austria-Hungary Belgium
France
Germany
Italy
Netherlands
Russia in Europe
United Kingdom_ _
Canada
Mexico
Cuba
Argentina
Brazil
China
India, British ___
Japan
Australia
2,700
758.282
37.585.679
2,194,035
26,162,688
12,427,794
479,429
83,863,254
18,379,707
2,364.596
5.810,326
1,521,348
1,431,998
835.242
842,553
5,098,191
3,549.813
3,162,652
5,740,512
18,341.017
33,210.285
9,109,962
10,070,070
4.971,120
64,092,740
25,763.404
3,171.161
5,882,522
4.737,855
2,128,097
1,788.005
1,009,024
7,614,727
4,510.421
22,244,599
12,801,195
64,317,469
34,771,023
170,104,041 153,922,526
158,294,986 351,930,541
78,675,043
97.932.200
100,743,803 121,552,038
25,965.351
22.260,062
599,812,295 590,732.398
310,616,232 403,191,392
48,052,137
33,211,175
73,238.834
67.881,768
54,980,415
27,127,958
39,901,203
23,275,894
25,299,802
20,367,701
10,966.051
10,379,066
62,499,819
41,750,979
43,773,819
45,024,718
Another set of figures in connection with our foreign
trade is also decidedly interesting. We refer to the classification of the imports and exports in groups so as to show the
amounts consisting of crude materials, of foodstuffs and of
manufactures. The statistics in this instance afford noteworthy evidence of the business depression existing in the
United States. Andithis is true whetheriwelconsider the comparisons for December alone or for the whole twelve months
of the calendar year. In manufactures there is tremendous
contraction—in foodstuffs prodigious gains. In December
1914 the exports of crude material for use in manufacturing
were valued at only $57,111,046, against $97,305,782 in
December 1913, and for the twelve months of 1914 the
aggregate was no more than $490,496,949, as against $768,869,071 for the calendar year 1913. On the other hand, the
exports of foodstuffs in December 1914 were no less than
9,326,235, as against only $37,778,594 in December 1913.
Even for the calendar year 1914 the foodstuffs total runs far
above that for 1913, notwithstanding that during the early
months of 1914 shipments were on a small scale by reason
of the poor crops of the previous season. In other words,
the value of the foodstuffs exports for 1914 were $584,128,261, as against $494,414,640. Our exports of manufactures,
on the other hand, for the twelve months of 1914 amounted
to only $943,893,188, as against $1,176,895,365.
Month of December.
Groups.
1914.
Impo;ts—
Crude materials, for use In
manufacturing
Foodstuffs in crude condition
and food animals
Foodstuffs partly or wholly
manufactured
Manufactures for further use
In manufacturing
Manufactures ready for consumption
Miscellaneous
Total Imports
Exports—
Crude materials for use In
manufacturing
Foodstuffs In crude condition
and food animals
Foodstuffs partly or wholly
manufactured
Manufactures for further use
In manufacturing
Manufactures ready for consumption
Miscellaneous
$
1913.
—
$
12 Mos, end. with December.
1919.
1913.
$
$
34,189,042 62,463,050 597,920,626 604,962,587
17,959,204 29,916,427
234,725,244
220,784.999
16,394,017 16,769,368
256,483,300
198,352,663
15.746,405 28,268,135
275,585,099 340,250,218
28,922,282 44,616,400 407,047,570 913,439,318
17,514,162
14,808,715
1,950,595 1,992,191
114,656,545 184,025,571 1,789,276,001 1,792,596,480
57,111,046 97,305,782 490.496,949 768,869,071
51,620,069
9,977,309
275,275,909
169,587,698
37,706,166 27,801,281
308,852,252 324,828,942
28,853,223 29,799,156
344,983,510 396,923,040
56,126,776 64,80,845 628,909,878 779,972,325
8,105,401
699,967 22,539,346
9,226,926
Total domestic exports_ _ _ _ 240,644,206 230,483,344 2,071,057,744 2,948,284,477
35,733.815
Foreign merchandise exported 9,983,352 2,712,284 92,566,306
245 622.558
233.195.628
2.113.624.050
2.484.018092
Total exports
.
705
AMERICAN FLOUR TO BE IMPORTED BY PERU.
The Government of Peru has decided to import flour from
the United States and sell it at cost to reduce the price of
bread.
REPORT OF THE NATIONAL CURRENCY ASSOCIATION
OF PHILADELPHIA.
According to a report given out on the 15th inst. by the
National Currency Association of Philadelphia, the total
amount of emergency currency issued to the banks in the
Association during the recent crisis was $14,885,750, or
14.46% of the maximum amount of $102,926,250 of emergency currency which this Association was authorized to
issue under the Aldrich-Vreeland law. The total number
of applications approved was 63, the first of these on Aug.6
and the last on Nov. 27 1914. The maximum amount of
emergency currency outstanding at any one time was $14,885,750 on Oct. 20 1914. The largest amount of applications on any one day was $2,220,000 on Aug. 6. The first
cancellation was approved Oct. 23, and amounted to 20,000. The territory included in the Association corresponds
with that of the Federal Reserve District of Philadelphia,
except for twelve counties in Northeastern Pennsylvania;
the major portion of the emergency currency was taken,
however, by the Philadelphia institutions, only $1,250,000
having been issued to banks outside the city. The final
cancellation, so fax as the Philadelphia banks are concerned,
was effected Feb. 10, but there remains $500,000 still outstanding among the outside banks. Including original deposits and substitutions, collateral amounting to $30,675,684
passed through the hands of the executive committee of the
Association, of which $19,124,448 was commercial paper
and $11,551,235 bonds or other securities.
FREE MARKET SYSTEM IN THIS CITY ABOLISHED.
The system of free markets in New York City, which was
established a few months ago by Borough President Marks,
was abolished by a vote of the Sinking Fund Commission
on the 15th inst. Following this action, Bridge Commissioner Kracke turned over to the Comptroller for regular
market purposes the markets situated under the approaches
to the Williamsburgh, Manhattan and Queensboro bridges.
These markets are now under the control of the Finance Department, which has jurisdiction over the other public markets in the city. Merchants occupying stands or stalls in
the market will hereafter be required to pay rent for them.
The free market at the New York end of the Fort Lee Ferry
at 129th Street has been abolished by the Commission.
Dock Commissioner R. A. C. Smith reported that, according
to an opinion obtained from the Corporation Counsel, the
market was illegal because it was located on dock property.
Plans for the first of a chain of big terminal markets were
made public on the 20th inst. by John J. Dillon, Commissioner of the State Department of Food and Markets. This
market is to be erected by the New York Central RR.Co. on
the block bounded by Thirty-fourth, Thirty-fifth streets and
Eleventh and Twelfth avenues, and will be an eight-story
concrete building. Six tracks will run the entire length of
the building and there will be a driveway fifty feet wide, thus
allowing ample space for wagons.
Plans for a similar terminal market to be erected by the
Pennsylvania RR. at Long Island City are under considers,
tion.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
No bank stocks were sold at the Stock Exchange this week,
and only 12 shares were sold at auction. There have been
no sales of trust company stocks.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
12 Chelsea Exchange Bank_ _ _ - 124
124
124
July 1914— 139
A sub-committee headed by Representative McGillicuddy of Maine, started hearings at Parkersburg, W. Va.,
on the 12th inst. into the alleged official misconduct of Alton
G. Dayton, Judge of the United States District Court of
the Northern District of West Virginia. The inquiry was
concluded yesterday and a report to the full committee is
already under way. It is stated that it is not likely that
any action will be taken on the report at the present session.
The hearing was conducted in pursuance of the resolution
adopted by the House on June 12 1914, directing the House
Judiciary Committee to make the inquiry to determine
whether any of his acts would warrant his impeachment. The
sub-committee was appointed as a result of preliminary find-
706
THE CHRONICLE
[VOL. 100.
ings reported to the full committee on the 8th inst. The text President of the enlarged organization. William K. Swartz,
of the resolution calling for the investigation was printed in Secretary of the Home Trust, has been made Manager of the
these columns July 4th 1914.
Brooklyn Banking Department of the Lawyers' Title, and
U. Condit Varick, Assistant Manager. Joseph E. Stair,
A further considerable increase in wheat shipments from who was Assistant Secretary of the Home Trust Co., has
Galveston, as compared with a year ago, is indicated by the been appointed Trust Officer of the Brooklyn Banking
returns for the latest month. For January 1915 the exports Department. The other officers of the company are Thorfrom the port were 3,039,248 bushels, against only 128,960 wald Stallknecht. Vice-President; Herbert E. Jackson,
bushels in the month of 1914, and for the five months since Vice-President and General Manager; Louis H. Losee, ViceSept. 1 1914 the outflow was 26,754,425 bushels, against President; Walter N. Vail, Secretary; Archibald Forbes,
but 1,563,097 bushels for the same period of the previous Treasurer; Robert I. Smyth, Assistant Treasurer; Frederick
year. At the close of the month there were 474,000 bushels D. Reed and George F. Parmelee, Assistant Secretaries;
on shipboard not cleared. New Orleans exports also have William A. McCormick, Assistant Manager.
been very heavy, reaching for January of the current year
5,923,970 bushels, against 642,975 bushels in the month of
On the 15th inst. the directors of the Fidelity Trust Co. of
1914, with the five months' aggregates 26,009,830 bushels Newark declared a special stock dividend of 50% on
the
and 2,912,999 bushels respectively.
capital of $2,000,000. With this the shareholders may purchase, at par on a pro rata basis, the $1,000,000 of new stock.
The Irving National Bank of this city for years has made This is part of the plan as announced by President McCarter
a practice of having chartered accountants make an inde- on Jan. 25 whereby the stockholders are to receive dividends
pendent audit of its financial condition. This annual audit of 375%; 275%, or $5,500,000, being paid in cash, 50% in
as recently published for Dec. 31 1914 clearly shows the stock of the Public Service Corporation, and 50% as a stock
rank this institution occupies among the city's largest bank- dividend. This 50% dividend is payable on or after Mar.22
ing institutions. The bank's growth, particularly in the next to stockholders of record Feb. 20. Under its new
last few years, has been noteworthy. It is operated-strictly capitalization, the Fidelity Trust Co.'s capital will be
as a commercial bank. At the close of business Dec. 31 $3,000,000, surplus $2,000,0000 and undivided profits $1,1914 the accountants report deposits of $55,754,773, capital 000,000.
The board of the Fidelity Trust recently elected Paul C.
$4,000,000, surplus $3,000,000, undivided profits $646,335
and aggregate assets $66,060,161. The assets are classified Downing Treasurer. Mr. Downing was formerly Assistant
in three groups: Quick assets, $27,248,759, of which $12,- Secretary and Treasurer. The change was made to relieve
814,386 was cash in vault and checks for clearing house, James H. Shackleton of the burden of work connected with
$3,346,860 due from Federal Reserve Bank, $11,087,513 the dual office of Secretary and Treasurer, due to the comdue from correspondents and demand loans; the second pany's increasing business. Mr. Shackleton was re-elected
class of assets, representing $14,075,480, included $10,800,- Secretary.
812 of loans due in 30 days, $1,641,000 United States bonds
The New Jersey Title Guarantee & Trust Co. of Jersey
and $1,633,667 other bonds and investments; the third class
included assets due within four months, $19,686,514, and City has acquired the West New York Trust Co. of West
assets due after four months, $4,242,282. Letters of credit New York, Weehawken, and will operate it as a branch.
and acceptances amounted to 07,125. Lewis E. Pierson The directors of the first-named company met on the 9th
is Chairman of the board and Rollin P. Grant is President inst.and ratified the action. The]New Jersey Title Guarantee
& Trust Co. started active business iniFebruary 1888 with a
of the institution.
capital of $100,000, increasing it first to $200,000, then to
Robert Waller, formerly a partner in the banking firm of $500,000 and in July 1914 to $1,000,000, concurrently
William Salomon & Co., of this city, died at his home on paying a 100% cash dividend on the old issue. The West
the 21st inst. After graduating from Columbia University New York Trust Co. was established in 1912. George T.
Mr. Waller started in the tea business and later bought a Smith, President of the New Jersey Title Guarantee & Trust
seat on the Stock Exchange. He formed, with William Co. waslialso President of the absorbed institution.
Salomon, the firm of William Salomon & Co., from which
he retired in 1908, his son, Stewart Waller, succeeding him
The conviction of Patrick Quinlan on charges for inciting
as partner. Mr. Waller was a member of the Union, Uni- a mob to violence during the Paterson silk strike in Februversity and St. Anthony clubs.
ary 1913 was affirmed by the Court of Errors and Appeals
of New Jersey on January 27. The affirmance was based
James Matthews, Jacob Wohnseidler and Harry T. upon the opinion handed down on June 5th 1914 in the
Johansen have been appointed Assistant Cashiers of the Supreme Court of New Jersey. Quinlan was sentenced to
National City Bank of this city. Mr. Matthews has had serve from two to seven years in State Prison and to pay a
charge of the general credit account and Mr. Wohnseidler fine of $500. He has been out on bail.
has handled the bank credits. George A. Kurz has been
chosen Assistant Manager of the Foreign Department.
Final steps in the merger of the City Bank of Bayonne with
the Union Trust Co. of Jersey City were taken on the 6th
E. T. Maddox, Assistant Cashier of the Merchants' Ex- inst., and the Bayonne bank was opened as a branch of the
change National Bank, has been appointed Assistant to the Union Trust Co. on the 8th inst. Former Mayor Pierre P.
Garven, who was President of the City Bank, has been elecPresident of the Fidelity Trust Co. of this city.
ted Vice-President of the trust company, the other Bayonne
directors being George E. Keenen, Louis B. Creighton,
William F. Fitzsimmons has been appointed Assistant C.
W. A. Hahn, George M.De Waters and Aaron A. MelinCashier of the Merchants' Exchange National Bank of this
ker. As stated in our issue of Jan. 16, $50,000 of the trust
city.
company's stock is allotted to• the stockholders of the City
Bank, said stock having a book value approximately of $200
Harry A. Berwind of the Berwind-White Coal Co. and
per share.
Seward Prosser, President of the Bankers Trust Co. of
New York, have been elected directors of the Commercial
An indictment against George Carragan and Louis B.
Trust Co. of Philadelphia.
Bragdon,formerly President and Cashier,respectively, of
the
failed First National Bank of Bayonne, was quashed on the
The merger of the Home Trust Co. of Brooklyn with the 8th inst. in the United States District
Lawyers' Title Insurance & Trust Co. of this city was grounds. The Court also asked counsel Court on technical
to submit briefs on
approved by the stockholders of both institutions on the a motion to quash in another bill
involving Carragan with
proceedings
merger
are accompanied by a William H. Vreeland, who had been
20th inst. The
Vice-President of the
change in the name of the Lawyers,' Title Insurance & Trust failed bank. These three officials were
arraigned in
Trust
Co.
&
Title
Lawyers'
The
details of the on Dec.4 1914 and pleaded not guilty to indictments Newark
Co. to the
alleging
merger were given in these columns on Feb. 6. The offices misapplication, abstraction and embezzlement of funds
and
Court
St.,
44
at
Co.
Brooklyn,
Trust
were the making of false entries in the books of the bank.
of the Home
Six
opened on Tuesday as a branch of the Lawyers'Title. Edwin indictments made President Carragan the principal,
the
Chairman
of
the
Board
of
as
continues
DirecW. Coggeshall
others being charged with conspiracy. The indictment distors,and Louis V.Bright as President; Frederic E.Gunnison, missed on the 8th involved the rendering of a false report
to
President of the Home Trust Co., has been elected a Vice- the Comptroller of the Currency concerning the bank's
condi
FEB. 27 1915.]
THE CHRONICLE
707
tion. At that time each of the accused was released under nations of Mr.Redfield and Fred W.Davis. Both of the new
$5,000 bail pending trial.
directors are members of the syndicate which, as stated last
week, recently obtained control of the City Bank. The
The Camden Safe Deposit & Trust Co., the largest finan- resignation of Assistant Cashier Louis E. Stoner, who
cial institution in Camden,N.J., has completed a prosperous left to become Manager of the new Morris Plan Bank of
year of business. Deposits at the close of business Dec. 31 Hartford, was accepted. It is understood that the board
1914 stood at 87,263,927 (as against 86,727,585 Sept. 12 of directors of the City Bank is to be increased from nine to
1914); aggregate resources were $8,609,565, of which fifteen, the number allowed under the charter.
$750,000 surplus is all earned in addition to net undivided
profits of $93,248. The company was established in 1873
H. E. Bothfeld, previously Vice-President of the Market
and has $500,000 capital. The officials are: Alexander C. Trust Co. of Boston (Brighton District), has been elected
Wood,President; William S. Scull, Vice-President; Ephraim President to succeed Frank G. Newhall. Mr.
Newhall has
Tomlinson, Second Vice-President and Trust Officer; and been chosen to a newly created position—that
of Chairman
Joseph Lippincott, Secretary and Treasurer. George J. of the Board; George M. Angier, President of
the Angier
Bergen is Solicitor.
Chemical Co., and a:director in the trust company, succeeds
Mr. Bothfeld as Vice-President. Thomas B. Fitzpatrick,
On the 15th inst the Citizens' Trust Co. of Utica, N.
of Brown, Durrell & Co.; Edgar R. Champlin and Byron T.
Y., began business in its magnificent new home, situated
Thayer, of Swain, Earle & Co., have been elected directors.
on Seneca Square, under the most auspicious circumstances.
The Market Trust Co. was organized in January 1913 to take
The main counting-room took on the appearance of an imover the National Market Bank of Brighton.
mense conservatory, owing to the numerous handsome floral
gifts sent by the many friends of this progressive institution,
John E. White has been elected President of the Worcester
of which William I. Taber is the popular President. This,
the most recent addition to Utica's business edifices, is National Bank to succeed Alfred L. Aiken. Mr. Aiken, who
constructed along conservative lines and is modern in was, during 1911-1913, Massachusetts State Auditor, reevery particular. Built of white granite, in the Italian Re- signed with his-appointment as Governor of the Federal Renaissance style, the building presents a most imposing appear- serve Bank of Boston.
ance. Massive arched windows, reaching almost the full
A new policy was inaugurated by the Burlington Trust
height of the building, on both sides of the structure, lend
distinctive grace to it. The lobby is U-shaped, and in the Co. of Burlington, Vt., on the 1st inst., with the declaration
centre rises the banking screen of chip glass in bronze grill of an extra dividend to savings depositors above the guarwork; it has a base of Verde marble in two tones to counter anteed rate of 4%. This action was meant to emphasize
height. The walls are finished in light buff, while the paneled the mutual feature prevailing with the company. The extra
ceiling is finished in cream. The floor is of Tennessee marble, dividend, it is stated, is simply further evidence on the
grayish in color. The vaults are of the very latest type, part of the management to be as liberal with its patrons
made by the Herring-Hall-Marvin Safe Co.,massive in size, as its success warrants. According to the statement
issued at the close of business Jan. 30 1915, the institution
and contain every known measure of protection.
The progress of the Citizens' Trust has been noteworthy. has total deposits of $3,189,039, of which 82,774,442 are
Organized in 1903, it has already outgrown two buildings, savings accounts, $405,293 commercial deposits and $9,304
one an up-to-date building erected for its own use on its represent certificates of deposits. The company has a capipresent site, torn down to make way for a still larger edifice. tal of $50,000 and a surplus of $250,000. Its trust funds
Its depositors now number more than 16,000 and a large amount to $175,704. The officers of the company are:
banking business is done by mail. Its capital has recently Henry L. Ward, President; Edmund C. Mower, Vice-Presibeen increased from $300,000 to $500,000; it has deposits in dent and Trust Officer, and Frank W. Elliott, Treasurer.
excess of $6,000,000. Associated with Mr. Taber in its
The stockholders of the Finance Co. of Philadelphia at
management are Watson T. Dunmore and Edgar B. Odell,
Vice-Presidents; Frank H. Doolittle, Secretary; Lynn a meeting to be held on April 20 will vote on a proposition
Marriott, Treasurer; S. B. French, Assistant to the Presi- to reduce the capital stock to the extent of $600,000, or from
dent; David G. Jones, Auditor, and A. J. Lowery, Manager $3,100,000 to $2,500,000. In April 1909 the capital stock
Safe Deposit Department.
of the company was reduced to $3,100,000 from $3,493,200.
The present capital consists of $1,540,000 of first preferred
A certificate incorporating the Rome Trust Co. of Rome, stock and $1,560,000 of second preferred stock.
N. Y., was approved by the Superintendent of Banking at
Albany on the 15th inst. The business of the Rome City
The First Mortgage Guarantee & Trust Co.of Philadelphia
Bank and the First National Bank will be merged into the changed its name to the Robert Morris Trust Co. on the
3d
trust company; the national bank will be placed in voluntary inst. Three new directors have been elected to the
board
liquidation, the Rome City Bank changing to a trust com- of the institution, namely William G.Foulke, C.V.Thackara,
pany. The capital of the trust company is fixed at $300,000; who was recently chosen Vice-President and Treasurer, and
both the Rome City Bank and the First National have a Walter Moses. James R. McClure is President of the company.
capital of $100,000.
John F. Finnegan, an employee of the First National Bank
of Rome, N. Y., was arrested on the 17th inst. on a bench
warrant issued by Judge George W.Ray of the United States
District Court, charged with alleged embezzlement of the
funds of the bank. Finnegan's arrest follows the discovery
in January of a discrepancy of $14,000 in the accounts of the
bank; about $2,000, it is stated, was subsequently returned.
A bill providing for the consolidation of the work of the
Building & Loan Commission of Connecticut with that of
the State Banking Department under a single commissioner
is pending before the Connecticut Legislature. A hearing
on the bill before the Commission on Banks was held at the
Bank Commissioner's office on the 23d inst. The resignation of Fred P. Holt as Bank Commissioner took effect
Feb. 23. Since the resignation of Norris S. Lippitt last October Mr. Holt had been the sole Commissioner. William
p. Landon is Deputy Commissioner.
At the recent annual meeting of stockholders of the Merchants' Union Trust Co. of Philadelphia, William C. Stoever
was elected a director to succeed the late Alfred I. Phillips.
The book value of the company's securities was reduced by
$100,000 in order more nearly to conform with the market
valuations,the amount being charged off the surplus account.
The net earnings for the year, according to the
Philadelphia
"Ledger," aggregated $40,245. The income from
securities,
which totaled $1,403,299, averaged 5.09%, and that
from
the mortgage investments, amounting to $262,100,
averaged
5.35%. The company has a capital of $1,000,000; the
surplus, under the Comptroller's call of Dec.31,was
$201,807.
Robert A. Balfour, a prominent-financier in Philadelphia,
died at his home in Germantown on the 11th inst.
Mr.
Balfour, who was a member of the firm of James G.
Balfour
& Co., bankers and brokers, succeeded his father as
a director in the Union Traction Co. and with his brother,
James
G. Balfour, held very large interests in this property.
He
was
also
a
director of the Quaker City National Bank and
At a meeting of the directors of the City Bank of Hartford on the 23d inst. Fred P. Holt, former State Bank Com- connected with a number of other concerns.
missioner, was elected President to succeed Edward D. Redfield, resigned. Mr. Holt and Jean E. Shepard will fill the
Warren T. Rawson, President of the Holmesburg
Trust
two vacancies in the board of directors caused by the resig- Co. of Philadelphia, died at his home on the 2d inst. M.
708
THE CHRONICLE
[VOL. loo.
Rawson was one of the founders of the Holmesburg Trust with the bank as a director. C. M. Macfarlane, Treasurer
of Morris & Company, has been elected a director, and F. W.
Co. He was fifty-two years old.
Thomas has been advanced from the post of Assistant Cashier
Edward C. Bell, heretofore Assistant Cashier of the Ridge to the cashiership of the bank.
Avenue Bank of Philadelphia, has been appointed Cashier
In addition to the changes in the Mississippi Valley Trust
to succeed Francis J. Thron, resigned.
Company of St. Louis mentioned in these columns last week,
At the annual meeting of the Delaware State Bankers' Frederick Vierling, Vice-President and Trust Officer, was
Association on the 10th inst. a resolution was adopted recom- elected a director of the institution on the 1st inst.
mending that the banks limit the interest paid on time deThe stockholders of the Title Guaranty Trust Co. of St.
posits to 3%. Bills providing that the State banking laws
be so amended as to provide a penalty when more than Louis will hold a special meeting op April 13th to vote upon
the legal rate of interest is charged and to permit Delaware a proposition to reduce the capital stock from $2,500,000
banks and trust companies to enter the Federal Reserve to $1,000,000.
System, were also approved bylthe Association. John B.
Samuel P. Read, an old and well-known Memphis banker,
Smith was chosen President.
died on the 8th inst. at the age of eighty-four. In 1857
the Memphis office of the firm of
- William F. Stone, former Collector of Customs at Balti- Mr. Read took charge of
more, was appointed Assistant to Charles E. Rieman, Presi- Stratton, McDavitt & Co., large cotton receivers. He was
dent of the Western National Bank of Baltimore on the 19th one of the organizers of the old Union & Planters' Bank,
inst. The office was created for Mr. Stone at the meeting established in 1869; he entered its management with its
of the board of directors last week; he will assume his duties creation as Cashier, his connection with that bank and its
on April 1. Mr. Stone is President of the Maryland Filling extensions continuing for forty-six years until his death.
Machines Co. and has been actively interested in politics. In 1897 Mr. Read became President of the bank, and in
He was collector of customs for over sixteen years, and prior May 1906, when the Tennessee Trust Co. and the Union &
to that had been City Register; he was appointed Collector Planters' Bank were merged into the Union & Planters'
by President McKinley, and served in that capacity during Bank & Trust Co., he was chosenrresident of the new
the Roosevelt and Taft administrations, and a part of the concern.
Wilson administration.
Steps are being perfected by the North Carolina Bankers'
Association to make a special steamer trip to New York
J. Walter Oster has been elected Assistant to President
a feature of their annual convention. The meeting will be
Eugene V. Levering of the National Bank of Commerce of
Wrightsville Beach, North Carolina, sometime during
Baltimore. This is a new office and was created to furnish held at
the latter part of June, and it is proposed to charter a special
the President with more executive assistance. Mr. Oster
Clyde Line steamer, which will leave Wilmington immediately
was a Vice-President of the National Howard Bank until
after
the closing of the convention. The members of the
its recent consolidation with the National Exchange Bank.
association and their friends will enjoy a three-days' visit
in New York before making the return trip on their special
The annual convention of the Maryland State Bankers' steamer. Although similar trips have been taken by the
May,
and
24
at
Cape
June
22,
23
Association will be held on
members of both the South Carolina and Texas Bankers'
which was also last year's meeting place. Arrangements for associations, it will be a new experience for the North Carothe convention are being carried on by Charles Hann, Sec- lina bankers.
retary, and William Marriott, Treasurer, of the association.
The South Carolina Bankers' Association will hold its
Edward S. Munford,receiver for the Union National Bank annual convention on June 15, 16 and 17 at the Isle of Palms.
of Columbus, Ohio, which suspended in December 1911,
paid on the 1st inst. an additional dividend of 4.3% to the
C. Hunter Raine, former President of the old Mercantile
depositors, this representing interest on their funds during Bank of Memphis, the embezzlement of whose funds brought
the period of liquidation. The return to depositors was about the suspension of the bank in February 1914, was senbrought up to 100% on Nov. 30 1914 with the payment of a tenced on Feb. 11 to the Federal prison at Atlanta for an
10% dividend. It is believed that the liquidation will leave aggregate term of 11 years on seven counts in the indictments
a balance for the stockholders of the institution.
against him. On one of the counts he was given a sentence of
five years, and on each of the other six one year; as the senAugust Kuhn, heretofore Treasurer of the Aetna Trust & tences run concurrently, the actual prison term will cover
Savings Co. of Indianapolis, has been chosen President, to five years. A few days preceding his sentence, and on the
succeed Winfield Miller, resigned. William F. Wocher, eve of the trial, Raine pleaded guilty of misusing the mails.
Secretary, has been made Treasurer, the two offices being Claude Anderson, Cashier of the old Mercantile Bank, who
combined.
is alleged to have aided Raine, will not be tried until the May
term of the Court. It is reported that Raine was a defaulter
Lloyd England has been appointed receiver for the State
to the extent of over $1,000,000, keeping his peculations
business
on
suspended
National Bank of Little Rock, which
concealed through worthless checks signed by him and carried
June 20 1914, following a heavy withdrawal of deposits. It
as
cash on the books. As previously mentioned in these colhad been announced at the time of the suspension that the
umns,
the old Mercantile Bank of Memphis was reorganized
appointment of a receiver was unnecessary, but a recent
1914 under the title of the Mercantile National Bank,
May
in
report on the bank's condition by Special Examiner H. G.
capital of $500,000.
Murray of the Federal Treasury Department led John with a paid-in
Skelton Williams, Comptroller of the Currency, to name a
receiver.
Steps have been taken towards securing a charter for the
Merchants' Loan & Trust Co. of St. Paul with capital and
surplus of $350,000. This proposed company is to be associated with the Merchants' National Bank, which has a
capital of $2,000,000.
The Central Bank is the name of a newly established institution in Phoenix, Ariz. P. K. Lewis is President of the
bank, and C. C. Smith of Oklahoma City, Cashier. F. A.
Crandall, a Vice-President of the National City Bank of
Chicago, and George S. Lewis are Vice-Presidents of the new
Phoenix bank.
Morris & Co. of Chicago are said to have purchased the
McGrew interests in the Live Stock National Bank of South
Omaha, Neb. L. M. Lord, formerly Cashier, has been
elected President to succeed C.F. McGrew, who is to remain
At a meeting of the Washington-Idaho Farmers' Union
held at Spokane in January, it was decided to establish a
banking institution in that city to be known as the Farmers'
Bank & Trust Co. This company, which is to open about
April 1 1915, is to have a capital of $100,000, the par value
of each share being $100. John C. Lawrence has been elected President of the institution. The board of directors
will be selected by the organization committee of the union.
The Washington State Grange is interested in the establishment of the company. According to the "Pacific Banker,"
the "purpose of the bank is thoroughly to organize the financial resources of the farmers of the Northwest and help them
establish their business on a cash basis, providing a medium
through which they can secure finances to carry on their
operations and pay for their supplies as they get them, rather
than depending on various tradesmen for credit." President
Lawrence was formerly Chairman of the State Public Service
Commission and was a candidate for Governor in 1912.
FEB. 271915.]
THE CHRONICLE
G. W. Yarker was recently reappointed Manager of the
Toronto Clearing House. Mr. Yarker, who is now nearing
four score years, began his banking career as a clerk with
the Trust & Loan Co. at Kingston, Canada, and later went
with the Bank of Montreal, of which he subsequently became Manager in Toronto and in London. On retiring from
active banking business, he was appointed Manager of the
Clearing House. Mr. Yarker is a director of the AngloAmerican Fire Insurance Co.
Merchandise Movement to New York.
Imports.
Month.
1913-14.
1914-15.
July
August._ _
September
October
November
Decembet.
January
Total
The statement of the Standard Bank of Canada (head office Toronto, Ont.) for the year ending Jan. 31 1915 refleets a decided degree of prosperity and is considered rather
noteworthy in view of the experience through which the
Canadian banks have recently been passing. Deposits are
reported at $38,040,107, an increase for the year of $3,017,836, while net profits amounted to $621,463, or $66,368
more than the previous year, and being at the rate of 21.28%
on the average paid-up capital. The bank subscribed during
the year $25,000 to the Canadian Patriotic Fund, $2,500 to
the Red Cross Fund, and $1,500 to the Belgain Relief Fund.
W. F. Cowan is President; George P. Scholfield, General
Manager,and J. S. Loudon,Assistant General Manager.
709
Customs Receipts
at New York.
Exports.
1914-15.
84,561,785 79,578,905 59,218,363
63,804,412 78,844,081 33,559,424
76,118.541 96,037,169 61,895,606
77.153,765 71,691,438 88,199,144
73,767.970 79,254.065 86,761,617
66,021.283 103,447,909 98,394,625
7C,992,I07 82,330,513 104,025,265
1913-14.
68,009,103
77,577,21
74,475,934
84,386,597
72,334,644
82,061,629
72,872,302
1914-15.
15,914,374
12,803,286
12,143,093
11,622,465
12,426,478
10,977,254
12,028,863
1913-14.
18,501,705
19,864,108
18,365,383
20,270,021
15,751,257
14,863,057
16,643,013
512,419,863591.184,080532,054,044 531,717,419 87,915.813 124,258,544
Imports and exports of gold and silver for the seven months:
Gold Mortment at New York.
Month.
Imports.
1914-15.
July
August __ _
Septembet
October _ _
November
December.
January- Total
732,964
973,114
905,196
712,573
1,756,403
1,072,523
2,082.618
1913-14.
Exports.
1914-15.
2,627,049 32,732,361
2,645.087
949,341
2,259,301
766,499
244.637
3,117,777
190,398
4,583,990
4,100
2,786,709
639,000
1,301,53
1913-14.
7,814,087
47,500
35.350
85,100
477,500
290,746
6.788,486
8,235,391 19,321,445 35,526,336 15,538,769
Silvo-New York.
Imports.
Exports.
1914-15.
1914-15.
492,132
1,266,034
854,15
1,651,731
1,777,70
1,480,15
396,13
$
3,239,331
3,322,939
4,301,269
3.695,853
3,131.379
4,949,048
4,371.866
7,918,048 27,011,685
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
W. J. Hanna, Provincial Secretary; Lieutenant-Colonel Currency, Treasury Department:
ISSUED TO NATIONAL BANKS FEB. 10 TO FEB. 17.
J. Forbes Michie and John Northway have been elected CHARTERS
10,699-The Citizens National Bank of Chester. S. C. Capital, $60,000.
M. S. Lewis. Pres.: IC. H. White, Cashier. (Succeeds The Citidirectors of the Imperial Bank of Canada to take the places
zens Bank of Chester, S. C.)
on the board of the late Robert Jaffray, President of the 10.700-The
First National Bank of Acadia Parish at Crowley, La. Capital. $50,000. W. L. Trimble, Pres.; P. J. Chapplus, Cashier.
bank, who died on Dec. 16 1914; the late Colonel Daniel R.
(Succeeds The First National Bank of Crowley. La.)
Iowa.-Capital, $50,000.
'
, on Nov. 17 1914, 10,701-The First National Bank of Mapleton,Cashier.
Wilkie, also formerly President, who dick
Peter Lamp. Pres.; E. B. Spottswood,
and the late E. W. Cox.
10,702-The First National Bank of Newport Beach, Cal. Capital.
$25,000. Lew. H. Wallace, Pres.; Max R. Wallace, Cashier.
(Conversion of State Bank of Newport, Newport Beach, Cal.)
10,703-The City National Bank of Spur, Tex. Capital. $40,000. G. H.
Connell, Pres.; E. C. Edmunds, Cashier. (Conversion of The
First State Bank of Spur, Tex.)
10,704-The First National Bank of Cairnbrook, Pa. Capital, $25,000.
M. D. Reel, Pres.; W:H. Moury, Cashier.
The directors have resolved, subject to the usual audit, to recommend 10,705-The Harriman National Bank of Alaska at Seward, Alaska.
Capital, $25,000. Joseph W. Harriman, Pres.; Erich Lucas.
to the shareholders of the bank at their meeting on April 21 the following:
Cashier.
To pay a dividend for last half year at the rate of 14% per annum (less 10.706-The First National Bank of Sentinel Butte. N. Dale. Capital,
$25,000. E. J. Curtin, Pres.; W. C. Stuhr, Cashier. (Converincome tax); to appropriate £20,000 to the pension fund; to write down
sion of Sentinel Butte State Bank, Sentinel Butte, No. Dalt.)
investments £30,000 to cover depreciation ascertainable as of Dec. 31 last:
Exchange National Bank of Marietta, Pa. Capital, $50,000.
to increase the balance carried forward to profit and loss, new account, to 10,707-The
B. F. Hiestand, Pres.; J. L. Brandt, Cashier. (Succeeds Ex£100,000, in order to provide for possible further depreciation in investchange Bank of Marietta, Pa.)
ments or other contingencies.
VOLUNTARY LIQUIDATION.
9,204-The First National Bank of Ripley, Miss., Jan. 22 1915. Liquidating agent, J. A. Smallwood. Ripley, Miss. Consolidated with
the Bank of Ripley, Miss.
THE ENGLISH GOLD AND SILVER MARKETS.
5.520-The First National Bank of Crowley, La., Feb. 10 1915. Liquidating committee,P.J. Chappius,C. J. Freeland and L. H.Clark,
We reprint the following from the weekly circular of
Crowley, La. Succeeded by The First National Bank of Acadia
Samuel Montagu & Co. of London, written under date of
Parish at Crowley.
2,756-The First National Bank of Hebron, Neb., Feb. 8 1915. SucFebruary 11 1915:
ceeded by the Hebron State Bank, Hebron, Neb.
GOLD.
10,329-Commercial National Bank of Long Island City, N. Y., Feb. 15
The operations of the Bank of England have been characterized this
1915. Liquidating committee, Horace Havemeyer. New York
City; Wm. K. Dick, Brooklyn' George C. Meyer, Forest Hills,
week by certain withdrawals for abroad.
Island. N.Y.; and M.A. Metzner, Long Island City. SucLong
The receipt was announced by the Bank as follows:
ceeded by the Broadway Trust Co. of Long Island City, N. Y.
Feb. 4. £767,000 in bar gold.
INSOLVENT.
Withdrawals were made as under9,708-The Union National Bank of Providence. Ky., was placed in the
Feb. 9. £307,000 in foreign gold coin.
•
receiver
Feb.
12 1915.
hands
of
a
coin.
foreign
gold
" 10. 207,000 in
" 10. 1,000,000 set aside on account of the Treasury Currency Note
Reserve (now amounting to £24,500,000)•
Canadian Bank Clearings.-The clearings for the week
During the week the reduction on balance was £747.000.
ending Feb. 20 at Canadian cities, in comparison with the
was
for
the
month
of
January
1915
The net import of gold into India
same week in 1914, show_ a decrease in the aggregate of
£195,000, approximately.
15.7%.
SILVER.
The tone of the market has been rather dull during the week, but, neverWeek ending Feb. 20.
theless, prices have been, on the whole, well sustained.
Cleari s atInc. or
The Indian Bazaars continue to purchase from day to day, but supplies
1914.
Dec.
1913.
1911.
1912.
on two days rather preponderated, and the quotation, which had been
2254d. on and since the 4th inst., receded 1-16d. on the 8th and 9th inst.,
$
$
$
$
%
Canadabut recovered on the 10th to the former figure, and rose to 22 11-16d. to-day. Montreal
41,252,656 50.437,430 -18.2 55,540,709 47.117,971
An Indian Currency Return for the 7th February gave details as follows Toronto
33,346,964 39,174,979 -14.9 37,924,671 34,110.157
21,703,056 20,432,284 +6.2 27,755,826 24,863.887
in lacs or rupees:
Winnipeg
4,487,616 8,223,913 -45.4 11,602,755 11,190,679
Notes in circulation
59.96 Vancouvet
3,860,150 3.744,628 +3.1 3,752,736 4,731,936
Ottawa
Reserve in silver coin
30,10 Quebec
2,106,224 2,697,440 -21.9 3,075,836 1,820,063
Gold coin and bullion
1,529,376 +2.0 1,965,557 1,818,091
1,559,591
8,21 Halifax
2,505,057
2,788,354 -10.2 3,200,504 2,521,152
East Indian securities
Hamilton
10,00
1,256.750 1,211,200 +3.7 1,655,744 1,560,782
John
Gold in England
7,65 St.
1,678,128 1.577,559 +6.4 1,876,547 1,420,386
London
Securities in England
4,00 Calgat y
2,698,060 3,301,170 -18.3 4,571,539 4,561,148
The stock in Bombay consists of 5,400 bars, as compared with 4,800 last Victoria
1,651,617 2,634,011 -37.3 3,638,998 3,062,007
2,092,275 3,306,411 -36.7 4,940.541 4.272,120
week.
Edmonton
1,665,196
1,095,956 1,716,185 -36.2 1,932,131
A shipment of 500.000 ozs. has been made from San Francisco to Hong- Regina
561.103
494.601
384,379
388,050 -0.9
Brandon
kong.
241.866
393,733 -38.6
550,297
662,709
Lethbridge
Quotations for bar silver per oz. std.
700,000 1,143,536 -38.8 1,647,203 1,656,504
Saskatoon
448,331
476,611
576,862
565,559 -15.7
Feb. 5--- _221_ cashl
No
Rate
5% Brantford
561,819
834,286 -32.7 1,331,965 1,021,086
" 6_...22
- I quotations(Bank
Bar Gold, per oz. std
77s. 9d. Moose Jaw
472,866
351,397
783,588
704,288 -50.1
" 8_ ___22 16 " I
fixed
French Gold Coin, per oz__Nominal Fort William
538,402
472,866
241,088
360,159 -33.1
" 9-22 9-16 "
for
U. S. A. Gold Coin, per oz_Nominal New Westminster
Medicine Hat
200,558
480,267 -58.2
" 10----2244
"
forward
Peterborough
423,872 Not Incl. In total.
"
_22 11-16"
delivery.
Av.for
11__wit1.-22.614 "
Total Canada
124,451.818 147.644.818 -15.7 169,423,513 148,999,673
The quotation to-day for cash delivery is 1-16d. above that fixed a week
ago.
W.H. Macintyre, New York agent for the Standard Bank
of South Africa, Ltd., at 55 Wall St., has received the
following cable advices from the main office in London:
gorminercial andAliscellaneousgews
411110
,10Aftewennwonnwi
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House:
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. Bonds.
Per cent.
Shares. Stocks.
315
62.000 Atlantic Phosphate & Oil
5 Girard Nat. Bank (Phila.)
Corp. ref. 6s. 1933
220
10 United N. J. RR.& Canal
$9 lot
124
9,600 Keok. & Des M.Ry. let 5s,
12 Chelsea Exchange Bank
1925
25 Internat. Nickel.. corn. v.t.c---10414
60
Per cent. 3,000 Americana Co. coll. tr.
Bonds.
notes. Gs
61.000 Oregon Short Line Income
$61 ot
983
"A" 5s, 1946
710
THE CHRONICLE
By Messrs. Francis Henshaw & Co., Boston:
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
1 Nashua Mfg. Co., $500 par -..711 34 500 R.S. Brine Trans. Co.,com_ _ _ 314
10 Springfield Gas Light
115
268
2 Lyman Mills, ex-rights
22 Tremont & Suffolk Mills
13
984
10-9 Lyman Mills
5 Bigelow-Hartf. Carpet, pref....1054
100 Turner Tan. Mach. Co., $10
2 Cambridge Gas Co
10
2674
each
12 R.S. Brine Trans. Co., pref..__ 90
Name of Company.
[VOL. 100.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
Butterick Company (quar.)
34 Mar. 1 Holders of rec. Feb. 16a
Calumet dr Arizona Mining (guar.)
50c. Mar.22 Mar. 6 to Mar. 21
Calumet & Hecla Mining
Mar. 18 Holders of rec. Feb. 18
$3
Central Leather, preferred (guar.)
LH April 1 Holders of rec.
Central Miss. Val. EI.Prop.,pref. (guar.) 114 Mar. 1 Holders of rec. Mar. 10a
Feb. 18a
Enra
Chesebrougb
Mfg. Consolidated (quar.).. 6
Mar. 20 Mar. 6 to
By Messrs. R. L. Day & Co., Boston:
Mar. 21
4
Mar. 20 Mar. 6 to Mar. 21
$ per sh. Shares. Storks.
$ per sh. Chicago Telephone (guar.)
Shares. Stories.
2
Mar. 31 Holders of rec. Mar. 31a
124-13
2 Lowell
l Gas Light
260
28-9 Lyman Mills
Childs
Company,
preferred
(guar.)
14
Mar.
10
Mar
3 to Mar. 10
1254 12 Aetna Fire Ins., Hartford
3424
3 Lyman Mills. rights on
Cleve.& Sandusky Brew., pref. (quar.)_ _
I
Mar. 15 Holders of ree. Feb. 27a
345-3454 10 Springfield Gas Light
268
4 Pepperell Mfg. Co
Colorado Power, preferred (guar.)
114 Mar. 15 Holders of rec. Feb. 130
1244 18 Mont.& Barre L.& Pow., pfd_ 145
11 Ludlow Mfg. Associates
(quar.)..
_
Fuel,
common
Columbus
Gas
&
1
Mar. 1
man Mills, ex-rights
Lyman
8 Harvard Brewing o1
15g% Bond
Per1c1e5n1. Connecticut Power, pref. (guar.) (No. 8).. 14 Mar. 1 Holders of rec. Feb. 230
75 Odd Fellows Hall Ass'n
134 Mar. 15 Holders of rec. Feb. 10a
$2,000 Boston & Albany 55, 1963_ _ 1044 ConsolidatedGas (quar.)
7 United Elec. Lt., Springfield_ _265
Cons'd Gas, Elec. L.& P., Balt., cons. (qu.)
14 April 1
Preferred
3
April 1
By Messrs. Barnes & Lofland, Philadelphia:
Continental Can, preferred (quar.)
144 April 1 Holders of rec. Mar. 200
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh. Continental Oil (quar.)
3
Mar. 16 Holders of rem Feb. 23
Ins
D.
&
Trust
S.
725
3 West End Trust
9 Phila.
165
Crescent Pipe Line (irnar.)
75e. Mar.15 Feb. 21 to Mar.15
700. 100 Camden Fire Assn.,$5 each__ 61
40 Ga. dr Fla. fly.. pref
Cuban-American Sugar, pref. (mar.)... 14 April 1 Holders of rem Mar.
5 Chestnut Hill RR.,$50 each. 11
7 Commonwealth T.I.& T.Cos_235
Deere & Company, preferred (guar.)
14 Mar. 1 Holders of rec. Feb. 15a
15a
Assn.,
100 Buff. & Susq. RR., pref
10 Old Colony Bldg. & L.
314 Diamond Match (quar.)
114 Mar. 15 Holders of rec. Feb. 27
$1,233 20 Ilayerford Land dr Impt. Co.,
1st series
Extra
1
Mar. 15 Holders of rec. Feb. 27
1026 Poplar Bldg. Assn., 21st ser 31,350
$50 each
4214 Dominion Textile, Ltd., tom. (queer)..... 14 April 1 Holders of rec.
Mar. I5a
3 German Theatre Realty.310 each 3
10 Pa. Horticultural Soc..$50 eachS2 lot
Dominion Textile, Ltd., pref. (quar.)_
114 April 15 Holders of rec. Mar. 31a
$3 lot
8 Phila. Life Insurance
5 Vineland RY
10
du Pont(El.)de Nemours Powd..com.(gu.) 2
Mar. 15 Mar. 6 to Mar. 15
Ry.Co.
v.t.c
31.7 lot
150 Schuylkill
Common (extra)
1
Mar. 15 Mar. 6 to Mar. 15
1464 Bonds.
15 Southwark Nat. Bank
Per cent.
Preferred (guar.)
14 April 26 April 16 to
April 26
$2,000 Erie & Pitts. RR.gen. 345,
60 Finance Co.of Pa.,2d pref. _ 105
Eastman Kodak,common (extra)
10
Mar.
1 Holders of rec. Feb. 150
Trust
Co__ _ _385-385 36
1940
10 Commercial
85
Eastman Kodak. common (guar.)
214 April 1 Holders of rec. Feb. 27a
5 Market St. T.& T. Co.,$25 pd. 564 2,000 Allegheny Vail. Ry.gen. 48.
Common (extra)
214 April 1 Holders of rec. Feb. 27a
80
4 Real Estate Trust, pref
1942
944
Preferred (quar.)
114 April 1 Holders of rec. Feb. 27a
Elec. Storage Batt., corn. & prof.
1
Apr,1 1 Holders of rec. Mar. 22a
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Federal Mining dr Smelting, pref. (quar.) 1
Mar. 15 Holders of rec. Feb. 23a
$ per sh. Bonds
Shares. Stocks.
Percent. Galena-Slgnal
Oil,
(a
.)
(quar.)
3
Mar.
31 Holders of rec. Feb. 27a
185
32,000 Keystone Mg.& Mfg. 1st 58,
11 Union Pass. fly., $50 each
Preferred
2
Mar. 31 Holders of rec. Feb. 27a
Per Cent.
1936, and 111 Keystone Mg. dri$25
Bonds.
General Asphalt, preferred (quar.)
151
Mar.
1 Holders of rec. Feb. 13a
Mfg. stock
$5,000 Mahoning & Shenan. Ry.&
lot General Chemical, common (guar.)
114 Mar. 1 Holders of rec. Feb. 23a
99I4
Lt. lot cons. 5s,
General Chemical, pref. (guar.)
114 April 1 Holders of rec. Mar. 17
General Electric (queer.)
2
April 15 Holders of rec. Feb. 270
General Fireproofing. corn. & prof. (guar.) 134 April 1 Holders of rec. Mar. 20
pref.
(Quar.)_
1st,
2d
&
special
Globe
Soap,
14
Mar.
15 Feb. 28 to Mar. 15
DIVIDENDS.
Goldfield Consolidated Mines
15c. Feb. 27 Holders of rem Jan. 30a
The following shows all the dividends announced for the Goodrich
(B. F.) Co., pref.(quar.)
P14 April 1 Holders of rec. Mar. 19
Goodyear Tire & Rubber,common (guar.)._
3
Mar. 1 Holders of rec. Feb. 20
future by large or important corporations.
Great Lakes Towing, preferred (guar.)
14 April I Holders of rec. Mar. 15
Dividends announced this week are printed in italics.
Great Northern Paper (quar.)
114 Mar. 1 Holders of rec. Feb.d27a
Harbison-Walker Refrac., corn.(quar.)
36 Mar. 1 Holders of rec. Feb. 21
Independent Brewing, pref. (quar.)
194 Feb. 27 Holders of rec. Feb. 16
Per
When
Books Closed,
Inland
Steel (quar.)
1
Mar. 1 Holders of rec. Feb. 10
Company.
Name of
Cent. Payable.
Days Inclusive.
(No.32)
Int. Ham Co. of N. J p1. (qu.)
14 Mar. 1 Holders of rec. Feb. 8a
Int. Ham Corp.. Pt.(qu.)(No.8)
14 Mar. 1 Holders of rec. Feb. 8a
Railroads (Steam).
International Nickel, common (guar.).- 214 Mar. 1 Feb. 16 to Mar. 1
Atlantic Coast Line Co. (guar.)
$1.50 Mar. 10 Mar. 1 to Mar. 9
14 April 1 Feb. 25 to April 1
134 Mar. 1 Holders of roe. Jan. 29a International Silver, preferred (guar.)
Atchison Topeka & Santa Fe,corn.(qu.)_
5c. Mar. 1 Holders of rec. Feb. la
Extension Mining (No. 3)
Jumbo
common
Ohio.
2ys Mar. 1 Holders of rea. Feb. la
Baltimore &
(No. 60)_
2 Mar. 1 Feb. 9 to Feb. 23
Preferred
2
Mar. 1 Holders of rec. Feb. in Kings Co. El. Lt.& Pow.(qu.)
1
Mar. 31 Mar. 21 to Mar. 31
2
Boston & Albany (quar.)
Mar. 31 Holders of rec. Feb. 27a La Belle Iron Works, preferred (guar.)
(quar.)
Steel,
pref.
Lackawanna
Mar. 1 Holders of reo. Feb. 27
134
Canadian Pacific, corn. (quar.)(No.75). 234 April 1 Holders of roe. Mar. la
14 Mar. 15 Mar. 2 to Mar. 15
Laclede Gas Light. common (guar.)._
Preferred
April 1 Holders of rec. Mar. 1
Mar. 1 Holders of reo. Feb. 20
Lake of the Woods Milling,corn. (quar.) - 2
75c. Mar. 4 Feb. 21 to Mar. 3
Chestnut 11111 (quay.)
14 Mar. 1 Holders of rec. Feb. 20
Preferred (quar.)
Chicago Milwaukee & St. Paul,common_
254 Mar. 1 Holders of rec. Jan. 29a
Navigation (guar.)
Preferred
334 Mar. 1 Holders of rec. Jan. 290 Lehigh Coal & Tobacco. common (qu.) St Feb. 27 Holders of rec. Jan 30a
3
Mar. 1 Feb. 14 to Mar. 8
Chicago & North Western, com.(guar.).
April 1 Holders of rec. Mar. la Liggett & Myers
common (guar.)
14 Feb. 27 Holders of ree. Feb. 15a
2
Preferred (eivar.)
April 1 Holders of rec. Mar. la Lindsay Light,
114 Feb. 27 Holders of rem Feb. 115a
Preferred (queer.)
13,1 Mar. 1 Holders of rec. Feb. 200
Ctn. N.O.& Texas Pacific, pref. (guar A _ _
354 Mar. 1 Holders of rec. Feb. 28a
lyi Mar. 1 Holders of rec. Feb. 10a MacArthur Brothers, preferred (No.
Cleveland & Pittsb., reg. guar. (guar.)._
39) 114 April I holders of rem Mar. 10a
(quar.)
1
Mar. 1 Holders of roe. Feb. 10a Mackay Companies, rem.
Special guaranteed (quar.)
1
April 1 Holders of rec. Mar. 10a
(No.
Preferred
(guar.)
45)
corn.
(No.21)
Central,
1
Mar. 1 Holders of reo. Feb. 15a
Cripple Creek
Stores, corn. (queer.).... 114 Mar. 1 Holders of ree. Feb. 15a
1
Mar. 1 Holders of rec. Feb. 15a May Department
Preferred (quar.)(No. 37)
McCall Corporation,first preferred (quar.). 14 April 1 Holders of rec. mar. 25
Mar.
Delaware & Hudson Co.(guar.)
20
Holders of rec. Feb. 25a
234
114 Mar. 1 Holders of rec. Feb. 25
Second preferred (guar.)
151 Mar. 10 Holders of rec. Feb. 27a Mergenthaler
Erie & Pittsburgh (quar.)
Linotype (guar.)
214 Mar. 31 Holders of rec. Mar. 6a
Grand Trunk, guaranteed stock
134
prof. (guar.)
Utilities,
West
114
Middle
Mar, 1 Holders of rec. Feb. 15
Illinois Central (No.120)
254 Mar. 1 Holders of rec. Feb. 8a
5434 Mar.31 Feb. 25 to
Mar. 31
314 April 15 Holders of rec. Mar. 19a Milwaukee dr Chicago Breweries, Ltd
Minn. St Paul & S.S.M.. cotn.& pref_
134 Mar, 1 Holdere of rec. Feb. 150
Norfolk & Western. common(quar.)__
114 Mar. 19 Holders of rec. Feb. 27a Moline Plow, first preferred (guar.)
34 April 1 Mar. 17 to Apr. 5
Pennsylvania (quar.)
75c. Feb. 27 Holders of rec. Feb. in Montana Power, common (guar.) (No. 10)
Preferred (guar.) (No. 10)
1.54 April 1 Holders of rec. Mar. 16
Phila. Germantown & Norristown (quar.) $1.50 Mar. 4 Feb. 21 to Mar. 3
pia& Youngs.& Asbtab., cem.& pf.(qu.) 154 Mar. 1 Holders of rec. Feb. 20a National Biscuit, corn. (quar.) (No. 67). 134 April 15 Holders of rec. Mar. 290
134 Feb. 27 Holders of rec. Feb. 15a
Preferred (quar.)(No. 68)
Reading Company,first preferred (quar.)
Mar. 11 Holders of rec. Feb. 23a
National Candy, Inc.,1st&2d pf.(No.25) 335 Mar. 10 Feb. 17 to Feb. 24
Reading Company, 26 pref. (quar.)
1
April 8 Holders of rec. Mar. 23a
National Cloak & Suit, pref. (quar.)__
lfi Mar. 1 Feb. 19 to Mar. 9
St. Joseph South Bend & Sou., common _
1
Mar. 15 Mar. 11 to Mar. 15
National Enamel.& Stpg., pref. (quar.) _
1313 Mar. 31 Mar. 125 to Mar.31
Preferred
234 Mar. 15 Mar. 11 to Mar. 15
(mar.)
National
Lead,
common
51 Mar. 31 Mar. 13 to Mar. 17
Pacific
Co.
(quar.)
Southern
(No. 34). _
14 April 1 Healers of ree. Feb. 27a
14 Mar. 15 Feb. 20 to Feb. 23
Union Pacific, common (quar.)
2
April 1 Ho,ders of ree. Mar. la National Lead, pref. (quar.)
50c. Mar, 15 Holders of rec. Feb. 27
Preferred
2
April 1 Holders of ree. Mar. la National Transit
lIS Mar.26 Holders of rec. Mar. 3a
New York Air Brake (quer.)
Wisconsin Central, preferred
2
April 1 Holders of rec. Mar. 11
Mar, 1 Holders of rec. Feb. 25a
N. Y. & Queens El. L & Pow., pref. (qu.) 1
Street and Electric Railways.
American Railways, corn. (quar.)
151 Mar. 15 Holders of reo. Feb. 27a Niagara Lockport & Ont.P. let pf.(q u.). 134 Mar, 1
114 Apr. 1 Holders of rec. Mar. 18
Brazilian Tr.. Lt.& Pow.,Ltd.,com.(qu.) 1% Mar. 1 Holders of rec. Jan. 30
North American Co.(guar.)(No. 44)._
14 Mar. 1 Holders of ree. Feb. 19
Ogilvie Flour Mills, Ltd., pref. (guar.)._
Brooklyn Rapid Transit (guar.)
14 April 1 Holders of rec. Mar. 9
111 Mar, 1 Holders of rec. Feb. 15
California Ry. & Power, prior Pref. (guar.) 134 April 1 Holders of rec. Mar. 20a Ohio Cities Gas Co.,common (quar.)._
1.25 Mar. 20 Feb. 27 to Mar. 14
Cent. Arkansas Ry.dt Lt. Corp" Pi.(qu.)
pi Mar. 1 Holders of rec. Feb. 150 OhioOil (quar.)
1.25
Mar. 20 Feb. 27 to Mar. 14
Extra
Connecticut Valley Street Ry., prefer red_ _ _ _
3
Mar. 1 Holders of rec. Feb. 25a
114 Mar. 15 Mar. 2 to Mar. 16
Detroit United Ry. (quar.)
lyS Mar. 1 Holders of rec. Feb. 13a Packard Motor Car, preferred (guar.)
1 Holders of reo. Mar. 16a
1
April
(qu.)
(No.5)
Power
&
Water
Pennsylvania
El Paso Elec. Co., rm.(guar.) (No. 15)
23.4 Mar. 15 Holders of red. Mar. 6a
Mar. 4 Mar. 3 to
2
Frankford & Southwark Passenger (guar.). $4.50 April 1 Holders of rec. Mar. la People's Natural Gas & Pipeage (extra)._
14 April 1
Galveston-Houston Elec. Co., corn.(No. 12) 334 Mar. 15 Holders of rec. Mar. la Pettibone-Mulliken Co.. preferred (guar.)._
394e. Mar. 15 Holders of req. Feb. 20s
Electric (quar.)
Preferred (No. 16)
Mar. 15 Holders of rec. Mar. in Philadelphia-American
5g Mar. 4 Holders of rec. Feb. 15
Tobacco (guar.).Porto Rican
Lewisville Traction, common (guar.)
1
April 1
214 April 15 Holders of rec. April 10
(guar.)
common
Oats,
Quaker
Preferred
214 April 1
May 29 Holders of roe. May les
134
Preferred (guar.)
Manhattan Bridge Three-Cent Line (guar.)_
134 Mar. 1 Holders of rec. Feb. 230
134 Feb. 27 Holders of rec. Feb. la
Quaker Oats, preferred (quar.)
Manila Elec. RR.& LW. Corp.(guar.).__ _
14 April 1 Holders of rec. Mar. 18
(guar.)._ _ _
Mar. 20 Mar. 7 to Mar. 21
134
preferred
Steel-Spring.
Nor. Ohio Trac. & Light. tom. (quar.)_ _
134 Mar. 15 Holders of rec. Feb. 250 Railway
April I Holders of rem Mar. 15
.,com.(pay.in corn.stk.)_ 50./
Northern Texas El. Co.,com.(qu.)(No.22) 134 Mar. 1 Holders of rec. Feb. I3a Sears,Roebuck&Co
Mar. 1 Holders of rem Feb. 15
6
Line (guar.)
Preferred (No. 19)
Mar. 1 Holders of rec. Feb. 13a Southern Pipe (guar.)
3
Mar.
31 Holders of rec. Mar. I4a
Philadembla Co..5% preferred
24 Mar. 1 Holders of coo. Feb. 100 South Penn Oil
(queer.)... 1April I Holders of reo. Mar. 130
Second et Third Sts. Pass., Phila. (quar.).. $3 April I Holders of rec. Mar. la South Porto Rico Sugar, corn.
2
April 1 Holders of rec. Mar.18a
(qoan)
Preferred
Terre Haute Traction dr Light, pref
3
Feb. 20 to Mar. 1
(guar.). 134Mar. 1 Holders of rem Feb. 25
Southwestern Power & Light, pref.
Washington(D.C.)Ry.&Elec.. corn. (qu.) 14 Mar. 1 Holders of roe. Feb. 15
3
April 1 Holders of req. Mar. 15
South West Penna. Pipe Line
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
24 Mar, 15 Holders of reo. Feb. 24a
(quar.)
(No.25)
(California)
Standard 011
Banks.
3
Feb. 27 Feb. 2 to Feb. 28
Standard Oil (Indiana)
Chemical National (hi-monthly)
214 Mar. 1 Feb. 25 to Feb. 28
3
Feb. 27 Feb. 12 to Feb. 27
Miscellaneous.
Standard 011 (Kansas)
4
April 1 Mar. 16 to April 1
Adams Express (quar.)
Standard Oil (Renturkg) (4.101%)
Mar. 1 Feb. 17 to Feb. 28
5
Mar. 15 Holders of ree. Feb. 19a
American Coal
Standard 011 of N. J. (guar.)
Mar. 1 Holders of roe. Feb. 27
2
(guar.)
Mar.
15 Holders of rec. Feb. 280
York
New
of
Oil
Express
American
(quar.)
April 1 Holders of rec. Mar. 130 Standard
3
April 1 Mar. 6 to Mar. 24
American Gas (quar.)
Mar. 1 Holders of rec. Feb. 17a Standard OH (Ohio) (guar.)
3
April I Mar. 6 to Mar.24
American Manufacturing. common (guar.)
Extra
April 1 Holders of rec. Mar. I60
(guar.)._
114 Mar. I Holders of ree. Feb.
April 1 Holders of rec. Mar 16a Studebaker Corporation. pref.
Preferred (guar.)
14 April 1 Holders of rec. Mar. 20a
10
Swift et Co.(guar.)(No. 114)
Mar.31 Mar. 11 to Mar. 16
American Pneumatic Service, let pref._ _
I
(guar
April 1 Fielders of rec. Mar.20
common
Typewriter,
Underwood
Mar.31 Mar. 11 to Mar. 16
Second preferred
14 April 1 Holders of rec. Mar. 20
Preferred (mar.)
Mar. 1 Holders of rec. Feb. 230
Amer. Power & Lt.. corn. (qu.)(No.9)._
24 Mar. 25 Holders of rec. Mar. 4
4
Mar.31 Mar. 23 to Mar.31
Union Tank Lino
American Radiator, common (quar.)__
194 Mar, 1 Holders of req. Feb. 231
Mar. 15 Feb. 25 to Mar. 4
United Cigar Mfrs., pref. (quar.)
Amer. Smelting & Refining, corn. (guar.) 1
134 Mar. 1 Feb. 12 to Feb. 18
Mar. 15
United Cigar Stores of Amer., pf. (quar.) 14 Mar. 15 Mar. 2 to
Preferred (quar.)
34
Mar, 1 Holders of rev. Feb. 13
common
134
April
2
e
lope,
&
(Oit)
err
ne
v
a
corn.
pref.
f
E
Holders of reo. Mar. la U. S.
American Sugar Refin,,
34 Mar. 1 Holders of rec. Feb. 13
354 Mar. 15 Mar. 6 to Mar. 15
American Sumatra Tobacco, preferred...
_
15i Feb. 27 Feb. 2 to Feb. 23
States Steel Corp., pref.(guar.).
American Telegraph & Cable (quar.).__. IS' Mar. 1 Holders of rec. Feb. 27a United
White(J.0.)Engin.Corp.,pf.(qu.)(N0.8)- 134 Mar. 1 Holders of rem Feb. 16
Mar. 1 Feb. 14 to Mar. 15
American Tobacco, common (quar.)
154 April I Feb. 14 to Mar.
Whi te(7.0.)Manag'Corp..pf.(M1.)(No.8) 14 Mar, 1 Holders of ree. Feb. 18
15
Preferred (quar.)
5 Mar. 15 Feb. 20 to Mar. 2 Wilmington Gas, preferred(quar.)(No.11) 3 Mar. I Feb. 19 to Feb. 28
Atlantic Refining
134 Mar. 1 Holders of rec. Feb. 80
114 Mar. 10 Feb. 28 to Mar. 10
Woolworth (F. W.). corm
Atlas Powder (quar.)
154 April 1 Holders of roe. Mar. 10a
Mar. 10 Holders of ree. Feb. 27
7
(special)._
Preferred (guar.)
common
Beatrice Creamery,
April
1
Holders
of
n151
rec. Mar. 16a
Bethlehem Steel. pref. (quar.)
Mar. 1 Holders of rec. Feb. 23a
2
,
a Transfer books not closed for this dividend. b Less British income tax. el Cot
Blackstone Valley Gas & Elec., corn. (guar.) 1
April 1 Mar. 20 to April 1
rectIon. e Payable in stock. 1 Payable In common stock. g Payable in scrip.
Booth Fisheries. first Preferred (quar.)
(No.53) 134 Mar. 15 Mar. 2 to Mar. 15
h On account of accumulated dividends. n Declared 7%. payable in quarterly inBorden's Cond. Milk., prof. (qu.)
stallments beginning Apr. 1. p Declared 314%, Payable 14% April 1 to holders
135 April 1 Mar. 18 to Mar.
Brooklyn Union Gas (quar.) (No. 56)-. E2 Mar. 15 Holders of ree. Feb. 31
20
of record Mar. 19 and 114% July Ito holders of record June 18. s Declared 7%.
Buckeye Pipe Line (guar.)
payable In quarterly installments beginning March 1.
THE CHRONICLE
FEB. 27 1915.]
711
Imports and Exports for the Week.-The following are and since Jan. 1 1915, and for the corresponding periods in
the imports at New York for the week ending Feb. 20; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
Esports.
For Week ending Feb. 20
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
1915.
1914.
1913.
Cold.
3
3,789,452
17,404,469
$
4.751,233
20,009,814
$
3,572,830
18,290,971
8
2,349,469
12.539.203
21,193,921
24,761,047
21,863,801
14,888,672
18.321,644 29,817,425 23,785,070 21,003,197
100,520,823 107,186,277 119,721,054 108,337,814
Total 7 weeks
Imports.
1912.
Week.
8
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since
Jan. 1.
Week.
8
s
.EXPORTS FROM NEW YORK.
Week ending Feb. 20
For the week
Previously reported
Total 7 weeks
1915.
1914.
1913.
$
$
$
26,267,195 18,252,991
17,437,649
152,301.417 123,322,181 126,742,304
1912.
$
17,165,073
97,273,198
38,700
178,568,612 141,575,172 144,179,953 114.438.271
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
$
317,073
546,700
2,687
575,000
164,119
29.917
141,637
792,680
938,064
361.527
38,700 1.121,700
2,209,167 13,465,867
3,669,504 27,807,182
196,723
195,513
432.784
2,550.981
2,282,599
2.741.527
-I
755
118.842.467 137.003.702 143.506.124 129.341.011
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. 20 and from Jan. 1 to date:
Since
Jan. 1.
944,337
159,000
__
5,346.315
471,000
820
4,109
696
220
39,579
4,410
79,517
34,184
54,937
7,800
453.257
209,278
1,104,377
874,718
1,217.808
5,865.413
5,643,624
8.138.690
114,397
187.853
197.082
726,027
1.765,183
1.713.527
Pi The following table shows the exports and imports of
Of the above imports for the week in 1915, $1 678 were
specie at the port of New York for the week ending Feb. 20, American gold coin and 8302 American silver coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on February 20'
The statement indicates a loss of about 7.3 million dollars in the gold resources of the banks, Chicago and Philadelphia accounting for about
6.5 milllons of the total loss. Other cash resources show a gain of 7.7 million dollars, mainly at the New York and Philadelphia banks. As a
result a slight gain in the total cash resources is shown. Loans and discounts show an increase for the week of about 8670,000, the larger gains
of the ;Southern ;District %banks being partially offset by decreases shown by the other banks. Of the total amount of paper held over 43% matures
within v30 days and about 182% within 60 days. The amount of agricultural and live stock paper maturing after 90 days but within six months
was 4824.000, held mainly by the tDallas, San Francisco and Chicago banks. Discount operations of the Federal Reserve banks are likely to receive a fresh impetus As Athelresulttof further reductions of discount rates authorized by the Board(during ;the current week. The New York rate
of 4% for commercial paper.matur1ng1within 90 days is lower than like rates maintained at present by the European central banks.
NaThe amount of investmentsOteld by the banks shows a;net decrease of about $200,000, though additional investments, mainly in U. S. bonds,
are reported ,by 'the Chicago, Minneapolis, St. Louis and Boston banks. All other resources, because of the larger amountalof Federal Reserve notes
held in the vaults of the Chicago and New York banks, show an increase of 2.3 million dollars.
Anincreaseof abouti$200,0001is reported in the amount of the paid-in capital, practically all the banks showing slight gains under this head. The
totalideposits were aboutrone-half million larger than at the end of the precedinglweek, though New York reports a loss of about $2,000.000.
The circulation of Federal Reserve notes as reported by the reserve agents reached the total of $25,425,000, a gain of 4.2 millions for the
week. Over 75% of theltotal amount outstanding is secured by the deposit with the Reserve Agents of gold and lawful money. The banks report as
their/outstandingcirculationta total Of $20.787,000, the difference between the two totals representing the amount of reserve notes in the vaults of
thelbanks. The net liabilities of the banks at the end of the week on account of outstanding notes are given as $4,930.000.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS FEBRUARY 19 1915.
RESOURCES.
Feb.19 1915. Fellj-12'15. Feb. 5 1915. Jan.29 1915. Jan. 22 1915 Jan. 15 1915. Jan. 8 1915. Dec.31 1914. Dec.24 1914.
Gold coin and certificates
$251.808,000 1259,256.000 1256,217,000 $235,905,000 1239,662.000 1236,516,000 1232,553,000 1229,069.000 8232.568.000
Legal-tender notes, silver certificates and
22,117,000
subsidiary coin
29,887,000
22,641.000
17,997.000
26,578,000
16,228,000
2.5,748.000
18,747,000
20,882,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
$281,695,000 1281,373,000 8278,858,000 5256,787.000 5258.409,000 $252,744,000 1250,550,000 8255,647,000 1258.316,000
7,721,000
6.909,000
3,132,000
7.884,000
6,126,000
3.080,000
Total
$17,762,000 117.090,000
Investments
15,314,000
Due from Federal Reserve banks: Items in
15,546,000
transit
2,766,000
4,462,000
All other resources
8,917,000
6,551.000
7,714,000
5,945,000
2,761,000
86,331,000
4,903,000
2,721,000
86.833,000
4,089,000
2,140,000
16,049,000
4,344.000
2,049,000
316,420,000 113.955.000 $13,062,000 112,442,000
14,704,000
13,180,000 810,434,000
9,173,000
5,419,000
6,823,000
7,421.000
10,891,000
9,142,000
13,491.000
7.595,000
15,144,000
34,632.000
4,215,000
1,746,000
84.102,000
2,750.000
1,700,000
89,876,000 310,593,000
6,467,000
255,000
38,552,000
34,410,000
3,686,000
1,780,000
6,249,000
14.159.000
11.349,000
4.815.000
Total resources
3326.454.000 1325,022,000 1322,224.000 1302,234,000 3304,538,000 1297.098.000 1287.301,000 1277.844,000 3271.683.000
LIABILITIES.
Capital paid in
$36.056.000 $35,841,000 835,123,000 $20.440,000 118,432.000 318,075.000 318,058,000 518,051,000 818.050.000
Reserve deposits
285,468.000 284.996,000 284,101,000 279,516,000 284.193,000 277,185.000 267,389,000 6256.018.000 6249,786.000
Federal Reserve notes in circulation (net
amount)
24,930,000
^4.185.000 ^3.000,000 22,278,000 "1,913,000 "1,838,000
el,854,000
^3,775,000 ^3.847,000
Total liabilities
$326,454,000 $325,022,000 $322,224,000 $302,234,000 1304,538,000 8297,098.000 1287,301,000 1277,844,000
1271,683,000
87.5%
Gold reserve against net liabilities_b
91.0%
91.1%
86.5%
86.0%
87.1%
88.5%
88.2%
91.7%
Cash reserve against net liabilities_ b
98.8%
97.9%
99.0%
93.6%
93.1%
93.3%
95.3%
98.4%
101.8%
Betting
liabilities
after
against
reserve
Cash
aside 40% gold reserve against net
amount of Federal Reserve notes in
99.6%
99.7%
circulation_ b
98.8%
94.0%
93.4%
93.5%
95.7%
99.3%
102.8%
Feb.19 1915. Feb.11-12'15. Feb. 5 1915. Jan.29 1915. Jan.22 1915. Jan. 15 1915 Jan. 8 1915. Dec.31 1914. Dec.24 1914;
a) Federal Reserve notes in circulation__ $24,632,000 820306.000 $18,702,000 $17,679,000 117,106,000 316,804,000 $16,530,000 316,027,000 *112,412,000
Deduct: Gold and lawful money in hands
of Federal Reserve ARCMS for re15,921,000
15,702,000
19,702,000
tirement of outstanding notes
15,401,000
15,193.000
14.966,000
14,676,000
12,252,000
8.565,000
Net liability of Reserve Banks upon
34,185,000
$3,000,000
54,930,000
outstanding notes
82.278.000
81,913.000
51,838,000
31.854,000
13,775,000 •$3,847,000
(b) After deduction of items in transit be$4,462,000
tween Federal Reserve Banks, viz
12,766,000
15,419,000
87321.000
39.142.000
S7.595,000 .56,249,000
$7,930,000
$5,663,000
• Corrected figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESTFEB. 191915.
Phila.
Cleveland. Richmond. Atlanta.
Boston. New York.
Chicago. St. Louis. Minneap. Kan.CUlt. Dallas. I San Fran.
RESOURCES.
S
5
$
$
$
$
$
$
$
$
$
S
16,226,000 98,396,000 15,062,000 18,802,000 8,862,000 3,691,000 35,059,000 10328.000 10,522,000
Gold coin and certificates
11,520,000 7,533,000 16,007.000
Legal-tender notes, silver certifi704,000
2,807,000 15,729,000 5,806,000
cates and subsidiary coln
46,000 2.202.000
297,000
972,000
33,000
593,000
654,000144,000
Total
19.033,000 114,125,000 20,868,000 19,506,000 8,908,000 5,893.000 35,356,000 11,100,000 10,555,000
12,113.000 8,187,000116,051,000
81,000
537,000
785,000
740,000 5,020,000 4,874,000
Bills discounted and loans
850,000
676,000
288,000
258,000 2.634.0001 1,019,000
Investments
576,000 5,362,000 1,571,000
920,000
4,405,000
25,000
950,000
515,000
990,000
Due from other F. R.bko.-net.
5,554,000
674,000
5,482,000 3,386,000
123,000
668,000 1,270,000
405,000
All other resources
6,000
31,000 2,978,000 1,770,000
211,000
85,000
937,000
433,000
Total resources
20,358.000 127,006,00024.055,000 21,289.000 13,934,000 10,798,00049,071.000 16,957,000 12,004,000 12,971.000 11.758,000118.493,000
LIABILITIES.
Reserve depogna
16,283,000 120,455,000 19,904,000 17,007,000 8,113,000 5,567,000 44,668,000 15,108,000 8,734,000 10,015,000 7.245,000112,369,000
Due to other F. R. banks-net..
88,000 1,339.000 1,857,000
843,000
1,641,000 1,031,000 2,005,0001 3,526,000
Radom! Reserve notes in circu163,000 2,301.000 1,801,000
lation-net amount
74,000
691,000
Capital paid in
3,232,000 6,641,000 4,151,000 4.031,000 2,181,000 1,573,000 4,403,000 1,849,000 1,629,000 1,851,000 1,917,000
2,598.000
Total Iliablities
20.358,000 127,096,000 24,055,000 21,289,000 13,934,000 10,798,000 49,071,000116,957,000 12,004,000 1,851,000 11.758,000
18.493.000
-
1
Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending.February 20. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are
also given:
THE CHRONICLE
712
[VOL. 100.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Loans,
Discounts,
Investm'ts,
Week Ending
etc.
Feb. 20 1915.
(Nat.Banks Dec.31)
(60s emitted.)
(State B'ks Dec.24)
Average.
Member. of Federal
$
Bank.
$
$
R
27,068.0
Bank of N. Y.. N.B.A_. 2,000,0 4,480,9
2,000.0 2,006,5
23,618,0
Merchants' Nat.Bank__
6,000,0 9,408,0
90,344,0
Mech. & Metals Nat.__
National City Bank__ 25,000,0 34,503,9 215,435,0
33,627,0
Chemical National Bank 3,000,0 7,785.3
762,3
Merchants' Exch. Nat.. 1.000,0
9,110.0
300,0
2,045,0
68,0
Nat. Butchers & Drov__
American Exchange Nat. 5,000,0 4,769,8
60,798,0
Nat. Bank of Commerce 25,000,0 16,480,5 167,623,0
Chatham et Phenix Nat. 2,250,0 1,371,8
24,275,0
Hanover National Bank 3,000,0 15,228,6
90,188,0
2,550.0 2.393,2
Citizens' Central Nat._
24,222,0
Market & Fulton Nat.. 1,000,0 1,971,5
8,854,0
1,500,0 7.508,7
Importers' & Traders'__
29,977,0
National Park Bank__ _. 5,000,0 15,002,0 103,919,0
250,0
East Rivet National....
64,7
1,920,0
1,000,0 3.009,9
Second National Bank__
15,435,0
First National Bank_ .._ _ 10,000,0 21,595,1 119,087,0
Irving National Bank__ 4,000.0 3.653,0
48,795,0
N.Y.County National_
500,0 1,902,5
9,841.0
Chase National Bank_ _. 5.000,0 9,172,3 125,092,0
Lincoln National Bank. 1,000,0 1,822,0
14,913,0
Garfield National Bank_
1,000,0 1,227,6
8,307,0
Filth National Bank_ _ _.
250,0
404,8
4,194,0
Seaboard National Bank 1,000,0 2,733,4
26,323,0
Liberty National Bank_
1.000,0 2,760,4
27,004,0
Bank.
Nat.
1,000.0
Iron
Coal &
638,7
6,729,0
Union Exch. Nat. Bank. 1,000,0
966,3
9,995,0
Nassau Nat Brooklyn. 1,000,0 1,103,9
8,279,0
Capital.
Net
Profits.
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Notes
Notes
Reserve
freserve
[not
Bank
for State counted
Notes
Instituas
[not
times]. reserve], reserve].
_
Reserve Excess
with
due from
Net
Legal
Reserve Demand
Deport- Deport- Deposits.
taxies.
tortes.
National
Net
Bank
Time
CirctdaDeposits. lion.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
8
5
$
$
1,448,0
711,0
568,0
5,0
3,0 1,841,0
23,960,0
363,0
799,0
1,005,0
193,0 1,736,0
17,0
57,0 1,675,0
22,360,0
2,000,0
7,678,0
820,0 3,777,0
76,0
15,0 6,105,0
86,638,0 1,799,0 5,000,0
50,993,0 33,165,0 17,273,0
469,0 28,783,0
162,0
278,497,0
325,0 3,563,0
754,0
526,0 1,616,0
56,0
15,0 2,205,0
27,460,0
449,0
582,0
223,0
307,0
223,0
750,0
8,619,0
72,0
496,0
81,0
41,0
123,0
10,0
133,0
1,710,0
156,0
50,0
2.188,0 1.313,0 3,462,0
11,0 5,766,0
311.0
59,584,0
699,0 3,672,0
10,015,0 3,400,0 3,034,0
97,0
61,0 11,270,0
137,728,0
5,410,0
1,463,0
521,0
645,0
30,0 1,761,0
157,0
24,020,0
24,0 1,199,0
9,345,0 1,499,0 3,860,0
25,0 6,741,0
E3,0
93,163,0
305,0
1,192,0
106,0 1,239,0
50,0
24,0 1,772,0
20,686,0 1,348,0 1,655,0
883,0
765,0
73,0
778,0
831,0
9,045,0
172,0
1,133,0 1,302,0
11,0
489,0
2,265,0
25,539,0
50,0
500,0
7,371,0 1,391,0 4,712,0
302,0
7,129,0
100,614,0
486.0 3,580,0
66,0
84,0
11,0
179,0
154,0
50,0
1,923,0
1,384,0
120,0
290,0
656,0
28,0 1,000,0
685,0
13,318,0
17,624,0 1,391,0 4,886,0
4,0 8,739,0
110,0
5,077,0
114,079,0
5,511,0 1,420,0 2.838,0
91,0 4,078,0
38,0
295,0 1,140,0
53,595,0
489,0
187,0
523,0
2,0 ' 650,0
173,0
200,0
9,258,0
9,554,0 3,363,0 4,210,0
121,0
44,0 10,018,0
450,0
183,0
137,242.0
999,0
823,0
38,0 1,058,0
156,0
410,0
890,0
14,764,0
969,0
425,0
3,0
94,0
678,0
350,0
801,0
8,794,0
101,0
104,0
8,0
296,0
250,0
315,0
19.0
4,498,0
2,602,0
790.0 1.523,0
89,0
13,0 2.332,0
405,0
29,965,0
685,0
341,0 2,020,0
27,0
500,0
72,0 2,221,0
26,894,0 1,250,0
539,0
106,0
400,0
192,0
38,0
507,0
6,441,0
172,0
213,0
400,0
589,0
55.0
707,0
96,0
9,335,0
181,0
231,0
1,0
17,0
267,0
512,0
545,0
11,0
7,578,0
Totals, avge. for week 112,600,0 174,795,6 1,327,007,0 137,007,0 55,601,0 83,274,0
1,327,104,0 139,626,0 55,409,0 60,368.0
1,331,544,0 133,356,0 56,292.0 62,872,0
1,315,647,0 136,288,0 56.743,0 63,094,0
1,306,678,0 128.510,0 57.524.0 60.522,0
1,287,483,0 119,173,0 59,248,0 61,133,0
State Banks.
Not Members of
•
Federal Reserve Bank.
Bank of Manhattan Co. 2,050.0 4,867,6
39,840,0 0,442,0
755,0 1,072,0
Bank of America
1,500,0 0,328,8
29,552,0 3,300,0 1,610,0 1,270,0
Greenwich Bank
500.0 1,124,2
10,002,0
899,0
586,0
167,0
Pacific: Bank
500,0 1,004,7
4.941,0
280,0
409,0
515,0
People's Bank
200,0
2,069,0
82,0
224,0
460,7
113,0
Metropolitan Bank
479,0
2,000,0 1,827,2
443,0
12,437,0 1,120.0
Corn Exchange Bank... 3,500.0 6,979.3
70,524,0 6,266,0 2,644,0 3,787,0
Bowery Bank
300,0
3,620,0
26,0
778,7
56.0
250,0
German-American Bank
497,0
4,901,0
259,0
691,6
86,0
750.0
Fifth Avenue Bank
14,829,0 1,620.0
100,0 2,227,1
712,0
856,0
German Exchange Bank
156,0
52,0
492.0
3.502,0
820,7
200,0
Germania Bank
135,0
594,0
5,770,0
155,0
200,0
999,0
Bank of the Metropolis_
913,0
328,0
12,665,0 1,289,0
1,000,0 2,110,5
West Side Bank
211,0
289,0
172,0
4,451,0
200,0
714,7
N.Y.Produce Exch
635.0
401,0
10,880,0 1,568,0
856.1
1.000,0
State Bank
678,0
407,0
17,041,0 1,088,0
1,500,0
687,0
Security Bank
298,0
90,0
605,0
10,279.0
1,000,0
301,8
149,0
290,0
374,0
274,0
30.0
67,0
1,507,0
58,0
14,0
46,0
83,0
108,0
197,0
45,0
168,0
543,0
198,0
29,873,0
8,837.0 11,721.0
4.151,0
14,0
6,169,0 2,600,0
268,814,0
3,288,0
28,685,0
30,719,0
30,864,0
31,245.0
30,454,0
8,804,0
9.031,0
7,762,0
7,990,0
7.861,0
12,700,0
12,849,0
13,364,0
15,001.0
17,678.0
3,971,0
4,103,0
4.362,0
6,177.0
177,0
5,277.0
8,0
11,0
20.0
21.0
22,0
6.183,0
6,088,0
6,099.0
5,912,0
5.683,0
2,544,0
2,552.0
2,667,0
2.820,0
2.738,0
266,103,0
270,866.0
270,946.0
270.719,0
271,792,0
3,285,0
3,294.0
3.296,0
3,298,0
3.299.0
1,274,0
12,722,0
3,074,0
1,401,0
1,599,0
13,583,0
392,0
897,0
3,651,0
1,192,0
3,339,0
542,0
631,0
1,816,0
1,056,0
263,0
55,0
107,0
19,0
136,0
237.0
147,0
188,0
110,0
87,0
174,0
177,0
43,0
374,0
83,0
545,0
393,0
133,0
138,0
155,0
396,0
87,0
55,0
527,0
215.0
85,0
187,0
219,0
372,0
4.56,0
288.0
7,0
137,0
143,0
248,0
819,0
23,0
24,0
580.0
265,0
11,0
251,0
106,0
123,0
343,0
9,0
11,0
1,107,0
6,544,0
1,568,0
695,0
992,0
7,447,0
302,0
505,0
2,134,0
873,0
1,616.0
567.0
484,0
1,236,0
716,0
2,698,0
5,267,0
5,008,0
1,800,0
4.830,0
7,712,0
965,0
715,0
2,095,0
1.409,0
4,751,0
803,0
507.0
1,749,0
1,932,0
22,147,0 4,317,0
130,872,0 20.195,0
31,362,0 7,844,0
15,953,0 4,327,0
19,829,0
667,0
148.952,0 19.096.0
6,005,0
124,0
10,094,0
239,0
42,676,0 15,412,0
17,471,0
808,0
32.254,0 3,718,0
11,335,0 2,271.0
9,676,0 1,082.0
24,724,0 4,329.0
14.315,0
57,0
704,272,0 47,144,0
2,200,0
3,963,0
3,368.0
2,003,0
2,615,0
1.718,0
3,133,0
3,138,0
4,276,0
4.544,0
3.683,0
8.726,0
5,574,0
3,330,01
3,330.01
3,217.0
3,594,0
2,936.01
Totals,actual conditlo n Feb.20
Totals, actual conditio n Feb. 13
Totals, actual condltio a Feb. 6
Totals, actual condltio n Jan. 30
Totals, actual condttlo n Jan. 23
Totals, avge. for week 16,450,0 32,779,7 257,313,0
Totals,actual conditio n Feb.20
255,473,0
Totals, actual condltio 12 Feb. 13
257,769,0
Totals, actual condltio n Feb. 6
256,474,0
Totals, actual conditto n Jan.30255,233,0
Totals, actual condltlo n Jan. 23
253,828,0
Tru•t Companies,
Not Members of
Federal Reserve Rank.
Brooklyn Trust Co
1,500,0 3,349,0
27,851,0
Bankers Trust Co
10,000.0 12,451,5 147,462,0
U. S. Mortgage & Trust 2,000,0 4.226,9
40,460,0
Astor Trust Co
1,250,0 1,038,8
20,283,0
Title Guarantee & Trust 5,000,0 11.652,1
34,100,0
Guaranty Trust Co___. 10.000,0 21.360.8 213,414,0
Fidelity Trust Co
1,000.0 1,330,3
7,470,0
Lawyers Title Ins.& Tr. 4,000.0 5,083,2
17,779,0
Columbia Trust Co
2.000,0 7,094,1
60,309,0
People's Trust Co
1,000,0 1,376,7
18,072,0
New York Trust Co.... 3,000,0 11,647,6
95,384,0
Franklin Trust Co
14,034,0
1,000,0 1,036,9
Lincoln Trust Co
1,000,0
545.2
10,805,0
Metropolitan Trust Co. 2.000,0 6,123,4
32,716,0
Broadway Trust Co.._. 1.500,0
875,2
14,133,0
Totals, avge. for week 46,250,0 89,191,7
Totals,actual conditio n Feb. 20
Totals, actual condition Feb. 13
Totals,actual conditio n Feb. 6
Totals, actual conditio n Jan. 30
Totals, actual conditio n Jan. 23
704,371,0
698,066,0
690,542,0
671,313,0
670.902,0
46,004,0
48.440,0
48.304,0
49.140,0
48.154,0
2,690,0
1,006,0 112,152,0
1,357,387,0
7,626,0 39,464,0
2,748,0
2,189,0
2,743,0
3.865.0
4,143,0
1,052,0 111,696,0
955,0 113,293,0
965,0 112,645,0
788,0 108,286.0
713,0 113,039,0
1,356.627,0
1,360,379,0
1.347,253,0
1,329.000,0
1.306,630.0
7,977,0
7,531.0
7,005.0
5.837,0
5,737.0
--
7,0
437,0
5,0
2,0
3,000.0
195,0
200,0
192,0
257.0
221,0
1,117,0
550,0
11,0
11,0
3,0
3,0
15,0
18,0
7,0
44,920.0
28,334,0
10,727.0
4,854,0
2,286,0
10,574,0
77,994,0
127,0
3,251,0
" 4,852,0
15,406,0
974,0
3,394,0
5,801,0
12,158,0
4,555,0
11,799,0
50.0
18,740,0
1,449,0
9,169,0
77.0 26,786,0 41,741,0
81,0 26,608,0 47,364,0
114,0 26,685,041,062,0
95,0 26,146,0 48,668,0
104.0 26,163.0 51,221,0
90,0 26,020.0 48,829.0
39.415,0
39.464,0
40,694,0
41,439,0
42.542,0
54,0
8,0
"
2,0
3,224,0
537,665,0 84,484.0
533,322,0
535,596,0
525,779,0
522,812,0
519.616,0
86,735,0
82.297.0
81.912.0
131,242,0
79,890,0
1,097,0 145,107,0 44,341,0 2,163,866,1) 95,398,0 39,464,0
+82,0 +779,0 +28500 -1.914,0 +2,841,0 -523,0
Grand Aggregate. ant,- 175.300,0 297
.717.0 2.298.592.0 214,024,0 66,628,0 78,958,0
Comparison, prey. week
+3,788.0
+66,0 -520,0-1.194.0
2,690,0
7,519,
+108.01+314,0
Grand Aggregate. actual condition Feb. 20. 2,286,948,0 214,315,0 66,216,0 77,344,0
Comparison, prey. week
--431,0 +1,800,0 -1,722,0 -2,921,0
2,748,0 1,141,0 144,487.0 49,908,0 2,156,052,0 97,997,0 39,415,0
7,301,
+61,0-1,579,0 +62940 -10,809,0 +4,975,0 -49,0
_132,t1+559.0
7.433,01 2,189,0 1,080,0 146.068,043,614.0 2,166.861,0 93,122,0 39.464,0
89
00
1:0 4549:043351:00
0 114
40
4:3
10
3:0
08
0 1.0
7.579,01 2,743:0
22:114232:953784 0902:13N:00 440119394:00
8.771.0 5.165
825,0 144.742.0 51.567.0 2.098,033.0 88,926.0 42.542,0
8,213.0 4,154,0
139,800,0
708.0
4,007,0
g,is1,l
2,059.263,0 89.853,0 42,946,0
677.0 132.972.0
6,000.0
9.076,
2,031.280.0 89.654.0 46.216.0
Grand
Grand
Grand
Grand
Grand
Grand
Aggregate. actual
Agrwegate, actual
Aggregate, actual
Aggregate, actual
Aggregate,actual
Aggregate,actual
901911II0n
condition
condition
condition
condition
condition
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
13- 2,287.379.0 212.515.0
6_ 2,262,663,0 215356.0
30_ 2.233,224.0 208,895.0
23. 2,212.213,0 197.781.0
16. 2,197,408.0 (92.866.0
9. 2.183.699 n 166 ot2 n
67,938,0
66,223,0
68,647.0
70,247.0
68,743,0
64.474 n
80,265,0
80,341,0
84,249.0
84.385,0
80,832,0
78.120.0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages
Cash reserve Reserve In
in vault. depositaries
TOMI
reserve,
*Reserre
required.
Surplus
reserve.
Inc.or dec.
Cash reserve Reserve in
from
previous wk. In vault. depositaries
Total
resettle.
alieserve
required.
Surplus
reserve.
- -Inc. or des.
from
previous wt.
