Full text of Commercial and Financial Chronicle : February 7, 1914, Vol. 98, No. 2537

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Ftnancial

Tfir
oni JTCjtl
VOL.98 FEBRUARY 7 1914

runtde

NO.25371

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dans,
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company.

-FOR JANUARY FOR FOUR YEARS, AND FOR WEBS ENDING JAN. 31
CLEARINGS
Week ending January 31.

January.
Clearings at
1914.

1913.

Inc. or
Dec.

1912.

1911.

1914.

1913.

Inc. or
Dec. I

1912.

1911.

91, I
$
$ .
9,371,820,393 9,338,741,206 1/0.4 8,835,581,539 8,530,248,570 2,294,539,898 1,980,959,481 +15.82,123,357,984 2,218,149,629
New York
--9.1 170,130,649 168,030,218
662,662,060 157,577,954
715,515,517
790,455,773 -3.6
762,336,119
Philadelphia
44,491,002
;
217,044,702
50.849,908
5059 496 --10.4
51,021,715
223,050,185
260,274,076 -10.1
233,923,660
Pittsburgh
39,364,334
43,165,147
40,679,485 ---10.4
155,979,563
36,457,773
172,666,688
198,373,649 --14.2
170,246,212
Baltimore
9,714,012
9,403,316
10,848,145 -1.9
10,650,365
48,317,857
52,430,831
55,147,418 -2.1
53,982,188
Buffalo
4-1.2
8,398,612
6,871,336
7,984,064
6,951,093
31,842,271
35,018,164
33,871,025 +2.0
34,654,011
Washington
6,021,554
5,847,137
6,510,000 ---1.1
6,241,966
26,715,396
27,090,849
32,138,918 -6.6
30,001,397
Albany
5,274.591
5,147.250
4,891,572 ---0.8
4,850,000
190,062,217
206,683,705
24,198,267 -0.1
24,170,568
Rochester
3,076,879
3,350,648
2,734,882 4-14.2
3,123,250
12,800,607
13,824,730
14,773,618 +22.8
18,137,400
Scranton
2,766,583
2,690,643
2,340,945 ---0.3
2,334,381
11,475,129
11,690,062
13,546,631
+6.2
14,383,176
Syracuse
1,514,407
1,552,880
1,815,893 ---3.4
1,754,854
6,430,505
7,379,206
7,875,303 +6.2
8,365,417
Reading
1,533,071
1,415,097
1,669,991
4-5.8
1,766,102
6,753,784
6,950,563
7,987,410 +6.3
8,488,254
Wilmington
1,481,478
1,579,479
1,559,571 ---6.8
1,453,710
6,479,117
6,748,554
7,514,235 -2.2
7,350,084
Wilkes-Barre
1,397,853
1,724,942
2,365,830 --19.7
1,898,400
7,227,552
8,164,784
9,595,784 -0.2
9,573,783
Wheeling
5,384,601
5,801,362
7,551,579
6,881,019 +9.7
Harrisburg
1,541,205
1,555,713
1,546,709 --1.0
1,530,540
6,581,288
7,137,894
7,560,021
7,700,810
Trenton
1,081,787
1,063,747
1,439,600 ---4.7
1,372,642
4,985,588
4,682,443
6,370,044
6,941,034 -8.2
Lancaster
1,070,715
806,255
792,696 4-6.7
845,561
3,972,829
4,048,636
3,997,590
4,013,056 -0.4
York
823,577
838,632
883,886 4-19.7
1,057.137
3,728,504
4,389,728
5,188,906
4,693,892 +10.5
Erie
590,877
648,092
649,904 -8.6
593,903
2,479,681
2,561,193
Chester
3,064,600
3,287,121 -6.8
625,700
701,500
622,600 4-5.0
854,000
2,275,800
2,789,200
Binghamton
3,189,300 12.7
3,275,800
545,380
516,301
628,514 4-15.1
723,448
2,721,352
2,936,713
Greensburg
5.8
3,136,910
2,964,688
2,222,210
2,248,553
3.5
Beaver County,Pa
2,514,607
2,601,990
437.288
403,386
445,317 +9.2
486,421
1,985,422
2,167,056
1.3
2,469,822
Altoona
2,501,369
1,298,163
1,330,797
1,583,447 -0.6
Frederick
1,574,415
1,096,000
847,657
1,342,864 +20.8
Franklin
1,621,508
2,053,921
1,941,137
2,124,895 -0.02
2,124,377 .
Norristown
397,700 +23.4
490,552
2,007,337 +11.0
2,228,979
Montclair
2,523,848,996
-:
-.
10,800,130,760 10,846,207,206 -- 0 4 10170,678,746 9,783,824,688 2,588.375.166 2301,231.683 +12.5 2,428,779,401
Total Middle
169,792,545 159,866,877 +6.2 206,851,558 185,246,577
823,633,699
842,802,494
-5.6
822,877,016
766,873,342
Boston
8,334,400
8,339,500
8,235,800 -2.1
8,060,100
40,764,800
40,234,300
41,827,300 ---4.7
39,865,400
Providence
4,312,911
4,464,418
5,115,648 +3.9
5,316,114
19,348,079
22,142,595
24,285,805 4-5.9
25,706,169
Hartford
3,444,537
2,894,713
2,792,442 +3.8
2,899,958
13,849,965
14,496,976
16,378,752
14,925,966 4-9.7
New Haven
2,086,939
2,380,505
2,569,894 -3.5
9,861,812
2,480,990
11,300,108
13,306,877 -0.5
13,245,390
Springfield
2.139,870
2,361,145
1,677,029 +7.5
1,802,504
9,336,209
10,445,216
9,180,419 --0.2
9,159,266
Portland
2,115,911
2,367,934
2,526,301
2,250,356 +12.3
10,658.892
2.2
11,368,882
12,035,934
12,299,155
Worcester
1,308,806
891,131
1,102,557 -12.2
1,237.498
5,695,372
5,080,105
6,034,952
5,639,330
Fall River
925,151
863,691
908,648 +11.3
1,011,548
5,036,162
4,449,984
4,689,351
5,111,919
New Bedford
582,608
646,337
+5.2
656,891
691,029
2,754,644
17.09.06.5
2,837,577
3,152,880
3,357,200
Holyoke
634,291
499,245
426,792 +51.5
848,546
2,625,069
2,629,715
2,432,135 4-49.8
3,644,005
Lowell
358.74.8
451,290
471,174 -26.9
344,357
1,699,819
2,275,685
1,911,457
2,455,637 ---22.2
Bangor
4,392.000 4-4.5
4,588,300
Waterbury
196,809,490 186,094,108 +5.8 232,010,927 211,479,743
048,264.522
970,063,567 961,201,540
018,175,307
Total New England
305,800.223 294,666,195 +3.8 299,348,490 276,589,495
1,436,346,234 1,412,245;175 --1.7 1,252,985,283 1,146,387,681
Chicago
24,088,550
25,023,650
26,919,750 +7.5
28,925,200
120,288,300
121,309,500
128,285,900 --7.1
137,401,350
Cincinnati
18,194,135
19,297,175
23,445,360 +9.0
25.552,981
86,721,331
97,975,625
118,694,848 --3.3
122,671,921
Cleveland
15,502.373
17,929,872
+6.6
21,600,171
23,025,892
.80,765,389
90,318,692
111,534,398 --8.4
120,946,778
Detroit
14,677,000
14,401,521
15,283.417 -0.4
15,224,569
80,775,628
58,975.304
--5.5
70,265,421
74,095,350
Milwaukee
8,614,923
7,531,321
8,403,387 -16.4
7,021,776
39,435,517
38,996,027
---11.9
41,601,016
36,642,969
Indianapolis
6,345,400
5,003,200
6,153,500 +41.8
8,727,600
26,999,300
26,165,200
28,240,500 4-18.9
33,582,800
Columbus
4,011,484
3,949,109
4,464,797 +29.7
5,790,099
21,751,853
209,968,185
24,387,945 4-16.3
28,352,333
Toledo
3,485,242
3,472,632
3,482,998 -3.2
3,371,041
15,293,428
13,886,284
16,276;192 4-0.6
16,373,590
Peoria
3,047,851
3,013,944
2,992,781
+7.2
3,208,786
11,812,325
12,985,841
---0.4
16,028,145
15,960,471
Grand Rapids
2,033,322
2,075,831
2,726,020 -5.8
9,923,859
10,562,809
2,567,047
11,990,904 4-5.2
12,611,316
Dayton
2,267,018
1,832,969
1,773,648 +35.9
11,102,476
2,409,224
11,170,326
11,203,344 +18.4
13,267,142
Evansville
553,925
853,269
684,139 -21.3
3,059,482
3,351,364
542,159
3,692,720 --19.2
2,983,118
Kalamazoo
936,381
1,114,146
4,458,144
858,965
850,000
5,370,282
5,081,199 ---0J01
5,080,813
Springfield
1,085,031
1,059.049
5,667,814
1,489,775 +18.5
1,741,288
6,010,624
7,378,470 ---0.0
7,378,376
Youngstown
920,997
1,029,067
4,695,626
1,107,547
1,102,408 +0.5
4,978,153
4-0.6
5,640,359
5,673,661
Fort VVayne
1,375,885
1,058.970
1.014,744
1,410,194 -28.1
5,578,075
4,796,626
6,517,406 ---I8.2
5329'635
Lexington
810,400
1,270,000
1,572,000
1,600,500 --1.7
4,944,000
6,660,000
8,037,000
8,908,000 -9.8
Akron
646,734
731,308
892,926
911,767 -2.1
3,173,235
3,400,179
4,092,437 ---1.2
4,042,677
Rockford
509,933
538,046
584.685 -16.2
489,239
2,396,182
2,524,826
2,874,437
2,906,757 ---1.1
South Bend
855,758
1,078.439
1,101,921 +11.5
1,228,462
4,172,297
6,703,125
6,242,521
4-8.3
5,307,649
Canton
741,899
657,850
722,904 +6.6
770,765
3.175,415
3,591,150 4-12.7
4,047,507
2,999,322
Quincy
528,534
525,385
568,698 +32.0
750,054
2,658,288
3,355,752 4-18.2
3,899,309
2,684,382
Springfield, Ohio
587,700
755,569
593,979 -12.3
521,086
2,890,587
2,919,301
2,876,738 +1.5
2,972,447
Bloomington
352,018
350,071
345,660 +21.8
420,847
1,782,062
2,118,748
1,975,693 4-7.2
1,922,467
Mansfield
416,194
506,352
434,899 -2.4
424,463
1,853,248
2,458,567 -4.5
2,346,690
2,226,791
Decatur
315,000
500,450
600,000 -29.5
422,838
2'685,421 ---9.6
1,904,361
2,408,371
2,225,353
Jackson
281,471
350,070
303.550 +0.5
305,230
1,504,656 13.2
1,350,812
1,552,386
1,112,377
Jacksonville, Ill
432,982
479,657
437,246 +15.3
504,047
4.1
2,168,053
1,793,951
1,813,482
2,256,803
Danville
394,175
324,133
467,324 -2.0
457,913
6.7
1,559,382
2,201;176
2,248,965
1,833,627
Lima
352,319
376,699
335,854 4-19.6
401,903
1,591,534
2,217,528 ---4.5
2,317,000
1,788,027
Lansing
650,881
574,113
661,324 --27.6
477,294
2,424,827 -14-2
2,733,658
2,070,787
2,958,476
Owensboro
206,133
208,000
184,550' +8.7
A-8.1
200,523
835,693
954.084
1,031,978
812,695
Ann Arbor
747,088
1,286,577 +12.6
1,448,834
1,053,831
Gary
1,981,177 ---2.6
1,929,317
1,929,975
Flint
533,642 4-22.3
444,302
652,685
Lorain
28,718
31,947
44,917 +40.4
146,830
63,068
207,772 4-53.1
192,541
318,000
Adrian
698,147
652,583 4-8.5
707,822
New Albany
4,198.254 +9.8
4,608,228
Paducah
A-2.7 1,820,773,307 1.693,006,/t17 446,782,834 427,337,276 +4.6 417,142,304 391,820,337
2135,407,586 2,078,448,307
Total Middle Western
Details of Pacific and Other W estern on page 432.
98,553,098
97,539,650 116,883,522 -16.5 110.827,568
466,322,906
530,230,604
580,429,736 -6.0
545,445,376
Total Pacific
139,165,770 143,095,033 -2.7 136,079,400 133,416,729
609,336,232
706,232,211 -1.6
618.678,346
694,754,191
Total other Western
82,073,241
-3.6
75,565,579
83,091,630
80,065,933
352,848,277
347,080,890
395,563,196 t0.5
397,422,694
St. Louis
21,634,558
21,990,598
20,252,637 +6.8
21,636,327
98,285,162
105,961,892
8.3
103,412,499
111,974,545
New Orleans
15,171,738
15,645,955
16,074,295 -2.6
15,656,322
67,078,378
3.2
71,543,352
65,333,998
73,820,234
Louisville
10,392,887 Not included In total
+31.1
37,890,336
49,688,421
Houston
8,600,500
9,612,500
11,074,500 -10.1
38,013,500
9,950,000
42,471,500
46,281,000 -4.2
44,357,000
Galveston
8,687,194
10,090,388
8,923,075 -4.1
8,559,792
34,969,719
39,437,159
39,524,158 -2.0
38,735,090
Richmond
13,501,710
15,176,328
13,364,411 +19.7
15,997.118
65,973,176
71,326,341
69,573,168 +13.5
78,931,054
Atlanta
8,760,436
9,669,995
8,008,287 +11.3
8,910,130
38,523,855
41,098,885
43,106,195 +4.6
45,109,169
Memphis
7,538,891
7,237,443
8,445,245 -0.6
8,396,537
32,373,317
30,882,704
38,998,478 -0.8
Fort Worth
38,689,659
5,988,763
6,258,503
5,415,956 -7.3
5,020,158
27,258,438
28,339,091
24,868,059 -0.7
Savannah
24,704,452
3,939,329
5,384,716
6,677,174 +8.5
7,248,592
19,154,702
26,900,065
36,280,635 +6.7
38,712,207
Nashville
3,324,348
3,545,917
3,861,278 +11.5
4,304,204
14,441,733
16,360,293
18,478,472 +10.4
Norfolk
20,406,497
2,753,032
3,100,863
2,887,558 +7.7
3,110,700
12,217,798
12,927,935
17,506,004 +6.6
Birmingham
18,658,986
3,387,531
2,558,083
-16.2
2,424,754
2,030,805
13,849,448
11,074,686
Augusta
10,724,846 +3.3
11,078,049
2,859,022
3,083,601
3,157,314 +0.1
3,160,610
12,964,885
14,827,303
15,701,523 -2.1
Jacksonville
15,372,144
3,700,000
4,255,900
3,992,197 +22.0
4.872,018
19,413,632
20,159,126
17,649,125 +23.2
Macon
21,750,000
1,787,142
2,003,000
1,749,014 +30.6
2,285,791
10,394,454
9,445,028
Charleston
9,805,013 +12.7
11,046,837
2,752,082
1,450,000
2,138,067 +11.3
2,379.487
10,571,740
7,371,695
+9.9
8,845,701
Oklahoma
9,718,000
2,014,324
2,568,921
2,014,538 +38.0
2,780,188
9,109,245
8,381,235
10,315,490 +23.4
Little Rock
12,724,235
1,616,685
1,555,717
1,675,213 +8.9
1,824,664
8,182,484
8,292,702
7,584,946 +17.0
8,874,004
Knoxville
1,721,846
1,495.226
1,522,339 -15.7
1,283,400
7,515,149
6,957,860
7,440,678 -9.4
6,744,814
Mobile
1,758,924
2,049,209
2,324,761 -2.9
2,257,647
8,508,580
10,784,557
12,344,280 -11.4
10,941,247
Chattanooga
1,341,586
1,707,079
2,593,879 --44.7
1,433,558
8,727,328
11,251,984
15,495,855 -35.3
10,024,923
Austin
4,802,809
4,261,178
5,919,552 -8.5
5,418,460
Columbia
3,762,534
3,618,062
3,550,712 -15.5
N. C
3,000,000
Wilmington,
2,714,506
•2,881,183
3,065,672 -1.6
3,006,271
Beaumont
2,707,612
2,379,689
2,349,355 +10.4
2,593,806
Columbus, Ga
489,220
518,821
337,883 +19.7
.
404.422
2,203,000
1,892,100
1,820,078 +1.8
1,853,161
Vicksburg
800,000.
335.000
470,289 -13.2
408,280
3,426,967
2,466,321
2,195,398 -1.4
2,164,997
Jackson
683,223
488,356
925,939 +49.2
1,381,785
2,652,000
2,978,000
4,141,0.52 +74.4
7,222,455
Tulsa
312,108
306,500
287,503 +26.8
364,440
1,680,695
1,642,400
1,568,803 t3.3
1,620,565
Meridian
782,090
901,193 +11.5
1,005,192
3,431,709
2.2
4,068,436
4,157,237
Muskogee
4,743,099
5,108,059
1.2
6,200,000
6,128,796
Paso
El
934,345,216 216,728,100 214,590,909 +1.0 208.936.288 207,197,517
967,913,640
1,136,721,213 11603,740,864 +3.9
Total Southern
+8.9 3,534,775.906 3,564,118,430
16,230,634,422 16,266,257,863 -0.2 15,096,338,280 14,432,099,265 3,685,401,009 3,389,232,531
Total all
17411:417,942 1.345,966,79 1
6,657 -1.0 6,266;756,741 5,901,850,698 1,390,861,11f 1,408273,0.50
6,858:814,029 6,02751Outside New York
1311 Clearing. by Telegraph and Canadian Clearings on page 432




414

THE CHRONICLE

I Vol, xoviu.

promissory notes; itris not limited to investment
companies, as that term would ordinarily be defined,
THE FINANCIAL SITUATION.
In view of the numerous "Blue Sky" laws that but extends the definition so that it may include
most
the private corporations and partnerships
have been put upon the statute books of the different in theof
United States. it does not cover fraudulent
States, there is reason for gratification in the fact securities merely, but reaches and prohibits
'
the sale
that the whole scheme of legislation of this class has of securities that are honest, valid and safe; it does
fallen under judicial condemnation. As was noted not simply protect the unwary citizen against frauduin our "State and City Department" last week, the lent misleading, but it prevents the experienced inUnited States Court for the Eastern District of vestor from deliberately assisting an enterprise
Michigan (composed of Judges Denison and Sessions which he thinks gives sufficient promise of gain to
offset the risk of loss, or which, from motives of
of Grand Rapids and Tuttle of Detroit) has just pride, sympathy or charity, he is willing to
aid,
rendered a decision holding the Michigan "Blue withstanding a probability that his investment notwill
Sky" law unconstitutional, and the decision is so prove unprofitable. Of course not all of these
sweeping in its character as to make it quite unlikely results always follow; but they always may,and somethat legal support can be found for the similar stat- times will. Take concrete instances. A merchandising partnership cannot borrow additional capital
utes"oftother States modeled on the same plan.
The scheme for regulating security flotations from its home bankers on long-time notes (over nine
months) unless
through "Blue Sky" laws had its origin in Kansas, ber company is the Commission approves. If a timinsolvent, no one can deal in its first
and'has since been extended to many other States. mortgage or underlying bonds, though these bonds
This has been pointed out by counsel for the Invest- are perfectly good, are not in default and not likely
ment Bankers' Association, which has been instru- to be; nor can the Commission permit such dealing
mental in making a test in the present instance and if it would. A successful automobile or furniture
in attacking "Blue Sky" legislation generally. company may not increase and sell its capital stock,
Among the states notable for "Blue Sky" laws of a save by the Commission's approval, and if such a
company has not been successful
drastic type, besides Michigan and Kansas, may be thinks it is not likely to be, and the Commission
the company must
mentioned Arkansas, Oregon, North and South Da- liquidate—it will not be permitted to get new capital.
kota, West Virginia, Missouri and Vermont, and in If a company is organized to make and sell a new in, a modified form Ohio. Some other States might vention, and if the Commission thinks the enterprise
also be added to the list •in which there has been will not succeed, the stock may not be sold, even to
"Blue Sky" legislation, though of a slightly less radi- skilled bankers who have investigated thoroughly
and still desire to buy. If through local pride
cal type. These statutes have threatened the legiti- effort to save an existing investment, or for or in the
any inmate business of bond dealers and investment and direct benefit to come, the citizens of a town wish
banking houses, and have served as a further barrier to take stock or bonds in a local company, though
to the financing of new capital undertakings. Their knowing they are likely to lose their investment,
purpose is laudable enough, they being aimed in the and being willing to take the chance, yet they may
main at the schemes of fraudulent promoters, but not; this law forbids."
mistaken zeal on the part of the well-meaning legisThe law was attacked in five cases, which for the
lator has made them so all-embracing in scope that purpose of the motion were consolidated. The Alain effect investment offerings and investment under- bama & New Orleans Transportation Co., a New
takings of practically all descriptions are put under York corporation engaged in the transportation busithe ban—the good, the bad and the indifferent; the ness upon the Gulf of Mexico and between the city
sound and the unsound; the legitimate and the ille- of New Orleans, La., and the city of Tuscaloosa,
gitimate; the meritorious and those entirely devoid Ala., through its agents offered its first and second
of intrinsic worth.
mortgage bonds and preferred stock for sale and deIt is now made clear that this type of law violates sired to make further sales in Michigan. The Court
constitutional mandates and is invalid and beyond describes the undertaking in these words: "It is solthe power of the States. In the opinion handed down vent, its property is ample to discharge all its obliin the present case, where the United States judges gations, its bonds and stock are valuable and the sesummarize their conclusions and indicate the rea- surity therefor is amply sufficient, its business is
sons on which these conclusions are based, reference profitable, the representations upon which the sale
is made to the purpose underlying these laws; but the of its bonds have been made are true, its bonds and
Court also shows that the Michigan law goes far stock are of such a nature that the sale thereof will
beyond its proper scope. The inherent defects of not work a fraud upon, nor, in all probability, cause
the measure are stated with great force and effective- a loss to the purchaser, and the plan of the business is
ness in the opening paragraph of the opinion, which fair and promises a substantial profit from its operawe quoted last week and repeat below. No truer tion."
or neater characterization of the inane nature of
In the other cases two of the plaintiffs were correckless "Blue Sky" legislation could be penned. porations and two were partnerships. All, says the
The paragraph is as follows:
Court, are non-residents in Michigan; are engaged
as "investment bankers" in buying and selling,
"We take judicial notice of the common understanding that this "Blue Sky Law" was intended, through traveling agents and otherwise, stocks, bonds
as is said by the Attorney-General, "to stop the sale and other securities affected by the Act; have been
of stock in fly-by-night concerns, visionary oil wells, so engaged for a considerable time; have invested
distant gold mines and other like fraudulent exploita- large sums of money in and have acquired a valuable
tions." If just this intent had been carried into ef- good
will connected with their business; and have
fect by the Act as passed, these cases would not be
not Misrepresented to their customers the character
here; but scrutiny of the law discloses additional
and very different effects. It is not confined to or value of the securities which they sell.
The law was attacked on various grounds and the
corporations, but covers partnerships issuing, and
individuals dealing in, securities; it does not relate Court finds that the objections urged are all fatal to
alone to stocks, but as well to bonds, mortgages and the validity of the statute. To the question, Are



FEB. 7 1914.1

THE CHRONICLE

plaintiffs deprived of their property or liberty without due process of law? the answer is given that this
Act does deprive plaintiffs of property, as well as
of liberty. Their right to issue and sell or to buy and
sell .securities, is "property" and "liberty" under
the familiar definitions, the Court declares, adopted
by the Supreme Court of the United States as well as
by the Supreme Court of Michigan.
Bearing upon the contention that the statute is a
valid exercise of the police power of the State, it is
pointed out that the statute does not deal with common carriers, grain elevators, or other enterprises
of that class, nor distinctively with corporations,
nor at all with saloons, itinerant peddlers and the
like. The issuing of commercial paper, stocks or
bonds by a private company to get money for its own
business no one can suppose is a public or a quasipublic enterprise; the business of buying and selling
stocks and bonds and other securities is no more
"affected by a public interest" than is the business
of buying and selling groceries.
One provision in the law gives the Michigan Commission authority to forbid the sale of securities if
the Commission thinks that the company's organization or proposed plan of business is not "fair."
Broader and vaguer language, says the Court, could
not be chosen. It subjects to the practically uncontrolled discretion of the Commission every issue
or general sale of stocks, bonds or securities hereafter
to be made in Michigan. Such requirements deprive plaintiffs of property and they do not carry the
semblance of "due process of law."
Still another limitation which the Court thinks is
wholly beyond the authority of the police power is
mentioned, namely this: During the period of
thirty days after the application is made to the Commission and data filed with it, there can be no sale
of the securities. The Commission is powerless to
permit; any company which issues and sells or any
dealer who sells is guilty of felony. This is the law
without regard to the character of the securities.
They may be of the highest quality in every respect;
the emergency requiring immediate sale may be
extreme; these considerations cut no figure; the law
proclaims a thirty-day paralysis. If a company, perfectly solvent but in immediate need of ready money,
arranges a bond issue and has people ready to purchase the bonds, nothing can be done for thirty
days; in the meantime things must stop and the
company perhaps must lose its credit and fail.
Such a provision, the Court declares, is an arbitrary
and oppressive interference with the right of contract; it bears no reasonable relation to the public
health or the public morals.
It is also found that the Act is unconstitutional
because its provisions constitute a direct and substantial burden on inter-State commerce. The great
mass of business of this kind is done by traveling
agents or solicitors for foreign investment bankers,
brokers and issuing corporations. These solicitors
and salesmen travel through the State and negotiate
and close sales. They may carry with them the
stock certificates or bonds, or they may, on closing
a sale, telegraph or write to the home office and have
the securities sent over, either directly to the purchaser, or to themselves for delivery by them. If
the home office is at, say, Chicago, the delay would
be for only a few hours.
In brief, the Court finds that the power given the



415

Commissioners to forbid the sale of securities atless
than what they think the proper price is a taking
of property without due process of law and is not
within the police power , and that the Act directly
and substantially burdens inter-State commerce.
Nor can these features be separated from theIlaw
so as to leave a workable scheme and carryout the
legislative intent. Altogether, the decision is a
wholesome one, of wide application and far-reaching
in. its effects. It is beneficial in that it must serve
to restrain legislative endeavors in the wrong!direction.
There is some reason to suspect that the activity
of organized labor is behind the vote of nearly two
to one by which the House in Washington passed the
Burnett bill regulating the admission of aliens to
the United States, with the "literacy" provision
retained; for inasmuch as an illiterate foreigner
may be competent to work without being competent
to vote the concern of labor on behalf of literacy
may arise in the desire to limit the labor market.
However this may be, there are again positive reports from Washington that the unions have renewed
(if, indeed, they have ever ceased) their determined
effort to get an exclusion, in terms, of themselves
from any possible acts supplementary to the Sherman
Act, including the farmers in their demand, not
because they care for them but because of their
powerful potential support measured by the selfish
standard of intimidating politics. Secretary Wilson
has also proved anew his own unfitness to head a
department of government ostensibly designed to
give aid, intelligence and efficiency to labor itself,
upon which everything individual or national depends, by putting out his first report, the tone of
which is that of a partisan advocate of organized
labor and against employers.
On the other hand, it is somewhat refreshing, and
perhaps in a degree encouraging, to note that a
Federal Grand Jury is investigating the Allied
Printing Tiades of this city, to discover whether
their relations and activities disclose anything
which should bring them within the law against
combinations which restrain trade. This body is
not simply a union, it is a union of unions, a combination of combinations. Not only are its members
designated as Typographical Union No. 7, Typographical Union No. 83, &c., but it includes divers,
although somewhat related, trades in a single body,
such as typesetting, photo-engraving, presswork,
mailing, electrotyping, bookbinding and even writing;
furthermore, it has a "union label", and it would not
have any human nature mingled with its makeup did
it not use every effort to compel employers to
adhere to the closed shop and the use of this
label.
The persons, chiefly within the ranks presided
over by Mr. Gompers but also some without those,
who stoutly affirm the inalienable natural right of
working people to combine, in order to strengthen
themselves against employers, are likely to deny
with like positiveness that employers have an equal
right or any right to combine on their part and for
their own more effective protection. It is alleged
to be "labor" in self-defense, in the one case, and it is
alleged to be "capital" combining for cruel selfaggrandizement in the other. It is always hard
to see the force of an argument or a principle when
at makes against one's own desires, and the

416

THE CHRONICLE

appearance of a gun depends greatly on whether it is
viewed from the breech or ifrom the muzzle. Yet,
if people will only think of the subject seriously, and
irrespectively of their own particular position with
respect to labor and wages, it must be clear that there
is an irrepressible conflict between reason and justice
on the one hand, and on the other hand the contention that there is or ever can be one favored
"class" of citizens which may be exempted from the
grip of regulative or prohibitory statutes that are
made to apply to all other classes. Should members
of labor unions, or of the great body of agricultural
workers without whom we could not live, be exempted from the statutes against murder, theft, or
other crimes? If the Sherman Act is not right, let it
be either amended or repealed. If it is right, there
is no defense, or excuse, for applying it to some persons and some industries, but not to all.
While protesting that the point raised that the
present compensation law of this State is ineffective
because passed before the new constitutional amendment became valid is of no practical consequence,
Gov. Glynn and those who side with him have
caused re-introduction of the measure and it was
pushed through the Senate on Tuesday behind an
emergency message. The official copies bear the
attestation in usual form, "Became a law Dec. 16
1913, with the approval of the Governor"; but now
he makes known that he affixed his signature a second
time, on Jan. 8, express1Sr to cure any technical defect. He professes to consider this second signing
unnecessary; but while there could be no objection
to his duplicating the act as many times and on as
many days as he pleases, there is no reason to imagine
any curative effect could be exercised by so doing.
For his approval is completion of the legislative
Act but not the beginning of it; that beginning was
made in December, when (according to the point
now raised) the Legislature was without power to
make such an enactment; by any repetition of consents (even after he had obtained power to give
assent) the Executive could not be rationally deemed
able to add power to the co-ordinate branch of the
Government.
Still, this is only of temporary consequence as
against the matter of dealing with the subject. We
see little in the contention now raised that the law
would meet a constitutional objection in that the
legislature is not empowered to fix "death damages";
the constitution does say that the right of action
in such cases shall never be abrogated and the amount
recoverable shall not be subject to any statutory
limitation, but the new amendment that nothing in
the constitution shall be construed "to limit the
power of the Legislature to enact laws" covering a
variety of cases (including power to limit the amount
recoverable for death) is broad as the sky.
The bill is wrong, not only in having been enacted
with a haste for which there was not the smallest
excuse in reason, but in many of its details. It is
wrong in professing to leave to the employer the right
of selection between several methods of insurance
coverage and then endeavoring to drive him into the
State scheme; to this coercion Gov.Glynn has added
an attempt to hamper the insurance companies by
putting their rates under Departmental supervision
while expressly exempting the State scheme, on the
pretense that the former might seek to throttle the
atter in advance by cutting their own rates. The



[VoL. xoviu.

law is defective in being complex, not clear, and almost certain to be needlessly costly. It ought to
be considerably changed, and consideration of •it
should have months instead of days. Because the
political complexion of the Assembly has changed,
there may be an attempt to secure for it some of the
deliberation which was so lacking before; yet Gov.
Glynn is reported as determined to allow no change,
and as threatening to veto the measure and go to
the people with it if any is made. There is nothing
he could take to the people except the unfounded
claim that an overpowering haste exists which will
not permit deliberation.
Bank clearings for January 1914, as presented on
the first page of this issue, indicate some improvement in the commercial and industrial affairs of the
country with the beginning of the new year. At
New York there was a moderate revival of activity
on the Stock Exchange and an enlarged volume of
other financial transactions, these being reflected
in a slight increase over 1913 in the aggregate of
clearings. In the remainder of the country, considered as a whole, a small loss appears, due largely
to declines at such cities as Philadelphia, Pittsburgh,
Baltimore and Boston and the quite general falling
off at Pacific-slope points.
The grand aggregate of clearings for the 158 cities
included,at $16,230,634,422, is less by0.2% than for
1913, but contrasted with 1912 an increase of 7.5%
is recorded. At New York there is a gain for January of 0.4% over 1913 and 6.1% over two years ago;
but compared with the period in 1906, 1907 and 1910,
when there was much activity in financial affairs,
the current total shows diminution. Outside of this
city the month's total, at $6,858,814,029, falls 1%
below the January high record of 1913, but exceeds
all earlier years. The larger cities in the main record
losses (but quite generally small) or inconsiderable
gains, but increases of noteworthy proportions are
observable at Scranton, Lowell, Columbus, Toledo,
Evansville, Atlanta, Tulsa, Charleston and Little
Rock. The Pacific slope section makes the least
satisfactory exhibit of the various groups into which
our compilation is divided, all but four of the cities
showing more or less loss, with a decline of 6% in
the aggregate.
Dealings in shares on the New York Stock Exchange in January were of greater magnitude than
for the month a year ago with the course of values
quite generally upward and important advances recorded in many leading issues. The transactions
reached 10,088,895 shares, against 8,748,973 shares
in 1913 and 10,906,138 shares in 1912. In 1910 no
less than 24,538,649 shares changed hands and in
1906 a record total of 38,512,548 shares was made.
Sales of railroad and miscellaneous bonds showed a
marked augmentation in volume, a par value of
81 millions contrasting with 523/ million dollars
last year. Much greater activity is to be noted in
State bonds also, New York State 4s selling very
freely, and an increased investment demand for
banks stocks being developed. Boston's transactions
reached 639,426 shares, against 637,794 shares last
year and $1,590,100 bonds, against $833,500.
Canadian Clearing-House returns continue to
furnish the same evidence of restriction of trade and
check in development that was a feature of the closing •
months of 1913, but from which there are now signs
of recovery. In every instance declines from

FEB. 7 1914.)

THE CHRONICLE

a year ago are recorded, and ratherlheavy losses
-totals of 11913 are to
from:the exceptionally heavy ,
be7noted„lat Winnipeg, Vancouver, Calgary, Victoria,
St. John, Regina, Edmonton, Saskatoon and New
Westminster. The aggregate for the 21 cities for
which'comparative figures are available was for the
month7this year $710,611,362, or 11.7% less than
for:the-preceding year. Contrasted with 1912 there
is a gain of 3.7%.
Still another "revolution" in Latin America must
be:recorded this week. This time it is Peru, and
there7does not appear to be any particular reason
beyond the ambitions of interests with Presidential
aspirations. President Billinghurst was on Wednesday:made prisoner. He subsequently resigned under
compulsion and was sent into exile. Col. Benavides
at the head of 1,000 men attacked the Presidential
Palace with the foregoing result. The fighting was
all over in an hour. Washington advices state that
the work of the revolutionists was so complete that
there was no need of haste in dispatching a war vessel
to the scene. The Peruvian Congress met in extraordinary session on Wednesday evening to consider the situation brought about by the revolution.
It was decided to elect a governing board pending
provisions for a new election. Col. Benavides, who
led the attack on the palace, was named as President of the governing board. The Peruvian navy
has recognized the new government. President
Billinghurst had been endeavoring to introduce
economic reforms, a step unwelcome to all politicians.

417

flame the admittedly dangerous situation in Ulster
County. Union leaders declare that the Asquith
Government will fall before the Home Rule bill again
is reached in the event of the Irish leader refusing to
make the concessions considered necessary by them.
They assert that if Mr. Redmond should agree to the
exclusion of Ulster even for a specified term of years,
that an agreement might be reached.
President Yuan of China has by mandate dissolved
all the district councils in the provinces of China.
This is regarded in Peking, according to cabled advices, as another important step toward the suppression of popular government in the new republic.
The final move in this direction, the dispatches say,
will be the dispersal of provincial assemblies. A
mandate for their dissolution will, it is stated, be
submitted to the Administrative Council in Peking
for the purpose of giving legal color to President
Yuan's dictatorial action. The President declares that
the district councils interfere with the Administration
and that the councillors intrigue with the rebels.

The House of Representatives at Washington on
Wednesday, by an overwhelming vote, recalled an
amendment which it incorporated on Tuesday in
the Burnett Immigration bill providing for the exclusion of Asiatics, including Japanese. The reversal was taken in deference to the wishes of President Wilson, who desired the House to ignore the
exclusion question in order that the Administration
might proceed with its diplomatic negotiations with
Japan with some hope that the differences between
the two countries would be adjusted. It is underConditions in Hayti have become chaotic. There stood that no further effort will be made in Congress
is no definite government, although some semblance at this time to bring the exclusion question forward.
of authority is exercised by a so-called Committee
of Safety, and the foreign diplomats at Port au Prince,
The London security markets have shown somethe capital, seem to have taken charge of the situa- what of a reactionary tone this week, although there
tion and are co-operating with a view of maintaining have been no evidences of essential weakness. Unorder. Two rebel factions have arisen, one headed derwriters have continued to take advantage of the
by Senator Theodore, who last week announced extreme ease in the money situation, which seems to
himself in supreme command of the rebels and left have increased rather than diminished; for day-toCape Haitien for an advance on the capital. It ap- day funds at the close last evening were quoted at
I
pears that his progress was disputed at Gonaives 1% and London advices stated that bids of M or W
by General Zamor, also a candidate for the Presi- of 1% would probably have been successful. The
dency, and in the ensuing contest Theodore was de- demands upon the capital market for January
feated. The latter returned to Cape Haitien and established for that month a new total in point of
set up a provisional government. The permanent activity. The London "Statist's" compilation, as
committee of the Senate attempted to convoke Con- reported by cable, presents a total of £44,228,000,
gress for the election of a President, but without which compares with £41,557,000 in January of last
result, as not a sufficient number of members ap- year and with £24,268,000 in 1912. The total includes £26,302,000 in Colonial loans, £11,160,000
peared to constitute a quorum.
for foreign undertakings, £4,816,000 for enterprises in
The British Parliament will meet next week for the United Kingdom and £1,950,000 for India.
its third session under the Parliamentary Act. If The first few days of February witnessed a flood of
this session can be brought to a premature end the applications on an even greater proportionate scale.
two years' work which the Liberal Party has spent At the close of the week London advices reported a
in passing the Irish Home Rule bill, the Welsh Dis- slowing down of the new offerings, owing chiefly to
establishment bill, and other measures with which the lack of enthusiasm over the large South Austhe party has been identified, will have been fruit- tralian loan of £2,000,000 4% bonds at par. It now
less. The London "Daily News" in a statement develops that of thisissue the underwriters were them'which is supposed to represent the plans of the Union selves to take one-half the entire offering. A Belgian
Party declares that the latter contemplate a delib- 3% loan was on Thursday issued at 77. The total
erate attempt to bring about the defeat of the Gov- offering was £12,000,000, of which London's proporernment before the session ends. John E. Redmond, tion was £3,250,000, the remainder being reserved
the:Irish National leader, and Augustine Birrell, for the Continent. The Government of Uruguay
Chief Secretary for Ireland, held a long conference placed £1,000,000 in 5% bonds at 91 and the Anglowith Premier Asquith on Monday. The Govern- Argentine Tramway Co. disposed of £1,500,000 in
ment,has decided to make another effort to conciliate 5% bonds at 95. The British North Colonial Co.
Ulster before the debatesinFarliament ffanlinto was successful in disposing of an entire offering




418

THE CHRONICLE

[VOL. =nu.

of £500,000 in 43/ per cents at 98, and so was the
Paris has continued to display lack of enthusiasm.
portion offered abroad of the $10,000,000 Power While some broadening in the general investment
Company bonds at 94. The British North Bor- demand has been shown,it has not been spontaneous.
neo Co. placed £500,000 in 43/ per cents at 88; Prices of investment stocks have advanced moderthe Trinidad Government is offering £500,000 in ately, in sympathy with more positive movements in
4 per cents at 99 and the Canadian Northern Ry. is other important markets; but profit-taking seems to
arranging an issue of £1,350,000 in 432 per cents at have been very prompt in following the upward
91. The Oklahoma Pacific Ry. offered £2,000,000 trend of quotations. The sterling check rate in
30-year 5% bonds at 85 with a bonus of 20% in Paris has continued below the gold-import point,
common stock to subscribers. The result has not and the general money situation at the French centre
yet been announced by cable. The Victoria Falls suggests a highly nervous tension. This may be
Power Co. is issuing £650,000 second mortgage attributed in all fairness to the extreme uncertainty
53/2% bonds at 92. The large £4,500,000 New that still surrounds the final plans of M. Caillaux,
Zealand loan to which we referred last week was the Minister of Finance, which appear to be
over-subscribed in one-half hour.
changing almost daily. His latest proposal is to
An illuminative evidence of the extreme ease in follow the German program and provide a tax on
money at the British centre is the reception of a wealth. It was at first supposed that he did not
block of £500,000 six months' Liverpool corporation intend to include an assessment upon French propbills. The applications totaled £3,594,000 and the erty held abroad. Latest accounts declare that such
average rate was 1.59%. The London Water Board an exception is not intended. The French Minister
offered £1,000,000 of six months' bills, the tenders calculates that he can raise 200,000,000 francs yearly
for which amounted to £3,943,000, and the average by this taxation. He is also expecting to collect
rate was a shade under 13/2%. The reactionary 150,000,000 francs from the income tax, which will
tendency that developed late in the week is ascribable make a total of 350,000,000 francs and leave 450,to a number of failures, whose importance, however, 000,000 francs to be obtained from other sources
seems to have been somewhat exaggerated. One of of revenue, including specific taxes on luxuries.
these embarrassments was that of Coulon, Berthoud Meanwhile it is reported by cable that the Paris
Sc Co., merchants and foreign bankers, whose lia- banks are compelled to carry large amounts of
bilities were at first reported at £1,000,000, though Treasury bills and there are said to be evidences
this estimate was subsequently revised to read of the French emigration of capital, fearing the fiscal
£350,000. One cause of the failure was the assign- projects of the Government. Russian securities have
ment on Monday of Fry, Miers & Co., an important been supported by bankers with a view of providing
mercantile firm which had large commitments with a favorable reception to the Russian railway loan
Brazil. London advices state that other small fail- of 765,000,000 francs, which is scheduled to be
ures as a result of the financial distress in Brazil offered on Feb. 12 at 93. Rentes, which closed last
would not be surprising.
week at 85.40, advanced to 87.473/i on Wednesday,
Predictions were made with confidence on Monday but finished last evening at 87.423/ Day-to-day
2
.
by London banking authorities that the Bank of money in Paris closed last evening at 33/2%, which
England would on Thursday make a still further cut compares with 4% on Friday of last week. Advices
in its minimum discount rate. But these predic- from Paris state that an offer has been made by an
tions were withdrawn on Tuesday when the result of American group of financiers to advance money to
the weekly offering of South African bar gold was Turkey. This report was published in the Paris
announced. The amount available was £1,100,000, "Temps," which states that the proposition was not
of which £200,000 was taken for India at the Mint accepted because the Turkish Government conprice of 77s. 9d. The remainder went to the Conti- sidered the conditions too severe. We stated last
nent, France, Germany and Russia, each obtaining week that the proposed issue of a 600,000,000-franc
£300,000 and paying a premium of Md.over the Mint Turkish loan in Paris had been postponed until May.
basis. In passing it may be mentioned that an
additional shipment of $2,000,000 in gold was made
In Berlin the pronounced success last week of the
from New York to the Bank of France this week.
Prussian loan seems to have produced a much more
As to prices on the London market, it may be cheerful feeling, the subscriptions amounting to
noted that London & Northwestern stock further seventy-one-fold the offering. As a result of the
advanced 6 points from the closing quotation of success of this loan, the Prussian Government
Friday to 140% by Monday, but subsequently decided on Thursday to make a further issue of
gradually declined, with the finish yesterday at 138%. 200,000,000 marks in Treasury notes at 4% on the
The Great Western Railway by Monday also had same terms, including the lottery feature. Further
advanced to 1213I, against 119%, the final figure inspiration for improvement was furnished by an
on Friday. Yesterday's quotation, however, was additional reduction of M% in the minimum discount
1193.. These figures may be considered fairly rep- rate of the Imperial Bank of Germany. This makes
resentative of the course of the London market dur- the figure 4% and follows a reduction from 5% to
in the week. British Consols, which closed a week 432% on Jan. 22. The improvement on the German
ago at 75%, sold as high as 7732 on Thursday, but stock market has extended to virtually the entire list,
closed last evening at 76%. State bonds as a rule not excluding steamship shares. Berlin dispatches
also are higher. Russian 4s finished last evening reported a disposition to take a more cheerful view
at 893/2, against 883/2 a week ago; Bulgarian 6s are of the steamship situation, owing to the belief that
23 points higher at 100; Greek Monopoly 4s are the Kaiser will finally step in and urge a compromise
4
1 point higher at 53; Servian Unified 4s are % higher of the rate war and the renewal of an amicable underat 7931, and Chinese 5s are without net alteration standing among all the trans-Atlantic steamship lines.
from 101M.
Money in Berlin closed at 38%.




FEB. 7 1914.1

THE CHRONICLE

The Austro-Hungarian Bank on Wednesday reduced its official minimum discount to 43/2% from
5%. On Thursday the Imperial Bank of Germany
reduced to 4% from 43,%. The Bank of Denmark
on Friday announced a further reduction of 32%,to
5%, and the Bank of Sweden reduced its figure to
from 5%. Private bank rates as a whole are
easier at the close. Lombard Street quotes sixtyA
day bills closed at 17 %, against 2% a week ago,
and three-months' bankers' acceptances finished at
1 15-16@2%, against 2@23/s%. In Paris the outside rate is down to 3% and Berlin continues at
%• Vienna is A% lower for the week at 4%.
3
0
Brussels is 3-16% lower at 39'7 and Amsterdam
%% lower at 4%. Official rates at the leading foreign centres are: London 3%; Paris 33/2%; Berlin
43/2%; Vienna 43/2%; Brussels 4%, and Amsterdam
5%.
While the Bank of England reported a contraction
in its gold holdings of ;C279,587 and of £518,000 in
its total reserve, its return this week continues to
make a highly favorable comparison with earlier
years. Its proportion of reserve to liabilities is
53.36%, which compares with 55.38% last week
and 47.02% a year ago. Its total gold stock is
£43,355,136 and its reserve 03,365,000. As was the
case last week, we again have to go back to the year
1896 to find higher totals for each of these items
for the corresponding week. In that year the
bullion aggregated £48,595,689 and the reserve
09,946,764. The totals a year ago were 06,191,667 bullion and £26,573,302 reserve, and 'in 1912
138,891,906 and 09,402,701, respectively. Lombard Street borrowed £1,834,000 on bills, net, during
the week. The loan item now stands at 05,993,000,
comparing with 04,986,378 one year ago and L29,327,784 in 1912. Note circulation increased during
the week £238,000 and public deposits increased
£898,000. The latter item will probably continue
to expand during February and March, as these
months are the period for revenue collections.
Other deposits increased £449,000 for the week and
present the large total of £51,793,000, which compares with 08,238,051 one year ago and 07,303,767
in 1912. Our special correspondent furnishes the
following details by cable of the gold movement
into and out of the Bank for the Bank week: Imports, £487,000 (of which £400,000 from Egypt,
£5,000 from Las Palmas and £82,000 bought in the
open market); exports, £585,000 (of which £100,000
to Egypt, £20,000 to the Continent, £100,000 to
India, £200,000 ear-marked India and £165,000
French coin sold), and shipments of £182,000 net
to the interior of Great Britain.
The Bank of France this week records a further
increase of 15,884,000 francs in gold holdings, which,
according to cable advices from Paris, representimportations of the precious metal from America.
The silver holdings increased 9,344,000 francs and
note circulation registered an expansion of 134,875,000 francs. There was a decrease of 43,625,000
francs in general deposits, of 102,625,000 francs in
bills discounted and of 48,225,000 francs in treasury
deposits. The gold holdings amount to 3,458,840,000 francs and compare with 3,218,175,000 francs in
1913 and 3,185,200,000 francs in 1912. Silver on
hand aggregates 650,360,000 francs and compares
with 640,175,000 francs in 1913 and 810,300,000



419

francs in 1912. The Bank's note circulation is
6,028,773,000 francs, against 5,854,738,875 francs
one year ago and 5,363,363,985 francs in 1912. The
deposits aggregate 712,390,000 francs, against 649,558,393 francs and 560,442,928 francs, respectively,
in the preceding two years. The discounts are 1,537,751,000 francs and compare with 1,823,623,622
francs in 1913 and 1,284,348,199 francs in 1912.
Although the Imperial Bank of Germany in this
week's statement reported a loss of 20,280,000 marks
in gold, a further reduction in the discount rate to
4% from 432% was ordered on Thursday. The statement itself is apt to be rather misleading. It was
published on the 2d inst., and consequently registered the month-end financing. Total cash, including gold, indicated a contraction of 72,277,000 marks
while note circulation recorded the large expansion
of 127,716,000 marks. There was a reduction of
19,130,000 marks in treasury bills and of 160,680,000
marks in deposits, while loans increased 14,286,000
marks and discounts were 18,912,000 marks larger.
The total cash holdings are well ahead of last year,
amounting to 1,543,981,000 marks, against 1,169,860,000 marks in 1913 and 1,185,240,000 marks in
1912. Combining loans and discounts, we have a
resulting comparison quite as favorable as in the case
of cash holdings. The aggregate this year is 899,370,000 marks, which contrasts with 1,382,320,000
marks in 1913 and 1,177,260,000 marks in 1912.
The circulation stands at 2,052,780,000 marks. At
this date one year ago it was 1,961,900,000 marks
and in 1912 1,719,940,000 marks.
The local money situation has for practical purposes become very largely a nominal one. Rates
seem a matter of negotiation,as the supply of funds
is out of proportion to the demand. The February
dividend and coupon payments were arranged without any appreciable influence on quotations and the
return of these funds to circulation seems to be
causing still greater depression. And there does not
appear to be any definite promise of reaction. A
rather good indication is the fact that collateral loans
for May and June have been offered on "all industrial" securities at 39% this week. Commercial
paper for prime names has sold at 3%% for six
months' maturities and in Chicago the same class of
paper has been taken as low as 332%. Responsible
Chicago advices estimate that the banks of Chicago
have taken between $40,000,000 and $50,000,000 of
commercial paper.since they began purchasing early
last month, for the first time since last May. The
supply of paper in Chicago brokers' hands has been
exhausted and the buying movement has been checked
for that reason.
Notwithstanding the remarkable redundance of
funds throughout the country, bankers are still
showing great backwardness in arranging for the
distribution of new securities. Idle funds have gone
quite freely into the old, seasoned issues, especially
bonds that are dealt in on the Stock Exchange.
There has, too, been an appreciable improvement in
over-counter bond business. But bankers are evidently not satisfied with the outlook for new flotations and are awaiting the completion of the President's anti-trust program as well as the decision of
the Inter-State Commerce Commission on the application of the Eastern railroads for authority to in3 ase their charges 5% for the transportation of

420

THE CHRONICLE

[VOL. xcv

merchandise. President Wilson has apparently ex- shown by the merchandise import movement reprepressed his sympathy with the general principle that senting the natural operation of the new tariff will
the transportation companiesshould receive adequate require financing. It is considered quite probable
revenue. But the President is not entirley com- that this so-called adverse balance of trade will inmitted to the proposal of a horizontal and non-dis- crease during the next few months. The failure of
criminative advance of 5%. If, however, there is the foreign trade movement to immediately respond
to be an even smaller advance authorized than that to the lower tariff rate was, as is well known, due to
applied for,it will so improve the railway situation the anticipatory importations of goods to be kept in
in the opinion of important financial interests that bond awaiting the effective operation of the lower
securities can then be marketed on much more favor- rates. The foreign trade movement from now on
able terms than are available even with the present is likely to be governed more by the normal demand
overwhelming plethora of money. Another argu- for both import and export account. Paris conment is that a further rise in the price of bonds would tinued its weekly purchases of $2,000,000 in gold,
constitute an additional influence for the success of this week's shipment, which was *made on Wednesfuture issues of new securities. Thus under the day, bringing the total up to $8,000,000. The fact
present circumstances it is considered the part of that the French centre bid Ad. premium over the
wisdom not to offer a large supply of new securities Mint prices at the London offering on Tuesday for
to compete with the old.
Cape gold suggests that Paris will continue taking
Last Saturday's statement of the New York Clear- the precious metal from this centre to the extent
ing-House banks and trust companies reported an of its supposed original order of $20,000,000. The
increase of $23,066,000 in the loan item and of supply of cotton bills has been fairly good, but other$31,325,000 in deposits. The latter required $7,- wise the routine market has been rather dull and the
611,850 additional reserve, so that while there was disposition is to await a more definite indication
an increase of $9,399,000 in cash the surplus above of the probable developments at the international
requirements increased only $1,787,150, making the money centres.
total cash surplus $39,852,900, which compares with
The Continental exchanges still rule against
$16,125,200 a year ago and $40,775,850 in 1912. London. The sterling check rate in Paris closed
The banks during the week gained $8,767,000 in last evening at 25.183/ francs,against 25.183/francs
2
cash and the trust companies gained $632,000 cash in a week ago. Demand sterling in Berlin closed at
vaults and $8,254,000in their cash deposited in banks. 20.453/ marks, comparing with 20.46 marks last
2
Referring to call money rates in detail, the week's week. Berlin exchange in Paris finished at 123
range has been 1% and 3%, the higher figure being francs, against 123.07 francs on Friday of last week.
current for a short time on Monday and representing Mexican exchange on New York closed at $2 70
the only appreciable influence of the February dis- and on London at is. 6d. A week ago the corresbursements. On Monday the range was 2@3%, ponding rates were $2 60 and is. 63/d., respectively.
2
with renewals at the lower figure; on Tuesday and
Compared with Friday of last week, sterling exWednesday and Thursday 2% was the highest and change on Saturday was weaker for demand and
1% the lowest. Tuesday's renewal basis was 2%, cable transfers, which declined to 4 8570@4 8580
Wednesday's 1% and Thursday's 1%%. Fri- and 4 8595@4 8605 respectively, while on the other
day's highest and lowest, respectively, were 2% and hand sixty days ruled slightly higher at 4 8360@
197 with 19% the ruling quotation. For 4 8375. On Monday rates showed but little change;
0
time money closing quotations were 2%% for easier discounts in London and a good supply of
sixty days (unchanged for the week), 3@331% for commercial bills caused some weakness in demand,
ninety days (unchanged), 33j% for four months which ranged at 4 8570@4 8575 and cable transfers
(against 331%), 34@332% for five months (un- at 4 8595@4 86; sixty day bills, however, continued
1
changed) and 33/2% for six months (against 3Y
1%). to advance, being quoted at 4 84@4 8410. On
Commercial paper closed at 3%@4% for sixty and Tuesday, after early weakness, the market steadied
!
ninety-day endorsed bills receivable and for four and closed with demand practically unchanged at
to six months' single names of choice character. 4 8565@4 8575; cable transfers were easier at 4 8585
Others are quoted at 43@4A%. A week ago the @4 8595 while sixty days declined to 4 8375®
ranges were 4@43% and 432@5%, respectively.
4 84. Firmness in English discounts, coupled with
speculative operations on this side, brought about
The market for sterling exchange showed some an advance of 20 points in sterling on Wednesday
irregularity during the earlier days of the week, and demand moved up to 4 8585@4 8595, cable
owing to reports that the Bank of England con- transfers to 4 8605@4 8615 and sixty days to 4 8385
templated a further reduction in its discount rate @4 8410. On Thursday the tone was firm, with a
because of the continued accumulation of funds in further advance to 4 8590@4 86 for demand, 4 8615
London. Later, however, when such an active de- @4 8625 for cable transfers and 4 84@4 8425 for
mand for gold for the Continent developed at Tues- sixty days; continued firmness in discounts at London
day's offering of the South African metal at the was the main factor in the strength here; trading
British centre, predictions of a reduction were with- was very dull. On Friday the market was weak and
drawn, and a moderate degree of firmness was dis- about 20 points lower. Closing quotations were
played. One factor was the particularly active 4 8375@4 84 for sixy days, 4 8570®4 8580 for deissues of new securities on the London market, which mand and 48595@4 8605 for cable transfers. Comnecessarily suggested a reaction from the extreme mercial on banks closed at 4 82A@4 833,documents
oversupply of funds. Sterling exchange experts are, for payment finished at 4 83@4 83% and sevenin fact, convinced that the foreign supplies of funds day grain bills 4 84%@4 84'A. Cotton for paywill be exhausted more quickly than those on this ment closed at 4 83@4 833, grain for payment at
side and that American balances abroad will soon 4 833/2@4 83%.
begin to increase. The renewed life that has been



FEB. 7 1914.]

THE CHRONICLE

The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $10,604,000 net in cash as a result of the currency movements for the week ending Feb. 6. Their
receipts from the interior have aggregated $16,077,000, while the shipments have reached $5,473,000.
Adding the Sub-Treasury operations and the gold
exports, which together occasioned a loss of $2,733,000, the combined result of the flow of money into
and out of the New York banks for the week appears
to have been a gain of $2,733,000, as follows:

421

the proclamation, are obvious enough. Undoubtedly
foreign governments have exerted in behalf of their
citizens more or less friendly pressure on our Government for some act which should make towards solution of the Mexican deadlock. It had become as
obvious to us as to these foreign governments that
the existing situation amounted to a state of anarchy,
which was bound to grow progressively worse.
While it was true that the so-called Constitutionalist forces in the North have been gaining the only
victories reported, it had, nevertheless, appeared as
Out of
Net Change in
if that party had nearly reached the limit of its
Into
Week ending Feb. 6.
Banks.
Bank Holdings.
Banks.
possible achievements in its present situation as
$5,473,000 Gain $10,604,000
$16,077,000
Banks' interior movement_
28,005,000 Loss 2,733,000 regards
25,272,000
Sub-Treas. oper. and gold exports
military resources. Whether this was so
841,340,000 $33,478,000 Gain $7,871,000
Total
or not, it was reasonable to suppose that sooner or
The following table indicates the amount of bullion later a condition would arise in which neither side
would possess sufficient munitions of war to conduct
in the principal European banks.
an aggressive campaign, and in which, therefore,
Feb. 5 1914.
Feb. 6 1913.
the contest would degenerate into guerrilla fighting
Banks of
Silver.
Gold.
Total.
Gold.
Silver.
Total.
of a desultory character and with no conclusive
England__ 43,355,136
43,355,136 36,191,667
36,191,667 victories—accompanied with the peculiar savage
22
France_ 141,953,920 26,018,160 167,972,080 128,727,280 25,607,240 154,334,520
Germany _ 63,308,950 14,000,000 77,308,950 44,134,350 14,358,850, 58,493,200 practices which invariably attend that kind of
Russia a__ 168,848,000 6,495,000 175,343,000 155,757,000 6,953,000 162,710,000
Aus-Hunb 51,872,000 11,613,000 63,485,000 50,611,000 10,163,000 60,774,000 warfare.
Spain ____ 19,369,000 28,854,000 48,223,000 17,587,000 29,820,000 47,407,000
Italy d___ 45,601,000 2,935,000 48,536,000 42,869,000 3,388,000 46,257,000
It will be observed that President Wilson's stateNeth'Iands 12,623,000
854,300 13,477,300 13,216,000
767,900 13,983,900
Nat.Beigd 8,150,667 4,075,333 12,226,000 7,464,000 3,732,000 11,196,000 ment of the case rests on the argument or
assumption
Sweden _ _ 5,723,000
5,623,000
5,723,000 5,623,000
Switz'land 6,811,000
6,811,000 that, whereas the previous proclamation prohibiting
0,811,000 6,811,000
Norway_ _ 2,606,000
2,203,000
2,606,000 2,203,000
the exporting of arms was due to our Government's
Tot. week 570,221,673 94,844,703665,066,466 511,194,297 94,789,990 605,984,287
Prey.week 570,565,860 94,535,933665,101,793512,566,035 95,026,800 607,592,835 wish to favor a
friendly government which was conof Russia includes the balance held abroad— fronted with domestic insurrection, the present situaThe total of gold in the Bank
that is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement Is now Issued in Kronen and Heller tion is that no constitutional government whatever
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the exists in Mexico, that no such government can exist
Kronen has really no greater value than 20 cetns, our cable correspondent In
London, In order to reduce Kronen to Pounds, has altered the basis of conversion there until the present conflict has been settled and its
by dividing the amount of Kronen by 24 instead of 20.
d The division (between gold and silver) given in our table of coin and bullion In results ratified by the Mexican people, and that,
the Banks of Italy and Belgium is made from the best estimates we are able to
obtain; it is not claimed to be accurate, as the banks make no distinction in the therefore, Caranza and Villa are not, in the eye of
weekly returns, merely reporting the total gold and silver; but we believe the
division we make is a close approximation.
international law, insurgents. Insistence on the
fact that Huerta's regime is not and has not been a
THE PRESIDENT AND MEXICO.
constitutional government was, in fact, necessary to
A new, but not unexpected, turn in the relations avoid the implication that this week's action by our
between this country and Mexico occurred last Government was similar to the action of the British
Tuesday, when the President, by proclamation, re- Government in the celebrated Alabama case. The
moved the embargo on exporting of arms and muni- argument by our Commissioner before the diplomatic
tions of war to that country. The proclamation tribunal which in 1872 settled that famous dispute
stated that "the conditions on which the proclama- referred throughout to the Confederate States as
tion of March 14 1912 was based have essentially "the insurgents," and of course it did not need to
changed," and that "it is desirable to place the contend that the United States itself was a constituUnited States, with reference to the exportation of tional Government under treaty relations with Great
arms and munitions of war to Mexico, in the same Britain. The decision of the Arbitration Court
position with other Powers." A statement appended referred to "the violation of neutrality law by means
by the President to his formal proclamation was of the construction, equipment and armament of a
as follows:
vessel" in England for the benefit of the Southern
insurgents, and it set forth that "the British Govern"The executive order under which the exportation
of arms and ammunition into Mexico is forbidden ment failed to use due diligence in the performance of
was a departure from the accepted practices of neu- its neutral obligations."
trality—a deliberate departure from those practices
The cases would not be in all respects identical,
under a well-considered joint resolution of Congress—
even if the position of the parties to it were the same
determined upon in circumstances which have now
as in that of our Civil War. But to avoid all possiceased to exist.
"It was intended to discourage incipient revolts bility of appealing to that important precedent, it
against the regularly constituted authorities of was necessary to hold to the theory that Carranza
Mexico. Since that order was issued, the circum- and Villa are not insurgents against a constitutional
stances of the case have undergone a radical change. government. That conclusion was possible only on
"There is now no constitutional government in the fqrther theory that no constitutional government
Mexico, and the existence of this order hinders and exists in Mexico.
This has been the Administradelays the very thing the Government of the United
tion's theory all along—based on the argument that
States is now insisting upon, namely that Mexico
shall be left free to settle her own affairs and as soon Huerta gained his power by force and that, notas possible put them upon a constitutional footing withstanding a nominal observance of constitutional
by her own force and counsel. The order is, there- rules for the succession after the death of a Mexican
fore, rescinded."
President, he had made no effort to gain a constiThe reasons for this action by the Administration, tutional endorsement of his position by the Mexican
aside from the technical considerations set forth in people. It is reiterated in this week's proclamation.



422

THE. CHRONICLE

The President's proclamation has, on the whole,
been quietly received, both here and in Europe. It
was so taken here because of the feeling that the
existing situation is impossible, and that, in default
of actual intervention, any means of facilitating a
quicker ending to the civil war in Mexico would be
desirable. At London there has been some cautious
comment in the press on the danger, as a precedent,
of recognizing rebels as belligerents; but it seems also
to be admitted that as matters stand now, the defeat
and downfall of Huerta is "a necessary preliminary
to the restoration of peace and order." Congress
supports the President in this attitude, but mainly
through taking the position that the whole responsibility of the case rests on his shoulders.
As for Mexico itself, there has naturally been some
indignation expressed at our Government's attitude,
and some apprehension by the foreign residents of
that country. Huerta's reply, however, was unexpectedly mild. He comments dispassionately on
the President's proclamation, requests American
newspapers to send correspondents to his army,
that they may observe its character and resources,
and claims to have 189,000 men under arms, to be
increased this week by 50,000. He reiterates his
purpose to be that "of re-establishing peace." One
of last Thursday's dispatches from Mexico quotes
Huerta's Secretary of the Interior as declaring that
the President's action is proof of entire sincerity,
because up to this time there has been only a "poorly
dissimulated tolerance of the importation of arms."
He asserts that the situation,from the Mexican point
of view, has not been complicated by the announcement, and that American residents will be protected
as heretofore. This policy on the part of Huerta
and his associates is undoubtedly most wise from the
point of view of their own interests. Angry and violent retaliation on Huerta's part would inevitably
have brought intervention nearer; whereas he now
has at least the logical advantage of the contrast
which his actual attitude presents with the admitted
barbarities of the rebel guerillas. If by any chance
Huerta were to succeed in the subsequent campaign,
his position would be much stronger on account of
his attitude toward the President's proclamation.
But what is to be the actual result of the new move
made at Washington? The shipment of war material across the border to the Constitutionalist troops
has already begun. Throughout the week insurgent
agents have been reported as closing contracts for
such supplies at New Orleans and El Paso. The
outcome is not, however, easy to predict, for the reason that it depends in very large part on conditions
and circumstances which are not clearly known.
What, for instance, is the actual fighting strength
of Huerta's army? What is the numerical strength
of his Northern opponents? What control, or what
capacity of control, has our Administration over the
future actions of the rebel generals in case of their
complete success?
As to what their practices have been thus far, there
seems to be no doubt. A report sent from Mexico
last week that these guerilla leaders had been induced voluntarily to consider the changing of their
methods during and after battle from barbarity to
humanity, was not entirely convincing. If, as appears to be the theory at Washington, these Northern
armies, as a result of their new supplies, were to
crush Huerta's army and capture Mexico City, what
then? Undoubtedly the United States, with or



WoL. acvni.

without the other Powers, would interfere to prevent
excesses or barbarities in the conduct of the victors.
After that, the whole situation must be left in the
realm of conjecture.
The United States might recognize one of the insurgent leaders as head of a provisional Government,
on his pledge of an early public election. If this were
to bring about orderly conditions, well and good.
But the troublesome question will very soon arise
as to what the scope of recognition is to be, and who
is to be recognized. When this distinction is conferred on one of the insurgent leaders—probably
Carranza—would the other leader or leaders of the
insurgent party acquiesce? Or would the habit of
opposition to the established government and irritation at not having received larger individual recognition be strong enough (as it was when Madero
assumed power) to turn some important sections of
the insurgent army into an active campaign against
their own former allies?
These are eminently practical questions; yet they
are questions to which an answer is extremely difficult. We have no disposition to criticize the Administration's action of this week on any unfavorable assumption as to what its longer results will be.
The one obvious fact is that our Government's
policy throughout the Mexican affair will have to be
judged by its final results.
BUILDING OPERATIONS IN 1913.
For a year in which there were so many influences
at work in the United States suggesting caution and
conservatism in all operations requiring the raising
of new capital, building construction work in 1913
made, on the whole, a very satisfactory exhibit.
It may be argued that such matters as tariff and
banking legislation and Governmental interference
(regulation it is called) with transportation lines
cannot affect the building industry, but that is a
fallacy. Influences that make for activity or inactivity act quite generally. Of course, the constant
increase in population furnishes a natural incentive
to dwelling construction, but work, even in that
direction, was hampered more or less in 1913 by the
reluctance of capital to finance new undertakings,
owing to the many uncertainties.
As in other years, we have spared no effort this
time to secure reports on building operations from
every city in a position to furnish them and feel
gratified in being able to present so comprehensive
a compilation as is given below. In the absence
of the requisite ordinances requiring official sanction
for this class of work, many cities of considerable
importance in their respective localities are unable
to furnish any data; but we have succeeded in further
extending our statement of operations so that for
1913 it embraces all but one of the States—Vermont
—and includes no less than 223 cities, or 11 more
than were represented in 1912. For those 223 cities
the contemplated outlay under the permits issued in
1913 aggregates $939,967,074, which contrasts with
$1,018,839,735 in 1912, or a decline of 7.7%; compared with 1911 there is a loss of 1.6%, that year's
.
total having been $955,480,771. In 1909—the highest record year in building—the aggregate was approximately 1,020 million dollars.
In separating the returns into groups we have
followed the plan of former years of giving prominence to leading cities of each State or section, with
Greater New York heading the compilation on

FEB. 7 1914.]

THE CHRONICLE

423

account of the preponderating magnitude of its the total for all $71,286,750, against $78,704,270 in
operations. For the five boroughs of this city the 1912.
For the United States, outside of Greater New
construction work arranged for during 1913 covered
year since 1903, York, the 1913 aggregate falls below 1912, the
a much smaller outlay than for any
the decline being especially pronounced as con- comparison being between $777,024,789 and $790,trasted with 1909. Compared with 1912, the drop 238,427, but exceeds any earlier year. A table
was almost 66 million dollars (from $228,601,308 covering the last four years for some of the leading
to $162,942,285), or 28.7%, which was quite gener- cities in each section of the country, together with
ally shared in. In fact, Manhattan's operations fell totals for the remaining cities in each State and the
off 33.0%, those of the Bronx 40.1%, of Brooklyn aggregate of all, is appended.
UNITED STATES BUILDING OPERATIONS.
19.1% and of Queens 12.4%, with Richmond (Staten
1910.
1911.
Per
1913.
1912.
Cent.
$
gain of 7.1%. The general result New York City
Island) showing a
Manhattan
85,439,254 127,469,492 -33.0 111,290,408 108,643,095
77,503,031 101,131,816 -23.4 89,034,880 105,205,562
in 1911 was better than in 1913 to the extent of 373/ Other boroughs
Total
162,942,285 228,601,303 -28.7 200,325,283 213,848,657
million dollars.
1,438,595
Maine
1,303,032
1,163,395 4-35.5
-Portland
1,576,428
1,321,980
New Ham.
1,486,781
2,720,541
-Manchester 1,652,889
Outside of Greater New York our tabulation for Massachusetts-Boston 17,493,330 21,166,349 -39.2 19,287,600 16,061,365
-17.4
-9.7
Other 22 cities
includes 51 municipalities, which Connecticut--Hartford_ 39,849,951 44,129,257 -21.6 40,409,547 45,868,531
4,541,979
5,896,244
7,379,525
5,784,751
the Middle States
4,386,068
5,868,519
+0.6
4,790,151
New Haven
4,762341
7,074,036
7,301,825 -4.4
7,351,843
6,979,989
furnished an aggregate of $183,946,109, against Other 5 cities
6,660,035
7,150,918
Rhode IsI'd-4 cities_ _ _ 9,847,233 10,430,319 -5.6
9,389,775
$181,344,261 in the previous year. Greater activity New York-Rochester. 9,642,124 12,035,466 -19.9 10,364,000 10,082,528
9,222,000
Buffalo
11,992,661 12,992,000 -7.6
Other 11 cities
in operations was reported from such cities as New Jersey-Newark 27,348,573 23,307,462 +17.3 20,982,585 20,662,832
16,317,973 11,616,358 +40.5 10,375,344 13,394,812
24,189,972 26,745,255 -9.9 27,613,548 28,235,379
Syracuse, Troy, Utica, Newark, Elizabeth, Phila- Other 15 cities
+4.3 40,030,985 37,866,565
Pennsylvanta-phila__ _ 38,763,850 37,173,635
15,470,955 11,145,043 +38.8 11,678,544 13,666,213
delphia, Pittsburgh and Baltimore, with less doing Pittsburgh
13,906,265 15,614,736 -10.9 13,142,102 13,284,731
Other 13 cities
2,024,092
+1.3
1,843,803
1,876,753
at Buffalo, Rochester, Jersey City, Atlantic City, Delaware-Wilmington_ 11,711,501 10,385,892 +12.8 2,156,948 9,384,740
3,704,648
Maryland-13altImore.771,277
1,028,534
1,194,679 -6.8
1,113,150
Other 2 cities
Allentown, Scrtinton and Washington. The New D.C.-Washington
9,196,711 14,939,370 -38.4 16,562,106 13,731,756
1,728,498
1,834,062
+2.8
2,350,562
2,415,621
West Va.-2 cities
England section makes a rather poor showing, as Ohio-Cleveland
23,841,160 18,180,078 +31.1 16,994,677 13,948,413
-7.6 12,688,540 8,652,475
8,348,432 9,031,381
compared with the preceding year, the building Cincinnati
5,133.591
5,508,4084,675,303 +17.8 4,644,235
Columbus
+6.9
22,086,095 20,661,978
Other 9 cities
contracts in 36 cities footing up an approximate Indiana-Indianapolis 9,361,973 9,150,407 +2.3 16,059,253 12,983,575
8,194,311
8,349,447
5,947,234
7,025,247
+3.7
7,003,114
7,265,219
Other 6 cities
cost of only $87,973,722, against $99,053,552.
+1.6 105,269.700 96,932,700
89,521,970 88,198,500
Illinois-Chicago
+7.6
3,462.593 8,969,180
9,249,033 8,596.659
Other 8 cities
industries in several Michigan-Detroit
Development of manufacturing
30,434,380 25,588,470 +15.0 19,015,819 17,624,540
5,049,261 +41.2 4,778,684'4,625,111
7,127,186
Other 6 cities
cities of the Middle West aided materially in building Wisconsin-Milwaukee_ 13,647,624 15,730,360 -13.2 12,336,098 9,797,580
1,563,797
2,084,535
1,609,680 +28.9
2,074,857
Other 2 cities
up for that division a total of contemplated building Missouri-St.Louis
15,340,112 20,675,803 -25.8 19,607,555 19,600,063
10,578.162 12,396,328 -14.7 13,310,871 13,783,196
Kansas City
1,440,721
1,359,690
1,346,427 -18.0
1,142,613
ey.penditures in 1913 fairly well ahead of that for Other 2 cities
3,811,838
8,575,657
Kentucky-Louisville... 4,054,180 6,552,730 -22.6
949,275
861,435
982,332 +29.6
1,273,012
1912. Detroit, Cleveland, Grand Rapids, Dayton, Other 3 cities •
Minnesota-Minneapolis 12,857,935 14,229,475 -9.6 13,725,285 14,363,830
8,051,417 +17.3 1,915,009 10,053,006
9,441,216
Peoria and Evanston, and in lesser degree Chicago, St. Paul
4,133,333 13,461,264
3,130,543 +70.1
5,326,011
Other 2 cities
5,426,863 6,250,988
-9.6
4,110,733 4,546,761
Columbus, Akron, Terre Haute and East St. Louis, Nebraska-Omaha
1,738,015
1,234,517
1,605,135 +33.8
9,148,850
Other 2 cities
3,500,000
1,314,965
1,195,700 -9.0
1,087,365
accomplished more than in the previous year, and Kansas-Wichita
2,757,243
+9.5 2,088,167
2,109,134
2,309,921
Other 3 cities
2,006,350
2,101,059
the notable losses were confined to Louisville, Mil- Iowa-Cedar Rapids__ _ 3,874,600 6,869,822 +84.4 1.946.398 2,635.050
8,038,889
+25.5
8,623,113
Other 5 cities
8,1186,260 11,319,955
5,332,675 -47.5
2,797,148
-Denver
waukee and Fort Wayne. For the 42 cities reporting Colorado2 cities
1,469,239
956,474
1,607,731 -51.2
784,142
Other
.200,000
*150,000
139,730
617,800
No. Dak.-Grand
to us, the aggregate outlay at $233,793,529 exceeds So. Dak.-2 citiesFarks 1,194,264 1,427,898 +342.2 1,345,718 1.827,811
-16.3
362,596
305,128
150,000 +40.0
210,000
Nevada-Reno
%
4,461,600
1912 by 123 millions.
5,262,398 -59.9 3,159,600
2,110,425
Utah-Salt Lake City
1,140,967
719,729
670,819 +32.4
887,420
Ogden
have returns from 18 Montana-2 cities
903,418
From the Pacific Slope we
1,015,400
2,075,337
1,735,435 +19.6
1,353,525
391,500
+9.9
638,422
cities and they furnish an aggregate of $109,649,988. Idaho-Boise yenne _ 701,030 172,820 -35.5 467,578 603,076
111,510
Wyoming-Che
634,462
914,661
662,723 +146.0
1,630,286
Arizona-Phoenix
.300.000
.350,000
+3.7
.400,000
This is some 4 million dollars less than the 1912 New Mex.-Albuquerq_ 414,6 23,873,367 -9.2 20,915,474 22,016.756
21,676,655
-San Fran
California.
+0.9 23.004,185 21,684,100
31,641.921 31,367,995
total, but is better than for any earlier year. Follow- Los Angeles
6,913,643
7,132,566
9,106,191
8,821,950 .43.2
Oakland
18.313,792 20,994,049 --12.8 15,838,534 13.195,554
ing the extreme activity of 1912, San Diego's opera- Other 8 cities
12,956,915 14,652,071 -11.6 19.152,370 20,886,202
Oregon-Portland
9,321,115
tions fell off materially and a further slackening of Washington-Seattle._ 4.780 8,415,325 +10.8 7,491.156 17,163,078
5,883,484
2,563,627 +29.3 3,314,780
Spokane3,31
4,933,248
3,945,214
2,978,961 +11.4
3,318,619
Other 4 cities
work was noted in Portland; but at Sacramento, Virginia-Norfolk
1,631,309
3,127,423 -23.9 2,984,362
2,379,357
vaufs9 4,012,822
6,255,711 -41.9
3,636,476
Richmond
Pasadena, Seattle, Spokane and Tacoma much more Roanoke
850,000
1.
1,020,694 +20.7
1,231,914
1,578,161
2,025,355
1,773,152 344.3
2,559,948
-3 cities
No. Caro.
was done and at Los Angeles the large figures of last So. Caro.-2 cities
1,140,399
1.055,774
1,128,345 -1.2
1,074,079
7,405,950
9,987,444 -48.8 6,215,900
5,112,944
year were more than duplicated. The "Other Georgia-Atlanta
2,234,692
3,718,382 4,168,190 -10.8 2,674,455
Other 3 cities
6,568,255 -28.2 1,687,683 4,621,915
4,716,476
all States west Florida-3 cities ,
Western" section, which embraces
4,275,909
5,154,298 445.2 4,350,627
7,481,440
-3 cities
Alabama
1,195,108
1,110,000
1,143,000
1,332,307
-3
Mississippi
of the Mississippi River to the Pacific Slope, but not Louisiana-Newcities__ _ 4,087,281 3,309,620 +16.3 3,155,150 4,483,730
+23.5
Orl'ns_
1,250,000
1,264,012
1,511,804 -11.8
1,332,590
Shreveport
Louisiana, Texas, Arkansas and Oklahoma, Texas-Dallas
4,109,040
5,523,373
including
5,005,438 +69.4
8,480,580
12,064,314 13,059,337 -76 10,515,545 10,084,013
Other 6 cities
1,814,926
which are grouped with the South, is dominated by Arkansas-2 cities
1,853,483 2,300,542 -19.4 3,247,533
6.723,162
2,256,616 +39.7 1,079,979
-3 cities_ .. _ _ 3,151,901
Oklahoma
two or three large cities, and as they show losses Tennessee-Memphis 3,940,368 7,162,214 -44.9 1,849,146 6,882,553
3,637,353
3,772,187 -17.2 2,934,700
3,123,910
Other 3 cltles
the division as a whole makes a less favorable
939,967,074 1,018,839,735 -7.7 955,480,771 977,216,800
223 cities
Total
777,024,789 790,238,427 -1.7 714,114,483 763,388,183
exhibit than for 1912. The net decline, however, Outside New York
great-from $96,458,246 to $90,- *Estimated.
at 36 cities is not
The building-construction exhibit,for the Dominion
374,691. Declines are to be found at St. Louis,
Kansas City, Minneapolis, Omaha, Denver, Salt of Canada for 1913 is one of decided contrasts, the
Lake City and Sioux City and gains at St. Paul, Eastern Provinces showing a continuation of the
Duluth, Ogden, Cedar Rapids, Lincoln, Davenport activity noticeable for some years past and the
West a decided slump from the phenomenal progress
and a number of smaller municipalities.
South, more than any other section except of 1912. This latter is not at all surprising, as it is
The
New England, decreased its outlay in building beyond the bounds of reason to expect that building
operations in 1913. Of the larger cities only New operations could be kept up indefinitely at the speed
Orleans, Birmingham, Dallas and Houston reported witnessed in 1912. after the extraordinary developspecial activity and at Atlanta, Richmond, Fort ment between 1908 and 1912. There is no kiherent
Worth, San Antonio and Memphis there was much weakness in the situation, however, tis merely a
less done than in the year preceding. In fact, 22 I halt. It is only needful to mention the gsowth in
of the 39 cities reporting showed decreases, with ' building operations at Calgary from 23/ million



424

THE CHRONICLE

dollars in 1909 to 20 1-3 millions in 1912 and at
Edmonton from 2 millions to 14IA millions to make
it clear how rapidly that country has progressed.
As in the United States, we have been able to
materially extend our sources of information in
Canada, so that the present compilation embraces
60 cities, equally divided between the East and West.
For the 60 cities the expenditure arranged for in
1913 totaled only $173,087,545, against $210,833,869
in 1912, or a falling off of 17.9%; but there is a gain
of 16.9% over 1911 and of 53.7% compared with
1910. Arranging the cities by sections, we find
that in the Eastern Provinces the 30 municipalities
exhibit a gain of 11.2% over 1912, with Montreal,
St. John, Quebec, London and Halifax showing the
most conspicuous increases. In the West a like
number of cities, on the" other hand, make a very
poor comparison with 1912, the loss reaching 36.5%,
carrying the total down to practically the level of
1911. We present a statement of results for the
four years 1910 to 1913 inclusive.

[VOL. xcvm.

Valley 432% bonds secured by a general mortgage
was made at 933i. The bonds were quickly bought
at that price and now they have advanced fully 63/
points. The temporary effect of offering so good a
bond at so low a price was to depreciate in the
Philadelphia market a group of 4% railroad bonds,
which undoubtedly made lower prices in December
than they otherwise would, establishing new low
records for the year 1913.
Late in January of this year came an offering of
$14,000,000 of Lehigh Coal & Navigation 43/2s,
secured by a consolidated mortgage. These bonds
were offered at 97%, about a 45 % basis. Knowing
4
that this issue was impending, institutions and
private investors refrained from buying other securities in order that they might avail themselves of the
new issue, which they considered attractive. These
bonds, like the others, were quickly absorbed, and
they have advanced to a price very close to par.
The avidity with which Philadelphia investors
snapped up the $24,000,000 of bonds of these two
CANADIAN BUILDING OPERATIONS.
issues has given much eclat to the Philadelphia in1913.
1912. Inc. or Dec. 1911.
1910.
$
vestment market. Well-seasoned issues on the
Quebec-Montreal ____ 27,032,029 19,641,955 +37.6 14,561,481
15,815,859
Other,4 cities
8,254,348
7,025,199 +17.5 6,066,952
5,640,020 Philadelphia list show an advance of from one to
Ontario-Toronto
27,038,624 27,401,761 -1.3 24,374,539 21,127,783
Hamilton
5,110,000 5,491,800 -6.9 4,255,730
2,546,280 nearly five points from the low prices
Ottawa
made last
3,991,380 3,621,950 +10.2
2,997,610
3,040,350
Other, 19 cities
18,539,897 17,308,158 -4.4 12,364,734 *8,503,788 December.
This spirited buying has put quite a
Nova Scotia
-2 cities
1,157,037
1,179,961
-1.9
1,004,438
818,694
New Brunsw.-St. John 2,412,000
647,200 +272.7
572,700
362,500 number of issues not only above the
low prices of
Total East,30 cities
91,535,115 82,317,984 +11.2 66,198,184 57,855,274
Manitoba--Vinnipeg
18,622,250 20,475,350 -9.0 17,716,750 15,106,450 1913, but a few also above the low prices of 1912.
Other, 3 cities
1,729,649
2,508,651 -31.1
2,223,519
1,842,255 The Philadelphi
Alberta-Calgary
a banks are well supplied with funds.
8,6 9, 53 20,394,220 -57.7 12,909,478
5,589,594
Edmonton
9,242,450 14,446,819 -36.0 3,672,260
2,159,106 Interest
Lethbridge
rates have been lowered, and altogether
504,954
1,358,250 -62.9
1,033,380
1,210,810
Other, 3 cities
6,577,312
5,307,894 +23.9
1,491,955
927,768
Saskatchewan-Regina_ 4,018,350 8,047,309 -50.1
5,099,340
2,351,288 there is a sound and wholesome tone tp the investSaskatoon
4,453,845
7,640,530 -41.7 5,004,326
2,817,771
Moose Jaw
4,238,470
5,275,797 -19.7
As evidence that the investment de2,475,736
1,035,290 ment market.
Other, 5 cities
3,864,820
5,234,060 -26.2 *2,061,675 *1,542,475
Brit. Col.
-Vancouver. 10,423,197 19,428,432 -46.4 17,652,042 13,150,365 mand keeps up, the Pennsylvania RR. yesterday
Victoria
4,037,992
8,208,155 -50.8 4,026,315
2,196,095
Other, 10 cities
5,219,988 10,191,418 -48.8 6,424,580 4,830,895 sold $3,311,000 of Connecting Ry. 4s and $700,000
Total West, 30 cities_ 81,552,430 128,515,885 -36.5 81,791,956 54,760,162 Harrisburg
Portsmouth Mt. Joy & Lancaster 4s.
Total all, 60 cities. 173,087,545 210,833,869 -17.9 147,990,140 112,615,438
During the past year the credit of the City of Phila* Partly estimated.
delphia was put to the test by two offerings of bonds
bearing only 4%, when most municipalities had to
PHILADELPHIA INVESTMENT CONDITIONS. fix a higher rate of interest in order
to sell bonds.
Although Philadelphia is in close proximity to In May an offering of $7,000,000 was made to conNew York, and Philadelphians may reach the form to legal requirements, but the intention was
metropolis by rail in two hours and may communi- to sell only one-half of that amount at the time. The
cate by telegraph and telephone almost instantly, the subscriptions amounted to $4,150,000 at par. In
Quaker City has a stock and bond market distinc- November $2,200,000 of 4s was offered and these
tively its own. Generally speaking, the market bonds were all disposed of at par. The city will
values of securities are swayed by the same conditions offer more bonds during the present year and no
which affect other American markets, but there is trouble in finding a market is anticipated. As was
a large group of securities concerning which Phila- pointed out by us in our issue of May 10 last,
delphia bankers are better posted than are the in discussing the $7,000,000 offering of Philamoney lenders of other cities. Certain stocks and delphia bonds, conditions in that city, as regards
bonds may be more readily accepted as collateral by local municipal bond issues, are distinctive,and such
Philadelphia banks and trust companies than by as to insure at all times a market for a considerable
other institutions, and so also when it becomes amount of bonds. Philadelphia's treasury is ennecessary for the money lenders to realize upon riched by millions of dollars, the proceeds of loans
pledged collateral,the best market for these securities formerly floated, which may be expended only for
is the Philadelphia Stock Exchange.
the purposes specified in the ordinances authorizing
A glance over the list of quotations shows that the loans, and which, for various reasons, cannot
while many Philadelphia bonds made lower prices in be immediately expended. These funds, with others,
1913 than were recorded in the preceding year, yet are deposited in the banks and trust companies of
some bonds were spared a serious decline because that city. As a matter of reciprocity, when the city
there was no pressure to sell. For quite a long list desires to float a new loan at a rate lower than that
of bonds no public sales were made. Others did not which is generally fixed for new municipal loans,
come out at all after the middle of the year. Inves- the banks and trust companies which have bedn
tors in such inactive securities were spared anxiety, favored with deposits of public funds come forward
as there were no sales at low prices to remind them and subscribe for the new bonds.
of a shrinkage of at least a part of their principal.
The following table showing the low prices of
Two incidents have occurred since late in Decem- bonds in the Philadelphia market in 1913 as comber which demonstrate the great improvement which pared with the range of prices in 1912, will indicate
has come to the investment market in Philadelphia. the shrinkage in market values which occurred during
In December an offering of $10,000,000 of Lehigh the period of depression in the past year:



FEB. 7 1914.]

THE CHRONICLE

425

It is disclosed,also,
Recent (c) remission of demurrage and (d)furnace allowances.
the spotting of cars
Sales. that the extensive services by the carriers incident to
on plant railways very largely increase their operating expenses.
96
Other investigations undertaken by the Commission show that other ex99%
tensive services are rendered by carriers without charge in addition to the
100
rate, and the investigations tend to show that these free services often
become the means of unjust discriminations against the small shippers.
91
Among such
101% They also add largely to the carriers' cost of operation.
services is the so-called trap or ferry-car service, by means of which the
98
carriers collect and deliver the traffic of many large shippers at their store
97
doors, saving them the expense of cartage, which other shippers under the
95
same rate must pay. This has grown until the service has become a
82%
burdensome and expensive one to the carriers. Free store door delivery
103
of lighterage, a
85% for the larger shippers is also effected by certain forms
growing item of expense to the carriers. By means of drayage, and in
other ways,store door delivery is effected for many shippers at the expense
74%
of the carriers, while the mass of the shippers using the same rates have the
103% benefit of no such services, but bear the expense themselves.
In many cases the carriers also offer a free service of elevation, and often
97
without charge and at substantial cost to themselves permit re-consignment
91
1054 and diversion in transit. It is practically the universal custom also to
spot cars on private spur and switch tracks without charge. Obviously,
101
all such services are of special value to such shippers as are in a position
102
to enjoy them, but their cost constitutes a heavy drain upon the carriers.
Just what the extent of this drain may be is not yet known to the Commission, and probably not now fully known to the carriers themselves.
I have spoken of these services as free services, not meaning thereby that
OF OUR NEW
WHAT MORETON FREWEN THINKS
they are not authorized in the tariffs of the carriers, but only that they
CURRENCY ACT.
are available to a relatively small number of shippers without any adMoreton Frewen, the London authority on financial and dition to the rate which the mass of shippers have to pay without having
opportunity to have the benefit of any such services.
economic matters,is quoted to the following effect on the new the shall not venture to make any definite estimate in figures as to what it
I
law, in a special cable dispatch in the New York costs the carriers to render these services, or any estimate of the revenues
banking
that would accrue to them for the services under charges that all would
"Sun" of the 1st inst.:
person, however, can doubt the
"At the close of 1913 the City opinion here anticipated a Bank rate on regard as reasonable. No well informed
would save the carriers millions of
discounts of 6%. It has fallen in a fortnight from 5 to 3%. Why? Why discontinuance of these free services
nor can any well informed person doubt that if
have Consols jumped 5 points? The answer is the new American currency dollars of expense annually,
measured in relation to its cost and its value
Act. Here is Uncle Sam with the power of a hundred Morgans entering the each such service should be
surrounding it, and should then be made to
bill discounting business and prepared to do the world's business. There- and the general conditions
on a reasonable basis to the revenues of the carriers performing it;
fore, every banker knows that stringency and contraction have disap- contribute
income of the carriers would be increased by many million dollars a
peared and that a new day has dawned. This Act is a bigger thing by all the
year.
odds for the world's trade than the Panama Canal."
In making these observations it must be understood that the Commission
In reply to the question,"Is the bill safe and sound?" Mr.Frewen said:
is not taking this means of indicating that the carriers must adopt this
"It is safe if only the American people do not become frightened. If the
method of increasing their income and may not adopt another method.
shipment of large sums of gold during the year creates alarm, then AmeriNor must it be understood from what has been said that I am announcing
cans might forfeit their share in the feast of fat things at hand. Make up
any definite views for the Commission on this question of free services.
your minds to lose perhaps $300,000,000 or $400,000,000 of gold in the next
At an early day, therefore, it is the purpose of the Commission to set for
two years and that the export of this precious metal will greatly strengthen hearing the question of the propriety of making reasonable charges for the
your export trades.
free services that I have described, and more particularly for the service
"If you accept the bill in that spirit great good will result. New issues of
of spotting cars on private spur and switch tracks.
paper and great expansion of bank credits will advance your prices. Your
The first hearings on the above question will be held on
steel, cotton, wool and leather industries will boom. It will be an antidote
to the new tariff and will greatly confuse the two economic problems, but Feb. 12, 13 and 14. In pursuance of its inquiry into the
quite sure that you will lose much gold.
you may be
The protectionists in America(and lam a protectionist) will declare that matter, the Commission has drawn up fifteen queries, anthis loss is the result of the new tariff. On the contrary, it will be the result swers to which it has asked the roads to furnish at next week's
of your new vast currency issues."
hearing. These questions are as follows:
Mr. Frewen continued:
1. Under what circumstances and upon what terms do the carriers con"Could there be anything more striking to show the internationality of
industrial spurs?
these money problems than that a local act should have restored confidence struct, maintain and operate
2. What is the extent of the service they render upon such spurs? Give
and vigor to every bourse in Europe? What was done Christmas week
spotted.
will make money cheap here and business will expand for a long time. It the number of cars
3. Such figures as the railroad company has on the cost of that service.
will have an effect for at least four years.
4. Of what benefit to the shipper is the service of spotting cars?
"The passage of the American currency act was a greater discovery than
5. What may be said of the propriety of imposing a charge for the service
half a dozen African gold fields. Four or five years hence we may all have
so rendered in addition to the rate for the road haul?
to walk warily. Meantime, let us thank Washington for the Santa Claus
6. If such a charge may with propriety be imposed ,shall it be unfiorm
visit to millions of anxious bedsides."
•
or shall the shippers be classified? If so, on what basis?
7. Under what circumstances and terms are re-consignments and diverin transit permitted?
sions
8. What is the extent of the service imposed upon the carrier by the reTHE HEARINGS ON THE APPLICATION OF THE
consignment privileges?
EASTERN ROADS FOR HIGHER RATES.
9. Are the charges if any now made for these re-consignment or diversion
It was made known on the 3rd inst. by Commissioner services adequate? If not, what should it be?
shippers is the serving of re-consignment or
10. Of
Harlan of the Inter-State Commerce Commission, at the diversion?what benefit to the
hearing on the application of the Eastern roads for freightextent of the trap and ferry car service. The situation
11. Nature and
rate advances that it is the purpose of the Commission to in Chicago in regard to these services may be taken as illustrative. of the
s 12. What is the cost and value of such service and the propriety
take up for hearing the question of the propriety of making existing charges?
reasonable charges for the free service which the carriers
13. What facilities are offered by the Chicago tunnel and to what exfor by the carriers?
the tunnel
now give to large industrial concerns. In the decision tent isWhat is theservice paid extent of the lighterage and drayage privinature and
14.
rendered last week by the Commission it was estimated that lege allowed in Chicago?
15. What is the cost and value of such lighterage and drayage services
the cost of these services to the roads amounted to $15,In his statement of this week Commissioner and the propriety of the charges therefor, if any?

—1912—
Low.
High.
Name of Security—
98%
100%
Allegheny Valley general 4s
102%
103%
Choctaw gen. mtge. 5s
106%
Choctaw consol. 55
108%
106%
106%
Easton & Amboy 1st 5s
9634
98%
Lehigh Valley general consol. 4s
103
104%
Valley consol. 4%s
Lehigh
99%
102
P. B.& Wash. 1st 4s
100%
Philadelphia & Erie general 4s
99
96%
98%
Reading general 4s
86%
Western New York & Penn. gen. 4s 88%
103%
Consol. Traction of New Jersey 5s__ A05
84%
88%
Electrie & People's 4s
95%
98
Market Street Electric 1st 4s
74
7834
United Railways 4s
94%
95
York Railways 1st 5s
102%
104%
Baldwin Locomotive 1st 5s
94
96%
General Asphalt debenture 5s
82%
90
Keystone Telephone 1st 5s
10934
106
Lehigh Valley Coal 5s
106%
Pennsylvania & Maryland Steel 5s- —107%
100%
102%
1st 6s
Spanish-American

1913.
Low.
96
97%
98%
102%
86
100
99%
98
90%
74%
99%
81
93
70
93%
101%
94%
86%
103%
100
9934

000,000 a year.
Harlan says:

On the assumption that their evidence and testimony, when fully spread
on the record will demonstrate that their revenues are not adequate, the
carriers, as a solution of the situation, have proposed a general increase
in their rates. The increases suggested by them are commonly referred
to as a general increase of 5%. As a matter of fact, although some of the
proposed rates are slightly less than 3% higher than the present rates,
some of them are as much as 50% higher than the existing rates. Increased rates very probably will afford the carriers increased revenues.
The Commission, however, has set for itself a broader inquiry in the proceedings. If the revenue of the carriers, when the record is closed, are
shown to be inadequate, the question asked by the Commission, in the
order instituting the investigation, is: "What general course may carriers
pursue to meet the situation" ?
On that question the statements and evidence offered by the carriers do
not furnish the information deemed necessary by the Commission. In order
to ascertain what course the carriers may properly pursue to meet the
situation the Commission requires additional information with a view to
determining the causes of the diminishing not revenue and the diminishing
net income.
It has, therefore, requested the carriers to answer certain questions
relating to the conservation of their revenues, to economy in operation
and to other matters that are regarded by the Commission as important in
order that it may have a full understanding of the situation. It has not
yet been possible for the carriers to answer these questions fully.
The investigation recently completed disclosed that allowances, huge in
the aggregate, are being made by carriers directly, or indirectly to the industries in the form of (a) divisions out of the rate; (b) per diem reclaims;




Prior to the hearing of the coal shippers on Monday last
Frank Lyon, representing the Pittsburgh Coal Co., filed a
statement indicating the purpose of that concern not to
enter objection until after the carriers had presented their
evidence. On the date scheduled for the hearing, however,
Commissioner Harlan ruled that the coal witnesses would
have to proceed, but stated that if they desired, they would
be permitted to submit further testimony later. According
to the new York "Journal of Commerce", Mr.Lyon admitted
that he had not had time to analyze the exhibits of the railroads, but he brought to the stand two of his experts, who
explained the coal shippers' attitude. E. S. Meade, Professor of Finance of the University of Pennsylvania, was
one of these witnesses, and H. H.McCue, of the Pittsburgh
Coal Co., the other. In a statement filed on behalf of the
shippers it was set out that:
Statistics for the year 1913 show that bituminous coal, exclusive of that
manufactured into coke, was mined in the States of Pennsylvania and
Ohio to the amount of 135,000.000 tons. It has been estimated that the
proposed increase in rates on this coal will amount to about 7%. On
this basis, the producers of this coal and their customers will pay approximately $10,000,000 of the 350,000.000 which the carriers are seeking to
secure through the present proceedings. The reduction of ten cents per

426

THE CHRONICLE

[VoL. xcvin,

ton upon Lake cargo coal made in the Boileau case resulted in decreasing
(c) require the inclusion in Item 7 on page 2 of said return of income
the revenue of the carriers in Pennsylvania and Ohio about $1,500,000. received from fiduciaries, derived "from
dividends on the stock or from the
The carriers in this proceedings are asking not only that one-half of this be net earnings of corporations, joint-stock
companies, associations, or inrestored, but that they be granted nine millions additional from the opera- surance companies subject to like tax" or from
"the interest upon the
tors of the mines who benefited by the Bioleau decision, thus offsetting the obligations of a State or any political sub
-division thereof, and upon the
work of the Commission about seven times. "The Pittsburgh Coal Co. obligations of the United States or its possessions";
and the New Pittsburgh Coal Co. respectfully submit that such a sum of
(d) require the inclusion in said return of income derived from "interest
money should not be diverted from the coal producers or from their cus- upon the obligations of a State or any political sub
-division thereof, and
tomers to the coffers of the carriers without a thorough investigation as upon the obligations of the United States or its
possessions";
to whether or not the carriers are already receiving an adequate revenue
(e) require, with reference to the "normal" tax, a return of income
from that traffic. We feel that we are justified in pressing this position, ..cierived from dividends on the stock or from the net
earnings of corporaparticularly in view of the showing which has been made in the various tions, joint-stock companies, associations, or insurance
companies subject
Inter-State Commerce Commission cases involving coal rates, namely to like tax";
Pittsburgh District case, Hocking Valley district case and West Virginia
(f) require a return of income a "net income" withoutfirst allowing for
district case."
the deduction of "income derived from dividends on the stock or from the
net earnings of corporations, joint-stock companies, associations, or insurance companies subject to like tax," and consequently call for a return
One of the first witnesses appearing on behalf of shippers by individuals not having a net income of $3,000 for the taxable year;
to favor the advance sought by the roads was T. A. Gantt, (g) depart from the method of computation prescribed by said Act
"That
representing the Corn Products Co., who testified before the as follows:the net for the year ending Dec. 31 1913 said tax shall be computed on
income accruing from March 1 to Dec. 31 1913, both
Commission on Thursday. Mr. Gantt stated that his com- dates inclusive, after deducting five-sixths only of the specific exemptions
pany was not opposed to the increase so long as it was uni- and deductions herein provided for";
(h) require the inclusion, among "income on which tax has not been
form and did not disturb present distributing conditions.
deducted and withheld at the source" of income, the payment of the tax
upon which has been assumed by debtors from whom such income is
such income being paid in
At a meeting of some of the largest manufacturers and derived, exemption being claimed; full by the debtors to the individual
without
(i) require an individual having a net income of less than $3,000 for the
shippers held in this city on Thursday at the Manhattan
Club, a resolution was adopted urging that the roads be tax year, March 1 to Dec. 31 1913, to make a return;
(j) restrict the exemption for the tax year 1913
a husband and
granted the increase asked for. The meeting was presided wife, living together, and having separate incomes, to oftotal joint exempa
over by Supreme Court Justice Victor A. Dowling. In tion of $3,333.33 on their aggregate income;
(k) require a joint
favoring the advance,the resolution pointed out that while together and having or separate return from a husband and wife, living
separate incomes, when
the value of the nation's farm products during the year come in excess of $3,000 for the tax year; neither one has a separate in(1) require a husband or a wife, having a separate net income of less
reached an unparalleled total and the export trade of the
United States in those staples touched figures never before than $3,000 for the taxayear, March 1 to Dec. 311913,to make any return,
or to include therein
return of the separate income of his wife or her
attained, we are nevertheless facing an unusual condition. husband, as the case may be;
The further statement is added that: "Money is abundant (m) require a husband or a wife, having a separate income in excess
of
a return
for manufacturing and commercial purposes; nevertheless of $3,000, to include in his or her return may be, of the separate income
his wife or her husband, as the case
or require tho one
manufacturing industries are lagging, brought about largely having a separate income in excess of $3,000 to make a return of his or not
her
through the lack of comfidence and belief that the railroad separate income;
(n) require or permit the assessment of an "additional" tax, based upon
systems of the United States are not in a position to keep up the aggregate income of a husband and wife, living together and having
separate incomes, when neither one has a separate income in excess of
their properties to the highest state of efficiency."
$20,000.

