The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fittantiat
The.
tfrontrie
VOL.98
JANUARY 10 1914
NO.2533
I
Published every Saturday morning by WILLIAM B. DANA OOMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G.Dana,Sec. Addresses of all, Office of the Company.
-FOR DECEMBER,SINCE JANUARY 1, AND FOR WEEK- ENDING JAN.3
CLEARINGS
Twelve Months.
December.
Clearings at
1913.
1912.
Inc. or
Dec.
1913.
1912.
$
7,990,998,552 8,808,722,017
94,634,281,984 100,743,967,262
New York
744,622,755 d-3.4 8,523,508,873 8,166,286,613
769,905,125
Philadelphia
240,811,556 -2.0 2,932,402,512 2,798,990,215
235,878,351
Pittsburgh
179,548,760 -11.0 1,967,560,763 1,957,474,680
159,849,447
Baltimore
51,957,921
54,970,991
635,308,095
579,088,538
Buffalo
28,049,222
27,924,829
0.4
338,103,207
314,379,326
Albany
33,210,320
401,905,078
35,541,187
7.0
391,776,792
Washington
258,262,201
23,552,604 -3.6
250,370,987
22,692,010
Rochester
162,781,054
147,543,072
13,256,246 t4.7
13,879.755
Scranton
138,644,019
154,702,896
12,871,253
11,776,936
9.3
Syracuse
90,468,686
96,996,527
7,925,341
8,412,202
6.1
Reading
83,356,050
96,388,095
7,313,300 +25.4
9,168,115
Wilmington
77,326,975
82,451,584
7,433,847 +7.8
7,995,905
Wilkes-Barre
105,130,551
116,411,258
9,632,540 +4.6
10,075,157
Wheeling
70,220,674
84,346,822
7,564,974
6,483,384 +17.0
Harrisburg
92,005,347
97,850,349
9,336,800
9,210,364
Trenton
50,329,110
47,776,302
3,950,051
5.3
York
4,161,865
50,848,388
55,564,122
Erie
4,613,436
4,948,247
31,320,078
3,442,362
2,610,656 +31.9 , 36,400,979
Greensburg
31,979,100
2,854,400 +11.4
36,343,400
3,180,100
Binghamton
31,635,427
2,855,451
36,623,826
3,122,608
4-9.4
Chester
27,114,343
2,707,465
2,516,513 +7.6
30,281,648
Altoona
12,839,516
a1,200,000
1,217,750 -1.5
14,796,678
Franklin
14,942,045
1,427,597
1,287,513 +10.9
16,197,976
Frederick
2,486,221 $7.5
28,482,821
2,673,379
29,592,626
Beaver County, Pa.._
6,758,902
6,386,011
5.8
79,668,455
86,854,162
Lancaster
2,121,122
1,975,399
7.4
Norristown
25,055,483
23,718,337
2,205,481 +32.0
2,910,354
6,895,877
Montclair*
22,897,801
9,421;932,693 16216,116,f21 -7
==7.8 11099,72K- 78 118,387,90/4O
Total Middle
4
677,559,244
711,187,421 ---4.7 8,116,213,999 8,963,808,530
Boston
37,804,800
41,036,100 ---7.9
442,694,200
426,567,200
Providence
246,001,422
21,661,908
20,340,175 A-6.4
254,035,043
Hartford
1,4,366,928
12,837,021 4-11.9
153 910 299
161,386,305
New Haven
. 11,903,389
11,168,131 4-6.6
134,h74,§80
140,316,053
Springfield
8,977,518
7,985,732 4-12.4
115,418,692
107,770,017
Portland
11,338,215 --1.1
11,216,650
134,738,265
136,545,013
Worcester
6,837,986 ---8.4
62,062,098
6,262,601
62,877,279
Fall River
4,689,032
24.4
52,980,734
5,833,823
57,790,193
New Bedford
39.1
29,227,432
2,340,309
Lowell
29,035,096
3,256,073
2,816,104
34,565,188
15.9
Holyoke
3,264,362
35,612,757
2,531,331 ---21.7
Bangor
28,347,935
1,982,023
24,894,205
3,677,000 4-16.0
38,049,700
Waterbury*
50,042,600
4,274,300
835,116,657 Total New England 804,089,319
3.7 9,553,043,160 10396.329,773
1.4
17.3
Week ending January 3.
Inc. or
Dec.
1914.
1913.
%
$
$
-6.1 1,942,802,946 2,050,788,974
-4.4
175,589,457 178,824,553
-4.8
53,150,542
-0.5
36,822,802
40 526,
,
167
-9.7
9,753,121
11,543,908
-7.6
4,900,000
6,537,380
-2.9
7,417,280
7,262,506
-3.2
6,408,632
6,547,504
+10.3
3,243,265
3,054,148
4-11.6
3,640,353
3,479,242
+7.2
1,817,449
1,773,844
+15.6
1,881,136
1,822,764
+6.6
1,544,298
1,840'761
+10.7
1,833,153
2,023,481
4-20.1
4-8.4
1,731,007
2,061,916
---5.1
813087
894,077
4-9.3
1,093,202
1,085,815
--18.2
770,000
700,000
633,200
-13.6
715,100
751,367
--15.8
890,847
532,448
--11.7
462,118
--15.3
4-8.4
I
4-11.7
1,464,881
1.284,780i
A-9.0
+5 7
.
782,8321
482,033
-4.6 2,2607067517 2,383,342,386
-
Inc. or
Dec.
1912.
1911.
1
12
5.2 2,066,419,956 2,085057,246
---1.8 179,321,122 169,421,620
---9.2
49,785,343
48,824,805
---9.1
39,118.582
36,382,152
---15.7
11,814,032
12,828,619
---25.0
6,862,941
6,388,387.
AH2.1
7,642,648
8,885,138
---2.1
8,354,288
5,890,705
4-6.2
3,884,180
3,327,457
4-4.8
3,423,821
3,630,756
4-24.8
2,095,034
1,583,678
4-3.2
1,661,067
1,777.666
---16.1
1,585,117
1,605,471
---9.4
1,985,504
1,980.937
-18.01
-9.1
+0.7
+10.0.
-11.51
-15.6'
+15.2
1,617,498
1,014,761
1,308,864
713,481
693,000
633,220
458,386
1,433,222
971,021
931,270
749,127
607,600
610,877
415,820
-12.3
1,119,943
1,071,423
+62.4
--5.2 2,301,154,904 2,30Z542,487
174,091,1501 180,567,146 ---3.6
9,446,3001
9,860,400 ---1.2
5,900,783
6,224,387 ---5.2
3,925,913
3,562,111 +10.2
3,025,262
3,235,706 -- 6.5
,
2,188,429
2,571,046 --14.9
3,151,202
3,129,849 4-0.7
1,348;408
1,394,826 --3.3
1,151,329
1,113,339 4-3.4
779,050
495,287 4-57.3
850,325
738,596 A-15.2
528,267
697,798 --24.2
212,145,621
9,344,800
5,353,462
3,69 ,9 8
2,980,113
2,770,784
2,933,844
1,244,026
1,087,219
848,131
838,038
575,396
204,868,915
11,073,400
5,093,176
3,619,117
2,659,575
2,808,795
2,902,853
1,362,549
1,239,451
646,338
796,347
474,793
-8.1
206,386.416
213,390,289
-3.3
243,612,332
237,543 AO
1,436,542,216 1,380,413,737 +5.6 16,073,130,524 15,380,795,541
+4.5
Chicago
121,272,700
119,433.250
1,317,212,300 1.369,215,000 -3.8
Cincinnati
107,844,701
112,754,935
+4.6 1,275,501,014 1,150,397,653 +10.9
Clevelnad
100,872,234 +15.8 1,331,053,396 1,127,793,196 +18.0
116,819,617
Detroit
72,748,543
65,443,603 4-11.2
724,883,441
786,473,488
+8.5
Milwaukee
36,675,355
39,555,222 -7.3
434,325,979 -0.5
432,452,388
Indianapolis
28,988,000
29,386,700 -1.4
322,984,400 +4.5
337,575,000
Columbus
28,353,141
22,091,896 +19.3
250,594,130 +11.5
279,469,644
Toledo
20,174,475
13,497,747 +49.5
175,209,346
188,537,195
7.8
Peoria
14,157,344
13,937,266 +1.6
186,987,675
Grand Rapids
170,674,607
2.2
10,408,060
9,796,446 +6.2
113,461,308
Dayton
122,982,577
8.4
12,312,504
10,386,112 +.18.5
119,475,061
Evansville
129,075,479
2,861,572
38,499,982 -1.2
3,509,963 --18.5
Kalamazoo
38,050,369
5,155,756
82,957,249 -8.1
Springfield, Ill
5,438,854 -5.2
57,883,627
5,589,614
5,211,122 +7.3
58,930,466 +10.3
Fort Wayne
65,002,708
6,356,709
Youngstown
77,539,471
7,063,648 -10.0
82,978,543
+7.0
7,387,000
93,375,000 +2.9
Akron
9,139,800 -19.2
96,120,000
4,237,731
Lexington
4,655,981 -9.0
50,833,668 -10.1
45,701,101
4,439,810
Rockford
4,007,779 +10.8
45,006,662 +13.1
50,889,490
6,495,754
Canton
5,692,490 +14.1
65,950,577 4-18.4
76,722,808
2,699,479
Bloomington
3,027,484 -10.8
36,628,527 4-0.5
36,827,844
3,839,858
3,412,583 +12.5
Quincy
38,052,114 A-11.9
42,564,723
3,564,869
2,914,577 +22.3
Springfield, Ohio_ _ _
37,320,954
30,814,620 A-21.1
2,294,920 -7.0
2,133,705
Decatur
26,751,889
26,481,475 +1.1
2,653,911 --0.1
2,650,816
South Bend
32,333,497
30,265,571 +6.8
2,466,815 ---4.8
2,347,299
Jackson
28,085,318
28,086,354
2,003,686 4-12.4
2,253,119
Mansfield
25,422,320
22,930,316 +10.8
2,069,918
2,052,086
Danville
23,093,654 +5.4
24,344,040
2,008,627 4-10.3
2,215,318
Lansing
24,810.888
23.737.960 +4.5
1,960,748
2,411,533
23.0
21,704,974 +19.3
Llma
25,883,836
1,485,018
1,043,858
10.8
15,760,884 +12.5
17,626,445
Jacksonville, Ill
969,536
1,072,775
10.8
10,013,905
Ann Arbor
11,002,017
9.8
1,535,380
1,910,636
24.4
22,716,551
22,358,535
1.6
Owensboro
2,002,462
1,938,080
21,310,114
21,786,954
Flint
1,549,250 4-4.5
1,618,933
15,082,329 +27.4
Gary
19,221,942
635,234
549,339 4-13.7
6,196,382 +7.8
6,679,064
Lorain
232,936 +4.6 _
243,704
2,171,750 +32.4
2,874,194
Adrian
_ _
4877 23,363;738,732 122263,775:029 4-5.2
Total Middle West. 2,085123,268 T,V12,366;f91
Detailsof Pacific and Other Western on page 132.
563,353,543
583,635,451 -3.5 6,544,383,046 6,498,716,856 +0.7
Total Pacific
718,766.884
725,347,604 -0.9 8,120,399,191 7,718,534,371
Total Other West
+5.2
367,590,341 12.6 4,136,994,869 4,627,580,808 4-2.7
377,216,507
St. Louis
104,848,693
109,559,295
4.5
New Orleans
980,683,873 1,058,354,963 -7.3
65,220,027
69,622,106
6.7
724,894,233 --1.3
Louisville
715,731,886
41,862,958 Not included in total
357,821,194 Not included in total
Houston
50,371,000 45,557,000
9.5
515,429,000 +0.7
Galveston
519,101,000
37,162,357 +11.9
41,569,990
429,787,122 --2.5
419,121,313
Richmond
71,155,509 +18.9
84,597,389
601,941,254
Atlanta
725404,193
4.9
47,507,651
51,026,081
+7.4
Memphis
421,987,372
421,302,288
0.2
39,082,889 -4.2
Fort Worth
37,430,181
386,933,076
418,619,830
8.2
30,646,382 +2.0
Savannah
31,246,954
280,538,332
294,207,728 -4.7
33,280,468
Nashville
10.8
36,861,048
307,042,702
366,657,389
19.4
19,753,338
Norfolk
14.6
22,632,464
190,057,721
214,966,911
13.1
Birmingham
13,808,083
17,554,388
150,317,753
173,857,773
15.7
Augusta
10,990,114 +5.2
11,567,526
113,583,916 --4.8
108,160,149
Little Rock
10,619,671 +29.9
13,798,282
109,330,076
119,246,290
;
F9.1
Jacksonville
15,079,437 +4.1
15,696,778
168,442,389
174,971,596
3.9
Chattanooga
11,223,572
11,524,479 --2.8
128,745,099
122,971,804
4.7
10,329,080
Charleston
9,221,023 +12.0
102,484,917 --0.8
101,860,117
6,834,857
7,216,201 -5.1
Mobile
73,533,518
72,625,218 4-1.3
537
.
Knoxville
---4.9
100,014,448 --12.2
87,812,515
7,832,462 +7.6
8,42.9, 00i
„0
Oklahoma
85,091,348 +8.0
91,900,305
23,843,9671
19,179,800 +24.2
Macon
193,476,617 --1.8
190,313,003
6,259,582
8,256,011 +0.06
Columbia
57,383,538
32,944,827 4-8.4
11,620,374
10,678,589 +8.8
Austin
131,608,482
118,116,852 4-11.4
3,368,952 -14.2
2,891,381
Beaumont
31,428,000 41-4.8
32,873,997
2,001,790 +2.9
2,059,259
Vicksburg
16,628,255 -7.6
15,359,971
3,906,560 -26.8
Wilmington, N. C
2,859,701
41,238,464 --18.5
33,586,508
2,804,999 -2.0
2,748,125
25,684,404 Ar0.7
Columbus, Ga
25,873,046
6,920,000 +2.7
El Paso
7,106,118
73,758,265 -F5.9
78,094,742
2,004,811
Jackson
+3.8
2,081,786
23,500,001 -9.7
21,232,109
1,616,558 -16.1
Meridian
18,109,230 ---0.8
1,356,687
17,967,096
Tulsa
4,770,000 +47.7
7,044,107
38,827,919 +55.8
60,611,840
Muskogee
4,003,209 +9.2
4,373,386
45,835,444
41,455,877 4-10.6
Total Southern..._
1,084,730,468 1,028T553,696 +5.4 10,970- 334:196 1 -7747,6517475 --7
,
- 2.1
-11
0
Total all
14,677,998.173 15,361,124,620
160,551,826,803 173,952,914,911 -2.5
Outside New York. 67677,997,621 6552,402,603
7017444,819 '73,208,947,640 4-2.3
294,324,179
25,500,000
23,500,000
23,331,018
14,000,000
8,529,198
5,893,100
4,823,105
3,480.091
3,100,327
1,978,538
2,374,511
552,005
970,278
1,343,992
954,473
1,295,000
992,169
954,080
1,304,382
831,631
804,108
1,048,867
417,809
580,603
375,000
398,982
520,000
436,420
562,344
318,962
306,121
338,147
306,780,873
27,578,000
26,546,089
22,194,944
14,780,550
8,832,393
8,362,800
4,690,778
3,298,299
3,624,958
2,007,376
2,747.157
745,594
1,100000
1,284,777
1,123,053
1,553000
942,544
819,034
1,454,514
701,363
861,469
660,435
600,100
947,015
387,828
385,254
526,824
' 304,007
527,297
506'071
289,628
375,849
4.1
-7.5
11.5
+5.1
---5.3
-3.4
---7.4
+2.8
4-5.5
---14.5
---1.4
---13.6
-25.9
---11.8
4-4.8
---15.0
---18.8
283,648,130
29,067,500
23,155,166
21,459,319
11,913,105
9,102,229
5,646,600
4,227,718
3,312,896
2,892,878
2,547,262
3,443,186
834,715
1,426,300
1,129,330
1,146,564
1,279,900
1,078,320
616,088
1,349,967
709,815
631,919
619,405
542,632
647,836
440,000
493,897
422,599
355,810
431,337
611,439
221,830
777,415
260,799,85
0
.
33,445,050
21,219,488
18,711,568
13,418,360
10,366,591
5,738,000
4,112,013
2,999,725
2,509,863
• 2,488,803
3,314,496
755,692
1,209,242
975,725
1,813,479
765,300
1,248,332
615,857
1,045,891
704,439
1,903,236
873,348
409,212
665,334
410,000
381,017
435,701
325,726
446,341
353,928
228,174
557,467
80,674 29.6
445,621,22e, ---474
60,175
415,92T,4113
-
50,377
395:07,623
109,325,655 125,356,980 -12.8
10.8
138,217,554 155,002,919 --4.3
88,814,927
92,813,195 24,449,875 +19.0
29,100,349
13,851,405
14,733,881 -6.0
9,632,505 Not included In total
9,436,509
9,219,500 4-2.4
7,410,319
7,669,486 --3.4
14,594,419
13,944,828 +4.7
9,450,580
10,304,936 ---8.3
6,573,818
7,091,043 ---7.3
5,476,090
5,752,519 ---4.8
6,465,377
7,378,157 -12.4
3,778,738
3,504,279 4-7.8
4,023,669
3,520,627 +14.3
2,295,291
2,160,583 +6.3
2,328,814
2,214,598 +5.1
2,800,000
3,400,000 -17.6
2,000,000
14.5
2,337,968 1,567,419
1,521,180 +3.0
2,276,948
1,724,097 +32.0
1,561,288
1,667,255 -6.4
1,561,000
1,474,209 +5.9
4,152,023
3,285,173 +26.9
118,799,679
133,796,854
79,768,878
25,290,784
14,479,914
110,991,204
134,364,484
84,452,614
22,612,269
14,917,625
8,921,500
12,500,000
1.5,284,358
10,374,560
6,298,516
6,436,219
7,665,092
3,768,777
3,725,863
2,392,319
1,944,287
3,500.000
2,468,357
2,100,379
1,930,999
2,037,992
1,522,786
3,258,472
8,317,000
9,500,000
15,383,731
9,550,899
8,796,438
8,200,276
5,112,912
3,358,012
3,027,516
3,242,574
1,921,987
3,216,161
1,807,132
2,215,751
1.830,633
2,054,179
2,294,774
3,400,000
---9.5
---3.8
$3.3
4.8
4.3
-6.6
$1.3
1.3
9.1
---0.7
4-3.0
---5.5
18.0
t2.2
127.1
1
t
1
57,011
125094,051
-
4-16.5
---10.3
---9.9
-6.7
4-58.8
-38.8
-3.3
+3.6
1.3
4-43.5
+6.6
-37.5
+5.9
1,202,694
1,821,920 -34.0
2,024,859
1,424,857
384,145
13.8
445,686 -
455,517
453,578
319,975
355,274 -9.9
385,105
400,000
280,0001
300,000 --6.7
250,000
280,877
1,442,384'
909,545 +58.6
555,472
606,399
872,0131
737,048 +18.3
803,816
224,019,985, 224,716,860 -0.3 - 1267178,848 214,8S7,387
3,363,140,1783,547,430,638 -5.2 3,524,174,959,3,484,006,574
1,420,337,232.1,496.641,664
1,457,754,(10311,399.249,328
-
tar Table Clearings by Telegraph and Canadian Clearings on page 132. *Not included for month and twelve months; comparison incomplete. a December 191
tigures estimated; data not obtainable
THE CHRONICLE
92
CHRONICLE INDEX.
The index to Volume 97 of the "Chronicle"—which
volume ended with the issue of December 27—is
mailed with this issue. As has been the practice for
some years, the index is issued as a separate pamphlet for convenience in binding.
T IE FINANCIAL SITUATION.
We have received another letter from the Secretary of the Clearing-House Section of the American
Bankers' Association bearing on the question whether
under the new banking and currency law it will be
possible for the Clearing-House Bank Examiner to
continue his functions without violating the provisions of said law. We print the letter herewith:
CLEARING-HOUSE SECTION.
THE AMERICAN BANKERS' ASSOCIATION.
New York, Jan. 5 1914.
Editor Commercial & Financial Chronicle, New York City:
Dear Sir—Referring again to the subject of bank examinations as provided in Sections 21 and 22 of the Federal Reserve
Act, I note that you have called attention editorially to the
question whether or not the framers of the statute had an
ulterior purpose in view in including in Section 21 the
provision that:
"No bank shall be subject to any visitorial powers other
than such as are authorized by law".
I beg to call your attention to the fact that this identical
provision appears in Section 5241 of the National Bank Act
as amended in 1864, so that you can see at once that the
authors of the present bill did not invent this cluase.
However, that they did have in mind the Pujo investigation and the difficulties which Mr. Untermyer met with in
securing information is evident, because we find that they
have added to the clause quoted above an amendment
which will hereafter give power to committees appointed by
Congress.
In applying this part of the Federal Reserve Act to Clearing-house examinations as coming under this provision,
you must bear in mind that no bank is required to become a
member of the Clearing-House and thus subject itself to the
rules of the Clearing-House Association.
Yours very truly,
0. HOWARD WOLFE,
Secretary.
We do not think the matter is so easily disposed of
as our correspondent in his letter imagines. There
is a wide difference between the provision as it originally stood and the provision as it has now been
changed. In the one instance it was merely protective. Now it appears to be prohibitory. As the
phrase stood at first, there could be no two opinions
as to its meaning and intent. It read: "No association shall be subject to any visitorial powers other
than such as are authorized by law or are vested
in the courts of justice." The purpose here was
plain and unmistakable. It was intended to protect the banks against oppressive action on the
part of Government officials—to guard against
abuse of power by any public functionary inclined
to become arbitrary or despotic. In the form, however, in which the declaration now stands its scope
is greatly enlarged and it is given a sweep which it
did not previously possess. It now reads:"No bank
shall be subject to any visitorial powers other than
such as are authorized by law, or vested in the courts
of justice, or such as shall be or shall have been exercised or directed by Congress, or by either House
thereof, or by any committee of Congress, or of either
House duly authorized." In thus enumerating the
various exceptions to the rule, the framers of the law
must be deemed to have intended to exclude any
[voL. xcviii.
exceptions not specifically enumerated. As Clearing-House examinations are not thus enumerated,
there must have been design in omitting mention of
them. If it had been intended to permit ClearingHouse examinations, would not another "or" have
been added and some phrase incorporated indicative
of that fact.
It is true, as our correspondent suggests, that no
bank is required to become a member of the Clearing House and thereby subject itself to the rules of
the Clearing-House Association, but in view of the
declaration now contained in the statute, it by no
means follows that, having become a member of
the Clearing-House Association, it could waive this
plain prohibitory provision of the statute which in its
original form was harmless enough but which now
in unmistakable language forbids. Previously,
there was nothing to interfere with the functions of
the Clearing-House Examiner since the thing forbidden clearly had reference to official acts; but now
there is an express enumeration of the things that
are permitted in face of the prohibition and ClearingHouse examinations are not among them. We do not
despair that some way will be found of continuing the functions of the Clearing-House Examiner,
in full compliance with the law. Our purpose is
merely to note the obstacles that must be overcome
in so doing.
The action of the board of directors of the Union
Pacific in authorizing the distribution to the common
stockholders, as a bonus, of some $80,000,000 of
common and preferred stock of the Baltimore &
Ohio RR. Co. now held in the treasury of one of the
Union Pacific subsidiaries, cannot be judged by
ordinary standards. If the transaction could be
considered all by itself it would have to be regarded
as quite objectionable and even reprehensible. t
is a distribution of a valuable and income-producing
asset and obviously the present is no time for even
a strongly buttressed railroad to divest itself of any
revenue-producing property or investment. All
United States railroads find themselves in a most
unfortunate plight, with operating expenses rising
in an alarming way, and the carriers prevented from
finding compensation in higher transportation charges
without the consent of the Inter-State Commerce
Commission and with the Commission not disposed
to give such consent. Of course, in the present instance the dividend on Union Pacific common stock
is to be reduced to precisely the extent of the loss in
income involved in the distribution of the Baltimore
& Ohio shareholdings—that is, the dividend is to
be reduced from a basis of 10% per annum to 8%—
but this will receive very scant consideration, it may
be confidently asserted, from those who make it a
practice to inflame public sentiment against the
roads.
Conditions, however, were evidently such that the
Union Pacific directors had no option but to dispose
of these stockholdings. On the one hand they were
obliged to comply with the decree of the United
States Supreme Court and on the other hand they
had to find some method of carrying out the decree
which would meet the wishes of the Attorney-General
and the Administration. It has been announced in
the news dispatches from Washington that such a
disposition as is now to be made of the Baltimore &
Ohio stock is satisfactory to the Attorney-General,
and is, in fact, in entire accord with his ideas of what
JAN. 10 1914.1
THE CHRONICLE
should be done in the premises. Of course the main
problem before the Union Pacific management was
how to get rid of Southern Pacific stock; but as part
of the plan of getting rid of this Southern Pacific
stock a new problem was created for the Union
Pacific management. Under the plan as finally
agreed upon last June for the dissolution of the
Union Pacific-Southern Pacific combination, $38,292,400 of Southern Pacific stock owned by the
Union Pacific was exchanged for $42,547,200 of
Baltimore & Ohio stock owned by the Pennsylvania
RR. Thereby the Union Pacific got 20.4% of the
outstanding share capital of the Baltimore & Ohio in
addition to the 18.26% of the same stock already
owned by it, thus increasing its ownership in that
property to 38.66%.
This last was obviously sufficient not merely to
give the Union Pacific a dominant but virtually a
controlling interest in that important trunk-line
system. It brought very near the realization of the
dream of the late Edward H. Harriman of a railroad
system under a single domination extending from
ocean to ocean. This was the new problem created.
It was not to be supposed that such a gigantic combination of railroad mileage would find favor either
in the railroad world or on the part of the Government. In view of the possibility, of thus creating
such a vast system of railroad mileage extending from
ocean to ocean, it seemed surprising to us that the
Attorney-General should have sanctioned an exchange of Southern Pacific stock for Baltimore &
Ohio stock; but, as we now see, this exchange was
part of a larger plan for disposing at once of the Southern Pacific and of getting rid of the Baltimore & Ohio
stock, with its possibilities of a dream of railroad empire. At all events, we must suppose that it was
considerations of this kind that influenced the Union
Pacific management rather than questions of sound
economic policy.
The Washington newspaper representatives continue their conjectures for the future, and it must be
conceded to them that they are more practical and
cool-headed than many of the men in office whose
conduct they are trying to forecast. About a hundred bills aimed at punishing, defining or disorganizing the trusts have already been introduced
in Congress, and one correspondent tells us that
Chairman Clayton of the House Judiciary Committee thinks well of the President's reported plan
to allow the trusts to break themselves up outside
of court rooms, thereby saving litigation and commercial disturbance, and that this plan will be followed (according to the understanding at the Capital)
"until the existing law is so amended as to give the
Administration side of the Government more power
in dealing with the trusts than is now accorded the
courts", the evident underlying motive of this plan
being the popular belief (or the Washington assumption) that the courts are altogether too slow.
The same correspondent also tells us that the
Administration "has determined that the business
community should be given a word of encouragement". Verily, such a word is timely, many such
words; but would not the simplest and most *effective
be some firm assurance that the business community,
of which every person in the country virtually is a
part and upon whose prosperity everybody and
everything stands, shall have less experimenting
93
laid upon it and be accorded a long term of rest?
When one observes that things are studied conjecturally rather than impartially; investigated for
party purposes rather than for discovery of real
truth; made involuntary subject of experiment by
theorists whose competency to reform business and
give it at once more honesty and more efficiency has
been put on the ground of small personal knowledge
of it—is it strange that business looks apprehensively
towards what more may be directed against it while
trying to understand and adjust itself to the socalled constructive legislation already enacted?
Another Washington correspondent tells us that
the ending of the year "finds the Wilson Administration very well satisfied with the outlook for 1914;
an optimistic feeling prevails through Government
circles;" yet the same dispatch cites a Kansas Representative as predicting in 1914 "the adoption of a
new plan of social and industrial justice." Such
generalizations are often uttered, because they are
rounded phrases which sound large and do not
compel precise thinking by those who use them;
but because nobody can foresee what may be attempted under them, business operations restrict
themselves to present necessities and capital holds
aloof from prolonged commitments. Mr. Wilson
has faith in his own theories; his intentions are
admirable; but, could there be a better augury at
the opening of this year than some firm assurance
that he is becoming less confident in himself, less
sure that he is called to alter everything, and more
ready to believe that trade (even on a large scale)
is not somehow different from ordinary industry
and is not totally depraved when allowed to go free
from either the sting or the sight of the lash of law?
•Theimessage of Governor Glynn is chiefly an urgent
call for facing squarely about in the matter of public
expenditures. Twenty years ago, with a population
just under 6 millions (Census of 1890), the State's
expenditures were 15 millions, or about $2 39 per
capita; now, with an increase of not much over onehalf in population, the outlay has more than doubled,
being $5 10 per capita. Indirect sources are estimated as likely to yield only 41 millions in the coming fiscal year, yet the requests for appropriations
amount to 63 millions, so the taxpayer must either
"shoulder a large direct tax or discourage the illusion
that the best legislator is he who brings back the
largest appropriations from the State's treasury for
his home district."
Itemize all appropriations; allow none except for
State-wide benefit; begin no new activity until there
is a real and ample surplus; attend first to necessities,
and defer luxuries to a more abundant time—these
are the remedies suggested, with the assurance that
any special appropriations made in advance of any
general ones will be promptly vetoed. We cannot,
materially increase receipts, says Governor Glynn;
therefore we must decrease expenditures. Needless.
employees must be dropped, needless offices must be
abolished, and consolidation of bureaus must beaccomplished wherever possible.
"Taxation for extravagance is legislative tyranny."
It surely is, and this epigrammatic statement is timely
in a day when the notion is promulgated that all
wealth belongs to the people and may be drawn upon
for any imagined benefit of the people; that nine-
94
THE CHRONICLE
tenths of the people may apply confiscation to the
other tenth without doing any wrong. Other truthful and timely statements are that while legislation
may stop some abuses and right some wrongs, "one
of the greatest errors of modern thought is the notion
that a people can be made permanently prosperous
by legislation." Further:
"The greatest right possessed by a free people, and
one with which legislation should not interfere, is
that of pursuing, without Governmental interference,
their individual fortunes in a manner that preserves
to each of the citizens that broad liberty of action
within the law which does not infringe upon the rights
of another. There is too much Governmental activity and too general a notion that difficulties and
troubles essential to and inseparable from human
nature can be removed by legal enactments."
The politician's idea of economy always, and the
citizen's idea of it often, would apply that admirable
process to the projects of others and begin it just
outside of matters in which he himself feels an interest. Would that we could now hear some homilies
upon economy and retrenchment at Washington,
and that the country might have (and feel quite sure
of having) a rest from Governmental attempts to
regulate and uplift everything but itself.
Events in Mexico certainly show no improvement,
and the week's news has, if possible, made the outlook even more indefinite. From the military standpoint interest has centred on the operations of the
Constitutionalists to capture Ojinaga. Several attempts have been unsuccessful, and in one instance
the Federal troops took the offensive, General Orizco
making a sortie with 1,000 cavalry and forcing the
rebels to retreat. General Pancho Villa, the head
of the revolutionary movement in the North, has,
it is reported, arrived on the scene and will personally
command the next attack on the city. Meanwhile
reinforcements are on their way from Torreon for
the Federal troops, and some sanguinary encounters
on a large scale are in sight. There have been persistent rumors that Provisional President Huerta
has decided to resign and to take charge of the military operations to suppress the revolutionists.
President Wilson denies that as a result of his conference with Mr. Lind, his personal envoy in Mexico,
on the scout cruiser Chester, there has been any
change in the Government's Mexican policy. There
have been reports of renewed pressure from Europe,
however, and increased activity both in our own
military and naval preparations suggest that additional efforts are to be exerted to bring the entire
Mexican trouble to a head. Mr. Lind has returned
to Vera Cruz. "L'Information," a well-known
financial newspaper in Paris, published an interview
on Tuesday with Adolfo de la Lama, President
Huerta's financial envoy in Europe. After explaining the arrangement made to pay the interest on the
bonds of the National Railways of Mexico, which
fell due on Jan. 1, the envoy acknowledged that a
second part of his mission, the modification of the
terms of the 1913 loan had not advanced. This loan
amounted to $80,000,000, of which French banks
took $30,000,000. They had an option on a further
$25,000,000 which expired on Jan. 1, and a second
Option of $25,000,000 which expired on Thursday.
These options were not exercised. Senor de la Lama
[VoL. 'rev ici.
admitted that the banks were perfectly within their
rights in this respect, but said that they placed
Mexico in a rather awkward position, as Mexico is
barred for two years from negotiating the bonds
which the French banks have not taken up. The
Mexican Government can pledge these bonds for
loans but cannot sell them. At the same time the
home situation is highly complicated, 38% of the
customs receipts being tied up as a pledge for the repayment of loans without any equivalent in money
to the Mexican Government. The latter, therefore,
is seeking permission to get back its liberty of action.
This liberty, according to Senor de la Lama, the
Government imprudently gave up, desiring not to
infringe on the rights of the bankers who lent money
to Mexico. The monetary needs of the Mexican
Government, the envoy further explained, are not
so great as is generally supposed. The treasury
receipts, although they do not show the 12 or 15%
increase as in former years, exhibit an increase of
almost 3% over those of 1912. Of the $30,000,000
obtained last summer, $20,000,000 was spent in repaying earlier loans and deducting commissions and
the difference between the issue price and par only
$4,000,000 remain clear. "If the $4,400,000 which
the banks lent to us," said de la Lama, "is added,
the total amount we have borrowed is less than $15,000,000, which is not enormous. The negotiations
for an advance of $4,000,000 in London for the Banco
de Londres y Mexico have failed, but measures were
taken to permit the bank to resume specie payments
when the moratorium expires." "It is essential,"
the envoy continued, "for the national honor and
welfare of Mexico that President Huerta maintain
his position until the general elections are held next
July, when General Huerta, being ineligible for reelection, will bow to the will of the Nation, as doubtless the United States also will do when that country
is better informed. When the rebels no longer enjoy the moral support of the Government of the United
States the material support given to them by certain Americans who are interested in oil will diminish. The activities of the rebels which the American press exaggerates will speedily decrease when this
support is withdrawn from them."
A dispatch from Mexico City states that General
Trevino, formerly one of the candidates for the Presidency of Mexico, is on his way to that city from the
northern part of the republic. His trip is believed
to be in co-operation with the plan of PresidentWilson
to propose through Charge d'Affaires O'Shaughnessy
that Huerta resign and that Trevino assume the
Presidency. A warning has been issued by the State
Department at Washington to Americans against
attempting to return to Mexico to resume industrial
or other similar operations suspended by the war
in that country. The Department gives notice
that there has been no improvement in conditions
in Mexico such as to warrant Americans attempting
to return.
Banking affairs in the Southern Republic are necessarily in bad shape. The period of bank holidays
has been extended until the middle of January, but
it is realized that this artifice cannot be used indefinitely. In decreeing the bank holidays Gen. Huerta
acted under the so-called special powers granted to him
by Congress in matters pertaining to the Finance
JAN. 10 19144
THE CHRONICLE
Department. Sir Lionel Carden, British Minister
to Mexico, is soon to be transferred to Rio Janeiro
as Minister to Brazil. He was appointed to Mexico
on July 18 1913 to succeed Francis William Stronge.
His successor will probably be (according to London
cabled advices) Charles Murray Marling, a senior
Counsellor in the British Diplomatic Service, now
accredited to Turkey. Sir Lionel Carden's transfer
.
—which is a promotion so far as salary is concerned,
although the two legations have the same standing—
would have been made some time ago except for the
fact that the British Foreign Office would not make
the change while the Minister was under fire for the
alleged interviews by which he was made to reflect
on the policy of the United States toward Mexico.
Practically all paper money that exists in Mexico
was forced into circulation on Wednesday by a decree issued by Gen. Huerta making the bills of all
State banks legal tender and specifying as obligatory
their acceptance for all payments. The inability
to float the bills of State banks outside of the States
in which they had been issued, and the limited volume of bills of the National Bank and of the Bank of
London & Mexico,had brought about a condition almost of financial crisis. The redemption of the notes
of the State banks is to be guaranteed by a fund
subscribed by the banks issuing them, which is to
be regulated by a commission.
Following the reaction that has been shown so
clearly in France and Germany against the increased
taxation resulting from the competition of armaments
in Europe, several hundred Liberal Members of
Parliament in Britain have banded themselves together with the idea of putting an end to AngloGerman competition in armaments. The Tory
press has conferred the contemptuous title of "The
Suicide Club" on these members, a deputation of
whom recently waited on Premier Asquith and, it
is understood, gave him a strong hint that they would
decline to vote for any increase in expenditure on the
navy. Reports are reiterated that Winston Churchhill, First Lord of the Admiralty, is to resign, and
there are grave fears that the Government itself
will not survive the large budget estimates that are
inevitable. It is expected that the naval extimates,
for instance, will rise to $250,000,000. Mr. Asquith's reply to the deputation has not been published,
but he is understood to have asserted that, while
there will be no increase in the naval program already mapped out, that program will be pushed forward. It was not Mr. Churchill's program, he intimated, and he himself would not cut it down.
Economy on the navy, he asserted, has got down to
bedrock. Much interest has been taken in an article from the pen of Rear Admiral Mahan, published
in the London "Daily Mail", in which it is declared
that the "British navy cannot abandon the Mediterranean without disaster to the Empire, but
cannot hold the Mediterranean without disaster to
Great Britain."
The Right Honorable Joseph Chamberlain has
announced this week that he intends to retire from
Parliament at the next general election. The announcement was contained in a letter to the President
of the Unionist Association of Birmingham. Mr.
Chamberlain has represented Birmingham inithe
95
House of Commons since 1876. He is 77 years old
and his last appearance in the House of Commons was
at the opening of the session in 1911. At that time
he had to be assisted into the Chamber, where he took
his oath and went away again immediately. He was
even then almost completely paralyzed and all
hope of recovering his former health was abandoned.
Since that time his condition has not materially
changed.
Under the new army tax that went into effect in
Germany on the first of the year every man, woman
and child enjoying an income of more than $250,
or who has a fortune in excess of $2,500, must pay
the tax. The amount is small so far as the middle
class and others of moderate means are concerned
and the Act provides three years in which payments
may be made. The sum of $250,000,000 must be
raised for the increase in the military establishment
and declarations must be turned in not later than
January 20. A general amnesty has been conferred
upon all persons who have hitherto unconsciously
or otherwise been delinquent in making returns to
the Imperial Exchequer. The Kaiser, kings and
princes must pay their full quota of this tax. Royalty hitherto has been exempt from taxation in Germany. The army tax does not specifically assess
them, but the Government gave an informal pledge
to the country that the ruling sovereigns would pay
the same proportion as the humblest subject. The
Kaiser's fortune is estimated at $35,000,000 and his
"fortune tax" is roundly $500,000, while on his
income of $5,500,000, which is the largest in Germany,
he must pay 8%, or $440,000, making a total of
$1,000,000. The middle class man worth $25,000,
pays a property tax of $62 50; if he has an income of
$5,000 a year his income tax will be an additional
$70.
The event of importance in the foreign financial
situation has been the reduction, announced on
Thursday, of the Bank of England discount rate
from the 5% basis which was established on Oct. 2
A
to 41 %. The reduction produced a better feeling
on the London Stock Exchange and it is not altogether improbable that this was the real object of
the change, since reductions in the official discount
basis are extremely rare during the first month of
the year. The Governors of the Bank were encouraged to make the change by a particularly
strong statement of the Bank's position. This we
refer to in detail a little further on. The evidence of
an easier money outlook in London will not be
without its effect on the Continent. Already there
are reports by cable from usually well-informed correspondents in Paris that the Bank of France is not
unlikely to announce a corresponding decline in its
official rate next Thursday. The German Reichsbank, it will be recalled, reduced its figure last fall
and the German market was able to negotiate the
year-end settlement under easier circumstances than
had existed for mny years.
London underwriters have not yet again begun
to test the investment situation by offering important new issues. Notwithstanding their concerted
movement in the autumn to curtail new offerings,
the year 1913 established a new record for activity
96
THE CHRONICLE
in this respect, distancing the heretofore record year
of 1910, which was, it will be recalled, marked by
the higly sensational rubber boom. The compilation of the "London Statist" as reported by cable
shows that the new issues of capital for 1913 reached
a total of £245,906,000, which compares with £211,337,000for 1912 and with £232,143,000for 1910. The
1913 figures include £3,753,000 for India, £94,957,000 for the British Colonies and £97,959,000 for
foreign countries. These figures do not include conversion loans nor shares issued without actual payment. There have been quite active reinvestments
of January dividends at the British centre. These
have produced a better tone in the gilt-edged classes
of securities,and underwriters expect to be,gradually
relieved of their supply of "undigested" securities
without encountering losses. The improvement has
not yet extended, however, to the market for new
loans, for the underwriters were obliged to take 90%
of the entire issue of £3,000,000 of the New South
Wales 4% loan. The only new State loans reported
in London this week have been a £1,000,000 432%
issue at 963/2 by the Province of Saskatchewan and
a £200,000 5% loan at 91 offered by the municipality of South Vancouver. Reports are not yet
available by cable of the degree of success that has
attended either of these offerings. It is understood
that both New Zealand and Tasmania will enter the
capital market in the course of the next fortnight.
Advices from India state that the financial crisis
there is already beginning to seriously restrict trade.
Bombay dealers are reported by cable to be considering a proposal to cease buying textiles in the British
markets for a period of four months, owing to the
congested state of cotton goods in India. This contraction is made necessary for one reason by the
excessive speculation which has lately existed in
burlaps and cotton goods in India.
Mexico and Brazil continue to be the sore spots in
the British market. On Wednesday the London
newspapers contained sensational accounts of the
failure of the Incorporadora Company at Sao Paulo,
Brazil, which was declared to be the head of a system
of forty-six banks. The London market, as well as
other centres, is highly sensitive to Brazilian news
of this character at this time and was quickly upset.
Later information, however, disclosed the fact that
the failure was a comparatively unimportant one
from the international standpoint. The capital of
the Incorporadora, which is a land company, is
only $500,000 and the so-called banks were merely
associated money-lending concerns. The parent
company may best be described as being a speculative mortgage concern. The failure occurred after
proceedings before the courts. The liabilities of
the concern are placed at approximately $4,500,000.
One hundred rural banks in the interior of the State
are said to be involved. These banks afforded financial assistance to small coffee growers.
Competitive armament rivalries between Turkey
and Greece have been the source of some nervousness
in the London market in connection with the bonds
of those countries. The purchase by Turkey of the
Brazilian dreadnought just completed in a British
shipyard seems the basis for this rivalry. The price
of the warship is reported as £3,000,000 and the terms
[VOL.
xcvni.
of payment provide for an immediate transfer of
£2,200,000 in cash and the remainder at the end of
May on the delivery of the warship. Presumably the funds for cash payment are being raised out
of the short-term loan recently arranged by Turkey
in Paris. Greece is now negotiating for the purchase
of a large warship building in England for Chile.
Day-to-day money closed in London at DA®
3%. Greek Monopoly 4s were quoted by cable
last evening at 52, against 53 a week ago, and
Turkish 4s closed without change at 863/2. Servian Unified 4s remain at 803/2, while Bulgarian
6s are 3 points lower at 100. Russian 4s finished at
British Consols closed at
IA point higher at
71 11-16, against 713 a week ago, and German
%
Imperial 3s still remain at last week's final quotation, 75.
In France the home political situation is still in a
highly strained condition, though there has been
some improvement in the demand in the official
section of the Paris Bourse for the higher grade investment securities, including rentes. M. Caillaux
has tentatively announced a new scheme of taxation
that is regarded as discriminating against capital
and property in general. This is proving unsettling
in the larger financial circles. Predictions are being
freely made that the new Ministry will collapse next
month. On the other hand, it is not considered,
likely that the tax situation will clear up much before
the elections in May, as taxation methods such as
have been outlined make particularly favorable
campaign material for the Radical Party, which is
now in power. There has been progress in the
direction of relieving the Paris bankers of their
embarrassing commitments in the forin of private
loans to the Balkan States made during the first
Balkan war. Formal announcement has come that
the new Servian loan will amount to 250,000,000
francs and will be issued in Paris on Monday next.
It is reported that the part of this loan that is offered
to the public, namely 175,000,000 francs, has already
been oversubscribed. The remainder has been
taken by a group of bankers in partial payment of
their private loans made to Servia. Other loans that
are scheduled for the Paris market include the regular annual Credit Fonder loan, which is expected to
prove a pronounced success, as it is always popular
on account of its lottery feature. Then will come a
French Government railroad loan of 40,000,000
francs for the State railways and following that a
large Russian railroad loan, namely 100,000,000
francs, which is to be guaranteed by the Russian
Government. As in London, Brazilian and Mexican
affairs are causing concern in financial circles at
the French centre. Edmond Thery, a wellknown
French economist, published on Saturday a review
of European Government bonds during 1913, showing that the fall of more than 4 points in French
rentes during the year has not been parallelled in any
similar period during the last twenty years. It also
exceeds, he shows, the decline in other Government
bonds during the year, being even greater than
The loss
the depreciation of Bulgarian funds.
to holders of French Rentes during 1913 is considerably more than $200,000,000, M. Thery shows.
Greece will soon be an applicant for French funds, a
JAN. 10 1914.]
THE CHRONICLE
bill authorizing that Government to issue a loan of
$100,000,000 having been presented to the Chamber
of Deputies last Saturday at Athens. It has not
yet been definitely adopted. The bonds will be redeemable in fifty years, will bear 5% interest and
the minimum price of the issue will be 87%. As
security for the loan the bill will authorize the Minister of Finance to pledge certain Greek revenues,
including an additional tax to be imposed upon toJpacco and some of the customs duties. Simultaneously another bill was introduced reducing by
more than 50% the Greek duties on sugar, coffee,
rice, tea, preserved goods and benzine. French
Rentes closed at 85.973/2, which compares with
85.12 a week ago. Pressure is reported to have
been exerted upon French savings banks to purchase
Rentes and in this way stimulate the price.
The Berlin feature has been the sudden drop in
money rates, which are quoted at the close at 2%.
This compares with 4% a week ago. The Reichsbank statement issued on Saturday was rather below expectations, but distinct improvement was recorded by a second statement which was presented
yesterday. Berlin dispatches suggest a further reduction of the official discount rate within the next
fortnight, as the easier situation in London has
moderated the demand for German funds at that
centre, as is indicated by the reduction in demand
sterling rates in Berlin. German banks have been
buying sterling quite freely, owing to the higher rates
available for funds in London than at home. General
business conditions in Germany are reported to be
gradually improving. The Fatherland was the first
of the great nations of Europe to feel the reaction
from the intense mercantile and industrial activity
that was a feature of 1912. Liquidation, however,
has been very thorough and a period of reconstruction and recuperation seems to be approaching.
Shipping shares have been evincing continued pressure, owing to the acute crisis that has finally arisen
• in the contest between the North German Lloyd
and Hamburg-American lines. On Jan. 3 the North
German Lloyd announced additional reductions in
rates for third-class passengers. It was also announced that the Hamburg-American Line had declined to participate in the Atlantic Pool conference
on Jan. 21.
97
particularly strong return. It showed the spectacular reduction of £20,045,000 in loans, while the gold
coin and bullion holdings increased £2,127,260 and
the total reserve increased £2,692,000. The proportion of reserve to liabilities is now 49.34%,
against 33.39% last week and compares with 45%
last year. Circulation showed a reduction of £565,000, and notes reserved increased £2,709,000, public
deposits decreased £3,071,000 and other deposits
were reduced £14,543,000. The bullion holdings
now amount to £37,110,409, comparing with £33,1.
413,854 one year ago and £36,047,702 in 191' The
reserve stands at £26,527,000. One year ago it was
£23,230,434 and in 1912 £25,909,202. The circulation is £29,042,000, against £28,633,420 in 1913 and
£28,588,500 in 1912. Loans (other securities) total
£32,092,000, against £32,694,654 last year and
£31,971,920 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, £659,000 wholly bought in the open
market; exports, nil, and receipts of £1,468,000 net
from the interior of Great Britain.
The return of the Bank of France is rather disappointing, to the extent of showing a decrease in
gold holdings of 5,056,000 francs. This, however,
was the only unfavorable item. The silver stock
increased 583,000 francs, note circulation indicated
a • contraction of 17,150,000 francs and discounts
were reduced 241,850,000 francs. The gold holdings
of the Bank are now 3,502,640,000 francs and compare with 3,188,475,000 francs one year ago and
3,178,900,000 francs in 1912. Silver holdings aggregate 639,150,000 francs, against 660,400,000 francs
and 801,950,000 francs in 1913 and 1912,respectively.
Circulation is still ahead of recent years, amounting
to 6,017,440,000 francs, against 5,857,171,280 francs
in 1913 and 5,477,767,535 francs in 1912. Discounts aggregate 1,736,537,000 francs, one year ago
they were 2,017,335,212 francs and two years ago
1,387,561,092 francs.
The Bank of Germany statement, published on
January 3, was certainly not a good one, as it indicated a decrease in resources and large increases in
liabilities. It necessarily reflected the end of
the year financing, of which the Reichsbank had
to carry a large share of the burden. The gold
Private bank rates in London have, not un- on hand for the week was reduced 27,781,naturally, sympathized with the reduction in the 000 marks and the total cash decrease, including
Bank of England minimum from 5 to 43/2%. Short gold, was 63,705,000 marks. Meanwhile, note
bills in Lombard Street closed at 3%%, against circulation increased 551,136,000 marks, Loans
43i% a week ago and three months' bills finished at increased 25,432,000 marks and discounts indicated
/
39%, against 43@4 8%. In Paris, also, there the remarkable expansion of 509,131,000 marks.
was a *reduction in the outside rate, the final figure In addition to the publication of the statement on
being 3 8%, against 3%% last week. The private Saturday of last week a second return was made by
rate in Berlin was further reduced IA% to 33%. ;the Bank yesterday, which was about as favorable
The Vienna open market rate has been reduced /% as the preceding one was unfavorable. It showed
4
to 47 %. Brussels closes 5-16% lower at 43g% an increase of gold on hand of 34,118,000 marks in
and Amsterdam is without change from 4%%. the interim and in total cash of 63,600,000 marks.
Official bank rates at the leading foreign centres are: Meanwhile, there was a reduction in net circulation
London 432%; Paris 4%; Berlin 5%; Vienna 532%; of 290,381,000 marks, of 19,886,000 marks in loans
and of 322,464,000 marks in discounts. Deposits
Brussels 5% and Amsterdam 5%.
increased 10,670,000 marks. The Bank's cash
As is usual in its statement covering the first week now amounts to 1,479,128,000 marks, which is
of the year, the Bank of England has presented a a favorable comparison with 1,081,720,000 marks
98
THE CHRONICLE
held one year ago and 1,059,220,000 marks in 1912.
Combining loans and discounts, we have a total of
1,252,950,000 marks. One year ago the total was
1,829,240,000 marks and in 1912 it was 1,635,160,000
marks. Circulation aggregates 2,303,060,000 marks,
against 2,237,420,000 marks in 1913 and 2,009,740,000 marks in 1912.
[VOL. xcvin.
5%),and 4@41
4%for six months (against 4M@5%).
Mercantile paper closed at 5@51
4% for sixty and
ninety-day endorsed bills receivable and for four to
six months' names of choice character. Others are
quoted at 51
4@5%%•
With an active demand for remittances of January
coupons and dividends to European holders of
The first week in the new year has witnessed the American securities,the market for sterling exchange
usual release of funds in the local money market and this week started strong and rates steadily advanced.
rates have rapidly declined. Renewals of call loans Sixty day bills, which closed last week at 4 8150@
on Stock Exchange collateral were made at 23/2% 4 8175, touched 4 8365 on Friday, while demand
at the close, and 5%, which was paid on Monday, bills, which a week ago finished at 4 8550@4 8560,
was the highest figure of the week. A particularly sold at 4 8670 on Friday. The sudden easing
heavy movement of mercantile paper has taken place of the local money situation was, of course, the prime
at 5@531%, which compares with the closing quo- motive in this advance and it is significant that the
tation of 53@5%% a week ago. On Wednesday reduction of England's discount rate on
Thursday
it was estimated that fully $4,000,000 in mercantile exerted only a temporary influence on
sterling on
paper had been purchased by local banks and trust that day. It is conceded on all hands that the
year
companies, one institution, a prominent national that has just begun will be one of unusual activity
bank, having purchased $1,700,000 on that day. abroad in demands for new capital, and as funds
An additional amount of $700,000 was taken by naturally flow where they can receive the most
New York, Chicago and Boston banks on Friday. profitable rental rates, there is not unlikely to be a
The notes covered a variety of mercantile and in- steady drain on this centre from foreign borrowers.
dustrial lines. Unless the foreign demand for funds Meanwhile, the home demands for capital do not
should increase in a spectacular manner, money promise to be active, owing to the unfortunate lack
prospects here, according to the view of important of confidence in our railroads as investments and
bankers, favor a period of comparative ease. The also in the securities of our large industrial corpora,
advance .
that has this week taken place in sterling tions. Meanwhile, large flotations of securities are
exchange rates, however, certainly suggests that the in sight in London and especially in Paris, where
foreign situation will become a source of demand in Balkan State loans and other exterior transactions
the near future. January dividend and coupon are to be pushed forward as fast as the investment
funds are returning quite freely to circulation and demand will take them. There is also a feeling in
have thus far apparently been utilized on but a small foreign exchange circles that the credit balances that
scale for re-investments in the market for securities. American bankers are supposed to be carrying abroad,
Supplies of funds are therefore quite adequate at resulting from the excess of exportations of merchanthe moment to maintain a comfortable position. dise and produce over importations, has been exSaturday's Bank statement, as was to be expected, aggerated. Taking this view, one of the most active
showed an increase in the loan item. The amount of factors in the sterling exchange situation at this
this increase was $16,427,000. Deposits increased centre put the matter in this form in an interview
$39,716,000 and cash increased $11,788,000. The this week : "During the latter part of last year we
reserve requirements, as a result of the expansion in deluded ourselves in the belief that this country had
deposits, were $8,971,200 higher, so that the cash large balances to its credit abroad. This is
not so
surplus above requirements increased only $2,816,- now. The decline in exchange which took place
800, bringing the surplus up to $12,189,550, against then was due largely to the seasonable merchandise
$13,854,550 a year ago and $27,239,100 in 1912. A exports. But it is a remarkable fact that sterling
feature of the week has been the receipt of $1,100,000 did not go below 4 85 for demand. Europe in the
in gold from Montreal, which suggests that the meantime was steadily selling out securities, and
money position in the Dominion is easing up as now that the export movement of cotton, &c., is
rapidly as at home. New York exchange in Mon- virtually over, the exchange market is reflecting this
treal closed at 783/2e. per $1,000 premium. There adverse movement in credit. I believe it will lead
are no important demands in sight on the market in to gold exports before long. With a reign of cheap
the way of new security issues, if we except the money and increased imports due to a lower tariff,
$51,000,000 432% fifty-year gold coupon tax-free I fear that there is a heavy gold drain to be reckoned
bonds to be offered on Jan. 21 by New York State.
with later on." At any rate, the sharp advance that
Referring to call money rates in detail, the ex has taken place in sterling exchange rates this week
treme figures on Monday were 39 and 5%, with has suddenly changed the situation from one in
43/2% the ruling rate; on Tuesday 4% was the high which the possibility of gold imports was being dis,
est, 2% the lowest and 39'% the renewal basis ; cussed to a similar discussion• as to the probability
Wednesday's maximum was 3%, minimum 2% and of actual exports of the precious metal. Aside from
ruling rate 3%; on Thursday the range was 2@3% the foreign demands for new capital, a factor in the
with renewals at 23/2%; Friday's highest was 3%, situation is the activity in British trade. This has,
lowest 23% and ruling rate 23/2%. For time money within the last two or three months, shown some
closing quotations were 3%@4% for sixty days degree of reaction, but it is, nevertheless, still on a
(against 432@)5% a week ago), 4% for ninety days favorable basis. While the December statement of
(against 432@5%),4@431%for four months (against the British Board of Trade showed a decrease of
4M@5%), 4@43% for five months (against 432@ $14,753,000 of importations into the United King
JAN. 10 1914.1
dom, there was an increase of $9,339,500 in the exportations during the same month. For the entire
year 1913, as reported by cable, the aggregate
importations of merchandise into the United Kingdom amounted to $3,845,169,795 and the exports
from the United Kingdom amounted to $3,175,585,670. The respective increases were $121,966,640 and $180,780,020 over 1912. The most
notable decreases among the imports were, cotton
$48,342,245 and grain and flour $14,841,730; while
live animals and food stuffs increased $38,321,775.
The largest increases in exports were coal and fuel,
$55,370,910, and iron and steel $28,653,075.
The Continental exchanges, influenced by the
easier money situation at the British centre, as reflected by the reduction in the official Bank rate,
have ruled less in favor of London this week. In
Paris demand sterling has fallen to 25.27 francs,
which compares with 25.30 francs one week ago, but
in Berlin the fall has been much smaller, for London
checks close at 20.503/2 marks, against 20.513' marks
last week. Berlin exchange in Paris closed 123.21
francs, against 123.273/ francs on Friday of last
week.
Compared with Friday of last week, sterling exchange on Saturday was very firm, and advanced,
mainly on active buying by bankers, to 4 8570@
4 8580 for demand, 4 8615@4 8625 for cable transfers and 4 82@4 8225 for sixty days. There was a
further advance on Monday, and demand moved up
to 4 8580@4 8590, cable transfers to 4 8630@4 8640
and sixty days to 4 8225@4 8250. On Tuesday
easier local money, coupled with an active inquiry
and light supplies of bills, caused another sharp rise in
sterling; demand was 25 points higher at 4 8605@
4 8615 and sixty days at 4 8250@4 8265, while cable
transfers were quoted at 4 8650@4 8660, an advance
of 20 points. Rates again advanced sharply on Wednesday to 4 8645@4 8655 for demand, 4 8690@4 87
for cable transfers and 4 8275@4 83 for sixty days;
the dominant factors continue to be light offerings
of commercial bills and the lowering in rates for
money. On Thursday the reduction in the Bank of
England's official discount rate to 43/2% from 5%
had but slight temporary effect here, sterling being
almost wholly influenced by the increased ease in
local money and scarcity of commercial offerings; an
additional rise of 15 points brought demand up to
4 8660@4 8670 and cable transfers to 4 8705@4 8715;
sixty days advanced ]Ac. to 4 8325@4 8350. On
Friday the market ruled firm, sixty-day bills advancing 25 points while demand bills and cable transfers
were without quotable change. Closing quotations
.
were 4 8350@4 8365 for sixty days, 4 8660@4 8670
for demand and 4 8705@4 8715 for cable transfers.
Commercial on banks closed at 4 813i@4 83, docu1
ments for payment finished at 4 824@4 833 and
2
seven-day grain bills at 4 853/@4 85%. Cotton
grain for payfor payment closed at 4 82@4 82
ment 4 83@4 833.
The New York Clearing-House banks, in their operations with interior banking institutions, have
gained $22,337,000 net in cash as a result of the currency movements for the week ending Jan. 9. Their
receipts from the interior have aggregated $28,078,000, while the shipments have reached $5,741,000.
99
THE CHRONICLE
Adding the Sub-Treasury operations, which occasioned a gain of $4,088,000, 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 26,425,000, as follows:
Week ending Jan. 9.
Net Change in
Bank Holdings.
Out of
Banks.
Into
Banks.
Total
$23,078,000
31,029,000
$5,7411100 Gain $22.337.000
26941,000 Gain 4,038,000
$59,107,000
Banks interior movement
Sub-Treasury operations
$32,682,000 Gain $26,425,000
The following table indicates the amount of bullion
in the principal European banks.
Jan. 9 1913.
Jan. 8 1914.
Banks of
Gold.
I
Silver.
Total.
Gold.
£
i
£
1
E
37,110,409 33,413,854
•
England_ _ 37,110,409,
France _ _ _ 140,105,160, 25,568,400165,671,560 127,538,560
Germany _ 58,498,550 13,800,000 72,298,550 40,838,400
Russia a _ _ 168,543,000', 6,191,000 174,734,000155,295,000
Aus-Hunb 51,707,000, 10,898,00062,605,000 50,410,000
_ 19,199,000 28,626,000 47,825,000 17,500,000
Spain
Italy d _ 45,587,000: 2,950,000 48,537,000 42,619,000
739,600 13,363,600 13,533,000
Neth,land 12,624,000,
Nat 13e1gd 8,170,000; 4,085,000 12,255,000 7,478,000
5,672,000 5,558,000
Sweden _ _ 5,672,000,
6,798,000 6,926,000
Switz'land 6,798,000,
2,657,000 2,353,000
2,657,000,
Norway-
Silver.
I
Total.
£
I
i 33.413,854
26,416,080153,954,640
13,247,150 54,085,550
1 ,986,000
6,69 ,
9,906,000, 60,316,000
29,499,000, 46,999.000
3,400,000, 46,019,000
656,000 14,189,000
3,739,000 11,217,000
5,558,000
6,926,000
/.353,000
E
,
Tot. week 556,1371,1191 92,856,000649,527,119 503,462,814 93,554,230597,0e,044
Pro/.week 554,908,149; 92,676,600647,584,749'502,761,487 93,562,930596,324,417
a The total of gold In the Bank of Russia ncludes the balance he d abroad—
that Is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement is now issued In Kronen and Heller
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent in
London, in order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 instead of 20.
d The division (between gold and silver) given in our table of coin and bullion in
the Banks of Italy and Belgium is made from the best estimates we are able to
obtain; it is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver; but we believe the
division we make is a close approximation.
TIIE PENDING RAILWAY RATE CASE.
In the numerous expressions of opinion on the eve
of the new year regarding the financial and business
outlook of 1914, it has been noticeable how many
condition their prediction of possible trade revival on
the granting of the increase in freight rates, in accordance with the petition of the Eastern roads to
the Inter-State Commerce Commission. This reservation was natural with forecasts directed especially
to the railway industry; but the striking fact has been
the number of predictions made from the standpoint
of other industries, which placed the same condition
on their hopes or expectations of a general trade
revival.
On reflection,this is not so difficult to understand.
All other industries than the railways will get the
full benefit of an increased volume of general trade
through the natural operation of supply, demand,
prices and profits on the enterprises affected by it.
But it is not so with the railway industry. That industry is at present held down to arbitrary rates for
transportation—fixed, in the case of a majority of
roads,during a period of much lower prices for everything else, whereas at the same time the operating
expenses have been progressively and very heavily
increased, both because of the rise in cost of materials
and because of the repeated wholesale concession
of wage increases to employees by arbitration boards
under Government auspices. As a consequence, even
the great increase of gross earnings during the prosperous transportation period at the end of 1912 and
the beginning of 1913 resulted for the most part in
an actual decrease of net receipts. If this was so in
a period of undoubted general activity and prosperity,
surely the prophets of the railway world are to be
pardoned for entertaining doubts as to what might
happen in a less vigorous forward movement of
prosperity, or in an actual relapse into lean times.
100
THE CHRONICLE
[VOL.
XC% Ill.
In other words, one industry, and that one among system. But the action on it will bring into strong
the very largest of the country's business enterprises, light the question of the general and fundamental
is prevented by an iron-clad rule from obtaining the policy which the Government is to pursue toward the
advantage from trade recovery which falls to all other railways. Nobody asks for excessive grants in the
industries. If this condition of things affected the way of increased rates, and certainly no one expects
railway business alone, it would be serious enough, in impulsive favoritism in the permitting of advances.
view of the enormous investment in railway securities But the question really has to do with the larger
by the thrifty public and of the necessity of a well- program for the future, as to whether the Governmaintained railway credit for preserving a sound ment, through its responsible commissions, is or is
condition in the money market. But that is not the not to consider fairly the proper needs of the transwhole story. Railways, as every one is aware, are in portation industry. A grant of the Eastern railways'
this country the largest customers of many other request for a five per cent increase in rates would
industries. The fortunes of those other trades must, undoubtedly be accepted as a declaration of such
therefore, largely rise or fall with the purchasing policy.
power of the railways.
We are well aware that the decision will be, and
In particular, railways are by far the most exten- ought to be, governed by weight of testimony at the
sive purchasers of steel and iron among all the hearing. Unfortunately,however,there are other conAmerican industries. If the railways, as a whole, siderations which may intrude. Foremost among
find themselves in condition to go ahead with their them is the question—concerning which Washington
plans for needed extensions and improvements, and if itself has at times professed much doubt—as to the
their new securities are welcomed on the investment courage of the Commissioners themselves. The Inmarket—which could happen only if a satisfactory ter-State Commerce Commission at the present
income behind those new fixed obligations were time is known to enjoy an unusual popularity with
assured—these purchases by the railways would the people at large, and this popularity has been
undoubtedly be resumed on the large scale of previous acquired largely because of its antagonism to the
years. There is no mystery as to how directly the railway power. The public's attitude was somewhat
steel and iron industry would thereby be affected. emphatically illustrated by the action of Congress
But the ramifications of that trade itself, in directions in regard to the Commerce Court. The, problem
affecting the prosperity of many other industries, are then is, Will the Inter-State Commerce Commissioners risk this popularity, through a decision faequally well known.
It is a common saying of the day that the attitude voring the railways in as important case, which
of the public towards the railways has been gradually might, from the narrower point of view, evoke pubchanging. There is much to indicate such a shift lic criticism or hostility? It may be said that the
of public opinion, from the recent inveterate hostility changing attitude of the public itself, to which we
to all great railway enterprises to an attitude in have referred already, provides an answer to this
which the reasonable demands of the transportation question. To us, however, this seems to be one of
industry are considered from the same favorable those instances where a larger foresight will show that
point of view as are the legitimate requirements of the highest courage consists in doing justice, regardother trades. It is certainly true that the press of less of any popular or political clamor of the moment.
the country reflects such a change; this is especially Political history is itself full of testimony to the pubnoticeable in many important publications which, far lic's readiness to recognize such courage—all the
from being under the influence of financial interests, more when displayed in the face of a seeming hostile
have been hitherto classed as unremittingly hostile attitude by the public itself.
We reprinted last week some of the exhaustive questo such interests. A very large part of these hitherto
hostile newspapers are now openly recognizing the tions more recently given out by the Inter-State
egitimate nature of the pending application of the Commerce Commission to the railways for their
Eastern railways to the Inter-State Commerce Com- answers in connection with the pending rate applimission. So far as we can discover, the attitude of cation. These questions concern such matters as
the shippers also is changing, as they see that their the terminal allowances made by the railways; the
own particular interests must be affected by unfair possibility of larger savings through economies in
restriction on normal railway prosperity. We should operation; the extent to which stock and bond issues
like to believe, and we doubt not that there is at least have been applied to purposes other than the develsome reasonable ground for believing, that utterances opment of the railway properties, and the extent to
such as that of Inter-State Commissioner Clark on which directors and officials of the railroads have
the paramount necessity for allowing railways to their financial interests in the transactions of the
obtain funds enough to continue properly their ser- carriers. This information may undoubtedly be
vice to the public, and the seeming wish of the useful. It might unveil in many cases abuses which
Administration at Washington to conciliate business have been practiced by the railways.
But we submit that, with the single exception of
interests, points in the same direction.
One fact ought not to be overlooked. What is the further economy in operation—an argument
now at stake in the pending hearing and in the forth- whose force even the Commissioners openly doubted
coming decision of the Inter-State Commerce Com- when it was advanced some years ago by Mr. Branmission is not merely the five per cent increase deis—these questions are scarcely germane to the
asked by the Eastern railways. That increase may present inquiry. That inquiry rests, primarily and
or may not be enough to meet the real requirements absolutely, on the relation between gross and net
of the situation, and it applies in any case only to a earnings under present conditions and in the present
relatively small portion of the American railway year; it has no immediate bearing on fixed charges,
JAN. 10 1914.1
TIIE CHRONICLE
101
the man of wealth and business influence has a broad
mental reach and recognizes not merely his moral
obligations to society but his own selfish interest in
general prosperity.
Much declamation and repetition have forced into'
prominence the exact reverse of this, but time will
bring the truth forward again. Meanwhile, and just
as an offset to the suggestion of placating current
feeling by these public retirements, we might suggest
that another deduction could be drawn: that if the
merciless coercion upon railroads is really to be pushed
to the extreme(which extreme is Government assumpWITHDRAWAL FROM tion, with all that that involves),it will then be pruTHE MORGAN FIRM'S
DIRECTORATES.
dent for strong men to be in a position of having
withdrawal of Mr. J. P. withdrawn themselves from any individual responsiThe announcement of
Morgan and four of his nine partners from director- bility for what they found themselves unable to avert.
ships in twenty-seven of the strongest corporations
in which they have been represented is capable of
several deductions, according to the point of view THE LAND• OF MONOPOLY, AMERICA OR
GERMANY?
taken. The step, it is easy to see, is not one influThe book which we recently reviewed upon the
in the slightest by pique or by any desire to
enced
retort upon critics, but is placed solely on the ground development of monopoly in Germany, compared
of what is believed, after ample consideration, to be with that of America, has an interesting chapter on
best for the great banking house and for the corpora- the relation of monopolistic combinations to panics.
tions concerned. A prominent reason assigned is The author points out that financial panics which
that attendance upon so many board meetings has result from the destruction of the balance between
been so serious a burden that lessening this by retire- production and demand can be prevented only if so
ment has long been desired, especially as most of much of the newly produced capital from year to
these directorships were reluctantly accepted in year be used for the increase of production as there
obedience to a feeling that it was a duty to keep in is demand for that increased production. The differclose touch with properties which the house had ence in the relative rate of increase of production and
either reorganized or recommended to the public. the increase of consumption creates the element of
"An apparent change in public sentiment in regard uncertainty. If panics can be prevented at all, it is
to directorships" is now taken as the desired oppor- through an increase in the share of the profit of
tunity and as sufficient warrant for the present action. production that falls to labor, because, in great part,
This change in public sentiment certainly exists, this goes into immediate consumption. Such inyet it is not clear that it is a wholesome change or crease of capital as then remains may be fully rethat the personal withdrawal of strong men from the invested becAme the growth in power of production
conduct of great properties will be really in the will keep step with the increased consumption.
It must be recognized, however, that panics in
public interest. It is intimated that this recogcry against "interlocking directorates" modern times have an international character.
nition of the
and of the notion that business and business men are In order to prevent them, the protection is necessary
bad in motive and influence in proportion to their of international accumulations of capital, and of the
size and success will do some present good by calming capital.available for insuring the increase of producthe demand for still more drastic statutes to make tion; and; in some measure, also,it is necessary that
things over upon a better plan. Possibly this may the balance of consumption be, as far as possible,
be so; if it is,it throws a stronger light on the ground- preserved. But this is a• truth which the master
lessness of that sort of public sentiment which has workingmen have not as yet grasped. From trade
been industriously fomented by agitators whose agreements in this direction not much is to be
own development depends on agitation. That men expected. But these are a chief weapon in the
achieve business success because they are more un- battle with foreign competition, and also in the
scrupulous and selfish than others is a fallacy; it is battle with capitalists at home. The situation is,
another fallacy that men grow strong and wealthy therefore, not easy to deal with.
by devouring others. This notion underlies all the
Democracy is an exceedingly difficult form of
and the caricatures about "the trusts" and the government, so the argument runs. It does not
talk
"common people" or the "consumer"; it exactly suits produce strong virtues, and yet has great need of
the unthinking and helps newspaper sales, but it has them. It cannot resort to force or declare a part of
very little ground of truth. So it used to be charged the community hostile to the State, without provok(as in an interesting novel called "The Octopus") ing civil war. In a country in which the government
that railroads thrive by devouring the people. A and political life rest entirely upon democratic prinmaterial if not a moral impossibility as to either rail- ciples, occasions arise in political issues which produce
road or man; each thrives with, not upon, the whole a sudden strengthening of socialistic parties in oppopublic. Some instances of wrong wealth-getting sition to the government. In Germany the strongest
have existed—nothing short of full regeneration of Socialistic vote is nothing more than a demonstrahuman nature can prevent that; but,in general, wealth tion. In a democratic country in which the will of
is acquired by unusual qualities and unusual fitting the people,and only the will of the people; rules,and
of wise means to good ends; it is true, further, that is the supreme law, an equally strong Socialistic vote
which may or may not have been increased by past
mistakes or mismanagement. The mind of the general public is now rightly focussed on the questions,
Can the railways fairly make both ends meet with
present tendencies continued or emphasized, and is
it right to compel such increase in fixed expenses,
through arbitrary decree, as will cut down net earnings even with the larger gross receipts of a profitable season—this while withholding all offsetting compensations in the shape of higher rates?
102
THE CHRONICLE
[VOL. xcvm.
would be not only conceivably the strongest condemn- I the danger attendant upon monopoly, but she is not
ation of existing conditions, which, as a matter of losing sight of the immense benefit of co-operation
fact, it is, but would prove that these could not be and combination. From the standpoint of Germany,
continued. In the United States the election of our author fears that President Wilson, no more
President Wilson proves that a minority can deter- clearly than either of his two predecessors, appremine the government. But in no case could so hends the real character of the methods by which he
strong a minority of the voters as the Social Democ- is seeking the goal he has so definitely set before him
cracy constitutes in Germany be ignored in a in regard to the existence of the great business cordemocracy. The success of a democratic form of porations.
government will always turn upon this, that the
An interesting instance of the free method by
adult part of the community is conscious of its which Germany is advancing from small things to
maturity, and so of its responsibility.
great, in her economic life, was given in a recent
The task and aim of a modern established demo- address on the new methods of urban and rural cocracy must be thriftily and persistently to raise par- operation already becoming universal in Germany,
ticipating labor so far as possible in the enjoyment delivered before the Alumni of Phi Beta Kappa, by
of the national production, and also an ever increas- Professor Karl Rathgen of the Colonial Institute,
ing number of the people to sharing, beyond the Hamburg, now lecturing in New York as the Kaiser
returns of their labor, something of the returns of Wilhelm Professor at Columbia University. It
capital. Some beginnings of democratizing the throws light upon the report of the Commission of
returns of capital are already making in the United Congress which has just returned from studying the
States. Further efforts in this direction will, how- German system.
ever, be impossible if the war against capital (which
The plan of using the solidarity composed of the
for a number of years has been the chief business of small properties and cash accumulations with the
many politicians in Washington) continues. No one common interests and steady habits, on the one
will gather fruit from the tree which he mutilates. hand, of the farmers, and on the other of the small
Capital has fixed conditions of its existence which townspeople as the best of financial credit, arose
cannot recklessly be ignored or destroyed. At this quite independently in two distant parts of Germany;
juncture, it is necessary, in the line of making the that for the townspeople in the Eastern Provinces
laws (in their worth and their efficiency for this and that for the farmers in the west,especially Alsace,
purpose far too often over-valued) to secure, as far where farm holdings are small and numerous. Credit
as possible, the protection of the interests of the banks were organized with a multitude of small
people. But, also, in doing so, it is necessary not stockholders, prepared to loan money to one another,
to cut off altogether that freedom of action for on the basis solely of this solidarity, and without
capital without which it cannot exercise its functions further guaranty. These banks are managed by
for the community, and not to enact laws which, the best men in the community, serving without
particularly in the case of the railways and the tele- pay and with public-spirited motives. They have
phone, are not only in a high degree obstructive, but been permanently and widely successful. In the
also plainly reveal a narrow disposition and are towns they have developed in many cases into jointoften determined by selfish motives.
stock banks and are proving an immense help to the
The difference between "Big Business" and what is people of small means and also a very substantial
variously included in what in Germany are called increase of available financial resources.
"Kartelle," or comprehensive trade agreements,
But with the farmers the success is the more
syndicates and trusts, is constantly forgotten. remarkable. Out of two and one-half million
The latter almost always aim at, or tend to the farmers, one and a half million are now members of
suppression of competition and to monopoly. They the 15,000 credit associations to-day established.*
require constant. watchfulness on the part of the There have been practically no failures. The local
State. The former, on the other hand, are those associations soon found the need of uniting with one
unions of small businesses or combinations of another, and a central association was formed for
capital which are found necessary to ensure the best general oversight and in order to equalize available
conditions for profitable activity. These are not capital. This central organization has proved the
only desirable, but necessary and inevitable. The key to the success of the whole enterprise. Its
interchanges of the world, the growth both of popu- functions have steadily increased; it has trained a
lation and of consumption, and consequent expendi- corps of expert examiners; it is looked up to as the
ture which marks the advance of civilization, require guiding hand to ensure for all the highest efficiency;
these agencies of increased production. Only those and is managed absolutely in the interests of all.
communities which encourage and promote them, Capital, at the beginning, was secured, in part, from
both by public good will and by legislation, and which the sale of stock in very small shares, to the farmers;
allow them free play, can hope either to provide for every participator must own at least one share, the
their own necessities or successfully compete in the price of which is little more than a day's wages; and
business of the world.
in part by loans from capitalists willing to trust the
It is in this direction that Germany is making such associations. In time a large outside private bank,
great advance, just as it was England that inaugura- popularly known as the "Prussian Caisse", was
ted and made possible that amazingly successful organized to lend them ample funds, which it can
industrial and commercial activity which character- abundantly obtain.
ized the Victorian era. In this direction it is that
* In all Germany there are 5,558,000 farms, in
Germany is to-day in the way of becoming a leader 000. German farms average less than 15 acres,the United States 6,340.ours 138. Yet her crop
of food products, i.e., wheat, rye, barley, oats and potatoes, was in 1911
in all forms of business combination. She faces forty per cent moro than ours.
JAN. 10 1014.1
THE CHRONICLE
These associations have had great and varied
usefulness. They have infused a new life into the
rural communities. Everywhere there is co-operation and eagerness for improved conditions. Financial
help is always at hand, coupled with wise guidance
and fresh information as to better methods, both of
agriculture and of business. The rate of interest
on loans is controlled and equalized. Community
purchasing of the chief articles needed by all quickly
sprang up, and these associations now determine
the quality and fix the prices of the farmers' most
needed supplies, which are bought in large quantities
and distributed from numerous small centres, the
parcel post being greatly used in the distribution.
These credit associations soon lead to the formation of special associations for the sale of products
which also have come to fill a large place and are
very successful. Some important departments of
produce,like that of the dairies of Schleswig-Holstein,
are controlled and marketed entirely by them. In
1890, soon after their organization, there were 3,000
agricultural societies. To-day there are 25,000,
with 2,500,000 members. All are in the main
managed and conducted by men who have no financial gain to expect from them. It is an altruistic
service. Positively Christian principles are laid at
the foundation of them all, and it is this that has led
to the real transformation of the village life of the
nation. Germany is not only thus transforming
selfish competition in an economically profitable
manner, but is solving the great problem of getting
the people back upon the farm. The farming population and the number of farms are steadily increasing, while the productiveness of the farms is multiplied. At the same time, the people are being
educated as to the essential character, both of cooperation and of accumulations of capital, and are
preparing themselves to develop the methods by
which these accumulations can be so managed as to
work only good and not evil to the nation.
Our methods in America of reaching this result are
much more aggressive and contentious. In time we
shall doubtless secure the desired result. We
usually do. We are educating ourselves after the
fashion of democracies. But in comparison, while
our method is rapid, it is both crude and costly.
We can well afford to study German methods with
something of the care with which they are examining
ours.
103
-as
mains before and has been divestedfneither of any
of its mileage';. or any of its investments. On the
other,hand the Union Pacific has undergone very
great change, at least in its security holdings, a fact
which is emphasized by the announcement that has
come the present week that the Baltimore & Ohio
stock held is to be distributed as a bonus to Union
Pacific shareholders and dividends on Union Pacific
common reduced from 10% per annum to 8%.
As the highest Court in the land decided against
Union Pacific ownership of Southern Pacific shares,
the Union Pacific directors had, of course, no option
in the matter, but the fact remains that in being
deprived of its interest in Southern Pacific, the Union
Pacific has lost a valuable investment and a promising
one, too, as far as the future is concerned—promising in view of its large possibilities. Study of the
present annual report forcibly impresses one with
that idea. In the first place, the magnitude of the
company's earnings attracts attention. The gross
revenues for the year covered (the twelve months
ending June 30 1913) reached the imposing figure of
$142,774,705. This evidences decided increase over
the year preceding, showing that growth is a dominant feature in the history of the property. As a
matter of fact, the expansion in revenues during the
last decade has been most noteworthy and it is
evident that we have to deal with a system in one
of the newer sections of the country where expansion
is likely to be the rule, under a wise and progressive
management, for many years to come. Finally,
it is to be said that under the improvement in gross
and net results which has occurred, the margin of
surplus above the dividend requirements at the rate
of 6% per annum has been raised to a very respectable:figure. The callfor dividendsWas $16,360,932,
whereas the sum available out'of theincome fOr the
!$26,867,807, leaving,
tWelve months was no less than
a surplus in amount of $10,506,875. This
therefore,
is almost'exactly double7the surplus remaining out
of the income of the preceding twelve months,which
was only $5,241,965, in which latter period operation of the property was carried on under very unfavorable conditions.
The improvement over the previous year extends
to net revenues and gross revenues alike, making the
experience of the Southern Pacific rather distinctive
among United States roads, which have nearly all
been reporting diminishing net concurrently with
increasing gross. The Southern Pacific, has, nevertheless, suffered from the rising operating cost,the
same as other roads, and the improvement in net
SOUTHERN PACIFIC REPORT.
The annual report of the Southern Pacific Co. has results follows in large part because comparison is
been submitted the present week and makes a very with poor figures in the previous year. In this
encouraging exhibit. It is quite remarkable that the previous year the Southern Pacific suffered seriously
separation of the Southern Pacific Co. and the Union in common with the other Harriman roads from a
Pacific Railroad, which the decree of the United prolonged strike of the shopmen. It also then sufStates Supreme Court made necessary, and which it fered a loss of traffic from another cause, namely
was supposed would be especially hurtful to the the closing for a number of months of nearly all the
Southern Pacific and involve its partial dismember- large lumber mills on the lines east of El Paso and
ment, has now been carried to completion without likewise from the interruption of train service on the
any change at all having occurred in the status of lines in Louisiana in June 1912 because of the overSouthern Pacific. The Central Pacific, which at flow of the Mississippi River. It seems natural,
first it was supposed would pass into the possession therefore, to find an increase in 1913, as compared
of the Union Pacific, is still retained by the Southern with the diminished results of 1912. The gain
Pacific and the latter, therefore, remains entirely reaches $11,249,534 in gross earnings, or 8.55%, and
preintact. The Union Pacific has had to dispose of its $4,795,121 in net earnings, or 12.17%. In the
year gross earnings had recorded a
holdings of Southern Pacific shares, breaking its ceding fiscal
control of the latter, but the Southern Pacific re- falling off of $1,095,368, attended by an augmen-
104
THE CHRONICLE
[VOL. xcvm.
tation of $2,256,721 in expenses, thus causing
The officers of your company are too few in number
a loss in net then of $3,352,089. It is pointed to exert much influence on public opinion, and a large
out in the report that business diverted from the part of their time and energy which should be delines east of El Paso during 1911-12 on account of voted to that end, and to promoting safer and more
floods and other disabilities was recovered and the efficient management, is consumed in appearing
share of these lines in the competitive business sub- before commissions, to protect the company's revenues, and before legislative bodies to
stantially increased; the Pacific system also yielded ill-advised and damaging laws. The argue against
present is an
a gratifying increase in gross earnings.
age of regulatory legislation, and the stockholders
But it must not be supposed that conditions should endeavor to defend their own interests by
during 1912-13'were entirely favorable. There opposing unwise legislation adversely affecting their
was a loss of approximately $1,000,000 in gross company, and by correcting erroneous impressions
revenues, owing to the partial destruction of the current with the public. The ownership of your
California citrus fruit and vegetable crops by frost property is vested at the present time in over 23,000
stockholders, who could and should prove a potent
and a further loss of about $1,125,000 from destruc- protective force. Apathetic acquiescense on their
tion of sugar cane crops in Louisiana by the overflow part in the assaults of the demagogue and of the
of the Mississippi River. Notwithstanding these well-intentioned though unenlightened and irrational
losses the gross earnings of the system for 1913 ex- reformer, tends toward but one result, while conceeded by $7,750,000 those of any previous year in certed effort will do much to repel the attacks and
the history of the company, which bears out what mold public opinion.
The company has large investments in railroad
was said above regarding the company's constant
lines in Mexico, which, of course, are doing poorly,
growth and development.
Operating efficiency is being steadily promoted. owing to the anarchy and chaos prevailing in that
One evidence of this is furnished in the further ad- country. These lines, however, are not included in
dition to train-load during the year. In the previous current accounts. On June 30 1913 the advances to
fiscal year the train-load had fallen off slightly as the Southern Pacific Railroad Co.of Mexico amounted
a result of the unfavorable conditions prevailing, to $38,255,739. Interest accruing on these advances
the average train-load of commercial freight per during the year was not taken into either the income
revenue-train mile having fallen from 384 to 382 tons, or the assets of the Southern Pacific Co. As a
but for 1913 not only has this small loss been re- matter of fact, very conservative bookkeeping
covered, but the average has been brought close to methods are followed throughout and the report
389 tons. The earnings per revenue-train mile have tells us that the Southern Pacific Co. does not take
diminished to some extent, but wholly on account of into either its income or assets the interest on ada decline in the rates realized, the average received vances made by it for.the construction of new railper ton per mile for the latest year having been 11.23 ways by companies incorporated in its behalf, or
mills, against 11.68 mills in 1912 and 11.86 mills in for the acquisition of new lines, until the principal of
1911. Accordingly, the trains earned only $4 33 such advances has been repaid with interest either
per mile run (which, however, remains a high figure), in cash or in stocks and bonds of the companies.
against $4 42 in 1912 and $4 51 in 1911. The
CLEARINGS AND SPECULATION IN 1913.
decrease in rates realized is partly attributable to
In considering the records of bank exchanges, it
enforced reductions in freight tariffs by order of
State and Federal commissions and partly to an in- should be remembered that the year lately closed
crease in the proportion of low-rate and a decrease in was notable for a number of developments that acted
the proportion of higher-class tonnage.
more or less as a check upon commercial and inOne unfortunate feature is the great increase in dustrial activity in the United States. With tariff
taxes. The report tells us that during the past ten and currency legislation under discussion most of
years, although there has been an addition of less than the time and delayed in passage, it is no More than
17% to the mileage of tracks operated, taxes have in- natural that a feeling of caution should have percreased no less than $3,586,745, or, roughly, 170%. vaded mercantile circles, and with fears of further
In the ten years the taxes have risen from $238 per attempts at Governmenta regulation of, or
l
intermile of track operated to $552.
ference with, transportation lines and other large
Chairman Kruttschnitt points out that the South- corporations, financial operations (the
floating of
ern Pacific was one of the pioneers in the use of all- new stock
and bond issues, &c.) sank to comparasteel equipment, having begun to introduce passentively insignificant proportions. The first of these
ger cars of that kind in 1906 and he states that of the
influences was general in its operations and the other
2,292 passenger-train cars in service at the close of the
was felt to an appreciable extent at the leading money
year, 738, or 32.20% ,were all steel, and of the 50,998
centres, such as New York and Boston, We make
freight-train cars in service at the same date 29,279,
this distinction because it is due in considerable
or 57.41%, were either all steel or steel underframe.
measure to the dearth of large financial operations
Mr. Kruttschnitt speaks out boldly in condemnathat the clearings at the two cities named fell below
tion of the oppressive action of Government, State
those of 1912. For the remainder of the country
and national, towards railroad interests and of the
the year's aggregate was a new high record, but by a
hostile public spirit generally displayed towards the
somewhat nominal amount—rather below a normal
railroads. He enjoins upon the shareholders the
advance, taking into account the steady increase in
necessity of protecting their interests and of opposing
population and the consequent augmentation in the
unwise action on the part of regulatory bodies and
demand for supplies of sundry kinds.
warns of the ill consequences that may follow if the
The total of clearings at New York for 1913 records
proprietors fail to bestir themselves and remain a loss of
6.1% from 1912 and a gain of 2.4% over
apathetic and quiescent. What he says on these 1911; compared with the
1906 high mark (a record
points deserves to be quoted in full as follows:
made with the volume of Stock Exchange dealings
nearly 33/b times those of the latest year and other
financial operations also large) the falling off is about
10 billion dollars, or 9.6%. Outside of New York,
as intimated above, a new high point in clearings
was again established in 1913, the total at $74,917,544,819 contrasting with 733 billion dollars the year
previous, 67% billions in 1911 and 66% billions
in 1910.
As compared with last year, the exhibit is quite
satisfactory in almost every section of the country,
although there are not to be seen the large percentages of increase that were the feature of 1913.
In the Middle division (excluding New York) only
one city shows a falling off from 1912 and in the
aggregate of all the increase is 4.6%. New England
is represented in our compilation by 12 municipalities, of which seven register larger totals than a year
earlier, and if Boston be excluded a slight gain is the
result. Of the 37 cities that go to make up the
Middle Western group, 31 had larger clearings in
1913 than in 1912, with the combined aggregate
recording an augmentation of 5.2%. On the Pacific
Coast, too, a small gain is reported in the total for
18 cities, and 26 points in the remainder of the West
furnish an excess of 5.2%. Finally the South (32
cities) improved upon 1912 to the extent of 2.1%.
Altogether 111 of the 151 cities outside of New York
returned a greater volume of clearings in 1913 than
in 1912 and in almost all cases,furthermore,they were
in excess of any earlier totals.
For the whole country the aggregate of bank clearings for 1913 was $169,561,826,803, falling $4,401,088,108, or 2.5% below the total for the previous
year and exceeding by $9,322,053,137, or 5.8%, the
1911 result. A notable fact in connection with this
grand aggregate is the preponderating influence in it
-a preponderance that has increased
of New York
rather than diminished as the number of outside
cities has been swelled. In 1898 New York's clearings at 42 billion dollars exceeded the total for 82
outside cities by 15 billions, in every year since the
difference has been greater than then, ranging between 19 and 49 billions, notwithstanding the steady
addition of new clearing houses, and in 1913 the one
city gave a total 20 billion dollars, or nearly 30%,
greater than for the other 151 combined. In the
following compilation we show the clearings for New
York, the aggregate for outside cities and the total
of all annually for the sixteen years 1898 to 1913,
inclusive.
Year.
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
New York
Clearings.
Inc.
or
Dec.
%
$
94,634,281,984 -6.1
100,743,967,262 +9.1
92,372,812,735 -5.0
97,274,500,093 -6.1
103,588,738,321 +30.7
79,275,880,256 -9.1
87,182,168,381 -16.7
104,675,828,656 +11.6
93,822.060,202 +36.7
68,649,418,673 +4.1
65,970,337,955 -13.6
76,328,189,165 -3.9
79,427,685,842 +50.9
52,634,201,865 -13.4
00,761,791,901 +44.8
41.971.782.437 +25.6
Clearings
Outside
New York.
Inc.
Or
Dec.
Total
Clearings.
Inc.
or
Dec.
$
$
%
%
74,917,544,819 +2.3 169,551,826,803 -2.5
73,208,947,649 +7.9 173,952,914,911 +8.6
67,856,960,931 +1.6 160,229,773,666 -2.4
66,820,729.906 +7.3 164,095,229,999 -1.0
62,249,403,009 +17.2 165,838,141,330 +25.2
53,132,968,880 -8.4 132,408,849,136 -8.8
57,843,565,112 +4.8 145,025,733,493 -9.3
55,229,888,677 +10.1 159,905,717,333 +11.0
50,005,388,239 +13.9 143,827,448,441 +27.7
43,909,594,342 +1.3 112,559,013,015 +3.0
43,238.849,809 +3.8 109,209,187,764 -7.4
41,695,109,575 +6.7 118,023,298,740 -0.4
38,982,329,340 +16.6 118,410,015,182 +37.6
33,436,347,818 +0.5 86,070,549,683 -8.5
33,285,608,882 +23.9 94,047,400,783 +36.6
26.854.774.887 +12.6 68.826.557.324 4-20.2
In the foregoing remarks no attempt has been made
to point out the fluctuations in clearings from month
to month nor to indicate the influences responsible
therefor; neither is it our purpose to do so now; for
in our Retrospect of 1913 last week we gave, in
extenso, an epitome of the year's happenings. Merely
explaining, therefore, that, as indicated by bank
105
THE CHRONICLE
JAN. 10 1914.1
clearings, the let-up in business activity was most
noticeable in the second half of the year, we append
a table showing the totals month by month, and
quarter by quarter, for the whole country and outside of New York, giving also the percentages of gain
or loss for each period.
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings. Total AU.
Month.
1913.
1912.
%
1913.
1912.
%
$
$
8
$
Jan __ 16,216,112,572 15,095,690,133 +7.4 6,877,371,366 6,260,108,594 +9.8
Feb __ 13,592,103,363 12,893,884,278 +5.4 5,797,459,068 5,581,235,914 +3.8
moh__ 14,106,494,182 14,449,044,153 -2.4 6,220,308,282 6,032.089,931 +3.0
let qr_ 43,914,710,127 42,438,818,564 +3.5 18,895,138,716 17,873,434,439 +5.7
April _ 14,271.837,391 14,967,196,152 -4.7 6.216,506,416 6,137,040.634 +1.2
May.. 14,095.951.716 14,814,311,397 -4.9 6,133,432,994 6,034,533,909 +1.6
J'ne __ 13,693,384,418 13,628,381,617 +0.5 5.939,873,967 5,667,290,158 +4.8
2d qr_ 42,061,173,525 43,409,889,166 +3.1 18,289,813,377 17,838,864,699 +2.5
6 mos.. 85,975,883,652 85,858,507,730 +0.1 37,184,952,093 35,712,299,138 +4.1
July__ 13,536,575,068 13,945,790,270 -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 17,390,638,166 +2.2
D mos. 125311,231,423 126079,347,506 -0.6 54,957,328,185 53,102,937,304 +3.5
Oct __ 15,694,859,255 17,146,370,736 -8.5 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
Dee __ 14,675,931,073 15,361.124,620 -4.5 6,675,932,521 6,552,402,603 +1.9
ithqr. 44,238,530,280 47,873,567,405 -7.6 19,958,151,534 20,106,010,345 -0.7
Year 169551826.803 173952914.911 -2.5 74.917.544.819 73.208.947.649 -1-2.3
As regards the exhibit by quarters for the various
sections of the country, no comment is required
other than that the showing at New York was better
than in 1912 in only the-January-March period and
that outside of this city the only loss recorded was
in the closing three months, and that small., A
summary of the clearings by groups for each quarter
of the last six years is now subjoined.
New York
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
s
Clearings Reported.
(0003 omitted.)
$
$
16,365,447
15,643,940
14,478,607
14,264,347
13,038,607
11,110,267
$
$
1913__ 25,019,571 23,771,361 21,563,031 24,280,31 94,634,282
1912.... 24,585,184 25,571.025 22,840,201 27.767,557 100,743.967
1911_ 23,448,015 23,143,971 22,084,936 23,695,891 92,372,813
19102_ 28,446,400 24,512,952 20,571,950 23,743,19 97.274,500
1909__ 23,258,843 25,822,682 25,484,556 29,022,657 103,588,738
1908__ 17,147,346 17,811,268 19,524,685 24,792,581 79,275,880
1913__
1912_
1911._
1910__
1909_.
1908__
4,070,728
3,749,219
3,553,524
3,532,896
2,925,964
2,680.911
4,197,848
3,841,720
3,700,011
3,656,683
3,191,864
2,734,726
3,869,373
3,785.150
3,498,495
3,395,374
3,198,910
2,803,691
4,227,49;
4,267,851
3,724,577
3,679,394
3,719,869
2,890,939
11913_
11912_
Total
England..( 1911....
New England.. 1911_
1910_
1909__
2,587,262
2,720,365
2.483,820
2,625,146
2.368.358
1,993,691
2,312,181
2,594,287
2.359,548
2,265,658
2.366,296
1,985,226
2,153,321
2,375,904
2.236.348
2,153,742
2,235,148
1,999,174
2,500,279 9,553,043
2,705,774 10,398,330
2,570,029 9,649,745
2,533.056 9.577,602
2,643.516 9,613,318
2,386,106 8,364,197
1913._
Total
1912_
Middle West..- 1911_
9 3_
, 1910-__
1909_
1908_
5,830,205
5,333,094
4,933.959
63 74
5 044 5 0
; 8..45
4.665.473
4,038,266
1
1912_
1911._
1910__
1909_
1908-
1,555,450
1,366,950
1,345,534
1,052,661
889,712
1,567,328
1,426,511
1,411,831
1,180,092
928.382
1,585,920
1,450.055
1,382,950
1,236,306
1.020,146
593
20 6 94 083
:668 19, 84, 71
1,790,019 6,498,717
1,610,084 5,853,600
1,475.833 5,616,148
1,387,942 4,857,001
1,110,518 3,948,758
1913__
1912__
Total
Other West... 1911...
1910__
1909_
1908--
1,966,787
1,793,351
1,755,129
1.838.775
1,471,337
1,249,712
1,891,498
1.792,804
1,668,917
1.779.187
1,467,696
1.215,742
1,987,372
1,832,069
1,674,669
1.757,791
1,511,813
1,282.922
2,274,742
2,300,310
1.980,170
1,994,815
1,881,996
1,536,626
8,120,399
7,718,534
7,078,885
7,370,568
6.332,842
5,285.002
Total Southern
1913_
1912__
1911....
1910__
1909._
1908._
2,805,854
2,721,955
2,895,126
2,522,222
2,187,838
1,926,684
2,535,454
2,513,716
2,441,067
2,351.524
2,032,187
1,719,081
2,447,823
2,399,853
2,441,987
2,195,979
2,043,492
1,754,425
3,811,403
3,112,128
3,106,991
2,952,769
2.738,506
2,265,079
10,970,534
10,747,652
10,685,171
10,022,994
9,002,023
7,665,269
Total all
1913_.. 43,914,961 42,060,529 39,334,140 44,242,197 169,551,827
1912... 42,438,618 43,409,890 40,230,840 47,873,567 173,952,915
1911.._ 40.236,533 39,760,622 38,337.898 41,894,721 160,229,774
1910_ 45,359,443 41,068,911 36,245,744 41,421,202 164,095.300
1909_ 37,930,474 40,860,058 40,522,048 46,525,561 165,838,141
1908_ 29,926.324 30.484.974 32.358,666 39,638,885 132,408.849
Total other
Middle
Total Pulite
Outside
New York
11913_
1912_
1 1911_
1910...
1909._
1908_
I
5,741,879 5,738,319 6,053,336
5,529,010 5,411,743 5,929,928
5,020,607 4,951,408 5,206,979
6
7
84
57 5 1
6
0 ,0
1, 10078 4 7: 5 024
5, 91.3 6 ; 7 09 ; 1
4,799,241 4,811,822 5,131.076
4,090,625 4,082,140 4,548,444
18,895,390 18,289,168 17,771,109 19,961,878
17,873,434 17,838,865 17,390,639 20,106,010
16,788,518 16,616,651 16,252,962 18,198,830
16,913,043 16,555.959 15.673,794 17,677,934
14,671,630 15.037,377 15,037,492 17,502,004
12,778,978 12.673,706 12,732,981 14,947,303
23,363,739
22,203,775
20,112,953
19,407,612
16,759.475
74,917,545
73,208,948
67,856,961
66,820,730
62,249,403
53,132,968
It is not possible, of course, to refer in detail to
the clearings for individual cities and attempt explanation of the gains or losses at each. The
following statement, which indicates the course of
bank clearings at leading cities for December and
for the twelve months of the last four years is, therefore, appended without comment:
106
THE CHRONICLE
BANK CLEARINGS AT LEADING CITIES.
--December
Jan. 1 to Dec. 31
1913. 1912. 1911. 1910. 1913. 1912.
1910.
1911.
2
$
$
$
$
$
5
$
8,000 8,809 8,112 8,025 94,634 100,744 92,373 97,275
1,437 1,360 1,241 1,201 16,073 15,381 13,926 13,940
678
711
731
8,340 8,299
8,964
8,116
711
770
745
700
7,692 6,690
865
8,166
8,524
377
368
3,728
346
3,860
4,028
338 4,137
236
2,587
241
214
2,520
221
2,799
2,932
2,328
224
231
216
2,427
2,678
2,624
203
160
1,627
1,768
1,957
180
1,968
154
145
119
1,252
1,278
1,369
121
114
113
1,317
245
2,635
2,579
250
223
2,713
2,850
233
1,001
113
108
1,013
89
1,150
1,276
85
110
107
1,014
1,058
105
981
109
987
1,156
134
131
114
1,068
1,182
1,312
103
70
60
65
61
725
716
675
675
101
117
88
77
1,128
1,331
969
925
73
65
60
61
786
725
658
697
101
109
85
74
1,210
811
943
1,169
38
41
34
37
427
443
404
415
76
75
62
66
909
861
753
833
55
52
44
42
•
635
579
517
500
50
48
42
52
531
570
532
579
37
40
37
41
432
435
441
467
37
45
41
42
476
488
459
493
42
37
37
32
375
393
419
430
51
48
42
42
335
422
362
421
58
53
50
590
45
665
553
602
22
20
18
18
254
216
224
246
36
33
37
33
369
333
334
328
(000,0(,0s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
'Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St.Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City..
Total
Other cities
•
13,463 14,195 13,089 12,885 158,290 161,389 148,114 152,701
1,215 1,116 1,136 1,078 13,262 12,564 12,116 11,394
Total
lll
ewYork
ION:1 13:1?3 1g:Ng 1NN 1;:0 17? 1 20ide
1022
::3 :22:8
Speculation was at a low ebb in 1913. Not only
were the dealings in shares on the New York Stock
Exchange much smaller than in 1912, but they fell
below the aggregate of any earlier year back to 1897,
with the falling off especially marked as contrasted
with 1906, 1905 and 1901. At no time during the
twelve months was there any real activity and the
extreme of dulness was reached in November, when
as low as 57,603 shares covered a full day's transactions, and for the entire month the dealings totaled
only 3,765,595 shares, or but little over 150,000
shares daily. The year's operations, moreover,
were upon a declining basis of values, with the final
prices of 1913,if not the lowest of the twelve months,
yet well below the 1912 level, The aggregate of
sales at the New York Stock Exchange for 1913 was
only 83,470,693 shares, against 131,128,425 shares
in 1912, a slightly smaller volume in 1911, no less
than 174 million and 214 million shares in 1910 and
1909, respectively, and the record of 2843' million
shares in 1906. The shrinkage in the volume of
• bond transactions was also noticeable. In 1909
bonds of the par value of $1,317,291,000 changed
hands; in 1912 the total was little more than half of
that ($675,213,500) and last year dropped still further to $501,571,020.
Twelve Months 1913.
Descrtplion.
Par Value
or Quantity.
Actual
Value.
Twelve Months 1912.
Aver.j Par Value
Price.! or Quantity.
Actual
Value.
Aver.
Price.
St'kjSh's.
83,470,693
I
131,128,425
IVaLI 87,446,427,240 $7,170,862,08 96.3811835,650,300 311,562130,835 97.7
RR. b'dsl
448,357,582 95.2, 648,168,000
471,035,100
625,121,925 96.4
Gov. b'd
1,729,220
1,759,446 1014
1,243,500
1,280,676 103.0
State b'd
28,808,700
26,797,471 93.0,
25,802,000
24,978,218 96.8
Bank stk
179,800
367,896 204.6
757,600
1,799,458237.5
Total__ $7,948,178,060 37,648,144,481 96.2$12511,621,400312215,311,112 97.6
Amplifying the foregoing as regards stocks, we
present a table covering the dealings month by
month,and quarter by quarter,for the last two years.
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE
1913.
1912.
Alth .
Number
of
Shares.
Values.
Par.
Actual.
Number
of
Shares.
Values.
Par.
Actual.
$
$
$
2
Jan _ 8,748,973 809,787,850 800,879,464 10,906,138 970,876,425 958,417,286
Feb _ 6,763,632 617,315,101 600,464,308 7,086,544 621,704,400 602,463,418
Mch. 7.229,732 639,404,5
620,004,816 14,552,052 1,334,837.225 1,312,748,973
let qr 22.742,337 2,066.507,4502,021.348,588 32,544.734 2,927,418,05 2,873,629.677
April 8,463,226 738,652,100 716,498,976 15,959,338 1,452,962,700 1,438,401,408
May 5,463,561 486,456,000 470,216,409 13,662,747 1,233,734,95 1,210,479,888
June. 9,588,174 872,946,225 833,496,241 7,219,721 645,234,075 622,417,928
26 qr 23,514,961 2.098,054,325 2,020,211,626 36,841,806 3.331.931,725 3,271,299,204
5 n* 46,257,298 4,164,561,775 4,041,560,214 69,386,5406,259,349,775 6,144,928,881
July_ 5,124,015 473,143,325 444,217,889 7,158.324 654,771,350 620,416,209
Aug_ 6.086,374 560.758,950 520,713,458 8,952,348 811,891.750 790,416.208
Sept 7,682,304 655,334,675 632,418,922 10,107,204 911,341,200 887,463,204
Bd qr 18,892,693 1,689,236,950 1,597,350,249 26,217,886 2,378,004,300 2,298,295,711
2 m's65,149.991 5,853,798,7255,638,910,46395,604,4268.637,354.075 4,443,224,592
Oct 7,403,029 644,318,890 F26,484,217 14,166,896 1,267,858,2501.234,014,207
.
Nov. 3,765,595 332,054,825 305,479,987 8,725,317 786,689,400 769,948,928
Dec 7,152,078 616,254,800 600,007,419 12,631,786 1,143,650,575 1,114,942,108
.
4thqr 18,320,702 1,592,628,515 1,531,951,62335,523,9993,198,296,225 3,118,905,243
Year83.470.6937.446.427.240 7.170.862.086 131128425 11835650.30. 11582129 R35
[VOL. xcvm.
The reader can more quickly realize how decidedly
dull the year was by a perusal of the following table,
which shows the share sales on the New York Stock
Exchange year by year since 1889.
NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE
Year.
Stocks,
Shares.
1913_ 83,470,693
1912_ 131,128,42
1911_ 127,208,258
1910_ 164,051,061
1909_ 214,632,194
1908_ 197,206,34
1907__ 196,438,824
1906._ 284,298,01
1905__ 263,081,156
1904_ 187,312,06
1903__ 161,102,101
ion., 1 44 cm,
Am
Aver.
Values
Price. (approximate)
Year.
Stocks,
Shares.
Aver.
Values
Price. (approximate)
96.2
97.7
95.8
96.2
97.5
86.6
85.8
94.2
87.3
69.9
73.2
2
7,170,862,086
11,562,129,835
11,003,600,829
14,125,875,897
19,142,339,184
15,319,401,797
14,757,802,189
23,393,101,482
21,295,723,888
12,061,452,399
11,004,083,001
$
1901.... 265,944,659 79.0 20,431,960,551
1900_ 138,380,184 69.2 9,249,285,109
1899_ 176,421,1351 78.6 13,429,291,715
1898_ 112,899,957 72.7 8,187,413,985
1897_ 77,324,172 67.0 4,973,553,065
1896_ 54,654,098 65.2 3,329,969,940
1895__ 66,583,232 60.3 3,808,338,604
1894__ 49,075,032 64.2 3,094,942,769
1893__ 80,977,839 60.3 4,550,260,916
1802._ 85,875,092!63.5 4,874,014,269
1891__ 69,031,689 57.1 3,812,247,412
,
In n
1 A 010 Aen 114.1
•
,
.0A
'71 9519 RA.
..
•
AA 9
9 077 ARS 109
As at New York, so at other centres of stock
speculation in the United States in 1913. Conditions were such as to engender distrust in share properties, Scc., and decidedly restrict the volume of
transactions. Boston reported sales of but 5,705,588 shares, against 11,134,908 shares in 1912,
about 153/ millions in 1909 and over 18 millions in
1906. Chicago's trading totaled less than one
million shares (988,432) in 1913, compared with
1,174,931 shares in 1912 and 1,623,495 shares in
1909. Philadelphia's dealings were at 4,751,542
shares,relatively very small, the contrast being with
5,455,842 shares the preceding year and 8,358,518.
shares in 1910. At Pittsburgh the year's sales aggregated only 1,014,631 shares,against 1,729,409 shares
in 1912; at Baltimore the comparison was between
327,848 shares and 585,253 shares; at Cincinnati
between 18,310 shares and 41,330 shares, and at
Louisville 3,998 shares and 15,404 shares. The
demand for bonds, also, suffered a marked contraction. At Boston the transactions footed up a par
value of $10,569,300, against $12,319,000 the preceding year and totals in excess of 30 millions in 1909
and 1908. The dealings at Chicago reached but
$9,311,000, against $13,575,000 in 1912 and $14,752,000 in 1911; at Philadelphia they were $10,519,088 and $17,318,740 and $18,395,680, respectively; at Pittsburgh $1,477,000 and $1,711,000 and
$1,136,562; at Baltimore $16,161,300 and $31,876,200 and $33,655,852; at Cincinnati $48,900 in 1913,
against $208,500 in 1912, and Louisville $131,000,
against $405,100.
Clearings in the Dominion of Canada again set a
new high record in the late year, notwithstanding the
considerable slump in activity in important Western
sections in the last half of the period. Of the twentytwo cities from which we have returns proper comparison with 1912 is possible at twenty, and for
those twenty the total of clearings for 1913 at $9,210,716,736 records an increase of 0.6%. At the
individual cities gains and losses were about equally
divided with the better showing in the municipalities
in the Eastern Provinces. Regina and Winnipeg in
fact, are the only Western cities reporting larger
totals for the year. Compared with 1911, however,
marked augmentation is shown in almost every instance. Less activity in stock speculation was a
feature of the year on the Canadian exchanges.
Montreal's transactions aggregated 1,765,651 shares
and $5,243,473 bonds, against 2,338,058 shares and
$6,295,359 bonds in 1912 and at Toronto the year's
dealings were 914,914 shares and $901,800 bonds,
against 1,168,329 shares and $1,711,220 bonds. The
107
THE CHRONICLE
JAN. 10 1014.]
Canadian clearings by quarters for six years are panic. We annex a summary of the December
aggregates each year since 1895 as disclosed by our
summarized as follows:
early statements.
Clearings Reported.
(000s omitted.)
Canada
First
Quarter.
Second
Quarter.
Third
Quarter.
$
11913._ 2,147,004 2,289,217 2,183,413
1912._ 1,955,667 2,306,316 2,265,014
1911_ 1,587,168 1,793,111 1,781,062
1910._ 1,370.488 1,465,522 1,524,949
1909._ 1,088,570 1.220,420 1,245,681
952,520 1,014,090
903,074
1908_
Fourth
Quarter.
Total
Year.
2,590,083
2,629,702
2,182,891
1.754,201
1,635,641
1.272,410
$
9,210,717
9,156,699
7,344,232
6,115,160
5,190,312
4,142,094
RAILROAD GROSS EARNINGS FOR DECEMBER.
In addition to their other misfortunes,the railroads
now have to contend with a pronounced reaction in
trade and a consequent falling off in gross earnings.
Until the more recent months increases in gross
earnings served as a partial offset to the growth in
expenses, but now even this little advantage is being
lost and we have a declining volume of freight and
declining gross receipts at a time when the rising
tendency of expenses has not yet been checked and
when, indeed, the railroads are being called upon to
adopt higher wage schedules as a result of recent
arbitration awards.
We present to-day our preliminary compilation of
railway gross earnings for the month of December and
this furnishes striking testimony to the marked recession in trade and industry which was the distinguishing feature of the closing months of the
year. Our compilation comprises merely the roads
which furnish early approximations of their gross
earnings, this including three Canadian systems
namely the Canadian Pacific, the Grand Trunk Railway of Canada and the Canadian Northern. Altogether, only 90,622 miles of road are represented
and there is a falling of' of $3,022,036, or 3.86%.
The final result seems likely to prove even less favorable than is indicated by these preliminary totals,
since they do not include any of the big systems like
the Pennsylvania, the New York Central, the Baltimore & Ohio, &c., which run through the great
manufacturing districts where trade depression has
been especially noticeable.
Not only is the decrease large in the aggregate,
but it is shared in by nearly all the different parts of the
country. Outside of afew Southern systems east of the
Mississippi, decreases are met with practically everywhere-in the Northwest, the Southwest and in the
Middle West. The falling off possesses the more
significance inasmuch as the railroads had the advantage of an extra workday in the month the
present year, there having been only four Sundays in December 1913, as against five in December
1912. On the other hand, it is only proper to state
that some of the Western roads suffered a diminution
of their grain traffic, owing to the crop shortage
experienced in some of the largest grain-producing
sections of the country. It is also a fact that cornparision is with pretty good returns of earnings in the
preceding year. Our early statements for December 1912 recorded an increase of $7,691,470, or
11.15%. In December 1911, however, the increase
was very small, aggregating only $1,782,495,or
2.57%,and,except for the large gains on the Canadian roads, our early statement would then have
actually recorded a loss. Then, again, however, our
statement for December 1910 was on the whole
quite satisfactory, having registered $5,364,874 gain,
or 8.55%. There were likewise larger or smaller
gains in all the preceding years back to 1896, with the
exception of a loss incurred in 1907, the year of the
Gross Earnings.
Mileage.
Increase (±)
December.
Or
Year
Year
In..
Given. Preced. cr'se.
Year.
1806....
1897....
1898....
1899.....
1900 ____
1901 __
1902....
1003....
1904....
1905....
1006....
1007....
1908.....
1909....
1910....
1911....
1912.....
1913....
Roads Miles. Miles.
%
Year
Given.
Year
Preceding.
$
$
Decrease (-).
i
%
-895,540 2.14
130 93,075 92,282 0.86 40,895,711 41,791,251
133 99,418 98,122 1.32 50,020,193 44,542,149 +4,478,044 2.29
129 96,285 95,191 1.15 49,630,312 46,474,701 +3355,811 6.78
113 98,508 96,637 1.93 55,557,813 51,661,909 +3.895.904 7.54
101 96,447 93,002 3.70 59,606,431 54,271,094 +5,335,337 9.83
99 103,496 100,694 2.78 64,922,983 62,104,946 +2,818,037 4.53
80 100,638 98,801 1.86 70,769,049 64,416,412 +6,352,637 9.85
71 89,278 87,067 2.54 61,868,261 59,114,002 +2,754,259 4.66
67 84,143 82,607 1.86 59,429,658 55,069,547 +4,360,109 7.91
57 81,238 79,804 1.76 62,469,679 57,027,847 +5,441,832 9.54
65 95,936 93,553 2.55 83,796,332 79,327,117 +4,469,215 5.64
61 88,234 87,046 1.27 69,070,466 72,163,205 -3,092,739 4.28
49 74,744 73,180 2.14 52,154,203 49,474,321 +2,679,882 5.42
50 86,137 84,391 1.90 67,096,709 63,200,729 +3,886,980 6.15
49 88,359 85,852 2.90 68,146,996 62,782,122 +5,364,874 8.55
52 90,576 89,193 1.57 71,109,323 69,326,828 +1,782,495 2.57
44 87,174 84,845 2.62 76,694,747 69,003,277 +7.691.47011.15
44 90,622 88,941 1.88 76,376,380 79,398,416 -3,022,036 3.88
Note.-Netlher the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
The Western grain movement fell much below
the large aggregates of the previous year, notwithstanding an increase in the receipts of corn. Combining wheat, corn, oats, barley and rye we find that
for the four weeks ending December 27 1913 the
receipts aggregated 82,735,000 bushels, against 89,355,000 bushels in the corresponding four weeks of
the preceding year. The details of the Western
grain movement in our usual form are shown in
the following.
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat.
Four weeks Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bbis.)
end.Dec.27.
Chicago
1,732,000 11,830,000 6,822,000 2,237,000
1913_ _ __ 627,000
1,391,000 12,543,000 8,910,000 3,459,000
1912_ ___ 728,000
Milwaukee
1,593,000 1,743,000
526,000 3,171,000
1913_..__ 652,000
1,043,000 2,064,000
1,713,000
454,000
1912.....100,000
St. Louis
259,000
1,594,000
1,514,000
252,000 2,050,000
1913_
241,000
1,901,000
2,557,000 2,250,000
1912_ _ _ _ 245,000
Toledo
2,000
271,000
751,000
877,000
1913_
202,000
429,000
213,000
1912_
Detroit
285,000
329,000
117,000
29,000
1913....
284,000
424.000
437,000
1912..... 24,000
Cleveland3,000
206,000
793,000
53,000
1913- 788,000
3,000
466,000
561,000
47,000
1912.... 20,000
Peoria
336,000
572,000
1,609,000
126,000
1913____ 152,000
994,000
355,000
1,813,000
75,000
1912_ 242,000
Duluth
590,000
264,000
7,428,000
1913_ _
403,000 1,153,000
1912..... 57,000 8,675,000
Minneapolis
10,984,000 2,507,000 2,748,000 2,250,000
1913_
2,259,000 4,106,000
1,025,000
17,587,000
1912_
Kansas City
681,000
1,151,000 3,850,000
1913_
376,000
2,324,000 1,350,000
1912_
Omaha
920,000
1,000,000 5,879,000
1913....
1,134,000
1,741,000
1,176,000
1912_
1912....
Rye.
(bush.)
155,000
238,000
332,000
307,000
38,000
4,000
8,000
3,000
2,000
65,000
30,000
24,000
160,000
459,000
478,000
Total of all
1913____2,500,000 20,044,000 32,233,000 15,956,000 7,420,000 1,082,000
1912____1,476,000 34,936,000 23,849,000 17,972,000 11,381,000 1,217.000
As regards the cotton movement in the South,
this did not vary greatly in the aggregate as between
1913 and 1912, but was very irregular in the comparisons as between different sections of the country. The shipments overland were 299,218 bales,
against 325,876 bales and the receipts at the Southern
ports 1,419,461 bales, as against 1,439,840 bales.
Analyzing these latter, it is found that the movement in Texas was much below that of the previous
year, while on the other hand in the Atlantic States
the receipts were much in excess of 1912. This
appears very clearly from the table we now subjoin.
At Galveston, it will be seen, the receipts in 1913
were only 335,951 bales, against 597,189 bales in
1912 and at Texas City only 103,220 bales, against
160,989 bales. On the other hand, at Savannah
the receipts were 215,587 bales against 154,402,
at Charleston 53,065 against 33,156, and at Norfolk
109,726 bales against 77,046 bales.
THE CHRONICLE
108
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR SIX
YEARS, 1908 TO 1913, INCLUSIVE.
[VoL. xovin.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC7GROUP.
December.
1913.
1912.
1911.
1910.
1909.
1908.
Year.
Ports.
1913.
Galveston
bales..
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&O.__
1912.
1911.
335,951
103,220
385,632
86,776
28,084
215,587
29,700
53,065
597,189
160,989
268,229
27,610
23,425
154,402
16,300
33,156
52,243
109,726
19,477
51,943
77,046
29,551
521,715
156,607
290,284
70,441
62,752
308,453
73,343
62,837
112
80,182
132,769
5,887
1909.
1910.
447,353
100,917
371,177
66,627
53,030
267,182
63,609
54,495
42
60,656
130,235
1,063
1,419,461 1,439,840 1,765,382 1,616,386
Total
1908.
338,064
41,882
141,875
32,363
27,448
111,587
18,805
24,418
177
33,141
69,187
5,273
605,238
26,849
386,009
62,584
54,620
228,591
102,613
24,124
644
48,405
111,908
225
844,200 1,651,810
$
$
$
Canadian Pacific 11,695,000 12,108,000 10,654,871
Chic Grt West_. 1,170,590 1,192,315 1,086,533
264,619
263,321
234,829
Dul So Sh & Atl_
Great Northern.. 5,676,561 6,548,454 4,984,306
802,269
840,282
686,043
Minn & St Loulsj
Iowa Central_ f
Minn StP & SSM 2,195,828 2,656,210 1,915,182
Total
$
$
$
8,705,2
8,214,75 6,955,874
1,047,36
887,517
943,570
249,75
236,365
213,229
4 658,241 3,819,88 4,135,633
1414,84.
347,21
368,927
1300,32t
267,027
262,635
1,692,88 1,586,729 1,481,982
21,803,56923,009,880 19,561,764 17,068,70 15,359,497 14,381,859
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
December.
, 1913.
1912.
$
$
910,277
910,379
Buff Roch & Pitts
Chicago & Alton_ 1,155,982 1,271,587
592,912
564,059 '
Chic Ind & Louis
Grand Trunk__
Gr Trk West_ 4,761,352 4,842,965
Det G II & M
Canada Atl__
Illinois Central_c 5,722,064 5,700,980
107,157
Tol Peo & West_
119,759
Tol St L & West_
397,325
378,697
Wabash
2,480,866 2,672,613
1911.
1910.
1909.
1908.
$
.8
$
$
784,37
739,148
701,834
566,123
1,175,881 1,268,05 . 1,089,575 1,078,414
470,6
488,955
462,19:
412,018
Among the separate roads we have from the
Northwest the Great Northern with $871,893 de4,147,769 3,857,82 3,564,380 3,185,287
crease and the Minneapolis St. Paul & Sault Ste.
Marie with $460,382 decrease. In the Southwest the
5,019,239 b5,534,44 4,953,94: 5,211,186
103,761
116,04I
106,915
92,194
Missouri Kansas & Texas and the Missouri Pacific
317,74
327,99
291,431
336,757
2,426,263 2,597,62 2,345,847 2,139,272
have, respectively, losses of $433,801 and $350,739.
16,099,184 16,489,740 14,440,927 14,956,96 13,539,290 12,975,9211
In Texas the International & Great Northern Total
b No longer includes receipts for hire of equipment, rentals
falls behind $207,000, but on the other hand, c Includes earnings of Indianapolis Southern beginning withand other items.
July 1910.
the Texas & Pacific has a small gain. The
detailed statement for the montk,
We now add our
Colorado & Southern continues to suffer from the
comprising all the roads that have thus far submitted
strike of tke coal miners in Southern Colorado and
figures for December.
reports a decrease in tke large sum of $441,905.
GROSS EARNINGS AND MILEAGE IN DECEMBER.
The Denver & Rio Grande as a decrease of only
Gross Earnings.
Mileage.
$140,000. The Canadian systems, all but the CanName of Road.
Inc.(+)or
adian Northern, are also found in the decrease
1913. 1912.
Dec. (-).
1912.
1913.
column the present time.
$
$
$
+37,235
470,792
508,027
Alabama Great South
309
366
Among the smaller roads the Mineral Range Ann Arbor
y134,506
+3,006
291
y137,512
291
573
+102
673
910,277
Buffalo Roch & Pitts_
910,379
earned only $26,519 in December 1913, as against Canadian Northern.... 2,256,000 2,131,700 +124,300 4,520 4,297
-413,000
11,3g4
12,108,000
$70,645 in December 1912,and this may be assumed Canadian Pacific_ _ _ _ 11,695,000 2,976,994 +148,272 11,827 2,315
2,339
Chesapeake & Ohio
3,125,266
-115,605 1,032 1,021
Chicago & Alton
1,155,982 1,271,587
to reflect the effects of the strike in the copper- Chicago Great West_ _ 1,170,590 1,192,315 -21,725 1,496 1,496
-28,853
Chicago Ind & Louisv
616
592,912
564,059
+12,684
336
Cinc New Orl
mining regions in Michigan. Only the Southern Colorado & & Tex P 968,865 956,181 -441,905 1,867 616
336
Southern
970,995 1,412.900
1,813
roads east of the Mississippi are, as a class, distin- Denver & Rio Gradne 1,828,300 1,968,300 -140,000 2,598 2,554
-52,200
Western Pacific.. _ _ _
934
485,000
432,800
934
214
-17,853
967,591
214
Y49,738
guished for improved earnings. In the following we Dever & Salt Lake.. _
Detroit kMackinac_
-14,659
411
94,885
80,226
411
Duluth
627
-1,298
264,619
626
show all changes for the separate roads for amounts GeorgiaSouth Sh & At 263,321 240,425
395
Sou & Florida
+2.972
243,397
395
Can
in excess of $30,000, whether increases or decreases. Grand Trunk ofWest 4,761,352 4,842,965 -81,613 4,548 4,533
Grand Trunk
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Decreases.
Yazoo & Miss. Valley __ _ 13 e ltfa
cl e
c
Southern Railway-1
.
Chesapeake & Ohio
148,272
Canadian Northern
124.,390
Mobile & Ohio
85,611
Louisville & Nashville_
56,204
Alabama Great Southern_
37,235
Seaboard Air Line
36,379
Missouri Bans & Texas.._- $ 433,801
Canadian Pacific
413,000
Missouri Pacific
350,739
International & Great Nor 207,000
Wabash
191,747
Denver & Rio Grande_ _ _ _
140,000
St. Louis Southwestern_ _
130,000
Chicago & Alton
115,605
Grand Trunk
81,613
Representing 8 roads IA
Western Pacific
52,200
our compilation
$974,2$7 Minneapolis & St Louis..
38,013
Decreases.
Great Northern
$871,893
Representing 14 roads in
MinnStP&SSM
466,382
our compilation
$3,927,898
Colorado & Souther*........ 441,905
• To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
December.
1913.
Alabama Grt Sou
AlaNO&TP-,
New On & N E
Ala & Vlcksb__
Vicks Shr & P_
Chesap & Ohlo_c
Gin N 0& Tex P
Loulsv it Nash_b
Mobile & Ohio__
Seaboard Air L__
Southern Ry__ _
Yazoo & Miss Val
Total
1912.
1911.
1910.
1900.
1908.
$
508,027
$
470,79.
$
I
443,53
$
420,191
$
370,269
$
319,865
a316,06
a173,881
a160,857
3,125,261'
968,86
5.110,601
1,116,65
2,201,97.
6,392,694
1,463,34
316,06
173,881
160,85
2,976,99
956,181
5,054,30.
1,031,046
2,165,59
6,223,38.
1,146,45
337,2061
153,7761
144,7171
2.835,2821
808,9961
4,655,8371
979,2261
1,992,4631
5,607,472
1,076,365
357,482
186,951
153,791
2,684,020
808,979
4,771,675
1,015,430
1,914,955
5,441,586
1,292,289
292,773
160,751
139,948
2,505,440
757,836
4,483,844
915,068
1,746,036
5,028.486
1,047,070
305,169
160,544
145,673
2,255,594
644,946
3,978,009
892,001
1,574.509
4,716,530
1,166,229
21.538.22720.676,556 19,034,872 19,017,349 17,447,530 16,159,069
a Month not yet reported; taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati in 1913,
1912, 1911, 1910 and 1909.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
December.
1913.
1912.
1911.
1910.
1909.
1908.
Colo & Southern_
Deny & Rio Gran
Intern & Grt Nor
Mo Kan & Tex_a
Missouri Pacific_
St Louis So West
Texas & Pacific_ _
8
970,995
1,828,300
776,000
2,537,691
5,024,617
1,151,00
1,856,811'
$
1,412,900
1,968,301
933,000
2,971,492
5,375,356
1,281,000
1,846,993
$
1,271,572
1,863,536
1,020,492
2,568,554
4,588,775
1,175,115
1,807,911
$
1,558,233
1,979,470
827,052
2,606,333
4,457,678
1,167,979
1,763,169
$
1,421,575
1,815,330
767,441
2,298,254
4,248,735
936,621
1,655,169
$
1,400,608
1,717,789
794,427
2,208,876
4,125,296
1,008,994
1,636,053
Total
14,145,41 15,839,041 14,295,955 14,449,914 13,143,125 12,901,043
a Includes Texas Central in 1913, 1912, 1911 and 1910 and Wichita Falls line
m Nov. 1 1912.
Dot Or Hay & Mil
Canada Atlantic.._
Great Northern
Illinois Central
Internatl & Gt North_
Louisville & Nashville
Midland Valley
Mineral Range
Minneap & St Louis..
Iowa Central
Minneap St P & S SM
Missouri Kans & Texa
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon.._
Rio Grande Southern..
St Louis Southwestern
Seaboard Air Line_ _ _ _
Southern Railway_ _ _ _
Tenn Ala & Georgia_ _
Texas & Pacific
Toledo Peoria & West.
Toledo St L & West.._
Wabash
Yazoo & Miss Valley
5,676,561
5,722,064
776,000
5,110,600
136,138
26,519
802,269
6,548,454
5,700,980
983,000
5,054,306
125,379
70,645
840,282
-871,893
+21,084
-207,000
+56,294
+10,759
-44,126
-38,013
7,748
4,763
1,160
4,923
373
124
1,585
7,485
4,703
1,169
4,723
373
127
1,581
2,195,828
2,537,691
5,024,617
1,116,657
Y16,700
57,015
1,151,000
2,201,974
6,392,694
y4,737
1,856,816
107,157
397,325
2,480,866
1.463,343
2,656,210
2,971,492
5,375,356
1,031,046
y21,412
56,120
1,281,000
2,165,595
6,223,386
97,287
1,846,993
119,759
378,697
2,672,613
1,146,455
-460,382
-433,801
-350,739
-85,611
-4,712
•
+895
-130,000
+36,379
+169,308
-2,550
+9,823
-12,602
+18,628
-191,747
+316,888
3,976
3,817
7,283
1,222
238
180
1,715
3,081
7,037
94
1,885
248
451
2.514
1,372
3,772
3,817
7,236
1,114
238
186
1,608
3,079
7,034
94
1,885
248
451
2,514
1,372
Total (44 roads)_ _ _ 76,376,380 79.398,416 -3.022,036 90,622 88,941
Net decrease (3.86)% Mexican roads (not in eluded in to tal).
+143,571 1,031 1,031
766,760
910,331
Interoceanic of Mexico
9511,900
+9,400
395
9521,300
Mexican Railway_ _ _ _
361
5,737,194 -2,999,663 6,135 6,062
Natl Rys of Mexico_x. 2,737,531
a Includes Texas Central in both years.
x Now includes Mexican International in both years.
y These figures are for three weeks only.
SHAREHOLDERS SHOULD UNITE FOR SELFPROTECTION.
The following comes to us from a subscriber in
France :
Chateau de Ste. Helene, Nice, Dec. 28th 1913.
Editor of the "Commercial & Financial Chronicle":
Dear Sir-I have just read with much interest the letter
of Mr. Wm. C. Seddon and your comments on the same in
your issue of December 13th.
I cannot believe that the Democratic Party or Mr. Wilson
is ready to assume the responsibility of taking over the
railroads and telegraphs and telephone lines nor that Mr.
Wilson is ready to commit the infamy of forcing them into
bankruptcy in order that the Government can buy them at
its own price, thus committing the very crime it charges the
trusts with committing against their competitors. Never-
JAN. 10 1914.1
109
THE CHRONICLE
theless, it is very true3thalitibehooves the owners of these
properties to organize for their defense iftheydo not wish
to be attacked singly and ruined, and that in this matter
the stockholders, yes, and the bondholders, should join the
management.
It seems to me that if the directors of the railroads, the
telegraph and telephone lines, the life insurance companies,
the fire insurance companies and the savings banks should
organize and issue a circular to all who are financially interested in these companies, explaining how their property has
been depreciated in value during the last few years by hostile
and unfair legislation, and call on them to vote for nobody
who would not pledge himself to secure them fair treatment
in the future,that it would force the legislators to take pause
in the mad course they have been pursuing.
I am aware that this would need some courage, particularly on the part of the railroads, for fear of reprisals, but if the
movement is simultaneous I do not'think the Government
would dare to resort to such methods, and in any event the
battle is on and the only way to save themselves is to fight
and to fight together.
Apropos of the great zeal shown by the Government to
stamp out monopoly,is it not strange to see this same Government seeking a protectorate over Nicaragua, with the avowed
object of securing a monopoly of canals across the isthmus.
Verily, what is sauce for the goose is not sauce for the
gander, in the opinion of Messrs. Wilson and Bryan.
Very truly yours,
H. W. BARTOL.
beautiful, directly on the Ashley River, and is the most
inviting spot for a person of wealth to build a winter home.
A very rare opportunity.
This is an incomplete picture of Charleston as she was and
as she is, but likely with her continued momentum to double
her population in less than twenty years.
A. C. KAUFMAN.
Charleston, S. C., Dec. 23 1913.
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[EIGHTH ARTICLE.]
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
contain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter is of importance in view of the Federal Income Tax Law, just enacted,
under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
interest or coupon payments unless the holder of the bond is
exempt from the tax.
The further additions we make to-day serve to extend very
considerably the list of companies whose securities we have
presented in classified form. We began the series of articles
in the "Chronicle" of Nov. 22, pages 1467-1470. The
second contribution appeared Nov. 29, pages 1549-1552; the
third, Dec. 6, pages 1627-1629; the fourth, Dec. 13, pages
PRAISE OF CHARLESTON BY ONE OF HER SONS.
1700-1702; the fifth, Dec. 20, pages 1788-1791; the sixth
Charleston, S. C.
Dec. 27, pages 1862-1864, and the seventh, Jan. 3, pages
To the Editor of the Commercial dc Financial Chronicle:
43-45. The following shows the companies whose securiYour friend and close coadjutor of more than forty years, ties were classified in these seven earlier numbers;
and as faithful to your interests still as from the first, wants Ala.& Vicksburg Ry.,Dec.27,p.1863. Georgia RR.& Banking Co..Dec.13.
p. 1701.
Allent'n
to tell your readers a few things about Charleston, S. C., Amador Term. RR., Dec. 20,p.1790. Gr. Rap.& Northw., Dec. 13,p.1701
Central, Dec. 20,P. 1790.
RR., Dec. 27, p. 1863.
Great
prove:of advantage to them, especially those of a Ann Arbor & S. Fe. Nov.22,P. 1468. Green Northern Ry.,Nov.22,p.1469
which may
Bay & W.RR.,Dec.27,p.1863.
Atch. Top.
Athens Term.
Fla.& Ala. Ry.,
progressive turn, not merely progressive in the present po- Atlantic CoastCo.. Dec. 27, p. 1863. Gulf& Sabine Riv., Dec.6,p. 1628.
Line Co. (of Conn.) Gulf
Dec. 13,p. 1701.
litical significance of the term, but in its wider and more
Dec. 6, p. 1627.
Gulf & Ship Isl., Dec. 13, p. 1701.
Atl. Coast Line RR.,Dec.27,p.
Gulf Tex.& West.Ry.,Dec.27,p.1863
comprehensive definition, applicable to those (including,the Atlanta Term. Co., Dec. 27, p. 1863. Hampshire South.. Dec. 13. D. 1701.
1863.
Bait. & Ohio. Nov. 22, p. 1468. •
Hocking Valley Ry., Jan. 3, p. 44.
former, even) who have an eye to the main chance.
Bangor & Aroostook. Dec. 13. p.1700 Houston Belt & Ter.,Dec.27, p.1864.
Charleston was looked upon in the not distant past as a Bangor & Aroostook RR. (correc- Huntingdon & Broad Top Mtn.RR.
& Coal Co., Dec. 13, p. 1701.
tion), Dec. 27, p. 1863.
most respectable city (that she is now), moving slowly but Belfast & Moorehead Lake. Dec. 20, Ida.&Wash.Nor.RR.,Dec.20,p.1864.
Illinois Central RR.,Jan. 3, p. 44.
p. 1790.
surely, not very fast, careful to entertain strangers who Belt RR.& Stock Yards of Indianap- Illinois South. By.. Dec. 27, p. 1864.
Illinois Term. RA., Dec. 13, P. 1701.
olis, Dec. 13, p. 1700.
come and go, but inactive about holding here men of business
Indiana Harbor Belt. Dec.20, p.1789
Bing.& Garfield, Dec. 20, p. 1790.
qualifications, or energy and ability, those who make cities Blrm.& Northw. Ry.,Dec. 27,p.1863 Indiano.p. Union Ry.,13ec.27,p 1864.
Boca & Loyalton RR.,Dec.27.p.1863 1nterboro-Met. Co., Dec, 13, p. 1701
grow wheresoever they locate.
Boston & Alb. RR., Dec. 6. p. 1627. Interborough R. T.. Dec. 13, p. 1701
Int. &
Nor. Ry., Dec.6, p.1628.
1790.
About three years ago, however (I would not convey the Boston & Maine, Dec. 20, p.p. 1627. Joplin Grt.Dep. Co.,Dec.27, p. 1864.
Un.
Boston Term. Co., Dec. 6,
Kanawha Bridge & Terminal Co.
impression that on the part of our keen-eyed men there was Brinson By.. Dec. 20. p. 1790.
Dec. 27,
Buffalo Creek RR., Dec. 6, p. 1627.
not the manifestation of enterprise before that), a changed Buff. Roch. & P.. Nov. 29. D. 1551. Kanawha &p. 1864.Dec. 13. p. 1701.
Mich..
Cairo & Thebes RR. Dec. 13.p.1700 Kan. City Sou. Ry., Dec. 27, p.1864.
spirit seemed to have taken possession of our people, new Caro. Clin. & Ohio, Dec. 13, p. 1700. Ky. &Ind. Term., Dec. 13. P. 1701.
& Hamilton Bridge Co..
enterprises were projected, real estate rose rapidly and things Central of Georgia. Dec. 13. p.1700. Keokuk13. p.
Charleston Term., Dec. 20, P. 1790
Dec.
1701.
Charleston Un. Sta.. Dec. 20.10.1790. Kewaunee Gr.B.&W.,Dec.27,p. 1864
seemed to be on the go.
Erie & West.,
Two years ago the evidences became more pronounced that Chattahoochee & Gulf,Jan. 3, p. 43. Lake Shore & M.S.Dec. 20. P. 1789.
Chattahoochee V.Ry.,Dec.27.P.1863 Lake
Dec.20, p.1789.
Lake Sup.& Ishp., bee. 13, p. 1701.
& Ohio
a welcome era was about to dawn upon us, and that people Ches.& Alton By.,Jan. 3, p.43.
RR., Nov.29, p. 1551. Laramie Hahn's Peak & Pacific By.,
Chic.
Dec. 13, p. 1701.
1469.
who stood in the way had better move lively or they would Chic. Burl. & Q., Nov. 22. p.
Chic.& E.III. RR.,Dec. 27, p. 1863. Leh.& Hud. River, Dec. 13, p. 1701.
be run over.
Chic. Grt. Western,Dec. 13,p..1700. Lehigh Valley RR.. Nov.29. p. 1551.
Heights Terminal
1864.
year the signs of prosperity have been still more ChicagoDec. 13. p. 1700. Transfer Lime Rock RR., Dec. 27, p.p. 1701.
This last
RR.
Litchf. & Madison, Dec. 13.
Chic. Ind. & Sou.. Dee. 20. p. 1789. Live
G.,Dec.27,
conspicuous. Enterprises that were rung in our ears for a Chic. Milw.& St.P. Nov. 29,p.1551 LongOak Perry & 20. p. 1789.p.1864
Island, Dec.
Chicago &
decade, which gave the word of promise to the ear but broke Ch. Pew. &N. W., Nov. 22. p. 1469. Lorain Ashl. & Sou.,Dec. 27, p.1864
St.L.RR..Dec.27.p. 1863 Lorain & W.Va.. Dec. 13. p. 1.701.
it to the hope, are now about to materialize.
Chic. Riv. & Ind., Dec. 20, p. 1790. La.& Ark. Ry., Jan. 3, p.44.
Chic. R.I.&
La.
Imprimis, the Seaboard Air Line Railway, that great coat Ch. St. P.M.Pee.. Nov. 29. p.1551. La.& Northw. RR.,Dec.27,P. 1864.
& 0.. Nov.22. p. 1469.
Ry.& Nay. Co., Dec. 27, p.1864.
Chic.
13 p.1700. Louisiana. Sou. By.
,Dec.
system, the Carolina Clinchfield & Ohio Railway, and the 0. C.T.H.& S.E.. Dec.20. p. 1790. Lou.& Jeff. Bdge., Dec.27, p. 1864.
0. & St. L.. Dec.
13. p. 1701.
Charleston & Summerville Electric Interurban Railway, are Cincin.-Nashv. Sou.,Jan.3,p.44. Louisv. & Nash., Nov. 22, p. 1469.
Coal & Coke Ry., Dec. 20, p. 1790. Maine Central RR., Dec. 6. p. 1628.
about to find a home in Charleston. The Seaboard Air Line Colo. Eastern RR., Dec. 27. p. 1863. Manhattan(Elev.),Dec. 13. p. 1701.
Colorado Midland, Dec. 20. p. 1790.
Railway will become a leading passenger and freight road, Combination Bridge,Dec.20,p. 1790. Manistee & N.E.RR.,Dec.27,p.1864.
Manistique & Lake Superior RR.,
north, west and south. Upon this section of the road con- Copper Range, Dec. 20, p. 1790.
Dec. 27, p. 1864.
Cripple Cr. Cent. Ry,Dec.6, p. 1627 Manitott
1864
struction has begun, and it expects to enter Charleston be- Cumb.& Penn. RR. Dec. 13,p.1700 Marshall& Pike's Pk.,Dec.27,p.1864.
& E. Tex., Dec.27.p.
Cumberland
Maryland &
fore the end of 1914. The famous Carolina Clinchfield & Cumberland Corp.„ Dec. 13, p. 1700. Mem.DallasPenn., Dec. 13. p. 1701.
RR.,Dec. 13. p. 1700.
& Gulf, Dec.27.p. 1864.
Ohio Railway will make this their distributing point for coal Del.& Hudson Co.,Dec. 20, p. 1790. Mem.Un.Sta. Co.,Dec. 13. p. 1701.
Del. Lack.& West.,Nov.29,p. 1551. Michigan Central, Dec. 20. p. 1789.
shot out from bunkers to cost $500,000. In return they Den. Boul. & W., Dec. 27, p. 1863. Midland Continental Dec.27,p. 1864
to be
W.,Dec. 27.
Den. Lar.
Valley RR..Dec.13,P 1701.
will receive immense cargoes of the finest quality of iron ore Denver & & N.Grande and p. 1863. Midland Range RR.,Jan. 3. pi. 44.
Rio
subsidi- Mineral
aries, Nov. 22, p. 1469.
L., Nov. 29. p. 1551.
for shipment to the large foundries in the country. The Des Moines Union, Dec. 13, p. 1700. Minn.& St. & S. S. M.,Jan.3, p.44.
Minn. St. P.
Charleston & Summerville Electric Interurban Railway prom- Detroit & Mackinac,Dec. 13. p.1700 Mississippi Cent.. Dec. 13. p. 1701.
Dui. Sou. Sh. & Ati., Jan. 3, p. 44. Mo.& N.Ark. RR.
27. p.1864.
ises to be a paying enterprise from the start. It has at its Dunkirk Alleg. Valley & Pittsburgh, Mo. Pac.. incl. St. ,_Dec.M.& Sou..
L. I.
Dec. 20. p. 1790.
Nov. 22. P. 1469.
head a banker, one of the shrewdest and most successful Durham Un. Sta.Co..Dec.27,p.1863. Mobile & Ohio RR., Dec.6. P. 1628.
East Broad Top RR. & Coal Co.. Mont. Wyo.& Sou., Dec. 13.p. 1701
business men to be found anywhere.
Dec. 13. p. 1700.
Munising By., Dec. 13, p. 1701.
The hinterland is also becoming quite valuable. Promi- East Carolina By.. Dec. 27, p. 1863. Nash.Chatt.& St. L..Nov.29,10•1551
El Paso & N.E.Co.. Dec.6. p. 1628. Nev.-Cal.-Ore. Ry., Dec. 13, p. 1701
nent on these sites, nine miles from Charleston, are North El Paso Union Passenger Depot Co.. Nev. Copper Belt, Dec. 27, p. 1864.
Dec. 27,
1864.
Charleston, on the Cooper River on the east, accessible by Fitzgerald p. 1863. Broxton RR.. N.0.Grt. Nor. RR.,Dec.27,p. 1864.
Ocilla &
N.0. Mob. diChic.,Dec.27,p.
Dec. 27, p. 1863.
water, rail, trolley and automobile highway, and the pleasure Florida Central RR.,Dec. 13,p.1700 N.0.&N.E. RR.,Dec.27, p.1864.
N.Y. Central & Hudson Rivet
.Dec. 13,p.1701
Nov. 22, p. 1469.
grounds on the historic and picturesque Ashley River, on Florida E.Coast By.
Fonds John.& Olov.,Dec.27,p. 1863. N. Y. Central Lines West of Buffalo,
the old Faber place,on the west, accessible in the four above Fort St. Union Depot.Dec.13,p.1701 Dec. 20, p. 1788.
Galveston Wharf Co.,Dec.27,p.1863. N. Y.
St. L.,Dec.
ways, a most enchanting spot. A lovely site, it has the most Georgia Fla.& Ala., Dec.27,P. 1863. N.Y.Chic.&West., Nov.20,p.1789.
Ont.&
29,10.1551
110
[VOL. xcviii.
THE CHRONICLE
Nezperce & Idaho, Dec. 27, p. 1864. So. Caro. & West., Dec. 13, p. 1701.
Norfolk & Portsmouth Belt Lino RR. South Georgia By., Jan. 3, p. 45:
So. 111. & Mo.Bdge. Co.,Jan.3,P. 45.
Dec. 27, p. 1864.
Nod.& West. By., Nov. 29, p. 1552. Southern Pacific Co. and proprietary
companies. Dec. 6. p. 1628.
Nor. Pacific By., Nov. 22, p. 1469.
Nor. Pac. Term. Co., Jan. 3, p. 44. Southern By., Dec. 6, p. 1629.
Norwood & St. Law.,Dec.13,p. 1701. Southwestern By.(Tex.),Jan.3,p.45.
Ohio & Kentucky, Dec. 13, p. 1701. Spokane Internat. Ry.,Jan.3, p. 45.
Oil Belt Ry., Jan. 3, p. 44.
Spok. Port.& Seat. By.,Jan. 3,p.45.
Oklahoma Cent. By., Jan. 3, p. 44. State Line & Sullivan. Dec.13,p.1701
Oregon & Southeastern,Jan.3,p.44. Tampa Northern RR.,Jan. 3, p. 45.
Peelle & Eastern By., Jan. 3,p. 44. Tenn.& No.Caro., Dec. 13. p. 1701.
Paris & Mt.Pleasant RR.,Jan.3,p.44 Tennessee By., Dec. 20, p. 1790.
Pennsylvania RR.and Affiliated Cos. Term. RR. Assn. of St.L.,Jan.3,p.45
East of Pittsburgh, Dec. 20.P•1789 Term.By.of Buff., Dec.20, p. 1790.
Pennsylvania Lines West of Pitts- Texas & Pac. Ry.. Nov. 29. 13• 1552.
Tot. & Ohio Cent., Dec. 20, p. 1789.
burgh, Dec. 6, p. 1628.
Pensacola Mob.& N.0 Jan.3,p.44. Tol. St. L.& W.. Nov. 29, p. 1552.
.
Peoria & Pekin Union, Jan. 3, p. 44. Tonopah & Goldf., Dec. 20, p. 1790.
Pitts. & Lake Erie, Dec. 20, p. 1789. Tor. Ham.& Buff., Dec. 20, p. 1789.
Pitts. Shaw.& Nor.. Dec. 13. p. 1701 Tremont & Gulf Ry.,Jan. 3,p.45.
Pittsburgh Terminal RR.& Coal Co., Ulster & Delaware RR.,Jan. 3, p.45.
Dec. 20. p. 1790.
Union Pacific and subsidiaries,
Nov. 22, p. 1470.
Pueblo Un. Dep.& RR.,Jan.3 .44
.p .
Railroad Secur. Co., Dec. 20, p. 1790 U. S. Steel Corporation and subsidiaries. Dec. 13. p. 1702.
,
Rap.Cy.,BlackH.& W. Jan.3,p.44.
Va.& Caro. Sou. RR.,Jan. 3,P. 45.
Raritan River RR, Jan. 3,p. 44.
Virginian By., Dec. 13, p. 1701.
Reading Co., Dec.6. p. 1628.
Vick.Shr.& Pac.Ry.,Dec.27.p.1864.
Rockingham RR.,Jan. 3, p. 44.
Wab.Ches.& West.,Jan. 3, p. 45.
Rutland RR.. Nov. 22. p. 1469.
Wabash-Pitts. Term..Dec.20.p.1790.
St. Jos. & Gr. Isl., Jan. 3, p.44.
St.L.Rocky Mt.& Pac.,Jan.3,p.44. Wabash RR., Nov. 29,p. 1552.
St.L.& S. Fr. RR.. Nov.29, p. 1551. Western Maryland By.,Jan.3, p. 45.
Western By.of Ala., Dec. 13,p. 1701
St. L. Southw.. Nov. 22, p. 1470.
St. Paul Br. & Term.. Jan. 3, p. 44. Wheel.& Lake Erie, Dec. 20.p. 1791
St.Paul Union Dep. Co.Jan.3,p.44. White & Black River Valley, Dec.20,
Salt Lake City Union Depot & RR.. P. 1791.
Wichita Un.Term. Ry.,Jan. 3,p.45.
Dec. 13, p. 1701.
San Ant. Uvalde & Gulf,Jan. 3,p.44. Williamsv.Greenv.&St.L.,Jan.3,p.45.
San Luis Southern Ry., Jan. 3,p. 44. Wisconsin Central By.,Jan. 3,p.45.
S. S. Marie Bdge. Co.,Dec.13,p.1701 Winona Bridge Ry., Jan. 3,p. 45.
Shannon Arizona, Dec. 20. p. 1790. Wrightsv. & Tennille, Jan. 3, p. 45.
Sierra By. of Calif., Jan. 3, p.44.
To the foregoing we now add 47 additional companies,
as follows: -
First mortgage 4s
AUGUSTA UNION STATION.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1953
$225,000
BELLEFONTE CENTRAL RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 2 1924
First mortgage 5s
*$33,500
* Tax-free in United States and Pennsylvania.
BLOOMSBURG & SULLIVAN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Jan. 1 1928 *$256,100
J-J
First mortgage 5s
Jan. 1 1928
Second mtge. income non-cumulative 5s_ _J-J
199,600
* Tax-free in United States and Pennsylvania.
CENTRAL RAILROAD OF NEW JERSEY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
July 1 1987 $45,091,000
J-J
General mortgage 58 ($50,000,000)
To June1950 a16,996,000
Lehigh & Wilkes-Barre Coal cons. M.4s_ _J-D
July 1 1941 b4,987,000
J-J
Amer. Dock & Impt. first mtge. 55
2,500,000
N.Y.& Long Branch general mtge.4s &5s.M-S Sept. 1 1941
a Free of taxes in United States and Pennsylvania.
1) Free of taxes in United States and New Jersey.
CENTRAL RAILROAD OF SOUTH CAROLINA.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$300,000
July 1 1921
J-J
First mortgage 6sCHARLESTON & WESTERN CAROLINA RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Oct. 1 1946 $2,720,000
First mortgage 5s
..A-0 Oct. 1 1947
600,000
Augusta Terminal By. first mortgage 6s..
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Oct. 1 1946 $2,380,000
Income mortgage 5s (non-cumulative).. _ _ _Oct
Alabama Tennessee & Northern Ry.
Arkansas Louisiana & Gulf Ry.
Ashland Coal & Iron By.
Atlantic &. Danville Ry.
CIIATTANOOGA STATION CO.
Augusta Southern RR.
Issued with Tax-Exemption Clause.
Augusta Union Station.
Int. Maturity Date. Outstand'g.
Bellefonte Central RR.
Jan. 1 1957 $1,000,000
J-J
First mortgage 4s
Bloomsburg & Sullivan RR.
CHESTERFIELD & LANCASTER RAILROAD.
Central RR. of New Jersey.
Central RR. of South Carolina.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Charleston & Western Carolina By.
Aug. 1 1955
$186,000
-A
F
First mortgage 5s
Chattanooga Station Co.
Chesterfield & Lancaster RR.
CHICAGO INDIANAPOLIS & LOUISVILLE RAILWAY.
Indianapolis & Louisville By.
Chicago
Issued with Tax-Exemption Clause.
Chicago Junction RR.
Int. Maturity Date. Outstand'g.
Chicago Milwaukee & Gary By.
July 1 1947 $15,000,000
J-J
Refunding mtge. 4s, 5s & 65
Chicago & Western Indiana BR.
1,650,000
July 1 1956
J-J
Indianap. & Louisv. first mortgage 4s
Colorado & Southern By.
2,750,000
June 1 1936
Motion Coal Co. first mortgage 5s
-D
J
• Equipment Trusts
Columbia Newberry & Laurens RR
320,000
Series A 43 (due $21,000 s.
,
0
-a.)
M-S15 ToMar.15'21
Coudersport & Port Allegheny RR.
600,000
Series B 4s(due $37M or $38M s.-a.)_A-015 To Oct. 15'21
Denver & Salt Lake RR.
Series C 44s (due $50,000 s.
-a.)
To Aug. 1923 1,000,000
-A
F
Detroit Bay City & Western RR.
Detroit & Toledo Shore Line RR.
CHICAGO JUNCTION RAILROAD.
East Tennessee & Western North Carolina RR.
Issued with Tax-Exemption Clause.
& Florida By.
Georgia
Int. Maturity Date. Outstand'g.
Greenwich & Johnsonville By.
M-S Mar. 1 1945 $2,327,000
First mortgage 48
Hoosac Tunnel & Wilmington RR.
CHICAGO MILWAUKEE & GARY RAILWAY.
Louisville Henderson & St. Louis By.
Issued with Tax-Exemption Clause.
Macon & Birmingham By.
Int. Maturity Date. Outstand'g.
Macon Dublin & Savannah RR.
A-0 Apr. 1 1948 $5,770,000
First mortgage bs
McCloud River RR.
Nashville Terminal Co.
QHICAGO & WESTERN INDIANA RAILROAD.
New Mexico Central RR.
Issued with Tax-Exemption Clause.
Norfolk Southern RR.
Int. Maturity Date. Outstand'g.
Opelousas Gulf & North Eastern By.
Q-Mar Dec. 1 1932 $6,283,000
General mortgage 6s
Pacific & Idaho Northern By.
J-J
Consol. mortgage 4s ($50,000,000)
July 1 1952 43,515,000
First & ref. mtge. to 5% ($200,000,000)
M-8 Sept. 1 1962
Puget Sound & Willapa Harbor Ry.
M-S Sept. 1 1915 *10,000,000
Three-year 5% secured notes
Raleigh & Charleston RR.
Roscoe Snyder & Pacific By.
* Secured by new first and refunding mortgage.
Savannah & Statesboro By.
Savannah Union Station Co.
COLORADO & SOUTHERN RAILWAY.
Salt Lake & Los Angeles By.
Issued with Tax-Exemption Clause.
Seaboard Air Line By.
Int. Maturity Date. Outstand'g
South Carolina Pacific Ry.
Ref. and ext. mtge. 44s ($100,000,000)__M-N May 1 1935 $30,803,000
Jan. 1 1938 *1,748,000
J-J
Colorado RR. first mortgage 55
Spokane International By. (correction).
Colo. Spgs. & Cripple Creek District first
Transylvania RR.
A-0 Oct. 1 1942
1,379,000
consol. mtge. bs ($3,600,000)
Wabash RR. (correction).
July 1 1937 *1,0 1:00 0
79 00
0
Denver & Interurban first mortgage 6s J-J
1,006,000
es
Galvton Term. 1st M.6s ($5,000,000) M-S Mar. 1 1938
ALABAMA TENNESSEE & NORTHERN RAILWAY.
1919
Gilpin RR.first mtge. 6s (Gilpin Tram.)
Dec. 1 1937
a728,000
J-D
Issued with Tax-Exemption Clause.
Ft. Worth & Denver Term. 1st M.6s
July 1 1937
4,818,000
Int. Maturity Date. Outstand'g. Hous. Belt & Ter. 1st M.5s ($5,000,000) J-J
Wichita Valley Lines
A-0 Oct. 1 1956
3662,000
A. T.& N.RR.first mortgage 5s
July 1 1936
_ _J-J
*516,000
Abilene & Northern first mortgage 6s_
A.T.& N.Ry, lst&ref.M.58(325,000,000)_M-N May 1 1943 *2,000,000
*744,000
July 1 1936
Wichita Valley RR.first mortgage 6s_ _J-J
M-N May 1 1916
-year 6% notes
Secured 3
1,000,000
*257,000
July 1 1936
Wichita Fails & Okla. first mtge. 6s_ _ _ _J-J
Mobile Term. & By. first mortgage 6s- _ _M-8 Sept. 1 1935
500,000
Feb. 1 1939 *1,872,880
F-A
Stamford & Northw. first mtge. 6s
Apr. 1 1956
A-0
Tombigbee Valley first mortgage bs
450,000
July 1 1935 *8,760,000
Trinity & Brazos Valley first mortgage 6s_ ..J-J
Jan. 1 1935
J-J
General mortgage 6s
270,000
Colo. & Sou. equip. trust, C.& S., Series A
6 :0
33 0
3 90 0
,
A-0 To Apr.1917
-a.)
58(due $52,000 s.