$
Members Federal
$
1
$
8
Reserve Bank__ 255,882,000 112.152.000 368,034,000 244,710,960 123,323,040 +2,196.790 255,403,000 111,696,000 367,099,000 244,591,710 122,507,290 +1,939.060
54,582,000 6,169,000 60,751,000 48,386,520 12,364,480-1,411,940 54,160.000 6,183,000 60,343,000 47,898,540 12,444,460
State Banks
-1.586,0430
26,786,000
56,675,000
83,461.000
Companies_
26,608,000
82,221,000
Trust
80,649,750 2.811,250-1.186.900 55,613,000
79.998,300 2,222,700 -3,051,900
367,139,000 145,107.000 512,246,000 373.747,230 138,498,770 -402.0.5 365,176,000 144,487.000 509,663,0001 372,488,550 137,174,450--2,698,900
Total Feb.
368,689,000 144,328,000 513,016,000 374.115,180 138,900,820 --4,000,34 368,151,000 140,066,000 514.217,000 374,343,650 139,873,350-4.118.230
Total Feb.
370,257,000 142,805.000 513,062,000 370,160,840 142,901,160 -825.860 359,599,000 144,890,000 514,489,000 370,497,420 143,991,580 -268,350
Total Feb.
Total Jan. 30-- 368,206.000 139,586,000 507,792,000 364,064,980 143,727,020 +5,434.910 370,562,000 140,361,000 510,923.000,366,663,070 144,259,930 +1.237,140
Total Jan. 23__ 355,438,000 143,363.000 498,801.000 360,508,890 138,292,110 +9.643,300 360 626,000 144,742,000 505,368,000 362,345,210 143.022,790 +7,051,780
Total Jan. 16__ 345,084,000 137,195,000 482,279,000 363.630,190 128,648.810 +14 08 3 351,502,000 139,800,000 491,3112,000 355,420,990 135,971,010 +15391200
330.929.000 131.083.000 462.012,000 347,471,420 114.540,580 -2,632.160 337,582,000 132,972.000 470.554,000 349,974.19 120,579.810 +6,494,890
Total Jan.
required on Net Demand Deposits in the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank It
reserve
•This Is the
Includes also the amount of reserve required on Net Time Deposits, which was an follows: Feb.20, S381,300: Feb. 13,S373,950; Feb.6.1322,850; Jan.30,$288,700; Jan.23
$268.200: Jan. 16, 1226,950.
a This Is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank It
Includes also the amount of reserve required on Net Time Deposits, which was as follows: Feb. 20, 8398,850; Feb. 13, 1376,550: Feb. 6, 1354,750; Jan. 30, $291,850; Jan.
23. 8286.850; Jan, 16, 1227,050.
1
[
"
EI).
THE CHRONICLE
27 1915.]
713
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing-House" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
presents a statement covering all the institutions of this
shown in the following table:
classin the whole State. Thefigures are compiled so as to disSUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
tinguish between the results for New York City(Greater New
(Figures Furnrshed by State Banking Department.) Differences from
Feb. 20 1915. previous week.
York)and thosefor the restof the State,as per thefollowing.
$555,915,900 Inc. $1,589,800
Loans and investments
For definitions and rules under which the various items
43.950,200 Inc. 1,077,500
Gold
205,400
10,085,400 Dec.
Currency and bank notes
are
made up, see "Chronicle," V. 98, p. 1661.
Inc.
13,855,300
656,355,800
Total deposits
•
Deposits, eliminating amounts due from reseive deThe provisions of the law governing the reserve requirepositaries and from other banks and trust com565,315,500 Inc. 4,916,100 ments of State banking
panies in New York City, and exchanges
institutions were published in the
150.129,700 Inc. 9,277,800
Reserve on deposits
Percentage of reserve, 28.4%.
"Chronicle"
March
28
1914
(V. 98, p. 968). The regulaRESERVE.
-Trust Companies- tions relating to calculating the amount of deposits and what
State Banks
843,075.600 9.88%
$10,960,000 11.85%
Cash in vault
82,569,900 18.94% deductions are permitted in the computation of the reserves
13,524,200 14.63%
Deposits In banks and trust nos
were given in the "Chronicle" April 4 1914 (V.98, p. 1045).
$125,645,500 28.82%
524,484,200 26.48%
Total
STATE BANKS AND TRUST COMPANIES.
banks
The averages of the New York City Clearing-House
and trust companies, combined with those for the State banks
State Banks
Trust Co..
Trust Cos.
State Banks
Week ended Feb. 20.
in
In
outside of
outside of
and trust companies in Greater New York City outside of the
Greater N. F. Greater N. F. Greater N. F. Greater N. 7.
weeks
past'
of
series
a
for
Clearing House,compare as follows
S
$
$
$
Capital as of Sept. 12____
24,550.000
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
We omit ciphers in all &hese figures.
Demand
Deposits.
Week Ended- Loans and
Investments
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
2.716,296,6
2.727.144,8
2.739.891,7
2.736.668.6
2,741.417,1
2,744,806,5
2,745.614,3
2.749,071,9
2,764.800.2
2,775,955.6
2,810,842,7
2.839.130,1
2,844.507.9
2,508,515,9
2.510,353.2
2,525.517.5
2,527,814.4
2.537.104,2
2,560,108,2
2.580,567.9
2,606.658,9
2,644.972.0
2.664.534,5
2,699,873,7
2.726.179,4
2,728,181,5
67,300,000
10,758,000
11,300,000
151,148,900
13,894,000
11,702.800
332,583,200 1,156,081,100
+413,900 +9.827,300
132,107,400
+305,200
190,754.500
+514,900
IN
Surplus as of Sept. 12_ _ _ _
Specie.
Other
Money.
Entire
Total
Money Reserve ors
Holdings. Deposits.
307.8014
305.509.9
303,984,6
303,090.4
305,702.3
303,354,2
301.574,0
312.482,9
321.086.7
333.163.7
338,596,1
336.982.7
336,932,2
$
94,044,4
90.093.1
86.175,0
86,774,8
83,229,3
83,404.1
85,177,0
87.061,4
88,585.8
89.077.3
85,552,6
84.868.8
84,242,4
401,845,9
395.603,0
390,159.6
389,865,2
388,931.6
386,758.3
386,751.0
399.544.3
409,672.5
422,241.0
424,148,7
421,851.5
421,174,6
608,533.3
608,010.0
602.362,3
605,680,7
611.698.5
607,295.8
602.350.5
629.276,2
650,606.3
660.446,2
658,143.6
653,867.9
662.375,7
Loans and Investments__
Change from last week_
Gold
Change trom last week_
39,119,300
39,623,100
-483,200
86.479.600
-64,300
Currency and bank notes_
25.924,000
Change trom last week. -1,386.000
13,322.600
-230,100
Deposits
Change from last week_
421,648,200 1,297,154,100
+4,551,400 +25,323,000
127,732,500
+1,940,000
199,361.800
-103.600
Reserve on deposits
Change from last week_
94,585,900 258,862.800
-1,295,600 +11,683,500
23,657.400
+962,800
26,766,400
-541,600
P. C. reserve to deposits-
25.9%
25.7%
19.3%
Isornontatm I..at zonnk
97 9,
7-
16.0%
94 7,
7-
I R R,
7-
IR 4'
+ Increase over last week. - Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Week .Ending
Feb. 20 1915.
Capital.
Net
Profits.
(Nat. banks Dec. 31)
k State banks Deo. 24
Member• of
Fed'i R
Bank.
Batt'y Park Nat. B'k
First Nat. 13k., Bklyn
Nat. City Bk.,Bklyn.
First Nat. Bk.,Jer. C.
EfudenCo.N.Bk...1.C.
First Nat. Bk Hob'n
klecondNat.Bk..Hob'n
Total
$
$
200,000
128,100
300,000
670,600
300,000
579,200
400.000 1,259.100
250,000
800.800
220,000
670,300
125,000
291.400
Excess
Reserve
Nat.Bank Nal.Bank Federal
Due from
with
Notes(Re- NotesIblot Reserve
Loans,
Reserve
Bank
Legal
serve for Counted
Discounts,
Legal
as
Notes(Not Deport- Do postTenders. Silver. State InInvestGold.
Urges.
stitutions) Reserve). Reserve,. terries.
ments•'Ie.
Average. Average, Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
1,860,000
200,000
94,000
63,000
35,000
5,000
4,529.000 101,000
32,000 114,000
14,000
12,000 527,000 303,000
4,887.000 171,000
54,000 127.000
24,000
10,000 611,000 222,000
4.583,000 231,000 302,000
520,000 3,265,000
43,000
70,000
3,516,000
92.000
21,000
80,000
62,000
1,000 263,000 683,000
5.063.000 120,000 19,000 53,000
1,000 320,000 559,000
19,000
4.020.000
59,000
41,000
72,000
216,000 347,000
9,000
868,000
532,000
633,000
79,000
596,000
300.000
400,000
99,000
507,000
137,000
356,000
707,000
179.000
9,000
128,000
169,000
31,000
10,000
54,000
33.000
65,000
171.000
43,000
52,000
201,000
444,000
216,000
24,000
112,000
133,000
184,000
548.000
100,000
194.000
3.800,000 4.643.100 57,554,000 3,365,000
Total
Tru•t Companies.
Not Members of the
Federal Reserve Bank
Hamilton Tr.Co.,Bkn
Meehan. Tr.,Bayonn
Total
Grand aggregate
Comparison. prev.wk
Excess reserve.
Grand aggrte Feb. 1
Grand aggrte Feb. 6
Grand aggrte Jan. 3
Grand aggrte Jan. 23
Grand agete Jan. 10
20,000
261,000
31,000
84.000
9,000
118,000
87,000
90,00
330,000
41,000
723,000 2.094,000 1,071,000
150,000
2,000
169,000
2.000
319.000
...a-.
.......-.
.......
I'
b
88888
000000000
360,600 1,774,000
477,800 7,873,000
731,700 7,145,000
694,700 6.500,000
183,000 1,1E3,000
478,500 5,549,000
288,400 3,360,000
514,000 5,056,000
727,500 16,021,000
186.900 3,093,000
Average. Average. Average.
3
$
$
1.670,000
20,000 193,000
4,077,000
300,000
4,867,000
119,000
4,340,000
397,000
2,190,000
195,000
1.966,0002.526,006 216,000
1,800,000 1,770,000
99,000
24.000 2,657,000 5,384,000 20,910,000 4.316,000 1,519,000
1
I
1,795,000 4.399,50028.458,000
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash'n Hgts
100,000
Century Bank
500,000
Colonial Bank
400,000
Columbia Bank
300.000
Fidelity Bank
200.000
Mutual Bank
200,000
200,000
New Netherland Bank
100,000
Yorkville Bank
Mechanics' Ilk., Bklo 1,600,000
200,000
North Side Bk., Bkln
Nagtana1
Net
Bank
Net
Demand
CircuTime
Deposits. Deposit!. lotion.
II
CLEARING
NON-MEMBERS.
136,000 1,319,000
275,000 8,494.000
567,000 7,620,000
485,000 6,808,000
97,000 1,062,000
732,000 5,461,000
137,000 3,360,000
455,000 5,387.000
993,000 16.599.000
98.000 3,374,000
22,000
355,000
98.000
814,000
10,000
4,000 3.580,000 3,976,000 59,484,000 1,299,000
•
500.000 1,020,700 6.853,000
317,300 3,482,000
50,000
527,000
75,000
18,000
30,000
21,000
77,000
42,000
29,000
30,000
550,000 1.338,000 10,335,000
602,000
48,000
98,000
71.000
30,000
6,145,000 10.380,600 96,347,000 4,836,000 1.303.0002,725,000 1,142,000 543,000
+178,000 +39,000 +3,000 +5,000 +47.000 -101.000
$77,170 Increase
6,145,000 10,380,600 96,169,000 4,797,000 1,300,000 2,660,000 1,0155,000 644,000
6,145,000 10,380,600 96,971,000 4,872,000 1,237.000 2,550,000 1,130,000 498,000
6,345,000 10,776,900 95,601,000 4,810.000 1,310,000 2,682,000 1.142.000 659.000
6,345,000 10,884.10095,332.000 4,858,000 1,310.000 2,692,000 1,480,000 323,000
8,345,000 10.792,20095.934,000 4,861,000 1,347,000 2.872,000 1.734,000 268.000
2,000
288,000 1,537,000 5,760,000 477,000
70,000 419,000 1,396,000 2.038,000
2,000
358,000 1,956,000 7,156,000 2.515,000
30,000 6,595,000 11316 000 87.550,000 8,130,000 1,519,000
+54,000 +1,405,0 +810,000 -532,000 -1,000
30,000 6.541,000 9.911,000 86,740,000 8,662,000 1,520,000
21,000 6,561,000 8,751,000 86,684,000 8.218,000 1,523,000
20,000 6,444,000 9,804,000 85.581,000 8,058,000 1,518,000
18,000 8,795,000 10830000 85,567,000 8,074,000 1,530,000
16,000 6,501.000
85,976,000 7,672,000 1.724.000
Philadelphia Banks.--Summary of weekly totals of
Boston Clearing-House Banks.-We give below sumClearing-House banks and trust companies of Philadelphia: mary showing the totals for all the items in the BostonaClearing-House weekly statement for a series of weeks:
We omit two ciphers (00) In all these figures.
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus.
Dec.
Dec.
Dee.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
12
19
26
2
9
16
23
30
6
13
20
103,684,3
103,684,3
103,884,3
103,884,3
103,684,3
103,684,3
103,684,3
103,684,3
103.884,3
103.684,3
103,684.3
Loans.
396,719.0
397.010,0
395.929,0
393,452,0
393,545,0
395,052,0
393,671,0
394,575,0
395.61)4,0
397,425,0
402,966,0
Reserve. Deposits.
•
3
76.641,0
73.357,0
63,608,0
75,010,0
78.158.0
79,909,0
82.966,0
84,437,0
85.162,0
87,508,0
90,514,0
426,510,0
427,709,0
422.876,0
431.039,0
434,101,0
437,435,0
438,174,0
438,986.0
443.310.0
445,806,0
458,620,0
Creak:SOn•
12.972.0
12,686,0
12.418,0
12,178,0
11.789,0
11,647,0
11,592,0
11,554,0
11,562,0
11,521,0
11,510,0
141,291,2
152.095,9
133.478,5
131.233,4
178,536,7
151.220,0
150.965.1
144,309,4
168.439,7
120,041.2
163,893,9
a Includes Government deposits and the item "due to other banks" (Feb. 20,
3133,016,000): also "Exchanges for Clearing House" (Feb. 20. $14 383.000). Due
from banks Feb. 20, $52,767,000.
Charige from
Feb. 20 '15. previous week.1 Feb. 13 '15. Feb. 6'15.
Clearings.
Circulation
29,369,000 Inc.
Loans, disrts& investments. 233,976,000 Inc.
Indiv. deposits, Incl. U.5.176,252,000 Inc.
Due to banks
87,822,000 Inc.
Time deposits
1,368,000 Inc.
Exchanges for Clearing House 11,503,000 Dec.
Due from other banks
25,909,000 Inc.
Cash reserves
21,379,000 Inc.
Reserve in Fed. Reserve B'k
8.776,000 Inc.
Reserve with other banks_ _ 32,056,000 Inc.
Reserve excess in bank
8,849,000 Inc.
Excess with reserve agents_ _ 19,526,000 Inc.
Exeass with Fed. Reserve B'k
2,511.000 Inc.
$5,000 $9,364,000 39,382,000
146,000 233,830,000 234,216,000
417,000 175,835,000 175,768,000
4,526,000 83,296,000 83,738,000
484.000 4,884,000 4,993.000
102,000 11,695.000 13,166,000
1,926,000 23,983,000 23,333,000
70,0001 21,309.000 21,218,000
97,0001 8,679,000 9,241,000
3,242,000i 28,814,000 27,276,001
68,0001 8,781,00
8,618,00(1
3,240.0001 16,286,000 14,676.000
96,000' 2,415,000 2,941,009
Imports and Exports or the Week.-See second page
preceding.
THE CHRONICLE
714
Vanilers' IJI azette.
Wall Street, Friday Night, Feb. 26 1915.
The Money Market, &c.—Apprehension as to the effect
of the drastic measures adopted by the German Admiralty
in European waters has subsided somewhat this week.
There is less depression in business circles and not so much
caution prevails as it is hoped that President Wilson's
recent note to the belligerent Powers will have favorable
consideration and bear fruit. It is not surprising, however,
that confidence should have been disturbed in view of the
fact that during the progress of the present war many
things have been done for which there is no precedent in
modern warfare and courses of action have been adopted
which are in direct violation of international law and recognized treaties.
The foreign exchange situation has again attracted
attention. There was a decline early in the week to near the
previous low record, but on the announcement that $1,000,000 gold is en route from China and another installment
of perhaps $2,500,000 may be released from Ottawa there
has been less pressure of bills and the market became steadier.
Efforts continue for the establishment of a large foreign
credit in this market, and it is confidently expected that
something of the kind will be accomplished. A prominent
feature of trading at the Stock Exchange this week has been
liberal sales of bonds for foreign account. Evidently a
part of the trade balance is being offset in this way. Means
must, of course, be devised to facilitate the shipment of
our foodstuffs and cotton to supply the imperative needs
of Europe.
The Bank of England reports a decrease of about ,3,500,000
300,000 in gold holdings and the latter is
below the amount reported in November last. This movement is almost as mysterious as the German Bank's reported
substantial gain week by week during the past six months.
The President's appointees to the Federal Trade Commission attracted wide attention. To many who are deeply
interested in the matter, it seems a pity that men of more
practical business experience were not chosen for such important and responsible duties.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 13A, to 2%. The
rate on Friday was 1%@2%. Commercial paper closed at
3%@,4% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names
4%@4%%.
The Bank of England weekly statement on Thursday
showed a decrease of £1,674,432 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
30.09, against 31.54 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank
of France shows an increase of 3,400,000 francs gold and
8,700,000 francs silver.
Foreign Exchange.—The market for sterling exchange
was again demoralized during the early days of the week
and did not vigorously recover. Gold engagements amounting to $3,450,000 were announced from Ottawa to New
York; also $1,000,000 arrived at San Francisco from Japan
and an additional $750,000 is on the way from the same
[VOL. 100.
to 108%; $10,000 N. Y. State 43/2s reg. at 1083
%; $1,000
N. Y. State 4s, 1961, at 100; $5,000 N. Y. Canal 4s, 1960,
at 100; $5,000 N. Y. Canal 4s, 1961, at 100 to 1003%; $6,000
N. Y. Canal 4s, 1962, at 100 to 1003%; $10,000 N. Y. Canal
43's at 1083
% and $41,000 Virginia 6s at 523/i to 57.
The market for railway and industrial bonds has been heavier than last week, averaging nearly $2,500,000 a day, par
value. Prices continued to fall off during the early part of
the week, in sympathy with the Stock Exchange, owing, as
is well known,to rather complicated international conditions.
Records later show, however, a partial recovery of the loss
mentioned. This new confidence is, in a measure, due to the
more recent diplomatic correspondence.
Virginia Ry. 1st 5s and New York Rys. adj. 5s, on a comparative list of 30 leading issues, are conspicuous for a gain of
1 and % points, respectively, over last week's prices.
On the other hand, New Haven cony. deb.6s showed a loss
of 13% points and a long list of other bonds is fractionally
lower.
United States Bonds.—Sales of Government bonds at the
Board are limited to $1,000 Philippine Islands 4s, 1934, at
100; $1,000 2s reg. at 983%; $1,000 2s coupon at 983%, and
$14,000 4s coupon at 1103%. For to-day's prices of all the
different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.—The downward
movement in security values which was in force throughout
practically the whole of last week continued without interruption until Wednesday, at which time a decline averaging
between 3 and 4 points for a considerable list of active stocks
had been recorded. The reaction which then set in has continued up to this writing, with the result that half of a list
of 25 active stocks close higher than last week. Only a few
of these have recovered as much as a full point, and in no
case has the decline of two weeks past been recovered.
Under the conditions noted, there have been few exceptional features,and these are nearly all on the industrial list.
Mexican Petroleum covered a range of 53/ points, but kept
well within the previous range of the year. Ice Securities
has been more active than usual and recorded a net gain of
2% points.
Of the railway list, Atchison and Lehigh Valley are the
only issues that show a net gain of a point within the week.
For daily volume of business see page 723.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Feb. 26. for
Week.
Range for Week.
Lowest.
Amer Teieg & Cable_ _ _ _
97 58%
Am writing Paper, eret200 7
Chle Rock IQ & Pacific. 1,280 19
Crex Carpet
24 45
Cuban-American Sugar.
100 40
Des Moines & Ft Dodge
100 7
Detroit Edison
65 11234
2 11
Green Bay & W,deb 13_
20 12034
Kings Co Elec Lt & Pow
100 28%
Lackawanna Steel
100 2
Ontario Silver Mining
395 27%
Union Pacific warrants_
50 60
United Dry Goods, prof
400 82
Wells Fargo & Co
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Highest.
23 58%
20 8
26 21%
24 45
28 40
24 7
26 1 1234
25 11
24 12034
20 28%
23 2
24 27%
23 60
25 84%
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Range since Jan. 1.
Lowest.
23 58%
26 7
23 19
24 45
26 38
24 4
26 111%
25 10%
25 120%
20 28
23 2
24 27%
23 48%
26 77%
Highest.
Jan 60
Fe
8
Fe 21%
Feb 45
is 47
Fe
7
Fe. 113
is 12%
Feb 121
Ja 30
Fe
2
Fe 29%
in 60
is 85
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Outside Market,—Business in the outside market this
week was very dull, with the movement of prices irregular.
Outside of the oil stocks changes were not large. Atlantic
Refining dropped from 535 to 529 and sold back to 535. Illinois Pipe Line, after a gain of 2 points to 131, declined to
126, moved upward again and rested finally at 128. National Transit lost 4 points to 29 and recovered to 31. Ohio
13011Tee.
from 131 to 127, advanced to 1323% and ends the
To-day's (Friday's) actual rates for sterling exchange were 4 783 (4) Oil was off
4782% for sixty days, 479 15-16©4 80% for cheques and 4 80%04 81 week at 132. Prairie Oil & Gas, after early loss from 220 to
for cables. Commercial on banks nominal and documents for payment 211, ran up to 222. South Penn Oil receded from
265 to
nominal. Cotton for payment nominal and grain for payment nominal.
253 and recovered finally to 258. Standard Oil (California)
There were no rates for sterling posted by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal, was irregular, selling down as low as 275 and up to 284, with
for long and 5 273 for short. Germany bankers' marks were nominal for
long and 823 for short. Amsterdam bankers' guilders were 39 13-16 the close to-day at 283. Standard Oil (Indiana) lost over
18 points to 415 and sold to-day at 420. Standard Oil of
for short.
Exchange at Paris on London, 25.37% fr.: week's range, 25.37% fr. high
N.J. went down from 391 to 385 and up to 398,resting finally
at Berlin on London, not quotable.
and 25.27 fr. low. Exchange
at 397. Standard Oil of N. Y. lost about 2 points to 187,
The range for foreign exchange for the week follows:
Cheques.
Cables.
Sterling, Actual— Salt, Days.
then ran up to 196, reacted again to 186 and closed to-day
48U4
481
Hlghforthoweek.__479
4797s479%
at 189. Vacuum Oil sold up .from 185 to 190 and down to
Low for the week-...4 78
Paris Bankers' Francs—
187, the final figure t9-day. being 188. Among other indus5 24
5 233
High for the week___
5 28
5 27
trial shares Kelly-Springfield Tire corn, was conspicuous for
Low for the week___
Marks—
Bankers
Germany
a loss of 73/2 points to 101, recovering to 105. The first pref.
84%
84 J.4
High for the week— _
lost a point to 82. Tobacco Products pref. advanced from
82u
82%
Low for the week___ Guilders—
89 to 92 and eased off to 913%. United Profit Sharing
Amsterdam Bankers'
40 plus 1-16
40%
High for the week___
weakened from 39/i to 3 1-16, closing to-day at 3 5-16.
39 15-16
39 13-16
Low for the week------Cigar Stores corn. sold down from 93% to 83% and back
United
discount.
$1,000
Boston,
par.
per
5c.
Domestic Exchange.—Chicago, asked. San Francisco, 50c. per $1,000 to 938, with a final reaction to 9.
Corporation for stock of
St. Louis, par bid and 10c. premium
premium.
Minneapolis,
30c.
$1,000
per
Riker & Hegeman eased off from 73% to 63
premium. Montreal, $4 373i
%, closing to-day
10c. per $1,000 discount.
Cincinnati,
premium.
$1,000
per
at 63/8. Riker & Hegeman receded from 63% to 63%, recovState
of
bonds
Bonds.—Sales
at
the
ered to 63/ and sold to-day at 63%.
State and Railroad
Outside quotations will be found on page 723.
Board this week include $16,000 N. Y. State 43's at 1083/i
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
715
For record of sales during the week of stocks usually inactive, see precedi
ng page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Monday
Feb.20.
Feb.22.
-
Tuesday
Feb. 23.
Wednesday
Feb.24.
Thursday
Feb 25
Friday
Feb 26
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest
Highest.
Railroads
9278 9314 9212 93
9418 9418 5,250 Atchison Topeka & Santa Fe__ 9212
9318 931/4
9312 94
Feb 24 9638Jan 26
9634 97
9812 9812
9678 9678 97
97
*963
_
1,120 Do pref
96 Jan 5 99 Feb 11
10234 10314
102 102
99 100
99
99 *____8-99
1,500 Atlantic Coast Line RR
99
Jan
5 107 Jan 22
67
65
67
6512 65
65
6334 65
6412 6512 8,400 Baltimore & Ohio
6334 Feb 25 7438Jan 26
68
67
68
6712 67
67
*67
69
*6714 69
1,035 Do pref
67 Feb 23 73I4Jan 20
8514 85/
8512 8618
1
4 854 8512 8618 8618 8612 8618 2,720 Brooklyn Rapid Transit
8413 Jan 6 8878 Jan 22
15512 157
15518 157
155/
1
4 15638 15612 15714 15578 15738 16,320 Canadian Pacific
15318 Feb 5 16814Jan 21
•_325
•____ 325 •____ 325 •____ 324 •____ 325
Central of New Jersey
324 Jan 22 325 Jan 22
40i8 41
40
4034 •_ _ 40
40
40
40
4012 5,850 Chesapeake Sc Ohio
40 Feb 23 4618Jan 26
11
•1038 11
11
iii/
1
4 1018 1012 1012 *1014 1118
1,020 Chicago Great West tr etre
1014 Jan 4 1238Jan 22
29
.28
2814 2814 2712 2712 *2718 30
*2712 30
400 Do pref trust ctfs
27
Jan 11 32 Jan 21
8478 85'i
8334 85
8314 8334 84
8412 8412 85
7.610 Chicago Milw Sc St Paul
/
1
4 Feb 24 9312 Jan 22
83
•124 12412
1234 12312 12314 12334 123 12312 •
125
900 Do pref
123 Feb 25 130 Jan 22
1
4 12434
124/
12412 12412 *123 124
124 124
124 124
1,000 Chicago & North Western
122 Jan 5 12912Jan 22
•160 170
--__
__- 5170 170 *168 168 516714 16714
95 Do pref
1166 Feb 10 5175 Jan 30
•____ 132
•____ 1-32 •____ 132 •____ 132 •__
Chicago St Paul Minn & Om_
132
•____ 150
*___ 150 *____ 150 •____ 150 *____ 150
Do pref
*25
39
25
25
*25
39
*25
39
*25
100 Cleve CM Chic & St Louis__ §21 Jan 18 25 Feb 23
39
.50
*50
63
60
*50
60
*50
60
Do pref
*50
60
§50 Jan 13 1158 Jan 20
*24
26
25
25
*24
25
*24
25
*24
200 Colorado AC Southern
25
2478 Jan 13 26 Jan 23
*4712 __-*4712 ____ *4712 ____ *4712 ___*4712 ____
...... Do 1st pref
45 Jan 18 47 Jan 29
*37
*36
____ *37
*37
- *37
Do
pref
2d
37
Jan 18 37 Jan 18
•147 149
*147 149
14714 14714 514434 14-f3-4 14438 1445
iiio Delaware & IIudson
,
142 Jan 4 152 Jan 18
*400 425
*400 425 *400 430 *400 430 *400
3997 Jan 6 425 Jan 19
Delaware Lack & Western
415
*614 7
638 61/4
*612 7
*612 7
100 Denver & Rio Grande
*6
7
4 Jan 12
712Jan 25
•10
*1012 1212 *1012 12
1234
*1012 1212 10
100 Do pref
612.1ab 7 1378Jan 21
10
2114 2134
20/
1
4 2138 1978 2012 2034 21
Erie
197
201
15,790
8
2118
4
Feb
24
233
4Jan 21
3418 3418
34
34
3214 33
3312 3312 3314 3312 1,900 Do 1st preferred
3214 Feb 24 3713 Jan 22
*2712 2912
2714 271 *26
2712 27
.21
27
2812
27 Feb 25 3014 Jan 26
200 Do 2d preferred
11378 11434
11318 114
11234 11318 1134 11334 11334 114
6,000 Great Northern pref
11234Jan 2 118 Jan 22
29
2978 30'8
30
2812 30
3012
2514Jan 2 35/
3014 311
/
4 5.150 Iron Ore properties
1
4Jan 21
10512 10512
10312 10514 103 103 *10212 3034 •10212
500 Illinois Central
103 Feb 24 110 Jan 22
106
1 178 1118
1134 12
1134 1134 1134
Interboro-Metropolitan v t cif 10s Jan 16 13 Feb 5
1,700
1134
12
113-4
5413 53/
54
5438 5454
1
4 5438 55
56
Do pref
3,950
/
1
4
5618
55
49 Jan 19 5834 Feb 11
2112 211
*2012 2113 20/
1
4 2034 2118 2118 *2034 2234
20/
1
4 Feb 24 254 Jan 22
1.100 Kansas City Southern
5512 5554 5478 5478 55
5534 5534
55
*54
571
500 Do pref
/
4
5478 Feb 24 5718 Jan 22
*5
*5
7
7
*5
.5
7
7
•5
7
Lake Erie &Western
5 Jan 5
718 Jan 22
•10
*13
20
20
*13
20
*14
Do pref
20
•14
20
1294 13034
12912 13018 12914 13018 131 132
13112 1321/4 10,200 Lehigh Valley
12914 Feb 24 13918Jan 22
*30
*31
37
37
•30
37
Long Island
*30
37
*30
30 Jan 11 39 Jan 20
37
*11434 116
114 11434 112 113
112
•____ 112
112 Jan 5 12112 Jan 22
2.600 Louisville & Nashville
•123 129
*123 128 *12114 128 *121 112
Manhattan Elevated
128 *121 128
128 Jan 20 128 Jan 20
19
*15
*1312 1912 *134 19
11512 1513 •14
25 Minneapolis Sc St Louis
1012Jan 11
19/
17
1
4Feb 15
.40
47
39
40
37
3812 38
38
§3734 3754 1,022 Do pref
25 Jan 18 49 Feb 15
•I07 111
110 110 *107 110
Minn St P & El S Marie
109 109
106 Jan 4 116 Jan 20
10918 1091
450
•_
128
•_
128 •_
128 •_
Do pref
128 •_ _ 128
126 Jan 14 128 Jan 19
joi, 1012 lois 101
ifI3.8 1038
1,846 Missouri Kansas & Texas_.._
Hp, 11
*iiii4 l034
77s Jan 4 1212 Jan 22
•29/
1
4 3138
*2978 31
*2978 301 *2978 31
Do pref
26 Jan 4 33 Jan 20
31
31
300
10/
1
4 11
1038 1038
978 101
1038 1012 1034 121
/
4 12,500 Misacaci Pacific638Jan 8 1514 Jan 21
•____ 19
•___ 17 *_-_ 17 •__ _ 17
*__ _ 17 Nat Rye of Mexico 1st pref
23 Jan 5 23 Jan 5
.418 7
*438 7
*438 7
.,.
588 .
5
1
558
Do 2d preferred
47 Jan 23
4* Jan 23
8212 8312
8212 83
3N Y Central & Hudson River_ 811
82 8
8Feb 26 9234 Jan 22
16,410
8212 8312 8118 8312
•____ 47
45
4512 45
45
43
NY
Hartford
N
&
H
44
43
Feb
25
Jan 19
57
4534
43
14,615
3
4
2238 2212
22
2214 22
224 2214 2214 2234 2234 1.600 NY Ontario & Western
2I3 Jan 6 2438Jan 22
•
_ 25
Norfolk Southern
*
:.7.7.: 25 •
25 Feb 15 25 Feb 15
r.:..:
25
•
*__
2478
_
2478
_
*106 101
1001410012 iuu 100
9912Jan 4 10312 Jan 22
101 101 2100 100
1.835 Norfolk & Western
•83
85
*83
85
*83
Do adjustment preferred_ 85 Jan 27 8512 Jan 26
85
*83
85 •83
85
101 10112
10018 101
99/
1
4 10014 10014 101
Northern Pacific
11
.
095
Feb 24 107 Jan 22
9918
100
1011
/
1
4
10438 105
10414 10434 10318 10412 10334 1044
Pennsylvania
103/
1
4Feb 24 10818 Jan 22
31
10118 10418 14010
,
*6
*64 8
9
614 614 •6
9
100 Peoria & Eastern
•6
.4
9
4
5
Jan
7 Jan 19
*68
72
•68
72
*08
Pittab CM Chic ,k St Louis__ 6912Jan 2
A
72 Jan 18
72
•68
72 •__ __ 70
•_ _ 100
•____ 100 e____ 100
•
Do pref
in
100
*____
100
14034 14178
E.,
14038 14112 1404 14134
14018 Feb 24 1537 Jan 22
i."-11-5
7- 14234 142 143 124,700 Reading
•__ 88
88 *--__ 88 •_
8512Jan 11 8612Jan 11
_ 88
186
25 1st preferred
86
82
82
80
811
82
82
2d preferred
iiii2
CO
80 Feb 23 8512 Feb 2
802
*8112
3,200
83
78
72
*/
*72 1
1
4 1
Rock Island Company
38Jan 2
78
1 Jan 19
78
*78
co
1
114
450
114
114
II
114
114
•,1
Do pref
14
1 Jan 21
600
.112 212
17s Jan 15
118
11
/
4
8
1
9
21
9.11
21
•11
.k
3
2
2 *112 212 *02 212
-- St Louis de San Francisco
2 Feb 18
2l2 Jan 26
*8
10
o
*8
10
*8
10
.8
10
Do 18t preferred ______
10 Jan 25 11 Jan 21
*314 4
*8
E.
*34 4
10
*314 4
*314 4
Do 2d preferred
3 Jan 18
0
438 Feb 4
*314 4
•____ 17
•---- 17 •- --- 17 •
St Louis Southwestern
15 Feb 15 1734Jan 23
17 •
•---- 37
16
37
37
Do pref
34 Jan 15 37 Jan 21
*12
13
1212
121
./21
13:1
4 1284 -;
12
1,400 Seaboard Air Line
a 9.2 1212 gii
•__ 36
1114 Jan 4 1512Jan 26
co
34
34 .... :.: .
3.•
32
32 Feb 25 41 Jan 26
8234 8338
3212 32
.e
321
/
4 1,350 Do pref
82/
1
4 8314 52•8
8314 8314 83
94/
1
4 94/
8114 Feb 5 8812Jan 22
/
1
4 282
8212 19.720 Scaitheca Pacific Co
1
4
- Certificates (when issued)._ 941
15
/
4 Feb 2
15
9878Jan 26
-ii- li- -i-1
4 --.7.- - .;-- - - - - 13.900
13/
234 ---2® Southern v tr elf, stamped
1.13 1-078
1234 Feb 24
4514 4538
18 Jan 23
45
4518 *_ 7:: ,
Do
preferred
4
do
43
43
43
•1112 12
Feb
43
25
63
43
Jan 26 I
12
2,260
12
1l34 .
1138 *II% 121
365 Texas & Pacific
*1114 14
11 Jan 1
4412 45
14 Jan 20
4414 45
433
4
441
/
4
Third
Avenue
(N
Y)
45
•11
/
4 2
•112 2
46 z 46
48
35 Jan 2 487 Jan 28
10
3^^
*02 2
*II, 2
'.. Toledo St Louis de Western.....
*112
1 Jan 6
*74 9
*8
2 Jan 11
2
9
8
8
*7
81
17,4
7i
25
, Do prof
.9612 99
6 Jan 6
938 Jan 23
9612 9712 19512 9512 9- 0 1
1
City Rapid Transit
cos
95/
1
4 Feb 2
538 9534 9514
994 Jan 16
11678 1184
11638 11734 11633 118
665 Twin
,,,,.„,
Union Pacific
117/
1
4 11834 11834 11938
11534Jan
12278Jan 22
80/
80/
1
4 81
1
4 8112
81
81
811.
813 -Hig Do pref
7912Jan 4 811
/
4 Feb 26
*8
*8
10
10
934 934 • • 8118 8118
/00 United Railways Investment_
8
8 Jan
1414 Jan 20
10 8 *9
10 4
*25
.
27
26
26
25..
78 25
_Do pref
-7
,
4 *25
23 Jan
27
35
72
Jan 19
•25
78
27
200
72
78
-•
Wabash
-4
.12
3
11
/
4Jan 22
/
1
4 Jan 1
.12
1
2.700
11
/
4 134
134
138
11/4
11
183
104 2,
,,,,,, Do pref
138 Feb 24
11
/
4 138 .
338Jan 22
•1734 19
16
1712 16
163
1 r`',n Western Maryland
1678 1678
2114Jan 22
914 Jan
1612 167
•2
*212 3
3
*212 31
8
''''. Wheeling & Lake Erie
11
/
4Jan 6
*2
3
3/
1
4 Jan 18
*2
3
15
•10
15
*10
*10
14
Do 1st preferred
12
Feb
•8
6
14
16 Jan 18
*8
14
*3
*3
5
5
5
*3
.
3
3
5
.
5
Do 2d preferred
3 Jan 4
6 Jan 18
*3134 351
•3134 35
30/
1
4 317 .30/
200
Wisconsi
n
Central
1
4 35
3018 Feb 24 39/
1
4 Jan 21
*3012 35
-.
4
.__ _ _
a a
Range for Profess
Year 1914.
Lowest.
Highest.
8912 July
59612 Dec
19918 Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
914 July
25 July
8434 Dec
126 Dec
122 Dec
170 Jan
125 May
132 May
22 July
40 July
20 Mar
3778 July
29 Dec
13834 Dec
388 Jan
4 July
8 July
204 July
32 July
2614 July
11118 Dec
2212July
10312 Dec
1024 July
50 Dec
2014 July
491
/
4 Dec
54 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
94 July
2712 June
101 Dec
130 June
818 Dec
26 Dec
7 Dec
30 Jan
5 Dec
77 Jul
49/
1
4 July
1834 Dec
2518 July
9612 Dec
85 Jan
9638 Dec
10212 Dec
5 July
644 July
95 June
137 July
87 July
280 Dec
/
1
4 Dec
1 Dec
2 Apr
8 May
214 Dec
17/
1
4July
36 July
1014 Dec
4534 Jan
81 Dee
9278 Dec
14 Dec
58 Dec
114 Dec
33 July
2 Dec
1
4 Dec
4/
94/
1
4 July
112 July
7712 Dec
712 Dec
22 July
12 July
134 Dec
1034 Dec
213 July
8/
1
4 July
3 Dec
2934 Jul
10018 Jan
10134 June
126 Jan
98313 Jan
8338 Jan
9414 Mar
2204 Feb
310 Jan
68 Jan
1514 June
4112 June
1074 Feb
143 Feb
13678 Feb
180 Jan
13114 July
132 May
40 Jan
70 Feb
2813 Jan
62 Jan
35 Mae
15912 Feb
40634 June
1914 Jan
314 Feb
3212Jan
4934Jan
4014 Jan
13414 Feb
3914 I•a
115 .13n
1638 /ix.
6538 Jcei
2813J0 /
62 J to
9 Jan
2112 Jam
15614 Jai
36 Fe'.
14178 Jan
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
9618Jan
78 Jan
311
/
4 Jan
43 Jan
10578 Jul
90 Api
11812 Fel
11512 Jall
8 Jar
91 Fel
101 Mo
17214 Jar
8938 Jux
93 Jar
1618 Jai
25 Jai
538 Jai
1712 Jai
9/
1
4 Jai
2634 J121
654 Jim
22/
1
4 Fe
58 Fe
9912 Jai11
10612.1une
2814 Fe
8514 Fe
1734 Ar
4534 Jaa
12/
1
4 Ja.
23 Jaa
10812 Ja
16438 Ja
86 Fe
2334 Fe
4914 M ar
4/
1
4 Ja
13 Ja
35 Ja
6/
1
4 Ja11
21 Ja
11 Ja
48 Fe
Industrial & Miscellaneous
28
2812 3.500 dAlaska
2712 28
2714 2712 2734 28
Gold Mlning_Par $10 8261s Jan 7 $3013 Feb 9 81912 July
*8
10
*8
10
*7
*8
10
10
,,,,., Allis-Chalmers Mfg v to
.,.,
031
37
71
/
4 Jan 12 11 Jan 19
•
8 July
__
_
*3214 37 *-- -- 0,
6111 5238 -5,8* 37
3,3
.
1
Am
5
''
o
D
e
o
pre
lgema
tfe
earrc
ed
epvpetr c
33 Feb 10 37 Jan 16
3213 July
53 5
517
51
5038 5178
5038Feb 24 581* Jan 21
4812 484 .4812 50
48/
1
4 Dec
•4811 50
*4812 50 .89
200 American Agricultural Chem_
92 - •89
48 Jan 4 5234Jan 19
47'i Jan
9112 *89
*89
93
.,..
--- 8
_3_
_
Do pref
9012Jan 15 9112Feb 16
.11'11 37l .18
9014 Dec
36
37
3512 3634 0,
9.900 American Beet Sugar
33/
1
4 Jan 6 42 Feb 11
87/
*85
1
4 *82
19 July
8734 *85
8734
871/4 *82
Do pref
83 Feb 1 85 Feb 2
66 May
*8714 9312 *8714 931, 8714 8714 *____ 9318
Amer
De Brake Shoe & Foundry.. 8714 Feb 25 8714 Feb 25
136
13418 13418
80 Apr
135 135 •134 136 *134
,,
2101
134 Jan 7 13734Jan 22 12912 Jan
26/
1
4 26/
2578 26/
1
4 27
1
4 25
2614 zil
11,050 American Can
25 Feb 24 3138Jan 19
92
9214 924 9214
191
*91
/
4 July
93
92
92
900 Do pref
9112Jan 5 973 Jan 21
40
40
4014
40
80 July
40/
4014
1
4 40
1,600 American Car & Foundry
4014
40
Feb 23 4812Jan 18
4214 Dec
112 112 *____ 11312 •11218 11218 *110 113
350
Do
pref
112 Feb 23 115 Jan 20 112 July
•____ 514 •-__ _ 6112 *_ _ _ 511 •__
511
American Cities pref
594Jan 5 60 Jan 12
•____ 81 *____ 82 *,7„,_ 82 *_ _ _ 82
594 July
American Coal Products
82 Jan 20 82 Jan 20 §82 Jan
•10712 109 •107 109
20 Do pref
.U7 109 *10012 10811
11105 Jan
1109 Feb 20 5102 Jan
4414
44
*4412
45
44
47
4312 44
1,100 American Cotton 011
39
Jan
4
481
8Feb
•
95
97l8
11
•95 100 .95 100
32 July
*95 100
Do pref
9712Jan
97/
1
4Jan 26
9318 Jun
*4/
1
4 5
412 412 *44 51
*412 51
600 American Hide & Leather
43 Feb 1
51 Feb 9
2412 2538 24/
3/
2438 25
1
4 July
2,100 Do pref
1
4 261
2412 25
193
4Jan
5
283
4 Feb 9
17 Jul
24
25
2518 2412 2638 25/
253
1
4 261
8,350 American Ice Securities
2038Jan 4 26'l Feb 25
19
/
1
4 Jul
*83
*9
4
93
93
*9
10
200
9
American Linseed
9
74.1an
2
1112
Jan
16
712Jul
*26
•25
28
*25
27
27
*25
29
Do pref
24 Jan 5 30/
1
4 Jan 18
24 Dec
2112 2112 21
21
21
810 American Locomotive
2118 12012 201
21 Feb 24 2834Jan 12
2014 Jul
80 •__ __ 80
•- -- - 80
_ _ 80 •-- _
Do pref
81 Feb 18 96I4Jan 9
96 Jan
*5
6
ii
6
*44 534 •5
American Malt Corporation__
6
4 Jan 6
6 Jan 22
414 Dec
30
32
*30
30 .30
100 Do pref
32
*30
33
2812Jan 20 31 Feb 15
30 Dec
• _ __ 80 •__ _ _ 80
50 Amer Smelters See pref B____
-------'- - - - 72
78 Jan 19 7834 Feb 3
79/
1
4 July
6014 6114 17.000 Amer Smelting & Refining__ 56
Jan 2 6612 Feb 11
1004 1001
5014 July
199
99
*9812 1004 *9912 1004 10012 100/
1
4
450 Do pref
100 Jan 4 10412 Feb 10, 9712 Apr
*148 154
•148 154
100 American Snuff
148 148 •142 152 *142 152
144 Jan 16 155 Jan 291 148 Dec
•104 107 *103 106 •103 105 *10412 1044
•103 107
50 Do pref (new)
103 Jan 19 106 Feb 1
99/
1
4 Jan
•
26
*__
26
*24
26
100 Amer Steel Foundry (new)___
26
26 *:_ _ _ 26
26 Feb 24 32 Jan 18
2712 July
1064 101,
10112 102
4 9913 10014 10118 10131 10138 1021s 4,950 American Sugar Refining__
Feb
24
11112Jan
9912
29
97
Mar
11078
114
11078
*III
1141
*110
114 *110 111
•110
200 Do pref
109 Feb
11412Jan 29 10778 Ma
118/
1
4 11102 11878 11878 3.150 Amer Telephone de Telegrap
11712 118
11738 118
1181s 1101
h_ 116 Jan
12112Jan 20 114 July
22118 223
2231, 2208
*215 223
220 220
•220 223
001) American Tobacco
220 Jan
23434Jan 29 215 Apr
106 108
.100 Preferred. new
10518 10518 10512 10553 .1011I 105.2
•10534 107
1031* Jan4 10714Feb 9 10134 Jan
*1511 1812 *1512 14
1734 1734 *1512 18
20
•1512 -100 American Woolen
•erri_ nn
16
Jan
5
1
4Jan 23
17/
•751.
12 Jul
721*
•7519
7812
*76
7812
3 Do pref
17
77/
1
4Feb 19 79/
1
4 Jan 15
7212 Ma
t Ex-rights. 1 Lem than 100 Awes. a Ex-41v. and rights. 0 New stock
• Bld and asked prices no sales on this day.
'Ex 24% accum, die.
dollars Per share. .First installment paid. xEx-dly. sFull oald.
27/
1
4 28
*8
10
34
34
5132 521
49
49
93
*89
36/
1
4 371
•82
873
*8714 9312
•13512 138
2634 2718
9214 9234
42
42
•11178 113
•
_ 51
81
*86
1108 109
4418 45
.95 100
*414 5
2534 2534
2318 24
94 91g
•25
2712
2112 2112
•_ - 81
•-•
7
•29
31
•_ _ 80
ai 615
-6058 6112 x6834 60
,
82878 m ay
14/
1
4 Fe
49 Ja
7818 F1
5913M ar
971J*
3312 Dec
80 Dso
9712 F.
14678 Fl
3518 jsIn
96 Jsin
5312 Feb
11878 .11Lily
68 Jiin
18612 /V ar
107 jiLily
4612 Feb
97/
1
4 N ar
5/
1
4 Feb
25/
1
4 Feb
32/
1
4 Feb
1118,11in
311
/
4 ..T1an
3714 .11on
102121,, ar
9/
1
4 J an
5018 J.an
85 .1an
714 Feb
105 Jan
172 Jan
10834 J uly
3713$eb
10978 Jan
115 I ee
12414 Jan
256 3 ar
109 J une
2078 Jran
83 .1 an
d Quote
New York Stock Record-Concluded-Page 2
716
For record of sales during the week of stocks usually inactive, see second page preceding.
ia
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Monday
Feb. 22.
Tuesday
Feb.23.
Wednesday
Feb. 24.
Thursday
Feb 25
Friday
Feb 26
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share tots.
Lowest.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
1
I
Saturday
Feb. 20.
Sales of
the
Week
Shares
Industrial & MIse (Con)
Feb 24 $284 Jan 21 $2414 Dec $3814 Feb
248 2538 2538 2534 7,110 dAnarenda Copper Par $25 $2434
2534 2534
2514 2534 2434 25
384 Jan
524 Mob
2838 Feb 26 40 Jan 11
1,000 Baldwin Locomotive
30% 2838 30
30
36
3212 *30
*3012 3212
*30
99 Feb 8 103I2Jan 15 10212Jan 110 June
Do pref
100
99
99
1599 100
•__ _ _ 100 * __ 100
•-- -_ 10018
$4 Apr
313 Feb 5
Vs Jan 9
3114 Feb
Mining___Par $20
dBatopilas
300
12
*12
*12
3
4
*12
3
4
12
3
4
84
*12
2912Jan
4614 Jan 2 5733Feb 10
4683 Dec
5583 5312 5478 27,870 Bethlehem Steel
5434 5358 5514 54
54
548 5538
9138 Dee
68 Jan
91 Jan 2 10518 Feb 11
Do pref
505
10318 10314
10412 10412
10314 10314 *10212 104 *10314 104
Dee
130
Jan
118
129
Jan
22
5
Jan
118
Union
Gas
Brooklyn
12912
*125 130
•125 12713 *124 127 *125 129 *125
578July
5 Feb 25
83* Feb
5 Feb 25
*43* 6
100 Brunswick Term & R El
5
5
634
*5
634 *5
63*
*5
2911 June
26 Jan
27 Feb 4 30 Feb 23
Butterick
210
2912
*29
30
29
129
*29
30
30
30
30
15's Dec
3052 Feb
2138Feb 8
1814 1814 3,020 California Petroleum v t etre- 15 Jan 16 5414 Feb 8
18
18
1712 1814 17
18
1734 1814
50 July 68 Mob
47 Jan 18
Do pref
51
5112 1,200
52
51
51
50
5012 52
5013 50
951 Jan
7711 Feb 18 i77 Dec
Feb
18
7712
otfepf
tr
Thresh
M
I)
Case
(J
*76
85
85
*76
•___ 76
85
*76
85
*76
3814 Dee
257 Jan
3258 Feb 20 3914 Jan 8
3258 334
33
33% 33
34% 341 345* 3414 3412 13,950 Central Leather
9478 Jan 104 July
10038Jan 7 104 Jan 27
Do pref
670
51101 10212
*10134 10234 10118 10134 *100 10212 10114 10112
Feb 19 1103 Jan §10913 Feb
§116
6
Jan
§110
Tel
Amer
&
Sou
Cent
•115 116
15115 11612 *115 1164 *115 11612 *115 11612
Par $5 323.j Jan 6 371 Jan 22 $314 Dec $44 Feb
34
344 34
3434 3583 34% 3512 3,650 dCtdno Copper
35
3483 35
70 Feb
8812 Feb
Cluett, Peabody &Co,Inc60
•
*--- _ 60 *____ 60 •___- 60 11 _. 60
99 July 10412 Feb
98 Jan 20 10114 Feb 24
no pref
200
io118 10118
*101 102
10114 10114 *101 102 *100 102
2012 July 3413 Feb
2134 Jan 5 27 Jan 21
900 Colorado Fuel & Iron
25
2314 2312 23
2312 2383 2383 .23
2383 24
11334 Jan 4 12218 Jan 21 11212 Dec 13912 Jan
1,100 Consolidated Gas iN Y
*116 11712 115 116 *115 117 *115 117
11618 11618
3712 June 4514 July
4014 Jan 4 4913 Jan 19
47
45
200 Continental Can
*431 444 *4312 4412
1546
45
*4312 46
84 July 9184July
8812jan 5 93 Jan 21
Do pref
300
92
9014 9014
92
*90
92
92
*90
•90
92
1313 Jan
7 July
16
Jan
103
,
2
Jan
8
Refining
Products
890 Corn
912
9
9% 914 *94 934
9
9
9% 914
584 July 72 Jan
65 Jan 5 6912 Jan 19
Do pref
6518 6514 .644 6612 65
*65
65
*65
6612
300
6612
9934 Feb
9144Jan
29 89 Feb 11
Jan
88
Co
pref
Deere
&
•
_
85
*86
88
87 15..
*8434 ,*11 July 2012 Mob
10 Feb 25 1334Jan 25
•10i2 11
820 Distillers' Securities Corp
11
10% -nye
ioi2 103* 101014 ;Hi
714 May 15 Jan
934Jan 7 10 Jan 6
Federal Mining & Smelting8
8 •____
*-- -8 *____ 10 '5_ ___
43 Jan
2838 Dec
22
Jan
30
Feb
25
2412
pref
Do
244
2412
26
•____ 25 •.
100
•____ 25
*___
25
Apr 180 Jan
160
16
Feb
172
26
Jan
165
457 General Chemical
17012 17012
*169 170
172 172 1173 173 1172 175
10683 Feb 18 10838Feb 10 10711 Feb 110 June
*10634 10634 110714 10714 110712 1074 107 107
Do prof
320
1510658 10712
139 Feb 24 14514 Jan 19 13712 Dec 15038 Feb
14114 14112
140 141
139 1393* *13912 142 2139 13914 1,950 General Electric
99 May
373* Jan
8673 87
86
82
3,655 General Motors vot tr ctfs___. 82 Jan 2 943* Feb 11
8718 89
87
89
833* 82
70 July 95 Feb
9058Jan 4 96 Jan 27
ate_
trust
voting
pref
Do
5194
9434 9434 9434
94
94
*92
94
94
94
520
287 Apr
Jan
193*
Feb
4
3312
7
241.
Jan
30
30
31
30% 31
3013 3012
29
30
313* 2,900 Goodrich Co (B F)
797k Jan
95 Dec
95 Jan 14 98%Jan 28
*9614 9712 967 9672 1596
*96
Do pref
97
9712
300
9634 97
$5712 Apr
483* 4883 4912 4912 *4914 5014 1,412 dGuggenheim Explor_Par $25 $4518 Jan 7 $5258Jan 22 $40'I July 11221
4812 49
4912 4912
:Mob
4July
1093
19
Jan
1114 Jan 8 §118
*115 118
108 Homestake Mining
•115 117 §11513 116 *115 120 *115 120
8 Jan 18 $1414 July $1914 July
1814 1814
18
1818 18
1838 1812 1834
1814 185* 3,935 dInspiration Con Cop_Par $20 81658 Jan 2 $195
1131
:Jan
July
993
4
82
11
Jan
Jan
5
92
*9012 9512 *9078 9512
9312 9312
92
300 International Harvester of NJ
9212 *90
94
11878 July
113 Feb 3 117 Jan 20 11312Jan
Do pref
8
•_ _ 113%
*____ 114 *.. . 114 1113 113 *__ 114
11134 Jan
Dec
82
11
Jan
7318
Feb
20
55
Corp_
International
Harvester
400
is
55
*____ 55
6& 55 55 55 *55.r.:
July
114 Jan 14 114 Jan 14 11414 May 118
Do pref
90
**- -- 90 *____ 92 *-- _ 92 •____ -go 38g Jan
58 Dec
212 Jan 22
1 Jan 16
Int Mere Marine attack tr cafe_
;Ii8
14
134
134 *1
134 *1
1514
;11.34 *1
Jan
Dec
3
813
Jan
22
16
Jan
4
Do prof stook trust ctfe534
534 *413 534
*4
*4
534 *4
534 *4
1078 Feb
68gJuly
938Jan 16
8 Jan 6
International Paper
9
*8
9
9
•8
*8
84 *74 812 *8
41 Jan
Dec
30
16
36
Jan
Feb
24
33
pre
Do
300
34
4132
34
1530
35
33
3312 *32
*33
35
3 June
98 Jan
International Steam Pump
11 June 29 Jan
738Feb 26
5 Jan 4
Do pref
100
iio 73*
15
15
*el
*6 1018
W61.4 15
94 June
80 Jan
Jan
4
80
20
7712
Feb
Kayser
&
Co
(Julius
100
7712 7712
*7512 79
*7512 79
*7513 79
*7513 79
107 Jan 13 107 Jan 13 106 Mob 10834 May
Do 1st pref
•105 10812
•105 10812 *104 10812 *105 10812 *105 10912
105 Feb
81 Jan
99 Jan 18 10938Feb 15
200 Kresge Co (S 10
106 106 *104 109
10612 10612
•10413 107 *102 109
99 Jan 105 Mob
10514 Feb 15 106 Feb 11
Prof
De
25
5110413 10614
*104 10634 110512 10512 *105 10634 41105 10634
85 July 101 Feb
9278 Jan 15 98 Feb 9
Laclede Gas (St Louis
.95
99 .93
98 •95
5196
98
98
*96
98
207 Jan 9 220 Jan 22 20712 Dec 231 Mob
Liggett & Myers Tobacco„
*205 21912
•205 21912 •205 2194 *205 21912 *205 21912
11334Jan 5 119I2Jan 21 11138Jan 11812JulY
Do pref
100
11858 11858 *114 11813
51114 119
*112 119 *115 119
38 Jan
26 Dec
16 Feb 17 31 Jan 11
700 Loose-Wiles Biscuit tree att _
'_ -- 16
16
1618 *15
16
18
18
18
18
86 Feb 20 105'8 Jan 13 101 Apr 105 Mob
preferred
1St
Do
300
•864
90
90
*86
go
*86
ii
86
*86
90
9514
June
89
Jan
preferred
Do
2d
74 15-- __ 72 51._ __ 72
•____ 74 •
*---- 76
16512Jan 6 180 Jan 21 160 July 190 Apr
60 Lorillard Co (P)
15174 180
•170 180 •170 180 •170 180 1175 175
11778 July
11214Jan 6 118 Jan 19 110 Jan
pref
Do
*11412
118
*1144
118
•114 118
•114 118 *114 118
81 July 8738 Feb
7258Jan 11 76 Feb 17
200 Mackay Companies
*74
75
76
*74
75
76
*74
76
76
1574
70 Jan
65's Jan
65 Feb 26 6984Jan 19
Do pref
200
6518 651
65
65
•-___ 67
•__ __ 87 .5_ _ _ _ 67
1514 Dec
144 Dec
1514 Jan 6 25 Feb 17
Inc
tr
Ws
Maxwell
Motor
5,050
2334
2312
2378
243*
2234 24
23
23
23
233*
44 Dec
411:
Dee
43l
6212
Feb
26
2
Jan
tr
We.pref
Ink
Do 1st
7 62
6212 9,460
61
60,
5912 61
5834 60
5834 6953
1713 Dec
17 Dec
26 Feb 16
Do 2d pref stk tr Ws.- 18 Jan 6
6,000
2514
2412
2434
2418
24
23
23
233*
235* 2334
514 June 6914 Jan
5218Feb 25 5218 Feb 25
ion May Department Stores
521 5218 *5012 56
52
52
*50
*50
52
5150
4Feb
1013
9712June
19
97
Jan
Feb
19
96
Do pref
98 •_ _ 98
98 •_
98 ._
*_
*-- - - 98
734 Feb
4612 Jan
51 Jan 9 77 Feb 9
Mexican Petroleum
9278 6634 O.51.2 6713
64
6212 64
Feb
87
67
May
11
8018
Feb
67
Jan
15
prof
Do
50
172
72
*70
80
80
*70
75
*70
•_-- 75
Par $5 $1714 Jan 6 $1912Jan 26 $1612 Dec $2438 Feb
1814 1883 18
188 181
1834 188 1918 1812 185* 2,600 dMiami Copper
5278 June
41 Dec
16
52
Feb
Jan
4
42
Montana
Power
3,435
4814
487
2
494
50
46% 4712 4684 48
4714 483
,
99 Jan 29 10112 Feb 16 101 Apr 10378 June
Do pref
*9914 100
15__ _ 100 •____ 100 *__ 100 *____ 101
118 Feb 24 132 Jan 22 120 July 139 Feb
700 National Biscuit
1213 1213
118 118 *- 1224 *118 122%
12014 121
128 June
1201*
Feb 19 126 Feb 3 11914 Jan
pref
Do
40
3
*120
5
8
122
112134 121
122
*____ 122 •__
51_ 2 _ 122
9 July 14 Feb
912 Jan 4 1212Jan 18
100 Nat Enameling dr Stamping...
*912 1012 10
913 11
*912 1012
10
*912 1012
June 8878 Mob
80
Feb
§7912
8
18
pre(
179
Jan
Do
*79
88 *79 88 *79 88 *79 88
*79
90
40 July 52 Jan
44 Jan 4 52 Feb 11
500 National Lead
5147% 493* *484 491
48
4812 46% 47
*48
49
109 Feb
104341an 4 10934Jan 19 105 Jan
Do pref
200
106 106 *10514 107 *10512 10678 10513 10512
*10514 107
14 July $11313Jan
$10
24
$13%
Jan
19
Feb
$113
4
dNevada
Cons
Cop---Par
$5
2,700
*117* 1218
12
1178 12% 113 1178 12
12
121
58 July 69 Jan
6612 Feb 26 59 Jan 2
500 New York Air Brake
573 577 *5612 60
564 5612
*5613 60
588 588
6418July 7914 Mob
100 North American Co (new).- 64 Jan 19 68 Jan 4
*65
68
68
6578 657 *65
*65
68
*65
66
1714 July 29 Jan
1812Jan 5 2212Jan 19
200 Pacific Mall
19
193* 193* 19
20
•19
*19
20
•19
21
20 July 31 Jan
16
314
Jan
11
2618Feb
Telegraph
Telephone
&
Pacific
*25
2712
*25
28
271
2712
*25
•25
28
*25
July 125 Jan
108
Jan
16
Feb
120
24
117',
&
C
(ChM
People's
Gas
Lt
195
51117 1181
11718 1174 *117 118 1118 .118
*116 118
2312 Feb
15 Dec
15% Jan 4 2138Feb 11
2014 20
2034 3,230 Pittsburgh Coal
1858 19
1812 1812 19
1914 1914
934 Feb
79 Dec
10
Feb
94
4
8Jan
815
pre
Do
9234 3,200
894 9214 92
91
91
90
90
90
90
93 Feb
Apr
82
1
Feb
175
Feb
1
175
Pittsburgh Steel pref
*___ _ 82
*____ 82 *__ _ _ 82 *.___ 82 *__ _ _ 82
46 Feb
2684Jan
27 Feb 23 39 Jan II
2814
28
274 *2713 2912 274 2712 1,200 Pressed Steel Car
27
2738 27
10514 Mob
9734Jan
90 Feb 25 10214 Jan 25
Do prof
300
5190
92
90
92
*-- __ 96
Apr
•__ __ 94 .5_ _ _ _ 94
114
Jan
107
13
Jan
106
13
Public Service Corp of N J._ 106 Jan
_ __
_
_ __ _ _
_ .... •10412
- --- _
15012 Feb 24 15512Jan 22 150 Dec 159 Jan
Pullman company
15012 1E612 *Iii5i2 iii
la 152
278 Jan
iiii2 11112 15012 151
% June
12
8Jan
17
4
Jan
1
Mining
Quicksilver
43g
•1
14
ie
y 34
113
Ju
un
112 *1
112 *1
12
11
3j
*I
134 *1
12
Ja
an 2
22
5134j
Feb
Do pre
j
Fan
eb
14
•1
2
112 *I
*118 14 *1
•1
2
1189
21118
Railway Steel Staring
•20
23
25
•20
23
*20
1520
88 Dee 101 Feb
23
25
*20
Jan 8
88
Jan
8
88
Do pref
Ain
Dec$2212
•-- -- 86
$15
22
Jan
83 •-- -- 86 •_ _ _ 88
$1814
2
*-- -_- 86 *_
CoPper___Par $10 $1514 Jan
1618 16%
27 Jan
18 Dec
11153 1634 3,330 dRaY Cons
1618 1i72 164 1618 162
16
19 Feb 1 2238Jan 19
625 Republic Iron & Steel
*19
2012
9114 Mot
75 Dec
19
1918 1918 19
1913 1918 19
19
72 Jan 30 7834 Jan 20
Do pref
1724 2212 73
525
51724 78
Dec
7312 7312 74
18 Jan
8
37
*7313 77
4
418Jan
% Jan 22
912 Rumely Co (M)
41 Jan
114
114
203 Apr
72
72
*78
114
114
114
*1
213 Tan 20 16 Jan 5
*73
Do pref
400
334 334
17014 July 19712 Jula
4
*372 45* *334 483
4
4
4
1
Feb
209':
4
Jan
18214
550 Sears. Roebuck & Co
20018 20084 202 20234
•195 19978
198 198 .196 200
12138Jan 4 12512 Feb 19 120 Dec 12434 June
Do prof
125 125
•12378 _ _ _ 112518 125% *12514
239
*124
1912July 35 Jan
Iron-. 24 Jan 6 2784 Jan 22
100 Sloss-Sheffield Steel &
25
25
*24 -27 •24 -27
45 Dec
32 Jan
*24
*24 -27 27
4312 Feb 23 4734 Jan 19
*434 45
125 Standard Milling
*40
4312
•40
44
44
• 434 4312 *37
6712 Dee
5912 Dec
Feb 17 70 Jan 16
66
pref
Do
69
•-- - - 69
20 Jan
3534 Jan 2 4734 Feb 8
69 •_ - - 69 *_,,_ 69 •_,_
3614 Mot
*-,z
('Tbe)
Corporation
4312 4412 42
4312 445
12,435 Studebaker
437
44
46
4512 44
92 Mal
70 Jan
91 Jan 2 96'4 Jan19
Do pref
5191
95
*91
93
210
*9113 943*
9112 92
192
92
3254 Feb 24 $3318 Jan 8 $2434 July $3644 Feb
$25
_.Pa?
Copper.
dTennessee
2658 2712
2534 27% 2512 27
2678 27% 271i 2712 9,720
12334 Feb 24 13514Jan 11 112 July 14978 Mel
*12513 133
1,400 Texas Company (The)
12434 12512 12324 12412 *12412 12512 12512 127
7314 June 88 Jan
55 Feb 18 5518Feb 11
_
500 Underwood TYPewriter
*55
____ ____
55
55 *-_ 60
55
55
13 §10014 Jan23 103 Dec 113 Apr
110018Jan
Do pref
kid
*__ _ 100 • _ 100 •- - 100 •- _ 100
43 Jan 4
813 Jan 19
834 Feb
35* June
900 Union Bag & paper
*,-44 514
"Pi
6
5
5.
6
.
5
51
1814 July 3212 Feb
2512 Feb 19 2812Jan 15
Do pref
*2258 25
1522
•2258 28
28
254 1522
*22
28
455 Feb 17
5014
Feb
25
39
Dec
42
Jan
4534 4534 .45
500 United Cigar Mel
4518 4518 45
*4534 46
48
45
10214 Feb 1 105 Feb 11
99 June 10378 Feb
Do prof
11100 105 *100 105 *100 105 *100 105
*102 106
78 June
1
Jan
2
10
8
Jan
19
Fdy
Jan
13
&
Pipe
Iron
12
240 US Cast
*8
11
1018
*9
914 914 *914 1018 *9
30 July 49 Feb
32s Feb 24 35 Jan 22
.30
35
325* 32% *3211 35
*31
Do Prof
100
34
*3212 35
§65 Feb 18 71 Jan 20
87 Mel
46 Jan
Express
US
350
*____ 70 *__
70 •____ 70
68
70
•
_ 70
20 Apr
15 Jan 27 15 Jan 27
15 Dec
U S Industrial Alcohol
•15
40
40
*15
*15
1515
40
40
40
5
*1.
75 Dec
70 Jan 26 73 Feb 11
8518Jan
Do prof
*70
79
*72
78
*70
78
•72
78
80
*72
Improvement-. 36 Feb 11 50 Jan 12
63
34 Mol
Dec
514
&
Realty
17 S
*36
40 *38
*3613 40
40
*3613 40
*3612 40
5178Jan 2 593*Jan 9
444July 63 Mala
535
54
5432 1,350 United States Rubber
5388 533* 533
53
*53
5312 5334
101% Feb 24 1044 Jan 14
9518 July 10458 Jan
preferred
1st
Do
505
*100
10234
10112 10112
1013* 10113
102 102
*10112 103
38 Feb 1 5338Jan 21
6714Jan
48 Dec
4112 4214 117,140 United States Steel
4034 4188 4018 4112 4114 417
417
x102 Feb 1 109 Jan 21 10314 Dec 1123* Jan
DoPref
1035 10378 1035 10378 10313 10334 3.035
1031'g 104
104 104
Par $10 $4812 Jan 6 $55% Jan 22 $4538 Dec $592, Jun,
__
_
--Copper
504
5012 513 16,290 dUtah
4912 5034 49
5014 51
4 2234Jan 22
Jan
347 Mel
ahemical- 15
17 Dec
5034 5114
200 Virginla-Carolina
1918 194 *15
22
2034 2034
21
1516
22
80 Jan 6 88 Jan 16
*20
96 May 1074 Mol
83 •____ 83
Do prof
400
*____ 83 *____ 83 •-.,
645
8Feb
57
Jan
2
667
3 Feb
533
Jul
2
Telegraph
8112 8212
s
Union
621i 5,000 Western
62
61
61% 517e 62
62
61
:Jul:
- 64 Feb 24 74 Jan 11
624
791
64 Jan
62
Elec & Mfg
653
65% 6634 6,140 Westinghouse
65
65
64
6434 86
118 Jan 9 118 Jan 12 11578 Jan 12412 Jun
6634
preferred
66
let
*117
Do
41117
120
120
•
*117 120 15117 120
87 Feb 23 97 Feb 11
51117 120
8812 884 8912 9218 *91
1,950 WillYs-Overiand (The)
96
89
87
96 Feb 13 9614 Feb 15
92
90
Do pref
1595
96
*9412 96
96
*95
96
*95
89 July 10314 Feb
9014 Jan 6 947 Feb 11
96
•95
W)
Woolworth
(F
SOO
9412 5193
9318 *93
94
'2
9318
94
94
:
7 Ma
115
Jan 8 11758Feb 8 11234 Jan 118
94
93
Do prof
100
*117 11/3 •116 11812 *1164 11712 11718 1171
rights. b New stock. d Quoted dollars per share. a Es-stock
and
Ex-div.
a
shares.
-rights.
100
Less than
t Ex
•Bid and asked price 1; no sales on this day.
Ex-dividend.
dividend.
WASHINGTON'S BIRTHDAY
;a
aii,
407a
(.-3. 6,4 -3-4-,iL0
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
717
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all-"and interest"--except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 26.
-g 3.
4
Price
Friday
Feb. 25
Week's
Range or
Last Sale
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 26.
t3
Prize
Friday
Feb. 26
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bed
U. S. Government.
1 9812 9914
9838
U S 25 consol registered__ _d1930 Q- J 9812 9878 9838
98
9838
99
983s 9912 9838
U13 28 consol coupon
dI930 Q
10112 10112
1014
Jan
'15
81918 Q F 10112
102 102
31918 Q- F 10112 -- 102 Jan '15
13 3e coupon
1097s 10978
1925 @ - F 10912 110 10074 Feb '15
U 8 45 registered
1925 Q- F 11012 -- 1104
11074 14 1104 11078
U S 48 coupon
9512 July'13
U S Pan Canal 10-30-yr 25_81936 Q - F 9912 _
10013-4 102
U S Panama Canal 38 g
1961 Q -m 10112 ---- 102 Jan '15
100
100 100
S Philippine Island 4s_1914-34 - F .99 -100
Bid
Ask Low
Chesapeake & Ohio (Con.)
High No. Low High
General gold 43.481992 MI-S 85
8638 87
87
87
91
Registered
1992 111- El - 9014 934 Feb '14
Convertible 454s
4 f
1930 F - A 7014 Sale 7014
7312 32 "id1Big Sandy 1st 4s
1944.1 -D -- -- 8512 8378 Jan '15
8378 8378
Coal River Ry 1st gu 48_.i945
1940.7
.1 -D
8212 83 July'14
_ 3 80
---Craig Valley 1st g 58
9612 Dee'13
---Potts Creek Br 1st 4s
1946 J - J
8434 Jan '13
R & A Div 1st con g 4s
198
929 j
J J 834 90
8834 July'14
5---- 77
2d consol gold 4s
82 Apr '14
Greenbrier Ry 1st gu g 48.1940 M- N
-- 90 Apr '14
Chic & Alton RR ref g 35
ment
Foreign G
58
1949 A -0 5812 6018 58
3 55 -id9314 Feb '15
93 9914
Railway 1st lien 350
Argentine-Internal 53 of 1909_ _ M- S 9312 97
2 38 41
39
1950 3 - J 39 Sale 39
8312 88 July'14
Chic B & Q Denver Div 45..1922 F - A 9812 Sale 9812
Chinese(Hukuang Ry)-5s of'11 J -D
4 9828 981
9811
:
944 13
Illinois Div 334e
-i63-4
Cuba-External debt 58 of 1904_ 111- S:0418 Bale 9312
8114 83
83
1949 J - J 8212 8312 8211
5
93 9412
93% 9312 Feb '15
Eater dt 5501 '14 ser A..._1949 F- A:90
Registered
1949 J - J 80 - 864 Aug '12
External loan 4 Sis
Illinois Div 48
1949 F- A 1-924 93 June'14
Sale 9312
19493 - J 94
21 9312 941g
94
80
6 80
81
Japancse Govt-£ loan 450 1925 F- A:80
8412
8134
Registered
1949 J - J
- 93 June'13
1 7812 82
Bale 80
80
Second series 450
Iowa Div sink fund 5s
1925 - :80
8
_ 10214
1919 A -0 162110214 20 10112 10212
7134 95 75
75
Sale 75
Do do "German stamp".
Sinking fund 45
79
1919 A -0 981s 99
9812 Feb '15
s2 964 9812
7513 7834 June'14
Sterling loan 45
1931 ---3
Nebraska Extension 4s
9513 97
19
92
27
9614 9634 9654 Feb '15
Mexico-Eater loan £ bs ot 1899 Q
794 Apr '14
82
Registered
.9234 ____ 9658 Sep '12
65
July'14
85
Gold debt 4s of 1904
J
Southwestern Div 45
1954 - D
1921 M- 5 9712 ____ 9958 July'14
9512 Jan '15
95
Prov of Alberta-deb 4l4a_ _1924 F- A
9512 9512
Joint bonds. See Great North
817s 82 Jan '15
Tokyo City-5s loan of 1912____ M- S
82 82
General 4s
89
9214
00
1958 al8912
9014 37 89
Chic & E III ref & Imp 4s g_1955 J -3 2612 2912 2712 Feb '15 ---- 2712 29
:These are prices on the basis of $5to£
State and City Securities.
lot consol gold 6a
1934 A -0 103 _ __ 10212 Feb '15 -- 1024 1024
NY City-454s
General consol 1st 55
9934 39 99 10038
1960 Fit- 13 9914 994 99
1937 M- N 6152 63
61 Feb '15 -- 60 75
0g12 36 9954 10014
Registered
4qs Corporate stock_ _ _ _1964 M-15 994 9934 99
Register
1937 M- N _
5912 Feb '15 _
5011 591s
104% 10334
1044 16 104 10518
Pur money let coal Ea.__ _1942 F - A
43411 Corporate stock_._ _1963 M9754 Feb '13 -- - -953
9412
4
Feb
9512
95
'15
5
8
97
4% Corporate stock
Chle & Ind C Ry 1st bs
1959 M-N
1936 -3
2712 July'14 ---33
9552 97
9514 9638 Feb '15
Chic Great West 1st 48
4% Corporate stock
1958 M-N
1959 M- S 69
8 68'j 733*
Sale 69
6912
9554 97
Chic Ind de Loulsv-Ref 68.19473 - J
4% Corporate stock
1957 M-N ____ 9514 96 Feb '15
_
13
558
._
12 Apli.I.
7
b 1_2
115 19
3112
1 ....
9512 96 Feb '15
95
96
Refunding gold bs
4% Corporate stock
1958 M-N
1947 J - J ---- 103 1033, Mar'14 -----------6 10378 105
_ 10412 104
101
Refunding 48 Series C_ _1917 J - J
New 454s
195 M-N
--10114
Feb
'15
1005
Ind
4
&
New 450
10114
Loulsy lat gu 4a._1956 J -J
191 M-N
-- 86 July'12 -----------_ 10472 101
2 104 105
10412
Chic Ind & Sou 50-year 45_1956 .1 - J •---- 8812 904 Aug '12 ____ ____ ___411% Corporate stock_ _ _195 M-N
1 10012 101
101
414% Assessment bonds_ _191 M-N 101 102 101
Chic L & East 1st 4345_ _1969 J -D
--- 104 Dee '11 ---- ---- --5
84
84
8618
84
334% Corporate stock _1954 M-N 81
8534 Chicago Mliwaukce & St Paul1 100 10012
100
N Y State-4s
100
Gen'l gold 42 Series A
196 M-8
9134 92
21989 J - J 91
92
6 88
92
5 100 10012
Canal Improvement 4s-196 J - J 997s 10018 100
10014
Registered
e1989 Q- J ---- --__ 9234 July'14 -6 100 10012
Canal Improvement 4a__ _196 J - J •100 _
_ 100
10014
Gen & ref Ser A 4 Ms
2014 A -0 89
12 887s 9O
Sale 8878
89
5 100 10012
Canal Improvement 4s_ 196 J - J 9934 -. - 100
100
Gen ref cony err 13 5s
10038 Sale 1001s
2014
1004 654 10018 10273
Canal Improvement 4348_196 J - J 10814 10834 10834
Gen'l gold 3548 Ser B
10834 10 10814 110
76-e1989 -80
80
7 80
8014
Highway Improv't 4545.-196 M- S 108 10812 10838
10838 16 10814 10852
General 450 Ser C
e1989 J - J 10038 gale 10014
10138
9 9912 1014
Virginia funded debt 2-3s
8414 July'14
25-year deben 48
- _ -199 J J
1934 3 - .1 884 89
8814
89
13 884 90/
1
4
41
deferred
5212
Brown Bros Ws68
Convertible 450
57 -6;1;
52 60
Sale 9578
57
19323 -D 96
9614 39 934 0734
Chic & L Sup Div g 58_1921 J -3 10288 ___ 10284 Sep '13 ---- - --- -Railroad.
Chic & Mo Ric,Div ba_ _ _1926 J - .1 10434 105 107 June'14 --- -- -- -6412 64 Feb '15 - -- 64 6612
nn Arbor 1st g 48
63
Chic & P W 1st g Sa
103
5199 Q38 1014 1033,
J 103 10312 103
1921
4-itch Top & S Fe gen g 43-199 A 9114 Sale 91
9534
CM de Puget Sd let gu 45_1949 3 -3 8814 Bale 8814
9152 87 91
8814
1 884 90
Registered
92 Jan '15 ---- 91
92
Dak & Grt Sou gold 5s_ 1916 J - J 10012 ---- 1003, Feb '15 ---- 1004 1008
199 A -0 8714 91
1 8134 8634
Adjustment gold 48
Dubuque Div 151 s f 6a
83
1920 J - J 107 10812 10738 Feb '15 ____ 107 10738
5199 Nov --- 8278 83
Registered
Far & Sou assum g
86 Marl
-_1924 J - J 11012 __ 110 June'13 -- - -_- ---5199 Nov
Stamped
4 -8134 if 83
La Crosse D lst 513
1919 J - J 10138 ____ 1024 Jan '14 ...-51995 M- N 8134 lSale 8134
Cony gold 48
9238 954
Wis & Minn Div g Ss
1921 J - J 10258_ 1014 Jan '15 -- 1015
1955 J -D 9312 9434 9378 Feb '15
;i61.;
5
Cony 45 issue of 1909
_
Wls Vali Div 1st 65
994 May'l
1 107 107
107
1920J - .1 107 -Sale 107
1955 J -D
Cony 45 (issue of 1910).-1960 J -D 9312 9434 9278
MO & No 1st ext 450
941 12 9238 9578
1934 J -D 10012 1011i 10212 July'14
10-year gold bs
10114 10 10014 10138
_ 10114
Cons extended 4;0
1934 J -D 100 1011 10012 1001 ....
1 ildl; 161li
1917 J -D 10114 _
East Okla Div 1st g 4e
94
9212 Jan '15 ---- 9212 9213
Chick Nor West 881451886-1026 F - A --- ___
1928 M- 8 9212 ___ 94 Jan '1 ---- 92
Short Line 1st 45 gold__ 1958 j j --- 887
8638 89
Registered
9438 July'14 ---1888-1926 F - A 9113
; 8878 Feb '1
Cal-Arts lot & ref 430_1962 IS- S 95
80
1 -i880
General gold 3345
99 July'14 - -99
1987 M- N 80
'
114 -al
S Fe Pres & Ph lst g be__ _1942 M103 joi
_ 103 Feb '1
1013
p1987 Q - F ---- -__
Registered
7812 Jan '1 -Atl Coast L lot gold 45____711952 M- S 91 4-Sale 9012
21 88
9258 21 -1iGeneral 48
14 -12-793
8
92
1987 M- N 9212 -_- 9212
50-year unified 48
0219
058
2
9 19214
0910
Feb'
91.5t -- 89
9214 July'l
Stamped 4s
1959 J -D 85
1987 M- N 19
9213
Ala Mid 1st gu gold 6s
25 109 109%
General 5s interim ette.....1087
1928 M-N 10312 ____ 10512 June'14
Bruns de W let gu gold 48_1938 - J
.
1.
0
.
0.
9138 9312 Feb '1
91 "oil;
Sinking fund 6e____1879-1929
18 ......... 109 Feb '1 --__ 109 10914
Charles & Say 1st gold 75_1936 J - J 124
10512 Dec'1 -Registered
1879-1929 A -0
L & N colt gold 4s
01952 M- N
;
Th
84s 8714
ii2Sinking fund 55
78 joil2
1879-1929 A - 0 10318 __-- 10318 Feb '15
86's 88 Fel;
Say F & W let gold 6s__1934 A -0 11678 122 115 Dec '14 -Registered
1879-1929 A -0 101 _ 102 Oct '13 -1st gold 58
10438 10612 1104 May'11
1
1934 A 1011
Debenture Ss
!.........- 10112 Feb '151.-__ itif - iiiii1921 A 1311Sn Oca de Ci gu g 4s
1918 J - J 9678 ---_ 98 May'14
Registered
1921 A -0 iiii12 .... 101 Dee '12 ---all & Ohio prior 3;is
92
1925 J - J 91
9012
Sin
fund
fu
9112 16
deb 55
102 Feb '15 ---- jai- lei1933 111-N
Registered
91
h1925 Q- 3
8813.250 '15__.. 8812 8812
Registered
1933 al- N __ .... 1014 Apr '14 --- ----.
Gold 4s
8918 72 88
51948 A 8712 8814 88
9112
Frem Elk & Mo V 18t 6e_ _1933 A -0 11112 -_ 11914 Feb '15 ---- 11914
-- 11914
Registered
51948 Q- J
8878 Feb '15 _ _ 874 887/1
Man GB&NW 1st 334&1941J -3 .75
904 Sep '09 -20-yr cony 450
1933
8272 Bale 8212
8438 204 8212 88
Milw &13 L lst gu 350_ _1941 3 -J •75
Pitts Juno 1st gold 68
112 Jan '12 ---1922 J - J
Mil L S & West iota 6s
1921 al- El 10812
iiiiii i5Z•Ol14
P June & M Div 1st g 350 1925 M- N
-- 88 Feb '15 -- -if 88
Ext & imp s f gold 5a__ _1929 F - A 10434 --__ 10618 Mar'14 ---PLE&WVaSysref 413_1941 M- N 868012 Sale 8012
8044 12 7813 84
Ashland Div lot g 6s.....1925 NI- S 11218 ____ 11318 Feb '14
Southw Div let gold 350_1925 3-i 8854 8814
8834 10 8713 9012
Mich Div 1st gold 6a_ _ _1924 J - J 11138 ____ 11314 Mar'14
Cent Ohio R let c g 434s..1930 M- S
100 Apr '13 ---Mil Spar & N W 1st gu 48_1947 M- S 8958 92
92 Feb '15
90 92
CI Lor & W con Ist g bs_ _1933 A 1033, 105'2 104 Feb '15 _ _- 104 104
Northw Union lot 78 g
1917 M- S 104 ____ 10738 May'14
54
'1,4
4 ---..
6
Monon River 1st gu g 58_1919 F - A
1024 June'12
St L Peo & N W 1st gu 5s_1918 J -3 10414 105 105 Feb '15 -- -- 1021* IOS's
Ohio River RR let g be _1936 J -D
-_-_-__ 10534 June'14
_
Winona & St P 1st ext 78.19163 - D 10358 ___ 1064 July'14 ---General gold be
1937 A 9838 10312 1044 May'14
Chicago Rock Isl & Pao 68_ _1917 J - J 102 10214 10214
4 102110214
4 jai;
Pitts Cley & Tol 181 g 65....1922 A - *104 ____ 11313 Feb '12
Registered
1917J -3 10138 103 10438 Mar'14 ---Pitta & West let g 4a
9634 Mar'14
1917 J - J *95
General gold 48
19883 - J 82
Sale 82
-ifs;
Mat Isl Ry 1st gu g 4348_1943 J -D
91 June'12
Registered
1988 J - J
82 Feb8
'
315 --15 82 82
Bolivia Ry 1st 5s
1927 J - J
Refunding gold 49
1934 A 6412 Sale 6414
6512 43 6414 71
Buffalo It & P gen g 5s
10211 Feb '15
10212 10212
20-year debenture Ss
1937 M- S 10614 1932 J - J
53 5712
Consol 454s
1957 111-N 10112 10412 10114 Feb '15
100 103
Coll trust Series P 45
1918 M-N
9
55
1
54
9434 Jun2
e'1114
1„io.
All & West 1st g 48 gu__ _ _1998 A - •
- 9414 9438 Feb '15 *5 9438 9438
Chic R I & Pao RR 4s___ _2002 M- N
IS
Sale 18
18
25
Clear & Mali 1st gu g 5s...1943 J - J i
112
Apr
'14
_
_
_
Trust Co certs of deposit
214 Sale 20
i_1:
_34
.. 1918 2512
Roch & Pitts 1st gold 65_1921 F - A 10612 ---- 1074 Jan '15
R I Ark & Louis lst 4Si8_1934 111- 8
78
85 J uI '
y
2213
4
Consol lot g 65
1922 J -D 10812 -- 11138 July'14
Bur C R & N-lst g bs__ _ 1934 A 99
9934 99 Feb '15 ---- 99
9912
anada Sou CAMS gu A 58_1962 A- 0 10314 10312 10312
4 1011* 10312
10312
CRIF&NWlstgubs.1921 A-0
10078 May'14 -Registered
10678 Apr '14
1962 A M & St L 1st gu g 7s
1927 J -D ____
Car Clinch & Ohio let 30-yr ba '38 J -D
_ _ 97 100 July'14
Choc Okla & G gen g 58_01919 J - J ---- -3
-1-aia ---Central of Ga 1st gold Ss_ _ _y1945 F - A 16412 105 10312 Feb '15
10312 10312
Consol gold Ss
1952 M-N
994 June'14 ---Conaol gold Ss
101
9 101 10212
N 101 10112 101
Kook de Des Moines 1st 58 1923 A -0 --1945
-- "ii 83 Feb '15 __-_ 83 84
Chatt Div our money g 4s 1951 J -D
Feb
'15
86
88
St Paul & K C Sh L 1st 450'41 F - A
86 86
_ 65 6812 Dec'14 _ _-_
Mao & Nor Div 1st g Ss..1946 J - J 10014
10714 Jan '12
Chic SIP M &0 con 6s.. _ _1930 J -D iii
11734 Jan '15 ---- llSlo 1173;
Mid Ga & Atl Div bs
1947 3-3 10014 ---- 1044 Apr '14
Cons 133 reduced to 350 1930 3 -D
90 Jan '15
90 90
Mobile Div 1st g bs
10934 Mar11
1946'-3 102
Debenture
ba
alS
1930
fiiii
10112
10118
Feb '15
10118 102
Cen RR & B of Ga col g 5s...1937 M-N 90
9712 Dec '14
95
Ch St P & Minn 1st g 6s._1918311-N 116
11612 Jan '14
Cent of N J gen'i gold Ss__.1987 J - J 11418
11213
11514
11414
11414
11434
North Wisconsin let 6s
193013 - J 116
1294 May'09
Registered
112 114
51987
114 Jan '15
11312
13t P & S City 1st g 6s_ _ 1919 A -0 10514 - 10514
Am Dock de Imp gu 58_ _1921 Q-J - J 10312 10512 104 Feb '15
10234 104
Superior Short List ba g_g1930 M- S
Leh & Hud Riv gen go g 581920 J - J
5
_
10018 ____ 100 June'13
Chic T & So-east 1st 5s__ _1960 J - 86
N Y & Long Br gen g 4s 1941 MJan105386 '14 ---10013 Jan '13
9418
Chic & West Ind gen g 6ag1932 Q -M jog14
_ 10612 Feb '15
Cent Vermont 1st gu g 43 e192
105 1065*
68
'15
68
Feb
-68
_.
Q
F
-Como'50-year 48
0
1952 J - J
78
Mesa & 0 fund & irnpt 5s 1929
79
10 78
80
J - J 95
95 Dec '14
CinH D 2dgold 450
96
19373 -3
1st come)l gold ba
96 Mar'14
1939 M-N 103 10313 10312
10312 15 10214 10434
let & refunding 4s
19591J - J
Registered
1939 111-N .10213 ---- 10512 June'14
1st guaranteed 48
19593 - J
861* Joe
MISCELLANEOUS BONDS-Continued on next Page.
,
Street Railway
Street Railway
Brooklyn Rapid Tran g 511_1945 A -0 10014 101 1004
2 100410238 Hud & Manhat Ea Ser A_ _ __1957 F - A
101
74
6 74 797e
79
76
1st refund cony gold 4s_ _2002 J - J 83
74
85
63
83
2 SO 8512
Adjust income 53
1957_
2712 Sale 2712
2 2612 201a
0-year secured notes 58._ _1918 .1- J 9934 Sale 9912
2712
994 58 9878 100
N Y de Jersey 1st Sa
1932 F---A ____ 101 --------------Bk City 1st con 58_1916-1941 J -3 •10038 10134 10038
2 10014101
10038
---Interboro-Metrop
coil 4;0_1956 A -0 7438 Sale
Bk Q Co de S con gu g 50_1941 111-N --------98 Apr '14 ____ _ _ _ _ __ _ _
41
-iiI4 .634
Interboro Rapid TransitBklyn Q Co & Slot 5s_ _ _1941 J - J 96 - -__ 101 May'13 ____ .....- - _ _ _
1st & refunding Sa
1966 J
Bklyn Un El lot g 4-5o__1950 F - A 10012 101 101
88
84 97 983s
101
2 100 10112 Manhat Ry(NY)conall 48-1990 - J 9778 Sale 9778
A -0 88
8814 91
90 Feb '15
90
Stamped guar 4-5s
1950 F - A ___101 10012 Feb '15
991210012
Stamped tax-exempt
88118 91
9012 90 Feb '15 Kings County El 1st g 48..1949 F - A 827
;--__ 8212 Jan '15 -_ 8212 8234 Metropolitan Street Ry- 1990 A -0 88
Stamped guar 45
1949 F - A 8272 ____ 8212 Jan '15 ---- 8212 8212
Bway & 7th Av lot cc 58.1943.7 -13 99
100 101
_ 101 Feb '15
Nassau Elec guar gold 45_1951 J - J ____ 77
76
76
1 76
n
col &9th Av lot gu g be.
_1993 M- 5 9812 101
9913 July'14
- --- -Chicago Rya 1st .58
1927 F - A 9612 Sale 9614
9612 11 06 9718
Lex Av & P F let gm g 513_1993 M- 5 99
9934 101 Apr '14
Conn Ry & L lst & ref g401951 3-3 92 _ --- 10178 June'12 ____ _ ------- Met
W S El(Chic) lat g 4s_ _1938 F - A -------80 Mar'14 _
Stamped guar 450
1951 J - J 9212 ____ 9614 June'14 ____ _ _
_ _._
Milw Elec Ry & Lt cons g 5a 1926 F - A 102 __:_ 10018 Dec '14 -----------Del United ist cons g 450._1932 3-3 7218 Isle 70
7218 20 6534
_- 7212
Refunding & eaten 434s_1931 3 - .1' 9118 94
9238 Feb '15 ____ 9258 9258
Ft Smith Lt & Tr 1st g bs_ _ _1936 M- S --------84 Jan '14 -_-_ __ __ __ _ _
Milanese St 1st cons g _
1919 J - J 9934 10112 102 No v'12
Grand Rapids Ry Isle 58_1918 J -D 9912 ____ 100 June'14 ___ ____ ___ _
Montreal Tramways 58.