INC01111 TAX RULES AND REGULATIONS.
A protest, designed to accompany the form of income tax
return to be filed by individuals, has been drafted by a committee representing trust companies and other fiduciary
organizations of this city. Not only is exception taken to
certain of the requirements of the form referred to (No. 1040,
and which was published in our issue of Jan. 10, page 112),
but the constitutionality of the Act under which the tax is
assessed is also questioned. The paper on which the
protest is printed is of exactly the same size as the form to
which it relates. The protest is addressed to the Secretary
of the Treasury, the Commissioner of Internal Revenue and
the Collector of Internal Revenue of the district in which the
return is made; its wording is as follows:
PROTEST BY INDIVIDUALS.
The undersigned, who, under protest and duress, has (have) executed
and verified the annexed "Return of Annual Net Income of Individuals,"
upon Official Form 1040, as prescribed by the United States Treasury
Department, protests (protest) against being required to make said return,
and against its form, and against the assessment of any tax based thereon,
or otherwise, against the undersigned under, or allegedly under, the
provisions of Section H. of the Act of Congress approved Oct. 3 1913, on
the ground that the rights of the undersigned under the Constitution
and (or)laws of the United States are thereby violated, and specifically, but
not exclusively, on the following grounds of protest:
(1) That in so far as said Act and or) the decisions of the Treasury Department require a deduction "at the source" from income and thus deprive
the owner of such income of the use and benefit of the moneys so deducted,
prior to the assessment of said tax against him, the same are in conflict
with the V. Amendment to such Constitution.
(2) That the decisions of the Treasury Department and (or) the annexed
form of return and (or) said Act,in so far asthey contemplate a tax upon anything other than what is included in the word "incomes,"as used in the XVI.
Amendment to the Constitution of the United States, are contrary to law
and to such Constituton, because, in so far as said tax is a direct tax, it is
laid without apportionment among the States, and, in so far as It is an
excise tax, it is arbitrary, unequal, not uniform throughout the United
States, not within the taxing or other powers of Congress, and is in conflict
with the V. Amendment to such Constitution.
(3) That the decisions of the Treasury Department and (or) the annexed
form of return and (or)said Act are contrary to law,and said Constitution,
in so far as they require the inclusion,for the purpose of said tax, of income
(a) received prior to Oct. 3 1913, such income having become principal
assets prior to the passage of said Act, and Congress being therefore powerless to tax the same without apportionment among the States;
(5) accrued, in whole or in part, prior to the ratification of the XVI.
Amendment to such Constitution by the Legislatures of three-fourths of the
several States and (or) the certification thereof by the Secretary of State of
the United States.
(4) That the decisions of the Treasury Department and(or) the annexed
forms of return are contrary to law and said Act in so far as they
(a) fail to allow an exemption for the tax year 1913 of $2,500 or $3,333.33, as the case may be, with reference to the "additional" tax;
(b) fail to allow, with reference to the "additional" tax, the deduction
from gross income of "Income derived from dividends on the stock or from
the net earnings of corporations, joint-stock companies, associations, or inaura i e companfee subject to like tax";




A ruling affecting the form of returns which individuals are
required to file (No. 1040) was issued by Commissioner of
Internal Revenue Osborne on the 3d inst. It was given in
answer to the question as to whether income payable at the
source, although not withheld at the source (because the
law was not yet operative, covering the period from March 1
1913 to Nov. 1), could be placed under gross income in
column A, page 2, headed "Amount of Income on which
Tax has been Deducted and Withheld at the Source." The
Commissioner holds that income paid by debtors from March
1 to Nov. 1 1913 shall be included in column B,page 3,
headed "Amount of Income on which Tax has not been Deducted and Withheld at the Source." We give below the
ruling as made by the Commissioner:
INDIVIDUAL MUST PAY TAX ON BOND INCOME BETWEEN
MARCH 1 AND NOV. 1 1913.
To Collectors of Internal Revenue:
This office is in receipt of numerous letters asking whether income paid
at the source, although not withheld at the source, can be placed in column
A, page 2, of form No. 1040, and in reply to this inquiry you will advise as
follows:
The stipulation in bonds whereby the tax which may be assessed against
them or the income therefrom is guaranteed is a contract wholly between the
corporation and the bondholder,and in so far as the Income Tax Law applies
the Government will not differentiate between coupons from bonds of this
character and those from bonds carrying no such guarantee. The debtor
corporation, or its duly authorized withholding agent, will be held responsible for the mormal tax due on the coupons on which no tax has been withheld in cases wherein no exemption is claimed.
Income paid by "debtors" from March 1 to Nov. 1 1913 shall be included
in the return of the individual (under column B, page 2, of form No. 1040)
g3 income upon which the normal tax of 1% has not been withheld and paid
at the source. Income received by individuals between Nov. 1 and Dec.31
1913 upon which the normal tax has been withheld at the source shall be
included in their annual return (under column A,page 2, of form No. 1040)
as income upon which the tax has been paid.
W. II. OSBORN, Commissioner.

That allowance may be made for the depreciation in market values of stocks and bonds in calculating the profits and
losses under the income tax requirements is the decision of
the Treasury Department, according to the "New York
Times" of the 5th inst., which says:
ALLOWANCE MAY BE MADE FOR DEPRECIATION IN MARKET
VALUES OF STOCKS AND BONDS,
The Treasury Department has laid down some important rules for the
observance of holders of stocks or bonds in making up their income tax
returns. The Department rules that depreciation in tho market value of
stocks may be considered by the income taxpayer when he comes to figure
up his profits and losses for an income tax year.
A typical question of this character was whether,in making his income tax
return, the taxpayer could deduct from his income the amount of losses on
stocks he owned as shown by market quotations. An example in point
was thus stated: If an income taxpayer bought 100 shares of railroad stock
within the last year at 115 and at the time of making his income tax return
this stock was selling at 95, would he be privileged to deduct $2,000 from
his income?

FEB. 7 1914.1

THE CHRONICLE

One answer is that there has been neither profit nor loss to the taxpayer
if there has been no sale of his stock. But this is modified by the ruling
that if the taxpayer will keep books showing his financial transactions and
in which he will make a yearly adjustment or inventory of his properties,
the gain or loss resulting from such an inventory may be reflected in his
income tax statement.
The first phase of the matter is illustrated in the following way:
"A man buys ten bonds. He does not sell them and does not make a
yearly adjustment of values. Then neither gain nor loss results from the
holding of such bonds until a sale is made."
But with reference to the modification mentioned, the case may be put
thus:
•
"Suppose a man purchases bonds in 1010 at 100. In 1911 their value is
105, and a record of that fact is made in the taxpayer's ledger. In 1913 the
bonds are worth 115, and this valuation is also entered in the books of the
taxpayer. The increase in value over the year 1912 will then be regarded
by the Treasury Department as an increase in assets and should be accounted
for as income, provided always that the taxpayer has kept his business
accounts in the manner mentioned. The reverse of this example-that is,
the depreciation of the value of the bonds and the entering of that fact in
the taxpayer's books- will give the taxpayer the right to make in his income
tax return a statement of a decrease in assets and therefore a decrease in
income."

Under date of Jan. 29 George E. Warren, Trust Officer
of the Columbia-Knickerbocker Trust Co. of this city,
received advices from L. F. Speer, Deputy Commissioner of
Internal Revenue, to the effect that no return will be required for the purpose of the normal tax in the case of an individual whose income is wholly from dividends, nor in cases
where income is received wholly from dividends and from
income upon which the normal tax has been paid at the
source. We print Mr. Speer's letter herewith:

427

SUIT INVOLVING INCOME TAX AS APPLIED TO RENT.

An action, in which an interpretation of the Income Tax
Law is sought, involving a property owner and a tenant, has
been brought in this city by George L. Sanborn against
Samuel G. Clayton. Mr. Sanborn, who leases property to
Mr. Clayton at an annual rental of $45,000, seeks to recover
money which the latter is alleged to have withheld in compliance with that section of the Income Tax Law relating to
payment at the source. It is argued that Mr. Sanborn is
subject to tax only on net income, and objection is furthermore had to deduction at the source.
In addition to the instructions to fiduciaries embodied in
the form of return to be used by them (No. 1041, published
on page 276 of our issue of Jan. 24), the following regulations
affecting their returns were given out by the Treasury Department on the 4th inst.:

SUPPLEMENTAL INSTRUCTIONS TO FIDUCIARIES.
Treasury decision 1,908 provides that all fiduciaries shall, on or before
March 1 of each year, when the annual interest of any beneficiary in
the income of the estate or trust is in excess of $3,000 ($2,500 for the year
1913), make and render a return of the income of the person or persons
(the beneficiaries) for whom they act, to the collector of internal revenue
of the district in which the fiduciary resides.
Where a decedent died after March 1 in the year 1913, and from March 1
up to the date of his death, had a net income of $2,500 or more,the fiduciary
(1, e., the executor or administrator) should make a return for the decedent
on Form 1040; and the income tax, both normal and additional, shown to
be due thereon, will be a debt against the estate of the decedent. The
same principle will apply to subsequent years if the net income of the
NO RETURN REQUIRED FOR PURPOSE OF NORMAL TAX IF
decedent, from Jan. 1 to the date of his death, amounts to $3,000 or more.
INCOME IS WHOLLY FROM DIVIDENDS, Sm.
No other return is required to be made by the fiduciary until the settlement
TREASURY DEPARTMENT.
of the estate has reached the stage when the beneficiaries thereof and
Washington, Jan. 29 1914.
in the income derived from the estate are deterGeorge E. Warren, Esq., Columbia-Knickerbocker Trust Co., Sixty Broadway, their respective interests
minable, and then the fiduciary is required to file a return on or before
New York.
March 1 of each year, as prescribed by the regulations.
Sir: In reply to your letter of the 17th inst., in which you desire to be
The fiduciary will enter, on page 2 of Form 1041, under the appropriate
informed as to whether a return will be required of an individual whose
heads, all income accruing to the beneficiaries of the trust or estate, from
entire income is derived from the dividends of a corporation, and from inMarch 1 to Dec. 31 1913, inclusive; but the interest derived from the
come upon which the tax has been paid at the source, you are advised that obligations of a State or any political subdivision thereof and the obligations
for the purpose of the normal tax no return will be required, if the income
of the United States or its possessions, is not to be included.
is wholly from dividends, nor will a return be required if the income is reThe fiduciary will enter, on page 3 of Form 1041, for the year 1913 fiveceived wholly from dividends and from income upon which the normal tax sixths of the deductions allowable under Paragraph B of the law, and
has been paid at the source.
on line 1 it will be proper for the fiduciary to enter all legitimate expenses
Respectfully,
incurred in administering the estate or trust. If the fiduciary holds and
(Signed) L. F. SPEER, Deputy Commissioner.
rents business or residential property, and pays insurance, water rents,
commissions for the collection of rents, or any other necessary expenses in
same on line 1 as
managing the estate or
An income tax regulation approved by Acting Secretary an allowable deduction.trust, it will be proper to enter
of the Treasury Williams on Jan. 30 extending the time
to be shown on page 1, line 3, will represent the total amount
The amount
within which foreign organizations, foreign partnerships and of income accruing through the fiduciary to the beneficiaries of the estate
or trust which is subject to the normal tax, and when the interest of any
foreign fiduciaries may make returns in accordance with one beneficiary in this amount from Nov. 1 to Dec. 31 1913, inclusive,
forms 1001 (the form to be furnished by organizations not was in excess of $3,000, whether distributed or not, the fiduciary was retax
subject to the tax on interest at source), form 1003 (to be quired to withhold and pay the normalwith on the whole $3,000 and excess
the fiduciary Form 1007, as
thereof, unless the beneficiary filed
filled out and signed by members of partnerships) and form prescribed by the regulations, claiming exemption under paragraph C.
1004 (which is to be presented with coupons or interest and in that event the fiduciary was only required to withhold and pay the
the
orders detached from bonds or other obligations owned by normal tax on the amount in excess of thatexemption claimed.make their
when fiduciaries
Treasury decision 1,906 prescribes
those who are both citizens, or subjects, and residents of annual return they shall give the name and full address of each beneficiary,
and the share of income to which each may be entitled, which information
foreign countries). The regulation says:
be given on page 1 of Form 1041. In the column "Amount of income
EXTENSION OF TIME FOR FILING FORMS 1001, 1003 AND 1004. shall
to beneficiaries" should be entered the respective interest
Notice is hereby given that forms 1001, 1003 and 1004, as adapted to the paid or accrued
of the beneficiary in the amount of income, as shown on page 1, line 3.
use of foreign organizations, foreign partnerships and foreign fiduciaries
of any beneficiary in the amount of income subject
when properly filled in and signed and giving the information required by • When the interest
shown on Form 1041, page 1, line 3, is in excess of
the regulations may be accepted by debtors or withholding agents until to the normal tax, as
the same was paid to the beneficiary within the period from
$3,000, and
March 31 1914.
Nov. 1 to Dec. 31 1913, both dates inclusive, the fiduciary was required
to withhold and pay the normal tax as prescribed by the regulations, and
orders issued to Collectors of Internal Revenue the the information required should be given on Form 1041, page 1, giving the
In
paid or
Commissioner announces that private corporations and others name and full address of each beneficiary, the amount of income interest
payable to each beneficiary (this amount would be the beneficiary's
desiring to have printed for themselves the various income in the amount of income subject to the normal tax as shown on line 3), the
tax forms may do so, but they must conform strictly to the amount of exemption claimed under paragraph C (if any), the amount
requirements of the Department as to the size, print, con- of income on which normal tax should be withheld, and the amount of tax
withheld, all to be given in the respective columns in the order named.
tents, &c., of the forms and certificates. It is also announced
A fiduciary acting for a minor or insane person who had a net income
that it is contemplated to make a combination of certain of $2,500 or more for the year 1913 will make the return for his ward on
required
forms now in use. The following are the instructions in Form 1040, and will not beby reasonto file a return on Form 1041 unless
of the same estate or trust; then, in
he has more than one ward
detail:
return will be required on Form 1041, and a separate return
that event, a
BY PRIVATE CORPORATIONS, &c., AND on Form 1040 for each ward having a net income of $2,500 or more for the
PRINTING OF FORMS
year 1913.
PROPOSED ISSUANCE OF NEW FORMS.
The income accruing or paid to a beneficiary through a fiduciary may be
You are instructed that the Department will furnish blank forms of cerbe used in connection with the collec- composed in part of dividends, or income upon which the normal tax has
tificates and other forms required to
tion of the income tax and the making of their returns by taxpayers, to been withheld and paid or to be paid at the source, or income derived from
the obligations of a State or any political subdivision thereof or from the
such parties as may make application for the same.
Private corporations and others desiring to have these forms printed for obligations of the United States or its possessions (income from obligations
observe the requirements of the of a State or any political subdivision thereof and from the obligations
themselves may do so if they will strictly
Department as to size, print and contents of the forms and certificates of the United States or its possessions is not subject to the tax and should
not be included). If a beneficiary has other income which, added to the
as prescribed by the regulations.
In pursuance of the desire of the Department to furnish every possible income accruing to him through his fiduciary, gives him a net income
facility to aid taxpayers in complying with the law, requisition should be of $2,500 or more for the period from March 1 to Dec. 311913,inclusive, he
made for such quantity of the various forms ELS may be found necessary should make a return of his gross income on Form 1040, as required by the
in each collection district and these forms will be forwarded immediately regulations.
To illustrate: If a fiduciary's gross income was $10,000, derived from
upon application.
Attention is called, however, to the fact that a large stock of these forms the following sources:
$1,000
should not be accumulated in any office and that for the present, particular 1. Interest upon the obligations of the United States
2,000
caution should be exercised so as not to make requisition for more than the 2. Dividends on stock or net earnings of corporations
absolute needs of each office. It is contemplated that in the near future 3. Interest from bonds containing "tax-free covenant clause," upon
which the fiduciary did not claim any exemption at source, and
a combination of certain forms of certificates may be arranged for and these
which he entered on Form 1041, on page 2, column A,as income
consolidated or combined certificates will be furnished as soon as practi2,000
on which normal tax was withheld
combined certificates shall be furnished, the use of the
cable. When such
5,000
-that is, those now In uso-should be dis- 4. Income from rents, &c
older or original certificates
continued at the earliest possible date.
$10,000
Total




428

THE CHRONICLE

The fiduciary's return on Form 1041 would show as follows:
Page 2:
Line 3, column B, amount of rents
Line 5, interest from bonds, "tax-free clause," column A
Line 10, dividends

$5,000
2,000
2,000

Aggregate total of gross income
$9,000
(No entry of interest on United States bonds
$1,000)
Page 3:
Line 1, necessary expenses actually paid in carrying on business,
including compensation of fiduciary, water rents, insurance, &c
$450
Line 3, taxes paid
400
Line 6, actual repairs made on building, or amount allowed for
wear and tear
150
Line 7, dividends not subject to normal tax
2,000
Line 8, amount of income on which normal tax has been deducted
and withheld at source, bonds with "tax-free clause"
2,000

[VOL.

xcvm.

such dividends will be returned as income for taxable period of nineteen
thirteen,but will not be subject to the normal tax,as against such individual.
W. H. Osborn, Commissioner,
SOCIAL CLUBS LIABLE UNDER INCOME TAX LAW.

It is announced that Internal Revenue Commissioner
Osborn has ruled that all social clubs, not being specifically
exempt under the provisions of the Income Tax Law are
subject to the tax. Under the old corporation tax law no
returns were required from corporations "not organized for
profits" and this provision served to exempt social clubs.
In the new law the phrase "not organized for profit" is
omitted, and the organizations meant to be exempt are
specifically enumerated, but social clubs are not included
among the exceptions.

Total deductions
$5,000
Page 1:
Line 1, gross income
$9,000 BANKING,
FINANCIAL AND LEGISLATIVE NEWS.
Line 2, total deductions
5,000
Line 3, amount of income due beneficiary, which is subject to
The public sales of bank stocks this week aggregate 551
normal tax
$4,000 shares, of which 539 shares
were sold at the Stock Exchange
The beneficiary has filed with the fiduciary, as a withholding agent, a and 12 shares
at auction. The Stock Exchange transactions
claim for exemption under paragraph C, for $2,500 (exemption of single
person for 1913), and the return on Form 1041 would show, on page 1, in were all in National Bank of Commerce stock, the price of
addition to the foregoing entries, the following:
which advanced from 172 to 182. Extensive tables reporting
"John Doe, 76 B Street, New York City."
bid and asked quotations, deposits, surplus, &c., of banks
In third column,amount of income paid or accrued to beneficiary_"$4,000'
.
and trust companies in all important cities in the United
In fourth column, amount of exemption claimed
"$2,500"
In fifth column, amount of income on which fiduciary is liable to
States are published monthly in the "Bank and Quotation
tax
"$1,500" Section," the February issue of which
accompanies to-day's
In sixth column, amount of normal tax withheld
"$15"
In the foregoing illustration the beneficiary in his return on Form 1040 "Chronicle." Bid and asked quotations for all New York
would make no return of item 1,interest on United States bonds. Item 2, City bank and trust company stocks are also
published weekly
dividends, would be entered on page 2, line 11, and for the purpose of calculating the normal tax would be an allowable deduction on page 1, line 4. in another department of the paper, and will be found to-day
Item 3, interest on bonds, would be entered on page 2, line, 7, column A, on pages 437 and 438.
and for the purpose of calculating the normal tax would be an allowable Shares. BANKS
-New York.
Low. High. Close. Last previous sale.
deduction on page 1, line 5. Item 4, rents, would be entered on page 2, *539 Commerce, Nat. Bank of__ 172
182
182
Jan. 1914- 172
me 7; $1,500 in column A, and $2,500 in column B (exemption of $2,500
12 Imp.& Traders' Nat. Bank 510
510
510
Feb. 1913- 557
claimed and no tax withheld on this amount). This would show:
* Sold at the Stock Exchange.
Income received from fiduciary,subject to be returned on Form 1040_$8,000
Deductions and exemptions allowable in calculating normal tax
8,000
$0,000
No normal tax due, it having been paid at the source by the fiduciary, as
shown by his return on Form 1041.
In making the foregoing entry on Form 1040, on line 11, there should
be written just above the printed heading, "Amount received from fiduciary," and the amount should be entered'in the appropriate column.
No illustration is given of income accruing to the beneficiary from other
sources, an illustration of this not being deemed necessary, as such income
is entered in the usual way.
HOW TO TREAT COUPONS COLLECTED MARCH 1 1913, APRIL 1
1913 AND JANUARY 1 1914.

An amendment to the Canadian tariff calling for the removal of the duty on wheat, was defeated in the Dominion
House of Commons on Jan. 29 by a vote of 102 to 57.
John Skelton Williams took the oath of office as Comptroller of the Currency on the 2d inst. The post of Assistant
Secretary of the Treasury, which Mr. Williams vacates,
will temporarily be filled by Assistant Secretary Charles S.
Hamlin, in charge of customs. Mr. Williams as Comptroller of the Currency, becomes a member of the Committee
on Reserve Bank Organization, the other members of which
are Secretary of the Treasury McAdoo and Secretary of
Agriculture Houston.

We have received from Lee, Higginson & Co. of Boston
a communication pointing out that the advices given by
Charles W. Anderson, Collector of Internal Revenue at New
York on the above point, and published in these columns last
week, page 357, are directly at variance with the positions
The nomination of Col. George W. Goethals to be Govertaken by the Treasury Department at Washington; we
nor of the Panama Canal Zone was confirmed by the Senate
submit the firm's letter herewith :
on the 4th inst. The appointment becomes effective April 1,
Boston, February 5 1914.
To the Commercial & Financial Chronicle, P. 0. Box 958 N. Y., N. 1'.
when President Wilson's order creating a permanent civil
Dear Sirs
-In your issue of January 31st, under the subject of "Income
Tax Rulings and Regulations," page 357, you give a letter in the sub- government for the Zone becomes operative. Col. Goethal's
heading
-"How to Treat Coupons Collected March 1 1913, April 1 1913 nomination was referred to in these columns last week.

and January 1 1914,"
-written by Charles W. Anderson, which letter we
quote as follows'
"Your letter received under date of January 12, and wish to advise
as follows*
1. Coupons collected on March 1 1913 need not be included in the
ten months' income.
2. Coupons collected on April 1 1913 need not be entirely incorporated as income for the tern months of 1913, but should be apportioned.
3. It is optional whether you include coupons collected on January 1 1914 in the ten months for 1913 for the year 1914."
The positions taken in this letter by Mr. Anderson are directly at variance with the positions taken by the Treasury Department. Shortly
after the passage of the law we sent a personal representative to Washington and we are informed that the Treasury Department interpreted the
word "accrue" as used in the law to mean, due and payable to the person
receiving the income. This position has recently been re-stated in a letter
addressed by L. F. Speer, Deputy Commissioner to the American Trust
Co., Boston, and dated at Washington, January 22 1914. In this letter
there is the following paragraph on the subject in question:
"This office holds that 'accrued' means due and payable. Therefore, an individual who received the interest payment, whether upon
coupon, registered interest or demand notes, shall have the interest
period fall upon March 11913, or any date thereafter within the year,
the income received from such securities shall be returned as income
for the taxable year of 1913, because the amount received by the individual became due and payable within that taxable period."
It seems to us necessary to look to one authority in connection with the
income tax. We are, therefore, limiting our procedure to directions prescribed by the Treasury Department at Washington.
Yours very truly,
Lee, Higginson & Co.
P. S. The letter last quoted above is not entirely clear in respect to its
language. However, we believe the meaning is entirely clear. The recent
ruling covering the same point in connection with dividends and also in
confirmation of information given to us by the Department in November
is as follows:
Washington, D. C., February 3 1914.
Gaston, Snow & Saltonstall:
Dividends paid out of net earnings of corporations are held to be income
of individual when paid. If paid on or after March first nineteen thirteen,




The nominations of two Inter-State Commerce Commissioners were sent to the U. S. Senate on Jan. 31, viz., Prof,
Winthrop More Daniels of Princeton and Henry Clay Hal
of Colorado Springs, Colo. Prof. Daniels, has been named
to fill the unexpired term of the late John H. Marble (the
term expiring Dec. 31 1916), while Mr. Hall will fill the unexpired term (to Dec. 31 1914) of Charles A. Prouty, who
resigns to become Director of the Physical Valuation of
Railroads. Prof. Daniels is Chairman of the Public Utilities Commission of New Jersey; he was appointed a member
of the Commission in 1911 by President Wilson,(then Governor of New Jersey); his term would expire in 1917. He had
previously been professor of political economy at Princeton
University. Mr. Hall, who was born in Now York, is President of the Bar Association of Colorado. He was counsel
to the United States Legation at Paris from 1888 until 1892;
in the latter year he was obliged to locate in Colorado Springs
on account of his health. He has been general counsel of the
Colorado Springs,Arkansas,Louisiana & Gulf Ry.,Mayor of
Colorado Springs, chairman of the committee which drafted
the new form of commission government for that city, besides
officiating in other important capacities. Both Messrs.
Daniels and Hall are Democrats; of the five other members
of the Commission, Judson C. Clements and Charles C.
McChord are Democrats, while the other three are Republicans-Edgar E.Clark,James S. Harlan and B. H. Meyer.
By a vote of 53 to 13, the U. S. Senate on Jan. 28 agreed
to a resolution to seat Blair Lee,Democrat,as Senator from

FEB. 7 1914.]

THE CHRONICLE

Maryland. Mr.Lee,who is the first Senatorfrom that State to
be elected directly by the people,succeeds Senator William P.
Jackson,Republican, who had been filling the unexpired term
of the late Senator Rayner. The Senate Committee on
Privileges and Elections voted (7 to 3) on Jan. 17 to recommend the immediate admission of Mr. Lee to a seat in the
Senate, but it decided on the same date, by a vote of 9 to 1,
• against the right of Frank P. Glass of Birmingham, Ala.,
to a seat as Senator from Alabama. The action of the Committee as to Mr. Glass was upheld by the Senate on the 4th
inst., when it denied, by a vote of 34 to 30, his right to a seat.
In the case of the Maryland vacancy, Mr. Jackson was appointed by Gov. Goldsborough to succeed Senator Rayner
on Nov. 29 1912, before the constitutional amendment
providing for the election of United States Senators by the
voters of the States instead of by the Legislatures, went into
effect. Later, Gov. Goldsborough issued a writ for a special
election, which was held on Nov.4 1913, when Mr. Lee was
elected. On the other hand, the appointment of Mr. Glass
as United States Senator was made by Gov. O'Neal of Alabama. In its vote on the 4th the Senate sustained the recommendation of the Committee on Privileges and Elections,
which held that Mr. Glass was not entitled to the seat because his appointment by Governor O'Neal to succeed the
late Senator Joseph F. Johnson was made after the Seventeenth Constitutional Amendment directing election of
Senators by the people had been proclaimed in effect. The
opposing forces contend that a special Act of the Alabama
Legislature to empower the Governor to make the appointment is necessary. Eight Democrats voted with the Republicans against the seating of Mr. Glass. Of the 53 votes
in favor of Mr. Lee in the Senate, 39 were cast by Democrats
and 14 by Republicans; the 13 negative votes were those of
Republicans.
Senator Lee was made a member of the Senate Committee
on Banking and Currency on Jan. 30, when Senator James A.
O'Gorman retired from membership on the Committee.
Senator O'Gorman is Chairman of the Committee on Interoceanic Canals and a member of the Committees on Foreign
Relations, Immigration, Judiciary, Manufactures, Naval
Affairs and Rules.
Hearings on the Owen bill for the incorporation and regulation of stock exchanges were begun before the Senate Committee on Banking and Currency on the 4th inst. The New
York Stock Exchange was represented at the hearing by a
committee which entered arguments in opposition to the bill
and to the contentions of Samuel Untermyer, the chief advocate of the bill. William C. Van Antwerp,one of the members of the Exchange committee, in presenting his arguments
on Thursday said in part:
The adoption by the New York Stock Exchange of the regulations specified in the Owen bill would result at once in the withdrawal from the list
of substantially all the thirteen billion dollars of stock and thirteen billion
dollars of bonds now listed there. The number of securities remaining
on the list or hereafter to be listed under these provisions would be so small
that the Stock Exchange would cease to be a market of importance. The
motive for listing on the part of corporations would no longer exist. I give
the following reasons for making this statement:
Sub-division A requires a statement verified by oath of an officer of a
corporation applying to have its securities listed, setting forth separately
and in detail the entire amount and value of the tangible and other assets
and its contingent liabilities. There is scarcely any corporation that could
comply with this requirement. Several years must elapse and many millions of dollars must be spent before the Inter-State Commerce Commission
can determine the tangible value of railroad properties of this country.
How then can a railroad officer make oath to such values? Never mind
what I say about it, gentlemen, but consider what you, as officers of those
companies, would do about it if the situation were reversed.
Now,suppose that this bill becomes law and the Stock Exchange refuses
to incorporate under its terms. What happens? The malls and the telegraph and telephone lines of the United States will still remain open to any
and all written and printed communications with regard to the transaction upon stock exchanges in foreign countries, though not one of them conforms to the requirements of Senator Owen's bill. Undoubtedly, this would
be extremely inconvenient,and it would certainly make capital for American
enterprises cost a good deal more.
Aside from this, if Congress may exclude from the mails newspapers con
taming perfectly truthful(although prohibited) reports on transactions upon
an exchange, there is no reason that I can see why Congress cannot similarly
exclude newspapers containing comments on the doings of the minority
political party, or any other matter which the majority in Congress might
wish to withhold from the public. Fancy how pleased Col. Roosevelt
would be with that prohibition. It is a mistake to suppose that we of the
Stock Exchange are hero in opposition to anything that you gentlemen may
do to help us or to help the public with which we deal. We are not in opposition, we are here to assist in any such good work, and especially we
want to put an end as you do to all forms of manipulation on the Stock
Exchange.
As I have told you before, manipulation is prohibited by our rules and
that prohibition is enforced as far as human beings can enforce rules. It
is prohibited also under the law of the State of New York, and that law, I
believe, is honored and obeyed by all our members. But when you define
manipulation, according to the terms herein set forth,you are getting on to
dangerous ground.




429

Mr. Untermyer on the 4th inst. gave the following as reasons for the incorporation of exchanges:
To prevent, detect and punish the practice of frauds upon the public
through manipulation, matched orders, wash sales and like fictitious transactions, by means of which apparent values are created for securities in the
world's markets.
To secure complete publicity of the profits of bankers, brokers and intermediaries in the flotation of companies and the exposure of all the salaries,
commissions and other profits of officers and directors through the control
of the department of exchange for the listing of securities and to prevent
securities that have once been listed from being stricken from the list without notice and the right of review.
To secure uniformity of corporate regulation that is possible through no
other agency. The Exchange should be made the most powerful weapon
for enforced publicity of corporate affairs, and its business should be augmented many times over while at the same time it would be performing the
highest order of public service.

Some of the other exchanges aside from the New York
Stock Exchange which have entered protests against the bill
are the Chicago Stock Exchange and the Cincinnati Stook
Exchange.
Blank forms on which the banking institutions of the
country which have applied for admission to the Federa
reserve system are asked to indicate their preferences as to
the location of the Federal reserve bank to be established in
their respective localities have been issued by the Treasury
Department. A statement bearing on the matter says:
In order that the organization committee may consider from all practical
standpoints the proper locations for Federal reserve banks and the districts
to be served by such banks, the Secretary of the committee under its direction is sending out to-day circular letters to all national and State banks
and trust companies which have signified their intention of becoming
members of the Federal reserve system, asking such banks and trust companies to indicate their preference as to the location of the Federal reserve
bank which is to serve the district in which such banks are respectively
located, and they are also asked to indicate the cities, not less than eight
nor more than twelve, in which, in their judgment, all Federal reserve
banks should be located in order to serve most effectually the interests
of the country at large.

Referring to the views of the Northwest interests on regional banks, W. G. McAdoo, Secretary of the Treasury,
who with Secretary of Agriculture Houston has just covered
that section in his tour, on the 2d inst. (at San Francisco)
was quoted as saying:
Sentiment in Seattle was unanimous that there should be a reserve bank
in the Northwest. In Portland, however, the sentiment was divided on
this point, some believing that San Francisco was the proper location.
In general, the cities we have visited thought they should have a bank
and that additional territory should be taken in, where necessary, so as to
make it possible to locate the reserve institution there. Some cities, which
have been pressed into districts by their more ambitious neighbors, do not
like this and have entered protests to us over such action.
Neither Secretary Houston nor I has expressed, directly or indirectly,
any opinion or formed apy conclusions on the banking questions now the
subject of the investigation by the Organization Committee under the Federal Reserve Act, nor shall we do so until all the facts have been submitted.
We are impressed with the great responsibility resting upon us and with the
necessity for impartial consideration of the views of all sections of the country before a docision is reached. To avoid the possibility of misunderstandings, we desire to say that all inferences and statements to the contrary
may be accepted as unauthorized.

At the Portland hearing Edward Cookingham, Vice-President of the Ladd & Tilton Bank, pointed out that under
the present law in Oregon State banks are allowed to loan
to a single customer a maximum of 20% of its resources
while under the new Federal law the maximum is fixed at
10%. On both this matter and the further fact that the
State laws permit State banks to invest 25% of their resources in stocks of other corporations, and that such ownership is prohibited under the new Federal currency bill,
Mr.McAdoo gave practical assurance that the Reserve Board
would allow the State banks a reasonable time within which
to meet these requirements.
A bill designed to empower the State banks of Ohio to
enter the Federal reserve system was passed by the House
on Jan.30 by a vote of 84 to 11. The bill, as introduced,in
addition to permitting the State institutions to subscribe
for stock in the reserve banks also contained a provision
authorizing them to act as executors,trustees and registrars
of stocks and bonds. It is reported that under amendments made when the bill was on its way to final passage
such State banks as are not trust companies are barred from
acting as executors and trustees.
According to a statement made by C. J. Walker, President
of the Farmers' & Merchants' Bank of Long Beach, the
State banks of California are permitted under the laws of
that State to enter the Federal system. The issuance of
Mr. Walker's announcement followed reports that the State
institutions were prohibited from participation because of a
law which forbade their investing any part of their capital
or surplus in the stock of any corporation or institution.
Mr. Walker says:

430

THE CHRONICLE

[VOL. xcvm.

At the time the Glass-Owen:currency bill was7under consideration, the
.
14Tate Legislature was in session and made provision for the new currency
Act. here is the State law: "Any bank organized and .existing under
.
tbe;lews,of this State is hereby authorized and empowered to join or asso,
ciate itself with any'NationarReserlie- eof
Asseciition— the UnitedStates.:
Nothing in this Act shall prohibit anysuch bank frontjoining or associating itself with such association, or plan, or branch thereof, nor from
*
*
*
investing any part of its capital or surplus in the stock,
provided, however, that such investment shall in no case exceed the minimum amount required to join or associate itself with such association, plan
or branch thereof."

because of the literacy test provided for. During the proceedings in the House on the present bill a motion of Representative Goldfogle to strike out the literacy test provision
failed (on the 2d)by a vote of 173 to 120. On the day of the
bill's passage a motion to re-commit it for the elimination of
the provision was defeated by a vote of 239 to 140. On the 2d
an amendment (offered by Representative Hayes) providing
for the exclusion of Hindus and all persons of the Mongolian
or yellow race, Malay or Brown race, and African or black
race, except those whose entry is governed by treaties or
agreements, was tentatively adopted by a vote of 111 to 90.
The following day, the 3d, this amendment, after having
been modified through an amendment offered by Representative Lenroot, was with other Asiatic amendments dropped
from the bill. This action was in deference to the wishes of
President Wilson, who disapproved the legislation because
of the diplomatic proceedings now pending between the
United States and Japan. The New York,State Assembly
placed itself on record, on the 3d inst., as opposed to the
Immigration bill.

From the one bill that has been presented it is evident the other anticorporation measures will create conditions such as have never before existed. They will be of the essence of paternalism. It is for the people of
this country to say whether or not they desire a paternalistic form of
government.

An elaborate complaint, alleging the Associated Press to
be an illegal combination in restraint of the trade of gathering
and disseminating news, was filed with Attorney-General McReynolds on the 4th inst. by the Sun Printing & Publishing
Association of New York. The complaint is signed by
W. C. Reick, President of the Sun Association, and James
M. Beck and Clarence M. Shearn, counsel. The charge is
made that the Associated Press refuses to sell its news
service to"The Sun,"and that no member of the Association is
permitted to purchase news of "The Sun" on the ground
the "The Sun" service is "antagonistic" to the service
of the Associated Press.
The cismplaint contains a brief history of the Associated
Press and other news agencies designed to show that the
Associated Press unlawfully monopolized the collection and
distribution of world news, and is still doing so. On this
point the "Sun" in its news columns says:

—4
-In a resolution adopted by the -New York Chamber of
Commerce on the 5th inst. the executive committee is called
upon to study the pending Congressional bill creating an
Inter-State Trade Commission, for the purpose of deciding
whether the Chamber shall take any action relative to it.
According to the resolution, which was submitted by Howard
C. Smith of Charles Hathaway & Co., the bill "contains
provisions that are unsound in principle, in violation of the
rights of privacy in the transaction of business, and which,
if enacted, would serve to check the present incipient improvement in business." H. B. Claflin, President of the
Chamber,in referring to the bill at the meeting, remarked:

Seth Low of New York and Louis D. Brandeis of Boston
were among those who appeared this week before the committees which have been entrusted with the anti-trust and
other legislation recommended in President Wilson's recent
message. At the hearing of the Inter-State and Foreign
Commerce Committee, which has charge of the bill creating
the proposed Inter-State Trade Commission, Mr. Low submitted a draft of a similar bill prepared by Prof. J. W.Jenks
of Columbia University, himself, and two other members
of the National Civib Federation. According to the "Journal of Commerce," Mr. Low argued that such a commission
is necessary and that it should have for its purpose two welldefined objects. It should be permitted to regulate all
trade agreements between corporations dealing in natural "The first Associated Press. tormed by seven leading newspapers of New
products and it should standardize the chartering of corpora- York City in 1848, early in its career made a rule that it would not sell its
tions. Mr. Low said that all of this could be accomplished news to any newspaper in any city or permit its members to do so without
the city belonging to the
if the trade commission is given the authority to require the consent of all the newspapers in Associated Press and the association.
United Press,
In 1897 competition between the
Federal lioenses of corporations doing an inter-State business. its only rival, had become such that the United Press went out of business,
leaving the Associated Press (of Illinois) master of the field. Many United
He pointed out the similarity in the Federal Reserve Act
into the Associated Press; but the "Sun" and
wherein State banks are permitted to come into the reserve Press newspapers were taken under the rule that all Associated Press newsmany others were barred out
system provided they meet with the requirements of the papers in any city must consent to the admission of any newspaper in that
Federal law. A Federal license for a corporation could like- city.
Associated Press was in 1897 in practically undisputed possession
wise dictate the chartered requirements under which a cor- of"The
the entire business of gathering and distributing news in the United
States and had a virtual monopoly thereof, which it has ever since attempted
poration could operate.
Testifying before the Inter-State Commerce Committee to maintain," is the way the "Sun's" complaint characterizes the situation.
According to the complaint the Associated Press in the
on Wednesday, Mr. Brandeis urged that the Inter-State
year 1899 spent over $1,750,000, of which over $288,000 was
Trade Commission bill be amended so as to provide jail
news. It is asserted that
sentences and heavy fines for officers of corporations dis- for foreign agencies practically divide the world among them. Reuter's
Four news
obeying orders issued by the Commission. He argued as gathers and distributes news in the British Empire, China, Japan and
Egypt; the Wolff of Berlin "covers" the Teutonic, Slav and Scandinavian
follows:
is the great collector
Juries will not eonvict unless there is a "moral taint" involved in the
offence. Is all those years of enforcing the anti-trust law we have never
been able to put any one in jail, because juries are reluctant to punish
unless moral liability is shown. In dealing with the railroads we found
we could make it cheaper for them under penalties of fine to obey the law
than to violate it.
I am in favor of individual punishment for corporation officials, but we
should rather devote our efforts to preventing abuses. Commercial crime
Is an effect and sot a cause. The existing system is responsible for the
evils of which we make complaint. We should remove the conditions that
lead to crime and resort to the criminal courts as little as possible. •

According to the New York "Sun," Mr. Brandeis insisted
that the provision empowering the Commission to investigate corporations at the request of the Attorney-General
or another corporation should be changed. He thought it
unwise to permit the Commission to initiate inquiries into
the offences of one corporation at the instigation of another.
Before the Judiciary Committee Mr. Low placed himself
on record as opposed to any changes in the Sherman AntiTrust law. Felix H. Levy, Special Counsel for the Government in the American Tobacco case,,who likewise testified
before the Judiciary Committee, is quoted as saying:
I regard the Sherman law as highly beneficial to the;country. I do not
believe that efforts to amend it will improve the measure. I fear that
their tendency would be to start new litigation similar in character to that
which rendered the law ineffective and inefficient during the first ten years
of the twenty-four in which It has been operative.
As7a basis for this contention, I shall urge that the Sherman law in its
present form is a most drastic and efficient statute and therefore does not
require amendment as to its substantive provisions.

The Burnett Immigration bill, carrying a literacy test
provision, was passed by the House of Representatives on
the 4th inst. by a vote of 252 to 126. A similar bill, passed
early las* year Irir Congress, was vetoed_by President Taft



of the news of
countries; the Agence Haves of Paris
Latin nations and the Associated Press has for its province the United
the West Indies and Central America. These
States and its colonies,
great agencies have many tributaries; in Italy, for example, the Stefan'
Agency,with headquarters at Rome,handles the news of all Italy and possesses an immeasurable advantage over all competitors in that It is the official
agency. To it and to it only the authorities give all Governmental information. The Stefani Agency is in part owned by the Agence Haves and works
In close alliance with the Paris organization.

The complaint, it is pointed out in the "Sun", "recites
the decision of the Supreme Court of Illinois in the suit
of the Chicago Inter-Ocean against the Associated Press.
This famous decree led the Associated Press in its anxiety
to keep its monopoly unweakened to vanish overnight from
Illinois and reappear as a corporation under the laws of New
York." In citing the specific charges against the Associated
Press, the complaint says:
Not only has the Associated Press, with a view of destroying the "Sun'
and its bureau, refused to sell news to it AS to other leading newspapers
of the United States, but it has in its attempt to secure a monopoly in the
sale of news attempted for many years to blacklist and boycott the undersigned. * * * For this purpose the said association adopted a by-law,
which is either in force or if nominally abrogated is yet a part of the working
arrangement of the said Associated Press and a part of the common understanding and contracts with its members, which reads as follows:
No member of the association shall receive news from any person, firm or
corporation which shall havebeen declared by the board of directors or the
stockholders to be antagonistic to the corporation.
The Associated Press has declared the undersigned to be "antagonistic"
and whenever it ascertains that any newspaper is buying or attempting to
buy the special news of the undersigned or is selling or attempting to sell its
news to the undersigned, the board of directors of the Associated Press
threatens to discipline, or in fact does discipline, the offending newspaper.
The purchaSe and sale of such news between the undersigned and members of the Associated Press do not interefere and could not interfere with
.
the many interests or existing contracts of the Associated Press. Those
who desire to buy news from or sell news to the undersigned have no wish
to discontinue their long-time contracts with the Associated Press but

FEB. 7 1914.1

THE CHRONICLE

simply wish to add to their value as organs of public opinion by obtaining
all the news of the day.

The concluding argument is placed upon the broad ground
of prejudice to the public interest and welfare inherent in
such a monopoly as is charged.

431

Continued increase in the business of the MerchantsMechanics' National Bank of Baltimore is shown in its recent statement under the Comptroller's call of Jan. 13 1914.
On this date aggregate resources were reported at $25,405,272, while on Oct. 21 1913 the total showed $24,220,812.
Deposits in the three months increased from $18,222,408 to
$19,605,962. The Merchants-Mechanics'is one of the largest
banks in the Southern States.

The Administrative Committee of the American Bankers'
Association, to which was referred by the Executive Council
the matter of selection of time and place for the Council's
spring meeting, has selected the Homestead Hotel, Hot
At their annual meeting on the 2d inst. the stockholders
Springs, Va., and the date of April 30 and May 1 and 2.
of the Mississippi Valley Trust Co. of St. Louis authorized
The Executive Council met at Hot Springs in 1907.
the directors to apply for admission to the Federal banking
system.
A readjustment of the capital of the Security Bank of
this city is to be made on the 17th inst., when action will
The Mechanics-American National Bank of St. Louis
first be taken on reducing the amount from $1,000,000 to during the past three months increased its deposits from
returning the $400,000 to the stockholders
$600,000, and
$33,343,113 on October 21 1913 to $34,524,274 on January
at such times and in such manner as the directors shall de- 13 1914. Aggregate resources during this same period rose
stockholders will act on
termine; after this proceeding the
from $38,954,613 to $40,055,620. This institution, of
the question of restoring the capital to the former figure which Walker Hill is the well-known President, and Joseph
of $1,000,000.
S. Calfee, Cashier, has now surplus and profits of $2,731,345
and capital of $2,000,000.
Dr. James H.Parker, heretofore Chairman of the Board of
Trust Co. of this city, was elected Presithe Mutual Alliance
dent of the institution on the 3d inst. E. E. Jordan was reBecause of the sentiment which has developed with respect
elected Vice-President. In line with the announcement last to interlocking directorates, Milton H.Smith,President of the
week reporting the acquisition of the business of the National Louisville & Nashville RR.,has withdrawn as a director from
Reserve Bank by the trust company, two of the bank's the board of the National Bank of Commerce of Louisville.
officials were this week made Vice-Presidents of the com- W. L. Mapother, First Vice-President of the road, has
pany. They are Frank V. Baldwin and Robert B. Minis, retired from the directorate of the Lincoln Savings Bank
respectively Vice-President and Cashier of the National of Louisville.
Reserve Bank. Erskine Hewitt, Chairman of the board
of the bank, William 0. Allison, President of the latter, with
J. H. Waterfell has been made an Assistant Cashier of the
E. A. Fisher and Mr. Baldwin have been elected directors Union National Bank of Louisville.
of the trust company. F. H. Hornby has been made Secretary of the company; H. A. Clinkunbroomer continues as
Under proceedings consummated on Jan. 28, the Fort
Treasurer and F. B. French as Assistant Secretary.
Worth National Bank of Fort Worth, Tex., has merged into
its own business that of the State National Bank of Fort
No evidence remained on Monday last of the run to which Worth and has acquired control of the Waggoner Bank &
Savings of this city was subjected last week.
the Bank for
Trust Co. of Fort Worth. The capital of the State National
It is stated that in all about $2,000,000 was withdrawn was the same as that of the Fort Worth National, namely,
during the run.
$500,000. The deposits of the State National on Jan. 13
were $1,665,855,'while those of the Fort Worth National
Edward A. Weppner, Cashier of the German-American on the same date amounted to $4,379,198. Last SeptemBank of Buffalo, N. Y., died on Jan. 28 in his forty-seventh ber the stockholders of the State National were advised by
year. Mr. Weppner entered the bank as a messenger at President E. E. Baldridge of the loss of $125,000, suffered
sixteen years of age. Twenty years ago he was made an through former Vice-President Woods, and the decision of
Assistant Cashier, and for the past decade he had been the larger stockholders, representing 75% of the stock, to
Cashier. He was also at the time of his death Secretary of pay the loss into the bank. Control of the Waggoner Bank
the Buffalo Clearing House Association and a director of & Trust Company (capital $210,000)comes to the Fort Worth
the Buffalo Gasolene Motor Co. He had formerly been a National through its acquisition of the State National, the
director of the Buffalo Chamber of Commerce.
latter having some months ago secured controlling interest
in the State institution. K. M. Van Zandt will continue
In the death on the 2d inst. of Benjamin M. Fakes, Vice- as President of the Fort Worth National and N. Harding
President of the Fourth Street National Bank, Philadelphia will remain as Vice-President. Mr. Baldridge, President of
has lost one of • its best-known and most prominent bank- he State, and F. H.Sherwood, Vice-President, will enter the
ers. Mr. Fakes was born on April 27 1855 and was a Fort Worth National as Vice-Presidents.
descendant of one of Philadelphia's first families. He
entered the banking business in 1872 with the Old Bank
E. S. Pauly, Assistant Cashier of the First National Bank
of North America, leaving there when the Fourth Street
organized in 1886, with which institution he of Los Angeles, has been elected a director of the Los Angeles
National was
has ever since been identified. In March 1896 he was ad- Trust & Savings -Bank.
vanced for meritorious service to an assistant cashiership
At the annual meeting of the Lumbermen's National Bank
and again in 1901 was rewarded by being made a Vice-Presit and
dent. He has always been held in high esteem by the bank- of Portland, John A. Keating retired as Vice-Presiden
ing fraternity, being on numerous important committees, managing officer to devote all his attention to the LumberThe
and for a number of years he was a member of the executive men's Trust & Savings Bank,of which he is President.
on July 1 1913
committee of the Pennsylvania Bankers' Association. Mr. last-named institution commenced business
to Dec.31,above
Faires was a member of numerous clubs and societies, and the net earnings for the first six months
the Bachelors' Barge Club, all expenses and interest payments, were $20,329. This is
among them the Union League,
and
the Down Town, the Merion Cricket and the Racquet clubs. at the rate of 13.44% per annum on the paid-in capital
an
was also a member of the New England Society, the surplus of $300,000. The institution was formed with
He
and the Historical Society authorized capital of $500,000 and surplus of $100,000, of
Presbyterian Historical Society
which 50% was paid in at the start. The second payment of
of Pennsylvania.
50% of the subscription to the capital was called for on Jan.1
to the stockholdThe Franklin Trust Co. of Philadelphia, which is a com- 1914 and has been completed. In a letter
paratively new institution, has during the past year in- ers on Jan. 13, President Keating says:to the amount of any one
The State banking law has rigid restrictions as
creased its deposits from $1,167,271 to $1,523,305, a gain bond issue which a State bank can purchase. The company will therefore
Franklin is located directly across from refrain from receiving deposits for the present. We have not i elt it wise a
of $356,034. The
be necessary to organize th
this time to incur the expense which
the Broad Street Station of the Pennsylvania RR. and has company so as to compete actively for wouldbusiness. The business of th
trust
the distinction of being the only financial institution in company for the past six months has been almost entirely a bond business.
* * * and it is the present policy of the management to concentra
Philadelphia open, from 8:30 a. m. till midnight. Henry
developing your bond business furth
E. Woodman is President and C. Addison Harris Jr. is the energy of the organization on
Mr. Keating also states that, because of a elause in the
Treasurer.
Currency Bill which permits national banks to handle time



432

THE CHRONICLE

deposits on a reserve of 5%,the Lumbermen's National Bank
has decided to retain its savings business. Carl S. Kelty
has been made Cashier of the Lumbermen's Trust & Savings
Bank;F. A.Freeman, previously Vice-President and Cashier,
continues as Vice-President.

Canadian Bank Clearings.
--The clearings of the Canadian banks for the month of January 1914 show decrease
from the same month of 1913 of 11.7%
January.

Clearings at
1914.

1913.

Inc. or
Dec.

1912.

[VoL. xcvm.
Week ending January 31.

Clearings al
1914.
San Francisco_ _ Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
Pasadena
San Jose
North Yakima..
Reno

$
41,410,546
20,031,879
10,056,009
9,018,821
4,798,247
3,357,288
1,658,381
2,684,024
1,576,196
1,730,434
629,820
706,411
952,641
393,953
285,000
250,000

Total Canada

$
$
$
%
224,224,521 247,912,102 -9.6 207,216,549
185,007,052 196,761,436 -5.9 175,019,996
116,381,841 134,993,452 -13.8 110,993,506
41,353,351 52,431,327 -21.1 48,371,226
17,501,145 19,292,073 -9.3 22,028,048
16,293,215 21,680,990 -24.8 18,599,428
13,479,997 13,576,583 -0.7 11,631,964
13,187,339 15,936,304 -17.2 12,670,922
11,639,478 15,987,507 -27.2 11,902,519
15,609,722 18,394,722 -15.1 14,328,480
9,028,732 9,322,578 -3.2 8,747,947
6,741,493 8,383,391 -19.6 6,918,209
7,829,699 8,387,037 -6.7 6,904,546
9,139,448 11,671,181 -21.7 7,860,842
6,385,692 9,096,067 -29.8 7,010,084
4,277,024 5,996,706 -28.7 3,979,906
2,074,062 2,469,794 -16.0 2,669,025
3,579,333 3,609,351 -0.8 2,425,250
2,311,316 3,025,814 -23.6 2,498,257
2,841,181 2,891,098 -1.7 3,178,805
1,725,721 2,544,640 -32.2
1,789,685 Not incl. In total.

2,014,214
2,111,243
2,100,669

Week ending January 31.
1914.

Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Hamilton
Victoria
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Fort William _ _ _ _
Brandon
Brantford
New Westminster
Medicine Hat

Total Pacific_
$
175,630,068
144,716,325
76,019,597
38,953,289
16,687,249
13,033,848
9,833,769
9,124,652
9,013,716
7,029,019
7,435,148
6,412,783
6,542,859
4,189,527
3,321,646

710.611.362 804.364.153 -11.7 684.955.509 534.259.61n

Clearings at
-

1913.

Inc. or
Dec.

50,452,097 ---1.1
48,377,838
39,964,831
+4.9
41,910,791
25,697,297 ---17.4
21,214,047
10,151,168, ---10.5
9,087,463
3,533,561. ---3.3
3,417,697
2,994,122
4,171,452; ---28.2
2,544,232
2,765,033 ---8.0
3,012,2991 ---7.0
2,800,000
2,330,611
3,450,5331 ---32.5
3,744,9681 ---22.9
2,886,298
1,547,707
1,733,356 --10.7
1,621,702 --4.2
1,553,661
1,387,994
1,364,929 i-0.2
1,597,302
1,925,3491 ---17.0
1,092,503
1,792,7661 --39.0
1,120,582; ---37.5
700,317
562,175 ---32.4
380,907
792,727i ---10.5
709,786
581,992 ---43.8
326,4.39
695,951
608,9431 +14.3
395.3091 ---6.4
370,064
370,968 Not included in total
1
147,905,600 159,440,069 -7.2

1912.
42,622,294
37,812,191
22,906,178
10,202,037
4,224,936
4,133,910
2,467,498
2,708,044
2,807,905
3,193,477
1,936,181
1,513,195
1,116,040
1,650,830
1,874,868
763,186
547,661
500,187
471,033
471,520

$
50.218,433
22,843,882
10,523,018
10,000,000
6,370,165
3,527,520
2,231,628
3,434,716
1,493,001
2,502,393
700,388
897,696
1,006,975
595,000
279,707
259,000

1911.
40,687,297
33,000,000
15,980,400
8,514,118
3,170,941
2,531,317
2,191,509
2,107,559
2,096,221
1,332,785
1,454,966
1,409,491
1,189,818
1,039,482
1,098,595

1911.

$
48,147,940
19,442,485
9,176,897
9,815,849
6,482,504
3,881,036
2,976,013
3,904,110
1,306,607
2,100,000
719,875
750,000
935,364
600,000
328,906
260,000

116,883,522 -16.5

97,539,650

Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Davenport
Topeka
Cedar Rapids_ _ _
Waterloo
Helena
Colorado Springs
Pueblo
Fargo
Aberdeen
Fremont
Billings
Dastings

1912.

%
-17.5
-12.3
-4.4
-9.8
--24.7
-4.8
-25.7
-21.8
+5.6
-30.9
-10.1
-21.3
-5.4
-33.8
+1.9
-3.5

1911.
52,588,702
20,616,542
16,334,807
9,549,795
7,798,316
7,615,967
4,234,991
3,354,781
2,801,712
3,045,355
1,743,606
1,634,708
1,398,098
1,707,066
1,222,052
935,120
600,000
547,244
394,076
275,000
337,040
351,813
168,979

Tot.0th. West.

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Hamilton
Victoria
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster
Medicine Hat

Inc. or
Dec.

1913.

139.165.770

$
42 649 132
16 497 940
' '
8766 167
' '
8,15454
4 '
4,751,395
3,720,174
3,172,584
3,070,363
1,500,153
1,397,905
482,689
620,199
756,378
474,961
467,556
250,956

110,827,586

96,553,096

-2.5
-8.0
+2.1
+1.6
-9.8
+0.7
-3.1
-6.7
-16.2
+9.8
-1.7
-1.3
+11.5
+8.4
+1.5
-1.0
-2.0
-8.4
+5.3
-8.2
+20.0
-7.4
-15.8

51,889,435
18,940,715
15,604,926
9,882,583
9,004,439
7,451,267
4,126,061
3,368,029
2,582,725
2,231,276
1,641,027
1,800,759
1,600,625
1,045,366
1,200,000
803,970
600,000
677,099
614,394
234,856
358,479
219,461
201,908

54,188,391
18,009,088
14,177,075
9,262,295
8,755,262
6,471,111
3,821,185
3,334,756
2,377,182
2,371,742
1,423,500
1,912,996
1,386,030
1,191,800
1,051,151
785,209
640,000
650,672
632,225
362,044
312,409
119,079
181,527

143.095,0331 -2.7

136.079.400

53,943,218
22,404,132
16,002,039
9,303,278
8,648,550
7,563,897
4,364,908
3,596,314
3,341,492
2,774,677
1,773,526
1,656,441
1,254,764
1,574,441
1,203,929
944,925
612,000
597,222
374,044
299,583
280,836
380,041
200,776

133.415.720

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
1914.

1913.

Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,914,162,982
155,490,171
148,233,205
32,029,753
295,067,613
71,925,964
18,562,266

$1,751,513,040
161,444,640
146,217,750
37,520,445
278,637,917
69,992,279
16,716,521

+9.3
-3.7
+1.4
-14.6
+5.9
+2.8
+11.0

351,471

Seven cities, 5 days
Other cities, 5 days

$2,635,476,954
545,209,417

$2,462,042,592
561,248,761

+7.0
-2.9

435,717
469,370

Total all cities, 5 days
All cities, 1 day

$3,180,686,371
570,099,988

33,023,291,353
567,269,520

53.750,786,369

63,590,560,873

+5.2
+0.5
+4.5

Clearings-Returns by Telegraph.
Week ending Feb. 7.

Total all cities for week

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
Pacific and Other Western clearings brought forward for the month of January in 1914 and 1913 are given below:
from first page:
Jan ictry 1913.
January 1914.
Total Canada_

143,723,171

118,061,057

Description.

January
rises at
1914.

1913.

Inc. or
Dec.

1912.

1911.

San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake CitySpokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
Pasadena
San Jose
Boise
North Yakima
Ogden
Reno

$
218,375,984
108,228,268
52,166,201
48,901,899
30,194,150
19,228,302
9,050,196
15,521,139
8,551,888
10,216,178
3,668,252
3,908,475
4,527,325
2,746,206
4,000,000
1,681,765
3,365,228
1,113,920

8
241,737,141
111,587,303
50,143,225
49,171,242
31,690,118
18,373,329
11,211,193
17,142,469
9,153,969
13,231,353
3,911,199
5,045,041
4,796,979
3,148,823
4,028,617
1,637,557
3,233,026
1,137,152

%
-9.7
-3.0
+4.0
-0.8
-4.7
+4.7
-19.3
-9.5
-6.6
-22.8
-6.2
-22.5
-4.6
-12.8
-0.7
+2.7
+4.1
-2.0

13
222,320,255
92,805,727
45,655,093
43,841,289
37,013,446
18,592,427
10,746,146
18,384,928
7,017,267
9,710,760
3,406,250
3,695,742
4,462,442
3,148,100
4,051,572
1,522,590
2,710,883
1,145,687

$
198,716,360
73,775,343
42,280,493
41,343,303
29,854,425
18,549,028
12,176,553
16,626,985
6,274,703
6,084,914
2,806,499
3,045,597
3,549,690
2,071,260
4,020,641
1,871,144
2,351,065
924,003

Total Pacific

545,445,376

580,429,736

-6.0

530,230,604

466,322,906

Kansas City_ _ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Davenport
Topeka
Cedar Rapids
Waterloo
Helena
Sioux Falls
Colorado Springs
Pueblo
Fargo
Joplin
Aberdeen
Fremont
Billings
Hastings
Grand Forks_ _ _
.
Lawrence

252,119,415
107,792,086
79,215,072
46,181,724
37,379,976
37,304,697
22,403,893
15,000,529
14,666,563
15,284,301
9,020,645
7,752,363
7,253,015
8,976,608
5,895,372
4,626,017
4,030,000
2,789,832
3,109,396
2,123,233
2,999,628
1,565,000
1,655,141
2,026,565
845,000
1,699,000
1,039,120

255,246,366
117,148,102
76,383,521
43,937,841
41,711,461
36,972,594
20,838,085
15,544,727
19,731,402
13,559,484
7,967,699
7,361,729
7,972,392
7,175,032
6,587,202
4,346,300
3,177,727
2,924,170
3,381,914
2,122,718
3,836,567
1,666,052
1,365,349
1,765,086
875,746
1,632,000
1,006,945

-1.2
-8.0
+3.7
+5.1
-10.4
+0.9
+7.5
-3.5
-25.7
+12.7
+13.2
+5.3
-9.0
+25.1
-10.5
+6.4
+26.8
-4.6
-8.0
+0.02
-21.8
-6.1
+21.2
+14.8
-3.7
+4.1
+3.2

229,012,983
85,699,581
68,260,943
43,487,752
42,314,391
36,091,205
18,191,411
15,116,547
13,156,072
10,631,314
7,192,728
7,215,644
7,401,672
5,515,913
4,984,448
3,923,518
2,054,350
2,814,571
3,015,206
3,274,814
3,121,369
1,228,293
1,329,702
1,243,232
730,087
1,569,900

237,481,885
85,684,405
61,439,309
45,141,784
40,373,217
32,287,830
15,944,935
13,020,187
11,413,720
10,634,103
6,656,888
7,086,376
7,124,117
6,911,856
4,721,170
4,167,542
4,143,697
2,833,971
2,985,481
2,897,140
2,085,228
1,477,810
1,285,655
531,027
835,586
1,171,330

___.1 A

1114 A74.1,141

Am qQA 9'29




Par Value
or Quantity.

Aver. Par Value
Price. or Quantity.

Actual
Value.

Actual
Value.

Aver.
Price.

8,748,973
St 'ksf Shs..
10,088,895
Val. $881,625,495 $847,963,208 96.2 $809,787,850 $800,879,464 98.9
52,526,500
51,580,270 98.2
RR. bonds
78,497,815 97.0
80,960,500
125,849 103.6
121,500
Gov't bds..
56,500 102.7
55,000
2,075,744 92.0
2,255,500
State bonds
8,714,924 103.0
8,458,500
29,412 197.4
14,900
Bank stks_
267,721 217.0
123,400
Total.... $971,222,895 $935,500,168 96.3 $864,706,250 $854,690,739 98.8
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
11th.

1912.

1913.
Number
of
Shares.

Values.
Actual.

Par.

Number
of
Sharee.

Values.
Par.

Actual.

$
$
$
July_ 5,124,015 473,143,325 444,217,869 7,158,324 654,771,351
Aug_ 6,086,374 560,758,950 520,713,458 8,952,348 811,891,750
Sept 7,682,304 655,334,675 632,418,922 10,107,204 911,341,20 i

$
620,416,209
790,416,208
887,463,294

3d qr 18,892,693 1,689,326,950 1,597,350,24926,217,886 2,378,004,301 2,298,295,711
Dot. 7,403,029 644,318,890 626,464,217 14,166,896 1,267,956,250 1,234,014,207
Nov_ 3,765,595 332,054,825 305,479,087 8,725,317 786,689,400 769,948,928
Dee. 7,152,07: 616,254,800 600,007,419 12,631,7861,143,650,5751,114,942,108
Ithqr 18,320,702 1,592,828,515 1,531,951,62335,523,999 3,108,296,22 3,118,905,243
191
1914rnr, In 055.505 31/21 a2s 495 847.963.208 8,748,973 809,787,850 790.879.464
MONTHLY CLEARINGS.
Clearings Outside New York.

Clearings, Total AIL
Month.
1913.

1912.

%

1913.

1912.

%

$
$
$
$
July.. 13,536,575,066 13,945,970,270 -2.9 6,191,655,044 6,024,708,041 +2.8
Aug.. 12,374,139,241 13,208,383,745 -6.3 5,611,944,737 5,722,100,185 -1.9
Sept__ 13,424,633,464 13,076,665,761 +2.7 5,968,776,311 5,643,819,940 +5.7
3d qr.. 39,335,347,771 40,230,839,776 -2.2 17,772,376,092 17,390,838,166 +2.2
Oct__ 15,694,859,256 17,146,370,736 -8.6 7,001,363,927 7,007,373,120 -0.07
Nov_
.13,867,739,952 15,366,072,049 -9.8 6,280,855,086 6,546,234,622 -4.1
Dec.. 14,675,931,073 15,361,124,620 -4.5 6,675,932,521 6,552,402,603 +1.9
4th qr. 44,238,530,280 47,873,567,405 -7.6 19,958,151,534 20,106,010,345 -0.7
1913.
1914.
1914.
1913.
Jan __ 16.230.634.422 16.266.257.863 -0.2 6.858.814,029 6,927,516,657 -1.0

The course of bank clearings at leading cities of thecountry
for the month of January in each of the last eight years is
shown in the subjoined statement.
BANK CLEARINGS AT LEADING CITIES IN JANUARY.
(000,000s
1914. 1913. 1912. 1911. 1910. 1909. 1908. 1907.
$
omitted.)
$
$
$
$
New York
9,372 9,339 8,836 8,530 11,249 8,884 6,750 9,638
948 1,040
Chicago
1,436 1,412 1,253 1,146 1,161 1,133
905
685
781
881
Boston
824
843
823
777
674
528
574
698
663
Philadelphia
716
762
790
290
272
298
313
353
347
St. Louis
396
397
242
199
181
226
217
223
260
Pittsburgh
234
148
205
153
190
199
222
242
San Francisco
218
114
137
126
143
156
173
198
Baltimore
170
115
132
129
113
120
121
128
Cincinnati
137
148
139
189
217
237
229
255
Kansas City
252
72
81
71
86
87
98
119
Cleveland
123
93
79
71
97
86
86
117
Minneapolis
108
111
92
85
118
98
106
103
New Orleans
112
62
57
58
74
81
90
112
Detroit
121
62
64
50
88
67
65
72
Louisville
74
45
57
51
68
61
68
76
79
Omaha
40
33
33
39
41
40
42
40
Providence
47
50
49
54
81
59
70
74
Milwaukee
58
49
62
38
74
93
112
108
Los Angeles
38
41
47
35
48
52
55
54
Buffalo
41
41
38
42
45
44
44
46
St.Paul
36
35
41
33
40
42
42
37
Denver
40
39
42
39
30
37
42
37
Indianapolis
20
27
37
32
39
35
39
40
Richmond
26
25
32
27
39
41
43
45
Memphis
38
31
42
50
35
46
50
52
Seattle
29
17
26
30
30
37
32
30
Salt Lake City
17
17
16
21
22
19
24
26
Hartford
Total
Other cities

14,960 15,038 14,028 13,438 16,223 13,270 10,696 14,272
994
945
780
679
775
1,271 1,228 1,068

Total all
Outskie New York

16,231 16,266 15,098 14,432 17,168 14,050 11,375 15,047
6,859 6,927 6,260 5,902 5,919 5,166 4,625 5,409

ElIonetarg3T011/11VertialjingiblinenTS
English Financial Markets-Per Cable.
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Feb. 6.
Mon. Tues.
Sat.
Silver, per oz
d 267-16 26 11-16 26%
d Consols, 2% per cents_ _ _ 76
78 7-16 76
d For account
76
76 9-16 76
87.15
87.27
d French Rentes On Paris) fr. 87.20
79
7934
Amalgamated Copper Co__ _ 7934
7114
71
Am. Smelt. & Refining Co... 7134
734
714
734
S Anaconda Mining Co
10234
10234
Atch. Topeka & Santa Fe__ _102%
104
104
10334
Preferred
9814
9834
9834
Baltimore & Ohio
84
84
8334
Preferred
226
225
226
Canadian Pacific
69
69
6934
Chesapeake & Ohio
15
15
15
Chicago Great Western
10934
10934
Chicago Milw. & St. Paul_ _ _109%
2034
2014
Denver & Rio Grande
2034
32
Preferred
3134
3134
3214
Erie
3334
3334
5114
5114
First preferred
5034
41
41
Second preferred
41
13514
Great Northern, preferred_ 134_
13634
Illinois Central
117
117
11734
Louisville & Nashville
14314
14314
144
Missouri Kansas & Texas_ _ 2434
2434
2434
62
Preferred
62
62
30
Missouri Pacific
29
30
1311
Nat. RR.of Mex., 2d pref._ 1334
1334
99
9934
N. Y. Cent. & Hud. River.... 9934
32
32
32
N.Y. Ont.& Western
108
108
Norfolk & Western
89-- ---89
Preferred
12114 iii:iq
120X
Northern Pacific
5814
5834
a Pennsylvania
c5834
87
88
88
a Reading Company
45
45
45
a First preferred
47
47
a Second preferred
13
i(53i
Rock Island
1534
10234
102
10234
Southern Pacific
2834
28
Southern Railway
2834
Preferred88%
16934
Union Pacific
8734
8734
8734
Preferred
69
6834
69
U.S. Steel Corporation
11334
c1133-4 11334
Preferred
3
334
334
Wabash
1034
1034
Preferred
1034
62
62
61
Extended 45

i l

F.
Thurs.
Wed.
269-16
26%
261
76 1346 76 11-16
77%
76 15-16 7613-16
7734
87.4734 87.3734 87.4234
7834
7914
7934
72
7114
72
734
734
734
102
10134
10234
104
104
10334
98
9834
9734
8334
8334
8334
22334
225
225
6934
6834
6934
1434
1434
15
109
10934
10934
1934
1834
1934
31
31
3134
323i
3234
3234
50
5014
5034
41
41
4034
138
138
13814
11714
11734
11734
143
14234
14334
24
2334
2334
61
6134
6134
29
2834
293.4
1234
13
1234
9634
98
9734
3114
3134
3134
108%
08
0
---- -- -- -- 89
Ii5i iq 12034
58
5814
5834
8634
8634
8634
45
45%
45
4634
iiii 10-- 10
10I3-4
10134
10034
28%
2834
2834
87
87 34
87
168%
187X
16734
88
88
8734
68
6734
6734
114
11334
11434
314
334
334
034
934
934
62
6234
6134

X

a Price per share. b £ sterling. c Ex-dividend. d Quotations here given are
flat prices.

Commercial andMiscenantenstXturs
4111/11.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, preferred
Atch. Top.,Sc S. Fe, corn. (qu.)(No.35).
Baltimore& Ohio, common
Preferred
Bellefonte Central
Extra
Brazil Ry.,cUrnAnon-cum.,pf.,end.(qu.)
Buff. Roch. & Pitts., com. & pref
Chicago, Milwaukee & St. Paul, common
Preferred
Ch. St. Paul Minn. & Om., corn. & pref.
Cleveland & Pittsburgh, reg., guar.
(quer.)
Special guaranteed (quar.)
Cripple Cr'k Cent., corn. (qu.) (No. 17).
Preferred (quar.) (No. 33)
Green Bay & Western
Illinois Central (No. 118)
Louisville & Nashville
N. Y., Chic. & St. L., 1st & 2d pref
Norfolk & Western, common (quar.)__ _
Norfolk & Western, adj. pref. (quar.).....
Oswego & Syracuse
Pennsylvania (quar.)
Reading Company, corn. (quar.)
First preferred (quar.)




433

THE CHRONICLE

FEB. 71914.]

Per
When
Cent. Payable.
3
114
3
2
50c.
50c.
154
3
214
334
354
134
1
1
1
5
254
354
234
134
1
434
136
,
2
1

Books Closed.
Days Inclusive.

Feb. 23 Holders of rec. Jan. 31a
Mar. 2 Holders of rec. Jan. 30a
Mar. 2 Holders of rec. Jan. 31a
Mar. 2 Holders of rec. Jan. 31a
Feb. 15 Holders of rec. Jan. 31a
Feb. 15 Holders of reo. Jan. 31a
Feb. 10 Feb. 1 to Feb. 9
Feb. 16 Holders of rec. Feb. 9
Mar. 2 Holders of rec. Feb. 9a
Mar. 2 Holders of rec. Feb. 9a
Feb. 20 Holders of rec. Feb. 2a
Mar. 2 Holders of rec. Feb. 10a
Mar. 2 Holders of rec. Feb. 10a
Mar. 2 Holders of rec. Feb. 17a
Mar. 2 Holders of rec. Feb. 17a
Feb. 9 Holders of rec. Feb. 7a
Mar. 2 Holders of rec. Feb. 9a
Feb. 10 Jan. 21 to Feb. 10
Mar. 2 Holders of rec. Jan. 30a
Mar. 19 Holders of rec. Feb. 28a
Feb. 19 Holders of rec. Jan. 310
Feb. 20 Holders of rec. Feb. 10a
Feb. 28 Holders of rec. Feb. 2a
Feb. 12 Holders of req. Jan. 26a
Mar. 12 Holders of rec. Feb. 24a

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam) Concluded.
34 Feb. 15 Feb. 3 to Feb. 14
St. L., Rocky Mt.& Pao. Co.,com.(No.2)
Feb. 16 Feb. 7 to Feb. 15
1
Seaboard Air Line, preferred
April 1 Holders of rec. Mar. 20
•83
Union Pacific, common (special)
1% Feb. 10 Jan. 21 to Feb. 9
Utica, Clinton & Binghamton
Street and Electric Railways.
1% Feb. 14 Holders of rec. Jan. 31a
American Railways, preferred (quar.)
2
Feb. 28 Feb. 15 to Mar. 1
Binghamton Ry
Feb. 16 Holders of rec. Feb. 2
2
Boston Elevated
Brazilian Tr., Lt. & P., ordinary (qu.)-- 114 Feb. 20 Holders of rec. Jan. 31
Cent. Arkansas ft.& L., pref.(qu.)(No.4). 1% Mar. 2 Feb. 17 to Mar. 2
Feb. 10 Holders of rec. Jan. 26a
$4
Chicago Rys., partla. ctfs., Ser. 1
Feb. 10 Holders of rec. Jan. 26a
$2
Participation certificates Ser. 2
Feb.d14 Feb. 1 to Feb. 15
Connecticut Ry.& Lt8., com.& Pf. (qu.) 1
1% Mar. 2 Holders of rec. Feb. 14
Detroit United Ry. (guar.)
Apr. 1 Holders of rec. Mar. 14a
1
Duluth-Superior Trac., cam. & pf.
Federal Light ct Trac., pf. (qu.)(No. 15)
- 114 Feb. 28 Holders of rec. Feb. 14a
Galveston-Houston El. Co.,com.(No. 10) 334 Mar. 16 Holders of rec. Mar. 5a
3
Mar. 16 Holders of rec. Mar. 5a
Preferred (No. 14)
Illinois Traction, common (quar.)
Feb. 15 Holders of rec. Jan. 31
Massachusetts Consolidated Rys., pf.(gu.). 1% Feb. 2 Holders of rec. Jan. 29a
Nor. Texas El. Co., com. (qu.) (No. 18).. 134 Mar. 2 Holders of rec. Feb. 14a
Mar. 2 Holders of rec. Feb. 14a
3
Preferred(N0.17)
1% Feb. 16 Holders of rec. Jan. 310
Pacific Gas & Elec. Co.,Pf (qu.)(No 32)_
.
214 Mar. 2 Holders of rec. Feb. 100
Philadelphia Co., 5% non-cum. pref__ _ _
Mar. 2 Holders of rec. Feb. 12
Portland Ry.. Lt. & Power (guar.)(No. 13) 1
Tampa Electric Co.(guar.)(No. 37)
234 Feb. 16 Holders of rec. Feb. 4a
Twin City R. T., Minneap., cam. (qu.)_
1% April 1 Holders of rec. Mar. 14a
Preferred (guar.)
1% April 1 Holders of rec. Mar. 14a
April 1 Holders of rec. Mar. 16
United Light & Rys., common (quar.)... 1
April 1 Holders of rec. Mar. 16
Common (extra)
1
114 April 1 Holders of rec. Mar. 16
First preferred (quar.)
X April 1 Holders of rec. Mar. 16
Second preferred (quar.)
Banks.
Feb. 1 Holders of rec. Jan. 310
3
Security
Miscellaneous.
1% Feb. 23 Holders of rec. Jan. 24a
Amalgamated Copper (quar.)
American Bank Note, common (quar.)-- 1% Feb. 16 Holders of rec. Feb. 2a
April 1 Mar. 22 to April 1
Amer. Gas & Elec., com. (qu.) (No. 16) 2
Amer. Graphophone, pref. (qu.)(No.63) 1% Feb. 16 Holders of rec. Feb. 2
Mar. 31 Mar. 22 to Mar. 31
2
American Radiator, common (guar.)
Mar. 31 Mar. 22 to Mar. 31
2
Common (extra)
Mar. 31 Mar. 22 to Mar. 31
lOr
Common (payable in common stock)
1% Feb. 16 Feb. 8 to Feb. 16
Preferred (guar.)
Mar. 16 Feb. 28 to Mar. 4
1
Amer. Smelt. .1, Refg., com.(qu.)(No.42)_
1% Mar. 2 Feb. 14 to Feb. 19
Preferred (guar.) (No. 59)
)4 Mar. 31 Feb. 27 to Mar. 19
American Steel Foundries (quar.)
American Telegraph & Cable (quar.)
154 Mar. 1
Mar. 2 Feb. 15 to Mar. 15
5
American Tobacco, common (quar.)
114 Apr. 1 Feb. 15 to Mar. 15
Preferred (guar.)
1%1 April 1 Holders of rec. Mar.II6a
Bethlehem Steel, pref. (quar.)
Feb. 14 Holders of rec. Feb. 7
Bond dc Mortgage Guarantee (quar.).... 4
Feb. 14 Feb. 6 to Feb. 15
4
Borden's Condensed Milk, common
Mar. 14 Holders of rec .Feb. 24
Buckeye Pipe Line (guar.)
$5
Burns Bros., common (quar.) (No. 2)
134 Feb. 15 Holders of rec. Jan. 31
/ Mar. 2 Holders of rec. Feb. 17
34
Butterick Company (guar.)
134 Feb. 14 Holders of rec. Jan. 31
Cambria Steel (guar.)
134 Feb. 16 Feb. 1 to Feb. 10
Canada Cement, Ltd., pref. (quar.)_ _ _ _
Feb. 15 Holders of rec. Jan. 31
1
Canadian Converters, Ltd., (quar.)__ - _
354 Feb. 20 Holders of rec. Feb. 10
Central Fireworks, preferred
Feb. 19 Holders of rec. Feb. 11
Central States Elec. Corp., corn. (No. 1) 1
14 Mar. 1 Holders of rec. Feb. 150
Cities Service, cons, and pref. (monthly)
Mar. 16 Holders of rec. Feb. 28
1
Cleveland & Sandusky Brew., pref. (qu.)
Mar. 2 Holders of rec. Feb. 14a
1
Columbus Gas & Fuel, corn. (quar.)_ _
Connecticut Power, pref. (quar.) (No. 4) 114 Mar. 2 Holders of rec. Feb. 170
1% Mar. 16 Holders of rec. Feb. lba
Consolidated Gas (quar.)314 Feb. 20 Holders of rec. Feb. 10
Consumers' Co., preferred
$1.50 Mar. 18 Feb. 21 to Mar. 16
Crescent Pipe Line (guar.)
1% Mar. 16 Holders of rec. Feb. 286
Diamond Match (quar.)
Mar. 18 Holders of rec. Feb. 280
1
. Extra
2
Feb. 16 Holders of rec. Jan. 31
Dominion Bridge, Ltd. (quar.)
1% Mar. 16 Holders of rec. Mar. 2
Eastern Steel, 1st preferred (quar.)
Federal Utilities, pref. (guar.)(No. 10)-- 1% Feb. 28 Holders of rec. Feb. 14
1% Feb. 28 Holders of rec. Feb. 14
Preferred (guar.) (No. 11)
General Asphalt, pref. (quar.) (No. 27) 1% Mar. 2 Holders of rec. Feb. 130
114 Mar. 2 Holders of rec. Feb. 200
General Chemical, corn. (quar.)
Goodrich (B. F.) Co., pref. (quar.)__ -- 1% April 1 Holders of rec. Mar. 21a
2% Feb. 13 Holders of rec. Feb. 110
Gorham Mfg., corn. (quar.)
Mar. 2 Holders of rec. Feb. 14a
Greene Cananea Copper (quar.) (No. 6) 1
Homestake Mining (monthly)(No.471)... 85e. Feb. 25 Holders of rec. Feb. 20
Ilium. & Pow. Sec., pref. (qu.)(No. 6).. 1% Feb. 16 Holders of rec. Jan. 31
$4
Feb. 14 Holders of rec. Jan. 24
IndianaPipe Line
1,4 Mar. 2 Holders of rec. Feb. 10a
Inland Steel (quar.)
Internat. Harv. of N. J., pf.(qu.)(No.28) 1% Mar. 2 Holders of rec. Feb. 100
1% Mar. 2 Holders of rec. Feb. 10a
Internat. Harv. Corp., pf.(qu.)(No.
2% Mar. 2 Feb. 15 to Mar. 2
Internat. Nickel, common (quar.)
Jefferson & Clearfield Coal dr Iron, pref. 214 Feb. 16 Holders of rec. Feb. 66
Apr. 2
Kelly Springfield Tire, pref. (quer.).-- - 1% Apr. 2 Mar.21 to
Mar. 2 Feb. 10 to Feb. 24
Kings Co. El. L. & Pow. (04.) (No. 56).. 2
Lackawanna Steel, preferred (guar.)._ -- 1% Mar. 2 Holders of rec. Feb. 28
Feb. 28 Holders of rec. Jan. 310
2
Lehigh Coal & Navagation (quar.)
Mar. 2 Feb. 15 to Mar. 9
Liggett & Myers Tobacco, corn. (quar.) 3
1% Mar. 1 Holders of rec. Feb. 16
May Department Stores, common (guar.)
50c. Feb. 16 Holders of rec. Jan. 310
Miami Copper (quar.) (No. 8)
Middle West Utilities, pref. (quar.)__ _ _ $1.50 Mar. 2 Holders of rec. Feb. 14
4% Mar. 31 Jan. 29 to Feb. 19
Milwaukee & Chicago Breweries
1% Feb. 16 Holders of rec. Jai). 31
Mobile Electric Co., pref. (quar.)
Montreal Lt., Ht. & Pow.(qu.)(No. 51) 2% Feb. 16 Holders of rec. Jan. 310
1% Feb. 14 Jan. 28 to Feb. 16
National Carbon, pref. (quar.)
1% Mar. 18 Feb. 21 to Feb. 24
National Lead, preferred (quar.)
1% Feb. 16 Feb. 6 to Feb. 16
Niles-Bement-Pond, pref. (guar.)
1% Mar. 2 Holders of rec. Feb. 21
Ontario Power Co.(guar.)(No.6)
1
Feb. 16 Holders of rec. Feb. Is
Penman's, Limited, common (quar.)_
2
Feb. 25 Jan. 21 to Feb. 10
Peoples Gas Light de Coke (quar.)
1% Feb. 16 Feb. 6 to Feb. 16
Pratt & Whitney Co., pref. (par.)
Pressed Steel Car, com. (quar.) (No. 20) 34u Mar. 11 Feb. 19 to Mar. 10
Premed Steel Car, pref. (quar.)
1% Feb. 25 Feb. 5 to Feb. 24
Feb. 14 Holders of rec. Jan. 31a
Procter & Gamble, common (quar.)___ _ 4
Feb. 18 Holders of rec. Jan. 310
Pullman Company (quar.) (No. 188)... 2
Mar. 1 Feb. 1 to Feb. 28
5
PureOil (quar.)
Quaker Oats, preferred (quar.)
134 Feb. 28 Holders of rec. Feb. 2a
1% Feb. 14 Holders of rec. Jan. 31a
Sears, Roebuck & Co., corn. (quar.)_
1% Feb. 18 Holders of rec. Feb. 7a
Silversmith's Co. (quar.)
Southern Cal. Edison, corn.(M.)(No.18) 134 Feb. 15 Holders of rec. Jan. 31
Mar. 2 Holders of rec. Feb. 16
8
Southern Pipe Line (quar.)
254 Mar. 18 Holders of rec. Feb. 20
Standard Oil (California) (quar.)
Feb. 28 Feb. 3 to Mar. 1
3
Standard Oil (Indiana) (quar.)
4
Feb. 28 Feb. 3 to Mar. 1
Extra
Feb. 28 Feb. 12 to Feb. 28
3
Standard 011 (Kansas) (quar.)
Feb. 28 Feb. 12 to Feb. 28
7
Extra
12000 Feb. 14
Standard Oil (Kentucky)
2
Mar. 16 Holders of rec. Feb. 24
Standard Oil of New York
1% Mar. 1 Holders of rec. Feb. 20
Studebaker Corporation, pref.(guar.)
Feb. 15 Jan. 21 to Feb. 15
1
Union American Cigar, common
1% Feb. 15 Jan. 21 to Feb. 15
Preferred (quar.)
1% Mar.
United Cigar Mfrs., pref. (guar.)
Un. Cigar Stores of Am.,com.(qu.)(No.5) 1;§ Feb. 16 Jan. 31 to Feb. 160
134 Feb. 28 Holders of rec. Feb. 200
United Dry Goods Cos., pref. (guar.)
1% Mar.30 Mar. 3 to Mar. 10
U. S. Steel Corporation, com. (quar.)
1% Feb. 27 Feb. 3 to Feb. 24
Preferred (guar.)
White (J. G.) Management Corp.,pf.(gu.)_
134 Mar. 1 Holders of rec. Feb. 18
Woolworth (F.W.), corn. (qu.)(No. 7)-- 134 Mar. 2 Holders of rec. Feb. 10a

X

a Transfer books not closed for this dividend. b Less income tax. d Correction
f Payable in stock. h On account of accumulated dividends. i Payable in scrip'
o In connection with this $200 cash dividend stockholders are given the privilege
of subscribing to the $2,000,000 increase in the capital stock of the company.
r Payable in common stock. s A distribution of Baltimore & Ohio stock to be
made, viz., $12 par value of B.& 0. preferred and $22.50 par value B.& 0.common
for each share of Union Pacific common stock held. I Declared 5% payable in
quarterly installments. u Declared 3% payable in quarterly installments.

434

THE CHRONICLE

Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent. 'Shares.
Per reitt.
15 Independent Supply Co.,
40 Molsant Internat. Aviators,
common
$1,500 lot
Prof., $10 each
$66 lot
71 Metropolitan Sand & Gravel
15 Amer. Designing & ReproCo.,common
$7,150 lot
ducing Co
$15 lot
10 Consumers Brewing Co. of
4 Continental Insurance Co_ _914
N.Y.. Ltd
100 Amer. Lithog. Co.7% pref. 84g
12734
17 German-Am. Ins. Co_ _515-516 Yi
50 Amer.Lithog. Co.common_ 35
16,584 Div. Lake View Cons. Gold
Bonds.
Per cent.
Mg. Co., Ltd., $1 each $100 lot $6,000 Monmouth Co. Elec. Co. 48 5
12 Imp.& Trad. Nat. Bank__ _510
$11,000 Bklyn. Ferry Co. of N. Y.
1 Clinton Hall Assn
37
1st cons. M. 58, 1948; trust Ws.
2,905 Oneida Mill Corp. common,
of deposit stamped and assent$10 each
$1,610 lot
ing
$300 lot
19 Larson Machine Co. trust
$5,000 Internat. Indus. Corp.,Ltd.,
certificates
$130 lot
coll. tr. notes, 1918
$28 lot

By Messrs. Francis Henshaw & Co., Boston:
$ per sh. Shares.
Shares.
$ per sh.
210
6 Nat. Shawmut Bank
5 Pepperell Manufacturing Co_ _ _290
230
1 Draper Co., common
16 York Manufacturing Co
85-86
109
3 Concord & Mont. RR., Class 2A15
10 Pacific Mills
35 Plymouth Cordage Co
1 Boston Duck Co., $700 par__ _1240
225

By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh. I Shares.
$ per sh.
27 Nat, Shawmut Bank
210-215 10 Plymouth Cordage Co
22534
10 Pacific Mills
112
4 Waltham Watch Co., pref
99
24 Naumkeag Steam Cotton Co
180
Bonds.
Per Cent.
7 Man.& Lawrence RR
120
$2,000 Dartmouth Mfg. Corp. 1st
1 Prov. & Worcester RR
4s, 1922
2201i
95
9 Draper & Co.,common
22554

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh. Shares.
$ per $h
42 Logan Trust Co
125
1 American F. Ins. Co
9134
8 Continental-Equit. Tr. Co.,
30 Camden F. Ins. Assn., $5 each 11
7 Ins. Co. of State of Pa_ _10334-14034
98
$50 each
200 Porter Metal Mfg. Co., corn,.
77 Phila. Life Ins. Co.,$10 ea.1035-1034
$140 lot
$50 each
12 2d & 3d Streets Pass Ry
24454
25 Columbia Ave. Trust Co
175
4 Amer. Pipe Sc Construe. Co.48-4954
50 1st Nat. Bank, Philadelphia_ _200
5 J. G. Brill Co., pref
10134
200 Excelsior Tr. & S. F. Co.,
10 Young-Smyth-Field Co., pref- 90
$50 each
50
724 Indust. Cold Stor.& W.H.Co. 5
Bonds.
Per Cent.
4 Bank of North America_ _270-27034 $1,000 Amer. Pipe Mfg. Co. coll.
10 Corn Exchange Nat. Bank___ _270
tr. 55, 1929
9454
3 Eighth National Bank
432
$1,000 Trappe & Limerick Elec.
25 Girard National Bank_ __350-350g
St. Ry. 1st 434s, guar., 1931._ L 85
10 North Penn Bank
120
$500 No. Spring. Wat. Co. 5s, 1928 91
9 Phila. Nat. Bank
425
$4,500 Nor. Riv. Stone Co., let 6s,
50 Cheiten Tr. Co., $50 each
75
1925
$200 lot_
10 Fidelity Trust Co
60054 $2,000 Allegheny 1st Ward,school,
7 Girard Trust Co
901
3g s, 1930
91
1 Pennsy. Co. for Ins., &c
601
$1,000 St. Benedict Village Co. 1st
1 Provident Life & Tr. Co
850
5s, 1935
80

[VOL. xcvm.

DETAILED RETURNS OF TRUST COMPANIES.
On Dep.
Net
Surplus. Loans. Specie. Legal:. withC.H.
Average. Average. Average. Banks. Deposits. Reserve.
Average.
$
i
$
$
$
$
Brooklyn
3,659,4 24,209,0 2,185,0
728,0 3,002,0 19,623,0 14 7,
.8+13.2
Bankers
14,462,9 112,373,0 12,079,0
279,0 15,658,0 81,808,0 15.1+16.0
U. S. Mtg.&Tr 4,350,4 34,732,0 4,074,0
344,0 5,158,0 29,457,0 15.0+14.6
Astor
1,152,7 20,180,0 2,015,0
58,0 1,954,0 13,867,0 15.0+12.1
Title Gu.& Tr. 11,614,4 32,261,0 2,179,0
900,0 4,888,0 20,421,0
Guaranty
23,827,2 151,407,0 15,435,0 1,153,0 21,452,0 104,172,0 15.0+19.0
15.0+17.0
Fidelity
1,362,9 7,279,0
646,0
244,0
817,0 5,659,0 15.7+11.1
LawyersT.I8zT 5,463,4 15,583,0 1,493,0
213,0 1,749,0 10,587,0 15.6+13.8
Col.-Knicker_ 7,153,7 44,158,0 6,191,0
570,0 5,928,0 38,575,0 15.0+13.3
People's
1,544,5 15,865,0 1,831,0
374,0 2,155,0 14,743,0 15.0+12.5
New York
12,015,2 44,651,0 4,210,0
410,0 5,194,0 30,006,0 15.0+14.3
Franklin
1,179,3 10,497,0 1,128,0
167,0 1,258,0 8,407,0 15.4+12.7
Lincoln
545,9 10,201,0 1,117,0
229,0 1,226,0 8,960,0 15.0+12.0
Metropolitan _ 6,721,5 21,109,0 2,361,0
9,0 3,348,0 13,047,0 18.1+20.2
579,0 1,835,0 12,064,0 14.8+13,2
827,7 12,554,0 1,209,0
Broadway..._
Totals, average 95,881,1 557,059,0 57,153,0 6,257,0 75,622,0 412,596,0 15.3+15.4
Trust Cos.
00s omitted.

Actual figures Jan. 31 558,773,0 57,714,0 6,094,0 77,497,0 413,434,0 15.4+15.7
The capital of the trust compan es is as follows: Brooklyn, $1,000,000; Bankers'.
$10,000,000: United States Mortgage & Trust, $2,000,000: Astor. $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000 000:
Lawyers' Title Insurance dc Trust,$4,000,000: Columbia-Knickerbocker, $2000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
Jan. 31.

Loans.

Specie,

On Dep.
Legal with C.H.
Na
Tenders.' Banks. Deposits.

Averages.
$
I
I
$
Banks _ _ _ 133,650,0210,201,0 1,438,615,0338,631,0 74,913,0'
1,502,111,0
Trust cos_ 46,250,0 95,851,1 557,059,0 57,153,0 6,257,0 75,622,0 412,596,0
Total_ _ 179,900,0306,082,1 1,995,674,0395,784,01 81,170,01 75,622,0 1,914,707,0
Actual.
1,450,443,0341,317,0 76,525,0/
Banks
11,519,128,0
558,773,0 57,714,0 6,094,0 77,497,0,
Trust cos.
413,434,0
2,009,216,01399,031,0, 82,619,0 77,497,0,1,932,562,0
Total_

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh. l Bonds.
Per Cent.
5 People's Trust Co
47 I $500 Springf'd Wat. Co. 5s, 1926_ 9054 New York) and those for the rest of the State, as per the
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below
are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
members for the week ending Jan. 31. The figures .for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
Trust Cos.
State Banks.
State Banks.
Trust Cos.
in
outside of
in
are also given:
Week ended January 31.
outside of
Greater N. Y. Greater N. Y. Greater N. 7. Greater N. y,
For definitions and rules under which the various items are
.
made up, see "Chronicle," V. 85, p. 836, in the case of the
$
II
15
$
22,900,000
68,400,000 *10,528,000 *10,150,000
banks, and V.92, p. 1607, in the case of the trust companies. Capital as of Dec. 9
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital. Surplus.

Loans.
Average.

Specie. Legal:. Net Depos- Re
Average. Average. its, Aver. serve.

•
$
$
$
$
$
2,000,0 4,311,0 22,449,0 4,681,0
New York__
809,0
Manhattan Co 2,050,0 5,090,3 40,500,0 33,933,0 10,244,0
Merchants'___
2,000,0 2,136,4 20,979,0 4,614,0
831,0
Mech. & Met_ 6,000,0 8,724,2 55,201,0 12,036,0 2,803,0
1,500,0 6,475,8 28,000,0 5,136.0 2,009,0
America
25,000,0 32,388,8 193,989,0 46,213,0 4,040,0
City
3,000,0 7,683,3 30,118,0 5,223,0 1,578,0
Chemical
Merchants'
600,0
527,7
6,755,0 1,453,0
296,0
300,0
117,1
Butch.&Drov.
1,790,0
459,0
63,0
500,0 1,119,1
Greenwich
9,638,0 2,537,0
195,0
5,000,0 4,661,8 46,522,0 9,189,0 2,430,0
Amer. Exch._
Commerce _ _ 25,000,0 16,417,7 138,605,0 23,403,0 6,199,0
500,0
995,6
Pacific
4,875,0
618,0
690,0
2,250,0 1,356,3 19,785,0 3,290,0 1,924,0
Chat. & Phen_
200,0
478,0
2,064,0
People's
500,0
149,0
3,000,0 14,840,8 79,628,0 20,333,0 2,763,0
Hanover
Citizens' Cent. 2,550,0 2,418,3 23.713,0 5,370,0
611,0
400,0 10,662,0 2,181,0
1,000,0
Nassau
987,0
9,000,0 1,731,0
Market & Fult 1,000,0 1,932,0
950,0
Metropolitan _
2,000,0 1,856,5 12,034.0 2,911,0
258,0
CornExchange 3,000,0 5,934,6 60,811,0 10,981,0 6,834,0
1,500,0 7,764,8 28,328,0 4,728,0 2,039,0
Imp.& Trad
Park
5,000,0 14,419,4 92,556,0 22,427,0 1,745,0
55,4
1,334,0
250,0
423,0
East River__ _
108,0
Fourth
5,000,0 5,543,2 30,638,0 5,922,0 2,820,0
14,283,0 3,165,0
1,000,0 2,823,1
Second
124,0
10,000,0 22,337,1 115,389,0 25,541,0 1,716,0
First
Irving
4,000,0 3,451,6 40,853,0 7,962,0 3,062,0
3,245,0
250,0
779,9
Bowery
796,0
66,0
8,477,0 1,417,0
500,0 1,955,2
N.Y.County_
708,0
3,931,0
700,7
German-Amer.
750,0
853,0
211,0
5,000,0 9,819,3 103,524,0 25,332,0 5,030,0
Chase
100,0 2,233,3 13,865,0 2,939,0 1,094,0
Fifth Avenue..
3,414,0
833,7
German Exch.
563,0
200,0
378,0
4,869,0 1,216,0
200,0 1,021,5
Germania
256,0
1,000,0 1,723,7 14,275,0 4,415,0
Lincoln •
716,0
9,363,0 2,852,0
Garfield
1,000,0 1,278,7
251,0
240,0
250,0
3,835,0
Fifth
496,9
765,0
Metropolis
1,000,0 2,345,2 12,968,0 2,326,0 1,141,0
3,877,0
920,0
200,0
West Side
883,5
297,0
1,000,0 2,555,7 24,691,0 6,272,0 2,167,0
Seaboard
1,000,0 2,758,6 24,197,0 6,250,0
Liberty
580,0
N.Y.Prod.Ex. 1,000,0
9,027,0 2,317,0
908,6
321,0
1,000,0
561,7 18,838,0 5,721,0
408,0
State
1,000,0
379,0 11,396,0 2,550,0 1,137,0
Security
1,077,0
6,410,0
573,0
577,4
Coal & Iron.... 1,000,0
1,000,0
9,763,0 2,120,0
Union Exch..995,5
350,0
Nassau. Bklyn 1,000,0 1.133,0
8,061,0 1,586,0
187,0

$
20,901,0
78,700,0
21,293,0
53,403,0
28,294,0
187,691,0
26,771,0
6,778,0
2,018,0
10,837,0
46,286,0
117,956,0
4,774,0
20,345,0
2,391,0
89,406,0
23,195,0
11,970,0
9,335,0
12,268,0
71,271,0
26,430,0
95,996,0
1,771,0
32,242,0
13,199,0
107,252,0
42,755,0
3,431,0
8,707,0
3,804,0
119,180,0
15,600,0
3,726,0
5,633,0
15,824,0
10,318,0
4,041,0
13,144,0
4,776,0
29,586,0
26,805,0
10,489.0
24,454,0
13,859,0
6,407,0
9,874,0
6,925.0

%
25.7
56.1
25.5
27.7
25.2
26.7
25.4
25.7
25.8
25.2
25.1
25.1
27.4
25.6
27.1
25.8
25.7
26.4
28.7
25.8
25.0
25.6
25.1
30.0
27.1
25.0
25.4
25.7
25.1
24.4
27.9
25.4
25.8
25.2
26.1
32.4
30.0
24.8
26.3
25.4
28.5
25.4
25.1
25.0
26.6
25.7
25.0
25.6

Totals, aver. 133,650,0 210,201,0 1438.615,0 338,631,0 74,913,0 1502,111,0 27.5
Actual figures Jan. 3L
1450,443,0 341,317,0 76,525,0 1519,128,0 27.5
Circulation.—On the basis of averages,circulation of nat anal banks in the Clearing
House amounted to $43,637,000, and according to actual figures was $43,006,000.




39,080,200

163,600,500

*13,729,425

*11,436,248

Loans and investments— 320,191,300 1,012,585,800
Change from last week_ +13,660,800 —5,523,200

123,513,000
—294,400

176,553,400
+118,300

405,868,900 1,131,010,900
Deposits
Change from last week_ +40,460,800 +13,273,400

129,910,400
—862,200

188,850,300
+461,300

135,192,000
Reserve on deposits
Change from last week. +29,068,800

126,261,400
—1,618,200

23,850,700
—320,800

27,208,500
—108,300

34.1%
30.0%

16.7%
16.7%

19.7%
19.8%

15.5%
15.6%

Surplus as of Dec.9

84,923,400
Specie
Change from last week_ +20,632,500

107,687,600
—2,142,000

30,193,000
+8,062,400

9,771,300
—326,800

Legal-tender & bk. notes..
Change from last week-

P. C.reserve to deposits_
Percentage last week.-

+ Increase over last. week. — Decrease from last week. *As of Sept.9 1913.
surous includes" all undivided profits. "Reserve on deposits"
Note.—..
includes
for both trust comrdnies and State banks, not only cash items but amounts d
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyes,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust gor it by any public departmen
The State banks are likewise required to keep a reserve varying according to tom_
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment 01 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding Dar) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.-.-- —State Banks-,
Total
Re.serve Required for Mist Companies
Of
Total
Of
Reserve which Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15
Manhattan Borough
B;
,
°
10%
°
*
Brooklyn Borough (without branches in Manhat.)15%
Other Boroughs (without branches in Manhattan)15%
10%
15%
734%
15%
Brooklyn Borough, with branches in Manhattan-15%
20%
20%
Other Boroughs, with branches in Manhattan.__15%
15%
15%
15%
10%
5%
Cities of the first and second class
Cities of the third class and villaget
10%
_
Elsewhere in State
isFi,
(
3K,

8

1 p.

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater New York, not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

435

THE CHRONICLE

FEB. 7 19144

-Below is a summary
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
Boston
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of
and Philadelphia:
thus affording an aggregate for the whole of the banks and
We omit two cipher (00) in all these figure .
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear -House Clear.-HouselState Banks and Total of all
Trust Cos. Not Banks &Trust
Members.
Members.
-II. Aver. Cos. Average.
Average. .in C.
ActualFigures

Week ended Jan. 31

iNational banks
Jan. 13 and
Capital
State banks
Surplus
Dec. 9

179,900,000

179,900,000

306,082,100 306,082,100

29,600,000i 209,500,000
74,202,600

1

Capital
and
Surplus.

Banks.

380,284,700

Loans and investments_ _ 2,009,216,000 1,995,674,000
Change from last week_ +23,066,0001 +53,005,000

533,169,000 2,528,843,000
-8,314,400 +44,690,600

1,932,552,000 1,014,707,000
Deposits
Change from last week +31,325,000 +60,400,000

a541,228,200 2,455,935,200
-41,761,900 +53,638,100

Specie
Change from last wee'

399,031,000 395,784,000
+1,503,000 +14,419,000

58,627,700 454,411,700
-767,600 +13,651,400

Legal-tenders
Change from last wee

81,170,000
82,619,000
+7,896,000 -2,508,000

67,992,000
4-31,800

89,162,000
-2,476,200

Banks: cash In vault__ _
Ratio to deposits

417,842,000
27.50%

413,544,000
27.53%

12,590,500
13.96%

426,134,500

63,808,000

63,410,000

54,029,200

Boston.
Dec. 13_
Dec. 20_
Dec. 27_
Jan. 3_
Jan. 10_
Jan. 17_
Jan. 24_
Jan. 31_
Phila.
Dec. 13_
Dec. 20_
Dec. 27_
3_
Jan.
Jan. 10_
Jan. 17_
Jan. 24_
Jan. 31_

Loans,

Specie.

60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0

228,883,0
225,244.0
225,785,0
226.128,0
224,195,0
221,163,0
220,958,0
224,639,0

5
25,749,0
23,778,0
22,567,0
24,116,0
26,007,0
28,817.0
30,265,0
28,852,0

Circulotion.

Clearings

260,160,0
254,764,0
251,161,0
259,038,0
254,529,0
270,994,0
268,555.0
269,736,0

9,811,0
9.771,0
9,734,0
9,713,0
9,760,0
9.671,0
9,719,0
9,805,0

158,596,5
157,316.4
120,448,0
174,091,2
160,082.7
181,512,5
164,445,3
169,792.5

*420,061,0
*421,126,0
*417,722,0
*432,374,0
*432,744,0
*440,403,0
*440,564,0
*440,820,0

11,307,0
11,307.0
11,281,0
11,435,0
11,504,0
11,527,0
11,487,0
11,418,0

158,699,4
175,013,1
155,404,1
175,589,5
177,524,7
171,881.9
168,330,7
157,577,5

Legals. Deposits.
a
3,803,0
3.878,0
3,942,0
4,135,0
4,015,0
3,889,0
3.734,0
3,660,0

117,439,200

Trust cos.: cash in vault
Aggr'te money holdings_
Change from last week

476,954,000
481,650,00
+9,309,000 +11,911,000

66,619,700 543,573,700
--735,800 +11,175,200

Money on deposit wit
other bks. & trust cos_
Change from last wee

75,622,000
77,497,000
+8,254,000 +12,655,000

85,129,600 637,705,600
-2.50,000 +24,316,000

Total reserve
Change from last wee
Surplus CASH reserve
Banks (above 25%)
Trust cos.(above 15%)

38,060,000
1,792,000

38,016,250
1,520,600

-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Jan. 31; also
totals since the beginning of the first week in January:
1913.

1914.

For Week.

1911.

1912.

I

$3,879,853
19.317,601!

15,132.3161
16,011,350

Dry goods
General merchandise

$3,252,468
13,986,417

$3,057,187
10,395,537

$21,143,666 $23,197,254 $17,238.88.51 $13,452,724

15.36%
15.48%

15.49%
1.55%

31.21%

30.84%

17.04%

$21,370,274 $17,509,537 $16,374,411 $16,051,726
71,135,473 80,832.17$ 74,9116,939 62,587,454

Total five weeks

% of cash reserves of trust cos
15.43%
Cash In vault
Cash on dep. with bits_
15.78%
Total

FOREIGN IMPORTS AT NEW YORK.

Total
Since Jan. 1.
Dry goods
General merchandise

39,852,900
39,536,850
+1,787,150 -3,431,000

Total
Change from last wee

87,519,0
88,637,0
88,096,0
96,405,0
99,083,0
106,249,0
106,931,0
104,278,0

a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $1,553,000 on January 31, against $1,586,000
on January 24.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on January 31 as $14,882,000.