* Deposited as collateral under the $1,000,000 6% notes of 1916.
To June1914
Ft.W.& D.C.Ser. A 5s (due $39,000 s.-a.)_J-D
ARKANSAS LOUISIANA & GULF RAILWAY.
To Apr.1917
133,000
A-0
-a.)
Series B bs (due $19,000 s.
175,000
Trinity & Brazos Valley equip.trust 5s_ _ _ _A-0 To Apr.1917
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Issued without Reference to Taxes.
July 1 1957 *$1,230.000
.7-J
First mortgage 5s ($6,000,000)
Int. Maturity Date. Outstand'g.
Feb. 1 1929 $19,402,000
Colo.& Sou.first mtge. 45 ($20,000,000) F-A
* In default.
Jan. 1 19 1
.
20 8 5 0 00
3
1;760
146: 0
Col. Sp.& Cr. Crk. Dist. By. 1st M.5s_ _
ASHLAND COAL & IRON RAILWAY.
Ft. Worth & Denver City 1st M 68
J-J
July 1 1940
*769,000
Valley By.first mtge. 55
Wichita
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g'
* The entire issue is owned by the Colorado & Southern and pledged
M-N May 1 1925 *$300,000 under the company's refunding and extension mortgage. a Of which
First refunding mortgage 4s
$428,000 held by Fort Worth & Denver City By.
* Tax-free in United States and Kentucky.
ATLANTIC & DANVILLE RAILWAY.
COLUMBIA NEWBERRY & LAURENS RAILROAD.
Issued with Tax-Exemption Clause.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g.
July 1 1948 $3,925,000 First mortgage 3s
J-J
First mortgage 4e
July 1 1937
$899,000
J-j
J-J
July 1 1948
1,525,000
Second mortgage 43
ALLEGIIENY RAILROAD.
RAILROAD.
AUGUSTA SOUTHERN
COUDERSPORT & PORT
Isiued with Tax-Exemptian Clause.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g.
J-D
J-J15 Jan.15 1916
Dec. 1 1924
$245,000
8400,000 First mortgage 5s
First consolidated mortgage 5s
JAN. 10 1914.1
THE CHRONICLE
DENVER & SALT LAKE RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N May 1 1943 $1,553,000
First mortgage 5s ($35,000,000)
6,039,000
Cash interest 1 to 5% _M-N May 1 1943
do
do
2,000,000
M-N May 1 1943
Adjust income (to 5%)
488,000
Equip. trust 5s (due 24M or 25M s.-a.)_M-S To Sept. 1923
DETROIT BAY CITY & WESTERN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
$300,000
A-0 Oct. 1 1932
First mortgage 5s ($1,250,000)
DETROIT & TOLEDO SHORE LINE RAILROAD.
•
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Jan. 1 1953 $2,288,000
J-J
First mortgage 4s ($3,000,000)
111
SALT LAKE & LOS ANGELES RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$300,000
Jan. 1 1916
J-J
First mortgage 6s, extended, 1913
SAVANNAH & STATESBORO RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Oustand'g
$185,000
Jan. 1 1953
J-J
First mortgage 5s
SAVANNAH UNION STATION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Apr. 1 1952
First Mortgage 4s
$600.000
SEABOARD AIR LINE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Oulstand'g.
First mortgage 4s
A-0 Apr. 1 1950 $12,775,000
Refunding mortgage 45 ($125,000,000)_ A-0 Oct. 1 1959 23,800,000
Adjustment mortgage (to 5%)
-A
F
Oct. 1 1949 25,000,000
Three-year 5% notes
M-S Mar. 1 1916
6,000,000
Atlanta-Birm. Div. first mtge. 4s
M-S May 1 1933
5,910,000
RAILWAY.
Florida West Shore first mortgage 5s
J-J
Jan. 1 1934
755,000
GEORGIA & FLORIDA
Georgia & Alabama first cons. mtge. 58_ _ ..J-J
Oct. 1 1945
6,085.000
Issued with Tax-Exemption Clause.
Georgia & Alabama Term,first mtge. 5s_ _J
Dec. 1 1948
-D
1,000.000
Int. Maturity Date. Outstand'g. Equipment Trusts
M-N Nov. 1 1956 $5,595,000
J-D
First mortgage 5s ($12,000,000)
Series D as
June 1914
32,000
2,000,000
Feb. 1 1932
-A
-a.)
A-0 To Apr.1915
Gen. mtge. 6s (cum. inc. for 10 years)----Series E bs (due 325,000 s.
75,000
175,000
July 1 1930
J-J
mtge. 68
-a.)
-D
J
To Dec.1915
G.& F. Terminal Co. first
Series F bs due 351,0 s.
204,000
212,000
A-0 Apr. 1 1955
-a.)
-D
J
Millen & Southw. first mortgage 5s
To June1916
Series G 5s due $88,000 s.
440,000
M-S To Sept.1916
156,000
Series H 5s due $26,000 8.-a.
GEORGIA MIDLAND RAILWAY.
M-N To May1917
-a.
495,000
Series I 5s due $65.000 s.
J
-D
To June1917
-a.
360,000
Series J 5s due $45,000 s.
Issued with Tax-Exemption Clause.
To July 1917
-J
J
-a.
105,000
Series K 5s due $15,000 s.
Int. Maturity Date. Outstand'g.
J-D15 ToDec.15'19
828,000
-a.
Series L 5s due $69,000 s.
A-0 Apr. 1 1946 $1,650,000
First mortgage 30
-A15 ToAug.15'21 1.200,000
F
-a.)
Series N 4s (duo $75,000 s.
1,751,000
J-J15 ToJuly15'22
-a.)
Series 0 4s (due $103,000 s.
GREENWICH & JOHNSONVILLE RAILWAY.
F-A15 To Aug. 1923 1,900,000
-a.)
Series P 5s (due $95,000 s.
Issued without Reference to Taxes.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$400,000
J-J
Jan. 1 1924
First mortgage 4s
Int. Maturity Date. Outstand'g.
$100.000
Durham & Northern first mortgage 6s_ _ _ _M-N Nov. 1 1928
HOOSAC TUNNEL & WILMINGTON RAILROAD.
July 1 1918
3.000.000
Florida Cent. & Peninsula first mtge. 5s_..J-J
400,000
J-J
Extension and land-grant mtge. 5s
Jan. 1 1930
Issued without Reference to Taxes.
4,372,000
Jan. 1 1943
J-J
Consol. mortgage 5s (37,800,000)
Int. Maturity Date. Outstand'g.
2,033,000
A-0 Apr. 1 1941
South
$232,000 Carolina Bound first mortgage 5s 4s
Sept. 1 1922
M-S
First mortgage 55
Central first cons. mtge.
3,000.000
Jan. 1 1949
J-J
Roanoke & Tar River first mortgage 6s.._ _A-0
55,000
Apr. 1 1917
LOUISVILLE HENDERSON & ST. LOUIS RAILWAY.
2,500,000
Seaboard & Roanoke first mortgage 5s_ _ _ _J-J
July 1 1926
285,000
F-A
Debenture 6% certificates
After 1916
Issued with Tax-Exemption Clause.
1,200,000
Jan. 1 1947
J-J
Int. Maturity Date. Outstand'g. Raleigh & Gaston first mortgage Gs
Carolina & Northern 1st M.
5,360,000
July 1 1929
Equip. tr. 43s,ser. A (due $30,000 yriy.)_M-S To Sept. 1922 $270,000 Georgia & Augusta first mortgage 6s5s_ _ _J-J
Raleigh
1,000.000
J-J
Jan. 1 1926
Old equipment trust 5s(due $15,000 yriy.).M-N To Nov. 1917
60,000
Issued without Reference to Taxes.
Wilmington Ry. Bridge mortgage bs
A-0 Apr. 1 1943
217,000
Int. Maturity Date. Outstand'q
J-J
July 1 1946 $2,500,000
First mortgage 5s
SOUTH CAROLINA PACIFIC RAILWAY.
MACON & BIRMINGHAM RAILWAY.
Issued without Reference to Taxes.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Oct. 1 1914
Int. Maturity Date. Outstand'g. First mortgage 6s
$104.600
J-J
July 1 1946
$500,000
First mortgage 5s (En default)
SPOKANE INTERNATIONAL RAILWAY.
MACON DUBLIN & SAVANNAH RAILROAD.
Wo were officially infcrmed, as stated lost week (page 45) that the
Issued with Tax-Exemption Clause.
company was advised by counsel that the terms of the bond or the mortgage
Int. Maturity Date. Outstand'g. securing the first 5s of 1905 do not require it to assume the burden of the
J-J
Jan. 1 1947 $1,390,000 income tax. The mortgage provides that principal and interest shall be
First mortgage bs ($1,840,000)
"free from all United States taxes." The bompany now informs us that it
McCLOUD RIVER RAILROAD.
has decided to assume and pay the Government tax on the Jan. 1 1914
Issued with Tax-Exemption Clause.
coupons, and that the Coeur d'Alene & Pend d'Oreille Ry. will likewise
Int. Maturity Date. Outstand'g. assume the payment of the tax on its $544,000 first 5s of 1910, the principal
A-0 Apr. 1 1937 *81,200,000
First mortgage 5s
and interest of which is guaranteed by the Spokane & International Ry.
under lease.
* Tax-free in United States and California.
TRANSYLVANIA RAILROAD.
NASHVILLE TERMINAL COMPANY.
Issued with Tax-Exemption Clause.
Issued with Tax-Exemption Clause.
hit. Maturity Date. Outstand'g.
Int. Maturity Date. Outstand'g. First mortgage 5s
J-J
Jan. 1 1956
$434,000
J-J
July 1 1932 $1,000,000
First mortgage 5s
WABASH RAILROAD.
[Correction.]
NEW MEXICO CENTRAL RAILROAD.
The mortgage securing the Des Moines Division 48 of 1899 contains
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g. (Section. XIV.) the following provisions: "The company further agrees
J-D
Dec. 1 1941 $2,500,000 that it will pay the principal of all outstanding bonds duly issued hereunder,
Santa Fe Cent. first mortgage bs
according to the terms thereof, when the principal shall become duo, upon
NORFOLK SOUTHERN RAILROAD.
surrender of the bonds, and will pay the interest thereon, according to the
Issued with Tax-Exemption Clause.
terms thereof, until the principal is paid, without any deductions from
Int. Maturity Date. Outstand'g. principal or interest for any taxes, assessments or Governmental or other
M-N May 1 1941 $1,655,000 charges now or hereafter imposed by the United States or any State, county
First mortgago 5s
J-J
July 1 1954
First general mortgage 5s
825,000
mortgaged or any
F
-A
Feb. 1 1961 12,714,000 or municipal authority, whether on the property hereby
First & ref. mtge. 5s ($35,000,000)
July 1 1952
650,000 part thereof, or on said bonds, or any interest thereon." The bond itself
Suffolk & Carolina 1st consol. mtge. 5s_....J-J
Fear first mortgage 5s_ _ _M-S Mar. 1 1943
usual given in the mortgage) does not make any
Raleigh & Cape
137,000 (the form of which is as
J-D
Juno 1 1965
Raleigh & Southport first mortgage bs
374,000 reference as to the taxes. The official, overlooking the clause in the
A-0 Oct. 1 1917
General mortgage Gs
176,000 mortgage cited above, wrongly informed us that the bonds are not tax-free
Jan. 1 1940
& Asheboro first mortgage 58_ J-J
Aberdeen
164,000
as shown in our list in the "Chronicle" of Nov. 29 last (page 1552).
OPELOUSAS GULF & NORTHEASTERN RAILROAD.
with Tax-Exemption Clause.
Issued
Int. Maturity Date. Outstand'u.
M-S Mar. 1 1956 *31,143,000 THE HEARINGS ON THE APPLICATION OF THE
First mortgage 5s (85,000,000), guar
EASTERN ROADS FOR HIGHER RATES.
*All guaranteed and held by Texas & Pacific Ry.
EAST TENNESSEE & WESTERN NORTH CAROLINA RAILROAD.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$500,000
M-N Nov. 1 1935
First mortgage bs
PACIFIC & IDAHO NORTHERN RAILWAY.
Issued with 2'ax-Exemption Clause.
Int. Maturity Date. Outstand'g.
F
-A
Fob. 1 1937
Second mortgage 5$
$956,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1949
First mortgage 5s
$875,000
PUGET SOUND & WILLAPA HARBOR RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand g.
.
J-D
June 1 1918 $2,999,500
Trust certificate 5s
RALEIGH & CHARLESTON RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
F
-A
Feb. 1 1956
$350,000
Prior lien 4s, guaranteed
F-A
Feb. 1 1956
Consol. mortgage 4s ($1,000,000), guar
200,000
ROSCOE SNYDER & PACIFIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
_MN Nov. 1 1942
First & Ref. mortgage 5s (35,000.000)
$250,000
Another hearing on the application of the Eastern railroads
for a 5% increase in freight rates was given by Inter-State
Commerce Commissioner Harlan on the 7th inst. The
expense and time involved in preparing the data required
to be supplied in answer to the 78 questions recently submitted to the roads was brought to the attention of the
Commissioner, at this week's hearing, and as a result a
modification of the questions was agreed to. One of those
who addressed the Commissioner on the question was Daniel
Willard, President of the Baltimore & Ohio RR., who said:
The carriers have given careful consideration to the questions referred to
and they wish to announce first of all their entire willingness to co-operate
as completely as possible with the Commission in a full and thorough
development of the whole case, and to that end will endeavor to furnish
any and all information which may be desired, but inasmuch as the Commission has ordered that complete answers to all of the 78 questions be
submitted not later than Jan. 31 1914, and in view of the fact that some of
the questions contemplate a review of complicated transactions extending
over a period of 15 years, it has seemed desirable to the carriers that they
avail themselves of the opportunity now afforded to discuss the matter.
112
THE CHRONICLE
•
The carriers Involved have, since the inquiries were received, made as
thorough an examination as possible of the questions,for the purpose of
developing the information required as well as the time and expense involved in furnishing full and complete answer thereto. This examination
indicates that it will be impossible to furnish all of the information desired
by January 31 and that several months will be required in which to prepare
some of the answers,and the work will involve a very considerable expense.
However,for the purpose of developing how the information desired may
be best obtained and at the same time with minimum delay and expense.
the carriers would like at this time to discuss with the Commission some of
the more difficult features involved and will be glad to submit suggestions
with respect thereto.
While the carriers do not wish to appear as urging improper haste concerning a matter of such great importance, they are very deeply impressed
with what appears to them to be the seriousness of the situation, and they
hope it may be possible to proceed with the hearing without delay.
They believe that they have already demonstrated or will be able to do so,
a necessity for increased revenue, and they feel that the advance proposed
by the schedules now on file will,if granted, only serve to partly meet the
necessary requirements of the situation. In suggesting, however, that the
situation be met by a uniform advance of freight rates of approximately
5%, the carriers have felt, as already pointed out, that that was the only
practicable solution available at the present time.
At the hearing, Frank Lyon, counsel for the Pittsburgh
Coal Co., brought to issue the shippers' rights by asking that
the railroads be requested to furnish the cost of moving
bituminous coal. Commissioner Harlan said there was no
doubt as to the right of shippers to be heard as to particular
rates, but that he intended to ask the entire Commission
next week to pass upon the question as to whether hearings
on particular rates should be incorporated into the hearing of
the general question of increased rates or reduction of expenses, or whether shippers should be given an opportunity
after those questions were decided to present their position.
In addition to the other data already filed with the Commission by the roads participating in the application for the
freight-rate advance statistics have been submitted showing
how wages have increased on these roads during the past
several years. This statement says:
The various railroad companies in this territory paid out $506,000,000 in
wages and salaries in the year ending June 30 1913. Estimates for 29 of
the 38 railroad systems concerned show an increase in wages for 1913 over
1910 of $48,618,972 41, due to changes in rates of pay and working conditions.
This figures was obtained as a result of a request of the railroads to take
the actual performance for the year ending June 30 1913 and compare the
rates of pay and working conditions prevailing in that period with those in
effect in October 1909,a period prior to the date of the important increases.
In addition to the increases up to June 30 1913, careful estimates show
that the increases in wages recently granted to the firemen, conductors and
trainmen will add not less than $8,750,000 more to the expenses of the
railroads parties to the respective arbitration proceedings, this estimate
being based on the volume of business for the calendar year1912.
In addition to the wage increases granted in the calendar year 1910, a
small portion of which was effective in the fiscal year ending June 30 1910,
the engineers, firemen, conductors and trainmen have been awarded increases through arbitration proceedings, amounting to $10,350,000 per
annum on the eastern railroads, and increases in rates of pay have been
granted to various other classes of labor amounting to large sums in the
aggregate in addition to those granted in the year 1910.
Taken altogether, there has been an increase of 10.62 per cent in the
average rates of pay on these railroads in 1913 over 1910.
Figures for the Pennsylvania System show that during the year 1913 the
various companies of the System paid in wages the sum of $189,397,069
an increase for the 1913 payroll of $18,088,673 over what would have been
paid to the same number of employees at the rate of wages prevailing in
1909.
Various increases and adjustments in wages from 1901 up to June 30
1913, applied to the 1913 performance, added over $45,000,000 to the
payrolls of the Pennsylvania System companies by reason of changesin
rates of pay and working conditions.
The records of the New York Central lines show that wages paid since
1910 have amounted to $10,000,000 more than would have been the case
had not the successive increases and adjustments been made.
On the Baltimore & Ohio Railroad the increases amounted in this period
to $4,069,014.
A resolution in which it is urged that the freight-rate
increase be granted to the roads was adopted by the New
York Chamber of Commerce on Thursday. The resolution was offered by Samuel W. Fairchild, Chairman of the
Committee on Internal Trade and Improvements; it reads
as follows :
[VoL. xcvm.
railroads, but also beneficial to the entire business of the United States
and be it further
Resolved, That copies of this action be transmitted to the Inter-State
Commerce Commission and to the President of the United States.
(Signed)
Samuel W. Fairchild, Cornelius N. Bliss Jr., Harman B. Vanderhoef.
.
Charles E. Peck, Edward 0. Stanley, Burns D. Caldwell, of the Committee on Internal Trade and Improvements.
The Illinois Manufacturers' Association, which had previously taken a stand against the roads in their movement
for an advance in freight-rates has now come out in favor of
the increase. This is indicated in a letter which has been
sent to the members of the Association by its Secretary,John
M. Glenn, urging them to use their influence in assisting the
roads to secure the higher rates; this letter, in part, says:
At the regular monthly meeting ofthe directors ofIllinois Manufacturers'
Association,Jan.2,a committee composed of Charles Peiz, P.A.Peterson
and John E.Wilder,afterseveral months'investigation ofrailroad conditions
throughout the country, reported the following resolutions, which were
unanimously adopted:
Your committee has after thorough investigation found that conditions
with the railroads have changed materially since your association successfully opposed the request for an advance in 1910. That the increase in
wages granted through arbitration, the increase in taxes, the increased expenditure to insure greater safety both to the men and the public, and the
increase caused by legislation of the:full-crew type, have so increased the
operating expenses of the railroads in general that the net revenues are insufficient to provide for that degree ;of rehabilitation and extension of facilities which prompt and efficient service to the shippers demands.
Your committee is convinced that shippers can better afford to pay a
uniform advance of 5% than suffer in the future"any impairment of railroad
service.
Therefore the Illinois Manufacturers'7Association, through its board of
directors, declares itself in favor of granting the request for a uniform increase of 5% of all rates in official classification territory.
That this increase be applied not to further wage advances, but to the
rehabilitation and extension of facilities, so that the preseutservice to the
shipper be maintained and improved.
THE INCOME TAX AS APPLIED TO INDIVIDUALS
AND CORPORATIONS.
The income tax form to be usediby:individualsIin making
returns of income was issued by the Treasury Department
this week, together with instructions for:meeting the Government's requirements in rendering;the return. The Department's announcement in the matterais,in theYorm of a fourpage folder, three pages of which are devoted to the following
forms which are to be used,Xtheifirst being the ,income tax
form itself, the second dealing with ,Gross Income and the
third with General Deductions Allowed:
FORM FOR INDIVIDUALS.
Form 1040.
THE PENALTY.
For failure to have this return in the hands of the Collector of Internal
Revenue on or before March 1 is $20 to $1,000.
To be filled in by Collector.
To be filledjinlbyl,InternaliRevenue
List No
Bureau.
District of
File No
Date Received
Assessment List
Page
Lino
United States Internal Revenue.
RETURN OF ANNUAL NET INCOME,OF INDIVIDUALS.
(As provided by Act of Congress, approved Oct. 3 1913.)
Return of Net Income Received or Accrued During the Year Ended
Dec. 31 191_ _ (for the year 1913, from March 1 to Dec. 31).
Filed by (or for)
(full namekof individual), of
(street and number),in the City. Town or Post„Office of
State of
(Fill in Pages 2 and 3 before making entries below.)
1—GrossIncome (See Page 2,Line 12)
2—General Deductions(See Page 3,Line 7)
3—Net Income
Deductions and exemptions allowed in computing income:subject to
the normal tax of 1%.
I—Dividends and net earnings received or accrued, of
corporations, &c., subject to like tax (see page 2,
line 11)
5—Amount of income on which the normal tax has been
deducted and withheld at the source (see page 2,
line 9, column A)
6—Specific exemption of $3,000 or $4,000, as the case
may be (see Instructions 3 and 19)
$
Total deductions and exemptions. (Items 4,Sand 6) $
7—Taxable Income on which the normal tax of I% is to
be calculated (see Instruction 3)
8—When the Net Income shown above on line 3 exceeds
$20,000, the additional tax thereon must be calculated as per schedule below:
Income.
Tax.
1% on amount over $20,000 and not exceeding $50,000.._ $
2% on amount over $50,000 and not exceeding $75,000_ _ $
3% on amount over $75,000 and not exceeding $100,000_ $
4% on amount over $100,000 and not exceeding $250,000 $
5% on amount over $250,000 and not exceeding $500,000 $
6% on amount over $500,000
Total additional or super tax
Total normal tax (1% of amount entered on lino 7) S
Whereas, The Inter-State Commerce Commission is now considering
the question of permitting the railroads of the United States to advance
their rates in order to cover the increased cost of labor and other growing
financial burdens without further depletion of net income and thus enable
them to obtain the additional credit necessary to provide the increased facilities needed for the expanding traffic of the country; and
Whereas, In April 1912 the Chamber adopted a report urging in the interests of shippers and of the well-being of the country as a whole that any
necessary readjustments of freight rates should be accomplished without
further curtailing the revenue of the railways, upon which their borrowing
capacity depends, bearing in mind, as stated by the Railroad Securities
Commission, that "a reasonable return is ono which, under honest accounting and responsible management, will attract the amount of investors'
money needed for the development of our railroad facilities"; and
Whereas, Since that report was adopted the financial burden of the railroads has been increased by further advances in the wages of labor and
in the cost of materials, repairs and supplies, so that their net income is
now declining; therefore be It
Resolved, That the Chamber of Commerce of the State of New York
Total tax liability
expresses its gratification that the Inter-State Commerce Commission has
taken up for consideration and decision the question of sanctioning an adGROSS INCOME.
vance in railroad rates; and the Chamber believes that the shippers of the
Thisstatement mustshow in the proper spaces the entire amount of gains,
country, many of the largest of whom are represented in its membership, profits and income
received by or accrued to the individual from all sources
now feel that aprompt advance would be not only an act of justice to the during the year specified on
page 1.
JAN. 10 1014.1
THE CHRONICLE
113
Amount of Income
on which Tax Has
or Has Not Been
Deducted and Withheld at the Source.
B.
A.
Has Has Not
Description of Income.
Been.
Been.
--Total amount derived from salaries, wages, or compensation for personal service of whatever kind and in
whatever form paid
2—Total amount derived from professions, vocations,
businesses, trade, commerce or sales or dealings in
property,whether real or personal, growing out of the
ownership or use of or interest in real or personal
property, including bonds, stocks, &c
3—Total amount derived from rents and from interest
on notes, mortgages and securities (other than reported on lines 5 and 6)
4—Total amount of gains and profits derived from partnership business, whether the same be divided and
distributed or not
45—Total amount offixed and determinable annual gains,
profits, and income derived from interest upon bonds
oband mortgages or deeds of trust, or other similar
ligations of corporations, joint-stock companies or
associations, and insurance companies, whether payable annually or at shorter or longer periods
4—Total amount of income derived from coupons,
checks, or bills of exchange for or in payment of
interest upon bonds issued in foreign countries and
upon foreign mortgages or like obligations (not payable in the United States) and also from coupons,
cheeks, or bills of exchange for or in payment of any
dividends upon the stock or interest upon the obligations of foreign corporations, associations and insurance companies engaged in business in foreign countries
7—Total amount of income received from fiduciaries..
2—Tota1 amount of income derived from any source
whatever not specified or entered elsewhere on this
page
Totals
0—
Note.—Enter total of column A on line 5 of first
page.
10—Aggregate totals of columns A and B
11—Total amount of income derived from dividends on
thestock or from the net earnings of corporations,
joint stock companies, associations, or insurance
companies subject to like tax (to be entered on
line 4 of first page)
12—Total gross income (to be entered on lino 1 of first
page)
GENERAL DEDUCTIONS.
1—The amount of necessary expenses actually paid in carrying
on business, but not including business expenses of partner$
ships and not including personal, living or family expenses
2—All interest paid within the year on personal indebtedness of
$
taxpayer
3—All national, State, county, school and municipal taxes paid
against local
within the year (not including those assessed
$
benefits)
4—Losses actually sustained during the year incurred in trade or
arising from fires, storms or shipwreck, and not compensated
for by insurance or otherwise
5—Debts due which have actually been ascertained to be worthless
and which have been charged off within the year
6—Amount representing a reasonable allowance for the exhaustion,
wear and tear of property arising out of its use or employment in
the business, not to exceed in the case of mines 5% of the gross
value at the mine of the output for the year for which the computation is made, but no deduction shall be made for any
amount of expense of restoring property or making good the exhaustion thereof for which an allowance is or has been made.. $
7—Total "General Deductions" (to be entered on line 2 of first
page)
Affidavit to be Executed by Individual Making His Own Return.
I solemnly swear (or affirm) that the foregoing return, to the best of my
knowledge and belief, contains a true and complete statement of all gains,
for which
profits and income received by or accrued to me during the year
exempthe return is made, and that I am entitled to all the deductions and
the Federal Income Tax Law of
tion entered or claimed therein, under
Oct. 3 1913.
191_ _
Sworn to and subscribed before me this... _-day of
(Signature of individual.)
(Seal of officer taking affidavit.)
(Official capacity.)
Affidavit to be Executed by Duly Authorized Agent Making Return for
Individual.
the
I solemnly swear (or affirm) that I have sufficient knowledge of
to enable me to make a full and comaffairs and property of
that the foregoing return,to the best of my knowlplete return thereof, and
profits
edge and belief, contains a true and complete statement of all gains,
year for
and income received by or accrued to said individual during the
that the said individual is entitled, under the
which the return is made, and
Federal Income Tax Law of Oct. 3 1913, to all the deductions and exemptions entered or claimed therein.
day of
Sworn to and subscribed before methis191_ _
(Signature of Agent.)
of officer taking affidavit.)
(Seal
(Official capacity.)
(Address in full)
3. The normal tax of 1% shall be assessed on the total net income, lees
the specific exemption of $3,000 or $4,000, as the case may be. (For the
year 1913 the specific exemption allowable is $2,500 or $3,333 33, as the
case may be.) If, however, the normal tax has been deducted and withheld on any part of the income at the source, or if any part of the income is
received as dividends upon the stock or from the net earnings of any corporation, &c., which is taxable upon its net income, such income shall be
deducted from the individual's total net income for the purpose of calculating the amount of income on which the individual is liable for the normal
tax of 1% by virtue of this return.
4. The additional or super tax shall be calculated as stated.
5. This return shall be filed with the Collector of Internal Revenue for
the district in which the individual resides if he has no other place of
business, • otherwise in the district in which he has his principal place of
business; or in case the person resides in a foreign country, then with the
Collector for the district in which his principal business is carried on in
the United States.
6. This return must be filed on or before the first day of March sueceeding the close of the calendar year for which return is made.
7. The penalty for failure to file the return within the time specified by
law is $20 to $1,000. In case of refusal or neglect to render the return
within the required time (except in cases of sickness or absence), 50% shall
be added to amount of tax assessed. In case of false or fraudulent return,
100% shall be added to such tax, and any person required by law to make,
render, sign, or verify any return who makes any false or fraudulent return
or statement with intent to defeat or evade the assessment required by
this section to be made shall be guilty of a misdemeanor and shall be fined
not exceeding $2,000 or be imprisoned not exceeding one year, or both, at
the discretion of the court, with the costs of prosecution.
8. When the return is not filed within the required time by reason of
sickness or absence of the individual an extension of time, not exceeding
thirty days from March 1, within which to file such return May be granted
by the Collector, provided an application therefor is made by the individual within the period for which such extension is desired.
9. This return, properly filled out, must be made under oath or affirmation. Affidavits may be made before any officer authorized by law to administer oaths. If before a Justice of the Peace or Magistrate not using a
seal,a certificate of the Clerk of the Court as to the authority of such officer
to administer oaths should be attached to the return.
10. Expense for medical attendance, store accounts, family supplies,
wages of domestic servants, cost of board, room, or house rent for family
or personal use are not expenses that can be deducted from gross income.
In case an individual owns his own residence he cannot deduct the estimated
value of his rent. Neither shall he be required to include such estimated
rental of his home as income.
11. The farmer,in computing the net income from his farm for his annual
return, shall include all moneys received for produce and animals sold,
and for the wool and hides of animals slaughtered, provided such wool and
hides are sold, and he shall deduct therefrom the sums actually paid as
purchase money for the animals sold or slaughtered during the year. When
animals were raised by the owner and are sold or slaughtered he shall not
deduct their value as expenses or loss. He may deduct the amount of
money actually paid as expense for producing any farm products,live stock,
&c. In deducting expenses for repairs on farm property the amount deducted must not exceed the amount actually expended for such repairs
during the year for which the return is made. The cost of replacing tools
or machinery is a deductible expense to the extent that the cost of the new
articles does not exceed the value of the old.
12. In calculating losses only such losses as shall have been actually
sustained and the amount of which has been definitely ascertained during
the year covered by the return can be deducted.
13. Persons receiving fees or emoluments for professional or other services, as in the case of physicians or lawyers, should include all actual receipts for services rendered in the year for which return is made, together
with all unpaid accounts, charges for services or contingent income due for
that year, if good and collectible.
14. Debts which were contracted during the year for which return is
made, but found in said year to be worthless, may be deducted from
gross income for said year, but such debts cannot be regarded as worthless
until after legal proceedings to recover the same have proved fruitless, or
it clearly appears that the debtor is insolvent. If debts contracted prior
to the year for which return is made were included as income in return for
year in which said debts were contracted, and such debts shall subsequently
prove to be worthless, they may be deducted under the head of losses in
the return for the year in which such debts were charged off as worthless.
15. Amounts due or accrued to the individual members of a partnership
from the net earnings of the partnership, whether apportioned and distributed or not,shall be included in the annual return of the individual.
16. United States pensions shall be included as income.
17. Estimated advance in value of real estate is not required to be reported as income, unless the increased value is taken up on the books of
the individual as an increase of assets.
18. Costs of suits and other legal proceedings arising from ordinary
business may be treated as an expense of such business and may be deducted
from gross income for the year in which such costs were paid.
19. An unmarried individual or a married individual not living with
wife or husband shall be allowed an exemption of $3,000. When husband
and wife live together they shall be allowed jointly a total exemption of
only $4,000 on their aggregate income. They may make a joint return,
both subscribing thereto, or, if they have separate incomes, they may make
separate returns; but in no case shall they jointly claim more than $4,000
exemption on their aggregate income.
20. In computing net income, there shall be excluded the compensation
of all officers and employees of a State or any political sub-division thereof
except when such compensation is paid by the United States Government.
The fourth page of the circular sets out the following
instructions for the guidance of the individual in preparing
the return:
Form 1030. to be used by insurance companies in making returns of their
net annual income.
Form 1031, to be used by banks and other financial institutions in making
returns of their annual net income.
Form 1032, to be used by public service corporations in making returns of
their net annual income.
Form 1033, to be used by manufacturing corporations in making returns
of their net annual income.
Form 1034, to be used by mercantile corporations in making returns of
their net annual income.
of
Form 1035, to be used by miscellaneous corporations in making returns
their net annual income.
citizen of the United States,
1. This return shall be made by every
by every person residing in the
whether residing at home or abroad, and
United States, though not a citizen thereof, having a net income of $3,000
or;over for the taxable year, and also by every non-resident alien deriving
income from property owned, and business, trade or profession carried
on in the United States by him.
minority, sickness or other disaIF 2. When an individual, by reason of is unable to make his own return,
bility]orlabsence from the United States,
authorized representative.
it_may be made for him by his duly
Commissioner of Internal Revenue Osborn has also given
out the current week several other forms of income tax
blanks, as follows:
114
THE CHRONICLE
All of the above forms are similar in many respects, and
we therefore print but one of them, that for use by miscellaneous corporations, viz.:
[VOL. xcvm.
of its income for the year resulting from business transacted and capital
invested within the United States.
RENTALS AND OTHER EXPENSES.
11. Item No. 4(A) should include the total amount of all ordinary and
necessary expenses paid out of earnings in the maintenance and operation
MISCELLANEOUS CORPORATIONS.
of the business and properties of the corporations, &c., exclusive of interest
(Form 1035.)
and other payments to be listed under their respective heads on the return
Return of Annual Net Income.
forms.
Return of net income received during the calendar (fiscal) year ended
12. Item No.4(B)should include all rentals or other payments required
, 191__, by
, the principal place of business of which to be made as a condition to the continued use or possession of the property.
is located at
,City or town of
,in the State of
In cases where interest on a mortgage on property occupied or used by the
(The "year" as hereinafter used means the calendar year or fiscal year, corporation is paid as a condition to its possession and use,
thus becoming in
as the case may be.)
the nature of a rental charge, such interest charge may be used in the de1. Total amount of paid-up capital stock outstanding at close of
duction under this item. Mortgage indebtedness, assumed or unassumed,
year, or, if no capital stock, the capital employed in the busion property to which the corporation has taken or is taking title, or in which
ness at the close of the year
it has an equity, or in the acquirement of which the mortgage was consid2. Total amount of bonded or other indebtedness outstanding
ered a part of the purchase price, is held to be a debt of the corporation.
at close of year
and the interest paid on such indebtedness will be deductible only under
3. Gross income (see Note A and instructions, Paragraphs 10,
Item 6 of the return.
17, 18 and 19)
13. The amount claimed under Item No. 5(B)for depreciation should be
Deductions.
such an amount as measures the loss which the corporation actually sus4. (A) Total amount of all the ordinary and necessary expenses
tains during the year in the value of buildings, machinery and such other
paid within the year in the maintenance and operation of the
property as is subject to depreciation on account of wear and tear, exhausbusiness and properties of the corporation, exclusive of intion or obsolescence. The amount taken credit for on this account in orterest payments (see Note B)
der to be allowable should be so entered on the books as to constitute a
(II) All rentals or other payments required to be made as a
liability against the assets of the corporation. The amount claimed under
condition to the continued use or possession of the property
this item should not cover losses in the value of stocks and bonds. De(see Paragraph 12 on reverse of this form)
creased book value of securities owned, so far as such decrease represents
5. (A) Total amount of losses sustained during the year not
a decline in the actual value of such securities, should be deducted under
compensated by insurance or otherwise
Item 5(A) of the return.
(B) Total amount of depreciation for the year (see Paragraphs
14. Where depreciation of physical property is made good by renewals.
13 and 14)
replacements, repairs, &c., and the expense of such renewals,replacements,
6. (A) Total amount of interest accrued and paid within the
repairs, &c., is charged to the general expense account, no deduction for deyear on amount of bonded or other indebtedness not exceedpreciation can be made in the return of annual net income. Where a deing one-half of the sum ofits interest-bearing indebtedness and
preciation reserve is set up, all renewals and replacements must be charged
its paid-up capital stock outstanding at the close of the year.
to such reserve, and the addition to this reserve each year must be a fair
or, if no capital stock, the amount of interest paid within the
measure of the loss which the corporation sustains by reason of the depreyear on an amount of its indebtedness not exceeding the
ciation of its property.
amount of capital employed in the business at the close of the
The amount of interest deductible is the amount of interest accrued
year
and paid within the year on bonded or other indebtedness not exceeding one(B) Total amount of interest received upon obligations of a
half of the sum of interest-bearing indebtedness and the paid-up capital
State or political subdivision thereof, and upon the obligations
stock outstanding at the close of the year, or if no capital stock, the amount
of the United States or its possessions
of interest paid within the year on amount of indebtedness not exceed7. (A) Total taxes paid during the year imposed under authority
ing the amount of capital employed in the business at the close of the year;
of the United States or any State or Territory thereof
or in case of a corporation, joint-stock company or association, or insurance
(B) Foreign taxes paid
company organized under the laws of a foreign country, interest so paid on
its bonded or other indebtedness to an amount of such bonded or other
Total deductions
indebtedness not exceeding the proportion of its paid-up capital stock out8. Net income on which tax at 1 per centum is calculated
standing at the close of the year, or,if no capital stock,the amount of capiThe instructions issued to miscellaneous corporations with tal employed in the business at the close of the year which the gross
respect to its form (No. 1035) are identical with those for amount of its income for the year from business transacted and capital ingross amount of its income devested within
Forms 1033 and 1034; Forms 1031 and 1032 differ from the • rived from allthe United States bears to the the United States. All intersources within and without
other three in that they do not contain the special notice est deductions must be claimed under Item 6 on the return form.
16. Dividends declared or paid are not deductible from gross income.
which is embodied in the instruc-tions published herewith:
17. Dividends received upon the stock of other corporations must be
INSTRUCTIONS TO MISCELLANEOUS CORPORATIONS.
included in gross income, and are not deductible therefrom in the ascertainThis form, properly filled out and executed, must be in the hands of the ment of the net income on which the tax is computed.
Collector of Internal Revenue for the district in which is located the prin18. Interest received upon the obligations of a State or any political subcipal business office of the corporation making the return, on or before division thereof and upon the obligations of the United States or its posMarch 1 in case the return is based on tho calendar year, or within sixty sessions, should be included in gross income.as well as all other interest
days after the expiration of the fiscal year in case the return is made on that due and accrued during the period for which return is made.
basis.
19. Accrued interest is considered to be interest due and payable, excetp
For failure to comply with this provision of the law, the amount of the in cases of banking or other similar institutions which close their accounts
assessment is increased 50%, and liability to a specific penalty not exceed- on the basis of the interest earned. In all cases the accrued interest shall
ing $10,000 is incurred.
be reported on the basis on which the books are closed.
1. This return of annual net income should be filed with the Collector
20. Taxes deductible in the return are such taxes, actually paid within
of Internal Revenue of the district in which the corporation has its principal the year, as are imposed by authority of the United States or of any State
place of business.
or Territory thereof, or by the Government of any foreign country, not
2. The principal place of business as used in the Act and in these regula- including taxes paid by a corporation, pursuant to guaranty, on its
tions is held to mean the place in which the books of account and other data bonds or the income therefrom, and not including those taxes assessed
to be used in preparing the return of annual net income are ordinarily kept. against local benefits. A reserve for taxes, as such, is not deductible.
3. Returns must be verified by two officers of the corporation: that is,
21. The gross income of mercantile corporations should be ascertained in
by two individuals, namely, the President, Vice-President, or other prin- the following manner: From the sum of the total sales during the year, plus
cipal officer, and Treasurer or Assistant Treasurer, or chief financial of the sum of the inventory at the end of the year, deduct the sum of the inficer.
ventory at the beginning of the year, plus the cost of the goods and materials
4. The affidavit of certification must be made before a notary public or purchased during the year; to this difference add the income received from
some other officer qualified to administer oaths, and the seal of the attest- any other source and the result will be the gross income to be reported
ing officer, ifsuch officer is required by law to have a seal, must be impressed under Item No.3 of the return.
on the return in the space reserved for that purpose.
22. Gross income in the case of a manufacturing corporation shall in5. The return must be true and accurate in every respect and must dis- clude the total receipts from the sale of all manufactured goods sold during
close all the income arising, accruing or received from all sources during the the year. plus any increase in the inventoried value ascertained through an
year for which the return is made.
accounting of the finished and unfinished product, raw material, &c., on
6. If the return is based upon the calendar year, it should be filed with hand at the close of the year.
the Collector on or before the 1st day of March next succeeding such calen_
23. To the income thus ascertained there should be added the income
dar year. If it is made on the basis of business transacted during a fiscal arising, accruing, or received from any and all other sources, the aggregate
year, duly designated in accordance with the law and the regulations, the thus ascertained to be the gross income to be returned under item No.
Jeturn must be filed with the Collector on or before the last day of the 60 3 of the return form. Since the gross income thus ascertained represents the
day period next following the date designated as the close of the fiscal year. total receipts, as well as the inventoried value of the finished and unfin7. In case of sickness or absence of an officer required to verify the return, ished products, raw material, &c., the corporation will include in its dethe Collector of the district is authorized to extend the time for filing such duction under Item No. 4 all expenditures for material, labor, fuel, and
return not exceeding thirty days from the date when such return is otherwise other Items going to make up the cost of the goods sold or inventoried at the
due. Application for such extension should be made prior to the date when end of the year.
the return is due, or within the 30
-day period for which such extension is
WARNING OF PENALTIES.
desired and can be granted.
-Any officer of any corporation required by law to
Special Notice.
8. Item 1 of the schedule on the obverse of this form should not include
return who makes any false or fraduunissued or treasury stock but only such stock as has actually been issued make, render, sign or verify any
defeat or evade the assessment reand for which payment has been received; or, in case no stock is issued, lent return or statement with intent to
to be made,shall be guilty of a misthere should be reported under this item the amount of capital actually quired by Section 2, Act of Oct. 3 1913,
exceeking $2,000, or be imprisoned not
employed in the business and property of the corporation. In cases wherein demeanor and shall be fined not discretion of the court, with the costs
the capital stock is issued payable in installments, or upon assessment, only exceeding one year, or both, at the
so much of the capital as has been actually paid in upon such installments of prosecution.
or assessments should be reported under this item.
9. Item No. 2 should include all interest-bearing indebtedness for the
The Treasury Department decided on December 24 that
payment of which the corporation or its property is bound. In the case of
banking corporations, and like financial institutions, deposits should not until further instructions are given, income consisting of
be reported as indebtedness under this head.
interest from State or municipal obligations, general or
10. Item No. 3 of the return form (gross income) should include all inof the tax at the
come derived from the operation and management of the business and prop- special is to be exempt from the collection
erties, together with all actual increases in value by appraiseemnt, adjust- source. Two months ago (Nov. 6) the Department anment or otherwise in the value of the assets which have been taken up nounced that "interest upon obligations of the United States
on the books as income or credited to profit and loss during the year. In
city or any other
the case of a corporation organized, authorized or existing under the laws or its possessions or any State, county,
of any foreign country, the gross income to be returned is the gross amount political sub-division thereof, is not subject to income tax".
rr
JAN. 10 19144
115
THE CHRONICLE
Following that ruling (which was printed in our issue of New York Chamber of Commerce on Thursday. We give
November 8, page 1327),the Department decided that irriga- the resolution herewith :
Whereas, The Chamber of Commerce of the State of New York in May
tion and reclamation assessment districts are neither political
1913, when the new tariff law was still pending in the Congress,strongly
subdivisions of the State, nor political utilities exercising urged that the administrative provisions of the Income Tax section of that
any essential governmental functions accruing to a State law should be so amended as,to strike out the clauses providing for collecsystem of
tion
the source and to
or Territory and that consequently the interest or income fromof the tax at with provision forsubstitute therefor asource; andcollection
individuals
information at the
from bonds or other obligations of such districts is not exWhereas, The statement made by the Chamber in the report by it at
empt from the income tax. Under this decision (given in that time, that "nothing serves to make a tax unpopular so much as harshness in its system of collection with needless provisions making its administhese columns December 13, page 1704)it was stated that :
individuals and harmful to the
our business
transaction of
tration odious to
It appears that these irrigation and reclamation districts are created by
at home and abroad," has been confirmed by the actual experience with
special or general State laws which provide that their organization be
the working of the law and
perfected upon petitions signed by the required number of holders of title,
Whereas, These provisions, by causing irritation among foreign investors,
or evidence of title, to lands within such proposed districts,land when such
threatens to make it much more difficult to sell American securities abroad,
districts are thus created, bonds to secure funds for the necessary improveand to cause a return to this country of many of those now held there;
ments are issued and the interest charges thereon are met by taxes specifictherefore, be it
ally levied upon the lands benefited by the improvements. * * * It
Resolved, That the Chamber of Commerce of the State of New York
would appear that State laws providing for the taxation of certain disurges upon the Congress the immediate amendment of the new Income
tricts created for a special purpose and for the special benefit of persons
Tax Law by repealing the provisions relating to collection at the source,
residing therein, and owning real property within certain prescribed limits,
substituting therefor a plan of information at the source, thus enabling
does not create a sub-division of the State, nor are such laws intended to the
Government to make collection certain, while relieving the business
create a subdivision of the State as that term is used in the Income Tax Law, of
the country from unnecessary burdens that work injury to American
but such districts are created under authority of the State simply to enable and
foreign investors, and to our international market for bonds.
certain groups of citizens of the State to do that which they otherwise could
not do without such legal sanction.
The latest ruling with respect to income from State or BANKING, FINANCIAL AND LEGISLATIVE NEWS.
municipal obligations is as below:
The public sales of bank stocks this week aggregate 151
INCOME FROM STATE OR MUNICIPAL OBLIGATIONS, GENERAL shares, of which 101 shares were sold at auction and 50 shares
OR SPECIAL, EXEMPT FROM COLLECTION AT SOURCE.
at the Stock Exchange. No trust company stocks were sold.
(T. D. 1922.)
Collection at the source of income tax from certain municipal districts or local
bonds and other obligations.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue,
Washington, D. C., December 24 1913.
Until January 15 1914 and thereafter until further instructions are
issued, the income derived in the shape of interest from the obligations,
general or sepcial, of any State, or of any county, municipality, or taxing
district therein, shall be exempt from the collection of the income tax at
the source, whether the payment of such obligation is provided for by
general or local tax, or out of a general, special or separate fund.
IMAny regulation or ruling of the Bureau of InternallRevenuoin conflict
herewith is hereby suspended as above provided.
W. H. OSBORN,
•
Commissioner of Internal Revenue.
Approved,
W. G. McADOO,
Secretary of the Treasury.
In addition to the various forms of certificates designed
for the use of the collecting agent when his certificate is substituted for that of the owner,and which we published in our
issue of December 20, pages 1792 and 1793, the Commissioner
of Internal Revenue issued a new form this week to be used
in cases where the collecting agent substitutes his certificate
for that of the owner when the owners are fiduciaries not
claiming exemption at the source. The form of this certificate is as follows :
AGENT'S CERTIFICATE TO BE USED IN PLACE OF OWNER'S
WHERE OWNERS ARE FIDUCIARIES NOT CLAIMING
EXEMPTION AT THE SOURCE.
(Form 1019a.)
The owner's certificate, of which the following certificate is the counterpart, and bears the same number as this certificate, will be sent by the
collecting agent direct to the Commissioner of Internal Revenue at Washington,as prescribed by regulations.
No
I (we),(name of collecting agent), do solemnly declare that the owner of
bonds of the (name of debtor organization), from which were
detached the accompanying interest coupons due (maturity) 191_ _ ,
has filed with me (us), a duly executed certificate
amounting to
filled up in accordance with Treasury regulations of December 8 1913,
form No. 1019, which certificate has been indorsed by me (us), as follows.
Owner's certificate No. —__ (name of collecting agency), (date) 191__
thatsaid certificate is executed by a fiduciary, and that the fiduciary acting
for and in the capacity as stated therein did not claim any exemption from
having the normal tax of 1 per cent withheld from said income by the
debtor at the source, and I (we), do hereby promise and pledge myself
(ourselves) to forward the above-described certificate executed by the
191 _to the Commissioner of Inowners as stated and dated
ternal Revenue, Washington, D. 0., not later than the 20th day of next
month, in accordance with Treasury regulations.
Signature of collecting agent
191-Date
Address
The action brought by Miss Elsie De Wolfe to test the
constitutionality of the Income Tax Law was filed in the
United States Supreme Court at Washington on the 2nd inst.
It was brought to the Supreme Court following the decision
(December 11) of Judge Landis of the U. S. District Court
at Chicago that the matter of passing on the validity of the
law is outside the jurisdiction of the Federal courts. It is
stated that the question now before the Supreme Court is
as to jurisdiction only, and that the merits of the law itself
are not to be considered at this time.
A resolution introduced by Welding Ring urging Congress
to amend the Income Tax Law by repealing the provisions
relating to collection at the source, and substituting therefor
a plan for information at the source, was adopted by the
Shares. BANKS—New York.
*50 Corn Exchange Bank
100 First National Bank
1 Liberty National Bank
Low.
302
850
625
High. Close.
304
304
850 850
625 625
Last previous sale.
Dec. 1913— 300
Oct. 1912-1014
* Sold at the Stock Exchange.
The resignation of George C. Holt as Judge of the United
States District Court for the Southern District of New York
was tendered on the 5th inst. to take effect the 15th. He
will be retired with full pay. Judge Holt reached the age
limit, seventy years, on Dec. 31. He was appointed to the
bench by former President Roosevelt in 1903.
Hearings as to the division of the country into reserve
districts and the location of the reserve banks were opened
in New York on Monday by Secretary of the Treasury McAdoo and Secretary of Agriculture Houston, constituting a
majority of the Organization Committee. Three days, instead of four, were devoted to the discussion of the subject,
the local hearings having been concluded on Wednesday.
Yesterday (the 9th) the committee sat in Boston, and its
conference there will be continued to-day (Saturday). The
New York hearings were attended by banking and business
interests from up the State—Buffalo, Rochester, Albany,
Syracuse, &c.—as well as by New Jersey interests—from
Newark, Jersey City, &c.—and those of other near-by
localities. While the bankers and merchants heard were
practically a unit in declaring that New York's importance
as a commercial and business centre demands that it have
a reserve bank of greater size than those to be established
in the other reserve districts, various ideas were expressed
as to the area it should cover. One of those who disagreed
with the suggestion that a Federal reserve bank should be
established in New York was W. W. Flanagan of Mount
Joy, N. J., and his idea is to have Federal banks located
in Boston and Philadelphia, the territory of both to include
a part of New York, with Broad Street, New York, as the
dividing line. Most of the city's principal bankers were
accorded a hearing during the three days' conference. Francis L. Hine, President of the First National Bank, and President of the New York Clearing-House Association, was the
first to appear before the committee with the opening of the
sessions; in his opinion, New York's commercial importance
constitutes a sufficient reason for giving it a large Federal
district. Paul M. Warburg, of Kuhn, Loeb & Co., in expressing his views, pointed out that he had advocated no
more than four districts, believing that the entire East would
be better served with one regional bank and branches; referring to the requirements of the law that there be not less
than eight districts, Mr. Warburg said: "The difficulty is
to distribute the seven districts over such thin territory.
I have therefore come to the conclusion that there must be
three districts in the Northeast,•consisting of New England,
New York and Pennsylvania. With that beginning the remaining five districts are more easily adjusted." According
to the "Journal of Commerce," there would be, as Mr. Warburg saw it, four zones of administration, the first including
New York, New England and Pennsylvania; the second the
two Southern districts; the third Chicago and its districts,
and the fourth California and the adjacent region. These
administrative circles, he said, would have a disooant p31i3f
116
THE CHRONICLE
and rate of their own, and each of the five members of the
Federal Reserve Board would presumably direct one of these
zones, leaving the Secretary of the Treasury and the Comptroller of the Currency ex-officio members to supervise the
whole. James G.Cannon, President of the Fourth National
Bank, in suggesting that New York should have a bank
which should serve a territory including New York, Pennsylvania east of Altoona, the Western section of Connecticut,
Delaware, Vermont and part of Massachusetts, submitted
figures to show that the national banks in that territory have
a capitalization of $588,000,000, 6% of which (the capital
to be supplied by the subscribing banks) is approximately
$35,000,000. A. Barton Hepburn, Chairman of the board
of the Chase National Bank, is also one of those who favor
creating a district in New York large enough to compare
favorably with existing banking power, and he suggestsd
that it take in the eastern part of Connecticut, Northern New
Jersey, Pennsylvania and Delaware. Frank A. Vanderlip,
President of the National City Bank, who was among those
appearing before the committee at the first day's session,
declared that "it is not yet important to consider how large
geographically the New York district is to be. New York's
predominance in banking is such that its district will be large
in any event, and it will not be necessary to take in any great
territory in addition. I have no definite views of the geography of the district, but have decided ones of the desirability of having a district with a variety of industries. I would
favor a 'shoe-string' district, embracing agricultural; banking, manufacturing and other districts, but this would be
hard to get here." As to whether he considered it necessary to have the members subject to oversight and control, Mr. Vanderlip stated that the question of "oversight
and control spells the whole story of the law. If there is
proper oversight and control, it will work in spite of its defects, but not otherwise." Albert H. Wiggin, President of
the Chase National Bank, thought the New York district
should include New York, New England, New Jersey, Delaware and Pennsylvania, and suggested $25,000,000 as the
minimum capitalization for the Federal bank in New York.
Alexander J. Hemphill,President of the Guaranty Trust Co.,
and Charles A. Conant both thought there should be established here a bank which would correspond in size with the
present national and State banks in this locality. During
Monday's hearing Secretary of the Treasury McAdoo argued,
we learn from the New York "Times," that the aggregate
capital of the eight or more reserve banks, taking 6%
as the basis, would be $106,000,000; if New York should
take in all the territory urged by some of the witnesses, the
bank in this district would have 45% of the total capital,
leaving only $55,000,000 or $60,000,000 to be apportioned
among the other seven banks. He added that if reserve
banks were established in all the central reserve cities, New
York,Chicago and St. Louis, he doubted whether the others
would have the minimum capital prescribed by law, viz.,
$4,000,000 each.
J. P. Morgan, whose views were outlined to the committee
at Tuesday's hearing, thought the essential matter was to
have one bank, probably in New York, which would have
so large an amount of assets and capital as to command the
respect of the European banks of similar character, so that
It could work with them. Mr,Morgan furthermore thought
that there should be three banks on the Atlantic seaboard
(New York, Washington and Atlanta he suggested as desirable cities), three in the Middle West, with Denver as the
Western boundary of the section, and one on the Pacific
Coast; an eighth bank Mr. Morgan did not consider'necessary. Mr. Morgan also observed that it is not so much a
preponderance of capital that is needed in New York as
resources. In answer to the question as to whether he
thought foreign banks would look .at one regional bank in
forming their estimate or at the entire system of units under a co-ordinated board, Mr. Morgan said: "That would
depend largely upon the action of the co-ordinated board.
If it can show that it is one system I think that the foreign
banks would consider that they were dealing with all when
they weie dealing with one." At the conclusion of his
testimony Mr. Morgan took with him a map, handed him
by Secretary McAdoo, and at the latter's request consented
to indicate the points at which he thought regional banks
should be located, and the district they should cover.
Max May, Vice-President of the Guaranty Trust Co. and
Manager of its foreign exchange department, in urging a
strong reserve bank in New York, presented some interesting
statistics intended to show the volume of the foreign exchange
1VoL.
business here; his comments as given in the "Tribune," were
as follows :
The Guaranty Trust Co. sent drafts to Europe, with bills of lading attached, for 2,389,966 bales of cotton last year. That amounts to almost
$150,000,000 handled on the bank's working capital of about $34,000,000.
In addition about $38,000.000 of grain was cleared, and $43,000,000 of
metals, such as copper and iron.
We handle a little less than half of the foreign exchange in cotton of the
whole country and about one-third of the total foreign exchange of the
country. Our annual turn-over through bills of exchange in London is
$1,827,000,000; in Germany, $654,000,000, and in France, $340,000,000.
Our total foreign business amounts to about $2,863,000,000.
The trouble with the present system is that now we can only lock the
stable door after the horse is stolen. It is not to the interest of the United
States to lose too much gold, of which we exported $40,000,000 last year,
but all we can do now is to raise the rate of interest after the outflow has
started. If the rate of interest, or discount, could be controlled uniformly
that could be checked in time.
It is essential that we have a strong reserve bank in New York, Boston
or Philadelphia. We could have a branch here, but it would have to have
enough prestige to attract the attention of Europe. I believe that the
provisions of the new system ought to be effective and bring safety in the
protection of our gold supply. So long as all the banks cooperate in this
it is not necessary to have a preponderance of strength in New York.
Irving T. Bush, Chairman of the Committee on Banking
and Currency of the Merchants' Association, and Edward D.
Page, representing the Transit Committee of the Association, also presented arguments for the establishment of
a reserve bank in New York. Mr. Bush showed among other
things that the city's annual output of manufactures is over
$2,000,000,000, or one-tenth of the product of the entire
country; that it has 21 separate industries, the yearly output
of each being more than $20,000,000; that one-fourth the
entire population of the United States is located within a
radius of 200 miles of the city; that about 60% of the bank
clearings of the United States is handled by New York banks.
Gates W. McGarrah, President of the Mechanics' & Metals
National Bank; Lewis L. Clarke, President of the American
Exchange National Bank; Edward Townsend, President of
the Importers' & Traders' National Bank; Henry H. Bizallion, President of the Gotham National Bank; Walter E.
Frew, President of the Corn Exchange Bank, and Henry
Goldman of Goldman, Sachs & Co., were also among those
who presented their views to the committee on Tuesday.
At the concluding session in New York on Wednesday,
Joseph B. Martindale, President of the Chemical National
Bank, an exclusively commercial institution, coincided
the other bankers in advocating a strong reserve bank
in New York. "The great financial centres of this country,"
said Mr. Martindale, "are New York, Chicago and St.
Louis, and they will remain so. Strong banks are very necessary in these cities, and they should draw from a large territory." Mr. Martindale thought eight banks too many,
but since the law provides for that number, he stated that
the others might be located in Atlanta, New Orleans, San
Francisco. Minneapolis or St. Paul, with Washington as the
headquarters. He also suggested that the New York district should include all of New England, New York, Pennsylvania, New Jersey, Delaware and Maryland, and he proposed that Boston and Philadelphia be branches of the New
York bank. George F. Baker Jr., Vice-President of the
First National Bank, gave it as his opinion that the district
around New York, where the reserve bank for the territory
would naturally be located, should be as large as is commensurate with a division of the country into eight districts.
The principal reasons advanced by him fora large New York
district were that most of the big financial propositions in
the North Atlantic States come naturally to New York,
and that in times of necessity one bank in this district could
act more promptly than banks in Boston, Philadelphia,
Baltimore and other places. Mr. Baker, however, would
not have the New York bank so strong that it would weaken
others. William Woodward, President of the Hanover Na-tional Bank, also declared in favor of a bank of adequate
size for New York; he realized, he said, that as a result some
of the other institutions would be small, but that he considered unavoidable, since in his view the country does not lend
itself to a division into eight districts. This fact had always
been considered by him to be the weakness of the law.
New York State Superintendent of Banks George C. Van
Tuyl Jr. thought it essential to have "a great big bank with
headquarters at New York, which would cover all this State,
Connecticut, Rhode Island and New Jersey." "New York
City," he pointed out, "serves half the United States as a
depository for individuals. Its clearings and exchanges
are so enormous that when currency is needed in emergency,
there is an immense demand for it on the New York banks."
Charles E. Hoyt, Secretary of the Connecticut Bankers'
Association, stated that out of eighty-eight replies received
from national and State banking institutions in the assoeia-
JAN. 10 1914.]
THE CHRONICLE
tion as to their preference between New York and Boston
as a reserve city, all but seven favored New York. Fred. I.
Kent, Vice-President of the Bankers Trust Company,
thought that New York should have the only bank on the
Atlantic Coast, for with banks in other coast cities, and the
creation by them of European branches, the position of .the
banks would not be as strong as if there existed but one bank.
New York, he maintained, was the greatest port because of
its natural advantages. In answer to Mr. Kent's contention
that the necessity for a large bank in New York was due to
its enormous local and out-of-town business, Secretary McAdoo stated that the new law would materially lessen the
city's out-of-town business, since it provided that local banks
would handle local credits. Mr. McAdoo added:
117
the acceptance of the terms and provisions of the Federal
Reserve Act. Similar action was taken by the directors of
the Hanover National of New York yesterday and by those
of the Continental & Commercial National Bank of Chicago
on the 6th inst. Application to enter the system has already
been made by the National Park Bank of New York.
The question as to whether the State banks have the right
under the laws under which they operate, to join the new
Federal system is just now receiving attention. In Michigan
Attorney-General Grant Fellows has decided that the State
banks cannot avail of the Federal Bank Act. According to
his opinion State banks cannot hold stock in other corporations; State banks cannot loan their credit to other banks;
to be interfered with permission given in the Federal Reserve Act to State banks
The ordinary courses and currents of trade are not
a new store of cred- does not supersede the State law, which does not permit
under this system. We wish merely to make available
of a Federal reserve
its—reservoirs of credits. The capital anti resources
State banks to hold stock in other banks. The attorneybank are quite different from ordinary banks of deposit and discount.
There can be no run on a General also cites the "bank guarantee decision" of the
It holds all the reserves of the member banks.
seem adequate to protect United States Supreme Court, which held that the control
reserve bank, and the provisions of this law
will be eight banks, with
member banks from runs. Assuming that there
of the
hold six, seven or eight hun- of State banks was an exercise of the police powers
a capital of $106,000,000, thoy will ultimately
of member banks and Government State.
dred millions of deposits and reserves
deposits now resting in the Treasury.
In Idaho, likewise, the State Bank Commissioner holds
Charles H. Sabin, Vice-President of the Guaranty Trust that the State banks are barred from entering the new system
Company;Stephen Baker, President of the Bank of the Man- under the present State banking law. Commissioner Reid
hattan Company; Robert M. Gallaway, President of the says:
Under our State law as it stands to-day, no State bank in Idaho is perMerchants' National Bank; F. E. Farnsworth, Secretary of
of the stock of any other bank. The Federal
mitted to
the American Bankers' Association; Frederick G. Lee, Presi- Currency hold more than 5% just enacted requires every member bank in
and Banking Law
dent of the Broadway Trust Company; Charles D. Dickey any regional district shall purchase 6% of the stock of the reserve bank in
tho Idaho State banks
of Brown Brothers & Co., and James H. Perkins, President that particular district. If that had been 5%,out until that provision
As it is, they are shut
would have
of the National Commercial Bank of Albany, were some of of the law is been eligible.
modified.
the others examined on Wednesday.
A conflict of opinion exists as to the right of the State banks
in Missouri to become members of the Federal system.
The itinerary of the Committee beyond St. Louis, where F. W. Lehmann of St. Louis, former Solicitor General of the
two hearings are to be held, instead of three as originally United States, has expressed it as his view that the Missouri
proposed, was announced on the 3d. The St. Louis hear- institutions are not eligible because of the statute prohibiting
ings will take place on Jan. 22 and 23; the 24th, which was one corporation from owning stock in another. Statealso to have been given over to that city, has been set apart Attorney-General Barker, however, takes an opposite view,
for Kansas City; the succeeding dates are arranged as fol- and Governor Major has also stated that he sees no barrier
lows: Denver, Jan. 26, 27, 28; Seattle, Jan. 31 and Feb. 1; in the way of the State banks subscribing for stock of the
Portland, Ore., Feb. 2; San Francisco, Feb. 4, 5 and 6; Los Federal Reserve banks. * The conclusions of AttorneyAngeles, Feb. 7 and 9; Houston, Tex., Feb. 12 and 13; General Barker are set out as follows:
New Orleans, Feb. 14 and 15; Atlanta, Feb. 16, 17 and 18;
My attention hasjust been called to the opinion of Mr. Lehmann as to
the right of State banks to participate under the provisions of the Currency
Cincinnati, Feb. 19 and 20, and Cleveland,Feb. 21.
Act. Mr. Lehmann's opinion is based upon a Missouri statute to the effect that one corporation cannot own stock in another corporation, and he
reasons that inasmuch as the Federal reserve banks are corporations, and
that State banks must purchase stock in them, that Missouri banks cannot
participate becuase not allowed to purchase stock in other corporations.
While I have not had the time to examine this question as I would like
to, yet I am of the opinion that Mr. Lehmann has overlooked the decisions
of this State. In passing upon this Missouri statute which prohibits one
corporation from owning stock in another corporation, the Missouri Supreme Court held, in the suit against the Missouri Pacific RR. to prohibit
it from holding stock in the Richhill Coal Mining Co., that the Nlissour
Pacific RR. could properly own stock in this coal company, a corporation,
because it was incidental to the business of the railroad; that is, that as
coal
the railroad necessarily used a great deal of coal, it could own stock in a
mine.
Now from the same reasoning it would appear that a Missouri bank could
purchase stock in the Federal reserve bank, because it is incident and necessary to the banking business.
I am now investigating this question very carefully, and while I have not
fully decided the matter, it is now my opinion that Missouri banks may
participate in the Federal Currency Act for the reasons above.
A request for the discharge of the special committee appointed by the New York Clearing-House Association to
Ithe7,Currency Bill was
determine the probable workings ofs
made by those composing the committee this week. The
committee was appointed in SeptemberA:when .the bill was
before the Senate Banking and Currency Committee; its
report was to have been submitted at the annual meeting of
the Association on Oct. 7, but was not:inshape for submission
at that time; it was later stated that the committee had decided to wait for the Senate bill to be reported before making
its report. In its letter this week to Albert H.Wiggin, Chairman of the Clearing-House Committee, the special committee
states that, on account of the frequent changes in the bill
during the course of the legislation it was not possible to
make a satisfactory review of the measure at the time, and
State Bank Commissioner Sawyer of Kansas has been
now that the bill has become a law it is believed that any dis- advised by Attorney-General Dawson that he can see no
cussion of the subject would fulfill no useful purpose. The reason why the Kansas banks may not participate in the
committee consisted of Frank A. Vanderlip, A. Barton Hep- Federal system. Mr. Dawson writes in part asfollows:
In my opinion, the section quoted from the Kansas banking law proburn, Alexander Gilbert, Edward Townsend, William A.
hibits the banks of Kansas from investing their funds in ordinary banks
Nash and Otto T. Bannard.
The Legislature at the time of the passage of
The Boston interests have taken action toward securing the selection of their city for one of the reserve banks.
A committee of the Clearing House which will work to this
end consists of William A. Gaston, President of the National
Shawmut Bank; Thomas P. Beal, President of the Second
National Bank; and Alfred L. Ripley, President of the State
National Bank.
The Hartford Clearing-House Association has declined the
invitation of the Boston Chamber of Commerce to ask for
a Federal reserve bank at Bciston; it is stated that as the
Hartford institutions do most of their business with New
York, they prefer to align themselves with the latter city.
The stockholders of the Old Colony Trust Company of
Boston will be asked at their annual meeting on the 27th inst.
to authorize their directors, if it at any time it shall be
deemed advisable, to accept the provisions of the Federal
Reserve Act.
The directors of the National Bank of Commerce in New
York adopted resolutions on the 7th inst., recommending
and ordinary corporations.
that law had no other banks nor corporations in mind, and did not contemplate the existence of a Federal bank or intend to restrict the State banks of
Kansas from participating in the benefits of a Federal law, having as its
purpose the providing of an absolutely safe investment upon a reasonable
rate of interest and a means of discounting its commercial paper and receiving in exchange therefore circulating notes backed by the Federal Government.
In my opinion,there is good reason for holding at this time that the seetion of the Kansas banking law has no application to and does not restric
the State banks from becoming holders of stock in the new Federal reserve
bank that may be organized in the district that will include the State of
Kansas.
W. W. Collier, Commissioner of Insurance and Banking
of Texas, has advised the Texas State banks that they are
permitted to subscribe to the stock of the Federal reserve
banks. The Commissioner says that while he has no suggestions to make in the matter, his Department has no
objection to the State banks becoming Federal bank subscribers.
The Nebraska banks, according to an opimion of AttorneyGeneral Martin, are prohibited from entering the Federal
reserve system.
118
THE. CHRONICLE
[VOL.
xcvm.
It is announced that a plan for the issuance of State bank
notes is proposed by the Van Tuyl Commission appointed to
revise the banking laws of New York State. The one bar
to the proposal is the tax of 10% put upon State bank issues
when the national bank system was established; it is stated,
however, that the Democratic party in one of the platforms
on which Cleveland was elected declared for the repeal of
this tax. The "New York Times" says:
Corrective legislation will have to deal with three classes of corporations
—railroad, industrial and financial—besides the elusive, temporary, secret arrangements and agreements In the form of pools and for fixing prices
and output between corporations.
Execution of judicial decrees, such as the Standard Oil, Southern Pacific
and Cash Register cases, have proved generally farcical. The superstructures were changed, but the common foundation and basis of control have
been permitted to stand.
The country is honeycombed with cases of trade understandings in which
no specific agreement is provable; they are most dangerous because their
tribute is levied without our knowledge. They are discoverable only by
The pending proposal is to bring the State law into accord with the a body with power to examine books and papers
and require officers to
Federal laws as closely as may be. No provision for a reserve bank or for testify under oath.
re-discounting for the individual banks is in contemplation, although it was
I regard the establishment of an industrial commission, into which the
tentatively considered at one time, so that the provisions of the Federal present Bureau of Commissions should
be merged, and the enlargement of
laws affecting note issue and circulation are those on which the bill before the powers of
the Inter-State Commerce Commission, as fundamental
the Van Tuyl Commission is based.
requisites to any effective scheme for enforcing the segregation of unlawful
The clauses regarding the deposit of commercial paper, it is understood,
combinations under the Sherman Act.
follow the actual language of the Federal Reserve Act. This would auIt is a necessary part of the new plan that every corporation engaged in
thorize the issue of State bank notes to the full amount of the paper deinter-State commerce having a gross annual business exceeding $2,000,000
posited, consisting of notes, drafts and bills of exchange issued or drawn
or a capital or assets exceeding $1,000,000, should be required to take out
for agricultural, industrial or commercial purposes, or the proceeds of which
a Federal license under rules to be prescribed by the commission, and thus
have been used or are to be used for such purposes, their exact character
subject itself and its affairs to the jurisdiction of the commission.
to be determined by the definition promulgated by the Federal Reserve
Some of Mr. Untennyer's further proposals, according to
Board or by the State Currency Board. Notes, drafts, or bilis covering
merely investments, or issued or drawn for the purpose of carrying or trad- the Chicago "Record-Herald", were as follows :
ing in stocks, bonds or other investment securities, would not be included.
Following the "unscrambling" of trusts until new elections put new men
If the restriction imposed by the National Banking Law as to the amount in charge.
of circulating notes is followed, the banks of the State would be authorized
Make holding companies impossible except in purely personal security
to issue—always providing the 10% tax is repealed or suspended—notes holding concerns.
to the amount of approximately $33.500,000, the aggregate of their capital.
Prohibit interlocking directorates.
If the Federal Reserve Act is followed in respect to security the notes will
Limit stock watering to such good-will capitalization as is reflected in
be protected not only by the deposit of paper, but also by a gold reserve of assets and business, excluding capitalization of future or undetermined
40% held against them by the issuing banks and by a first lien onall their earnings.
assets.
Bar the mails to stock-selling agencies unless the circulars disclose the
nature of the assets, the amount of cash paid in and•the true relation beAn investigation into the business of private banks in tween investment and capitalization.
Require stock exchanges and clearing houses to incorporate; limit their
New York State has been authorized under a resolution power to regulate
or ruin members.
adopted by the Senate at Albany on the 7th inst. The inPrevent inter-ownership of banks and insurance or trust companies.
Eliminate "dummy" directors.
quiry will be undertaken by the State Banking Committee.
Require
The resolution was introduced by Senator Pollock, and it is of the stockcumulative voting of stock instead of permitting 51 per cent
to select all the directors.
understood that it has particular reference to the banking
Prohibit voting trusts and abolish fiscal agents.
Stop migration of corporations into States offering illicit inducements in
methods of department stores.
An examination by the American Audit Company of the the way of favorable tax laws. in detail, except as to names of borrowers.
Require banks to disclose assets
accounts of the banking business of Henry Siegel & Co.,
which was operated in connection with the Fourteenth Street
Store, is said to show the amount due depositors on Dec. 29
as $2,550,333; as tangible assets, it is stated, there is cash.on
hand amounting to about $39,000, and in addition there is a
bond of $100,000, which was required to be filed with the
State Comptroller. A statement concerning the affairs of
the banking concern made by Receiver Henry Melville appeared in the "Times" of the 7th as follows:
As soon as the bankers got deposits they loaned it out at once to the various Siegel enterprises, dividing the money up and distributing it where it
would do the most good. The three stores, Simpson, Crawford Company.
the Fourteenth Street Store and Henry Siegel Company of Boston, received in the aggregate about $2,400,000. Of this, Simpson, Crawford
alone received almost $1,500,000, the Fourteenth Street Store more than
$500,000 and the Henry Siegel Company of Boston between $300,000 and
$400,000. The bank also charged up loans aggregating $154,000 to Henry
Siegel personally. The subsidiary Siegel concerns of Henry Siegel & Co.,
Wholesale, and the Merchants' Express Co., each received loans of about
$7,000. Only about $15.000 was left in the bank in cash for the depositors.
In addition to this, there is the $100,000 bond furnished by the bankers
to the Comptroller at Albany, and, we are told, some $24,000 due the bank
from other banks as balances. This, and the $3.500.000 stock of the
Siegel Stores Corporation, held for the protection of their depositors by
Henry Siegel and Frank E. Vogel, represent the total assets on which the
depositors can count.
No one can tell what is the value of this stock of the Siegel Stores Corporation. I have been told that in the past it paid
%. I should say, however, that at the present it is absolutely unsalable, and that it must be held
and the time awaited with patience when, under the reorganization, its
value develops. The Chicago store of Siegel-Cooper & Co., whose stock
is practically all owned by the Siegel Stores Corporation, is said to be a
very profitable concern, and that will give value to the Corporation's stock.
Aside from that stock, it would seem, the bank's depositors have only
about $139,000 in assets to count on.
The action brought by the New York Life Insurance
Co. to test the validity of the Montana law taxing life insurance companies transacting business in the State upon the
excess of premiums received over losses and ordinary expenses, was decided against the company in a decision of the
United States Supreme Court at Washington on Dec. 15.
The company contended that the tax is a burden on inter-State
commerce, and presented an elaborate argument to distinguish the case from those in which the Supreme Court had
held that insurance is not commerce, these cases being:Paul
vs. Virginia, 8 Wall. 168 (1808); Ducat vs. Chicago, 10
Wall. 410; Liverpool Insurance Co. vs. Massachusetts, 10
Wall. 566; Philadelphia Fire Association vs. New York, 119
U. S. 110; Hooper vs. California, 155 U. S. 648; Noble vs.
Mitchell, 164 U. S. 367; New York Life Insurance Co. vs.
Cravens, 178 U. S. 389, and Nutting vs. Massachusetts,
183 U. S. 553.
In deciding in the present instance that insurance is not
commerce the Supreme Court upholds the Montana tax law.
Justice Hughes and Justice Van Devanter dissented from the
opinion, which was written by Justice McKenna. The latter
discussed at length the previous decisions of the Court
as fqllows:
We may say here that Paul vs. Virginia was also cited for the proposition
that the right of a foreign corporation to do business in a State other than
that of its creation depends wholly upon the will of such other State. This
proposition,it was said, was sustained by previous cases and it has been sustained by many subsequent cases. Necessarily it could not be applied to
foreign insurance companies it' the business of insurance is commerce. In
other words, that right exists and has only an exception, as was said in
Samuel Unterrnyer of New York, who, in a speech at Hooper vs. California, 155 U. S.. 648,"where a corporation created by one
State rests its right to enter another and to engage in business therein upon
Springfield, Mass., on Nov. 28 urged that a halt be called the Federal nature of its business. 'And that was the contention in
Hooper
on further Governmental investigation, now announces him- vs. California, asserting the invalidity of the statute of the State making
it a misdemeanor for any person in that State to procure insurance for a
self as favoring the creation of a national industrial comthe State from an insurance company not incorporated under
mission vested with powers greater than those of the Inter- resident inThe argument was that inasmuch as the contract
its laws.
involved was
State Commerce Commission for enforcing the segregation one for marine insurance, it was a matter of inter-State commerce, and as
such beyond the reach of State authority and included among the excepof unlawful combinations under the Sherman Anti-Trust
Court: "This proposition involves
tions to the rule. It was replied
Act. Mr. Untermyer's latest remarks were offered under an erroneous conception of whatby the
constitutes inter-State commerce. That
the title of "A Legislative Program to Restore Business Free- the business of insurance does not generally pertain to such commerce has
vs. Virginia." To the attempt to disbeen settled since the case
dom and Confidence", and the address was delivered at a tinguish between policies of Paul insurance
and policies of
of marine
luncheon of the Illinois Manufacturers' Association in Chicago and thus take the former out of the rule of Paul vs. Virginia,itfire insurance,
was answered:
"It ignores the real distinction upon which the general rule and its excepon the 5th inst. Part of what he said is quoted herewith:
The first and preliminary need is to end existing violations among the tions are based, and which consists in the difference between inter-State
railroad and industrial corporations and to provide adequate legal machinery commerce or an instrumentality thereof on the one side and the mere incifor that purpose. The railroads should be required to part with their in- dent which may attend the carrying on of such commerce on the other."
terests in coal and other properties whose products they are engaged in And it was pointed out that if the power to regulate inter-State commerce
transporting, and to confine themselves strictly to the business of trans- applied to all of the incidents of such commerce and "to all contracts which
portation. They must cease to act as "holding companies," owning the might be made in the course of its transaction, that power would embrace
securities of other roads, whether competitive or otherwise. Where they the entire sphere of mercantile activity in any way connected with trade
hold stocks of competitive roads, they should be divested of them abso- between the States, and would exclude State control over many contracts
purely domestic in their nature. And then, sweeping away the distinction
lutely.
Experience has demonstrated that the machinery of the courts is not between the different subject-matters of insurance contracts, and the difadapted and is wholly inadequate to the work of disintegrating outlaw cor- ferent events indemnified against, and declaring the principal applicable
porations, whether in the railroad or industrial world. They must not to all and determinative of the regulating power of the
States over all, it
only be segregated, but kept segregated.
was said: "The business of insurance is not commerce. The contract of
JAN. 10 1914.1
THE CHRONICLE
insurance is not an instrumentality of commerce. The making of such a
contract is a mere incident of commercial intercourse, and in this respect
there is no difference whatever between insurance against fire and insurance
against the perils of the sea."
This declaration was repeated and applied in Noble vs. Mitchell, 164 U.S.
368,and in New York Life Insurance Co. vs. Cravens, 178 U.S., 389. The
latter case has special application.for the plaintiffin error here was the plaintiff in error there and the case concerned life insurance companies and their
policies. In that case it was contended that a policy of mutual life insurance was an inter-State contract and the parties might choose its "applicatory law." The contention was made in many ways and with great amplitude of argument and illustration. It was urged that on account of the
mutual character of the company it was the administrator of a fund collected
from its policyholders in different States and countries for their benefit.
And the extent of the business was displayed by a stipulation of the parties
as follows: "That during the year 1886 and prior to the issuance of the
policy sued upon, the amount of policies issued by defendant to citizens
of Missouri was $1,617,985, and the amount of insurance in force on the
lives of citizens of Missouri on Dec. 31 1886 was $8,886,542, and the total
amount of policies issued by defendant in said year 1886 was $85,178,294,
and the total amount of policies in force Dec. 31 1886 issued by defendant
was $304,373,540."
It was also urged that modern life insurance had taken on essentially a
national and international character, and that when Paul vs. Virginia was
decided the business was "to a great extent local, that is, conducted through
the domestic contracts by stock companies. The great and commanding
organizations of the present day had hardly begun the amazing developments which have made them the greatest associations of administrative
trusts of the business world."
These contentions were earnestly made; the reply to them deliberately
meditated and its extent fully appreciated. The ruling in Paul vs. %irginia and other cases was applied. We omitted the reasoning by which they
demonstrated, we said, the correctness of their conclusion. We, however,
repeated that "the business of insurance is not commerce. The contract
of insurance is not an instrumentality of commerce. The making of such
contract is a mere incident of commercial intercourse, and in this respect
there is no difference whatever between insurance against fire and insurance
against the perils of the sea, and we added, that against the uncertainty
of man's mortality.
We have already pointed out that if insurance is commerce and becomes
Inter-State commerce whenever it is between citizens of different States,
then all control over it is taken from the States and the legislative regulations which this Court has heretofore sustained must be declared invalid."
It is claimed that Paul vs. Virginia and the cases which follow it must be
limited, as it is contended "the facts therein did limit them to intra-State,
not inter-State, contracts," and that if they be not so limited the Lottery
case, 188 U. S.. 321, and International Text Book Co. vs. Pigg, 217 U. S.,
91, cannot stand. The basis of this contention necessarily is the insistence
that the contracts in Paul vs. Virginia and the succeeding cases were intraState contracts, while the contracts in the case at bar are inter-State contracts. But this is a false characterization of the contracts. The decision
of the cases is that contracts of insurance are not commerce at all, neither
.
State nor inter-State. This is the obstacle to the contention of the insurance company. The company realizes it to be an obstacle and has attemptto remove it by detailing the manner of conducting its business as demoned
strating that its policies are inter-State contracts. We have replied to the
attempt and shown that its manner of business has no such effect.
119
Street after the proposition has been accepted by the stockholders of both institutions. The plan of consolidation
provides for the exchange of the stock of the Washington
Trust Co. for stock of the Corn Exchange Bank, share for
share, with a cash bonus of $50 a share to the stockholders of
the Washington Trust Co. Both institutions are paying dividends at the rate of 16% per annum. The book value of the
Corn Exchange stock is about 320 and the Washington Trust
360 per share. The trust company is to be operated as the
"Washington Trust Company Branch" of the Corn Exchange
Bank, if their stockholders approve the consolidation. Francis H. Page, President of the Washington Trust Co., will
probably be elected an officer of the Corn Exchange Bank,
and Moses S. Lott, active manager of the branch. David
M. Morrison, Chairman of the trust company's board, will
head the advisory board of the new branch. The working
staff will be retained. The Washington Trust Co., organized
in 1889, would be twenty-five years old next May. Its
capital is $500,000, surplus $1,000,000, of which $750,000
has been earned, undivided profits are about $360,000, and
the deposits this week were over $10,000,000. The President, Mr. Page, has been identified with the Washington
Trust since its inception; he left the United States Trust Co.
to become Secretary; he was later made Vice-President and
then President. During the past two years his health has
been uncertain, and only recently has he been able to resume active direction of the company after an absence of
several months. His new relations with the consolidated
company should be more agreeable to his health. Th stockholders of the Corn Exchange Bank are to take action at a
special meeting on the 19th inst. on the question of increasing the bank's capital from $3,000,000 to $3,500,000.
Edmund C. Converse, President of the Bankers' Trust
Company of this city since its organization in 1903, declined
to accept a re-election at the annual meeting on the 8th.
The directors have chosen as his successor Benjamin Strong
Jr., the senior Vice-President and a son-in-law of Mr. Converse. • Mr. Strong was made Secretary of the company in
1904; he had previously been Secretary of the Metropolitan
Trust Company, his elevation to the vice-presidency of the
Bankers' Trust occurred in December 1908. With Mr.
Strong's election as President, this week, W. North Duane,
William P. Bonbright & Co. of this city have prepared a Vice-President, was elected a director to take the place of
the following interesting review of the work done by Public W. H. Porter, resigned. The vacancy created by the resigService Commissions in this country in the regulation of nation di Thomas W.Lamont was not filled. Mr. Converse
who some time ago withdrew as President of the Liberty
competition:
There are now in existence twenty-eight public service commissions, in National Bank, is President of the Astor Trust Company.
as many States, directly charged with the supervision of gas and electrical
utilities. On the question of regulating competition in the utility field
sixteen commissions contain provisions in their legislation demanding some
form of certificate of public necessity before permitting the entry of a competing company into localities already served by an established utility.
California and New York use this provision more as a weapon for enforcing good service than to prevent the beginning of competitive organizations, but a competitive application, where an established utility is giving
good service is generally denied. An instance of this is the adverse decisions of the California Railroad Commission in the case of the Oro Electric Corporation's request to enter Stockton. Illinois and Missouri do not
extend this clause to cover municipal plants and the same defect existed
in the Colorado Public Utility Act recently referred to.
Idaho, Kansas, New Jersey and Oregon have declared strongly against
unnecessary competition. "The Board is of opinion," the New Jersey
Commission said in its third annual report, "that the approval of a franchise affording a competing company entrance into a district already
adequately supplied by a public utility is ordinarily neither necessary nor
proper for the public convenience, and Jeopardizes rather than conserves
the public interests. Unless good reason to the contrary can be shown,
this attitude will be maintained by the Board." Kansas and Idaho are
opposed to the "economic waste" and "duplication of utilities where one is
rendering reasonably satisfactory service" (Kans. case of F. E. Workman,
Feb. 1912).
In Oregon the Commission has no power to issue or withhqld certificates
of public necessity, but while acting in an advisory capacity to the various
municipalities,it has taken occasion to define its attitude in the matter of
competition. In advising the city of Tillamook against the admission of a
competing company, the Commission wrote: "We have discouraged
competition among utilities where there is no absolute necessity therefor.
* * * Most utilities are natural monopolies and the highest efficiency
and the lowest rates are only possible when each one has the entire business
of a given city or territory."
At a meeting of the directors of the Guaranty Trust Co.
of New York on the 7th inst., John A. Spoor, of the Union
Stock Yards & Transit Co. of Chicago., and John S. Runnells, President of the Pullman Co., were elected to the board
to succeed H.P. Davison and William H.Porter. The resignations of Messrs. Davison and Porter (both of the firm of
J. P. Morgan & Co.) were referred to in these columns last
week.
The Corn Exchange Bank of this city will absorb the
Washington Trust Co. at 253 Broadway, corner of Murray
George E. Edwards, President of the Dollar Savings Bank,
has retired as Vice-President and director of the TwentyThird Ward Bank of this city.
• Leon Sanders, who resigned on Sept. 1 as Justice of the
Second District Municipal Court of this city to become a
Vice-President of the Public Bank of this city, has withdrawn
from the management of the bank to resume the practice
of law.
John A. Noble, Cashier of the Harriman National Bank of
this city, will sail for Europe with his family Jan. 15 on the
S. S. Cleveland, and after touring the French and Italian
Riviera, will visit Berlin, Paris and London before returning
to New York.
William Lanman Bull, a member of the firm of Edward
Sweet & Co. and a former President of the New York Stock
Exchange, died on the 2d inst. He was in his seventieth
year. Mr. Bull was born in New York and was graduated
from the College of the City of New York. He had been associated with Edward Sweet & Co. since 1865; he became a
member of the Stock Exchange in 1869, and was its President from 1880 to 1890. He was a director at the time of
his death of the American Exchange National Bank, the
Metropolitan Trust Co., the American Light & Traction Co.,
the City Investing Co., the Cuba Co., the Cuba RR. Co.,
the Oregon Short Line RR. Co., the Southfield Branch RR.
and the Standard Milling Co. He was also a member of
a number of clubs and societies. His sons, Frederick Bull
and Henry W. Bull, are partners in Edward Sweet & Co.
Resolutions expressing the sense of loss suffered in Mr. Bull's
death were adopted by the directors of the American Exchange National Bank on the 6th inst.
120
THE CHRONICLE
Henry B. Stokes, special partner in the Stock Exchange
firm of Walter C. Stokes & Co., died suddenly on the 2d
Inst. Mr. Stokes was formerly President of the Manhattan
Life Insurance Co., but withdrew from that office in 1912
on account of ill-health. He was a director of the CitizensCentral National Bank. He was in his sixty-fifth year.
H. L. Horton, senior member of the Stock Exchange firm
of H. L. Horton & Co., has retired from business because
of advancing years. He is eighty-one years of age. He
had been at the head of the firm since 1865. The business
is continued by the surviving partners, Frederic W.Anness,
C. B. Mears, Russell G. Colt and Louis T. Watson.
Ezra B. Tuttle, President of the Williamsburgh Savings
Bank of Brooklyn and a director of the North Side Bank and
the Nassau Trust Co. of that borough, died on the 3d inst.
in his eightieth year. He was also one of the organizers of
the Crosstown Railroad Co. and had been Vice-President of
the road for many years.
[VOL. xcrem.
The combined profits of the two banks for 1913 show a
net earning of 11h% on the average capital employed by
them during the year; the net profits of the First National
for the year just ended are $2,081,254, as compared with
$1,827,815 for 1912, while the net profits of the First Trust
& Savings Bank are $1,202,453, against $1,165,588 in 1912.
The First Trust & Savings Bank has continued its policy
(announced on March 30 1912) to pay no dividends from
profits until the surplus is equal to the capital, and in lieu
thereof special dividends equal to 5% for the year have been
paid on the capital of the First National out of its earnings.
This has enabled the First Trust & Savings Bank to add
$1,000,000 to the surplus, increasing that fund to $3,500,000.
The capital of the First Trust & Savings Bank is $5,000,000,
and it has undivided profits of $213,245; its deposits (Jan. 2
1914) are $56,662,989, while its resources aggregate $65,586,399. In addition to the special 5% dividend paid by the
First National, dividends of 12% were distributed, or a total
of $1,700,000 on its $10,000,000 capital. It likewise has a
surplus fund of $10,000,000 and undivided profits of $2,012,718. The Jan. 2 statement of the First National shows deposits of $108,345,511 and assets of $137,086,729. The First
National's present report is its fiftieth annual statement, and
that of the First Trust & Savings Bank is its tenth annual
statement.
William F. Wyckoff, President of the Woodhaven Bank
of Woodhaven, L. I., which closed its doors in October 1912,
was indicted on charges of grand larceny in the second degree
by the Queens County grand jury on Dec.30. A second dividend has just been paid to the depositors of the institution,
the amount distributed being 10%. They had previously
The Calumet National Bank of Chicago paid on Jan. 2
received 75%, making the aggregate return 85%.
1914 to holders of record Dec. 23 1913 an annual dividend
of 8%, which is an increase of 2% over the amount paid last
The new statement of the Hudson Trust Company of year.
Hoboken, N. J., for the year ending Dec. 31 1913 shows that
institution to be in a prosperous condition. Deposits are
The stockholders of the Colonial Trust & Savings Bank of
reported at $16,390,251, against $15,437,482 on Dec. 31 Chicago held their annual meeting Tuesday. The directors
1912. Aggregate resources reach $18,541,443, while a year re-elected were: H. G. B. Alexander, G. H. Coney, John T.•
ago $17,555,289 was the total. During the twelve months Emery, A. M.Johnson, R. C. Keller, George Lytton, W. R.
over $30,000 was added to undivided profits, the respective Moorhouse, Jacob Mortenson, John D. Ross, Daniel J.
amounts being $639,246 this year and $608,986 at the earlier Schuyler Jr., John G. Walker, Walter D. Young, H.S. Wilperiod. The company has a capital of $1,000,000 and sur- cox and Landon Cabell Rose. An executive committee was
plus and profits of $1,639,246. Its offices are located at 620 elected, comprising H. G. B. Alexander, Chairman, and
Spring Street, West Hoboken, and 51 Newark Street,Ho- Messrs. Coney, Emery, Johnson, Vice-President and Cashboken.
ier Keller, President Rose and Ross. At the directors' meeting all the present officers were re-elected.
The Marine National Bank of Buffalo, with which the
Columbia National was recently merged, is now located in
In accordance with the employees' profit-sharing plan
its beautiful new banking quarters, having opened in its
recently completed home on Dec. 29. Its entrance into the adopted by the North West State Bank of Chicago and annew building was marked by the receipt of hosts of congratu- nounced about a year ago, the sum of $439 55, representing
latory messages from its friends not only in Buffalo and the 1% of the bank's net profits for 1913, has been distributed
vicinity, but all over the country, and the Irving National among its employees. The distribution was made according
Bank of New York and the First National Bank of Cleve- to the amount of salary received by the employees for 1913
land were some of the far-away banking institutions which and their length of service with the institution. Twentysent floral tokens. The new building is handsomely equipped. five employees participated in the distribution, the highest
Indiana limestone has been used mainly for the interior fin- amount received by any one being $36 15 and the lowest
ishing of the structure, but in the main banking room im- $1 37.
ported marble has been utilized; the ceilings are either terraThe Chicago Savings Bank & Trust Company of Chicago
cotta or stone designed in cathedral effect. No wood has
been used in the construction. For the window sashes and door announces that R. L. Lapham, formerly with the Chicago
frames metal has been made use of, and most of the desks, office of William Salomon & Co., has become associated with
too, are of metal; where wooden desks have been found neces- the sales force of its bond department.
sary the desks are set on cement flooring. The floors of the
bank are of marble, cement and pressed cork. The banking
The business of the Central State Bank & Trust Co. of
room is four stories in height; the directors' and committee Memphis and that of the German-American Bank &Trust
rooms are on the fifth floor, and the floor above contains a Co. has been consolidated with the Central-State National
kitchen, dining room and wash rooms for the employees. Bank. Under arrangements entered into in May 1912, a
The safe deposit vaults and the bank's own vaults are located community of interest had existed between the stockholders
in the basement, and a sub-basement contains the boiler of the Central-State Bank & Trust Co. and the Central-State
and engine plant. It is stated that with the opening of the National. Before the consolidation just effected the Ceninstitution in its new home the bank will for the first time tral-State Bank & Trust had a capital of $600,000 and the
in its history employ women clerks. Under the Oct. 21 re- Central-State National a capital of $250,000, and all of the
port of the bank its deposits were $32,620,362, and its assets latter was owned by the Central-State Bank & Trust; on
$39,779,890. Seymour H. Knox is Chairman of the board; Dec. 27 it was voted to increase the capital of the CentralGeorge F. Rand is President and Norman P. Clement is State National to $600,000 and to take over the both CenCashier.
tral-State Trust (deposits $2,800,000) and the GermanAmerican Bank & Trust. The last-named organization had
In his annual statement to the stockholders of the First a capital of $50,000 and deposits of about $200,000. FolNational Bank and the First Trust & Savings Bank, Presi- lowing the consolidation, effective Dec. 31, the Centraldent James B. Forgan says:
State National has, besides a capital of $600,000, a surplus
World-wide conditions, resulting in the return to our home market of a
of $300,000, undivided profits of $145,106 and deposits of
argeamount of our securities previously held abroad,have enhanced the tightness of the money market, depressed the quoted market prices for securities $5,094,271.
and have been largely responsible for the high rates for money. Under such
conditions profits in money loaning have naturally been unusually high, but
to a considerable extent they have been offset by a decline in the quoted
prices for investments carried and by losses on commercial leans. These
losses were occasioned by reaction in business which led to some failures
and necessitated the carrying over of some loans which may eventually
result In partial loss.
The stockholders of the Security Bank & Trust Co. of
Memphis at a meeting on Dec. 27 approved a proposition to
reduce the capital from $400,000 to $300,000.
121
THE CHRONICLE
JAN. 10 1914.]
The Canal Bank & Trust Co. of Now Orleans began business on the 1st inst. as a consolidation of the German-Amori.can National Bank, the German-American Savings Bank &
Trust Co. and the Canal-Louisiana Bank & Trust Co. A
preliminary announcement bearing on the merger of the business of these three institutions into the new organization
appeared in our issue of Dec. 6. The proceedings whereby
this is accomplished were ratified by the stockholders of the
German-American National and the'Canal-Louisiana Bank
& Trust on Dec. 30, and by those of the German-American
Trust & Savings Bank on Dec. 31. The new institution
starts with a capital of $2,000,000 and a surplus of 1.400,000.
Its deposits, including its trust funds and the deposits of
banks and bankers, are $17,027,880, while its resources are
$22,010,695. The officers are W. R. Irby, President;
William P. Burke, Chairman of the board; Charles Janvier,
Albert Breton, Jas. P. Ilutler Jr., George W. Clay, J. B.
Levert, D. D. Curran and J. C. Rathbone Jr., Vice-Presidents; F. Dietz° Jr., Cashier, and E. M.Toby, L.B. Giraud,
H. Dabezies and L. H. Moss, Assistant Cashiers. The institution occupies the quarters of the Canal-Louisiana Bank
.& Trust Co.; the quarters of the German-American Bank &
Trust at 622 Canal Street are retained as a branch.
The Bankers' Trust & Savings Bank of Los Angeles, Cal.,
has been organized with the election of the following officers:
Warren Gillelen, President; C. K. Berg; II. 0. Griffith and
Fred. II. Brodin, Vice-Presidents; S. S. Meservey, Cashier
and 0. C. Spence, Assistant Cashier. Officers of the savings
department are: M.L. Griffith, Cashier; W. W.Middlecoff,
Trust Officer; P. W. Lacey, Assistant Trust Officer and
Cashier of the trust department. The new institution expects to open for business about March 15. The capitalization is set at $2,000,000, of which $350,000 is said to have
been subscribed.
The Banque d' Hochelaga (head office Montreal) reports
net profits for the year ending November 30 1913 of $534,700,
equal to 15.20% on the $3,515,663 average capital during
the year. The bank increased its paid-up capital since
its last report from $3,000,000 to $4,000,000, and in addition
to the $500,000 premium on the 81,000,000 issue, it has
carried to the reserve fund $125,000 out of profits, or a total
of $625,000, making that fund now $3,625,000. The deposits of the institution are $20,105,623, while the assets
November 30 1913 aggregated $31,894,710.
The thirty-ninth annual statement of the Bank of Ottawa
(head office Ottawa,Canada) shows that institution to be in
a highly prosperous condition, it having paid during the past
year the largest dividends in its history, namely twelve per
cent, or a total of $471,250, nearly $52,000 more than the
previous year. On November 29 the bank had deposits of
$40,807,499 and aggregate resources of $54,674,231. Its
capital is now $4,000,000 (all paid in), compared with $3,825,480 a year ago, while its surplus or rest fund is $4,750,000. The officials of the bank re-elected are Hon.
George Bryson, President; John B. Fraser, Vice-President;
George Burn, General Manager and D. M.Finn, Asst. General Manager.
PRICES IN 1913 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
1913
BONDS
November December
August Septemberl October
July
June
May
March I April
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
70 7114 7014 7158 7014 7012
4
4
7414 7412 743 7512 73 7514 70 72% 7012 7012 71 713
Ann Arbor—lst 1995 getd__ A 75 79% 75 76
9279 0478 9212 9418 9312 9538 9458 9558 -9414 9538 9234 9434 9214 9338 91% 9314
4
4
/
Atch Top & S Fe gen g 1995....4 97 98 9612 981 9434 971 923 96
9158 9158
95 95
9212 9212
9314 94
9712 9734
4 9512 98
Registered
---- 8814 87 86 8612 8334 84 83 84
84 85 83 83 8312 84
4
4 873 8814 863 873 83 8712 84 87
4
8
Adjustment gold 1995
____
86 86-4
Registered
8
88 8712 85 8714 835 85 8318 8412
Silg 8312 8512 8412 86
8612 8734 83 8734 8312 8612 84 8618 -93- _4 8712 88
Stamped
9214 9234 9258 9432
8
4
4 10334 10534 10014 10412 100%10212 9918 10314 99 100 93 9614 9518 983 97 9712 9518 963 9234 95
50-year cony gold 1955
_
9514 9514
4
Registered
9238 93
9912 9912
Convertible issue of 1909_4
9484 1812 9612 9853 95 97 92 95 927 9314 9238 95
8
8
10 -1- -9858
9838 9934 92% 9878
-1 8
- -4 1015s 1035 -9978 1025
Convertible 1960
9912 997 9938 101 1100 101 8 100 10118 9912 100%
8
,
5 i0378 105% 10012 10414 10034 10234 9914 103% 99 100 98 9914 9834 100
10-year cony gold 1917
101%10134 9912 9912
5 105 105
---Registered
----155 8 90s 9834 9834
---- Debenture Series L 1914__ _4 994 9912 ---91 91
-oi- 91 ____
0
-- 92 92 ____
Eastern Oklahoma Div 1st..4 ---- - --- -62- --2- 925 931; -9238 03
87 8712 87 87
8512 87 87% 8712 8812 8812
8
4 9114 92 9118 92 867 90 8678 8714 8612 87
Transcon Short L 1st g
99 99
99 99
9812 99 94% 9412
9738 98
4
10038 10012 0934 10014 100 100
9812 9812 9814 98, 9614 96,
4
Cal-Ariz 1st & ref 1962....
103 103
--_- -107 107 -- ----- 103 103
Santa F Pros 8c Phen let g.5
____
1 19114 10114
10318 10318 _ 6
- -Chic & St L 1st 1915
9 4
93 2
4 9434 9514 94 9514 9034 9312 -8912 - 1 88 9112 8714 0114 87 89% Mg 9134 91 92 -6914 --1-3- 89 9014 90 91
Atlan Coast L—Ist 1952 g
90 90
4
Registered
iOi- 104
4
. 9212 109 10334 1033
1
12
4
-Alabama Mid 1st 1928 gu 5 105 105 10634 1063
8712 8812 8534 87%
4
4
.
.0058 921, 9018 9118 8912 9034 8812 9014 8734 8812 -9912 88 -8758 882 88 883 883 90 88 89
1Lou & Nash coil 1952 g4
5s
8
4
90 913 893 907 90 90
4
9018 91
9018 91
8
& 0—Prior lien g 1925.... _3% 91 9134 89% 9112 897 903s 89 9114 8912 9034 88 90% 89% 90
B
4
89 89 -- — _ 88 88 8914 89,
3% 90 9012 9014 9012
Registered
4
4 97 97% 95% 97% 943 "9i632 92 96 "4 923n 90 9214 89% 9212 -9938 93 9O8 9313 -9053 927 90 9112 90 92
Gold 1948
8912 8912
9112 9112 92 9212
4
9312 9312 9112 913
4
97 97
Registered
91 8
4% 96% 9712 9512 9612 -993 4 9174 9134 9558 9134 9234 8813 9134 -99- - -7- 9112 9253 9238 9318 9112 9278 9038 9218 90% 9112
20.year cony 1933
8412 8412 8312 8312
86
8712 8912 - -- 86
M Div
-- Pitts Junc &
8212 83% 8314 88'- 8538 - 14 8534 86 2 8314 85 83 8412
98
,
87 8814 85 863 84 84
4
Pitts L E & W Va System_ _ _4 89 89% 8834 9014 8814 89
s
8714 88 4 87 8712 87 875
8612 8812 8834 8712 87 8714 8712 89
,
89% 9014 8938 905 8814 8912 87 8878 8734 88
Southwestern Div 1st g...3
------__----4% 101 101
100
------C 0 Reorg 1st 1930
103 103 ---- ---------- ---- 105. 105 iOi- 16i- ---& W con 1st '33_ _5 ---- -- ---Cleve Lor
102 102 ---5
---- ------Ohio Illy 1st 1936 g
---5
9838 9838
---General 1937 g
o97 - i0613
Pitts & West 1st 1917
10312 10312 103 1- 1- 104 16i- 108 166 10578 106 iOt3- 108 (Yii4
2
- 91 2
1631- 8
Buff Roch & Pitts—Gen '37-..5 19934 1103 10034 10934
4
10438 1043
4%
-1103
---Consol 1957
---- ---4
4
953 053 -------Allegheny 8c W 1st 1998 gu_4
i
638
10814 f68 4 10714 107l ---- ---1
Roch & Pitts 1st 1921 g_---6 11012 11012 i Oi411- - 10912 11038
- 10912 16952
10812 10812 ---- ---- 10814 fOiC 109 1- - no no
66
11178 111% 11114 11114
8
8
Cons 1st 1922 g
46 4614
48
------ 4512 - - -48
---Buff & Susq—Ist ref 1951.-4 38
Canada Southern
5 100 10114 100 100
2d 1913
j
1047 105'2 103 1047
10438 10514
106 1- 4
661Cons guar Series A 1962.-5
9612 98
-- --5
Carolina Clinch 8c 0 1st
-5ii05 flo 8
Central of Georgia-1st 1945_5 110 110iOi38 10338
- 2
8
s
19338 1041- 10212 10312 1011210253
5 1073 109 iOi- 1073 10638 1063
4
Consol 1945 gold
10614 10614
5
Registered
90 90
Chat Div Pur mon 1951 g_ _4
5
Mid Ga & Atl Div 1947
---4 99844
4
4
993 993 -56; - - -993 997;
4 9934 -4
-9934 113; 993 - ---- -- ---Central RR & Banking Ga-5
Central of New Jersey—
11458 11514 114 11438 11212 115 11312 11414 114 115 113% 11412 11234 114 11318 114%
5 11814 119 11814 11938 117 11818
General 1987 gold
11213 1123 11234 11312 11314 11314 11234 1123 11258 11234
4
4
11334 114
5 11734 11812 11718 11718 11558 1155
8
Registered
10134 1013 104 104 103 103 103 103
4
15 105 105 10512 10512
10412 1043 10314 1634
4
Amer Dock & Impt
100 100
5
---Lehigh & H R gu 1920
—
_
1---- ___- -NY 8c L Branch gen 1941-4 1001-2 100 2
82 83
2
4
8312 85 8312 8312 -953. -1371- 84 84 84 84
4
83 - 3- ---134
8918 90 893 90 88 88
Central Vermont—gu 1st
Chesapeake & Ohio—
9834 9834
10012 10012 9812 9812 98 98
95 95 98 96
102 100 102 1003 101%
4
5 102
Gen fund 8c Impt 1928
8
- 3
206 166; 103 10534 103 10434 104 16i1- 10412 106 . 10412 10612 10412 10514 1045 10512
4
4
1st consol 1939 gold
5 1083 110 1083 10938 10812 109
1021 103
• Registered
10612 1061210312100
1-6372
104.4 m4i.,
v61'
1051z 1-Oi
5
122
THE CHRONICLE
I V oL. xcvm.
1913—Continued.
BONDS
January February
June
May'
1
September
'
s
July
March
August
October
April
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Chesapeake & Ohio—(Concl.)
General 1992 gold
434 99% 100% 9912 101
4
087 1001E 95 9914 9518 9812 933 9514 9112 9412 93 0734 0612 9812 93 95
8
92
91
903 93
8
%
Registered
434
Convertible 1930
434 92 9212 9012 9212 9014 9078 6712 104 8512 8712 79 8512 76 -3
8018 79 795 7914 8012 79 8014 iii /03 771-2 798
4
BIg Sandy Ist 1944
4
..85's 85's
Craig Valley 1st 1940 g
5_
Potts Creek Bch 1946
4 8438 8434
R & A Div 1st cons 1989 g 4 9234 9312 -------- 0134 -913e 90 90 --------86 8712 86 86 ---- --------------------86 8614 8614 8712
..
2d consol 1989 g
4 _88 88
87 87
Chic & Alton—Ref 1949 g
_ ---__
_
_
64
- ___ 64 -- 67 6712
3 6734 68
661s
Chic Se Alt Ry 1st '50 g334 6278 6334 61
5912
5712 --- 55 --- --- 58 5057
5512 61
6338 _-- --- -5312 5434 5112 533 5312 50 53
5312 55
4
55
53 55
Denver Division 1922
_
_
_
4 9934 9934 99 1001. 98 100
_ 9912 9912 99 99
9812 99
998 998 9812 9838
9814 9914 9812 983
4
Illinois Division 1949____334 85 855 8438 8512 84 847 833 85
8314 8412 8214 8338
4
83 84 _----- _----- 83 8412 8412 853 827 8414 8118 8212 8118 82
8
4
Illinois Division 1949
4 9758 9834 9712 9834 951s 9714 933 965 94 95
9434 9412 9512 9412 0512 935 9514 92 94
9312 95
94 951 94
RegisteredIowa Division ---------- s i
6
.
- - 38
. 10338 10 - --------------------------------------3
8
0114. 10114 __-- ____ 1013 1015 __ _
_
Iowa Division 1919, s f
4 99 9912 9834 99% 98 9834 --------0813 982 963 981 --------------------------------9613 97
963 -- - 4 97
Nebraska Ext 1927
4 9612 97
---- ----95 9512 95 9514 9412 95
963 9634 9614 9614 9614 9614 ------------- ---- 93 93
4
9412
94
_
4973 4
Southwest Div 1921
3 973
Debenture 1913
5 9934 100 100 10018 100 100 100 100
_ - - -- - - - --- -- -- -- General 1958
4 947 9618 945 96
8
9312 947 9112 943 __- --- 4 9 7 --- ------ 925 -- -18 93 2 9112 933 -1 8 9312 9038 9314
9
4
92 -- - 89 4 - - -14 8-3 - 14
- -3 92
94
-8 9
--9 4 91
3
Chicago & Eastern Illinois—
Refunding & impt 1995 g_ _4 7712 80
75 77
74 75
69 69
74 74 --------70 70
66 69
74 74
6914 6914 68 69
687 71
8
1st consol 1934 g
6 119 119 ----------------------------------------107 107 ----------------109 109 10812 10812 10814 10814
General consol 1st 1937
5 106 108 10634 10718 ----------------097 100 100 100
13
97 100 100 100
9934 1004 100 100 --------96 96
Registered
5 10612 10613
Pur money 1st coal 1942
5 98 98
673 - -3- ---- --- ---- ---- ---- ---97
._7
.
- ---Chic 8c Ind Coal Ry 1st_„5 ------------- ---- 10514 10514 ----------------100 100 - 105- 10 -12 ---- --- ---- - --- - - -- - -- - - -- - - - - -- - -.. —
--- _
- -12 - 5
--- - - -- - - - 2 Chic Gt West—lst 1959
4 76 7738 75 77
75 76
7512 7614 75 76
71
7412 72 727 717 7414
8
13
18
Chic Ind 8c Lou—Ref 1947 g_6 125 125 124 124 --------120 120 11612 11612 --------11613 11612 118 118
_
_ 117 11718 117 11714 1163 117%
8
Refunding 1947 g
5 --------10514 10514 ------------------------------------------------103 10 - 10212
3
--- -10212 -- -- -Chic MuI & St P term 1914 g 5 10014 10034 1003810038 10014 10014 0018 10012 10038 10038 9912 10033 99 100
%
0
0 100
9934 997 998 997 100 10 - 9-7 10
- -0
-9 8 - 018
Gen series A 1989 gold
4 9758 99
97 9812 06 9814 903 9612 91 92
92 9212 923 95
93
91
4
9034 92
4
93 9338 8934 927 894 92
Registered
4 97 97
9813 9812
Gen series 13 1989 gold _ _ _335 8334 85
8334 8414 8- ils - - 79 -- -3 --------80 8 - 8-18 -- -18 7-53 -- - 8- i - - - 8 . - - -1 --------79 - - -3 813
4 -9 82
-114 -0 8
-0
83 8
-3 8
4
-2i 4, 82
82
25-year debenture 1934_ _4 9113 9178 9013 913 8714 90
88 8812 ---- ----8934 90 - --------8714 8812
86 87
87 8714 863 8812 8612 88
_
4
Convertible 1932
434 10338 10638 10114 10438 101%10318 10118 10312 10114 102 100 102 1013 1023 10212 1033 10234 1033 1003 103% 10014 10218 10018 1017g
4
4
4
issue)_1932_434 1037 10414 10034 104% 101%1023 101 10313 101 102 100 102 ----- ----101 101
Cony (1913
General 1989
434------------------------ 9914 9934 9912 997 9912 993 9914 9958 9912
_
11
4
Chic & Lake Sup Div
5 10412 104% ----------------103 103 103 103 ____ ____ ____ __—__ _--_ 1023 10238
8
5
Chic & &to River Div
106 10638 --------10438 10438 10414 10438
_ 1023 103 10338 1038 --------- 8 - _
_
_
__
- 3
Chic & Pac West Div
5 10438 10514 104 10412 104 10412 10278 104 10218 10314 10114 10212 -- 112 10214 102 103 1023 10212 10214 10212
____- _- 10
--- 102 10212 1-2 1031
-4- --- - 0- -- 14
8
C M & Pug Sd 1st gen 1949A 931 933 93 931 88 94
92
917 91
8
8714 8912
4
91
91
8812 85 873 85 8814 8834 917 91
87 89
4
8738
Dakota & Gt Southern
5 ------------- ---- --------10038101 - --------10012 1001 ---------------------------------10034 1003 - _
4
Dubuque Div 1st s f 1920_6 1103 1103 112110 11012 110% 10912 10917 —__ 106 106 - ---------------------------------------- 10
814 108 4
1Fargo & Sou assumed
6 ----- ---- -------- ------------------------110 110 ____ __ ---- ---- ---- ---- -- - ---- ---- ---La Crosse & D 1st 1919
5 __ ___ ___
_
___ ___ 10218 10218 ---------------------------------------10112 101 12 --------10138 10 -5
-- -1 8
Wise & Minn Division
5
4
8
4
,3
104%104 4 --------104 104 10212 10212 102 102 101 101% ---- _-- 1017 1017 10238 1023 1023 1023 10212 10212
- -34
Wisconsin Val Div 1920
6 --------10934 10934 ____
___ ____ ___. ___
___ __— ____ ____ ___ ___ __ 107%1073 ---- ---- ---- ---- ---- -- --,
8
Mil & Nor 1st cons 1913_ _6 100 100 __ __ __ _ 10018 100% --------100 100 ---- ---_ --- _—_ ---- ---- ---- ---- ---- ---- ---- ---- -: ,
____ _ _
1st extended 1934
_
___ 1.19 - -7-434
-% 00 8
Cons extended 1934 _434 ____
___ ____
___ ____
__ _,__
_ _ ____
___ _-_- -__
- -Chic & North West-1915_ -- -7 105 105% 105 1051s 104 105% 103 104 10312 104 10318 1033 103 4 103 1025 10
4
4
4
3
- 8 - -1- - - 0-18 --3 1-3 10 12 1023 1033 10212 1023 10238 1023
- -14
% -- 8 -4
Extension 1886-1926
496 96
Registered
4 96 96 ___
___ _ __
_ _ __ _
___ ___
_
_ _-_
_ _-_
_ ___
4
_ 913 9212 - - -- General 1987 gold
334 84 85
8312 84
-2 81 4
8518 8
7818 79 --- 8 ill 12 8 81 - 2
83
81
-3
83
-1
8212
81 --- 81 --- 82 8212 81 - -3 86 - -18
881
Registered
4
334 84 843 - __ — - - - ---- --- ---- --- - -- -- -- - --- -- --- ---- ---- ---- ---- -- - -- General 1987
4 9713 98
97 0814 667 - 4 923 9512 95 9312 967g 941 973
4 97
9514 9618 9-134 0538 93 947
97
941 - 3- 9434 16
4
.
88
Registered
4
92 92
9334 9334 9414 9414 ---- --------- ---- 94_
94 ---- ---- ---- ---- ---- ---Sinking fund 1879-1929....6
6 --------------------------------------------------------10538 10558 ----------------------10512 10512
* Registered
-- - Sinking fund 1879-1929_5 --------104 105 104 104 104 16
104 104 ----------------------------------------10412 10412 --------Registered
5
44
___ ____ ____ _—_— ____ ____ ____ ___ _— --- __ _ 02 10
2
Debenture 1921
5 103 103--------101 103 997 103 10034 101 101 101 101 101 ----------------102 1021 101 102 ___- ___8
Sinking fund deb 1933
107 10712 10712 1071
5
3
104 104 102 102 10034 10034 0 04 10
3 ---------------- 102 10212 101 10112
4
_
Registered
-- Fremont E & Mo Val lst___6 ----------------12114 12114 ---- ---- 119 119 117 117 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Mil L S 8c W 1st 1921 g
6 11134 122 111 111113 11112 11112 10912 11014 --------107121081
1081 1081
1091 110 10812 10812
Ext & impt 1929 g
5
Ashland Div 1st g
6
11418 114% ...._ ___ ____
--- ____ ____ ____ ___ _______ ____ ____ ____ ____ ____ ____ ____ __- —_Mich Div 1st 1924 g
6
11312 11312 --------------------------------------------------- 111 111
Mil Sparta St N W 1st
4 9312 94
933 94
927 9312 9 2 9212
92 9258 9
9214 90 90
0 92
8
8812 8812 9
4 9 14 92 92
Win & St Peter 1st ext 1916.7 ------------- ----10812 10812 _
_
_
_
_
_
_ ____ ____
_
_
_
_ _ 10638 10638 ___ ____
Ch 1c Rock 1 & pac R y—1917 _ 6 10 38 10612 0
6
6% 10612 10512 10612 105 108 100 106 1647 104 8 10312 10478 --------10412 10 -12 10118 104 10112 10112 -- -- ---- -18
4
- - -- -14 - 8 - -7 - - - - Registered
6
_ la1 10112 - -- - General 1988 gold
4 9278 0418 9278 9338 01i4 - 31-8
-8
.
0- -- --8 - - -3- -8
85 - - -3 83 -- -18
8
8 -4 85 4 -6- ---- -8-3 - - -38 -8
8 4 -6
-6 . 8 - -6- itil2 8212 87
8
4 7
7
8
5
Refunding 1934 gold
4 871.1 89
86 88
833 87% 8312 8412 8212 8438 7814 8238 78 7914 7814 7912 74 70
4
7312 77
7314 78
70 73%
Registered
4 8714 87% _ __
_ _ __ _ __
__ 8358 8358 --------7812 7812 — - -- - - -- - -- 20-yea r debentures 1932- _ _ 5 89 90
8
-7 - 8
9 8
4
-6 -- 4 8
873 -6 -747 79
7
9
0
8712 -80's 863 72 80
-5 8 77
77
8
7814 -- -12 7612 - - -12 7-134 - - -34 7-3 - - -14 71 -- -12
75
CRI&PRR 2002
4 6218 6634 6212 651 611 64
4
8
59 641 563 593 4914 5714 535 59
8
563 5938 505 575 49 55
8
8
5112 5312 483 5214
4
Registered
4 6338 6438 -------- ----- ------------ --------------------------------557 558 --------5214 5214 50 50
_
R I Ark &L 1934
434 86 88
8734 8734
Burl C R & Nor 1934 g
5 1083 1083 1081s 1081 --------10738 1075
------------------------10314
8
- -- - ----------------102
Choc 0 & G gen 1919 g
5 ----- ---- -------- 10012 10012 1003 1003 997 998 - - -- -- - - - - -- -- -- - --- -- - - - - - _
_
4
4
-- -- --- - --- - - - -- -- - - --- - -- -ChocO&Gcons1952g.5 100 106
Keok & Des Moines 1st_ _5
_
- -- 9
9
9
-9 -- - 9- -- -8 9
9
8
8
65 -95
4 --------91 01.
64 - 9
St Paul & K C Sh L lst_43i ----------------0889 ----------------81
__ ____ 89
81 ------79% 7978 ____ ____
__ ____ 75 75
81
81_
Chic St P Minn & Omaha
6 - -0 120 12012 1207 120 120 120 120 11612 11612 15 115 — 12
8
- 1143 1143 --------11514 1'1512 11558 11738 ___ _ _ _ _
4
4
Debenture 1930
5 1021 1027 102 10212 1001 1011f. 1003 101
4
9
8
9
98 10012 98 983 98 -- - 987 10012 100121013 101 10112 9912 10012 991810053
4
Chic St P & Minn 1st g_
6 ---- ---- 11912 11912 ----------------------------------------------------------1155 1155 1155 1157 ---- -_
8
8
North Wisconsin 1st 1930 6 ____
_— -- -- ---- ---- -- -- ---- - --- ------ ____
St Paul & Sioux City 1st g_6 1091 1001- 1004 1081; 101:11- 108 10634 10634ioo
-1
8
106 106 --------106 106 106 106
Chic & West Indiana-19326 ----- ---- 10638107 107 107 -- -------- - 106_
_
10712 106 10
-6 --------------------------------105
Consol 50-year 1952
4 8813 8912 88 8818 8518 8812 84 883 84 8434 8412 8412 -------------------------------- 8212 833 827
8
8
8 8314
Cin Hamilton & Dayton—
ai -ii iii -ii 6312 -ii12 _-- _ ___
-i
i
----1
- ---
iii2 18 ii 14 71
-14
-
(. 34
7:. , -76.
10114 115634 1- 3 166341-W8 1667, 161-12 15518 1-61-12
6-
5958 ---78 - 59 coo 9934 9934
- 09 - 1 -
917
0514 -
-iii- -93—
iCiir11- -1,
67
16
-14
iiiii
oi -8'7'1 --------96 - .
- 66
-
- fo-i- i04- 1-6-6.- --_-_-_ ---_-_
-
- 168
Cin Day & Iron gu 1st g
5 -------- 9934 10018 9814, 9814 ----------------------------------------9814 9814 97 9712
Cin Ind & W 1st gu 1953_ 4 8634 8634 8634 863 ---4
- ___- __-- --__ ___- ---- ,..--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- ---Cleve Cin Chic & St L—'93 g_4 9112 923 9112 9158 0014 --- 9114 9138 907n 91 __ ____
8
87 87 --------85 87
91
_ 89 89
85 863
4
20-year deben 1931
8
434 9134 923 9112 92
9118 9112 8812 9034 8934 89% --------8813 8812 8712 893 89 89
4
----Cairo Div 1st 1939 g
4
77 881
Cin W & M Div 1st
4
St Louis Div 1st 1990 g_ _ 4 91
91 ----- -----00 -- - 8
83 - - -12 85 --------8334 - - -34 83 -- -14
_
9
0
-0 0
-6 -8
9
-i --. 9- - -ii
8
0 8
-83
-83
Spring & Col Div 1st 1944_4 ..-- --- ---- --_ _ — ---_ - —_ ---- --81
-1 --- 82 82
- ---- --- __ 8
C I St L & C cons 1920
6
104% 10514 ____ ____ ____ _ _ __ ___ __ _ _ ___ _ _ _ _ _ _ _ __ _ __ _ _ __ 10 8 1017 -------- 10484 1043
-17
8
_
4
1st 1936 gold
4
4
Registered
01
00 ____ -_-_ ___. ____ --_- _-__ ___... ____ -- ____ -- ____ ___ ____ ____ ___ ____ -Cin San & Cleve 1st cons 5 --------------------------------------------------------103 103 ------ 102 1
02__--_C C C& Icons 1914
7---------------------------- ------------10112 112 ____ ____ ____ ---- ---- ---- 10014 101%
--Gen cons 1934 g
6
Peor & East 1st cons 1940_.A 8814 89 ---------------- -------- --------79
_ _
8278 - -7- 81 ii
132 8
7 3 00 8114 82
79 4
Incomes 1990
4 4314 4712 45 4934 4318 44_ _
_
_ _ 35 35
__
35 35 - - — - -- - - - --- - Colorado Midland—Ist g
30 3614 29 30 -30- -- —28 -4 35 36
-3
- 2
0
8
25 27
26 28 -------- 26
Tr Co certfs of deposit
26
26 --------25 2612 2534 26 — - - - ---- ---_
_
_- ---- ---Colo & South—let 1929 g_ _.4 0312 047 927 941.1 90 93
2
9214
90 92
9134 - 1 92 9212 --- - --14 _-89 9012 9012 921292 4 --9018 91
9012
89 9158 8934 91
Refund & eaten 1935_434 94 9412 0314 9418 9114 9338 9034 9318 9034 92
913 9312 9112 9238 91
4
9138 93
9014 91 14 911i 92
92
9012
4
Ft Worth & Den City lst_6 10712 108 10712 10712 108 108 10612 10612 ----------------102 10412 10114 106 106 107 105 10612 ----- ----103 913
103
Delaware Lack & Western—
Morris & Essex 1st 1914-7 1023 10318 1027 10278 ---- ------------ 10238 10238 10214 10214 10114 10114 ---------------- 101 10118 101 101
4
1005 1007
8
s
1st cons gu 1915
7 10514 10512 10512 10512 10538 1012 10412 105% 10412 10412 10412 10112 104 104 ---------------- 103 103 10318 10318
10314 103%
Registered
7
1st ref guar 2000
331
_ 8
- --- __-- ---- --- ---- ---- _-__ ____ _— _ _ _
-4 - 8
4 -------- -84 -84;
2
N Y Lack & West 1st 1921 _6 111 1113 III 111 11012 11034 110 1101 1093 1093 108 10912 --------1085510855 10812 10 -12
-8 --------10814 1084 108%108
„„n Construction 1923
5 10412 1061,, 1055 10538 ---------------- ----- ---- 10211 1023 10212 1021 --------------------------------104 10414
8
_
_
4
1 Terminal & impt 1923_4 9618 9618 963 963 ---- 9634 97
3
4
4
95 95
9412 9413 -------- 94 94 ------------------------94 94
_
Delaware & Hudson
1st Pa Div 1917
7----------------1103811038 -------------------------------10712 1073 ----------------108 108 --4
—
Convertible 1916
9614 9734 9613 9711 9638 977 963 974 9534 97
4 9714 98
;
9678 9734 979734 9678 9718 067 -977;
6
4
953 9 34 9618 97
4
8
____ ____ _ __
ii 76 - - 86
_
ii if
123
THE CHRONICLE
JAN. 10 1914.)
I 1913—Continued.
BONDS
April
May
March
February
June
November December
January
August
September
October
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Delaware & Hudson—(ConcL)
:IN 1
98 9812 97/4 9812 97 98
4M 9934 10118 100 10118 98 100
9934 9934 963 9734 97 98
98 100
98 98
98 9918
4
1st lien equip 1922
9412 97
951s 97
4 981 991 981 991 96 99
9312 96
9412 95
9512 96
1st refunding 1943
9312 9412 94, 9438 94 97
9334 943
4
973
4
Registered
4 ---- ---- ---- ---Alb & Susq cony 1946 g_334 8814 8834 877s 8812 86
ii12 - 1434
--------------------------------------------------------8312
Registered
Denver & Rio Grande
1 871
821 831 81
1 87
1st consol 1936 gold
7 82
4 8718 8912 8634 891, 8512 8738
8
8
8012 8212 827 827 8312 84
81
81
813
4
4 -----------------90 90 ---------------------- ---- 93 93
Consol gold 1936
--434 .. _ ____ 93 9578 9312 933 ---- ---89 8912 9012 9012 9012 903- -- 1/12 85 87
9714 9812 9612 9612 ----------------8712 Improvement 1928 gold---5 9-12 99
-7
- -- 4
8312 79 8112 7712 8012 7514 7734 67 75
69 7114 7058 731 7212 737 7112 7318 6934 -- -58 6712 - - -7
71
1st & refunding 1955
5 827 8414 81
8
69 8
4
4
7812 7912 7912 80
4 8418 8514 833 8412 833 8418 82 8312 83 8314 7934 8234 80 8314 80 80 - -------- 78 80
Rio G West 1st 1939 g
78 78
78 786712 3
80 80
671
Mtge & coil tr A 1949 g 4 80 81
Detroit & Mackinac-4_
- ---- ---- ---Ist lien 1995 g
4___ ____ ____ ____ ____ ____ _-__ _-82 82
Gold 1995
4
---- .
96
Detroit Ter Tun 1961
434 9834 9938 99 9918 --------97 97 ---------------- -------- 953 961 64 ----10414 10414
-- _ ____ ____ ____ ____ ____ ____ ____ ____ ____
Dul & Iron Range—lst 1937_5 --------100 1Cii) 100 100 - ------------------------------------------------ 100 IVO- i0O 166 ____ __81035 -- 8
_
5 --------1035
_ 9918 9918 9914 0014
___
Dul Sou Sh & At1-1937
- -1314 1 1 1
7 11412 115 11318 11434 11318 1 -- - - - 121f3 ii312 114 ---- -----1091411012 iii 111 112 ili in --------11014112 11118 11118
--Ist cons 1920 gold_
Ea
_
101 101
.....-- Erie 2d ext 1919 g_ _5 ____ ____ 103 103 ____ ____ ___ ____ ___
N Y 8c
434
„. 3c1 extended 1923
- - - 18
3
5 103/8 10 ' extend 1920 g
4th
8134 i- 12 .
8413 ii 8412 riii2 ii 8512 8778 ii I714 ii i
ii7ii i." - 8 iii - i
8
i i434 86
8334 853 82 133- 8i4 --- 4
4
81 651- 11 853 4
14
8 1612 8514 87
833 863 833 -4
8
- 4 8514 8214 8312 8178 84
1st cons prior lien 1996 g _ _4 ii i4 -4
Registered
84 84
4 7518 76
75 76
7212 7814 7134 7314 2 73
-0 7 18
4
667 72
1st cons gen 1996 g
8
69
8 -4
7534 7- -- - '70 - -112 753 - 77212 717 757 7-12 -- 8
- i1511
4
8914 90
8018 8914 89 8918 89 8914 89 89
Pennsylvania coil tr 1951 g_4 8914 90
8538 8712 86 8712 8712 873 873 88
875 89
8
4
4
8818 885
8
4 81
8214 79 8112 75 80
73 773 7114 7414 66 69
50-yr cony ser A 1953 g
s
6758 7478 73
7434 7312 757 7014 7414 7112 73
8
7112 74
8
7334 6912 73
69 7012 65 6938 6514 7134 '7012 '72
50-yr cony ser B 1953 g-- —4 7514, 7718 72 757 69
'7058 727 69 7214 6912 71
8
697 717
8
8
4
Registered
70 70
7
Buffalo N Y 8c E 1st
5 1103 111 11012111 106 106
- Chic & Erie 1st 1982 g
------51
17 1067 1-41s 10418
106
1
1 - 06 ----- ----103 103 1225 12258 123 124 12214 12312 122 122 ------------------------------------12112 122
Long Dock cons 1935 g
_
_
N Y L E & W Dock & Impt_6 1001 1001 ------------- ------------1001810018 1001810018 ---- 5 ----- ---- ---- -------- -------------------- -------- -------- 102_
Extended 1943
___
102
1 01
-1 0112 10158 10078 102 101 101
96 96 ----------------9613 9612 ---- ---- ---- ---NY Susq & W 1st ref g
5 10034 10112 100 10034 10012 1001, 97 97 -------- 98 96
General 1940 gold
5 108 108 1073 1073
Terminal 1st 1943 g
8
8
-09 99
9- "081 --------------------------------93 93 --------951 -8
5 99 99
Wilkes & East 1st gu g
91 5:118 I518 9512 - i
-.
ti-- 104
Ev & T H—Ist cons 1921 g6 109 110 ---------------- ----------------105 105 --------105 105 ------------- _
_
1 04 10512
-------- ---- -----9958 995
1st gen 1942 gold
5 ----------------9S7 987 ------------------------10112 1012 100 100 100 0
8
_ _
8
__
_
8k1
Florida East Coast—lst___4M 96 9634 9534 96
94 95 - ----------------94 95 --------92 941 881 ,..,..
2 94 --------90 90
Ft Worth & Rio Gr—lst g__.4 751 761 74 74
72 74 ------------------------------------ ---- ----- ---- --------6313 6312 ___ ____
Ga H & H of 1882
-1st 1913_5 ----- ---- 100 10018 100 100 __ _
_
_ _
_ ---- -- - -- - ---- -- _
_ _ _
__ ____
__
___ -- _
8
Gr North—C B & Q coil tr_ _ _4 053 9614 9412 9578 9312 95
95
93 - -- 9
-34 9 58 -658 -3 8 9512 9438 9512 9412 9538 9418 -58 9-3 -- 4
91
9334 -94 8 9512 9438 - -7- 93 94
945 9512 9312 942 9414 9412 9414 9412 927 9412 9358 9518 9414 9414 9458 9514 9418 943 93 4 933 935 9458
8
4 9538 98
Registered
4
8
3
8
4
1st & refund ser A 1961_4M 1001 1005 903 1001 09 1/
9734 9814 967 08
93 9812 98 983 983 99
8
981 9712 9838 9712 98
'7 99
8
4
434----- ---- ----- ---- ------------------ -- 96
Registered
_
_
4 6S18 6814 --------98 98 -------- -------- 9312 9312 -------- -------- -------- 9412 -- - ____ __. --__ ____
St P Minn & Man 1933
_
9412
-6 12114 124 12218 12412 12012 12112 --------11812 1181 11
1st cons 1933 g
1181 --------118 118 118 119 119 119
6
Registered
_
11914 11914 ---------------- -------- 118 118 11712 11712 - - - - - Reduced to
43-4 10312 10412 -------- 10214 10214 1
10314 1003, 102
2 - -- - -14
- - --1 - 953 993- 10014 10014 10058 10134 10- 10 - 101 101 101 10118 10012 10 -12
0
4 9534 96
Mont Ext 1st 1937 g
9558 96 96 961
94 9412 9312 94 - 92
9'A
9312 94
1 961 ----- --------- ---- 92 92
,
6
1 121
Cent—lst
1 121 -------- ----- ------------120 120 12818 1281,s -------------------------------- 11813 118
Montana
_
_ --12
------------------------- 108
1st guar 1937 g
Will & SF 1st 1938 g
Gulf & Ship Isld—lst 1952_5 55 lit -------- -90 - -1
,
-5 9
6 --------85 --- 8- ---0 9
0
-6 9
0
-8
5
9 -12 0- - - - ----------- 8- -Hocking Vail-1st cons g--4M 10038 10134 100 103 981 100
9712 9814 98 98
96 98
96 10014 97 98
9'734 1003 99 101
4
9- 10 -12 9
-9 - 0
-ils - - 9
9
Co1 &H V 1st ext194892 92 ---------92
Col ik Toledo 1st ext 1955_4
_ 9234 9234 9218 921
Illinois Central—lst 1951 g 4 i6ii410i3 --------100 100 __-- --- ---- ---- ---- --- ---- --- 4
--- ---- --- ---- - - ---- ---- ---- ---1st 1951 gold
33-4
Registered
33-4
Collateral trust 1952 g
4 6512 *0512 --------9414 - - -12 --------9313 - 06
.- 0113 ------------------------94 If 66 64 66 VO
.
1st refunding 1955
4 412 98
941 90 91
9514 96
937 941 91
9018 9118 8812 90
9
9 912 901 93
8812 90 8
85 - 7868
Purchased lines 1952___3M --------83 83 ----- ---- -------- --------------- 79 79 ------------- ----77 77
78 78
L N 0 & T 1953 g
4 95 9614 9478 96
93 9414 9312 9412 -------- ---------------- -94
94
94 97 _ - _ _ _ __ _ 87 8712 86/8 - - 9612
ioa 1-0-6-3- --------------------- --- _
4
10- 4 17-1
:"--
Omaha Div 1st 1951
St L Div & Terml 1951_ _3M
Springfield Div 1951
West Lines 1st 1951 g
-- -------- 1051310512 --------104 104 --------10214 102 --Chic St L & N 0 1951 g
5 -------- ---,
--- ---- --- --- --- - - - Ind Illinois 8( Iowa—lst g_ _4 -----------------92 03'7 92 92
8
_
92 92 ---------------- ----- ---- ------------ -------- ----8614 164
_
__ _
__
,
Internat & Gt Nor—lst '19 i -6 16538 16658 in(
1
- 338
10212 10234 103 fiii 03 1031s ----------------10212 10212
Iowa Central—lst 1938 g
5 9712 993 9714 08i2 94
8
07i8 9112 9718 94
89 9112 8634 - - -12
90 91
941 89 93
8812 93
4
893 893 893 91
4
4
. 8
8
4 60 6414 60 615 60 61
Refunding 1951 g
8
56 57
5212 5318 53 55
50 5114
60 601 57 59 - --------52 54
50 52
James F & Clear—lst 1959_4 93 94
93 931, 93 9
-------- 91
91 _ _
_ _ _
_ - _ 907 907 - 8
- - - - -3
Kansas C Sou-1st 1950 g _ _ _ 7114 72
7112 7112 ----------------68 70 6812 - - - 6-12 - - 12 7- - - - ----- ----69 Ili
-0 7
0
6934 -9 7
6
1
6812 18 2
Refund & Improv't 1950„5 98 99
973i 9834 9712 9114 6814 983 9718 9734 95 96 4 95113 963 963 9812 97 9812 9434 97
9414 95
,
8
4
9414 9518
,
Kans City Term—lst 1960_A 9614 9614 933 017 9314 9314 9212 9414 9238 9212 90 913 9012 9114 9212 93
4
8
92 923 92 92
4
92 93
91
4
92
Lake Erie & W—lst 1937 11_5 105 10612 __ _
_ 104 101 104 105 1111
8
8
1 1025 10218 10218 10258 1027 10212 1027 102 102
1025
5 100 10014 102 102
2d 1941 gold
- - - -34 97 983 ---------------- ---- -------- 100 100 _-_- _--- - - ---- ----1st gu_435 10414 10414 1C1414 10114 1017
,
Val(N Y)
Lehigh
0
--- - - 4
-- 8 - 8 102 - ---------------- 100 1- 013 iOi14 101 102 102 --------1003 10 -12 --------10014 10 -3
- -14
0
6
-- ---Registered
4 '1 01 9512 952 -----------------938 0612 ___
-2003 g
Lehigh Val (Pa)
7
__ 9314 933 9312 9312 9314 9314 -------- 91
4
91
_
--Lehigh Val Term-1st go g 5 ---- - _ 11018 11018 --------11114 11114 111 111 ___-_ -_-___ ____ ____ ____ ____ ____ ____
_
- 15712 1077
- .8
10234 104 101
Registered10234
......_
_ _ __ __ .......
Lehigh Val Coal-1st gu g.....5
Lehigh & New
.
Cort & Nor guar 1914_5
York—El
9978 9978
10038 1003 100 100
8
5 i.58 108 168 10
- - Long Isl—lst cons 1931 g
- i
1 i
4 94 94
General 1938 gold
----- - -------------------------86 -- 93 ___
__-- ___- _--- ---- ---- ---- ---- --- 8
.
8
6 5712 11 85/2 - 12
6
8'7 --- _-__ --- 88T2 - 8
8
. 88
43i
Ferry g 1922
_ __
_
___
____
_ 92 92 ____
_
_ --__
.
_
Unified 1949 gold
4 ---- ---- 89
8918 -----------------86 86
____ ____ ____ ____
86 86 ---- ----84 84 ____ ____ 8518 8518 85 85
5
Debenture g 1934
05
4
Guar refund 1949 gold
-9411 61. 9434 66 6if 66 66 66 90
851 891 911 911
90 - - .
6
0
5
103
N Y 8c Rock Beach 1st
5 ---- - ---------------- 104
13r gu
North Shore
5 9312 9312 03 93
La & Arkan-1st 1927
___ ____ ___ ___- --__ ____ ____ ____
8- li ----------------89 16
7
1
Louisv & Nash—Gen '30 g...6 11312 11458 112 112 112 112 11018 112 111 111
1 1111 11113
1 1115 -----1 111
--111
1 1111
115
5 11013111 111 111 111 111 -----------------Gold 1937
------------------ --------------------- 10558106 .
-__-4
1 991
Unified gold 1940
1 99
1
1 97
7 953
93
1 6i5
1 93 93 937 93 9412 9218 9318 92 92 4
8
,
4 ---------------------------------------------------93-Registered
93 --- —_- 9212 9212 __
----- ---- -- ---Collateral trust 1931 g
5
10614 10/1-14 10638 10638 ------------ -------------------- 103_
0
- 104 104
- --- --------------------------------------108E 11 &Nash 1st 1919 g
6
10.5 108
iiii 10514 10638 10514 10514 10214 10214
a -64.
--------9334-
11113
Paducah & Mem Div 1946_4
023if ____
-----------------------------------------91 __
Pensacola Div 1920
10513 10.534
St Louis Div 1st
-109 109
g___-- 66
6258
- 4 6i -0i ii12 VO
i613 i
.-iiT4 -- 3 8713 8818
8i4
Atl Knox & N 1st 1946 g
5 110 111 __-- ---- ---- ---- ---- ---- ---- ----- ---- ---- ---Henderson Bridge 1st
6
Kentucky Central 1987 g4 fii3 - 6214 91
4
911- -oil - -1 -iiii4 - - 7- -iiii 2
. 0 -0 8
6
ii- -8 . - ---- ---ii fiii
L & N & Mob & M 1st g--41i 103 10314 10:314 10314
L & N-Sou-Monon Joint_ _4 8812 90
8'73 8734 -------------------------81_ " - 4
___
___- --- ---- ---12
81 81 - -Nash Flor & Shelf 1st gu_ _5 _
_ ____
____ ____ ____ ______ ____
__ ____
__
N & Cm Bridge 1945 gu -4
10112 10111
Pensacola 8c Atlan 1st guar6 ____ ...-- ---- --So & No Alabama gu
Lou & Jeff Bdge gu g 1919_4
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Minneapolis & St Louis
1st consol 1934 gold
5 98 100 ---------94 95 _ _
_ 9212 93
_
88 93 88 88
, Ist & ref 1949 g
4 60 6278 0 62
5913 61
ii/14 - -le 59 6012 --------54 56
61
____ _-_-
_ _-_-
CiD4 7
868 1934 8811 -AtlanKoxv&818 8712 18 ----- -----863 16
4
---- ---- ---- ---- ---- ---- ---- ---- ---- ---105 105 105 105
---- -----881 881- -87 873 873
87
_ 9912 9912 --__
8312 8312 8213 83
10018 10018 --------10414 10414 10314 163 ---- ---- 14
97'2 972
- 5
— .... - _ _ - _ _ _ _ 16iO4 1018 108 108 8
- 5
107 107
---- ---- ---- ---- ---- ---- ---- ---- 8314 13
14
88
55
8812 90
54
59
90
9314 9014 8312 90
50 51
5612 51 55
88
50
8812
50
[VOL. xcvm.
THE CHRONICLE
124
1913—Continued.
BONDS
June
July
August September
October
November Decemberl
May
January I February
March
April
Low High Low High Low High Lou, High Low High Low High Low High Low High Low High Low High Low High Low High.
92 93
89 9111
M St P & S S M—Cons'38 g....4 9518 9518 96 97
9414 9614 917s 92 --------91 91 __— ___ _--- ---_ 9113 9112 9112 92
96 96 ---- --MSSM& Atl—lst 1926
4
1
Missouri Kansas & Texas—
8912 9012 903 9034 00 9112 8612 90
8
4
8812 89
8634 883
90 9212 893 91
4 94 9514 9234 9418 00 9212 8912 92
8
Ist 1990 gold
7412 7514 7612 767 7612 7712 7212 -7-'7
8
71
723 7312 7414
4
4 80 813 7812 8012 7813 7934 79 7934 77 7812 74 76
4
2d 1990 gold
9712 9712 9812 9934 _ __
__ 9512 9512 9512 9512
98 9814 08 98
98 00
4
9913 9912 973 99
1st extension 1944 gold
5 98 99 98 99
7134 69 71
6812 7018 71
68 69
72 733 6714 70 6714 70
4
673 68
4
4
76 7712 7412 7712 75 75
1st & refunding 2004
8014 8314 83 8312 8318 8318 823 823 8114 82 2
7912 81
4
4
8414 8334 8434 80 83
s
,
8
s
General sink fund 1936-434 86 4 87 84 8612 847 847 837
,
47713
7814
St Louis Div 1st ref
--- - 99 4
_
_
5 ---------------- --------102 102 - ------------------------------------------------100 160 6934 -- -3Dallas & Waco 1st 1940
82----------------------------------------- 824 8214 - i 2 fiifs
Kan City & Pac 1st 1990 g 4 ---------8 7 - ; --------82 82 82
-- --8
023 1023 0212 10312 10:4 1034 10212 10212 103 103
s
5 107 108 106 1063 1031 1031 103 1041 --------10214 1021 101 101
Mo K 8c E 1st gu 1942 g
98 98
9912 99 ---- ---- - - 2 .
5 104 10112 -------- ---- ---- 103 103 - ------------- ---- --------98 98
_
__
_
,
Mo K &0 1st gu 1942
97 97 9712 99
-98
7
99 99 - --------98 - M K & T of Texas Ist gu g.. _ 5 10012 1011 9912 1001 1001 1001 991 1001 9712 9712 9712 98 9 14 98
---------------------- ---9612
5
Texas & Okla 1st gu g
_
_ ____
_ ____
___
_
_
-- - 1210112
- - -58 - 0- -- - -- --- --- - -3
-- - Missouri Pac 1st con 1920 g_6 106 10612 105 10578 104 10518 105 10512 1043 10512 103 105 --- 10412 104 104 103 03 1-338 104 103 10312 102 10103 --4 --_-- --9514 9514 95 9514
96 98
rust 1917 gold stamped__ _5 99 9978 9912 100
4
T
9814 9912 9812 99
9512 9014 953 9534 96 97
97 99
9512 97
9412 95
9212 9314 9212 94
90 00
-5 9734 9038 9838 0938 97 9834 9712 983 --------93 93
91 9212 93 96
1st collateral 1920 gold
4
6612 6718 6434 657 62 643
8
4
4 70 703i 70 7018 6912 70
40-year gold loan 1945
6712 69
65 6612 64 6812 68 6812 6713 68
89 70
773 7812 67 757
8
.3
4
8
8012 813 78 81
5 8634 88
86 8712 8514 8612 84 8612 833 8412 Ws 8314 7778 807 797 83
8
1st 8c ref cony 1959
8
8912
89 - .
-. i
9
6 t39 ".
.
Cent Brch Ry 1st 1919 g
4 --------913 9134 oi. --1 ____ ____ 65 Vo ----------------92 4
ii oi. If sio -9,
_ 76 76 ----------------72 77 2
4 ____
__ ____
__ ____
_ ____
_ __— ---- ---- ---- - - - - -- _
Cen Brch U P 1st I948
9318
90
0
-- 9
93
Pac of Mo 1st ext 1938 g
4 9212 -93 93 - 93 9258 -- - 9212 - - -18 ----------------90 - - 9014 - --14 ----------------8812 8812 ---- ---2d extended 1938
5 _103103
St Louis Iron Mtn &So—
Gen cons ry&I gr 1931 g 5 10412 106 10514 10534 103 10434 10234 10312 10178 103 100 102 10012 1027 1017 10358 102 10212 10134 103 10112 103 1003 10214
8
8
4
Unifying & ref 1929 g___ A 8134 825 8112 8258 81
8
8112 79 82
80311 8112 78 80
7812 795 79 793 79 8158 7812 7912 75 78
8
4
7414 7512
81 8134 8114 83
7612' 773
Riv 8c Gulf Div 1933 g__A 83 8312 83 8313 8214 8314 82 8314 81
81) 8214 '78 78
81.3 '7'712 7938 79 82
4
8
5 96 96
Verdigris V I & W 1st
4 1 - -- 14
-1i iii 11 ki ___ ___ ______ ____ _--- ---- ---- - iii-a 112 ____ ____ iiii2 1 l
-18
Mobile & Ohio—New 1927 g6 116523 1163 - 17 11i iii 1 --14 —__ --_
_ _ _
__ _
_ ____
__
_
_ _ _
__
6 11234 11234 _ __
Ist extension 1927 gold
83 82 12 613 if% ---- ----7938 81
-4 853 857 6434 15
83
4
8
0 6312 -- -12 83 -8414 14
-1 ii 12 --------80 - General 1938 gold
.
14
_
Montgomery Div 1st '47 IL...5 ----- ---- 10812 10813 108 109 - ------------ ----10712 107 2 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- - ,
5
St Louis Div 1927
4
St L 8c Cairo gu 1931
8
-- 5_
-- ----- - -- ---4 - 4
6
8 - 18
Nash Chatt & St L—Ist'I37 101 101 10012 1007- 10633 160 8 1061- 19 1- 1661- 166 iiio foo _ _
- -14
5 10712 10814 10712 10812 107 107 10612 1063 1057 106 105 1053 165 10512 106 106 1.6514 16114 --------10112 165 105 165
4
1st consol 1928 gold
8
4
6 III 111
Jasper Branch 1st
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---McM M W & A 1st
National Rys of Mexico—
Prior lien 1957
8412 8412 8212 84 ------------------------65 6614 62 65 --------6512 6512 52 52
434 87 8812 85 t37
4 7614 78
Guar general 1977
7634 77
National of Mexico—
Prior lien 1926 gold
4
--- ---- ---- ---- ---- ----- - ----------------55 51 _ 7a
- ___
_
' Ist con 1951 gold -- -------4_ 7612 7612 ---- -- - -------- ---------75_
4212 50 44 1638
61 1314 4534 48
8
4
65 8618 78 10 '7
473 495 483 50
4
N 0 Mobile & Chic-1st '60...5 86 87
/9
-14 60 623 45 56
8
NO & N E—prior lien 1915_6
_
_ ___—_-- ---- -___ ____ ____ ____ __ ____ ____ __ ____ ___—___ 10118 10118 __ ____ ____ ____:
4 87 8712 86'a 861
N 0 Terminal 1st 1953
N Y Cent & Hudson River—
801 821 80 82
8112 84
8312 85
821 8012 85
Gold mortgage 1997
334 86 8714 8414 8612 84 85
8212 847 81
8312 861 84 85
-Registered
_
3A 8418 8634 8414 843 82 833 82 83 - --------83 83 - -------- 82 82 --------80 82 --------7913 7912
4
4
83 8612
0018 9014 87 90
4 9012 9112 89 91
8918 91
Debenture 1934 gold
88 90 8812 91
4
8'712 893 i3712 89 2 8712 8914 8'73 90
4
,
_ _
_ ____ __-- ---- ---- ---- - --_ __
_ _ _ __ _
_
30-year debenture 1942_ _4 9112 9112 ---__ __ _
- _
4
773 7914 7612 78
8
7714 -82
Lake Shore coil g 1998_3A 7818 79
-14 81
79
81 80- - -1-13 7912 82
7
814 763 --1-14 ii5 - 12 603 13 78 - - 7.12 - - -14 79 4 8
4
7512 77
79 79
8
Registered
334 77 77
7634 763 76 7913 '7958 8018 80 8012 7812 7912 7712 7818 7712 SO
795 8014 7912 81
4
3A 78114 7812 7612 7634 75 7712
Mich Cent coil g 1998
7612 80 '7'7 7912 '7614 77 ____ ____ 7612 7612 '75 79 --------71 73
334
4) Registered
Mohawk & Malone 1st gu.4 9338 OS3a
---5 1051 1061 1. ii --------------------------------------------------------102 102 -- - - -- - - -- -- ---N Y & North 1st 1928 g
- ---- ---- - -------------------------------------- -92
-___ 92 92
4
N Y & Putnam gu
_
----- ---- ---103 102 1027 ----------------10312 105 ___8
Rome W & oga 1st cons_5 106 10614 ___ ____ 1C14 104 -------- -------- -103_
__ ___ ____
931 1812 9878 987
8
981 981 9712 971
5
Oswego & Rome 2d
0& L C 1st guar
95
4
Utica & B Riv gu
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---_ 9513 9512 ----------------95 -86 8714 85 8614
88 875 88
8
L S 8cM S gold 1997
334 8734 88 8738 8812 851 873
8
8512 8612 6 877 86 8612 8518 87 87
4
Registered
334 8734 88
8634 863 ---- ---- -----_ -8412 8412 ------------------------------------------------8312 833
4
_
-113 9312 114 0214 0 9112 8812 0012
9212 9014 9138 9034 9112 905 91
Debenture 1928 gold____4 9214 9234 1)1
901 93
4
901 911 9 , 91
4
Registered
9034 907 9078 007 ----- --------- ---- 90_
8
00 ----- ----92 92
3
9
0 8- - -13
8 89
-38 13612 - oois 91
25-year 1931 gold
4 92 9212 9034 025 901 911 897p. 9112 8 38 903 8914 9034 00 91
903 02
9013 92
9
8
Mich Cent 1st 1952 gold -334 86 8612 86 86 - ----- ---- 86 86
_
- 8211 8214 ----- ------------80 82
83 83
__ -6112 ii
4 8814 883 873 89
20-yr debenture 1929
4
4
873.4 873 88 88 -------- - 853 - -4 -- -12 8512 8512 ----------------8412 85
85
4
87 8
4
8
4
NY Chic & St L 1st 1937 g_4 9812 9912 98 99
9312 943 9112 9134 0412 9712 96 9712 95 963 943 9614
512 943 95
4
4
983 9812 94 9'712 94
8
Registered
4 9713 0712
- 4 85 4
25-year deben 1931____335 883 89 66 --- i3. .3 4
- , iii2 $1 2
85
-7
8 12 4.1 Sias 8
8
. 81 ii -- -12 --------87 8 - ------------------------853 -- -3
West Shore 1st 2361 gu
4 98 9918 9734 0814 963 98, 9514 9634 9312 9112 93 9434 93 9134 95 9558 9412 9512 9334 05 00 9334 9038 913
8
4
4
4 96 9712 951 963 95 9512 93 9512 9213 93 90 92
89 9078 00 91
Registered
4
02 933 0118 92
4
91 9212 0112 92
4
4
Equip trust 1912 D
4
4
4
434 ---------------------------------993 100 0934 9934 9934 9934 ____ ___ ___ ____ 993 993 993 993 - Equip Trust 1915 E
434
N Y C Lines equip 1916..___
NYC Lines equip 1919
N Y New Haven 8c Hartford—
19477777
Non-cony deben
---- -- -- ---- ---- ---- ---Non-cony deben 1955
' -'-1 iiii4 -ii
1 8
9
84
86 86
------- 8814
Non-cony deben 1956
-87 87
-- - Non-cony deben 1954 __334 ------------- ---- 82 - _ '- 8
i ___
__
__
_ .. 8612 86is 81 833 78 - -3 73
4
Convertible deben 1956_3A 86 87
8214 7618 -3 75
7618 75 ii 7- ---14 7- -6 12412 126 1217 12 , 11
Convertible deben 1948
122 1193 121 119 120 11714 1191 107 118 109 11238
4 '
4
6 12334 124 ---- ---- --- -120_
Registered
__
_
120 - --------117 117 - --------11014 1103
4
_
20-year convertible deben_6 _
_
— --- ---- -- ---- --- -- ---- 10618 1063
0014 0014 ---------0014
Cent NE 1st 1961 gu
T
76
-iii
0 69 69
6-12 - -9 7
- 693 73 66 - - -34 il' - .12
4
_ _
6
9
a 00
-13
107 1 - -12 10714 11413 10613 1087 1023 1083
8
4
8
11034 11014 10814 10814 s
106 1073 10318 1073 10178 1037 16-78 162 8
8 -- -1 - -5
8
N Y Prov & Bost gen 1942 4 ------------- ---------------- ---------------- --------88 18
8112 8812 6234 14
8534 88
75 123 ii
0538 oo 8
if iliig -- -14 8512 88
NY W'ches & Bos 1.st_4A 9738 9814 97 - - -14 9434 - -14 91 97
99
98
4 8l7 8214 83
s
Providence Secur 1957
88 -8514 8714 88
8
0 8- 1 -8
i 8
-i
. 87
--i - - - 86 4 9212 9212 9113 9212 8
-8 8 7 -8 961
9
N Y Ont & W—ref 1st g
i - -1
9 - 8- -- - - 8- ---- 852
8
8
96 96 ---- --95
_
8
Norfolk Southern—ref 1961-5 981 987 9 3 9 1 983 9S7 9918 98 - -------- --------9612.9612 -------- -95 06
s
Nonf & South 1st 1941
5 -------------------100
-- 41163
-18
Norfolk & West—Gen 1931_6 11912 120 11958 11958 110 11958 Ili 1 -- ------------------------------------------------1163 --- 4 ----
- -12
79
- - -7
8 8
599 2
,
----
-- 4
-.6 __
New River 1st 1932 gold__„6 --------12034 12 3
___.
ii6i3 ffil2
_- 58
94
4 9634 99 9613 99 64 1612 923 ---- 9212 9 8 88 923 92 9314 63 14 93 14 9234 - -14 9234 933 92 03
4
4
N & W Ry 1st eons 1906
--37
4 953
4
s
8
8
4
8
4 92 923 013 0212 9012 9238 9112 9112 893 893 8812 89 88 89 883 8912 887 895 887 8878 8838 887 8718 893
Divisional 1st lien
4
4
4
4
4
4 111 11278 105 10978 10412 105 2 - -- - - - - --- - -- --- - 10-25-year cony 1932
,
- -- 7-- - - -12 7- -- --- -104is 1073 10312 10513 69 101 102 1043- 105 1055 10414104 103 103 1-214 10 - - - --- 10313
- -8 - - - 0- -3 103 -4 11112 11112 10912 10912
10-20-year cony 1932
- - -- 4 - - -- 8 4
4
104 107 1612 1647 10312 106 10314 1043 98 1033 10212 10434 104 1053 1043 107 10214 105 10213 10314 10112 10412
- 8
Convertible 1938
4
434
4
92
9012 9134 8712 8913 88 8912 88 88
2
Pecohontas C 6,c joln4_4 9114 8712 8814 881s 887
s
83 8613 8412 8518 --------8614 88 873 88
4
5 10534 1053
Col Con & T 1st 1922
-0 9
0
—. 00 9- -4 94 9533 66 6g
8-12 -. ----------------8413 - - -12 ----------------8912 -9 8 -13
-. 84
Scioto V & N E 1st gu g
9
9134 9518 927 943 9134 9278
4
8
s
97
2
North Pee prior lien 1997g...A 98 985 971s 9814 95 - -14 937 951 931 94 92 1378 90 9438 9378 9412 9412 95
_ 9412 9412 - _ __—
8
95 95 - ---- ----9338 933 9112 9112 _ - - - -- 4
4 9738 973 9714 9712 .___
Registered
- 6
-- 67
8
6
6
-6
6
8
6312 6514 65 - -14 6612 -- -58 6513 6812 65 -- -18 64 -67 66 675 66 6612 6312 66
3 6734 681 6612 697 66 General Ilen 2047 gold
3 68 68
Registered
_ ____ _-_- ____ ___ ____ ___ ____ ___ __
_ __ ___
--------9212
1 9
4 214 921-------------------------6591 ___ ___ ___
St Paul-Dui Div g 1996
-__-- -------- ---------------- -------- ------------ ..-----------10012_ 10012 10012 10012 Duluth S Line gu
8
_______ 10812 10812 1095 10034 10934 16634 110 110 11014 11014
_ 113 113 113 113 __
St P & No Pac gen gold__ 6
.10038 1003 - - 5 10218 17023g -------------------- ----101 fcif 101 10113 ____ ____ ____ __ -._ - __ _
- 2
St P & Dui-2d 1917
s
-- _ 8- 78 - -7 8-, - ,
-3 83 8 1 2 81 2
4
____ __ ____ _.— —__ __—___ _ ..
Wash Cent 1st g
__ ____ ____ ____ ____
__
_—
6 11034 11034 11138 11138 --------1107 1107 ----------------------------------------111 --Nor Pac Term-1st gold
8
8 ------- -_- - - -- - 87
87 8914 0 9034 ---- ---- -86 888 66 3
0regon-Wash-1st &ref 1961-4 90 9114 90 9012 9
0 90 4 90 9014 89 89
3
- 8714 88
5 1003$ 10114 10038 10112 99 9912 99 10012 9912 9911 09 - 5 93 9938 99 99 100 10J
-1st g
63 10038 99 9938 95 98
4
Pacific Coast Co
00$
..