1st & ref
Havana Elec conga' g 58..-.1952 F -A ____ 894 92 Apr '14 ____ __ _ _ __ _ _
30-year ba Ser A
9512 9414 Feb '15 _--- 9118 9414
1941 J - J 93
•No price Friday: latent this week. /Due Agri!. @Dug May. g Due June. 5 Due July. 8 Due Aug. 0 Due
Oct. p Due Nov. •Due Dec. 8 Option sale. "German
stamped".
--
WI
-gics
BB
----
----
_-_-
_-_-_-_-
____
--_-
____
..--
----
----
----
54,_
C
Jog.; iisA;
-- --
New York Bond Record—Continued—Page 2
718
E•t,
BONDS
bS
1,,
a
N. Y. STOCK EXCHANGE 4,
4
Week Ending Feb. 26
Prize
Friday
Feb. 26
Week's
Range or
Law Sale
Range
Since
Jan. 1.
BONDS
N. Y.
Y STOCK EXCHANGE 11
Week Ending Feb. 26
33.3
[VOL. 100.
Price
Friday
Fee. 26
Week's
Range or
Last Sale
R.
Range
0
since
4;0
Jan. 1.
—
Sta
elelc
Low
No.
High
Low
Hih St P M& M (Continued)—
Ina
Ask Low
High No. Low High
OW
Cm Ham & Day (Con.)—
1941 M-N ..--- .--- 10018 Mar'14 ------------Registered
1937 J-J
____ 13614 May'06 ---OW D &I 101 ki4 a as
1937 J-J ---106 ..-- 10634 Feb '14 --- ---- - --guar gold 5s
0Find& Ft W 1st gu 4s g_1923 M411st
_
_
_
_
____
____
--------65
J'ly '14
1937 J -J -----------Registered
Cin 1 & W 1st gu g 48—.3953 J-3
_-__ ._-_
12.2113
,1 0
Will & 8 F lst gold 5s_ 1938 J-D .10012 _ _
Day & Mich 1steons4)is-1931 J-J ---- ____ 9438 Dec'14 __- ____ ____
1935 J-J --------65 J'ly '14 __-_ ____ ____ Gulf& S I 1st ref& t g5s__b1952 J -J
/00 Dec & W 1st,g 5s
87 lili 8712
2 -ift
8712
--- __-- 10712 Dec '02 _--1935 J-J
_ . ___
01952 J -3 ---- ____ ____
Registered
1st guar gold 5s
a 'if - iifif
r_Tock Val 1st cons g 4 Yis__1999 3 -J 91 9412 91
Cleve Cln C & St L gen 4s 1993 JD -6914 72 70 Feb '15 —. 70 74
____
82
J'ne'14
8434
-J...„,..
J
1931
1-I. Registered
1999 3-J --------9758 Jan '14 ____ _
20-yr deb 45s
1939 J- J 81 -,,.- 81 Feb '15 ---- 81 81
1948 A-0 83 ___ 85'i Jan '15 ---- ig1Col & II V 1st ext g 4s
Cairo Div 1st gold 4s
2 -85
.12
Col & Tol let ext 4s
1955 F-A --------9012 J'ne '14
Cin W & M Div 1st g 4s 1991 J -J ---- 80 83 Feb '14 ---- ____ ____
1990 M-N __-- 82 83 Dec IA ____ ____ ____ Hous Belt& Term 1st 5s
1937 J -J ---- 2312 9312 Feb '15 ---- -iii- -iiiSt L Divlst coil tr g 4s
,
1990 114-N --------8214 Mch'14 ---- ____ ____ Illinois Centralist gold 4s_1951 J-J 8912 ____ 9718 J'ly '14 ___ ___ _
Registered
1940 M-S --------85 Mcb:14 ------------ .1- Registered
1951 J -- J --------100
7834 j
Sa
en
Spr & Col Div lstg 4s
p :15
1 .._______ _i1;34_ _;84
.
1940 J -J ---- 92 91 Apr 12 ---- ____ ____
W W Val Div 1st g 4s
lstgold 3%s
1920 M-N --------10514 Apr '14 ---- -------1121 J-J — — 8812 Feb '13 _._..__:: ____
Registered
01 St L & C consol 6s
90
8812
--Feb
'15
Q-F
---- 9
k1936
1951 A-0 81 __-- 7814 Dec'14 ___
90
Extended 1st g 3 Ms
1st gold 48
k1936 Q-F 87 ____ 90 Mch'13 ------------Registered
1951 A-0 ---- _-- .
Registered
1st gold 3s sterling
1951 M-S --------80 - J'Iii•ob. ____
OM S& CI con 1st g 5s-__1923 J-J 10014 __— 103 May'14 ---- ____ ____
1951
Registered
C0 C & 1 gee con g 6s __I934 J-J --------10514 J'ly '14 ____ ____ ____
---- ---- ____ __
,_.- ---1934 J-J
Coll trust gold 4s
1952 A-0 *---- gfi 86
Registered
86
26 8534 8714
1952 A-0 ---- ---. 9514 Sep '12 ____
Registered
Ind B & W lst pref 4s-1940 A-0 *7 ---- 94 J'ly '08 ---- ____ ____
____ ---- __ __ _
let ref 45
1955 84-N 85 8612 8612
0 Ind & W 1st pref 5s___d1938 Q-J ---- ___. ___
8612
2 -iE3i -iiis
65
1940 A-0 65 Sale 65
1 65 65
1952 J -J --------82 Feb '14
Purchased lines 3.1,65
Pep & East 1st co L 4s
2312---- 2312 Feb '15 ---- 21
1990 Apr
L N 0& Tex gold 45
1953 M-N ---- 8538 8534
2312
Income 4s
8534
1 'Eli
Cleve Short L 1st gu 4188_1961 A-0 91 93 9312 Feb '15 ---- 9312 9334
1953 M-N --.- 9512 84 May'14
Registered
_
1947 .j -J__-- 17 15 Jan '15 ---, 15
15
Cairo Bridge gold 4s
1950 J-D 86 .. _ _ _ 89 Feb '15 ---- gO1Col Mid and 1st g 45
4
15
3 15
15
Litchfield Div let g 3s_ 1951 J-J --------74 Feb '14j.._
Trust Co. certfs. of deposit___ _-_ ---- 15 15
__ _
30 8518 9012
88
Loutsv Div & Term g 3 Yis 1953 J-J 77 ___ 77 Feb '15 ......
Colorado& Sou 1st 4 4s
1929 F-A 86 Sale 86
83
83
8312
-,-M-N
12 8212 85
1935
Registered
1953 J -J --------83 Aug'12 ___
Refund & eat 4 As
3 100 10212
1921 J -D 10112 10234 10112 10214
1921 F-A --------123 May'99----Middle Div reg 5s
Ft W & Den C 1st g 6s
_.
---- ____ ___
Conn & Pas Rive 1st g 4s_1943 A-0 .- -- ---Omaha Div 1st g 35
1951 F-A ---- 98 7218 Feb '141.,.,..
- -—
-----------.
__
1952 J --J---- 10012 10e MaY'19
St Louis Div & term g 3s_1951 J -J ____ __-- 7512 Mch'12 ____
Cuba RR 1st 50-yr 5s g
Registered1951 J -J
11 el Lack & Western—
-- ---1 10058 101
Gold 34s
1951 J -J 'if gili if12Seii-'15 ..._ --- - - - - _
,
I- M & Es let con gu 7s_1915 J-D 10058 Sale 10058 10058
Nov'13 _-__
_
1915 J -D --------103
Registered
1951 J-J --- _ _ _ 10118 Oct '99.,._._
Registered
8 84 8452
8414
2000 3-D 5414 Sale 84
Spring Div 1st g 3;58
1951 J-J 77 ____ 7858 illch'14 -__ - -_-_-_- - - -1st ref gu g 3%s
N Y Lack & W let 6s__.-1921 J-J 10712 109 109 Feb '15 -- 10714 109
Registered1951 J-J
Western lines 1st g 4s
1923 F-A 10158 ___ 10412 Feb '14 ---111-.- Feb._ _ _
Construction be
_..__
1951 F-A **Si ____'1.
_
1 9512
1 95 4 9512
9512
1923 M-N 95 2518
rm
Te
& Improve 4s
1951 F-A
Registered
Believ & Car 1st 68
Warren 1st ref gu g 3)is 2000 F-A --,-.___ 10218 Feb '03 --- ____ ____
- ---1923 J-D *l15Z _ _-_ lif12 Ma-ilolb _------Del & Hod 1st Pa Div 7s
Carb & Shaw let g 4s
1917 M-S 10558 10812 10838 Mch•14 ---1 .1'1y '121
1932 M-S --------942
Chic St L& NO g 5s
Registered
1917 M-S --------149 Aug'01 ___
1951 J-D 10712 10954 10914 Feb 'isL_ iiii iiiii78
1916
J_D
12
g8
4
9912
9912 14 gg
9974
10-yr cony deb 45
Registered
1951 J-D •---- 10934 114 Feb 'iiL.._
100
1922 3-J 100 10012 100
Gold
5 99 100
let lien equip g 4%8
33s
1951 J-D --------90 Oct '09 --__---- --Registered95
9312
95
95
1943 NI-N
5 92 96
lst & ref 4s
1951 J-D -,--,,_- --, - -- --1946 A-0 84 85 84 Feb '15 82 84 804
Joint 1st ref 5s ser A
Mb & Sus cony 3)is
Yu
904 21 jig', lee
Sale 99
1963 J-D 99 sale
11338Jan '15 _--- 11338 11338
1921 M-N 11314
Rens & Saratoga 1st 7s
Memph Div let g 4s
1951 J-D *80 ____ 9212 Aug'12 __
7518 14 75
1951 J-D
Deny & R Gr 1st con g 4s 1936 J-J 75 76 75
Registered
78
8114
1936 J-J 8114 Sale 8114
St L Sou let gu g 4s
3 8114 8114
Consol gold 4;0
9112 1i§ J'ly .1-) ____ _ - -1931 M-S
1928 J-D --- - 81 80 Jan '15....... 78 80 Ind Ill & Ia 1st g 45
8512
Improvement gold 58
1 git8518 Sale 8518
2
1950 -J ---1955 F-A 4512 Sale 45
int & Great Nor 1st g 6s
4558 18 38 48
1st & refunding 5s
1919 M-N --------100 Jan '15 ____ 100 100
1939 J -D *92 ____ 109 Dec '12 ___ ____ _ _ _
Rio Or June 1st gu g 5s
James Frank & Clear 1st 4s 1959 J-D ---- ____ 9112 Mch'14
Rio Or So let gold 48
1940 J-J ---. --__ 6112 Apr '11 — ___ _ _ _ -_ Van City Sou 1st gold 38-1950 A-0 6712 69 675s Feb '15 s3 -jfis -611940 J -J - -_. 50 85 Mch WI
Guaranteed
1950 A-0 --------63 Oct '00
-I-‘• Registered
__
7138 10 7034 -713-4
1939 J -J 71 ____ 71
West,lst g 4s
Rio Or Wt
Ref & Impt 5s
90
Apr 1950 .9-3 8814 Sale 8814
6 ig14 -91
____ ___
Kansas City Term let 48_1960 J-J ---- 8934 93 Feb '15 --__ g3 931-2
Mtge& col trust 48 A-1949 A-0 54 60 60 J'ly '14
Utah Cent. 1st gu g 4s_a1917 A-0 --------90 Apr '14 -- ____ ___: T ake Erie & W let g 58___1937 J-J ---- 9812 9S12 Feb '15 __-- 9812 9812
-Li
1917 51-N -,-- ---- 110 Sep '04 --- _
Dee Mol Un Ry 1st, g 5s
2d gold 58
1941 J-J ---- 9378 9434 May'14
1995 J-D 80 ____ 80 Jan '15 ____ gO - -g6North Ohio 1st gu g 5s
Det& Mack 1st lien g 48
1945 A-0 ---- 10018 98 filch'14 ____ _ - -Leh Vail N Y 1st gu g 4 Yis_1940 J-J 10114 10112 1011s Feb '15 .--- 003,
1995 J-D 78 ___ 82 J'ly '14 _.__ _ _ _ __
Gold 4s
,
- 16114
-_
Registered
1940 J-J ---- 10014 10038 Feb '15 -- 10038 1003
Det Ely Tun-Ter Tun 43.s_1961 M-N ---- 943-4 9334.1'1y '14 ___
_ - -_ Lehigh Vail (Pa) CODA g 48_2003 M-N 1.86 88 87 Feb '15 ---- 87 87 8
Dul Missabe & Not gen 58_1941 J-J 101 104 104 Ply '14 ___
101
Fib
'15
---102
____
joi
A-0
5s-1937
General cons 494s
Dul & Iron Range 1st
2003 M-N 96'i____ 9714Jan '15 ___ 0714 9714
100
1937 A-0 -„- - ___ 10612 Mch'08 __-- ____
Registered
Leh V Ter Ey 1st gu g 5s_1941 A-0 10818 ____ 10618 Feb '15 ---- 10534 1061e
_
1916 J-J 98 ____ 104 Feb '11
— ___ 11118 Dec '11
Registered
1941 A-0
2d 68
Do so shore& At 5s__1937 J-J --------101 J'ly '14 ____
_ - -: Leh Val Coal Co 1st gu g 5s_1933 J-J 1015
-.- 8 ____ 10414 Feb '15 ____ jab.jail;
Registered
1933 J-J ---- 10312 105 Oct '13 ____
Elisio Jo!& East 1st g 5s 1941 M-N --- --__ 10418 Feb '15 _--- iia ieli
let int reduced to 4s
1920 M-S -,-- Ill 11012 Feb '15 ---- low. 11012
__
1933 J-J -- ___
1,4rie let consol gold 78
- -----,
-9712J'ne'14 __
_
_ Leh & N Y let guar g 4s_1945 M-S 8414
NY & Erie 1st est g 4s1947 M-N 91
- -_-_ -881-s Feb-'14 ____
____
10014 iil ioii idii2
Registered
1919 DA-s m381;514 loo
1945 M-S
2d eat gold 5s
98
as-8
1923
9914
gg
Feb
'15
85 9872 9914 Long Isld 1st cons gold 5s_h1931 Q-J ilil - __
3d eat gold 4;is
i151
Feli
---- W4'15
10014 16 10014 lops
1st consol gold 4s
4th ext gold 5s
1920 A-0 10038 10138 1004
111931 Q-J 90___ 9614 ilich'1
__
—
5th ext gold 4s
1928 J -D --------9358 May'14
General old 45
1938 J-D 84 -8812 8618 Feb '15 ---- 8618 87s
_
N Y L E & W 1st g fd 7e 1920 M-S ---- --__ 11012 J'ne'14
Ferry gold 4jis
__ 9514 May'14
1922 M-S *92
81
1 -8614- -84i2
Erie 1st con g 4s prior__1996 J-J 80 82 81
Gold 4s
.___ 991.4 Oct 'I
1932 J-D
83 Jan '14
1996 J-J 80
_
Registered
Unified gold 4s
8434 88 8612 May'I _ --1949 M-8 ---6612
4 66
let consol gen lien g 48-1996 J-3 66 68 66
Debenture gold 58
6612
1934 J-D 99 101 9518Jan 'I' — 9518 9518
Apr '12
Registered
1996 J-J --------77 6184
Guar ref gold 4s
1949 M-S 83 85 8512 Feb '1 --8612
Penn coil tr g 48
8712
1951 F-A 8712 8834 8718
1 8712 -if3Re&
4
1949 M-S ---- ---- 95 Jan '11
____
50-year cony 4s A
1953 A-0 61 6112 6012
N Y B & M B 1st con g 5s_19351A-0 100 ____ 100
67 go 631y
4 116(1- 10018
10018
64
do
Series B
1953 A-0 6312 Sale 6312
13 6312 6614
N Y & R B 1st g 5s
1927 M-S ---- ..___ 10212Jan '14
Buff N Y & Erie 1st 7s
1916 J-D 10214 10314 103 Jan '15
Nor Sh B 1st con g an 5s_o1932 Q-J ____ 101 102 J'ly '1 ____ ____ ___ _
10212 103
Chic & Erie 1st gold 521_1982 M-N 101 105 10412 Feb '15 ---. 10112 10412 Louisiana & Ark let g 58
1927 ill-S ____ ____ 9112 Feb '14
HO_
101 Feb '15 __-- 101 101
Ciev & Mahon Val g 5s 1938 J-J *1011s __
Loulsv & Nash Gen 6s
19$0 J-D 11012 11312 115 Feb '15 __
115
Long Dock consol g 6s1935 A-0 120 ____ 12212 May'14 _--- ____ _
Gold 58
1937 M-N 107 ____ 1095a illay'l __ _ __ _ _ _ _
Coal & RR lst cur gu 6s_1922 M-N -,-- 10234 100 Dec '12 _
_ _
Unified gold 48
21 6112 9414
923
1940 J-J 9112 Sale 9112
Dock
&
Imp 1st ext 5s
1943 J-J MI 103 103 Feb '15 _ iE- idi
____
____
Registered
1940 J-J --------95 J'ne'l __
N Y & Green L gu g 5s
1
4
1946 M-N •100 _ __ 10312 Aug '12 .... ___
_
Collateral trust gold 58_1931 M-N 10314 ____ 10314 Jan '1 ---- 10314 103/
N Y Sus& W 1st ref58-1937 J-J ..--- 9112 93 J'ly '14 ____ _ _ _ - - - E H & Nash 1st g 6s
1919 J-D --------10858 May•1 ___ ___ _ _ _ _
2d gold 4)
,68
L Cin & Lex gold 4lis
1937 F-A 70 ___ 10014 Dec '06_,,_.. _ - - - - 1931 M-N 100 ___ 10258.1'1y '1
8
4 11338Jan '15 _--- ilia; 1113General gold 5s
1930 J-J 114 11531940 F-A 70 75 75 Feb '15 _
N O& Mist gold 68
Ms
1 log 108
Terminal 1st gold 5s
NO & 51 2d gold 68
1930 J-J 107 110 108
_
1943 M-N 100 ____ 102 Jan '14 _
_
_
Mid of N 31st ext 58
11111 May'12 _Paducah& Mem div 48_1946 F-A ---- 89 84 Dec '1
1940 A-0 .99
--- ____- _—
___
13 10614 10712
1067
Wilk & Ea 1st gu g 5s
1942 J-D 85 89 92 J'ly '14 ____ _ _ _ _ _
St Louis Div let gold 68_1921 M-S 10718 __ 10678
_
Ey & Ind 1st con gu g 68_1926 J -3 --------106 May'12 ____
1980 M-S *59 ____ 693s Sep .1'. ____
2d gold 35
1955 M-N 8812 89 8812 Feb '1 ____ 8512 gg-12
Evans& TB let cons 6s
Atl Knox Sz CM Div 4s
1921 J-J 95 100 97
5 -iii - -15j97
let general gold 58
AO Knox & Nor 1st g 58_1946 .9-12 101 ____ III Jan '1 ___ ____ ____
1942 A-0 ---- 85 995s Dec'13 ___ _
Mt Vernon 1st gold 68_1923 A-0 --------108 Nov'll ...... _ _ - - - -:
Hender Bdge lets f g 68...1931 51-S 10412 __ 106 Jan '1
86
2 86 8734
Kentucky Cent gold 4s_1987 J-J 86 89 86
Still Co Branch 1st g 58-1930 A-0 --------95 J'ne'12 ---- : - - - - _
_
i -6i
L& N& M& M 1st g 4348 1945 M-S 9912 ____ 101 May'14
E Coast 15t 4lis 1959 J-D ---- 9018 907a Feb '15 ____
lorida
_ 79
80
Jan
'1
go
7812
---J
-J
4s_1952
L
&
N-South
M
joint
A,ort St U D Co lst g 4).s _1941 J-J --------92 Aug'10 ___ ___ _ _ _ _
10952 Q-J ___- ---- 95 Feb 1)Registered
_
Ft W & Rio Or let g 4s
62 Apr '14 ____
1928 J-J ---_ g
1937 F-A 1013s........ 106 rly 'I
N Fla& S let gu g 58
llreat Northern—
-- - - - - - - -_
N & C Bdge gen gu g 430 1945 J-J .95 ____ 97 Dec '14 ____
9534 370 9478 9634
‘-11 0 B & Q coil trust 45
1921 J -J 0512 Sale 951s
1921 F-A 10812 Sale 10812
10813
2458 2634
Registered h
1921 44-3 --------9534 Feb '15 -Pens St AD lot 1311 g 6s
1 itii12 i6g4
98
io 98 101
s & N Ala con gu g 5s
1936 F-A 1047s___•10518 Feb '1 _
18tat refunding 4 he ser A 1961 J -J ____ 99 98
10518 1051e
Gen cons an 50-yr 58_1963 A-0 10034 1 5-8 10114
96 J'ne'13 ____ ____ _ _ _
Registered
1011 - '7 9912 102
1961
1945 M-S ---- 83 8312 Mch'I ._.j____ __ _
St Paul M& Man 4e
1933 J-J 92 964 9714 May'14 ____ ____ _ _: L & Jeff Bdge Co gu g 48
__
11978
let consol gold 65
1 11712 1197-8 t j multi tilt—Sou lines48_1936 M-N _-_- 80
1933 J-J 11958 121 11978
5-1 ex Internat lst con g 4s1977 01-S -------- 77 Mcii-To __-- _ _._ - _ _ _
Registered
1933 J -J ---- 12118 11712 Aug'13 ____ _ _
guaranteed
1977 111-S --------79 Nov'l
Reduced to gold 43i8-1933 J -J 9958 10212 1011a Jan '15 ____ i0014
1927 J-D --_- ___ 12412 Oct '12 ___
Registered_
__ 1933 J -J _ _ 10218 10834 J'ne1)9 _ _ _ __ _ tlinn & St L 1st gold 78
Pacific Ext lstgold 6s
1921 A-0 95 ____ 11018 buit'll — —_-_- ----92
1937 J-D ii12____ 92
3 i2 ii
Mont eat let goidie
1st consol god 58
1934 MN 5812 9112 91 Feb '1
9412 Apr '14
Registered
1937 J-D
-: -88 - -9214
1st and refund gold 4s
1949 M-S 5514 Sale 54
Pacific eat guar 45 £._1940 J -J 87 _ __ 9258 filch'11 ___. __ ____
5514 28 40 60
Des l'il & Ft D let gu 48_1935 J -3 60 -_-- 60 Feb '15 --- 60 60
E Minn Nor Div 1st g 412_1948 A-0 89'2 ____ 95 May'14 _-_- ____ ____
____
Central
1st
gold
551_1938
11012Jan
'14
10812
JD
Iowa
____
___.
____
J-J
g
68
1922
85 90 9014 Feb '15 --__ 84 9014
Minn Union 1st
Refunding gold 45
1951 M-S 52 54 56
1937 J -J 11912 _ _ 1201r
2 12018 12018
12012
Mont0 1st go g 68
si RA
56
en
1Z,
3435
g
F
Joih
stamped
MISCELLANEOUS BONDS—Continued on Next 131^.3.
Street Railway
New On Ry & Lt gen 4 48-1935 J-J
1942 J-J
N Y Rys 1st RE & ref 4s
a1942 A-0
30-year adi Inc 55
)49.'62
M-N
4
cons
Eyelet
N Y State
Portland fly 1st & ref 5s__-1930 M-N
1st
Pow
Lt
&
Ry
Portland
1942 F-A
& ref cony f 55
Portland Gen Elec 1st 5s_1935 J -J
M-N
1937
5e
g
StJos Ry L,H& P 1st
5s-1937 J -J
St Paul City Cab cons g
J -J
1960
4s
Third Ave 1st ref
81960 A-0
Adj inc 58
5s..,...-1937
J -J
let
g
y
Third Ave
A-0
Tri-City Ry & Lt 1st s f 5s-1923
Ms_1933
J T
4
London
of
Undergr
1948
Income 68
A---C3
Union Elev (Chic) 1st g 58_1549 United Rye by 58 Pitts les 1926 M-N
*So igloo Friday: wen Old and asked
Street Railway
78 Feb '15 ___ 78 78
United Rye St List g 48-__1934 J-J
6934 Dec'1
71
72
9 71
7278
St Louis Transit gu 58_.-1924 A-0 5938 65 6512 Dec'1
8
53
81
1 4.13,542
:
, 4 _182 5118 5558 United RRs San Fr s f 4s__1927 A-0 47 Sale 47
471
47
____ ____ Va Ry & Pow 1st & ref 5s__1934 J-J ---- 90% 9212,ply .1
9918
9918
5 991s 991s
Gas and Electric Light
Atlanta 0 L Co. let g 5e_-_1947 J-D 10114 __ 10118 May'14
i
89 92 Mc1214 _— ____ ____ Bklyn U Gas 1st con g 5s-1945 M-N ..
10_3_3
:
1-_-_:
10334
10354
1947 A-0
- --- ____ Buffalo Gas let g 5e
9914 ---M Poe'13
967. ____ -if NoViaa -_:-_-_ ____ ____ Columbus Gas 1st g bel
1932 J - J 191178 57100w; 97 Feb '15
97 10312 Feb '13
when
issued
Consol Gas Cony 68
11178
11278
10953
8134 ---14 -i6
8134 Sale 80
.58 -nis
.
- Detroit City Gas g 58
9812 Dec'14
8012 75 7538 8114 Det Gas Co.con 1st g 5S
19
21
23
5 -j
5--.
1
5 mil; iiii.- 0558 Sep 'Os
80 Sale 7834
2 10512 10612 Det Edison 1st coil tr 5s
1933 105 107 10512 10.512
10212
103
1932 M-S ,35i _ :::: 10612 Oct '1
96 9712 9634
9634
1 95 9714 Eq 0 L N Y let con g 5s
---- 94 9612 J'iy '14 .-__ ____ ____ Gas& Elec Berg Co c g 58 1949 .I-D
100 Feb •13
1915 F-A
jai;
__
l _______ 100 (let '09 --____ ____ Or Rap G L Co let g 5s
72 86 8712 J'ly '14 ____
____ ____ Hudson Co Gas 1st a 5s_ 1949 M N
103 Feb '15
l01'
---- ---- 84 Oct '08 __
- - - - ____ Kan City(Mo)Gas let a' 5s1922 A-0 ____ __ 92 Mch'14
---- ----71 "13
01)110 Fao a IMO April. 1k Due July. t DUO Aug. 0 Due Oct. •OPUou Bala
a Duo Jan
11118 woes
- --- 7814
72 Sale
5322 sale
85
9812 9914
_555e
97
nos
103'z
EDB.27 1915.]
IS
BONDS
N. Y. STOOK EXCHANGE ii
Week Ending Feb. 26
Ns.
New York Bond Record—Continued—Page 3
Price
Friday
Feb. 26
Wears
Range Of
Last Sale
4.
si
saca
Range
Since
Jan. 1.
..:2
.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 26
.., a.
h
719
pry,
Friday
Feb. 26
Week.
Range or
Last Sale
I
1
Rang.
SineJan. 1.
High No Low High N Y N H & Hartford (Con.)—
Ha
Ask Low
Nigh No. Low Blab
Bea
Ask Low
Si StP&SSM con g 4sint gu 1938 J-J ___. 95 93 Feb '15 -- 90 93
Cent New Eng 1st gu 48_1961 J-J — 8014. 81 Mch'14 —__ ____ ____
1st Chic Term Is f 4s
1941 81-N :___. ___. 9714 J'ne'12 ---- ____ __
Housatonic R cons g 58_1937 M-N 105 ____ 105 Fab '15 ---- 105 105
MS S& A lst g 48int gu_1925 J -5 --------96 Noy'13 ---- ___ _ _
NY W'ches&B let ser I 4;0'46 J -J 8612 Sale 6612
6612
3 6612 70'5
MississippiCentrallst 59 1949 J -J 857
91 511 '14 --- ____ __
N H & Derby cons cy 5s__1918 M-N 100 ____ 107 Aug 09 -----------040 Kan & Tex 1st gold 48-1990 J-D 7614 7817912
7 75 81
New England cons 5s__1945 J-J ------ 2 79
----.-- ---2d gold 43
01990 F-A 6712 5712
7 53 60
571s
Consoi 4s
1645 J -.1 --------991
;mei1.§ ---- ___ ___ _
18t ext gold 58
1944 51-N --- 90 89 Feb '15 ---- 89 89
Providence Secur deb 4s 1957 M-N 55 6014 5812 Feb '15 ---, 581
;5812
, 1st& refund 4s
NY
'15
Feb
5218
---5218
49
OR IV ref 1st g 4s__g1992 6.1-6 ---- 79 79
2004 WS 5218 5412
80
12 79 8258
Gen sinking fund 4 Sis
5 6912 72
72
1936 J -5 _-_ 72 72
Registered 35.000 only__01992 04-S --- _ ... 9212 5'ne'12 _.-- ___ __St Louis Div Ist ref g 45-2001 A-0 601
G eneral4s
; 6412 6018Feb '15 ____ 6018 6018
1955 J-D ---- 76 7512 Feb
---- 751
;751-2
Dal& Wa lst gu g 5s
194004-N ---- ____ 9954 Dec'13 ---- ___ ____ Norfolk Sou 1st& ref A 5s 1961 F-A ---- 83 94 J'ne'1,
'14 .... _ _ _ __
Kan0& Pao 1st g 4s
78 J'ly '14 ---- ____ ____ Norf& Sou 1st gold 55
1990 F-A
1941 M-N *10114 102 102 Jan '15 ---- 10112 102
Mo K & E lst gu g 5s__1942 A-0 941s 100 104 Apr '14 -- ____ ____ Norf& West gen gold 6s1931 M-N 1171s 120
120 Feb '15 ---- 120 120
M KR Ok 1st guar 5s
1042 M-N ..--- 8854 88 Feb '15 --- 88 88
Improvement& ext g 6s 1934 F-A 119 120 119 Feb '15 ---- 119 119
el K & T ef
g 58_1942 61-S ____ 90 89 Feb '15 —. 80 go
New River lst gold 68
1932 A-0 117 120 120 J'ly '14 ____ ____ _ _ _ _
Sher Sh & So 1st gu g 58-1942 J-D ---- ---- 96 May'13 ---- ___. ____
N & W Ry lstconsg 48
1996 A-0 9118 92 9112
9154 34 9112 94
Texas& Okla 1st gu g 5s 1943 M-S ...., -___ 9912Jan '14 ---- ____ ___Registered
1996 A-0 --------94 May'14 ---- ____ _ _
Missouri Pac 1stcons g 63_1620 M-N 9914 100 10012Feb '15 515 9954 10112
DWI 1st l& gen g 4s__1944 J -j 8814 90 8812 Feb '15 ____ 8712 881;
Trust gold 5s stamned_a1917 M-S 9112 9312 9312
9312
2 8934 98
10-25-year cony 45
1932 J-D 99 102 0878Feb '15 ---- 9878 102
97 M av'12 ---- ____ ____
Registered
10-20-year cony 45
a1917 51-6
1932 WS 99 102 9924 Jan '15 ---. 9954 9954
1st collateral gold 55
ggls 8812 Feb '15 ---- 8812 9012
1920 F-A
Convertible 4 SO
1938 111-S 101 Sale 101
101
15 101 103
Registered
Pocah 0 & C joint 4s
1941 J-D 8754 8934 88
88
15 8754 90
l0-year gold loan 45
4 4
45
8 i73.612 0 C & T 1st guar gold 5s 1922 J-J 102
1945 M-S -;ig &aie ii
____
10554Jan
'13
1st & ref cony 5s
38
4538 29
47
Selo V & NE 1st gu g 4s 1939 M-N 9014 92 90 Feb '15
1959 WS 4535 Sale 4314
--- 90 90
3d 78 extended at4%
1938 61-N --------78 Jan '15 ---- 78 78
Northern Pacific prior I g 481997 Q-J 8912 Sale BM
90 426 8854 9318
Cent Br Ry 151 gu g 4s-1919 F-A ---- 91 8.5 Feb '15 --__ 86 88
Registered
1997
-J
---905
4Feb
'15
---- 8854 993e
771z
Dec
'13 ---- _ _ _ ____
Cent Br UP 1st g 45
1948 J-D
General lien gold 38
a2047 -F 6278 Sale 62
63 120 62 65
Leroy & C VA L 1st g 5s-1926 J-J --------110 Mch'05 ____ __ -_
Registered
a'047 -F ---- ---- 6112
6112
1 6113 6212
Pac ft of Mo 1st ext g 4s 1938 F-A 8412 912 86
10 86 - 867-8
86
St P.,u1-Duluth Div g 48_1995 -D --------90 Jan '14 __-_ ____ _ _ _ _
___
2d extended gold 5s
Dul Short List gu 5s____1916 11.1-S --------10012
1938 .7-J ---- 100 97125'1y '14 ---'13 --- ___ _ _ _ _
'15 _87 9754 1011
StL Ir M&S gen con g 5s-1931 A-0
9958 98 Feb8
---- 90__
St P & N P gen gold 6s__-1923 F-A 1091 111 10912 Sep
110
4 10912 1111
8 102 ..Ply '14 -----------_
_
Gen con stamp go g 5s 1931 A-0
Registered certificates_1923 Q-F ------- 11558 Aug
11 --- ____ _ _ _ _
Unified & ref gold 451929
J-J 66 69 67 Feb '15 ---- 63;
7 71
—
St Paul & D Juth 1st 5s_ _1931 F-A 102 ____ 107 Jan
'12 _-__ _ _.
807s Oct '12.--- --------3d 58
Registered
1929 J -J
1917 A-0 100l_,,,,_ 10014Jan '15 -.._ 10014 10014
1 67 69
67
Riv &0 Div lst g 4E1—A933 M-N 87 69 67
1st consol gold 4s
1968 J-D --------87 Feb '1 _-__ ___
Verdi V I & IV 1st g 5s
1926 M-S ___ ___ 9212 Dec'13 ---___
Wash Cent 1st gold 4s_
Q-M --—_1948 - — 8112 Dec '13 ....
-—Mob & Ohio new gold 6s
---- 11454
1927 J -D 110; 114 11434 Feb '15
___- 11424
- Nor Pac Term Co 1st g 68_1933 J-J 110 113 112 Dec'14
___-- --1st extension gold 68.--h1927 Q-J 104 ____ 11212 Apr '14 -- _ _ _ _ Oregon-Wash 1st& ref
4s 1961 J-J
88 88 Feb'15 ---- Iii1-2 14General gold 4s
1938 M-S 7412 ___ 75 Jan '15 ..—_ fi ii, -pacific coast(Joist g 88_ _1946 J-13 ...-___ 9252 98 Feb '15 ---Montgom Div 1st g 5s
98 9818
1947 F-A 10018 103 104145'1y '14 ---- ____ ____ 1- ennsylv RR 1st g 4/3
1923 M-N 9e ---- 98 Dec'14
St Louis Div 5s
1927 J -D--------95 Dec'13 --_ _ _
Consol gold 5s
1919 MS 102 ---- 102 May'14 .... _ -- ---St L & Cairo guar g 4s
1931 J-J *86 ____ 87 Jan '15..... 87 87
Consol gold 48
1943
M-N
9712
-9712
Feb
'15
-------1
a "iiii
Mashyille Ch 62•OLL lst 5s 1028 A-0 1055s Sale 1053s 10614
2 10411 10658
Convertible gold 3;0_01915 J-D 100 1001; 100
100 102 9938 10018
II Jasper Branchtlen..g es1923 J-J *107 ____ 111 Jan '13 --.. -------____ ____
Registered
01915 J-D - - 9918 5'ne'14 ___ _
McM NI W & Al 1st:16s-1917 J-J *10154 --__ 103'4 Jan '14 --- _ _ _ _ ____
gold 4s
1646 M-N ii iirs 9714
3712
i if iiii
T&PB
6
1917 J-J •101 ____ 113 J'ly '04... ____ ____
Consol 4128 when issued 1960-- 10354 Sale 10354 10418
957
Nat Rys of Alex pr lien 4 ngigt7 J -5 ---- 60 58 J'Ile'14 ---- ---_
1047s
—
Alleg Val gen guar g 48_1942 M--S 9314 95 94 Jan '16 ___ 10314
94 94
Guaranteed general 4s
1 7 A-Q ------- 77 Feb '13.... ____ ____
D It R It & B ge lst gu 48 g'36 F-A 9258 _-__ 91 tich'14
Nat of Mex prior lien 4%8-1926 .1-5 ---- —__ 9675 Feb '13 _-_- ____
Phila Balt& IV 1st g 4s
1943 M-N 97 ---- 991s Ply '13 ---- _-—
let consol 48
1951 A-0 --------60 Apr '14 —_
Sod Bay & Sou 1st g 5s--_2924 J-J -------- 102 Jan '03
N 0 Mob & Chic 1st ref 53.1960 J -J --------35 Feb '15 ---- 3114 35
- --- Sunbury & Lewis lst g 4s-1936 J-J --------.
-- _, ---- --- --NO & NE prior lien g 68._p1915 A-0 -- 104 101 J'ne'14 --__ ____
U NJ ER & Can gen 45-1944 M-S 9812 --- 1.1n54 Feb
'lb --.. 985-4 983New Orleans Term 1st 48-1953 J -J ---.. --- 7912 Mar13 --4
_ Pennsylvania Co—
N Y Can RR deb 88 wh 1,1953 - - 10158Gu
10158 839
&ale 101
ar
101 10158
1st g 4;is
1921 5-J . - 10158 102 Feb '15 ____
N Y Central& H It g 3;58_1997 .1--7J 80 8014 7934
10014 1021s
80
1921 J-J 5978 ____ 99 Dec'14
26 79 8154
Registered
Registered
1997 J-J 76 8012 7512 Feb:I5 ---- 7812 7814
Guar 3;is coil trust reg-1937 b4-E 85 __-- 8412 Apr'14 ___ ____
Debenture gold 48
1934 M-N ---- 8534 8618 Feb '15 ---- 86 88
Guar 3h 8 coil trustser B-1941 F-A 84 -- 8712 J'iy '14 ...._ _ _ Registered
7 J'ne'14 ___ _ _ _ _ _ _
1934 M-N --------89s
Trust Co ctfs gu g 3As-1916 M-N 97 .......- 9814 J'ly '14
Lake Shore coil g 3lis---1998 F-A 73 7454 7358 Feb '15 --- fi 75
Guar 3;is trust ctfs C
83 -___ 83 Feb '15 __ 83 83
J-D
1942
Registered
1998 F-A .......-- 7612 J'no'14 ---- ____
Guar 3;is trust ctfsD
1944 J-D 83 --- 84 J'ly '14
.1 PM & Co etre of dep___
- --- 811; 79 Dec '14 ____ _ _
Guar 15-25_-year g 4s
1931 A-0 *9318 ---- 9212
9212
8 -iiii,
8 -(41
Mich Cent coil gold 35is_1998 ,70
F--A 691; 72 70
7 ail. 70
Cin Leb & Nor gu 48g..
II/1-N --------932 Apr '14 ___
1942
Registered
1998 F-A --- 7412 75 J'ne'14 ---- ____
CI & Mar 1st gu g 40_1935 M-N --------98 May'14
Beech Creek 1st gu g 4s 1936 J -J 9114 ..-- 9514 Apr '14 --- ___ ___..
CI& P gen gu g 43is ser A 1942 .1-5 10034 ___ 10156 Nov'13
_ __ _ _ _ _ _ Registered
99 May'll ....
1936 J-J *8812
Series B
1942 A-0 10054 ---- 109345'1y '09.
...- __ ___-2d guar gold 58
Int reduced to 3%5_1942 A-0 84 ____ 9114 Feb '12 _
____
Registered
1936 .1 -J
Series 0 3;is
- ---- ---1948 M-N 83 —. 9018 Oct '12 ___
Beech Cr Ext 1st g 3;0_61951 A-0 ..... --- --- — ..— _ _
_
Series D 3;is
1950 F-A 83 ---- 841s Dec'13 ___
Cart & Ad 1st gu g 4s
1981 J-D ..„... _ _ _ U Oct '12 --- --& Pitts gu g 3;is B 1940
Er
J-J 8418 87 8614 May'14
ie
____ ___ ---_
Gouv & Oswelatgug 59_1942 J-D 103 - ---. -,,
_ _ _ -_
- t, -:-- ---- --1940 J -J 8418 ___ 90185'1y '12 ____
_
Series 0
Mob & Mal 1st gu g 43_1991 M-S --- 9212 961-2 J'ne
-'14 ---_
Gr R & I exist gu g 40_1941 J-J 97 --__ 100 Feb '15 --NJ June R guar let 4s_1986 F-A --------86 Jan '15 ---1E6
106go
Pitts Y & Ash 1st cons 5s-1927 M-N 10158.__ _ 109 May'10
N Y & Harlem g 33s...._2000 53-2r 81 --__ 8712 Dec'12 ---_
WV & 0 gu 43s A
1931 J-J 9758 ____ 99 J'ly '14 .Registered
---- ---------------- ---- Tol
Series B 43s
1933
j
-j
97
N Y & Northern 1st g 59-1927 A-0 -- __ 178--------/
1
4
....
9812
J'ne'14
..-----------Ja
---- ioi loi78Series 0 4s
N Y & Pu 1stcons gug 48_1993 A-0 -___ 88 92 Oct '13....
1942 M'S I--- ---- 93125'1y '14 _ __ ---- ---____
_
P00& StL gu 430 A-1940 A-0 99 101 101 Feb '15 _:__ -66— itif1Nor& Mont1st gu g 5s
1916 A-0 ---- ---- --8
- „-----Sinies
B
guar
Pine Creek reg guar 68_1932 J -D --------116
1942
A-0
--..
99
10114
Feb
'15
...... 9912
- Feb-'14
Series 0 guar
It W & 0con 1st ext 58-51922 A-0 10254 ____ 103 Feb '16 ---1942 M-N 99 -_-- 10112 Feb '15-- 10112 10112
---10112
10154 103
Series D 4s guar
Oswe& R 2d gu g 5s1945 M-N •9358 ____ 9358
9358
F-A -—_0195
10018 1001s Feb '15 ___ 10018
2 u388 938.
10018
Series E 3 yis guar g
R W &0T It lstgu g 5s--1918 M-N 1•91
1949 F-A 90 ___ 92 J'ne'14 ;...... 104 J'ne'10 - — -- 9514 Jan
Series F gu 48 g
Rutland 1st con g 434s- -1941 J -J --------90 Apr'13 ____ __1963 J-D •9351. --'1
-.:::
---- -_
_
Series04s guar
Og & L Cham Ist gu 4sg
1957 M-N *9354 ---- 9712 an 13
- 1948 J-J ____ 71. 70 Feb '15 --J ---- ---0 St L & P lst con g 5s
Rut-Canad 1st gu g 45_1949 S-S .--.- _ _ 92 J ne'09 ._ __ id - -i0
1932 A-0 101 ---_ 10612 May'14 .- - ---- ---Peo & Pale Un 1st g 63
St Lawr& Adir lat g 5s-199 J -J 10012 102 108 Sep *12 ....
1921 Q-F --__ ____ 10114May
_
3d gold 41s
51921 MeN --------89 Feb '14 ---- ---- --2d gold 6s
199 A-0 ....... 10612 11912 Mal'12 ---Pere Marquette—Ref 4s
1955 J-J
Utica & Blk Riy gu g 4s_1922 J -J 11518 — 97 Feb'15 ---- ii
_ 20 25 May'14 .--- ---- -cif
Refunding
guar
4s
1985 j-5 --ti 19 40 Dee'13 .--- ---- -Lake Shore gold 3 Sis
199 J-D 82 827; 83 Feb '15 ___- 83 8314
Ch & W M 5s
1921 J-D 55 ---- 73 May'14.-- ---- ---Registered
8512 May'14 --__
199 J-D 82
Flint & PM g 65
1920 A-0• __ 90 85 Dec'14 _--- ---- — —
D ebenture gold 48
192804-S 90 9011 90
90
5 90 93
1st
consol gold 5s
1939 M-N - ;---- 08 Feb'
25-yr gold 45
9018 47 8954 9214
193 M-N 90 Sale 8954
15 ----.-- -ii- -iiiPt Huron Div 1st g 5s 1939 A-0 651
6512 69
76 Apr '14
Registered
:
193 M-N ---- ____ 9178 J'ne'14 -----. __-- ---Sag Tus & H 1st an g 4s 1931 F-A
Ka A &0 it 1st gu 668_193
j-j ____ __ ..._,
_ ,... ---- ____
Philippine Rilst 30-yr s f 4s'37 J-J --:
-65
mai•li
Mahon 0,1 RR 1st 58_193 J-J 10312 ---- 1071
7
-- — — --;APr'
- 14 ---- ___
Phts Sh & LE 1st g 5s
1940
A-0
*105
____ 10812 May'14 _-.:- ---- --Pitts & L Erie 2d g 5s_ a192 A-0 103 ____ 103 Jan '15 ---- 103 - 103
1st consol gold 58
1943 J-J --------11314 Ney'll _-_-_ ---- --Pitte McK & Y 1st gu 6s_193 5-J •112 ____ 1301* Jan '09 ---- .—
Deeding Co gen a 45
1997 J-J 911 Sale 911s
2d guaranteed Os
92 -44 -151:112314 Mch'12....
193 5-5 *112
8
Ls, Reglsterea..
1997 J-J -—___ 9012Feb '15
McKees& BY 1st g 6s 191 J-J •100 ____ ___
--,- ---- ---Jersey Cent coll g 4s
9012 93
1951
A-0 --:- 9212 91's Jan '15 ---Michigan Central 5s
____ in tini
4J'ne'14 ---193 M-S 102's.... 1051Atlan City an 4s g
1951
J-J
------- --_
Registered
10312 Marie —
1931 Q-M 10112 _
QtJo& Or Isl lstg 4sgen ge1
194
37
1 J:J
j 1074 _7_4748
.
2 10
77
54;idai
f
'
o7
1940 .1-5 86 ---- 98 Apr '12 ---14 --1
-i; io
.
a.
0t Louis& San Fran
-.
13 itiiRegistered
1940 J-J
87 Feb '14 --__
General
gold
58
1931
J -J
99 100 100 Feb '15 e3
.1 L & 5 1st gold 3;0_1951 51-5 --------90 J'ne'08 --_
99 100
St L & S F_
RR cons g 4s_1096 J_
-5
—
1st gold 33s
--------75
J'ly
'14
1952 M-N 81
81 Feb '15 --- 797;-al
— -_
Gen 15-20-yr 5s
-1027 M-N 35 — 35
20
-year debenture 48_1929 A-0 80 8114 7818 Dec'14 --, _-35
1 35" 44
'
Tr Co certfs of deposit__
N Y Chic& St L lst g 48_1937 A-0 ---- 9358 9314 Feb'
351 40- 42 Jan '15 .....
15 " 93 - -9354
3654 42
do
Stamped-Registered
-,--4112 40 Feb'15 _
1937 A-0 --------9254 rly '14 ---- ____
RM.
42
Southw
Div
1st
g
55----1947
Debenture 4s
A-0 7
93 Dec*
— -1931 M-N 76 827 82 Dec '14 ____
'—
Refunding a48
West Shore 1st 4s guar_2361 J-J 9014 Sale 90
9014 43 8958 92
Registered
1951
"
2361 J-J 8714 8814 8714
,
6
0
4
r
-T_
1
_
2
8714
6
6
803
4
4
4
y
7 8714 89,
a
g
n
h
6
:
6
1
5
1
__
.-.
:
_i
Trus
Re1
I
tC
e
4
r
ectfs
_6
6
4
of depos119
1:: ii34
9.
-.
NY Connect 1st gu 43is A-1953 F-A --__ 9412 9412Feb '15 ---- 9412
51
-j
-lj
9412
N Y New Haven & Hartf—
Stamped-- __,-K0 Ftd
62
8982 M con g 68-1928 MN 62 Sale 62
17 6154 66
Non-cony deben 4s
1955 J -J ____ 72 71 Feb '15-- 72 72
1095
8
Sale
1095-,
K
0
Ft
110
S & M Ry ref g 48_1936 A-0
7 107 110
Non-cony 4s
1956 M-N — 73 72 Jan '15 -- 72 72
70 72 71 Feb '15 ___
K0& M R & 13 lst gu 5s-1929 A-0
691 731
Cony debenture33is
4
,bd ars
1956 J-J ___ 62 631s
,
1959 04-N--- 95 95 Mch'14
6312
1 6312 64 St L SW 1st
Cony debenture Ith
1948 J-J 102 Sale 101
10212 21 101 106
7712
80
77 Feb '15 sl 75 80
2d g 48 Inc bond ctts---P1989
Harlem R-Pt Ches let 4s-1954 M-N --------9914 Nov'12 --.. ---3-3
55 Sale 55
Consol gold 48
55
3 55 55
B& NY Air Line 1st48_1955 F-A --------9914 J'ne'12
567a 58 Feb '15 _-- 57 61
Gray's Pt Ter let zu g 5s-1947
1932 j-13
513—
J-D .
98's Jan '14
MISCELLANEOUSONDS—C
-- --- • ---- - - —
Gas and Electric Light
Gas and Electric Light
Kings Co NIL 3; P g 5s----1937 A-0 10353 _ _ 1033, 10343 12 10214 10318
pep Gas&01st con g
Purchase money 65
1997 A-0 11012 lii 113
68.-1943 A-0 114 11418 114 Feb '15 ---- 110 114
113
1 113 113
Refuntd
eirrin gold 5s
Convertible deb Gs
1925 M-S 11214 11512 115 Feb '15 ____ 115 115
1947 M-S 10054 --- 10054 Feb '15 __-- 10018 101
Rwis
Ed E I III Bkn 1stcon g 4s_1939 J-J
8778 89 8754 J'IY '14 .--- ---- __ _
1947 M-S
99 Sep '13 -.
Lac Gas L of St L 1st g 5s_e1919 Q-F 10054 101 10054
7
1311 G-L& OlKe 115t if11 a 5s-1937 J-J lail; i625; 1015 Feb '151---- Mil;iiii
10054
4 10014 10.
Con
G
Co
of Oh 1st an g
Refand ext 1st g 5s
1934 A-0 9878 100 99 Feb '15 ____ 97 99
J-D.....102 1001: Feb '151...-- 10018 10014
Ind Nat Gas& Oil 30-yr581936
Milwaukee Gas L 1st 45— 1927 M-N 9114 9112 911s
58
'36
M-N
-------93
9114
6 9015 9114
Mch'12 --- -- -Mu Fuel Gas 1st gu g 58_1947
Newark Con Gas g 68
1948 J-D 101 __ 10134 Jan '14 ---- ---- --M-N 1001
; -- 100 Jan '15 ....: 151111 - NO Co cony 5s
1945 '-0 10214 104 10278 103
NY 0 ELLISG Pg 5s
1919 F-A ___ -95 95 Feb'15 ---_ 95 95
31 1014 10312 Philadelphia
Cony
deben
g
5e
Purchase money g 4s
1949 F-A 83 84 83
1922 M-N-- 90 9654 J'ne'14 -- - — —
83
5 83
—1995 J-J 106 ---- 109 J'iy '14 — .- _ - 8558 Stan Gas & El cony s f 6s 1926 .1-0 -- 90 8812 Jan .15 ___ g82Ed 51 111 lst CO= g
8 8818
Syracuse Lighting lst g 58_1951 J-D -99- 100 100 Mch•14 ---Ny& QE1L & P lst con
g5s 1930 F-A --------101 Feb '14 ---- ---- --58----- - —
---N y s,
.yracuse L & P 5s
Rich Gas 1st g 5s_ _1921 M-N ---- __-_ 92125'1y
1954 .1-j -- 80 851s J'ne'12 ---- --. ___
'09 ---- ---- ---- Trenton G & E
1st g 53
Pacific G & E I00Cal G &I
1949 M-S 99 ___ 10112J'ne14 ..... ___ ____
1937 M-N 9078 9212 9212Feb '16 ---- 91 9314 Union Elec L & P Ist g 5s-1932 Al-S 100 10012
- 100 Feb '15 ---- 100 101
Corp unifying & ref58
Ref & ext 5s
1933 M-N 901s --_ 89 Jan '15 — 89 89
PAC Yow & Lt1st& ref20-yr
Utica El L & P lst g 58
1930
1950J-J
F-A
__-103
96 Jan '1 --Series
Internet
881s 91 91 Feb '15 ---- 8815 91
Si
1957 .7.4
_ 10014 Dec'11 ---- 96 96
1949 M-S 9912 ---- 100 Jan '14 ---- ---- ---- Utica Gas & E ref ge
Pat& Passaic G & li 5s
Westchester Ltg g ge
1950 J-D ilii;
-1
ilii14
10212Jan
'15.... ioii2 ii,
—
•No price Friday: latest bIll anti asgea, 0 iies Jan, 0 DUe Y00, I 2JUS58y, 0 Dee June, 5 Due July. 0
Due Oct. V DUO NO,. a Option We
T istgu
--
-
720
5.
BONDS
N. Y. STOCK EXCHANGE i?
s
Week Ending Feb. 26
loo.
New York Bond Record—Concluded—Page 4
Price
Friday
Feb. 26
Week's
Range or
Las, Sale
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 26
Price
Friday
Feb. 26
Week's
Range or
Last hale
s
4°
Range
Since
Jati.l.
5W
Htgh No Low High Wabash (Concluded)—
Ask Low
Ask Low
Hioh No, Low High
Bid
100 Feb '15
79 Jan '15
7814 80
"let & Ch Ext 1st g 5s-1941
100 100
8 A & A Pass 1st 11U g 4s- —1913 J -3
104 Oct '09
80 Aug '12
Des Moir] Div 1st g 4s---1939 J -3
8 F & N P 1st sink .g 5s_1919 J -J
1941 A-0 54 60 6014 Feb '15
Om Div 1st g 3jis
60 6014
Seaboard -iir Line g 4s____1950 A-0 80 8234 75 Dec '14
1941 M-S
66
SO
66
1950 A-0 50 Sale 80
66 7234
78 83's
Toi & Ch Div 1st g 4s
Gold 4s stamped
6 Feb '15
1950 A-0
Wab Pitts Term 1st g 4s 1954 J-D
834
6
Registered
593
4
593
45
'15
62'
Feb
64 8
6
7134
o1949 F-A 60'2 Sale
9
6
Cent and Old Col Tr Co certaAdjustment 5s
7 J'ly '14
7
1959 A-0 67 68 67 Feb '15
66 67
Columbia Tr Co ctfs
Refunding 4s
7
3
712 Dec'14
81 82
Col tr ctfs for Cent Tr etre .Atl-Birm 30-yr 1st g 4s_c1933 M-S 8014 8338 82 Jan '15
8412 Feb '15
1954 1-15
52 1
1 Feb '15
8412
42 1
2d gold 45
8412 541.
Car Cent 1st con g 4s-- —1949 J -J
13
11
12 Jan '15
138
10314 Jan '13
-- -- Trust Co certfs
Fla Cent & Pen 1st g 5s 1918 J -J 10018
8312 J'ne'14
1930 J -J •10012-- 104 Nov 12
1st land gr eat g 55
- - - Wash Termllst gu 33,58-1945 F-A 8134
100 Dec '14
-- 100 Sep '12
1945 F-A _
1943 J-J 10034 1st 40-year guar 4s
Conso I gold 5s
65
54 66;
1952 A-0 6432 Sale 64
1
Ga & Ala RI, 1st con 5s__o1945 J -J 10134 10258 10112Jan '15 --. 10012 10134 West Maryland 1st g 4s
10114
101
3 101 10278
101
10012 102
West N Y& Pa 1st g 5s
Ga Car& No 1st gu g 5s1929 J -J 101 Sale 101
1937 J -J 101
1943 A-0 /0 75 75
3 75 784
75
10038 Dec 14
1926 J -J 1014
Gen gold 4s
Seab & Ron 1s1 5s
34 Feb '07
d1943 Nov
Southern Pacific Co—
Income 55
102 J'ly '14
8 8254 8614 Wheeling & L E 1st g 5s___1926 A-0
8258
Gold 4s (Cent Pac coll)_k1949 J -D 825s Sale 8252
90 Feb '14 -- - - - - - k1949 J -D
Registered
Wheel Div 1st gold 59_1928 J -J 90 __. 9512 Nov'13
91 Feb '14
01929 (11-8 8078 Sale 8012
175 8014 8334
81
20-year cony 4s
Eaten & Impt gold 5s____1930 F-A
66 69 654 Feb '15
1949
9658 268 9514 99,
"gi"
1934 J-D 9638 Salt 9514
RR 1st consol 48
20-year cons,5s
4
Apr '14
90
J-J
1922
8634 247 86 90
Cent Pac 1st ref gu g 4s 1949 F-A 8634 Sale 86
20-yesr equip s f 55
88 Feb 14
9412 J'ly '12
1949 F-A
Registereu
Winston-Salem S B 1st4s_1960 J -J
86
4
8434 87
90 8834
37 WI;-66- Wis Cent 50-yr 1st gen 4s 1949 J -J 854 Sale 85,
89
Mort guar gold 3 Iis_k1929
854 Feb '15
8412 8514
87 Feb '15
Through St L 1st gu 4s..1954 A-0
87 87
Sun&Dul div & term 1st 45 '36 M-N 8434
10212 Dec'14
G H & 8 A M t.; P 1st; 58_1931 M-N
-10234 Apr '14
Industrial
Gila V G & N 1st gu g 55_1924 M-N
Manufacturing &
103 Jan '15
Flous E & W T 1st g 5s-1933 M-N
103 ioi
10214 10 997410214
ma A-0 10112 Sale 014
1st guar 55 red
Am Ag Chem 1st c 55
1044 J'iy '14
1933 M-N 9812
10018 16 9974 10014
H & TO 1st g 5s lot gu_1937 J -J 10713 10912 109 J 'ne'14
Am Cot 011 ext 4
Q-F 1004 Sale 0018
1931 M-N 90 9334 9378Feb '15 —_ 924 94
Gen gold 4s Int guar__1921 A-0 95 0614 954 Jan '15
93 9512
Debenture 5s
2 10012 10314
10112
108 Alch '14
Waco& N W div 1st g 6s 1930 M-N 108
Am Hide& Lists f g es-1919 M-S 1014 Sale 0112
1 80 85
85
10251A-0 83 85 85
A & N W lst au g 5s
1941 J -J 100 1027-8 103 Mch'14
Amer ice Secur deb g 6
10458 30 10358 10478
10712.71y '14
Am Smelt Securities t f 6s_19261F-A 10455 Sale 0412
Morgan's La & T 1st 7s1918 A-0
•14
J'ly
1669434
'14
Ply
-J
10614
19151M-S
1st gold Cs
1920 J
Am Spirits Mfg g Gs
- 94 .1 'ne'14
112 Feb '07
1919'J-J
No of Cal guar g 5s
1938 A-0
Am Thread 1st col tr 4s
214 Feb '15 --__ ii67;
Ore & Cal 1st guar g 5s_1927 J -J 100 Sale 9934
1944 A-0 120
10014 101 -663; 1011 Am Tobacco 40-yr g Gs
2134 May'14
Bo Pac of Cal—On g 5s 1937 M-N 10512
10112 Nov 13____
1944 A-0
Registered
Su Pac Coast 1st gu 4s g_1937 J -J 90
9818 Feb '15 -- 9784 98's
9112 Sep 'l2__
1951 F-A
Gold 45
98 J 'no 14 ---San Fran Terml 1st 48_1950 A-0 78 Sale 7734
1951 F-A
Registered
71112 64
9 -66" -6ir,
62
Tex & N 0 con gold 5s 1943 J -J --- 97 96 Apr '14 ____
Am Writg Paper 1st s f 5s_1919 J-J 614 6234 61
5 10034 101
101
So Pac RR 1st ref 4s..
841-2 Sale 84
85 261
1955 J-J
Daldw Loco Works 1st 53_1940 M-N 101 Sale 101
36 984 10014
100
Southern-1st cons g 5s 1994 J -J 9834 Sale 9812
Beth Steel 1st ext s f 5s
9914 61
1926 J-J 9978 Sale 9934
27 8518 8918
89
_ 100 Aug'13
1st & ref 58 guar A
Registered
1942 M-N 8712 Sale 8612
1994 J 84 6234 69
9834 43 9678 994
Cent Leather 20-year g 5s-1925 A-0 0834 Sale 0734
Develop & gen 45 Ser A1956 A-0 6338 Sale 6278
65
Congo! Tobacco g 4s
Mob & Ohio coil tr g 4s 1938 M-S 1412 78 76 Feb '15 — 74 76
9734 Jan '15
9734 9734
1951 FA
9434 9714
Corn Prod hots f g 5s
Mem Div 1st g 4 I -5s__1996 J-J
10058 100 Dec'14 --__
_
1931 M-N 95 97 96 Feb '15
1st 25-year s f 55
9212 10 9213 0432
8458 8612 J'ly '14
St Louis div 1st g 4s
1934 M-N 9012 92 9212
1951 J -J
95 95
Cuban-Amer Sugarcoll tr 6s 1918 A-0 95 96 95 Feb '15
Ala Cen R 1st g 6s
1918 J -J 10214 ___ 10434 J'ne'14
5212 23 5112 56
Distil Sec Cor cony Ist g 5s_1927 A-0 5112 Sale 514
Ala 0t Sou lst cons A 53_1943 J-D 95 981-2 9934 May'14
14 84 8812
87
All & Deny 1st g 4s
1948 J -J 8312 85 881g Jan '15 -- 8515 8,518 E I du Pont Powder 430_1036 JD 87 Sale 87
8712 J'ly '14
824 Feb '12 -General Baking Ist 25-yr 68_1956 J -D
2d 4s
1948 J-J
Gen Electric deb g
F-A 75 78 79 J'ly '14
7534 Dec'14
Ati & Yad 1st g guar 4s.._1949 A-0
102
ioi" 105
1952M-8 102 Sale 102
10038 J'ly '14 __
Debenture 5s
Col & Greenv 1st 68
1916 J-J 16114
Gen'i Motors 1st lien 6s
10114 46 10034 1014
1915 A-0 10118 10138 1014
106 J'ne'14 ____
E T Va & Ga Div g 5s
1930 J -J 101
1 84 87
84
1940 A-0 84 847s 84
10312 10414 III Steel deb 4;3t2
Con 1st gold 55
1956 M-N 103 105 10414 Feb '15
8 99 10012
9912
1952 MN 994 Sale 9912
Indiana Steel 1st 5s
10312.1'1y '14
E Ten reor lien g 5s
1938 M-S .98
Ingersoll-Rand 1st 58-----q1935 J -J 100 ____ 100 Oct '13 _
6412 May'13
Ga Midland 1st Is
1946 A-0
10612 Jan '15 _- jai" 1661-2 list Paper Co 1st con g 60_1918 F-A 100 Sale 100
1004 10 kid" loll;
Ga Pac By 1st g 6s
11422 J-J
1935 J-J
3 7934 82
Consol cony s fg 5s
11018 May'14
7978
7934
-------Knox & Ohio 1st g 6s
1925 J -J los%
Int St Pump 1st s f 5s
1929 M-S 46 60 50
3 38 50
50
10512 Nov 12___.
Mob & Bir prior lien g 5s_1945 J -J Hos
1923 A-0 8972 90 8914
90
Lackaw Steel 1st g 5s
21 89 91
79 Mch'13
1945 J-J
Mortgage gold 4s
1950 M-8 68 70 6912
1st con 55 Series A
70
7 65 71
Rich & Dan con g 6s1915 J-J 101 ---- 10078 J'ly '14 _.
5-year convertible 5s....-1915 M-S 9034 1001a 100
100
1034 Feb '14 17._
1 99 100
1927 A-0 --Deb 5s stamped
Liggett 3c Myers Tobac 78_1944 A-0 12212 12314 123 Feb '15 __
122 1244
73 Sep 12
Rich & Meek 1st g 4s1948 M-N
100
F-A
9978
10112
1951
5s
100
15
loots
9978 102
i6618
10018
kW"
§.;.ie
1561;
M-N
1919
So Car & Ga 1st g 5s
1944 A-0 12212 123 123l Feb '15 _- 12214 124
Lorillard Co(P)75
112 Oct '06
1916 M-S 10014 _
Virginia Mid ser 0 6s
5s
100
1951 F-A 0034 Sale 9934
12 9934 102
- 10334 Nov'12
1921 M-S 10014
Series D 4-55
Mexican Petrol Ltd cnv 65 A_'2I A-0 96 Sale 9512
96
5 9541004
1926 M-S 10034 ---_ 102 Dec'13 ____
Series E 5s
0072 9978 Feb '15
1st lien & ref Os series CI921 A-0
95 100%
1931 M-S 10034 - - 104 Mch'13 __
Series F 5s
Nat Enam & Stpg 1st 5s 1929 JD 92 9212 9212 Feb '15
10312 Feb '15
924 9314
1936 M-N 10318 -General 58
Nat Starch 2Otyr deb 5s
8434 J'ly '14
1930 J -J 8312 -Va & So'w'n 1st gu 5s_2003 J-3 100 1 fis 10014 Feb '15 _
95
6
Sale
98
98
1952 M-N
National Tube 1st 5s
-66- -664
1958 A-0 8612 90 864 Dec '14
1st cons 59-year 5s
00
N Y Air Brake 1st cony Os.1928M-N 8912 90 90
1 90 94
92 J'ne'13
W O& W 1st cy gu 4s_1924 F-A
Railway Steel Spring—
ipokane Internat 1st g 5s1955 J-J - _ 98 964 J 'ne'14
Latrobe Plant 1st s f 5s_1821 J-J 9512 97 96 Feb '15
9514 9612
_ 101 J'ly '14
Tier A of St L 1st g 40_1939 A-0 66
Inter-ocean P 1st s f 5s_ _1931 A-0 90 92 90 Feb '15
90 93
Rig" log Repub
4 102 Jan '15
3- 1st con gold 5s_1894-1944 F-A 10012 1.6i1
104 J'ly '14
I & S Ist& col In 5(3_1934 A-0
884 May'14
1953 J-J
Gen refund s f g 48
9334 45 -9012 9384
1940 A-0 91 9314 9314
102 102 'ne'14 ____
10-30-yell_g 5s s f
St L M Bge Ter gu !,' 5s,.,,1930 A-0
8812 90
9514
1930 MN 87 89 8812Feb '15
9 95 96 Standard Milling 1st 5s
2000 J-D 95 Sale 95
Vex & Pac 1st glId 55
9812 69 9712 100
The Texas Co cony deb 6s_1931 J-J 98 Sale 9712
40 51 Nov 12
2d gold Inc 5s
q2000 Mch
-—
_.-- 90 Feb '13
06 May'14 _Union Bag & Paper 1st 5s_1930 J-J
La Div 13 L 1st g 5s
1931 J-J
1064 Nov 04
1930 J-J -__- -- 9114 Jan '13
Stamped
W Min W & N IV 1st gu 5s_1930 F-A
72
9 -gg 76
72 Sale 66
US Realty & I cony deb g 5s_'24 J -J
102 103
1935 J-J 100 igog 103 Feb '15
Fol & 00 1st g 5s
20 20
1931 J -J __— 30 20 Jan '15
Aug'13
Western Div 1st g 5s
- --- U S Red & Refg Ist g 6s
1039 A-0 100 _-- 101 Apr
10252 13 1014 10258
U 9 Rubber 10-yr coil tr 6s_1918 J -0 10258 Sale 10214
14
10112
1935 J-D _
General gold 5s
---- 10012 313 997210252
9978
100
Sale
M-N
63
....d19
8
U
Steel
coup
Corp—I
I900 A-0 .84 8512 864 Feb '15
Kan & M 1st gu g 4s
8612 8612
5 0934 10214
10012
S f 10-60-yr 5slreg —41963 M-N 9934 Sale 9934
2d 20-year 5s
9512 96
1927 J -J 9512 9534 9512 Feb '15
9212 11 89 9512
Va-Car Chem 1st 15-yr 5s-1923 J -D 90 Sale 89
65
Tol P & VV 1st gold 4s
1 65 68
1917 J -J 65 Sal.' 65
10012
19
4
1013
101
100410134
Sale
J-J
1922
Dec
5s
West
1st
Electric
Vol St L& W pr lien g 3jis_1925 J -J 76 7712 76 Feb '15
76 78
9118 24 90 94
Westinghouse E&Msf 53_1931 J-J 9012 Sale 90
4712
50-year gold 4s
4212 49
1950 A-0 4712 49 4712
9914
4 984 9914
9914 995s 9914
A-0
1917
5s
notes
tr
coil
10-year
43 J'ne '14
Coll tr 4s g Ser A
1917 F-A
- Tar Ham & Buff 1st g 4s__h1946 J -D 80 85 854 J'ne'14
Miscellaneous
Ister & Del 1st con g 5s_1928 J -D 100 101 01 Jan '15 ___. 100 iof
71
704 73
1948 m-s 71 73 71
Adams Ex colt tr g 4s
1st refund it Is
76 Apr '14 _
1952 A-0
119
2 119 11912
119
119
Union Pacific 1st g 4s
1947
76 -915; 9718 Alaska Gold M dela 6s A_ _ _1925
95
95
it7 9458
914 54 9034 93
9034 Sale 9034
Armour & Co 1st real est4 s '39
1 93 95
93
Registered
1947 J -J 93 Sale 93
1952 A-0 __-- 87 8534 Feb '15
8534 8534
Bush Terminal 1st 4s
20-year cony 4s
8912 56 884 91
1927 J -J 8914 Sale 89
87 90
1955 J-3 86 91 87 Fell '15
Consol 5s
1st & ref 45
02008 M-S 89 90 90 Feb '15 _ 8814 9034
8674
5 83 8672
1960 A-0 86 8612 864
Bldgs 5s guar tax ex
Ore By & Nay on g 4s_1946 J -D 88 90 91 Feb '15 ____ 9012 91
97 99 98 Feb '15
98 99
Ore Short Line 1st g 6s 1922 F-A 10712 10838 1084
3 10713 10914 Granby Cons M S & Pcom 6s A'28 M-N
10838
100
42 97 10072
Inspir Cons Cop 1st conv6s 1922 M-S 100 Sale 9914
1st consol • 5s
1946 J -J 10318 10512 105 Feb '15 ___ 103 105
J-J
98
8
975
9758Feb
'15
1919
9444
Ss
deb
9844
cony
5-year
Guar refund 4s
1929 J -D 89 Sale 89
29 877s 914
91
34
7 3014 38
list Mercan Marine 4;48_1922 A-0 34 35 34
Utah & Nor gold 5s
I926 J -J 10012
_ 108 May'll
-34 Sale 34
34
4
deposit
34
3312
of
Certificates
1st extended 4s
1933 J -J
- -36 Feb '15
1st s f 5s-__1929
36 57
Vandal's cons g 4s Ser A_1955 F-A 87
-65
- - - - Int Navigation
92
35 8844 9212
Montana Power 1st 55 A —1943 J-J _4 "tii- 92
Consol 4s Series II
1957 M-N
9214 Mar 14
gi
g3-4 90 8812 Jan '14
J -J
Vera Cruz & P 1st zu 4 Ms..1934 J -J
- _ -Morris & Co 1st f 4358 —1939 A-0
97 94 Oct '12
83 Apr '14
• Virginian 1st 55 Series A _1962 M-N ___- 97
18 9512 9918 Mtge Bond (N Y)4s ser 2 __1966
9634 97 9612
1932 J -J
100 J'ly '14
IAlabash 1st gold os
1939 M-N 99 Sale 9814
10-20-yr 55 series 3
- -4 97 10078
99
195I F-A
7934 Dec '14
VT 2d gold 5s
1939 F-A
0044 9438 Feb '15
86 9438 N Y Dock 50-yr 1st g 4s
10214
1932 J-J igi
01 .lan '15
Debenture Series II
NIag Falls Pow 1st 5s
101 101
1939 J -J
90 J'ne'12 ___ _ --9114 Feb '15
1st Ilen equips fd g 5s
01h 9114
1921 M-S
N tag Lock & 0 Pow 1st 5s_1954 IVI-N
90 Ply '14
1st 5s 1943 F-A 1:75 9512 0514 Feb '15
1st lien 50-yr g term 4s 1954 J -J
Ontario Power N
65
94 955a
75 Apr '14
1956 J -J
1st rdl and ext g 4s
Ontario Transmission 5s_....1945 M-N ---- 90 90 Feb '15
24 Sale 2234
90 90
24
33 2234 34
Cent Trust Co ctfs
30 5014 May'14
Pub Serv Corp NJ gen 5s 1959 A-0 88 Sale 88
9834 15 8658 8914
ItayConsCopper 1st cony 681921 J -J 105 Sale 05
Do Stamped
10518 14 103 107
22 53 Apr '14
5658 J an
Equit Truit Co tti's
Sierra & S F Power 1st 5s 1949 F-A - - 9312 9214 Feb '14
-J
____
5s-1939
(W12
J
103',
Jan '14
20 Sale 20
27 107 19 "66' Wash Water Pow 1st
Do Stamped
MISCELLANEOUS BONDS—Concluded.
a
U
Telegraph & Telephone
Coal 2.: Iron
J-J
92 J'ly '14
Bull & Ouse Iron 8 5s____1932 J-D
- Am Telep & Tel coll In 4s_11129
1936 M-S
al926 M-I3
85 80 J'iy '14
Convertible 4s
Debenture Is
_1933
jis
4
87
87
53-1943
'15
Feb
F-A
convertible
20-yr
f
87
s
87
gen
Co
I
&
Col
7212
Cent DIst Tel 1st 30-yr 5s_1943 J -D
3 72 73
Col Indus 1st& colt 5s gu_11134 F-A 70 7212 7212
Q-J
73 Mch'14
----___ Commercial Cable 1st g 4s_2397
Cons Dad Coal Me 1st 5s__-1935 J-D
2397
'14
8918.1'1y
924
1950
-D
J
Registered
Cons Coal of Md lst&r3f 5s
J
-j
Cumb'd T& T 1st& gen 5s..1937 VContinental Coal 1st g 59_1952 F-A 94 99 994 Feb '14
05 10258 Apr '06
Keystone Telephone 1st 5s_1935 J
Gr Riv Coal& C 1st g t3s h 1919 A-0 90
M-N
58.1918
f
5
1st
14
Mch
93
MetropolTel&Tel
Kan & II C& C 1st s f g 5s_1951 J -J
1924 F-A
89 88 Jan '15
Mich State Telep 1st 5s
88 88
['Josh Con Collier 1st s f58_1957 J -J 874 -_-- 75 F
b:15
Jan
NY& NJ Telephone 5s g_1920 M-N
75 75
St E. Rock M t& P 1st 5s-1955 J -J
1939 "I-N
75 814 N Y Telep 1st& gen s f4
4 82 811a
793
dep
of
ctfs
Trust Co.
1937 J-J
100 101
Pac Tel & Tel 1st 5s
10014 101 10034 Feb '15
1951
Tenn Coal gen 5s
lsts f 5s 1941 J-J
1°4)1410134 South Bell Tel& Tcur
1917 J-J 1014 10214 1014 Feb '15
Birm Div Ist consol 6s
1938 J-J
5s
101 Jan '15
10014
tr
col
____
West
101
Union
10112
A-0
-____a1917
Tenn Div 1st g Os_
1950 M-N
101 Dec '14
Fd and real est g 4%s
Cah C M Co 1st gu 68_1922 J -D 102 __-. 73 A or '14
1941 M-N
Tel gu ext 5s
1714
Mut
Victor Fuel 1st s f 55
g-1934
4,4s
J-J
85
'15
gu
Feb
Tel
Northwest
86
85
Va Iron Coal&Coke 1st g
11994503 M-9 8512 87
Aug.
Due
4
Due
8
July.
oDue0ot.
June,
Due
April.
0
Due
May.
b
Due
21
Jan,
Due
•No 08100 priday•tateat bid and asked. a
8818 Sale
90 9512
9712 Sale
9813
8734
8838 29 87 8912
9134
9134
0124 95
97
9814 90 96 10014
0812 Feb '15
9842 99
884 J'ne '14
79 Apr '14
064
---- 9644 9612
-66 9738
------ 8912 Dec'14
9944 - _ 10034 Jan '15
16614 16684
9814 9812 9812
6 9714 9812
9812
100 105 101 Dec'14
9458 9518 9412
23 94'l 961*
95
97 9712 974
9712 24 9434 9778
98 984 9734
9778
6 9614 99
97 Sale 9634
2 9614 9712
97
90 9138 90
90
6 8812 92
104 J'ne'11
93 Jan '13
t/Due Nov. q Due Dec. a Option sale
BOSTON STOCK EXCHANGE-Stock Record se.BMPP.g.
Pau 27 1915.]
SHARE PRICES-NOT PER CENTUSI PRICES.
Saturday
Feb. 20
*93/
1
4 9378
*984 9834
•____ 189
89
*88
110 110
*2212 2313
*230 _ _ _
;574
39
159
▪
•104
•145 164
*55 - *118 - *8612 88
95
*93
*714 - 45
47
47
•150
25
•20
I17/
1
4 118
*i66- 116.569 6912
92
92
*4812 4912
0012 9114
*214 212
+171
/
4 18
102 10212
112 112
11814 119
18
*16
7734 78
4,6112 62
*99 100
;loi4 12
*9/
1
4 10
24612 248
14114 14114
•10112 1021:
81
80
92
*91
*172 175
•12
*35 -40 •__ _ 20
38
•138
15134 ft:5*___ 17
108 1081:
*2812 29
*27
2712
112
*1
115 116
5414 5414
2834 2834
4118 4134
104 104
Tuesday
Feb 23
Manila,
"
Feb 22
Wednesday
Feb 24
Thursday
Feb. 25
Friday
Feb. 26
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
*9334 94
9234 9278 •9234 93
Last Sale 9634.9612 97
*9634 9714
18612 18612 18612 18612 18612 18612
89
-55i2 90
89
8812 89
109 109
•105 110 *105 109 •105 109
22
2134 22
20
22
2312 22
22
Last Sale 23012 Jan'15
*230 __ _ _ *230 __
July'14
Last Sale 7
Last Sale 50 Jan'15
_
Last Sale 612 Nov'13
;51 41 ;51 -if- Last Sale 39 Jan'15
Last sate 157 Feb'15
159
159 ▪
104 10412 10418 10418 104 104
140 140
145 145
*145 160
Last Sale 55 - Feb'15
*55
Last Sale 120 Feb'15
*118 116 - •118
Last Sale 8712 Feb'15
*8612 8812
88
*86
Last Sale 95 Feb'15
*93
95
95
*93
*7
Last Sale 7
Feb'15
4412 4412
45
45
45
435 -,a43
44
45
4512 45
45
Last Sale 10318July'14
Last Sale 151 Feb'15
*150 1-eg
*i5024
1018
20
20
*11738 11734 *1174 118 *iiii4 11813
Last Sale 807* Feb'15
Last Sale 106 Feb'15
106 115
*i•56- 117'
6912 6912 69 6912 •69 6912 6912 6912
•91
91
92
92
92
91
92
92
Railroads
10 Ateh Topeka & Santa Fe 100
100
f
Do
100 Boston & Albany
100
189 Boston Elevated
100
9 Boston di Lowell
100
473 Boston & Maine
100
Boston & Providence - _ _ _100
Boston Suburban Elea Cos
Do pref
Boston & Wore Electric Cos
Do pref
Chia June Ry & US Y100
13 Do pref
50 Connecticut River
100
Fitchburg pref
100
Georgia Ry & Elea Ampd_100
Do pref
100
Maine Central
100
Mass Electric Coe
100
95 Do pref stamped
100
905 N Y N H & Hartford
100
Northern New Hampshire_100
Old Colony
100
124 Rutland. pref
100
10 Union Pacific
100
Do pref
100
Vermont& Massachusetts _100
142 West End Street
50
22 Do pref
50
*49
49/
*4834
1
4 50
__
4934 4834 49
91
DO
90
90
90
90
90
9012
1
4 *214 212
Last Sale 214 Feb'15
*214 2/
•1734 18
18
"1734 1812 •1734 18
18
101 102
100 100/
1
4 101 10112 100 101
112 112
111 112
111 111
10912 11012
11734 11812 11734 11814 11818 118/
1
4 11834 119
Last Sale 15 Mar'14
1016
1734 •16
1712
7734 7812 *7712 7734 7734 78
7734 78
63
*6112
1
4
6212 62/
6112 6112 *61
*9912 100
9934 100
100 100
9912 9912
4
_
5
534 534
12
1014 1014 104 1014 •10
_
*912 97
94 914 *94 10
245 245
245 245
244 245
140 141
139 13934 140 14012 13814 139 .10112 102
102 10212 102 102
102 102
80
80/
1
4 81
80
81
8012 803
8114
91
91
91
9112 91
913
91
914
170 171 *172 17412
*172 1743 •171 174
July'14
•_ _
Last Sale 3
3
•12
Last Sale 12 Feb'15
_ *12
•___ _ 35
35
35
Last Sale 20 - July'14
•-- __ 20 *-_
20
Last Sale 38 Dee'14
_ 38 *____ 35
12'712 1371 13712 13712 137 13712 137 139
15034 1511 150 151 •150 15012 15012 151
17
17
1612 1612
*1612 17
108 1087 10778 10812 108 10812 ioii4 10888
2812 281
28/
1
4 2812 2812 2812 284 2812
2712 2714 2714 2714 2714
.27
__
112 *I
Last Sale 1
*I
Jan'15
112
113 11412 113 113
110 1114 110 11512
5414 5434 5414 5414 53
541: 54
5412
29
29
2834 2834 2834 29
29
29
404 4138 40/
4134 4134 4214
1
4 4114 41
10312 10414 104 164
1034 104
10314 10314
Miscellaneous
112 Amer Agricul Chemical...100
137 Do prat
100
Amer Pneumatic Service- 50
5 Do pref
ao
553 Amer Sugar Refining
100
195 Do pref
100
2,854 Amer Telep & Teleg
100
Woolen
255 American
100
p
pref
100
51 Amoskeag ManufactutIng_-__
326 Do pref
20 Atl Gulf & WI El 13 Linee_100
47 Do pref
100
20 East Boston Land
10
248 Edison Electric Ilium
100
100
143 General Electric
117 McElwain(W H) 151 pref_100
319 Massachusetts Gas Cos ...100
205 Do pref
100
6 Mergenthaler Linotype-100
Mexican Telephone
10
Mississippi River Power-100
10 Do pref
100
New Eng Cotton Yarn_ __100
Do pref
100
87 New England Telephone_ -100
645 Pullman Company
100
40 Reece Button-Hole
10
379 Swift & Co
100
97 Torrington
25
27 Do pref
25
Union Copper L & M
25
4,647 United Fruit
100
701 United Shoe Mach Corp
25
409 Do prat
25
2,202 U S Steel Corporation....,100
238 Do pref
100
Range Since Jan. 1.
Lowest,
Rangefor Previous
Year 1914.
Highest:
9224 Feb23 961
/
4 Jan 22
97 Jan 15 9814 Feb18
18318 Jan 2 198 Jan 12
8812 Feb 24 96 Jan 5
109 Feb 26 125 Jan 23
20 Feb 13 34 Jan 2
225 Jan 5 23012Jan 27
50 Jan
8
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
20
13
12
25
9
2
5
15
22
6
25
39
157
103
140
51
118
86
95
7
43
43
14312 Jan
20 Jan
11612Jan
80* Feb
105 Feb
6624 Jan
85 Jan
48
90
2
17
100
109
116
Jan
Jan
Jan
Feb
Feb
Feb
Jan
20
13
22
12
5
6
5
21
7
6
19
2 151 Feb 15
8 2014 Jan2
4 12338Jan 22
11 80* Feb 11
9 122 Jan 19
2 7212Jan 25
4 9312 Feb 4
5 5314 Jan
28 93 Jan
234Jan
8
1
1912 Jan
24 11118 Jan
5 11434Jan
4 1211:Jan
20
19
9
9
29
29
21
7954 Jan
62'2 Feb
101 Feb
578 Jan
1212Jan
10 Jan
260 Jan
145 Jan
103 Jan
86 Jan
9212Jan
200 Jan
19
9
6
19
19
18
22
22
30
7
28
4
77 Feb 5
59's Jan 20
98 Jan 19
4 Feb 24
10 Jan 4
914 Feb 24
243 Feb 17
13814 Feb 26
100 Jan16
80 Feb 20
87 Jan 2
154 Feb 8
12 Jan 15
35 Feb 23
12912Jan
150 Feb
1612 Feb
1042* Jan
2814 Jan
27 Jan
.95Jan
110 Feb
53 Feb
2813 Jan
38 Feb
1021* Jan
50 Jan 19
39 Jan
157 Feb
105 Jan
165 Jan
75 Jan
120 Feb
8712 Feb
98 Jan
8'Z Jan
56 Jan
5612Jan
2
24
25
4
4
21
18
25
25
2
1
27
1214 Feb 8
461:Jan 26
143 Jan
155 Jan
1814Jan
1087 Feb
30 Jan
2715Jan
1 Jan
125 Jan
57 Jan
2912 Jan
5314 Jan
109 Jan
721
29
22
2
18
16
4
25
7
6
8
21
18
Lowest.
Highest.
8814 Nov
9738 Jan
175 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
50 July
100 July
1011
/
4 Feb
195 Jail
10114 July
179 Feb
55 Jan
255 Jan
74 Feb
60 Jan
35 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
9078 Jan
9 Apr
54 Dec
49/
1
4 July
100 May
140 July
19 May
11034 Nov
82 Apr
115 Jan
65 Nov
82 Dec
40 Jam
163 Jan
107 June
200 Jan
93 Jan
124 May
8875 Apr
99 Mar
14 Jan
6612 Jan
77/
1
4 Jan
112 Feb
105 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mar
4714 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
108 Mar
112 Nov
14 Mar
724 Mar
5712 Dec
9734 June
5 Feb
1312 May
915 Dec
234 Nov
137 Dec
9812 Nov
7614 Nov
85 Nov
200 Dec
214 May
18 July
55 Jun
20 Apr
38 Dec
128 Nov
148 Dec
16 Jan
10112 Nov
27 Feb
27 Mar
.95 Dee
z113 Dec
5214 Dec
28 Jan
48 Dec
10314 Dec
594 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
87 Feb
10012 June
9 Jan
1634 Jan
141:Feb
265 Mar
1504 Feb
102 Jan
9438 Feb
96 Mar
21634 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20/
1
4 July
10734 Mar
31 May
291k Jan
2 Feb
173 Feb
6114 June
301
/
4 July
6714 Jan
112/
1
4 Jan
Mining
*1
138
•1
132 •I
138
1
1
*1
10
20
1 Jan 22
1/
8 A8
1
4
dm
veee
nt8ure
ing
25
1133
8j
Jan 28
0
1 Apr
2 Jan
255 255
255 255
255 255 *250 260
255 255
25 240 Jan 25 266 Feb 4 23934 Apr 300 Mar
2V: 2818
2738 28
2714 2734 2734 28
2778 281/4 4,515 Alaska Gold
10
9
8Feb
303
19
July 2834 May
*12
34
*12
34
,Algomah Mining
Feb'15
25
2
3
.
6
8
4
4
1
t;
f
a
e
t
n
b
1
12 Dec
14 Jan
40
40
'13 30% 40 1 111.1e 12 40/
3912 3912 39
1,4131Allouez
1
4 42
25
4312 Feb 3
3412Jan
4334 Feb
51/
1
4 5212
•
51
5172 5038 5134 52
5238 521
1,897Amalgamated Copper---100
: 53
5038Feb 2
58'8 Jan21 49 Dec
784 Feb
2218 2234
22
2212 2134 2212 2214 23
2278 2378 10,790 Amer Zinc, Lead it Smelt.. 25 1634Jan 4 2378 Feb 26
1214 Nov
2138 Jan
418 418
4
412
4
1
4 44
41142 *4/
438 438
I
5
5 Jan 29
314Jan 4
212 Nov 6% Mar
278
278
*234 3
234
234 *234 3
63
120 ABri
*234 3
utte-Balaklava Copper.- 10
2 Jan 16
3 Feb 17
1 Nov
418 Feb
45
4534
4514 4534 44/
1
4 4618 4618 474 4634 4812 18,796 Butte & Sup Cop (Ltd)
10 3534Jan 4 481i Feb 4
24 Nov
4034 May
5212
52
5112 52/
1
4 52
5218 5218 5212 521: 53
817 Calumet & Arizona
10 5113 Feb 23 56 Jan 21
53 Dec
7013 Mar
385 385
388 390
377 380
380 380
380 380
22 Calumet & Hecht
25 350 Jan 4 400 Feb 3 350 Dec 460 Feb
•17
18
17
17
17
*1612 1712 17
1634 17
110 Centennial
25 15 Jan 12 1834 Feb 4 14 Jan 19 Feb
341
/
4 3412
34
34/
1
4 34
344 *3434 354 35
768 Chino Copper
35
1
4 Jan 6 3718Jan 22
5 32/
3014 Dec
4312 Feb
32
33/
1
4 33 1
3314 3312 3312 2
Copper Range Cons0
3312 33/
367 3
331433
1
4
Co
100
Jan 13 3512 Feb 13
29 Dec
4034 Feb
2
2
178 2
*2/
1
4 214 *218 214
265 Daly-West
20
214 24
214 Feb 26
1/
1
4 Jan 21
11
/
4
Nov
3 Feb
918 918
o
9/
1
4 *9
914 912
91
/
4
810 East Butte Copper Min
9/
1
4 9,4
10
9/
1
4 Feb 13
812 Jan 5
8 Dec
13 Jan
*434 514
*412 5
Last Sale 5
*412 5
Franklin
Feb'15
25
4/
1
4 Feb 5
512 Jan 12
2 Nov
7/
1
4 Apr
6638 6678
6518 661
6512 66
664 67
6312 65
628 Granby Consolidated
100 58 Jan 7 69/
1
4Feb 16
60 Dec
91 Feb
2612 2712
2412 25
25/
1
4 27
2414 2412 2414 243
641 Greene-Cananea
100 2314 Feb 1 2812-Feb 13
2114 Apr
4238 Feb
1184
1112 1134
1118
200 Hancock Consolidated.... 25 11 Jan 18 1278Jan 8
12
114 114 1114 1114 *11
11 Dec
22 Feb
•29
30
28
28
*29
*28
10 28 Feb 9 294Jan 19
29
30
30
30 Hadley Gold
29
28 July 30 Mar
Last Sale .27 Jan'15
Helvetia Copper
+.25 .40
.27Jan 5
•.25 .4
25
.0.25 .40
.27 Jan 5
.25 June
12 Jan
312 312
313 312
312 312 *312 324
75 Indiana Mining
25
2l Jan21 e4 Feb 4
312 31
3 Apr
612 Feb
*44*44 45
*44
21 Island Creek Coal
45
45
45
44 Feb 18 4712Jan 12
4412 Dec
5014 June
*86
Do pref
21
88 1 8512Jan 5 90 Jan 13 81 June 8912 June
*87
88
*8734 8812 *8734 8812 -51 -5i5.1-4
2012 2012
470 Isle Royale Copper
25 1712Jan 11 23 Feb 3
204 2038 20
2034 204 2078 2134 2134
16 Dec
24 Feb
4/
1
4 4/
1
4
4/
1
4 43
•438 434
885 Kerr Lake
434 434
4/
6 414 Jan 8 5 Feb 5 3/
1
4 434
1
4 Mar
615 July
1
4
23s 2/
1
4 Jan 9
25
3/
25 Keweenaw Col/Per
2/
1
4Feb 19
*212 234 *21e 2/
218 May 4% Feb
1
4 •212 2/
1
4 *212 21/4
513 Jan 27
•534 614
678 Jan 19
40 Lake Copper Co
6
44 Nov
25
6
534 534
*534 814 3534 814
10's Jan
4
412Feb 11
318Jan 7
30 La Salle Copper
31
4Dec
25
3/
1
4 3/
512 Feb
1
4 *312 3N
158 *134 134
1•135 112
38
Last Sale 114 Feb'15
114 Dec
Mason Valley Mines
IN Jan 15
114Jan 9
5
4 Jan
*44 415
/
4 :is
/
4
44 44
41
44 41
4
4
295 Massachusetts Consol
2 Mar
44 Feb 16
25
3 Jan 11
0512 May
434 434
*438 5
*438 5
*438 4/
1
4 *438 41/4
10 Mayflower
25
534 Jan 12
44 Jan 5
9 Jan
334 June
*1814 18113
1812 184 18/
1
4 1818 *1834 194 1838 181/4
88,
18
Co
n pper
mlic
am
18
68
5M
5 1634Jan 2 19'* Feb 13
1684 Dec
2414 Feb
•.60 .90
.70 .70 1..60 .70 •.60 .70 *1.65 .70
25
34Jan
.70Feb
20
18
.50
July
14 Feb
5515
54
53
55
53/
1
4 8538 5512 56
791 Mohawk
55/
1
4 561
25 4614Jan 1
621:Feb 5
39 Apr
4912 Dee
•12
1214
11/
1
4 12
11/
1
4 1134 *11/
105 Nevada Consolidated
1
4 121
/
4
1
4Jan 19
1
4Feb 2
5 11/
13/
10 Dec
16/
1
4 Dec
5
5
434 47s
41
438 434 --if:
434
785 New Arcadian Copper
- - -,11-8
412 Feb 24
25
7/
1
4 Jan 4
178 Jan
712Jan
555 535
/
4
5 We 51
51
4 57j4 *534 51?