18,509,900
04,131,900
+485,800 +13,140,800

559,147,000 552,576,000
+17,653,000 +24,566,000

103,684,3 379,857,0
103,694,3 374,903,0
103,684,3 372,114,0
103,684,3 372,915,0
103,684,3 378,257,0
103,684,3 378,039,0
103,684,3 378,019,0
103,684,3 382,764,0

$92,505,747, $98,341,7121 $91,371,350 $78,639,180

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 31 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies In New York City"; with this item included,
deposits amounted to $612,858,100, a decrease of $415,700 from last week. In
the ca.so of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.

EXPORTS FROM NEW YORK.

1914.

1913.

1011.

1912.

$20,521,489 $22,226,051 $16,418,381 $17,643,657
73,056,494 59,130,540
73,965,236 81,342,856

For tile week
Previously reported

The averages of the New York City Clearing-House banks
$94,481i,725 $103,568,907 $89,474,875 $76,774,197
Total five weeks
.- and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York City outside of the
specie at the port of New York for the week ending Jan. 31
Clearing House, compare as follows for a series of weeks past: and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Exports.
Tot Money
Legals.
Holdings.
$
$
$
5
$
2,478,354,0 2,310,016,0 385,357,6 84,624,3 469,981,9
2,438,310,0 2,256,047,0 369,628,3 85,072,6 454,700,9
2,407,434,3 2,231,664,7 371,001,5 87,276,4 459,177,9
2,401,091,7 2,233,530,2 378,400,1 86,700,8 465,190,9
2,416,845,4 2,253,989,0 376,316,8 86,878,1 463.194,9
2,428,218,3 2.272,039,9 378,264,7 80,333,2 467,597,9
2,427,088,8 2,296,438,0 394,487,1 91,954,3 486,441,4
2,445,960,7 2,341,392,0 417,505,6 96,094,8 513,600,4
2,484,152,4 2,402,297,1 440,760,3 91638,2 532,398,5
2.528,843,0 2,455,935,2 454,411,7 89,162,0 543,573,7

Loans and
Week Ended- Investments
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.

29__
6____
13___
20._
27__.
3____
10____
17____
24___
31__

Deposits.

Specie.

$
533,920,6
514,203,2
518.144,2
527,023,6
525,019,1
534,704,C
552,585.6
587.622,0
613,389,8
637,705,8

-The followReports of Clearing Non-Member Banks.
ing is the statement of condition of the clearing non-member
banks for the week ending Jan. 31, based on average daily
results:
We omit two ciphers (00) in all these figures.

Banks.

Ca pitat.

Surplus.

Legal
On
Loans,
Tender Deposit
Disc'ts
with
Specie. and
and
Net
Bank
IncasDeposits.
Notes. Banks.
ments.

New York City.
Manhattan and Bronx.
76,0
202,0
1,235,0
362,6 1,518,0 155,0
100,0
Washington Heights_
60,0
86,0
1,685,0
112,6 1,612,0 351,0
Battery Park Nat_ ___ 200,0
536,0 6,112,0
Century
500,0
500,2 6,155,0 597,0 414,0
964,0 6,714,0
Colonial
400,0
708,3 6,616,0 1,010,0 188,0
976,0 7,308,0
300,0
742,7 6,078,0 662,0 501,0
Columbia
100,0
58,0 131,0
1,047,0
200,0
182,6 1,101,0
Fidelity
772,0 5,336,0
200,0
486,0 5,159,0 546,0 368,0
Mutual
403,0 3,522,0
200,0
314,5 3,371,0 393,0 130,0
New Netherland
300,0
101,0
108,1) 1,740,0 221,0
1,884,0
Twenty-third Ward_ _ 200,0
819,0 4,720,0
100,0
507,4 4,264,0 543,0 277,0
Yorkville
Brooklyn.
688,0 3,125,0
300,0
49,0
688,2 3,779,0 384,0
First National
704,0 5,455,0
943,0 5,986,0 661,0 137,0
Manufacturers' Nat_ - 252,0
1,000,0
503,4 9,637,0 1,225,0 556,0 1,869,0 11,632,0
Mechanics'
758,0 4,501,0
300,0
589,1 4,581,0 511,0 105,0
National City
348,0 2,878,0
200,0
191,0 2,774,0 189,0 197,0
North Side
Jersey City
400,0 1,405,3 4,109,0 309,0 270,0 2,277,0 3,003,0
First National__
586,0
1,1179,0
250,0
44,0
835,1 3,022,0 213,0
Hudson Co. Nat
750,0
1,031,0
200,0
445,8 2,322,0
97,0 125,0
Third National
Hoboken.
681,4 4,723,0 268,0
576,0
1,830,0
220,0
83,0
First National
294,2 3,368,0 182,0
603,0
1,401,0
125,0
67,0
Second National
Totals Jan. 31____ 5,847,0 10,603,2 81,915,0 8,580,0 3,885,0 14,317,0 76,098,0
Totals Jan. 24____ 5,847,0 10,603,2 82,173,0 8,667,0 4,027,0 15,459,0 76,518,0
! Totals Jan. 17___- 5,847,0 10,597.2 83,455,0 8,958,0 4,058,0 13,560,0 77,775,0




Gold.

EntireRes
onDeposfi

Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Week.

Since Jan. 1

$2,004,280 16,015,168

$29,067

$48,387

408,293
200,000
60,000
500

5.600
165,801
46,177
72,557

645,321
412,180
306,097
185,010

3,000
50,000
10,000

$2,067,230 $6,683,966
3,510,000 14,604,792
1,749,173
265,950

Total 1914
Total 1913
Total 1012
Silver.
Great Britain
Franco
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 191:3
Total 1912

Since Jan. 1

$319,202 $1,517,775
1,546,773
353,056
1,833,495
188,720

$637,900 $2,333,070
346,842

$2,379

45,868
56,116
136,950

111
89,829
35,959
14,439

$2,379
3,000
4,488
481,071
246,077
173,109

$804,850 $2,918,846
1,135,945 4,408,933
1,034,302 3,927,034

$142,717
418,280
569,660

$910,214
1,101,097
1,359,798

30,000
136,950

Of the above imports for the week in 1914, $11,675 were
American gold coin and $111 American silver coin. ij

iOanking and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
Albany

White, Weld & Co.
Bonds and Investment Securities,
111 DEVONSHIRE STREET
4 WALL STREET THE ROOKERY
liOSTON
CHICAGO
NEW YORK

436

THE CHRONICLE

Vattitast

azette.

Wall Street, Friday Night, Feb. 6 1914.
The Money Market and Financial Situation.
—The

most important feature of the security markets this week has
been the day-by-day increasing demand for high-grade investment bonds at steadily advancing prices. This is, of
course, a logical result of the easier money market conditions,
which are world-wide, and reflect an accompanying restoration of confidence and hopefulness. The latter were, as is
well known, beclouded last year, especially abroad, by war
in Eastern Europe, and in this country by suspense and uncertainty as to the result of political and economic changes in
progress under guidance of the Government at Washington.
Next in importance as a market factor this week has been
the Money markets themselves. The German Bank again
reduced its discount rate, placing it at 4%,and the Austrian
Bank reduced from 5 to 43%. British consols advanced
6 points above their recent level. The Bank of England
shows slightly reduced gold holdings, but still has about
$35,000,000 more than a year ago and far more than usual
at this season. The Prussian loan recently brought out was
a surprising success, and the London allotment of the new
Belgian issue was several times over-subscribed. In the
home market New York State 43/2s, new issue,are substanstantially higher than last week, and New York City 43's
reached a new high record. Among the banks high-grade
commercial paper finds a ready market at lower rates than
those quoted a week ago.
Industrial and commercial activity is developing, but more
slowly than the over-sanguine hoped for at the beginning of
the year. In the dry goods market especially trade .is reported to be improving and prospectively good, there being
a large number of buyers now in this city.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1@3%. Friday's rates on call were 1 @2%.
Commercial paper on Friday quoted 3%@4% for 60 to
90
-day endorsements and prime 4 to 6 months' single names
and 43@,432% for good single names.
The Bank of Ehgland weekly statement on Thursday
showed a decrease of £279,587, and the percentage of
reserve to liabilities was 53.36, against 55.38 the week before.
The rate of discount remains unchanged at 3% as fixed Jan.
29. The Bank of France shows an increase of 15,884,000
francs gold and 9,344,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust'Companies.)
1914.
Averages for
week ending
Jan. 31.

Differences
from
previous week.

11113.
Averages for
week ending
Feb. 1.

1912.
Aaveraes for
week ending
Feb. 3.

$
8
8
s
Capital
133,650,000
133,650,003 135,150,000
210,201,000
Surplus
202,480,100 198,340,600
Loans and discounts__ 1,438,615,000 Inc. 50,345,000 1,377,001,000 1,413,500,000
43,637,000 Dec.
Circulation
827,000
46,502,000
50,841,000
1,502,111,000 Inc. 62,820,000 1,404,040,000 1,490,209,000
Net deposits
338,631,000 Inc. 15,900,000 293,567,000 334,500,000
Specie
74,913,000 Dec. 2,030,000
Legal-tenders
77,656,000
82,132,000
Reserve held
25% of deposits

413,544,000 Inc. 13,870,000
375,527,750 Inc. 15,705,000

371,223,000
351,010,000

416,632,000
372,574,750

Surnlus reserve
38.016.250 Dec. 1.835.000
20.213.000
44.057.250
—Note.—The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.—The market for sterling exchange
has ruled quiet but as a whole steady. An additional engagement of $2,000,000 in gold was taken for Paris on
Wednesday.
To-day's (Friday's) actual rates for sterling exchange were 4 837504 84
for sixty days, 4 8570048580 for cheques and 4 859504 8605 for cables.
Commercial on banks,4 82/
104 8354, and documents for payment 4 830
4 83%. Cotton for payment 4 8304 833( and grain for payment 4 83%
04 83%.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 84% for 60 days and 4865 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20%
less 1-1605 20% for long and 5 18% less 5-64®5 18% less 3-64 for short.
Germany bankers' marks were 94 9-160944 for long and 95 less 1-32095
for short. Amsterdam bankers' guilders were 40 25940 27 for short.
Exchange at Paris on London, 25f. 18%c.; weeks range, 25f. 19%c.
high and 25f. 1654c. low.
Exchange at Berlin on London, 20m. 4534p1".; week'srange, 20m.46%pf.
high and 20m. 4514pf. low.
The range for foreign exchange for the week follows:
Storing, Actual—
Sixty Days.
Cheques.
Cables.
4 86
High for the week___4 8425
4 8625
4 8565
Low for the week __ _4 8360
4 8585
Paris Bankers' Francs—
51834
High for the week_ _ _5 20%
51734 less 1-16
Low for the week _ _ _5 2134
5 1834 less 3-32 5 1834 less 1-32
Germany Bankers' Marks—
%
5
95
High for the week_ _ _ 94
95 1-16
Low for the week ___ 944
94 1516
95
Amsterdam Bankers' Guaders—
Highfor the week_ _ _ 40 plus 1-16
4o4 plus 1-16 40 5-16 less 1-16
Low for the week __ 40 less 1-16
4034 less 1-16 40 5-16 less 34
Domestic Exchange.—Chicago, 5c. per$1,000 premium. Boston, par.
St. Louis, par bid and 10c.prernium asked. San Francisco, 50c. per $1,000
premium. Montreal, 62%c. per $1,000 premium. Minneapolis, 65c,
per $1,000premitun. Cincinnati, Sc. per $1,000 premium.

of State bonds at the
2
Board include $2,018,000 New York 43/s at 1083. to 108%,
$45,000 N. Y. Canal 43/2s at 108% to 1083/s, $3,000 N. Y.
Canal 4s, 1961,at 100, $5,000 N.Y. Canal 4s, 1962,at 1003/2,
$10,000 New York 4s,1958,at 101, $10,000 New York 4s,
1961,at 100, $1,000 Palisade Park 4s at 100 and $37,000
3
Virginia 6s deferred trust receipts at 58 to 59%.
In State and Railroad Bonds.—Sales




[VOL.XCVIII.

The market for railway and industrial bonds has, as noted
above, been active and strong. Transactions at the Exchange have averaged more than $4,000,000, par value, per
day, and of a list of 30 conspicuously active issues 21 have
advanced. Third Avenues were notably strong and Rock
Islands irregular—the latter by far the most active bonds
of the week.
United States Bonds.—Sales of Government bonds at
the Board include $3,000 4s coup. at 1133, $2,000 3s coup.
at 102 to 1023 and $10,000 2s reg. at 98%. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.—The stock market has again been irregular, but with a definite tendency to
lower prices. The volume of business averaged fully up to
that of last week until Thursday, when it:lapsed back to
about what it was before the sharp advance in January. It
has been unusual of late to record so many cases of rather
exceptional advances and declines in the same group of
stocks as are shown this week. N. Y. Central and pennsylvania have declined 4% and 2%, respectively, while great
Northern and the Soo Line shares are 23 and 4 points higher.
%
General Motors has moved up 10 points within the week,
National Biscuit 4% and Mexican Petroleum 43 . On the
4
other hand, Amer. Tel. & Tel. has lost 3 points, Amer. Can
33 and U. S. Steel 1 M.
For daily volume of business see page 446.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 6.

Sales
for
1Veek.

Range for Week.
Lowest.

Range since Jan. 1.

Highest.

Lowest.
Highest.
—
100 06 Feb 6 96 Feb C 98
Adams Express
Feb 100
Jan
Feb 6 1334 Jan 31 8% Jan 1334 Jan
Allis-Chal Mfg v t c_ _ _ _ 1,960 1214
650 47 Feb 6 4816 Feb 2 4334 Jan 49
Preferred v t c
Jan
200 96 Feb C 97 Feb 0 90
Amer Brake Shoe & Fdy
Jan 97
Feb
800 141 . Feb 2 14334 Feb 5 12916 Jan 14334 Feb
Preferred
10 84 Feb 5 84 Feb 5 S2
Amer Coal Products....
Jan 84'4 Jan
60 10434 Feb 3 10414 Feb 3 102
Preferred
Jan 106
Jan
100 10934 Feb 4 10934 Feb 4 100
American Express
Jan 11034 Jan
in0 5134 Feb 4 $134 Feb 4 31
Jan $116 Feb
Batopllas Mining
Brunsuick Terminal_ _ _ _ 1,000 8 Feb 2 8% Feb 2 734 Jan 834 Feb
Jan 10711 Feb
97 106 Feb 2 10734 Feb 6 103
Cent sr so Amer Teieg
100 10 Feb 3 10 Feb 3 934 Jan 1116 Jan
Chicago & Alton
400 2734 Feb 6 2834 Jan 31 2614 Jan 2834 Jan
Colorado & Southern__ _
Jan 62
1C0 Si Jan 31 61 Jan 31 59
1st preferred
Jan
200 10c. Feb 4 10e. Feb 4 6c. Jan 10e. Feb
Comstock Tunnel
128 10734 Feb 2 10734 Feb 2 10734 Feb 108
General Chemical, pref.
Jan
Jan 130% Jan
i5013034 Jan 31 130% Jan 31 129
Gt Nor subs 3d paid__
23 1234 Feb 2 13 Feb 2 1234 Feb 1416 Jan
Green Bay & W,deb B.
Feb 92
Feb
11 92 Feb 5 92 Feb 5 92
Havana El Ry,L&P, pfd
200 16434 Jan 31 165 Feb 4 10434 Jan 185
Feb
FIelme(G W)
Jan 127
Hocking Valley
200 127 Jan 31 127 Feb 2 125
Jan
Feb 2 4
Jan 10
Jan
Jut Agri° Corp v t c_ __ _
100 734 Feb 2 734
Jan 36
Feb
Long Island
1,900 3416 Feb 3 36 Feb 5 28
Jan 85
Jan
Mackay Companies_ _
800 8334 Feb 5 84 Feb 2 77
Jan
Preferred
469 6934 Feb 3 6916 Feb 2 6514 Jan 70
Feb
Mexican Petrol, pref__ _
600 85 Feb 2 87 Feb 4 7914 Jan 87
Jan 8434 Jan
M St P & 58 M l's'd line
100 8434 Jan 31 8434 Jan 31 83
Jan 165
Feb
Morris & Essex
29 165 Feb 3 165 Feb 3 162
Jan 144
Jan
Nashville Chatt & St L. 800 140 Feb 2 140 Feb 4 140
Jan 65
Feb
100 65 Feb 5 65 Feb 5 59
Nor Ohio Trac & Lt
214 Jan 216 Jan
100 234 Feb 6 . 216 Feb
Ontario Silver Mining
Feb 8334 Jan
100 82 Feb 6 82 Feb 6 82
Pacific Coast Co 2d pref
Jan 29
Feb
200 2834 Feb 5 29 Feb 5 26
Pettibone-Milliken
Feb
Jan 93
300 9234 Feb 6 93 Feb 5 88
Pittsburgh Steel, pref
So pae subs 1st paid_ _
579 103 Feb 210334 Feb 4 9534 Jan 10334 Feb
100 50 Jan 31 50 Jan 31 45
Jan 50
Jan
United Cigar Mfrs
100 100 Feb 4 100 Feb 4 9934 Jan 10014 Jan
United Dry Goods, pref..
800 5234 Feb 3 5734 Feb 6 46
Jan 63
Jan
U S Express
200 84 Feb 3 85 Feb 5 81
Jan 8534 Jan
U S Ind Alcohol, pref
Jan
Virginia Iron, Coal & C. 300 48 Jan 31 50 Jan 31 40
Jan 50
Jan 5516 Feb
20 5514 Feb 2 5516 Feb 2 51
Virginia Ry & Power
500 87 Feb 6 89 Feb 3 85
Wells. Fargo & Co
Jan 91
Jan

e

Outside Market.—Trading in the Standard Oil issues on
the "Curb" this week assumed the proportions of a boom,in
which sensational advances were recorded in a number of
instances. This, however, culminated to-day in an excited
condition in these shares, with breaks of from 5 to 45 points.
Elsewhere in industrials trading was quiet, with a firm tone.
Standard Oil (Ohio) was up 110 points to 490 and broke today to 445, the close being at 460. Standard Oil (California)
from around 280 reached 335 and sold down to-day to 305,
ex-rights. The close was at 315. Prairie Oil & Gas raced
up from 484 to 548, dropping to 518 to-day and finishing at
523. Standard Oil (Kentucky) advanced from 248 to 285,
reacted to 265 and ends the week at 267. Standard Oil
(Indiana) sold up from 505 to 548 and down to 510, with the
final figure to-day 515. Standard Oil of N. Y. declared a,
first dividend on its enlarged capital of 2%, the stock showing an improvement of 32 points to 215, though it broke in
to-day's trading to 188, the close being at 192. Standard
Oil of N. J. went up from 423 to 435 and ends the week at
425. Solar Refining at 400 showed an increase of over 20
points, though this was offset to-day by a drop to 376.
Pierce Oil rose from 90 to 116, fell to 102 and closed to-day
at 105. Tobacco shares were quiet. United Cigar Stores
3
corn. improved from 93 to 93%,reacted to 923/2 and finished
%
to-day at 923 . Tobacco Products pref. gained 2 points
to 863/ and sold to-day at 85. Riker-Hegeman was active
and sold up from 7% to 83/8, easing off finally to 8. KellySpringfield Tire corn. lost about 10 points to 503/2, the close
to-day being at 51%. The preferredl was off from 130 to 125.
Willys Overland corn. advanced from 63 to 68 and reacted
subsequently to 66. In bonds Canadian Pacific 6% notes
appreciated from 1033 to 103 and sold to-day at 1033/2.
Among copper shares British-Columbia was off from 4 to
Greene Cananea at 42 showed an advance of some 3
3
%
points, though it closed to-day at 403 .
Outside quotations will be found on page 446.

437
o
/New York atook-Exeirmage-St76- k Record, ITally, WeWand Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding nage
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan 31

Monday
Feb 2

Tuesday
Feb 3

Wednesday
Feb 4

Thursday,
Feb. 5

Friday,
Feb. 6

Sales of
the
Week.
Shares.

Range since Jan. 1.
-share tots.
On basis of 100

STOCKS
NEW YORK STOCK
_EXCHANGE

Highest.

Lowest.

Railroads
984 983
8 9,000 Atchison Topeka & S F....
4
8
987 9914 987 9914 9812 9914 083 99% 98% 09
3
Do pre.
8
10138 101% *10058 10112 1005 10112 1,250
1003) 100% 10012 10011 .10012 102
400 Atlantic Coast Line RR_
12512 12512 12412 12412 12412 12412
12412 12412 *123 125 *124 126
947 95 4 9418 95% 9418 9412 9312 9418 12,450 Baltimore 4; Onio
95'3 9614 95
96
,
Do pref
600
*8012 8212 8114 8114 8138 8112 8112 8112
*8012 8212 *8012 83
4
4
9158 9214 9114 9178 9112 9214 913 9218 9114 913 12,806 Brooklyn Rapid Transit
913 917
21534 2173 64,875 Canad!an Pacific
4
2173 219
4
21813 2195 21712 21914 21758 21918 21814 22012
Central 3f New Jersey
*305 320 *305 320 .305 325 *305 325 .310 325 *305 325
6012 4,900 Chesapeake & Ohio
8 66
675
8 6812 665
67
6734 665 6752 663 67 3 67
4
,
14
14
133 13 4
4
, 1,800 Chicago Gt West tr ctfs_ 14
14
4
14
14
1334 14
133 14
Do pref trust ctfs_.
3214
3,187
32
3214 3214 32% 32% 3212 32
321k
321 2 3212 32
1057 1063 10632 10718 10578 106% 105% 10578 18,820 Chicago Milw & St Paul_
4
10.171 10673 106 107
Do pref
1,930
4
141 1413 *14114 14212 142 143
411112 14312 142 14231 142 142
2,327 Chicago & North Western
13434 1343 135 135
4
13512 136
136 136
17 Ill 13412 13512 136
Do pref
*171 18114 .173 18114 .170 18114 .172 18114
•173 182 *173 18112
38
100 Cleve Cin Chic & St L__ _
38
44
.38
*38
44
*38
46
46
.33
46
.38
Do pref
100
*67
75
75
.67
69
69
75
*67
69
.67
69
.67
556 Delaware & Hudson_ __ _
4
15912 15912 15812 1583 *15713 159
*153 160
15818 15818
.*158 160
416 Delaware Lack & West.._
400 40012 .392 407 .392 407
0
0
*18
40013 40013 40134 421
.400 407
Denver & Rio Grande..
200
.18
20
*17% 19
*1814 20
19
19
1014 1914
Do pref
1,000
30
308 29% 31% 2978 29% *28
30
3014 30
33
*30
Duluth So Shore & Atlan
*5
714
714
*5
714 *5
*5
71.s
.5,8 1 .
1.
.
31
Do pref
3122:: *
7
12
•11
12
15714 *1034 12
.11
.1034 12
12
31
3152 30% 31% 30,600 Erie
3113 31% 3114 3158 3112 32
Do 1st preferred
4813 4814 6,150
8 4834 4014 4834 49
4914 4934 4812 4914 4814 487
Dc 2d preferred
1,600
40
3914 •
3914 3914 383 39 4
39
4
,
3912 3934 39% 39% *39
51,209 Great Northern pref.-.
8
4
8
3 % 3 14
13212 13218 13312 13218 1343 13334 1343 13358 13412 132% 134
13034
Iron Ore properties
3814 383
4 37 4 3814 37 4 37 4 7,200
,
,
,
3812 3834
332 39
115 115 .114 11478 114% 11473 11312 11412 1,300 IllinoisCentral
11414 11414 .114 115
1534 153
1534 16
4 5,700 I nterbnro-Metrcp v t ctf153 157
4
4 1558 153
8
1618 157 16
4
153
Do pref
4 6112 6218 6114 6213 6112 6218 61% 6218 6112 6218 6,950
6134 623
27
2738 .263 27
2633 263
4
2738 273 273
4 2,000 Kansas City Southern.....
8 27
3
2714 273
Dopref
6212 .61
62
*61
400
61% 61% 6112 6113
6212
*81
310 Lake Erie & Western
8
*712 834 *712 812 .7
812 18
7
714 .612 8
Do pref
21
100
20
20
.19
•17
20 .18
•1812 2112 *18
2114 20
15418 155
15312 15514 15313 15414 15212 15312 27,932 Lehigh Valley
4
155 1558 1543 155
1,272 Louisville & Nashville
13912 13912 13812 1393 138 13814 138 138
140 14018 .139 141
4
13112 1313.1 .130 133 .131 134
400 Manhattan Elevated_
13234 1323 .130 134
4
17
260 Minneapolis & St Louis.._
.1513 1612
15
17
-1(11- 164 .15
4
1612 .
1512 1513 .15
Do pref
40
*30
*30
40
*3)1
*30
40
40
40 .30
40
*30
133 13312 13112 1321 13213 13612 13614 137
13612 13612 3,450 Minn St P & S 8 Marie
13234 133
Do preferred
100
145 145 *143 150 .140 150 *143 146 *143 147
.14214 150
2218 2212 8,200 Missouri Ran & Texas.-2258 23
2373 2373 2314 2314 2258 23
23
23
Do preferred
300
*5912 60
60
.60
6034 *60
5913 5912 *59
61
5913 60
27% 9,550 Missouri Pacif'c
2713 273
4 27
277 2834 2734 287
2734 2812 2734 28
100 Nat Rye of Max 1st pref..
34
35
34
.31
36
31
36
.31
37 .
.31
37
*31
Do 2d preferred
550
12% 12% .1218 12%
*1212 1312 1234 1314 •1238 1334 *1218 13
94% 9313 9414 91% 9334 29,834 N Y Central & H R
94
8
943 95
96
9638 9414 96
8 7213 7312 7212 74% 19,450 N YNH& IIartford.4 72% 743
7413 7512 743 743
8
4
743 76
1,400 N Y Ontario & Western..
30% 3034 30% 30% 3013 3018
3014 3034 3014 308 *2912 31
7,400 Norfolk & Western
3
10514 10512 10514 1055 1053 10512 10538 10534 10478 105% 10453 105
Do adjustment pref._
8813
8812 .8213 83 .86
8812 .82
4
'8413 8812 .8413 8812 *82
1173 11812 117 1173 116% 11714 43,520 Northern Pacific
4
8
4
1163 11712 11612 1173 11612 118
3
115 11512 z1133 1137 11318 11312 11318 11312 11214 11314 112 112% 25,775 Pennsylvania
9112
100 Pittsb Cin Chic & St L.._
91
91
95
.89
93
*88
*89
93
*88
*8712 95
Do preferred
*101 108 .101 108 .105 108 *105 108 *101 108 *101 108
8
16734 16958 167% 16834 16712 16778 210,310 Reading
19912 17012 16814 16934 1673 169
1st preferred
90 .88
90 .88
3,200
90 .38
0
90 .87
*83
88
88
2d preferred
92
92
92
92
800
917 91% *90
8
4 9213 9212 92
923
•
92
933 11
912 1012
058 12
75,420 Rock Island Company
812 10
914 97
8
125 141z
Do preferred
1434 1114 14% 1611
1472 153
8 1334 1558 75,655
1814 2034 1412 18
St
& San Francisco
.312 412 .312 412 *312 412
*313 434 .312 43
4 .3
Do 1st prefer/ ed
18
*15
20 .14
20 .15
•15
20
.15
20
19
*16
Do 2d preferred
9
*8
400
8
9
*8
.8
9
8
9
8% 818 .8
27 .25
8
200 St Louis Southwestern...
2512 27
27 .
2614 2614
.2512 27
2
253 253 *25
Do. preferred
.61
6612 .61
6512 *61
6512
61
65
66 .
6512 .61
*61
20
2053 2014 2112 2112 2218 2134 223
8 2114 2158 17,700 Seaboard Air Line
1913 197
Do preferred
54
547
5414 5614 6638 58
4
5614 57% 55514 553 34,095
8
535 541
98,200 Southern Pacific Co
3 9814 9914 9778 99
9838 99% 97% 983
0813 903
4 0634 98
Certificates (wh. Iss.).
3
1,406
3
1043 10512 10434 1047 1037 1037 10412 1043 104 104
4
4
273
8 27
2
8 27 1/1- 27,910 Southern v tr ctfs stmpd.275 • 2713 2814 2712 277
8
267 2738 27
Do preferred
4 8414 8412 845 8514 8412 8412 .8331 85
3,610
do
8
8412 848 8412 843
4
163
4 1614 1612 1613 1612 16% 1032 16
16% 153 153
4 2,450 Texas & Pacific
16
43
42
4213 43
4212 43
4212 4314 42% 44
43% 44 4 10,076 Third Avenue (N Y)_
,
*1034 12
120 Toledo St L & Western
*1012 1012 103 103 *10
11
12
.10
4
1034 12
•
4
Do preferred
23
*19
15
23 .20
22 .20
23
23
.20
*20
23
123
1073i 103 .
1,000 Twin City Rapid Transit
10712 10734 .10614 108
107 108 *107 108 *10614 108
16213 16418 162 1633 1617 162% 137,670 Union Pacific
3
1633 16438 16212 16414 16234 164
3
3
Do preferred
8512 853
8514 8514 845 8514 8431 85
8514 86
4 85
8512 7,430
2112 2112 *2012 2134 *2012 2153 2112 22
2214 221 1 2234 2334
1,100 United Rys Inv't of S F
44
44
*43
45
Do preferred
44
44
44
4512 45
4612 47
48% 5.675
3
252 3
3
3
25
318
314
273 3
273 3
2,900 Wabash
032 912 .
9
10
8% 912
10
Do ;referred
10
9
9
.9
2,450
93
4
34
34
43
3218 .31
*33
32
*33
3412 3214 33
32
1,100 Western Maryland
6
.5
.
5
6
534
*514 6
534 .,
514 6
•
200 Wheeling & Lake Erie......
5 4 53
4
20 .
18
*17
20
19
134 1814
1812 1812
2012 18
Do1st preferred.._....
400
•19
*,
918 918
9
10
10
9
.8
912 .8
Do 2d preferred
.7
10
225
48
50
48
.45
50
*41
50
100 Wisconsin Central
*47
50 .4812 50 .45
Industrial & Miecell.
2278 24
2212 23
2258 23
2238 23
2318 2338 2212 23
6,300 ((Alaska Gold Min Par $10
4
7633 7712 76
4
7678 155,980 Amalgamated (7opper..
7612 7714 753 7714 76% 77% 763 781$
5412 5434 5412 5412 *5334 5412
5473 55
55
*5434 5514 55
800 American Agricul Chem_
9614 96, .06
07
*9534 9638 *9534 9678
Do preferred
96
96
96
96
4
300
2712 *26
27% 27
27
2714 2714 *26
2712 28
2612 27
1,100 American Beet Sugar
75
74 .69
Do preferred
•
72
74
*72
7312 •
72
7312 .68
74
4 3034 31% 31
33% 34% 33
34% 3112 3314 3034 323
3158 105,020 American Can
9412 93
9312 93
Do preferred
9513 95% 95
9514 9418 9513 93
9358 6,400
5212 6312 5212 53
53
5114 5152 5134 53
52
5138 5214 8,620 American Car & Foundry
115 11612 11618 11618 .11638 118
.11412 11613 *11412 11613 11514 11514.
Do preferred
200
3612 .36
.36
37
3612 36
3612 *36
•36
3612 *36
36
200 American Cities
67
677
3 67
Do preferred
6473 66
67 • 66
6612 *6534 68
.65
68
1,000
43
44
44
4412 44
4414 44
44
44
4512 44
4512 4,200 American Cotton Oil_
.93
97 .
00
97
97
*95
Do preferred
.96
97 .
96
97
412
412 .414 4%
4% 4%
4% 4%
458 4%
4%
514
1,925 American Hide & Leather
•
23
25
2433 2438 24
24
2414 .24
24
Do preferred
2412 2411 253
1,810
4
2534 257
8 2512 267
8 26% 273
28% 2614 273
4 27
4 2613 27
24,300 American Ice Securities_ 1138 1112 1114 1114
1158 *11
11
1112 *1034 1112
1114 *11
600 American Linseed
32 •
O30
30
3114 .3018 32
3212 *2913 3212 31
Do preferred
.3018 32
400
363 3714 3612 37
3
36
4
3614 353 3614 353 353
4
4 343t 3512 6,845 American Locomotive.....
101 101 *10014 10212 10084 102
10112 102 *101 104
.
Do preferred
10134 10134
800
*8
10
.8
10
.
8
*8
9
9
American Malt Corp
*8
9
.8
9
4912 4912 4913 50
49
49
49
49 .48
50
Do preferred
48% 49
800
85
•
83
183
85 .83
85
85
.83
85 .83
•83
50 Amer Smelters Sec pref B
85
633 693
8
4 68
6812 6814 695
3 693 7118 69% 7018 6858 6914 8,660 Amer Smelting & Refin'g
4
103 10314 1023 10234.
4
10212 10413 .103 10412 10312 104 .103 105
Do preferred
600
170 172
1697 170 •166 172
8
17134 1713 .165 172 *163 170
4
1,200 American Snuff

Range for Previouti
Year 1913.
Lowest.

Highest.
10638 Jan
10214 Jan
133% Jan
10638 Jan
88 Jan
923 May
4
2663 Jan
4
362 Jan
• 80 Jan
177 Jan
8
35 Jan
11614 Jan
145 Jan
138 Jan
1189 Jan
54 Jail
9434 Jan
167 Jan
445 Jan
234 Jan
41 Jan
812 Jan
1614 Jan
3212 Jan 1
4912 Jan
41 Jan
13238 Jan
4114 Jan
1287 Feb
8
1958 Jan
6538 Jan
2838 J'ly
6112 Jan
1112 Feb
35 Jan
16838 Jan 1
14214 Jan'
13258 Feb
234 Jan
47 Jan
14214 Jan
1150 Jan •
2918 Jan •
6412 Apr •
4358 Jan
59 Mcb
2712 Jan
10934 Jan
12978 Jan
334 Jan
11312 Jan
87 Feb
12258 Jan'
12334 Jan
104 Jan
1109 Sep '
17134 Deo •
924 Apr
95 Apr
2478 Feb •
4434 Jan
1934 Jan
59 Feb
29 Jan ,
3512 Jan
75 Jan
2034 Apr
4938 Sep •
110 Jan
9912 Sep 1
2858 Jan "
8112 Mch
2252 Jan 1
4312 Sep'
13 Jan
293 Jan 1
109 Sep
16234 Jan ;
9312 Jail
3812 Jan
5312 Jan:)
6 Aug •
1712 Aug;
46 Jan 4
8 Jan I
2812 Jan ;
14 Jan
5812 Apt'

16612 Jan 3
8712Jan 8
9014 Jan 19
812 Feb 6
1334Feb 6
4 Jan 28
16 Jan 8
712Jan 8
21 Jan 6
57 Jan 8
1634Jan 2
4634 Jan 2
884 Jan 3
9458Jan 2
227 Jan 3
8
75 Jan 3
1312Jan 5
4112Jan 29
10 Jan 6
19 Jan 3
10524 Jan 7
15312 Jan 3
8212Jan 6
19 Jan 7
3812 Jan 14
258Jan 6
73 Jan 5
4
32 Jan 14
5 Jan 6
18 Feb 2
712Jan 6
438 Jan9

9014 Nov
10038 Jan 23
10112 Feb 6
96 J'ly
126 Jan 23 112 J'ne
8
905 J'ne
9838 Jan 26
774 J'ne
8338 Jan 29
9212 Jan 22 78334 J'ne
22012 Feb 4 204 Dec
310 Jan 12 275 J'ne
5118 .rly
68 Jan 22
1018 J'ne
1412 Jan 24
33 Jan 27
23 J'ne
9634 Nov
10718 Feb 4
143 Feb 6 13112 Nov
136 Feb 2 r123 Dee
180 Jan 24 1714 Nov
347 Aug
8
40 Jan 5
60 Oct
69 Feb 4
15912 Feb 4 14712 J'ne
405 Jan 27 380 Dec
.338 J'ne
1914 Jan 31
23 J'ne
3118Feb 4
4 Dec
11 Jan 28
10 J'ly
2014 J
32'z Jan 23
3312 J'ne
403 Jan 27
4
2814 J'ne
4014 Jan 23
1343 Feb 4 11512 J'ne
4
3914 Jan 19
2512 J'ne
115 Jan 26 10234 Dec
1632Jan 24
1238 due
45 J'ne
63 Jan 24
8Jan 31
273
213 Joe
8
56 J'ne
62 Jan 24
7 May
9 Jan 23
16 Nov
2112 Jan 28
15614 Jan 23 14114 J'ne
1417 Jan 19 12614 J'ne
8
4
1323 Feb 5 127 J'ne
1614 Jan 31
12 J -ne
30 Dec
3512 Jan 22
137 Feb 5 11514 J'ne
145 Feb 2 131 Nov
1818 J'Ilx
24 Jan 28
52 J'ne
60 Jan 30
2114 Dec
30 Jan 27
34 Feb 6
31 Dec
83 Dec
4
14 Jan 26
965 Jan 31
8
9038 Dec
78 Jan 2
6558 Dec
3158 Jan 23
2518 J'ne
98 J'ne
10554 Feb 4
8514 Jan 19
8014 Aug
11812 Feb 4 10134 J'ne
11512 Jan 31 106 Dec
774 Dec
91 Feb 4
100 J'ne
17214 Jan 22 15138 J'ne
8212 Oct
88 Jan 3
84 J'ne
93 Jan 28
1158 Oct
1658Jan 23
1712 Oct
25 Jan 16
234 J'ne
538Jan 15
13 J'ne
1712 Jan 13
93 Jan 26
4
512 J'ne
20 Dec
2634 Jan 20
5614 Dec
6518 Jan 26
1412 J'ne
2238 Feb 5
38 J'ne
58 Fen 4
83 Nov
99'z Jan 23
8814 Nov
105'8 Jan31
194 J'ne
2814 Feb 4
72 J'ne
8514 Feb 4
1014 J'ne
164 Jan21
453 Jan 13
4
2778 J'ne
74 J'ly
1214 Jan 24
1514 J'ne
23 Jan 26
10812 Jan 19 10118 .1'ne
16438Jan 31 1373 Joe
4
793 J'ne
4
86 Feb 4
2334 Feb 6
16 J'ne
485 Feb 6
8
30 J'ne
2 J'ne
458Jan 23
618 J'ly
13 Jan 23
2873 Dec
35 Jan 22
638Jan 7
5
3 4 Oct
13 J'ne
21 Jan 23
558 Dec
11 Jan 24
4018 J'ne
48 Fel) 4

$2034 Jan
704 Jan
473
4Jan
91 Jan
2212Jan
69 Jan
2834Jan
89 Jan
4418 Jan
114 Jan
36 Jan
60 Jan
3712 Jan
94'z Jan
418 Jan
2113 Jan
24 Jan
10 Jan
2913 Jan
31G3 Jan
96 Jan
7 Jan
42 Jan
84 Jan
6318 Jan
985e Jan
160 Jan

$24 Feb 4 518 Nov $2438 Oct.
804 Sep
6158 J'ne
7818 Feb 4
4114 Sep
57 Jan.
57 Jan 23
90 Nov
99 Jan ,
9712 Jan 23
2812 Jan 22
5012 Jan '1
1034 J'ne
7314 Jan 26
86 Mob
65 Oct
4672 Jan
21 J'ne
35's Jan 27
96 Jan 24 f8012 J'ne 12913 Jan
3612 J'ne
5312 Feb 4
5638 Jan'
1161s Feb 5 108 J'ne 117 Mch
3314 J'ly
363 Jan 26
4
483 Jan
4
6014 J'ne
68 Jan 26
7812 Jan
3312 J'ne
4512 Feb 2
5738 Jan
9212 Sep
96 Jan 27
98 May
614 Jan
34 J'ly
514 Feb 6
1518 J'ne
253 Feb 6
4
2814 Feb
17 J'ne
283 Feb 4
4
2734 Apr
124 Nov
678 J'ne
1153 Jan 28
20 Oct
3338 Nov
3134 Jan 16
27 J'ne
4412 Jan.
37's Jan 31
94 Oct 10634 Jan
102 Feb 4
94 Jan 26
13 Jan
514 Oct
6112 Jan.!
4178 Oct
504Jan 24
791 J'ne
85 Jan 19
86 Jan •
5812 J'ne
714 Feb 4
7454 Jan '
97 J'ne 107 Feb '
105 Jan 27
172 Jan 31 150 J'ly 193 Jan •

0314 Jan
9712 Jan
116 Jan
8818Jan
773 Jan
4
8712 Jan
20614 Jan
310 Jan
5914 Jan
1134 Jan
2712Jan
99i Jan
1391 Jan
128 Jan
Ja
a
16012j n
71 Jan
38 Feb

3
13
3
7
6
3
13
12
5
3
7
3
15
3
5
2
6

150 Jan
388 Jan
1614 Jan
26 Jan

3
6
13
7

912Jan
2714 Jan
427 Jan
35 Jan
12514 Jan
3314 Jan
107 Jan
147 Jan
3
4Jan
593
2438Jan
58 Jan
7 Jan
18 Jan
148 Jan
13338Jan
128 Jan
1212Jan
3312Jan
12412Jan
14212Jan
19 Jan
5234 Jan
237 Jan
8
30 Jan
10 Jan
884Jan
72I Feb
26 Jan
9958Jan
85 Jan
109 Jan
10858 Jan
83 Jan

9
3
3
2
3
3
7
3
3
5
12
12
17
3
3
5
6
6
14
21
3
13
7
19
6
13
5
7
9
7
2
3
6

9
9
2
8
5
6
3
3
5
28
5
5
8
15
19
14
3
8
8
2
6
13
3
29
3
3
2

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America 1....
Amer Exch_
Battery Park
Boweryli__
Bronx Borol
Bronx Nat_
Bryant Park
Butch & oz.
Century 1.....
Chase

Bid
550
0
135
425
225
175
150
120
195
600

Ask

Bank.
Bid
Ask
Chat & Phen. 17C
175
560 Chelsea Ex4_ 148
153
210 Chemical __ 415 425
145 Citizens' Cen 175
180
-- City
373 378
260 Coal & Iron- 160
-165
190 Colonial Y..- 450
_ Columbia 7_ 290 815
.iii Commerce 8172 8182
205 Corn Rich 1. 317 320
625
Cosmopol'n 11 85
105
East River
60
75

Banks
Bid
Fidelity___.. 155
Fifth Ave 1.._ 4500
300
Fifth
900
First
Fourth
185
Garfield
220
Germ-Amer 4 130
German Ex 9 375
Germanial- 450
Gotham
190
Greenwich4- 260
Hanover
640

Ask
175
__
325
915
190
250
140
425
475
_.
___
___

Banks
Bid
Harriman..... 275
Imp & Trad- 8510
Irving
178
Liberty
620
Lincoln
325
Manhattan 5 300
Mark & Full. 240
Mech & met_ 228
Merch Exch. 180
Merchants'
170
MetropolLs I_ 300
MetropolisI 178

Ask
290
___
185
640
345
315
250
235
165
180
310
185

Banks
Mutual I __
Nassau
New Nethl_
New York Co
New York_
Pacific 4..
Park
People's 1Prod Exch 1.
Publid
Reserve

Bid
Ask
290_
190
hi
210
225
850
875
340
370
225
250
367
372
230 250
160
165
200
250
92
___

.
'Bid
'and asked prices; no sales on this lo.y. 3 Ex-ri, ins. 1 LOS3 t Ian 100 4115r03.
Rate irtnkl. a Ex-d v. & rights, b New qt00%
Bale at Stook filxehange or at amnion this weak.
First .natallraant paid. n Sold at privet° 3413 xt this price. s Ex-div. ; Fall paid.




Banks
Seaboard__
Second
Security 1
Sherman
State 1
23d Ward 1
Union Exch.
Unit Stated_
Wash LIPte 1.
Westcb Aill_
West Side 1Yorkville 1

Bid
410
375
115
.180
- 130
140
500
275
160
4.50
----

Ask
435.
400
'
125'
135
'
200 .!
14Q.
150;
--...
_
173
475
500

1 tix 24% acoum. di/

438

New York Stock Record-Concluded-Page 2

[VOL. xcvni.

For record or sales during the week of stocks usually inactive, see second page preceding
STOCK.s-II
, 'WIEST AND LOWEST SALE PRICES.
Saturday
Jan 31

ifonday
Feb 2

Tuesday
Feb 3

Wednesday
Feb 4

Thursday
Feb 5

Friday
Feb 6

Sales of
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range since Jan. 1.
On basis of 100-share tots.
Lowest.

Highest,

Range for Previous
Year 1913.
Highest.

Lowest.

Industrial & Misc (Con)
997 Jan 9 103 Feb 5 100 J'ne 105 Jan
g
200 Amer Snuff pref (new) __
1.300 Amer Steel F01111,1 (new). 28 Jan 6 3612 Feb 4
23 J'ne
4012 Feb
1,455 American Sugar Rerning 10278Jan 8 1097 Jan24
3
9973 Dec 118 Jan
11014Jan 20 11378 Jan 7 11018 •inc 1165 Jan
400 Do preferred
12,190 Amer Telephone & Teleg 11718Jan 2 12 114Jan 30 110 Dec 140 Jan
2,750 American Tobacco
24210 Jan 14 2513 Feb 2 200 Joe 29434 Jan
4
10134Jan 7 10534Jan 24
Preferred, new
400
06 J'iy 10013 Jan
American Woolen
15 Jan 16 2078Jan 28
1412 Dec
2312 Sep
Do preferred
400
74 May 82 Sep
78 Jan 2 83 Jan 28
8Jan 23
100 Amer Writing Paper pref 1334Jan 7 173
117 Nov
8
3214 Jan
4
307 J'ne
22,610 aA naconda Cop Par 425 333 Jan 9 3814 Feb 3
4112 Jan
600 Assets Realization
20 Jan 27 297 Jan 8
22 Dec 120 Jan
8
3012 Dec
230 ealdwin Locemotive
3812 Jan 7 4512Jan 22
5312 Jan
200
Do pre, erred
102'2 Jan 16 106 Feb 6 1.004 J'ne 10513 J'ne
2,510 Bethlehem Steel
2912Jan 5 3l3 Jan 22 . 25 Jim
4112 Jan
6214 J'ne 74 ..'-.1ig
900
Do preferred
68 Jan 10 80 Jan 28
100 Brooklyn Union Gas
121 Jan 5 130 Jan 24 11:0 Oct 13778 Jan
25 Mch
31 Feb
100 Butterick Co
26 Jan 13 29 Jan 27
16 Aug
18.850 California Petrol v t ctfs. 18 Jan 2 3058 Feb 6
564 Feb
45 J'ly
86 Jan
4,500
Do preferred
50%Jan 2 663 Feb 4
4
9014 Dec 1035 Feb
8
38.6290,0,
r
Alpftr cfs 90 Jan 26 9518.Jan 10
3013 Feb
Central Leather
17 J'ne
26457788
16 31% Feb 6
4
Itch
2,200 Do preferred
10012 Feb 5
Jan
h
47,305 dehino Copper_Par $5 3712Jan 9 44 Feb 4 z38 J'ne
04774 Jan
30%
8,100 Colorado Fuel & Iron... 2812Jan 2 342 Feb 5
4112 Feb
2412 J'ne
2,400 Consolidated Gas(N Y). 12912Jan 3 13912 Jan 24 12518 J'ne 142% Jan
Jan
10,800 Corn Products Refining_
73
914 Tan 9 13 Jan 28
1,000 Do preferred
r
6113 :1:ni: ??.(7)::
63 Jan 3 72 Jan 29
ia
720 Deere & Co pref.
9133 Jan 2 993 Feb 3
1 18
)
u
9112 Dec 1I2)( „,4 Lab
4
6,450 Distillers' Securities Corp 17 Jan 9 19 Feb 5
93 J.
4
100 Federal Alining & Smelt'g 15 Jan 24 15 Jan 28
18 Jan
11 Dec
300
351s Jan 18 43 Jan 27
Do preferred
44 Jan
33 Alch
2,835 General Electric
140 Jan 3 14858 Feb 3 12934 J'ne 187 Jan
8Jan 3 63 Feb 3
9,312 Gen Motors vot tr ctfs
373
25 May 40 Aug
3,700 .4:o pref v t eel's
77 Jan 5 0013 Feb 4
70 May 8134 Sep
193sJan 17 2634 Feb 4
14,700 Goodrich Co (II F)
1518 Nov 68 Jan
7978Jan 2 91 Feb 3
1,300 Do preferred
7334 Nov 10514 Jan
8Jan 8 55212 Feb 4
14,300 dGuggenh Expior Par 525 5443
530 Jan
4034 J'ly
10,200 a Insp n ('on Cop Par ./.0 515'0 Jan10 81814 Feb 4
137 Dec
8
20% Jan
8Jan 3 11312Jan 22
500 Internet Harvester of N J 1007
96 J'ne 11112 Sep
11312Jan 3 11713Jan 2: lit May 116 Oct
Do preferred
160
8Jan 3 11134Jan 22
310 Internet Ilarvester Corp_ 1007
9512 J'ne 11014 Sep
1147 Jan 8 11612Jan 28 111 May 1143 Sep
3
Do preferred
234 Jan 13
45 Jan '
334Jan 27
300 int Mer Alarine stk tr cts
278 J'ne
1312 Feb 2 15't Jan 30
124 J'ne
300 Do pref stk tr ctfs
1913 Jan
838Jan 5 107 Feb 2
613 ODilet
8
Oe t
5,450 International Paper
e
424 Jan ,
1 881 8 b
5
n
3713 Jan 19 41 Jan 31
3217
4,,
800 Do preferred
613Jan 9
9% Jan 2
100 Internat Steam Pump_ _
19 Jan 2 29 Jan 19
1578 Deo
100 Do preferred
70 Jan
77 Dec
80 Jan 19 86 Jan 28
94 Feb
420 Kayser & Co (Julius)
110612 Jan 15 )10613 Jan 15 10612 Oct 110 Jan
100 Do 1st preferred
58 J'ne 83 Sep ,
81 Jan 0 928 Feb 5
800 Kresge Co (S S)
97 J'ne 102 Jan •
99 Jan 13 103 Feb 2
200 Do preferred
k
297k J'ne
497 Feb •
34 Jan 15 40 Jan 26
Lackawanna Steel
91 J'ne 10412Jan
95 Jan 2 101 Feb 4
650 Laclede Gas (St. L)corn
4Jan 5 230 Jan 31 195 J'ne 235 Moll
200 Liggett & Myers T
Tobacco 2193
8Jan 6 117 Feb 6 10(3132 IY 11612 Jan
1113
200 Do preferred
21 J'ne
3978Jan ,
2,600 Loose-Wiles His tr co ctfs 32 Jan 6 38 Jan 20
89 Aug 103 Jan .
65 Do 1st preferred.... §10412Jan 9 1105 Feb 5
95 Jan
84 .Ply
89 Jan 2 95 Jan 24
Do 2d preferred
106 Jan 20 175 Feb 2 r150 J'ne 200 Jan
400 Lorillard Co (II
110 Jan 6 11112Jan 24 103 J'ne 117 Feb
Do preferred
05 Oct
76% Jan
300 May Department Stores- 6412 Jan 28 69l Jan 17
974 J'ne 10513 Jan
Do preferred
101 Jan 30 101 Jan 30
7814 Feb
413 Nov
4612 Jan 2 725$ Feb 4
69,000 ',Mexican Petroleum
J'ne
21513 Jan
203
5,425 dAllarni Copper--.Par $5 52134 Jan 3 $2414 Jan 27
5,510 National Biscui,122 Jan 6 139 F'eb 3 10.1 J'ne 130 Sep
.,
,
11914 Jan 13 123121 e.b 4 118 J'ne 1247 Jan
*
300 Do pretzred
1984 Jan
9 J'ne
1,700 Nat Enamerg & Stamp g
98 Jan 8 14 Feb 3
7414 Oct
9214 Jan
Do preferred
178 Jan 8 §78 Jan 8
Jan
44 Jan 3 52 Jan 26 10430 Oct
400 National Lead
J'ne
Oct
175 Do preferred
105 Jan 13 10814Jan 29
'
13 Joe
20 Jan
5,100 dNevada Cons Cop Par $5 $145 Jan 7 $1613 Jan 26
8
56 J'ly8212Jan
100 New York Air Brake
61 Jan 7 69 Jan 28
60 J'ne
8112 Jan
1,240 North American Co(new) 65 Jan 2 727g Jan 31
16 J120 3112 Jan
800 Pacific Mall
24 Jan 3 239
12078 jan 8 12 Jan 21
22 Nov 46 Jan
800 Pacific Telep & Teleg._
2612Jan 9
6 Jan 24
1 Jbb 6
WI J'ne 129% Sep
3.500 People's 0 L& 0(Chic)
1412 J'ne 24% Jan
17,100 Pittsburgh Coal
1773 Jan 3 2312 Feb 4
73 J'ne 95. Jan
5,790
Do preferred
8612Jan 7 9312 Feb 4
1812 J'ne 36 Jan
17,050 Pressed Steel Car
2634Jan 5 4512 Feb 2
884 J'ne 10118 Jan
300 Do preferred N J...
15 104 Jan 30
3
or
1,200 Pub Seri Corp
,
107 Jan
11212 Feb 5 105 Dee 118 Jan
35
ep
255 Pullman Company
4 2,4
2
15112Jan 6 13438
JFae
n J 129 S,ne 165 Jan
b 28
59
13,275 Railway Steel Spring-- 2514Jan 7
950
9014 J'ne 100 Jan
Do preferred
$17734Jai„ 10 100 Feb 2
jn 4
a
18,245 dRay Cons CopperPar510
22
15 J'ne 9 Jan
8
1203 Feb 5
1 Jan
19
285$
5,910 Republic Iron & Steel- 193
17 J'ne
4Jan 5 27 Jan 27
9214 Sep
1,230
Do preferred
72 J'ne
80 Jan 2 90 Jan 31
12 4
J,ne
1434 N e v 9332 un
3,300 Rumeiy Co (M)
2613. n 3
9 Jan 0 18 Jan 14 m433 Doe 20214 jj,Jan i
1,000 Do preferred
3
3 Jan 12
1
950 Sears, R oebuck & Co..- 183 Jan 3 19
4
4512 J'.31
23 J'IY
:
300 Sloss-Sheffield Steel & It 27 Jan 3 35 Jan 26
31 Dee
4
4012 Jan I
2
300 Standard Milling
32 Jan 7 353 Feb *34
.y 638678
51263142 DecMa
3
200 Do preferred
b
0
3 3
JanJan 22 65% 1,eb 6
Feb
Feb
5,100 Studebaker Corp (The)
60
25
938k Jan
6413 Nov
Do preferred
985
70 Jan 5 87 Feb 6
13.010 dTennessee Cop__Par;25 $317 Jan 9 $353 FeOFen 2 22834 J'ne
394 Jan '
4
8
89 J'ne 13212 Dee
10,320 Texas Company (The)
128 Jan 3 149 Jan 12
78 J'ne 991s Jan
83 Jan 31
200 Underwood Ty pe writer_
Jan
ppreferred110 Jan 23 104 J'ly 113 Jan
1/o
Nov
Jail
14,910 Union Bag & Paper
Jan
1085 Janjjjaaan 19 3213 Feb 31
25813
5
262
812
3
1412 N0v
8
1,400
Do preferred
473 Jan .
14
914 J'ne
550 U 8 Cast Iron Pipe & Fdy 105s Jan 8 1313 Jan 23
1854 Jan
40 Dec688
100 Do preferred
40 Jan 8 49 Feb 6
4Jan
200 U 8 Realty & Improv't- 54 Jan 7 507 Jan 19
493 Nov 77 Jan .
4
4Jan 3 6258Jan 26
61 Nov 694 Ape
8,700 United States Rubber
573
8Jan 14
93 J'ne 109ss Apr
1015$ Jan 5 1045
8.360
Do 1st preferred
Do 2d preferred
811k Jan
76% Jan
a --fiffi aiii5712
6618 854 6553 353,515 United States Steel
ii 4978 J'11.0 0918 Jan
11112 111 1114 111 111
4
6,110
Do preferred
1061* Jan 2 1123 Jan 31 10212 J'ne 1103 Jan
4
56
55
5512 5412 55
2
28,000 dUtah Copper__Par $10 $487 Jan 10 $56 Feb 4
3958 J'ne 805$ Jan
3112 305$ 31
3114 3114 8,050 Virginia-Carolina Chem- 28 Jan 7 3314Jan 21
22 J'ly
431$ Jan .
964 Jan 3 104 Jan 19
105 .103 105 *103 10412
100
Do preferred
93 rile 114 Jan
6412 6312 6312 .61
6312 5,100 Western Union Teleg- 573 Jan 16 65 Jan 22
5418 Deo
7512 Jr.n
72
71
7112 704 7114 11.300 W2sth g..ouse El & Mfg_ 64 Jan 3 72 Feb 4
638 J'ne
7014 Jan
119 *116 119 .118 119
11578Jan 19 117 Jan 24 1077 J'ne 11934Jan
10
Do lat preVrred
10012 1005$ 10314 1014 102
921 Jan 3 10314 Feb 5
10,600 Woolworth (F W)
8112 rile 112 Jan
118 .11412 116
4Jan 5 116 Jan 29 109 J'ne 11;4 Jan '
1123
116 116
400
Do preferred

*101 104 *101 10312 .101 104 .101 103
103 103 .101 103
35
35
354 3534 36
36
3618 3612 .3512 3614 353 36
1
10813 10812 108 10812 10713 10814 108 108
10713 10712 1065 107
*111 114
1137 11378 .112 114
11213 11212
11314 11314 0112 114
124 124
120 123
121 12212 1215 12212 12014 12134 12114 12112
249 25012 251 25134 251 251
24734 251
24612 24812 24614 24614
*104 l0434 10434 10434 105 105 *105 106 .105 1053 105 105
4
.19
21
.19
22
*19
.1812 21
22
.19
21
21
*19
827 8278 .82
83
8214 8214 .82
83
824 8218 "81
83
16
16
*14
17 .15
1612 .____ 1612 .12
17 .15
17
3734 3818 375 3813 375 3814 3734 3814 3713 38
374 375
.2212 25 .2213 25
*23
25
2312 244 2512 254 .25
30
*43
4512 4512 4512 .45
48
45
45 .43
45
*43
45
*10514
__ .10514 ____ *10513 10612 .10534
.10534 ____ 106 106
3634 3712 3812 363
4 3612 3612 355 16 2 38
363
13618 3634
7712 78 .77
78
77
78
7634 77
787 767
8
8 764 7612
*12712 130 .126 12812 *126 12812 12712 12712 '12613 12812 .126 12812
*28
2912 283 283 .28
4
4
2912 .28
2912 *28
2912
2912 .28
2713 28
28
2812 28
28
2814 3012 29
3014 2913 30%
64
647
8 643 6514 8434 6434 65
6634 6512 66
66
6612
.92
95
*90
95
92
92
*92
94
92
92
*9213 95
283 2918 285$ 29
283 2958 2914 30
4
295 3012 3018 313
9714 9712 9734 98
993 100
4
*9913 100
100 10012 *99 10012
41% 4'218 42
413j
5 44
4234 42
43
42
43
425 437
8 42
3234 334 323 3318 325 34
4
334 34
3334
3312 3412 33
137 13712 137 1373 13612 13612 13634 1364 1357 13613 13512 136
3
8
1234 1318 1258 13
12
1212 1218 1212 1218 1218 12
1278
72
72
*71
72
71
7112 7112 .7012 72
71
7134 72
99
99 .9834 100
9934 9934 99
99
9834 9912 .9818 995
1818 184 1734 173 .1712 18
183 18%
19
175$ 1858 18
*13
17 .10
17 *____ 17 .11
17
15
15
*10
17
.40
44
*40
42 .40
42 .40
42
40
40 .35
42
14712 1477 14712 14818 14712 1488 148 148 *147 14812 14712 14712
487 4718
4718 5114 52
63
52
595$ 5514 57
56
57
8513 8534
8534 8612 87
004 8913 9012 89
*8713 89
89
2314 24
2334 2414 233 2612 25
2634 25
2512 2178 25
8713 89
89
89
897 91
8
91
91
9012 9012 *90
0112
5014 501
50
503
4 50
5138 5212 5053 5113 505 51
517
1718 1714 163 1718 17
4
18
173 1814 173 18
4
8
173 177
3108 11112 111 111
111 111
11012 111 '109 110 "109 11012
: *11638
__ *1163 ___ 1165 1165$ .117
8
__ .117 ___ .11714 ____
• 110 110 1093 1093 .108 110 1109 109 - 109 109
-4
4
.108 10912
•
116 _
*118 __ .116 ____ .117_ .117 ____ *117
*312 1
7
*313 3 4 *34 38
3
312 -- 2 4 313 37
31'
8 *34 3%
1413 1413 134 1312 *1333 143 *1338 145$ .133 145$ .137 145$
4
8
93 103
4 1014 107
1014 1012 10
103
1012 1012
93
4 978
40
41
40% 4078 .39
4012 *38
40 .38
40 .38
40
.8
912
9
9
*8
9
.8
94 .8
912 .8
9
, *25
30
2713 2713 .25
30 .25
30 .22
30 .22
2712
*8512 87
854 8512 85
85 .83
87 .8413 87
85 85
,'104 10812 .104 10812 .10812 10812 10612 10612 .10413 10812 .10412 10812
, 9114 9114 9218 9218 92
92 .90
93
927 927 .92
9413
*10112 102
103 103
103 103 .10113 106 *10112 106 .10112 104
839
1 830
40 .39
3934 .39
40
3912 .30
3912 .38
40
, .97 100 .97 100
99
99
100 101
10012 10012 10012 10012
230 230 .224 232 *223 231 .226 232
226 226 .220 228
*115 117 .115 117 .115 117
11513 11518 *115 117
117 117
, 3714 3714 37
37
3673 377
37
*36
37
3812 3078 3678
, 0101 105 *101 105 .100 105 *101
__ __ 1105 105 *101
.88
97 .88
89 .88
97 .90
97
97 .03 if
*93
"
, 174 17473 175 175
1744 17412 .167 175 *167 175 .167 174
*111 114 .11134 114 .1114 114 *11112 114 *11112 114 *11112 114
86512 67 .6512 67 .6512 87
.6512 67
87
67
8738 .673
8
.09 10134 *97 1013 .98 103 .99 1013 *99 1013 *09 1013
4
4
4
' 6714 6814 68
695$ 688 705
703 725$ 6013 71% 7014 7212
237 24
2334 237
234 2378 233 237
4
8 233 2334 2314 2312
. 13438 13412 135 1375 1364 139
13714 13712 137 1385$ *13612 138
• 12212 12212 .11812 123 .120 123
123 12312 .120 125 .123 125
•13
1334 135$ 1312 135$ 14
1334 14
1312 1312 1314 1312
.
75
8212 *79
8213 .79
8212 .79
8312 .79
831 *79
82
O50
5134 5012 503
5012 5013 *493 5112 4934 4934 *497 51
4
*107 110 .107 109 .107 110 1107 107 *1087 109
8
107 107
. 1632 1632 1614 1632 1614 1612 1614 1612 1614 1612 163 1612
8
' 69
69 .67
065
89 .65
70 .65
70 .65
70
723 727 .72
73
*70
73
72
72
72
713 717
72
2812 2778 2814 .27
*27
28
28
28
28
28 .26
2714
• 304 3012 2812 2934 2913 2913 *28
30 .2712 29 .27
2912
12312 124
124 12412 12412 12414 12334 12414 *12312 124
123 124
2214 2134 225$ 2134 2234 2253 2312 225$ 2318 2214 225$
22
9278 0134 93
913 9178 92
4
93
9312 93
938
925$ 923
4
445
45
43
44
4512 44
4313 4418 425$ 4314 42
425$
*104 105 *104 105 .104 106 *10212 1034 *1021.. 104
10214 103
• 10914 10934 *106
___ 110 1105$ 11112 112
1124 11212 11212 11212
3,156 158
15518 1554 .155 1571 156 156 1156 156 *15514 156
, 32
3234 325$ 345$ 33
344 327 3312 3114 327
8 31
32
*97
99
9912 100 .100 102
100 100 .09 102 .0912 102
19
914 194 197
195$ 195$ 193 20
4
19% 205$ 1954 2018
28
2612 2552 263
4 253 2614 253 2638 258 2614 2512 26
89
90 .89
90
*8812 8812 *89
8912 8812 8812 8812 8812
12
13
13
133 1414 14
13
14
14
155$ •1313 16
31
31
*314 _
3112 33
3612 335$ 338
35
3314
33
;191 191
1927 193 - 192 192
8 191 19112 *191 10212 191 192
.34
36 .32
344 3412 *3412 3512 *3312 35 .3312 34
36
*34
36
353 353
4 344 354 .3412 36
*3412 36
% 38
*84
68
6512 6512 6572 6572 .64
66 .64
66 .64
68
25
2513 26
25
26
277
273 2914 2912 303
4 2912 2914
*-- 80 .8013 85
82
833
4 85
8612 8612 8612 87
87
3518 35% 3518 353
4 34% 35% 3514 3512 35
3538 35
35%
14412 14517 14514 14712 14512 14714 145 147
14512 14618 145 14612
86
, 88
86
88
.8115 90
*814 90 .8112 90
*8112 90
10 112 .110 112 .108 112 .103 111 *110 112 .108 112
73
77
84
8
812
7
7
8
713 75
712
*7
3212 3212 3212 3212 315 3172 2912 30
• 2012 297
8 3012 32
. 1332 135$ .1213 1312 1312 134 134 1312 .12
131 .12
1312
49 .4812 49 .46
km
50
*48
50 .46
50
49
49
*55
57
563 .55
55
8
57
58
58 .55
67 .55
57
5034 594 60
594 6013 59
15934 00
581 5912 59
594
1025$ 10212 1017 1025$ 102 10212 102 10218 10178 102
10134 1017
8

, lais -67-ci -iiii4 iiiii -,58i. -66% 65i, 6.4 65,4

11214 1123 z1105 11112 1104 11013 1107
8
8
4
; 5514 5512 5538 5534 55
555$ 5514
8172 32
304 3112 31
3113 303
104 104 *102
*101 104 .101 104
i 6312 6413 6078 625$ 6134 64
64
' 704 713
714 7012 717
70
7113
s116 119 .116 119 .118 119 1119
: 994 100
*9312 100
9852 9912 985$
118 116 *115 116 *115
118 116

Aii--

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
flank.
Brooklyn
Coney 1..sl'd
First
Flatbush
GreenpoInt

Bid

Ask

150
281/- 300
130
110
155
125
Homestead • 16- 100
Manufact're - 400 425
140
Mechanical - 125
140
Montauk
icid" 220
Nassau

Banks
Brooklyn
National City
North Side 1.
People's ----

814

Ask

273
176
145

285
200
155

Trust Co's
N Y City
355
Astor
Bankers' Tr- 480
Wway Trust. 150

365
465
160

Trust Co's Bid
Ask
NY City
Central Trust 1020 1030
ColumbiaKnickerb443 450
Commercial as
Empire
800 310
Equitable Tr 430 440
Farm L & Tr 1100 1130
Fidelity
210 225
Fulton
275 300
Guaranty Tr 585 580

Trust Co's
N Y City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Weet..hester)

Bid

Ask

130
185
120
345

138
170
130
335

140

147

130

140

Trust Co', Bid
Ask
NY City
N Y Life &Tr 985 1000
N Y Trust__ 595 610
Title Ou & Tr 440 445
Transatlan tic 200 220
Union Trust 375 390
US MU;&Tr 420 425
United States 1040 1060
Westchester. 140

Trust Co's
Brooklyn
Brooklyn Tr
Citizens'
Franklin -Hamilton --Home
kings County
Nassau
People's -Queens Co

Bld

Asks

480
130

490
140
250
280
1101

270
100
570
126
28%
$S

Bld and asked priceee no sales on this day.
Lees than 100 shares. 3 Ex-rights. a Ex-div & rights. S New stook. d Quoted dollate pa ellen.
St ), l'Achartge Or at auction this week., s Ex-sto4k dividend. I Bank' mailta0 with a ParaSraS11 (i)
an Mato bank*. _11 *57.0144111}0.




296
100

Bali al

439
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

,
(o income ens Se/au/led bonds.
Jan. 1 1909 the Exchange itelhod of gaoling bonds was changed. and prices are now all—"and interes1"—eiccpi
,..
-4 '.,
BONDS
N. Y. STOCK EXCHANGE ri
-74
-e,
Week Ending Fob.6.

Week's
RanQe or
Last Sale

Prize
Friday
Feb. 0

Range
since
Jan. 1.

v.11

)
c`,1

BONDS

N. Y. STOCK EXCHANGE
Week Ending Feb. 6.

Priv_
Friday
Feb. 6

IVeek's
Rano6 or
Las, Sale

Rano
since
Jan. 1.

/1108 No Low High
Ask Low
1110
High No. Low High Chesapeake & Ohio—
Ast Low
Bid
,
084 9972
09% 100
Gen funding & impt 5s___1929 J -J
4
984 10 9312 984
9834 9914 983
105 10612
141-N 107 108
1939
1st consol gold 5s
98
9858
8
9834 0912 985 Jan '14
103 103
;
ee: :8 4
aa un : 2
18 69
()8946:
031782 :1:3333:
:3:1:23 Jan : 4 II
.14
103
Registered
10214 1021:
102 103 10214 Jan
9812 39 0314 984
98 Sale 9714
General gold 434s
102 1023:
102
102 Sale 102
_
93
11118 11214
Registered
4
1113 11234 11214 Jan '14
221 797 S61
F-A 864 Sale 84
_- 3 11212 11314
Convertible 434s
113,4
112 ____ 11314
89
J -D
Big bandy 1st 4s
J'ly
)
8414 --lc 841 i41;
9813 -. 10112 Jan '14
'13
95'2
8414
2
J -D -g.11- 85
194399340229
ioi- 161-172 Coal River liy 1st gu 4s_1 9999945 J -J 101
10113 10212
Craig Valley 1st g Is
9 9
Potts Creek Br 1st 4s
1946 -J
reti
D
___-7 , 3
Foreign Government.
7 91 8712, c :13
97 98
& A Div 1st con g 4s
1989 J-J
9318 93 Jan '14
____
Argentine—Internal 5s of 1909_ M-S „!. 9712 91
8512
J -J
2d c nisol gold 4s
8813 Jan '14 _88 881,
8
Chinese (1Iukuang) Rd/ 53 £____ J -D : 887
95 Oct lu
8
835
1989
4s_1940 11-N
Grecnorier Ey 1st gu g
Imperial Japanese Government
87 67
8
0012 98 8813 0012 flue & Alton RR ref g 3s_1949 A-0 64 -66 - 66 Jan '41
1925 F-A 1 9012 Sale 895
Sterling loan 4;is
554
5514 — 32 54
5414
5414 56
3 25 87 887
Railway 1st lien 334s,,_..1950 J -J
887
1995 J -J 4 8812 Sale 8812 Jan '14
2r1 Series 4;is
_
18
'4
8474
'hie 13 & Q Denver Div 43_1922 F-A 984 100 0938 Jan847 _ _ _ 7 9934 994
80
80
---- 80
1931 J -J 1 7818 __ __
Sterling loan 4s
82 85
8412 _ _ _
J -J
, is
i eo Div
..
15 99
10018' . . 100:3 I Iliin gistered 3;is
..
4
4
debt_ 171-S 4 993 Sale 993
8614 Aug 12
Republic of Cuba 6s eaten
83
9 9
1949 J1949 1'.A I—. 9412 0412 Oct '131
954 17 -55- Ws;
9514
95 07
External loan 45s
1949 -J
2 -86 90 I Illinois Div 4s
00
:8113 90 00
03 J'ne '13 __
Tokyo City loan of 1912 5s_ __ _ M-0 1 10 83
1941) J -J
8414 Jan '14,
Registered
84 85 j
1
1899 Q-.
10158 Nov'13
U 8 of Mexico s f g 5s of 1954 3-D 6714 7034 71 Dee'13
)
Iowa Div sink fund 5s1 9 A-0 1022
— 1911
9634
A -0 93 6112 9812 Jan '14
Gold 4s of 1904
Sinking fund 4s
o
I These are y riccs on the b rots 5115 t- -t
9434 964
Nebraska Extension 461929 M-N 9e4 0718 9612 Jan '14
_ 1917
964 Sep '12
State and City Securities. 'A-S 101 Sale 101
1927 Ni-N
Registered
1014 78 100 10158
1900
1 OS1 981j
0815
9812
N Y City-435s
1021 14-S 9714
Southwestern Div 48
106 , 196 1033 106
4
M-8 106 Sale 1054
434s Corporate stock _ _1903 .1-N
1
Joint bonds. See Great North
8
973 Sale 974
974 41 9512
1959
94
94 9114 04
VI-S 934 Sale 93
4% Corporate stock
General 4s
8
9712 43 9512 9712
1958 NI-N 97 973 07
Corporate stock
2
3
6514 667 667 Jan '14
6612 63
4
1 955
Chic & E III ref & imp 4s g_1958 J -J
8
974 18 953 973
4
1057 VI-N 0714 Sale 0714
10714 Jan '14
10714 10714
4% Corporate stock
1934 A-0 110
1st consol gold 6s
2 1034 106
106 I
11/57 81-N 10558 106 10512
10012 27 954 10011
Now 434s
1937 M-N 10012 Sale 97
General cense! 1st 5s
10112 102
NI.-N 10114 10112 102 Jan '14
1917
1 08 98
98
New 434s
.95 09 98
Registered
5 10378 1053:
10553 106 10514
105341
9734 Feb '13
434% Corporate stock_1957 in-N
90
32
u egis nee
Pitr m oterydlst coal 5s.... 1947 F-11
5
bonds 1917 M-N
434% assessmentstocic_1954 51-k; 10114 10112 1014 1011211 73 85 8e3,
86
8
837 8612 854
,
33i % Corporate
i()512
^9i434
Chic & Ind C Ry 1st 5s_1936
1961 i'.1-ti 100 ___ IOU Jan '14'---- 100 le0
-4s
N Y State
7473 150
s
Great West 1st 4s____1959 WS 747 Sale 734
3 9718 97.,
100 1
1961 J-J 1004 ____ 100
Canal Improvement 4s
113 Jan '14
Chic Ind & Louisv—Ref 6s..1947 J -J 118
5 09 100
100 1
Canal improvement 4s.,_1962 J -J 10912 ___.. 100
10212 'Jet '13
J -J 1024 _
19-17
Refunding gold 5s
4
1960 J -J 10013 ---- 093 Nov'13
Canal Improvement 4s
if 9558 Apr 11
17
19- 7 J -J
Refunding 48 Series C
10878'ZiO; 10712 10834
r
50-year 434s (wh iss)_1063-64-- . 10873 Sale 10812
J'iy 12
Ind & Loulsy 1st gu 4s1956 J-J
South Carolina 4;is 20-40_1933 J:J --_—__ 10312 J'ly '10
82 -86- 9014 Aug 12
J -J
8434 8434 Chic Ind& Sou 50-year 4s_11/56 J -1)
8113 -___ 8434 Jan '14
Virginia funded debt 2-3s 1991 J -J
101 Dee '11
Chic L 8& East 1st 4 34s_11/69
5934 37 5634 60
Sale 58
10018
Cs deferred Brown Bros etfs___ --- 59
Chic Mil & St P terml g 5s 1914 J -J loot; Sale 10018
15
96
96 Sale 95
Gen'i gold 4s Series A___e1989 J -J
9314 Jan '14
Railroad.
Q-J
Registered
1 70 74
73
A nn Arbor 1st g 4s
73 73
71
51995 Q-J
81 83-34 8012 Jan '14
989
e1089 J -J
Gen'l gold 334s Ser 13
96
4 87 93
953
elteli Top & S Fe gen g 4s_1995 A-0 9512 Sate 9413
86 inch1 .__.
el980 J -J
Registered
3 9212 03
93
9034 140
1995 A-C 93 Sale 93 4
13
-4
Registered
1934 JJ -i( - 'Side; 894
23-year deben 48
4 15 84 873.
873
/11995 No8 88 8912 873
10314 339
8
Adjustment gold 4s
1932 J -D 1027 Sale 1024
Convertible 4%s
51905 Nee, -------- 86 ALch'13
10312 41
8
1033 Sale 10318
Registered
Gen 4;is Ser
8812 48 843 8 8812
51995 81-N $818 80 88
10314 __. 10233 Sep '13 _
Stamped
_1 921 J
0914 24 9438 100
4
. Chic & L Sup Div g 5s_e 1989 j
8
1955 JD 987 Sale 983
1034 Nov'13
cony gold 4s
Chic & Mo Riv Div 53_1026 J -J 10418
___. 0912 May'13
4
10312 -- 1023 Jan '14
Cony 4s issue of 1969_ _1955 J-D -,__ 4 Salt 084
chic & P W 1st g 5s
9012 440 94l 9934
J -D 0834
9312 63
9314 Sale 923
Cony 4s (issue of 1010)_1960
1941 j
C M& Puget 8d 1st gu 4s_ 1929 .1-1
1017
8 25 907,
4
1013 Sale 10134
1017 J-D
10-year gold Is
Dak & Grt Sou gold 5s_ 1916 J -J 1004 _ _ 1004 Nov'13
4
---- 983 J'ly '13
10812
Debentures 45 Series L..„1914 F-A ____ -- 92'* Jan '14
10413
10734 0234 Dubuque Div 1st s f 6s...._1920 J -J 1114 Sale 102112 J'ne 13 3
4s.„1928 M-S 93
110
East Okla Div 1st g
1924 J -J
9114,
Far & 8ou assum g tls
8614 915s
9013 0114 9114
19.58 J -J
10218 Jan '14
Short Line 1st 9s gold
La Crosse & 13 1st 53_1019 J - J 10218
9814 12 0714 9814
11)62 1/1-5 0838 0812 9814
8
1025 Jan '14
Cal-Ariz 1st & ref 4 34s
Wis & Minn Div g 5s_1921 J -J 10314
101 104
1st g 5s_1942 11-S 107 109 104 Jan '11 8
8 le Pres & Ph
4
1920 J -J 108 1123 1073 Sep '13
Wis Vail Div 1st 6s
10113 10118
____ 10113 Jail '14
1915 M-8 10114
4
Chic & St Louis 1st 6s
1934 J-1) 100 ____ 993 Dec'13
Slil& No cons ex 4;is
73 01
05
95
AU Coast L 1st gold 4s___51052 M-fi 941 Sale 94
4
4_ 093 Jan '14
1934 J -D 993
lst extended 4;is
.
,
51952 NI-f ---- ---- 95 Jan '13
8
1023
Registered
8
Clue & Nor %Vest cons 75_ _1915 Q F 10238 safe 1023
—1059 .1-0 --. ---- -.....50-year unified 4s
9212 Oct '13 -9312 _
Extension 4s 334s1886-11998276
1928 NI-N 10234 ____ 104 Deo '13
Ala Mid 1st gu gold 5s
92.2 Oct '13
1886-1026 F-A 9312
Registered
8834 .___ 95 Aug'12'
84
Bruns& W 1st gu gold 4s_1938 J-J
84 Sale 8312
General gold
- --8
_
7334 Jan '14
Charles & Say 1st gold 7s_1936 J -J 1267 --- - -,Registered
04 -165 87 05
8
01952 81-N 937 Sale 9318
9614 - —8
L & N coil gold 4s
1 87‘2-- Y
P1987 81-N 96 bale '36
General 4s
11712 -- 1234 j'ne 12
Say F& W 1st gold 6s____1934 A-0
i
i ki f f en
Siiiegt teru dd 6s1879-1929 A-0 10612 -- 105 Sep '13
11
1934 A-0 10434 ____ 11058 May
1st gold Is
. 10512 Dec '13
10518
95 100 07 Oct '12
1918 J -J
_ 10112 Nov'13
Sil Sp Oca & (1 gu g 4s
t
i lu g fea
Sl gisteru nd 5s
879-1 9 A-1.)
1.87 9 929 A-0 1£3
9214 25 -65- 921
Cl ;sale 02
102 Oct '13
nalt & Ohio prior 3;;01_1926 .1 -4
1879-1929 at-9 1024
,
1 21 A4
8
807 91 8914 J'ly '13
10212
1/11125 Q-.T
, Registered
3'2
la; Sale 10118
10034
Debenture Is
97 907 06
06
51948 A-0 95 Sale 0412
Gold 4s
1921 A-0 98 -- 101 Dec '12
Registered
5 907 94
04
4
8
94 033
51948 Q-J
10212 Jan '14
Registered
10212 164
1933 WI-N 10213
Sinking fund deb Is
3
3
4
8
043 1386 003 943
8
937 Sale 037
1933
20-yr cony 434s _
1004 Aug'13
1933 al-N
Registered
1922 J -J 105 — _ 112 Jae 12
1 120 120
120
Pitts June 1st gold 6s
120
From Elk & Alo V 1st Gs 1933 A-0
____ 8312 Dec'13
8934
9012 Sep '09
P June& 81 Div 1st g 334s1925 M-N
Man °, B & N NV 1st 3;is 1941 J -J
24 84's 88
88
4
P L E & %V Va Sys ref 48_ _1941 M-N 8812 8914 873
Milw & L 1st gu 3;58_1941 J -J
0118 25 874 9112
9112 01
01
1 10333 fo-91;
10033
Southw Div 1st gold 3;is_1925 J -J
8
5063
Mil L S & West 1st g 6s_ 1921 61-18
---_ WU Apr 13
Cent Ohio It lst c g 4 Yis_1930 M-S 10012 ____ 103
4
Ext & imp. s l' gold 5s_1929 F-A 1053 ---- 101 Sep '13
Nov'13
11412 lCD '13
Cl Lor & SV con 1st g 5s1933 A-0 10512
1925 a1-8 113
g 6s
Ashland Div 1st
Mouou River 1st gu g 58_1919 F-A 10033 --__ 10214 J'ne 12
111 Nov'13
1924 J -J 11258
Mich Div 1st gold 6s
11436 J-1) 10214 ____ 102 Nov '13
Ohio River ER 1st g 5s
934 - 1 51 Ifs;
93:1 Sale 934
Mil Spar& N %V 1st gu 4s_11147 aff-S
1937 A-0 101 105 0853 Oct '13
1 10814 10814
General gold Os
10814
1917 M-8 10714 - - 10314
Northw Union 1st 75 g
Pitts Clev & Tol lst g Os 1922 A-0 105 ____ 11412 Feb '18
IN limns & St P 1st ext 7s_1915 J -D 10614 -- lu0/3 Nov'13
_ 97 May'la
._958
J -J
1917
1041
Pitts & West 1st g 4s
10434 105
J J
9
Chirgistereu 1st& Pac 68_1917 J:J 10412 105:4 1014
,ego l ock
i
Rat Isl By 1stgug4%31043 J-1) __91 J'ne'12
104 102 104 Oct '13
1927 J -J
8812 (19 84 - - ;
Loilyia ity 1st 5s
3;
8 1
1988 J-3
8812 sale 854
General gold 4s
4
10618 ___ 1053 Dec'13
2 8413 8412
5434
Buffalo It & P gen g 58._ 1937 M-S
833 8614 8413
4
1988 J -J
Registered
- .. 10314 Al;:'13
11/57 ril-N 101
7014 11- 72 80
Consol 4 Is
1934 A-0 7812 Sale 7514
Refunding gold 4s
04 94
11198 A-0 87 —_ _ 94 Jan '14
); 4s gu
511 7118 794
7914
All & NV est 1st
1932 J-3
7712 sale 7413
20-year debenture Is
1043 J -J 10134 .___ 103 J'ly 'OS
97 Sep '11
CI & Mali 1st )4e e 5s
,
1 v1
, i31-N
Coll trust Series L 48_ 191 4 t -N
3 ____ 10734 Oct '13
92/2 9434 J 'lie 11
Roch & Pitts 1st gold 6s_1921 F-A 1093
P 4s
10953 Dee '13
1922 3 -D 11013 _
3
534 2513 -4;;41- 53
Consol 1st g 0s
4534 Sale 4512
t
n
LOU
2 Chic R I & l'ac lilt 451
106121 16 10334 1-6614114 21 464 511$
--l
( anada Sou eons gu A 58_11)62 A-0 10612 Sale
4614
Registered
1962 A-0 --- - ----10034 Jan '11
'13
•-, Registered
88
0912i
5 -5/ 0912 It 1 Aric dc Louis 1st 434s_1934 51-8 idi _ 84 _ 102 J'ly '13
30-yr5811138 J-1) 9834 100 9912
CarClinch&Ohlolst
Dec
Bur C et & N—lst g 5s_ 11334 A-0
8
Central of Ga 1st gold 5s_plt)45 F-A 107 ____ 1105 Itch 13 27
CRIF&NW lst gu5s.11/21 A-0 10018 104 10514 Sep '11
104
ia 104
1945 M-N 104 106 1034
Consol gold 58
8
Z 1&StLlstgug7s,,, 1927J-D
11/45 NI-el — .103 10(314 Mell'13
Registered
9934 May'13
Choc Okla & (i geu g 5s_o1919 J -J ___. 100
103 Dee •11
1st pref income g 53____p11145 Oct
106 Jan '13
1952 al-N
Cousol gold 5s
___ ____
2d pre: income g 58____p1945 Oct -------- 105 Dec '11
Keok & Des Moines 1st 5s.1923 A-0 04 97 91 Dec '13
___p1945 Oct .. _ _ ___ ILI/ Dee '11
3d pref income g 5s_
75 Nov'13
_ 89
St Paul & 0Sh L 1st 4;is '41 F-A
851s Oct '11
3d pref income g 58 stamped__ _ __
118
& 0 con 6s_1930 J • D if8 1204 118
Chic St P
-1) 8512 90 85 Jan '14,
85 83
Chatt Div pur non g 4s 1951 J8914 Dee '12
Cons Gs reduced to 334s 1910 J-1) 81 -5s_1946 J -J 10218 . _ _ . 10714 Jae :2
---- Debenture 5s
1
8
Mae & Nor Div 1st g
1930 Ni-S 102 10234 1023 Jan '1,
____ 10212 Sep .13
____
1947 J -J 10218
Mid Ga & AU Div 5s
s
Ch 8t P & Minn 1st g 6s1918 M-N 1167
- 110/2 Jan '1
1946 J -J 103 ___ . 10934 May 11
Mobile Div 1st g Is
11130 J -J 1153
4
North Wisconsiu 1st 6s
- 12953 ...lay 09
-0934 166
58_1937 MN 10018 10118 100 Jan '14
Con lilt & B of Ga col g
1919 A-o 107 lig 10718 Jan '14
St P & S City 1st g Gs
11012 10 114 11612
Cent of N J gen'l gold 53_ —1987 J -J 11614 11612 11612
_
Superior Short L 1st 5s gq1930 NI11334 11333
*
/11987 Q-J 11512 _,._1133 Jan '14
Registered
80 -86 Jan '14
Chic '1' 11 & So'east 1st 5s_1960 J -D
104 104
101
3-J 10334 10512 104
Am Dock & Imp gu 6s___1921
'13
- 105 Dec8434
Chic& West Ind gong 6s_41932 Q-M i( 78
4
Leh dc Ilud It gen gu g 5s_1020 J -J 1003 ___ 100 J'ne'13
8434 Sale 8414
1052 J -J
Consol 50-year Is
-S 9314 __ 1/)013 Jan '13
N Y & Long Br gen g 43_1941 5j
216
82 86
0-F 8611t ____ 86
Cent Vermont 1st, git A 4s e1920
MISCELLANEOUS BONDS—Continued on Next Page.
U. S. Government.
U 8 2s Consol registered_d1930 Q-J
U 8 2s consol coupon
d11130 Q-J
U S Is registered
A1918 Q-I.'
U 13 33 coupon
k1918 Q-F
U S 4s registered
1925 Q-F
1925 Q- F
U 8 48 coupon
U 8 Pan Canal 10-30-yr 2s M036 Q-F
11/61 Q-M
U 8 Panama Canal Is e

--

-

Street Railway
Brooklyn Rapid 'Iran g 5s_1945 A-0
1st refund cony gold 4/1_2002 3-3
0-year secured notes
_ 1918 J -J
13k City 1st con 5s__10[6.1941 J -J
13k Q Co & S con gu g 5s__1041 81-N
13klyn Q Co & 5 1st 5s___1941 J -J
kliclyn Un El 1st g 4-5s__1950 F-A
1950 F'-A
Stamped guar 4-5s
1-A
Kings County El 1st g 4s_1949 1
1949 '
,
1 -A
Stamped guar 43
Nassau Rice guar g ild 4s.1951 J -J
1927 11-A
Chicago Itwys 1st 5s
,
Conn Ity & L lst&ref 5g 4 3is '51 J -J
11/51 J-.1
. Stamped guar 4 ;is
4340_1932 J -J
' Det United 1st eons gg 5s 1936 ,.(-S
Ft Smith Lt & Tr 1st
Grand Rapids Ity 1st g 5s 1016 J -1)
Havana Elec consol g 5s 1952 F-A

• No price Fri/lay; latsst this week. ii nee &loll. o Due May,




Street Railway
9014 15 8934 9114
4
893 Sale 8934
,
0012 103 2 Dud & Manhat Os Ser A_ 1957 F-A
4 333 39
4
3854 Sale 3834 39
1957
Adjust income Is
8712 02
100 ____
1932
N Y & Jersey 1st 5s
0613 9053
753
181 -7 4
79
8
Fri terboro-Metrop coil 4185.11)50 A-0 787 Sale 78a
101 1001
- interooro Rapid Transit
533 9833 99
09
99 Sale 9858
1966 J -J
1st & refunding Is
8013 914
92 0134 Jan '14
9913 161-3; Nlannat liy (NY)cons g 4s_11.490 A-0 91
8
9212 Jan '14 —_- 887 9212
1990 A-0 9113 92
Stamped tax-exempt
100 101
Metropolitan Street liy—
83 83
101 101
J -D 102 ___.. 101 Jan '14
/Sway & 7th Av 1st c g 53_1943
8234 83
12 100 100
100
Col & 9th Av 1st gu g Os_ _1993 NI-S 99'4100 100
79
74
9353 984
100 ____ 9858 Jan '14
Lox Av & P F 1st gum g 59- 1903
OA 09'
80
_. 9312 ,J'ly '06
F-A
Met NV S El (Chic) 1st g 4s_1938
ioil02' Jan '14
Elec Ry & 1.5 cons g 5s1026 F-A 102/3
Refunding Sr eaten 4 34s 1931 J -J ___- 94 91 Apr '13
7634
69
102 Noy'12
NI inneap St 1st cons e 58_1919 J
84 84
Montreal Tramways 1st & ref
1 0714 99
99
8
99 Sale 981
1941 J -J
-year Is Ser A
30
05 05
Due Nov. Due Dee. 5 Option sal*.
Due Junt. A Due July. k Due Aug. o Due Oct.

2
103
102 103 10278
0134 303
91 Sale 01
9958 226
9953 Sale 9914
10134 10212 10134 Jan '14 ___
9712 98 Apr '13
101 Elay'13
2
4 z
1013
1.433 102 10118
.
10133 102 101 Jan '14
84/2 85 83 Jan '14
8418 85 83 Jan '14 ____
11
79 Sale 7712
79
09
3
99 093 99
101783110'12
9512 J'ne'13
.
.
.r
7612 1-2.3
7611
— . Sale 7512
84 Jan '14
_
90 ____ 08 J'ne'13
—1
95
9212 95 95

440

New York Bond Record—Continued—Page 2

BONDS
N. Y. STOCK EXCHANGE i't
Week Ending Feb. 6
...e,

Price
Friday
Feb. 6.

Week's
Range or
Last Sale

;
Ell
sic

Range
since
Jah. 1.

BONDS
N. Y. STOCK EXCHANGE C3
Week Ending Feb. 6.

[vol. scrvm.
Price
Friday
Feb. 8.

Week.
Range or
Last Sale

41,
2

Range
since
Jan. 1,

Bid
Ask
High No. Low High St P M & M (Continued)—
But
Ask Low
High No.
Cin H & D 2d gold 430.-1937 J -J 9612 Sale Low
92
9612
7 93 9612
Mont ext 1st gold 4s-10037 J -D 92 94 2 932 Jan '14
37
9
412 95:
4
let & refunding 4s
1959 J -J
Registered
98 J'ne '11
1st guaranteed 4s
1959 J -J
8614 j.116, __
- 12
Pacific ext guar 4s g
1940 J -J 8512 __ __ 9258 Mch
Cin D & I 1st gu g 5s__ _1941 .v1-N 001- ___ 97 Oct '13
4
E Mimi Nor Div 1st g As 1048 A-0 91 06 07 Sep '11
---- ---- ---:
'12
C Find Ft W 1st gu 4s i_1923 M-14 ____
88 Mch '11 _--- ---- 7__
Minn Union 1st g 6s
1922 J -J 10914 -. 110l Jan '14
-&
Chi I & W lst gu g 4s
1953 J -J _ _ 90 86 Jan '14 ---- 86 Mont(list gu g 6s
1037 J -J 11912 125 11812 Dec'13
86
Day& Mich lstcons4;is_1931 J -J ...---- 978 --Registered
- - -- -- --__
13614 May'06
Ind Dec & NV 1st g 5s
1935 J-J .... — 100 103 - Deiilot guar gold 5s
'12 _-___
liN7
9
1063
4
107
1st guar gold 5s
1935 J -J
10712 Dec '02
Registered
1037 J-J
Cleve Cin C & St L gen 48_1903 JD 84 85 83
Will & S 10 1st gold 5s-1038 J-D idii "_-_-_- h041 J'ne'j
12 83 85
85
20-yr deb 4%s
8612 883 872 Jan '14 -- 8712 8712 Gltif& s ied t ref& t g 5s_ _b1952 j
1931 J-J
u egi ter is
4
.
-j 903 9184 80 Jan '14
4
Cairo Div 1st gold 4s
1939 J -J .85
877 Dec '13
Cin W & M Div lot g 4s 1991 J-J
8112 8412 8914 Feb '13 ---__
2 952 J -,j
g 4;0_81909 j j 100 - i61
2
1- i6612
St L Divlst coil tr g 48_1000 M-N
41
6 8312 Jan '14 ---- _- - 12
973 Jan '14
4
8383
1990 J-J
Os
Registered
-N ---. ----91
1990 NI
Oct '07 --__ ____ ____
ColCol && Toy132 ext g
H 1stext 434s_ _ _ _1945 A-0 8612 ---- 92 Apr '13
-S 8214 85 82 Sep '13 ____
§:Pr & 0 Div lstg4s
1040 NI
01
9218 Apr '13
8633
w W Val Div 1st g 4s
1940 J -J 8214 __ 91 Apr '12
Hous Belt & Term 1st 5s- _1 9 5 F-A -------- 1001 Dec '12
5
1937 J J
C I St L & C consol Gs
1920 M-N 10518 _.10518 Jan '14 ---- 15518 105 8 1111Reg nois eered
iste ntral 1st gold 4s_1951 J-J
,
96 99 94'z Jan '14
let gold 4s
k1936 Q-F 9013_..._ 90 Dec '13
1051 J-J ---- --- 100 Sep '11
Registered
k1936 Q-F 9014 --- 90 Mch'13 —_
1st gold 3;is
51 J 1951 .j..3 8112-- 841 Oct '13
CBI S & CI con 1st g 5s___1923 J-J 1015 __ 102 Oct '13 _-8
Registered
.--- --- 8812 Feb '13
C CC & I consol 7s
1914 J -D 10038 ___ 10114 Oct '13 __
— ---Extended lot g 33is
1951 A-0 8112 -.- 9312 May'09
Consol sinking fund 7s 1914 J-1) ---Registered
1951 A-0 ---- ---General consol gold 6s 1034 J-J - — 12C1 - 120 - Mc11'15 ..-::: --- --1st gold 3s sterling
"ad 51-5
Registered
1934 J -J
- —
---- -Registered
Ind 13 & W 1st pref 414_1940 A-0 8312
9_4
'0_8
Coll trust gold 4s
111999555211 A51-. 0 i8191-13 ...-3- 92
:- -- --31.
- . 1 6 92
4
.
0Ind&W1stpref5s___d1938Q-J 95 ________ ____ ___--_ _____ -_ --_-_J'ly_
Registered
1952 A-0
954 Sep '12
Peo & East lot con 4s
1940 A-0 84 -___ 84
84
1st ref 4s
1 -8014 - 84
1955 VI-N 93
03
93
Income 4s
1990 Apr __. 32 30
30
9 30 30
Purchased lines 33is
1052 J-J 80 ii 79 Jan '14
Col Mid and lot g 4s
16 20% 15 Dec'13 _...„,
1947 J -J
L N 0& Tex geld 4s
1953 NI
-N 90 93 9012 Dec 13
Trust Co. certfs, of deposit__ _. _ 16 22 17
10 17 17
Registered
17
1953 M-N ---- 9512 94., Jan '11
Colorado& Sou 1st g 4s
1029 F-A 93 Sale 0212
93
29 90 93
Cairo Bridge gold 4s
1950 J-D 84 . _ 947 J'iy '12
Refund & ext 4 j•is
1935 M-N 9314 Sale 923
4
0314 18 9012 9314
L0cis yiv &Terni g 3_ _1 053 j .3 65% ,- 7518
Ltu lifieldDIv1stg 3sms951 jI
D
1
77 _3,4
-7
Nov'12
Ft W & Den C 1st g Gs
1921 JD 107 Sale 1061
107
2
107
81 iday'13
Conn & Pas Rivs 1st g 4s 1943 A-0 -------------------------Registered
1053 J-J
83 Aug'12
Cuba MR 1st 50-yr 5s g
1952 J-J --------100 May'l
Middle Div reg 5s
1921 F-A 16.61 :::: 123 May'09
;
I el Lack & Western—
-1
Omaha Div 1st g 3s
1951 F-A 71 721s 71
71
J-' Morris & Essex lst7s-1014 MN 10012 10112 1005 Jan '14 ---- 10012 1007
St Loiste2eiv & term g 33_1951 J -J .ci-_ 7 751k Mch'12
R3 uis Dd
g
8
9
-i-• :
::
1st conso. guar 7s
_ 103 Jan '14 ---- 103 10314
1915 JD 103
Registered
1015 J -D --------103 Nov'13
Gold 336s
,
1951 J-J
Sep '13
1st ref gu g 3 3•63
2000 J-D 8612 88 84 Dec '13
Registered
10118 Oct '99
N Y Lack & Mr 1st 6s
1021 J-J 1098 __-_ 10812 Jan '14 __-- 10814 100
Spreggster vdlst g 3As
uin i D ie
95 j-7:8:8
1951 j j . .---- 78 Nov'13
3Construction 3s
1923 F-A 10412 — 104 Dec '13 ...._
---Term & Improve 4s
1023 M-N 9418 ---- 94 Dec '13 __
Westerterin es 1st g 4s
itegifin l ed
5 ks-A
1951 j j 8912
90 Jan '14
Warren let ref gu g 3;
•is_..2000 F.
-A 70
__ 10218 Feb '03
,
_- --1051 F-A •,.,,.. 8912
Del & Hod lot Pa Div 7s
1017 M-5 10814 —_ 10818 Jan '14 ____ 10814 17081i
Bellev & Car 1st 65
1953 J ---D 10i23.13: -; i h171 maY'lo
9 1 jj DD 1_9
2
5
Registered
1917 M-S --------149 Aug'01
Carts & Shaw 1st g 4s
1932 M-S 871s ---- 9412 J'iy '12
10-yr cony deb 9s
1916 J-D 087 908 987
8
99
CitegistL edN g 5s
hic St er& NO
41 -9738 -99 1951 JD 10712 ---_ 10214 Aug'13
1st lien equip g 4;is
1922 J-J 09 10012 10012Jan '14 -- 100 101
114 Feb '11
1st & ref 4s
1943 M-N 9
6 - - 953
„
4
953
4
Gold 3s
5 9312 953
4
00 Oct '09
Alb & Sus cony 33.s
1948 A-0 86% 87 86111
8812 15 84% 8634
Registered
Rens & Saratoga 1st 7s
4
1921 M-N 1143 ___ 1211t May'12
M eegth Dld 1st g 4s-195 j R 77 -- 9213 Aug'12
it m tere v
551 i,
995 J -D
Deny & It Or 1st con g 4s_1936 J-J 833 Sale 8333
4
833
4
4 -"83- li
--- -,-;- -15i Consol gold 4s
4
1936 J-J 903 ---- 9012 Jan '14._ 9013 9012
St L Sou 1st gu g 4s
08 Ply '08
1931 M-S 88
Improvement gold 5s
1928 J-D 022 __-- 903 Oct '13
4
lnd III & la lot g 4s
88Is __ . 8714
88
1950 J-J
to 1st & refunding 5s
1955 F-A 738 Sale 7312
74
27 -6612 74
9313 0574
Nor goid 8: _19939 M- N 103 2 193 10212 Nov'13
ust1st g 5: __
15 .;
, Rio GrJunc lot gu g 5s
1039 J -D ------109 Dec '12
usy&Centra
t a Great
0313
9312
Rio Or So lot gold 4s
1940 J-J ---. 7712 6112 Apr '11
Refunding gold 4s
57
1951 M-S 55 58 56
Guaranteed
1940 J-J --- - 75 85 Meh'08 ___
1amestown Franklin 88
Rio Or West 1st g 4s
1939 j
-J
4312 Sale 8318
8312
7 -79 9312 U Clearfield 1st 45
914 98 90% Se')'13 ...g
_959 J19
Mtge& col trust 4s A
1040 A-0 71 7518 671 Dec'13
70
.
.
gold 3s 1 50 A-DO 70 .1_110 6912
-70Utah Cent 1st gu g 4s_a1917 A-0 --------97 Jan '08
KaR gt r So l"t
j
e i tereci
!
63 Oct '00
1950 A-0
Des Moi Un My 1st g 5s...._1917 M-N - - - -1 0.
Sep '04
Ref & impt 5s
9812 Sale 06%
9812 io "95'a Wi
s
Det& Mack 1st lien g 4s
1995 JD 84 ---- 84 J'ne'13 ___
Kansas City Term lot 4s_ r_1950 j j 95 Sale 9412
8 9318 95
95
A p_ 1 69 J:J
Gold 4s
1995 J -D 83--- 82% Oct '13
alcoErle&l 1st g 58_1037 J-J 1_031_ 1993 193 j n : 4
2d go
OsV
4 0414 05 Jan 1
2
100 103%
Det Riv Tun-Ter Tun 40_1061 M-N Ms 973- 0614
4
96,
4
4 -96% If
gold
1941 J-J
95 95
Dul Missabe & Nor gen 53_1941 J-J 103 105 10414 Meh'13
North Ohio lot gu g 5s
1045 A-0 Oi 99 10414 J'ne'12
Dul & Iron Range 1st 5s
1937 A-0 104 --_ 104
1041
12 .
5 1667 161101
160%10414 Leh Vali N Y 1st gu g 40_1940 J-J 101 Sale 10034
4
Registered
1937 A-0 -„- ---- 10612 Mch'08 ____
_
Registered
194 J-J 100 __ 100 Dec'13
• 2d 6s
,
1916 J -J 98 8 ..... 104 Feb '11 ____
Lehigh Vail (Pa) cons g 4/1_2003 M-N 8634 ........ 191i8 Nee :13
11 D ov 11
'Du So Shore& At g 5s
093 --- 9914 Dec '13
8
110
1937 J-J
_ 107% Dec'13
Leh V Ter Ry 1st gu g 52_1041 A-0
i Vigin Jol & East 1st g 5s_1941 M-N 104 _ — 110 Aug'12
Registered
g53_1941 A -4:3
1933 Ji Xdrie lot consol gold 7s
4
11178 10 iilia 1117 Leh Val Coal Co 1st gu
4
1920 MS 1113 11214 11134
111361; -------- 101 Nov'13
1 N Y & Erie let ext g 4s
10112 J'ne'll
1947 M-N 94 - —
Registered
1933 J-J 102 — 105 Oct '13
2d ext gold 5s
1919 MS 102% ---- 10212 10212
1st int reduced to 4s
1 10213 foit;
1933 J-J
1923 it-s 9912 -_,._-. 100 Oct '13 ---- _ _ _
3d ext gold 4 3is
Leh & NY 1st guar g 4s
93 J'no'12
1945 M-S
4th ext gold 5s
A-0 102 102% 102
1920
102
1 162 10iRegistered
1945 NI
-S ___ ____
5t11 ext gold 4s
1028 J -D 94 ---- 100 Jan '12
jojii Feb '10
El C & N 1st pref Gs 5s_h1934 Q-.1 100
1 11 A 0
N Y L E & W 1st g fd 78_1920 M-S -------109 Aug'13
Gold guar 5s
00
1014 A-0 10414 ........: 997 Nov'13
Erie 1st con g 4s prior_ _ _ _1996 J -J
8714 32 - A - -, Long Isid 1st cons gold
8714 Sale 8613
i,71
W
107 Mclf13
Registered
1096 J-J ---- 8hz 83 Jan '14 ---, 83 83
lot consol gold 4s
0931 Q-J
8912-- 9014 NIell'12
lot consol gen lien g 4s
46 Sale 753
1096 J -J
4
7614 79 7114 761,
General gold 4s
1038 J-D 90 -_ -- 8812 Dec '13
Registered
1096 J-J -------77,
,.
Apr '12 __
Ferry gold 43,6s
1922 M-S 91 97 92 Nov'13
Penn cod tr g 4s
1051 F-A 90% 92 903
4
Gold 4s
903
9914 Oct '06
4
5 89 91
1932 J -I) 83
50-year cony 4s A
1053 A-0 7714 Sale 7613
7714 55 7212 773.
Unified gold 4s
E171-86- - .2
8
875 -19458 90 87'z Jan '14
do
Series B
A-0 76 Sale 7434
1953
76
147 7138 76
Debenture gold 5s
10J14 10 10014 10014
1934 J -D 10018 ____ 10014
Buff N Y & Erie 1st 7s
1916 J-D 103 10934 104 Nov'13
Guar ref gold 45
92
1949 M-S 02 Sale 01
3 89 92
Chic & Erie 1st gold 5s
1082 M-N 107 ..,,-- 106 Jan '11_-- 16558 los Registered
95 Jan '11
Clev & Mahon Va. it 5s_1938 J-J 103 1091 109 May'12 ___
N Y 13 & MB 1st con g 5s_1949 M:O /131114 1 35 A S
100' Jan '14
la6T4 fa;
Long' Dock consol g 6s_1935 A-0 12112 Sale 12112
12112
1 1'2112 1211,
N Y & It 13 1st g 5s
1927 NI-S 100 ._ 102 2 Jan '14
,
102121021s
Coal & Bit 1st cur go 6s 1922 M-N 99 10712 106 Dec '12 ......
__
Nor
ggu5L1027 m-5 18 -iiii- 104 Apr '13
932 Q-,1 114
2
g 3s
Dock & Imp 1st ext 5s_1943 J -.1 102 Sale 102
102
an l Ark 1s
I i.5178 102
&
__— LouisIOha 1 18t c°9 t
89 Nov'13
N Y & Green L gu g 5s
8
1946 M-N 100, - - -- 10312 Aug
- '12_
. Louisville & Nashville
-NY Sus & W lot ref 5s._1937 J -J
9712 103 9912 Jan '14 ____
General gold Os
c1,
1111211112
1930 J-D 11118 11414 11112 Jan '14
2d gold 4 ,.s
1937 F-A 74 100 10014 Dec '06
Gold 5s
1053410534
4
1937 .v1-N 10718 -- 1053 Jan '14
General gold 5s
1940 F-A 80 82 81 Aug'13 _
Unified gold 4s
0614 '137 0214 0614
4
1940 J -J 06 Sale 953
Terminal 1st gold 5s
1943 .'I-N 10214 110 102 Jan '14 -- 102 102
Registered
1940 J -J .93 __-- 9213 Nov'13
Mid of N J 1st ext 5s
1940 A-0 10112
11112 Mav'12 --- _
Collateral trust gold 5s
1931 NI-N 105 ---- 101 Nov'13
Wilk & 1s
1942 J -I) 9514 --,,- 91 Jan '14 ____ oi3 9812
E li & Nash 1st g 6s
4 iii.
E,& indEa 1st gu g 5s
8
,
1919 J -D 1083 -- 1083 Dec'13
coo go
8
100 103 1013 May'12
L °In & Lox gold 4;is
___
'la; Oil
1931 NI-N 10034 __ __ 100's Jan '1
Evans & '1' 11 1st cons 68_1021 J -J 1045 108 104 Dec'13 ...._ __ _ .....
8
N 0& Mist gold 6s
___.
1930 J -J 11412 _- 12014 Mch'13
1st general gold 5s
1042 A-0 93 9912 9938 Dec '13
NO & M 2d gold Gs
1930 J-J 109 --- - 111 Dec '13
Mt Vernon 1st gold 68_1923 A-0 - -------108 Nov'11 —_ __ ___.
89
Paducah & Mem div 4s_1946 F"io- 89
— 89
Sull Co Branch 1st g 5s
1030 A-0 -------- -95 J'ne'12—
Pensacola Div gold 6s _ 1920 M-13- -------- 10518 7Jch'13
_
1- 1orida E Coast lot 4 ,6s 1959 J-I) 93 9312 92
,
4
1
Nov'13
St Louis Div 1st gold 6s 1921 Evi-s d
WI
ii oi93
i'
8 10814 Sep 1
X ort St U D Co 1st g 4 ,s _11)41 J -J --------92 Aug '10 .._ ___
!
2d field 3s
1980 M-S 58 -- 6938
Ft W & Rio Gr 1st g 4s
1928 J-J 61 72 59 Jan '14 .--- 5812 9014 72 "ii iiai
AU Knox & Cin Div 4s
69
1955 M-N 00 Sale 00
.
(1 reat Northern—
Ati Knox & Nor 1st g 5s 1946 J -D 139 --- 111 Jan '13
•-i C B& Q coll trust 4s
1021 J -J 9718 Sale 063
Bender Bdge 1st s f g 6s 1031 NI-S 10518 -- 106 Jan '14
4
973 524 943 973
8
4
108
Registered h
1921 Q-J ---- _--- 9612Jan '14 ---- 9514 065
Kentucky Cent gold 4s
90
1087 J -J 00 1)112 90
8813 90
1st & refunding 4 Y ser A 1961 4s
101
0C3
4
101
L & N & M & M 1st g 4 As 1945 NI-S 1003 10312 100 Jan '14
35 100 101
100 100
8
Registered
1961 -- _ ---- -----96 J'ne'13 ___ ___ ___
_- L& N-South M joint 4s_1952 J -J ---- 8412 832 Jan '14
83% 84
St Paul M & Man 4s
1033 J:J 952 991 9412 Oct '13
05 Feb '05
Registered
lot consol gold 6s
1933 J-J 1203 .
12014
12014
5 104' l04l
N Fla & S lst gu g 5s
2 ii934 12018
10114
h 1957(4j 1e1414 ''iii.O 10414
32 1?. - .
-A
Registered
1933 J -J 116 ____ 11712 Aug'13 ____
N & 0 Bdge gen gu g 4;•iii 1945 J -J 105% ---,— 0912 Jan '14
9912 994
Reduced to gold 43s_1933 J -J 10238 Sale 1023
s
10238
Pens& Ati lot gu g 6s
1 10014 Jr021
1921 '
1 -A 109% 110 l085 Jan '14
,
108%108%
Registered
1033 J -J 99 _ _ _ 10834 J'ne'09._
S & N Ala con gu g 5s
1936 F-A 101 _ _- - 107 Nov'13
L& Jeff Bdge Co gu g 4s
1945 M-S 8512 8712 83 Jan '14
-i5- 83
MISCELLANEOUS BONDS—Continued on Next Page.