125
THE CHRONICLE
JAN. 10 1914.)
1913—Continued.
BONDS
August 1 September' October 1 November December
July
June
May
April
March
February
January
High Low High LowHigh Low High
Low High Low High Low High Low High Low High Low High Low High Low High -Low
Pennsylvania RR
97 08
96
96
9912 10012 10012 10012
101 101
10114 10111
1st real estate 1923 golcl____4 10114 10114 ---99 99
09 99
9918 9912 093 993
4
4
10013 10012
4
Consol 1943 gold
9713 9712
8
9634 973 97 9712 97 9712
8
8
0638 967 967 9718 96 9718 9578 9638 9614 97
10-year cony 1915 gold ___3;i 0634 9712 967 9712 9658 97
97 97
9618 9618 ---- 9613 0612
97 97
Registered
8
997 99 9934 9938 9934 9912 9978 993 10014 9911 10012 98 093 9812 9914
4
8
4
4 10112 10212 101 10233 100 1013 99 1007 98'ig
Cons 1948 gold
_- 9914 9914
4
Registered
9578 9578 95 95
96 96
9914 9914
4
Alleg Vail gu 1942 g
99l
9918 9918 99
4 100 100
Phila Bait & Wash 1st g
1 - .
0158 101 16158 16- 13 162 10014161 100 10058,
- -5-2
1 2
4% 104 104 10238 1031- 102. 163 - 10214 102 8 10212 16234 102513103 [0112 102 10112 1
Pennsyl Co—gu 1st g
____ ____ ____ 101 101 10018 100313
_
_
_
1023 1023
4
4
10234
---454 10214
Registered
_ 8334 8334 __
_ 8412 8412
87 87
354 ---- -- ____
Cu coil ctfs A 1937
8312 8312
334
Registered
4 83 4
8334 8334 833 - - -3- -- -- - -- --- -8538 8538
8614 84 4
.1
33-4 8512 8512 85% 86- 853 85s Gu coil ctfs B 1941
712 6712
8
97 97 . _ ____ ____ 9718 0713 9734 977 0.- ---334
Tr ctfs guar 1916
84-388438
_
8538 8538
---- -36
---Gu tr ctfs C 1942
_ ____ ____ ____ ____ i3"113 85
_
8214 8214
33-6
Cu tr ctfs to 1944
9213 9212
96 96% 9412 95% 95 9512 94 9512
96
4 06
15-25-yr guar g 1931
-----9212 9212
4
Cin Leh & N 1942 gu
8
_ ____ 101 1013
__ ____ _
E02 102
Cleve & Pitts gu A 19424%
8418 8413
- --_- ___- ---- -----354
Series I) 1959
8
8
8612 8612 --__ __-- 867 867 ---- ---- ---- ----,
3%
Erie 8c Pitts gu 11 1940
8
8
----I 053 953
--- --10112 10112 ____
Cr Rap& Ind 1st gu
96 90
96
96
96 96
4
Ohio Connecting gu
V & 0 gu C 1942_ _ _4
- ----- - - - 4
10012 10114 10034 1003 -------- '
312
PC C & St I. gu A 1942__ _4% 10312 16- - 2 10:312 1031- 101 101
2
_ _ _ 10034 10034 10014 1 12, 99 9919934 103 _ _ _ _
10112 10112 ____
101 101
43-6
Series 13 guar 1912
94'2 94i2
9212 9212
I) guar 1945
434
Series
---334
00 9ciSeries E guar 1949
__---4 9514 9514
Series F guar 1953
.___
4 971, 9712
,
Series G guar 1957
_
104 108"
5
St L & Pitts 1932
Chic
_
6
100 106
Peoria & Pekin Un—lst
Marquette—
Pere
4 54 54
Refunding 1955
40 40
:3478 5478
51
51
4
Refunding 1955 guar
10112 10012 10012
1001210012
6
Flint 8c P M11 1920 g
87 89
5 95 9512 96 06
1st consol 1939 g
89 89
9012 9912 9012 9012 92 92
92 93
9612 0613
5
Port Huron Div 1st g
75 75
83 8314
4
Philippine Ry—lst s f
108 108
5
Pitts Shenan 8c L Erie Ist
8
;8
' 9 .
1
63 1
9134 9412 9418 05
9438 9514 -6112 9512 93z - -1- -93- - -7-3 903 9312
4
4 9634 9712 96 97% .0538 -663 9412 0634 94i8 15
Reading—Gen 1997 gold
---- -4 96 9614 9612 9612 9513 9512 9534 9534 --_- -- _--- -- 92 92
Registered
4
94 943- 9234 Vi- 9112 93 '
9512 9112 94
93 94 ---------94 9138
9478
963.1
06
Jersey Cent coil 1951 gold4 9614 9614 95 96
_
___
4 9612 9612
Registered
7514 7514
80 80
80 80
81 81
f33
4 04 94
St Jos & Cr Isl—lst g
8
_
103
5 34 167 167 10 -18 103 10312 10814 10812
"
"
155 fOi .- . .
1931 g6 11414 11414
St L & San Fr Ry gen
8
993 99 9978 99 100%
oi
9718 ----- -0812 0912 09
102 102
93 93
-2
4
10434 1013 1021 1614 10212 10212
General 1931 gold
73
75
7212 7212 ------------- ----73 73
4
RR—Cons 1996 g
5412
54 52
52
5913 5134 55
51
8
5
5 8138 8214 79 813 7834 793 773 7912 '112 7714 5112 5812 5013 5312 523 5912
4
8
Gen 15-20-yr 1927
54 59
54
5312 57'2 52 55
5134 5534 51
54
52
____
receipts
Trust
93 93
91
94 94
95
5 100- 100
91
_ 95
_
Southwest Div g
g
4
71
3 7018 7118 693i 703 64 7 34 6912 717
6
"
8
6713 70
6612 "6" .--"-- 70
4
Refunding 1951 gold_4 743 7634 "7412 7614 74 i6- 7213 7512 65 73
M eons 1928 g_ _ _6 11134 11314 11153 113 11112 11158 110 110 10813 10812 105 105 Loo 1ost2 107 10812 103 10812 10814 110 10758 10838 10734 10812
K C Ft S
70 7214
4 7612 78
4
7014 7112 71% 7318 703 7212 69 70
7534 7734 7378 76
73 7412 65 73
8
Refunding 1936 gold
6614 697 70 72
5 9918 10018 99%10018 9953 9934 9914 9912 9914 9912
Ozark & C C1st gu
8;13;
8513 86
8534 8618 Holz 8'714 85 8614 8312 8412 8314 4
88 8978 8613 89
861? 88
853 8712 8112 86
St Louis Southwest—lst g__ A 89% 90
78
79 79 __
78
4 80 80
78 78
ctfs gold
7934 7812 80
78 7912 79 79
79
2,1 Inc bond
7712 7714 7834 7812 7912 7712 7812 75 - - 763 73 4 76
77'2 7-112 7534
4 80 81
8
,
7958 8053 79 80
7834 7012 7814 79
Consol 1932 gold
76
70 81
7914 82
75 7812 75
80% 8234 813 83
4
7912 81
San Ant & Aran P—Ist gu g_4 8514 853 8334 8514 83 8318 82 8318 8112 81
4
8383
Seaboard Air Line-1950 g4 85 85
851? 8512
-8112 83
3
8
8273 81
5
' 81
8214 - .
4 85
3 8
8: 18 - .. 833 82 8212 79% 8218 7912 "
-8333 8358 -132T2 85
4 8514 86
Do do stamped
8453 86
8
4
753 7358 7512 7212 743 7112 7414 7212 75
4
72
6513 72% 7034 743 72
71
8
5 7434 7714 70 7412 705 7234 71% 74
Adjustment 1949
7414
74
7612 7212 7212 7414 75
74
7612 76
4
,
7714 7712 75 753 73 75 4 73 77% 76 76
4 78 79
7712 78
Refunding 1959
8212 83
8214 8214 82 8214
8414 8414
4 87 87
88 88
---Atl-Birming 1st 1933 g
65 66" --_- ---- ---: ---- --.--. -_-_-_- ---- ---: -_-_-- ---" " "
8
8
8
Carolina Cent 1st 1949 g
4 913 017 917 917 9173 917 ___
4
—
Fla C & Penin—Ist 1918 g 5 10314 10314
10113 10112
15134 10134
5
Consol 1943 g
02102
101 10112
5 105 105 105 105
Ca & Ala 1st cons 1945
10l7 1017i 102 102
___
4
10318 10313 1023 10:3
5
Ca Car & No 1st gu g
10112 10112
Seab & Roanoke 1st 1926_5 ......_
02
4 8812 - -1- -.i3 1-2 /6 8. 3 - 8 00 033 8058 - -38 8312 9158
. 89 2 .
91- 80- 9214 89 92
8
877 90
12 8 4 60-7
95- 08 76 So PacCo—Ct Pac coil '49 g 4 9212 06
- 8012 9212 90 90
8612
- - _
8612
- - -4
95 9512
Registered
89
8534 18
-14 ii - 14 8- 8 - -58 85 8714 8412 8512 84 8614
8
903
4 0214 9312 887 035 887 9018 8713 - 8 87 877 81 87
67 87
8
8
3
Convertible 1929
89% 92
92 95
90 9113 9113 92
4
4 943 9612 9434 96
9238 9312 903 9318 90 91
921. 9458 9014 9414 9034 92
4
Cen Pac 1st ref gu g
8
89 89
8
907 907 9078 007 ___ ___- 00 0012 89% 897
88 88
88 88
354 9012 9012 0014 91
Mtge guar gold
85 85
88 88
__-- 83 83
9112 9112
Through St L 1st gu g4
4 8934
893
_ 1013 1013 jai 164
- -110i.T3 161 8 101 101
____
4
4
"
Gil & S A—M8xP Div 1st g_5
5
Hous E & W T 1st 1933
-7f61 8
--------103
5
1st guar 1933
--- ---: ::-: --:: 108 1(g
It 108 108
5
Hous & Tex C—Ist I937
-3 93
93- 93
t 61 __-_.. :-__ 0212 9212 -9-- - - - 93 93
4
0." 93 93
Gen 1921 g
---5 106 10638
- ___ __-- --- ---- --_- --- --_- ---- -- __ ____
_-Austin 8c N W 1st 1941
4
7
110 1 - "
10 110 ------------ ___. 108 108 ___ ____ 10634 1063
-16
---hlorgan's La &T 1st
6 107 107
---10514 165.14 0514 l054
.
, 1st 1920
16:1 102
5
18 - -1
101. 10 - -__ ___- ____ ---- _-_- ---- ------ ---- ---- --Ore & Cal 1st 1927 gu
101
---10112 161
.
1
5
; ___10112 12
So Pac of Cal 1st 1937
---- --- -8
8714 8714 87 87'4 - - 8638 88
8853 885 ------- -San Fran Terml 1st 1950_„4 8914 90
"
8
4 6 11 9" 883 8912
4
66.- 87 8912 8- 12 19
91
918 893 913 .. . " 1
4
-34 8934 92
1g83
4 9234 9334 9213 9413 9012 9313 8812 92
Sou Pac RR 1st ref 1955
3
8
8
5 10614 107% 105 1067 10414 10512 10-1 105 10312 1008 101 1035 0114 1025 loot lot 10314 10114 1027 101 10213 1038 02 10318
8
Southern-1st 1994 gold
5 1043 1043
--;4
Registered
4
---- -or
iiis -ii- 74 iY1-i 134 77% 7812 7714 7813 77 78
751 t 77% "i5T4 /63g 7212 751, 'ii- /4:- 1"3 153 1g -iij- -id- -73 4 ;
Ser A
Develop & gen
8112 8212 8213 8:312 8112 82 81 8112 8014 8112 793i 8012
7812 SO
84 8513 83% 8314
Mobile & Ohio coil tr g__ 4 8534 8612 8434 86
--- -107 107
Memphis Div 1st g____43-4-5
---8
2
s
4 88 8812 81134 8714 84 84 ---- ---- . 31. 8-11- - - ---- ioi. 16" 1 V.,"' 0I 10113 1( 3 12; 18 1134 "-ii4 -- -3- 835 835
8 4
8
Is
4 3
3
4 114
.0 2 8
; 18
8 4
St Louis Div 1st gold
____
Atlan & Danv 1st 1948 g4 8612 8714
--- ---- ---- ---- ---- ------_
0112 10112
----- ---- ---- ---- ---- ---- --Col & Greenville 1st 191 6_6
5
104 104 103 103
106" 166
E T Va Ga div 1930
5 10914 109% 10918 10912 108 16;4 .814 168; 10814 109 106 106
"
32
"6:5 1651-3
-3..
Cons 1st 1956 gold
--------------1053810538 10-138 101 8 iiiiiii
3
6113 6113
63 6416
Ca Midland 1st 1946
106
..
-- _ _
1922 g6109%110 1097 166i 110 110
-- 1061.1 10614
Georgia Pac 1st
6
112 112 11112 11112
109 - - -108 103 10712 166"
106--- 109 10813 10312 10812 10834
Knoxv & Oh 1st 1925
4
79
79
79
79
___--- - -- -- -- --- - -- -- -- - - ---- ---- ---- ---- ---Mob & Birm 19-15 g
_
102 10212
- 310134 16134
10014 10014 ---- ---- 0012 1664
Rich & Danv cons gold6
( 1-5 10312 1 6 2
06
16 8
O12 1 0:2 01 101
6
4,
1
/ vil; i ______ ____ .. ____ ...... ________ i65_ 1_ 6- 10
Deben 1927 stamped
---5
jai 101
"
8
997 100
8
_
65 6
" " - 6" 985 985s 68
Sou Caro & Ga 1st g
5 1043 104%
02 102
4
Va Slid ser E 1926
iol 105 _
5
"
Va Mid ser F 1931
---1
:
"
)
( 2,-4 10214
5 10814 1084
Va Mid gen 1936
"
1.
:12 108%10858 i6:4 fOi" 107
.?;2
0212 10213
"
io: 168" 15-. . 102712
Va &S W 1st 2003 guar
8
5 9514 957 9518 9558 9.1
" if '
2 91i8
93
92 Vi""51
" 911- " . Iii""oO "
Va & S W 1st cons 1958
9211 9212 9014 9212 Si
8912 90
95
92 94
4
92 92
_
Wash 0& W gu 1924
6
IOC lot
100 100
West No Caro 1914 g
5938 9938- 100 100
-68
55 66 oi ' ' 9814 19
-14
Terml Assn St Louis—lst 434 1031210312 104 101
-14
19414 101 10118 10418 10413 10418 _
1st cons 1894-1944
4
8814 8814
Gen ref s f 1953 g
5 1061* 10714 1053. 1663.; 10312 166 2 108 10134 iOois 161171 100- 1011- 00.4 10112 10i C2 16i3 i53 1633 1O7 11% 8 ST0 10?
- 4
4
4
3313
- N
f6f371
99 10012
1Texas & Pacific-1st g
102 102 10318 1031810312 10312.._ __ 1 033 1033
4
10512 10914 10512 10512
4
Toledo & Ohio Cent—lst g 5
5
101 101
Western Div 1st 1935
5
_
- "
"
10312 10312
---- -- 105 166" 105 166"
General 1935 gold
4
9112 9112 --_- -ii 8512 85 2
- - 85 85 --------8314 "
,
Kan & Mich gu gold
5 9812 983 9812 99
,9
"
9-1 94
91 04
7
9-1 0614
911- " il; 9:64 96 2 9514 99
9511 9
" 97 8 971 93
1 7 -3
4
9712 9812 "oi
2d 20-year 1927
85 85
80 85
88 90
4 9112 9112 90 008 90 00
8518 8518 81 81
Tol Peoria & West—lst g
80 8112
.— _To! St L 8c W—Prior
i.i
GC)
.- Eli- -5- 2 - 12 551 1 5814
53 "
66" -, " " —.3 1-1 65
4712 55 ‘W 51
50 53
5211 55
-5
4 56 5712 55 5612 -5
50-year 1950 gold
--- ---- ---- ---- ---- ---- ---- ---- --__ --__ 53 53
Registered
8412 8413 8414 8414 81 84
89 89
Toronto Ilam & Buff 1st_„4 89 89 ---------88 89
45
---------------
13
--------------101
-----------------
_-_-
_-__
iiii --- - - _ - - - - - -- - - - - -- - - -- - --- ---- -- - _- _ _
1(
126
THE CHRONICLE
[VoL. xcvm.
1913—Continued.
BONDS
June
May
January February
Apri
August September
July
March
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Ulster & Del—lst con g
5 103 10412 10312 10312 103 103181027 103 --------------------------------100 100 101 101 10118 10118 101 101
8
Union Pac—RR & I g 1947_ 4 983 993 985 0914 9518 983 9514 9714 953 9634 95 9634 9514 96
9514 07
4
4
4
8
' 981 9412 0818 9418 9538 94 96
Registered
4 9812 9812 9812 9812 ------------------------------------ 0434 943 ---- -- 01112 961. _ _
_
_ _ _
4
20-yr cony 1927
6
0
4 95 97 9238 9634 91
95 9 58 9438 9012 92 8 38 9114 8834 9212 01 9212 917 8 94
90 025; 9
-0 - - -12 9014 -- 00
-93
1st & refunding 2008
8
4 95 9512 93 9514 9134 9312 91 9312 9012 915 887 9114 9112 923 92 93 92 9312 91 0312 9012 92 89 01
8
8
Oregon RR & Nay con g4 9318 9334 9314 94
91 02
91 91
91 9312 91 02 9112 9214 91 91
9218 93
92 92
86 0114 91 91
Oregon Sh Line 1st g
6 11118 11218 111 11114 109 11112 1091.1 11034 10914 11018 10912 10912 10812 109% 109 109 1085 109 10912 1093 10912 10912 10918 10912
8
4
1st cons 1946 gold
8
5 1083 109 10634 10758 105 107 10112 10512 10412 10512 10312 10514 1033 105 10514 1053 10612 10612 10618 10612 10534 10614 1055 10612
4
4
8
Guar ref 1929 gold
8
4 91
9318 8918 913 88 893 89 00 887 9014 8612 8912 8612 90 8812 91
4
893 9134 8912 913 8912 9218 8812 00
4
4
Vandalia—Cons 1955
494 94 ---------03
Consol ser B 1957
4
Virginian—Ist 1962 ser A.. 5 --------9834 9884 9814 983 9714 -.
4 .
9312 9712 98 9713 9758
9834 97l2
7ll 98
Wabash—Ist 1939 gold
5 10512 10612 1047 1053 103 1017 10314 104 10118 10334 101 103 1013 1023 10134 10314 103 104 1031(104 1015810212 10138102
8
4
4
4
2d 1939 gold
5 983 991 98 991 95 971 9512 9614 9514 96
9412 90
9412 953 9518 963 90 98
9412 9712 9312 9512 9212 9514
4
4
1st lien equip 1921 gold
5 ----- ---- -------- -------- 0812 9812 99 99
_
_
_
_-- ---- ---Ist 50-year terminal 1954_4 ----------------80 80 -------------------------------------------------------- i5
65 -- 1st & refund 1956 goId _ _ _ 4 5
9 6478 5612
58 5414 62
5618 .61
551 5812 4612 54
4812 5012 48 4934 4814 52
49 5212 .5 12 5512 51 54
Cent Tr ctfs of deposit _ ____ -___ ___—___ 51
5212 621 54 ----- ----50 50
4912 5112 ------------------------46 4858
4812 49
do
stamped ---------------------51 51 ----- ----48 5018 ----------------4713 48 - - - - -- --- Equit Tr ctfs of dep stp'd_ 56 613 5512 583 531 59
4
4
52 5712 50 54 45 46
- - -12 4312 -- - 4-.14 ii
.47
4(i
5
4912 53
4512 48
Dot & Chic Ext 1941 g _ _5 107 107 107 107 ----- ------------1021210212 ____ ___ 1021210212 --------104 104 105 105 1013 106 --_- ____
Omaha Dlv 1941 gold
3jTol & Chic Div 1st g____335 8- - -0 8
6 8
8
0
-5 - - - ____
__ .80 80
-8
0 _ _
._ -___ ____ ___ ____ ____ ____ ____ ____ ..
-- --1 18
7Nab-Pitts Term—lst g
4 2613 261 --------24 - ,
2412 19 20
1538 1614 - - -- --------------------------------16
13 13
1 114 15
113
Cent&Old Colony Tr Co ctfs 25 2712 2134 2612 23 25
15 24
1411 177 13 16
8
1112 1334 1378 2114 512 912 6 1812 1612 18
10 1714
Columbia Tr Co ctfs
26
28
15 20
2512 2512 24 24
1512 1712 --------1114 1234 19 19 ____ ____ 153 1612 17
11
17
4
16
Col Tr ctfs for Cen Tr ctfs
25 2714 2434 2612 2212 2412 1412 1912 143 17
4
14 14
1114 13
1412 21
157 1814
10
12
2d gold 1954
4 2
2
1
1
1 ---1
1
1
1 14 3 -------- 1
1
1
1
78 1
Trust Co ctfs deposi___
t_
134 214 134 17
8
2
2
112 112
78 1
1
3 --------24 1
1
3
12 --- 4 1
1
1
58
3
4
Washington Term—lst gu_335 ----------------------------------------82 82
8212 8212 --------8112 8112 ----- ----8112 8112 8012 8114
West Maryland-1st gold
4 8234 837 8134 837 79 82
8
8
793 82 79 8018 75 79
765 775 783 80 787 80
8
4
8
8
77 793 7518 77
75
West N Y & Pa-1st 1937 g 5 10638 10638 10634 10714 -------- ----- ----10314 10434 ------------------------10314 10312 -------- --------103 76
_
103
General 1943 g
4
-1st 1926 g
Wheel & L E
5 --------10117 10112 ----------------10114 10114
-- - - 10014 ----------------103 103 10- 103 101 101 - - _ _ __ _ _
- -3 - - Wheeling Div 1st g
595
95
Exten & impt 1930
5 10112 10112 99 99 ___ ____ ____ __•__ ____ ____ ___ ____ ____ ____ ___ ____ .___ ____ ____ ____ ____ ____ ____ ____
4 8012 805 8058 805 8C/ 8058 80 80 ----------------70 72
1st cons 1949 gold
8
8
7312 7312 7312 7312 7358 75
73 735 '7212 7318
8
20-yr equip 192/ g
5
___
__ ____ ......
__ ____ ____ _
953 9534
4
- -- -Winston-Salem S 11-1st
4 9034 903 8958 9012 ------------------------807 8678
4
4
8
- 873 883 - - - --- - __ 873 88
_
4
8
Wisconsin Cent
-1st gen
4 9012 9158 9018 91
8788
86
84, - -79090 4 8912 0034 90 9012 84 843 --- -,
4 8587 8658 8712 .- - --- 8512 8714 85 2 85 8
Sup & Dul div & term 1st 4 90 9012 8914 90 8914 893 ----------------------------------------88 88
87 883 8712 8712 85 8712
4
4
STREET RAILWAY
Brooklyn Rap Tr-1945 g —5 1025 10314 10212 103 10114 1021L 10214 103 10112 102 100 10112 9912100 2 100 41003 10012101
8
991110118 991210014 9918 993
,
4
,
4
1st refund cony 2002 g
4 883 923 87 91'1 8614 903 8714 9112 87 91
4
8
4
4
845 8914 86 8818 8758 8912 8814 89% 8514 8812 85 853 85 883
8
8
6-yr secured notes 1918
5 ____
_ _ __ _ - - --__ - - ---- ---- --- ---- ---- ---- ------ - _ ____
8
— 9638 065 0638 9634 96 9658
Brooklyn City 1st cons__ 5 102 102 101 101 10214 102
- -12
9078 100 10014
- -12
9914
- -14
0
- -18 - 9-3 100 100 10 -12 101 101
-9
Bklyn Queens Co & S gu.5 98 98
Bklyn Queens Co & S 1st_ 5 ----------------- - - 10_
10__— -9
- - --: - _Brooklyn-Un El 1st g__-4-5 10034 114 10012 10112 100 101 100 101
100 9912 166 5914 - - 995 - 4 953 -- 3 5.12 - 3 05
9912
994
993
12
4
8 993
8 9 4
9
Stamped guar
4-5 1013 1013 101, 1013
4
4100 10078 1003 10034 9912 10012 99% 993 100 100
4
__
_ _ ___
8
4
8
993 993 9934 99% .985 9914 no 0934 °O34 In°
8 -Kings Co El 1st 1949
4
8112 811 ----- ---- 8114 82 --------8214 8214 -- 82 82
.
Stamped gu
4 86 86
84 84 84 84 84
83.1 84 84
8234
82 82 - --------8114
84 813 82
1 82 821 83 83
Nassau Elec guar gold4 7'1 78
7'
761 763 761 761 ----- ------------7514 7514 -----------------------73 73
Chicago Rys—lst 1927
---- ---------------------------- ---5_ ---- ---- 9534 9612 96 967 97 98
8
98 4
8
9812 9
963 9712 9618 967
8 98
Conn Ry & Ltg—stpd gu 4)4 9978 9973 99ll 9914 _ _
_
ig 82 :4 9 14 9512 9512 - - - Bet Unit-1st cons '32 g___4y4 '7418 7514 '733 7514 '7218 1 5 '70 7214 '70 7012 697 7014, 6- -- - 6- - - - - -6- - --1 - -- - - - -1 - -6- - - - - - --7- - - - /4
-9 70
8
-8 6
4 9
8
-914 7 - 7012 7 -8 70 6-3 6
Grand Rapids Ry-1st g 598
98
Havana Electric—Cons g
5 __
_
----------------932 .- i 9'312 ---------------- 9312 - - -12 - 93
-Interboro-Metrop--Coll _ 435 7912
8118 7714 80 74 7912 7418 70
71
76
7438 7612 7514 763 757 7838 7414 7758 7312 7514 73 - - -14
4
8
- -12 7
6
Registered
43. 80 8034
Interboro R T 1952 ser A --5 1033 1043 1533 16i
4
4
1
8 - :
. - 4
1557 16-1 8 15112 1647- 1513 165
- 8
8 - .7165 -------------- -Registered
5
____ ____ ____ ____ 10478 1047 ---- ----105 105 — 8
-- 1st & refunding 1966
5
_ _ _ _ .._ _ _ __ _ _ _ _ _ _ __ _ _ - _ _ _ 08 9812 9858 987 9838 - 5
__
988
8
Registered
International Trac-1949_ _4
Manhattan Ry—Cons gold_ A 9412 95 94 9412 9334 933 5(512 -- -5- 87 - - - 8- --- 8
4
-2 2 0212 -9 8 9
0 9-1. - -- 8-7 - - . 8912 8912 6- -8 92 8
- 9
8
8
-612 - - - 60 - 2
8
89
4 -7 8
7
8
Stamped tax exempt
4 94 9512 95 9514 92 9434 9112 9314 8812 91
4
8812 8912 88 89
4,
8'73 8918 873 8814 ---------------- -89 90
Metropol St—ref 2002
4 6212 6212
5 13 1031 151 163 1 2 163 -------- 10112 - -Bway & 7th Ave 1st g
- - - 30 1
- 0- --1 - 0- - -1 - 0
-0
- 12 -- 8
- - - --0 -01 161 10- 10
014 1- 1 10 - 1-0 10 - 1- 1 161 150. 10 -7
0
5 -------- ---- ----- ---- --------------Col & 9th Ave 1st gu g
-------- --- -99
Lex Ay & Pay Fy 1st gu g_ _5 10014 101 101 11 ---------------_
,
9858 98 8 68 2 , 98'2
4 _8034 8034
(Chic) 1st
Met W S El
-1926
Milw Elec Ry & Lt
5 --------------------------------- 15.34 166 4
0 - 3
435 -------------------------91
Milw Elec Ry & Lt ref
i
66 - 7 oi
6 -12
_.
18 6734 -oi58
-34
46 1614
ii 66634
ia
-------70
iii618
.
u634 6.2 6634
15:_i - -----------------05 "96
91
164 7812
iiiii4 164 iiiii4 iiii1, iiiii4 f6i38
To:W 16
-
iiiiis
r
9712 Ii12 ---------------------------------------ioi 1-61 ------------------------ 102 162
-
New Orleans Ry & Light -4J8 --------85
N Y Railways refunding
4 7734 79
75
Adjustment income
5 57 60% 5718
N Y State Rys-1962
435
Portland Ry—lst 1930
5 101 101
1634 _ _
_ __ _
.
_ ____
_ _ __ _
_ _
__ _
_ _ __ _
_ _ _
_
_ _
_ _ _
7812 i
:158 -7i 74;4 -134 7512 7212 - -3 7314 - -38 7418 - -- 7414 - - -38 733 -- -34 7234 -- -18 723 - - -12
7
i 77 -74 4 75
7
5
- - 4 75
74
7
6
-- 4 75
60% 5714 60
5434 5918 5434 5713 5178 5618 527 553 5438 5612 5538 583 5314 553 5312 543 533 61
8
8
4
4
4
4
__92 92
St Paul C Cable 1937
5_
Third Ave—lst ref
4 8134 8258 807 8212
-- 8 38 - - 8 8 8 79
s
i1
i£358 - - 7812 --- 7712 -- -3 i- 12 -- -12 7812 -- -14 8- 18 - -158
0
-0 8 0
-- 8
0
Adjustment income
5 7358 7678 72 7558 7012 7334 68 727 67 69
6312 69
8
6714 7214 70 7412 74 79
Third Ave RR—lst 1937
5 10612 10734 10712 1073 106 107 105 100 10533 10512 104 104 10212 103
4
04 101 104
1
Tr -City Ry & Light—Ist5 983 9912 9712 983 972 98 9612 9712 9614 97
4
4
973 ---- -----9514 07
4
97 973 9
Underground of Lon 1938 4
-35a 05 953 043 9512 93 9312 9312 9312 9212 9312 9212 9212 -------- -------- 0
6 96
4
_
4
Income 1948
6a 0114 9312 93 9311. 87 91
89 891, 87 895 8712 8712 8i14 8714 84 0112 8712 8712
..
8
United Rys Inv—Pitts issue_5 82 83 8112 8112 73 75 '
6 '1 '1 --__ ---- ------- ---- ---'1
7
United Ilys St Louis Ist_-_4 73
-53 '1 '31 '312 31 ------- ---- -------------------------------------.
St L Transit gu
5 ----- ----- ---- ----- --------- ----- -72_
_ _
72 --------69 69 6 9 69
b9 139
United RRs San Francisco-4 653 67
4
8
555 5718
6212 6612 603 0312 607
5114 5614 55 58
8 27 5712 6078 54 58
4
Virginia Ry & Pow 1st
5 94 95
8
iiik --1-58
88
0
0
i83 - - -5- 751-2 - - -14 85 --1
-4 8 8 72 7538 7334 7514 74 7658
105 10512 10418 106 1055 107
8
96 9614 1
91 9318 9614
0318 933 -------93 94
4
--___ ______ ____ 857 857
8
8
---- ---- -;-,z— ---- ----69 69 69 -6; --- --55 g() 5512 - .- 5114 5314 53
GAS AND ELECTRIC
-1st 1947
Atlanta Gas L
5_
Brooklyn Union Gas—Ist 5 1053 10612 10. i2 10 -- 155 10534 104 10534 10434 10558 104 1048 10112 104 102 10312 103 104 102 105 1013 10278 102 10212
4
68
5 . -- 3
- -12
4
Buffalo Gas—lst 1947
5 _50
50
Detroit City Gas-1923 g
5 100 100 9978 106 100 100 100 100 0912 100 99 100 ___--__ 9834 99
4
983 983 983 983 083 983 - - - 4
4
4
Detroit Edison—lst 1933
5 1013 10258 10112 10112 101 10114 ----------------9 100 --------100 100 10012 1013 ---- ---- 10034 10112 155 10614
4
9
8
Gas & Elec of Bergen Co
5_
Hudson Co Gas—lst 1949
5 ----------------10312 163
_
fo . _ _ . _.101 10212 151 iiif --------10212 16212 10-312162-3-4 ---i
- 1
- _
----Kansas City (Mo) Gas
-1st 5 ------------------------ ---- ----------------------------94
Kings Co El L & P-1st '37 g _ 5 --------1043
4
3 --------------------------------10112in1 ----------------10112 10112 ---- ---- 102 1E62
Purchase money 1997
6113 113 114 114 ----------------- --------107 107 10812 109 112 112 ---- ---- 11212 11212 10 1103 10914 11012
- - ---- ---4
Ed El III Bklyn 1st cons
4 --------8812 8812 8818 - 18 8818 888
88
Laclede Gas
-1st 1919 g
5 10 38 10214 102 10212 10112 10112 101 10134 15558 101 1- - 155 161 1001 161 15012 10 -58 10- 0- 12 1-61714 9-912 166 953 101 - 1-0 10 --- - -1
- - - -1
- - 12 - .4 - - - 0-- -'
0
Refund & ext 1st 1934 g
10112 102 10114 10112 10078 101.14 100 10012 100 100
5
9912 100 ---- ---- 99 100 09%100
9712 0912 9812 0812 9712 08
-_
Milwaukee Gas Lt—lst 1927_4 8912 90
4
893 893 ____
4
8914 8934 --------8858 883 88% 8838 8838 883 897 0
8
8
8 0% 893 8934, ___ ____ 8812 8812
4
Newark Cons Gas-1948
5
__ ___ ____ ____ ___. ____ __ ____ ___ 10114 10218 102 10214 _
_ 101 10114
N Y Gas Elec Lt Ht & Pow-5 10134 10312 1013 10312 1013 10214 15114 102 10158 102 10058 102 10078 102 10114 1017 102 1035 10114 10312 151 10214 101 10134
4
4
8
8
Purch money colt trust g....4 8512 8612 84 86
45 853 84 8514 83 85 82 84
4
8212 83 823 8312 817 84
82 83
8
80 82
8114 82
Ed El Ill 1st cons 1995 g5 ____ ____ 10812 10812 ------ 1065810658 _ _ __ .. _
_
_ ___- ---- ---- ---- ---- --_N Y & Queens El Lt & P
5
15
--------101
16118 -------12loo
Gas & Electric—
Calif Gas & El Corp-1937-5 943 96
05 96
9434 9534 93% 95
4
9314 9334 91 9318 91 93
9212 9358 9212 933 9234 9314 02 9318 9078 92t2
__ _
_ ___ ____
_
_
_ ____ ____
_
_
_ ____ ____
Pacific Pow & L 1st 19305 -----------------9412 9412 ____ ____
People's Gas Lt & Coke
-1st-6 11512 116 --------11613 1161s ---- - - 11514 1
--1814 --------112 f12 - 12 1 -- --------112 114 1-- 1 -- _ -12
1 12 -12
-Refunding 1947 gold
5 10134 10178 10158 102 10012 10178 10114 c013 10034 101
-4
8
8
9914 101
4
993 1005 10033 1003 10012 1015 99 1003 9873 9914 5518 4
8
9918
Registered
5
_
- ---- ---- 90 09
Chic G L & Coke 1st
5 10258 103 10258 10318 1025 10278 10212 10258
8
_ __
08 100 ----------------10212 10212 151 iiii
icii
Consumers Gas 1st
5
102 102
_
-- ------ 991 1001 --- ------ -Mutual F G 1st gu
5 ------------ --------------------------------------------99 -- ------------ ---- --------9812 08 2
0
9
_
,
Phila Co (Pitts)—Conv 1919_5 --------------------------------9712
------------------------95
Cony deberi 1922
5
----03
Standard Gas &Elec conv'26 6 100 100% 9934 10018 9934 10018 99 9934 0612 0812 95
634 9334 0434 93 9414 94 04 0413 95
941 941
ioii
-
99
Pacific
661217668 ioli 161:
ilif iiii flif ---- ---- ---- --
io558
iiii lii oi;
------------------- _.------
iai
col
;----------------9258 Iii iiii.4 664 oicis 1618
-
JAN. 10 1914.]
127
THE CHRONICLE
1913—Concluded.
4b-
41
BONDS
Ref 1933
Westchester Ltg-1950
November! December
October
I August I September
July
June
May
April
March
February
January
Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
..
94 64
5 ----------------------------------------02 92 -------------------------------10312 1015 102
5 10412 10514 10412 10434 10413 10412 103 0414 10214 103 10112 10212 10112 10112 _ _ _ _ _ _ 103 103 102
1513 1014
4
MISCELLANEOUS
74 I
73
75
74
77
7912 74
79
7533 75
80 81
798 80
7912 8012 7914 8038 80 81
8
-4 8012 827 8012 82
Adams Express—colt trust
90 9112 9034 9112 897 91
8
8912 90
8
8
893 9018 89 897
4
9013 9134 90 9058 893 0114 8978 903 891 90
,
-1st real est_43i 9112 92
Armour 8c Co
- ---- ------------88 89
89 89
Bush Terminal —1st 1952__4 89 891: 89 89 ------------------------------------- -8912 i912 913 91 4
-3
4
Consol 1955
9
8
86 ____ ____ 85 8512 56 1514 56 - 5
Buildings gu tax-ex
5
Chic June Ry & U S Y
16i -------- 152 112 122 iii iio 116 --------165 17212 ----------------143 113 1
Chino Copper—cony 1921_ _6 168 190 145 170 i5-5
2
42
Comstock Tunnel income__
.12
9934 66
6632 6412 16
95 .18 44 16
- -13
-4 96
10212 100 1041? 10012 10112 9412 101 9-12 - - 96 100
Inspiration Cons Copper lst-6 10312 10812 100 1038 9912
6013 6134 5913 6018 5914 60 1
5712 6014 60 613 613 64
4
4
4
6412 6618 64 653 63 6414 6238 6438 6034 6318 5612 59
Internet Mere Marine____43i
7512 7634 7614 7912 79 793 '7814 79
75% 76
75 76
78
4
'77
--------78 7912 7834 79
Internet NavIgation—lst_ _5 7912 7934 7812 798
-86l 8612
,
:136
-I
Morris & Co—lst 1939
9913
9912 -- - _ _ _ _ ____ ____-___
5
Mortgage Bond of N Y
82 82
841 83
83 83
-312 84
8
4 83 84
Dock-50-year
New York
4
- -12
- 10218 10218 10218 10214 ----- ------------100 foo --------100 611 ii1216112 i612161 jai) 166 loo 1023
5 102 102
Niagara Falls Power
8
917
_
95 95 ------------ -------- ------9614 9614
_
95
_____ ____ ____ ___ 91
9538 9538 9534 0534
5
Ontario Power N F—Ist
_ 87 87 --------89 89(
-- _
•
-- - - - - - - 5
Ont Transmission-1945
-0
-9 9034 887 - 9
0
9
3
8 88 8912 88 8854
-8912 - - - 8934 - - - 8914 90
-- 8 90
8
8
917 925 9134 9212 9138 9212 0012 9134 8- 14 - 5 9238 93
Public Service Corp N J
Ray Cans Capp—cony 1921 6 11378 121 110 112 109 114 106 11314 10514 10714 9712 104 100 105 10434 108 10612 11212 10478 110 10314 10578 104 10712
TELEGRAPH
8
80 8734 8712 887 871 88
8
873 89
8612 88
4 8878 00
Amer Telep & Teleg coil tr
_
4 10514 1107 104 10612 10212 10334 103 10314 ---- ----9724 10014
Convertible 1936 gold
9812 10118
10378 10212 10334 10112 10414 110 102
5
,
20-year convertible 1933_4) 103 10378 10234
9714 9812 97 9734
5 997 10014 991210014 9833 9914 98 99
8
Cumberland T & T-1st
Keystone Telephone--Ist_ _5
Metrop Telp 8c Teleg-1918_5 101 101 10138 10138 10034 101 --------10013 10018 10018 10018
97 98
8
9938 993 97 99
8
_5 99 10114 993 1003 9912100
4
Michigan State
8
0612 973 96 9714 058 9612 9538 9612
4
963 08
8
-1st 1939--4% 973 98
N Y Telephone Telep—lst_95 978
10018 9814 9978 98 99
9934 100% 99
Pacific Teiep & Teleg—Ist___5 9914 101
9812 9914 98 9912
4
9934 1003 991? 10012 9812 100
Southern Bell T & T—lst_ _5 99 101
10011 0812 0912 97 9814
8
5 101 101 1003 102141 993310118 0018
West Union Teleg-1938
0138 9212 9012 9218 ___ ____
4
Fund & real est 1950 g_4% 9513 9612 943 958 9114 94
93 93
Northwestern Tel 1934....4
83%
86
8812 8418 86
4
8634 8712 873 8812 88 89
4
100 100 1003 10112 10134 10214 9412 9612 9238 9314 8914
8
100%10158 10114 10318 103 10334 9514 1033 0333 9618 8938
96 9714 9612 97
9718 978 9633 9712 96144 9618 94
- _ __
-- -- 100 100
9712 98% 98 9814 --------99 lils --------9634
9618 9612 9614 97
9714 9858 9712 9838 95% 9712 94
9614 9712 97 98
97 9833 97 9834 96144 9634 9512
9618
9818 9914 9838 9912 9834 993 9612 99
4
9614 97
98 9814 9712 99
96 97 100 100
95 96 -- 8
8812 8912 89 895 8912 9218 90 9214 8912 8912 87
8534
96
9718
95 ,
17
9512
8
965
9712
- -89 .4
MFG AND INDUSTRIAL
5
Allis-Chalmers—lst 1936
9 i'i :ii ---- ---4
50 5312 ii) - 12 50
47 4812
59 6018 52 5613 52 551 503 521 47 50
5934 63
Trust receipts
51
51
---------------4712 50
_
5218 54 - ----- ---57 57
58 58
5618 61
Stamped
79812 9912 9812 160
188
9712 99
101 10178 10018 10178 0938 101 99 10014 9714 10038 94 9712 96 99
Amer Agric Chem—ist'28_5
96 97
9618 9612 9614 963
8
96 96
4
Amer Cotton 011—Deben_4% 9634 9714 9614 9718 9614 063 9614 9614 05 9614 9514 9514 95 9513 9514 9612 --------9113 9112 0012 9112 8912 9012
9212 9212
9312 9414 93 933 03 933 03 9314 9212 927 93 93
4
8
4
5 94 95
Debenture 1931
4
4
99 10012 993 1013
9912 9913 10!14 1c012 101
9834 9914 9834 9914 9914
4
Amer Hide & Leather—lst_6 101 10212 101 10313 100 1013 100 10012 99 100
7714 77 78
76
7614 80
7412 76
7518 7638 74
75
735 74
7614 7412 76
8
758 80
70 75
6 7412 7614 74
Amer Ice Securities—Deb
4
10414 103 105 103 10414 1023 104
8
6 10334 105 10412 105 102 105 10314 1037 103 104 10112 10314 101 102 10112 10312 10312
Amer Smelt Secur—Deb
6 9022 9913
Amer Spirits Mfg-1st
93 --------91 19 --------93 19 --------------------------------9013 93
99 9112 3 4 9312 9334 5American Thread—Ist
313 118 118 ____ ____ 16 1612 --------118 118 16 11612 11612116'2
6 120 1201 12058 120 1191 1191 120 1201
Amer Tobacco-40-year
_
6 -------- -------- ---- ---- ------------------- 11712 11712 ------------------------ 116 116
Registered
66
9512 96 --------9614 9614 96 96
64 16 64 94 06
4 9612 9718 963 971- 614 9 - 9 64 63 -9214 97
4
4
3
Gold 1951
7512
8112 8314 703 797 71
83 83
8
82 8314 8 7 83
85
1 891 88 89
81
87 88
87
Amer Writing Paper-1st__5 89 903
_
8
_ 10313 10312 103 10314 10338 10312 ----- ---- 1017 102344
_ _ _
_
_
_
__
Baldwin Locom Works—Ist„5 --------------------- 1031.1 10314 103 10314 _
9378 95
9412 9514 93 9514 92 9312
-9234 -- -38 93 94
93
-9612 06 • 9633 93 16
5 9514
2 6
9 3 cii 6512 9512
4
Bethlehem Steel-1926
4
7912 8158 7834 803
8
8
4
793 8112 817 8212 817 8212 8112 82
80 83
5 8512 863 8512 8612 8258 8512 83 8414 8238 84
4
1st & refunding 1942 A
5
9434 9614 94 951 91
9433 0712
4
5 948 97
945g 953 9414 0512 9178 9538 9234 9334 9318 95
95 97
4
933 96
Central Leather— 20-Year
------------ -----9522 0512
_
_
9614 0633 ----------------9512 9513 ---------------9718 9714 97 97
Consol Tobacco-50-year__ _ _4 9614 97
4
- 99 953 9312 9312
- - -- - - - - ---- ---- - 5 9534 06
9614 0614 ___-- -- - - - - --- - - Corn Products Refg—s f
0
1
91
-0 9 34
9258
9012 9058 - - ____ ___ 9-34 -- - 9- -- - 92 9312 9018 90114
0
901? 0014 9 -14 90 ••,,-90 - 93
00 - 1st 25-year sink fund 1934_5 9134 9312 0212 93
IV
-Amer Sugar-10-yr6 9434 96
4
4
943 943
Cuban
56 6514 595 6318 6012 65%
8
56 60
5914 5812 60
56
68;
67 6978 6412 - -3 64 6612 5412 6412 55 68
70
Distillers Securities—conv 5 64
8678 8712 8512 8712
843* 87
8312 8412 8378 85
3
84 8434 798 837 81. 83
84 87
86 87
861,3 89
45i 88 90
E 1 du Pont Powder
9212 9212 ----------------9112 9112 91 91
_
05 95 _ _ _ ____
95 9512 05 O
General Baking-1st 1936_6
77
7512 7512
76
77 77
77
76
-12 7514 76
16
12
6 7712 7914 7812 82 - --------77 ii __—___
3 7
General Electric-1942_ _3%_ ii- - 10-year debenture 1917__5 141 141
- 3- 2
8
81647 1027 foi 16112 10312 jai 16412 10234 16518 10478 16538 1618 16512 iai 16212 15112 1634
5 10378 10512 iiii 105 jai% 10372 165
Debenture 1952
8
99 993 9812 0912 975* 9833 9712 98 4
8
8
9912 997 97 9912 9812 9912 9834 9912 977 983 9738 9912 9813 99
4
4
General Motors-1st 1915— -6 983 100
997 997 - 8
5 0934 9934 100 100
- - - - - -- - - - - -- - - - -- - - 2
Steel-1913
Illinois
4 - -18
4
-4 8558 -3 8
8514 -5 8
- - - 8- 18 - - -34 8- - - - 8- 14 - - - 813 84
5
8112 8312 -14 - - - - 8
5
8
3-612, 82 - 86 87
-5 8
-6 8
8-12 - - - 8- - 9
_
Illinois Steel—deb 19404M 88 8912 8714 89
98 988
7 991 9812 9914 9834 99
7 993
1 991
1 1001
1 1001 11 1001
7 1003.
5 1003* 1011 100 101
Indiana Steel-1st 1952
------ ------ ------ ------ 10_
_
___
100
Ingersoll-Rand-1st 1935_ _ _ _5 -------- -------- ------ ------ -----1 -2
__ 100 101 100 103 10178 10212 1612 1921 10-58 10 -12
0014 10034
-3International Paper-1st__ _6 102 105 104 104 10213 10317 102 162 4 16- loo
8312 8312 82 8314 -------- 80 84
_
84 84
4
848
4
84 8612 84 84 --- -Consol cony sinking fund _5 8712 913 8718 8714 87 8813 86 87
57 64
4
66 68
57
64 65
794 597 7012 6212 63
6278 6712 66 68
8
4
8
Internet Steam Pump-1929_5 8712 883 8412 873 78 8412 72
9214 9214 9018 915*
917 9234 9234 9312 9214 93
8
9114 92
9612 95
9614 9512 9512 01144 92
Lackawanna Steel-1st con_5 05 0612 06 961: 96
7414 72 72
74
75 75
72 74
74 74
75
75 77
71
5 79 8014 7612 80
75 77
73 7634 74 74
1st cons 1950 Series A
95 957 9412 9434 9312 95
8
95 9611 9418 0512 04 9512 9414 948 9412 9534 9512 96
5 94 958 943•4 055 93 95
1915
5-year cony
118%12012 11912 12014 11612 120 117 11712
8
8
4
8
8
Liggett 8c Myers Tobacco___ -7 1197 1215 1203 122, 12014 12114 120 12113 120 121 1173 121 11618 11712 11634 11814
_ ____ ____ 11658 11658
7
Registered
4
68
74
--" 9 3 - 9712 -9733 - - - - -97i4 - - 9634 973 96 9712
4
97 - 4 -o'7 T4 - -- -5i- - - -9612 - - -- -9614 -9914
4
983
8
9138
- - 973 -5 0612 995 09 993 9714 99
1951
11 171 1173 119 11712 119 1161 1185 11612 11814
4
4
7 12118 1213 1203 12212 120 12112 120 121 1191, 120 116 113
Lorillard (P)
96
_
---- ----- ---------------- ---- 96
--------12012 1201? ----- ----------------7
Registered
4
4
8
97
957 963- 9614 903
8
9534 967 9
97
112 96
9834 9678 9712 9 12 9634 9112 li38 ,
4
,
5 0633 9912 99 9978 9724 99
1951
91 91 ---- ---:
991 97
9612 9612 95 95
9912 9912 9712
_ 95 95
_ _
9734 97 9714 _ _
Mexican Petrol—cony 1921 6 99 100
9312 9517 91
88 8912 ii 5 94 05
ii 15 ----__ --_- -_-_ 8514 8514 8712 8712 ---- -0212 8912 91
811
& Stamp—Ist
Nat Enam
8812 8812 _ _
_ _ __
_ _ _
5_
Nat Starch deben 1930
9512 9614
4
953 9678 95 9612 95 96
2 -2
8
0
8
2 6632 041' 957 04 9514 9414 96
67-58 957 2
4
National Tube—lst 1952-_- -5 983 9012 977 987 9714 - - -12 64 9614 97
102 103 10012 102
6
9812 99
9934 101 10012 101
9714 9834 97 98
9012 10018 9834 9912 9812 9914 9812 99
NI Y Air Brake—Cony
Railway Steel Spring—
-1
9618 9612 9514 9618 9514 9514 --1 _ ---Latrobe Plant 1st s f 1921_5 9714 9812 98 9814 9818 9818 9538 96 --------9514 9514 95% 9734 96 96
____ ____ _ _
_
Inter-0 Plant 1st s f 1931.5 ____
4 0 4 - -12 ioii2 162 15i 162 1.014 199 10234 1023 1. 23 1624
_
__ ___
_ 102% 10278. _
8 - -1
Republic Iron & Steel-1st-5 1027 102 8 -- 9112 90 91
9112 91
89 8934 89 90'8
1
92 91
9178
5 9113 0218 9- - - 9034 9117 8-7 -- 4 90 -- 14 8
9 -514 1914 89 9
-9 8 003
10-30-Yr sink fund 1940
12
8
8
85„. , 8412_
4
8, 8,
, 8
.84 . . . 8542 . n
, o
, 89
8 .
8812 . 881 n 9
87 8 , 9 8
. . .i/ 8„, . . . 0512 83 4 . ..i.,_ ...,_ . i. , . ...83 . . 8412 in„
8
12
, „ o 3 85
,
, ,
Standard Milling-1st
n9 89
a a.4
.
U.;
Uil, .,I
11/W4
9 2 --12 ----4
07 8n inP ..,
Di7 8 AVV•4
.11/;;•8
tray-4
..A-.
U0
8
9 8
4
5 8
6 9 1/10
..-4 .,. -2 ----.
..-2 .0,2 ...4 a 1. Uf
The Texas Co—cony 1931
96 -98-34 97
ia
____
,
5 89 2 91 14 7,,, _-_-Stamped
-00
U S Leather—debenture....-6 10018 10018 10018 114 100 16618 100 fO__o
8012 li
79 83
83 863 83 84
5 8712 89
8212 83
861 881
8 8114 .
207 - - 9114 83
9412 15
861
U S Realty & Impt—deben
- ---- ---- -- ---- ---- 27_
-------------------------------_
27_ 25 25
6 25 25
U S "Leduc 8c Refining
4
10112 1 14 10 8 10 3 1212 10158 10212 10214 103 1553 10212 15038
7
4
4
4
4
6 1023 10314 1023 1033 105 fo272 oi 1023 10114 10214 1 0
4
U S Rubber—coll tr 1918
8
9912 1007 9918 10018 99 10018
9838 9978 9938 10038 10038 101
5 10114 102 10038 102 10014 101 100 10114 993, 10038 9638 100
S Steel—s f 10-60 year
4
993 10012 9918 10018 9834 10014
983 10012 997 10012 10012 101
8
4
2
•Registered
5 10118 10218 1003 10134 10038 10078 10014 10112 9934 10012 9718 100
9118 94'8
94 9514 9314 95
9234 95
8
07 98
9412 9634 05 953 9418 9553 9012 9412 9014 9134 915 93
4
Va-Caro Chemical 1st 1923_5 9612 08
4
993 10014
99%101 100 10058 10012 10112 10012 102 10012 10114 99%101
8
8
4
5 10158 1023 101 10214 1003 1015 1001? 10214 10034 102
Western Electric—Ist
9214 89 9112 87 893
91
4
8
9112 94
88 8912 883 897 8978 92
0034 9212 9112 927 00 913 873 00
8
Westingh El & Mfg—cony __ _5 933 94
8
8
_
8
5 963 967 0678 967 __ —_ 9612 97 -------- ----- ----------------- ---- 9614 9614 947 9512 --------9413 9412
8
1917
10-year coil notes
COAL AND IRON
__
5
3uff 8c Susq 1-1st 1932
5
3uff & Susq 1—deb 1926
I
0 9312 9112 9112
9
9
8
3
iii Vi 9338 935* - - - - - - - - - - - - - -74512 9512 9 12 912 4
.
6
9
5 lisi
09 998 08 -- . 698 98
Dolo Fuel & Iron—s f 1943_5
4
8012 84
4
82 84
793 8112 7712 783 75 76
8
8114 85
7818 82
7814 7912 778 797 7914 82
7818 81
Dolorado Indust—Ist 1934_5 831, 84
1935
5
ons Ind Coal Me 1st
5
Dontinental Coal—lst
-2
1 9__ _--- --- ---- -___ _ — _ 5- --1 ___ ____ 9-14 "9214
_ __
_
_ ____ ____ _
Kan 8c hock C & C—Ist '51 5 98 08 - - - - - 5
- 12
-7
- 12 -7 875
8
-6 8
613 ----------------85 8 - 8512 86
6
-7
Pocohontas Cons Collieries _5 8734 8778 8-12 8 - 8- 13 -- - __—___ 563 -- -3- 8 ,-7812 812 7812 7812 7738 78 --------76 li
73 80
yr 76
7612 7612 76 76 - ------------- ---- 76_
St L Rocky Mtn 8, Pac—let_5 7711 80
8
97 975 06 978
4
973 100
9813 9914 9812 99
9934 9934 9934 100
Fenn Coal Iron & RR—Gen-5 10218 103 10014 10212 10018 10012 100 10213 100 100
_ 10058 10058 101%10138 10078 1008 101 10118 10034 10112
_
8
8
6 103 103 1027 1027 10118 10118 101 101 ____ ____ ___ ___
Birmingham Division
-0
___ ______ 1-014 16914 ____ ____ 102 102 1005310078 ____ __ 10112 10112
6 --------102 102 -___ __ __ ____ ____
Tennessee Division
103
Cahabe Coal M 1st
gu103
5
Victor Fuel—Ist 1953
6212 i9212 9212 1i12
iii72 93
92 9312 9214 93-1-92 ii18 6i 13
95
9712 95 - " 93 93
94i2 9734 9712 98
Va Iron Coal & Coke—Ist...5 9822 -
fcii
U
128
THE CHRONICLE
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1913.
1913.
STOCKS
January February
April
March
May
June
July
August September
October
Novemberl December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Atchison Topeka & Santa Fe- 1037 10638 100 101 10038 1023 9858 104
4
9858 100 927 99 95 9938 947 9838 9312 9634 9034 95 9014 9212 92 9412
Preferred
10078 10214 998 10134 9958 101
997 10033 9918 100 9612 9914 96 9814 96 99 9612 9914 9713 9913 9714 9814 9714 993
3
4
Atlantic Coast Line RR
12213 125 12018 12512 119 123 112 12058 114 1207 12014 12312 12012 1223 113 12034 11412 11712 115 120
128 13338 123 130
4
Rights
234
Baltimore & Ohio
- 9-12 10 - 9714 14 -7 --134 8 9712 917 9912 9-T2 9712 9358 9i 9238 - - 9- 2
99 905
*10178 0638 994 10 -58 9-3 10
-5
8
-- --9 4 -2
9512 1
994 'Toil - -5
93 3
Preferred
.8312 88 84 8434 83 83 80 8312 79 80 7714 80 80 81
793 817 8118 8112 797 80 80 8034 80 81
4
3
3
Rights
7-32 7-16 1-256 9-32 - __ - - - - -- - -- -- ---- --.
_ . _ _.. _ _ ..
_ _
_ __ _ _
_ _
_ _ _
_
Brooklyn Rapid Transit
8812 0258 8634 9134 8613 - -5 8712 -- -12 875 - 4 83 4 -- 3- 857 ---- 8-5 ---1 8-18 ---12 855 - - 85 --- 8678 --91 8 - 8 92392
3 9 4
0
8
3 8 3 -7 8 9
0
-8 9
0
8 894 --% 8 14
7
8 58.
8
Buffalo Rochester & Pittsb _ 116 116 110 114 105 105 10812 10812 105 105 10013 10012 -------- -------- 108 108 ---- --__ --__ ____ _ __
_
_
_
Preferred
— ____ ___ ____ ____ ___ --_- ___ ____ ____ 1-614 11014
1
Canadian Pacific
523878 6634 22713 241 21812 2357 23319 2453 22534 24314 '
3
4
21014 22112 20812 220 21414 22212 21914 23512 22218 23412 220 22638 204 22934
Subscription receipts
_ _
d22013 2634 d25112d28 6230 6239 62221463534 6204146215 g203 21512 g21118216 521513 2912122082304 12204 2114 ---- -- __
Rights
8
1653 1934 1414 167
Canada Southern
6213 6213 6213 63
Central of New Jersey
360 362 348 353 3
. 2 3 - - ii 325 295 320 275 2 -- ----------------295 315 ----------------280 285
-5
4
5
--- - 5
9
Chesapeake& Ohio
7534 80 704 7812 70 753 6314 7238 6213 6638 53 637 5 18 563
4
4
3
8
1 601 571 6112 553 5912 5514 5713 553 6112
4
Chicago & Alton
1678 18
1014 15
10 11
10 10
913 1014 . 2 014 03
71
95 10
8
- 4 0 4 - --- ---- ----- ----1018 1018
---3
912 10
Preferred
2534 2534 ----------------2513 2513 ____
__ ___
_ 174 712 2412 25 25 25
204 2018 - -Chic Great West trust certs
16 177 13 17
8
34 13 1458 1013 -137 1513 14
1173.
1
13
1118 1238 - 1 ---13
127 14
1414 11
3
-12 133 1412 13
8
Preferred trust certificates- 31 35
2878 3114 28 30
8
287 3318 23 30
23 28
2812 31
3718 283
2734 29
4
4
283 3014 2612 29
Chicago Milwaukee & St Paul- 1113 11614 106 1144 10712 1113 10512 11358 10514 1087 985810653 10134 10638 2812 30
8
4
4
4
4
4
8
10434 1093 1045 1087 983 1053 963 10112 963 10112
8
Preferred
140 145 13612 145 137 139 136 1397 13313 138 13212 13534 133 13678 13212 13512 1313 13458 13134 1347 13112 133 1313 14012
8
8
4
4
Rights
15-64
14 7-32 14 ---- ----------------7-32 _ _ _ _
_
_
_
_ _
_ ___
_ _ _ ..... _
_
Chicago & North Western
135 138 132 13714 133 1367 12734 136 12814 13114 12314 12 -12 127
8
-- 8
12812 fif 127 13012 -2i73 12 - 124 127 123 13712
714 - 1
- 12 8
-- Preferred
189 189 18533 186 188 188 185 185 181 1875 ____ ___ ___ __-- __— ___ --__ __— -- _ _ 1714 17113 16712 16712
8
Chicago Rock Isl & Pacific_ _ _ _ ------ ---- ---- ----------_ _ 5
-0 - 65
-- Chicago St P Minn & Omaha___ __
_ 120 12 --------- ----------------11984 119 4 11912 1191- -20- 125 ----------------12113 121 8
-5
- -3-- 2
- ---- --- --1
Preferred
15012 15013 150 150 140 140 ---------------- 130 130 -- - _ -_ 135 135 13012 13012 131 131 132 132
Cleve Cincin Chic & St Louis_ 53 54 52 54
5218 53 604 53 4958 5018 40 4873 40 - - - 3
4
0
-4% --- 3'
41
375 36 3613 357 36
35 38
Preferred
0434 9434 9012 9012 --------90 90 90 90
90 90 75 75 ------- 60 60 61 62 6114 6214
80 80
Colorado & Southern
31 33 28 3138 26 28
3013 32 28 32
2334 3112 2912 3112 27 291 2758 293 27 28
27 28
2612 2812
1st preferred
______ 66 67 68 69 6714 68 69 69 66 68
647 6512 64 66 - -------- 64 6412 63 6378 60 60
2d preferred _ _
__ ____ 60 60 --------651 654 ----------------55 60
_- -- ----- ---- --- -- - --Delaware & Hudson
164 167 15914 1647 160 62 157 102 1503 157 14713 152 155 8 15711 1564 16 - 15 1627 156 15
0
7
-- 18 -9 - -8
-6 14912 154 15034 153
4
- Delaware Lackaw & Western_ 435 445 395 435 306 415 410 415 395 400 390 395 39018 39018 390 415 410 420 400 401 304 395 380
385
Subscription rects 50% paid --------405 420 385 38612 380 380
— - -- - - - _-_.r
:
- -7=.- - 7:
:Denver & Rio Grande
2034 23
1834 2034 187 21
1933 22 ___.--- 133 194 --- -2012 2012
921
1612 1912 - 8
-18 17 ---14 15 -Z-18
4 18
1- --- -7----- 1714 19
3 1512 20
Preferred.
37 41
35 3734 33 364 3312 3'714 2814 34 23 2818 2612 32
28 30
4
3213 3612 3414 353 30 33
25 28
Detroit & Mackinac, pref
- - — ____
__ __
_ _
___ __
___ 90 90 _--- ---- - -- - - ---- ---- 7 - ---- -- - Detroit United
78 --14 80 76 8038 75 -7
5 73 754 741 7 14
3
705 - - -58 -- _ _ _
-8 7
0
741 6712 6713 ---------60 - - -14 734 -- 71
Duluth South Shore & Atlan_ 8
812 6
6
7 7
7.
718 ---- ---- 5
412 48 4
1
12
-4
512 --------511 512 5 2 63
8 5
,
Preferred
1513 1614 13 13 13
1312 12 1334 1212 212 1014 1112 10 1012 __ _
_ 10% 1213 10 1014 --------9
93
4
Erie
30 3213 2512 3153 257 287 27 314 267 2958 2014 263 24 2938 2712 --- 2712 305 2512 293 2538 2712 263 2914
4
8
8
4
0
3
1st preferred
4613 4913 42 4834 4258 46
4212 4734 42 443 3312 4114 3714 4612 4434 48
4
8
45 48% 403 463 39 423 4112 45
2d preferred
38 41
35 3918 3234 36
3338 3712 3412 3514 2814 324 31
33 37 - -------- 34 3612
3612 36 3814 3512 39
Great Northern. preferred
12534 13258 124 12958 12484 12912 12413 13114 125 12778 11512 12534 122 12634 12512 1295 2514 12914 12018 127 8 12118 12412 123 1277
8
,
s
Subscrip receipts part paid
____ - - 121 123 8 122 12
8
5
514 122 1255 1223 12414 11614 123 120 1245 12612 128
2713 12718 124 124 12153 12378 1247 128
8
4
8
Ore certificates
3714 - - 33 40
4114
3334 3614 3114 384 3112 3412 2512 343 30 35% 3412 3714 34 397 3012 3512 3012 3253 31 3538.
4
Green Bay & W—Deb certs A_ _
_ _ - _ — --_ - . _..... -- - ---- 75 75 --_ _ -_ _
_ ___
Deb certs B
iii 151 iii2 Ti iii4 1114 11
-- 14 -12 1212 1214 143g
12 ---- --1
13
123
13
1
13
-1 121 ---1 - 214 -Havana Elec Ry L & P
8638 861 87 87 ----- ----- 83 83
_
811 811 8112 8112 -------- ---- ------ ---- ---- 80 80
7814 7814 ---, ____
- __
__
Preferred
00 90 91 91
.
96 96 - ---------------------------- ---- 9113 914 ------------------------91 91
Hocking Valley
125 125 125 125
__
_ 125 125 125 125 125 125
Illinois Central
121 12812 1213 1287 11912 12413 1133 12112 112 1151 10814 11418 10434 115 10414 10912 10712 111 105 111 104% 107 1023 109
4
4
2
5
-14
Interboro-Met vot tr ctfs
17 1958 1618 1938 1612 187 1414 183 137 1511 1238 1633 1458 164 1518 163 153 1612 123 1614 1333 145 133 155g
4
8
3
4
3
4
Preferred
59 6533 5612 65 567 63 4834, 61
4834 5238 45 60 533 503 5714 6414 603 637 56 03
4
4
5612 5958 5718 62
8
8
Iowa Central
1018 10'8 814 814 8
8
Preferred
21
23 .___ --------------------15 --. 15 -- ------------------------1413 1412 ---- ---- ---- ---15
19
K C F S & M trust certs, pref_ 747 78
72 74
71 71
70 7012 69 71
65 65 ----------------532 5312 5714 5712 ---1
- 57 6112
Kansas City Southern
25 2714 237 2038 24 2
514 227s 2612 22 24
2133 277 2514 2838 2514 2758 2412 2012 23 25
3
24 -- -34 235 25
2
4
5
Preferred
5912 6112 5934 601 51 61
60 601
9 60 56 591 57 60
59 60 58 58 5
,
6 5712 564 5612 56 2 59
Keokuk & Des Moines
58 5 8 6
7
6 - ----- -------------7
7 -------- 6
_
7
7
74 ---- --__ _ _
—__ ____ ---- ---Preferred
Lake Erie & Western
____
__ 9 1 112 6 ".,2 8
6
712
712 - - ----------------1
7
--12 ;
0
7
iS8
-.
i
ii
ji
.
738_
9
Preferred
3
5 28 30 25 2734 --------- --------------- 2034 203 2034 20 4 21 21 -------- 16 16
3214 -_
_
3
_
4
10 164
Lake Shore & Mich Southern_ _ __
_ - _ _- -__
__ __ ______ 470 500 490 500 ----------------------------------------475 485
Lehigh Valley
- -3 1585g 168 8 153 16314 --2 159 121 161 5234 15812 14114 1M3 1441 15112 149 1567 152126012 14813 1714 118 151 14614 15512
15
8
Long Island
43 4318 41 43
39 41 --------37 38
31
31
30 36 - ----- ----32 35
3112 3112 — ::Louisville & Nashville
13612 14214 12012 130 3 132 137 2 12913 138 12834 13514 12614 133 1303 1343 1335 136 13453 138 13018 1353 1293 131 4 - -0- 1343
,
,
8
8
8
4
3 - -3- 13- - 4
Subscription receipts
-- Manhattan Elevated
12978 132 - d11834 3 58 1273 131- -2 12 -- -271g 13 -- 127 12 - ---- ---- --- 13 -- : - 191 - 129;4 139- --- 133 13234 --- 8
4
1-'7T4 -- 3 1- - - -- 3 --- -- 1; --------130 -0 - -73
0 13
04
94
8
- 12858 13 -- 1:30- 1300
- - -Michigan Central
170 170
Minneapolis & St Louis
2012 2314 17 - - 18 -7i2 21
1912
-- -3 -4 111
15 - 1
4
-3 1
1812 1
15 --- -4;4 15
i 13 .i ---1 1
13
Preferred
47 47
43 44
42 42
38 40 --------32 32
3412 4013 36 38 - --------35 36 - ------30 33
Minn St Paul & S S M
13712 14214 13313 1403 1283 1365 13212 1373 13012 13312 11514 12512 12014 1271 12553 1147 1323 14112 126 134 12434 130 12334
4
4
8
4
8
4
12813
Preferred
150 150 142 142 14112 143
145
4
3 14 - ------------------------131 131 13712 13971
/
Leased line certificates
__ __ ____
_
_ 8312 8312 ----- ------------ --- ------- ---- ---------- -79 70
_
82 82
8112 8112
Missouri Kansas & Texas
2578 -2918 2438 --- 24 2612 2212 In; 2133 2712
2412 1818 -22
2014 23 ii 212 2034 22 1914 2112 1914 2014 187 2013
18
8
Preferred
5934 6314 6012 6178 6034 63 6018 6413 58 60 52 58 2 563 5712 5612 583 58 58 56 56
5218 5514 5212 533
4
4
,
4
Missouri Pacific
40 4358 30 417 3618 393 3314 4018 3212 36
8
275 3012 247 283 211t 2612
3
4
8
3
251,2 321 2038 335 297 333 277 31
4
4
Morris & Essex
161 161 - -------- ----- ------------------------- 103 163
:
,:
Nashville Chatt & St Louis. 170 170 ----------------135 135 13312 135 13212 135
—
38 138 140 140 13a 130
36 137
Subscription rights
133 133 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---National Rys of Mex, 1st pref_ _
_ 5634 5813 58 59 --------57 57
343 35
36 43
4
31 31
35 37 -------------- 35 35
2d preferred
2413 --- 2258 2458 2234 2453 23 26
2713
163- 1112 1412 107 14
- 4
83 12
4
1834 23
11
1814 9 133 12 163
4
8
N Y Central & Hudson River- 10612 1093 10112 109 10412 10712 1007 108 985 1023 953 1007 9514 9914 9614 100
937 9812 9312 9714 94 9613 903 97
4
8
8
8
8
4
N Y Chicago & St Louis
58 6314 57 58 56 57
53 55
52 52
47 50
5514 5514 5218 55
56 59
5312 5014 55 58
51 543
4
-102 102
N Y & Harlem
3135 395
- .
NY New Haven & Hartford— 12713 1297 126 12918 11338 12634 106 11813 10234 10613 614 16614 993 109 913 16114 8512 - 8 0808 808 7. 023
8
7- 5 99 0553 86
4
12
8
12
N Y Ontario & Western
31 338 2013 3213 2914 3114 2834 3214 2758 30
8
253 2714 2513 28
4
2518 3212 28 293 2958 308 29 3018 267 29
4
N Y State Railways
8612 8713
Norfolk Southern
43 43 42i4 --- :10 --- 43 --- :12 -4312
40 - -- 3- 40
4713
444
43 :10 - - :toili "- ---------------40 41
40
-0
4:1
4614
Norfolk& Western
110 11313 10534 11078 10334 10638 10412 108 1044 10614 98 10412 10214 1053 105 10714 10418 107
02 1017 102 104 10012 101 2
4
,
Preferred
87 87
,
8214 84 ____ ___- 83% 847 85 85
,
85 85
8
8014 8012 8312 83 2 ---- -- - 83 2 8313 8312 85
Nor Ohio Traction & Lt
7534 753 73 75 70 7012 ____
4
- 71 71
70 70 63 65 60 60 62 63 64 6413 6412 6412 51 58
Northern Pacific
11714 1225 11378 12014 114 118 11313119 113 4 1157 1013 114 10518 1107 109 114 11014 11513 10318 11233 10334 108 10534 1103
8
4
-18
8
,
8
4
Pacific Coast Co
----- ---- -- ---_ 80 80 81 83
_
_
-- 80 86 ____
__ _
_
_
Pennsylvania RR
1215 12334 11713 1227g 118 12012 11378 1193 10914 1143- 10678 1 1133 110ill 1 -18 11213 113 8 11112 11312 1073 11234 107 19978 --4
8
-7
8
1- 4 - --- --16
-14 - Rights
Subs receipts part paid _____ _ _
_ ____ ____ ____ ____ ____ ____ ______ ____ ___ ._ _ _ _ __ __ __ .__ 10873 108 ---- - _ _
-%
Peoria & Eastern
. 1134
4
1114 12 li5 --. __-- ___ _.__ ____ ____ -- ---- -7 - 6
8
64
614 - Pitts Cin Chic & St Louis.— 100 104 96 10012 94 Ii12 6012 167 907 93 864 94
86 - - - 85 85
9
0
87 90
7'718 84
8
8814 9118 89 92
Preferred _ __ _ _____ _ __
— _—_ ____ ____ ____ _____- —_ _-__ ____ 100 100 ------- 105 105 109 109 100 100 ____ ___ --__ ____
Pittsburgh Ft Wayne &Chic_ _ __
- ---- ---- ____
____ ___ 157 157 155 155 - — -_- ---- ---- ---- ---- ---- ---- ---- ---- -- -Railroad Sec—Ills Cent ctfs
. 1 --1 ---8
8-- 79 -8
0 ____
_
__ _ _ _-- 7- -- -__
-8 7
8
Reading
-16038 1687 15338 16634 15212 1617 153 1683 157 - 163 15138 1593 15514 163 159 1133 1.834
8
1th18 16314 15. 1 104 .
- 5
4 8
-- 4
75 -- 4
4
64 1958 111 4
-3
1st preferred
00 0112 8934 91
90 01
84 87 8213 85
90 9212 90 90 86 8812 88 86
81 8514 837 83
84 84
8
2d preferred
91 03
877 917 8912 91
3
s
3
91 95
89 894 84 8812 86 . 8914 8814 8814 88 943 85 86
84 86
86 9212
Rock Island Co
2078 213 214 247 2018 2318 1918 24
8
1514 2058 1218 167 147 1734 1612 1914 1418 1814 115 1518 1314 147 123 147
8
4
8
8
Preferred
37 443 3613 44 347 3912 32 4014 2713 34 207 2912 2412 30
4
3
,
8
2013 2312 10 2312
4
263 303 21 3 283 1712 26
4
St Jos & Grand Isld 1st pref.._ ____
_ —_— 48 48 ____
_ __
_ _ _ _.. _ 45 46 ---- - ...-- -- - - -- ---- - - ---- - St Louis & San Francisco__ - 153 --- 15 -- - 14 1512 1212 -18
4 1934
1412 i34 -1812 3I --413 4
512 4
413 6
112.
5
0
5
5
414 7
1st preferred
5614 59 55 56
5512 58
554 57
— 13 13
15 163 16
1413 50
4
13 17
16
15 1638 Nig 2434 _.....
2d preferred
24 2614 19 28
2334 28
2514 29
7
7 10
614 2138 512 8
912 67
10
-53
8 73
4 7
6 113
4 84
4
.9613 9612
C & E III new stock tr certs_ 4
. - -. 4- 7 5412 5 50 45 -- 5
'
9 ii 50 30 48 ___ -- _ __
- --_- ---- -7 7
:- 7- -77-St Louis Southwestern
3212 34
3014 314 29 3113 30 31
3513 3512
2
1 -22 25 8
2214 20 -20 273
28
26 28 ----4 2613 --- 2414 - - -7 2018 - 202
Preferred
7475 747 73 74
72 7338 7113 72 65 71
7312 75
57 5973 564 573
6513 68
6513 6712 61 6512 01 61
4
Seaboard Air Line
1814 2058 1834 2012 1813 2012 1712 2034 163 173 1413 19
4
4
17 20
1713 2014 1712 1912 1612 1812 16 17
10 1712
Preferred
45 4838 4273 4734 4312 45 424 4538 4013 4213 38 423 4014 4312 4213 4612 444 4938 4514 4814 44 46 1 433 457
4
4
Southern Pacific Co
4
10414 110 983 10812 9818 1013 9558 1037 93,3 993 8938 96
4
8
4
9058 943 8953 9413 893 9
8
81
11 5 8412 9118 83 877 85 9013
Rights
UP-Ore S L certifs of int
___ ___ __
___ ___- ---_ ____ ___ ____ ____ __ ___ __ ____ 0238 9578 933 9912 881 9512 8814 4
8
ii
913 964
4
Subscription receipts __ _ _ _ ____
_ 10013 10012 ___—_ _ ____ ___ _ _ _ _
_
_ 038 9918 d90 94 d92 92 1(191 95
7
'Ex-dividends and rl ghts.
(21st instal Iment paid e 2d paid. p3d p;.1(1. F.:aright; ---- -- - ---- v 4th paid./Full paid
I
I
I
fio
iiii 1113 ii -16
iai2 -i-i.- ia -ii ii -l-ii,
ioa
iii
JAN. 10
129
THE CHRONICLE
1914.1
1913—Continued.
STOCKS
November December
October
August September
June
July
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Lew High Low High Low High
Southern vot tr certs stpd ext.
Preferred
do
do ---Mob & 0 stock trust certs__
Texas & Pacific
Third Avenue
Toledo Rys & Light
Toledo St Louis & Western—
Preferred
Twin City Rap Transit
Preferred
Union Pacific
Preferred
Rights
United Rys Inv of S F
Preferred
Virginia Ry & Power
Preferred
Wabash
Preferred
Western Maryland Ry
Preferred
Wheeling & Lake Erie
1st preferred
2d preferred
Wisconsin Central
2212 251/ 21 2314 21 2212 2112 2312
2638 2858 2412 2714 2412 2634 2312 274 2314 2514 1918 2334 2058 2438 2314 26
3
8
7778 8012 7914 8112 7513 8012 7514 774 72 765 74 78523 79 8014 79 8012 7412 80 4 75 7612 7414 771i
783 81
4
_—._
__ ___-- -__- ---- ---- ---- ---- ____ -- ---- ---- -__- ---- -- -___
__ ___ _ _ 7212 7213 _ __
1513 1714 1412 16
4
4
174 1014 4
13 1514 123 143 1112 1312
1212 -1414 133 17
2018
20 -2258 18 - 21
1713 19
16 -8
3
4
.8
/
37 433 35 421 37 403 385 427
277 331 301 373 333 39
8
3612 401 341 397 34 387 3312 3834 32 35
8
8
_
_
__
------------214 258 212 213 2 . 2 - ---- ---- ----- ------------ ----- ---- 312 312 __ _ _ __
3
3 - ----. 718 125 178 123 113 218 108 1 3
8
4
9 1113 ___
4 73
73
4 68 , 9
12
11
13 ----------------11
221. 1514 18
8
2314 2 34 2238 22 8 ----- ----1812 194
7
- 185 2414 2212 24
27 2934 2512 263 2312 271s 23 2514 21
4
'
4
4
8
105 10814 10412 105 1034 106 104 1057 10313 1033 1014 104 10214 10412 10418 10612 108 109 10412 10412 10334 1043 10412 10614
_ _
_ - _—
_ _ _
_ _ _
__- --- •
145 145 --------1371313712 135 135
58 147 1E9 8 14618 122 1463 157
- .5
42
15558 1624 15218 1621p 14578 16538 14534 1567 14618 15538 13734 14978 146 150 14713
3
83 85 81 8712 8012 8412 80 4 8214 8214 8514
7934 837 81 84
8
3
8312 8714 8314 85
85 9012 83 86
8914 9312
1-64 3-32
1613 25
21
25
22 2213 18 203 1612 18
18 22
-- 5
4 29
24'12 28
20 - - 2212 2 - 16 21
32 3512 24 32
.
30 4313 3134 45
3912 45 40 4338 32 8 38 '3213 3612 33 4012
7
47 5212 43 5112 4358 47
5913 6312 48 61
_
52 52
_- ___ ____ ____ ___ ____ ____
5212 5212 ---- ---4
5134 513 55 55
55 55
5412 58
51 51
----------------89 89 --------94 94 ----------------9614 - 63
--9- 4
91 92 ----------------93 93
212 334
44
2 238 234 234 6
37
8 213 318 221
3
312 4
33
8 37
8 3
4
3 s 47
7
8 312 4
1012 1224 938 12
718 934 638 73
4 618 753 714 1718 1118 1338 9 1212 1018 1114 7 1014
12 1314 9 13
3518 37
2872 35
40 42
3418 40
40 4358 3712 4214 38 4038 32 3912 3512 4112 3912 44
3738 46
42 45
5312 54
56 56
57 60
58 58
5512 5513
5812 60
58 58
8
54 55
57 6712 6258 625 59 60 57 60
7 514 Vs 5
5
33 512 5
4
4
5311
412 514 51s 612 438 5
714 8
514 7
612 63
4 514 712 3
1
1'
20 21
8 18
18 18
17 21
1918 2412 1514 1812
1814 184 15 1612
2614 2812 19 22
55
8 712
g
934 8
10
7
9 1012 858 113e 9 1113 712 84 ----------------813 1113 10
12 14
46 49
46 52
43 48
47 4912 4912 5812 48 5212 4018 47
43 45
4314 4512 4133 467
46 50 48 53
8.
EXPRESS
Adams
American
United States
Wells, Fargo &Co
140 150
160 165
52 66
110 123
156 149 16214
-
143 150
16013 170
50 55
110 11414
13978 146 145 146 --------130 13514 130 140
160 179 159 168 160 164 159 160 1423 175
4
43 5014
50 50
51 53 55 6312 5514 58
91 111
4
110 115 112 125 10912 1153 110 112
29 129
115 135
4012 49
87 100
122 125 122 125
11818 120 11712 120
43 49 46 60
8614 90 871 95
2
115 121
110 120
45 49
90 97
90 110
95 114
38 46
85 93
Prices of mining st 9cks of pai value of 525 or less are dollars per share; others p.c.
COAL AND MINING
Par.
2114 2438 18 2214 19 22
10
____ ____ ____ ____ ____ ____ ___ ___ ____ ____ ____ ____ 1952 24
Alaska Gold Mines
4
8
6258 713 687 7612 7314 8012 693 7714 673 7318 6812 75Iti
8
8
8
100 '705 S03 663 737 6(33 7378 7014 7914 7034 7534 615 72
8
4
Amalgamated Copper
8
8
4
25
American Coal
3734 31 3 -- 4 33 2 - 18 3278 93
34 3338 367 38
-2 3
3
25 2614 1112 637 --.
2
3 32 ".
9
6 3
8
- 3
2 8 3484 3834 3f3 --- 3 is -- -32 307 3632 3114 1632 3532
Anaconda Copper
.
112 1
114 ---- -- -20 1
158 14 13
13
8 138 13
8 118 114 114 112 138 138 114 14 1
8 1
158 1
Batopilas Mining
__
.. _ -7 _
_
853 8534
4
87 87
100
____ ____ ____ _______ ____ --_- ____ ____ ___---- ---Central Coal & Coke
4
0
363 3
93
8
3234 337 37 4158 397 4514 3814 4258 _- 8 -- 4 3638 - -8
8
3
Chino Copper
5 41
4758 357 427 37 417 3718 4338 3678 415 303 39
8
8
8
g
s
3014 3314 2914 3412 27 297 2513 2812 26 293
2634 3213
3113 4113 31 3534 31 3718 3014 3234 2412 30
100 31 38
Col
do Fuel & Iron
ora
100 150 151 155 153
Preferred
10
c
- . 8c
9c
2 8e. 8c. 8c. 130. 6c. -8c. -- .--- - ..--- ic. --- . 8c -- -c 8
8c. ic. --10c. i3C. -- ----------------6. - -c
80.
Comstock Tunnel
100 10238 1O25 10214 10214
Consolidation Coal
_
-_
_
_—
_ — _
10 2
214 218 234 212 218 17
_
213 1i2 17 - .
8
8 il2 17s Goldfield Consol Mines
7
- -8 -14 -8
-8 --- -3 -- 38 -- - 0
100 110 117 116 11712 100 12012 102 105 100 10378 10034 10214 100 8 10 - 107 10 - 107 10 - 106 10 - 10- 121 11412 120
Homestake Mining
1458 1378 1532
8
8
1734 16
1914 164 173 1414 1614 1418 153 147 1618 1514 1678 1458 1612 14
4
4
InspirationConsol Cop----20 16 203 153 17
s
1538
2212
5 23 2612 2138 2118 2218 2378 2312 2538 2234 2311 2038 2212 2038 2338 2214 234 2212 2412 2112 2318 21 2258 21
Miami Copper
8
14
1558 1414 1534.
16 183 1638 183 1612 1838 1638 17
8
13 1652 144 1658 157 1658 16 177 15 17
8
5 1778 20
8
Nevada Consol Copper
2
2
212 3
100 238 212 212 25
2
2
2
3
34 212 212 213 272
232 212 212 2
8 212 212 2
Ontario Silver Mining
1812 2012 1918 224 1952 2214 1814 20
8
177 20
8
s
8
4
1718 2112 173 1834 1412 1714 1514 19
Pittsburgh Coal of N J___ _100 2112 243 197 233 19 22
8614 9113 87 893 85 89 '
4
1 857 '93 83 73 8012 74% 8312 824 853 83 92
1
4
87 95 84 927
2
3
Preferred
2
--313 438 258 3
214 178 2
214 3
2
212 214 214 2
103 312 4
314 334 ------ ----_
Quicksilver mining
1
15
8
100 412 413 4
738 314 413 318 35
8 338 334 4
4
3
412 2
7
414 4
4
418 418 538 8
Preferred
314
10 187 22
8
183 193 183 203 1318 1912 174 187 1714 1838
8
4
4
4
8
1634 1958 1713 20
17 1938 15 1834 1614 19
Ray Consol Copper
1738 20
25 3214 394 3213 38
8
8
4
8
Tennessee Copper
33 3812 3312 377 3318 357 263 3312 2713 3114 30 3232 3112 3412 2732 3234 275 2914 284 3338
47 5234 465 511s
10 5312 6032 4912 543 4858 5478 4812 5518 4812 5214 3958 4914 4078 483 4738 5314 51 574 5018 55
4
8
Utah Copper
4
40 44 40 4214 38 40
52 54
37 4114 3912 4212 42 46
4434 524 48 51
Virginia Iron,Coal &Coke 100
45 50 40 454 3714 40
VARIOUS
714 w512 712 w7
712 w712 712 w738 8 w8
9 __ ___
g44 g27 0414 023 g314 0253 v47 c43 w734 w614
4
8
Allis-Chalmers certs of dep___ et
8
4
.13
w16 16
0612 oil v11 tv1634 w1218 1614 w14 17 w16 16 w17 1912 w14 17
Preferred Cert8 of deposit_ 802 ova g918 g10
g638 g9
Allis-Chaim bug v t c
.
__ ____ ____ 40 42
4012 4313
Preferred v t c
433 4714 4114 4534 4312 454 42 4512 4312 4658
4
4712 5012 44 4714 46 4S
4
5034 55
5i 5012 533 5113 53
American Agricultural Chem- 4614 9012 9212 90 90 90 9078
94 94
92 94
9212 9334 93 93
94 9518 9312 94
Preferred
817 96 06
977 99 9812 9
8
1978 2538 22 2334 2214 24
8
201 2778 2538 2878 2412 30
American Beet Sugar
35 504 337 3712 25 3612 2814 3713 2613 32
193 27
71
65 '
67 65 7014 7412 7412
71
__
7213 7212 ----- --------- ----70 70
1 86
78 86
Preferred
84 85 _-_9
6
.....
_ 8912 8912 --------90 90
_
90 90 92
American Brake Shoe & FdY-- 0312 9614 95 -- ------931 9318 92 9418 00 91
92--- 8
s
4
130 13653 133 135 129 13114 13012 134 13112 13113 128 128 130 130 130 13213 133 1337 130 1307 1273 12912 12734 128
- Preferred
8
245 3114
2512 4678 3112 437 2778 3634 3012 383 297 3413 21 3214 263 3418 • 3112 3534 3212 3838 2914 3512 2512 31
s
8
American Can
4
13
11313 1294 118 1273 11812 12514 91 729912 9114 9438 8012 92 8612 9378 92 98 93 9918 883 957 87 9314 8518 91
4
4
8
Preferred
4252 4514
5113 563 4713 5414 48 524 48 525s 4778 4912 3612 484 41 4534 4438 4738 44 4812 4114 4514 42 44
8
American Car & Foundry
11612 1163 112 11614 114 117 114 115 11214 115 103 112 1083 112 113 11514 115 116 114 11638112 113 11134 1144
4
4
Preferred
4712 4834 4713 475 40 48
3313 3714 3314 3734 3714 3712 36 38
36 3713 36 36
8
36 36
American Cities
3734 4213 3712 38
77 784 7512 763 71 77
6438 6578 6313 66
8
63 65
623 64
6034 6434
Preferred
6912 7313 70 72 6014 70 6412 67
94 04 913 913 87 87 ---- --- 85 85 ____ ___ 80 80
82 83
Coal Products
84
51 84 85 ----- ----80 83
American
1091410014 ------ 101 101 ___.
_
- Preferred
_ ..— ------------105 105 101 105 --------- 100..102 100 100
4838 5738 48 - -3- 423 49 8 4314 -52 4
American Cotton Oil
2
3534 3812 35 39
4
,
5
012 39 4412 3312 387 38 4214 40 4514 4112 4512 3713 42
4
965 963 9613 9613 9513 96
8
9313 9312 96 96
9212 95 95
9318 94
95
Preferred
97 97
0578 9578 9612 98
4
518 44 5
418 313 412 4
312 44 4
418 414 412 4
412
414 434 4
458 4
414 334 4
American Hide & Leather
2212 2814 25 25
2412 28
225 26
8
1914 2112 22 2312 21
22
1518 2034 1912 2234 20 2313 22 23
Preferred
2214 23
4
20 243 2134 2414 2358 2612 22 2734 2114 2614 17 2334 21 2418 1978 2578 2212 2458 2018 2338 20 2112 2112 25
American Ice Securities
10 1112 9 11
1032
958 107
4 84 914 9 1012 9 1014 778 1012 914 1218 10
.3 9 1112 84 938 67 83
American Linseed
8
30
314 2512 30
20 294 27 3332 2712 30
2458 27
28 2812 26 2914 25 2713 2012 24
23 28
264 27
Preferred
3834 4412 3313 4114 3414 3818 33 3914 32 3412 27 32
8
284 3253
28 3238 31 38
317 3613 2913 3158 29 30
American Locomotive
8
4
105 1063 1047 10513 10478 1057 103 106 102 103 100 102 100 101
4
9614 99
997 102 102 105 94 1013 96 98
8
Preferred
8
12 13
77 11
8
9 11
734 9
514 65
8 6
658
9
9 103 -- 8
8
814 8
American Malt Corporation
-- 738 9
434 434 42 - -12
57 6112 47 5713 49 55
4713 5578 4618 417 46
2
43
Preferred
50 4513 4818 4812 4914 48 5212 46 53
4
86 88 843 86
8418 81 83
803 82
8
837 8532 8312 8512 83 84
7912 8272 805 81
8214 84 84
American Smelt Sec, pref B
g
8112 8112
8
683 7434 6613 74 637 7113 6538 7313 64 6914
8
627 6934 6512 7012 6112 663 6012 6312 6038 6512
8
4
8
5918 65
American Smelt & Refining
10514 1063 10313 10710014 1037 10034 10518 101 104 97 102
8
8
981210034 100 103
9934 10134 99 1003 99 10018 9713 994
2
Preferred
18778 193 176 190 • 171 185 158 180 158 177 159 172 150 159 159 16934 164 168 160 160 156 165 158 16612
American Snuff
104 105 103 103 _ _
_ _
___
_
_ 100 10018 --------102 102 10014 10014 100 100 100 100
'Preferred, new
3334 36
35 4012
27 2814 29 317 30 3173 26 2714 25 26
26 .
37 31 22 25 30
36 50Ta 8
American Steel Foundries_
214
4
4
11
997 110 4
American Sugar Refining Co.. 11311 118 11414 b11778 10934 11512 11012 115 • 10813 1113 1043 10818 107 112 109714 11112 109 11438 107 11012 108 109
,
115 1108 1133 b11612 113 11413 113 11512 11134 11278 11018 112 1121 1151 1144 1155 114 117 11
4
Preferred
1153 1372 114 11213 114
661s 6613 62 64
59 59 62 62 6113 6113 65 65 ----- ---- 60 60 - ---- ----- ---- -----58 59
American Teleg & Cable Co
____
60 60
American Tele',& Teleg Co
b1315 140 131 13314 13014 1343 12814 13234 12713 12934 12513 12914 126 12834 12812 131
8
8
3034 1312 958 12914 11778 12134 110 12412
276 2943 23412 284 23212 250 218 24712 220 23334 200 230 208 224 2297 2371 230 240 22434 2393 227 23514 232 251
4
8
4
American Tobacco
-------------------_ 106 106 ____ __ ____ __
_
9613 98 -------- --------101 102
9934 993 -- - - Preferred
4
103 1061s 10312 105N 101 104 10213 10312 10213 104
-- 8
9878 1033- 96 993 9812 112 005 102 100 102 99 1007
- 4
Preferred, new
8
4
_
96 95 95 95
4
07 09 963 9732 96 9812 9518 96
Am Water Wks & Guar pref
4
1712 183 1713 18
1634 17
18 21
1758 1413 ' a
175 173 1618 18
8
1713 -- . 26 2313 20 22 16 - 1738
- 151
American Woolen Co
4
1613 -17
7914 81
7712 7931 7713 7013 78 79
7912 82
7514 8112 7512 76
74 78
77 79
Preferred
4
7558 78
7413 78
743 77
American writing paper pref_ 3012 3214 2612 3112 26 29
1513 163 117 1438 124 15
2
20 2613 22 243 16 2312 1612 17
4
4
265 3013 2653 27
8
115 120 101 116 105 108 1C14 107 103 103 91 102
Assets Realization
74 79 40 6714 22 40
8'7 9018 87 87 '75 87
Assoc Merchants lit
;1214 4214 43l 4318 i61- -4 14 - __.
Associated Oil
-4 6
__
_
_—
4812 5313 4613 49
4612 4938 44 48
Baldwin Locomotive
4578 50 40 45
44 4513 43 453 40 4218 39 40
4
41 44
3613 40
1033 10414 10353 10453 10358 10434 104 10478 10418 10514 10014 10512 1001210318 104 105 101 1054 105 10512 10412 10112 10138 10512
4
Preferred
3313 3612 3412 3712 2812 3514 28 3014 2815 31
8
8
Bethlehem Steel Corporation_ 3513 4112 35 3914 33 3734 323 373 3218 3313 25 3214 273 35
8
65 4 71
3
ON 6812 6512 72 69 7212 6918 71
72 74
697 7312 673 71
Preferred
6214 693 661 731 7112 74
8
4
6714 693
4
137 1377 128 1343 12954 13134 12714 13413 12658 132 121 128 - ----- ---- 127 128 126 12913 120 123 12238 123 123 125
8
4
_
Brooklyn Union Gas
714 8
77 8
8
8
834 8
812 632 714 612 612 734 8
Brunswick Term & Ry Sec
71s 812 753 84 718 714 713 8
2914 295 2814 31
8
2718 3014 28 285 274 28
2634 27
27 27
8
Butterick Co
25 273 27 27
.
4
2734 273 287 27
4
8
2534 29
5038 5534 4714 5612 4534 52
16 23
184 273 16 213 16
4
4
California Petrol vot tr aft
18
1614 193
393 5
4
4 0 343 42 .2014 373 164 31
4
4
8312 86
79 8513 7612 8114 68 77 64 7058 58 6112 45 5978 4612 52
5213 6812 45 553 47 49 49
8
Preferred
53
8
9912 10014 10012 1035 9914 19112 9914 10012 9912 100 09 10014 98 987 96 9812 9718 9778 9518 957 95 95
s
8
9014 95
Case (J I) Thresh M pf ctfs
4
2612 2913 253 304 2114 2912 217 28
1013 2334 17 2134 2012 2458 2234 2412 22 243 1914 2212 2118 264 2313 27 2
Central Leather
s
4
,
9318 9514 9334 96
971 9112 9478 90 93 88 917 91 927 923g 9414 9234 947 9014 927 93 95
Preferred
92 95 4
8
8
,
-_ 11212 11212 ---- - _ 110 110 108 108 10313 106 - -------- 100 106 105 107 104 104
____
_
Cent & South Amer Teleg
....
_ 100 100
13613 14238 127 138 129 13413 127 13714 127 13334 12518 13134 29 13234 130 13378 12914 1343 12734 133 12
---Consolidated Gas
4
-6 13 -18 12614 13112
-0
13 174 1212 164 10 1234 10 12
Corn Products Refining
10 12
1012 1134 8 8 105
8
7
8 9 10
8311 10
034 10121 73t4 107
8 05 11
6312 70 6378 70 6414 66
Preferred
754 7914 69 78
6112 6514 65 6732 65 6712 68 6912 65 6938 65 67 62 66
w 5th paid. 01 Ex 24% accu m. dlv.
paid. g 3d paid. 'ts 4th paid.
d 1st instal iment paid
e 2d
b Ex-right s
.
6313 6434
ii
10i12 foi
130
THE CHRONICLE
[VOL.xcvm
1913—Concluded.
STOCKS
January February
April
March
August September
June
July
May
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Crex Carpet
Cuban-Amer Sugar pref------ ___
90 90 -8 ---'
88-8
- - - ---- - - - ----- ---- -1— 7!
— "-'""
"
Deere & Co preferred
998 10018 9734 100
9778 987 955 --- 97 08 98 - - 941s -8
984 -95
9712
9458 --- --- --- 967 -9612 9612 9718
98
9412 -''- '-- ,
9112 01 2
98
Distillers' Securities Corp
l'7 213 1'7 20
4
1334 1438 1214 1538 13 1914 1412 173 15 20
16
183 15% 173 10 1614 934 1234 1214 15
4
3
8
E I du Pont Powder, pref
_ _
_ _
_ __ _
__ 93 93
9338 9338 ------------------------ 8812 88 - -,
-- ---- -- -- ---Federal Mining & Smelting.-- 1614
14 14
15% 15 1734 14 14
1834 -14 14 ------------ ---- __ 14 -- --------11 --13 13
14
11
Preferred
3938 44
3514 44
3634 40 33 38
3934 4012 3312 3413 3338 38
38 4112 3812 333 38 383 37 37
4
35 35
General Chemical
175 17512 18212 18212 185 185 184 18518 18412 185 170 184 175 177 175 179 178 179 178 178 - --------181 18112
Preferred
10734 1097 108 108 107 107 105 107 104 10614 10512 10512 --------10414 105 105 105 107 107 107 109 107 107
3
General Electric
13412 187 13514 143 1353 140 13718 14214 1363 14018 12934 13612 13512 14012 14014 146 14312 149 139 14538 136 14012 13314 141
4
4
General Motors
33 3412 297 3414 291, 3012 26 3134 25 2714 25 2812 32 32
3
32 40
35 3914 3712 3938 36 3812 3513 3734
78 79
75 79
Preferred
7612 7738 74 79
70 74
71 73 7314 7412 77 8114 80 8134 76 8134 74 77
75 7712
Goodrich (B F)
6214 68
38 63
28 44
30 3814 30 33
27 3134 2838 313 2712 2912 20 27
2512 30
1513 21
4
1578 233
4
Preferred
4
10378 10514 9112 1033 94 10012 9412 10012 9134 937 89 92 00 92 00 913 8838 9112 87 90 733 8712 758 80
8
8
4
Guggenheim ExPlor—Par $25 4734 5338 4312 5012 4218 4712 42 4814 4212 4818 41 451 403 45
4438 47
46 481 4234 4618 4334 45
G W Helme
175 180 __ ____ 170 170 11'
150 150 150 - ----- ----162 162 -------- 150 150 ---- ---- ---Preferred
1051210612 ----------------109 109 ----------------11028113 ----------------111 111
-- - --Internet Agric Corp vot tr ctfs 33 39
31 331 --------714 2i
8
5
5 ----------------622 61 ____ ____ ____ —__ _-__ ___
Preferred v t c
82 90 76 80 78 79
45 76 -------35 4014
------------ ---- 301433 --------26 26
10612 11552 106 11414 10412 109 10334 10812 10412
International Harvester
1053 --4
--- - --- - --- - ---- -- — --- - Preferred
1144 116 11212 11512 11112 112 112 11212 112 112 _ ___ ---- ---- ---- "—
---- -- ----- --Internet Harvester of N J---- ----------------105 108 10012 10714 102 106 96 10512 103 110
106 109 10814 11112 1011 10514 10012 103 100 104
Preferred -------,
---- ---- -- -- 11212 11212 112 112 111 113 111 113 11178 11318 114 11418 11412 11412 116 116 11214 113
114 114
Internet Harvester Corp
---- ---- ----- 105 1073 10034 107 10112 10178 9512 10112 10212 1083 10518 10718 10712 11014 102
4
4
10712 100 10138 100 10313
.Preferred
----------------113 113 1121 113 111
-- 3
11312 1117 112 11312 11312 112 112 114 1143 11414 11412 11312 11312 114 114
4
Internet Mercan Mar stk tr ct 413 438 4
412 334 4
334 418 333 334 278 3 4 3 3 33
3
3
4 3 4 418 312 44 34 314 34 312 314 3511
3
Preferred
18 1912 1714 1712 1634 17
173 1838 15 1718 1212 16
8
13 147 1478 17
3
1314 144
16 1712 15 1514 131s 15
International Paper
913 1238 1013 1238 10 1218 88 1012 813
934 713 9
812 1012 10
1012 834 938 612 818 74 8
714 9
Preferred
42 4812 434 47
4212 47
39 4512 3814 ,40 36 40
37 4112 3714 4212 36 39
3218 3678 334 36
3338 387
8
International Steam Pump
1338 1812 127 16
3
8 1428 98 113
6
8
6
4 6
618 63
9
4 63
8 712 6
412 63
7
4 65
48 6
4
Preferred
66 70
5312 6714 37 515 37 3813 28 35
8
2214 2712 2214 235 2
2
21 235 233 24
17 2314 15% 18
Kayser &Co(Julius)
8514 93 8934 94
88 92
'
89
80 - ------ _
------ ---- ---- ----82 82
85 80
_
77 80
Preferred
'3 110 08 10812 110 110 ------ -------- ---- -------------------------10623 10812 --------106 106
_
__ _
Knickerbocker Ice (Chic) pref ------ -76 7712 _
_
_ _ _ . _
_ _
_ _ _
_ _
_ _ __ _
_
_ __
Kresge (S S)Co
7i3 - -0 2 71
4 7
Preferred
100 102 1001210112 99 100 973 99 --------97 97
4
_
9718 9718 98 93 100 102
9814 997 98 991 98 , 98
Lackawanna Steel
43 4818 43 49% 38 45
37 4112
2978 33 --------3713 38
3612 3812 36 37 - -------- 30 30
Laclede Gas(St Louis)
1023810412 98 10312 99 10012 93 101
6212 0512 91 94
94 96
95 9633 96 10134 97 100 96 977g 943 9618
4
Liggett & Myers
213 225 217 226 220 235 210 23112 212 2194 195 214 200 215 212 21812 215 220 208 21614 2054 21014 20812
21714
Preferred
11412 11612 114 11614 113 113 113 11412 112 11314 110 1123 10612 10912 10914 110 1133811538 110 115 1097 1103 110 11112
4
8
4
Loose-Wiles Bisc tr etts
38 398 32 3912 30 31
31 348 3012 3212 21
34
2813 26 29
28 30
32 32
2618 347 3314 3638 31
3
preferred
1st
104 105 10214 10414 9934 102
9913 10014 99 99
9178 99 95 95 8 89 9512 100 100 9814 9814 100 100 100 100
,
2d preferred
92 95
9234 94 92 92 92 93 90 9018 8612 8612 84 84
8813 8813 88 8812 8812 881 90 90 86 89
Lorillard (P)
190 200 185 200 175 186 165 180 16012 171 150 170 157 159 164 167 166 170 162 162 - --------162 168
Preferred
11514 11612 113 117 113 113 1123
311314 112 11222 103 110 105 108 10712 10912 111 11214 110 113 109 109 10912 110 2
,
Mackay Companies
8114 87 83 8612 81 81
83 83 2 82 82
,
76 81
7538 7712 7713 8614 80 8012 79 8114 78 78
76 733
4
Preferred
664 6814 67 677 67 673 6712 69 8738 68 86 6713 6714 6714 68 67
8
8
64 6718 6313 6413 62 6512
8638 68
May Department Stores
72 7678 66 7512 693 7618 72 723 70 7312 66 73
4
6613 684 6714 70 654 71
6512 6512
6514 67
65 66
8
Preferred
103 1054 10078 102 _
_ 1017 1011.,100 102 9712 100 100 100 100 100 100 100 100 100
8
98 98 -- -- — -Mexican Petroleum
6712 7514 86 7814 61j3 --- 5618 6738 63 6714 57 6314 55 6213 1
7134
42 4812
4134 58
67
1 707 5'
61
Preferred
9934 9934 93 9678 95 95 95 95 90 90 85 85
8512 8512 ---- 723 81
_ ___-------- -------- 69 84
4
__
Rights
li
81 ii WI? ii iii ti
.
lii ii -6618 6 Wi isi Wi '11t Wi 6 Wi 6 if Weis WI
.
,
Moline Plow 1st preferred_
___
____ ____ ____ ____ 100 100
National Biscuit
11814 12812 112 1197 11312 1184 115- 3
1104 11914 11734 12812 12338130 118 12338 118 122 118 124
Preferred
121 1247 119 122 1164 119 11812 11912 11812 1194 116 117 11618120 117 120 11913 12033 118 120 117 1197 116% 119
8
8
1538 1914 1414 1812 137g 1614 123 1538 1033 13
Nat Enameling & Stamping
4.
4
4
9 1078 103 133 1234 147 13 1434 934 1112 1018 1114 934 12
8
Preferred
88 9214 87 87 84 8718 85 85
84__
_ 78 80 8013 8218 82 82
75,,
77 79
80 80
7414 82
National Lead Co
4814 5611 4713 5212 4513 5014 4814 5112 47 49
451 4912 4812 5012 4412 50 43 45
43 4312 43 4412
44 17
Preferred
105 1075g 106 107 104 106 10618 107 10513 10658 100 10712 10612 106% 106 10718 10538 10633 102 108 102, 105 104 104
2
New York Air Brake
7514 8212 7213 76 69 74 65 73 65 70 584 6512 56 63 (15 70 69 70 6814 6814 60 00 68 59
New York Dock
__
__
_ ____ ____ ___. _-_. ____ --_- -___
Preferred
- 8112 78 -1- -- - 8 -; 6- /01- -66- North American Co new stock 80 -3ii- --3- 7
85 10 - -88- - - -7224 /b
—
66 70 4
,
ii
. 704 73
Pabst Brewing,pref
106 1077 ----- -------- -- 106_
2
_106 - ----------------101 101
Pacific Mail Steamship
2813 3112 2434 31
1713 21
2012 23
2413 3813 22 28
2612 23 26 238 1814 204 2014 2412 227 2434
3
7
Pacific Telephone &Teleg3'7 46
3614 4014 30 37
32 3734 30 3212 23 30
27 2 31
,
2714 2912 28 3012 25 273 22 2512 22 28
Preferred
• - ----- ---__ 95 95 _ -- 90 90 05 95
94 94
89 89 - -------- 82 88
Peoples'Gas Lt &Coke. Chic- 11314 116 109 11514 109 113
---11
1 1097
- - 4 108 1073 1163 11334
4
4
1293 122 128 11614 123 1153 1213
4
4
Pettibone-Mulliken
27 28
2412 2812 23 24 ---- --- -------15 184 ---------------- 2
9 29 - --------25 25 --- ---• 1st preferred
96 98
413 9812 93 93
90 90 ,_ -___
_
85 ---- ---_
__
Phelps, Dodge & Co-- _
19538 19512 19512 ------------------------ ---- --------- - 8514
Philadelphia Co(Pittsburgh)_ 99 9973 69 9
---------------- -88 ifi_ --- ----------------85 1112 —_
4
---_
— --- Pittsburgh Steel preferred--- 9912 100 9714 974 -------- -------- 9412 9412 9613 8812 9412
__
_
95 93 9412 94 94
93- - - -00- 93
94
8912 8 12
9
Pressed Steel Car
32 36
25 3334 2434 2812 2334 /8 2312 2518 1812 2418 23 25
12
2412 2538 25 2914 2334 2534 2413 2514 2412 2712
Preferred
991210118 97 100 97 08 97 98 95 9578 8813 93
95 95
95 96
96 100 95 99
94 95
--- - `-,
Public Service Corp of N J
117 118 11614 11612 11578 11578 115 115 11412 115 11112 114 109 10914 110 110 11212 11312 108 111
--------105 109331
Pullman Co(The)
162 185 1561. 162 157 160 158 160 15314 15812 152 154 15212 155 153 15518 149 15453 150
1547 152 154 150 15318
Railway Steel-Spring
3113 35
2434 323 27 3212 2814 3414 27 28
4
2314 27
2214 26
2558 2634 25 2772 233 26
4
23 24
23 2512
Preferred
9838100 09 100 98 100 98 99
91 913 9014 92
91 917 97 97
2
8
96 9834 93 94
94 91
3
967 967
Republic Iron &Steel
2338 2833 2314 28
24 2638 22 2818 22 2112 17 22
18 2512 2234 257 21 25
8
1812 2118 1812 20
183 2013
4
Preferred
821t 89
84 8914 837 88 82 865 8038 83 72 80 76 867 86 8912 85 9214 7712 8112 7814 80
8
8
8
7814 82
Rumely(M)Co
87 9214 64 90 41 71
2138 4512 2514 3012 17 2518 113 171 1833 183 18 23
3
4
4
1913 2012 14 187 14
3
18
Preferred
98 9934 01 0814 83 92 49 8614 50 61
4514 498 34 4518 33 381
45 56
37 498 36 4218 39 46
Sears, Roebuck &Co
201 21312 187 2074 178 200 170 192 165 174 15434 16712 162 1754 170 182 17918 192 170 1904 172 177 1714 183
Preferred
12414 1254 123 12378 122 122 122 122 120 120 116 118 120 120 120 120 1194 11912 121 121 122 122 12213 124
Sloss-Sheffield Steel & Iron
44 4512 35 45 33 363 30 374 30 33
30 3614 2778 30
23 2833 2713 31
24 29
20 2612 25 29
Preferred
9314 98 9314, 0314 -------- 88 88 90 90 88 90 90 90 91 91 --------897 8978 _ _ _ _ __ _ _ _ _ _ _ _
_
3
South Porto Rico Sugar
70 70
Preferred
108 110
167T210i4 ---- ----102
Standard Milling_
3514 4012 35 40
3418 12 317 3914 321. 33 33 3412 36 0314 3314 304 32% 333 -------- -315 3158 31 21 4 -- 8
-3
8
-3
4
Preferred
6512 6612 6338 6678 62 65 60 66
66 03
5213 59
54 5614 54 57
01 61
5933 63 64 66
6213 6212
Studebaker Corp (The)
3213 35
26 36
28 3012 2713 30 2513 277 213 2512 217 2412 2314 2412 22 2312 1712 22
16
8
4
1713 1534 197
Preferred
02 9314 8813 93 89 89 884 923 883 9214 8213 90 823 8612 8213 83 80 83
70 7934 6112 70 05 693
4
4
4
4
Texas Co (The)
112 12234 113 12113 10873 115 106 112 2 105 108 89 1051 1047 108 107 126 1097 12514 107 115 10713
8
8
,
11738 10978 132 2
,
Texas Pacific Land Trust__
9612 97 95 95
95 95 95 95 _ _
_ _ 93 93 - ----------------95 95
93 03 92 92
98 96
Underwood Typewriter
9514 99
, 9112 971 89 95 87 93 2 i1513 - -12 78 84
90 90
96
8314 80 8
931 94
,
88
8214 8214
82
Preferred
113 113 - -------- 112 112 110 11018 108 108 108 108 101 104 -------- 107 111 10514 10712 ---- .
_ -10634 107
Union Bag & Paper
6
73
4 512 712 412 6
5
612 5
433 512 5
44 5
512 473 5
53
4 418 5
4
412 4
638
Preferred
3514 4134 30 3312 2934 3133 31 35
4
2
33 35 22 3078 25 2514 2338 2514 2312 233 203 23
1813 2012 24 30
United Cigar Manufacturers-. 4673 50 4713 5012
1 50 46 4712 44 4514 4014 44
4118 451 431 4712 4513 4733 4212 443 413 43
4
4
4234 457
8
Preferred
10014 10033 10014 10212 ------102 10212 9812 103 9813 1013
98 98
_- ---- ----96 96
_
4
United Dry Goods
97 99 9713 99 101
9i 9714 98 94 05 90 934 87 87
87 87 --------903 901 89 90
4
4
if
Preferred
10414 10512 1044 10512 10113 10312 101 102 10134 1013 9812 9912 911 99
9913 998 9718 10014 99 16128 95 98
4
99 102
US Cast Iron Pipe & Fdy
14 1634 134 16
1338 14
1313 144 1212 137
1238 123
4 938 93 1034 1034 10 3 1012
10 13
3 914 12
1113 12
4
3
Preferred
55 5634 5412 5513 52 51
5013 5233 47 49 444 48
4713 49 4
493 -------- -48 48
40 4014
43 43
U S Industrial Alcohol
30 3518 35 35
38 44
30 30 30 30 25 284 29 29 ---------_
28 29
27 27 ____ ___ ___ _
Preferred
95 95 95 95 89 97 884 8834 864 8912 85 85 90 9014 __ _
__ 9014 9014 - U S Realty & Improvement
73 77
6834 733 64 891
4
3 71
57 67
69
658 594 655 61 6134 61 -55;4 8
50
Wit 4
US Reduction &Refining
_
8 112 1t9 -------------- 4 1
13
4 17
__
2
2
4
3 ----------------12
4
12 ---- -------- --- _ - ----..
Preferred
4
4
31
313 ---- --- 3
314 3
3 _ _
-- -- - --- --- ---_-.7
- -- --- -..--. ”.4
US Rubber Co
6212 6838 5712 684 59 844 6014 6912 6034 6433 83 6038 583 8 6212 5934 - 7 61 1514 6734 - . 51 /9
028
6312
5318 18j
1st preferred
10512 109 10414 10738 104 10658 10378 1093 1037 105 4 98 10412 10278 10478 104 10553 105% 108 10318 1077 0813
4
3
,
8
104% 9812
2d preferred
7638 8112 783 7912 --- --- ____ __ __ _
4
.
__ _ _ _ _
_ __ _ ___ ____ ___ ____ ........, 10114 .
_ ____ _
US Steel Corporation
614 6918 5912 6512 5814 63 5838 - - 58523 - 3 497 - -3- 51% - -14 5812 - -- 5834 643
4 - 618
6
60
6012 534 58 4
- 6 13 - 6614 5314 57
5413 - 6058
Preferred
8
109 11034 1073 11033 107 1083 107 109 10513 10812 10213 106 103 109 107 109 108 10934 1044 1085 10814 107
3
8
10412 1087
3
Virginia-Carolina Chemical
35 431, 3012 37
3158 35
3112 38
2514 333 23 28
4
2638 2818 2413 29 4
22 2612 2412 2814 26 3458 2713 30
,
Preferred
109 114 10712 110 107I10858 1037 110 04 106 93 104
8
94 97
0414 097 95 100 98 102
8
95 99
Vulcan Detinning
2134 2134 16 2134 1712 19
1534 17
15 154 14 14
12 13
1114 111 111 114 ------------ --- 1114 1114
__
Preferred
90 90
84 84 85 85
80 83 78 78 65 76
50 5612 50 55 - ----- ----49 5812 6313 85 —_—
Western Union Telegraph
70 7518 657 723 6512 7014 6438 70
8
4
41 66
4
1 651
1 693 677 693 5913 67
0 1
6018 8313 544 03
Westinghouse Air Brake
280 280 ___
_ 280 280 272 275 - --- - _ ------ -----__ ----- ---- ------------265
- - _
-_
_
265 ---- - West'house El & Mfg, assent
7212 7914 88 -7314 6012 701, 60 6714 61 623 6353 61
1
4
313 0912 0358 6612 62 - -13
4
58 6418 62 733 6814 74
66
, 41st preferred
11914 11934 11
11' 117 118 1163811913 114 11513 10778 10973 109 109 114 114 115 115 1143
4 1143 115 115 116 4 11614
4
,
Weyman-Bruton
300 30018 ---------265 245 275 275 24 240 35 235 --------- ---- --- ---- - -Preferred
1164117
110 110 -------- ----- 112 112 ---- ---- -------------------- ------------116
-_
116
Woolworth (F W)
99 112 8612 10514 8512 0813 go 914 89 - 13 8113 0113 843 0214 89 93
4
9412 9213 98 883 953 8518 0114 88 92%
4
4
Preferred
11334 11513 112 115 1002411213 11112 1124 11012 11112 109 111 109 110 1122411214
11312 1134 113 11312 113 113 112)3115
fif- 11312 113 104' ffiti
Wci" -
'76 ii
ja
11- 117
9
162" —
-
-- ----
- -- - ---
- - - - ----
90
i9i- - - i
ii1 --
131
THE CHRONICLE
JAN. 10 1914.]
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1913.
(Complied from sales made at the New York Stock Exchange.]
January.
Opening_
Highest__
Lowest......_
Closing__
February.
Opening..Highest___Lowest.....
Closing..
March.
Opening....
IIighest____
Lowest ____
Closing...._
April.
Opening....
Iiighest__-Lowest....
Closing....
May.
Opening
Highest_
Lowest
Closing
June.
Opening...
Highest___
Lowest ____
Closing__
10234
1023
%
102
1023%
11334
11334
11334
11334
10194
10154
10134
10134
10234
10234
10234
10234
10234
10234
10234
10234
11334
11434
11334
1143'.
101
101
101
101
10294
10234
10234
10294
10234
1023%
102%
102%
103
10334
1023'.
10234
11334
114
11394
114
10034
10034
10034
10034
10234
10234
10254
10294
10234
103
10294
103
11394
11334
1133%
11334
1023%
10334
1023%
10334
100
1003%
100
10034
103
103
103
103
10234
103
1023%
103
10134
10134
10134
10134
10354
10334
10394
1033%
114
11434
114
11434
10034
1003.4
100
100
10334
1033%
103
103
10334
10354
10334
1033'.
114
114
114
114
100
1003%
7
99/s
993%
11334
11354
11334
11334
•
Pan. Pan. Pan.
2s,
Pan.
2s,
4s, Canal Canal Canal
cons. 3s, Canal 4s, cons. 3s,
1930. 1918. 3s,'61. 1925. 1930. 1918. 1925. 3s,'61 2s,'36.2s,'38.
July.
Opening..
9834 10234
Highest.
9834 10234
Lowest.......9534 1013
%
.9534 1023%
Closing_
August.
Opening
10234
Highest_
1023.4
Lowest _
102
Closing..
102
Sept.
Opening.....98
10234
10234
Highest... 98
Lowest _
98
10234
Closing_
98
10234
October.
opening......
10234
Highest_
10234
Lowest....10234
Closing_
102%
Novem.
Opening....
10234
Highest_
102%
Lowest....1025.1
Closing....102%
Decem.
Opening...
102%
Highest_
102%
Lowest
102%
Closing_
10294
10234
10234
10234
10234
10234
1023%
10234
10234
11334
11334
11354
11334
10234
10254
10234
10234
11334
11334
1133%
11394
10254
1023%
10234
1023%
11434
11434
11494
11494
10354
10354
10334
10334
11354
1133%
1133%
1133%
1005.1
1003%
10034
1003%
10334
10334
10354
10334
*This sale was made "seller 20 days." t "Seller 5 days."
REGISTERED BONDS.
COUPON BONDS.
REGISTERED BONDS.
COUPON BONDS.
Pan. Pan. Pan.
2s,
Pan.
2s,
4s, Canal Canal Canal
cons. 3s, Canal 4s, cons. 3s,
1930. 1918. 38,'61. 1925. 1930. 1918. 1925. 3s,'61.2s,'36.2s,'38.
101
101
9934
100
11234
11234
110
110
99
99
9534
9534
100
100
9934
100
11034
111
11034
111
9854
9834
9854
9814
100
100
100
100
98
98'.
96
96
103
103
1013%
101%
11034
11054
11034
110.
10234
102%
102%
102%
no%
111
100
100
100
100
111
11254
111
11234
1104
110
110 4
11034
993%
9954
9934
993%
9734
9754
9534
9534
-q
9634
9634
9634
963%
9634
9694
9634
9694
109
110
10934
11054
9934 1093% 96
9934 1093% 96
99
109
t9454
99% 1109% t9454
11094
111
113
113
110
110
1023%
1023.4
10234
1023%
111
111
111
11194
1 "Seller 5 days free."
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1913.
BONDS.
July
November December
August
September
October
June
May
April
March
January February.
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
New York State—
8
4
4
,s
9'712 9912 973 97% 973 973 98 987 ---- ---- ---- ---- ---- -___
1958 --------------------------------100 100
Highway Impt 4s
1958
Registered 48
97 98
61- toi38 1o112 iO5i8 1104 i55 166 --------97 99 9712 9712 9738 9712 9734 100 100 100 9912 9912 ____ ____
1961 i5i 14s
9934 100 998 9978 -------- 975 975 -___ ____ 99 99
1962 101 10118 101 1011 ---- 48
9934 993
4
99 99 - ----------------100 100
_
1960 1013 1013 ----- ---- -------- 1003 10 1
3
100 99 99
8
Canal faint 48
1960
4s registered
loo 10018 99 997 97 697
8
8
8
1961 -------------------------------------------------971134
8 1134 i2
4
s --------977 -6/74 112 55i2 1612 o5 2 93
4s
1961
10112 10112
_
4s, new
6734
Iii 4
- Iii3;
1962 1C1118 10/3 10114 1017 1015 1013 ___
-55f pm - -9812 - - ---------9738 - -Fria - - -55- 166- --------9712 - 36634
4
4
8
8
45
1962
4s registered
9912 9912 ____ ____
Palisades Park 48
Tennessee—
New settlement 38
Virginia—
1991
____ ____ ____ ____ ____ ____ __
Funded debt 2-38
Os deferred, Brown Bros. dc Co.
4614 59
52 57
47 4912 42 4812 47 5214 4712 4812 48 4814 47 53
certificates
49 54
52 58
51 55
52 59
,
New York City—
Corporate Stock:
4
4
----- 843 843 _
---- ---___ ---- - - ---- - ---- - - ---- - - ---354s, coupon
_
__
1955 ___
85
851 g5i2 -1 --827
84
3 -- -3
1 -- - 82
4 81
83
82
83
81 83 - -1 83 - -3- ii2 - - 8112 - -14 803 ---384
1 -- - - 1- 86
1954
3548, coupon
___
___
_ __82 82 - ------ ------ ---- ---------- 8412 8412
354s, registered
-1954 ---------- ----- -------- -------- 8114_ 8114 ____
913 - 3- 941 -8 9
92
95
1 9438 9612 961 - - -7 957 9612
8
3 - -1 911 92
9
6
8
8
971 96 975 95 9614 92 943 92 9312
4s, coupon
1959 9618 4
-_
_
_ 9214 9214 ----- ---- ----- ------------ ---- ---- ------------- ---- 9634 9638
4s, registered
1959 -------- --------953 9534 __
9412 953 9614 967- 957 963
8
9412 9
9114 93
8
8
8
4
918
4
4
48, coupon
1958 9614 973- 9612 9712 943 063 9212 - 5 92 9314 9012 921.3 913 92
4
943 9612 9618 97
96 965a
917 9314 943 95
8
4
9134 9218
4
8
8
4
4
1957 963 973 957 973 943 9614 9212 943 92 9312 9; 92
8
48, coupon
1957
48, registered
1956
4s, coupon
-,
_
. 92 4
1 9
9938 5-- --1-14 -------- 9234 - -3- 5iC.4 93% 95 95 65it -65-14
92
. 95
4
66' 553 - --3 --------9138 ---1 56 - 951956 51 -4s, registered
4s, coupon
61
9
-----------------90383_ __ _ _ _ __ 91 91 41.i4 - -14 --------9338 9378 -------- 9412 --ii2 ---- ---1955 ------------------------93
4s, registered
-- 95 9512 _--- --_ ___- --- ---- ----- ------ - ----- ---__ __-_
96 96 ____
1936 ____
4s, registered
01 9978 10038
8 -)
6
-12 953 --- 9538 -- 4 973 8 9 12
9738 9814 977 100
4 9
8 9512 96
-1960 10018 1003 9934 10038 993 100 96 100 953 -- 4
4 -4%s, coupon
- __
1960
31003 ----------------------------------------------9814 9814 ---- - -- 100 100
451s, registered
,
8 166
4
4 16618
s 1914
t 10i14 02 10518 10338 10412 1023 104
1963 -------- ------------------ ----997 1661
-434., coupon
10412 10412
8
1027 1027
8
1963 ---------------------------------------- --------100 100
4)4s, registered
— __-- - -8
4
Nov. 1957 10438 10512 104 1043 10312 104 10112 10312 1003 1013 997 101 100 101 1011 1013- 11, 0r2 10212 103 104 1033 10418 103 10414
)
4
43%s, coupon
8
8
Nov. 1957 105 105
___ 102%102% -------- ----- ----1003 1003 ----- ---- 1017 1017 ---- ---- ---- --- ---- _-:,
8
454s, registered
4
4
8 8
4
May 1957 10114 10512 104 i643- 10318 16414 1018 10312 10038 1013- 100 1003 100 101 100% 1013 101% 10212 1C1212 10513 1037 10414 103 104%
454s, coupon
4
8
s
May 1957 10418 10413 ---- ---- 10414 10414 10238 102% 10112 10112 ____ ____ 1007 1007 10112 10112 ---- ---- ---- ---- ---- ---- _--- ---454s, registered _
IWAssessment Bonds:
1920 88 88
Is, dock
.
1
- ---- --- --- ---6i ____ ____ ____ ---_ ---- --__ ____ ____ 58.2 9812 ___ ____ ____ ____
4s, coupon
1919 ---- - -------------------------98 1918 -------- -------- 985
4s, coupon
loi14 102
.
-6114 --------- 100 1- .65 16018 10012 10012 10012 101 101 101
66 1
Nov. 1917 ---- ------------10114 102 jai 1
434s, coupon
10114 10114
434s, registered ....Nov. 1917
4
4
4
May 1917 11:5054 10112 1013 1013 101 101% 101 10114 101 10138 10014 10012 100 10014 10018 10014 10012 101 1003 10178 101 1014 10114 102
454s, coupon
A 1.,a rnrybatarnti
XT air1917100 lOOls
12
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE.
1913
BONDS
November December
May
April
August September October
June
July
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
9712 9518 97
96 97
9618 9818
96 98
95 96
96 96 96
963 98
8
4
Argentine—Internal 55 of 1909_ 973 9918 99 9918 9618 983 97 98
4
Dominican Republic—
10012 10012 10014 10014
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Customs AdminLsten, 1958-5
Imperial Chinese Government—
893 90 88 8912 88 8912
4
88 89 87 88 85 88 8812 89 __-___ 90 91
5 90 92 88 8978 86 87
IIukuang Ry, 1951
88 88
5
do regis
do
Imperial Japanese Government—
8
873 8812 881s 89 854 8812 853 89 873 89
4
4
1
4
8
8
8712 893 8512 8812 831/ 873 86 88
43% 90 903 88 90% 8712 89
Sterling loan, 1925
8812 88% 8534 8612 85 877 87 8712
8
4
4
454 88% 8914 87% 883 8678 8814 853 881s 8512 8714 8214 86 8518 8712 8714 88
2d series, 1925
4
763 80
4
4
8
8
8
4 83 83 81 83 80% 805 805 805 ---_ -___ 7512 763 764 763 80 8014 ____ ____ 78 78
Sterling loan, 1931
Republic of Cuba—
4
4
4
4
8
4
8
L. External debt loan of 1904...._5 1015 10212 10112 10214 100 10112 9912 101 100 100 993 10018 993 100 1001s 10012 100 101 1003 1003 997 1003 100 10012
9914 9914
100's 100's
do
do
regts
5
9614 965 9412 9514
IP External loan, 1949
434 0512 9714 96 97
8
4
Sao Paulo (Brazil) 1908-19
5 965 9712 963 0678
8
84 85
8412 843 847 847 84 85
4
8
84 84
s
8412 8538 85 4 87
3
Tokyo, City, loan 01 1912
5 88 8912 8614 89 -5514 163 -8- - ---8 85 88
- 7 8814
9212 9212 90 90 ---- ---- 90 90 8712 90
927 9412 94 94% 93 93
8
88 8814
U S of Mexico, 1899 £ loan__ 5 95 951s 92 93
7512 763 71
4
8412 85 ---- ---- ---- ---- ---- ---- ---- ---- 84 85
7514
8312 84
4 8414 8412
Gold debt of 1904-54
Note.—In ease of bonds of foreign governments Issued In pounds sterling, the usage of the Stock Exchange Is to consider $5 as the equivalent of one pound sterling
and the above quotations are on that basis. With the exception of the Republic of Cuba 5siand 4125,the Dominican Republic 5s and the U. S. of Mexico 4s of 1904 (which
are Issued In the denomination of dollars), the bonds In the foregoing are all sterling issues.
—The usual yearly compilation of the highest and lowest
prices for years 1904 to 1913 of securities dealt in on the
Amsterdam Bourse has just come to hand. This pamphlet,
now in its 6th year, is issued by the houses of Arnold,
Gilissen, Rotterdam, and Gilissen & Co., Amsterdam. This
pamphlet will be sent gratis and post free on application.
r
—The People's State Bank, Detroit, has favored the
"Chronicle" with a copy of "The Business Calendar for the
United States and Canada," indicating laws regarding days
of grace, interest rates and holidays for the year 1914 and
the first half of 1915—an attractively printed compilation in
convenient form for ready reference.
132
THE CHRONICLE
Canadian Bank Clearings.
-The clearings of the CanaClearings by Telegraph-Sales of Stocks, Bonds, &c. dian banks for the month of December 1913 show a decrease
-The subjoined table, covering clearings for the current from the same month of 1912 of 0.6%, and for the twelve
week usually appears on the first page of each issue, but on months the gain reaches 0.6%.
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other
December.
Twelve Months.
leading cities.
Clearings at
1913.
Clearings
-Returns by Telegraph.
Week ending Jan. 10.
1914.
1913.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,645,722,822
132,168,313
149,413,848
32,625,180
284,609,631
78,676,757
25,804,736
$1,758,113,871
143,512,030
146,212,925
39,859,918
273,631,783
74,514,395
16,404,370
-6.4
-7.9
+2.2
-18.1
+4.0
+5.6
+57-3
Seven cities, five days
Other cities, five days
$2,349,021,287
605,483,692
$2,452,249,292
601,242,413
-4.2
+0.7
Total of all cities, five days
All cities, one day
$2,954,504,979
601,002,461
$3,053,491,705
646,713,708
-3.2
7.1
33,555.507.440
33.700.205.413
-3.9
Total all cities for week
Pacific and Other Western Clearings brought forward
from first page.
December.
Inc. or
Dec.
1912.
Inc. or
Dec.
1912.
Canada$
$
$
%
$
%
Montreal
251,501,932245,791,481 +2.30,879,129,1409 ,844,368,428 +12
Toronto
201,817,889 194,894,901 +3.60 ,181,281,50,1 ,170,230,376 +0.5.
Winnipeg
173,904,858 167,426,414 +3.01,834,977,2371.537,817,524 +6.3
Vancouver
47,810,950 55,434,815 -13.8 606,919,210 645,118,877 -6.9
Ottawa
18,400,481 17,490,546 +5.2 207,067,008 244,124,453 -14.9
Quebec
14,938,548 15,446,261 -3.3 165,674,745 158,760,185 +4.4
Halifax
10,258,031 8,899,594 +15.2 105,623,775 100,466,678 +5.1
Hamilton
16,368,403 16,982,293 -3.6 185,007,853 168,127,435 +10.6
Calgary
21,468,948 25,772,859 -10.7 247,882,028 275,492,303 -10.0
St. John
6,945,203 8,721,000 -20.4
82,665,827
88,969,218 -7.1
London
90,720,702
8,041,919 8,438,631 -4.7
84,526,961 +7.3
Victoria
13,260,135 17,030,315 -22.1 176,977,082 183,544,238 -3.6
Edmonton
18,075,779 21,649,215 -16.5 213,053,308 220,727,824 -3.5
Regina
13,356,423 11,811,821 +13.1 132,087,457 115,727,647 +14.1
Brandon
32,188,498
3,395,773 3,856,038 -11.9
32,875,875 -2.1
Lethbridge
2,746,052 2,996,448 -8.3
28,893,877
33,485,951 -13.7
Saskatoon _- 8,415,024 12,189,098 -31.0 96,034,724 115,946,482 -17.2
Moose Jaw
6,228,489 7,714,608 -19.3 61,371,043
65,136,326 -5.8
Brantford
3,050,849 3,110,861 -1.9
32,697,443
30,749,317 +6.3
Fort William_ _ 4,445,788 4,172,481 +6.6
48,905,366
40,503,080 +20.9
N. Westmins'r 2,004,331 Not include d in tot
28,424,499 Not included in total
Medicine Hat_ 2,381,844 Not Included in tot
21,106,215 Not included in total
Total Canada_ 844,431,474 849,829,680
Twelve Months.
1913.
-0.6 ,210,716,736 1,158,698,076
+0.6
Clearings at
1913.
Inc. or
Dec.
1912.
$
$
San Francisco_ 223,514,355230,713,305
Los Angeles... 101,126,532 108,694,858
57,963,220 53,025,012
Seattle
20,248,155 20,853,261
Spokane
Salt Lake City 35,560,251 32,881,092
53,031,393 59,932,682
Portland
9,996,252 12,618,431
Tacoma
18,159,052 15.430,47
Oakland
Sacramento....- 9,735,350 9.832,080
San Diego
9,922,967 12,358,617
3,831,054 4,148,953
Pasadena
5,036,510 5,526,719
Fresno
4,058,466 4,077,347
Stockton
3,534,795 3,557,941
Boise
2,981,372 3,091,760
San Jose
North Yakima 2,069,000 1,977,312
1,265,134 1,243,805
Reno
3,409,685 3,671,206
Ogden
1913.
Inc. or
Dec.
1912.
%
$
$
-3.1 2,624,428,8252,677,561,952
-7.1 1,210,409,803 1,168,941,700
+9.3 664,857,448 602,430,660
-2.9 219,265,770 225,436,018
+11.2 333,477,698 369,452,285
-11.5 627,818,020 606,386,909
-20.8 133,455,456 138,841,898
+5.0 188,730,169 192,580,948
-1.0 109,868,689
92,747,060
-19.7 134,155,309 131,894,087
-7.6
47,818,722
47,142,736
-8.9
57,391,414
51,400,594
-0.5
45,925,831
44,891,763
-0.6
38,918,697
40,178,453
-8.5
35,883,473
35,730,898
+4.7
21,362,930
21,808,020
+1.7
14,975,009
14,776,664
-7.1
35,732,202
36,361,038
%
-2.0
+3.6
+10.3
-2.7
-9.7
+3.5
-3.9
-2.0
+18.5
+1.7
+1.4
+11.7
+2.3
-3.1
-0.4
-2.0
+1.3
-1.7
Total Pacific 563,353,843583,635,451
-3.56,544,383,0466,498,718,856
+0.7
Kansas City 244,618,157 249,620,795
Minneapolis
131,015,819 134.242,102
76,364,197 74,528,148
Omaha
49,727,348 48,126,839
St. Paul
37,283,762 44,945,881
Denver
35,481,273 30,970,063
St. Joseph
Des Moines... 21,643,164 20,005,175
18,169,370 13,090,479
Sioux City
12,308,638 14,940,381
Wichita
22,804,784 29,326,825
Duluth
9,118,225 7,484,981
Lincoln
8,420,310 7,585,375
Topeka
6,683,978 7,001,531
Davenport
Cedar Rapids_ 8,025,657 6,716,927
2,602,728 2.489,319
Fargo
Sioux Falls_ _ _ 4,504,421 2,930,970
5,344,175 5,408,620
Helena
Colorado Spgs. 2,576,861 2,942,955
3,524,016 3,906,997
Pueblo
6,325,508 6.592,655
Waterloo
1,997,120 2,006,921
Aberdeen
2,657,074 2,371,989
Billings
1,561,314 1,284,574
Fremont
858,030
Hastings
875,749
2,904,255 3,885,653
Joplin
Grand Forks.... 2,092,100 2,079,700
-2.02,850,362,611 2,713,027,918
-2.4 1,312,412,257 1,182,232,460
+2.5 908,947,680 880,681,558
+3.3 530,515,562 579,166,754
-17.3 475,607.021 487,848,306
+14.6 404,039,914 383,002,742
+8.2 267,383,473 236,472,559
+38.8 176,992,263 157,062,135
-17.6 173,629,157 176,184,144
-22.2 248,112,444 233,425,837
+21.8 100,004,077
89,301,224
+11.4
87,848,177
78,866,573
-4.5 90,499,005
84,161,123
+19.5
87,449,970
75,224,892
+7.0 26,124,865
29,144,990
+56.4
41,183,071
31,055,560
-1.2
57,180.435
51,821,056
-12.4
33,403,406
35,249,238
-9.8
34,794,415
35,786,414
-4.1
81,992,787
76,025,147
-0.5 22,009,765
19,262,945
+ 12.1
23,149,941
18,939,462
+21.6
17,951,553
16,857,901
-2.2
10,412,477
10,200,526
-25.3 38.314,905
38,500,203
+0.6
20,078,00
18,972,700
+5.1
+11.0
+5.6
-8.4
-2.5
+5.5
+13.1
+12.7
-1.4
+6.3
+12.0
+11.4
+7.5
+16.3
-10.4
+32.6
+10.3
-5.2
-2.8
+7.8
+14.3
+22.2
+6.5
+2.1
-0.5
+5.8
Tot. 0th. West.718.706.884 725.347.604
-0.98.120.399.191 7.718.534.371
+5.2
Week ending Jan. 3.
Clearings at
1914.
San Francisco__
Los Angeles
Seattle
Spokane
Salt Lake CityPortland
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton
San Jose
North Yakima
Reno
$
45,535,328
19,386,216
11,216,620
3,826,026
7,162,236
10,109,365
1,737,482
3,153,383
1,749,004
2,032,662
770,758
925,000
639,274
590,100
322,195
170,000
Total Pacific
109,325,655
Kansas City
Minneapolis .._ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Davenport
Cedar Rapids....
Fargo
Helena
Colorado Springs
Pueblo
Waterloo
Aberdeen
Billings
Fremont
Hastings
Total other West
47,019,743
25,421.379
15,664,539
9,065,093
9,065,307
6,205,172
5,000,C00
3,125,000
2,895,352
3,270,912
1,707,234
1,457,526
1,710.535
1,714,599
404,301
970,193
600,000
607.534
1,104,475
435,000
428,578
305,024
180,000
138,217,554
1013.
$
54,197,333
23,608,159
10,397,799
4,440,287
6,632,474
10,100,000
3,463,463
4,178,755
1,468,343
2,927,269
936,853
992,168
681,270
775,000
391,503
160,244
Inc. or
Dec.
1911.
s
1910.
s
%
-16.0
-17.9
+7.9
-13.8
+8.0
+0.1
-49.9
-24.5
+19.1
-30.6
-17.7
-6.8
-8.2
-23.9
-17.7
+2.3
50,047,285
19,719,531
10,324,565
4,098,702
8,423,514
10,000,000
3,887,878
4,808,068
1,605,378
2,000,000
880,058
862,619
754,740
768,146
393,365
245,827
47,438,600
18,646,764
9,591,007
4,885,726
7,834,214
9,429,124
4,312,192
4,539,011
1,460,634
1,359,466
727,804
721,355
854,044
603,589
498,467
288,517
125,356,980 -12.8
118,799,679
110,991,204
-11.5
-9.3
-2.2
-28.3
-8.6
+5.9
-9.3
+11.6
7-7.1
-41.2
-1.1
-1.6
-26.4
+2.2
-19.5
-22.8
-7.7
-19.8
-4.8
-0.5
+11.1
+22.8
-2.7
46,830,596
21,070,340
15,769,591
8.895,514
9,387,644
6,985,483
4,610,156
2,229,978
2,850,378
3,463,444
1,862,889
1,468,111
1,964,809
1,437,100
414,356
805,462
680,552
740,556
1,103,390
290,703
293,206
267,728
170,808
52,878,108
19,037,580
13,473,626
9,851,551
8,605,192
0,398,343
4,037,325
2,124,630
2,927,242
2,632,825
1,606,797
1,861,861
1,980,961
1,654,445
593,318
874,088
800,000
859,148
1,029,120
452,649
144,159
276,986
213,942
53,142,019
28,014,075
16,017,100
12,635,035
9,704,468
5,860,402
5,515,474
2,799,391
2,900,574
5,562,128
1,786,412
1,481,313
2,322,332
1,677,485
502,612
1,257,468
650,000
757,604
1,160,432
437,137
385,902
248,550
185.000
155,002,919 -10.8
133,796,854
134,364,484
The clearings for the week ending Jan.3 at Canadian cities,
in comparison with the same week of 1913, show a decrease
in the aggregate of 14.4%.
Week ending Jan. 3.
Clearings at
1913.
1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Total Canada
$
44,481,165
42,239,909
26,593,719
8,500,267
3,144,556
2,037,067
1,628,583
2,684,068
1,282,799
1,408,574
3,504,100
2,208,668
3,289,579
2,122,372
640,060
486,879
1,622,199
1,104,983
571,456
856,047
362,907
382,724
Inc. or
Dec.
1912.
1911.
$
$
%
$
45,658,794 -2.8 46,135,486 37,386,376
49,197,959 -14.1 42,954,808 35,508,511
34,066,500 -21.9 29,565,546 20,037,222
10,561,052 -19.5 10,744,168 9,034,115
3,328,357 -5.5 4,447,376 3,255,092
3,089,396 -15.6 2,780,472 2,568,481
2,038,828 -20.1 2,136,522 2,488,222
3,317,486 -19.1 3,525,551 2,465,044
1,820,000 -29.5 1,554,478 1,444,584
1,700,606 -17.3 1,826,332 1,902,170
5,191,378 -30.6 4,544,021 2,934,978
4,095,429 -46.1 2,381,625 1,988,744
3,639,765 -9.6 2,842,481 1,649,114
2,394,122 -11.4 1,617,047 1,053,120
787,249
663,868
888,699 -27.9
618,611
558,044
545,322 -14.5
811,518
2,136,806 -24.1 1,597,515
924,829
1,342,864
17.7
389,811
569,000
685,399 -16.6
480,843
782,168 +9.5
Not include d in tot al
Not include d in tot at
150,985,050 176,480,970 -14.4 162,348,831 126,318,207
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL PRODUCTION.
-The shipments
of anthracite coal to tidewater in December fell 281,884 tons
below those of December 1912. The shipments for the year
1913, however, increased 5,459,050 tons, reaching 69,069,628
tons, against 63,610,578 tons in 1912, 69,954,299 in 1911 and
64,905,786 in 1910. Below we report the shipments by the
various carriers for December 1913 and 1912 and for the
twelve months of the last two years:
December
-Jan. 1 to Dec. 311912.
1913.
1013.
1912.
tons..1,058,723 1,223,880 12,914,887 12,852,386
Philadelphia & Reading
1,062,578 1,108,765 13,011,370 11,791,601
Lehigh Valley
760,479
9,092,433 8.342,477
Central Railroad of New Jersey-- 663,395
850,977
9,903,541
9,065,822
Delaware Lackawanna & Western.... 839,384
598,969
590,158
7,094,258 6,361,238
Delaware & Hudson
543,381
546,976
6,351,756
5,548,193
Pennsylvania
709,431
667,532
8,192,352
7,435,679
Erie
190,539
191,973
2,509,031
2,213,382
New York Ontario & Western
Total
5,662,618 5,944,502 09,069,628 63,610,578
COPPER PRODUCTION AND CONSUMPTION.
The statement of the Copper Producers' Association for the
month of December, issued on Thursday, shows a decrease
in production for the month of 4,363,621 lbs. as compared
with the corresponding month last year. The production
for the year, however, was 1,622,540,829 lbs. the highest on
record, notwithstanding the strike at the Michigan mines.
Last year the production was 1,581,920,287 lbs. The stock
of marketable copper on hand increased 43,509,438 lbs.
during December. Below we furnish a comparison of the
various items for December 1913 and 1912 and for the
periods from Jan. 1 to Dec.31. We also add figures showing
the European visible supply.
'December---Jan.1 to Dec. 311912.
1913.
1912.
1913.
89,454,695
Stocks beginning period_lbs_ 47,929,429 86,164,059 105,312,582
138,990,421 143,354,042 1,622,540,829 1,581,920,287
Production
Total supply
Deliveries for
Domestic consumption...
Export
186,919,850 229,518,101 1,727,853,411 1,671,374,982
21,938,570 58,491,723
73,542.413 65,713,790
767,351,760
869,002,784
819,665,948
746,396,452
95,480,983 124,205,519 1,036,414,544 1,506,062,400
Stocks, end of period
European visible supply:
Beginning period
End of period
91,438.867 105,312,882
01,438,867
105,312,582
48,191,360 91,271,040
47,116,100 90,471,360
00,451,200
47,110,160
128,313,920
90,471,360
JAN. 10 1914.1
Elkondarifieotamexclaignglisitnextrs
(From Our Own Correspondent.1
133
THE CHRONICLE
1913.
Dec. 31.
1913.
Jan. 2.
Z
29,200,255
14,164,961
52,954,726
14,835,422
49,629,901
20,550,232
31,300,487
1912.
Jan. 3.
£
29,189,550
16,676,790
49,352,258
15,270,184
44,902,160
23,681,778
34,421,328
1911.
Jan. 4.
Z
28,520,530
12.545,528
49,202,904
17,399,568
40,384,538
21,869,815
31,940,345
1910.
Jan. 5.
Z
28,865,720
9.918,777
49.139,180
17,507,945
36,211,069
23,288,123
32,703,843
29,607,635
Circulation
10,256,489
Public deposits
61,087,066
Other deposits
13,199,062
Gov't securities_
52,137,739
Other securities_ _
Reserve,notes&coin 23,825,514
Coin&bull.,both dep.34,983,149
Prop, reserve to lia39 7-16
3554
3554
p. e.
33.39
bilities
3054
4
4
434
5
p. c.
5
Bank rate
8254
7931
7154
7754
Consols, 2A p. c___
7534
24346.
2534d. 25 13-16d.
29 5-16d.
26 7-16d.
Silver
Clear -house returns277,604,000 366,539,000 192,340,000 186,162,000 334,315,000
London, Saturday, Jan. 3, 1914.
This has been a broken week in the city. Thursday being
New Year's Day, the Stock Exchange was closed. It is true
that the banks remained open, but although it was not a bank
holiday, and most forms of business were going on, many
persons had taken advantage of the closing of the Stock ExThe rates for money have been as follows:
Dec. 12.
Jan. 2 1914. Dec.24 1913. Dec. 19.
change to absent themselves. In the first three days the last Bank of England rate
5
5
5
5
settlement of the year upon the Stock Exchange was brought Open market rates
434og5
5
4 15-16
-60 days
434
Bank bills
open for the rise was small; and
4 3-16®434 43464 13-16 4 13-16@454 4 13-16©434
to a close. The account
-3 months
4 1-16©434 4X €34 11-16 4 11-16(443i 4 13-16(4434
-4 months
there was no great difficulty in obtaining the necessary funds.
4 7-16(8434 4 7-16@454
4 1-16(4)454 454 @)414
-8 months
554@534
631(854
Trade bills
534©554
--3 months
5@)554
new borrowing scarcely occurred. Rates were not
Indeed,
534@534
534
5
53(
--4 months_
raised and nothing untoward happened. On Wednesday, Interest allowed for deposits334
354
334
By Joint-stock banks
354
the last day of the year, the banks were all busy making up
By discount houses
334
334
354
At call
334
for the second half of the year. And as money
their accounts
331
331
7 to 14 days
334
334
was exceedingly scarce there was a rush of borrowing for the
of discount and open market rates at the
The
England. This was due, chief bank ratescities have been as follows:
outside market from the Bank of
Continental
Dec. 6.
Dec. 13.
Dec. 20.
Dec. 27.
partly no doubt, to the desire of the banks, in the first
Bank Open
Bank Open
Bank Open
Rates of
Bank Open
place, to show favorable balances at the closing of their
Rate. Market. Rate. Market. Rate, Market. Rate. Market.
Interest at4
334
4
354
4
4
334
354
accounts for the half-year; and, secondly, to the desire of Paris
5
534
5
434
5
Berlin
434
434
434
5
534
5
454
5
434
434
434
evrybody to have a favorable balance to his credit. But Hamburg
5
5
5
454
434
Frankfort
434
534
434
434
5
5 4 15-16
434
5
5
there can be no serious doubt that money is scarce and that Amsterdam
434
5
5
5
5
454
434
454
Brussels
494
of the market.
the Bank of England has absolute control
534
534
534 5 5-16
534
535
534 5 5-16
Vienna
534 nom.
534 nom.
534 nom.
554 nom.
the week ended Wednesday night the "other" St. Petersburg
During
434
434
434
434
434
434
Madrid
434
434
6
6
535
534
6
6
534
554
deposits, which, without much exaggeration, may be said Copenhagen
Messrs. Pixley & Abell write as follows under date of
to be the deposits of all the clearing-house banks with the
Bank of England, showed an increase of a trifle over 19 Jan. 1:-Upwards of £650,000 has arrived this week,of which India has taken
GOLD.
millions sterling; while the "other" securities-that is, the £189,000. The balance should go to the Bank, as there is no outside demand.
the Bank has received £1,104,000 in bar gold. Under arrangements
lodged-showed an increase of notfar short of 163i Since our last grant of telegraphic transfers on India against sovereigns shipped to
collateral
made for the
millions sterling. Now it is true that the Bank of England this country, the Secretary of State for India has purchased £100,000 due to arrive
on the 24th inst., and £425,000 due from Egypt on the 10th
is the banker of private firms other than banks proper. And from Australia expect £696,000 from South Africa and £117,000 from India. inst.
ArNext week we
those private customers may, of course, have borrowed ex- rivals-South Africa, £564,000; West Africa, £60,000; Brazil, £18,000; India,
ceptionally. However that may be, it is certain that the in- £7,000: Soudan, £1,000; total, £650,000. Shipments-Bombay,£190,500. market
interest has been shown in the
-Owing to
SILVER.
creases in both the securities and the deposits are larger than since 23d ult., the date holidays very little and until to-day, when prices sagged
of our last circular,
small. Although little
they have been for many: years. Twelve months ago, when Ad. to 26 7-16d.,cash and forward, fluctuations have been dull, as supplies are at
the Balkan War was raging, they were considerably smaller. business has been put through, the market has been rather the small demand has
present coming along more freely from America and Mexico and
And in ordinary years the increase is often less than a quar- been easily met. The bazaars have covered up a few bear sales, and in addition have
for shipment this week to Bombay,
purchased
ter of what it has been this time. It seems to follow, cer- creased to about £50,000Against this increase, however, therewhere stocks have fnis only £100,000 on
1,200
tainly, that the outside market is so largely indebted to the the water, so thatbars. purchases may reasonably be expected should the present
further
of the good offtake continue. Arrivals-New York, £180,000: South America, £2,000;
Bank of England that the latter will retain control
Colombo.
total,
former for the next three months, except, possibly, for a £1,500;£182,000. Shipments-Port Said, £500; Bombay, £81,500;
Singapore, £500: total, £64,000.
couple of weeks whoi the interest on the national debt is paid.
The quotations for bullion are reported as follows:
In Paris, uncertainty and perplexity continue. The rate
Jan. 1'14. Dec.23'13.
SILVER.
Jan.1'14. Dec.23'13.
GOLD.
d.
d.
London Standard.
s. d.
of discount in the open market is almost as high as the ofs. d.
London Standard.
2654
77 9. Bar silver, fine, oz__ _20 7-16
77 9
of France, and in spite of the vast Bar gold, fine, cm;
ficial rate of the Bank
2654
" 2-mo. delivery, oz.26 7-16
funds,those who have accumulated are afraid
accumulation of
28 9-16
2834
Cake silver, oz
.
to employ much abroad lest the Government should suddenly
The following shows the imports of cereal produce into
the national loan will be brought out. Beannounce that
during the season to date, compared
new Fiance Minister, M.Caillaux, has announced. the United Kingdom
sides, the.
permit a loan to be made both to Russia and Ser- with previous seasons: IMPORTS.
that he will
1910-11.
1911-12.
1912-13.
1913-14.
Seventeen weeksvia. The bankers concerned in these loans naturally are
ewt_31,709,600 39,210,700 32,582,900 35,528,600
indisposed to part with any of the funds for the permission. Imports of wheat
11,765,100 11,215,900 13,412,700 8,933,100
Barley
4,184,800 6,032,300 6,382,400 4,471,900
may be accorded at an early date. All over Europe the busi- Oats
803,251
1,756,627
1,584,458
943,364
ness community is:watching Paris, and as soon as the situa- Peas
326,067
576,570
756,470
1,163,120
Beans
7,323,400 14,818,200
18,722,500 19,145,200
is cleared lip,it is expected that money will become ex- Indian corn
tion
3,899,200
3,832,600
3,914,200
4,520,500
ceedingly plentiful and cheap in Paris, and that, in conse- Flour
. Supplies available for consumption (exclusive of stook on
quence, there will be all outburst of new enterprise.
In Berlin the last liquidation of the year has passed off September 1):
1910-11.
1911-12.
1912-13.
1913-14.
with the expected smoothness. There has been none of the Wheat imported
cwt_31,709,600 39,210,700 32,582,900 35,528,600
3,832,600 3,899,200
3,914,200
4,520,500
excitement to which people had grown accustomed during Imports of flour
7,698,802 11,648,022 9,273,187
9,726,931
the last three or four years while the liquidation was ap- Sales of home-grown
45,957,031 50,823,702 48,063,522 48,700,987
proaching. There were very few preparations made, and, Total
30s. 5d
33s. Od.
29s. 10d.
31s. Od.
in fact, it was found that the various accounts to be settled Average price wheat, week
30s. 5d
32s. 9d.
325. 2d.
30s. 11d.
Average price, season
.
had become so manageable that eo extraordinary preparaThe following shows the quantities of wheat, flour and
tions were needed. The liquidation passed off smoothly.
Kingdom:
Trade is slack. Complaints of unemployment are very gen- maize afloat to the United week. Last week. 1912-13. 1911-12.
This
1,755,000 2,570,000
1,525,000
qrs 1,455,000
eral. And as yet there is little disposition to engage in spec- Wheat
185,000
165,000
180,000
140,000
ulation. Operators in Berlin are watching both Paris and Flour, equal to
370,000
1,040,000
625,000
660,000
Maize
New York for a coup. As soon as the Paris loan is brought
as follows:
The British imports since Jan. 1 have been Difference.
out everybody expects that hoarding will come to an end.
P
1912.
1913.
Cent.