496 Nipissing Mines
534 Rs
5
538Feb 3 5% Jan 4
818 Feb
July
5
23
2312
2278 234 2212 2314 23
24
24
2414 1,497 North Butte
15 2214Jan 2
244 Feb 13
1934 Dec
304 Feb
"1
11/4
.9,18
112
1
1
1
105 North Lake
114
25
114
1 Jan 28
112Jan 6
.95 Apr
238 Jan
--- .80 .85 •.50 ____ •.70
•.70 __ _ _
200 011bway Mining
25
.90 Feb 9
.70 Feb
Apr
2 Jan
4
34 334 "3/
1
4 •334
1
4 4/
*334 4
50 Old Colony
25
Jan 4
4
/
1
4
3
/
1
4
Jan
12
2
/
1
4
Nov
514
Feb
42
+41
*4112 42
*41
4212 •41
4212 424 4213
15 Old Dominion Co
25 42 Feb 18 4514 Feb 4
44 Dec
54 Feb
69
67
66
6712 64
6812 68/
6514 68
26
46
1
4 6812
25 6124
12
838j
27 7
Fa
en
b2
11
64 Dec
Feb
84
•1312 14
134 131: *Iv .R54 1g12 Ag34 ji:gis 1(
3
312
go: QPOsc
if
elya
Creek Coal
10
Jan
1234 Dec
2078 Jan
55
54
55
65
5
25 50 Jan 16 58 Feb 11
5178 Dec
68 Feb
*1618 1612
1614 1638 16
1634 1612 1612 1634 164
180 Ray Consolidated
153
Copper.. 10 4Jan 7 1814 Jan 22
15 Dec
2212 Apr
29
29
*2812 2912 29
29
*2812 2912 2812 29
120 St Mary's Mineral Land
25 28 Jan 4 32 Feb 4
28 Dec
40 Feb
114
•Ps
112 *118
'1l4
14
/
4
250 Santa Fe Gold & Copper
11
/
4 11
11
/
4
118
10
118Jan 7
138Jan 20
1 Jan
214 Jan
*6/
1
4 534
7: Shannon
538
512 54 *5
534 538
4 Jan 15
10
534 Feb 5
4 Nov
71: Feb
2034 2134 "20
•2134 23
*2012 211: *21
21
121 Shattuck-Arizona
10 1834Jan 5 2438Jan 20
224
18 Dec
2934 Feb
Last Sale .10 Feb'15
+.10
South Utah M & S
*AO
5
.10 Feb 4 .1212 Jan 28
.10 June
.23 Feb
27
2612 1(112 *2658 -if*2612 27
215 Superior
2714 27
27
25 2212Jan 6 294 Feb 3
22 Nov 32 Feb
1
4
235 Superior di Boston Copper_ 10
•114
1/
112 *114
112
•114
114 Feb 25
14
178 Jan 21
14
14
114
114 Nov 2% Jan
Tw
dmatryack
526 Ta
30
30
2914 2934 30
30
2912 2912
29
30
25 25 Jan 4 34 Jan 29
2412 Dec
43 Feb
Last Sale 2
/
1
4 Feb'15
+238 3
*238 3
25
*2/
3/
1
4 3
1
4Jan 4
2/
1
4Feb 11
234 Nov
54 Jan
100 Tuolumne Copper
•.25 .28
•.25 .28
1.25 .28
.25 .25 •.25 .28 .
I
.28 Feb 3
.20 Jan 2
.23 Dec
.85 Mar
Smelt,
8
3,081
U
2012
Refin
20
21
21
&
21
Min
2114 204 21
2034 201/4
50 20 Feb 25 2534Jan 6
244 Dec
4312 Feb
354 Do pref
4012 *40
4112 4012 41
40
41
*41
4112
50 38 Jan 15 4312Jan 2
4012
4012 Apr
4878 Feb
425 Utah-Apex Mining
213 Jan 22
•21,4 218
2
2
2/
21X4 21X4
1
4 218
2
2
5
2 Jan 2
14 Nov238 Feb
912 948
914 94
125 Utab Consolidated
*938 10
*934 1014
1034 Feb 13
5
934 A
94 Feb 2f
84 Jan
14 Feb
440 Utah Copper Co
1
4 5038 5118
5014 50/
50
5034 49
50
10 4854 Jan 6 5312 Jan 22
5012 5114
45/
1
4 Nov59 June
535 Victoria
1
1
14
114
11
/
1 Feb 26
4
114 *1
25
1/
1
4 Feb 4
•114
112
1 Mar 52% May
•114
Winona
25
Last Sale 1/
214 Jan 21
14Jan 18
1
•1/
4 Feb'15
175 Dec
1
4 134 *11
*112 134
/
4 134
475 Feb
1,764 Wolverine
49
25 32 Jan 6 51 Feb 24
50
50
30 Dec
48
4812 50
4834 4934
4812 51
4784 Feb
Wyandott
.81 Jan 25
.75 Jan 12
•12
25
84
02
a
Last Sale .70 Jan'15
.30 June
•12
54
14 Jan
•Biel and asked prices. e Assessment paid. b Ex-stock dividend. h Ex-rights. a EX-dividend and rights, sUnstamped. e 20 paid. to Half paid.
:14
THE CHRONICLE
[VOL. 100.
Outside Exchanges-Record Transactions
96%
104%
9354
99%
94
101%
81
90%
83
80
sag
99%
8934
_
10054 100%
103% 103%
90% 9034
90% 90%
99
99
104% 10414
98% 98%
9634 9634
101 101
104% 10434
9334 93%
88
8834
8834 8834
10034 100%
94
94
93
93
98
98
94% 9434
94% 94%
9934 100
101% 101%
10134 10234
10134 101%
102% 102%
9134 9114
10234 10234
94
94
101% 101%
38
3834
34
34
97
97
81
81
90
9034
99
99%
83
83%
80
6034
8434 84%
8434 83%
100 100
99% 99%
89
8934
RI U
99%
103
90%
90%
96%
10414
9814
95%
100
103%
93
87
86%
99%
94
92
97
92%
93%
98%
101%
100%
101
101%
9034
102
94
100%
35
33
95
81
88
99
81%
60
8434
8414
100
9934
89
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
90%
91%
99%
10434
99
97
101
105
94
8814
91
100%
94
93
98
94%
94%
100
102
102%
102%
10234
9134
103%
94
102
40
35%
97
84%
91
9934
84
63
87
8754
100
100
8934
RA 1/1
SAT
81W
81W
43
102%
106%
92
5
25
78%
24
83
68
32
24
Jan 4434 Feb
Jan 107% Jan
Jan 114
Feb
Jan 9534 Jan
5% Feb
Jan
Feb
Feb 25
Feb 78% Feb
Jan
Feb 25
Jan 8534 Jan
Feb
Feb 88
Feb
Feb 32
Jan
Feb
25
Jan 100% Jan
Jan 103% Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Chicago Stock Exchange.-Complete record of transactions at Chicago Stook Exchange from Feb.20to Feb.26,both
inclusive,compiled from the official sales lists, is as follows:
Salesfor
Week's
Week.
Range
Friday
Par. Sales. Low. High. Shares.
Stocks.
American Radiator_ __ _ 100
American Radiator pref 100
Booth Fisheries, coin_ _100
100
Preferred
Chic City & C Ry pt oh pf _
Chic Pneumatic Tool_ _100
Chic Rys part ctf "1"
Chic Rys part ctf "2"
Chic Rya part ctf "3"
Chic Rya part ctf "4"
Commonwealth-Edison 100
100
Diamond Match
Hart Schaff & Marx 91_100
100
Illinois Brick
Kan City Ry dr Lt pref _100
National Biscuit pref__100
100
National Carbon
100
Preferred
People's Gas Lt& Coke 100
Pub Serv Of No III com_100
100
Preferred
4auaker Oats Co pref.-100
3ears Roebuck corn. _ _ - 100
100
Preferred
3tew Warn Speedo cam 100
100
3wift & Co
100
1Jnion Carbide Co
1[7 8 Steel common._..100
1Arai& Montgom &... pref
Bonds.
1927
7.al & So Chi 55
3/11cago City Ry 5s_ __1927
_
C Fneu
384
6934
20
26
139
8034
9834
20134
4834
108%
154
4254
11334
9834
384 384
132 132
30
30
8934 70
20
20
4834 4734
88
88
26%
28
4% 4%
2
1
137 139
97
98
107 10734
60
60
47
47
120 120
127 130
120 120
117 118
81
80
97
9834
10336 10334
198 20234
125 125
4854 50
108 108%
151 154
4134 42%
11331 113%
3
9
500
301
20
78
10
270
25
75
320
121
60
15
9
2
39
25
291
138
71
13
1,249
75
60
761
202
201
20
90% 9014 $10,000
9834 9854 13,000
2,000
95
n3
Range Since Jan. 1.
Low.
375
130%
30
8954
20
4554
88
2534
4%
1
136
9234
105
60
45
120
119%
11934
116%
75
95
10354
184
121
4834
10434
14434
38%
11014
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
9034 Feb
9734 Jan
Feb
94
High.
390
132
3034
7334
20
5334
93
3134
534
3
139
98
10754
85
47
125
140
124
121
81
9854
10414
215
125
52
109
185
53
11334
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
9034 Feb
99
Feb
Feb
95
3014
99
6334
21
14
63
7414
7414
1334
1934
55
5234
23%
10
77
7194,
3%
6%
8234
42
103%
100 100%
35
35
100 10034
30% 30%
99 100
42
42
41
42
48
4834
6314 63%
92% 9234
21
21%
14
14
63
63
7414 76
7434 7634
65
6534
13% 1334
1934 1934
55
55
8534 8534
91
91
85
85
5136 52,(6
23% x2414
10
1054
9% 10
77
77
7054's 7114
354 3%
6% 6%
36
36
8134 82%
4034 42%
103% 103%
61
61
7
7
.wo
High.
Stocks.
American Gas of N J._100
American Railways_ _50
100
Preferred
Baldwin Locomotive__ 100
100
Preferred
50
Cambria Iron
50
Cambria Steel
Elec Storage Battery_ _ 100
General Asphalt, pref _ _100
Harris P Mt J & Lan
Insurance Co of N A_ _10
Keystone Telephone_ _ _50
50
Preferred
Lehigh Navigation
50
Trustee certificates__ _50
Lehigh Valley
50
Lehigh Valley Transit_ _50
Lit Brothers
10
Minehill & S H
50
Northern Central
50
North Pcnnsy/vania_ _ _50
Penn Salt Mfg
50
Pennsylvania
50
Philadelphia Electric_2234
50
Phila Rap Tran
Voting trust reels...-50
Philadelphia Traction_ _50
50
Reading
Tono-Belmont Devel_ _ _ _ 1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
100
U S Steel Corp
100
Preferred
Westmoreland Coal_ _ _ _50
50
York Railways
Scrip.
Cambria Steel scrip_1917
do
do _ _ 1916
do
Philadelphia Co scrip.1918
do __1916
do
do
York Rya, prof scrip_ _1916
Bonds.
km Gas & Elec 55_ _ _2007
do
do
small__2007
km Railways coll tr 5s 1917
Beth Steel p m 6s_ _ _ _1998
:,.onsol Trac NJ 1st 501932
Ed Elec stk tr elf 5s..1946
Elec & Peo tr ctfs 4s_ _1945
do
do small__ _ _ 1945
:nter-State Rys coll 451943
do
do
small_ _1943
Keystone Telep lot 55 1935
.,eh C & Nay cons 4348'54
1,0 Vail gem cons 4s..2003
Gen consol 4%s_ ___2003
'.,eh Val Trans 1st 55_ _1935
darket St Elev 1st 45_1955
?enna RR consol 4s_ _1948
Temp'y &is 4148
Convertible 314 s_ _ _1915
'hit B & Wash 1st 45_1943
?MI Elec tr ctfs 55_ _ _ _1048
small_ _1948
do
do
1950
Trust certfs 4s
small_ _ 1950
do
do
1hila & Read reg 5s_ _1941
ntts Youngs & Ash 551927
?ub Serv Corp NJ 58-1959
1997
leading gem 4s
Ipardsh Am Iron 65..1927
1.at...1 Rea Tnvaat 58 1926
.
4434 4434
164
103% 104
113% 113% 113%
92% 92%
5% 5%
25
25
78% 78%
24
24
24
85
85
85
88
68
32
32
32
24
24
24
Low.
u
.. o
bb 71,
. w
oo ,o.....
oww,w
oo 4.000,000,000
Stocks.
Baltimore Electric pref _50
Consol Gas E L & Pow-100
Preferred
100
Consolidation Coal__ _ _ 100
Cosden & Co
Fairmont Gas
50
Monon Vali Trac pref_ _100
Norfolk Ry & Light__ _100
Northern Central
50
Pennsylv Wat & Power 100
Seaboard Air Line pre'_100
United Ry & Elec
50
Bonds.
Anacostia & Potom 551949
Atlanta Consol St 5s_ _ 1939
Atlan C L (Conn) Ws
5-20 40 small
1925
Atlan CL(So Caro)45_1948
Bait Elec stamped 55_1947
Central Ry exten 55..1932
Chicago City Ry 5s.... _ 1927
Chicago Ry 1st 55_ __ _1927
City&Sub(Wash)156581948
Consolidated Gas 5s_1939
Consol Gas Gen 4%5_1954
Consol Gas E&P 434s_1935
Consol Coal Ref 55_ _ _1950
1923
Convertible 65
C & P Tel Va 5s
Danville Trac & P 55_1941
Davison Chemical 65_1932
1918
Elkhorn Fuel 5s
1918
Small 58
Fair & Clarks Trac 55_1938
FlaCent&Penln con 5s 1943
Georgia & Ala eons 5s _1945
Ga Car & Nor 1st 55_.1929
1945
Ga AG Sou Fla 55
Jacksonville Gas 5s_ _ _1931
Knoxville Traction 55_1938
Macon Ry & Lt 55_..1953
MinnSt&StPC1t 5s 1928
MtV-WoodCDuck ct ofdeP
N 0 Mobile & C 1st 5s 1960
NNews& Old Pt1st55_1938
Norf & Ports Trac 55_1936
Pennsy W & P 55_ _ _ _1940
Portland Ry ref 5s_ _1930
United Ry & E 4s_ __ _1949
Income 4s
1949
Funding 55
1936
Funding 55, small_.1936
Notes 58
1916
Small
1916
Va Ry & Power 5s_ _ _ 1934
Aram, B & A am_
1941
Range Since Jan. 1.
4,
...
, I-. w
.
w ww.000w..to*..00.wwwwo
ow..wwoo.woo.w
bbz747-ZobbbblobObObbbb-obbbobbObbObb'obbb'obbo.
00000poog000000000000000000000000000000
000000000000000000000000000000000000000
Week's
Sales/or
Friday
Range.
Week.
Par. Sales. Low. High. Shares.
Week's
Saiesfor
Week.
Friday
Range
Par. Sales. Low. High. Shares.
w
,.oW
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Feb. 20
to Feb. 26, both inclusive.
96
Low.
High.
Jan 97
Jan 90
Feb 77%
Feb 44
Jan 102
Jan 100%
Jan 77
Jan 87%
Jan 92%
Jan 8914
Jan 89
Jan 96%
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Feb. 20 to Feb.26, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
..
o
On,.'wbo
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
9854
80
90
8534
8534
79
8036
9214
103%
100
7834
80
109%
8834
96
96
80
90
93
9634
96
80
90
93
8534 8534
8534 8534
95
95
1153
% 11594
102% 10234
7814 7834
79
79
8034 so%
58
58
59
59
93% 94
9954 9934
87
8734
98% 9834
102% 102%
0234 9234
9754 9734
10314 104
100 100
98
98
10154 10134
10114 10114
7814 V814
80
80
109% 109%
105 105
88% 88%
9134 92
101 101
73% 7314
C..=.
204+0.
.
1 .00W•l.W.l
,
20GIW ,
lbZ0NWO mobocnolit.N.
000W00WWWX001.00-4..W01000MWt.,A>w0.0.4
$4,000 9914 Jan 101%
18,000 86% Jan 89
8,800 95% Jan 100
2,000 98
Feb 100
22,000 60
Jan 62
1,000 81% Feb 82%
1,000 47
Feb 47
1,500 95% Jan
97
9.000 95
Jan 96%
1,000 109% Feb 10914
1,300 95
Jan 97
6,000 99% Jan 101%
1,000 103% Feb 103%
7,000 94% Feb 96%
10,500 90
Jan 91%
3,000 99% Feb 102%
2,000 95
Jan 97
..40014
00...0
High.
Range since Jan. 1.
96% 11,000 95%
90
2,000 89%
75% 55,000 74
43
7,500 41%
102
14,000 100
100%
5,000 100%
7514 4,000 75
87%
2,000 86%
92% 9,000 92
89% 6,000 8714
89
1,000 88
96% 129.000 91%
00000000000000000000000000
00000000000000000000000000
Low.
96%
90
74
4214
102
100%
75%
87%
92%
80%
89
95%
000
Bonds.
Am Agric Chem 1st 55.1928 101% 101 101%
87% 88%
Am Tel& Tel coil 4s __1929 88
20-year cony 4%5_1933 9714 97% 9714
100 100
Am Zinc L & S deb 65_1915
60
60
Atl G & W I SS 5s_ _ 1959
82% 82%
C B & Q-III Div 314s. 1949
47
47
Chic & No Mich 1st 551931
97
97
Comb Tel & Tel 5s _ _ _1937
at Nor-CB&Q coil 48_1921 95% 95% 953.4
K C Ft S & Mem 6s_ _1928 109% 109% 109%
1929
96
96
Mass Gas 4345
101% 101%
New England Telep 55 1932
103% 103%
New York City 4%s..1957
95% 95%
Swift & Co 1st 58_ .1944
91
United Fruit 4%s_ _ __1925 91
91%
S Steel Corp 5s_ _ _ _ 1963
99% 100%
Western Tel & Tel 5s_ 1932
96% 96%
Range since Jan. 1.
75%
.
Week's
Salesfor
Week.
Friday
Range•
Sales. Low. High. Shares.
Bonds.(Cond.)
Chicago Rys 55
1927
Chic Rys 5s_ _ series "A"
Chic Rys 45_ _series "B"
Chic Ry Ad1 Inc 45.1927
Commonw-Edlson 5s_1943
Cudahy Pack 1st M 551924
Metr W Side El 1st 5s _ 1938
Morris & Co 434s....1939
Ogden Gas 5s
1945
Pub Serv Co 1st refg 55_1956
South Side Elev 4%5_1924
Swift & Co 1st g 5s_ _ _1944
.
Boston Bond Record.-Complete record of transactions
in bonds at Boston Stock Exchange Feb. 20 to Feb. 26, incl.
Week's
Saiesfor
Friday
Week.
Range.
Sales. Low. High. Shares.
ba
. w
.
64
bbbfobobwbbl.bbObbbOONDboblobbbob
.
-oow'w
000
72°,4
Range Since Jan. 1.
Low.
100
35
100
30
99
42
41
4734
6334
9234
21
13%
61
74
74
65
13%
1914
55
83
90
85
51%
23%
10
934
77
7(09(,,
3%
894
38
8034
38
103
58
7
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
95
05
80
90
93
Feb
Feb
Feb
Feb
Feb
85
85
94%
11534
10134
78%
77%
80
5734
5855
90
97%
87
97
102
9234
97%
10334
9934
9734
10034
101
7714
79
109%
105
87%
9134
10034
73
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
High.
104
36
101
40
10334
42%
45
50
6834
9234
22
15%
63%
7634
77
6934
1634
1934
5594
86
9234
90
54
2434
11
12
7994
78%
494'.
7%
3934
83
5334
108
81
7%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
97
Feb
9734 Jan
81
Feb
91
Jan
93
Feb
86%
85%
95
117
102%
78%
79
81%
5914
59
9434
9931
88%
9834
10234
9334
9834
105
100
98
10234
10234
7834
80%
109%
105
8834
95
101
7314
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Pittsburgh Stock Exchange.-Following sales were reported Feb. 20 to Feb.26,both inclusive. Like records will
be found in previous issues.
Bonds.
Pittsburgh & Birmingham Traction 55, 1929-Feb. 24, 33,000 at 100
Pittsburgh Brewing 68. 1949-Feb. 25,$21,000 at 59@6(); Feb. 26,81,000 at 60.
Pittsburgh Coal deb. 55, 1931-Feb.23.81,000 at 9394.
Stocks.
American Sewer Pipe (par 3100)-Feb. 20,45 at 1934: Feb. 23, 10 at 18%.
Columbia Gas & Electric (par $100)-Feb. 20, 220 at 1034 ig10%; Feb. 23, 325 at
101810%; Feb. 24, 350 at 10181011; Feb. 25, 350 at 1034181034; Feb. 26.
300 at 10341510%.
Crucible Steel, common (par $100)-Feb.20,40 at 13%@13%; Feb.23,30 at 1354:
Feb. 24. 70 at 1394; Feb. 25, 200 at 1354; Feb. 28, 100 at 1334.
Preferred (par 8100)-Feb. 23, 80 at 77: Feb. 25, 75 at 7834.
Independent Brewing (par $50)-Feb. 20, 100 at 53; Feb. 25, 10 at $354.
Preferred (par 350)-Feb.20.25 at $1654; Feb.25,235 at $1754 @31854: Feb.28.
55 at 31834(531854.
Manufacturers' Light & Heat (par $50)-Feb. 20, 100 at 49; Feb. 23, 70 at 49:
Feb. 25,25 at 4834154834; Feb. 26,25 at 48.
National Fireproofing. common (Par 350)-Feb.23,45 at 35; Feb. 25, 380 at 3434:
Feb. 26, 23081 $454 @$454.
Preferred (par 350)-Feb. 20, 125 at 31754: Feb. 23, 475 at 31894 @84714:
Feb.24,35 at EMI: Feb.25,160 at 31(3%©318%; Feb.26,420 at $160318%•
Ohio Fuel 011 (par 31)-Feb. 24, 20 at $14.
Ohio Fuel Supply (par 825)-Feb. 23, 60 at 341: Feb. 24, 100 at $4014; Feb. 25.
50 at 34036; Feb. 26, 20 at 54034@Mt.
Oklahoma Natural Gas (par 3100)-Feb. 23, 11 at 5734.
Pittsburgh Brewing, common (par 350)-Feb. 20, 120 at 34155434; Feb. 28, 55 at
$434.
Preferred (par 350)-Feb. 20. 100 at $1554: Feb. 23, 110 at 31594; Feb. 25, 20
at 81715: Feb. 26. 45 at 317%.
Pittsburgh Coal. common (par 3100)-Feb. 25,60 at 19020: Feb. 26, 150 at 2014.
Preferred (par 3100)-Feb. 20. 10 at 90%; Feb. 24, 70 at 90159054.
THE CHRONICLE
FEB. 271915.]
Pittsburgh Plate Glass (par 5100)-Feb. 23, 100 at 105M Feb. 25, 20 at 106.
Pure Oil, common (par 55)-Feb. 20, 330 at 5144@514f4; Feb. 23, 720 at 5140
514M; Feb.24, 160 at $14,4; Feb.25,300 at $14@$14M; Feb.26, bat 514M.
Union Natural Gas(Par $100)-Feb.23,25 at 131H; Feb.24,35 at 131H; Feb.26,
25 at 131.
Union Switch & Signal, common (Par 550)-Feb. 24, 48 at 595; Feb. 25, 50 at $95;
Feb. 26, 36 at 596.
United States Steel Corporation, common (par 5100)-Feb.23, 10 at 41M: Feb. 24,
260 at 4014@40M •
Preferred (par 5100)-Feb. 20, 35 at 104.
Westinghouse Air Brake (par 350)-Feb. 20, 10 at 51198; Feb. 23.25 at $119M:
Feb. 24, 105 at 5119: Feb. 25, 25 at 5119; Feb. 26.35 at 5119%65120.
Westinghouse Electric & Manufacturing, common (par 550)-Feb. 20, 10 at 53314:
Feb. 23, 145 at $32H ©533; Feb.24, 140 at 332H; Feb.25, 20 at $33; Feb. 26,
20 at 533.
Westinghouse Machine (par 350)-Feb. 26. 100 at 51214.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Fib. 26 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
.g.....1
Par Value.
Shares.
U. S.
Bonds.
566,000
514,000
109,000
81,000
72,000
23,500
3,000
59.635.000
5351,500
817.000
Jan. 1 to Feb. 26.
Week ending Feb. 26.
510,003.500 512,756,000
1914.
1915.
1914.
1915.
1,248,378
906,450
Stocks-No.shares_ -$78,117,250 $114,781,560
Par value
Bank shares, par
. Bonds.
515.000
517,000
Government bonds_ _ _
529,000
351,500
State bonds
9,635,000 12.212.000
RR. and misc. bonds_
Total bonds
State
Bonds.
127,270 510,859,700 51,135,000
HOLI DAY.
2,403.000
222,781 18,463,350
2.293,000
239,317 20,515,100
1,994,500
145,746 12,919.850
1,809.500
171,336 15,359,250
0045 450 578.117.250
Sates as
New York Stock
Exchange.
Railroad,
etc.,
Bonds.
16,142,999
9.369,374
$807.478,635 $1,422,948,305
79,900
189,700
•
589,000
5238,500
13,298,500
3,580,500
143,734,500
95,976,500
5157,122,000
$99,795.500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
Feb. 26 1915.
iaturday
vlonday
ruesdaY
Wednesday
Thursday
1•1claY
Total
Shares. Bond Sales
7,741
31,900
12,308
16,893
17,159
23,655
20,200
21,200
26,000
30,500
77.756
599.800
Baltimore
Shares. Bond Sales. Shares. Bond Sales.
545,639
4,398
HOLI DAY.
63,935
3,341
41,858
6,380
3,097
71,297
30,850
3,602
143
540,000
1,810
2,922
1,707
711
42,300
49,500
56,700
46.300
5253,579
7,293
5234,800
20.818
New York City Banks and Trust Companies.
Banks
Bid
Ask
New York
America* ___ 550 565
Amer Pith_ 208 213
Battery Park 120 135
Bowery* _ _._ 400
____
Bronx Born._ 225 260
Brous Nat___ 160
_-Bryant Park. 145-_ _
Butch & Dr- 120 130
Century. ___ 160 175
565 600
Chase
Chath &Phe i 178 185
____
Chelsea Ex._ 1'124
Chemical
396 405
172
Citizens Cen 165
345 355
City
Coal & Iron_ 148 155
____
- 450
300 325
Columbia...
Colonial..
Commerce
166 16812
Corn Exch.. 300 310
C,osmopolitn. 85 105
90
75
East River
- _ 155
Fidelity•
__
Fifth Ave 4300
250 300
Fifth
840 860
First
190 210
Garfield
Germ-Amer.
__.. 130 140
__
German Ex._ 375
425 475
Germania•
___.
100
Gotham
Greenwich. _ 265 280
Hanover.... 615 635
275 290
Harriman
Imp & Trad- 495 510
177
170
Irving
570 585
Liberty
300 325
Lincoln
Manhattan' 305 320
Mnrk k Fult_ 238 247
•Banks marked with
Exchange this week.
Bank
BIB
Ask
Mech & Met_ 232 237
Much F.xch_ 165
____
Merchants'_ 180 190
Metropolls*
._ 300 340
Metropol'n•
. 165 175
Mutual
825
____
New Neth• _ 210 225
New York Co 250 ROO
New York_ 375 38.5
Pacific.
200 230
Park
395 405
People's*
225
___
Prod Each'.. 155
160
Public*
175
Seaboard _ __ _ 410 430
Second
400 425
Security. -------85
Sherman
____ 135
125 146
State*
23d Ward._ 100 135
Union Exch. 187 143
Unit Stater._ 300
____
Wash H'ts•_ 275....
Wench Av._ 160 175
West Side... 450 475
Yorkville ..... 540 575
Trust Co'e
New York
Rid
Astor
250
Bankers Tr
410
B'wey Trust_ 144
Central Trutt 985
Columbia_. 430
Commelcial ___
Empire
295
Equitable Tr 400
Farm L & Tr 1090
Fidelity
205
Fulton
276
Guaranty Tr 535
Hudson
125
Law Tit & Tr 130
Lincoln Trust 105
Metropolitan 390
Mutual Aill100
ance
Mut'l (Westcheater)... 130
NYLite I &Tr 955
N Y Trust
680
Title On &lir 890
Tensatlantic 200
Union Trust_ 350
U fi hitg & Tr 400
United State 1035
Westchester _ 125
Brooklyn.
. 105
Coney Wel._
iiii 260
First
Flatbush
110 130
Greenpoint
___ DM
Brooklyn
Hillside__ _ _-__ 125 Brooklyn Tr.i
Homestead'. 80 100 Citizens .,_.4
Mechanics. _ 136
146 Franklin ....I
105 Hamilton _
Montauk.
NIL9E9U
215 230 Home
I
National City 273 286 Kingacountyl
North Side._ 176 200 Peoples ...I
Peoule's
145 165 Queens Co..I
a (o) are State banks. t Sale at auction
460
137
260
270
160
595
280
75
or at
Ask
260
420
150
995
1.1305
410
1120
215
300
545
135
137
115
400
135
985
595
400
220
360
410
1055
135
475
145
265
285
167
615
296
DO
Stock
Inactive and Unlisted Securities
All bond prices are • and interest" ezeept where marked ..t."
723
Tobacco Stocks-Per Share.
Par Bid. Att.
American Cigar oommon_100 110 120
Preferred
100 97 99
Amer Machine & Fdry_ _100 65 75
British-Amer Tobac ord. £1 •1712 18
Ordinary, bearer
£1 •18 1 1812
Conley Foil
tool 275 1300
Johnson Tin Foil & Met_100 125 160
MacAndrewa & Forbes_ _100 170 178
Porto Rican-Amer Tob_ _100 220 240
6% aerip
160
Reynolds (It J) Tobacco_100 280 290
Preferred
118 120
Tobacco Products corn_ _ 100 50 70
Preferred
100 90 92
United Cigar Stores com_100 88 92
Preferred
100 112 117
United Cigar Stores(new) 10 .9
918
100 145 160
Young(58) Co
Short Term Notes-Per Cent.
Amal Cop 55, Mar15 '15 M S 100 10914
Amer Lecomotive 55.'16-J-J 10014 10012
J-J 9954 10012
58, July 1916
Si, July 1917
.I-J 991210014
Am Tob 6% scrip, Sep 1 '15. 1007o 10114
Am T & T Sub Cos ts, 1916_ 10038 10058
Balt & Ohio 4348. 1915 J-D 10014 10058
BethSteel5sa'nell '15 J-Dll 10014 10012
Chatt Ry & L 5s, 1915_J&D 9938 100
Ches & Ohio 58 1919
8912 90%
Chic Elev Ry 58, 1916_ _J-J 94 96
Chic & W Ind 51, 1915__M-S 100 10014
C,onrol Gas 68. June 25'15_ b312% 2.50
Consum Pow 13s, 17_ _M&N 9712 99
Erie RR 5s, April 1 1915_A-0 100 10014
65, Oct 1 1915
A-0 10038 10058
530, April 1 1917_ _ _A-0 9714 9734
General Rubber 434*,'15.J-J 100 10014
Her Riv & Pt Ch 55,'15 M-N 9754 9812
Hocking Valley 6s,'15.M-N tooki 101
Int Harv 58. Feb15 '18_F-A 9914 100
Lake Sh & Mich So.rne'15_ 03.50 2.75
Loulsv G & E 62, 1918.A&O 9612 9754
Mich Cent 434s, 1915_ _M-S 100 19014
Minn Gen El 6s, 1917_J&D 9912 0014
New Eng Nay 65, 1917_81-N 921 93
N Y C& H Riv 513.'15_ _A-0 10018 10038
4148, May 1 1915
100181003s
58, Sept 15 1915
tooe81 oo58
88. Oct 1 1915
A-0 toossliooes
NY NH ItH 58. 1915_131-N 9738 9812
Pao G&E58, Mar25'15M-S2. 100 10014
55 Dec 15 1915
1001810038
Pub Ser Corp N J 5s,'16 M-S 99%10014
Schwarz & Suitt) 68,'16.3-D 9934 •00 8
Seaboard A L 5s, 1916_111-9 9812 100
Southern Ry 5s, 1916._F-A 9958 99%
5s, Mar 2 1917
st-e2 9718 98
Sulz&SonsCo6s,J'nel'16M-S 993410018
UnTypew 55,Jan15'16 3-315 97 9712
United Frult6s,Mayl'17111-N 101 10112
Gold notes 59 1918 M-N 9714 9734
A-0 9714 9814
Utah Co its. 1917
UtahSecurCorp 61;22M-316 80% 8112
Western Power 13s, 1915_J&3 995410014
West States G&E6s Oct '17, 96 9714
New York City Notes-1
65, Sept 1 1915
65, Sent 1 1916
65. Sept 1 1917
RR. EquipmentsBaltimore & Ohio 4348
1
Buff Roth & Pittsburgh 434
Equipment 48
Central of Georgia 53
Equipment 415s
Chicago & Alton 45
Chicago & Eastern Illinois 551
Equipment 4348
Chic Ind & Louisv
Chic St L & N 068
Chiesgo & N W 414s
Chicago R I & Pac 414a_
Colorado & Southern
Erie 5s
Equipment 434a
Equipment 4s
Evansville & Terre Haute 68
Hocking Valley 48
Ifflnois Central 51
434s
Kanawha & Michigan 4Ms_ _
K C Ft S & Memphis 434s
Louisville & Nashville 58
Minn SIP&SSM
Missouri Kansas & Texas 58_
Missouri Pacific 53
Mobile & Ohio 58
Equipment 434*
New York Central Lines 6e
Equipment 4345
N Y Ontario & West 434s
Norfolk & Western 410
Equipment 41
Pennsylvania RR 4348
Equipment 48
Pere Marquette 55
Equipment 4348
St Louis Iron Mt & Sou 55_
St Louts & San Francisco 52
Seaboard Air Line 65
Equipment 434*
Southern Pacific Co
Southern Railway 434a
4Ms__Toledo & Ohio Central 411
10114 10112
1023s 10258
104 10418
Per Ct.Basis
Bid. Ask
4.6 4.4$
4.66 4.50
4.65 4.50
5.00 4.80
5.00 4.80
6
6
6
5
4.80
4.75 4.65
4.60 4.40
6.75 5.75
5.00 4.80
5.00 4.85
5.00 4.85
6.00 4.85
6
i7i5 4.70
4.70 4.50
4.70 4.50
5.10 4.80
6
Zio 4.50
4.90 4.60
5.75 6.20
6.00 6.10
5.10 4.90
5.10 4.90
5.004,90
5.001 4.90
4.90 4.70
4.60 4.40
4.60 4.40
4.40 4.25
4.40 4.25
8
6
5.20 4.90
5.00
5.00
4.601
5.00
_
4.90
4.90
4.50
4.80
31
32
RailroadsStandard 011 Stocks-Pe +Share
Peel Bid. Ask.
I *1314 1334
Anglo-Amer Oil new
tool 530 640
Atlantic Refining
Borne-Scrymser Co
1001 250 260
Buckeye Pipe Line Co_ _ _ 50 13107 109
Chesebrough Mfg Cons_ _100 650 660
b0
90 100
Colonial 011
Continental 011
1001 220 225
50 *37 39
Crescent Pipe Line Co
Cumberland Pipe Line_..lOOj 47 50
100 217 223
Eureka Pipe Line Co
Galena-Signal 011 corn...1001 135 140
1001 162 164
Preferred
Illinois Pipe Line(when 18s). 128 130
Indians Pipe Line Co.... 501 96 98
25 .31 33
National Transit Co
New York Transit Co...100 217 223
Northern Pipe Line Co..10th 89 92
25.131 133
Ohio 011 Co
25 .13 131
Pierce 011 (new)
Stand 011 Stk. (Con4)-Per share
Pail Bid. Ash.
Prairie 011 & Gas
1001 220 225
Prairie Pipe Line (wh iss)...I 141 143
Solar Refining
1001 217 235
Southern Pipe Line Co..1043I 205 210
10 257 262
South Penn 011
Southwest Pa Pipe Lines.1001 111 115
Standard 011 (California)1001 282 285
Standard 011 (Indiana) 100I 418 423
Standard 011 (Kansas) 1001 340 350
Standard Olio!Kentucky100 255 260
Standard 00 of Nebraska100 310 320
Standard 011 of New Jer_100 393 396
Standard 011of New Y'rk100z189 191
Standard 011 of Ohio..._104 420 425
100 120 125
Swan & Finch
Union Tank Line Co.-100 83 84
_100 187 189
Vacuum 011
11 .33 37
Washington 011
Bonds.
Piecce (iii nnrn pony fia 1924 78 80
West Pao 1st 58, 1933_ __M-S
Street Railways-
Par Rid. Ask.
Com'w'ith Pow Ry & L__100 54 56
Preferred
104 8114 8214
Federal Light & Traction 100 17 18
Preferred
100 60 61
Republic Ry & Light___ _1
15 17
Preferred
100 65 67
Tennessee Ry L & P corn.100
6
8
Preferred
100 34 38
United Lt & Rya Corn...100 45 48
1st preferred
boo 68 69
2d preferred
100 65 69
Wash By & El Co
100 871 91
Preferred
100 84 86
4s, 1951
J-D 805s 8114
Par Bea.
West Penn Tr & WetPow 100
7
Preferred
100 20
Ask
12
25
Else, Gas 6. Power Cot-i
501
Am Gas & Elec corn
Preferred
Am Lt & Trac common 1
1)
(
00
01
Preferred
Amer Power & IA com
100
Preferred
100
Amer Public- Utilities corn 100
Preferred
100
Bay State Gas
50
Buffalo City Gas stock_ _100
Cities Service Co corn__ _100
Preferred
100
Columbia Gas & Elec_ _ _100
bat 58, 1927
J-J
Else Bond & Share pref 100
Indiana Lighting Co_...100
431, 1958 optic/Jai
F-A
Pacific Gas & El corn_ _100
Preferred
1
South Calif Edison com_100
Preferred
100
Standard Gas& El(Del). 50
Preferred
50
United Gas & Else Corp_100
lot preferred
1
2d preferred
1
Utah Securities Corp__..b00
6% notes-See Short-Term
Western Power common_10C
Preferred
10(
*89 91
*4712 49
313 316
03
9%
16
02
7 16
.
1367
34c 8716
.63
8
10
0
_
48 50
55 57
7
10
1 42, 7
12
1
9812100
39
4112 43
82 83
73 75
512
•4
•1712 1812
2412 25
2
61940
963
211:
2
3 6
2
976
2
3
4
1
11
:
No .
1412 1512
60 62
Industrial
and Miscellaneous
Adams Exp col tr g4s'47.1-E) 170 71
101 75 85
Alliance Realty
Amer Bank Note coin...5t •29 31
48 59
Preferred
50 .
American Book
10 160 170
American Brass
100 135 136
American Chicle coin_ _ 1001 175 179
10
Preferred
95 97
Am Graphophone corn._10
36
Preferred
100 73
American Hardware__ 100 113 118
Amer Melting tla 1914
Ext to 1917
J-D 961 99
American Surety
01 163 170
Amer Typefounders com_100 35 39
1
Preferred
88 90
1
Amer Writing Paper....1
1
1311ss(E W)Co com
5 136 140
Preferred
6 120 130
1
Bond & Mtge Guar
274 280
Borden's Cond Milk com_100 110 112
Preferred
100 104 105
5 •65s 634
Braden Copper Mines
Casualty Co of America_l
100
1
Celluloid Co
133 iiL
1
City Investing Co
15 20
Preferren
100 70 80
100 60 63
Oonsol Car Heating
•1
114
Davis-Daly Copper Co__ _10
du Pont (E I) de Nemours
1SS1 200 204
Powder
1
Preferred_
86 87
Emerson-Brantingham 100 10 20
1
45 50
Preferred
*11 158
Goldfield.C,onsol Mines _1
11
3
Havana Tobacco Co__ I
b0t
Preferred
5 10
1st g 55 June 1 1922 J-1), 154
Intereontinent'l Rub corn 100 614 7
Internet Banking Co___ _100 95 105
International Nickei....100 106 107
100 104 105
Preferred
100 20 25
International Salt
A
let g fis 1951
/59 63
International Silver pref.100 99 102
1st 6s 1948
.J-D 100 10212
Kelly Springfield Tire-1
101 105
802 82
1
let preferred
2d preferred
1
112 120
eta, 4%
Kerr Lake Mining
Lanston Monotype
85
La Rose Coneol Mines
Lawyers' Mtge Co
1
187 192¼
Lehigh Val Coal Satee___60 160 160
Manhattan Transit
20
3s 12
Marconi Wireless of Am.
.5 .258 21s
Mortgage Bond Co
100 108 112
Nat Cloak & Suit corn...100 $4 • 5412
Preferred
1001 96 97
N Y Mtge & Security_
1311 140
N Y Title Ins Co
10
55 70
Niptssing Mines
5 *511 554
Ohio Copper Co
1 .10c 15c.
Otis Elevator corn
100 69 70
Preferred
100 89 90
Pittsburgh Brewing
50 *4
454
Preferred
500
18
Producers 011
100
Realty Assoc (Ekls'n)- -100 95 too
Remington TypewriterCommon
100 12 13
bat preferred
100 65 72
2d preferred
1
48 ss
Riker-Hegeman (new)
6%
I 'es
Royal Bak Powd corn...bOOI 150 160
Preferred
1001 103 104
Safety Car Heat & Lt-1
103 105
Singer Mfg co
bOO 280 234
Standard Coupler corn..1001 25 35
Preferred
1001 100
•3 3%
Sterling Gum
Stewart-Warner Speedo'r lOOj 48 49
Preferred
100, 101 103
Sulzberger & Sons pref _100 89 9012
Texas & Pacillo Coal_...i00 125
Tonopah Extension Mm...1 •25s
Tonopah kiln of Nev
1 •
6%
United Profit Sharing
334
U 8 Casualty
1001 190 210
bOO 130 134
U S Envelope corn
Preferred
1001Z102 104
100
U S Finishing
5 16
100 32 37
Preferred
1st g 55 1919
5-3 92
.1-3 69 75
Con g 51 1929
LI II Tit Gu & Indem_ _ _ _100 30 ao
Westchester & Bronx Title
too 170 180
& Mtge Guar
Willys Overland see Stockl
Exchange List
Worthington (H R) Corn-1
100 43 48
o
pny prof
5 .218 212
Yukon Gold
•Per share. a And accrued dividend.
Sale price.
Ex-dividend. g Ex-rights.
Basis.
Flat
price
n Nominal.
THE CHRONICLE
724
Ilnuestutent anti
Alva:road
[Vol.. 100.
Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
esan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
soh:trans the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together_ separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
3
$
$
$
Ala N 0& Tex PacN 0 & Nor East_ January __ 297,298 327,042 2,093,404 2,430.140
923,812 1,154,063
Ala & Vicksburg_ January __ 117,152 165,452
99.061 164,507
Vicks Shr & Pac- January _861.375 1,110,271
35,661 1,474,898 1,494,878
42,310
2d wk Feb
Ann Arbor
Atch Top & San Fe_ January -- 8,822,427 8,541,418 69.923,480 66,447,696
Atlanta Birm & Atl December
246,138 339 813 1,377,653 1,831,954
Atlantic Coast Line December 3,073,852 3,630,478 15,007,498 17,453,837
Charlest & W Car December
894.940 1,071,572
150.555 199,993
106.434 109,953
Lou Rend & St L December
730,967
710.305
g Baltimore & Ohio_ January __ 6,486,271 7,406,415 53.624,706 61,063,261
821,646
111,389 132,059
B & 0 Ch Ter RR December
933,578
274,457 296,683 1,703,881 1.782,317
Bangor & Aroostook December
Bessemer & L Erie_ December
315,333 469.346 5,232,441 5,300,597
Birmingham South.. December
66.581
449,749
96,009
635,509
Boston & Maine... December 3,588,975 3.946.954 24.603,434 25,839,874
Buff Roch & Pittsb 3d wk Feb 178,210 204,388 6,321,105 7,616,850
Buffalo & Susq RR January__ 112,417 155.255
828,790 1,084,933
Canadian Northern 2d wk Feb 256.300 312,700 11,406,500 15,551,600
3d wk Feb 1,614,000 1,796,000 66,544,125 88,296,161
Canadian Pacific
Central of Georgia_ December 1,102.4621,415,887 6,333,382 7,655,440
Cent of New Jersey December 2.944.3263.117.292 16,870,326 17,835.137
Cent New England_ December
296,724 327,075 1,887.026 1.952,143
Central Vermont December.. 291.930 316,339 1,988,252 2.178,088
Ches & Ohio Lines_ 3d wk Feb 661,805 607,435 24,674.930 24,082,891
Chicago & Alton
2d wk Feb 268,868 217,575 9,183,360 9,531,872
Chic Burl & Quincy December- 7.729,151 7,556,599 49,794,216 51.495.123
f Chicago & East Ill December 1,229,861 1,305,169 7,594,875 8,492,974
p Chic Great West_ 2d wk Feb 297,359 284,321 9,021,459 9,253,373
Chic Ind & Louisv_ 3d wk Feb 115,045 119,802 4,195,563 4,560,219
Chic Milw & St P..1 December 7,282,244 7,799,246 48,790,069 50,373.955
ChicMil & Pug8 t
oChic & North West January -- 6,497,037 6,429,552 51,269,671 53,465,455
()Chic St PM & Om January -_ 1,450,102 1,510,316 11,223,923 11,477,025
Chic Terre IT & SE December
196,297 174,231 1,164,522 1,149.272
Oin Ham & Dayton December
653,435 819.121 5,170,413 5,418,597
Colorado Midland.. December
127.382 138,136 1,045.410 1.008.436
5 Colorado & South 3d wk Feb 242,660 242,114 9,594,252 9,144,767
Cornwall
December
14,431
9,680
97.185
66,804
Cornwall& Lebanon December
187,291
156,217
25,083
20.675
Cuba Railroad
January -_ 544,891 478,179 2,551,350 2,651.754
Delaware & Hudson December 1.807,869 1.823,075 11.920,644 12,471.624
Del Lack & Western December 3,562,409 3,733,219 22,664,386 23,420.340
Deny & Rio Grande 3d wk Feb 331,900 395,800 14,671,160 16,197,385
Western Pacific.... 3d wk Feb
82,000 3.596.287 4.235,483
85,800
17,636 1,128,474
Denver & Salt Lake 2d wk Feb
23,800
765,728
131,106 140,753 1,048.688
Detroit Tol & front. December
837.597
687,898
Detroit & Mackinac 3d wk Feb
757,535
20.455
19,983
Det & Tol Shore L_ December_ 137,184 150,172
737.350
804,967
Dul & Iron Range December
67,852 118.451 2,730.862 4,796.138
51,954 1,825,566 2,195,832
52,185
Duluth So Sh & Atl 2d wk Feb
505,590 778,161 4,249.402 6,295,131
Elgin Joliet & East_ December
612,885 797,446 3,780.490 4,381.062
El Paso & Sou West December
December 4,548.2525,096,937 31.216.70832.548,958
Erie
Florida East Coast.. December- 446,298 488,880 2,109.621 2,064,092
63.514
Fonda Johns & Giov December
519,723
459.943
75.784
Georgia Railroad
December
244.778 299,298 1.512,878 1,759.641
Grand Trunk Pac 1st wk Feb
72,126 3,397,470 4.735,072
75,961
Grand Trunk Syst_ 3d wk Feb 823,436 853,582 32,349,770 35,781,868
Grand Trunk Ry. 1st wk Feb 619,437 712,012 24,651.075 28,091.213
Grand Trk West_ 1st wk Feb 124,894 120,996 4,432,872 4,394,958
Del Gr H & Milw 1st wk Feb
41,798
40,299 1,622,212 1,576,890
Great North System December.. 4.595,680 5,677.958 0,280.078 45.910.682
Gulf & Ship Island.. December
131,189 178,961
836.112 1.074,125
Hocking V-alley
December
414,792 574,412 3.539,651 4,282,599
Illinois Central_ _ January __ 5,171,599 5,485,622 7,795,433 40,143,138
Internal & Grt ffor December
807,965 767,185 4,823,456 5,608.285
Kanawha & Mich December
205,029 247,429 1,585,596 1,752.084
Kansas City South.. January_ 788,351 927,020 6,076,927 6,356,365
Lehigh & New Rug..December
184,867 172,600 1,368,856
964,924
Lehigh Valley
January __ 3,003.715 2,861,880 25,120,742 25,492,803
Louisiana & Arkan_ December- 140.184 142,513
868.659
874,175
Louisiana Ry & Nay December
179,462 193,293
999,496 1,030,945
(Louisv & Nashville 2d wk Feb 972,480 1,076.930 32,864,413 38,946,336
Macon & Birm'ham December12.262
78.342
16,394
82,978
Maine Central
December
797,004 898,454 5.910.393 6,151,669
Maryland & Penna.. December
40,238
36.558
279.940
288,276
Midland Valley..., December_ 120.549 136,457
760,171
901,513
Mineral Range
2d wk Feb
9,665
16,629
488,653
228,109
Minn & St Louis__ i 3d wk Feb 213,067 206,747 6,749,099 8.407,519
Iowa Central__ _ J
Minn St P & 85 M_ 3d wk Feb 482,100 502,127 18,792.297 19,964.640
Mississippi Central_ December
71,185
85.357
458,108
534,722
.,i Mo Kan & Texas.. 3d wk Feb 662,670 530,246 22,002.755 22.102.620
c Missouri Pacific_ 3d wk Feb 1,087,000 1,091,000 38,746,699 40,223,281
Nashv Chatt & St L December
844,405 1,127,695 5,864,900 6.524,041
Nevada-Cal-Oregon 2d wk Feb
4,290
5.390
249,030
240,380
New On Great Nor_ December
127,830 168,734
817,541
980.640
( N Y C & Hud Riv December 7,612,587 8.202.878 49.837,775 54,245,440
Boston & Albany December 1,284,979 1.393.356 8.432,993 9.272,962
Lake Shore & M 8 December 4.048.920 4.550,220 26.543,555
29.711,827
n Lake Erie & W_ December
396,047 461,555 2,917,509 3.058,387
Chic Ind & South December
332,267 449.780 2,130,998 2.280,544
Michigan Central December 2,656,591 3.059,258 17,202.680
18,668,771
Clev 0 C & St Li
Peoria & Eastern J December 2,901,172 3.118,554 18,781,845 19,821.732
Cincinnati North. December
114,736 137.729
833,872
821,678
Pitts & Lake Erie December
934,762 1,180,371 7,801,788 9,673.784
N Y Chic & St L_ December
980.113 1.065,387 5,732,067 6.248,483
Tol & Ohio Cent_ December
382.384 505,704 2.874.676 3.295.984
Tot all lines above December 21602538 24122747 142689758
157097564
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
,
July 1 to Latest Date,
Current
Year.
Previous
Year.
$
$
$
i
NO Mobile & Chic_ December
143,988 203,605
918,526 1,153,350
NY N H & Hartf__ December 5.015,072 5,493,255 33,095,293 35.554,126
NY Ont & West__ December
673,103 673.698 4,939.635 5,013,488
NY Susq & West__ December
358.332 333.209 1,906,029 1.979.731
329,212 366,126 1.963.838 2.101,874
Norfolk Southern... December
Norfolk & Western_ December 3,021,440 3,772,427 21,446,398 23,499,805
Northern Pacific... December 4,879,791 5,878,258 35.579,876 40.168.716
Northwestern Pac_ December.. 227,689 251,481 2,047,129 2.096.107
Pacific Coast Co__ December.. 432 589 543 534 3,447.013 4,068,958
aPennsylvania RR__ December 14361258 16671573 95,512,202 105181498
93.448
82,841
Bait Ches & Atl_ December
748,903
752,592
210.549 290,029 1,518,591 1.818.999
Cumberland Vail. December
December
899,885 923,637 7,265,082 7,070.210
Long Island
75,159
Maryl'd Del & Va December
556,910
80,486
570.235
NY Phila & Norf December
268,020 303,774 1.950,209 2.019,763
Phil Bait & Wash December 1,583,957 1,730,357 10,538.637 10,838.064
383.905 399,588 3,756,268 3,853,447
W Jersey & Seash December
Pennsylvania Co...... December 3,551,308 4.668,661 28,436.709 35.136.369
Grand Rap & Ind December
395,818 454,947 2,849,217 3,014,173
Pitts C CS & St L_ December 2,856,1533,394,056 19.972,419 23.083,355
December
Vandal%
925,466 954.603 5,815.887 6,124.528
Total linesEast Pitts & Erie December 18159833 20795141 124889516 138884859
West Pitts & Erie December 7.832097j9605.582 57.818,676 68.188.994
All East & West.. December 25991729 30400723 182708192 204871854
Pere Marquette... December _ 1,421,699 1,489.292 9,350,708 9.074,272
Reading ooPhila & Reading. December 3,745.437 4,331.622 24,225.085 26,586,918
Coal & Iron Co December 2,949.665 2,845.591 15,953.693 16,101,022
Total both cos
December 6.695.102 7,177,213 0.178,778 42,887.940
Rich Fred & Potoin December
226,703 240,709 1,347,732 1.372,109
Rio Grande June... November
527.669
541,518
103.204 106,466
Rio Grande South 2d wk Feb
12,196
9,818
436,807
359,518
Rock Island Lines December_ 5.888,718 5,683,098 8,237,698 36,497,299
December.. 253,802 292,806 1,847.044 2.047.853
Rutland
St Jos & Grand Isl. December
116,021 134,175
869.629
850,456
158,832 170,471 1,149.258 1,250.777
St L Brownsv & M.. December
St L Iron Mt & Sou December 2.497,925 3,034,243 15,809,345 17.417.209
263,440 247.205 1.461,022 1.257,458
St L Rocky Mt & P December
St Louis & San Fran December 3.546,868 3,789.281 22,489.742 24,265,221
St Louis Southwest_ 3d wk Feb 218,000 234,000 7,185,615 8,849.843
San Ped LA & S L. December_ 718,187 932.490 4,673,088 5.437.984
Seaboard Air Line December 1,845.154 2,333,755 10,370,194 12,324,401
Southern Pacific.... January, __ 9,263,829 10399323 76,758,910 83,819,493
Southern Railway.... 3d wk Feb 1,138.586 1,297.191 40.778.950 48,693,059
Mobile & Ohio.... 2d wk Feb 201,606 231,452 8,873,115 8,192,231
Cin N 0 & Tex P 2d wk Feb 177,133 207,009 5,881.212 6,820.102
88,745
97.895 2,958.136 3,485,392
Ala Great South. 2d wk Feb
43,798
Georgia So & Fla_ 2d wk Feb
50,944 1,460,618 1.677,351
Spok Port & Seattle December_ 343.557 392.701 2,532.210 2,787.556
Tenn Ala & Georgia 4th wk Jan
2,207
1.399
42.546
56,605
Tennessee Central.. December
110,848 151.180
786,732
888,500
3d wk Feb 367,105 365,855 12,159.332 12,913.275
Texas & Pacific
Tidewater & West. November
7,053
5,154
33.957
38,147
Toledo Peor & West 2d wk Feb
22,978
25,544
872,901
793,495
Toledo St L & West 2d wk Feb 122,49583753 2,878,270 2,977,038
Trinity & Brazos V_ December_
90,241 248,798
587,116 1.360,948
Union Pacific Syst_ January
5,895.419 8,410,436 54,921,499 58,385,225
Virginia & Sou West January
148,114 179,1611,121,409 1,171,046
Virginian
December
434,864 549,899 3,053.819 3.564.125
Wabash
January __ 2,198,0682,288,506 17,471,410 18.703,683
Western Maryland- December
640,838 676,249 4,200.197 4,310.544
Wheel & Lake Erie. January__ 313,142 525,896 3,180,974 5,022,952
Wrightsv & Tennille December
30.630
193,357
34,740
146,805
Yazoo & Miss Vall_ January __ 1.015,263 1.198,640 7.067.593 7.952,441
Various Fiscal Years.
Delaware & Hudson
Jan 1
N Y Central & Hudson River_e Jan 1
Boston St Albany
Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Cleve Cinc Chic & St Louis Jan 1
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
aPennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Deiaw & Virginia Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Phila Baltimore & Washing'n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Compaeli
Grand Rapids St Indiana- Jan 1
Jan 1
Pitts Clue Chic & St Louis
Jan 1
Vendetta
Total lines-East Pitts & Erie Jan 1
-WestPitts & Erie Jan 1
-All Lines E & W-lan 1
I Dec 1
Rio Grande Junction
Jan 1
Rutland
Current
Previous
Year.
Year.
.
$
$
Dec 31 22,677,150 24.220,746
Dec 31 95.559.818 104095523
Dec 31 16,491.442 17.719.565
Dec 31 51,524.288 59.353.110
Dec 31 5,602,771 5,934,643
Dec 31 4,205,196 4.487.659
Dec 31 33.464.96838.676.970
Dec 31 35.365,891 37,813.499
Dec 31 1.471.472 1,436.709
Dec 31 15,597.365 19.644.111
Dec 31 11.294.971 12,393.873
Dec 31 4,930,626 6,031,430
Dec 31 275508606 305387092
Dec 30 187298752 205148244
Dec 31 1,250,246 1.247.882
Dce 31 3.227,054 3,587.682
Dec 3113.220.33413,083,925
Dec 31
949,285
959.135
Dec 31 3.743.272 3.931.219
Dec 31 20.357.562 21,184.340
Dec 31 6.472,599 6.581,747
Dec 31 54.898.670 68,678.741
Dec 31 5,387.885 5.598.050
Dec 31 39.006.66244.260.048
Dec 3110.948.59511.399.933
Dec 31 241504700 261545260
Dec 31 111733895 129516798
Dec 31 353238595 391082058
Nov 30 1.028.4981 1,053,165
Dec 31 3,528.0941 3,759.598
Period.
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
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
Current
Year.
Current
Previous
Increase or
Year.
Year.
•Mcmthly Summaries.
Decrease.
%
$
$
$
$
$
Mileage. Cur. Yr. Pres. Yr.
243.513 241,547 236.531.600' 018,870 -8.517,270 3.4
let week Dec (37 roads)........ 11.191,969 13.645.289 -2.453.320 17.98
April
248.070 243,954 239,427,102 285,4 5.022 -26.007,920 9.7
241 week Dec (37 roads)____ 11.008.619 13,301.723 -2,293,104 17.22 May
222,001 219,891 230,751.850 241,107,727 -10,355,877 4.31
3d week Dec (34 roads)____ 10.347,462 13,174,223 -2.826.761 21.48
June
235,407 231,639 252,231.248 261,803.011 -9,571.763 3.6'7
ith week Dec 137 roads).._.... 15,140,798 18.121.396 -2.980.598 16.45
July
240.831 237,159 269.593,446 280.919.858 -11.328.412 4.03
August
tat week Jan 35 roads)____ 9.417.808 10.844.847 -1,427,039 13.16
-978,667 8.98
September-242,386 238,698 272,992,901 285,850,745 -12.857,844 4.5
td week Jan 35 roads)......_ 9,918,756 10.897,423
-28,740,556 9.5
3d week Jan 35 roads)____ 10,464.182 11.820,619 -1,366,458 11.58 October_ _ _244,917 241,093 289.325,262298,066,118
November _246.497 242,849240,235,841 272,882,181 -32,846.340 11.9
ith week Jan (37 roads --_- 14,161.846 17,112,484 -2.950.638 17.28
December 246,807 243.242 232,598.369 258,255,270 -25.886.901 9.9
Feb (35 roads>-..-- 10,067,722 11,332,852 -1,265.130 11.16
let
week
,„d „„k Feb (36 roads)_..__ 10.871,529 11.168.648
128.072 126,574 98,194.349 106,266,974-10.072.625 9.5
-297.119 2.66
January
Springs & Cripple Creek District Ry. e Includes the New York & Ottawa, the St. Lawrence &
S Does not include earn nits of Colorado
Ry.,
the
latter
York
of
which,
being a Canadian road, does not make returns to the Inter-State Commerce ComAdirondack and the Ottawa & New
Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling Ry. in both years.
mission. f Includes Evansvil e & Terre Haute and
earnings
Includes
p
RR.
of
Mason
City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville &
n Includes the Northern Ohio
v Includes not only operating revenues.
Atlantic and the Frankfort & Cincinnati. u Includes the Texas Central and the Wichita Falls Lines.
Iron
Mountain
&
Louis
St.
Southern.
a Includes the Northern Central beginning July 1 1914. • We no longer
Includes
z
but also all other receipts.
Include the Mexican roads In any of our totals.
•Weekly Summaries.
Previous
Year.
Increase Of
Decrease.
%
THE CHRONICLE
FEB. 27 1915.]
725
Latest Gross Earnings by Weeks.—In the table which ELECTRIC RAILWAY AND TRACTION COMPANIES.
follows we sum up separately the earnings for the second week
of February. The table covers 36 roads and shows 2.66%
Latest Gross Earnings.
Jan. 1 to latest date.
Name of
decrease in the aggregate under the same week last year.
Road.
Second week of February.
1914.
1915.
$
$
97,895
86,745
Alabama Great Southern
35,661
42,310
Ann Arbor
204,388
190,054
Buffalo Rochester & Pittsburgh
312.700
256,300
Canadian Northern
1.634,000 1,733.000
Canadian Pacific
643.028
710.737
Chesapeake & Ohio
217.575
268.868
Chicago & Alton
284,321
297,359
Chicago Great Western
114,209
109,602
Chicago Ind & Louisville
207.009
177,133
Cinc New On & Texas Pacific
249.322
232,355
Colorado & Southern
382,400
348,500
Denver & Rio Grande
Western Pacific
95,200
72.100
Denver & Salt Lake
23,800
17,636
18,885
Detroit & Mackinac
18,170
Duluth South Shore & Atlantic_
52,185
51,954
Georgia Southern & Florida_ _ _ _
50,944
43,798
Grand Trunk of Canada
Grand Trunk Western
868,432
817,255
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
972,480 1,076.930
Louisville & Nashville
9.665
16.629
Mineral Range
Minneapolis & St Louis
194,135
205,423
}
Iowa Central
450.164
501,936
Minneap St Paul & S S M
559,025
685,377
Missouri Kansas & Texas
1.045,000 1.041.000
Missouri Pacific
231,452
201,606
Mobile & Ohio
Nevada-California-Oregon
5,390
4.290
12,196
Rio Grande Southern
9,818
205,000
St Louis Southwestern
248,000
Southern Railway
1,119,357 1,315,149
Texas & Pacific
360,187
349,368
Toledo Peoria & Western
22,978
25,544
Toledo St Louis & Western_ _ _
122,495
83,753
Total (36 roads)
to nnoll
10,871,529 11,168,648
70.
.. A......non
Increase. Decrease
$
11,150
$
6.649
14.334
56,400
99,000
67,709
51,293
13,038
4,607
29,876
16.967
33,900
23,100
6,164
715
231
7,146
51,177
104,450
6.964
11,288
51.772
126,352
4,000
29,846
1,100
2,378
43,000
195,792
10,819
2,566
38,742
412,703
709,822
907110
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
—Gross Earnings— —Net Earnings—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Atch Top & Santa Fe_b_Jan 8,822,427 8,541.418 32,728,749 52,459,525
July 1 to Jan 31
69,923,480 66.447,696/25,147,858522,272,813
Baltimore & Ohio b
Jan 6,486,271 7,406,415 1,532,478 91,570,085
July 1 to Jan 31
53,624,706 61,063.261 14,559,604 15,871,892
Buff Rock & Pitts b----Jan 672,294
203,416
148,690
823,694
July 1 to Jan 31
5,730,208 6,937,518 1,516.763 2,067,396
Buffalo Ss Susq RR Cor a Jan
112,417
9,344
31,681
155.255
Chicago & North West a Jan 6,497,037 6,429,552 1.620,415 1,500,813
July 1 to Jan 31
51,269,671 53,465,453 14,081,280 15,251,886
Chicago St PM & 0_a_ _Jan 1,450,102 1,510,316
341,949
459,556
July 1 to Jan 31
11,223,923 11,477,025 3,269,606 3,305.999
Colorado & Southern_b_Jan 1,191,179 1,134,386
316,692
313,529
July 1 to Jan 31
8,870,023 8,447,149 2.847.962 2,314,186
Cuba RR
Jan 544,891
478,179
317,412
237.457
July 1 to Jan 31
2,551,350 2,651,754 1,184,330 1,219,384
Kansas City Southern b_Jan 788,351
927.020
265.381
346.121
July 1 to Jan 31
6,076,927 6,356,365 2.161.389 2.429,477
Lehigh Valley b
Jan 3,003,715 2,861,880
613.613
508,956
July 1 to Jan 31
25,120.742 25,492,803 7.184.149 7.362.753
Southern Pacific a
Jan 9,263,829 10,399,323 1.715,674 1,824,149
July 1 to Jan 31
76,758,910 83,819,493 21,623,677 24,833,393
Southern Rallway_b____Jan 4,653,002 5.738,968
922,653 1,278,119
July 1 to Jan 31
37,418.578 42,721,007 9,149,893 12,695.714
Mobile & Ohlo_b
Jan 839.705 1.048,192
260,836
188,163
July 1 to Jan 31
6,480,469 7,734,951 1.645,541 1,865.970
Cin N 0 & Tex Pac_b_Jan 776.556
907,523
244,934
249,787
July 1 to Jan 31
5,539.251 6,409,683 1.376.137 1,942.555
Ala Great Southern_b_Jan 355.201
448,156
77,085
107,456
July 1 to Jan 31
2,800,998 3,299,533
617,816
846,413
Union Pacific_a
Jan 5,895.419 6,410,436 1,484,649 1,703,044
July 1 to Jan 31
54,921,499 58,385,225 20,653,121 21,375,182
Virginia St So West_b___Jan 146,114
179,161
36,761
53,089
July 1 to Jan 31
1,121,409 1.171,046
324.241
366.834
Roads.
INDUSTRIAL COMPANIES.
—Gross Earnings— —Net Earnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Penn Central Lt & P_b_ _Jan
39.153
78,258
73.149
38.814
Southern Cal EdLson_ ---Jan 396.365
214.121
404,758
197,068
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
For Jan. taxes and uncollectible railway revenue amounted to $465,084,
against $446,926 in 1914; after deducting which net for Jan. 1915 was
$2,263,665, against $2,012,600 last year. From July 1 to Jan. 31 taxes,
&c., were $3,146,925 in 1915, against $3,231,366 in 1914.
Interest Charges and Surplus.
—hit., Rentals, &c.— --ma. of Net Earns.—
Roads.
Buffalo Roch & Pitts__ ...Jan
July 1 to Jan 31
Jan
Buffalo & Susq RR
Chicago & North West Jan
July 1 to Jan 31
Chicago St P M & 0_ _Jan
July 1 to Jan 31
Jan
Cuba RR
July 1 to Jan 31
Current
Current
Previous
Year.
Year.
Year.
$
198,383
x10,669
185,629
1.385,582 1,286.196 x566,012
27,879
26,722
x14,896
983,546
958.406
636.869
6.725,436 6.621,219 7,355.844
227,762
244,403
97,546
1,680,912 1,615,954 1,588.694
246,452
66,792
70,960
467,542
692,016
492,314
Previous
Year.
x83,955
x1,258,971
x33,006
542.407
8.630,667
231,794
1.690,045
170,665
751,842
INDUSTRIAL COMPANIES.
Companies.
Penn Central Lt& Pow_ _Jan
Southern Cal Edison____Jan
—Int., Rentals, &c.— —Bal. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
24,191
82.987
21,262
73,181
z After allowing for other income received.
14,960
z137,879
17.550
z126,338
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
American Eye Co___ January __ 431,114 429.018
431,114
429.018
Atlantic Shore Ry___ January _ _ 21,900 21,997
21,997
21.900
cAur Elgin & Chic Ry January _ _ 144,145 152,761
152.761
144,145
Bangor Ry & Electric December
65.509 65,645
777,752
764,085
Baton Rouge Elec Co December
17,128 16.386
163,128
178.825
BeltL Ry Corp(NYC) November
62.627 63,194
681.158
Berkshire Street By.. December.. 76.638 76.184
1.003:623
.
Brazilian Trac, L & P December 16010490f6142209f73351,478 172074,361
Brock & Plym St Ry_ December.
8,071
7.689
124,403
121,757
Bklyn Rap Trim Syst November 2105,1142104,136 24,995,618 24,362,240
Cape Breton Bloc Co December
29.796 36.169
380.952
349.894
Chattanooga Ry & Lt December
89,012 100,378 1,085.096 1.204,928
Cleve Painesv & East December.. 27.693 33,525
425,923
423,595
Cleve Southw & Col_ December _ 96,900 105.364 1,255.284 1,255.236
Columbus(Ga) El Co December
59,937 56,904
608.636
681.606
pComwth Pow,Ry&L January0_ _ 1241,902 1228,577 1,241,902 10,228,577
Connecticut Co
December 630.642 631.963 7.995,452 8.153.238
Consum Pow (Mich)_ January _ _ 328,920 318,067
318,067
328.920
Cumb Co(Me P & L December 203,510 205,547 2,513,620 2,354.797
Dallas Electric Co__ _ December
186.414 203,917 2.208.878 2.193,500
Detroit United Lines 3d wk Jan 207,609 204,412
600,272
612,116
DDEB& Bat(Rec) November
41,554 46.570
547,275
469,562
Duluth-Superior Trac January _ _ 98,482 101.289
101.289
98,482
East St Louis & Sub.. December 213.997 238,628 2.623.827 2,700.966
El Paso Electric Co.._ December
88.386 87.720 1,041.792
886.879
42d St M & St N Ave November 158.058 158.389 1.714,440 1,743.141
Galv-Elous Bloc Co December
192.136 203,561 2,424,119 2,373.0115
Grand Rapids Ry Co December
125.913 122,461 1.286,568 1.301.403
Harrisburg Railways_ January -- 79,373 74.833
79.833
79,373
Elavana El Ry. L & P
(Railway Dept)
Wk Feb 21 51,453 53,347
426.329
402,578
Honolulu R T & Land December
52,437 56,908
613.138
602,842
Houghton Co Tr Co_ December
21,480 24.833
296.853
276,633
b Hudson & Manhat_ November 458,574 470.204 5,067,032 5,010.291
Illinois 'Fraction.. _
November 706.342 729.946 7.479.121 7.188.041
Interboro Rap Trail.January _- 2878.732 2933,870 2.878,732 2,933,870
Jacksonville Trac ColDecember
56.142 64.485
679.622
715.255
Key West Electric__ _ December
10,026 13.244
132.252
142.958
Lehigh Valley Transit November 149.939 191,199 1.700.506 1.634.293
Lewis Aug SG Watery_ December
50.073 50,420
676.922
675.554
Long Island Electric_ November
16.676 16.645
229.540
228,407
Louisville Railway January __ 248,090 258,313
243.090
258.313
Milw El Ry & Lt Co.. December- 535,097 536.537 6,005,496 6.016.916
Milw Lt. Fit & Tr Co December.. 114.515 116.545 1.493.668 1,448.251
N Y City Interboro November
56.145 53,454
608.396
564,578
N Y & Long Island November
33,313 31.718
384.577
381.427
NY & North Shore November
13,265 13.011
151.528
156.586
N Y & Queens Co
November 106,442 106.223 1,254.496 1,276,604
New York Railways. November.. 1061.863 1138.477 12,365.914 13.005.028
N Y & Stamford Rys December_
24,466 24.87
376,137
374,395
NY Wastches & Bos_ December.. 38.043 34.17
420,795
374.936
Northampton Trac December
13,690 15,21
183,378
188,880
Nor Ohio Trac & Lt_ December 316,380 295,37 3,636.084 3.284.532
North Texas Electric December
162.561 184,876 2.071.098 2.132.200
Northw Pennsylv Ry November
27.320 28,844
330.73
340,700
Ocean Electric (L I)_ November
5,515
5,644
155.55
148.550
Paducah Tr & Lt Co.. December
29,461 29,523
303,514
296,565
Pensacola Electric Co December
20,107 26,290
264.840
285,758
Phila Rap Transit___ January __ 1998.395 2006,527 1.998,395 2.006,527
Port(Ore)Ry,L&PCo. December 514.493 607,476 6,273.171 6.723.742
Portland (Me) RR__ December
81,058 79,867 1,044.842 1.036.316
Puget Sound Tr L&P December 717,550 790,307 8.450,974 8.613.600
Republic By & Light November 244,251 251.827 2,756,557 2.702.533
Rhode Island Co_ _ _ _ December_ 411,510 424,554 5,333.494 5,388,757
Richmond Lt & RR.. November
27,116 26,11
358,718
363.819
StJoseph(Mo)Ry,Lt
Heat & Power Co_ January
117,275 113.41
113,414
117.275
Santiago El Lt & Tr_ December_ 41.046 40,37
464.639
457.691
Savannah Electric Co December
71.678 74,50.
842.639
827,780
Second Ave (Rec)___ November
68,773 79,86
963.292
849.632
Southern Boulevard_ November
17,686 17,768
206,371
193.011
Staten Isl Midland__ November
20.781 20,052
301.768
291.895
Tampa Electric Co.._ December
85,501 83,107
844.940
981.000
Third Avenue
November 310,511 333,844 3.613.013 3,725.290
Toronto Street Ry
January _ 471,226 501.843
471,226
501.843
Twin City Rap Tran_ 2d wk Feb 172,888 165,022 1.115.198 1.075,597
Union R.yCoofNYCNovember 216.444 216,983 2,644.638 2.525,045
United
December_ 942,980 1097.113 12.450.925 12.702,645
Virginia If & Power_
_y January — 436,196 441.822
436.196
441.822
Wash
p_ December
62.434 68.818
816.939
831.940
Westchester Electric_ November
44,707 43,201
559,511
547,139
Westchester St RR January _ - 11,210 11,060
11.210
11.060
Western Rya & Light November 218.777 217.994 2,448,427 2.333,576
Yonkers Railroad
November
58,721 58,114
661,287
641,405
York Railways
January __ 66.211 68.328
66.211
68,328
Youngstown & Ohio_ December.. 24.351 22.914
272.369
255.883
Youngstown & South December_
13.262 14.037
175,423
172,285
b Represents income from all sources. c These figures are for consolidated company. !Earnings now given in mike's. g Includes
constituent
companies.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
—hit.. Rentals, &c.— —Bat, of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
S
Aurora Elgin & Chic_b_ _Jan
144,145
152,761
47,848
49.428
July 1 to Jan 31
1,241,521 1.289,952
460.161
496,050
Citizens Traction-b____Jan
29,067
29,569
11,997
9,486
Commonwealth Pow. Ry &
Lt and constit'ne cos b Jan 1.241,902 1,228,577
656,215
621.168
Federal Light & Traction Jan 225,447
216,959
82.963
78.134
Harrisburg Rye
Jan
79,373
79.833
12,653
13.035
Interboro Rap Trans.a._Jan 2,878,732 2,933.870 1,551.296
1.621,185
July 1 to Jan 31
19,149.437 18,933,323 10,417.823 10.235,144
Louisville Ry_b
Jan 243,090
118,430
258,313
115,619
Philadelphia Company—
Nat(lats.& Oil Depts...Jan 907,520
867,667
612,461
573,507
Apr 1 to Jan 31
5,633,620 5,854.249 2,732,630 3,043,021
Cons Gas Co offItts_Jan
17,444
22,596
def139
def3.818
Apr 1 to Jan 31
120,367
151.942 def14,434 def33,190
Duquesne Light
Jan 472,790
478,356
239,645
211,905
Apr 1 to Jan 31
4.070.069 3,977.752 1.779.418 1,528,847
Penn Light & Power....Jan
20.227
21,935
7,474
9,685
Apr 1 to Jan 31
168.061
177,857
57,367
59.033
Pittsburgh Railways. _Jan 924,811
985,514
313.778
260,395
Apr 1 to Jan 31
10,005,954 10.092,294 3,004,885 3,020,816
Beaver Valley Trac Co.Jan
26,179
26,636
7,033
4,728
Apr 1 to Jan 31
291,852
290.786
82,826
95,447
Poughkeepsie City & Wappingers Falls Elea Ry_ls—
Oct 1 to Dec 31
46.297
48,685
13,843
17,386
Roads.
THE CHRONICLE
726
[VOL. loo.
-Gross Earnings--Net Earnings
Delaware Lackawanna & Western Railroad.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
(Report for Fiscal Year ending Dec. 31 1914.)
$
$
$
880,673
234,520
210,813
Third Ave By System_a _Jan 872,164
William H. Truesdale, N. Y., says in substance:
President
6.474,476 6,534.537 1,969,716 2,028,783
July 1 to Jan 31
Earnings.-The earnings from transportation of coal were less than in
227,492
262,948 1913
United Rys of St L_a___Dec 942,980 1,097,113
by the sum of $377,933. Miscellaneous freight earnings were reduced
12,450,925 12,702,645 3,038,395 3,475,353 $630,750.
Jan 1 to Dec 31
due entirely to depressed business conditions. The practical
Jan 757,585
c313.556
suspension of all trans-Atlantic travel following the outbreak of the war was
Wisconsin Edison
responsible for a large part of the decrease of $390,888 in the earnings on
passenger traffic. Express earnings were reduced $90,844. Milk traffic
a Net earnings here given are after deducting taxes.
held up better, showing a loss of only $3,583. Notwithstanding the extension of the parcel-post system and the decrease in the express earnings
b Net earnings here given are before deducting taxes.
due to the same, the mail earnings increased only $9.111, amounting, in
C Balance available for the Wisconsin Edison Co.. Inc., and deprecia- effect,
to the confiscation of our facilities.
tion of subsidiary companies, $174,575
Income Account.-The increase in net income was due to several reasons,
among
the principal ones being the results of coal-mining operations from
Interest Charges and Surplus.
the increase in amount of coal mined and sold.
dividends
on stocks were unusually large [increase $704,8521 on acThe
-Gross]Earnings- -Net Earnings
- count of the sale and
distribution of the properties and assets of the Temple
Current
Previous
Current
Previous
Iron Co. (V. 95, p. 1688; V. 98, p. 1465, 1541; V. 99, p. 204, 752. Also
Year.
Year.
Roads.
Year.
Year.
Co.,
V. 99, p. 54, 203, 905.)
see
Coal
Temple
$
$
$
•$
Interest, discount and exchange shows a credit as against a debit last 39,802
39,309
8,046
Aurora Elgin & Chicago_Jan
10,119 year, this being due to our maintaining larger balances of cash. The charge
279,387
264,138
July 1 to Jan 31
180,775
231,912 against income account for renewals and betterments decreased $580,289.
Jan
6,530
6,131
Citizens Traction
5,467
3,355 The large charge of $547,049 against income account in 1913 was unusual,it
being for discount on bonds sold. No sale of bonds was made in 1914.
&
By
Commonwealth Pow,
Rates.-About the close of the year, as result of application in Trunk
403,247
230,555 ik217.921
Lt and constituent cos_Jan 425,661
Line
and Central Traffic Association territories, an Increase of 5% in freight
55.140
Federal Light & Traction Jan
52,186
27,823 e 25
.
..978 schedules, excepting certain commodities such as coal, coke, cement. &c.,
Interboro Rap Trans_ _ Jan 912,571
912,671 z686,354 "g‘ x752-,7tT5 was granted by the I.-S. C. Commission, which increase will take effect in
6,372,390 6,580,797 x4,376,309/x4,025,339 Jan. and Feb. 1915. There were also some increases made in rates on
July 1 to Jan 31
tickets, which became effective at the close of the
Jan
73,250
Louisville Railway
70,167
x56,285
z58,046 mileage and round-trip
year. This action will increase freight and passenger revenues in 1913.
•
Poughkeepsie City & WappinMaintenance of Way and Structures.-Our liberal policy as respects imgers Falls Electric Rycontinued, the gross decrease on this account was
9,450
Oct 1 to Dec 31
9,844
z4,482
z7,592 provements having been
only $73,534. The expenditures for ballast, stone and washed gravel show
212,161
Third Ave By System_ _ _Jan 212.577
z28,133
z1,700 a marked increase, due to a larger number of miles of track being ballasted
1,490,788 1.488,362 z526,417 2580,607 permanently with stone and washed gravel. This work is now nearly comJuly 1 to Jan 31
United Rys of St Louis--Dec 215,382
220,378
x19,539
x50,007 pleted, so that by the middle of the coming year all of the main line tracks
2,618.255 2,660,674 x508,041 Lx899,029 between New York and Buffalo will be permanently ballasted. The exJan 1 to Dec 31
penditures for ties, rails, etc., show a substantial decrease.
z After allowing for other income received.
Eguipment.-The expenditures for repairs have been more than adequate.
The total charge for depreciation was $1,493,849-a liberal allowance.
This amount[and other items aggregating $501,517 was credited to account
of Replacement of Equipment, against which was charged the cost of new
equipment, including: 24 locomotives, 84 steel passenger cars, 850 steel
hopper cars. 450 steel underframe box cars, 500 steel gondola cars and 9
steel underframe caboose cars; the cost of which aggregated $2,912,017 the
cost
of improvements in locomotives and cars, $294,194, or a toatl of
Annual Reports.-The following is an index to:all:annual $3.206,212.
There remains a balance charged against this account of
$4,104,143,
which represents the value of new equipment purchased to
railroads,
street
railways and miscellaneous Dec. 31 1914,
reports of steam
in excess of the depreciation in value of that company's
equipment to that date.
companies which have been published since Jan. 30.
total
amount of taxes paid for the year was $2,060,832, a
Taxes.-The
This index, which is given monthly, does not include:re- sum amounting to about 16% of the company's net earningsfrom
operation.
double
the taxes paid nine years ago.
and
more
than
ports in to-day's "Chronicle."
Outside Ooperations.-The results of these operations, which consist
Page.
Industrials- (Continued)
Page. largely of ferry and lighterage service in the harbor of New York, were
Railroads396 Detroit Edison Co
558 much less favorable than in 1913. This was due largely to the fact that
Buffalo & Susquehanna RR
393 du Pont International Powder Co_ --558 the German steamship lines with docks at Hoboken discontinued their
Canadian Northern Ry
478 service immediately following the breaking out of the war.
Erie RR.(6 mo.end.Dec.31'14)_474,481 Eureka Pipe Line Co
549 Fairmount(W. Va.) Gas Co
559
Additions and Betterments.-These aggregated $1,299,286, or $580,290
El Paso & Southwestern Co
Fisk Rubber Co
401, 639 less than in 1913. The sum of $181,587 was expended for new and
Huntington & Broad Top Mountain
heavier
474 General Chemical Co
395 bridges, among them a bascule bridge over the Buffalo River, in Buffalo.
RR.& Coal Co
N.Y.Swig.& Western RR.(6 mos.)_475 Goodrich Rubber Co.(adv.statement)401 built in connection with the elimination of a.dangerous wade crossing of the
Great
end.
Western
Power
Co
mos.
4
(6
Chic.
&
St.
the
N.Y.
Louis
and
Buffalo Creek & Pennsylmain tracks of
Northern Central By.
642 Hart,Schaffner & Marx
472 vania railroads, which will be a most important and valuable improvement
June 30 1914)
Hercules Powder Co
630 when completed;$152,256 was spent in eliminating 14 street grade crossings.
Electric Railways641
Hocking
Valley
Products
Co
401 Modern station buildings at different points called for $192,834. On the
Atlantic Shore By
396. 550 Illinois Brick Co
497, 554 new second main track between Syracuse and Jamesville, N. Y., there was
Capital Traction Co
639
ng3
.3(
5.
1 $86,973, and for new passing, etc., tracks at different points,
473 Imperial Tobacco Co
Chicago City & Connecting Rys
473
Indiana
Pipe
Line
Co
478
Cleveland Electric By
Cleveland Painesville & Eastern---473 International Electric Corporation._ _482
The construction of a large, modern passenger terminal station at Buffalo
Cleveland Southw. & Columbus----473 Int. Smokeless Powd. & Chem. Co__559 was begun, and $258,614 was expended on same during the year. This
Columbus Ry., Power & Light Co. 397 Interstate Electric Corporation
646 terminal is much needed, and when completed will add greatly to the com550 (Julius) Kayser Co
Detroit United By
554 pany's facilities for handling the large and growing business of the
555 Kansas City (Mo.) Breweries
Federal Light & Traction Co
478 city of Buffalo. It is also expected that other companies with which it
555 Kaufman Department Stores, Inc....-646 interchanges much of its through passenger business at Buffalo will use the
Halifax Electric Tramway Co
555 Kelly-Springfield Tire Co
Interstate Electric Corporation
new facilities Jointly with this company, and the interchange of business
474 Kings County Electric
Lake Shore Electric
559 referred to above be greatly facilitated thereby.
556 (S. S.) Kresge Co
London Street By
By reason of the large expenditures during the past ten or twelve years
638
556,
639
Laclede
Gas
valley
Co
Light
Mohawk
551 for additions and improvements of various kinds, we feel that in the future
399,549 Laconia Car Co
New York State Railways
639 the amounts necessary to expend on this account will be greatly reduced.
475 Lehigh Coal & Navigation Co
Ottawa Traction Co
646
New Line, Clarks Summit to Rallstead.-The construction work on this
Omaha dr Council Bluffs Street RY 556 Loose-Wiles Biscuit Co
646 line has been vigorously pushed by the contractors who have it in hand and
557 (The) Mackay Companies
Petaluma & Santa Rosa By
637 is nearing completion. The company's track forces late in the year began
643 Manhattan Shirt Co
Springfield & Xenia By
395. 405 laying track on portions of the completed grade, and at this writing have
478 Manufacturers' Light & Heat CoToronto By
-846 made good progress. Present prospects are that the line will be completed
643 Midvale Steel Co
United Rys. of St. Louis
553 and put in operation about Dec. 31. 1915 (V. 99, p. 1748).
Washington (D. C.) By.& Elec. Co-644 Montgomery,Ward & Co
479,
551
644 National Breweries, Ltd., Montreal-403
Coal Mining.-Our coal mining operations resulted in producing 9,050,Washington Water Power Co
tons of coal from collieries and washeries, or 206,013 tons more than in
Washington Bait.& Annap. Elec.RR.557 National Carbon Co
638 076
any
previous year.
Youngstown & Ohio River RR
644 National Cloak & Suit Co
552
Extraordinary expenditures aggregated $778,553, notably $285.959 for
IndustrialsNational Transit Co.(Oil City. Pa.)-559
development of the new Loomis Colllery and $121,864 for opening up and
400 New England Tel. & Tel. Co
Alaska Packers' Association
developing of the new Laurel Run property. These developments should,
Allis-Chalmers Manufacturing Co--644 New York Telephone Co
646
by the latter part of 1915, turn out a substantial tonnage each, and when
American Brass Co
400 New York Transit Co
479 completed
will add largely to our total capacity of production. The
American Can Co
472 New York & Richmond Gas Co
479 further development of the Truesdale Colliery by the Introduction of electri476 Niagara Falls Power Co
American Gas Co., Phi's
553 cal and other machinery, pumps, &c., required a large expenditure, viz.:
American Graphaphone Co
644 Northern Ontario Light de Power
$124,402; this colliery is now the largest single producer in the anthracite
American-La France Fire Engine Co-476
Co., Ltd
646 fields, its tonnage last year amounting to 1.152.100 tons.
American Light & Traction Co
549 Northern Pipe Line
479
Financial.-The increase of $12,000,000 in the capital stock (V. 97, p.
644 Ogilvie Flour Mills Co., Ltd
American Piano Co
640
was consummated early in the year. The funds so derived are
American Pipe & Construction Co--640 Ontario Power Co.. Niagara Falls---559 1662, 1583)
being used to defray the cost of the new line under construction between
all
471 Pacilic Lighting Corporation
American Real Estate Co
647 Clarks Summit and HalLstead, Pa.
American Wringer Co
400, 640 Penna. Water & Power Co
554
The balance of the issue of the let M.7% bonds of the Morris & Essex
American Writing Paper Co
476. 638 People's Gas Light &Coke Co
551 RR. Co. outstanding May 1 last were paid off by this company when due.
Associated Merchants Co. (11 mos.
Pettibone-Mulliken Co
554 and First Refunding M.3M % bonds a that company were issued to reimending Dec. 31 1914)
637 Pillsbury-Washburn Flour Mills--493
burse this company therefor. On June 1 1915 the 7% Consol. M. bonds
Atlantic Refining Co
558 Pittsburgh Plate GlassCo
646 of the Morris & Essex RR. will mature. This Issue amounted originally to
Atlas Powder Co
636 Portland (Me.) Gas Light Co
646 $11,677,000, but this company has recently from time to time purchased
Automatic Electric Co
558 Pressed Steel Car Co
63s $1.856.000 of these bonds, so that at the close of the year but S9,821,000
Beatrice Creamery Co
558 Price Bros. & Co
still outstanding. These will be paid off at maturity by this
Belding Bros.& Co
640 Provident Loan Society of N. Y.-- 554 of them were
-646
company, chiefly from the proceeds of the sale of securities held in its treasBelding-Paul-Corticelli Co
55 Rochester Telephone Co
V. 100, p. 397, 308).
offering,
479
ury (see
Bell Telephone Co. of Pennsylvania.644 Republic Iron & Steel Co
550, 561
No other financing of importance will be required for several years.
Booth Fisheries Co
551,563 Rotary Ring Spinning Co
outlook is uncertain and difficult to forecast. This
-The
640
Prospects.
558, 638 St. Joseph Lead Co
(J. G.) Brill Co
aintis
not altogether owing to conditions in Europe. It is due, in
646 n
segree,
ertam
uo
ncsin
Brunswick Terminal & By. Sec. Co..644 San Joaquin Light & Power Corp_ _ _ _479
the business and industrial interests of the country
to
Co
477
Line
Sears, Roebuck & Co.. Chicago
Buckeye Pipe
395 being more or less fearful of the effects of recently enacted legislation of an
644 Shawinigan Water & Power
By-Products Coke Corporation
Co
646 Inquisitorial and regulative character to govern corporations generally.
552 8
m. 0
Cambria Steel Co
637
477 Southern New England Tel. Co
STATISTICS OF OPERATION.
Canada Cement Co
479
Canadian Car & Foundry Co__ 477. 552 Southern Pipe Line Co
1914.
403
1912.
1911.
Co
551
Tool
Southwest Pennsylvania Pipe
Chicago Pneumatic
985
31Dec.
985
Lines_479
operated
Road
985
985
553 Standard Oil Co. (KY.)
Chicago Telephone Co
$4.63
560 Earn.per fgt.tr.m..cal fgg
$4.56
$4.19
$4.15
(Bell)
Tel.
Co.645
Stark
Suburban
Tuscarawas
Cincinnati &
Breweries
560 Earns, per toass. tr. mile,
Cleveland (0.) Elec.Illuminating Co-400 Union-American Cigar Co
$1.65
647
$1.71
incl. mail, exp. & milk
$1.61
$1.63
472 Union Oil Co. of California
Continental Can Co
654.94
647
659.58
tr. load (rev. tons)_
583.82
602.38
Continental Gas & Elec. Co-400, 639 United Cigar Manufacturers Co-480, 551 Av.
Coat Trafic394 United Dry Goods Companies
Consolidated Gas Co
carried____
8,752,762
637
9,087,660
Tons (gross)
8,864,419
8,483,899
Consolidated Ice Co., Pittsburgh._ --645 United Electric Securities Co
647 Tons carried one mile_ __1658658875 1738170241 1591246126 1687831181
645 United States Envelope Co
Consumers Co., Chicago
630 Rate per ton per mile__ 0.847 cts. 0.830 cts. 0.835 cts. 0.835 cta.
Minnesota_645
U.
S.
Industrial
of
Alcohol
Co.
Power
Consumers
552
Merchandise Traffic-.
553 'sited States Steel Corporation
Creamery Package Mfg. Co
12,923,423 14,544,493 13,394,359 11,804,105
394
(net) carried
558 West Kootenay Power & Light Co__ -640 Tons
Crescent Pipe LineCo
Tons carried one m116_2172696546 2321374228 2139002170 1842778235
Western
658
Canada
Flour
Mills Co
0.665 cts. 0.650 cts.
Crocker-Wheeler Co
640 Rate per toner mile
0.654_cts. 0.676 eta.
477 Westinghouse Electric Mfg. Co
Cumberland Pipe Line
560
Passenger Traffic-558 Wisconsin-Minnesota Lt.& Pow. Co_647 Passengers carried
24,756,458 25,509,047 25,462,301 26,512,689
Crex Carpet Co
477 (F. W.) Woolworth Co
480, 552 Pass. carried one mile-530,508,572 546,308,595 505,585,264 510,845,564
Dayton (0.) Power & Light
645
1.507 cta.
Deere & Co
1.565 cts.
1.528 cta.
Rate per pass. per mile- 1.538 cts.
Roads.