:IA ioew,::::

LiockeVa lred
R gistestcons

L

I
„Li

g 6S
..

.. 1 926

..1 ...31

ioa-

Street Railway
Street Railway
New On My & Lt gen 4 10_1935 J-J
,
85 8534 Feb '13
United Rys St L 1st g 4s___1934 J-J
7212
7212 Sale 71
2 70 72%
N Y Rys 1st It E & ref 4s 1942 J-J
79% Sale 7814
7918 159 —
75" WS
St Louis Transit gu 5s__1924 A-0 6912 70 69 Sep '13
30-year adj Inc 5s
a1942 A-0 61% Sale 5984
613 877 583 613 United lilts San Fr s f 4s_1927 A-0 593 Sale 69
4
2
4
61 116 "ii" WI;
4
Portland My 1st & ref 5s___1930 NI
-N 9978
101 Jan '13
Va My & Pow lot & ref 5s_1034 J-J ___- 94 94 Jan '14
94 944
Portland My Lt & Pow 1st
& ref cony s f 5s
1942 F-A
Gas and Electric Light
9212 95 Mch'13
Portland Gen Bloc lot 5s_1935 J -J
Atlanta G L Co. 1st g 5s___1947 J-D 101 _ _ 10212 Dec'13
St Jos Ity L,II & P 1st g 5s 1937 NI-N diai
7
98 No ii'bg
13klyn U Gas 1st con g 5s_1945 M-N 104% 106 10312 Jan '14
St Paul City Cab cons g 5s_1937 J-J --__ 105 10312 Feb '13
Buffalo Gas 1st g 5s
1947 A-0
54 J'ne'13
Third Ave lot ref As
1060 J -J
8412 Sale 833
8412 188 801k 8413 Columbus Gas 1st g 5s
4
1932 J -J 90
Adj Inc 5s
a1960 A-0 84 Sale 803
8412 603 7614 8412 Detroit City Gas g 5s
4
1923 J-J
98% 100 ido Jan '14
Third Ave My 1st g 59_1937 J -J 10714 Sale 107
4 10612 10714 1)et Gas Co.con 1st g 5s-1918 F-A
10714
955k Sep '08
Tri-City My & Lt 1st s f 5s_1923 A-0 98 -. _ 98
2 96 08
98
Oct Edison 1st coil tr 5s
1933 J-J idi Sale 101%
102
Undergr of London 430_1933 J
,
95% 96 94
9 9412 96
06
Eq GLN Y 1st con g 5s
1932 M-8
10012 Oct '12
Income 6s
1948
0214 Jan '14
9212 94
8534 9214 Gas & Elec Berg Co c g 5s_1949 J -D 99
100 Feb '13
_
Union Elev (Chic) lot g 5s_1945 - 1
A76 —
84 Oct '08
Gr Rap G L Co 1st g 5s
1015 F-A _ _ 101 100 Oct '09
United ltys Inv 1st lien coil
Hudson Co Gas 1st g 5s
1949
10112 __ — 101'2 Jan '14
trust 5s Pitts issue
1926
71 J'ne'13
Nan City(Mo)Gas lot ic 5s 1922 A-0 .91
91
9134 91
• Na orioe Friday; latest bld and asked this week. a DU) Jan, •Duo Feb. ii Due
April. h D13 July, k Due Aug. o Due Oct. r Upton sale.




Fun. 7 1914.]

441

New York Bond Record—Continued—Page 3

3
'
BONDS,4,,
N. Y. STOOK EXCHANGE
Week Ending Feb. 6.
....s.,

t
r

Prue
Friday
Feb. 8

Week's
Range or
Last Sale

.n

gq

Q
.4,

Range
since
Jan. 1.

High No. Low High
Ask Low
Bid
Airanila RR-Sou lines 4s_1936 M-N-- 16
-'
77
i-v-Lex Internat 1st con g 4s 1977 1,1-S..--: -75- - Mch - -_--- -- -Stamped guaranteed____1977 M-5 __ ----79 Nov'10 ____ ____ _
___
Minn & St L 1st gold 7s____1927 J-D 108 ____ 12412 Oct '12 ___
Pacific Ex t 1st gold 6s____1921 A-0 100% 108 11018 Aug '11
4
923 ____ 9213 Jan '14 ____
1st consolI;o.d 55
1934 M-N
59
11 51 61
1st and refund gold 4s
1049 M-S 6814 60 5814
go
Des M & lot D 1st gu 4:3_1935 J -J -,..._ 72 69 Jan '14 ____ so
5 90 93
93
93 Sale 93
M StP&SSAI con g 4sintgu 1938 J -J --------9714
J'ne'12
1st Chic Termis f 4s
1041 M-N
MU S& A 1st g 48 int gu_1026 J -J ---..-- 98 Nov'13 ____
9312 Mch'11
MississippiCentral 1st 5s....1949 J - J 9112 _--013
4 18 873 4 Ws
Mo Kan & Tex 1st gold 48_1990 J -D 91 92 0118
2
5 737 77
76
g1990 1P-A 75 7712 76
2d gold es
98
3 9513 98
98 100 97
1944 MN
1st ext gold 5s
6918
7 66 0012
8
2004 M-$ 68 6814 687
1st & refund 4s
8414 82 8112 85
84 85 84
Gen sinking fund 4%8_1936 J-J
7814 Apr
St Louis Div 1st ref g 4s_2001 A-0 ---- __ 993 Dec '13
____ ____
'13
4
1940 M-N 100 ____
Dal& We,1811 gu g 5s
_
.
1990 11 -A __- __ 8214 Novq3 __
Kan 0& Pac 1st g 4s
8
1023 106 104 Jan '14 ---- ioi fa
1942 A-0
Mo K & E 1st gu g 5s
Oct '13
1942 M-N
M K & ok lst guar 5s 5s..1942 M-S --- 102 9912 Jan '14 ___
i
t
I
95 99 98
M K & T of'!' 1st gu g
96 104 06 May'13
Sher Sh & So 1st gu g 55_1942 J -D 07 ____ 9912Jan '14_..__ 57 1012
Texas & Okla 1st gu g 53-1943 Al-S 104 Sale 104
104
1 103 105
Missouri Pac 1st cons g 6s_1920 M-N
9718
6 94% 9712
0712
'1
M-S
Trust gold 5s stamped_a1917 M-8 ---- --- -07_
May'12 __
a1917
d
I t
I
1920 F-A 95 99 95 Jan '14 -- iii IS
1st collateral gold 5s
F-A
1920
Registered
- --1945 VI- S 68 87 og Jan'li59;
40-year old loan 4s
76
5 89 775
1959 MS 75 7612 76
1st & ref cony 5s
go
7814 ____ 86 Jan '14 ____ gg
3d 7s extended at 4%,._,,.,1038 M-N 001
89 Dec '13
--1919 F-A
Cent Br Ey 1st gu g 4s
1948 J-D 75% --- 7712 Dee '13 -U P 1st g 4s
Cent Br
110 Mch'05 ___
Leroy & C V A L lst g 53_1926 J -J -__
--8312 Nov'13
Pac R of Mo 1st ext g 42 1938 P-A 8858____
1938 J -J 10212 104 100 Jan '14 ---, i55" i6O, 2d extended gold 5s
10412 Sale 104
1011z
9 101 10412
EitL 1r M&S gen con g 55_1931 A-0 103 ___ 103
103
3 103 103
Gen con stamp gu g 5s 1931 A-0
81
3 76 82
8112
1929 J -J 811
Unified & ref gold 4s
8
1929 J -J -------- 801 Oct '12
Registered
8112
6 7614 813
1933 V1-N 8112 Sale 81
8
Riv & G Div 1st g 40,
Verdi V 1 & W 1st g 58_1926 M'S 9238 ___ 9212 Dec'13
115
4 li5i2 lig
1927 J -D 115 ____ 115
Mob & Ohio new gold 6s
1st extension gold Gs___h1927 Q-J ---- 115 11234 Jan '13 _—___ ____
.m
4
General gold 4s
1938 111-S 82 _ __ 813 Jan '14 __ __ go g
10712 Jne'13..--..--__
.
Montgon Div 1stg53_1947 F-A 10518
05 Dec'13
St Louis Div 5s
1027 J-D 93
4
tilts__ 893 Jan '14 sl 8814 8934
StL& Cairo guar g 4s_ _1934 J-J
4
Mashville Oh & St L 1st 5s1928 A-0 106 ___ 1O54 Jan '14 __ 10512 1053
s
LI Jasper Branch lst g 631923 J -J 1093 --- 111 Jan '13
g
_— 1033 Jan '14 --_- 1033 10333
4
4
McM M W & Al 1st 6s...._1917 J-J 1037
113 .Ply '04
1917 J -J 10312 _
T & P Branch 1st Gs
'13
Nat Ey'of Alex pr !len 4%8 1957 J -J 63 80 52 Dec '13._ __ ____
77
Guaranteed general 4s_1977 A-0 --- 83 967 Feb '13 -Nat of Alex prior lien 43s..1026 J-J --- 86 55 8 Feb '13
Aug
8
1951 A-0 523 70
1st consol 4s
5713 Sale 5713
5712
1 -all ENO Mob & Chic 1st ref 5s_106o J -J
10114
1011 104 101
8
NO & NE prior lien g Gs.._p1915 A-0 ---------7913 May'13 ...... 101 10114
N
.. _,
1st 48 1953 J-J
New Orleanr Term
18 -81 84
4
8
4
4 833
3
N Y Central & II It g 3%8_1997 J -J 83 4 8
83
1 8113 83
1997 J-J 83% 64 83
Registered
89
5 86 89
1
1934 M-N 891 90 89
Debenture gold 4s
90 93 May'12 ___
1934 M-N -,.-,
Registered
8112 29 "r75- 1f12
1903 F-A 8138 Sale 8138
Lake Shore coil g 3%s
1993 F-A 80 84 8013 Jan '14 --- 783 8012
4
Registered
16 7314 75
74
Mich Cent coil gold 33s_1998 F-A 7$ 70 74
1908 F-A ---- 76 74 Jan '14 __
74 74
Registered
_ 9534Jan '14 ___- 9514 953
4s_1930 J-J 9.
4
Beall Creek 1st gu g
--_
1936 J-J ---- ----99 /darn ___- - — --Registered
1936 J-J 100 ___ -- ---- ---- ......... .......
2d guar gold 5s
1936 J -J
Reglitered_
'Beech Cr Ext let g
s_b1951 A-0
i
1981 J -D 851 _._ 88 - Oct '12
, Cart & Ad 1st gu g 4.4e
----- -------' Gouv & Oswe 1st gu g 5s_1942 J-D 10212 ---9838Jan '13 _-_ _..- ---10Z1 M-S 90 ....- ---Moh & Mal 1st gu g 40
N J June It guar lei 43.......1p86 F-A 91 ..._ 105 Oct '02 ___ __-- ---1986 F-A 89
' Registered
---2
--2000 M-N 83% ____ 871- Dec '12 _--- --- -N Y & Harlem g 3%s
--2000 M-N --- - --- - Registered
'N Y & Northern 1st g 5s 1927 A-0 10112 108 loi Jan '14 _--- 102 102
N Y & Pu 1st cons gu g 45_1993 A-0 82 96 92 Oct '13 __ ___
--1916 A-0 iii---iii-iii- --Nor & Aon t lstgug 5s
c Sale
i
i iia- clic PineCreekregguar68_4032 J-D
s
10213 10212
R W & 0 con 1st ext 5s_h1922 A-0 1027 ---- 10213 Jan '14
9912 100
e1015 F-A 9912 ---- 100 Jan '14__
Oswe & It 2d gu g 5s
104 J'no'10
R W & 0T I 1st g u g 5s 1918 3 --N 1-0-1-18
---- -.--Rutland 1stcong 4%s_ _1041 JJ_90 Apr'13 ______ ---- "-Og& LChem 1stgu48g 1948 J-J ---- 81 80 Sep '13 ____ __:"
--,.- -___ 92 J ne'09 ... _ __ ----Rut-Caned 1st gu g 48_1949 J -J
-------__
St Lawr& Adir 1st g 5s-1096 .1-J 100 __-. 108 Sep '12 .--1096 A-0 105 --__ 11912 Nich'12
2d gold Cs
--- 05 Dec'13
Vtica & Bile Itiv gu g 4s_1922 J-J 96
1997 J-D - — 8612 8612 Jan '14
Lake Shore gold 3%s
1997 J-1) 85 8712 81 Jan '14
84 84
Registered
4 11 8014 927
923
1028 M-S 021 93 0214
8
Debenture gold 48
74 8812 0214
92
0158
1931 114-N 917
25-yr gold 4s
11)31 M-N -------- 93 Oct '12 ____
Registered
--- —
.
Ka A & li It 1st gu c 5s 1938 J -J 10315
1934 J -J 104 11012 11112 Mell'11 ..--- --- -Mahon C'l BR 1st 5s
Pitts & L Erie 2d - 5s_a1928 A-0 105 ..._. 105 Apr '12 _-_-- ---- -13018Jan '09.- --- ---Pitts McK & Y lst'gu Gs_1932 J -J 115
12314 Meh'12 — --- ---1934 J -J 110
2d guaranteed Gs
_ -_
AleKees& Is V 1st g 68_11)18 J -J 10014
'12.
-_-- -___
1031 oil- S 10218 ---- 111 Jan '06--- ---- ---Michigan Centra• Is
1031 Q-14 10012 _
119 J'ne
Registered
87 92 08 Apr '12
1040 J-J
4s
87
87 Selo 87
1 87 87
1940 J -J
Registered
J L & S 1st gold 33s_,,1951 Al-S ---------00 J'ne'08
82 Nov'13
1st gold 33's
1952 M-N 82
2
86 87 86 Jan '14 ___ 837 go
20-year debenture 4s_....1929 A-0
4
N Y Chic& St L 1st g 4s_1937 A-0 06 9612 9518 Jan '14__ 943 9512
Registered
1937 A-0 06 --- 9712Jan '13 _
86
86
8 -8413 - D ebenture 4s
1931 M-N 8612 88 86
9312 24 9113 9312
West Shore 1st 4s guar
9313-- 938
2361 J-J
9112 19 893 91%
4
Registered
9112 Sale 9113
2361 J-J
'11 ____ ____
N Y Cent Lines ea tr 4 t4R 1922 .1 -J 9731 _ __ 10012 Ply

iii -6212

a

-gir, -iiiii2

Z13
BONDS
N. Y. STOCK EXCHANGE h
Week Ending Feb. 6.

a

...?,,t

Price
Friday
Eeb. 6
Bid

N Y New Haven & HartfNon-cony deben 43
1955 J-J
1956 M-N
Non-cony 4s
Cony debenture34is
1956 J-J
1948 J-J
Cony debenture 6s
20-yrc Jny deb 6s (wh iss)_ _
Harlem It-Pt Ches 1st 48_1954
I3& NY Air Line 1st 48_1955 F-A
Cent New Eng 1st gu 415_1961 J-J
Housatonic It cons g 5s
1937 Al-N
NY W'ches&B 1st ser I 4%s'46 J -J
N II & Derby cons cy 53_1918 M-N
New England cons 5s
1945 J-J
Censor 45
1945 J-J
Providence Secur deb 4s 1957 M-N
N Y 0& W ref 1st g 4s_ __g1992 M-S
Registered $5,000 only__g1992 111-S
General4s
1955 JD
Norfolk Sou 1st& ref A 5s_1961 F-A
Kart'& Sou 1st gold 5s
1941 M-N
Norf& West gen gold 6s
1931 M-N
Improvement& extg 6s 1934 F-A
New River 1st gold 6s__ _1932 A-0
N& W Ry 1st cons g 4s_:_1998 A-0
Registered
1996 A-0
DWI 1st l& gen g 4s
1944 J-J
10
-25-year cony 4s
1932 J -D
l0-20-year cony 4s
1932 m-s
1938 m-s
Convertible 43.s
Pocalt C& 0 joint 4s
1941 J-D
C 0& 1st guar gold 5/1_1922 J-J
Selo V & N E 1st gu g 43_1939 vf-N
gorthern Pacific prior 1g 48 1997 Q-J
1997 -,j
Registered
a2047 -p
General lien gold 3s
a2047 -F
Registered
St P.,ul-Duluth Div g 4s__1996 -D
Dul Short L 1st gu 5s_-__1916 M-S
St P& NP gen gold 6s___1923 F-A
Registered certificates__1923 Q-F
St Paul & D .luth 1st 53_1031 p-A
2d Is
1017 A-0
-D
1st consol gold 4s
1968 j
Wash Cent 1st gold 4s
1948 Q-m
Nor Pac Term Co 1st g 6s 1933 J -j
Oregon-Wash 1st & ref 4s 1061 J-J
pacific Coast Co 1St g 58_ _1946 j-D
I- eunsyl yenta RRlst real est g 4s
1923 M-N
Consol gold Is
1919 114-S
Consol gold 4s
1943 m-N
Convertible gold 33e__01915 J-D
Registered
o1915 J-D
Consol gold 4s
1948 M-N
Alleg Val gen guar g 4s
1942 M-S
D R It 1L& B':ge 1st gu 4s g'36 F-A
Phila Bait & W 1st g 4s
1943 MN
Sod Bay & Sou 1st g 5s
1924 J-J
Sunbury & Lewis 1st g 46_1936 J-J
U NJ RR & Can gen 48_1944 M-S
Pennsylvania Co
Guar 1st g 4%s
1921 J-J
1921 J-J
Registered
Guar 3 s coil trust reg_1937IM-S
Guar 3 s coil trust ser 13_1941 F-A
Trust Co ctfsgu g 338_1916 NI-N
Guar 3 Jis trust ctfs 01
1942 J-D
Guar 3%s trust etfs D:
1944 J-D
Guar 15-25_-year g 4s
1031 A-0
Cin Leb& Nor gu 4s g
1942 M-N
Cl & Mar 1st gu g 4%3_1935 M-N
CI& P gen gug 43.fs ser A 1942 J-J
Series B
1942 A-0
Int reduced to 3%2_1942 A-0
Series 0 3%8
1948 M-N
Series D 3%8
1950 F-A
Erie as Pitts gu g 3;is B 1940
Series 0
1940 J-J
Cr 11 & I ex 1st gu g 438_1941 J-J
Pitts Y & Ash 1st cons 5s_1927 A.1-N
Tol IV V & 0 gu 4%s A
1931 J -J
Series B 43s
1933 J-J
1942 Nt.s
Series C 4s
P0C & St L gu 44is A
1940 A-0
series B guar
1942 A-0
1942 Ail-N
Series (.3 guar
1945 NI-N
Series D 4s guar
1949 F-A
Series E 33s guar g
1953 J-D
Series F gu 4s g
1957 M-N
Series G 4s guar
C St L & P 1st con g 58_1932 A-0
1921 Q-F
Peo & Pek Un 1st g 6s
51921 M-N
2d gold 43s
Pere ;Marquette
-Ref 4s...._1955 J-J
1955 J-J
Refunding guar 4s
1921 J-D
Ch & 1V M 5s
1920 A-0
Flint & P M g 68
1939 m-N
1st consol gold 5s
Pt liuron Div 1st g 5E1_1939 A-0
Sag Tu.s & 11 1st gu g 48_1931 F-A
Philippine Ity 1st 30-yr s f is'37 J-J
Pl•,ts Sh & L E 1st g 5s
1940 A-0
1st consol gold 5s
1943 J-J
i)ceding Co gen g 4s
1907 J-4
L1. Registered
1997 J-J
Jersey Cent coil g 4s
1951 A-O
1951 J-J
Atian City gu 4s g
1947 J-J
t Jo & Gr 1st 1st g 45
-.)t Louis& San Francisco
General gold 6s
1931 J-J
1931 J-J
General gold 5s
St L & S F RR cons g 4s 1996 I-.1
1927 M-N
Gen 15-20-yr Is
_
Tr Co certfs of deposit_ _
547:CIO
Southw Div 1st g 5s
1951 J-J
Refunding g4s
1951 J-J
Registered

Week's
Range or
Last Sate

Ask Low

41Q

High No. Low High

75 78
78 Jan 14
81
76 81
81
75
74
8
687 75
11712 58 10538 11712
115
103 104
8
1037 Jan '14
9914 Noy'12
_ _ 9912 J'ne'12
-__
82 - :.__ 83 Jan '14
-131 5ir
107 109 110 Feb '13
14 79 83
83
8
l 813
813
------- 107 Au '09
--------------,
-------- 9912 Mcll'12
..„-- 72 8314 Feb '13
8213 88;
86
86 Sale 8518
--------9213 J'ne'12
8
87 897 Feb '12
--- Sale 9612
9712
9712 39 94 WI;
101 __ 100 Jan '14
loo 100,
4
8
11712 1195 1163 Nov'13
11813 -___ 123 Jan 13
118
1171s -___ 118
118 fir,
49 9412 961s
95
3
94 4 96 9412
-_,•,- ..„. 98 Jan '11
881k 91
91 9334 91
91
104 105 101 Jan '14
101 101
10434
104 105 10414
5
101 104 4
10112 10518 1047
8
8
10512 93 1005 10518
4
883 8934 9012Jan '14
8918 9018
10213 105 1053 Jan '13
4
9212 94 91's Jan '14
-10E8 Ill;
103 9212 96
96
96 Sale 943
4
05
16 96 95
___ 95 95
6838 49 6414 68%
6814 Sale 68
653 --- 65 Aug'13 .
89% --__ 90 Jan '14
90 90
,...,......... 100% Sep '13
8
111% ____ 1107 Jan '14
110s 1107i
----- 11538 Aug'11
10438 __ 107 Jan '12
101
lid" Rif"
101 -- 101
87
87 —.. 87
87 87
- —... 8112 Deo '13
113 ___ 111 Oct '13
3
90 4
3
90 4 Sale 9012
89 164
10014
4
100 10212 100
99141001
80 81
80 81
74 75
115 Sale
--- ----

T

907g ____ 97 Dec '13
103 104 110 Alch'12
_
99 10012 99 Dec '13
994 Sale 987
s
9918 328 975 111;
9812
1 9812 9813
.- 9813
----5 99 10012
10U14 'ale 10014
10014
3 9612 ggsa
9858
962 Sale 9858
87e.--. 100 Sep '12
—
---------9918 Ply '13
-,,,.. ---_ 02 Jan '03
—•
1
" ''....- f,
2 --- ...... 1041- tlai'D
10113 -..- 101 Jan '14
10114 Sale 10114
10114
83% --- 86 Jan '14
8458 86 85
85
-„.- 071i Jan '14
8613
8358 80 83 Jan '14
---- ---- 8412 Nov'13 .
94 ---- 94 Jan '1
85 -- 9212Feb '13
98 ____ 110 Jan '05
102 ...... 10138 Nov'13.
102 --- 10934 J'ly '09.
-,-----9114 Feb '12
841s -- 90% Oct '12
85 - — 841.1 Dec '13
8678 Sep '13
84 -- 9018 J'iy '12
3
9514---- 95 8 Dec '13.
10358 ---- 109 MaY.10
96 ---- 10218 J'ne'12
8
96 --_ 1023 Nov'12
9214 ____ 0513 Sep '13
8 1017 - 10134Jan '14
s
1017 ---- 10014 Jan '14.
8
1017 --- 106 J'ne'l 1 .
;
93 983 9413 Oct '13.
8912 ---- 90 Apr '13
921t --- 9514 Jan '13.
9214 ....- 9713 Jan 13
8
1057 ....... 106 J'ne'13
-------. 106 Feb '13
------ 93% Jan 11
-__ --- 54 Jan 13.
___ 50 40 Dec'13 .
86 ___ 98 Oct '12.
102
102 104 102
88 92 90 Jan '14.
88% ..._ - 89 Dee '13.
--- -•
___-rii12
6412
6412 Sale ---108 Apr '13.
108 —.
10612 ___ 11314 Ney'll .
9514 227
9514 Sale 9434
____ 96 92 J'ly '13
95 96 93 Jan '14.
____ .
_
__ ____
7613
_- - — 77 Jan '14 .
110
1
110 Sale 110
3
10214
101 10212 10214
4
4
783
7812 Sale 7813
52% 25
____ 53 52
52
3
51 Sale 51
,
92 2 --- 03 Dec '13
7814 189
78 Sale Me
--------8034 Mell'
11

9412 Sale 9412

95

101

• No price Friday;latest bid and asked. a Due Jan, 5 Due Feb




Gas and Electric Light
102 10312 Peo Gas & C 1st con g 62_1943 A-0 11214 _- 112 Nov'13
10014
1947 11-S 10014 Sale 100
Refunding gold 5s
111 113
99 Sep '13
1947 M-S
Registered
1021
10214
Oh G-L & Oka 1st gu g 5s_1937 J-J
991
3 9914
1st gu g 581936 J-D
job— 11514 Con G Co of Ch011 30-yr 5s'36 N4-N 9934 15(13- 93 Meh 12
134 90
Ind Nat Gas &
9718 100
Mu Fuel Gas 1st gu g 5s_1947 M-N 100 Sale 9915 100%
8818 8812
4
10154 1013 Philadelphia Co cony 5s-1919 F-A ____ 104 95 Sep '13
96%
9614 97 9612
1922
Cony deben g 5s
10134 10312
'1
83 8612 Stan Gas & El cony s f 6s 1926 J -D 88 9212 88 Jan '11
101 Dee
Syracuse Lighting 1st g 5s 1951 J-D 98%
100 107
851k J'ne'12
1954 J -J
Syracuse L & P 5s
- 100 Feb '01
Trenton G & E 1st g 54
1949 M-S 10114
97 J'ne'13
Union Elec L & P 1st g 58_1932 Ni-S 9812
94 Nov'l
1933 M-N
Ref & ext 5s
1
32 921 95
:::1950 J-J
Utica El L & P 1st g 5s
1001 Dee '11
1957 J-J 97
Utica Gas & E ref 5s
8 90 90
1950 J-D 103% 10414 105'4 Jan '1
Westchester Ltg g 54
100 100
•Duo May. g Due Juno. h Due July. •Due 004. V Des NOT. a Olatlaa WS*

1
10313 Sale 10312 10313
113 118 11212 Jan '14
1243 122 Dec '12
8
8818 Apr '13
8434
101
101
10118
100 Jan '14
100
9038 90% 88% Jan '14 -10134 Jan '14
10314 2
10312 104 10312 103%
8612 15
8613 8712 8614
107 Jan '14 __
4
1073 _
99 101 101 Oct '13
0212 J'ly '09
_

90
90 Sale 90
100 Jan '14
981s

9

hi--N ____ ____

MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co JJIL& P g 5s____1937 A-0
Purchase money 6s
1997 A-0
Convertible deb Gs
1022
S
Ed EllillErn 1st con g 4s_1039
Lac Gas L of St L 1st g 5s_e1019
1934
Ref and ext 1st g 56
Milwaukee Gas L 1st 4s-1927 NI-N
1948 J -D
Newark Con Gas g 5s
1048 .1-0
NYUELH&Pg 5s
1049 F-A
Purchase money g 4s
, Ed El 111 1st cons g 58
1095 J -J
NY&QE I L & P 1st con g 5s 1930
1921 M-N
N Y & Rich Gas 1st g 5s
Pacific(I & Elea Cal(I &
1937
Corp unifying & ref 5s
Pac Pow & Lt 1st& ref 20-yr
1030 P-A
Is Internet Series
10411 Al-S
Pat& Passaic G & N 5s

Range
since
Jan. L

100 101
100 10116
86 88
85 85
97% 974
83 83
-15a- 95

100 102
90 90
144
-134rs -9238 954
934 98

If"
110 110
100 10214
7314 7814
5113 54
5012 5514
71

114
-

442
--

New York Bond Record—Concluded—Page 4

BONDS
'13
N. Y. STOCK EXCHANGE t. 2,
.,„'
Week Ending Feb. 6.

Poles
Friday
Feb.6

Week's
Range or
Lass Sate

II!
to,
4

Range
since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 6.

Bid
St L & San Fran (Con)
High No. Low High
Ask Lou'
/
1
2 1094 11012 watiash let gold 5s
K CI Ft S & M con g Os.. _1928 11-N 11012 ___ 11013 1101:
1039 M-N
1939 F-A
ld gold 5s
KO Ft S & M Ry ref g 48_1936 A-0 77 Sale 75
7714 148 73 7714
Debenture Series B
1939 J -J
1036 A-0 •
Registered
7712 J'IY '12
let lien equip s fd g 5s
K 0& M E& B 1st gu 5s_1929 A-0
1921 M-S
0 __ 0312 J'ly '12
1st lien 50-yr g term 4s 1954 J-J
May'13 -----------Ozark & Ch 0 1st gu 58 g_1012 A-0 ----9934_
1st ref and ext g 48
1956 J -J
8714 32 845 1714
It L 8 W 1st g 4s bd ctfs
/
4
8
1989 M-N i-___ 861
Cent Trust Co ctfs
Id g 48 inc bond ctfs____p1989 J -J
75 ____ 76 Jan '14 ---- 75 75
Do Stamped
6 747 773
77
s
Consol gold 4s
4
01 '7 7612
1932 J -D
Equit Tru.it Co ctfs
Gray's Pt Per 1st gu g 5s_1947 J -D ---- ----9812, Jan '14 ---- 9812 9812
Do Stamped
8 77 8332
83
/
1
4
BA & A Pass 1st go g 48
Sle 83
1943 J-J
Del & Ch Ext let g 5s-1941 y
Oct '09
8 F& NP 1st sink .g 53_1919 J -J ------- -104_
4 8553 Des Moth Div 1st g 4s—,1939 J-J
85
435
Seaboard Air Line g 4s
11150 A-0 85 __-_ 85
Om Div 1st g 3%s
85
5a 10 _ 8313 8155e
8
511
Gold 4s stamped
1941 A-0
1950 A-0 86 Sale 855
_
_ _ __
Tol Oh Div 1st g 4s
1941 M-S
1950 A-0 . . . _ _
Registered
7 4
ge di (1. 16
Wab &
.
Pitts Term 1st g 48-1954 J-D
o1949 F-A ii Ware if
Adjustmen t 5s
7814 87 7414 7814
Cent and Old Col Tr Co coda1959 A-0 77 774 77
Refunding 4s
853
4
5 84 853
Columbsa Tr Co ctfs
Atl-Birm 30-yr 1st g 4s_e1033 M-S 8512 86 8512
4
4
2d gold 43
1049 J-J 845 -- 90 J'ne'13 __ __ ____
Car Cent 1st con g 4s
1054
/
1
4
Fla Cent & Pen 1st g 5s 101 J -J 100 ...... 1034 Jan '13 ___ __ ___
Trust Co certfs
1930 J -J 10112.._ 104 Nov 12
1st land gr ext g Is
Wash Terml 1st gu 3%6.-1945
/
4
Consolgold Is
1043 J -J 10138____ 1011 Dec'13
1st 40
-year guar 45
1945 F-A
2 jars 1054 West Maryland let g 48_1952 A-0
Ga & Ala Ry 1st con 5s_o1945 J -J 1064 Sale 10512 10513
8
Ga Car& No lstgu g 5s 1929 J -J 1023 ___ 102 Dec '13
West N Y& Pa ist g 5s
1937 J-J
10114 Oct '13
/
4
-1926 J-J 1011 _
Saab & Ron 1st Is
Gen gold 48
1943 A-0
Southern Pacific Co—
Income 5s
d1943 Nov
9112
9212 15 90 93
Gold 46 (Cent Pac coll)_k1949 J -D
/ Wheeling& L 11 1st g 5s_1026 A-0
1
4
Registered
k1949 J -D --------90 Noi'18
Wheel Div let gold 5s_1928 J -J
20
-year cony 4s
92 867 -857. ii4
Exten & Impt gold 5s__1930 F-A
g1029 M-8 893 Sale 8934
RR let consol 4s
Cent Pac 1st ref gu g 4s_1949 F-A 9418 Sale 93 8
5
9414 58 9112 9414
1949 N1-S
1949 F-A 8912 94 9412 J'ly '12
Registered
20-year equip s f 5s
1922 J-J
Mort guar gold 3)0_k1029 .
1-D 9114 92 9112Jan '14 —_ 91 9112 Winston-Salem S B 1st46_1960 J -J
/
1
4
4
Through St L 1st gu 48_1954 A-0 863 __-. 85 Jan '14 --, 8554 8534 Wls Cent 5O-y'1st gen 4s 1949 J -J
10318 20 10318 10312
8
(I /1 & 8 A M‘‘',... P let 5s_1931 M-N 1025 ---_ 10318
S&19&Duidfv& term 1st 44 '36 M-N
/
4
Gila V 0& N 1st go g 56_1924 M-N 9914 -- 1o21 J'ly '12-bus E & W 'I' 1st g 5s_1933 M-N 10238_. 102 Sep '13
Manufacturing & industrial
1933 M-N 102 ...._ 102 Jan '14 ---- U1112 1.02
. Am Ag Chem isle 5s
1928 A-0
1st guar 5s red
s
II & PC ist g 5s int gu_1937 J -J 1085 --__ 108 Dec '13 ____ _ Am Cot 011 ext 4;is ____p1915 Q-F
1921 A-0 9314 95 951 Jan '14 __ iiii I512
Gen gold 4s Int guar_
Debenture Is
1931 M-N
Am Hide& Lisle f g 6s
Waco& N W div 1st g6s 1930 M-N 1084 -- _ 11914 Slch'10
1919 84-s
1041 J -J 102 10412 10111 Jan '14 __ ioii, 10113 Amer Ice Secur deb g 6
A & N W 1st gu g 58
1925 A-0
Morgan's La & T 1st 7s 1918 A-0 10614 ---- 10634 Jan '14 ---- 1063 10634 Am Smelt Securities s f 60_1926 F-A
4
1920 J -J 105 —.1074 1074
let gold Gs
8 10741074 Am Spirits Mfg g 6s
1915 M-S
1038 A-0 106 __.,..1l'2 Feb '07 _ -- -- ---_ Am Thread 1st col tr 4s
No of Cal guar g 58
1919 J-J
Am Tobacco 40-yr g Gs
Ore & Cal 1st guar : 58....1927 J -.1 10013 104 10113 May13
1944 A-0
10112 Nov 13
--So Pac of Cal—Cu g 5s 1937 M-N 103 _
Registered
1944 A-0
-So Pac Coast 1st gu 4s g_1937 J -J 91 9312 9112 Sep '12
Gold 4s
1951 F-A
4
88
San Fran Term! let 46.,_1050 A-0 873 Sale 874
15 -8474 igRegistered
1951 F-A
Am Writg Paper 1st s f 5s_1919 J -J
Tex & N 0 con gold 5s 1943 J-J ------96 Jan '14.._ 96 96
9318 229 8958 934 Baldw Loco Works 1st 5s_1940 M-N
So Pac RR let ref 4s
1955 J-J 93 Sale 9213
Beth Steel let ext at 5s
Southern
1926 J -3
let & ref 5s guar A
1057 103 10214 105;
4
8
1st consol g 58
1094 J -J 1053 Sale 10578
1942 VI-N
Registered
1094 J-J -.,..._ ---- 100 Aug'13 ....-., ---- ---- Cent Leather 20
-year g 5s.,1925 A-0
4
76 301 73 7614 Consol Tobacco g 4s
4
Develop & gen 4s Ser A 1956 A-0 755- Sale 753
1951 F-A
:
83
Corn Prod lief s f g 53_1931 M-N
2 8014 83
Mob di Ohio coil tr g 4s 1938 M-S 83 831 83
let 25-year s(5.
104
1996 J-J 1041*........ 104
1934 M-N
1 104 104
Mem Div let g 4%-5s
8
3
8
St Louts div let g 48
1951 J -J 83 4 -___ 835 Jan '14 ___ 835 8334 Cuban-Amer Sugar coil Cr 6s 1918 A-0
1918 J -J 10318 100 1064 Sep '12
Distil Sec Cor cony 1st g 58-1927 A-0
Ala Cen R 1st g 138
2
Atl & Danv 1st g 4s....__...1948 J -J 88 -- 88's Jan '14 __ iiirs /6- E 1 du Pont Powder 4%8_1936 J-D
1048 J-J --------8214 Feb '12 ___
2d 4s
General Baking 131 25-yr 6:1_1956 J -D
Atl & Yad 1st g guar 4s-1949 A-0 lb --1942 F-A
- ::: --- ---- :- Gen Electric tieb g 330
-10112
-44 ____
COI & Greenv 1st 6s
1916 J-J 10113 ____ ,z,- Dec
Debenture 5s
1952 M-S
Gen'l Motors let lien 6s..„1915 A-0
E T Va & Ga Div g 58_1930 J -J 1044 ___ 103 J'ne'13
1956 M-N 10714.— 10714 Jan '1' ---- 10514 1073; III Steel deb 430
Con let gold 5s
1940 A-0
8
E Ten reor Ben g Is
Indiana Steel let 5s
1938 M-5 1005 --- 10518 J'ly '12
1952 M-N
1946 A-0 --- 6412 (2412 MaY'13 .._ _
Ga Midland let 38
Ingersoll-Rand 1st Is------q1935 J -J
_q1935
Int Paper Co 1st con g6s 1918 F-A
1022 J-J 1071; ___ 108 Jan '1 ---- iTia" 108
On Pac By let g Os
1925 J -J 10913 --- 11012 Jan '14 __ 109 1101;
Knox & Ohio 1st g OsConsul cony s f g Is
1935 J-J
lot St Pump 1st s(5s
Mob & Bir prior lien g ris_1945
J -J 1004 ____ 10613 Nov 12
1929 M-S
-- Lackaw Steel 1st g Is
1045 J-J ---- 78 79 lich'13
Mortgage gold 43
1923 A-0
101
let con 5s Series A
Rich & Dan con g 6s__1915 J-J 101 10218 101
15 1005 101
8
1950 M-8
5-year convertible 5s__1915 M-I3
1027 A-0 10314 104 101 Dee'13
Deb Is stamped
- 73 Sep 12 _
1948 M-N 70
Rich & Meek 1st g 4s
Liggett & Myers Tobac 78_1944 A-0
i 10112 102
5s
So Car & Ga 1st g 5s--....1919 M-N 1014 Yale 1014 19112
1951 F-A
1916 M-S 10114 ._ __ 112 Oct
Virginia Mid ser 0 Os
-- ---__ Lorillard Co (P)73
1944 A-0
4
4
Series 1) 4-5s
Is
1921 141-13 1013 - — 1033 Nov'12
1951 F-A
Series E 5s
1926 M-S 102 -___ 102 Dec'13 _
Mexican Petrol Ltd cnv Os A_'21 A-0
1931 m-8 10234 _ _ 104 Meh'13
- ---- -- Nat Enarn & Stpg 1st 5s 1929 J-D
Series lf Is
8
1936 M-N 1035 ---- 10312 Jan '14 --- 10212
General 50
Nat Starch 20-yr deb 53_1930 J -J
Va & So'w'n 1st gu 56_2003 J-J 10412 ---- 10312 10312
1052 M-N
4 10312 10313 National Tube let Is
1958 A-0 911r 95 9112 Jan '14 ---- 903 9111 N Y Air Brake 1st cony 6s-1928 M-N
1st cons 50-year 58
4
W 0 & W 1st cy go 4s......1924 F-A 9018 —__ 92 J'ne'13
Railway Steel Spring—
, West N 0 1st con g 66_1914 J -J 100 -- 100 Aug'13
-Latrobe Plant 1st s f 5s_ _1921 J-J
Spokane Internet 1st g 5s....1955 J-J --------1021* Apr '11
Inter-ocean P 1st s f 5s 1931 A-0
"per A of St L 1st g 4-s_1939 A-0 100 10118 9914 Dec'13
Repub 1 & it 1st & col tr 58_1934 A-0
-8. let con gold 53_1894-1944 F-A 1064 108 10018 Jan '14 __ 18534 ilkii,
10-30-year 53 s f
1940 A-0
Gen refund 3 f g 43
89
1953 J-J 89 ---- 89
Standard Milling let 5s.._ _1930 NI
8 861 89
-N
/
4
St L M Bge Ter gu i 5s....1030 A-0 101 __ 10618 Sep '12
The Texas Co cony deb Os_1931 J-J
Tex di Pac 1st gold 5s
/ 104
1
4
2000 J -D 103 ---- 102
Union Bag & Paper 1st 53_1930 J-J
14 -15912 104
2d gold Inc 5s
q2000 Mch 20 40 61 Nov 12
Stamped
1930 J-J
La Div 13 List g Is
U 8 Realty & I cony deb g 5s..'24 J-J
1931 J -J 90 -- 9913 Apr '11_ _ ___
W MinW & N W ist gm 5s_11130 F-A --------10611 Nov 04 _-___
- -- U S lied & Berg 1st g Gs_ _1931 J-J
Tol & 00 ist g 56
1935 J -J i ,, 4 J au '14 ---- 8 -_
10
115ii4 fa - II 8 Rubber 10-yr coil tr 68_1918 J -D
.
4
1035 A-0 10258 1043 101 Aug'13
U S Steel Corp—Jcoup _41963 NI
Western Div 1st g 5s
-N
1035 J-D 101 10112 98 Jan '14 ____ -fig- lg. S f 10-60-yr 5s Ireg ___41963
General gold 5s
1990 A-0 8614 ---- 85 Jan '14 __ 8612 853, Va-Car Chem 1st 15-yr 5s_1923 J -D
Kan & M 1st gu g 4s
1027 J -J 98 ____ 97 Jan '14 __ 9534 97
2d 20
West Electric 1st Is Dec 1922
-year 58
Tol p & W let gold 4s
1917 J -J
90 4 85 Deo '12 _
5
Westinghouseli&
s f 5s_1031 J -J
Tol lit L& W pr Lien g 3%41_1925 J-J 811; 8212 82 Jan '14 --- -gii - .
10-year coil Cr notes 5s 1917 A-0
ii
-year gold 4s
1950 A-0 68 691: 59 Jan '14 __ 5858 60
50
1917 F-A 50 Sale 50
Coll tr 4s g Lier .1
50
1 50 60
Telegraph & Telephone
Tar Ham & Buff 1st g 4s_h1946 J-D 85 ---- 84 Dec'13 ------- Am Telep & Tel coil Cr 4s_1929 J-J
_ ___ _.
T- later & Del 1st con g 58..1928 J-D 1014 Sale 1014 1014
f
Convertible 4s
1936 M-8
2 1001:10111
U let refund g 46
1962 A-0 754 80 74 Jan '14
20-yr convertible 430
74 74
1933 MUnion Paciric—
Chicago Telephone 1st 5s1923 J -D
. lst RR & land grant g 4s_1047 J -J 9734 Sale 974
Commercial Cable 1st g 48-2397
98
62 9513 98
1947 J-J
Registered
964
Registered
2307 -J
961
1 9612 901:
20
-year cony 4s
1927 ./ -J 924 Sale 9212
Mt 603 90 9351 Ctunb'd & T 1st& gen 5s_1937
let & ref 48
g2008 M-S 9312 Sale 924
o.eystone Telephone 1st 5s_1935 J -J
94 109 91 94
Ore Ry & Nay ,on g 4s 1946 J -D 93 944 03
9312 10 92 031: Metropol Tel&Tel 1st s(5._l9113 M-N
Ore Short Line let g 68_1922 F-A 1105 Sale 1104
8
11038
1 10918 1101,. Alich State Telep 1st 5s_ _1924 F-A
let consol • 5s
1946 J -J 1073 108 1075
4
8Jan '14 _ 105 10751 N Y& NJ Telephone 5g_1920 M-N
_/
1
4
1929 J -D 9334 Sale 93
Guar refund 46
933
4 68 8914 93; N Y Telep 1st& gen f4;is 1939
Utah & Nor gold 5s
1926 J -J 102 .—_ 108 May'll __ ___ ___. Vac Tel & Tel 1st Is
1937 J-J
1st extended 46
/
1
4
1933 J -J 87 ---- -„. -..„ .--- --- —. South Bell Tel& T 1sts f 5s 1941 J-J
Vendetta cons g 4s Ser A_1955 F-A ..
West Union col Sr cur 5s
93 Apr '13 ____
1938 J-J
Y Consol 4s Series B
-------1957 M-N -- ---- 93 Mch'13 ___ ___ ___
Fd and real est g 430
1950
Vera Cruz & P ist gu 4 %s..1934 J-J --- ---- 94 Oct '12
• Slut Un Tel go ext
_1941 M-N
Virginian 1st Is Series A
1062 M-N 997 Sale 993
4
100
5s__85 -97 - 4 , Northwest Tel gu 43is g_1934 J-J
/ 991
1
4
__.

xovni.
Price
Friday
Feb.0

Week's
Range or
Last Sate

Range
since
Jan. 1.

Bid
Ask Low
High No. Low High
10412 105 10414
10412 55 10158 10414
994 Sale 98
100
00 94 100
90 J'ne 12
98 Sale 98
98
98 lir
70_ 75 Nov'13
eo Wale 60
61,4 224 601 6114
5011 Jan '14
50 5012
5614
564 37 60 5613
565
8Jan '14
585 565
8
8
6614
5714 180 46 6714
10812 106 Nov'13
7112
80 Aug 12
67 71 72
72
ii- 72
7113 ---- 70 Jan '14
70 70
1114 Dec'13
13 Sale 13
1312 105 -11.73 114
12 14
1314
1314 20 125 1314
4
18 Dec '13
3
__-- 14 114 Jan '14
5
4 114
12
837
8 11 8114 837
8314 Sale 8354
3
93 _- — 100 Sep '12
34 -7 8- 'Kr
4
80
80 Sale 793
7
10458 1047
8 10212 10478
105
8
82 Jan '14
75 82
34 Feb 07.,.....
10112
1011
10112
7 101 102
97 ---- 9512 Nov'13
90 ____ 99 Feb 13
50 Ts" 'Yr
77 79 79
79
90 _
95 4 Nov'13
3
87 Oct '13
88
15 708 89
89 Sale 884
89
89
8958
4 86 87
89
1011s Sale 10118
1017
4 22 9734 1011
5
9813
984
9812
6 96 0813
93 Sale 9158
93
28 89 93
102 ____ 102
10212 11 101 10212
824 83 kips
824 28 7814 824
1045s Sale 10
44 105
26 10312 105
99 Sale 94
99
0 94 99
9212 93 93
93
3 93 93
115
120
120
3 11713 120
---- 116 Oct '13 ---- 93 93
-- 9712 97 Jan '14 ---- 97 97
95 J'ne'12
/
1
4
70 Sale 70
75
11 08 78
10312-- 103 Jan '14
102 103
9814 Sale 984 100
17 03181 19 3$18
9977, 0
: 9,7
0
8513 Sale 8
8512 94 8138 8512
44
98 Sale 9814
/
1
4
9834 192
974 Jan '13
"a""963; 9312 Dec'13-93
5
03 93 4 03
3
9212
92 96 9213
-°217 - 3
9 4 6i
9
655 Sale 64
4
66
149 6314 66
4
8912 49 87 8912
894 Sale 883
8812 8954 91 Dec '13
.80
80 8112 80
2 77 id"
103 10413 1037
/
1
4
8 10412 14 103 105
10014 Sale 100
10058 76
88
16 9 % 1 0r
88 Sale 874
8%34 vis
83
i
10158 62
10114 Sale 101
100 Oct '13
100
10212
102 103 102
8 ioi- 10213
82 83 83 Jan '14
82 844
/
1
67
65 684 6
97
96 98 964
8
8 97
94 6712
78
76 81 78
974 13 9312 9713
9712 Sale 97
12118
12132 _
122
10014 81 963 10014
1004 Sale 994
4
122
126 Sale 120
:5 7824
7:31 12 8 122
047
19
8 100
68 9153 10514
100 Sale 995
98 90
1
9514
904 99 9514
9413 _
_ 1)1I Jan '14
9112 9112
821s
82 84 821s
8212 824
995 Sale 994
8
9953 48 9634 9953
9813 9914 98 4
7 9812 994
3
991
9714 98 97 Jan '14
97 971s
921
924 Sale 92
28 91
921
1021
/
4
102 Dec '13 -/
1
4
923 Sale 921s
4
93 119 91 98
8714 88 885
1 8412 89
4
88
54
103 Sale 103
/
1
4
10412 667 . ?38 108
1?
1. ..
__ 80 90 Feb '13
90 • 9114 Jan '13
___- 861 874 Jan '14
8214
84 89
26 20 Jan '14
20 20
1_-037 Sale 1034
1037
3 24 10134 104
8
1024 hale 10214 10233 390 9973 10234
102 Sale 1025
/
1
4
8 10244
1 100 10234
961 83 9133 984
/
4
90 Sale 964
8
1015 102 1014 10214 14 10013 10214
9338 bale 93
9358 66 8912 93 4
5
971
9014 974 9714
9133 9714
4
89 Sale 894
/
1
4
897
5 56 85 8972
85
95 100 95
2 9834 9714
9712 Sale 97
9914 274 9411 0914
'
ii
airs DeO78 ---8312 Nov'11
771
/
4
98 Sale 9713
9814
7 982 5853
8914 --- 9114 Sep '13
---- -Iowa 103 100 J'ly '13
99 10014 99
100
"VA Ed'
_ -- 10314 May•11
9814 Sale 974
9814 60 "iii" Ili;
981
9838 Sale 9814
36 96 991
4
s 100
987 997 997
8
8
33 97ls 100
96'2 97 96
26
7 93 98
917 Sale 91
8
/
1
4
92
7 867 92
s
. 104 J'ne•11
—
87 __— 93 Jan '13

MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Liisceilaneous
Buff & Susq Iron s1 5s__1932 J-D 92 __-- 90 Sep '13
Adams Ex coll tr g 4s
S
1948
Debentuse 58
a1926 NI-S 80 85 80 Jan '14
Arinour & Co 1st real ast430 '39 J-D
80 80
Ool F & 1 Co gen s f g 6s-1943 F-A 9812 99 964 Jan '14
1952 A-0
914 964 Bush Terminal 1st 4s
Col Fuel gen Os
1919 M-N 104 1064 1074 Joe'12
Consol Is
1955 J -3
Col Indus 1st & cod Is gu_1934 F-A 81 Sale 81
82
21 7612 82
B idgs 5s guar tax ex
1960 A-0
Cons Ind Coal Me 1st 59
1935 J-D
76 Atm'13
Chino Copper 1st cony 66_1921 J -J
Cons Coal of 51d lst&rel Is 1950 J -D 89 92 8754 Dec '13
Inspir Cons Cop 1st Os (rects)-Or Riv Coal& C 1st g 6s__h1919 A-0 91 — 10258 Apr '06
Int Merean Marine 430__ _1922 K-13
Kan& 11 C & C 1st sfg 5s_1051 J -J 91
9214 Dec'13
int Navigation 1st s f 58-1929 F-A
Pocah Con Collier 1st:4156..1057 J -J 86 851 8512
851:
i 84 85'z Mge Bond (N Y) 4s ser 2_1966 A-0
:
L Rock Mt& P 1st 5s
1955 J -J 7814 794 7912
7912
2 77 794
10-20 yr 5s series 3
1932 J -J
Tenn Coal gen 5s
1951 J -J 10118 _- 101 Jan '14
1)818 101
Morris & 001st s f 4 30.....1939 J -J
Birm Div 1st consol 6E4_1917 J -J 10158 10212 103 Jan '14
N Y Dock 50-yr 1st g 4s
10113 103
1951 F-A
Tenn Div 1st g Gs
a1917 A-0 10158 103 101 Jan '14
101 101
Niag Palls Pow 1st 55
1932 J-J
Cah C M Co 1st guI 0_1922 J -D 101
103 J'ly '13
Ontario Transmission 5s......1945
Utah Fuel 1st g 58
1931 M-13
Pub Serv Corp N J gen 513_1959 A-0
_
Victor Ertel 1st s 1 58
1953 J -J
'h
80 ma
-yartyConsCopper 1st cony 6s1921 J -J
Va Iron Coal&Coke 1st g 56 1949 M-S 937 0414 9414
0412
s
-iir3 1E- Wash Water Pow 1st 5s
1939 J -J
• No or
,
VrIday; latest bid and asked. 6 Due Jan. d Due AprU. 'Due May. g Due Juae. hDueJuiy. k Due Aug. o Due Cot,




7813 80
924 Sale
8712 88
---- 01
88 Sale
---- 180

7912
791
92
/
1
4
924
8112
88
91 Jan '14
88
88
150 Jan '14
100
103
"Er Wale" 68
60
75 Sale 76
76
9911 Mr&V-5
I
ig3.
4
882 Jan '14
78 81 73 Jan '14
101 _ 100 Dee '13
---- -- 89 Dec'13
9078 Sale 9034
91
1091
109 110 100
___ 103 10325 Jan '1

pDue Nov

1 7312 8084
84 8912 9212
6 8712 88 ,
91 91 '
87 88
150 180 I
904 103
5912 61
75 774
884 8811'
78 78

19 881391
1.55 I
.
1034 1001
/
Dais DSO. 8 OPtion sale.

47

443

CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Jan. 31

Monday,
Feb. 2

Tuesday,
Feb. 3

Wednesday, Thursday,
Feb. 5
Feb. 4

Friday,
Feb. 6

Sales of
the
Week.
Shares.

STOCKS
CHICAGO STOCK
EXCHANGE

Chicago Banks and Trust Companies

NAME.

20 Feb
55 Jan
23 Jan
70 Jan
90 Jan
27 Jan
613 Jan
2 Jan
17 Jan

Lowest.

Highest.

Lowest.

iallroads
963 Chic City&C R y ptsh corn
20
2012 20
2012 *20
2034 2034 2034 2034 20
1,504 Do pref
55
55
4
*543 55
55
55
55
5514 5512 5512 55
55
Cateago Elev Rys com100
Jan'14
Last Sale 23
27
*20
*20
*20
27
27
27
*20
Do pref
100
J'4
Last Sale'
85
*70
85
*70
85
*70
*70
85
-55 Chic Rye part ctf "1"---*9112 9212 ----- ---92
*924 93
9213 924 92
.9212 93
3314 3314 3,490 Chic Rye part ctf "2"-4
4 3314 333
3234 3212 33
3334 3312 333
4 3312 333
Chic Rya part ctf "3"--310
8
8
8
8
814 84
818 818
812
818 814
.8
9
90 Chic Rye part ctf "4"--34
4 *3
3
314 *3
314 312 *3
314 314
34
*3
Kansas City Ity at Lt_100
Jan'14
Last Sale 17
1912
1912 *15
1912 *15
*15
1912 *15
100
Do _prof
Last Sale 3512 Nov'13
35
35 .9_
35 *_
.---:- 35 *---Streets W Stable C L_100
Last Sale 44 Jan'14
;412 5
2 5
iii*412 5
.412 6
Do prof
Jan'14
100
Last Sale 25
•-_-_ 25 9.__ 25 a__ 25 •___ 25
Miscellaneous
100
8 1,750 American Can
3234 3034 3118 3114 313
31
4
313 3314
3312 34
_4
100
660 Do prof
_ 3_
34
9312 9312
9414 93 93
93
9334 tia34 9514 9514 9414 95
American Itadiator_100
Last Sale 406 Jan'14
--___ *400
*400
*400
__ *400
__
Do pref
50
100
*_ 135 *130 '135 13412 13412
• „.. 135 *____ 135 * __ 135
180 Amer Shipbuilding_100
40
38
40
39
41
4212 421: -41
44
-44
100
130 Do prof
-------91
90
92
91
91
91
92
92
*89
•89
200 Amer Teiep & Teleg 100
1214 12218 12012 12012 -------122 122
12114 122
124 124
50 Beoth Fisheries cons. 100
50
4912 *---- 4912 4912 *____ 50 *48
.
*---- 50 9 __ 50
80 Do 1st prat
100
82
81
83
83
.- 84 9.____ 84
84
*8312 8414 84
Cal Se Chic Canal & D 100
Last Sale 50 Dee'13
51
*46
61
.46
51
*46
51
*46
574 2,205 Chic Pneumatic Tool_100
57
58
57
5512 5512 58
55
.5312 5412 5412 5434
60 Chicago Title & Trust 100
212 212
*210 212
*210 212 *210 212 *210 212
738 Commonw'th-Edlson.100
13512 13512 13512 13712 -------135 135
135 135
135 135
600 Corn Prod Ref Co com100
1218 1218 124 1238
1238
7
3
127 12 s 1212 1212 1238
13
13
100
Do pref
Last Sale 77 Feb.13
_ _
100
92 Diamond Match
1o112 1o112 102 102
l0038 10038 Dm 101
1
i5Of4 fiii 4 iii5i2 fof
175 Goodrich (B.F.) com_101
•
___
8
8
253 253 ---20
4
253 2534 26
25
25 *24
*23
357 Hart Shaft & Marx pf100
105 105
105 105
10434 10434 105 105
105 *104 105
*104
100
450 ilinois 13rick
671 68
6612 67
6834 61313 67
4 68
693
•69
------------- ----10 Internat Harvester Co100
__ _- --__ 109 109
---Knickerbocker Ice pf_100
Aug
last ie 73.4 ii".__ 77 *--- 77 *____ 77
•:::" I
100
375 National Biscuit
_______
13712 13712 *136 140
13612 13712 137 138
•133- 135
60 Do pref
100
123
12312 12312 123
*121 125 *121 125 .120 125
100
352 National Carbon
155 15/
155 116
1584 1584 155 15818 158 1584 *156 158
100
30 Do prof
__-___
•11514 11018 *11514 11918 *11514 11918 *11514 11612 118 118
200 Pacific Gas & El Co_100
444 *4312 45
-- 44
*44
45
45
45
*43
8 2,424 People's Gas L&Coke.100
4
1233 12414 12334 1237
4
1234 12418 12312 12418 1233 12418 12334 124
10 Pub Sery of No 111 com 100
*79 80
80
*79
*7912 80
*7912 80
*7912 80
100
_ --226 Do pref
---- -99
99
99
99
98 98
99
99
9812 99
100
25 Rumely common
---- -*12
17
15
15
- 15
•_ 15 *....... 15 •_
100
10 Do pref
- 3512 3512 *30 86-_-_
40 *__ 40
•___ 40 *__
19114 1023 10112 19214 19012 1924 19012 19112 2,591 Sears-Roebuck com_100
4
1924 19312 19214 193
100
Do prof
50
124 124 *123 124
•123 12314 *123 12314 124 124 *123 124
2712 2712 2914 2914 3014 30 4 --------75 Studebaker Corp com.100
26
3
*24
26
•24
100
Do pref
___
75
-_-_
88
86
*84
88
83
83
77
*76
77
*76
100
107 10714 107 10714 1,014 Swift & Co
10678 107
10678 107
4
1063 107
8
1067 107
20 The Quaker Oats Co_100
9240 260 *240 260
236 236 *240 250 *240 260 *240 260 .
30 Do pref
100
1910412 10714 *10312 10714 104 104 *103 104 *103 104 *103 104
100
2,037 Union Carbide Co
14212 14314 14212 146
141 144
144 145
145 145
145 145
Unit Box Bd & I' Co_100
Last Sale 118 July'13
--- -__
100
8 2,805 U 8 Steel coin
6514 653
6013 6714 6614 6634 6534 6614 6578 6612 6538 60
229 Ward, Montg'y & Co pref
11114 11114 11114 11114 11114 11114 11114 11114 11114 11114
*11014
100
25 Western Stone
10
612 612 •6
7
96
.
10
*6
lb
*0 100
Woolworth. amyl
Last Sale 9134 May'13

Range ter Previous
Year 19131,

Range since Jan. 1.

3
31
21
21
10
8
14
14
15

4Jan
203
552 Feb
25 Jan
70 Jan
9814 Jan
35 Jan
812 Jan
4 Jan
17 Jan

31
2
19
21
24
16
29
2
15

Highest.

2412 J'ne
70 Ply
88 Jan
18 J'ne
512 J'ne
2 J'ne
1614 J'ly
3512 Nov
438 Dec
25 Sep

30 Jan
91 Jan
102 J'ne
3314 Sep
9 Sep
8
43 Apr
37 Sep
38 Oct
912 Jan
Icli
4.5

2112 Inc
3 347 Jan 23
2 95t Jan 27 e 81 J'ne
5 406 Jan 10 400 Oct
24 13412 Feb 6 125 Dec
28 Nov
9 44 Jan 31
78 Nov
8 92 FeO 4
2 124 Jan 28 11034 Dec
4912 Dec
21 5014 Jan 21
7312 J'ne
2 8412Jan 2'7
40 J'iy
4712 J'ne
51 Jan -i 58 Feb 4
212 Jan 13 212I2Jan 2 200 Apr
133 Jan 26 13812Jan 3 u12412 Dec
8 J'ne
94 Jan 9 13 Jan 31
_
77 Feb
___ _ ____ _
90 Oct
9112 Jan 2 102 Jan 26
1513 Nov
2338 Feb 5 26 Feb 4
94 J .ch
10012Jan 2 105 Jan 20
58 Nov
597
8Jan 9 70 Jan 30
109 Feb 4 111 Jan 22 100 J'ne

4812 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
13934 Jan
71 Jan
804 Jan
55 Jan
5512 Sep
221 Sep
155 Sep
1613 Jan
77 Feb
11014 Feb
63 Feb
10012 Dec
7612 Jan
1/5 Jan

138 Feb 3 105 J'ne
12312 Feb 4 116 Dec
158I4Jan 24 113 J'ne
118 Jan 23 11112 J'iy
33 Nov
45 Feb 2
125 Jan 5 104 J'ne
80 Jan 9
65 J'iy
99 Jan 31
4
893 Dec
19 Aug
1734Jan 14
404 Aug
4054 Jan 14
19312Jan 31 155 J'ne
124 Feb 4 117 May
1014 Nov
3034 Feb 5
66 Nov
80 Feb 4
10714 Feb 5 101 J'ne
240 Jan 30 195 J'ne
4
993 Inc
10434 Jan 26
152 Jan 5 s142 Deo
1 Jan
50 J'ne
6714 Jan 31
11114 Feb 2 10512 Feb
9 Sly
6I2Jan 14
14
87 Meh

130 Sep
123 Jan
137 Dec
118 Jan
63 Jan
130 Sep
85 Aug
10138 Jan
60 Feb
014 Feb
21434 Jan
12444 Feb
114 Feb
70 Nov
a
1077 Mch
280 Feb
10812 Feb
218 NOV
112 Feb
3
68 9 Jan
111 Sep
144 Jan
112 Jan

4'3 Jan 7
25 Jan 26

412Jan 7
25 Jan 26

29 Jan
8912Jan
401 Jan
132I2Jan
30 Jan
76 Jan
118 Jan
4912Jan
80 Jan

12334 Jan 14
123 Jan 27
13412 Jan 3
11514Jan 27
35 Jan 9
121 Jan 3
77 Jan 3
9434Jan 21
15 Feb 4
3512 Feb 4
181 Jan 3
122 Jan 14
2712 Feb 3
83 Feb 3
10434Jan 3
230 Jan 6
102 Jan 6
141 Feb 4
_
574Jan 3
109 Jan 3
5 Jan 13

Dividend Record
Capital Surp. &
hi
Per- Last Paid.
Stock. 1 Profits i• In
%, Bid. Ask.
1912. 1913. tod.
(00:cm i(ted.)

Dividend Record
Capital Jury. &
Southwest Tr & S $200,0 y$30,9 Org. J uly 5 '12. V. 05, D. 18.120 123
In 'Per- Last Paid.
Swek.t Profits t In
.
-M Dec.31 13,134 158 157
6 Q
427,1 __
Standard Tr & Say 1,000,
Bid. Ask.
1912. 1913. fod.
(00s oat i(ted.)
J-1 Jan. '14, 3 1145 150
. 6
200,0
6
Stockmen's Tr & S
57,0
8&3e Q NI Dee.31'13,2
Union Trust Co__ 1,200, 1,701,7
8
5S-4to -- Dec31'13 112w 240 250
$213,3
2%1
American State-- w$200.0
12 0-70 Dec.31'13 3 -300 ___
130,0 8&2e
NVest Side Tr&Say
400,0
An Jan '14. 8 150
6
72,0 None
100,0
Calumet National
Q-J Jan. 14. 234 215 222
10
Woodlawn Tr & 8
119,1
10
200,0
y20,6 Org. J an. 27 '13. V.95, p. 1585 107 109
200,0
Capital State___ 1
27,1 Beg, b us. Oct 7'12 V. 95,p, 944 145 150
250,0
Central Mfg Dist _
11% Q-J Jan. '14, 3 292 294
Coat & Corn Nat_ 21,500,0 10,821,8 10
16&8y Q-J Jan. '14, 4 415 423
Corn Exch Nat.._ 3,000,0 6,467,6 16
Q-J Jan. '14,212m 215 __
6
145,8
6
Drexel State
300,0
Q-J Jan. '14, 234 250 260
10
389,7 10
750,0
Drovers' National
8 Q-J Jan. '14, 2 174 180
63,4
8
200,0
Englewood State_
BONDS
17 Q-al Dec.31'13,44 425 428
First National___ 10,000,0 12,125,3 17
Eds
Week's
Range
CHICAGO STOCK
InterPrice
150,0
247,5 1234 10&3e Q-M Dec31'13512m '350 FirstNatEngicw'd
&nee
Seld
est
EXCHANGE
Range or
Friday
523,3 Priv ate Ba nit
Foreman Bros._. 1,000,0
January 1.
Week Ending Feb. 6.
Last Sale
Feb. 0.
Q-J Jan. '14, 2 i55 265
8
982,9
8
Ft Dearborn Nat_ 2,000,0
126 131
y28,8 Org. N oy 25 1912
200,0
HaLeted St StateBid
Htyll
Ask Low
High
Inbornism 13k Assn 2,000,0 1,248,0 Not pu Wished -se o note (11)
91 Feb '1
Am Tel & Tel coil 44-1929 J - J
48.9 Beg. b us Aug '12. V.95, p.273. 132 (11138
200,0
Hyde Park State
Jan'14
1939 J -D 5-i2----- 92
Armour & Co 4343
1512,5 Orga n. Feb '12; V. 04, p 465. 117 120
100,0
IrvingPark Nat24- 824 Apni'1'
1928
t 70 .
Auto Elea 1st M (is
209,8 10 1045e J-J Jan. '14, 5 '240
400,0
Kaspar State____
9618 May '1
97
. 134 Q-J Jan '14, 134 108 112
Cal Gm & El unit & ref 59 1937 M-N
8,7
200,0
, Lake View State_
101
101
1927 F - A 101 Sale 10038
Q-M Deo.31'13, 2 215 225
Chicago City Sty 5a
L60,1
200,
,Lawndale State.._
12 Q-M Dec.31'13,3 250 255
-Chic City at Con Rya 53-d1927 A -0; 804 8214 7714 Dec'1
649,1 1512e
, Live Stk Exch Nat 1,250,
98
1914 J - J 98 Sale 974
59,0 Beg. b u.s.Aug 20'1 2 V 95, p 593 128 131
Chicago Elev Ity 53
200,0
'Mach &Trail Stat
9613 9213
0212 Jan'l
Q-J Dec.31'13,2 201 212
8
Ch to'
cbicago tyneiuTs
l
let 53_61921 J - J 5 9212 94
8
; Nat Bk of Repub. 2,000,0 1,451,2
9918
Q-J Jan.'14, 134 163 165
9
6
9/2 9213
1927 V - A 5 9914 Sale 99
6
5*
768,4
• National CIty____ 3,000,0
Jan'1
91
Q-J Jan. '14, 134 167 171
91
9.1
6
Chia Rys 58
95
6
118,2
series 'A" A -0
250,0
National Produe
81
8114
7634 815s
Q-J Jan. '14, 134 145 150
7
Cnic Rya 43
series "13" J -I) 814 Sale
7
122,7
200,0
North Ave State_
Q-J Jan. '14, 134 132 135
6
93 Sep '1
Chic Rye 4s
series "C" F - A 5 93 95
6
23,8
---200,0
Sa
North Side St
Q-J Jan'14, 134 182 185
Chic Itys colt 63
100 Jan '1
1913 F- A
1033,6
300,0
North West Stat
7O1
Of
Chic By Pr m M g 4s-c1927 J - J 2--- .- - i- 70 Jaa '1
f
--..
y11,0 Org. N ov. 27 '12. V.05, p. 1944 100 104
200,0
YdsS_
, Ogden Ave State
5414
45
541
Chits Ity Ad) Inc 4s-e11127 Mayl 5414 Sale
5112
10
133,4 10
Q-J Jan '14, 4I2m 250 266
500,0
People'sStk
0004 lovs
1011
8
23,3 Beg. b us Nov 1'11 V.93, p.1235
Chicago Telephone 53.-1923 J -D 1014 Sale 1007
200,0
lieccond Security__
97
Cicero Gas Co ref CI m 1932 J - J 5 95
9638 Dec'12
6
7%1 Q-J Jan. '14, 2 248 251
176,7
400,0
Security
2
1017
8
iet 101a
8&2e Q-J Jan.'14, 4m 230
148,0
300,0
Commonw-Edhion 5s_1943 Ni- 8 10178 Sale 10158
South Chicago Say
I011
6
8
.
9
10114
icioaa 10114
31,9
Q-J Jan.'14, 134 130 i5Commonw Elea 53-61943 NI- 8 510118 _
200,0
South Side State.
12
Q-J Jan. '14, 3
out, 9914
Cudahy Pack 1st M 55-1924 1s1-N 510014 101 - 9914 Jan'!
State Bank of Chi 1,500,0 2,802,4 12
Jan'14
54,4 13eg, b us.Aug 12'1 2 V.95, p.523
DX 105
Din Match Con deb 6s--1920
510412 10512 105
200,0
13a nk ol Italy
State
-M Dec.31'13,4 33245 .5
3
2200 349_8
15 Q
14051 2 9
99
4
249,5 10
993 Apriel
13..
Gen Mot 6% 1st L notes-1915 A -0508
250,0
Stock Yards Say_
6
6 M-N Nov'13, 3 179 183
- 99 July'1
170,5
Hit Har 3-yr 5% g notee-1915 F - A -- 500,0
Union Ilk of Chic_
...... -- 1054 April'l
27,6
634 10&3e Q-J Jan. 14. 1334m
Inland Steel let M g 68-1928
100,0
Washingt'aPkNa
Q-J Oct.'13, 234
8
9
Kan City Ry 4 Light Co
Central Tr Coot Ill 4,500,0 2,161,1
90 Oct '1
1913 51-N
407,3 10&2e 12&le J-J Jan. '14, 6 295 313
53
500,0
Chicago City 1.1&1
Q-J Jan. '14, 134 141 144
6
6
fi- 75 Sep' 1
::::: 265,2
Lake St El-lat 5s
Chicago Say 13 &T 1,000,0
7828 :
Q-J Jaen, 234
1938 F A
Me
Ti 7853
8
212
te W Bide El lit 4s-19 'I j 784 Sale 784
Chicago Title &Tr 5,600,0 12,886,9
77
Q-J Jan.'14. 2 1139 172
1938J -J 574
(o)
77 Noy'1
406,4 86,2e
Extension g 43
Colonial Tr & Say 1,000,0
13111 El Ily & Lt 1st g 53-1926 F - A 51.03 10412 10478 Apriel
1,769,2 Not pu blished -se o note (11)
Cont&ComTr&S 3,000,0
10
9412 95 Aprii'l
Q-J Jan. '14, 234 280
ref & ext 434e-1931 J - J 594
do
183,3 10
250,0
Drovers Tr & Say
2 883
.
1939 J - J 5 8,8s4 893
5634 89
89
4
Morris 4 Co 4348
First Trust & Say 5,000,0 3,732,0 None None Q-M Dec30'11,4
10034 May'l
Nat Tube 1st g 51
FtDearborn Tr& S
31,5 Beg. b us.Apr 3'11 V.92, p.929
250,0
Jan'14
99
Q-J Jan. '14, 134
99
99
s
:
5 A N
1922 11 O 5 991Hi
Nor Shore El 1st g 53
Franklin Tr & Say
130,5
300,0
Q-J Jan. '14, 234
10
1940 A -0 5........ Is - 96 Aug'13
let Sc ref a bs
do
Greenebaum a'ona 1,500,0
343,3 10
J-J Jan. '14 334 150 155
0
Guie antee Tr & 13
Nor Sh Gm of Ill let 53_1937 V'- A ---- --- 9512 Sept '1
6
1/56,4
200,0
10014July '11
Harris Tr & Say
North West El lot 4s____1911 M- S
1,500,0 2,471,7 12 12&10e Q-J Jan. '14, 71 450
al W G L & Coke Co 53-1928 Q -M 19853 7-7- 100 Sep'13
Home Bank & Tr_
300,0
88,3 13eg. b us.Apr 10'1 1.V.92.p.1004 150 Ma
98
96
5
0 12
"isir 96
1945 51- N 519013 Sale
Oct. '13, 4 475 485
Ogden Gas 5s
Illinois Tr & Say. 5,000,0 10,003,0 16h4e 1.6&4e
11512 Sept'1
Q-J Oct. '13, 134 180 185
7
/Leawood Tr at Say
Poop Gas L & C let 63-1943 A -0
200,0
116,2 7&2e
9934
"
100
1947 Ni- S i55" Sale
Q-J Dec 31'13,134 171 173
9953100
Refunding gold 59
6
300,0
LaktiViewTr&Sav
113,7
10114 Jan '1
100 102
Chic Gas L & C 1st 5a-1931 .1 - J 5100
LaSalleStTr&Sav 1,000,0
302,2 Beg, b us. Ma y'10
10112
§w, 10114
170
Consum Gas 1st 59_..-1936 J -D
275,0
4,5 Org.1) cc. 6 '12.
Liberty Tr & Say_
10012
0
n
10113 101
0
11.81 4
:
200,0
81,3 Org. S opt. 5 '12. V. 95, p. 503 110 119
Mutual Fuel has 1st 53 1947 N1-N 510014 Sale 10012
Market Tr & Sav_
9012 934
9334
59353 934 9333
250,0
59,3 Beg. b us.J'iy 1'12 V. 94, p. 489 160 165
Pub Sera Co let tel g 53_1956
aferc'ntileTr&Say
92
8
90
913
8
8
south Side Elm 4349-1924 .1 - J 5 913 Sale 913
Q-J Jan. '14, 4 437 440
10
Merchants'L & Tr 3,000,0 7,353,1 16
Jan'14
100 1014
1914 J - J 5 9978 ._ 100
200,0
73,8
Swift & Co let g 53
Q-J Jan.'14, 132 129 134
5
Mishigan Ave Tr500,0
Tr -City Ry & Lt coil
126,3 Corii.b us. Ap 10'l 1.V.92,p.1004 214 217
-Mid-City Tr &Say
9814 A nrir12
1923 a -0 ____
1,500,0 2,931,9
trust den a f 5s
Q-J Dec.31'13,2 314 310
8
8
Northern Tr Co
75 Dec '13
176,7
Union Elea (Loop) 53.-1945 4-0 577
J-J Jan.'14, 5 315 322
8
8
Nor-West Tr & El_ n250,0
100 May '12
y52,2 Beg. b us.J'ne 1 11 V 92, p. 1537 110 116
200,0
U 8 Gypsum 1s1 g 5s....1922 NI- 8
Old Colony Tr & 8
9038 Dec'13
1922 J - J 5i5ii4
241,9
500,0
Western Elm Co a
8 1812&2e Q-J Jan. '14, 234 285 290
People's Tr & Say
300,0
288.4
Q-J Oct. '13, 2 200
8
Pullman Tr & Say
-Accrued interest MUS t be added to all Chicago prices,
Note
3
200,0
50,4
Q-J Jan.' 14, 14 149 153
6
Sheridan Tr h Say
•Bid and ask pr ces; no sales were made on this day. t Jan. 13 (close of business) or national banks and Jan. 14 (open ng of business) for State institu ions. 5 No
price Friday; latest price this week. i Sept. 1 1911. ¶ Dividends not published; stock all acquired by the Continental & Commercial National Bank. a Due Dec. 314
b Due June. e Duo Feb. d Due Jan. 1. e Extra dly. k New stock. 1 4% of this is extra. nStockholders to vote Jan. 13 1914 upon increasing capital to 3300.000i ;
-J. with extra
the additional stock to be distributed as a 20% stook dividend. V. 97, p. 1799. s Sales reported beginning April 13. qDividends are paid Q.
-F. t Dec. 31 1913. vEx 24% accumulated dividend. w Increase in capital to $400,000 authorised Sept. 24, a cash div. of 73% being paid in
payments Q.
connection therewith. V. 97. p. 1000, 574. m Includes ex div. s Re-dly. and ex-stock dly. W 14 assessment paid. o Paid 67. reg. aid 134 extra on old capital
Stock of 6600,000 and 134% on new capital $1,000,000. sOot. 21 1913. sr Oot. 22 1913.
NAME.

Chicago Bond Record

1




Jai

444

BOSTON STOCK EXCHANGE-Stock Record.
STOCKS
-HIGHEST AND LOWEST SALE PRICES.

Saturday,
Jan. 31

Monday,
Feb. 2

Tuesday,
Feb. 3

Wednesday, Thursday,
Feb. 4
Feb. 5

Friday,
Feb. 6

Range since Jan. 1.
On basis of 100-share lots.
Lowest..

Highest. •

83 Jan 3
9078Jan 5
12 Feb 4
62 Jan 30
8
725 Feb 5
105 Jan 17
152 Jan 10
25 Jan 27
1565s Jan 9
85 Jan 5
115 Jan 9
6812 Jan 3
8712Jan 8

Miscellaneous
55
5412 5412 533 543
403 Amer Agricul Chom_100
54
4
4 54
0638 9614 9612 953 9613 9534 9614 1,005 Do prof100
4
378
313 312
334 334 1,120 Amer Pneu Service- 50
33
4 33
4
213
4 2113 2112 2112 2112 21
730
2112
Do pref
50
108
107 108
10713 103
107 10718
730 Amer Sugar Refin_100
11378 11312 11312 11334 114
11214 11312
292 Do prof
100
12212 12134 12234 1205 122
8
12113 12153 7,185 Amer Teiep & Teleg_100
_
Last Sale 1514 Dec'13
American Woolen_ _ _ _100
ivg 8214 823
8214 13
- 8212 - 82
8
655 Do pref
8212 82
100
823
8
65
65
65
85 *---- 643 *64
4
*64
77 Amoskeag Manufacturing
65
65
*9914 100
*9914 100
100 100 *100
100 100
35 Do pref
8
8
8
8
100 AU Gulf & W I 8 S L_100
4116
17
16
16
1513 1512 •1534 16
*1513 16
110 Do pref
100
1314 1314 *1234 1313 13
1314 13
1438 1312 1312 1,690 East Boston Land
10
257 25712 257 25714 257 257
255 257
408 Edison Elec Illum_100
25512 25512
14713 14712 14713 14813 143 14812 148 148
14712 148
510 General Electric
100
10131 10134 1013 1013 101 10134 10112 10112 10112 10112
4
4
314 McElwain( WII)1st pf 100
93
9338 9338 9338 9312 9312 9312 0312 9312 935
854 MassachusettsGasCosl00
8
9313 9312 03
9312 9313 9312 93
9312 93
530 Do pref
9312
100
215 215
216 216
21518 216
216 216 *21512 217
44 NIorgonthaler Lino_100
Last Sale 3
.212 314 *213 314 .212 314
Mexican Telophono_ 10
Jan'14
$713 40
3712 33
3712 3712 .3712 40
577 Mississippi Mlv Pow_100
3712 38
.70
7312 *70
7312 •70
7312 *70
7312 70
70
10
Do
pref
100
*25
*25
*25
30
80
30
Last Sale 25
N E Cotton Yarn_ _ _ _100
Jan'14
*63 ____ **68
_ .
68 ____ 68
68 .
5 Do pref
68 -100
14012 141 .140
*140
*140
14014 141
207 N E Telephone
100
158 15614 16614 15614 155 156
156 156
155 155
132 Pullman Co
100
18
18
IS
18
*18 ____ •181s 1812 1813 1812
145 Reece Button-Hole.,.. 10
10612 107
107 107
10612 10714 107 10712 107 10712
275 Swift & Co
100
28
23
28
28
28
28
28
23
28
139 Torrington
28
25
28
*28
29 .
29 •
29
*28
29
28
2813 2813
15 Do pref
25
*134 2
.138 2
17
8 2
17
s 17
325 Union Copper L & M 25
8 .238 278
16714 183
16712 163
168 1633 169 17012
188 189
United Fruit
724
4
100
5334 5513 5614 5713 5812 57
5334 55
5612 5612 7,118 Un Shoo Mach Corp.. 25
2312 2812 2812 29
2834 29
2812 283
889 Do prof
4 2818 2812
25
66
667
8 6512 6612 6512 665
8 6514 66
6513 6558 13,936 U S Steel Corp
100
11014 1103 1105 11114 11138 11138 11034 1103
11034 111
8
4
199 Do prof
100
4

4714 Jan 2
91 Jan 3
212Jan 27
17 Jan 2
103 Jan 8
111 Jan 19
11718 Jan 8
-----76 Jan 3
60 Jan 21
9812 Jan 10
8 Jan 5
15 Jan 5
10 Jan 20
246 Jan 3
13912 Jan 3
9912 Jan 2
8918 Jan 2
90 Jan 3
21114Jan 3
3 Jan 28
3112Jan 8
6712 Jan 19
25 Jan 10
88 Feb 5
133 Jan 3
151 Jan 7
18 Jan 7
10412Jan 3
28 Jan 8
2712Jan 7
1'/,Jan 19
16212 Jan 3
533 Fob 2
4
23 Jan 9
5712Jan 8
1057 Jan 5
3

99
03 8
7
10034 10033
195
195
84
85
172 *167
5012 49
*255
1 - *7
E
10
65
*60

987
8 9914
10038 101
195
195
85
84
172
168
50
4914
_ .255
•7
15
65 .60

9914 *9858 99
983 9353
3
10113 *101 10113 10012 10013
195
195 *190 19312
84
84
83
85
84
169 169
168 *167 172
49
50
4914 4712 49
*255 __- *255 ____
Dec'13
DM Sale 7
15
Last Sale 60 Jan'14
65
Last Sine 613 Nov'13
;55" 40 ;55" "46" ;55" "id" ;55" 10- Last Sale 40 Jan'14
*163 165 *163 165
163 163 *163 165 *163 165 *163 165
105 10513 10512 10512 10512 10512 *105
*10013 ---- *105
*186 ____ *186
*186
*188
Last Sale 200 Jan'14
9212 9212 *92 - - 93
95
93
"ii" 92 9212 92 442
*12012
*120 122 *120
*119
Last Sale 11912N0v 13
*84
85
*84
843
4 8414 85
*3434 i8- 8512 853
4 853 853
4
4
•____ 08
*06
98 .96
98
98
*95
96
98 .
95
98
*12
1313 1253 1258 *____ 1212 12
12
12
12
64
64
04
64
63
6312 62
63
623 623
4
4 623 623
4
4
75
7578 7412 7512 7412 75
73
7412 7233 7312 73
7414
.
110 115 .110 115 .110 115 *110 115 *110 115
110 112
165 165 .164 165 .164 165
165 •___ 165 *
_ 165
.25
28
25
2512 28 •
25 .
25
28 .25
28
28
1633 1633 *16233 163
4
4
1623 1623 *16278 16314 *16234 163 *162 16214
4
4
.
8513 8512 *8412 85 .85
8512 *3553 86
Last Sale 85
Jan'14
.125 135 *125
.125
_ *125
130 130 *125 130
*72
74
*72
74
*72
74
73 731- 73
73
73
4
7312
91
91
*91
92 .
92
93
*92
*92
95
95
03
93
5514 55
9012 96
4
334
22
2178
103
103
11334 11334
12414 12013

82
83
.64
65
*9914 100
814
*15
1614
1314 1312
25713 25712
14612 14734
.101 102
9312 9312
*93
9312
*215 216
.24 314
*3713 40
*6813
.25
30
4108 --•13913 __
156 15612
18
13
107 107
*2713 28
*28
29
153 158
183 16912
65
5512
2834 29
6612 6711
11014 11034

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Atch Top & Santa Fe_100
Do pref
100
Boston & Albany
100
Boston Elevated
100
Boston & Lowell
100
Boston & hIaine
100
Boston & Providence_100
Boston Suburban El Cos_
Do pref
Boston & Wore Elec C•33_
Do pref
18 Chic June My & USY_100
Do pref
65
Connecticut River_ _ _100
140 Fitchburg pref_
100
Ga My & Elec stmpd _100
Do pref
113
100
Maine Central
100
210 Mass Electric Cos
100
857 Do pref stamped _100
2,840 N Y N ii & Hartford_100
Northern N II
100
11 Old Colony
100
5 Rutland, pref
100
45 Union Pacific
100
Do pref
100
10 Vermont & Mass
100
108 West End St
50
63 Do pref
50

985 9853 *9334
8
4110014 10012'100
195 195 *194
853 8612 x83
4
*167 173 *167
50
51
49
255 255 *255
*7
15
*7
60
65
*60

55
96
378
2134
10734
11334
12312

Sales of
the
Week.
Shares,

55
0613
4
22
10812
114
123

74
174
76
457
6
1,743
12

*54
9534
312
2134
10718
11314
121

9638 Jan
9738 Jan
187 Jan
83 Jan
155 Jan
43 Jan
250 Jan

15
15
17
26
2
5
5

60 Jan 19
37 Jan
163 Jan
10434 Jan
185 Jan
80 Jan

Range for Precious
Year 1913.
Lowest.

Highest.

8534 Feb 6
97 Jan 13
14 Jan 23
6612 Jan 24
777 Jan 2
8
112 Feb 6
165 Jan 30
30 Jan 8
1633 Jan 31
4
85 Jan 5
130 Feb 5
75 Jan 23
93 Feb 6

9112 Oct
953 J'iy
4
183 Dec
82 Nov
150 Dec
35 Dee
23813 Dec
7 Sep
5712 J'ne
5 Feb
3612 Dec
162 Sep
10112 J'ne
200 J'iy
68 Dec
z115 Aug
8212 J'ly
91 Dec
1012 Dec
63 Dec
6534 Dec
100 Dec
150 Dec
25 Aug
13913 J'ne
8012 J'ne
105 Dec
6714 Dec
85 J'ly

10614 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan 1
97 Jan ;
290 Jan 1
1612 Oct
65 Mch
714 Ntch
45 Jan
166 Feb
107 Mch
260 Jan
122 Feb
126 Feb
88 Sep;
110 NIch
1333 Feb
79 Feb
130 Jan
130 Feb •
17612 Feb I
3
6 Mcll
16214 Jan
9012 Jan
150 Feb
8112 Feb;
100 Jan I

57 Jan 22
9712 Jan 23
4 Jan 31
22 Jan 31
11014 Jan 2
114 Jan 21)
124 Jan 24
•
__ _
83 Jan 26
65 Feb 2
100 Jan 22
9 Jan 23
1634 Jan 16
1438 Feb 5
259 Jan 20
14812 Feb 3
102 Jan 23
9358 Feb 6
9312 Jan 30
216 Feb 3
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1834 Jan 22
10712 Feb 5
29 Jan 10
2012 Jan 20
2 Feb 4
17012 Feb 8
4Jan 8
573
29 Jan 23
6714 Jan 31
1123
8Jan 26

41 Sep
8912 Dec
213 J'ne
16 Nov
9912 Dec
10818 Dec
11014 Dec
1514 Dec
74 May
59 May
923 J'Iv
4
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
80 Nov
70 Dec
17 Apr
637 Apr
8
121 Dec
149 Dec
1412 Apr
101 J'ne
26 Sep
26 Sep
34 J'ne
147 J'ne
4112 J'ne
2638 J'ne
50 J'ne
10213 J'ne

57 Jan
9914 Jan
4i2 Jan
2331 Jan
118)2 Jan
11714,Feb
14012 Jan
21 Apr
837 Sell
3
75 Jan
100 Jan
1218 Aug

9978 Jan
10118 Feb
195 Jan
0113 Jan
169 Feb
55 Jan
255 Jan

26
4
5
16
6
12
27

60 Jan 19

5 40 Jan 26
15 163 Jan 15
5 10512 Jan 20
10 200 Jan 24
10 93 Jan 28

Mining
4;134 218
2
w834 J.ne
2
1 May
13 1%
4
625 Adventure Con
nineeic
13
4 17
8
13
4 13
4
134
134
2 Jan 22
112 Jan 2
25
*290 300 *280 290 *289 290 *290 800
La Sale 290 Jan'14
Last
Decona
:
. 955142 N
211
25 270 Jan 7 290 Jan 14 280 JM vey
2313 233
2212 23
2278 2358 2258 2278 2212 23
3 2212 23
Alaska Gold
9,860
8
10 2012Jan 3 237 Jan 22
134
.13,2 13
1% 1% *118
4 .158 154 *114
112 *114
112
100 Algoinah Mining___- 25
154 Jan 20
1 Jan 21
*38
3914 40
3312 3813 3812 38
4112 4012 41
4012 4012 2,005 Aliouez
41 4 Feb 44
7:
82
Jan
763 7711 7814 7714 7612 7712 767 7814 7512 7714 763 7634 8,282 Amalgamated Copper 100 3113 Jan 9
4
62 J'ne
3
8
Feb
25 7
3
2114 2114 2034 21
2078 2073 2012 2118 2014 2012 2014 2014 1,255 Am Zinc Lead & S. 25
3Jan 30
m
1812Jan 2 213
518 5 8
512 514
518 514
3
5
514
5% 538
5
512 4,635 Arizona Commercial_ 6
2Jan 31
Jan 10
53
4
4
4
4'/
4
418
4
4% 4%
4
418 *4
825 Bute-Balaklava Cop 10
418
812Jan 3
418 Feb 2
357 3613 354 36
8
3512 3
3533 3613 353 38
6
8
3512 12,399 Butte & Sup Cop(Ltd) 10 31i2Jan 3 3812 Jan 31
35
1211 jj inY
8: J'ne
1
87
68
4 6812 6912 68
673 6314 6734 6814 6818 693
4
5612 J'ne
6878 8,268 Calumet & Arizona- 10 6212Jan 10 693 Feb 4
4
435 435
435 440 437 440
445 452
445 450 444 445
132 Calumet & Ueda
25 410 Jan 9 452 Feb 4
17
17
18
18
17
1812 19
17
•1713 1812 18
885 Centennial
18
25 14 Jan 9 19 Feb 4 33314 D:0
10 J iie
9
n
c
42
42
42
4253 42
43
4234 4312 427 4312 4212 4234 1,700 Chino Copper'n
3
e
39
39
39
3938 3918 3914 3973 4034 40
4014 3912 40
1,684 CopperRange Con Co 100 3 Jan 8 4331 Feb 4
0
8214 Deo
3
5
6
3
9
0 FebFe
:
*213 3
*213 3
*212 3
*213 3
*213 3
10 Daly-West
3
20
3
2 Sep
214 Jan 6
3 Feb 8
1214 123
8 1214 1238 1214 1238 1212 13
1214 127
8 1214 1214 1,935 East Butte Cop Min.. 10 1203142 Jan 5 13 Jan 26
25
• *4
412
414 412
414 414
4
414
412 413
414 438
850 Franklin
212 Dec
8
412 Feb 4
88
8413 8538 8514 89
90
8834 91
89
0014 89
8912 11,987 Granby Consolidated_100 734 Jan 9 91 Feb 4
51 J'ne
40
4078 3912 4014 3912 4014 3913 42.38 4034 4112 407 4118 2,746 Greeno-Cananea
2758 Oct
8
100 2934Jan 8 4238 Feb 4
1912 1912 20
2012 20
2012 2078 22
2013 21
2012 2058
805 Hancock Consolidated 25 16 Jan 8 22 Feb 4
12 Nov
*29
29 *____ 29
29
Last Sale 29
Ifedley Gold
8 an
Jan'14
7 jl y
2714 Ju l
10 29 Jan 21 29 Jan 21
41.40 -.40 .50 *.40 .50 .%40 .50
.bo •
1
Last Sale .40 Jan'14
H elvetia Copper
25
.35Jan 20
12Jan 8
*514 53
8
3 Oot
514 514 *514 513
340 Indiana Mining
514 512
513 512 *514 512
25
6 Jan 26
413 Jan 10
48
48
473 43
48
4
43
4414 J'ne
48
48
*4712 4813 48
280 Island Creek Coal
48
1 47 Jan 12 4958 Jan 21
*85
8512 843 8512 8513 8614 *8513 8614 8614 8614 86
4
8612
Do pref
345
24
84 Jan 14 87 Jan 242
2112 2112 213 2134 2112 23
4
23
24
10 J'ne
2314 2312 2212 2212 1,834 Isle R
Royale Copper_ 25 1812Jan 3
1
6
5
4% 5
4% 5
'
a
5 Jn
9 N Y
1 '
7258 j ov
47
8 5
47
8 5
47
8 478 1,227 Kerr Lake
10 6 Jan 20
5
4 33
4
334
Aug
3 8 33
5
4
37
,2 4
680 Reweenaw Coper
4 Jan 27
255
4 4j n
2:I Jan
p
37 4 33
7
/
4 *312 3 13
31012 Jan 334
4 94
' 63
8
10
93
1014
4 9 8 *93 10
7
4
95
830 Lake Copper Co
8 97
93
16
91
8
2
255
7 Jan 3
*43
4 5
43
4 43
453 458 *434 478
4
J'ne
458 458 ---- ---00
5 Jan 26
- La Salle Copper
*313 37
8 .358 378 .31j 33
8
372 378
31
4
8ov
80 Mason Valley Mines.. 6
4 Jan 16
333 33
8 *312 3 3
418 j n 15
338 Jan 2
7*3
3 14 *Vs 313 *27
3
318
8 313
3% 314
415 Mass Consol
9314 n 29
13 Nov
4
b 5
25
3
3
214 Jan 5
813 813
834 83
4 *813 83
812 9
4
814 812
880 Mayflower
5 Nov
Jan
8
8
25
6tA Jan 9
2334 2334 24
24
*2353 237 *233 24
3
*2314 2312 2312 2312
4
160 Miami Copper
1
24 .iieon
2013 J'ne
6
1, IF,a:nnb 1
1 Jan 5 A,:
25 2154 .J.an 27 245, Jan 2
112 .1
114 .1
118
*1
114
118
114 .1
1
110 Michigan
112
Dec
43
44
45
4412 4412 45
45
46
841 Mohawk
4412 4434
45
46
1614 1614 1618 1618 1612 1612 1613 1658 1614 1612 1614 1638
859 NevadaConsolidated- 22 12 ian 2 iii
434 ab
.
318 314
33x 332
4
3% 338
338 358
12 J'ne
3,645 New Arcadian Copper 25
338 338
4 Feb 6
338 4
178 Jan 14
vs 713
714 713
7
7%
7%
7
634 718
5
612 Feb 0
818 Jan 22
613 634 6,555 Nipisaing Mines
714 Nov
29
2913 233 283
2914 3034 30
4
4 2334 29
11,600 North Butte
4
203
2134 J'ne
4 2912 80
15 2714 Jan 6 303 Feb 4
O213 23
238
4
212 258 .25
213 212
210 North Lake
$ 2
5
258 Feb 4 .99 May
25
.214 234
134 Jan 6
2
2
*112 2
134
134 *113 2
*113 2
100 0,11bway Mining
.90Jan 14
2 Jan 23
*112 134
25
12 J'ne
478 5
533
5
514
514
5
5
5
5
458 434 2,205 Old Colony
25
353 Jan 3 5% Jan 28
3 Apr
8 52
5214 523
5214 5154 5213 5234 54
53
54
53 53
911 Old Dominion Co.-- 25 50 Jan 5 54 Feb 4
4134 J'ne
15
80
80 4 8112 82
3
8113 84
8112 82
83
84
971 Os eola
8158 8212
,
25 73 Jan 14 84 Feb 4
6714 Dec
20
20
20
20
1958 20
4
193 2018 1912 1913 1914 1914 1,414 Pond Creek Coal
8
10 1834Jan 3 207 Jan 22
84
64
6412 65 .84
65
65
6714 67
68
66
6814
396 Quincy
25 60 Jan 3 68 Feb 5
5214 Dec
' 1918 1953 .1914 1912 1912 1912 197 20
$
20
2018 20
2018
370 Ray Consol Copper_ 10 1734Jan 10 204Feb 5
1514 J'no
*3534 3612 *3637 37
3714 38
37
3714 37
390 St Mary's Min Land.. 26 32 Jan 3 38 Feb 4
37
1 j ove
80Nn
*2
218
2 - 4
2
*2
1q
2
2IA
218 .2
2
218
600 Santa Fe Gold & Cop- 10
112Jan 7
214Jan 27
7
88 7
678 7
7
7
634 83
4
8 7
67
678 678
920 Shannon
818 Jan 8
7 Jan 30
10
5 Dec
2812 2812 2812 2812 28
2814 2813 293
4 2812 2914 2834 2834 1,571 Shattuck-Arizona
10 2612 Jan 8 293 Feb 4
4
21 Feb
•.20 .25 *.20 .25 '
Last Sale .20 Jan'14
0.20 .30 *.25 .35
South Utah M & 8...... 5
.20 Jan 27 .15 Aug
.20Jan 3
2814 2814 2813 2812 2834 30
3012 3013 3112 30
30
3012 2,450 Superior
25 2578 Jan 3 3112 Feb a
21 Nov
213 213
238 212
238 238 *214 212
4 213
910 Superior& Boston Cop 10
214 Jan 30 2%Jan 23
1% Jan
3113 82
32
32
3813 3613 3712 -5ii2 16- 2,748 Tamarack
3114 35
35
2212 Jan 9 3812 Feb 4
14 n
J'ne
•45
8 5
458 43
4
*434 5
458 434
45
8 47
8 *413 6
407 Trinity
512 Jan 23
231
.80 .80
.80 .80 •.75 .80 1,000 Tuolumne Copper
.80 .80
.80 .80
.75 .78
.55Jan 5
.80 Jan 31 .50 Dec
1
4314 425 43
4312 43
4214 4234 42 '42
8
4134 43
43
4,416 U S Smelt Ref & Mln.. 50 885 Jan 14 4312 Feb 4
8
84 J'ne
4818 4818 48
431
4 4813 483
483 4812 4813 483
8
4 485 487
3
2 2,988 Do pref
50 4612Jan 9 487 Feb 8
8
4512 J'ly
*212 214
238 258
238 212
212 24',
233 2%
212 212 8,285 Utah-Apex Mining- 5
258 Feb 5
134 Jan 27
14 May
10
10
10
034 10
10
.034 1014 10
1018 10
10
605 Utah Consolidated- 5
834Jan 8 1014 Jan 27
714 May
6518 551 *5514 553
4 55
8 5518 5514 55
8
5518 555 555
55
424 Utah Copper Co
10 4912Jan 10 5553 Feb 4
40 J'ne
0114
134
158 158 .112 134 •158
13
4
15
8 Ps *15/3 13
75 Victoria
25
118 Jan 9
4
13 Jan26 .90 J'ne
4
412 412
412 41
4
413
414 412
4
418 1,305 Winona
37
8 418
212Jan 8
"5
4l Jan 80
3 Sep
4
*45
4613 45
4712 47
4513 46
47
46
4718 48
4812
273 NVolverine
25 44 Jan 8 4712 Jan 21
8914 Nov
.1
118 •1
112 •1
112
113
114 *1
118
11s
113
225 NVvandott
25
34 Jan 22
114 Jan 24 .40 J'ne
.
'Bid and asked prices. _ i Assessment paid. 0 Ex-stock dividend. li Ex-rIghto. a Ex-dividend and rights. s Unstamped. •2d
paid. so Hall paid.