£
Therefore, it is hoped in Berlin, as elsewhere, that the anImports+6.4
+4,278,541
66,964.948
71,243,489
French loan will be a beginning of January
nouncement of the.new
+6.8
+4,077,115
59,714,823
63,791,938
+0.3
+180,531
61,166,614
61,347,145
more animated business on the Bourse. As for New York, February
March
+4.2
61,405.275 • +2,551,199
62,956,474
.
of American securities is held in Eu- April
so vast a proportion
+6,211,288 +11.2
55,066,474
61,277,762
May
+7,654,965 +15.1
50,667,646
rope that waiting markets, aed etill more faltering markets, June
58,322,611
+5.9
+3,487,253
58,299,499
61,786,752
check confidence. The majority of people are not well July
56,011,530 59,695,312 --3,683,782 -6.1
August
+7.3
enough acquainted with the state of affaits in the United September
+4,180,485
57,178,601
61,359,086
+1.0
+710,382
71,022,511
71,732,893
States to understand clearly the reasons why New York re- October
70,987,378 ---2,514,353 -3.5
68,473,025
they are puzzled and afraid to en- November
.
mains quiet. Therefore
+4.0
697,931,963 670,875,028 +27,056,935
gage in new enterprise. A recovery in New York, conseEleven months
quently, would have a very great influence upon the Berlin
The exports since Jan. 1 have been as follows:
Per
Difference.
1912.
1913.
Bourse-indeed, upon every bourse and stock exchange in
Cent.
Exports
Europe.
+5,028,887 +12.4
40,416,812
45,445,699
January
+7.4
+2,682,414
40,172,743 37,490,329
The India Council offered for tender on Wednesday 80 February
+2.4
+975,976
41,689,947 40,713,971
lacs of its bills and telegraphic transfers and the applications March
32,887,127 +10,165,462 +30.4
43,052,589
April
+5,025,787 +12.4
577 lacs, at prices ranging from is. 4 1-32d. to May
43,858,262 38,832,475
exceeded
+7,864,237 +22.4
42,836,568 .34,972,331
is. 4 3-32d. per rupee. Applicants for bills at is. 4 1-32d. June
+5,177,848 +12.4
47,164,208 41,986,360
+0.4
+332,008
and for telegraphic transfers at is. 4 1-16d. per rupee were July
43,778,721
44,110,729
August
-779,605 -1.4
42,424,864 43,204,469
September
allotted 4% and above in full.
48,333,982 -1,711,283 -3.4
46,622,699
The following returns show the position of the Bank of October
+3.2
+1,397,801
44,756,188 43,358,387
November
England, the Bank rate of discount, the price of consols,
+8.1
482,134,496 445,974,964 +38,159,532
Eleven months
.&e., as compared with the last four years:
134
THE CHRONICLE
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1913.
£
10,705,951
10,746,251
9,733,223
10,058,720
9,370,315
8,541,117
8.311,343
8,150,499
6,853,013
9,556,144
8,000,619
Re-exportsJanuary
February
March
April..
May
June
July
August
September
October
November
1912.
£
9,594,626
10,724,610
10,866,706
10,084,058
10,825,163
5,738,549
7,093,669
9,957,760
8,034,788
10,044,724
9,631,336
Difference.
£
+1,111,325
+21,632
-1,233,483
-25,338
1,454,848
+2,802,568
+1,217,674
-1,807,261
--1,181,775
--488,589
1,630,717
Per
Cent.
+11.6
+0.2
-11.4
-0.2
--13.4
+48.8
+17.1
-18.1
-14.6
--4.8
-17.0
Eleven months
99,927,195 102,595,998
-2,668,803
---2.6
Note.
-The aggregate figures are official. They indicate that slight adjustments
have been made In the monthly returns as issued.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Jan. 9.
Sat.
Mon.
Tues.
Wed.
Silver, per ox
d 26 9-16 26 9-16 2654
264
d Consols, 236 per cents.--- 7131
7136
717-16 71%
d For account
72
7111-18 71%
7131
a French Rentes(In Paris)Jr. 85.32% 85.75
85.77% 86.00
Amalgamated Copper Co
5
74 /s
7531
7531
749/s
Am. Smelt. & Refining Co
6534
65
66
6536
,
b Anaconda Mining Co
731
73.4
7%
c731
Atch. Topeka & Santa Fe_
96%
97
9634
9634
Preferred
100%
10136
10031
10031
Baltimore & Ohio
9534
9434
93
91
Preferred
83
83
83
80
Canadian Pacific
214
215
21334
2143-4
Chesapeake & Ohio
62
6131
623-4
6231
Chicago Great Western
12
12
12
12
Chicago Milw.& St. Paul_ _ _103
10334
104
1023-4
Denver & Rio Grande
17
17
17
1731
Preferred
2754
27
27
27
Erie
29
287/s
2831
2931
First preferred
45
4531
4556
4534
Second preferred
3631
3631
3631
367-4
Great Northern, preferred_ _13031
12931
131
13034
Illinois Central
111
110
11036
,
1103-4
Louisville & Nashville
137%
13731
13736
'3731
Missouri Kansas & Texas
19%
195t
19%
20
Preferred
54
54
54
54
Missouri Pacific
25
25
2556
253-4
Nat. RR. of Mex., 20 pref
103-4
103-4
1034
103-4
N. Y. Central & Hud. Riv
94
94%
9434
93
N. Y. Ont. & Western
2734
2734
2734
2731
Norfolk & Western
10531
10556
105
10531
Preferred
88
88
88
Northern Pacific
11234
112%
112%
1- 51 3;
a Pennsylvania
56%
5634
5631
5634
a Reading Company
87
8634
8736
8634
a First preferred
45
45
45
45
a Second preferred
46
46
46
Rock Island
13%
1374
13i/6
137-4
Southern Pacific
9156
9134 9331
9274
Southern Railway
233-4
2434
2334
2331
Preferred
79
7856
78
7836
Union Pacific
15934
15834
1613-4
16234
Preferred
8716
8731
8756
85
U.S. Steel Corporation
6056
5934
6134 60%
Preferred
10934
10931
10936
11034
Wabash
3
2%
3
234
Preferred
834
834
831
8%
Extended 4s
52
52
52
54
a Price per share.
flat prices.
Thurs.
26%
7134
72
86.20
74%
6531
7%
96%
10131
9134
81
2143-4
63
12
10334
1731
27
293-4
4534
3636
,
131
111
138
20
54
2534
1034
93%
2731
103%
87
11436
5634
87%
45
46
1394
9456
2434
78
1613-4
85
6034
11034
3
8%
5556
Fri.
2636
,
71 11-16
71 13-16
85.9731
73%
65
7%
96%
10155
9131
81
21336
,
6254
12
10334
173-4
27
293-4
4531
3734
,
131
111
13831
19%
54
25
1034
93
2731
103
87
11434
5634
86%
45
47
1334
9434
24
7834
161
86
6094
11034
3
8%
5554
b £ sterling. c Ex-dividend. d Quotations here given are
(5,ommexcial
Receipts atChicago_ _ _ _
Milwaukee....
Duluth
Minneapolis.
Toledo
Detroit
Cleveland
St. Louis_ _ _
Peoria
Kansas City.
Omaha
Tot. wk. '14
Same wk.'13
Same wk.'12
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
4,268,000
7,374,000
1,844,596
8,033,000
8,233,000
4,789,152
4,270,000 1,365,000
5,300,000 2,437,000
1,842,287
852,978
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 3 1914 follow:
Receipts at
New York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans •__ _
Newport News__ _
Norfolk
Galveston
Mobile
Montreal
St. John
Halifax
Total week 1914_ _
Total week 1913_ _
Flour,
bbls.
191,000
42,000
14,000
42,000
23,000
85,000
1,000
2,000
Wheat,
bush.
730,000
575,000
421,000
514,000
702,000
76,000
53,000
60,000
4,000
9,000
5,000
22,000
228,000
142,000
418,000 3,523,000
410,000 4,332,000
Corn,
bush.
251,000
6,000
97,000
115,000
69,000
416,000
30,000
12,000
996,000
1,658,000
Oats,
bush.
247,000
81,000
19,000
277,000
41,000
45,000
18,000
Barley,
bush.
135,000
2,000
49,000
141,000
Rye,
bush.
1,000
6,000
53,000
60,000
76,000
• Receipts do not Include grain passing through New Orleans for foreign
ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Jan. 3 are shown in the annexed statement:
Rye, Barley,
bush.
bush.
357,930
Peas,
bush.
2,006
95,998
170,000
10,000
623,928
25,000 948,676
2,006
1,439
Exportsfor week and
since July1 to-United Kingdom__
Continent
Sou. & Cent. Amer..
West Indies
Brit. Nor. Am. Cols.
Other Countries__
Total
Total 1912-13
Flour
Wheat
Since
Since
Week
July 1
Week
July 1
1913.
Jan. 3.
Jan. 3.
1913.
bbls.
bush.
bbls.
bush.
97,353 3,009,029 1,710,850 55,633,859
19,403 1,538,695 1,853,567 58,270,189
916,893
23,500
40,728 603,745
84,427
19,586 885,284
68,834
150
84,630
130,147
19
Corn
Week
Jan. 3.
bush.
43,000
120
63,610
1,710
Since
July 1
1913.
bush.
270,270
458,044
312,475
868,621
6,017
23,022
108,440 1,938,449
177,239 6,235,734 3,587,917 114989,998
187,969 5,514,534 4,384,456 89,719,576 1,280,542 4,054,010
The world's shipments of wheat and corn for the week
ending Jan. 3 1914 and since July 1 1913 and 1912 are shown
in the following:
1Vheat.
Exports.
Corn.
1913-14.
Since
July 1.
Week
Jan. 3.
Bushels.
North Amer. 5,840,000
Russia
2,904,000
Danube__ - - 1,784,000
Argentina_
72,000
Australia _ _ 848,000
India
48,000
0th. countr's 136,000
1912-13.
1913-14.
Since
July 1.
Bushels.
163,906,000
88,822,000
27,612,000
12,890,000
16,608,000
24,720,000
4,930,000
Week
Jan. 3,
1912-13.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
135,162,000
43,000
706,000 3,215,000
68,611,000 213,000 8,209,000 5,998,000
36,815,000 1,012,000 12,901,000 9,714,000
33,274,000 1,233,000 118,263,000 151,505,000
11,032,000
39,352,000
4,102,000
Total ___ 11632000 339,488,000 328,348,000 2,501,000 140,079,000 170,432,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Jan. 3 1914_
Dec. 27 1913_
Jan. 4 1913_ _
Jan. 6 1912_ _
Bushels.
13,312,000
13,120,000
12,400,000
18,360,000
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
13,800,000 27,112,000
14,160,000 27,280,000
14,296,000 26,06,000
10,328,000 28,688,000
Bushels.
5,347,000
4,845,000
8,672,000
3,264,000
Total.
Bushels.
Bushels.
8,317,000 13,664,000
8,602,000 13,447,000
17,044,000 26,616,000
8,339,000 11,603,000
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for December
1912 will be found in our issue for Jan. 25 1913, page 264.
Bonds and Legal Tenders
on Deposit for
Circulation Afloat Under
1913.
Bonds.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mar.
Feb.
Jan.
31 1913
29 1913
31 1913
30 1913
30 1913
31 1913
30 1913
311013
30 1913
31 1913
28 1913
31 1913
743,066,500
743,590,500
743,513,990
741,846,850
742,081,800
741,631,750
740,529,250
737,427,800
734,448,060
732,688,750
731,943,480
734,273,150
Legal
Tenders.
Legal
Tenders.
Bonds.
$
$
i7,209,316.740,633,645
17,481,906 739,677,565
18,835.933 740,063,776
20,563,626 738,467,068
21,690,081740,029,948
20,790,783 738,502,408
22,092,856 737,06!5 050
21,539,251 733,754.815
22,032,083 731,044.591
22,659,331 729,400,001
22,871.039 728,246,755
20,550,148 729,931,621
Total.
3
17,209,316 757,842,961
17,481,906 757,159,471
18,835,933 758,899,709
20,563,626 759,030,694
21,600,081 761,720,029
20,790,783 759,293,191
22,092,856 759,157,906
21,539,251 755,294,066
22,032,083 753,076,674
22,659,331 752,050,332
22,871,039 751,117,794
20,550,148 750,481.769
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on Dec. 31.
Bonds on Deposit
December 31 1913.
U. S. Bonds Held Dec. 31(0 Secure
Bank
PublicDeposila
Circulation.
in Banks.
52,887,560
2%, U.S. Panama of 1936
35,169,700
4%, U. S. Loan of 1925
21,953,100
3%, U.S. Loan of 1908-1918
2%, U. S. Consols of 1930
604,137,000
28,919,140
2%, U. S. Panama of 1938
3.65%, District of Columbia
Various, State, City, Railroad, and Mise
4%, Manila Railroad
Various, Territory of Hawaii
4%, Philippine Loans
4%, Porto Rico Loans
3%, U.S. Panama of 1961
4%,Philippine Railway
Total
743,066,500
Total
Held.
1,301,500
4,018,700
4,518,200
13,491,700
622,000
933,000
58,899,910
10,000
2,075,000
5,850,000
1,836,000
17,013,700
918,000
54,189,060
39,188,400
26,471,300
617,628,700
29,541,140
933,000
58,899,910
10,000
2,075,000
5,850,000
1,836,000
17,013,700
918,000
111,487,710
854,554,210
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1, and their increase or decrease during the month of
December.
7,000
728,000 334,000
1,300,000 272,000
Oats,
bush.
43,475
19,000
2,400
The destination of these exports for the week and since
July 1 1913 is as below:
233,000
262,000
64,545
Since Aug. 1
.
1913-14_ 0,950,000 192,704,0001104,247,000 119,801,000 55,764,000 8,891,000
1912-13
8,431,520 231,168,966 86,691228129,318.888 56,583,336 10858642
1011.19
5223 (170 IR1 20042-1 70 878 252 75 145 MIR 4c RAZ ROAR A952 fiAc
Corn, Flour,
bush.
bbls.
2,640 92,709
10,000
4,950
43,000 41,000
21,800
1,080
11,000
8,000
1,000
4,000
30,000
4,000
5,000
Total week..__ _3,587,917 108,440 177,239
74,875
Week 1913
4,384,456 1,280,542 182,969 1,145,039
4.exus
bbls.1061bv. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
136,000
388,000 2,897,000 1,935,000
505,000
92,000
25,000
196,000
621,000
443,000
360,000
47,000
792,000
56,000
41,000
20,000
2,000
2,068,000
364,000
489,000
333,000
55,000
23,000
176,000
29,000
7,000
24,000
70,000
63,000
2,000
17,000
257,000
196,000
46,000
303,000
343,000
462,000
69,000
20,000
27,000
50,000
359,000
161,000
78,000
17,000
213,000 1,350,000
212,000
194,000 1,540,000
239,000
243,000
326,000
221,036
Wheat,
Exports frombush,
New York
1,245,340
Portland, Me..___ 421,000
Boston
385,577
Philadelphia ___ 436,000
Baltimore
440,000
New Orleans_ ___ 237,000
Newport News._
53,000
Galveston
Mobile
Halifax
142,000
St. John
228,000
etTgiScelianeons
Breadstuffs Figures brought from page 171.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
xcvm.
National Bank Notes-Total Afloat
Amount afloat Dec. 1 1913
Net amount Issued during December
Amount of bank notes afloat Jan. 1 1914
Legal-Tender
Amount on deposit to redeem national bank notes Dec. 1 1913
Net amount of bank notes retired In December
3757,159,471
683,490
$757,842,961
$17,481,906
272,590
Amount on deposit to redeem national bank notes Jan. 1 1914._ _ $17,209,316
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.
135
THE CHRONICLE
JAN. 10 19144
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Harbison-Walker Refrac., pref. (quar.)__ _
134 Jan. 20 Holders of rec. Jan. 10'
Homestae Mining (monthly)(No. 470)...... 65c. Jan. 26 Holders of rec. Jan. 20
Jan. 15 Jan. 4 to Jan. 15
Illinois Brick
3
134 Feb. 2 Holders of rec. Jan. 19a
Illinois Northern Utilities, pref. (guar.)._
Feb. 14 Holders of rec. Jan. 24
Indiana Pipe Line
$4
Jan. 15 Holders of rec. Jan. 5
Inter. Buttonhole Sew. M.(qu.)(No. 65) 1
Internat.HarvesterCorp.,com.(qu.)(No.4) 134 Jan. 15 Holders of rec. Dec. 28a
Int. Harvester of N.J., com.(qu.)(No.16) 134 Jan. 15 Holders of rec. Dec. 26a
Mar. 2
234 Mar. 2 Feb. 15 to
Internat. Nickel, common (quar.)
134 Feb. 2 Jan. 16 to Feb. 2
Preferred (guar.)
International Paper, preferred (quar.)__ _
34 Jan. 15 Holders of rec. Jan. 63
Island Creek Coal, com. (guar.)
50c. Feb. 2 Holders of rec. Jan. 23
Kayser (Julius) & Co., 1st & 2d pf.(qu.) 134 Feb. 1 Holders of rec. Jan. 20e.
Feb. 1
4 Jan. 31 Jan. 21 to
La Belle Iron Works, common (quar.)..
234 Jan. 20 Jan. 1 to Jan. 18,
La Rose Consolidated Mines (guar.).-Jan. 18
2
Jan. 20 Jan. 1 to
Extra
Jan. 17 Holders of rec. Nov. 17
Lehigh Valley Coal Sales
25
Lehigh Valley Coal Sales (guar.)
$1.25 Jan. 10 Holders of rec. Jan. 2
Loose-Wiles Biscuit, 2d pf. (qu.) (No. 7) 134 Feb. 1 Jan. 21 to Feb. 1
MacAndrews & Forbes, com. (guar.)._
234 Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec. 31a
Mfrs. Light & Heat, Pittsb. (guar.) _
131 Jan. 15 Jan. 1 to Jan. 15
Massachusetts Gas Cos., corn. (guar.)._ 31.25 Feb. 2 Holders of rec. Jan. 17
Massachusetts Lightg. Cos.,old com.(qu.) $1.75 Jan. 15 Holders of rec. Dec. 260•
New common
25c. Jan. 15 Holders of rec. Dec. 26a
New preferred
$1.50 Jan. 15 Holders of rec. Dec. 26a'
Mexican Telegraph (guar.)
234 Jan. 16 Holders of rec. Dec. 31a
Miami Copper (guar.)(No.8)
50c. Feb. 16 Holders of rec. Jan. 31a
Mountain States Telep. & Teleg. (guar.) 134 Jan. 15 Holders of rec. Dec. 31a
National Biscuit, common (guar.)(No62) 131 Jan. 15 Holders of rec. Dee. 27a
134 Jan. 15 Jan. 6 to Jan. 15
National Carbon, common (guar.)
National Fireproofing, preferred (guar.) 1
Jan. 15 Holders of rec. Jan. 3
4
N Y. Mutual Gas Light
Jan. 10 Holders of rec. Dec. 27a
New York Transit (guar.)
10
Jan. 15 Holders of rec. Dec. 27
2
Niagara Falls Power (guar.)
Jan. 15 Holders of rec. Dec. 310
Nipissing Mines Co. (guar.)
5
Jan. 20 Jan. 1 to
Jan. 18
234 Jan. 20 Jan. 1 to Jan. 18
Extra
Northern Ontario L.& P., Ltd., preferred
3
Jan. 15 Holders of rec. Dec. 31cr
Northern States Power, pref. (quar.)_ _
13% Jan. 15 Holders of rec. Dec. 31
Nova Scotia Steel& Coal, Ltd.,coin.(qu.) 134 Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.).
2
Jan. 15 Holders of rec. Dec. 31cr
Otis Elevator, common (guar.)
1
Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Pacific Telep. & Teleg., pref. (quar.)_ _ _ _
Jan. 15
134 Jan. 15 Jan. 1 to
Penman's, Limited, common (quar.)........
1
Feb. 2 Holders of rec. Jan. 21
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 21
1
Penn Central Light & Power, pref
Jan, 12 Holders of rec. Jan. 2
Pennsylvania Lighting, preferred (guar.) 131 Jan. 15 Jan. 4 to
Jan. 15
Pennsylvania Salt Mfg. (guar.)
Jan, 15 Holders of rec. Dec. 31cr
3
2
Procter & Gamble, pref. (guar.)
Jan, 15 Holders of rec. Dec. 310
Public Service Co. of Nor. III., com.(qu.) 134 Feb. 2 Holders of rec. Jan. 19th
134 Feb. 2 Holders of rec. Jan. 19cr
Preferred (guar.)
234 Jan, 15 Holders of rec. Dec. 310
Quaker Oats, common ((mar.)
134 Feb. 28 Holders of rec. Feb. 2a
Preferred (quar.)
3
Jan. 15 Holders of rec. Jan. 5
Realty Associates (No. 22)
2
Jan. 15 Holders of rec. Jan. 5
Extra (No. 6)
Jan. 15 Holders of rec. Jan. 5
Reece Buttonhole Mach. (qu.) (No. 111) 3
1
Jan. 15 Holders of rec. Jan. 5
Reeve Folding Machine (qu.) (No. 19)...
234 Jan. 15 Holders of rec. Dec. 31
Securities Company
Securities Corporation General, pf. (qu.) 135 Jan. 15 Holders of rec. Jan. 3a
13.4 Jan. 20 Holders of rec. Jan. 7e
Shawinigan Water & Power (guar.)
Southern Cal. Edison, pf. (qu.) (No. 18) 134 Jan. 15 Holders of rec. Dec. 31
Jan. 15
Southern N. E. Telephone (guar.)
134 Jan. 15 Jan. 1 to
Standard Oil (California) (guar.)
234 Mar. 16 Holders of rec. Feb. 2
$200o Feb. 14
Standard Oil (Kentucky)
15
Jan. 15 Holders of rec. Jan. 1
Stetson, John B., common
Preferred
4
Jan. 15 Holders of rec. Jan. 1
Taylor-Wharton Iron & Steel, pf. (guar.) 134 Feb. 2 Jan. 16 to Feb. 1
Torrington Company, common
Feb. 1
4
Feb. 2 Jan. 18 to
Union Nat. Gas Corp. (qu.) (No. 42)._ _
234 Jan. 15 Jan. 1 to Jan. 15
Union Switch & Signal, com. & pf. (au.) $1.50 Jan. 10 Holders of rec. Dec. 31
United Breweries of Chicago, pref
3
Jan. 31 Holders of rec. Jan. 26
United Cigar Stores of Am.,com.(qu.)(No.5) 134 Feb. 16 Jan. 31 to Feb. 16
Jan. 31 Holders of rec. Jan. 23e
United Dry Goods Cos., common (guar.) 2
2
Jan. 15 Holders of rec. Dec. 24a
United Fruit (guar.) (No. 58)
United Gas & Electric Co., preferred__ _
234 Jan. 15 Holders of rec. Dec. 31
Jan. 15 Holders of rec. Dec. 315
SI
United Gas Improvement (guar.)
Jan. 15 Holders to rec. Jan. 5a
U.S.Cast Iron Pipe&Fdy.,Pf.(qu.)(No.46) 1
U. S. Indus. Alcohol, pf. (qu.) (No. 29) 131 Jan. 15 Holders of rec. Jan. 80
134 Jan. 31 Holders of rec. Jan. 15a
U. S. Rubber, common (guar.)
2
Jan. 31 Holders of rec. Jan. 15a
First preferred (guar.)
134 Jan. 31 Holders of rec. Jan. 150
Second preferred (guar.)
U.S. Smelt., Ref. & Mining,com.(guar.) 75c. Jan. 15 Holders of rec. Dec. 31
87 A c. Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 310
Va.-Carollna Chem., pref. (qu.) (No. 73) 2
to Jan. 15
5
Jan. 15 Jan. 1
Wells, Fargo & Co
Western States Gas & Elec., pref. (guar.) 134 Jan. 15 Holders of rec. Dec. 31
Western Union Teleg. (guar.) (No. 179).
A Jan. 15 Holders of ree. Dec. 20a
$2
Westinghouse Air Brake (guar.)
Jan. 15 Holders of rec. Dec. 310
Jan. 30 Holders of rec. Dec. 3I0
Westinghouse Elec. & Mfg., com.(guar.) 1
Preferred ((Mar.)
134 Jan. 15 /folders of rec. Dec. 31a
Jan. 5
234 Jan. 15 Jan. 1 to
Young (J. S.) Co., common (guar.)
Jan. 5
134 Jan. 15 Jan. 1 to
Preferred (quar.)
Railroads (Steam).
Feb. 23 Holders of rec. Jan. 31a
3
Alabama Great Southern, preferred
134 Mar. 2 Holders of rec. Jan. 30a
Atch. Top. de S. Fe, com.(qu.)(No. 35).-Atch. Topeka & Santa Fe, pref.(No. 31). 23% Feb. 2 Holders of rec. Dec. 310
Jan. 11
Atlantic Coast Line RR., common
334 Jan. 10 Dec. 20 to
Mar. 2 Holders of rec. Jan. 31a
3
Baltimore de Ohio, common
Mar. 2 Holders of rec. Jan. 31a
2
Preferred
Dec. 31
6
Belvidere Delaware
134 Feb. 2 Holders of rec. Dec. 28a
Canada Southern
Feb. 2 Holders of rec. Jan. 23a
2
Central RR.of New Jersey (guar.)
Feb. 2 Holders of rec. Dec. 31a
3
Cuba RR., preferred
Delaware Lack. & Western (guar.)
234 Jan. 20 Holders of rec. Jan. 3a
Jan. 15 Jan. 2 to Jan. 14
3
Georgia RR. & Banking (guar.)
Great Northern (guar.)
134 Feb. 2 Jan. 9 to Feb. 2
Harrisburg Portsm. Mt. Joy & Lancaster 334 Jan. 10 Holders of rec. Dec. 20a
Jan. 15 Holders of rec. Dec. 31a
I
Kansas City Southern, pref. (quar.)_ _ Jan. 29 Holders of rec. Dec. 26a
6
Lake Shore & Mich. Southern
Feb. 2 Holders of rec. Dec. 26a
Guaranteed stock (Mich. Sou. & N. I.) 6
$2.50 Jan. 10 Holders of rec. Dec. 270
Lehigh Valley, common and preferred
$1.25 Jan. 15 Dec. 11 to Jan. 14
Little Schuylkill Nay. RR.& Coal
33% Feb. 10 Jan. 21 to Feb. 10
Louisville & Nashville
Feb. 2 Holders of rec. Jan. 90
$5
Mahoning Coal RR., common
3
Jan. 29 Holders of rec. Dec. 26a
Michigan Central
Jan. 14
$1.25 Jan. 15 Dec. 20 to
Schuylkill Haven
Mine IIIII &
134 Jan. 15 Holders of rec. Dec. 19a
N.Y. Cent. & Hud. Rly. RR.(quar.).....
1
Feb. 19 Holders of rec. Jan. 31a
Norfolk & Western, adi. pref. (quar.)_.._
Jan. 1511folders of rec. Dec. 3Ia
$2
Northern Central
13% Feb. 2 Holders of rec. Jan. On
Northern Pacific (guar.)
2
Jan. 10 Dec. 24 to
Jan. 11
Northern Securities Co. (annual)
Philadelphia St Trenton (guar.)
23% Jan. 10 Jan. 1 to Jan. 11
Pitts. Cin. Chic.& St. L., coin.& pf.(qu.) 134 Jan. 26 Holders of rec. Jan. 15a
2
Feb. 12 Holders of rec. Jan. 26a
Reading Company, corn. (guar.)
1
Jan. 15 Holders of rec. Dec. 31a
St. Louis Southwestern, pref.(quar.)_ _
3s
Union Pacific, common (special)
Jan. 1
United N.J. RR.& Canal Cos. guar.(Q11.) $2.50 Jan. 10 Dec. 21 to
Street and Electric Railways.
% Jan. 10 Dec. 24 to Dec. 26
Aurora Elgin St Chic. RR., corn. (guar.).
Preferred (guar.)
134 Jan. 10 Dec. 24 to Dec. 26
Feb. 2 Holders of rec. Jan. 17
3
Bay State Street By., 1st pref
Jan. 15 Holders of rec. Jan. la
Boston Suburban Elec. Cos., pref. (qu.).. $1
Jan. 15
Jan. 15 Jan. 7 to
Brooklyn City RR.(guar.)
2
Cin. Newport & Coy. Lt.& Tr., com.(qu.) 134 Jan. 15 Jan. 1 to Jan. 15
Preferred (guar.)
134 Jan. 15 Jan. 1 to Jan. 15
Jan. 12 Jan. 1 to Jan. 13
Citizens"frac. Co. (011 City, Pa.), pref. $1
Feb. 2 Holders of rec. Jan. 160
Commonwealth Pow., Ry.StLt.,com.(qu.) 1
Preferred (guar.)
13% Feb. 2 Holders of rec. Jan. 160
2
Jan. 15 Jan. 1 to Jan. 14
Consolidated Traction of N. J
Jan. 10 Holders of rec. Jan. la
1
Denver Sr Northwestern 11y. (quar.)._ _ _
Jan. 12 Holders of rec. Jan. 3a
3
El Paso Electric Co., pref. (No. 23)
Kentucky fiecurities Corp., pref. (guar.) 134 Jan. 15 Holders of rec. Jan. 3
Jan. 15 Holders of rec. Jan. 1
Manchester Tray., Lt. & Power (quar.).... 2
23% Feb. 2 Holders of rec. Jan. 15
Montreal Tramways (quar.)
Jan. 31 Jan. 21 to
2
Feb. 1
New Hampshire Elec. Rys., pref
$1 Jan. 10 Jan.. 1 to Jan. 9
New Orleans City RR., common
$2.50 Jan. 10 Jan. 1 to
Jan. 9
Preferred
3
Jan. 1 Holders of rec. Dee. 31a
Ottawa Electric Ry. (guar.)
3
Jan. 1 Holders of rec. Dec. 31a
Bonus
13% Jan. 15 Holders of rec. Dec. 31
Ottumwa Ry. & Light, pref. (guar.)... _
Philadelphia Co., coin. (qu.) (No. 129). 134 Feb. 2 Holders of rec. Jan. 2a
$2 Feb. 2 Holders of rec. Jan. 15a
Public Service Invest., com. (No. 9)
Preferred (guar.) (No. 19)
$1.50 Feb. 2 Holders of rec. Jan. 15a
Jan. 15 Holders of rec. Jan. 5a
Puget Sd. Ti., L. ,t P., corn. (qu.)(No.6). 1
Preferred (guar.) (No. 6)
134 Jan. 15 Holders of rec. Jan. 5a
Railways Co. General (guar.)
1
Feb. 1 Jan. 22 to
Jan. 31
Republic Ry. & Lt., pref. (au.)(No. 10). 134 Jan. 15 Holders of rec. Dec. 31
Rio de Janeiro Tram., L. de Power (guar.).
134 Feb. 2 Holders of rec. Jan. 15
United Rys. & Elec., Ball., corn. (quar.)._ _ 50c. Jan. 15 Holders of rec. Jan. 7a
United Traction, Pittsburgh, pref
234 Jan. 20 Holders of rec. Jan. 100
Virginia Railway & Power, preferred
234 Jan. 21 Holders of rec. Dec. 24a
Western Ohio Ry., 1st pref. (guar.)
134 Jan. 10 Holders of rec. Dee. 23a
Second preferred (guar.)
134 Jan. 10 Holders of rec. Dec. 23a
West Penn Traction, pref. (qu.) (No. 16)... 134 Jan. 15 Jan. 14 to
Jan. 15
Miscellaneous.
Amer. Agricul. Chem.,com.(111.)(No.9)_
1
Jan. 15 Holders of rec. Dec. 19a
13% Jan. 15 Holders of rec. Dec. 190
Preferred (guar.) (No. 34)
American Chicle, com. (monthly)
1
Jan. 20 Holders of rec. Jan. 15
Common (extra)
1
Jan. 20 Holders of rec. Jan. 15
Amer. Coal Products, pref. (guar.)
134 Jan. 15 Jan. 11 to Jan. 15
American Cigar, common (guar.)
134 Feb. 2 Holders of rec. Jan. 15a
April 1
April 1 Mar. 22 to
Amer. Gas & Elec., coin. (qu.) (No. 16). 2
Preferred (guar.) (No. 28)
134 Feb. 1 Holders of rec. Jan. 21a
Amer. Light b Trac., corn. (guar.)
Feb. 1
234 Feb. 2 Jan. 16 to
Common (payable in common stock)
234r Feb. 2 Jan. 16 to Feb. 1
Preferred (quar.)
13% Feb. 2 Jan. 16 to Feb. 1
American Locomotive, pref. (guar.)._
134 Jan. 21 Jan. 6 to
Jan. 21
Amer. Seeding Machine, com. (guar.)._
1
Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
13% Jan. 15 Holders of rec. Dec. 31a
2
Amer. Telephone & Telegraph (quar.)._ _
Jan. 15 Holders of rec. Dec. 31a
1
Jan. 15 Holders of rec. Jan. 10a
Amer. Type Founders, common (guar.) _
,
a Transfer books not closed for this ells dend. b Less income tax. d Correction.
Preferred (guar.)
13% Jan. 15 Holders of rec. Jan. 100 f Payable in stock. h On account of accumulated dividends. i Payable In scrip.
American Woolen, Pt. (guar.) (No. 59)...
134 Jan. 15 Dee. 24 to
Jan. 4
m Stockholders are given the privilege of subscribing to common stock of the comAnaconda Copper Mining (qu.) (No. 53) 75c. Jan. 14 Holders of rec. Jan. 3
pany to the extent of 5% of their present holding. 0 In connection with this $200
(p) Jan. 15 Holders of coupon No. 6 cash dividend stockholders are given the privilege of subscribing to the $2,000,000
Anglo-American 011, interim
(p) Jan. 15 Holders of coupon No. 6 increase in the capital stock of the company. p Interim and extra interim dividends
Extra interim
Associated Gas de Elec,. pref. (guar.)
13% Jan. 15 Holders of rec. Dec. 31
each 1 shilling per share, payable at the rate of $4 86 2-3 to the pound sterling.
7a
Associated Merchants, 1st pref. (guar.). 134 Jan. 15 Holders of rec. Jan
r Payable in common stock. s A distribution of Baltimore & Ohio stock to be
A Jan. 15 Holders of rec. Jan. 7a made, viz., $12 par value of B. & 0. pref. and $22 50 par value B. & 0. com, for
First preferred (extra)
134 Jan. 15 Holders of rec. Jan. 7a each share of Union Pacific common stock held.
Second preferred (guar.)
A Jan. 15 Holders of rec. Jan. 7a
Second preferred (extra)
2
Jan. 15 Holders of rec. Dec. 24
Bell Telephone of Canada (guar.)
134 Jan. 15 Holders of rec. Jan. 5
Bell Telephone of Pennsylvania (quar.)._
-The following information regarding
National Banks.
Bonbright(Wm.P.),Inc.,1st pf.(qu.)(No.4) 13% Jan. 10 Holders of rec. Dec. 31
1
Feb. 1 Holders of rec. Jan. 24
Brown Shoe, common (No. 1)
national banks is from the office of the Comptroller of the
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 24
Currency, Treasury Department:
134 Feb. 15 Holders of rec. Jan. 31
Burris Bros., COM. (guar.)(No. 2)
IX Feb. 2 Holders of rev. Jan. 15
Preferred (guar.) (No. 4)
VOLUNTARY LIQUIDATION.
2
Jan. 15 Holders of rec. Dec. 31a
Bush Terminal, common
-The First National Bank of Gallup, N. Mex., December 20 1913.
9,988
3
Jan. 15 Holders of rec. Dec. 31a
Preferred
Liquidating agent, T. F. Smalling, Gallup, N. Mex. Absorbed
1
Jan. 20 Holders of rec. Dec. 31a
Cambria Steel (extra)
by the McKinley County Bank of Gallup, N. Mex.
• Canadian Car & Foundry, pref. (guar.). 134 Jan. 26 Holders of rec. Dec. 31a
INSOLVENT NATIONAL BANKS.
Canadian Westinghouse,Ltd.(qu.)(No.36) 13% Jan. 10 Holders of rec. Dec. 310
2
Jan. 10 Holders of rec. Dec. 31a
Bonus
-The First National Bank of Elizabeth, Pa., was placed in the hand
5,114
134 Jan. 15 Jan. 1 to Jan. 15
Central Coal & Coke, common (guar.)._
of a receiver December 19 1913.
134 Jan. 15 Jan. 1 to
Preferred (guar.)
Jan. 15
-The American National Rank of Caldwell, Idaho, was olaced in
9,333
2
Feb. 2 Holders of rec. Jan. 12a
Central Leather, common (No. 1)
the hand of a receiver December 23 1913.
1
Jan. 26 Jan. 16 to Jan. 26
Chicago Pneumatic Tool (guar.)
Cities Service Co., common (monthly)- A Feb. 1 Holders of rec. Jan. 15a
Preferred (monthly)
Feb. I Holders of rec. Jan. 15a
Clallin (II. B.), common (quar.)
134 Jan. 15 Holders of rec. Jan. 13a
-Among other securities, the following,
Auction Sales.
234 Jan. 15 Holders of rec. Dec. 31
Consolidated Car Heating
Corn Products Refining, pref. (quar.)....
134 Jan. 15 Holders of rec. Jan. 5a not usually dealt in at the Stock Exchange, were recently sold
Dayton Power & Lt., pref. (guar.)
13% Jan. 15 Holders of rec. Dec. 31a at auction in New York, Boston and Philadelphia:
Delaware Lackawanna & West. Coal (qu.) 23% Jan. 15 Holders of rec. Dec. 31a
By Messrs. Adrian H. Muller & Sons, New York:
131 Jan. 15 Holders of rec. Jan. 2a
Detroit Edison (guar.)
A Jan. 31 Holders of rec. Jan. 10a Shares.
Distilling Co. of America, pref. (guar.).Per cent.
Per cent. Shares.
Dominion P.&Tr., Ltd., pf. (qu.)(No. 29) 134 Jan. 15 Dec. 15 to Dec. 31
& T.Co.107
850
5 Lawyers Westches.
100 First National Bank
134 Jan. 15 Holders of rec. Dec. 31a 52734 Ludwig Baumann & Co.._$500 lot
Dominion Textile, pref. (guar.)
625
1 Liberty National Bank
duPont (El.) deNem. Pow., pref. (au).. 13% Jan. 26 Jan. 16 to Jan. 26
7134
200 Otis Elevator Co., corn
Baumann St Co.,
18134 Ludwig
Feb. 2 Holders of rec. Jan. 15
Edison Elec.III.Co.of Ilost.(qu.) (No. 99) 3
Per cent.
$100 lot Bonds.
Harlem
Electrical Securities Corp., pref. (guar.) 134 Feb. 2 Holders of rec. Jan. 28a 300 Bay State Gas Co., $50 each_$80 lot $220,000 L. Baumann Sr Co. bonds
13% Feb. 1 Holders of rec. Jan. 16
Emerson-Brantingham, pref. (guar.)
$3,000 lot
$50 lot
1234 S. J. Baumann & Co
10
Feb. 2 Holders of rec. Jan. 15
Eureka Pipe Line (guar.)
$10 lot $69,000 L. Baumann & Co., Har50 Unlvereal Patents Co
Federal Sugar lt,fg., pref. (guar.)
134 Jan. 31 Holders of rec. Jan. 29a
$750 lot
lem, bonds
I The Tribune Assn.,$1,000 par..$3200
m General Chemical, common (quar.)... 5
Feb. 2 Holders of rec. Dec. 31a
$2,000 Winona & Southwest Ry. 1st
45
5 Mathieson Alkali Works
General Electric (guar.)
Jan. 15 Holders of rev. Nov 29n
2
$2 lot
6s, 1928
$25 lot
10 U. S. Worsted Co., corn
136
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh. Shares.
$ per sh.
3 Beverly (Mass.) Nat. Bank.._ _149
13 Waltham Watch Co., corn..___ 23
3 Mercantile Nat. Bank, Salem 115
1 Hartford Fire Insurance Co ___730
1 Pepperell Mfg. Co
290
6 Cambridge Gas Lt. Co. rights_ 51
1 Greenfield Tap&DieCorp.,com.130
105 N. Boston Ltg. Prop. rights— _1.20
8 Waltham Watch Co., pref._ _ _ 923
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sit. Shares.
$ per sit.
65 Pacific Mills
290
109-109%
3 Pepperell Mfg. Co
10 Lockwood Co., Waterville,Me_ 99
25 Hood Rubber Co., pref., new..- 105
5 Naumkeag Steam Cotton Co...175
48 Cambridge Gas Lt. Co.rights.5%-53
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
10 Wm.F. Remppis Co., Reading,
350 each
60%
7 Warrants to Wash. Wat.P.Co. 15%
1 Girard National Bank
350
1 Philadelphia National Bank._ _430
5 Commonwealth T. I. & T. Co _234
4 Germantown Trust Co.._ __273-274%
10 Guarantee Tr.& S. D.Co___160-161
20 Logan Trust Co
124
40
38 Real Estate Trust Co., corn
170
15 West End Trust Co
15W.Phila. Title & T.Co.,350ea_141
5 Phila. Co. for Guar. Mtges_ ....165
2 Franklin Fire Ins. Co..$25 each 39
20 Indep. F. I. Sec. Co.,$25 each. 29%
52 People's Nat. F.Ins.Co.,325ea. 17
7 Ridge Ave. Passenger Ry
245
$ per sit.
Shares.
9 Amer. Pipe & Construe. Co_48-48%
5 American Academy of Music__ 233
3
100 Pratt Food Co.. $1. each
3 13th & 15th Streets Pass. Ry_ _245%
350,000 U.S. Lead Corp
$50 lot
Bonds.
Per cent.
$1,000 Norf. dr West. RR. equip.
trust 45, 1915
08%
$1,000 Lehigh Val. Transit Co. ref.
dr impt. 5s, 1960
863j
$2,000 Amer. Pipe Mfg. Co. coll.
trust 5s, Ser. B, 1929
90
$2,000 Scranton Ry. Co. gen. 5s,'20 94%
$500 Hestonville M.dc F. Pass. Ry.
consol. 5$, 1924
101%
$1.000 Springf. Wat. Co.5s, 1926 90-90%
$1,200 N.Spring.Wat.Co.58'28_ _90-90%
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
100 Atlanta Mines Co.,$1 each 15c.
10 Automob.Mfg.Co.,35 ea_ --$1 lot
631 Cypress Lum.,com.,310 ea
$50 lot
274 Cypress Lum.,pf.,310 ea..$60 lot
500 Daisy Wonder Mm. $1 ea_81 lot
36 Del. Riv.& Lane. Ry.,$50
each
$6 lot
1,000 Goldfield Midway Mining,
$1 each
$5 lot
20,333 Goldfield Gibraltar Mining
dr Leasing, $1 each
$5 lot
1,000 Tonopah Gold Butte Min$11 lot
ing, $10 each
3,500 Tonopah Gipsy Queen Mining,$1 each
315 lot
5,500 Goldfield Belmont Mining
Co., $1 each
$85 lot
250 General Service Corp.._.310 lot
100 MacNamara Mining Co.,
$1 each
$8 lot
1,000 Sunset Min. & Dev. Co_ _35 lot
500 Wettiaufer Lorrain Silver
Mines, $1 each
$25 lot
112,956 Goldfield Horse Shoe Mining Co., 31 each
32 lot
10 Carter Gold Min.Co.,Slea_11 lot
10 Century Oil, $10 each._ _ _31 lot
$persh.
Shares.
1.500 Montezuma Marble Co.,
$1 each
$1. lot
1,000 Nat. Group Mines, $1 ea_$4 lot
13ti Tripeline Mfg. Co.,310 ea.31 lot
1,300 Wire Gold Min., Mill. &
Cyanide, $1 each
$1 lot
12,000 Dividend Oil Co.,1c.ea
$1 lot
950 Excelsior Gold Mining &
Milling, Sc. each
$1 lot
80 West'n I.,C.& C.,$1 each_31 lot
654 West'n Sec. Corp., $1 ea_ _35 lot
100 Cons.Brazil Mg.Co.,31 ea.31 lot
25 Golden Chariot Mining Co.
31 each
$1 lot
100 Interstate Petrol., 1 each_31 lot
1,000 Olive Creek Placer Mines,
$1 each
$3 lot
1,000 Pa.& Texas Oil Co.,10c.ea.$1 lot
5 American Gas Co
101
2 Insur. Co. of North Amer.. 2135
10 Belmont Exten. Min. Co.,
$1 each
$1 lot
200 Colonial Marble,$1 each_ _81 lot
Bonds.
Per cent.
$5,000 J. C. Hob. & Pat. St. By.
1st 45, 1949
75
$2,000 Norf. & Wash. Air Line 1st
6s, 1956
350 lot
[VOL. xcvm.
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos
00s milted.
Surplus.
On Dep.
Net
Loans. Specie. Legals. withC.11. Deposits.
Average. Average. Average. Banks. Average.
$
$
Brooklyn
3,659,4 23,909,0
Bankers
14,462,9 113,582,0
U.S. Mtg.& T 4,350,4 34,173,0
Astor
1,152,7 19,622,0
Title Gu. dr Tr. 11,614,4 33,859,0
Guaranty
23,827,2 146,462,0
1,362,9 7,203,0
Fidelity
Law.T.I.& Tr_ 5,463,4 15,516,0
Col.-Knicker
7,153,7 44,304,0
People's
1,544,5 15,979,0
New York
12,015,2 43,456,0
Franklin
1,179,3 8,740,0
Lincoln
545,9 10,040,0
Metropolitan... 8,721,5 21,461,0
Broadway....
827,7 12,301,0
Reserve.
$
$
$
$
%
2,060.0
686,0 2,334,0 18,691,0 14.7+11.0
13,658,0
157,0 10,909,0 91,470,0 15.1+10.6
3.701,0
406,0 3,774,0 27,313,0 15.0+12.0
1,976,0
33,0 1,420,0 13,688,0 14.6+ 9.2
2,054,0 1,032,0 2,288,0 20,466015.0+10.0
14,766,0 1,079,0 13,797,0 97,636,0 16.2+12.3
650,0
252,0
795,0 5,637,0 16.0+11.6
1,304,0
206,0 1,200,0 10,166,0 14.8+10.5
5,285,0
550,0 4,575,0 38,935,0 15.0+10.5
1,952,0
418,0 1,967,0 15,351,0 15.4+11.1
4,280.0
354,0 3,797,0 29,751,0 15.5+11.3
147,0
914,0
910,0 6,919,0 15.3+11.6
222,0 1,194,0 8,835,0 15.8+11.9
1,179,0
9,0 1,554.0 12,471,0 14.8+11.0
1,837,0
555,0 1,365,0 11,785,0 15.1+10.3
1,225,0
Totals, average 95,881,1 550,607,0 58,841,0 6,106,0 51,879,0 409,114,0 15.3+11.2
Actual figures Jan. 3-- 550,774,0 57,509,0 6,278,0 54,078,0 410,618,0 15.5+11.6
The capital of the trust companies is as follows: Brooklyn, $1,500,000: Bankers.
310,000.000: United States Mortgage & Trust, $2,000,000: Astor, $1,250,000: Title
Guarantee & Trust, $5,000,000: Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust,34,000,000; Columbia-Knickerbocker,$2,000,000:
People's, 31,000,000; New York, 33,000,000; Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, 32,000,000; Broadway. $1,500,000; total, 848,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Jan. 3.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Panics.
Deposits.
Averages.
$
$
$
$
$
$
$
Banks_ __ _ 133,650,0 212,133,3 1,324,007,0261.644,0 74,229,0
1,308,535,0
Trust cos_ 46,250,0 95,881,1 550,607,0 56,841,0 6,106,0 51,879,0 409,114,0
I
Total_ _ _ 179,900,0 308,014,4 1,874,614,0,318,485,0 80,335,0 51,879,0 1,717,649,0
Actual.
1
1,331,215,0265,221,0 76,073,0
Banks_
1,325,195,0
550,774,01 57,509,0 6,278,0 54,076,0 410,618,0
Trust cos_
Total_
I
1,881,989,0 322,730,0 82,351,0 54,076,0 1,735,813,0
I
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
Now York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks following:
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V. 86, p. 316.
members for the week ending Jan. 3. 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 Co..
State Banks.
Trust Cos.
State Banks.
are also given:
outside of
outside of
In
For definitions and rules under which the various items are Week ended January 3. 1.InN. F. Greater N. F. Greater N. F. Greater N. Y.
,Greater
made up, see "chronicle," V. 85, p. 836, in the case of the
$
banks, and V.92, p. 1607, in the case of the trust companies. Capital as of Dec. 9
22,900,000
68,400,000 *10,528,000 *10,150,000
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital.
Surplus.
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
$
$
$
$
3
%
New York...... 2,000,0 4,338,1
20,167,0 3,657,0
882,0
17,600,0 25.7
Manhattan . 2,050,0 5,090,3 30,600,0 8,138,0 1,642,0 35,275,0 27.7
Merchants'... 2,000,0 2,234,0
18,283,0 3,564,0 1,226,0
17,873,0 26.8
Merch.& Mt.
6,000,0 9,006,8 50,371,0 9,081,0 3,423,0 46,265,0 27.0
America
1,500,0 6,475,8 23,312,0 3,579,0 2,609,0 22,467,0 27.0
City
25,000.0 32,723,1 180,607,0 37,218,0 4,914,0 168,436,0 25.3
Chemical
3,000,0 7,802,4
29,086,0 4,858,0 1,621,0 25,333,0 25.5
Merch. Exch..
544,2
600,0
6,456,0
1,190,0
267,0
6,188,0 23.5
Butch.dr Drov.
300,0
121,9
1,930,0
431,0
74,0
2,079,0 24.2
500,0 1,119,1
Greenwich
9,611,0 2,556,0
205,0
10,890,0 25.3
Amer. Exch.... 5,000,0 4,889,0 42,853,0 7,814,0 3,890,0 42,589,0 27.4
Commerce
25,000,0 16,533,9 126,248,0 17,778,0 8,131,0 101,202,0 25.6
Pacific
500,0
995.6
4,961,0
598,0
639,0
4,769,0 25.9
2,250,0 1,333,5 19,647,0 2,966,0 1,912,0
Chat. & Phen_
19,899,0 24.5
200,0
People's
478,0
1,924,0
507,0
151,0
2,388,0 27.5
3,000,0 14,640,0 72,959,0 17,044,0 2,263,0 78,477,0 24.6
Hanover
Citizens' Cent. 2,550,0 2,383,8 23,209,0 5,099,0
614,0 22,320,0 25.5
1,000,0
Nassau
485,2 10,284,0 1,626,0 1,402,0 11,409,0 26.5
Market& Fult.
1,000,0 1,929,4
8,776,0 1,453,0
768,0
8,548,0 25.9
Metropolitan _
2,000,0
13,635,0 3,868,0
1,856,5
272,0
14,798,0 27.9
Corn Exchange
3,000,0 5,934,6 52,971,0 9,690,0 6,976,0 63,281,0 26.3
Imp.&Traders
1,500,0 7,945,0 26,323,0 3,552,0 2,659,0 23,731,0 26.0
Park
5,000,0 14,353,9 84,731,0 19,231,0 1,957,0 85,185,0 24.8
East River_ .. _
250,0
1,467,0
65,3
343,0
112,0
1,780,0 25.5
Fourth
5,000,0 5,884,3 27,006,0 6,212,0 2,500,0 28,244,0 30.8
Second
1,000,0
13,702,0 3,021,0
2,764,9
131,0
12,536,0 25.1
First
10,000,0 22,229,3 108,050,0 20,359,0 2,819,0 93,840,0 24.4
Irving
4,000,0 3,382,1
35,273,0 6,371,0 2,346,0 34,780,0 25.0
Bowery
250,0
817,0
3,245,0
779,9
67,0
3,398,0 26.0
N.Y.County_
500,0 2,086,5
1,255,0
8,845,0
628,0
8,631,0 21.8
German-Amer.
750.0
687,0
3,870,0
700,7
227,0
3,531,0 25.9
Chase
5,000,0 10,214,4 89,725,0 17,932,0 5,661,0 98,001,0 24.0
Fifth Avenue_
100.0 2,233,3 12,516,0 2,831,0
774,0
13,878,0 25.9
German Exch.
584,0
200,0
3,228,0
833,7
398,0
3,821,0 25.1
Germania_ _ _ _
200,0 1,021,5
4,981,0 1,332,0
256,0
5,864,0 27.0
Lincoln
1,000,0 1,773,7 15,782,0 3,981,0 1,173,0
17,309,0 29.7
Garfield
1,000,0
8,907,0 2,379,0
1,298,7
300,0
9,439,0 28.3
Fifth
250,0
133,0
3,853,0
494,4
767,0
3,717,0 24.2
Metropolis
1,000,0 2,345,2
1,937,0 1,301,0
12,497,0
12,412,0 26.0
West Side....
200,0
875,0
3,881,0
883,5
285,0
4,613,0 25.1
Seaboard
1,000,0 2,525,5 23,385,0 5,316,0 2,039,0 27,381,0 26.8
Liberty
1,000,0 2,850,1
689,0 24,281,0 23.9
22,767,0 5,117,0
N.Y.Prod.Ex_
1,000,0
365,0
8,934,0 2,198,0
908,6
10,263,0 25.0
State
1,000,0
429,0 25,237,0 25.9
561,7 19,491,0 5,997,0
Security
1,000,0
11,778,0 2,149,0 1,409,0 14,187,0 25.0
379,0
Coal dr Iron.._
1,000,0
709,0
913,0
564,8
6,362,0
6,307,0 25.7
Union Exch... 1,000,0
350,0
997,3
9,632,0 2,004,0
9,593,0 24.5
Nassau, Bklyn
1,000,0
197,0
1,420,0
1,139,9
7,886,0
6,490,0 25.0
Totals,average 133,650,0 212,133,3 1324,007,0 281,644,0 74,229,0 1308,535,0 25.6
Actual figures Jan. 3
1331,215,0 265,221,0 76,073,0 1325,195,0 25.7
Dr NI
P Circulation.—On the bails of averages,circulation of national banks In the Clearin
House amounted to $45,130,000 and according to actual figures was $45,281.000.
Susplus as of Dec.9
39,080,200
163,600,500
*13,729,425
*11,436,248
Loans and Investments_ _
Change from last week..
301,158,900 1,023,791,900
+433,800
+275,200
125,078,400
—258,900
177,419,900
—623,100
Specie
Change from last week_
56,729,700
+1,226,400
108,239,800
+1,655,500
Legal-tender & bk. notes_
Change from last week.
22,745,800
+640,600
10,386,700
+1,077,800
129,907,500
+183,100
184,655,700
+457,100
22,945,000
+424,600
23,240,900
+780,400
Deposits
Change from last week..
343,62,0001.084,757,000
+2,983,800 +15,750,800
Reserve on deposits
Change from last week_
95,210,300
+2,027,500
P. C. reserve to deposits_
Percentage last week
28.1%
27.7%
125,936,100
+3,288,800
16.4%
16.1%
18.9%
18.5%
13.5%
13.1%
+ Increase over last week. — Decrease from last week. * As of Sept.9 1913.
Note.—"SurpIns" Includes all undivided profits. "Reserve on deposits" Includes
for both trus icompanles and State banks not ot.'v cash items but amounts due
from reserve agents. Trust companies in New Yoris 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 days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for it by any
varyingpatlebeloicr,dllenpgatortment.
The State banks are likewise required to keep, a reserve,
location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of
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 Co.,.— —State Banks—
Total
Of
Reserve Required for Trust Companies
Total
01
Reserve
and State Banks.
which
Reserve
which
Required. In Cash. Required, in Cash
Location—
15%
Manhattan Borough
15%
25%
15%
10%
Brooklyn Borough (without branches in Manhat.)15%
20%
10%
10%
Other Boroughs (without branches in Manhattan)15%
7%
15%
15%
Brooklyn Borough, with branches in Manhattan _15%
20%
20%
15%
Other Boroughs, with branches in Manhattan_ _ _15%
15%
15%
10%
5%
Cities of the first and second ClaSt3
10%
3%
Cities of the third class and villages
Elsewhere in State
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater New York, not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
137
THE CHRONICLE
JAN. 10 1914.]
-Below is a summary
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
banks of Boston
of the weekly totals
each corresponding item in the two, statements, and Philadelphia: of the Clearing-House
oombined
and
thus affording an aggregate for the whole of the banks
We omit two ciphers (00) tn all these figures.
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
-House State Banks and Total of all
Ciear.-House Clear.
Trust Cos. Not Banks &Trust
lembers.
.
embers
-H. Aver. Cos. Average.
Average. in C.
ctualFigures
Week ended Dec. 27-
$
iNational banks
Oct. 21 andl
Capital
State banks
Dec.9
Surplus
J
Capital
and
Surplus.
Banks.
$
179,900,000 179,900,000
29,600,000
209,500,000
308,014,400 308,014,400
74,202,600
382,217,000
000
Loans and investments__ 1,881,989,0001,874,814,
Change from last wee +16,427,000 +10,113,000
553,604,300 2,428,218,300
+1,259,900 +11,372,900
1,735,813,0001,717,649,000
Deposits
Change from last week +39,716,00 +21,481,000
322,730,0001 318,485,000
Specie
+2,663,000
Change from last week +9,620,00
a554,390,900 2,272,039,900
-3,430,100 +18,050,900
59,779,700
-715,100
378,264,700
+1,947,900
Legal-tenders
Change from last week
82,351,00
+2,168,00
80,335,000
+1,406,000
b8,998,200
+1,049,100
89,333,200
+2,455,100
Banks: cash in vault_ _ _ _
Ratio to deposits
341,294,000 335,873,000
25.66%
25.75%
13,125,700
14.42%
348,998,700
62,947,000
55,652,200
118,599,200
Aggr'te money holdings__ 405.081,000j 398,820,000
Change from last week +11,788,000 +4,069,000
68,777,900
+334,000
467,597,900
+4,403,000
Money on deposit with
other banks & trust cos.
Change from last week
51,879,000
+4,695,000
15,227,100
+586,900
84,005,000
+920,900
534,704,000
+9,684,900
$
60,735.0
60,735.0
60,735,0
60,735.0
60,735,0
60,735,0
60,735,0
60,735,0
$
233,218,0
231,127,0
232,246,0
230,414,0
228,883,0
225,244,0
225,785,0
226,128,0
$
26,786,0
26,913,0
26,311,0
25,827,0
25,749.0
23,778,0
22,567,0
24,116,0
103,684.3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
382.598,0
380,474,0
381.526,0
382.916,0
379,857,0
374,903,0
372,114,0
372,915,0
Trust cos.; cash in vault..
63,787,00
54,076,000
+6,927,000
Surplus CASH reserve
Banks (above 25%)--Trust cos.(above 15%)
Total
Change from last week
9,995,250
2,194,30
12,189,55
+2,816,80
8,739,250
1,579,900
15.38%
11.25%
27.16%
26.83%
Total
15.28%
1.20%
1
274,553,0
266,170,0
266,321,0
260,898,0
260,160,0
254,764,0
251,161,0
259,038,0
9,820,0
9,815,0
9,774,0
9,826,0
9,811,0
9,771,0
9,734,0
9,713,0
$
,
164,440.3
162,731,4
138,567.7
168,147,5
158,596,5.
157,318,4
120,448,0
174,091,2'
*431,208.0
*430,504,0
*428.213.0
*429,430,0
*420,061,0
*421,128,0
*417.722,0
*432,374,0
11,299,0
11,288,0
11,302.0
11,305,0
11,307,0
11,307.0
11,281,0
11,435,0
167.348.8
173,199.8
139,182.4
192,220,7
158,699,4
175,013,1
155,404,1
175,589,5-
4,324.0
3,993,0
3,754,0
4.007,0
3,803,0
3,878,0
3,942,0
4,135,0
91,600,0
92,702,0
90,939,0
88,678,0
87,519,0
88,637,0
88,096,0
96,405,0
-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Jan. 3; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
I
1914.
1911.
1912.
1913.
33,658,4811
12,068,089
Dry goods
General merchandise
$3,827,614
14.784,935
$3,874,073
14,152,929
$3,372,230
11,546,443
$15,726,570 $18,612,549 $18,027,002 $14,918,673
$3,658,4811 $3,827,614
12,068,089, 14,784,935
$3,874,073
14,152,929
$3,372,230
11,546,443
$15,726,570 318,612,5491 $18,027,002 $14,918,673
Total one week
% of cash reserves of trust cos
15.53%
Cash in vault
11.63%
Cash on dep. with bks.
Marina
a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $1,836,000 on January 3, against $1,815,000
on Dec. 27.
•"Deposits" now include the item "Exchanges for Clearing House," which were
reported on January 3 as $21,667,000.
Total
Since Jan. 1.
Dry goods
General merchandise
10,319,150'
--761,750
Circulation.
Legals. Deposits.
a
Specie.
67,106,100
+5,281,900
459,157,0001 450,699,000
Total reserve
+8,764,000
Change from last week +18,715,0
Boston
Nov. 15..
Nov. 22_
Nov. 29..
Dec. 6_
Dee. 13_
Dec. 20_
Dec. 27..
Jan. 3_
Phila.
Nov. 15_
Nov. 22_
Nov. 29_
Dec. 6..
Dec. 13_
Dec. 20_
Dec. 27_
Jan. 3_
Loans.
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. 3 and from Jan. 1 to date:
16.48%
+ 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 $606,005,300, an increase of $4,793,400 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. 8 Includes bank notes.
EXPORTS FROM NEW YORK.
1911.
1912.
1913.
1914.
$15,102,560 $15,054,827 $20,273,797 $16,158,893
For the week
Previously reported
The averages of the New York City Clearing-House banks
$15,102,560 $15,054,827 $20,273,797 $16,158,893
Total one week
and trust companies, combined with those for the State banks
The followng table shows the exports and imports of
and trust companies in Greater New York City outside of the
3
of New York for
specie
House, compare as follows for a series of weeks past: and at the port1914, and for the the week ending Jan. in
Clearing
corresponding periods
since Jan. 1
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.
Loans and
Week Ended- Investments
Nov,
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Jas.
I.____
8____
15._
22._
29....
6_
13____
20._
27____
3.___
$
2,475,040,3
2,466,185,3
2,460,101,3
2,468,186.1
2,478,354,0
2,436,310,0
2,407,434,3
2,401,991,7
2,416.845,4
2,428,218,3
Deposits.
Specie.
Legals.
$
2,306,105,0
2,296,512,9
2,299,281,3
2,313,984,0
2,310,016,0
2,256,047,0
2,231,664,7
2,233,530,2
2,253,989,0
2,272,039,
$
386,720,9
384,247.7
390,933,1
396,859,2
385,357,6
369,628,3
371,901,5
378,400,1
378,316,8
378,264,7
$
83,841,5
84,323,1
87.206,7
85.852,7
84.624,3
85,072,6
87,276,4
86,700,8
86,878,1
89,333,2
$
470,562,4
468,570,8
478,139,8
482,711,9
469,981,9
454,700,9
459,177,9
485,190,9
463,194,9
467.597,9
Gold.
TatIIIoney EntireRe
Holdings. onDeposi
$
535,262,
533,422,3
541,373„
5
,
0
548,159,
533,920,6
514,203,
518,144,;
527,023,1
525.019,1
,
534,704,
Week.
We emit two ciphers (00) in all these figures
Banks.
Capt.
WI.
Surplus.
Loans,
on
Lega
Disets
Tender Deposit
and
Specie, and
with
Net
Invest-II. Deposits.
C.
Bank
ments.
Notes. Banks.
$
$
$
$
New York City.
Manhattan and Bronx.
362,6 1,613,0 146,0
Washington Heights_ 100,0
123,1 1,661,0 320,0
. 200,0
Battery Park Nat_ _
500,2 6,380,0 597,0
500,0
Century
708,3 6,549,0 1,033,0
400,0
Colonial
742,7 6,375,0 668,0
300,0
Columbia
49,0
182,6 1,076,0
200,0
Fidelity
486,0 5,146,0 569,0
200,0
Mutual
314,5 3,128,0 385,0
New Netherland
200,0
108,9 1,876,0 257,0
200,0
Twenty-third Ward
507,4 4,380,0 520,0
100,0
Yorkville
Brooklyn
703,1 3,878,0 375,0
300,0
First National
932,2 5,977,0 651,0
252,0
Manufacturers' Nat
503,4 10,246,0 1,268,0
1,000,0
Mechanics'
589,5 4,595,0 523,0
300,0
National City
191,9 2,763,0 197,0
200,0
North Side
Jersey City.
400,0 1,398,0 4,129,0 285,0
First National
826,9 3,037,0 224,0
Hudson County Nat_ 250,0
441,2 2,675,0 104,0
200,0
Third National
Hoboken.
676,5 4,820,0 261,0
220,0
First National
298,2 3,408,0 203,0
125,0
Second National
$
98,0
73,0
439,0
167,0
515,0
128,0
399,0
128,0
106,0
305,0
$
147,0
119,0
694,0
863,0
594,0
114,0
479,0
303,0
250,0
701,0
51,0
58,0
580,0
439,0
1,337,0
1,733,0
6,343,0
6,625,0
7,211,0
1,015,0
5,436,0
3,232,0
2,063,0
4,813,0
3,365,0
1,770,0
1,578,0
5,250
1,559
7,366
04,233
83,996
$12,970
$100
93,014
$159,248
444.574
74,042
$861,846
100,950
$82
$80
$7,720
Total 1914
Total 1913
Total 1912
GrearEritain
France
Germany
West Indies
Mexico
South America
All other countries
7,045
$5,000
$5,000
63,400
932,492
$123,368
259,518
148,816
74,042
43
100,335
19,845
2,081
$989,841
1,605,352
1,413,012
Total 1914
Total 1913
Total 1912
148,810-
Of the above imports for the week,$23,653 were American
gold coin and $1,003 American silver coin.
Aanking and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds,
Spencer Trask & Co.
-NEW YORK
43 EXCHANGE PLACE
Chicago
Boston
Albany
White, Weld & Co.
2,047,0
1,525,0
5,847,0 10,597,2 83,712,0 8,635,0 4,074,0 13,557,0 78,454,0
Totals Jan. 3
Totals Dec. 27....... 5,847,0 10,597,2 83,697,0 8,561,0 4,176,0 13,522,0 78,026,0
5,847,0 10,597,0 83,788,0 8,762,0 4,162,0 12,173,0 78,334,0
Totals Dec. 20
Since Jan. 1
$
55,0
630,0 3,147,0
132,0
685,0 5,430,0
634,0 1,748,0 12,339,0
123,0
715,0 4,554,0
212,0
337,0 2,891,0
257,0 3,041,0
501,0
62,0
134,0
617,0
Week.
$1,094
21,000
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Silver.
-The followReports of Clearing Non-Member Banks.
ing is the statement of condition of the clearing non-member
banks for the week ending Jan. 3, based on average daily
results:
Since Jan. 1
Bonds and Investment Securities.
111 DEVONSHIRE STREET
THE ROOHERY
tIOSTON
CHICAGO
4 WALL STRELT
NEW YORK
138
. THE CHRONICLE
Van
mune.
Wall Street, Friday Night, Jan. 9 1914.
The Money Market and Financial Situation.
-Such
developments as have affected the security markets this
week are, for the most part, of a mild type and were generally
foreshadowed during the late months of last year. Among
the most important of these, two are, however, co-related
and are easily traced to the same cause. We refer to the
American Railway Association's report of unused freight
cars and to steadily increasing ease in money market conditions at all important centres. The report mentioned
shows that 87,300 freight cars were put out of use and sidetracked during the last half of December, making a total for
the month of 131,600, as against 53,400 during Dec. 1912.
The grand total is now about 188,850 and the largest since
March 1911. March, as every one knows, is usually the
month of all the year when the least number of cars is in use.
Another evidence of general depression, especially in industrial lines, is seen in a report of copper stocks in producers' hands. This substantially increased and is said to
be due to a greatly restricted demand for domestic consumption. From the iron and steel trade reports are to the effect
that the "outlook is better." This results chiefly from expectation that orders will increase during January, although.
this expectation seems from the report to have for a foundation nothing more substantial than hope.
An event of the week which attracted a good deal of attention in railway and financial circles has been the announcement of a plan by the Union Pacific directors to distribute
its holdings of Baltimore & Ohio stock for the benefit of
the U. P. common shareholders.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2@,5%. Friday's rates on call were 2%@3%.
Commercial paper on Friday quoted 5@5%% for 60 to
-day endorsements and prime 4 to 6 months' single names
90
and 5%@5%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £2,127,260, and the percentage of
reserve to liabilities was 49.34, against 33.39 the week before.
The rate of discount was reduced on Jan. 8 from 5%, as
fixed Oct. 2, to 43/2%. The Bank of France shows a decrease
of 5,056,000 francs and an increase of 583,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.
1914.
Averages for
week ending
Jan. 3.
Differences
from
previous week.
1913.
Averages for
week ending
Jan. 4.
1912.
Averages for
week ending
Jan. 6.
$
$
S
$
133,650,000
Capital
133,650,000 135,150,000
212,133,300
Surplus
202,480,100 198,340,600
Loans and discount&__ 1,324,007,000 Inc. 11,055,000 1,298,053,000 1,330,363,000
Circulation
45,130,000 Inc.
288,000
46,881,000
50,988,000
1,308,535,000 Inc. 18,086,000 1,283,085,000 1,350,410,000
Net deposits
281,644,000 Inc.
Specie
326,000 253,070,000 277,573,000
74,229,000 Inc. 1,298,000
Legal-tenders
77,102,000
80,328,000
Reserve held
25% of deposits
335,873,000 Inc. 1,624,000
327,133,750 Inc. 4,021,500
330,172,000
62,578,000
357,899,000
337,602,500
Surplus reserve
8.739.250 Dec. 2.307.500 392.750_000
2021)11 snn
-The Clearing House now issues a statement weekly, show ng the actual
Note.
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.
State and Railroad Bonds.
-Sales of State bonds at
the Board are limited to $3,000 New York Canal 4s, 1961, at
973/i to 97%,and $62,000 Virginia 6s deferred trust receipts
at 563 to 58%.
4
The market for railway and industrial bonds has been more
active and stronger than for a long time past. On two days
of the week the transactions aggregated almost $3,000,000,
par value, and prices in several cases have advanced.
Among the exceptional features, Wabash ref.& ext.4s are
conspicuous for an advance of 5 points. Some of the local
traction issues have been notably strong, and St. Louis &
San Francisco, Rock Island, American Tel. & Tel., N. Y.
Telegraph and Texas Co. issues are from 1 to 2 points higher
than last week. Of a list of 35 active issues, only 4 are
fractionally lower.
Foreign Exchange.
-Sterling exchange was particularly
strong and active during the week, the first impetus being
the demands for the remittance of January dividends and
•coupons to holders of American securities abroad. Subse•quently the sharp decline in money rates here encouraged the
transfer of funds abroad to take advantage of the more remunerative rates abroad than at home.
To-day's (Friday's) actual rates for sterling exchange were 4 83500
4 8365 for sixty days, 4 866004 8670 for cheques and 4 870504 8715 for
-cables. Commercial on banks 4 81%04 83 and documents for payment
4 82%04 8334. Cotton for payment 4 8204 8234 and grain for payment
4 8304 8334.
The posted rates for sterling, as quoted by a representative house, were
.advanced Mc. on Monday to 4 8234 for sixty days and 4 8634 for sight.
On Wednesday a further advance of 34c. took place in each case, and on
Thursday there was a similar rise recorded for sixty days, while sight bills
were unchanged. Yesterday both classes of bills were advanced 34c.
additional, the closing figures being 4 8404 8734.
To-day's (Friday's) actual rates for Paris bankers'francs were 5 21% less
1-1605 2P% for long and 5 18% less 1-1605 1834 less 1-32 for short.
Germany bankers' marks were 94 7-16094% for long and 95 less 1-32095
for short. Amsterdam bankers' guilders were 40%0403i plus 1-32 for
short.
Exchange at Paris on London, 25f. 26%c.; week's range, 25f. 28%c.
high and 25f. 2634c. low.
Exchange at Berlin on London,20m.5034pf.; week's range, 20m. 5134Pr.
bigh and 20m. 5034pf. low.
[VOL. 'cavil'.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
High for the week_.._ 4 8365
4 8670
4 8715
Low for the week__ 4 82
4 8570
4 8615
Paris Bankers' Francs
High for the week_.... 5 2134 less 1-16 5 1834 less 1-32 5 1834 less 1-32
Low for the week_ _ 5 2334
5 20
5 1934
Germany Bankers' Marks
.
High for the week___ 9434
95 less 1-32
95 1-16 plus 1-32
Low for the week__ _ 94 3-16
94 13-16 less 1-32 9434
Amsterdam Bankers' Guilders
High for the week.- 40
4034 plus 1-32
40 5-16 less 1-16
Low for the week__ _ 39 13-16 plus 1-1640 3-16 less 1-16 40 3-16
-Chicago, 10c. per $.1,000 discount. Boston, par.
Domestic Exchange.
St. Louis, par bid and 10c. premium asked. San Francisco, 50c. per $1,000
premium. Montreal, 7834c. per $1,000 premium. Minneapolis, 50c. per
$1,000 premium. Cincinnati, 5c. per $1,000 premium.
United States Bonds.
-Sales of Government bonds at
the Board include $1,000 2s coup. at 98, $5,000 2s reg. at
983,$3,5003s coup. at 102 to 1023 ,$1,0003s reg. at 102%,
4
$1,000 Panama 3s coup. at 101 and $1,000 4s reg. at 1113/s.
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 been a trifle more active than last week, but is still exceptionally dull. The tone has been irregular, indeed,
several issues have been erratic in movement, while the prevailing tendency of the market as a whole has been towards
a higher level of prices. The advances recorded have, however, generally been unimportant. To-day's market was
almost wholly professional in character, fluctuations narrow
and net changes without significance.
Baltimore & Ohio is alone in a decline of nearly 3 points
on the prospect of a distribution of the Union Pacific's holdings. Union Pacific has been exceptionally strong for the
same reason. New York Central and Canadian Pacific
have been notably weak, and New Haven is fractionally
lower. Southern Pacific, on the other hand, has moved up
nearly 3 points on its relatively favorable report of earnings.
Some of the industrials have again been eccentric. The
copper stocks are lower on unfavorable trade conditions.
Texas Company has advanced 6 points within the week.
California Petroleum when at its highest was over 7 points
higher and Mexican Petroleum 5.
For daily volume of business see page 148.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:_
STOCKS.
Week ending Jan.9.
Sales
for
Week.
Range for Week.
Lowest,
Highest.
AilLs-Chal Mfg v t a._ _ _ 1,070 834 Jan 6 934 Jan
Preferred v t a
350 4334 Jan 8 4334 Jan
Amer Brake Shoe & Fdy
200 90 Jan 9 9034 Jan
100 130 Jan 9 130 Jan
Preferred
Amer Coal Products..
30 82 Jan 5 84 Jan
American Express
200 100 Jan 9 100 Jan
100 81 Jan 7 $1 Jan
Batopilas Mining
20 103 Jan 6 104 Jan
Cent dr So Amer Teleg
200 1134 Jan 6 1134 Jan
Chicago & Alton
100 2634 Jan 6 2634 Jan
Colorado & Southern
Comstock Tunnel
500 8c. Jan 9 8c. Jan
205 108 Jan 9 108 Jan
General Chemical, pref_
16 13 Jan 9 1334 Jan
Green Bay dr W,deb IL
Homestake Mining
11 114 Jan 8 117 Jan
Int Agric Corp v t c_ _
100 4 Jan 8 4 Jan
Mackay Cos, preferred_
100 6534 Jan 3 6534 Jan
N Y Chic & St Louis
700 3734 Jan 6 40 Jan
Pittsburgh Steel, pref__ _
100 88 Jan 6 88 Jan
So Pac subs 1st paid_ _ _ _
700 9534 Jan 8 0634 Jan
United Cigar Mfrs
200 45 Jan 7 4534 Jan
Preferred
265 102 Jan 010234 Jan
United Dry Goods, prof.
82 9634 Jan 6 9934 Jan
United States Express__
400 48 Jan 7 46 Jan
Virginia Iron,C & C___ _
200 40 Jan 9 40 Jan
Virginia Ry & Power__
100 51 Jan 9 51 Jan
Wells, Fargo dr Co
18 8534 Jan 9 8534 Jan
Range since Jan. 1.
Lowest.
9 734
8 40
7 8934
9 12734
7 80
I 95
$1
1 100
i
734
. 2334
9 Sc.
9 104
7 11
3 100
: 5
3 62
3 47
6 73
9 90
4034
7 96
3 95
8 40
1 36
9 51
9 85
Highest,
Dec 9
Nov 4334
Oct 9634
Nov 13634
July 94
Dee 175
Jan $134
Dec 11234
June 18
June 33
Aug 13c
May 10934
June 1734
Mar 121
June 39
Dec 69
Dec 6334
June 95
Oct9934
June 5034
Sept102%
Dec 10534
Dec 5634
Dec 54
Jan 58
Dec 125
Dec
Dec
Jan
Jan
Jan
July
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Nov
Jan
Apr
Jan
Jan
Sept
Feb
Feb
Jan
Jan
Jan
Feb
Apr
-There was more activity in "curb"
Outside Market.
trading this week, though price changes outside of the
Standard Oil issues were without feature. The almost
general rise in these latter, combined with spectacular
advances in a few cases, served to make them the most prominent characteristic of the market. While most of the Standard Oil stocks are higher, the upward movement has been
accompanied by considerable .irregularity. Atlantic Refining at 850 shows an appreciation of over 70 points, though
this was followed by a drop to 805, the close to-day being
at 815. Prairie Oil & Gas from 428 sold off to 426, then up
to 460, the final figure to-day being 455. South Penn Oil
gained 18 points to 285 and closed to-day at 284. Standard
Oil (California) advanced from 261 to 294 and ends the
week at 290. Standard Oil (Indiana) was up 40 points to
467 at one time, though it reacted finally to 455. Standard
Oil (Nebraska) after an early loss of 15 points to 470 jumped
to 505 and rested finally at 490. Standard Oil of N. J.
moved up from 407 to 430 and closed to-day at 428. Standard Oil of N. Y. rose some 20 points to 195 and ended the
week at 189. Vacuum Oil at 220 shows a rise of 25 points,
though it finished to-day at 212. Pierce Oil advanced from
65 to 86 with 82 the final figure to-day. United Cigar
Stores com. weakened from 94% to 923/i and closed to-day
at 93. Tobacco Product's, pref., improved half a point to
85 but reacted to 823/2. Union Pacific "rights" exclusive
of the $3 cash dividend were traded in up from 27 to 27%.
In bonds Canadian Pacific 6% notes rose from 1013 to 102.
N. Y. State 4s, "w. i.," moved down from 1053/ to 1053
,
and up to 1053', with sales to-day at 105%. Copper
stocks were easier. Braden was off from 73 to 6%, the
close to-day being at 7. British Columbia weakened from
2% to 2. First National sold down from 33 to 3 and at
3 1-16 finally. Greene Cananea advanced from 30 to 30%
and ends the week at 303.
Outside quotations will be found on page 148.
139
New York Stook
-Exchange=-Stock Record-Daily, Weekly and Yearly
,
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see Preceding page
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 3
Ifonday
Jan. 5
Tuesday
Jan. 6
Wednesday
Jan. 7
Thursday
Jan. 8
Friday
Jan. 9
Sates of
the
Week
Shares.
STOC.<S
NEW YORK STOCK
.:XCHANGE
Range for Year 1913
On basis of 100-share lots.
Lo-est
Highest
Railroads
'
9314 9312 9312 9414 94
3
4 9414 9434 5,690 Atchison Topeka & S F_ 9014 Nov10 10638 Jan 6
0413 9373 9412 943 043
*96
4
4 984 0812 *9512 99 .97
90 J'iy 9 1024 Jan 2,
99
.9778 10018
Do ore.'
830
973
4 973 973
At1antic Coast Line RR_ 112 J'ne 11 13338 Jan 9
116 11612 .116 117 *116 117
1167 117 .116 118
8
1,133
117 117
895
8 895 9013 61,235 Baltimore
92
9258 9173 9212 8812 913
9038 J'ne 10 10618 Jan 22
8
Onio
8 89
4 8818 897
7714 J'ne Is 83 Jan 10
Do pref
803 803 *81
4
7812 7918 .7812 80 .79
8012 1,990
4
7734 80
81
4 8818 8814 7,020 Brooklyn Rapid Transit 18334 J'ne 10 9214 Slav26
8712 8778 8773 88
8 8818 883
887
8813 88
88
20612 2073 51,050 Canad!an Pacific
201 Dec 29 26634 Jan 9
20718 20914 20714 20938 208 210
4
20713 20834 20813 210
Central of New JerseN
*291 320 .291 320 .291 320 .291 320 *291 320 .291 310
275 J'ne 11 362 Jan 13
6038 6112 6012 6078 4,400 Chesapeake & Ohio
5118 J'ly 11 80 Jan 2
6014 61
5912 60
5914 60
5978 60
700 Chicago Gt West tr ctfs
.1152 1214 *1112 12 .1112 1212
113 113
4
1018 J'ne 4 1778 Jan
12
12
12
4 12
28
28
*274 2812 1,020
Do pref trust ctfs
28
28
23 J'ne 10 35 Jan 9
*2734 2814 2712 28
2734 28
8
9918 9934 100 10058 10014 1013 10014 10114 10012 10114 10014 1005 14,075 Chicago Milw & St Paul_ 0634 Nov10 11614 Jan 9
8
Do pref
13112 Nov10 145 Jan 30
250
•135 140 .134 13912 .137 13912 *137 13912 .137 13912 13938 13912
4
8
128 1287 12814 1283 12814 12814 2,300 Chicago 33 North Western z123 Dee 1 138 Jan 11
128 1285 128 12812 12812 129
8
Do pref
150
17118 Nov19 1189 Jan 6
.165 170
170 170 1170 170 .165 170 .165 170 .165 170
41
40 .38
40
.38
44
40
3478 Aug 26 58 Jan 21
200 Cleve Cin Chic & St L..
40 .38
•__ 40
40
63
63
Do pref
§63
63
60 Oct 16 9414 Jan 16
150
.
6014 75 .604 75 .6014 75 *___. 75
15112 15112
14712 J'ne 11 167 Jan 8
800 Delaware St itudson
150 15112 .150 152 .150 152 *150 152 .15012 153
390 390 .375 395 .375 395
380 Dec 26 445 Jan 13
471 Delaware Lack & West
1382 882 .
372 390 388 388
*16
18 .16
.1612 18 .1612 18
Denver & Rio Grande_... A338 J'ne 11 2318 Jan 9
18
18
•16
1812 *16
26 .25
28
2618 2714 26
27
.
*25
24
29
23 J'ne 11 41 Jan 10
Dopref
27 .24
575
12
.412 12
*4
.4
9
*4
10
*4
10
.4
10
4 Dec 19
Duluth So Shore & Atlan
812 Jan 2
11) J'iy 11 1614 Jan 2
Do pref
*84 934 *818 93
93
4 *8
200
4 *813 93
4
4 *813 93
912 934
2813 2812 2773 2838 2812 2914 2812 29
2714 273
2014 Joe 10 3212 Jan 6
4 2714 28
20,025 Erle
4413 4412 4413 443
427 44
8
4414
Do 1st preferred
4414 4412 4378 44
44
3312 J'ne 10 4912 Jan 30
4 2,200
3518 354 .35
3634 3712 3634 3634 1,000
De 2d preferred _ _
37
37
*35
36
*35
2814 J'ne 10 41 Jan SO
12514 126
4
8
1253 12612 12714 12712 1267 1277 112534 12614 1253 12534 6,275 Great Northern pref_ _ 11512 J'ne 10 13238 Jan 9
4
8
3314 34
Iron Ore properties
3414 3434 .33
3314 333'4 3334 3438 34
34
2512 J'ne 10 4114 Jan 3
3412 2,600
*10612 10812 *105 10834 10.9 109
1023 Dec 16 12878 Feb 5
4
10812 109 .10712 112
600 Illinois Central
107 107
147 147
8
5,300 Interboro-Metrep v t ctf_
1238 J'ne 4 193 Jan 30
8 1473 1518 15
1518 1478 1538 1478 1514 11473 15
8
Do pref
593 6018 6018 61
4
45 J'ne
611
6012 603
61
6114 6053 6138 61
6538 Jan 30
4 8,000
2412 2412 2438 2438 2412 2412 2434 25
2138 J'ne 5 2818 .i'ly 2.8
25
25
2413 243
4 1,320 Kansas City Southern
Do nref_
56 J'ne 11 6112 Jan 7
*55
58
*57
M
58 .5718 58
*57
*57
58 .57
58
Lake Eck te Western7 May
/112 Fgb 5
*613 7
*612 7
*612 7
*613 7
*612 7
*612 7
Do met
16 Nov10 35 Jan 6
•
16
*1514 20
20 .1514 20
*1514 20 .1514 20 .1514 20
14114 J'ne 10 16838 Jan 2
148 149
5,550 Lehigh Valley
14934 150
14938 14973 14912 15012 14914 150 1150 150
1333 13358 *13312 135 *134 135
8
135 135 *13414 136
600 Louisville & Nashville__ _ 12614 J'ne 11 14214 Jan 10
1347 135
8
177 J'ne 9 13258 Feb 7
*125 130
225 Manhattan- Elevated
128 1283 .125 130 .125 130 *125 130 .125 130
4
12 J ne 11 2314 Jan 2
•10
*1213 1312 .1212 133
13
1212 1212 13
1334 .11
225 Minneapolis & St. Louis_ _
14
4
30 Dec 4 47 Jan 29
•
25
Do pref
40 .30
40 .25
3313 3312 .25
40 .25
40
40
100
12512 12512 126 127 *12612 12812 .126 128
12614 127
12512 126
1,150 Mien St P & S S Marie_ 11514 J'Ile 11 14214 Jan 9
131 Nov12 1150 Jan 22
6135 145 .135 145 *132 145 *135 145 *135 145 .135 145
Do preferred
1818 J'nt 10 2918 Jan 7
1013 "19
20 .183 193
19
1914 .1812 1912 1933 1933 19
4
700 Missouri Nan 3: Texas_
4
5412
52 J'ne 10 11412 Apr 11
5412 .51
*50
5212 .51
5412 .51
58 .51
Do preferred
54 .51
2114 Dec 23 4358 Jan 9
24
24
2412 2478 2153 2518 2373 2434 2412 2434 2412 2658 14,740 Missouri Pacific
40 .25
32 .25
*25
.25
35
Nat Res of Mex 1st pref- 81 Dec 8 59 Mch 3
*25
40
35
10
1034 1034 *912 11
834 Dec 26 2712 Jan 2
.1018 11
Do 2d preferred
.93 1014 *934 1012 10
4
700
:
8978 91
9038 Dec 15 10934 Jan 30
9012 1111: 8912 9912 28,400 N Y Central & II R
0034 9112 0033 0238 8934 91
4
7534 77
6538 Dec 12 12978 Jan 10
4 763 7711 7514 7638 7514 763 14,560 N Y N II & Hartford
3
3
7631 7714 767 773
4
•26
2614 26
263 2634 26
26
*2513 27
27
400 N Y Ontario 3: Western_ 2518 J'ne 11 3378 Jan 11
*2512 2612
10212 10212 *10214 10273 10133 10318 10014 1017 100 10113 0953 10012 17,300 Norfolk & Western
3
98 J'ne 10 11312 Jan 3
85
8612
Do adjustment pref
85 .82
FS
•
85
87 .85
8014 Aug 16 87 Feb 13
200
8
10918 10912 10914 10934 ii5- 1165- 11053 11134 11114 11178 110912 1101 13,285 Northern Pacific
10134 J'ne 10 12258 Jan 6
;
10858 10938 10912 10953 109 110
10933 110
10978 11032 17,770 Pennsylvania
lo6 Dec 13 12334 Jan 7
1097 110
8
•8212 84 .82
83
83 .83
84
84
*8314 84
.8314 84
100 Pittsb Cin Chic & St L.._ 7713 Dec 11 104 Jan 11
Do preferred
11712
100 J'ne 25 §109 Sep 18
•---- 11712
11712 *____ 11712 .____ 11712
11712
16612 16814 16718 16812 16813 16934 1683 16934 16933 17038 16834 1693 365,200 Reading
15138 J'ne 10 1713 Dec 26
4
4
4
88
88 .86
8212 tict 14 9213 Apr 10
1st preferred
8812 .86
8713 8712 .86
88
88
300
*8713 88
•86
92 .87
84 J'ne 10 95 Apr 10
2d preferred
9112 .87
9112 .8813 9112 9112 9112 91
91
400
1234 134 1312 1358 13
.1158 Oct 17 2478 Fob 4
3
1334 1318 1314
4,150 Rock Island Company
13
1314 127 13
1914 2013 2012 2012 20
1712 Oct 17 4434 Jan 2
Do preferred
2014 1934 2014 3,400
2053 2014 2012 20
.
312 412 *33
23 J'ne 11 1934 Jan 11
4
412 *334 412
414
100 St Leuis & San Francisco
414 .33
4 414
4 412 .4
*14
16 .14
Do 1st preferred
13 J'ne 28 59 Feb 11
16 .14
*14
16
16
16
16
16 .14
200
512 J'ne 17 29 Jan 11
*7
8
Do 2d preferred
.7
8
.7
8
712 712 .7
8
200
.7
8
*2012 2112 .2034 211/ 21
20 Dec 19 3512 Jan 13
21
.2114 25
21
.2034 2112 21
367 St' Louis Southwestern
• __ 58 .55
Do preferred
5614 Dec 27 75 Jan 9
58 .55
58
1,150
573 573
8
8 57
58
573
4 58
17
1412 J'ne 10 2034 Apr 1
17
18
18
18
1812 2,200 Seaboard Air Line
17
1778 18
1712 1734 18
*4512 46
Do preferred
38 J'ne 12 4938 Sep 23
48
46
4712 4734 4753 48
47
47
48
4812 4,875
915 9214 103,239 Southern Pacific Co
884 8834 883 90
8
83 Nov10 110 Jan 30
9014 9178 9112 92
0014 01
4
*94
Certificates (wh. Iss.). 8814 Nov10 9912 Set) 13
941/ 9434 95
2,524
9638 0634 9618 9714 9712 9734 9778 98
2273 233
8
s 2313 2333 2314 2312 2314 2358 2314 2312 233 2414 9,630 Southern v tr ctfs stm pd. 1918 J'ne 12 285 Jan 2
8
Do preferred
75
75
72 J'ne 10 8112 Mch 26
do
7658 7612 7612 • 7612 7712 2,350
7612 7612 .76
7512 76
*134 15
1014 J'ne 4 2258 Jan 8
153
8
1334 1334 14
970 Texas & Pacific
14
14
1312 1312 .1338 14
4318 444 4334 4478 4338 4414 4314 4414 4312 4413 4312 437 31,620 Third Avenue (N Y )---- 2778 J'ne 10 4338 Sep 23
8
12
788 J'ly 9 13 Jan 9
100 Toledo St L & Western-1212 *10
10 .10
1114 .10
4 10
4
*94 1212 *93 103
Do preferred
19
22
1514 J'ne 4 2934 Jan 9
*19
19 .19
22
22
19
19 .19
100
22 .19
•105 107 .105 107 *10512 1071.1 10511 10511 *10514 10712 *105 10712
100 Twin City Rapid Transit 10118 J'ne 6 109 Sep 6
15312 155
13734 J'ne 11 16234 Jan 6
15413 15638 15634 1583.1 1573 15812 157 15838 1563 1575s 289,200 Union Pacific
8
8
793 J'ne 10 934 Jan 6
4
85% 8514 8434 85
8213 83
8234 83
Do preferred
8312 8358 843 843
4
4 3,950
•
20
2012 2012 19
2112 2112 22
16 J'ne 11 3512 Jan 3
19 .18
23 .18
23
1,038 United itys Inv't of S F
.38
40
39
39
3912 391
30 J'nell 61's Jan 2
*38
40 .38
Do preferred
40 .38
40
200
.253 314
*24 3
258 253 .253 314
2 J'ne 11
6 Aug 12
21
4 23
400 Wabash _
4
23
4 3
*73
4 812
618 J'ly 8 174 Aug 13
73
4 77
8 *73
4 9
Do preferred
*812 9
812 812
1,200
813 9
33
3312 .3212 323 .3138 34
*3312 3414 .3312 35
4
2878 Dec 12 46 Jan 2
13512 3512
325 Western Maryland
44 5
5
534
558 638
33 Oct 24
534 613 .5
4
*44 512 .
6
2,450 Wheeling & Lake Erie._.
8 Jan 3
*15
20
17
1812 193
4 19
19 .17
*15
19
18 .14
Do 1st preferred_ --- 13 J'ne 11 2818 Jan 13
1,000
712 812
9
9
.13
1012
073 978 .9
*7
10
9
Do 2d preferred
558 Dec 19 14 Jan 3
1,450
4
*4234 46 .4234 4612 •423 4612 .4234 45
*423 4612 437 437
4
8
404 Joe 11 5812 Apr 23
8
200 Wisconsin Central
Industrial &
2118 2114 2114 2138 2138 2113 2112 203 207
21
21
21
4
8 1,300 dAlaska Gold Min Par $10 $18 Nov22 $2438 Oct 2
7212 7312 7218 7258 7138 7318 707 7212 128,200 Amalgamated Copper... 6158 J'ne 10 8012 Sep 16
7134 73
73
72
8
4818 50
48
48
5134 5218 .49
48
52
48
513 5313 2,150 American Agricul Chem_ 4114 Sep 5 57 Jan 3
4
913 9134 0134 9134 9134 9134 01
4
.91
Do preferred
92
02
91
400
*90
90 Nov 5 99 Jan 2
24
2312 2212 2278 2258 25
2412 24
*22
2458 24
1934 J'ne 10 5012 Jan 2
2412 6,050 American Beet Sugar_ _
69
723
4 69
69
69 .68
1)o preferred
7234 §68
68
210
*6734 723
65 Oct 31 86 Mch 6
4
8 2934 3114 3053 3134
3034 3178 89,950 American Can
3034 32
2834 2938 2938 295
21 J'nell 4678 Jan 31
9113 2,700
0018 003
00
91
00
4 0053 01
Do preferred
89
9034 9113
89
f8013 J'ne 10 12912 Jan 30
*4418 4458 4418 4412 4414 4412 4412 4458 45
45
45
45
1,660 American Car & Foundry 3612 J'ne 10 5638 Jan 2
8
1117
8
1113 113 . g 115 .1127 1154 *1127 11512 .11278 115 .11278 115
Do preferred
108 X1[1010 117 Mch 5
10
38 .36
36 .36
36
38 .36
38
.36
33 .36
American Cities
38
3314 J'iy 2 4834 Jan 6
6014 6014 .60
62 .60
60 60
60
62 .60
160
62
Do preferred
6014 J'ne 28 7812 Jan 2
430
8
3734 38
373 39
.3613 38
3712 38
*3612 38
38
3914 3,000 American Cotton Oil
3312 J'ne 12 5738 Jan 2
*924 95
*9212 95 .9212 05 .9212 95
*9212 95
95
*90
Do preferred
9212 Sep 2 98 May 6
*312 44 *312 412 .312 412 *312 412 *312 412 *34 412
American Hide & Leather
518 Jan 8
312 J'ly 0
22 .2034 22 .20
22 .2012 2112 .21
22
*2013 214 .20
Do preferred
151s J'ne 10 2884 Feb 10
254 2434 2512 2414 2412 24
24
24
24
24
24
244 5,700 American Ice Securities... 17 J'ne 10 2734 Apr 4
4
8 10
4
1014 194 012
958 1012 .93 1013 *93 103
.914 1014 .
320 AmericanLinseed
678 J'ne 10 1218 Nov 7
30 .274 2912 294 2912 .27
30 .28
1027
Do preferred
29 .27
29
20 Oct 17 3338 Nov 7
100
33
32
33
3218 3213 8,150 American Locomotive
3134 3214 3134 324 3238 3314 33
27 J'ne 10 441 Jan 6
964 *95
9612 *95
96
Do preferred
9612 *95
97
*9612 973 *94
0612
94 Oct 10 10634 Jan 2
4
300
*6
*6
8
10
.6
8
American Malt Corp
.6
.6
10
8
.6
10
514 Oct 17 13 Jan 3
43 .42
4282 4212 .42
42
4218 .40
43
43
Do preferred
*42
43
4178 Oct 24 6112 Jan 3
300
83 .8012 8212 .8012 8212 *8012 8213 .8012 8212 *80
*81
Amer Smelters Sec pref B 7912 J'ne 12 86 Jan 0
83
634 6314 6314 64
634 6414 6338 6414 6314 6314 2,000 Amor Smelting & Retheg 584 J'ne 10 7434 Jan 30
6312 64
9834 9834 .9514 9914 0912 9912 094 094 09
Do preferred
550
97 J'ne 6 107 Feb 7
09
*9812 9912
162 163
163 165
16012 16012 .160 163
•160 163
16512 168
2,640 American Snuff
150 J'ly 9 193 Jan 22
Range tor Previous
Year 1912.
Lowell
Highest
10314 Feb
10138 Jan
r13034 Dec
r10114 Feb
3613 Aug
7634 Jan
22,12 Mei)
305 Jan
6814 Feb
1558 Dee
3012 Dec
9938 J'ly
1394 Dec
13488 I)ec
181 Nov
4584 Dec
95 Dec
162 Dec
530 Aug
1812 J'iy
L414 J'ne
8 Sep
14 Dec
30 Dec
4712 Dec
38 Dec
126 Jan
36 Jae
12058 May
1614 Dec
5248 Jan
•_21, May
56 - Slay
1122 Jan
30 Jan
1557 Feb
8
138 Dec
12878 Dec
1812 J'iy
$40 Feb
129 Feb
146 Dec
254 Dec
573 May
1
35 J'ly
628 Oct
2618 Oct
10618 Dec
126 Deo
2978 J'ne
110734 Feb
83 J'ne
11538 Jan
11978 Dec
9811 Jan
10812Jan
14818 Jan
8712 J'ne
92 Dec
2238 Dec
4214 Dec
1712 Dec
5812 Dec
2612 Dec
2934 Jan
6812 Jan
18 Dec
4434 Dec
1034 Dec
11134 Oct
10414 Feb
14812 Aug
11178 Apr
91 Jan
9412 J'iy
283 Aug
395 Apr
8514 Oct
20'14 Oct
3912 Apr
1175 Nov
8
146 Jan
145 Apr
193 Mch
6212 Apr
1,8112 Apr
17512 Feb
597 Dec
24 Mch
4614 Jan
11 4 May
,
23 May
3918 Apr
577„ Apr
48 Apr
14314 Aug
53 Sp
14118 Jhri
22 .I'ly
6732 Oct
.4114 Sep
6533 Sick
18 Apr
.;(1 May
18534 Jim
1/0 Aug
1383 Mch
4
2712 Jan
157 Jan
15112 Aug
158 Aug
3158 Mcb
66 Apr
4734 Sich
71 Jan
3678 Jan
12112 Apr
14214 Apr
8
413 APT
11914 Aug
92 Feb
13112 Aug
12614 May
11112 Sep
117 Feb
17914 Apr
9314 Apr
10112 Apr
3012 Apr
5958 Apr
2913 Mch
6112 Jan
4334 Apr
4038 Oct
8038 Oct
2712 Apr
5312 J'ne
11512 Apr
2612 Jan
6814 Feb
2012Jan
3312 Dec
1012 Deo
28 J'ne
103 Dec
4
1503 Dec
8814 Oct
28 J'ly
57 J'ly
334 J'ne
1233 J'ne
45 Dec
4 Jan
11 Jan
6 Jan
48 Feb
32 Sep
8678 Oct
2612 Uovi
493,4 Jan
153 Mch
8
35 Apr
11118 Sep
17633 Sep
9612 Dec
3978 Dec
6918 Dec
934 May
2278 Apr
6414 Sidi
1114 Oct
3612 Oct
1712 Oct
6212 Aug
60 Feb
544 Dec
98 J'iy
4622 Dec
30 Nov
1114 Feb
9033 Feb
49 Feb
115 Feb
3034 Oct
7514 Aug
451 Jan
95 Jan
3 Feb
20 Feb
18 Jan
9 Mch
30 Feb
3134 Feb
103 Jan
484 Jan
42 Jan
84 Dec
6611 Deo
10238 Jan
123 Mch
9234 Oct
6358 Mch
10414 Mch
7/ Sep
10114 J'ne
4738 Oct
12614 Sep
6358 Sep
120 May
6018 Dec
8334 Dec
6014 Nov
094 Feb
714 Sep
34 Sep
3014 May
177 Apr
8
43 Apr
4718 Nov
11012 Aug
1918 Aug
6914 Aug
8912 J'ne
91 Sep
10933 Sep
2034 Dee
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America j___
Amer Exch._
Battery Park
rBoweryll__
Bronx Borol
Bronx Nat_
'Bryant Parkl
'Butch 62 Dr_
Century 1Chase
t
Rid
Ask
Bank
173
Chat & Phen. 167
153
535 545 Chelsea Exl. 145
200
205 Chemical ___ 395 410
180
135
145 Citizens Cen 175
340 345
423
____ City
165
225
260 Coal & Iron_ 160
175
190 Colonial I-. 450
____
150
--- Columbia I- 285 300
120
135 Commerce -- 169
172
---- 195 Corn Each 1_ t302 t304
575 625 Cosmoporn 11 85
105
East River_ 50
60
Bid
Ark
Banks
Bid
Fidel,tyl- 165
Fifth Ave I-- 4500
300
Fifth
t850
First
167
Fourth
Garfield ___ 220
Germ-Amer I 130
German FA I 375
Gormanial.... 450
Gotham ..- 190
Greenwich 1_ 260
Hanover -__ 625
Ask
Bid
Basks
175 Harriman ___ 275
__ _. Imp & Traci_ 485
325 Irving
176
Liberty
t625
172 Lincoln
325
250 Manhattan 1 300
140 Mark e Fult- 245
425 Meoh & Met- 215
475
Merck Exch. 155
-_ Merchants'.. 165
M etroeolls1 _ 300
635 Metraporn I 178
Ask
285
505
181
-_
345
313
255
219
165
175
310
185
Banks
Mutual 1 __
Nassau
New Nethl„
New York Co
New YorkPaciflo 1-Park
People's 1
Prod Exoh 1.
Publiell
Reserve
Btd
WO
180
210
850
375
225
350
230
160
240
84
Banks
Bid
Ask
-Seaboard__ 400
375
188 Second
225 Security 1- 115
875 Sherman ...._ .....
180
385 Statel
250 235 Ward1_ 130
355 Union Exch. 143
250 Unit States . 500
165
Wash Ens . 275
150
270
Weetch All 160
West Bide - 450
88
Yorkville 1... ----
Ask
425
390
125
135
200
140
160
:-..
„...,
171
471
600
, •Bid and asked priees; no sales on this day. t Ex-rights.
Less than 100 shares. 11 State banks. a Es v., & rights. I New stook /Ex 94% aoeum.
-0
Vials at Stook Bxobanse or at auction this we, IgIrst 1 nsSellment paid. a1014 at private 'goat this pries. s Ex-d1v4 1 Fall paid.
140
New York Stock Record-Concluded-Page 2
fVcm xcv
Pot record of sales during the week of stocks usually inactive, see seconi page preceding
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 3
Monday
Jan. 5
Tuesday
Jan.6
Wednesday
Jan. 7
Thursday
Jan. 8
Friday
Jan 9
Sales
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1913
On basis of 100-share lots
Lowest
Highest
• Industrial 41k hilse (Con)
100 J'ne 8 105 Jan 21
182 Amer Snuff prof (new)
*9853 10112 .99 10112 •99 10112 .9858 10112 .09 10112 9978 9978
4013 Feb 3
450 Amer Steel Found (new)_ 25 J'ne
.27
28
§284 2813 28
29
284 2914
28 .2712 2812 *28
8
10718 10712 10753 10758 107 10712 10718 10713 1027 10634 10313 10418 2,485 American Sugar Refning 997 Dec 9 118 Jan 31
8
11018 J'ne 12 11658 Jan 28
198 Do preferred
•109 115 1114 114 .110 114
11373 11378 .110 114 111318 11318
11714 11834 119 120
10,300 Amer Telephone & Teleg 110 Dec 15 140 Jan 1
8
1193 12012 11812 1193 11873 11912 11818 119
3
•244 247
200 J'ne 6 29434 Jan 10
245 24912 2,050 American Tobacco
245 245 *243 245
24514 2457 *244 246
8
96 J'ly 11 10018 Jan 27
102 102
10233 10238 10234 1023 110234 1023 1013 10212 *1013 102
4
1,120 Preferred, new
4
4
4
1412 Deo 3 2312 Sep 27
*1513 18 .1512 18
*14
American Woolen
18
*14
18
*1313 18
18 .15
74 May 7 82 Sep 19
7613 7812 *753 77
.7513 78
*7534 77
4
300 Do preferred
761g 7612 *753 78
4
8
•14
*14
15
1414 1414 1334 133 *1313 15
15
4
*1313 15
200 Amer Writing Paper pref 117 Nov14 3214 Jan 2
3414 3373 341, 333 3414 5,530 aAnaconda Cop Par 325 3078 J'ne 10 4112 Jan 2
3378 34
3372 3414 3414 3458 34
4
*24
30 .24
30 .25
30 .24
30
100 Assets Realization
2978 2978 .2373 80
22 Dec 23 120 Jan 7
3512 Dec 13 5312 Jan 8
.38
39 .38
39
3813 3813 39
39
39
39
*3812 39
300 BaldvrIn Locomotive
104 104 *10212 10312
__ 1023 1023 *10212 1023 .10212 10234
4
4
4
10014 J'ne 25 10512 J'ne 6
Do preierred
900
.2914 31
8 30
2912 297 *10213-3014 3013 3114 31- 3112 3038 307
25 J'ne10 .1112 Jan 9
8 2,900 Bethlehem Steel
.67
*67
69
6833 6838 6813 683
71
4 6833 6813 .6838 685
81 • 600 Do preferred
6214 J'ne 10 74 Aug 12
.121 123
121 121
121 121
121 121
121 122
120 Oct 17 13778 Jan 27
121 1213
4 3,070 Brooklyn Union Gas
*2514 2714 *2514 2714 .2514 2714 *2514 27 *2514 2714 .26
14
Butterick Co
25 hich 27 31 Feb 8
2714
*1713 1912
1912 2212 2214 25
243 253
4
4
4 233 241
2214 233 17,650 California Petrol v t ctfs- 16 Aug 7 5612 Feb 3
4
*47
52
56
60
58
5912 5912 6112 60
601
45 J'ly 23 86 Jan 30
5813 59
3,685 Do preferred
11 91
,
95 .91
95 .91
95
*91
95
§95
95
8
125 Case(JI)ThreshMpftr cfs 9014 Dec 16 1033 Feb 6
9378 937
8
27
27
27
2753 2734 284 2778 2814 277 283
8
8 277 2853 10,100 Central Leather
17 J'ne 10 3013 Feb 5
8
9514 9514 *9412 9514 947 947 *9413 9514 *9412 9514 9514 9514
3
2
Do preferred
40
t88 J'ne 10 9714 !deb 3
3814 39
3873 3878 3878 3938 3838 39
3818 39
3713 3818 8,900 dChino Copper___Par 35 303 J'ne 10 4758 Jan 2
8
*2712 29
2878 3014 2934 3012 30
3014 3012 31
30
2412 J'ne 10 4112 Feb 3
3012 6,300 Colorado Fuel & Iron
12913 12912 12953 1303 130 13012 13018 13012 130 131 .130 131
8
2,135 Consolidated Gas(N Y)_ 12518 J'ne 10 14238 Jan 9
*958 104 10
10
978 10
10
10
912 93
914 914 1,400 Corn Products Refining_
733 J'ne 10 1718 Jan 31
67 .62
63
6614 *62
*63
66
66 .63
66 .62
Do preferred
66
8112 J'ne 10 7914 Jan 31
.91
95 .9134 95 .92
95 .9234 95 .9234 95
94 94
91i2 Deo 27 10018 Jan 16
100 Deere & Co pref.
.17
18
1818 1713 1712 17
*1714 1812 18
184 18
1718 1,000 Distillers' Securities Corp
934 J11010 2134 Jan 2
.9 . 14
.9
.9
14
.9
14
14
.9
14
*9
Federal Mining & Smelt's 11 Dee 17 18 Jan 22
14
3512
*32
3518 *3213 3518 *33
3512 13512 3512 *33
10 Do preferred
33 Mel) 19 44 Jan 2
4
140 1105 141 141
8
14034 1403 14038 141
1403 1403 .139 141
4
4
12934 J'ne 10 187 Jan 2
1,142 General Electric
3912 3934 40
4
• 3733 3712 373 38
38
4014 41
4113 43 , 3,100 Gen Motors vot tr ctfs
25 May 15 40 Aug 18
77
*76
7714 78
78
80
70
80
8012 8012 8013 8112 1,050 Do pref v t
70 May 8 8134 Sep 30
2313 24
2113 2212 2138 22
2313 2312 2258 23
1518 Nov29 68 Jan 2
22
2218 3,890 Goodrich Co(B F)
.7834 82 .8014 83
8118 8114 82
*7912 82
7334 Nov 29 10514 Jan 7
82
1,040 Do preferred
8212 83
*4334 4434 14412 4412 4413 4412 .4414 4514 4433 443 *433 443
3
220 dOuggenh Explor Par 325 40:4 .Ply 11 5338 Jan 9
4
4
1513 1518 1518 1514
1513 1512 1533 153
8 1514 154 1513 1514 1,900 d Insp'n Con Cop Part20 1378 Deo 4 2038 Jan 3
8
10078 1007 1007 1007 1007 102
8
10313 10814 1073 1083 1067 1067
3
8
8
4
8
8 8,875 Internet Harvester of N J 9(1 J'ne 10 11113 Sep 15
. 11313 11312 114 114 *11313 116
115 115 .115 116 *____ 110
111 May12 116 Oct 7
300 Do preferred
3
8
3
3
1007 10078 1007 1007 1007 104
10312 10612 10713 10812 .106 107
3,600 Internal Harvester Corp_ 9512 J'ne 10 11014 Sep 17
115 115
11478 11478 .11313 116 .11378 116 .1137 116
115 115
111 Msv 12 11434 Sep 19
8
360 Do preferred
4
*3
4
3
*3
458 Jan 2
278 J'ne 10
318
314 314
314 314
600 Int Mer Marine stk tr cts
314 314
1438 •123 1433 *1213 15
4
*13
*1212 15 .13
Do pref stk tr ctfs--- 1212 J'ne 4 1912 Jan 7
1414 *1213 143
4
612 Oct 9 1258 Jan 30
833 83
813
.8
8 *8
813 *8
9
812 812 .8
300 International Paper
812
38 .35
.35
38
*35
3213 Oct 15 4813 Jan 30
38 .36
39 .35
38
Do preferred
*36
39
.6
612 .6
612 *0
413 Dec 8 1812 J51 0
612 3618 612 .6
61
613 618
150 Internet Steam Pump__..
•18
.17
157 Dec 16 70 Jan 9
21
8
20 .17
20 .17
*17
20
21
120
20
5 Do preferred
80 .76
•76
80 .76
80 .70
80
Kayser & Co (Jullus)---- 77 Dec 31 94 Feb 3
*76
80 .76
80
.100 107 .100 107 *100 103 .100 108
__
Do 1s1 preferred__ -_ 10612 Oct 10 110 Jan 2
_ *100 108
181
81
.80
81
81
82
.81
81
82 58 J'ne 9 33 Sep 15
82
*81
83
210 Kresge Co (S 5)
•98
99 .98 100 .97
99
07 J'ne 10 102 Jan 4
99 .97
199
99 .97
09
15 Do preferred
*2014 34
*25
35 .25
*25
35 .25
2978 J'ne 7 4978 Feb 4
35
Lackawanna Steel
35 .27
34
9513 9513 §9478 95 .93
90 .93
96 .93
91 J'ne 4 10412 Jan 8
96 .93
180 Laclede Gas (St L)corn _ _
96
•214 220
21934 2197 220 22212 .218 225
22213 22212 2233 22618 1,200 Liggett & Myers Tobacco 195 J'ne 6 235 Mob
8
4
0111 112
11113 11112 11138 11138 *111 112
11113 1111 111114 1113
10612 J'ly 22 11612Jan 23
550 Do preferred
4
.31
33
33 .31
33 .32
32
32
33
34
*32
34
200 Loose-Wiles Bis tr co ctfs 21 J'ne 11 3978 J..11 6
*101 105 .101 105 .101 105 .101 105 .101 105 1,10413 10412
89 Aug 4 105 Jan 9
10 Do 1st preferred
*88
• .8773 91 *____ 91
92
....-- --- *8778
Do 2d preferred
84 J'ly 18 95 Jan 8
__ *8778
*158
_ _ *158 160 .158 160 .158 160 .162 180
-z150 J'ne 13 200 Jai. 28
16713 170
439 Lorillard Co (P)
*10812 11013 .10813 1101* 110 110
110 110
*10812 11014 .10812 110
103 J'ne 10 117 Feb 19
250 Do preferred
*54
70
*64
70
76 .6413 70 .63
.54- 70 .54
8
May Department Stores_ 65 Oct 14 767 Jan 2
70
*9713 103
*97 101
• .97 102 .97 102
9712 J'ne 10 10512 Jan 2
.98 101
.07 102
Do preferred
4034 4912 51
51
, *4534 4634 47
51
51
4134 Nov13 7814 Feb 4
5134 50
8,600 Mexican Petroleum
50
• 2134 2134 2213 2218 2218 2212 223 2212 2238 2212 2214 2212 3,210,dMlami Copper__ _Par 35 2018 J'ne 10 2613 Jan 4
3
, *118 12312 *118 12312 122 122 .122 12312 123 123
12314 12312
4001NatIonal Biscui
101 J'ne 11 130 Sep 13
,•118 125 *11813 125 *118 122 .118 120 *118 12018 *11853 1191
116 J'ne 4 12473 Jan &
I Do pietTred
(
1013 1018
, .1114 1214 *1114 12
1012 3,800 Nat Enernel'g & Stamp's
*1012 12
978 1018 10
9 J'ne 5 1914 Jan 30
82 .72
*72
82 .72
82
, •72
82
178
78 .71
82
7414 Oct 21 9214 Jan 30
301 Do preferred
*4413 45
*4414 45 .44
*4334 45
• 44
44
45
300'Natlenal Lead
43 Oct 20 5614 Jan 2
45 45
*104 106 *104 106 .104 106 .104 107 .104 107 .104 107
I Do preferred
100 J'ne 6 108 Oct 6
1478 1478 1434 15
1458 1434 1434 15
• 11434 15
1434 143
4,925d Nevada Cons Cop Par 35 13 J'ne 10 • 20 Jan 2
4
61
08 .60
61 .60
.60
68 .58
68
62 .60
101:0ew York Air Brake
61
56 J'ly 16 8213 Jan 8
67
67 .65
66
.65
68 68
67
*6678 63
6713 68
600 North American Co(new) 60 J'ne 9 8113 Jan 14
24
*23
24
2413 2478 *24
2434 24
*23
2413 244 2414
1,700 Pacific Mall
16 J'ne 10 3113 Jan 22
*25
28
*2512 28
28
28 .254 284 .2513 2812 2612 2612
22 Nov18 46 Jan 4
200 Pacific Teiep & Teleg._
8
3
' 1207 1207 12113 125
12358 12458 124 124
1233 12414 12313 124
4
4,580 People's G L ez C (Chic)_ 104 J'ne 10 12934 Sep 23
, 1778 177
3 18
18
1914
*18
1813 1914 *18
1012 *18
Coal
19
1412 J'ne 11 2438 Jan 2
1,100 Pittsburgh
87 .804 88
187
8634 8634 8612 8814 87 87
8713 8713
1)o preferred
73 J'ne 11 95 Jan 9
1,878
• .2614 27
2634 263
27
4 27
27
27
27
277
1812 J'ne 10 30 Jan 7
8 2712 273
4 2,649 Pressed Steel Car
98 .05
. •95
08 .95
98 .98
03 .96
preferred
93 .96
175 I)o
98
a
*107 -- .106 10934 *107.. _ .107
_ .106 10934 .107
ne 2 18 Jan 1
1'32 ec 10 1011' .1 Il 27
Pub Sem Corp of N J- 105
,
J i
.1514 1523 15113 151 12 .151 112 *152 15214 115212 15212
- 4
-12
149 Sep 5 165 Jan 2
125 Pullman Company
. .25 26
2512 2512 253 2533 2514 2512 2512 2512 2513 2512
8
2211 J'ne 11 35 Jan 9
800 Railway Steel Spri•1:79712 *91
•91
9713 .91
9712 .91
9014 J'ne 10 100 Jan 13
9712 195
0514 .91
Do preferred
9712
55
• 18
184 177 184 1814 1838 13
1814 1818 1818 1734 18
8
5,625 dRay Cons CopperPar$10 15 J'ne10 22 Jan 2
20
; 20
1934 2014 .20
2012 *20
203
4 2014 2014 20
17 J'ne 10 2838 Jan 31
1,750 Republic Iron & Steel
2014
.79
*79
81
81 .80
81
22 J'ne 11 9214 Sep 13
8014 8014 81
82 .80
82
300 Do preferred
s *15
17 .15
17
15
14 Nov24 9214 Jan 7
1538 15
163
4 1612 1753 143 153
4
4 8,400 Rumeiy Co (M)
, 3613 3612 .3513 37
30
37
33 Dec 18 9934 Jan 4
36
38
39
40
3612 38
2,235
Do preferred
183 184
• 183 183
185 18512 .180 180
185 185
4
1543 J'ne 12 21313 Jan 21
185 1851: 1,200 Sears. Roebuck & Co..
27 .28
' 27
30 .27
29
*26
29
*27
29
150Sloss-Sheffield Steel & Ir 23 J'ly 8 4512J ...11 28
124
29
3214 *32
•32
3214 *32
3214 32
32 .31
3214 .31
31 Dec 9 401 Jan 31
3214
100 Standard Milling
16258 6258 .60
63
.62
62 .60
83 .60
5212 May 1 6673 Feb 4
83
*60
63
Do preferred
20
20 .1912 2012 1204 2012 20
20
20 .1934 201 *194 2011
4
480 Studebaker Corp (The).... 153 Dec 1 36 Feb 6
70 .88
70
70
•67
71
*6813 7112 7113 711 *71
6412 Nov 10 0314 Jan 13
200Do preterred
73
3334 3414 3334 3458 34
3438 3312 333
4 3213 33'z 3178 32$. 17,450 dTennessee Cop_ _Par 325 r2634 J'ne 10 3912 Jan 4
128 12934 128 13234 130 13312 132 13312 13334 1363 13413 1361: 18,700 Texas Company (The)
89 J'ne 10 13212 Dec 31 1
4
.82
85 .81
85
85 .81
*82
85 .82
85 .82
U.)derwood ' pc writer-- 73 J'ne 10 9913 Jan lj
85
07,
164 J'ly 13 113 Jan 21
y
*106 1093 *108 10934 *106 10934 *106 10934 *107 - __ *106 1093,
4
Do preferred
754 Jan 3
513 512 *5
54
3
514 5 3 *5
3
53
4
4 Nov14
54 512
53
8 58
600 Union Bag & Paper
*26
28
*2613 2912 .26
2912 28
2912 .26
2912 25
2514
1812 Nov20 4134 Jan 3
700 Do preferred
*94 11
*1014 11
914 J'ne 10 1634 Jan 30
1034 1034 '10
1058 1053 1053 "105s 111.
200 US Cast Iron Pipe & FdY
45 .40
45
*39
14034 40 4 .39
45
3
40 40
110 Do preferred
54
55
54 .53
*53
.53
55
54
54
5434 5434 54$.,
4934 Dov 38 77 jan 31
4 N ee 21 56'4 J
0
600 U S Realty &
9
5734 573
8
4 58
8 5838 5834 535 59
583
5878 587
8 5814 581.
2,600 United States Rubber
51 Nov10 6912 Apr 4
.10112 102
10234 10278 10278 103
1015 102 .19212 103
8
n 0 8911 A n
10234 1031
7638 J rie 17, 10132 j pr 9
98
. 1,400 Do 1st prtferred a
.7213 9212 ..
_ -__
Do 2d preferred
5712 58s
8 ii-s - 7
i E;i- 8834 8
-5034 3814 5918 sass 5912 5833 593 242,425 United States Steel
4978 J'uo 11 694 Jan 28
,
*105 10(P2 110612 10612 106 8 10718 107 10718 107 1073 *107 1071:
7
10212 J'ne 10 1103 Jan 30
8
4
1,050 Do preferred
4914 5013 4934 50
8
5018 5012 497 5058 4958 5038 49
49$., 11,756 dUtah Copper-__Par $10 3968 J'ne 10 6058Jan 2j
•26
28 .26
28 .2334 28
28
283
8 2812 293
J'ly 1 4318 Jan 3
30
31
3,725 Virginia-Carolina Chem..
98 .96
9614 9614 .96
98 .96
99
99
ne
9914 9934 100.
1,000 Do preferred
9223 . .30 114 Jan 33
5913 5934 6018 6134 5934 61
595 607
8
8 59
5412 Dec 22 7518 Jr.n 9
6014 5812 591,
6,760 Western Union Teleg
64 . 6412 6434 6513 6512 6814 .6513 66
6638 6612 66
663.
4,700 W.2stii g--euse SI dz Mfg.. 5358 J'ne 10 7914 Jan 2
*11413 11613 .11413 11613 *11412 11612 .116 11612 *116 1161 .116 1164
10773 J'ne 13 11934 Jan 17
Do 1st pref aTcd
95
9218 924 9213 921
9514 93
93
0334 9478 9412 941
3,000 Woolworth (1 W)
8112 J'ne20 112 Jan
0
113 113 .11213 11314 .11212 1131
0111 113
11234 113 *111 113
109 J'ne 14 1114 Jan
300
Do preferred
Range Pr Precloall
Year 1912
Lowest
HI3h831
99 Feb
26 Jan
L113 Dec
11512 Jan
13758 Jan
24118 Feb
10114 Jan
13 Nov
79 Dec
2518 Jan
314 Feb
10512 Feb
49 Dec
10234 Feb
2734 Feb
5613 Feb
13712 Meh
28 Nov
4914 Dec
84 Dec
9978 Dec
1612 Feb
81) Feb
$25 Jan
2313 Feb
13534 Dec
111 Jan
75 Deo
9918 Dec
20 Deo
1114 Feb
3718 Jan
155 Jan
30 Feb
7014 May
6014 Dec
105 Dee
347 Deo
$1658 Dec
105 Aug
4433 Oct
13312 May
124 Sep
14918 Metz
32412 J'ly
10638 Jan
31 May
9412 Mch
4138 May
$48 Oct
12712 Oct
6034 Aug
10813 J'ne
5173 Oct
80 Sep
149 Aug
4018 Apr
7212 Oct
9512 Oct
10113 Deo
3358 Sep
10012 Oct
$5038 Nov
4334 Sep
14912 Aug
2218 Oct
8012 Oct
10014 Dec
3614 Aug
4
213 Sep
5234 Sep
18812 Ply
4273 Sop
8234 Sep
81 Sep
10912 Sep
48233 J'ne
$2113 Oct
4 Arch
1511 J'ly
93 Jan
8
z4578 Jan
12 Deo
63 Dee
00 Dec
107 Deo
71 Sep
1110 Oct
29 hich
1024 Dec
15678 Jan
10512 Jan
3012 Dec
10212 Oct
90 J'ly
107 /deb
10734 Jan
69 Apr
105 Deo
6234 Apr
82318 Feb
114 Deo
122 Deo
1214 Feb
88 Feb
5118 Jan
10512 Feb
31814 Jan
60 Feb
7412 Jan
2834 Dec
45 Dec
103 Jan
1634 Arch
77 Feb
2834 Feb
26 Mch
1934 May
6273 May
34 Jan
8438 Apr
953.1 Oct
101 Oct
891* Oct
10512 Oct
5513 Sop
10334 Jan
225 Oct
118 Aug
4713 J'ly'
10538 Nov
0234 Oct
21512 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
83014 Sep
161 Apr
131 J • ne
26 Oct
9512 Jan
6814 Oct
11078 Nov
$2118 Sep
85 Nov
877 Aug
8
33 Sep
5538 Apr
12212 Oct
2714 Aug
1003.1 Aug
4078 Sep
10334 Aug
10614 Feb 12078 Aug
3
15813 Feb 175 Aug
2712 Feb
4034 Sep
9814 Dec 105 Aug
816 Jan $244 Sep
1534 Feb
35 (Jot
6412 Feb
93'18 Oct
8914 Dec 101 Nov
9912 Dec 10312 Oct
140 Jan 221 Nov
3914 Jan
59 4 Sop
3
1614 Jan
38 Dec
53 Jan
66 Oct
30 J'ly
4913 Aug
901* J'ne
9818 Aug
$3412 Feb $4714 May
81 Jan 13058 Sep
j nc 11534 J'ne
De e
11412 Sep
458 .lan
1778 May
3518 Dec
673 May
4
13 Feb
2212 Ma/
6138 Oct
5 jn
1 ° Jau
37
8612 J'IY
6778 May
10. 33 Fey 116 May
45 4 J l b
55 '
75 Jan
8512 May
5814 Feb
8034 Sep,
30714 Dec 117 Sep
15212Jan 16713 Sep
4034 Dec
5714 Jan
11478 Dec 122 Mob
8614 Jan;
Jan
8912 Auj
176613' De
144 Jaa 126 Au
7
8 °
11212 J'ly 117780
931aly
11634 J'ly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Ask
BaskBia
Brooklyn
Coney Isi'd , - -- 150
280 300
First
Ilatbush -------145
.___ 155
Greenpoint
__ 125
HilisidelI____-Homestead . 80 100
Manufaet'rE - 400 425
Mechaaleel_ 120 135
Montauk li-_ 140
205 220
- _Nassau
Banks
Brooklyn
National City
North Side IPeople's ____
11411
Ask
273
175
145
235
200
155
N Y City
Astor
350
Hankers' Tr_ 410
B'way Trust.. 150
360
420
155
Trust Co's
Trust Co's Bid
N Y (7Uy
Central Trust 994
ColumbiaKnIelcerboe 430
Commercial _
_
Empire
300
Equitable Tr 400
Farm L & Tr 1050
Fldeilty
205
Fulton
270
Guaranty Tr. 525
Ask
1005
440
85
310
430
1100
215
285
535
Trust Co's
N Y City
Hudson
__
Law T 1 &Tr
-Lincoln Trust
hletropolltan
Mutual Aillanee
Mut'l (West,
hester)
Bid
Ask
130
133
120
____
138
140
130
350
140
145
130
140
Trust Co'r Bid
Ask
Trust Co's
N Y City
Brooklyn
N Y Life & Ti' 985 1000 Brooklyn Ti'.
N Y Trust__ 585 600 Citiaens' ....._
Title (iii & Ti 305 400 Franklin _
MUM tlan tic 200 220 Hamilton :::
Union Trust 365 370 Henze
U S Site & Tr 400 415 I Klass County
United States 1010 1035 I Nassau
Washington _ 350 375 People's _
Westaheater - 130 140 Queens Co
-._
Bid
Ask,
450
130
47()'
140
_ 250 !
270 280 I
100 110 I
570
125
138 I
288
90
si
•Bld and asked prices; no saiea on this day. 3 Less than 100 shares.
Ex-rights. a Ex-div & rights. S Now stook. d quoted dollars pes hire. f Sale
Stash Exchange or at auction this week. s Ex-stock dividend.
Banks marked with a paragraph (1I) are State banks. a Ex-dividend.
141
Yearly
Record, FfldWeëklf
New York Stock Exchange—Bondprices are now all—"and interest"—except ror and and defauited bonds.
income
was changed, and
Jan. 1 1909 the &whew° tnethod or quoting bonds
BONDS
N. Y. STOOK EXCHANG
Week Finding Jan. 9.
Price
Friday
Jan. 9
Week's
Ranee or
Last Sale
eih
Ranee
Year
1933.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 9.
Week's
Range or
Last Sale
Pricc
F'riday
Jan. 9
Ninge
Year
1913.
Low High
Utah
Ask tow
Ma
High No. Low High Chesapeake & Ohio—
Ast Low
Bia
95 102
4
,
- 08 4 953 Dec '13
U. S. Government.
Gen funding& inipt 5s___1929 J -J
981,
5 39412 101 18
4 9812 Sale 9812
103 110
105
U S is consol registered_d193
14
4
1939 701-ri fai; 1053 105
1st consul gold 5s
1 89512 10114
98
98
98
10212 103
-J
103 Dec 'I
d193
8
U S 2s consol coupon
miN
1939 isl s 1027 _ _
Registered
10214 11) 1913 10312
4
102 103 10214
90.38 101
8
943
1181.
U 8 3s registered
1992 11-S 94 Salt 9314
General gold 43s
4
1023
s
3 1013 10,334
8
9913 9913
-F 102 103 1023
9912 .NIciel.)
k191
89
U S Is coupon
1992
Registered
1 10912 11418
11118
7713 9913
$
-F 11112 11212 11118
192
8014
U S 4s registered
F -D
1930 .J..A 8014 Sale 797
Convertible 45s
8518 854
192 ( - F 112 ____ 11212 Dec'13 --- 109 11112
8212 83 8518 Feb 13
U S 48 coupon
Big Sandy 1st 4s
9512 J'ly '13 — 9512 10014
_
4
3
/
-- 88120{1 I 2
44
U S Pan Canal 10-30-yr 25, 193 Q-F 9712 1003_ 101
1945
Coal itiver sly 1st go 4s_1 9 J -1)
11 99 10318
101
4
-flory 11)134
1940 J -J 9712 99 9612 Dec '1
U S Panama Canal 3s g_1961 Q-M 100
Craig Valley 1st g 5s
84 4 8434
,
-- 8434 Jan '13
Potts Creek Br 1st 4s__ _1946 J -J
86 9312
8712 Dec '13
8612 19130 J -J
Foreign Government.
i1& A Div 1st con g 4s
25 95 9918
98
's
98
87 88
."
4 87 Alcif13
1989 J -J -r
2d consul gold 4s
Argentine—Internal 5s of 1909_ M-S t 9612 Sale 97
92
8818 19 85
SS
881s
_ _ 95 ((et 1.t
Chinese (Hukuang) RY 511 4
Greenbrier Ity Ist gu g 4s_1940 i1-N if12
---- J -1-) :
-Oars 68
Imperial Japanese Government
8 1134 83 8914001, Chic & Alton RH ref g 3s_1949 A-0 62 63'2 Cl Dec '13
887
4
11)2 F-A 887s Sale 8814
1 50 633
4
4
543
4
11050 J -J 543 Sale 513
Sterling loan 434s
Railway 1st lien 3%s
8712
8218
87
98 10018
14
98. Dec 13
192 J -J ; 871s Sale 80
9912 _
2d Series 4%s
Chic B & Q Denver Div 4s_1922 F-A
19 75i2 83
80
: 80 Sale
4
83
17 811s 853
1949 J -J 8214 Sale 82
Illinois Div 33.s
Sterling loan 4s
6 9912 10212
100
Sale 99
8614 Aug 12
e
1949 J -J
Republic of Cuba 55 eaten (11 1T 011-1 :100 9312 9412 Oct '13 __-- 9112 9714
Registered
_
92 -9874
93
8
194 F-A
1949 J -J 9234 931 933
Lxternal loan 4 As__
Illinois Div 4s
4
4
-S 86 863 853 Dec '13 -- 84 8912
93 93
93 J'ne'13..
1949 J -J
Registered
Tokyo City loan of 1912 5s__—
8 8712 951s
85
Sale 8414
10114 1033*
- 10138 Nov'13
189 Q-J 1 8414 723 71 Dec 13 --__ 71 85
1919 A-0 la"
Iowa Div sink fund 5s
U S of Mexico s f g 5s of
4
68
9612 9912
4
1919 A-0 97 9812 963 Jan '1
Sinking fund 4s
Gold 4s of 1904
These are p rices on the I asis of $5 to £
4 93 97
:
9434
4
3
11)27 M-N 943 95 4 1/43
4
ib rastered
Nr egiska eIxtension 4s
8
963 Sep '12
2 M-N
State and City Securities.
1004 37 953 1003
8
4
a
196 M-8 1003 Sale 10014
4
973 9812
1921M-S 97 .--- 98 Dec '13
N Y Clty-4Is
Southwestern Div 4s
203 9958 10512
101
8
1963 MS 104 Sale 1035
1
Joint bonds. See Great North
4,5 Corporate stock
9(118 21 9014 9758
8
4
95 M-N 9658 -,11, 957
9214 32 893 961s
9112 Sale 9112
47 Corporate stock
General 4s
9612 19 9012 973
4
9612 Sale 9512
11958
68
1 66 80
55
19 J J
4% Corporate stock
8 10 9134 9734 Chic & E 111 ref& imp 4s g_1955 M-S 6612 68 68
065
8
8
:11 065 Sale 957
1957 11
1 107 119
10714
4% Corporate stock
1934 A-0 197 ..„ 10714
1st, consol gold Os
3
10412 tk) 9078 10512
Sale 1035
1l)57 MN 10114
4 96 108
98
New 4 %);
s
1937 54-N 9312 967 96
General consol 1st 55
1 100 102
1011
8
1017 ---- 10112
10612 1064
1.0612 Jan '13
New 4%s
1937 M-N
Registered
8 61 100 10512
1037
175N
9
195 911--N 104 ---- 10378 Dec'13 __-- 100 102
9734 98
4 A % Corporate stock
--- 92 9744 Feb '13
Pur money 1st coal 5s
1942 F-A
4 102 102
% assessment bonels 1917 M-N 1013 8514 85
Registered
8518 48 8034 86
Ws
195 NI-N 973
150" fotigi;
;
9312 _ 10512 J'iy 15
3 A % Corporate stock
Chic & Ind 0 By 1st,55_1936 J -J
97 Dec '13 _-- 97 10112
4
196188-S
4 44 70 7738
703
N Y Stato-4s
4
3 97 10134 Chic Great West 1st 4s____1959 64-S 703 Sale 70
9714
971s
9714
8
1961 J
1163 125
Doc'13
Canal improvement 4s
9712 Dec '13 ---- 974 1014 Chic Ind & Loulsv—Ref66_1947 J -J 11633 1173* 1164 Oct '13
_ 10212
1024 10514
196 J -J
1947 J -J 10214
Canal improvement 4s
Refunding gold 5s
4
4
993 Nov'13 __ 99 1013
4
6f 9538 Apr 11
1917 J -J Canal Improvement 4s195 J -J 981 --- 10312 J'ly '10
Refunding 4s Series C
_
8014 83 J'ly 12
1956 J-J
Ind & Louisv 1st gu 4s
South Carolina 4 %s 20-40_1033 J-J
81 2
--.- 8112 Sep '13 --. -8112 - -1- Chic Ind & Sou 50
9014 Aug 12
_ _ 91
-year 4s_1956 J -J _
Virginia funded debt 2-3s 1091 J-J 80 Sale 563
62 42 69
58
4
6314
104 Dec •11
Chic L 8 & East 1st 4 3-0_1969 J -D
Os deferred Brown Bros ctfs---. 3
1004
6
10018
3 "55;16 ;
Chic Mil& St P termi g 5s 1914 J -J
4 913 413 92 Jan '14 832 8914 99
Gen't gold 45 Series A___e1989 J -J
Railroad.
8
6 70 797
70
70 Sale 70
97 98t2
e1981/(-J -_-- 93 9814 Feb '13
81905
A nn Arbor 1st g 4s
Registered
134
9 Sale
79 86
80
80 Sale 80
e1981) J -J
("Itch Top & S Fe gen g 4s_1995 A-0 93 . - 93 4 Dec 38 _14 91738 9 10
Gen'l gold 3 M II Ser B
.
8
'
9 13 --9 9 8 5
91
'
0 11 305
0
6
0
el989 J -J *7812. _ 18 % re: 114 _ .
1995 A-0
Registered
Registered
8412
8 83 884
$
55 86 917
89
8812 8914 89
1934 J -J
141995 Nov 8412 Sale 844
Adjustment gold 4s
25-year deben 4s
88 86
_ 8314 136 /doh'13
100 1064
1932 JD 101 Sale
81995 Nov
Registered
Convertible 43s
18 83 83
5
85
8434 Sale 843
100 10412
101 J'ne'13
Stamped
Convertible 4%s(wh Issued)—
2
0
9 1 05,
921:19914
994 May'13
s
1013 102 9914 103 8
s
5
J-j
e 198V - - - 1007k Sale 1007
- 9 ,1-11
h 1995 54-D 04 947 944
Cony 4s issue of 1909
-is
Gen 4) Ser C
9412 11
10233 1045
8
8
10214 _
1023 Sep '13
105 J-1) 95
Cony gold 4s
Chic & L Sup Div g 5s__1921 J -J
95
105 98 105
Sale 944
2 03
%
1023 10614
8
103.4 Nov'13
196 J-1)
Cony 4s (issue of 1910)
Chic & Mo Riv Div 5s___1926 J -J 1031s
100 997
8
6
100
904
4 10114 10514
1024 Sale 1024 1021
10-year gold Is
Chic & P W 1st g 55
4
3
98 4 J'ly '13 --__ 083 995/1
90
28 85 94
97
1914 FA 994 90 Sale 89
L
41 J-.1
Debentures 48 Seriw
C M & Puget Sd hit gu 45_ 1929 j-.1
2 91 9312
8
923
4
913
8
1004 101
1928 M-S 913
1916 J -3 1004 — _ 1004 Nov '1
East Okla Div 1st g 4s
Dak & On Sou gold 5s
6 8512 92
87
106 110%
1058 J -J 874 8712 8614
4
Short Line 1st 4s gold_
1920 J -J 1073 ---- 10314 Doc'13
Dubuque Div 1st s f 6s
110 110
1962 M-S 94 97 9412 Dec'13 -- 944 10012
110 J'ne'13
ref 4 jis
1924 J -J 11012.
Cal-Ariz ist &
Far & Sou assum g Os
1 103 107
104
MS 104 109 104
10112 1024
S Fe Pres & Ph 1st g 5s 1042 irl-S 10115
1919 J -J 1014 16212 1013* Dec '13
La Crowe & D 1st 5s
2 10114 1031s
10113
10113
101 10434
1915
Chic & St Louis 1st 6s
11/21 J -J 10212 10314 10212 Deo '13
Wis & Minn Div g 5s
87
4
1073* 10934
14,73 set) '13
8
1st gold 4s_ _81952 M-S 92 ---- 91 Jan913 - 20 95 954
At) Coast L
1920 J-J 10712 11234
Wis Vail Div 1st lis
95
'13
95
9953 100
81952 M-S
4
993
Registered
Mil & No cons ex 4%i _1934 J-D 9934 .___ 9934 Dec'1'
1959 J-D _ _
99% WS
4
993 Jan '14
50-year unified 4s
1934 J -D 0934
lst extended 4%s
4
15i4
'
102% 1051
4
Mid 1st gu gold 5s_ 1928 NI-N 1023 — _ 104 - De; 151614 . 3- Chic & Nor West cons 7s 1915 Q F 10214 10234
Ala
95 Aug'12
88
J -J
9212 96
4
11
92
0'
1924 0c1'
1886-1926 F-A 9112 Bruns & W 1st gu gold 4s_1038
Extension 43
9134 96
.
Charles & Say 1st gold 7s-1936 J -J 124 Sale -Of
1886-1925 P-A 90 9215 924 Oct '13
Registered
4
-673 172 853 9212
4
o1952 M-N 9112
8114 15 781s 854
1987 M-N 8114 Sale 80
L & N coll gold 4s
General gold 3As
115 _-_. 1231s:rue'12 ___
5 84 8434
781
.784
7813
Say F & W 1st gold 6s____1934 A-0 1114 ---- 11033 May'll
Registered
1034 A-0
19 9234 9814
94
97
1987 -N 94 Sale 934
P5
1st gold 5s
General 4s
94 --- 97 Oct '12 —. --- -106 108
gu g 4s-1018 J
106 Sep '1 _
Sil Sp Oca &
Sinking fund 6s-1879-1929 A-0 10612
126 '88i 11134
903 Sale 9014
01
4
10512 1053*
10512 Deo '13
1879-1929 A-0 10612
ait & Ohio prior 3 As— Tzlita
Registered
88 9012
8914 J'ly '13
104 106
10412 Nov'13
9-3 Registered
fund 5s..-1879-1929 A-0 10414
Sinking
23 894 974
921
81948 A-0 9212 Sale 0124
102 102
_ 102 Oct '13
921 AA 00
Gold 4s
187929 A ---0
Registered
1 8913 97
8
007
8
•907 ---. 904
81948 Q-J
1
101 la1.1
10233- s 10012 10012
Registered
Debenture 5s'
8
911 750 884 971s
8
913 Sale 903
,
1933
98 -- 101 Dec '12
1921
20-yr cony 43.'s-__Registered
112 Jan '12
1933 M-N 10014 ---- 1014 Dec '13
Pitts June 1st gold 6s____1922 J -J 105 _ -airs - 18312 Dec'13
02 Sinking fund deb 59
9043 1001
5
09 ;
63
1004 Aug'13
1933 M-N
P June& M Div 1st g 3%81925 M-N 85 Sale 8412 • 85
Registered
—6 824 9014
117 12114
117 J'ne'13
PLE& W Va Sys ref 4s__10411M-N
From Elk & Mo V 1st 6s-1933 A0
6 8612 0014
8
877
9012 Sep '09
Southw Div 1st gold 3%s_1925 J -J 874 Sale 8714
Man CI II & N W 1st 3%11 1941 J -J
100 Apr 13 -- 100 101
93 —.
1941 J-J
Cent Ohio It 1st c g 4 %s_1930
Milw & 8 L lst go 3%s
_—
Nov'13____ 103 10612
157; 11212
l08( Dec '13
Ci Lor & W con 1st g 5s_1933 A-0 10212 --_- 103 J'ne 12
Mil L 8 & West lit g 65_1921 /6-S
10214
104 10714
Monon River 1st gu g 5s__1919 F-A 9912 -- 102
Ext & imp. s f gold 53_1929 F-A 104 10712 101 Sep '13
155" 163is
Nov'13
1144 11413
1141s Feb '13
Ohio River Rit 1st g 5s___1036 J -D 10214
Ashland Div 1st g 6s
1925 M-S 11038
8
8
1937 A-0 987 ---- 085 Oct'139858 985
111 1134
_ 111 Nov'13
General gold 5s
1924 J -J 111
Mich Div 1st gold 6s
2 8812 94
Pitts Clev & Tol ist g 6s_1922 A-0 105 --- 11212 Feb '12
91
Mil Spar& N W 1st gu 4s_1947 M-8 91 Wale 91
961 97
1017 J -J 951s —. 97 May'13
Pitts & West 1st g 4s_
Northw Union 1st 7s g_1917 M-S 10712 -- 115 J'ly '11
91 J'ne'12
-Stat Is! By 1st gu g 4%13_1943 J-D
J -D 10614 _ 10638 Nov'13
Winona & St P 1st ext 75_1916
81 --10812
-1927 J -J
I3olivia By 1st Is_
6s_11117 J -J 104 1613; 1044 Nov'13 _
ltred
i
. 115i.34 Dec'
13
fOi 116 Chicago Leock Is!& Pac
;
3
104 1044
1917 J-J 104 106 104 Oct '13
Buffalo It & P gen g 5s____1037 M-S _
10014 10314 Au:'13
103 10434
1957M-N
5413 Sale 84
25 8212 941,
85
1988 J-J
Consol 4;is
General gold 48
4
4
191/8 A-0 87 .--- 0534 Alch'13__-- 953 953
9 4 J -0
1 988 A-J _ 88 91 Dec '12 __
3
. All& West 1st g 4s gu
Registered
8
1943 J-J 1013 ---- 103 J'ly '08
36 70 89
741
f414 Salo 72
Cl & Mah 1st gu g 5s
Refunding gold 4s
1073
4
73
23 71 90
Pitts 1st gold 0_1921 F-A 10812 ---_ 1093 Oct '13 -s
717 6ale 714
Roch &
1932 J-J
20-year debenture 5s
a Dec '13 -- 10 4 1 17
5 116
!"4
1 1
J -D 1094 —_
1922
_ 07 Sep '11
1914 M-N
Consol 1st g Os
Coll trust Series L 4s
10134
1033
_ 9212 9484 J'ne'll
1918 m-N
ranada Sou cons gu A 5s.,1052 A-0 10134 Sale 10034 Jan .11 6 103 10614
P 4s
4
4 (3(1-11902 A-0
s
4914 623 483 - 4
Registered
s
485 Sale 473
Chic It, I & Pac RR 4s
07
9512
7 0612 98
97
1
/
43arClinch&Ohioist 30-yr5s1938 J -D 10434 — 1104 mch 13 ____ 110 110s$
„.. 501s 50 Deo '13 __ 50 644
Registered
4
85 873
Central of Ga 1st gold 5s__p1945 F-A 102 10312 102
84 86 J'ly '13
1 Ark & Louis 1st 433_1934 M-S
R
4 12 10112 109
1023
102 1083
1945 M-N
4
gold Is
102 Dec '13
Consol
Bur 0 It & N—lst g 55_1934 A-0 lair.; 103
10614 1064
1945 M-N - 103 10614 Mch'13
10514 Sep 11
Registered
0181 F& N W 1st gu5s_1921 A-0 993s
103 Deo '11
'lit prof income g 5s___ _p1945 Oct
1927 J -D
7s
M & St L 1st gu g
0
0
1: Deo :11 --c 1
9978 10034
2d pref Income g 5s ____p1945 Oct
.
1919 J-4 --- 166
Choc Okla& (I gen g 5s-01932 m..
---- 96 Nov'11
100 106
2d pref income g 5s stamped_____
106 Jan '13
Consol gold 5s
91 08
3d pref income g 5s__p1945 Oct
53.1923 A-0 "66- "95 91 Dec '13
Kook & Des Moines 1st
8512 Oct '11 -------3d pref income g 5s stamped_ 79 75 Nov'13._.. 75 89
St Paul& K0Sh L 1st 4%s 41 F-A
66"
11434 1207
s
Chatt Div pur mon g 4s_1951 J -D 83 - -ad 90 Feb '13 --s
Chic St P M & 0 con 65_1930 J -D 1-121 120 1173 Nov'13
10714 Jan '12 -Mac & Nor Div 1st g 5s 1946 J-J 10114
8914 Dec '1'
J -D
1947 J-J 10114._ 10212 Sep '13 -_------ -Oa- foil, Cons 65 reduced to 3%5_1930 m-8 101"
Mid Ga & Atl Div 5s
4
1930
1013
8 -98" gic
Wale: 101
Debenture Is
,8
01
10934 May 11 _--1946 J-J 1984
- - 11512 11912
Mobile Div 1st g 5s
8
,
Oh St P & Minn 1st g 6s_1918 M-N 115 4
- 1157 Nov'13
- 100 9034 Dec'13 ___ -9934 10138
Oen RR & B of Oa col g 5s_1937 M-N
1930 J -J 1153
4 -- 12958 May 09
North Wisconsin 1st 6s
8
11414 84 11212 1193
108 10914
Cent of N J gen'l gold 5s...._1987 J -J 114 115 114
1919 A-0 106'4 108 106 Nov'13
St P & 8 City 1st g 6s
Q-J 113 ---- 1134
4 11212 11812
81987
4
1133
Registered
Superior Short L 1st 5s gp1930 M-S
4 10512
105 gii
- 15
'
Ant Dock & imp gu 5s___1921 J -J 103 105 103 Nov'13 _. 1013 100
for Dei) Chile ..% West Ind gen g 6s__q1932 Q-M 10513
100
J -J 10012 10112 100 J'ne'13
1 824 894
8318
834
Leh & Hod It gen gu g 5s_1920 M-S
1952 J-J
Consol 50-year 42
10012 10012
93(4 - - 10012 Jan '13
N Y & Long Br gong 4s__1941
82 90
-Cent Vermont 1st go g 4s__e1920 Q-F 80 83 83 Dec'13
Page,
MISCELLANEOUS BONDS—Continued on Next
1
106-,1083*1031,
MIN
-
Street Railway
Street Railway
$ 12 Ws 1034 davana Elec consol g 59___1952 F-A
1003
Brooklyn Rapid Tran g 5s..1945 A-0 100 Sale 100
923s Interboro-Metrop coil 4 A s_1956 A-0
4
883 208 8432
1st refund cony gold 4s___2002 J -J 884 Sale 8712
964 129 96 964 luterboro Rapid Transit
6-year secured notes 5s___1918 J-J 964 Sale 964
1966 J-3
1st & refunding 5s
9914 10212
100 Dec '13
Bk City 1st con 5s_1916-1041 J -J 1004 Manhat Ity(N Y)cons g 43_1990 A-0
98 98
974 93 Apr '13
Bk Q Co & S con gu g 5s...1941 M-N
1990 A-0
Stamped tax-exempt
101 101
101 May'13
I3klyn Q Co & S 1st 15s___1941 J -J
66;
994 11 9812 10112 Metropolitan Street RyBklyn Un El 1st g 4-5s-195 F-A - 3 Sale 994
13way & 7th Av 1st c g 5s_1943 J-D
0832 10134
1050 F-A - 100 9954 Dec'13
Stamped guar 4-5s
r_ _ 83 8214 Nov'
Col & 9th Av 1st gu g 5s 1993 M-S
8114 8214
-13
Rings County El 1st g 4s..1949 F-A
Lex Av & P F 1st gu g 5s..1993 M-S
8
814 88
3
1049 F-A ii4 83 8234 • 827
Stamped guar 43
Met W S El (Chic) Dit k 48_1938 1r-A
73 78
4
733 73 Dec'13
Nassau Bloc guar g )Id 4s_1951 J-J
3
95 4 9812 Milw Elec By& Lt cons g 531926 F-A
4
963
4
963
4
-1927 F-A -- 97 963
Chicago Itwys 1st Is
Refunding & exten 4%s_1931 J-J
1014 J'ne'12
Conn Ity & L lst&ref 5g 4%24'51 J-J
s
5;
-51 I97e Minneap St 1st cons g 5e.....1919 J-J
1951 J-3 ;66 _ 9512 J'ne'13
Stamped guar 4%s
4
5912 Sale 69
704 36 673 7514 Montreal Tramways lit & ref J-J
United lst cons g 4%3_1932 J -J
Det
1941
-year 5s Ser A
30
84
84
Ft Smith Lt & Tr 1st g 5s._1036 M-S *34
& Lt gen 4 Hs..1935 J -3
New On
98 93
Grand Rapids lty 1st g 5s 1910 J -D 964 --- 98 J'ne'13
• No
rtoo
Friday; latest this week. 4 Due April. e Due May
765,
4
2
513 9 1 7314
- - 8ale2 95, NOT'13
933* 98
172 71 8114
9824 93 98 98%
8
9812 Sale 983
884 95
8814 90 8738 Dec '13 __
14 8734 9518
90
7
88 s 8912 894
1 100 10314
101
101
101
97 100 984 Nov 13 — 9812 99
4
97 981 9812 Deo '13 _ _ 974 101
80 9342'1y '06
1561; 1024 102 Cot '13 =7. 10054 102
'1391 91
-- 94 91 Apr
102 Noy'12
313
98
14 10 97
97
9714
- 8534 Feb '13 .—_ 83
97
3641
Deo, 8 0941011 NAN
e Due June. A Due July. k Due Aug. e Due Oct. p Due Nov. I Due
142
New York Bond Record—Continued—Page 2
S 8.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 9
-,o7.
1r
Price
Frtday
Jan. 9.
Week's
Range or
Last Sale
Z.
gv,
ca
Range
Year
1913.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 9.
[Vora. xavm.
Price
Friday
Jan, 9
Week'Range or
Lon Sate
&Info
Year
1913,
Bta
Ask Low
High No. Low High St P M & M (Continued)—
Rio
Ask Low
II1911 No. Low High
0112H & D 2d gold 4)413___1937 J -.I 9012 -...,_ 10034 Oct '12
Mont ext 1st gold 4s____1937 J -I) 9212 9312 9312
1 92 9614
9312
lit & refunding 4s
1959 J -J
Registered
1037 JD 9012 9412 98 J'ne'11
let guaranteed 4s
1959 J -J1361 J'ne'12
Packfi cn n N oruar 4sst _ _4 _ 1948 A.0 8512_ 9258 Mch 11
m l i ext g Div 1 £ g _s ,0 J - .1
4
Cita D & 1 1st gu g 5s__ _1941 M-N --------.
97 Oct '13 __-_
0012 dd 97 Sep 12
_
C Find & Ft W 1st gu 4s g_1923 M-N ___ ___ 88 Men 11
ivi0n t li n ist g u t g 6s_ _ _ _1922 J -J 10834
ik.l 1 n n i i on 1s g 6s
(
_ _ 11414 Sep 12 _
Cin 1 & W 1st gu g 4s
1053 J -J
Sale 8
1937 J -J .119
80
I 864 -itii
. 11812 Dec '1
11813 12415
Day& Mich 1st cons4 3/ s_1031 J -J -------------2
Registered
1937 J -J
13614 May'06
_
lnd Dee & W lst g 5s
1935 J -J -- 97 103 Dec 12
1st guar gold 5s
1937 J -J 10512
10512 May'13
- - 10512 109
' 1st guar gold 5s
1935 J -J
1937 J -J
Registered
10713 Dec '02 _
Cleve Cin C & St L gen 4s 1993 J -D ..... 843 84
Will & 8 I.' 1st gold 5s
11438 J -D 100
8
10453 J'ne'13
84
i 85 923
s
10412 110
20-yr deb 43.s
8711
1 t+712 9233 Gulf& S I lst ref& tg5s__b1952 J - J
1931 J -J
8812 883 8712
oo 114 00
4
00
2 85 9513
Cairo Div 1st gold 4s
Registered
91052 J -J
1939 J -J
87 8 90
7
- 873 8773 Dec '13 _
4
_
Cin W & Al Div 1st g 4s_1991 J -J
791a 84 8914 Feb '13 ---. 8914 8914 I lock Val 1st cons g 4 3is--11
98
= J -..1 98 100 97I
8 90 nifs4
1 t Regist red
St L DivIst coil tr g 4s-1990 M-N 81
e
J -J 95 95 4 10012 Sep '08
8512 83 Dec '13 ---. 83 91
3
Registered
°o & 4,tovi tsteexxt
Col
_
___ ____ 91 Oct '07 _ _ _.
1990 M-N
A -C
92 Apr '13
02 -11:1
Syr & Col Div lstg4s
81
1955 F-A 84
1040 M-S 82 85 82 Sep '13
1st
82
9213 Apr '13
4s
4
9218 923
nous Belt & Term 1st Is_ — 1937 J -.I
1940 J -J 82 -___ 91 Apr '12 .....
10014 Dec '12
W W Val Div 1st g 4s
C I St L & C consol 6s_ _1920 PA-N 10518 _- -. 1043 Dec'13 _ i61 4 10514 1 Ilinois Central 1st gold 4s_1951 J -J
4
9413 99 100 Alar'13
3100 10234
1st gold 4s
k1936 Q-F 89 9412 90 Dec '13
90 9414 I Registered
100 Sep '11
5 J -J
Registered
1st gold 33is
- - ..--- 90 Men '13 .___ 90 90
41936 Q-F
j
951 :
1051 j j 8112 8418 Oct '13
8418 -4i7;
Cln S & l'l eon 1st g 5s___1923 J -J 101 -..— 102 Oct '13
102 103
Registered
8812 Feb '13
—
8812 8812
C (7 C & I consol 7s
8
1914 J -I) 1003 ---- 10114 Oct '13
Extended 1st g 33is
10014 10112
1951 A-0 8118 ____ 9312 May'09
Conso: sinking fund 76_1914 JD ------------------_
Registered
1951 A-0 • .General consol gold 6:4_1934 J -J -- --- 120 lifeh'13
1st gold 35 sterling
lid - HO-id
1951 MI- 8
11egistemi
1934 J -J
Registered
1951 M-S
Ind B & W 1st pref 4s
1940 A-0 83 ____ 94 J'Iy'08 ____
Coll trust gold 4s
92 90 Nov'13
-id ->35515
____ .....
_ __
95
0 Ind & W lst pref 5s_d1938 Q-J
Registered
9514 Sep '12
Peo & East 1st con 4s_1940 A-0 81 34 8014
8014
1 -fi -89
1st ref 4s
1955 m-ry 8912 897 897
,3
8812 -66"
8
>
897
Income 4s
1990 Apr - — 32 35 J'ly 13 Purchased lines 33
35
199!