34
ANNUAL REPORTS
•
m
FEB. 27 1915.1
727
THE CHRONICLE
EARNINGS, EXPENSES AND CHARGES.
1911.
1912.
1913.
1914.
Coal
$14.040,574 $14,418,507 $13.280,304 $14,096,725
Miscellaneous freight.... 14,448,308 15,089,057 13,999,359 12,462,679
Passengers
8,158,458 8,549,346 7,722,953 7,696,800
Mall, express and misc. 2,602,450 2,727,238 2,561,895 2,330,359
Total
$39,249,790 $40,784.148 $37,564,511 $36,586,563
Maint. of way, &c
$5,074,501 $5,148,035 $4,646.175 $4,144,940
Maint. of equipment
6,318,720 6,189,093 6,128,762 5,762,903
779,489
822,835
Traffic expenses
887,576
837,384
Transportation expenses 12,423,183 12,533,965 11,778,982 10,864,107
767,213
769,668
General
815,173
878,346
Transp'n for invest __ Cr 114,252
Total
$25,417,886 $25,573,842 $24,146,422 $22,318,652
Net revenue
$13.831,908 $15,210,306 $13,418,088 $14,267.911
408,705
561,622
511,800
Net rev, outside oper
x350,842
Total net revenue_.._ _$14,182,750 $15.722,106 $13,979,710 $14,676,616
1.834,640
1,771,980
Taxes
1,980,000
2,060,832
Net, after taxes
$12,121,918 $13,742,106 $12,207,730 $12,841,976
446,685
404,743
430,234
Interest on investments_
457,658
226,661
820,106
311,991
Dividends on stocks
1,016,844
Coal department earns.* 4,357,007 3,184,686 3,885.508 3,490,085
def6,399
3,416
Int., clisc't & exchange
346,499 deb148,482
199,509
179,457
195,400
Rentals-miscellaneous_
202,063
239,014
199,690
291.799
Hire of equipment
370,266
226
125
Miscellaneous (net)
Total
$18,872,255 $18,007,734 $17.700,775 $17,437,757
$6,486
$6,486
$6,486
$6,344
Interest on bonds
5,204,889
5.928,929 5,688,588
Rentals leased lines.
5,874,935
224,043
158,690
Cr.62,466
Rentals joint facilities- Cr.78,860
Renewals & betterments
1,720,698 2,200,628
1,879,576
1,299,286
(see remarks above)
7,527
40,307
8,544
Cr.199,089
Miscellaneous
162,142
43,935
547,050
Discount on bonds sold_
4,222,040 3,014,400 3,014,400 y3,014,400
Dividends (10%)
Extra dividend (10%)_ 4,222,040 3.014,400 3.014,400 y3,014.400
High tension lines were erected between Beech St. and Kenmore substations, giving two lines to Kenmore. The Kenmore-Barberton high
tension line was completely renewed. Sub-stations were built at the
plants of The Goodyear Tire & Rubber Co., and The Firestone Tire
& Rubber Co., in connection with large power contracts with these companies. Within the year the department installed 42,345 ft. of lead cable
and 84,319 ft. of conduit and erected 2,410 wood and 42 iron poles.
Financial.-The stockholders authorized on Jan. 24 1914 an increase of
the 6% cumul. pref. capital stock from $3,000,000 to $5,000,000. On July
1 the company paid $2.000 Lake View Land & Impt. Co. bonds and on
Nov. 1 $100.000 collat. trust serial bonds. During the year $169.500 Pref.
stock was sold. On April 16 1914 the Ohio P. U. Commission sanctioned
the issuing of $58,000 Canton-Akron Consol. Ry. Co. bonds and $481,600
of pref. stock to reimburse the treasury for additions, improvements, &c.,
for 1913, amounting to $550,018. Under the above orders, there were
sold 58 Canton-Akron bonds and $76,700 pref. stock.(V. 98, p. 74; V. 100.p. 309).
After extended negotiations by the city of Akron for certain Cuyahoga
River water rights of the company a settlement was arrived at and a resolution was passed by the board of directors, April 14 1914, conveying the
same for a consideration of $348.000.
Stockholders of Record.-Total, 1.813, comparing with 1,509 Dec. 311913.
Results Rer Mile (Average Miles Operated about 237).
1911.
1914.
1913.
1912.
Gross earnings
$11,244
$12,637
$12,291
$12,378
Net earnings
4,888
4,444
4,457
5.153
Ratio of exp.to earsn
61.53%
61.49%
56.83%
55.40%
RESULTS FOR CALENDAR YEAR OF COMBINED PROPERTIES.
1914.
1912.
1911.
1913.
Average miles operated..
215.76
236.77
233.22
216.47
Passengers
$2,817,271 $2,686,601 $2,502,937 $2,267,986
Freight, &c
88,259
73,394
94,516
80,723
Light and power
268,005
643,977
418,004
316,559
Parks
67.819
49.796
59,733
74,555
Miscellaneous income
16.820
36,782
25,679
21,263
Total earnings
$3,636,085 $3,284,533 $2.996,037 $2,694,024
Maint. of way & struc
$191,808
$358,974
$233,696
$307.439
Maint. of equipment
222,913
299,389
243.431
304,612
Operation-power plants
337.635
402,171
416,417
375.307
Conducting transport'n_
429.066
652,893
473,222
546.724
$15.346,696 $14,336,918 $13,687,504 $13,834,515 General and taxes
Total
311,104
524,002
444.462
377,109
Balance,surplus
$3,525,559 $3,670,816 $4,013,271 $3,603,242
Total oper. expenses.. $2,237,429 $2,019,654 $1,702,765 $1.492,526
* Includes value in ground of coal owned in fee and mined during the year Net earnings
$1,398,656 $1,264,879 $1,293.272 $1,201,498
In conduct of mining operations: In 1914, $2,001,444; in 1913, $1,914,666; Deduct-Int.on bds.,&c. $606,898
$561,816
$531.032
$523,068
In 1912, $1,773,611.
Pref. div. (see note)_ _- (6)182,364 (6)152,738 (3)49,930-See belowResults of coal department (see remarks, V. 92, p. 656), were:
Dividends on corn,stock (5)450.000 (5)450,000(430382,500(330292.500
1911.
1912.
1913.
1914.
Earnings
$23,949,079 $22,742,982 $21,706,755 $22.593,288
Balance, surplus
$159,394
$100,325
$337,774
$377,966
19,592,072 19,558,295 17,821,247 19,103,203
Expenses
Note.-The dividends on the pref. stock as above for 1912 ($49,930)
include 2 quarterly payments of 134% each, paid in Oct. 1912 and Jan.
Profit
$4,357,007 $3,184,687 $3,885,508 $3.490.085 1913, the two previous payments for the year of 134% each in July and
x Net revenue from outside operations as above in 1914 was derived as April 1912 and the 3 payments for the preceding year, viz., 134% each in
July and Oct. 1911 and Jan. 1912, having been charged to capital account
$3,481,954,
less exp., $3,131,112, leaving $350.842.
follows: Oper. revs.,
y Also 35% extra dividend ($10,550,400) paid Dec. 20 1911 in stock of on account of new power house and car barns while under construction.
the Lackawanna RR. of New Jersey.
CONDENSED BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
GENERAL BALANCE SHEET DEC. 31.
Liabilities$
Assets1913.
1914.
1914.
1913.
Common
stock__
9,000,000
9,000,000
25,034,903
eq_
_25,962,599
Cost
of
rd.
&
Assets$
229,000 Preferred stock_ _ _ 3,071,000 2.824,320
29,250
Road & equip't-s54,144,225 48,297,216 Comtnon stock___42,277,000 30,277,000 Securities owned_
11,624,000 11,668,000
Bonds
6,038,200 Newburg to Bedf'd
Securs.of property,
Instairts on stock..
286,907
56,253 Acets payable__ - 230,027
56,666
right of way__
&c., cos.,
Premiums realized
61,787
175,802 Int. accr., not due 231,618
168.468
70,720 North Hill cut-off
70,720
un pledged
11,659,218 9,854,363 on capital stock
108,145
90,431
not
due
Tax.
accr.,
60,291
51,548
Real
estate
320,000
Adv. to affil., &c.,
Mortgage bonds__ 320,000
3,836
2,808
64,024
38,645 Customers' depos.
24,000 Cash
24,060
cos,for const.,&0 7,080,459 6,010,601 Loans & bills pay_
Fret. Env. payable
493,477 Cash for int. and
Traffic, &c., bale_ 422,506
Misc. investments
46,065
Jan. 1
pref. dive. Jan. 1 215,540
(physical prop.) 3,291,641 3,282,060 Vouchers & wages. 3,986,047 3,472,380
394,800
8,694
3,590 Notes payable..__ 818,775
113,515 Notes receivable.._
Cash
3,613,248 1,659,055 Misc. accts., &c__ 160,845
20,116
26,397
160,150
145,399 Sundry accounts__
Awlsreceivable
Secure. In treasury 272,000
344,900 Matured interest,
600,000
194,682
200,899 Depreciation, &c_ 822,711
M ruketable securs.12.687,355 8,237,201
dividends, &c__ 1,296,636 1,517,667 Mail & supplies
1,041,325
_*1,008,678
account_
45,712
Income
Prepaid
27,052
3,324,838
Unmatured
interacc'ts, &c.
Loans & bills rec
5,541
Traffic, &c.. bats- 278,903
52,579
231,774 est, divs.,&a_ _ _ 1,541,332 1,265,552 Deferred Items_ _ _
Acts.& conductors 395,937
782,392 Taxes accrued__ __ 2,529,967 1,912,091
Misc.accts. reedy. 4,805,324 4,503,722 Operating reserves 204,078
26,991,252 25,990,494
152,812
Total
26,991,252 25,990,494 Total
Materials & supp_ 3,302,910 2,925,831 Other def'd credit
Advances to leased
Items
325,572
247,699
* After deducting $29,598 for re-f nancing costs, including discount on
lines,&c
2,943,518 4,507,238 Appropriated surbonds and capital stock sold at less than par; $118,768 expenses account of
Prepaid rents, 4ro_ 256,259
5,639
plus
b17,377,079b16,077,793 Injuries, damages and taxes in excess of amounts charged to operating
Special deposits 2,388,785 1,000,000 Profit and loss_ _36,712,277 33,186,718 expenses, $37,500 reservations for depreciation of cars and equipment and
Oth.def.deb.items. 122,735
202,794
$7,500 for doubtful accounts receivable.-V. 100, p. 309.
Total
107,248,059 95,169,624 Total
107,248,059 95,169,624
Toronto Railway Co.
a After deducting reserve for accrued depreciation, $9,293,710.
b Appropriated surplus represents renewals and betterments to property (23d Annual Report-Year ending Dec. 31 1914.)
paid out of income since June 30 1907.-V. 100, p. 397, 308, 54.
Pres. Sir William Mackenzie
substance:
says in
The Northern Ohio Traction & Light Company.
(Report for Fiscal Year ending Dec. 31 1914).
Pres. H. A. Everett, Cleveland, 0., Jan. 23, wrote in sub.:
The operations do not show the usual increases, but considering the general business depression early in the year and latterly the effects of the
war, the results must be considered satisfactory. Passenger earnings increased $62,816. Payments to the city amounted to $1,122,914, an increase of $33,206.
The fourth drawing of 5% of bond issue of 1892 took place June 25, increasing the amount drawn to date to $790220 (V. 98, p. 408).
The 30-year 6% debentures became due July 1, and to enable us to pay
off said issue and provide for further capital requirements, we disposed of
$480.000 currency bonds, and also issued and offered $1,000,000 capital
stock at par to shareholders of record May 11 (V. 98, p. 1461).
[As to sale of $1,500,000 6% notes in Dec. 1914, see V. 99, p. 1675.1
STATISTICAL STATEMENT FOR YEARS 1906-1913.
1914.
1913.
1912.
1910.
1908.
1906.
Gross inc__6,127,097 6,049,019 5,448,050 4.377,116 3,610,273 3,109,739
Net earns_ _2,597,550 2,925,710 2,581,500 2,139.928 1,721,226 1,463.224
RESULTS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
Passengers carried
152,966,153 151,236,925 135,786,573 120,997,844
Transfers
65,778,022 63,083,118 56,176.985 48,730,671
Gross earnings
$6,127,097 $6,049,018 $5,448,050 $4,851,542
Operating expenses
3,529,546 3,123,308
2.866,550 2,653,382
Net earnings
$2,597,551 $2,925,710 $2,581,500 $2,198,180
Interest on bonds, etc.._ $182,500
$188,807
$190.993
$198,554
City percentage on earns
955,740
939,991
798,959
687,650
General taxes
71,417
58.251
50.120
52,137
Dividends paid
(8%)923.901(8%)879.958(8%)879,596*(734)671.159
Cost of paving
95,757
91,466
84,463
90,953
Results.-Gross revenue was $3,636,085, increase $351,552. or 9.7%.
In common with other enterprises this company felt the depressed conditions which marked the year. The closing of mines for a long period
in the spring and summer, due to labor difficulties, was a retarding influence on our southern division. The restricted operation of mills at all
points was unfavorable to railway earnings. On the Main-Market lines
of the Akron system, pay-enter cars were put in service in October. On
the Loop line pay-enter cars have been operated since Jan. 4 1915. The
year was largely free from the flood or storms which marked 1913.
Additions, &c.-The expenditure for additions and improvements was
$740,896, divided as follows: track and roadway,$156,415; power houses
and equipment, $191,079; car barns and equipment, $29,125; cars and
equipment. $170,513; real estate and right-of-way, $4,056; light and commercial power, $188,018; miscellaneous, $1,690. The mileage has been
Increased 3.55 miles by extensions in Canton to a total of 236.77.
Maintenance, dec.-Some 10.14 miles of track have been renewed in
most approved method, including concrete foundations and in most cases
new paving. A 420-foot trestle at Uniontown was replaced with concrete
culverts and filling. A total of 45,914 ties were renewed and at different
points interurban lines have been surface-ballasted with stone.
Extensions to be Made.-The extensions agreement with Akron,authorizes
In addition to certain double-tracking (in East Exchange St. completed
from Grand to Spicer), the construction of new lines on East Exchange
from Spicer to Market; on Federal from North Main to North Howard, on
Lakeside Ave., from Long St. to Kenmore Boulevard, and on Arlington
St., from East Market to the city limits. The Exchange St. and Federal
St. extensions will greatly facilitate traffic.
Rolling Stock.-Twenty additional passenger cars have been added to
Total
the service, five interurban coaches and 15 city cars of the pay-enter type.
$2,229,315 $2,158,473 $2,012,638 $1,691.946
Surplus
62 city cars have been or are being re-built for pay-enter service.
$506.234
$368,236
$767,237
$568,862
Power Stations.-The hydro-electric plant was first placed in service on
*Also a stock dividend of 1234% ($1,000,000) paid out of accumulated
Jan. 6 1914. It consists of three 757 h. p. water turbines and 1,800k .w.
electric generators and has fully met all expectations. The power pro- surplus to holders of record Aug. 25 1911 (V. 93, p. 230, 470)•
duction from all stations was 74,739,133 k. w. hours (an increase for the
BALANCE SHEET DEC. 31.
year of 29%,including : Gorge steam power plant, 50,488,483 k. w. hours;
1913.
1914.
1914.
Canton steam power plant, 16,472,150 k. w. hours; hydro-electric plant,
1913.
Assets$
$
7,778.500k. w. hours.
$
Liabilities-$
12,000,000 11,000,000
Lighting and Commercial Power.-Under municipal lighting contracts Road, equipment,
Capital
real est., buildBonds outstanding 3,639,500 3.987,207
1,179 additional tungsten street lamps were installed.
Inge, &e
19,777,511 19,483,007 Short-term notes_ 1,500,000
The addition to the lighting and commercial power load as represented
70,000
70,000
Mortgages
by the 1.592 new connections, not including increased consumption from Advances to sub54,742
70,026
sidiary cos •
2.563,492
936,953 Accrued Interest
former connections, amounts to 9,334 h. p. On contracts closed, installa681,815
268,578 Acc'ts and wages_ 555,244
tion not yet made, 940 h. p. more will be added. Still further desirable Stores on hand_ _ _ 288,650
301,162
527,926 Accr.s.f;For.P.co.
business is in prospect. Contracts have been entered into with the village Acc'ts receivable_ 282,635
179,991
198,660
819,348
532,141 Injuries fund
of Kenmore for 242 80-op and 54 252-op series street lamps, and for power Cash
239,191
219,992
Dividend
extension
to
plant.
The
pumping
Kenmore
and
sewage-disposal
for the
681.929
789,801
Renewal reserve
Mogadore and Hudson was completed. The entire village of Hudson is
Profit and loss_._ 4,792,370 4,448,611
now supplied with current for private and public purposes under a 5-year
contract, superseding the service of the municipally owned plant. Arrange23,731,636 21,748,605
Total
lighting
23,731,636 21,748,605 Total
ments have been made over the railway power lines, to supplyStark
Co. -V. 100, p. 476.
service, both municipal and private, in the village of Beach City,
728
THE CHRONICLE
Twin City Rap. Tran. Co.(of N. J.), Minn., St. Paul, &c.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. C. G. Goodrich says in substance:
[VoL. 100.
Studebaker Corporation, South Bend, Ind.
(Fourth Annual Report-Year ending Dec. 31 1914.)
The report for the calendar year 1914, including the
remarks of President Frederick S. Fish and the consolidated
profit and loss account and balance sheet will be found at
length on a subsequent page.
The usual comparative tables, compiled for the "Chroniicle" follow:
Restats.-Oross revenue Increased 8429,309, or 04.84%; operating expenses increased $337.470, or 07.50%, and net operating revenue increased
$91,839. or 02.10%. Regular quarterly dividends have been paid at the
rate of 7% on the juref. stock and 6% on the common stock.
Construction.-There was expended for new power, $108,111; for new
shops and tools, $55,011; car equipment, 8543,961; car houses, $192.301;
track and paving,8803.802, and for real estate, buildings and miscellaneous,
$27,218; total construction, $1,730,405. There was also expended for
renewals, $633,733: total construction and renewals, $2,364.138.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDNIO DEC. 31.
There was built and put in operation 24.34 miles of new tracks and exten's.
New Stock.-The issue of $1.900.000 common stock was authorized and
1914.
1913.
1912.
$43,444,223 $41,464,950 $35.440,3271Not 1911.
sold to provide funds for construction expenditures. The balance of 3182,- Net sales
stated.
660 on the subscription certificates is payable Mar. 15 1915(V. 98, p. 1768)• Mfg., general, &c., exp-$37.740,282 838,697.492 $32,097.767f
Cars.-There were 10 old cars retired from service, being credited to Officers' salaries
130,717
137,432
146,000
8111.500
capital account and charged to renewal fund and 79 new cars were put
Reserve for depreciation
361,794
230,357
193,076
159,395
in service.
EARNINGS, EXPENSES, CHARGES, &c.
Net earnings on sales_ $5,211,430 82.399.669 $3.003,484 82,420.945
Income from invest., &c.
63,343
1914.
35,850
1913.
y108,217
1912.
1911.
85,528
Other income
Rev, passengers carried..184,352.98.3 175,895,811 162,407.993 154.380,730
x70.623
x47,615
14,175
27,569
Passenger earnings
$9,227.602 $8,818,178 88,147,199 87,749.157
Net earnings
85.345.396 $2,483,134 83,125,876 $2.534,042
Other sources
72,044
52,158
61,768
62,036 Deduct-Interest chges_ $414,941
$484,948
$444.527
3483.981
Preferred
_ _(7%)869.050 (7)901,075 (7)930.825(5 Ji)708,750
Total receipts
$9,299,646 $8,870,336 $8.208,967 $7,811,193 Extr. exp.dividends_
charged off_
402,698
131,939
284,429
Maint. of way & struc
396,479
8419,836
$394.527
$364,050
$358.606
&
Disc't
comm.
propor'n
85,791
93,773
83.675
Maint. of equipment--389,660
347,453
370.251
380,270
Traffic expenses
46,579
40.913
39,943
42,804
Total deductions_ _ -- $1,772,480 $1,611,736 $1,743,456 $1,589,210
Conducting transport'n_ 3,170,957
2,923,629
2,680,496
2,470.401 Balance, surplus
33,572.916
8871,398 $1,382,420
Gen.& misc. expenses
8944,832
811,079
794,119
743,261
654,635
x Includes discount on preferred stock retired and dividends thereon prior
Total oper. expenses. $4,838,111 $4,500,641 $4,198,001
$3.906.716
to cancellation. y Includes proportion of earnings of Studebaker CorporaNet earnings
$4,461.535 $4.369.695 $4,010.966 83,904.477 tion of Canada. Ltd.,
added to the surplus of that company.
Taxes
593,078
8586,1291 $1,529,231 $1,486,129
Interest
CONSOLIDATED BALANCE SHEET.
986.743
975,3111
Dividends on pref.(7%)
210,000
210,000
1914.
210,000
1913.
210,000
1914.
1913.
Dividends on corn.(6%) 1,250,514
Assets1,206,000
$
1,206,000
LiabtlIttes$
1,206,000
3
3
Reel estate, buildPreferred stock_ _ _ 12,180,000 12,650,000
Total
$3,040,336 $2,977,440 $2,945,231 $2,902,129
ings, &c
s12,058,040 11,887,981 Common stock_ _27,931,600 27,931,600
Balance
81,421,199 81.392,255 81,065,735 $1.002,348 Fereign trade mks.
5,336 Minority int'st in
Approp. for renew. fund
994,072
1.060,000
775,000
246,509
eub, cos.shares.
750,000 Invest,in 0th. cos. 247,654
28,300
54,341
Inventories
13,470,564 16,622,229 Funded debt
5,050,000 6,800,000
Balance, surplus
$427,127
$332,255
$290.735
$252,348 Accts.(tc notes rec_ 6,698,148 5,923,793 Notes payable..
1,850,000 4,550,000
P.c. exp. taxes & renewal
Def. chgs.,lns.,&r. 709,489
789,379 Deposit on sales..
284,325
249,594
approp. from earnings
(69.09)
(69.30)
(67.14)
(65.96) Cash in banks,&e. 3,539,164 1,957,460 Accounts payable_ 1,853,160 2,098,134
Suspense account..
402,496 Sundry reserves_
356,384
365,120
GENERAL BALANCE SHEET DEC. 31.
Good will, patent
Special
surp. sect_ 1,230,748
823,725
Resources1914.
rights, &c
1913.
19,807,277 19,807,277 Surplus
1912.
1911.
135,263,819 2,099,926
Roadway,&c.,including
securities in t
-349,872,354 $48,141,950 $46,836,867 $45,637,776
Total
56,530,336
57,622,440
Total
56,530,336 57,622,440
Notes & accts. receiva le
203,497
110,459
109,614
34,149
Cash
1,255,621
a Consists of real estate, buildings machinery and equipment at South
626,453
214,666
59,623
Materials and supplies
Bend,
540,037
633,284
Ind.
Detroit, Mich., Walkerville, Ontario, and at the various
518,387
543,999
Unpaid balance on corn.
branches of
company, as of Jan. 11914. $12,450.790; additions during
stock subscrip. ctfs
182.660
year, less realizations, 14551,873; total, $13,002,663; less depreciation.
Insurance fund
balance,
as above, $12.058,040.
224,849
193,301 $944,623;
Renewal funds
b After deducting $407.023 transferred to special surplus account and
160,000
1,173,500
applied to purchase of pref. stock for cancellation.-V.99, p. 1758.
Total
$52,054,169 $49,512,146 848,064.383 847.642.348
LiabilitiesCommon stock
Central Leather Company, New York.
$21.672,100 820,100,000 $20,100,000 $20,100,000
Corn, stock subscr. cas_
327,900
(10th Annual Report Year ended Dec. 31 1914.)
Preferred stock
3.000,000
3,000.000
3,000,000
3.000,000
Funded debt
19,888,000 19,888,000 19,503,000 19,503,000
Pres. Edward C. Hoyt,N.Y. Feb. 16, wrote In substance:
Unpaid vouchers, &c_ _ _
68.435
152.978
72,908
175,408
Operations.-The European war led to a foreign demand for leather
Taxes accrued, not due..
599,740
598,309
532.811
492,844 which
largely made up for the falling off in domestic trade. It has been
Interest accrued, not due
343,282
343,282
328,594
328,529 variously
estimated that the production of shoes, normally estimated at
Bills payable
110,493
93,653
88,000 300.000,000
pairs, declined during 1914 from 15 to 25%. Th s caused a
Unredeemed tickets..._ _
11,936
considerable
shrinkage in consumption of leather. Importations of belting
Depreciation reserve.... _ 5,246,554
4,585,057
2.754,215
2.495,110 and sole leather,
which formerly had not been large. were gradually growing
Other reserves
213.691
378,623
381,052
281,121
under the old tariff,and under the new tariff they doubled in value
Income account, surplus
682.531
355.404
1,298.150
1,178,336 even
up to Aug. 11914, but were greatly reduced with the outbreak of the war.
Total
$52,054,169 $49,512,146 848,064,383 $47,642,348 On the other hand, exports of sole and belting leather, which had averaged
for the 12 months ending June 30 1914 $623,000 per month, were materi-V. 100, p. 399.
ally reduced during August and September, but suddenly leaped in October
to $2,376,000, in November to $3,343.000 and in December to $3.655,000.
Kings County Electric Light & Power Co.
The total exports for 1914 show an increase of 70% over 1913. The latter
part of the year also showed an increase in the exports of boots and shoes
(Report for Fiscal Year ending Dec. 31 1914.)
and a large increase In the exports of harness and saddles.
The report,including the text,income account and balance
While your company is a large user of domestic hides, it is also a large
of hides from foreign countries. The trend of tho price of hides
sheet, will be found at length on an advertising page. Below importer
has been upward since the panic of 1907. The supply of cattle and the
we give the usual comparative tables.
kill in the United States has been lessening and not keeping pace either
here or abroad with the growth of the population. For the past few months
COMPARATIVE COMBINED EARNINGS, &c.
manufacturers in this country have been shipping harnesses, saddles and
1 1.1912.
shoes to countries which have used very little, if any, of these products
1911.
No.ofcustomers Dec.31
49,487
41,647
33,973
28,057 of American manufacture in the past. It is hoped that we may be able
Corns,load,50-wt.equiv. 3,276,475
2,861,217
2,452,410 x2,142,064 to retain permanently a part of this Increased foreign trade.
Gross operating revenue $6,244,385 $5,655,200 $5,167,669
Marine war risk and the high prices of sterling exchange in settlement
$4,707,914
Oper. exp. and taxes..__ 3,193,356
2,858,463
2,678,703
2,323,072 of bills drawn prior to the outbreak of hositillties caused a loss of $104.000
Depreciation charges_ __
974,497
788,897
700,640
605,378 which has been charged to profit and loss. During the last 4 months of
1914 we were able to anticipate the larger part of our foreign exchange,
Net operating revenue $2,076,532 $2,007,840 31,788,326
81,779,464 handling it direct, resulting in a small profit rather than a loss. Exchange
Non-operating revenue_
72,504
72,080
62,502
75,364 for over $2,000,000 has been paid instead of running over the first three
or four months of this year; our liabilities under this heading consequently
Total
$2,149,036 32,079,920 $1,350,829 $1,854,828 show a large decrease.
Deduct-Bond discount
Earningsfor the Four Quarters of the Year[1912 and 1913 inserted byEd.]
written off, &c
20,269
20,269
20,269
1st Quarter. 2d Quarter. 3d Quarter. 4th Quarter.
20,269
Total.
$1,937,934 81.504.416 $1,457.117 31,815.664 86.715,131
1914
$2,128,767
Sl,830,560 $1,834,559 1913
1.780.913
1,369.121
1,405,196
1.713,850
6,269,080
Interest (on bonds, &c.) $844,186 $2,059,651
$856,826
$878,676
$810,202 1912
2,112,725
1,667.697
1,552.661
2,402,809
7,735,892
Dividends paid (8 )--- 1,057,228
970,428
800,000
800,000
Our railroad earnings have not improved-the volume of lumber sold is
Employees' profit-sharthe lowest in many years-and our glue business has suffered from the
ing fund
66,596
56,654
48,711
45,675 heavy importations offoreign glues, the result of the lowering of the duties.
Other appropriation..__ _
7,221
15,044
Cr.2,519
Cr.5,112
Financial Condition Excellent.-There is no indebtedness except for current monthly accounts, while the current assets exceed current liabilities
Profit & loss, surplus_
$153,536
$160,699
$105,692
$183,794 by $54,786.487 and are $19,738,337 (an increase of $2,640.045) in excess
Previous profit and loss
of all liabilities, including the bonds but not the capital stock.
balance, as adjusted__ 1,866,368
1,705,669
1,599,977
1,416.183
Common Dividend No. 2.-The earnings and the general condition of the
company warranted the board on Dec. 22 1914 in delearing a [second] diviTotal p. & I. balance_ $2,019,904 $1.866,368
$1,705,669 $1,599,977 dend, 3%. on the corn. stock. [Div. No. 1, 2%, was paid Feb. 2
1914.1
x After 122,478 50-watt equivalents disconnected acct. of
Maintenance, Renewals and Replacements.-The,so expenditures made
Coney Isl. fire.
by
all companies and charged to current operating expenses and to replaceCOMBIIIED BALANCE SHEET FOR YEARS ENDING
DEC. 31.
ment funds reserved from earnings compare as follows:
1914.
1913.
1914.
1914.
1913.
1913.
1912.
Assets-$
Ordinary maintenance and repairs......$975,159
$819,359
$738,559
Plant & property_29,945,560 28,577,318 Kings Co.cap.stk.13 $
347,119
,308.100 12,942,900 Replacements
347,532
260,517
Unamortized debt,
Ed. 1st cons. M.4, 4,275,000 4,275,000
Annual Sales.-By Central Leather Co. and subsidiary companies:
discount, &C-.. 483,118
503,387 Kings Co.1st M 5s 2,500,000 2,500,000
Products1914.
License under pats. 945,000
1913.
945,000 Kings Co. purchase
1912.
leather.
harness
(sides)
Sole,belthrg
&
8,449,138
Material & supp_ _ 563,193
11.013,826
555,446
money 6s
5,176,000 5,176,000 Hemlock lumber
(feet). 90,139,373 8,844,194 164,249,134
220,402
243,909 Kings Co.convertiCash
Hardwood & miscel. lumber__(feet) 41,451.719 129.031.691
44,434.596
61,793
24.278,728
57,993
Bills receivable-...
ble deben. 6s._ _ 3,191,900 3,557,100 Glue
(pounds).. 2,792,847
3,883,777
3,708,939
686,023 Bond Int. accrued. 172,728
Accts. receivable. 750,065
180,032 Grease
(pounds) 3,036,246
3.298,809
2,044,291
Stocks & bonds in
Consum. gu. dep- 288,085
(pounds) 4,014,613
266,700 Tankage
3,021,980
592,140 Bills payable
2,627,820
other companies 599,018
800,000
Employees.-The average number in the service of all
400.000
companies was
Accounts payable_ 158,099
Central Trust Co.,
154,639 8,511. against 8,388 in 1913 and 9.033 in 1912: total salaries
and wages.
State workmen's
trustee (gum.
$5.922,533, against $5,953,053 in 1913 and $5,847.059
in
1912.
1,000,000
1,000,000
comp'n res've fd. 47,257
fund)
Sinking Fund-Depreciation.--Pursuant to the plan
(V. 98. P• 684) for
ReservesInsurance investpartial retirement of the outstanding bonds at maturity
April 1 1925 an
247,655
Insurance
270,508
270,508
ment fund
247,655 additional 1750,000 has been set aside out of stumpage
moneys as of Dec.31
Casualty
79,463
75,320
Pension res've fund 107.201
87.099 1914; total investment to date $1,500.000. The income
fund
Pension fund _ 107,201
79,463 to Dec. 31 1914 amounted to $80.000, which has been of this special
State workmen's
carried to a reserve
Replac't & depr. 2,405,739 1,548,034 for depreciation as originally contemplated.
47,257
comp'n reeve Id.
Other
94,608
Property Account.-Thls account ($61.855,871)
85,846
Deposits(city lightIncludes: real estate in
10,875 Accr.& susp.aects. 118,190
134,437 New York City, Boston, Mass., Elizabeth, N. J., &c.,
9,750
ing bids)
$1,511,390; 86 tanPremiums on stcek
10,542
10,542 nery plants and extract works in various States, saw mills,
Prepaid and susglue factories,
warehouses,
2,019,904
bat_
loss,
12,658
&
Profit
&c.,
1,860,368
16,316
319,360,962; 227.35 mlles of railroads and sidings and
pense accounts..
91.35 miles of tram roads, with equipment, $3,519,880; miscellaneous
personal
property
35,019,181
Total
(locomotives,
33,511,805
33.511.865
35,019,181
log
Total
cars, service cars, teams, &c.) not
considered as quick assets. $341.535; bark and timber
-V.100. p. 559.
lands, comprising:
FEB. 27 1915.]
THE CHRONICLE
e
729
While the operations of the Societe Francaise B. P. Goodrich were
535,068 acres owned in fee; 1,410,337 tons of growing hemlock and oak seriously
with during the early stages of the war, it was possible
bark; 2,175,196,393 ft. of growing sawing timber, also chestnut wood for to resumeinterfered
manufacturing upon a commercial scale after a couple of months,
337.122,104.
&c..
ties,
railroad
pulp-wood,
extract purposes,
and,
while
the
volume
of business did not reach normal the earnings for
stumpage
to
due
The property account has been reduced by $1,363,249,
that the year showed an improvement. The contingent liability in respect of
cut, bark peeled and eight abandoned saw mills and tannery plants been
bankers'
loans,
made
on
behalf of your French Company,and shown in last
usual,
have,
as
improvements
and
were charged off. All repairs
charged to operating expenses, the total sum amounting to $1,322,279. year's annual report, has been entirely liquidated.
Your directors have voted, subject to the approval of the shareholders,
Capital expenditures in 1914, 536,652. against $185.178 in 1913.
to retire 20,000 shares of the pref. stock, in accordance with the charter,
1911.
1912.
1913.
which provides for retirement of a minimum of 9,000 shares each year,
1914.
$60,814,903 $59,586,498 $66,854,413 $52,991,240 beginning with July 1914.
Volume of business
The policy of strengthening our financial position has been continued.
Earns, after oper. exp.,
The amount of cash and cash assets has been increased materially, and the
incl. repairs & maintenance and all taxes*_ _$10.301.056 $9,609,031 $11,296,334 $5,437,811 current liabilities have been substantially reduced. In pursuance of this
policy, we have not deemed it advisable to consider the renewal of dividends
Exp. & losses of all cos.,
3.159,322 on the common stock.
3,587,129
3,357,863
Encl. int.(exc. on boa.) 3.610.233
The process of combining and assimilating the facilities of The B. F.
26.690,823 56,251.168 37,709,205 32,278,489 Goodrich and The Diamond Rubber companies has been continued until
Net profits
26,160 now the combined organizations are operating practically as a unit.
17,912
26.687
24.308
Income from invest'ts
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
56,715,131 36,269.080 $7,735,892 $2,304,649
Deduct-Int.on 1st M.5s. $1,838,208 31,838,208 $1,838,208 21,838,208
1914.
1914.
1913.
1913.
171,260
160,800
44.527
Int. U.S. Leath. deben_
Deduct2,330,930 Net sales
2,330,930
2,330,930
Cent.Leath.pf.divs(7)__ _2,330,930
41,764,009 39,509,347 Depreciation
541,358
573,616
Common dividends_ _ _:(3)1,191,028 (2)793,999
x168,417
Mfg.,sell.,&c.,exp_36,189,642 36,451,234 Redue. pref. stock
239,907
Int.on bilk pay.ofcc 123,254
Bal., sur. or def
$1 ,354,965sur31261,416sur$3405,954def$2035,748
Net prof.from op. 5,574,367 3,058,113 Pref. div. (7%)._ 2.068,500 5,100,000
3,806.206 Miscell.income__ _ 552,930
1,770.458
5,175,412
Surp. beginning of year sur6,437,828
491,317 Common dividend
(1)600,000
Tot.sur. as per bal. sh. $7,792,793 $6,437,828 $5,176,412 $1,770,458
Total deduc'ns_ 2,765,370 3,649,682
Total net Income. 6,137,297 3,549,430 Bal.,sur.or detsur3,371,927 def.100,252
* Expenses include yearly also provisions for plant abandonment and
stumpages; repairs and maintenance approximates $1,322,279 in 1914 and
x Reduction of treasury stock from cost to par value.
1911.
31,006,068
in
1912,
21,166,891 in 1913, 5999.076 in
BALANCE SHEET DECEMBER 31.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1913.
1914.
1913.
1914.
1913.
1914.
1914.
1913.
Assets
LiabilLiesI
$
$
AssetsCommon stock__ 60.000.000 80,000,000
estate,Plards.
Property acc't_ _ _ _61,855,871 63,219,120 Preferred stock_ _ _33,299,050 33,299,050 Real
a70,772,418 71,060,802 Preferred stock- _ _29,160,000 30,000,000
&c
301,129
319,987 Common stock_ _ _39,701.030 39,701,030 Invest,
Investments
other cos_b2,423,314 1,768,045 Bids payable
1,70,736
1st M.5% bonds_35,012,150 35,750.150
Leather in stores,
489,032
12,000 Preferred stock__ _c1,244,200 2,058,700 Accounts payable_ 915,711
6,000
U.S.Leather deb_
lumber & other
11,308,857
12,614,927
217.207
Inventory
Sundry
543,326
30,000
80,000
mtge__
9,995,527
Real
estate
product11,419.541
finished
Contingent res've. 300,000
300.000
Foreign drafts_ ___ 133,018 1,739,979 Trade accts rec__d3,101,621 d4,899,938
Hides & leather,
777,267 Approp.for redem.
Acc'ts payable_ _ _ 976,702 1,021,282 Other accts. rec'le_ 1,445,613
raw Sr in pro586,275
262,945
of pref. stock_ _ _ 900,000
459,552 Bills receivable_ _
Accrued interest__ 459,552
cess, & other
4,192,521
723,053 Surplus
e3,177.910
705,982
582,733 Cash
x31,226,363.32,463,316 Pref. div. Jan. 1.. 582,733
materials
222,050
793,999 Prepaid accounts_ 185,465
Acc'ts receivable_ 8,121,999 7,220,896 Corn. div. Feb. 2_ 1,191,028
136,458
448,747 Fire ins. reserve__ 188,994
Bills receivable_ __ 208,185
99,511,957
Total
94,936,954
Total
94,936,954 94,511,957
1,250,000 5,632,274 Miscell. reserves__ 1,029,806 1,197,017
Call loans
7,792,793 6,437,828
Cash in bks., &c 5,903,482 1,777,227 Surplus
a Includes real estate. buildings, plant, machinery and sundry equip133,984
ment (less reserve for depreciation, 51.503,803), $12,391,516; patents.
Deferred charges_ 116,336
$582,902, and good-will, 257,798,000. b Investments include other com120,402,856 121211,078 panies, &c.,$1,207,058, and Societe Francais° B. F. Goodrich, representing
120,402,856 121211,078 Total
Total
the net investment Dec. 31 1914, 31.216,256. c 12,442 shares. d Less
x After deducting a special provision of 2500,000 made Dec. 31 1912 on reserve for bad and doubtful accounts, discounts and allowances. e After
account of the high cost of raw materials, included in the inventories, deducting $900.000 7% cum. pref. stock at par redeemed as of July 1 1914,
as provided by the articles of incorporation and held in treasury for canwhich was not drawn on during 1913 or 1914.-V. 99. P. 1913.
cellation.-V. 100, p. 401, 312.
Deere & Company, Moline, Ill.
(Report for Fiscal Year ending Oct. 31 1914.)
Pres. Wm. Butterworth, Moline, Dec. 3, wrote in subst.:
Results.-Sales declined about 11%, while factory operations decreased 44%. This latter condition was caused by the excess inventory of 1913, actual sales in that year having been materially less than anticipated, due to severe drought. These excess inventories are now disposed of
soth at the factories during the coming year should make a more favorable
s bowing asto their operations and the resultant costs of the productssold. We
have reduced our inventories and other working assets 24.916,268 since
Oct. 31 1913. Collections were good in all sections except the Cotton
States and in Canada. The cash account has been increased $1,421,325
and liabilities have been reduced 53,562,984. Working capital has decreased 5577,275, but the proportion of quick assets is much more than it
was a year ago. Maintenance and depreciation amounted to 5816,475.
compared with $929,824 in 1913.
Bonds.-The total liability of the company and its subsidiaries for serial
notes, debentures, bonds and mortgages amounted to $3,614,000 at Oct. 31
1914, a reduction for the year of $1,155,500, as follows: Deere & Co. serial
notes. $1,000,000 and debentures, $50,000; subsid. companies' bonds and
mortgages, 5105,500.
Outiook.-The farmers of the country are, as a whole, in a prosperous
condition. The European war has brought about a very conservative
feeling, however, and their purchases for the last few months of the year
were limited to absolute necessities. Prevailing prices of farm products,
except the cotton States, ghouls gradually improve sentiment and increase
our business. We are still operating on a very conservative basis, the
expenses having been reduced to a minimum, but without reduction in
pay of factory operatives.
Stock.-We have set aside 31,904 shares of common stock for distribution
under contract to employees and are also selling stock to employees.
Foreign Business.-Our business in the European States affected by the
war is not large, the entire outstanding accounts in those countries not
exceeding $150,000 and these are quite generally secured. In other
sections of the world our business has suffered considerable curtailment,
due to the financial disturbances in many countries, particularly Argentine and Brazil, and by poor crop conditions in other countries.
EARNINGS FOR FISCAL YEARS ENDING OCT. 31.
1911-12.
1912-13.
1913-14.
$2,802,903 *24,755,777 85,020,199
Total net earnings
$409,006
3432,576
$366.068
Administrative, Sec., expenses
245,515
151,618
283,486
Interest on debentures (net)
67,361
68,270
Deplsciation
2,647,995
1,976.869
Preferred dividends
2,647,995
Total deductions
Balance, surplus or deficit
Total surplus
$3,365,819 13,299,550 $2.631,390
1,456.227 52,388,809
df$562,916
5,926,924 $4,470,697
$5,364,008
* After deducting all expenses incident to operation and distribution,
including those for repairs and maintenance, for depreciation of property
and equipment, pensions, accident compensations, &c., and after making
provision for interest on the indebtedness of all subdisiary companies and
for reserves, for cash discounts, uncollectible accounts. &c.
BALANCE SHEET OCT. 31.
1913-14. 1912-13.
1913-14. 1912-13.
Assets-5
$
$
Real estate, buildPreferred stock __ _37,828,500 37,828,500
ings, &c
16,197,050 16,035,875 Common stock__ _18,382.400 18,384,400
Timber lands. &c_ 2,673,985 2,680,829 Bonds and notes__ 3,814,000 4,769,500
234,600
Trade-mks.,pat'ts,
Stocks of sub. cos. 234,600
good-will
18,382,400 18,384,400 Notes payable__ __ 8,809,659 9,980,537
Inventories
15,945,943 20,816,545 Acc'ts payable.. 2,002,948 3.239,553
Insurance and intr.
.1,881,300 1,741,329
Reserves
prepaid, &a__ _ _ 485,350
531,017 Surplus
5,364,008 5,926,925
3,346,763 1,925,438
Cash
Notes Jr nein:3 roc_ 21,085,924 21,731,240
78,117,415 82,105,344
78,117,415 82,105,344 Total
Total
a Includes in 1913-14 $925,747 against property and equipment and
2955,553 against working and current assets.-V. 100, p. 645, 57.
(The) B. F. Goodrich Co., N. Y. and Akron, 0.
(Report for Fiscal Year ending Dec. 31 1914.)
President B. G. Work says in substance:
International Paper Co., New York.
(17th Annual Report-Year ending Dec. 31 1914.)
President Philip T. Dodge, Corinth, N. Y., Feb. 17
wrote in substance:
ResuUs.-The net earnings, after payment of interest, sinking funds.
depreciation, &c., were $1,137,709, or somewhat larger than for 1913.
Bonds Paid.-Of our bonds $365.000, and of the bonds of sub. cos.
2174.000 were retired.
Adverse Conditions.-Throughout the year abnormal and trying conditions have exLsted in the paper industry. The industrial depression has
resulted in a diminished volume of advertising, thus seriously affecting
consumption of news paper. For some years its increase has been at the
rate of from 7% to 8% per year. The European war has interfered with
the sale of paper in foreign markets and there have been greatly increased
Importations of foreign paper. Moreover, exceedingly low prices have been
made by ill-advised manufacturers, especially those dm.iring to operate
at full capacity.
For a number of months the rainfall, the smallest in many years throughout the entire Eastern section, so reduced the production of ground wood
that purchases were necessary to some extent in the open market, at
high prices.
Notwithstanding these conditions, speculative financiers have continued
to secure capital for the erection of additional news paper mills in Canada;
In more than one case at very excessive capitalization.
The U. S. Govt. also continues its oppressive and unfair treatment of
news paper manufacturers. News paper alone was placed on the free
list, although other classes of paper received protection.
Status.-Fortunately for its shareholders, the Paper Company possesses
vast timber holdings in the United States and Canada, many important
water powers and numerous mills capable of large production. Some of
these mills can hold their own against any competition which Ls profitable.
During the depression in the news paper field, several International mills
have been adapted for the production of special papers of various kinds.
and development along these lines will be continued in view of the satisfactory results already obtained. During the year large amounts have
been expended in restoring neglected properties and in modernizing and
Improving the various plants, to reduce the cost of manufactureand improve the quality of the paper.
EARNINGS, EXPENSES AND CHARGES DEC. 31.
1912.
1913.
1914.
Net earnings
22.601.099 22.317.987 52,562,958
Other income
675.401
666,123
487,798
Total income
Bond interest
Depreciation of mill plants
$3.088,897 32,984,110 $3.238,359
3909,066
2887,597
$867,649
1,131,615
1,102.708
1.083.539
Balance
Divs. on pref. stock (2%)
31.137.709
448,134
Surplus for the year
Previous surplus
2689,575
10.941,294
5545,671
10,395,622
5749,544
0.646,078
Surplus end of period
311.630,869 310,941,294 210,395.622
BALANCE SHEET DEC. 31.
Assets1912.
1914.
1913.
Mill plants and water powers
242,657,439 543,645,668 544,329,666
Woodlands
3.456.517
3,158,762
3,403,631
Securities of sundry corporations__ _ _ 10,017,692
9,904,816 10.141,816
Sinking fund
3,801
373
709
Furniture and fixtures
8,680
8,665
10.137
Cash
022,989
1,027.479
1,024,612
Accounts and notes receivable
4,578,233
4,867,233
5,396,018
Inventories and merchandise on hand 8,990,901
7.092,553
7,929.254
Deferred assets
325,816
361,031
259,238
Due from subsidiary companies
2.002,849
1,813,239
1.898.258
Total
$73,413,766
LiabilitiesCommon stock
317,442.800
Preferred stock
22,406,700
Bonds
15.252,000
Accounts paable
697,834
Notes payable
5.450,000
water
rents, not due
216,058
Accrued int. and
112,034
Dividends payable
205,471
Insurance fund
11,630,869
Surplus
After liberal provision forlmaintenance, depreciation, bad debts and all
outstanding liabilities, &c., the net income for the period, as shown by the
profit and loss account, was 25,440,427, compared with $2,599,747 in 1913.
During 1914 conditions
The year 1913 was a critical one in the industry.
Total
were much better, being fairly normal in respect to labor, prices of raw -v.
products.
99, P. 677.
finished
for
prices
and
material, and volume
2993,805 51,197,678
448,134
448,134
$72,961,382 272,862.900
217,442,800 817.442.800
22,406,700 22.406,700
15,617.000 15.970,000
472,871
684,357
5,818,000
5,521.500
235,698
244,873
112,034
112,034
10,941.294
10,395,622
373,413,766 372,961,382 372,862,900
730
"
THE CHRONICLE
Baldwin Locomotive Works, Philadelphia, Pa.
(4th Annual Report-Year ending Dec. 31 1914.)
Pres. Alba B. Johnson says in substance:
[VOL. 100.
to all the companies concerned, and which have, together with the contract
provisions, been approved by disinterested experts.
Power.-A further section of our company's northwest station is now
being completed, and the 45,000 h. p. turbo-generator ordered last year
(V.98, p. 685) is being installed there.
Offices.-A number of our departments have been moved to the new
Edison Building at Adams and Clark Sts., and when alterations now in
progress have been completed the remaining departments will be also
moved into this building, greatly facilitating the transaction of business.
INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1913.
1912.
Connected business, 16-c.p. equivaet* 11.211,196
9,851,810
8,293,523
Gross earnings (see note)
$19,060,196 $16,838,744 $15,361,650
Operating expenses
$9,793.4931$10,048,428 $9,399,573
Amortization and deprec'n reserve- a2,215,147i
Taxes and municipal comp'n
1,492,266
1,353,916
1,127.195
Operating income
95,559,290 $5,436,400 $4,834,882
Other income
217,763
261,527
203,347
Total
$5,777,053 $5.697,927 $5,038,229
Interest on bonds
$1,600.000 $1,500,000 $1,600,000
(8)3.534,652b(73i)2816864(7)2516,783
Dividends
9642,401 91,281,063
Balance, surplus
$921,446
Results.-During the latter part of 1913 and the first half of 1914 the
falling off in railroad revenues, due to the unfavorable attitude of the
I. S. C. Commission, caused a general cessation of purchases of railroad
equipment, and this condition was made more acute by the reduction of
railroad revenues resulting from the slowing down of business due largely to
the adoption of lower tariff rates. During the last half of the year 1914,
these unfavorable conditions were further affected by the paralysis of
finances and of business which followed the breaking out of the war in
Europe. The total production of the year, amounted to $13,616,163, or
about one-third capacity, as compared with $37,630,969.
The stress of competition forced the lorices of orders secured close to the
cost of production. Under these conditions only extreme economies made
it possible to carry the overhead expenses and pay interest upon the bond.
Financial.-Expenditures for real estate, buildings, &c., aggregated $65.115; there was charged against operations for maintenance and renewals
$669,525. The quick assets amount to 913,391,638 and exceed by $1.923.227 the total liabilities, including the 910,000,090 bonds.
Standard Steel Works Co.-The Standard sales for 1914 were $3,988,995
and its net profits $359,558. After paying $200,000 to sinking fund and
dividends of $300.000, the balance remaining in surplus account is $343.428.
Of the $5,000,000 Standard bonds originally issued, $1,400.000 have been
canceled, by the sinking fund, leaving outstanding $3,600,000.
* Exclusive of electrical energy supplied to other public service corp'ns.
Prospects.-The,outlook is somewhat more favorable but there is nothing
a Includes appropriation for amortization and depreciation reserve.
to indicate more than moderate activity during the first half of 1915.
b There was also declared a stock dividend of 10% ($33,695,000) to stockEARNINGS, EXPENSES. tt.c.
holders of record Oct.4 1913 (see V.97, p. 447 and 889).
-Gross earnings as above do not include the income from sales of
Note.
1914.
1913.
1912.
Gross sales
$13,616,163 $37,630,969 $28,924,335 merchandise, nor is the cost of this merchandise business included under
Mfg., &c., expenses, deprec., &c- _ _ _ 13,295,554 33,744,494 25,371,666 expenses. Only the net profits from the sale of merchandise are now shown,
after deducting expenses,this item being included aspart of the other income.
Net profit
$320,609 $3,886,475 $3,552,669
CONDENSED BALANCE SHEET DEC. 31.
Other income
661,145
787,164
830,933
1913.
1914.
1919.
1913.
LiabilitiesAssets$
3
S
$
Total income
$981,754 $4,673,639 $4,383,602 Plant, real eet.A0.80,698,054 77,935,392 Capital stock__ _45,838,936 45.838,936
Bond interest, &c
631,524
655,839
685,030 Securities
Funded debt (see
9,388,601
525,368 "R.& I. Sec.")_32,000,000 32,000,000
Open accounts_ _ _ 412,813
Net profit
9350,230 $4,017,800 $3,698,572 Material
879,703 Notes payable__
656,378
7,000,000
Surplus brought forward
4,887,791
2,669,991
771,419 Contract wk., &c. 169,415
328,893 Amort.& depr.res.x6,600,596 x4,521,839
438,278 Accounts payable_ 251,773
Coal in storage_ _ _ 302,825
564,514
Total undivided profits
95,238,021 $6.687,791 $4,469,991 Acc'ts& bills rec__ 3,209,960 2,922,013 Customers' daps__ 157,855
149,901
Preferred dividends (7%)
1,400.000
1,400,000
1,400,000 Def. instalPts on
Municipal comp'n 394,868
362.472
Common dividends(2%)
400,000
400,000
400,000
accr'd
Int.
&
taxes
2,032,637
1,402,878 1,350,633
sub,to cap:stk.
2,289,271 2,564,221 Balance,surplus_ _ 3,480,611 2,838,210
Cash
Total surplus end of year
$3,438,021 $4,887,791 $2,669,991
97,127,317 87,626,505
97.127,317 87,626.505 Total
Total
BALDWIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
x As to change in method of dealing with item of depreciation,see remarks
Assets$
above.-V. 98, p. 692.
Real est., maeh'y,
Preferred stock_ _20,000,000 20,000,000
patents, Ac.___37,146,142 37,081,026 Common stock_ _ _20,000,000 20,000,000
Sulzberger & Sons Co. (Including Subsidiaries).
Stand.St.Wks.Co. 4,041,501 4,041,501 *Bonded debt.._ _10,000,000 10,000,000
Other real estate_ _ 367,812
449,442
332,634 Acc'ts payable__ _ 288,219
(Report for the 15 Months ending December 26 1914.)
Inventories
2,312,653 3,155,176 Pay-rolls & salaries
38.638
56,054
Acc'ts receivable_ 2,730,407 4,793,261 Depositcrs' funds,
The sales for the year exceeded $150,000,000, a new high
Bills receivable__ _ 2,061,748 2,187,750 subject to notice 949,323 1,351,452
Marketable eecur_ 1,167,976 1,035,601 Employ.lien. Ann 108,897
315,949 record. V.-Pres. M. J. Sulzberger says in substance:
Cash
83,334
83,334
5,118,855 4,563,848 Accr. int. on bonds
Our business has been unusually active. Many new lines have been
Deferred charges_
55,794
96,456
48,869 Int.rec.in adv.,&c.
95,644 gone into which are proving very satisfactory. With 1914 we
started
3,438,021 4,887,791 operating a large packing plant in Argentine, exporting to Europe,
Surplus
and also
partly to the United States. This business has been very successful, and,
Total
55,002,888 57,239,666 Total
55,002.888 57,239,666 while it has necessitated considerable investment, the earnings
have already
more than justified the venture and promise even larger profitable returns.
CONSOLIDATED BALANCE SHEET DEC. 31.
Since the European war began the country's packing industry has been
1913.
1914.
1913.
1914.
called upon to supply the increased wants of other countries, and this deAssets$
mend must continue, even should the war end, as the present food supplies
Real est., mach'y,
Preferred stock__ .20,000,000 20,000,000 now on hand in Europe will be largely used up. This business
has repatents, &c__ _ _43,960,328 43,904,231 Common stock__ _20,000,000 20,000,000 quired a great increase in stock of merchandise.
Other real est.__ 367,812
332,634 *Bonded debt_ _ 13,600,000 13,800,000
Our statement having been changed to end with the calendar year,
4,029,367 4,653,927 Acc'ts payable_
Inventories
364,479
549,881 brings the closing to the height of the packing season, when the largest stocks
Acc'ts receivable_ 2,975,926 5,254,440 Pay-rolls& salaries
38,638
56,054 are carried. The cost prices of stocks accumulated are less than they were
Bilis receivable__ _ 1,591,547 1,708,539 Depositors' funds
a year ago, and the prospects for 1915 are extremely good.
Marketable secur_ 1,189,476 1,039,601 subject to notice 992,827 1,405,037
15 Mos. ending -Years Ending
Cash
5,315,776 4,956,624 Employ.Ben. As'n 170,344
374,267
Dec. 26 '14. Sept. 27 '13. Sept. 28'12.
Deferred charges_
55,794
48,869 Accrd.1nt.on bds_
83,334
83,334 Net
profits
(after
interest)
$1,511,528
Int. rec. in adv.__
$1,364,245
96,456
100,132
$1,325,608
692,329
Surplus
700,000
4,139,948 5,530,160 Preferred dividends (7%)
700,000
Balance,
surplus
Total
59,486,026 61,898,865 Total
$819,199
59,486,026 61,898,865
$664,245
$625,608
BALANCE SHEET.
* As to bond issues of Baldwin Co. see V. 91, p. 40; V. 90, p. 1104; of
Dec. 26 '14.Sept. 27'13.
Standard Steel Works Co., V. 89, p. 1816.-V. 98, p. 684.
Dec. 26 '14. Sept.27'13.
AssetsLiabilitiesProperty
25,419,737 25,478,719 Common stock__ _20,000,000 20,000,000
Commonwealth Edison Company, Chicago.
Investment in subPreferred stock... 9,834,600 10,000,000
sieUary co's
8,692,199 6,272,652 Sinking fund
*11,889
(Report for Fiscal Year ending Dec. 31 1914.)
Mdse.on hand,&c.11,963,921 9,929,845 Debenture notes__ 8,689.000 9,300,000
Accts.& bills rec_ _ 9,507,361 6,621,988 Accr. int, on notes 109,250
110,833
President Samuel Insull says in substance:
Mortgages and InDivs. pay. Oct. 1_
175,000
Results.-Operating revenue shows an increase of
over 1913,
vested securities 144,235
268,214 Bills pay.,domestic
mainly due to (a) additional elevated and surface$2,221,452
street railway power Cash
5,568,197 3,025,347
and foreign_ _ _ _17,033,625 6,851,862
business (see below and V. 98. p. 685): (b) the taking
Accounts payable. 086,412 1,519,079
previously served by Cosmopolitan Electric Co.; (c) over of customers Prepaid Insurance,
increase
5,050,330 4,231,132
391,141 Surplus
interest, &c_ _ _ _ 419,456
of about 40,000 of other customers, although late in exceptional
the year many customers used less electricity than normally.
81,715,106 51,987,908
Total
61.715,106 51,987,906
Total
The profit from increased business has been largely offset by reductions
In rates, partly in pursuance of agreement with city in Dec. 1913. During
*For redemption of preferred stock.-V.98, p. 1242.
the year this reduction for retail customers alone amounted to about $775,000. The reduction in power rates to large consumers amounted
to
Light & Heat Co., Pittsburgh (Pa.)
Manufacturers
about $90,000. In view of these rate reductions, and of the fact
the
dividend requirements increased $717,000, the balance carried to that
surplus
(13th Annual Report-Year ending Dec. 31 1914.)
is not as large as for 1913.
Securities Owned.-These, heretofore carried in the account for plants,
Pres. John E. Gill, Pittsburgh, Dec.31, wrote in substance:
real estate, &c., are now shown separately. They include certain elevated
Results.-In the latter part of the year, influenced by abnormal trade
railway securities mentioned later.
Amortization and Depreciation Reserve.-Tho depreciation reserve called conditions, the demand fell off somewhat, with the result that the total
for under the general mortgage, amounting Dec. :31 1913, to $4,521,839. deliveries of gas for the year showed a decrease of 832,209,000 Cu. ft.
has been transferred to amortization and depreciation reserve. In the Notwithstanding this, and the material falling off in value of crude oil
future there will be carried under the latter heading both the amounts set (which in August reached the price of $I 45 per bbl.) the gross earnings
aside to cover the mortgage requirements as to depreciation reserve (which were not much diminished. A conservative expectation for the future
has for several years past been at the rate of
a continuance of average results.
per year), and also would indicate
the general depreciation of the property, $544,000
Rates.-A fair return, in view of the increasing cost of operations, dethe latter item having previously been credited to plant account.
mends rates more nearly representing the value of services rendered.
Notes.-Power Contracts.-During the year the company issued $7,000,- Accordingly, rates were adjusted, the reasonableness of which were disputed
000 of one-year 5% notes for the following reasons. When
by a few industrial patrons and later transferred to the U. S. District Court
the
(V. 99, p• 1677).
Elevated Railways collateral trust was formed, in 1911, as a stepChicago
toward for final adjudication
unified control and ultimate common ownership of all the elevated
Bonds, &c.-During the year it has been possible to reduce the bonded
lines
and in the hope of their eventual amalgamation with the surface street debt by $460,000. The bonded and mortgage debt, direct and indirect.
$1,579,000. due in annual installments as follows' 1915.
railway lines, the company was faced with the alternative of
a Dec. 31 1914 was
$181,000; 1917,$150.000; 1918,$148,000; 1919,$471,000;
conditional guaranty of substantially $6,000,000 to facilitate the making
necessary $146,000; 1916,
financing, or of seeing some possibly competing organization make such a 1920. $483,000. There is no floating debt.
guaranty and thereby obtain for a long period probably the entire business
Data from Oen. Mgr. T. L. Sullivan, Dec. 31 1914.
of supplying the local elevated and surface railways with electrical power.
During 1914 111 wells were drilled and 12 purchased, of which 86 gas, 29
The aggregate business which could be secured under such long-term con- oil and 17 dry. On Dec. 31 1914 we had in operation 1,006 gas and 303 oil
tracts promised to be about $100,000,000, whereas the guaranteed amount wells, a total of 1.311. with 27 drilling. We abandoned in 1914 43 old gas
would have to be paid only in case the aforesaid amalgamation should not wells and 8 old oil wells. You now hold under lease 285,015 aces of gas
be carried out before July 1 1914. Your company, moreover, would re- and oil territory situate in Penn., W. Va. and Ohio, of which 111,016 acres
ceive in addition to the large power business of the lines common partici- are operated (increase of 10,147 acres), and 173,999 unoperated leasehold.
pation shares of the Chicago Elevated Rys.(a voluntary association) equal
There were laid in the several fields 50.84 miles of pipe and 37.24 miles
to nearly one-half of all the preferred and common shares to be issued. were lifted, increase 13.60 miles; in city plants there were laid 58.42 miles
The amalgamation not having been effected, payment became and 9.98 miles lifted, increase 48.44 miles, making a total of 1.642 miles
time some re-financing of the asso- in the fields. and 932 miles in city plants, grand total,
obligatory July 1 1914. At the same
miles of pipe
in connection therewith the company, on of all sizes, 2 inches and above, now in operation. We2,574
ciation became necessary, and
have made exteninterest in the properties, agreed to take at sions to supply gas to the village of Glover, and to the
account of its large indirect issue
villages
of Yorkville
of 10-year 6% debentures of the associa- and }Wien& Jefferson Co., O.; also to villages of Wampum,
Lawrence
par an amount of a proposed
investment $7,000.000. In completing Co.. and Homewood, Beaver Co., Pa.
tion sufficient to make its entiroerr
bowed the full amount for the purpose
The oil production for 1914 was 134,425.60 bbls., a daily average of
the transaction, the company
pledge
of
its
200.996
increase
of
8.03
814-1000
bbls.,
commoh
an
bbls.
by
per
secured
368.29
day.
notes
and issued its
debentures of the Chicago Elev. Rys.
On Dec. 31 1914 the books showed a total of 93,413 meter accounts, of
participation shares and its 91,270,000
now seems likely to amount to which 92,578 are domestic, an increase of 4,382 domestic meters. The
The business from the power contracts
volume of this business will permit supply of gas during the year has been amply sufficient for all demands, and
great
The
not less than $125,000,000.
us to obtain a reasonable profit at rates which are mutually satisfactory we are entirely confident of continuing good service.
THE CHRONICLE
FEB. 271915.]
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
(The Manufacturers Light & Heat Co. and Its Affiliated Companies.)
1911.
1912.
1913.
Receipts1914.
Gas sales
$6.194,563 $6.090,581 $5,846.411 14.872,804
198,951
226,848
345,213
Oil sales
237,668
2.553
2.384
2,593
Water sales
2,464
34,664
43,778
65,061
Miscellaneous
36.980
Total gross earnings___36,471,675 $6,503.448 $5,919,421 $5,108,973
Expenseswells,&c.$3,746,943 $3,418,101 $3,003,255 $2,711,426
Op.exp
140,524
136.692
171,489
225,921
Taxes
Total oper. exp., &c___$3,972,864 $3,589,590 $3,139,947 $2,851,950
$2,498,811 $2,913,858 $2,779,475 $2,257,022
Net earnings
51.834
37,384
65,481
60,182
Other income
$2,558,973 $2,979,319 $2,816,859 $2.308,856
Gross income
*3371.143
Int., discount & comm
312,015
$298,840
$171,663
$107.720
Interest on bonds
25,480
48,640
13,733
Premium on bonds
Cr.95.436
Sundry adjustments __ - Cr.14,859 Dr.46,480 Dr.83,674
(8-%)1,840.000(7)1,610,000(4;0913.750 (.1)161.250
Dividends
738.235
705,994
695,767
Depreciation
685.013
Total deductions
Balance, surp. or def
$2,631,607 $2.572,550 $2,027.738 $1.487,207
def.$72,634 sur.$406,769stm$789,121 sur.$821,649
* Includes extraordinary charges incident to re-financing of floating debt
as of Aug. 2 1911.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Manufacturers Light & Heat Co. and Its Affiliated Companies.)
1913.
1914.
1913.
1914.
Liabilities3
$
$
Assets$
27,448,876 27,712,972 Capital stock ___23,000,000 23,000.000
Investments
1,579,000 2,039.000
458,900 Bonds
466,400
Treasury stocks
2,000 Accounts payable,
13,000
Treasury bonds._
451,552
532.454
781,005972,040 &is
Cash
698,646 Accrued interest &
Accts. receivable.. 799,910
111,903
105,859
2,449
taxes
3,554
Bills receivable__
402,500
Incomplete invut. 150,432
89,917 Dividends payable 460.000
170,327
Security deposits_ 178,846
Employees' acct.
36.890
19,437
stock subscrip'n
47,972 Miscellaneous_
7,510
4,174,575 4,217.209
Material & supp._ 354,164
431,551 Surplus
7.510
Miscellaneous_ _._
36,890
30,044,288 30,453,337
Total
-V. 100. D. 646.
Total
30,014,288 30,453,337
American Hardware Corporation, New Britain, Conn.
(13th Annual Statement-Year ending Jan. 1 1915.)
The report, signed by Henry C. M. Thomson, President,
Andrew J. Sloper, Secretary, and Charles F. Smith, Chairman of the Board, says:
731
Allentown Term. RR.,$222,500 out of$450,000 cap.stock (par $50)•
Delaware Division Canal Co. (a) $1,560,000 out of $1.633.350 capital
stock, par $50:(b) all its $800.000 1st M.4s, due 1948.
Alliance Coal Mining Co.. (a) $2,095,000 out of $2,250,000 capital
stock, par $25:(b) 3644,000 1st M.6s, due July 1 1916, out of $692,000 outstanding.
Lehigh & New England RR., $4,640,000 out of $4,645.000 capital
stock outstanding Jan. 1 1914 ($1,355,000 since acquired is also
to be deposited with the trustee).
Panther Valley Water Co.. (a) $220,000 out of $221.700 capital stock
and (5) all its $600,000 Gen. M.6s due Dec. 11943.
Lehigh Navigation Electric Co.-The power plant at Haute, Pa., and substation at Siegfried, Pa., together with the main transmission and distribution lines, were completed and placed in full operation on May 1 1914.
The plant is being operated steadily at about half its capacity, producing
an average of over 200.000 k. w. h. per day, which is sold to consumers with
which connections have been made during the year. The amount of power
sold is gradually increasing, and negotiations are under way which It is
hoped will soon provide a market for the entire capacity of the present installation. Our Lansford power house has been closed and power is now
being purchased from the Lehigh Navigation Electric Co.. permitting a
more complete electrification of the plants. [See V.99. p. 1532. 1677.1
Lehigh tt Susquehanna RR.-The coal tonnage transported by the Central
RR. Co. of N. J., under its leases, over the Lehigh & Susquehanna RR.
and branches, aggregated 9,304,689, a decrease of 23,804 tons compared
with 1913. but an increase of 314.986 tons compared with 1912. The gross
receipts of the Central RR. of N. J. upon business transported over the
Lehigh & Susquehanna RR. and branches were $9,551,701 (anthracite
coal $5,125,915), a net decrease of $410,335.
General.-During the year we increased our holdings of Lehigh & New
England RR. Co. stock by the purchase of 27.100 shares, and now own
a par value of $5,997.500. Dividends on this stock aggregating $425.600
were received during the year; this amount, together with the rentals paid
by the Central RR.of New Jersey and other dividends and interest received,
are included in miscellaneous revenue. The Panther Creek RR., having
been merged with the Lehigh & New England RR., your company is no
longer engaged in the railroad transportation business.
RESULTS FOR CALENDAR YEARS.
51914-Gross-1913.
1914-Net-1913.
Coal
$12,115,852 $11,279,914
$464,746
$761,374
Canals
211,627
213,490 loss35,160 loss57,645
RR. rentals received__ _ 2,608,103
2,646,414
Investments
902,621
3.328.727
441,802} 3.315.405
Miscellaneous
329,852
713,087
Total
$16,168,055 $15,294,687 $4,041,619 $3,735,828
General administrative expenses
134,694
136.656
General taxes
233,251
232.459
Interest on funded debt
1,175.567
953,034
Other interest
14,528
41.188
Dividends paid (8%)
2,124,636
2,124,636
Balance, surplus
3358.943
$247,875
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Asuts-$
Liabilities$
$
lands,
mines
stock......
Coal
Capital
_26,587,650
26,587,650
The results of the year's business as shown by surplus account are as
& property_ _18,256,963 17,456,799 Funded debt
30,068,000 26,515.333
follows: Total surplus Jan. 11914, $1,686,956. Add : operating profit,
978,975
$614,480; sundry receipts, $53,515: additions and adjustments, $41.541: Canal property_ _ _ 3,403,479 3,414,857 Loans & acc'ts Day.
1,055.934 1,018,753 Audited vouchers
total, $2,396,492. Deduct-Shrinkage in investments, $24,251; reserve Real estate
967,993
909,550
against foreign loss, $25,000: depreciation, $112,500; dividends, $595,200. Physical property_16,048,549 16,847,133 & payrolls
33,089
884,059
Securities pledged12,973.072 7,988,311 Sundt y creditors_ Balance, total surplus Jan. 1 1915, $1.639,541.
do unpledged 4.375,438 6,286,786 Matured bond int_ 402,072
177.301
Sec. uncontrolled
569.568
Accrued taxes__
378,156
RESULTS FOR CALENDAR YEARS.
432,750 Acced bond let....
69,895
cos. pledged.
53,614
1911.
1913.
1910.
1912.
1914.
2,828
2,802
Co.'s secur.pledged 2,199.000 3,399,000 Mat.3c seer. rents
Net earnings_31,245,437 $1,071,815 $1,248,135 $1,046,670
$614,480 Bonds
7,633
unclaimed
6,991
&
stocks
Divs.
in
Sundry receipts
53,515
63,466
423,513 Susp. credit items 107,581
.1,845,700
treasury
638,056 Deprec.& oth.res_ 4,597,815 4,055,359
Total net income
$867,995 Sec.of uncontr.cos. 1.331,696
y2,390.090 1,884,384
984,444 Profit & loss
Dividends paid during calendar year 1914
(6%)595,200 Cash
Customers' acc'ts_ 1,680,470 1,231,306
1,697,166 1,188,295
Coal stock
Balance, surplus for year ending Dec. 31 1914
62,795 Maels & supplies_ 336,707
383,976
BALANCE SHEET JAN. 1.
Sundry debtors_ _ 606.537
512,958
4,538
Miscellaneous_
25,813
1915.
1914.
1915.
1914.
AssetsSuspend.deb.1 tems 569,634
281,161
Liabilities-s
5
Cash
447,098
496,418 Cap. stk. (less in
BIlls & steels reo_. 2,020,656 2,596,193 treas..32.580,000) 9.920,000 9,920.000
Total
66,387,933 62,513,921 Total
66,387,933 62.513,921
Real est., mach.,
Bills & ace'ts pay.. 122,325
816,088
tools, &c
5.811,541 5,523,621 Divs. nay. Jan. 2_ 148,800
x Includes stocks in treasury. $29,700 yearly, and bonds in treasury,
173.600
Materials & mdse. 3,551,371 3,980,412 Surplus
•1,639,541 1.686,956 $1.816,000 in 1914 against $393.813. y After adding sundry accounts adjusted, 3146,763.-V. 100, p. 479.
Total
11,830,666 12,596,644 Total
11,830,666 12,596,644
* After deducting for depreciation $112,500; reserve against foreign loss,
New York Telephone Company.
$25,000: shrinkage in investments, $24,251; and adding sundry adjustments. $41,541.
(Report
for Fiscal Year ended Dec. 31 1914.)
ANNUAL DIVIDEND RECORD (PER CENT).
President Union N. Bethell Feb. 15 wrote in substance:
1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914.
6
7
7
5
7
6
4
6
5
63.4
7
6
Results.-A following statement (see income account "a") shows com-V. 97, p. 174.
bined operating results for your company and its associated companies,
Including Bell Telephone Co. of Penn., Central District Telephone Co..
(The) Lehigh Coal & Navigation Co., Philadelphia.
Deleware & Atlantic Teleg. & Teiep. Co., Diamond State Telep. Co. and
Chesapeake & Potomac Teiep. Co., operating in N. Y., N..1., Penn., Del.,
(94th Annual Report-Year ended Dec. 31 1914.)
Md., Va., W. Va. and the Dist. of Columbia and in parts of Conn. and Ohio,
but not including local connecting companies, with inter-company items
Pres. S. D.Warriner, Phila., Feb. 10 wrote in substance:
eliminated. Gross telephone earnings increased $1,978,064 and other
Coal.-The sales of coal during 1914 amounted to 3,572,641 tons, an in
income increased $463,190. Operating expenses, however, Increased $3,crease of 43,547 tons, in the face of the unfavorable market conditions. 532,555, with the result that the
The net revenue derived from coal was $761,374, an increase of 3296,627, shows a decrease of $1,539,398. surplus, after paying the usual dividends,
due to economies atl.the mines and the higher average production per
Net Additions (including associated cos.).-Real estate. $1,715,908;
breaker hour.
equipment, $6,065,910: lines, $9,566,322; construction in progress,
$1,1914.
Coal Production (Tons)1913.
1912.
total. $18,522,873.
Mined by company
3,902,661 3,612,711 3.241,388 174.733:
Appraisal.-Although the franchises, rights and privileges owned are
Mined by lessees
181.518 209,018 183,892 assessed
and taxed as property, the N. 'Y. City franchise alone being
From culm banks by company and its lessees 340,939 724,524 455,902 assessed for
at $38,878,949. the company has not included any part of
Less used as fuel by company and its lessees 521,331 551,488 424.093 the value of 1913
such franchises, rights or privileges in its assets as shown in
report. Neither has it Included therein going value, the appreciationthis
Net coal production
in
3,903.787 3,994,767 3,457.089 value of real estate
or the value of other forms of intangible property (see
The two now shafts at Rahn and Coaldale collieries have been completed
a subsequent page.-Ed.).
and tunnels to connect them with the mine workings are now being driven. also
The
Public
The surface work for two additional shafts, one at Greenwood Colliery and affairs, and Service Commission of N. Y. State is now investigating the
in that connection the property is being appraised for us by a
the other at Tamaqua Colliery, was also started during the year.
We expended in connection with mining operations for additions and committee of independent experts. It is believed that this work will be
by June 30 1915, and that rate adjustments based on the apbetterments, $709.424 charged to capital. A further $505,420 was charged completed
can be made that will prove satisfactory to
against operation for extraordinary underground developments and im- praisal
concerned.
Rates.-Under an agreement made with the P. S.all
provements. There was charged for depreciation and other reserves
Commission, the company has. since Feb. 1 1914, allowed a discount
$603,460; against reserve accounts; for obsolescence $73.967.
of 10% on all bills for
measured
service
rendered
under
New lionds.-13y sale of $14,000,000 new Consol. S. Fd. M.bonds, Series New York, effective pending measured Service contracts in the City of
the determination of said investigation.
A (see V. 98, p. 390), we paid (a) at maturity the First M. Railroad Loan
discountfor the 11 mos. ended Dee.
311914 amounted to $1,929,160.
and Gold Loan, totaling $8,835,333 (incl. $61,000 in treas.); (b) $1.280,000 This
Stations.-On Dec. 31 1914 there were 1,154,905
stations in the system
One-Year 5% Secured gold notes of 1913. called for redemption (V. 98. directly
by your company and its local connecting companies,an
p. 765): (e) liquidated the floating debt, 3978,975, and provided for other Increase operated
of
72,140.
Including
the associated and connecting companies,
corporate purposes.
there were in service Dec.31 2,050,603
stations, an increase of 119,198.
Properties Covered by Consolidated Sinking Fund Mortgage.
[Subject only to prior lien of (a) $3,906,000 Gen. M. bonds. due 1924; (a) COMBINED OPERATING RESULTS FOR NEW YORK TELEPHONE
CO. AND ITS ASSOCIATED COMPANIES.
(b $4,012,000 Funding & Improvement Mortgage bonds due 1948.1
(1) Lehigh & Susquehanna RR. and branches, 164 miles (leased for 999 Not including local
connecting companies-Inter-company items eliminated.
years), along with its leased and controlled lines below mentioned, viz.:
Nesquehoning Valley RR.. 16.68 miles; and Tresckow RR., 7.59 miles,
1911.
1912.
1914.
1913.
Telephone earnings____$73,912,058 $71,933,994 $65.632,689 $59.019,411
to the Central RR. of N. J.)
(2) All interest in 99-year lease, expiring in 1965, of the Delaware Division Telephone expenses__ _ _ 57,742.398 54.209,843 48.461.691 43,946.710
Canal, Easton to Bristol. Pa., 60 miles.
Net telephone earns__318,169.680 $17,724•151 $17,170.998 315,072,701
(3) Coal lands and mining property in Carbon and Schuylkill counties, Pa.
1.443.594
1,510,072
1.406.204
(4 All property of every kind acquired with the proceeds of the Consols. Other income
1,869,394
(5 The following shares of stocks and bonds:
Wilkes-Barre & Scranton By. 14 miles in length, leased to Central
Total net income-- $18,039,054 319,130.355 $18,681,070 316.516.295
Interest charges
RR. of N. J.I. $497,500 out a the $500,000 cap. stock (par $50).
$4.027,132 $3.578,815 $3.179.573 32.585.766
Tresckow RR.[see above],$125,000 out of$130,000 cap.stk...War $50). Dividends declared_ - - 10,008,579 10,008,799 10.009,335 10.010.493
Nesquehoning Valley RR.stock, $1,415,000, out of $1,418,600 capital
Bal. to surp.& reserve $4,003,343 $5,542,741 $5,492,162 $3.920,036
stock (par $50).
THE CHRONICLE
732
loo.
There are four double stations extending for a block on either side of the
(b) INCOME ACCOUNT OF NEW YORK TELEPHONE CO.
entrances. Transfers have been arranged between the surface and elevated
1911.
1912.
1913.
1914.
lines.
The erection of the elevated line on Jamaica Ave. from Cypress
$36.118,628 $35,898,693 $32,884,715 $30,048,488 Hills to Grand Ave., Jamaica, was begun two weeks ago against the oppoExchange service
9.141,478 sition of property owners of the Richmond Hill section.
11.176,460 10,932,341 10,338.908
Toll service
The Board of Estimate passed a resolution fixing the width of Jamaica
$47,295,088 $46,831,034 $43,223,623 $39,189,966 Ave. at 44 feet between the Brooklyn Borough line and Cliffside Ave.,
Total
and
$852,115
$696,580 the preparation of a map fixing the width of Jamaica Ave. west of
$1,697,423 $1,167,374
General
Cliffside
14,519,575 13,372,754 11,917,803 11,374,064 Ave.at 44 feet. The street for the greater part in this section is 39 feet
Operating
wide.
12,137,895
13,049.471
14,157,047
14.548.984
Maintenance
The increased width will be taken off the sidewalks on either side. The
2,833,616 increase
3,159,719
3,591,392
3,736.494
Rentals
Is made at the request of the P. S. Commission so that the supports
96.055
92,704 for the elevated
79,443
89,400
Insurance
line can be properly located.-V. 100, p. 472, 396.
1,878,328
2.466.418
2,201.044
2,544,166
Taxes
Buffalo Rochester & Pittsburgh Ry.-Favorable De$37,136,042 $34,834,428 631,276,208 $29,013,189
Total expenses
$10,159,046 511,996,606 $11.947,415 $10,176,777 cision.-The U. S. Supreme Court on Feb. 23 affirmed the
Net earnings
5.043,707 order of the I.-S. Comm. Commission directing the Penn5,770,395
5,356,176
Divs, and int. earnings_ 5,542,073
2,536 sylvania RR. to furnish switching services at Newcastle,
474,622
15,278
9.579
Miscell. earnings (net)
Total net earnings___$16,175,741 $17,782,279 $17,313,170 $15,223,020
$3.460,199 $3,494,695 $2,951,845 62,395.826
Interest
10.000.000 10,000,000 10,000.000 10,000,000
Dividends
Pa., at $2 a car, or the same rate as that given to the Bait.
& Ohio and other roads.
The Pennsylvania RR. contended that the switching service furnished
Balance, surplus
62,715,542 $4,287,584 $4,361,325 $2,827,194 to a number of Industrial plants and roads at that place had been done
at a loss and was in the nature of a reciprocal service for similar privileges
BALANCE SHEET DECEMBER 31.
granted to it by the roads at different places. The Commerce Commission
held that the position taken by the Pennsylvania RR. was arbitrary and
1014.
1914.
1913.
1913.
discriminatory, and ordered the granting of the same switching rate to the
AssetsS
I Liabilities$
$
$
Rochester & Pittsburgh. The lower Federal courts declined to
Buffalo
127,775,879
117621,002
Capital
stock_
_
_
_
Plant
125,000,000125000.000
Real estate
22,259,426 20,578,872 Bonded debt
74,018,315 75,391,015 grant an injunction restraining the execution of the Commission's order.
one of a series brought by smaller
Stocks & bonds-82,722.308 81,493,102Real est. mtges_
19.000 The case is considered important as being
Court
Bills & acets me_ -15,390,628 24,126,781MM payable
1,205,000 roads for equal switching facilities from larger roads. The Supreme
of a road
Supplies
2,354,014 3,304,2411Acc'ts payable__- 1,674,737 2,131,069 sustains the Commission in holding in effect that the terminals
can
which
it
keep
to
facilities
itself.
private
not
utilities
and
are
public
are
Prepaid expeageff_ 472,713
res've_25,505,333
554,149 Replacem't
21,854,107
82,658
91,679,Employ. ben.fund 2,000.000 2,000,000 -V. 100, p. 228.
Sinking fund
Cash, &or
2,741,778 1,987,669 Acced liabilities__ 2,396,680 1,681,812
Carolina Power & Light Co., Raleigh, &c., N. C.Miscellaneous_ ___
71,934
59,365
1914.
1913.
Annual Business (Calendar Years)- 1912.
Res. for contIng'es 4,001,108 4,000,358
7,268,150
7,756,034
6,327,891
passengers
Surplus
19,131,311 18,415,769 No. of street railway
Kilowatt hour feeder output (includ44,345,017 76,668,656 84,567,376
ing inter-company power)
Total
253,799,404 249757,495 Total
253,799,404 249757,495
81,101,700 87,908.900 101,879,400
Gas output (cubic feet)
-V. 100, p. 646.
$1,121,849 $1,284,985
Gross earnings (inter-co. chges. eliminated)
$611,396
$548,270
American Piano Company.
Net earnings, after taxes
392.548
371,968
Int. on bonds ($345,958 in 1914), &c
86,384
(Report for Fiscal Year ending Dec. 31 1914.)
79,596
Dividends on preferred stock
RESULTS FROM OPERATION.
$132,464
$96,707
Balance, surplus for year
1914.
1913.
1912.
1911.
Sales (wholesale) gross-- $2,682,000 $3,440,000 $3,287,171 $3,138,618 -V. 99, P• 1299.
Net earnings
Chicago & Milwaukee Electric RR.-Earnings.6311,227
$393,065
$392,493
6382,799
Balance.
Interest by
Other
Net (after
Total
Preferred dividends(7%) $270,102
$270,102
$270,102 Calendar
$270,102
Surplus.
Receiver.
Income.
Taxes).
Revenues.
YearDepreciation
33,000
$252,769
$62,160
6292,969
$21,960
5958.661
1914
245,665
64,430
7.395
302.700
965,619
Balance, surplus
$8,125
$122,963
$122,391
$112,697 1913
-V. 99, p. 894.
Note.-Sales as above exclude retail sales by company's own retail stores
Cincinnati Bluffton & Chicago RR.-Extension.-The
in New York, Boston and Baltimore in order to avoid duplication.
order of the Huntington Circuit Court provides for payment
BALANCE SHEET DEC. 31.
by Fred.A.Dolph,the purchaser of the property, of $100,000
1914.
1913,
1914.
1913.
at once and $125,000 each in 6 and 9 months.
Assets$
$
Real estate, plant &
Preferred stock
The receiver retains a vendors' lien until the full amount is paid. The
3,858,600 3,858,600
3 161,100 3,161,100 Court reserves power to re-enter by its receiver and retake possession upon
equipment
1,711,959 1,623,957 Common stock
1 498,000 1,493,000 default of payment of the purchase price or any installment in a summary
Pat'ts, trade-marks
Notes payable
317,498 278,445 way and without any foreclosure or other legal procedure and the amounts
and good-will... 3,780,159 3.745,503 &cols payable
3.697
4,120 paid shall be forfeited to the receiver as liquidated damages.-V.100,p.641.
Investments
132,395 135,401 Accrued wages
3,632
Cash
300,664 247,826 Res've prt eq. dep.
Cincinnati Lebanon & Northern Ry.-Application.Acc'ts & notes recle 2,293,758 2,323,170 Preferred dividend
67,525 The company has applied to the Ohio P. U. Commission for
Fin.prod.,mat.&sup.1,353.098 1,440,647 payable Jan. 1_._ 67.526
838,776 830,651 authority to issue $600,000 bonds to be used in the purchase
178,796 176,937 Surplus
Miscellaneous
9,750,829 9,693,441
Total
-V. 100. p. 544.
Total
9,750,829 9,693,441
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.-Default.-It is
announced that the interest dua Feb. 1 on the £1,027,300
Algoma Central Terminal Co. 5% bonds remains unpaid,
owing to the failure of the Algoma Central & Hudson Bay
Ry. to pay the rental due. The coupons due Dec.1 1914
on the $10,080,000 Alg. Cent. & Hud. Bay Ry. 5% bonds
were also defaulted. See V. 99, p. 1671, 1666.
Algoma Central Terminals, Ltd.-Default.See Algoma Central & Hudson Bay By. above.-V.99, p. 536.
Birmingham Ensley & Bessemer RR.-Co-Receiver.S. H. Cunningham of Boston, Chairman of the minority
bondholders' committee, announces that the Federal Court
for the Northern District of Alabama has entered a decree
appointing Augustus Benners, a Birmingham attorney, coreceiver for the road.
of the Dayton Lebanon & Cincinnati RR. & Terminal Co.
The hearing has been set for March 8.-V. 100, p. 473, 139.
Cincinnati Traction Co.-Fare Revision.-Regarding the
fare revision to be made in 1916,we recently received the
following from an authoritative source:
The Ohio P. U. Commission is nearing the completion of checking the
valuation and inventory of the property of the Cincinnati Street By. and
the Cincinnati Traction Co., which has been undertaken at the request of
the Council of the city,to be used as a basis for determining a proper rate
of fare to be put into effect when the revision of fares is to be made in 1916.
City Solicitor Walter M.Schoenle has been authorized by the City Council
to examine the books of the two companies to secure data with reference
to "the then cost of carrying passengers" as provided in the franchise.
Statement as to Proposed Rapid Transit Belt Line to be Built by city.
The Cincinnati Rapid Transit Commission appointed by Mayor Spiegel
has received the report of the City Engineer based on the investigation and
surveys made by Professor Geo. F. Swain of the Boston Rapid Transit
Commission and F. B. Edwards of New York. The Commission has
decided in favor of a line that will bring the interurbans to the centre of the
city, but is now at work making such changes in the line as will reduce its
cost without impairing its usefulness. President W. Kesley Schoepf of the
Cincinnati Traction Co. has stated to the Commission that an interurban
entrance providing also for local rapid transit operation -costing about
56.000.000 can be financed and successfully operated if favorable terms as
to rates of fare and other conditions are granted. John B. Bleekman,
Vice-President of the Cincinnati Union Depot & Terminal Co.. has stated
his belief that an eleveated road throughout would be better than a subway
in any part.-V. 98, Il• 966.
Denver & Rio Grande RR.-Western Pacific Readjustment.-The directors held a meeting late yesterday afternoon,
at which it was hoped that an agreement would finally be
reached in regard to the.lre-arrangement of the finances of the
Western Pacific Ry. It was expected that the committee
which represented the directors in their negotiations with the
bankers would confer with them and report at that time.
An announcement is proposed today. It was generally expected that in no event would the coupons due March 1
on the $49,925,000 1st M. 5% bonds be paid. The D. &
Boston & Lowell RR.-Sale of Notes.R. G. has advanced the amount not earned in order to meet
See Boston & Maine RR. below.-V. 100, p. 138.
earlier coupons.-V.99, p. 1214.
Boston & Maine RR.-Consents to Extension.-Holders the
Denver & Salt Lake RR.-Collateral Notes.-The $250,of less than $1,000,000 of the $23,000,000 notes due Mar. 2
notes recently, sold to an institution for
have, it is said, failed to agree to the extension to Sept. 2. 000 6% collateral
The company's officials hope that virtually unanimous consent to the investment are part of an authorized $300,000 dated Feb. 1
extension may be obtained. Pres. Hustls says that the accomplishment of 1915 and due Feb. 11917. Denom. $1,000 and $500. Int.
the plan requires that all who have not heretofore indicated their desire
Secured by pledge with Empire Trust Co.,trustee,
to accept either one or the other of the options should do so at once,if a re- F. & A.
ceivership on Mar.2 is to be avoided.-See V. 100, p. 641. 395.
of 1st M. bonds, taken at 50% of par. A circular shows:
The normal current vouchers not over sixty days old are about $100,000,
Note Issues by Leased Lines.-The Merchants' National
that the total requirements of the company for the discharge of current
Bank of Boston has purchased at 993-f from the Boston & so
and unfunded obligations will be about $464,000 (after funding of $163,962
$100,000 obligations of Northwestern Terminal By. guarLowell $500,000 one-year 6% notes dated Mar. 1, to retire notes),including
by the railroad and secured by the latter's 1st M. bonds.
the $500,000 4% bonds then due. Under its lease the anteed
The company has withdrawn bonds for betterments under the mortgage,
undisposed of. aggregating $959,518, and in the reorganization
B.& M. will take up the M% below the par amount needed which are allreceived
5195,000 bonds, of which approximately $50,000 have
treasury
to pay the maturing bonds. The Fitchburg RR. has also its
been disposed of In settlement of claims,and interest during the construction
notes
to
take
one-year
up
a
leaving an aggregate of $1,104,518 bonds available.
Extension,
similar
6%
issue
$1,359,000
Craig
of the
sold
of bonds due Mar. 1.-v. 100, p. 641,395.
Funding Coupons, &c.-The Denver Railway Securities
committee,in circular of Feb. 15,say in brief:
F Brooklyn Rapid Transit Co.-Extension.-The new Co.
The reorganization having been effected, the undersigned committee,
elevated extension of the Myrtle Ave. line to the Lutheran which
represented the noteholders secured by bonds, was dissolved. It has
consented, however, upon the request of the bondholders' representative
cemetery was opened for traffic at;i7 a. m. on Feb. 22.
The latter is empowered by the Court to examine into the facts as to
the promotion of the road,and if they warrant,to recommend suit against
the promoters for an accounting. The suit, it is stated, is expected to
call for a return of bonds or funds in excess of 5500,000, together with such
damages as have accrued to the road through failure of the promoters to
complete it. Foreclosure proceedings were begun Feb. 19 by the mortgage trustee at the instance of the majority committee, interest having
been defaulted on Sept. 1 1914.
The majority protective committee consists of Charles H. Zehnder,
Samuel B. Vrooman, J. D. Kirkpatrick, Frederick H. Hack and D. F.
Sherman. The minority committee, In addition to Mr. Cunningham, includes Oscar R. Dare, Boyd McDowell, J. N. H. Campbell and George T.
Wood.-V. 99, p. 1908.
FEB. 27
1915.]