1
5,

1912 Aug

15 Feb
28812 Jan
18634 Jan
104 Jan
9313 Jan_ ;
9558 NIcil
220 son ,
312 Fell;
4114 Sep I •
7012 Deo .
50 Apr
9113 Jan
160 Jan ,
16512 Jan
18 Sep ;
103 Mch'
2812 Jan
2814 Jan 1
2 Jan I
182 Jan
653 Feb I
4
2813 Feb ;
69 Jan 1
111 Jan
8 Jan
330 Jan
2438 Oci
214 Jan
4214 Jan
50 8 Sep ;
,
327 Feb
s
512 Sep
13 Oet ;
45 Jan ;
7213 Jan ;
555 Jan'
18 Jan
4713 Jan I
63 Jan;
4 Jan 1
1513 Jan I
9 Jan 1
7814 Sep 1
3512 Aug
25 Jan 1
85 Apr ;
3 Jan
4
17 Jan i
59 Jan
8712 Jan
33 s Jan
7
4% Nov
353 Feb
2613 Jan
514 Jan
1012 Jan
5 2 Jan
,
1514 Jan
2612 Jan
2 Apr ,
65 Jail I
1934 Jan
212 Jan 1
912 Melt
8412 Jan 1
23 Jail
4
314 Jan
83 Jan
3
5 Jan
6
107 Jan
2814 Jan
80 Jan'
22 Jan ;
4 Jan
8
3% Aug
1312 Jan
31 sop
.35 Jan
401: Jan
41438 Feb
38 Jan'
6 Jan
312 Jan
4312 Jan
50 Jan
278 Sep

114 Jan

60 Jan
2 Jan

413 Jaa\
76 Jan

112 Jan

FEB. 7 1914.1

445

Boston Bond Record
Price
Friday
Feb. 6

UONDS
BOSTON STOCK EXCHANGE
Week Ending Feb. 6
Am Agrictil Chem 1st 5s___1028 A-0
Am Teiep & Tel -oil tr 4s_1920 J -J
Convertible 4s
1936 WS
20
-year cony 4 As
1933
Am Writ Paper 1st s f bs g_1919 J--J
Am Zinc L & S deb Ge
1915 M-N
Atch Top & 8 i e gen g 0_1905 A-0
Adjustment g 4s—July 1995 Nov
Stamped
July 1905 M-N
1955 J-1)
50
-year cony 4s
10
1917 J-1)
-year cony 5s
Atl Gul & W 1 SE Lines 58_1959 J-J
Bos & Corb 1st cony s f 6s 1923 M-N
1935111-N
Boston Elev 3 - r g 4s
1916 J -J
Boston & Lowe.' 4s
1944 J-J
Boston 8; Maine 4 3-6s
1942 F-A
Plain 45
1918 J -J
Bur & Mo Illy cons Os
1951 J-1)
Butte El & Pow 1st 5s
Cedar Rap 8: Mo Itly 1st 78 1916 IVI-N
Cent Vermt 1st g 4s___May 1920 Q-F
1910 A-0
0 B & Q Iowa Div 1st 5
1919 A-0
Iowa Div 1st 48
1922 F-A
Denver Exten 48
1927 M-N
Nebraska Eaten 4s
1921 VI- S
B&SW al 4s
1949 J -J
Illinois Div 334s
Chic Jct By & Stk Yds 5s_1015 J -J
Coll trust refunding g 4s_1940 A-()
Ch Milw & St P Dub 1)6s 1920 J -J
Ch M & St P Wis V div 6s_1920 J -J
1031 M-N
Ch & No Mich 1st go 5s
1921 J -D
Chic & W Mich gen 5s
1920 J-1)
Concord & Mont cons 4s
1940 A-0
Copper Range 1st bs
Cudahy Pack (The) lag 5. 1924 M-N
1926 A-0
Current River 1st 5s
1946 A-0
Dot Or Rap & W 1st 4s
Dominion Coal 1st s f 5s
1940 M-N
1927 "4-S
Fitchburg 4e
Fremt Elk & Mc, V 1st 6s 1933 A-0
Unstamped 1st Os
1933 A-0

Week's
Range or
Last Sale

Range

2
04,

Year

1913.

High No. Low High
Ask Low
5934 Apr '13
99 102
8978 89 8414 891:
89% Sale 8914
10338 Mch'13
10212 106
34 8934 10411
99
:
971 98 9712
8278 Oct '13
8278 82%
10312Jan '14
104 104
951,
9513
9514 00
7 92 98
858 Jan '14
8334 84
8414 8512
8414 Aug '13
947 Jan '14
97 07
10014 Dec '13
10014 10014
68
58 59 67
6712 Sale 6612
_ 50 85
- - 50 May'13
85 87 8312 Jan '14___
975 ---- 10014 Meli'09-8
10411 Oct 'Os _ _
--95 Feb '12 ____
101 Jan '14 __ 101 102
101
_
10114 ',rue'13
10414 10414
85
14 82 8934
85 ---- 8312
11u3 Oct '07____
---- 08 May'13
95 98
9814 100
9714 — 0814 Nov '13
0514 Jan '14 _- ......
9812 Dec '12
83 J'ly '13
83 8513
9978
4
;
-663 1001 9934
9814 1004
32 84 81 Jan '14 ____ 79 861:
107 J'ne'13
107 11038
1134 Feb '11
82 ___ 80 Dec '13
'if" "id
91 94 91 Jan '14
90 98
9312 _ _ _ 9712 Sep '11 ____
92 95 Ain '13
95 95
------ 10014 Aug'12
"ii""O.
78 79 92 J'ly '13
9812 9912 78 Jan '14
9912
99
if" 645;
95 Oct '12
119
122 Feb '13 ____ 122 122
122 Nich'12 __

Bid

Price
Friday
Feb. 6

BONDS
BOSTON STOCK EXCHANGE
Week Ending Feb. 6

Week's
Range or
Last Sale

Range
Yea
cl

Low
High No
General Motors 1st 5-yr 68_1915 A-0 10014 1001 9938 Apr '13
:
Gt Nor 0 B & Q coil tr 4s_1921 J -J
8
9678 971s 967
9718 24
Registered 4s
1921
965
8-- 9512 Jan '14
Houston Elec 1st s f gen 5s_1925 -A
-3
la Falls & Sioux 0 1st 7s
117 AP1•16i
1917 A-0
Ran 0 Olin & Spr 1st 5s
_ 91 92 Feb 13
1925 A-0
Ran 0 Ft Scott & Mem 6s 1928 M-N 110 Sale 110
110
12
K C Ft S & Al Ry ref 4s gu_1936 A-0
763 Jan '13
8
Kan 0 AI & 13 gen 4s
85
85
1 934 M-S 85 _
Assented income 58
. go
. 78 Nov'13
1934 M-S
Man 0 & Al Ry & Br 1st 5s..1929 A-0 9634 100 9634 Jan '14
Marc; Rough & Ont 1st Gs 1925 A-0
115 ,J'ne'OS
Mass Gas 430
9534
4
9534 96 953
1929 J-J
Deben 43(s
4
94
Dec 1931 J -3 9412 95 94
Mich Telephone 1st 5s
1917 J -J -___ 9912 97 Aug'13
Miss River Power 1st 5s
4
8512 Sale 8512
853 -7
4
1951 J-J
New .Eng Cotton Yarn 5s_1929 F-A
8912 Dec'13
New Bug Teleph 5s
1915 A-0 993 ---- 100 Jan '14 ._
4
58
1932 A-0 10134 Sale 10112
1013
4 27
New River (The) cony 5s 1934 J -J
80 Jan '14
N Y Nil & 11 con deb 330_1956 J-J
75 Jan '14
Cony deb 6s
117
117
1948 J -J
Oreg Sh Line 1st g 6s
10918 Jan '14
1922 F-A
Pond Creek Coal 1st Os _1923 J -D
106
1061
:
Puget Sd Elec Ry 1st 5s
88 Jan '14
1932 F-A
Repub Valley 1st s f Os
103 Jan '11
1919 J -J
Savannah Mee 1st cons 5s 1952 J-J
7014 Dec '10
Seattle Elec 1st g 5s
10012
10012
1930 F-A IT(i618
Shannon-Ariz 1st Gs g
1919 Al-N 9314 951, 9314 Jan '14
Terre Haute Elec g 55
1929 J -J
97 Apr '07
Torrington 1st g is
1018 M-S
10034 Mch'13
Union Pac RR & Id gr g 48_1947 J-J
9514 Nov'13
20-year cony 4s
1927 J-J
90 J'ly '13
9513
9513
United Fruit gen s f 4 3-5s
1923 J-J
9912
Debenture 4 3s
1925 J -J
9434 95 9412 Jan '14
U S Steel Co 10-60-yr 58 Apr1963 1/1-N 10214 103 10214 Jan '14
West End Street By 4s
1915 F-A
9818 Jan '14
9938 Dec '13
Gold 4 3is
• 1914 M-S
1916 M-N
985
8Jan '14
Gold debenture 4s
1917 F-A
9134 Nov'13
Gold 4s
98 99 9834
994 32
1932 J-J
Western Teleph & Tel 5s
934 Feb '12
Wisconsin Cent 1st gen 4s_1949 J-J
Ilia

Ask

V

--

1913.
Low High
9938 99 4
2
93% 9614
9312 9578
02 92
10758 113
764 7624
9012 9011
78 80
95 10134
04 7F9314 99
97 99
7912 8112
8912 93
101 101
9812 102
87 80
73 73
1063 12612
4
icii" lift;
88 88
kir jail;

90 92
_ _ i565;1564
_ 90 90
9514 952e
92 9614
92 954
9878 101.4
97 97
9914 9924
97 9718
9632 903s
92 1004

NOTE.'
-'Buyer pays accrued interest in addition to the Purchase price for all Boston bonds. • No price Friday; latest bid and asked. 11 Flat prices.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
WARE PRICES
-NOT PER CENTUM PRICES
Saturday
Jan. 31

Monday
Feb. 2

Tuesday
Feb. 3

Wednesday
Feb. 4

Thursday
Feb. 5

Friday
Feb. 6

105
106 10612 105 106
10312 106
106 106
*106 107
112 112 *111 11212 *____ 11212 *110
*11012_ .111 113
1712
18
18
18
18
- 19
4
1912 1712 19
1814 183
59
5958 5938 5912 *5812 5912 59
5912 5914 60
' 89
____ _
_
__ ____
_ ____
_
____
_ *115
____
io 1012 21 Zus 2134 Ziati 215 8 2I
, ;le ____
5418 55
5412 55
*57
__
- *5612 . __-*53
26 -2
018 26
26% 25% 26
25726 20
257 - 8 2512
,
, ;58
- 5014 5014
i
•-:- .7.:, 5.1. ..06
r 40
41
' 79
79
•, *1212 13
2234 2314
% 8312 8313
, *77134 775
4
20
c 20
* 8334 333
4
8
, 575 5734
*4234 4312
\ 2814 2614
, 1812 1812
84
% 8514
74
' *7
:4614 4614
8
855s 855

*38
39
6014 5012
--.;-;- ,:_-:Do%
OS
8958 40
*7812 79
123 125
4
4
2212 2278
*83
8313
7712 7734
1934 20
3312 3312
4
215678 573
44
*43
2614 2614
1812 17
.
8414 841 e
7
4614 4612
4
853 853
4

3938
8812 38 8 39
,
39
39
50
6012 4934 50
5014 5038
- --- __
-- ---:
-----548
63.4 1514 154
40 40
40
4114 4034 4114
7812 7834 783 703
4
4 7912 80
8 1212 1212 *1214 1234
*1214 125
2212 2234 2234 23
*2212 23
*8314 8412 84
8412 *833 8412
4
77
7718 7714 77X, *7612 7634
20
20
2058 2012 2012
20
34
34
4
3358 338 333 34
5638 563
4 561 ( 563
34
4 5614 563
4
4312 4312 434 4412 4434 4518
27
4 267 27% 27
264 263
1838 *1814 1813
1812 1813 18
,
8 8414. 8412 84;( A,
6846
83% 843
718
7
Vs
7
7if,
7
46
46
4638 46
48
40
8512 8534 8534 853
4
853 8534
4

*3914
407
*1112
5334
41
7934
*1214
*2212
8412
767
2018
3334
66
45
2654
18
835
8
7
455
4
854

10512
112
1712
5913
119
____
- 7
25 3

3934
60
12
541
:
4114
80
1234
23
8412
767
2014
3334
56',f,
4654
27
18%
837
8
7
464
8638

Sales
of the
Week
Sales.
1,146
60
4,255
304
277
95
1,418

ACTIVE STOCKS
Range Since Jan. 1
(For Bonds and Inactive
Stocks see below)

Lowest

Highest

Range for Previous
Year (1913)
Lowest

Baltimore
Con Gas El L & Pow-100 10312 Jan 22 108 Jan 26 101 J'ne
jpref
100 109 Jan 3 112 Feb 3 101 J'ne
Do
1312 Jan 3 1912 Feb 2 1212 Dec
100
Houston Oil tr ctfs
Do
pref tr ctfe_l00 6612 Jan 7 60 Jan 19 5612 J'Iv
Northern Central__ 50 115 Jan 22 120 Jan 2 10612 Dec
Seaboard Air Line___100
173 Jan 6 22 Feb 5 1412 J'ne
4
100
46 Jan 2 55 Feb 2 4113 J'ly
Do
pref
United Ry & Electric- 50 2412 Jan 7 2614 Jan 29 23 Jan

Philadelphia
American Cement__ 50
-50
143 American Railways
50
3,495 Cambria Steel
Electric Co of America 10
5,582 Elec Storage Battery_l00
100
6,020 Gen Asphalt
pref
Do
100
1,890
110 Keystone Telephone_ 50
1,360 Lake Superior Corp_100
223 Leh 0 & Nay tr ctfs_ 50
50
139 Lehigh Valley
1,322 Lehigh Valley Transit 50
50
pref
Do
1,120
50
1,598 Pennsylvania RR
50
4,132 Philadel Co (Pittsb)
9,870 Philadelphia Itlect¶.._ 25
60
760 Phlia R T vot tr ctfs
50
5,939 Reading
1
2,971 Tonopah Mining
50
888 Union Traction
832 United Gas'rapt— 50




8ga-dividend. 1 $15 paid. 4 $1734 paid.

¶2212 paid.

120 Jan
12034 Jan
2513 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
275 Apr
8

_ _...__
2 Feb
2 Feb
_...._
3938
3754
-__- Jan 5 - _- Jan 28 37 J'ne 24912 Feb
3
4
474 Jan 9 513 Jan 21 41 J ne 533 Jan
1218 Jan
11 Jan 15 1114 Jan 27 1114 J'ly
5414 Jan
4612 Jan 6 554 Feb 2 4212 J'ne
427 Feb
8
3612 Jan 9 4114 Feb 4 33 J'ne
78 May
7434 Jan 5 80 Feb 5 7033 J'ne
934 J'ne
1312 May
11 Jan 3 1312 Jan 15
311i Jan
21 Jan 8 2314 Jan 31 21 Dec
8318 Jan 3 8434 Jan 22 81 J'ne 9313 Jan
4
7438 Jan 3 7818 Jan 24 7058 J'ne 84;f Jan
1812 Jan 3 2058 Feb 4 153 Jan
4
2378 Mch
3013 Jan 3 34 Jan 29 2912 J'ne
3712 Mch
5438 Jan 3 573 Jan 81 534, Dec 61% Jan
4
50 Jan
4
39 Jan 6 463 Feb 6 37 J'ne
257 Jan 5 2718 Feb 4 12012 J'ne 112818 Dee
2812 Jan
18 Jan 23 2018 Jan 15 18 Nov
834 Jan 3 8618 Jan 23 7558 J'ne 85% De.
4 J'1Y
712 Jan 14
7if, Dee
(352 Jan 5
5112 Jan
45 Jan 3 47 Jan 15 4134 Nov
4
9112 Feb
8234 Jan 5 86 Jan 28 803 J'ne

BALTIMORE
Bid Ask
Bid Ask
Bid Ask
PHILADELPHIA
PHILADELPHIA
PHILADELPHIA
---Ph & Read 2d 5s 1933 A-0.. —
Bonds
--_ Coal &0 fly 1st bs'19A-0
Inactive Stocks
-A
Ex Imp M 4s 1947_A-0 ____ Coal & I By 1st 5e'20 F
Prices are all "and
1 - __i_ _
Amer Gas warrants....
Terminal 58 g 1941 Q
-P 114 ____ Col & Grnv 1st (is 1916 J4
interest"
5
7
8
American Milling
_ _ P W & B col tr 46'21-34 _-_ 9814 Consol Gas 5s 1939-J-D
10112 Alt & L V Elec 4 3-is'33F-A ___
100 Amer itys pref
A-0
Gen 43.is 1954
Am Gas & Elec 5s'07_F-A 8514 "8513 Read Trac 1st Os '33_ J-J
ao El;
Cambria Iron
-is
Oentral Coal & Coke_-100 ---- -___ Am Rye 5s 1917_A-0 ___ ____ Roch By & Leon be '54J-J ___ ____ Cons0 E & P 43 '35 J-J
__ Ati 0 Gas 1st s f lie '80 J-J ___ _ ___ Spanish-Am Ir 68 '27__J-J 10112 102 Consol Coal be 1950--J-D
100
Preferred
4
100 723 ...._ Berg&EBrew lst6s'21 J-J ___ 994 Stan'el Gas 8; El 68'26 J-D ____ 92 Fair & CI Tr 1st is'38 A-0
Consol Trac of N J
Ga & Ala 1st con is'45 J-J
-100 -- —. Bethleh 5'11 6s 1998_Q-F 116 ____ Stand SU Wks lst5s'28 J-J
Harwood Electric..
50 --_- ---- Ch Ok & CI gen Is 1919 J-J 997 100 U Trac Ind gen is '19-J4 92 95 Ga(Tar&N 1st Ls g '29 .14
Huntington & 13 T
50 ---- - - - - Con Trac of N J 1st 5s '33 10234 ____ Un Rys tr cat( 48 '49 _J-J 7412 ____ Georgia P 1st 68 1922_34
Preferred
Ga So & Fla 1st 5s '415_34
10 2212 2258 Del Co Rys tr ctfs 4s'49J-J _ _ _ __ United Rye Inv 1st coil tr
Insurance Co of N A
M-N 73 ___ G-B-S Brew 3-45 '51-M-S
s f 5s 1926
__
Inter Sin l'ow & Chem 50 . _ -- Edison Elm 5s 1946__A-0 _::._ -__
___ _ Elec & Peoples Tr tr ctfs _ 85 8514 Welsbach 3 f 5s 1930--J-D --- 8818 Houston Oil diy ctfs-F-A
Kentucky Securities 100
Keystone Tolop, pref: 50 -5 - - 56 Fr Tac & 11 1st 58 '40-J4 - - - - W11-13 G&E con Si '55-J-J ----__ Knoxv Trac 1st 58 '28 A-0
-5
____ Maconlly&Lt 1st 5s'5334
Keystone Watch Case 100 ___ ____ Gen Asphalt 5e 1916-M-S 5712 ---_ York Rys 1st 55 1937_J-D
Md Elec By 1st 55'31 A-0
Lit Brothers
4
10 163 -- Harw Elec 1st Gs 1942 M-S 10114 1011-2
Memphis St 1st bs '45.34
BALTIMORE
Little Schuylkill
50 ---- -_- Interstate 48 1943___F-A 00 6014
' Monon V Trac is '42 J-D
Inactive Stocks
----- 1CentuckyTra&T 5e'51F-A __
__
Minehill & Schuyl II
50
Nat Gas Bloc Lt & p_ioo _____ Keystone Tel is 1935__J-J 06r,-gi - Allan Coast L (Conn)_l00 255 25712 Mt Ver Cot Duck 1st 158_,
100 _ __ _ NptN & 0 P 1st 5s'38M-N
Lake Sup Corp inc 58'24 0 70
Canton Co
Preferred
100 - .
-100 95 __-__ N & A Terml bs '29..-M-S
North Pennsylvania__ 50 92 ___ Lehigh Nay 4%s '14_Q-J _ _ __ _ Consolidation Coal.,
100 25 ____ Nor&Port Tr 1st 5s'36 J-D
Gen M 434s g 1924_Q-P ....-__ _....., Georgia Sou & Fla
Penney receipts $30 paid_ ___ - _ 100 87 __ Norf Ity & L 5s '40 _ _M-N
1st preferred
Pennsylvania Salt__ 50 107- 1.158 Leh V 0 1st 58 g 1933-J4 10514 _100 70 _ __ North Cent 4 Xs 1925 A-0
2d preferred
Pennsylvania Steel__100
_ ____ Leh V ext 48 let 1948-J-D 10012 __.
Series A 5$ 1926.___J4
100
114 8
Gi-B-S Brewing
Preferred
Consol 6s 1923_
J-D 111
100 64 65
Series B 58 1926_..--J4
Bonds
Consol 434s 1923___J-D 101 102
Phila Co(Pitts)5% prf 60 43 44
Pitt Un Trac is 1997J-J
, Prices are all "and
I-D 139 ___
cumulative pref 50 4512 46
Annuity 68
6%
Poto Val 1st Is 1941___J4
interest"
Gen cons 48 2003 _ _ \i-N 9014__
Phila German & Norris 50 _
50 iii- -832 Leh V Tran con 45 '35 .1-D -- --7.. Bait City $ 3.4s 1930__.,34 921 ___ Say Fla & West 58'34 A-0
2
4
Phila Traction
45 1954-1955—Various 98 ___ Saab Air L 48 1950—A-0
1st series A 42 1935_ M-S
10
854 ___
Railways General
M-N 1011 ____ Scab & Roan 58 1926-J-J
58 1916
75
let series B 58 1935 A I- 1024 —
'
Tonopah Belmont Dev 1
77-8
.
United Cos of N J----100 22612 .... MarketStEl 1st 4s'55M-N ___ __ Anacostia & Potom 5$ A-0 9814 99 South Bound 1st 5s-A-0
.
_ ____ Atl C'et cony deb 4s-M-N 941 90 U El L&P 1st 4 348 29M-N
Pitts prof 50 ___ _ _ NatL1I&P ser13 5e '19 J-J
United Trac
Atl Coast L(Ct)ctf8 bsJ-D 100 ____ Un Ry & El 1st 48 '.:-9 M-S
Virginia Ry & Power-100 ....—__ New Con Gas 58 1948_J-D
Income 4s 1949___J-D
J-J _ __ 94
5-20-yr 4s 1925
100 _ N Y Ph & No 1st 43'39 J-J .-- 96
Preferred
Funding 5s 1936__J-D
___ 13 S P & C let 4 3is'53 F-A 95 98
Income 4s 1939 ___M-N __
Warwick Iron & S;;eel_ 10
Cony notes is 1914 J-J
____ __
Washington-Va Ity_-100 -------- Penn Steel 1st 5s '17_M-N ___.: 100 Bait Trac 1st 58 '29_M-N 103 __
No Ball Div 5s 1942J-D 10312 ___-_ Va Mid 3d ser Os '16_M-S
100 ___ ___ People's Tr tr ctfs 4s_1943 86 ___
• Preferred
4th ser 3-4-55 1921 M-S
100 ..... ___ _ 1' Co lst&coll tr 5s'491‘,1-S 998 10014 Cent By cons be '32.M-N 103 ___
Welsbach Co
5th series is 1926__M-S
Ext & Imp Is 1932 11-S 103 __ _
Con & coil tr 5s'51 Al-N 8812 89
West Jersey & Sea Sh- 50
50 (5112 62- Phil Elec gold tr ctfs_A-0 10214 103 Chas City By 1st 58'24 J-J 102 __-__ Va (Statr) 38 new '32_J-J
Westmoreland Coal
Fund debt 2-3s 1991 J-J
Chas By G & El 58'99MS ___ 9612
Trust ctfs 48 1949__J-J 8158 817
100 --- - - _._
Wilkes Gas & Elec
:
50 1012 1114 P & E gen M 5t3 g '20-A-0 —_ 104 City & Sub 1st 581922 J-D 1021 ____ West TO con Gs 1914_J-J
York Railway
50 34 3412
Gen M 4s g 1920___A-0 ____ __ City&Sub (Was) 1st 5s '48 101 ____ NVil & Weld is 1335___J-J
Preferred
• Bid and asked; no sales on this day.

Highest

Bid

Ask
-92 95
9831 100
10112
104 -_
93 934
8934 895
s
90 ---.
10014 101
194 1044
1
103 -....
10712 —.
104 --...
40 ___
4
783 791;
102 .....
973 98
4
9812 ---.
95 4 -...
3
89 ies11
9712 ---.
93 -...,
__ 8714
9714, 9744
100 _..,
10512 --..
10512.....
102 .....,
104 .....
--,- ...•
103 ....I
1033 .....4
4
915 -...
4
7
83 _.
633 1584
4
87 -....
993 ...4
4
101 ....4
102 ...4
A
---- ---a
100 ......
.
i
106 ....

446

[VOL. xarru.

THE CHRONICLE

Volume of i3usiness at Stock Exchanges

Ask 'Indust and Miscell-(con) Bid
Ask
64
Am Steel Fdy 6s 1935-A1001e 104
l0734
Deb 4s 1923
F-A
7112 7312
110
American Surety
5 170 175
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
72
American Thread pref ____5 .4
5
DAILY. WEEKLY AND YEARLY.
50
Amer Typefounders com .1
43
41
120
Preferred
95
8312
Deb g 6s 1939
Stocks.
Railroad,
100
6912 Amer Writing Paper___Pa
Week ending
112
State
..1
1
U. S.
9983
1
115
Barney & Smith Car corn 100
8 1212
Feb,6 1914,
Shares.
Par Value.
Bonds.
Bonds.
Bonds.
72
Preferred
75
1
Bliss(1 W)Co corn
91
86
50 83
366,674 $33,420,505 $2,138,50
Saturday
$741,000
Preferred)
05
50 115 125
Monday
478,509 42,845,175
319,000
3,391,000
Bond & Mtge Guar
100 290 295
Tuesday
421,487 37,525,650
633,000 $10,000
3,218,00
Borden's Cond Milk corn 100 119 121
Short-Term Notes
3,500
Wednesday
500,980 43,472,750
427,000
3,963,500
, ,
Preferred
4
Amal Copper 5s 1915_164: 10012 1003
100 108 109
361,000
4,034,000
343,698 29,987,200
Thursday
2 32
3
1,500 Balto Si Ohio 58 1914.__J4 10014 100118 British Col Copper 4.1o.....5 *32
317,800 28,470,750
265,000
3,970,500
Friday
47
52
ill
Bklyn Rap Tr-See N Y Stk Ex list. Brown Shoe corn
94 96
$2O, ,
765 SOOt 22,7413,000 215,000 Chas & Ohio 4
Preferred
10
1914....1-1) 100 10014
Total
2,429,148 $215,722,030
Money Rys 5s 1914___J4 9712 9812 Casualty Co of America_lii 110 120
Erie 6s April 8 1914__A-08 10018 10012 Celluloid Co
100 128 132
Sales at
Jan. 1 to Feb. 6.
Week ending Feb. 6.
20
25
ill
Coll 5s Oct 1 1914.....A-0 10014 1003 City Investing Co
8
New York Stock
85
10' 80
Preferred
Coll 5s April 1 1915_A-0 9934 100
1914.
1914.
Exchange.
1913.
1913.
72
Gen'l Motors 6s'15
-See NY Stk Es list e Claflin(H B) Co com_l t: 70
80
85
sit
3
e let preferred
8
2,429,148
I 294 122
-No. shares- _
12,151,369
Stocks
10,043,135 Hocking Valley 430'14 M-N 1003 100 4
85
ill 80
e 20 preferred
$215,722,030 $119,779,950 $1,063,927,020
$929,567,800 Ill Cent 4As 1914____J-J 10018 10038
Par value
67
7012
97 Cluett,Peabody& Co com10
253,800
5165,400
$400
Bank shares, par
$15,300 Int dc Gt Nor Sc 1914__F-A 96
102 103
100
Inter Harvester 53 '15.F-A 10014 10012
Preferred
Bonds.
70
72
K C Ry & Lt 03 1912__M-S 1 87Consol Car Ifeating--1 Is
$15,000
$85,000
$70,000
Government bonds_.._
$206,500
34
36
14
com__10
100
2,746,000
340,500
State bonds
10,463,500
2,596,000 Lake Sit & Mich So 4123-14 100 10014 Continental Can
85
89
Michigan Central 412s. 1914
1 II
Preferred
ER. and misc. bonds. 20,765,500 12,171,000
99,587,500
64,697,500 Minn 481 L g 6s 1916__F-A
1614 1612
e Crucible Steel corn.
...l 11
97
98
d Preferred
1 II 9312 9414
Total bonds
823,526,500 312,596,500
2110,121,000
$67,500,000 NIo Kan & Tex 5s 1915.I5-N 9634 9714
3
.214 2 3
Missouri Pacific As 1014-1-1)
Davis-Daly Copper Co...
'NYC Lines Eq 5s 1913-22 5 4.75 4.60 duPont(1I) do Nem Pow 1 II 131 135
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
873 8812
4
414s Jan 1914-1925-J4 b 4.75 4.60
e Preferred
1
EXCHANGES.
25
30
413s Jan 1914-1927-J4 5 4.75 4.60 Emerson-Brantineham....10
82
N Y Cent 4y5s 1914___M-8 100 10014
75
Preferred
1 11
Philadelphia.
Boston
4125 1915. _
_ 13
0934 100
Empire Steel Si Iron corn 1
Week ending
58 Apr 21 1914 ___A-021 10014 10012
__ __
20
27
Preferred
Listed ILrftlisted
Bond
Bond
Listed Unlisted
Feb. 6 1914.
St L & S F 5s 1913 opt..J-D
e General Chemical cum 11 170 179
15
'
Shares. Shares.
Shares. Shares.
Sales.
Sales.
6s Sept 1 1914 opt___111-S 15
10712 10813
50
e Preferred
4.112 13
Seaboard Air L Ry5s'16 M-S 997 10018 Goldfield Consol 111
8
s
1
325,100
7,545
6,564
11,117
6,394
$20,000 South Pao
Saturday
Co
17,318
74,500
14,482
6,793
12,656
56,300 Southern Ry 5s J'ne 15 1914 10014 10058 t Hackensack Water Co
Monday
85 86
5s 1916._ F-A 100 10014
Ref g 4s '52 op 1912-.J7,462
18,962
50,400
10,336
51,600 West
7,889
Tuesday
30
35
98 Uale Si Kilburn com_l
Maryland &s 1915_J-J 95
16,646
78,200
16,727
43,525
9,057
96,400 Westingh'se
Wednesday
80 90
1st preferred
El Si 84 6s 1915 101 10112
10
54,200
7,879
22,495
6,815
Thursday
5,247
75,100
2d preferred
5% notes Oot'17-See N Y Stk 1 x list
101 80 90
69,000
9,734
13,834
9,135
4,240
Friday
161,500
2
4
Havana Tobacco Co.... 111
9
Preferred
16
Railroads
1I
127,251
62,56/1 2351,400
56,200
46,634 $460,900 e Chic & Alton corn
Total
let g 58 June 1 1922.-1-D 62
12
100 10
69
C Preferred
19 IIecker-Jonos-Jewell Milling
100 12
98 101
C Chic St P M & Om__100 12612 130 Herrt (la 1921.marvin
le ing.Ha12
e Preferred
16
100 136
_10'
e Cele & South corn
100 2712 2812 Hoboken Land Si Improve'
C 1st preferred
m.fe 100
let 5s Nov 1930
All bond prices are now "and interest" except whe:o marf.ed'"
f
100 00 62
312 "47'
e 2d preferred
60 flocking Val Products-10
100 50
Street Rallways-(Con ) Bid Ask •N Y Chic & St L com._100 41
44
44
1st g 5s 1961
.14 89
Bid Ask United Lt dc Rys corn.. 100 8212 84
Street Railways
e 1st preferred
IOU 0212 _ _ _ _ e Ingersoll-Rand corn-._10 120
let preferred
98
79
100 77
C 2d preferred
10
e Preferred
55
100 53
21 preferred
New York City
76
100 74
912 -k11;
Intercontln Rub corn
Northern Securities Stubs-. 103 105
10
Bleeek St & Ful Fy stk_100 18
25 United Rye of St L95 105
Pitts Bess & Lake Erie-50 ..28
3212 Internal Banking Co_
I
.14 68
let mtge 4s 1950
1132 12
Common
100
72
Preferred
50 *5612 6012 International Nickel....20 119 121
102 104
100 163 172
By & 7th Ave stk
100 3814 3812 e Railroad Securities Co
• Preferred
1
Preferred
3
4
J-J
9934 10012 Wash Ry & El Co
2d mtge 58 1914
100 91
9318
111C stk tretfeSerA
10
78 International Salt
4912 52
Broadway Surface RR
Preferred
100 90 9014 1Vest Pac 1st 55 1933__M-S 74
75 1 let g Sc 1951
110 120
24 100 10212
4s 1051
1st 15s 1924
J-D 803 81
4
Standard Oil Stocks
Per share International Silver pref-10
Cent Crosstown stock_100
10 West Penn Tr&WatPow 100 ---- 1513 Angio-American Oil new.
J-D 10812 110
1st es 1948
*1734 18
110 113
1st mtge 61 1922____M-N 99Preferred
100 5912 60
Refining
100 830 840 Internet Smelt Si Refg_l
55
Christopher & 10th St stk100 115 i iElectric, Gas 8c Power Co.
100 300 320 Kelly Springfield Tire _.100 52
Borne-Scrymeer Co
Dry Dock K B & Batt
New York City
-10 120 135
Buckeye Pipe Line Co_50 *172 176
Preferred
70
J4 102 103
J-D 9912 10112 Cent Un Gas 5s 1927
1st gold 5s 1932
Chesebrough Mfg Cons_100 670 690
Debenture 4s 1051-A-• / 69
3
83 4
35 e Kings Co El L & P Co 100 122 123
F-A / 28
Scrip 5s 1914
Colonial 011
1 11
Lanston Monotype
100 120 130
198 203
Eighth Avenue stock_-100 280 310 New Amsterdam Gas1
Continental 011
Lawyers' Mtge Co
100 235 245
J-J 100 101
let consol As 1943
F-A / 99 10012
Scrip as 1914
Crescent Pipe Line Co_.
Lehigh Val Coal Sales--.1 190 195
.50 .
55 60
40 60
12d & Or St Fy atock-100 220 ____ N Y & 1 R.Gas 1st 5s'44.14 102 104
Cumberland Pipe Line. 100 60 65
1
Manhattan Shirt
98 10312
J-J 99 101
Consol 5s 1045
42d St M & St N Ave
Eureka Pipe Line Co...100 310 320
Preferred
•J,
55
N Y & Q El L & Pow Co_100 45
114
let Os ext at 5% to'40.111-S
Galena-Signal 011 com_100 192 196
Manhattan Transit
95 100
100 70 80
Preferred
1
Ninth Avenue stock.. _100 150 1, 6 10
Preferred
100 138 143 Mortgage Bond Ca
35
3 N Y & Richmond Gas_100 25
100 ____
Second Avenue stook
10' 190 200
Indiana Pipe Line Co......_50 .135 140 s National Surety
5
20
25 North'n Un 1st 5s 1927.A1-N 99 102
Consol 55 1948 et's F-A 1 go
National Transit Co
25 *43 45 e Now York Dock com-10
243 42
4
Math Avenue stock-100 112Standard 0 L 1st 513'30 itl-N 100 105
New York Transit Co..
10
e Preferred
.100 310 320
160 105
Other Cities.
Sou Boulev 5s 1945
J-J 8012 i6 '
Northern Pipe Line Co...100 115 125
N Y Niter)& Security-A
80
85
80 .0 4212 Ohio Oil Co
5
8
47
. 88
98 Am Gas & ElElsecotn
90
A
So Fer Ist 58 1919
1
25 .162 166
N Y Title In.s Co
•8
Preferred
512
80
Tarry WP & M 5s '28_111 / 75
Pierce 011 Corp
*104 103 N Y Transportation
70
74
16 Am Lt & Trao coin100 352 354
Prairie Oil & Gas
28 & 29th Sts 53'06 Ws A-0 / 7
Niles-Bem-Pond com-10
100 520 525
*22
Preferred
100 103 103
,
2
Twenty-third St stock..100 240 280
Solar Refining
100 380 400 Ohio Copper Co
212 3
____ Am
73
Union Ry 1st 5s 1942 F-A 101Amer Power & Lt com 100 72
Southern Plpe Line Co 100 248 253 s Ontario Silver
76
83
100 81
77
Westchester 1st 5s '43.J4 89
South Penn 011
100 340 345 Otis Elevator
room
90
y
.38
12 Sou West Pa Pipe Lines_100 153 158
50
90 W" Bay State Gas
Yonkers St RR 5.s 1046-APreferred
2812 32
Buffalo City Gas stock 100
112 312 Standard Oil (California)100 315 320 e Pettibone-Mulliken Co is
00
09
Cities Service Co corn, 100 9612 98
Brooklyn
Stand Oil (Indiana)
10
100 520 525
e 1st preferred
.107 It
e
Preferred
100 7412 76
Allan Ave RR con 5s'31A • 101 102
Standard Oil(Kansas) -100 480 490 Pittsburgh Brewing
*283 29
4
97 Columbia Gas & Flee-100 13
1318 Stand 011 of Kentucky.
B B& W
5s 11/33.__A-0 94
..10() 1260 280
Preferred
4
92 94
131 5a 1927
J4 71
Brooklyn City RR.-- 1 168 172
7212 Stand Oil of Nebraska_100 480 500 e Pittsburgh Steel peef...1,4
2
1
100 102 Con Gas of N J5s 1936-14 96 -.- Stand Oil of N J (old)_100 1300
Bklyn IIgts let 5s 1941-A
1
Pope Mfg Co costa
10
90 100 Consumers' L II 44 Pow
1
Coney Jai dc Bklyn
100
Stand 011 of N J
.5" Preferred
100 425 i5
J-D 95
45s 1938
let cons g 4s 1048
83
J4 78
Standard 011 subsidiaries-- .925
prott, Livhltinty prof_ _ _1 II 100 102
ad, , oi
130
82 Consumers Power (Minn)
Con g 4s 1955
.14 77
Standard Oil of N Y..,.100 185
SI
1st & ref tos'20 opt'14M-II 87
Brk C & N As 1939____J4 98 100
92
Standard Oil of Ohio-100 460 480 Realty Assoc (altlYs)---1100 10.5 112
35
100 103 Denver 0 & El 5s 1949-M-N 9112 9312 Swan & Finch
Nassau Elect let .5e 1944 A
100 285 300 Remington rypewt'r com100 30
97
98
Electric Bond Share pest 100 0812 100
N Wmsburgh & FlatbushUnion Tank Line Co_ .100 100 103
1
1st preferred
95
92
95 Elizabeth Gas Lt Co._100 325
let 454s July 1941.__F-A
Vacuum 011
100 215 220
1 IS 94
21 preferred
,
_100 132 iii" Washington Oil
Steinway 1r es 192"
J-J 98 103 Essex & Hudson Gas
10 40 0 63 Royal Bak i
1 11 185 190
.60
0
'eyed som
10612 1074
Gas & El Bergen Co--100 88
-Pierce 011
91
Waters
1
100
Preferred
Gr't West Pow 5s 1946_ ..1 8312 85
Other Cities.
10 108 110
Tobacco Stocks
Safety Car Heat Si Lt
1,0 130 131
BUZZ St Ry 1st con 58'31F-A 101 103 Hudson County Gas
Seare,Roebuck&Co--SeeN Y tk E a list
(See also Stock Exchange List)
57
.
571 Indiana Lighting Co.
-100 38
Com'w'Ith Pow fly 3c L_10
42
100 145 150
Amer Cigar coin
•Preferred-3•• Chia Stk Ex Ill
10
308 .
F-A 69
Preferred
100 7812 791
48 1958 opt
100 90 95 Singer Nifg Co
7112
Preferred
23
33
50 10012 -_ _
•Conn Ry & Ltg com......100 63 65 Indianapolis Gas
Amer Machine & Fdy__100 75
85 Standard Coupler som--10
A-0 89
let g 15s 1952
90 - British-American Tobao-E1 .2333 233
C Preferred
75
10 105 111
10
65
8
Preferred
63
67
1
713 76 Jackson Gas 5s g 1937-A-0 95 100
•Detroit United Ry..-10
4
New stock
.2312 21 Stern Bros pref
9234 933
4
Federal Light & Trac_100 23
26 eLaclede Gas preferred..100...
100 270 290 Sulzberger Si sons Co pl 10
Conley Foil
.
Preferred
74 Madison Gas (Ia 11)26_A-0100 - 106
1
72
s Helme ((ieo 1V) com_100 160 170 Texas Si Pacific Coal--100 95 100
97 10212
95
81
/Havana
84 Narragan (Prov) El Co- 50 .93
100 110 118 e Texas Pacific Land Tr.1
Ry L & P 1
e Preferred
e Preferred
92 95 Newark Gas Os Apr '44..Q4 122 124
1
Johnson Tin Foll&Metal 100 160 180 TonopahMin(Nev)-2e6P1111 Stk E x silt
32 6
,
11.
•Loulsv St 58 1930
.14 10234 103 Newark Consol Ges........100 93
MaeAndrews & Forbes...100 180 190 Trenton Potteries
95
56
1
New On Rye & Lt com_100
No Hud L II & P 5s 1938A-0 95
Porto-Rican-Amer Tob.100 220 230
Preferred new
7
15
6112 _
e Preferred
1
Pacific Gas & E corn_ _100 4312 -4.17- Reynolds (11. J)Tobacco-100 255 265 Trow Directory
1
Ii
3
s
8812 Tobacco Products corn.
100 87
72
100
Preferred
IN Y State Rye com
100 68
.100 100 130
United Copper
6
66 Pat & Pas Gas & Elec_100 88
1
•Nor Ohio Tr & Lt corn_100 65
Preferred
100 843 85
Preferred
4
88 2 95
,
10
Pub Serv Corp of N J-See Stk 1 a list 'it Joseph Gas 5s 1937._ _J-J 85 '79
e United Cigar Alfrs corn 100 48
5012 e United Dry Goods
9912 101
10
Standard Gas & El (Del) 60 *914 10
ii c Us 6% perpetual____ 104 105
C Preferred
100 10112 103
e Preferred
190 200
33
1
Preferred
N. .cc St let 43 1948 M-N
7712 ____
50 .31
United Cigar Stores com.100 9212 923 U
4
Casualty
10 144 150
100 7212 73 United Electric of NJ
, Cons • -act of N J
Preferred
100 112 115 U S Envelope oom
1st g 43 1949
I-1) 8012 8112 •Weyman-Bruton Co_ _100 235 275
J-D 102 103
let 5s 1033
100 101 104
Preferred
5638 5712
New'k Pass fly Is '30...14 103 ___ United Gas & Elea Corp_10
C Preferred
34
US Express... ......-10
36
100 114 1'20
10
Preferred ___ .......100 75 2
13
Rapid 'frau St Ity
100 230 --100 140 150 U
Young (.38) Co
10
,
Utah Securities Corp. 100 213 - 14
30
A-0 100
35
let 58 1921
1
4 EPrFiefearrisedhing
J-J 90
95
J C Hob & Pat 411'49 M-N
6% notes Sep 15'22M&S15 8634 8712 IndustrlailkAtiscellaneous
7612 77
let g 5a 1919
70
100 123 128
Western Power corp....100 22
So J Gas El & Trac
76
e Adams Express
J-J
10
23
Con g 53 1920
95 100
33
21
Preferred
100 6112 6312
Col tr g 4s 1947
W1-1.3 9812 99
.1-D 75
Gu g Is 1953
78 e U S Indus Alcohol--19
Alliance Realty
103 Western States Gas & El
100 88
e Preferred
No Hud Co fly 5a 1928.3-3 102
92
100 83 100
let & ref g 53 1041 op-J-D 83 89
95 ____
Ext 5e 1024
Amer Bank Note corn
M-N
.60 .42
44
U Ei Steel Corporation
Pat Ry con (Is 1931....J-D 109 __
Preferred
Ferry Companies
50 .51
52
Col s 15s Apr 1951 op 1011 11$
113
American Book
100 160 170
Id Os 1914 opt_-A-0 100 - ___ N Y 4 ER Ferry stock 100 10
Col s f 5e Apr 1951 not
Pi
78
Republic Ry & Light-100 21
American Brass
100 134 137
M-N 44
1st 5s 1922
52
22
U S Tit Gu & Indem---1
at.
So
Preferred
100 200 203 e Virginia Iron C Si 0_10
76
100 74
N Y & Hob 5s May '46....1-1) 97 __ American Chicle com
89
87
Preferred
Tennessee fly LacP com_100 15
16
Hob Fy let 58 1940_M-N 100
100 98 10012 s Wells Fargo & Co
10
Preferred
100 68
J-J 96
e American Express
70 N Y & NJ 53 1946
100 106 10913 Westchester Si Bronx
Toledo Tract L &
10020
12 10th & 23d Sts Ferry
25
9
Am Graphophone corn 100 25
10 166
& Mtge Guar
Preferred
Preferred
100 50
J-D 45
60
1st mtge 53 1919
190 63
55
e Westingh'se Air Brake. 6131 1311*
68
69
1943-1-D 90
100 27
95 Union Ferry stock
American Hardware
31
Trent P & II lis
100 120
Willys-Overland com
1
1
Amer Malting 613 1914-J-D 9512 RW
1st 5s 1920
M-N
95
98
2 Preferred
Amer Press Assoc'n
100 40
Worthington(HR)CO Pf-100
45
IncludesFale4
• Per share, a And accrued dividend. O Basis, k Listed on Stock Exchange but usually inactive, / Flat price. a Nominal. s Sale price. ' New stook. ti
Ex-eghts. r
subsidiaries. a Ex-div.
all new stock dividends and subscriptions. • Llatel on Stook Exchange but Infrequently dealt In: record of MOP
any, wit, be found on a preceding page. A Ex-300% sitool. dividend
felegraph and Telephone
100
e Amer Teleg & Cable
C Central & South Amer-100
Comral Un Tel (N Y)___25
Empire & Bay State Tel-100
100
Franklin
e Gold & Stock Teleg-100
100
e Mackay Cos corn
100
e Preferred
e Northwestern Teleg-50
25
Pacific & Atlantic
e Pao Teiep & Teleg pref-100
'24
Southern & Atlantic

BA
57
10052
100
00
40
115
80
69
105
65
87
80

Inactive and Unlisted Securities




•

98i5ii

447

THE CHRONICLE

FEB. 7 19141

inuestrnent anti Itaitroad intelligence.
ROAD GROSS EARNINGS.

RAIL
weekly or monthly returns
The following table shows the gross earnings of every STEAM railroad from which regularor month, and the last two
of figures give the gross earnings for the latest week
can be obtained. 'I he first two columns
or month. We add a supplementary
columns the earnings for the period from July 1 to and including the latest week begin with July, but covers some other
year totals of those roads whose fiscal year does not
statement to show the fiscal
page.
period. The returns of the electric railways are brought together separately on a subsequent
LOADS.

July 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
Week or
Year.
Year.
Year.
Year.
Month.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date
Current
Year.

Previous
Year.

8
s
e
'
S
$
$
Ala N 0& Tex Pee948.941 1,039,476
203.276 253.371
58,000 2,156,098 1,976.869 NO Mobile& Chic.. November
53,000
N 0 & Nor East..J 1st wk J
5,019,235 35.173.307 36.664,375
993.568 NY N H & Hutt_ December_ 5,428.914
33,000 1,015.611
27.000
Ala & Vicksburg_list wk Ja.
915,48.4 NY Ont & West__ December_ 631,3811 706.146 4,888.742 5,040,966
971,764
26,000
26,000
Vicks Shrev & Pa 1st wk Jan
1,984.231 1.859,841
38,411 1,336,120 1,313,642 N Y Susq & West__ December_ 337.709 322.890 1.532.709 1.463,942
37.005
3J wit Ja.
Ann Arbor
317.275 291 301
Norfolk Southern __
& 8 Fe ifecember_ 9337,494 10420242 57,906,277 61,228.359 Norfolk & Western_ November 3.759.31713.566.510 23.413.765 22.138,936
Atch Topeka
Decemberllecember_ 339,813 294,781 1,831,984 1.669,879
Atlanta 131rm & Ati.
Northero PP Cific___ December_ 5,681.585 6.355.776 39.u45,874 39,721,737
Atlantic Coast Line December_ 3,630,478 3.512,375 17,453,837 16,978,452 Northwestern Pac__ December. 251,4611 257.701 2.096.107 2,050,419
943.617
199,993 182,479
Chariest & W Car llecember_ 118,095 107,125 1,071,572
678,146 710,202 3,523,424 3,664,433
595,951
534,995 Pacific Coast Co__ November
govember
Lou !lend & St L.
RR__ December .. 15030699 14993 391 96,147.403 92.577.482
g Baltimore & Ohio- December_ 7.909.925 8.303,097 52,653,964 52.449,338 Pennsylvania Atl_December
189,834
217.180
6, •
. 19.276
Balt Ches &
950,837
910,404
Oh Ter ItR December_ 128.321 143,180
B &0
Cu nberland Vali: December. 288,649 278.602 1.800.943 1,757,056
1,596.442
13angor & Aroostook December_ 296,683 268,635 1,782.317 6,030.864
December, 887.294 793.221 6,831.443 6,268,58
Long Island
Bessemer dc L Erie.. Decomber_ 485,913 448,035 5,287.589
92.03
8.361
96.336
10,630
Maryl'd Del & Va December_
582.088
635,509
96,009 103,497
Birmingham South_ December_
N Y Phila. & Norf December. 303.775 283,236 2,019.764 1.870.04
December.. 4.049,210 4,026.408 26.582,059 26,746.445
Boston & Maine
Northern Central December_ 1.164.571 1.139,280 7,062,892 6,834,114
3uff Roch & Pitts 4th wk Jan 322,958 303,268 6,999,635 6,595.723
Phila Bait &Wash December. 1,730.356 1,164.945 10,838.062 10,777.444
188,365 209,266 1,034,726 1,041.809
3uffalo & Susq,.....- November
3,704,419
W Jersey & Seash December- 384.860 362,581 3,759,070 35.450,702
3anadian Northern 4th wk Jan 530,200 511,400 14,935,800 14,753,000
December- 4.602.928 5.300.813 34.712.729 2,939,552
Janadian Pacific 4th wk Jan 2,534,000 3,206,000 83,005,162 83,045.191 Pennsylvania Co
Grand Rap & Ind December_ 454,947 468.464 3.000,710 23.345,701
Dentral of Georgia_ December.. 1.406,628 1,246,296 7,597,292 7.325,372
Pitts C 0 & St L December- 3,392,139 3,882,447 23,072,188 5,929,000
jentral of New Jers November 2,570,054 2,584.591 13,740,417 14,021.459
December.. 954.603 984,540 6,124,528
Vandella
Jent New England.. December_I 326,761 302.993 1,951,334 1,920,408
Dentral Vermont.. Decomber..l 313.720 326.332 2,155,968 2.188,349 Total Lines132908100
East Pitts & E December_ 20753100 20684724 136432578 68,859.939
20.943,909
Jhes & Ohio Lines_ 4th wk Jan 1,095.592 1.186,427 21.730,689
West Pitts & E December- 9,695.582 10824951,68.186.995
Thicago & Alton__ 3d wk Jan 245,198 273,132 8,712.407 9,103.507
All East & West_ December_ 30358631 31599674 204619575 201768042
Mic Burl & Quincir December_ 7.498,672 8,128.414 51,064,084 50.713.685
8,826.0261 9,249,849
'Chic & East III
December _ 1,297,645 1.358.521 8.450.841 8.404,00 Pero Marquette ___ December- 1.450,270 1.566,646
)Chic Great West_ 4th wk JanI 318,118 314.450 8,659.463 8,384,837 Reading CoPhila & Reading_ December_ 4,160,680 4,405,830 25.552.590i26,405.411
Thie Ind & Loulev_ 4th wk Jani 172.707 167,806 4,208,369 4,172,270
Coal & Iron co__ December_ 2,845.591 4,138,152 16,101,022123,095,306
Dhic Milw & St P_ i December_ 7,652,902 8,313,293 49.347.705 50.502.756
Total both cos.._ December_ 7,006,272 8,543.982 41,653.611149.601,717
Chic Mil & P11281
1,372,0321 1.350.572
7,194,247 46,418,066 45,664,316 Rich Fred & Potm December_ 240.638 250,924
,Chic & North Wes December _ 6,913,883
627,660f 572.035
106.486 117,767
?Chic St Paul M & December - 1,559,240 1,443,233 9,784,956 9,275.102 Rio Grande Ju lc_ _ _ November
392,905
417,526m
16,531
10,471
Mic Terre H & SE Docembor.l 173,394 189,278 1,144,992 1,033,943 RioGrande South__ 4th wk Jan 5,628,012 6.114.620 36.243,781138.221.924
860,399 5,418,597 5,579.335 Rock Island Lines__ December
Din Ham & Dayton December_I 819,121
December_ 291,769 299,479 2,041,0291 1,995,236
Rutland
Dolorado Midland_ December. 137,629 153,703 1,000,483 1,115,479 St Jos & Grand Isl.. December- 133.765 121,143
67.4041862,200
8
• th wk JanI 367,315 451,067 8,368,919 9,292,579
0 Colo & Southern
121,764 St L Iron Mt & Sou December. 3,024,513 3,004,397 17.363, 52 17,680.644
97,185
20,89/
December_I 14,431
7ornwell
Mt & P December- 247,205 203,926 1,257.456 1,069,542
207.429 tit L Reeky
167,291
33,438
Dornwall& Lebanon L)ecember.i 25,083
4,248,703 20.475.940 20,081.292
November
December- 458,343 412,408 2.173,574 1.948,951 St Louis & San Fran 4th wk Jan 4,016.503 406.090 8,073.297 8.219.662
Dube Railroad
390,060
12,308.060 St Louts
Delaware & Iluclson December_ 1,812,125 1,991,287 12,404,741 21,246,299 San Ped Southwest,. December_ 916,104 889,219 5.335.396 5.180,749
L_
LA & S
Del Lack & West December.. 3.402,390 3,438,977 21,512,403
13.156.278
Air Line 3d wk Jan 483,869 481.975 13,751,458 75,648,104
)env & Rio Grande 4th wk Jan 509,800 630,700 14,759,409 15,328,009 Seaboard Pacific
December_ 11,253,513 12,151,501 73,420,171
99,500 158.700 3,860,332 4,717.220 Southern
Western Pacific._ 4th wk Ja.
Railway 4th wk Jan 1,922,816 1,893.618 41,921.330 40.787.858
715.788 Southern
722,222
20,505
23,601
3enver & Salt Lake 3d wk Jan
36 wk Jan 231,918 240.69 7,300,373 6.813,9
Mobile& Ohio
920.327
837,597
140,753 153,747
3etroit Tol & Iron December
Cm N 0& Tex P.:3d wk Jan 193.725 191,60' 6.024,628 5,732,0
721,172
698,970
32,345
28,337
)etroit fit Mackinac 4th wk Jan
92.397 3.106,88' 2.890,71
96,694
Ala Great South. 3d wk Jan
December_ 117,204 114,749 4,738,905 4.536.787
)ul & Iron Range
51.369 1,494,953 1,420,880
49,654
Georgia Sou & Fla 3d wk Jan
55.828 2,001,494 1,906.308
51.777
)uluth So Sh & Atl 3d wk Jan
6,647.738 Snok Portl & Seattle December_ 338,066 438,052 2.744,631 2,800,805
!Agin Joliet & East.. December. 778.161 1.111,871 6,295,131
53,27
76,331
2.5581
1.701
Ala & Georgia 3d wk Jan
II Paso & Sou West December- 795,360 776,951 4,366,080 4,220,916 Tenn
855,078
December,. 151,180 141.6971 888,
December_ 5.092,436 4,951,821 32,544,458 32,745,959 Tennessee Central_ 4th wk Jan 531,500
Cele
.
32
52 .991 11.633 272 11,395,376
1,899,536 Texas & Pacific_ _
riorida East Coast_ December. 463,71
423,848 2.041,681
52,048
40,97.
7,796
7,019
516,152 Tidewater & Weal_ December_
519,723
74,341
75.764
Ponda Johns& Cloy December847,468
812,267
51,615
40,043
wk Jan
Peer&
Ieorgia Railroad... November- 308.039 290,496 1,460,342 1,278.191 Toledo St L & West 4th wk Jan
99,891 107.437 2,797,942 2,503,624
West 4th
Toledo
4,478,019
81,708
88,852
1rand Trunk Pac 2d wk Jan
7,843,148 51.974.788 51.580.269
Syst_
)rand Trunk Syst_ 4th wk Jan 1,285,798 1,452,582 33,186,516 32,783,240 Union Pacific West_ December 7,456,576 137,276
890,536
991.885
152.153
December
Grand Trk West_ 3d wk Jan 129,244 133.093 4.092.665 4,132,768 Virginia & So
4
2.859.14
December. 549,899 487,522 3.564,125 3,790.6
39,457 1,470,660 1,448.491 Virginian
41,739
Det Or Hay & M 3d wk Jan
December_ 2,480,866 2,672.613 16.302.366 16.879.9
as
40,849 1,330,948 1,378.350 Wabash
.
37,019
Canada Atlantic_ 3d wk Jan
577.127 4,310,544
December- 5,564,360 6,548,454 44,991,522 44.110.728 Western Maryland_ December_ 676,249 606,081 4.484.957 4.367,738
Ireat North System
Wheel & Lake Erie_ December_ 576,274
3ulf & Ship island_ December_ 178,961 166,849 1,074,113 1,007,411 Wrightsv & Tennille December
161,324
193,357
27,836
34,740
4,180,894
locking Valley_.._. December_ 574,411 604,024 4,282,599 33,413,641 Yazoo & Miss Vail_ December_ 1,489.633 1.146.455 6,753,802 5.692.365
December 5.840,701 5,700,980 34,657.517
Ilinois Central.....
6,487,507 7,347.505
nternat & Ort Nor 4th wk Jan 338,000 333,000
Current
Previous
lInteroceanic Mox_ 4th wk Jan 333,675 325,113 5,561,667 5,155,152
Year.
Year.
Period.
Various Fiscal Years.
_
December. 247.284 234,590 1,751,680 1,701,312
canawha & Mich
December- 928,402 916,957 5,443,755 5,510,720
Causes City sou
S
$
911,488
964,924
.ehigh & New Eng. December. 172,600 155,888
Dec 31 24,096,212 22,417,070
December. 3,105,303 3,461,354 21.236,622 22,542.679 Delaware & Hudson River_e_ Jan 1 to Dec 31 116904304 109697588
4ehigh Valley
Jan 1 to
NY Central & Hudson
828.119
870,822
..ouislana Rs Arkan_ December_ 139,159 146,226
Lake Shore & Michigan South Jan 1 to Dec 31 57,941,92054.283.618
Louisv & Nashv 3d wk Jan 1,163,930 1,198,330 34,910,395 33,378,025
Jan 1 to Dec 31 5,934,643 5,839,630
Lake Erie & Western_n
82,452
85.727
17,023
14,173
dacon & Iiirm'ham December
4.235,819
Chicago Indiana & Southern_ Jan 1 to Dec 31 4,462,452 32,911.753
December_ 894,278 868,498 6,045,102 5,912,817
/Leine Central
Jan 1 to Dec 31 36,011,886
Michigan Central
38,643
264,050
288,276
40,238
vIaryland & Penne_ December
Jan 1 to Dec 31 33,840,298 32.714.238
Cleve Cin Chic & St 1,01113
Railways 3d wk Jan 185,800 185,300 5,453,400 4,791,500
Mexican
Jan 1 to Dec 31 3.387,434 3,429.867
Peoria & Eastern
475,958
8,615
193,834
16,551
3d wk Jan
dineral Range
Jan 1 to Dec 31 1,436,709 1,418.648
Cincinnati Northern
vIinn & St Louis_ 4th wk Jan 217.873 220,897 5,822,459 5,978,797
Jan 1 to Dec 31 19,597,919 18.162,119
Pittsburgh & Lake Erie
Iowa Central...,
New York Chicago & St Louis Jan 1 to Dec 3112,342,000 12,226.237
717,986 18,529,415 19,650,305
1,Iinn St P & 88 M 4th wk Jan 686,420
Jan 1 to Dec 31 6,006.241 5,363.019
Toledo & Ohio Central
ChicagoDivIsioni
Jan 1 to Dec 31 297865806 280282532
Total all lines
508,541
534,722
87,258
85,357
vlississippi Central_ December_
Jan 1 to Dec 31 185400825 174607598
20,281,835 Pennsylvania Railroad
t MoKan& Texas 4th wk Jan 1,023.737 963,243 20,001,099
302.506
346,004
Baltimore Chosen & Atlantic_ Jan 1 to Dec 31
. Missouri pacific_ 4th wit Jan 1,683,000 1,791,000 36.944,643 37,973,364
Jan 1 to Dec 31 3,574,335 3,291,361
Cumberland Valley
6,630,519
qashv Chatt & St i; December_ 1,127,605 1,107,619 6.524,041 37,644,049
Jen 1 to Dec 31 12,204.738 11.186.657
Long Island
'Nat Rys of Mex_t 4th wk Jan 1,018.618 2,100,814 20,026,659
141.525
156,655
Maryland Delaw & Virginia_ Jan 1 to Dec 31
254,965
225,391
4,157
4,718
govada-Cal-Oregon 3d wk Jan
N Y Philadelphia & Norfolk,. Jan 1 to Dec 31 3,931,218 3486,191
830.996
980,072
gew Orl Great Nor_ December.. 166,633 137.193
Jan 1 to Dec 3113.583.722 12,844,710
Northern Central
NYC & liud Rte.. December. 9,169,410 9,667,237 61,042,067 59,225,714
Jan 1 to Dec 31 21,164,310 20,280,042
Piffle Bait & Washington..
Lake Shore & M s December_ 4,488,969 5,019,375 28,907.565 29.237.697
Jan 1 to Dec 31 6,405.787 6,395,256
West Jersey & Seashore
n Lake Erie & W. December_ 461,555 530,439 3,058,387 8.186,069 Pennsylvania Company
Jan 1 to Dec 31 65,835.378 62,950,42
Chic Ind & South December_ 447.837 394,958 2,263,023 2,210.027
Jan 1 to Dec 31 5.580,232 5,435,27
Grand Rapids & Indiana
Michigan Central December- 3,002,885 3.060,834 18,306,748 17,674,360
Pitts Cin Chic & St Louis- Jan 1 to Dec 31 44,237.388 43.604.082
2,822,532 3.038,365 17,876,419 18.019,422
Clev CI 0 & St L.. December_
Jan 1 to Dec 3111.399.933 10,748,7 0
Vandal's
Peoria & Eastern December. 265.923 345,622 1,742.354 1.923.420
-East Pitts & Erie Jan 1 to Dec 31 261 109510 247825106
Total lines
801,891
821,675
Cincinnati North. December_ 137.729 139.080
-West Pitts & Erie Jan 1 to Dec 31 129516798 125000370
1,576,936 9,649,091 10.091,682
Pitts & Lake Erie December_ 1,176,371
-All lines E & W.... Jan 1 to Dec 31 390626308 372825476
N Y Chic & Si L.. December_ 1,061,688 1.085,032 6,217,823 0,498,965
Dec 1 to Nov 80 1,053.165 1.078.067
Tol & Ohio Cent_ December_ 493,594 441,663 3,277,469 2,943,963 Rio Grande Junction
Jan 1 to Dee 31 3,752,773 3,612,621
25189541 153164619 151813210 Rutland
Tot all lines abov, December_ 23528493

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

*Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
$
$
Mileage. Cur. Yr. Prey. Yr.
$
$
3
240,510 237.295 249,230,551 238.634.712 +10,595.839 4.48
March
+443.498 2.94
39
8d week Nov 1 roads ___ 15,554.843 15.111.345
040.740 236.515 245.170,143 220,981.373 +24.188.770 10.90
April
-825.859 4.22
week Nov 39 roads __ 18,733,467 19.559.326
4th
239,445 236.619 263,496,033 232.879,970 +30,616,063 13.14
May
-320,016 2.21
let week Dec 38 roads __ 14.137,264 14,457.280
230,074 227.242 259.703.994 242.830.546 +16,873.448 6.95
June
-676,687 4.79
8
2d week Dec 37 roads __ 13,445,789 14,122.476
206.084 203.773 235.849.764 223.813.526 +12.036,238 51
July
-518,778 8.51
week Dec 38 roads ____ 14,259,979 14,778,757
3d
°'9,492 216,709 259,835,029 255.493 023 +4.342.006 1. 0
Augu.n
-809,712 4.15
19,524.994
35 roads ___ 18,715,282
week Dec4th
42,097 239.050 285,050,042 275.244.811 +9.805.231 3
September_2
-741.31 6.13
__ 11,340,880 12,032,189
let week Jan 38 roads
243,690 240.886 299.195,006 300.476.017 -1,281,011 01
October
Octob
-549,36 4.51
2d week Jan 37 roads -- 11,672,457 12,121,817
3
November_243,745 241.452 289,220,882 278.364.475 -9.143.593 8
-515,34" 4.24
3d week Jan (37 roads ___ 12,315,781 12,861,124 -1,251,
December... 90.622 88,941 76,376.38 79,398.41 -3.022,03
093 8.22
4th week Jan (26 roads)__-- 14.188.076 15,439,360
Railway from Nov. 1 1911. e Includes the Bosa Mexican currency._ b Does not include earnings of Colorado Springs dc Cripple Creek District Railway, the latter of which, being a Canadian
York
ton & Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New& Terre Haute and Evansville & Indians RR. g inEvansville
road, does not make returns to the Inter-State Commerce Commission. f Includes Onto RR. p Includes earnings of Mason City & Ft. Dodge and
the Northern
cludes the Cleveland Lorain & Wheeling By. In both years. n includesthe Frankfort & Cincinnati.I Includes the Mexican International.
Includes
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and
not only operating revenues, but also 6U other
the Texas Central In both years and the Wichita Falls Lines in 1012. beginning Nov. 1. e Inclues in any_91pAr_PoYals,
Mexican roadi
.
'receipts. s Includes St. Louis Iron Mountain & Southern. . *We no longer incInde_the




448

THE CHRONICLE

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of January. The table covers 26 roads and shows 8.22%
decrease in the aggregate under the same week last year.

[VOL. xevin

-Gross Earning9--Net Earnings
:
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
N Y N H & Hartf-Con.Pittsb & Lake Erie_b_Dec 1,176,371 1.576,936
351,868
819,078
Jan 1 to Dec 31
19,597,919 18,162,119 8,765,115 9,006,160
Fourth Week of January.
NY Chic & St L_b_ __Dec 1,061,688 1,085,032 292,263 377,956
Increase. Decrease.
1914.
1913.
Jan 1 to Dec 31
12.342.000 12,226,237 2,688,660 3,527,129
$
$
$
$
Toledo & Ohio Cen_b_Dec 493,594
441,663
Buffalo Rochester & Pittsburgh
67.328
322,958
105,777
303,266
19,692
Jan 1 to Dec 31
6,006,241 5,363,019 1,327,115 1,476,433
Canadian Northern
530,200
511,400
18,800
Canadian Pacific
Total all lines_b
Dec23,528,493 25,189,541 4,327,426 7,504,638
2,534,000 3,206,000
672,000
Chesapeake & Ohio
Jan 1 to Dec 31
297,865,806 280282,532 72,659,332 83.011.781
1, 95,592 1,186,427
90,835
Chicago & Great Western
318,118
314,450
3,668
N Y Susq & Western_a_Dec 337,709 322.890
87.276
Chicago Ind & Louisville
95,888
172,707
167,806
4,901
July 1 to Dec 31
1,984,231 1,859.841
465,941
Colorado & Southern
438,344
367,315
451,067
83,752 Norfolk & Western_b___Dec 3,759,317 3,566,510
Denver & Rio Grande
509,800
1,208,697 1,368,878
630,700
120,900
July 1 to Dec 31
Western Pacific
23,413,765 22,138,936 7,696,531 8,163,494
99,500
158,700
59,200
Detroit & Mackinac
28,337
32,345
Dec 5,681,585 6,355.776 2,483,970 2,862,599
4,008 Northern Pacific_b
Grand Trunk of Canada
July 1 to Dec 31
39,045,874 39,721,737 16,118,976 17,261,724
Grand Trunk Western
Pennsylvania RR_a
Dec15,030.699 14,993,391 2,841.192 2,551,253
Detroit Gr Hay & Milw
1,285,798 1,452,582
166,784
Jan 1 to Dec 31
185,400,825 174607,598 40,086,764 40,841,110
Canada Atlantic
Bait Chesap & Atl_aDec
Internat & Great Northern..___
19,276
def5,991
16,543
338,000
333,000
def5,365
5,000
Jan 1 to Dec 31
Minneapolis & St Louis
1
55,558
302,506
346,004
217,873
46,626
220,897
3,024
Iowa Central
Cumberland Valley_a_Dec 288,649
54,386
278,602
53,235
Minneapolis St Paul & S S M__
666,420
Jan 1 to Dec 31
717,986
51,566
3,574,335 3,291,361
999,896. 994,947
Missouri Kansas & Texas
1,023,737
963,243
60,494
Long Island_a
Dec 887.294
77,460
793,221
76,469
Missouri Pacific
1,683,000 1,791,000
108.000
Jan 1 to Dec 31
12,204.738 11,186,657 2,594,710 2,369,537
Rio Grande Southern
10,471
16,531
6,060
St Louis Southwestern
Maryl'd Del & Va_aDec
390,000
10.630
406,000
def3,032 def4,910
8,361
16,000
Southern Railway
•Jan 1 to Dec 31
1,922,816 1,893,618
156,655
29,198
141,525 def24,942 d.a17,356
Texas & Pacific
531,500
523,299
8,201
N Y Phila & Norf_a__Dec 303,775
61,588
28,936
288,236
Toledo Peoria & Western
40,043
51,615
11,572
Jan 1 to Dec 31
3,931,218 3,566,191
863,885
744,270
Toledo St Louis & Western
99,891
107,437
7,546
Northern Central_aDec 1,164,571 1,139,280
218,249
90,552
Jan 1 to Dec 31
13,563,722 12.844,716 1,052,800 1,436,208
Total (26 roads)
14,188,076 15,439,369 149,954 1,401,247
Net decrease (8.22%)
Phila Bait & Wash_a_Dec 1,730,356 1,664.945
1,251,293
194,254
280,416
Jan 1 to Dec 31
21,164,340 20,280,042 2,912,318 3,566,199
Mexican Rds (not incl in total)W Jers & Seashore_a_Dec 384,460
362,581
4,163
8,733
Interoceanic of Mexico
333,675
325,113
8,562
Jan 1 to Dec 31
6,405,787 6,395,256
906,527 1,237,486
National Railways of Mexico. 1,018,618 2,100,814
1,082,196
Pennsylvania Co_a___Dec 4,602,928 5,300,813
896,821
492,059
Jan 1 to Dec 31
65,835,378 62,950.425 12,246,504 15,568,994
Grand Rap & Ind_a__Dec 454,947
458,464
For the month of January the returns of 26 roads show as
77,406
00,031
5,580,232 5,435,271
Jan 1 to Dec 31
757,401
919,361
follows:
Pitts C C & St La _ __Dec 3,392,139 3,882,447
362,823
768,744
Jan 1 to Dec 31
44,237,388 43,604,082 6,072,116 10,316,897
Month of January.
Vandalia_a
Dec 954,603
984,540
1914.
1913. Decrease.
237,106
214,754
Jan 1 to Dec 31
11,399,933 10,748,710 1.998.421 2,221.040
Total E Pitts & Ea _ _ Dec20.753.100 20,684,724 3,369,217 3,266,103
Gross earnings (26 roads)
41,916,712 44,714,221 2,797,509
6.47
261,109,510247,825,106 49,037,434 53.137,751
Jan 1 to Dec 31
Total W Pitts & Ea_ Dec 9,605.582 10,824,951 1,186,514 1,993,366
129,516,798125,000.370 21,293,750 29,316,406
Jan 1 to Dec 31
It will be seen that there is a loss on the roads reporting
Total all lines_ a
Dec30,358,681 31.509,674 4,555,731 5,259,469
in the amount of $2,797,509, or 6.47%.
390,626,308372,825,476 71,231,184 82,454,157
Jan 1 to Dec 31
Richm Fred & Potom_b_Dec 240,688
250,924
87,666
107.016
Net Earnings Monthly to Latest Dates.
July 1 to Dec 31
1,372,032 1,350,572
468,189
-The table
484,013
following shows the gross and net earnings of STEAM Rio Grande Junction ___Nov 106,466 117,767 n31,940 n35,330
1,053,165 1,078,067 n315.949 n323,420
Dec 1 to Nov 30
railroads and industrial companies reported this week:
Rio Grande Southern_b_Dec
56,834
55,362
21,931
25,762
-Gross Earnings--Net Earnings
344,793
371,642
132,081
July 1 to Dec 31
105,557
Previous
Current
Current
Previous
299,479
Rutland RR_b
51,396
Dec 291,769
47,896
Year.
Year.
Roads.
Year.
Year.
3,752,773 3,612,521
868,159
Jan 1 to Dec 31
886,961
$
$
$
$
946,391
Atlantic Coast Line_a__Dec 3,630,478 3,512,375 1,316,545 1,304,825 St L Iron Mt & Sou_aDec 3.024,513 3.004,397 1,100,832
July 1 to Dec 31
17,363,553 17.680,644 5,628,222 5,101,072
17,453,837 16,978,452 4,122.171 4.291,694
July 1 to Dec 31
St L Rocky Mt & P_a__Dec 247,205
111,686
203,926
54,556
Boston & Albany b
July 1 to Dec 31
422,653
1,257,456 1,069,542
282,698
Jan 1 to Dec 31
17.170,819 16,341,704 4,472,358 4,845,412
312,055
Chesapeake & Ohio_b__Dec 3,150,005 2,976,993
430,916
915,139
884.153 St Louis Southwest_aDec 1,178.344 1,281,092 1,694,878
July 1 to Dec 31
6,923,298 7,080,662
July 1 to Dec 31
2,262,121
18,612.133 17,964,632 6,037.304 5,901.323
Chic & East Illinols_b_Dec 1,297,645 1.358,521
172,947
304,274 Southern Railway
Mobile & Ohio_b_Dec 1,148,328 1,031,047
314,379
280,410
July 1 to Dec 31
8,450,841 8,404,080 1,389,559 2,177,083
July 1 to Dec 31
6,672,100 6,136,091 1,685,936 1,699.924
Chic Burl & Quincy_b__Dec 7,498,672 8,128,414 2,760,657 3,037,663
Cin New Orl & T P_b_Dec 967,054
310,346
344,840
956,181
July 1 to Dec 31
51,064,084 50,713,685 19,207,458 20,041,344
July 1 to Dec 31
5,461,553 5,179,959 1,697,061 1,796,808
Chic Ind & Loulsv_b___Dec 558,599
592,912
138.259
174,201
Alabama Grt Sou_b__Dec 506,370
136,131
144,442
470,792
July 1 to Dec 31
3,684,395 3.666,189 1,064,951 1,170,782
July 1 to Dec 31
738,625
2,831.125 2,621,389
814.370
Chic Milw & St Paul_b_Dec 7,652,902 8,313,293 2,935,534 2,895,874
Dec 1.898,760 1,846.993
571.096
563,988
49.347.705 50.502,756 16.977,380 19,224,513 Texas & Pacific_b
July 1 to Dec 31
July 1 to Dec 31
10.102,702 9,907,070 2,889,218 2,363,278
Cuba Railroad
Dec 458,343
412,408
238,983
212,018
104,985
def2,774
14,867
119,759
2,173.574 1,948,951
July 1 to Dec 31
981,927
823,103 Tol Peoria & West_b___Dec 714.482
July 1 to Dec 31
724,811
164,427
44,903
Delaware & Hudson_b__Dec 1,812,125 1,994,287
785,994 Toledo
330,252
St L & West_a__Dec 408,350
378,696 s117,285 s142.685
Jan 1 to Dec 31
24,096,212 22,417,070 8,926,272 8,418,713
July 1 to Dec 31
2,434,871 2,112,696 s744,498 8591,910
Denver & Rio Grande_a_Dec 1,839,099 2,031,602
475,114
598,651
Dec 549.899
487,522
226,928
July 1 to Dec 31
192.516
13,153,909 13,553,609 3,678,935 4,106,900 Virginian a
3.564,125 2,859.131 1,624,070 1,150.323
July 1 to Dec 31
Western
Dec 444,822
_
490,144
20,290
105,057
Dec 676,249
577,127
79,282
82,039
July 1Pacific_bto Dec 31
3,556,832 3,340,520
904,744 1,053,342 Western Maryland
4,310,544 3,790,504
July 1 to Dec 31
725,750
914,724
El Paso & Southwest_b_Dec 795,360
776,591
291,850
345,543
July 1 to Dec 31
4,366,080 4,220,916 1,479,661 1,920,520
a Net earnings here given are after deducting taxes.
Erie_a
Dec 5.092,436 4,951,821
940,981 1,062.240
b Net earnings here given are before deducting taxes.
July 1 to Dec 31
32,544,458 32.745,969 6,985,883 8,938,551
f After allowing for outside operations and taxes, operatina income for
Genesee & Wyoming_bDec. 1913 was $369.020, against $894,205; from July 1 to Dec. 31 was
Oct 1 to Dec 31
38,199
38,873
16,426
21,043
July 1 to Dec 31
107,636
85.247
62,593
49,458 $4.151,911 in 1913, against $5,613,929 last year.
h After allowing for additional income for the month of December 1913.
Great Northern_b
Dec 5,564,360 6,548,454 1,974,543 3,100,127
July 1 to Dec 31
44,991,522 44,110,728 20,873,920 21,592,351 total net earnings were $177,351. against $209,644 last year, and for the
period from July 1 to Dec.31 were $1,260,090 this year, against $1,471,124.
Hocking Valley_b
Dec 574,411
604,024
157,504
204,561
n These figures represent 30% of gross earnings.
July 1 to Dec 31
4,282,599 4,180,894 1,532,981 1,621,589
s After allowing for miscellaneous charges to income for the month of
Lehigh & New Eng_b___Dec 172,600
155,888
75,283
84,047 December 1913, total net earnings were $106,052, against $142,865 last
July 1 to Dec 31
964,924
911.488
418,386
449,035 year. and for the period from July 1 to Dec. 31 were $905.596 this year.
Louisville & Nashv_b__Dec 5,137.723 5,054,305 1,303,512 1,387,144 against $538.192.
July 1 to Dec 31
31,590,409 29,926,315 8,622,421 8,569,977
Minneap & St Louisa Dec 806,496
840.282 8204,951 8219,942
Interest Charges and Surplus.
Jan 1 to Dec 31
5,024.969 5,151,027 h1,337.398 81,489,728
-Int., Rentals, &c.- -Bal. of Net Earns.
Minneap St P & S S M.a.Dec 1,453,120 1,853,573
391,496
809,342
Current
Previous
Current
Previous
July 1 to Dec 31
10,930,964 11,702,265 3,679,580 5,210,885
Year.
Year.
Year.
Roads.
Year.
Chicago Division_ a_ _ _Dec 822,274
891,316. 145,849
299,809
$
$
July 1 to Dec 31
5,544,828 5,531,666 1,573.341 1,836,779 Boston & Albany
Mississippi Central_b___Dec
87,258
85,357
37,205
35,634
5,448,735 5,171,220xdef520,718
Jan 1 to Dec 31
z71,602
July 1 to Dec 31
508.541
534,722
222.483
218,834 Chesapeake & Ohio
709,760 x334,090 x334,883
Dec 745,144
Missouri Kan & Tex_b__Dec 2,627,647 2,971,492 1538,548 11,035,000
4,440,918 4,245,077 12,229,585 12,267,735
July 1 to Dec 31
July 1 to Dec 31
17,276,143 17,624,286 15,010,618 16,308,467 Cuba
66,792
66,792
Dec
172.191
145,226
Nashv Chatt & St L_b__Dec 1,127,695 1,107,619
234,921
242,374
400,472
400,750
July 1 to Dec 31
581,177
422,631
July 1 to Dec 31
6,524,041 6,630,519 1,385,993 1,541,300 Denver & Rio Grande..__Dec 581,797
574,976
c60,110 c196,703
NY Cent & Hud Riv_b_Dec 9.169,410 9,567,237 1,839,520 2,549,172
July 1 to Dec 31
3,487,674 3,339,589 c890,729 c1.378,632
Jan 1 to Dec 31
116,904,304 109697,588 29,066.693 28,567,749 Genesee & Wyoming
Lake Shore & M S_b_ _Dec 4,488,969 5,019.375
313,361 1.737,311
15,842
Oct 1 to Dec 31
15,596
5,446
z961
Jan 1 to Dec 31
57,941,920 54,283,616 15,496,711 18,748.972
39,130
July 1 to Dec 31
30,169
x23,994
19,228
Lake Erie & West_b__Dec 461,555
530,439
50,833
112,212 Hocking Valley
118,563
Dec
137,362
x51,134 z162,243
Jan 1 to Dec 31
5,934,643 5,839,630 1,083,163 1,380.264
July 1 to Dec 31
769,072
796,265 z877,284 x1,161,555
Chic Ind & South_b__Dec 447.837
394,958
58,977
109,634 Norfolk & Western
458,907 z985,340 z1,108,684
Dec 507.386
Jan 1 to Dec 31
4,462,452 4,235,819
697,671
886.506
July 1 to Dec 31
2,951,073 2,757,206.x5,398,622 x0,091,328
Michigan Central_b__Dec 3,002,885 3,050,834
733,934
880.807 Rio Grande Junction___Nov
8.333
23,606
8,333
26,997
Jan 1 to Dec 31
36,011,886 32.911,753 8,698,613 9,902.997
Dec 1 to Nov 30
100.000
215.949
100.000
223,420
Cloy Cin Ch & St L_b_Dec 2,822,532 3.038.365
537,604
657,074 Rio Grande Southern
Dec
19.879
19,311
x2,693
x7,147
Jan 1 to Dec 31
33.840.298 32,714.238 4,240.936 8,354,494
July 1 to Dec 31
120,320
116,145 x 13,536 zdef6,665
Peoria & Eastern_b___Dec 265,923
345,622
53,553
112.695 St Louis Iron Mt & So Dec 674,550
716,054 x465,433 x352,202
Jan 1 to Dec 31
3,387.434 3,429.867
577,892
935,344
July 1 to Dec 31
4,074,646 3,808.425 z1,774,851 x1.467,124
Cincinnati North_b.._Dec 137,729
139,080
28,185
42,922 St L Rocky Mt & Pac_ _Dec
74,109
37.577
32.059
22,497
Jan 1 to Dec 31
1,436,709 1.418,646
16,763
225.733
July 1 to Dec 31
282,571
140,082
194,927
87.771




Roads.

FEB. 7 1914.]

THE CHRONICLE

449

-Gross Earnings- -Net Earnings
-Int., Rentals, &c. -Bat. of Net Earns.
Previous
Current
Previous
Previous
Current
Current
Previous
Current
Year.
Year.
Year.
Year.
Year.
Roads.
Year.
Year.
Year.
$
$
$
$
$
-b
231,099 x150,403 x290,322 Kingston 1Consolidated
St Louis Southwestern..
.Dec 251,932
19,837
18,803
Oct to Dec 31
34,571
35,552
x697,953 x1,364,078
July 1 to Dec 31
1,489.331 1,366,578
July 1 to Dec 31
48,669
51.518
86,431
83,645
26,407 xdef23,848 zdef9,164 Mass Elect Cos
Toledo Peoria & West_ _ _Dec
26,638
-13
x40,871
144,808 xdef78,282
July 1 to Dec 31
149.791
620,494
Oct 1 to Dec 31
601,763
2,233,491 2,178,723
July 1 to Dec 31
5,167,436 5,000,330 1,787,901 1,912,310
c These figures are after allowing for other income and for discount and NY & Stamford Ry.-See under NY N H & Hartford RR.
exchange. The sum of $10,000 is deducted every month from surplus
is also credited to NY State Rys b-and placed to the credit of renewal funds and $10,000
741.719
766,282
Oct 1 to Dec 31
1,938,459 1.892.561
Refunding Mortgage Sinking Fund.
July 1 to Dec 31
4,017,302 3,922,153 1,569.422 1,591,697
z After allowing for other income received.
Jan 1 to Dec 31
7,796,228 7.542,193 2,947.815 2,875.355
N Y Westchester & Boston-See under N Y N H & Hartford RR.
ELECTRIC RAILWAY AND TRACTION COMPANIES. Northwestern Penna___Dec 32,536
7,117
7,995
29,131
Jan 1 to Dec 31
106,482
373,236
346,455
105,837
Poughk City & Wapp Falls El Ry-b
Jan. 1 to latest date.
Latest Gross Earnings.
Oct 1 to Dec 31
48,685
47,078
17,386
11,043
Name of
Previous
Rhode Island Co
-See under N Y N H & Hartford RR.
Week or Current Previous Current
Road.
Year.
Year.
Year.
Year.
Month.
Schenectady Railway_bOct 1 to Dec 31
341,229
320,971
123,188
131,191
$
$
$
$
July 1 to Dec 31
731,593
669,343
296,654
294,047
American Rys Co_ _- December 461.719 431,492 5,223,116 4,871,153
Jan 1 to Dec 31
1,393,502 1,255,958
563,225
521,907
373,914
360,551
24,607 23.407
December_
Atlantic Shore Ry__
cAur Elgin & Chic By December_ 161.944 155.453 2,004,314 1,913,025 Westchester St RR-See under N Y N H & Hartford RR.
698,442
649,695 Youngs & Ohio Riv a_.._Dec
November
21,406
20.108
8,310
7,574
Bangor Ry & Elec By December_ 65,372 61,681
163,128
147,381
16,386 14,384
July 1 to Dec 31
Baton Rouge Elec Co
137,439
129,357
53.035
50,847
540,355
634,666
Belt LRyCorp(NYO) Dctober _ __ 69,931 55,604
a Net earnings here given are after deducting taxes.
Berkshire Street Ry_ December_ 76,164 74,180
b Net earnings here given are before deducting taxes.
Brazilian Trac, L & P December_ 2002,536 1881,556 23,539,965 20,610,033
7,849
124,403
7,688
120,00E
c Including earnings from May 1 1913 only, on the additional stocks
Brock & Plym St By. December_
Bklyn Rap Tran Syst October.... 2066,841 2103,071 20,815,847 20,371,20E acquired as of that date.
380,952
360,29(
Elec By December.. 36,169 34,387
Cape Breton
Chattanooga By & Lt December_ 100,378 95,454 1,204,930 1,064,679
Interest Charges and Surplus.
30,187 30,862
392,397
370,521
Cleve Painesv & East November
-Int., Rentals, &c. -Bal. of Net Earns.
Cleve Southw & Col_ December_ 105,472 97,177 1,255,344 1,182,151
Current
Previous
Current
Previous
608,636
Columbus(Ga) El Co December.. 56,904 48,278
540,461
Year.
Year.
Year.
Year.
Roads.
Com'th Pow,Ry & Lt December.. a346,530 153,123 a2,403,690 1,302,461
$
Coney IsI'd & Bklyn_ October...._ 118,894 120,053 1,442,257 1,368,73E
December.. 631,963 615,582
Connecticut Co
34,408
32,071
19,672
Aurora Elgin & Chicago.Dec
26,034
Consum Pow (Mich).. November 291,035 263,903 2,830,186 2,490,44(
July 1 to Dec 31
219,711
203,368
192,466
263,373
Cumb Co(Me)P & L November 195,100 176,866 2,149,544 1,953,32E Cleve Southw &
33,087
32,066
9,470
Col_ _ __Dec
z5,641
Dallas Electric Corp_ December.. 203,916 174,240 2,193,500 1,821,561
Jan 1 to Dec 31
373,113
113,918 x116,690
381,930
Detroit United Ry_ _ 3d wk Jan 203,546 209,202
596,214
619,84::
DDEB& Batt (rec) October..__ 48,955 52,818
6,771
286,157
142,212
53,520
517,51( Com'Ith Pow By & Lt__Dec
500,705
Jan 1 to Dec 31
Duluth-Superior Trac November 109,263 91,687 1,165,828
54,824 1,913,426 1,169,050
397,681
980,113
East St Louts & Sub.. November 245,851 224,023 2,462,745 2,224,247 Kingston Consolidated
El Paso Electric Cos.. December_ 87,721 81,228
886,880
793,32(
Oct 1 to Dec 31
15,599
13,523
4,238
5,280
Federal Light & Trac October__ 194,206 184,087 1,909,848 1,745,741
July 1 to Dec 31
25,273
27,284
24,234
23,396
42d St M & St N Ave.. October..__ 173,976 172,704 1,584,752 1.503.533
Mass Elect Co
Galv-Hous Elec Co.._ December_ 203,561 183,391 2,373,065 2,027,65(
Oct 1 to Dec 31
455,161
121,489
480,274
165,333
Grand Rapids By Co November 100,791 100,776 1,172,618 1,126,61f
July 1 to Dec 31
950,923
789,696
961,387
998,205
991,872
918,931
Harrisburg Railways December_
86,178 82,005
N Y State RysHavana El By,L & P
Oct 1 to Dec 31
260.771
257,60:':
418,116 x349,363 x359.003
453,237
Railway Dept_ _ _ _ Wk Feb 1 50,880 50,366
July 1 to Dec 31
822,611 x766,231 x856,987
891,161
Honolulu Rapid Tran
562,978
512,387
Jan I to Dec 31
50.425 48,420
November
1,743,417 1,572,239 x1,374,496 x1,476,549
& Land Co
307,501 Poughk City & Wapp Falls El Ry24,833 26,421
296,853
Houghton Co Tr Co_ December_
Hudson & Manhattan October__ 323,477 320.571 3,072,928 2,976,71(
Oct 1 to Dec 31
9,324
x7.593
9,843
z1,799
Illinois Traction_ __ _ November 729.946 679,483 7,188,041 6,784,811
Interboro Rap Tran_ December 3035,729 2962,828 32,760,151 32,132,634 Schenectady Railway
39,697
x81,130
x90,921
Oct 1 to Dec 31.
42,617
679,621
562,531
Jacksonville Trac Co December_ 64,483 48,626
79,539 x212.009 x215,067
July 1 to Dec 31
85,818
Lake Shore Elec Ry_ November 105.942 104.789 1,299,534 1,213,8F
157,847 x396,012 z368,302
Jan 1 to Dec 31
169,891
Lehigh Valley Transit December_ 140,525 130,702 1,774,821 1,541,51
677,221
618,03
Lewis Aug & Watery_ December_ 50,420 47,359
4.166
4,166
4,144
Youngst & Ohio River.. Dec
3,408
211,762
190,021
17,873 16,814
Long Island Electric_ October___
July 1 to Dec 31
25,000
25,847
28,035
25,000
Louisville Railway December.. 275,321 270,360 3,226,275 3,130,491
Milw El Ry & Lt Co_ December_ 536,537 517,104 6,016,916 5,682,351
z After allowing for other income received.
Milw Lt Ht & Tr Co_ Novmeber 120,429 96,397 1.326,706 1,139.351
EXPRESS COMPANIES.
960,261
847,891
Monongahela Val Tr.. December_ 87.790 71,731
Nashville By & Light November 189,660 181,156 2,009,352 1,885,951
-Month of October --July 1 to Oct. 31-511,124
376,691
N Y City Interboro October___ 56,552 46,098
1913.
1912.
1913.
1912.
333.521
349,709
N Y & Long Isl Trac- October___ 32,838 34,131
Wells, Fargo & Co.
13,680 13,349
138,517 '130,281 Gross receiptsfrom operation 2,955,915 3,333,075 11.304.289 12,189,197
N Y & North Shore October___
Co... October..... 113,761 114,430 1,170,381 1,122,201 Express privileges
N Y & Queens
-Dr_
_ 1,455,796 1,567.588 5,555.882 5,875,439
New York Railways_ Novembr 1138,477 1154,418 12,975,03x 12,690,751
34,186 24,253
NY Westches & Bos_ December_
Total operating revenues_ 1,500,119 1,765,487 5,748.406 6,313,757
By,December. 24,879 84.876
N Y & Stamford
Total operating expenses_ _ _ _ 1,284,367 1,386,332 5,074,659 5.321,246
15,210 14,520
180,361
188,879
Northam Easton & W December
Nor Ohio Trac & Lt. December_ 295,377 259,881 3,284,533 2,996,031
215,751
379,154
Net operating revenue_ __ _
673,746
992,511
Co December_ 184,878 170,923 2,132,200 1,790,76: One-twelfth of annual taxes_
North Texas Elec
33,000
30,000
129,000
120.000
373,236
346,4515
Northw Pennsylv Ry December_ 32,536 29,131
October....
5,727
6,735
142,906
131,7413
Ocean Electric (L
349.154
182,751
Operating income
544,746
872.511
Co_ December. 29,523 27,878
296,565
Paducah Tr & Lt
286,531
October- -July 1 to Oct. 3126,291 23,837
285,757
Pensacola Electric Co December_
285,421
1913.
191 .
1913.
1912.
Philo, Rap Trans Co_ December 2142,522 2065,830 24,241,590 23,283,0015
Great Northern Co.$
$
$
$
Port(Ore)Ry L&P Co December_ 607,476 586,857 6,723,742 6,642,3013
315,382 1,289,073 1,279,489
79,867 76,693 1,036,316
Portland (Me) RR_ _ December_
981,051 Gross receipts from operation 318,080
-Dr
189,150
771.284
190,413
766,699
Puget Sound Tr,L&P December_ 790,306 725,642 8,613,600 8,313,8413 Express privileges
Republic Ry & Light December 282,300 264,561 2,997,670 2,655,601
Total operating revenues__
126,232
517,789
127,666
512,790
November 412,576 409,313
Rhode Island Co
Total operating expenses.....
369,798
90,628
87,869
345,902
StJoseph(Mo)Ry.Lt.
December_ 117.830 110,874 1,252,904 1,179,83
Heat & Power Co_
'
Net operating revenue____
37,038
147.991
38,362
166,887
40,378 36,936
457,690
404,22. One-twelfth of annual taxes_
Santiago El Lt & Tr.. December
5
4,203
4,710
16,812
19,385
827,780
747,06
8
Savannah Electric Co December_ 74,916 68,447
883,430
824,51
Second Avenue (rec)- October..__ 90,787 86,747
Operating income
32,835
33,652
131,178
147.502
175,243
125,24
Southern Boulevard_ October.... 19,108 14,952
844,940
753,835
Tampa Electric Co.. December. 83,107 66,797
October__ 351,321 332,420 3,391,446 3,190,8119
Third Avenue
498,035
461,61;
2
Twin City Rap Tran_ 3d wk Jan 167,537 157,181
Underground Mee By of LondonANNUAL REPORTS.
£59,925
£59.90
London Elec By... Wk Jan 24 £14,765 £14,680
£53,451
£53,049
Metropolitan Dist_ Wk Jan 24 £13,007 £13,283
Wk Jan 24 £49,779 £52,657 L209,571 £218.73.
London Gen Bus....
Annual Reports.
-An index to annual reports of steam
Union fty Co of NYC October___ 233,185 218,310 2,308,062 2,130,95:
ed RysUnit
of St L... November 1062,951 1029,746 11,605,532 11,201,251 railroads, street railways and miscellaneous companies which
Virginia By & Power.. December 450,487 417,817 5,038,313 4,670,74' have been published during the preceding month will be
7
Wash Balto & Annap December. 68,819 59,995
831,940
778,28'
given on the last Saturday of each month. This index will
Westchester Electric. October_ _ _
46,696 46,632
503,938
495,55
December_
19,334 17,502
WestchesterSt RR
not include reports in the issue of the "Chronicle" in which
Western Rys & Light November 215,819 194,766 2,309,237 2,056,531
Wisconsin Gas & Elec November_ 68.372 65,025
681.511
620,63
, it is published. The latest index will be found in the issue
Yonkers Railroad.... October..... 60,673 65,533
583,291
613,45: of Jan. 31. The next will appear in that of Feb. 28.
York Railway._
December
71,609 65,128
768,940
715,2313
Youngstown &
21,406 20,108
December
253,114
239,5213
The Northern Ohio Traction & Light Co.
Youngstown & South December. 14,037 12.912
(Report for Fiscal Year ending Dec. 31 1913.)
a Includes earnings from May 1 1913 only on the additional stocks
acquired as of that date. c These figures are for consolidated company.
Pres. H.A.Everett, Cleveland,Jan. 24,
Roads.

wrote in substance
(compare map, &c., on pages 5 and 6 of "Elec. Ry. Sec."):
Electric Railway Net Earnings.
-The following table
Earnings
was $3,284,532, showing an
gives the returns of ELECTRIC railway gross and !aet increase of.-The gross revenue for the yearof expenses to earnings was
$288,496, or 9.6%. The ratio
61.49%, against 56.83% in 1912 and 55.40% in 1911.
earnings reported this week:
Mileage.
-The mileage of the system has been

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
155,453
54,080
Aurora Elgin & Chic_a_Dec 161,944
58,105
July 1 to Dec. 31
1,099,080 1,050,486
423,076
455,840
Berkshire St Ry-See under NYNH& Hartford RR.
-See under NYNH& Hartford RR.
Connecticut Co.
Brazilian Tr Lt & Pow__Dec 2,002,536 1,881,556 1,151,507 1,074,779
23,639,965 20,610,033 12,826,693 11,267,925
Jan 1 to Dec 31
97,177
42,557
Cleve Southw & Col_b_Dec 105,472
37,613
Jan 1 to Dec 31
1,255,344 1,182,157
495,848
488,627
Commonw Pow Ry&LtaDec c346,530
153,123 c339,676
148,982
Jan 1 to Dec 31
2,403,690 1.302.461 c2,311,107 1.223.874




increased 16.75 miles, as
follows: New double-track high-speed line on private right of way (A. B.&
C. division), known as the Northfield cut-off, tracks at the new car houses
and shops in South Akron, and substitution of double for single track in
Akron and Massillon, making the total mileage at the close of 1913 233 miles.
The addition of 7.32 miles of double track on private right-of-way (A. B.&
0. Division) from Fells to Chittenden Station was opened for operation
July 6. Right of way averages 75 ft. in width; rails, 80-1b. T laid on
6x8x8 oak ties; ballast, cinders; maximum grade, .4 of 1%.
-The total expenditure for additions and improvements
Additions, &c.
was $1,811,155, divided as follows: Track and roadway, $303,816; powerhouses, $694487; car barns, $253,126; cars and equipment, $215,025; real
estate and right of way, $5,242; light and commercial power, $337,636;
miscellaneous, $1,824. Ten sections of track, aggregating in all 7.95 miles,
have been renewed in most approved methods with 7
-in. T rail (5.02 miles
95 lb.. rest 80 lb.), laid on concrete foundations; 49,251 ties have been replaced.

450

• THE CHRONICLE

[VoL. xcvm.