77 33
4934
77 793 78 Nov'13
8
,
0
Col Mid and 1st g 4s
1912 25
1947 J -J
15 Dec '13
L N 0& Tex gold 4s
9011 Dec 13
87 97
15 36 4
,
Trust Co. certfs, of deposit_ _ _
15 24 26 J'ly '13
_
4
9512 943 Jan '11
Registered
25 2612
— 88-N
Colorado & Son 1st g' 4s
1929 _F-A 90 91 01
10 89 0473
Cairo Bridge gold 4s
91
111999555303
8
_
_ 947 J'ly '12
RefundRefund & ext 4 lOs
1935 M-N 9114 Sale 9012
9112 29 9014 9413
Litchfield Div 1st g 333_1951 J -J
6713 __
7518 N ov'12
Ft W & Den C 1st g 6s
1921 J -D 105 Sale 10
105
15
Louisv Div& Term g 33 1953 FJ -AJ
75 80 81 May'13
81 81
,
0 025 1 J -- J
9 3
Conn & Pas Itivs 1st g 4s 1943 A-0 -------------------- 102 108 _
Registered
- 83 Aug'12
Cuba RR 1st 50-yr 5s g
1952 J -J --------100 May'0 __..
Middle Div reg 5s
993 ____ 123 May'99
4
11 el Lack & Western—
Omaha Div 1st g 3s
1951 F-A 7014
. JO J'ly '13
70 7()
LI el Morris & Essex 1s17s_1914 M-N 10012 Sale 10013 10058
0 10058 10318
St Louis Div & term g 38_1951 J -J - 77 7512 Mch'12
1st conso. guar 7s
10314
1915 J -D 1031 Sale 10318
1: 103 10812
Registered
1051 J-j --- • --Registered
1915 J -D ---- ----103 Nov'13 _. 103 103
Gold 333s
,
Sefo i5
Ms
;
-114
1st ref gu f 3 3is
2000 J -D 84 88 84 Dec '13 ---. 84 84
Registered
1951 j- j
5 J J
- - 10118 Oct '99
N Y Lack & W 1st 6s
Spring Div 1st g 33
109
1921 J -J 108 109 10814
1 108 1113
)5 ,11921 j-AJ
$4 11 bj - J
1
75 ..— 78 Nov'l
78 78
8
-is
Construction 5s
1923 le-A 10212 10518 104 Dec '13 — 10212 10618
Registered
Term & Improve 4s
1923 M-N 9318 ---- 94 Dec '13
Western lines 1st g 4s
94 97
-1951 1
0-A ..EC.; -00 807 Dec'13
87 04
Warren 1st ref gu g 3 3is 2000 F-A 70 ___ 10213 Feb '03
Registered
Del & 1111d 1st Pa Div 7s_ 1017 M-S 1081a -- 108 Nov'13
Bellev & Car 1st 6s
1923 J-D idE
11713 Ma -y'16
1 )713
-13
Registered
*107 ____ 149 Aug '01
Carb & Shaw 1st g 4s
1917 M-S
1932 M-S 8712 -- 9412 J'ly '12
1916 JD 98 Sale 0738
10-yr cony deb 4s
Chic St L & NO g 5s
98
10214 10553
1-6593 08 39
1951 JD 1063
4 -- 10214 Aug.13
lit Hen equip g 43-s
1922 J -J 98 - - 10013 101
2 983 10112
Registered
1951 J-D 102 ---- 114 FWD
4
---let & ref 4s
1943 M-N 93 9434 9312
90 Oct '09
9434 10 93% 9914
Gold 33s
1951 J-D ---Alb & Sus cony 3;is
1046 A-0 843 85 847
4
3
85
0 83 883
11151 J-D
-Registered
4
Hens & Saratoga 1st 7s1921 M-N 11414 116 12112 Mal'12
9213 Au-Memph Div 1st g 4s
g'15
8314
1351 J -I
)
Denv & It (Jr 1st eon g 4s 1936 J -J 80 8234 8134 Dec'13 ___
Registered
-861-. 2
4 861Cense! gold 4 3e s
8
1930 J -J — — 9012 93 Nov'13
St L Sou 1st gu g 4s
8912 9512
90 957
8
Improvement gold 5s
8812,
1928 J-D ---- 9712 903 Oct '13 --- 85 99
Ind Ill & la 1st g 4s
4
8812 Sale 8612
-1-i6 4 -1;5
;
7
1st & refunding 5s
1955 F-A 6113 Sale 6612
68
30 87 8414 lot & Great Nor 1st g 6s-111199993351901 A1
10214 107
Mjj1 102 105 10213 Nov'13
Rio (Jr June 1st gu g 5s
1939 J -D ---- -„, 109 Dec '12 ...._
88
1938 JD 88 Sale 88
1 86 4 093
,
s
— Iowa Central 1st gold 5s
Rio Or So 1st gold 4s_1940 J -J ---- 7712 6112 Apr '11 .......
501
Refunding gold 4s
8
7 50 6414
1951 M-S 50 507 50
- -- Guaranteed
1 amt%town Franklin 5i.
1940 J -J ------85 Mell'u8
Rio (Jr West 1st g 4s
1939 J -j i
907 94
'it.e
8
80
1959 J-D ____ 9312 9073 Sep '13
80
/ - - -81;14 0 Clearfield 1st 4s
5
Al tge & col trust 4s A
6812
1 an City Sou 1st gold 3s_1950 A-0 0812 70 6812
88 72
1949 A-0 681 75 6712 Dec '13
6712 81
Utah Cent 1st gu g 4s_a1017 A-0 ---- ----97 Jr.0 '08
1950 A-0
- - 63 Oct 'OU
---- -1, ‘• Registered
Des Moi Un Ity 1st g 5s
9414 99
9513 90 9512
Ref & impt 5s
9012
1917 M-N -,,,- ---- 110 Sep '04
Det & Mack lst, lien g 4s
90 92 92 Dec'13
.
196 J1995 J-1) 84 -- - 84 J'ue'13 ...... -E;17- -88
90 11614
A
-- Kansas City Term 1st 4sf_1959 j-.1
Gold 4s
100 Dec'13
ake Erie & W lst, g 534_1937 J -J 100
10113 10013
1995 J -D 03
8218 Oct '13 _ __
82 8218
Det Riv Tun-Ter Tun 4 3is_1961 M-N -„- -,,-- 97
100 Aug'13
_
2d gold lis
9712
1941 J -J
97 1023
97
1 953 9933
4
4
Dul Allssabe & Nor gen 5s_1941 J -J
North Ohio 1st gu g 5s
9912
10414 Meh 13
10414 10414
1045 A-0 .— 90 10414 J'ne'12
Dui & Iron Range 1st 5s_ 1937 A-0 10018 -,-- 100 Nov'13 __. 100 100
Letegiste
1027
ih V ail
4
8
4 14 100 10414
1st gu g 4 A8_1940 J -J 1003 Sale 10012. 1003
Registered
Registered
1937 A-0
. - 100 Dec'13
—
100 10014
1940 J -J
10612 Mch '08.
2d 6$
1016 J -J 08 --- 104 Feb '11
Lehigh Vail (Pa) cons g 4s_2003 M-N 8512 -- 91 Nov'13
91 9712
Du So Shore & At g 5s___ _1937 J-J 9934 ---- 9914 Dec '13
1071s Dec'13
i
10714 11114
9918 1038 Leh
1st gu g 5s— _1 ti41 A-0 1034
igin Jol & East 1st g 5s_1941 M-N 103
11113 Dec '11
_ 110 Aug '12
1941 A-0
Erie 1st consol gold 7s
101 Nov'13
1920 Al-S 11012 11118 11118 Dee '13 s; 10014 115
Lela Val Coal Co 1st gu g 55_1935 J-J
idis;
N Y & Erie 1st ext g 4s
105 Oct '13
1947 M-N 92 --- 10112 J'ne 'II ___
105 105
Registered
1933 J-J 102
2d ext gold 5s
1910 M-S 10012 ---- 101 Dec'13 _ idi 103
1st int reduced to 4s
11133 J-;)
3d ext gold 43Os
97 4 .....- 100 Oct '13
,
93 J'ne'12
1923 M-S
Leh & N `1 1st guar g 48_13.it NS
loo
4th ext gold Is
4
1920 A-0 1003 102 102 Oct '13.
Registered --.
1944 M-S
lot 1034
5th ext gold 4s
Eli.) & N 1st pret eis
1928 J-1) 92 -- 100 Jan '12 _
Riff; Feb lo
191A A-0
NY L E & W 1st g fd 7s_1020 81-S *10814 ---- 109 Aug'13
-967 1663;
Gold guar 5s
3
7
1t+54 A-0 400 --- 99 8 Nov'13
109 109
Erie 1st con g 45 prior
83 8 Sale 823
7
1990 J -J
Long Islci 1st cons gold 5s_h1931 4-J 10012 -- 107 Mch'13
4
107 108
83 s 21 817 87
7
8
Registered
1906 J -J --------80 Dec'13 _
1st consol gold 4s_
61931 (,j-J
89 —. 0614 NIch'12
80 84
let consol gen lien g 4s
4
713 Sale 7114
1996 J-J
General gold 4s
72
31 6078 78
8813 Dec '13
88 1)4
1938 j
-D 803 4
Registered
1996 J -J --------77 Apr '12
Ferry gold 43
1922 M-8 •
_ 00 92 Nov'13
92 92
-Os
Penn coil tr g 4s
1951 F-A 99 Nile 89
00
1: 853 -96
9914 Oct '06
Gold 4s
1032 J-D
2 .
50
-year cony 43 A
1053 A-0 7312 Sale 7212
4 7( 80 787244
733
84 891$
1049 M-S 85 90 85 Nov'13
65
s
, 5s
4id
.
do
Series 13
8
1953 A-0 725 Sale 713
8
723
4 69
DUnebifeiendturoeidg
1934 .1-D -- 10014 95 Oct '13
95 95
Buff N Y & Erie 1st 78_1916 J-0 10212 1093 104 Nov'13
4
8914
Guar ref gold 4s
103 104
0-1% 11
1949 M-8 -- 9158 89
8912 913
Chic & Erie 1st gold 5s
1982 M-N 105 1067 10418 Dec'13
8
Registered
1949 M-8
95 Jan '11
Ciev & Mahon Vat g 5s_1938 J -J 1013 10912 109 May'12
8
N Y It& MB 1st con g 58_1935 A-0
10014
10014
Long Dock consol g 6s_1935 A-0 121 ---_ 12112 Dec'13
j2ft- ji.i 2
N Y& R 13 1st g 5s
103 Jan '13
192788-S 984
103 idi
Coal & RR 1st cur gu 6s_1922 M-N 90 10712 106 Dec '12 .......
Nor Sh II 1st con g gu 58_01032
1(0
_ 104 Apr '13
104 104
Dock & Imp 1st ext 5s
1943 J -J IJIls 1017 101 Dec'13
3
.. 8 idi - Louisiana & Ark 1st, g 5s
1061
1927 -S 17 62 80 Nov'13
80 9313
.12
N Y & Green L gu g 5s
1946 M-N
J8 8 ---- 10312 Aug'12 .._.
,
Louisville & Nashville—
NY Sus & W 1st ref 5s
1937 J -J
9534 9813 9612 Oct '13
U enerai gold es
cioid 5s
1930 J-1) 11112 Sale 11112
-66- loll;
1 11018 /1438
11112
2d gold 451
4s
1937 F-A 74 90 10014 Dec '06
_
1937 M-N 10534 -- 10533 Jan '14
10533 111
General gold 5s
1940 F-A 70 80 81 Aug'13
Unified gold 45
1940 J -J 9312 Sale 9214
81 87
0312 25 1032 994
Terminal 1st gold 5s____1943 M-N 100 108 10733 Feb '13
1940 J -J *9214
9213 Nov'13
Registered
10738 108
_ 9213 93
Mid of N J 1st ext 5s
1940 A-0 99 ____ 11112 May 1'
103 10638
Collateral trust gold 5s-1931 Ni:N 10234 1041 101 Nov'13
919 j D
Wilk & Ea 1st gu g 5s
1942 .1 -D 923 9518 9212 Dec'13
4
108 -- 1083s Dec'13 _ 105 1083
E li & Nash 1st. g 6s
-62 2 1- 66
8
Ev & Ind 1st con gu g 6s-1926 J -J 100 108 106 May'1'
4
L Cin & Leu gold 4 As
- 1043 3,lay'12
1931 M-N 99
Evans & T li 1st cons 0_1921 J -j 104 100 104 Dec'13 _ 104 iio
15130 J -3 114 -- 12014 Meh'13
N 0& AI lst gold 6s
12014 13054
1st general gold 55
111 Dec '13
1930 J -.I --1942 A-0
99 9958 Dec '13
N 0& AI 2d gold 8s
111 11413
987 10112
3
Mt Vernon 1st gold 6s
1923 A-0 --------108 Nov '11
91 J'ne'13 ____ 91 91
Paducah & Mem div 4s..._1946 F-i.
—_
Sull Co Branch 1st g 5s
10512 Alcif13
1930 A-0 --------05 J'ne'12
1920 tl-g
hi..
I'ensacola Div gold 88
10512 1053
4
plorida E Coast 1st 4 36s 11159 j-D .., - 91 90 Dec'13
109 10814 Nov'13
21,1.8,oguolisti
2
-id - 1st gold Os 1921
10814 109
66
4
-2 ort St U I)Co 1st g 4)0_1941 J-J _
:
13113 Sep 12
----02 Aug '10
-_
1980 Wei
8
3s
Ft W & Rio (Jr 1st g 4s
1928 J- ) 5._- -... 5812
‘
5812
8
48 8858
4
1955 M-N 68- - 883 Dec'13
Atl Knox & Gin Div 4s
5 6312 7612
iid 9233
3
Cl.reat Northern—
Atl Knox It Nor 1st g 5s_1046 J -D 105- 111 Jan '13
110 111
%-,, C 1J& Q coil trust 4s
192I J -J
9513 Sale 947
8
96
'lender 1.1dge 1st s f g 8s-1931 M-9 lows Rid 105 Dec '13
34: 93 9814
5
105 105
Registered 6
1921 Q-J
953 Sale 953
8
1987 J -J 87 8812 873 Nov'13.- 87 3214
Kentucky Cent gold 4s
4
9538
3
1 927 98
,3
1st & refunding 4)Is sec A 1061 J-J 10014 Sale 100
10012 1(3 967 1003
J -S
3
3
LSI N &AI & M lstg 4)01945 M- J 9833 10312 9912 Oct '13 -- 9912 10314
Registered
1961_ _ ----_ 96 J'ne'13 _. 96 98
83 Sale 83
L& N-South M joint 4s 1952
•
83
2 81 90
St Paul Al & Man 4s
1933 J--.1
9914 9412 Oct '13 _
Registered
- 95 Feb '05
9312 9814
1st consol gold Os
1933 J -J 1183
4
119 Oct '13.
/11052(N4--A 10313 ...- 10314 Nov'13
N Fla& S 1st gu g 5s
118 12412
10'61; 16:41;
gm,
Registered
9912
1933 J -J 110
9912
11712 Aug'13 ..._ 11712 11914
N & 0 Ildge gen gu g 43s 1945 J -J
9712 10113
Reduced to gold 43-s1933 J -J 101 Sale 10014
Pens & Atl 1st gu g 6s__-_11)21 F-A 10812 i6912 10812 Dec'13
101
11 993 10412
4
108 10833
1933 J-J 99 _-- 19834 J'ne '09
Registered
S & N Ala con gu g 5s----1936 F-A 104 ___. 107 Nov'13
107 107
I.& Jeff Bdge Co gu g 4s-1945 M-S 83 Sale 83
83
21 8314 8314
M SCELLANEOUS BONDS
--Continued on Next Page.
--
• -__
2-J
.3- 8
----
-.-
----
---
---
L
--
----
----
F
I
Street Railway
Street Railway
NY Rys 1st R E It ref 4s 1942 J-J
753 Sale 73
4
753
United Rys St L 1st g 4s_1934 J-J 68 70 69 Nov'13
4 71 7213 79
89 73 4
3
-year adj Inc Is
30
a1942 A-0 5914 Sale 59
60 1014 5178 61 1 St Louis Transit gu Is ___1024 A-0 --- 7012 60 Sep '13
7s
69 72
Portland Ity 1st It ref 5s___1930 Ist-N 97 101 Jan '13
United lilts San Fr s f 4s_1027 A-0 53 5312 52
101 101
53
20 501$ 87
Portland Ey Lt & Pow 1st
Va Ry It Pow 1st It ref 53-1934 J -J 00 9412 943 Nov'12
4
3
927 95
& ref cony s f 5s
1042 F-A
— 95 05 Mch'13
95 98
Portland Gen Elec 1st 5s_1935 J
Urns and Electric Light
St Jos Ity I,II & P 1st g 5s 1937 111-N
fig N oV'T)1
3
lAtianta 0 L Co. let g 5s_ _1947 J-D 100 __ 10212 Dec'13
10212 10212
St Paul City Cab cons g 5s_1937 J-J ._ 105 10312 Feb '13
10815 1031i 11.18lyn U Gas 1st con g 5s_,1945 M-N 103 Sale 10258
103
16 10113 1061$
Third Ave 1st ref 4s
106 J-J
8112 Sale 803
12
3 04 77 8252 IBuitalo Gas let g 58
813
8
1947 A-0
54 J'no'13
50 50
Adj Inc 5s
a1960 A-0 773 Sale 7614
8
J -J 90
609 6313 79
7733
Columbus Gas let g 5s
1932
Third Ave Ry 1st g 5.1 _.,.I937 J -J 10618 10712 10813 107
a 10213 107 4 Detroit City Gas g 5s
3
1923 J.J 100 Klit; lad
100
3 9834 1
Tri-City Ity It Lt 1st s f 58_1923 A-0 9614 Sale 9614
18553 Sep '08
C 95 9912 Oct Gas Co.con 1st g 58-1518 F-A
9814
Underground of London
3Det Edison 1st coil tr 5s
100
1033 J -J i66 4
1003
4
899
1933 J-J
9312
43's
94 Dec'13
9218 96
Eq 0 L N Y 1st con g 55_1932 M-S
_.- 10612 Oct '12
Income 6s
1948
8634 Jan '14
8773
85 3 9313 Oas & Elec Berg Coe g 5s-1949 J-D 97 ---- 100 Feb '13
7
fair kid"
.
Union Elev (Chic) 1st g 5s_1945
84 Oat '08
___ _ 101 100 Oat '09
Or Rap 0 L Co lstg 5s
1915 F-A
United Rys Inv 1st Ben coll
4
Iludson Co Gas 1st g 59_1949 PA-N 1003 — _ 10114
2 101 1O3i
10114
trust Is Pitts Issue
1926 M-N
71 J'ne'13
71 83
Kan City(Mo)Gas lit g 6s1922 A-0 91
94 Aug'13
94 911,
•No erica 1nidrn2 latest bid sad asked We week. a Due Jan. •Des Feb. 4 Dm
Duo July. - 3 Da* Aug,. D_Li Oqt. _I 49Cila We.'
ANIL
,
143
New York Bond Record—Continued—Page 3
JAN. 10 1914.1
t es
BONDS
2
X, Y. STOCK EXCHANGE V
Week Ending Jan. 9.
'..s,
Price
Friday
Jan. 9
Week's
Range or
Last Sale
I.
0
ca
Range
Year
1913.
E•e
BONDS
N. Y. STOCK EXCHANGE 133
Week Ending Jan. 9.
0.
Price
Friday
Jan, 9
Week's
Range OT
Lass Sale
,a
Rats"
Year
1913.
s
But
AA Low
High No. Low High
Bid
s L
High No. Low High
__ _
N Y New Haven & IIartf—
Manila Rlt—Sou lines 43_1936 M-N --------3 79 8912
Non-cony (Mien 43
75
__ 75 -77 Mch'16
ILL ex lnternat 1st con g 48 1977 NI-S
1055 J -J ----_-. 75
---Non-cony 4s
_
Stamped guaranteed___1977 M-S -- ----79 Nov'10 _. _-- ---1956 M-N ---- 76 77 Nov 13 __ 77 8814
6914 39 68 87
Minn & St L 1st gold 7s____1927 J -D 103 ___ 12412 Oct '12 ____ _ -- -- Cony deLentu. 30
8
-e3
1956 J-J
69 Sale 687
'11_ --- ---__
108 108% 106
10914 21 10234 126
Cony debenture 63
Pacific Ext 1st gold 6s..,1921 A-0 10018 108 11018 Aug
1_037 .
. 8 Sale 103
. .
.
103% 1447 101% 107%
88 - Rio "
13, -s-rl A vr ienbe
‘ 1st consol go d 5s
1934 M-N 88 90 90 Jan '14 ....
2:11y e ni
5112
2 50 627,,
9914 Nov'12 -- --__ -- -1st and refund gold 41949 M-S 51 53 5112
Harlem 11-Pt Ches 1st 43_1954 66-N
69
3 _
9912 J'ne'12
69 Sale 69
Des M & let D 1st gu 43_1935 J -J
Line Os(4s _ _ss)45 - - j - __. _
lst w h i 1958 F9
j -A
4
91
1 0'-tif _ 83 8018 Oct '13 ._-- -till); -661M StP&SSM con g 4sintgu 1938 J -J 01 Sale 91
Cent New Eng 1st go 43_1961 J -J
_ _ 110 Feb '13
1st Chic Term Is f 43
1041 MN -- -------. 9714 J'ne '12
Housatonic It cons g 5s
1937 M-N DI _ _ .---_ 110 110
M 3 3 A 1st g 43 int gu_1926 J -J --- 96 06 Nov'13--_ 96 - -id
NY W'ches&B 1st ser I 4 36s'46 J -J
23 75 9814
&
791
7918 Sale 79
,
N H& Del by e(MS cy 53-1018 hl-N --------107 Aug'09 ---- -- - — --Mississippi Central 1st 58_1049 J -J ---9312 MO '" ---1: -- - - - ,
8812 iu 8612 9514
883
4
New England cons 53
D40 Kan& Tex 1st gold 43_1000 J -D 88 ---- 8818
---- --1945 J -J -----------—,73 8
7
4 71 813
meli ..... -- -2d gold 4s
Consot 4s
4
911190 F-A 7313 74 737
1945 J -J -_ ___ _
4
Dec '13 _ _ _ r 9512 993
1st ext gold Is
Providence Secur deb 4c_1957 M-N -_- -- 72 8314 Feb '13 _ -817; -8314
1044 M-N - — - 96 0512
3 6714 7712 N I'0& W ref 1st g 4s____91992 81-S 83 84 83
6818
--2 84 9213
83
1st& refund 4s
2004 M-S 65 71 68
18 7912 87
83
81 811 8113
Registered 55.000 only,,_q1092 81-S ------9213 J'ne'12 ____ ---_ __—
Gen sinking fund 43s_., 1936 J -J
7834 Apr '13 .--- 7712 7814
8
General 4s
St Louis Div 1st ref g 43_2001 A-0 -------1955 J-D *---- 87 897 Feb '12 ._
4
i -17,c-'691
2
4
95
4
Norfolk Sou 1st& ref A 5s 1961 F-A -;,;,-- 95 95
Dal & Wa 1st gu g 53
11)40 81-N 9813 093- 993 Dec '13 -..- 993 102
1990 F-A ____ __ 8214 Nov'13 ....... 82 8778 Norf& Sou 1st gold 5s
Kan 0& l'ac 1st g 4s
1941 M-N 5u ,__ 9912 Dec '13 — 9912 100
Dec
4
Noll& West gen gold 63_1931 M-N 117 119%1163 Nov'13 ___ 116%120
Mc E & E 1st gu g 5s___ _1042 A-0 103 ____ 103 Oct '13-- 101 108
'13 _
98 10412
M K& Ok 1st guar 53__ _1042 M-N ---- 100 9912
Improvement & ext g 63_1934 F-A 118 _. 123 Jan 13 ____ 123 123
96
11512 12034
1 97 10114
New River 1st gold 63._ 1932 A-0 117 118 11512 J'ne'13 __
M K& T of T 1st gu g 5;_1942 M-S 95 97 96
_ 96 103
N& %V Ity let cons g 4s
943
4 la 8s 99
Sher Sh & So 1st gu g 5s1042 J -D 96 104 96 May'13
1996 A-0 94 95 9412
98
5 10112 10112
98 Jan '11 --- _ _ _ _ ....._
Ittristered
Texas& Okla lstgug 53 1943 M-S 07 ___ 97
1996 A-0 ---- --- ;
4
Div'l 1st l& gen g 43
Missouri I ac 1st CODS g 6s 1920 M-N 101 1035 1023 Dec'13 310 102 10612
1944 J -J 88 8818 87% Dec'13 -- 8713 923
95
11 95 100
10-25-year cony 48
Trust gold 5s stamped_a10171M-S 05 Sale 94
1932 JD 100 10212 104 Apr '13 __ 104 11218
97 Mav'12
1 99 111%
,. _ _
_ 102
102
a1917 M-S ...,_
l0-20-year cony 4s
Registered
1932 81-S
10214 53 98 107
1020 F-A 9212 94 9212 Dec'13 __ -- 66 8
Convertible 4 3is _ ____ _1938 M-5 16612 102 1003
,
let collateral gold 58
_ _ 28 83 92
1920 le-A _ _ _ _
90
Registered
1941 J-D 8914 90 808
Plocab C & (' Joint 4s
ttit• 6613
6612 2 -E- -f631045 M-S 66
4 0 c)& T 1st guar gold 53_1922 J -J 100 . __ 10534 Jan '13 _-__ 10534 10534
40-year gold loan 43
-N811395,
8
cio & N E 1st gu g 43_1939,M
88 90 90 Nov'13
3d 7s extended at 4%..11l38 M-N 78 __ 78 Dec '13 -___ 78 78
713
31 67 88
,
1059 M-S 713 Sale 69
136 90 98 8
Northern Pacific prior I g 48 1997IQ-J
93
1st & ref cony Is
93 Sale 9212
8
Cent 13r Ity 1st gu g 43_1019 F-A 88 ___ 89 Dec'13 ---- 89 92
Registered
1097 Q_J 9012 __ _ 9412 Oct '13 ___ 9112 973
1948 J-D 75% ____ 7712 Dee '13 --_ 72 7712
21 631, 697,
65
General ien gold 3s
Cent 13r U P 1st g 43
_5 S
_are 6414
a2047 Q-F 6
110 Mch '05
Leroy & OVAL 1st g 53_1926 J -J ---65 Aug'13 ---- 175 68
Registered
a'047 Q-F
Pac It of Mo 1st ext g 43_1938 F-A 87 ____ 8813 Nov'13 -- 8812 El; St P-ul-Duluth Div g 43_1908 J-0
90 90 Apr '13 ____ 90 9212
---- —_ 10013 Sep '13 __ 10012 10011
100
1 10134 103
Dui Short L 1st gu 55____1916
1038 J -J 10018.._.._ 100
20 extended gold 5s
10114 11 100 100
St P & N P gen gold 63___1923 M-S ,-,- 112 - 11014 Dec '13 ____ 10812 113
S t L Ir M&S gen con g 53_1931 A-0 10114 Sale 101
F-A 11018
104 Oct 12 —_
Registered certificates__1923 Q-F rxr- -- - 11538 Aug '11 -- ---- -Gen COD stamp gu g 5s 1031 A-0 --,..
St Paul & D luth ist Is..
78'4 ii 'lila - 5;
0
1029 3-J
MN Sale 76
Unified & ref gold 4s
F-A Wila - -- - 107 Jan '12 -8078 Oct '12 —
20 5s
.
1029 J -J -:z „. . .
Registered
1917 A-0 10 3 ---- 10038 Oct '13 --- 1663; i4513;
,,03
.
7612
3 7612 8313
1st consol gold 4s
1033 M-N 7012 Sale 7614
Illy & 0 Div 1st g 4s
.
i
1968 J-D 05 ---- 94 J'ne'12 ---- -in; -ii .
_ _ 9212 Dec'13 ---- 9212 96
Wash Cent 1st gold 48
1026 M-S 0212 _
Verdi V 1 & NV 1st g 5s
1948 Q-m 80 ___. 8112 Dec '1
110341113$
11312
4 11218 11711 Nor Pac Term Co 1st g 68_1933 J-J
111 Oct '13
Mob & Ohio new gold 63_1027 3-D 11314 115 11312
,
"
8
1 86 9114
4
89
4
1st extension gold 6s____h1927 Q-J -r-- Ill 11284 Jan '13 --r 1123 1123 Oregon-Wash 1st & ref 43_1961 J-J -ii" ii7 89
98 101%
41$ 795 851 pacific Coast Co 1st g 5s-1948 J -D 98 ---- 9914 Jan '14
1035 M-S 80 82 80
81
General gold 4s
L ennsy:vania RR
1947 F-A 104 106 10712 J'ne'13 — 10712 109_
Montgom Div 1st g 58
98 10814
1st real est g 4s
- 97 Dec '13
1927 J -D 93 ____ 95 Dec'13 ---- 95 05
1923 M-N 96
St Louis Div 5s
,
Consol gold 53
8614 8814 8814 Dec'13 --- 88% 89
1919 M-S 101 161 110 Mch'12 ---St L & Cairo guar g 48.. _ _1931 J-J
2
6;
4
Consol gold 4s
1943 M-N 99 ,_- - - 99 Dec '13 ---- - - 1661Nashville CI)& St L 1st 5s1928 A-0 1043 105 105 Dec '13 ---- 10412 10814
Convertible gold 330_91915 J -D 97% Sale 9738
97% 199 95% 9713
Jasper Branch 1st g 651023 J -J 10812 ____ 111 Jan '13 -- 111 111
. 9618 97
Registered
Mal A
Ml W & Al 1st 613_ 1917 J -J 10334 ____ 105I Jan '13 ---- 10512 10512
01915 .1-15 ------- 97 Dec '13
99
3 98 1021
4
1917 .1-J 103% ___ 113 J'ly '04
T & P Branch 1st Gs
Consol gold 4s
1948 M-N . 98% 9914 9
95 9914
5213 80 52 Dec '13 __-_ 52 812-J
100% 95 Nov'13
Alleg Val gen guar g 43
Nat Itys of Alex pr lien 4 3-0 1957 J
1942 M-S 1.
D R It It & 1Pge 1st gu 4s g '38 F-A i'is4 ---- 100 Sep '12
1977 A-0 ---- 80 77 Feb '13 ___: 7614 78
Guaranteed general 43
- - 16666
8
Phila Balt& W lstg4s
Nat of Mex prior lien 43is_1026 J -J ---- __ 9078 Feb '13 ss 967 967,
1943 M-N ---- ---- 9918 J'ly '13
----1951 A-0 -..... 70 55 Aug'13 ---- 66 7612
Sod Bay& Sou 1st g 5s
1st consol 4s
1924 J-J --- ---- 02 Jan '03
..........
Sunbury & Lewis 1st g 48_1936 J-J
N 0 Mob & Chic 1st ref 58.1960 J -J 47 60 55 Jan '14 --- 4213 87
_
....... 10114 10118
2
U NJ RE & Can gen 43..1914 M-S 114L2 ---- i511- Mal'i5
N 0& NE prior lien g 65_p1915 A-0 -------7913 Oct '13..— 10118 10118
May'13 -..„ 7912 8712 Pennsylvania Co—
.
New Orleanc Term 1st 4s 1053 J -J 821e.
Sale 82
Guar 1st g 4
100
83
22 80 8714
N Y Central & II 11 g 35-s_1997 J -J
1921 J-J 100 Sale 100
6 10138 1 254
1111 1
0
1997 J -J --- 84 7012 Dec'13 ---, 7912 863
Registered
1921 j-j ____ 10114 100% Dec'1
4
Registered
833 87
4
1934 M-N 86 8634 88 Jan '14 la 83 9112
Guar 3363 coil trust reg 1937 81-S --- --a12
,
Debenture gold 48
833 8654
4
1034 M-N ....... 90 93 May'12 -._ _
Guar 33.s coil trust ser B_1941 F-A *-,,,_
Registered
_ 97 971
i,
7912 116 -, 6,
7
Trust Co ctfsgu g 330_1916 m-N 90. -,, 9718 Nov '13
1993 F-A 7912 Sale 7814
Lake Shore coll g 33is
4
Guar 33is trust ctf80
1 8438 8538
Registered
1993 F-A -,- -_-_ 77 Dec'13 --83
7512 81
1942 J-D ---- 0434 83
8214 86
4
Guar 3;is trust ctfsD
Mich Cent coil gold 330_1998 F-A 733- 75 74
71
3
1944 J-D ---- 83 4 8412 Nov'13
i 76 80
74
e
9213 965
7712
Guar 15-25- ear g 48
Registered
1095 F-A -,.. 80 7712 May'13 ---1931 A-0 9214 95 1)212 Nov'13
9212 92%
'Beech Creek 1st gu g 43_1936 J -J 9012 ---- 98 Apr '13 ---- 98 98
Cin Leb& or gu 48 g
9213 Feb '13
1942 M-N
Ci & Mar 1st gu g 43s._1935 M-N 9513 --- 110 Jan '05
Registered
1936 J -J--------99 May'll ---- __
idi" iiir ,
2d guar gold 5s
CI& P gen gug 4 itiser A 1942 J-J 10013 ---- 10134 Nov'13
---- ---- ..— ------- -- -J -J
— -- —
____ ---_
‘
Series B
Registered
1942 A-0 10088 ---- 10934.1'1Y '09
1936 J -J
Int reduced to 31,s.__1942 A-0 _ _ ____ 9114 Feb '12
Beech (Jr Ext 1st g 3%8_61951 A-0 --,- ---- ------ ---Series CIs............
Cart & Ad 1st gu g 48
33.s
-- - —_
1948 M-N 11413 - — 9014 Oct '12
1981 J -D 80 ...._ 88 - Oct '12 —_ --"" -_
.841s 844
Series D
Gouv & Oswe 1st gu g 53_1942 J -D 10012
1950 F-A 85 -- 841s DecDeo '13
--- ---- _---8612 80 s
7
;
3
8
Erie & Pitts gu g 33-0 B 1940 J-J --- ---- 1367 Sep '13
'Moh & Mal 1st gu g 4s
8
1991 hi-S 90 — 6§ Jan '13 ---- 0838 983
9018 J'ly '12
qeries C
N J June It guar 1st 4s_,,_1986 F-A 85 .._ 105 Oct '02 ---- ___ _ __ 1940 J -J
Ws; WI;
661Or It & lox 1st gu g 4 3,6s_1941 J-J - .4 loci 95as Deo '13
gistered
1986 F-A
--- ......
Pitts Y & Ash 1st cons 53_1927 M-N 1023 ---- 109 May'10
.
N & liarlem g 330
2000 M-N lia% ---- 6f12 De0 di -- _
4
Tol IV V & 0 gu 4 3is A
- ---- ---Registered
2000 M-N
1931 J-J 95 ---- 10218 J'ne'12
162
Series 13 430
i iii" iii1933 J-J 95 _-__ 10238 Nov '12
, N Y & Northern 1st g 5s_1927 A-0 jai 1631.2 ig
- . WI;
6i Series C 48
, N Y & Pu 1st cons gu g 48_1093 A-0 82 06 92 Oct '13.--- 92 92
1942 81-5 92 ---. 9512 Sep '13
____ —__
99 10318
PC C& StLgu 43
2 10012 103
Nor& Mont lstgug 53-1016 A-0 --- .._ _ ___
,
0A
1940 A-0 997 - --- 10034 Oct '13
s
Series B guar
8
10014
Pine Creek reg guar 63_1932 J -D 112 __:. 13113 Jan '09 ---- - - — —7
1942 A-0 997 10014 10014
'
.- 4
Series C guar
, It W & 0 con 1st eat 53_0022 A-0 10214 ____ 10212 Jan '14 --- it:U ft 1611942 111-N -- _ .__.106 J'ne'11
-El; WI;
4 9712 987
0912
Series D 45 guar
, Oswe & It 20 gu g 53____e1015 F-A 0912 100 9913
8
4
1945 11I-N 9112 963 9413C/et '13
90 90
R IV & 0 T It 1st gu g 53_1913 M-N 10118 ____ 104 J'ne'10 ---- _
Series E 33is guar g
1949 F-A 8813-- 90 Apr '13
9514 9514
.- i
_ _1041 J -J ---- --_ 00 Apr '13 _--- go -Id : Rutland 1st con g 4
Series F gu 4s g
9514 Jan '13
1953 J-D 92 ....—
9718 974
Og & L Chant 1st gu 4sg 1948 J-J---- 7513 80 Sep '13 ---3084
Series G 4s guar
1957 M-N 92 ...... 9712Jan 13
106 108
' Rut-Canad 1st gu g 43 1949 J -J ,,,......„ 02 J ne'09 ---C St L & P 1st con g 53
1932 A-0 10513 ---- 106 J'ne'13
106 106
St Lawr& Adir lstg 53_1096 J -J am
76- --- — 108 Sep '12 ---- -------- Peo & Pek Un 1st g 6s
106 Feb '13
1021
1996 A-0 105 ..- _ 11913 Meh'12
‘ 2d gold 6s
2d gold% 36s
9312Jan '11
,
b1921
"ii"'Er
95 95 Dec'13 -_-: 95 - 9512 Pere Marquette—Ref 43___1955 J-J
Utica & 1311s My gu g 48 1922 J -J
54 Jan '13
40 1547.
Lake Shore gold 33s..1997 J -D ---- 8612 8512
.
Refunding guar 4s
8512
1955 J-J la: .:.: -66 - 40 Dec'13
:
0 85 8812
1097 J-D ....r 85 8313 Dec '13 --- 8313 88
.
Registered
98 Oct '12
Ch & W MI:
1921 J-D
. - idir,
16613
go% 17 881 0312
1928 8.1-S 90 Sale 8913
Debenture gold 4s
Flint & P 51 g Gs
1920 A-0 166 - iaii, 10012 Dec '13
87 SA
1031 M-N 8913 Sale 885
8012 61 88 92%
25-yr gold 4s
1st consol gcld 5s
1939 M-N 8512 92 88 Dec'13
89 91318
1931 M-N ri
.,_. ____ 93 Oct '12 --- ---- ---_
Pt IIuron Div 1st g 53 1939 A-0 864 95 89 Dec '13
' Registered
_
Sag Tus & 11 1st gu g 43_1931 F-A --Ka A & II It 1st gu c 53 1938 J -J 103 ---- ........ ---_
ii-"
ii1';
2
2 -'
- 11
Mahon CI RR 1st 53_1934 J -J 10312 1101- 1111- Meh - —
Philippine Ry 1st 30-yr s f 4s'37 .1 -J - _ _: -66 - -iig - Aug'15
108 108
Pitts & L Erie 20r 53___31928 A-0 100 __ 105 Apr '12 ---_ __-- -- Pits Sh & L E 1st g 58
1940 A-0 10718 ---- 108 Apr '13
__ 13018 Jan '09 ---p1tts Mel( & Y lst'gu 63_1932 J -J 115
1st consol gold 5s
___ 11314 Nov'11
1943 J -J 10514.
3
s
-- i)wading Co gen g 43
' ----12
1_2_3_14
1934 J -J 110
82 -1;6i -iiii93
2d guaranteed Is
1997 J-J 93 Sale 92%
92 9611
It. Registered
Me_h_ _ _ McKees&IIV 1stg6s 1918 J -J 100% -__
1997 J-J *9013 --,- 92 J'ly '13
-- Jersey Cent coil g 4s
4
1031 M-8 102 ___ 111 Jan '12
Michigan Centra. 5s
3
1951 A-0 93 4 94 9312
93 4 la 914 983
3
— --119 J'ne'06 --11131 Q-M 10013 ..
Registered
--Atian City gu 9s g
1951 .1-j
-fit4 - ii1940 J-J — 89 98 Apr '12 ---- __ _
" t Jo & Or Is] 1st g 48
1
1E1; Deit-'
15
4s
-1947 J -3 "fili -ii- —
_
Itegistered
1940 J -J -.... -__ 9813 Noy'll - — __ —
. _
t Louis& San Francisco
105
_ 00 J'ne'08 ---_,. 11414
--J L & S 1st gold 330_ 1951 M-S General gold 6s
- 10814 Dec'13
1931 J-J 10838
4
--1052 M-N 82
82 Nov'13 ---- 80 8612
1st gold 31/23
3
100 —2 93 1043
General gold Is
1931 J - J 1003 101 100
1 7212 75
1929 A-0 83 84 837 Jan '14 ---- 8112 89
731
20-year debenture 4s
It L& S F RR cons g 4s 1996 J -J
73 7312 7313
Chic& St L lstg 43_1037 A-0 95 08 95 Jan '14 ---- 9312 9912
5013 8214
N Y
4
Gen 15-20-yr 5s
52
11 ale 52
1937 A-0 -- ___ 9712Jan '13 ---- 0712 9712
Registered
Tr Co certfs of deposit--------------61_
61
20 62 59
*
507
—
1931 M-N --- 88 8534 Dec '13 ---- 8312 89
Debenture 4s
Southw Div 1st g 5s
1947 A-0 9234 -___ 93 Dec '13 ____ 93 100
2361 J-J
92 Sale 917
18
4s guar
8
West Shore 1st
9218 17 90 99
7234 159 65 761
4
Refunding g 48
72 Sale 71
3
1951 LI..J
-2361 J-J
8914 893 893
4
4
.
9012 30 89 9713
Registered
Registered
J ---- ----8034 Meh'11 ...._ ....... a aNV cent. rim on tr 4 34s 1922 J-J 953 -___ 1001. J'Iv '11 _
.
,
4
g1,14 ge '.E
2 ci
1036
a:K. :::: -sii
M SCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co EiE & P g 5s___1937 A-0 102 103 102 Deo '13 1.
Purchase money 63
1097 A-0 11012 1103 111
11111
4
2
Convertible deb 68
1922 M-8
12438 122 Dec '12
, Ed El Ill Bkn 1st con g 4(3_1939 J-J
871* ___ 8814 Apr '13
_
Lac Gas L of St L 1st g 5s_e1019 Q-F 1001 10012 100
100 --4
Ref and ext 1st g 5s
1934 A-0 98 9812 971
9812
8
Milwaukee Gas L 1st 43_1927 M-N 881i 90 8812
8
8812
1948 J-D 10114 ____ 101 Dec '13
Newark Con Gas g 55
NYUELH&Pg 5s
1048 1-D 1023 Sale 10214
4
10234 40
1949 F-A 84 Sale 83
Purchase money g 4s
16
84
Ed El III 1st Dons g 5s.__.19951J -J 101 108 10658 Apr '13
Ny& QE IL & P 1st con g 5s 1930 1P-A 99 101 101 Oct '13
1921
g 5s
N Y & Rich Gas 1st
9212 J'ly '09
,
Pacific G & El Co Cal G & E
..667 M-N 9212 923 021.s
Corp unifying& re,f4e.., ip
4
"V'212 11
Pac Pow& LtrimA41121 20-yr
1930 7-A .
bs Internal; Series
95 0418 Meh'19
.
• r_ilLti Passaic G & .1i Is__1949 M-8 9/3st _ ...... 100
100
' '7: arlee Friday; latest bid and asked. 4 Due Jan
b Due Feb
Gas and Electric Light
10118 10434 Peo Gas & 0 1st con g 63___1943 A-0 110 .— 112 Nov'13
Refunding gold 5s
107 114
12
99
1947 hot-S 9834 993 9334
8
Registered
99 Sep '13
1947 tot-S
Ch G-L & Cke 1st gu g 53_1937 J -J fa'YaiJ 100%
8818 8812
101
33
9913 10212
Con G Co of Ch 1st gu g 551936 .1-D 9813 ____ 100 Oct '13
Ind Nat Gas & Oil 30-yr 55 '36 M-N_ --- - — 93 Mch'12
071/ 102
Mu Fuel Gas 1st gu g 5s 1947 M-N 98 --_ 9812 Dec'13
883* 905
101 10214 Philadelphia Co cony 5s
1919 F-A __ — — 95 Sep '13
10058 10338
Cony deben g 5s
1922 M-N 96 9612 9618 Dec '13
80 8612 Stan Gas & El cony s f 68 1926 J
--- 927 94% Nov'13
2
106% 10812 Syracuse Lighting 1st g 53_1951 J-D 99 100 101 Dec '11
-D9912 101% Syracuse "a, Az P5:
1954 J -J ---- _8018 8512 J'no'12
Trer.son G & E 1st g 5a
1949 M-8 101
100 Feb '01
Union Elec L & P 1st g 58 1932 M-S —....... 97 J'ne'13
90 8 98
7
Ref & ext Is
1033 M-J air :::: 94 Nov'13
J- N
Utica Evi L & P 1st g 58
1950
4
Ezef 5s
g
J
9453 9412 Utica
1957 J -D foil;for ---- Dee '11
Westchester
1950
102 8 ""i
3
MIl
I Des May. y Due June, 1 Due July. •Due Oct. 9 Du.Mr,, 3
tion isselo.
112 11614
98 4 102
7
99 99
98 10314
9911 102
981i %W
.
95 ints
9254 98
93 100%
92
94
fob; MK
144
[VoL.10Viii.
New York Bond Record—Concluded—Page 4
..
tg
Price
BONDS
E321,
CHANGEOt '
,
Wilts?,
N. Y. STO(R
Jan. 9
Week Ilindtng Jan. 0.
.... a.
Week's
Range or
Las. Sato
a
V
.44
Range
Year
1913.
—
Low High
105 1134
65 •78
_
.
____
9918 f6618
8314 90
78 30
7412 81
_
_ _
i6 ii34
- -- - 83 3
-64
7012 80
____ _ _
.
0613 •I714
7212 79
82 88
00 917
8
1034 10314
BONDS.
`".,,
.
N. Y. STOCK EXCHANGE it'
-.4..,
Week Ending Jan. 9.
Fr tce
Friday
Jan. 9
Week's
Range or
Last Sale
CI
,..,
Range
Year
1913.
Rta
Hill No. Low High
,
Ast Low
Mph No.
Ettst
Ask Lots
8t L & San Fran 4D38n)
1021, 38 101 10012
8
1939 ii -N 10212 Sale 1015
Vi/abash 1st gold 5s
4
.1(0 Ft S & M coal g 68_19280.4-N 1083 __ 10812 Dec'13 _--05
8 0212 9911
1939 F-A 95 Sale 94
7 * 2d gold 5s
7458 34
IC C) Ft S & M Ry ref g 4E3_1936 A-0 745a Salo 7314
. 90 Joe 1 __
1939 J -J _.
Debenture Series 13
7712 J'ly • 12 ____
Registered ,
1036 A1921 M-8 .._ . 97 99 May'l --- 9312 99
1st lien equips fd g 5s
IC C)& M R & B 1st gu 58_1020 A-0 90 __ 10313 J'ly '12 —_
70 ____ 75 Nov'1
75 80
1st lien 50-yr g term 49_1954 J -J
9914 May'13 ____
' Ozark & Ch 0 1st gu fis g_1012' A-0 —..
1956 J -J
5512 Sale 5013
553 225 464 647
4
1st ref and ext g 4s
3
2
8518
St L S W 1st g 49 bd ctflii___1980N1.44 83 8534 85
5012 :-“tie 50
501, 91 48 54
Cent Trust Co ctfs
4
2d g 48 Inc bond ctfs____e1060 J -J -_-- 773 73 Oct '13 ---____ 5012 Sale 50
501,
1 4713 51
Do Stamped
751
41
Consol gold 4s
1932' J -D 754 Sale 7478
_ 64 Nov'l!
Equit Tru-A Co •tfs
__
Gray's Pt Ter 1st go g 58_1947' J -D ...„.... ,.!...,- 10118 Apr 07 __
-gf1- Sale 49
2 52
99 4312 6134
Do Stamped
li
78
Sale
13 A & A Pass 1st gu g 49-1943_ J -.I
16
77
-J --__ 10612 106 Noy'l • __ 10212 107
6 to & N P 1st sink :g 59
Pet Sc Ch Ext 1st g 5s---1941'
191.0 J -J *100 ___ 104 Oct '09 ---Des mein Div 1st g 4s-1939 J---------- 80 Aug '1Seaboard Air Line g 49.-195()A-0 8112 85 83 Oct '13 ---.
_. 65 ciE
1941 A-0 ---- ----65 Oct '1'
Om Div 1st g 335s
,
1950 A-0 82 84 £12 Dec'13 _—
Gold 4s stamped
___ ____
1941 WS 70 73 7118 Dec'13 ___ 70 80
Tol & Ch Div 1st g 4s
__ __
1950 A-0
iteqlstered
1114 264
4
Wab Pitts Term 1st g 48_1954 J -D -„- ., 11, Dec'1
163
7618
a
01949 F-A 761- Sale 7514
A dr"ustmen t 59121
53 10 2712
Cent and Old Col Tr Co certs_ ____ 1212 Sale 1112
1950 A-0 70 7414 74 Doc'13 ___
Refunding 4s
____ ____ 1114 Dec'13 ___ 11
28
85
2
Columbia Tr Co ctfs
Atl-Birm 30-yr 1st g 4-3_41933 MS 85 Sale 85
__
7
8 3
7 Dec '1
3
)
--2d gold 4s
1054 .1 -1 -- - i's
4
1949 J -J 8 4-- 90 J'ne'13 .—_
Car Cent 1st con ii 4s
3 Deo '13 _--4
4
12 3
3
4
Trust Co certfs
Fla Cent & Pen 1st g 59_1918 J -J 10038 ___ . 1034 Jan '13 _-Wash Term! 1st gu 33-5s___1945 VIA 79 8114 8114 Dec '13 4-- 8C112 824
1930 J -J 10012 __ 104 Nov '12
1st(and gr ext g 5s
-12
4
1st 40-year guar 4s
1043 F-A 87 ____ 100 Sep '12 ____ __-- -_
-4.1
Consol gold 5s
1943. J -J 1013 ._ _ 10134 Dec'13 __ 101 1,61
14 75 837;
76!
5 102 105
1952 A-0 7612 Sale 76
West Maryland 1st g 4s
Ga & Ala Ry 1st con 5s_a1945 J -3 10214 103 10212 1021,
3 103 10714
1937 J -J 103 Sale 10212 103
Oa Car & No 1st gu g 58_1920 J -J 102 10234 102 Dec '13 ---- 10178 1031. West N y & pa 1st g 5s
- 70 8373
---_ 75 75 Dec'1:
10138 ___ 10114 Oct '13 _-__ 10112 10112
Gen gold 4s
1043 A-0
Seab 34 Roe 1913 5s
1925 J -J
Income 5s
dI943 Nov -------- -34 Feb 07 .._ __ ___
Southern Pacific Co—
Wheeling & L E 1st g 59_1026 A-0 100 101 01 Nov'13 ____ 10013 103
98
0 J -D 9213 Sale Ms
93
s
50 877
Geld 4e (Cent Pae e011)-k194
90 Noi'18 ___ 8612 0512
Wheel Div 1st gold 5s___1928 J -J 95 ____ 9512 Nov'13 ___. 94 100
k1940 J -D --Registered
871 340 84 9358
Exten & Inlet gold 5s____1930 F-A 90 09 99 Feb 13 ____ 99 103
20-year cony 4s_
g1929 NI-S 871; Sale 8618
2
92
RR 1st consol 4s
42 895s 9612
1949 M-S 7314 73 7'212 Dec'13 ___- 70 305
913 Sale 914
4
Cent Pee 1st ref gu g 49_1949 F-A
4
4
_
4
90 ___ 953 Nov'13 ____ 953 953
20-year equip s
1022 J -J
1940 F-A 8918 ..... 9412 J'ly '12
Registered
L g o-i-- Winston-Salem S Bf 5s48_1960 J -J -,-- 8812 87 Oct '13 ____ 864 9034
91
1st
Mort guar gold 3 34s_k1020 J -D 91 Sale 91
3
37 81 9123
86
4
Through St L 1st gu 49_1954 A-0 833 85 85 Dec'13 —_ 83 914 Wis Cent 50-yr 1st gen 49_1949 J -J 86 Sale 85 s
4
4
Sue&Dul dly & term 1st 4s '36 NI-N 843 873 85 Dec'13 ____ 8713 904
4
G 11 & S A M & P 1st 58_1931 31-N 10018 10112 101 Dec'13__ 1C11 1043
_
Gila V 0 & N 1st gu g 58_1924 M-N 00 ____ 10218 J'ly '12 ____ _ _
Manufacturing & Industrial
Boos E & W '1' 1st g 59 1933 31-N 101 102 102 Sep '13 ___ 100 idi
1928 A-0 9812 99 9734
6 94 10178
93
Am Ag Chem 1st c 59
s
1033 NI-N 10114 102 10178 Dec'13 —__ 1017 103
' 1st guar 5s rod
0 97 93 90
97
3 90 07,
Am Cot Oil ext 4358 _---p1915 14-1
,
4
II & T C 1st g 5s lot gu_1937 J -J 108 ____ 103 Dec '13 __ 108 108
1931 81-N 8812 8914 8914
3014
1 8913 95
Debenture 5s
1921 A-0 9318 95 93 Nov'13 ...... 9212 94
l Gen gold 4s int guar_
101 ____ 101
110 11914 Mch'10
1919 MS
3 9354 1034
Am Hide & Lists f g 69
1013
4
__
1 Waco& N W div 1st g 6s 1930 M-N 106
4
12 70 80
79
1925 A-0 79 Sale 733
1941 J -J 100 10112 100 Jan '13 __-- 108 fijj38 Amer Ice Secur deb g 6
A & N W 1st gog 5s
10412
4
Ditorgan's La Sc T 1st 79_1018 A-0 1084 10634 10634 Dec'13 __ 1083 110
Am smelt securities s f 63_1926 F-A --_ Sale 1034 10413 146 101 105
94 9912Jan '13 __ 0012 9913
11A
1015 NI-S
Am Spirits Mfg g Os
1020 J -J 104 10718 10514 J'ly''" ---- 10514 107
1 1st gold 6s
38 93 93 Dec'13 ____ 9014 935
_ Am Thread 1st col tr 48_1919 J -J
4
1938,A-0 108 ____ 112 Feb '07
No of Cal guar g 5s
8
1944 A-0 118 ____ 11712 Jan '14 ___ 110 1205
Am Tobacco 40-yr g Os
, Ore Sc Cal 1st guar g 59_1927 J -J 1001s 104 1014 May'13 __ jail, i6i
4
1944 A-0 -„„ --.. 118 Oct '13 __ 118 1174
Registered
110 Pac of Cal—Go g 58_1937 34-N 1023 _. 10112 Nov 13 __ 10112 10112
1951 F-A 9512 93 96 Dec'13 ____ 94 9'712
Gold 4s
, So Pac Coast 1st gu 48 g_1937 J -J 914 ---- 0112 Sep '12 ____ _
___ __
s
1951 F-A --- ---- 953 J'no'12
8
4
Registered
San Fran Tormi 1s8 48_1950! A-0 ---- 843 87 Oct '13 ____ gri3 -ii•671
30 703 0032
4
s_1919 J -J 85 70 68
Am Writg Paper ist 8 r 5
.Tex Sc N 0 con gold 59_1943 J -J -„„ —__ huh ilay'll
Sale 102
103
9 10178 1034
903 Sale 894
4
(4190's 90 -87 - - 8 Baidw Loco Works 1st 5s 1940 M-N 103
—1955 J-J
,_ ' So Pac RR 1st ref 4s
94
6 92 0634
Beth Steel 1st ext s f 5s
1926 J -J 04 Sale 0313
fouthern-82
4
35 783 8644
4
1st & ref 58 guar A
1942 MN 813 Sale 813a
1033
8 50 101 1074
1994 J -J 1034 Sale 10214
1st consol g 5s
9712 181 9173 974
Sale 9714
1994 J-J *--- 102 100 Aug'13 ___. 100 10434 Cent Leather 20-year g 513_1925 A-0 9712
' Registered
---- 9512 Dec'13 __ 9512 9714
1951 F-A
7414 98 7214 7812 Consol Tobacco g 4s
, Develop Sc gen 48 See A,,,,195& A-0 7414 Sale 7318
9312
803
4 16 7812 8612 Corn Prod Ref s f g 5s
1931 31-N -!!.,- 95 9312 Dec'13 ...„ 9313 0614
3
!Mob & Ohio coil tr g 48_1938 M-S 80 4 Sale 804
4 00 934
9112
1934 M-N 9112 Sale 914
1st 25-year 8 f5s
!Mem Div 1st g 43.5-59_1996 J-J 1024 ---- 10413 Oct '13 __-- 10214 107
4
4
8334
7 7918 884 Cuban-Amer Sugar coll tr 681018 A-0 93 94 043 Feb '13 —__ 943 98
1951 J -J 8353 --_ 8351
St Louis div 1st g 4s
27 5412 70
64
Distil Sec Cor cony 1st g 59_1027 A-0 6314 Sale 6314
1018 J -J 10258 ____ 10514 Sep '12 ____ _
!Ala Cen R 1st g Is
5 797 90
87
3
goi- "iii- it I du Pont Powder 40_1936 J-D 8513 8712 87
,
1048 J -J 851 ____ 8714 Jan '13
• Atl Sc Deny 1st g 4s
_. ---- General Baking lst25-yr 68_1938 J -D -___ 89 91 Dec '13 ...... 91 9544
; 2c1 4s
1948 J -J --------8214 Feb '12 ---- 4 7514 82
77
_ __
77 77
_
_ Gen Electric deb g 330
. 1942 F-A ..
' Atl Sc Yad 1st g guar 49_1040 A-0 76 ____ .___
5 101 10518
10312
,-Debenture 5s.
1052 NI-S 10312 104 103
J-J 10118 ____ 10112 Dec'13 ---- ififi2 Rifi,
Col & Greenv 1st 643
1916
9914 33 97 100
Gen!Motors 1s8 lien 6s
.
s
1915 A-0 9914 Sale 9812
1930 J -J 1033 --__ 103 J'ne'13 —_ 103 108
. E T Va Sc Ga Div g 5s
6 8112 8911
34
1955 m-N 10514 Sale 10514
10514
,
1 104.5s 10958 III Steel deb 435s
1940 A-0 84 Sale 8313
: Con 1st gold 5s
40 08 10114
99
8
Indiana Steel 1st 5s
—... 10518 J'ly '12 ___
1952 M-N 99 Sale 985
.1938 M-S 100
k E Ten reor lien g 5s
6412 6412 May'13 -__ 03 6412 Ingersoll-Rand 1st 58__ _0935 J -J 100 -- _ 100 Oct '13 --- 100 100
1946 A-0 „-- ' Ga Midland 1st 3s
25 100 105
101
5
4
Int Paper Co 1st con g 68_1918 F-A 1007 101 4 101
1022 J -J 1074 __ 10614 Nov'13 ___ 106 110
Ga Pac Ity 1st g 6*
12 80 9144
84
Consul cony s f g 58
1935 J-J 8112 85 8312
1925 J -J 103 ...._ 11012Jan '14 ____ 10712 112
Knox Sc Ohio 1st g 6es
4
5 57 884
60
80 Sale 00
Int St Pump 1s8 s f 53
1929 M-S
Slob Sc Bir prior lien g 59_1945 J -J 1001s - __10512 Nov 12 ___. _ _
7 904 9634
0014
79 - 5- Lackaw Steel 1st g 58
1923 A-0 9013 9112 9014
1945 J-J 70 78 79 Mch '13
I Mortgage gold 4s
s8 71 8014
70
1050 M-S --__ 7013 70
1003
4
1st con 5s Series A
8
4 10014 10212
100 3 Sale 1005
5
1915 J-J
Rich & Dan con g 68
28 93 98
95
5-year convertible 5s
1915 M-S 95 Sale 9312
1027 A-0 10014 101 101 Dec'13 ____ 10041034
Deb 5s stamped
16 11018 1224
121
-N 70 ____ 73 Sep '12--1948 NI
_ Liggett Sc Myers Tobac 78_1944 A-0 12012 Sale 120
Rich & Meek 1st g 48
4
1951 F-A 974 Sale 903
4
9714 32 94 991
59
34-N 90 100 9973 Dec '13 __ i838 fai;
1919
Bo Car & Ga 1st g 59
21 115 1224
11934 Sale 1193a
1044 A-0
120
\ Virginia Mid ser 0 611-1018 M-S 10114 ____ 112 Oct '013 __ ___ __ Lorillard Co (P)7s
.i.
'2
8
58
S
1951 F-A 97 Sale 965
9714 50 94 997
10334 Nov'12
1921 M-S 10012
' Series D 4-5s
3 91 100
91
4
1026 M-S 10112 ____ 102 Dec'13 ____ 102 fO43 Mexican Petrol Ltd cnv Os A_'21 A-0 9018 9278 01
Series E Is
'
4
Nat Enam & Stpg lst 53_1929 J-D 903 -- 8712 Nov'13 ___ 85 9513
1031 M-S 10214 ___ 104 Mch'13 ____ 104 105
. Series F 5s
2 10134 10E04 Nat Starch 20-yr deb 53_1930 J-J 80 85 8813 Feb '13_ _. 884 884
1936 M-N 10213 ...— 10213 1021
. General 58
3318 -34 91 9912
1952 M-N 984 Sale 9634
8
i Va & So'w'n 1st gu 5s_2003 J-J 1024 --- 1024 Dec'13 ___ 10212 1085 National Tube 1st 5s
1958 A-0 91 ____ 91
011
2 8912 9578 N Y Air Brake 1st cony 69_1928 NI-N 97 9812 91314 Dec'13.._ 9014 103
-year 5s
1st cons 50
Railway Steel Spring—
W 0 & W 1st cy gu 49_1924 F-A 9011 --- 02 J'ne'13 __ 92 92
2 954 9812
97
Latrobe Plant 1st s f 5a_,.1921 J -J 9814 9712 97
West N C 1st con g 68_1914 J-41 100 -___ 100 Aug'13 __ 9938 101
_ _
_
Inter-ocean P 1st at 59.._1931 A-0 8813 90 8 Nov'13 ____ 89 89
9
Spokane Internet 1st.g 58_1055 J-J -----1021z Apr '11
,
‘-o wris ____ 994 Dec'13 ___ 98 164 Reeub I & S 1st & col tr 59_1934 A-0 10278 101 10234 Dec '13 ____ 102 103
er A of St L lat g 43s,.1939 4
8
1940 A-0 913 Sale 91
6 8814 924
9138
10 -year 58 s f
-30
4 10334
4 10418 10414
,
4
1st con gold 5s__ 1894-1944 1 -A 1033 Sale 1033
4
8334 894
1930 I11-N 8414 883 8413 Jan '14 _
4
Gen refund 3 f g 4s
1953 J-J 85 8712 87
I 88 893 Standard Milling 1st 5s_
87
3 10212 ail 974 10112
6
_ The Texas Co cony deb -9_1931 J-J 10212 Sale 1003
St L NI Bge Ter gu g 5s 1930 A-0 101 -__ 1084 Sep '12 ____ _
Union Bag Sc Paper lst 5s-1930 J-J ---- 86 00 Feb '13 __ _ 90 02
I
99 2000 J-D 100 Sale 994 100
Tex Sc Pac 1st gold 58
1930 J-J ---- 07 9114 Jan '13 ..-- 894 914
Stamped
2d gold Inc Is
q2000 Mch 20 40 51 Nov'12 ---- - - ---- 4
8 Realty Sc I cony deb g 58..'24 J-J ___ 843 85 Dec'13 ___ 79 89
_
La Div B L 1st g 5s
1031 J -J 90 ___ 9912 Apr '11_______
.
W Min W & N W 1st gu 58_1930 F-A ...... __ 10613 Nov•04 ____ ,.... __ U 8 Red Sc Refg 1st g 1M-1931 J -J 20 25 25 u.it '13 ___ 25 27
10334
1 102 106i4 U S Rubber 10-yr coil tr 69_1018 J -D 10212 Sale 1017
8
10212 47 100 1031
4
4
4
1935 J-J 1033 -___ 1033
,Tol Sc 0 C 1st g 5s_.,,,.,,.,,
101 233 9658 102
U S Steel Corp—Jcoup _0903 M-N 101 Sale 9978
1935 A-0 10214 __ _ 101 Aura __ 101 101
• Western Div 1st g 5s
--__ 10013
10014
1 971$ 102
S f 10-00-yr 5s lreg ..,_d1963 M-N
1035 J-D 98 Sale 08
General gold 5s
98
i 100 10312
013
4 10 9014 98
4
8512
4 8314 9112 Va-Car Chem 1st 15-yr 5s_1923 J -D 913 sale 913s
8512
Kan & NI 1st gu g 4s....„1990 A-0 854 -__
3 101
4
13 993 10284
West Electric 1st Is Dec 1922 J-J 101 Sale 1003
4
1927 J -J 94 953 0412 Dec.13 ___ 94 99
2d 20-year 5s
9012 18 87 94
80 914 Westinghouse E Sc M s r 58_1931 J -J 004 sale 8913
1917 J-J 85 91 85 Dec '12
Tol P & W 1st gold 4s
94 ---- 9412 Dec'13 ___ 9413 97
10-year coil tr notes 59_1917 A-0
Tol St L& W pr lien g 35s,.1925 J -J - - - - 8112 8112 Dec'13 ..... 80 8112
583
4
9 474 60
105 A-0 58 59 5853
-year gold 45
' 50
___
Telegraph & Telephone
1917 F-A --.. 58 68 Dec '12
Coll tr 48 g See A
85 4 Sale 854
,
857
8 55 837 90
8
Am Teiep Sc Tel cull tr 49_1920 J-J
Tor Ham & Buff 1st g 4s_h1946 J -D 85 ____ 84 Dec'13 _ _ 84
8914 1107
8
1936 M-S *____ 9512 96 Dec '13 _
Convertible 4s
8
10078 — 1 100 10412
irrister Sc Del 1st con g 5s-1928 J-D 1007 Sale 1007
4
90 501 8933 10414
,
20-yr convertible 4359_1933 M-8 90 Sale 9113
1952 A-0 ---- 793 75
1 .—.
75
%-) 1st refund g 4s
4
__ __
- Chicago Telephone 1st 58_1923 JD ----------Union Pacific-7712 ---- 3212 Dee '12
96
48 94 9938 Commercial Cable 1st g 49_2397 -J
' 1st RR Sc land grant g 48_1947 J -J 9578 Sale 9512
2397 -.) 7758 --- 8312 Nov•11 _ 9012 9812
Registered
1047 J-J 9458
9013 Oct '13
' Registered
---- 10014
04 ---Cumb'd T Sc T 1st& gen 59_1937 -J 94 9012 95 Dec'13
1927 J -J 9013 Sale 00
20
-year cony 4s
8
9333 407 863 97
9178 24 8878 9512 keystone Telephone 1st 5s_1935 J -J 894 -,-- 9114 Sep '13 ____ 9114 9114
g2008 M-8 9112 Sale 9112
1st Sc ref 4s
8
s
58_1918 M-N 907 192 100 J'ly '13 __ 100 1013
MetropolTel&Tel 1st.r
Ore Ry Sc Nay on g 48_1946 J -D 9012 911, 91 Dec'13 814 88 94
8
963
8
i 903 10114
4
8 1084 1124 Mich State Telep 1st 5s____1924 F-A 96 0612 063
Ore Short Line 1st g 69_1922 F-A 10914 Sale 1094 1091.
N IC Sc NJ Telephone 5s g..1920 M-N --_- -___ 10314 May'll ...— .-- —
1046 J -J 1053 Sale 1053
109
1st consol ;53
4
4 10534
8 10312
9612 43 04 9852
9014 48 8812 934 N Y Telep 1st& sons f430 1039 M-N 90 Sale 95
1929 J -D 894 91 8914
Guar refund 4s
1937 J -J 97 Sale 90
974 17 95 101
108 May'l 1 ...... — - - — - Pac Tel & Tel 1st Is
Utah Sc Nor gold 5s........1928 J -J 10058 .
9712 93 073
8
98
14 9818 101
itiSouth Bell Tel& T 1st s f Is 1941 J -J
1933 J -J
1st extended 48
..--- ____
59_1938 J -3 -- 0512 93
93
5 95 1024
West Union col tr cur
ITanclalia cons g 48 Her A.1955 F-A --------03 Apr '13 ---- 93 94
871s
0 87 9011
V consol 4s Series B
Ft1 and real eat g 4 359-1050 MN 88 89 8678
,
1957 Ni-N ---- ---- 93Meh'13 ____ 03 93
1941 NI-N 87 --- 104 J'ne'll -- -__
Vera Cruz Sc 1' 1st gu 4 3is_1934 J-J ---- ---- 9 Oct '12
NIut Un Tel gu ext 5s
- ..-- -4
g_1934 J-J --....... 03 Jan '13 ____ - - - 93 93
Northwest Tel go 43s
Virginian 1st Is Series A _1902 M-N 98 Sale 973
9834
0813
8 96 - - 4
I
T
IN
MISCELLANEOUS BONDS—Concluded,
I
Coal 3: Iron
'Buff & Susq Iron s f 5s___1932 J-D
I Debenture Is
a1926 NI-S
Col F Sc I Co gen s f g 5s___1943 F-A
' Col Fuel gen Os
1019 114-N
Col Indus 1st Sc coil 5s gu_1934 1
0-A
Cons Ind Coal Me 1st 59—.1035 J-D
'Cons Coal of Md lstScrof Is 1950 J -D
Or lily Coal& 0 1st g 6s—h1910 A-0
I Ran Sc II 0 Sc 0 1st s f g 55_1951 J -J
'
Pocah Con Collier 1st s f 53-1957 J -J
'St L Rock Mt& P 1st 59_1955 J -J
1051 J -J
!Tenn Coal gen 5s
\ Dirm Div 1st consol 6s 1917 J -J
a1917 A-0
Tenn Div 1st g 6s
, Cah 0 M Co 1st gu g 69_1022 J -D
1931 M-S
i Utah Fuel 1st g 5s
1953 J -J
,Victor Fuel 1st 8 f 58
,Va Iron Coal&Coke 1st g 5s 1949 M-S
Miscellaneous
1948 M-S
Adams Ex colt tr g 4s
90
Armour & 001st real est43-59'30 J-D
75
1952 A-0
9913 Bush Terminal 1st 45
1955 J-J
Consol 58
1060 A-0
Bldgs Is guar tax ex
75 85
Chino Copper 1st cony Os-1921 J-J
78 78
87 873 inspir Cons Cop 1st 6s (rects)-4
Int Moreau Marine 430-1922
lot Navigation 1st. f 59-1929 F-A
01 98
85 5778 Mge Bond (N Y)48 see 2-1966 A-0
1932 J -J
10-20 yr 58 series 3
73 8012
98 103
Morris Sc Co 1st s f 4359-1939 J -J
10058 103
N Y Dock 50-yr 1st g 4s—_1051 F-A
1932 .j-J
Nlag Falls Pow 1s8 59
1004 102
194 NI-N
103 103
Ontario Transmission 5s
Pub Sera' Corp N J gen 56-1959 A-0
-fis; 80 - RayConsCopper 1st cony 681921 J -J
80 May'13
1939 J-J
Wash Water Pow 1st 59
9212
93 ---i 92 98
90 Sep '13
73 81 74 Dec'13
004 93 9112
011
z1
102410612 10714 J'ne'12
784 79 7612
79
12
70 Aug'13
78 79
..-- 92 8734 Dec '13
1024 Apr '06
9214 Dec'13
93
8512 86 Oct '13
75 77 77 Dec '13
99 ---i
98 9914 99
10112
4
101 10213 101
3
101
101 10112 101
103 J'ly '13 --—
93
95
90
74
90
734 Sale 73ls
7418
90 Sale 8912
90
8214 90 88 Aug'13
91
— 91 01
88 8713 85 Dec'13
---- 160 150
150
9713 Salo 983
9734
4
50 60 5934
593
4
-- 78 77
77
991k May'13
8511 8813 884 J'ne'13
--- 81 82 May'13.—
100 Deo '13
89 Dec'13
8914 Yale 8812
8912 37
.
5
1077 1091.1074 109
8
102 Deo 12
•No price Friday; latest bid and asked. a Due Jan, 4 Due April. •Due May, Due June. 8 Due July. 8 Due Aug. o Due Oat. PD1341210Y
7 73 82%
80 89 92
88 894
5 8912 96
85 94
1 122 190
944 10815
8 5812 664
1 75 793
4
Des Dec.
"ii1;
8612 3918
82 84
100 10234
87 89
88 93
97l1
'
034103111a145.;*
145
CHICAGO STOCK EXCHANGE-Stock Record.
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Jan.8
3125
*75
*90
28
.434
412
*15
• ___
-•4
•____
Monday
Jan. 5
*25
30
•75
85
*91
02
2734
28
714 .612
3
*2
1912 3115
35 •__
412 *4
30 *____
Tuesday
Jan. 13
30
*25
*75
85
93
.91
28
*2734
714 .612
3
*2
1912 *15
35 *__
412 *4
30 *___
Wednesday
Jan. 7
30
*23
85
*75
93
92
28
*2734
714
*612
3
*2
1912 *15
35 *
412 412
30 •__
Thursday
Jan.8
Friday
Jan.9
Last Sale 25 Nov'13
30
Last Sale 75 Nov'13
85
--------01
91
92
2718
2712 27
27
28
714
Last Sale 614 Dec'13
Jan'14
Last Sale 4
3
Last Sale 18 Dec'13
1918
Last Sale 3512 Nov'13
35
412 ------------ -___
Last Sale 5 Dec'13
30
303 3118
4
31
3114 3158 3114 32
91
9112 91
9012 9012 9012 91
_
_ *400 ___ *400
_ _ *400
Last Sale 130 Dec'13
131i *125 iii
31
30
31
31
35
33
*31
81
83
78
8014 76
81
77
12011 11938 11938 11912 11912 11814 11814
Last Sale 52 Dec'13
517
517 *50
80
80
81
*80
81
Last Sale 50 -Dec'13
54
*52
54
54
54
5312 5334 533
523
4 53
21212
21212 21212 21212 ---------21212
8
135 153 134 13114
13712 13612 137
Last Sale 212 Dec'13
914
4
914
93
4 93
-16- --45r2 l(i-1 512 -16- -;912 TO ; .
Last Sale 77 Feb'13
____
__
--4
;55" "0"2"3" -------- 234 924 9212 93 937 209334 9334
Last Sale
23
*22
Dc'
24
*23
24
*23
24
*23
_
------------ ---10012 10012 10112 10112 *100 10012 10012 101
6018 6014 6038 597 8 6612
60
*6012 62
62
62
62
62
Last Sale 10214 Dec'13
____
Last Sale 7634 Aug'12
*____ 77 *____ 77 *___- 77 *____ 77
Last Sale 12212Dee'13
*120 124 *120 124 *120 124 *120 124
Last Sale 110 Dec'13
•118 120 *118 120 *118 120 *118 120
136 137
135 135
13412 136 *12812 133 *132 135 *132 135
Last Sale 113 Nov'13
__ *110
___
___ *116
*115__ *115
35
___
35
35
__ _
*34 *34 35
*34 ii5
*34 35
4
12312 1233
12312 124
124 124
121 12114 1213 125
4
1233 125
4
Last Sale 158 Dec'13
80
80
i
-F7- ii- iii- 16- ;ii- 16- --ii- Ili- ,,
0512 0512 0512 9512 9512 95
95
05
-98112 - 0
9
,„„.- 90 9614
Last Sale 20 Nov'13
•-___ 18 *___ 18 *__ 18 *_._ 18
Last Sale 4512 Sept'13
.___ 38 *_ 38
o___ 38 *____ 33 3
181 133
18312 1843 1843 1853 15418 1854 18414 18512 1844 18514
8
4
4
13123 124
123 123 31122 123 *122 124 *12112 123 *12112 123
Last Sale 1614 Nov'13
21
*19
21
3119
*19
21
*19
21
Last Sale 66 Nov'13
71
*68
71
•68
71
*68
71
*68
1047 10478
8
4
10434 10514 1047 10514 10434 105
1043 1047 1017 105
*222 240 *222 240
230 230 *225 230 *220 230 *220 230
103 103
10212 103
102 102 *10112 10212 *10112 10212 *10112 10212
149 151
14912 14934
149 151
14912 151
148 149
150 152
Last Sale 14 July'13
58_
_ -- --- ---- ------- ---_
59
59
894 5812 584
594 5934 59
58
5712 5832
8
10014 10014 10914 10914 *10914 1093 10938 10012 100 10912 10912 10912
7
Last Sale 10 Aug'13
*5
7
*5
7
*5
*5
7
Last Sale 9134 May'13
29
2914 2912 2934 30
8912 8012 90
90
90
10400
401 401 *400
13125 133 *125 133 *125
-.
3334 *31
33 .31
*31
82
SO
*8012 8214 82
120
118 118 *119 120
52
•50
5112 *50
'50
80
80
80
*80
80
54
*52
54
*52
*52
523
4
*507 5118 5118 52
8
*212
_ 21212 21212 21212
136 11812 137 13712 135
Sales
of the
Week
Share*
Lowest
NAME.
LJIT....71.41 AM,/ lb
Capital Stop. &
Stock. t Profits t /n
In
Per(003 om tiled.)
1912. 1913. lod.
Rang for Pr vious
Year 11912.
Lowest
Highest
Railroads
Chicago Hie,' Rys com100 2412 J'ne 4
Do pref
100 70 Ply 16
88 Jan 14
85 Chtc Rys part elf "1"-__
305 Chic Rys part ctf "2" -- 18 J'ne 10
512 J'ne 6
Chic Rys part ctf "5":„
Chic Rys part ctf "4"_....
2 Inc 0
Kansa,City Ry & Lt_100 1614 .Ply 24
Do pref
100 3512 Nov10
100 Streets W Stable C L_100
438 Dec 31
Do 4,ref
100 25 Sep 22
Miscellaneous
1,125 American Can
2112 Inc 10
106
460
Do pref
100 o 81 J'ne 10
______ American Radiator 100 400 Oct 16
Do pref
100 125 Dec 2
200 Amer ShIpbultding_100 28 Nov 6
645
Do pref
100 78 Nov13
225 Amer Telep dz Teleg_100 11034 Dec 15
Booth Fisheries cons. 100 4912 Dec 12
Do lit pref
81
100 7312 J'ne 10
Cal & Chic Canal & D 100 40 J'ly 8
527 Chic Pneumatic Tool_100 4712 J'ne 12
110 Chicago Title 8c Trust 100 200 Apr 26
610 Commonw'th-Edinon.100 u12412 Dec 17
Do righta
238 Nov18
175 Corn Prod Ref Co com100
8 Inc 10
1)o pref
100 77 Feb 11
211 Diamond Match
100 90 Oct 24
Goodrich (B.F.) coni_100 1512 Nov29
123 Hart Shaft & Marx pf100 94 :.1ch22
643 Illnoia Brick
100 58 Nov 6
1nternat Harvester 00100 100 J'ne 12
Knickerbocker Ice pf_100
National Biscuit
100 105 J'ne 12
1)0 pref
100 110 Dec 1
388 National Carbon
100 113 J'ne 2
Do prof.'
100 11112 .Ply 14
50 Pacific Gas & El Co_100 33 Nov 3
2,144 People's Gas L&Coke.100 104 J'ne 10
De
rights
100
1 Nov22
78 Pub Mery of No Ill coin 100 65 J1ly 10
Do pref
100 8934 Dec 8
273
100 19 Aug 29
Runtely comnson
100 4012 Aug 4
De prof
-Roebuck com_100 155 J'ne 11
4,132 lure
190 117 May19
De prof
87
Studebaker Carp com.100 1614 Nov17
100 66 Nov 8
Da prof
106 101 J'nell
839 Swift k Co
25 The Quaker Oats Oo_109 190 J'ne 12
Be prof_ , _100 993 J'ne24
4
114
109 s142 Deo 18
Oo
1,266 Ualosi Olarbica1 Jan 17
Unit Beg lid a P Oo_100
100 50 Inch1
600 U II Steel COM
483 War4. Menta'Y k Co prof 10512 Feb 19
William Stone
9 J'ly 22
100
100 8714 Mob 24
--_-, Weelwerth.clam
Chicago Banks and Trust Companies
NAME.
Range for Year 1913
STOCKS
CHICAGO STOCK
EXCHANGE
Last Paid.
% DM. Ask.
2T,4 54so__ Dec31'13112w 220 _
American State__ w$200,0 9209,1
77,5 None
100,0
6
An Jan '14, 8 150 Calumet National
200,0
20,6 Org. J an. 27 '111. V.95, p. 1586 107 111
Capital State__
250,0
33,9 Bog. b us. Oct 7'12 V. 05,p. 994 139 142
Central Nits Dist_
114 Q-J Jan. '14, 3 287 289
Cent & Corn Nat_ '21,500,0 10,751,8 10
16&8y Q-J Jan. '14, 4 423 429
Cern Each Nat__ 3,000,0 6,568,7 16
800,0
125,4
6
6
Q-J Jan. '14,212m 215 --.
Drexel State
760,0
407,5 10
10
Q-J Jan. '14, 24.5 250 260
Drovers' National
200,0
60,1
Englewood State_
8
8
69-1 Jan. '14, 2 174 180
10,000,0 12,149,8 17
17 Q
-M Dec.31'13,414 423 427
First National
FlretNatEnglew'd
150.0
243,0 124 10&3e Q
-M Dee31'13 512m 330 ;Foreman Bros- 1,000.0
568,8
Priv ate Ea ak
Ft Dearborn Nat- 2,000,0
964,8
8
8
Q-J Jan. '14, 2 HO 558
St State_
200,0
Halsted
28,8 Org. N ov 25 1912
125 130
Hibernian Ilk Aim 2,000,0 1,197,4 Net pu blietted -se a note (lb
Op
200,0
Hyde Park State.
45,6 Beg. b us Aug '12. V.05, p. 273. 130 136
Park Nat-_
100,0
312,5 Orga n. Feb '12; V. 94, 0 485. 118 120
Irving
'Caspar Rate_ __
400,0
248,4 10 10&5e J-J Jan. '14, 6 227 232
Lake View Stale_
200,0
9,8 --14 69-1 Jan '14, 14 110 110
Lawndale State__
200.0
60,1 __._
6 Q-M Dec.31'13, 2 215 225
Live ink Each Nat 1,250,0
827,3 10&2e
12 Q
-M Dec.31 '13,3 2.17 252
Mach&Trad State
'200,0
60,2 Beg. b Iss.Aug 25'1 '2 V 99, p 593 128 131
8
Nat Bk of Repub_ 2,000,0 1,515,3
8
Q-J Dec.31'13,2 208 211
8
743,0
National CIty____ 2,000,0
6
Q-J Jan.'14, 14 162 165
National Produce
250,0
117,1
6
6
Q-J Jan. '14, 14 107 171
North Ave State_
200.0
104,8
7
7
69-1 Jan. '14, 14 134 140
North Side St Say
200,0
19,6
6
6
69-1 Jan. '14, 14 130 133
63,6
6
7
69-.1 Jan '14, 134 183 185
North West State
300,0
::00,0
Ogden Ave State_
11,0 Org. N ay. 27 '12 V. 05, p. 1944 100 104
10
Peeple'eStkYdaSt
139,2 10
500,0
69-1 Jan '14, 412m 258 266
Second Security__
200,0
21,7 Beg. b us Nov i'11 V.93, p. 1235 -_- -171,5
6
Security
4(10,0
7;.i Q-J Jan. '14, 2 248 251
143,0
8
8&2e 69-.1 Jan.'14, 4m 216
South Chicago Say 1200,0
6
8
69-2 Jan.'14, 14 130 135
South Side State_
200,0
31,1
12
Q-J Jan. '14, 3 388 391
State Bank ofChic 1,500,0 2,709,2 12
200,0
54,4 lee. b us.Ang 19'1 2 V.93, p.523 141 145
State Bank o 1 Italy
15 Q
-M Dec.31'18,4 300 _
350,0
259,0 10
Stock Yards Say_
6 M
8
-N Nov'13, 2 179 183
500,0
180,3
Union Ilk of Chic_
64 10&3e Q-J Jan. 14, 54m 225
323,2
Washingt'nPkNat
100,0
8
14-2 Oct.113, 24 224 226
OentralTrCoofIll 4,500;1 2,211,0
9
408,5 10&2e 12,1cle J-J Jan. '14, 6 295 315
600,0
Chicago City B&T
6
262,9
6
Q-J Jan. '14, 14 139 142
Chicago Say B .ser 1,000,0
8
il: Q-J Jan '14, 294 __ 821212
ChicagoTItie &Tr 5,600,0 12;283,2
501,6 8&2e
(o)
Q-J Jan.'I4, 2 169 172
Colonial Tr & Say 1,000,0
Cent& Com Tr&S 3,000,0 1,972,8 Not pu Wished --as e mete OD
01)
187,5 10
250.0
10
Q-2 Jan. '19, 292 257 .....
Drovers Tr & Say
-M D•c30'11,4
_ ...
First Trust & Say 5,000,0 3,441,7 None None Q
27,4 Beg. b us.Apr 3'11 V.92, p.029
260,0
FtDearbornTr&S
129,5 --- ...... Q-/ Jan. '14, 14 102 165
300,0
Franklin Tr & Say
10
9-2 Jan. '14, 994 - ..„
285,8 10
Greenebaum Sons 1,500,0
6
6
J-J Jan. '14 34 150 166
58,4
200,0
Guerantee Tr & 13
Harris Tr & Say_ 1,500,0 2,456,3 12 12,1810e Q-J Jan. '14, 71 450 Home Bank & Tr_
85,9 Beg. 9 as.APr 10'1 1.V.92,0.1004 148 154
soca
Illinois Tr & Say_ 5,000,0 10,407,2 16&4e libizte q Oct. '13, 4 475 485
RenwoolTr &Say
7
Q-J Oct. '13, 1( 180 195
200,0
113,3 7&24
Lake Via w'fr&Sav
6
300.0
Q-J Dec31'13,14 169 173
109,3
6
LaSalleStTr&Say 1,000,0
300,6 Beg. Is ge. Ma y'10
100 102
Liberty Tr & Say250,0
28,7 Org. D se. 6 '12.
178
200,0
Market Tr & Say_
30,9 Org. S apt. 5 '12. V. 96. p. 593 114 110
MerentlleTr&Bav
250,0
53,4 Beg. 9 cts.11y 1'12 V. 94, p. 484 160 165
18
Q-J Jan. '14, 4 433 438
Merchants'L &Tr 2,009,0 7,287,7 10
72,8 ___
200,9
5
69-1 Jan.'14, 14 129 134
Michigan Ave Tr.
131,8 Ceaa.b ne. Ap 10'i 1.V.92,18.1004 215 218
500,9
Mid-City Tr& Say
8
8
Q-J Deo.31'13,2 312 316
Northern Tr Co__ 1.500,9 2,060,8
8
8
160,2
J-J Jan.'14, 5 320 830
Net-West Tr di 8_ n255,0
52,2 Beg. b mi ** 1 11 V 92, p.1537 107 116
.
Old Colony Tr AS
200,0
8 912&28 4.1 Jan. '14, 24 285 290
243,2
500.0
People's Tr & Say
8
278,8
8
Q-J Oct. '13, 2 180 Pullman Tr & Sav
300.0
200.0
49.8
3
8 (4.4 Jan.' 19. liv
Sheridan Tr & Say
147 152
Highest
30 Jan 3
91 Jan 20
102 J'ne 28
3314 Sep 5
9 Sep 2
458 Apr 5
37 Sep 26
38 Oct 31
915 Jan 3
45 110318
25 Nov
90 May
83 Deo
193 Nov
4
6 J'ne
3 Or;
1414 Aug
40 Oct
6 Mch
35 Jan
40 Apr
9334 its
10418 tan
38 'inn
11 •:an
5% Jan.
25 Sep
5012 Jan
1178 Apr
52 J'ne
4612 Jan 31
12914 Jan 30
500 Feb 11
135 May 1
55 Jan 13
10312 Jan 2
13934 Jan 3
71 Jan 3
891 Jan 6
55 Jan 29
5512 Set) 16
221 Sep 11
155 Sep 29
312 Nov11
1612 Jan 31
77 Feb 11
11014 Feb 3
53 Feb 13
10012 Dec 20
7612 Jan 31
115 Jan 23
1112 Jan
91 Feb
325 Feb
131 Jan
45 Aug
00 Feb
138 Dec
39 Mch
77 Mch
49 Feb
44 Mch
184 Jan
13514 Jan
47 Oct
128 Sep
405 J 'I y
135 Apr
61 Oct
10638 Oct
193% • Icb70 Dec
95 J'ne
6534 May
5512 Oct
222 inc
150 Mob-
130 Sep 15
123 Jan 14
137 Dec 30
118 Jan 25
63 Jan 27
130 Sep 23
2 Dec 22
85 Aug 14
1015 Jan 13
69 Feb 21
9738 Feb 6
21434 Jan 2
12414 Feb 17
34 Feb 13
70 Nov 5
1071 Mels 6
280 Feb 15
10812 Feb 15
218 Nov 4
112 Feb 10
MN Jan 2
111 Sep 17
141k Jan 2
112 Jan 3
2112 Fiji
10 Febl;
87 Oct
87 Oct
103 J'ly 1113 Feb
4
8012 Sep
63 Dec
97 Dee 102.2 itch
53 Jan
7312 Sep
10512 Dec 12678 Sep
67 May
763 Aug
8
114 Dec 18112 Apr
12214 Oct 13034 alar
103 Mch 135 Sep
115 Feb 120 Jan
r 61 J'ly x 67 Arc
10312 Jan 1224 Oct
z 80 Deo x 9412 Alin
x 98 Dec 210712 Apr
987 Nov
9412 Dec
x 9912 Apr 210312 Oct
140 Jan 22112 Nov
121i Jan
12554 J'ne
3078 J'ly
49 Aug
92 Dec
9712 Aug
9884 Jan 10914 Apr
215 Jan 397 Nov'
10512 Jan 110 Jan
21353 May 231 Nov
4
38 May
17 Jan
5858 Feb
8012 Sep
9
Sep
Dividend Record
Capital Jury. &
Stock. I Profits t In
In
Per- Last Paid.
(00,am Wed.)
1912. 1913. iod.
15
Nov
Std. Ask.
Southwest Tr & 8 9200,9
830,9 Org. .1 My 5 '12. V. 95, D. 18. 120 125
424,5
Standard Tr Is nay 1,000,0
Q-M Dec.31'13,134 150 153
Staikaaea's'Pr & I
200,0
56,6
6
Jan. '14. 8 1145 150
Unian Trust Co__ 1,200,0 1,657,2
8
13,2
8&3e
M Dec.31.
WieellideTr&Sav
400,0
137,6 8&2e
12 Q-11,1 Dec.31'13 3 .300
200,0
Weedlawn Tr & 8
114,0
10
10
Q-J Jan. 14, 24 215 222
1
Chicago Bond Record
•
BONDS
ODIC/400 &MOCK
fr-X0111ANOE
Week :Ending Jan. 9
Interest
period
Price
Friday
Jan. 9,
Woers
Range or
Last Sale
Yds
Sold
Ramps
for
Year 1913
High No. Low
High
id
w
----Asa Tel & Tel soil 4s____1929 .1 - J ---- - __
91 Feb '13
91
91
Arsaour & (Jo 4342
1939 J -D 990 Sale
1 91
90
90
Auto Elm lit M es
1928
74
8214 April'12 -----------_ 1 70
Cal Gas & hl unit A ref 53 1937 M-N 9,____ 97
9818 May '12
1927 F - A
Chicago City By 6e
995 Sale
8
9914
993
4 68 99 1017;
Chia City di Con Rys 5s-41927 A -0 1 774 79
7714 Dec'13 _- 7714 89
Chicago Slay Sty bs
1914 3 - J 9____ 9534 9478 Oct '13 --- 924 9814
___
9012 Dec'13 --__
88
94
Chia Pneu Tool let 5s_a1921 .1 - J 5 90
8
1927 V - A 9 965 Sale
964
963
4 42 96 10014
Chicago Rya Si
92
90 Dec'13 --__
series 'A" 4 -0980
8918 9434
Chic Ryt St
7814
783
4
1 774 84
Chlo ltys 41
series "1.1" J -D 5 784 Sale
93 Sep '13 --- 93
Chic Rys 41
. 941
93
series "C" It - A
_
1913 F -A ..... ...100 Jan '12 ---- _
Chi* flys colt de
Sep '13 _-__
6712 74
72 75
Chia ity Pr m St g 4a-c1927 J - 2965
45
1 45
58
Chia By Ad) Inc 4s....c1927 Mayl 9 40
47
45
8 99
9934
Chicago Telephone 5s___1923 .1 -D 993 Sale
4
993
4
Cicero Gas Co rat 0 m 1932 J - J 9..
954 Dee'12 -- __ . 1017.
93
-10118 37 9578 10318
„C0381 1011w-Eciihon 8/..--1943 VI- B 1011s Sale 101
•
Commons, Elee 54_91943 NI- 8 :10014 10012 10012 Dec'13 _- 9918 10212
Cudahy Pack let M 51_1924 al- N 9 99
Dee'13 ..- 9878 1004
993
8 99
Din Match Con deb 6s
1
1920
104
1104 10512 104
10812
Gen Met 6% lit L notes_1915 A -0 9 98
9934 April'12 --- - _
99
182 Ear B-yr 5% g netes_1015 F - A __
99- 99
_ 99 July'13 -___ 10112---Island Steel 1st NI g 62..1923
. . 10512 ApriF12 ---- ___
Ban City Ity & Light Co
Ii
1913 id -N --------90 Oet '12 -__ ___ __
75
1928 1 - .1 _
Sep'13 --- 75 Lake It El-let bis
87
M tr W Side El Let 4s-1938 r - 4 9 Fits Sale
77
774
13 774 82
1933 J - .1 1____ 77
77 Nov'13 ---- 7612 81
en g 4.
MU El By & Lt lit g 5/1_1925 F - A 9103 10412 1041 Aprii'12
9412 95 Aertl'12 ------------do
tel A eat 434i_1931 J - .9 9 94
1989 J - J 9 85% 8838 8512 Noy'13 -- 1512 59
Morris & Co 4941
1952 11-N
10044 May'12
Nat Tub,lat g 44
--- 99
10314 Aprll'12 ---- ..
Nor Shore El Lets iii..-1942 A -09.
96 Aug'13
._. -- __98 100
de
lit 41, refs 14-1940 A -0 9____ 98
A ____ ___
Nor Sla Om et 111 1st is-1937
9512 Sept '12 -- -___ ___
_ 1004 July '11 -_
North West El lit 4s---1911 M- 8
ii 100 Sep '13 --- 993410018
NWOL& Coke Oe 54-1918 Q -M 9-98 9314
4 92
Ogden Oas is „..
1945 M-N i 92
9312 93
97
11512 Sept '12 ____ _ __
Peep Oss L & C 1st 111-1943 A -0 ___
ggls
9912
5 gir fog s
1947 M- 8 0318 sale
Betnadiag geld 51
Dec'13
100 103
Chla Gas L & C lit 54_1937 .1 - J 9101 10134 101
90
-1936 J -D 9 0512 ____
Comma Gas let
2 99 10012
99
Mutual Fuel Oaslia.- 1947 NI-N 9 9$34._. 100 Sep '13 -. 9914 1004
1.55 Ii
Pub fiery Co lit tel g 5s-1958
90
Dec'13 -- 8672 9711
9 8912 90
South Side Elev 494/......1924 J - J 89
92
90
Jan'14 --- 89
934
Swift & Co lit g be
1914 J - J 10014 Sale 100
10014 10 99 10014
Tri-Ctty Ry & Lt ash
1923 A -0 ----____
9814 Anr1112 --- ___
trust den s 1 ras
Union Elea (Leap) IM__11145 A-'0 9 77 -_
75 Dec'13 -- 75 -__.
75
100 May'12 __ ___ __
U 8 Gypsum let g 14-1922 td- 6 __
Western Elea Co Si1922 .1 - J 9 9912 -- 9952 Dec'13 --- 994 YO
es
r-
Nele--Acerued Interest miss t
be
added to all Chicago price v.
• Bid and ask prices; no gala; were nude on this day. 1' Oct. 21 (close of business) for national banks and Oct. 22 (opening of business) tor State institutions. 9 NO
price Friday; latest price this week. I Sept. 11011. ¶ Dividends not published; stock all acquired by the Continental lc Commercial National Bank. a Due Dec. 31g Due June. e Due Feb. a Hue Jan, 1, 6 Extra div. I Capital to be increased to 8300,000. See V. 97, p. 1799. k New stock. 1 9% of this Is extra. nStockholders to vote Jan. 13 1914 upon increasing capital to 8300,000, the additional stook to be distributed as a 20% stock dlvidend. V. 97, p. 1799. z Sales reported beginning April 18. g Dividends are paid Q.
-J. with extra payments Q.
-F. 8 Dec. 31 1912. sEx 24% accumulated dividend. to Increase in capital to 2400,000
authorized Sept. 24, a cash div. of 75% being paid in connection therewith. V.97, p. 1000, 374. h Aug.9 1913. m Includes ex My. s Ex-dly. and ex-stock dlY.
1414 assessment paid. 0 Paid 6% res. and 134 extra on old capital stock of 8600,000 and 14% on new capital $1,000,090.
146
BOSTON STOCK EXCHANGE-Stock Recora.
SHARE PRICES
-NOT PER CENTUM PRICES
Saturday
Jan. 3.
1fenday
Jan. 5.
Tuesday
Jan. 6.
Vednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
Sales
of the
Week
Shares
STOCK1:1
BOSTON STOCI.i.
EXCHANGE
Ranee for year 1913.
On basss of 100-share lots
Lows;
tohest
Range fsr • mous
Year 1914
Lewes:
Ma,eel
*9333 9358 *944 9438 *9414 9412 *9414 0412
Last Sale 9413 Dec'13
*9714 98
*9712 9812 *9814 983
*98
98
4 98
99
984 *93
192 192
195 195
195 195
192 192 *192 195
193 194
87
87
86
87
8513 86
87
8712 *87
83
*87
88
*160 174 *160 165
161 161 *____ 165 *181 ____ *161
44
44
43
431
45
47
4813 4813 50
48
503
4 47
*247
_ 250 260
.._ *250 ____ *250
*250 _-_
*7 15
*7
15 *250-+7
15
*7
Last Sale 7
15
Dec'13
Last Sale 60 Dec'13
Last Sale 612 Nov'13
W - 37
37
*562 39 ;His 39
*3613 39
*3612 39
'
4
.163 165 *163 165 *163 165 '183 185
Last Sale 164 Dec'13
*10514 10712 10434 10434 *10434 105 *____ 10434 *104 10434 105 105
*175
_ *175 200 +180 200 *175
Last Sale 200 Nov'13
• _
8213 83
83
83 *___- W- *--- 82
82
82
_ *120 ____
4
.120
Last Sale 11912Nov'13
83 -- - *84
8312
88
+84 86
86
+83
+84
84
*8212 834
91
90 8 0078 91
7
91
92 *92 ____ 95 95
92
1312 *12
+12
13 .11
13
13
13
+12
*11
13
13
8313 64
6312 6312 633 633
64
4
64
64
64
64
4 64
7578 767
8 784 7713 767 777
8 77
s
7712 7512 7738 7514 7612
1
118 114
1
1
1%
14
1
14
1
14 114
Last Sale 100 Dec'13
*---: 155
155 155 *iii- 11E- 155 156
155 155 *__ __ 154
30
28
28
30
+25
*27
30
*28
30
30
30
3
'154 15414 *15614 15612 15714 158 .158 15814 15838 1533 1565 15714
8
8
*85
*8213 8314 *823 8314 *8312 84
85
84
854 85
*83
4
0111 120 +110 120 +113 120 *112 120 *112 120
115 115
6812 6912 6834 70
70
694 70
70
70
6914 6914 70
89 '87
89
90
*87
89 .
87
8712 8712 *88
88
8812
It:Afro:As
Atch Top & Santa Fe_100 0113 Oct 16
100 9514 J'ty 8
50 Do pref
100 183 Dec 23
175 Boston & Albany
100 82 Nov 5
Boston Elevated
. 400
100 150 Dec 13
25 Boston & Lowell
100 35 Dee 12
1,685 Boston & Maine
1 Boston & Providence_10e 23813 Dec 26
7 Sep 2
Boston Suburban El Cos_
5712 J'ne 6
Do pref
5 Feb 25
Boston & Wore Elec C
3512 Dee 29
10 Do pref
Chic June Ry & USY_100 162 Sep 29
10113 J'ne2.0
10 Do pref
Connecticut Itiver___100 200 J'ly 9
100 68 Dec 12
47 Fitchburg pref__
On By &Elec stmpd_100 3115 Aug 8
100 8212 J'ly 11
36 Do pref
100 91 Dec 20
369 Maine Central
100 1012 Dec 1
28 Mass Electric (3os
557 Do pref stamped _100 63 1)61322
Y N
& Hartford_100 853 Dec 12
4
3,029
.60 Nov lb
5,260 Do Rights
Northern N H
100 100 Dee 15
85 Old Colony
100 150 Dec 22
45 Rutland, pref
100 25 Aug 28
290 Union Pacific
100 1394 J'ne 12
Do pref
1
100 804 J'ne 10
9 Vermont & Mass„....100 105 Dec 13
314 lest End St
50 8714 Dec 16
Do pref
8
50 85 J'iy 15
10814 Jan 2
10132 Feb 4
215 Jan 2
11414 Jan 30
205 Jan .:7
97 Jan 3
290 Jan 3
1612 Oct 31
65 Men 7
714 Mch
45 Jan 23
166 Feb 14
107 Men I
280 Jan 13
122 Feb s
126 Feb 10
88 Sep 20
110 Mobil
11138 Feb 4
79 Feb 5
130 Jan 0
2% Aug12
130 Feb 21
17612 Feb 11
31 Meh25
1624 Jan 6
904 Jan 9
150 Feb 27
8112 Feb 8
100 Jan 3
12812 Oct
4174 J'ne
41 Jan
152 Dec
8018 Sep
150 Dec
80 Oct
06 Nov
143 Jan
187 Jan
79 Jan
17611 Sep
9378 Deo
164 Jan
sti',3 Feb
10312 hien
48
48
48
48
48
493
4 514 52
5034 51
51
5312
01
9158 9112 0134 92 92
91
91
9138 92
914 913
4
*234 3
234 3
*2 4 3
3
*23
4 3
*23
278 273
4 3
1713 1712 1712 1712 1734 1734 1712 1713 *1712 19
1712 1712
107 1083 10712 10814 107 103
4
10634 10713 103 1063 10313 10434
4
112 112
11212 113
11212 11312 11314 11313 113 11313 1124 11212
1174 119
11834 120
11913 12012 11834 120
11873 11913 11814 119
Last Sale 1514 Dec'13
78
76
768 7614 767
76
7614 76
7614 7614 7611
'60_ +60
61
*60
61
*60
61
Last Sale 61 Dec'13
099 166 *99 100
99
99
+984 59
+9813 99
09
99
+8
10
8
8
*8
10
*8
10
10
+8
+8
10
*1513 1814 15
15
+1513 1614 1618 1614 154 154 *1513 1612
*104 11
*1014 11
*104 11
•1014 11
Last Sale 1012 Jan'14
246 24612 246 24613 247 247
24634 24738 24738 248 248 248
13913 140
140 141
14078 141
14014 141
14013 141
1404 141
*9912 100
100 10018 *10012 101 *10012 101
10018 10018 101 10118
893 893
9038 91
4
4 8934 00
92
02
92
92
9178 9178
91
90
01
92
02
01
911 +91
91
92
9113 9112
21114 21114 21112 21134 212 122
21112 2111 *21134 21313 +212 21312
• _
3
Last Sale 3
Nov'13
*25
89
30
*25
30
*25
30
Last Sale 28 Nov'13
95
- *63 ---- *70
--Last Sale 68 Nov'13
+69- - 133 133 *135 138
133 133
135 135
135 135
13513 13512
*152 153
15234 15234 15234 14234 151 15212 15213 15213 152 152
17 z1634 17
17
*1612 ____
16
16
*16
16
16
10413 105
10412 105
10434 105
1043 105
4
104 4 fos
10473 10514
3
28
2812 2812 2813 2812 2812 2813 2813 284 2812 2812 284
*2713 ---- 273 273
4
4 2713 273
4 274 2712 *2713 284
*1
114 +1
114 *1
114 *1
114
Last Sale I
Dec'13
16213 163
16312 164
165 16612 167 169
168 16834 168 16834
553 5612 56
4
5614 5688 5638 6634 5714 563 573
4
4 5613 57
*2812 29
2858 2834 284 283
4 2812 283
4 283 284 28
4
2814
5713 58
58
8
5834 587 5958 5812 59
5812 5938 5838 5914
10814 1063 10578 1063 1063 1063 10634 1064 107 10712 107 10712
3
8
8
4
Aiscelinnoons
967 Amer Agricul Chem 100
882 Do pref_100
50
150 Amer Pneu Service
Do pref
50
100
100
1,104 Amer Sugar Refin
100
535 Do pref
4,358 Amer Telep & Teleg_100
American Woolen...._100
100
170 Do pref
Amoskeag Manufacturing
100 Do pref
66 Atl Gulf & WI 8 S L_100
100
57 Do pre'
East Boston Land
10
1dIson Mee Illuna_100
481 11
564 General Electric
100
265 MeElwain(WH)lat pf 100
902 MassachusettsGasCos100
215 Do pref
100
36 Morgenthaler Lino
100
Mexican Telephone
10
N E Cotton Yarn
100
Do pref
100
100
140 N 12 Telephone
100
84 Pullman Co
281 Reece Button-Hole.... 10
100
855 Swift & Co
25
197 Torrington
25
60 Do pref
Union Copper L & /I 25
100
1,823 United Fruit
8,514 Uzi Shoe Mach Corp_ 25
25
278 Do pref
13 S Steel Corp
9,614
100
100
609 Do pref
57 Jan II
64 Dec
9914 Jan 2
98 Dec
4I2 Jan 3
Aug
2334 Jan 11
14 Itch
11812 Jan 3 11334 Dec
11714 Feb 1 11414 Dec
11032 Jan 3 13712.1a r)
21 Apr 30
22 Nov
8378 Sep 23
7014 Nov
75 Jan 14
75 Nov
100 Jan 23
J'ne
1218 Aug 22
5 Aug
1912 Aug 25
1012 Aug
1034 Jan
15 Feb 8
28812 Jan 10 27212 Sep
4
1863 Jan 2 155 Jan
104 Jan 13 103 Apr
932 Jan 22 z8818 J'ly
93 Dec
9558 IIIch24
220 Sep 4 21413 Dec
212 Itch
34 Feb
10 Dec
53 Apr 2
00 Dee
9112 Jan 11
160 Jan 11 14514 Om
15512 Jan 2 158 Feb
1334 Jan
18 Sep 27
9812 Jan
108 Itch 5
27 May
2812 Jan 15
28 Jan
2814 Jan 20
2 Jan 4 .85 Jan
182 Jan 3 /1174 Sep
4614 Jan
4
553 Feb 4
1:713 Dec
2812 Feb 3
584 Feb
89 Jan 2
111 Jan 30 15718 Feb
(In MO
105 Mch
514 J'ne
2-112 Nov
13358 Mar
12334 Aug
149 Mch
30 Itch
9414 Itch
84 May
105 Itch
9 Feb
20 Jan
1714 may
303 Men
189 Deo
107 Jan
415 Oct
0878 Feb
22) Aug
413 J'ne
105 Jan
107 Itch
161 Itch
184 Aug
174 Apr
10912 sop
32 Jan
ol Apr
4
33 Apr
20813 J'ne
5712 Aug
2034 Sep
804 Sep
1163 Oct
3
vi14
41 Sep 1
8913 Dee 22
213 ,Pne 11
16 Nov 3
9912 Dec 12
10818 Dee 9
11014 Dec 15
154 Dee IS
74 May 8
59 May27
9234 J'ly 23
5 Jan 10
10 Jan 7
9 J'ne 5
234 Dec 18
130 J'ne 10
95 May26
87 Apr 28
86 J'ne 16
200 J'ne 14
3 Jan 16
17 Apr 9
637 Apr 7
4
127 Dec 19
149 Dec 18
1412 Apr 15
101 J'ne 12
26 Sep 15
26 Sep 25
3 J'ne
4
147 J'ne 24
4112 J'ne 10
2638 J'ne 24
50 J'ne 11
10212 J'ne 10
Mining
*114 13
4 *114 13
25
Adventure Con
4 *114 13
1 May12
8 Jan 4
4 *114 2
+114
134 *112 2
*255 280 *270 280 *270 280 270 280 *280 290 *280 29021 Ameek
25 230 Nov24 330 Jan 2
h
2012 21
21
2118 2118 2112 2114 2114 214 2112 204 21
20 to812.1:1 011 2438 Oct 2
15 2934 J 710
3,875 Alaska Gold
*113 123 *113 112 *113 113 *113 112
Algonaah Mining__ 25 .15 May20
214 Jan 3
Last Sale 114 Dec'13
354 3513 3512 3513 35
35
3173 347
8 3413 3413 *34
4214 Jan 3
35
72
7213 72
71
72l3 5,01° A il°ez
7218 7234 7113 73
177 Amalgamated Copper 100 62 Inc 10 8038 Sep 15
723
4 727 7338
u
8
19
1911 19
*184 19
1878 1912 1914 197
19
183 19
4
8 1,655 Am Zinc Lead & Sm. 25 154 Dec 2 324 Feb 10
412 413
43
8 438
43
8 43
8
214 J'ne 6
54 Sep 17
414 414 1,370 Arizona Commercial_ 5
44 44
43
8 43
8
Bos&CorbCop&SliMg 5 .05 J'ne 5
7 Feb 3
Last Salo .60 Nov'13
38
Imo Butte-Balakiava Cop 10
114 .Ply 14
6 (Jet 28
378 4
--arz -- 3- --812 - 12 --512 -171 --88. -18
/
3
- 4
7
38 38
8
7
3112 3212 3134 3214 32
3234 3213 33
32
3258 3214 3213 8,703 Butte &SupCop(Ltd) 10 1314 J'n.310 45 Jan 2
7213 Jan 2
63
6312 63
6314 63 633
4 6314 6314 63
6312 6278 6314
089 Calumet & Arizona__ 10 5612 J'ne 11
*420 430 *420 430 *420 430 *422 425
425 425 410 410
5 Calumet 'SG Hecht__ 25 384 Dec 1 555 Jan 2
'
01413 15
*1414 16
144 1414 14
15
15
*14
15
25 10 J'ne10 18 Jan 6
14
25 Centennial
3812 3811 3834 383 *383 3914 3812 383
755 Chino Copper
5 3014 J'ne 10 4713Jan 2
4 3814 39
4
4
38
38
374 3712 37
3813 3634 36
37
37
37
363
0 32 Dec 1 63 Jan 2
4 36
463 CopperRange Con Co 10
36
+2
214 *218 214
214 214 *214 213 *214 212 *214 213
2 Sep 10
4 Jan 27
20
275 Daly-West
11
115
8 113 1214 1113 1113 1,707 East Butte Cop Min_ 10
1034 ii
4
11
1114 1034 11
914 J'ne 10 1518 Jan 2
314 314
24 212 *3
3
213 3
314
314 *3
212 Dec 9
o Jan 2
25
3200 Franklin
7334 74
7414 7413 75
7414 747
71
8 733 743
4
4 7312 733
4 1,307 Granby Consolldated_100 51 J'ne 10 784 Sep 16
3018 3018 294 3038 3013 3018 *30
2034 2934 2978 30
Oct
3013
3512 Aug 20
198 Greene-Cananea
1612 1812 1612
*18
*16
17
18
*10
18
1613 1612 16
9 25 Jan 2
4
30 Hancock Consolidated120 2172% Nv 2
85
*29
*29 --__ *29
*29
Last Sale 30 Dee'13
Redley Gold
10 2778 Jan 10 35 Apr 28
13
12
*14
3
4
'
0.21 3
4
25 Helvetia Copper
*14
*14
314 .1a y17
4Jan 3
5
ct
3
4..28
*418 41
44 413 *413 41
*418 412 *413 413
*44 41
25 Indiana Mining
17 Jan 2
4812 48 48
4813 *48
*48
*47
4812 *48
48
*17
48
10 Island Creek Coal
1 4414 J'ne 12 59 Jan 4
*837 85
*8334 85
*8413 85
*8313 85
3
+84
8413 841
85
1 79 J'ly I 874 Jan 10
Do pref
60
3
1812 1812 19
19
19
19
19
19
10
19
25 16 J'ne 10 337 Jan 2
19
570 Isle Royale Copper
19
*4% 4%
413 4%
44 412
412 4%
4% 4%
412 44
220 Kerr Lake
5
258Jan 14 4% Nov24
238 238 *214 234
2% 2%
238 23
8
1 Aug 14
338 Feb 4
238 2%
25
380 Keweenaw Copper
23
8 23
8
7
758
7
7
718 714 *7
712
5 Nov20 2612Jan 3
714 712 *73
g5
320 Lake Copper Co
4 813
*4
418
414 414
414 414
314 J'ne 4
25
5i Jan 3
414 414 *44 --250 La Salle Copper
43
s 412
313 312
3 4 3 4 *333 33
34 34
3
3
3
3
3
4 *312 3 4 *358 334
70 Mason Valley Mines.. 5
34 Nov24 1012Jan 2
*218 213
214 214 +2
212 *2
213 *2
212
213
213
124 Nov19
25
120 Mass Consol
52 Jan 2
614
614
614 614
614 614
3
8
63
3 63
6
5 Noy25 1514 Jan 2
25
614 614
215 Mayflower
*2112 22
2134 22
2213 2258 *2214 2212 2213 2212 2214 2214
805 Miami Copper
5 2014 J'nel0 2613 Jan 3
2 Apr 8
*3
*3
*3
*34 1
4 1
4 1
4 1
Last Sal 1
Dec'13
13 Dee 18
25
Michigan
*42
434 4218 4214 4313 44
44 44
42
43
42
43
115 Mohawk
' 25 88 Nov25 65 Jan 7
154 1518 15
1478 1173 *1414 1484 148 148
15
4
4 143 143
398 NevadaConsolidated. 5 13 J'ne 10 1034 Jan 4
4
4
*134 2
*113 1% *114 11
*153 2
212Jan 2
Last Sale 2
13 J'ne 10
Dec'13
New Arcadian Copper 25
912 NIch29
1,895 Nipissing Mines
74 Nov 5
5
*752 2
27 1 7
' % 2 54 27 4 2 58 2734 277 2 4 27
8
' 73
'8
7 18 8
71
3 7
5
7
751 2814 air4 -- 1 8,777 North Butte
8
15 2134 J'ne 10 3413Jan 2
27 4
*134 2
*134 2
13 , 13
4
4
284 Jan 2
13
4 13
4 *14 13
4
14 1
25 .99 May17
120 North Lake
•
.77 .78 41.78 .79 '
0.77 .78 *.78 .77
314 Jan 4
Last Sal 3
4
Oct'13
12 J'ne 0
25
Ojibway Mining
358 334
334 334 *378 414
4
44
3 4 33
3
4
25
3 Apr 3
838Jan 2
83
4 814
285 Old Colony
57
7012 57
71
5
7
0 5012 5
8
7
9
7
0 5042 5013 51
8
7
8
7
7
7
77
0
8
7
50
7818 5 12 5
0 5 11
8
7
0
8
444 0lee0laminion 00.-- 25 4131 J'ne 10 56 Jan 2
2 0 Ogd Do
0
25 6714 Deo 10 107 Jan 2
1834 19
8
1834 19
19
193
8 1914 1958 1914 1912 1918 1914 1,405 Pond Creek Coal
10 15 J'ne10 2814 Jan 2
60 60
*60
62
61
61
61
61
60
60
*59
80
25 5214 Deo 4 80 Jan 3
100 Quincy
184 1814 *13
1814 1814 184 +18
18
1814 1814 184 18
175 Ray Consol Copper.... 10 1514 J'no 10 22 Jan 3
32
32
32
32
32
32
82
82
82
82
323 83
4
165 St Mary's Min Land- 25 30 Nov28 46 Jan 3
1% 1!;4 *113 1% *14 13
4
113 113 *114 1% *114 112
1 J'ne 12 3% Aug 15
200 Santa Fe Gold & Cop 10
*614 812 *614 612
614 63
8
8
613 612
64 63
613 64
535 Shannon
10
5 Deo 15 134 Jan 2
27 27
27
27
2658 2713 27
27
2612 27
27 27
410 Shattuck-Arizona
1. 21 Feb 19 81 Set) 23
.20 .20
.20 .20
.20 .20 '
0.20 .25 '
0.20 .25
.20 .20 1,050 South Utah M & S.__ 5 .1.5 Aug 12 .35 Jan 18
2578 257
8 26
2614 2614 2614 2634 26
26
2812 26
28
280 Superior
25 21 Nov24 4011Jan 2
.213 23
4
213 212
213 212
213 213
213 213
213 21
77 Superior &Boston Cop 10 1%Jan 2 e43 Feb 4
3
30 *29
30
30
*29
30
*284 80
+28
2912 2812 2812
125 inntarack
25 21 J'ne 10 33 Jan 3
412 412
433 413
43
8 412
414 43
3
414 414
465 'frinity
25
3 May15 , 6 Jan 9
!
0.55 -.55 .60 '
0.55 .60 *47 .62 +.5'7 .62 7.757s 7iii
200 Tuolumne Copper- 1 .50 Dec 22
3'2 Jan 28
393 393
4
4 393 40
40
4
4018 393 393
3934 40
4
4 393 40
4
919)13 8 Smelt Ref & Min_ 50 31 J'ne 10 43.13 Jan 2
4713 4718 47
47
47
474 47
474 467. 47
4613 47
712 Do pref
50 4513.Ply 7 30 Jan
178 2
1% 1% 1% 1% '
0134 2
*134 1% 41134 1%
815 Utah-Apox Mining
.118 May 6
278 Sep 24
5
*834 9
87
3 88
7
834 831
8 4 824
,
9
913
918 91s
772 Utah Consolidated-. 5
714 May 6 1114Jan 2
*4934 504 *493 5014 *50
4
5012 +493 5014
4
Last Sale 5034 Jan'14
Utah Copper Co
10 40 J'ae 10 60 Jan 2
*14 114
113 118
114
114 +14 114 '
0118
114 *113 114
sl Victoria
25 .90 J'ne 10
2 Jan 2
3
3
234 234 *214 212
23
4 23
4
24 212
212 212
135 Winona
41z Jan 2
.42
44
*43
45 *____ 46
45
45
41
45
+43
45
13 Volverlee
73 Jan 8
3
4
8
*34 .05
.85 .85
*3
4 .95
+34 .95
*34 .95
278'Weandett
ii ji Rel i
l
l
113 Jae 9;
* Bid and asked prices. e Ass% paid. 8 Ex-stook der. k Bs
-rights. a X.x-d1. Lagh, s Unstamped. •24 paid. w1lall 04.
,
,,,2
1037:; Feb 11114 Oct
10114 Nov 10414 Feb
All; Sep 22212 Apr
112 Dee 13434 Mch
202 Nov 218 Jan
94 Dec 10013 Jan
290 Dee 304 Apr
1() Dec
I
May
70 Dec
80 J'ne
7 Dee
1212 Jan
50 Aug
57 Jan
165 May 170 Jan
10712 Oct 112 J'ne
263 J'iy 272 Jan
119 Dee 128 Jan
124 J'ne z179 Apr
83 Dec
0112 Jan
125 Dec 14748 May
10 Dec
2318 Jan
83 Feb
7238 Dec
128 Dec 14238 Apr
1114 Apr
370 J'ly
..... _2 Dee
84 May
5018 J'ne
35 Dec
9253 Oct
60 Feb
35 (let
2413 Feb
64 Apr
2 Jan
914 J'ne
Cr Dec
21548 J'iy
4
53 Apr
1912 Feb
6134 J'ne
8313 Aug
5712 Feb
405 Feb 615 Sep
2712 Apr
1512 Dec
5014 Nov
2514 Feb
4812 Dec
6612 Apr
312 Oct
713 Itch
1(111 Sep
1214 Jan
1614 Apr
678 Sep
7734 Nov
33 Feb
11)1 Oct
712 Fob
37 J'ne
22 Oct
16 May 30 Nov
2 May
.70 Dec
23 Apr
1118 Sep
6534 J'ne
4012 Jan
0114 Aug
85 Jan
3714 Nov
2034 Jan
318 Feb
2 Apr
3 May
.80 Jan
Apr
2234 Dee
8 Apr
4(0 Feb
104 Dec
1 112 J'ne
914 Jan
5 Dec
1813 Apr
234 jan
3033 Sep
232) Jan
512 Apr
.158 Dee
74 J'ne
5012 Jan
2438 Sep
1814 Jan
2 Dec
014 Apr
514.Deo
4
53 Jan
394 Oct
2234 Feb
218 Deo
4
53 Apr
e634 Jan
113 Dec
1314 may
253 Jan
61 Oct
44 Jan
100 Deo 13012 rue
29 .Nov
15 Itch
91 J'ne
7213 Dec
2418.Sep
1613 Jan
43 Dec 31 Apr
es May
1 Jan
9 Jan
1778 Aug
17 Feb
3112 Nov
14 Dec
114 Apr
24 Feb
4871 J'ly
1 Deo
Vs Jan
51 Apr
26 Jan
4 Dee
912 Apr
41112 Mch
212Deo
34 Jan r50 Set'
6s
52 4 Sep
47 ,Jan
,
1 Nov 3111 Feb
,
204 Apr
913 J'ly
874 SO
5213.Tan
674 Jan
154 Dec
734 Moll
313 Dee
1834 Apr
85 Dee
1 Dec
17 Mob
5 Dec
300 Apr
147(
Boston Bond Record
JAN. 10 1914.1
Price
Friday
Jan.9
i;ON DS
to
'BOSTON STOCK EXCHANGL
Week ,:nding Jan. 9
zE
Range
Year
1913.
Week's
Range or
Last Sale
BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 9
S
a.
Price
e'riday
Jan. 9
Range
Year
1913.
Week's
Range or
Last Sale
high No ow High
A sk Low
Ilia
High No. Low High
Ask Low
Bid
4
9038 993
987 9914 99% Apr '13
8
09 102 General Motors 1st 5-yr 89_1015 A-0 95% Sale 943
0034 Apr '13 _
8 81 9318 9614
957
4
Am Agricul Chem let 59_1028 A-0
49_1921 J -J
85
8534 47 8414 89%. Gt Nor() 13 & Q colt tr
8 9312 9578
8
95%
95% ---- 945
1921
Am Telep & Tel -oil tr 4s__1929 J -J 864 Sale 1033. Alch'l
Registered 4s
10212 106
103 M-13
Convertible 4s
4
89 803 10414 liouston Elm 1st 9(gen 59_1;:25 ? A ---- ---- 117 Apr 08
96
96 Sale 95
1933
,
1 20-vear C0111 4 Hs
1917 A-0
8272 Oct '1
8278 827, la Falls & Sioux C 1st, 7s
1
(01 - - 9
Am Writ Paper 1-it s f 5s g_1910
1925 A-0 _-_-: -if 92 Feb 10
Kan C Olin & Spr 1st 5s
100
104 104
71r(; 100
10738 113
lel:, NI-N 100
103i.
-33
Am Zinc L 12 S deb Gs
7 02 98 Kan 0 Ft Scott & Mem es 1928 4-N 108 Sale 108% Jan '13
9314
,
8
723 7638
7633
Top & 3 i c gen g s 1905 A-0 93 031 93 4 Dec '13
Atch
84
83% 84 KU Ft S & AI Ity rei 4s gu _1938 A-0 (i5 _
9012 901:
11013 Feb '1;
Adjustment g 4s____July 1905 Nov
S
1934
8414 851, Kan C AI & B gen 4s
8414 Aug'13
73 80
July 1905 M-N
i(3; 78 Nov'13
Stamped
2
1
/
1934 ,1-S _
Assented income Is
97 97
97 J'ly '13
95 1013$
'13
1955 J-D
50
-year cony 4s
6i 93 97 Oct '08
10014 Dec '13
10014 10014 Kan 0 & M Ry & Br 1st 58_1929 A-0
1917 J -D
115 .I'ne
10
-year cony 59
15 59 67 Marq Hough & Ont 1st 69_1025 A-0 9514 -64 9514
64
6313
3 41 97
4
953
Ati Gu.f 44 V/ 1 33 Lines 59_1959 J -J 64 Sale 50 May'i
1029 J -3 Mass Gas 4 Hs
50 85
931_
9314 9(3
Bos lic Corb 1st cony a f es.._1923 M-N
Dec 1931 J-3 93 94 93
951g Feb '12
Debon 4 Hs
9918
97
1935 M-N
97 Aug'13
Boston E Icy 3 -yr g 4s
1917 J -3
Mich Telephone 1st 5s
10014 Mob'0
8912 93
1911 J - J
-664 8912 Dec'13
Boston & Lowe 1 4s
59_1920 F-A
New Rug Cotton Yarn
1041 Oct 'OS
101 101
1041 J -J
101 Apr '1
,
Bost n & Maine 4 Hs
1915 A-0 -g14 too
New Hug Teleph 58
95 Feb '1
9812 102
1942 F-A
Plain •'s
1932 A-0 9914 ---_ 10O4 Jan '14
5s
101 102
102 101 J'ne'13
67 80
1918 J -J
80 Dec 1.
Bur & Mo itly cons Gs
New River (The) cony es 1934 J -J
73 73
1951 J-D ---Jan '14
69
Butte El & Pow 1st es
4
15471- foil; N Y N H & H con deb 3Hs_1956 J -J
10414 3Tne'13
10034 125%
10634 Nm,"13
Cedar Rap 6:: Mo Riv 1st 7s 1916 M-N
1948 J-3
Cony deb es
82 893
4
Dec '1
82 8218
10 101%107
104
104
Cent Vermt lit g 4s___May 1920 Q-F 81's
A-0
1933
20
-year cony es
1103 Oct '07
1919 A-0
11133 Oct '1
0 9 &Q Iowa Div 1st es
1922 F-A
.-48- -44 Ores Sh Line let g Ss
98 May'l
1919 A-0
; Iowa Div 1st 43
1023 J-13 10713 Sale 105% 1071 "ii 103 lllIj
9814 100 Pond Creek Coal list (Is
---- 9814 Nov'1
1928 F-A
1 88 88
88
Denver Eaten 4s
1932 F-A Si Sala 88
Puget Sd Elec Ity let es
_
1927 NI-N ------ 910214chT
103 Jan '1
1919 J-J
Nebraska listen 4s
Repub Valley 1st s f es
es% Deo '1
1921 PA-S ---7014 Dec '1
B & S W s f 49
83 105% Savannah Bloc lit cons 58_1952 J-J
J'iy '1
83
1949 J -J
3 100 10313
100
10012
1930 F-A
Illinois Div 3 35s
Elea 1st g 5s
11 9814 100% Seattle
9
J-3 98% 9013 99
4 90 92
92
92
1919
Chic Jct Ity & ink Yds es 1915 A-0 78 82 79 Deo '1
79 8131s Shanson-Arlz 1st 63 g
97 Apr 0
1939 J -J
Coll trust refunding g 49_194 J -J
107 J'ne'13 _- 107 110% Terre Haute Else g 5s
i6634 10034
10034 Mch'1
191 M-S
let g 5s
Mliw k St 1' Dub 13 es 192
Torrington
Oh
113% Feb '11
J -J
9514 93%
9514 Nov'l
Oh M & St P IVIs V (By 89_1920 M-N 78 82 80 Dec '13 ___ 77 80 Union Pee ItR & Id gr g 411_1947 J-J
1931
90 90
00 J'ly '1
1027 J -J
Ch k No Mich 1st gu 5s
20-year cony 49
90 98
1921 J -D 88 91 90 Noy'l
10 92 9614
933
93%
1923 J-J
Chic & W Mich gen 5s
---- United Fruit gen a f 4 Hs
9712 Sep '11
1920 J-D
9218
92
2 92 9532
1925 J-J
Concord & Mont cons 4s
Debentaire 43e
95 95
92 95 Mch '13
1949 A-0
98% 101%
9958 Dec '1
Copper Range lit es
U 5 Steel Co I0-60-yr Os Apr1963
-- 19014 Aug 12
2 97 97
98
98
Cudahy Pack (The) lstg 5.1924 31-N
1915 F-A
Street Ry 4s
.1926 A-0 73 79 02 J'ly '1 ...... 74- -42 West End Hs9914 99%
09% Dec '1
1914 M-8
Current River 1st 5s
Gold 4
8014 Sep '1
1948 A-0
97 97%
97 Oct '1
Det Or Rap & W 1st 4s
1016 M-N
- WC? thild debenture 4s
9914 Oct '13
194 M-N
9633 Nov'13
9633 96%
Dominion Coal let s f es
1117 F-A
Gold As
95 Oct '1
1927 M-S
941
9413
21 92 10032
Fitchburg ls
1932 J-3
142 122 Western Talent'& Tel es
'1
93% Feb '1
Fremt Elk Sc Mo V let es 1933 A-0 ____ 120 122 Feb
Cent let gen 4s 194 J -J
Witconsin
122 Mcis'12
1933 A-0
Unstamped 1st es
913 and asked. 1 Flat prices.
purchase pries for all Boston bonds. * No price Friday; latest
' NOTI1.-Buyer pays accrued interest in addition to the
---
--
---
----
----
_-_-
_--
---
Yearly
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly,
-NOT PER CENTUM PMCRS
SHARE PRICES
.redtvesday Thursday
Tuesday
% onday
(
Saturday
Jan. 8.
Jan. 7.
Jan, 6.
Jan. 5.
Jan. 3.
10112 10412 *10412 105
109 109 *10713 109
1312 1312 1334 14
_ * ___ 58
121
.
4---- 121- *3i4 ..._
;i5E3 ____ ;1(
47
*4512 ----47 8
247 2478 20 25
...___
*103
1412
*-._
F7i4
*47%
25
38
48
37% 3734
48
48
$ 47
4102 467
47
47
4
37 .363 3714 *37
37
4
7514 7514 743 7434 *75
*114
11
11
11
11
2112 21% 21%
•2112 22
8318 8318 *831s 8312 8312
75
7433 7453 7433 745
4
183
1812 1312 .1814 19
*3712 3312
48
48
Friday
Jan, 9
Sales
of the
Week
Shares
4
10514 *10484 ____ 1043 104.34 *104 10512
__ 109 109
110 '108.__ .107
1414 .1334 1434
141 1412 14 -15
57
5612 5612 5613 *5512 58 *56
121
121 *__ 121 *
121 ...
.„
4
173 *F713 ,.- *7:., 1814 *iff4 1814
is .474 4812 *4734 4812
48 2412 2412 2412 2452 *2413 2434
15
88
48
,
*37 3 3312
4813 4834
38
43
3314 *3712 3312
4314 4724 48%
43
4713 4712 4734 47113 48
3612
3714 75
8
373 *3613 3714 37
6
7
76 .75
*75
76
12
12 *113 1214 011%
4
12
2112 21
2112 *2034
23 *21
4
4 8318 833 *83
4
4 836 838
833
75
75
75
*7434
7512 75
19 .1812
19
19
1834 19
3113 3113
*gA
54
" 311 35.15."
5
X
411 ,
4
573' 51T4 *V134 53" *tr15: g1
9
3912 3912 3
39
3913 39
*3914 3934 *3913 3912 39
2614 2634 2632 2633 2(312 2614
26
8
257 26
26
26
14
197 103 19
194 1924.
19
19
•1812 19
19
1834
4
82 8I4
2
V 8
:
84''8r g
4514 4512 4514 4514 4514 4514 45
45
4514 45
45
83 8314 83
83 83
8234 8233 83 83
83 83
4812
3812
75
1214
211
8334
75
19
.
g5,8
39
2412
(For Bonds and Inactive
Stocks see below)
Mange for Yea 1913
Lowest
Highest
Range for Previous
t
Year (1912)
Lowea
Highest
Baltimore
117 May
60 Con Gas El L & Pow_100 101 J'ne 10 120 Jan 16 98 Jan 118 Apr ,1
(00 101 J'ne 12 12034 Jan 31 101 Jan
64
2513 Nov
814 Jan
1212 Dec 18 2512 Nov14
100
DFon ellrtr ctfs
f
1,220
7212 J'ly
ctfs_100 5612 J'ly 28 68 Jan 9 5314 Jan
0 Ira
CO
50 10812 Dec 22 123 Apr 2 121 Dec 130 Apr 1
Northern Central
2714 May
100 1412 J'ne 11 21 Jan 30 18 Dec
Air Line
50 Seaboard
100 4112 J'ly 19 4912 Sep 23 4512 Mch 5934 J'ne
prof
Do
110
2633 Sep
814 United Ry & Electric_ 50 23 Jan 6 2733 Apr 3 1814 Jan
HotB
Philadelphia
2 Feb 6
50
American Cement
50 37 J'ne 11
29 Anserion Railways
50 41 Snob
1,575 Cambria Steel
Electric CO of America 10 1114 J'ly 29
838 Elm Storage Battery_100 4212 J'ne 10
100 33 J'ne 1
420 Gen Asphalt
100 7032 J'ne 10
prof
Do
303
954 J'ne 10
105 Keystone Telephone_ 50
1,409 Lake Superior Corp 100 21 Dcc 16
Lch & Nay tr at's_ 50 81 J'ne 10
282
50 7053 J'ne 10
382 Lehigh Valley
275 Lehigh Valley Transit 50 158g Jan 4
50 2912 J'nel2
pre!
Do
2.8,2 Pennsylvania RR
4
50 531 Dec 13
50 27 J'ne 10
128 PhIladel Co (Pittab)
25 12012 J'ne 10
Philadelphia Electif
9,814
50 18 Nov19
eu
Ras
1,150 Pklla 1t T vol tr Ws
50 755g J'ne 10
4 J'ly 22
1
Alining
Tonopah
4
50 413 Nov18
1,184 Union Traction
1,11T United Gas Impt__ 50 8034 J'ne 10
1013
841a 84'4
8 " st ' L4128454 MEg;
8314
ACTIVE STOCKS
7 Jan
I J'ne
2 Feb 6
47 Sep
54912 Feb 24 4012 Oct
5518 Oct
5338 Jan 9 4112 Men
1212 J'ly
1213 Jan 9 1112 J'ly
58% Aug
5114 Jan 9 5214 Jan
3912 Deo
42% Feb 4 18 Apr
7313 Dec
78 May13 5914 Apr
13 Sep
6 Apr
1312 May10
3514 Sep
3113 Jan 9 27 Feb
8
9312 Jan 3 877 Mch 100 Sep
92% Jan
4
811 Jan 3 7818 Feb
16% Sep
81 Jan
237 Mch 28
3212 Deo
3712 Mch 28 23 Jan
Jan 9 60 Dec O34 Apr
6P34
5614 Feb
50 Jan 8 4334 Dec
2454 Sep
8
112612 Deo 1 11167 Jan
2813 Jan 3 2218 May 29 Sep
8914 Apr
85% Deo 26 7414 'Tan
814 Apr
6 Dec
4
77 Deo 30
53 Sep
51% Jan 9 49,14 Feb
92% Aug
9112 Feb 3 8614 Jan
i4
Bid
BALTIMORE
Bid Ask
Bid Ask
PHILADELPHIA
--02 _
lst
Bonds
Ph & Read 2d fai 11133 A-0 _ - __ Coal & 0Ity 1st es'19A-0 9714
,,
159'20 F-A
Inactive Stocks
iiii
Ex Imp M 4s 1947_A-0 9512 ____ Coal & I By
Prices are all "and
- ---Amer Gas warrants
4
0
Terminal 55 g 1941 Q-1 113 ___ Col Sc Gray let Gs 1910 J-J 1013 1021,
interest"
72 1
ii
American Milling
Gas Os 1939__J-D 104 _
'21__J-J
100 1001, 10112 Alt Sc L V Bloc 4 Hs'33F-A -------- P W Sc B col tr 4s '33 _J-J 9782 ____ Consol4s 1954
Amer Rye prof
A-0 9212 ol.
Oen
50 411, 4.212 Ana Gas Sc Elec Si '07_,F-A 321 83 Read Trac let Os 5s'54J-J
Cambria Iron
_ ____ Cons G E & P 430'35 J-J 8512 8)31;
---___ Am Rya es 1917_____A-0 _.___ Moth Ry & L con
()antral Coal & Coke_.100 ...
160 - 10012 Consol Coal Os 1950 J-D 8753
_ Spanish-Am Ir Gs '27.....1
___ _
..... Atl 0 Gas isle f es '60 J
100
.
Preferred
4
_ Stan'd Gas Sc El es'26 J-D _--- 9014 Fair Sc CI Tr 1st Is'38 A-0 983 831;
_ Berg&Ellrew lstes'21 J-J ......
100 _
Consol Trac of N J
Ga & Ala 1st con es '45 J-J 102%
_Stand SU Wks Ist59'28 J-J
100 -__ ____ Bethieh 8%1 es 11:198_Q-1? 116 _
Harwood ElectrIc
(3a Car&N 1st ts g '20 .7-3 10214
Sc '19...T-J
& B T--.... 50 -- --- Oh Ok Sc GE gon es 1910 J-J 93 _ U Tree Ind gen4s '49 _J-3 ___ - -73 Georgia P 1st es 1922__J-J 10612 Huntington
72
Un Rye tr ctfs
50 ----'Con Trac of N J 1st es '33 101 _
Preferred
Oa So Sc Fla 1st 55 '45_J-J ___ fed'
___ ....._ United Rys Inv lit coil tr
10 22 22Ia Del Co Rye tr ctfs 46'40J
Insuranco Co of N A
-B-S Brew 3-421 '51_M-S 3312 41
M-N 7053 71 0
Sni PoNv Sc Chem 50 __ ____ Edison Elec es 1946__A-0 ..-- -- $ f 53 1926
Inter
div ctfs F-A
.
.._ _ ____ Elec Sc Peoples Tr tr ctfs- 82- -32% Welsbaoh s f 56 1930__J-D -__ 89 Houston 011 let 53'28 A-0 7653 7811
Kentucky Securitiee_100
101 102
_ ____ Knoxv Trac
Keystone Tafel/. pref. 50 60 lil Fr Tee Sc II 1st ea '40_J-J ___ ___ Wil-B USE con 5s '55_J-3
AlaconIty&Lt let 5s'53J-3 95
Watch Case 100 ____ __ Gen Asphalt Si 19113..M-S 06% 97 York Rys 1st es 1937_J-D
Keystone
lid Elec Ry 1st 5s'31 A-0 9612
4
1(13 --- Harw Elec lit 03 1942 M : __ _ 100
10
Lit Brothers
'
Memphis St 1st Os '45_J-3 94 08
BALTIMORE
Little Schuylkill_. - e 1 -_ -- Interstate 4s 1943......14, • -58 ____
Motion V Trac 53 '42 J-D _--- .
Inactive Stocks
Tra&T ea'61F-A
Minehill & Schuyl H:.. 51 --- - KentuckyTel es 1985__J-J 90 9012 Atlan °oast L(Conn) 01 232 232 Mt Ver Cot Duck 1st es_ 4412 45
-1
_ Keystone
Nat Gas Mee Lt & P-.101
,
_ 160 NptN Sc 0 P lat es'38M-N 06 8 99;
101
anton Co
- Lake Sun Corp!no 59'24 0 87 00
100 -Preferred
Lehigh Nay 4.)421 '14. . ___._ Consolidation Ooal...._101 921 ____ N Sc A Terml es '29 M-S --- 9311
60
North Pennsylvania
10. -_ 80 Nor&Port Tr 1st es'313J-D ---- 86;
---Gen M 4;la g 1924.Q- ---- - Georgia Sou Sc I'la
Gen
--paid_
Pennsy receipts ;30 paid------ - Leh V 0 lot ea g 1938..14 104
101 ___ 91 Norf Ry Sc L es '49...M-N 9712 _
lot preferred
105
Pennsylvania Salt-. 00
I North Cent 4 Hs 1925 A-0 100
--.
100. ...
3d preferred
4s lilt 1948a. 1001
Pennsylvania Steel-100 -__ _ -61 Leh V extes 1928. ,,,,Y- e 111 ___ G-11-11 Brewing
Series Ass 1928___J-3 10534 _ -II. a
100 •
Cons&
100 59
Preferred
I Series 13 es 1926_.--J-3 10534
011
• Bonds
Consol 4Hs 19237..
..J-D ,
Co(Pitts)5% prf 50 40 41
Phila
i Pitt On Trac 5s 1997__J-3 9212 _,..
Prim are all. "and_
•
Annuity 1341,... -,..4
6% cumulative_in'ef 60 4312 4412
Polo Val let Sc 1941 _J-3 102 104 ' ' interest'
Gen cons 45 2003, Phil, German Sc Norris 50 ____ _
.
90 901.1 Say Fla Sc Vireat es'34 A-0 103
3 Hs 1930....„J
.
Phila Traction
50 8112 82 - Leh V Tran eon 4s'36 -D ___ _-__ BaJt Oity
'
421 1 54-195‘......Vati.. - 031 __ISeab Air L 4s 1950......A-0 8212 -13.3
lat series A.40 1938M
10
8% Railways General_
...19eab Sc Roan es 1926_,J-J 10112 --M-N 1011
Si 1 18 'S,
1835"M
i
it i. iiii
Tonopah Belmont Be; 1
4
l
'73 WS let sOri 1"
__1
„ 81outh Bound let es_A-0 103
la & retom ea A-0 91
n
-- ,...,.
markoit I 14(
'55M
Cos Of N J......._100
United
_ U El L&P 1st 4 Hs'29M-N 90 -WI
921 _
AO Nit Cony deb 441-Ms '19,1_
-•
United Trac Pitts prof 60 -------- NatLR&P ser
3
100 _ __ Un Ry & El 1st 4s 'e.o AI-S 8212 824
L(Qt)qtfe es J... At4
- New Olion Oka s 948.JVirginia Ity & PowSr_100 -J-D 62 6214
89 __,,,,IIncome 4s 1949
56-410-yr 40 1935
N Y Ph 5 No 1st 48'39 j
100
Preferred
3
(3,_J-D 883 _
Funding es 193
94 ___
09 l' di0 1st 4 Hs'53 FIncome 44 1939....-M kl Warwick Iron Sc Steel. 10
.
Cony notes es 1914 J-.1 99 100 103 _ _
Bali Tree tart Os '29-M___.
___
100 -------- Penn Steel 1,st es'17MWashington-Va 11y
NO Atilt; Div 5s 1942.1-D 10333 los Va Mid 3d gar 63'16_81-3 100
People's Tr tr ctfa 48.1948 100 _
Preferred
4th ser 3-4-69 1921 M-S 101 ......
P Co lst&coll tr 59'49M-8 93 100 Cepit Ry oons es '32-61-N 102 _
__
100 _ _
Welsbach Co
5th series es 1928,...M-S 10214 __
JIStt Sc Imp Ss 1933 M 1* 102 _
80 83
Con Sc C011 tr es'51 M_
West Jersey & Sea Sh- 50
102 1021 Chas Oily 1117 lit 56'23 5-3 ____ lei V,a (State) 35 new '32..J-J __
50 59_:: Phil Bloc gold tr ctts_A
Westmoreland. Coal
Fund debt 2-3s 1991 J-T 14 ..
Trust ctfs 4s 1949_3-3 -_.__ Chas My 0 ScEl 5a 'SKIMS ___ 92
_
Wilkes Gas Sc Elec....-100
%
60 id 11 p & E gen M es g '20_A-0 .:. 103% Olty & Sub 1st 59 1922 J-D 102 102% West If 0 con es 1914-34 100 .....
1 ork Railway
Gen M 49 g 1020___A-0 --- -- CIty&Sub (Was) 1st-Os ''.48 --__ 1001 Wil Sc Weld es 1935.„34 104
35
_..,..--- 51 34
Preferred
13212 paid...
ascl asked; no sales on ;all day. ....$x-elviered. II $16 paid,.. 1117pli _paid.
PHILADELPHIA.
Bid
Ask
PHILADELPHIA
•I1
THE CHRONICLE
148
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad.
Stocks.
Week ending
Jan. 0 1914.
Pat Value.
Shares.
U.S.
Bonds.
State
Bonds.
Bonds.
51,240,000
2,391,000
2,767,000
2,895,503
2,656,500
2,090,503
826,000
188,000
154,000
83,090
85,500
98,000
81,000
11,000
3,000
1,000
1,824,967 $157,777,565 514,940,500
8634,500
821,500
189,957 $15,732,425
228,536 20,127,350
472,596 41,705,740
34(3,851 30,967,800
300,363 24,959,050
286,104 24,235,203
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Stock
Exchange.
Week ending Jan. 9.
I
1914.
1913.
5,500
Jan. 1 to Jan.£1.
1914.
1913.
1,824,967;
1,107,039
Stocks-No.shares___
$157,777,555'$131,892,100
Par value
$5,000
$3,500
Bank shares, par
Bonds.
$21,500
$11,000
Government bonds_ _ _
723,000
634,500
State bonds
14,910,500 13,713,000
RR.and misc. bonds
2,012,678
$173,800,615
$6,000
2,022,240
$188,951,200
85,700
$21,500
724,000
17,059,000
$33,000
828,500
17,799,500
$15,596,500 614,452,000
517,804.5001
$18,661,000
Totalbonds
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Philadelphia.
Boston.
Week ending
Jan. 9 1914.
Listed Unlisted
Shares. Shares.
Bond
Sales.
Listed
Shares.
Unlisted
Shares.
Bond
Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
7,994
5,235
10,617
11,176
12,111
7,932
5,675
8,753
7,492
4,913
7,307
6,029
333,803
37,500
52,100
54,200
66,600
87,500
2,126
3,958
7,870
8,051
8,729
4,583
5,0011
4,2411
10,510,
8,200'
8,2313
6,641
$10,700
31,300
94,000
132,900
71,200
40,300
Total
55,365
40,171
8336,700
35,322
41,8351
$380,400
Inactive and Unlisted Securities
f
All bond prices are new "and interest" except where marl ed' "
Street Railways-(Con )
Ask United Lt & Rys corn__ _100
1st preferred
100
2d preferred
100
New York City
21 United Rys of St
Bleeck St & Ful Fy stk__100 10
Common__ -.
100
70
J-J 65
let mtge 4s 1950
100
e Preferred
100 152 170
By 46 7th Ave stk
100
4
J-J 983 100 Wash Ry & El Co
2d mtge 58 1914
Preferred
100
Broadway Surface RRJ-D
4s 1951
J-J 10012 10212
lst Ss 1921
Cent Crosstown stock_100
10 West Penn Tr&WatPow 100
Preferred
100
1st rage Os 1922____M-N -5F2 10212
Christopher & 10th St stk100 115 125 Electric, Gas eir Power Cos
Ave York City
Dry Dock E 13 & Batt
J-D 0912 10112 Cent Un Gas 5s 1927_
J-J
1st gold 5s 1932
F-A 128
Scrip 5s 1914
35 C Kings Co El L & P Co..100
Eighth Avenue stock-100 280 310 New Amsterdam Gas
1st cense' Is 1948
F-A 1 99 10012
J-J
Scrip 63 1914
42d & Or St Fy stock_100 220 240 N Y &ER Gas 1st 55'44 J-J
Consol 53 1945
J-J
42d St M & St N Ave
N Y& Q El L ,Sr Pow Co_100
1st Osext at 5% to'40_61-S
l'referred
100
.._100 150 lid Ninth Avenue stock.
..100
Second Avenue stock_ _100 ____
3 N Y & Richmond Gas..
Consol 5s 1948 etfs__F-A 1 20
27 Nortien Un 1st 6s 1927_131-N
Standard G L let Ss '30 61-N
eShrth Avenue stock
-100 105 115
Other Cities.
Sou Bouley 5s 1945
J-J 8912 100
50
A-0 90
So Per lst 5s 1919
98 Am Gas 46 Elec corn
Preferred
60
Tarry WP & M 5s '23 M-S / 75
80
100
23 & 29th Sts 5s '96 etfs A-0 1 7
16 Am Lt & 'frac coin
Preferred
100
Twenty-third St stock 100 225 260
Union Ry lot 5s 1942...F-A 10012 104 Amer Power dr Lt corn 100
Preferred
100
Westchester 1st 55 '43_J-J 89
50
Yonkers St RR 5s 1946-A-0 90
95 Bay State Gas
Buffalo City Gas stook _100
Cities Service Co corn-100
Brooklyn
Preferred
100
Allan Ave RR con Is '31A-0 09 102
13 B & W E 5s 1933._ A-0 94
97 Columbia Gas dr Elec....100
1st 53 1027
.14
Brooklyn City RR
10 163 1661.
,
Bklyn Hgts 1st 5s 1941-A-0 99 101 Con 043 of N J 6s 1936....J4
100 90 100 Consumers' L H de Pow
Coney Isi & Bklyn
58 1938
J-D
.14 78
1st cons 548 1948
83
Con g 4s 1955
J-1 77
82 Consumers Power (MInn)let & ref Is'29 opt '1413I-N
Brk C & N 53 1939_ _ _ _J-.1 98 100
Nassau Elec lot 59 1944 A-0 100 102 Denver G & El 53 1949.M-N
Electric Bond Share prof 100
N Wrnsburgli & Flatbush...100
1st 4333 July 1941___F-A 92
05 Elizabeth Gas Lt Co.
Steinway is 6s 1922____J4 98 102 Rena & Hudson Gas.......100
Gas & El Bergen Co._.100
Gr't West Pow 58 1946...4
Other Cities.
Buff St Ity 1st con Is'31F-A 100 102 Hudson County Gas....._ 1C0
Com'w'Ith Pow Ry 46 L.100 5412 551 Indiana Lightlng Co... 100
48 1958 opt
F-A
Preferred
100 77
78
60
e Conn Ity & Ltg com..._100 60
66 Indianapolis 09.3
1st 5 Is 1952
A-0
e Preferred
100 65
75
Detroit United Ry
100 69
75 Jackson Gas Is g 1937....A-0
Federal Light & Trac_100 22
25 eLaclede Gas preferred__100
Preferred
100 7012 73 Madison Gas 6s 1926 A-0
(Havana Elec Ry L 46P 100 77 -- Narragan (Prov) El Co_ 50
e Preferred
100 90 ...... Newark Gas Os Apr '44.44
100
Loulsv St 5s 1930
J-J 3102 s 1021 Newark Consol Gas
e New On Itys & Lt com_100 27 _ _ _ No Ilud L H & P53 1038A-0
Pacific Gas & E corn..
...100
e Preferred
100 61
Preferred
100
ON Y State ltys corn
100 68
73
eNor Ohio Tr & Lt com..100 54
60 Pat dr Pas Gas & Eleo__100
J4
Pub Serv Corp of N 3
-See Stk E x list St Joseph Gas 5s 1037
0% perpetual____ 10212 10312 Standard Gas & El (Del) 50
Preferred
Ni
80
St 1st 15 1948 M-N
7712 78
Cons net of N J
100 72
73 United Electric of N .1-100
let g 45 1949
J-D
let 55 1933
J-D 101 102
New'k Pass Ry 53 '30_J-J 102 ____ United Gas & Elea 001-0 100
Preferred._
100
Rapid Tran St Ry
100 '230
1st 5s 1921
A-0 100
-- Utah Securities Corp_ 10
6% notes Sep 15'22M&915
J C Hob & Pat 45'49 M-N
75
751
So J Gas El & Trac......100 125 128 Western Power einn--.100
Preferred
100
fla-S 9814 9012
Cu g 5s 1953
No Hod Co Ry 581928 34 101 1021 Western States Gas & El
1st dr ref g os 1941 op.J-D
Ext 56 1924
05 _
_
Ferry Companies
Pat Ity con Os 1931__J-D 103
_ _
J4
2d 13s 1914 opt__A-0 100
B & N Y 1st 6s 1011
Republic Ry & Light-100 15 '16'- NY&ER Ferry stock-100
M-N
Preferred
100 65
1st Is 1022
67
Tennessee Ry L&P com-100 13
14 N Y & Hob 5s May '46-J-D
Preferred
100 61
Hob Fy 1st 55 1946_ M-N
64
Tolisdo Tract L & P....100
.14
12 N Y & N J 581946
9
Preferred
100 40 60 10th & 23d Ste Ferry..100
J-11
Trent P & 11 158 1943.......1-D 90
1st mtge Is 1910
Union Ferry stock
100
1st 53 1920
M-N
Street Railways
Bid
Bid
77
74
70
Ask
79
75
72
1014
3714
87
8712
7972
1012
38
90
90
80
20
63
101
118
19212
121
9812 100
01
4800
037000
101 103
45
55
Mr 10012
100 103
*70
75
*47
43
336 338
10612 10822
61
65
76
76
12
.3
8
2
4
80
£12
68
6912
1112 12
65
68
95 loo
95
a9712 -99;92;3-4
9
897
325
127 Ha
86
80
70
80
128 130
38
42
66
69
100
87
01
94 100
96
16•1" 108
*89
92
115
---90 ---96
3512
8412
83
85
46
*2514
95
85
70
BO
69
- .7
26
66
go
32
7112
7
15
71 4
8
173 19
4
5312 55
87
90
10
52
10
18
44
195 1
9814 9912
100
9420
25
5
3
48
28
81
100 102
[VOL.
Telegraph and Telephone B.cf
e Amer Teleg & Cable___11)0 55
e Central & South Amer_100 103
Comma Un Tel (N Y)___25 99
Empire & Bay state Tel_100 60
100 40
Franklin
100 112
e Gold & Stock
100 75
e Mackay Cos corn
100 65
e Preferre 1
e Northwestern Teleg____50 105
25 65
Pacific & Atlantic
e Pac Tele!)& Teleg pref_100 83
25 85
Southern & Atlantic
xcvm.
Ask
61
10134
101
72
50
118
78
66
112
72
90
95
Indust nnd Miseell-((?on) Bid
As*
Am Steel nly Os 1035_A-0 9912 10011
Deb 4s 1923
F-A 6912 72
American surety
50 162 107
American Thread pref____5 *4
5
Amer Typefounders com .100 42
43
Preferred
95
100 93
Deh g (is 1930
M-N 00 100
1
Amer Writing Paner_ _100
114
Barney & Smith Car corn 100 10
Preferred
100 -- 75
Bliss(E W)Co corn
rn
50 83
88
Preferred)
125
& Mtge Guar
283
Borden's Cond Milk corn .1209 214 115
Short-Term Notes
150 1755
Preferred105 10012
.2
Amal Copper 53 1915...M.I.; 100 10014
214
Bait° & Ohio 5s 1914_ __J-J 10012 10033 British Col Copper Co_5°
ilklyn Rap Tr-See NY Stk Ex' list. Brown Shoe corn
100 47
52
Preferred
96
4
dies & Ohio 433s 1914__J-D 9914 093
10 120
0
95 Casualty Co of Amertea_100 19
10
ChicElev Rys 5s 1911_ _J-J 90
100 127 1:30
Erie Os April 8 1914__A-08 10012 1003s Celluloid Co
23
Coll Is Oct 1 1914___A-0 9912 100 City Investing Co
12r0 85
com_02
Preferred
Coll 5s April 1 1915__ A-0 9812 9914
72
Gen. Motors 6s'15
_1 0 70
'
-See NY Stk Es list. e Clanin (II 13) Co
85
e 1st preferred
9972 10012
Hocking Valley 43A'14 M-N
,
2
85
e 2d preferred
111 Cent 4333 1914____J-J 997 10012
69
710 859
1 9
Int & Gt Nor Is 1014__F-A 93
95 Cluett.Peabody& Co corn100 64
168 10112
00
Inter Harvester 5s '15_F-A 9912 100
75 ,
Preferred0
K C Ity & Lt 6s 1912_61-9 1 83
11000
83 Consol Car IleatIne
40
Lake Sh & Mich So 412s_'14 9978 10012 Consol Rubber Tire
100 38
106
Michigan Central 4125. 1914 9972 10012
PreferredA? 68
Minn & St L g 6s 1914__F-A 95
A99
10
Debenture 43 1951
93
Mo Ran & Tex 53 1915_M-N 93
35
100 32
96
Continental Can com
Missouri Pacific 5s 1914...1-D 93
89
95
Preferred
eN YC Lines Eq 5s 1913-22 b 5.10 4.95 e Crucible Steel corn.