THE CHRONICLE
problems
upon the directorate of the road, to give consideration to certain
with which the road is confronted.
into the property, taking
Mr. Erb and his associates put $1,000,000 cash cis.),
the only difference
bonds therefor on the same basis as yourself (85
full 5% bonds,
being that the bonds issued to Mr. Erb and associates were
for the first 3 Years.
while the interest on your bonds was graduated, at 3%
the road
arrangement
the
Under
4% for the 4th year and 5% thereafter.
for the first year, and 2%
itself was to pay but 1% on the graduated bondsyear
second
the
for
1%
and
first
the
for
2%
remaining
the second year-the
the proceeds
year being provided by a special fund of $132,000, representing
for this purpose.
of additional bonds taken by Mr. Erb and associates
have put about
Since the road was turned over to them the same interests
Mr. Erb and associates
$960,000 more into a 40-mile extension to Craig. which
they now propose
have also made certain advances of about $163.000,
Erb and his
to fund into bonds. The cash investment, therefore, by Mr.
associates. since they assumed control in 1913, as the committee is informed,
$2.250,000.
about
of
total
represents a
Erb's management
The first year's operations of the road under Mr.
511,440, after payment
(year ending June 30 1914) showed a deficit of only
of a most severe
theface
in
was
This
interest.
equipment
of all bond and
until June 1914. It is
coal strike beginning in Sept. 1913 and continuing
current fiscal year (ending
reported to us that the first six months of the
Dec. 31 1914) shows a surplus after all taxes, bond and equipment interest
year
of $149,000. The total charges for the last half of the current fiscal
apparently earned
being approximately $152,000, the road has, therefore,
year.
whole
the
for
charges
entire
its
In the first six months practically
General conditions which require no comment have made impossible the
sale of bonds to reimburse the treasury for the necessary expenditures to
put the property into its present physical condition, and the development
of its greatest earning power. This has resulted in the accumulation of a
floating debt of some $450,000. the necessity of making prompt provision
for the retirement of which seems to us apparent. raising $250,000 of the
The plan outlined by Mr. Erb provides for
the
amount necessary by the sale of two-year notes; it is proposed to raise and
to fund their May
remaining $250,000 by requesting the bondholdersthe
on
cents
75
at
latter
taking
bonds,
M.
1st
November 1915 coupons into
to $250.000,
the dollar. These two interest payments amount, roundly,
of
payment
the
to
sum
this
of
diversion
the
allow
will
same
the
funding
and
the floating debt.
bonds total 3%; the
The May and Nov. 1915 interest on your graduated
%. You
special fund above referred to is available to the amount of
in new
would, therefore, receive 3(% cash from the trust company and 1%
for
bonds at 75 cents for your May 1915 coupons and 13(% in now bondswill
you
coupons,
bond
interest
full
For
coupons.
your November 1915
receive bonds at 75. Mr. Erb informs us that his associates and himself
propose to fund their coupons upon the same basis. The individual members of the committee own or represent a large amount of bonds,the coupons
of which will be deposited, and they believe It to be to the best interest of
every bondholder to assist in carrying out the plan by promptly sending the
May 1 and Nov. 1 1915 coupons to B. W.Jones, Sec., Bankers Trust Co..
16 Wall St. Committee: Herman Waldeck [of Cont.& Comm.Nat:Bank,
Chicago], Chairman. E. F. Shanbacker, Henry H. Wehrhane and George
H. Burr. Mr. Jones is also Secy. of the committee.-V. 100. p. 555.
733
Lake Shore Electric By., Cleveland.-Stock.-
The company has filed a certificate increasing the authorized capital
stock from 87,500.000 to $8,000.000. See V. 99. p. 1910.-V.100.p.474.
Lehigh-Buffalo Terminal Railway Corp.-New Co.-
This company has been incorporated in New York State with nominal
($50,000)capital stock.to build the proposed new terminal for the Lehigh
Valley RR. at Buffalo (V. 100. p• 55. 397; V. 99. p. 467). The incorporators are all officers of the Lehigh Valley RR. The company takes the
place of the "Lehigh-Buffalo Terminal Ry. Co., Inc.". which was in
corporated on Aug. 3 1914.
Des Moines & Fort Dodge RR.-Sale Authorized.-
See Minneapolis & St. Louis RR. below.-V. 100, p. 397, 54.
Dominion Power & Transmission Co.,Ltd.-Earnings.
Bond Dividends Balance,
Mainrce
Net
Gross
Calendar
Surplus.
Earnings. Earnings. & Rents. Int., &c. Paid.
Year1914
52,395,967 $1.005,120 $101,024 5377.105 5461,392 $65,599
400,146
362,379
378.172
141,116
1,281,813
2.737,806
1913
Nesbit, Thomson & Co. of Montreal deal in the company's securities.V. 99. P. 1597.
Lehigh Valley RR.-New Terminal Company.See Lehigh-Buffalo Terminal By. Corp. above.
Decision by United States Supreme Court.The U. 8. Supreme Court on Feb. 23, reversing the decision of the U. S.
Circuit Court of Appeals on Feb. 19 last(V.98, p. 690), affirmed that of the
lower Federal Court awarding Henry E. Meeker, verdicts, aggregating
$116,000, for damages for alleged rate discrimination. The Court adopted
the Government's contention that the commercial freedom of shippers
depended upon roads being deprived of the power to refuse to deliver
or accept carload shipments from unfriendly or rival roads. It was held
that the provision of the Hepburn law declaring that the Act should not
be construed to give the use of the terminal facilities of one road to another
must be considered in connection with the provision which authorized the
Inter-State Commerce Commission to establish through routes and joint
rates for transportation.-V. 100, p. 397, 308.
Lexington & Eastern Ry.-Guaranteed Bonds Sold.See Louisville & Nashville RR. below.-V.92, p. 1701.
Louisville & Nashville RR.-Guaranteed Bonds Sold.J. P. Morgan & Co. have purchased $7,500,000 1st M. 50year 5% bonds, dated April 1 1915, covering the line built
by the Lexington & Eastern Ry., about 200 miles, into the
coal fields of the Consolidation Coal Co. in Eastern Kentucky. The existing mortgage on the property has been
satisfied. The bonds are guaranteed, principal and interest, by endorsement by the Louisville & Nashville RR.. and
are part of an authorizedlissue of $20,000,000.
Favorable Decision.-The U. S. Supreme Court on Feb. 23
affirmed the decision of the lower Federal Court holding
that officials of the company were justified in declining to
permit agents of the I. C. C. Commission to inspect its
correspondence in inquiry directed by the Senate.
The lower Federal Court held that the Commission's agents had no power
to examine the railroad company's correspondence with its counsel, as
such communications were of a privileged cracter.-V. 100, p. 229, 140.
Louisville Ry.-Earnings.-
Int. & Pref.Div. Corn. Balance,
Other
Net
Gross
Cal.
Divs. Surplus.
Year. Earnings. Earnings. Income. Taxes. (5%).
1914 _53,738.760 ----81,582,582---- $908,124 $125,000 $545,650 $3,808
1913 _ 3,226,276 81,377,757 5196.814 852.093 125,000 545,650 51,829
-V. 98, p. 832.
Manila Electric RR. & Lighting Corp.-Div. Reduced.-
A quarterly dividend of 13(% has been declared on the $5,000,000 stock,
payable April 1 to holders of record March 18. comparing with 15(% from
The reorganization plan has been declared operative, as a majority of April 1913 to Jan. 1915, both inclusive, and 13(% from Dec. 1911 to Jan.
555.
642,
the shares were deposited in assent of the plan.-V. 100. p.
On Dec. 31 1912 1% extra was also paid, making 7% disbursed
1913.
Fitchburg RR.-New Bonds-Offer of Exchange.-The during 1912.
Previous Dividend Record (Per Cent).
company is offering to the holders of its $1,359,0004% bonds 1906. 1907. 1908. 1909. 1910. 1911. 1912 to 1914. 1915.
7 yearly. Jan.,151;Apr.,134
55(
4
4
4
3
which mature Mar. 1 the right to exchange the same for -3
V. 98. p. 1993.
Fairmount Park Transportation Co.-Plan Operative.-
one-year 6% coupon notes.
Massachusetts Electric Cos.-Gold Notes Offered.Blake Bros. & Co., Hayden, Stone & Co. and Jackson &
4%,
Curtis are offering at 98 and int., to yield about 53
Gary & Interurban RR.-Bondholders' Committees.-In $3,000,000 5% gold coupon notes of $1,000 each, dated
view of the recent defaults (V. 100, p. 642), the following April 1 1915 and due April 1 1918, $3,500,000 authorized;
protective committees of bondholders with Dinner Beeber, $3,000,000 issued. A circular shows:
Secured by deposit as collateral with the Old Colony Trust Co. of a
President of the Commonwealth Trust Co., Philadelphia, as sufficient
number of shares of the stock of the Bay State Street Railway Co.
Chairman, are receiving deposits of the bonds named:
to constitute a controlling interest in said railway company. Issued to
Holders of maturing bonds are requested to communicate with George
0. Foster, Treasurer of the company, or Henry B. Day, Chairman of the
finance committee of the Boston At Maine RR.-V.100, p. 140.
For Gary & Connecting By. 1st M. bonds [5400,0001-Dimner Beeber, take up $3.100,000 coupon notes due May 1 and will then constitute the
only debt of the Massachusetts Electric Companies, excepting current bills
David Halstead and Morgan J. C. Samna.
For Gary & Interurban Ry. Ref. & First M. 5s of 1910 151.000 000]- payable.
1913.
Mass. Elec. Cos.-June 30 Years1912.
1914.
Dimner Becher, Edward McLain Waters and Edward B. Wilford.
Net income
$1,100,316 51,172,275 51,132,150
Counsel, J. Levering Jones, 705 Land Title Bldg., Philadelphia.
Int. at 5% on the authorized note issue, 53,500,000, amounts too_ $175.000
Depositary. Commonwealth Trust Co., Phila. Coupons of Jan. 1 1915 -V. 100, p. 556.
and Dec. 1 1914, respectively, are in default. If a plan is adopted, disMiddle West Utilities Co. Chicago.-New Collateral
senting depositors will be given 30 days in which to withdraw,on payment
of their share of expenses, &c., not exceeding 23(% on their bonds. See Bonde.-The 10-year 6% collateral gold bonds offered last
V. 100. p. 305. 397. 642.
week (p. 642) are described as follows:
Georgia Ry. & Electric Co., Atlanta.-Bonds.Dated Jan. 11915. Due Jan. 1 1925, but redeemable, all or part. at
Chas. C. Harrison Jr. & Co. have purchased a block of Refunding 5s, 1023( and int, on any interest date on or before April 1922. and at 1013(
and int. there•Ifter, upon 60 days' notice. Int. A. & 0. in Chicago and
due 1949.-V. 99. p. 1528.
New York. Denom. $100, $500 and $1,000 each (c*). Issue limited to
Georgia Ry. & Power Co., Atlanta.-Yearly Earnings. 75%
of the outstanding capital stock; outstanding, $500.000. The proOther
Net (after
Interest and Balance, ceeds will be used to reimburse the treasury
Gross
Calendar
for development work.
Income.
Taxes).
Rentals.
Earnings.
Surplus,
YearFurnished by President Samuel Insull, Chicago. Jan. 29 1915.
Data
$2,583,110
$166.466
52.106.272
$6,341,184
$643,304
1914
2,227,227
103,627
6,350,995
1,640,398 690.456
Capitalization as of Dec. 311914.
1913
Authorized. Outstand'g I
Authorized. Outstand'a.
-V. 100. p. 555.
Pref. atock__$12,000.000 59,969,30013-yr. notes__ _$3,500.000 $3,500,000
Ry.-Bonds.Holyoke Street
bonds__
(See below) 500.000
8.493,8001These
Cora.
12,000,000
stock-The company has applied to the P. S. Commission for authority to issue
These Bonds.-Secured and must at all times be secured by pledge with
$850,000 20-year 5% 1st M. bonds to retire $250,000 bonds which mature Illinois Trust & Savings Bank as trustee of 100% in mortgage bonds of
April 1 and 5600,000 for paying floating indebtedness. The stockholders companies owned entirely or controlled. (b) By pledge either with said
ate recent meeting created a bonded debt of 52,500.000,and the $850.000 trustee or with the trustee under one or more of the mortgages securing the
petitioned for is the initial issue.-V. 99. 11l• 816.
pledged bonds of a majority of the stock (the control) of each of the comwhose bonds are so pledged. The net earnings of each company
International Railway Co., Buffalo, &c.-Bonds Of- panies
whose bonds are thus pledged must be at least 13( times (present average
fered.-Harris, Forbes & Co. and Perry, Coffin & Burr are rate is 1.6 times)
the annual interest charge on all its mortgage indebtedness.
offering at 92 and int. $600,000 Refunding and Improve- These collateral bonds must never exceed in amount 75% of the outstanding
capital stock of the Utilities Co. The trustee must collect the interest on
ment 5% 50-yeas bonds, dated 1912 and due Nov. 1 1962, the pledged bonds, which shall at least equal the interest on the collateral
bonds and shall hold the same in a special trust therefor. The holder of
but callable at 110 and interest on any interest date.
oethese collateral bonds shall have the right to exchange them, par for
Funded debt (including aforesaid $600,000): Ref. and Impt. 5% bonds, any
par, for any other bonds which the company may in the future issue.
$11,156,000; divisional (closed) mortgage bonds. $11,662,500.
°
Taxation
company covenants that it will pay both principal and
Earnings Year ending Dec. 31 1914-Interest on above $22,818,500 Bonds. interest of.-The
these bonds without deduction for any
S., State, county.
$6,758,101 Present bond interest____ 51,146,530 municipal or
Gross receipts
other
taxes which it may be required to pay
U.or deduct by reason
2,346,9471Balance, surplus
Net (after taxes)
1,200,417 of any present or future law,
the company agreeing to pay all such taxes.
Compare V. 96, p. 62. 135; V. 97, p. 1663, 1504, 1357; V. 100, p. 474.
Ind.. Hy.,
Territory Served.-The subsidiary companies operate in
Kansas City Railway & Light Co.-To Pay March 1915 Mo., Mich., Okla., Neb. and Wis., Me.. N. H., Vt. and N. Y. Aggregate
served (estimated), about 900:00
0 .
Interest on Notes.-The committee of holders of 6% notes population
Earnings--Notwithstanding the depressed conditions that have existed
the world since Aug. 1, the earnings, both gross and net, for the
due Sept. 1 1912, John B. Dennis, Chairman, announces to thoughout
g rD
.m
co
ec
(
3plare
8v,eph
9a
191v4.h
i)n.excess of earnings for the same
n90
e r9
the holders of certificates of deposit representing such notes p8eniriga• leanstrilynea
Equity.-Based on market prices, our outstanding pref. and common
that it has arranged for the payment by the company on stocks,
which are junior to the 10-year 6% collateral gold bonds and the
March 1 1915 at the N. Y. Trust Co.26 Broad St., N. Y. 3-year collateral
gold notes, are worth about $10,000,000.-V. 100. p.642.
of interest on said notes from Sept. 1 '1914 to March 1 1915
Minneapolis & St. Louis RR.-Purchase Authorized.The stockholders on Feb. 24 authorized the purchase of the Des Moines
at rate of 7% per annum. (See adv.)-V. 100, p. 556.
&
Fort
RR. per plan V. 100. p.642. The stockholders of the latter
Kansas City Terminal Ry.-Listed.-The New York ratified Dodge
the step on Feb. 19.-Compare V. 100. P. 642, 356.
Stock Exchange has listed $3,000,000 additional 1st M.4%
Erb is quoted in
listed $33,094,000. theNo Sale Contemplated.-Pres. Newman
bonds due 1960, making the total amount
Minneapolis "Tribune":
The bonds just listed have been issued for construction, equipment,
additional improvements and real estate from Nov. 1 1913 to May 311914.
Y.99, p. 1673.
A few years ago I sold the Wisconsin Central to the "Soo," and since then
every time Mr. Pennington and I meet there are reports that I am going
THE CHRONICLE
734
to sell him another road. You can forever set at rest all reports that the
Minneapolis & St. Louis is to be sold. Neither is the Pere Marquette to be
transferred to the "Soo" or the Canadian Pacific. I came here for the
express purpose of arranging for the absorption of the Des Moines & Fort
Dodge RR. The Minn. & St. Louis is pre-eminently a Minneapolis road
and will always remain as such. We are improving the road every year.
Since we took over control we have purchased the Iowa Central, the Minnesota Dakota & Pacific, the Iowa Central Western lines, and now with the
addition of the Des Moines road we will have a system of 1,654 miles.
The slogan with us is "Let Us Develop the Minneapolis & St. Louis," and
not to sell the road.
The Minn.& St. Louis RR.is the only Western line which is now showing
an increase in earnings. All of the rest show decreases. Would we part
with a system having a record like this? A short time ago an order was
placed for 15 large locomotives. Nine of these are now in service. In a
short time we will purchase 1,000 additional cars. We must add to the
equipment in order to handle the traffic.-V.100. p. 642, 556.
[VOL. 100.
as laborers. An appeal will, it is stated, be taken to the
U. S. Supreme Court, as the principle involved is important
and affects the building of the Barge Canal, the highways,
and other public works m all parts of the State. As has been
previously stated, operations have been suspended on some
sections of the subways, owing to the raising of the question
involved. Compare V. 100, p. 142 and see article in our
editorial columns in this issue.-V.100, p. 557, 142.
St. Louis & San Francisco RR.-Interest Payments
Authorized.-Judge Sanborn in the U. S. District Court at
St. Louis has authorized the payment on March 1 of the
interest on the following underlying securities then due:
Missouri Kansas & Texas Ry.-New Officer.Kansas City Memphis & Birmingham Gen. M. 4s and Income 5s; St.
W. E. Williams, heretofore General Superintendent, was recently ap- Louis Wichita & Western 6s; Birmingham Terminal 4s; Frisco Construction
pointed General Manager, with headquarters at Parsons, Kan.-V. 100, Co. series "A" equipment notes and St. Louis & San Francisco Series "K"
p. 556. 474.
equipment notes; also the serial equipment notes of the two issues due
Missouri Oklahoma & Gulf Ry.-Receivers' Certificates March 1.-V. 100. p. 557. 399.
Atthorized.-Judge Hook in the U. S. District Court at
Kansas City on Feb. 19 authorized the receivers to issue
$1,750,000 certificates,of which $750,000 to be sold at once
and the remainder to be held pending futher order of the
Court. Compare V. 99, p. 1366.
Montgomery (Ala.) Light & Traction Co.-Bonds.Earnings.-Howard R. Taylor & Co., Baltimore, are offering
at 105 and int., to yield 5%, a block of the $350,000
Montgomery Street Ry. 1st (closed) M. 6s of 1893, due
Aug. 1923. A circular shows:
An absolute first and closed mortgage on about 30 miles of electric railway, ranking prior thereon to $1,000,000 first and refunding 5% bonds of
the Montgomery Light & Traction Co., which owns and operates the
entire system of street railways .(38 miles of track) and an electric light
and power system in Montgomery,and suburbs. For the calendar year 1914
Montgomery Light & Traction Co. reports: gross earnings. $396,695;
net (after taxes), $106,681. Interest on 1st 65, 1923. calls for $21,000.
Compare V. 95, p. 47.
Southern Pacific Co.-Suit.-The Government on
Feb. 17 filed a suit in the U.S. District Court at Los Angeles
against the Southern Pacific RR., the Union Oil Co. and the
Standard Oil Co. of California and 36 other corporations
and individuals, to recover lands in Kern County, Cal.
This is the seventh suit brought to recover oil lands said to have been
illegally patented. The land involved in the suit lies in alternate sections
on either side of the railroad right of way through Kern County, and,
according to the allegations, was fraudulently patented by the railroad
under the Act of Congress of 18661 granting to railroads the right to select
distinctly agricultural lands bordering their rights of way.
The suit covers 31,937 acres of supposed mineral land, and the value of
the property is referred to in the complaint as $100.000,000. The land in
question involves patents Nos. 31 and 127, granted Nov. 23 1903.-V. 100
p. 643, 557.
Springfield (Mo.) Ry. & Light Co. (of Maine).-New
Pref. Stock.-Bodell & Co., Providence, are offering,at par &
div., $750,000 7% cum. pref. (p.& d.) stock, redeemable, at
option of company, at 115 and div. Dividends A.&0. InMontreal Tramways & Power Co.-Collateral Notes for dustrial Trust Co., Providence, registrar and transfer agent.
New York. Feb. 10 1915.
Refunding.-Potter, Choate & Prentice have purchased Digest of Letter from Vice Pres. J. Dunhill,
Organization.-Incorporated in Nov. 1905 in Maine. Owns entire capital
$7,000,000 2-year 6% collateral trust gold notes, to be dated stocks
and obligations of the Springfield Traction Co. and the Springfield
April 1. An authoritative statement says:
Gas & Electric Co., doing the entire street railway, gas, central station
These notes are issued to refund $1,350,000 notes which came due on
Jan. 1 and which were secured by bonds of the Canadian Light & Power Co.,
and also to refund $5,000,000 6% notes coming due on April 1 next, the
additional amount of new notes being issued for various corporate purposes
of the company.
The value of the collateral under the new note issue, at a conservative
valuation, will be over 150% of the issue. The notes will be callable in
one year, April 1 1916 at the option of the company at par and interest,
on 60 days' notice, and if not so called will run for the full period of two years.
It is expected that some right of exchange will be given to holders of the
6% notes maturing on April 1, and it is understood that a large number of
their desire to take advantage of
the noteholders have already
such offer of exchange. It is probable that a public offering of the notes
will be made in the near future at a slight concession from par and interest,
although it is understood that a large portion of the notes has already
been placed privately, and that any offer of exchange to the old holders
must be limited in amount.
Collateralfor the $7,500,000 New Notes,Present Issue lobe $7,000,000.
Montreal Tramways Co., common stock, $1,600,000; debenture
$7,600,000
stock. $6,000,000
Canadian Light & Power Co. common stock, $5,900.000:
7.700,000
bonds. $1,800,000
1,250 shares
Montreal Public Service Corporation stock
It is pointed out that the new issue will not only retire the two issues of
3-year notes,$1,350.000 matured Jan.1 1915 and $5,000,000 due April 1,
but will also have a balance of ew capital for future requirements. See
p. 134 of "Electric Ry. Section."-V. 94, p. 1057, 560.
steam heating, electric light, and power business of Springfield, Mo. Total
population served, over 46,000.
Capitalization Feb. 10 1915Authorized. Outstanding.
Pref. stock, 7% cum.(x Amount now offered)
$2,000,000 x$750,000
1,600,000
Common stock
1,100.000
First lien 5s,due May 1 1926(y also $57,000 in s. f.)_ 7,000,000 y2,183,000
Pref. Stock.-(a) The pref. stock may elect a majority of the board whenand
pay
two
earn
consecutive quarterly dividends.
ever the company fails to
(b) The properties must be fully maintained before dividends are paid on
any junior stock. (c) No more pref. stock can be issued unless earnings
after interest charges are 1)4 times the dividend on the pref. stock outstanding and proposed. (d) No prior pref. stock shall be created without consent
of a majority of the pref. stock then outstanding. (e) The authorized pref.
stock shall not be increased without consent of a majority of the then
outstanding pref. (f) These provisions are subject to change only with
approval of a majority of stock of each class.
Earnings for Calendar Year 1914. with Present Preferred Dividend Charges.
$599,432!Preferred stock dividend_ _ _ $52,500
Gross earnings
$233,786[Interest charges. &c
Net (after taxes)
118,806
Balance available for depreciation and divs. on common stock- _ $62,480
Properties.-The properties. which represent a cash investment of $3,500,000, include 23 miles of street railway, exceptionally well built; 52
passenger cars; power station, capacity 3,250 k. w. (contract with Ozark
Power & Water Co. covers 2,875 k. w. additional); 74 miles of pole lines
for electric distribution, gas plant and 56 miles of gas mains. Electric light
and power department serves 3,164 consumers and on Dec. 1 1914 comprised
66,000 equivalent 16 c. p. electric lamps, 17 commercial arcs, 294 city arcs
and 3,125 h. p. motors. Gas consumers, 5,263 (see also V. 93, p. 1669).V. 99, p. 344.
New York & Harlem RR.-Temporary Injunction.Judge Gough in the U. S. District Court m this city on
Terminal RR. Association of St. Louis.-U.S. Supreme
Feb. 23 granted a temporary injunction in the suit brought Court
Affirms Mandate.-The U. S. Supreme Court on Feb.
by John Scott Boyd Jr. and others restraining the New York
23 held that the decree entered by the U.S. District Court on
Central RR. from merging the company.
Mar. 2 1914 in the suit brought by the Government is in
The minority interests contend that such a merger would be against
their interests under the terms of the lease to the New York Central, and compliance with the mandate of the Supreme Court (V. 98,
that the merger alleged to be proposed would also be in violation of the p. 764, 1768, 1994). The Government objected to some
Sherman law.
Judge Hough had previously rendered an opinion in which he stated that of the provisions of the decree.
he would grant a permanent injunction if the petitioners would agree to
drop the anti-trust law feature of the suit, but they apparently preferred to
continue their action on the original lines, and Judge Hough's order restrained the New York Central from proceeding with the merger until the
merits of the suit can be determined by the Court.-V. 100. p. 398.
New York Railways.-Arbitration.-The directors met
yesterday, but took no action on the interest on the 5%
income adjustment bonds for the 6 months ending Dec. 31,
and the matter has been referred to a board of arbitration
under the terms of the mortgage.
The stockholders' directors presented a statement of earnings to the
bondholders' directors, but the latter were not satisfied with the amount
shown available for the adjustment income bonds and expressed a desire
that the matter be settled by arbitration. The same method was adopted
for the first 6 months of 1914,the amount then decided upon by the arbitration committeebeing almost the same as that agreed upon by thestockholders' directors. The amount then paid was 1.288%. There has been talk
that it had been practically decided prior to yesterday's meeting that the
directors were to meet and declare approximately 234 % on the adjustment
income bonds for the 6 months ending Dec. 31 last, but that as the result
of an understanding reached by which the life insurance companies were to
drop the suit brought by them a few months ago, that not more than about
136% would be paid for the last half of 1914. As a condition of the compromise for the dropping of the suit of the insurance companies, the management, it was reported, would charge only about 6%% of gross revenue
for injury and damage claims as against the 8% heretofore deducted for
the purpose. Whether this is the fact and the "insurgents" have changed
their attitude is not disclosed. See V. 100. p. 141.
Petaluma & Santa Rosa Ry.-Bond Extension.The company is asking holders of $217,000 2d M.6% bonds which mature
April 1 1915 to extend the same for 2 years.-See V. 100, P. 557.
Pennsylvania RR.-Switching Decision.Soo Buffalo Rochester & Pittsburgh By. above.-V. 100, P. 557. 475.
Railways Company General, Jersey City.-Earnings.-
Net
Dividends
Exp.,
Inc.from
Calendar
Profit.
Paid.
Year- Secur.,&c. Tax.,&c. $2,628
$14,980
$8,501
$11.129
1914
2,290
20.546
28,334
30,624
1913
-V.97. p'238.
Balance,
Deficit.
$12,352
18,256
Total
Surplus.
$318,214
330,566
Rapid Transit in New York City.-Court of Appeals
Subway Work.-The
Holds that Citizens Must be Employed on
Feb. 25, reversing the A
Court of Appeals at Albany on Court
Dec. 31 last, held
pellate Division of the Supreme cases on
that
the contractors
test
two
in
1
to
6
of
vote
by a
who are building the subway are compelled to employ citizens
The only modification ordered by the Supreme Court alters the first
clause so as to permit the Terminal Association to carry on "Incidental"
transportation as to business exclusively originating and exclusively for
delivery on its own lines.
The Court declined to modify the fourth clause of the final decree relating
to the abolition of the arbitrary charge for the use of the terminal facilities
in handling traffic originating within the 100-mile zone, or to amplify the
language used in this connection in its original mandate. Chief Justice
White says that to have adopted the Government's view,that the decree
should contain a provision specifically abolishing the arbitrary "would
have caused the decree to be plainly repugnant to the provisions of the Act
to Regulate Commerce, and contrary to the exercise by the State authorities of their power over charges of the Terminal Company in so far as the
jurisdiction of such authorities may have extended." The decision was
unanimous. Justices Holmes and McReynolds did not vote.-V. 100.
p. 475, 231.
Texas-Mexican Ry.-Decision.-
The Fourth Court of Civil Appeals on Feb. 17 rendered a decision reversing the action of the District Court appointing a receiver at the instigation of the State of Texas. The higher Court declares that the receivership was not legally made because the company had not been notified of the
Court action. When the international bridge across the Rio Grande at
Laredo was closed to traffic some weeks ago, because of the Mexican revolution, the State filed suit against the company for forfeiture of charter,
claiming that its refusal to exchange cars in international traffic
a violation of the terms of its State charter.-V. 99, p. 540. constituted
Third Avenue Ry., New York.-New Directors.-
Lyon F. Strauss and Edwin M. Burghart have been elected
to
succeed F. L. Babcock and M. Furgeson, who resigned. Mr. directors
Strauss is a
large stockholder and was Chairman of the stockholders' investigating
committee, which recently issued a report on the company's affairs. Mr.
Burghart is also a large stockholder and repreents the George Ehret estate
.
_At. 100. p. 475, 310.
Utah Light & Traction Co.-Status.-
See Utah Securities Corp. below.-V. 100. p. 643.
Utah Securities Corporation, N. Y.-Acquisition.Pres. S. Z. Mitchell, N. Y., in circular of Feb. 20 says:
The electric-light and power and street
railway properties in Salt Lake
City and the electric-light and power and gas properties in Ogden. Utah.
heretofore controlled by the Oregon Short Line RR.,and now owned by the
Utah Light & Traction Co., are now controlled by your subsidiary company, the Utah Power & Light Co., through the ownership by it of all the
stock of the Utah Light & Traction Co., except directors' shares. Full
payment has been made for this property. Recent modifications in the
franchises in Salt Lake City have lbeen secured which are satisfactory both
to your operating companies and the public.
Utah Power & Light Co. also has leased, for 99 years from Jan. 1 1915,
the electric-light and power and gas properties of the aforesaid Utah Light
& Traction Co.. and therefore the earnings of your subsidiary will from
Jan. 1 1915 include income from this leased property. This acquisition
FEB. 27 1915.]
THE CHRONICLE
735
Asbestos Corporation of Canada, Ltd.-Earnings.street railway track,five hydro-electric
adds to the Utah system 145 miles ofcapacity
Total
of 18,700 h.p., anew and en- Calendar
Profits (after Bond Renewls & Special Balance,
plants with an installed generating
plant with an installed
Betternets. Res've. Surplus.
Deprec.,&c.). Int.
generating
Surplus.
Year.
electric
turbine
steam
modern
tirely
disand
transmission
of
miles
5343.236 $150,000 $85,053 $40,000 $68,183 5191.031
1914
capacity of 21.300 h.p., about 800
and
gas
customers
1,056
54.766
67,416
148,750
270,932
122,848
1913
tributing lines and 28,608 electric-light and power
-V. 99, p. 535.
customers.
Traction Co., as per books, for the
The earnings of the Utah Light &62,769,835;
&c.31,
Dec.
(after
Sheet
depre-Balance
Ill.
Peoria,
Avery Co.,
net earnings
cal. year 1914 were: Gross earnings.
1913.
1914.
1913.
charge upon all bonds now
ciation and taxes), $868,190; annual interest
is $762,LiabilitiesAssetsof the Utah Light & Traction Co.
outstanding against the property
material economies. Real est., blgs.,&c. 1,163
1,000,000 1,000.000
effect
stock
1,692,607
.73
Preferred
6,0
14
9
will
consolidation
the
that
expected
is
670. It
155,638 Common stock
2,411,300 2,359,700
155,638
Patents
on Invest.
Ditel lnstall.notes
69.000
79,800
73,001 0
In 0th. cos.
73,001
Purchase of Notes.-The Guaranty Trust Co., having
notes
gold
907,775 1,936,002
payable
6%
Cash
10-year
the
of
167,6051
-purchase
deposit $500,115 for re
Account, payable... _ 78,918 221,446
h &bills res'ts
Acc
proposals
sealed
receive
will
int.,
and
101
60,000
cc vable, &c__ _ 1,583,691 4,067,185 Res've for coll. exp._ 60,000
of 1912, at not over
30,000
Redemp. Id. pt. stk_ 50,000
1,393,033
Inventory
to sell same until 12 m.Mar.6.-V.99, p.971, 347.
454,214 382,181
80,698 Surplus
Y.- Deferred charges_ 2L,177
United Gas & Electric Corporation (of Conn). N.
Sale of Notes and Collateral Bonds.-To provide working
capital and funds for the payment at maturity of $7,500,000
the corporation
three-year 5%secured notes due April 1 1915,
3-year
has sold (a) to Drexel & Co., Philadelphia, $5,500,000 new
6% secured gold notes secured by $7,650,000 of itsbeing
30-year 6% collateral trust sinking fund gold bonds,(b) to
part of a present issue of $10,000,000 of these bonds;
Bertron, Griscom & Co. of N. Y. and Phila., and Reilly,
Brock & Co. of Phila., the remaining $2,350,000 of the 30-yr.
collateral trust6% bonds, dated April 1 1915. (see below.)
The notes are offered at 983/i and int., to yield over 63/2%
notes
and it is understood that the holders of the maturing basis.
will be offered the privilege of exchange on a desirable
5,031,208 6,069,129
5,041.208 6,063,129 Total
Total
The net profits for the year 1914 were $142,033; adding the same to the
accumulated surplus Dec. 31 1913, as above, $382,181. and deducting
$50,000 balance of organization expenses written off as authorized by directors Feb. 3 1915, and $20.000 appropriation for redemption of outstanding
pref. stock,leaves total surplus as of Dec.31 1914 $454.214.-V. 100, p.476.
Bell Telephone Co. of Canada.-New President, &c.
L. B. McFarlane, Managing Director, has been elected President to succeed C. F. Sise, who has been such for 35 years, but who has been made
Chairman of the Board. Thomas Ahearn of Ottawa and Andrew J. Dawes
of Montreal have been elected directors to succeed W. R. Driver and
H. B. Thayer, who resigned.
Earnings.-For the calendar year:
Bond
Gross
Net (after
Dividend
Calendar
Balance,
Taxes).
Earnings.
Surplus.
Interest.
(8%).
Year$9.599,026 32,212.617 5562,180 $1,440,000 $210,837
1914
503.732
2,215,258
421.736
1,289,790
8,850.449
1913
Three-Year 6% Secured Gold Notes. -V. 98, p. 1607.
Description of 25400,000 New April
Denom.
form.
1918.
1
Coupon
duo
and
1915
Coal
1
Law
-Ohio
Companies.
April
Screen
Valid.
Bituminous
Dated
1003i and int. on due notice. Interest payable
The U. S. Supreme Court on Feb. 23, In the test suit brought by the
$1,000• Callable atTrust
Co., Phila., trustee. Provision is made for the River
valid
held
Ohio
the
screen,"
Co.,
"coal
"mine
Coal
A. & 0. at Fidelity
or
Rail
run,"
&
:$500,000 July 1 1916;
payment of these notes before maturity as follows
passed Feb. 15 1914. Justice Day wrote the opinion. The complainand $500,000 Jan. 1 1918; law
$500,000 Jan. 1 1917; $500,000 July 1 1917
ants in attacking the law charged it to be unreasonable, arbitrary, impracleaving only 63.500.000 notes to retire on April 1 1918
ticable and confiscatory in addition to unlawfully delegating legislative
Thirty-Year
Corporation
&
Electric
Gas
United
$7,650,000
Secured by
to the Industrial Commission to the irreparable injury of the
1915. which, to- authority
6% collateral trust sinking fund gold bonds, dated April 1 sold
The Court denied all of these contentions, and praised the
to bankers, operators.
gether with the $2,350.000 additional thirty-year bonds
work and report of the investigating commission which made a study of conproperties
subsidiary
the
of
stocks
common
and
preferred
will be secured by
to the enactment of the law. After setting forth that the law
prior
ditions
having an aggregate par value of $32,210,030. No more than 610.000,000 has provided a system "ample for the protection of the rights of the employ6% secured ers, the Court said:
of those bonds can be issued during the life of the three-year
corporation
the
above,
as
reduced
notes. When the outstanding notes are
"The contention that this law has no reasonable or legal relation to the
has the right to withdraw at 90 and hit, a proportionate part of the bonds; object to be attained seems to us to be without foundation in view of the
such withdrawals will increase the equity back of the notes.
right of the Legislature to regulate a business of this character
recognized
ownership,
The corporation controls directly or indirectly,through stock
and to determine for itself,in the absence of arbitrary action, the measure of
street railway, electric light and power, steam heating and water com- relief necessary to effect the desired purposes. As to the alleged imserving
and
States,
different
12
panies in 20 progressive cities situated in
practicability of the law, because of the Industrial Commission determining
a total population in excess of 2,200,000. [See "El. Ry. Sec.", 13. 86 and the quantity of dirt and other impurities in any coal mined, we can find
"Chronicle", V.97, p. 726.1 The gross earnings of the operating properties no force in that objection." Compare V.99,p. 1301; V. 100,p. 231. 143.
have increased during the past six years 30%; the net earnings 40%.
Brier Hill Steel Co., Youngstown, 0.-Security for
Results or Calendar Year 1914.
Surplus earns, of subsid. companies applicable to corporation41,380,000 Bonds.-Further particulars are now at hand regarding the
Actual cash income of corporation from dividends received from
960,000 $1,800,000 1st M. 6% gold bonds offered at par in las
sub. cos. and other sources, less all expenses
Annual interest on the $5.500,000 three-year 6% notes and the
week's "Chronicle" by the First Nat. Bank of Cleveland.
471,000
to
amount
will
coll.
bds.
tr. 6%
$2,350,000 30-year
-V. 100, p. 56.
Digest of Letter from Treas. Stambaugh to the Bank January 29.
Properties.-An Ohio corporation formed by consolidation Jan. 29 1912
Wabash RR.-New President.-Edward F. Kearney, who (see
V. 94, p. 281). Owns (a) open-hearth steel plant and rolling mill and
was recently appointed co-r( colv sr with E. B. Pryor, was two modern blast furnaces at Youngstown, O.;(b)rolling mills (sheet steel)
sheet iron and steel and steel products at Niles, 0.;(c) entire cap. stock
on Tuesday elected Presideni /IA .d will, it is stated, also be andGarry
Iron & Steel Co. with plant (roofing lath and other sheet products)
President of the new company after reorganization.-V.100. of
and warehouses at Niles, 0., etc.' Sheet Metal Mfg. Co. with specialty
plant at Niles, O.; (d) 75% of caP, stock of Biwabik Mining Co. of Ohio.
p. 643, 557.
Our interest in the Biwabik mine,l'Aissabe Range, Minn., gives us between
Warren Brookfield & Spencer Street Ry.-Sale.5.000,000 and 6,000,000 tons of open-pit iron ore, practically all uncovered,
The bondholders' committee, representing 80% of the outstanding bonds of which about 50% is Bessemer and 50% basic ore; (e) half interest in the
(total out $125,000,including $18,000 in s. fd.), will receive further 'deposits Pennington Mining Co.'s mine on the Cuyuna Range in Minnesota, giving
of bonds before Mar. 8 1915 at International Trust Co., 45 Milk St., Bos- us over 1,000.000 tons high-grade non-Bessemer open-pit and milling ore,
ton, with 610 per bond in cash. Committee: Frederick S. Hall, Taunton
which has been proven up, with underlying ore, estimated at not less than
' 1,000,000 tons;(0 entire cap. stock of Brier Hill Mining Co. and Brier Hill
Mass.; Oliver E. Williams, 67 Milk St., Boston; Frank L. Palmer, Saco
Coke Co., with over 800 acres of developed thick vein coal at Brier Hill, Pa..
Me.: Philip S. Sweetser, Wellesley Hills; Frederick II. Mills Boston.
The adjourned foreclosure sale will take place on Mar. 11. Upset price in the Connellsville region, averaging 12.000 tons per acre, and operating
470 coke ovens, having a capacity of 30,000 tons of coke per month;(g) en$50,000.-V. 100. p. 557.
tire stock of Brier Hill Supply Co.
Western Pacific Ry.-Readjustment.Annual Capacity of Company's Plants.
1912.
RR.
Grande
p.
above.
99.
-V.
Rio
&
Denver
See
300,000 steel billets slabs and sheet bars.
Winnipeg Electric Ry.-Earnings.-For cal. year:
300,000 tons of pig iron and 90,000 tons of sheet-metal products.
Charges. Div.(12%). Bal.,Sr.orDf.
Net.
Gross.
[See "Iron Age" of N. Y.for April 2 1914 for description of co.'s plants.
YearBonds.-The issue of $3,000,000 bonds is authorized to provide for the
$4,101,302 $1,685,093 $690.482 $1,080,000 def.$85,389
1914
1.070,043 sur.185,462 liquidation of the floating debt and other corporate purposes. The present
570.583
1,826,088
4,078,695
1913
A. M.Nanton has been elected Vice-Pres. to succeed Sir William Whyte, $2,000,000 bonds mature $200,000 each year from Feb. 1 1917 to Feb. 1
and G. V. Hastings a director to fill the vacancy on the board.-V.100, 1926, both incl.; the remaining $1,000,000 maturing 5200,000 each year
from Feb. 1 1927 to Feb. 1 1931 remain in the treasury. Under our agreep. 142.
ment with you, we have the right, if desired, to use any part or all of the
$200,000 bonds maturing Feb. 1 1931 for the purpose of exchanging them
INDUSTRIAL, GAS AND MISCELLANEOUS.
for an equal amount of the underlying bonds below mentioned. The
5800.000 bonds maturing from Feb. 1 1927 to Feb. 11930. both incl., are
Amalgamated Copper Co.-Notes, &c.under option to you for a long time (if we decide to issue them), and if
See Anaconda Copper Mining Co. below.-V. 100, P. 311.
any of the bonds maturing Feb. 1 1931 are not used by us in exchange
you are also to have an option for the same time on those bonds.
American Milling Co., Philadelphia.-Earnings.Secured by a first mortgage on all real and personal property (subject
The net earnings for the calendar year 1914 were $113,418; deducting to the $200,000 underlying bonds), except the investments in corporate
55,158 to cover additional taxes on both real and personal property,and stocks or bonds and quick assets. The $200,000 underlying bonds consist
certain other adjustments from 1913, leaves undivided profits of $108,260. of $75.000 1st M.6s of Thomas Steel Co. maturing $25,000 June 1 1915.
-V. 99, p. 409.
Iron & Steel Co. maturing
1916 and 1917, and 5125,000 1st M.6s of Empire
We have agreed with you to purchase the $50.000 that do
American Sumatra Tobacco Co.-Preferred Dividend.- Jan. 1 1916.within
the two mortgages by Feb. 11916.
cancel
and
months
12
mature
not
A dividend of 3ti% has been declared on the $1,000 000 7% cum.
.prof.
These bonds are redeemable on any interest date at 103% and int. upon
stock for the 6 months ending Mar. 1, payable Mar.'15. Owing to ref.
the
amount is called such reimprovement in business conditions, the company on Jan 2
ticipated 60 days' notice; but if less than theof entire
the maturities, except that bonds
shall be in the reverse order
deinption
and paid the dividend of 3A 7 due Sept. 1914, the payment of wnich had
reserved to retire underlying bonds are entitled only to their proportionate
been deferred to Feb. 1.
°
Purchase.-The company has purchased the business of A. Cohn & Co. share of the redemption fund.
Payable without deduction for any tax on account of principal or interest
("sungrown tobacco".)-V. 99. 13.21834.
under any laws of the U. S. or any State or municipality therein (including
Amherst (Mass.) Power Co.-New Name, &c.Income taxes and stamp taxes upon the original issue, and excluding stamp
See Turners Falls Power & Electric Co. below.-V.97, P. 598.
taxes, if any, upon any transfer after issue and excluding succession and
taxes), the company agreeing to pay any such tax or taxes.
Anaconda Copper Mining Co.-Two-Year 5% Gold inheritance
As long as any of the bonds are outstanding the quick or liquid assets
Notes.-The National City Bank and the Guaranty Trust (good bills and accounts receivable, cash, merchandise manufactured and
process, materials and supplies, &c.) must have an aggregate net value
Co., both of New York, offered and sold on Feb. 25. in
all times equal to the total indebtedness, including bonds outstanding.
s, $16,000,000 Two-year 5% Gold (coupon) Notes of atEarnings.
-The average yearly net earnings, after deducting taxes,
at 998/
&c.for the past three years, were $562,916, according to
interest,
$1,000 each, dated March 1 1915 and due March 1 1917, our own repairs,
books, and 4479,180 according to the auditors. This difference
interest M.& S. A circular says in substance:
is due principally to the ore-depletion account. Our ore reserve actually
A direct general credit obligation of the company and its sole funded in sight is considerably greater than former estimates, and for this reason
debt. The proceeds will be used to acquire from the Amalgamated Copper we omit charging off this item for 1914. Since the consolidation Jan. 29
Co. the stock of the United Metals Selling Co. The $12,500 notes of the 1912 we have built our open-hearth steel works and rolling mill at a cost
Amalgamated Copper Co., due March 15 1915, which were originally issued of over $5,000.000. but have only had it on an operating basis since late
In 1914. Under normal trade conditions it will be our best earning unit.
maturity (V. 92, p. 727).
to acquire the above stock, will be retired at
Balance Sheet Dec. 31 1914 (As ad usted to include these Bones.
The company has announced its intention of spending five or six million
tiabilities ($18.241,520)Assets ($18,241,520)dollars this year in improvements, which explains the increase in the note
49.189,179Prof. stock. 7% cum_ __.. $4,940.2
fame. By the purchase of the United Metals Selling Co. the Anaconda Properties
3,940.387
the
controlled
Common
for
cos.-or
stock
by
of
9,107,111
conducted
Stock
the
of
all
business
hands
own
its
in
have
Co. will
831,257 First mortgage 6s
2,000.000
company, including both refining and selling. as it acquired in June 1913 Advances to do do
280.146 Employees'subscrip'ns_and Cash
smelters
refineries,
with
48,712
Co.
its
Refining
&
Smelting
International
the
734.734 Bills & accts. payable__ _ 1,24
junior to these notes Bills & accts. (less res ve)
3.
20
2
597
.8
other works. The Anaconda Co. has outstandingowned
Accruedtaxes &c
by the Amalga- Inventory (ore on docks.
fital stock, of which about 2-3 is
:
$116,537,000 ct
(repairs, &c.)__
2,997,232
Reserves
this
stock
quotations,
repremarket
117,049
$302,345)
current
on
Based
o.
Copper
mated
268.585 Profit and loss, surplus....
Prepaid insurance,
764.070
sents an equity behind the notes of almost $119,000,000.
1913.
1912.
1911.
Anaconda Income (Cal. Vears)Feb. 1 1912. $3,817.934; additions and improperty
of
cost
Original
$11,323,498
$15,856,335
58,316,062
x
dividends__
for
Net income available
1914,
31
only.. 6800,000 provements from Feb. 1 1912 to Dec.
incl.. 55,571,244; total,
Annual interest charges on these $16,000,000 notes require
389.179. less underlying bonds. $200,000; balance, $9,189,179.
p. 1912, 896.
736
THE CHRONICLE
[Vol,. 100.
Directors.-11. H. Stambaugh. Chairman; W. A. Thomas, President;
Cumberland Telephone & Telegraph Co.,Inc.-Earns.
John Tod, 1st Vice-Pres.: J. G. Butler Jr., Vice-Pres.; R. C. &ease, Vice- Cal.
Earnings.Net
Gross
Other
Interest,
Dividends
Def.,
Paid.u/3;i.loarnce
Pres. and Gen. Mgr.; John Stambaugh, Treas.; David Tod, Edward L.
o
.r
J.
E.
Secretary
Ford.
is
-V.
100, p. 644.
Ford and C. G. Thomas.
1914 $8,048,552 $1.800,735 $153,697 $1,266,230 (6)5664,809 sur.$20,393
1913 7.908,686 1,728,067
99,784 1,073.709 (7) 775,611 def. 21.469
Bridgeport (Conn.) Hydraulic Co.-Stock.-V.98, p. 1606.
The company has applied to the State Senate for authority to increase
du Pont de Nemours Powder Co.-Extra Common Diviits capital stock from 54,000.000 to 58,000,000,and to extend its lines into
dend.-An extra dividend of 1% has been declared on
the town of Huntington.-V.99, p. 1368.
the
Canada Foundries & Forgings, Ltd.-New Officer.- common stock in addition to the regular quarterly payment of
W.M.Weir of J. H. Mackay & Co., Montreal. has been chosen President 2%, which has been made since March 1913 (when the rate
to succeed John M. Gill, who is succeeded on the board by Clarence F. was reduced, owing to the disintegration plan), both
payable
Smith. After writing down inventories to existing prices and allowing for
depreciation, there remained, after bond interest and other charges, the March 15 to holders of record March 5. Compare V.98,p.618.
Common Dividend Record
of $15.464 to be carried forward to profit and loss account, against
sum
$35.220 at the end of 1913.-V. 99, D. 645.
Canadian Consolidated Rubber Co.-Addl Pref. Stock.
The directors have decided to issue 51.000,000 new preferred stock and
also $20,000 of the former amount of $2,000,000 held in the treasury. The
stockholders will vote March 8 on approving the new issue, which will be
offered to shareholders at par. If all of the stock is not taken by the shareholders, the directors have obtained a client who will purchase the remainder
at par. The proceeds of the new issue will be used to increase the equipment at the Berlin tire factory and enlarge the department for the complete
manufacture of rubber clothing, recently establlshed. These new operations have been inaugurated without new stock issues. The present issue
will provide funds for the installation of certain machinery in connection
with the reclaiming plants, which are to be re-opened immediately, and
strengthen the company's position generally. The surplus profits in 1913
after paying dividends on the preferred stock at 7% and 4% on the common stock, were $139.742. The directors in Dec. 1914 deferred payments
on the common shares, although it was stated the dividend had been earned.
Besides the outstanding preferred shares, the company has $2,804,120
common and $2,590.000 bonds outstanding.-V.99, p. 1834.
Central District Telephone Co.-Earnings.-
(Per Cent).
1904. 1905. 1906. 1907-08. 1909. 1910-12. 1913-14.
1915.
3X
6%
7
7%
12 yriy. 8 yrly. Mar.,2& I ex,
99, p. 1600.
-.V.
Eastern Brewing Co., Brooklyn, N. Y.-Committee.-
Holders of the 1st M. 20-year 6s of 1898 (about 5125,000, Kings Co. Tr.
Co.trustee) are asked to deposit their bonds, with March 1915 coupons
atta:ched and 5% cash, with committee consisting of Leo Stein, Leo
Ledasky and Albert R. Lesinsky (Walter S. Goldfrank, Sec'y, 61 Broadway,
N. Y. City). Total assessment not to exceed 10%. Depositors will be
given three weeks in which to withdraw if reorganization plan is unsatisfactory to them. A trustee in bankruptcy is in possession.
Edison Electric Illuminating Co. of Boston.-Stock.
The stockholders on Feb. 24 authorized the directors to petition the Board
of Gas and Electric Light Commissioners for permission to issue $2,048,000
additional stock to pay for additions and improvements. The meeting was
then adjourned to March 24, when the stockholders will be asked to increase the stock to the amount authorised by the Gas Commissioners. An
application was made to the latter on Feb. 24.
It is proposed to offer the new stock for subscription to stockholders
on the basis of one share for each 10 shares now held.-V. 100, p. 645.
Giant Portland Cement Co., Philadelphia.-Earnings.
Calendar
Gross
Net
Diridends. Balnce,
Interest
Period
Gross
Net
Bond
Dem- Bal., Sur.
YearEarnings. Earnings. Charges.
Surplus. Covered(7%)
Earns.
Earns.
Int. cia'n, ctc. or Def.
1914
56.673,126 $1,542,103 $482,812 51,050,000 $9.291
Year end. Dec. 31 '14-51,171.028 $153,766 $445,000 $100,816 sur.57,949
1913
6,063,324
1.262,352
910,000 101,125 8
251.227
mos. end. Dec. 31 '13.. 691,595
93.043 30.000 83,023 def.19,980
-V. 99. p. 410.
-V. 97, p. 525.
Central Leather Co.-Directors-Report.-
Walter S. Hoyt and Warren G. Horton have been elected directors to
succeed Robert E.Paine and Samuel T. Davidge. See "Annual Reports
above."
Mr. Hoyt was elected a member of the executive committee to succeed
R.E.Paine, and also 4th Vico-Pres. See "Ann. Reports."-V.99.la• 1913.
ChildsCo.(Restaurants), N. Y.-No Common Dividend.
Goodyear Tire & Rubber Co.-Quarterly Common Divs.
The company, which has been paying dividends on the common stock
yearly (12% having been disbursed on Nov. 1 1912 to 1914), annOunces that
hereafter payments will be made quarterly the first, of 3% on Mar. 1 on
the $8,000,000 common stock to holders of record Feb. 20. A stock dividend of 20% ($1,000,000) was paid about Mar. 1 1914 (V. 98, p. 389)•
Quarterly distributions of
% were made regularly on the pref. stock
to Jan. 1915, inclusive.-V. 100, p. 312, 144.
The directors on Feb. 24 took no action on the quarterly dividend on the
$44,000.000 common stock, which is usually paid in March. On Sept. 10
Great Lakes Dredge & Dock Co., Chicago, Ill.-Earns.
the distribution was reduced to 13% (the same amount being paid in Calendar
Net
DepreciaDividends
Balance,
Total
Dec. 1914), comparing with 2)% quarterly from Dec. 1910 to June 1914
lion.
Year- Earns.
(6%).
Surplus.
Surplus.
incl. In Dec. 1911 a 33 1-3% stock dividend ($1,000,000) was paid. 19
$963,192
914
3
$150,000
5294,060
$519,132
$2,178,659
Compare V. 99, p. 676. The usual quarterly dividend of 1K% has been
-5720,084
294,060
426,024
1,659,527
declared on the pref. stock, payable Mar. 10 to holders of record Mar. 2.
-v. 100, P. 478.
Dividend Record (Per Cent) of Common Stock-Calendar Years.
1902 1903-04 1905 1906 1907 1908 1909 1910 1911-13 -1914Great Shoshone & Twin Falls Water Power Co.-Sale
3 yrly 3.54 4K 5K
7)i 8K 10 yrly. 23.5.23,5.1K, LK April 14 of Collateralfor6% Collateral Trust Gold Notes
6
of 1910.
306, 232.
The Commonwealth Trust Co. of Pittsburgh. trustee for the defaulted
3-year 6% collateral trust gold notes ofAug.
gives notice that at the
Colorado Fuel & Iron Co.-Earnings.-The gross earn- request of holders of a majority of these notes,11910.
it will on April 14. at °Mee.
312 4th Ave.. Pittsburgh. offer for sale the collateral,consisting ofits
ings and the deficit after all charges compare:
$1.500.000 of the company's let M.5s of 1910. Compare V.91, p.339; V. 95. p.
-Month of January---7 Months end. Jan. 31- 238; V. 99, p. 1454. 1531.
1914.
1914-15. 1913-14.
1915.
1913.
1912-13.
Great Western Power CO.-Plan-Guaranty.$
Gross.1,403,408 1,312,827 2,169.786 9,169,282 10,293,523 14.045.698
See United Light & Power Co. betow.-V. 100, p.645.
Deficit- _
73,917 197.902sur.152,199 496,481
579.611sur,922,711
Imperial Tobacco Co.-Earnings.
Digest of Statement by Pres. W. A. Welborn Feb. 25.
Net
Oper.Exp. Deprec.et Dividends Bonus to Balance,
The direct cost of the strike has been $464,000. The indirect cost, due Oct. 31
YearProfits. de Taxes. • Reserves.
Paid. Customers. Surplus.
to loss of business in the fuel department, is estimated at from $700,000 to
$800.000, the total direct and Indirect cost being approximately $1,250,000. 1913-14-£3,533,359 £264,873 L1,150,000 £1,826,611 E109,447 f182,428
Although our mine employes were, generally speaking, satisfied with their 1912-13-- 3,354,475 221,574 1,100,000 1,826,257 103.325 103,319
working condition at the time the strike was called, it is safe to say that -V. 98, it. 1003.
they are better satisfied and morefriendly toward us to-day than ever before.
International Harvegter Co. of N. J.-Argument Apr.5.
Market conditions in the territory where Colorado coal is sold have not
The U. S. Supreme Court on Feb. 23 advanced the argument of the
been as bad or as unpromising for almost 20 years as they are to-day. Railappeal
In the Government suit, setting it down for April 5, both sides
roads, industrial companies and other large users of steam coal through the
territory served in common by Colorado and other coals are consuming a concurring.-V. 100. p. 478, 312.
smaller productive capacity than at any time since about the middle nineKansas City Stockyards Co.-Decision.ties. The result is low prices, and along with that condition a restriction
I.-S. Commerce Commission on Feb. 17 throw out the tariff filed
of our territory, due to the fact that Illinois, Iowa and other coals mined byThe
the company, effective April 8 1914, imposing a trackage charge of
east and south of us are being sold at or below cost, which, due to lower 75 cts.
a car at unloading docks in its yards and a switching charge of
wage scales and more favorable operating conditions, is lower than our pro- $2
per car on 8 of the 14 roads serving Kansas City. The Commission
ducing cost. No material improvement can in my judgment be looked for holds
that the stockyards company is not a common carrier, and says:
until a general revival in industrial and railroad operations takes place.
Commission is empowered to strike a tariff from its files if filed as
The general condition of the steel trade is well known. Our operations "The
part of a scheme by shippers to secure unlawful allowances from carriers
at the steel plant are now on the basis of about 607 of capacity. The rail under
pretense of common carriage." The Commission stated, however,
mill is producing 600 tons per day, or at the,rateof°15.000 tons per month, that the
roads may compensate defendant, but that it may not exact such
and, with orders on hand, can continue on that basis to and including May. compensation
through a published tariff. It was further held that the
The orders on which we are working were, however, in the main placed Kansas City company
is a public utility and may lawfully receive pay for
for somewhat later rolling, and as a result we are obliged to carry the rail the
question, "even though shippers of live stock Participate
services
in
accounts for from two to four months, instead of receiving payment in the in the Stockyards
Company's dividends."-V. 100. p. 233.
month following that in which shipments are made. We now have between $8800.000 and $900,000 of such accounts covering rails rolled prior
Keystone Telephone Co. Philadelphia.-Contract as
to this month that will not be paid until March. April and May.
10
The demand for merchant bars, spikes and all kinds of rail accessories to Conduits.-The Philadelphia Electric Co. on Feb.
Is low, at prices that return little or no profit. Our wire and nail orders announced in substance:
are showing some improvement, and we hope for a good spring trade with
We have agreed upon the terms of a contract with the Keystone Telephone
some increase in 'prices.
gives us the exclusive rilit to use all the duct space in the TeleThe reduction in prices during the last 18 months on steel products such Co., which
conduits which they are not using, as required from time
as we manufacture, not including heavy rails, and the changes in freight phone Company's
extension or operation of our business. The Telephone Comthe
in
time
to
differentials against our products, represent a decrease in earnings of much
to use the ducts for its own needs when needed to
right
the
retains
pany
more than $500,000 per annum.
purposes. The arrangement produces an immediate revenue
s honeCompany
Ttelletp
ergeou
In order to provide as much work as possible for our coal mine operatives t
for duct space which has been unused for a
and to maintain a reasonable balance in our operating
oh
ra
is gr31a0d0,ec100s0chfoedr uieofmi
oradwehilc
forces at the steel number of years. Provision
m ism
plant, iron mines and limestone quarries, we have kept two
blast furnaces rental
the first period
and the m
years.payments.
f
at work and accumulated 31,000 tons of pig iron
during the past six months. of
at an annual minimum of $100.000 for an
p
at our aoxitlon
This represents about three months' output of one
furnace.
additional period of 15 years. We also have the right to purchase the
No very large expenditure for equipment or improvements
at any of our conduit space in use at the end of the agreement at a price to be fixed by
properties will be necessary during this calendar
we cannot purchase these ducts, we also
and L. M. Bowers have resigned as directors.]-V.year. [George .L Gould arbitration. If for any reasonagreement
for a further period of 15 years,
100. P. 477, 143.
have the option to extend the
rental
for
this latter period of $125,000.
minimum
annual
an
at
Colorado Power Co.-Earnings for Year 1914.Additional Data Furnished by Keystone Telephone Co. February 25.
William P. Bonbright & Co. report the earnings as below:
The rental is at the rate of 4 cents per duct foot, with a minimum guarGross.
Net Income. Bond Int.
Bal., Sur. anty
of 225.000 for 1915, increasing each year $12,500 until the year 1921.
Cal. Year 1914
5746.869
5509,048
$206,275
$302,773 when the minimum guaranty reaches 3100,000, where it remains
Increase over 1913
for 21
7.8%
5.2%
years from date. At the expiration of this period the electric company
-V.97. 1)• 1206.
may, at its option, extend the terms of the lease for a further period of 15
same terms and conditions. Thereafter, if the electric comCommonwealth-Edison Co.-Report-New Directors.- years upon theexercised
its option to purchase at the expiration of either of
pany has not
Watson F. Blair and Solomon A. Smith have been elected directors to the
aforesaid, it may extend the lease 15 years to Jan. 1 1966 at
terms
two
succeed Byron L. Smith and Albert H. Sprague, deceased. See "Annual a minimum rental of $125,000 per annum. [The conduit system. it 19 said.
Reports above."-V. 98. p. 692.
cost Inwards of $4.000,000 and it has been valued, roughly, at $6.000,000.-Ed.-V. 100. D• 313.
Consolidated Gas, Electric Light & Power Co. BalKeystone Watch Case Co.-Suit Dismissed.-The U. S.
timore.-Notes Sold.-Alexander Brown & Sons of'
BaltiCourt at Cincinnati has
the suit brought
more have purchased $2,500,000 new 2-year 5% convertible DistrictDueber Watch Case Mfg. dismissed
Co. of Canton, 0., against
notes, subject to approval of the P. S. Commission of Mary- by the
damages
under
for
company
the
anti-trust law.
land, and will shortly offer them for public subscription, the
Charles M. Fogg of Philadelphia. counsel for the Dueber Co., is quoted
consented to the dismissal because a settlement had been
stockholders of the company to have first claim on the notes as saying that he
complainant.
-V. 100. p. 313. 144.
made with the
holdings.
in proportion to their stock
Lackawanna Steel Co., N. Y. and Buffalo.-New
The notes will be convertible into common stock of the company at $115
be
used
to
are
to
notes
reimburse
the
the
of
Refunding-Earnings,
proceeds
4-N.-Touching the $6,000,per share. The
Notes for
company's treasury for improvements, betterments and extensions, and to 000 6% 2-year gold notes recently sold,Pres.B.A.S. Clarke,
make provision for future requirements. The notes will probably be
in circular of Feb. 3, says in substance:
offered ate price to net investors slightly more than 6%.-1I. 100. D. 477
737
THE CHRONICLE
FEB; 27 1915.]
These notes will be dated March 1 1915 and will mature March 1
1917; interest M. & S. in N. Y. Denom. $1,000 c*. All or any part redeemable at 101% and int. at any time upon six week's notice. Under
agreement with N. Y. Trust Co., trustee, the company covenants that
until all the notes are paid it will not mortgage any of its present plants.
other
&c., or permit any pledge of any stocks, bonds or obligations ofbonds
companies owned or any mortgage thereof, except by the issue of
under the First Consolidated mortgage.
These notes are being issued to provide, in part, for the payment of $9,of these have
994,000 debenture bonds maturing March 1 1915; $3,541,000the
necessary
been purchased by the company out of current funds and
have been
$4,000,000
of
a
total
debentures
up
to
additional
to
retire
funds
appropriated. Annual interest charges will be reduced $139,700 after
this financing.
The assets in excess of prior obligations amount to over $56,000,000
based on
equal to more than nine times these $6,000,000 notes. This Isdebenture
figures of Dec. 31 1914, after allowing for the retirement of the
bonds due March 1 1915 and after deducting all securities, &c., having
prior rank to this issue of notes. From March 1 1910 (date of last financing) to Dec. 31 1914 $6,814,669 has been expended for additions to the
properties, open-hearth furnaces, merchant bar mill, &c., and 35,339,868
for reducing the funded debt, the results of which are a substantial increase
in earning capacity and a decrease in fixed charges. Of these amounts.
aggregating $12,154,537, there has been provided from surplus and from
reserves created out of income the sum of $9.634,778, and the balance came
from theiworking capital, which now stands at over $12,000,000,or sufficient
for present requirements.
Results for Cal. Years (*1914 Partly Estimated). Averages 5 & 9 Years.
5-yr. Av. 9-gr. Av.
*1914.
1913.
1912.
$
$
4,905,442 6,605,761 1,525,446 4,594,095 4,623.378
Net earnings
877,834
841,297
663,682
890,104
&c_1,010,723
chges.,
Underlying
Mountain States Telephone & Telegraph Co.-Earns.
Dividends Benefit Balance,
Cal.
Gross
Oper., Taxes,
Net
Fund. Surplus.
Year. Earnings. Maint., &c. Earnings.
(7%)•
17.000 5818,469
$2,180,568
1914_87,817,545 $4,811.508 33,006,037
816,407
1913- 7,593,150
2,847,574 2,031,167
4.745.576
-V. 99, p. 1218.
Mount Vernon-Woodberry Mills, Inc.-Notes.
"Baltimore Sun" Feb. 26 said: "The syndicate which will underwrite
the $2,500,000 of 6% 3-year notes has been closed by the Mercantile Trust
& Deposit Co. Practically all the Baltimore bond houses were invited to
participate. The public offering of the notes will be made in a few days.
-V. 100, p. 646.
Mutual Film Corp., N. Y.-U.S. Supreme Ct. Decision.-
The U. S. Supreme Court on Feb. 24, affirming the decision of the U. S.
Supreme Court of Northern Ohio, held valid Ohio statutes prescribing
State censorship over moving picture films. Compare V. 99. p. 1371. 612,
National Biscuit Co.-Report.-For years ending Jan. 31:
Jan. 31 Year1914-15
1913-14
-Ir. 98. p. 1923.
Balance,
Net
Pref. Divs. Corn. Divs.
Surplus.
Profits.
(7%).
(7%)•
$5,168,018 $1,736,315 $2,046,520 $1,385,183
737,567
2,046.520
4,520,402
1,736,315
National Bridge Co. of Canada, Ltd.-Committee.-
In view of the non-payment of Feb. 1915 coupons on the $585,000 1s1 68
due 1951, the following committee representing these bonds requests the
holders to communicate with them: J N. Greenshields. Chairman, Hon.
Robert Mackay, H. W.Beauclerk, W.I. Gear, John D.Oppe and William
Lyall. Request for deposit will be issued shortly.-V. 100. p. 479.
National Fire Proofing Co.-Earnings.-
Net,after Depre- Pref.Divs.
yearBalance,
Bal.for int. on L.S. bds.3,894,719 5,715,657 861,764 3,752.798 3,745.544 Calendar
Bond Int. ciation.
(4%).
Surplus.
Sur. or Def.
Int. on L. Steel bds_ _ _1,749.959 1,749,754 1,749,700 1,745,728 1,613,395
$260,125 3100,000 $316.020 def.$155,895 $1,121,163
1914
511,563
100,000
1,277,059
316.020 sur. 95,543
2,144.760 3,965,903 x887.936 2,007,070 2,132.149 1913
Balance
56,006 -V. 98. p. 908.
Miscellaneous
1,135,949 1,210,019 839,789 1,076,493 1,114,308
Depreciation
New York Telephone Co.-Probable Reduction of Rates.-
John L. Swayze,counsel for the company,at the final hearing on Feb.24,
in the inquiry by the legislative (Foley) committee, intimated that the
would be willing to give a 5-cent rate throughout Greater New
company
$267.201.
special
profit
of
also
had
a
the
co.
x Deficit. z In 1913
Deducting the present annual interest (31,250.000) on the 1st M. and York (except from certain outlying districts in the Bronx, Queens and
provided the committee and the P. S. Commission meets the
the 1st Consol. M. bonds from the above average earnings of $3,745,544. Richmond),
way. He stated: "We have always been ready to get toleaves $2,495,544 available for $360,000 interest on these notes. equal to company halfthe
Commission so as to avoid going to court. The only
gether with
almost seven times the amount required.
stumbling-block consists of the valuation of the company's physical propAnnual Capacity of Company's Properties.
gross tons, 1,080,000 erty. We place it at $99,925,934, while Professor Bends gives his estimate
7 Blast furnaces, pig iron
as 365.000.000." This,it is estimated, will cut off about $3,000,000 yearly
4 Bessemer converters and 20 open-hearth steel furgross tons, 1,600,000 from the gross eamings.-V. 100, p. 646.
naces, Bessemer and open-hearth ingots
Finished products (rail,structural material,sheet piling,
North American Co.-Earnings.splice bars, plates and shapes, billets, spikes, bolts
Gross
Oper.Exp., Dividends
Balance.
Total
gross tons, 1,239,000 Calendar
nuts, etc.)
Earnings.
Int
Surplus.
Year
(6%).
Surplus.
net tons,
700,000
Coke
32.156,323
$247.551
31,489.665
3419.107
32,052,475
1914
subsidiary
or
through
directly
properties,
important
In addition, owns
2,369,742
282.179
1,489,665
597.898
5.633.368
1913
companies. See V. 100, p. 478.
The total surplus Dec.31 1914 (82,052.475 as above) was, after deducting
security,
depreciation
contingent
reserve.
-V.
$4,000,000
for
99.
p. 202.
Lake Superior Corporation.-Subsidiary Defaults.Ohio Quarries Co., Cleveland.-Bonds.-Borton &
See Algoma Central & Hudson Bay Ry. under "Railroads" above.
V. 99, p. 1677.
Borton, Cleveland, are placing at par and hit. $400,000
Profit for year
1,008,811z2,755.884x1,727,725
930,577
961,835
Lehigh Navigation Electric Co.-Operation.-
See Lehigh Coal & Navigation Co. under "Annual Reports" above.
-V.99, p. 1677.
Mergenthaler Linotype Co.-No Extra Dividend.-
•
A quarterly dividend of 2%% has been declared on the $12,799,600
stock, without, however, any extra distribution as usual, payable Mar. 31
to holders of record Mar. 6.
Dividend Record (Per Cent), Showing Extra Payments.
1902-10. 1911-13. 1914.
1901.
1898-00.
1897.
1895. 1896.
81434
a15
*15
16
16%
20 yrly.
1334
10%
* 2%% Q.-M. and in Dec. 5% extra. a 2%% and 34% extra Mar.,
June and Sept.; in Dec. 234% and 3%% extra. b 234% and 34% extra
Mar.. June and Sept.; in Dec., 3% extra.-V. 100, p. 234. 58.
Midland Warehouse & Transfer Co.-Bonds.--The
First Trust & Savings Bank, Chicago, the mortgage trustee,
is offering $470,000 1st M.6% gold bonds.
1st (closed) M.6% serial gold bonds dated Jan. 1 1915.
Due annually on Jan. 1, 325.000 in 1916 and rising $1,000 yearly to
$35,000 in 1926 and 370,000 in 1927. but callable, all or part, on any interand
est date at 102 and hit. Denom. 51.000, 3500, $100 c*.
Interest (J. & J.) at Cleveland Trust Co., trustee. Sinking fund to retire
bonds, 50% of annual surplus earnings after 7% on pref. and 6% on common stock. Auth. capital stock, $1,000,000 (one-half 7% pref.); outstanding, 3250.000 pref. and $300,000 common.
Data from W. A. C. Smith, President-Gen. Mgr., Cleveland, Feb. 4.
Incorporated in Ohio in 1903. Properties on which this mortgage is a
first lien (a) 380 acres of land in Lorain County, 0, largely underlaid by
a fine quality of Amherst (Berea) sandstone, estimated as sufficient for
25 or 30 years at present rate of output;(b) Buckeye quarry at South Amherst, 0., opened to a depth of 212 ft. and producing at rate of 1.500.000
cu. ft. of salable stone per ann.; (c) mills for sawing, turning and moulding
stone, served by a steel and stone tramway, on which operate electric
cranes; (d) power plant generating electricity for operation of entire plant,
except drills and channeling machines; (e) entire $100,000 capital stocg of
Lorain & Southern RR. Co., a 4.61-mile standard-gauge road connecting
with Lake Shore& Mich.Sou. Ry.;(f)storage yard of 134 acres in Cleveland.
We produce principally grindstones, building stone, curbing, sawed sidewalk flagging, rubble stone and breakwater stone.
Earnings for Calendar Years (as shoton by Audit).
1909.
1910.
1911.
1912.
1913.
1914.
392.222
$93.317
$108,788
$91,047
$115,707
$133.889
Balance sheet of Jan. 1 1915, altered to show proceeds of this bond issue,
shows: Fixed assets, $711,662; stocks of Lorain Sr Sou. RR.Co.,$100.000;
net quick assets, $253,039 above all unfunded liabilities.
Dated Feb. 1 1915, maturing serially $20,000 each Feb. 1 from 1921 to
1939 incl. and $90.000 Feb. 1 1940, but redeemable, all or part, at 105 and
hit, on any int. date upon 60 days' notice. Interest F. & A. at office of
trustee. Denom. $1,000 and $500(c*). Auth., all outstanding, $550.000.
Data from Letter of L. Nicolson.V.-Pres. & Gen. Mgr., Chicago, Feb.4.
Issued to construct a modern four-story and basement reinforced concrete, fireproof building, equipped with sprinkler system, tracks, electrical
elevators, conveyors, plumbing, heating and wiring systems. Of the 450,000 sq. feet of rentable space, over two-thirds has already been leased for
a term of years. It is estimated that the revenue from the new building
alone, without taking into, consideration the satisfactory present earnings
from the warehouses now operating, will be twice the amount of maturing
Ontario Power Co. Niagara Falls, N. Y.-Exchange of
Interest and principal of the bond issue.
Bonds.-The stockholders will vote on March 25: .
These Bonds Have First Lien on Properties Valued at $950,000.
On approving the action of the shareholders taken at the special general
Land & present bldgs. (floor space abt. 150.000 sq. ft.). 436 St....3200,000
200,000 meeting held on Feb. 16 1915, authorizing the issuance of 5-year 6% 2d M.
Land, 15th St. and Western Ave
Proposed bldg.(floor space,450,000 sq. ft.), 15th St.& West'n Av_ 550,000 convertible gold bonds to an amount not exceeding $400.000, in exchange
Company organized in 1907 and,with capital stock of $180,000,conducts for and cancellation of the 3-year 6% convertible gold debentures dated
a general public warehouse, storage and transfer business. Has modern Nov. 2 1914, maturing Nov. 1 1917, said bonds being in addition to the
storage warehouses at 436 and Robey streets, adjoining the Union freight $1,660,000 5-year 6% 2d M.convertible gold bonds referred to in the notice
station of Chicago Junction Ry., and olperates, under long-term lease, of meeting held on Feb. 16, and authorized to be issued at said meeting,
about 80,000 sq. ft. of floor space in the Union freight station of Junction and to be similar in all respects to, and to rank equally with, and to be
entitled to the same security as,the said $1,660,000 5-year 6% 2d M. conRy. at 15th Place and Western Ave.
vertible bonds as fully set out in the mortgage or deed of trust authorized
Midwest Oil Co.-Decision.on Feb. 16. Compare V. 100, p. 479; V. 99, p. 1915.-V. 100, p. 559,479.
The U. S. Supreme Court, in a test case brought by the company (V• 99.
Osage & Oklahoma Co., Pittsburgh.-Earnings.-p. 410). on Feb. 23.sustained the validity of an executive order issued by
Gross
Gas
Oper. Bond Deprec. Deple- Divs.
former President Taft withdrawing from entry 2,871.000 acres of publicland Calendar
Bal.,
Year- Earns. Pure/i. Ext. Int.
in California and Wyoming containing valuable oil deposits before he had
lean.
Paid.
Surp.
received specific authority from Congress in Sept. 1909 to take such
$
8
$
action. Between the time of the issuance of the Executive order and the 1914
310,837 2,589 105,450 3.302 26,373 68,515 (5)75,000 29,608
subsequent Congressional enactment authorizing such action, many oil' 1913
234,146 9.191 82,002 4,331
45.249 (4)60,000 33,373
companies sought to make entry on the lands, and the Govermnent began
Operating expenses include taxes, Junk account, &c.-V.99, p. 1915.
proceedings to oust them.
Pennsylvania Water & Power Co.-Bonds.-Kissel,
The Department of Justice, in a statement, says that the action of the
Court in sustaining the petroleum withdrawal order of President Taft is Kinnicutt & Co. and Drexel & Co. are offering, at 90
and
believed to be the most important decision affecting the public domain int., to yield
over 5.70%,about $2,000,000 1st M.5% sinking
before that Court in recent years. Just prior to the issue of the order of
withdrawal, exploitation of petroleum lands had, it is stated, been very fund gold bonds of 1910, due Jan. 1 1940
active, and unusually large production threatened to exhaust the supply in
Outstanding, $10,427,000; paid and canceled by sinking fund, $58,000;
a wasteful manner. The Court sustained the Government's contention reserved
for betterments and additions to plant, $2,015.000: total authorthat from an early period in the country's history the President had been ized issue,
$12,500.000. See annual report in V. 100, p. 554.
eitercising the power to withdraw lands for various purposes, that Congress
was informed of this and acquiesced in it, and that the Government is
People's Natural Gas & Pipeage Co.-Extra Dividend.
entitled to possession of lands located and entered in disregard of the PresiAn extra dividend of 2% has been declared on the $599,700 stock, payable
dent's order, and also to recover the value of minerals taken from the lands. Mar. 4 to holders of record Mar. 2. Regular quarterly distributions of
The Department's statement says: "It is estimated that this decision will 2% were made to Jan. 1915, inclusive. In 1903 a stock dividend of 20%
affect interests in the Western States aggregating several hundreds of was paid and in April 1910 2% extra in cash -V. 94. 1.
,• 830.
millions of dollars, and will enable the Department of Justice to make
prompt disposition of analogous cases pending in Federal courts. MoreConduits.PhiladelphiaElectric
Use
Co.
-To
now
excess
of
$1,000,000
of
the
United
States
moneys
in
to
Sea Keystone Telephone Co. above.-V. 99. p. 1915.
over, the right
held by receivers pending this decision will become absolute."-V. 99,
Pilgrim Mills, Fall River, Mass.-Pref. Div. Omitted.p. 1371. 410.
The usual quarterly distribution paid on Jan. 1 on the $350,000 6% cum.
Midwest Refining Co., Denver, Colo.-Earnings.-pref. was omitted. The company was incorporated in Mass. Dec. 21 1910
DepreBalance,
Total
Gross
Net
and commenced business in full Sept. 1912. Quarterly dividends have
10 Mos.
elation.
Surplus. Surplus. been paid Jan. 1.
Earnings.
Earnings.
ending&c._, for about 2 years. Common stock authorized.
8493,760 $690,589 $738,325 $700,000;
$654,300. Pres., A. A.Jenks. New Redford, Mass.;
Dec. 31 1914____33.565,738 31.184,349
On Jan. 1 1915 an initial quarterly dividend of 1% was paid on 318,- Clerk, A. C. Homer, Fall River, Mass.; Treas., Henry F. Searles, Fall
River
000,000 stock, calling for 3180,000.-V. 99, p. 1914.
-Earnings.Milliken Bros., Incorporated.Interest
on Provision
Calendar
Year1914
-v.98, P. 390.
Gross
Profits.
$9,920
Other
Income
$20,030
Balance,
Notes,ific. for Losses. Deficit.
$77,000
$91,661
$44,611
Public Service Co. of Northern Illinois.-Earnings.-
Calendar
Gross
Net (after Bond, &c., Deprec'n Dividends Balance,
Paid.
Interest. Reserve.
Surplus.
Year.
Taxes).
Earnings.
1914 --36.656.899 33.000.214 $1,461,462 $400,000 5958,405 3180,347
1913 -__- 6.066,825 2,476,724 1.307.398
121,130 840,512 207,603
738
THE CHRONICLE
Dividends as above, $958,405 for year ending Dec. 31 1914, include
on common stock, against $45 .275
$455.285 on preferred and $503,125
for cal. year 1913. The $400,000 for depreciaand $385,237 respectively
appropriated
out of surplus earnings for the
amount
the
is
tion as above
deprec'n reserve.-V. 99. p. 613.
year to establish an amortization and
-Earnings.Pure Oil Co., Philadelphia.
1913.
1914.
1912.
1911.
Calendar Year8164,542 $1,275,481 $1,189,466 $733,307
Net (Pure Oil Co.)
1,598,604
911,155
489,136 *573,145
do (prop'n other cos.)
$1,763,146 82.186,636 $1,678,602 $1,306,452
Total net earnings
*From accumulated surpluses of properties disposed of.-V.99, p.987.
Quaker Oats Co.-Report.-For the calendar year:
Depreciation. Pref. Div.
Corn. Div. Bal., Sur.
Net.
• Year$2,367,251 $267,602 (6)$540,000 (10)3749,980 $809,669
1914
235.584 (6)540,000 (10)749,892
2,287.010
761,534
1913
-v. 99. P. 987.
Republic Stamping & Enameling Co., Canton, O.-
This company has taken over by consolidation the plant of the General
Stamping Co. and has increased its capitalization from $1,200,000 to $3,500.000. The deal embodies agreements with the allied interests of the
Berger Mfg. Co.,the United Steel Co. and the Stark Rolling Mills, by which
all sheet material used in the Republic's plant will be produced by this combination of interests.
San Joaquin Light & Power Corporation.-Plan.-The
company has filed a financial plan with the Cal. RR. Corn.
There are outstanding,it is stated, in addition to the $954,000 2-year 6%
collateral notes due Aug. 1 1915 (secured by pledge of 31,273.000 1st &
Ref. M.Series"B"5% bonds of 19101,$963,000 notes payable and $465,000
accounts payable. With a view to reducing these obligations, it is proposed
to create a new series of about $4,500,000 First & Ref. M. bonds. Series
"C. to bear interest at 6% p. a. The outstanding $2,924,000 Series "B"
bonds, with Interest at 5% p. a., would be permitted to exchange for
the Series "C" 6% bonds upon payment of a premium of $100 per bond,
thus raising $300.)00 cash. The $1,523,000 Series "B" 5% bonds in the
treasury (Including the 31,273,000 pledged to secure the 8954,000 notes
due Aug. 1 1915) would be replaced by Series "C"6% bonds. The sale of
these bonds and of an additional $136,000 would, it is believed, with the
$300,000 cash above mentioned, reduce the floating debt to $378,000, from
which it could be reduced to $200,000 in four months from earnings.
A committee of preferred shareholders consisting of Julius A. Landsberger Victor Robertson and W. N. Moore, opposed the plan. Compare V'. 100, p.479. 145.
Sears, Roebuck & Co., Chicago.-Authorized.-
The stockholders on Feb. 24 authorized an Increase in the common stock
from $40,000,000 to $60,000,000. The directors thereupon declared a
dividend of 50%. payable April 1 to common stock holders of record
Mar. 15.-V. 100, p• 479. 403.
Sheboygan (Wis.) Gas Light Co.-New Securities.This company incorporated in Wis. July 11901,recently-
[VOL. 100.
to have assented to the plan for exchanging the same for
90% in new 5% bonds. Depositary for both bonds and
notes, Anglo-California Trust Co., San Francisco.
The plan calls for the organization of a new company under the title
of Consolidated Electric Co., which, as a subsidiary of the Great Western Power Co. (see "Ry.& Ind." Section),would take overall the assets of
the United Light & Power Co., controlling (V. 94. p. 357) the United Lt.
& Power Co. of California, Consumers' Lt. & Power Co., Central Oakland
Lt. & Power Co., Southside Lt. & Power Co. and Equitable Lt.& Pow.Co.
The new company would have an authorized bond issue of $3,000,000.
bearing the guaranty of the Great Western Power Co. as to prin. and int.
The Great Western Power Co., however, would not be responsible for the
distribution of the new securities, having merely offered, it is stated, to
purchase the properties through E. W. Wilson and the Consolidated Electric Co. for $2,207,000 in the new bonds (applicable to settlement with
holders of old securities, &c.), receiving for its guaranty and performance
of contract with the Key Route all the stock of the new company and
$71,000 of bonds. The new bonds, it is understood, will issue as follows:
Proposed $3,000,000 5% 40-Year Gold Bonds of New Company.
Issuable to take up $1,618.000 United Lt.& P. Co. notes at 90%41,456 200
Issuable to retire $1,037,000 bonds United Lt. & P. Co. of California, mostly owned by Messrs. Tevis & Hanford (other than
$2,023,000 pledged to secure the notes), at rates, it is said, depending on the identity of the holders[bonds held by the general public, it is reported, will fare better than bonds held by
insiders or pledged for loans(; also possibly to take up $100,000
of the $700,000 floating debt
750,800
To be issued for bond guaranty and performance of contract with
San Francisco-Oakland Terminal Rys., $71,000, and for expenses of reorganization, $72,000, &c
150,000
To be purchased by Great Western Power Co. (a) on transfer of
properties, 5100,000; (b) 12 months thereafter, $100,000; (e)
2 years thereafter, $100,000; (d) 3 years thereafter, $100,000- 400,000
Reserved to retire at or before maturity $243,000 underlying
bonds of Consumers' Light & Power Co., and Central Oakland
Light & Power Co
243.000
The Cal. RR. Comm. has been asked to approve the plan.-V. 99. p.
1758, 758.
Universal Film Mfg. Co., N. Y.-Injunction.Owing to the granting of a temporary injunction to David Horsley, a
holder of pref. and common stock, the meetings scheduled for Feb. 8 to
authorize an increase in the capital stock from $2,000,000 (half pref.) to
$3,500,000,by raising the common stock from 81,000,000 to 82.500,000,has
been postponed. The directors will move to have the injunction sot aside.
-V. 100, 13. 480.
Utica Gas & Electric Co.-Stock Increase.A certificate has been filed increasing the capital stock from $2,000,000
to $4,500,000, as voted by the shareholders on Jan. 30. Purpose and
amount of present new issue, if any, not reported.-V.99, p. 1916.
Utah Power & Light Co.-Status.-
See Utah Securities Corp. under "Railroads" above.-V.99, 13. 677.
(a) Increased its total authorized capital stock to $750,000 in $100 shares,
Westinghouse Electric & Mfg. Co.-Purchase.-stock
common
and
$250,000
$500,000 6% cum. non-voting
consisting of
See Westinghouse Machine Co. below.-V. 100, p. 647.
wet (p.
d.) stock, callable at par on 30 days' notice. Amounts now out.
heretofore,
and
as
$50,000
common
of
the
new
pref.
$150,000
Westinghouse Machine Co.-Plan Operative.(5) Made a First Refunding mortgage covering entire property to the
The Colonial Trust Co. of Pittsburgh, as depositary, announces that
First Trust Co. of Milwaukee as trustee to secure not over $750,000 20-year
Jan.
callable
dated
1
1915,
on
60
Westinghouse
Electric & Mfg. Co. has delivered to it the capital stock
days'
bonds
notice.
Denom.
5% gold
$1,000. $500 and $100. Interest J. & J. at office of trustee. Of the new required to take up the deposited stock of the Westinghouse Machine Co.
bonds. 8250.000 are reserved to retire the $250,000 1st M. 5s, due 1931. (amounting to about 00% of the $7,510.750 outstanding), per plan in
V. 100. p. 59, 314, 404.
and $50.000 are available for improvements.
In 1914 was reported to have 37 miles of mains and 3,642 consumers
and annual sales of about 55,000,000 Cu. ft. at net prices of $120 for first
1,000 cu. ft., $1 for next 4,000 cu. ft. and 85 cts. for all over 5,000 Cu. ft.
CURRENT NOTICE.
Officers: Howard J. Lesher, Pres.; A. B. Eaton. V.-Pres.; Robert Young,
Supt. & Treas.: Geo. II. Lesher, Sec. (Office, 815 Union Trust Bldg.,
-Sun Life of Canada Reinsures Federal Life.-An important event in the
Detroit.)
Canadian Life insurance world is the virtually completed amalgamation
Shredded Wheat Co., Niagara Falls, N. Y.-Earnings. of the Federal
Life Assurance Co. of Hamilton. Ont., with the Sun Life
For year ending Dec. 31 1913 (incl. Canadian Shredded Wheat Co.):
Deprec'n Pref.
Net
. Divs. Corn. Divs.
Balance, Assurance Co. of Canada, with head office in Montreal. To the $218,Calendar
Reserve.
Profits.
Surplus. 299,000 of business which the Sun Life had in force on Dec. 31 last, will be
(6%)
(6%)
Year$43,915
$75,000
3525,000
$1,060,164
8416.249 added the business of the Federal Life, amounting to over $28,000,000,
1914
75,000
982,361
42,804
525,000
339,557 bringing the total business close
1913
to $250,000,000 and the premium income
After writing off $400,000 from good will (reducing the valuation as per
balance sheet on Dec. 31 1914 to $7,000,000). and $26,785 for experimental to over $12,427,000. Sun Life assets of $64,187,000 will be increased by
expenses, the total surplus Dec. 31 1914 was 8587,487.-V. 98, p. 693.
Federal Life assets of over $5,000,000.
Southern Bell Telephone & Telegraph Co.-Earnings. -A new handbook on "United States Bonds" has been prepared by
Other
Net
Interest, Dividends Balance, Harvey Fisk & Sons, 62 Cedar St., this city. The handbook is very
Gross
Calendar
(6%).
Surplus. complete, particularly with reference to the standing of
Year- Earnings. Earnings. Income. Rents,&c.
United States
1914__$6,598,878 81,854,118 8893,304 31.104,617 31,284,000 $358,805 bonds
under the provisions of the Federal Reserve Act. Full details of
844.890 1.284.000 379,919
1913-- 6,122,648 1.603,258 905,551
outstanding Government loans and statistics of bank note circulation are
-V. 98, p. 1698.
presented in convenient form. Financial institutions will find this handSouth Penn Oil Co.-Earningsfor Calendar Year.book a useful addition for quick reference. A copy may be had on appli1914.
1913.
1914.
1913.
Net earnings_loss$2,215,219 66,637,1021 Previous surplus$11,545,388 $13,908,286 cation to the bankers.
Stock dly.(300%)
(1,250,000(12)1500,0
7,500,000
Dividends--.10)00
"A Discussion of the Present Business and Investment Trend" is the
Balance:del $3,465,219. Sur. $5,137.102 Tot. bal. Dec.31 $8,080,169 $11,545,388 title of a timely booklet now ready for distribution by A. B. Leach & Co..
The report states that "the loss shown above resulted from a decline in 149 Broadway, this city. The booklet takes up the European war and its
the market price and the demand for crude oil," which made necessary the future effect on various classes of securities,and offers some good suggespartial cessation of active production during the latter half of the year. tions for the guidance of the investor. The bankers will mail a copy of
These conditions were brought about largely by the European war
this booklet to all inquirers.
Balance Sheet Dec. 31.
On or about May 1 the firm of Chas. D. Barney & Co. will move from
1914.
1914.
1913.
1913.
Liabilities$
Assets$
Its present location at 25 Broad St. and will occupy first floor of the Mills
*11,436,584 13,011,539 Capital stock____12,500,000 12,500,000 Bldg., 15 Broad St., the offices temporarily occupied until recently by
Property
692,985
Material& mdse__ 1,176.574 1,387,803 Acc'ts payable___ 399,640
710,000 Profit and loss__ 8,080,169 11,545.388 J. P. Morgan & Co. By removing to the new location the firm will have a
Stk. In prod. cos__ 710,000
floor area twice as large as that at present occupied.
Cash dr oil on hand 5,206,659 7,669,528
Notes,bds.&mtgs 2,260,000 1,690,000
-Herbert A. Mansfield, 10 Wall St., dealer in New York bank and trust
269,503
Acc'ts receivable_ 189,992
company stocks, has compiled and is distributing a comparative table of the
20,979,809 24,738,373 capital, surplus and deposits of these institutions in New York City. The
20,979,809 24,738,373 Total
Total
table also gives the book values, dividends and bid and asked prices.
* Includes producing plant. $8,745,028, and non-producing plant,
-Berdell & Co., 34 Pine St., this city, and Oscar R. Dare & Co., Stock
$2.691,556.-V. 100. p. 646.
Exchange Building, Philadelphia, announce that they have installed a
Turners Falls (Mass.) Co.-Consolidation.1758.
Co.
below.
-V.
99,
p.
private telephone wire between their offices. Both firms specialize in the
See Turners Falls Power & Electric
Turners Falls (Mass.)Power & Elec. Co.-Consolidation. securities of public utility corporations.
The Amherst Power Co., the distributing company (V. 97, p. 598), has
-Julius Christensen, Syracuse, is offering the remainder of a block of
changed its name to Furners Falls Pow. & Electric Co. and has applied to $8$0,000 Hagerstown & Frederick Ry. Co. 1st &
Ref. M. 6% 30-year
the Mass. Gas & Electric Light Commission for permission to absorb by
Co.,
the
generating
p.
Turners
Falls
company
(V.
99,
sinking
fund bonds at 9836 and interest, to yield about 6.10%•
the
consolidation
347, 1758). The capital stock after merger would be $2,950,000. Philip
Co.,
investment
-Howe. Norris &
securities, 52 Broadway, this city,
Cabot of Boston is President of both companies.
have issued a new circular of "Selected investment opportunities," describUnderwood Typewriter Co., N. Y.-Earnings.-public
of
ing
a
number
utility
and
short-term
notes. Copy upon request.