Rolling Bioak.-Thirty-five additional passenger cars have been added' the constituent companies sold 1,996.207,300 cu. ft. of gas, an increase
viz.; 10 Interurban coaches, 15 semi-convertibles and 10 convertibles.
over 1912 of 5.57%, 191.454,700 k.w. hours of electricity (inter-company
Car Barns, &c.
-Modern car barns and shops in South Akron were placed sales eliminated), an increase of 14.62% • and carried passengers (exclusive
in use in September,the South Main St.shop being then permanently closed. of transfers) to the number of 96,216.082, an increase of 7.97%.
Power Stations.
(The regular quarterly dividends of 13i% on pref.
-The Gorge power station completed during the year
gradually assumed the load of the entire Northern div. and Beech St., on common stock, were paid Feb. 2 1914 to holders ofstock and 1% (No. 4)
record Jan. 16 '14.1
Silver Lake Junction and Bedford power stations were permanently closed.
Taxes
-Elimination of Unnecessary Companies.
-The taxes paid by all
Until this was fully accomplished there was necessarily a duplication of ex- the companies during 1913 amounted to 1662,253 (an Increase of
,
19.70%).
pense. The hydro-electric plant of the Gorge development, which was Including the Federal excise tax for the year 1912 assessed against the sevplaced in service on Jan. 6 1914, will make for further economy.
eral companies, and paid in 1913, but not including income tax for 1913
Lighting and Power.
-Under the new municipal lighting contract in Akron, imposed under the tariff law enacted Oct. 3 1913. This income tax, in
there have been installed 213 luminous arc or white way lamps, 418 mag- view of the fact that dividends from other corporations cannot be deducted,
nitite street lamps (arc lines 4 amp.) and 2,000 street series tungsten affects this company to a considerable extent, and the taxes to be paid
lamps. In the commercial division 2 600 new consumers of light and power during 1914 will be considerably increased on this account. The managehave been added, the power installations representing a total of 8,400 h.p. ment, however, are engaged in the simplification of the organization and
Under contracts already secured large additions will be made to these figures the elimination of all unnecessary companies, wnich will obviate as far as
early in 1914. A majority of the large Akron rubber factories have entered possible duplicate taxation.
Into contracts for power service, and the company is about to realize the
-The new line between Saginaw and Bay City
New Interurban Railways.
increased earnings afforded by a large and economical power production. Is practically com,pleted and will shortly be in operation. The building of
Light and power lines outside of Akron were extended to the villages of the line between Grand Rapids and Kalamazoo has progressed satisfactorily
Greentown, iiartville, Uniontown and Congress Lake. The village of and the line will be completed and put in operation within the present calMogadore will soon be reached from Springfield Center. An extension is endar year. The expenditures on account of these railway lines have not
In progress to Hudson under contract to furnish entire demand for private yet been funded, the entire amounts thereof being ris
t
ne to funds:
ntedbyadvanes
th
consumers and municipal lighting. In connection with required and neces- by Your company on account of construction.
planned
these
sary changes and extensions in Akron, 95,400 ft. of underground cables and expenditures, and thus reimburse this company's treasury, through the
conduit were installed. In fact, the entire lighting sys- issuance of first mortgage bonds upon the new properties. If the bonds
154.700 ft. of fiber
tem of Akron has been reconstructed and is in first-class condition.
cannot presently be sold at fair prices, they will be pledged as security to
Extraordinary Conditions.
-The past year has brought severe burdens of a short-term note issue.
unusual character. An unparalleled labor disturbance in Akron rubber
Electric Hants.
-During the year the third hydro-electric development
factories occurred in February and continued for six weeks. All business on the Au Sable River at the Loud site was completed and put in operation.
was seriously interrupted and labor conditions were abnormal for several Additions to the steam electric-generating plants at Battle Creek, Kalamonths. The March flood caused considerable property loss and excessive mazoo and Grand Rapids, Mich., and Peoria, III., have also been comoperating charges in addition to the suspension of traffic for several days. pleted. The total installed electric generating capacity of all the plants
This restricted earnings for a number of weeks. On Nov. 9 a snow storm Is now 168,730 h.p., of which 69,930 h.p. is water power and 98,800 h.p.
caused a complete cessation of operation for nearly 24 hours and crippled Is steam. The high-tension transmission line from Grand Rapids to Kalaservice over all divisions for several days.
mazoo, a distance of approximately 50 miles, is nearly completed, and will
Interurban Limited Cars.
-The operation of interurban limited cars has shortly be in operation. This line will connect the generating system on
become an established branch of our service, the volume of traffic increasing the east side of the State of Michigan with that on the west side. [See also
steadily. Gross earnings from this service for the year 1913 were $315,616. Consumers' Power Co., V. 98, p. 304; V. 95, p. 1683.1
Enlargement of Operations of Company.
-On April 23 1912 the company made application to the P. U.
Financial.
-The acquirement as of May 1
Commission for authority to issue $2,000,000 6% cum. pref. stock, made 1913 of companies owning properties in Wisconsin, Illinois, Indiana and
necessary by the large expenditures for construction of the steam and hy- Ohio, as well as additional properties in the State of Michigan, has for the
draulic power station, car barns and shops, A. B.& C.double-track cut-off, period elapsed since their requirement, proven very satisfactory. Of the
&c. The Commission granted authority to issue $1,640,000 of said stock $1,346.731 increased gross earnings for the calendar year 1913, $726,770.
or 53.96% of the amount and 11.74% increase over 1912, were contributed
to be sold at not lass than par. (V. 97, p. 1116.)
On Sept. 12 1913 the company was granted permission to issue the re- by the new properties,leaving $619,961,or 46.04% of the amount and 9.25%
maining $350,000 of pref stock. This order also provided for reimburse- Increase over 1912, which were contributed by the properties owned prior
ment of the treasury for additions, betterments and improvements made to to May 1 1913. It is believed that the enlargement of the company and
the diversifying of its operations will prove even more beneficial in 1914.
the property from July 1 1911 to Dec. 311912, amounting to $458,211.
[See merger of 1913 and bond offering in V. 96, P. 1296, 1556.1
The Commission authorized the issue for these purposes of $349,000
Northern Ohio Traction & Light Co. 4% treasury bonds and $91,00Q
Canton-Akron Consolidated Ry. Co. 5% bonds. The unnaid balance
RESULTS FOR THE FISCAL YEAR ENDING DEC. 31.
($800,000) of collateral trust serial bonds,issue of March 26 1909, was under
(Including earnings from May 1 1913 only on the additional stocks
this authority paid and 31.900,000 of bonds previously pledged as collateral acquired as of that date.
thereto, together with $100,000 of 4% bonds of the Nor. Ohio Traction &
1911.
Lt. Co., $244,000 5% bonds of the Canton-Akron Consol. Ry. Co., pre- Earnings on stocks owned in sub. cos.. $21913
,083,020 11, 07 9 0 $1,073,096
19 : 91
447
viously certified In addition to $56,000 of the same issue covered by this Miscellaneous earnings
320,670
66,765
order, a total of 12,300,000, were pledged as collateral to a new collateral
trust 6s of $1,500,000, dated Aug. 1 1913 (V. 97, p. 803,1025).
$2,403,690 11.302.161 $1,139,861
Gross earnings
The company was further granted permission to sell the balance of its Expenses and taxes
$92,583
$78,587
$57,429
unpledged treasury bonds, consisting of $300,000 Nor. Ohio Traction & Interest charges
397,681
54.824
Lt. Co. 4% bonds and $35,000 Canton-Akron Consolidated Ry. Co. 5% Dividends on preferred stock
*760,000
360,000
360,124
bonds (V. 97, p. 1116).
585,000
Dividends on common stock (4%)_ _
Stockholders of Record.
-1,509, an increase of 74.
[Increase in the limit of nref.stock issue to $5,000,000 was authorized by the
1493,411
11,835,264
Total deductions
$417453
shareholders Jan. 24 1914. V. 98, P. 74, 388.]
1809,050
$568,426
Balance, surplus
$722,308
Results per Mile (Average Miles Operated about 233).
* Includes $100.000 to cover dividend requirement since May 1 1913 on
1912.
1913.
1911.
1910.
$12,291
Gross earnings
$12,378
$11,244
$10 376 the $10,000,000 of additional preferred stock issued as of that date.
45
:18
4,457
Net earnings
4,888
1913 (Total each side $48,851,496).
61.49%
56.83%3
Ratio of exp. to earns
5'15
55.40%
55.34% CONDENSED BAL. SHEET DEC. 31
Assets.
-Securities and property owned, $40,483,137; cash, RESULTS FOR CALENDAR YEAR OF COMBINED PROPERITES.
$634,148; total
$41,117,285
1913.
Bills receivable, $7,061,236; accts. receivable, Z,618,201; both
1912.
1911.
1910.
233.22
of subsidiary companies, total
Average miles operated..
7,679,437
216.47
215.76
215.20
$2,686,601 $2,502,937 $2,267,986 $2,080,136
Int. mole,$31,258;debt disc't (being amortized),$23,516; tot.
Passengers
54,774
Freight, &c
94,516
80,723
73,394
67.422 Liabilities-Pref.etk.,$16,000,I;00; common,115,500.000; total 131.500.000
418,004
Light and power
316,559
268,005
204,434
Common stock deliverable May 11915. $2,500,000; deliverParks
59.733
74,555
67,819
70,309
able May 1 1916,$3,000,000; total
5,500,000
Miscellaneous income
25,679
21,263
16,820
15,125
Five-year convertible bonds due May 1 1918
8,000,000
Contracts payable,$350,000; bills payable,$2,483.563; total.. 2,833,563
Total earnings
$3,284,533 $2,996.037 $2,694,024 $2,437,426
Dividends payable Feb. 2 1914-Pref. stock, $240,000; comMaint. of way & struc
$307,439
$233,696
1191,808
$174.326
mon stock. $155,000; total
395,000
304,612
243,431
Maint. of equipment
222,913
212,238
Accrued accounts
133,165
416,417
Operation-power plants
375,307
337,635
291,590
Surplus, 1884,768; less dividends payable Feb. 2 1914. $395.
transport'n_
546,724
473,222
Conducting
429,066
399,231
000; balance
*489,768
444.462
377,109
General and taxes
311,104
271,578
* Of the amounts outstanding to credit of surplus accounts of subsidairy
Total oper. expenses_ $2,019,654 $1,702,765 $1,492,526 11,348,963 companies there are accruing to the Commonwealth Power, Railway & Light
$1,264,879 11.293,272 $1,201,498 $1.088,463 Co. to Dec. 31 1913 undistributed earnings amounting to $2,130,086.
Net earnings
Deduct-Int.on bds.,&c. $561,816
1523,068
$531,032
$521,069
Prof. div. (see note)__(6%)152,738 (3%) 930
See below
49,
Dividends on corn.stk_(5%)150,000(4 X)382,500 g)292,500 ii)225,000
(3
(2
General Chemical Co., New York.
Balance,surplus
$100,325
$337,774
3377,966
$342,394
-The dividends on the pref. stock as above for 1912 ($49,930)
Note.
Include 2 quarterly payments of 13% each, paid in Oct. 1912 and Jan.
1913, the two previous payments for the year of
% each in July and
April 1912 and the 3 payments for the preceding year, viz., 134 %, each in
July and Oct. 1911 and Jan. 1912, having been charged to capital account
on account of new power house and car barns while under construction.
CONDENSED BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
Assets
Liabilities-$
$
Cost of rd. & eq_25,034,903 23,235,958 Common stock__ 9,000,000 9,000,000
Securities owned__ 229,000
223,380 Preferred stock_ _ _ 2,824,320 1,943,960
Bonds
Newburg to Bedf'd
11,668,000 10,635,000
49,854 Acc'ts payable_- 286,907
right of way___
56,253
234,830
North Hill out-oft. 175,802
159,324 Int. accr., not due
61,787
51,521
Real estate
Tax.acer.,not due
60,291
199,168
90,431
72,012
Cash on hand and
Customers' depos_
2,808
1,858
in tranilt
41,853 Notes payable_
38,645
394,800
292,869
Notes receivable
3,590
3,175 Sundry accounts
20,116
23,305
Acets receivable.. 145,399
102,263 D'btful light acc'ts
434
Mar'l & supplies_ _ 200,899
161,154 In). & damage fd_
34,616
Prepaid acc'tsate_
45,712
17,472 Depreciation
600,000
500,000
Canton State Bank
1,836 Income account *1,041,325 1,405,036
Total
25,990,494 24,195,441
Total
25,990,494 24,195,441

(Report for Fiscal Year ending Dec. 31 1913.)
Chairman Wm.H.Nichols, N.Y.,Jan.30, wrote in subst.:

The year has been one of general apprehension in manufacturing circles,
but chemical manufacturers have suffered as little as any,and your company
has been content to maintain its relative position in the industry. This
is a time for renewed economies in production rather than an increase of
output. The careful husbanding of our resources and the added capital
furnished by our stockholders have enabled us to carry out this policy satisfactorily, and our plants were never so well equipped as at present.
Out of the profits for the year we have paid the regular dividends and declared an extra dividend of 5% upon the common stock, payable Feb. 2
1914. The net charges for depreciation and dismantlement for the year,
over and above salvage, amount to $438,446, leaving a balance oi $258,211,
which has been carried to surplus.
of
In November the common stockholders were given the eivmliegoonstock,of sub5 ,00 epro m
scribing for common stock at par to the extent of 5% ot their holdings, and
in February there will be issued on this account $ 7
making our capitalization 110,858,000 of common and $13,750,000 of pref.
stock. At a meeting held this day the directors declared a quarterly dividend upon the common'stock of 1% %, payable Mar. 2 1914, to common
stockholders of record Feb. 20 1913.
1911.
INCOME ACCOUNT DEC. 31.
1913.
1910.
Surplus previous year....a$4,747,369 c$41913 038
,462;
$4,090,759 143,215,820
2,608,582
2,361,880
2,341,339
*After deducting $100,000 in 1913 for depreciation, 1167,724 for re- Net profits for the year.. 2,809,441
financing costs, including discount on bonds : 1109,601 for reconstruction
Total
$7.556,810 $7,071,620 $6,452,639 15,557,159
and replacement expenses and 186,715 for floods, personal injuries, &c.
Deduct
-V. 98. p. 388.
$750,000
Pre.. dividend (6%)..
$825,000
$750,000
$750,000
Common dividend.._ _ _(6%)607,666
(6
(6%)513,534 %)489,078 %)398,302
(5
Commonwealth Power, Railway & Light Co., New York. Extra common div. paid
Feb. 2 1914(5%)517,050
(Report for Year ending Dec. 31 1913.)
Int. on stk. subscrip'ns_
44,154
Chged.off pl't, &c.,acc'ts 438,446
159,755
185,944
President Anton G. Hodenpyl, N. Y., Feb. 2, wrote in Dist. among pror.sharers 136,811 • 432,687
136,717
140,343
137,626
Res.for U.S.corp. tax..
19,259
26,254
substance (see map, &c., pages 54 to 57,"El. Ry." Sec.):
18,000
19,353
Results.
-The earnings statement (below) includes earnings since MV
Total
'j
12,551,227
1913 only on the stocks acquired as of that date in the Union Railway, Bal. to sur.acct. Dec.31 $5,005,583 11,896,351 $1,582,001 $1,466,400
5,175,269 $4,870,638 $4,090,759
Gas & Electric Co., Michigan Railways Co.and Springfield (Ohio) Company Exp.
1,999,569
$899,090 $1,421,948
(V. 96, p. 1296). The statement includes the operations of your company Exp.on new constr., &c. $1,138,995
on repairs & reconand the results of operations of the constituent companies as applied to the
str'n chgd.to exp.acc't
570,122
779,964
600,368
547.806
securities owned by your company for the time that they were so owned.
The gross receipts of all the constituent companies for the calendar year
a After
1913 aggregated $14,215,230, an increase over 1912 of 11,346,731, or $427,900. deducting common stock dividend of 5% distributed Feb. 2 1913.
10.44%, as against an increase in operating expenses of 7.37%. Of the
b After deducting common stock dividend of 10% distributed Mar. 16
above grass receipts, $2,559,828, or 17.97%, was derived from the gas 1910, 1741.030.
properties, 15,346,612, or 37.53%, from electric, heating and water propc After
erties, and $6.338,791. or 44.60%, from railways. During the year 1913 $407,600.deducting common stock dividend of 6% distributed Feb. 12 1912,




CONSOLIDATED BAL. SHEET (INCL. SUB. COMPANIES)
1913.
1913.
1912.
Liabilities
Assets$
$
Preferred stock__ _13,750,000
Manufacturing invest at cost__ _*23,303,422 21,489,850 Common stock ..10,341,000
Investment in cos.
Cap. stk. subscr's_
partly owned__ 1,272,750 1,309,342 Loans, &c., accrued (not due)- 889,097
Misc. investments
41,508
51,508
-sharing fund 136,811
Mdse. on hand
Prof.
(cost)
3,640,961 3,422,658 Div. pay. Jan. 2_ _ 206,250
Extra div. Feb. 2_ 517,050
Active customers'
acc'ts & bills rec. 1,518,613 1,579,197 Fire ins. reserve- 670,332
Miscellaneous_
267,540 Sundry reserves__ 100,000
295,509
26,254
Cash
899,282 1,036,970 Corp. tax reserve_
5,005,583
Fire ins. reserve
627,915 Surplus
670,332
Total

31,642,377 29,784,980

451

THE CHRONICLE

FEB. 7 1914.)

Total

DEC. 31.
1912.
12,500,000
8,558,900
a1,691,000
782,741
136,717
187,500
427,900
627,915
105,678
19,259
4,747,369

31,642,377 29,784,980

* The manufacturing investment as above is figured after deducting mortgages not due on properties purchased, amounting to $81,800, also the annual deductions for depreciation, which together with the cost of repairs
and replacements charged to expense acc't,from the time of the formation of
the company (1899) to the present date, amount in the aggregate to 311,181,788. x Includes subscriptions on pref. stock, 31,036,300, and on common stock, $654,700.-V. 98, p. 389.

American Can Company, New York.
(Report for Fiscal Year ending Dec. 31 1913.)
President F. S. Wheeler says in substance:
-Floods caused a large direct damage to your factories at HamilResults.
ton 0., and New Castle, Pa., and considerable indirect loss due to transferring orders from these factories to others less favorably situated. The
,
financial stringency also affected your company through' ailing values of
materials and metals and compelled some customers to curtail their operations. During much of the year a scarcity of labor at many places caused
increased cost of production.
The foregoing conditions caused competition (always keen) to become
more aggressive resulting in a somewhat lower average profit. The volume of business in some staple lines shrank because of short crops, but these
deficiencies were offset by increases in other lines and by new business,
with the result that the total business done was slightly in excess of the
record year 1912. [See V. 96, p. 1230.]
-There was expended during the year for new construcAdditions, &c.
tion and equipment the sum of $2,556,187, chiefly at. the following places:
Baltimore, New Orleans, Joliet, and Maywood, Ill., San Francisco and
San Jose, Cal., Detroit, Toledo, Brooklyn, Fairport and Rome N Y
Indianapolis, Niagara Falls, Ont., and Vancouver, B.0.
A large now factory has been completed at Joliet, Ill., in which is being
made the "Damptite" material, which renders it possible to furnish moisture-proof packages,for which there is a large field in the packing of articles
not now using your company's products.
Working Capital.-Thls amounts to $15,800,370.
-On April 1 1913 there
Payment of 24% of Accumulated Pref. Dividends.
was paid to holders of pref. stock out of the surplus earnings a dividend of
24% applying upon the accumulated unpaid dividends. Such dividend
amounted to $9,895,992. [V. 96, P. 655.1
-The coming year promises well. The recently improved
Outlook.
financial conditions should cause greater activity on the part of your customers generally. Experts in the trade predict a very good year.
-A suit has been brought against your company by the U. S.
Suit.
Government for alleged violation of the Sherman Anti-Trust law. Able
counsel expect to defend this action successfully. (V. 97, p. 1665).
(As to sale of $14,000.000 debentures, see V. 96, p. 489, 1841.)
RESULTS FOR CALENDAR YEARS.
1912.
1913.
1911.
1910.
$6,245,679 $7,522,932 $5,416,339 $3,456,537

Earnings
Deduct
$600,000
$500,000 $2,500,000
$633,564
Depreciation
a Disct. on sale of deb.bds.1,050,000
(7%)2,586,331(5 )2370915(5)2.061,665 (5)2,061,665
Preferred dividends _ *
purch. of pats.,&c 612,762
483,886

BALANCE SHEET.
Dec. 31'13. Dec. 2'12.
Dec.31 '13 Dec. 2 '12.
Liabilities
Assets
Common stock... 8,000,000 8,000,000
Real est., bidgs.,
Pref. stock, 7%_ 5,500,000 5,500,000
*3,200,5631
plant, &c
1 438,2095 400,000
Patents & good-will 8,025,0005 10,482,724 Bills payable
Accounts payable_ 5
1 573,882
Co.'s pf. stk.(par) 249,500
32,500 Pref. div., payable
63,700
Shares other cos
Jan. 1 1914_
96,250
2,186,282 1,709,980
Inventories
50,000
521,408 Reserve for losses_
Accts.& bills rec.- 444,902
390,329
288,159 1,716,710 Profit and loss
Cash
10,560
16,682
Prepaid insurance_
Total

14,474,788 14.473,882

Total

14,474,788 14,473,882

on
* Real estate, buildings, plant, machinery,&c., includes__$7_42,838_,e;c4
additions and betterments since Dec. 1 1912.-V.96, p.
3n3tditures

7

(F. W.) Woolworth Co. (Five & Ten-Cent Stores), N. Y.
(Report for Fiscal Year ending Dec. 31 1913.)
GROSS SALES AND PROFITS FOR SEVEN CALENDAR YEARS.
YearSales.
Profits. YearProfits.
Sales.
1913
$66,228,072 $6,461,118 1909
$44,438,193 $4,702,802
1912
60,557,767 5,414,798 1908
36,206,674 3,617,077
1911
52,616,124 4,995,255 1907
32,968,145 2,971,119
1910
50,841,547 5,065,031 1906..
27,760,664 2,723,354
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1913.
1912.
1913.
1912.
Net sales
$66,228,072 $60,557,768 Com.divs.(54)$2,750,000(2;01,000,000
Net income...-. 6,461,118 5,414,799
DeductTotal deduc__ $3,800,000 $2,050,000
Pref. dlvs.(7%) $1,050,000 $1,050,000 Balance, surplus $2,661,118 $3,364,799
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
LiabilitiesAssets
$
$
$
Real e3t.,fran.,&e.*6,401,326 5,261,392 Preferred stock__ _15,000,000 15,000,000
50,000,000 50,000,000 Common stock__ _50,000,000 50,000,000
Good-will
Mortgages payable 596,100
Treasury stock.. _ a475,512
313,000
412,426
605,930 Accounts payable_
Securities owned
61,030
26,000
28,000 Interest accrued.. _1 71,9711
Mtges. receivable_
3,271
262,500 Taxes accrued_ _ _ _)
Cash for dividend_ 262,500
1,026
Inventory (mdse.) 9,579,065 8,628,841 Prof. div. payable
Jan. 1
262,500
Cash
2,703,936 2,573,093
262,500
251,116 Res've, depr.,furn.
c532,669
Miscellaneous_
629,424
and fixtures..
431,857
Imp. leased prem_b1,889,819 1,614,747
6,025,917 3,364,799
211,864 Surplus
Store supplies, &c.. 302,609
Total

72,585,912 69,437,483

Total

72,585,912 89,437,483

* Property (book values) in 1913 include $1,839,036 real estate and buildings.
$4,545,141 furniture and fixtures and $17,149 lease right.
a Treasury stock, $420,000 par value, acquired for retirement.
b "Improvements" include in 1913 alterations and improvements to be written
off during the terms of the leases and organization expenses during the next 4 years.
c Miscellaneous in 1913 ($532,669) includes accounts receivable, $163,015: net
advances to foreign branches, $207,427: proportion of surplus of F. W. Woolworth
dc Co., Ltd., applicable to dividends, $121,237; advance payments on goods in
transit, $27,366; dividends accrued on securities owned, $12,975; and accrued interest, $650.-V. 98, p. 165.

Guggenheim Exploration Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)

President Daniel Guggenheim, N. Y., Dec. 31, wrote:
A comparison with the last annual statement will show an increase in
surplus of $996,708. The net income was $3,353,853, equal to 16.13%
on the capital stock. Beginning with the second quarter, the dividend
rate was increased from 10% to 12% per annum; and in addition to the
regular eividend for the quarter ending Dec. 31 an extra dividend of 2%.
$761,308 or 50 cents per share, was declared, making the total dividends declared for
$854,674
$1,096,586 $4,168,131
Balance, surplus
the year 1913 aggregate 13 %.
*There was also paid April 1 1913 1rom accumulated surplus a dividend
INCOME ACCOUNT FOR CALENDAR YEARS.
of 24%, $9,895,992, on account of unpaid dividends, leaving 8.95% due.
V.95, p. 1543. a The company sold $14,000,000 of 15-yr. 5% sinking fund
1912.
1911.
1913.
1910.
,
gold debenture bonds at 923i, the discount being charged against the earn- Profits for the year
$3,353,853 $3,271,750 3,681,770 3,346,854
ings as shown.
Dividends paid_ _ _(13;•6)2,807,096(10)2079,330(10)2079,330(10)2079.330
BALANCE SHEET DEC. 31.
Net profits
$546,757 $1,192,420 $1,602,440 $1,267,524
1913.
1912.
1912.
1913.
BALANCE SHEET DEC. 31.
$
Assets$
1913.
1912.
1913.
1912.
Common steek___41,233,300 41,233,300
Plants, real estate,
Par Value. Par Value. Book Value, Book Value.
Assetspatents, &c__ _70,357,369 70,857,873 Preferred stork.....41,233,300 41,233,300
Amer. Smelters' SecuriNew construction_13,635,635 11,019,356 Debenture bonds_14,000,000
72,538 Int. on deb. bonds 291,667
ties Co."A"stock_ _ _ $3,400,000 $4,400,000 $3,060,000 $3,960,000
Other inv. Items__ 515,581
4,045,040
4,045,040
9,161,767
9.161,767
4,863,924 4,148,684 Accts. payable__ 1,146,370 2,270,868 *Utah Copper Co
Cash
14,213,125 14,174,425 10,114,563 10,091,189
824,666 *Yukon Gold Co
Accts. & bills rec.. 3,366,363 3,242,901 Dividends Jan. 1_ 721,583
488,750
488,750
2,534,803
2,534,803
Mdse.inventory.; 9,729,703 9,121,709 Contingent funds_ 1,439,558 1,057,058 *Chino Copper Co
4,767,265 4,767,265
Surplus
-Ref.Co.,com. 6,950,000 6,950,000
2,402,797 11,843,870 *Am.Sm.&
1,212,000 3,245,851
2,585,638
*RayCons.Cop.Co.,corn. 1,543,000
56,439
53,010
Total
102,468,575 98,463,062 *Misc. investments
102,468,575 98,463,062
Total
*Alaska Yukon property
-V. 97, p. 1665.
1,119,443
1,144,102
and equipment
2,255
2,310
Furniture,fiat's & equip.
5,089
4,550
Continental Can Co., Inc. (of New York).
13ills & accts. collectible_
11,537,165 10,303,299
Cash and demand loans..
(Report for the 13 Months ending Dec. 31 1913.)
$45,604,640 $44,607,933
Total
Offsets
President T. G. Cranwell says in substance:
$20,793,300 $20,793,300
-While the total volume of sales was practically the same as for Stock
Results.
24,811,340 23,814.633
the 13 months preceding for the constituent companies, yet the generally Surplus
depressed business conditions, added to crop fahures in some sections,
$45,604,640 $44,607,933
combined to disappoint materially the expectations former earlier in the
-V.97, p. 1666.
* Carried at cost.
Year. A large percentage of our business is done with canners and packers,
and what is known as "canning-house crops" were very disappointing in
1913, especially in some commodities.
Emerson-Brantingham Co., Rockford, Ill.
It is necessary to carry large stocks of raw materials and of finished
products, and as there has been a heavy decline in the market values of
(Report for the 15 Months ending Oct. 31 1913.)
these items, the necessity of marking down the value of the same entailed
a writing off of $132.000 of earnings. There has also been written off from
operations after deducting discounts and allowearnings $50,000 in the "other investment items" caused by the reorganize, Profit from cost of manufacture and distribution, incl. deprec'n_
$1,691,968
ances and
tion of a concern in which your company has an interest.
503,699
some sections and these unusual Deduct administrative, general and collection expenses
Notwithstanding the shortage of crops in
amounts charged off before net earnings were arrived at, the net earnings
$1,188,269
Net profit from operations
still were $788,015, which we fed is a very satisfactory showing.
Outlook.
-Our prospects for 1914 are most excellent. A larger volume Add Interest collected on receivables and miscellaneous earnings 597.291
of business is indicated by the number of orders now entered on the books.
$1,785,560
Additions.
-During 1913 the company completed two up-to-date can fac393,364
tories, one at Baltimore and one at Syracuse, with large warehouse facilities Deduct interest on loans
especially designed for the manufacture of what is known as "open top or
Net profit for the 15 months
$1.392,196
sanitary" cans, the use of which is rapidly increasing in all sections. An
$125.898
additional can factory with a large warehouse will be erected in 1914 on Balance at July 31 1912
1
our property in Chicago, to take care of the increased sales. A new Deduct dividends on pref. stock, 8%. viz.: 1 X% each paid
1,064,919
Nov. 1 1912 and Feb. 1, May 1, Aug. 1 and Nov. 1 1913
machine shop at Syracuse, N. Y. now approaches completion for the
manufacture of can-making machines, closing machines, &c. The cost
Balance surplus at Oct. 31 1913
$453.175
of new buildings, equipment, &c., in 1913 was $742,838, but in 1914 the
amount will be much less.
BALANCE SHEET OCT. 31 1913.
.status.. We have no bonded debt and no bills payable as of Dec. 31 1913.
Assets (Total $29690,936)Real estate, buildings, machinery and equipment at sound
RESULTS FOR 13 MONTHS ENDING DEC 31 1913.
values per appraisal April 30 1912, together with net addiI Divs. on pf. stk.(77-12%)_$397,688
tions since that date, $6,705,816; less provision for deprecNet earnings from Dec. 1
390,328
.$6,524.104
elation.$181,712; balance
to Dec. 31 1913- ___$788,0161Balance, surplus
1912
The combined net profits of company and subsidiaries (after giving effect Patents and good-will process and finished product and parts 4.614,403
adjustment of interest from the introduction of the new working Raw material, work in
to the
as certified by responsible officials and valued at or below
capital) was for the calendar year 1911 $775.386, and for the 10 months
8.161.522
cost
ending Oct. 31 1912, $922,876. Compare V.96. ro• 363.




452

THE CHRONICLE

[Vol- xcvm.

Customers' notes and accounts receivable, including accrued
was re-elected Gen. Mgr. E. W. Moore and Levi Meacham have been
elected directors, one to succeed the late A. E. Atkin and the other to ininterest, $9,818.806; less commission certificates outstandcrease the board to sixteen.
-V.96, p. 1556.
ing,5381,035,and reserve for discounts and allowances,$176,022; balance
$9,261,749
Columbus (0.) Railway, Power & Light Co.
-Capital
Sundry debtors, working funds, &c.. $52,423; cash in banks and
814,665 Stock-In Possession.:
on hand. $762,242; total
--This company on Jan. 30 filed in
Miscellaneous real estate acquired under foreclosure and ad145 418 Ohio a certificate of increase of auth. capital stock from
vances thereon
169,076 $1,000,000 to $11,550,000 (to consist of $6,340,000 com.,
Insurance unexpired. Interest prepaid, &c
Liabilities (Total $29,690.936)$1,143,500 pref. "A" and $4,066,500 pref. "B," and on
7% cumulative pref. stock, $12,170,500; common stock, $10,$22,303,000 Feb. 1 took title to the several leased properties, excepting
132,500; total
$5,415,898; accounts payable, $838,716; total_ 6,254,614 only the Columbus Lt., Ht. & Pow. Co. (still held under
Notes payable,
Pref. stock dividend, payable Nov. 1 1913
212,984 lease), per plan in V. 97, p. 1425, 1662; V. 96, p. 1839.
Reserve for contingent losses on receivables and future collection expenses
467,162 Immediate stock issues to be: Common, $6,340,000; pref.
Surplus Oct. 311913453,175 "A," $1,143,500; pref. B, $4,066,500.
There is also a contingent liability in respect of customers' notes dis-P., Gen. Mgr. & Treas.
fficers.-Pres., Samuel G. McMeen; V.
counted amounting to $1,573.834.-V. 97, p. 1507.
E. K. Stewart; V.
-P., C. M. Clark; Sec. & Aud., P. V. Burington; Asst.
Sec. & Asst. Aud., Herbert M. Burington. Directors* C. M. Clark
.
S. G. McMeen,E. K. Stewart, Adolf Theobald, W. K. Lanman, Wm. A.
'
Gill, D. Meade Massil, F..R. Huntington, Wm. 0. Willard, R. S. Warner,
Carl J. Hester.

GENERAL INVESTMENT NEWS.

Earnings.
-Of old Columbus Ry.& Light Co.for cal. years:
RAILROADS, INCLUDING ELECTRIC ROADS.
1912.
1913.
1911.
$3,003,454 $2,944,052 $2,824,489
Gross earnings
Birmingham-Tuscaloosa Railway & Utilities Co.
-- Net earnings
$1,311,055 $1,347,837 81,321,432
-Morris Brothers, Philadelphia, are offering -V. 98, p. 235.
Notes Offered.
at 973/2 and int. a block of the $600,000 6% 3
-year collateral
-Bonds Sold.-Edw.
Connecting Ry. of Philadelphia.
gold notes dated May 1 1913. See p. 129 'Electric Railway B. Smith & Co. and Brown Bros. & Co. have purchased
Section" and V. 97, p. 363.
$3,311,000 1st M.4% bonds due 1951, guar. as to prin. and
Boston & Maine RR.
-Notes-Official Statement
-Op- int. by the Pennsylvania RR.
the
The company owns that part of the New York
erating Agreement.-Touching the $10,000,000 5% notes due sylvania RR, extending from the Junction with Division of nearPenn:
West
the main lino
Feb. 3, Treas. Fisher on Feb. 5 (as revised Feb. 6) said:
Philadelphia station to Frankford Junction, including the new Schuylkill.

Holders of slightly more than 80% of these notes have appeared at offices River Bridge and the new North Philadelphia station, together with imof J. P. Morgan & Co. to receive either new notes or to have stamped on portant branches and belt lines reaching the largest industrial plants in
-V. 93, p. 730.
back of the old ones the following: "The holder of this note agrees with the Northwest section of Philadelphia.
Boston & Maine RR. Co. that time of payment of principal thereof shall
Detroit Toledo & Ironton Ry.-Assessment Called.
be and hereby is extended to June 2 1914,said railroad having paid interest
The final installment of the assessment has been called for
on amount thereof to that date."
Including those who have promised to extend their notes, provided 95% payment on or before Feb. 16. See V. 98, p.
235, 73; V. 97,
agree to extension, Boston & Maine now has its hands on somewhat more
p. 1821.
than 90% of the outstanding $10,000,000 notes.
Except in two instances there has been a desire on part of every holder
Detroit United Ry.-Earnings.-For calendar year
who has presented his notes to do what he can to help Boston & Maine
Net. 0th. Inc. Charges. Dividends. Bal., Sur.
Gross.
over its present crisis. The two holders who would not agree to extension
stated they had already arranged to use at once the $10,000 value of their Year
notes and must have the money. The railroad, of course, could not pay 1913 ____12,723,838 4,029,608 251,938 2,151,068 (6%)750,000 1,380,477
cash for notes. These men arranged with their brokers to pay cash for 1912 --__11,695,530 3,965,121 208,857 2,123,513 (5%)625,000 1,425,464
-V. 98, p. 386.
the notes, and the brokers had the notes extended.
It is hoped that every holder who needs cash for notes will find a way
(The) East St. Louis & Suburban Co.
-$2,000,000 Conto take similar action.
-E. W. Clark & Co., Philadelphia, anBoston & Maine's outlook is upward. Recent advances in class and vert. Bonds, all Sold.
commodity rates which have not yet been reflected in published earnings nounced by adv. in the "Chronicle" last week that the recent
are making themselves felt. The road on June 2 should be in position to
make favorable terms for financing the entire $27,000,000 notes which issue of $2,000,000 5-year 6% convertible bonds dated Jan. 1
mature then.
1914 and due Jan. 1 1919, had all been sold. Total auth.
-V. 98, p. 234, 385.
See Hampden RR. Corp. below.
$3,000,000. Par $1,000, $500 and $100 (c*).

Canadian Northern Ry.-Debentures
.-

A press dispatch from London on Feb. 6 stated that an issue of L1,300,000 43 % Canadian Northern debentures was impending.
-V.98, p.235.

issue
The
bankers say in substance:(see map p.49 Electric Ry.Sec.)

The new company has been incorporated in Delaware (per plan in V. 97,
p. 1822), to take over the assets and assume the liabilities of the original
East St. Louis & Suburban Co., which was chartered in New Jersey.
Issued Capitalization of The East Si. Louis & Suburban Co. of Delaware
$2,000,000
6% convertible bonds ($3,000,000 auth.), interest J. & J
5% cum. pref. stock (convertible at holders' option into 50% 6%
6,000,000
cum. 1st pref. and 50% com.stock
6,000,000
Common stock
new bonds are convertible at any time before July 1 1918 into an
The
equal amount in par value of 6% cum. pref. stock, and upon such conversion the bondholder will receive In addition to the pref. stock 33 1-3% in
common stock. This 6% cum. pref. will take precedence as to both dividends and assets over the $6,000,000 5% cum. pref. stock and $6,000,000
common stock. Trustee, Penna. Co. for Ins. on Lives & Granting Annul
ties, Philadelphia.
Underlying Bonds Outstanding (all 5 per cents).
East St. Louis & Suburban (old company) collateral trust 5s1932 $8,000,000
2,326,000
Alton Granite & St. Louis Traction Co. let M 1944
-Alton By.& Ill. Co. 1st M 1915.-- 250,000
Alton Gas & Electric Co.
250,000
Alton By. Gas & Elec. Co. 1st M 1939
Power Co. 1st M 1940
238,000
East St. Louis Light &
--Railways, 192 Miles (Single-Track Basis), with 1,033 Cars.
Holdings
The company owns(a) practically all of the stocks and bonds of the street
railway cos. of East St. Louis, Ill., and of interurban lines doing a freight
and passenger business from East St. Louts to Belleville Caseyville, Collocated
Calendar
Income
Bond
Gen. Tax- Divs. on Burp linsville, Edwardsville, Lebanon and O'Fallon, all East In the bituminous
St. Louis. (b) The
Year- Dividends. Int.
Gross. Interest. Exp.
es. Part Shs. Inc. coal fields and rich farming country adjacent to
stock of the Alton Granite & St. Louis Traction Co., which owns the street
$
$
2,228,050 73,776 2,301,826 1,099,488 46,739 12,419 1,125,000 18,180 railways of Alton and Granite City and the interurban line thence, via
1913
2,364,181 73,069 2,437,250 1,100,000-51,007-1,275,000 11,243 Granite City, Madison and Brooklyn, to East St. Louis. (c) The stock
1912
of Alton Gas & Electric Co., which does the entire gas and electric business
-V. 96, p. 1772, 1555,
of Alton. (d) The stock of East St. Louis Light & Power Co., which does
Chicago Milwaukee & St. Paul Ry.-Bonds.-The com- the entire electric light and power business of East St. Louis.
operate
Also
Eads
pany's recent sale of bonds included, along with $9,741,000 Bridge,controls the exclusive right until 1952 to with St.cars over theunder
Louis, and,
the only one connecting East St. Louis
2
General M. 43/s, $1,149,200 convertible debenture 43/28, traffic arrangements, operates its interurban cars from Alton into the termiSt. Louis.
being in each case the remainder of the authorized issue. nal of the Illinois Traction Co.in
The convertibles are said to have been marketed by the bank- Franchises-Principal Railway Franchises Run Till 1947-48 (Under Present
Law Could Not Exceed 20 Years].
•ers at 102. See V. 98, p. 386.
The franchises expire as follows: Greater portion of railway in East St.
in 1947; short extensions, 1919 to 1932; in Alton and lines to
Chicago & North Western Ry.-Bonds Called.
-Five Louis Collinsville and Edwardsville, 1948; Belleville City (5 miles).Belleville,
1919;
and six per cent sinking fund -bonds of 1879 to the amount roads to Lebanon and °Talton, the Belleville freight line and the line from
within city
on private right-ofof 2,000 drawn for redemption Feb. 1 are being paid at East St. Louis to Alton, except in East St.limits, are 2008, and Alton in
Louis, in
way; light and power franchise
the Farmers' Loan & Trust Co., New York, at 105 and ac- 1948; gas franchise in Alton, no limit of time.
crued interest to Feb. 1 1914. The numbers will be found
Second Largest Carrier of Coal from Adjacent Coal Field to St. Louis.
Out of 16 railroads serving the large coal district adjacent to East St.
in our advertising columns.
-V. 97, p. 1897.
Louis, this system in 1912 hauled the second largest tonnage of coal shipped
to St. Louis and East St. Louis. It has the largest coal car equipment
Chicago Peoria & St. Louis Ry.-New President.
-Major per mile of
of the railroads entering East St. Louis, and local
Bluford Wilson has been elected President to succeed John freight-yardtrack of any
facilities surpassed by none.
-V. 96, p. 281.
P. Ramsey.
Additional Power-Extensions. &c., Provided for by Convertible Bond Issue.
To properly handle the increasing business, an additional unit is being
Chicago Rock Island & Pacific Ry.-Ratified.added to the power station at East St. Louis, a new station of 6,700 b. p. is
The stockholders on Jan. 31 authorized the lease for 999 years of the being built at Alton, and a profitable contract has been executed for addiRock Island Stuttgart & Southern Ry.(V. 97, p. 1662)-V. 98, p. 386.
tional current from the hydro-electric plant of the Misstssippi River Power
Co. It is
for the extensions to the railway lines in East
Chicago & Western Indiana RR.
-Bonds.
-White, Increasing to pay facilities and other improvements, all of whichSt. Louis
power
Weld & Co. and Potter, Choate & Prentice have sold the under way, that the present issue of convertible bonds has been are now
created.
During the
year a number of large
$4,066,000 Consol. Mtge. 4s recently offered by them. See them being pastfor 2,700 h. p. with tho power contracts were made,among
(new) Alton Steel Co.
one
V. 98, p. 235.
Earnings for 12 Months ending Nov. 30 1913 (Despite Insufficient Power).
1012-13. 1914 (est.).
1912-13. 1914 (est.).
Cleveland Short Line Ry.-Bonds.-It is understood Gross
earnings$2,690,543 $2,800,0001Int.,rents.,&c. *$590,451
that White, Weld & Co., Harris, Forbes & Co. and Kissel, Net aft. taxes $1,118,206 $1,231,000 Int. on these bds.120,000 $577,250
.
120,000

Central of Georgia Ry.-Bonds for Improvements.
-The
Georgia RR. Commission has been asked to approve the issue
of $1,400,000 General Refunding M. bonds to reimburse the
treasury for improvements.
-V. 98, p. 155.
Chesapeake & Ohio Ry.-Bonds Offered.
-Brown Bros.
& Co. are offering at 843/i and in, yielding about 5%,
$618,000 Coal River Ry. Co. 1st (closed) mtge. 4s of 1905,
due 1945, assumed by Ches. & Ohio Ry. on merger in 1909.
Auth., $3,000,000; retired by sinking fund, $121,000; out,
$2,879,000.-V. 97, p. 1662.
Chicago & Alton RR.
-New President.
-W. G. Bierd,
formerly Vice-President of the Minneapolis & St. Louis RR.,
has been elected President to succeed B. A. Worthington.
-V.98, p. 231.
Chicago City & Connecting Rys.-Report.-Collateral
trust income statement:

Kinnicutt & Co. have purchased through J.P. Morgan & Co.
approximately $4,350,000 1st M.43's, duo 1961, guar. both
as to prin. and int. by the Lake Shore & Michigan Southern
Ry., being the balance of $11,800,000 now outstanding. See
V. 97, p. 1732, 1821, 728.
Cleveland Southw. & Columbus Ry.-New Officers.
F. H.

Ginn has been elected 1st V.-Pres. to succeed A. E. Atkins, deceased. J. 0. Wilson, formerly Treasurer, has been made Sec. and Treas
succeeding former Gen. Mgr.,:and Sec. E. F. Schneider. Mr. Schneider




Balance, surplus
$407,755 $533,750
* Includes $16,000 interest on floating debt now to be liquidated.
The gross passenger earnings of the East St. Louis city and the suburban
lines have increased under our management from 3805,691 in 1903 to
$1,339,334 in 1912; of the Alton and interurban lines from $252,694 in
1905 to $430,107 in 1912. The growth of the electric light and power business has been still greater, particularly the power business.
Total Population Tributary to Company's Lines, about 875,000.
Population of East St. Louis is estimated at 72,000 (against 29,655 in
1900 ; Alton, Belleville, &c., about 88,000; St. Louis, which supplies a large

THE CHRONICLE

FEB. 7 1914.]

453

-The cash requirements of the plan have been underwritten
Plan.
Jointly by two responsible banking houses not heretofore connected with
the company, who have agreed to pay an amount equal to all subscriptions
-Revised Earnings.
not paid by the security holders and creditors in return for the securities
Federal Light & Traction Co.
issuable under the plan,in respect of such payments.
Parent Company and Controlled Companies (Except Deming Ice & Elec. Co)
Estimated Cash Requirements as of Jan. 1 1914, $486,600.
Net Interest Bond Fed. L.& 7'. Cent.Ark.R.& Bal.,
Gross
Int. Jan. I 1913 to Jan. 1 1914 on $240,000 1st M.6s undisturbed_ _314,400
Cal. Earnings. Earns. Chgs. Disc't. Pref. Div. Lt. Pf. Div. Sup.
underwriters'
Receiver's certfs., debts, equipment obligations and
$
130,000
Years.
commission
117,955
1913__2,329,164 903,492 531,821 40,716 (6%)150,000 (7%)63,000 207,077 Improvements to property, $150,000; expenses of foreclosure and
x63,000
442,827 73,895 (6%)150,000
200,000
1912_2,167,507 936,799
reorganization, $50,000;
Cash reserve for 3 Years' interest on $240,000 undisturbed 1st M.6%
x Cent. Ark. new. This amount inserted to make proper comparison.
bonds and $550,000 First and Ref. M.6% gold bonds of new co_ _142,200
to the Hot Springs fire
The decrease in net earnings is due principallyTraction Co. has owned Estimated cash resources from subscriptions under plan (underwritten). $550,000; cash requirements as above, $486,600; balthe Trinidad strike. The Federal Light &
and
ance for contingencies and additional improvements. $63,400.
these Hot Springs companies only since Jan. 1 1913; the Central Arkansas
of the
Ry.& Light Corp. was not incorporated until 1913. The dividends
Will Receive New Securities
If
Common
Preferred
last-named company were not shown in last week's statement.
Gen. Mtge.
Paying First and
Stock v.t.c.
Stock v.t.c.
Incomes.
Cash. Ref. Mtg.
Holders of
of Sanderson & Porter,
-Francis Blossom,
New Director.
$
$
%
$
%
%
Existing$
%
$
%
10 153,600
engineers, has been elected First Vice-President and a di- 1st Ref.m,68_10 153,600 10 153,600 100 1,536,000
90,000
200 900,000 20
Col.tr.7%n't's20 90,000 20 90,000
rector.
50,000
100 500,000 10
50,000
50,000
Mr.Blossom succeeds Mr.Sanderson,as President,and Parmely Herrick Gen. M. 5s___10 100,000 10 100,000
35 350,000 65 650,000
10
Unsec.7%n't's 10
as director.
-V.98, P. 386, 304.
35 178,500 65 331,500
Gen. creditors 10 51,000 10 51,000
100 100,000
-Two Pref. stock___15 15,000 15 15,000
-Accrued Dividend Paid.
Federal Utilities, Inc.
10 900,000
Corn. stock___ 1 90,000 1 90,000
24,900
71,500 ___
64,000 ___
400 ___
dividends of 1 32% each (Nos. 10 and 11) have been Balance400 -quarterly

amount of business to the lines, 715,000; total, about 875,000.-V. 98, p.
304, 155, 73.

paydeclared on the $1,000,000 6% cumulative pref. stock,
able Feb. 28 to holders of record Feb. 14. Dec. last, all previous
omitted in
This provides for the quarterly payment -V. 97, p. 1586.
disbursements having been promptly met.

Frankford Tacony & Holmesburg Street Ry.-Bonds
Offered.--Woelpper, Crawford & Co., Philadelphia, are offering at 98 and mt., yielding 5.20%, tax-free in Pa., a block
of 1st M.5% bonds of 1910, due July 1 1940. Authorized,
$500,000; outstanding, $400,000.
The company operates over 17 miles of track, ono mile leased, all within
the municipal limits of Philadelphia. Franchise perpetual. Connects
with Phila. Rapid Transit Co.'s line to centre of Phila. Earnings for year
ending Oct. 31 1913: Gross, $143,626; net after taxes, $40,928; charges,
-V.95, p. 1331.
$20,000;surplus, $20,928. Seep. 102 of"El. Ry. See."

-.A tempo-Operating Agreement.
Hampden RR. Corp.
rary operating agreement between the company and the
Boston & Maine was filed for approval in Mass. on Feb. 2.
The agreement provides for a monthly payment of rental to the Hampden Corp. at $165,000 per annum, or at the rate of 5% on $3,300,000
as fixed by the P. S. Commission as a proper figure of construction cost.
Under the proposed agreement the Boston & Maine will pay all taxes,
while the arrangement remains in force, which will be until the B. & M.
shall lease or purchase the road under due authority of law. In case the
B. & M. shall not lease or purchase, the agreement is to continue in effect
until either party shall give to the other one year's written notice of its
-V. 98, p. 73.
intention to terminate.

Harrisburg Portsmouth Mt. Joy & Lancaster RR.
-The company has sold to Brown Bros. & Co.
Bonds Sold.
and Edw. B. Smith & Co. $700,000 1st M. 4s,,due 1943.
The bonds are secured by a first mtge. on that part of the Pennsylvania
RR. Co. main line between Harrisburg and Dillerville, together with important trackage between Portsmouth and Columbia. The Pennsylvania
RR. leases this trackage for 999 years from 1861. Under the terms of this
Lease the Pennsylvania RR. agrees to pay the interest on the bonds and to
-V.97. p. 728.
provide for the payment of the principal at maturity.

Huntingdon & Broad Top Mtn. RR. & Coal Co.Oper. Exp.
Gross.
Year$461,520
$664,180
1913
642,921
466,789
1912
-V. 96, p. 1697, 1488.

Net.
$202,660
176,131

Bond Int.
$106,190
106,190

Bal., Stir.
$96,470
69.941

2,300,000
550,000 ___ 1,600,000 ___ 2,000,000
Total
550,000
Present capitalization, including all liabilities as of Jan. 1 1914, about
$13,696,015; capitalization of new co., after providing $550,000 in cash,
$6,690,000; reduction, $7,006,015. Fixed annual interest charge of old
co.,$265,868; new co.,$47,400; reduction,$218,468.
Description of Proposed New Securities.
First and Ref. Mtge.6% 20-yr. gold bonds, callable at 10234 and
int. Entitled to interest from Apr. 1 1914. A first lien on 44
miles in Colorado and 2d lien (subject to $240,000 1st M.68)
on 68 miles in Wyoming. Total auth., $2,500,000; offered to
$550,000
present security holders as above
$240,000
Reserved to retire undisturbed 1st M. bonds
To be issued from time to time for extensions, bet210,000
terments and improvements
Reserved for 80% of cost of extensions, &c.,provided
net earnings are 150% of interest charge, including
1,500,000
bonds proposed and $240,000 old 1st M es
Before termination of the voting trust, this mortgage must be closed unless the annual net income
available for int. on bonds shall then be $150,000.
-year gold bonds, callable at par
General Mortgage income 6% 30
and int. Interest payable semi-annually out of the net earnings
or surplus when and as earned,and declared by the board. Interest cumulative after one year and payable at maturity,if not
met earlier, but without interest on interest. Total author1,600,000
ized and now issuable
Preferred (p. & d.) Capital Stock, 6% non-cumulative, having
equal voting rights with common and subject to call as a whole,
but not in part, at par and div., at any time, whenever it can
lawfully be retired. Total auth. amount now issuable(par$100) 2,000,000
2,300,000
Common Stock, authorized and issuable (par $100)
All the new stock except directors' and officers' shares will be deposited
under a voting trust agreement with three voting trustees, consisting of
Alexander J. Hemphill Henry Sanderson and Trowbridge Callaway.
Said voting trust to continue at least until all accrued interest on the Income
bonds shall have been paid and the current interest on said bonds paid regularly for a period of two consecutive years, and for such further period not
exceeding one year as the voting trustees in their absolute discretion may
deem advisable, if lawful.
Of the cash payment required from assenting security holders, 25%must
be made at the time of the deposit of bonds, notes,stock,&c.,50%, Mar. 15
1914 and the balance on call of the committee. See also Northern Colorado
-V.97, p. 1825.
Coal Co. under "Industrials" below.

-C. W.
-New Officer.
Minneapolis & St. Louis RR.
Huntington, Gen. Supt. of Central RR. of New Jersey, has
been elected Vice-President and Gen. Man., to succeed
W. G. Bierd, who becomes President of Chicago & Alton.
-The company announced that the P. U. CommisNotes.
sion of Illinois has approved a two-year extension of $2,500,000 of the company's 6% notes, and that this extension
will be completed as advertised on Jan. 19.

-Kuhn, Loeb &
Hocking Valley Ry.-Equipment 43's.
Co. have purchased and re-sold 00,000 43/2% equipment
trust certificates issued to represent part of the cost of the
1,000 573 -ton coal cars recently ordered.-V.97,p.1286,1280.
only but the
A suggestion was made that the extension
-The company modification was not adopted, the plan going be for one yearoriginal form.
-New York Office.
Illinois Central RR.
through in its
has leased the Liberty St. wing of the 12th floor of the Mu- See V.98, p. 304, 387.
tual Life Bldg. for its executive offices, and will move to the
Minneapolis St. Paul & Sault Ste. Marie Ry.-Bonds.same from 115 Broadway on or about May 1.-V.97, p.1822. The Michigan RR. Commission has been asked to sanction
-V.97, p. 1663.
-The an issue of $1,947,000 bonds.
Kansas City Mexico & Orient Ry.-Sale Ordered.
-Deposits Urged.
-The
National Railways of Mexico.
formal order of foreclosure was signed at Kansas City, Feb.
company announced on Feb. 4 that 86.5% of the coupons
3; upset price, $6,000,000; date of sale to be fixed later.
An English bondholders' committee, of which Frederick Hurdle of London due Jan. 1 1914 of the several issues of prior lien bonds had
is a member, is said to be prepared to aid in a reorganization. See V. 98. been deposited under plan of Dec. 30, thus making the plan
Es• 155. .
effective. • Further deposits will be received at Guaranty
Laramie Hahn's Peak & Pacific Ry.-Plan.----A re- Trust Co., N. Y., or London, or at designated offices in other
consisting of Alex- countries, on or before Feb. 14 1914.
organization committee (V. 96, p. 1297)
ander J. Hemphill, W. Frederick Snyder, Henry Sanderson
The foregoing applies to holders of(a) National Railways of Mexico prior
4%s.
RR. Co. of Mexico
and Lawrence Barnum, with Lewis B. Franklin as Secretary, lien 4s and National priority bonds, as to Prior LiencompanyMexican
the
offered
of Feb. 2 1914, substan- Central Ry. Co. Ltd., coupons due Jan. 1 which in the three-year 6%
140 Broadway, N. Y., presents, as
1914
to make payment of the
Jan. 1 1917, secured by £595,580
tially the following plan, under which holders of securities secured gold notes of the company due 1913 of the Mexican Government.
the 6% 10-year treasury gold bonds of
and claims desiring to participate are notified that they ofMexican Central Ry. Securities Co. of London, which holds about
must deposit their holdings with Guaranty Trust Co., de- $22,766,200 of the prior lien bonds, has voted to accept the offer and will
deposit its coupons. See plan V. 98, p. 74.
positary, 140 Broadway, N. Y. City, on or before Feb. 16.
-Debentures
New York New Haven & Hartford RR.
.-The Court contemplates a foreclosure sale with the
Status-Earnings
least possible delay, and a plan of reorganization is therefore necessary. Paid.
-The $5,000,000 debentures which matured Feb. 1
Through operation on the line from Laramie to Coalmont, 112 miles, was
inaugurated on April 1 1912, but while a considerable amount has since were paid on presentation at Lincoln Nat. Bank, N. Y. out
been spent for improvements [$26,000 by Receiver Fred. A. Miller], it is of proceeds of the $45,000,000 notes sold in November(V.97,
estimated by the receiver that $150,000 additional should be immediately
p. 1505), which also took care of $40,000,000 notes maturing
expended to permit economical operation.
In 1907 a civil engineer estimated the probable results "for the first 12 Dec. 1.-V. 98, p. 155.
months business, after the entire line is thrown into operation and the work-Committee to Consider Readjustment for
Rock Island Co.
ing of the coal mines started," at gross $1,146,000; net (after taxes), $401,100(V• 95, p. 1646). In 1912, the same engineer reported that within two Purpose of Eliminating One or Both of the Holding Companies.
years these earnings "should be reached, if not exceeded"(V. 96, p. 1022)•
The actual earnings for the year ending July 1 1913 were gross, 3161,209; -The following statement was issued on Feb. 4:

net (after taxes). $43,416.
A committee has been appointed to consider what should be done toward
The great discrepancy here shown is found in the estimated earnings from
re-adJustment of the securities of the Rock Island holding companies.
transportation as follows:(a) Of merchandise, machinery and coal,$650.000, a
Several plans have been submitted to this committee which are having their
including $500,000 expected from coal, against actual receipts from all careful considetation, and it is hoped that in due time some satisfactory
said sources of only $53,523; (b) ore, $150,000, against no earnings what- solution will be reached.
soever from that source; (c) lumber and ties, $250,000, against actual re[The names of the committee have not been made public, but it is receipts of only $16,485. It is evident that the development of the territory ported to consist entirely of directors of the Chic. Rock Isl. & Pac. Ry. Co.,
served has not yet come up to expectations. The receiver, however, esti- the operating company; the Chic. Rock Isl. & Pac. RR. Co. the intermeearnings for the diate holding company; and the Rock Island Co. of N. J., the parent
mates that.after expending $150,000 on improvements,the
Year ending Dec. 31 1914 will be: Gross, $175,000; net, after taxes,$52,500. holding company, with F. L. Hine, Daniel G. Reed,T. M.Shoemacher and
This is the only road serving North Park, Colo., a territory 60 miles long Arthur Curtiss James as the probable members.-Ed.j
by 40 miles wide, rich in both agricultural and minerr 1 resources. In addiStatement from "Prominent Interest" in Company,
tion to the operating coal mines at the end of the tine, there are several Digest offew points have been decided so far. The principal oneFeb. 3.
is that
Only a
other known coal deposits in or near North Park. Whether looked-for
of view that the two holding
it is desirabe
developments of these properties will come next year, or within five years companies be from practically every point
gotten rid of. The other point is that the money which is
or within ten years, the committee does not venture an opinion; but the
the stock of the railway company as a dividend, and
road has a relatively low grade for a mountain line, which is favorable to now being paid on
used to pay the interest on the collateral 4% bonds
a comparatively low operating cost, and the natural resources are still there , which in turn is being
of the railroad company, should be re-invested in the property.
and will undoubtedly some day be developed




454

THE CHRONICLE

While these steps are regarded as desirable, they are by no means easy to
take. It has been suggestedthat the coupons on the collateral 4s be funded.
Whether this will be done. I do not know. Then, of course, there are the
two classes of stock of the N. J. corporation. The plans that have been
presented so far for accomplishing the readjustment have met with various
various and rather troublesome legal obstacles.
The doing away with the two holding companies is regarded as desirable,
not only to make it possible to expend on the property the money that is now
being paid in dividends but also to conform with the ideas of the Federal
Government with respect to holding companies. Whatever may be done
toward getting rid of the holding companies will benefit the real property,
which is that held by the railway company, and in turn by its securities.
There is no reason for becoming alarmed over this position; it will improve materially,if satisfactory plans for dissolving the holding companies
can be worked out and put into effect.
The Railway Company is earning an ample amount to pay the interest
on its own bonds, and, in fact, will show a dividend on the stock for the
present year. It is hoped, however, that it will be possible to work out a
satisfactory dissolution or adjustment plan before May 1, the date on which
the next coupon on the collateral 4%s falls due. Whether this will be
possible, I do not know at this time.

xevin.

The guarantor, Louisville & Nashville RR. Co.,
its capital
stock since 1901 dividends of not less than 5% perhas paid uponsince
annum and
1909
at the rate of 7% per annum. Its outstanding bonded debt
aggregates
$152,768,000 and its capital stock now outstanding is
$71,917,200.V. 98, 13. 156.

Toronto Railway.
-Earnings.
-Calendar

years:
Calendar
Gross
Net
Total
Balance,
Year- Earnings.
Earnings. Deductions. Dividends
Paid.
Surplus
1913
$6,049,018 $2,925,710 $1,278,515 (8%)$879,958
$767,237
1912
5,448,050
2,581,500
1,133,042 (8%) 879,596
568,862
-V. 97, p. 1899.
Union Pacific RR.
-Official Statement as to B. & 0.
Distribution.
-Judge Lovett, Chairman of the Executive
Committee, issued last night the following statement regarding the distribution of Bait.& Ohio stock.(V.98, p. 156,238)
The distribution is of accumulated surplus profits

plainly applicable
dividends only on common stock and is chargeable to surplus and as
not
capital. There is nothing in the convertible bonds or in the indenture
under
they were
Minority Interest Owned.
-Phelps, Dodge & Co. on Feb.5 holderswhich distributionissued that impairs the ordinary right of stockto a
at any time of the entire profits or that limits
Issued a statement to its stockholders, saying:
the power of the company with respect to rate of dividends, increase of
stock, reduction of surplus or otherwise. The company promised to pay
As numerous articles have recently appeared in the daily papers, con
the principal and the interest and to convert the bonds at a certain rate
necting Phelps, Dodge & Co. with the Rock Island RR.Co.,and intimatin
that Phelps, Dodge & Co. had not only been large buyers of Rock Island during a certain period at the option of the holder,and that was absolutely
stocks, but had obtained the control of the property, we therefore consider all it promised.
The suggestions that have been made for a reduction of the convertible
it only right and proper to advise our stockholders officially that Phelps,
Dodge Sr Co. has never had a single share of Rock Island stock, or invested rate or for setting aside securities for the benefit of the convertible bondholders whenever they choose to convert were carefully considered, but
one dollar of money in any of these securities.
The El Paso & Southwestern Co., in which some of our stockholders are impossible because illegal and in plain violation of the rights of the
common stockholders. Such action would be annulled by the courts, or,
are interested, purchased some years ago a small minority interest in
Island pref. stock, and has never increased or diminished its holdings Rock if effected, would render the directors personally liable. Our action was
since taken only after full
that date. (Vol. 91, p. 717.)
consideration of the relative rights of the holders of the
[Earlier in theweek it was denied that the interests constituting Phelps, preferred stock, common stock and the convertible bonds, for all of whom
Doclge & Co. had been, "either singly or collectively, buyers or sellers of we have felt we were trustees.
-V. 98, p. 238, 156.
any securities of the Rock Island Companies during the past 3 months."
United Power & Transportation Co.
-Earnings.
-V. 97, p. 1287.
Expenses
Interest
Calendar Year- Received.
& Taxes.
Balance.
Payments.
St. Louis Iron Mountain & Southern Ry.-Equipment 1913
$784,697
$33,070
$394,952
$356,676
58.
-The company has sold to Townsend, Whelen & Co. of 1912
999,514
32,611
610,227
356,676
Total
Phila. $470,000 equipment trust 5s issued on account of pur- the yearsurplus Dec. 311913, after adding $97,814 for adjustments during
and deducting dividends amounting to $399,625, was $1,382,532.
chase of 25 Mikado type freight locomotives.
-V.97, p. 445. -V. 96, p. 421.

St. Louis & San Francisco RR.
-February Payments.
The receivers are paying the interest due on all of the company's bonds falling due on Feb. 1 and also the $250,000
principal of Series L 5% equipment notes then due. The
$85,000 Series Q 5% equipment trusts and the
5,000
Kansas City Fort Scott & Memphis 4
equipment trusts
will, it is expected, be paid within the period of grace on or
before March 1.-V. 98, p. 388, 305.
Southern Pacific Co.
-Reported Financing.
-It is currently reported, but not officially confirmed, that the details
are being arranged for an issue of approximately $54,000,000
5% bonds to be offered to stockholders at or about par to
the extent of 20% of their holdings. The bonds, it is said,
will be convertible into stock at par.
A press dispatch from Phoenix, Ariz., states that the company will on
Monday apply to the Arizona Corporation Commission and California Railway Commission for authority to issue $55,000,000 5% debenture notes.
Of the proceeds, it is stated, $21,500,000 will be used for betterments and
the remainder will be used to retire present debt. A New York house, it is
said, has already arranged to underwrite the issue.
-V.98, p. 306, 238.

South & North Alabama RR.
-New Bonds Offered,
J. P. Morgan & Co., First Nat. Bank and National City
Bank, having sold a portion of the present issue of $7,400,000
of the new General Consolidated Mortgage 50
-year 5% gold
bonds, offered the remainder publicly on Feb. 3 at 1043 and
%
int., yielding 4% % the investment. Dated Oct. 1 1913
on
and due Oct. 1 1963. Principal and interest (A. & 0.),
payable in N. Y. City and unconditionally guaranteed by
Louisville & Nashville RR.%Co. Denom. $1,000 (c*&r*%).
Trustee, U. S. Trust Co. of N. Y. Application will be made
to list these bonds on the N. Y. Stock Exchange. The advertisement appears for record on another page, all the bonds
having been sold.

United Railways of St. Louis.
-New Directors.
-

A. C. Brown, A. C. Einstein and II. H. Hilliard have been elected
tors to succeed Festus J. Wade, President of the Mercantile Trustdirecwho resigned on account of pressure of other duties, and A. D. BrownCo,
and
Charles H. Huttig, both deceased.
-V.98. p. 388.

-Bonds Sold.
Virginian Railway.
-Kissel, Kinnicutt &
Co. and Lee, Higginson & Co. have sold at 99 and int.
an additional 82,000,000 of 1st M.5% 50
-year gold bonds of
1912, making $27,000,000 outstanding. Compare V. 94,
p. 1764; V. 97, p. 1495, 446.
-"Coal Trade Journal"
Record Coal Tonnage in 1913.
reports:
(1) Shipments Originating on Road. (2) Dumped over Sewalls Point Pier.
1910.
1911.
1909.
1912.
1913.
1. Shipments, tons
486,021 1,426,312 2,816,120 3,583,999 4,555,331
2. Sewalls Point, tons_ -241,644 1,147,077 2,001,483 2,474,052 3,383,926
-V. 97, p. 1495, 446.

Washington Baltimore & Annapolis Electric RR.Bonds.--Strother, Brogden & Co., Baltimore, are offering at
85 and int. 1st M. 30-year 5% gold bonds of 1911, due
March 1 1941, issued $5,000,000, outstanding $4,838,000,
covering the double-tracked line, Baltimore to Washington,
and single track to Annapolis, Md, terminals at Baltimore
at
and Annapolis, freight terminals at Washington, D. C., s .
These bonds are part of a block recently sold to a syndicate.
Earnings.
-As reported for calendar years:
Gross
Earnings.
1913
$831,940
1912
776,287
-V. 96, p. 1222.

Net
Revenue.
$408,314
389,331

Other
Income.
$10,896
6,306

Interest,
Taxes,&c.
$289,590
271,536

-Earnings.
Washington Water Power Co.

Balance,
Surplus.
$129,620
124.101

Deduc- Dividends. Balance,
Calendar
Net (after
Gross
tions.
YearEarnings. Taxes, &c).
(8%).
Deficit.
1913
$3,262,931 $1,623,277 $514,086 $1,126,552 $17,361
492,348
1,564,892
1912
1,125,120 49,575
3,146734
bonds, $259,219 in 1913, against
Deductions as above included: Int. on
$264,388 in 1912; amount written off for depreciation and sinking fund,
Digest of Letter from H. Walters, Chairman L. 6c N. RR. Jan. 28.
$325,000, the same as in 1912; other deductions, $22,233 in 1913, against
[Addressed to J. P. Morgan & Co., New York City.]
$19,011, making a total of $606,432, against $608,398. Against these toThese $7,400,000 bonds of the South & North Alabama RR. are secured tals there was credited $92,346 for int. on work under construction in 1912,
by the General Consolidated Mortgage of that company,dated Dec. 18 1913. against $116.051,
amount of deductions, $514,086, against
covering all of its railroad property and securing an authorized issue of $492,348.-V. 97,leaving the net
p. 1505.
$25,000,000 of bonds, of which. $10,000.000 are reserved to retire a like
amount of (closed) 1st M. bonds of 1886, due in 1936. By reason of the
-Bonds Authorized.
West End Street Ry., Boston.
exchange of all the outstanding 2nd M. bonds, ($1,920,000)for an equal
The Mass. RR. Commission on Feb. 5 authorized the issue of $2,000,000
amount of the above-mentioned General Consol. M. bonds and the cancel- 30
-year 5% bonds to provide for paying $2,000,000 4s duo March 1.
lation of the 2nd mortgage, the only mortgage lien prior to the new mortgage -V. 98, p. 238, 74.
is that of the above-mentioned $10,000,000 of 1st M. bonds.
-Trackage Agreement.
Wheeling & Lake Erie RR.
The payment of the principal and interest of said $7,400,000 bonds is
-The
unconditionally guaranteed by the Louisville & Nashville RR. Co., which company has made an agreement for the use of the tracks
of
is the owner of practically all the capital stock of the South & North Alathe Cleveland Cincinnati Chicago & St. Louis Ry. between
bama RR.Co.
The main line of the South & North Alabama RR. extends from Decatur Linndale and Wellington, 20 miles, for freight traffic only.
to Montgomery. Alabama, 182.70 miles, passing through the City of
-mile haul on freight between
company a 90
This, it
Birmingham. and forms the main line connecting link in the Louisville Cleveland is stated, will save the
other points on its Toledo-Canton division.
& Nashville system between its northern lines centering at Nashville and Under the and Wellington and
terms of the agreement Cleveland freight will be hauled to
its southern lines and connections centering at Montgomery. Over the dale over the Wheeling dz Lake Erie and then sent over the "Big Linn
Four"
division between Birmingham and Decatur there is the greatest tonnage tracks to Wellington.
-V.98, p. 157.
movement and the largest train movement on the Louisville ,Sc Nashville
system. For the past 18 months the work of reducing the grades between
Birmingham and Decatur to a maximum of
INDUSTRIAL, GAS AND MISCELLANEOUS.
of 1% both north-bound
and south-bound (except one short pusher grade against south-bound
-New Director.
American Piano Co.
traffic only) and the work of double-tracking that division has been in
progressland will be completed about next June.
President Seward Prosser of the Liberty Nationa Bank has been e'ected
-V.97, p. 667.
a director. See "Annual Reports."
Application of these $7,400.000 Bonds or Their Proceeds.
Towards the payment of the cost of the aforesaid reduction of
American Public Utilities Co., Grand Rapids.
grades and double-tracking
$4,080,000
President Chas. B. Kelsey, who has been for some time desirous of being
Issued to Louisville & Nashville RR. Co. in exchange for a like
relieved from his duties, has been elected to the new office of Chairman of
amount of 2nd M. bonds canceled, as above stated
1,920,000 the board, but will, it is stated, retain all his financial interests and close
Part of $2,500,000 set aside exclusively for the purchase of
personal touch with the affairs of the company.
additional equipment
1,400,000
Joseph H. Brewer, Vice-Pres. and General Manager, has been elected
Of this new equipment $1,398,500 has already been contracted for and
as General
the hire of equipment cost in 1913, amounting to $289,695, will disappear President, and will continue have been Manager.
Two new Vice-Presidents
elected, namely Joseph S. Hart,
when the new equipment is received.
of the Hart Mirror Plate Co., and Ilugh II. Harrison of Indianapolis, the
The operations of the South & North Alabama RR.Co. are kept separate
President
and distinct from those of the remainder of the Louisville & Nashville subsidiaryof the Merchants' Heat & Light Co. of Indianapolis, one of the
companies.
-V. 98, p. 239.
system. The gross earnings of the railroad company have increased every
year for several years, reaching a maximum of $5,627,164 for 1912-13.
-Extra Cash and Stock Dividend.
American Radiator Co.
A dividend of 10%, payable in common stock, has been declared on the
Est. Earnings based upon Actual Earnings of the Year ending June 30 1913.
[Without taking into account the great saving in operating expenses $7,441,500 common stock, in addition to the usual quarterly distribution
of 2% and the usual extra (yearly) dividend of 2%. All of the payments
from reduction of grades and double-tracking.]
Gross earnings
$5,627,164 are to be made March 31 to holders of record March 21. The same extra
dividends, payable in stock and cash, were disbursed in March 1912 and
Net, after oper. expenses 44.695,592; less additions and betterments for change in line, $572,083) $1,503,655; miscellaneous
1913. The usual quarterly payment of 1% will be made,on the $3,000.earnings, $116,989; total net
$1,620,644 000 pref. stock on Feb. 16 to holders of record Feb. 7.
Deduct-Interest on 1st M. bonds, $500,000; taxes, $160,278;
Previous Dividend Record (Per Cent)
-All Cash Payments.
miscellaneous, $46,529
706,807
1904 1905 1906 1907 1908 1909 1910 to 1913
1914
Interest on these $7,400,000 gen. con. M. bonds
370,000 Common ___ 1
4
4
4
8 yearly
6
4
2.-.
-.Extra
- 2
2
2 yearly
2
2
Balance, surplus, after paying all fixed charges of
$543,83
-V. 96. p. 860.




FEB. 71914.1

THE CHRONICLE

-Earnings.
American Steel Foundries.

Depre- Divs. aid Balance,
Gross
Other
Dec. 31
Fixed
Surplus.
YearEarnings. Income. Chgs.,&c. elation. (2%).
1913
$2,031,272 $55,894 $278,288 $318,926 $343,680 $1,146,276
777,756
1912
1,543,843 44,927 488,503 322,507
-V. 97, p. 1358.

-New Officers.
Amer. Writing Paper, Springfield, Mass.

Winfred N. Caldwell, who has been President for over 10 years, has
resigned on account of ill-health, and been made Chairman of the Board, a
new position. The new President will be chosen later. George B. Noble
of Easthampton, Mass., has been made Third Vice-President.

455

notice to you,theholdings of General Petroleum Co. remain intact for the
benefit of its stockholders and bondholders, whether they exchange or not,
but attention is directed to the fact that other properties which it was
formerly contemplated would be acquired by the General Petroleum Co.
will now, if taken, be vested in the English company and will not inure to
the benefit of those security holders who do not exchange. We earnestly
recommend that all of our stockholders and bondholders deposit their holdings (for exchange on the same terms as heretofore offered) at Mercantile
Tr. Co. of San Fran., U. S. Mort. & Tr. Co.. N. Y., or Morgan, Grenfell
& Co., London, on or before Feb. 211914.-V. 98, p. 389.

-Earnings.
Hocking Valley Products Co.

Interest, Sink.Fd., Balance,
Net
Gross
Year ending
Earns. Taxes,&c. Res'veAc Deficit.
Earns.
Dec. 31Balance,
$628,965 $198,593 $176,737 $62,693 $40,837
1913
Calendar
Total
Bond Exp.zincl Sinking Preferred
77,992
176,194 100,621
198,823
629,892
Maint. Fund. Dividends. Sur. or Def. 1912
Year- Net Earns. Int.
$
$
-V. 96, p. 485.
$
$
$
$
1913
1,049,853 850,000 329,043 100,000 (1%)124,805 def.353,995
Brick Co.
-Earnings.
Illinois
1912
1,601,649 850,000 306,392 100,000 (2%)249,610 sur. 95,647 Calendar
Balance,
Dividend
Depreciation Other
Net
-V. 97, p. 1735.
Surplus.
Paid.
Reserve. Reserves.
YearProfits.
- 1913
-City Bonds.
$593,607 $307,055 $25.000 (5%%242,000 $19.552
Beaumont (Tex.) Water Works Co.
-V.97, p. 1901.
35,390
1912
325,064
55,000
591,454
(4% 176,000
See "Beaumont' in "State and City" Department.
E. A. Thomas has been elected a director, succeeding C. B. Vannoy.
-Annual Report Dec. 31.-V. 97, p. 1902.
Buckeye Pipe Line Co.
1912.
1913.
14'12.
1013.
Inland Steel Co., Chicago.
--'-No Extra Payment.
Net profits
$3,632,581 $6,000,422 I Balance for year _ def$36'7,419sr 2,000,422
The regular quarterly dividend of 14% has been declared on the
4,000,000 4,000,000
Dividends, 40%
stock, payable Mar. 2. No extra payment, however, is to be made. 3%
having been declared yearly in Jan. 1911 to 1913.-V. 97, p. 953.
1912.
1913.
1912.
1913.
$
$
Liabilities$
Assets-.
$
International Cotton Mills Co.
-Bonds Called.
15,613,307 15,690,826 Capital stock__ _ A0,000,000 10,000,000
Pipe lines
One hundred 6% debenture bonds of the J. Spencer Turner Co., dated
267,216
55,791 Accts. payable___ 148,119
59,746
Material & supp's
Feb. 1 1906, have been called for payment at par and int. on Feb. 1 at
Deprec. reserve__ 3,006,200 1,790,936 company's office, 86 Worth
Cash, investm't &
St., N. Y. City.
-V. 98. p. 158. 240.
accounts receiv_ 6,889,149 6,086,838 Profit & loss surp_ 9,407,884 9,775,303
Kaufmann Department Stores, Inc., Pittsb.-Stock.
22,562,203 21,833,455
Total
22,562,203 21,833,455
The annual $100,000 pref. stock having been retired with surplus profits,
Total
the shareholders will vote Feb. 16 on reducing the pref. stock from $2,500,-V. 96, p. 1558.
000 to $2,400,000. See V. 97, p. 1737.
-Dividends Resumed.
Central Fireworks Co.
Kelly-Springfield Tire Co.-Pref. Div.-!
nterest &c
A dividend of 33i% has been declared on the $1,300,000 7% cum. pref.
stock, payable Feb. 20 to holders of record Feb. 10. This is the first
This company, successor by change of name to the Consolidated Rubber
distribution since Sept. 1909. Payments were regularly mado to Sept. Tire Co., N. Y., has declared a quarterly dividend of 1;4% on the $1,149,- 500 67 cum. pref. stock, payable April 2 to holders of record March 20.
1907; no distributions were made in 1908, but in 1909 7% was paid.
0
V. 92, p. 958.
There is now under consideration the taking care of the accumulated divistock.
-Quarterly Distribution.
- dends on the preferredauthorized the payment on April 1 next of the 4%,
Central States Electric Corp.
The directors have
The 1% dividend which was declared on Jan. 27 on the $5,451,900
Common stock is, it is announced, to be considered as a quarterly disburse- interest on the $2,850,500 4% debenture income bonds, and also the payment, the directors having decided that the finances of the company war- ment of 4% on the outstanding debenture bonds, to the Bankers Trust
ranted the placing of the common stock on a 4% dividend basis for the Co. on or before April 1 next, for the purpose of the sr nking fund. Compare V.98,P. 158.
ensuing year.
The cash surplus(including $330,000 demand notes),it is stated, amounts
-Div. Increased.
Milwaukee & Chicago Breweries, Ltd.
to over 3900,000.-V. 98, p. 389.
A dividend of 43's %,less income tax, has been declared payable March 31
to holders of record March 15. On Oct. 31 1913 3% was paid, and on
Chicago Pneumatic Tool Co.
-Earnings.
,
Calendar
Net
Balance, May 15 154%.-V. 97, p. 1026.
DepreciaDivs.
Sinking
Bond
Surplus.
Year- Profits.
(4%).
lion, &c. Interest.
Fund.
-Lee, Higgin-Bonds Offered.
The Montana Power Co.
1913
$1,171,245 $300,548 $115,000 $50,000 $257,951 3447,746
343,244 son & Co., The Guaranty Trust Co. and J. & W. Seligman
257,951
1912
50,000
115,000
1,002,260
236,065
The total surplus Dec. 311013 after deducting $105,823 retained by sub- & Co. offered this week at 94 and interest, yielding 5.40%,
companies and $100,000 appropriation on account of slow moving material the unsold portion of the present outstanding issue, of
and production was 32,249,103.-V. 96, p. 485.

Earnings.
-For year ending Dec. 31:

First and Refunding Mtge. 5% Sinking Fund
Cleveland (0.) Electric Illuminating Co.--Earnings.- 810,000,000 dated July 1 1913 and due July 1 1943, but callGold Bonds
able as a whole or in part at 105 and int. on or after July 1
1918. Denom. e* $100, $500 and $1,000; r* $1,000, $5,000
and $10,000 and multiples. Int. J. & J. in N. Y. A foreign
syndicate took about $2,500,000 of the $10,000,000. It was
the entire amount had been sold.
announced
Consolidated Gas, Electric Light & Power Co. of For record,yesterday thatadvt. appears on another page.
however, the
-A circular dated Feb.2 1914 offers
-New Stock.
Baltimore.
from Pres. John D. Ryan, New York,Jan.291914
to all shareholders of record Feb. 16 the right to subscribe Digest of Statement1912 in N. J., and serves with electric-light and power
Organized Dec. 12
Montana, inat par ($100 a share) on or before Feb. 27 1914 for $1,416,000 for diversified purposes the greater part of the population ofin the State.
cluding the Butte district and the leading centres of industry
new common stock to the extent of 10% of their holdings.
Present Issue -The sale of these $10,000,000 bonds,(a)reimbursesthe com-

Balance,
Dividends
Interest
Net (after Other
Calendar Gross
Paid.
Surplus.
Paid.
Yr.- Earnings. taxes, &c.) Inc.
$350,912 $445,930
1913_ __$4,008,776 $1,512,419 $7,403 abt.$722,980
1912_ 3,192,651 1,068.512 6,947 abt. 635,132 abt.313,403 126,923
Dividends include yearly 8% on common, $674,980 in 1913 against
'
$587,132 in 1912, and 6% on pref. $48,000 yearly. Per cent earned on
'
capital invested, 9.44%.-V. 98, p. 389.

Subscription warrants will be issued about Feb. 16. Payments must be pany, In part, for. expenditures prior to Oct. 1913 for construction and
made at company's office in Baltimore (or at London agency, see below) for acquisition of6% underlying bonds heretofore retired; (b) suffices to pay
25% with subscription Feb. 27; 25% March 20; 25% May 20; 25% June 20: all floating debt of the system; (c) retires $2,832,000 6% underlying bonds
or optionally in full on date of any of said installments. All shares paid upon Missouri River Elec. & Power Co. and Billings & Eastern Montana
for in full on or before March 20 will receive the full dividend accruing for Power Co. properties (to be called for payment on or prior to July 11914);
the quarter ending March 31 1914; shares paid in full on or before June 20 and (d) provides over $2,700,000 additional cash capital, covering all conwill receive the full dividend for the quarter ending June 30. European struction requirements during 1914.
Since the consolidation in Dec. 1912, more than $7,000,000 new cash has
subscribers may subscribe and make payment at the London Joint Stock
Bank, Ltd., 5 Princes St., London,E. C. for account of the company at been provided by the sale of pref. and corn. stock, which, together with the
rate of £20 10s. 11 Md. per $100 by draft or crossed check on a London bank. proceeds of these $10,000,000 bonds, has been and will be applied to retirement of about $12,000,000 of funded debt and has provided in addition
-V. 98, p. 239, 157.
$4,000,000 for new construction.
Cumberland Pipe Line Co.
-Report of Dec. 31, &c.- about Cal. Years-(Net Is Twice Int. Charges,Incl.Present $10,000,000
Earnings
1912. I
1913.
1913.
1912.
Bonds for New Construction, tc.)
Profits for year__ - _$72,143 $88,982 Ba-ance, surplus_ _$12,142 $28,980
1913.
1912.
1912.
1913.
_
$901,478 $1,252,913
60,002
Dividends,6%---- 60,001
Gross income_$3,539,198 $3,022,9641Int.
795,223
chargesNet, aft. taxes$2,421,424 $2,048,136 Surp. over chgs1,519,946
Liabilities- 1913.
1912.
1912.
Assets1913.
$1,186,341 $1,165,887 Capital stock_$1,000,000 $1,000,000 Funded Debt, $22,208,000 (Excl. $2,832,000 Bonds Called for Payment Prior
Plant
Acc'ts payable
Bonds).
13,361
25,701
39,319
Acc'ts receiv'e
47,587
to July 1 1914 from Proceeds of Present $10,000,000
Deprec'n rim_
139,906
Amount. Annual Int.
99,636
Other invest's
60,930
163,907
$211,850
a$4,237,000
151,765 Butte Elec.& Power Co. 1st M.5s
71,896 Profit & loss__
Cash
22,316
119,800
2,396,000
Madison River Power Co. 1st M.5s
Total
$1,317,174 $1,277,102 Montana Power Transmission Co. 1st M.5s
28,750
575,000
$1,317,174 $1,277,102
Total
250,000
-V. 97, p. 1428.
Great Falls Power Co.55 (8105,000 In sinking fund) 5,000,000
500,000
10,000,000
Montana Power Co. 5s (present issue)
-Bonds Called.
Denver Gas & Electric Light Co.
Fifty-live general mortgage 5% gold bonds dated May 11903, of $1,000
$22,208,000 $1,110,400
Total of all
each, one of $500, and five of $100, an aggregate of $56,000,for payment on
a Of which 9100,000 maturing prior to 1918 will be retired out of the
-V.97, p. 1665.
May 1 at 105 and int. at Equitable Trust Co., N. Y.
company's general funds without using any of the $12,003.000 reserved bds.
Cumulative Sinking Fund: From 1918 to 1922, incl., 3.4 of 1% annually;
-Earnings.
Dominion Steel Corporation.
1923 to 1943, incl., 13,4% annually, computed on the total bonds outstandFor the quarter ending Dec. 311913, net earnings, after dividends, were, ing, Including underlying bonds, bonds of sub-companies, and all bonds in
It is stated, $8,780, compared with $279,663 for the previous quarter.
this sinking fund, and also all underlying bonds or bonds of sub-companies
V. 97, p. 1586.
retired after Jan. 1 1918. for their sinking funds, less credit for any sinking
fund payments on underlying bonds and bonds of sub-companies.
-Report of Dec. 31, &c.Eureka Pipe Line Co.
Prior to maturity of these bonds in 1943the sinking funds should have re1913.
1912.
1912. •
1913.
tired about 40% of the total bond issues of the system up to that date.
Prof.for yr_$1,954,305
$2,618,389 Balance, surplus
Security for This Mortgage-With all Present and Future Property, &c.
Div'ds (40%)1,999,990(30)1,490,989
or def__def.$45,685sur.$1,118,400
-(a) (After July 1 1914) on all properties acquired
(1) First Mortgage.
1913.
1912.
1912.
1913.
from Missouri River Electric & Power Co.
Assets$
$
Liabilities$
$
(b) On entire $5.000,000 stock (less directors' shares) of Thompson Falls
Plant
9,510,311 9,358,283 Capital stock_ 5,000,000 5,000,000 Power Co.(which has no mortgage or funded debt), and on all stock, bonds
Other invest
356,573
322,091
829,312
585,563 Acc'ts pay'le_
securities hereafter issued by said company.
Acc'ts recle
712,927 or other the entire ($985,500) capital stock (less directors' shares) of
1,025,385
344,612
340,558 Reserves
(c) On
Cash
521,165
619,741 Profit and loss 4,823,442 4,869,127 Montana Reservoir & Irrigation Co. (which has no mortgage or funded
debt), and on all stock bonds or other securities hereafter issued by said
Total
11,205,400 10,904,145
Total
11,205,400 10,904,145 company (subject to withdrawal as a whole upon deposit with trustee of
p. 1427.
cash equal to cost or sale price, whichever is greater).
(2) Mortgage on entire $10,000,000 stock (less directors' shares) of
Galena Signal Oil Co.
-Date of Annual Meeting.
will vote Feb. 17 on changing the date of the annual Great Falls Power Co.. viz.: a first mortgage on one-half of said stock and
The stockholders
Elec. & Power Co. 1st 5s onrthe rem. half.
meeting from the first Tuesday In January to a later date in order to a 2d M.subject only to Mate
The Great Falls Power Co. has an auth. issue of $15.000,000 1st M.5%
enable the company to prepare its income account and balance sheet for bonds .of which $4,895,000 are outstanding and $105,000 in sinking fund.
the year for the use of stockholders at the annual meeting; also on reducing For additions, including the new dam and power plant (80.000 h. p.) now
-V.97, p. 598.
the number of directors.
under construction, that company will issue its reserved bonds, all of which
will be pledged under the new mortgage. The new bonds will then be ir
-New President.
General Petroleum Co.
extent
the Great Falls Power
E. J. de Sabla Jr. has resigned as President, his successor being V.-Pres. effect, a first lien onthus pledged, as well as Co.'s properties to the
a lien on the capital stock.
Capt. John Barneson; Victor Etienne Jr. succeeds Capt. Barneson as V.P. of the 1st M. bonds
(3) Mortgage on the properties formerly of Butte Electric & Power Co.,
interest in the company.
Mr. de Sabla retains hts
Madison River Power Co.. Billings & Eastern Montana Power Co. and
-Mr. de Sabla in circular of Jan. 22 says: Montana Power Transmission Co., subject only to the $7,208,000 bonds
Large Deposits.
Co. takes great pleasure in advising you that the (closed mortgages). See "funded debt" above.
General Petroleum
The mortgage thus covers 12 hydro-electric power-plants and 4 steam reproposal of the Western Ocean Syndicate, Ltd., heretofore submitted has
met with prompt response, and that shares to the amount of $26,048,700 serve plants, having about 102 080 developed electrical horse-power (8,080
$7,405,100 have been deposited with Mer- steam). 1,403 miles of transmission lines, distribution systems in Butte,
and bonds to the amount of
cantile Trust Co. of San Francisco for exchange. As stated in the first Great Falls, &c.. and, in addition, undeveloped water powers capable of




THE CHRONICLE

456

generating about 253,000 h. p., of which it is expected that about 160,000
h. p. will have been developed by 1918 through construction of three new
plants at Great Falls, Thompson Falls and Hotter, in which event by 1918
the mortgage will cover plants having about 262,000 developed electrical h.p.
This mortgage will immediately after July 1 1914 be a first lien on about
33% in capacity of the developed power plants, 207 of the transmission
,
°
lines and 33% of the undeveloped water powers, and upon completion of
the new power plants now in hand will be a first lien on a much larger
percentage. The ample storage reservoirs owned or controlled will produce from storage the equivalent of 115,000 h. p. for 100 days.
Authorized Issue-Total $75,000,000, Interest Rate Not to Exceed 5%.
Present issue now out
$10,000,000
Further amt. to be in company's treasury before June 1 1914_ _ 2,120,000
Reserved to retire, par for par, all outstanding underlying bonds 12,003,000
Issuable for the actual cost after Oct. 1 1913 of certain dams,
hydro-electric plants and transmission lines now under construction or about to be constructed-not over
10,000,000
Issuable only when net earnings are 1Y, times the entire bond
Interest charges, including interest on the bonds sought to be
issued, and then only for 80% of the cash cost of additions,
extensions or improvements made after Oct. 1 1913
Remainder
These remaining bonds are also available for 80% of the cash cost or of
the fair value (whichever is the less) of stocks or securities of sub-companies
acquired after Oct. 1 1913, but only when there are owned and pledged
under this mortgage a controlling stock interest in such cos.; but the
amount which may be so issued to acquire stocks and securities of sub-cos.
(other than Great Falls Power Co. Thompson Falls Power Co., Montana
Reservoir & Irrigation Co. and of Other cos., all of whose stock and securities are owned and pledged under this mortgage as a first lien), is limited
to $5,000,000, and subject to other carefully guarded restrictions.
-Present dividend rates 77 per annum on $9,700,Stock and Dividends.
000 cum. pref. stock and 2% per annum on $27,057,600 of the $49,557,600
corn. stock. Dividends on the remaining $22,500,000 corn. stock are deferred until certain new hydro-electric plants are completed, and are then
payable only on gradual installments of said stock each year,so that the full
amount of said $22,500,000 will not become entitled to dividends until at
least eight years from the present time.
Rights and Franchises.
-These are all well secured, being for distribution
either unlimited or for long periods and free from burdensome restrictions.
Electrification of Railways.
-The company furnishes power for the operation of the Butte Anaconda & Pacific fly., over which there are transported
daily about 15,000 tons of freight, serving the mines at Butte and smelters
at Anaconda. In 1912 99
-year contracts were entered into by which
Chicago Milwaukee & St. Paul fly. Co. has obligated itself to electrify about
430 miles of the main track over the Rocky Mtn. and Bitter Root Mtn.
divisions from Harlowton, Mont., to Avery, Ida., and to take power for
the operation of the same on or before Jan. 11918, binding itself to minimum annual payments sufficient to justify our proposed hydro-electric
developments at the Great Falls and Thompson Falls on account of the
same. These developments, however (aggregating 120,000 h. p.), will
afford us also considerable surplus power for our general business.
Territory Served.
-The territory now served comprises an area larger than
that of the combined New England States, and affords multifold possibilities for the use of power in connection with extensive agricultural development now in progress, great mining operations (copper, silver, gold and
zinc), and for lighting and power purposes in numerous prosperous communities, rapidly increasing in population.
Summary and Capacity of Properties[See also V.96,p.10181
k.w.
h.p.
11 completed hydro-electric plants (chiefly Rainbow Falls
Missouri River, near Great Falls), 36,000 h. p.; Hauser
Lake (Missouri River), 19,000 h. p.• Canyon Ferry
(Missouri River), 10,000 h.
and 111dison No. 2 (on
,
Madison River), 13,300 h. p.)
.
70,280 91,000
4 steam plants (in Butte (2), Billings and Conrad)
8,080
6,110
Powers in course of development (a and b)•, also definitely
projected-(a) "The Great Falls of The Missouri,"
80,000 h. p.; (b) Thompson Falls, on Clark's Fork of the
Columbia River,40,000 h. p.• (c) Ffolter, on Missouri
River, near Helena (partly'
developed), 40,000 h. p.;
(d) Houser Lake, on Missouri River (additional), 5,330
h. p.; (e) Billings No.2,on Yellowstone Riv.(proposed),
1,600 h.p.: total
125,200 166.930
Hydro-electric power sites undeveloped-Site"C' at Great
Falls, on Missouri River, 33,300 it. p.; Missoula River
about 30 miles N.W.of Missoula, 13,300 h. p.; Missouri
River below Great Falls, 40,000 h. p.; total
65,000 86,600

.;

Total [including projected and undeveloped]
266,590 355,610
There are also in service: Transmission lines, 1,403 miles, of which 342
miles are steel-tower lines; 62 sub-stations with aggregate installed capacity
of about 126,000 h. p., serving many cities and towns with electric-light or
power, or both, notably Anaconda, Butte (3 stations), Belgrade, Billings,
Boulder Bozeman, Cascade, Conrad, Fort Benton, Great Falls, Helena (2
sub-stations), &c.: 6 storage reservoirs (2 on Madison River,3 on Missouri
River and 1 on Big Hole River), total combined capacity, 27,800 area
acres (18,945,000,000 cu. ft.). There are likewise under construction' 3
reservoirs (2 on Missouri River, 1 on Clark's Fork River), with aggregate
capacity of 5,955 area feet (4,330,000,000 cu. ft.).

Bonds to be Called and Redeemed on or Before July 1-Option.
Billings & East. Mont. Pow.Co. joint 1st 6s due 1934 (call price 105 & int.)
Missouri River Power Co. 1st s. f. 6s due 1920 (call price 105 & int.).
United Missouri River Power Co.s. f. gold 6s due 1936 (call price 105 & int.)
Missouri Riv.Elec.& Pow.Co.6% mtge. notes due 1921 (call. at 102& Int.).
The bankers will receive the above-named bonds or notes at their redemption prices and interest in payment for the Montana Power Co. new bonds.
-V.98, p. 240, 159.

[VOL. XGVIII.

tageous from other points, as there can be a great saving in the operating
expenses over those of the present.
The dredging properties of the Oro Electric Corp. have not been included
in the consolidation.
-V.98, p. 72.

Northern Colorado Power Co. Cheyenne, Wyo.Status-Bonds.-Pres. E. R. Miller of Williamsport, Pa., on
Dec. 15 1913 in a letter to the reorganization committee of
the Laramie Hahn's Peak & Pacific Ry., which see above,
wrote in brief:
Our present capacity is 600 tons per day, which can be maintained under
present conditions. Underground development work is being pushed
vigorously, with the result that the output will be rapidly increased to 1,000
tons per day, which is approximately the capacity of our present hoisting
machinery. We are planning, however, to make a second opening and
equip same with modern coal-handling machinery, which will at least
double our output. The above-mentioned move is practical, owing to the
large acreage we own.
Our stockholders recently voted to issue $200,000 1st M. 6% bonds.
We plan to sell $100,000 of these bonds at this time to provide for the small
floating debt, necessary improvements, enlargements at Coalmont and development work. Our coal is giving universal satisfaction, both for steam
purposes and domestic use, and the prospects for future business are very
bright. Mines at Coalmont. Colo.; general offices, Laramie. Wyo.

O'Gara Coal Co.
-First Lien Receiver's Certificates.
-The
circular of W.G. Souders & Co., Chicago, gives the following
additional data regarding their offering last week at par
(see V.98, p. 391) of $185,000 7% 2
-year receiver's certfs.

Issued by order of U. S. District Court of Northern District of Illinois:
$125,000 O'Gara Coal Co., $25,000 Harrisburg Saline Collieries Co., $35.000 Harrisburg Big Muddy Coal Co. Issued to provide the receiver with
funds necessary to pay labor and wages due workmen for work and labor
performed. Lien upon all property, assets and estate of every kind,
valued at $8,000,000, prior to the lien of the bonds and stock now out
viz.: Prof. stk., 81,000,000; common stk., $5,000,000; bonds, $3,029,600.
The companies own in fee, and have under tease, about 33,600 acres of
coal land in Saline County, Ill. Practically all of the land has two and
three veins of coal, varying in thickness from 4 to 7 ft. The known amount
of coal Is 550,000,000 tons. The mines are fully equipped with valuable
mining machinery. They have an average daily capacity of 15,000 tons,
with a largo number of valuable contracts for coal. See also V. 98, p. 391.

Oro Electric Corporation, San Fran.
-Merger Plan.
-

See Northern California Power Co. Consolidated above.
-V.97, p.121.

Pennsylvania Steel Co.
-Bonds Called.
In Dec. last there were drawn for payment on Jan. 1 at the Girard Trust
Co., Philadelphia, at par and accrued interest, $143,000 Spanish-American
Iron Co. 1st M. 20-year 6% gold bonds, as shown in V. 97, p. 1667. The
next drawing of the bonds will take place some time during June, for payment on July 1.-V. 98, p. 160.

Pennsylvania Water & Power Co.
Bonds.Offered.
-Aldred & Co. of N. Y., Jackson & Curtis,
Boston, Fidelity Trust Co. and Strother, Brogden & Co.
of Baltimore, and others, are offering, at 93 and int.,
$1,250,000 mtge. bonds 5% of 1910, due Jan. 1 1940.
Interest, free a normal income tax, payable J. & J. at Col.-Knick. Tr.

Co., N. Y., the trustee; Montreal Trust Co., Montreal, and Bank of Scotland., London. Denom. $1,000 (f205-9-8) c*. Listed on Baltimore and
London stock exchanges. Sinking fund to re-purchase the bonds at not
over 105 and int.: $50,000 yearly 1915 to 1919, $75,000 1020 to 1924, and
$100,000 per annum thereafter.
Total Authorized Issue, $12,500,000.
• Outstanding Ito which add $625,000 of the bonds now offered
the proceeds of which will be used for construction, impts.,&c.j$8,505,000
Held in treasury, including $625,000 of the bonds now offered
(the remaining $625,000 of the present offering being part of
the aforesaid $8,505,000 outstanding for some time past)____ 1,130,000
Reserved for betterments and additions to plant
2,865.000
Vice-Pros, and Treas. reports in substance: An absolute first mtge. on the
entire property, including hydro-electric plant at Holtwood in Pa., present
capacity 95,000 h. p., (by collateral lien) on 40-mile transmission line to
Baltimore, sub-station, Sm.; total actual cost, about $13,000,000, or over
1
times outstanding bond issue; net earnings 1% times the interest on
total outstanding bonds; through contracts with the leading public utility
companies in Baltimore Md., and Lancaster, Pa., supplies the major portion of electricity used in these important cities; present market value of
common stock coming after this issue is about $6,1300,000.-V.97,p. 448.

Pettibone-Mulliken Co.
-Report.
-

Calendar
Year1913

Profits
Other
lit Pref. 2d Pref. Depreci- Balance,
(aft. MTce) Income.
.
Div.
ation.
Div.
Surplus.
$583,140 313.392 $157,500 $52,500 $71,505 $315,027
511,922
12,789
81,375
26,250
70,776
346,310
19T2
1 oti,1 surplus Dec. 311913. $620,597.-V. 96. p. 650.

Phelps, Dodge & Co.
-Copper Production.
-

The production of copper by the Copper Queen, Detroit and Moctezuma
mines, owned by Phelps, Dodge & Co., for the month of January 1914 was
12.715,084, against 11,510,711 in 1913. Custom ores business added
696,551 lbs. for Jan. 1914, against 726,620 in Jan. 1913.-V. 98, p. 160.

Sears, Roebuck 8s Co., "Chicago.
-Earnings.
-

Montgomery Ward & Co., Chicago.
-Earnings.
-

Sales in January were $7,744,572. compared with $6.546,269 in 1913, an
increase of 8.39%, and $5,859,256 in 1912.-V. 98, p. 160.

Mortgage-Bond Co., N. Y.
-New Directors.
-

-Bonds Offered.
Southern California Edison Co.
-An
additional $1,500,000 Gen. M. 5s of 1909 due Nov. 1 1939,
making $12,225,000 outstanding, are being marketed at 96
and int., yielding 5.27%. Total auth., $30,000,000; underlying liens, $3,741,000.

For year ending Dec. 31 1913 sales were $39,725,712; net profits, after
charging all administrative and operative expenses, including depreciation,
were $1,653,486; prof. stock dividends, $321,805; net undivided profits,
*1.331,676. Compare V. 96, p. 1559.
Bertram H. Borden and Herbert Parsons have been elected directors to
succeed E. W. Coggeshall and Louis V. Bright.
-V. 98, p. 391. 152.

Narragansett Electric Lighting Co., Providence.
-

The stockholders on Feb. 3 voted to increase the capital stock to $7.500,000 with a view to issuing when,and as necessary,either R1,500.000 now
stock at not less than par ($50 a share) or $1,500,000 convertible debentures.
See V. 98, p. 391.

National Grocer Co.
-Earnings.
-

Calendar
Gross
Net
Employees' Pf.Div. Com.Divs. Balance,
YearProfits.
Earnings. Bonuses. (6%').
(5%). Surplus.
1913
$1,017,220 $250,614 $17,935 $90,000 $100,000 $42,679
1912
954,940
201,907
90,000
100,000
11,907
-V. 97, p. 517.

New York Real Estate Sect.

y Co.
-Deposits.
-

The time for deposit of 6% gold mortgatte bonds has been extended only
to and including Feb. 15. See V. 98, P. 308.

Niles-Bement-Pond Co.
-New Director.
-

The bonds are offered by Harris, Forbes & Co., N. Y., Harris Trust &
Savings Bank, Chic., and
W. Harris & Co., Inc., E. II. Rollins & Sons
and Perry, Coffin & Burr, Boston. "Company covenants to pay the
normal Federal income tax." See p. 170 of "Ry. & Ind. Sec." and V. 96.
p. 1771; V. 89, p. 1599, 1073.

Earns.
-For 1913 (in that year before providing for amort.):

Gross
Net
Int. and Depre- Pf. Div. Com.Div. Bal.,
Calendar Earnings. Earnings. Amort. dation. (5%). (5%). Surp.
year-

4,779,280 2,354,465 818,850 700,000 200,000 420,000 215,615
1913
1912
4,337,441 2,008.355 708,796 650,000 200.000 420,000 29,559
1911
3.738,165 1,902,280 624,829 650.000 200,000 371,250 56,201
Ten-year increase 1904 to 1913: Gross, 350%; net, 382%; bond int.,
241%. The common stock has recently been increased from $8,400,000
to $10,400,000 and the dividend rate on common from 5 to 6% p. a. See
V. 98, p. 391; V. 97, p. 1508.

Southern New England Telephone Co.
-Earnings.
Frederick W. Gordon of London has been elected a director to succeed
Cal. YearGross.
Interest.
Net.
Dividends. Bat.,Sur.
Frederick B. Niles who retired on account of ill-health.
The renort for the year ending Dec. 31 last shows net profits including 1913
$3,594,560 $765,352 $91,244 (7%)$615,496 $58.612
controlled companies, of $1,104,114, after charging off all repairs and re- 1912
765,657
3,317,219
58,351 (6U) 593,514 113.792
placements, against which there were charged losses on account of the -V. 97, p. 174.
Ohio flood amounting to $165,600.-V. 97, p. 370.
Southern Pipe Line Co.
-Report of Dec. 31, ctc.1913.
43. , 1912.
Northern California Power Co., Consolidated. San
19
1912.
$'
14
Fr.-Merger.-Pres. H. H. Noble in San Fr. on Jan. 27 said: Profits for year_3,743.658 3,810,450 Balance, surplus 543,640 1,010,442
Negotiations looking to the consolidation of the Northern California Dividends
3,200,018 2,800,008
Power Co., Consolidated, and the Om Electric Corp. (V. 94, p. 1570,
1913.
1912.
1913.
1912. '
V. 97, p. 121) have reached the point where it can be deiinitely stated that
AssetsLiabilities$
$
$
$
this will be brought about through the agency of a new corporation, to be Plant
5,880,080 5,920,234 Capital stock_10,000,000 10,000.000
termed to take over the two companies in question.
Other invest's. 7,633,261 5,747,171 Deer.reserve_
717,331
539,760
This amalgamation will be very advantageous to both companies, as Accts.
237,967
56,879
918,312 Accts. pay'le_
83,386
the Northern California Power Co., Consolidated, at the present time has a Cash reedy.. 563,983
1,034,872 Profit & loss.._ 3,541,084 2,997,443
large surplus of power and the Oro Electric Corp. is now purchasing power
from other companies, and has already contracted for a large amount of r
Total
Total
14,315,294 13,620,589
14,315,294 13,620,589
power to be connected on this spring. The consolidation will be advan- V. 96, p. 1633.



FEB. 7 1914.1

THE CHRONICLE

South West Pennsylvania Pipe Lines.—Report Dec.31.

1912.
1913.
1913.
1912.
Profits for year _-$806,227 $967,661 Balance, surplus_$106,225 $267,657
20%-- 700,002 700,004
Dividends,
1912.
Liabilities— 1913.
1912.
1913.
Assets—
Plant
$3,952,860 $3,962,483 Capital stock33,500,000 $3,500,000
341,047
466,552
664,836 Depr.reserve_
Other invest'ts 1,065,031
44,102
65,304
179,191 Accts.payable.
Accts. receiv_
194,081
loss 1,240,179 1,133,954
212,592 Profit and
Cash
60,063
$5,272,035 $5,019,103
Total
$5,272,035 $5,019,103 Total
—V. 96, P. 1633.

457

Utah Copper Co.—Earns.—For 4 & 12 mos. end. Dec.31:
Mos. end. Dec. 31-

-4 Mos. end. Dec. 31- -12
1912.
1913.
1912.
1913.
Gross production,lbs_ _ _ 31,982,442 12,906,582 119,939,785 96,175,090
$39,273 $6,241,588 96,226,328
$1,479,787
Net profits
46,945
100,546
12,741
27,365
Miscellaneous
2,001,002
875,438 2,001,002
875,438
Nev. Cons. dividends_ _
$2,557,590 $1,102,452 $8,518,135 $8,449,373
Total net profit
4,729,749
4,747,711
1,184,700
1,187,760
Dividends paid

Net surplus
$1,369,830 def.$82,248 $3,770,424 $2,719,544
The above earnings are computed upon the basis of 14.857 cents for copper In the quarter ending Dec. 31 1913 and 15 cents in the quarters ending
Sept. 30 and June 30 1913: 16.628 and 16.43 cents for the respective quarters in 1912.—V.97, p. 1434.