4
16 5
.._100 8 5 143
1
4;3s Jan 1914-1925___J-J b 5.05 4.95
_
e Preferred
21a
433s Jan 1014-1927...J4 h 5.05 4.95 Davis-Daly Copper Co 110 0*20
_ 00
N Y Cent 4As 1914____131-8 9978 100 duPont(EI) do Nem Pow 100 130 135
4125 1915_ _
rd-N 99
9912
e Preferred
100 8812
53 Apr 21 1914 ____A-021 100 1_0_0_14 Em rrserred
pe efon-Brantinghatn_100 20
25
St L & 8 F 51 1913 opt_J-D
73
6s Sept 1 1914 opt___M-S
Empire Steel & Iron coin 900 --- _ 13
1 0 7
9
Seaboard Air L Ity5s16 M-S -6.137 -682.,
1
Preferred
27
South Pac Co 5s J'ne 15 1914 10012 10032 e General Chemical es:11_10 121) 180
1 0 75
emfr
Southern Ry 53 1916__ F-A
109
0
0 Go PieLerco
8
rednsoi m
10
ill
West Maryland 55 1915_3-J
Westingleso El & M Os 1915 10014 10012 k Hackensack Water CoRef g 4s '52 op 1912
6% notes Oct'17-SeeN Y Stk E x list
J4 8312 86
Hale Jr Kilburn com
35
100 30
1st preferred
00
100 80
Railroads
80
00
2(1 preferred
14
e Chic & Alton coin
100 10
2
Havana Tobacco Co
109
4
190
40
C Preferred
100 12
9 15
Preferred
100
e ChIC St P 51 & Om
100 118 130
1st g Is Juno 11922._1-1) 1 62
67
C Preferred
100 130 140
e Colo & South corn
100 2612 2812 Ilecker-Jonel-Jewell Milling
151 6s 1922
131-S 07 100
e 1st preferred
63
100 53
6 15
Herring-Hall-Marvin ._100
e 2d preferred
70
100 50
Hoboken Land & improve't
42
e N Y Chic 46 St L com...100 33
1st 5s Nov 1930
131-N 100
e 1st preferred
100 0312 100
3
Hocking Val Products....100
e 2d preferred
100
83
J-J 38
1st g Is 1061
44
Northern Securities Stubs__ 103 - 105
Pitts Bess & Lake Erie.__50 *213
30 e Ingersoll-Rand corn. 100 120 _
65
e Preferred
100 02
Preferred
50 *56
Intercontin Itub com_100
73
4 834
e Railroad Securities Co
100 105 110
111 C stk tr etfs Ser A
78 Internal Banking Co_
100 115 116
West Pac 1st 5s 1033_61-S 7212 7312 'International Nickel
Preferred
100 103 104
Per share
Standard 011 Stocks
3
4
100
Anglo-American 011 new.... *14
1412 International Salt
1st g 53 1951
A-0 / 4912 52
Atlantic Refining
100 810 820
liorne-Serymser Co
100 325 335 International Silver pref_100 115 120
lot 63 1048
J-D 10612 10312
Buckeye Pipe Line Co__50 *179 182
Chesebrough Mfg Co:13_100 680 700 Internat 8meit & Refg_100 105 110
Lanston Monotypc
100 80 84 ,
Colonial 011
100 130 140
100 175 180
Lawyers' Mtge Co
Continental 011
100 235 245
Lehigh Val Coal Sales_50 180 190
Crescent Plpe Line Co-__50 *02
67
55
Manhattan Shirt
100 Cumberland Pipe Line 100 65
70
Preferred
100 98 103
Eureka Pipe Line Co_ 100 345 360
20 *118 is'
Galena-Signal 011 com....100 182 188
Manhattan Transit
94
Mortgage Bond Co
Preferred
100 88
100 134 139
Indiana Pipe Line Co--__50 *148 153 e National Surety
100 160 165
National Transit Co
.100 - _- 20
25 *44
48 it New York Dock corn..
New York Transit Co.
..100 322 328
I Preferred
4
100 243 42
N Y Mtge & Security_100 155 160
Northern Pipe Line Co_ -100 123 133
N Y Title Ins Co
Ohio Oil Co
83
100 73
26 *155 153
Pierce 011 Corp
20 *412 514
*82
88 N Y Transportation
Niles-Beni-Pond corn.
Prairie 011 & Gas
78
..100 70
100 450 455
Ohio Copper Co
Solar Relining
10
100 345 360
212 234
Southern Pipe Line Co-100 253 258 e Ontario Silver
100
71
Otis Elevator corn
South Penn 011
100 68
100 262 288
93
Sou West Pa Pipe Lines_100 168 173
Preferred
100 92
2515
Standard 011 (California)100 290 293 e Pettibone-Muillken Co 100 21
Stand 011 of Indiana
e 1st preferred
95
100 80
100 450 160
Standard Oil(Kansas)..100 480 520 Pittsburgh Brewing
50 *1212 1274
Stand Oil of Kentucky..100 690 710
Preferred
50 *3212 331a
Stand 011 of Nebraska..100 485 600 e Pittsburgh Steel pref. 100 87
94
Stand Oil of N J (old)..100 1300
4
Pope Mfg Co coin
100
Stand 011 of N J
Preferred
100 425 156
100 "id- 15
Standard 011 subsidiaries-- *910
Pratt & Whitney pref_100 9912 102
Standard Oil of N Y
100 130
100 186 ig- Producers 011
Standard Oil of Ohio-100 385 400 Realty Assoc (1)klyn)_ _100 105 ifi"
31
Swan dr Finch
100 300 330 RemingtonTypewt'r com100
let preferred
6i
100 - - 96
Union Tank Line Co
93
10
96
2d preferred,.
100 94
Vacuum 011
96
100 208 215
Royal 13ak Powd corn
100 10512 190
0
0 82
Washington 011
1 *69
73
Preferred
104 ,
Waters
100 2900 3500
-Pierce Oil
Safety Car Heat & Lt--_100 Ex 112 106
10113
Tobacco Stocks
Sears,Roebuck&Co-SeeN Y Stk E x LIII
(See illso Steels Exchange List)
e Preferred-See 01110 Stk
Amer Cigar corn
10 140 145
100 200 293
100
Preferred
100
67 05 Staner l\ittou pier com_10 0 1065
8
Co
7
3 Sing dard
Amer Machine de Fdy 10
1 00 2
33
Preferred
British-American Tobac.,E1 *2334 24
III
f
e
Sterai B opsacpirfeic
New stock
100 70
241e Tex n :
*24
7115
Sulzberger & Sons Co p1_100 914 93
Conley Foil
100
Heime (Geo %V) com_100
Coal......100
100
1 8 188
80
x1
e Preferred
100 2577 20a e Te as P cific Land Tr_100 9
5
Johnson Tin Foil&Metal 100 160 180 TonopahMin(Nev)-SeePhIla Stk E x List
MacAndreves & Forbes .100 180 200 Trenton Potteries cons 100
6
Preferred new
Porto-Rican-Amer Tob.100 220 240
100 4512 56
3
Reynolds (It J)Tobacco-100 210 250 Trow Directory
100
7
16
United e y
i
Un
Tobacco Products corn..100 132 1_30 e ut:letef orr
11
12
00
Preferred
Preferred
101
100
214
e United Cigar Mfrs cons 100 44
Goods-100
90
•Preferred
e Preferred
100 -0712 1001a
_100 96 102
,
u 13 Casualty .2
10
10
United Cigar Stores com 100 19212 19312 U 8 F22 •i0pe e0
100 190 100
Preferred
100 144 150
100
Preferred
• Weyman-Bruton Co
100 10012 10315
100 230
12
0
U
lialeee- - - 100 42
e Preferred
- 100 108 275
10
47
UpSreFfierrnicheding
Young (J 9) Co
100 140 160
13
100 30
as
Industrial&Miscellaneous
J-J 90
95
Ctn 5 56851919929
Th g
o
e Adams Exprees
100 85 100
75
Col tr g 4.1 1947
J-D 1 65
.14 21
23
70 s U 9 Indus Alcohol-100 79
e Preferred
Alliance Realty
100 85
100 83
93
90
U 9 Steel Corporation
Amer Bank Note is:sm.-50 :11
44
63
Col 5 f lis Apr 1951 01) 1911 113
Preferred
50
Col if Is Apr 1961 not opt 113
Ameriean Book
100 157 165
U 9 Tit au & Indens__100
American Brass
100 131 134
- 75
American Chicle corn-100 197 200 el VIrsdnla Iron C & C-100 87
42
Preferred
100 82
100 97 100 e Wells Fargo & Co
87
% elr 13roax Title
We m e
e ir
r
100 100 103
e American Express
Am Graphophone corn. 100
100 165 ..011110
Preferred
100 ---- ---- e Weatingh'se Air Brake_150 .128
American hardware.. 100 iiti" iid- Willys-Overland eem
100 as
Preferred
Amer Malting 65
100 85
09 100
90 1
Amer Press A sloe'n
100 40
Worthington(11R)Co pf_100 65
56
45
0
178 1;1
,
95 12
Par share. a And accrued dividend. b Basis. k Listed on Stook Exchange but usually Inactive. / Flat price. is Nominal. s Sale price. : New Itock. u Xs.
subsidiaries. s Ex-div. y Ex-rights. e Includes all new stock dividends and lubsorlptions. e Lisle 1 on Stock Exchange but infrequently dealt In; record of sales.
- -
11 any, wit be found on a preceding page. A Ex-300% stock dividend
149
THE CHRONICLE
JAN. 10 1914.1
inuestment and Amilroad Oteittgence.
RAILROAD GROSS EARNINGS.
monthly returns
The following table shows the gross earnings of every STEAM railroad from which regular weekly or and the last two
can be obtained. The first two columns of figures give the gross earnings for the latest week or month,a supplementary
columns the earnings for the period from July 1 to and including the latest week or month. We add
some other
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Current
Year.
Previous
Year.
8
3
$
Ala N 0& Tex Pee72,000
58,000 1,887,516 1,720,8013
. N & Nor East_ 2d wk Dec
39,000
849,686
31,000
886,235
Ala & Vicksburg- 2d wk Dec
'
31,000
29,000
834,310
786.626
Vicks Shrev & Pac 2d wk Dec
50,717
3d wk Dec
45,051 1,167,215 1,123,538
Ann Arbor
,Atch Topeka & 9 Fe November 9,784,520 10828886 48,768,783 50,808,117
335,620 294,273 1,492,172 1,375,098
Atlanta Ilirm & At!. November
Atlantic Coast Line November 3,306,210 3,071,228 13,823,359 13,466,077
761,138
871,578
190,175 170,227
. Chariest & W Car November
L. November
534,995
596,951
116,095 107,125
Lou Head & St
November 7,926,250 9,040,351 44,744,039 44,146,241
g Baltimore &
807,657
782,083
B & 0 Ch Ter BR November
154,354 160,854
Bangor & Aroostook November
337,881 287,019 1,485,634 1,327,07
?Bessemer & L Erie_ November
690,483 679,849 4,821.676 4,582, 29
478,591
539,500
Birmingham South.. November
97,267 103,917
'Boston & Maine
November 4,153,022 ,175,601 22,532,850 22,720,0 7
'Buff Roch & Pitts 4th wk Dec 2,328 293,638 6,1'70,112 5,749,312
Buffalo & Susq_
189,365 209,266 1,034,726 1,04,1,809
November
Canadian Northern. 4th wk Dec 65 .900 615,111 13,364,900 12,239,600
3,647,It0 75,166,836 73,414,913
Qanadian Pacific
wk Dec
4th
1,255,811 6,190,664 6,079,076
Central of Georgia_ November
Central of New Jers November 2,570.054 2,584,591 13,740,417 14,021,459
329,926 310,3 1,624,573
Cent New England_ November
7,
99,884 1.518,580 1 12 Ait
Central Vermont.. October__ 376,253
92,343 13,587,394 17,964,6n
Ches & Ohio Lines.. 4th wk Dec
06,357 7,980,673 8,272,418
4th wk Dec
Chicago & Alton_
Chic Burl & Quincy November 8.206,282 8,617,535 43,565,412 42,525,371
October,__ 1,483,235 1,480,539 5,771,299 5,612,912
f Chic So East Ili
7,523,542 7,280,749
p Chic Great West_ 4th wk Dec 299,597
Chic Ind & Loulsv. 4th wk Dec 176.459 1B118 3,689,854 3,662,190
Chic Milw & St P..1 November 8.161.618 ,670,201 41,694,803 42,189,463
• Chic Mil & Pug8i
@Chic 85 North West November 7,093,444 7,335,104 39,504,182 38,470,06$
'Chic St Paul Mdcia November 1,674,295 1,589,749 8,225,715 7,831,869
844,665
213,093 180,219
971,508
Chic Terre H & S E ovember
816,968 943,753 4,599,476 4,718,935
On Ham & Dayton Noventher
961,770
166,892 177,161
Colorado Midland_ November
862,855
b Oolo & Southern 4th wk Dec 351,255 453,447 7,229,906 8,023,966
100,867
Cornwall
82,754
November
19,337
15,160
ornwall& Lebanon November
173,991
142,208
31,947
25.449
ba Railroad
November
342,357 278,968 1,715,231 1,536,543
&aware & Hudson
2,115,534 2,021,740 8,589,429 8,385,246
Del Lack & West November 3,575,259 3.660,305 18,110,013 17,807,322
Deny & Rio Grande 4th wk Dec 558.400 583,500 13.143,110 13,490,307
Western Pacific_ _ tk wk Dec 119,:il 137,900 3,544,802 3.335,385
641,488
enver & Salt Lake 3d wk Dec
642,373
27, 9
22,135
766,580
696,844
etroit Tol & Iron November
144,473 155,043
632,245
621,555
etroit & Mackinac 4th wk Dec
25,204
28,115
& Iron Range November
360,290 372,064 4.621,700 4,422,037
94,507 100,172 1,845,927 1,741,581
So Sli & Atl
4th wk Dec
Elgin Joliet & East.. October__ 1,127.865 1,149,904 4,529,921 4,398,222
El Paso Is Sou West October__ 791,186 757,683 2,838,479 2,739,032
November 5,068,114 5,447,117 27,452,021 27,794,148
Erie
392,982 367,992 1,577,967 1,475,687
Florida East Coast_ November
441,810
443,959
73,693
77,257
rends.Johns & Glov November
308,039 290,496 1,460,342 1,278,101
Georgia Railroad _ November
4,177,849
Grand Trunk Pac 3d wk Dec 124,577
Grand Trunk Syst_ 4th wk Dec 1,722,055 1,695,339 29,419,583 28,734,992
Grand Trk West.. 3d wk Dec 141,547 157,192 3,515,300 3.503,
58,953 1.282,645 1,260.
• Deb Gr Hav & M 3d wk Dec
48,082
44,631 1,173,002 1,201,649
Canada Atlantic_ 3d wk Dec
37,122
Great North System ecember _ 5.476,561 6,548,454 45,103,722 44,110,727
840,562
895,152
161,644 171,402
Gulf & Ship island_ November
651,915 688,706 3,708,188 3.576,87Q
November
Nocking Valley..
December_ 5,722,064 5,700,980 34,538,820 33,413,641
ililnois Central
Internet & Grt Nor 4th wk Doc 292,000 333,000 5,608,878 6,406,845
'a Interoceanic Max_ 4th wk Dec 360,122 269,233 4,715,681 4,384,442
275,319 270,405 1,504,395 1,466,721
Kanawha & Mich.._ November
982,303 959,330 4,515,352 4,593,763
November
Kansas City Son
792,324
high & Now Eng.. November
205,10
169,148 150,584
November 3,549,800 3,744,285 18,131,319 19,081,0 4
high Valley
731,663
681,8 3
148,971 138,274
lana & Arkan_ November
s Louisv & Nashv 4th wk Dec 1,456,205 1,438,576 31,563,285 20,926,315
65,429
12,932
71,564
13,682
Macon & Birm'ham November_
November
992,244 936,791 5,295,486 5,182,984,
Maine Central
248,038
225,407
40,528
44,246
Maryland & Penns- November
* Mexican Railways 3d wk Dec 179,500 184,500 4,648,700 4,000.000
428,839
171,964
24,240
8,505
'Mineral Range__ _ 4th wk Dec
Minn & Sb Louis__1 4th wk Dec 201,294 208,452 5,020,742 5.151,027
Iowa Central.... _
MinnStP&SSM 4th wk Dec 587,912 746,836 16,369,236 17.145,252
Chicago Division
421,238
449,365
84,984
83,167
Mississippi Central.. November
'u Mo Kan Ac Texas_ 4th wk Dec 882,739 965,408 17,186,188 17,624,21
Missouri Pacific 4th wk Dec 1,641,617 1,787,336 31,962,329 32,847,64
Nashv Chatt 8t St L November 1,107,316 1,131,081 6,396,347 5,022,90
a Nat Rys of Mex_t 4th wk Dec 980,261 1,869,0 17,435,323 32,616,734
6, 2
3.078
212,633
Nevada-Cal-Oregon 3d wk Dec
gala;
813,439
158,982 131,203
New On Great Nor November
C & Hud Riv_ November 9,532,298 9,711,791 51,872,657 49,558,477
,
41 Y
Lake Shore & M S November 4,298,225 4,723,15 24,418,596 24.218.322
464,841 15,03 2,51,832
n Lake Erie & W.. November
400,053 3 0,191 1,131 ,186
Chic Ind & South November
Michigan Central November 2.857.627 2,8 8,480 15,30 ,863 14.623,526
Cloy 00 & St L_ November 2,659,622 2,995,368 15,053,887 14,981,05
293,933 313,900 1,476,431 1,577,798
Peoria & Eastern November
130,948 132,15
083.946
Cincinnati North. November
Pitts & Lake Erie November 1,499,954 1.622,400 8,472,720
& St L.. November 1.024,933 1,178,225 0,156,135 5,413.93
N Y Chic
503,857 2,783,875 2,502,800
478,706
Tol & Ohio Cent.. November
Tot all lines above November 23641189 24965168 129636126 126623669
1:R89:..?
Rtig
1.12
i
Dui
pui.
Pauis
Utg.8
8,RTIN
July 1 to Latest Date
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
8
948,941 1,039,476
203,276 253,371
N 0 Mobile & Chic.. November
NYN H & IIartf__ November 5,669,683 5,920,068 29,744,393 30,945,140
667,685 710,419 4,237,361 4,334,820
N Y Oat & West__ November
326,197 311,861 1,646,522 1,536,951
N Y Susq & West__ November
1.172,641
Norfolk Southern.... October..__ 334,592 307,785 1,215,434 18,572,426
Norfolk & Western_ November 3,675,055 3,550,503 19,654,449 33,365,961
November 6,698,544 7,136,247 33,364,288
Northern Pacific..__
295,872 286,645 1,844,646 1,792.718
Northwestern Pac__ November
Pacific Coast Co..__ October___ 745,097 746,792 2,845,277 2,954.230
November 15350971 15467102 81,116,701 77.584,091
Pennsylvania RR__
173,291
197,904
21,603
23,806
Belt Ches & Atl_ _ November
300,047 295,869 1,521,294 1,478,454
Cumberland Vail. November
903,425 869,370 5,944,149 5,475,368
November
Long Island
84,274
8.5,706
10,851
11,597
Maryl'd Del & Va November
319,059 286,700 1,715,989 1,581,609
N Y Phila & Norf November
Northern Central November 1,145,032 1,133,298 5,898,321 5,694,834
Phga Bait &Wash November 1,739,273 1,763,413 9,107,706 9,112,499
393,601 400,499 3,374,210 3.341.838
W jersey & Seash November
Pennsylvania Co_ _ _ November 5,346,664 5,993,572 30,109,801 30,149.889
443,046 455,265 2,545,763 2,481,088
Grand Rap & Ind November
Pitts C C & St L.. November 3,648,680 3,862,678 19,680,049 19,463,254
977,005 978,529 5.109,925 4,944,460
November
Vandalia
Total Lines
East Pitts Is E _ November 21401709 21637639 115679478 112223376
West Pitts & E November 10611636 11473372 58,581 413 58,034,988
All East & West.. November 32013346 3311101 17426619 1702.58368
Pere Marquette __. November 1,439,060 1,548,917 7,375, 56 7,683,202
Reading ooPhila & Reading_ November 4,272,090 4,479,306 21,301,909 21,999,581
Coal & Iron Co.._ November 3,447,877 4,365.76 13,255.43 18,958,153
Total both cos...._ November 7,719,967 8,845,07 34,647,3 40,957,734
237,350 228,58 1.131,3 1 1,599,648
Rich Fred Is Potom November
454,268
421.203
Rio Grande Junc., October...... 126,358 142,18
344,079
373,295
17,37
18,469
Rio Grande South.._ 4th wk Dec
Rock Island Lines.._ November 5,864,496 6,333,893 30,615,769 32.107,304
328,819 313,746 1,746.2.59 1.695.757
November
Rutland
741,056
733,639
154,287 130,45
St Jos & Grand Isl_ November
St L Iron Mt & Sou November 3,029,330 3,061,46 14.339,04.0 14.676.247
865,616
232,610 198,951 1,010,251
St L Rocky Mt & P November
15,832,585
St Louis & San Fran October..__ 4,333,665 4,368,64 16,459,
7.080,570
0.81)5,
St Louts Southwest_ 4th wk Dec 351,000 399,
909,032 893,13 4,419.203 4,291.530
SanPedLA&SL_ November
11,655.269
Seaboard Air Line 4th wk Dec 607,20$ 567,68 12,186,771 63,496,603
Southern Pacific_ _ _ November 11890350 12651418 62,166,95
Southern Railvray 4th wk Dec 2,104,957 2,038,829 36,263,744 35,250,019
6,644,43 6,136.089
Mobile & Ohio...... 4th wk Dec 334,455 301
5 423 36 5,179,958
CmN 0Is Tex P.. 4th yrk Dec 333 516 351
2,621.389
Ala Great South_ 4th wk Dec 185 451 185 84 2 822
75.74 1.321,6-78 1,226,773
77,843
Georgia Sou & Fla 4th wk Dec
2,355.995 2.362,753
429,144 451,4
Port,Is Seattle November
Spok
65.077
47.909
2 429
Tenn Ala Is Georgia 3d wk Dec , 1,552 152:485
566,589
.6.56
Tennessee Central_ October___ 159,638
4th wk Dec 578,643 506,491 10, .759 9,907,070
&
Texas
44.251,
39,958
5,155
7.93*.
Tidewater & West_ November
724,811
706,809
51,940
39,826
Toledo Peer Is West 4th wk Dec
91.784i 2.422,846 2.112,696
95,358
Dec
Toledo St L Is West 4th wk
Union Pacific_Syst_ November 8,548,109 8,731,119 44,518,212 43,737.121
753.261
839,732
160,402 154,861
a & So West_ November
629,917 488,459 3,914,226 2,371,609
November
an
December.. 2,480,866 2,672,613 16,302,366 16,379,944
Wa.ash
652 820 640 128 3 634 294 3,197,468
Westernaryland.. November
Wheel & Lake Erie_ November.. 672,332 714,826 3,908,683 3,761,6574
133,4881
158,617
28,450
36,889
Wrightsv & Tennille November
Yazoo & Miss Vall_ December.. 1,463,343 1.146,455 6.727,512 5,692.365
Various Fiscal Years.
Current
Year.
Period.
Jan 1▪
Delaware & Hudson
N Y Central & Hudson River_e_ Jan 1
an
Lake Shore & Michigan South Jan 1
1
Erie & Western_n
Lake E
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Jan 1
Cleve Cin Chic & St Louis
Jan 1
Peoria Is Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Leland
Maryland Delaw Is Virginia .._ Jan 1
N Y Philadelphia Is Norfolk_ Jan 1
Jan 1
Northern Central
Jan 1
Phila. Belt & Washington
Jan 1
West Jersey Is Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Jan 1
Pitts Cin Chic Is St Louis
Jan 1
Vandalia,
Totallines--Eaat Pitts Is Erie Jan 1
-West Pitts Is Eni Jan 1
-All lines E Is W Jan 1
Doc 1
Rio Grande Junction
Jan 1
Rutland ...x.s.,
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Oct
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Previoits
Year.
3
31 20.280,901 18.494.276
30 107734894 100130341
30 53,452,951 49,264,241
30 5,473,088 5,309,190
30 4,014,614 3,840,862
30 33,009,000 29,860,918
30 31,017,765 29,675,873
30 3,121.510 3,084,245
30 1,298,979 1,279,564
30 18,421,547 16,585,143
30 11,280,312 11,141,205
30 5,512,646 4,921,355
30 274337306 255092987
30 170370123 159614207
285.967
326,728
30
30 3,285,685 3,012,758
30 11,317,443 10,393,430
133,103
30
146,024
30 3.627,443 3,277,955
30 12,399.150 11,705,437
30 19,433,984 18,615.097
30 6,020,926 6,032.674
30 61,237,450 57,649.612
30 5.125,284 4,976,807
30 40,845,249 39,721,635
30 10,445.329 9,764,169
30 240356821 227140382
119911216 114175419
30 360268038 341315802
31
960,300
946,699
30 3,461,00 3,313,042
ao
AGGREGATES OF GROSS EARNINGS-Woekip and Monthl
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
3
3
Mileage. Cur. Yr. Prev. Yr.
$
$
$
240,510 237,295 2411.230,551 238,6l4712 +10,595,839 4.45
March
-412,759 2.41
ad week Oct (39 roads)____ 16,663.2,02 17,075,961
240.740 236.515 24.170.143I220,981:373 +24,188.770 10.90
A
4.58
4th week Oct (42 roads)..... 24,282,094 25,448,004 -1,160,510 0.53
May
239.445 236.619 263,496.0331232.879,9701+30.616.063 13.14
-81,204
1st week Nov r6 roads)....... 15,335,437 16,416,641
June
230,074 227,242 259.703.984 242.830.546 +16,873,448 6.95
-676,159 4.12
2d week Nov 41 roads)..... 16,313,207 16,989,446
July
206.084 203.773 235,849,7641223,813.5261+12,036.238 5.38
-192,152 1.44
3d week Nov 42 roads)..... 16,527,733 16,719,886
+4.342.006 1.50
August ....-219,492 216,709 259,835,029 255.493.02
4th week Nov 41 roads)..... 19,797,281 21,095,613 -1,798.332 8.44
September 242,097 239,050 285,050,0421275,244,811l+9.805.231 3.57
0.8
let week Dec 41 roads ___ - 15.060,1r 16,069,1,43 -1,008,094 8.6i
243,690 240,886 299.195,006 300.476.017 -1.281,011 0.48
October
15,583,:3$8
2d week Dec 39 roads)..... l4,236,08 15,583:388 -1,347,604
+13,001 0.01
91,093 89,750 83,017'.
November
3d week Dec 40 roads).- 10,022,8 1 16,236,193 -1,213,315 7.4
.
December... 90.622 88.941 76.374 2 Pia° -3.022.036 3.88
4th week Dec 37 roads)___ 20,055,665 21,664.037 -1.608.372 7.8
1911. a Include' the Bosa Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District Railway from Nov. 1of which, being a Canadian
ton & Albany, the New York Is Ottawa, the St. Lawrence Is Adirondack and the Ottawa Is New York Railway, the latter
Is Indiana RR. g Ia.
road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville IspTerre Haute and Evansville City Is Ft. Dodge and
of Mason
Ohio RR.
eludes the Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Is Cincinnati Includes earnings
t Includes the Mexican International. u Includes
Wisconsin Minnesota Is Pacific. s Includes Louisville Is Atlantic and the Frankfort
Includes not only operating revenues, but also all other
the Texas Central in both years and the Wichita Falls Linos in 1912, beginning Nov. 1.
receipts. x Includes St. Louis Iron Mountain Is Southern.
THE CHRONICLE
150
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of December. The table covers 37 roads and shows
7.83% decrease in the aggregate onder the same week last
year.
Fourth week of December.
I
Alabama Great Southern
Buffalo Rochester & Pitts
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Chic New On & Tex Pacific_
Colorado & Southern
Denver & Rio Grande
Western Pacific
Detroit & Mackinac
Duluth South Shore & Atl
Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
I
Detroit Gr Hay & Milw__ __
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville& Nashville
Mineral Range
Minneapolis & St Louis
}
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico__
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western
1913.
1912.
$
$
185,847
185,451
293.638
282,328
615,000
653,900
3,306,000 3,647.000
892,343
956,430
406,357
372,549
312 006
299,597
179.310
176,459
333,516
351,640
351,255
453,447
558,400
583,500
119,600
137,900
25,204
28,115
94,507
100,172
77,843
75,749
1,722,055 1,695,339
.0.4.....h.ONWO..0. 4....M Oh.O.N.h..C.
NN.MC4h.MhO.WW.Nh.001hNO.CSONOOM.NOMMO
...C:06MMONMOW.VC:4.WWei00; Wo;
1
0.000.Nhh .4.....4.NOC..N 41t141pd,,W." "
W.W.NZ ...,,t m h
.
... . . ,
W.
4
V
Vv
1.
V
g...pooh
.
g,i1--,04
..4
6 ....4„... ......... 3
/
2
.
s ........
MOC........N.01410. 4....040.40m.U MWN.N040.......O
.
t
V.Wctftitfdg
7ggiS224i414VV: 14.'-'
14 C4 ta)
M
C.4> "2
V43 V V
V": WEP°V.'"C"a" .'. V OV415
V VW
V
W. V .
2,)
V
I V
V
00.004.0.M.VONWMWOh.N.W...h000..04.00h0M
.. .......h.44.4.0).M.ONOO.hNMO.mm,00,,0,,op
t.,.44...04.0.N.O.N.4100Nh...0,...00a4,0hMWM
. .
.
.
.
.'0 ..i..c.i ...d. .c.i.i.aad.a,..7. .ic.id.. .d.
„...........,....
. ........
. .... .).
Increase. Decrease.
$
[VOL. xcviu.
$
396
11,310
38,900
...
.,.., .,- .....
. .
.....
. . ..
...............................
............................
--rli-At--qq-mclq..."-q....Rms
'202'&92W-A"""4.411 v48
trtipi,E47."ggg
2.
341,000
64,087
CO
33,808
12,409
2,851
18,124
102,192
25,100
18,300
2,911
5,665
d
.om000mrs.w.t
,mots
momor-oovmvmoom
A ,mr-noo.o.,roonor.
0
a .OW.C.N.C.N.. 0.
b
2,094
0
26,716
aa
-440-4
moN0wot-0.0 0w0)w.r.w..0
,
w.cowoo.ro.moor-mowovio
05pl0)c04.ti14400040004040r.N.oN.
- - -. - - - - - - - - - - O'wHioow r.00.m.*mom.wow
woo00.c4 wOm..
.w
ci
...
**
.
V
1..00OWN.MNO..
1CONO.PC41
4
,00.
.MCO.0.9
3c4 REinEgicialn MMOM.Com..h.OhWONO.m.
MM.0.0.414tON
W
!:.4iggr.a.igih'iit'didiV-;4, 3
.....N.C.N.01.
T.,..c.
d a.-7,:T:gliggrej.ggi"2:?:2 .
V15
411 VV " '''''
**
-4c6
15.735
.E, ,-;
U31 .
7,158 4
.o.mr.mmm,po N mr.t,
NOM.004....MOMMWM
ommt-om..mocomcg.
Ohh.M. .N.44.400N0
O
587,912
746,836
158,924
t11000
. .^1qt1"11. r...cocluvt ep.
.
ccIvl'"
....o,mor-mo,pmnoon.0
4,-;05.m
4omM
882,739
965,408
82,669 . gm 4.. N.0.1.4.4.C. .0 N
0
SO
NM.
1,641,617 1,787.356
M N
.MO
145.739
334,455
301,240
33,215
si
a
980,261 1,869,810
d.....
889,549
eammmormog
18,469
17,376
.......,,, MNO1-....NNOhM0.00.c,
1,093
N
351,000
399.000
48.000 1g ec4 4.01.4.......N.w.wm.
4
ad
607,208
567.683
39.525
-.0
0
... N
2,104,957 2,038,329
4 ..34:1
66,628
578,643
596.491
17,848 .. 1
39,826
51,940
12,114
95,358
1
91,704
3,654
g . FOgggZO4=41g="14argggrAg84=g8n
5.4,immoo4.4......0..N.W4.4.000. ...,
,
Total (37 roads)
..xoc
C.ht
20,055,665 21,664,037 384,430 1,992,802 '0
0.,PC..004.00...., es2= 4 0 t
Nat deereaRA (7.R30
/..)
1 AAR 979
.; ,..
•-;
‘ IIV
1
•P
+3
Net Earnings Monthly to Latest Dates.
-The table i.4,0 MNMOMOCht-0.t0hOMONt..VMNW*4e9000VMM000000
following shows the gross and net earnings of STEAM Ca L4 2ging82g2g2gAR=gtqrattilggilMAIUgg
ult Nt'.,40.
4
,4 1,....000,s/sAt•. 0,..OVV,-tvt.Q0.
railroads, and industrial companies reported this week:
V 1 "41
,
4
292,000
333,000
360,122
269,233
1,456,205 1,438,576
24,240
8,505
208,452
201,294
41,000
144040
90.889
17,629
CC 04)5
v-1
.540
440
. •
.,... . •. .
r•I
VV
V
-Gross Earnings-- -Net Earnings
,,,m,,,kom,p0m0001...ONOW•1
Previous
00t.t .0M
.
.
Current
Current
,
10h01,
Previous
11
40,MNOOMOCVMWOOMM[s.1,.r.C4..,...w.40,,
O I
.
Roads.
Year.
Year.
Year.
Year.
,0
.
40
. .0../CI N, •Vr 00 CIV N Cs10 0
0
.
-4
.
.
Cl
.
V
CO atCI Ul V .t 00. Vt•-..0 V V.C1.0,
,
4) 3C1
$
$
$
$
1..1690; cjoeioSecoocv.omoimi,:o.N.i.Somp:m4o6c6,-4,:
.11.-.04.0000OhOON..044Mmm
Bangor & Aroostook_b_Nov 327,881
287,019
119,436
103,614
1d 6-. ''
4 0
July 1 to Nov 30
1,485,634 1,327,807
516,544
455,779
4g
Al
Central of N. J_b
Nov 2,570,054 5,584,591 1,028,573 1,092,754
,
er-oom
8
3
0 4 050oo-dommr-mon.-.0t.”1 N00Ot-a2,00. 40 7E 05 vq0,
July 1 to Nov 30
13,740,417 14,021,459 5,68.1,256 6,364,263
an,wmouF.avaralgligiwri.ggNngs
Chesapeake & Ohio_ b__Nov 3,017,989 2,931,315
936,289
862,042
. ,„
•,,-.6
A., L. 0.,,,-,.:,,;,.:.e,-,...,:ce,,,.t.........6e........4...0..e;tz4t.
............,.==8,1;.„2.4
July 1 to Nov 30
15,462,128 14,987,638 5,122.165 5,017,169
m - .......0,...t.. .0
Chicago & Alton_a
Nov 1,193,749 1,361,185
s83,053 s185,626
'T
July 1 to Nov 30
6,771,024 6,943,319 s1,214,189 s1,662,454
el
O
o:Naeocom..Nmoo.ymao.Nyooi 8
.
;
c
my m=o:
poi 1
Chicago Burl & Qu_b__Nov 8,296,282 8,617,535 2,957,744 3,667,208
.4044,4.4y
4.WMO C,I.MMW000.0yM.MNOo000NO.,0y
C-?
OD..tseNel.WW01,WMOWNI.C.NMMYYM.VCOC-OMhteN
N.-4
•
July 1 to Nov 30
43,565,412 42,585,271 16,446,801 17,003,680
..-400,00.o-v.ocoNnoocee...te-concsmNN,
roccom.n.t.r.Nocbto .
Chicago Ind & Loulsv_b_Nov 596,322
t2 e,m...mr-Nmooev7eme
,..
588,531
166,714
177,242 ,
4
. .
tvn ..
timo.
in Nr-coomoot-a.N000coo ”5en
44
July 1 to Nov 30
3,125,795 3,073,278
966,692
996,581
g
',id •-. 44c.; ui
'
Denver & Rio Grande.a.Nov 2,202,365 2,322,695
667,724
789,535
.
' g
July 1 to Nov 30
11,314,810 11,522,007 3,203,821 3,508,250
elmocioc.amommor-.0000.vmm,
poomor-momos
.5.
Western Pacific_ b___Nov 559,604
560,284
117,460
n'0i40AIM4g325=122=7.W. gWag2g8n2Z
176,024
4
July 1 to Nov 30
3,112,008 2,850,385
884,453
948,284
9
.....N......e........... ,...,
..,,,
.4.N.(0..fet .0. .M .01q
Duluth So Sh & Atl_b__Nov 262,285
.... ,,
t-...m.00CIMM.
.
.
264,787
45,128
33,590
C'S..
g
July 1 to Nov 30
1,582,606 1,476,942
336,049
.C..444:N ui
322.965
N
CI
Grand Trunk of Canada
t it it it :t it it it :t :t it :t it :t :t it :t :t : g
Grand Trunk Ry
Nov 3,523,346 3,534,539
710,509
713,672
July 1 to Nov 30
19,352,853 18,666,920 5,298,058 4,831,360
Grand Trunk West'n_Nov 574,247
618,045
74,701
97,087
t v.' t :t213,t8ttlt-;t c2.tat,;tWtcdtti
.
July 1 to Nov 30
3,100,933 3,044,482
439,202
544,562
Det Gr Hay & Milw__Nov 241,865
243,325
31,632
45,745
July 1 to Nov 30
1,132,921 1,096,909
126,528
104.387
Canada Atlantic
Nov 200,986
223,372
14,356
40,878
.Ult
5'S .41B
"O r1. 1 5a
5 .
'''5 "''p4
July 1 to Nov 30
'0
1,066,735 1,078,902
98,545
165,459
Great Northern_ b
Nov 7,534,281 7,921,727 3,704,749 4,209,218
›.ozaizzzxuaa3 zzzatz
July 1 to Nov 30
39,427,161 37,562,273 18,899,377 18,492,224
Hocking Valley_b
Nov 651,915
688,796
185,449
259,700
Interest Charges and Surplus.
July 1 to Nov 30
3,708,188 3,576,870 1,375,477 1,417,028
Lehigh & New Eng_bNov 169,148
156.584
-Int., Rentals, ctc.- -Bal. of Net Earns.
74,622
72,736
July 1 to Nov 30
792,324
755,600
Current
343,102
Previous
364,988
Current
Previous
Year.
Year.
Roads.
Year.
Louisiana & Arkansas_ _Nov 148,971
Year.
138,274
49,170
47,928
$
$
July 1 to Nov 30
$
731,663
681,893
$
252,916
223,152
110,623
Louisville & Nashv_b__Nov 5,310,447 5,154,110 1,439,734 1,533,532 Bangor & Aroostook_ __Nov 113,047
520,614
x18,554
561,289
563,720
July 1 to Nov 30
July 1 to Nov 30
26,452,686 24,872,009 7,318,909 7,182,833
x50,378 zdef4,032
492,031
Nov 631,362
Mineral Range_ b
Nov
21,112
71,139 def6,389
397,211
20,584 Central of N J
600,724
2,863,536 2,713,205 2,817,720 3,651,058
July 1 to Nov 30
July 1 to Nov 30
145,446
358,194 def19,167
72,336
740,114
710,065 x320,750 z279,206
Nashv Chatt & St L_b_Nov 1,107,316 1,131,081
273,037
263,327 Chesapeake & Ohio_ _ _ _Nov 3,695,773
3,535,317 51,895,494 x1,932,851
July 1 to Nov 30
July 1 to Nov 30
5,396,347 5,522,901 1,151,072 1,298,926
.Nov 587,254
575,983 c167,799 c309,442
Norfolk & Western_ b__Nov 3,675,055 3,550,503 1,224,435 1,258,967 Denver & Rio Grande,.
2,905,876 2,764,614 c830,619 c1,181,929
July 1 to Nov 30
July 1 to Nov 30
19,654,449 18,572,426 6,487,834 6,794,616
112,080 zdef52,672 zdef78,092
Pere Marquette_a
Nov 1,439,060 1,548,917
56,365
103,798 Duluth So Sh & Atl____Nov98907
519,307
July 1 to Nov 30
July 1 to Nov 30
7,375,756 7,683,202
783.344 1,573,867
505,390zdef168,268.zdef176,008
137,362
Rio Grande Southern.b.Nov
Nov 10.5,586
Hocking Valley
65,912
62,366
30,302
28,425
x91,161 x199,274
650,510
July 1 to Nov 30
658,903 5826,150 z999,311
316,280
July 1 to Nov 30
287,960
110,150
79,795
30,617
St L Iron Mtn & So_a_ _Nov 3,029,830 3,081,465 1,088,076
24,387
Louisiana & Arkansas_ _Nov
980,153
18,554
23.543
143.890
July 1 to Nov 30
128,243
14,339,040 14,676,247 4,527,390 4,154,681
July 1 to Nov 30
109,026
94,909
11,961
St L Southwestern_a_ _ _Nov 1,264,651 1.244,168
Nov
12,382 x(1E116,155
357,737 Mineral Range
364,025
z9,772
59,550
July 1 to Nov 30
62,014 rdef76,462
July 1 to Nov 30
5,744,953 5,799,570 1,382,823 1,831,204
x12,599
Texas & Pacific_ b
Nov 519,141
455,897 5878,153 x975,567
Nov 1,956,299 1,953,760
656,938
656,014 Norfolk & Western
2,443,687 2,298,209 54,413,282 x4,982,644
July 1 to Nov 30
July 1 to Nov 30
8,203,943 8,060,077 2,317,222 1,799,290
20,033
Virginian Rya
Nov 629,917
19,397
488.459
x10,376
289,996
196,679 Rio Grande Southern __Nov
x9,131
100,441
July 1 to Nov 30
July 1 to Nov 30
96,834
3,014.226 2,371,609 1,397,142
x10,844 zdef13,812
957,807
608,275
Waba,sh_b
621,231 z419,280 x396,777
Nov 2,573,821 2,742,492
517,723
631,228 St L Iron Mtn & So_ _ Nov 3,400,096
July 1 to Nov 30
3,191,371 x1,309,418 51,114,922
13,821,500 14,207,331 3,612.616 3,945,746
July 1 to Nov 30
249,750
232,000 z189,101 x215,977
Western Maryland
640,128
Nov 652,820
39,256
171,386 St Louis Southwestern Nov 1,237,400
1,135,480 x547,550 x1,073,755
July 1 to Nov 30
July 1 to Nov 30
3,634,294 3,197,468
646,467
827,945
INDUSTRIAL COMPANIES.
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
Year.
Year.
Companies.
Year.
Year.
$
$
$
$
$
$
$
$
Southern Utilities_a__ .Nov
71,715
14,593
6,463
Nov
Southern Utilities
Apr 1 to Nov 30
621,703
175,151
8,129
44.919
April 1 to Nov 30
130,232
a Net earnings here given are after deducting taxes.
b Net earnings hero given are before deducting taxes.
c These figures are after allowing for other income and for discount and
s After allowing for miscellaneous charges to income for the month of exchange. The sum of $10,000 is deducted every month from surplus
Nov. 1913, total net earnings were $15,689, against $122,425 last year, and and placed to the credit of renewal funds and $10,000 is also credited_to'
for period from July 1 to Nov. 30 were $890,574 this year, against $1,- Refunding Mortgage Sinking Fund.
382,982 last year.
z After allowing for other income received.
a a.
a a.
z
0.....,....,-.m
a
.
.
a
a.
.
,,,,n
..
a.
zgzeT4c9zgzgzgzgzgxgxgzgzgzgxgzgzgzgzg3
"i Azgxgz.z44z4z5xuzzozgz
:›a
.x4,
z(ext1U
=21,2424s42.2E-s42.2.2274ses.ssTivassosi
a,
4_,,,....„,, -1......„..„..11.....,.-.0......_
,
•
EXPRESS COMPANIES.
-Month of September- -July 1 to Sept. 301912.
1913.
1912.
1913.
8
$
$
$
Express Co.Adams
Gross receipts from operation 3,119,687 2,929,112 8,811,822 8,577,640
1,639,918 1,520,574 4,488,199 4,326,410
-Dr
Express privileges
Total operating revenues_ 1,479,769 1,408,538 4,323,623 4,251,230
Total operating expenses_ _ _ _ 1,410,145 1,338,641 4,242,160 3,890,279
Operating income
69,624
16,538
69,896
17,337
53,085
Net operating revenue_ _ _ _
One-twelfth of annual taxes_
52,558
-September
1912.
1913.
$
Great Northern Express Co.
301,085
Gross receipts from operation 319,546
180,358
191,268
-Dr
Express privileges
81,463
48,233
360,951
50,605
33,229
310,345
July 1 to Sept. 301913.
1912.
970,993
580,870
964,106
577,548
Net operating revenue_
One-twelfth of annual taxes_
Operating income
128,278
92,103
120,726
87,001
390,122
279,169
386,558
258,033
36,175
4,181
33,724
4,916
110,953
12,609
128,524
14,675
31.993
Total operating revenues
Total operating evenses
28,808
98.343
113.849
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
American Rys Co_ __ November_ 436,509 404,223 4,761,397 4,439,661
337.144
349,307
Atlantic Shore Ry___ November.. 25,797 22,756
C Aur Elgin & Ch Ry_ November 164,571 155,213 1,842,370 1,757,672
588,014
633,070
Bangor Ity & Elec Co October _ __ 68,454 62,964
132,995
146,742
Baton Rouge Elec Co November
15,481 12,494
484,751
564,735
)
13eltL Ry Corp
63,111 53,174
(NYC September
76,026 72,620
Berkshire Street Ry_ November
Brazilian Trac, L & P November 1959,267 1773.623 21,537,429 18,728,477
8,051
7,671
112,160
Brock & Plym St Ry_ November
116,715
Bklyn Rap Tran Syst September 2104,796 2044,553 18,749.006 18,268,137
34,849 34,563
Cape Breton Elec Ry November
344,781
325,789
Chattanooga By & Lt October_ 99.358 95.580 1,007.520
877,927
30,187 30,862
Cleve Painesv & East November
392,397
370,525
98,489 100,352 1.149,871 1,084,979
Cleve Southw & Col_ November
58,858 47,937
551,732
492,187
Columbus(Ga)El Co November
Com'th Pow By & Lt November a288,996 149,420 a1,816.752 1,065,318
Coney Isl'd & Bklyn_ September 144,544 145,432 1,323,363 1.248,685
Novmeber 624,272 606,441
Connecticut Co
Consum Pow (Mich)_ November 291,035 263,903 2,830,186 2,490.440
204.249 176.976 1,954,444 1,776,462
Cumb Co(Me)P & L October
Dallas Electric Corp_ November 198,259 163,751 1.989,584 1.647,321
Detroit United Ry___ 3d wk Dee 205,373 215,290 12.349,151 11,310,753
DDEB& Batt (roe) September
49,314 49,603
464,692
451.750
Duluth-Superior Trac November 109,263 91,687 1.165,828
980,113
East St Louis & Sub_ October__ _ 248.966 227,088 2,216,894 2.000,224
El Paso Electric Cos .November 80,761 75,011
712,092
799,159
Federal Light & Tra, October_
194,206 184.087 1.909,848 1,745,741
42d St M & St N Av( September 161,522 158,429 1,410,776 1,330,829
Galv-Hous Elec Co_ _ November 211,612 181,074 2.169,504 1,844,264
Grand Rapids Ry C( November 100,791 100,776 1,172,618 1,126,610
Harrisburg Railways_ November
836,927
905,694
79,953 73,921
Havana El Ry,L & P
Railway Dept__ _ _ Wk Jan 4 55,914 53,645
Honolulu Rapid 'Fran
& Land Co
463.717
October.._
612,553
52.044 49,243
281,085
272,020
Houghton Co Tr Co November
21,701 24,110
Hudson & Manhattan September 297,323 281,908 2,749,451 2.656,145
Illinois Traction_ _ November 729,946 679,483 7,188,041 6,784,818
Interboro Rap Tran_ November 2821,496 2811.523 29,724,422 29,169,811
58,235 17,214
513,913
Jacksonville Trac Co November
615,138
Lake Shore Elec By November 105,942 104.789 1,299,534 1,213.814
Lehigh Valley Transit November 191.199 184,852 1,587,643 1,394,536
51,794 47,844
Lewis Aug & Watery_ November
570,672
626,801
Long Island Electric_ September
21,372 20.301
173.213
193,889
Louisville Railway.. _ November 260,943 258,437 2,950.955 2.860.133
Milw El Ry & Lt Co_ November 521,558 494,081 5,480,379 5,165,252
Milw Lt I1t & Tr Co_ Novmeber 120,429 96,397 1,326,706 1,139,350
83,639 70.714
Monongahela Val Tr_ November
872,470
776,165
Nashville Ry & Light October__ _ 204,178 180,608 1,819,692 1,704,796
53,553 41,697
N Y City Interboro__ September
454,572
330.598
38,801 38,766
316,871
N Y & Long Is' Trac_ September
299,392
16,075 15,326
124,837
N Y & North Shore__ September
116.938
N Y & Queens Co . September 117,682 117,054 1,056,620 1.007,775
New York Railways_ November 1138,477 1154,418 12.975,031 12,690,755
33,791 23,722
N Y Westches & Bos_ November
24,312 24,705
N Y & Stamford R_ November
15,830 15,856
158,357
152.037
Northam Easton &'W October_ _ _
Nor Ohio Trac & Lt_ November 265,097 239,141 2,989,155 2,736,156
North Texas Elec Co November 197,719 169.150 1,947,322 1,619,828
28,844 29,170
340,700
317,324
Northw Pennsyl By. November
14,106 13,107
136,171
Ocean Electric (L 1')_ September
126.021
Paducah Tr & Lt Co _November 26,659 25,550
267,042
258,657
Co November
22,696 24,560
Pensacola Electric
259,466
261,591
Phila Rap Trans Co. November_ 2018,496 2008,400 22.099,068 21,217,176
Port(Ore)By L&PCo October__ 574,524 565,839 5,540.021 5.484,589
Portland (Me) RR__ October_ -- 82,620 79.415
881,335
828.288
Puget Sd Tr. L& P_ _ October..... 744,519 715,378 7,070.311 6,877,900
Republic Ry & Light November_ 251.259 233.071 2,700.561 2,391.040
Co_ _ _ _ November 412,576 409,313
Rhode Island
StJoseph(Mo)Ry.Lt.
Heat & Power Co_ November 110.092 100,787 1,134.071 1,068,965
Santiago Elec Lt & Tr November_ 38,326 32,490
417,312
367.289
71,497 63,440
Savannah Electric Co November
752,864
678,608
92,238 89,382
Second Avenue (rec)_ September
737,764
792.643
18,934 14,736
Southern Boulevard_ September
156,135
110.289
75,743 62,146
Tampa Electric Co.._ November
761,833
687.038
September 339,394 318,677 3,040,125 2.858,399
Third Avenue
Twin City Rap Tran_ 3d wk Dec 175.697 167,303 8.599,741 7.966,009
Underground Elec Ry of London
London Elec Ry Wk Dec 27 .£13,780 £13,460 £711.595 £710,625
Metropolitan Dist_ Wk Dec 27 £12,705 £12,200 £675,747 £656,857
London Gen Bus Wk Dec 27 £54,078 £52,607 £3,204,390 £2,689,407
Union Ry Co of NYC September 231.043 218,122 2,074,877 1,912.643
United Rys of St L November 1062.951 1029,746 11,605,532 11,201256
Virginia Ry& Power_ November_ 429.332 406,832 4,587,826 4,252,930
Wash Balto & Annap November_ 67,724 67.921
763,121
718.293
50.539 50,580
Westchester Electric.. September
457,242
448.919
19,655 18,369
Westchester St RR_ _ November
November 215,819 194,766 2.309,237 2,056.530
Western Rys & Light
Wisconsin Gas & Elec November_ 68 372 65,025
681,511
620,634
60.834 63.302
Yonkers Railroad__ _ September
622.618
547.917
October... 69,278 65,183
York Railways
631,341
589,092
21,548 20,040
Youngstown & Ohio_ November
231,708
219,420
15,063 14,611
& South,October
Youngstown
144,481
139,307
a Includes earnings from May 1 1913 only on the additional stocks
acquired as of that date.
c These figures are for consolidated company.
Electric Railway Net Earnings.
-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
151
THE CHRONICLE
JAN. 10 1914.J
Roads.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Berkshire St Ry-See under NYNH& Hartford RR.
Connecticut Co.
-See under NYNH& Hartford RR.
338,677
268,465
986,040
Detroit United Ry b__ _Nov 973,760
11,735,707 10,677.740 3,756,758 3,633,127
Jan 1 to Nov 30
43,923
104,789
Lake Shore Elec a
Nov 105,942
36,606
522,578
Jan 1 to Nov 30
529,212
1,299,534 1,213,814
153,261
153,371
494,081
Milw Elec Ry & Lt a__ _Nov 521,558
Jan 1 to Nov 30
5,480,379 5,165,252 1,558,733 1,521,369
31,235
96,497
44,927
Milw Lt Ht & Trac a_ _ _Nov 120,429
409,120
Jan 1 to Nov 30
496,702
1,326,706 1,139,350
342,659
328,077
Nov 1,138,477 1,154,417
N Y Railways a
Jan 1 to Nov 30
12,975,031 12,690,755 4,072,877 3,880.654
N Y & Stamford Ry.-See under N YN H & Hartford RR.
N Y Westchester & Boston-See under NYNH& Hartford RR.
8,470
8,552
29,170
Northwestern Penn Ry_Nov
28,844
99,365
97,842
317,324
Jan 1 to Nov 30
340,700
Rhode Island Co
-See under NYNH& Hartford RR.
United Light & Rys204,975
Subsidiary Cos
204,737
Nov 527.131
479,026
Dec 1 to Nov 30
5,999,052 5,260,105 2,421.942 2,161,941
328,266
United Rys of St L a__ _Nov 1,062,951 1,029,746
254,727
Jan 1 to Nov 30
11,605,532 11.201,256 3,212,405 3,440,156
Westchester St RR-See under NYNH& Hartford RR.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c. -fiat, of Net Earns.
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
Nov 172,368
175,941 z120,032 z180,512
Detroit United Ry
1,973,513 1,945,832 22,006,649 z1,876,484
Jan 1 to Nov 30
35,083
Nov
1,519
35,087
8,839
Lake Shore Elect
384,584
142,800
386,412
137,994
Jan 1 to Nov 30
z92,480
z99.204
59,623
Nov
65,361
Milw Elec By & Lt
688,428 z904,167 z890,632
697,150
Jan 1 to Nov 30
x37,812
z22,001
54,386
52,271
Milw Lt Ht & Trac_ _ __Nov
618,089 z421,403 z315,232
571,979
Jan 1 to Nov 40
r87,544 z108,668
278,915
New York Railways_ _ _Nov 277,162
2,622,034 2,622,404 z1,794,193 :1,635,690
Jan 1 to Nov 30
United Light & Rys109,479
100,151
95,496
Nov 104,585
Subsidiary Cos
1,205,685 1,111,678 1,216,257 1.050,263
Dec 1 to Nov 30
z43,541 z110,177
223,798
United Rys of St Louis_Nov 217.617
2,428,438 2,472.540 z860,882 :1,025,705
Jan 1 to Nov 30
Roads.
z After allowing for other income received.
ANNUAL REPORTS.
Southern Pacific Company.
(Report for Fiscal Year ending June 30 1913.)
On subsequent pages is given at length the report of the
board of directors, signed by Julius Kruttschnitt, Chairman
of the Executive Committee. Below are the principal traffic
statistics and comparative income account for four years,
compiled for the "Chronicle."
TRAFFIC STATISTICS.
1909-10.
1910-11.
1912-13.
1911-12.
9,752
10,311
9,895
9,970
Aver. miles of road
Passenger traffic
Rail pass. carried, No.... 23,053,383 22,185,607 22,059,747 21,196,324
Rail pass. carried 1 mile1688808,684 1647276,215 1656268,036 1644879,342
44.93
44.32
45.22
43.67
-all pass_
Av. miles car.
$0.98
$1.00
80.98
$0.98
Av. rcts. from each pass.
Av.rcts. per pass. per m_ 2.248 cts. 2.208 cts. 2.215 cts. 2.188 cts.
$4,554
$4,570
$4,469
$4,549
Beets, per m. main tr'kc
$1.89
$1.78
81.65
$1.64
Rects. per rev. tr. m.a_ 77
69
65
63
Pass. miles per rev. tr. m.
Freight traffic
Tons carr. rev. freight..- 31,642,587 26,950,150 26,145,241
*6,807,434 *7,024,407 *7,511,658
Tons cam co's freight
Tons carr. 1 m. all 11.1_8334235,773 7331514,158 7479204,761 7972042,808
755,166
816,477
734,797
-all fr't_c807,811
Tons per m.
232.04
228.03
222.30
Av. m. hauled-rev.frt.
$7.190
17.123
$7.583
Frt.rev, per m.main trkc
82.75
$2.66
$2.50
Av. rec'd from each ton_
1.168 cts. 1.186 cts.
Av.p.ton p.m.-rev.fr't. 1.123 cts.
Recta. per rev. tr. m.
..
$4.51
$4.42
$4.33
commercial frt.(b)(c)
Ton miles per rev. tr. m.
all frt. (aver. tons per
476.03
473.93
455.73
460.84
train)(b)(c)
Ton miles per traf. m.,all
387.55
388.76
368.11
(c)
379.91
frt.(av.tons per tr.)
20.86
30.45
20.06
21.32
Tons pioad.car m.-all(c)
(a)Based on revenue passenger and all mixed train miles, including miles
run by motor cars. (b) Based on revenue freight and all mixed train miles,
(c) Based on rail lines only.
* Includes tonnage of material carried for construction of additional
main tracks and new lines, for which a charge is made, this being included
in commercial freight in previous years.
INCOME ACCOUNT.
1909-10.
1910-11.
1911-12.
1912-13.
3
42,389,837 40,269,238 40,814,399 40,I44,856
Passenger receipts
6,550,034 6,213,184 6,312,718 6,090,385
Mail, express, Sze
80,141,499 72,648,092 73,677,293 77,018,554
Freight
1,170.110
1,106,618
1,302,542
Other than transport'n_ 1,272,323
Outside opers.-revenue 12,421,012 11,092,115 10,709,511 10,498,702
142,774,705
Total revenues
Maint. of way & struc... 15,589,027
19,295,725
Maint. of equipment
3,115,079
Traffic expenses
Transportation expenses 40,408,954
3,726,325
General expenses
Outside oper.-expenses 10,734,300
5,697,286
Taxes
131,525,171
14,464,207
16,318,141
3,201,367
38,270,811
3,397,583
10.838,937
5,621,239
132,620,539
15,889,130
15,312,206
2,947,064
36,524,585
3,848,675
10,483,554
4,850,347
135,022,607
16,098,705
15,808,391
2,481,186
35,658,046
3,467,706
9,750,814
4,519,374
98,566,696 92,112,282 89,855,561 87,784,222
Total
Net operating revenues_ 44,208,009 39,412,888 42,764,978 47,238,385
11,742,172 8.852,519 6,735,189 11,030,065
xOther income
Gross corporate inc- - 55,950,181 48,265,408 49,500,167 58.268,450
152
1912-13.
1911-12.
xInt., sink. fund, &c___ 26,1,461 24,783,100
Rentals for lease rd.,&c..
702,030
142.307
xLand dept. and South.
Pac. Co.exps.& taxes.
755,138
841,863
Add'ns & betterm'ts___
71,219
25,233
Surveys
286
95,692
Res.for depr.rolling stk.
978,239
854,061
Total
29,082,374 26,662,255
Balance for dividends
26,867,807 21,603,153
Divs, on corn. stk.(6%) 16,360,344 16,360,344
Div. paid Oct. 1 1909 on
corn. stk. exchd. for
pref. stk. and cony.
bonds between July 1
and Oct. 1 1909
Divs. on stock of prop.
cos. held by public_ _ _
588
843
THE CHRONICLE
1910-11%
190940.
21,512,347 21,027,523
871,031
123,034
28.215
866,548
738,294
511,820
46,322
527,595
23,411,175 22,851,554
26,088,992 35,416,896
16,360,342 16,359,679
878,214
1,084
454
Total
Balance,surplus
16,360,932 16,361,187 16,361,426 17,238,347
10,506,875 5,241,966 9,727,566 18,178,549
For details in the years 1912-13 and 1911-12 see a subsequent page.
x
GENERAL BALANCE SHEET JUNE 30.
1913.
1912.
1913.
1912.
Assets
Liabilities
Stocks dr bonds
Common stock.272,672,406 272,672,406
owned
e399,721,147 379,704,318 Preferred stock..
3,325
Bay Sh. Term's
Bonds (see "Ry.
& 0th real est. 38,816,965 37,998,537 & Ind." Sec.)140,581,910 140,587,410
Timber plants,
1-yr. 5% notes.. 20,000,000
saw-mills, &c.
349,880 Equipt. tr. cents. 5,000,000
361,700
Lands and other
Coup.July 1,&c., 3,382,448 3,442,052
investments__ 3,139,287 2,859,564 Accrued int. on
Steamship, &c..
bonds & loans 4,949,999 4,608,183
equipment__ 13,805,599 13,757,105 Divs.due-unp'd.
21,695
29,718
Rolling stock.... _ 27,231,606 20,217,267 Divs.due Apr. 1
Advances to othon S.P.Co.stk. 1,899,750
er companies.. 86,684,796 89,343,293 Divs. due July 1
Cash and deand Oct. L._ 8,180,172 8,180,172
mand dep.,&c 18,509,077 10,668,075 Trait.& car bal. 1,060,710 1,007,090
Loans and notes
Union Pac. RR
12,000,000
receivable __ 1,089,176 1,167,199 Vouchers and
Agents and conpayrolls
9,685,312 7,531,341
ductors
1,688,356 1,495,943 Accrued taxes
645,233
548,104
Accr'd Inc. on
Individ'is dr cos. 3,507,853
458,208
securities
2,370,072 2,261,059 Other def. credit
Individ & corp's 3,363,128 2,626,585 items
127,425
174,332
U. S. Govt......791,766
805,268 Proprietary cos.m75,238,708 87,144,163
Mater'ls ec supp. 12,077,284 11,651,972 Insurance funds. 5,394,472 5,278,427
U. P. RR. boad
Res.for roll. stk. 2,808,344 2,021,814
pur. notes.
23,740,362 Floating equip't
Miscellaneous__
44$
635 replacem't fd. 6,326,999 6,434,380
Special depositUnadj. accts.,&c., 4,268,696 3,124,671
equipt. trust.. 2,490,517
Profit and loss 75,948,703 66,839,198
Proprietary cos_ g21,909,210 17,164,269
San Ant& Aran.
Pass Ry
r2,641,871 1,845,607
0th. debit items
361,259
379,520
Unex bond disct.
598,138
Colorado River
crevasse
4,049,435 4,049,435
Total
641,700,835 622,085,894
Total
641,700,835 622,085,894
e The principal changesin stocks
-compare V. 96 p. 570, 571-(a11 increases) were: Burr's Ferry Browndel & Chester Ry. Co. $80,000 (total
issued); Fresno Traction Co., $5,000,000 (total issued); Pacific Mall SS.
Co.. $1,070,000 (total owned $11.080.000); San Jose & Santa Clara RR.
Co., $5,000,000 (total issued); Portland Eugene & Eastern Ry., $508,800
(total issued); and Kern Trading & Oil Co., $6,000,000 (total issued $7,000,000. all owned). The principal changes in bonds were: Texas & New
Orleans RR. 1st M. Sabine Division, $2,563,000 (total issued $2.572,000,
all owned); Kern Trading & 011 Co., debenture, $5,500,000 (total issued);
Northwestern Pacific RR. 1st & ref. M., 35,510,000 (total issued $17.708,000, all owned); Pacific Electric Ry. ref. M., $2,152,000 (total owned
$17,748,000). all increases. and Los Angeles Interurban Ry., 1st M.,
$1,610,000 (decrease), none being now owned.
g The accounts due by proprietary companies in 1913 were: Arizona
Eastern RR.,$2,412,182; Galveston Harrisburg & San Antonio Ry., $12.935,705; Morgan's Louisiana & Texas RR. & SS., $1,781,003; Oregon &
California R.,$2,638,778; Texas & New Orleans R.,$899,838; miscellaneous, $1,241,705.
m The accounts due to the proprietary companies in 1913 were: Central Pacific By., 319,697,615; Southern Pacific BR., $51,688,671; miscellaneous, 33,852.421.
Includes 33,898,000, face value, S. A.& A.P. Ry.income 4% bonds
at 5% of their face value.
-V.97. p. 1584, 1427.
Lehigh ds New England Railroad
(19th Annual Report-Fiscal Year ending June 30 1913.)
Prest. S. D. Warriner, Phila., Oct. 27, wrote in subst.:
Stock.
-The authorized capital stock was increased from $3,000,000 to
$7,500,000, and the amount outstanding from $1,000,000 to $4,145,000,
the new stock being sold at par to provide funds for the retirement offunded
and unfunded debt.
Debt.
-General mortgage bonds of $2,885,000 outstanding, together with
$529,000 held in the treasury, were retired and canceled in January 1913
(the mortgage being satisfied of record), and unfunded debt of $700,000 was
paid off, all through the sale of capital stock referred to above.
In Feb. 1913 3550,000 equip. trust Series "C" certificates were issued
for the purchase of additional locomotives and rolling stock. The certificates mature $35,000 annually on Feb. 1 from 1914 to 1927 and $60,000
on Feb. 1 1928(V. 96, p. 63).
Road and Equipment.
-There has been invested on this account $628,225.
chiefly for acquisition of additional locomotives, cars and other equipment
under equipment trust agreement.
Mileage.
-During the year we completed the branch from Danielsville
to Tamaqua,Pa., 31.85 miles, and thereupon secured trackage rights over
the Panther Creek RR.of the Lehigh Coal & Navigation Co.from Tamaqua
to Hauto, Pa., 6 miles and over the N. Y. Susquehanna & Western RR.
from Hainesburg Junction to Little Ferry N.J., 79.5 miles, which trackage
gave us a through route from the anthracite fields of the Schuylkill and Lehigh regions to the New York tidewater, in addition to direct connection
with the New England markets secured by trackage rights over the Erie
RR.from Pine Island Junction to Campbell Hall, N. Y., 16.84 miles. The
operation of this increased mileage has proved not only profitable to your
company, but greatly beneficial to the region served, by increasing transportation facilities and by inaugurating a keener competition in railroad
business. There is now under construction a further extension from Clyde
to Catasauqua, Pa.,5.3 miles (V.97, p. 1583, 1663; V. 95,p. 111, 1403).
Outlook.
-The expansion of the operations of the comapny during the
fiscal year just closed has been abnormal, but with a continued vigorous
development of the business tributary to your lines, the propsects of a normal and consistent growth are excellent. In common,however, with other
railroads, the company has been called upon to meet higher charges for
taxes,labor and supplies, without a corresponding increase in rates for transportation.
(On or about Dec. 1 1913 an increase of indebtedness from $7,500,000 to
$10,000,000 was authorized. V. 97, p. 1663.1
EQUIPMENT STATISTICS JUNE 30 1913.
Locomotives. Pass.Tr.Cars. Fr't Tr. Cars. Work Equip.
Total.
32
39
2,108
8
2,187
CLASSIFICATION OF FREIGHT
-PRODUCTS OP (TONS).
Agricul. Animals.
Mines.
Forests.
Mani; Mdse.
f.
,&c.
1912-13_36,730
19,182
1,675,917
78,593
961,631
86,112
1911-12_26,078
18,610
896,993
17,683
794,018
56,958
Products of mines include in 1912-13 780,297 tons of anthracite coal and
537,020 tons of bituminous, against 302,650 tons and 342,578 tons, respectively, in 1911-12.
[VOL. xcvm.
INCOME ACCOUNT FOR THE YEAR ENDED JUNE 30.
1912-13. 1911-12.
1912-13. 1911-12.
Miles oper. June 30_
268.75 169.77 Net oper. revenue.... $830,745 $292,942
Freight earnings_ __$1,756,475 $845,726 Accrued taxes
29,700 22,000
Passenger
11,653 12,473
Mall, express, &c_ _ _
4,934
12,547
Net oper. income_ $801,045 $270,942
Other than transp
6,158 Hire of equipment
13,109
Credit balance
25,603
Total oper. rev_ _$1,793,785 $869,292 Int., joint facll.,&c_
2,497
837
Expenses:Maint. way & struc_ $249,045 6133,657
Gross income_ _ -- $803,543 $297,383
Maint. of equip......_ 204,237 140,053 Hire of equipment_ $31,045
Traffic expenses_ ......
16,659 13,983 Joint facility rents.. _ 108,320 $23,476
Transportation exp.. 447,806 251,298 Miscell. deduc'ns_ _
15
2
General expenses..
45,293 37,359 Interest on bonds__ 275,310 265,193
Other interest
20,254
9,008
Amort. disct. on bds.
10,416
9,694
Total open. exp.... $963,039 $576,349 Total deductions.. $445,359 $307,374
P. o. exp. to earns... 53.69% 66.31% Balance,sur.or def_sur$358,184def.$9,992
GENERAL BALANCE SHEET JUNE 30 1913.-(1) ASSETS
Road and equipment investment to June 30 1907, $4,777,652;
Investment since June 30 1907, 34,386,333; total, $9,163,985;
less reserve for accrued depreciation, $306,579; balance
$8,857,465
Securities of proprietary, affiliated and controlled companies,
pledged,$73,439; unpledged,$1,562; total
75,061
Advances to proprietary, affiliated and controlled companies for
construction, equipment and betterments
23,09$
Cash, $104,907; securities issued or assumed, held in treasury,
$20,000; marketable securities, $3,280; traffic and car service
balances due from other companies, $165034; net balance due
from agents and conductors, 3112,693; miscellaneous accounts
receivable, $85,160; materials and supplies, $146,444; total
637,519
Working funds, $3,000; insurance paid in advance, $2,860; unextinguished discount on funded debt, 330,121; other deferred
debit items, $49,159; total
85,140
Total
$9,678,161
(2) Liabilities
Capital stock, 82,900 shares, par $50
$4,145,006
Mtge. bonds,$3,350,000; equip. trust obliga'ns,$1,460,000;total 4,810,011
Loans and bills payable, $100,000; traffic and car service balances due to other companies, $10,049; audited vouchers and
wages, $291,424; matured interest, divs. and rents, $48,850;
other working liabilities, $56; total
450,370
Unmatured interest, divs, and rents payable, $33,263; taxes
accrued, $20,928; total
54,101
Other deferred credit items
332
Profit and loss
218,259
Total
-V. 98, p. 74.
$9,678,161
Swift & Company, Packers, Chicago.
(Report for Fiscal Year ending Sept. 27 1913)
Prest. Swift, addressing the stockholders on Jan . 2, said:
in substance:
The past year has been our largest in point of volume, yielding a fair
return to the stockholders at a profit of about 2; cents on each dollar of
sales. While our dividend rate has been 7% on the capital stock for
years, I venture to say that our charge for service to the public represents
a smaller percentage than the charge of any other industry. Sales for
1913 exceeded $400,000,000, showing an increase for the year of about
30%. A large proportion of this increase is due to the acquisition of a
portion of the business of the National Packing Co.(V. 95, p. 547). There
were more than 10,000,000 head of live stock purchased during the year.
Employees number over 35,000; and woricing conditions have been
materially improved, to our mutual benefit. About Christmas 1912 we
inaugurated a minimum wage scale of 40 hours per week which makes it
impossible for any plant employee to receive less than $6 per week, and in
case of male employees the minimum exceeds this figure.
We hope to see Federal regulation of cold-storage plants, providing for
a maximum time limit on goods carried therein of not to exceed 12 months,
or from one season to another season; also other regulations whereby the
warehouseman is not allowed to put any product in cold storage that Is
not absolutely fresh and in prime condition. Swift & Co. already pursue
this policy.
The Treasurer said: "Among the fundamentals of a manufacturing
business is an adequate equipment to manufacture and distribute advantageously, and additional ready capital that the course of business may be
constant. The directors, believing they should now seek to protect their
stockholders in the enlarged business resulting from an increased and increasing population, have arranged for an issue of 30
-year 5% bonds".
These bonds were duly authorized by the shareholders and $10,000,000
of them are now offered at 96. See another page.
-Ed.
OPERATIONS FISCAL YEARS ENDING ON OR ABOUT SEPT. 27.
1912-13.
1911-12.
1910-11.
1909-10.
..over"
"over"
"over"
Business
"over"
$400,000,000 $300,000,000 $275,000,000 $250,000,006
done
8,502,930
Net earnings_ _ _ 10,604,597
6,323,430
7,359,176
1.354,597
252,930
Inc. of reserves_
185,930
309,176
5,250,000
Dividends(7%). 5,250,000
4,987,500
4,200,000
33,000,000
Bal., surplus $4,000,000
$1,150,000
$2,850,006
BALANCE SHEET SEPT. 27 TO 28.
1912.
1911.
1913.
1910.
Assets
$
Real estate,improve'ts,
including branches... _ 47,054,189 39,914,922 32,118,798 29,789,309
177,721
Horses, wagons&harness
152.454
32,417,284 24,173,941 23,660,408 17,688,110
Stocks and bonds
8,573,505 7,474.342 6,019.393
Cash
5,308,761
42,208,734 40,156,735 38,568,395 38,992,183
Accounts receivable....
Live cattle, sheep, hogs,
dressed beef, &c., on
47,860.366 39,766,381 33.112,210 33,795.489
hand
178,114,080 151,486,321 133,656,925 125,726,306
Total assets
Liabilities
Capital stock paid in.__ 75,000,000 75,000,000 75,000,000 60,000,000
5,000,000 5,000,000 5,000,000
5,000,000
Bonds
1,375,000
62,500
Reserve for bond int_ _ I 1,375,000
62,500
Reserve for dividends.'
39,160,400 24,649,200 15,883,400 24,404,750
Bills payable
19,092,960 12,330,998
Accounts payable
7,832,841
7,716,801
5,485,720 4,131,123 3,878,184 3,692,255
Reserves
33,000,000 29,000,000 26,000,000 24,850,000
Surplus
178,114,080 151,486,321 133,656,925 125,726,306
Total liabilities
-V. 97, p. 1668.
,6
Mortgage-Bond Company, N. Y. City.
(Report for Fiscal Year ending Dec. 31 1913.)
The company's financial statement will be found in our
advertising department. Below we give a brief comparative
statement for three years past:
RESULTS FOR CALENDAR YEARS.
1912-13.
1911-12.
$469,246
$434.160
61,943
66,250
$367,910
$407,303
210,496
177,837
120,000
120,000
Gross income
Operating expenses
Net earnings
Interest on bonds
Dividends (6%)
1910-11.
$369,376
48,871
$320,505
149,687
120,000
Balance, surplus
$70,072
$76,807
$50,817
The amount of guaranteed mortgages outstanding Dec. 31 1913 in 17
cities was $6,342,248, the value of the properties covered by them being
$16,387,204. The average size of the loans was $3,000. Bonds outstanding, $2,606,800 series 1 and 2 4s and $1.658,000 series 3 5s. The earnings and the bonds outstanding were larger than in any previous year.
V. 95, p. 683.
Lawyers' Mortgage Co., New York.
(Report for Year ending Dec. 31 1913.)
The report of President Richard M. Hurd for the late
fiscal year is published in the advertising pages of to-day's
"Chronicle". The report shows:
OPERATIONS FOR CALENDAR YEARS.
1911.
1913.
1912.
1910.
Guar. mtges. sold
31,955,577 39,742,271 38,411,204 34,495,430
Guar. mtges. paid off
25,397,277 26,605,161 28,600,125 20,977,486
Guar. mtges. outstand'g
Dec. 31
137,726,913 131,168,613 118,031,503 108,220,424
Income from
504,559
564,042
614,564
Premiums for guaranties
667,137
262,427
267,888
Interest on mortgages
355,480
338,186
16,781
12,470
21,343
Rents,commissions,&c.
16,125
Gross earnings
Expenses
Rent
Salaries
Advertising & sta'nery_
Taxes and gen. expenses
1,021,418
991,387
844,400
783,767
17,333
134,879
21,572
37,189
18,000
125,120
19,485
38,171
18,000
110,810
16,681
31.174
19,000
102,205
14,409
25,414
Gross expenses
Net earnings
Dividends paid (12%) -
210,973
810,475
720,000
200,776
790,611
660,000
161,028
176,665
667,735 ' 622,739
480,000
480,000
90,475
130,611
187,735
Balance,surplus
153
THE CHRONICLE
JAN. 10 1914.]
142,739
-The increase in outstanding mortgages during the past year is but
Note.
little reflected in the earnings for that period, but will show in future earnings. In addition to the cash earnings are the unearned premiums, which
consist of the company's contract profit of 34 of 1% per annum on outstanding mortgages from the date of the annual statement to the maturity of the
mortgages. These unearned premiums, which, as future profits, are not carried as assets, have increased as follows: Jan. 11903,$103,555; Jan. 1 1904,
$149,257; Jan. 1 1905, $279,948; Jan. 1 1906. $449,200; Jan. 1 1907, 5591,508; Jan. 1 1908, $701,204; Jan. 11909, $836,115; Jan. 11910, $1,036,961;
Jan. 11911, $1,251,679; Jan. 1 1912, 81,205,692; Jan. 11913, $1,400,176;
Jan. 1 1914. $1,247,652; total net increase since Jan. 1 1903, $1,144,097.
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
Lia)litilesAssets
6,000,000 6,000,000
N. Y. City mtges__ _7,202,968 7,306,295 Capital
N
2,750,000 2,500,000
Accrued interest_ __ 313,181 348,134 Surplus
48,985 208,498
Undivided profits
Co.'s Bklyn. bldg.
cost
175,000 175,000 Mtges. sold, not de339,204 268,884
livered
Real estate
147,343 212,500
Cash
1,353,480 991,828 Res. for prepaid premiums, do
53,783
56,375
Year ending 6 Months end. Year end'g
June 30'13. June 30'12. Dec. 31 '11.
$267,935
$54,645
Net earnings (see V. 97, p. 1667)..__..8410,222
65,300
Total intereat charges
69,916
219,467
Balance, net profits
Preferred dividends
Balance, surplus or deficit
Total surplus beginning of period..___
sur$190,755
196,875
def$6,120
6,280
def$15,271 sur$202,635
105,000
70,000
def$85,271
91,551
sur$97,635
6,084
Total surplus end of period
$91,551
$6,280
$160
[Estimated annual earnings based on actual results for August, Sept. and
Oct. 1913, $675,000; estimated revenue from shareholdings in Lake Superior Paper Co. based on Sept. 1913 showing, $90,000; total, $765,000.
Deduct interest on bonds. $228,120 and sinking fund, 8120,000: bal., sun,
for interest on £300,000 6% notes, $418,880. See V, 97, p. 1667.1
B LANCE SHEET JUNE 30.
June 30'13. Dec. 31'11.
June 30'13. Dec. 31 '11.
Assets
Liabilities$
Cost of property_ _ 9,102,113 5,581,767 Common stock_ _ _ 3,000,000 2,000,000
Cash on hand,&c_
34,514
Preferred stock__ _ 3,000,000 1,500,000
Inventory
1,426,989
748,343 Bonded debt
3,923,500 2,066,000
Bills&accts. receiv 450,818
68,230 Bills payable
25,9911 635,651
Accts. payable_
Duty recoverable
509,575
Bond interest_ _ _
from U.S. Gov't
117,705
61,980
56,108
Commissions, disSecured loans._ _ _
975,084
412,345
Pref. divs. July
52,500
52,500
counts, &c
24,684
2,677
35,243
Unexpired insur_ _
3,275 Sundry accounts
99,621
160
56,308
Miscellaneous
_
6,067 Surplus, balance._
Total
11,607,192 6,407,682
Total
11,607,192 6,407,682
*Secured loans in 1913 consist of one to the Royal Bank of Canada for
$357,250, secured by pledge of inventories, notes and accounts receivable,
&c., and another to the Dominion Bond Co., secured by short-term and
equipment notes of a par value of 8884,380: $605,500 with accrued interest.
512.331, making a total of 8617,834.-V. 97, p. 954, 1360.
Lake Superior Paper Co., Ltd.
(Third Annual Report-Fiscal Year ending June 30 1913.)
Pres. H. E. Talbott, Sault Ste. Marie, Ont., Aug. 1913,
wrote in substance:
We are pleased to report completion of construction, during the past
year, of the ground-wood pulp mill, the sulphite pulp mill and the paper
mill, in which four machines with a total capacity of over 200 tons newsprint daily have been installed.
Owing to delays by the makers, the third and fourth paper machines
were only installed in January and March, respectively, and therefore the
full plant was operated only during the last three months of the year. In
view of this fact, we consider that the earnings are satisfactory. .The production of paper for the year was 34,213 tons, all of which was shipped as
it was made. Practically the entire output for the ensuing year has been
Total
Total
9,191,972 9,033,757
0,191,972 9,033,757 sold at fair prices. The indications are that the demand for new sprint will
be an increasing one, and that better prices will obtain during the year.
There are 10,672 guaranteed loans outstanding (see "operations" above),
In view of the market outlook, and the completeness of our mills, toamounting to 833,000, in Brooklyn to
the average loan in Manhattan
gether with their strategic shipping position and our control of the neces$5,500 and in the Bronx to $20,000.-V. 97. p. 115.
sary raw materials, we take pleasure in predicting the successful operation
of the plant. [As to sale of Spanish River Pulp & Paper Mills, Ltd., see
V. 97, p. 241, 448 and 1667.1
Magnolia Petroleum Co. (of Texas), New York.
INCOME ACCOUNT JUNE 30 1913.
s
(Statement Covering Co' Existencefrom May 1 '11 to Oct. 31 '13) Net earnings
$30,125
8184,879 ant. on bank advances
8149,986 Balance, surplus
$4,768
The note offering referred to on another page shows the Int. on 1st M.bonds
following data:
RESULTS FOR 20 MONTHS ENDING DEC. 31 1912 AND 10 MONTHS
ENDING OCT. 31 1913 AND TOTAL.
Total
10 Months, 20 Months,
30 Months.
1911-12.
1913.
Pipe lino department profits
$661,786 $2,309,551
$1,647,765
Refining department profits
1,273,580
3,058,155
1,784,575
Miscellaneous profit
18,113
113,691
131,803
$3,546,031
8266,127
494,336
763,582
Total charges, &c
Net profit
$1,953,479
8236,191
656,810
456,229
$5,499,509
$502,318
1,151,146
1,219,810
$1,524,045
$2,021,985
Miscellaneous charges
Bond and other interest
Depreciation written off
81,349,229
8604,249
82,873,274
$2,626,235
BALANCE SHEET OCT. 31 1913 TOTAL EACH SIDE, $15,955,608)•
Refineries, pipe lines, &c.,
Capital stock (trust ctfs.)_$2,450,000
$10,695,982; less depreFirst M. 6% bonds, due
ciation, $1,219,810_ - _.19,476,172
Jan. 1 1937, outstand'g 6,250,000
Other investments
14,500 Notes payable
2,000,000
Miscellaneous accounts_ _
39,816 Accounts payable
1,465,374
Materials and supplies.. _ _ 3,941,207 Reserves for bond interest,
Notes & accts. rec.(less res.)1,673,176
taxes, &c
164,000
Cash
585,194 Surplus
2,626,235
Prepaid chges., insur.,&c..
225,544
No dividends as yet. [See offering on another page.] V. 97, p. 1666, 241
(The) Spanish River Pulp & Paper Mills, Limited.
(Report for Fiscal Year ending June 30 1913.)
V.-Pres. and Man. Director T. H. Watson says in subst.:
The last report covered the year ending Dec. 31 1911, which was prior to
the completion of the new paper mill at Espanola.
1912 confirmed the purchase of the underThe shareholders on Juno
taking and assets of the Ontario Pulp & Paper Co., Ltd., comprising pulp,
sulphite and paper mills located at Sturgeon Falls, Ontario, and also
changed the end ofthofiscal year to June 30instead of Dec.31,as theretofore.
No report was issued for the six months ending Juno 30 1912. In that
period the new paper mill at Espanola was under construction, and the
lately acquired mill at Sturgeon Falls was undergoing extensive repairs and
additions, hence the only source of revenue was from the sale of groundwood
pulp made at the Espanola plant, for which the market was very dull at
that time. In view of these circumstances a portion of the reserve from the
previous year had to be applied to cover fixed charges and pref. dividends.
The results for the fiscal year ending June 30 1913, while possibly disappointing to.some, are, in our opinion, considering the adverse conditions
and unforeseen difficulties which have had to be overcome in the starting
up* of the plants, all that could be expected.
The first two paper machines installed at Espanola plant were not ready
for operation until June and July, after which certain defects in construction caused further delays, with the result that the total production of these
two machines for the fiscal year was only some 25,300 tons. Owing to
similar conditions at the Sturgeon Falls plant, the two machines there produced only 9,700 tons, or a total output of 35,000 tons, ao compared with
a normal capacity of 45,000 tons on the four machines.
Two additional paper machines have since been installed at the Espanola
plant having a daily capacity of 60 tons. These machines, as well as those
originally installed, are now all in successful operation, and a careful estimate of the probable production of the six machines for the year commencing July 1 1913 will be about 63,000 tons, as against 35,000 tons for the preceding year. With this large increase in production we feel confident that
the results may prove satisfactory.
No provision was made for depreciation but ample provision for this
item is covered through the annual 3% sinking funds on the bonds of both
the Spanish and Ontario Pulp companies, which it is estimated will retire
these bond issues in about 17 years. The plant and equipment are in excellent condition and operating very efficiently, and the product has been
disposed of at satisfactory prices.
[As to the acquisition of control of the Lake Superior Paper Co. since
June 30, see that company below and V. 97, p. 241,302, 371), 448. Concerning sale of £300,000 2d M.6%_ notes offered in Dec. 1913, also change
of officers, see V. 97, p. 1360, 166(
.1
BALANCE SHEET JUNE 30.
1913.
1912.
1913.
1912.
Liabilities
Assets
Real est.,prop.,&c 12,417,141 9,382,490 Common stock_ _ 5,000,000 4,000,000
178,759 Prof. stock
Woods operations.. 162,115
3,000,000 1,575,000
1st M.bonds
219,389
Stores & supplies_
5,000,000 3,999,320
718,692
Pulpwood
750,015 Bank advitnees
• b842,661
625,000 531,344 Acc'ts payable_ _ _ 650,644
SawmIll,lumb.,&c. 386,378
664,096
Paper mill prod's.
32, 85
0
36,518 Bills payable
127,906
21,000
Acced bond int.__
Paper & brnb.sold a478,712
100,000
79,986
101,816 Accrued taxes_
2,050
Cash on hand, &c_
83,502
1,148
Acc'ts receivable.. 243,382
34,023 Unpaid coupons_ _
94,696
Res've for accident
Int. on loans (less
ins., delivery ex32,719
sundry revenue)
80,234
penses, &c
repairs, &c., to
Profit and loss_
47,950
4,768
puipw'd invent'y
Ins. prem. unexp'd
19,166
& returnable__ _
11,413
Miscellaneous_
Total
14,809,412 11,059,098
Total
14,809,412 11,059,098
a Sold on contracts but undelivered b Secured by lien on forest products.
-There is also a contingent liability for bills receivable, discounted
Note.
but not matured,536,418.-V. 97. p. 1359,240.
•
International Textbook Co., Scranton, Pa.
(Balance Sheet of May 31 1913.)
No income account is furnished. Report says in substance:
Under the terms of the mortgage (of the Colliery Engineer Co.).$4,166 66
Is paid every month to a sinking fund for the bonds. The entire amount
of $500,000 has now been deposited with the trustee. Of this amount
$340,000 has been applied since May 31 1904 to the redemption of 340
bonds.' There was on deposit May 31 1913 $169,706 to redeem the remaining bonds.
The accounts payable, 81,344,018, include the balance owing the International Educational Publishing Co. for stock underwritten.
(The surplus, it will be observed, increased $157,994 during the year
1912-13, contrasting with a decrease of $743,425 in 1911-12.-Ed.1
The deductions made from "plates of textbooks and publications." to
provide for depreciation, amounted up to May 31 1913 to $383,772. From
"furniture and machinery" the deductions for depreciation aggregated to
-Ed.
May 31 1913 $310,889 [in 1911-12 $265,061.
BALANCE SHEET MAY 31.
1913.
1912.
1913.
1912.
Liabilities
A ssetsReal Est. & bldgs 1,159,280 1,137,545 Capital stk.(auth.,
510,000,000-V.
Plates of publica's 1,864,404 1,736,647
84, p. 628)
Furniture & mach. 303,043
320,100
6,892,500 6,000,000
T'xtb'ks,su pp.,Ste. 403,915
380,566 1st M.bds. of Col774,127
liery Eng. Co.
Agency estab'ts.._
607,020
160,000
Acc'ts receivable_ 5,474,285 4,605,223 .V. 79, p. 2799_ _
160,000
Stks. of other cos_*3,092,232 2,490,244 Accounts payable_ 1,344,018
616,386
Sinking fund
169,706
164,727 Sum.(excess of as591,282
Cash items
612,076
sets over liabils.) 5,435,756 5.277,762
Total
13,832,274 12,054,148
Total
13,832,274 12,054,148
* This includes stock of the Victor Typewriter Co., the Technical Supply
Schools, the International EducaCo., the International Correspondence
tional Publishing Co. and the Colliery Engineer Co.
-V.95, p. 1539.
Boston (Mass.) Belting Co.
(Statement for Year ending Sept. 30 1913.)
Pres. Thomas A. Forsyth at meeting Nov.28 said in subst.:
Our business on the whole has been reasonably satisfactory, the sales
showing an increase compared with the preceding year. The industries
upon which we depend most largely for patronage have been fairly active,
although there is a noticed growing tendency on the part of many large
consumers, particularly the railroads, to make their purchases more and
more on the "hand to hand basis." The increasing use of specifications
151
TIIE CHRONICLE
,VOL. Kevin.
with keenly active competition require constant alertness and naturally
Baltimore & Ohio RR.
-Distribution of Stock.
increase the cost of conducting business in various ways. Prices of crude
See Union Pacific RR. below.
rubber throughout the past year have ruled on a much lower,and more even
basis than has been the case for a number of years.
Six Months' Approximate Statement.
-The earnings for six
About Dec. 31 1913 it is expected that the executive offices and the warerooms will be removed to Roxbury in the vicinity of the plant. [The regu- months ending Dec. 31 (Dec. estimated) were:
Net (after
Other
Deduclar quarterly dividend of $2 was declared payable Jan. 1 1914 on stock of 6 Mos.end. Gross
DiviBalance,
Dec. 31- Revenue.
Taxes).
Income.
tions.
record Dec. 15.l
dends.
Surplus.
1913 ---52,514,038 12,438,599 2,502,537 9,098,914 5,737,566 104,656
PROFIT AND LOSS ACCOUNT YEAR ENDING SEPT. 30 1913.
1912 -52,449,337 14,186,359 1,841,777 7,395,008 5,737,566 2,895,561
Dividends as above include $1,177,530 (2%) on the preferred and
Balance Sept. 30 1912, $201,666; profits of year, $84,275; balance interest account, $8,803; miscellaneous, $791; total
$295,535 $4,560,037 (3%) on the common stock.
The regular dividends of 3% on common and 2% on the pref. stock have
Deduct
-Dividends (8%), $80.000; bad and doubtful accounts,
$1,870; deprec. in stocks, $84,500; total, $166,370; credit bal_ _ $129,166 been declared, payable March 2.-V. 97, p. 1509, 1502.
Belvidere Delaware RR.
-Dividend Decreased.
BALANCE SHEET YEAR SEPT. 30.
-A dividend of 6% was paid Dec. 31 on the $1,253,000 stock, com1912.
1913.
1913.
1912.
Assets$
Liabilitie.s
,
$
$
$
paring with 7% in 1912.
Real estate
1,000,000 1,000,000
329,712 323,712 Capital stock
Dividend Record (Per Cent).
Machinery
800,000 800,000
271,287 275,757 Reserve fund
1909.
1907-1908.
1910-1911.
Tools and fixtures__ 102,123
351,000 439,000 1897 to 1906.
1912.
1913.
99,111 Notes payable
5 yearly. 1765.10 yearly.
15
10 yearly.
Water privilege
7
1,975
7,500
Unsettled bills
150,000
6
Cash
102,149
66,598 Profit and loss surAccts notes recelv. 257,235 235,438
.&
129,166 201,667
plus
Bloomington & Normal Railway & Light Co.
-Stock.
Investment account_ 488,750 573,250
A certificate has been filed increasing the auth. capital stock from $1,Merchandise
530,735 869,150
500,000 ($300,000 pref.) to $1,650,000.-V. 93, p. 665.
Miscellaneous
150
150
-Agreement Ends.
-The New York
Boston & Albany RR.
New Haven ce& Hartford RR. Co. announced on Jan. 2 that
it had on Dec. 11 1913 "in deference to the views expressed
West Kootenay Power & Light Co., Ltd., Montreal.
by the Inter-State Commerce Commission in their report,
(Report for Fiscal Year ending Aug. 311913.)
'The New England Investigation,' of June 20 1913 (V. 97,
Pres. C. R. Hosmer, Montreal, Oct.29, wrote in substance: p. 117) and of the Department of Justice," given notice to
After paying interest and sinking fund of bonds, 7% on the pref. stock
and 4% (380,000) on the common stock, there remains from the operations the New York Central of its intention to withdraw from the
of the year the sum of $74,919, which, added to the balance of profit and so-called "Boston & Albany agreement" of Feb. 16 1911
loss last year, $173,554, leaves $248,474 to the credit of that account.
The revenue-producing load is gradually increasing, and a further in- (V. 92, p. 1177). Under this agreement the N. Y. N. H.
crease the ensuing year will accrue from the electrification of that section & Hartf. has had trackage rights over portions of the B.& A.
of the Canadian Pacific Ry. lying between Roseland and Castiegar Junction. Contracts have been lot for the apparatus required for this work, and a half share in the net results of operation, which for
and if no unforeseen difficulties arise the same should be in operation by the year 1912-13 yielded the New Haven a profit of $42,581
the autumn of 1914.
(V.97, p. 1020). The Boston & Albany RR. Co., on Jan. 2,
Statement by Gen. Man. L. A. Campbell, Montreal, Oct. 29 1913.
put out the following:
For the year our rovenue-prodocing load was 7,984.73 h. p.,
2,282,141 2,448,167
Total
-V. 96, p. 283.
Total
2,282,141 2,448,167
contrasting
with 6,705.90 h. p. for 1911-12.
The mines throughout the district served by us are in excellent condition.
The development as carried on ,particularly in the Rossland district, during the past year has exceeded the most sanguine expectations, and my
opinion is that it may be looked upon as one of the largest gold-producing
camps in Canada. The producing mines in the boundary country have
approximately the same ore reserves in sight to-day as they had a year ago;
our revenue-producing load in this particular section will probably remain
the same as to-day for several years to come.
Plants, including Nos. 1, 2 and 3 power houses, &c., are maintained in
the highest operating efficiency.
In July 1913 contracts were awarded for a third unit, to cost about $120,000 and capable of delivering 8,000 additional horse power. In view of
our increased load during the past year and the heavy peaks which wo have
been called upon to take care of, it has been necessary to operate the Cascade plant continuously. With the completion of the third unit, wo plan
to discontinue the operating of Cascade plant.
INCOME ACCOUNT YEAR ENDING AUG.31.
1912-13.
1911-12.
1910-11.
1909-10.
Rev.-produc. load, h.
-p.
7,984.73
6,705.90
Gross receipts
$415,414
$332,864
$308,201
$301,843
Operating expenses_ _ _ _
115,280
109,804
110,257
94,838
Net earnings
$300,134
$198,396
$222,607
$207,005
Int. and sinking fund
104,400
124.774
121,964
121,964
Int. & s. fd. on Cascade
bonds
17,564
Miscellaneous deductions
2,251
1,913
2,642
Preferred divs. (7%)..
14,000
14,000
21,000
14,000
Common dividends
(4%)80,000 (234)50,000 (234)50,000 (234)50,000
Total deductions_ _ _ _
$225,215
$187,877
$188,774
$188,606
Balance,surplus
$34,730
$74,919
$9,622
$18,399
A quarterly dividend of 1K% was paid Dec. 1,comparing with 1% quarterly recently. Compare V.97, p. 1435.
BALANCE SHEET AUG. 31.
1912.
1913.
1913.
1912.
Assets
Liabilities$
$
3,422,560 3,390.461 Common stock
Property acc't
2,000,000 2,000,000
Invest's, other cos__ 395,370 395,370 Preferred stock
300,000 300,000
56,322 Funded debt
Merch.,suppl., &c_
54,782
1,500,000 1,500,000
Redemption bds.s. C. 103,267 100,586 Rowland Water &
} 72,608 {39,722
Cash
Light Co
1,458
2,696
Bonds
Royal Bank of Can..
2,843
Bills & accts. rec'le_
36,475 130,338 Cascade Water & Lt.
Rowland Water &
Co., Ltd
7,914
18,475 Acc'ts payable
Light Co.,Ltd__
19,418
12,169
14,214
3,464 Reserve for sink. fd.,
Unexpired Ins., &o._
3,422
South Kootenay Wat.
prem. and div.,
35,840
40,845
101,219
Sinking fund
Power Co
103,597 100,586
Profit and loss
Royal Trust Co__ _ _
330
248,474 173,554
4,200,451 4,134,738
Total
Total
4,209,451 4,134,738
-V.97, p. 1435, 1360.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Allentown (Pa.) Bridge Co.
-Stock Increase.
-
The auth. capital stock has been increased to $300,000.-V. 97, p. 1428.
American Railways, Philadelphia.
-Option to Exchange
Bonds.
-Holders of the $1,485,000 Johnstown Collateral
Trust 5% bonds, due 1930, have the privilege of exchanging
these bonds until Jan. 15 1914 for the new "First & Refunding" M.5% bonds of the Johnstown Traction Co. (See
below) at the price of 102M and int. for their present bonds,
and payment at the price of 95 and int. for the new issue.
The bonus of$75 per $1,000 bond will be paid on presentation of the bonds
or exchange to Bioren & Co., 314 Chestnut St., Phila., or Newburger,
Henderson & Loeb. 1410 Chestnut St.. Phila.-V. 97. D. 1820.
Augusta-Aiken Ry. & Electric Corporation.
-Description of Hydro-Electric Plant Now Building.
-George G.
Shedd, supervising engineer for the J. G. White Engineering Co., read an article before the American Association for
the advancement of Science at Atlanta Dec. 30 1913, on
(a) The development of 31,000 h. p., ultimate plant capacity, known as
the "Stevens Creek development," now being built for the Georgia-Carolina Power Co.(a subsidiary of the Augusta-Aiken By. & Electric Corp.
V. 97, p. 1114, 116; V. 96, p. 1224; V. 95, p. 175, 234) on the Savannah
River, about eight miles above Augusta, Ga., to supply the power market
centering about Augusta, Ga. (b) The development of 29,000 h. p., ultimate plant capacity, known as the "Parr Shoals Development," which is
being built for the Parr Shoals Power Co. (controlled by the Columbia Ry.
Gas & Electric Co.
-see V. 97, p. 1024; V. 95, p. 1122) on the Broad River
(of the Carolinas), about 2734 miles above Columbia, S. C., to supply
the rapidly growing demand for power in and about Columbla.-V. 97,
p. 1114. 116.
The agreement made in 1911 between the New York Central and the
New Haven companies, providing for a measure of co-operation in the
service to be rendered to the public from the Boston & Albany RR., is to
be canceled as of Jan. 31 1914, In accordance with the views of the Federal
Government. (Under this agreement trackage rights were granted to the
New Haven company to run certain trains over the Boston & Albany RR.
between Boston & Ashland, Boston and Newton Highlands, Boston and
South Framingham and Pittsfield and North Adams.) These trackage
rights expire with the cancellation of the agreement and the New Haven
road will withdraw trains from the Boston & Albany tracks, excepting the
trains between Fitchburg and Boston, by way of South Framingham, which
have been operated for many years. These will be continued and run with
New Haven engines and crews over Boston & Albany tracks between
Boston and South Framingham.
The cancellation of the agreement will make no difference in the organization of the Boston & Alban and the road will continuo to be managed by
,
-V.97, p.1356, 886.
the present official staff with headquarters in Boston.
-Time Expires.
Boston & Eastern (Electric) RR.
This company failed to file the $100,0'10 bonds with the Mass. authorities
required by its charter prior to Jan. 1, but hoes that the next Legislature
will grant it further time. The $550,000 notes offered last April were not
taken. See V. 96. p. 1421. 956.
Boston & Maine RR.
-Sale of Maine Central Stock.
The following official announcement was made late on Thursday: "Boston & Maine and Maine Central have closed their
transaction in which Boston & Maine is to dispose of 100,000
shares of Maine Central stock. The Maine Central will
pay for these 100,000 shares in its Refunding Consolidated
Mortgage 5% bonds." "Boston News Bureau" in yesterday morning's edition said:
The plan, so far as it has progressed, is substantially as follows; It is
proposed that the Maine Central shall buy front the Boston & Maine $10,000,000 of its $15,960,100 par of Maine Central stock. In payment to
the Boston & Maine, Maine Central will issue 5% 50-year Consolidated
Refunding Mortgage gold bonds, authorized by its stockholders and directors in 1911 but never issued. They will be secured by the bulk of the mileage of the Maine Central system., only a comparatibely small part of which
is mortgaged. For their immediate issuance it will not be necessary to
obtain any further consent of the Maine authorities, as under the laws of
Maine no approval has to be sought for such financing from the State's
Railroad Commission.
It is understood that Boston & Maine, backed by a Boston banking syndicate,will offer these bondsfor sale to provide funds for taking up the road's
$1(),000,000 notes due Feb. 3.
Maine Central will retire the 100,000 of its shares to be turned over by
the Boston & Maine. This will leave 150,000 outstanding shares of Maine
Central and will substitute a 5% lien for stock carrying 6% dividends.
At the Maine Central meeting held in Portland Wednesday, the resignation of Howard Elliott as a director of the Maine Central RR. and all its
subsidiary lines was presented and accepted.
-See that company.
Proposed Lease of Hampden RR.
-The inaugural message of Gov.
Gov. Walsh's Inaugural.
Walsh of Mass., presented on Thursday, deals with the
company's "deplorable condition" and its causes as he sees
them, recommends complete and immediate divorce of the
property from the New Haven system, urges co-operation
of leased line shareholders in an immediate reorganization,
and declares that this is no time to demand or expect any
substantial increase in rates, either passenger or freight, but
that, provided the owners show a disposition to "reorganize
in accordance with sound priciples," the public can be depended upon to do its part in making a reasonable sacrifice.
Notes.
-As to sale of Vermont Valley RR. notes see below.
Award of $725,000for Eastern RR. Pier Property.
The Port Directors on Dec. 30 awarded the B.& M.RR.$725,000, without interest, in settlement of the claim for the taking of the Eastern railroad pier property in East Boston -V.98, p. 72.
-New Stock.
Boston Revere Beach & Lynn RR.
-The
Mass. P. S. Commission has given its assent to the plan for
issuing 1,700 shares of capital stock at par (100 per share)
to provide for paying floating debt incurred for improve-V. 96, p. 1502, 1424.
ments.
Bowling Green (Ky.) Street Ry.-Sold.This property is reported to have been sold at receivers' sale for $20,600
to John S. 'Lewis of Bowling Green, Ky.-V. 96, p. 862.
-New Officers.
Bristol & Plainville (Conn.) Tramway.
This company, control of which was recently purchased by Richter &
Co. of Hartford, has elected (1) as directors A. B. Tenney and Charles H.
Tenney of Springfield and Boston; John T. Trumbull of Plainville; Rollin
J. Plumb of Terryville; Robert F. Driggs of Waterbury,• W. II. Putnam of
IIartford; Noble H. Pierce of Bristol, and Ferdinand Richter of Hartford.
(2) As officers* Chairman of Board, Charles II. Tenney; Prost., A. B.
JAN. 10 1914.]
TIIE CHRONICLE
Tenney; V.
-P., D. Edgar Manson of Now Haven; Sec.-Treas., Morris L.
-V. 97,
Tiffany of Bristol. General Managers, Chas. H. Tenney & Co.
p. 1662.
-Notice
-To Guarantee Bonds.
Brooklyn Heights RR.
Brooklyn Union Elevated 4-5% bonds and Kings County Elev.4% bonds
will be guaranteed on two days each month in 1913 by trooklyn Heights
RR.at 85 Clinton St., Brooklyn, between 9 a. m. and 12 m., viz.:
Jan. 15 and 30 April 15 and 30 July 15 and 30 Oct. 15 and 30
Feb. 13 and 27 May 15 and 29 Aug. 14 and 31 Nov. 16 and 30
Mar. 16 and 31 June 15 and 30 Sept. 15 and 30 I Dec. 15 and 30
-V. 96, P. 284.
Central of Georgia Ry.-Bonds Called.
Fourteen ($14,000) 1st M.5% bonds, dated Julv, 11900. of the Chattahoochee & Gulf RR. were called for payment on Jan. 1 at 102 and int.
at Citizens' & Southern Bank of Savannah or the Treasurer s office.
V. 97, p. 1109.
-End of Syndicate.
Chicago City Railway.
The syndicate which in 1910 bought most of the $18,000,000 capital stock
of this company at $200 a share will, it is understood, be dissolved on Jan.31.
This syndicate is distinct from the syndicate (dissolved Feb. 11912) which
underwrote the $22,000,000 collateral bonds of the Chicago City & Con-V.97, p. 1732.
necting Railways.
-No Bids Received.
Chicago Rapid Transit Subways.
On Jan. 5, when bids were to be opened for building Chiceago's $131,000,000 subway, no bid had been received.
See V. 97, p. 1732, 1425.
Cincinnati Lebanon & Northern Ry.-Dividend In-A dividend of 5% was paid on Dec. 31 on the $1,creased.
500,000 stock, all owned by the Pittsburgh Cincinnati
Chicago & St. Louis Ry., comparing with 4% in 1911 and
1912 and 3% in 1910, 1909 and 1906.-V. 77, p. 86.
Cleveland (0.) Railway.
-Stock.
--Circular Jan.1 shows:
The directors voted on Dec. 27 that, subject to approval by the P. U.
Commission of Ohio, the President and Secretary be authorized to issue
and sell additional capital stock in an amount equal to 10% ($2,141,100)
of the present outstanding capital stock ($21,411,800) for not less than par,
the proceeds to be used for extensions, betterments and permanent improvements proposed or approved by the City Council, said stock to be offered
at par to all stockholders of record Mar. 1 1914, in proportion to their
holdings on that date, the right to subscribe to expire Mar. 15, and the subscriptions to be payable April 11914,or one-half on that date and the other
half July 1 1914. Subscription blanks will be mailed as soon after Mar.1st
as possible.
-V. 98, p. 73.
-Description.
Columbia (S. C.) Ry., Gas & El. Co.
-V.97, p. 1024.
See Augusta-Aiken By. & Electric Corp. above.
-Plan Approved.
Columbus (0.) Railway & Light Co.
The shareholders present at the meeting on Jan. 6 unanimously approved the proposition to dispose of the operating
contracts and assets as called for by the plan. Compare
V. 97, p. 1897, 1662.
Dayton Lebanon & Cincinnati RR. & Terminal Co.Bonds.-Tho Ohio P. U. Commission has authorized the
issuing of $500,000 bonds.
155
International Traction Co., Buffalo.
-Bonds Called.-
Ten 2d M. sinking fund gold bonds, dated July 11896, of the Buffalo &
Niagara Falls Electric By., were paid on Jan. 1 at 105 and int. at Bankers
Trust Co., N. Y.
-V. 97, p. 1663.
Johnstown (Pa.) Traction Co.
-Exchange of Bonds.
See American Railways above and compare V. 97, p. 1823.
Bonds Offered.-Bioren & Co., Phila., and Newburger,
Henderson & Loeb, N. Y. & Phila., are offering at 95 and
int., free of Penna. State tax, the unsold portion of the new
issue of $2,000,000 "First and Ref." M. 5% gold bonds,
dated Dec. 31 1913 and due July 1 1943, but red. at any int.
date at 102 and int. Par $500 and $1,000 (c*). Trustee,
Logan Trust Co., Phila. A circular shows:
About two-thirds of these bonds have been sold to investors or exchanged
with holders of Johnstown coll. 5,.§ of American Rys. (see that co.).
Total auth. bond issue, $5,000,000; outstanding (present issue)-$2.000,000
Reserved to retire Johnstown Pass. By. 4s, due 1929 and 1931
(V. 89, po. 1596)
2,000,000
Reserved for future extensions, betterments, &c_ _ _51,000,000
Pref. stock, 7% cum., auth. and outstanding
1.000,000
Common stock, authorized, $1,000.000; outstanding
875,000
These bonds are a direct first mortgage of the Johnstown Traction Co.,
and, subject to $2,000,000 old Johnstown Passenger 4s due 1929 and 1931,
(to pay which $2,000,000 of these 5s are reserved) are a mortgage on all the
property of the company. Followed by $1,000,000 7% cum. pref. stock,
paid, in cash at par, and by $875,000 common stock. Cumulative cash
sinking fund requires payment of 1% annually from Oct. 1 1917 to Oct. 1
1942 of the outstanding bonds of this issue which should retire in excess
of $1,300,000 bonds.
The Johnstown Traction Co. owns and operates under perpetual charter
and franchises the entire street railway system of Johnstown, Pa., and
vicinity, comprising a total trackage of 43 miles. Johnstown is the centre
of an active, industrial community with population of abt. 90,000,Including
the adjacent territory served by this company. Principal industries: Cambria Steel Co. and Lorain Stbel Co. (U. S. Steel Corp.), and at Windber,
Pa.. terminus of suburban line, the coal mines of Berwind-White Co.
Earnings for Calendar Year (December 1913 Estimated).
1913.
1912.
1911.
Gross earnings
$671,553 $605,210 $544,776
Net earnings (after taxes)
322,049
275,846
291,998
Interest on Johnstown Passenger By. 4s_ _ _ _ 80,000
80,000
80,000
Interest on these 1st & Refunding M. 5s_ _ _ 100,000
100.000
100,000
Balance available for dividends
$142,049 $111,998
The President is Evan M. duPont.-V. 97, p. 1823.
$95,846
Joliet & Southern Traction Co.
-Sale Feb. 11.
-The
foreclosure is advertised for Feb. 11 at Geneva, Ill.
The property will be sold (in parcels) in pursuance of decrees entered in
the Circuit Court of Kane Co., Ill., on Sept. 12 and Dec. 20 1913, in the
consolidated foreclosure suits under mortgage of former Joliet Plainfield &
Aurora RR. dated 1903, covering line from Aurora to Joliet, and mortgage of Joliet & So. Tr. Co. dated 1907, covering line from and through
city of Joliet to Chicago Heights, and also the terminal property in Joliet.
This terminal property must bring not loss than $91,400 and it is to be sold
separately and also jointly with the property under each of the mortgages.
-V. 97, p. 803.
Kane & Elk RR.
-Receivership.
-Judge Bouton has appointed the Hamlin Bank & Trust Co. of Smethport, Pa.,
receiver of the line, which runs from Kane to Lamont, Pa.,
7 miles, and Hillview to Martindale, 4 miles. President,
(The) East St. Louis & Suburban Co.
-Successor Co.
- E. B. James; Vice-Pres. and Treas., D. M. James; Sec.,
This company was incorporated in Delaware on Jan. 7 with H. J. James.
$16,000,000 of auth. stock, per plan V. 97, p. 1822, 1898.
Kansas City Mexico & Orient Ry.-Foreclosure Decree.
The shareholders of the subsidiary, Alton Granite City & St. Louis
Traction Co., have voted to increase its capital stock from $3,000,000 to Judge Pollock in the U. S. District Court at Kansas City,
$3,400.000.-V. 98, p. 73.
Mo. On Jan. 7 ordered the foreclosure sale of the road.
-Capital Stock, &c.
Evanston (Ill.) Railway.
The date of sale and the upset price, it was stated, would be
'
A certificate was filed in Illinois Dec. 30-increasing the stock from $10.000 announced in about two weeks.
to $500,000. The Evanston Traction Co. has changed its name to Allison
Of this amount $300,000 limit° be sold at once to pay off debts of $240,000
and $60,000 is to be used to enlarge terminals in Dayton and to lay new rail.
95, p. 110.
Judge Pollock said that the former plan for raising money to rehabilitate the railway contemplated the union of the company, the construction
companies and the Outer Belt Ry., and that any final disposal of the
matter must be with this union as an end in view; that in six months the obligations of the receivers for extensions made under the Federal receivership
would fall due and must be taken care of in any reorganization plan.
The "Kansas City Star" says that the plan of reorganization proposed
reimburse the Boston & Maine for additions by the reorganization committee and submitted by Samuel Untermyer of
The proceeds will be used to
New York to Judge Pollock is on a basis of $11,000,000 prior lien bonds,
and improvements made upon the property, notably $837,915 for improve- $31,000,000 adjustment bonds and $50,000,000 common stock. Under
ments at Mechanicville, N. Y.. and $124,601 for separation of grades. the proposed plan the bondholders would give to the construction com-V.97. p. 1822.
panies sufficient to pay outstanding obligations, amounting to from
Fresno Hanford & Summit Lake RR.-Prest.-Securities. $1,500,000 to $3,000,000; $5.239,523 adjustment bonds, $597,641 prior
S. N. Griffith was elected President and a director at Fresno on Dec. 6 lien bonds and $15,879,480 common stock, the construction companies to
.a
at the instance of the financial backers of the enterprise. 0. L. Everts, be asked to pay cash assessment of $2,865,750.-V. 97, p. 1426.
A. B. Clark and J. S. Jones resigned from the board.
Kettle Valley Ry.-Construction.-The company now
The holders of the old bond issue, it is understood, have wholly or largely
agreed, as required by the Col. RR. Comm.,to exchange the same for pref. operates between Lynch Creek and Carson, B. C., 22 miles.
stock and a majority of the creditors have also agreed to take pref. shares, The following is confirmed (as of Dec. 1913):
preparatory to floating new bonds for the construction of the proposed line
Construction is being pushed on the line, which will provide an outlet
from Fresno to Selma. About $40,000 pref. stock was on Dec. 31 reported from
the Okanagan district of British Columbia direct to the Pacific Coast,
as subscribed for. See V. 97, p. 1426.
the entire system to be in operation by 1915. Beginning at Midway, the
- present western terminus of the Crow's Nest line of the Canadian Pacific.
Galesburg (Ill.) Railway, Lighting & Power Co.
being laid westward this winter. Steel will be laid
-The "Electric Railway Journal" 85 miles of steel are of Penticton toward Midway during December and
Merger or Amalgamation.
about 15 miles east
of N. Y. on Jan. 3 said:
January, leaving a gap of less than 35 miles between these two points.
The Galesburg Railway, Lighting & Power Co. which was incorporated Steel is now laid 40 miles west of Penticton. to Osprey Lake. Between
in Illinois some time ago by the McKinley (Minds Traction Co.) interests Osprey Lake and Otter Summit, 105 miles west of Penticton, the location
with a preliminary capital of $50,000, has increased its stock to $3,500,000 had not been exactly determined on Dec. 1, but the contract is to be let
(V. 78, p. at an early date and the work completed by the fall of 1914. From Otter
and arranged to take over the Galesburg Railway & Light Co.
2384),the Galesburg Gas & Electric Light Co.,the Knoxville Electric Light Summit to Merrit, 30 miles, the road is finished and in operation. From
& Power Co., the Abingdon Light & Power Co. and the People's Traction Coldwater Junction, a point about 25 miles south of Merrit, the Coquehalla
section is being built; more than 13 miles of this had been graded in DecemCo., Galesburg.
miles of
laid approaching the Coquehalla Summit. Arthur
Galveston (Tex.) Electric Co.
-Bonds.
-Lee, Higgin- ber and 11who havesteelcontract from Coquehalla Summit 39 miles westerly
Brothers,
the
Hope, had
son & Co. are offering for sale 1st M.5% gold bonds of 1905, to the junction with the main line of the Canadian Pacific at this section
more than 1,000 men working on the line and promised to have
due May 1 1940 (callable at 110 and int.).
finished by Nov. 1 1914. The substructure of the long bridge over the
Outstanding, $1,413,000; retired by sk. fd., $61,000; reserved for 80% Fraser River at Hope is under way and is expected to be completed before
the high water of 1914.
of cost of additions, &c., $1,026,000; total auth., $2,500,000.
Does the entire electric railway lostpiness and a portion of the electricLittle Kanawha ER.
-Settlement.
lighting and power business of Galveston, Tex. It operates 37 miles of
Settlement of the judgment which was recently affirmed by the N. Y.
equivalent single track, serving population estimated at 41,000.
Court of!Appeals at Albany in the suit brought by J.S. Jones. Pres. of the
Oct. 31 Year.
1912.
Oct. 31 Year.
1913.
1912.
1913.
Adams Coal Co. of Chicago, against the managersof the so-called
Gross earnings_ _ _$588,516 $483,345 Fixed charges_ _ _ $91,517 $94,035 Jones &
Little Kanawha syndicate, was, it is stated, made on Dec. 16 by payment
Not, after taxes__ 283.104 216,419 Bal.,surplus
191,586 122,384 of $734,281, this amount including, it is said, $100,000 expenses in connecControlled, throne% ownership of entire cap. stock (except directors' tion with the litigation during the past 8 years. Mr. Jones turned over to
shares), by Galveston-Houston Electric Co., which also controls Houston the syndicate all deeds of the National Holding Co.'s lands.
-V.97,p. 1663.
Electric Co.
-V. 97, p. 1024.
-Mortgage.
Louisville & Nashville RE.
Georgia-Florida Ry.-"Deposits Assure Success."
-It
See South & North Alabama RR. below.
-V.97, p. 1663.
Company. See V. 98, p. 73.
Fitchburg RR.
-Bonds.
-The Mass. P. S. Commission
has been asked to approve the issuing of $1,900,000 20-yr.
5% bonds dated Jan. 1 1914 to refund $500,000 bonds due
May 1 1914 and on account of improvements, etc.
was officially announced in Baltimore on Jan. 3 that the
Maine Central RR.
-Re-purchase of $10,000,000 Stock.
assents to the modified agreement for funding three years'
See Boston & Maine RR. above.
-V.97, p. 1115, 949.
interest on the 5% bonds assured the success of the plan.
-Bonds Called.
New Orleans Railway & Light Co.
Seven ($7,000) 1st M.6% power-house bonds dated July 11897, Nos.
We learn that already signatures have been received and
16, 22, 29, 45, 72, 93
November coupons deposited from about 82% of the total July 1 at 105 and int.and 95, of the New Orleans Traction Co.,for payment
at Fidelity Trust Co.,Louisville, Ky.-V.97, p. 1733.
-V. 97, p. 1504, 1024.
bonds.
-Economies.
New York New Haven & Hartford RR.
-Debt Increase.
Harrisburg (Pa.) Railways.
A reduction of 10% in car-shop wages and a proposed reducA certificate was filed Jan. 6 to increase the debt from $3,000,000 to
tion in local train service were announced this week.
$3,169,900.-V. 96, p. 202.
156
THE CHRONICLE
The announcement as to train service follows a similar announcement
as to the Boston & Maine, by which there will be a curtailment of nearly
4% ofservice,causing changes in 60 non-payingyuns,tnost of which are local.
Tennessee Eastern Electric Co., Boston.
-New Stock.
-
The Massachusetts authorities have been notified of the increase of the
authorized capital stock from $1,650,000 to $2,250,000 by the raising of
the 6% cum. pref. stk from $450,000 to $750,000 and the corn. from $1,200,000 to $1,500,000, par $100. Of the new shares, $150,000 preferremt
and $75,000 common stock are being issued to reduce floating debt.
V. 95, p. 116.
Termination of Agreement of Feb. 6 1911 as to B. & A. RR.
Financing B. & M. RR.
-Maine Cent. to Repurchase Stock.
See Boston & Albany RR. above.
See Boston & Maine RR. above.
-V.97, p. 1898, 1824.
Oakland Antioch & Eastern Ry.-New Securities, &c.
-The shareholders will vote March 3 on increasing the funded debt from $5,000,000 to $5,700,000 by the creation of
$700,000 collateral notes or bonds secured by pledge of a portion of the bonds heretofore issued.
-V.97, p. 1824.
Omaha & Council Bluffs Street Ry.-Bonds Offered.
A. B. Leach & Co. are offering at 97 and int. $2,000,000
First Consolidated 5s of 1902, due Jan. 1 1928, issued in
connection with the retirement of $1,776,100 1st M. 5s
of Omaha Street By. Co., due May 1.1914, the payment of
which will leave the first consols, $10,000,000 authorized,
a first lien on the entire property.
Holders of Omaha Street By. bonds due May 1 1914 will be given an
opportunity to exchange their holdings for a like amount of Omaha &
Council Bluffs Street By. First Consolidated M. 5s.
Cal.
Gross
Net (after Interest Depr'n Pf.Div.Corn. Div, B
Year
Income. Taxes). Charges. Fund. (5%). (5%).
Sur.
1913 (Dec.
$
$
est.) _2,995,727 1,431.185 601,755 240,000 200,000 250,000 139 ,430
1912
2,852,963 1,373,277 591,940 240,000 200.000 250,000 91,337
-V. 94, p. 912, 351.
People's Traction Co., Galesburg, Ill.-Stock.
--
A certificate filed in Illinois Dec. 30 increases the stock to $300,000.V. 98, p. 74.
Quebec Railway, Light, Heat & Power Co.
-Coupons.
-J.C. Mackintosh & Co„ Montreal, on or about Jan. 1 said:
We learn that Quebec By. is not meeting the interest on its bonds due
Dec. 1, but the company has 60 days grace to do this. Payments of the
June interest were made spasmodically over a couple of months, and it is
thought present payments will be made in the same way. The bands are
now low enough to discount such a waiting period and the accompanying
uncertainty. (The Quebec-Jacques Cartier Power Co. bonds, it is understood,are one of the issues carrying overdue interest.) V. 97, p. 1734, 1427
-
Railroad Construction, &c.
-New Mileage, &c., in
1913.
-The "Railway Age Gazette" of N. Y. reports:
The mileage of new line built is practically the same as for each of the
past two years and with the exception of these years is the smallest since
1897, when 2,109 miles were built. The largest continuous line constructed
last year was an extension of the Chic. MU.& St. Paul, 135 MI103.
New Construction of First Track by Calendar Years Wiles.)
1913 -3,071 1910 -4,12211907 -_-5,212 1904 -3,83211901 --_5,368
1912 ___2,997 1909 ___3,74811906 ---5,623 1903 -.5,652 1900 _4,894
1911 -3,066 1908 -__3,21411905 ---4,388 1902 _6.026 1899 -4,569
Cos.
-1913-Miles. Cos.
-1912
-Miles. Cos. 1911-Miles.
United States.238
3,071.12
232
2,997.08
146
Canada
23
20
3,012.96
2,232.10
19
3, 98 9
1 60 6.'5
8
3
9
Mexico
2
4
38.20
312.18
8
351.00
Oraered
EquipmentBuilt
1913. 1912: 1911.
1913. 1912. 1911.
Freight cars
146,732 234,758 133,117 207,684 152,429 72,161
Passenger cars
3,179
3,296
3,642
2,623
3,060 4,246
Locomotives
,.
3,530
Equipment built in RR.shops included in 1'912 and 1913.-V.95,p. 1746.
.Rapid Transit in New York City.
-Contracts.
-
The P. S. Commission has awarded the contract for the construction of
t'le section of the Seventh Avenue (Manhattan) subway between 30th and
tgointsubsi t. ro
., a 10Of asyuth of 43d St. to the Rapid Transit Subway Construction
,
of the Interborough Rapid Transit CO., for $2,292,000,
',lie lowest bid. The Commission has also executed 7 new contracts for
different sections of tile now dual rapid transit system,aggregating $11,106,038, awarded as follows: Section No. 2, part of the New Utrecht Ave. elevated road in Brooklyn, Post & McCord, at $1,672,190; Section No. IA,
part of the Southern Boulevard and Westchester Ave. branch of the Lexington Ave. subway, Rogers & Hagerty, at $2,253,159; Section No. 1,
the Jerome Ave. branch of the Lexington Ave. subway, Oscar Daniel's
Co., at $1,077,978; Section No. 3, the Seventh Ave. (Manhattan) subway,
Degnon Contracting Co.. at $2,185,063; Section No. 5 of the Seventh
Ave. subway, Canavan Brothers, at $2,401,306; Section No. 2 of the
White Plains elevated road, Alfred P. Roth, at $958,484, and Section No.
50, the Steinway Tunnel, Degnon Contracting Co., at $557,856. Chairman McCall recently announced that 40 sections of the subway construction had been completed, entailing an expenditure of upwards of $91,000,000, and that 39 sections are to be completed. Over one-half of the money
which the city has pledged to contribute toward the cost of construction
under the new dual system contracts has, it is said, been expended.
The Commission yesterday approved the forms of contract for the construction of section 2 of the Jerome Ave. line, extending from 182d St. to
Woodlawn Road, and section No. 6 "A" of the 7th Ave. line from 42d to
45th St.
-V.97, lo• 1899.
St. Louis .66 San Francisco RR.
-Additional Receivers'
-James W.Lusk, Chairman of the receivers,
Certificates, &c.
stated on Jan. 6 that an effort was being made to end the
receivership in May next. A syndicate of five St.Louis banks
will take $500,000 of receivers' certificates of an issue of
$1,500,000, the remaining $1,000,000 having been sold in
-V. 98, p. 74.
New York.
South Carolina Lt., Power & Rys.-Bonds, &c.
-A. B.
Leach & Co. are recommending the 1st M.5% sinking fund
gold bonds of 1912, due May 1 1937. Auth., $5,000,000;
outstanding, $3,000,000. See V. 96, p. 136.
[Void. xcvin.
Toledo Columbus & Ohio River Ry.-Dividend Omitted.
No dividend was paid for 1913 from the earnings of the year
on the ,000,000 stock, all of which is owned by Penna. Co.
In 1911 and 1912 6% in each year was paid.
-V.93, p. 1790.
Twin State Gas & Electric Co., Dover, N. H.
-Notes.
-A. H. Bickmore & Co., N. Y., recently offered at 97.22
and int. 3
-year 6% "bond-secured convertible gold notes,"
dated Oct. 11913, secured by deposit with Union Trust Co.
of N. Y., as trustee, of $600,000 "First & Ref." M.5% bonds.
Total auth. note issue, $1,000,000; reserved for future issue,
$500,000 Int. A.& 0.in N.Y. Par $100,$500 and $1,0000*.
Digest or Statement by Pres. I. L. hleloon, Dover, N. Ii., Nov. 1 1913.
Organization.
-Incorporated in 1906 in Conn. Furnishes gas, electric
light and power to Dover, N. II., and Brattleboro, Vt. and operates the
Brattleboro Street By.; also furnishes electric light and power to Rochester, Salmon Falls, Somersworth and Hinsdale, N. El., North Bennington
and Bennington Center, Vt., and Hoosick Falls, N. Y. The central stations are located in Dover, Brattleboro, Bennington and Hoosick Falls,
and are operated jointly by water power and steam plants.
The properties of the Cascade Light & Power Co. and the Berlin Electric
Co. will soon be taken over in part by means of these notes, upon the completion of which and the retirement of the underlying bonds on the propertie; thus acquired, the outstanding bonds and notes will be shown as
below (under date of May. 1 19141•
CapitalizationOut. Nov.1'13.May 1914.
Common stock, authorized, $2,500,000
$1,250,000 $1,250,000
5% cum. pref. stock, auth., $2,500,000
1,426,000
1,500,000
First & Ref. 5% bonds, auth., $10,000,000; issued
to secure these notes.
[
600,0001 • [$930.0001
Underlying bonds to retire which "First & Ref." M.
5s are reserved
1,895,500
1,815,500
6% bond-secured notes ($1,000,000)
500,000
750,000
First & Ref. M. 5s.
-Of the $10,000,000 authorized bonds, due Oct. 1
1953, $1,895,500 have been reserved par for par for the present bonds outstanding. The $600,000 bonds used as collateral for the $500,000 bondsecured notes aro a first mortgage (exceptfor $80,000 underlying bonds
which will be speedily taken-up) on the electric-lighting plant of the St.
Johnsbury (Vt.) Electric Co., the Bennington (Vt.) Gas Light Co. and the
Berwick & Salmon Falls Electric Co. through pledge of all .its stocks and
bonds and a "First & Ref." M.on the remainder of the properties.
-Dated Oct. 11913, due Oct. 11916, but redeemDescription of Notes.
able as a whole or in part at 100 and int. on any int. date on 30 days' notice.
Interest payable A. & 0. in New York. Denominations $1,000, $500 and
$100, c*. Both principal and interest payable without any, deduction of
be required to,
any tax or governmental charge Which the company
pay or to retain by any present or future law of the United States (except
any Federal income tax) or of any State, county or municipality therein.
Total authorized issue, $1,000,000; present issue, $500,000. Convertible
in amounts of $100 or multiples thereof, at option of holder, at any time before maturity upon presentation to trustee, into. First & Ref. M. bonds
pledged as security for the notes, the notes to be taken at par and the bonds
at 93%. the accrued interest to be adjusted at conversion.
Gross Earnings and Net Earningsfor Calendar Year Before Providingfor Interest
on Funded and Floating Debt, Discount on Bonds, &c.
Gross.
On. Exp.
Net.
(1) Actualfor Year 1912$368,432 $214,731 $153 721
3 10
: 2
Twin State Gas & Electric Co
28,080
63,872
35 713
St. Johnsbury Electric Co
35 2
:9
5,325
Elec.
181:04844
7
Berwick & Salmon Falls El.Co
7
7,5 2
Bennington Gas Light Co
Total for properties owned Nov. 1 1913-$451,836 $255.708 $196,128
Add for Properties Now to be Acquired
$20,892
$43,609
Cascade Light & Power Co
$22,718
16,140
30,892
14,751
Berlin Electric Co
Total calendar year 1912
(2) Estimate for calendar year 1913
Interest On underlying bonds
$526,337 $292,740 3233,597$575,000 $315,000 $260,000
84,715
Bal.,est. surplus(agst. $45,000 int. on $750,000 of these notes) $175,285
n'he report of Sanderson & Porter, engineers, shows replacement cost,
exclusive of franchise and going concern values, of $4,223,700 on all the
properties, including the Cascade Light & Power Co. and the Berlin Electric Co. All the principal franchises were granted by the State legislatures
and have been construed by counsel as perpetual.
Considerable improvements have been made to the properties and rates
have been voluntarily reduced. The volume of business, however, has
largely increased and for the last six years the earnings have increased
about 10% per annum.
-According to Federal Census of 1910, over 65000, ;
Population Served.
which has since Increased. The plants to be taken over serve an additional
population of over 25,000.
-The management ha.s for some time past been controlled
Management.
by Samuel Instill, whose efficient organization, having recently assumed
direction of the properties, should largely increase their earnings.
(Controlled byNat. Lt. Ht.& Power Co. and passed with that company
In 1912 into control of Middle West Utilities Co., of which Samna' Instill
is President. See V.84, p. 556; V. 95, p.'1750; V. 96,0. 1773: V. 97, p. 595,
and p. 162 of "Ry. & Ind. Soc."; also p. 21 of "El. Ry. Sec."
The P. S. Commission of N. H.in November last authorized (a) the purchase of the properties of the Cascade Light & Power Co. In the city of Berlin and the towns of Gorham and Milan for $240,825; the properties of the
Berlin Electric Co.,and the securities of the Berwick & Salmon Falls Electric
-V. 95, p. 1750.
Co.; (b) the issue of not exceeding $1,232,000 bonds.
Underground Elec. Rys. of London. Ltd.
-Listed.
--
The London Stock Exchange has listed (a) £76,000 additional 43
,
6%
bonds of 1933, making the total amount of this issue of bonds listed to date
£1,806,000; (b) London Electric By. Co., 36,357 oridnary shares of £10
(already listed £3,173,670 4% pref. shares
each,fully paid. Nos. 1 to 36,357
-V.97, p. 1428, 238.
and £4,191,106 4% deb. stock.)
-Distribution of Company's Holdings'
Union Pacific RR.
of B. & 0. Stock to Common Stockholders Amounting at
Par to an Extra 33 M% and 3% Cash.
-Chairman Lovett on
Tuesday made the following announcement: "The executive
committee to-day decided to recommend to the board of
directors, which meets Thursday, to distribute among the
holders of the common stock of the Union Pacific RR. Co.
Alabama RR.
South & North
-New Mortgage.
-The the Baltimore & Ohio stock owned by it, together with $3
company has filed its mortgage to the United States Trust per share in cash. It is proposed to distribute to the holder
Co. of New York, as trustee, to secure an authorized issue of each share of U. P. common [tabulated by Ed.]:
of $25,000,000 5% 50
-year bonds.
Par Value.
Yielding Yearly.
Earnings for Calendar Year (Dec. 1913 est.)- 1913.
Inc.
1912.
Gross earnings
$371,500 $341,567 8.79
Net earnings (after oper. expenses & taxes)_.. 235,000
216,157 8.72 o
"The company enjoys a great diversity of Income, which is evidenced by
the fact that about 55% from its income is derived from the operation of
the various public utilities; 30% from the sale of power to the cotton mills
and 15% from other manufactures." Bond interest is payable free from
Federal income tax. Compare V. 96, P. 136.
Of the bonds $10,000,000 will be used to retire bonds issued under con- Baltimore & Ohio preferred
solidated mortgage of 1886 on maturity, $2,500,000 is reserved for equipcommon
do
do
ment, already purchased and to be purchased, $6,257,000 to pay floating Cash
debt and $4,243,000 for cost of extensions, additions, betterments under
-V. 97, p. 1664, 1287.
construction or contemplated.
Total (stock 334)4)
-16 2-3% New Stock.
Tampa (Fla.) Electric Co.
-The
shareholders having authorized an increase in the capital
stock from $2,244,000 to $2,618,000, holders of record Jan. 17
are entitled to subscribe for the $374,000 new stock at par on
or before Feb. 25 (when full payment must be made), to the
extent of 16 2-3% of their respective holdings.
-V.97, p.1824.
$12.00
22.50
3.00
at 4%48 cts.
at 6%- $1.35 cts.
at 6%18 cts.
$37 50
$2.01
"The executive committee also recommends that, if this
is carried into effect, the regular annual dividend be correspondingly reduced, that is from 10% to 8% per annum."
The directors on Thursday approved the aforesaid plan.
The statement that the distribution will be made April 1 to
stockholders of record March 2 is not confirmed.
JAN. 10 1914
THE CHRONICLE
157
The U. P. System holds $53,607,800 B. & 0. common and $28,480,000
B. & 0. preferred. The aforesaid dividends on the $216,635,400 U. 1'.
common now outstanding would call for $48,742,965 B. & 0. common and
$25,996,248 B. & 0. preferred.
The distribution of B. & 0. stock, it is understood, is made chiefly for
the following reasons: (1) To meet the expectations of the common shareholders (compare V. 97, p. 10251. (2) To avoid criticism for holding stock
in competing lines, there being also in the U. P. treasury $17,857,100 of
N. Y. Central stock. (3) To effect the reduction in the annual dividend
rate, 10% being considered an undesirably high rate in view of the present
attitude of ratemakers and State legislators.
of sewer pipe, for we have other products for which the demand is con
stantly increasing and which is fairly remunerative. (The annual meetinwill hereafter be held on the third Thursday in Jan.)
---V. 98, Io• 75.
Suit to Enjoin Distribution.—J. T. McCadden and three
other pref. stockholders, who,it is stated. own 1,950 shares,
on Thursday filed in the N. Y. Supreme Court a bill of complaint in behalf of themselves and other pref. stockholders
asking for a permanent injunction against the distribution
to the common stockholders of the Bait. & Ohio stock which
the Union Pacific owns, or in any manner disposing of the
B. & 0. stock for the benefit of the U. P. corn. stockholders.
In connection with the inquiry which, it is reported, has been in progress
for some time by Attorney-General McReynolds into the working effect of
the decree of disintegration, the announcement of the selling policy of the
company is of interest. A director is quoted: "Whether or not the Metropolitan Tobacco Co. acts as the exclusive jobber for the American Tobacco
Co. in New York City means nothing to us, and if the Department of Justice believes the general situation can be improved by our selling all jobbers
in the district instead of having all business handled by the Metropolitan
Co., we are willing to accede to the request. We have so notified the proper
authorities, although we have not taken the matter up directly with
Attorney-General McReynolds. If we did away with our Metropolitan
contract, the American Tobacco Co. would not suffer any loss. In fact, as
the trade knows, we have been selling jobbers at a flat rate throughout the
country since last May."
President Hill in a letter to the trade says that the policy established
last May of selling all goods at a uniform price and giving no rebates or
discounts to jobbers, even the largest, is "not only in the interest of our
customers but in the interest of this company. We do not seek to fix prices
at which our products shall be sold, but we recognize that unless our customers make a reasonable profit, it cannot be well with our brands."
—V. 97, p. 888.
The question at issue, it is stated, turns upon the classification of the
B.& 0.stock held by the U. P. The plaintiffs allege that the stock is part
of the fixed assets of the U. P., while the company claims that it must be
figured as part of the surplus earnings,that is, the airectors, It is said, maintain that the equivalent of the money paid for the stocks exchanged for
B. & 0.stock is in the Union Pacific's profit and loss surplus of $151,153,386 as of June 30 1913 (V. 97, p. 1911), and that they have a right to distribute either this cash surplus or its equivalent In stock. A director is
quoted: "The whole thing sums up in this: The courts have held that
you cannot ear-mark a dollar. Our right to declare an extra cash dvidend
on the common is unquestioned; what difference does is make to the pref.
stock whether we convert the B.,& 0. stock back into cash and pay that
out or distribute the stock itself—V. 97, P. 1894.
United Railways & Electric Co. of Baltimore.—Decision.—Judge Henisler in the Supreme Court at Baltimore,
Md., on Jan. 7 rendered a verdict in favor of the State Roads
Commission against the company in the Commission's suit
to recover the cost of changing and re-locating tracks and overhead structures of the company on certain thoroughfares
turned over to the Commission for improvement.
The case was heard without a jury on an agreed statement of facts.
There was involved in the litigation work done on the Falls Road, in the
city and county: Maryland Ave., Westport: First St., Brooklyn, and the
Baltimore and Liberty Turnpike, including Garrison Ave. The Commission
proceeded with the work under Chapter 141, Acts of 1908. On July 7 1910
it was agreed that the Commission should do the work and pay for it, the
ultimate liability for it to be determined by the courts.—V. 97, p. 1824.
Vermont Valley RR.—Sale of Notes.—Kidder, Peabody
& Co. have bought from Boston & Maine $1,523,000 one. year6% notes of the Vermont Valley. Compare V.97, p. 1899.
Wabash Pittsburgh Terminal Ry.—Decision.—
see Wheeling & Lake Erie RR. below.—V. 97, p. 1824.
Wabash Railroad.—Decision.—
See Wheeling & Lake Erie RR.below.—V.97,P • 1899.
Wheeling & Lake Erie RR.—Decision.—Judge Day in
the U. S. District Court at Cleveland, 0. on Jan. 5, sustaining the contention of the minority stockholders, held
illegal and void the contracts of 1902 and 1904, under which
the Wheeling & Lake Erie and Wabash-Pittsburgh Terminal
Ry. were to turn over to the Wabash-Pittsburgh Terminal
Ry. 25% of the gross receipts on all traffic interchanged.
Judgment was also awarded for $578,198 against the Wabash
and the Wabash-Pitssburgh Terminal Ry. lessening by that
'
amount the sum (said to be about $1,000,000) due by Wheeling & Lake Erie to those companies. The Court also up,000,000 notes issued in 1905,
held the validity of the
which were secured by deposit of general M. bonds and decollateral for the Wabash loan, the latter
posited as part
having been purchased at auction on Aug. 1 1913 by the
Kuhn, Loeb & Co. syndicate that made the loan (V.97,p.367)..
This. it is pointed out, makes possible the independent reorganization of
the W.& L. E., unless the Wabash-Pittsburgh Terminal interests take an
appeal, as seems likely, from that portion of the decision holding invalid
the 25% contracts. The Court holds that all general M. bonds in excess
of $10,133,333 which were deposited as security for the notes were illegally
issued under the Ohio law limiting securities issued to 75% of the par
value of the collateral.—V. 97, p. 1288.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.—Favorable Decision.—
American Sugar Refining Co.—No Negotiations.—
In regard to the rumors of negotiations for a compromise of the suit
brought by the Government, James M. Beck, general counsel for the corporation, says: "I have no negotiations on with the Attorney-General in
regard to a compromise of the dissolution suit and expect to resume taking
testimony in the action at an early date."—V. 98, P. 75.
American Tobacco Co.—Selling Policy.—
Assets Realization Co.—Plan Effective.—
The following announcement was made Dec. 3: "The re-financing and
extension plan (V. 97, p. 1900) has been declared effective as of Dec. 31
1913. The important obligations have been renewed for one year, with the
privilege of renewal for an additional year. The business wid be carried
on under the direction of a creditors' committee consisting of A. H. Wiggin,
Pres. of Chase Nat. Bank, Chairman: Samuel McRoberts, V.-Pres. of Nat.
City Bank, and Benjamin S. Guinness, of Ladenburg, Thalmann & Co.
This committee will be represented in the management by G. M.
-P.
Murphy of G. M.
-P. Murphy & Co., who has been appointed Chairman
of the executive committee. The extension relieves the company of the
necessity of sacrificing its assets and gives ample opportunity to work out
its affairs in an orderly fashion."
The company, it is stated, plans to don its Philadelphia office, its business to be conducted from the offices in New York and Chicago. As to
company's interest In Breakwater Co.see that co. below.—V.97, p. 1900.
Blackwood (Va.) Coal & Coke Co.—Bonds Called.—
Fifteen 25-year 1st M.5% sinking fund gold bonds of $500 each, dated
Feb. 1 1906, for payment at 105 and int. on Feb. 1 at Girard Trust Co.,
Philadelphia, trustee.
Breakwater Company, Philadelphia.—Receivership.—
Judge Thomason in the U. S. District Court at Phila. on Dec. 29 placed
this $1,000,000 Ohio corporaticn, with principal offices in Philadelphia,
in the hands of Henry W. Moore, William E. Woods (representing the Mass.
Bonding Co., which filed a claim against the company for $400,000) and
Rhine R. Freed of North Wales, Pa. The Assets Realization Co., is said
to be the principal creditor, with claims of about $1,000000. Builds breakwaters, having in progress four contracts on Delaware River for U, S. Govt.
Also owns stone quarries. Total book a.ssets said to aggregate about $3,000,000. Successor of similar concern which went into bankruptcy in 1909.
Directors: D. J. Boylan, K. K. MacKenzie, C. E. Engle, John H. Price
and F. A. Barnadv.
Canada Steamship Lines, Ltd., Montreal.—Officers.—
Pres., James Carruthers, Montreal: Vice-Pres'ts, William Wainwright,
Montreal; M.J. Haney,Toronto, and J. P. Steelman, Hamilton; Managing
Director, J. W. Norcross, Montreal; Gen. Counsel, C. A. Barnard, K.C.:
Asst. to Pres. and Sec., F. Percy Smith: Comntroller, F. S. Isard, and
Treas.', J. I. Hobson, all of Montreal. See V. 97, p. 1825.
Carborundum Co., Pittsburgh, Pa.—Stock Increase.
The shareholders will vote .Tan. 21 on increasing the capital stock frem
$2,000,000 to $2,500,031—V. 97, p. 447.
Chicago Steel Products Co.—Dividend Omitted.—
The comoany has decided to omit the regular quarterly dividend of 2%
on the $250,000 8 7 cumulative met s'ock, which would have been payable,if declared, onJan.l. The initial payment was made on April 1 1913.
—V.96, p. 1158.
Cincinnati & Suburban Telephone Co.—New President
Bayard Kilgour, Vice-Pres. and Gen. Mgr., has succeeded his father.
John Kilgour,as President, but the latter remains a director.—V.96,p.656.
Consolidated Gas Co. of New York.—Decision Delayed.
The decision of the Commission, it is reported, has been delayed on the
applications of the New York Edison Co. and Astoria Light, Heat & Power
Co. to issue $15.800,000 new stock and $5,000,000 bonds, respectively, by
a diversity of opinion among the Commissioners as to whether the application should be granted in full; and no decision will be reached until further
hearings have been held. After a number of hearings, it is stated, the
Commission has examined only about 70% of the vouchers of expenditure,
amounting to $1,000 or more, and additional time will be necessary to
examine the remainder.—V. 97, p. 1665.
Consolidated Gas, El. Lt. & Power Co., Baltimore.—
The U. S. Supreme Court on Monday, reversing the lower Federal Stock.—The directors on Jan. 7 authorized an increase in
courts, unanimously held unconstitutional the New York City ordinance the common stock by
$1,416,000, the new stock to be offered
passed in 1906 requiring all express wagons and their chauffers and drivers
to obtain licenses from the city. The city authorities in the strike of 1910, to present stockholders at par to the extent of 10% of their
acting under the authority of the ordinance, caused the arrest of drivers holdings and the stock not taken by them to be underwritten
who took the places of the old men, and this, it is said, contributed largely
by a syndicate.—V. 97, p. 1112.
•
toward forcing a sottlernent.
Justice Hughes in the opinion stated that if Sections 306 and 305 of the
Consolidated Rubber Tire Co. (of N. J.), N. Y.—
ordinance "are to be deemed to require that a license must be obtained as a
The name of the company has been changed to Kelly Springfield Tire Co.
condition precedent to conducting inter-State business of an express company, we are of the opinion that, so construed, they would be clearly un- as voted Dec. 26. The capitalization remains unchanged, viz. $4,000,000
constitutionsl. Undoubtedly the exertion of the power essential to assure common and $1,149,500 6% cum. pref. stock, par $100. and $2,850,500
immediate protection to the community may extend incidentally to the 4% debenture income bonds. Office, Broadway and 57th St., N. Y.
operation of a carrier in inter-State business, provided that it does not sub- —V. 96, p. 1366.
ject that business to unreasonable demands and is not opposed by the FedConsolidated Telephone Co. of Penna.—Bonds.—
eral Constitution. Local police regulations cannot go so far as to deny
The company has filed its two new mortgages to the U. S. Mort. & Tr.
the right to engage in inter-State commerce or to treat it as a local privilege
the absence of a local license." The Court said Co. of N. Y., as trustee, to secure, respectively, $2,000,000 1st M. 5s and
and prohibit its exercise in
that the ordinance could not be construed as intended to fix a fee or tax for $2,000,000 general M. 5% incomes. See plan as proposed in May 1913,
the use of the streets nor could it be considered as a regulation in the inter- V. 96, p. 1704.—V. 97, p. 1428, 889.
est of safety, for there were other ordinances for that purpose.—V.98,p.74.
Corporation for Riker & Hegeman Stock.—Status.—
American Sewer Pipe Co., Akron, 0.—Report.--The Ba,mberger, Loeb & Co., New York (who specialize in the
fiscal year having been changed to end Nov. 30, Pres. Geo. shares of.the United Cigar Stores Co.of America), recently
R. Hill on Dec. 27, reporting for the 11 months ending issued a circular saying in brief:
Nov. 30 1913, says in substance:
A holding company recently incorporated in Delaware (V. 97, p. 1736).
Our net earnings, after deducting the $70,005 bond interest, were ap- Capital stock, authorized, $5,000,000, in $5 shares; issued, $3,700,000.
proximately $400,000. During the past fiscal period we have redeemed No bonded debt. Organized to acquire and hold a majority of the $5,764,and canceled $52,500 bonds. We have purchased with earnings quite a 800 common stock of the Riker & llegeman Co. Under the plan for acblock of our bonds, which are now in the treasury for retirement, and have quiring this stock, the Corporation will Issue twenty of its $5 shares for
expended about $26,000 for permanent improvements, which materially each share of the common stock of the Riker & Hegeman Co. of $100 par
increased our production. We have also reduced our liabilities, including value (V. 97, p. 1667). This acquisition gives the control of an extensive
our bank and other bills payable, by about $190,000, and have increased drug business to interests closely identified with the development of the
our assets approximately $160,000. Floods and a tornado in the early prosperous United Cigar Stores Co. of America, and these interests prospring caused damage to our properties of nearly $50,000, which, however, pose to introduce their original and aggressive features in merchandising
to the development to the fullest extent of this profitable drug enterprise.
has been absorbed in the above figures.
The Riker & Hegeman Co. Wa-s incorporated Feb. 8 1912 (V. 94, P. 634:
Although dividends could have been paid out of the profits of the past 11
months, the directors deem it inadvisable to order a dividend at this time V. 96, p. 366) to take over the William B. Riker & Sons Co., Hegeman &
and they have therefore strengthened the company by increasing its sur- Co. and the Jaynes Drug Co. of Mass. The drug business of W. B. Riker
plus. Continued demand, with prices as favorable as those of 1913, & Sons Co. was organized many years ago and was well established before
would undoubtedly warrant the distribution of at least a part of the earn- Ilegeman & Co. began lousiness, nearly 25 years ago. The latter company
ings. The prospects for 1914 are encouraging although dependent upon was re-incorporated on Jan. 27 1910 with a capital of $6,000,000 (V. 90,
business conditions: we anticipate that within a short time the demand p. 630). The Riker & Ilegeman Co. owns and operates 93 stores, located
wiltibe normal. Our plants do not depend entirely upon the production in N.Y. City, Brooklyn, Boston, Hartford, Newark, Washington alia other
158
THE CHRONICLE
Eastern cities. Recently the company acquired two large stores in Rochester, N. Y. which were the property of the Dake Drug Co. of that city.
It is estimated that the Riker-Hegeman Co. will have sales of about
*15,000,000 in 1913 in its chain of 93 stores. With the introduction of the
new methods it is anticipated that the sales for 1914 will be at least $20,000,000. The company has been aggressive in its sales policy but conservative in its plan of expansion, opening its new stores with surplus earnings.
In this way, it is said, an average of three new stores have been opened
every two months during the present year. The sales have increased nearly
30% over 1912. The Riker-Hegeman Co. Is now paying 4% per annum on
its common stock. Considering tho fact that the Itiker-Hegeman Co.
earned on its common stock above 10% in 1912, above 12% in 1913.
and is likely to exceed 15% in 1914, the holding company should be in a
position to pay from 6% to 8% on its stock in the coming year and still
have an ample margin of surplus profits to finance its extension policy.
Statement by George J. Whelan on Talk of Government Action.
—George J. Whelan, Pres. of United Cigar Stores Co. of
America, on Tuesday made the following statement in reply
to inquiries regarding the report that the Department of
Justice was investigating his interest in the enterprise.
Except for what I have seen in some of the newspapers, I know of no
investigation regarding the arrangement I entered into last fall on behalf
of myself and some of the gentlemen who associated with me to purchase
a majority of the common stock of the Riker & Itegeman Co. The terms
of the purchase were made public at the time anti my object in making tee
investment as a purloy commercial proposition was discussed in the daily
papers. United Cigar Stores had nothing to do with the purchase and never
since then has it been concerned therein. During the negotiations I was
advised by Samuel Untermyer as my counsel and the transaction was conducted under the direction of Mr. Untermyer and Mr. S. M. Stroocic.
I have been continually advised by my counsel that no law was violated in
any way by me in that matter and I feel certain that any investigation
which may be centemplaved or may be made will disclose nothing unlawful
or improper.—V. 97, p. 1736.
[VOL. xcvm.
Business founded by Fairbanks Bros. In 1830, who invented platform
scales; between 1842 and 1857 doubled every three years. In 1874 incorporated as F,. & T. Fairbanks & Co. To-day is the largest of the manufacturers of weighing devices and shins its products to all parts of the
world. Plant has an annual output of 115.000 scales of 2,000 varieties,
ranging from the assay scale graduated to a tenth of a grain to the 900
-ton
railroad scale and the 400
-ton canal weighlock scale. Employs 1,350
skilled men. Common stock issued and outstanding, $2,500,000; largely
held by trustees, guardians, estates and large institutions. Dividends of
4% have been paid on thii stork for 16 years. Not earnings for past four
years sufficient to pay seven times the 7% dividends on Moline Scale
Co. $250,000 pref.steck. Balance sheet based on that of Jan. 1 1913:
Plant, real estate, machinery, tools, incl. factories outside of St. Johnsbury,
$1,969,289; cash, $41,422; receivables, stocks and bonds, $518,820: materials, supplies. &c., 8%324,558: to.al, $3,354,091. Offsets: Common
stock, $2.500,000, and debt, $543,113.
All sales are made through three distributing agencies, each a separately
organized concern, with its own stockholders, and having no connection
except as agencies with this corporation. The control of both the Moline
Scale Co. and E. & T. Fairbanks & Co. is in the hands of men who have
been identified with the companies for a long period of years.—V.98, p.75.
Federal Sugar Refining Co., New York.—Div. Omitted.
The following statement was issued on Tuesday: "The directors have decided to pay on Jan. 31 the regular quarterly dividend on the preferred
stock, but not to pay a quarterly dividend on the common stock, inasmuch
as a dividend on the common stock has not been earned during the past
quarter. This is due to the fact that during the past few months the margin between the cost of raw sugar and the price at which refined sugar has
sold has been too small to justify a dividend on the entire capital stock.
The company will resume the payment of dividends on its common stock
as soon as the normal difference between the price of raw and refined sugars
is restored, and the directors believe that such a resumption will occur
very soon." Payments at the rate of 1X% quarterly were made front
Jan. 1912 to Oct. 1913, inclusive.—V. 97. p. 1026.
Ford Motor Co., Detroit.—Extraordinary Wage Plan.—
Davenport (Iowa) Locomotive Works.—Bonds.—Julius President Henry, Ford announced on Monday that in conChristensen, Philadelphia, is offering at a price to yield over nection with their new profit-sharing the company would:
6% the unsold portion of $400,000 6% gold sinking fund
(a) Increase the minimum wage paid to any male employee of 22 years.
of age or over to $5 a day. (b) Distribute at intervals during 1914 among
bonds dated April 1 1913 and duo April 1 1943.
the employees a sum estimated as probably $10,000,000 from the profits
Interest A.& 0.at office of trustee, Fidelity Trust Co., Baltimore. Company pays normal income tax of 1%.
Data from Statement of Pres. E. S. Johnson, Davenport, Ia., Dec. 20.
Capitalization: Prof. stock (auth., $300,000). $91,500; common stock
(auth., $1,000,000), $521,800; 6% bonds authorized, 31,000.000 (reserved
for $75% of cost of future additions, $600,000), present issue, $400,000.
to take up $250,000 old bonds and for expenditures incurred in building
modern plant finished in 1910. These $100.000 of bonds (or the proceeds
thereof) must be held by trustee until the existing $250,000 bonds have been
paid and the mortgage released, making these $400,000 of bonds an absolute first mortgage. Net quick assets (materials and supplies, book accts.,
bills receiv. and cash, less current bills and accts. payable) must at all times
be 50% of amount of bonds outstanding. No dividends on stock unless
funds are with trustee for one year's interest on bonds. Under company's
charter and State laws, the bonded debt can never exceed two-thirds of
paid-in cash capital, thus ensuring a cash equity of 150%. Sinking fund
to retire bonds beginning July 11915, 10% of annual net earnings, but not
less than 2% per anntim of all bonds outstanding.
Manufactures locomotives of moderate size (6 to 50 tons) for commercial
purposes, railroad contractors, mines, &c. Owns 46-acre factory site in
Davenport valued at over $100,000, four large modern fireproof buildings,
six large mill construction type buildings; three large frame buildings and
10 smaller buildings (total floor space tor manufacturing, 136,674 sq.ft.)
modern machinery, &c. Assets, after depreciation Nov. 30 1913, taking
no account of good-will: Net quick assets,$267,020(materials and supplies,
$254,642; bills receiv. and accts. receiv. and cash, $190,845; less current
accts. and bills payable, $178,466); real estate and bldgs., $355,959; tools
and machinery, $300,602; total assets, $923,581.
Net earnings (after taxes) for ten years, 1903 to 1912 incl., averaged
twice the interest ($24.000) on these bonds (average capital employed
about $350.000), although including unfavorable years from 1908 to 1911.
Net for 1912, after depreciation and taxes, $60,408. Net earnings and surplus for 11 months ending Nov.30 1913, before deducting interest, $82,672.
.—E S. Johnson. Pres.; J. Kastlin, V.
.
Officers
-P. & Gen. Mgr.; August
Sebelien, Sec.; Charles Pasche. Treas.—V. 96. P. 1426.
Dayton (0.) Power & Light Co.—Acquisition.--
The 1'. U. Commission of Ohio has approved the company's plans for
the purchase of the Wilmington (0.) Water & Light Co. and the Xenia (0.)
Gas & Electric Co., including all of their plants, business and properties.
Permission was given the company to issue $125,000 in 5% First & Ref.
M. gold bonds (V. 94, p. 281) and $50,000 of its 6% cum. pref. stock to
cover the purchase of the Wilmington Water & Light Co. All of the capital
stock and bonds of the Xenia company now being owned by the Dayton
Power & Lt. Co., no additional securities have to be issued therefor.—
V. 97, p. 447.
Detroit (Mich.) Edison Co.—Debentures.—F. S. Smithers & Co., Spencer Trask & Co. and Security Trust Co.
(of Detroit) have, as already announced (V. 97, p. 1826),
underwritten the new issue of $3,400,000 10-year convertible debenture gold bonds dated Feb. 1 1914 in so far as
not taken by the shareholders. A circular shows:
of' the year. (c) Increase the working force from 22,500 (15,000 at Detroit
plant, 7,500 at branches) to 26,500. (d) Establish an eight-hour day, theplant to be operated with three shifts every 24 hours in place of the present
two shifts of nine hours each. See V. 96, p. 1705, 1775; V. 97, p. 368.