Depre- Pfd. Divs. Com.Divs. Balance.
Other
Net
Calendar
Income. ciation.
(7%).
(4%). Surplus.
-Low,Dixon & Co.,37 Wall St., have issued a booklet describing a numYear- Earnings. $51,210
3213.247 $322,o00 $340,000 $1,397 ber of securities "selected after a careful
$841,434
study
1914
of their intrinsic value as
213,563 339,500 340,000 985,005
74,989
1,803,079
1913
well as especially adapted to the investment needs of individuals."
og, p. 760.
&
Clothier
Montgomery.
Tyler.
Philadelphia, are offering at par and
Union Natural Gas Corporation (Pittsburgh, Pa.)- interest a block of the new International
Harvester Co. 5% gold notes.
years 1914 and 1913:
Earnings.-For calendar
Elec.
Dividends
Gas
&
on
Balance,
Int.
&
Co.,
Operating
Dorrance
-Richmond.
Providence, are offering Northern Texas
Gross
Calendar
Expenses. Bds.,&c. Purchased. (10%). Surplus. Electric Co. collateral trust 5s of 1910 at 95 and
Earnings.
Yearinterest, to yield 5.37%
$1,000,000 $951,745
1914____$5.547,140 31,875,785 $364,684 31,454,926
950,000 567,086
307,738 1.166,198
-John W.James Jr. has become identified with H.F. McConnell & Co.,
1913_--- 4,673.220 1,682,197
1914 there was deducted $745,373 for 25 Pine St., this city, as Manager of the Bond
in
above
as
surplus
Department.
From the
in 1913, leaving 8206.372 in 1914, against
depreciation, against $550,700
-R. M. Grant & Co. of New York and Chicago, dealers in municipal
347.
$16.386 in 1913.-V. 99, p.
an
office
in
Boston at 50 Congress St.
Co. (of N. J.), California.- bonds,have opened
IS United Light & Powermajority of the $1,618,000 3-year
-I.W.Bowen & Co., Boston, have issued their annual circular regarding
Deposits.-The holders of a
trust notes of 1911 (V.94, P. 357) are reported the securities of the Bellgelephone System.
6% collateral
FEB 27 1915.]
THE CHRONICLE
739
geports anti Itorantents.
THE STUDEBAKER CORPORATION
SOUTH BEND, INDIANA
FOURTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1914.
CAPITAL STOCK.
South Bend, Indiana, Feb. 25th 1915.
The outstanding capital stock of the Corporation as of
To the Stockholders:
The fourth annual report of the directors of The Stude- December 31 1914 was as follows:
Stock
$12.180,000
baker Corporation and its subsidiary companies for the year Preferred
Common Stock
27.931,600
ending December 31 1914 is hereby submitted to the stockIn
accordance with the chaster provision, there was set
holders.
in "Special Surplus Account" during the year $407,The net profits for the year, derived from the conduct aside05,
which amount was utilized in the purchase of
of our regular business, after the deduction of increased 023
depreciation allowances and the payment of interest, $470,000 par value of preferred stock, which was duly
amounted to $4,441,966 16, as against $1,772,473 65 net canceled. The total amount set aside in "Special Surplus
Account," since the formation of the Corporation, is $1,profits of 1913, which is an increase of $2,669,492 51, or 230,747
54, all of which was used in the purchase and
150.6%.
cancellation of $1,320,000 par value of preferred stock;
After the payment of the regular dividends on the preof the thereby reducing this item from $13,500,000 to $12,180,000,
ferred stock and transfer to Special Surplus Account
of as shown above.
amount required to be set aside therein, under the terms
was
11,
$3,165,893
profits,
the
PLANTS AND PROPERTY.
of
balance
the
charter,
our
as
Our plants and properties at South Bend, Detroit, Walkeradded to Surplus, and this account showed a total credit,
Special ville and at branches are in
of December 31 1914, of $5,265,819 45, and the 54.
excellent physical condition,
fully equipped and amply insured.
Surplus Account showed a balance of $1,230,747
January 18t 1911 our investment (cost) in these plants
Our net profits gave us a return of 12.8% on the out- Onand
properties was
$9 811,990 34
standing common stock, after deducting the payment of the To which,
additions and betterments have been added (less
sales and adjustments) to provide for the increased volume
7% preferred stock dividends, as against a return in 1913
business,
our
of
to
amounting
3.190,672 58
of 3.1%; but rather than use any part of the profits for
Making the total
the payment of dividends on the common stock, the direc$13,002,862 92
tors believed it the wiser policy during the year to devote Against which Depreciation has been credited amounting to 944.622 89
the profits to the payment of debts and to the increase of
Leaving the balance Dec. 31 1914
$12.058.040 03
the cash balance, which policy, being followed, resulted in
The net expenditures for plant and property during 1914
a debt reduction of ,168,978 98 and an increase of $1,- were $551,872 54 and the depreciation credits were $361,581,703 05 in the cash on hand, making a total improve- 794 01, so that only $190,078 53 was added to this account.
ment in this respect of $5,750,682 03 for the year.
In addition to the expenditures stated, there was
for
During the last few months of the year we received large repairs and renewals and charged off to operating spent
expenses
orders of an unusual nature, most of which were in process during the year $817,150 57, compared with $1,097,452
87
of completion at the close of the fiscal year, and were not spent for the same purposes in 1913.
included in the business covered by this year's report.
As stated in our report last year, large plant expendiThe total net sales for the year were again the largest tures will not be necessary for
some time, as our plants and
in the history of the business, amounting to $43,444,223 41, equipment have sufficient capacity for much greater output.
as compared with $41,464,949 82 for 1913, an increase of
WORKING CAPITAL.
4.8%. This evidence of the continuous growth and stability of the market for Studebaker products is a substanThe working capital of the Corporation December 31
tial indication of their popularity.
1914 was $14,771,150 32, an increase during the year of
In speaking of the volume of our business, it is proper to $2,892,132 31, of which $1,581,703 05 was in cash. The
mention the fact that our sales suffered considerable curtail- current liabilities were reduced $4,168,978 98 during the
ment in the last part of the year by reason of the disturbance year, including $3,950,000 00 notes payable retired.
to business generally which resulted from the outbreak of Cash
$3.539,163 58
Receivables
6.698.148 07
the European wars, the most serious effect felt by us being Inventories
13,470,564 49
the loss in trade from the Southern States due to the regret- Investments
247.654 15
709,489 36
table effect of the war depriving our Southern customers Deferred Charges to Operations
of the normal markets and pricesfor theirrecord cotton crop.
Total Quick Assets
324,665,019 65
9,893,869 33
In the automobile division the sales during the first Less Current Liabilities
nine months of the year were much greater than during the
Net Working Capital
$14,771,150 32
same period last year. Our shipments in 1914 were 36,430
FIVE PER CENT SERIAL GOLD NOTES.
cars, compared with 32,504 in 1913. At the close of the
In the spring of 1912 we issued Five Per Cent Serial
year we had made and sold over 150,000 Studebaker cars
in all civilized countries of the world. These cars are Gold Notes, dated March 1 1912, amounting to $8,000,000,
giving complete satisfaction to owners and increasing the payable $400,000 semi-annually on September 1st and
March 1st from 1912 to 1922. These notes were sold on
prestige of the name "Studebaker" all over the world.
In the vehicle division the sales, not including the com- very favorable terms, and the entire proceeds were devoted
pleted portion of the large orders referred to above, were to the reduction of floating notes payable.
Up to December 31 1914 $2,000,000 of these serial notes
7.6% below those of 1913, due wholly to the conditions
before mentioned. The business of all industries making matured and were paid off. Additionally we also puragricultural and farming equipment suffered a relapse last chased and retired in 1914 $450,000 of the early maturities,
year, and our case was not exceptional, although we were so that the total amount retired is $2,450,000 and the
able to show a fairly good profit in the vehicle division in remainder outstanding is $5,550,000.
The total of all liabilities of the Corporation December 31
spite of the adverse conditions that obtained in the trade.
In our automobile plants at Detroit and Walkerville, 1914,including these serial notes, was $9,893,869 33, against
marked improvements and progress were made by the which quick assets existed of $24,665,019 65, or 249.0%.
In addition to these quick assets, the plants and properengineering and manufacturing organization in the institution of improved methods of manufacture, which in turn ties of the Corporation, free and clear of indebtedness and
brought about gratifying reductions in the costs and in- exclusive of good-will, amounted to $12,058,040 03.
ventories. Studebaker cars are built practically free from
ACTIVE SUB-COMPANIES.
mechanical troubles of any kind and we are giving the public
The
is a list of the active subsidiary companies
following
than
workmanship
and
better car values, both in material
of the Corporation whose accounts are merged in thisreport:
ever before.
The Studebaker Corporation of America, South Bend,Ind.
In the vehicle plants at South Bend similar work is
Studebaker Harness Co., South Bend, Ind.
being carried on, with the assurance of equally satisfactory
The Studebaker Corp.of Canada,Limited,Walkerville,Ont.
results. The making of all automobile bodies, springs
Studebaker Bros. Co. Northwest, Portland, Ore.
and castings at the South Bend plants has proven a splendid
Studebaker Bros. Co. of Utah, Salt Lake City, Utah.
success, both in respect to the quality of the work and
Following this report are the profit and loss account,
the economies in cost that were rendered possible by this giving further information as to the results for the
year,
utilization of our facilities and trained organization.
and the balance sheet, showing the details of the
During the year the corporation purchased the remaining tion's financial condition as of December 31st, Corporaboth of
6% of the stock of The Studebaker Corporation of Canada, which statements are certified by our auditors, Messrs.
Limited, and now owns this company entirely. Its business Touche, Niven & Co.
last year naturally suffered on account of well-understood
The directors wish to express their appreciation of the
conditions, but the directors have every confidence in the loyal and efficient manner in which the officers and emfuture possibilities of the Canadian market and feel sure that ployees of the Corporation have approached and performed
as normal conditions are restored, business will rapidly their duties in the past, and their confidence in the organirehabilitate itself.
zation as it stands to-day.
In addition to the foregoing report, the following tables,
By order of the board of directors.
Corporation,
the
of
records
taken from the accounts and
FREDERICK S. FISH, President.
give interesting information:
THE CHRONICLE
740
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR
THE YEAR ENDING DECEMBER 31 1914.
$43,444,223 41
Net Sales
and Selling
•
Deduct: Cost of Manufacture
$37,740,281 76
and General Expenses
130,717 49
Officers' Salaries
361,794 01
Reserve for Depreciation
38,232,793 26
Net Earnings on Sales
Other Income:
Income from Investments
Discount on Preferred Stock retired and dividends thereon
prior to cancellation
Total Net Earnings
Deduct: Interest on 5% Serial Notes and
Notes Payable, less Interest received
Discount and Commission on 5%
Serial Notes-proportion written off
Extraordinary Expenses charged
off
$5,211,430 15
$63,342 74
70,622 70- 133,965 44
$5,345.395 59
$414,940 44
85,791 42
402,697 57-- 903,42943
Net2Profit:for the Year
84,441,966 16
CONSOLIDATED BALANCE SHEET DEC.31 1914.
ASSETS.
Capital Investments:
$19,807,276 64
Trade Name, Good Will, Patent Rights, etc
Real Estate, Buildings, Machinery and Equipment at
South Bend, Indiana; Detroit, Michigan; Walkervllle,
Ontario, and at Branches.
Balance at January 1st 1914
$12,450,790 38
Additions during year, less realizations
551.872 54
$13,002,662 92
Reserve for Depreciation:
$352,472 04
Year 1911-1912
Year 1913
230,356 84
Year 1914
361,794 01- 944,622 89
12,058.040 03
Total Capital Investments
Current Assets:
Investments
Inventories:
Raw Material, Work in
Progress, Finished Products and Stores at factories and branches, including expenditures on
$13,076,450 91
new models
Miscellaneous Stores of
Tools and Supplies
394.113 58
$31,865,316 67
3247,654 15
13,470,564 49
Accounts and Notes Receivable, less reserves for discounts and bad debts
6,698.148 07
Deferred Charges to Operations:
Insurance Unexpired, Interest Prepaid and Other
$382,421 45
Items
Discount and Commission
on 5% Serial Gold Notes
327,067 91- 709,489 36
Cash in banks, on hand and in transit__-- 3,539,163 58
24.665,019 65
Total Current Assets
$56,530,336 32
LIABILITIES
Capital Stock:
75' Cumulative Preferred Stock:
Authorized, 150,000 Shares of $100 each-$15,000,000 00
$13,500,000 00
Whereof Issued
Less: Retired under provision of Char1,320,000 00
ter
Outstanding
Common Stock:
Authorized and Issued
Less: In Treasury
312,180.000 00
$30,000,000 00
2,068,400 00
Outstanding
27,931,600 00
[VOL. 100.
The Tomuterciai Times.
COMMERCIAL EPITOME
Friday Night, Feb. 26 1915.
Trade in some directions is rather better. Textile industries are in good shape with liberal sales of cotton and
woolens. Europe is still taking large quantities of cotton
duck. The wool embargo has been removed. Some of the
steel plants are increasing their production. Mild weather
at the West has at times stimulated spring trade. Field
work there is being vigorously pushed and the winter-wheat
crop looks well. European buying of our wheat and oats
continues on a large scale. Wheat has declined sharply of
late, however, owing to reports that the Allied fleet was
gradually forcing its way through the Dardanelles, pointing
eventually to the opening up of immense supplies of Russian
wheat. Unemployment is gradually decreasing. Shipbuilding yards are still busy. The automobile industry is
active with large shipments,both of cars and auto trucks,to
Europe. Money has continued easy and the demand for
commercial paper exceeds the supply. Farm machinery is
selling on a larger scale. The coke industry is more active.
The enormous exports of food products, war materials and
various other manufactures are still creating a very large
balance of trade in favor of the United States. On the other
hand, exports of grain are threatened by recent developments
in the waters of Northern Europe as well as by the reported
victories of the Allies in the Dardanelles. Cotton shipments to Europe are menaced by the state of affairs in the
war zone and are also hampered by the fact that the United
States Government has for the moment stopped issuing war
risks. Stocks have felt the effects of foreign selling. Foreign
exchange has been demoralized. Collections in most parts
of the country are rather slow. In most industries sales are
noticeably, behind those of last year and the year before.
Yet, in spite of whatever discouragements may exist, the
feeling is in the main hopeful.
LARD has been in better moderate demand; prime Western 10.60e., showing a decline; refined to the Continent lie.;
South America 11.40c., Brazil 12.400. Lard futures were
weaker early in the week, owing to liquidation and bear
operations. But later they became firmer on covering of
shorts, partly by packers Hog packing in the West last
week, however, amounted to 814,000, against 481,000 in the
same week last year. To-day prices fell.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Roll- 10.30 10.45 10.17
cts.10.45
10..27
day. 10.52 10.62
10.35
10.67
10.47
May delivery
July delivery
PORK steady; mess $19 75(4$20 25, clear $21(4$23 50,
family $24(4$25 50. Beef, mess, $21(4$23; packet $23(4
$24, family $24©$26, extra India mess $36(4438. Cut
meats unchanged; pickled hams, 10 to 20 lbs., 1134(412hc.;
pickled bellies, 6 to 12 lbs., 13(413Mc. Butter, creamery
extras, 3034(431c. Cheese, State whole milk held specials,
17 ©17Yie. Eggs, fresh gathered extras, 27(42734c.
COFFEE has been quiet; No. 7 Rio 7/
5s(47%c., No. 4
Santos 93/i(49Mc., fair to good Cucuta 103.4(410%c. Coffee futures have been quiet and rather depressed, though net
changes have not been large. It was noticed that tenders
on March contracts on Wednesday of about 30,000bags were
promptly stopped by coffee and sugar interests. Much of
the business has of late been in switching from March to
distant months. Brazilian advices have latterly been some
what firmer, coincident with small receipts. Rio exchange
has of late been 12 9-16 to 12d. To-day prices declined.
Closing prices were as follows:
$40,111,600 00
Minority Stockholders' interest in capital stock of sub28,300 00
sidiary company
Five Per Cent Serial Gold Notes:
$8,000,000 00
Authorized and Issued
Less: Retired to Septem32,000,000 00
ber 1st 1914
Future Maturities an5.&9@5.60C. October_ __6.85§6.86c.
5.46c. June
ticipated
450,000 00-2,450,000 00-5,550,000 00 February-5.45 5.46c.
5.60@6.62c. November _6.90 6.91c.
July
March _-__5.45
Current Liabilities:
____6.68
6.70c. December -6.95 6.96c.
August
5.50®5.51c.
April
Notes Payable discounted at banks
$1,850,000 00
5.55@5.57c. September_6.77 6.78c.
May
Deposits from dealers on contracts for sales
owing to bad weather
time,
automobiles
284,325 00
a
stronger
for
SUGAR was
Accounts Payable-Current
1,853,159 98
in Cuba, particularly in the western provinces. SpecuSundry Reserves, including Accrued Pay
356,384 35
Roll
lators have been buying for March delivery at 3Yie. cost
one time 4.83c. and mo4,343,869 33 and freight. Centrifugal was at
Total Current Liabilities
1,230.747 54 lasses 4.06c., both 89-degrees test. In seven provinces
Special Surplus Account
Surplus:
of Cuba rains are reported. In other words, Cuban weather
$2.099,926 34
Balance at January 1st 1914
conditions have been bad. Yet, at times better weather
Profit for year 1914 per Profit and Less
4,441,966 16
Account
has been reported in Cuba and for the moment the
market there showed less snap. Receipts have increased.
Striking changes in prices, as a rule, have been absent.
There has been more or less selling against purchases of
actual sugar. Whatever March notices have been issued
were promptly stopped. Cuban receipts up to February
20th were 579,351 tons, against 794,577 tons up to FebruSurplus$869,050 00
ary 21st last year,.a decrease of 215,000 tons. The receipts
Transferred to Special
Account and applied to purof raw sugar at Atlantic ports for the week were 41,000
chase of preferred stock for
tons, against 38,403 tons in the previous week, 39,117 tons
cancellation under provision
407,023 05-1.276,073 05
in 1914 and 62,596 tons in 1913. The stock is 94,058 tons,
of Charter
102,455 tons last week and 131,202 tons in 1914.
5,265,81945 against
Balance December 31st 1914
Latterly 89-degrees test centrifugal, 4.77c.; molasses 4c.
$56,530,336 32 To-day futures declined 10 to 15 points. Granulated
5.756.
Closing prices were as follows:
1915.
-We
have
17th
examined
the regular.
February
Chicago,
3,82@3.83c. October .-96@3.9.
February-3.72 3.73c. June
3.85@3.87c, November _3 90 3.93c.
March ----3.72 3.73c. July
Books and Accounts of The Studebaker Corporation and April
3.74@3.76C. August--_3.90 3.91c. December -3.89@3.910.
Subsidiary Companies for the year ending December 31st May
3.79@3 80c. September-3.95@3.96c. January ..3.72@3.73c.
Balance Sheet, with
19141 and certify that the foregoing in
OILS.-Linseed steady; city raw, American seed, 60c.;
accordance thererelative Profit and Loss Account, areand
boiled 61c.• Calcutta 70e. Cocoanut has been steady;
correct
view
a
true
of
opinion
the
our
with and exhibit in
Cochin 15(415%e.; Ceylon 11 ©11 Mc. Olive 80 to 90c,
position of the Company at the date stated and of its opera- Castor 83i ©8%c. Palm 1134©12e. for Lagos. Cod,
ended.
tions for the year then
domestic steady at 35 ©36c. Cottonseed oil slightly lower
TOUCHE, NIVEN & CO.,
at 6.85@8e. for winter and summer white. Corn steady at
Chartered Accountants, Auditors.
36,541,892 50
Deduct: Preferred Dividends Paid:
Quarterly Dividends3221,375 00
No. 12 paid 3-1-14
221,375 00
No. 13 " 6-1-14
213,150 00
No. 14 " 9-1-14
213,150 00
No. 15 " 12-1-14
FEB. 27 1915.]
THE CHRONICLE
6.26@6.31c. Spirits of turpentine 443/2c. Common to
good strained rosin $3 40.
PETROLEUM remains steady; refined in barrels 7.75@,
8.75e.; bulk 4.2505.25c.; cases 10.25@11.25c. Naphtha,
73 to 76 degrees, in 100-gallon drums, 233/2c.; drums $8 50
extra. Gasoline, 89 degrees, 26e.; 74 to 76 degrees, 24c.;
67 to 70 degrees, 22c. Crude prices were steady and in some
cases slightly higher. Pittsburgh advices state that improvement is slow in development work in the Eastern fields
and there is little activity. Prices were as follows:
Pennsylvania dark 61 50
Second sand
1 50
Ilona
1 50
Cabell
1 10
Mercer black
1 07
New Castle
1 07
Corning
95c. Somerset.32 deg... 90c.
Wooster7
0c
SI 10 Ragland
North Liras
88e. Illinois, above 30
South Lima
degrees
83c.
. 84c.
Indiana
78c Kansas and OklaPrinceton
homa
84c.
40e.
TOBACCO has been quiet and naturally without particularly interesting features. There is no large supply of the
better grades, and these are therefore quite steady. But
manufacturers cannot be induced to buy -beyond their present needs. The assortment of sumatra here is not as a rule
attractive. Most people, therefore, are awaiting the next
inscription at Amsterdam next month. Cuban leaf is firm
and in Cuba a good deal of business has been done.
COPPER has shown little change, though possibly not
quite so firm of late. Supplies are reported to be increasing
as a result of some addition to the production. London quotations of late, however, have been weaker. Here,
Lake 14% to 143'ic., electrolytic 143 to 145
/
8c. Tin has
fluctuated violently, owing to big speculative trading in
London. At one time it was up to 39%c. here, but has latterly dropped to 373
/0., rallying to 38e. Last Tuesday
Straits tin in London broke £8from 189.£ to £181 on the spot.
Trading had to be practically suspended, owing to the enormous fluctuations. The Dutch Government has appointed
a selling agency for Banca tin in the Straits. Last Monday
the alarm over the shipping question caused a rise in London
of £10 to £11 and a sharp advance here, all being due to the
danger which shipping runs in the war zone established around
the British Isles. Also, it was feared that there might be a
scarcity of tin in this country. Latterly these fears have been
somewhat allayed, but the market has been in the main firm.
Spelter is up to 10Mc., with lead 3.85c. Iron and steel have
been only moderately active. In fact, sales of steel in some
cases have been reported somewhat smaller in contrast with
some increase in the production. Yet February,it is pointed
out, is witnessing a larger daily percentage of specifications
on contracts than did January. And this is given as the
reason for the larger productions at the steel mills. Greater
iron melting encourages furnaces and there is an increase
in the inquiry from the interior. Galvanized sheets have
advanced $3 a ton, owing to the rise in spelter. No. 2
Eastern foundry iron $13 50 to $13 75, No. 2 Southern
$9 50 to $9 75. Exports of wire products since January 1
have reached 75,000 tons.
FALL RIVER MILL DIVIDENDS.-Twenty of the
thirty-seven cotton-manufact ring corporations in Fall River
have declared dividends during the first quarter of the
year, and the total amount paid out is $94,892 less than
for the corresponding period of 1914, and $77,650 smaller
than in 1913. The aggregate of the amount distributed has
been $258,775, or an average of 0.88% on the capital. In
1914 thirty mills made distribution, and the average rate
was 1.20%. In 1913 the average rate was 1.17%; in 1912
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 0,in '00 it was 1.81%,in '99 it was 0.88%,in '98 it was
0.26%, in '97 it was 1.01% and in '96 it reached 1.99%.
First Quarter.
1915 and 1914.
Dividends 1915. Dividends 1914
Capital.
Amount.
%
American Linea Co
Ancona Mills
Arkwright Mills
Barnard Mfg. Co
Barnaby Mfg.Co
Border City Mfg. Co
Bourne Mille
Chace Mills
Conanicut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills
Granite Mills
Hargraves Mills
Ring Philip Mills
Laurel Lake Mills
Lincoln Mfg.Co
Luther Mfg. Co
mechanics' Mills
Merchants' me. Co
Narragansett Mills
Osborn Mills
Parker Mills
Pilgrim Mills
rocasset Mfg. Co
Richard Borden Mfg. Co.
Sagamore mtg. Co„
Soaconnet Mills
Shove Mills
Stafford Mills
Stevena Mfg.Co
Tecumseh Mills
Troy Cot. A Wool.Mfg.Co
Union Cotton Mfg. Co_
wampanoag Mills
Wectamoe Mills
$
800,000
300,000
450,000
495,000
350,000
1,000,000
1,000,000
1,200,000
251,670
400,000
1,250,000
500,000
1.160,000
1,000,000
800,000
1,500,000
600,000
1,250,000
525,000
750,000
1,200,000
400,000
750,000
800,000
1,050,000
1,200,000
1,000,000
1,200,000
600,000
550,000
1,000,000
700,000
750,000
300.000
1.200000
750,000
600,000
%
Inc.(+)
Or
Amount. Dec.(-)
$
$
No di vidend.
No di,vidend.
1,500
1,500 •ly4
a134 I
No dividend.
No dividend.
No dividend.
No di vidend.
No dividend.
No di vidend.
10,000
1
10.000
1
15,000
18
15,000
134
18,000
134
18,000
134
134
2,517
No dividend.
8,000
8,000
2
2
18,750
134
18,750
134
134
7,500
134
7.500
17,400
134
17,400
1h
10,000
1
No dividend.
No dividend.
No dividend.
22,500
134
i34i 22,600
9,000
134
No di vidend.
No dividend.
No dividend.
7.875
134
7,875
134
7,500
1
1
7,500
12,000
1
1
12,000
4,000
No di vidend.
1
11,250
134
1
7,500
No dividend.
No di vidend.
5,250
8134
No dividend.
18,000
No dividend.
134
3
4
40.000
30,000
24,000
2
24,000
2
6,000
No di vidend.
1
1
134
6.875
5,500
10,000
No di vidend.
1
134
134
10,500
10,500
11,250
1%
11,250
134
2
6,000
2
6,000
18,000
134
134
18,000
7,500
No di',Mend.
1
No di vidend.
138
7,500
I
Total
90 MIA a,n
noo
oro nfte
1 on
%CO
a On siOu,uou preferred stock. 0 va s4u.t1uu preterreu nure.x.
741
COTTON
Friday Night, Feb. 26 1915.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
310,457 bales, against 368,739 bales last week and 404,621
bales the previous week, making the total receipts since
Aug. 1 1914 7,808,528 bales, against 8,961,548 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 1,153,020 bales.
Sat.
Mon.
Tues.
Thurs. I
Wed.
Total.
Fri.
Galveston
19,840 10.957 30,030 16,297 21,412 15,999 114,535
Texas City
4,423 3,254 1,467 3.485 12,629
500
500
Port Arthur
247
247
Aransas Pass,&c.
New Orleans_ _
10.305 14,914 12.752 10,213 10,521 11.354 70.059
Mobile
469 5.273
929
954 1.009
657
1,255
Pensacola
228
Jacksonville, &c_
228
Savannah
6,234 7.449 51,251
9,059 9.626 10,912 7,971
Brunswick
6,000 6,000
Charleston
967 1,408 2,075 3,387 2,750 11.743
1,156
Georgetown
99
99
Wilmington _ _-1.393
415
991
984 2,387 1.735 7.905
Norfolk
1,823 3,730 2.526
2,509 2,986
1,437 15.011
N'port News,&c.
6.103 5,103
New York
427
94
847
466 1,953
119
Boston
146
507
722 2.290
10
905
Baltimore
5.628 5,628
Philadelphia
3
3
Totals this week_
45,030 42,817 63,519 45,169 50.350 63,572 310.457
The following shows the week's total receipts, the total
since Aug. 1 1914 and the stocks to-night, compared with
last year:
1914-15.
Receipts to
February 26.
1913-14.
Stock.
This Since Aug This Since Aug
Week. 1 1914. Week. 1 1913.
Galveston
114,535 3.177.935 54,681 3,056,539
Texas City
12,629 423.082 4,881 452,150
Port Arthur
31,216
500
29,625
Aransas Pass, &c.
974 138,119
247
52,097
New Orleans_ __ _ 70,059 1.268,095 38,045 1.464,475
Mobile
5,273 130,505 6,009 357.254
Pensacola
125,266
28.393
Jacksonville, &c_
209
228
28.643
28,601
Savannah
51.251 1,421.287 13,975 1,603,637
Brunswick
6.000 147,808 5,000 282,542
Charleston
11,743 317,475 2,182 401,956
Georgetown
99
1.134
Wilmington
7,905 172,254 4,238 375.670
Norfolk
15.011 401,644 6,521 465.267
N'port News,&c- 5.103 105,720 2,418
79,377
New York
---4.532
9,159
1,953
Boston
13,049
2,290
577
31,723
82,043
Baltimore
1,107
5,628
60,667
Philadelphia
14
1,404
3
1.733
TotaLc
1915
1914.
574.572
79,784
356,948
34,395
5,407
440,133
52,369
539
253,722
30.178
840
244,047
49.000
111.906
725
90,040
7,000
27,319
53,122
76.605
17,334
47.746
133.406
11.890
5,089
11,561
111,620
7,230
4.427
4.256
11nAs7 7.808.528 140.831 8.961.548 1.849.731
993.479
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1915.
1914.
1913. I
Galveston
Texas City..tc
New Orleans_
Mobile
Savannah
Brunswick...
Charieston,Ste
Wilmington_ _
Norfolk
N'port N.,&c.
All others
114,535
13,376
70,059
5,273
51,251
6.000
11,842
7.905
15,011
5,103
10.102
54.681
5,855
38.045
6,009
13,975
5,000
2.182
4.238
6,521
.418
1.907
Total this wk.
310,457
140,831
1912.
67,912
30.835
54,527
9,439
51,330
53,163
20,433
21.435
2,017
9.742
600
951!
1,5871
4.200
2,165
9971
117,320
6,926
10.507
14.837
3,214
34,160
283,687
1911.
33,197
18,349
20,241
000
7.627
1,047
650
3,295
3.755
2,538
1910.
30,066
12,671
24,527
3,053
8,258
862
487
3.308
491
2,044
91.599
85.767
Since Aug. 1- 7,808,528 8,961.548 8,417,571' 10160420 7.785,5236.152,825
The exports for the week ending this evemng reach a total
of 270,805 bales, of which 113,382 were to Great Britain,
23,758 to France and 133,665 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
$
Week ending Feb. 26 1915.
Exported toExports
from-
Great
ContiBritain France. runt.
From Aug. 1 1914 to Feb. 26 1915.
Exported to-
Great
Total. Brita n.
France.
Cecilrust.
Total.
-5,250
-18,000
-10,000
Galveston._
Texas City.
Pt. Arthur
Ar.Pass,&r
New OtPris_
Mobilo
Pensacola
Savannah...
Brunswick
Charleston
Wilm'ton
Norfolk
New York.
Boston
Baltimore..
Philadel'la_
Me_
San Fran
Pt. T'n8end
Pembina
-6.000
-1.375
-10,000
Tot. '13-'14 05,002 39,863 114.417 249,282 2,744,284 922,6285,397,391 7,064.303
-$2,617
-10.000
-9,000
-4.000
-3,750
38,608
27,451
40.898 79,506 894,949
27,451 290,886
24,518
21,741
34,303 56,044
461,242
38,841
17.272
69,540 293,118
86.283
17,790 17,79
33,701
13,119
13,119
25,178
13,151
100
111 1,400 1,611
46,902
615
615
38,355
2,110
2,110
23,311
28,105
956
738
738
2,281 2,281
23,372 10,528 35,64
194,126
967,221 2,056,296
34,522 334,408
24,918
618
618
54,888 318,908 835,038
837
39,678
8,900
4I
26,572
43,281 560,992 897.390
86.823
127,34
161,044
13,119
46,650
84,942
46,348
59,699
8.457 213,618 268,978
3,717
42.072
0,55
1,600
31,461
3,386
31,491
1,244
288
92,111
92,000
108,327 108,327
50
Total --- 113,382 23,758 133,665 270,805 2,326,507 329.32 2.527,222 5,183,049
Note.-New York execs ts since Aug. 1 include 6,276 bales Peruvian and 25 bales
West Indian to Liberpool. 60 bales Egyptian to Mexico.
-7,500
-7,500
nA7 ..-0.4. 209
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.
Other CoastGerGreat
Britain. France. many. Foreign wise.
New Orleans_ _ 38,541 33.486
Galveston __ _ _ 70,822 30,340
_ _ 8,000
Savannah
Charleston_ _ _ - 3,000
16,899
Mobile
Norfolk
New York___ _
26:6156
Other ports_
1,172 39,775
94.096
30,000
2,000
-Ma
Total.
538 113,507
7,250202,508
1,450 39,450
---- 5,000
50 17,049
27,400 27.400
4,000
4,000
23,000
43,000
Leaving
Stock.
326,626
372,064
204,597
106,906
35,320
49,205
129,406
173,693
Total 1915_. 157,262 63,826 1.272 192,866 36.688451,914 1,397,817
72,796 33.787 85,866 37,151 19,627 249.227 744,252
Total 1914
Total 1913_ _ 39,708 7,800 61.062 29,209 23.656 161,435 594,739
Srpeculation in cotton for future delivery has been moderately active and for one cause or another prices have on
the whole declined. The decline may be attributed largely
to the German war-zone order which went into effect on
Feb. 18 and to a fear that England may put cotton on the
contraband list. Various neutral ships, including some
flying the American flag, have been sunk during the past
week, said to be by mines alone, within the war zone. Naturally such occurrences have aroused considerable apprehension. The British Government has been plainly disposed
to retaliate upon Germany for the war-zone order. At one
time a rumor was in circulation that all goods destined for
German ports would be seized. The sinking of the American
steamships Evelyn and Carib, loaded with cotton destined
for Bremen, produced a profound impression in the cotton
trade. Then,too,the British Under Secretary for War intimated in the House of Commons last Monday that the
British Government might reconsider its ruling permitting
the entrance of cotton into Germany. He added that
When the decision was reached some time ago not to make
cotton contraband the British Government believed the
requirements of Germany were already satisfied. But,
he added, "this attitude must be revised from time to
time." Meantime war risks have advanced sharply.
Of late the United States Bureau has announced that
it would temporarily suspend the issuance of war risks
on hulls and cargoes. At the same time it is intimated
that it will name a horizontal advance in the
rates for such risks when business is resumed.
The Government has lost by the sinking of the Evelyn and
the Carib $659,103, although this may possibly be somewhat
reduced by salvage. Another circumstance which has contributed at times to the depression in cotton was a decline
in stocks and grain. But the fear of interruption to exports
of cotton from the placing of cotton on the list of contraband
articles by England was in reality the chief factor in the
Heavy liquidation has taken place both by Wall
decline.
Street and the West. Stop orders were encountered on the
way down. Both Liverpool and the Continent have at
times sold. New Orleans and other parts of the South have
also sent selling orders. In addition, local traders have
taken the short side, encouraged both by the disturbing news
from Europe and by some decline in spot markets. Stocks
at the South are still very large. American mills have not
been good buyers. In other words, spot markets have been
rather slow. Some decrease in the receipts at the ports of
late has been taken by some as meaning a falling off in the
export demand. If exports should be seriously interrupted,
it would result, it is believed, in an unusually large quantity
of cotton being carried over into next season. Unless the
acreage should be very sharply reduced, this could mean
nothing. less than another enormous supply for 1915-16.
Some, mdeed, estimate that the carry-over will be anywhere from 5,000,000 to 6,000,000 bales. If the crop
should be cut down to 12,000,000 bales, or, say? 4,500,000
bales, as compared with this season-which would
be an unprecedentedly large decrease for a single
be
would
season-the supply for next season
anywhere from 17,000,000 to 18,000,000 bales. But, on
the other hand, on the late decline of $3 a bale or more,
scattered long liquidation on a large scale occurred, and at
the same time a rather large short interest was created.
Exports, too, have passed the 5,000,000-bale mark,which is
more than double what was predicted in the gloomy days of
last November. If President Wilson succeedsin arranging matters so that neutral commerce shall not be menaced in the
war zone of Europe by mines, &c., there are those who
believe that the cotton exports from this country may not
fall very much below the total last year,when it was some
9,000,000 bales. As to the next acreage, it is believed that
it is bound to be cut down, partly for financial reasons, and
that it is even more certain that the use of fertilizers will be
largely reduced. Some estimates put the decrease in fertilizers at fully 33 1-3%. Farm work is said to be backward in various parts of the South. Europe has been
taking large quantities of American cotton manufactures,
and, according to estimates in some quarters, it may consume fully a million bales of American cotton for explosivesa quantity naturally far beyond what would be consumed for
such a purpose in times of peace. Latterly, Liverpool and
spot interests have been buying here, and now and then
as overcrowded
there have been rather sharp upturns in prices
prices showed pracshorts have tried to liquidate. To-day
are awaiting furtically no net change at the close. People
cotton closed at 8.35e.
ther developments in Europe. Spot
decline for the week of 20
for middling uplands, showing a
points.
upland cotton in the
The official quotation for middling
week has been:
New York market each day for the past
Sat. Mon. Tues. Wed. Thurs. Fri.
H. 8.35 8.35 8.35 8.35
8.55
Feb. 20 to Feb. 26Middling uplands
On Shipboard, Not Cleared forFeb. 26
[VOL. 100.
THE CHRONICLE
742
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 8 for each of the past 32 years have been as follows:
11.05
10.80
7.75
14.75
10.25
8.75
9.25
9.19
8.3511907_c
13.00 1906
12.60 1905
10.35 1904
14.10 1903
14.65 1902
9.65 1901
11.45 1900
1915-c
1914
1913
1912
1911
1910
1909
1908
6.50
6.31
7.31
7.88
5.56
7.62
9.25
7.06
1899_c
1898
1897
1896
1895
1894
1893
1892
1891-e
1890
1889
1888
1887
1886
1885
1884
9.00
11.31
10.19
10.56
9.56
8.81
11.50
10.81
MARKET AND SALES AT NEW YORK.
Futures.
Market
Closed.
Spot Market
Closed.
Saturday __ _ Quiet
Monday ___
Tuesday --- Quiet 20 pts dec___ _
Wednesday_ Quiet
Thursday __ Quiet
Quiet
Friday
SALES.
Spot. Contr'ct Total.
Steady
HOLIDAY
Barely steady
Very steady
Steady
Steady
Total
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday. Tuesday, Wat'day, Thursd'y, Friday.
Feb. 20. Feb. 22. Feb. 23. Feb. 24. Feb. 25 Feb. 26. Week.
March8.37-40
Range
8.38-40
Closing
AprilRange
Closing...-MayRange
8.61-.65
Closing_ _ 8.63-84
July8.78-.83
Range
Closing
8.82-.83 BOLTDAY
August8.90
Range
Closing____ 8.91-.93
Sept.Range
Closing_ _ _ _ 8.98-.00
October9.0.5-.09
Range
Closing_ .__ 9.08-.09
December9.22-.25
Range
9.24-.25
Closing_ _
JanuaryRange
--A 22- 25
rInaina
8.12-.34 8.02-.22 8.22-.30 8.22-.33 8.02-40
8.11-.12 8.22 - 8.26-.2S 8.28-.29--8.20 8.20
8.34-.61 8.26-46 8.39-.52 8.44-.55 8.26-.65
8.36-.37 8.45-.46 8.50-.51 8.50-.51--8.E5-.78 8.47-.68 8.60-.75 8.64-.77 8.47-.83
8.57-.59 8.67-.69 8.72-.73 8.71-.72--8.74-.90
8.74
8.87
8.67-.69 8.78-.80 8.83-.85 8.81-.83--.
8.79 8.79
8.75-.77 8.85-.87 8.92-.94 8.90-.92--8.84-.05 8.77-.96 8.89-.03 8.92-5)4 8.77-.09
8.85-.86 8.94-.96 9.00-.01 8.98-.99--9.00-.23 8.93-.11 9.10-.20 9.11-.20 8.93-.25
9.00-.01 9.11-.12 9.17-.18 9.15-.16--9.24-.25 0.10 ---- 9.30 - 0.10-.30
9.10-.12 9.20-.22 9.28-25 A 25- 2f1- --
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
February 26Stock at Liverpool
Stock at London
Stock at Manchester
1912.
1915.
1914.
1913.
bales.1,203.000 1,149.000 1.414,000 1,102,000
3,000
26.000
5,000
5.000
92.000
108,000 103,000 107,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,337.000 1,257,000 1,526,000 1,197,000
8,000
13,000
*28,000
14,000
*272,000 567,000 505.000 526,000
215,000 417.000 449,000 340,000
2,000
3,000
2,000
5,000
17,000
32.000
34,000
31,000
32,000
36,000
44,000
424,000
2,000
10,000
25,000
*3,000
981,000 1,100,000 1,047,000 928,000
Total European stocks
2.318.000 2.357,000 2,573,000 2,125,000
83,000
India cotton afloat for Europe
145,000 198.000 102.000
Amer. cotton afloat for Europe 1,142,567 535.608 370.004 904,257
53,000
55.000
58.000
Egypt, Brazil,&c..afloat for Eur'pe 73,000
293,000 347,000 290,000 274,000
Stock in Alexandria, Egypt
566,000 856,000 712.000 589,000
Stock In Bombay, India
1,849,731 993,479 756.174 1.348,169
Stock in U.S. ports
1,128.518 800,715 706,377 595,089
Stock in U. S. interior towns
62,266
24,750
41,688
32,481
U. S. exports to-day
7,548,297 6,187.490 5.589.305 6.033,781
Total visible supply
Of the above, totals of American and other descriptions are as followsi
Americanbales_ 904.000 908,000 1.249,000 993,000
Livorooi stock
65,000
72,000
70,000
,
Manctester stock
*881,000 1.049.000 1,014,000 902,000
Continental stock
142,567
904,257
1
535,608
370.004
Europe
for
American afloat
1,549,731 993,479 756,174 1,348,169
U. S. port stocks
1,128,518 800,715 706,377 595,089
U. S. Interior stocks
32,481
62,266
41,688
24.750
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, &c
Total American
6,016,297 4,393,490 4,192.305 4.874,781
299,000
26.000
30,000
*100,000
145,000
73.000
293,000
566.000
241.000 165,000 109,000
:1.000
-5,q00
5,000
22,000
38,000-- -., 35.000
51,000 Nig_ 26,000
83,000
198,000 10 , 0
53,000
55,00
58,000
347,000 290,000
856,000 712.000 589,000
1,532,000 1.794.000 1,397,000 1,159,000
6,016,297 4.393,490 4,192.305 4,874,781
7,548.,297 6.187.490 5,589,305 6,033.781
Total visible supply
5.9Id.
4.97d•
7.804.
6.894.
Middling Upland, Llverpooi
10.404.
13.05c.
12.70c.
Middling Upland New York...... 8.35c.
7.301.
9.65d. I0.35d.
Egypt, Good Brown, Liverpool
9.10d •
9.00d. 10.00d.
Peruvian, Rough Good, Liverpool 8.90d.
5imd.
6%cl.
4.80d.
1311d.
Broach, Fine, Livenpool
64d. 5 11-16d
Tinnevelly, Good, Liverpool_._ 4.72d. 6 5-16d.
* Estimated.
Continental imports for past week have been 228,000 bales.
The above figures for 1915 show an increase over last week
of 180,600 bales, a gain of 1,360,807 bales over 1914,an excess
of 1,958,992 bales over 1913 and a gain of 1,514,016 bales over
1912.
.
743
THE CHRONICLE
VEB. 2'7' 1915.]
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is,
of middling
the receipts for the week and since Aug. 1, the shipments for MARKETS.-Below are the closing quotations markets
for
the week and the stocks to-night, and the same items for the cotton at Southern and other principal cotton
corresponding period of the previous year-is set out in each day of the week.
detail below.
Colton on
Movement to February 26 1915. 1 Movement to February 27 1914.
Towns.
Receipts.
Week. Season.
Ala.,Eufaula__
97
23,285
Montgomery.. 2,803 183,565
Selma
1.726 119,366
Ark. Helena
1,135
58,198
Little Rock_ 4,221 178,750
Ga.,Albany-.
161
31,142
Athens
2,945 105,324
Atlanta
3,236 157.986
Augusta
6.203 392,472
Columbus_ _ -.568 92,483
Macon
124
36,217
Rome
1,175
56,337
La.,Stu eveport 2,083 137,233
Miss.,00lumbus
574
28,709
Greenville
714
69,441
Greenwood_.._ 1,677 121,956
Meridian _ _ _. 1,025
38,668
Natchez
20,074
225
Vicksburg_ _ _ _
484
35,768
Yazoo City_ _
575 38,779
Mc.,St. Louis_ 21,547 456,505
N.C., Raleigh_
342
8,032
0., Cincinnati_ 9,937 194,516
Okla., Hugo _
95
10,352
S.C., Greenw'd
18,983
996
Tenn Memphis 29,284 849,170
4,486
Nashville _ _ _
36
*Pm, Brenham
432
16,036
43,525
Clarksville - - _ 2,216
Dallas
1,108 109,074
Honey (irove.
385
23,850
Houston
92,0942,848,274
3,493 109,354
Paris
Week ending
Febuary 26.
Closing Quotations for Middling
Saturday. Monday., Tuesday. Wed'day. Thuray. Friday.
Ship- Stocks
Receipts.
Ship- Stocks 1
menu. Feb.
meats. Feb. ,
27.
Week. Season. Week.
Week.
26.
Galveston
8.45
New Orleans..__ 7.88
Mobile
7.75
Savannah
83i
2,134 Charleston
8
23,014 Wilmington
8
13,605 Norfolk
7.88
16,762 Baltimore
gM .
57.723 Philadelphia
8.80
2,908 Augusta
8
21.657 Memphis
7.88
14,956 St. Louts
734
74,674 Houston
8.40
17,928 Little Rock_ _
7.75
1,497
•
5,773
I
88
21.730
41
146 10,523
353 149,899 2,007
4,027 75,145
1,040 121,440 1,932
2,497 36,851
63,256
925
812
1,118 16,759
7,952 54,439 2,997 166,919 4,139
28,411
107
8
667 14,742
825
375 107,084
2,147 25,679
1,558 18,183 1.717 203,452 2,033
11.211 141,964 3,599 339,654 5,36
74,987 2.325
065
2,123 47.732
83 44,053
432
1,631 14,308
3
53,460
370
1,014 9,269
3,713 60,157 1,391 175,545 2.652 36,972
34,782
565 3,803
248
1,708 8.139
83,070 2,749 1,983
1,943 18,893 1,134
3,178 22,723 1,035 135,502 2,720 27,409
29,739
408 7,563
362
582 19,373
19,475
150 5,500
201
325 9,3 i t
775 7,775
32,169
229
1,288 12,803
39,841 1,956 10,494
196
959 13,500
21,302 37,605 17,997 417,909 17,290 33,232
125
413
12,797
164
217
375
9,508 14,383 6,322 169.146 6,779 24,748
37,536
200
800
101
94 , 1
13,364
- __ 1.218
1,844 8.274-- _
24,151 228,558 18,955 952,929 35,267174.982
0.929
517
518
148
211
988
22,656
396 1,615
163
380 1,219
48,486
250 3.300
1,377 3,339
50
92,425 3,378 5,523
1,725 5,133 1,516
32.352350 2,000
150
705 1.480
99,709 192,371 37,8952,652,59240,733 174,886
4,025 4,468
600 105,453 1,100 5,500
HOLIDAY.
8.30
7.75
8
7.60
8.30
7.75
8
7.60
9:,12
1:12
8
7.60
8
7.63
7X
734
7%
7.14
8
7.75
7.4
75
8
774
7
7
8
7x
55
8.
40
7.75
7.76
8.60
7.75
7.88
8.25
7.65
8.25
7.55
-.33.4-
8.60
7%
7.76
7%
8.25
7.65
7X
7X
8.60
7.75
7.88
734
8.25
7.55
WEATHER REPORTS BY TELEGRAPH.-Our reports
by telegraph from the South this evening denote that rain
has been quite general during the week, but the precipitation
has been light in the main. From Texas we are advised that
some acreage that was to be devoted to wheat will now go to
cotton or other crops, owing to delay in planting occasioned
by incessant rainfall.
Galveston, Tex.-Receipts of cotton at Galveston and other
Texas ports have declined rapidly in the last fortnight.
Local consignments are now at a minimum. Freight rates
show an evident weakness, both first-class and tramp now
being quoted the same, with a tendency to take less on bids.
A good deal of acreage that!was to be devoted to wheat,
will, owing to delay,in planting caused by incessant rainfall,
er...,...1 z•z .......,.,,ov "IIIR are et,el n 11201104S112 inn GIK A 107 ZIO VIQ 42RSIAll 71K now go to cotton and other crops. We have had rain on one
day during the week, the precipitation reaching thirty-six
of an inch. The thermometer has ranged from
OVERLAND MOVEMENT FOR THE WEEK AND hundredths
58.
SINCE AUG. 1.-We give below a statement showing the 46 to 70, averaging
Abilene, Tex.-It has rained lightly on one day of the week,
overland movement for the week and since Aug. 1, as made
being twelve hundredths of an inch. Averup from telfgrphie reports Friday night. The results for the the precipitation
age thermometer 49, highest 68 and lowest 30.
week and since Aug. 1 in the last two years are as follows:
Dallas, Tex.-We have had rain on two days the past
--1913-14-------1914-15---week, the rainfall being twenty-eight hundredths of an inch.
Since
February 26Since
Week. Aug.!. Minimum thermometer 38.
Shipped-Week. Aug. 1.
Via St. Louis
17,290 396,922
21,302 441,628
Palestine, Tex.-There has been rain (showers) on one day
Via Cairo
10,023 302,187
7,416 216,726
Via Rock Island
5,290 the past week,the rainfall reaching six hundredths of an inch.
2,513
207
Via Louisvile
3,014
89,460 The thermometer has averaged 55, ranging from 40 to 70.
3,912 118,768
Via Cincinnati
97,883
71.411
2,994
1,175
San Antonio, Tex.-We have had rain on one day of the
Via Virginia points
1,326 124,292
6,973 103,554
Via other routes, &c
7,942 310,621 week, the rainfall reaching sixteen hundredths of an inch.
6,541 241,981
Total gross overland
42,796 1,326,655 The thermometer has ranged from 42 to 70, averaging 56.
47,319 1,196,581
Deduct shipmentsTaylor, Tex.-We have had light rain on two days the past
Overland to N. Y., Boston, &c 9,874 103,282
1,698 101,028
MiniBetween interior towns
2,419
94,930 week,the rainfall being twenty hundredths of an inch.
6.983 120,265
Inland, &c., from South
2.382
82,671
2,598
80,754 mum thermometer 38.
New Orleans, La.-There has been rain on one day during
Total to be deducted
19.239 306,218
6,715 276,712
the week to the extent of ninety-eight hundredths of an inch.
Leaving total net overland *
28,080 890,363
36,081 1,049,943 The thermometer has averaged 58.
* Including movement by rail to Canada.
Shreveport, La.-There has been rain on four days during
The foregoing shows the week's net overland movement the week, to the extent of one inch and nine hundredths.
has been 28,080 bales, against 36,081 bales for the week last The thermometer has ranged from 42 to 74.
year, and that for the season to date the aggregate net overVicksburg, Miss.-Rain has fallen to the extent of one inch
and thirty-two hundredths, on three days during the week.
land exhibits a decrease from a year ago of 159,580 bales.
I914-15----- -----1913-14----- Maximum temperature 68. minimum 40 and average 52.
/n Sight and Spinners'
Since
Since
Mobile, Ala.-We have had rain on three days during the
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at pOrtS to Feb. 26
310.457 • 7,808,528 140,831 8,961,548 week, the precipitation being one inch and forty-seven hun28,080
890,363 36,081 1,049,943 dredths. The thermometer has averaged 55, the highest
Net overland to Feb. 26
Southern consumption to Feb. 26 60,000 1,770.000 60,000 1,806,000 being 62 and the lowest 41.
Selma, Ala.-We have had rain on three days of the week,
398,537 10,468,891 236,912 11,817,491
Total marketed
657,247 the rainfall reaching ninety-five hundredths of an inch. The
Interior stocks in excess
*21,466 1,008.379 *37,918
thermometer has averaged 49, ranging from 33 to 69.
198,994
Came into sight during week_ _377,071
12,474.738
11,447,270
Total in sight Feb. 26
Madison, Fla.-There has been rain on one day during.
53,581 2,081,198 the week, to the extent of thirty-five hundredths of an inch.
Nor,spinners' takings to Feb. 26.. 64,030 1,958,566
The thermometer has ranged from 40 to 74, averaging 57.
* Decrease during week.
Savannah, Ga.-Rain has fallen on two days of the week,
Movement into sight in previous years:
to the extent of thirty-one hundredths of an inch. Minimum
Bales. thermometer 36, highest 71, average 54.
WeekWeek-'
Bales.
134,935
1913-Feb. 28
190,815 1911-March 3
Charleston, S. C.-We have had rain on two days during
102,060
1912-Mar. 2
340,273 1910-March 4
the week, the precipitation being forty-six hundredths of an
NEW ORLEANS CONTRACT MARKET.-The high- inch. The thermometer has averaged 52, the highest being
est, lowest and closing quotations for leading contracts in the 69 and the lowest 34.
New Orleans cotton market for the past week have been as
Charlotte, N. C.-It has rained on two days of the week,the
follows:
precipitation reaching ninety-eight hundredths of an inch.
The thermometer has averaged 47, ranging from 28 to 66.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Memphis, Tenn.-We have had rain on three days during
Feb. 21):-. 'Feb. 22. Feb. 23. Feb. 24. Feb. 25. Feb. 26. the week,the precipitation
reaching one inch and twenty-four
--,....e._
February
hundredths. The thermometer has ranged from 32 to 63,
Ran •
averaging 49.
7.75 .. . ng
archALEXANDRIA RECEIPTS AND SHIPMENTS.
7.79-.94 7.73-.90 7.82 - 7.92 00
7.90-.04
Range
Closing
8.02-.04
7.78-.79 7.87-.90 7.95-.98 7.93-.95
Range
Closing
8.29-.35
8.30-.31
8.03-.27 7.95-.15 8.06-.22 8.12-.24
8.03-.04 8.13-.14 8.20-.21 8.17-.18
May-
8.48-.55
jutt;g
e
Closing8.50-.51
OctoberRange
8.74-.79 HOLIClosing
8.76-.77 DAY.
December--Range
Closing
8.91-.92
January--Range
Closing
9.01-.03
ToneSpot
Options
Quiet.
Steady.
Alexandria, Bgypt,
January 21.
8.23-.45 8.14-.34 8.25-.42 8.33-.44
8.23-.25 8.33-.34 8.39-.40 8.37-.38
Receipts (cantata)This week
Since Aug. 1
8.49-.71 8.40-.59 8.54-.70 8.61-.73
8.49-.50 8.59-.60 8.68-.69 8.66-.67
Exports (bales)
8.63-.86 8.57-.74 8.70-.75 8.82 8.64-.66 8.74-.75 8.83-.84 8.81-.83
To Liverpool
To Manchester
8.90-.97- -- 8.86-.95- -8.75-.77 8.85-.86 8.94-.96 8.92-.94
Quiet.
Easy.
Steady. Steady.
Quiet!!
Quiet.
Steady. Steady.
1914-15.
1913-14.
1912-13.
304,083
4,242,692
185,000
6,503,965
175,000
6,756,030
This I Since
This Since
This I Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
13,985 93,974 7,000 145,916
600 148,519
8,288 88,589 10,250 142,297 7,500 160,971
To Continent and India_ 4,167118,201 6,500 258,319 5,500 224,479
6,006 73.367 2,250 27.667 5,500 83,364
To America
32,446 374.131 26,000574,199 19,100 617,333
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
THE CHRONICLE
744
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1914-15.
Cotton Takings.
Week and Season.
Week.
1913-14.
Season.
Week. I Season.
7,367,697
Visible supply Feb. 19
6,267.2521
3,176,816
Visible supply Aug. 1
2.581,551
American in sight to Feb. 26___ 377,071 11,477,270 198,994 12,474,738
Bombay receipts to Feb. 25_-__ b100,000
890,000 129,000, 1,876.000
shipm'ts
to
India
Feb. 25
61,000
Other
96,000
49,000
275.000
Alexandria remlpts to Feb. 24__ b30,000
714,000
23,000: 931,600
Other supply to Feb. 24 *
2,000
64.000
7,000
217,000
Total supply
7,877,768 16,418,086 6,674,246 18,355,889
DeductVisible supply Feb. 26
7.548,297 7,548,297 6,187,4901 6,187,490
Total takings to Feb. 26_a
329.471 8,869.789 486,756 12,168,399
Of which American
284,471 7,140.789 283,756 9,414,799
Of which other
45.000 1.729,000 203,000 2,753,600
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
1,770,000 bales in 1914-15 and 1,806,000 bales in 1913-14-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners 7,099,789 bales in 1914-15 and 10,362.399 bales in 1913-14,
of which 5,370,789 bales and 7,608,799 bales American.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay and the shipments for the week
ending Jan. 14 and for the season from Aug. 1 for three years
have been as follows:
1914-15.
January 14.
Receipts az-
Since
Week. Aug. 1.
Bombay
80,000
I
1912-13.
Since
Week. Aug. 1.1 Week.
Since
Aug. 1.
578.000 100,000 1,128.000'104,000
For the Week.
Since August 1.
Conti- Japan
Great
sent. &Chino Total. Britain.
Corsanen:.
Dryer's
Bombay1914-15..
1913-14__
1912-13_ _
1913-14.
16,023 22,050 38.083
19,000 53,000 73,000
10,(
11,000 21,00
Japan
&China
791,000
Total.
22,000 143,023 361,060 526,083
11,000 393,000 347,000 751,000
12,00 413,000 175.000 330,000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the demand is
quieter, with dye goods slow. American yarns are steady,
but Egyptian in poor request on account of heavy stock.
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To Manchester-Feb. 20-Canning. 100
100
To Marseilles-Feb. 20-Isle de la Reunion, Ill
111
To Gothenburg-Feb. 20-Taurus, 1,400
1,400
GALVESTON-To Liverpool-Feb. 20-Civilian, 20,560
20,560
To Manchester-Feb. 20-Jose de Larrinaga 18,048
To Gothenburg-Feb. 19-Myrdal, 3.750; Feb. 20-Sin- .
Ben, 3,519
7.269
To Barcelona-Feb. 20-Cadiz, 5.823
5,823
To Genoa-Feb. 19-Belgier, 15,050; Feb.24-Nina, 10,456
25,506
To Vladivostock-Feb. 23-Inverelyde, 2.300
TEXAS CITY-To Liverpool-Feb.23-Nitonlan, 14,923; Feb. 25 2.300
-Mendibel Mendf. 12.528
NEW ORLEANS-To Liverpool-Feb. 23-Statia,8,779; Feb. 25 27,451
-Nessian, 12,962
To Rotterdam-Feb. 23-Statia, 81; Feb. 24-Haakon VII. 21.741
6.249; Feb. 25-Audi*,1,662
7,992
To Gothenburg-Feb.25-Borgland. 9.420
To Genoa-Feb.23-Val Sallee,3,469; Feb.25-Belgier,2,528; 9,420
Dinnamare, 10,894
SAVANNAH-To Liverpool-Feb. 20-Den of Ewnie. 5.264; 16,891
Feb. 23-Pontiac, 11.770: Feb. 25-Pelham, 6,338
23,372
To Havre-Feb. 20-Wathfield, 10,528
To Bremen-Feb. 20-0geechee, 6.832; Vgilanc1a, 7,582- 10,528
14,414
To Rotterdam-Feb.20-Medine, 12,925; Den of Ewnie,561- 13,486
To Genoa-Feb.20-Soperga,7,740
CHARLESTON-To Continent-Feb. 20-Benart y, 11,390; 7,740
Feb. 25-Greenbrier, 6,400
17,790
Havre-Feb. 26-Ben Nevis, 13.119
BOSTON-To Yarmouth-Feb. 1-Prnce George, 245; Feb. 24 13,119
-Prince George, 370
615
BALTIMORE-To Liverpool-Feb. 23-Swanmore. 2,110
2.110
SAN FRANCISCO-To Japan-Feb. 20-China 738
738
PORT TOWNSEND-ToJapan-Fob. 23-Tamba Maru, 2.281.. 2.281
Total
270.805
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Feb. 5. Feb. 12. Feb. 19. Feb. 26.
36,000
40,000
40,000
4,000
3,800
2.900
3,000
5,000
5.400
26,000
30,000
31,000
9,000
12,000
8,000
9.000
96,000 102,000 100.000
90,000
929,000 953,000 1,061,000 1,203,000
675,000 695,000 781,000 904,000
172,000 139,000 215,000 239,000
143.000 110,000 172,000 204,000
628,000 723,000 625,000
549,000 637,000 549,000
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.
1h:4aylay.
Monday.
Market,
12:15 I
P. M.
Dull.
Quiet.
Mid.Upl
Sales
Spec.&exp.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Moderate
demand.
Friday.
Quiet.
4.99
5.00
4.97
4.89
4.95
4.97
4.000
500
7,000
1,000
7,000
1,500
8,000
2,000
7,000
2,000
7,000
2,000
Quiet
Quiet
Steady.
Quiet Quiet unch. Quict unch
Fultres.
to 1 pt. 33-i @k5 pts. 103 pm. I% @2 pts.
Market f 21g3 pts. to 1 pt.
decline, advance. advance.
decline,
decline.
opened I decline.
Firm
Quiet
Barely at y Quiet,
Barely it y
Quiet
Market. I
p.
pin.
I S @2.54 1.401 pt. 202,t4 pte. 11.4
fg 11.4 ptii.unch. to
4
decline,
advance. advance.
dec.
pts.
adv.
pt
P
r. As I decline.
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.. 100.
The prices are given in pence and 1001hs.
Thus. 4 86 means 4 86-100d.
Feb. 20
Saturday. Monday. Tuesday. Wed'day. Thursday Friday.
to
Feb. 26. 124 1234 1231 4 1231 4 1231 4 1231 4 12311 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d. d. d. d. d . d. d. d.1 d.
d.
d.
May-June __ 4 8631 8834 8634 8434 84 7814 83 85 85 f87
June-July ____ 4 90 _ _ _ _ 90 8834 88 8214 87 89 89 lOt
July-Aug- __-_ 4 9434 96 9434 93 9234 8734 92 9334 94 196
Oct.-Nov_ ____ 5 06 08 06 05 0434 00 0334 06 06 108
Jan.-Feb_
__ 5 121.6 14;4 13 12 11 t4 0634 1014 1234 13 1j5
d.
87
9!
953:1
08
15
BREADSTUFFS
Friday Night, Feb. 26 1915.
Flour has been quiet, and at one time was rather weaker
n sympathy with the depression in wheat. Five Minneapolis mills, it is stated, have within a week shut down.
Other interior mills are understood to be planing to reduce
their production. Dulness prevails throughout the country.
If the Dardanelles should be opened up through the determined efforts of the Allies, who have so much to gain by a
victory, it would mean a very large increase in Europe's
supply of wheat and with it possibly a sharp decline in prices
for both wheat and flour. So that buyers of flour are more
than ever disposed to stick to the policy of purchasing only
as their immediate needs demand. The total production
last week at Minneapolis, Duluth and Milwaukee was
440,550 barrels, against 381,150 barrels in the previous week
and 400,440 last year.
Wheat declined sharply, partly owing to a fear that the
Dardanelles may soon be re-opened under the persistent
attacks of the Allies. That would mean that enormous supplies of Russian wheat would be made available for the markets of Western Europe. European prices gave way, and
last Tuesday there was a drop in Chicago of 6 to 8 cents a
bushel. The weakness in Winnipeg was also a noticeable
feature. The crop news from our Southwestern States was
favorable. World's shipments for the week were large. Offerings from the River Plate and East India were large in
Liverpool. Farm reserves in this country are said to be
151,000,000 bushels, against 152,000,000 a year ago. This,
to be sure, really cuts both ways. But heavy selling accompanied the foreign news. The reported determination of
England to shut off food supplies to Germany has, of course,
been a factor. Another was the charge that grain sent to
Belgium had been seized by German authorities. The fact
that so many neutral ships have latterly been sunk,either by
mines or submarines, and the rise in war risks also had some
effect. In India, moreover, the weather has been favorable
and the crop outlook is excellent. From New South Wales
and Victoria advices are that beneficial rains have fallen.
The weather in Argentina was at one time reported fine.
The Attorney-General of this State has continued his inquiry
into the cause of the rise in wheat and flour. In the Chicago
investigation some commission houses have refused to show
their books to the District Attorney. Some of the New
York bakers are still selling the loaf at 5 cents. The wheat
acreage on the Pacific coast has been largely increased.
From Germany crop accounts are good. An effort is being
made there to plant a big acreage. Australian reports
state that the Government is taking steps to plant
Russia
a large acreage in
grain. In
spring
the snow covering holds except in the extreme
South. Also,the U. S. Government Insurance Bureau announces that for the present it will suspend the issuance of
war risks on ships bound for North European ports. It
designs to establish as soon as possible a horizontal increase
in the rates to be quoted on risks in the European war zone.
President Wilson is understood to have sent to the warring
nations a note designed to end the menace to neutral commerce arising from the retaliatory measures of the.European belligerents toward each other. Whether this will
bring about decisive results or not cannot as yet be told.
All that is certain is that recently war risks have advanced and
that exports of American commodities are deemed to he seriously threatened by the recent war-zone order of Germany
and the retaliatory measures under consideration by the Allies.
A report was circulated at one time that Congress was about
to place an embargo on the exportation of breadstuffs from
the United States. On the other hand,export sales have continued at the rate of 500,000 to 1,000,000 bushels a day.
Offerings at the West of late have not been heavy. Liverpool has not followed declines in this country as readily as
was expected. And of late bad weather has been reported
in Argentina, and also a less favorable crop outlook in that
country. The tendency is noticeable to reduce the estimates of Argentina's exportable surplus. Some estimates
have been cut down to 120,000,000 bushels. That would be
20,000,000 bushels less than the preliminary official estimate. The world's available supply is 169,000,000 bushels,
or 30,000,000 bushels less than at this time for the last two
years. The world's stocks last week decreased 1,914,000
bushels, or about a million.bushels more than in the same
time last year. Rains are hindering farm work in England.,
In France the acreage will be small, and the yield light,
although the French Government has released territorials
to help in sowing and threshing. The Austrian Government,
significantly enough, has taken over all stocks of rye, barley,
corn and flour products. It will distribute bread through
district organizations. Germany is exercising rigid economy
in its food supplies. In Australia the weather has
PE& 27 1915.]
THE CHRONICLE
been bad. In Central Italy excessive rains have damaged
wheat. Imports into Italy continue unabated. Drought is
complained of in Spain. C. H. Canby, President of the
Chicago Board of Trade, appeared before the Deputy
Attorney-General of this State and took the ground that the
rise in wheat and flour has not been unreasonable; that prices
in recent years have been determined by those which could
be obtained in Europe for the surplus of the American crop
in competition with the cheap labor of Russia, India and
Argentina,and also in competition with the product of the
new and cheap lands in Canada and other countries;
that prices were very cheap in 1911, 1912 and 1913, as well
as in the first half of 1914, and that the producer made very
little money on his wheat; that it should be borne in mind
that the embargo on shipments from Russia, the stoppage of
exports from the Danubian countries, the failure of the Australian crop and the comparatively small yield in Canada have
contributed to the rise of prices, together with the concentra,
tion of competitive buying in the United States on an enormous scale. Mr. Canby made the statement that one of the
leading nations of Europe would be glad to pay at least $2
per bushel for wheat if it could obtain 50,000,000 bushels
in this country or any other. Final estimates of the Canadian
grain crops state that in wheat there was a decrease of over
70,000,000 bushels as compared with 1913, while of oats there
was a decrease of something over 91,000,000 bushels. The
three Northwestern Provinces of Canada produced in other,
words, 140,958,000 bushels of wheat, against 209,262,000
bushels last year, while of oats the crop was 154,843,000
bushels, or 92,000,000 bushels less than in the previous year.
Pacific Coast advices to Liverpool state that stocks of wheat
in growers' hands are light; that new crop prospects are fair,
with the acreage largely increased. To-day prices declined
sharply on reports of a victory for the Allies over some of the
forts in the Dardanelles. It was also said, however, that
a cable dispatch had been received from Italy asking a
Chicago house to offer 15,000,000 bushels of cash wheat,
part for 40 days and the rest for April-May shipment.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_169
Holl- 163% 165
158
163
May delivery in elevator
166% day. 159% 162
160
156%
July delivery in elevator
137%
131% 134% 131% 129
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_160% Holl- 152% 155% 15.3% 149%
July delivery in elevator
131% day. 125% 128% 125% 122%
745
DAILY CLOSING PRICESIGF OATS FUTURES IN CHICAGO.
53%'Wed. Thurs. Fri.
Sat. Mon. Tun.
cts 58% Holl- 56% 57% 56% 55%
54% 53% 53
54%1 day.
May delivery in elevator
July delivery in elevator
The following are closing quotations:
GRAIN.
Cis.
Corn, per bushel80
f. o. b.
No. 2 mixed
80
C. I 1.
No. 2 yellow
1 58
78
No. 3 yellow
1 60%
Argentina in bags
Cis.
Rye, per bushelNew York
61
1 33
Western
61%
60
Barley-Malting
901896
FLOUR.
Winter. low grades___ _36 00056 50 Kansas straights, sacks $7 151837
50
Winter patents
7 7318 8 00 Kansas clears, sacks___ 6 900 7 15
Winter straights
7 1518 7 60 City patents
880
Winter clears
6 90 ® 7 15 Rye flour
6 75® 7 25
Spring patents
7 3518 7 75 Buckwheat flour
31
Spring straights
7 000 740 Graham flour
6 2518 6 50
Spring clears
67518 690
Wheat, per bushel-f. o. b.
N. Spring, No. 1
N. Spring. No. 2
Red winter, No. 2
Hard winter. No. 2
Oats, per bushel, newStandard
No. 2, white
No. 3. white
31 59%
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago.....
Milwaukee__
Duluth
Minneapolis.
Toledo
Detroit
Cleveland
St. 1.ouls
Peoria
Kansas City.
Omaha
Total wk,'15
Same wk.'14
Same wk.'13
•
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4Slbs. bu.56 lbs.
201.000 1,869,000 2,381,000 3,049,000
641,000
54,000
23,000
89,000
328,000
709,000
440,000
59.000
449,000
55,000
130,000
165,000
7,000
1.630,000
368,000
432,000
460,000
82,000
180,000
120,000
69,000
3,000
0,000
108,000
132.000
73,000
23,000
32,000
171,000
98,000
4,000
59,000
466,000
467,000
37r,000
14,000
13,000
81,000
117,000
302,000
143.000
39,000
7.000
541,000
612,000
209,000
129.000
362,000
133,000
400,000
357,000
289,000
5,610,000
4,333,000
4,790,000
5,298,000
6,273,000
8,693,000
5.470.000 1,765,000
3,266,000 1,220,000
4,616,000 1,982,000
229,000
148,000
124,000
Since Aug. 1
1914-15
12,320,000 308,256,000 172,706.000 189,851,000 65,458,000 17057000
12,313,000 213,794,000 141,928,000 141,377,000 65.036,000 9,961,000
1013-14
1019-19
In 575 20.1 911K 0052 777 144 495 WM IA599455979/91 nna loexTnnn
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 20 1915 follow:
Receipts at-New York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans•
Newport News__ _
Galveston
Mobile
Montreal
St. John
Wheat,
Flour,
Corn,
Oats, Barley,
Ryel
bush,
bush,
bbls.
bush,
bush.
bush.
208,000
811,009 98,000
379,000 1,959,000
45,000
51,000
42,000
75,000
89,000
6,000
2.000
810,000
825,000
32,000
329,000
6,0011
280,000
23,000
386,000 1,024,000 1,255,000 124,000 193.000
295,000
82,000
991,000
67,000
632,000
89,000
2,000
644,000
6,000
10,000
6,000
14.000
143,000
336,000
2,000
20,000
159,000
39,000
Indian corn has declined with other grain. Later it
rallied. Early in the week favorable weather was reported
in Argentina, with declining.prices. Also Liverpool quotations were easier, with offerings larger; cargoes and parcels
were both pressed for sale there. River Plate offerings
have tended to depress prices in the English market. The
American available supply increased last week, moreover,
week 1915._ 608,000 6,793,000 1,695,000 3,003,000 257,000 242,000
1,362,000 bushels, as against a decrease in the same week Total
Since Jan. 11915_4,531,000 48,788,000 14,653,000 15,737,000 3197,000 3159.000
last year of 56,000 bushels. Also, the American available Week 1914
42,000
623,000 254,000
339,000
324,000 1,678,000
supply is now more than double what it was at this time last Since Jan. 11914_3,255,000 17,400,000 6,362,000 6,192,000 1844,000 475,000
year and the year before. In other words, it is 45,700,000 •Receipts do not include grain passing through New Orleans for foreign ports
bushels,against 20,700,000 bushels a year ago and 20,400,000 on through bills of lading.
bushels at this time in 1913. Export sales have not been
The exports from the several seaboard ports for the week
large either. They have been not more than one hundred ending Feb. 20 are shown in the annexed statement:
to two hundred thousand bushels a day. Receipts, too,
Rye, Barley,
Oats,
Wheat,
Peas,
Corn, Flour,
Exports front6n 1
bush.
bush. 11
o
:sz
bush.
Lush.
Mts.
have been large. Farm reserves are estimated at 1,000,- New
York
1 916,876 250,264 192,271
40,544
000,000 bushels, as against 866,000,000 a year ago. Yet, Portland,Me..._ 810,000
9.000
Boston
177,190
400 25,864
8,520
24,500
latterly the tone has been stronger, on covering of shorts. Philadelphia
____ 770.000
78,000 41,000 358,000 54,000 43,000
Country offerings have been small. Some recovery in the Baltimore
319,005 728,270
4,747 588,459 289,454 100,749
New Orleans ____1,200,000
64,000 25,000
5,500
price of wheat has also, to some extent, affected corn. Wet Newport
News__ 632.000
89,000
weather has prevailed over a greater part of the corn belt Galveston
639,000
10,000 6,000
6,000
and this has had much to do with the smallness of the Mobile
159,000
39,000
country offerings. Country roads are apt to be in poor St. John
Total week____6,822,071 1,130,934 333,882 1,076,023 343,454 193,559 13,342
condition at this time of the year, so that no great increase
2,324,137 104,334 186.035 191.471 34,143 61,166
6,634
in the offerings from the interior is expected. At the same Week 1914
The destination of these exports for the week and since
time the cash demand is poor. Buffalo has been offering
to Eastern markets at lower prices than Chicago has. July 1 1914 is as below:
Flour
Wheal
Baltimore has resold to some extent. To-day prices deSince
Since
Since
clined. Baltimore, it is said, sold 600,000 bushels to
Week,
July 1
Week.
Week.
July 1
July 1
Exportsfor week and Fcb.20.
1914.
Feb.
20.
1914.
Feb. 29.
1914.
France.
Stnee Jvly 1 toMs.
bbls.
bush.
bush.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
83% 84% 813( 80%
cts_ se% Hol.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
Ms_ 76% Holl- 73% 74% 72% 71%
July delivery in elevator
day. 75% 76% 74% 74
78
bush.
United Kingdom___124,756 3,814,942 1,992,388 92,469,226 138,057
Continent
137,360 3,387,268 4,526,501 122791,1E5 907,032
Sou. & Cent. Amer_ 33,044 988,180
13,912 2,845,534
14,000
West Indies
30,328 954,625
33.883
71,055
Brit. Nor. Am.Cols.
885
57,376
400
Other Countries__ _ _ 7,509 206,418
89,270
471,789
390
Total
333.882 9,20.3,809 6,622,071 218611,617 1.130,934
Total 1913-14
186,035 7,805,403 2,324.137 135819,1319 104,334
bush.
1,055,943
12,958,025
848,882
1,322,562
8,718
19,005
16,213,135
Oats declined early in the week and rallied later on.
2,677,465
The world's shipments of wheat and corn for the week
They followed in each case the price movements of other
grain. Latterly, however, oats have shown more inde- ending Feb.20 1915 and since July 1 1914 and 1913 are shown
pendence, with the export sales in a single day of 1.500,000 in the following:
bushels. Also there has been a good domestic demand. In
Wheat.
Corn.
Argentina rains have checked the movement of oats as well
Exports.
1914-15.
1913-14,
as wheat and prices have latterly been firm. The export1914-15.
1913-14.
able surplus of oats in Argentina has been reduced. ThroughWeek.
Since
Since
Since
Week
Since
Feb.
20.
Western
our
July
out
1.
States cash sales have latterly been liberal.
July 1.
Feb. 20.
July 1.
July 1.
In Liverpool prices have been firm with River Plate offerBushels.
Bushels.
Bushels,
Bushels.
Bushel4.
Bushas,
ings smaller, while the quality from that country is unsatis- North Amer. 9,384.000 296,180,000 196,970,000 1,738,000
18,461,000 1.362,000
Russia
12,074,000 106,414,000
factory. Stocks of foreign oats at Liverpool are small, as Danube.
4,813,000 9.9139,000
2,347,000 39,050,000
9,431,000 18.1361,000
arrivals during the last two weeks have been light. Ex- Argentina 3,184,000 12,639,000
22,540,000 1,753,000 110,831,000 129,592,000
Australia...
8,998,000 36,338,000
port sales in this country have been at the rate of 1,200,000 India
17,440,000
to 1,500,000 bushels a day. Cash houses have bought May Oth.countes 96.000 5,277,000 25.608,000
5,762,000
heavily. To-day prices fell.
Total
DAILY CLOSING PRICES OFAOATS
Sat. Mon.
cts_ 64
foil64% clay.
Standards
No. 2 whit*
IN NEW YORK.
Tues. Wed. Thurs. Fri.
63
63
64
61
63% 64% 63% 61%
12664000 354,953,000 432,688,000 3,491,000 141,536.000
159.784,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
[VOL. loo.•
THE CHRONICLE
746
1915
Corn.
Wheat.
United
Kingdom. Continent.I
Total.
I Bushels.
,43,760,000
United
Kingdom. Continent.
Bushels.
Total.
Bushels.
22.465,000
Feb. 20 1915__
23,308,000
!40,792,000
Feb. 13 1915__
Feb. 21 1914_126,336,00C 19,712,000 46,048,000 2,482,000 5,143,000 7,625,000
Feb. 22 1913__121,532,000 26.504,000 48,036,000 4,760,000 12,410,000 17,170,000
Bushels.
Bushels.
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Feb. 20 1915 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Aye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush, bush. bush.
In Thousands101
518
319
177
664 2,361 1,088
4,663
New Ycrk
24
afloat
"
-- 90 "iiia -iii
2
221
156
556
Boston
6
19
10
1,021
381
868
Philadelphia
207 __ -654
67 1,907
1,012
715
Baltimore
530
200
2,863 __
New Orleans
____
1,660
20-Galveston
-284
25 ____
2,166 1,507
1,081
Buffalo
507
1,043
6,346 - biii _
afloat
"
4
ii8 480
785
Toledo
---16
____
326
67
642
Detroit
28 -iii -889 __ 13,764 12,419
Chicago
119 ____ 4,415 1,908
afloat
'
--iti -tiii :7_1'
449
737
36 ____
Milwaukee
256
afloat_______ ___
"
---2ii 1,967 2-,754 --ii -ii -air
10,274
Duluth
334
258
"
afloat
. -iiii
-112
1,086 4,027
14,221
MinneaPons
17
4
641 1,683
1,391
St. Louie
30
4,058
837
5,070
Kansas City
1.314
240
3
Peoria
379
965
275
Indianapolis
ii
180
3,137 1.160
--ZO
Omaha
Total Feb. 20 1915_51,759
Total Feb. 13 1915_53,572
Teti! Feb. 21 1914__57,806
Total Feb. 22 1913__63,735
2,510 41,246
2,611 40,110
5,830 17,537
3,037 16,576
231
33,001
32,967
187
22,077 6,159
11,425
219
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
in Thousandsbush. bush. bush, bush. bush.
940
118 1,126
Montreal
1,995
Ft.William&Pt.Arthur. 4,802
283
afloat
"
2.576
Other Canadian
5,092
1,372
1,518
1,833
1,311
3,733
3,888
4,814
2,601
301
118
1,209
166
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
264
15
_
----
264
15
118. 5,697
264
16
120 5,705
162
22
17 15,655
55
19 8,883
SUMMARY.
Bonded
Bonded
Bonded
Rye. Barley. Barley
Wheat. 1Vheat. Corn. Oats. Oats.
bush, tush, bush, bush. bush. bush, bush. bush.
301
231 1,372 3,733
51.759 2,510 41,246 33,001
264
15
__
118 5,897
_
11,117
Total Feb. 20 1915 11,117
Total Feb. 13 1915 12,061
Total Feb. 21 1914 22,796
Total Feb. 22 1913._24,390
In ThousandsAmerican
Canadian
Total Feb. 20 1915._62,876
Total Feb. 13 1915__65,633
Total Feb. 21 1914__80,602
Total Feb. 22 1913_88.125
2,510
2,611
5,830
3.037
41,364
40,230
17,654
18.595
231
38,698
187
38,672
37,732 6,159
219
20.288
1,387
1,534
1,855
1.311
3,997
4,152
4,976
2.656
301
118
1,209
156
THE DRY GOODS TRADE
New York, Friday Night, February 26 1915.
There has been little change in the dry goods situation
during the week. The holiday and bad weather early in
the week detracted somewhat from the volume of business,
but optimism prevails in most quarters. Selling agents
and commission houses report slightly more caution on the
part of buyers in placing forward business, owing to the high
prices which are asked. There is a tendency to underbid
the market for goods for delivery in the last quarter of the
year, particularly lines of staple cottons, but manufacturers
being comfortably situated, with business for two or three
months ahead, are not disposed to offer concessions. The
strained foreign shipping situation is leading many distributers of cotton goods to expect a reaction in finished
goods prices as a result of the interference with exports of
both cotton and finished goods. It is feared that the British
Government may decide to prevent shipments of cotton to
Germany, in which event a serious reaction would take
place in raw material prices so far as cotton goods are concerned. Also, any unforeseen interference with shipping to
France and Great Britain would leave many American
manufacturers with large quantities of manufactured goods,
turned out to fill war contracts, on their hands, and create
a serious situation. Jobbers report an active call from
both local and out-of-town retailers covering a wide range
of goods. The orders are for small quantities for immediate
and near-by shipment,but serve to keep goods moving.
Sales for the month of February, according to present
indications, are ahead of those of a year ago. The steady
increase in the distribution of general dry goods since the
first of the year, without any noticeable accumulation of
stocks in any quarter, is causing most factors to view the
outlook with satisfaction. No additional export sales have
been reported during the week, though inquiries have been
received from both China and Red Sea buyers. The offers
of business are at prices too low to meet manufacturers'
approval, but it is believed that buyers will raise their bids
when the firmness of the situation is fully realized. Some
new war contracts covering army materials suitable for
spring and summer wear are reported as being put through,
but details are withheld.
DOMESTIC COTTON GOODS.-'--The exports of cotton
goods from this port for the week ending Feb. 20 were 5,346
packages, valued at $248,993, their destinations being to the
points specified in the table below:
New York to Feb. 20Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Week.
749
274
3,240
--5
543
214
216
105
5,346
-1914---Since
Since
Week. Jan.!.
Jan. 1.
267
Si
8,853
2,951
563
250
1,21516,540
4.474
3,084
.§
-5
6,158
1.801
300
1,957
1,750
155
1,256
6,228
9.787
75
100
22
2,470
571
3,445
4,448
950
6,683
10,431
287
8,854
49,260
3,894
52,874
The value of these New York exports since Jan. 1 has been
$3,287,224 in 1915, against $3,732,767 in 1914.
Staple cotton goods are fairly active and firm, though
buying for forward account is less urgent than was the case
a week or so ago. Most buyers have covered requirements
up to the last quarter since the first of the year and are now
seeking lower prices for delivery beyond that time. Spot
sales continue on a fair scale, but consist mostly of odd lots,
which are available at attractive prices. Many forward
contracts are being offered at prices on a par with spot
quotations, but first hands require substantial premiums
on all business for delivery very far into the future. The
easier tendency in cotton futures is causing buyers of finished
goods to be more conservative in covering ahead, though as
yet there has been no weakening of spot cotton or yarn
prices. Brown and bleached goods, as well as wash fabrics
and colored cottons,are held at firm levels,with shipments
moving regularly. Sales of print cloths are slow and confined chiefly to spots. Buyers are underbidding the market
for future shipments but without success. Gray goods,
38-inch standard, are quoted at 4c.
WOOLEN GOODS.-Business in woolens is active, with
a strong upward tendency in prices. Further advances of
five to ten cents have been made on certain popular lines of
fall goods, particularly fancy worsteds. Sellers are very
conservative in accepting forward contracts,even at present
high prices, owing to the restrictions placed upon shipments
of wool and raw materials from abroad. Worsteds are the
most affected by the scarcity of raw material and as the
situation now stands several lines have been so heavily
sold that there is talk of withdrawing them from the market,
at least temporarily. The difference in price between
woolens and worsteds is also causing buyers to give a preference to the former. Business in fall dress goods holds up
well despite the advances in values. Buyers are finding
that further delay may mean higher costs and are covering
their requirements early. Several prominent lines of broadcloths have been heavily sold and are being withheld from
the market. In men's wear sales of coatings are ahead of
suitings, the preference being for rough-finished fabrics.
FOREIGN DRY GOODS.-Business in linens is good
considering the conditions bearing upon the trade. Buying
of dress linens is being held back,but inquiries concerning
styles and prices are becoming more frequent. Buyers are
placing business in white goods and housekeeping lines
conservatively and are not inclined to meet any further
advance in prices. Some lines are becoming short, particularly Irish and Scotch goods, upon which further price
advances are threatened. Stocks of towelings and crashes
are well sold up and these goods are bringing high prices
in all quarters. Sales of fine white goods for the shirtwaist trade are very encouraging and it is believed that
linen shirt-waists in both white and colors will be quite
popular during the coming warm season. Burlaps continue
in active demand, with offerings scarce and the tone firm.
Light-weights are quoted at 5c. and heavy-weights at 5.50c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Feb. 20 1915 and since
Jan. 1 1915, and for the corresponding periods of last year,
were as follows:
Week and Since Jan. 1.
Imports Entered for Consumptioinvefeokriheing
Feb. 20 1915.
Since Jan. 11915.
Pkgs.
Value.
Pkgs.
Value.
of
Manufactures
796
255,303
6,869 1,757,229
Wool
3.688 1.019.195 16.890 4.698,049
Cotton
1,463
786,896
5,769 2,891,848
Silk
1,152
387,053
6.698 2,043.067
Flax
3,268
403,977
Miscellaneous
2,079,210
17,051
10,367 2,852.424 53,277 13,469,403
Total 1915
17,356 4,036,755 92.393 23.852,511
Total 1914
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of368
124,041
1,081.935
3,651
Wool
712
226.118
1,482,906
4,720
Cotton
445
166,474
2,969 1,150,809
Silk
505
129.239
905,129
3,353
Flax
1.620
Miscellaneous
193,735 13,821
1,124,748
3,550
839,607 28,514 5,745,527
Total withdrawals
10.367 2.852,424 53,277 13,469,403
Entered for consumption
1915
13,917 3,692,031
Total marketed
81.791 19,214,930
22,978 4,972,600 134.888 31,177.938
Total marketed 1914
Imports Entered for Warehouse During Same Period.
Manufactures of343
917,171
190,097
Wool
2,263
916
294,361
Cotton
4,609 1.337,058
307
846,300
158,181
2,141
Silk
578
836,556
177,287
2,793
Flax
915,156
727
Miscellaneous
117,102 14,107
Total
Entered for consumption
Total imports 1915
Total imports 1914
25,913 4.852.241
53,277 13,469,403
13,238 3,789.452 79,190 18.321,644
21.903 4,751,233 124.635 29,817,4 25
2,871
937.028
10.367 2,852.424
FEE;27 1915.)
THE CHRONICLE
747
Page.
Name.
Rate. Maturity. Amount. Price.
1.46__Jacksonville, Ohio (2 issues)... 6
3,250 z100
01920
326_ _Jamestown Un. Fr. S. D., N.Y. 435
70,000 100.685
01925
416__Jay County, Ind
6,200 100.407
01920
435
416__Jefferson County, Ind
4,800 100.104
01917
414
752__Jefferson County, Ohio
11,000 101.009
5
MUNICIPAL BOND SALES IN JANUARY.
752__Jefferson County, Ohio
5
4.000 101.048
246„Johnston County, No. Caro__ 5
40.000
We present herewith our detailed list of the municipal 492__Juniata
1954
Sch. Dist., Pa
41935-1945
25,000
5
bond issues put out during the month of January,which the 752__KanabecCo.DitchDist.10,Minn. 4
5.000 100
493__Kansas City Sch. Dist., Mo..... 4
300.0001 100
1932
crowded condition of our columns prevented our publishing 493._ Kansas City
Sch. Dist., Mo___ 414
200.0001
1933
573_ _Kendallville,Ind
6
15,003 100
at the usual time.
156__Kent County, Md.(2 issues).- 5
54,000 103.798
492__Kent County, Mich
435
The review of the month's sales was given on page 490 493-.La
Grange Un. Sch. Dist., Ohio 515
102:88g
01924
of the "Chronicle" of Feb. 6. Since then several belated 246__Lake County, Ind
435
22,000 10(1.10
246__Lake
Ind
415
7,500 100
January returns have been received, changing the total for 493__LamarCounty,
County, Ala
5
1935
246_ _La Mesa, Calif. (2 issues)
535
the month to $32,178,941. The number of municipalities 326__La
?88 188.83
52:
'
Porte, Ind
2,249 101.345
326__Larchwood, Iowa
issuing bonds was 273 and the number of separate issues 480. 573__Larned,
6
1934
10.000
Hans
5
1931-1935
20,000 100
246„Laurel, Md. (3 issues)
JANUARY BOND SALES.
5
-,80,000
417__Lawrence, Mass
Page.
4
1915-1944 500,000 100.001
Name.
Amount. Price. 156__Lawrence Co., Ind
Rate.
Maturity.
324__Ada, Ohio
434
1915-1918
8.000 101.001
6
$1,500 100.6
01917
573_ Leavenworth, Hans
5
749__Adams, Neb
1915-1924
9,641 101.624
7,000 100
5 41920-1935
246_ Lee Co. S. D. No. 5, Fla
570.. Allegan, Mich
5
1934
10,000 100
20,000
49.4
_Liberty
SFr.
Sch.
Dist.,
Ohio- 534
324.-Allen County,Ind.(3 issues).- 434
23,000 103.656
38.640 100.584
3_
491_ _Allenhurst, N.J
1915-1919
1.500
326__Long Branch, N. J
5
324__Alliance City Sch. Dist., Ohio-- 5
1935
30,000 104.08
50,000 101.95
01925
493...Los Gatos, Calif
5
491__Anna, Ohio
1915-1924
100.01
6.000
1.000 100.5
01918
156-.Lucas County, Ohio
5
491_ _Arnold, Pa.(6 issues)
01
92,602 100.53
6
33,908
657_ _Luverne, Minn
4-- ---------- -10.000 100
570__Ashland, Ore
41940-1960 175,000 100
5
417__McComb,
Ohio
6
rl61g
570__Auburn, N. Y
4,000 101.825
4
3.200 100
1935
657__McMinnvllle, Ore
6
41916-1925
570....Auburn Sch. Dist., Calif
6.676
5
45.000 100
657__Madeira 5th. Dist., Ohio
514
570__Aurora Twp. Sch. Dist., Ohio 5
1950
1,000 101.3
6,000 100
01936
753_
_Madison
County,'No. Caro__ _ - 5
154_ _ Austintow n Twp.Rur.S.D.Ohio 535
1945
150,000
01926
40.000 103.30
246-_Mahoning County, Ohio
5
324__Tlakerstield Sch. Dist., Cal
01919
40,000 100.82
515
01922
40,000
493__Manatee
Fla.
(3
issues)
5 41935-1945 100,000 92 •
491__Bartholomew County,Ind
414 19113-1925
6,000 101.066 156-.Mantua, Ohio
6
491__Beaver Twp. Sch. Dist., Ohio_
01919
14,000 100
4,200
156__Marion County,Ind.