Standard Screw Co.(of N. J.), Chicago and New York.
—Plan to Raise $1,000,000 from Sale of New 7% Pref. at Par
& Light Co.—Sale of Bonds.—Harris,Forbes
to Holders of Present $2,000,000 6% Pref.—New Pref. Limited
but With & Utah Power
Co. have purchased $10,000,000 1st M. 5% gold bonds
to $3,000,000, With no Preference Over Present Pref.,
of Exchange— dated Feb. 2 1914 and due Feb. 1 1944, but callable at 105
Right to 1% Add'l Deferred Dividend—Option
$1,000,000 New Common in Reserve.—The shareholders on or after Feb. 1 1919,
of incorThis is the operating company of the Utah Securities Corporation (se*
will vote Feb. 18 1914 on amending the certificatedescribed
plan
V.95, p.1045; V 97,p. 1668,1827). Also see V.97, p. 1589; V.98, p. 242.
poration with a view to carrying out a financialas follows:
substantially
Utah Securities Corporation.—Financing.—
by Pres. W.B. Pearson Jan. 31

$1,000,000 of additional
See Utah Power & Light Co. above.—V. 97, p. 1827
The principal object is to procure approximately
loans and of providing for
fuhds for the purpose of taking up outstanding
Vacuum Oil Co., Rochester, N. Y.—Extension.—
An issue of $1,000,000 of new pref. stock ena larger working capital.
The stockholders will vote on Feb. 28 on extending the corporate existrate of 7% per annum is to be authortitled to cumulative dividends at at par to the holders of the present pref. enco for 50 years.—V.96,p. 1154.
ized, and this stock is to be offered privilege to those who subscribe for an
(r. W.) Woolworth Co.—Earnings.—Report.—
stock[6% cum., par $1001, with the present holdings of converting their
The sales for January 1914 were $4,204,239, as against 93.75,586 in
amount thereof equal to 50% of their
of pref. stock
stock into the new 7% stock. The total amount
or 12.54%. See "Annual Reports."—V. 98.
of
present 6%
a sinking fund will be provided to reduce 1913, an increase $468,653,
can never exceed $3,000,000, and stock is given no preference over the old, p. 165.
pref.
it to $2,000,000. The new an additional 1% of dividends, but such addiexcept that it is entitled to until cumulative dividends at the rate of 6%
tional 1% will not be paid
—Meikleham & Dinsmore, bankers of 25 Broad St., New
either receiving any prefhave been paid upon the old and the new, without
all or part York; 35 Congress St., Boston, and 437 Chestnut St., Philaerence over the other. The company has the option to redeem
dividends
of the new prof. stock at 110 and increase of $1,000,000 in the authorized delphia, announce the establishment of an office in the Union
The plan also contemplates an
will be
amount of common stock [from $2,500,000 to 33,500.0001, but such addi- Bank Building, ,Pittsburgh. The Pittsburgh office
tional common stock will not be issued at the present time and is authorized under the direction of F. S. Carma,ck. Meikleham & Dinsmerely to provide for future contingencies.
municipal
Our working capital at present is about $1,500,000. We aro borrowing more specialize in public utility, equipment and
about half of this amount, our credit enabling us to do this whenever neces- securities.
sary. The proposed plan will eliminate this borrowed money, increase our
working capital to about $1,800,000,free and clear, enable us to handle
—Kean, Taylor & Co. of New York and Chicago offer
better our profitable business and place our affairs upon an independent
to investors $500,000 Pennsylvania RR. Co., Allegheny Valand conservative basis.
and Ill, and have ley Ry., general (now first) mortgage 4% bonds, due 1942,
Our plants are situated in Conn., Mass., Ohio, Mich.
been established from 25 to 50 years, with a continusottsly successful record.
Northern Pacific Ry. prior
During our ownership the directors, in order to meet the demands of busi- at 97, to yield 4.18%; $1,000,000
ness, have enlarged and improved each of our plants located at Chicago, lien mortgage 4% bonds, due 1997, at 96, to yield 4.20%,
Detroit, Worcester Hartford,and Elyria, Ohio. These improvements have
Chicago Burlington & Quincy RR. general
cost during that time nearly $1,000,000 and have greatly increased our and $1,000,000
mortgage 4% bonds, due 1958, at 9432, to yield 4.30%. All
capacity and efficiency.
Notwithstanding the fact that the 8'( years just passed have witnessed of these bonds are legal investments for savings banks and
an
many disturbing business conditions, your companies have earned the
Connecticut, New
than twice
average yearly profit of more than $425,000, being more stock. Out of trust funds in New York Massachusetts,
of the proposed total issue of pref.
See advertisement on another page.
dividend requirements
substantial reserve for depreciation , Jersey and other States.
these earnings, after setting aside a
after
after reducing the outstanding debentures from $600,000 to 9420,000,
—Curtis & Sanger, 49 Wall St., this city, Boston and
liberal
paying the full 6% pref. dividends, and after paying conservatively
of nearly $1,000,000 has been re- Chicago, are offering and advertising in this week's issue
dividends on the common stock, a surplus
invested in the properties. The increased business and earnings now re- $100.000 American Locomotive Co. 5% notes, due July 1
quire a larger working capital.
5%, and $200,000
This plan has already been approved by the holders of a majority of the 1917, price 100 and interest, yielding
outstanding capital stock. Compare V. 96, p. 1698, 1777.
N. Y. Central Lines Equipment Trust 43s, maturing Jan. 1

(7.
1922 to 1928, price 100 and accrued interest, yielding 432 9
Under the provisions of the equipment trust agreement six
railroad companies jointly and severally guarantee the principal and interest.
—George Williams, Joseph T. N. Dunbar and Lindley
G. Coleman have formed the new firm of Williams, Dunbar
& Coleman at 60 Wall St., this city, succeeding the old
partnership of Williams, McConnell & Coleman. The succeeding firm will conduct the general brokerage and investment business in stocks and bonds heretofore transacted
Standard Oil Co. of Kentucky.—New Officers.—
by its predecessors, giving particular attention to publio
G. II. Stansbury has been elected Vico-Pres., succeeding W. W. Robert- utility securities.
son. S. W. Coons waa made Asst. Sec. Logan C. Murray, Pros, of the
Amer. Nat.Bank,and Charles C.Middleton,an attorney-, have been elected
—Messrs. Redmond & Co., 33 Pine St., New York, and
directors.
For the year ending Dec. 31 1913 net profits were 91,002,457; dividends 35 Congress St., Boston, are offering by advertisement on
(10%), $100,000; balance, surplus, $902,457.
another page an attractive list of investment bonds yieldBalance Sheet Dec. 31.
ing from 4.20% to 4.95%. Several of these bonds are re1913.
1912.
1 Liabilities—
1912.
1913.
Assets—
personal normal income tax under
stock_ _ _ _$1,000,000
Plant, Impt.&equIp$1,857,829 $1,735,604 Capital accts. pay 494,858 $1,000,000 garded as exempt from the
1,300,102 the present interpretation of the Federal law. The firm will
54,840 Notes &
Other Investments 130,959
50,000
Insurance fund
1,706,103 2,115,940
Merchandise
3,701,710 2,799,253 be glad to furnish any further particulars on request.
Cash accts. rec.... 1,491,677 1,198,911 Surplus
—Lee, Higginson & Co., Guaranty Trust Co. and J. & W.
Total
$5,246,508 $5,105,355
$5,240,568 $5,105,355
Total
Seligman & Co. are jointly offering in our advertising col—v.98, P. 76.
umns to-day $10,000,000 Montana Power Co. First and ReStandard Oil Co. of New York.—Dividend.-A dividend of 2%, has been declared on the $75,000,000 capital stock, funding Mortgage 5% sinking fund bonds, due 1943, at 94
as increased in June last by the payment of a 400% stock dividend, payable
nt for particulars.
March 16 to holders of record Feb. 24. In June 1913 and 19126% was paid and interest. See advertiseme
on the $15,000,000 stock as previously existing and in Dec. 1911 20%.—
—Bernon Sheldon Prentice has been admitted to partnerV. 96, P. 1428.
115 Broadway, this city.
&
Stern Bros., N. Y. City.—Notes.—Goldman, Sachs & ship in DominickbeenDominick, with the bond department
connected
have negotiated $2,500,000 of Mr. Prentice has
Co. and Lehman Brothers
of Dominick & Dominick for four years and was formerly
Stern Bros. 5-year 6% notes dated Feb. 1 1914.
Harvey Fisk & Sons.
is to retire all of the Corporation's short-term identified with
The object of the loan
notes circulating in the public market, thereby providing the company with
—Callaway, Fish & Co., 37 Wall St., this city, announce
ample facilities to take care of its rapidly expanding busine.ss in its new
location on 42d. St. between 5th and 6th Ayes., N. Y. City. This financing the admission of Charles T. Ellis to partnership in their firm.
does not increase the indebtedness of the Corp.—V.91, p. 1635; V.92,p.327,
The membership now includes Samuel T. Callaway, Stuyve-New Directors. sant Fish Jr., members of the New York Stock Exchange,
Union Electric Lt. & Pow. Co. of St. L.
C. S. Ruffner, general
II. S. Spoehrer, Secretary of the company, and
manager ot the Mississippi River Power distributing company, have Trowbridge Callaway and Mr. Ellis.
been elected directors to succeed Adolph Busch, deceased, and to fill a va—Freeman & Co., members of the New York Stock Excancy.—V. 98, p.39?.
change, announce that Ernest Lewis Nye has been admitted
United Shoe Machinery Corporation.—New Suit.—
partnership dating from Feb. 2. S. Harold FreeCharles A. Strout, of Portland, Me., trustee of the Goddu Sons Metal to general
Fastening Co., on Jan. 29 filed in the U. S. District Court a second suit man retired as special partner on the same date.
against the Shoe Machinery Co. for $2,000,000 damages for alleged
—The firm of Taylor & English was dissolved on Jan. 27
violation of the Sherman Anti-Trust Act.
The first suit was dismissed on Dec. 29 last by Judge Dodge on the by mutual consent. The business heretofore carried on
ground that the declaration had not been filed until more than six years by that firm will be continued by James Radford English
had elapsed since the date of the alleged offense, and that it was barred
under the statute ox limitations. Both suits charge conspiracy to violate at the same address.
the Sherman Act by throttling the Metal Fastening Co., atter control had
—E.H:Butler, formerly of the banking firm of Graham &
been acquired by the United Co. through purchase of the majority stock.
In the new suit it is contended the statute of limitations does not apply Co., Philadelphia, has opened offices in the new Bellevue
the offense charged is a continued conspiracy.
because
highIt is alleged that the defendant company, together with Sidney W. Court ,,Bldg. in that city, for the purpose of handling
Winslow, George W. Brown and Edward P. Hurd, through false represen- grade ecurities.
the trustees regarding the value of the assets of the company
tations to
and failure to disclose the facts, succeeded in their alleged conspiracy to
—Vance S. Manson retired from the firm of Thomas L.
revAnt th!kGoddu Sons Co. from entering into competition with them.— Manson & Co., 100 Broadway, this city, last Tuesday.
Standard Oil Co. of California.—Stock Increase.—

in explanation of the proposed increase in the capital stock, a circular
says: "As the stockholders are aware, a very large proportion of the earnings for many years past, instead of being returned to them currently in
dividends, has been carried to surplus account and necessarily used in the
expansion of the business, such surplus account as of Dec. 31 1912 being
$20,196,002. This will be largely augmented by the earnings of tho year
It
1913 over the amount declared currently during that year in dividends. the
has been considered advisable, therefore, for many reasons, to have
authorized capital stock approximate closer to the net assets than it has in
the past. The earnings for the year 1913 have been most satisfactory,
and the balance sheet for the year will be mailed to the stockholders as
soon as the closing entries are made, which will be as early in February as
possible." Compare V. 98, p. 391, 160.

c




'

458

THE CHRONICLE

Tommertial

COTTON.

COMMERCIAL EPITOME.
Friday Night, Feb. 6 1914.
While there has been no very marked increase in trade,
there is a more cheerful feeling gradually spreading over the
business world. The easy rates for money in a measure
account for this. Then trade in iron and steel, often regarded as a business barometer,is increasing at some advance
m prices. The woolen trade is expanding and the mills
are said to be operating at three-quarters of their capacity.
At the same time, so far as business for future delivery is
concerned, the disposition is to proceed on a conservative
scale. The prolonged mild weather has undoubtedly hurt
retail trade. The coal trade has suffered from the same
cause. Building is at a low ebb in this country. The car
movement is nothing like as large as might be expected from
the cheerful tenor of mai:6r of the business reports. It is
felt, however, that if no unwise legislation is enacted at
Washington and the great railroad systems are treated
fairly in the matter of rates, there may not improbably be
an improvement in trade during the present year.
STOCKS OF MERCHANDISE IN NEW YORK.

bags 1,315,754
mats
24,240
bags
125,265
hhds.
6,377
No.
800
bales
98,415
bales
92,642
bales
1,200
bbls. or sacks
74.300

1,300,346
32,350
152,423
12,135
6,003
94,721
5,325
3,140
73.900

Friday Night, Feb. 6 1914.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For
the
week ending this evening the total receipts have reached'
246,093 bales, against 272,944 bales last week and 248,614
bales the previous week, making the total receipts since
Sept. 1 1913 8,142,941 bales, against 7,838,070 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 304,871 bales.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total.
Galveston
13,805 13,308 27,313 13,837 15,459 14,913 98,635
Texas City
4,832 8,811 4,662 3,034 2,466 3,537 27,342
Port Arthur_ _ _ _
3,348 3,348
Aran. Pass, &c_ _
97
297
New Orleans__ - - 14,§A8 3,443 10,681 11;05 7,645 8,036 56,645
- ,
Gulfport
Mobile
12
516 1:iid
1,299
-811 3,118
238
, Pensacola
2,200
2,200
Jacksonville, &c_
Savannah
3:1586 37- 15 4,565 4;525
2,976 22,548
7
Brunswick
4,700 4,700
Charleston
531
306 3,101
767
249
716
Georgetown _ _ _ _
Wilmington _ _ --7
1;2- i -599 -881)
8
"gN 4,46A
Norfolk
1,750 2,759 2,490 2,587
2,439 14,230
N'port News, &c
3,208 3,208
New York
-§66
200
Boston
66
60
200
-785
6
Baltimore _
1,246 1,246
Philadelphia_ _ _ _

76

Feb. 1 1914. Jan.1 1914. Feb.1 1913
Coffee, Brazil
Coffee,Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour

[VOL. xcvm.

1,744,123
29,881
200175
N'il
Nil
122,571
6,939
5,862
82.000

Totals this week_ 41,193 34,290 53,785 37,743 32,686 46,396 246,093

The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
LARD has been in moderate demand; prime Western last year:
11.10c. refined for the Continent 11.400., South Americas.
12c. arid Brazil 13c. Lard futures, though rather weaker
1913-14.
I 1912-13.
I
Stock.
Receipts to
for a time, have latterly been firmer; hogs have advanced
This Since Sell This 1Since Sep
February 6.
and packers have given support to prices of products. Still
Week. 1 1913. Week. 1 1912.
1914.
1913.
there has been considerable liquidation of May lard.
Galveston
98,635 2,626,8723,231,806
DAILY CLOSING PRICES
Sat.
cts_11.12
11.27

May delivery
July delivery

OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
11.05
11.00
11.12
11.12
11.10
11.20
11.17
11.30
11.30 11.30

COFFEE on the spot has been in moderate demand, with
No. 7 Rio 93/2e. and fair to good Cucuta 143/@141Mc.
8
Coffee futures have been quiet and inclined to ease in price.
Estimates on the present crop in some cases have been increased from 10,500,000 to 11,000.000 bags, something
which certainly has not stimulated buying. Besides, there
is a tendency to increase the estimates on the next crop very
noticeably. Such figures as 9,000,000 to 10,000,000 bags
are tentative estimates. To-day prices declined.
Closing prices were as follows:
February __ _ 9.16 9.18 June
9.50 ®9.52
March
9.21(9.22 July
9.60109.62
April
9.31@9.32 August
9.69@9.71
May
9.4111j9.42 September _ _ 9.78 ©9.79

October
9.82@9.84
November --9.8799.89
December _- _9.91 9.93
January _ _ _ _9.94 9.96

Texas City
Port Arthur
Aransas Pass,&c_
New Orleans-- _
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston _
Georgetown
Wilmington
Norfolk
N'port News,&c...
New York
Boston
Baltimore
Philadelphia
Totals

387,067
38,006
3,348
539
286,454
48,092

272,942
36,387

1,778
85,185
8,295
31,953

1,822
107,654
6,487
21,762

25,951
57,498

18,759
49,624

93,218
6,205
4,298
2,058

133,506
11,003
7,083
1,651

246,093 8,142,941 133,42717,838,070 1,079,945

832.437

27,342 412,961 1472 624,086
28,472 6,000 107,038
3,348
597
97 108,082
70,056
56,645 1,339,203 16,136 1,080,986
3,725 337,026 2,156 167,891
98,696
2,200 118,266
27,617
102
13,855
22,548 1,530,381 12,655 1,062,045
4,700 260,200 3,600 211,700
946 263,968
3,101 392,799
105
105
4,468 361,414 2,778 306,777
14,230 437,058 6,923 407,299
68,571 3,447
81,644
3,208
4,396
91
14,049
200
11,678 1,006
37,515
200
419
56,521
76,773
1,246
1,172
2,033
50
-- - -1

994
137,787
24,976

In order that comparison may be made with other years
PORK on the spot quiet; mess $23 50@$24; clear we give below the totals at leading ports for six seasons:
120 25@$22 50; family $24 50@$27. Beef quiet; mess
$18@$19; packet $19®$20; family $20@$22; extra India Receipts at- 1914.. 1913.
1912. I 1911.
1910.
1909.
mess $28@$30. Cut meats quiet; pickled hams, 10 to 20 Galveston
83,861
50,261
_
61,744
38,718
98,635
76,449
lbs., 13@l4X
3e. Butter lower; creamery extras 27@27c. Texaseity,lic 30,987 21,269 18,635
7,525
6,684
4,591
Cheese firm; State, whole milk, held, colored, specials. Now Orleans.. 56,645 16,136 58,030 38,033 14,106 58,377
Mobile
10,265
4,148
3,724
2,156
2,998
6,947
18@183c. Eggs quiet; fresh gathered extras, 32@33e. Savannah
26,541
68,955
22,548
12,655
9,029
18,662
Brunswick
4,175
Wool active and advancing.
40,220
3,600
4,700
1,606
10,545
Charleston,irc
2,878
15,923
3,101
1,051
341
3,275
OILS.
-Linseed remains quiet; city, raw, American seed, Wilmington
4,172
11,090
4,468
2,778
1,690
7,417
52@53c.; boiled, 53@54c.• Calcutta, raw, 700. Cocoanut Norfolk
10,504
19,901
14,230
6,923
3,123
6,698
N'port N.,&c
877
3,208
649
3,447
steady; Cochin, 103%©113c.; Ceylon, 103/s@l0Y
947
1c. Cas- Al others_
25,432
2,382
36,967
3,846
1,668
7,683
tor No. 2, 9@9%c.; corn oil, 6.45@6.50c. Palm still;
Total this wk. 246,093 133,427 364,644 173,669
81,326 201,591
Lagos, 7Y4 ©7Mc. Chinawood steady at 7Y,@,7%
lc. Lard
firm; prime, 93@95c.; off prime, 67@70c.; extra No. 1, Since Sept. 1_ 8,142,941.7,838,070 8,970,504 7,300,753 5,777,958 7,770,026
59@61e. Cod quiet; domestic, 38c.; Newfoundland, 40c.
The exports for the week ending this evening reach a total
PETROLEUM.
-Refined in fair demand and firm; barrels 8.75(0.75c.; bulk 5.25(36.25c cases 11.25@12.25c. of 207,931 bales, of which 101,857 were to Great Britain,
Crude firm; Pennsylvania dark $2 40; second sand $2 50; 20,170 to France and 85,004 to the rest of the Continent.
.•'
Tiona $2 50; Cabell $2 07; Mercer Black $2; Newcastle $2; Below are the exports for the week and since Sept. 1 1913.
Corning $2; Wooster $1 91; North Lima $1 49; South Lima
Week ending Feb. 6 1914. Ffrom Sept. 1 1913 to Feb. 6 1914.
$1 44; Somerset $1 35; Illinois $1 45. Naphtha firm; 73@
Exported to
Exported to76 degrees, in 100-gallon drums, 24 2c.; drums $8 50 extra.
Exports
fromGreat
Great
ContiContiSpirits of turpentine 50 M@51c. Rosin $4 40.
Britain.Prance. neat. Total. Britain. France. nent.
Total.
SUGAR.
-Raw, steady and in rather better demand,
centrifugal, 96-degrees test, 3.48c.; muscovado, 89-degrees Galveston__ 42,190 10,054 25,86'7 78.111 779,644 241,17 940,963 1,961,784
Texas City- 5
40 275,671
test, 2.98c.; molasses, 89
-degrees test, 2.73o.; granulated Port Arthur --------------------1,541 24,68, 74,30: 874,661
____
____
____
18,085 17,625
5,721
Ar.Passalec_
____
4(0)4.15c.
8,108 33,828
NewOrleans
1
TOBACCO has been less active, but the tone is more confi- Mobile __ 15,000 5,306 1,e,.6. 21,90- 553,811 138,44 332,878 1,025,131
____
__
__
91,80
59,53: 93,957 245,302
dent than recently. Supplies of binder and the better grades Pensacola__
___ 2,200 41,92
2,206
44,844 31,495 118,266
8,84
' ____
of filler are so small as to suggest better prices later on. Savannah__ 6,533 _ _- 30,139 38,985 179,941 215,74 596,470 992,153
Brunswick
12,083 08,171
141,546 232,670
Trading in Ohio is not so brisk, but there is more doing in Charleston. 6,308 ____ 5,550 6,30: 107,631 22,954 171,084 283,745
____
_
5,031
____
__ - 73,024 85,365 159,715 318,104
Wisconsin and some business is going on in Connecticut. Witen'ton __ ____ ___
Norfolk -80' 29,42'
806
-- --- - 53,026 83,054
Sumatra is quiet and is likely to remain so for a time, or until New York_ 3,432 2,010 8,184 14,22 113,60i 15,09, 144,915 273,672
Boston__ 1,151
491 1,642 52,61.
___.
after the first inscription in March.
6,449 59,062
Baltimore
----7,11; 73,353 111,501
COPPER in better demand and stronger; lake 14%©15c., Philadel___ 2,857 ____ 4,733 4,733 31,12i
715 3,572 28,70
6,866 35,568
electrolytic 14.75c. London has been stronger. Tin on. San Fran. ---- ____ 5,634 5,634
____
147,735 147,735
Pt.Towns'd
____
__ 2,184 2,184
67,265 67,265
the spot here has advanced to 41c.,with a larger buying for con- Detroit31
313
sumption for spot delivery and near-by shipment. Higher
Total__ 101,857 20,170 85,904 207,931 2,454,72 859,9: 3,066,818 0,381,529
prices have also prevailed in London and Singapore. Lead
here on the spot 4.15c., an advance; spelter 5.45c., which is 1912-13_ _ 49,466 ____ 78,518 127,984 2,836,07 879,07 2,685,4526,400,003
also higher. The U. S. Steel Corporation is now operNote -New York exports since Sept. 1 include 8,703 bales Peruvian and 75 bales
ating 75% of its steel ingot capacity. The pig iron pro- Brazilian to Liverpool.
duction is also being increased in response to a better de- In addition to above
exports, our telegrams tonight also
mand. Basic iron is selling much more freely. No. 2 give us
following
Eastern foundry pig iron $13 75(014; No. 2 Southern Bir- cleared, the the ports amounts of cotton on shipboard not
at
named. We add similar figures for
mingham $10 50@$10 75.
New York.



FEB. 7 19144

THE CHRONICLE
On Shipboard, Not Cleared for
-

Great
GerFeb. Oat
- Britain. France. many.
New Orleans.._ 8,884 2,799 14,760
Galveston ___ _ 36.090 15,847 39,930
Savannah ____
Charleston..___
6:666
Mobile
6,641 5,353 14,189
Norfolk
1,500
5,600
New York___ _
2,500
1,000
Other ports..
10,000
8,000
Total 1914.... 65,615 23,999 89,479
Total 1913.- 39,445 19,201 71,785
Total 1912..- 76,138 27.322 91.394

Other CoastForeign wise.

Total.

Leaving
Stock.

459

FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd,y, Friday,
Jan. 31. Feb. 2. Feb. 3. Feb. 4. Fey. 5. Feb. 6.

Week.
February,
Range ____ 12.10-.12 12.18 -12.14-.15 12.14 -12.11-.15 12.04-.05 12.04-.18
Closing__ 12.11-.12 12.11-.12 12.14-.15 12.19-.22 12.05-.08 12.14-.16-- March-Range ____ 12.26-.34 12.30-.39 12.23-.35 12.18-.33 12.13-.26 12.08-.24 12.08-.39
Closing____ 12.32-.33 12.30-.32 12.26-.27 12.31-.32 12.14-.15 12.23-.24-April
Range ____
46,357 26,934 252,384 827,561
Closing____ 12.14-.16 12.15-.17 12.10-.12 12.12-.15 11.93-.95 11.97-.00- 27,212 23,670 181,313 651,124
84,304 26,494 305,652 1,054,891 May
Range ____ 12.03-.11 12.07-.16 12.02-.12 11.98-.08 11.83-.02 11.76-.88 11.76-36
Closing__.._ 12.08-.09 12.08-.09 12.04-.05 12.07-.07 11.83-.84 11.87-.88- - Speculation in cotton for future delivery has, much of the June
time, been quiet within a narrow range of prices. Of late
Range ____
12.03 ----11.89 -11.76 -11.76-.03
Closing____ 12.04-.06 12.03-.05 11.98-.00 12.01-.04 11.81-.83 11.86-.88-there has been some downward tendency. This was partly July-due to the failure of the Revision Committee of the New York
Range ____ 11.96-.05 12.01-.10 11.95-.05 11.91-.03 11.81-.96 11.75-.88 11.76-.10
Closlng____ 12.03 -12.02-.03 11.97-.98 12.00-.01 11.81-.82 11.86-.88-Cotton Exchange to increase the discounts on the low grades.
The expectation of bearish week-end figures was another de- August ____ 11.75-.81 11.80-.87 11.75-.82 11.72-.82 11.59-.74 11.54-.65 11.54-.87
Range
Closing____ 11.82-.83 11.80-.82 11.77-.78 11.80-.81 11.58-.59 11.64-.65- - pressing factor. This expectation was traceable to the large
receipts at the ports and interior towns, something which September-.
Range ____-- -11.61
11.53 -11.42 -11.42-.61
Closing____ 11.55-.57 11.55-.57 11.51-.53 11.56-.58 11.46-.48 11.50-.52- makes very niany feel that, beyond question, the Govern:ment underestimated the crop on Dec. 8, when it put it as October ___ 11.45-.53 11.48-.54 11.44-.52 11.41-.52 11.40-.48 11.35-.46 11.35-.54
Range
Closing__ 11.50-.51 11.49-.50 11.45-.46 11.50-.51 11.40-.41 i1.44-.45----13,677,000 bales, exclusive of linters. The dulness of the
675 40,299
5,980 127,523
700
700
6,000
27,883
1,700
16:86 26,679
5,300
f,§66
18,000

13,181
29,676

246,155
259,544
84,485
25,953
20,209
30,819
87,918
72,478

speculation, too, has been an obstacle to anything like a permanent advance. The outside speculative public is plainly
more interested in the stock market than in the commodity
markets, like cotton, grain and coffee. As regards the question of revision of the differences, they must remain as they
are until next September at any rate, according to the rules
at present in force. There was some expectation that the
discounts on the lower grades would be increased, as this is
commonly regarded as a low-grade crop. It is expected
that under the unchanged rates the differences between New
York and Liverpool will widen further and therefore encourage further selling in New York and buying in Liverpool.
They are already unusually wide. Then, too, there is said
to be a good deal of cotton, including white grades, held back
at the South by speculators. On Thursday, too, the spot
sales at Liverpool dropped to 8,000 bales. It is generally
believed that the acreage will be larger than ever this year.
Many of the bulls think the Government acreage figures last
year were 1,000,000 acres too low. This year field work
preparatory to plowing, &c., has in some sections begun unusually early. In other words, private advices from points in
Georgia, Louisiana, Alabama, Mississippi and Southern
Texas have been to the effect that rapid progress is being
made in clearing the fields and that more or less plowing is
being done; also that fertilizer sales will be unusually large.
It is taken for granted that if prices remain at anything like
their present level,the acreage planted will exceed any area
yet attained. At the same time the big receipts at American
and East Indian markets attract attention. They are referred to-particularly the American receipts-as militating
seriously against anything like a bull campaign at this time.
Wall Street and the South have latterly been selling. Liverpool, though it has bought some March, has sold May and
July heavily. There has been a good deal of selling from
time to time by tired bulls. On the other hand, many Southern reports have stated that there was still a good spot demand at prices far above the parity of New York. The
exports, too, have been large. Big interior receipts have
been accompanied by big interior shipments. The world's
money markets have continued easy. The dry goods trade
has seemed to many to be in a promising condition. The
March premium over May, which fluctuated for a time between 20 and 22 points, has since risen to 36 points. It is
said that the reason why the discounts on the low grades were
not increased by the Revision Committee was that there is an
excellent demand for such grades in the scarcity of good white
cotton. On the declines trade interests have been buyers.
It is urged by some that everything points to a big consumption-to a consumption as big as that of last year-and that
only very moderate stocks are likely to be carried over into
next season. Also it is argued that a big crop is needed during the coming season, and that if anything should happen to
delay the spring planting-such, for instance, as prolonged
wet and cold weather-the effect on prices might be marked.
At the same time the recent course of the market has shaken
the faith of ninny who previously were inclined to look with
favor on the bull side. To-day prices early in the day
touched a new low level on this movement, owing to renewed
liquidation. But later came quite a good rally,leaving prices
higher for the day on liberal buying by spot houses, the South
and Wall Street. Shorts covered on the idea that a rally was
due after a drop of nearly $4 a bale from the recent high
level. Middling uplands on the spot closed at 12.65c., a
decline for the week of 25 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 31 to Feb. 6Middling uplands

Sat. Mon. Tues. Wed. Thurs. Fri.
12.75 12.75 12.75 12.75 12.65 12.65

NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Feb. 6 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907

12.65
12.95
9.90
14.45
15.10
9.90
11.70
11.00

1906..c
1905
1904
1903
1902
1901
1900
1899




11.15
7.75
15.50
9.15
8.44
9.75
8.44
6.44

1808_ c
1897
1896
1895
1894
1893
1892
1891

5.94
7.31
8.25
5.62
7.94
9.38
7.31
9.25

1890-c
1889
1888
1887
1886
1885
1884
1883

11.00
10.12
10.62
9.50
9.19
11.12
10.75
10.19

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 6Stock at Liverpool
Stock at London
Stock at Manchester
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

914. 1913.
1912.
1911.
bales.1,130,000 1,475,000 1,027,000 1,286.000
5,000
5,000
2.000
9.000
70,000 108.000
80,000 107,000
1,205.000 1,588.000 1,109.000 1,402.I I I
14,000
13,000
8,000
4,I I I
535,000 520,000 429.000 271,000
448,000 485,000 318,000 267.000
2,000
2,000
3,000
2,000
27,000
33,000
17,000
17,000
42,000
35,000
30,000
61,000
18,000
2,000
2.000
1,086,000 1,088,000 807,000 624.000

Total European stocks
2,291,000 2,676,000 1,916.000 2,026.000
India cotton afloat for Europe
189,000
94,000
60,000 171,000
Amer. cotton afloat for Europe
656.733 533,174 1,095,328 694.928
EgyptBraril,&c.,aflt.for Europe.. 75,000
77,000
92,000
56.000
Stock in Alexandria, Egypt
361,000 309,000 275,000 271.000
Stock in Bombay, India
735,000 614,000 500,000 440.000
Stock in U.S. ports
1,079,945 832,437 1,360,543 906.601
Stock in U.S.interior towns
896,647 758,816 768,794 625,509
U. S. exports to-day
39,084
17,650
53,352
31.615
Total visible supply
6,323,409 5,912,077 6,121.017 5,222,653
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 878,000 1,302,000 915,000 1,151.000
Manchester stock
45,000
76,000
52,000.
Continental stock
1,040,100 1,056,000 778.000 578,000
American afloat for Europe
656,733 533,174 1,095,328 694,928
U.S.port stocks
1,079,945 832,437 1,360,543 906,601
U.S. interior stocks
896,647 758,816 768,794 625,509
U.S.exports to-day
39,084
17,650
53,352
31,615
Total American
East Indian, Brazil, etc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India,&c
Total American

4,635,409 4,576,077 5,023,017 4,076,653
252,000
5,000
25,000
46,000
1,890,000
75,000
361,000
735,000

173,000
5,000
32,000
32.000
94,000
77,000
309,000
614,000

112,000
2,000
28,000
29,000
60,000
92,000
275,000
500,000

135.000
9,000
18,000
46,000
171,000
56,000
271,000
440,000

1,688,000 1,336,000 1,098,000 1,146,000
4,635,409 4,576,077 5,023,017 4,076.653

Total visible supply
6,323,409 5,912,077 6,121,017 5,222,653
Middling Upland,Liverpool
6.96d.
5.90d.
6.94d.
7.77d.
Middling Upland, New York_ _
12.65c.
12.95c.
10.50c.
15.35c.
Egypt, Good Brown, Liverpool_
9.90d. 10.408.
108.10 11-16d.
Peruvian,Rough Good,Liverpool 9.004. 10.258.
9d. 11.308.
Broach, Fine, 'Liverpool
6 7-16d. 6 11-16d. 5 11-16d.
7%d.
Tinnevelly, Good, Liverpool
6 7-16d. 6 11-16d.
54d.
794d.

Continental imports for past week have been 212,000 bales.
The above figures for 1914 show an increase over last week
of 35,007 bales, a gain of 411,332 bales over 1913, an excess
of 202,392 bales over 1912 and a gain of 1,100,756 bales
over 1911.
NEW ORLEANS CONTRACT MARKET.
-The highest,
lowest and closing quotationsfor leading contracts in the New
Orleans cotton market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Jan.31. Feb. 2. Feb. 3. Feb. 4. Feb. 5. Feb. 6.
February
ong
Closing
March
Range
Closing
April
Range
Closing
May
Range
Closing
June
Range
Closing
July
Range
October
Range
Closing
ToneSpot
nntIorm

12.40-.43 12.40-.43 12.37-.40 12.41-.44 12.25-.30 12.30-.35
12.51-.53 12.50-.58 12.44-.55 12.43-.53 12.37-.49 12.34-.44
12.50-.51 12.50-.51 12.49-.5CI 12.53-.54 12.41-.42 12.42-.43
12.51-.53 12.51-.53 12.50-.52 12.52-.56 12.41-.43 12.43-.45
12.51-.58 12.54-.64 12.50-.60 12.45-.57 12.40-.51 12.35-.47
12.56-.57 12.54-.55 12.54-.55 12.57-.58 12.41-.42 12.46-.47
12.57-.59 12.55-.57 12.55-.57 12.58-.60 12.41-.44 12.47-.49
12.55-.64 12.59-.69 12.54-.65 12.51-.62 12.42-.54 12.37-.50
12.61-.62 12.59-.60 12.59-.60 12.61-.62 12.44-.45 12.49-.50
11.57-.59 11.58-.64 11.57-.62 11.55-.62 11.51-.60 11.43-.58
11.63-.64 11.58-.59 11.60-.61 11.62-.63 11.53-.54 11.57-.58
kU
Quiet. Steady. Quiet.
Quiet.
Quiet. Steady.
Otilet. Stesitly_ Steady. Steady. Inv at'v. Steady.

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to February 6 1914.
Towns.

Ala., Eufaula__
MontgomerySelma
Ark., Helena
Little Rock
Ga.,Albany,,
Athens
Atlanta
Augusta
Columbus -Macon
Rome
La.,Shrevepor
MLss.,Columb,s
Greenville
Greenwood
Meridian
Natchez
Vicksburg
Yazoo C1ty
Mo.,St. Louis_
N.C.,Raleigh_
0., Cincinnati_
0kla., Hugo
S.C. Greenw'd
Tenn.,Memp •
Nashville
Tex., Brenham
Clarksville
Dallas
Honey Grove_
Houston
Paris

[VOL.

THE CHRONICLE

460

Ship- Stocks
mews. Feb.
6.
Week. Season. Week.

Movement to February 7 1913.

Receipts.

Receipts.
Week. Season.

104 4,181
177 20,175
90 21,022
972 144,152
2,331 142,140 3,215 28,657
360 111,870
701 115,797 1,764 15,297
1,691
60,591 1,996 19,131
579 38,464
3,268 156,947 3,247 59,124 1,968 165,159
251 3,238
50 23,474
67 27,307
5,370 105,311 6,150 23,152 . 1,083 92,940
4,761 203,044 3,556 17,549 1,586 144,800
6,277 323,600 8,858 81,755 3,946 299,384
70,857 5,350 21,483
670 70,051
2,945
878 2,683
532 33,077
273 43,653
380 6,173
496 44,953
277 52,278
3,416 167,521 5,937 40,026 1,170 134,109
244 4,577
34,076
594
220
24,055
77,351 3,460 22,000
440 45,871
1,500
2,000 108,873 4,000 27,000 2,000 102,687
622 7,427
766 47,683
517 27,522
500 5,600
19,078
38
17,713
300
296 27,172
786 31,240 2,336 10,821
39,114 3,210 14,146
187 22,353
356
10,856 367,336 9,914 32,488 17,236 413,903
12,113
425
467
116
7,900
431
10,88; 142,195 12,021 23,719 6,416 159,118
495 1,500
564
30,126
300 36,455
322
12,063
____ 1,152
200
18,500
25,401 888,025x37,407 209,986 11,109 654,227
9,503
464 1,333
330
330
6,051
75
16,593
97 1,865
92
16,311
500 48,483
824 3,800
74 ,43,585
4,933 87,356 4,602 9,296 2,500 112,10
900 31,488 1,276 2,500
386 42,359
91,8242,305,826i111063 186,521 45,3502,733,731
3,500 103,564 3,851 8,000 3,750 132,853

Ship- IStocks
ments. Feb.
Week.
7.
353 7,157
1,349 36,906
1,467 9,088
811 12,761
2,166 40,548
373 2,000
3,029 20,988
1,748 20,113
8,262 90,037
850 30,641
446 11,973
780 9,022
3,810 20,481
524 3,761
1,275 13,239
3,000 24,000
1,184 17,558
243 3,349
847 5,444
411 6,776
17,068 27,692
100
325
5,144 28,660
604
923
300 4,100
15,364151,307
484
447
64 1,510
273 1,127
3,100 5,000
611 2,371
43,707744,172
2,863 5,340

Total. 33 towns 187.7785.888.922238.677896.647 105.2095.980.956122,610,758,816
I Including 16,500 bales burned.
x Including 1,500 bales burned.

The above totals show that the interior stocks have decreased during the week 50,899 bales and are to-night 137,831
bales more than at the same time last year. The receipts at
all towns have been 82,569 bales more than the same week
:
4
; 4g-.A Ati;
,,1
lastyear.l'
,
1.11 4
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:.
----1912-13---Week.

Since
Sept. 1.

Week.

Since
Sept. 1.

9,914
9,819

341,046
130,117

17,068
3,176

390,148

227
3,247
4,951
2,342
9,987

February 6ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, Sec

4,668
77,383
84,850
116,290

743
1,955
4,228
1,787

180,992
14,511
58,521
106,183
102,540

8,324

240,938

283,423

40,487 1,037,777
Total gross overland
Deduct shipments
94,019
Overland to N. Y., Boston, &c.. 1,646
80,185
6,831
Between interior towns
60,103
4,566
Inland, &c., from South

37,281 1,093,833
1,566
3,629
1,789

110,118
75.638
58,483

Total to be deducted

13,043

234,307

6,984

27,444

803,470

30,297

849,594

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 27,444 bales, against 30,297 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 46,124 bales.
-----1913-14----- -----1912-13
In Sight and Spinners'
Takings.
Receipts at Ports to Feb. 6

Week.

Since
Sept. 1.

Week.

Since
Sept. 1.

246,093 8,142,941 133,427 7,838,070
27,444
803,470 30,297
849,594
Net overland to Feb. 6
Southern consumption to Feb.6_ - 60,000 1,370,000 56,000 1,280,000
333,537 10,316,411 209,724 9,967,664
*50,899
782,133 *17,401
661,780

Total marketed
Interior stocks in excess

Came into sight during week--282,638 --------202,323
Total in sight Feb. 6
11,098,544
10,629,444
Nor,spinners' takings to Feb.6__ 70,559 1,672,545

60,806 1,749,757

Futures
Market
Closed.

Spot Market
Closed.

244,239

Leaving total net overland *

WEATHER REPORTS BY TELEGRAPH.
-Telegraphic reports to us from the South this evening indicate
that rain has been quite general during the week, with the
precipitation somewhat excessive at a few points. Temperature has been lower. The crop movement continues
comparatively liberal.
-Dry all the week. The thermometer
Galveston, Tex.
has ranged from 42 to 68, averaging 55.
-It has been dry all the week. Average
Abilene, Tex.
thermometer 42, highest 54, lowest 30.
-There has been rain on two days of the
Dallas, Tex.
week, the precipitation reaching thirty-eight hundredths of
an inch. The thermometer has averaged 47, the highest
being 58 and the lowest 36.
-The week's rainfall has been three hunPalestine, Tex.
dredths of an inch, on, two days. The thermometer has
averaged 46, ranging from 34 to 58.
-We have had no rain during the week.
San Antonio, Tex.
The'thermometer has ranged from 36 to 64, averaging 50.
Taylor, Tex.
-There has been rain on three days during
the week, the precipitation reaching eight hundredths of an
inch. Average thermometer 45, highest 60, lowest 30.
Shreveport, La.
-It has rained on three days during the
week, the rainfall being one inch and fifty-one hundredths.
The thermometer has ranged from 29 to 74.
Vicksburg, liss.-We have had-rain on three days during
the week, the precipitation reaching four inches and nineteen
hundredths. The thermometer has ranged from 30 to 73,
averaging 53.
-It has rained on one day of the week,
New Orleans, La.
the precipitation being twelve hundredths of an inch. Average thermometer 61.
Mobile, Ala.
-We have had rain on two days during the
week, the precipitation reaching twelve hundredths of an
inch. The thermometer has averaged 56, the highest being
71 and the lowest 38.
-It has rained on four days during the week,
Selma, Ala.
the rainfall being one inch and seventy-two hundredths.
The thermometer has averaged 51, ranging from 30 to 69.
Madison, Fla.
-It has rained on one day during the week.
the precipitation reaching twenty-five hundredths of an inch.
The thermometer has ranged from 44 to 77, averaging 62.
Savannah, Ga.-There has been rain on three days during
the week, to the extent of five hundredths of an inch. Minimum thermometer 41, highest 72, average 60.
-There has been rain on three days
Charleston, S. C.
during the week, to the extent of nineteen hundredths of an
inch. The thermometer has averaged 55, ranging from
40 to 69.
Charlotte, N. C.
-It has rained during the week, the precipitation reaching eighty-six hundredths of an inch. The
thermometer has averaged 52, ranging from 34 to 70.
Memphis, Tenn.
-There has been rain on four days of the
past week, the rainfall reaching one inch and twelve hundredths. The thermometer has averaged 42, the highest
being 63, lowest 28.
MARKET AND SALES AT NEW YORK.

Saturday__ _
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday

Quiet
Quiet
Quiet
Quiet
Quiet 10 pts dec_ _ _ _
Quiet

SALES.
Spot. Contect Total.

Steady
Steady
Steady
Stey
Barely steady

Very steady__ _

100
20

-MO
220

Total_

3,400

-AO()

3,500

-No

300

800
400

4,500

4,720

WORLD'S SUPPLY AND TAKINGS OF COTTON
Cotton Takings.
Week and Season.

I

I

1912-13.

1913-14.
Week.

Season.

Week.

Season.

6,288,4026,041,418
Visible supply Jan. 30
---2,055,18i.
2,135,485
Visible supply Sept. 1
American Insight to Feb. 6____ 282,638 11,098,544 202,323 10,629,444
98,000 1,041,000
127,000 1,480,000
Bombay receipts to Feb.5
151,000
2,000
84,100
10,000
Other India shipments to Feb.5
886,000
21,000
9,000
929,000
Alexandria receipts to Feb. 4_.._
158,000
11,000
7,000
158,000
Other supply to Feb. 4 *

6,724,040 15,828,895 6,375,741 14,977,029
;6,323,409 6,323,409 5,912,077 5,912,077
Bales.
Since Sept. 1Bales.
Week400,631 9,505,486 463,664 9,064,952
takings to Feb.
-Feb. 9
413,702 1911-12
-Feb. 9
11,678,711 Totalwhich American6_a
1912
274,631 7,505,486 330,664 7,418,852
Of
-11-Feb. 10
215,419 1910
9,709,080
1911-Feb. 10
126,000 2,000,000 133,000 1.646,100
Of which other
-10
139,434 1909 -Feb. 11
-Feb. 11
8,254,062
1910
,
*Embraces receipts In Europe from Brazil, Smyrna, West IndiesAcc.
-09
275,931 1908 -Feb. 12
-Feb. 12
1909
10,539,543
a This total includes the estimated consumption by Southern mills,
-takings not
1,370,000 bales in 1913-14 and 1,280,000 bales in 1912-13
QUOTATIONS FOR MIDDLING COTTON AT OTHER being available-and the aggregate amounts taken by Northern and
-Below are the closing quotations of middling foreign spinners, 8,135,486 bales in 1913-14 and 7,784,952 bales in 1912-13.
MARKETS.
cotton at Southern and other principal cotton markets for of which 6,135,486 bales and 6,138,852 bales American.
Total supply

* Decrease during week.

Deduct
-

Movement into sight in previous years:

Visible supply Feb. 6

_ ALEXANDRIA RECEIPTS AND SHIPMENTS-. ___..
•

each day of the week.
Closing Quotations for Middling Cotton on
Week ending
February 6.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston _ _ _ _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock_

Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
12%
12 13-16
12 11-16
12%
12%
12%
13
13
13%
13%
13%
12
,
1234




12%
12%
12%
12 13-16 12 13-16 12 13-16
12 11-16
12 11-16 12%
12%
12%
12%
12%
12%
12%
12%
12%
12%
13
13
13
13
13
13
13%
13%
13%
13
13%
133.4
1334
1334
125
12%
12%
12%
12%
12%

12%
12 11-16
12 9-16
12%
12%
12%
12%
12.90
13%
13%
133-1
125
12%

12%
12 11-16
12%
12%
12%
12%
12%
12.90
13 3-16
13%
13%
12%
12%

Alexandria, Egypt,
February 4.
Receipts (cantars)This week
Since Sept. 1
Ecports (bales)-

1913-14.

1912-13.

1911-12.

145,000
6,623,600

155,000
6,967 224

240,000
5,972 880

This Since
Week. Sept. 1.

This Since
This Since
Week. Sept. 1. Week. Sept. 1.

4,750 141,962 2,750 144,702 6,000 124,728
To Liverpool
156,464 8,250 151,008
7,250146,117,
To Manchester
To Continent and India_ 10.250 244,513 1325 217,214 20,250 213,158
2,750 27,980 2,250 80,402 6,500 45,222
To America
25,000 560,572 18,250 598,782 41,000534,116
- Total exports
Note.
-A cantaili99 lbs. Egyptian Da es weigh abiiiir7501bs.

FEB. 71914.1

THE CHRONICLE

461

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO FEB. 1.
-Below we present a synopsis of the
crop movement for the month of January and the five
months ended Jan. 31 for three years:

Total bales.
-To Liverpool
NEW ORLEANS
15,000
-Patrician, 15,000
-Feb.4
-Feb. 5
To Havre
-Crown of Castile, 5,306
5,306
-Feb. 5
To Hamburg
-Katherine Park, 1,234
1,234
-Feb. 3
To Antwerp
-Annie, 367
367
PENSACOLA-To Havre
-Feb. 2=-Towergate, 2,200
2,200
SAVANNAH-To Liverpool
-Jan. 31-Imperial,6,170
6,170
To Manchester
-Jan.31
-Imperial, 2,6'72
2,672
1913-14. 1912-13. 1911-12.
To Bremen-Feb. 4
-Dominion, 4,535___Feb. 5-Mathilde,
6,101
10,636
Gross overland for January
198,406
247,176
265,714
-Feb.4
-Dominion,2,373; Oldfield Grange,9,330 11,703
To Hamburg
Gross overland for 5 months
1,004,155 1.056,552 1,040.987
-Feb. 5-Amsteldyk,800
To Antwerp
800
Net overland for January
145,004
193,853
222,015
To Japan
-Jan. 30-Kazembe, 7,000
7.000
Net overland for 5 months
777,617
819,297
862,920 BRUNSWICK
-To Liverpool
-Feb. 2-Ninian, 6,533
6,533
Port receipts in January
1,176,777
761,975 1,449,768
-Feb. 2-Gafsa, 5,550
To Bremen
5,550
Port receipts in 5 months
7,938,041 7,704,643 8,515,865 CHARLESTON
-To Liverpool
-Feb. 5-Ninian, 5,849
5,849
Exports in January
1,063,348
930,799 1,556,750
To Manchester
-Feb.5-Ninian,459
459
Exports in 5 months
6,202,248 6.269,026 6,730,515 NORFOLK
-To Bremen-Feb.4-Brager, 200
200
Port stocks on Jan. 31
1,089,495
859,328 1,385,675
To Hamburg
-Feb. 2-Pallanza, 606
606
Northern spinners' takings to Feb. 1.... 1,617,257 1,688,951 1,451,755
-To Liverpool
BOSTON
-Jan. 28-Andania, 200
200
Southern consumption to Feb. 1
1,320,000 1,224,000 1,041,000
To Manchester
-Jan. 30
-Caledonian, 951
951
Overland to Canada for 5 months (inTo Genoa
-Jan. 31-Canopic, 50
50
cluded in net overland)
84,281
70,935
82,829
To Yarmouth
-Feb.2
-Boston,441
441
Burnt North and South in 5 months.._ _ _
143
1
BALTIMORE
-To Bremen-Feb. 4
-Neckar, 4,733
4,733
Stock at North. interior markets Feb. 1_ _
10,900 PHILADELPHIA-To
17,438
27,388
Liverpool
-Jan. 30
-Merlon, 2,459
2,459
Came in sight during January
1,533,781 1,111,009 1,731,783
To Manchester
-Jan.31-Manchester Exchange,398
398
Amount of crop in sight Feb 1
10,865,658 10,427,121 11.129,785'
-Jan. 29
-Menominee, 715
715
Came in sight balance of season
3,701,781 4,913,531 SANTo Antwerp
FRANCISCO
-To Japan-Jan. 29-Chiyo Maru, 3,999..
Total crop
14,128,902 16,043,316
Feb. 3
-China, 1,635
5,634
Average gross weight of bales
516.04
519.90
516.88 PORT TOWNSEND-To Japan
-Seattle Maru, 2,184-Feb.3
2.184
Average net weight of bales
491.04
491.88
494.90
Total
207,931
NEW YORK COTTON EXCHANGE.
-No

Changes in
Scale of Differences.
-The Committee on Revision of Spot
Cotton Quotations of the New York Cotton Exchange, at
a meeting held Wednesday, decided not to make any changes
In the scale of differences. The next revision date will be
the second Wednesday in September.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for the three years have been as follows:
1913-14.

1912-13.
I
Since
Since
Week.' Sept. 1.1 Week. Sept. 1.

February 5.
Receipts at
Bombay

1911-12.
Week.

Since
Sept. 1.

127,000
'1,480,000 98,000 1,041,000 117,000 1,024,000
For the Week.

Exports
from-

Great Conti- Japan
Britain. nent. ,tChi

Conti
Japan
nent. &China.

Total.

Bombay
1913
-14__ 2,000 32,000 90,000124,000
1912-13._
7,000 46,000 53,000
1911-12._ -1,666 8,000 47,000, 58,000
Calcutta
1
1913
-14
1,000, 1,000
1912-13
1911-12
200
200/
Madras
1913
1,000
1,000
-14
1912-13
1911-12
All othe
6,000
8,000
1913-14_ 2,
2,000
1012-13-- --- 2,000
1911-12
Total all
39,000 91,000134,000
,
-14.
1913
1912-13 ------- 9,000 46,000 55,000
1911-12... 1,000 8.000 47.200 56,200

35,000 509,000 459,100 1,003,000
26,000 202,000 288,100 518,100
10,000 142,000 307,100 459,100

12,000 398,000 442,000 852,000
13,000 133,000 288,000 432,000
2,000 87,000 299,000 288,000
2,000
2,000
2,000

11,000
7,000
8,000

10,00
400
900

23,000
9,400
8,900

5,000
4,000
2,000

18,000
11,000
5,000

1,000
700

24,000
15,000
7,700

16,000
7,000
4,000

82,000
49,000
44,000

8,000
1,700
8,500

104,000
57,700
54.500

1913-14.

1912-13.
Coen
Mid.'
Upl's.

Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Mid.Upl'
Sales
Spec.&exp.

7.05

7.08

7.07

5,000
500

12,000
1,000

12,000
1,000

Futures. / Steady at St'y, unch. Quiet at
Market
4®5 pta. to 134 pts. 102 pts.
decline, advance,
opened
decline.

tig lbs. Shirt-

7.05

7.05

Friday.
Fair
business
doing.
6.96

12,000
8,000
10,000
1,000
1,000
1,000
•
Quiet at Steady at Quiet at
13448234 %02 pte. 205 Pointe
pts. dec. advance.
decline.

Market, 1 Steady at Quiet,unch. Steady at Steady, 13•6 Quiet,unch. Steady,
4
3503 Pts. to 2 pts. 1340234 pts. dec. to to 3 pts. 30634 pts.
P AS
decline_
advance_
nts, dec. 1 nt_ Adv. decline.
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.
The prices are given in pence and 100ths.

According to the foregoing,Bombay appears to show an
increase, compared with last year, in the week's receipts of
29,000 bales. Exports from all India ports record a gain of
79,000 bales during the week and since Sept. 1 show an
increase of 486,900 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
easy for yarns and quiet for shirtings. Merchants are not
willing to pay present prices. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
sq lbs. Shirt-

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:
Market,Fair
12:15 I Quiet.
Good
Good
business
Good
doing.
P.M.
demand. demand, demand.

Since September 1.
Great
Total. Britain.

LIVERPOOL.
-Sales, stocks, &e., for past week:

Jan. 16. Jan. 23. Jan. 30.
Feb. 6.
Sales of the week
66,000
64,000
61,000
59,000
Of which speculators took.. _ _ _
8,000
7,000
10,000
4,000
Of which exporters took
1,000
1,000
Sales, American
52,000
50,000
51,000
45,000
Actual export
9,000
4,000
7,000
7,000
Forwarded
97,000 111,000
86,000
82,000
Total stock
989,000 1,073,000 1,115,000 1,130,000
Of which American
752,000 843,000 878,000
878,000
Total imports of the week
90,000 200,000
135,000
103,000
Of which American
62,000
182,000
100,000
74,000
Amount afloat.
459,000 349,000 365,000 393,000
Of which American
390,000 282.000 293,000 324,000

Thus: 6 67 means 6 67-100d.

Saturday, Monday, Tuesday. Wed'sday. Thursday. Friday.
Jan, 31
to
Feb. 6. 1234 1234 121 4 112141 4 123.4 4 1234 4 1234 4
p.m. p.m. p.m. p.m. .m.lp.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
February ____ 6 6834 6934 7031 6834 69 6634 6714 6634 643.4 58 60
Feb.
-Mar. ____ 6 6834 6934 70 68 6834 66 67 56 54 5714 5934
Mch.-Apr. _ _ _ _ 6 7034 7134 72 70 7034 68 69 68 56 595461
Apr.
-May. --__ 6 6834 09 69 67 6734 653-4 66 6534 6354 5634 5734
May-June _ __ _ 6 68 683-4 6834 6634 67 65 6534 651-4 6314 56 57
June
-July _ _ _ _ 6 6434 6434 6434 6234 63 61 6134 61% 5934 52 54
July-Aug_ _-__ 6 6014 6034 6034 5834 59 57 5734 5754 56 48 50
-Sep_
6 49 49 49 4734 47% 46 46% 4634 46 383440
Aug.
Sept.
-Oct. ____ 6 323434 34 3234 32 32 32343234 3114 25% 27%
Dct.-Nov. ____ 6 2334 2434 25 2334 23 23 2334 2334 2234 1734 19%
,
19 18% 19 1934 19 18 13
Nov.
-De ____ 6 19% 2034 21
15
Dec.
-Jan
6_ 18 19 19% 18 17 1734 18 18 17 12 14
v., ..w
-rah
ft in
10 101.4 15 17 17“ 18 18 17 12 14

BREADSTUFF'S.
Cot's

Friday Night, Feb. 6 1914.
Flour has continued quiet, but on the whole prices have
s. d.
s. d. d. :d.
d.
d.
8. d. d. been comparatively steady. The stock here is ample, in
Dec.
1
fact liberal, but it is not generally regarded as burdensome.
19 10% @113-16 82 @114
7.11 1034 CO 113i 6 3 611 6
7.11 Buyers continued to purchase from hand to mouth, nor does
26 9% 0 107 6 1 011 3
7.02 1014 48 114
3 011 8
,
7.18
Jan
there seem to be any prospect that they will adopt a different
2
11 62 @11314 7.051 10 7-180 1114 6 4 011 754 7.19 course in the near future.
They still evidently are skeptical
9
10% 6 134011 3
6.91 1054 0 1154 6 4 011 7
7.02
16
7.16 1034 48 11 6 3 011 6
10% 6 1;i011 3
6.80 as to the permanency of present prices. The production
23
7.21 10
@ 1074 6 3 011 6
10% 6 134 011 3
6.69 last week at Minneapolis, Duluth and Milwaukee was
30
7.0910
10'61 @112
48 103.1 6 3 011 6
6.84 395,485
barrels, against 369,620 in the previous week and
Feb.
6 0% 48 10% 6 I 011 2
6.96 10
0 1034 6 3 (411 6
6.94 367,510 in the same week last year.
Wheat for a time showed weakness, but latterly has been
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have steadier, owing to a better export demand and reports of
reached 207,931 bales. The shipments in detail, as made damage to winter wheat by a cold wave. Zero weather swept
over Nebraska, and, as the wheat was without snow
up from mail and telegraphic returns, are as follows:
feared that damage may result. This
Total bales. covering, it is
-To Liverpool-Fob. 3-Carmania, 100
NEW YORK
100 would apply not only to Nebraska but also to KanTo Manchester-Jan.31-Memphian,3,032
3,032 sas and Iowa, which are also barren of snow.
Be-Jan.31-Minnetonka,300
To London
300
-Jan. 31-Rochambeau, 118 Sea Island_Feb. 5To Havre
cause of the mild winter the plant is further advanced
A agot,2,492
2,610 than usual, and is therefore all the more exposed to injury.
-George Washington,3,043
To Bremen-Jan.30
3,043
To Rotterdam-Jan. 30-Campanello, 200
200 In fact, it is claimed that the alternate freezing and thawing
-Feb. 3-Kroonland, 593
To Antwerp
593 of the ground has already caused some damage and has left
-Dora, 2,367
To Barcelona-Jan. 30
2,367 the roots
much exposed. To-day the temperatures over the
To Genoa
-Jan. 30-Berlin, 1,234
1,234
-Jan. 30
-Berlin, 50; Caronla, 150
To Naples
200 West, including points in Kansas and Nebraska, were from
To China-Jan. 30-Kloto,547
547 6 degrees below to 10 above zero. The cold, however,
has
GALVESTON-To Liverpool
-Feb. 3-Boniface, 10,666_ _Feb. 4
-Antilllan, 11,590, Santanderino, 5,870
27,926 been accompanied by a light fall of snow in some parts of the
To Manchester
-Gloria de Larrinaga, 14,264
-Feb. 2
14,264 West. It is for the time being a weather market with many
I
To Havre
-Feb. 3-13jornstjerne Bjornsen, 10,054
10,054
FTo Bremen-Jan. 30-Stiveric, 19,486
19,486 inclined to buy if it turns out that the snow fall is insufficient.
r To Hamburg-Jan. 31-Katherine Park, 2,781
2,781 Meantime the offerings of Russiin and Roumanian wheat are
To Rotterdam-Feb.4
-Warrior,3,600
3,600
TEXAS CITY
-Feb. 2-Inkum, 15,540
-To Liverpool
15,540 larger. It is also expected that the world's shipments out328 Cop
Twist.

legs, common
to fine.st.




328 Cop
Twist.

legs, common
to finest.

Upl'a

[VOL. xcvm.

iTHE CHRONICLE

462

side of America this week will show an increase. But last
week the total was 12,496,000 bushels, against 15,728,000 in
the same week last year. Australian news says that the late
harvesting is disappointing and, crop estimates are further
lowered; there is an unusual demand at high prices and some
predict that there will be a big reduction in the Australian
visible supply this month. There has been some buying at
Chicago on the bullish Australian crop news, the estimated
Australian crop being reduced in some reports to 86,000,000
bushels, with an exportable surplus of 45,000,000 bushels,
which cuts the early estimates almost in two. On the other
hand,the weather in Argentina is more favorable. The quality of the arrivals at Buenos Ayres latterly has been less
attractive. Crop reports from England, France, Germany
and Italy have been favorable. But the Department of
Agriculture at Washington says that the harvest of 1913-14
in Argentina and Australia, the two principal producing coun;
tries of the Southern hemisphere, is about 12% less than last
year. The Department has received from the International
Institute of Agriculture at Rome a cablegram announcing
the preliminary statistics of wheat production in Australia
as 113,344,000 bushels and for Argentina and Australia
combined as 244,533,000 bushels. Private estimates are
smaller than the above, as already shown in the case of
Australia. Within a few days the export business reported
here and at the West has approximated half a million bushels. To-day prices advanced on light receipts and a blizzard
In Nebraska. In the Texas Panhandle, too, it was down to
zero. Snows occurred in parts of the West, and thus offset
in a measure the effect of the intense cold. It was 16 degrees
below zero, however, in some parts of the winter-wheat
country west of the Missouri River, where there has been little snow.

NEW YORK.

DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
100
100
100
100
100
cts_ 100
No. 2 red
99X 10034 99% 993i 994 1003(
May delivery in elevator
9634 9634 9654 97
97
964
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 92/s 9394 92% 924 924 935,
May delivery in elevator
8894 88% 8834 8894 8834
883
July delivery in elevator

CHICAGO.

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.1981bs. bush. 60 lbs. bush. 56 lbs, bush. 32 lbs. bush.481bs. bu.56 lbs.
489,000 1,839,000 1,533,000
252,000
Chicago- - -_
669,000
82,000
89,000
303,000
338,000
47,000
304,000
Milwaukee__
62,000
73,000
209,000
61,000
18,000
Duluth
311,000 422,000
335,000
1,850,000
Minneapolis.
60,000
159,000
43,000
73,000
4,000
Toledo
63,000
88,000
17,000
15,000
Detroit
115,000
180,000
4,000
12,000
Cleveland
1,000
541,000
723,000
549,000
53,000
68,000
St. Louis.._.
1,000
264,000
447,000
89,000
48,000
58,000
Peoria
4,000
112,000
934,000
502,000
Kansas City.
163,000
850,000
477,000
Omaha
Tot. wk. '14
Same wk.'13
Same wk.'12

450,000
368,000
371,872

4,348,000
6,627,000
3,225,795

3,716,000 1,518,000
4,681,000 2,736,000
3,314,993 1,459,768

5,749,000
8,886,000
8,726,268

210,000
256,000
255,575

Since Aug. 1
11,393,000 209,828,000 127,774,000 135,742,000 61,813,000 9,748,000
1913-14
9,902,520 257,571,966 119,937,228 148,084,688 66,249,330 12322642
1912-13
a 314 ona 177.000_711 104.384.679 84.275.580 49.705.354 6.077.691
1911-1 2

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 31 1914 follow:
Flour,
bbls.
Receipts at204,000
New York
44,000
Boston
11,000
Portland, Me
33,000
Philadelphia
26,000
Baltimore
55,000
New Orleans•
3,000
Newport News_ _ _
1,000
Norfolk
Galveston
10,000
Mobile
5,000
Montreal
27,000
St. John
Halifax
Total week 1914_ 419,000
Since Jan. 1 1914_ _2,083,000
424,000
Week 1913
Since Jan. 11913_ _2,186,000

Wheat,
bush,
546,000
433,000
220,000
99,000
162,000
280,000
12,000
•
66,000
26,000
177,000
92,000

Barley,
bush.
77,000
53,000
25,000

Corn,
bush,
104,000
3,000

Oats,
bush,
230,000
162,000

42,000
52,000
72,000

223,000
86,000
45,000

4,000
1,000

28,000

774,000
2,113,000
278,000
12,218,000 4,647,000 4,145,000
2,315,000 3,533,000 1,296,000
17,815,400 12,603,000 6,630,000

Rye
bush.

22,000

35,000

190,000 22,000
1202,000 265,000
373,000 45,000
2572,000 330,000

Indian corn receded in price under liquidation. Colder •Receipts do not include grain passing through New Orleans for foreign ports
weather at times has portended a larger crop movement. on through bills of lading.
The world's shipments, too; have increased. They were
the several seaboard -ports for the week
The
2,885,000 bushels, against 2,123,000 in the previous week. ending exports fromshown in the annexed statement:
Jan. 31 are
Argentine corn will undoubtedly be a factor in the making of
Rye, Barley, Peas,
Oats,
Corn, Flour,
Wheat,
otli
41
1‘9
bush. tis3i ,.sAi
prices in this country this year. Meantime speculation has
bush,
bbls.
bush.
bush,
Exports from58,203
16,350 56,641
503,983
dwindled to small proportions or relatively so. Operators New York
25,000
11,000
Me_ ___ 220,000
are wary about making very large commitments on either Portland,
21,600
13,278
254,863
Boston
7,000
side of the market. At times rough weather has helped the Philadelphia ___ 68,000
9,898
46,581
180,294
bulls. Occasional exhibitions of firmness in wheat have had Baltimore
11,000
500
23,000 7,000
New Orleans..___ 122,000
3,000
the same effect. So likewise have reports of increased firm- Newport News__ 12,000
4,000 4,000
ness of prices at Buenos Ayres. Interior offerings, too, in Galveston
4,000 10,000
Mobile
1,000
this country are said to be small. But, on the other hand, Norfolk
27,000
177,000
farm reserves are reported to be large, and one of the causes St. John
92,000
Halifax
of the firmness of prices at Buenos Ayres has been the ex33,965 15,935
78,303
89,931 149,817
Total week_ _1,686,140
pectation of a large export business, which might easily mean
3,696
3,691,058 3,642,428 201,473 1,059,628 18,783 781,424
increased shipments to this country. The crop reports from Week 1913
The destination of these exports for the week and since
Argentina, moreover, have been favorable. In this country
the stormy weather of late may have the effect of increasing July 1 1913 is as below:
the amount of feeding on the farms. To-day prices advanced
Flour
Since
Since
on light receipts and bad weather at the West. Higher
Syncr
juli
Week
July 1
Week
July 1
Week
1913. Jan.31.
prices in the Southwest set the pace.
1913.
1913. Jan.31.
Exportsfor week and Jan.31.

NEW YORK.
Fri.

DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs.
74
7394 74
cts 74X 743
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES
Sat. Mon. Tues. Wed. Thurs.
cts_ 6694 6694 6694 6594 6594
May delivery in elevator
July delivery in elevator
6494 65
6594 6534 65
September delivery in elevator_ _ - _ 6494 6434 6394 6334 6494

74

IN CHICAGO.
Fri.
6634
65 3
6494

bush,
bush.
bush.
bush.
bbls.
bbls.
since July 1 to17,143
409,599
United Kingdom___ 82,411 3,498,526 1,030,147 63,170,334
8,223
487,695.
14,712 1,754,298 633,753 63,922,353
Continent
955,719
1,330
19,700
318,911
Sou. & Cent. Amer_ 13,981 685,692
61,834 1,057,594
85,767
1,340
37,267 1,039,427
West Indies
6,017
70,769
727
Brit. Nor. Am. Cols.
91,661
1,401
26,200
1,200
719 160,356
Other Countries...
89,931 2,306,016
149,817 7,209,068 1,686,140 128225,834
Total
201,473 6,462,117 3,691,058 106464,551 3,642,428 12,850,478
Total 1912-13

Oats declined somewhat in sympathy with other grain.
It is said that the farm reserves are only 170,000,000 bushels,
The world's shipments of wheat and corn for the week
against 389,000,000,.but the visible supply is large, stocks ending Jan. 31 1914 and since July 1 1913 and 1912 are shown
and prices are 5 or 6 cents higher
at Chicago are very liberal,
than a year ago. The cash trade has been only moderate, in the following:
and speculation has kept within comparatively narrow limits,
Corn.
Wheat.
as has been the case for some little time. To-day prices for
1913-14.
1912-13,
1912-13.
advanced, owing to reports of freezing weather. The
futures
1913-14.
Exports.
news from Texas in particular was to the effect that a conSince
Week
Since
Since
Since
Week
July 1.
Jan. 31.
July 1.
July 1.
tinuance of the present cold weather will badly damage, if
July 1.
Jan. 31.
not kill the winter oats crop. Prominent interests were
Bushels. Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
1,034,000
buying May in Chicago. Cash prices advanced also. Large North Amer. 2,968,000 184,094,000 159,002,000 96,000 9,076,000 11,957,000
6,424,000
2,818,000 97,176,000 72,411,000 332,000
Russia
commission houses sold on the rise.
39,663,000 867,000 17,024,000 9,970,000

IN NEW YORK.

DAILY CLOSING PRICES OF OATS
Tues.
Wed. Thurs.
Fri.
Mon.
Sat.
Standards
cts_4494-45 4494-45 443445 4434-45 4434-45 4434-45
No. 2 white
45-4534 45-4534 45-4534 45-4534 45-4534 45-4534
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
cts.. 3934 3934 3994 39
May delivery in elevator
399/ 3934
3934 3934 3994 3834 393
July delivery in elevator
399-'s

CHICAGO.

The following are closing quotations:
FLOUR.
Winter, low grades____$3 20@$3 40 Spring clears
$4 00@$4 15
4 30
500 Kansas straights,sacks_ 4 15
Winter patents
4 90
4 35 Kansas clears. sacks__- 3 75
4 00
4 20
Winter straights
5 85
6 25
4 15 City patents
Winter clears
3 80
3 80
3 20
4 80 Rye flour
4 65
Spring patents
3 80
4 00
Spring straights
4 350 4 50 Graham flour
GRAIN.
cts.
Corn, per bushel
-f. o. b.
per bushel
No. 2 mixed
74
Spring,
03
new72 ®73X
No. 2 yellow
1 0034
Spring. No. 2
new70 ©70%
No. 3 yellow
' 10134
Red winter, No. 2
Argentina in bags
70
Hard winter, No.2,arrive 1 0034
Rye, per bushel
cts.
Oats, per bushel, newNew York
69
Standards
4434 045
Western
No. 2, white
6734
45@45
-Malting
Barley
67®80
No. 3, white
44@44

Wheat,
N.
N.

No. 1




Si

X

Danube_ _ 2,458,000
1,600,000
Argentina
Australia.. _ 2,464,000
40,000
India
0th.countr's 150,000

34,892,000
16,442,000 42,610,000 1,590,000 126,239,000 162,055,000
27,968,000 16,392,000
25,464,000 41,736,000
5,464,000 5,318,000

Total _--- 12498000 392,400,000 377,132,000 2,885,000 153,373,000 190,406,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom. Continent.

United
Kingdom. Continent.

Total.

Total.

Bushels.
I 4,556,000

Bushels.
Bushels.
Bushels.
Jan. 31 1914_ 20,048,000 16,084,000 38,112,000
Jan. 24 1914_ 19,264,000 14,600,000 33,864,000
Feb. 1 191.3_ 18,064,000 19,640,000 37,704,000
Feb. 3 1912.... 21,824,000 7,120,000 28,944.000

Bushels.
Bushels.
7,327,000 11,883,000
4,369,000 7,795,000 12,164,000
8,347,000 15,003,000 23,350,000
5,194,000 7,013,000 12,207,000

.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 31 1914 was as follows:

UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barlett,
Wheat. Wheat. Corn. Oats. Oats.
bush. bush, bush. bush.
.In Thousandsbush, bush, bush. bush
424
66
3
350
New York
1,691 1,496
987
101
"
afloat
13 ____
4
11
2
10
Boston
6 1,757 --iii
53
Philadelphia
279
161 ---528
138
168 ---5
Baltimore
476
310 ---485
164
New Orleans
628 ____
124
100 ---Galveston
449526
-555 -855
Buffalo
- .
1,119 -jai)
453 1;263 2,728
79 1,424
afloat
866411
4,589
22
427
Toledo
1,120
-55
afloat
.. i'
12
-iii -.
Detroit
215 ____
afloat
420 ____
Chicago
5,701 --- 8,455 10;555 -555 -555 -555
"
333
afloat
450 ------- -555 -555
354
188
Milwaukee
278
128
693
331
318 1,332
Duluth
11,975
"
afloat
1,434 ____
681 1,185
Minneapolis
19,987 ---- -312 2,584
64
41
411 1,336
St. Louis
1,644 _K
Kansas City
7,247 __ 1,520 1,043
--34
39 1,429
Peoria
123 ---610
139
241 ---Indianapolis_
71 --55
734 ---- 2,200 1,510
Omaha
---On Lakes
____
---On Canal and River.-16,505 24,493 5,808 2,085 4,762 1,129
Total Jan. 31 1914__60,806 6,900
5,213 1,142
Total Jan. 24 1914__61,053 8,004 15,692 24,922 6,554 2,129 2,711
35
164 1,469
Total Feb. 1 1913__64,914 3,150 9,717 9,646
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush. bush, bush. bush.
/a Thousands469
23
19
601 ____
278
Montreal
3,936
682
Ft.Willlam&Pt.Arthur.10,
2,442
4,006
afloat
•
9,019
9,518
Other Canadian

1,aia
-

23
469
19 16,497
24
463
17 14,370
49
25 8,779
-SUMMARY.
Bonded
Banded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush, bush. bush.
60,806 6,900 16,505 24,493 5,808 2,085 4,762 1,129
24,851
___
19 16,497
23
469
____

Total Jan. 31 1914_ _23,985
Total Jan. 24 1914__24,116
Total Feb. 1 1913_23,186

In Thousands
American
Canadian

Total Jan. 31 1914_85,657 6,900 16,524 40,990 5,808 2,108 5,231 1,129
Total Jan. 24 191485,769 8,004 15,709 39,292 6,554 2,153 5,676 1,142
Total Feb. 1 1913..88,100 3,150 9,742 18,425
164 1,469 2,760
35

THE DRY GOODS TRADE.
New York, Friday Night, Feb. 6 1914.
Dry goods markets are fairly active and steady. While the
volume of business placed in primary markets is not large,
It is of sufficient proportions to keep mill operations on a fair
scale. Manufacturers continue to control the price situation, and the recent reaction in cotton values has had no effect other than to make buyers more conservative in placing
forward needs. Both manufacturers and jobbers report that
sales of staple goods for the first month of the year were as a
rule better than during last January. As manufacturers
for several months past have only been making up goods
against actual orders, stocks are light in all quarters, and any
marked increase in buying would mean advancing prices.
Jobbers report an active demand from retailers, but mostly
for spot and near-by needs. Retailers have not had a very
good winter, owing to the mild, open weather in many sections of the country, and are finding themselves with large
stocks of winter merchandise left over. This is the chief
reason for their hesitancy in placing new business. Retail
stocks of spring and summer wash cottons are said to be
very light, and jobbers expect to do an active business in
these during the coming two months. Yarns are firmer ,with
spinners receiving better orders, though the prices they are
willing to pay are still too low to be acceptable. The decline in cotton during the last day or two has led weavers to
look for a recurrence of weakness in yarns, but spinners state
that the price of cotton futures is without influence on yarn
values, as they are compelled to pay much higher prices for
good grades of cotton than are shown in spot quotations.
Business in woolens and worsteds is moving on a conservative scale, owing to the unsettled price situation. The tendency is firmer, manufacturers being less apprehensive of
foreign competition and having already accepted a large initial business on new fall lines at prices unprofitably low.
Export business is dull, prices in this market being too high
to successfully compete with foreign manufacturers. Small
orders have been reported for Red Sea account, but otherwise nothing has been done.
DOMESTIC COTTON GOODS,
Since

Since

Week. Jan. 1.
Week. Jan. 1.
15
154
25
198
Other Europe
80
9
71
China
5,267
8,934 13,086
India
1,500 2.845
2 2,137
Arabia
1,026
2,079
3,670
Africa
665
2,394
2 1,039
West Indies
889 4,937
5,986
1,420
Mexico
72
45
382
1
Central America
429
2,235
1,640
494
South America
1,000
3,915
5,352
783
324
Other countries
6,677
7,981
2,470
Total
14.131 37,684 6,882 33,433
The value of these New York exports since Jan. 1 has been
$2,732,627 in 1914, against $2,690,474 in 1913.
Staple cotton goods have ruled fairly active and steady
during the past week. Buyers, while still seeking concessions on forward business,.arebuying more freely,and concede
that prices are pretty firmly established on some lines.
Prices on coarse grades of heavy cottons are recognized as
low when compared with those prevalent this time last year,
and quite a good business has been looked for, deliveries running well into the future. It is also known that a good business has been done in napped cotton goods for the fall of

New York to
Great Britain

Jan. 31-




463

THE CHRONICLE

FEB. 71914.]

1914, the January sales of these being ahead of the same
month last year. Most staple lines are well under order for
the coming two or three weeks. Mills manufacturing gray
goods and print cloths are comfortably under order, but buyers are asking reductions from spot quotations in placing
business for any great distance ahead. The finer grades of
drills and sheetings are in good demand, but the poorer grades
are not being pushed for sale, owing to the unsatisfactory
prices obtainable. Much of the business offered on the better
grades, while too low to be accepted, indicates that the goods
are needed and that business should improve. Manufactur.;
ers still contend that the high prices of good grades of cotton
are above parity with the prices on finished goods, but buyers prefer to operate conservatively in the expectation of lower
cotton values later on. They base their expectations largely
upon the heavy planting which is promised for the coming
crop, and late week developments in the cotton market
seem to support their view. Jobbers report an active demand from retailers for all staple merchandise. Retail
stocks are known to be at very low levels, and good buying
for .
the spring and summer is Still looker for, particularly
in fine cotton wash goods. Gray goods, 383/-inch standard,
2
are unchanged at 53/ to 5%c.
WOOLEN GOODS.
-New lines of fall dress fabrics
were opened during the week, and prices were generally at about the same level with spring values. Buyers
are not giving much attention to fall business, as they are
still busy in rounding out their requirements for spring and
summer. Some lines of serges show reductions of from 2%
to 5%, but from 7 to 15 cents a yard has been taken off the
prices of broadcloths as compared with last fall. These
prices are regarded as very unprofitable to mills and are not
expected to last if any very heavy demand springs up. It
is believed that domestic manufacturers have fully met imported lines on the price question, and the only points
through which imported lines might excel are matters of
style and quality, in which domestic manufacturers are not
thought to be behind. In men's wear, buying for next fall
is conservative and confined chiefly to worsteds, which at
current prices are considered good property. On the finer
grades of woolens, buyers are still inclined to await complete offerings of foreign lines in the belief that they might do
better with these. Buyers have not followed the recent advances on fall serges and are not sure that they will hold as
the season draws near. Mill agents are, however, secure in
the belief that the reductions made at the opening were unnecessarily low and that foerign competition will not injure
them to the extent they had anticipated.
FOREIGN DRY GOODS.
-In linen goods demand continues active and supplies are, at low levels. Buyers are
keeping closely in touch with the spot market on household
goods and crashes, and are picking up anything they can get
to round out their stocks. Importers are charging up goods
steadily for forward account, and deliveries are running behind requirements. In fact, staple linens are in such poor
supply that delivery dates are no longer a factor, the goods
being shipped out as rapidly as received. Linens withdrawn
have greatly exceeded the amount placed in bonded warehouses since the first of the year and all arrivals entered for
direct consumption are quickly distributed. Road salesmen
are starting out from secondary distributers with complete
lines for the coming spring and summer, and are meeting a
good reception from retailers, whose stocks in most cases are
badly in need of replenishment. Orders for plain and colored dress linens are very satisfactory, except that the early
delivery dates asked for are difficult to inT3t. While there
has been little change in prices, burlaps during the past week
have developed a steadeir undertone, influenced by firm
advices from Calcutta, where the markets have advanced,
owing to shorter mill working schedules. There have been
better inquiries in the local market and a moderate amount
of business has been put through. Lightweights are quoted
at 4.75c. and heavyweights at 6c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports for Consumption Entered for the Week and Since Jan. 1.
Week Ending
Jan. 31 1914.

Pkgs.
Manufactures ofWool
Cotton

Silk

Flax
Miscellaneous

2,581
5.215
1,797
2,529
2.666
14,788
12.548

Value.
742.377
1,454.425
852,057
641,428
538.269
4,228.556
3.192.108

Since Jan. 1 1914.
Pkgs.
Value.
9,517 2.971,742
21.302 6,129,722
7,697 3.788,479
9,188 2,253,600
13,747 1,846 844
61.451 16.990,387
58,918 14,195,205

Total 1914
Total 1913
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of

Wool
Cotton
Silk

Flax
Miscellaneous
Total withdrawals
Entered for consumption

778 215.071 12.914 3,447.399
921 246.552 4,838 1.376.591
1.624
696,264
333 147.164
2.653
655,991
528 131.763
878,725
3,730 181,762 11,632
6,310 922.312 33.661 7,054,970
14.788 4;228.556 61.451 16,990,387
21,098 5.150 868 95,112 24,045.357
16,414 3.862.927 80,561 17.491,403

Total marketed 1914
Total marketed 1913
Imports Entered for Warehouse During Same Period.
Manufactures of

Wool
Silk

Cotton_
Flax
Miscellaneous

Total
Entered for consumption
Total imports 1914
Total imports 1913

422 110.767
773 222.371
488 192.092
962 156.545
3.595 221 985
6.240 903,760
14.788 4,228.556
21.028 5,132.316
16.937 3,879.653

4,108 1.343,706
3.612 1.010 505
660,583
1.544
3,044
663.368
9.045
701.725
21.353 4.379.887
61.451 16.990.387
82.804 21,370.274
94.881 17.509.537

THE CHRONICLE

464

rim ma CITY DtPmirivir,Ni.
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PUBLISHED WEEKLY.

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Subscription includes following Supplements—
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CHICAcio OFFICE—Geo.M.Shepherd,513 Monadnock Block;Telararrison 4012.
LONDON OFFicE—Edwards 8., Smith,1 Drapers' Gardens, E. C.
WILLIAM 13. DANA COMPANY, Publishers,
P.O. Box 958. Front. Pine and Depeyster Sts.,
New York,

MUNICIPAL BOND SALES IN JANUARY.
Including New York State's issue of $51,000,000 43's, the
total of municipal bonds sold in January was $82,028,197.
Temporary borrowings during the same period amounted to
$48,859,003. Of this total of short-term loans, $44,665,267
consisted of revenue bonds, corporate stock notes, &c., of
Now York City. Debentures sold by Canadian municipalities last month totaled $13,757,381, including the
£1,000,000 Province of Saskatchewan, £719,600 City of
Calgary, B. C., and £200,000 South Vancouver, B. C., loans
issued in London. There were also sold in January $700,000 bonds of Porto Rico.
In the following we furnish a comparison of all the various
forms of obligations put out in January of the last 5 years:
1914.
1913.
1912.
1911.
1010.
$
•
$
Permanent loans (U. S.)_82,028,197 30,342,421 25,265,749 78,510,275 16,319,478
Temporary loans (U. S3.48,859,003.41,378,909 39,246,989 27,498,060 16,185,562
Canadian loans (perm't)A3,757,381 10,203,436 5,317,471 1,325,575 21,940,149
Bonds of U. S. Poasess'ns 700,000 1,000,000
Total

145,344,581 82,924,766 69,830,209 107333,910 54,445,189

*Includes $44,665,267 temporary securities Issued by New York City in January
1914 and $39,142,645 in January 1913.

The overwhelming success of the offering of $51,000,000
432% bonds by this State has already been discussed in our
editorial columns (see "Chronicle" of Jan. 24, page 258).
As further evidence of the present good condition of the municipal bond market, attention is called to the success of a
number of other large bond issues offered during January.
A block of State of Rhode Island 4s was opened to popular
subscription on Saturday, Jan. 24, at par.
The lists
were closed early the following week, when it was discovered
that the issue had already been oversubscribed four times.
The State of Maryland was also able to sell 4s last month,
but in this case the price was less than par. The total issue
of $250,000 brought 98.27, which compares with 97.89 realized in December on $643,000 bonds. The city of Newark,
N. J., sold $400,000 45-year 43's and $100,000 30-year 4
on a basis of about 43 % and 83,376,000 30-year 43's on
a basis of about 4.30%. Atlantic City, N. J., sold $675,000
43/2s at 101; Hartford, Conn., 81,220,000 4328 at 103.851;
New Haven,Conn.,$280,000 4s and $250,000 43's at 101.082;
Buffalo, N. Y., $1,500,000 4Y2s at 104.311; Akron, Ohio,
$1,250,000 43's at 100.104; New Bedford, Mass., $544,000
4s at 102.159; Savannah, Ga., 8600,000 4
at 101.019;
San Francisco, Cal., $1,191,500 5s at 100.88; Cook County,
Ill., $1,000,000 4s at 98.511, and Bexar County, Tex.,
$1,000,000 5s at 101.099.
The number of municipalities emitting permanent bonds
and the number of separate issues made during January 1914
were 272 and 412,respectively. This contrasts with 388 and
488 for December 1913 and with 244 and 369 for Jan. 1913.
For comparative purposes we add the following table,
showing the aggregates of long-term bonds for January for
a series of years:
1914
1913
1912
1911
1910
1909
1908
1907

$82 028 107
30,342,421
25,265,749
78,510,275
16,319,478
29,318,403
10,942,968
10,160,146

1906
1905
1904
1903
1902
1901
1900

$8,307,582
8,436,253
23,843,801
15,041,796
10,915,845
9,240,864
20,374,320

1899
1898
1897
1896
1895
1894
1893
1892

$6,075,057
8,147,893
10,405,776
6,507,721
10,332,101
7,072,267
5,438,577
6,352,000

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.



[VOL. XONIII.
News Items.

Clatsop County (P. 0. Astoria), Ore.—Bonds Declared
Valid.—The State Supreme Court in an opinion by Justice
Chas. L. McNary, holds valid the special election which resulted in favor of the proposition to issue $400,000 road bonds
According to the "Pacific Banker" of Portland the case
hinged upon the matter of what constitutes "assessed valuation" as the standard for ascertaining the debt limit. If the
county assessor's valuation alone is taken, then $400,000
exceeds the limit for that county. But if there be added
to it the valuation of public utilities as ascertained by the
Tax Commission, then the limit is not exceeded. The Court
held that the utility valuation should be added and that in
consequence the limit is not exceeded and the issue in all
respects is valid.
Bids for $399,200 road bonds are being asked for until
Feb. 18 (V. 98, p. 407.)
Columbus, Ohio.—Bonds Declared Valid by Supreme
Court.—In an opinion handed down Feb.3 the State Supreme
Court holds valid the $700,000 grade-crossing-elimination
bonds voted in May 1912. V. 97, p. 607. Commenting
on this decision, the 'Ohio State Journal" says in part:
Though the Supreme Court yesterday affirmed the Franklin County
courts and denied an injunction to prevent the issuance of the bonds, it will
sweep the rulings of the inferior courts into the discard. The decision of the
lower courts is upheld by the highest tribunal only because it finds that the
grade-crossing bonds in question are not subject to the constitutional provision, because they were authorized prior to the adoption of the change in
the organic law.
As to the bond issues authorized subsequent to the taking effect of the
amendment, January 1 1913,theCourt wilf hold that they are subject to the
requirement that a tax be levied that will be sufficient to pay the interest
and wipe them out at maturity. This also applies to the bonds issued to
refund present obligations and will force cities which have been renewing
their obligations to adjust their practices to conform to the new order of
things.
Millions of dollars in bond issues authorized subsequent to the taking
effect of the constitutional provision are said to be in peril because of reckless disregard for the constitutional provision. The danger especially, is
said to be great where all steps were taken for the issue after the amendment became effective.

Cuba.—Bonds Offered by Bankers.—J. P. Morgan & Co.,
Kuhn, Loeb & Co., First National Bank, the National City
Bank are advertising on a preceding page the $10,000,000
Republic of Cuba External Debt 5% gold bonds of 1914.
The bonds were offered at popular subscription at 983/i and
all disposed of, the advertisement being published as a mat..
terof record only.
Bonds are authorized by the Cuban Congress and ratified
by the President of the Republic of Cuba. They are dated
Feb. 2 1914 and are due Feb. 1 1949. Principal and interest are payable in New York, in London, Germany and
France. Coupon bonds are in denominations of $100, $500
and $1,000 and registered bonds in denominations of $1,000,
$5,000 and $10,000. Coupon and registered bonds are interchangeable.
Monthly sinking fund payments of $29,500 are to begin
Nov. 10 1919 and to continue until sufficient payments shall
have been made to pay or redeem all the bonds. The sinking fund is to be applied to the purchase of bonds in the market
or to their redemption at 102M and interest or less, the bonds
being drawn annually by lot for the purpose of the sinking
fund. On any interest date after Feb. 1 1921, on not less
than 30 days' previous notice, additional bonds beyond those
required for the sinking fund may, at the option of the Republic of Cuba, be drawn for redemption at 105 and interest.
The Republic of Cuba pledges its good faith and credit for
the due and punctual payment of principal and interest and
and of the sinking fund installments. As a special guarantee
and security for such payments, it pledges so much of the
customs receipts and other revenues of the Island of Cuba as
may be required to make the said payment.
Cuyahoga County (P. 0. Cleveland), Ohio.—Effort to
Collect Tax on Rockefeller Personal Property.—On Feb. 3
Deputy State Tax Commissioners for Cuyahoga County
served notice that Mr. John D. Rockefeller must within five
days return his personal property for taxation. Mr. Rockefeller's personal property is estimated at more than $900,000,000.
The tax rate in East Cleveland, where Forest Hill, Mr.
Rockefeller's home, is located, is $1 41 per $100. At that
rate Mr. Rockefeller's tax bill on a valuation of $900,000,000,
would be $12,690,000.
The Tax Commissioners claim that Mr. Rockefeller hasacquired legal residence in Cuyahoga County under the
Warnes tax law which defines as a legal resident of any
county "a person who has lived in that county the greater
part of a year preceding the first Monday in February."
Virgil P. Kline, attorney for Mr. Rockefeller, made the
following statement concerning the attempt to collect a tax.
"Mr. Rockefeller is a legal resident of the State of New York.
He has not maintained a residence in Cleveland for a quarter
of a century. He was detained here this winter by reason
of the illness of his wife, but that fact doesn't render him
liable to pay personal property taxes here. He has already
paid his taxes for the current year in Now York."
Japan.—Bonds Drawn for Redemptoin.—Notice is given
(see official advertisement on preceding page) that 10,000,000
yen of the 5% loan bonds (internal issue) will be drawn for
redemption in Japan on Feb. 12, redeemable on March 24
1914 in Japan. For the convenience of the holders of these
bonds a list of the drawn bonds will be posted by the Yokohama Specie Bank, Ltd., 55 Wall St., N. Y. City, about
March 24, by whom they will be purchased on or after that
date at the current buying rate fo exchange on Japan.

FELL 7 1914.1

THE CHRONICLE

Kenosha, Kenosha County, Wis.-Election on Commission Government.
-An election will be held Feb. 10, it is stated, to submit to a vote the question of establishing a commission form of government.
New London, Wis.-Election on Commission Form of
Government.
-An election will be held Feb. 10, it is stated,
on the question of establishing a commission form of government. This question was defeated at a previous election.
-The
Seattle, Wash.
-City Accepts Lake Burien Railway.
property of the Highland Park & Lake Burien RR. has been
turned over to the city free of all cost and unencumbered.
A bill formally accepting the gift was recently passed by
Council and signed by Mayor Cotterill. The road extends
from Youngstown to within a mile of Three-Tree Point. It is
estimated that not less than $30,000 will be required to put
the nine miles of road, half of which is within the city limits,
in operating condition. The line has not been operated
since last April. In places slides have occurred which cover
the rails, a part of the trolley is down, trolley supports are
broken and the roadbed is in poor condition, never having
been ballasted. This work alone, it is estimated, will cost
86,000; construction of a sub power station, $10,000, and
repairing the trolley and acquiring rolling stock will bring
the total amount necessary up to $30,000 before cars can
be run.
Springfield, Mo.-Election on Commission Government.
Reports state that an election will be held Feb. 10 to submit
to a vote the question of establishing a commission form of
government. A similar proposition was defeated on Oct. 7
(V. 97, p. 1151).
Wenonah, Gloucester County, N. J.
-Election on Com-An election will be held Feb. 10, it is
mission Government.
reported, to submit to a vote the question of establishing a
commission form of government.

Bond Proposals and Negotiations this week
have been as follows:
ADEL INDEPENDENT SCHOOL DISTRICT (P. 0. Adel), Dallas
County, Iowa.
-BOND SALE.
-The $48,000 5% 10-yr. coupon tax-free
building bonds offered on Dec. 18(V.97, p. 1761) have been sold to McCoy
& Co. of Chicago. Int. J. & J. at First Nat. Bank, Chicago. Bonded
debt, this issue. Assess. val. $1,117,932. Actual val. $1,863,220. The
purchasers are now offering these bonds to investors.
-BOND OFFERING.
-This city
ALLEGAN, Allegan County, Mich.
is offering for sale the $14.000 5% paving-street-impt. and water-impt.
bonds authorized at an election held Feb. 2.
-BOND OFFERING.
-Further
ALLEN PARISH (P. 0. Oberlin), La.
details are at hand relative to the offering on Feb. 9 of the $30,000 5%
gold coupon road-impt. bonds (V. 98. p. 406). Proposals for these bonds
will be received until 10 a. m.on that day by R.C. Bond, Pres. Police Jury.
Denom. $500. Date Oct. 15 1913. Int. annually on Oct. 15 at Fourth
Nat. Bank, N. Y. City. Due part from Oct. 15 1914 to Oct. 15 1928, incl.
No deposit required. No bonded or floating debt. Assessed value 1913.
$984.935.
ALLIANCE, Stark County, Ohio.
-BOND OFFERING.
-Proposals
will be received until 12 m. Feb. 27 by Chas. 0. Silver. City Aud., for the
following 5% bonds:
sanitary-sower (property portion) bonds. Denom. (3) $400.
$1,469 19
(3) $89 73. Due $489.73 yrly on Sept. 1.
75,000 00 Public-bldg.-constr. bonds. Authorized Dec. 1 (V. 97, lo• 1761)•
Denom.$1,000. Due $25.000 on Jan. 151937, 1938 and 1939.
50,000 00 city-hospital bonds. Authorized Dec. 1 (V.97,P. 1761). Denom.
$500. Due $25,000 on Jan. 15 1935 and 1936.
3,000 00 street-impt. (city's portion) bonds. Denom. $500. Date
Jan. 15 1914. Due Jan. 15 1929.
Int. semi-ann. at City Treas. office. Cert. check on a solvent national
,
0
bank for 37 of bonds bid for, payable to "City of Alliance", required.
Bids must be made on blank forms furnished by the City Auditor. Purchaser to furnish at his own expense necessary blank bonds.
ALLISON SCHOOL DISTRICT (P. 0. La Mesa), San Diego County,
Calif.
-BONDS VOTED.-The proposition to issue $18,0006% bldg. bonds
carried at the election held Jan. 20 by a vote of 97 to none. Due $1,000
yearly beginning 5 years after date. We are advised that these bonds
will be offered for sale in about 60 or 90 days.
-RESULT OF BOND ELECTION.
ANAHEIM, Orange County, Calif.
-The result of the bond election held Jan. 27 was as follows:
For. Against.
Bonds Defeated186
503
$20,000 Park-land purchase
487
254
8,000 Municipal building
Bonds Voted
574
176
$7.000 Fire apparatus
A two-thirds majority was necessary to authorize. Interest not to exceed 6%, payable semi-annually.
-BOND SALE.
-On Jan. 19
ANTIOCH, Contra Costa County, Calif.
the $25.000 5 % 13-year (aver.) gold coup. or reg. tax-free water-works
bonds (V. 97, p. 1919) were awarded, it is stated, to the Bank of Vallejo
at 100.852.
•
-On Feb. 5 the $15,000 4% 25-year
AUGUSTA Me.-BOND SALE.
coupon refunding bonds (V.98, p. 406) were awarded,it is stated, to Adams
& Co. of Boston at 103.05.
-BOND OFFERING.
-Further details
BAKER, Balker County, Ore.
are at hand relative to the offering on Feb. 16 of the $54,751 and $44,100
5% 20-yr. water bonds (V. 98, p. 320). Proposals for these bonds will be
received until 12 m. on that day by James Cunning, City Clerk. Denom.
(2) $100 and others not to exceed $500. Date Mar. 11914. Int. M.& 8.
at fiscal agency of State of Oregon in N. Y. C. Cert. check for 5% of bid,
payable to C.L.Palmer, Mayor,required. Bonds to be delivered and paid
for within 30 days from time of award.
-An issue of
BAKERSFIELD, Kern County, Calif.
-BOND SALE.
$47,000 5% serial fire-department bonds, dated Oct. 1 1912, was purchased
for $49,441 18 (105.193) and int. on Jan. 3 1913 by the State Board of
Control for the benefit of the State School Fund.
BALD KNOB SCHOOL DISTRICT (P. 0. Bald Knob), White
-BOND SALE.
County, Ark.
-On Jan. 28 Gunter & Sawyers of Little
Rock were awarded $16,500 6% 6-27-year (ser.) building bonds at par.
Denom. $500. Date Mar. 11914. Interest M.& S.
BANCROFT, Cumming County, Neb.-BOND SALE.
-The $17,500
5% 5-20-yr. (opt.) sewer-construction bonds offered without success on
Nov. 17 (V. 97, p. 1524) were awarded on Jan. 17 to the II. J. Cathroe Co.
of Omaha at par. Denom. $500. Date July 1 1913. Int. annual.
-The ques-BONDS VOTED.
BEAUMONT, Jefferson County, Tex.
tion of issuing the $500,000 5% 20-40-year (opt.) water-plant-purchase and
improvement bonds (V. 97, P. 1919) carried at the election laeld Jan. 27
by a vote of 433 to 251. Interest semi-annual.
BELLiFONTAINE, Logan County, Ohio.
-BONDS TO BE FUR-We are advised that the $36,000 electric-light
-plant
CHASED BY CITY.
bonds authorized by the City Council (V. 98. p. 84) will be taken by the
Sinking Fund Trustees.
-BOND OFFERING.
-ProBELLE VALLEY, Noble County, Ohio.
posals will be received until 12 m. Mar.2 by Harry Rowland, Village Clerk,




465

for $2,500 5% 10
-year Main St. improvement (village's portion) bonds.
Denom. $250. Date Jan. 23 1914. Interest annual. Certified check for
25% of bonds bid for, payable to Village Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
BELLEVILLE, Essex County, N. .T.
-BOND OFFERING.-Proposalr
will be received until 8:30 p. m. Feb. 10 by E. E.Mathes, Town Clerk. fos
$90,000 funding 57 30-year coup. or reg. bonds. Denom. $1,000. Date
0
Feb. 11914. Int. F. & A. at First Nat. Bank, Belleville. Certified check
on an incorporated bank or trust company for 2% of bonds bid for required.
Bonds will be certified as to genuineness by the U. S. Mortgage & Trust
Co. of N. Y. and legaility will be approved by Hawkins, Delafield & Longfellow, whose favorable opinion will be furnished successful bidder.
BELLINGHAM, Whatcom County, Wash.
-BOND SALE.
-According to reports, an issue of $100.000 5% refunding bonds has been awarded
to Carstens & Earles. Inc., of Seattle.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-On Feb. 3
the nine issues of 4 t. % tax-free road bonds, aggregating $80,720 (V. 98,
p. 406), were awarded as follows:
$26,120 to Miller & Co. of Indianapolis for $26,387
-equal to 101.022.
27,580 to J. F. Wild & Co.of Indianapolis for $27,861 85
-equal to 101.021
27,020 to the Fletcher-American Nat. Bank of Indianapolis for $27,296 15
-equal to 101.021.
Breed, Elliott & Harrison of Indianapolis bid $81,520. Date Jan. 15
1914. Int. M. & N. Due one bond of each issue each six months from
May 15 1915 to Nov. 15 1924 inclusive.
BEXAR COUNTY (P. 0. San Antonio), Tex.
-BIDS.
-As stated last
week, the five issues of5% bonds, aggregating $1,000,000,were awarded on
Jan. 16 to a Chicago syndicate composed of William R. Compton Co.,
Continental & Commercial Trust & Savings Bank, N. W. Halsey & Co..
E. H. Rollins & Sons and A. B. Leach & Co. (V. 98. p. 320) for $1.010,990 75 and int. It appears that at the time the bids were opened this syndicate offered a premium of only $5,562 62. Another syndicate, composed
of A. E. Aub & Co., the Union Savings Bank & Trust Co. and Field,
Longstreth & Richards of Cincinnati, and Stacy & Braun of Toledo. submitted an offer for $600,000 of the bonds at a premium of $7,196. The
County Court, stating that the bonds would not be sold in part, the syndicate headed by Aub & Co. agreed to take all the bonds at a premium of
$10.990. The Compton syndicate was thereupon asked to raise its offer
to that of the Aub people, and upon its agreeing to do so, received the
award, as already stated. The other bidders at the sale objected to this
action, and asked permission to raise their original offers. The County
Judge said that the contract had been awarded to Compton & Co. because
their bid was the highest for the entire amount offered when the bids were
opened, and for this reason they had been given the opportunity of raising
their bid-a privilege not extended to others.
BINGHAMTON, Broome County, N. Y.
-BOND SALE.
-On Jan. 3G
the $125,000
% 1834-year (aver.) high-school-building bonds (V. 98. p.
320) were awarded to William R. Compton Co. of N. Y. at 104.142.
Other bidders, all of New York, were:
Blodgett & Co
103887 A. B Leach & Co
103.077
R. M. Grant & Co
103.86 Kean,Taylor & Co
102.94
Harris. Forbes & Co
103.658 Peck, Rasmus & Truesdale_102.90
Lee, Higginson & Co
103.532 Remick, Hodges & Co_ _ _ _102.793
Curtis & Sanger
103.526 E. H. Rollins & Sons
102.666
N. W. Halsey & Co
103.396 Spalding & Close
102.54
Adams & Co
Kountze Bros
102.512
R. W. Pressprich & Co_ __ _103.289 Hallgarten & Co
102.4122
Clark, Dodge & Co
103.26 C. E. Denison & Co
102.182
James R. Magoffin
103.25 W. N. Color & Co
102.12
Rhoades & Co
103.233 Broome County Trust Co_ _101.892
Estabrook & Co,
John H. Watkins
103.23
101.10
C. H. Venner & Co
103.127
BIRMINGHAM, Ala.
-BONDS AUTHORIZED.
-An ordinance was
passed Jan. 29 providing for the issuance of $40,000 5% gold coup, city
public-impt. bonds. Denom. $500. Int. ann. at Hanover Nat. Bank,
N. Y. C. Due Feb. 1924, subject to call any interest-paying date.
'1
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BOND SALE.
_on Feb. 2 the $12,600 434% Stratler No. 2 road bonds (V. 98,p. 406)
were awarded to J. P. Cronin for $12,743'50 (101.138) and int. DenomDate Feb. 2 1914, Int. M.& N. Due part each six months.
$630.
The $12,800 4V,Whetsel Road bonds also offered on Feb. 2(V. 98,p.
406) were award , reports state, to J. P. Cronin of Hartford City for
-equal to 101.162.
$12,948 75
NOTE SALE.
-On Feb. 2 $14,000 6% notes for providing revenue for
running the county's affairs were awarded, reports state, to
G. Lupton
of Hartford City at a premium of $29 20. Due $7,000 JulyA.and $7,000
2
Dec. 2.
BLUE CREEK TOWNSHIP, Adams County, Ind.
-BOND OFFER-Frank C. Wechter, Twp. Trustee, (P. 0. Berne, R. F. D. No. 2),
ING.
will receive proposals until 10 a. m. Feb. 21 for $6,300 43 % school-bldg.
bonds. Date Mar. 15 1914. Int. F. & A. Due $315 each six months
beginning Aug. 1 1915.
BONHAM, Fannin County, Texas.
-BOND SALE.
-Newspaper dispatches state that this city has sold the $75,000 5% 20 -year (opt.)
-40
building bonds registered on June 9 (V. 97, p. 542).
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND OFFERING.
Reports state that proposals will be received until 10 a. m. Feb. 16 by
J. T. Frank Laughner, County Treasurer, for $1,440 4A % 10
-year roadimprovement bonds.
BOONE INDEPENDENT SCHOOL DISTRICT (P. 0. Boone),
Boone County, Iowa.
-Additional information is
-BOND OFFERING.
at hand relative to the offering on Feb. 9 of the $10,000 5% 10-year coup.
tax-free building and equipment bonds (V. 98, p. 406). Proposals for these
bonds will be received until 5 p. m. on that day by J. J. Snell, Secretary of
Board of Directors. Denom. $1,000. Date Feb. 1 1914. Int. F. & A.
in Boone. Certified check for $500, payable to above Secretary, required.
BOSTON, Mass.
-BOND SALE.
-During the month of January this
city disposed of $55,000 4% Winthrop bridge bonds to the Trust Funds at
par. Date Jan. 11914. Due $5,000 yearly from 1915 to 1925,inclusive.
BOUND BROOK SCHOOL DISTRICT (P. 0. Bound Brook), Somerset County, N. J.
-BONDS AUTHORIZED.
-Reports state that the
Board of Education has been authorized to issue $45,000 bldg. bonds.
BRANCH HILL SPECIAL SCHOOL DISTRICT (P.O. Branch Hill).
-BOND OFFERING.
-Proposals will be reClermont County, Ohio.
ceived until 12 m. Feb. 21 by W.J. Thompson, Clerk Bd. of Ed., for $17,-purchase and bldg. bonds. Auth. Sec. 7626. Gen. Code.
000 5% site
Denom. (32) $500, (1) $1,000. Date Aug. 16 1913. Int. F. & A. Due
$500 yearly Jan. 1 from 1915 to 1946 incl. and $1,000 Jan. 1 1947. Donde
to be delivered and paid for within 10 days of time of award. Cert. bank
check for 5% of bonds bid for, payable to the Clerk Bd. of Ed., required.
Purchaser to pay accrued int. and furnish blank bonds at his own expense.
A like amount of bonds bearing 6% int. was awarded to Well, Roth
& Co. of Cincinnati on Sept. 13(V.97, p. 829)•
-NOTES NOT SOLD.
-No
BROCKPORT, Monroe County, N. Y.
sale has yet been made of the $12,000 water-works notes voted Dec. 22.
(V. 97, P. 1919.)
BROOKLINE, Norfolk County, Mass.
-BOND SALE.
-It is reported
that this town recently awarded $85,000 4% bonds to Merrill, Oldham &
Co. of Boston at 103.649-a basis of about 3.58%.
BUENA VISTA, Marion County, Ga.-BOND SALE.
-The City
Treasurer advises us that the $4,000 7% 1-8-year (ser.) water-works-impt.
bonds voted Dec.6 (V. 97. p. 1838) have been disposed of.
CABELL COUNTY (P. 0. Huntington), W. Va.-BOND SALE.
The $100,000 454% 20 -year road-improvement bonds offered on Feb. 3
-30
(V. 98 p.321) have been awarded,it is stated, to Breed. Elliott & Harrison
of Cincinnati at par less $2,198 for attorney's fees.
'CHATHAM (P. 0. East Hampton), Middlesex County, Conn.-We are advised that the town has sold the $35,000
BOND SALE.
%
30-year coupon building bonds offered without success on December 20.
(V. 97, p. 1920).
' •
fk11t"VOW PTWitailftsei
-On Jan. 28 $5,4784016%
CHATTANOOGA, Tenn.
-BOND SALE.
1-4-year (ser.) street-parng bonds were awarded to the First Nat. Bank of
Cleveland, for $5,517 30 (100.71) and Int. The Security Say. Bank .Sc
Trust Co. of Toledo bid $5,503 40. Interest annually in January.