General Petroleum Co. (of Cal.).—Assents.—
A press report states that the company has cabled to the General Petroleum, Ltd., of London that over $6,000,000 of bonds has been deposited
under the plan (V. 97 p. 1665, V. 98, p 75).
s
See General Pipe Line Co. below..—V. 98, p. 75.
General Pipe Line of California.—Dividend Deferred.—
The initial annual dividend of 8% upon the $2.000,000 class A shares,
guaranteed by General Petroleum Co., was payable Jan. 1 1914 (thereafter.
due 4% each J. & J.), but in view of the pending re-financing of that company and transfer of control to foreign interests, the bankers who handled
the issue have acceded to the request of the Petroleum Co. that payment
of this dividend be deferred for not exceeding 90 days. Interest was met
promptly Jan. 1 on the $4,500,000 1st M. bonds of the Pipe Line Co.
The syndicate agreement has been extended to July 1 1914, 90% in
Interest of the original subscribers, it is said, signing the request for extension. See V. 97, p. 1901. 1666.
Hercules Powder Co.—Increase of Stock.—The stockholders will vote on Jan. 22 on increasing the authorized
stock from $10,000,000 (all of one class), of which $6,500,000 is outstanding, to $20,000,000, the $10,000,000 new stock
(7% cumulative preferred) to be used from time to time to
provide additional capital and to retire (in the immediate
future if the holders desire) the $6,500,000 6% incomes
on a basis of equal annual return to the owner.—V.97,p.1289.
Howard Gas Coal Co.—Bonds Called.—
Two 1st M. 6% bonds dated July 1 1904 were drawn for payment on
Dec. 31 at Real Estate Trust Co., Philadelphia.
Indian Refining Co. (of Maine), N. Y. and Cincinnati.—Qualified to Do Business in New York State.—
The parent Indian Refining Co., which was incorporated in Maine in
1904,filed a certificate at Albany last week whereby authority was obtained
to do business in this State. This company will now assume the business
heretofore done by Indian Refining Co. of New York,a subsidiary company,
all of whose $300,000 capital stock was already owned by the parent company. The step requires no new financing and calls for no exchange of'
securities. The capital stock of the Maine corporation remains as heretofore, $6,000,000, of' which $3,000,000 is 7% cum. pref., par $100 a share.
—V. 97, p. 949, 599.
Inter-City Power Co.—Suit—Securities.--
See Manhattan Transit Co. below.—V. 95, p. 820.
International Cotton Mills, Boston.—Officers.—
Acting Pres. Robert F. Herrick has been elected Chairman of the board:
These debentures will mature Feb. 1 1924. Int. F. & A. Par $100 Treas. Albert L. Scott has been chosen President and S. H. Greene, Treas.
and $1,000 c*. Convertible between Feb. 1 1916 and Feb. 1 1922 into capiDeposit of Bonds of Mt. Vernon-Woodberry Cotton Mills.—
tal stock at par. Subject to redemption on or after Feb. 1 1919 at 105 and
See that company below.—V. 97, p. 1736.
int. on 60 days' notice, and when so called may, during conversion period,
be converted at holders' option into capital stock prior to redemption
International Harvester Co.—Listed in London.—
date. Authorized to be immediately issued, $3,400,000. Holders of these
The London Stock Exchange has listed, in lieu of the stock, trust certifibonds will until Feb. 1 1916 enjoy right of subscription to future issues of
(a) International Harvester Corcapital stock. The proceeds are to be used to pay off floating debt contrac- cates of the International Harvester Co. $29,984,300
poration $39,972,000
ted for construction work recently completed and for improvements and ternational Harvester common stock and $39,972,400 pref. stock; (b) InCo. of New Jersey
common stock and
extensions now in progress or projected.
$29,986,600 pref. stock. V. 96, p. 1843, 1495.
Capitalization of Detroit Edison Co. Outstanding Dec. 22 1913 (the Stock is
Iowa Falls (Iowa) Gas Co.—Receivership.—
Listed on New York Stock Exchange).
Judge Wright at Iowa Falls on or about Dec. 30 appointed as receiver for1st M.5% bds.,due 1933$10,000,0001Conv. deb. 6s, 1921
$117,000
64,900 Cap.stk.(pay.7% p. an.)13,414,400 the property George S. Forest of Portland, Ore., the former owner. The
Cony. deb. 6s, 1920._ _ _
To the foregoing is now added the present $3,400,000 convertible deben- city has been without gas for two months past, the plant having been deture 6s. The company owns the entire capital stock of the Eastern Michi- molished by a runaway locomotive. a'he company is seeking to collect
gan Edison Co., which has an authorized issue of $10,000,000 1st M.5% $12,000 damages from the railway. Capitalization at last accounts,
bonds, due 1931, of which $3,271,000 are outstanding, guaranteed p. & I. pref. stock $7,900, common stock $15,300; bonds $30,000, duo 1922.
by Detroit Edison Co.
Kaministiquia Power Co., Montreal.—Div.
Property.—Does all the commercial electric lighting and industrial power
A quarterly dividend of 1 % has been declared on the $2,000,000 stock,
business in the city. Its two generating stations are of most modern type
and have a present capacity of about 93.000 k. w., or 124,000 h. p. Work payable next month, comparing with 1 5i% quarterly from May 1913 to
on a new power house five miles east of centre of city is in progress, and a Nov. 1913, inclusive, and 1% from Feb. 1912 to Nov. 1912. The rate
capacity of 20,000 k. w. will be in service there in 1914. In addition, there from May 1910 to Nov. 1911 was 3% per annum. The stockholders have
are 19 sub-stations. In the opinion of counsel, the franchises extend to authorized the issuance of $200,000 new stock at par.—V.96, p. 1706.
1946, and probably for an unlimited period beyond that date.
Kansas City Stock Yards Co. of Mo.—Receipts.—NumEarnings of Detroit Edison Co., Showing Surplus After Charges and Depreen.
Gross.
Net.
Sur.forDivs. ber of head of stock handled at the yards:
$5,351,525 $2,236,582 $1,025,084 Cal. Year,
Calves.
12 months ending Oct. 31 1913
Hogs.
Cattle,
Horses,&c
Sheep.
4,222,426
1,783,847
12 months ending Oct. 31 1912
187,870
633,363 1913
2,567,785
2,131,015
82.110.
2,094,748
The annual gross earnings (including Eastern Michigan Edison Co. in 1912
203.834
2,523,331
1,943,399
73,445.
2,133,976
recent figures) have increased from $563,414 for 1903 to $4,385,615 for —V.97, p. 890, 240.
1912, an increase of $3,822,201, or 678%; the number of its customers
Kelly Springfield Tire Co.—New Name.—
from 6,266 to 70,763, an increase of 1,029%; connected load from 12,991
See Consolidated Rubber Tiro Co. above.
k. w. to 157,200k. w., an increase of 1,110% •
Population of Detroit.— In 1910 was 465,766; In 1900, 285,704; increase,
Kimberly Clark Co.(Paper Mfg.), Neenah, Wis.—Stockover 63% only in small part due to extension of city limits. Detroit is
This Wisconsin corporation on Dec. 16 1913 filed a certificate increasing
now the ninth city in size in the U. S.—V. 97, p. 1826. 1507.
its capital stock from $2,000,000 to $3,000,000.—V. 84, p. 511.
I
Electric Corporation, Boston.—Controlled Company.—
--V. 78, p. 46.
See La Follette Coal & iron Railway Co. below.
(E. & T.) Fairbanks & Co., St. Johnsbury, Vt.—Status.
Pres. Frank II. Brooks on Nov.15, in connection with the sale of the
$250,000 guaranteed pref. stock of Moline Scale Co., wrote as to E.& T.
Fairbanks & Co. in substance:
Laclede Gas Light Co., St. Louis.
-6% Notes.—
Application has been made to the Missouri P. S.. Comm. for authority
to issue $5,000,000 in 5-year 6% notes, the proceeds to be used about as:
follows: $1,009,000 to purchase a site in South St. Louis for coke ovens:
$1.826,000 to install the ovens; $150,000 for work now under contract, and
$1,848,000 to reimburse the treasury far reconstruction work; the balance.
JAN. 10 1914.]
THE CHRONICLE
159
$176,000, will be retained in the treasury to cover contingent expenses
.
-V.97, P. 1206, 240.
during the next five years.
chase $10,000,000 1st M. bonds, the proceeds to be used by the Inter-City
company in constructing, equipping and developing the Long Acre Co.
under its franchises.
La Follette (Tenn.) Coal, Iron & Ry.-Receivership.The bankers say: "The allegations of the complaint
This company was on Dec. 24 placed in the hands of Neil different from the actual facts. We do not believe thatin the suit are very
the stockholders of
Robinson of Charleston, W. Va., as receiver, on application the Manhattan Transit Co. have any cause of action or just grievance
against any one in this matter. Certainly they have none against A. B.
by The Electric Corporation of Boston, which owns $2,150,- Leach & Co. or Harvey Fisk & Sons." Pres. Joseph H. Hoadley also
allegations are untrue and that the arrangements for finan000 of the $3,000,000 capital stock, all of the outstanding states that theAcre
cing the Long
Electric Light
$1,980,000 1st M. 5s and also, it is said, some $1,150,000 are in every way advantageous to & Power Co. were arranged by him and
the stockholders of the Long Acre company, who have obtained a valuation of 100 times the par value ($50,000)
of floating debt.
for their stock.
-V.84. p. 1056.
The allied concerns, the La Follette State Bank and the La Follette Cooperative Store Co., likewise headed by II. M. La Follette, were also put
Massachusetts Gas Cos., Boston.
-Sub. Co. Stock.
Into receiver's hands. The total indebtedness of the three concerns is said
The following
to be about $4,000,000.-V. 97, p. 298; V. 76, p. 102; V. 68, p. 331; V. in the aggregate subsidiary companies have applied for authority to issue
$1,006,250 new stock in order to provide $1,314,375 for
66, P. 336
.
payment of debt incurred for new construction and improvements, viz.:
-Control.--Lexington (Mo.) Gas & Electric Co.
Name of CompanyPresent Stock. New Stock. Price. Total Stk.
-V.89, p. 290.
Newton & Watertown Gas Co
See National Light, Heat & Power Co. below.
3560,000 $250,000 150% $810,000
East Boston Gas Co. (par $25)- 575,000
366,250 150%
941.250
-Stock Dividend.
Linde Air Products Co.
Lt. Co.
390,000 100%
773,000
to common shareholders Citizens' Gasa share, of Quincy__- _ 383.000
A stock dividend of 40% was paid on Jan. 2
Par, $100
except EastBoston, $25. All, or substantially all,
of record Dec. 20.-V. 97, p. 52 .
6
the present shares are owned by the parent co. See V.97, p. 1356, 1587, 1902
-Suit.
--Long Acre Electric Light & Power Co., N. Y.
-V. 97, p. 1826.
See Manhattan Transit Co. below.
-New Stock.
Lord & Taylor, N. Y.
Middle West Utilities Co., Chicago.
-Controlled Co.
-
See Twin States Gas & Electric Co. above.
-V.97, p. 595.
Monmouth (Ill.) Public Service Co.
-Stock Increase.
-
The shareholders on Jan. 7 voted to increase 2d pref.8% cum.stock from
31,000,000 to $2,000,000. There is also 82,500,000 6% cum. 1st pref.
and 33.000,000 common. Par $100.-V. 91, p. 521.
A certificate was filed in 111. Dec. 30 increasing the capital stock from
$600,000 to $1,000,000. See V. 89, p. 1351.
Magnolia Petroleum Co., Beaumont, Tex.
-Notes
Status.
-White,Weld & Co. are offering at 993/b and int. (to
net from 7% to 9%%,according as they may be called for
payment) $2,000,000 6% collateral gold notes, dated Jan. 1
1914 and due Jan. 1 1916, but callable as below shown. Int.
J. & J. Trustee, Col.-Knick. Trust Co. A circular shows:
Montana Power Co.
-Bonds.
--Lee, Higginson & Co.,
Guaranty Trust Co., J. & W. Seligman & Co. and Higginson & Co.(London) have purchased $6,000,000 First & Ref.
M.5% sinking fund 40-year gold bonds. In addition to its
other important contracts, the company will supply the power
required (by Jan. 1 1918) to operate 430 miles of the main
track of the Chicago Milwaukee & St. Paul over the Rocky
Mtn. and Bitter Root Mtn. divs. A circular says in part:
Secured by pledge under a trust agreement of $2,500,000 of the company's
1st M.6% gold bonds due Jan. 1 1937. The company covenants to pay
into the sinking fund sufficient moneys to retire by lot not less than the fellowing amounts of these notes, viz.: July 1 1914,$350,000 at 100 and int.;
Jan. 11915,$450,000 at 102 and int.; July 1 1915,$550,000 at 104 and int.;
Dec. 31 1915, $650,000 at 106 and int.; total, $2,000,000. All notes so
called shall be canceled. The company may purchase notes in the open
market, but notes so purchased cannot be turned into the sinking fund
unless called by lot in exactly the same manner as notes in hands of public.
Proceeds of this note issue, together with about $1,000,000 of cash from
earnings, will be used to pay off a maturing loan of $3,000,000.
There is outstanding $2,450,000 of stock, over 70% of which is owned by
John D. Archbold and II. C. FoIgor Jr. individually.
Arthur Young & Co. report the net earnings after all charges as follows:
Up to Jan. 11913, 3604,249; 10 months ending Oct. 31 1913, $2,021,985.
No dividends have been paid, but all earnings have gone back into the business. [See "Annual Reports" above.]
W.J. Young,formerly of South Penn Oil Co., estimates the value of the
refineries, pipe lines and other property as $15,500,000, and states: "Taking the business in its entirety, I do not think that I have ever examined
a more carefully constructed and better-managed plant."
Digest of Statement by George C. Greer, Company s General Attorney, New 'York, Dec. 8 1913.
Organization.
-A Texas joint-stock association engaged in the refining
and distribution of oil. Organized April 24 1911 by John Sealy & Co. and
took over the properties of the former Security Oil Co. and Navarro Refining Co., which were purchased by said firm at receiver's sale Dec.7 1909
under decree rendered in a suit brought by the State ofTexas against these
corporations for violations of the Texas Anti-Trust Act(V.89,p.1355).
Bonds and Notes.-The 1st M.secure an auth. issue of $10,000,000 bonds
(due Jan. 1 1937), covering all property acquired and to be acquired; $6,250,000 have been sold or exchanged for bonds of a former issue retired
thereby and the remaining $3,750,000 are pledged as collateral to secure
a note for $3,000,000 which is to be paid off from the proceeds of these$2,000,000 new 6% gold notes (secured by a pledge of $2,500,000 ofsaid bonds)
and with about $1,000,000 of accumulated earnings.
Properties
.-Owns and operates(a) two refineries, one at Beaumont, Tex.,
with capacity of about 11,000 bbls. a day, which is now being increased to
13,000 bbls., the other at Corsicana, Tex., capacity 2,000 bbls. a day;
(b)8-inch pipe line from Beaumont via Corsicana (237% miles) to the Electra oil field in Wichita County, Tex.,a total distance of 440 miles,completed
about Sept. 1912, affording a supply of crude oil; (c) other pipe lines, aggregating about 375 miles, consisting of several parallel lines from Beaumont
to the port of Sabine (32 miles), and gathering field lines; (d) 576 tank cars
owned and a number held under lease. Prior to the completion of the pipe
line to the Electra oil field in or about Sept. 1912, the company had to buy
its crude oil at great disadvantage.
Sources of Oil Supply for Refining.-The company's chief source of supply
is the Electra oil field, about 8,000 bbls. per day being obtained from
the Corsicana Petroleum Co. (this production can be relied on), and from
3,000 to 4,000 bbls. per day being purchased from producers generally in
the Electra field, total of crude available for refining about 11,000 bbls,
per day. This supply will 'probably increase, rather than diminish. The
capacity of the 8-inch pipe lino, with the addition of three pump stations
now under construction, will be at least 20,000 hip's. per day, and the capacity of the refineries can, at small cost, be increased to that figure.
To get the desired additional 8,000 to 10,000 bbls. per day the company
has decided to extend the present Magnolia pipe line to a point near the
Oklahoma-Texas line, where it will connect with a pipe line to be constructed
and owned by an Oklahoma corporation having substantially the same
stockholders as the Magnolia. The new field which this pipe line will roach
13 very promising. The Electra oil field now produces about 30,000 bbls.
per day. It is only 2% years old and promises to furnish oil in an increasing
supply for years to come.
-The company also does a large fuel oil business, acquiring
Fuel 011.
most of its fuel oil from Mexico,importing on an average about 12,000 bbls.
per day. The Mexican disturbances have not affected our receipts.
-The company has over 225 distributing stations in Texas,
Stations.
16 stations in Oklahoma,and is just beginning to establish stations in Arkansas. The bulk of the refined products is delivered to the ships of purchasers
at Sabine, Tex., where the company owns terminal facilities. The co. also
has terminal facilities and rights by lease, &c., at Galveston and Port
Aransas, Tex., which are used to receive Mexican crude.
Legal Status.
-On July 211913, with the consent of the Attorney-General
of Texas, a judgment was rendered acquitting the company and its officers
and stockholders of all charges of violating the Texas Anti-Trust law and
placing the stock of Messrs. Archbold and Folgger in the company, by their
consent, in the hands of Judge F. A. 'Williams of Galveston, as trustee, to
hold and vote the same in accordance 'with the trust agreement (V. 97,
p. 241). This arrangement insures to investors in a very satisfactory way
that the business of the company will be carried on in strict compliance
with the Texas statutes and removes, we believe, all grounds for legal
trouble. [See also "Annual Reports" above.]
-V. 97, p. 1666.
Manhattan Transit Co.
-Stockholders' Protective Corn., &c.
A committee has been formed at the request of the holders of a substantial
amount of the stock to protect the interest of the stockholders, viz.:
Edward L. Hearn, Fred. A. Reed, Edward M. Tierney, S. S. Rosenstamm and Franklin Leonard Jr., with Stroock & Stroock as counsel, and
David Herman, 30 Broad St., as Sec.: depositary, Title Gu.&Tr.Co. N.Y.
At the instance of the committee, a suit has been brought in the'N. Y.
Supreme Court by the holders of 5,350 shares of Manhattan Transit Co.
stock in behalf of themselves and other stockholders "to enjoin the threatened disposition of the assets of the company for inadequate conside.sation
and in a manner believed to be detrimental to the company and its stock,
holders.
' Deposits are requested on or before Jan. 30 under an agreement
dated Dec. 31 1913. No assessment will be levied upon depositing bondholders, but to provide necessary funds the agreement authorizes the committee to borrow not exceeding 1%% of the par value of the stock, or
30 ets. per share on the security of the stock.
The complaint alleges that the Inter-City Power Co. agreed to deliver
in payment of the Wreck all of its $10.000,000 stock and $4,000,000 income
bonds, and that Harvey Fisk & Sons and A. B. Leaeh & Co. agreed to par-
The mortgage now covers, either directly or through collateral trust.
12 hydro-electric power plants and 4 steam reserve plants, having about
102,080 developed electrical horse-power (of which 8,080 is steam), 1,403
miles of transmission lines, complete distribution systems in Butte, Great
&c. and, in addition, undeveloped water powers capable of generating about 280,000 h.p., of which it is expected that about 167,000 h.p. will
'
have been developed by 1918 through construction of three new plants
now under way or definitely projected, so that by 1918 the mortgage will
cover plants having about 269.000 developed electrical h.p.
The mortgage will, immediately after July 11914, be a first lien on about
33% in capacity of the present developed power plants, 20% of the present
transmission lines and 31% of the undevelopei water powers, and upon
completion of the new power plants now under construction will be a first
lien on a much larger percentage of total power plantsand transmission lines.
These bonds are part of an authorized issue of $75,000,000, bearing interest at not exceeding 5% per annum,of which (a)$6,000.000 are now sold;
(b) 35,000.000 additional are in the treasury; (c) $13,123,000 are reserved
to retire, par for par, all outstanding underlying bonds; (d) not exceeding
$10.000,000 are issuablo 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; and (e) the remainder are issuable only when net
earnings are 111 times the entire bond interest charges,including interest
on the bonds sought to be issued, and then only for 80% of the cash cost
and fair value of additions, extensions, or improvements made after Oct.1'13.
The sale of these $6,000.000 bonds will reimburse the company in part
for construction expenditures heretofore made on the properties and expenditures for the acquisition of various 6% underlying bonds of the system
heretofore retired. The proceeds of this sale are sufficient to pay all existing floating debt of the system, retire the remaining $1,722,000 6% underlying bonds,upon the Missouri River Electric & Power Co. properties
(which will be called for payment on or prior to July 1 1914) and provide
about $500,000 additional cash capital.
Earnings for Years ending Dec. 31(Dec. cit.) 1913.
1912.
Gross earnings
$2,826,181
$3.632,757
Net earns., after oper. expenses and taxes_ _ 1,920,429
2,545,411
Interest on the total funded debt ($19,328,000), including the
• $6,000,000 bonds now sold, will require
$977,600
The company is paying dividends of 7% per annum on its $9.700,000
cumulative pref. stock and 2% per annum on $27,057,600 of its common
stock. See report in V. 96, p. 1017.
Mount Vernon-Woodberry Cotton Duck Co.
-
The committee mentioned last week (p. 76), representing holders of
1st M.5s, is urging prompt deposit of these bonds with the Safe Deposit &
Tru4t Co. of Baltimore, as depositary, under agreement dated Dec. 29.
The committee is authorized to take any action necessary to protect the
bondholders, but before the consummation of any sale of the property
or deposited bonds,or the carrying out of any reorganization plan, the dissenting depositors are to have 15 days in which to withdraw.
-V.
98.p.76.
National Licorice Co.
-Common Stock Dividends.
-A
semi-annual dividend of 3% was paid on the 81,000,000 common stock Jan.6 1914 to holders of record Jan. 2, comparing
with 2% in July 1913 and 3% in Jan. 1913.
Dividend Record of Common Stock (Per Cent).
Year'03. '04. '05. '06. '07. '08. '09. '10. '11.'12.'13,
Per cent
4% 1% 2 3% 5 4% 5 3 43. 5 5
Compare V. 93, p. 109.-V. 94, p. 70.
National Packing Co., Chicago.
-Stock Reduced.
-
A certificate was filed at Trenton, N. J., on Dec. 30 decreasing the capital stock from $1,000,000 to $5,000. Edward Tilden is President.
-V.95.
p. 547;,V. 96, p. 290, 365.
National Properties Co., Philadelphia.
-Merger.
-
Various local utilities in and about Kennett Square, Pa., recently
acquired by this company, have been merged as the Chester Light & Power
Co., its $90,500 stock and $125,000 of issued bonds being held by the
National. See V. 97. p. 1737.
North Shore Gas Co.
-New Bonds.
-
Press reports announce the filing of a new mortgage to Central Trust
Co. of Illinois, trustee, to secure an issue of 35,000,000 6% 10-year refunding bonds, of which presumably $1,750,000 will be reserved to retire 1st M.
5s, due Feb. 11937, but callable at 103. V. 94,p. 356.-V. 95, p.548.
O'Gara Coal Co.
-Penalty After Jan. 15.
-
The reorganization committee gives notice that bonds will "not be received for deposit after .Ti. 15, in the discretion of the company, except
upon paying $10 a bond."
-V. 97. p. 1667. 1508.
Ogilvie Flour Mills Co., Ltd.
-Bonds.
-Hanson Bros.,
Montreal, are offering at par and int. $600,000 1st M.6%
gold bonds, series "C," dated Dec. 1 1913 and due June 1
1932, but callable as a whole at 115 and int. on any int. date.
Int. J. & D. in Montreal. Par $1,000.
Net trading profits for the year ending Aug. 31 1913 and the annual
average for the 5 years then ended were $576,734 and $567,490,respectively.
Total bond interest, including this issue, $141,000. See V. 97, p. 1582.
Old Colony Gas Co., Braintree, Mass.-Pref. Stock.
E. M.Farnsworth & Co.,Boston,are offering at 103 and div.,
yielding about 4.85%, a block of 5% pref. (p.&d.) stock
(dividends Q-.J.). A circular shows:
•
160
THE CHRONICLE
[VOL.
xcvm.
certificates will be issued for these bonds exchangeable July 1 1914 for definitive bonds when $40 in cash per $1,000 will be paid with the delivery
of the definitive bonds. The coupon due July 1 1914 should be detached
from the old bonds and will be paid in the regular course.
These subscriptions and applications for exchange will close Jan. 24 1914;
the right is reserved, however, to close the subscriptions and the applications for exchange of bonds before tnat date without notice.
These bonds have been underwritten, and any of the $10,000,000 bonds
not subscribed for by the shareholders or taken in exchange by the present
bondholders will be sold to the following banks: First Trust & Savings
Bank, Illinois Trust & Savings Bank, Continental-Commercial Trust &
Savings Bank,Merchants' Loan & Trust Co. and Fort Dearborn Nat. Bank,
all of Chicago, and American Exchange Nat. Bank, New York.
Chicago, Jan. 3 1914.
Digest of Letter from
- These $10,000,000 of 5% Pres. L. F. Swift,an authorized issue of $50,-3d Payment on 2d Preferred.
Omaha (Neb.) Water Co.
bonds are part of
The Farmers' Loan & Trust Co. of New York gives notice that it will 000,000 which are to be secured by a first mtge. upon the property and plants
on or after Jan. 8, upon presentation of the certificates of beneficial in- of this company located at Chicago, East St. Louis, South Omaha, Kansas
terest pertaining to the 2d pref. stock ($1,000,000 outstanding), make a City, South St. Joseph, South St. Paul, New York, Boston, Philadelphia,
further (third) payment, amounting to $4 per share, equal to 8% of the Denver, Milwaukee, St. Louis and distributing branch houses in many of
par value of the certificates, in connection with the dissolution of the com- the principal cities of the United States. The bonds are further secured by
pany. The first payment of $25, or 50%, was made on Oct. 1 1912, and the pledge of stocks of subsidiary companies representing an investment by
the second, of $5, or 10%,on May 22 1913. The first pref. stock was paid the company of over $15,000,000. Of the total authorized, $25,000,000
In full on Aug. 7 1912 and tha consolidated M. and prior lien bonds were are reserved to be issued on order of the board of directors for corporate
called for payment on July 1.
purposes, and the balance of $15,000,000 may be issued for 75% of the cost
-V. 96, p. 1633.
of additional real property, upon which the mortgage shall be a first lien.
See advertisement on another page.
The bonds are to be dated July 1 1914 and will mature July 1 1944, the
-Bonds Called.- .
Pennsylvania Steel Co.
company reserving the option of paying all or any of said bonds on any inTwo hundred and thirty-nine ($239,000) 1st M.20-year sinking fund 6% terest date at 10234 and int. Of the $10,000,000 presently issued, $9,000,gold bonds of 1907 of the Spanish-American Iron Co. for payment at par 000 will be in denominations of $1,000 each and $1,000,000 $500 each.,
'
int. payable J. & J. In Uhicago and N. Y. Under the terms of the mortand int. on July 1 at Girard Trust Co., Phila.-V. 97, p. 1667.
maintain net quick assets equal to 1007.
-The produc- gage the company covenants(a) tono dividends shall be declared which will
-Copper Production.
Phelps, Dodge & Co.
of the outstanding bonds;(b) that
tion of copper by the Copper Queen, Detroit and Mocte- reduce the surplus under $25,000,000, after deducting a proper amount for
depreciation
charges. The m.)rtgage will
usual envenoms
.zuma mines, owned by Phelps, Dodge & Co., for the twelve (including a and allcovering hereafter-acquired contain theand will provide
clause
property).
- m'Ontlis ended Dec. 31 1913 was 144,430,906 lbs., as coin-, that the company shad not mortgage or pledge any of the real property not
• specifically mentioned in the mortgage nor sell or otherwise dispose of the
. pared with 138,725,567 in 1912, as follows:
same without accounting to the trustee for the proceeds.
1912. , Pounds1913.
Pounds1912.
1913.
The
of the property described in the mortgage,
January
11,682,094 11,875,618 based aggregate present value in excess a
11,510,711 10,892,391 July
347.000,000. The net earnings,
upon recent appraisals,is
• February _ _ _10,519,051 10,230,280 August
13,320,264 12,275,593 after making liberal allowances for depreciation and reserves, have been:
March
11,517.338 10,928,169 September _ _ _12,902,499 10,764,530
Capital Stk. Dividends.Added to Sur.Yr.'sEarn.
kpriI
iy
a
11,689,357 11,312,759 October
12,693,167 12,238,241 Oct.308 to Feb.6'09_ -1350,000,000134,025,000 $4,000,000 $8,025,0041
11,857,535 11,134,545 November _ _ _11,913,917 12,032,743 Feb.6'09 to Oct. '09_
80,000,0001
June
11,481.874 12,083,089 December_ _ _ _13,343,099 12,957,609 Oct. 2'09 to Oct. 2'10 .._ - 60,000.000 4,200,000 2,850,000 7,050,000
1
60,000,0001 4,987,500 1,150,000 6,137.500
Total(pounds) for twelve months
144,430,9061,38725,567 Oct. 1 '10 to Feb.4'11_-_-1, 75,000,000f
Sept. 30'11-j
Custom ores business added a further amount for the twelve months of Feb.4'11 toto Sept. 28 '12_ 75,000,000 5,250,000 3,000,000 8,250,000
Sept.
10,023,651 lbs. in 1913, agst. 9.957,315 lbs. in 1912.-V. 97, p. 1738,1667. Sept. 30,11 to Sept. 27'13- 75.000,000 5,250,000 4,000,000 9.250,000
28'12
Pioneer Irrigation Co.-Decision.The capital stock outstanding is $75,000,000, upon which dividends are
Judg Lewis in the U. S. District Court at Denver on Jan. 2 declined to being paid at the rate of 7% pee annum; dividends have been at said rate
dismiss the suit of the company against State Engineer Field and others, upon the outstanding stock for the past 15 years. The capital stock
holding that the ownership by the State of Colorado of the water within its has all been fully paid in cash. The assets do not include any sum for
bounlar es does not permit it to refuse to allow water to be carried across good-will or trade-marks. Cash dividends have been earned and paid to
no stock dividends
'State lines. Attorney General Farrar contended that the State could not shareholders continuously for 28 years. and cash dividends. have been
The combe compelled to submit to the jurisdiction of the Federal Court, and claimed distributed, ad dividends having been
immunity under the Eleventh Amendment. The suit seeks to compel the pany has over 20,000 shareholders, of which over 3,500 are employees.
The company
Colorado State officials to give to and permit 7 feet of water to cross into Its total sales for the year 1913 were over $400,000,000. direct
Nebraska, claiming that the Pioneer Company had priority of filing as to has over 35,000 employees. All of its plants are under the paid supervicash te
sion of the Department of Agriculture and in 1913 we
time, and that such priority, not State lines, governed.
farmers of our country for over 10,000,000 head of live stock annually.
-Sentenced.
Radio (Wireless) Telephone Co.
V. 97, p. 1668.
Judge Hunt in the U. S. District Court on Jan. 7 sentenced James Dunof January DiviUnion Oil Co., Los Angeles.-9mission
lop Smith and Elmer E. Burlingame, who were respectively President and
-Explaining the failure to declare the January divistock selling agent, and who were convicted respectively on Jan. 1 to Im- dend.
prisonment for one year and 9 months and 2 years and 6 months and to pay dend, the statement put out by Pres. Lyman Stewart sa3rs:
-fines of $5,000 and $10,500. The Ellsworth Co., the stock-selling subsidiThe situation has been chiefly brought about by too much prosperity.
ary, was fined $10,500. There is said to be little chance that the latter The volume of our business has doubled in four years, growing from $10,will be paid, as the company went out of existence several years ago. 000,000 gross sales on a capital of $30,000,000 to $20,000,000 grass sales
-V.98, p. 76.
in 1913 on a capital of $32,000,000. This great flow of new business has
Sears, Roebuck &
required each year millions of dollars for fixed investments in oil lands,
Increase. 1913-12 Months-1912. Increase. drilling operations, pipe lines, storage equipments, ships, etc.
1913-December-1912.
$9.645.743 37,666.427 $1,979,316 1$95,584,798 $80,429,458 $15,155,340
As but a small part of the money necessary has been obtained through
-V. 97, p. 1667. 1050.
the sale of treasury stock, the requisite funds could only be obtained
A fixed dividend
earnings kept in the business and by
-Creditors' Committee. •through6 ets. monthly (7.2% p. ann.) was borrowing. absorbing threeSiegel Stores Corporation, N. Y.
maintained,
The creditors of the Simpson-Crawford Co., 14th Street Store, Henry rate of of the
business of slow growth this would have
fourths
Siegel Co. (Boston), Merchants Express Co. and Henry Siegel & Co. left sufficient net earnings. On ain the business to provide for its needs,
earnings remaining
(wholesale) are notified by advertisement that as receivers have been ap- but in our case much more was required, and this was obtained through
pointed for said corporations and partnership, the committee named below
debt. General financial
bonds, debenture notes and
has consented to endeavor, in the interest of creditors, to bring about a the sale of have not been good for more by a year past, and it became necthan
satisfactory adjustment of the affairs of these concerns. Creditors aro re- conditionsprovide for extensive liquidation, as well as for the continuing
essary to
quested to send statements of their claims to Secretary of this committee:
demands of the growing business.
Pierre Jay, Chairman, (V.-Fres. Bank of Manhattan Co.);
At this date the outstanding bonded debt and serial-note obligations in
Edmund Wright (Frederick ietor & Achelis);
the hands of the public, including both the direct bonded debt of the comClifton H. Dwinnell, (V.-Pres. First National Bank, Bostoa);
companies guaranteed by it,
pany and its wholly owned and its
Leo Frank (Frank, Lequin & Arnold, for H. B. Clarlin Co. and others); aggregates $12,653,000, including: controlled
- Edward L. Meyers (Louis Meyers & Son).
Union Oil Co. 1st lien bds_315,692,900 Union Transportation Co.
Edmund Wright, Secretary, P. 0. Box 197, New York City.
bonds
$2,044,000
Do serial notes
2,306,000
See also "Banking, Financial," &c., on a preceding page; see V.98,p.76.
Union SS. Co. bonds_
Mission Transp. & Re250,000
-Option to Subscribe-Increase.
Standard Oil Co. of Calif.
fining Co. bonds
435,000 Producers' Transp.Co.lids. 1.926,000
The directors of the company have authorized, subject to the approval of
it is understood, 5806,000 of said Producers' Transpor[There are also,
the California RR.Commission,the sale at par a $4,518,400 stock. Stock- tation Co. bonds In the treasury of the Union Oil Co., along with $1,000,000
holders of record Feb. 2 will have the right to subscribe until Mar. 10 for guaranteed bonds of Outer Harbor & Dock Co. As to serial notes, see bethe new stock pro rata to the extent of 10% of their holdings. The stock- low. The last annual statement showed outstanding $1,000,000 debenture
holders will vote on Mar. 16 on a proposition to increase the authorized notes and $1,000,000 secured gold notes. Both these issues matured and
stock from $50,000,000 (of which $45,000,000 is outstanding) to $100,- have been paid. Against these canceled issues there have boon sold $2,.-Edd
000.000.-V. 97, p. 1667.
306,000 serial gold notes (V. 96, p. 1368; V. 97, p. 449)
a minimum value of,
(The) F. B. Stearns Co., "Silent Knight" Motor atThe properties securing these various issues have earnings available for
least, five times the indebtedness, while the net
-Dividends.
Cars, Cleveland.
interest charges are from 6 to 8 times the charge.
The directors on Dec. 23 declared a cash dividend of 10% on the capital
Gross saies for 1913 will show an increase of about $3,000,000 over 1912
stock. This is in addition to the 8% cash dividend paid July 11913. The (V. 96, p. 1294.) It is believed net earnings will be larger than in 1912, decompany has no pref. stock and no bonds or mortgages outstanding. Capi- spite some unfavorable factors in the summer just past.
outstanding $242,000; par $100. Officers:
tal stock, $400,000
During 1914 about $1,750,000 will be required for sinking fund purposes
Frank B. Stearns, President; Roy F. York, Vice-Pres., and E. McEwen, and serial-note retirements, about $1,250,000 will be needed for further
auth.'
Sec. and Treas.-V. 91, p. 1333.
equipment if the business continues to grow in the same ratio as for the past
four years. The floating debt, which has been reduced during this year
-:Dividend Omitted.
Stratton's Independence, Ltd.
normal proportions, will be still further reduced as a safeguard.
The company omitted to pay last month the semi-annual dividend of toWith no dividends until July of next year, it will then be safe and proper
£125,000 stock (par 2s. 6d. each) as disbursed for several years, to commence dividends on a minimum basis,[it is stated,of4% p. a.
10% on the
-Ed.],
In order to make a nucleus for an extension and exploitation fund, with a gradually increasing the same within a year or two at most, until disburseview of getting more territory in the Cripple Creek District, In 1913 more ments equal had the ascertained net earnings. So long as the business
earned over all expenses, including taxes. continues to grow at the rate of the last four years, half the earnings will be
than $60,000, it is reported, was
In the fiscal year ending June 30 1912, 20% was paid; in 1910-11, 10%; needed to care for the increased trade, unless general conditions should bein 1909-10, 15%; and from Sept. 8 1908 to Juno 30 1909, 5%.
come favorable to a re-financing, or to the sale of treasury shares. ComSwift & Co.,Packers, Chicago.-Report.-See"Reports." pare V. 96, p. 1294, 1368; V. 97,p. 242, 370, 449, 1290. 1668, 1827.
Capitalization: 1st M. bonds auth., $338,000. issued (V. 97, p. 1026)
$298,000 (mtge. limit $1,000,000) pref. stock auth. and issued $254,5001
common stock auth. and issued (fully paid-in cash), $254,500. Owns a
modern high pressure plant supplying gas through 100 miles of mains to
rapidly growing towns of Braintree, Rockland, Weymouth, Abington,
Hingham and Whitman. Over 3,200 consumers connected and about
1,000 being added yearly.
-Actual 1912-13; Estimate 1913-14.
Earnings Years ending June 30
Balance,
Bond Pref. Dirs.
Net
Gross
Year ending
Earnings. Interest.
(5%.) Surplus.
Income.
June 30$9,962
$10,538
$16,000
$36,500
1913-14(7 mos.est0392,900
8,552
4,100
22,481
9,829
1912-13 (actual)___ 59,344
-V. 97, p. 1667, 1026.
-George IT. Burr & Co., N. Y., are offering
Notes Offered.
New 1st M.5s-Present Issue $10,000,000, Underwritten
Option to Holders of the $75,000,000 Stock to Subscribe at 96 at a price to yield 7% collateral trust serial 6% gold notes
-Right of Exchange for Holders of $5,000,000 5s Due July 1 dated May 1 1913 and due serially 1914 to 1918. Interest
Auth., $4,000,000; outstanding, $2,306,000; fol-The company announces that it will issue on July 1
1914.
1914 $10,000,000 of 1st M.5% 30-year sinking fund bonds, lowed by $31,147,000 capital stock. A circular says in
being part of the $75,000,000 issue described below; also that substance:
company on
The second largest oil-producing,
it has reserved the first right, on or before Jan. 24, for the the Pacific Coast. Owns or controlsrefining and distributing land, valued
over 240,000 acres of oil
shareholders to subscribe for these bonds at 96, and for the on the books at $42,319,333; expert Ralph Arnold appraises the physical
pledge of 31,500
These
bondholders to exchange each $1,900 of their present bonds interests at over $72,000,000. $1,000 notes are secured byearnings applicanotes issued. Net
First Lien 5% bonds for every
for a new. $1,000 bond and $40 in cash. A circular dated r blis to interest charges for cal. year 1912 over $3,500,000; interest on notes,
$240,000. Sales for eight months ending Aug. 31, $13,388,701 In 1913,
Jan. 3 says in substance:
against $10,958,390 in 1012 and $9,240,900 In 1911. Company has de-
Shareholders may subscribe at the general office of the company, Union
Stock Yards, Chicago, for such an amount of bonds as they may wish,at clared its intention of paying the normal income tax on the interest on these
-V. 97, p. 1827.
96, subject to allotment, payments to be made upon each $1,000 of bonds notes.
either (a) $100 on application, $400 on Feb. 1 1914, $460 on July 1 1914;
D, ret_d.-l rningsa
. R.
ia .
Union Stock Yards Co. of OmahaepL
or (b) if desired, in full on Feb. 1 1914. Interim certificates of the First Year ending
Net
lance,
Gross
Trust & Savings Bank, trustee, will be delivered when the 40% is paid
Earnings. Earnings. elation.
Surplus.
3353,154
Nov. 30Feb. 11914, and interest at 5% will be adjusted from date of payment to 1912-13
(69,7.8
7
$1,782,322 $652,932 $150,000 $44%).
July 11914. on which date the new bonds will be ready for delivery.
634,435
125,000
59,656
1,793,366
449,778
1911-12
Bondholders desiring the exchange must deposit their old bonds at tim
•
--V. 96, p. 282, 207.
of application, either at the general office of Swift & Co., Union Stock Yards.
Chicago, or the First Trust & Savings Bank, trustee, Chicago. Interim
For other Investment News see page 165.
•
•
161
THE CHRONICLE
JAN. 10 1914.1
gtevorts
anti Vamintixts.
PUI3L SHED AS ADV.. ,LMENTS
SOUTHERN PACIFIC COMPANY
TWENTY-NINTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1913.
New York, December 19 1913.
To the Stockholders of the Southern Pacific Company:
The Board of Directors submit herewith their report of the operations of the Southern Pacific Company and of the
Proprietary Companies for the fiscal year ended June 30 1913.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System June 30 1913, were as follows:
First
Main
Track.
DIVISIONS.
or leased by Companies the capital stocks of which are principally
-Mileage of lines belonging to Pacific Company:
A.
owned by the Southern
by the Southern Pacific Company under leases to it:
-Operated
(1)
Central Pacific Ry
Oregon & California RR
Southern Pacific RR
South Pacific Coast Ry
(2)
-Operated by the Companies owning them:
Morgan's Louisiana & Texas Railroad & Steamship Co
Louisiana Western RR
Texas & New Orleans RR
Galveston Harrisburg & San Antonio Ry
Houston East & West Texas Ry
Houston & Shreveport RR
Houston & Texas Central RR
Arizona Eastern RR
Corvallis & Eastern RR
Southern Pacific Company
by
-Mileage of lines belonging to Companies, the capital stocks of which are principally owned
B.
the Morgan's Louisiana c% Texas RI?. & .58. Co., but which are operated by the Companies owning them:
Iberia & Vermilion RR
Direct Navigation Co
I
I
Additional
Sidings.
Main
Track.
Water
Lines
Ferries.
2,124.20
690.09
3,528.77
96.72
176.56
1.09
186.11
10.14
830.79
157.25
1,457.81
54.25
404.53
207.83
452.62
1,338.13
190.94
39.78
789.01
366.59
140.58
40.22
226.65
68.68
175.22
318.09
54.13
7.26
242.16
76.43
15.35
125
9.90
3.00
3.46
6.59
1.27
3.00
3.00
114
4,683:
7.00
16.09
75,
10,385.88
55.82
'
'
Increase
3,691.07
16.15
18.90
4,997
10,330.06
10.058.17
425.10
384.34
3,674.92
3,523.13
18.90
18.90
4,997
4,997.
271.89
Total
Less leased to outside companies
Total mileage operated June 30 1913
Total mileage operated June 30 1912
425.44
.34
40.76
151.79
INCOME FOR THE YEAR.
Pro-.
The gross receipts and disbursements of the Southern Pacific Company in respect to its leased lines, and of theComprietary Companies in respect to lines not leased, and the other receipts and disbursements of the Southern Pacific
pany and of such Proprietary Companies, after excluding all offsetting transactions between them were as follows:
*This Year.
Average miles of railway operated:
Lines East of El Paso
Lines West of El Paso
Per
Cent.
+ Increase.
-Decrease.
•
•
OPERATING INCOME.
Revenue from transportation-rail lines
from outside operation
Revenue
3,435.01
6,875.98
3,434.97
6,535.43
+.04
+340.55
5.21
•
Total
10,310.99
9,970.40
+340.59
3.42
• 3130,353,692 66
•
12,421,012 41
$120,433,055 64
11.092,11495
+$9,920,637 02
+1.328,89746
8.24
11.96
$131,525,170 59 +311,249,53448
8.55
$75,652,106 32
10 838,936 91
5,621,238 96
+36,483,003 17
y L---104.636 33
t4- +76,046 87
8.57
.97
1.35.
$98.566,695 90
392,112,282 19
+36.454,413 71
7.01
$44,208,009 17
$39,412,888 40
+34.795,120 77
12.17
$2,904.165 10
3,335,040 27
3,230,061 82
510.891 01
263,742 90
$2,040,929 85
2,670,883 49
1,066,908 44
740,146 64
219,314 11
+3863,235 25
+664,156 78
+2.163,15338
-229,255 63
+44,428 79
42.30
24.87
202.75.
30.97
20.26
1,360.218 04
129,053 14
1,995,762 27
118.574 56
-626.54423
+16.478 58
31.30
8.84
$142,774,705 07
Total
Operating expenses-rail lines
Expenses outside operations
Taxes (rail lines and properties dealt with as outside operations)
•
Total
Net operating income over expenses and taxes
OTHER INCOME.
Interest on bonds owned of Proprietary Companies
Interest on bonds owned of companies other than Proprietary Companies
Dividends on stocks owned of companies other than Proprietary Companies
Income from lands and securities, not pledged for redemption of ends
Income from sinking funds, pledged for the redemption of bonds
Balance of interest received on loans and of interest accruing to June 30, on open accounts other than with Proprietary Companies
Miscellaneous income
$82,135,109 49
10,734,300 58
5.697,285 83
311,742,172 28
Surplus over fixed and other charges
32.64
+117,684,773 69
15.92
$25,201,044 93
773,834 49
600.581 05
702.030 44
116.639 65
256,934 39
82,555 02
291,243 30
71,219 37
7.76641
286 11
323,559,447 38
501,494 11
642.158 52
142,307 03
187,849 02
347,528 70
60,585 98
245,899 01
25,232 60
6.97
54.31
6.47
393.32
37.91
26.07
36.26
18.44
182.25
95,691 76
+31,641,597 55
+272,340 38
-41,577 47
+559,723 41
-'-71,20937
-90,594 31
+21,969 04
+45,344 29
+45,986 77
+7,76641
-95,405 65
978,239 14
854.060 67
+124.178 47
14.54
$26,662,254 78
+32,420,119 52
9.08
$26,867.807 15
Total
+82,889,65292
$48,265,407 76
$29,082,374 30
FIXED AND OTHER CHARGES.
Interest on outstanding funded debt of Southern Pacific Co.and Proprietary Companies_
Sinking fund contributions and income from sinking fund investments
-balance
Hire of equipment
Rentals for lease of road, joint tracks, yards and other facilities
Land department expenses
Taxes on granted and other lands
Miscellaneous expenses
Taxes and other expenses of Southern Pacific Company
Additions and betterments payable from income of Southern Pacific Company
Amortization of discount on funded debt
Expenditures for surveys and examinations for water power, written off
Reserve for depreciation of rolling stock owned by Southern Pacific Company and
leased to other companies
$8,852,519 36
$55.950,181 45
Total
Total net operating and other income
1311
H
Last Year.
$21,603,152 98
+35,264.654 17E
24.37
99.70
0
1"
* The figures for this year include those of the Arizona Eastern RR. Co. and of the Corvallis & Eastern RR. Co., which have not heretofore
been dealt with as "Proprietary Companies."
Pacific
Surplus over fixed and other charges brought over (equivalent to 9 81 per cant on the outstanding capital stock of the Southern
-$26,867.807 15
Company)
JILIN
Applied as follows:
Dividends on common stock, viz.•
$i,090,086 08
1 per cent paid January 2 1913
4.090,086 08
114 per cent paid April 1 1913
4,090,086 08
)
••
1 per cent payable July 1 1913
4,090,086 08
payable October 1 1913
1 per cent
588 00
Dividends on stocks of Proprietary Companies held by the public
16,360,932 32
ka.
•
Surplus after payment of dividends
„ _S19,5'16.874 83
162
THE CHRONICLE
[Vol,. Kevin.
The surplus for the year after payment of dividends, compared with the preceding year, shows an increase of $5,264,909 17, or 100.43 per cent.
During the past ten years, although there has been an increase of only 16.61 per cent in the mileage of
ated, taxes have increased $3,586,745 19, or 169.94 per cent. During the same period, the taxes per mile of all tracks operall tracks operated have increased from $238 69 to $552 54.
The decrease in the income for the year from interest on loans and open accounts is the result, principally, of taking over
bonds during the preceding year, in settlement of construction advances made to the railways purchased by Central Pacific
Railway Company, referred to on page 7 of last year's report, and in settlement of advances to the Pacific Electric Railway
Company. This decrease is offset by the increased interest received on the bonds so taken over.
Theincrease in the interest on the outstanding funded debt is the result, principally, of a full year's interest charge this
year on the bonds assumed by the Central Pacific Railway Company in the purchase of properties referred to on page 7 of
last year's annual report and the interest for the year on the outstanding funded debt of the Arizona Eastern Railroad Co.,
and on that of the Corvallis & Eastern Railroad Co., not heretofore included.
The increase during the year in the charge for rentals for lease of road, joint tracks, yards and other facilities is principally the result of complying with accounting regulations, effective July 1 1912, prescribed by the Inter-State Commerce
Commission for carriers by water, under which regulations certain items formerly dealt with as outside operations are now
dealt with as debits and credits to Income Account.
•
Under the provisions of the lease to the Southern Pacific Company, the expenditures for additions and
the property of the South Pacific Coast Railway Co. are payable by the Lessee, and are, therefore, a chargebetterments to
to its income.
Such expenditures during the year amounted to $71,219 37.
The year's income is charged with $773,834 49 for sinking fund contributions, and income from sinking fund investments,
pledged for the redemption of bonds. The proceedsfrom the sale of lands,also pledged for the redemption of bonds, amounted
to15473,739 82. These sums, aggregating $1,247,574 31, are dealt with as Profit and Loss items,for the reason that they
are
applied in reducing the bonded indebtedness of the Companies.
The Southern Pacific Company does not take into either its income or assets the interest on advances
made by
construction of new railways by companies incorporated in its behalf, or for the acquisition of new lines, until the it for the
principal
of such advances has been repaid with interest, either in cash, or in stocks and bonds of the companies.
The
cluded in the cost of the railways is the amount authorized to be charged to such cost under the accounting interest thus inregulations of the
Inter-State Commerce Commission.
CAPITAL STOCK.
The capital stock of the Southern Pacific Company outstanding at the beginning of the year
amounted to
Less: Decrease during the year, account preferred stock called for redemption June 8 1909
$272,675,730 64
;as 00
Amount of Southe:n Pacific Company stock outstanding June 30 1913
None of the Proprietary Companies either issued or retired any capital stock during the year. The only
change in the amount of stocks of the Proprietary Companies from the amount reported last year is the result
of including the stocks of the Arizona Eastern RR. Co. and the Corvallis & Eastern RR. Co., which have not
heretofore'been dealt with as "Proprietary Companies."
Stocks of
$272,672,405 64
Proprietary Companies outstanding at the beginning of the year as shown by last year's report
$334,790.572 00
Stocks of Arizona Eastern Rit.Co.and Corvallis & Eastern RR. Co. outstanding at the beginning of the year, viz.:
Arizona Eastern RR. Co
$9000000 oo
Corvallis & Eastern RR Co
1,410,000 00
10,410.000 00
Total stocks of Proprietary Companies outstanding June 30 1913
3345,200,572 00
These stocks were held as follows:
Owned by Southern Pacific Company
$344,768,300 00
owned by Morgan's Louisiana & Texas Rit. & SS. Co
349,500 00
iii ihands of the public
82,772 00
Total
3345,200,572 00
FUNDED DEBT.
In March 1913, to provide for the purchase of new equipment, an equipment trust known as "Southern Pacific Equipment Trust, Series "A," was created, and an issue of $10,120,000,face value, four and one-half per cent equipment trust certificates authorized, all of which the trust provides shall be guaranteed by the Southern Pacific Company. Certificates of
this issue to the amount of $5,000,000, face value, were issued during the year.
In June 1913,to provide funds for corporate purposes, the Southern Pacific Company authorized an issue of "One-Year
Five Per Cent Secured Gold Notes" to an amount not exceeding $30,000,000, face value. Notes of this issue to the amount
of $20,000,000, face value, were sold during the year.
The funded debt of the Southern Pacific Company and Proprietary Companies outstanding at the beginning of the year
was as follows, viz.:
Southern Pacific Company
$140,587,410 00
Proprietary Companies
136,717,962 44
Arizona Eastern RR. Co. and Corvallis & Eastern RR. Co. not heretofore dealt with as "Proprietary
Companies":
Arizona Eastern RR. Co..
$8,496,000 00
Corvallis & Eastern RR. Co
2,115,000 00
10,611,000 00
$587.915,372 44
Issued during the year:
Southern Pacific Company—
One-Year Five Per Cent Secured Gold Notes •
$20,000,000 00
Equipment Trust Certificates, Series "A"
5,000,000 00
25,000,000 00
3612,916,372 44
Retired during the year:
Southern Pacific Company—
San Francisco Terminal First Mortgage Four Per Cent Bonds:
Purchased from payments to Sinking Fund
Arizona Eastern Railroad Company—
Gila Valley Globe & Northern Railway Company Five Per Cent First Mortgage Bonds:
Purchased from payments to Sinking Fund
Central Pacific Railway Company—
Three and One-flail Per Cent Mortgage Gold Bonds:
Purchased from sale of lands
Purchased from sale of securities
Purchased from payments to Sinking Fund
$5,500 00
2,000 00
/359,500 00
336,000 00
27,000 00
$722,500 00
First Refunding Mortgage Four Per Cent Bonds:
Purchased from payments to Sinking Fund
25,000 00
Houston & Texas Central Railroad Company—
Bonds called for redemption or purchased from proceeds of lands sold, viz.:
First Mortgage Five Per Cent Bonds
General Mortgage Four Per Cent Bonds
South Pacific Coast Bailway Company—
First Mortgage Four Per Cent Bonds:
Purchased from payments to Sinking Fund-----------Southern Pacific Railroad Company—
First Refunding Mortgage Gold Bonds:
Purchased from payments to Sinking Fund
Texas & New Orleans Railroad Company-Payments to State of Texas for account of School Fund Debt
747,500 00
$55,000 00
74,000 00
140.000 00
__________________
177,000 00
13,000 00
5,570 29
1,090,570 29
Amount of funded debt of the Southern Pacific Company and Proprietary Companies outstanding June
30 1913
3611,825,802 15
Increase during tho year
$23,909,429 71
The outstanding bonds are held as follows:
In the hands of the public _
_____________________
----------------------------------------------------$50,829,00000
Owned by Southern Pacific _______
__
Owned by Proprietary Companies
3,968,000 00
In Sinking Funds of Proprietary Companies
8,939,000 00
15
63,736,000 00
3611,825,802 15
163
THE CHRONICLE
JAN. 10 1914.]
ASSETS AND LIABILITIES.
June 30 1913,
The combined assets and liabilities of the Southern Pacific Company and Proprietary Companies on summarized,
and the increases and decreases during the year, excluding the offsetting open accounts between the Companies,
were as follows:
•
Total June 30 1913.
CAPITAL ASSETS.
Increase.t
Decrease.t
$804,315,705 42
6,718,000 00
*399,721,147 16
*579.873 27
38,816,965 30
361,700 17
13,805.599 47
27,231,606 09
20.577,374 33
9,962,921 86
38,255.739 49
14,070,945 11
257,815 22
3.139,287 12
3,560,000 00
*11,550,890 64
257,017 02
CURRENT AND DEFERRED ASSETS.
Cash and demand deposits
-Equipment Trust, Series "A"
Special deposit
Union Pacific RR. Co. bond purchase notes
Other cash accounts
Material and supplies
Lands and other investments
$12,144,286 19
20,016,829 54
249.476 83
818.428 30
11,820 28
48,494 58
7.014.339 09
4,230,857 18
961,901 40
4,297.626 99
279.722 63
*11,393.182,587 67
Cost of road and franchises
New Mexico & Arizona Railroad Co. and Sonora Railway Co. securities
Stocks and bonds owned by Southern Pacific Company
Stocks owned by Proprietary Companies
Bay Shore Line Terminals and other real estate
Timber-treating plants, saw mills and other property
Steamships and other floating equipment
Rolling stock•
Advances for construction and acquisition of new lines
lines
Advances for Oakland-Berkeley electricCo. of Mexico
Advances to Southern Pacific Railroadand Oregon
to electric lines in California
Advances
Advances to Kern Trading & Oil Co
Advances to Pacific Fruit Express Co
Lands and other investments
Advances to Southern Pacific Land Co
Sinking funds
Trust funds
339,967,342 41
231,947 32
-
$2,641,870 51
4,049,434 95
2.392.575 44
6,882,192 30
$10,967,943 08
-
$59,249,018 90
$796,263 36
1.159,886 34
593.907 60
$15,966.073 20
CAPITAL LIABILITIES.
Southern Pacific Company,common stock
Proprietary Companies, common stock
Proprietary Companies,preferred stock
32,550,057 30
*11.468,397,679 77
Total assets
86,964 15
'
$8,105,836 81
2,490,517 41
$23.740,362 22
1,186.187 92 I
788,380 43
201,496 57
$19,319,154 15
2,490,517 41
19,303,117 57
17,518,657 46
617,572 31
CONTINGENT ASSETS.
San Antonio & Aransas Pass Ry.Co
Expenditures closing crevasse of Colorado River, protection of levees,&c
Land contracts
Unextinguished discount on funded debt
$771,059 70
8,523,255 92
957,108 15
$31,549.456 83
-
$3,325 00
$617,872,977 64
-
$3,325 00
$165,581,910 00
*446.243,892 15
$24,994,500 00
-
$611,825,802 15
$23,909,429 71
*31,229,698 779 79
323,906.104 71
$272,672,405 64
*315,800,572 00
*29,400,000 00
Southern Pacific Company,funded debt
Proprietary Companies,funded debt
Total stocks and bonds
CURRENT AND DEFERRED LIABILITIES.
Interest and dividends matured but not called for
Dividends due April 1 on S. P. Co. stock owned by 0.S. L. RR.Co
Interest and dividends due July 1 and October 1
Interest accrued to June 30 but not duo
Due to Union Pacific RR. Co
Vouchers and pay-rolls
Other cash accounts
Deferred liabilities
$353,048 55
31,899,750 00
1,899,750 00
6,670 00
11,177.044 66
323,391 19
5,926.840 57
-13,146,072 19
2,941,760 15
9.674 77
2,296,970 84
3.078,58583
5,351,233 68
$40,750,960 49
CONTINGENT LIABILITIES.
Insurance funds
Rolling stock and floating equipment depreciation and replacement funds
Unadjusted accounts
Principal of deferred payments on land contracts
Fund for refunding outstanding old bonds of Southern Pacific Railroad Co
Due to other Proprietary Companies
$329,849 03
12,000,000 00
14,070,017 14
$69,519 77
719,817 42
847,625 54
1,031,704 76
88,813 00
-
$5,527,782 21
10,394,692 29
3,062,430 11
2,987,491 47
3,824,197 83
2,934,175 73
$1,085,070 29
$2,828,787 40
$71,306 91
-
$28,730,769 64
Total liabilities
*11,299,180,509 92
119,764,780 68
Balance to credit of Profit and Loss
Total
$169,217,169 85
$11,784,675 97
$1,468,397,679 77
$31,549,456 63
a
$63,736,000,
* The capital liabilities include Proprietary Companies'stocks and bonds of the par value of $345,117,800 andor are held inrespectively, total f
sinking funds of ProCompanies,
$408,853,800, which securities are either owned by the Southern Pacific Company and Proprietary the said amount, stocks of the par value of $249,Companies. The cost of these securities is included in the capital assets shown above. Of
prietary
Pacific Company stock and bonds.
653,161, which stand charged on the books at $232,932,667 41, are pledged against the issue of Southern include the assets and liabilities of the Ariand decreases for the year. the figures for last year were revised so as
t In arriving at the increasesCorvalis & Eastern RR. Co.. which have not heretofore been dealt withto "Proprietary Companies."
as
Co. and of the
zona Eastern RR.
TRANSPORTATION OPERATIONS.
•
The results of the year's transportation operations compared with those of last year are as follows:
* This Year.
Last Year.
Increase.
Decrease.
Per Cent
3.42
10,310.99
9,970.40
340.59
$80,141,498 84
.12,389,837 48
2,460,309 29
2,757,259 88
1,332,463 69
1,272,323 48
172,648,091 65
40,269,238 03
2,472,768 90
2,517,086 23
1,223,329 20
1,302,541 63
$7,493,407 19
2,120,599 45
$130,353,692 66
12,421,012 41
1120,433.055 64
11,092,114 95
$9,920,637 02
1,328,897 46
8.24
11.98
$142,774,705 07
$131,525,170 59
$11,249,534 48
8.55
115,589,026 66
19,295,724 63
3',115,078 74
40,408,953 93
3,726,325 53
$14,464,204 81
16,318,140 51
3,201,366 63
38,270,811 05
3,397,583 32
$1,124,821 85
2,9'77.584 12
----- --- -- -88
2,138,142
328,742 21
Total-rail lines
Expenses outside operations
Taxes
•
Total
$82,135,109 49
10,734,300 58
5,697,285 83
$75,652,106 32
10,838,936 91
5,621,238 96
$6,483,003 17
$98,566,695 90
392,112,282 19
$6,454,413 71
7.01
Net operating income over expenses and taxes
$44,208,009 17
$39,412,888 40
$4,795,120 77
12.17
31,642,587
7,034,174,870
681,729
17,583 29
$4 33
1.123 cents
222.30 miles
26,950,150
6,145,555,486
615,843
$7,123 32
$4 42
1.168 cents
228.03 miles
4,692,437
888,619,384
65,886
$459 97
17.41
14.46
10.70
6.46
2.04
3.85
2.51
Average miles of railway operated
Operating Income
Freight
Passenger
Mail
Express
Other transportation revenues than
transportation
Revenues from operations other
Total-rail lines-------Revenues from outside operations
Total
Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
aeneral expenses
-Way-bill Tonnage)
Freight Traffic (Commercial Freight Only
tons of freight carried
Tons of freight carried one mile
Ton miles per mile of road
ai
&L
Revenue per mile of road
(a) (b
Revenue per revenue train mile
tverage revenue per ton per mile
kverage distance carried
$12.459 61
240,173 65
109,134 49
30,218 15
10.31
5.27
.50
9.54
8.92
2.32
386.287 89
7.78
18.25
2.70
5.59
9.68
3104,636 33
8.57
.97
1.35
76,046 87
$0 09
.045 cents
6.73 miles
164
THE CHRONICLE
[VOL. xcvm.
* This Year.
Passenger Traffic—
Revenue passengers carried
Revenue passengers carried one mile
Revenue from passenger trains per mile of road
Revenue fpom passenger trains per revenue train mile____(a)(a)
(c)Average revenue per passenger per mile
Average distance carried
Last Year.
42,006,240
1,834,380,082
$4,549 07
$I 64
2.248 cents
43.67 miles
40,329,011
1,787,640,025
$4,468 67
$1 65
2.208 cents
44.32 miles
Increase.
Decrease.
Per Cl
1,677,229
46,740,057
$80 40
$0 01
4.11
2.6]
1.81
.6:
.65 miles
1.1
1
.040 cents
* The figures for this year include those of the Arizona Eastern RR. Co. and of the Corvallis & Eastern
RR. Co., which have not heretofore been
dealt with as "Proprietary Companies."
(a) Based on traffic over rail lines only, length of ferries used between rail stations excluded in distance
on revenue freight train and all mixed train miles. (c) Based on revenue passenger train and all mixed trainover which traffic was moved. (b) Based
miles, including miles run by motor cars
Compared with the previous year, the per cent of operating expenses to the gross operating income was as
follows:
Rail Lines.
For "Maintenance" (Maintenance of Way and Structures and Maintenance of Equipment)
For "Operation" (Traffic Expenses, Transportation Expenses and General Expenses)
Total rail lines
Total rail lines and outside operations------------- --------------------------
This Year. Last Year.
26.76
36.25
-- ----------
-
25.56
37.26
63.01
65.05
62.82
65.76
Business diverted from the lines east of El Paso during the previous fiscal year on
account of floods and other disabilities has been recovered, and their share of competitive business substantially increased,
yielded a gratifying increase in gross earnings. Upon the whole system, the average while the Pacific System has also
passenger revenue has been 2.248
cents per passenger mile, in comparison with 2.208 cents per passenger mile in previous
fiscal year. The average freight
revenue has been 1.123 cents per ton mile in comparison with 1.168 cents per ton mile
in
being attributable partially to enforced reductions in freight rates by order of State and previous fiscal year, this decrease
Federal Commissions and partially
o the increase in low-rate and decrease in higher-class tonnage.
Notwithstanding the loss of approximately $1,000,000, due to the partial destruction of
the
vegetable crops by frost, and about $1,125,000 resulting from destruction of sugar cane crops in California citrus fruit and
Louisiana by the overflow
of the Mississippi River, the gross earnings of the System during the last fiscal year exceeded by
$7,750,000 those of any
previous year in the history of the Company.
Of the increase of $11,249,534 48 in gross operating income, the sum of $6,454,413 71, or about 57 per cent,
sorbed in increased operating expenses and taxes and $4,795,120 77, or about 43 per cent, was retained as increase was abin net.
The increase in maintenance expenses is due principally to the large expenditures for rail renewals, there having
been
renewed this year 639.02 track miles, against 256.82 track miles last year; the greater amount of improvements to
buildings,
grounds and appurtenances; the greater amount of equipment vacated, and increased repairs to equipment
following the
shopmen's strike in 1912.
The increase of 5.59 per cent in transportation expenses is the result principally of an increase of 10.16 per
mileage of locomotives with freight and mixed trains, made necessary by the increase of 13.68 per cent in tons cent in the
carried one
mile.
SAFETY OF OPERATION.
As the reduction in the number of accidents on many railways through the "Safety First" movement has been gives
wide publicity, attention is directed to the fatalities in train accidents on your lines for six years, which reflect
.
,,xpenditures for safety devices and the unremitting efforts of your officers to discourage assumption of risks your genero0
and to main
am safe working methods:
FATALITIES IN TRAIN ACCIDENTS
Number Kiliecl
60
45
40
35
30
25
20
15
10
5
1908
1909
1 9 10
1911
191 3
1912
_
_
Employees Killed
Passengers pled
—
_
0
._...
''''--..-___ ......_
•
_
—
•
TOTAL KILLED
Passengers
' Employees
TOTAL KILLED PER MILLION
LOCOMOTIVE MILES
Passengers,
Employees
Passengers Carried
Passengers Carried One Mlle
Locomotive Mileage
Number Trainmen In Service
2
20
7
12
0
19
0
14
0
42
0
9
0.038
0.382
41,393,734
1,640,036,373
52,292,012
8,481
0.149
0.254
39,337,735
1,541,212,513
47,282,374
9,144
0
0.360
40,190,200
1,805,834,993
54.457,917
9,232
0
0.258
39,989,058
1,808,133,603
54,227,433
8,605
0
0.772
40,329,011
1,787,640,025
54,427,530
9,137
0
0.156
42,006,240
1,834,380,082
57,653,935
9,497
In the four years in which no passenger lost his life in a train accident 220,766,815 locomotive miles were run
514,509 passengers were carried, involving 7,235,988,703 passengers carried one mile. In the year just closed, 9 and 162,employees
out of 9,497 lost their lives through train accidents in running 57,653,935 locomotive miles. Out of
employees
gaged in pursuits not involving train movements, 16 lost their lives, or one fatality to every 876,40044,482 or 2,400 endays,
years
worked.
Just before this report went to press the trustees of the American Museum of Safety awarded the E. H. Harriman
.
Memorial Gold Medal to the Southern Pacific Company, as "making the best record in accident prevention
and industrial
hygiene affecting the public and its own personnel," during the year ended June 30 1913. There were forty-two competitors
for the medal, this being the first year it was offered.
GENERAL.
On July 1 1912 the Arizona Eastern RR. Co., op crating 366.59 miles, and the Corvallis & Eastern RR. Co.,
operating
AA 0.58 miles which had not before been dealt with as Proprietary Companies, were taken into the System, and their assets
d liabilities and the results of their operations are included in the exhibits of Proprietary Companies in this report.
As mentioned in last year's report, the property of the Sonora Railway Co., Limited, was sold
Railroad Company of Mexico on June 30 1912, at which time the lease under which the Southernto the Southern Pacific
Pacific Company had
t'i3rat3t ore operated the property was terminated.
JAN. 10 1914.i
165
THE CHRONICLE
used on your
Your Company was one of the pioneers in the use of all steel equipment, the first all steel passenger car been adding
that time
Company's lines having been placed in service in July 1906. Since practice of your Company has constantlyfor passenger
purchasing only all steel cars
to its steel equipment, and for the past three years has followed the
at the
service, and either all steel or steel underframe cars for freight service. Of the 2,292 passenger train cars in service
same date, 29,279,
close of the year, 738, or 32.20 per cent, were all steel; and of the 50,998 freight train cars in service on the
or 57.41 per cent, were either all steel or steel underframe.
large
To secure and maintain the highest standard of efficiency and safety of operation, your company has expendedsafety
sums in the substitution of steel cars for wooden cars; in the application of air brakes, automatic couplers and other
devices; in the elimination or adequate protection of grade crossings; and in the installation of automatic electric block signals.
In addition to these expenditures, a large part of which were not required by law, your company has cheerfully made such
other expenditures as were required by Federal or State Commissions, or by legislation.
The officers of your Company are too few in number to exert much influence on public opinion, and a large part of their
time and energy which should be devoted to that end, and to promoting safer and more efficient management, is consumed
ill-adin appearing before commissions, to protect the Company's revenues, and before legislative bodies to argue againstdefend
vised and damaging laws. The present is an age of regulatory legislation, and the stockholders should endeavor to
their own interests by opposing unwise legislation adversely affecting their Company,and by correcting erroneous impressions
could
current with the public. The ownership of your property is vested at the present time in over 23,000 stockholders, who
of
the
and should prove a potent protective force. Apathetic acquiescence on their part in one assaults of the demagogue and
result, while concerted effort will
the well-intentioned though unenlightened and irrational reformer, tends toward but
do much to repel the attacks and mold public opinion.
The management has labored energetically to conciliate the people of the communities traversed by the Company's
a view to
lines. As far as possible, the officers of the Company have attended commercial and other public gatherings, withCompany
harmonious relations between
learning their needs and opinions, in order to improve our service and promote feeling towards the Company thethese corain
and its patrons. The management is pleased to report the evidence of better
munities than has ever before existed.
The Southern Pacific Railroad Company of Mexico during the year continued to suffer from revolutionary disturbances. Not only were structures and equipment destroyed, but business was practically suspended and development of
prospective traffic retarded. It is estimated that the loss on account of interruption to traffic from the beginning of the Mathe
dero Revolution in 1910 to June 30 1913 amounted to approximately 6,000,000 pesos. During this periodloss cost of mainand damage
taining the property has amounted to about 1,020,000 pesos in excess of the revenue collected. Claims for
Governcaused by the revolutionary disturbances, amounting to 287,800 pesos, have recently been approved by the Mexicanthe Mexito
ment, but have not been paid. Claims amounting to 862,200 pesos, covering additional losses, will be presented disturbances
can Government in due course. On account of the fluctuation in the rate of exchange, due to the revolutionary
in Mexico, it is not practicable to state these amounts in U. S. Gold.
the
The 2.18 miles of road mentioned in last year's report as being under construction were completed during the year,
National RailGuadalajara Division being thus extended to La Quemada, 44.12 miles from Orendain, a junction with the completing, at
ways of Mexico, 22.01 miles from Guadalajara. The revolutionary disturbances preclude any thought of
this time, the main line from Tepie to La Quemada, a distance of 99.47 miles.
In addition to the completed lines of railway reported under "Properties and Mileage," and the railway of the Southern
of
Pacific Railroad Company of Mexico referred to above, construction either was completed or is progressing on the lines
the following companies:
Lrnth of
Projected
Line.
' Miles.
Arizona Eastern Railroad2.13
Miami to Live Oak, Ariz
Railway
Central Pacific
10.63
Colfax to Blue Canon, Calf East-bound track
iWestbound track _14.79
125.51
Fernley, Nev., to Walker Mill Junction, Cal
28.40
Winsted, Cal., to Lawton Nev
Colusa & Hamilton Railroad
61.15
Cal
Hamilton to Harrington
Houston & Texas Central Railroad
39.22
Giddings to Stone City, Tex
*Northwestern Pacific Railroad
'105.67
Willits toward Eureka, Cal
Willamette Pacific Railroad
121.50
Eugene to Marshfield, Oro
Track
Completed.
Grading
Completed.
Grading
Progressing.
Miles.
1.40
Miles.
.73
Miles.
5.06
5.68
105.30
9.34
1.09
1.52
2.59
12.43
4.48
7.59
17.62
6.63
22.76
7./6
30.63'
32.72
6.50
64.47
1.20
40.00
13.50
18.65
89.35
& Santa Fe Railway Co. Advances for construction made by
*Owned one-half by Southern Pacific Company and one-half by Atchison Topeka
Southern Pacific Company.
of the Pension
On April 1 1913 Mr. William Mahl, Vice-President and Comptroller, was retired under the provisions
Rules, after thirty-one years of faithful and efficient service with the Southern Pacific properties. more than twenty years
The Board announces with sorrow the death on October 7 1913 of Mr. Maxwell Evarts,who for
served this Company as Attorney, General Attorney and General Counsel. Your Directors have entered in the minutes
of their meetings a resolution reciting his long, faithful and efficient service.
and water
Under the pension system put into effect on January 1 1903 there are carried on the pension rolls of the rail
lines, 610 employees. The payments to them for the year amounted to $263,763 03.
-First Dividend.
United Breweries of Chicago.
the $1,954,000 6% cumu!An initial dividend of 3% has been declared on of rceord Jan. 26.-V. 73,
to holders
lative preferred stock, payable Jan. 31
p. 1158.
-On 6% Basis.
United Cigar Stores of America.
A quarterly dividend (No. 5) of 1%% has been declared on the $27,162,000 common stock, payable Feb. 16 to holders of record Jan. 30,comparing
and M
with •1M % in May, Aug. and Nov. 1913 and 1}i%1913 the of 1% extra
best year in
In Feb. 1913. The company is said to have had in
itsthistory, the sales aggregating,reports say,over $3,000,000 in excess of 12
-The following changes are announced:
New Officers.
Secretary Elliott Averett has succeeded as V.-Pres. H. S. Collins, who
resigned to become actively identified with the Riker & Hegeman Co. (see
Corp. of It. & H. above), and Auditor R. B. Wattley has been made Secre-V.97, p. 1515, 732.
tary, also a director in place of Mr.Collins.
The company is said to have had the best year in its history, the sales having aggregated over $3,000,000 more than
in 1912.-V. 97, p. 1515.
-Trial of Suit Adjourned.United Fruit Co.
jr The trial of the long-pending suit brought by the Bluefields Steamship
Co. to recover triple damages ($15,000,000) from the company for alleged
violation of the anti-trust law has been again adjourned by judge Thompson
in the U. S. District Court at Philadelphia by agreement of counsel to Oct.
next in order, it is stated, to give more time for preparation. V. 96, p. 657.
-V. 97, p. 1731, 1744. 1755.
-Decision.
United Gas Improvement Co.
Judge Day in the U. S. District Court, Northern District of Ohio, on
Dec.23 in the suit against the Gas Machinery Co., held that the defendant
has infringed the Rusby patent No. 857,760 for improvements in water-gas
apparatus, but dismisses the claim, a minor one. 13ased on Dickey patent
No. 940,925, the latter of which, it is stated, being invalid because it is in
public use and can be used by any one. The opinion is given at length in
the "Gas Age" of Jan. 1. pages xxx and xxxi.-V. 97. p. 1434.
Randolph and John T. Neff, with Morris & Plante, 27 Pine St., N. Y.,
as counsel.
Of the $1.680,671 claims filed against the company, the receivers recommend approximately as follows: That $620,237 be allowed: $581,347 be
adjusted by agreement or by a master from the Court, that $345,904 be
disallowed with permission to any creditor to have claim referred to master.
that until further order of the Court claims of $118.589 based on notes
held by banks be suspended.
On Dec. 14 V.-Pres. Houlihan bought in for Si $25.000 of the stock held
by Atlantic Nat. Bank of Providence; 7 shares of pref., it is said, brought
-V. 97, p. 600, 370.
$35 a share and 75 shares $10 a share.
-Committee.
Washington (D. C.) Gas Light Co.
A Baltimore committee has asked the directors for certain reforms in
management and operations, and is requesting the shareholders for proxies
to be used at the annual meeting in February.
President Joseph Leiter, it is stated, will decline re-election, and V.-Pres.
-V.97,p.822.
Howard S. Reeside is spoken of as a candidate for presidency.
Wilmington Transportation Co., Calif.-Decision.
The California Supreme Court on Dec. 29 held that the _passenger and
freight rates of this company plying between San Pedro and Avalon, both
RR.
In Los Angeles County, are subject to the regulation of the StateU. S.
Commission. It was claimed on the sterngth of a decision of the take
Court rendered in 1880 that as the courses of the steamships
Supreme
-mile limit, they are engaged in commerce with
them outside of the 3
foreign nations and thus subject to Federal regulation under the Constituprovision that "Congress shall have power to regulate commerce
tional
with foreign nations and among the several States."
-Total Sales.
New York.
FR(F. W.) Woolworth & Co.,1913-12 Months-1912. Increase.
f
-1912. Increase.
-December
1913
$10,568,433 $9,476,642 31.091.7911366,223.083 $60,557,767 $5,665.316
-V.97, p. 1754. 1435.
ty Wyandotte County (Kan.) Gas Co.-Decision. Kansas
Supreme Court on Jan. 5 sustained the right of the
The U. S.
P. U. Commission to fix absolutely the rates which public service corporations shall charge their consumers without regard to franchises existing
before the Utilities law was passed. It was held that a franchise which
entitled the company to increase its rates for natural gas in Kansas City,
Nan., from 25 to 27 cents, was not a valid one.
-Plan, &c.
The company must return to consumers an amount estimated at about
Walpole (Mass.) Tire & Rubber Co.
which it has been collecting by the extra 2 cents per thousand since
The creditors' committee announced on Dec. 30 that it had deposited $40,000
Court order that it should be impounded by the comBroadway Trust Co., as depositary, under agreement of Aug. 30 May 1912, under a to the consumers in the event that the courts held that
with the
of liquidation. Committee: pany and refunded
1913, a report to the creditors and a plan
-V.95, p. 1407
was not entitled to increase the rates.
Charles T. Wilson, Richard Austin, Rensselaer L. Curtis, Wilson G. H. the company
166
THE CHRONICLE
xcvm.
-The sixty-ninth annual report of the New York Life
Insurance Co. shows that the company issued policies in
TiMeS.
1913 amounting to more than $232,000,000, while the total
outstanding contracts are $2,270,000,000. Both items are
COMMERCIAL EPITOME.
large increases over 1912. The dividends declared for payFriday Night, Jan. 9 1914.
ment in 1914 amount to more than $17,000,000. The income
The sentiment in business is more hopeful. The iron and
received from the investments of the company in 1913 was steel trade is more cheerful and some
mills have resumed
about $124,000,000. More than half of that income was work. Sales of pig iron are larger at lower prices.
paid to policy-holders in death claims, matured endowments, readily. The winter-wheat crop is looking well. Wool sells
Money is
dividends, &c. Expenses took about $15,000,000; reserves easier. Commercial paper is easier to sell.
Exports of wheat
took $43,000,000. The investments of the company in 1913 are large. On the other hand, semi-finished
American steel
brought an average income of 5.07%, while the average in- is being sold in England. Copper has declined here
with
come of both old and new investments was 4.54%. A new creasing supplies. Collections, though a little better, infeature of 1913 was the establishment of a farm loan depart- still low. The mildness of the winter hurts trade in are
coal
ment, where investments already made yield 5.5%.
and clothing, &e. Corn imports are very large. The num-The January 1914 issue of the Hand Book of Securities" ber of idle cars is 100,521, or about double that of a year ago.
compiled by the publishers of the "Commercial and Financial Nevertheless, it is hoped that the nightmare of 1913 is disChronicle, will be ready Jan. 15. The book contains 192 pelled and that 1914 will see an improvement in American
pages, and gives very full information concerning the va- business unhampered by legislation.
STOCKS OF MERCHANDISE IN NEW YORK.
rious railroads and the leading industrials whose securities
are dealt in on the New York, Boston, Philadelphia, BaltiJan. 1 '14 Dec. 1 '13 Jan. 1 '13
more, Chicago and Pittsburgh exchanges. It shows their
earnings, dividends, &c., for a series of years, present fixed Coffee, Brazil
bags 1,300,346 1,093,240 1,914,362
Coffee, Java
mats
32,350
39,342
24,234
charges, and the amount of the different issues of bonds Coffee, other
bags 152,423 168,564 213,459
outstanding, their rates of interest, &c. There is also given Sugar
hhds.
12,135
12,857
nil
Hides
the monthly range of stocks and bonds to Jan. 1 1914, Cotton
No.
6,003
4,678
1,200
bales
94,721
50,331
73,604
together with a yearly range for four years. Price, one Manila hemp
bales
5.325
4,685
8,500
Sisal hemp
dollar, or to "Chronicle" subscribers, 75 cents.
bales
3,140
2,246
600
Flour
bbls. or sacks
65.000
75,800
62,300
-The ninth annual Financial Review of the "Pittsburgh
LARD has been quiet, with prime
Press," issued Saturday, Jan. 3, has as its leading feature fined for the Continent $11 30, South Western $11 05; reAmerica $12,
a striking article by Daniel Willard, President of the B. & $13. Lard Mures have fluctuated within moderate Brazil
0. RR. Co., on the railroad freight situation, entitled latterly showing more or less sympathy, however, limits,
"Justifies Application for Higher Rates." There are many decline in corn. Also the receipts of hogs have with the
been large
other interesting articles of moment written by authorities and packers and grain traders have been
in the banking and business world. The daily edition of single day Western points received 131,000selling. On a
this annual financial issue approximated 120,000 copies and 91,000 on the same day last year. To-day .hogs, against
prices advanced,
was edited by John W. MacGregor, Publicity Manager of with hogs 10c. higher and Western receipts
78,000, against
the J.S.& W.S. Kuhn interests and formerly financial editor 90,000 last year.
of the "Pittsburgh Press." Interested inquirers may secure
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
a complimentary copy, we believe, by addressing Mr.
Wed. Thurs.
Sat.
Mon. Tues.
Fri.
January delivery_ _cts_10.67% 10.65
10.624 10.62% 10.80
10.85
MacGregor.
May delivery
11.05
10.973i 10.97A 11.12% 11.17
11.00
-White & Kemble, New York, have compiled and pubPORK on the spot steady; mess $23 25@$23 75, clear
lished a volume of 185 pages entitled "A List of Railroad $20 25@$22 50, family $24@$26. Beef steady; mess $18@,
Bonds and the Clauses Relating to the Deduction or Reten- $19, family $200$22, extra India mess $28@$30. Cut
tion of Federal or State Taxes. This work is the result of meats quiet and unchanged. Butter quiet; creamery extras
an examination of over 1,600 railroad mortgages in which 35@,35Me. Cheese quiet; State, colored, specials, 173.@
were found no less than 700 different clauses relating 173/ie. Eggs quiet; extras 35@36c.
to taxes. The publishers say that in cases where the
OILS.
-Linseed quiet but firm; City, raw, American seed,
phraseology used in the body of the bond differs from that 52@53c.; boiled 53(4)540.; out-of-town, raw, 51@52e.
given in the indenture, the fact is noted and both clauses Cocoanut steady; Cochin 12%C)129c.; Ceylon 103'@10Yie.
are given. If not otherwise stated, the quotation is from Castor steady; No. 2,9@9%e. Corn firmer at 6.5506.60c.
the body of the bond.
Olive steady at 83@85c. Palm, Lagos 7%0. Chinawood
M(4)7%e. Lard firm, prime 93@No.; extra No. 1, 590
-One of the handsomest calendars which has thus far
61c.; No. 1, 54@56e. Cod, domestic, 380.; Newfoundbeen received by us this year comes from John W. Dickey,
the well-known banker and broker of Augusta, Ga. The land 40c.
PETROLEUM.
-Refined has been in fair demand and
calendar is very large and its picture is a reproduction of the
original painting by De Land of the "First Inauguration of firm; barrels 8.75@9.75c.; bulk 5.25@6.250.; cases 11.25
12.25c. Crude firm; Pennsylvania dark $2 50; second sand
Washington," considered his masterpiece. The painting
portrays the historical characters which made up the official $2 50; Tiona, $2 50; Cabell $2 07; Mercer Black $2.; Newparty at this, America's first inauguration, which took place castle $2; Corning $2; Wooster $1 91; North Lima $1 49;
South Lima $1 44; Somerset, 32 degrees and above, $1 35;
in the old Federal Hall, New York City, April 30 1789.
Illinois $1 45. Naphtha steady; 73@76, degrees, in 100
-"Moody's Analyses of Public Utilities and Industrials," gallon drums, $1 45. Spirits of turpentine quiet at 47@
.
which has just been issued by Moody's Investment Service, 47320. Rosin quiet; common to good strained $4 10.
COFFEE has been in somewhat better demand, with
35 Nassau St., New York, is a quarto volume of 950 pages
that gives a vast amount of statistical matter prepared in No. 7 Rio 93c. of late, though early in the week it was
A
Mr. Moody's excellent style, and also attempts the ex- 93'c.; fair to good Cucuta 123 ©133ie. Coffee futures,
tremely difficult task of placing a rating on some 4,000 dif- after considerable depression, have rallied of late on buying
by the trade, encouraged by smaller receipts. Both Euroferent bond and stock issues.
pean and Brazilian markets have been stronger. It is said
-The attention of investors, trustees of estates, &c., that a land company
in Brazil has suspended, carrying down
is called to the advertisement on another page of N. W. Hal- with it
some 46 branches, or banks, in various parts of Brazil,
sey & Co., in which they state that "the purchasing of sound but even
on the day on which this roport was received the
bonds at present prices will assure for the future interest
here was
rates seldom realized." The firm's January list (No. C-80) tone stronger stronger, owing to covering of shorts coincident
with
markets abroad. To-day prices were irregular.
offering a wide variety of selected bonds whereon the issu- Closing prices
ing companies have agreed to pay the normal 1% income January___ 9.04®were as follows:
9.05 May
9.60® 9.61 September 10.00(4)10.01
tax, will be mailed upon application.
February__ 9.1888 9.19 June
0.7088 9.71 October__ _10.06110.07
March....__ 9.32® 9.33 July
9.808 9.81 November_10.13( 10.14
9.466 9.48 August ___ 9.90® 9.91 December_10.20 10.21
-The Moody Manual Company announce that their April
SUGAR.
-Raw has been quiet. Centrifugal, 96-degrees
Manual for 1914 will include: (1) A volume to be issued
early in March, devoted entirely to railroads. (2) A second test, 3.20@3.23c.; muscovado, 89-degrees test? 2.70@2.73c.;
volume, to be issued later, bound in a distinctive cover, molasses, 89-degrees test, 2.4502.48e.. Refined has been
including industrial, utility and miscellaneous companies, quiet. Granulated 4@4.05c. The visible supply of sugar
thus eliminating the necessity of using two volumes for data in the world is now 3,710,000 tons, against 3,440,000 in 1913.
TOBACCO has continued quiet but firm. In fact, the
on these companies.
firmness of prices
-Oliver H. Perry Jr., Eugene H. de Bronkart, George the disinclination acts as a deterrent on business apart from
of manufacturers to buy freely in any ease.
V. Price and Charles J. Aeppli Jr. have opened an office
Supplies of
131 South La Salle St., Chicago, under the firm name at ate demand binder are quite small. Cuban leaf is in moderof
and steady. Sumatra has been quiet but steady.
Perry, Price & Co., to do a general commission business in
COPPER has been in moderate demand here and has destocks, bonds, grain and provisions.
clined; Lake 14%@143 c. and electrolytic 14@,145'3e. The
A
-The removal is announced of the Finance Co. of Penn- December statement shows stocks increased 43,500,000 lbs.
sylvania to 1430 South Penn Square, Philadelphia, pending Tin on the spot here 36.55c., showing a decline; sales light.
the completion of its new building at 1420 to 1426 South Lead 4.15c.; spelter 5.323/ic. In iron and steel there is a
somewhat more cheerful sentiment, especially at Pittsburgh.
Penn Square.
After a period of
-Stanley M. Boyd, formerly with the banking house of is believed, will inactivity larger buying in the near future it,
be more or less compulsory. Pig iron har
Joseph M.Boyd Co., Madison, Wis., is now identified with been more
active, but at easier prices; No. 2 foundry East.
C.F. Childs & Co., Chicago, bond dealers.
ern $13 75@ 14; No.2 Southern Birmingham $10 50@$10 75
Tommertial
107
THE CHRONICLE
JAN. 10 1914.i
COTTON.
Friday Night, Jan. 9 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
275,070 bales, against 303,899 bales last week and 319,198
bales the previous week, making the total receipts since
Sept. 1 1913 7,103,133 bales, against 7,230,104 bales for the
same period of 1912-13, showing a decrease since Sept. 1
1913 of 126,971 bales.
Mon. Tues. Wed. Thurs. Fri.
Sal.
Galveston
8,976 11,760 27,320 18,056 19,643 12,974
Texas City
6,470 2,122 4,004 2.681 3,241 1,882
693
Port Arthur..
AransasPass,&c.
10,8§5 11.462 12.5§5 8,475 5,764
New Orleans.._-- 15,139
1,110 1,305 1,991 1,148 3,994 1,377
Mobile
Pensacola
503
Jacksonville,&c
7
8,811 7,650 7.141 6: §8 4,928 4,366
Savannah
6,500
Brunswick
312
766
WM -5716 --§4
191
Charleston
599 1,133
1,505 1,883 1,112 1,342
Wilmington _-2,817 4,535 1,847 3,087 1,623 1,099
Norfolk
6,584
Newp'tNews,&c.
102
100
--§A
38
306
New York
92
172
124
64
128
79
Boston
1,237
Baltimore
Philadelphia_
On Shipboard, Not Cleared for
Leaving
Other CoastGerGreat
Stock.
- Britain. France. many. Foreign wise. Total.
Jan. 9 at
190 34,617 243,068
New Orleans__ 6,886 2,541 14,672 10.328
106,662 185.988
Galveston ____ 28,813 19,616 37,427 20,806
400 3,600 146,126
3,200
Savannah
42,777
3,000
1,000
2,666
Charleston ___
-86 27,385 33,968
16,373
604 10,358
Mobile
34,067
25,128 29,028
1,000
2,900
Norfolk
5,000 100,775
1,000 2;866
1,500
New York
60,239
19,000
11,000
8,000
Other ports
Total 1914... 63,572 25,961 79,357 33,634 25,768 228,292 847,008
71,807 21,045 66,011 44,066 40,667.243,596 834,876
Total 1913
Total 1912.. 85,946 32.593 113.781 45,905 22,3411300,566 1,151,298
Total.
Speculation in cotton for future delivery has been on a
moderate scale, but latterly prices, after some decline early
improved. This was largely due to a
in the week, have.
63,746 great surprise in Friday's ginning report and to the fact that
10,925 the short interest here had accumulated to rather large proAlso the spot
503 portions for a comparatively narrow market.
39,610 sales at Liverpool have been large, averaging about 12,000
6,500 bales a day. Some reports, too, state that Manchester is
2,268
7,574 doing a better business. Larger sales of print cloths on this
15,008 side of the water are also reported. From Chicago come
6.584
634 cheerful predictions for the dry goods trade in 1914. An ad659 vance in the stock market has not been without its effect. It
1,237
has been largely instrumental in causing some of the Wall St.
traders in cotton to cover shorts on a considerable scale. Fur44,277 275,070 thermore, spot markets at the South have been firm, and
Totals this week_ 45,404 40,568 55,489 45,598 43,734
New Orleans, Memphis and Montgomery and other points
The following shows the week's total receipts, the total in Alabama have reported a better demand. Then, too, as
since Sept. 1 1913 and the stocks to-night, compared with the time approached for the ginning'report by the Census
Bureau on Friday, previous assumptions that the total
last year:
would be very large-that is, something like 500,000 bales
for the latest period from Dec. 13 to Jan. 1, gave place to
Stock.
1912-13.
1913-14.
fears that, after all, the report might be a surprise for the
Rece pis to
This Since Sep This Since Sep
Jamsary 9.
bears. One statement of the ginning for the period in ques1913.
1914.
Week. 1 1913. Week. 11912.
tion, issued at Memphis, put the total at 476,000 bales; the
Galvest n
98.729 2,191.986 78,101 2,990.348 292,650 394,968 National Ginners' Association said 478,000 bales, according
45,061
18,984
Texas C ity
20,400 309,877 22,228 563,674
to current rumors. A fear that some such total as this, or
81,085
25,124
Port Arthur
693
779 one even smaller, might be given out by the Census Bureau,
63,243
2,279
974
105,024
_
Aransas Pass,&c_
New Or leans____ 63,746 1,096.536 31,010 986,364 277,685 185,523 had not a little to do with the advance in cotton here which
33,401
61.353
10,925 316,454 3,680 158,835
Mobile_
87,170
650
111.553
carried March up to 12.25c., May to 12.14c. and July to
Pensacola
1,885
2,501
13,695
182
25,666
503
Jackson rille, &c..
a setback. Spot interests
1.428,485 19,056 905,510 149,726 146,463 12.09c., after which there was
39.610
Savanna h
14,562 have been buying March and May if they have sold July.
8,726
6,500 245.100 4,500 200,700
Brunswi lc
37,225
45,777
2,268 384,090 1,342 258,003
Chariestcm
times the South has bought, including New
13,463 At
30,512
7,574 337.640 1,812 300,086
Wilmington
73,177 Orleans and Memphis, partly to cover shorts. Now and
63,095
15,008 387,004 6.846 383,392
Norfolk
53,147 2,892
57,703
N'port i'ews,&c_ 6,584
Liverpool has bought to some extent. Of late there
10,434 105,775 111,973 then
3,891 1,434
634
New York
8,621 has been more or less clearing of the decks for the Census
4,390
30,974
10,330 3,016
659
Boston _
6,856 report and a growing feeling among not a few that perhaps,
6,887
70,487 1,227
1,237
47,516
Baltimo 13
4,515
739
4,960
---_
1,372
50
Philadel phis
after all, the price may not be heading so straight for 11 Mc.
275.070 7.103.1:13 179.000 7.230.104 1.076.300 1.078.472 or 11c, as it was assumed was the case last week. On the
Total .
other hand, there is no general faith in the idea of a marked
In order that comparison may be made with other years, or permanent rise at this time. Of late New Orleans,
Memphis and the South generally have been selling. It
we give below the totals at leading ports for six seasons:
has been believed that the crop has been underestimated.
Many have thought that the ginning figures would make
1909.
1910.
1911.
1912.
Receipts at
1913.
1914.
this plainer than ever. Also, there is already talk about
80,271 the probability of a very large acreage this spring. Three
82,821
60,019
78,101 108,664
98,729
Galveston
11,777
8,416
32,506
40,031
23,202
21.093
TexasCity,&c
16,000,000 bales.
63,336 seasons ago the South raised a crop of over
42,532
55,953
58,281
31,010
New Orleans_
63,746
9,293 Since then it has twice failed to do so, although every
4,884
5,689
13,518
3.680
Mobile
10,925
20,005 effort was made to reach the high point in cotton production
18,057
30.181
61,158
19.056
39,610
Savannah
12,901
900
5,088
6,500
7,340
4,500
Brunswick
1,906 in this country. Not a few believe that this year, that
4,523
1,342
1,734
1,610
2,268
Charleston,&c
18,193
1,812
13,255
8,847
3,428
7,574
Wilmington
say,once out of three times, the South may succeed in
12,924 is to
14,400
5,826
6,846
10,351
15,008
Norfolk
149
398
587
2,892
964 doing so. At times in the past it has raised a big crop every
6,584
,&c.
N'port N.
24,410
7,722
10,542
13,605 other year. That every effort will be made to reach the
6,559
_
3,033
All others_ _ _
taken for granted. Meantime,
Total this wk. 275,070 179,000 334,417 239,335 159,414 23E3,829 total of 1911-12 is something
a good deal of cotton is held back at the South. The disSince Sept. 1_ 7,103,133 7,230.104 7,682,688 6,508,006 5,396,022 8794,358 parity between the quantity ginned and. the total brought
.
into sight thus far makes that plain without referring to
The exports for the week ending this evening reach a total such figures as the stocks at the counted interior towns.
a
of 227,967 bales, of which 94,867 were to Great Britain, After a break within a couple of months, too, of $10. bale,
23,299 to France and 109,801 to the rest of the Continent. it is assumed that New England spinners, at least, will stick
Below are the exports for the week and since Sept. 11913.
to the policy of buying from hand to mouth. To-day at
10 o-clock came the ginning report. It stated the total ginned
402,542 bales,
From Sept. 1 1913 to Jan. 9 1914. for the period from Dec. 13 to Jan. 1 at
Week ending Jas.9 1914.
Exported to
Exported to
ogainst 468,369 in the same time in 1912,546,275 in 1911 and
Exports
389,072 in 1910. This made a total of 13,333,074 bales for
Conti
ContiGreat
Great
from
Total.
Britain.France. neat. Total. Britain, France. nent.
the season up to Jan. 1, against 12,907,405 in the previous
in 1910. Its effect
25,963 39,268 677,528 202,272 803,871 1,683,671 year, 14,317,002 in 1911 and 11,085,000
Galveston.. 13,305
3,052 14,358 207,626 18,168 64,655 290,449 was to cause a sudden rise of 37 points, amid excited buying
Texas City_ 11,306
693
17,625 from all quarters, mainly to cover shorts. It was felt by
1,540
16,085
693
Port Arthur
22,162
7,824 29,986
Ar.Pass,dre_
New Orleans 40,6tie 14,208 21,052 77,126 425,803 119,028 263,737 808,568 many that the ginning total gives a greater color of proba8,113 73,122 59,538 82,098 214,758 bility, or at any rate plausibility, to the Government crop
8,113
Mobile _
37,889 42,644 31,020 111,553
Pensacola..
of linters.
3,552 6,689 24,686 34,927 160,699 211,360 497,154 869,213 estimate of Dec. 8-13,677,000 bales, exclusive
Savannah
8,468 61,637 22,954 135,996 220,587 The future of prices depends on the attitude of spinners and
Brunswick. 8,468
5,030 169,034 275,387
13,335 24,743 101,323
Charleston _ 11,408
61,241 85,365 147,393 293,999 the condition of trade. Spot cotton closed at 12.60c. for
Wilmington
42,854 69,812 middling uplands, showing an advance for the week of 10
Norfolk.._ _ _ 2;666
249 2,240 26,958
700 2,402 1,043 6,045 99,645 10,004 119,647 229,296
New York_
5,067 48,779 points.
1,043
1,337 43,712
294
Boston
7,139 60,721 94,454
920
The official quotation for middling upland cotton in the
Baltimore__
6,620 7,540 26,594
3,623 26,559
506
540 22,936
34
Philadel'a__
for the past week has been:
119,057 119,057 New York market each day
1,348
Fran__
1,348
2,212
San
Pt.Towns'd
Detroit_ ___
2,212
313
68,573
98,729
20,400
693
58,573
313
94,867 23,299 109,801 227,067 2,050,728 783,5022,628,4095,462,639
Total '12-13 99,273 37,147 69,561205.081 2,532,483 826,7002,304,5905,663,778
-New York exports since Sept. 1 include 8,793 bales Peruvian and 75 bales
Note.
Brazilian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Jan. 3 to Jan. 9Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
12.40 12.30 12.30 12.30 12.30 12.60
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Jan. 9 for each of the past 32 years have been as follows: .
1914_c
1913
1912
1911
1910
1909
1908
1907
12.60 1906_c
13.00 1905
9.50 1904
14.90 1903
15.85 1902
9.40 1901
11.45 1900
10.90 1899
11.75 1898_c
7.30 1897
13.70 1896
8.90 1895
8.25 1894
10.12 1893
7.56 1892
6.00 1801
5.94
7.38
8.25
5.69
8.19
9.94
7.44
9.38
1890_c
1889
1888
1887
1886
1885
1884
1883
10.38
9.81
10.50
9.56
9.25
11.12
10.62
10.12
168
THE CHRONICLE
[Vol, xcvm.
FUTURES.
-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York for the past week have been as follows:
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed'day. Thursd'y, Friday,
corresponding period of the previous year-is set out in
Jan. 3. Jan. 5. Jan. 6. Jan. 7. Jan. 8. Jan. 9.
Week.
detail below.
January
Range
Closing
February
Range
Closing____
March
Range
Closing
April
Range
Closing_
May
Range
Closing
June
Range
Closing..
July
Range
Closing..
August
Range
Closing.._
September
Range
Closing_
October
Range
Closinz..
11.78-.87 11.74-.81 11.72-.87 11.82-.89 11.76-.81 11.94-.17 11.72-.17
11.84-.86 11.76 -11.87-.88 11.81-.83 11.79-.80 12.13-.14- 11.81
12.17 -11.81-.17
11.92-.95 11.81-.82 11.91-.94 11.86-.90 11.81-.85 12.15-.17- -
Movement to January 9 1914.
Towns.
Week.
12.02-.03 12.00-.14 12.03-.20 12.10-.25 12.10-.15 12.33-.51 12.00-.51
12.09-.10 12.09-.11 12.19 -12.15-.16 12.14-.15 12.46-.47---
Movement to January 10 1913.
Receipts.
Ship- Stocks
ments. Jan.
Season. Week. 9.
Receipts.
Ala., Eufaula__
73
20,457
218 5,082
Montgomery..
976 137,061 1,060 37,651
Selma
367 112,670 1,124 19,505
12.03-.06 11.99-.02 12.10-.12 12.05-.08 12.05-.08 12.36-.40--Ark., Helena
52,116 2,684 19,886
2,731
Little Rock
4,556 139,189 6,681 54,764
11.94-.04 11.90-.03 11.94-.10 12.00-.14 11.99-.05 12.22-.41 11.90-.41
26,938
113 4,442
4
12.02-.03 11.97-.98 12.09-.10 12.04-.05 12.04-.05 12.35-.36- - Ga., Albany
Athens
2,700
95,151 6,192 26,278
Atlanta
3,010 185,689 6A62 16,994
Augusta
4,724 301,042 7,766 91,113
12.00-.02 11.95-.98 12.06-.07 12.01-.03 12.00-.02 12.32-.34- - Columbus
3,550
58,337 1,325 25,288
Macon
196
42,536
277 4,463
11.90-.00 11.86-.01 11.9;-.07 11.96-.09 11.94-.00 12.18-.37 11.86-.37
192 51,42.
375 7,420
11.99-.00 11.95-.96 12.06-.07 12.00-.01 11.99-.00 12.31-.32-- - Rome
La.,Shreveport 6,306 150,474 3,770 42,570
289
33,188 1,399 5,090
11.75-.78 11.65-.77 11.76-.83 11.86 -11.75 -12.00-.10 11.65-.10 Miss.,Columb,
Greenville
3,602 69,041 4,969 27,676
11.78-.80 11.74-.76 11.85-.86 11.79-.80 11.78-80 12.10-12---Greenwood
2,000 100,373 4,000 33,000
Meridian
951
23,531 1,693 8,372
11.68-.70 11.68-.70
Natchez
300
16,478
300 5,500
11.57-.60 11.50-.53 11.59-.61 11.54-.57 11.51-.54 11.74-.76--Vicksburg
1,464
27,384 1,209 13,197
Yazoo City
1,000
32,004
500 16,373
11.44-.50 11.40-.47 11.44-.53 11.45-.53 11.41-.45 11.56-.75 11.40-.75
Mo.,St. Louis_ 18,294 301,945 16,893 30,730
11.49-.50 11.44-45 11.53-.54 11.49-.49 11.45-.46 11.67-.68--N.C.,Raleigh_
13
10,861
225
315
THE VISIBLE SUPPLY OF COTTON to-night, as made 0., Cincinnati_ 8,679 113,22, 5,005 24,467
Okla., Hugo
33,474 1,454 2,989
1,443
up by cable and telegraph, is as follows. Foreign stocks, S.C., Greenw'd 41. 11,175 465 517
as well as the afloat, are this week's returns, and consequently Tenn.,Memph 25,487 '7'76,210 33,063254,107
Nashville
7,903
218
472
all foreign figures are brought down to Thursday evening. Tex., Brenham
16,231
12 1,742
54
But to make the total the complete figures for to-night Clarksville_
767 44,187 2,049 6,137
Dallas
(Friday), we add the item of exports from the United States, Honey Grove.. 3,751 69,044 4,715 8,695
633 3,439
32,325
36
including in it the exports of Friday only.
Houston
80,8051,910,677 73,705188,480
Paris
January 986,980 3,312 6,111
2,023
1914.
1913.
1912.
1911.
Stock at Liverpool
Stock at London
bales.1,005,000 1,430,000
5,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
'Stock at Trieste _
5,000
96,000
Stock at Manchester
99,000
887,000 1,089,000
2.000
8,000
66,000
955,000 1,178,000
8,000
3,000
327,000 259,000
237,000 218,000
2,000
2,000
15,000
9,000
36,000
23,000
3,000
2,000
1,056,000 1,054,000
628,000
516,000
Total European stocks
2,162,000 2,588,000 1,583,000 1,694,000
India cotton afloat for Europe.._ 155,000
47,000
33,000 169,000
Amer. cotton afloat for Europe_ 715,849 780,022 1,105,875 790,558
EgyptBrazil,&c.,aflt.for Europe 99,000
87,000
66,000
84,000
Stock in Alexandria, Egypt
380,000 326,000 254,000 295,000
Stock in Bombay,India
619,000 527,000 307,000 388,000
Stock in U. S. ports
1,075,300 1,078,472 1,451,864 1,135,771
Stock in U.S.interior towns_
992,965 858,849 908,927 795,345
U. S. exports to-day
18,328
46,778
42,593
55,857
Total visible supply
6,245.892 6,310,671 5,752,259 5,407,531
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 765,000 1,243,000 782,000 967,000
Manchester stock
57,000
63,000
50,000
58,000
Continental stock
1,009,000 1,025,000 599,000 493,000
American afloat for Europe
715.849 780,022 1,105,875 790,558
U. S. port stocks
1,075,3.0 1,078,472 1,451,864 1,135,771
U. S. interior stocks
992,965 853,849 908,927 795,345
U. S. exports to-day
46,778
18,328
42,593
55,857
Total American
4,661,892 5,066,671 4,940,259 4,300,531
East Indian, Brazil, &c.
Liverpool stock
240,000 187,000 105,000 122,000
London stock
5,000
5,000
2,000
8.000
Manchester stock
39,000
36,000
16,000
23,000
Continental stock
47,000
29,000
29,000
18,000
India afloat for Europe
155,000
47,000
33,000 169,000
Egypt Brazil. &c., afloat
99.000
87,000
66,000
84,000
Stock in Alexandria, Egypt
380,000 326,000 254,000 295.000
Stock in Bombay. India
619,000 527,000 307,000 388,000
Total East India,&c
1,584.000 1,244,000 812,000 1,107.000
Total American
4,661,892 5,066,671 4,940,259 4,300,531
Total visible supply
6,245,892 6,310,671 5,752,259 5,407,531
Middling Upland, Liverpool
6.91d.
7.02d.
5.37d.
8.07d.
Middling Upland, New York__ _ _ 12.60c.
13.10e.
9.65c.
14.90e.
Egypt, Good Brown, Liverpool
10.25d. 10.65d.
9'4d.
11%d.
Peruvian, Rough Good,Liverpool 9.00d. 10.25d.
9.05d. 11.001.
Broach, Fine, Liverpool
85-6d. 6 11-16d.
5%d.
7%d.
Tinnevelly, Good, Liverpool_ __ _ 611-16d. 6 11-16d. 5 7-16d. 7 13-16d.
Continental imports for past week have been 190,000 bales.
The above figures for 1914 show an increase over last week
of 109,968 bales, a loss of 64,779 bales from 1913, an excess
of 473,633 bales over 1912 and a gain of 838,361 bales over
1911.
NEW ORLEANS CONTRACT MARKET.
-The highest,
lowest and closing quotations for 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. 3. Jan. 5. Jan. 6. Jan. 7. Jan. 8. Jan. 9.
January-.
Range
Closing
February
Range
Closing
March
Range
Closing
April
Range
Closing
May-
12.15-.20 12.15-.24 12.25-.31 12.23-.35
12.22-.24 12.22-.23 12.28-.29 12.25-.27
12.40-.58
12.51-.52
12.25-.27 12.25-.27 12.34-.36, 12.28-.33
Spot
()nth-ma
Total. 33 towns 180.9215.089.3211193,866992,965 149,404 5,533,419164,493858,849
12.61-.75
12.69-.70
• The above totals show that the interior stocks have decreased during the week 12,945 bales but are to-night 134,116
bales more than at the same time last year. The receipts at
all towns have been 31,517 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.
-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
-1913-14-
January 9ShippedVia St. Louis
-1912-13-
Week.
277,413
97,242
3,437
62,813
69,332
103,637
238,484
Since
Sept. 1.
30,229
7,989
923
1,533
7,655
3,484
13,264
317,476
155,880
11,228
50,667
85,872
89,914
187,523
41,722
Total gross overland
Deduct shipments
-
Week.
16,893
959
19
1,818
5,928
3,123
12,982
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Since
Sept. 1.
852,358
65,077
898,560
2,530
6,629
2,501
85,447
54,228
46.047
5,727
3,481
3,950
90,276
61,904
48,145
Overland to N. Y., Boston. &c
Between interior towns
Inland, &c., from South
Total to be deducted
11,660
185,722
13,158
200,345
Leaving total net overland *
30,062
666,636
51,919
698,215
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 30,062 bales, against 51,919 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 31,579 bales.
1913-14Since
Sept. 1.
In Sight and Spinner.'
Takings.
Week.
1912 -13
Since
Sept. 1.
7,230,104
698,215
1,056,000
Receipts at ports to Jan. 9
275,070 7,103,133
Net overland to Jan 9
30,062
666,636
Southern comumption to Jan. 9.... 60,000 1,130,000
Week.
179,000
51,919
56,000
Total marketed
Interior stocks in excess
365,132 8,899,769
878,451
*12,945
286,919 8,984,319
*15,080
761,813
352,187
271,830
Came into sight during week
Total in sight Jan.9
Nor, spinners' takings to Jan. 9- 52,458
i55
9,778,220
1,421,990
102,450
1,452,918
* Decrease during week.
Movement into sight in previous years:
Week-
Bales. I
-Jan. 12
1912
1911-Jan. 13
-Jan. 14
1910
Since Sept. 1-
Bales.
-Jan. 12
394,13911911-12
284,63311910-11 Jan. 13
214,00411909-10 Jan. 14
-
10,138,920
8,749,383
7,620,532
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
12.53-.55
12.30-.41 12.29-.41 12.38-.48 13.39-.53
12.39-.40 12.37-.38 12.46-.47 12.42-.43
12.39-.40 12.37-.39 12.46-.47 12.42-.44
12.69-.71
HOLIRange
12.42-.51 12.39-.52 12.45-.58 12.49-.63 DAY 12.72 t'86
Closing
12.49-.50 12.48-.49 12.55-.56 12.52-.53
12.80-.81
JulyRange12.47-.57 12.44-.57 12.51-.64 12.55-.68
12.78-.93
Closing
12.55-.56 12.53-.54 12.61-.62 12.59-.60
12.89-.91
October
Range
Closing
Tone
-
231
19,399
407 7A00
893 137,992 1,554 37,825
2,272 • 109,870 2,604 10,505
438
36,987 2,268 13,670
1,729 158,038 4,363 41,647
172 22,965
15 2,357
477 89,048 1,585 26,805
924 138,018 3,547 23,575
3,796 289,216 14,827 115,969
66,411 1,945 35,206
4,320
1,449
29,389
416 9,483
363 43,069
125 9,548
1,323 131,168 2,668 31,632
23,105
247
286 5,048
43,670
1,158
668 16,490
1,500 92,487 2,000 28,500
770 18,720
44,265
879
325
376 4,590
17,406
25,225 1,105 6,289
855
194
20,658
499 7,838
32,083 337,839 30,229 24,406
114
7,491
125
366
8,501 129,705 6,027 25,283
200
29,031 1A50 1,300
400
17,700
700 4,700
22,324 594,909 21,321 175,559
142
5,531
121
567
117
16,719
101 1,396
200 43,301 1,300 1,900
2,500 103,700 2,500 5,500
700 40,414
900
800
57,0782,546,115 55,831 158,430
1,500 122,578 2,000 3,500
81,000
1,106,000 1,534,000
19,000
10,000
506,000 523,000
446,000 452,000
2,000
2,000
24,000
24,000
45,000
43,000
14,000
Total Continental stocks
Ship- Stocks
ments. Jan.
Week.
10.
Week. Season.
11.56-.57 11.47-.57- - 11.64 11.55-.56 11.53-.55 11.62-.64 11.60-.62
Quiet.
atanshr
Quiet.
Shand my.
.• •
Quiet.
(Item alp.
Steady.
Q.:knells
•
11.76-.85
11.81-.83
Quiet.
Steady.
Salami-iv
•
Week ending
January 9.
Closing Quotations for Middling Cotton on
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Galveston
New Orleans..
Mobile
Savannah
Charleston
Wilmington......Norfolk
12
Baltimore
123i
Philadelphia
12.65
Augusta
12
Memphis
13
St. Louis
13
Houston
12%
Little Rock
12%
12 11-16
12%
12Y
121
12
12
123(
12.55
12
13 8
13
12%
12g
12
12%
12.55
12
13
13
12%
12%
12 11-16
12%
12%
12%
12
12 11-16
12%
12 9-16
12%
12
12 15-16
12%
12%
12%
12%(4)%
12
12
12.55
12
13;i
13
12%
12%
12.55
12. 85
12%©% 12%
13%
13%
13
13
12%
12g
12M
12g
12g
12%
169
THE CHRONICLE
JAN. 10 1914.]
-Our teleWEATHER REPORTS BY TELEGRAPH.
graphic advices from the South this evening indicate that
the weather has been favorable during the week. The marketing of cotton continues on a rather free scale. Reports
from Texas indicate that preparations for the next crop are
being pushed.
-Indications are for much warmer weather
Galveston, Tex.
for Texas. Preparations for 1914-15 crop being rushed. It
has rained lightly on one day during the week, the rainfall
being ten hundredths of an inch. The thermometer has
averaged 54, ranging from 40 to 68.
Abilene, Tex.
-We have had no rain during the week. The
thermometer has averaged 39, the highest being 48 and the
lowest 30.
Dallas, Tex.
-We have had rain on one day the past week,
to the extent of two hundredths of an inch. The thermometer has averaged 37, ranging from 24 to 50.
-There has been rain on one day of the week,
Palestine, Tex.
the precipitation reaching ten hundredths of an inch. The
thermometer has averaged 42, the highest being 54 and the
lowest 30.
-It has been dry all the week. AverSan Antonio, Tex.
age thermometer 45, highest 60, lowest 30.
-Dry all the week. Average thermometer
Taylor, Tex.
45, highest 52, lowest 38.
-This week's rainfall has been six hunNew Orleans, La.
dredths of an inch, on one day. The thermometer has averaged 49.
-There has been rain on one day of the
Vicksburg, Miss.
week, the precipitation reaching seven hundredths of an inch.
The thermometer has averaged 44, the highest being 66
and the lowest 29.
-We have had rain on one day during the
Memphis, Tenn.
week, the precipitation reaching twenty-one hundredths of
an inch. The thermometer has ranged from 29 to 63,
averaging 40.
-There has been rain on one day of the week,
Ala.
the precipitation reaching one inch and six hundrdeths. The
thermometer has averaged 45, the highest being 60 and the
lowest 32.
Selma, Ala.
-There has been rain on one day during the
week, the rainfall being eighty hundredths of an inch. Average thermometer 36.5, highest 54, lowest 25.
Savannah, Ga.-There has been rain on two days the past
week, the rainfall being forty hundredths of an inch, Lowest thermometer 31, highest 62, average 44.
-We have had rain on one day of the week,
Charleston, S. C.
the rainfall being forty-eight hundredths of an inch. Lowest thermometer 33, highest 60, average 47.
-There has been rain during the week,
Charlotte, N. C.
the precipitation reaching one inch and thirty-six hundredths.
Average thermometer 42, highest 57, lowest 28.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1912-13.
1913-14.
Cotton Takings.
Week and Season.
Week.
CENSUS BUREAU'S REPORT ON COTTON GIN-The Division of Manufactures in the Census Bureau
NING.
completed and issued on Jan.9 its report on cotton ginned to
Jan. 1 as follows (counting round as half-bales and excluding
linters):
Week.
Season.
Season.
6,411,901
6,135,924
Visible supply Jan. 2
2,135,485
2,055.351
Visible supply Sept. 1
352,187 9,778,220 271,830 9,746,132
American in sight to Jan. 9
658,000
998,000
99,000
112,000
Bombay receipts to Jan. 8
71,410
115,000
3,000
5,000
Other India shipm'ts to Jan 8_ _
825,000
810,000
38,000
22,000
receipts to Jan. 7_
Alexandria
117,000
5,000
119,000
4,000
Other supply to Jan. 7 *
6.631,111 13,875,571 6,828,731 13,553,027
Total supply
Deduct
Visible supply Jan.9
6,245,892 6,245,892 6,310,671 6,310,671
385,219 7,629,679 518,060 7,242,356
Total takings to Jan. 9a
323,219 6,158,679 421,060 6,044,946
Of which American
62,000 1,471,000
97,000 1,197,410
Of which other
receipts in Europe from Brazil, Smyrna, West Indies, &c.
* Embraces
a This total embraces the total estimated consumption by Southern mills,
-13
1,130,000 bales in 1913-14 and 1,056,000 bales in 1912 -takings not being
available-and aggregate amounts taken by Northern and foreign spinners,
0.499.679 bales in 1913-14 and 6,180,356 bales in 1912-13,of wbtich 5,028,679 bales and 4,988,946 bales American.
-Ginned
State1914.
Alabama __ 1,467,943
Arkansas _ -- 933,389
Florida
65,269
Georgia
2,276,477
Louisiana
410,086
Mississippi 1,143,067
No. Carolina 759,664
Oklahoma
804,457
So. Carolina 1,342,988
Tennessee
354,549
Texas
3,668,080
All other States 107,105
Ginned Prior
to Jan. 1.
1913. 1912.
1911.
1,695,284 97.1 95.5
908,014 95.0 86.6
94,471 95.3 91.5
2,794,295 96.9 93.9
380,826 97.8 92.6
1,6 9,066 93.2 89.6
1,126,276 94.6 86.6
1,016,538 94.3 88.6
1,692,146 95.8 89.2
430,027 92.9 88.7
4,107,152 96.0 95.5
138,978 91.3 79.4
Prior to Jan. 1--•-Crop--
1913.
1,289,227
732,118
56,042
1,756,834
366,402
936,419
857,189
947,452
1,173,216
248,503
4,461,746
82,257
1912.
1,618,510
786,329
86,421
2,623,917
352,503
1,047,299
975,223
900,409
1,508,753
381,281
3,926,059
110,298
1912.
1,328,297
770,937
58,833
1,812,778
374,793
1,004,376
906,351
1,005,109
1,224,245
267,439
4,645,309
90,072
7
U. S
13,333,074 12,907,405 14,317,002 13,488,539 15,553,073 95.- 92.1
The statistics in this report include 104,265 round bales for Jan. 1 1914, 77,999
for 1913 and 96.277 for 1912. The number of Sea Island bales included is 74,320
for Jan. 1 1914, 67,257 for 1913 and 105,988 for 1912. The distribution of the Bea
Island cotton for 1914 by States In: Florida, 25,166 bales, Georgia, 41,768 bales
and South Carolina 7,386 bales. The statistics of this report for 1913 are subject
to slight corrections when checked against the individual returns of the ginners
being transmitted by mail.
The amount ginned between Dec. 13 and Jan. 1 compares wi h similar periods
of previous years as follows:
389,072
546,275 1911
468,369 1912
1914
402,542 1913
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Market
Closed.
Spot Market.
Closed.
Spot. Contect Total.
Saturday___ Quiet, 10 pts. dec-- Steady
Monday _ _ _ Wet, 10 pts. dec_- Steady
Steady
Tuesday _ _ _ ulet
Steady
Wednesday.. Quiet
Steady
Thursday __ Quiet
Steady,30 pts. adv.. Steady
Friday
1,895
Total_
2.800
2,300
1,195
695
695
3,210
2,300
6,200
95
695
695
410
8,095
1,100
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Receipts (cantars)This week
Since Sept. 1
1913-14.
1912-13.
1911-12.
185,000
6.074.865
Alexandria, Egypt,
January 7.
300,000
6.177.224
320,000
4,794,217
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
'
Exports (bales)-
To Liverpool
4,250 121,646 7,500 135,002 8,250 104,077
9,750 122,104 9,250 142,164 9.250 124,441
To Manchester
To Continent and India._ 20.500 205,076 28,000 180,064 17,500 157,600
800 18.479 7,250 63,902 5,000 27,531
To America
35.300 467.305 52.000 521.132 40.000 413.649
Total exports
- -A canter Is 99 lbs. Egyptian bales weigh about 750 lbs
Note.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. The demand for both
yarn and cloth is improving. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1912-13.
1913-14.
32s Cop
Twist.
83j lbs. Shirt- Cot'n 1
stags, common Mid.
Upl's
to finest.
a. d.
d. s. d.
d.
Nov
21 109-i6@ 1134 84 @II 8
28 105-160 1134 3 011 6
Dec.
5 10% 0 1154 6 3 011 6
12 1034 0115-16 6 2344)11 454
19 1034 @113-16 62 @114
26 9% 0 1078 6 1 011 3
Jan.
0 11 62 011 314
2 10
9 9% (g 10% 6 134(811 3
d. :d.
32s Cop
Twist.
834 lbs. Shirt- Corn
tags, common Mid.
,
'
Up'
to finest.
d. s. d.
a. d. d.
7.36 1034
1134 6 2 011 4
7.22110X @ 1151 6 3 011 6
8.91
7.09
@116
@11 6
011 6
@11 6
8.99
7.08
7.11
7.18
7.33103-16(81134 6
7.281034 0 1134 6
1134 6
7.11,1034
7.02,10X
1134 6
3
3
3
3
7.05110 7-16® 1134 6 4 @ll 734 7.19
7.02
6.91 1034 @ 1134 6 4 011 7
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
- reached 227,967 bales. The shipments in detail, as made
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments up from mail and telegraphic returns, are as follows:
Total bales.
from all India ports for the week and for the season from
700
-Pascal, 700
-Jan. 2
-To Manchester
NEW YORK
Sept. 1 for the three years have been as follows:
2,402
To Havre-Jan. 1-Honduras, 1,999 upland, 403 Sea Island
1913-14.
January 8.
Receipts at
Week.
112,000
Bombay
Since
Sept. 1.
1912-13.
Week.
998,000 99,000
Bombay
1913-14.._
1912-13_ _
1911-12_
Calcutta
-14_
1913
1912-13_ _
1911-12__
Madras
1913-14_
1912-13._
1911-12__
Alio thers-1913-14_
1912-13._
1911-12._
Total all
1913-14._
1912-13_
1911-12__
Week.
658,000 73,000
Since
Sept. 1.
556,000
Since September 1.
For the Week.
Exports
from
Since
Sept. 1.
1911-12.
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
3,000 44,000 51,000 98,000
6,000 75,000 81,000
1,000 19,000 20,000
ContiJapan
nent. &China.
Total.
9,000 310,000 239,000 558,000
11,000 93,000 153,000 257,000
55,000 166,000 221,000
2,000
2,000
1,000
5,000
3,000
3,000 49,000 51,000103,000
9,000 75,000 84,000
1,000 19.000 20,000
1,000
10
14,000
8,010
7,000
4,000
4,00
2,001
5,000
3,000
11,000
6,000
1.000
(
11,000
8,000
5,000
1,000
18,000
12,000
7,000
10,000
6,000
4,000
69,000
44,000
42,0001
8,000
1,400
1,000
85,000
51,400
47,000
25,000 401,000 247,000 (173,000
23,000 151,000 154,410 328,410
7.000 1 08,000 '167,000 282,000
200
-George Washington, 200
To Bremen-Jan. 2
593
-Finland,593
To Antwerp-Jan.6
300
-Calabria,200_ _ _Jan. 7-Prinzess Irene,100
To Genoa-Jan.2
850
-Jan. 7
-Franconia, 650; Prinzess Irene, 200
To Naples
13,305
-Commodore, 13,305
GALVEST N-To Liverpool-Jan. 6
14,836
-Gifford, 14,836
To Bremen-Jan. 5
1,085
To Antwerp-Jan. 7-Sizergh Castle, 1,085
4,614
-Giulia, 4,614
To Trieste-Jan. 3
4,460
-Giulia, 4,460
To Barcelona-Jan. 3
778
-Giulia, 778
To Venice-Jan. 3
190
, 190
To Mexico-Jan. 3693
PORT ARTHUR-To Liverpool-Jan. 7-Almerian, 693
11,306
-Logician, 11,306
Liverpool-Jan. 7
-To
TEXAS CITY
2,632
To Antwerp-Jan. 7-Sizergh Castle, 2,632
420
-Monarch, 13,966--Jan. 3
-To Liverpool
NEW ORLEANS
27,966
Jan. 7
-Statesman, 14,000
To Belfast--Torr Head, 5,000_ __Jan. 9-Rathlin Head,8,000 13,000
14,208
-Mercian, 8,475.._ _Virginie, 5,733
To Havre-Jan. 6
11,300
-Austrian Prince, 11,300
To Bremen-Jan. 9
-Cotswold Range, 248_ _ _Jan. 7To Rotterdam-Jan. 3
1,026
Sommelsd k 778
9,261
-Dora Baltea, 9,261
To Genoa- an. 5
275
-City of Mexico, 275
To Mexico-Jan.9
903
--Jan. 3-Coppename,90
To Port Barrios
8,113
-Mimosa,8,113
MOBILE-To Bremen-Jan.8
3,552
Liverpool-Jan. 6-Meltonian, 3,552
SAVANNAH-To
6,689
To Havre-Jan. 3-Ploughwell, 6,689
To Bremen-Jan. 2-Craigforth, 9,241-- _Jan. 3-Ploughwell,
12,116
2,875
To Hamburg-Jan.6-Alster.5,070_ ....Jan. 7-Frigida,7,500_ 12,570
-To Liverpool-Jan.5-Glenroy, 1,823.... an.8BRUNSWICK
8,468
Nicosian, 6,645
11,408
CHARLESTON-To Liverpool-Jan.3-Meltonlan, 11,408
13,335
-Otto Trenchmann, 13,335
-Jan 5
To Bremen
170
THE CHRONICLE
Total bales.
NORFOLK
-To Liverpool-Jan.5
-Crown Point, 2,000
2,000
To Hamburg-Jan. 3
-Barcelona, 249
249
BOSTON-To Liverpool
-Jan. 3
-Bohemian, 838
838
To Glasgow-Dec. 10-Hesperian,205
205
To Yarmouth-Dec. 29
-Prince Arthur, 294
294
BALTIMORE-To Liverpool
-Jan.6-Dromore,920
920
-Jan. 3-Norderney, 5,600
To Bremen
5,600
To Hamburg-Jan.6
-Bulgaria, 1,020
1,020
PHILADELPHIA
-To Manchester-Jan.6
-Manchester Shipper,
506
506
To Hamburg-Jan. 2
-Armenia, 34
34
SAN FRANCISCO
-To Japan-Jan.3
-Hong Kong Maru, 1,348._ 1,348
PORT TOWNSEND-To Japan-Jan.6-Shintsu Maru,2,212..
2,212
Total
..
227,967
LIVERPOOL.
-By cable from Liverpool we have the
following statement of the week's sales, stocks, 8.7,c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Dec. 19.
54,000
3,000
1,000
45,000
7,000
84,000
889,000
682,000
173,000
130,000
391,000
309.000
Dec. 24.
24,000
1,700
400
19,000
13,000
78,000
911,000
700,000
112,000
89,000
327,000
261,000
Dec. 31.
28,000
1,000
Jan. 9.
76,000
4,000
24,000
1088
6
5,000
12,000
51,000 130,000
952,000 1.005.000
742,000 765,000
98,000 193,000
89.000 118,000
341,000 419,000
275,000 • 339,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.
Monday.
Tuesday. Wednesday. Thursday.
Good
demand,
Saturday,
Good
demand.
Mid.Upl'
Sales
Spec.&exp.
6.96
HOLTDAY.
12,000
1,000
6.92
12,000
1,000
Good
demand.
Good
demand.
Friday.
Good
demand.
6.97
6.92
6.91
10,000
500
12,000
1,000
15,000
1,000
Futures.
Market 1
opened
J
Easy,
Quiet,
Steady,
Steady,
4@7 pts. 154(53 pts. 3©334 pts. 4 points
decline,
advance, advance,
decline.
Market, 1
4
P. M. 1
Easy,
Steady,
7@11 pts. 204 pts.
advance.
decline.
Steady,
Quiet,
134(5454 3©534 pts
Ms. adv.
decline.
Quiet uneh.
to 34 pt.
advance.
Steady
12(4)1635
nts. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Jan. 3
to
Jan. 9.
Saturday.
Monday.
Tuesday.
Thus: 6 63 means 6 63-100d.
TVed'day. Thursday, Friday.
1234 11254 1231
4 1234 4 1251 4 12341 4 1234 4
1 171• p.m. p.m• pin• n.m• p.m. p.m. 1).m. pin.Pim p.m p.nl•
1.
d. d. d.
d. d. d. d. d. I d. d. d.
d.
January..6 6334 59 6054 61 8534 6554 6054 60 59 7554
-Feb_
Jan.
6 6334 59 6034 61 6534 6534 6034 60 59 7534
-Mar
Feb.
6 6434 60 62 6254665467. 62 6154 6034 7734
Mar,
-Apr
6 6554 61 63 64 68 68 633463 6254 7934
Apr.
-May HOLT- 6 65 60 6254 6354 67 67 63 6234 52 79
May-June DAY. 6 6454 60 62 63 66 66 6234 62 6134 7834
June-July
6 6054 5654 5834 60 63 6254 59 5854 58 75
July-Aug_
6 57 53 5534 57 5934 59 5534 55 5454 713'
-Sep_
Aug.
6 4634 4234 45 4634 49 48 45 ,4434 44 6054
6 30 27 29 2934 32 32 29 12854 29 41
-Oct
Sept.
-Nov
Oct.
18 20 2054 23 23 20 ,1934 20 32
6 21
Nov.
-De•
6 17 1454 1634 1634 19 19 16 116 16 28
Dec.
-Jan_
616 13 15% 1554 18 18 15 ,15 15 27
Issi-Pet)_
6 16 13 1534 1514 18 18 15 15 15 27
BREADSTUFF'S.
Friday Night, Jan. 9 1914.
Flour has sontinued quiet and there does not seem to be
any immediate prospect of much improvement. Buyers
still adhere to the policy of providing merely for their
present wants. Holders, on the other hand, show no inclit
nation to modify prices much in order to get business. I
is said that transactions of some size might be made at $4 25
for spring patents in jute, but the mills show little or no
disposition to accept this price. The upshot is that it is still
for the most part a waiting market. The production last
week at Minneapolis, Duluth and Milwaukee was 382,380
lbs., against 258,860 in the previous week and 433,230
last year.
Wheat has shown a certain firmness regardless of a sharp
decline in corn. Last Saturday January corn in Chicago fell
sharply, making a decline in four days of nearly 10 cents.
Foreign wheat markets have advanced, partly owing to
bullish Argentina news. Moreover, the visible supply figures for the.week at least had a bullish aspect. The world's
supply decreased 1,306,000 bushels, against a decrease in the
same week last year of 222,000 bushels. The effect of such
figures, it is true, would have been greater but for the fact
that world's stocks are liberal. Yet there can be no doubt
that the stronger European markets and the firmness of
prices at American Northwestern points have had no little
effect in shaping sentiment even if . they have failed
to bring about any marked or lasting advance in prices.
There has been a noticeable decrease in the receipts at springwheat points. The arrivals of winter-wheat have also been
small. Liverpool has reported a better spot demand; Manitoba and La Plata wheat have been more firmly held. Of
late the export bids in Chicago have been close to a working
basis, and the actual clearances of wheat and flour from the
Atlantic seaboard have been liberal. Some authorities on
xcvm.
the wheat trade lean plainly to the opinion that prices of
wheat throughout the world are down to about the minimum-that is, are down to a point beyond which growers
can hardly afford to go. Final estimates of the Balkan
wheat crops show that Bulgaria and Roumania harvested
last summer 40,000,000 bushels of wheat, against 44,000,000
in 1912 and 68,000,000 in 1911-a striking commentary
on the effects of war. That Bulgaria raised a
larger crop than was expected does not alter the case.
In Servia the yield was 11,000,000 bushels, as against 14,400,000 bushels in 1912. The Paris "Temps" says that the
only labor available to cut and carry th elast crop in Bulgaria
was that of old men and the women. The arrivals at Russian
ports are disappointing. In Roumania the weather has been
wet and unsettled and arrivals for shipment have fallen off.
In Hungary more snow is needed and offerings of wheat are
light. In Southern Italy rain is badly needed, and there is
renewed buying of foreign wheat. In the United and Central Provinces of India dry weather continues. From Australia come reports that there is no great pressure to sell,
although supplies are liberal. On the other hand, the weakness of corn has not been without some effect. The world's
shipments, moreover, increased to 11,632,000 bush., against
10,560,000 bush. in the previous week and 9,680,000 in the
same week last year. The export trade in this country has
been quite moderate.The salient factors, however, have
been the heavy rains in Argentina, firm prices at Buenos
Ayres and decreased offerings from Russia and smaller receipts at American markets. To-day prices advanced somewhat, owing to reports of small farm reserves in the Northwest.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
100
cts 9954 100
100
100
100
May delivery in elevator
9854 9854 9834 9854 9831 985(
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 9154 9154 9154 9154 91% 91 %
July delivery in elevator
8754 8754 8731 8754 8754 8734
Indian corn has at times shown a good deal of weakness,
owing to big receipts. There has been much liquidation in
Western markets. James Patten, who was for some time
regarded as a bull, has of late, according to common report,
hedged against his holdings of January by sales of May.
This is given for what it is worth. Last Saturday January broke 3 cents at Chicago. The talk on this subject has
been one of the features of the week. Prices have reached
the lowest point since last August. Big elevator and commission houses have been selling. A good many stop-orders
have been reached on the way down. Fifteen ships are either
en route or loading with Argentine corn at the present time
for the United States. Over a million bushels were received
in the fore part of the week. More than 8,000,000 bushels have been imported into the United
States since the new tariff put corn on the free
list. It has found New York unable to handle the new
business with ease. It has brought the railroads face to face
with new questions of distribution and the making of rates
for west
-bound traffic from this point, as distinguished from
the old question of east-bound traffic, all of which seems
like a bit of fiction or like carrying coals to Newcastle or
Pennsylvania. Such conditions have never before existed
in American history. That Argentina's crop of corn is
increasing by leaps and bounds is well known. In 1908 it
was only 136,055,000 bushels, from which it advanced in
1912 to 295,849,000 bushels. Last year it was 255,000,000
bushels. For years past it has been a much larger exporter
of corn than the United States, which has used the bulk of
its production within its own borders. Argentina's exports
in 1908-09 were only 68,264,000 bushels but by 1912-13
they had reached 210,885,000 bushels. Thus far in the
season of 1913-14 they approximate 170,000,000 bushels.
To-day there was a rally after a decline of five days and
enormous liquidation of long holdings.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
now. nom. now. nom. nom. now.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 68
6754 616% 6654 6551 6554
July delivery In elevator
6751 6634 6534 6534 6354 6434
Oats, like corn, have been depressed. In fact they have
reached the lowest prices of the season. Many stop orders
have been reached. The pressure of Canadian oats has been
a feature which has had no slight effect, part from the influence of the decline in corn. Cash prices have been steadily
declining. Although contract stocks at Chicago decreased
106,000 bushels, they are still 3,752,000 bushels, against
530,000 bushels a year ago. To-day, prices were higher.
Cash oats were in fair demand and firm. Large interests
were buying. Local traders sold.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Man.
Tues.
Sat.
Wed. Thurs.
Fri.
Standards
cts_45-4534 45-4534 4454-45 4434-45 4454-45 4434-45
No. 2 white
46-4634 46-4634 4554-46 4534-46 4554-46 4554-46
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 4054 4034 3934 3954 3934 3954
July delivery in elevator
3931 3
934 3854 3854 3834 3834
Closing prices were as follows:
FLOUR.
Winter, low grades-__-113 10 $3 40 Spring clears
$4 10 $4 25
Winter patents
4 80 5 00 Kansas straights,sacks_ 4 15
4 30
Winter straights
3 75
4 20
4 35 Kansas clears, sacks
400
Winter clears
3 80 4 15 City patents
5 85 6 15
Spring patents
flour
4 55(3
Rye
3 20
3 80
Spring straights
4 106 4 20 Graham flour
3 80 4 50
JAN. 10 1914.
171
THE CHRONICLE
GRAIN.
Corn, per bushel
-f. o. b.
Wheat, per bushel
7434
No. 2
$1 00
N. Spring, No. 1
elevator Nominal
Steamer
9731
N. Spring, No. 2
old
77
No. 2 yellow
1 0134
Red winter, No. 2
70
new
No. 3 yellow
9831
Hard winter, No.2,arrive
72
Argentina in bags
Rye, per bushel
cts.
per bushel, newOats,
65
New York
4434 045
Standards
65
Western
453t46
No. 2, white
67©80
44(04434 Barley-Malting
No. 3
For other tables usually given here, see page 134.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 3 1914 was as follows:
New York to Jan. 3Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1914
Since
Week. Jan. 1.
13
13
----
-----1913
Week.
4
17
Since
Jan. 1.
4
17
---
92
857
18
392
465
1,952
92
857
18
392
465
1.952
14
1,065
217
207
607
160
14
1,065
217
207
607
160
3,789
3,789
2,291
2.291
The value of these New York exports since Jan. 1 has been
UNITED STATES GRAIN STOCKS.
in 1914, against $231,985 in 1913.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded $397,904
Increased activity was noticeable in domestic cotton marWheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barlett,
In Thousandsbush, bush, bush, bush, bush. bush, bush. bush. kets during the past week, with a greater number of buyers
681
12
41
235
232 1,186
2,491 2,041
New York
13 ---- ---- ---- ---- in evidence. The opening of new lines of cotton blankets
afloat
"
3
31
10 1,953
Boston
has been a feature, and buyers displayed an active interest.
142 ____
82
319 1,283
---Philadelphia
The opening prices show advances of upwards of 5% com2
328 --- -220
276
505 1,709
Baltimore
175 ---97
pared with last year, but nevertheless a large volume of
585 ---New Orleans
473233
completely
Galveston
--25 -796 -.55 orders was booked, one or two lines having been
181 1,871 1,057
2,177 -856
Buffalo
79 1,740
665 sold up. New prices were named on lines of solid colored
5,609 1,681411 3,048
afloat
28
510
____ -526
1,105
Toledo
flannels, bleached domets and Canton flannels, and, while
36
94
216277
afloat
showing advances ranging from 2M to 5% over last season,
-ilio
Detroit
420 -_- afloat
were well within the expectations of buyers. There was a
.
6,664 -___ 6,ii5 11- 555 -iii -347 -322
Chicago
much better inquiry in all quarters for staple goods generally,
299
450 ---afloat
-555
--ii -581
297
Milwaukee
and selling agents expect good buying to develop when out,
636 -iio
,
- -7
95 1,214 2 &33
11,286 -al
Duluth
of-town jobbers have arrived here to attend their annual con275
984
•
afloat
1,215
19,050 ____ -Pio 3-,1577 ---vention. Buyers also displayed considerable interest in
Minneapolis
44
345 1,503 ____
2,018 ____
St. Louis
various lines of cotton novelty dress goods for next fall. The
969 1,178 ____
7,756 ---Kansas City
steadier tone in the cotton market and the tendency of prices
86 1,564 ____
125 ---Peoria
484
197 _244 __
Indianapolis
to rally have checked buyers in underbidding the market
---(3
958 ---- 1,380 1,901 __-_
Omaha
for finished goods. Selling agents have hinted that there
Total Jan. 3 1914_63,742 10,523 12,126 26,910 6,932 2,226 5,712 1,565 will be no change in prices on staple lines except in an upTotal Dec. 27 1913_63,473 11,261 7,923 26,764 8,760 2,329 5,895 1,597 ward direction. Better sales of print cloths were reported,
267
314 1,719 3,610
Total Jan. 4 1913..65,342 8,560 5,874 8,467
1,360 3,744
although the demand for some descriptions is still inactive.
Total Jan. 6 1912_69,708 ____ 5,460 18,422
CANADIAN GRAIN STOCKS.
are in best demand, although the amount of
Canadian Bonded Wide prints
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. goods offered is considered small for this time of the year and
In Thousand,bush, bush. bush, bush. bush. bush, bush. bush. demand is expected to improve from now on. The cotton
24
489
848 ____
Montreal
13
308--yarn market is heavy, and, while there have been better
____ 4,113 ____
Ft.Willlam Pt.Arthur 9,094 -__
"
____ 2,173 ____
3,610 ____
afloat
inquiries, there has been little improvement in the amount
____ 5,874 ___
Other Canadian
9,106
of business booked. There is no great disposition to buy
24
489
13 13,008
Total Jan. 3 1914_22,118 ____
for future delivery, and spinners are gradually coming down
24
490
4 10,381
Total Dec. 27 1913__19,521 -_-,
to the level of dealers in their prices. Gray goods, 3836-inch
50
---8 8,107
Total Jan. 4 1913._21,247 __
112
___
12 5,881
standard, are quoted at 5%c.
Total Jan. 8 1912_19,456 ____
SUMMARY.
-Further openings have taken place
WOOLEN GOODS.
Bonded
Bonded
Bonded
substanWheat, Wheat. Corn. Oats. Oats. Rye, Barley. Barley. on new lines for the fall of 1914, with prices showing
bush, bush, bush. bush. bush. bush, bush. bush. tial reductions from those of last season. One prominent
In Thousan4,---83,742 10,523 12,126 26,910 6,932 2,226 5,712 1,565 line of men's serges was introduced at prices ranging from
American
489 ____
24
13 13,008 ____
22,118 ____
Canadian
223c. to 273/20. per yard lower. Little is being done in
Total Jan. 3 1914__85,860 10,523 12,139 39,918 6,932 2,250 6,201 1,565 dress goods for account of next fall, as buyers have not yet
7,927 37,145 6,760 2,353 6,385 1,597
Total Dec. 27 1913..82,994 11,261
267 completed their spring and summer buying. Aside from
314 1,719 3,660
Total Jan. 4 1913_80,589 6,560 5,882 16,574
1,360 3,856
Total Jan. 6 1912_ _89,162 ____ 5,472 24,303
showing some heavy-weight eloakings, only cheap cottonwarp varieities of manipulated suitings have been shown.
THE DRY GOODS TRADE.
Inquiries are improving, however, in both men's wear and
dress goods and improvement is looked for from now on.
New York, Friday Night, Jan. 9 1914.
-Linens are quiet and firm.
FOREIGN DRY GOODS.
While business in dry goods is still quiet, a much better
.
inquiry is reported in many departments. After the 15th Importers are steadily. charging up orders for January deof the month, when inventories and clearance sales are over, livery and look for better buying as the month progresses.
primary factors look for a good buying movement. Com- Where inventories have been completed stooks are found
mission houses and selling agents are preparing to receive to be light, particularly on staple lines of household goods,
the large number of out-of-town jobbers who will be here which have sold exceptionally well during the holidays and
during the month to attend their annual convention and hope in preparation for the "January white sales." The urgent
to succeed in interesting them in their forward requirements. demand for crashes of all grades continues the feature and
The decline in cotton did not reach the level buyers had all available supplies have been sold up. The scarcity of
anticipated, and they are consequently less insistent in un- these is causing buyers to request earlier shipments of goods
derbidding the finished goods market. They had looked than had been specified in the orders. Large retailers have
for a level much lower than 12e. on spot cotton, and are much already begun displaying Imes of spring and summer dress
discouraged by the steadiness of spot cotton regardless of goods and wash fabrics and a good season is looked forward
any slump in futures. Some selling agents have hinted that to in these lines. Burlaps remain quiet and devoid of feata slight reduction in the price of staples would be beneficial ure. In sympathy with weaker advioes from Calcutta, the
by bringing out a large volume of new, business, but none undertone is slightly easier. Light-weights are quoted
this direction. There 5.40o. and heavy weights at 6.50c.
has as yet taken the initiative in.
have been reports, however, of considerable business being Importations & Warehouse Withdrawals of Dry Goods.
placed at prices a shade under market quotations. Manu- Imports Entered for Consumption for the Week and Since Jan. 1.
.
Week Ending
facturers are not so much concerned in obtaining business as
&ince Jan. 1 1914.
Jan, 3 1914.
they are with the raw material situation and the probable
Value.
Pkgs.
Value.
Pkgs.
effect of the lower tariff. They know that stocks in the hands Manufactures of
290,301
1.012
29g,301
1,012
Wool
of both jobbers and retailers are light, and, as they have kept
1,310,581
4,222
4,222 1,310,581
Cotton
their production well within hand, they are likely to continue
621,762
1,253
621.762
1,253
Silk
487,992
1.975
1,975
487.992
Flax
in control of the situation so far as prices are concerned.
315,245
2.838
315,245
2,838
Miscellaneous
.
been most pronounced in new lines
Buying for the week has
11,300
3,025,881
11,300 3,025,881
Total 1914
of cotton flannels and blankets, which were opened at prices
3,090,134
12,282
12,282 3.090,134
Total 1913
.
which proved quite attractive. A better demand was also
Warehouse Withdrawals Thrown Upon the Market.
shown for staple goods for forward delivery, particularly Manufactures of
1,896,441
6,919
6,919 1,896,441
Wool
print cloths, sales of which were much heavier than for sev186,125
663
186.125
663
Cotton
eral weeks. In cotton yarns a better inquiry is reported,
130,636
305
130.636
305
Silk
101,601
417
101,601
417
but prices offered are too low for spinners. It is known, howFlax
107,525
1,707
107,525
1,707
Miscellaneous
ever that both weavers and knitters placed considerable
2,422.328
10,011
10.011 2,422,328
business for forward account during the recent decline in
Total withdrawals
3,025,881
11,300
11,300 3,025,881
prices. Exporters of cottons are receiving a little better Entered for consumption
5,448,209
21,311
21.311 5,448,209
inquiry, but at prices too low to result in business. A large
Total marketed 1914
3.630,572
16,803
16,803 3,630,572
Total marketed 1913
order for standard prints in special patterns was reported
Period.
Imports
from the Philippines, but business in other quarters was quiet. Manufactures ofEntered for Warehouse During Same
267,477
780
267,477
780
Wool
China is still holding much goods at prices lower than those
358
102,879
102,879
358
Cotton
now named in New York, but a better movement to the in278
114,800
114,800
278
Silk
67,619
272
67,619
272
terior is reported, and a good business would probably come
Flax
79,825
647
79,825
647
Miscellaneous
forward on any slight revision in prices here.
-The exports of cotton
632,600
2,335
632,600
2,335
DOMESTIC COTTON GOODS.
Total
3,025,881
11.300
11,300 3.025,881
goods from this port for the week ending Jan. 3 were 3,789 Entered for consumption
3,658,481
13,635
packages, valued at $397,904, their destination being to the
13,635 3,658,481
Total imports 1914
3,827,614
18,627
18,627 3,827,614
Total imports 1913
points specified in the table below:
172
THE CHRONICLE
[VoL. xcvm
stock notes. The City of New York
STATE AND CITY DEPAIrtiviEVT. $60,923,279 long-term bonds or corporate in 1913 also sold
stock and $2,555,-
The Thranicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscription in London (including postage)
22 14s.
Six Months Subscription in London (including postage)
21 11s.
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements
B %ME AND QuoTATIon(monthly) RAILWAY AND Mumma, times yearly)
(3
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY (senii.annually) BsisicEss' CONVENTION (yearly)
I
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
$4 20
Two Months
(8 times)
22 00
'Three Months (13ti)
mes
29 00
Six Months
(26 times)
50 00
Twelve Months(52 times)
87 00
CUICAao OirricE-Geo. M.Shepherd,513 Monadnock Block;Tel.Harrison
4011
Standing Business Cards
LONDON OFIricE-Edwards cil; Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
P.0. Box 958.
Front. Pine and Depeyster Sts.,
New York,
MUNICIPAL BOND SALES IN DECEMBER AND THE
YEAR 1913.
A new high record of December bond sales was established
last month. The total of new bond issues placed during the
month ($43,307,917) is not only the largest December output
reported, but is more than 63 millions in excess of the next
highest aggregate for that month. Several large blocks of
bonds make up about one-half of the December total, namely:
$10,991,522 4s of the State of Louisiana, $1,800,000 4s of
the State of California (taken by State Board of Control),
$682,000 4s of the State of Maryland, $2,325,000 4s of Baltimore, Md., $900,000 43/2s, $320,000 4s and $438,085 6s of
Portland, Ore., $1,000,000 4Yis of Harris County, Tex.,
$661,500 4
of Cincinnati, Ohio, $500,000 5s and $315,000
6s of Memphis, Tenn., $700,000 4s of Newark, N. J., and
$750,000 5s of Oakland, Cal.
In addition to the $43,307,917 permanent loans referred
to above, there were also negotiated last month $92,326,116
temporary loans (including $90,932,919 revenue bonds and
corporate stock notes, &c., of New York City), $28,524,784
Canadian loans (including a £4,000,000 Dominion loan.and
E1,200,000 City of Toronto) and $7,000,000 "general fund"
bonds of New York City. Below we furnish a comparison
of all the various forms of obligations sold in December
during the last five years:
1913.
1912.
Permanent loans(U.S.). 43,307,917 27,657,909
Temporary loans (U.S.)..*92,326,116•17,960,379
Canadian loans (perm't). 28,524,784 4,099,065
Gen.fund.bds.(N.Y.C.). 7,000,000 7,500,000
1911.
1910.
1909.
36,028,842 36,621,581 31,750,718
47,116,748 26,974,866 21,820,476
2,596,883
456,093 1,878,291
3,500,000 8,000,000 1,750,000
Total
171,158,817 57,217,353 89,242,473 72,052,540 57,199,485
* Includes $90,932,919 temporary securities issued by New York
City in Dec.
1913 and $16,049,830 in Dec. 1912.
The increased demand for municipal bonds during the last
four months of the year has brought the aggregate for 1913
up to $396,367,756, which is over 93 millions more than the
total for 1912 and only about $500,000 less than that for
1911, which was the largest ever recorded. The total of all
loans put out during the calendar year 1913, we find, is
$1,122,431,654, including $396,367,756 new issues of longterm bonds by the States, counties and minor civil divisions
of the United States, $547,605,225 temporary loans negotiated, $160,458,673 obligations of Canada, its provinces and
municipalities, $17,000,000 "general fund" bonds of New
York City and $1,000,000 bonds of United States possessions. In the following table we furnish a comparison of all
these forms of securities put out in each of the last five years:
1913.
$
Perm.loans(U.S.)..396,367,756
zTem.loans (U.S.)_547,605,225
*Canada loans(per.)160,458,673
Bds. U.S. pos3ess'ns 1,000,000
Panama Canal bds_
None
General fund bonds
(New York City) 17,000,000
General fund bonds
(Baltimore. Md.)
1912.
386,551,828
290,850,209
84,096,241
1,600,000
None
1911.
1910.
1909.
$
396,859,646 320,036,181 339,424,560
254,901,797 259,105,968 163,686,092
45,657,122 86,628,550 106,497,519
1,625,000
425,000 5,700,000
50,000,000
None
None
17,500,000 17,500,000 17,000,000 16,750,000
300,000
None
None
None
1,122,431,654 780,898,278 766,543,565 683,195,699 632,058,171
z Includes $469,929,431 temporary securities issued by New York City In
1913,
$248,062,183 In 1912, $200,690,272 in 1911, $213,947,278 In 1910 and $127,560,940
in 1909.
*Including loans made by Dominion Government
-£7,000,000 In 1913, £5,000,000
In 1912, £9,000,000 In 1910 and £12,500,000 In 1909. There were no loans
by the
Dominion In 1911.
Total
Last year's total of temporary loans includes $278,616,022
revenue bonds and bills and $191,313,410 corporate stock
notes of New York City. In 1912 this city issued $162,884,716 revenue bonds and bills and $85,177,467 corporate
000 assessment bonds, these amounts being included in our
totals of municipal bond sales above. The sinking fund
purchased $15,423,279 of the corporate stock and the $2,555,000 assessment bonds, while the remaining 5,000,000
was sold at public sale in May. In the year preceding, the
city's output of permanent securities consisted of $1,000
assessment bonds and $68,400,000 corporate stock, $65,000,000 of the latter having been awarded at public sale.
The following table shows the aggregate of permanent
issues for December, as well as the twelve months, for a
series of years:
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
Month o
December.
For the
Twelve Mos.
Month of
December
$43,307,917 $396,367,756 1902
27,657,909 386,551,828 1901
36,028,842 396,859,646 1900
36,621,581 320,036,181 1899
31,750,718 339,424,560 1898
28,050,299 313,797,549 1897
13,718,505 227,643,208 1896
21,260,174 201,743,346 1895
8,254,593 183,080,023 1894
9,935,785 250,754,946 1893
13,491,797 152,281,050 1892
For the
Twelve Mos.
$11,567,812 $152,846,335
15,456,958 149,498,689
22,160,751 145,733,062
4,981,225 118,113,006
7,306,343 103,084,793
17.855,473 137,984,004
10,664,287 106,496,060
8,545,804 114,021,633
13,486,374 117,176,225
77,421,273
17,306,564
83,823,515
3,297,249
The monthly output in each of the years 1913 and 1912 is
shown in the following table:
January
February
March
AprIl
May
June
1913.
$30,246,171
27,647,587
14,494,220
23,593,215
82,813,909
39,017,675
Total
Average per month
1912.
$25,265,749
29,230,161
21,138,269
22,317,243
98,852,064
49,485,807
1913.
July
$23,262,124
August
19,618,491
September --_ 25,943,179
October
36,047,445
November_ _ _ _ 30,375,823
December_ ___ 43,307,917
1912.
$30,479,130
15,674,855
25,469,643
27.958,999
13,021,999
27,657,909
$396,367,756 $386,551,828
$33,030,646 $32,212,652
In the following table we give a list of December loans to
the amount of $43,307,917, issued by 345 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
DECEMBER BOND SALES.
Page.
Name.
Rate. Maturity. Amount. Price.
1919_ _Alexandria, La. 3 issues)
$40,000 100
1953
5
1838_ _Allen County, Ohio
20,700 100.66
al916
6
84.._Amarillo,Tex
d1933-1943
54,000 100
1761_ _Anita, Iowa
15,000
1933
5
175.. _Asbury Park, N J
122,000
1918
5
84_ _Ashtabula County, Ohio
20,000 101.045
5
1761_Auburn, N. Y
27,652 100.43
al924
43
1677_ _Baltimore, Md
1,800,000
94.83
1961
4
1919_ _Baltimore, Md.(2 issues)
525,000 z94.83
4
84_ _Baton Rouge,1.a.(7 issues).
4)4 1915-1964 225,000 100
1919_ _Beardsley S. D.,Cal
1915-1924
20,000
6
1919_ _Bear Mountain S. D., Cal.._ _ 7
3,000
1677....Beaufort County, N.
50,000 100.772
1943
5
1762__Belfast (T.) U. F. S. D. No. 1,
- N.Y
33,500 102.859
5
84.._Bellaire, Ohio
a1919
14,129 100.141
5
1919.._Bell County.Tex
50,000 100
84- _Belleville S. D., Kan
4,000 100
5
175.._Belzoni, Miss
20,000
1915-1934
6
1838_ _Bergen County, N. J
300,000 106.61
1933
5
1762__Blackford County,Ind
10,400 100.682
1838_ _Biakemore S. D., Cal
6
3,800 100
1919_ _Biuefield, W Va
5
1943
125,000 100.634
1919_ _Boise City, Idaho
d1923-1933
5
36,476 9100.622
1919_ _Boone County,Ind
5,600 100.883
43.5
1919_ _Boone County, Ind
6,000 101.025
1919„Bowle Co. Corn. S. D. No. 18.