434
491__Bellaire, Ohio
19,000 100.815
5
26,4251 100.743 417__Marlon County, Ind (2 issues)_ 454
491__Bellaire, Ohio
01919
9.000 100.705
6
3.8421
246__Marion County, Ohio
554
244...Bellaire, Ohio (2 issues)
01918
20,500 101.79
5
15,897 100.629 156__Martin County, Ind
435 1915-1924
415__Bell County,Tex
7.500 101.55
5
105,000
100
_Maryland
247_
4
324__Bent Co. S. D. No. 5, Colo.... __
01924
3.600,000
98.31
4,000
327- _Middletown. Ohio
5
244__Berlin Twp. 8. 0., Ohio
a1920
8.630100.351
01925
534 --------30.000 103.273 417-Millburn Two S. D., N. J
570„Bexar Co. Corn. S. D. 18, Tex- 5
415 1915-1934
39,000
100.43
41924-1944
24.000
98
327__Mills River., No. Caro
6
324- _Binghamton, N. Y
1944
20,000
435
01928
106.000 102.318 247- _Minneapolis,
nn
154__Biack Creek Dr. D., No. Caro- 6
4
1944
47.500 95.66
1918-1927
23,000 100
493__Monroe Twn., Ohio
5
154_131anchester, Ohio
a1918
10,000
514
100
5.000
102.60
247- _Monterey Co., Calif
6
324-Bloomer Twp.Sch. Dist., Mich. 5
1915-1924 570,000 103.11
01923
10,000 102.76
247-.Morgan County, Tenn
5
324../3ollvar, N.Y
270,000
100
4.95
1916
35,000 100
658__Morris
Co. S. D. No. 14, Kans.. 5
1916-1919
415- _Boston, Ma,ss.(5 issues)
800 100
3,238,000 102.337 327--Mt. Vernon, N. Y
4
1945
491- _Boston, Mass.(4 issues)
20,000 103.02
4
437.100 z100
327-Mt. Vernon, N. Y
4
1944
491__Bradford Bch. Dist., Pa
15.000 103.01
434
75,000
247__Navarro County. Tex
5
75,000 100
154--Brewster,Ohio
515 1915-1935
21,0001 100.882 247__Nebraska City, Neb
6
154--Brewster, Ohio
3,000 100
514 1915-1930
16,0001
493__Newark, Ohio (31 issues)
5
344-Bridgeport, Conn
58,350
434
30,000 z100
493__Newark, Ohio
01921
5
154-_Bristol, Va.(2 issues)
12.000 101.1
5
70,000
100
417__New
Castle
County, Del
414
01953
749_ _Broadwater Co.S. D.29, Mont. 6
300,000 99.75
1.000 100
327-New Cordell, Olda
6
01933
49._ uf a o, N.Y
75,000 100.346
4
1940
5,000 z100
494„New Hanover County, No.Car. 5
1935
491__Burkburnett, Texas
35,000
5
41924-1954
8,000
754__New Haven, Mo
5
41920-1935
415-Camden, N. J
10.000
100
435
1940
150,000 104.80
327...New London Twp.S. D., Ohio_ 6
01927
1,000 102.525
150,000 104
417-_New Orleans, La
5
1917-1926 550,000
750....Campbell Sch. Dist., Neb
98.31
5
41920-1930
16,000
97.812 327-..Newton County, Ind
435
325...Cass County, Ind
10.000 100.60
5
1913
33,077 100
493__New York City
3
1924
100,000
154.._Charlotte, N. Y.(2 issues)
z100
4.85
27,500
100.363 247-Niles. Ohio
6
1924
2,000 z100
571__Chateaugay Sch. Dist., N. Y.._ 435 1917-1936
10.000
754__North Dakota (7 Issues)
4
15.000 100
415__Chattanooga, Tenn
6
1915-1918
13,987 101.493 494__Norwalk, Ohio
a1933
5
100,000
492__Chemung County, N. Y
103.692
435
27.100 101.229 247- _Norwood. Ohio
5
1915-1924
325__Cincinnati, Ohio
10,229 101.004
434
1934
100,000 102.67
494 _ _ Oakdale Irr. Dist., Calif
6
41935-1955
325„Cincinnati, Ohio
42,100
90
414
1954
75,000 104.076 494- _O'Brien County, Iowa
325....Cleveland Sch. That., Ohio__- 414
5
01922
140,000 101.254
1934
600.000 101.421 417--Onondaga County, N. Y
325__Cleveland Sch. Dist., Ohio- _ - 435
434 1917-1926 185,000 101.429
01925
400,000
100.601
417-..Onondaga County, N. Y
244__Cobleskill, N.12
414 1917-1922
65,000 101.041
5
1916-1917
6.000 100.125 417--Orange, N. J
655__Columbus, Ohio (6 issues)
414
1935
109,000 102.02
185.000
417...Orangeville Sch. Dist., Ill
415__Concord, N. H.(2 issues)
5
4,000
4
1930-1934
40,000
102.319 248-0sawatomie, Hans
244-Concord Twp.Sch. Dist., Ohio- 534
415
1945
40.000
01925
20.000 103.265 417--Ottawa. Hans
416-Corpus Christi, Texas
5
1915-1929
18.743
5
- ,.
41935-1955
300,000
100
574__Ottawa County, Mich
325_..Culpeper County, Va
414
1935
150.000 10-1.175
1918-1929
12,000 100
325__Dal as. Texas
157- _Oxford, Ohio
5
1919-1924
435 1915-1928 200.0001z100
6.500 100
494__Oxford
325__Dallas, Texas
S.
D.
No.
5,
Mich
434
01921
434 1915-1939
15,000 100.36
50,0001
572__Danville, Ohio
418__Pacoima Sch. Dist., Calif
514 1918-1932
515
15,000 101.92
4,380 102.28
327_Parke County, Ind. (2 issues)._ 4
416-Delta County, Mich
5
a1920
15,990 100.375
1917-1919
3.000 100
248-Passaic,
572__Das Moines, Iowa
N.
J
1944
434 1917-1921
269,000 103.01
454
25,000 100
248__Pelham, N. Y
751_ _Douglas County, Hans
4.80 01932
5
10,000 100.35
1918
26,000 100
327-Perry County, Ohio
245_ _ Douglas Co. S. D.No.53, Neb. 535
5
1925
90,000 102.39
67,000
327-Philadelphia, Pa
155 Duluth Minn
4
435
1945
5,000.000 100
1945
50,000 100.432 248--Plaquemine, La
155__Dupont Sch. Dist., Ohio
5
8
1948
42,000 100
1916-1925
3,500 102.20
575-Polk
Co.
S.
Ds.,
Fla.
(2
245....Duval County, Fla
bis.)„
6
5
1935
50,000 103.16
1044
150,000 101.678 418-Pompey, N. Y
572_ _Eagle, Neb
5
1916-1922
6
14,000 101.428
41919-1934
6,000 100
157__Port Dickinson, N. Y
492__El Paso County, Tex
5
1916-1944
5 41924-1954 360,000 100
39,000 102.01
418-_Portland, Ore
6
416-Eugene. Ore
41916-1925
118,825
6
41916-1925
4,250 y100
494__Portland, Ore
6
41916-1925 410.000
i36.000_100.21
248__Posey County, Ind
434
326- _Evansville Sch. City,Ind
01920
10.000 101.50
4
1919-1934
6.000 100.433 418_ _Puente Un. H. 8. D., Calif
534 1916-1945
65,000 103.14
6,000 101.27
327-Pulaski
County, Ind
435
416-Fall River, Mass.(2 issues)......- 4
9.100 100.439
00,000 101.41
418-_PulasklCo.Cons.8.D.No.1,Mo- 515
1934
155...Findlay City Sch. Dist., Ohio.._ 5
6.000
01922
300.000 101.05
494__Pulasid, Va
5
326_ _Fitchburg. Mass.(3 issues).80.000
4
95.625
168.000 100.81
494-Pulaski Sch. Dist. No.4, Va-- 535
416. _Flemington Sch. Dist., N. L..- 4
58,000 101.724
1923-1945
52,000
157.. Putnam County, Ind
434
'155__Plint,Mich
9,880 100.455
434
01923
64,974 100.846 494__Redwood County. Mimi
414
245__Floyd County, Iowa
65.000 14.9%
5
85.0007y102.614
01928
245__Fort Benton, Mont.(2 Issues).- 514 41926-1934
1 basis
50,000 y100
494-Redwood County, Minn
534
416_ _Freeport Sch. Dist. Ohio
50.000
6
1.000 100.55
01917
494__Reynoldsburg Spec. S. D., Ohio 5
326 .FultonCounty Ind
5,000 100
415
17,000 100.5
418-Ridgewood, N.a
5
1920.'25
326-Fulton County, Ind
& '30 39.000 103.257
15.000 100.633 418__Ripley Sch, Dist., Ohlo
414
5
416-Gadsden. Ala
41930-1955
30,000 102.105
30,C00
92
157_Rockaway Two. 8. D., N. J
414 1922-1926
155__Gary, Ind
5.000 100
227,000
1915-1924
6
328_Ross
County,
Ohio
245-Ghent & Chatham (Towns) Un.
'5
01923
31,500 102.33
157.._Royalton
Twp., Ohio
5
Free S. D. No. 1, N.Y
13,581
100.036
75.000 100.090 249_..8t. Johns, Ore.(4 issues)
435
01940
245-Goshen, N.Y
6
11,435 100.218
25.000 100
249..14. Joseph Co., Ind.
155_ _Grand Rapids S.D.,Micli.(2 iss.) 414
415
01920
15,700
100.286
075
390,500
y101
434
418__St. Mary's, Ohio
326--Greensburgh, N. Y
5
01922
17,520 100.616
25.000 103.194 328...Sandusky. Ohio
1940
434
573--Gresham Un. H. S. D.. Ore-.- 6
434
01917
1,500 z100
20,000 106
01925
495- _San Juan Un. H. S. D., Calif 5
416--Hackettstown Sch. Dist., N. J- 4
1917-1928
35.000 100.002
40,000 100
418_ Saratoga County, N. Y
245.-Hamilton. Ohio (2 issues)
5
1920-1924
25.000 104.27
5
36,000 101.088 575-Sault Ste. Marie S. D., Mich_
01920
245- _Hamilton. Ohio
414
150.000 y100
100.149 418 Schoharie County, N.'Y
5
al9L0
416-Harlowton, Mont
01920
10.640 103
15.000 101.666 328_Scioto Twp. Rural S. D., Ohio_ 5
492-Harrison Co., Ohio (4 issues). 6 41930-1935
535
01918
2.000 101.5
75.200
575_
Seattle,
Wash. (15 issues)
492-Hawthorne, N.J
6
296.117 100
1944
136,000 104.213 495__Shaker Heights, Ohio
416__Hempstead (T.) Un. Free S. D. 5
(9 issues)_ 5
63.828
495-Shaker Heights, Ohio (58 issues) 6
No. 21, N. Y.(2 issues)
632,054 100.051
50.000 100.27
435
249. Shelby, Ohio (3
245-Herkimer, N.Y
5
50.000 101.532
5
3,187 100.062 329„Shelby County,issues)
656-Hernando County, Fla
Ind
414
01921
3,520 100.284
50,000 95
418„Shelby County, Ind
245_Hill County, Mont
1.750 100
5
41938-1935
125,000
101.78
329„Silver Creek, N. Y
245.._HIllsborough County Special
329__South IIadley, Mass
Tax Dist., Fla
.t
--(
isag
18
°0
8182
3
6
1016-1934
5,000
97
575__South
245_ _Hillsborough County Special
Newburgh, Ohio
5
575. _South Newburgh, Ohio
Tax Dist., Fla
12,500 100.672
5
5
60,000 96.433 575-- South Newburgh,
1916-1935
416- _Holland. Mich
4,048 100.395
5
5
01920
7,938 y101.271 575__South Newburgh, Ohio
245.-Holtville, Calif
Ohio
7.750 100.593
5
5
33.000 100
756-Spokane, Wash.(5 issues)
MH
.- orton, Kans
10,050
534
6
1916-1925
34,500
101.21
573_11oward County, Ind
249__Stamford. Conn
5
414 --ril-ii3-0--- 250,000 102.83
1915-1924
9,672 100
495__Sulphur Springs, Tex
573_11oward County, Ind
30.000 100
414
5
37,400 100.457 495_ _Summit-Graym
573.-Howard County, Ind
15.000
ont S. D., Ga.- 5
434
1934
25,600
100.507
419__Summit, So. Dak
573-Hubbard, Ohio
8,000
5
4,0001 103.052 756__Tacoma,Wash
416-Hubbard Ohio
66,860
6
6
7,5001
329__Tate
County, Miss
245 ..Hudsonownship,Ohio
20.000 102.82
41920-1940
6
535
01925
5.000
103.14
756- _Temple, Texas
492- _ Hunt County, Texas
40,000 100
41935-1955
5
5
41916-1955 400,000 100
495- _Texas
245-Huntington Ind. S. D., W. Va- 5
5
01931
300.000 102.522 158_Toledo,
573__Independence, Hans
Ohio
435
415
53,500 100
496__Toledo Sch. Dist., Ohio
IR:8'33 181:7
900.000
8R3
156- _Indianapolis,Ind
434
4
01921
80.000 100.102 496__Trumbull
25,000 100.61
5
492-Indian Creek Sch. Twp., Ind_ 5
01922
11,000 103.236 496-Trumbull County, Ohio
63,000
100.93
County,
Ohio
416-Jackson Sch. Dist., Calif
6
1917-1932
8,000 101.33
496.-Trumbull County, Ohio
5.156
TAT
AND
CITY DtpAIITIVIENT.
181.04
-- .i."42
THE CHRONICLE
748
Rate.
Name.
Page.
496-Trumbull County, Ohio
5
419...Tulsa School DLst., Okla
6
496„Tunica, Miss
534
496__Tuskegee, Ala
434
329Upper Darby Twp., Pa
5
576-_Urbana, Ill
5
419 Urbana, Ill
434
159._Vanderburgh County, Ind
434
496.. Wabash County, Ind
496„Walterboro, So. Caro.(3 issues) _ _
4
159__Waltham Mass
4
159__Waltham Mass
4
159-Waltham Mass
4
159__Waltham Mass
4
159„Waltham Mass
4
159__Waltham Mass
4
159.-Waltham Mass
4
159.-Waltham Mass
159..Warren City Sch. Dist., Ohio 5
434
419-Warrick County, Ind
419__Warwick, N. Y
420...Washington County, Ind
434
5
249__Washington County, Miss
6
496 __Washington County, Va
5
420...Washington C. H., Ohio
Twp.Rur.S.D., O. 534
5
330__Wauseon, Ohio (3 issues)
249Webster County, Ga
6
330 Weehawken Twp., N. J
434
330.. West Bend,Iowa
5
330._ est
250-Westmore1and Co., Pa
434
420_West Union Sch. Dist., Ohio.- 6
446-White County, Ind.(2 issues)-- 434
420__Wilkes-Barre,Pa
5
434
420W1lmington, Del
Maturity.
1934
1935
1945
01923
01922
1916-1920
1916-1921
1916-1918
1916-1920
1916-1920
1916-1920
1916-1922
1916-1935
1921-1939
1916-1925
1945
41915-1945
1915-1934
01921
1916-1935
1935
1925-1945
01920
1920
11937
11938
..Windsor
Conn
Locks,
160..
434
1935
662„Winston-Salem, No. Caro
5
496-Woodbury County,Iowa
01925
420....Wooster, Ohio
534
01925
420_ _Worthington Sch. Dist., Ohio 5
1916-1935
420-_Yolo County Reclamation Dist.
No. 900, Calif
6
421-Youngstown, Ohio (9 issues)
5
663__YubaCo.Reclamat'n Dist.,Cal. 6
Amount. Price.
7.818
500,000
12,000
15,000
150.000
40.500 101.19
40,000 102.074
20,000 100.875
13,440 100.297
45,000 y95.125
5.000 100.049
6.300 100.06
3,000 100.01
5.100 100.04
5,400 100.03
6,500 100.019
7,000 100.098
60,000 101.08
50,000 103.09
8,600 100.488
5,000
6,800 101.121
100,000 101.131
18,000
20.000 102.04
20.000 101.825
20,000
17,801 100.028
15,000
60,000 100
11,000
147,000 102.623
250.000 102.59
4,200 104.22
22,300 100.30
9,500 101.837
45,000 104.038
30,000 104.079
50,000 107.79
32.000
500.000 102.651
40,000 106.06
40,000 101.747
17,000 100
59,620
84,000 100
Total bond sales for January 1915 (273 municipalities, covering 480 separate issues)
$32,178,941
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $28,119,860 of temporary
loans reported, and which do not belong in the list. z Taken by sinking
fund as an investment. is And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Name.
Page.
570__Brighton, N. Y. (July list)
750 ..Camden, Tenn. (October list)
492__Cooke County Texas (December list)
492__Elwood, Ind. (December list)
752_ _Harrison County, Tex. (May list)
657_.Jackson School District, Mich. (April list)
ayette, Ore.(May
5 3__
493-Maricopa County School District No.8, Ariz. (June llst)
417_Millburn Twp. School District. N. J. (July list)
658....New Madrid County, Mo.(March)
659.. Porter Twp. School District, Ohio (May list)
496 _Winner. So. Dak.(July list)
Amount.
$25,000
20,000
50,000
2,000
300,000
30,000
15,000
20,000
39,000
50,000
3.500
30.000
We have also learned of the following additional sales for
previous months:
Rate.
Name.
Page.
434
491_ _ Aspinwall,Pa
491__Baltimore, Md.(1914)
749_ -BentonCo.S.D.34,Wash.(Oct.) 534
434
415__Blackford County,Ind
6
415-Bloomington, Neb.(Feb.)
431
415__Bridgeville, Pa
4
571__Carthage S. D., Mo.(May)
434
492..-Cleveland. Ohio (Sept.)
434
492-Groveland, Mass.
573-Hansell Cons. S. D., Iowa.... 5
6
752__Kansas City, Mo
6
573„Lafayette, Ore
6
573__Linnton, Ore. (Sept,)
493__Maricopa Co. S. D. No. 8.
534
Ariz. (Nov.)
5
753._Mazornanie, Wis
issues)
753.. Montana
753„Montana Nov.. 7 issues)
753-Montana(Oct., 4 Issues)
753...Montana (Sept., 13 issues).
753__Montanalrug.. 17 issues)
753Montana July, 11 issues)
43(
658-Newark, .J.(April)
5
659-..North Bend, Neb. (Sept.)
6
494...North Elba, N.Y.(Nov.)
4
659_..Portland, Ind
418__Raeford S. D.,No.Caro.(Mar.) 6
6
659-RaleIgh, No. Caro
5
494_-Red Bud, Ill. (Oct.)
755__San Francisco, Calif. 1911..- 3%
755__San Francisco, Calif. 1914 .... 3%
755__San Francisco, Calif. 1914 ..... 334
755__San Francisco, Calif. 1914)--- 434
755__San Francisco, Calif. 1914)--- 5
755__San Francisco, Calif. 1914)--- 5
755 San Francisco, Calif. (1914)...... 5
755__San Francisco, Calif.(1914)...... 5
418-San Gabriel S. D., Cal.(Nov.)- 534
5
495...Stony Point, N.Y
5
419-Summerville, Ga. (Feb.)
6
496-Wickenburg, Ariz.(July)
(Nov.)
5
496 Winner, So. Dak.
Maturity.
41916-1925
1915-1924
41919-1934
1945
1925-1939
1915-1944
41920-1925
1915-1934
1924
41929-1934
1944
41919-1934
1916-1925
41916-1921
---1914
1922
1923
1920-1964
1924-1926
1914-1915
1960
1952
1935-1942
1916-1925
1915-1943
41924-1934
1934
Amount. Price.
822,000 100
1,250,000
1,400 100
19,500 100
8,500 100
10,000 101.125
10,000 100
300,000 z100
50,000 100
35,000 100
95,621
15,000 100
17,445 100
20,000
9,000
13,9001
36,7001
3,750
21,300
43,027
64,800
125,000
16,000
5,000
20,000
35.000
100.000
15,600
173,000
13,000
500
81,500
20,000
16.000
333,000
466,800
8.000
20,000
18,500
9.900
30,000
100.781
100
100
100
100
100
100
100
100
100
100
100
100
100
100.59
100.51
90
100
All the above sales (except as indicated) are for December.
will make the total sales
These additional December issues
for that month $29,090,479.
(not including temporary loans)
for the year 1914 aggreThe revised figures make the sales
gate $473,374,395
CANADIAN MUNICIPALITIES IN
DEBENTURES SOLD BYJANUARY.
Rate. Maturity. Amount. Price.
Name.
$80,500 95
Pae.
1944
g
5
S
1,200
1924
577_ _Amherst. N.
Alta.... 8
3099.
No.
D.
S.
1916-1935
577-Arcadia
6
Man-1408,
7.23
0 t415
02
03
3,:4
5
14
496-Benito S. D.No.
577__Broc
1934
1,700
19164925
331_ -Burford. oat
8
496_-Cokan Sch. Dist. 3373, Sask
7.000
421__Dundas, Ont
1915-1924
4.07
7
Sask
6,000
1915-1924
331- _Jablonow Sch. Dist.,
6
Sask.-Dist..
Sch.
331__Kinistino
8,000
1927
6
663--Little Current, Ont
[VOL.'100.
Rate.
Page.
Name.
421__New Brunswick (Province on__ 5
6
251__Parry Sound, Ont
497....Patch Grove S. D.3426. Sask.. 8
8
663-Penticton, B.0
497...Prince Albert S. D.No.6, Sask. 6
5
421_ Regina, Sask
5
421__Regina, Sask
497-_Rush Valley S. D.3376, Sask- 8
5
331__St. Catherines, Ont
5
331__St. Johns, N. B
497__St. Mary's, Out
53.4
497__Slmcoe, Ont
497„Swift Current. Sch. Dist., Sask.. 6
663__Thordenskjold S. D.421, Alta_ 8
497__Torondale S. D.3362„ Sask.-- 8
434
331_ -Toronto, Ont
6
497__Transcona, Man
421__Wallaceburg, Ont
6
663-Weston,Ont
497-Wroxton S. D. No. 1672, Sask. 7
Maturity.
1919
1916-1925
1945
1945
1919,
1928
1916-1925
1944
1934
1944
1945
1924
1916-1925
1953
1922
1930
1916-1925
Ameunt, Price.
980,300 100
43,000
1.600
10,000 85
8,500
646,000
43,000
1,500
196.000
260,000 100
50,000 99.50
70,000 99.08
60,000 92
1.000
1,409
1,000,000
10,000 92.25
17.000
6,008 102.35
4,000
$3.560.132
Total debentures sold in January
ADDITIONAL SALES OF DEBENTURES FOR DECEMBER.
1915-1924
$800
496 __Dana Sch. Dist. No.2505, Alta- 8
1924
4,000
496__Empreas S. D. No.3145, Alta-- 8
1915-1924
1.200
496...Jasper S. D. No. 3063, Alta__ 8
1915-1924
1,200
497__Metiskao S. D. No. 3027, Alta_ 8
5,000
1934
6
497__Rockland S. D.3016, Alta
These additional December issues will make the total sales
of debentures for that month $9,682,647. The total of
debentures sold in 1914 was $177,856,680, according to
our records.
News Items.
Bell County (P. 0. Belton), Tex.-Road Bonds Valid.It is reported in the press that Chief Justice Key of the
Third Court of Civil Appeals, has just filed the opinion in the
case of T.T. Moore vs. Commissioners' Court of Bell County
et al, affirming the judgment of the lower Court, which
declared valid bonds issued for Road District No. 10 of Bell
County.
Burnett County, Tex.-Correction.-Through a typographical error the 1910 population of this county was reported in our "State and City Supplement" as 2,874, instead
of 10,755.
Hoboken, N. J.-Recount Affirms Adoption of Commission
Form of Government.-The recount of the recent vote in
Hoboken on the question of the adoption of commission
government ended Thursday afternoon, Feb. 25, with
a majority of sixteen for commission government. The
original figures gave commission government a majority of
three. The election board was divided evenly over the counting of one ballot for commission government and agreed to
refer it to supreme Court Justice Swayze. If this ballot is
counted the majority will be seventeen.
Horton, Brown County, Kans.-Election on Commission Government.-An election will be held March 5, it is
stated, to vote on the question of establishing a commission
form of government.
. Janesville, Wis.-Purchase of Water Plant.-The plant of
the Janesville Water Co. will be taken over by the city of
Janesville on April 1 at $265,000, which is the price fixed
by the Railroad Commission of Wisconsin. An ordinance
providing for the issuance of $80,000 municipal water-works
bonds has been introduced. [See item on a subsequent page.]
Mount Pleasant, Isabella County, Mich.-Commission
Government Defeated.-The question of establishing a commission form of government was defeated at the election held
Feb. 16, it is stated.
Nelson County (P. 0. Lakota), No. Dak.-Litigation.We are informed that taxpayers have started proceedings
to restrain the sale of the $14,215 drainage bonds offered
last November.-V. 99, p. 1615.
New Brunswick, Middlesex County, N. J.-Election
on Commission Government.-An election will be held March 2
to submit to a vote the question of establishing a eommission
form of government.
New York City.-Tax Rates for 1915.-The Comptroller's office on Thursday (Feb. 25) announced the tax rates
for 1915. Compared with the two previous years these
rates are as follows:
Manhattan
Bronx
Kings
Queens
Richmond
1915.
1.87
1.94
1.92
1.95
2.24
1914.
1.78
1.77
1.84
1.89
1.90
1913.
1.81
1.81
1.85
1.85
1.92
Seattle, Wash.-Denial of Re-hearing In Lake Washington
Bridge Bond Case.-The Washington Supreme Court on
Feb. 17 denied a rehearing of the case of T. M.Tennant,
a taxpayer, against the city of Seattle, in which the issue of
29,500 5% Lake Washington Bridge bonds was declared
void. V. 100, p. 154. Reports state that the bonds will
come before the voters again on March 2.
Smith County (P. 0. Raleigh), Miss.-Default On Road
District Bonds.-J:R. Sutherlin & Co. of Kansas City, Mo.,
inform us that an issue of Smith County Road District bonds
of Supervisors, District No.2 purchased by them some time
ago is now in default, the county officials having declined
to pay the interest coupons, which were due Jan. 1 at the
First National Bank, Chicago.
South Carolina.-Legislature Adjourns.-The South
Carolina Legislature adjourned early Sunday morning
(Feb. 21.)
filns. 27 1915.]
THE CHRONICLE
Bond Proposals and Negotiations this week
have been as follows:
749
BELLE VALLEY, Nobel-County, Ohio.-BONDS NOT SOfD.--1
7ro
bids were received on Feb. 23 for the $5,150 20 5% 534-year (aver.) Main
St.-improvement (assess.) bonds offered on that day. The bonds will be
offered
for
sale
from
day to day until sold or recalled.
ADAMS, Gage County, Neb.-BOND SALE.-The 57.0005%
(opt.) coupon tax-free electric-light bonds offered without success on5-20-Yr.
BELLEVILLE, Richland County, Ohio.-BONDS DEFEATED.
Nov.5
(V. 99. p. 1765) were awarded to the First Nat. Bank of Adams on Jan. 10 According to reports,the question of issuing $10.000 municipal electriclight-plant bonds falled to-carry at the recent election.
at par.
AFTON Ottawa County, Okla.-BOND SALE.-On Feb. 18 the
BELLEVILLE TOWNSHIP,;(P&O. Belleville), St.'Clair:County,1111s.
$37.000
5-25-year (opt.) sewer-system bonds offered without success -BOND SALE.-OnVeb. 231thet$210,000 5% 834-yearz(aver.) schooon Feb. 1 V. 100. p. 570) were awarded, it is stated, to John Nuveen & bonds (V. 100, p. 654) were awarded to the
aelleyille Says:Bank of Belle
Co. of Chicago at par and int. The purchaser agreed to pay $10,000 on vine at 103.10-a basis of about 4.557%. The other bidders were:
receipt of the bonds, $20,000 in 60 days and the remainder $7,000 in 120 Belleville Bank & Trust Co., Belleville
3216:310,00
H.T. HoltzCo.. Chicago
days.
AKRON, Summit County, Ohio.-BOND ELECTION.-An election Devitt, Tremble & Co., Chicago
215.915170
Merchants'p
Loan & Trust Co.,
will be held March 9 to submit to a vote the question of issuing $600,000
215,619 60
Yard, Otis &.Taylor, Chicago Chicago
water-works bonds.
215,400 00
Mercantlle
a
rust
Co.,
Chicago
hi
215,271 00
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.- G. 114Walker
& Co., St. Louis
BOND OFFERING.-Proposals will be received on or before March 20 by Smith,
mi
Moore
&
Co.,
St.
Louis
J. L. Kelley, Secy. and Supt. Board of Public Instruction (P. 0. Gaines- Continental &
Commercial Trust & Savings Bank,Chicago
ville), for the following coupon bonds:
19
72
00
865
2
221
115
55,0
Bolger. Mosser & Willaman, Chicago
214,746 00
$6,000 6% High Springs Dist. No. 47 bonds. Denom. $500. Due $500 Mississippi
Valley Trust
Chicagoru Co., St. Louis
213,613
00
yearly Jan. 19 from 1916 to 1927 incl. Cert. check for $200, John NuyeenA,Co
.,
payable to said Board, required.
00
BENICIA, Solano County, Calif.-BOND OFFERING.
30,000 5% Gainesville Dist. No. 26 bonds. Denom. $1,000. Due $3,000
2
PrO
13
:
2
o
6
sals
yearly Nov. 4 from 1926 to 1935 incl. Cert. check for $1,000, will be received until 8 p. in. March 9 by the Trustees, it is stated, for the
510,0005% highway bonds voted recently (V.99, p. 1472).
payable to said board, required.
Authority Chapter 6542, Acts of the Legislature, 1913. Int. semi-ann.
BENICIA SCHOOL DISTRICT, Sohn° County,
Calif.-BOND
ALAMEDA, Alameda County, Calif.-BOND ELECTION.-The SALE.-The $18,000 5% improvement bonds (V. 99, p. 1239)
were
propositions to issue $300,000 school-building and $200,000 harbor-improve- awarded recently, it is stated, to the State Board:of Control.
ment bonds will be submitted to a vote, reports stated, on April 14.
BENTON COUNTY SCHOOL DISTRICT NO.
34, Wash.-BOND
ALAMEDA COUNTY (P. 0. Oakland), Cal.-BOND ELECTION SALE.-The $1,400 1-10-year (opt.) school-building bonds altered on
PROPOSED.-It is reported that an election will be held March 23 to vote April 30 (V. 98, p. 1259) were awarded to the State of Washington on
Oct. 22 at par for 534s. Denom. $500. Date
onithe proposition to issue $1,000,000 Panama-Pacific Exposition bonds.
Jan. 2 1915. Int. ann.
ALAMOSA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Alamosa), in January.
BERLIN RURAL SCHOOL DISTRICT (P. 0.
Colo.-BOND ELECTION PROPOSED.-Reports state that there
is talk Mahoning
Berlin Center),
County, Ohio.-BOND OFFERING.-Proposals
of holding an elention some time in March to vote on the question of issuing
will be received until 7:301. in. March 1 by Stanley
$50,000 high-school-bldg. bonds.
Rakestraw, Clerk Bd. of Ed.,
for $22,0
00
534
school
bonds.
Denom. $500. Date March 1 1915.
ALBANY (P. 0. Berkeley), Alameda County, Cal.-BONDS DE- Int. A.& 0.at office
of Clerk-Treas. of Dist.
FEATED.-The questions of issuing 515.000 site-purchase
$1,000 each six months
$9,000 build- from April 1 1916 to Oct. 1 1926 incl. Cert. Due
check for $500, payable to
ing bonds were defeated, it is stated, at the election heldand
Jan. 2.
above Clerk, required. Bonds to be delivered and
paid
for within 10 days
ALBANY, Dougherty County, Ga.-BOND ELECTION PROPOSED from time of award. Bids must be unconditiona
l.
-Local papers state that the City Attorney has been instructed
BERLIN TOWNSHIP (P. 0. Berlin Heights), Erie
draw
an ordinance calling for an election to vote on the question of issuing to
County, Ohio.
$80,000 BOND SALE.-On Feb. 20 the 330.000 5% 535-ye
school-building bonds.
ar (ser.) road improvement bonds (V. 100. p. 570) were awarded to Hoehler,
Cummings & ProdALLOUEZ TOWNSHIP (P. 0. Alloutm), Superior County, Wis.- den of Tol. for 530,017 50 (100.058)
and
int.-a
basis
of about 4.998% •
BONDS VOTED.-The question of issuing $5,200 highway bonds carried,
BIBB COUNTY (P. 0. Macon), GS.-BONDr
It is stated, by a vote of 82 to 8 at an election held Feb. 16.
PROPOSED.
-According to local papers,this county proposesELECTION
to
hold an election to
AL TON, Madison County,Ills.-BOND SALE.-According to reports. vote on the question of issuing $300,000 school-bullding
bonds.
the First Trust & Says. Bank of Alton has purchased an issue of
BLACKFOR
$84.600
D COUNTY (P. 0. Hartford city), Ind.
sewer improvement bonds.
-BONDS
AUTHORIZED -According to reports the County Commissione
rs on
ALVADORE SCHOOL DISTRICT (P. 0. Eugene), Lane County. Feb. 16 authorized the issuance of $7,800 5% Salamonie
dredge
bonds.
Ore.-BONDS NOT YET ISSUED.-The $4,100 building bonds voted in Denom. $780. Due $780 each six months from May 15
1916 to Nov. 15
October (V. 99, p. 1080) have not yet been issued.
1925 inclusive.
ANDERSON, Anderson County, So. Car.-BOND ELECTION PRO
BLACKVILLE, Barnwell County, So. Caro.-BOND OFFERING.
POSED.-It is stated that petitions are being circulated asking the City
Dispatches state that J. M. Farrell, Chairman of the P. S.
Comm., will
Council to call an election to vote on the question of issuing $100,000 street- receive sealed bids until April 1 for $14,000 semi-annual
20-40-yr. (opt.)
paving bonds.
improvement bonds.
ANOKA SCHOOL DISTRICT (P. 0. Anoka),
BLOOM TOWNSHIP SCHOOL DISTRICT (P. 0.
County, Minn
Bloomdale)
-BONDS DEFEATED.-The question of issuingAnoka
the $50,000 building Wood County, Ohio.-BOND ELECTION.-An election will be held,
bonds failed to carry at an election held Jan. 30. The
vote was 233 "for" March 2, it is stated, to vote on the proposition to issue $60,000 school
and 392 "against."
bonds.
BOND ELECTION PROPOSED.-The above proposition will be re-subBLOOMFIELD, Knox County, Neb.-BONDS PROPOSED.-This
mitted to the voters at an election to be called in the near future.
city is contemplating the issuance of about 58.000 bonds for the erection
ARENAC COUNTY (P. 0. Standish), Mich.-BOND ELECTION.- of a new city-hall. These bonds are to take the place
the $10,000 issue
An election will be held April 5 to submit to a vote the question of issuing refused bylthe Citizens' State Bank of Bloomfield (V.of
100, p. 324)•
$10,000 2-year jail and sheriff's residence construction bonds.
BLOUNT COUNTY (P. 0. Maryville), Tenn.-BONDS VOTED.
ASHEVILLE, Buncombe County, No. Car.-BOND OFFERING.
- The proposition to issue the $300,000 5% pike-construction bonds (V. 100.
Proposals will be received until 12 in. March 10 by J. E. Rankin,
Mayor, p. 571) carried, it is stated, by a vote of 2,548 to 291 at the election held
for $50,000 5% 30-year funding bonds. Int. semi-annual
. Cert. check Feb. 13.
for $1,000 required.
BOONE COUNTY (P. 0. Burlington), Ky.-BONDS DEFEATED.
ASHLAND CONSOLIDATED SCHOOL DISTRICT
(P.O.
Ashland) The question of issuing the 875,000 road and bridge construction bonds
Benton County, Miss.-BONDS NOT SOLD.-No
sale had been mad (V. 99, p. 1314) failed to ciFry at the election held Nov. 3 by a vote of
up to Jan. 11 of the $8,000 6% coupon tax-free building
bonds offered bue 711 "for' to 707 "against, as a two-thirds majority was necessary to
not sold on Sept. 7 (V. 99, D. 687)•
authorize.
ASHLAND COUNTY (P. 0. Ashland), Wisc.-BON
BRAZOS COUNTY (P. 0. Bryan), Texas.-BONDS DEFEATED.
D SALE.-On
Feb. 24 the $50,000 5% 11-15-year (ser.) coupon
It
is stated that the question of issuing the $600,000 road bonds(V.
court-house bonds. dated
April 1 1914(V. 100, p. 570) were awarded to H.T.
99, p.
1693) was defeated at the election held Dec. 30.
Holtz
&
Co.
of
Chicago
at 104.47 and int.-a basis of about 4.541%. Other bids
BOND
ELECTIOA
.-Reports
were:
state
that an election will be held on
C. H Coffin, Chicago
p552,305 Spitzer, Rorick & Co. T ol--451,7137 March 3 to decide whether or not $60,000
road bonds shall be issued in
Wells & Dickey Co., Minneap.52,060 Devitt. Tremble
di Co., Chic. 51,758 Millican Precinct.
A. B. Leach & Co.. Chicago_ 52.000 N. W. Halsey
At
the
same
&
election
Co.,
(March
Chic_
- 51,576
3) the proposition to issue $400,000 CottonKissel. Kinnicutt & Co., Chic.51,850 Harris Trust & Say. Bank,
wood,Bryan,College and Wellborn Justice Precinct
road bonds will also be
Continental & Commercial
submitted to a vote.
Chicago
Trust & Say. Bk., Chicago 51,845 First Nat. Bank, Milwaukee_ 51,535
51,400
BREVARD COUNTY (P. 0. Titusville), Fla.-BOND ELECTION
Second Ward S. Bk., Milw__ 51,815 Yard, Otis & Taylor.
Chicago 51,240 PROPOSED.-Reports state that an election will be
C. W. McNear & Co., Chic_ 51,810 F. J. Pool Co., Ashland(x)
called in Road Dist.
10,350 No.3 to vote on the proposition to issue $150,000 road-i
* No certified check. x For $10,000.
mprovement bonds.
BROADWATER COUNTY SCHOOL DISTRICT NO.
ATLANTIC COUNTY (P. 0. May's Landing), N. J.-BOND SALE.
29 (P. 0.
- Lombard), Mont.-BOND SALE.-An issue of $1,000
On Feb. 20 the two issues of 5% 19-year (aver.) road and bridge bonds,
6%
building bonds
was awarded on Jan. 12 to the State Board of Land Commissione
gregating $290,000 (V. 100, p. 491), were awarded at public auction
at par.
Denom.
to
$100. Date Jan. 12 1915. Int. ann. in Jan. Due Jan.rs
Kean, Taylor & Co. of N. Y.,at 107.01-a basis of about 4.449%. Bids
12 1925,
were also received from John D. Everitt & Co. and R. M. Grant & Co. of subject to call any time.
BROKEN BOW, Custer County, Neb.-BONDS
N. Y. and M. M. Freeman & Co. of Philadelphia.
.
The question of issuing the 317,000 5% 5-20-year (opt.) DEFEATED
AUBURN, Cayuga County, N. Y.-BOND SALE.-This city has sold (V.
100, p. 491) failed to carry at the election held Feb. 9.sewerage bonds
to local investors an issue of $15,547 78 bonds.
BROWN
AUGLAIZE TOWNSHIP SCHOOL DISTRICT (P. 0. Lima), Allen -Reports COUNTY(P.O. New Ulm), Minn.-BONDS AUTHORIZED.
state that the County Board on Feb. 10
County, Ohio.-BONDS DEFEATED.-At the election
the issuance
Feb. 19 the of $23,000 judicial ditch No.5 and $55,000 highwayauthorized
question of issuing $35,000 building bonds was defeated, held
bonds.
it is reported.
BROWNWO
OD, Brown County, Tex.-BOND ELECTION.
AURORA, Kane County, Ills.-BOND ELECTION PROPOSED.
-An
- election will be held March 23, reports state, to vote on the
The question of issuing ;75,000 water bonds
questions of
to the voters age special election to be held will, it is stated, be submitted issuing $8,000 septic-tank and crematory-construction and $7,000 schoolin April.
building
bonds.
AURORA, St. Louis County, Minn.-BONDS
DEFEATED.-The
BRUNSWICK TOWNSHIP (P. 0. Brunswick), Medina County,
question of issuing the $40,000
street-paving and $25,000 water-works-ext. Ohio.-BOND OFFERING
bonds(V. 100. p.324) were defeated
.-Bids will be received until 12 m. March 8
was 41 "for" and 130 "against" at the election held Jan. 27. The.vote by A. F. Root, Twp. Clerk, for $44,000 5% coupon road
-improvement
and 56 "for" and 113 "against.'
spectively.
re- bonds, series "E". Denom. $500. Date March 15 1915. Int. M. & S.
at Old Phoenix Nat. Bank, Medina. Due 2500 March 15
AURORA SCHOOL DISTRICT (P. 0.
each
1917:
six
Aurora),
months
from Sept. 15 1917 to March 15 1936 incl.' $1,500 on$500
Kane County Ills.
-BONDS TO BE OFFERED SHORTLY.
Sept. 15
-According to reports,this district 1936 and March 15 1937 and $2,500 Sept. 15 1937.
will shortly offer for sale $45,000
'
Cert. check for 2%
434% school bonds.
of bonds bid for, payable to Twp. Treas.. required. Bonds to
be delivered
BAKER SCHOOL DISTRICT,
Santa Rosa County, Fla.-BONDS and paid for within 10 days from tine of award. Purchaser to pay accrued
NOT SOLD.-No sale has
been
interest. Bidders as a part of their bid, are required to prepare
In December (V. 99, p. 1847).made of the 55,000 5% school bonds offered furnish free
of charge, the blanks on which bonds are to be executed. and
BALLARD COUNTY (P. 0. Wickliffe),
N. Y.-BOND SALES.-During the month of January the
Ky.-BOND ELECTION.According to reports, the proposition
five issues of 4% bends aggregating $40,101 56 were purchased
improvement bonds will be submitted to issue 3300.000 road and bridge- following
at par by the City Compt. for the various sinking
to a vote on Feb. 27.
BARRE, Washington County,
$3,000 00 dept. of law bonds. Date Jan. 1 1915. funds:
Due July 1 1915.
Vt.-TEMPORARY LOAN.-On 15,000 00j
Feb. 23 the loan of 517.500 maturing Aug.
bo
uinyds1 flo9
r1r
5.me oval of snow and ice. Date Jan. 1 1915. Due
10 1915 and issued in anticipation of taxes (V. 100, j). 654)
was negotiated with the Farmers' Loan
Trust Co. of N. Y. at 331% discount.
& 5,000 00 refunding water bonds. Date Jan. 1 1915. Due Jan. 1 1940.
Other bidders were:
14,601 56 public-works bonds. Date Jan, 15 1915. Due Jan. 15 1916.
_Discount.Discount. 2,500 00
Curtis & Sanger, Boston__
dept. of law bonds. Date Jan. 15 1915. Due July 1 1915.
_3.45% IBond & Goodwin. Bost,on_
Lor'g Tol. & Tupp,
_3.73%
er, Bost_3.70% 131ake Bros. & Co.,
BUFFALO, Harper County, Okla.-BONDS NOT YET ISSUED.
Boston..3.97% We
are advised by the Town Clerk that the $50,000 water-works and rail
BARTHOLOMEW COUNTY (P. 0.
OFFERING.-Reports state that on Feb. 23 Columbus), Ind.-BOND road bonds voted last March (V. 99, p. 1393) have not yet been issued.
the 34.000 434% road-improvement bonds(V. 100. p. 654) were awarded,reports
BUFFALO CENTER, Winnebago County, Iowa.-BONDS VOTED.
state, to Albert Herman,
Wm. Armuth and Frank Armuth at 100.325.
-The questions of issuing $10,000 municipal-electric-light-plant
and $7,000
water-works-ext. bonds carried, it is stated, at an election held Feb. 16.
BAY CITY, Tillamook County, Ore.-BONDS
PROPOSED.
-The The vote was 216 to 13 and 218
Recorder advises us that this city has under consideratio
to 11, respectively.
n the issuance of
5.36.007 street-impt. bonds.
BURRTON, Harvey County,
-BOND SALE.-Tho $25,000
water-works-system bonds voted Jan.Kan.
BEAUMONT, Jefferson County, Tex.-BOND
5(V. 100, p. 324) have been disposed
ELECT ION.-An of.
election will be held March 3, it is stated, to vote on the question
of issuing
$150,000 Island Park improvement bonds.
BUTLER COUNTY (P. 0. Hamilton), Ohio.-BOND SALE.-On
Feb. 20 the $175.000 43I% 1734-year (aver.) flood-emergency
BELL COUNTY (P. 0. Belton), Tex.-BOND ELECTION.
bonds,
-The series 3(V. 100, p.491) were awarded,
proposition to issue $4,000 road bonds in Road District No.
is stated. to J.C. Mayer & Co.and
16 will be sub- Davies-Bertram Co. of Cincinnati on it
their joint bid of 100.53 and int.vote on Feb. 27. it is stated.
a
mitted
to
a,basis of about 4.467%.
•
BUFFALO,
750
THE CHRONICLE
[VoL. 100.
Irrigation-system improvement bonds offered on July 7(V.99. p. 64) bay
not yet been sold.
CINCINNATI,01110.-BOND SALE.-S90,0004% 40-51-yr.(opt.)coup.
municipal bonds for terminal facilities and permanent betterments for
were awarded to the
the line of the Cincinnati Sou. Ry. (V. 100, p. 325)
Citizens' Nat. Bank of Cincinnati at par on Feb. 23. Harris, Forbes &
94.583.
bid
Co. of N. Y.
by the City Council
BONDS AUTHORIZED.-An ordinance was passed
of' $165,000 4 % 40-yr. viaducton Jan. 26 providing for the issuance
thereof.
Date
Feb. 15 1915.
multiples
or
$100
constr. bonds. Denom.
The City Council passed ordinances on Feb. 2 providing for the Issuance
bonds:
%
4
of the following
Date Mar. 1 1915. Due in 20 yrs.
$50,000 house of refuge impt. bonds.Date
Mar. 1 1915. Due in 20 Yrs.
50,000 police-station-impt. bonds. bonds.
Date Feb. 15 1915. rlue in
(assess.)
road-impt.
33,500 Madison
10 annual installments.
Date Mar. 11915. Due in 20 yrs.
50,000 fire-dept. impt. bonds.thereof.
Int. semi-ann.
Denom. $100 or multiples
Los Angeles County,
CITRUS UNION HIGH SCHOOL DISTRICT,
the 58.000 6 school bonds
that
Calif.-BOND SALE.-Reports state
to E. H. Rollins &
awarded
been
have
283)
p.
99,
(V.
27
July
on
offered
Sons of San Francisco.
Fla.
-BONDS NOT
Springs),
Cove
Green
0.
CLAY COUNTY (P.
Jan. 23 of the 5150,000 5H% 40-year
YET SOLD.-No sale was made up1to
on Aug.3
without
success
offered
bonds
No.
Dist.
Bridge
and
Special Road
p.621).
(V,90,1_
Tex.-BOND ELECTION.-The elecCLEBURNE, Johnson County,issuing
the 5180,000 sewerage-system,
tion to vote on the questions of (V. 100. p. 325) will be held March 6.
and $130.000 school-building bonds
BONDS PROPOSED.-NO
Mass.
County,
CLINTON, Worcester
the reports that stated that this town
The Town Treas. advises us that $15,000
purchase bonds
Fyfe-propertyof
issuance
is contemplating the
are erroneous.
In the denomination of $1.000 (V. 100, p. 325)
Iowa.County,
Story
Colo),
0.
COLO SCHOOL DISTRICT (P.
question of issuing $33,000 siteBONDS VOTED.-It is reported that thethe election held Feb. 18. The
at
carried
bonds
purchase and building
vote was 173 to 80.
ELECTION.-The elecCLOQUET, Carlton County, Minn.-BOND
the 512.000 5% fire-hall-erection
tion to vote on the question of issuing
Jan. 1 and July 1. Due
bonds (V. 99, p. 1924) will be held Mar. 8. Int.
$3,000 yrly. July 1 from 1916 to 1919 incl.
PROPOSED.-Local
COLUMBIA, So. Caro.-BOND ELECTIONto the voters the quespapers state that an election will be called to submit
tion of issuing $250,000 high-school-bldg. bonds.
Anoka County,
COLUMBIA HEIGHTS SCHOOL DISTRICT,
this district on Feb. 16
Minn.-BONDS VOTED.-Newspapers state thatbuilding
bonds.
$17,000
of
voted 67 to 43 in favor of the issuance
ELECTION PROCOLUMBUS, Lowndes County, Miss.-BOND $50,000
high-schoolissuing
POSED.-According to reports, the question of
to a
building and auditorium-erection bonds will probably be submitted
o
vote.
-On Feb.19
NNELLSVILLE, Fayette County, Pa.-BOND SALE.
aggregating
the two issues of 4%% 14-yr. (aver.) gold reg. coupon bonds
Clothier & Tyler
CARIITHERSVILLE, Pemiscot County, Mo.-BOND SALE.-On $100,000 (V. 100, p. 415) were awarded to Montgomery.
4.2829'. Other bidders were:
Feb. 22 the two issues of 5% bonds, aggregating $62,000 (V. 100, p. 571) of Phila. at 102.273 and int.-a basis of about
Co., Phila_ 4101,570
$101,780 A. B. Leach
were awarded to the Harris Trust & Say. Bank of Chicago for $62.640 Graham Sr Co., Phila
Mellon Nat. Bank, Pittsb- 101,075
Newburger, Henderson &
(101.032) and int. Purchaser to furnish blank bonds:
Holmes, Wardrop & Co.
101,650
-561,850
St.
LCo.,
Tr.
Philadelphia
Val.
riss.
Loeb,
40
L462,477
St.
&
Co.,
Smith,Moore
and Lyon, Singer St Co.,
101.601
61,725 Martin Sz Co., PhIla
John Nuyeen Sr Co.. Chic. 62,427 50 A.G.Edwards & Sons,
100,995
Pittsburgh
Mercantile Tr.Co., St.L__ 62,196 50 Wm.R.Compton Co.. St. L- 61,381 Harris, Forbes & Co., N.Y_ 101.582
Wyo.-BOND OFFERING.
Douglas),
0.
CONVERSE COUNTY (P.
CASS COUNTY (P. 0. Logansport), Ind.-BOND SALE.-On
Feb. 23 the $13,760 44% 6-year (aver.) road bonds (V. 100. p. 571) were Proposals will be received until 3 p. m. April 6 by John C. Amspoker,
and
int.
par
at
Indianapolis
of
Co.
awarded to the State Savings Sr Trust
County Clerk, for $40,000 5 % 10-20-year (opt.) coupon court-houseThe Fletcher-American Nat. Bank of Indianapolis also bid par and int.
equipment bonds. Denom. $500. Date
OF building and jail-building and
CASS COUNTY (P. 0. Walker), Minn.-CONTRACT FOR SALE
reently April 1 1915. Int. A.& 0.at the Co. Treas. office. Cert. check for $250
BONDS RESCINDED.-The Board of County Commissioners
G. A. required.
resolved to rescind and cnacel its previous resolution appointing
of $60,000 Rural
Elder of Duluth agent of the county to negotiate the sale
The official notice of this bond offering will be found among the advertisehave offered
Highway No. 45 bonds. Edwin It. Cooper & Co. of Duluth
elsewhere in this Department.
ments
better
considers
board
the
which
terms
on
to purchase the bonds referred to
-It
CORDELE, Crisp County, Ga.-BOND ELECTION aPROPOSED.
than those offered by Mr. Eider.-V. 100, p. 571.
that there is talk of calling an election within few months for
reported
Is
meeting
same
the
at
Cordele Electric
the
of
BOND OFFERINGS.-The Board of CoMmissioners
plant
the
purchase
to
bonds
voting
of
purpose
the
at which the action mentioned above was taken carried a motion that the
Co. or erect a municipal light and power plant.
matter of selling road bonds in the amount of $300.000 (more or less) be
COTTAGE GROVE, Lane County, Ore.-BOND SALE.-On Feb. 8
deterred until April 6 and that the Auditor advertise for bids on same,
513,498 27 6% 1-10-year (opt.) street-improvement bonds were awarded
allowing three weeks published notice.
was
motion
1.
a contractor at par. There were no other bidders. Denom. $500.
to
No.
Ditch
In the matter of providing funds for County
carried that the Auditor advertise for bids on these bonds, amounting to Date Nov. 7 1914. Int. M..St N.
2.
March
on
$5,280. to be sold
DANVILLE, Vermilion County, Ills.-BOND OFFERING.-Bids will
City Clerk, for the
CEDAR RAPIDS, Linn County, Iowa.-BOND ELECTION PRO- be received until 7:30 p. m. Mar. 2 by J. Torrance,
early
an
at
called
580,000 5% bridge bonds authorized by the City Council on Sept. 15 1914
POSED.-Local papers state that an election will be
(V. 99, p. 1473). Denom. $1,000. Date Jan. 1 1915. Int. J. & J.
date to vote on the question of issuing $60,000 storm-water-sewer bonds.
yearly on Jan. 1 as follows: 51.000 1916 to 1918 incl.. $2,000 1919 to
CHAGRIN FALLS TOWNSHIP (P. 0. Chagrin Falls), Cuyahoga Due
1922 incl., 33.000 1923 to 1925, 54.000 1926 and 1927, 55.000 1928 and
County, Ohio.-BOND OFFERING.-Proposals will be received until 1929, 56,000 1930 and 1931. $7,000 1932 and 1933 and 58.000 in 1934 and
6:30 p. m. Mar. 20 by F. A. Williams, Twp. Clerk, for $6,000 5% coup. 1935. Cert. check for 5% of bid required. Bids must be unconditional.
highway-impt. bonds. Denom. $500. Date Mar. 1 1915. Int. A. & O. Bonds to be delivered and paid for within 10 days from date of award.
at Chagrin Falls Banking Co.. Chagrin Falls. Due $500 each six months The legality of the proceedings and this issue has been approved by Wood
from Oct. 1 1916 to April 1 1922 incl. An unconditional cert. check on a & Oakley of Chicago.
7 of bonds bid for, payable
bank other than the one making the bid,for 10,
County, Pa.
DARBY SCHOOL DISTRICT (P. 0. Darby), Delaware
to Twp. Treas., required. Bonds to be delivered and paid for within 10
17 for the $35,000
-CORRECTION.-In reporting the bids received on Feb.
days from time of award. Purchaser to pay accrued interest.
sale of which was reported in last week's "Chronthe
bonds
building
%
advised us that
CHAPMAN, Dickinson County, Kan.-BOND ELECTION.-Acpage 655. the Secretary of the Board of Education
of Philadelphia. We
cording to reports this city proposes to hold an election to vote on the a
bid of 101.575 was submitted by Martin & Turner
icle.
firms of Martin & Co.
the
by
submitted
issuance of bonds for a municipal-light plant.
bid
joint
a
was
this
that
learn
now
- and Harper & Turner, both of Philadelphia.
CHARTER OAK, Crawford County, Iowa.-BONDS NOT SOLD.
(P. 0. Darlington), DarlingNo sale has been made of the $16,000 5% electric-light bonds offered last
DARLINGTON SCHOOL DISTRICT -It
is reported that the election
bonds
these
for
any
time
month (V. 100, p. 325). Bids will be received at
ton County, So, Caro.-BONDS VOTED.
of 36 to 6 in favor of-the question of Issuing
by P. F. Men% Town Treasurer.
held Jan. 26 resulted in a vote
house.
school
new
a
CHATSWORTH PARK SCHOOL DISTRICT, Los Angeles County, bonds for building
Calif.-BOND SALE.-On Feb. 15 the 534.000 6% 1-34-year (ser.) siteDAWSON COUNTY SCHOOL DISTRICT NO. 125, Mont.--BOND
purchase,construction and equipment bonds(V. 100. p. 571) were awarded, OFFERING.-At 2 p. m. March 25 the Trustees will sell at the office of the
Schools at Glondive $1,250 5-10-year (opt.)
It is stated, to Biyth, Witter Sr Co. of San Francisco.
County Superintendent of not
exceeding 6% interest.
site and building bonds at
CHELSEA, Suffolk County, Mass.-TEMPORARY LOAN.-On
Ga.-BOND ELECTION.-An election
County,
one
in
Kalb
maturing
1914,
Be
23
Feb.
dated
DECATUR,
$200,000
Feb. 19 a tax-free loan of
to vote on the question of issuing $25,06()
stated,
Parker
D.
will be held March 20, it is
year and issued in anticipation of taxes, was negotiated with C.
$7,000 water-works-system-ext. and $18.& Co. of Boston at 3.48% discount, plus 10 cents premium. Other bid- school-building and equipment
000 sewerage-system-ext. bonds.
ders were:
DECATUR, Wise County, Tex.-BOND ELECTION PROPOSED.
Blake Bros. & Co., Boston
Reports state that there is talk ofcalling an election to vote on the question
437
Dis
5
24
9
1
. of
Farmers' Loan & Trust Co., New York
issuing $7,000 refunding and street bonds.
CHILLICOTHE, Ross County, Ohio.-BOND SALE.-On Feb. 9
DE KALB SCHOOL DISTRICT (P. 0. De Kalb), De Kalb County,
the following 5% bonds were awarded to Walter W. Boulger of Chillicothe Ill.-BOND ELECTION PROPOSED.-According to reports, this district
at a total premium of $80:
contemplating calling an election to vote on the question of issuing
is
Duo
2
1914.
Mar.
Date
$2,540 general flood bonds. Denom. $254.
n s.
NoT
C u.b
Eround
lar g
pA
0vir
LOA
.O
E
25
51D
Mar. 2 1934.
(P. 0. Muncie), Ind.-BOND SALE.-On
$105.
Denom.
(1)
(58)
and
$100,
sewer
bonds.
paving
5,905 sidewalk,
10-yr. (aver.) court-house, poor-asylum and
4J%
$45,000
the
20
Feb.
Date Mar. 15 1915. Due Mar. 15 1925.
Children's Home bonds (V. 100, p. 244) were awarded, it is stated. to the
Date
15
$58.
Aug.
Denom.
bonds.
2
No.
sidewalk
St.
Hickory
580
at 103.75-a basis of about 4.04%.
of
Indianapolis
Bank
year.
each
Meyer-Kiser
bond
one
optional
1913. Due Aug. 15 1923.
We team that on Feb. 23 the five issues of 4%% 6-year (aver.)
Int. semi-ann. at office of City Treas. Duplicate assess., $16,699,225: highway
bonds,
-improvement
aggregating
$29,960 (V. 100. p. 655) were
actual (est.). $20,000,000.
awarded to Merchants' Nat. Bank of Muncie for $29,991 41 (100.104) and
CHILLICOTHE, Livingston County, Mo.-BOND OFFERING.- hit.-a basis of about 4.48%•
L.
8
W.
by
March
Wanamaker,
m.
Proposals will be received until 8 p.
DENTON, Denton County, Tex.-VOTE.-Tho vote cast at the elec5% water-works-plant-purchase and impt.
City Clerk, for the $135.000
84, Rev. Stat., 1909, also vote of 959 to 104 tion held Feb. 2, which resulted in favor of the issuance of $112,000 5%
bonds. Auth. Art. 11, Chap.
p. 571). Denom. $1,000. Date 10-40-yr. (opt.) bonds (V. 100. p. 655). was as follows:
100,
(V.
15
Feb.
held
election
at the
A atnst.
Purpose.
For.
bank in St. Louis, Chicago or Kansas Amount.
March 11915. Int. M.& S. at some
5
428
by purchaser. Due 525,000 March 1 1920; $75,000 school-building
City. Mo., to be determined
98
391
fire-department
1 from
yearly
March
15,000
incl.;
$8,000
1930
to
1921
from
1
March
$7.000 yearly
sidewalk-improvement
91
396
and
street
Treas.,
the
City
to
payable
$1,000;
10,000
for
1931 to 1935 incl. Cert. check
81
397
12.000 water-works-extension
accrued interest. Total bonded debt, includrequired. Purchaser to pay
Assess. val. 1913, $1,987.466. Est, real val.,
DEUEL COUNTY (P. 0. Chappell), Neb.-BONDS VOTED.-The
ing this issue. $192,500.
question of issuing the 520,000 court-house-erection bonds (V. 100. P• 572)
$5,419.410.
(P. 0. Chillicothe), Ross carried. it is reported, at the election held Feb. 13.
CHILLICOTHE SCHOOL DISTRICT
e are advised
SHGRTLY.-W
ISSUED
BE
TO
DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BOND ELECTION
-BONDS
County, Ohio.
1 the $60,000 bldg. bonds voted PROPOSED -We are advised that the election to vote on the question of
that this district will issue about April
the court-house and jail-construction bonds, which was to have
issuing
Dec. 8 (V. 99, p. 1766)•
(P.O. Chimney Rock), been submitted to a vote at the last general election (V. 99. p. 1314), has
CHIMNEY ROCK IRRIGATION DISTRICT
postponed indefinitely.
coupon
been
6%
583,000
-The
SOLD.
NOT
Morrill County, Neb.-BONDS
CALD WELL COUNTY (P.O. Princeton), Ky.-BOND ELECTION.
held April 3 to
An election will, according to newspaper dispatches, beion
bonds.
road-construct
issuing
of
question
the
submit to the voters
CALIFORNIA.-BOND OFFERING.-Friend W. Richardson, State
Treasurer, will sell at public [auction at 2 p. m. March 16 at Sacrament°,
reports state, $1,000,000 4% State highway bonds. Denom. $1,000.
. CAMDEN,Benton County, Tenn.-BOND ELECTION PROPOSED.Reports state that an election will be called to vote on the question of issuing
if authorized, will take
$20.000 high-school-building bonds. These bonds,
subsequently
the place of the issue sold on Oct. 21 (V. 99. p. 1314), but a
having
full 30 days
not
appeared
notice
election
the
of
refused on account
previous to the election.
CAMPBELL SCHOOL DISTRICT (P. 0. Campbell), Franklin
County, Neb.-BOND SALE.-The $16.000 5% 5-15-year (opt.) building
bonds (V. 99. p. 1924) were awarded on Jan. 1 to H. C. Speer & Sons Co.
of Chicago for $15.650-equal to 97.812. Denom. $1,000. Date Jan. 1
1915. Int. ann. in Jan.
•
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
Ohio.-BOND ELECTION.-An election will be held March 2 to vote on
the proposition to issue $250.000 school bonds, it is stated.
CANTON SCHOOL DISTRICT (P. 0. Canton) Lincoln County,
So. Dak.-BOND ELECTION PROPOSED.-An election will probably be
held the latter part of March to vote on the question of issuing about
$6.500 high-school-building bonds.
CAPE MAY, Cape May County, N. J.-BOND OFFERING.-Bids will
be received until 8 p. m. March 1 by John W.Mecray,Chairman of Finance
Committee, for $86,000 5% 30-year coupon and reg. improvement bonds.
Denom. $500. Date Mar. 11915. Int. M. Sc S. at office of City Treas.
Cert. check for 19' of purchase price, payable to S. B. Wilson, City Treas..
required. These bonds are exempt from city taxes. Bonded debt (excl.
of this issue). $695,500. Floating debt, $55,000. Assessed valuation,
$6,454,244.
CARBON COUNTY (P. 0. Price), Utah.-BOND ELECTION PROPOSED.-Reports state that an election will be called to vote on the question of issuing 565,000 5% refunding bonds.
CARBONDALE SCHOOL DISTRICT (P. 0. Carbondale), Lackawanna County, Pa.-BONDS PROPOSED.-Local newspaper dispatches
state that this district is contemplating the issuance of $150,000 high-schoolconstruction bonds.
CARPI°, Ward County, No. Dak.-BONDS PROPOSED.-Reports
state that this village proposes to issue bonds to erect a municipal-light plant.
CARUTHERS UNION HIGH SCHOOL DISTRICT, Fresno County,
Calif.-BOND OFFERING.-Additional details are at hand relative to the
offering on March 3 of the $30,000 5% gold coupon building bonds(V. 100.
p. 655) Proposals for these bonds will be received until 2 p. m. on that
day by D. M. Barnwell, Clerk Bd. of Co. Supers. (P. 0. Fresno). Auth.
Art. 14, Chap. 3,Pol. Code of Calif. Denom. $1,000. Date Feb. 1 1915.
Int. mi. in Feb. at the Co. Treas. office. Due $3,000 yearly from 1920
to 1929 incl. These bonds are tax exempt. Cert. check for 5% of bid,
stb1113.5to the Chairman Bd. of Supers. Assessed val. equalized 1914
ir
f
FEB. 271915.]
THE CHRONICLE
751
DONA ANA COUNTY SCHOOL DISTRICT NO. 13, N. Max.
- for $1,000 6% 1-4-year (ser.) public-bail-construction bonds.
Auth. Sec.
BOND SALE.-On Feb. 1 $12,000 53i% building bonds were awarded to 3939 Gen. Code. Denom. $250. Date
March 23 1915. Int. ann.
Keeler Bros. of Denver at par.
Purchaser to pay accrued interest.
DOUGLAS COUNTY (P. 0. Lawrence), Kans.-BOND SALE.
FRESNO COUNTY (P. 0. Fresno), Calif.-BOND ELECTION PROAn issue of $26,000 5% 3-year refunding bonds, dated Jan. 1 1915, was POSED.-According to reports the proposition to issue
or
purchased by the State of Kansas during January at par.
$3,000,000 road bonds will be submitted to the voters this$2.000.000
spring.
DOUGLAS COUNTY CONSOLIDATED SCHOOL DISTRICT
FULTON COUNTY (P. 0. Rochester), Ind.-BOND SALE.-On
NO. 8 (P. 0. Alexandria), Minn.-BONDS VOTED.-By a vote of 467 Feb. 15 the two issues of 4)
,i% coupon
-Improvement bonds,
to 379 the question of issuing $3,000 school-ground-purchase bonds carried aggregating $54,800 (V. 100, p. 572) were highway
awarded
Breed. Elliott &
at an election held Jan. 27. The rate is reported as 438 to 414.
Harrison of Indianapolis for $54.815 (100.027) and to
int. Other bidders
were:
DUBLIN, Laurens County, Ga.-BOND ELECTION PROPOSED.
According to reports, an election will be held to vote on the question of Omar B. Smith, Rochester, $54,803 and interest.
issuing $75,000 bonds for building a cold-storage-meat-curing plant, street Indiana Bank az Trust Co., Rochester, $54,800 and interest.
Improvements, building a garbage-disposal plant, school houses and for
FULTON COUNTY SCHOOL DISTRICT (P. 0. Lewistown),
Ills.other purposes.
BOND OFFERING.-Proposals will be received
until 1 p. m.
8 by
DUBLIN, Pulaski County, Va.-BONDS NOT SOLD.-No sale was E.C. Miles, Clerk Bd.of Ed.,for $28,000 5% bldg.impt. bonds.Mar.
made of the $5,000 6% 15-30-year (opt.) coupon water-system and street- $1,000. Int. M. & N. Due $1,000 yearly on May 1 from 1918 Denom.
to
1934
incl.
and $11,000 May 1 1935. Cert. check for
improvement bonds offered on Feb. 20. Denom. $500. Date Jan. 22
payable to Bd. of
1915. Int. March 1 and Sept. 1. Bonded debt $15,000. No floating Ed.. required. Purchaser is to look after printing$500,
and furnishing of bonds
and the necessary steps and proceedings -incidental
debt. Assessed val. $190,000.
to their issuing; said
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BOND ELECTION bonds to be issued on or before May 1 1915 and to bear date as of that time.
PROPOSED.-According to local papers, the Bd.of Co. Commrs.on Feb.12
FUQUAY SPRINGS SCHOOL DISTRICT (P. 0. Fuquay
Springs),
passed a resolution previding for an election some time in March to vote on Wake County, No. Car.-BOND ELECTION PROPOSED.-A
petition
the question of issuing 5% bonds to pay the outstanding indebtedness of is being circulated calling for an election to vote on
the
question
of issuing
the county and to construct roads and bridges.
$25,000 building bonds, it is stated.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1,
GALT SCHOOL DISTRICT (P. 0. Galt), Sacramento
County,
Fla.-BOND ELECTION PROPOSED.-Reports state that a petition is Calif.-BOND ELECTION PROPOSED.
-Reports state that the Trustees
being circulated in this district calling for an election to vote on the question have taken steps toward calling an election to vote
on
the
question
of
issuing $20,000 building bonds.
of issuing 81.000.000 school bldg. and school grounds impt. bonds.
EAGLE TOWNSHIP, Brown County, Ohio.-BONDS DEFEATED.
GALVA, Ida County„ Iowa.-BOND SALE.-The
$5.000
554%
-Local newspaper reports state that the proposition to issue 815.000 school 10-20-year (opt.) coupon water-works-impt, bonds
offered in January
(V. 100, p. 245) have been sold to the First Nat. Bank of
bonds failed to carry at the election held Jan. 19.
Galva.
GEORGIA.-BOND OFFERING.-Proposals will be
EASTON Northampton County Pa.-BONDS PROPOSED.-An
received until
ordinance has been intro uced in the City Council providing for the issuance 12 m. March 15 at the office of the
Governor, John M. Slaton, State
of $100,000 4% 20-yr. coup. street-impt., sewer, park, fire-dept. and play- Capitol, in Atlanta,
for
$3,525,000
(coupon
with
privilege
bonds.
ground
of registration)
Denom. $100 and $500. Date July 1 1915. Int. J. & J.
refunding bonds. See V. 99, p. 1392. Bids are
at office of City Treasurer.
requested at 4. Of and
EDGAR, Clay County, Neb.-BOND ELECTION.-Reports state that 434% interest. Bidders submitting separate proposals at either of the
an election will be held March 4 to decide whether or not this city shall above specified rates must do solo separate bids. Denom.
$500. or $1,000,
issue $13,500 municipal electric-light-plant and equipment bonds.
as purchaser may desire. Date July 11915. Int,
semi-annually in Atlanta
EDGEWOOD, Allegheny County, Pa.-BOND OFFERING.-Bids and New York. These bonds are
exempt
from
all
taxation
in Georgia.
will be opened at 8 p. m. March 8 by W. II. Garrett, Borough Secretary
(P. 0. Swissvale). for 830.000 4),5% 25-yr. (aver.) tax-free bonds. mt. Due $200.000 yearly July 1 from 1935 to 1944, incl., and $1 525 000 July 1
semi-ann. Cert. check for $300, payable to "Borough of Edgewood," 1945. Cert. check on some bank or trust company for 2% of bonds bid
required.
for, acceptable to the Governor, required. The actual
bonds cannot be
ELGIN, Kane County, Ill.-BOND ELECTION PROPOSED.-Accord- delivered before July 1 1915. The Governor will
deliver to purchasers
ing to reports, the question of issuing $125,000 light-plant bonds will be on request interim non-Interest bearing
certificates exchangeable on and
submitted to the voters at general city election. Denom. (500) $100,
after July 1st 1915 for interest-bearing Georgia State bonds
(150) $500. Date Aug. 1 1915. Due part yearly beginning in 1919.
on proper
ELIDA SCHOOL DISTRICT (P. 0. Elida), Allen County, Ohio.- guaranty, acceptable to the Governor, that payment in full of bid will be
BOND SALE -According to reports,this district on Feb. 8 awarded the made on delivery of bonds. The entire property of the State of Georgia,
810.000 5)4% school bonds (V. 100, p. 416) to the Hanchett Bond Co. of including the M estern and Atlantic Railroad, is pledged by the constitution
Chicago at 102.77.
of Georgia as security for payment of the bonded debt of the State, which
ELK TOWNSHIP SCHOOL DISTRICT (P. 0. Alta), Buena Vista pledge will be endorsed on earth bond.
County, Iowa.-BONDS NOT YET SOLD.-No sale has yet been made
The official notice of this bond offering will be found among the advertiseof the $10,000 5% reg. tax-free building bonds offered without SUCC133.4 in
ments elsewhere in this Department.
October (V.(19. p. 1160).
•
PA.
•
GAE iNvpt
eA LosOg
BOND ELEr7TION PROPOSED.-The Sec. Bd. of Ed. advises us that
VH221
CalifAnge.
ArEt
-BSeS
iE
AWARDED IN
an election will be held some time in March to vote on the question of
Stasis Co. of Los Angeles has been awarded at par and int. $75,000 of the
issuing bonds.
ELLWOOD CITY, Lawrence County, Pa.-BONDS NOT YET $134.000 (unsold portion of an issue of 8248,000) 5% 6-36-year (ser.)
AUTHORIZED.-We are advised that the ordinance providing for the municipal water-plant-purchase bonds (V. 99, p. 1314). Ths same firm
issuance of the $5,000 bonds (V. 100. p. 325) has not yet been passed by has been granted a 30-day option from Feb. 1 for the purchase of the
remaining $59,000. Denom. $1,000. Date Sept. 1 1914. Int. M.& S.
the Boro. Council.
GLOUSTER SCHOOL DIST. (P. 0. Glouster). Athens County,
EL PASC), El. Paso County, Tex.-BONDS AUTHORIZED.-On Ohio.
-BONDS REFUSED.-NEW ELECTION.-Field, Richads & Co,.
Jan. 7 an ordinance was passed, it is stated, providing for the issuance of of Cincinnati
have refused to accept the $25,000 5% coupon taxable build$34,250 East El Paso Improvement District bonds.
ing bonds awarded them at 101.6 on Jan. 20 (V. 100. p. 326) because
ENDICOTT, Broome County, N. Y.-BOND SALE.-On Feb. 16 the an alleged defect in the election notice. Another election will be held,of
it
20,000 57 10A-year (aver.) coupon paving (village's
rtion) bonds is St ted, on March 2.
V. 100, p. 72) were awarded to Geo. B. Gibbons Co. of N.Y.
at 102.51
GOSHEN TOWNSHIP SCHOOL DISTRICT (P.0,New Hampshire),
and int.-a basis of about 4.69%. Other bidders&
were:
Anglaise County, Ohio.-BOND ELECTION.-An election will 130 held
First National Bank. Lestershire, 102.50.
March 23 to vote on the question of issuing $8,000 building bonds in subIsaac W. Sherrill Co., Poughkeepsie, 102.46.
district No. 2.
Harris, Forbes & Co.. New York. 102.332.
GRAND RAPIDS, Kent County, Mich.-BOND SALE.-On Feb. 23
EVANSTON, Cook County, Ills.-BOND ELECTION.
-Reports
state that this city is considering submitting
two issues of 4 % 3-year (aver.) tax-free street and sewer bonds.
to the voters at the spring the
election the proposition to issue $15,000 water-w
aggregating
$240,000 (V. 100, p. 656), were awarded to the Detroit Trust
orks-improvement bonds. Co. of Detroit
BONDS PROPOSED.-A local newspaper states
at 100.355 and int.-a basis of about 4%%. Other bidders
that
this
city
is
conwere:
templating the issuance of $50,000 coupon retaining
-wall-construction First Tr.&Say.Bk
bonds.
,Chic.$240,600 001Harris TrIsSav.Bk..Chic4240,357 00
H.T.Holtz & Co.. Chic__ 240,453 501Merrill,Oldham&Co.,Bos. 240.189 60
FALLS COUNTY (P. 0. Marlin), Tex.-BOND
PROPOSED.-Reports state that a petition is being circulatedELECTION
GRANT COUNTY (P. 0. Marion), Ind.-BOND OFFERING.-Bids
in Precinct No. 1
to ask the Commissioner's Court to call an election to vote
on the issuance will be received until 2 p. in. March 2 by Uz McMurtie, Co. Tee is., for
of $500,000 good-road bonds.
$2.560 4)i% Wm. T. Ray road bonds in Center Twp. Denom. 8128.
Int. M. & N.
FAYETTE COUNTY (P. 0. Connersville), Ind.-BOND
SALE.
- 1925 inclusive. Due $128 each six months from May 15 1916 to Nov. 15
On Feb. 20 the $5,500 4 % 6-year (aver.) highway-impt.
bonds (V. 100,
p. 572) were awarded, reports state, to the Farmers' & Merchants'
GRANVILLE SCHOOL DISTRIO r (P. 0. Granville), McHenry
Trust
Co. of Connersville for 85.508-equal to 100.145. a basis of about 4.472%.
• County, No. Dot..
a vote of 158 to 29,the quesFERG178 FALLS, Ottertail County, Minn.-BONDS DEFEATED.- tion of issuing $17,000 building bonds
carried, it is stated. at a recent
The question of issuing $10,000 bonds for running expenses failed to carry election.
at the election held Jan. 19, the vote being 388 "for" to 366 "against," a
GREGG COUNTY (P. 0. Longview), Texas.-BOND ELECTION.
two-thirds majority being necessary to carry.
A vote will be
FERRY COUNTY SCHOOL DISTRICT NO. 1, Wash.-BOND OF- road bonds. taken on March 18, it is stated, on the issuance of $300,000
FERING.-Proposals will be received until Feb. 27 by M. M. Stark, Co
GREEN BAY, Brown County, Wis.-BOND
Treas., it is stated. for $36,000 20-year school bonds. Int. (rate not to
ELECTION PROPOSED.
-According to local papers,
exceed 6%), payable semi-annual.
a special election will be held on the day of the
spring election to vote on the
question of issuing $60.000 bridge-construcFLINT, Genesee County, Mich.-BONDS VOTED.-The questions tion bonds.
of issuing the sewer and subway bonds (V. 100, po 572) carried at the election held Feb. 17 by a vote of 908 to 444 and 806 to 545 respectively.
GREENE COUNTY
0.Xenia), Ohio.-BIDS.-The following
the other bids received(P.
are
FLORENCE TOWNSHIP (P. 0. Sandusky), Erie County, Ohio.
on Feb. 18 for
- funding bonds
$70,000 5% 10-year (aver.)
BOND ELECTION PROPOSED.-Reports state that an election will
awarded to the Atlas Nat.the
Bank of Cincinnati for $72,890.
pagal6t5
o6104.128, the sale of which
probably be held March 9 to vote on the question of issuing $30,000 road- eque
was reported in last week's "Chronicle".
improvement bonds.
The Davies-Bertram Co..
Cincinnati
PLOYDADA, Floyd County, Tex.-BONDS NOT YET SOLD.-No Fifth-Third
$72.639 00
sale has yet been made of the $20,000 5% 15-40-year (opt.) coupon water- Seasongood National Bank, Cincinnati
72.597 00
& Mayer,
works-construction bonds offered without success on Sept. 24. (V.
72.4
58
Brighton German Bank Cincinnati
75
6 00
99.
Co
and Western German Bank.
p. 997).
A. E. Aub & Co. Cincinnati
FOND DU LAC, Fond du Lac County, Wis.-BOND SALE.-On Hayden, Miller & Co., Cleveland
72.485 00
eland
Feb. 20 the $305,650 4)i% 1-20-year (ser.) coupon water refunding bonds
72,467 00
Say. Bank & Trust Co.. Cincinnati
dated Feb. 24 (V. 100. p. 572) were awarded
72.401 00
to E. H. Rollins & Sons, Citizens' National Bank, Xenia
Devitt, Tremble & Co.and the First Trust & Say.
72.255 00
Chicago at their C. E. Denison & Co. .Cleveland
of
Bank
joint bid of $306,705(100.312)-a basis of about 4.463%. Other bids were: Ohio National Bank, Columbus
72.192 40
Kissel', Kinnicutt & Co., Chicago, $306,032.
Sidney Spitzer & Co., Toledo
72.181 13
Second Ward Savings Bank Milwaukee
71,981 00
Tillotson & Wolcott Co., Cleveland
Merchants' Loan & Trust Co., Chicago
E. H. Rollins & Sons Chicago
71.906 00
18305,990
71.813 00
Continental
tal & Commerical National Bank. Chicago
Field, Richards & Co.. Cincinnati
71.850 00
N. W. Halsey & Co.. Chicago, $4.279 discount.
Otis & Co., Cleveland
71,665 00
Spitzer. Rorick & Co.. Toledo
FORT DODGE SCHOOL DISTRICT (P. 0. Fort Dodge), Webster
71.13600
County, Iowa.-BOND ELECTION.-A vote will be taken on March
GREENWICH, Conn.-BOND OFFERING.
8,
-Proposals
be reit is reported, on the question of issuing $150,000 building bonds.
ceived until 12 m. March 6
by the Town Bonding Committee will
at
the office
of
the Town Selectmen for the following 4 %
FORT MADISON INDEPENDENT SCHOOL DISTRICT (P.O. For t
gold coupon (with privilege
Madison), Lee County, Iowa.-BOND ELECTION.-An election will be of registration) bonds:
held March 8 to decide whether or not this district shall issue $38,000 high- $100.000 school-improvement bonds. Date July 1 1914.
Due $10,000
yearly on July 1 from 1925 to
school-building-Improvement bonds.
incl.
125,000 refunding bonds. Date April1934
1 1915. Due $5,000 yearly on
FORT MEADE SUB-SCHOOL DISTRICT (P. 0. Fort Meade), Polk
April 1 from 1916 to 1940 incl.
County, Fla.-BOND ELECTION PROPOSED.-A petition is being
Denom. $500. Int. semi-ann. at U. S. Mtge. & Tr. Co.,
circulated, it is reported, calling for an election to vote on the question company
N. Y., which
will also certify as to the genuineness of the signatures
of issuing $25,000 funding and high-school-building bonds.
officials signing the bonds and the seal impressed thereon. of the Town
Legality apFORT PAYNE, De Kalb County, Ala.-BONDS NOT YET SOLD.
- proved by Dillon. Thompson & Clay, N.Y. Cert. check for 1%
of bonds
We are advised by the Mayor under date of Jan. 8 that the $10,000 5% bid for, payable to Town Treas., required. Bids to be
made on blank
20-year school bonds offered without success on July 1 (V. 99, p. 361) have forms furnished by town. Delivery April 1, unless a subsequent
date shall
not yet been sold. The issue will probably be re-offered during the coming be mutually agreed upon. Purchaser to pay any accrued
interest.
summer or fall.
GRIMES COUNTY (P. 0. Anderson), Texas.-BOND
FREEPORT, Harrison County, Ohio.-BOND OFFERING.-Pro- An election will be held March
ELECTION,_
it is stated, to decide whether
posals will bo received until 12 m. March 20 by Chas. Linard, VII. Clerk, $65,000 road bonds shall be issued3,
for Road District No.5 in Precinct or not
No. 1.
752
THE CHRONICLE
GUILFORD SCHOOL TOWNSHIP (P. 0. Plainfield), Hendricks
County, Ind.-BOND OFFERING.-Further details are at hand relative
4 % school bonds(V.100,P.656).
to the offering on March 9 of the $4,000until
2 p. m. on that day by Ralph
Bids for these bonds will be received
Swearengin. Two. Treas. Denom. $500. Date April 1 1915. Int.
M.& S. Due $500 yearly on March 1 from 1917 to 1924 incl.
GUTHRIE, Logan County, Okla.-BONDS DEFEATED.-The
question of issuing the $50,000 water-works-ext. bonds (V. 100, p. 155)
failed to carry, it is stated, at the election held Jan. 14.
HAMDEN, Vinton County, Ohio.-BOND SALE.-It is stated that
electric-light-plant bonds
on Feb. 23 the $3,000 53 % 171 -year (aver.)
(V. 100. p. 573) were awarded to theCitizens'Bank of Hamden for $3,065 20
(102.173) and interest.
HAMLIN COUNTY (P. 0. Hayti), So. Dak.-BOND OFFERING.Proposals will be received until 1 p. m. Mar. 24 by Guy Osborn, Co. Aud.,
and jail-site
for the $60,000 5% 15 1-3-year (aver.) coupon court-house
purchase and construction bonds voted Jan. 26 (V. 100, p. 573). Autio.
Dakota. Denom.
Secs. 970 to 979 incl., Revised Political Code of South
Due $10,(40) $1,000. (40) $500. Date Mar. 24 1915. Int. semi-ann.
000 in 5 and 10 years, $15.000 in 15 years and $25.000 in 20 years. Cert.
check on any bank in Hamlin County for 5% of bid, payable to the Chairman Bd. of Co. Comm'rs, required. The county has no bonded debt or
other indebtedness. Assess. val. 1914. over $16,790,000.
HAMPTON SCHOOL DISTRICT (P. 0. Hampton), Calhoun
County, Ark.-BONDS PROPOSED.-According to reports. the School
Board proposes to issue bonds to construct a school-building.
HANCOCK COUNTY (P. 0. Greenfield) Ind.-BOND SALE.-On
Feb. 24 the $34,200 43. % 6-year (aver.) highway-improvement bonds
(V. 100, p. 573) were awarded to the Muncie Trust Co. of Muncie for
$34.223-equal to 100.067-a basis of about 4.488%.
Other bidders were:
Rudolph Kleybolte Co. Chicago, $34,215.
Fletcher-American Nat. Bank, Indianapolis, $34,200.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND OFFERING.
ComProposals will be received until 11 a. m. March 15 by the Bd. of Co.
highway
coupon
of
issues
nine
for
57
Clerk,
Copeland,
C.
Jean
missioners,
improvement bonds, aggregating $99,500. Denom. $500 and $1,000.
Date May 1 1915. Int. M.& N. at office of Co. Treas. Due part yearly
beginning May 1 1916. Cert. check for $100, payable to Co. Treas. (or
cash) required with each issue. Bonds and coupons will be furnished by
county.
HARRISON COUNTY (P. 0. Marshall), Tex.-BOND SALE.
According to reports E. H. Rollins& Sons of Chicago have purchased.at96,
$300.000 Road Dist. No. 1 bonds. A similar issue of bonds was reported
sold to Well. Roth & Co. of Cincinnati on May 291914.(V.98. p. 1866).
HARRISON TOWNSHIP SCHOOL DISTRICT (P. 0. Urbana),
Champaign County, Ohio.-BOND ELECTION.-Reports state that
an election will be held March 1 to submit to a vote the question of issuing
$18,500 school bonds.
HARRISVILLE TOWNSHIP (P. 0. Lodi), Medina County, Ohio.
A. V.
BOND OFFERING.-Bids will be received until 12 m. March 9 bybonds.
Sanford, Twp. Clerk, for $28,000 59 coupon road-improvement
series "A". Denom. $500. Date March 15 1915. Int. M. & S. at
Exchange Nat. Bank, Lodi. Due $1,000 each six months from March 15
1921,
1916 to March 15 1922, except that $1,500 is due on Sept. 15 1920 and$2,000
incl. and
$1,500 each six months from Sept. 15 1922 Mar. 15 1926_payable
to Twp.
on Sept. 15 1926. Cert. check for 2%, of bonds bid for,
Treas.. required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest. Each bidder as a part
of his bid, will be required to prepare and furnish, free of charge, the
blanks on which said bonds are to be executed. Official circular states that
there is no pending or threatened litigation relative to these bonds. No
bonded debt. Assess. val. 1914 $2,326,795.
HARTFORD SCHOOL DISTRICT, Ohio.-BOND ELECTION.-A
Canton. Ohio, newspaper states that an election will be held March 2 to
submit to a vote the proposition to issue $250,000 building bonds.
HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Adams County,
Neb.-BOND ELECTION PROPOSED.-Reports state that this district
will hold an election to vote on the question or issuing $130,000 bonds for
new school buildings.
HAWEINSVILLE SCHOOL DISTRICT (P. 0. Hawkinsville),
Pulaski County, Ga.-BONDS VOTED.-The question of issuing $35.000
school-building-improvement bonds carried, it is reported, at the election
held Feb. 17.
HAZLETON, Luzern° County, Pa.-BONDS PROPOSED,-Accordto reports this city is contemplating the issuance of about $30,000
mprovement bonds.
HENRY COUNTY (P. 0. Newcastle), Ind.-BOND SALE.-On Feb.
20 the $7,800 4 % 6-year (aver.) road-improvement (county's portion)
bonds (V. 100, p. 573) were awarded to Thos. B. Milliken, Cashier of the
Citizens State Bank of Newcastle,it is reported, at 7,801 (100.012) and int.
BONDS PROPOSED.-According to local newspaper reports,thiscounty
Is contemplating the issuance of $40,000 hospital bonds.
HILL COUNTY (P. 0. Hillsboro), Tex.-BOND ELECTION PROPOSED.-Reports state that a petition was presented to the Commissioners' Court on Feb. 19 asking for an election in Precinct No. 7 to vote
on the issuance of 35,000 road-building bonds.
HODGENVILLE, Lame County, Ky.-BOND SALE.-The $14,300
5% 14%-year (aver.) coupon water-works bonds offered without success
on Sept. 26 (V. 99. p. 997) were awarded on Feb. 19, it is stated, to J. W.
and A. Snider of Taylorsville. Ky., for 814,700-equal to 102.797.
HOSPICES INDEPENDENT SCHOOL DISTRICT (P. 0. Hospers),
Sioux County, Iowa.-BOND ELECTION PROPOSED.-An election will
be held some time in March to vote on the question of issuing schoolbuilding-kept. bonds. These bonds, if authorized, will take the place of
the $4,000 issue offered without success on June 15 and the proceedings of
which were found to be irergular (V. 99, p. 285).
HUMBOLDT COUNTY (P.0.Eureka), Calif.-BIDS.-The following
are the other bids received for the $150.000 4% State highway bonds
awarded on Feb. 9 to Byrne & McDonnell of San Francisco for $142.880equal to 95.253 (V. 100. p. 753):
Anglo & London Paris Nat. Ban, San Francisco, $142,318
Humboldt Nat. Bank, Eureka. $142,057
Perrin, Drake & Riley, Los Angeles. $141,645.
HUNTINGTON BEACH SCHOOL DISTRICT, Orange County,
Calif.-BONDS VOTED.-The question of issuing $70,000 school bonds
carried, it is stated, at a recent election.
D.
HUNTSVILLE, Madison County, Ala.-BOND OFFERING.-J.5%
the $40.000
Humphrey. Mayor, will receive bids until March 16 forsemi-ann.
Cert.
Int.
15.
Feb.
voted
bonds
-building
high-school
30-year
check for $500 required. V. 100, p. 573.
Falls), BonneIDAHO FALLS SCHOOL DISTRICT (P. 0. Idaho
question of issuing
ville County, Idaho.-BONDS DEFEATED.-The
at
$50,000 building and improvement bonds failed to carry, it is reported,
107, a two-thirds majority
the election held Feb. 8. The vote was 147 to
being necessary to carry.
Ind.
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis),
17 the $75.000 4% 31-year (aver.) coupon taxBOND SALE.-On Feb.
the
to
awarded
were
416)
p.
100,
(V.
impt. bonds
free real estate andNat.
Bank and Breed. Elliott & Harrison of IndianFletcher-American
of $75,427-equal to 100.569-a basis of about
ap 11 on their joint bid
6k.
4.A3
Ohio.-BOND SALE.-It is stated
IRONTON, Lawrence County,
(city's
57 20-year coupon street-improvement
that on Feb. 24 the 1612,200
awarded to A. E. Aub & Co. of Cinere
p.
100.
(V.
portion) bonds
4.948%.
about
of
basis
to
657)w
--equal
cinnati for $12.281 22
Other bidders were.
Cleveland, $12,881 80.
C. E. Denison & Co.,
Cincinnati, $12.820 50.
Fifth-Third Nat. Bank,
$12,790 93.
Columbus,
Bank.
Ohio National
Cincirmati, $12,727 04.
Weil, Roth & Co.,
Cleveland, $12,688 00.
Co.,
Wolcott
Tillotson &
Cincinnati, $12,620 90.
Breed, Elliott & Harrison,Ironton, $12,380.
Iron City Savings Bank,
$12,335.
Cincinnati,
Mayer,
Seasongood &
[VOL. loo.
IOLA SCHOOL DISTRICT (P. 0. Iola), Allen County, Kan.
BOND ELECTION.-The election to vote on the question of issuing the
$80.000 20-year building and equipment bonds (V. 99, p. 1925) will be
held March 9.
ISABEL, Dewey County, So. Dak.-BONDS NOT SOLD.-No sale
has yet been made of the $5,000 5% refunding bonds offered by this town.
JACKSON, Hinds County, Miss.-BOND ELECTION-An election
will be held March 13 to vote on the question of issuing $160,000 5 %
electric-light-plant bonds.
BOND ELECTION PROPOSED.-The questions of issuing $65,000 schoolimprovement and $50,000 State Fair bonds will probably be submitted to
a vote in the spring.
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Marysville),
Union County, Ohio.-BONDS DEFEATED.-The question of issuing
the $20,000 building bonds (V. 100, p. 326) failed to carry, it is stated, at
the election held Feb. 16.
JANESVILLE, Rock County, Wis.-BONDS AUTHORIZED.-The
City Council has authorized the issuance of $80.000 5% coupon bonds for
the purchase of the plant of the Janesville Water Co. (see news item on
preceding page). Denom. $500. Date April 11915. Int. J. & J. at the
City Treas. office. Due $5.000 yearly July 1 from 1916 to 1931 inclusive.
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND SALE.-Reports
state that on Feb. 18 the two issues of 4)4% 6-year (aver.) highway-impt.
bonds, aggregating $31,600 (V. 100, p. 573), were awarded to Ed. O'Gara
of La Fayette for 1;31,622 (100.069) and int.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-PRICE PAID
FOR BONDS.-We are advised that the price paid for the two issues of
5% road bonds, aggregating $15.000, awarded to the National Exchange
Bank of Steubenville on Jan. 26 (V. 100, p. 416) was as follows and n
@FedFRASER