466

THE CHRONICLE

CHICAGO, Ill.
-BOND SALES OVER COUNTER.
-Of the $1.880,000
.
4% gold general corporate bonds being offered at par and interest "over the
counter.' $966.000 had been sold up to Feb. 1, according to newspaper
reports. This makes a total of $28,000 sold since our last report (V. 98.
p. 321).
-Local papers
BONDS TO BE SOLD IN SMALL DENOMINATIONS.
state that City Comptroller Traeger is having an ordinance prepared which
will permit proposed bond issues to be sold in denominations of $100. He
believes that the sale of city bonds over the counter would be muchincreased by that action.
CHOUDRANT SPECIAL SCHOOL DISTRICT (P. 0. Choudrant),
-BOND SALE.
-On Jan. 28 Gunter & Sawyers of
Lincoln Parish, La.
Little Rock were awarded at par an issue of $10,000 59i 1-20-year (ser.)
building bonds. Denom. $500. Date Nov. 15 1913. Int. M. & N.
-BOND
CLAY TOWNSHIP (P. 0. Amo), Hendricks County, Ind.
OFFERING.
-It is reported that proposals will be received until 10 a. m.
Wm. Hunt, Twp. Trustee, for $14,300 434% 15-year schoolFeb. 27 by
house bonds.
-Proposals will be received
CLEVELAND, Ohio.
-BOND OFFERING.
until 12 m. March 2 by Thomas Coughlin, Director of Finance,for the following 434% coup. bonds authorized Jan. 5(V. 98. p. 251):
$350.000 street-impt. (city's portion) bonds. Due Feb. 11932.
700.000 street-impt. (city's portion) bonds. Due Feb. 11934.
F Denom. $1,000. Date Feb. 1 1914. Int. F. & A. at the American
Exchange Nat. Bank New York. Certified or cashier's check on a bank
other than the one bidding for 5% of bonds bid for, payable to the City
Treasurer, required. No bids will be entertained unless made on blank
forms furnished on application by the Director of Finance.
BONDS AUTHORIZED.
-Ordinances were passed Jan. 26 providing
for the issuance of $2,500,000 water-works-construction and $800,000
electric-light-construction 434% 35-year coup. bonds. Denom. $1,000.
Date Mar. 11914. Int. M.& S. The electric-light bonds were part of an
issue of $2,000,000 bonds voted Nov. 7.
CLINTON, Vermilion County, Ind.
-On Jan. 20 an
-BOND SALE.
issue of 811.000 street-crosing-improvement (city's portion) bonds was
awarded, reports state, to E. M. Campbell, Sons & Co. of Indianapolis.
-BONDS
CODORA SCHOOL DISTRICT, Glenn County, Cal.
VOTED.
-This disttict on Jan. 24 authorized, it is stated, the issuance of
the $12,000 6% site-purchase-bldg. and equip. bonds by a vote of 51 to 9
(V. 98, p. 321).
COON RAPIDS SCHOOL DISTRICT (P. 0. Coon Rapids), Carroll
-The Secretary Board of Edu-NO BOND ELECTION.
County, Iowa.
cation advises us that the reports stating that an election would be held
Feb. 3 to vote on the question of issuing $28,000 building bonds (V. 98. D.
407) are erroneous.
-BOND SALE.
COPIAH COUNTY (P. 0. Hazlehurst), Miss.
-The
$25,000 6% 25-year Road Dist. No. 1 road bonds offered on Jan. 5 (V. 97.
p. 1839) were a girded on that day to the Capital Nat. Bank of Jackson
at par. Denom. $500. Date Jan. 1 1914.
COWLITZ COUNTY SCHOOL DISTRICT NO. 52, Wash.
-BOND
SALE.-DurIng the month of January the State of Washington purchased
$800 6% school-building bonds at par. Date Feb. 2 1914. Due 1920,
subject to call at any interest-paying date after one year.
-BOND SALE.
-The $125,000
DADE COUNTY (P. 0. Miami), Fla.
-20
5% 10 -year (opt.) road bonds offered on Jan. 5 (V. 97, p. 1605) were
awarded to Sidney Spitzer & Co. of Toledo at 96.50 on Jan. 7. Denom.
1100. $500 and $1,000. Date Jan. 11914. Int. J. & J.
-BOND OFFERING.
-Proposals will
DALLAS, Dallas County, Tex.
be received until 12 m. Feb. 25 by W. T. Henderson. Commissioner of
Finance and Revenue, for the following 434% gold coupon bonds,' aggregating $1,325,000:
$300,000 sewage-disposal bonds. Date May 1 1913. Due May 1 1953.
275,000 city-hall-building bonds. Date May 11913. Due May 1 1953.
250,000 public-school-impt. bonds. Date May 1 1913. Due in 40 equal
annual installments beginning May 1 1914.
500,000 park-impt. bonds. Date Nov. 11913. Due $12,000 in the even
years and $13,000 in the odd years on Nov. 1 from 1914 to 1953,
inclusive.
Denom. $1,000. Int. M. & N. at the Chase Nat. Bank, N. Y. City.
Bonds will be certified as to genuineness by the Dallas Trust & Savings
Bank, Dallas. The opinion of Dillon, Thompson & Clay of N.Y., together
with a full transcript of all proceedings had relative to the bonds, will be
furnished to the purchaser. Official circular states that there has never
been a default in the payment of principal or interest. Certified check for
1% of bonds bid for, payable to the Commissioner of Finance, required.
The official notice of this bond offering will befound among the advertisements
obewhere in this Department.
-BONDS NOT SOLD
DALY CITY, San Mateo County, Calif.
-No bids were received on Jan. 5 for the 390.000 (unBOND OFFERING.
% water-works bonds offered on
sold portion of an issue of $100.000)
that day (V.98, p. 175). Denom.$1.000. Date Sept. 11913. Int. M.&
S. Due from 1914 to 1937. New bids will be received until 8 p. m.
Feb. 9 by Geo. N. Smith. City Clerk, Cert. check for 1500 required.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-On
% coup. road-improvement bonds, aggregating
Jan. 31 the two issues of
$10,200 (V. 98. p. 407), were awarded to Breed, Elliott & Harrison of
101and int. according to reports.
Indianapolis at
DENISON, Crawford County, Iowa.
-BOND OFFERING.
-Proposals
will be received until 8 p. m. Feb. 9 by the City Treasurer for $65,000 59'
coup. electric-light bonds. Auth. vote of 480 to 103 at the election held
Jan. 22 (V. 98. p. 175). Denom. $1,000. Date Jan. 22 1913. Due in
20 years, subject to call as follows: Bonds numbered 1 to 5 incl.. 5 years
after date; bonds numbered 6 to 15 incl., 10 years after date, and bonds
numbered 16 to 30, 15 years after date. Official circular states that the
city has never defaulted on or contested the payment of the principal or
interest of any debt and that all Interest has been promptly paid. Bonded
debt $27.500. Assessed valuation $556.023: actual value $2,224.092.
-BOND OFFERING.
-The Public Utilities ComDENVER, Colo.
mission, Edwin Van Cise, Pres.,is offering for sale 8500.000 of the issue of
-year municipal water bonds. Denom. $100, $500
$8.000,000
% 30
and $1,000, to suit purchaser. Date Jan. 1 1914. Int. J. & J.
Proposals will be received until 2 p. m. March 5, it is stated, by C. J.
Pitcher, Commr. of Finance, for $260,000 5% 1434-year bonds. Certified
check for 3% required.
-BOND OFFERING.
DETROIT, Mich.
-Proposals will be received
until 3 p. m. Feb. 17 by the Board of Water Commissioners, Ft. S. Starkey,
-year coup. tax-free water bonds. Denom.
Secretary, for $500,000 4% 30
$500. Date April 11914. Int. A. & 0. Certified check for not less than
34 of 1% of bonds bid for, payable to Board of Water Commissioners.
required.
EAST FORK IRRIGATION DISTRICT, Hood River County, Ore.
-Proposals will be received until 1:30 p. m. Feb. 25,
-BOND OFFERING.
It is stated. by C. R. Bone, Pres. (P. 0. Hood River), for $150,000 6%
153-yr. (aver.) irrigation bonds. Cert. check for 2% required. These
bonds were offered without success on Jan. 20 (V. 98, p. 407).
EDGECOMBE COUNTY (P. 0. Tarboro), No. Caro.
-BOND OFFER/NO.-Proposals will be received until 11 a. m. Feb. 23 by H. S.
Bunn, Clerk of Board of Commissioners, for $40,000 of an issue of $200,000
5% 5-14-yr. (serial) road and bridge bonds. Int. semi-annual. Certified
check for $500 required.
-BONDS VOTED.
-The
EL MONTE, Los Angeles County, Calif.
question of issuing the $26.250 6% water-works bonds (V. 97, p. 1763)
carried at the election held Jan. 13 by a vote of 205 to 85. Due $750
yearly after Jan. 1 1920.
EUGENE SCHOOL DISTRICT (P. 0. Eugene), Lane County, Ore.
-An election will be held Feb. 20. it is stated, to
-BOND ELECTION.
vote on the question of issuing $110.000 building bonds.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-BOND SALE.
-On Feb. 4
the $50,000 5% tax-free Mt. Vernon Magisterial Dist. road bonds (V. 97,
p. 1921) were awarded, it is stated, to Baker, Watts & Co. of Baltimore.
FAIRPORT SCHOOL DISTRICT (P. 0. Fairport Harbor), Lake
-Proposals will be received until
County, Ohio.
-BOND OFFERING.


•


[VOL. 'mum

12 m. Feb. 18 by C. P. Hoffman, Clerk of Board of Education, for $4,000
5% coup. refunding bonds. Denotn. $500. Date Feb. 1 1914. Int.
F. & A. at office of Board of Education. Due $500 each six months from
Aug. 1 1918 to Feb. 1 1922 incl. Certified check on a Lake County bank
for 5% of bid, payable to Treasurer of said Board, required. Bonds to be
delivered and paid for within 15 days from time of award.
FISHER SPECIAL SCHOOL DISTRICT (P. 0. Fisher), Poinsett
County, Ark.
-BOND SALE.
-An Issue of $16.000 69' 1-26-year (ser.)
building bonds was awarded to Gunter & Sawyers of Little Rock at par on
Dec. 15. Denom. $500. Date Nov. 1 1913. Int. M. & N.
FORT PIERCE SCHOOL DISTRICT (P. 0. Fort Pierce), St. Lucie
-BOND SALE.
-On Feb. 3 the $75,000 6% 15
Cdunty, Fla.
-year schoolbuilding-and-equipment warrants (V. 98, p. 175) were awarded to Gunter
& Sawyers of Little Rock, Ark., at 101.356 and int. Other bids were as
follows:
Spitzer,Rorick & Co ,Chic.101.186 'Sidney Spitzer & Co., Toledo.100
I Farson, Son & Co., Chicago_ 96.07
Chas.S.Kidder & Co.,Chic.100.02
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-Proposals will be received until 1 p. m. March 17 ,it is stated, by Chas. G.
% White Water River flood-bridge bonds.
Reifel, Co. Aud., for $36,500
Denomination $500.
FREDONIA SCHOOL DISTRICT (P. 0. Fredonia), Wilson County,
-This district will offer for sale on Feb. 10
Kans.-BOND OFFERING.
$15.000 5% school bonds. Denom. $200 to $1.000. Date July 1 1913.
Interest annual in July.
BOND SALE.
-The above bonds are the remaining portion of an issue
of $56.700, of which $41.700 had been disposed of to local investors at
prices ranging from 101.50 to 103.40. The sale of $28,000 of these bonds
was previously reported in the "Chronicle." See V. 97, p. 1763.
-Proposals will be received
GALVESTON, Tex.
-BOND OFFERING.
until 10 a. m. March 10 by John D. Kelley, Secy. Bd. of Commrs.,for the
following 5% bonds, aggregating $875,000 (V. 97. P. 1921):
$75,000 fire-boat bonds. Due $1,500 yearly for 10 years and $2,000 yearly
thereafter.
300,000 city-hall and auditorium bonds. Due $7,500 yearly beginning
1 year after date.
200,000 school-building site-purchase and construction bonds. Due $5,000
yearly for 40 years, beginning after 1 year from date.
150,000 extension of water and sewer service bonds. Due $3,500 yearly
for 20 years and $4,000 yearly thereafter.
150,000 street paving, draining and improvement bonds. Due $3,500
yearly for 20 years and $4,000 yearly thereafter.
Denom. $500. Int. semi-annually in Galveston or N. Y. City, at the
option of holder. Each bid must state,the time when the bonds bid for will
be accepted and paid for. Delivery to be made in Galveston. Cert. check
for 2% of bid required. Bids will be received for the five issues as a whole,
or for each series separately, colter any two or more of the five issues. The
bonds will, before delivery to purchaser or respective purchasers, be approved by the Attorney-General of Texas and by Dillon, Thomson & Clay
of N. Y., whose opinion will be furnished, without charge, to the purchaser of each series.
The official notice of this bond offering will be found among the advertisements elsewhere in this department
-WARRANT OFFERING.
-Proposals will
GARY, Lake County, Ind.
be received until 4 p. m. to-day (Feb. 7) by Geo. H. Manlove, City Comptroller. for $50,000 6% time warrants. Denom. $1,000. Date Feb. 7
1914. Int. semi-annual. Due June 1 1914.
GEORGETOWN TOWNSHIP HIGH SCHOOL DISTRICT (P.a.
-BOND SALE.
-Local newsGeorgetown), Vermilion County, Ills.
paper dispatches state that this district has disposed of an issue of $34,000
school bonds.
GILLETT SPECIAL SCHOOL DISTRICT (P. 0. Gillett), Arkansas
-An issue of $16.000 6% 1-26-year (ser.)
-BOND SALE.
County, Ark.
building bonds was awarded to Gunter & Sawyers of Little Rock at par on
Dec. 15. Denom. $500. Date Nov. 1 1913. Int. M. & N.
-BOND OFFERING.
-ProGLENDIVE, Dawson County, Mont.
posals (sealed or verbal) will be received until 10 a. m. Feb. 14 by C. W.
Bowles. City Clerk, for $27,000 gold coup. or reg. city-hall-construction
bonds at not exceeding 6% int. Auth. election held Dec. 27. Denom.
of City
$500. Date Jan. 2 1914. Int. J. & J. at officeto call Treas. or at some
$1,000 yearly after
bank in N. Y. City. Due in 20 years, subject
Jan. 11919. Certified check for $1,350. payable to City Treas., required.
SCHOOL DISTRICT (P. 0. Willows),
GLENN COUNTY HIGH
-This district will offer for
Calif.
-BONDS TO BE OFFERED SHORTLY.
sale about Feb. 20 the $50,000 6% school-site-improvement, building and
equipment bonds authorized by a vote of 785 to 203 at the election held
Jan. 24 (V. 98, p.321). Denom. $1,000. Int. semi-ann. Due 81.000 in
3 years, $2,000 yearly from 4 to 10 years incl.. $3,000 yearly from 11 to 15
years incl. and $4.000 yearly from 16 to 20 years incl.
-BOND OFFERING.
GRAHAM, Alamanche County, No. Caro.
Proposals will be received until 7:30 p. m. Mar. 2 by R. G. Foster. Town
5% 50-year coup, taxable street-improvement bonds.
Secretary.for $50,000
Date Jan. 1 1914. Int. J. & J. in Graham.
Denom. to suit purchaser.
Certified check for 2% of bonds, payable to Town Treasurer, required.
Bonded debt (incl. this issue), $60.000. No floating debt. Assessed val.
1913, 11,374,000. These bonds were offered without success on Aug. 2
(V. 97. P. 466).
-BOND OFFERING.
-ProGRANT COUNTY (P. 0. Marion), Ind.
posals will be received until 10 a. in. Feb. 10, it is stated, by U. Z. Mc
Murtee, Co. Treas., for $2,500 434% 10-yr. road-impt. bonds.
-BOND SALE.
-Reports
GRANT'S PASS, Josephine County, Ore.
state that the $200,000 railroad-aid bonds voted Oct. 23 (V. 97, p. 1306)
have been contracted for by Keeler Bros. of Denver.
-BOND SALE.
-On
HADDON HEIGHTS, Camden County, N. J.
Feb. 3 the $30,000 6% 30-yr. street-impt. tax-free coupon or reg. bonds
were awarded, it is stated, to Henry & West of Philadelphia
(V. 98, p. 321)
at 102.77 and interest
-BOND SALE.
HALIFAX COUNTY (P. 0. Halifax), No. Caro.
ss 84
0.5_ 1u 3 t)
.l o
On Jan. 5 the $40,000 6% 30-year Halifax Twp. road bond4(V.97,4 al68
were awarded to Spitzer, Itorick & Co. of Toledo for
Int. J. & J.
102.112. Date Jan. 1 1914.
HANOVER TOWNSHIP (P. 0. Hanover Center), Lake County,
-The $7,500 59' 434-year (average) school-building
Ind.
-BOND SALE.
.
bonds offered on Aug. 23 (V. 97. P. 391) have been soldHARDY SCHOOL DISTRICT (P. 0. Hardy), Sharp County, Ark.
-26-year (serial)
-On Jan. 15 an issue of $15.000 6% 5
BOND SALE.
building bonds was awarded to Gunter & Sawyers of Little Rock, Denom.
1500. -Date March 1 1914. Int. M. & S.
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Linn
-BOND ELECTION.-Accordlng to reports, an election will
County, Ore.
be held Feb. 13 to submit to a vote the proposition to issue $4,000 buildingimprovement bonds.
-BOND OFFERING.HARRISON COUNTY (P. 0. Cadiz), Ohio.
Proposals will be received until 12 m. March 2 (date changed from Feb. 14)
by E.P. Hines,Co. Aud., for $30.000 coup.5% taxable Inter-County Highway construction and improvement bonds(V.98, p. 322). Auth. Sec. 1223
Gen. Code. Denom. $1,500. Date March 16 1914. Int. semi-ann. at
office of Co. Treas. Due $1,500 each six months from March 1 1915 to
Sept. 1 1923 incl. and $3,000 March 1 1924 Purchaser to pay accrued
interest. Bonded debt (not incl. this issue) 115.000. Assess. val. 1913
$27,084,240.
-On Feb. 3 the
-BOND SALE.
HARTFORD, Licking County, Ohio.
$15,500 6% 7-year (aver.) refunding bonds (V. 98, p. 176) were awarded,
reports state, to Spitzer, Rorick & Co. of Toledo at 102 and int.
-BOND OFFERING.
HENDRICKS COUNTY(P.O. Danville),Ind.
According to reports, proposals will be received by Geo. Macomber, Co.
Treas., until 10 a. m Feb. 16 for $18,400, $14,800, $14,400 and $4,700
434% 10-year road bonds.
HICK.MAN COUNTY (P. 0. Clinton), Ky.-BOND OFFERING.
Attention is called to the official advertisement elsewehere In this Department of the offering on Feb. 28 of about$53,750 6% drainage bonds. For
etails and terms of offering see V. 98, p. 408.

FEB. 7 1914.]

THE CHRONICLE

HOLGATE, Henry County, Ohio.
-Proposals
-BOND OFFERING.
will be received until 12 m. Feb. 20 by E. G. Peper. Vii. Clerk, for the following 5%% bonds:
$4,200 William St. impt. bonds. Denom. $420. Due $420 yrly. from
1 to 10 Yrs. incl.
3,300 Chicago Ave. impt. bonds. Denom. $330. Due $330 yrly. from
1 to 10 yrs. incl.
9,000 Squire St. impt. bonds. Denom. $900. Due $900 yrly. from
1 to 10 yrs. incl.
Date Jan. 15 1914. Int. ann. Cert. check for 5% of bonds bid for,
payable to VII. Tre,as., required. Bonds to be delivered and paid for within
10 days from time of award. Successful bidder will be required to have
said bonds prepared and furnished ready for signature free of cost to village.
HOLMES COUNTY (P. 0. Bonifay), Fla.
-BOND SALE.
-The
$40,000 67 30-year coupon Road District No. 1 construction bonds offered
on Jan. 6
97. p. 1839) have been sold to Wm. W. Flournoy at par.
-BOND SALE.
-On
HOWARD COUNTY (P. 0. Kokomo), Ind.
Feb. 2 the $15,600
% Honey Creek Twp. gravel road bonds (V. 98,
P. 408) were awarded to the Fletcher-American Nat. Bank of Indianapolis
for 315.781 75
-equal to 101.165. Other bids were:
E. M. Campbell & Sons Co.. Indianapolis
$15,759 00
J. F. Wild & Co., Indianapolis
15,758 76
Breed. Elliott & Harrison, Indianapolis
15,750 00
E F. Parr & Co.. Chicago
15.678 0.
Denom. $780. Date July 15 1913. Int. M.& N. Due $780 each six
months from May 15 1914 to Nov. 15 1923 inclusive.
-Reports state that bids will be received until 2 p. m.
BOND OFFERING.
Feb. 12 by Larry Ryan, Co. Treas., for $7,700, $12,000, $3.600 and
$13,600 road bonds.
-BOND OFHUNTINGTON COUNTY (P. 0. Huntington), Ind.
FERING.-Proposals will be received until 10 a. m. Feb. 14 (and continued
thereafter until sold) by Geo. G. Will, Co. Treas., for the following 44%
highway-impt. bonds:
$10,066 Jefferson Poling road-impt. bonds. Denom. $503 30.
9,256 Henderson-Woods et al. road-impt. bonds. Denom. $462 80.
13,425 Wm M. Day road-impt. bonds. Denom. $671 25.
14,424 Elisha Roberts et al. road-impt. bonds. Denom. $721 20.
10,109 Isaiah Barnes et al. road-impt. bonds. Denom. $505 45.
Date Jan. 15 1914. Int. M.& N. Due one bond each six months from
May 15 1915 to Nov. 15 1924 incl.
HURON, Erie County, Ohio.
-BOND OFFERING.
-Proposals will
be received until 12 m. Feb. 15 by F. R. Toomey, Vii. Clerk, for $5,000
5;i% coup. electric-light works impt. and equip. bonds. Denom. $500.
Date Feb. 1 1914. Int. P. & A. • Due $500 yrly. Feb. 1 from 1915 to
1924 incl. Bonds to be delivered and paid for within 10 days from day of
award. Cert. check for 2% of bonds bid for, payable to the Vil. Treas.,
required. Purchaser to pay accrued interest.
HYDE PARK SCHOOL DISTRICT, Los Angeles County, Calif.BOND OFFERING.
-Proposals will be received until 2 p. m. Feb. 16, it
is stated, by H. J. Lelande, Co. Clerk (P. 0. Los Angeles), for
3100,000
5%
1-25-year (serial) school bonds. Int. semi-ann. Cert. check for
required.
3%

(v.

INDIANAPOLIS, Ind.
-NOTE SALE.
-On Jan. 31
dated Feb. 2 1914 and duo June 4 1914 (V. 98, p. 408)the $80.000 notes
were awarded to
Breed, Elliott & Harrison Of Indianapolis at 3% interest and $5 premium.
Other bids were:
J. F. Wild & Co.. Indianapolis. 37 interest and $1 premium.
°
Indiana Trust Co., Indianapolis, 3.60% interest.
Fletcher-American Nat. Bank, Indianapolis, 4% interest.
L.(3. Boyd,4%% interest.
E. M. Campbell & Sons Co., Indianapolis, 4%% int. and $13 premium.
Gavin L.Payne & Co., Indianapolis, 4)% interest.
BONDS PROPOSED.
-It is reported that this city is contemplating the
issuance of $100,000 South Side playgrounds and $75,000 retaining-wallconstruction bonds.
JACKSON COUNTY(P.O. Gainesboro), Tenn.
-BOND OFFERING.
-Proposals will be received until Feb. 21 at Gainesboro and until 12 m.
Feb. 29 at Maxwell House, Nashville, by M. G. Butler, F. A. Kelly or
L. Quarles, Committee, for the $100,000 5% 30-yr. coup. road bonds
B.
voted during December (V. 98, p. 408). Cert. check for 3% of bonds required. Bonds must be paid for within 30 days thereafter.
JACKSON SCHOOL DISTRICT (P. 0. Jackson), Jackson County,
-BOND OFFERING.-SubscriptIons will be received until Feb. 14
Mich.
by S. W. Scotford, Sec. (care People's Nat. Bank and Jackson State Says.
Bank, Jackson), for $30,000 4%% school bonds. Denom. $500. Int.
A. & 0. Due $2,000 yearly.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
-On
Feb. 2 the $7,894 92 6% road-impt. bonds (V. 98, p. 322) were awarded
to the Fletcher-American Nat. Bank of Indianapolis for $7,959 92(100.823)
and int.
Breed, Elliott & Harrison, Indianapolis, bid $7,969 92; no accrued int.
E. T.T. Parr of Chicago bid 57.943 92.
J. F. Wild & Co., Indianapolis, bid $7,939 92 and Int.
The $63,027 12 5% ditch bonds also offered on Feb. 2 (V. 98, p. 322)
were awarded on that day to C. C.Shipp & Co. of Indianapolis, it is stated,
at par and int.

467

value (est.), $6,678,000. Official circular states that this district has
never had any litigation of any kind over a bond issue or defaulted in payment of principal or interest.
KNOXVILLE, Marion County, Iowa.
-BOND OFFERING.
-Proposals will be received until 1:30 p. m. Feb. 11 by W. E. Rinehart. City
Clerk for the $70,000 4%% water-works-ext. bonds (V. 97 p. 1840).
Auth. vote of 566 to 357 at an election held Sept.8; also Sec. 720 Code of
Iowa 1897. and Sec. 1306B et seq., supplement 1907. Denom. $1,000 and
$760. Int. A. & 0. at place to be selected by purchaser. Due $36,650
Jan. 1 1934 and $1,750 yrly. beginning Oct. 11915. No deposit required.
Official circular states that the city has never defaulted in the payment
of principal or interest and that there is no litigation threatened.
LANETT, Chambers County, Ala.
-BOND ELECTION.
-An
will be held Feb. 9 to vote on the question of issuing $12,000 5% election
30
-year
school-building bonds.
LAWRENCE COUNTY(P. O.Ironton), Ohio.
-BOND OFFERING.
Reports state that proposals will be received until March 5 for $100,000
and $10,000 5% 20
-year highway bonds.
LAWTEY SPECIAL SCHOOL DISTRICT NO. 25, Bradford County, Fla.
-BOND OFFERING.
-Proposals will be received until 10 a. m.
Feb. 9 by L. W. Kickliter, Chairman Bd. of Public Instruction (P. 0.
Starke) for $11,000 6% 30-yr. coup. school bonds. Denom. $1,000.
Date Jan. 1 1914. Int. J. & J. in Starke or N. Y. Cert. check for
5%,
payable to above Chairman, required. N9 bonded or floating debt.
Assess. val. 1913. $207,580.
LEE COUNTY (P. 0. Tupelo), Miss.
-BOND SALE.
-On Feb. 2 an
Issue of $40.000 6% 23-year (aver.) Road Dist. No. 1 bonds was
to Mayer. Depne & Walter of Cincinnati at 102.5 and all expenses. awarded
$500. Date Sept. 1 1913. Int. A. & 0. Other bidders were: Denom.
Peoples Bk.& Tr.Co.,Tupelo.$40,9751Hoehler & Cummings, Tol_
_$40,900
Ulen & Co.. Chicago
40,921 Bank of Tupelo, Tupelo_ ___ 40,200
LICKING COUNTY (P. 0. Newark), Ohio.
-BOND OFFERING.
Proposals will be received until 1 p. m March 3 by J. W.
Humey, County
Auditor, for $30,000 5% bridge construction (assess.) bonds.
2434, Gen. Code. Denom. $500. Date April 1 1914. Int. Auth. Sec.
A. & 0. at
the County Treasurer's office. Due $15,000 Oct. 1 1919 and
$15.000 Oct. 1
1920. Bids must be unconditional. Certified check for 10% of
bid,
able to the Board of County Commissioners, required. Purchaser payto pay
accrued interest.
LONG BEACH SCHOOL DISTRICT, Los Angeles County,
Cal.BOND SA LE.
-An issue of 530,0005% building bonds,dated March 11913,
was purchased during last year at par and int, by the State Board
of
Control for the benefit of the State School Fund. The sale of
$27,000
of this issue was reported in V. 97, P. 253.
LONG BRANCH, Monmouth County, N. J.
-BOND OFFERING.
Reports state that bids will be received until 4 p. m. Feb. 16 by F.L.
Howland, City Comptroller, for $25,000 5% 20
-year beach-improvement
bonds. Cert. check for 10% required.
MARICOPA COUNTY SCHOOL DISTRICT NO. 4, Ariz.
-BOND
SALE.
-On Jan. 26 the $90.000 20
-year gold school bonds (V. 98, p. 322)
were awarded, reports state, to the Mesa City Bank of Mesa as 5s.
These bonds were advertised to be sold as 6s.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND OFFERING.
-Reports state that proposals will be received until 12 m. Feb. 13 by
Carl von Hake, Co. Treas.. for $4,700 4 % 10-yr. road-impt. bonds.
MARION COUNTY (P. 0. Marion), Ohio.
-BONDS AWARDED
IN PART.
-Of the three issues of 5%% bonds. aggregating $105,500,
offered on Jan. 31 (V. 98. p. 323), the two issues of emergency bonds were
awarded on that day to Stacy & Braun of Toledo. reports state, as follows:
$53,000 3',.-yr. (ay.) emergency bonds, "First Issue,' for 354.148 50
equal to 102.166.
25,000 VA-yr. (ay.) emergency bonds, "Second Issue," at 101.091.
The successful bidders are to pay $125 toward the printing ofthe bonds.
It is also reported that all bids for the $27,500 54% emergency refunding
bonds offered on the same day (V. 98, p. 323) were rejected because it was
found the bonds had not been advertised the required number of days.
MEDFORD, Mass.
-TEMPORARY LOAN.
-On Feb. 6 a loan
$100.000, due $50.000 Nov. 12 and $50,000 Nov. 18, was negotiated, it of
is
stated, with Curtis & Sanger of Boston at 3.39% discount, plus $1 75 prem.
•
MEDFORD, Jackson County, Ore.
-BOND SALE.
-On Jan. 20 an
is.sue of $8,750 6% 1-10-year (opt.) bonds was awarded to Schell & Schell
of Medford at par and int. Denom.$250. Date Jan. 11914. Int. J.& J.
MERGER COUNTY (P. 0. Celina), Ohio.
-BOND OFFERING.
Proposals will be received until 12 m. Feb. 18 by the Pike Commrs. for
530.0005% coupon Brown joint free turnpike improvement bonds. Denom.
$500. Date March 2 1914. Int. M.& S. Due on March 2 as follows:
$1.000 in 1915, 1916, 1917 and 1932; $1,500 yearly from 1918 to 1923. inclusive: $2,000 yearly from 1924 to 1929, inclusive; and $2,500 in
and 1931. A currency deposit of $200 required. Bonds to be delivered1930
and
paid for by March 2. Purchaser to furnish blank bonds at his
These bonds were offered without success as 5%s on Aug. 5 own expense.
1913 (V. 97.
p. 393).
MINERM..SPRINGS SPECIAL SCHOOL DISTRICT (P.O. Mineral
Springs), Howard County, Ark.
-BOND SALE.
-On Jan. 10 an issue
of $6,000 67 10 -year (serial) building bonds was awarded to Gunter &
-20
Sawyers of Little Rock. Denom. $500. Date Oct. 1 1913. Int. A.&
0.
MOLINE, Rock Island County, Ill.
-BONDS PROPOSED.
-Local
newspaper dispatches state that this city is contemplating the issuance of
$10.000 fire-company No. 2 bonds.
MONROE SCHOOL TOWNSHIP(P. 0. Winamac),Pulaski County,
-BOND SALE.
Ind.
-On Jan. 29 the $20,000
% 6%-year (aver.)
school-building bonds (V. 98, p. 253) were awarded to J. F Wild & Co.
of Indianapolis. It is stated. at 102.83.
MONROE TOWNSHIP SCHOOL DISTRICT"
(P. 0. Bowerston),
Harrison County, Ohio.
-BOND SALE -On Jan. 10 $20,000 55%
-year (average) building bonds were awarded to Sidney Spitzer & Co. of
8
Toledo at 101.75, interest and blank bonds.
111
MONTGOMERY COUNTY (P.' 0.r Crawfordsville), Ind.
-BOND
SALE.
-On Jan. 29 the seven issues of 4%% highway-impt. bonds, aggregating 369.100 (V. 98. p. 323) were awarded, reports state, as
$56.800(six Issues) to Breed.Elliott & Harrison of Indianapolis and follows:
$12,300
to Miller & Co. of Indianapolis.
MONTGOMERY COUNTY (P. 0.'Mt. Sterling), Ky.-BOND SALE.
-According to reports, this county has disposed of an issue of 515,000
James Jacobs road-construction bonds.
MONTGOMERY COUNTY (P. 0. Rockville), Std.
On Jan. 1 the 325.000 43.' % 13-year (aver.) road bonds-BOND SALE.
dated
(V. 97, p. 1607) were disposed of as follows: $6,000 at par and 1 1913
Aug.
$19,000
at 9E:
r MORGAN COUNTY(P.O. Wartburg), ..enn.-BOND ELECTION.
The question of issuing $300,000 5% 5
-40-year (opt.) road-construction
bonds will be submitted to a vote on March 28.
NASHVILLE,Tenn.
-BONDSPROPOSED.
-According to local papers,
this city is making arrangements for the issuance of
$306,000 5%
street-paving (city's portion) and $397,000 6% 5-yr. street-impt. 20-Yr.
(assess.)
bonds.

JAY COUNTY (P. 0. Portland), Ind.
-BOND SALE.
-On
two issues of 4%% road bonds (V. 98, P. 408) were awarded, itFeb. 2 the
is stated,
as follows:
$11,400 John Carey Road. Greene Twp., bonds for 311,560
-equal to
101.404
-to Mrs. Jennie C. Polley of Portland.
4,000 Floyd Treemyer Road bonds at 101.275 to Ralph R. Raney of
Portland.
JEFFERSON TOWNSHIP (P. 0. Sulphur Springs), Henry County,
Ind.
-BOND OFFERING.
-Proposals will be received until 1:30 p. m.
.Feb. 13, it is stated, by Sam. Allen, Twp. Trustee, for $22,800 4%% 10-yr.
school-house bonds.
JIM WELLS COUNTY (P. 0. Alice), Tex.
-BOND SALE.
-The
$125,000
% 10-40-year (opt.) road and bridge-impt. bonds voted Oct.
(V. 97, p. 1368) were awarded on Dec. 16 to the Citizens State Bank 25
of
Alice at 101.78 and ac,crued int. Denom. $1,000. Date Nov. 17 1913.
Int. April 10 and October 10.
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet),
Will County, 111.
-BOND OFFERING POSTPONED.
-The Clerk
Board of Education informs us that the offering of the $100,000 5% of the
bonds
has been postponed indefinitely.
KANSAS CITY, Mo.-CERTIFICATE OFFERING.
-Further deta us
are at hand relative to the offering on Feb. 16 of the $111,659
24 6%
East Park District certificates, Series A5 (V. 98. p. 408).
these certificates will be received until 2 p. m. on that day Proposals for
by Thos. C.
Harrington, Secy. Denom. $1,000. Int. J. & J. at City Treasurer's
office. Due on or before June 30 1933. A deposit of $3,000 required.
KEARNY, Hudson County, N. J.
-BOND OFFERING.
-Proposals
will be received until 8:30 p. m. Feb. 25 by the Town Council
for 3208.000
30-year and $150,000 1-10-year (serial) 4%% funding bonds
and $70,000
4% 25
-year school bonds. Date March 1 1914. Legality approved
by
Hawkins, Delafield & Longfellow, N. Y. Bonds
will be prepared and
certified by U. S. Mortgage & Trust Co.,
N. Y. Cert. check for 5% of
bid required. For other Information address Burton E. Canfield,
rEVW'ALBANV, Union'County, Miss.
-BOND SALE.
-The $35,000
Town 6% 17-year (average)
Treasurer.
water, street, sewer and jail bonds
were awarded to Johle,Nuveettk,Co.'of Chicago on Jan.(V. 97, p. 1765)
6. Date Jan. 1
The official notice of this bond offering will befound among the advertisements 19147
111.
elsewhere in this Department.
NEW'
BERN, Craven'tointy,'1713 -CiTo7-=iirig75
- l
.
KINGWOOD SCHOOL DISTRICT, Preston County,
r -On Feb. A
E.
W. Va.- the $20,000 5% 30
-year coup, school bonds (V. 08. P. 323) were awarded
BOND OFFERING.
-Percy W. Me,atheny, Secy.
to
Tunnelton), will offer for sale at public auctionBoard of Education A.Baker, Watts & Co. of Baltimore at 101.27 and int. Other bids were:
(P. 0.
J. Hood & Co., Detroit $20,226 00 J. R. Sutherlin ,Sr Co.,
at 10:30 a. m. Feb.9
$35,000 5% 10-30-year (opt.) coupon school bonds. Denom. $500. Date Sidney Spitzer & Co.. Tol_
20,027 00
Kansas City
$20,000 00
Aug. 1 1913. Interest annually at Sheriff's office, Kingwood. No bonded C. H. Coffin, Chicago__
_ 20,011 00 John Nuveen & Co.,Chic_ 20,000
debt at present.
J.
Hillsman & Co., Atl. 20,011 00 Davies-Bertram Co., Cin_ 20,000 00
00
KIRKSVILLE SCHOOL DISTRICT (P. 0. Kirksville), Adair Parson, Son & Co., Chic_ _ 20,008 00 Provident Savings Bank
&
County, Mo.-BOND OFFERING.
-Additional information is at hand Spitzer, Rorick & Co.,Tol. 20,002 25
Trust Co., Cincinnati
20,000 00
relative to the offering of the $80,000 5% 5
-20-year (opt.) building bonds. R. M.Grant & Co., N.Y_ 20
10 Hanchett Bond Co., Chic_ 20,000 00
Proposals for these bonds will be received until 12 m. to-day (Feb 7)
F. L. Fink, Secy. Board of Education. Denom. $500. Date Marchby V NEWIBRITAIN, Hartford County, Conn.
-BONDS TO BE OFFERED
1 SHORTLY
.-Newspaper reports state that this city will shortly offer
1914. Int. M. & S. at office of District Treasurer. Deposit of
for
1%
required. No bonded debt. Assessed valuation, $2,226,000; actual sale $50,000 park. $50.000, $20,000 and 514,000 school and $35,000
sewer bonds.




ems

F

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THE CHRONICLE

468

NEW ENGLAND SCHOOL DISTRICT (P. 0. New England),
-The question of issuing
Hettinger County, No. Dak.-BONDS VOTED.
$10.000 building bonds carried by a vote of 179 to 55 at the election held
Jan. 21.
-On Feb. 5 a loan of $50,000,
-TEMPORARY LOAN.
NEWPORT,R.I.
maturing Sept. 5, was negotiated with Bond & Goodwin of Boston at
3.90% discount.
-During the month of January
-BOND SALES.
NEW YORK CITY.
the Sinking Fund of this city purchase ad t par $500,000 3% bonds for
various municipal purposes maturing in 1923 and 500,000 3% assessment
bonds maturing "on or after" Jan. 2 1915.
The following short-term securities, aggregating $44,665,266 76, and
consisting of revenue bonds, bills and corporate stock notes, were issued
during January.
Amount.
Rev.Bills1914(conci.) Int.
Amount.
Rev. Bonds 1914. ltd.
z$5,405,021 97
Current expenses. 4 13-16 $1,000,000 00 Current expenses.*4
*374
z941,940 69
do
do
00
25,000
4A
do
do
.3 13-16 z236,070 76
do
do
500,000 00
4%
do
do
979,965 76
*4 11-16
do
do
3,500,000 00
4H
do
do
Total rev,bonds
(current expenses)___ $1,525,000 00
Total rev. bills
Rev. Bonds 1914.
$32,314,208 39
(current exps)
$2,000 00
4%
Special
Corporate Stock Notes
364,000 00
4A
do
5500,000 00
400,000 00 Var. mun. purp's. 4
3
do
do do do 374
500,000 00
do do do *474
z1,909,877 08
Total rev, bonds
do do do *4
$768,000 00
z1,194,857 33
(special)
do do do *3%
246,018 84
Rev. 13ills 1914.
do do do *3 3-5
z$1,917,247 88
246,671 23
Current expen.ses_*4%
*474
do do . do *3%
494,301 37
z8,847,495 16
do
do
3,000,000 00
*4 9-18 z1,878,489 47 Water
3
do
do
980,872 09
do
*4 11-18
*4 5-18
z840,103 96
do
do
*374*434
492,329 63
do
x5,310,19052
do
do
495,530 82
do
*4 3-18 z1,405,913 52 Rapid transit
*374
do
*474
z517,966 11
do
do
Tot. corpor. stock notes.$10,060,058 37
*4 1-18 z2,733.802 81
do
do
. * Rate of discount; figures in "Amount" column represent proceeds of
loan after deducting discount. z Payable in (L) sterling.
-The $25,000 5%
-BOND SALE.
NILES, Berrien County, Mich.
park (factory bonus) bonds voted Nov. 3 (V. 97, p.•1369) were disposed
of on Nov. 26 to local investors at par. Denom.$500. Date Dec. 1 1913.
Int. J. & D. Due part from 1924 to 1927, inclusive.
NILES CITY SCHOOL DISTRICT (P. 0. Niles), Trumbull County,
-year (aver.)high-On Feb. 2 the $99,000 5% 20
-BOND SALE.
Ohio.
school-building bonds (V. 98, p. 323) were awarded to Field, Longstreth Sc
Richards of Cincinnati and Stacy & Braun of Toledo for $103.446 (104.49)
and int. Other bids were:
Weil, Roth & Co., Cin_ _$103,286 00 Prov.S.Bk & Tr.Co.,Cin. $102,514 00
-Bertram Co., Cin 102,485 00
C. E. Denison & Co.,Clev. 103,228 60 Davies
Hayden,Miller & Co.,Clev. 103,062 00 Seasongood& Mayer,Cin. 102,270 00
Sidney Spitzer& Co., Tol. 102,910 50 Breed, Elliott & Har ,Cin. 102,267 00
Spitzer, Rorick& Co.,Tol. 102.735 00 E. H. Rollins & Sons. Chic. 102,257 10
-On Jan. 27
-BOND SALE.
NORTHFIELD, Atlantic County, N. J.
the $17,300 5% coupon school bonds offered without success on Aug. 4
97, p. 393) were awarded to the Trustees for support ofPublic Schools
(V.
of New Jersey at par. Denom. $1,000 and $300. Date Aug. 1 1913.
Int. F.& A. Due $1,000 yearly Aug. 1 from 1914 to 1930. inclusive. $300
Aug. 1 1931.
•
NORWOOD SCHOOL DISTRICT(P.O. Norwood), Warren County,
7
-The $2,500 61 0 building bonds voted Sept. 30(V. 97,
Ga.-BOND SALE.
p. 832) were awarded to Harold Lamb of Union Point at 100.27 during
December. Denom.$500. Int. annually in November. Due $500 yearly
from 1915 to 1919. Inclusive.
-BOND OFFERING.-ProOCEAN CITY, Cape May County, N. J.
posals will be received until 2 p. m. Feb. 12 by John E. Adams, City Clerk,
gold coup, or reg. funding bonds. Denom. $1,000.
for $132,000 5% 30-yr.
Date Feb. 1 1914. Int. F. & A. at First Nat. Bank, Ocean City. Cert.
check on an incorporated bank or trust company for 2% of bonds bid for,
payable to City Trees , required. Bonds to be delivered and paid for on
Feb. 26 unless time is extended by the Board of Commrs. The legality
of these bonds will be approved by Hawkins, Delafield & Longfellow of
N. Y. C.; a duplicate original of their opinion will be furnished successful
bidder. Official circular states that there is no controversy or litigation
pending or threatened concerning the validity of this bond issue, the corporate existence or boundaries of the municipality or the title of the present
officers to their respective offices and that there has never been any default
in the payment of any of the city's obligations.
OGDEN SPECIAL SCHOOL DISTRICT (P. 0. Ogden), Little
-An issue of $5,000 67 5
o -20-year
-BOND SALE.
River County, Ark.
(serial) building bonds was awarded to Gunter & Sawyers of Little Rock
on Dec. 30. Denom. $500. Date Jan. 1 1914. Int. J. & J.
-All bids
-BIDS REJECTED.
OKEMAH, Okfuskee County, Okla.
-year water-works-extension
received on Jan. 26 for the $25,000 6% 25
bonds offered on that day (V. 98. p. 324) were rejected.
-BONDS OFFERED BY
OLYPHANT, Lackawanna County Pa.
-Montgomery, Clothier & Tyler of Phila. are offering to inBANKERS.
vestors $135,000 5% tax-free coup. (wit privilege of registration as to
principal) school bonds. Denom. $1,000. Date Sept. 1 1913. Int.
M. & S. Due on Sept. 1 as follows: $10,000 1918 and $25,000 in each
of the years 1923, 1928. 1933, 1938 and 1943. Net debt, including this
issue, $170,618 75. Assess. val. 1913, $8.989.546
-An election will be held Mar. 10,
OMAHA, Neb.-BOND ELECTION.
reports state, to submit to a vote the questions of issuing the $100.000
garbage-incinerator and $250,000(increased from $225,000, as previously
reported) auditorium bonds (V. 97, p. 1062).
-On Jan. 14 the
-BOND SALE.
ONEIDA, Madison County, N. Y.
three issues of reg. bonds, aggregating $41,513 11 (V. 98, p 177). were
awarded at par as follows:
330.000 00 434% 6-15-yr. (ser.) school-bldg bonds to Adams & Co. of
New York. Denom.$1,000.
7,000 00 434% 1-10-yr. (ser.) fire-dept.-equipt. bonds to local parties.
Denom. $700.
10-installment sewer bonds to local parties. Denom.
4,513 11
$451 42.
-The
-BOND SALE.
San Bernardino County, Cal.
ONTARIO,
State Board of Control purchased on March 4 1913 for the benefit of the
-improvement bonds,
-14
State School Fund 525,2005% 3 -year (serial) street
dated Nov. 1 1912. at par and interest.
-BOND OFFERING.a OREGON CITY, Clackamas County, Ore.
Proposals will be received until 4 p. m. Feb. 17 by the City Recorder for
512.000 5% 20-yr. coup. elevator-constr. bonds. Denom. not less than
$50, to suit purchaser. Int. J. & J. Cert. draft on a Portland bank for
6% of bid, payable to City Treas., required.
-BOND OFFERPALATINE BRIDGE, Montgomery County, N. Y.
ING.
-Proposals will be received until 2:30 p. m. Feb. 14 by Geo. H.
Tilton, Village President, for 510.500 sewer-system bonds at not exceeding
5% int. Denom. $500. Int. annually on July 1. Due $500 July 1 1915
and $1,000 yearly thereafter.
-Proposals
-BOND OFFERING.
PASCO, Franklin County, Wash.
-year
will be received until 8 p. m. April 7 by the City Clerk for $38,500 20
coupon funding bonds. Denom. $500. Date April 7 1914. Int.
gold
Washington in N. Y. City.
A.& 0. in Pasco or at fiscal agency of State of
Certified check for 2%, payable to "City of Pasco," required. Bonded
debt (not incl. this issue), 530,000. Floating debt, $61,000. Assessed
value 1913, 31,463.000.
-On Feb.1 2
-BOND SALE.
PAULDING, Paulding County, Ohio.
-year refunding bonds (V. 98, p. 177) were awarded to
the $3,900 5% 20
Seasongood & Mayer of Cincinnati for $3,940 (101.025) and interest.
-On Jan. 28
-BOND SALE.
PENDLETON, Umatilla County, Ore.
$1,184 6% street-impt. bonds were awarded to the Warren Construction
Co. at par and accrued interest. Date Feb. 1 1914. Int. F.& A. Bonds
are subject to call after one year from their date.
PORT ARTHUR SCHOOL DISTRICT (P. 0. Port Arthur), jotter-Reports state that a favorable
-BONDS VOTED.
son County, Texas.
vote was cast at the election held Jan. 28 on the question of issuing $12,000
school bonds.

01%




[VOL. xcvm

-BONDS'
PORT OF ASTORIA (P.O. Astoria), Clatsop County, Ore.
-The Union Trust Co. of Chicago is offering
OFFERED BY BANKERS.
to investors 5400,000 (of an issue of $800,000) 5% gold municipal-harbor
bonds. Denom. $1,000. Date Jan. 11914. Int. J. Sc J. at the Oregon
State fiscal agency in N. Y. City. Due on Jan. 1 as follows: 175,000
1924 and 1929; 5100.000 1944; 575,000 1934 and 1939. Total indebtedness
(including the bonds referred to above), 5400.000. Assessed val. 1913
(same as Clatsop County). 519,961.382; est. real val.. $50,000,000.
See advertisement in last week's "Chronicle."
-PRICE PAID FOR BONDS.
PORT OF SEATTLE, Wash.
-We are
advised that N. W. Halsey & Co. of Chicago paid 91.75 for the $600,000
474% and 99 for the 5800,000 5% bonds awarded them last month. A
description of the bonds was given in V. 98, p. 410.
-BOND SALE.
-On Feb. 2 the
PRINCETON, Gibson County, Ind.
-year bonds (V. 98, p. 410) were awarded, reports state,
10
$15.000 4
to J. F. Wild & Co. of Indianapolis at 102.50.
--BOND SALE.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
On Feb. 2 the following three issues of 06% coupon road bonds. aggre410) were awarded, it is stated, to the Fletchergating $34,700 (V. 98, p.
-equal to 101.219:
American Nat. Bank of Indianapolis for 335,122
$12,880 Geo. W. Skelton et al gravel road, Washington Twp. bondsDenom. $644.
10,020 A.J. Cline et al macadam road, Marion Twp.bonds. Denom.$501.
11,800 E.Tincher et al macadam road, Marion Twp.bonds. Denom.$590.
Date Feb.2 1914. Due one bond of each issue each six months begineing•
May 15 1915.
REEVES COUNTY COMMON SCHOOL DISTRICT NO. 4, Texas.-year school bonds,
-We are advised that the $15,000 5% 39
BOND SALE.
1766) have been sold to E. G. Durham.
registered on Nov. 28 (V. 97,
p.
Denom. $1.000. Date July 14 1913. Int. ann. on April 10.
-The ques-BONDS VOTED.
RIDGEWAY, Harrison County, MO.
tion of issuing $3,000 city-hall bohds carried, reports state, at the election,
vote of 172 to 14.
held Jan. 23 by a
RIVERSIDE TOWNSHIP ((P. 0. Riverside), Burlington County,
-Of the two issues of bonds,.
N. J.
-BONDS AWARDED IN PART.
aggregating $60.000. offered without success on Aug. 11 (V. 97, P. 395).
the $50.000 5% school bonds were awarded at par during January to the'
State House Commission for the Insurance Fund. Date Jan. 1 1914.
Due 2 bonds yrly. brginning 1918.
-On Feb. 2 the $430,000 revenue
-NOTE SALE.
ROCHESTER, N. Y.
notes, payable 4 months from Feb. 5 1914 (V. 98. p. 410).were awarded:*
to Bonbrfght & Hibbard of Rochester at 3.45% int.
Other bidders were:
Interest. Premium.
Entire issue
3.75
$15 95.
Goldman, Sachs & Co., New York
Entire issue
3.80
,
50 00
T.J. Swanton, Rochester
Entire issue
3.85
Genesee Valley Trust Co., Rochester
Entire issue
3.875
,
2166
Equitable Trust Co. of New York
Entire issueissue
5
.
.7
30
39 5
11 00
Bond & Goodwin, New York
Entire
10 00
R. W. Pressprich & Co., New York
4.00
Entire issue
50 00H. Lee Anstey, New York
$200.000 00
4.00
11 00Luther Robbins, Rochester
Entire issue
4.00
5 00
Ford, Enos & Wolcott, Rochester
Entire issue
4.00
4 30Security Trust Co., Rochester
Entire issue
4.05
27 25.
Parkinson & Burr, New York
4.05
Entire issue
J. & W.Seligman & Co., New York
Entire issue
4.125
L. von Hoffman & Co., New York
4.20
$100,000 00
Rochester Savings Bank, Rochester
4.50
Entire issue
Wifiey
Sutro Bros. Sc Co., New York
-Proposals will be received until 2 p. m. Feb. 10.
NOTE OFFERING.
school-construction
by E. S. Osborne, City Comptroller, for $100,000 will be
drawn withnotes, payable 3 months from Feb. 16 1914. They
interest and made payable at the Union Trust Co. of N. Y. Bidder to'
designate rate of interest and to whom (not bearer) notes shall be made
payable, and denomination of notes desired.
ROSEVILLE VILLAGE SCHOOL DISTRICT (P. 0. Roseville)
-Proposals will be-BOND OFFERING.
Muskingum County, Ohio.
received until March 2 for $30,000 building bonds. These bonds were
advertised to be sold on Feb. 2 (V. 98. p. 254), but it was later discovered
that the advertisement was illegal.
-James
-BOND OFFERING.
ROUNDUP,Musselshell County,Mont.
E.Potts, City Clerk, will offer for sale at public auction at 10 a. m. March 9
,0
-20
the $60,000 6% 15 -year (opt.) bonds voted Nov. 17 for the purchase
of the plant of the Roundup Water Co.(V. 97, p. 1608). Denom.I1
Date tan. 1 1914. Int. J. & J. at office of City Treas., or at some bank in,
N. Y. City. Certified check for $5,000, payable to City Treas., required..
-BOND OFFERING.
-ProROYAL OAK, Oakland County, Mich.
R. Blair, Vii.
posals will be received until 8 p. m. Mar. 4 by MauriceInt. M. Sc S.Clerk,
DueDate Mar. 4 1914.
for $11,000 6% sewer bonds.
issue of $10,000 5% sewerone-fourth yearly from 1 to 4 years incl. An
bonds was offered on Oct. 8(V. 97, p. 832).
-BOND OFFERING.
-Proposals
RUSHVILLE, Rush County, Ind.
will be received until 11 a. m. Feb. 14, it is stated. by Carl Gunning, City
-year refunding bonds.
Clerk, for $20.000 474% 10
-BOND SALE.
SACRAMENTO COUNTY (P. O. Sacramento), Cal.
-On Jan. 13 $90.0006% reclamation bonds were awarded to Wm.H.Devlin of Sacramento at par and accrued interest. Denom. $1.000, $500 and
$100. Date Jan. 11913. Int. J. & J. Due 1931 and 1932.
ST. BERNARD (P. 0. Cincinnati), Hamilton County, Ohio._
-On Jan. 29 the $30,000 5% 30-yr. water-works and elmBOND SALE.
tric-light-plant-impt. bonds dated Nov. 15 1913(V.98,P.87) were awarded
to Mayer, Deppe & Walter of Cincin. at 107.935 and int. Other bids were:
Tillotson & Wolcott Co., Cle $32,240 Field Longstreth & Richards, Cincinnati
$31,880
32175
32,202
Stacy & Braun, Toledo
Seasongood Sc Mayer, Cin_ _ 31,845
First Nat. Bank, Norwood
A.E. Aub Sc Co., Cincinniati 32,101 Breed,Elliott & Harrison,Cin 31,680
31,971 Provident S.B.&Tr. Co.,Cin. 31.536
Well, Roth Sc Co., Cin
Atlas Nat. Bank. Cincinnati.. 31,951 Hanchett Bond Co.. Chicago 30,657
DISTRICT (P. 0. St. Joseph), Buchanan
ST. JOSEPH SCHOOL
-Proposals will be received until 2p.m.
County, Mo.-BOND OFFERING.
% refunding bonds,
March 2 by A. L. Loving. Secretary, for $140,000
due part in 5, 10, 15 and 20 years. Denom. $1,000.
The official notice ofthis bond offering will befound among the advertisemen's
elsewhere in this Department.
ST. PAUL, Howard County, Neb.-BONDS TO BE OFFERED
-This city will put on the market in the near future the $5,000
SHORTLY.
5% 5-10-yr. (opt.) sewerage bonds voted Sept. 16 (V. 97, P. 1766).
-On Jan. 30 $4,000 4).6% registered
-BOND SALE.
SALEM, Mass.
water bonds were awarded to Wm. S. Felton & Co. of Salem at 101.651
and int.-a basis of about 3.809'. Other bids were:
101.64 l Merchants Nat. Bank of
Salem Savings Bank
Salem
101.25
Salem Five Cents Say. Bank..101.28
•
Due serially Jan. 1 from 1915 to 1918 inclusive.
DISTRICT (P. 0.Salt Lake City), Salt
SALT LAKE CITY SCHOOL
-On Jan. 24 5100,000 4349' 29-yr.
-BOND SALE.
Lake County, Utah.
school-building bonds were awarded to the Harris Trust Sc Says. Bank of
Chicago at 99.05 and int.-a basis of about 4.5749'. E. H. Rollins Sc
Sons and A. B. Leach Sc Co. of Chicago jointly bid 97.50 and int. These
bonds are the remaining portion of the $200,000 offered without success
on July 14. We were advised in October that the entire $200,000 had been
disposed of at that time. See V. 97, P• 1003.
-On Jan. 20
-BOND SALE.
SANTA CRUZ Santa Cruz County, Calif.
the $165,000 municipal-wharf and $17,000 bridge 5% bonds offered without
success on Jan. 13 (V. 98, p. 325) were awarded to Christian Hoffman of
Santa Cruz at par and int. Denom. $1,000 and $550. Date Jan. 15 1914.
Int. J. Sc J. Due $4,550 yearly Jan. 15 from 1915 to 1954 inclusive.
-BOND SALE.SIERRA MADRE, Los Angeles County, Calif.
The State Board of Control purchased for the benefit of the State Schoo:
Fund on July 21 at par and int. the following 5% water-works bondst
-year (serial) dated June 1 1912 and $20,000 1-40-yr. (serial)
$39,000 1-39
dated May 1 1913.
-BONDS AWARDED IN
SMITH COUNTY (P. 0. Tyler), Tex.
PART.
-Reports state that of the two issues of 5% road bonds aggregating
$375,000, offered on Jan. 17 (V. 97, p. 1924). the $75,000 Road Dist.
No 1 bonds have been disposed of.

FEB. T 1914.]

•

469

THE CHRONICLE

-BOND SALE.
-Reports
SOMERVILLE, Burleson County, Tex.
state that the $20,000 5% 3-40-yr. (opt.) water-works bonds offered on
Dec. 1 (V. 97, p. 1448) have been disposed of.
-John E.
SOUTH BEND, Pacific County, Wash. BOND SALE.
Price & Co., ef Seattle. purchased during May 1913, $24,770 8% Imp.
Dist. No. 96 bonds for $24,827 (100.23) and int. Denom $100. Date
Jan. 12, 1914. Int. ann. on Jan. 12. Due on or before 10 years from
date.
-BOND SALE.SOUTH PASADENA, Los Angeles County, Calif.
The three issues of 5% 203i-yr. (aver.) gold coupon bonds, aggregating
$50,000 offered, but not sold on Jan. 12 (V. 98. p. 325) have been sold to
Perrin,brake & Riley of Los Angeles at 100.2.
-BOND SALE.
DJ STONE SCHOOL DISTRICT, Glenn County, Calif.
-The $5,000 5E, 3-11-yr. (serial) school-building bonds offered without
success on Marc 28 (V. 96, p. 1113) were awarded on July 9 to the State
Board of Control for the benefit of the State School Fund at par and int.
-On Feb.
-BOND SALE.
niSUMMIT COUNTY (P. 0. Akron), Ohio.
2 the $5,600 5% coup. Hudson ditch imp. bonds (V. 98, p. 325) were
Mtge. Co. for $5.632 (100.571) and int.
awarded to the Bankers Bond &
Other bidders were:
$5.607 Spitzer, Rorick & Co., T01-$5,605 75
Seasongood & Mayer,
Sidney. Spitzer & Co., Toledo 5,6061
-BOND
DISTRICT, San Diego County, Calif.
TERALTA SCHOOL
SALE.
-On Jan. 19 $24,500 5% building bonds were awarded to San Diego
D.
County at par. Denom. $500. Date iJec. 3 1913. Int. J. &
-BOND OFFERING.TIPTON COUNTY (P. 0. Tipton), Ind. H.C. Haskett, County
Proposals will be received until 10 a. m. Feb. 14 by $800 Mell-Justice et al
W. Weismiller et al and
Treasurer, for $4,100 J.
N.
2
43/% coupon tax-free road bonds. Date Feb. 2 1914. Int. M. &
Due laeginning May 15 1915.
TOLEDOINDEPENDENT SCHOOL DISTRICT (P. 0. Toledo),
-On Feb. 2 the $75,000 coup, tax-BOND SALE.
Tama County, Iowa.
free building bonds (V. 98, p. 410) were awarded to Continental & Commercial Trust & Say. Bank of Chicago at par and int. for 430. The purchaser is allowed $255 for printing bonds. Other bids were:
Int.Re e.
Premium. Discount.
$415
H.'I'. Holtz & Co , Chicago
__
5
$2,265 00
41°
First National Bank, Toledo, Iowa
1,767 00
H. T. Holtz & Co., Chicago
00
1,27500- Geo. M. Bechtel & Co.. Davenport
841
McCoy & Co Chicago
Bolger, Mosser & Willaman, Chicago
5
:17_
787 50
Chesley Parsons Co., Des Moines
5
750 00
- _ -Cutter, May & Co., Chicago
556700
Spitzer, Rorick & Co., Toledo, Ohio
5
Ilanchett Bond Co., Chicago
1.087
5
N. W. Halsey & Co.. Chicago
5%
2,190
TUCSON, Pima County, Ariz.
-BOND SALE.
-On Jan. 26 the $165,000 5% 30-yr. gold coupon water-works-impt. bonds (V. 98, p. 326) were
awarded to the Southern Arizona Bank & Trust Co. of Tucson at 101.32
and int.-a basis of about 4.915%. This bid was for local payment.
E. II. Rollins & Sons of Denver bid 101.68 and int. for New York payment.
There were several other bids received.
-BOND
UNION SCHOOL DISTRICT, San Joaquin County, Calif.
OFFERING.
-Proposals will be received until 10 a. m. March 3 by Eugene
D. Graham, Co. Clerk and Clerk of Bd. of Supervs. (P. 0. Stockton), for
$17,500 6% building bonds. Auth. vote of 103 to 39 at an election held

,
Dec. 5. Denom. $500. Date Jan. 1 1914. Int. J. & J. Due $2.000
yearly from 5 to 12 years incl. from date and 51.500 in 13 years from date.
required,
Cert. check for 10% of bid, payable to Chairman Bd. of
day of
Bonds to be delivered and paid for within 10 days from Sups.. award.
District has no bonded debt. Assess. val. 1913 $351,080. Actual (est.)
$750.000. Official circular states that there is no litigation pending or
threatened affecting the corporate existence or boundaries of this district
and that there has never been any default in the payment of any bonds or
coupons of said municipality.
UNION TOWNSHIP (P. 0. Rutherford), Bergen County, N. J.-We are advised that the reports stating that this
BONDS NOT SOLD.
township had sold to R. M. Grant & Co. of N. Y. the $48.0004%
16-yr.(ave)
town-hall.bondsoffered without success on Aug. 11 (V. 9 .P. 470
are erroneous.
-On Jan. 9
VALLIANT, McCurtin County, Okla.
-BOND SALE.
the $36,000 6% 25-yr. water-works bonds (V. 98, p. 88) were awarded to
Davis & Baum at par and int. Denom. $1,000. Date, Aug. 12, 1913.
Int. F. & A.
VAN BUREN TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 8
(P. 0. Dayton R. F. D. No. 12), Montgomery County, Ohio.
-BOND
-On Jan. 31 the $15,000 53i% 83i-yr. (aver.) coupon bldg. bond*
SALE.
W. 98, p. 326) were awarded to the Teutonia Nat. Bank of Dayton for
$15,251-equal to 101.673. The following bids were also received, but
not considered:
Davies-Bertram Co., Cin.$15.575 00I Seasongood & Mayer,Cin.$15,380 00.
Weil, Roth & Co., Cin_ _ _ _ 15,460 30 Field,Long'th&Rich's,Cin. 15.364 50'
Breed. Elliott & Har., Cin. 15,457 50 Spitzer, Rorick & Co.. Tol. 15,341 50'
VICKSBURG, Miss.
-BONDS AUTHORIZED.
-Reports state that
the Board of Mayor and Commissioners decided on Feb. 2 to adopt an
ordinance providing for the issuance of $400,000 bonds for the construction
of a water-works
-plant to be owned and operated by the city. See V. 97,
P. 1761.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE.
-On Jan.
31 the $3,000 43i% 6 1-3-Yr. (ay.) A. J. Lambert et al. road impt. bonds
(V. 98. p. 411) were awarded, it is stated, to the Fletcher-American Nat.
-equal to 100.708.
Bank of Indianapolis for $3.021 25
WALLA WALLA SCHOOL DISTRICT (P. 0. Walla Walla), Walla
-The proposition to issue
-BOND ELECTION.
Walla County, Wash.
$175.000 high-school-construction bonds will be submitted to a vote On
Feb. 14, it is stated.
WALNUT GROVE SCHOOL DISTRICT, Glenn County, Calif.-An issue of $3,000 5% 11-20-yr. (serial) school-bldg. bonds
BOND SALE.
dated May 1 1913 was awarded on July 9 to the State Board of Control for
the benefit of the State School Fund at par and int.
-On
-BOND SALE.
WARREN COUNTY (P. 0. Williamsport), Ind.
Feb. 3 the two issues of 436% coup. tax-free road bonds (V. 98. 13. 411)
were awarded to J. F. Wild & Co. of Indianapolis as follows: $4,620
L. L. Wilson Road bonds for $4,675 (101.19) and $8,200 A. Cronkite
Road bonds for $8.301 (101.231).
-BOND
WARRENTON TOWNSHIP, Warren County, No. Caro.
-On Jan. 10 the $30,000 of an issue of $50.000 5% 40-yr. road bonds
SALE.
(V. 97, p. 1767) were awarded to Sidney, Spitzer & Co. of Toledo at par. t,i
-At a town meet-LOANS VOTED.
WARWICK, Kent County, R. I.
ing held Jan. 23 the taxpayers voted in favor of the proposition to issue
not exceeding $350,000 bonds to be used exclusively to take up the proportion of the indebtedness of the old town of Warwick, which is not
evidenced by bonds now outstanding, as said indebtedness shall be appor-

NEW LOANS.

NEW LOANS.

$875,000.00

$1,325,000

$53,750

CITY OF GALVESVON,

CITY OF DALLAS,

Hickman County, Kentucky,

NEW LOANS.

6% SERIAL BONDS

43/2% GOLD COUPON BONDS

DRAINAGE BONDS

FOR SALE

TO BE SOLD WEDNESDAY, FEB. 25TH,1914
Sealed bids will be received by the City .of
Dallas, Texas, until 12 o'clock, Noon, WEDNESDAY, FEBRUARY 25TH, for $1,325,000 43%
gold coupon bonds, or any part thereof.
The bonds are issued by the City of Dallas,
Dallas County, Texas, under authority of Article
619 of the General Laws of the State of Texas
and of the Charter of the City of Dallas, by
special authority of the vote of the people at
various elections, and are in the respective
amounts and for the respective purposes, as
follows:
$300.000 Sewage-Disposal bonds, dated May 1,
1913, and maturing May 1, 195:3.
275,000 City-Hall-Building bonds, dated May
1st. 1913 and maturing May 1st, 1953.
250,000 Public School-Improvement bonds,
dated May 1st, 1913 and maturing
serially, beginning May 1st, 1914, in
equal annual installments for forty
years.
500,000 Park-Improvement bonds, dated No,
vember 1st, 1913 and maturing serially, beginning November 1st, 1914$12,000 and $13,000 each alternate
year for forty years.
The bonds are in denominations of $1,000 each.
Interest is payable semi-annually, on November
1st and May 1st, both principal and semi-annual
interest payable in gold coin at the Chase National
Bank in the City of New York.
Direct tax levies have been made in sufficient
amounts to provide interest and the required sinking funds to retire the bonds as they mature.
The bonds are engraved under the supervision
of, and certified as to genuineness by, the Dallas
Trust & Savings Bank, of Dallas, Texas. They
have been approved by the Attorney-General
of the State; registered by the State Comptroller.
and the opinion of Messrs. Dillon, Thomson &
Clay of New York, relative to the validity of the
bonds, will be furnished to the purchaser.
The City of Dallas has been incorporated by
special charter for a period of more than thirty
years and at no time in its history has there been
any default in the payment of any interest or
principal on its bonded debt, or otherwise.
The Attorney-General of the State of Now York
has approved City of Dallas bonds as legal investments for the savings banks of the State of New
York.
A certified check for two per cent of the face
value of the bonds bid for, payable to W. T.
Henderson, Commissioner of Finance and Revenue, must accompany each hid. Money to be
paid and bonds to be delivered at Dallas.
The City of Dallas reserves the right to reject
any or all bids.
W. T. HENDERSON,
Commissioner of Finance and Revenue,
Dallas. Texas.

Board of Drainage Commissioners of Hickman
County, Kentucky, will offer for sale at theCourt House door in Clinton, Ky., on the 28TH
DAY OF FEBRUARY, 1914, about $53,750 in
bonds, said bonds to be payable in ten equal
annual installments, the first installment to become due at the end of the second year; said bonds
to bear 6 per cent interest from date, payable
annually.
Said Board will also receive bids for the construction of a Drainage Ditch, same to be about
ten miles in length. The specifications call for
the removal of about 435 000 cubic yards of earth.
Correspondence solicited.
H. M. CRESAP, Chairman.
J. A. PORTER, Secretary.
Clinton, Kentucky.

Bids will be received by the undersigned until
10 o'clock a. m. of MARCH 10TH, 1914. and will
be opened at the first regular or called meeting
of the Board of Commissioners of the City of
Galveston, Texas, to be held thereafter, for the
purchase of any or au of the following series of
bonds about to be issued by the City of Galveston:
$75,000 of Fire Boat Bonds
150.000 of Water & Sewer Extension Bonds
150,000 of Paving and Street improvement
Bonds
200,000 of Public School Bonds of 1914
300,000 of Municipal Building Bonds

$100,000
City of Hartford, Connecticut

All of the bonds are of the denomination of 3500
each, and bear interest at the rate of five (5%)
per cent per annum, payable semi-annually.
The bonds are payable serially as follows:
Fire-boat bonds: 3 each year for 10 years and
4 each year for the next 30 years; Water and
41-2% BONDS
Sewer-Extension bonds: 7 each year for 20 years
and 8 each year for the next 20 years; Paving and
Sealed proposals will be received at the Charter
-Improvement bonds: 7 each year for 20
Street
Oak National Bank until NOON, TUESDAY,
years and 8 each year for the next 20 years; Public
FEBRUARY 17. 1914. for North East School
School bonds: 10 each year for 40 years; Municipal
District Bonds amounting to 3100,000, dated
year for 40 years.
Building bonds: 15 each
March 1st, 1914, and maturing March 1st, 1944.
Interest is payable in Galveston or New York
Principal and interest at the rate of 43i %Sper
City at the option of holder.
annum.
delivery to purchaser.
The bonds will, before
For further information address
or respective purchasers, be approved by the
WALTER G. CAMP,Chairman,
Attorney-General of Texas, and by Messrs.
North East School District.
York City,
Dillon, Thomson & Clay of New
whose approving opinion will be furnished by the
city of Galveston, without charge, to the purchaser of each series.
Bids will be received for the five series as a
CO.
whole, or for each series separately, or for any
two or more of the five series.
Each bid must state the time when the bonds
BONDS
bid for will be accepted and paid for. Delivery
to be made in Galveston,Texas.
80 STATE STREET. BOSTON
Each bid must be accompanied by a certified
check in a sum equal to two per cent of the total
30 PINE STREET. NE V YORK
amount of the bid as a guaranty of performance.
which check and the sum payable thereon shall
to the City of Galveston as agreed
STATE, CITY & RAILROAD BONDS
be forfeited
and liquidated damages in the event of nonperformance of any bid which may be accepted
by said Board of Commissioners.
The Board of Commissioners reserves the right
to reject any or all bids and to waive any informality in any bid and shall have the right to accept
147 Se. 4th St., Philadelphia, Pa.
that bid or those bids which in the judgment of
said board is for the best interest of the city.
desired, including copy
Further information
of city's financial statement, will be furnished
upon application to I. H. Kempner,Commissioner
AT
NEW ORLEANS
of Finance and Revenue, Galveston, Texas, or
the National City Bank of New York.
WADSWORTH & WRIGHT
All bids must be enclosed in sealed envelopes
marked "Bids for Bonds of the City of Galveston."
Members of New York Stock Exchange
EVERY WEDNESDAY
JOHN D. KELLEY.
NEW YORK
2 WALL STREET
Secretary of Board of Commissioners
Salesroom 201 Philadelphia Boum
Direct Correspondents in New Orleans
City of Galveston. Texas.
of the




BLUDGET &

Barnes 841 Lofland
Stocks and Bonds
AUCTION

470

THE CHRONICLE

tioned to this town by the Warwick Division Commission. Int. not to
exceed 5%. Due in not to exceed 30 years. The Town Council is authorized and empowered to apply to the General Assembly of the State of Rhode
Island for the proper legislative authority to carry the bonding resolution
Into effect.
I The Town Treasurer was authorized at the same meeting to borrow on
promissory notes a sufficient sum to pay the proportion.of the debt of the
old town of Warwick not evidenced by notes or bonds, as shall be apportioned by the Warwick Division Commission as said debt existed on Nov.4
1913, including the proportion of the interest accruing subsequent to said
date on the bonds and notes of the old town of Warwick as shall be apportioned to this town by said commission, the amount so borrowed for the
above purposes outstanding at any one timenot to exceed $40,000, in addition to the limitations upon outstanding notes set in the aforesaid vote
of the annual financial town. meeting.
Howard V. Allen, Treasurer of the Town of Warwick,advises us that"the
temporary note is to be given to pay the old bills of Warwick before division,
each town, West Warwick and Warwick, paying its proportionate share of
the total as segregated by the Division Commission. This note, or rather
the two notes, will be included in the bond Issue by both towns later on.
They, were simply issued now to tide over until the bonds can be sold. the
Act going to the Legislature providing for a bond issue that will cover all
old debts, which this temporary note covers, and our proportion of the
floating notes that were out on Nov. 4 1913, the time of division."
-BOND SALE.
-On
WASHINGTON COUNTY (P. 0. Salem), Ind.
Jan. 31 the $100,000 4% 5 1-6-year (aver.) bridge bonds dated Dec. 31
1913 (V. 98. p 1843) were awarded to Breed. Elliott & Harrison of Inwere:
dianapolis for $100,618 75 and int. Other bids
$100,126
J. F. Wild & Co., Ind11s_3100,565 55 Bank of Salem
Fletcher Am.Nat.Bk.,Ind. 100.277 00 Indiana Tr. Co.. Indianap_ - 100.000
WASHINGTON COURT HOUSE, Fayette County, Ohio.
-BOND
-On Feb. 3 an issue of $4,500 alley-improvement bonds was
SALE.
awarded, it is stated, to the Commercial Bank of Washington Court House
at par and interest.
BONDS AUTHORIZED.
-Reports state that the City Council recently
passed an ordinance providing for the issuance of $1,224 40 alley-paving
bonds.
-BOND ALE.-Onc'
WATERBURY, New Haven County, Conn.
Feb. 2 the $25.000 43 % 30-yr. coup. or reg. Brooklyn Bridge bonds
,
V. 98, p 80) were awarded to Harris, Forbes & Co. of N. Y at 105.191.
Other bidders were:
Rhoades & Co.. New York$26,295 00 C. H. Venner & Co., N.Y.$26,067 50
Merrill, Oldham & Co., Bos26.292 25 Curtis & Sanger, Boston.. 26,035 00
R.L. Day & Co., Boston 26.197 25 Spitzer, ROriCk & Co..N.Y.26,025 27
Kean, Taylor & Co , N.Y. 26,180 00 Adams & Co., Boston__ 26.012 50
Blodget & Co., Boston.._ 26,140 00 Blake Bros.& Co.,Boston 25,857 50
Estabrook & Co., Hartf d 26,132 50
-BOND OFFERINO.-Geo. F.
WATERLOO,Seneca County, N. Y.
Bodine, VII. Pres., will offer for sale at public auction on Feb. 11 $25,000
sewer bonds at not exceeding 5% int. Date Sept. 1 1913. Int. M.& S.
Due $1.000 yearly on Sept. 1 from 1918 to 1942 incl. Cert. check for 2%
of bonds bid for, required.
WAYNE TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0.
-BOND SALE.
-On Dec. 13 the
Lees Creek), Clinton County, Ohio.
-5
$4,0006% 23 -year (aver.) coupon taxable building bonds(V.97, p. 1681)
were awarded to the First Nat. Bank of Sabina at 102.525.
-BOND SALE.
WESTERN CLAY DRAINAGE DISTRICTS, Ark.
On Jan. 29 Gunter & Sawyers of Little Rock were awarded $110,000 District

No.5 and $30,000 Dist. No.5 6% 10-25-yr. (ser.) bonts at 97;4. Denom.
$500. Date Jan. 1 1914. Int. ann. on Jan. 1.
WHITE CONSOLIDATED SPECIAL ,SCHOOL DISTRICT'(P. 0.
Eudora), De Soto County, Miss.
-BOND SALE.
-On Jan. 5 an issue of
$10.000 6% school bonds was awarded to Gunter & Sawyers of Little Rock
at par. Denom.$500. Date Dec. 5 1913. Int. J.& D. Due in 1933.
WICHITA FALLS, Wichita County, Tex.
-BONDS PROPOSED.
This city is contemplating the issuance of $30,000 hospital bonds.
WILKES-BARRE CITY SCHOOL DISTRICT (P. 0.
Wilkes-Barre),
-BOND OFFERING.
Luzerne County, Pa.
-Proposals will be received
until 4 p. m. Feb. 23 by A. W. Moss, Sec., for $100.000 45 % coup. bldg.
bonds. Denom. $1,000. Date June 1 1913. Int. J. & D. at place to
suit purchaser. Due $20,000 on June 11935. 1936 and 1937 and $40,000
on June 1 1938. Cert. check for $2,000 required. Bonds may be registered as to principal and are taxable in hands of Penna. holders. Official
circular states that there is no controversy or litigation pending or threatened concerning the validity of these bonds.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WILLIAMSON COUNTY COMMON SCHOOL DISTRICT NO, 35,
Tex.
-BOND SALE.
-The $1,700 5% 10-40-yr. (opt.) school-house bonds
registered on Nov. 15(V. 97. j3. 1530) were awarded to the Williamson Co.
Court House Fund at par and int. on Nov 14.
wI
WILLMAR, Kandiyohi County, Minn.
-CERTIFICATES TO BE
PURCHASED BY CITY.
-The City Clerk advises us that the $1,500
4% certificates of indebtedness offered on Mar. 10 last will probably
be taken by the Sinking Fund Commrs.
WILMINGTON, No. Caro.
-Reports state
-TEMPORARY LOAN.
that a loan of $65,000 has been negotiated with local banks at 6% interest.
WORTHINGTON, Franklin County, Ohio.
-BOND OFFERING.
Proposals will be received until 12 in. Feb. 28 by W. P. West, VII. Clerk.
for $3,000 5% 25-year water-works bonds. Denom. $500. Date March I
1914. Int. M. & S. Cert. check for 2% of bonds bid for, payable to
Vii. Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
YOAKUM, Dewitt County, Tex.
-BOND ELECTION.
-An
will be held Feb. 14 to submit to a vote the question of issuing election
$100,000
street-improvement bonds.

Canada. its Provinces and Municipalities.
ALBERTA, PROVINCE OF.
-DEBENTURE SALE.
-Newspaper dispatches state that Spencer Trask & Co. and the Equitable Trust Co. have
purchased $2.400.000 4%7 debentures, due Feb. 1 1924. Proceeds of
0
the issue will provide for the retirement of treasury bills issued in connection
with public works during the past three years, which include the new
Capitol building at Edmonton, institutional buildings and highways.
AYR, Ont.-DEBENTURES AUTHORIZED.
-It is stated that a bylaw has been passed providing for the issuance of $4,000 current-expense
debentures.
BRANTFORD, Ont.-DEBENTURES AUTHORIZED.
-Reports state
that the City Council on Feb. 2 voted to issue $70,000 hydro-system-extension debentures.

NEW LOANS.
$141,830.85

CITY OF MINNEAPOLIS

MISCELLANEOUS.

IgIE LONDON

CITY &
LAND BANK LIMITED

Special Certificates of
Indebtedness.
Notice is hereby given that the Committee on
Ways and Means of the City Council of' the City
of Minneapolis. Minnesota, will on TUESDAY.
FEBRUARY 1011-1, 1914. at 2:00 o'clock p. m.,
at the office of the undersigned, receive bids for
the whole or any part of $141,830.85 Special
Certificates of Indebtedness.
The Special Certificates of Indebtedness being
offered on that date consist of ten separate Issues,
as follows: One issue amounting to $7,374.00. one
of $6.107.00. one of $89,781.85, one of $4,379.00.
one of $2,861.00, one of $2.201.00, one of $12,377.00, one of $6,461.00. one of $4,552.00 and
one of $5,737.00.
All to be dated March 2, 1914, and each issue
to become due and payable one-twentieth on
March 2, 1915. and one twentieth each and every
year thereafter to and including March 2, 1934.
No bid will be entertained for any of these Certificates for a sum less than the par value of same
and accrued interest to date of delivery, and the
rate of interest must be bid by the purchaser and
must not be in excess of Five (5%) per cent per
annum, payable annually.
The right to reject any or all bids is hereby reserved.
A certified check for Two (2%) per cent of the
par value of the certificates bid for, made to
C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed on application.
DAN C. BROWN,
City Comptroller.
•
Minneapolis, Minnesota.

$100,000
Wilkes-Barre,Pa.,City School District,

Established 1836

HEAD OFFICE: 5 THFIZADNEEOLE ST., LONDON, E.C.
Telographlo Addross: "CIMIDHO, LONDON"

Foreign Branch Office: 8 FINCH
Tolographic Addrooss

Subscribed Capital
Paid Up Capital
Reserve Fund Deposits
-

;140,000 School District of St.loseph,Mo.,
434% FUNDING BONDS
Bids for $140,000 4 % funding bonds of the
School District of St. Joseph, Mo., serial 5, 10,
15,20 years will be received at 2 P. M. MARCH 2,
1914.
Certified prospectus on application.
A.L. LOVINI.3), Secretary,
St. Joseph, Mo.




LANE, LONDON, E.O.

CINNAFOREX, LONDON"

▪

VP

-

r

▪
•

WI

IMP

-

-

•

$104,367,600
21,743,250
18,500,000
449,500,000

THE BANK HAS OVER 900 OFFICES IN THE PRINCIPAL
CITIES AND TOWNS OF ENGLAND AND WALES

SIR

EDWARD

H. HOLDFIN.,

n

ett.-mirernnn

Bolger,Mosser&WIllaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.

29 South La Salle St.,

43/2% COUPON BONDS
The Wilkes-Barre (Pa.) City School District
will accept sealed bids at not less than par and
accrued interest for an issue of $100,000 4 %
coupon bonds, dated June 1, 1913. Bids must
be accompanied by a certified check for $2.000
and must be in the hands of the Secretary of the
Board by 4 P. M., FEBRUARY 23, 1914. The
Board reserves the right to reject any and all bids.
Further information given by
A. W. MOSS,Secretary.

xcvm.

CHICAGO

F. WM. KRAFT

WANTED

BANK & QUOTATION SECTION
Jan. 3rd, 1914, Issue)
Will Pay 20 Cents a Copy.
COMMERCIAL & FINANCIAL CHRONICLE
138 Front Street, New York

LAWYER.
Specializing in Examination of

Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG.,

CHICAGO, ILL.
MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

SEASONGOOD & MAYER
Ingalls Building
CINCINNATI

GRAND RAPIDS

Howe,Snow,
Corridan & Berteles
Grand Rapids, Mich.

Public Utilities Securities.
e negotiate entire issues and purchase
Public Service properties of wellestablished earnings.

FEE. 7 1914

THE CHRONICLE

CALGARY,B. C.
-DESCRIPTION OF DEBENTURES.
-The proceeds
of the £719,600 5% debentures recently brought out in London by the Bank
of Montreal at 97(V.98. p. 327)are required to redeem treasury bills issued
in respect of public works and other expenditure authorized by the said
by-laws. The debentures are in £100 bonds and will mature at par as
follows: £130,800 on July 11933, £390,900 on Jan. 1 1943 and £197,900
on July 1 1943. Principal and interest payable at the Bank of Montreal,
London, in sterling, or,at the holder's option,at the Bank of Montreal,
Calgary, Toronto, or Montreal, at par of exchange. Interest will be paid
on Jan. 1 and July 1, the first coupon for six months' interest being payable
on July 1 1914.
Pr CARLETON PLACE, Ont.-DEBENTURE SALE.
-An issue of
$102,563.26 534% debentures was recently sold to W. A. Mackenzie &
Co. of Toronto, it is stated. Due from 1934 to 1951.
FORT QU 'APPELLE, Sask.-DEBENTURE SALE.
-An issue of
$9,000 77 10-yr. debentures was recently purchased by W.L. McKinnon
& Co. of*
Toronto, reports state.
0 GALT, Ont.-LOAN VOTED.
,
-Reports state that the Council recently
passed a by-law providing for a loan of $23,000 to be negotiated with the
Merchants' Bank.
GRAIN VILLE SCHOOL DISTRICT NO. 2699, Alta.
-DEBENTURE
SALE.
-During the month of January $1,500 8% 10-installment buildingand-equipment debentures, dated Dec. 30 1913 were purchased by it.
O'Hara & Co. of Toronto.
-DEHARDISTY SCHOOL DISTRICT (P. 0. Hardisty), Alta.
-Reports state that Nay & James of Regina recently
BENTURE SALE.
purchased an issue of $25,000 73 % school debentires at 99.
-DEBENTURE SALE.
-Local newspaper
HIGH RIVER, Man.
reports state that the $100.000 6 % 30-yr ann: installment coup. taxfree water-works and sewerage debentures (V.98,p.90) are being handled
by Brent, Noxon & Co. of Toronto.
KINGSTON, Ont.-DEBENTURES AUTHORIZED.-AccordIng to
reports, the Council recently passed a by-law providing for the issuance of
$100,000 current-expense debentures.
MEDICINE HAT, Alta.
-NEW LOAN -Press dispatches announce
the over-subscriptIon of an issue of £162,000 5% debentures recently
offered in London at 92.
MONTREAL CATHOLIC SCHOOL COMMISSION (P.O. Montreal),
Que.-DEBENTURES TO BE OFFERED SHORTLY.
-Reports state that
the Commission will shortly offer for sale $1,000,0005% 40
-year debentures.
NEEPAWA, Man.
-DEBENTURE OFFERING.
-Proposals will be
received until 8 p. m., Mar. 6, by J. W. Bradley, Secy.-Treas., for the
$18,000 6% 30-yr. electric-light debentures voted in January (V. 98.
p. 6). Date, May 1, 1914.
NEVILLE, Sask.-DEBENTURE OFFERING.
-It is reported that
G.0. Wheeler. Secy.-Treas., will receive bids for an issue of $4,000 debs.
NEW WESTMINSTER, B. C.-DEBENTURE SALE.-On Jan. 30.
reports state. $1,000,000 57 debentures were sold at 85 on the London
°
market, the underwriters being Cosgrove, Harrington & Co.
NORTH VANCOUVER, B. C.
-LOAN OVERSUBSCRIBED.
-A block
of $383,500 5% debentures offered In London at 93 was oversubscribed
early Jan. 29, according to cable advices.
PARRY SOUND, Ont.-DEBENTURES VOTED.
-The question of
Issuing the $4,500 Sequin River rights purchase debentures carried, it is
stated, at a recent election.

471

QUILL LAKE SCHOOL DISTRICT No. 936 (P. 0. Quill Lake),
Sask.-DEBENTURE OFFERING.
-Proposals will be received until
6 p. m., Feb. 20, by J. Buie, Secy.-Treas.. for the $5,000 school-house
debentures at not exceeding 8% int. voted during October (V. 98, p. 181).
Denom. $250 Date "day of sale." Due in 20 ann. installments.
RADWAY SCHOOL DISTRICT NO. 1675, Man.
-DEBENTURE
-11. O'Hara & Co. of Toronto purchased during January $1,250
SALE.
7% 10-installment building-and-equipment debentures dated Dec.30 1913. A
RAINY RIVER, Ont.-DEBENTURES VOTED.
-This place recently
voted in favor of the question of issuing $8,000 public-hall debentures,
it is stated.
REGINA, Sask.-DEBENTURES NOT TO BE OFFERED AT PRES
-We are advised by the City Clerk under date of Jan. 19 that it is
ENT.
not the intention of the city to place upon the market at present the $650,782 local-improvement debentures authorized in Nov. (V. 97, p. 1531).
RENFREW, Ont.-DEBENTURES AUTHORIZED.
-According to
reports, by-laws have been passed authorizing the issuance of $15,000 awterworks and $40,000 current
-expenditure debentures.
SMITH FALLS, Ont.-DEBENTURE SALE.
-On Feb. 2 the following
debentures, aggregating $86,449 (V. 98, p. 412) were awarded to W. L.
McKinnon & Co. of Toronto for $87.449
-equal to 101'.156:
$47,149 5M% 30
-installment trunk-sewer debentures, offered without success as Sc on Dec. 23(V. 98, p. 257)•
32,300 5%% 20
-installment local-improvement debentures.
7,000 5% 20
-installment local-improvement debentures.
Other bids were:
W. A. Mackenzie & Co., Toronto, at the rate of 99.15.
0.11. Burgess & Co., Toronto $84,832.
Quebec Bond Co., Toronto, $84,395 83.
Wood, Gundy & Co., Toronto, $85,380.
A. E. Ames & Co. Toronto, $85,645.
Murray, Mather Si Co., Toronto, at the rate of 96.
Brent, Noxon & Co., Toronto, $83,111.
The Dominion Securities Corporation, Toronto, at the rate of 96.56.
ST017FFVILLE Ont.-DEBENTURES AUTHORIZED.
-A by-law
providing for the issuance of $7,000 electric-light-system debentures recently paasPd third reading, it is stated.
STRATFORD, Ont.-DEBENTURE SALE.
-It is reported that G. A.
Stimson & Co. of Toronto recently purchased an issue of $24,000 43 %
debentures.
SYDNEY, N. S.
-DEBENTURE SALE.
-Reports state that this placebos disposed of an issue of $150,000 44% debentures to a Toronto firm..
WALLACE (Rural Municipality), Man.
-DEBENTURE OFFERING.
-Proposals will be received until Feb. 27 by Wm. Whiteford, Secy.-Treas.,
(P. 0. Virden), for the following 44% debentures:
$25,000 30 annual-installment highway debentures.
40.000 40 annual-installment good-road debentures.
Interest annual.
WARNER (Rural Municipality No. 36), Alta.
-DEBENTURE'
OFFERING.
-This municipality is offering for sale an issue of $15,000
debentures. Due in 20 ann. installments of principal and interest. 6%
E
Trockstad is Secy.-Treas. (P. 0. Blakesville.)
WOODWORTH, Man.
-DEBENTURE ELECTION.
-According to
reports, an election will be held Feb. 14 to vote on the question of issuing
$2,500 school-building debentures.

NEW LOANS.

TRUST COMPANIES

$428,000

BANIMRS TRUST COMPANY

-.1411.0•14.1..1VVVY
0

TOWN OF KEARNY,
Hudson County, New Jersey.
4%% BONDS.
Sealed proposals will be received by the Town
Council of the Town of Kearny, Hudson County,
New Jersey, at the Town Hall, WEDNESDAY,
FEBRUARY 25th, 1914, at 8:30 p. m., for the
purchase o the following bonds:
• $208,0004, 30-year Funding Bonds
0
150,000 4% 1 to 10
-year, Serial, Funding
Bonds, $15,000 due each year,
1915 to 1924.
70,000 4%% 25-year School Bonds.
Said bonds will be dated March 1st, 1914, and
will be approved as to legality by Messrs. Hawkins, Delafield & Longfellow, New York City, and
the bonds will be prepared and certified by the
United States Mortgage & Trust Company of
New York City.
Bids may be made for all or part of the above
Issue
Each bid must be accompanied by a certified
check for 5% of the amount of the bid.
The Town Council reserves the right to reject
any or all bids.
For financial statement of the Town or any
other information desired, address
BURTON E. CANFIELD,
Town Treasurer.

STONE Etc WEBSTER
SECURITIES OF
PUBLIC SERVICE CORPORATIONS

16 WALL ST., NEW YORK
Capital, $10,000,000
Surplus, $10,000,000
'DIRECTORS
JAMES S. ALEY.ANDER, President National Bank of
Commerce, New York.
STEPHEN BAKER,President Bank of the Manhattan
Co., New York,
SAMUEL G. BAYNE, President Seaboard National
Bank, New York.
EDWIN M.BULKLEY,Spencer Trask & Co.,Bankers,
New York.
JAMES G. CANNON, President Fourth National
Bank, New York.
EDMUND C. CONVERSE, President Astor Trust
Co., New York.
THOS. DeWITT CUYLER, President Commercial
Trust Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & Co., Bankers,
New York.
W. NORTH DUANE, Vice-President, New York.
RUDULPH ELLIS, President Fidelity Trust Co.,
Philadelphia.
E. HAYWARD FERRY, Vice-President Hanover National Bank, New York.
WALTER E. FREW, President Corn Exchange Bank,
New York.
FREDERICK T. HASKELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
A. BARTON HEPBURN, Chairman of the Board,
Chase National Bank, New York,

FRANCIS L. HINE, President First National Bank
New York,
EDGAR L. MARSTON, Blair & Co., Bankers,.
New York,
JOS. B. MARTINDALE,President Chemical National
Bank, New York,
GATES W. WGARRAH, President Mechanics and
Metals National Bank, New York.
CHARLES D. NORTON, Vice-President First National Bank, New York.
WILLIAM C. POILLON, Vice-President, New York.
DANIEL E. POMEROY, Vice-President, New York.
SEWARD PROSSER, President Liberty National
Bank, New York.
DANIEL G. REID, Vice-President Liberty National
Bank, New York.
BENJ. STRONG JR., President, New York.
EDWARD F. SWINNEY, President First National
Bank, Kansas City.
GILBERT G.THORNE,Vice-President National Park
Bank, New York.
EDWARD TOWNSEND,President Importers'& Traders' National Bank, New York.
ALBERT H. WIGGIN, President Chase Nations
Bank, New York.
SAMUEL WOOLVERTON, Vice-President Hanover
National Bank, New York.

OFFICERS
BENJ. STRONG JR., President.
WILLIAM C. POILLON, Vice-President
D. E. POMEROY, Vice-President
W. NORTH DUANE, Vice-President
F. I. KENT, Vice-President
HAROLD B. THORNE, Vice-President
F. N. B. CLOSE. Vice-President
GEORGE G. THOMSON,Secretary
GEORGE W. BENTON,Treasurer
_
BUFFALO

GRAND RAPIDS

STONE & WEBSTER
EN1jINE2RING CORPORATION
CONSTRUCTING ENGINEERS

STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
BOSTON
147 MILK STREET

CHICAGO

NEW VORIS
NASSAU ST. rIRST NAT.BANKBLD11




BONDS
of the

WE PURCHASE
Public Service Properties
which have established earnings.

K.elsey, Brewer & Co.
BANKERS
ENGINEERS-OPERATORS
Grand Rapids, Mich.
WE BUY AND SELL
ii1itire issues of Public Utility Securities

international Railway System
and other
Local Securities

TELLER di, EVERS
314 Ellicott Square,

Buffalo. N. T.

BIRMINGHAM
tiecks

Bond

OTTO MARX & Co.
Birmingham

Ala.

SOUTHERN SECURITIES
Tractions
ludustrials

Municipals
State
Inodries &Meted.

THE CHRONICLE

472

gugineevs.

grUst Tompanizs.
CHARTERED 1853.

United States Trust Company of New York
45-47 WALL STREET

Capital,
Surplus and Undivided Profits

- $2,000,000 00
- $14,103,810 00

THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS

This Company acts as Executor, Administrator, Guardian, Trustee, Court 43 Exchange Place, - NEW YORK
Depositary and in other recognized trust capacities.
g
t, It allows interest at current rates on deposits.
San Francisco.
London.
It holds, manages and invests money, securities and other property, real or Chicago..
personal, for estates, corporations and individuals.
Manila, Para, Buenos Aires, Santiago, ChM.
EDWARD W. SHELDON, President.
WILFRED J. WORCESTER, Secretary
WILLIAM M. KINGSLEY, Vice-President
CHARLES A. EDWARDS, 2d Asst. Secy.
WILLIAMSON PELL, Asst. Secretary
TRUSTEES
JOHN A. STEWART, Chairman of the Board
WILLIAM STEWART TOD
LYMAN J. GAGE
WILLIAM ROCKEFELLER
OGDEN MILLS
PAYNE WHITNEY
ALEXANDER E. ORE
EGERTON L. WINTHROP
EDWARD W.SHELDON
WILLIAM D. SLOANE
CORNELIUS N. BLISS JR.
()HAUNCEY KEEP
FRANK LYMAN
HENRY W. de FOREST
GEORGE L. RIVES
JAMES STILLMAN
ROBERT I. CIAMMELL
ARTHUR CURTISS JAMES
JOHN J. PHELPS
WILLIAM VINCENT ASTOR
WILLIAM M. KINGSLEY
LEWIS CASS LEDYARD

Charles D. Robisos

Alfred E. Forst&11

FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas lug!
Electric Propertied for Owners or Finanoisi

Institutions.
NEW YORK CITY.

84 William St.,

The Union Trust Company of New York (established in
1864) has for many years made a specialty of Personal Trusts—
under Will or under Agreement—and maintains a carefully organized department for handling them.
Many millions of dollars worth of property—real and personal—have been intrusted to the company by conservative
people, residents not only of New York State but of other States
in which the Union Trust Company is authorized to transact
business.
Correspondence or interviews with persons considering the
formation of trusts of any kind—for themselves or for others—
UNION TRUST COMPANY, 80 Broadway
are solicited.
CAPITAL and SURPLUS - - $8,300,000

C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Aiten S. Milos

Alex. 0. HUmphreye

HUMPH REVS & MI LLER,Ino
ENGINEERS

Power—Light—Gas
165 BROADWAY

IllinoisTrust&SavingsBank

CHICAGO
Capital, Surplus and Undivided Profits

-

$15,500,000

Has on hand at all times a variety of exPays interest on Time
cellent Securities. Buys and sells
Deposits, Current and Reserve
Government, Municipal and
Accounts. Deals in Foreign ExCorporation Bonds.
ohange. Transacts a General Trust Business.

•

•

NEW

tnin9fultimevs.
H. M. CHANCE

& CO.

Mining Engineers and Geologists

COAL AND MINERAL PROPERTIEN
Examined, Managed, Appraised
PHILADELPHIA, PA.

Drexel Bldg.

Azzonntauts
••••••••••••••••••••••••••••,.......

Write for our General Bond Circular 151

PARK,POTTER & COI
CERTIFIED PUBLIC ACCOUNTANTS.

Mellon National Bank
PITTSBURGH, PA.
8-26

New York, Chicago, Cincinnati and
London. England
Watertown. N

V.. C. E. Scoville.

AUDITORS FOR FINANCIAL, INDUSTRIAb
AND MINING CORPORATIONS.

investigations. Financial Statements,
Au(e I
Porio
Aecountlas.

3% on RESERVE ACCOUNTS
is paid by this bank
AMERICAN MFG. co

Correspondence is invited

Resources over - $60,000,000

MANILA, SISAL AND JUTE
CORDAGE

ft.

IWIEMNIO111111=f12.1r!

Sales Offios:
Noble & West Sts, Brooklyn, N. Y.

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

Chartered 1836

LEVICK & CO.

CAPITAL and SURPLUS,$10,000,000

Foreign Exchange Brokers

Interest allowed
on deposits.

E. B. Morris, President,




Girard Trust Company
PHILADELPHIA

66 Pine Street, New York
"EVERYTHING IN FOREIGN EXCHANGBI/
Orders Solicited and Correspondence Invited