Tex
d1923-1943
4,000 100
5
1838_ _Brazoria County,Tex.(2 iss.)450,000
84_ _Bristol, Conn
500,000 101.629
1939
85_ _Bryan, Ohio (6 issues)
5
35,100 101.201
85__Burlingame S. D., Cal
5
1915-1934
20,000 100.055
1677_ _Butler Co., Ohio(2 Issues) _ _ 5
4,50,000 102.084
25,000 103.288
85_ _Calcasieu Parish, La
5
1914-1938
00,000 100
85_ _California
4
a1934
1,800,000 100
1920__Canisteo U. F. S. D. No. 1,
N Y
4.60 a1927
29,000 100.103
1920_ _Cape May,N.J
20,000
192O ..Carey Ohio
5
19.000 101.577
85_ _CatTick,Pa
40,000 102.617
4
1920_ _Castleton N.Y
50,000 100.38
4.90 1918-1942
1920_ _Cato, N. Y
11,500
a1919
1920__Center Ind. S. D.,Tex
8,500
d1933-1953
5
1838_ -Ceres High S. D.,Cal
2,000
5
1838- _Chambersburg S. D., Pa
20,000 1100 to
4A
1102.15
1838__Chesaning (V.) U.S.D., Mich_ 43
40,000 100
1677- _Chicago, Ill
203,000 100
4
1762_ _Chicago, Ill
42,000 100
4
1920_ _Chicago, Ill
330,000 100
4
175. Chicago,_
Ill
85,000 100
4
85_ _Chico Gram. S. D., Cal
50,000
5
1839 __Chula Vista, Cal
6
40,000 100
600,000 103.43
1839_ _Cincinnati, Ohio
41,500 102.58
43i
,
20,000 102.78
1677_ _Clark County, Ind
15,000 100.42
1923
43
1762.._Clay School Twp.,Ind
10,000 104.26
1915-1924
5
1762_ _Clayton,Ala
5,000
1923
6
175_..Cleveland, Ohio
300,000 x100.
1948
434
1677_ _Coal Grove.Ohio
4,500 102.133
1923
5%
1920_ _Concord,Mass
12,500 102.87
al930
4
1839_ _Coshocton County, Ohio
100,000 101.212
a1919
5
1920....Crenshaw County. Ala
1953
75,000 100
5
1762....Crookston, Minn
1914-1916
1,830 z100
6
85.. Cushing Okla
49,000
6
85_ _Cuyahoga County,Ohio
(11929
200,000 104.076
5
85-Dade City,Fla.(2issues)
15,000 95
1942
5
1762_ Darke County, Ohio
62,000 100.443
al916
5
85_ _Daviess County, Ind
11,080 100.609
43i
85_ Decatur Ind. S. D. Tex
27,000
1762_ _Delaware County, Ohio
12,920 100
a1917
5
1920_ _Des Moines, Iowa
1914-1919 103,000 100
5
85__Dormont, Pa
1919-1943
20,000
43
1920_ _Duluth, Minn
50,000
1943
4M
85_ _Dunkirk, N.Y
15,000
1763_..Dunn, No. Caro
25,000
6
1839.._ Early, Iowa
10,000 100
5)4
1763_ _East Cleveland, O.(2 issues)_ _ 5
23,500
1923
85__East Liverpool, Ohio
48,819 100
5
85__East Palestine, Ohio
55,000 100
5
a1933
85__Eaton,Ohio(2issues)
3,850 100.623
5%
1830_ _ El Centro S. D ,Cal
1918-1947
30,000
6
1839_ _Elkin,No.Caro
1953
8
30,000
1921-.Elliott S. D.No.32,So. Caro.. 6
1933
7,000
{
THE CHRONICLE
JAN. 10 1914.]
173
Rate. Maturity. Amount. Price.
Name.
Rate. Maturity. Amount. Price. Page.
Name.
Page.
3,000 100
87--Pattonville Sch. Dist., Tex_ _ _ 5 d1923-1933
3,000 100.4
1916-1921
1763_ _Elsinore Grammar S. D., Cal.. 6
30.000 101.75
6
01927
1841- _Perry County, Ky
43 d1923-1933 311,000 102.074
1921_ _Erie, Pa
25,000 100 111
4
1943
178__Phlladelphia, Pa
125,000
,
(
4J
1921__Erie School District, Pa
8.000
4.65 01922
1841_ Philmont, N. Y
38,000
01923
175_ _Evanston S. D. No.75,Ill_ _ _ _ 4A
15,000 101.634
4
01921
1679_ Plymouth County, Mass
80,000 100.02
1933&1943
5
1921__Fairview S. D.,N.J
90,000 100
5
178_ Pomona, Cal.(2 issues)
1914-1923 100,000 100.802
4
_Fall River, Mass
1763..
6,000
6
01918
20,000 100.085 1923.._Pooler, Ga
1922-1926
1921_ _Fellows School District, Cal 6
13,000 101.653
454 1914-1926
1765_ Portage Sch. Dist., Ind
11,000
1763_ _Flint, Mich
900,000 100.66
1943
434
16,000 101.933 1765..-Portland, Ore
1933
Lauderdale, Fla. (2 iss.)_ __
85_ _Fort
250,000 92.97
4
1938
92,000 100.049 1765_ Portland, Ore
5
1839_ _Fort Lee, N. J
35,000 92.37
4
1765.._Portland, Ore
• 1943
40,000 100
1921_ _Fort Morgan S. D. No.3,Colo. 5 d1923-1933
35,000 93.78
4
1938
1,500 102.166 1765_ Portland, Ore
01918
5
_Franklin County, Ohio
18396
1923
438,085
1923_ Portland, Ore
5,000
85_ _FreestoneCo.Com.S.D.15,Tex 5 d1933-1953
5,000 100.34
1920
5
1841_ Portsmouth, Ohio
1,600
85- _FreestoneCo.Com.S.D.3,Tex_ 5 d1923-1933
20,400 101.20
454 1914-1923
1841_ Posey County, Ind
1923-1932 139,500
85_ _Frenchman Val. Ire. D., Neb_ 6
50,000 102.03
1923
434
28,000 101.428 1841- _Poughkeepsie, N. Y
1914-1953
6
1839__Fullerton, Cal
1,500
1765-Powell Sep. Sch. Dist., Miss..
5 d1933-1953 250,000 100.084 1680-_Putnam Co., Ind. (3 issues)_ 434
1839 ..Galveston County, Tex
1 7,440 100.47
20,000 102.225
1933
43
1678_ _Gary, Ind
1 16,580 100.392
5,000 100
1918
5
1839_ _Gates County, No. Caro
1923--Puyallup, Wash. (2 issues)._ 7 f
1923
1,363
175- German Flatts Un. Free S. D.
1 1918
,
1052
84,000 100
01934
4A
No. 1, N. Y
1923_ _Rankin County, Miss
000 y101.067
40,
6
1938
13,500
01922
5
175- _Gilroy, Cal
87_ -Raymond, Wash
69.000 y101.03
15,0001 102.30
534
01924
5
County, N. J
85_ _Gloucester
87_-Refugio County, Tex
19,500 100
5 d1923-1953
10,000f
01924
5
85-Gloucester County, N. J
1923_ _Rice Lake, Wis
10,000 101.31
5
1929
50,000 100
01925
4%
1678_ _Gloversville, N.
1766_ _Rock Island, Ill.(5 issues)_..__ 570,000 101.45
40,000 100.37
1933
1921_ _Goldsboro Twp., No. Caro... 5
1923__Rock Island, Ill
21,000 100
6
--liff
30,000 y101.42
01919
1839__Grand Rapids, Wis.(2 issues)_ 5
5.000
14,000 100.357 1924.. _Roseville,Cal
5
86.. Grandview Heights, Ohio
178_ _Sacramento County, Cal
167,000
7,500 100
01921
5
86__Greenwood Twp., Mich
25,000 100
1924.._Saginaw Twp., Mich
5
5,000
6
86.. Grove City, Minn
01940
60.000 100
2,472 100.323 1841.._St. Clairsville V. S. D.,Ohio.- 5
01916
1921__Haddon School Two.. Ind_ - -_ 4A
1964
554
300,000 100
1924_ _St. Francis Levee Dist., Ark
1,000
1921....Hall County S. D. No. 5, Tex_ 4
5,920 100
30,000 100.004 1841_ _St. Johns. Mich.(2 issues). _ _ _ 554 1914-1917
1928
1839_ _Hamilton County, Ind
01920
35,000 100.01
434
1841_ St. Louis County Minn
1,000,000 100
4%
1839_ _Harris County,Tex
14,535
5
1841_ St. Marys, Ohio 4 issues)_.
12,000
6
176__Harrodsburg, Ky
227,050 100.40
1943
1766_ _St. Petersburg, Fla.(9 issues).- 6
1,5001 90
6 d1923-1943
1763__Hartville, Wyo
21,500 100
1841_ St. Paul, Minn
8,500J
6 d1928-1943
1763.._Hartville, Wyo
15,000
1943
1841- _St. Paul's Gram. S. D., N. C_ 6
1763__Hempstead (T.) U. F. S. D.
60,000 102.08
5
1934
1841_ Salem, Ore
82,000 100.15
4%
No. 9, N. Y.(2 issues)
2,950,000
5
1924- San Antonio, Tex
70,000
1921_ _Henderson County, No. Caro_
64,000 100
434
1841- Saa Diego, Cal
20,000 100
176_ _Henderson Twp., No. Caro_ -- 5
350,000 101.27
5
178_ _San Diego S. D., Cal
i
1921_ _Herkimer (T )U. F. S. D.
5
308,000 100.328
87._ San Francisco, Cal
12,000 100.121
4% 1914-1925
No. 1, N.
5
222,000 Various
87_ San Francisco, Cal
33,000
5
1840_ _Holtville, Cal
178_ ...San Francisco, Cal
245.800
01935
5
25,000 100.829
1914-1923
4
1763_ _Holyoke, Mass
398,000
5
1841_ _San Mateo County, Cal
21,000 100.08
6 d1914-1923
River, Ore
1763--Hood
87....San Mateo County, Cal
1917-1942 500,000 100.60
5
6.000 101.783
5% 1914-1925
86_ _Hudson, Ohio
100,000 103.16
1766...Schenectady County, N. Y
01939
454
21,000
534 1921-1934
176- _Humeston, Iowa
1,600 100.312
1842_ _Scott County,Ind
454 1914-1923
45,000 100
5
Cal
1840_ _Huntington Park,
25,000
1842_ _Sedgwick, Kan
5,000 101.48
534
1921.. _Huron, Ohio
87....Seminole County, Fla
45,000 100
6
1914-1919
51,500
1763__Ibervillo Parish, La
4,000 100.325
5
75,000 101.092 1842.._Shelby, Ohio
-"iifai
4
1763--Indianapolis S. D., Ind
1,540 100.778
434 1915-1924
1680_ Shelby County.Ind
150,000 103.84
534
1840.._Inglewood U. II. S. D.,Cal
135,000 101.437
88_ _Stamford (T.),Conn
454
9,200 102.684
1933
5
1763_.Ironton, Ohio
30,000 100
1933
1924_ _Starke School District, Fla__ 6
23,000
1916-1944
5
86...Jackson, Ga
18,000 100.766
1924 Statesville, No. Caro
7,000 100.24
434 1914-1917
86--Jackson Twp., Ind
1944
55,000
434
88_ Steelton, Pa
9,000
5 d19234953
1921--Jacksonville, Tex
1.104 100.498
6
178_ _Struthers, Ohio
434 1915-1924 110,160 100.265
1678-Jay County, Ind.(2 issues)_-_
640 100.5
6
178...Struthers, Ohio
111,750 100.34
610 100.491
6
178_ Struthers, Ohio
01919
3,000 102.233
6
1922_ _Jerome Twp. S. D., Ohio
23,000 101.534
01920
5
2,608 100.958 1842_ Summit County, Ohio
6
01917
86_ _Jerry City, Ohio
4,222 100
01915
5
1842_ Summit County, Ohio
10,000
1840_ _Jersey Shore, Pa
7.300 100.095
01919
534
1924 Sunbury, Ohio (3 issues)
2,500 103
5
1922_ _Johnson Two., Ind
50,000 101.074
6
1680_ Sunflower County, Miss
5
20,000 104.57
1840_ _Johnstown, N.Y
1,700 100
1766_ Superior, Wis
434
30,000 100
5 d1923-1943
1922_ _Kanopolis, Kan
14,000 100.471
5%
25,000 100.236 1766_ Swanton, Ohio (2 issues)
4.65 1916-1940
1764__Kenmore, N. Y
40,000
178_ _Texarkana Spec. S. D., Ark.._ 534 1915-1933
15,000 100
5
1922--Kenmore S. D., Ohio
20,000
5
1924_ Thomaston, Ga.(2 issues)..
100,000
5
86.._ Keokuk, Iowa
88_ _Thorncreek Twp., Ind_,..___ 62,000 101.70
17,000 100
1933
5
1764_ _Keya aha County, Neb
-"Wisifi
12,000 100
5
1680_ Tiffin City S. D., Ohio
50,000
1943
5
86-Key West, Fla
1843_ _Tippecanoe County, Ind
454 1918-1927 260,000 103.38
9,000 100
1922--King Co. S. D. No. 7, Wash.._ 534 d1914-1933
65,000 100.666
1680_ Tonawanda, N Y
01928
434
24,000
6
Cal
1840....Kingsburg,
24,100 101.10
1923
1843_ Trenton, N. J
434
225,000 100.37
01921
4A
86--Kingston, N. Y
35,000 100.025 1924....Turlock Irrig. District, Cal...... 5 01939-1942 350,000 100
1943
5
1922__Kirkwood, Ga.(3 issues)
17,000 100
6 d1923-1933
5,860 100.349 1766_ Twin Bridges, Mont
1923
434
Ind
1840...Knox County,
5,000 100
5
88_ _Union County, Ohio
1919-1934 160,000 100.471
4
176_ _Kokomo School District,Ind
8,000 101.68
5
1923
88_ Urbana, Ohio.,
5
5,000 100
1922_ _Laclede. Mo
434 1914 1933 120,000 100.832
1766_ Utica, N. Y.(5 issues)
50,000
S. D., Fla
1922.. _Lakeland
122,447
62,790 101.221
1840_ _Lakewood, Ohio (4 issues)--- 5
8.000 101.05
554
1924_ Valley Twp. S. D., Ohio
25,000 100
176.._Las Cruces S. D., N. Mex_
14,800 100.668
01919
434
101.533 1843_ Vanderburg County, Ind
1914-1933 125,000
4
1922_ _Leominster, Mass
16,500 100.006
5
1767_ Van Wert County, Ohio
01915
15,000 100.10
4.55
1764_ _Lestershire, N. Y
27,500
1914-1953
5
1924_ Vernon City, Cal
25,000 x100
4
1784....Lexington, Ky
30,000 105
01934
6
u178_ _Vienna, Ga
1914-1923
21,720 100
1922__Lexington, Ky. (5 issues)._ 6
20,000 103.59
01920
454
1843_ Wabash, Ind
01919
5
4,000 y100.60
86.. _Linden, Ind
4,000 100.637
434
01919
9,000 100.222 1924_ Wabash County, Ind
5
1922_ _London Vii. S. D., Ohio
13,100 100.161
01919
14,000 103.438 1767_ Warren County,Ind.(3 Issues) 434
534
1840_ _Lorain, Ohio
01920
9.660 100.445
534
103.443
1840_ _Lorain, Ohio
4
a1922
0,000 98.67
5
01920
60,000 101.161 1680. Warsaw, Ind
86_ _Lorain City S. D., Ohio
01933
59,000 101.3
434 1915-1964 10991,522 96.142 1680_ _Warsaw (T.) S. D.No.10,N.Y 414
1764.._Louisiana
5
12,000 100
1915-1926
4
1914-1923
179_ _Washington,Iowa
83,500 100.619
1678_ _Lowell, Mass
01920
20,000 101.18
70,800 101.29
4
1914-1933
89_ _Washington County, Ohio.... 5
1922_ _Lynn, Mass
01924
100,000 102
434
11,000 100
1767_..Waterbury, Conn
434 1914-1919
1678....McComb, Ohio
a1919
100,000 101.20
434
4
01924
40,000 101.93
1767_ Waterbury, Conn
86_Marblehead, Mass
18.000
5 d1923-1928
2,000 100.395 1", .7.. _Waverly S. D., Kan
1915-1918
1840_ _Marietta Twp. S. D., Ohio.... 5
11,000
179_ Waycro.ss, Ga
6
1943
20,000 103.212
1840_ _Marshailville, Ga
8,400 100.559
01919
434
43411000 100.886 1681_ Wayne Township, Ind
1678_ _Martin County, Ind
95,000 101.184
1843_ _ Wayne County,Ind.(2 issues) 434
643,000 97.89
4,300 101.558
01919
1
5
1925_ West Alexander, Ohio
4 d1923-1928 0 3,00
98
1922_ _Maryland
4,700 100.607
01920
89_ White County, Ind
434
36.000
75.000 101.70
a1936
434
1843....Wilmington, Del
68,600 101.44
87_ _Medford, Mass.(2 issues)____ 4
160,000
01916
6
1764- _Memphis, Tenn
315,0001 102.559 1681_ _ Wilson, No. Caro.(2 issues)._ 5
10,000 100.20
5
1681_ Winber, Pa.
1953
5 d1918-1933
1764_ _Memphis, Tenn
500,000f
5
10,500
01922
1922__Mercer County, Ohio
30,000 101.683 1925_ Winlock, Wash.(2 issues)- -- - 25,500 100.83
41914-1923
89_ _ Woburn , Mass
100,000 100.875
1784....Miami County, Ohio (2 issues) 5
1943
9,500
434
5 d1928-1958
89_ _Wolfe City S. D., Tex
40.000 103.408
1923-_Minneapolis, Minn
4
Various
12,500 100
89_ _Wyandotte S. D., Mich
312,116 100
177....Minnesota (47 issues)
60,000 100
1953
5
1 x0_ Yankton, So. Dak
1923_ _Mississippi Levee Dist., Miss_ 5
650,000
300,000 103.537
5
1768. _Yonkers, N.Y.(2 issues)
2,000
87_ _MitchellCo.Com.S.D.10,Tex. 5 d1923-1953
534 1917-1933
1765_ _Mitchellville, Iowa
15,500 102.019
5
1934
Total bond sales for December 1913 (345 munici177__Mobile County, Ala
200.000 101.57
4%
Panties, covering 441 separate issues)
k$43,307,917
177_ _Mohnton, Pa
12,000 100
6
1938
1923...Monroe County, Miss
125,000 100.8
a Average date of maturity. d Subject to call in and after the earlier
01918
177_ _Montgomery County, Ohio_ _ _ 5
10,000 100.67
1943
year and mature in the later year. k Not including 392.326,116 of tem.Montgomery County, Tenn._ 5
1923..
100,000 100.61
1940
,
porary loans reported and $7,000,000 "general funds" bonds issued by
434
1679_Mt. Vernon, N. Y
1916
New York City which do not belong in list. x Taken by sinking fund as
1841__Mt. Vernon, N. Y.(2 issues) _ _ 5
1ig,888
5
L
aIiil
an investment. I/ And other considerations.
87_ _Mt. Vernon, Ohio
16,000 100.66
1679_ _Muskingum County, Ohio_ _ _ _ 5
200,000 101.064
REVISED TOTALS FOR PREVIOUS MONTHS.
5
86...Nassau County, Fla
180,000
4A
1943
1841.. _Newark, N .1
700,000 103.75
The following items, included in our totals for previous
4
1914-1923
1841_ _New Bedford, Mass
80,000 100.86
months, should be eliminated from the same. We give the
87__Newburgh N. Y.(4 issues).__ 434
98,500 100.93
1765_ _New Kensington S. D., Pa..-- 434
20,000
page number of the issue of our paper in which the reasons
1785....New London, Iowa
15,000
for these eliminations may be found.
01926
1765_ _Newport Beach, Calif
6
25,000 102.11
1916-1925
87_ _New Richmond, Ind
5
Name of Municipality.
Amount.
Page.
43
(
177_ _Newton, Mass
3P);
1914-1943
4
$50,000
85_ _Chico Grammar S. D., Cal.(November list)
1765_ _Newton Twp., No. Caro
50,000
25.000 v96
1924....Three Rivers, Mich. (2 issues) (September list)
177_ _New York City
3
-1923
500,0001x100
177_ _New York City
3 On or bef.'23
10,0001
We have also learned of the following additional sales for
a1935
5
1841_ ..Niagara Falls, N. Y
59,000 109.50
previous months:
7,650
1914-1922
5
1765...Nobles County, Minn
1923_ _Norfolk, Neb
6 d1918-1933
Rate.
Name.
Maturity. Amount. Price.
24,0001 100
Page.
1923_ _Norfolk, Neb
$2,400 100
10,000f
01919
1919_ _Adams County, Ind
454
1765_ _Normal, Ill
17,000
6 d1928-1943
1919_ ..Afton, Wyo
,
1765_ _North Tonawanda,N.Y.(2Iss.) .g.
72
33,500 100
15,000
81_ _ 13ea ver, Pa. (May)
434
1923_ _Noxubee County, Miss
30,000
.534
1928
90,000 100
175_ _Berrien County, Mich.(Sept.). 4
1841_ _Oakland, Calif
5
1914-1943 750,000 101.683
175_ _Blue Bench Irr. D.,Utah(Mar) 6 d1923-1933 125,000 100
4
87.._Oklahoma
10.000 100
250,000
84__Brazos County, Tex. (Aug.)__ 5 d1923-1953
87.._Orange, N J
1943
55.000 101
150,000 101.272
175_ _Center Twp., Ind. (Aug.)____ 434
1923_ _Orrville, Ohio
49,000
41,000 101.939
-West Park Dist_ 4
175_ _Chicago,Ill.
177_0sborne, Pa
1919
_____
5,0001 101.768
1,243,879
175_Cincinnati, O.(1913 var.dates) _
5
{4 '24,'29 & '34
15,000 100.77
11,0001
1933
1920__Columbla S. D.. Miss. (July). 6
1923_ _Parke County, Ind
434
01918
4,765 100.624
43.000 102
175-Conshohocken S.D.,Pa.(April) 434
181:34
18A:it19
allill
10,500
174
THE CHRONICLE
Page.
Name.
Rate. Maturity.
85_ _CrookCo. S. D. No. 14, Ore.
(June)
6 d1923-1933
85.._Cullman Co., Ala. (July)
5
1943
175 _ _Daly City, Cal. (Sept.)
5%
175_ _Danville, Ind. (May)
4%
85_ _Derry, Pa. (July)
4%
a1934
175 _ _Deshler, 0.(4 issues) (July).. _ 5
•
85_ _Dona Ana Co. S. D. No. 7,
N. Mex. (Jan.)
6
d1923-1933
1920.._Driggs, Idaho (July)
d1923-1930
175Dublin S. D., Tex. (Oct.)___- 6
5 d1922-1952
85_ _Empire S. D., Cal. (Sept.)___ 5
1920-1924
85_ _Floyd Co.Com.S.D.No.9,Tex_ 5
1953
• 85_ _Floyd Co.Com.S.D.No.15,Tex
1933
175_ _Follansbee, W. Va. (Oct.)____ 5
5 d1923-1947
1921__Fremont Co. Highway District
No. 1. Idaho (Sept.)
6
175_-Gibson County, Ind.(4 issues) 45
1924
175.._Glennville, Ga
1933&1943
176_ _Goidendale, Wash.(April)____ 6
__
176_ _Greenville S. D., Iowa (Oct.).. 5
------86_ _Hartley Co. Corn. S. D. No. 1,
Tex. (Oct.)
5
d1918-1953
176_ _Holton, Kan.(May)
1943
176_ _Honeoye Falls, N. Y.(March) __
a1928
1922__Kite, Ga.(Sept.)
6
1933
86_ _La Grange, Ore. (April)
6
d1914-1923
Amount.
5,700
160,000
10,000
5,000
23,000
54,000
7,000
30,000
44,000
5,000
5,000
2,500
18,000
Price. Page,
Name.
Rate.
90__Fort Qu'Appelle, Sask. (Jan.).. 6
90_ Hanover, Ont.(March)
100
100
100
100.71
100
100
100
100
120.000
23,600 100
13,000
26,000
15,000 100
15,000 100
23,110
42,000
3,000
I 4,500
112,542 100.199
176__La Porte County, Ind. (7 iss.)
(June)
43
208,200
1922__Leavenworth, Kan
5
5,919
176_ _Leon Co.Com.S.D.,Tex.(Apr.) 5 d1918-1933
1,200
86_ _Lodi, Wis. (May)
5
a1919
12,000
176_ _Lost Hills 13. D.,Cal.(April)._ 8
1914-1918
10,000
176_ _Ludington, Mich. (June)
5
1914-1918
67.900
176_ _Madison County Ind
43
5,280
176_ _Maquoketa S. D.,Iowa
6
20,000
177.__Middiefield, Ohio (May)
5
a1925
16,800
1923__Minturn S. D., Cal. (June)___ 6
10.000
177__Mosca lrr. D., Colo.(March)- 6
10,000
177_..Nekoosa, Wis.(2 issues, Sept.) 5%
65,000
177__Neligh, Neb
7
10.000
87_ _Nelsonville, Ohio (April)
5
a1916
2,800
87__New Haven Twp., 0. (April)- 519,00
0
177_ _Nez Perce, Idaho (August)___ 6
d1923-1933
8,000
87_ _Norway S. D. Mich.(Feb.)..
65,000
87__Norwood Graded S. D.,No. C.
(May)
1943
15.000
177__Ocean City, N. J.(Oct.)
5
1933
10,000
178....Petroleum S. D., Cal. (Ap”11)_ 6
1917-1920
7.000
178....Pittsburgh, Pa. (Sept.)
90.000
1923__Polk, Neb. (Sept.)
5% d1918-1933
16.000
178_ _Prairie du Lac, Wis. (July)_.... 4
1914-1931
20,000
178 __Preble Sch.Twp,lnd.(May)- 4%
7.680
87.. _Roselle, N. J. (June)
5
1933
10,000
87.. _Rushton First Sewerage Dist.,
La. (Oct.)
1948
40,000
178....South Mills Twp. Sch. Dist., 5
No. Caro.(May)
6
1914-1925
6,000
1924.. Spa S. D., Cal. (July)
7
4,000
178_ _Surprise, Neb.(Aug.)
5
1933
1,000
88_ _Taylor ville Twp. S. D., Ill.
(March)
4% d1918-1933
50,000
88__Terrebonne Parish, La
5
1914-1928
12,000
178_ _Thief River Falls,Minn.(Sept.) 6
1914-1928
7,500
1924_ _Three Rivers. Mich.(2issues)- 5
a1929
50,000
88 __Wakeman Twp., Ohio (May).. 5
25,000
179_ _Walton, N. Y.(Oct.)
4
45,000
88_ _Warren,0.(2 issues)(March)- 4
17,050
179__Warrensvllie Twp.,0.(Aug.)_ 53,765
179_ _Watkins, N Y
5
-- --11643
1914 .
13,500
179_ _Waynesville, No.Caro.(June)_ 5
1943
6,000
89_ _Welch. W. Va.(July)
6
80.000
89 West Winfield, N. Y.(Feb.)..
33.000
80_ _Whiting, Iowa (Feb.)
5
d1923-1933
10,000
179_ _Winchester, Ky.(May)
'12,000
89.._Youngsville Twp.,0.(May)._ 6
1953
15,000
[VOL. xcvm.
100
100.05
100
100
95
100
100
100
100.50
100.257
100
100
95
102.025
100
Maturity.
1914-1923
Amount.
2,500
53,500
{100,000
40,000
360,000
3,000
Price.
92.20
100
91.77
90_ Quyon, Que. (June)
1938
97
181_ _St. Agnes Rom. Oath. S. D., 6
Sask. (Sept.)
15,000
1914-1953
6
85
181_ Sutherland, Sask.(April)
5
37,000
181__Weyburn, Sask. (July)
53
1953
25,000
181_ _Wilkie, Sask.(Aug.)
53
1943
14,300
80
181_ _Wilkie, Sask.(Aug.)
5
1928
12,200
86.50
*Debentures sold by school districts in Alberta and Saskatchew
an.
180_ Montreal, Que.(June to Sept.)
The above sales (except as indicated) are for November.
These additional November sales make the total of debentures sold that month $13,164,748.
News Items.
Cadillac, Wexford County, Mich.
-Commission Form
of Government.
-The election held Dec. 11 resulted in vote
of 621 to 518 in favor of the new charter providingafor
a
commission form of government.
The first election of city officers under the new
for the preferential balloting plan, will be held charter, which provides
Feb. 10.
commissioners, four members of the school board, a policeA mayor, four
judge, justice
of the peace and a constable will be elected at that time.
The general manager, city clerk, treasurer and assessor will be appointed
by the commissioners. The general manager will have the power to
name all other municipal officers and employees at salaries fixed by the commission
.
Canadian Municipal Statistics.
-This is the title of a
book of over 200 pages published by Wood, Gundy & Co.
of Toronto, Ont., Saskatoon, Sask., and London, Eng.
The book contains valuable information as to the financial
condition of all the important Canadian municipalities, as
well as the provinces. This information is particularly valuable, for it is explained that the figures in almost every case
were obtained over the signature of the municipal officers
concerned. Wood, Gundy & Co. point out that there has
been a growing demand for several years past for a publication that would contain reliable statistics of the financial
position of Canadian municipalities. It is true also that this
demand has been accentuated by the fact that of late Canadian municipal securities have been purchased to a steadily
increasing extent by investors throughout the United States
and Great Britain.
Groesbeck, Limestone County, Tex.
-Election on
Commission Government.
-The question of establishing a
commission form of government will be submitted to a vote
on Feb. 3, it is stated.
Kirkwood School District, Mo.-Financial Statement.
The following statement of the school district's finances is
furnished us by Wm. G. Lackey, President of the Kirkwood
School Board and Vice-President of the Mississippi Valley
Trust Company of St. Louis:
Kirkwood School District.
This district comprises the city of Kirkwood
adjacent territory,
containing a population of about 1,200 additional and
inhabitants.
All the above sales (except as indicated) are for November. Population. 1910
5,200
Present population, estimated
These additional November issues will make the total sales
6,000
debt-(not including temporary loans) for that month $30,375,823. Bondedof 1897, due July 1 1917
4%s
$10,000
4s of 1900, due Aug. 1 1920
BONDS SOLD BY CANADIAN MUNICIPALITIES IN DECEMBE
10,000
R.
Page.
Total
Name.
Rate
Maturity.
Amount. Price. Sinking bonded debt Jan. 1 1914
$20,000
1843.._Bruce County, Ont
Fund
5
1933
$20,000
$2.500
1925__Cardston, Alta
Assessed valuation, 1912 (half actual)
7
1923-1933
14,500
$4,146,040
81
1925__Cornwall, Ont
6
1914-1943
30.0001 102.195 Total tax (per $100)
85 cents
1925....Cornwall. Ont
6
1914-1933
2,476J
As stated in last week's "Chronicle," the district will vote
180_ _Davidson, Bask
5%
6.500
1768 __Dominion of Canada
Jan. 24 on the question
4
d1940-'60 20,000,000
issuing $65,000 bonds for the
1844_ _Dryden,Ont
1928
5,000
erection and equipment of one or more school buildings.
180_ _Duncan, B. C.(2 issues)
6
1922&1927
15,000
1925_ _Elora Ont
5
1914-1938
10,000 100
Wisconsin.
-U. S. Supreme Court Dismisses Appeal in
1925_ _Forest, Ont
5%
1943
20,000
State Income Tax Suit.
1925_ _Imperial, Bask
-The U. S. Supreme Court on Jan. 5
1,000
1768_ _Lanark County,Ont
1933
dismissed the appeal taken by Harry W. Bolens from the
40.000
97
County, Ont
5
1923
19.000
decision of the Wisconsin Supreme Court upholding the con1925.._Melfort, Sask
1943
34.000
1769.._Midland, Ont
stitutionality of the Wisconsin income tax law of 1912.
5A 1914-1943
14,800
180„Minnedosa, Man
5
1941
10,000
80.5
The State argued that Mr. Bolens had no right to dispute the
180- _Moose Jaw S. D.,Sask
5
1914-1943
75,000
1769- _Niagara Falls, Ont
judgment of the State court in the State's name, also that he
5
1923
14,423
1769....Niagara Falls, Ont
5
1933
4,332
had not shown any interest affecting himself. The merits
1769.._Niagara Falls, Ont
5
1943
18,879
181_ _Oak Bay,B.0
of the law were apparently not taken into consideration, the
6
1923-1933 106,618
il943
10,500
decision being on the jurisdictional question.
1926__Outlook, Sask.(4 Issues)
1933
1.400
1928
10,000
1933
3,500
1769-..Perth County, Ont
5
1914-1923
51,000
1926.._Peterborough, Ont
5
1943
120.000
98.08
181_ _Preston, Ont
15
71,000
1844.._Prince Albert, Sask
5
Various
1,000,000
..Ste. Anne De Bellevue, Ont__ 5
1926..
1953
130,000
ABERDEEN SCHOOL DISTRICT NO. 5, Chehalis County, Wash.
181-St. John, N. B
43
1938
50,500
95.51
-BOND OFFERING.
-Proposals will be received until 11 a. m. Jan.
90_ -St. Paul S. D. No. 2228, Alta.. 8
1914-1923
1,000
by Jerry A. McGillicuddy Jr., County Treas., (P. 0. Montesano), 17
90-St. Vincent de Paul S. D. No.
$96.035 55 coup. funding bonds. Denom. $1,000, except the first for
1567, Man
6
1914-1923
1,500
-numbered bond, which may be for a less amount. Int. (rate to be named
1844...South Vancouver, B.0
5
200,000
in
bid) semi-ann. Due in 20 years, subject to call any interest-paying date.
181_ _South Vancouver.B.C.(2 iss.).. 5
70,000
88
Cert. check for 1% of bonds bid for, payable to County Treas., required
181__Steelton, Out
5
1923&1933
17,500
with all bids except from the State of Washington.
181__Sudbury, Oat
5
22,000
1926_ _Sudbury.Ont
5
ABINGDON, Knox County, Ill.
1943
35,000
-BONDS VOTED.
-Accordin
181_ _Swan River S.D.No.1047,Man 5X 1914-1923
reports the question of issuing 33,400 library-site-purchase bonds g to
4,000
89.60
carried
1926_ _Tavistock,Ont
5
at the election held Dec. 30.The vote is unofficially reported as 302 to 238.
1943
19,382
1769_ _Toronto. Ont
43
1948
6,000,000
AKRON, Ohio.
-BOND SALE.
-On Jan. 7 the $1,250,000
1844....Vanguard S. D. No.3126,Sask.
% 15M10.000
yr. (ay.) water-works-ext. bonds (V. 97, P. 1761) were
1844_ _Welland County, Ont
A ----1 .
1914 1043 100,000
92.28
good & Mayer of Cin. at 100.104 and int. Other bidsawarded to Season1769_ _Wellington County,Ont.......
were:
20.000 100
Well. Roth & Co., 'Cincinnati
181....Windsor. Ont
$1,251,200 and interest
5
1914-1923
83,974
Kean, Taylor & Co.,I
1844__Yorkton, Sat*
7
16,000
Breed,Elliott & Harrison, Cincinnati
1926__Yorkton P.S.D.No.159,Sask__ 5
1,251,050 and interset
1914-1933
15,000
99
ALBANY,N. Y.
-BOND OFFERING.
-John M.Foll,
Total debentures sold in December
will offer for sale on or about Feb. 18 $200,000 coupon City Comptroller,
$28.524,784
50-year, $120,000
registered 40
-year and $110,000 registered 1-20
-year (serial.) bonds.
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND OFFERING.
Page.
Name.
Rate.
Maturity.
Amount. Price. Proposals will be received until 10 a. m.Jan. 12 by .I. Herman Butler,Co.
180__Beaverton, Ont. (June)
5
1933
Treas., for $5.120 Grotrian, $12,960 Munch, $12,960 Collier.
$2,000
99
89--Carleton Place, Ont. 1April) 5% 1914-1953
Gilbert and $4,960 Webster 4%% stone-road bonds. Date Jan. $13,760
40,000
15 1913.
89_ _Dominion of Canada Aug.)
Due in 10 years.
*24,400
89__Dominion of Canada Sept.)*44,550
ALLENHURST, Monmouth County, N. J.
89_ _Dominion of Canada Oct.)*12,750
-BOND OFFERING.
Reports state that proposals will be received until 2 p. m. Jan. 10 by G. 13.
89__Dominion of Canada
*4,800
Cade, Bor. Clerk, for $20,000 5% 1913 to 29 1-3-yr. (opt.) beach-imp.
180__Dorchester Station,Ont.(Oct.) 5
1933
6,500 100
bonds.
103.573
a
1768__Lincoln
5
Bond Proposals and Negotiations this week
have been as follows:
8
10 1914
TIIE CIIRONICLE
175
-The report of the Board of Trustees of the
BOND SALES IN 1913.
and Mahoning
ALLIANCE CITY SCHOOL DISTRICT, Starkreceived on Jan. 5, Sinking Fund shows that during the year ending Dec. 31 1913 the city sold
-No bids were
-BONDS NOT SOLD.
Counties, Ohio.
mpt. $4,444,855 general bonds and $431,024 assessment-impt. bonds.
it is reported, for the $70,000 43. % 20-yr. So. Freedom School-bldg.-i
CLARKSBURG, Harrison County, W. Va.-BONDS VOTED.
bonds offered on that day (V. 97. P. 1919.)
-All bids
a favorable vote was cast at the election held Jan. 6 on
ANTIGO, Langlade County, Wis.-BIDS REJECTED. -purchase Reports state thatissue the $110,000 5% gold coupon bridge bonds (V. 98.
the proposition to
received for the $100,000 5% 4-year coupon water-works-plant
Due
p. 85). Denom. $1,000. Date Jan. 1 1914. Int. ann. on Jan. 1.
bonds offered on Jan. 6 (V. 97, p. 1919) were rejected:
-paying day after Jan. 1 1923.
-DESCRIPTION OF Jan. 1 1944, subject to call any interest
ASBURY PARK, Monmouth County, N. J.
-The $300,000
-DESCRIPTION OF BONDS.
CLEVELAND, Ohio.
-The $122,000 5% funding bonds recently purchased at private
BONDS.
bonds purchased by the City Sinking Fund
with privilege
sale by J. S. Rippe! of Newark (V. 98, p. 84) are coup. bonds and are dated 4%% electric-lighting-plant 97,P. 1762) bear date of April 1 1913 and due
Trustees at par on Dec.9(V.
registration both as to principal or principal and interest,
of
Dec. 1 1913. Int. J. & D. One Dec. 1 1918. The bonds are exempt April 1 1948.
),
from the Federal income tax, also State and municipal taxes in New JerCONSHOHOC EN SCHOOL DISTRICT (P. 0. Conshohockenor
% coup.
-The $43,000
-BOND SALE.
sey. The purchaser is now offering the bonds to investors.
Montgomery County, Pa.
1315) have been sold to local
County,
ASTORIA SCHOOL DISTRICT (P. 0. Astoria), Clatsop of issuing reg. bldg. bonds offered on April 28 (V. 96, p.
investors at 102. Denom. $1,000. Date May 1 1913. Int. M. & N.
-Reports state that the question
Ore.
-WARRANTS VOTED.
$20,00() Due every five years beginning 1923.
5% 1-5-yr. (ser.) high-school-impt. warrants at not exceeding
-On Jan.3
-BOND SALE.
at an election recently held.
COLUMBUS, Bartholomew County, Ind.
carried
- the $2.252 25 4% Maple Grove sewer-funding bonds (V. 97, p. 85) were
-BOND OFFERING.
ATLANTIC CITY, Atlantic County, N. J.
M. Townsend. awarded to Wm. G.Irwin of Columbus at par and int.
Proposals will be received until 12 m. Jan. 21 by Bessie
-BOND ELECCORRECTIONVILLE, Woodbury County, Iowa.
City Comptroller, for the following 454% gold coup. tax-free bonds:
-An election will be held some time this month,reports
TION PROPOSED.
bonds. Date July 1 1913. Due July 1 1943.
$15.000 bonds to purchase
$150,000 drainage
state, to submit to a vote the proposition to issue
the Union Light & Poser plant.
350,000 water bonds. Date Jan. 11914. Due Jan. 11944.
-The City Clerk,
COVINGTON, Ky.-NO ACTION YET TAKEN.
175,000 paving bonds. Date July 1 1913. Due July 1 1938.
been
& J. at Hanover Nat. Bank, N. Y. City. under date of Jan. 2 advises us that no action has yet votedtaken looking
Denom. $1,000. Int. J.
in Nov.1912.
water-works bonds
of Atlantic City." re- towards the issuance of the $200,000
Cert. check or cash for $10,000 payable to "City
-0. J.
Dawes County, Neb.-BOND OFFERING.
if for part of issues. PurCRAWFORD,
quired if bid is for all issues, or for 2% of bid
sale an issue of 5%
will be certified as to Hornsby, City Clerk, is offering at private
chaser to pay accrued interest. These bonds
-20
10 -year (opt.) registered taxable city-hall bonds. Denom. $1,000,
their Date Sept. 1 1913. Int. M. & S. at office of State Treasurer. Bonded
genuineness by the Columbia-Knickerbocker Trust Co. and
of N. Y. C., whose debt (including this issue), $62,500. Assessed value, $175,654.
legality approved by Dillon, Thompson & Clay
-BONDS AWARDED IN
when delivered, without cost to purDALY CITY, San Mateo County, Calif.
certificate will accompany the bonds
0
-Of the $100,000 53 7 1-24-year (ser.) water-works bonds offered
PART.
chaser.
on Sept. 29 (V. 97, p. 830), $10,000 was sold on that day to Guy Hyde
The official notice of this bond offering will be found among the adver- Chick at par. Denom. $1,000. Date Sept. 1 1913. Int. M. Sr S. The
tisements elsewhere in this Department.
remainder ($90,000) of this issue was advertised to be sold Jan. 5, but up
-BOND ELECTION.- to the hour of going to press we had not been able to learn the result of this
BASTROP COUNTY (P. 0. Bastrop), Tex.
vote the
offering.
Reports state that an election will be held Feb. 3 to submit to a
-The $5,000
-BOND SALE.
proposition to issue $50,000 road bonds in Precinct No. 1.
DANVILLE, Hendricks County, Ind.
-BOND ELECTION.
p. 1376) were awarded to Jennie H.
BELL COUNTY ROAD DISTRICT NO.4, Tex.submitted to the voters 4%% bonds offered on May 12(V.
King of Danville at 100.71 on May 24. Denom. $1,000. Date June 1
$15,000 road bonds will be
-The question of issuing
1913. Int. J. & D. Due $1 000 in 5, 9, 13. 17 and 20 years from date.
to-day (Jan. 10.)
-On Jan. 7 the
-BOND OFFER-BOND SALE.
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
BELMONT, Middlesex County, Mass.
awarded ING.
-According to reports proposals will be received until 10 a. m.Jan. 14
(aver.) school-bldg. bonds (V.98,p.84) were were:
$60,000 4% 10
by Andrew Burke, Co. Treas., for $15,500 and $7,500 4 % road bonds.
of Boston at 102.27 and int. Other bidders_101.85
to Curtis & Sanger
-BOND SALE PENDING.Perry, Coffin & Burr, Boston.102.14 Estabrook & Co., Boston_ _ _101.82
DEER PARK, Spokane County, Wash.
E.M.Farnsworth SG Co.,Bost..102.13 Edgerly & Crocker, Boston _ _101.81
The $11,5006% couporilor reg. gold funding bonds offered on June 3(V.96.
102.11 Blake Bros. & Co., Boston_
131odget & Co., Boston
have been sold, but have not been approved as to their legality.
Boston_101.778 p. 1437)
R. L. Day & Co., Boston_ _ _102.089 N. W. Harris & Co.,
-BOND ELECTION.-Loca
DENISON, Crawford County, Iowa.
101.91
Adams & Co.. Boston
state that an election will be held Jan. 22 to vote on the
Int. coupons payable at Beacon Trust Co., Boston. Bonds are tax-free. newspaper reports $65,000 electric-light
-plant-purchase bonds.
proposition to issue
-BONDS OFFERED BY
BELZONI, Washington County, Miss.
-The four issues
-BOND SALE.
DESHLER, Henry County, Ohio.
6%
-Men & Co. of Chicago are offering to investors $20,000 Int.
BANKERS.
aggregating $54,000, offered without success on July 24
sewer bonds. Denom. (20) $200, (32) $500. Date Jan. 1 1914. Duo of 5% impt. bonds, been disposed of.
(V. 97, p. 190) have
Continental & Commercial Nat. Bank, Chicago.
M. & N. at the
DUBLIN SCHOOL DISTRICT (P. 0. Dublin), Erath County, Tex.
$200 yearly Jan. 1 from 1915 to 1933 incl., and $16,200 Jan. 11934.
-An issue of $44,000 5% 10-40-yr. (opt.) bldg. bonds was
-An -BOND SALE.
-BOND ELECTION.
BERKELEY, Alameda County, Calif.
October at par to Cutter, May & Co. of Chicago for the
election will be held Feb. 1, reports state, to submit to the voters the ques- awarded during World. Denom. $1,000. Date Jan. 11912. Int. J. & J.
Woodmen of the
$1,000,000 harbor-improvement bonds.
tion of issuing
-BONDS VALIDATED.
DD'VAL COUNTY(P. 0. Jacksonville), Fla.
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda Coun-The propositions to issue $1,080,000 -Judge D. A. Simmons of the Circuit Court on Dec. 29 signed an order
-BOND ELECTION.
ty, Calif.
-year gold coup. site-purchase and armoryon validating the $150,000 5% 30
grammar and $240,000 high-school bonds will be submitted to a vote
construction bonds voted on Nov. 5 (V. 97, p. 1445).
Feb. 1, it is stated.
-This
-BONDS PROPOSED.
EAGLE PASS, Maverick County, Tex.
-BONDS AWARDED
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-Of the $100,000 4% 15-year road-impt. bonds offered without citiy is contemplating the issuance of $60,000 street bonds.
PART.
IN
-On Jan. 5 an issue
SALE.
has been disposed of at par as
-BOND
ELMORE, Ottawa County, Ohio.
success on June 5 (V. 97. p. 1059), $90,000
follows: $50,000 to E. K. Warren of Three Oaks; $20,000 to the Commercial of $1,500 electric-light bonds was awarded to the Sinking Fund Trustees.
Nat. Bank of St. Joseph and $20,000 to the Farmers' & Merchants' Bank
EVANSTON SCHOOL DISTRICT NO. 75 (P. 0. Evanston), Cook
15 1913. Int. ann. in County, Ill.-BIDS.-According•to the Evanston "Index" the bids reof Benton Harbor. Denom. 21,000. Date Sept.
September.
ceived for the $40,000 4%% 10-year (ay.) school bonds,offered on Dec. 23.
- were as follows:
-BOND OFFERING.
BEXAR COUNTY (P. 0. San Antonio), Tex.
A. B. Leach & Co. of Chicago, par and accrued int., less $739 fees.
Proposals will be received until 2 p. m. Jan. 15. it is stated, by J. R. Davis,
-year
-40
Continental & Commercial Trust dr Savings Bank, Chicago, par and
County Judge, for the $550,000 20-40-year (opt.) road,$125,000 20
-year (opt.) accrued interest less $551 fees.
-40-year (opt.) bridge,$75,000 10-40
(opt.) hospital. $200,000 10
-year (opt.) poor-house 5% semi-annual
10-40
Harris Trust & Say. Bank, Chicago, par and accrued int. loss $467 fees.
court-house and $50,000
McCoy & Co., Chicago, par and accrued int. less $395 fees.
bonds voted Nov. 12 (V. 97, p. 1305). Certified check for $20,000 reFirst Trust & Say. Bank, Chicago, par and accrued int. lees $375 fees.
quired.
Yard. Otis & Taylor, Chicago, par and accrued int. less $372 fees.
BLUE BENCH IRRIGATION DISTRICT NO. 1 (P. 0. Duchesne),
N. W. Halsey & Co., Chicago, par and accrued int. less $340 fees.
-The $125,000 6% 10-20-yr.
-BOND SALE.
Wasatch County, Utah.
Merchants' Loan & Tr. Co., Chic., par and accrued int. less $263 22 fees.
p. 581) have been sold to the Jersey
bonds offered on March 5 (V. 96,at par.
Lee, Higginson & Co., Chicago, par and accrued int. plus $60 premium.
Knight Construction Co. of Provo
William R.Compton Co., Chic., par and accrued int. plus $201 premium.
-On Jan. 5 the
-BOND SALE.
BRADDOCK, Allegheny County, Pa.
As the first $2,000 is due Jan. 1 1914, the committee decided to make the
$150,000 4%% tax-free bonds (V. 98, p. 84) were awarded to the Mellon sale for $38.000 only. In the above list, McCoy, First Trust & Savings
Nat. Bank of Pittsburgh, it is stated.
Bank and Lee, FIigginson & Co. gave their bids on the basis of $40.000,
BRISCO COUNTY COMMON SCHOOL DISTRICT NO. 48, Tex.- and the rest of the basis was $38,000. The bonds were sold to William R.
-On Jan. 3 the State Comptroller registered an Compton Co. at a premium of $201, the Board of Education agreeing to pay
BONDS REGISTERED.
issue of $2,500 5% 10-20-yr. (opt.) school bonds.
the attorney's fee of $45 for examining and passing on the bonds. This
- makes a net premium of $156.
SCHOOL TOWNSHIP(P. 0.Peru), Miami County,Ind.
BUTLER
-On Jan. 6 the $4,550 5% school warrants (V. 97,
WARRANT SALE.
FOLLANSBEE, Brooke County, W. Va.-BONDS OFFERED BY
-The $18,000 5% 10-34-yr. (opt.) sewer bonds (V. 97, p.
p. 1838) were awarded to the Citizens' Nat. Bank of Peru for $4.613 20, BANKERS.
(101.389) and int. No other bids.
1839) are beimg offered to investors by Men & Co. of Chicago. Denom.
-BOND OFFERING.-Wo are advised that $500. Date Oct. 1 1913. Int. ann. on Oct. 1 at the Citizens' Bank,
Ogle County, Ill.
BYRON,
bonds voted Aug. 11 (V. 97, p. 464) are Follansbee, or through Ulen & Co.'s office without charge. Total debt
the $6.000 sewer and water ext.
$45,662 52. Assess. val. $2,073,458; real val. (est.) $2,500,000.
being offered for sale.
-On Jan. 6 the $10,-BOND SALE.
Ohio.
CELINA, Mercer County,
FORT PIERCE SCHOOL DISTRICT (P. 0. Fort Pierce), St. Lucie
-Further details are at hand rela-WARRANT OFFERING.
000 5% 10-yr. coupon water-works and electric-light bonds(V.97, p. 1838) County, Fla.
to the Provident Says. Bank & Tr.Co.of Cin.at 100.53 & int. tive to the offering on Feb. 3 of the $75.000 6% 15-yr. school bldg. and
were awarded
reOther bidders were:
equip. warrants (V. 98, p. 85). Proposals for these warrants will be InSidney Spitzer & Co.,Tol_$10.017 001Spitzer,Rorick& Co.,Tol_$10,000 00 ceived until 2 p. m. on that day by J. W. Hodge, Sec. Board of Public 1
First Nat. Bank, Celina__ 10,000 00 struction. Denom. (1) $5,000, (10) $1,000. (120) $500. Date Jan.
& Harrison,
Breed, Elliott
10,012 50
Chicago
1914. Int. J. & J. Cert. check for $500 required.
CENTRE TOWNSHIP (P. 0. Muncie), Delaware County, Ind.
GARLAND LEVEE DISTRICT (P. 0. Texarkana), Miller County,
-Proposals will be received until 12 m. Feb. 5
-The $55,000 4%% school-house bonds offered on Aug. 25 Ark.
-BOND OFFERING.
BOND SALE.
542) were awarded on that day to J. F. Wild & Co. of Indianap- by J. D. Williams, Secy., for $200,000 bonds. Cert. check for $1,000
(V. 97, p
Date Sept.
olis at 101. Denom. $500. 16 years. 25 1913. Due $3,000 yearly for required.
-This
-BOND OFFERING.
5 years and $2.500 yearly for
GARZA COUNTY (P. 0.Post City) Tex.
CHAGRIN nuts VILLAGE SCHOOL DISTRICT (P. 0. Chagrin county is offering for sale the $50,000 4 20-40-yr. (opt.) road bonds voted
-BOND SALE.
-On Jan. 3 the $38,000 Oct. 11 (V. 97, p. 1306). Denom. $1,000. Date Feb. 15 1914. Int.
Cuyahoga County, Ohio.
Falls),
(V.
5% 1454-yr. (aver.) coupon construction bondsint. 97, p. 1838) were ann. on Feb. 15. J. M. Boren is Co. Judge.
101.34 and
Other
awarded to Stacy & Braun of Toledo atWeil, Roth & Co., Chi_ bids were:
GERMAN FLATTS (TOWN) UNION FREE SCHOOL DISTRICT
_ _$38,197 60
Son Chag.Falls.$38,423 00
-BONDS AWARDED IN
Rodgers&
NO. 1 (P. 0. Ilion), Herkimer County, N. Y.
Chagrin Falls bank, Co.._ 38,401 50 Hayden,Miller& Co.,Clev. 38,085 00 PART.
-The Village Clerk advises us that up to Jan. 2 $84.000 of the $95,Seasongood & Mayor, Cin. 30,213 00
(aver.) reg. tax-free high-school site-purchase and constr.
000 43. % 20.3-yr.
CHAMPAIGN COUNTY SCHOOL DISTRICT NO. 169, (P. 0. St. bonds offered on Sept. 20(V. 97, p. 755) had been disposed of to local in-Proposals will be received until vestors at par. The bonds are dated Jan. 11913.
St. Joseph), Ills.
-BOND OFFERING.
2 p. in. Feb. 2 by F. W. Kienzle, Clerk Bd. of Ed. for $14,500 5% reg.
-The
-BOND SALE.
GIBSON COUNTY (P. 0. Princeton), Ind.
'
taxable school bonds. Denom. $500. Date April 1 1914. Int. ann. on four issues of 4%% 10-yr. highway-impt. bonds, aggregating $23,600, ofApril 1 at office of Twp. Treas. Due $1,500 yrly. on April 1 from 1917 to fered on Sept. 11 (V. 97, p. 680) were awarded to the Fletcher-Amer. at
incl. and $1,000 April 1 1926. Cert. check or cash for 1%. payable
1925
of Indianapolis at par and int. on Nov. 1. Denom. $200 to $740.
to School Directors, required. Bonded debt, this issue. Assess. val. Bank May 11914. Int. M.& N.
Date
1912 $292,385. Real var. (est.) $877,155.
-BONDS AWARDED IN
GILROY, Santa Clara County, Calif.
-We are advised
-BOND SALES OVER COUNTER.
CHICAGO, Ill.
-We are advised by the City Clerk under date of Dec. 29 that of the
that of the $1,880.000 4% gold general corporate bonds being offered at PART. 5% 8%-year (aver.) water-works impt. bonds offered on Apr. 15
over the counter" $750,000 had been sold up to and including $25,000
par and int.
(V. 96, p. 1111). $13,500 has been sold. The remaining portion ($11.500)
Dec. 31.
"over the counter" by the Bank of Gilroy at
Dispatches state that up to yesterday (Jan. 9) $807,000 of the bonds of the issue is being offered
par and interest.
had been sold.
mentioned above
GLENNVILLE, Tattnall County, Ga.-BONDS OFFERED BY
-BOND SALES IN 1913.
-WEST PARK DISTRICT.
CHICAGO, Ill.
-J. H. Hilsman & Co. of Atlanta are offering to investors
BANKERS.
-During 1913 this district, we are advised,sold $49,000 4% highway-impt. $13,0006% tax-free water-works and electric-light bonds. Denom.$1,000.
bonds.
N.in N. Y. City. Due $5,000 Nov. 1 1933
30 an Date Nov. 11913. 1 Int. M.&
-On Dec.
-BONDS AUTHORIZED.
CINCINNATI, Ohio.
1943. Bonded debt, including this issue, $28,000.
- and $8,000 Nov.
ordinance was passed providing for the issuance of $450.000 4%% 20-40
val., 1913. $405,727; actual value, $700,000.
university-building-erection and equipment bonds, dated Jan. 2 Assessed
year (opt.)
-BOND OFFERING.
GLOVERSVILLE, Fulton County, N. Y.
1914. These bonds are to take the place of the remaining $450,000 of an
City Chamberlain, will offer for sale at public auction at2
Issue Of $550,000 4% 40-yr. bonds authorized Aug. 6 1912. The sale of E. A. James,$5.300 434% reg. tax-free local-inapt. bonds. Denom.$100.
p. in. Jan. 19
was previously reported in the "Chronicle."
$100,000 of these bonds
176
THE CHRONICLE
Date Feb. 1 1914. Int. ann. on Feb. 1 at City Chamberlain's
office or at
Fourth Nat. Bank. N. Y. C. Due on Feb. 1 as follows:
$1.400
$1,200 in 1916, $1,000 in 1917. $900 in 1918 and $800 in 1919. Noin 1915.
deposit
required.
GOLDENDALE, Klickitat County, Wash.
-BOND SALE.
-The
Town TreasUrer advises us that the $26.000 water bonds offered
on Apr. 21
(V. 96. p. 1171) have been sold.
[VoL. xcvm.
for $160,651 50 (100.471) and int. Date Jan. 11914. Int.
J. & J. Due
$10,000 yearly Jan. 1 from 1919 to 1934 incl.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-BOND SALE.
-On
Jan. 2 the $4,000 434% gravel-road bonds (V. 97, p.
to Isaac E. Ginerick of North Manchester at 100.65. 1922) were awarded
Other bids were:
Bramwell Williams
$4,0201Breed,Elliott & Harrison,Ind_ $4,015
J. F. Wild & Co., Indianapolis 4,019[ Fletcher-Amer. Nat.
Denom. $200. Date Dec. 15 1913. Int. M. & N.Bk.,Ind_ 4,000
Due part each
six months for ten years.
GREENVILLE, Darke County, Ark.
-BOND SALE.
-On
issue of $2.000 5% 1-4-yr. (ser.) water-works-ext. bonds was Jan. 6 an
awarded,
reports state, to the Farmers' Nat. Bank of Greenville at par.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-On
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Clay Jan. 3 the seven issues of 434% 10-year (serial)
road
County, Iowa.
-BOND SALE.-Geo. M. Bechtel & Co. of Davenport aggregating $124,400 (V. 98, p. 86), were awarded -improvement bonds,
to the People's State
were awarded on Oct. 1 an issue of $15,000 5% bldg. bonds at par. De- Bank of Crown Point for $124,600 (100.160)
nom. $500. Date Oct. 11913. Int. semi-annual. Due Oct. 1 1924.
A bid was also received from the First Nat. and int. Date Dec. 15 1913.
Bank of Crown Point.
GROVETON INDEPENDENT SCHOOL DISTRICT, (P. 0. GroveLAPEER COUNTY (P. 0. Lapeer), Mich.
-BOND ELECTION
ton), Trinity County, Tex.
-BONDS VOTED.
-This district recently POSED.
-According to local newspaper dispatches,an election will PROvoted in favor of the question of issuing $9,000 school bonds.
be held
shortly to submit to a vote the question of issuing $250,000 good
roads bonds
HAMBLEN COUNTY (P. 0. Morristown), Tenn.
-BONDS PROLA PORTE COUNTY (P. 0. La Porte), Ind.
POSED.
-Reports state that this county is contemplating the issuance of
-BOND SALE.
-The
seven issues of 434% road-improvement bonds, aggregating
$100,000 bonds for consolidated rural schools.
$208,200,
offered on June 26 (V. 96, p. 1787) have been sold.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND SALE.
On Jan. 2 the $25,000 434% 30
LAS CRUCES SCHOOL DISTRICT (P. 0. Las Cruces), Dona
-year court-house and jall-construction bonds
Ana
dated Jan. 2 1914 (V. 97, p. 1763) were awarded to the Atlas Nat. Bank of County, New Mex.-BOND SALE.
-Reports state that an issue of
Cincinnati for $25,940 (103.76) and int. Other bids were:
school bonds dated Jan. 1 1914, has been sold to Keeler Bros. of $25,000
Denver
Western-German Bank, Cin_$25,800 Weil, Roth & Co., Cincin_ --$25,515
par and interest.
Second Nat. Bk., Cincin____ 25,768 Central Trust & Savings DeLAWRENCE COUNTY (P. 0. Bedford), Ind.
Prov. S. B. & Tr. Co., Cin__ 25,627
-BOND OFFERING.posit Co., Cincinnati
25,501 According to reports,
Seasongood & Mayer, Cinc__ 25,570 Fifth-Third Nat.
25,402 Earl G. Short, County proposals will be received until 2 p. m. Jan. 15 by
Tillotson&WolcottCo.,Cleve. 25.530 Breed, Elliott & Bk., Cinc
Treasurer, for $3,000 434% 10-year gravel-road bds.
Harrison,Cin.25,365 Int. semi-annual.
Mayer, Deppe&Walter, Cin_ 25,520 C. M. Thurnauer
These bonds are part of an issue of $2,500.000, $25,000 of which 25,075
LEON COUNTY COMMON SCHOOL DISTRICT NO. 19, Tex.
was previously reported sold.
BOND SALE.
-The $1,200 5% 5-20-yr.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
Sept.3(V.97, p. 757) have been awarded (opt.) school bonds registered on
-BOND
-The $25,000 5% 30-year coup. Lauderdale and Glass St. roadSALE. Denom. $60. Date April 10 1913. Int. to Leon County at par andjint.
bonds
ann. on April 10.
offered on Jan. 2 have been awarded to Seasongood & Mayer of Cincinnati
LITTLE FERRY SCHOOL DISTRICT (P. 0. Little Ferry),
at 102.12 and int. Other bids were:
Bergen
County, N. J.
-BOND SALE.
Hamilton National Bank, Chattanooga
-On Jan. 6 the $38,000 534% site-purchse
$25,142 52 and school-bldg. bonds (V. 97, p.
Volunteer State Life Insurance Co., Chattanooga
1840) were awarded to R. M. Grant &
25,025 00 Co. of N. Y.at 104.623. Other bids were:
Denom. $1,000. Date Feb. 1 1914. Int. F. & A.
Douglas Fenwick & Co., N.Y.104.21(A. B. Leach & Co.. N.
Y......102.13
HARRODSBU'RG, Mercer County, Ky.-DESCRIPTION OF'
Henry & West, Phila
103.56
-The $12,000 6% electric-light-plant-repair bonds recently soldBONDS. Outwater & Wells, Jer. City_102.13 Harris, Forbes & Co., N.Y__101.282
to local
Investors (V. 97, p. 1839) are in the denom. of $500 and are dated Jan. 1
Denom. $500. Date Nov. 1 1913. Int. M. & N. Due serially from
1914. Ian. J. & J. Due 1-20-years (ser.), subject to call at any interest. 1934 to 1943 incl.
paying date.
LIVE OAK COUNTY(P.O. Oakville), Tex.
-BONDS DEFEATED.HARTFORD, Conn.
-TEMPORARY LOANS IN 1913.
-We print The question of issuing $40,000 bridge bonds failed to carry at the election
below the details of the temporary loans negotiated by this city in 1913:
recently held.
Amount.
Date.
Due.
Int. Rate.
With Whom Negotiated.
LOHRVILLE SCHOOL DISTRICT (P. 0. Lohrville), Calhoun
$100,000 Sept.2 1913 Mar. 2 1914 5
Hartford Trust Co.
County, Iowa.
-BOND ELECTION PROPOSED.
-Reports
100,000 Oct. 3 1913 April 3 1914 5%
Hartford Trust Co.
petition has been circulated calling for an election to vote onstate that a
100,000 Nov.4 1913 May 4 1914 434% Phoenix National Bank.
the question
of issuing not exceeding $30,000 building bonds.
100,000 Dec. 8 1913 June 8 1914 434% Conn. Tr. & Safe Dep. Co
LORAIN, Lorain County, Ohio.
-BOND SALE.
-On Jan. 5 the $91,
HARTFORD, Licking County, Ohio.
-BOND OFFERING.
-Pro-5
posals will be received until 12 m. Feb. 3 by Harry H. Pumphrey, Vii. 000 5% 6 2 -year (aver.) coup. East Erie Ave. paving (assess.) bonds
(V. 97, p. 1764) were awarded to Spitzer, Rorick & Co. of Toledo for $91,Clerk, for $15,500 6% refunding bonds. Denom. $500. Date Sent.
1
1913. Int. M.& S. Due $500 each six months from Mar. 1 1915 to Mar. 1 912 50-equal to 101.002. Other bids were:
1931 incl. Cert. check for 10% of bonds bid for, payable to Vii. Treas., Prov.S.B.&Tr.Co.,Cinc_-$91,791 70 Tillotson & Wolcott Co.,
Cleveland
required. Bonds to be delivered and paid for within 10 days from time of Stacy & Braun, Toledo___ 91,737 10
$91,536 90
Otis & Co. Toledo
91,675 00 Breed, Elliott & Harrison,
award. Purchaser to pay accrued interest.
Seasongood & Mayer,CmCincinnati
cin tht&
Rona I
91,509 60
HENDERSON COUNTY COMMON SCHOOL DISTRICT NO. 30,
cinnati
91,607 00 Weil,
Cinc
91,478 00
Tex.-BOIVDS REGISTERED.
-An issue of $800 5% 5-20-yr. (opt.) school
LOST HILLS SCHOOL DISTRICT, Kern County, Calif.
bonds was registered by the State Comptroller on Dec. 29.
-BOND
SALE.
-The
Trust Co. of Bakersfield
HENDERSON TOWNSHIP (P. 0. Henderson), Vance County, at 100.05 the Security 8% 1-5-year (ser.) school was awarded on Apr. 11
$10,000
bonds offered on
No. Caro.
-BONDS AWARDED IN PART.
-The Supt. of Public Schools (V. 96, p. 1041). Denom.$2,000. Date Mar. 3 1913. Int. M.& Apr. 8
S.
advises us, under date of Jan. 2, that $20,000 of the $30,000 5% coupon
LOWELL, Middlesex County, Mass.
-LOAN OFFERING.-Bids will
tax-free graded school bonds offered on May 20 (V. 96, p. 1438) have been
sold to T. I. Harris of Henderson at par and int. He further states that be received until 10 a. m. to-day (Jan. 10), it is stated, by the City Treasurer for a loan of $100,000, maturing Feb. 15 and issued in anticipation
the remaining $10,000 are ready for sale at the same price.
of taxes.
HIGHLAND PARK, Wayne County, Mich.
-BOND ELECTION.
LUDINGTON, Mason County, Mich.
-BOND SALE.
-We are adThe question of issuing $450,000 water-works-constr. bonds will be submitvised that the $67,900 5% 1-5
-year (serial) pavement and sewer-constructed to a vote on Jan. 24, it is stated.
tion (assessment) bonds offered on June 16 (V. 96, P. 1719) have all been
HITCHCOCK SCHOOL DISTRICT (P. 0. Hitchcock), Galveston sold.
County, Tex.
-BONDS VOTED.
-By a vote of 46 to 6 the question
MC LENNAN COUNTY (P. 0. Waco), Tex.
-BOND ELECTION
of issuing the $10,000 building bonds carried at the election held Jan. 3,it is PROPOSED.
-The question of issuing $500,000 Waco Precinct road bonds
stated.
will be submitted to a vote in the near future, it is stated.
HOLTON, Jackson County, Kan.
-BOND SALE.
-The City Clerk
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
-The
advises us that the $23,110 30-year electric-light-extension bonds offered on
May 20 (V. 96, p. 1438) have been sold to local parties and the State $5,280 434% highway-impt. bonds offered on Oct. 7 (V. 97, p. 969) were
awarded to Breed, Elliott & Harrison of Indianapolis at par and int. on
School Fund
Nov. 19. Denom. $264. Date Oct. 1 1913. Int. M.& N. Due beginHONEOYE FALLS, Monroe County, N. Y.
-BOND SALE.
-The ning May 15 1915.
$42,000 14 2 -year (average) water bonds offered on March 24 at not
-5
MADISON TOWNSHIP (P. 0. Madison), Lake County, Ohio.
exceeding 5% int. (V. 96, p. 812) have been sold, we are advised.
BOND SALE.
-On Jan.6 the $36,000 5% 10-yr. (aver.) road-impt.(twp's
HUMESTON, Wayne County, Iowa.
-BONDS OFFERED BY BANK- share) bonds (V. 97, p 1840) were awarded to Stacey & Braun of Toledo
ERS.-Ulen & Co. of Chicago are offering to investors $21,000 514% water- for $36,291 65 (100.81; and int. Other bids
works-system bonds. Denom. S1,000. Date Jan. 1 1914. Int. J. & J. Tillotson & Wolcott Co., Cleveland, $36,234 were:
and int.
in Chicago. Due $1,000 yearly Jan. 1 from 1921 to 1927 incl., and $2,000 Otis & Co. Cleveland, $36,095 and int.
yearly Jan. 1 from 1928 to 1934 incl. Total bonded debt $21,000. Assess. Seasongood & Mayer, Cincinnati, $36,040
and int.
val., $720,343; real value (est.) $1,000,000.
Sidney Spitzer & Co., Toledo, par and int., less $450.
IBERIS SCHOOL DISTRICT (P. 0. Iberia), Taylor County, Tex.
- Well, Roth & Co., Cincinnati, par and int., loss $495.
-VOTED.
BONDS RE
-The proposition to issue the $2,500 5% 10-20-year Spitzer. Rorick Sr Co., Toledo. par and int., less $540.
(opt.) bldg. bonds, adopted by the voters on Aug. 2(V.97, p. 466), was reMALDEN Middlesex County, Mass.
-LOAN
-According
submitted to a vote and carried at the election held Dec. 31. Denom. to reports, bids will be received until 8 p. m. Jan.OFFERING. of
13 for a loan
$75.000
$1,000. Int. ann. In April. We are advised that these bonds will shortly maturing in six months.
be offered for sale.
MANASQUAN SCHOOL DISTRICT (P.O. Manasquan), Monmouth
IMPERIAL, Imperial County, Calif.
-RESULT OF BOND ELEC- County, N. J.
-According to reports proposals will
-BOND OFFERING.
-Reports state that at the election held Dec. 31 on the questions be received until 12 m. Jan. 20 by John M. Allen, Dist. Clerk, for $32.000
TION.
of issuing the following bonds resulted as follows:
5% 14-yr. (aver.) coupon school bonds. Int. semi-ann. Cert. check for
Bonds VotedFor. Against. 2% required.
$6,000 Sewer-system bonds
191
45
MANSFIELD SCHOOL DISTRICT (P. 0. Mansfield) Richland
29,000 Water-system-improvement bonds
177
48
-Local newspaper roCounty, Ohio.
-BOND ELECTION PROPOSED.
Bonds Defeated
ports state that an election will be held in the near future to vote on the
-system-construction bonds
40,000 Electric-light
124
107
question of issuing school-improvement bonds.
A two-thirds majority was necessary to authorize.
MAQUOKETA INDEPENDENT SCHOOL DISTRICT (P. 0. Ma-TEMPORARY LOAN.
INDIANA.
-On Jan. 1 $400,000 was borrowed
-BONDS OFFERED BY BANKERS.
from Indianapolis banks at 5% interest until next June. The banks and quoketa), Jackson County, Iowa.
amount borrowed from each are reported as follows: Indiana Nat. Bank, -The First Trust & Savings Bank of Chicago is offering to investors the
$100.000; Indiana Trust Co., $100,000; Merchants' Nat. Bank, $100,000; 320.0005% reg. bldg. bonds (V.97, p. 1369)•
MARION COUNTY (P. 0. Marion), Ohio.
National City Bank. $50,000; Aetna Ti'. & Says. Co., $50.000.
-BONDS TO BE OFFERED
SHORTLY.-Reports state that this county will advertise about Jan. 15,
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
-On an issue of $100,000 5% road and bridge bonds.
Jan. 5 the $5,200 434% 10
-year W. N. Porter et al. highway-impt. bonds
' V. 97, p. 1922) were awarded to Edward O'Gara of Lafayette for $5,237,
MARYLAND.
-BOND SALE.
-On Jan. 6 the $250,000 4% 10-15
-year
(opt.) coup. tax-free public-highways loan of 1910 bonds series "D" (V.
equal to 100.711. Denom.$260. Date Jan. 5 1914. Int. M.& N.
97, p. 1678), were awarded to Alexander Brown & Sons of Baltimore at
JEFFERSONVILLE, Clark County, Ind.
-BOND SALE.
-On Jan. 1
$10.000 4.40% refunding bonds were awarded to the Fletcher-American 98.27. According to Baltimore newspapers, other bids were as follows:
Townsend Scott & Sons
Nat. Bank of Indianapolis at par and int. Denom. $500. Date Jan. 1
-9834 for $15.000, 98.11 for $10,000, 98.07 for
1914. Int. J. & J. Due $2,500 July 1 1919, $2,500 Jan. 1 and July 1 1920 $10,000, 98.05 for $10,000 amd 98.3 for $20,000.
Sothoron & Co.
and $2,500 Jan. 1 1921.
-97.734 for $5,000, 97.02 for $5,000 and 98 for $2,000.
James Shriver-98 for $7.000.
JERSEY CITY, Hudson County, N. J.
-BONDS NOT SOLD.
-Up
Mercantile Trust & Deposit
Nelson, Cook & Co. and Baker, Watts
to Jan.7 no sale had been made of the $85.000 47 30
-year gold coup. or reg.
Co.'
tax-free sinking fund sewer bonds offered without success on Nov. 25 & Co., bidding co-jointly-98.05 for the whole issue.
Joseph E. France-97.90 for $20,000.
(V. 97. p. 1446).
Walter Koppelman-98 for $20,000.
KAUFMAN COUNTY (P. 0. Kaufman), Tex.
-BOND ELECTION
•Estabrook & Co.
-97.76 for the whole issue.
PROPOSED.
-Reports state that petitions will be circulated in the near
Baltimore Trust Co. and J. S. Wilson Jr. & Co.
-98.07 for the whole issue.
future calling for an election to submit to a vote the question of issuing
W. W. Lanahan & Co.
-97.35 for $10,000, 97.15 for $10,000, 97.05 for
$250,000 Forney & Terrell Precincts road bonds.
$25,000 and 96.85 for $25,000.
KNOX COUNTY (P. 0. Mt. Vernon), Ohio.
Hambleton & Co.
-BOND SALE.
-97.95 for $30,000.
-On
Jan. 6 the $80,000 5% 8-yr. (aver.) flood-emergency bonds (V. 97, p.
MATAMORAS (P. 0.
1922) were awarded to Stacey & Braun of Toledo for $81,467 (101.833) -BONDS NOT SOLD. New Matamoras) Washington County, Ohio.
-No bids were received on Jan. 5, it is stated, for
and int. Other bidders were:
the $2,500 5% 534-yr. (aver.) Second St.-Impt. (village's portion) bonds
Seasongood & Mayer, Cin.$81,427 60 Prov.Sav.Bk.&Tr.Co.,Cin.$81,224 00 offered on that day. Date Oct. 1 1913.
Well. Roth & Co.. Cin_ __ 81,368 00 Spitzer, Rorick & Co.. Tol. 81,105 50
MAVERICK COUNTY (P. 0. El Paso), Tex.
-BONDS NOT YET
Hoehler & Cum'gs, Tol__ 81.347 00 Mayer,Deppe&Walt.,Cin. 81,040 00
Knox Co.Savs.Bk.,MtVer. 81,320 00 R. M. Greer
80,528 00 ISSUED.-The $25,000 road bonds voted Sept. 8(V. 97. P. 1062) have not
New Knox NatBk.,MtVer.81,272 00 Otis & Co., Cleveland_ _ 80,525 00 yet been issued, we are advised.
MEAD. Saunders County, Neb.-BONDS NOT SOLD.
-No bids were
KOKOMO SCHOOL DISTRICT (P. 0. Kokomo), Howard County, received for the $10,000 water-works
electric
-BOND SALE.
Ind.
-On Dec. 27 $160.000 4% tax-free high-school-bldg. (opt.) coupon bonds offered on Jan. 5and $3,0001922). -light 5% 1-20-yr.
(V. 67, p.
The bonds will be
bonds were awarded to the Fletcher-American Nat. Bank of Indianapolis sold at private sale.
JAN. 10 1914.1
THE CHRONICLE
-Proposals
-BOND OFFERING.
MIAMI COUNTY (P. 0. Troy), Ohio.
Auditor,
will be received until 10 a. m. Jan. 16 by M. T. Staley, County
flood-emergency bonds:
for the following 5% coupon
$10,000 road bonds of an issue of $43,000. Dated Sept. 1 1913. Due
Sept. 1 1916.
80,000 bridge bonds of an issue of $451,000. Date Sept. 1 1913. Due
on Sept. 1 as follows: $35,000 1917 and 1922 and $10,000 1924.
Denom. $500. Int. semi-annually at office of County Auditor. Certified check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 10 days from time of award;
purchaser to pay accrued interest. Bids must be unconditional.
-No bids were received on Jan. 5 for the 18 issues of 5%
BOND SALE.
ditch and levee bonds aggregating $43,000 offered on that day (V. 97, P•
1922). It is reported that these bonds were sold Jan. 6 to Spitzer, Rorick
& Co. of Toledo ar par.
-The $16,-BOND SALE.
MIDDLEFIELD, Geauga County, Ohio.
800 5% 12-year (average) High and Elm Sts. improvement (village
portion) bonds dated March 11913, and offered on May 5(V. 96, p. 1112).
kave been sold to Spitzer, Rorick & Co. of Toledo.
-During the month of December the
-BOND SALES.
MINNESOTA.
following forty-seven issues of 4% bonds, aggregating 5312,116, were
purchased by the State at par:
Date.
Purpose.
Name of Place.
Amount.
School_ __ Dec. 16 1913
$4,000 Aitkin County S. D. No. 66
School_ __ Dec. 16 1913
S. D. No. 46
1,000 Becker County
School_ __ Dec. 2 1913
1,000 Beltrami County S. D. No. 113
School__ Dec. 16 1913
300 Beltrami County S. D. No. 114
School _ Dec. 2 1913
D. No. 45
20,000 Benton County S.
Municipal Dec. 2 1913
5,000 Brooten, Stearns County
Ditch_ _ _ _ Dec. 26 1913
23,000 Cass County Jud. Ditch No. 1
School_ _ Dec. 26 19 3
County R. D. No. 8
2,500 Clearwater
School _ _ Dec. 26 1913
600 Clearwater County S. D. No. 5
School.. _ _ Dec. 2 1913
1,000 cottonwood County S. I). No. 11
School_ _ _ Dec. 2 1913
Crow Wing County S. D. No. 16
1,050
School_ __ Dec. 16 1913
5,000 Crow Wing County S. D. No. 45
Municipal Dec. 26 1913
500 Excrislor. Hennepin County
5,000 Faribault S. D. No. 1, Rice County.._ _School_ _ _ Dec. 10 1913
Ditch____ Dec. 16 1913
13.000 Faribault County Jud. Ditch No. 5
Dec. 16 1913
17,000 Faribault County Jud. Ditch No. 6_ Ditch_ _
School_ _ _ Dec. 16 1913
2.000 Faribault County S. D. No. 127
14,000 Jackson County Jud. Ditch No. 17_ _ _ _Ditch_ _ _ _ Dec. 10 1913
27,800 Jackson County Jud, Ditch No. 20_ _ _ _Ditch_ ___ Dec. 10 1913
8,600 Jackson County Jud. Ditch No. 22.._.._Ditch____ Dec. 10 1913
School_ __ Dec. 10 1913
1,000 Jackson County S. D. No. 93
Municipal Dec. 26 1913
6,000 Kenyon, Goodhue County
Municipal Dec. 2 1913
14,000 Lake Crystal, Blue Earth County
Municipal Dec. 2 1913
6,000 Leigh, Morrison County
School__ Dec. 2 1913
1,000 Lyon County S. D. No. 77
School.. _ _ Dec. 26 1913
2,500 Mahnomen County S. D. No. 18
Dec. 10 1913
School_
1,500 Mahnomen County S. D. No. 20
Dec. 10 1913
Ditch
11,000 Martin County Ditch No. 26
Dec. 10 1913
Ditch
6,000 Martin County Ditch No. 30
Dec. 10 1913
13,000 Martin County Ditch No. 31
Dec. 10 1913
11,000 Martin County Jud. Ditch No. 11_ __ _Ditch_ _
Ditch..___ Dec. 10 1913
10,000 Martin County Jud. Ditch No. 21..
Municipal Dec. 2 1913
5,000 Nebish, Beltrami County
2,500 Nobles County Consol. S. D. No. 1_ _ _School _ _ _ Dec. 16 1913
School_
Dec. 26 1913
1,000 Pennington County S. D. No. 7
School_
Dec. 16 1913
1,400 Pine County S. D. No. 84
Municipal Dec. 18 1913
8,000 Pine Island, Goodhue County
School_
Dec. 2 1913
1,300 Polk County S. D. No. 284
School..
Dec. 16 1913
6,000 Redwood County S. D. No. 27
School..
Dec. 26 1913
2,800 Renville County S. D. No. 13
School..
Dec. 16 1913
St. Louis County S. D. No. 31
1,800
School
Dec. 16 1913
1,200 St. Louis County S. D. No.64
SchooL
Dec. 16 1913
1,600 Swift County S. D. No. 71
School_
Dec. 16 1913
500 Todd County S. D. No. 141
School
Dec. 2 1913
Wabasha, Wabasha County
2,666
10,000 West St. Paul Spec. S. D., akota Co_ _School _ _ _ Dec. 2 1913
West St. Paul Spec. S. D., Dakota Co_ _School_ _ _ Dec. 2 1913
10,000
-On Dec. 29
-BOND SALE.
MOBILE COUNTY (P. 0. Mobile), Ala.
-year highway-construction bonds (V. 97; p. 1607
the $200.000 5% 20
were awarded to the Tillotson & Wolcott Co. of Cleveland at 101.57 and
interest. Denom. $500. Date Feb. 1 1914. Interest F. & A.
-An issue of $12.000
-BOND SALE.
MOHNTON, Berks County, Pa.
4% road impt. bonds has been awarded to local investors at par and int.
Denom. $500. Int. A. & 0. Due serially from 1921 to 1941; subject to
call at any interest period.
-BOND OFFERING.
MONROE COUNTY (P. 0. Bloomington), Ind.
-Proposals will be received until 2 p. m. Jan. 19 by W. W. Weaver,
County Treasurer,for $4,150 4% highway-improvement bonds. Denom.
$207 50. Date Nov. 17 1913. Int. M. & N. Due 3207 50 each six
months from May 15 1915 to Nov. 15 1924 inclusive.
-BOND SALE.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
On Dec. 31 the $10,000 5% 4-vear (average) Children's Home bonds
(V. 97, p. 1841) were awarded to Weil, Roth & Co. of Cincinnati at 100.67
and interest. There were no other bidders.
MOSCA IRRIGATION DISTRICT (P. 0. Moses.), Costilla County,
-The $10,000 6% bonds offered on March 8(V. 96,
-BOND SALE.
Colo.
p. 584) have been sold, we are advised. to W.H. Knowlton of Denver at 95.
-The $50,000
NEEKOOSA, Wood County, Wis.-BOND SALE.
school and $15,000 bridge 53 % bonds were awarded at par on Sept. 15
to the State of Wisconsin and the Merchants Loan & Tr. Co. of Chicago.
Denom. $1,000. Date Sept. 15 1913. Int. ann. in Sept. Due $1,000
yearly.
-Spitzer, Rorick
NELIGH, Antelope County, Neb.-BOND SALE.
& Co. of Toledo were awarded on Nov. 1 310,000 7% district sewer bonds
dated Nov. 1 1913, at par. Bids were asked on Nov. 1 for not less than
$12,000 nor more than $15,000. See V. 97. p. 1307.
-Proposals will be received u nti
-BOND OFFERING.
NEWARK, N. J.
12 m. Jan. 19 by Tyler Parmly, City Comptroller,for the following 434%
bonds:
gold coupon or registered
$200,000 water bonds due Feb. 1 1944.
400,000 dock bonds due Feb. 1 1959.
100,000 water bonds due Feb. 1 1944.
976,000 school bonds due Feb. 11944.
1.200,000 funding bonds due Feb. 11944.
Denom. $1,000 or multiples. Date Feb. 1 1914. Int. P. & A. at Nat.
State Bank, Newark. Cert. check on an incorporated bank or trust company, payable to the City Comptroller, for 2%% of bonds bid for, required. Separate bids for each issue. Legal opinion of Hawkins, Delafield & Longfellow.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-Proposals will be received
-BOND OFFERING.
NEW HAVEN, Conn.
until 11 a. m. Jan. 15 by Arthur D. Mullen, City Comptroller, for the
following coupon or reg. bonds:
-pavement bonds. Date Oct. 1 1911. Due $20,000
$80,000 4% street
yearly on Oct. 1 from 1933 to 1936 incl.
street-pavement bonds. Date May 1 1913. Due $50,000
200,000 4%
yearly on May 1 from 1933 to 1936 incl.
200,000 4%% street-pavement bonds. Date Jan. 1 1914. Due $50,000
yearly on Jan. 1 from 1931 to 1934 incl.
50,000 4%% sewer bonds. Date Jan. 1 1914. Due Jan. 1 1938.
Denom. $1,000, or multiples. Bonds dated Jan. 1 1914 are tax-free in
Connecticut. These bonds will be certified as to genuineness by the U. S.
Mortgage & Trust Co.. N. Y.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
177
103.147 Estabrook & Co., Boston_ _ _ _1(12.65
Blodget & Co., Boston
,
N. W. Harris & Co., Bost.._ _103.14 Perry, Coffin & Burr, Boston.102.68'
Co.,
103.09 Blake Bros. & Co. Boston- _102.48
Adams & Co., Boston
Curtis & Sanger, Boston........103.03 Newton Tr. Co.,
102.819
R.L. Day & Co., Boston_
The bonds are dated Nov. 1 1913.
NEWTON INDEPENDENT SCHOOL DISTRICT (P. 0. Newton),
-Proposals will be received
-BOND OFFERING.
Jasper County, Iowa.
until 7:30 p. m. Jan. 19 by C. F. Morgan, School Treas., for the $40.000
5-10-yr.(opt.) bldg. bonds voted Dec. 16(V.97, p. 1841). Denom.$1,000.
Date Mar. 1 1914. Int. (rate to be named in bid) J. & J. Cert. check
for $1,000. payable to above, required.
-The bonds given below were is-BOND SALE.
NEW YORK CITY.
sued by this city during December and purchased by the Sinking Fund at
par:
Amount.
Int. Rate. Maturity.
Purpose$5 0,000
3
1923
Various Municipal purposes
10,000
f On or before'
3
Assessment bonds
1 Jan. 1923 J
7,000,000
3
1930
General fund bonds
$7.510,000
The following short-term securities, aggregating $90.932,919 25, and consisting of revenue bonds, bills and corporate stock notes, were issued during December:
Amount.
Rey. Bills'13 (con.) Int.
Amount.
Rev. Bonds 1910. Int.
*474
Current expenses........53' $3,000,000 00 Current expenses_ _ *434 43,065,229 45
x945,056 23
3,000,000 10 Current expenses.. _
Current expenses__...5%
Current expenses_ _ _5% 3,000,000 00
Total rev. bills (current
Rev. Bonds 1911.
$19,822,904 50
expenses)
2,000,000 00
Current expenses_
Rev. Bonds 1912.
Corporate Stock Notes.
2,000,000 00
Current expenses_ _ _8
3,000,000 00 Var. mun. purposes_ _6 $13,000,000 00
Current expenses_ _.._5%
2,500,000 00
3,000,000 00 Var. mun. purposes.._5 A
Current expenses_ _
250,000 00
Var. mun. purposes....5
Rev. Bonds 1913.
500,000 00
2,000,000 00 Var. mun. purposes_ _4 A
Current expenses.._ _ -5A
500,00000
2,000,000 00 Var. mun. purposes_ _4 A
expenses_ _ _
Current
35,000 00
10,000 00 Var. mun. purposes..
.A%
Current expenses_ _ _
890,522 25
50,000 00 Var. mun. purposes.*5 A
Current expenses_ _ _
247,363 01
Var. mun. purposes_*5 A
486,083 91
Var. mun. purposes_*5 A
Total rev. bonds (current
245,582 20
$23,060,000 00 Var. mun. purposes_*5
expenses)
298,169 1
$25,000 00 Var. mun. purposes_*4.95
5
Special
1,970,616 44
15,000 00 Var, mun. purposes_*4 A
Special
434
4 13-16 65,000 00 Var. mun. purposes*4 13-16 1,085,470 21
Special
1,846,878 76
55,000 00 Var. mun. purposes _ *4
Special
43.'
s482,276 05
118,000 00 Var. mun. purposes_*534
4A
Special
x2,366,513 15
358,500 00 Var. mun. purposes_*5
434
Special
z165,512 42
400,000 00 Var. mun. purposes_*43.'
3
Special
2.500,000 00
534
Water
2,126,038 47
431
00 Water
Total rev. bonds(special)$1,038,500
10.000 00
434
Water
Rev. Bills 1911.
..6
1,995.728 02
4590,442 90 Water
Current expenses_..5
•5%
1,970,794 52
23 Water
x544,315
Current expenses.... _*4,i
245,965 40
*4.95
Water
Rev. Bills 1912.
493 209 32
*4.88
,
73
I
1,33T,A1 55 Water
.
Current expenses _..534
*434
2,220,850 18
Water
z
Current expenses.. *4U
*4 13-16 97,719 01
Water
Rev. Bills 1913.
*43..'
1,728,022 27
486,599 32 Water
Current expenses_ *5A
*534
:723,414 03
2,240,974 32 Water
Current expenses__ *5A
s1.208,353 40
*5
1,996,910 96 Water
Current expenses_ .534
x710,238 62
*474
343,863 02 Water
Current expenses *5
436,538 32
*451
147,741 98 Water
Current expenses_ *4.95
*4 13-16 977,585 62
492,543 56 Rapid Transit
Current expenses_ *4.86
491,671 23
*45(
Current expenses_ _ _*4 85 1,428,706 50 Rapid Transit
732,608 78
'434
Current expenses__ _*4 A274,028 34 Rapid Transit
x1,678.791 98
*5
Current expenses _*4 13-18 2,268,659 42 Rapid Transit
49,524 83
_ p434
Current expenses.. _ _*5
Total corp. stock notes_347,013,514 75
4,714,617 11
Current expenses....
* Rate of discount; figures in "Amount" column represent proceeds of
loan after deducting discount. z Payable in (£) sterling.
-The $8000
-BOND SALE.
NEZ PERCE, Lewis County, Idaho.
(not $7,500 as first reported) 10-20-year (opt.) refunding bonds, dated
96, p. 741) were awarded on Aug. 19 to the Union Tr. &
Sept. 1 1913 (V.
Says. Bank of Spokane at par for 6s. Denom. $1,000. Int. J. & J.
-Local
-BOND ELECTION PROPOSED.
NIAGARA FALLS, N. Y.
newspaper reports state that an election will probably be held Feb.9 to vote
question of issuing $300,000 city-hall -constr. bonds.
on the
NORTH BERGEN TOWNSHIP SCHOOL DISTRICT (P. 0. Wee-Reports state
-BOND OFFERING.
hawken), Hudson County, N. J.
that proposals will be received until Jan. 15 by the District Clerk for
5% school bonds. Date March 18 1913. Due March 1 1943.
$96.000
These bonds were offered without success on Sept. 22 (V. 97, p. 832).
-BOND ELECTION
NORTH YAKIMA, Yakima County, Wash.
-Reports state that the City Commission is contemplating
PROPOSED.
calling an election to vote on the proposition to issue sewer bonds.
-BONDS TO BE OFFERED
OCEAN CITY, Cape May County, N. J.
-The City Treasurer advises us that this city will offer for sale
SHORTL Y.
some time this month from $125,000 to $150,000 street-improvement and
drainage bonds.
-The $10,000 5% 20-year fire-apparatus bonds offered
BOND SALE.
the Ocean City Title &
on Ma3r 8 (V. 96, P. 1172) have been awarded to Oct. 1
1913.
Trust Co. at 100.50. These bonds were delivered
OHIOWA SCHOOL DISTRICT (P. 0. Ohiowa), Fillmore County,
-The question of issuing $20,000 school
DEFEATED.
Neb.-BONDS
bonds failed to carry at the election held Jan. 2.
-Proposals
-BOND OFFERING.
ONEIDA, Madison County, N. Y.
will be received until 8:30 p. m. Jan. 14 by D. J. Covell, City Clerk, for
$41,513 11 4)4% or 431% reg. school-bldg., fire-equip. and sewer bonds.
Auth. vote of 242 to 131 at an election held June 2. Denom. $1,000, $700
and $451 42. Date Jan. 1 1914. Int. J. & J. in Oneida or N. Y. Due
part on Jan. 1 each year. Cert. check for 234% of bonds bid for required.
The principal of these bonds may be registered. Official circular states
that there is no controversy or litigation pending or threatened affecting
the corporate existence of the boundaries of said municipality or the title
of its present officials to their respective offices, or the validity of its bonds,
and that the principal and int. on all bonds previously issued has always
been promptly paid at maturity.
-BONDS VOTED.ORANGE COUNTY (P. 0. Santa Ana), Calif.
The question of issuing approximately $26,000 Anaheim-Fullerton roaddivision bonds carried, it is stated, at the election held Dec.27 by a vote
of 24 to 2
-The question of
-BONDS VOTED.
OREGON, Ogle County, 111.
issuing $7,000 dam-improvement bonds carried, it is stated, at the election held Dec. 30.
-BOND ELECTION
OREGON CITY, Clackamas County, Ore.
-Reports state that the City Council has been asked by the
PROPOSED.
Water League to call an election in the near future to submit to
Mountain
the voters a proposition to issue $300,000 bonds to construct a pipe line
to the south fork of the Clackamas River.
ORTON LEVEE DISTRICT (P. 0. Ashdown), Chicot County, Ark.
-No sale has been made of the $40,000 6% 10-25
-BONDS NOT SOLD.
year levee bonds offered on June 9 (V. 96. P. 1439)•
-BOND
(P. 0. Pittsburgh), Allegheny County, Pa.
OSBORNE
-On Dec. 15 an issue of $16,000 tax-free refunding bonds was
SALE.
awarded to the Colonial Tr. Co. of Pittsburgh for $16,283, equal to 101.768.
Denom. $500. Date Feb. 1 1914. Int. P. & A. at First Nat. Bank,
Sewickley. Due $5,000 4% bonds Feb. 1 1919, 33.000 59' bonds Feb. 1
1924 and $4,000 59' bonds Feb. 1 1929 and 1934. Bonded debt, this issue.
Assess. val.. $687.000; real (est.), $1,200,000. The above trust company
is offering these bonds to investors at prices to yield 4.40%•
OVERCUP SLOUGH DRAINAGE DISTRICT, Jackson and Wood%
-On Jan. 6 the $90,000 61 5-20ruff Counties Ark.-BOND SALE.
year (set.) drainage bonds (V. 97, p. 1841) were awarded to Wm. R.
Compton Co. of St. Louis at 96.35.
-Pro-BOND OFFERING.
PAULDING, Paulding County, Ohio.
-The other bids re-BIDS.
NEWTON, Middlesex County, Mass.
until 12 m. Feb. 2 by Harry L. Hoffman. Vii. Clerk,
be
celved for the 330,000 4% 1-30-yr. (ser.) sewer bonds awarded on Dec. 23 posals will 5%received
20-yr. refunding bonds. Denom.(7) $500.(1) $400. Date
for $3,900
to Merrill, Oldham & Co. of Boston at 103.419 (V. 98. p. 87) were:
178
THE CHRONICLE
-Nov. 1 1913. Int. M.& N. Cert. check for 5% 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 int.
PETROLEUM SCHOOL DISTRICT, Kern County, Calif.
-BOND
SALE.
-The $7,000 6% 4-7-yr. (ser.) school bonds offered on April 8
(V. 96, p. 1042) were awarded to the First Bank of Kern, Bakersfield, on
April 11 for $7,018
-equal to 100.257. Denom. (3) $2,000, (1) $1.000.
Date March 3 1913. Int. M.& S.
PHILADELPHIA, Pa.
-BOND SALES DURING 1913.
-Last year the
city of Philadelphia placed $6,375,000 permanent and $600,000 temporary
loans. These sales have already been reported except that of the $7,000,000 4% loan offered last May, $4,175.000 were subscribed for,instead of
only $4,150,000.
PITTSBURGH, Pa.
-BOND SALES IN 1913.
-As a matter of record,
we are printing below a statement of the bonds sold by this city during
the past year:
Name of PurchaserAmt. of bds. Purpose of bonds. Date of bds.
Union Trust Co
$3,960,500 Various
Union Trust Co
15,000 Market house
Dec. 1 1912
Union Trust Co
190.000 Playgrounds
Dec. 1 1912
F. F. Nicola
219.000 Playgrounds
Dec. 1 1912
Guarantee Fund,City Treas_ _ _ _
101.000 Corliss St. Impt. Feb. 1 1913
Municipal Pension Association
12,700 Corliss St. Impt. Feb. 1 1913
Sundry persons
1,300 Corliss St. impt. Feb. 1 1913
Union Trust Co
35,000 Corliss St. impt. Feb. 1 1913
[VOL.
xcvm.
SARATOGA COUNTY (P. 0. Saratoga Springs), I N. Y.
-BOND
OFFERING.
-Proposals will be received until 2 p. m. Jan. 20 by John K.
Walbridge, Co. Treas., for the following 5% bonds:
$50.000 State and county highways bonds. Due $10,000 Feb. 1 1922 and
$20,000 on Feb. 1 1923 and 1924.
30,000 tuberculosis hospital bonds. Due Feb. 11919.
Denom. $1,000, or multiple thereof. Date Feb. 1 1914. Int. F. & A.
at office of Co. Treas. Official circular states that the county has never
defaulted in payment of either bonds or interest.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
SIDNEY, Delaware County, N. Y.
-BOND SALE.
-On
$11,732 10%-year (av.)street-pavement bonds (V. 97, p. Jan. 1 the
awarded to Adams & Co. of N. Y. Isaac W. Sherrill of 1924) were
and the People's Nat. Bank of Sidney also submitted bids. Poughkeepsie
SOUTH HADLEY, Hampshire County, Mass.
-BOND SALE.
-On
Jan.7 an issue of $70,000 4% town-hall and high-school bonds was awarded.
to Blodget & Co. at 101.52. Denom.
(60)$1,000 (20) $500. Date Oct. 1
1913. Int. A.& 0. Due $3,500 yearly from 1914 to 1933 incl.
Other bidders were:
Curtis & Sanger. Boston
101.14'Blake Bros. & Co., Boston_ _ _100.92
N. W. Harris & Co., Boston_ _101.061Estabrook & Co., Boston_ _ _-100.89
SOUTH MILLS TOWNSHIP SCHOOL DISTRICT NO. 19 (P. 0.
South Mills), Camden County, No. Car.
-BOND SALE.
-The Secretary
Total
$4.534,500
advises us that the $6.000 6% school bonds offered on May 12 1913(V.96.
All of the above bonds were sold at par and interest
p. 1174) were disposed of on that day . Due $500 yearly for 12 years.
POMONA, Los Angeles County, Calif.
-BOND SALE.
-Reports
SOUTH ORANGE, Essex County, N. J.
state that the two issues of 5% bonds, aggregating $90,000, for which
-BOND OFFERING.
bids
were received on Dec. 23, and taken under advisement (V. 98, p. 87) have Further details are at hand relative to the offering on Jan. 19 of the followbeen awarded to the First Nat. Bank, the American Nat. Bank, the State ing bonds (V. 97, p. 1842):
$250.000 43. % water bonds. Due Jan. 1 1944.
Bank of Pomona and the Savings Bank & Tr. Co. of Pomona at par and
-improvement bonds. Due yearly on
int.
50,224 5% street
It is also stipulated that the city stand the expense of whatever additional
Jan. 1 as follows: $5,000 from 1915 to 1917 incl., $6,000 from 1918
legal work may be required to attest the legality of the issues.
to 1922 Incl. and $5,224 on Jan. 1 1923.
PRAIRIE DU SAC, Sauk County, Wis.-BOND SALE.
20,000 4%% sewer bonds. Due $4,000 yearly on Jan. 1 from 1945
-The $20,000
4% 1-18-yr. (ser.) bonds offered on June 4 were awarded to the Bank of
to 1948 incl.
Baraboo on July 18 at 95. Denom. $100. Int. ann. on March
8,000 43. % park bonds. Due Jan. 11944.
1.
29,000 5% funding bonds. Due yearly on Jan. 1 as follows: $4.000
PREBLE SCHOOL TOWNSHIP (P. 0. Preble), Adams
County,
from 1915 to 1917 incl., $3,000 from 1918 to 1921 incl.
Ind.
-BOND SALE.
-The $7.680 4%% school bonds offered on and dated
and $5,000 Jan. 1 1922.
May 20 1913 (V. 96, p. 1379) were sold on that day, the Township Trustee
Proposals for these bonds will be received until 8 p. m. on that day by
advises us.
the Finance Committee of the Board of Trustees. Denom. $1,000, except
RACINE, Racine County, Wis.-BOND SALE.
-On
6
street bonds, which
$60,000 4%% 1034-year (average) school-building bonds dated Jan. 1 the on 5% & J. at U. S. Mtge. one is in the denom. $1,224. Date Jan. 1 1914.
Certified check on a national
June
(V. 97, p. 1923) were awarded to the Second Ward Savings Bank of 1913 bank or trust company for & Tr. Co., N. Y. for, payable
2% of bonds bid
Milto Frank Fenner,
waukee at par less 3100
-equal to 99.833. Other bids were:
Village Treasurer, required. Bonds to be delivered and paid for at 11 a. m.
Discount.
Discount. Feb. 2 1914 at office of above trust company, unless a subsequent date shall
A. B. Leach & Co.. Chicago_ _.$1201Spitzer. Rorick & Co., Toledo_ _$550 be mutually agreed upon; funding bonds will be delivered
Feb. 27. These
B.II. Rollins & Sons, Chicago__ 360 Seasongood & Mayer,Cincinnati
870 bonds will be certified as to genuineness by the above trust company and
RAY COUNTY (P. 0. Richmond), Mo.-BOND OFFERING.
- the validity of said bonds will be certified by Caldwell, Masslich & Reed of
According to reports, proposals will be received until Feb.2 by E. A. Ringo, N.Y. City, without expense to purchaser. Separate bids must be made for
Co. Clerk, for $100.000 5% court
each issue and must be on forms furnished by above committee. These
-house bonds.
bonds may be registered.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
-BOND
Additional information is at hand relative to the offering on OFFERING.
-BOND SALES.
STRUTHERS, Mahoning County, Ohio.
-On Dec.
Jan. 15 of the
$84.000
% reg. highway impt. (seventh series) bonds (V. 97, P.
27 three issues of 67, bonds, aggregating $2,354 40, were awarded to the
1923)•
Proposals for these bonds will be received until 12 m.on that day b y Francis Struthers Savings & Banking Co., as follows:
Riley. Co. Treas., Denom. $3,000. Date Feb. 1 1914. Int. F. & A. $1,104 40 Elm & Short Sts. sewer bonds for $1,109 90, equal to 100.498.
at office of Co. Treas. Due $3,000 yrly. on Feb. 1 from 1915 to 1942 incl.
640 00 Roland Ave. and Terrace St. sewer bonds for $643 20
-equal
Cert. check on a N. Y. State, national bank or trust company, for 2% of
to 100.5
bonds bid for, payable to Co. Treas., required. Bonds to be delivered and
-equal to 100.491.
610 00 Fire Station No. 1 bonds for $613
paid for at 11 a. m. Feb. 2 at office of Co. Treas. 'These bonds will be
The Village Treasurer advises us that the four issues of 6% 1-5
-year
certified as to genuineness by the U. S. Mtge. & Tr. Co. and their legality (ser.) street-impt. bonds, aggregating $9,979 63, offered on June 16 (V. 96.
approved by Caldwell. Masslich & Reed of N. Y. City, whose opinion will p. 1649; havelaeen sold. The bonds are dated June 1 1913.
,
he furnished purchaser without charge. Purchaser to pay accrued interest.
Neb.-BONDS AWARDED IN PART.
SURPRISE,
Bids must be made on forms furnished by the Co.greas., or.the above trust Of the $3,000 Butler County,
5% 20-yr. bonds offered on July 26 $1.000 was awarded to
company.
Paul Lehr at par during August. Denom. $500. DWe July 15 1913.
-ROCHESTER, N. Y.
-NOTE SALE.
Int. annual in July.
-On Jan. 7 the three' issues o
.
notes(V.98, p. 87) were awarded as follows: $360,000 5-mos. revenue notes
TEXARKANA SPECIAL SCHOOL DISTRICT (P. 0. Texarkana),
to Goldman, Sachs & Co., N.
at 4.75% int. and $16 75 premium; Miller County, Ark.
-BONDS OFFERED BY
-William R.
$30,000 8-mos. city garbage notes to the Genesee Valley Tr. Co., Rochester, Compton Co. of Chicago is offering to investors BANKERS.
Y..
$40.000 5M% bldg-impt.
at 4.75% int. and $12 premium, and $90,000 8-mos. overdue tax notes; bonds. Denom. $500. Date Jan. 1 1914. Int. J. & J. at the
$40,000 to the Genesee Valley Trust at 4.75% int. and $12 premium and above company at St. Louis, Chicago or New York. Due on offices of
Jan. 1 as
$50,000 to T. J. Swanton, Rochester, at 4.75% int. and $5 premium. follows: $1,000 yrly. from 1915 to 1918 incl.: $1,500 1919,
1920, 1921 and
Other bidders were as follows:
1922; $2,000 1923, 1924 and 1925: $2,500 1926 and 1927: $3,000 yrly. from
Interest. Prem. 1928 to 1931 incl.; and $3,500 1932 and 1933. Total debt Jan. 1
Genesee Val. Tr. Co., Revenue notes
$30,000 4.75 $12.00 $184,000. Assess. val. 1913 35.000,000: est. real val. $10,000,000. 1914,
Sutro Bros.& Co., New York
THE DALLES SCHOOL DISTRICT (P. 0. The Dailey), Wasco
Overdue tax notes
90,000 4.75
2.00 County, Ore.
-According to reports,
-BONDS VOTED.
City garage notes
question of
30.000 4.75
2.00 issuing the $100.000 school bonds (V. 97, p. 1924) carriedthe the
Revenue notes
at
election
360,000 4.75
2.00 held Dec. 29 by a vote of 228 to 163.
Rochester Savings Bank, revenue notes
100,000 4.75
T. J. Swanton. Rochester, revenue notes
THIEF RIVER FALLS,Pennington County, Minn.
360,000 4.80
-CERTIFICA
12.00
H. Lee Anstey, New York, entire issue
advised that the $7,500 6% certificates of TE
-We have just been
480,000 4.85
50.00 SALE.
inBond & Goodwin, New York, entire Issue
480,000 4.875
55.00 debtedness offered on Sept. 9 were sold to Bolger, Masser & Willaman of
Parkinson & Burr, New York, revenue notes
360,000 4.95
14.25 Chicago on that day. Denom. $500. Date Aug. 11913. Due $500 yrly.
Overdue tax and city garage notes
120,000 4.90
3.50 Aug. 1 from 1914 to 1928 incl.
Union Trust Co., New York,revenue notes
360.000 4.90
THOMPSON (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
R. W.Pressprich & Co., New York entire issue_
480,000 4.875
(P. 0. Monticello), Sullivan County, N. Y.
-BONDS BEING SOLD
Goldman, Sachs & Co., New York
LOCALLY.
-The Clerk Board of Education advises us under date
Overdue tax notes
90,000 5.00
8.50 that the $48,000 4 % school bonds offered without success on of Jan.7
City garage notes
Dec. 17
30,000 5.00
9.00 (V.97, p. 1680) are being sold to local investors.
Luther Robbins, Rochester, revenue notes
100,000 5.00
11.00
-BOND SALES.
-On Jan. 2 Remick, Hodges & Co.,
TROY, N. Y.
ROSEBORO SCHOOL DISTRICT (P. 0. Roseboro),
N. Y., were awarded two issues of 4% %
1-20
-year (serial) tax-free regisNo. Car.
-BOND SALE PENDING.
-The Secy. Bd. or Ed.
SampsonCuty,
advises us that the sale of the $10,000 5% 30-yr. bldg. bonds to Robt. A. tered bonds as follows:
Kean & Co. of Chicago,who offered par and whose bid wasaccopted about $30,000 water-works refunding bonds. 1914,for $30,309 95 (101.033) & int.
68.000 public-impt. refund. bonds, 1914, for $68,702 64 (101.033) & int.
Nov. 1, is still pending as the purchasers are looking up the validity of the
Other bids were:
issue. Denom. $100 to $500. These bonds were offered without success
$30,000
on July 21 (V. 97,p. 255.)
$6 sue 0
1s , 0
80
Issue.
ROSEVILLE SCHOOL DISTRICT (P. 0. Roseville), Muskingum
Manufacturers' National Bank, Troy
$30,300 00 $68,680 00
County, Ohio.
-BOND OFFERINO.-According to reports, proposals R. W. Pressprich & Co., N. Y
30,155 00 68,350 00
will be received until 12 m. Feb. 2 by J. H. Patch, Clerk Board of Educa- J. S. Bache & Co., New York
30.136 80 68,310 08
tion, for the $30.000 5% 13 1-3-year (average) building
Harris, Forbes & Co., New York
30,090 30 68,204 68
Nov. 4 (V. 97. p. 1448). Certified check for 10% required. bonds voted
The bonds will be dated and draw interest from the date of the receipt
of the money paid for their purchase. Interest semi-annual.
SACRAMENTO COUNTY kP. 0. Sacramento), Calif.
$100,000 5% tax-free certificates of indebted
On the same
-Reports state that of the $250,000 -BONDS
AWARDED IN PART.
15 -year ness or revenueday (Jan. 2)awarded to R. W. Pressprich
bonds were
(aver.) drainage bonds offered on Dec. 16 (V.97, p. 1680), $167,000 has
& Co. of N. Y
at 100.113 and int. Other bids were:
been awarded to the California Nat. Bank of Sacramento.
$100.0451N. W. Coler & Co., N. Y_.$100,00.'
10-BOND OFFERING.-Geo. F. Wittenbrock, Co. Treas., will receive Manufac'es Nat. Bk.,Troy Date
Denomination $25,000.
Jan. 2 1914 to Sept. 211914.
bids until 10 a. m. Jan. 13. it is stated. for $90.000 reclamation bonds.
-Proposals will be received until 10 a. m.
BOND OFFERING.
ST. JOHN'S, Multnomah County, Ore.
Jan. 19
-BOND OFFERING.
- by Wm. H. Dennin, City Compt.. for $350,000 4%% reg.water-works
Proposals will be received until 6 p. m. Jan. 20 by F. A. Rice, City Re- bonds, series of 1914. Date Jan. 15 1914.
Int. J. & J. Due in 20 ann.
corder, for $690 42 (dated Nov. 8 1913). $3,427 86 (dated Nov. 15
bonds,
and 35,295 66 (dated Dec. 12 1913) 6% coup. improvement bonds. 1913) Installments. Cert. check for 1% of paid forpayable to "City of Troy".
De
- required. Bonds to
within 10 days after notice
nom. $500 or less. Int. semi-ann. Due in 10 years, subject to call any of acceptance of bid. be delivered and
interest
-paying day after 1 year. Certified check for 2% of bid, payable
to "City of St. Johns," required. Bonds to be delivered and paid for within
TUCSON, Pima County, Arix.-BOND OFFERING.-Reports state
15 days from time of acceptance of bid.
that bids will be received by L. A. Cowan, City Clerk, until 5 p. m. Jan.26
for the $165,000 5% 30-year water-works bonds
V:BAN DIEGO, San Diego County, Calif.
-BONDS VOTED.
-The p. 1924). Certified check for 5% required. voted in December (V.97.
questions of issuing the $615.000 water-supply-system-improvement
and
$60,000 filtration-plant bonds carried at the election held Dec. 30 by a vote
TUCSON SCHOOL DISTRICT (P. 0. Tucson), Pima County, Aria.
of 5,079 to 1,100 and 4.994 to 1.102 respectively.
-BOND OFFERING.
-Bids will be opened on Feb. 15, it is stated, for
SAN DIEGO SCHOOL DISTRICT, San Diego County, Calif.
phe 844 .
)
2 . 00
- t. 19 5 0 grammar-school-building bonds voted during December (V.97.
BIDS.
-The other bids received for the $350.000 5% site-purchase, building and equipment bonds awarded on Dec. 22 to Wm. R. Compton Co. of
VERNON, Wilbarger County, Tex.
-BOND OFFERING.
St. Louis through the Bank of Commerce & Trust Co. of San Diego at
101.27 Sewell, Mayor, is offering at private sale $16,000 street-impt. and-I. S.
and interest
98, p. 87) were.
school 5% 10-40-yr. (opt.) bonds. Date Aug. 1 1913. Int. F. &$16,000
N.W.Halsey& Co..San Pr _$353,7451StePhens & Co., San Diego.$351,90
(V*
A.
1
VIENNA, Dooly County, Ga.-BOND SALE.
SAN FRANCISCO, Calif.
-BONDS SALES OVER COUNTER.
-On Dec. 30 the $30,000
-Of the
$875,000 5% 22-yr. (aver.) gold coup. tax-free municipal-railway bonds 6% 20
-year (ay.) school bonds (V. 97, P. 1843) were awarded to Weil,
offered on Dec. 15 the $6F3,000 not sold on that day (V. 98, p. 87) was Roth & Co. of Cincinnati at 105 and int. Among the other 16 bids reoffered "over the counter' by the City Treasurer at a price to net their ceived were:
purchasers 4.90% interest. Local papers state that up to and including Robinson-Humphrey &
John W.Dickey, Augusta $31,012 50
Wardlaw. Atlanta
$31,361 00 Spitzer, Rorick & Co.,
Dec..,29 $245.800 had been sold in this maaner.
Hoehler & Cummings,Tol. 31,211 00
Toledo
31,001 00
SANTA B VI13"klit, -ant% Barbara County, Cal.
-BONDS TO BE H.T. Holtz & Co., Chic__ 31,131 00 Ulen & Co., Chicago
30,977 00
OFFERED SII9RTLY.-According to reports, this city will shortly
offer R. M.Grant & Co., Chic_ 31,043 00
for sale the $120,000 5% water-works-extension bonds voted
Sept. 10
WAKE COUNTY (P. 0. Raleigh), No. Caro.
(V. 97. p. 907).
-BOND SALE.
-On
Jan. 5 the $75,000 5% 30
-year coupon county-home bonds(V.97. P. 1080)
THE CHRONICLE
JAN. 10 1914.1
Baltimore at 102.03 and int.
were awarded to Townsend Scott & Son of
awarded to Townsend
As previously stated the above are the same bonds to comply with some
is
Scott & Son on Oct. 6 and the re-advertisement
formality.
legal
n Jan. 6
WALTHAM, Middlesex County, Mass.—BOND SALE.—O Boston
Coffin & Burr of
two issues of 4% bonds were awarded to Perry,
follows:
as
1915, $3,000 yearly from
$46,500 school bonds at 101.91. Due $3,500
to 1934 incl.
1916 to 1920 incl. and 82.000 yearly from 1921
$2,000 1916 and 1917
13,400 street bonds at 100.65. Due $2,400 1915,
yearly from 1918 to 1924 incl.
and $1.000
Other bids were:
School Bds. Street Bds.
100.578
101.578
N. W. Harris & Co., Inc.. Boston
100.562
101.541
Blodget & Co., Boston
100.53
101.55
& Co., Boston
Estabrook
100.53
101.52
Curtis & Sanger, Boston
100.519
101.519
R. L. Day & Co., Boston
101.65
101.27
Co., Boston
Blake Bros. &
101.03
101.03
Adams & Co., Boston
Date Jan. 11914. Interest J. & J.
Y.—BOND SALE.—An issue of
WALTON, Delaware County, N. was awarded to Adams & Co. of
$45,000 44% municipal-building bonds$500. Date Aug. 1 1913. Int.
New York during October. Denom.
to call.
F. & A. Due $1.500 yearly and are subject
(P. 0. Walton), Cass County, Ind.
WALTON SCHOOL DISTRICT be received until 2:30 p. m. to-day,
—BOND OFFERING.—Proposals will
for $3,500 4.40% 10-year coup. taxJan. 10, by Elmer Odell, Treasurer, Date Jan. 15 1914. Int.at Cass Co.
Denom.
free refunding bonds. Certified$500. for $500, payable to above Treasurer,
cheek
State Bank, Walton.
$4,900. Assessed val., $32,000.
required. Bonded debt (incl. this issue).
ND OFFERING.
rt),
WARREN COUNTY (P. 0. WilliamspoJan. Ind.—BO
19, it is stated, by Ernest
will be received until 1 p. m.
—Proposals
43470 semi-annual 10-year roadGray, County Treasurer, for $11,500
improvement bonds.
Gray, County
Bids will be received until 1 p. m. Jan. 19 by Ernest
Interest
Treasurer, It Is stated, for $11,500 434% 10-year road bonds.
semi-annual.
Cuyahoga
WARRENSVILLE TOWNSHIP (P. 0. Warrensville),
coup. highway-impt.
County, Ohio.—BOND SALE.—The $3,765 5% 97, p. 316) have been
bonds dated Aug. 1 1913 and offered on Aug. 30 (V.
sold.
WASHINGTON, Washington County, Iowa.—BOND SALE.—On
to G. M.
Dec. 16 an issue of $12.000 5% funding bonds was awarded
1914
Bechtel & Co. of Davenport at par. Denom. $1,000. . Date Jan. 1
Int. M.& N. Due $1,000 yearly on May 1 from 1915 to 1926 inclusive.
o
WATERTOWN, Mass.—BOND SALE —On Jan. 8 the following 47
coupon tax-free school loan bonds were awarded to Curtis & Sanger of
Boston at 101.77:
Due $5,200
$69,200 school bonds. Denom. (68) $1,000 (1) $1,200. $4,000 May 1
1917.
1
May 11914, $5,000 on May 1915, 1916 andto 1933, inclusive.
1 from 1919
1918 and $3.000 yearly on May
Due $1,000 yearly
5,000 Hosmer school land bonds. Denom. 81.000.
on May 1 from 1914 to 1918, inclusive. Nat. Bank, Boston.
Fourth Atlantic
Date May 11913. Int. M.& N. at
SALE.—The $13,500
9t WATKINS, Schuyler County, N. Y.—BOND awarded to Warren
26 were
1-30-year (ser.) sewer bonds offered on May
179
Denom. $100
W. elute on Nov. 10 at par and a small premium for 5s.
and $500. Date Oct. 1 1913. Int. A. & O.
that
WAYCROSS, Ware County, Ga.—BOND SALE.—Reports state
bonds.
.T. W. Dickey of Augusta has purchased $11.000 fire-department
County,
WAYNE TOWNSHIP (P. 0. West Point), Tippecanoe
% 5U-year (ay.) West
Ind.—BOND SALE.—On Jan. 3 the 87.875
Wild &
Point school-building bonds (V. 97, p. 1924) were awarded to J. F.
Co. of Indianapolis for $7,990 (101.46) and int. Other bids were: int.
87.989 00 and
Edward O'Gara, Lafayette, bid
7.958 00 and int.
E. M. Campbell & Sons Co.. Indianapolis
7,911 50,int.and
Fletcher-American National Bank, Indianapolis
blank bonds
7,906 50 and int.
Meyer-Kiser Bank, Indianapolis
7,885 00 and int.
William Baigh, Lafayette
7,880 00 and int.
Security Trust Co., Indianapolis
WAYNESVILLE, Haywood County, No. Caro.—BOND SALE.—
-year school bonds offered on June 25 (V. 96. p. 1723)
The $6,000 5% 30
have been sold.
WELLINGTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Wellington), Collingsworth County, Tex.—BOND OFFERING.—This
-40-year (opt.)school-construcdistrict is offering for sale the $12.000 5% 10
tion bonds registered on Aug. 5(V.97, p.470). Denom. $1,000. Interest
annually in July. Jno. Williamson is Secy. of the Board of Education.
WEST ASHEVILLE (P. 0. Asheville), Buncombe County, No. Caro.
to
—BOND ELECTION.—An election will be held Feb. 10, it is reported,ion
vote on the question of issuing $50,000 water and sewer-system-installat
bonds.
WEST NEW YORK SCHOOL DISTRICT (P. 0. Station 3, Weehawken), Hudson County, N. J.—BOND OFFERING.—Further details are at hand relative to the offering on Jan. 12 of the following 5%
school bonds (V. 97. p. 1767):
$14,500 school, series "A" bonds. Denom. $500.
27,000 school, series "B" bonds. Denom. $1,000.
8,000 school, series "C" bonds. Denom. $500.
Proposals for these bonds will be received until 8 p. m. on that day by
Nov. 25
the Board of Education, Edward J. Dever, Dist. Clerk.ofDate required.
bid
1913. Due one bond yearly. Certified check for 5%
& Longfellow will approve these bonds.
Hawkins, Delafield
WHARTON COUNTY COMMON SCHOOL DISTRICT NO. 17, Tex.
—BOND OFFERING.—This district is offering for sale the $5,000 5%
-year (opt.) building bonds registered on Aug. 4 (V. 97. p. 470).
10-20
GarDenom. $100. Date Sept. 1 1913. Int. ann. on April 10. Oswald
rett is County Superintendent of Schools (P. 0. Wharton).
Wilson County, No. Caro.—
WILSON TOWNSHIP (P. 0. Wilson),
Jan. 20 by Charles L.
BOND OFFERING.—Proposals will be received until school-building bonds
-year
Coon, Supt. of Schools. for the $30,000 5% 30
voted May 24 (V. 96, p. 1575).
WINCHESTER, Clark County, Ky.—BOND SALE.—The $12,000
bonds offered on May 15 have been sold to the Winchester Bank,Winches'r.
WINLOCK, Lewis County, Wash.—BOND ELECTION PROPOSED.
—We are advised by the Mayor that the question of issuing $3,500 town-hall
bonds will be submitted to a vote in February. These bonds were reported
sold in V. 97, P• 1625.
WOODSFIELD, Monroe County, Ohio.—BOND SALE.—The $4.-year (ay.) Sycamore and Church streets improvement bonds
516 60 6% 5
NEW LOANS.
NEW LOANS.
MUNICIPAL BOND SALE
STATE OF NEW YORK
SALE OF BONDS
SARATOGA COUNTY, N. Y.
Dated Feb. 1 1914.
EXEMPT FROM TAXATION
INCLUDING THE FEDERAL INCOME TAX
HIGHWAY.
$10,000
$20,000
$20,000
1922
1923
1924
TUBERCULOSIS HOSPITAL
1919
$30,000
Interest 5% Semi-annually.
Proposals received Jan. 20th, 2 P. M.
Detailed information upon request.
JOHN K WALBRIDGE
Treasurer of Saratoga County
Saratoga Springs, N. Y.
F. WM. KRAFT
LAWYER,
Specializing In Examination
Municipal
/
412 Per Cent Gold Bonds
of
AMOUNTING TO
$51 000 000.00
Issued in Coupon or Registered Form
Will be sold Wednesday, January 21, 1914, at 12 o'clock noon
At the State Comptroller's Office, Albany, N. Y.
Bidders will be required to state clearly in the proposal the amount
and price for each $100 bid.
$30,000,000 for the Improvement of the Erie, Champlain and Oswego
canals, dated January 1, 1914, due January 1, 1964.
$21,000,000 for Improvement of Highways, dated September 1, 1913
due September 1, 1963.
As the bonds enumerated above are all 50-year bonds bearing 43 per cent interest,
the Comptroller will reserve the right to allot to the successful bidder bonds for either
of the above improvements, notwithstanding the specific issue may be stated in the bid.
These bonds are Legal Investments for Trust Funds
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
cities of Albany or New York, payable the
and Corporation Bondi solvent bank or trust company of the of New York,for at least two per cent to the
of
of the State
1037-9 FIRST NATIONAL RANK BLDG.,
CHICAGO, ILL.
Bolger,Mosser&WIIIaman
MUNICIPAL BONDS
Lava for Savings Banks.
Festal savings and Trust Funds.
WM.SOHMER,State Comptroller, Albany, N. Y.
SEND FOR LIST,
29 South La:Sallo:St.,
order of the Comptroller
par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed
"Loan for Improvement" and inclosed in a sealed envelope directed to the "Comptroller of the State of New York, Albany."
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which are not in
his opinion advantageous to the interests of the State.
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, &c., will be mailed upon application to
CHICAGO
Albany, December 27, 1913.
180
THE CHRONICLE
offered on Jan. 5(V. 97, p. 1925) will be taken
by the School Board at par
and interest. The bonds are dated Sept. 1
1913.
WORCESTER, Mass.
-TEMPORARY LOAN.
-A loan of $150,000,
dated Jan. 7 1914 and maturing Oct. 17
1914, was negotiated Jan. 6 with
Blake Bros. & Co. of Boston at 3.78% discount
.
Other bidders were:
Old Colony Tr. Co., Boston3.97%1Bond &
Goodwin, Boston_ -4.07%
R. L. Day & Co., Boston-_-3.99%
YANKTON, Yankton County, So. Dak.-BOND SALE.
-On Dec. 29
the $60,0005% water-works bonds(V.97, p.
1843) were awarded to McCoy
& Co. of Chicago at par and int. Other bids
were:
Bolger, Mosser & Willaman,
Kissel, Kinnicutt&Co.,Chic.$58,800
Chicago
$59,862 Sidney Spitzer & Co., Toledo 57,470
0. H. Coffin, Chicago
59,101 Spitzer, Rorick & Co.,Toledo 57,150
ZANESVILLE SCHOOL DISTRICT (P. 0. Zanesvil
le), Muskingum
County. Ohio.
-BOND OFFERING.
-Propos
12 m. Jan. 24 by C. J. Weaver, Clerk, for the als will be received until
$63,000 5% coup. site-purchase and construction bonds voted Nov.4(V.97,
p. 1450). Denom.$500.
Date "clay of sale." int. semi-ann. Duo
yearly on Jan. 24 from 1926 to 1910 incl. $3,000 Jan. 24 1925 and $4,000
check or deposit for
$1.000. payable to "Board of Education," Certified .
required
Purchaser to pay
accrued interest.
itt
Canada. its Provinces and Municipalities.
BATTLEFORD, Sask.-DEBENTURE ELECTION.
-An
be held Jan. 12, it is stated, to vote on the question of issuing election will
$50,000 waterworks. se.v er. power-plant and electric-light debentures.
BEAVER,TON, Ont.-OEBEVTURE SALE.
-The $2,0rn of an is41.10
of SS.Ola 51 20-yr. road an 1 sidewalk debentur
es offered on June 5(V. 96.
p. 1517) have been disposed of at 99 to local investors.
BROOKE, Ont.-DEBENTURES AUTHORIZED.
-Local newspaper
dispatches state that a by-law authorizing
impt. debentures recenly passel the local the issuance of $1,640 municipalcouncil.
CHAPLE AU TOWNSHIP, Ont.-DEBENTU
RE OFFERING.
-Proposals will be received until to-day
by T. J. Go ifrey. Twp. Clerk (P. 0.Jan. 10 (time extended from Dec. 23)
20-yr. town-hail and $5.000 30-yr. Chapleau Drawer 300) for the $10,000
water-works 6% coupon debentures.
Due in annual installments of principal and
interest.
DAVIDSON, Sask.-DEBENTURES AWARD
-Of the
$8,500 53 % additional lighting-system debentur ED IN PART.
es authorized by a vote
of 51 to 7 at the election held Dec. 8 (V. 97,
p. 1450), $6,500 has already
been disposed of. The remaining $2,000 will be
offered at private sale.
Due Feb. 15 1934.
DORCHESTER STATION, Ont.-DEBENTURE
-The $6,500
.5% 20-yr. Installment debentures dated Oct. 1 1913 SALE.
offered on Aug. 25
[Vora. xcvirr.
V. 97, p. 549) were awarded to S. Leaman of Crampto
n on Oct. 1 at par.
Int. annual on Oct. 1.
DUNCAN,B. C.
-DEBENTURE SALE.
-The $10.000 street-impt. and
$5.000 school-bldg.6% debentures(V. 97. p. 1844) have been
sold to Terry,
Briggs & Slayton of 'Toledo, reports state. Due in
1922 and 1927.
GALT, Ont.-DEBENTURES VOTED.
-It is reported
providing for the issuance of $71,000 local-impt. debentur that a by-law
es carried at a
recent election.
GUELPH, Ont.-DEBENTURE ELECTION PROPOS
ED.
-A by-law
providing for the issuance of $17,500 Guelph Radial
Ry.-impt. debentures
will be submitted to the voters, it is stated, in the
near future.
HESPELER, Ont.-DEBENTURES
-According to
newspaper reports a by-law providing for AUTHORIZED.
the issuance of $12,000 electriclight debentures was recently
passed.
KAMLOOPS, B. C.
-RESULT OF DEBENTURE ELECTION.
According to reports the propositi
was defeated while the question on to issue $275,000 hospital debentures
of
debentures carried at a recent election.issuing $2,400,000 municipal-impt.
KENORA, Ont.-DEBENTU
ELECTION PROPOSED.
-According
to reports an election will be held REthe near future
in
to vote on the question
of issuin; $25,000 street-impt., $3.000 park-imp
t. and $6.500 high-schoolcompletion debentures.
L AMMER, B. C.
-DEBENTURE ELECTION PROPOSED.
-An issue
of $15 000 municipal-hall debentures will
be submitted to the voters in the
near future it is stated.
MATILDA TOWN3HIP, 011t.
-DEBE
POSED.
-Reports state that an election will NTURE ELECTION PROsubmit to a vote the proposition to issue $6,000be held In the near future to
bridge-constr. debentures.
MINNEDOSA, Man.
-DEBENTURE SALE.
-On
57
0_39-yr. coupon general debentures were awarded Doc. 29 the $10,000
of Toronto at 80.5 and int. Other bidders were: to A. E. Ames & Co.
Brent, Noxon &Co.,Tor.$7,531&int. I C.H.Bargess&
Denom.(9) $1,000,(10)$100. Date Mar. 11911. Co.,Tor.$7,454 &
Int. ann. on Mar. 1.
MONTREAL, Que.-DEBENTURE SALE.
-We
Treasurer of Protestant Board of School Commissioners are advised by the
that $500,000 debentures were disposed of between June 24 and Sept. 16 as follows:
par to the city of Montreal for sinking fund; 3350.000 at 91.77 $40,000 at
McFee & Co.; $10,000 at 91.77 to C. Meredith & Co., Ltd., to Alexander
of Montreal,
and $100,000 at 92.20 to Brent, Noxon & Co. of Toronto.
MOORE TOWNSHIP (P. 0. Brigden), Ont.-DEBENTU
RE ELECTION.
-An election will be held Jan. 15, it is stated, to submit to a vote
the
proposition to issue $4,000 electric-lighting-plant-constr. debentur
es.
MOOSE JAW SCHOOL DISTRICT, Sask.-DEBENTURE
SALE.
A. E. Ames & Co. of Toronto recently purchased, it is stated,
$75,000 5%
debentures, due serially from 1914 to 1943.
NEW LOANS
NEW LOANS.
$3,876,000
$530,000.00
CITY OF NEWARK, N. J.
NEW HAVEN, CONN.,
BONDS
BOND SALE
SEALED PROPOSALS will be received by
until TWELVE O'CLOCK NOON,ON MONDA the Comptroller of the city of Newark, New Jersey,
Y,THE NINETEENTH DAY OF JANUARY.1914,
Sealed proposals will be received by Arthur D.
at his office in the City Hall, city of Newark, New Jersey,
for the purchase of all or any part of the fol- Mullen, Controller, until 11 o'clock a. m.
lowing issues of Newark city bonds:
THURSDAY, JANUARY 15TH, 1914
$200,000 00 Water Bonds,
$400,000 00 Dock Bonds,
for the purchase of the whole or any part thereof
100,000 00 Water Bonds,
976,000 00 School Bonds,
of the following bonds:
2.200.000 00 Funding Bonds, Series No. 1.
Lot No. 1. $80,000 Street Pavement 4%
The $200,000 00 issue of Water Bonds will be
the City of Newark, New Jersey, of the denomina four and one-half per cont coupon water bonds of bonds, dated October 1, 1911, and maturing
tion of $1,000 00 each, or multiples thereof, dated $20,000 October 1, 1933, and a like
February 1, 1914, and to mature February 1, 1944,
amount in
and February in each year until the payment of the with interest payable on the first days of August each year thereafter until 1930 inclusive.
principal
Lot No. 2. $200,000 Street Pavement 407
The $400,000 00 Dock Bonds will be four and one-half .
per cent coupon dock bonds of the City of bonds. dated May 1, 1913, and maturing $50,000
Newark New Jersey, said bonds to be
dated February 1, 1914, and to matureof the denomination of $1,000 00 each, or multiples thereof, May 1, 1933, and a like amount In each year
August and February in each year untilFebruary 1, 1959, with interest payable on the first days of thereafter until 1936 inclusive.
the payment of the principal.
Lot No, 3. 3200,000 Street Pavement 4%%
The $100,000 00 Water Bonds will be
Newark, New Jersey, said bonds to he four and one-half per cent coupon water bonds of the City of bonds, dated January 1, 1914, and maturing
dated February 1, 1914, and to mature of the denomination of $1,000 00 each, or multiples thereof, 350,000 January 1. 1931, and a like amount in
February 1, 1944, with interest payable on the first
August and February in each year until the payment of
days of each year thereafter until 1934 inclusive.
the principal.
Lot No. 4. 350,000 Sewer 414% bonds, dated
The $976,000 School Bonds will be four
of Newark, New Jersey, said bonds to be of and one-half per cent coupon school bonds of the City January 1, 1914, and maturing January 1, 1938.
the denomination of $1,000 each, or
Bonds to be of a denomination of $1,000 each,
dated February 1, 1914, and to mature February 1,
multiples thereof,
August and February in each year until the payment 1944, with interest payable on the first days of or any multiple thereof, and will be issued in
of the principal.
coupon or registered form as desired by purThe $2,200,000 Funding Bonds will be four
of the denomination of $1,000 each, or multiples and one-half per cent coupon funding bonds to be chaser. Coupon bonds carry privilege of registhereof, not exceeding 310,000, dated February
1914, and to mature February 1, 1944, with
1, trabion as to principal only or as to principal and
interest payable on the first days of August and February interest. Bonds
in each year until the payment of the principal.
convertible from coupon into
registered at any time.
Both principal and interest of all said bonds
Bonds will
City of Newark, New Jersey, in gold coin. Thewill be payable at the National State Bank in the
bonds may be registered as to principal only, or genuineness bybe prepared and certified as to
converted into fully registered bonds, payable, both
principal and interest, to the registered holder. (lompany, New United States Mortgage & Trust
Sinking funds are provided for the payment of said bonds
York.
Bonds are tax-exempt under the Federal
Separate proposals should be made for each issue of at maturity, as provided by law.
Income
a sealed envelope, addressed to the Comptroller of the bonds. Each proposal must be enclosed in Tax Law, and furthermore Lot No. 3, 3200.000
City of Newark, City Hall, Newark, New Street Pavement 434% bonds,
Jersey, and each proposal must be accompanied by a
certified check on an incorporated bank or trust $50,000 Sewer 4%% bonds, are and I.ot No. 4.
company, payable to the order of the Comptroller of the
non-taxable in
City of Newark, for two and one-half per Connecticut.
cent of the par value of the bonds bid for. No condition
al proposals will be accepted, or for less
For further information address,
than par and accrued interest to the date of delivery.
ARTHUR D. MULLEN, Controller, or
Said bonds will be approved as to
United States Mortgage & Trust Co.
sellors-at-law of New York City, whose legality by Messrs. Hawkins, Delafield & Longfellow, counopinion will
The right to reject any or all bids is reserved. be furnished to the successful bidder.
Dated January 8, 1914.
TYLER PARMLY, Comptroller.
City Hall, Newark, N. J.
$103,000
CITY OF GOLDSBORO, N. C.
$675,000
ATLANTIC CITY, N. J.
BONDS FOR SALE.
EXEMPT FROM TAXATION, INCLUDING
THE FEDERAL INCOME TAX
$150,000 maturing in 29% years: $350,000 in
30 years; $175,000 in 243 years, all bearing interest at the rate of 4% per cent per annum.
The City Comptroller will receive bids for these
bonds until 12 o`cock noon, of
WEDNESDAY, JANUARY 21, 1914
Reserving, however, the right to reject any or
all bids and subject to the approval of the Board
of Commissioners.
Interest and principal payable at the Hanover
National Bank, New York. Legality of bonds
will be approved by Dillon, Thomson & Clay
before delivery, at the expense of the city. The
bonds will be engraved and certified as to genuineness by the Columbia-Knickerbocker Trust Company of New York.
Circular letter, containing blank form of
posal will be forwarded on application, prosaid
circular giving full particulars as to these
bonds and the financial condition of Atlantic City.
o. No proposal will be received except on the
official form and bids must be accompanied
cash or certified check in the sum of$10,000. by
B. M. TOWNSEND,
Comptroller.
$1,220,000
City of Hartford, Connecticut
4M% BONDS.
Sealed proposals will be received by the City
Treasurer at his office in the City of Hartford,
until FRIDAY.THE 16TH DAY OF JANUAR
1914, at two o'clock p. m. for the purchase Y.
of
the whole or any part of the following-describe
d
bonds:
MUNICIPAL BUILDING BONDS.
Amounting to five hundred seventy thousand
dollars (11570,000) dated November 1, 1913, to be
issued February 2, 1914, and maturing
November 1, 1933.
ADDITIONAL HIGH SCHOOL BONDS.
Amounting to six hundred fifty thousand dollars ($650,000), to be dated and issued February 2, 1914, and maturing February 1,
1939.
Principal and interest at the rate of
434°4, per
annum, payable in gold coin of the United
States
of America.
For further information and condition
s governing proposals and sale, address
CHAS. H. SLOCUM,
City Tres-, rer.
WATER-WORKS, FUNDING AND
IMPROVEMENT BONDS.
EXEMPT FROM INCOME TAX
Sealed bids for the purchase of bonds of the
City of Goldsboro, North CaroUna,in the sum of
$103,000 will be received by the Clerk of said
City up to 12 o'clock M.on JANUARY 15. 1914.
when the Board of Aldermen will meet and open
said bids. Bonds to bear interest at the rate of
five per cent per annum from their date and to
run as follows: 315,000 Funding Bonds, 37 years;
336.000 Water Bonds, 38 years: 39,000 Fire
Department bonds,
s,
years; $23,000 Street
Improvement
3 0 years; $20,000 Water
Bonds, 38 years. All of said bonds (except the
last mentioned $20,000 Water Bonds, which wIl
boar date of January 1, 1914) to bear date of
May 1, 1913, with interest coupons attached.
payable semi-annually. Bonds will be In denominations of $1,000. Bids will be received on one
or more or all of said issues. Certified check
equivalent to three per cent of amount of bonds
bid for, payable to the City of Goldsboro, must
accompany each bid. No bid will be considere
d
for less than par. All of said bonds have been
authorized by the North Carolina Legislature
and their validity passed upon by the Supreme
Court of North Carolina. For fuller conditio
and information write City Clerk, Goldsborns
o.
N. 0. The absolute right is hereby reserved by
the Board of Aldermen of said City to reject any
or all bids.
JOHN R. HIGGINS, Mayor,
City of Goldsboro.
D. J. BROADHURST, City Clerk,
Goldsboro, N. C.
181
THE CHRONICLE
JAN. 10 1914.1
-It is re-DEBENTURE ELECTION PROPOSED.
NELSON, B. C.
street
ported that the electorate on Dec. 29 voted 404 to 84 to take over the1. In
a municipal enterprise on Feb.
railway-system and operate it as
of debentures, a by-law
order to pay off existing liabilities by the issuance ratepayers this month,
amounting to $20,000, will be submitted to the
(January). A further by-law of $16,000 will be voted upon to cover the
Purchase of the system.
-During the month of Decem-DEBENTURE SALE.
OAK BAY, B. C.
ber $106,617 66 6% local-improvement debentures, due from 1923 to 1933.
Corp., Ltd., of Toronto.
were awarded to the Dominion Securities
-An issue of
OSHAWA, Ont.-DEBENTURE ELECTION PROPOSED.
$22,000 municipal-water-works debentures will, reports state, be voted
upon in the near future.
PARRY SOUND, Ont.-DEBENTURE ELECTION PROPOSED.
Reports state that an election will shortly be held to vote on the proposition
the
to issue $4,500 debentures to purchase the property and capital stock of
Parry Sound River Impt. Co.
-The
PROPOSED.
PETERBORO, Ont.-DEBENTURE ELECTION
will be voted
question of issuing $8,000 motor-driven fire-engine debentures
upon sometime this month (January), reports state.
-Accord-DEBENTURES VOTED.
Man.
PORTAGE LA PRAIRIE,
deing to local newspaper reports,the question of issuing $5,000 cemetery
bentures carried at a recent election.
-NewsPRESCOTT, Ont.-DEBENTURE ELECTION PROPOSED. on the
to vote
paper dispatches state that an election will shortly be held
issuance of $3,000 public-park-site-purchase debenture:.
-An issue of $71,000 5%
Ont.-DEBENTURE SALE.
PRESTON,
& Co.
debentures was recently purchased, reports state. by A. E. Ames
of Toronto.
0. Quill Lake), Sask.QUILL LAKE SCHOOL DISTRICT (P. -We are informed by
DEBENTURES TO BE OFFERED SHORTLY. se debentures, at not the
Secretary-Treasurer that the $5,000 school-hou p. 1309), will shortly exbe
ceeding 8% int., voted during October (V. 97, sale." Due in annual
offered for sale. Denom. $250. Date "day of
installments.
-Reports state
ROSTHERN, Sask.-DEBENTURES DEFEATED.
that a by-law providing for the issuance of $2,500 hospital debentures was
recently defeated.
DISST. AGNES ROMAN CATHOLIC SEPARATE SCHOOLschool-The 815,000 6%
TRICT NO. 22, Sask.-DEBENTURE SALE.
398) were awarded to
completion debentures offered on Sept. 1 (V. 97, p.
Int.
0. H. Burgess & Co. of Toronto at 85 on Sept. 26. Denom. $375.
ann. in Dec. Due in 40 ann. installments.
-Reports state
Ont.-DEBENTURE ELECTION.
ST. CATHERINES,
question of
that an election will be held Jan. 28 to submit to a vote the Canadian
the
issuing $100,000 debentures to be granted as a bonus to
Northern Railway.
NEW LOANS.
-The 350,508
-DESCRIPTION OF DEBENTURES.
ST. JOHN, N. B.
% 25-yr. school debentures awarded on Dec. 18 by the Board of School
Trustees to the Atlantic Bond Co. at 95.51 (V. 97, p. 1926) are in the
denom. of $500 and dated Jan. 2 1913. Int. J. & J
-At a recent election
-DEBENTURES VOTED.
SHOAL LAKE, Man.
a favorable vote was cast on the proposition to issue $15,000 electric-light
plant debentures reports state.
-Wood Gundy &
B. C.
-DEBENTURE SALE.
SO. VANCOUVER,
Co. of Toronto, fiscal agents for this city, have disposed of $50,000 school
and $20,000 park 5% debentures at 88. it is stated.
-The Dominion Securities
STEELTON, Ont.-DEBENTURE SALE.
Corp., Ltd., of Toronto recently purchased, it is stated. $17.500 5% 10
-year debentures.
and 20
-According to reports $22,000
SUDBURY,Ont.-DEBENTURE SALE.
5% debentures were recently purchased by A.E. Ames & Co. of Toronto.
-Of
SUTHERLAND, Sask.-DEBENTURES AWARDED IN PART.
the six issues of 5% debentures, aggregating $199,970, offered on Kern 24
(V. 96,_p. 969) about $37,000 has been disposed of by Wood. Gundy &
Co. of Toronto, fiscal agents for the town.
SWAN RIVER SCHOOL DISTRICT NO. 1047 (P. 0. Swan River),
-On Dec. 5 $4,000 534% 10-equal-ann.
Man.
-DEBENTURE SALE.
installment debentures were awarded to the Sinking Fund Trustees of the
City of Winnipeg at 89.60 and int. Date May 11913. Int. ann.
-An election will be
TOTTENHAM, Ont.-DEBENTURE ELECTION.
held Jan. 15,it is reported, to submit to a vote the question of issuing $1.400
water-works-system-installation debentures.
-It is
WATERLOO, Ont.-DEBENTURE ELECTION PROPOSED.
stated that an election will shortly be held to vote on the question of issuing
$1,500 Berlin & Waterloo hospital-aid debentures.
-NewWELLAND, Ont.-DEBENTURE ELECTION PROPOSED.
e
tiedOto a no e i
sui
tsgue VIO O0 Torov tt: Cran
paper
-construction
near future.
WEYBURN, Sask.-DEBENTURES OFFERED BY BANKERS.Ulen & Co. of Chicago are offering to investors $25,000 53 7D 40
-Year waterworks debentures. Denom. 8500. Date July 1 1913. Int. J. & J. at
the Union Bank of Canada, Toronto and Montreal. General debenture
debt, including this issue, $475,800. Assess. val., $9,681,925.
-The six issues of 5W70 de
WILKIE, Sask.-DEBENTURE SALE.
bentures, aggregating 128,5 0, offered on Aug. 14(V. 97, p. 257) have been
disposed of as follows: $14,300 30
-year debentures at 80 and $12,200
-year debentures at 86.5.
15
WINDSOR, Ont.-DEBENTURE SALE.
-Reports state that an issue
-installment local-impt. debentures has been awarded
of 883.974 17 5% 10
to Wood, Gundy & Co. of Toronto for $81,904.
s t n d ogturt s Z
reports nt th othe 4I osieion
factory sta 7ru
MISCELLANEOUS.
OFFICE OP THE
$100,000
CITY OF LOCKPORT, N. Y.
SCHOOL BONDS
Notice is hereby given that the undersigned will
receive sealed proposals until JANUARY 13,
1914, at 8 o'clock p. in.. and sell to the highest
bidder or bidders, but at not lees than par, the
following described bonds:
$55,000
For the purpose of re-constructing, Improving
and re-furnishing the Union School Building,
,
including a sanitary heating and ventilating and
closet system therein. Bonds to be issued pursuant to the provisions of Chapter 431 of the Laws
of 1912 of the State of New York,and a resolution
of the Common Council adopted December 8,
1913.
$10,000 00 of the principal thereof shall become
due and payable January 2, 1917, and $10,000 00
each and every year thereafter, excepting the last
Installment, which shall be $5,000 00, to become
due and payable January 2, 1922.
$45,000
'Nor the purpose of paying the City's share for
the permanent enlargement and improvement of
the union School Building. To be issued pursuant to the provisions of Subdivision 4 of
Section 105 of the City Charter and a resolution
of the Common Council adopted December 8.
1913.
$5,000 00 of the principal thereof shall become
due and payable January 2, 1922, and $10,000 00
annually each and every year thereafter until the
same shall be fully paid.
All of said bonds shall be dated January 2, 1914,
and be registered bonds of the denomination of
$500 00 each and shall be issued upon the faith
and credit of the city, bearing interest at the rate
not exceeding five per centum per annum, the
principal and interest thereof to l3()COIlle due and
payable annually from their date at the office
of the City Treasurer of Lockport, N. Y.
Bonds shall be sold in lots not exceeding
$10,000 00 each,and part or all may be sold to one
purchaser, provided the entire $100,000 00 is
subscribed, and the bonds will be awarded to the
party or parties bidding the lowest rate of interest.
Each proposal must be accompanied by a certified check, on a solvent banking institution, for
2% of the amount of the bonds bid for, payable
to the City of Lockport, N. Y. Bonds will be
,
ready for delivery February 1, 1914, at 4 o'clock
p. m., at the office of the City Treasurer of Lockport.
B. M. HUTCHESON,
City Treasurer.
Lockport, N. Y., December 15. 1913.
BLUDGET & CO.
BONDS
80 STATE STREET, BOSTON
30 PINE STREET, NE 7 YORK
STATE, CITY
rillICEL
ATLANTIC MUTUAL INSURANCE COMPANY.
New York; January 22d. 1913,
of its al/airs on Os
The Trustees, in conformity with the Charter of the Company, submit the following statement
31st of December, 1912,
The Company's business has been confined to marine and inland transportosioninsizance.
84.069,457 68
1912
Premiums on such risks from the 1st January, 1912, to the 31st December,
753,427 38
Premiums on Policies not marked oft 1st January, 1912
$4,822,884 99
Premiums
Total
$4,055,834 06
Premiums marked oft from January 1st, 1912, to December 31st, 1912
during the year.... _$302,088 79
Interest on the investments of the Company received etc
42,787 34
Interest on Deposits in Banks and Trust Companies,
130,987 28 475,863 41
Rent received less Taxes and Expenses
$2,104,257 48
Losses paid during the year
$197,204 74
Less Salvages
644,016 02
Ite-insurances
195.79 741,416 55
Discount
----51,362,840 93
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,etc
$91,649 80
563,285 21
to the holders
will be
the outstanding
A dividend of interest of Six per cent on after Tuesday certificates of profits next. paid
of
thereof, or their legal representatives, on andof 1907 will be the fourthandFebruarythe holders thereof, or thek
paid to
redeemed
the issue
The outstanding certificates ofTuesday the fourth of February next, from which date all interest thereon
legal representatives, on and after
canceled.
will cease. The certificates to be produced at the time of payment andthe Company for the year ending 81s1
,
A dividend ef Forty per cent is declared on the earned premiums of
December, 1912, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the sixth of May next.
0. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
CHARLES N. PRATT;
HERBERT L. GRIGGS.
JOHN N. BEACH,
DALLAS B. PRATT
ANSON W. HARD,
ERNEST C. BLISS,
GEORGE W. QUINTARD:
THOMAS H. HUBBARD:
VERNON H. BROWN,
ANTON A. RAVEN,
LEWIS CASS LEDYARD,'
P. BROWN;
WALDRON
JOHN J. RIKER,
;
CHAII.LES D. LEVERICH
JOHN CLAFLIN
DOUGLAS ROBINSON,
GEORGE H. MACY, ____
C.
GEORGE__
WILLIAM J. SCHIEFFELIN,
NICHOLAS F. PAL/CM/4:;
,GE;
cL
CLARKEVND H. DOD
WILLIAM SLOANE.
HENRY PARISH,
CORNELIUS ELDERT,
LOUIS STERN,
ADOLF PAVENSTEDT,
RICHARD H. EWART,
WILLIAM A. STREET,
JAMES H.POST,
PHILIP A. S. FRANKLIN)
GEORGE E. TURNURE.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-Pretident.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART,40 Vice-President.
BALANCE SHEET.
LIABILITIES.
ASSETS.
Estimated Losses and Losses Unsettled
York
United States and State of New
$2,174,058 00
la process of Adjustment
$67000000
Bonds
767,050 94
Premiums on Unterminated Risks
New York City and New York Trust
262,924 06
2,777,900 00 Certificates of Profits and Interest Unand Bank Stocks
Companies
paid
2,716,537 00
Stooks and Bonds of Railroads
104,322 76
282,520 00 Return Premiums Unpaid
Other Securities
110,025 19
Reserve for Taxes
Special Deposits in Banks and Trust
203,735 55
900,000 00 Re-insurance Premiums
Companies
Claims not Settled, including CompenReal Estate cor. Wall and William Streets
82,698 09
and Exchange Place,containing offices 4,299,426 04 sation, etc Profits Ordered Redeemed,
Certificates of
Real Estate en Staten Island (held under
22,556 09
Withheld for Unpaid Premiums
75,000 00
Provisions of Chapter 481,Laws of 1887)
7,293,220 00
592.766 69 Certificates of Profits Outstanding
Premium Notes
615,303 16
131118 Receivable,
I'ash in hands of European Bankers to
pay losses under policies payable in
298.641 20
foreign countries
994,882 29
Cash in Bank
Temporary Investments (payable hum400,875 00
an? 1913)
$11,020,590 67
8
8513
$13,623.
--92.603,260 71
Thuo leaving a balance of
$40,804 14
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to
26,696 99
to
Rents due and accrued on the 31st day of December, 1912, amounted
Re-Insurance due or accrued, in companies authorized in New York,on the 31st day of December
257,3.30 00
1912, amounted to
47,650 31
Unexpired re-Insurance premiums on the 31st day of December, 1912, amounted to
Real Estate corner Wall and
Note: The Insurance Department has estimated the value of the Value given above, at
450,573 90
the Book
William Streets and Exchange Place in ezcess ofBook Value, at
63,700 Ofj
And the property at Staten Island is. excess of the
1912, exThe Market Value of Stocks, Bonds and other Securities on the 31st day of December.
1,695,027 24
ceeded the Company's valuation by
65,185,044 28
la the basis of these increased valuations the balance would be
=Oa.
182
TIIE CHRONICLE
grltSt
[VOL. x cvm.
Toutpantes.
guointer5.
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 49
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
43 Exchange Place. - NEW YORK
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
ersonal, for estates, corporations and individuals.
Chicago..
San Francisco.
London.
EDWARD W.
WILLIAM M. KINGSLEY, Vice-President SHELDON, President.
WILFRED J. WORCESTER, Secretary
WILLIAMSON PELL, Asst Secretary
.
.
CHARLES A. EDWARDS,2d Asst. Secy.
TRUSTEES
JOHN A. STEWART, Chairman of
iiriLLIAM ROCKEFELLER
LEWIS CASS LEDYARD
ALEXANDER E. ORR
LYMAN J. GAGE
WILLIAM D.SLOANE
PAYNE WHITNEY
FRANK LYMAN
EDWARD W.SHELDON
JAMES STILLMAN
CHAUNCEY KEEP
JO FIN CLAFLIN
GEORGE L. RIVES
SOHN J. PHELPS
ARTHUR CURTISS JAMES
....1111111111.4.17WYMNI11.1.1.
the Board
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
EGERTON L. WINTHROP
CORNELIUS N. BLISS JR.
HENRY W. de FOREST
ROBERT I. AMMELL
WILLIAM VINCENT ASTOR
J011 14
• %—"
,11,40 1 .
. OSINLVIVil6r2r.1613171ZIK
11111
l
.WWSWIEINII,Vry,..VGIGINSINL.
The Union Trust Company of New York (established in
1864) has for many years made a specialty of Personal Trusts—
under Will or under Agreement—and maintains a carefully organized department for handling them.
Many millions of dollars worth of property—real and personal—have been intrusted to the company by conservative
people, residents not only of New York State but of other States
in which the Union Trust Company is authorized to transact
business.
Correspondence or interviews with persons considering the
formation of trusts of any kind—for themselves or for others—
are solicited.
UNION TRUST COMPANY, 80 Broadway
CAPITAL and SURPLUS - - $8,300,000
Manila, Para, Buenos Aires, Santiago, Chili.
Alfred E. Forstall
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
34 William St.,
NEW YORK CITY.
C.G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alex. C. Humphreys
Alton S. Miller
HUMPHREYS & M I LLER,Ine
ENGINEERS
.111,1.44.1.1'AILMINIEM•NWOIN11.../.11141•1111.1MIErf,
•11.1.
Power—Light—Gas
165 BROADWAY
lilinoisTrust&SavingsBank
-
$15,000,000
Pays interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
cellent Securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.
•
•
NEW TOWS
cunin lvcgtrceevs.
i
'
CHICAGO
Capital and Surplus
•
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIBIll
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA, PA.
AzJcanntauts.
Write for our General Bond Circular 151
PARK,POTTER & CO,
Mellon National Bank
PITTSB
URGH, PA.
8-26
3% on RESERVE ACCOUNTS
is paid by this bank
CERTIFIED PUBLIC ACCOUNTANTS.
New York, Chicago, Cincinnati and
London, England
Watertown, N. V., C. E. Scoville.
AUDITORS FOR FINANCIAL.INDUSTRIAD
AND MINING CORPORATIONS.
Investigations. Financial Statements,
Periodical Audits and Accountion.
Correspondence is invited
Ready Jan. 14, 1914.
Resources over - $60,000,000
Hand-Book of Securities
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
E. B. Morris, President.
The Hand-Book is Issued to Bankers and
Brokers with their cards lettered in gilt on the
oover (in quantity) at special rates
'uts1de
Price
$1 00
To Chronicle Subscribers
75
Commercial eic Financial Chronicle
Front. Pine and Depeyster St.. 1
NEW YORK
@FedFRASER