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The.
INCLUDING
Bank St Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JANUARY 16 1915
VOL. 100
The Throuide.
PUBLISHED WEEKLY:
1915.
For Six Months
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Subscription 'include:1 following SupplementsBANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNixos(monthly)
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OTANI{ AND CITY(semi•annually) BANKERS'CONVENTION (yearly)
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Transient natter per inch space(14 agate lines)
Two Months
(8 times)
Three Months (13 times)
Standing Busixess Cards
Six Months
(26 times)
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LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens,E.O.
WILLIAM B. DANA COMPANY,Publishers,
P.O.Box 958. Front. Pine and Depeyster Sta.,
New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Sm. indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,135,889,991. against $3,446.592.175 last week
and $3,591,107,780 the corresponding week last year.
•
Clearings-Returns by Telegraph.
Week ending January 16.
1915.
1914.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,371,429,951
126,822,944
121,757,327
30,344,311
259,285,081
68,117,261
21,093.069
$1,621,600,189
150,197,788
141,184,320
33,635,190
287,042,985
79,615,999
22,873.811
-15.2
-15.6
-13.8
-9.8
-9.7
-14.9
-7.8
Seven cities, five days
Other cities, five days
$1,998,849,944
605,998,264
$2,336,149,732
620,006,409
-14.4
-2.3
Total all cities, five days
All cities, one day
$2,604,848,208
631,041,783
$2.956,156,141
834,951,639
-11.9
-16.4
'7'ntat .11 AM..% tar rapak
S2 Inc 0310 001
ss cal 107 7e0
_In 7
The full details for the week covered by the above will be
next
Saturday. We cannot furnish them to-day, clearings being madegiven
up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night
We present below detailed figures ft the week ending with Saturday
noon, January 9, for four years:
Week ending January 9.
Clearings
1915.
1914.
Inc. or
Dec.
1913.
1912.
$
$
$
$
%
New York
1,859,472,251 1,978,969,363 -6.0 2,132,821,590 1,894,142,333
Philadelphia
178,536,729 177,524,730 +0.6 175,796,526 152,890,791
Pittsburgh
52,313,918
52,193,637 +0.2
57,320,955
52,605,525
Baltimore
40,285,970
38,696,136 +4.1
48,419,140
39,984,803
Buffalo
14.138,869
16,197,573 -12.7
10,889,222
14,461,548
Albany
7,263,606
7,377.313
1.6
6,067,864
7,188,928
Washington
9.446,822
8.619,633 +9.6
8.149,351
8,334,712
Rochester
6,048,713
6,116,095 -1.1
5,011,768
4,226,173
Scranton
3,944,674
5,161,569 -23.6
4,067,450
3,264,462
Syracuse
4,143,609
3,786,571
+9.4
3,321,028
2,207,754
Reading
2,100,000
2,029,295 +3.5
1,728,157
1,655,309
Wilmington
1,921.241
2,048,354 --6.2
1,642,321
1,558,705
Wilkes-Barre.__
1,785,531
2,094,984 -14.8
1,403,002
1,815,664
2.063,850
Wheeling
2,247,010 -8.2
1,864,442
1,680,627
1,834,383
Trenton
1,763.615 +4.0
1,786,741
1,714,380
970,660
York
969,771
+0.1
967.664
834,954
1,009,554
Erie
1,354,278 -25.5
1,052,052
872,254
933,400
Binghamton
916,800 +1.8
818,400
633,500
Chester
749,311 -10.8
668,408
740,631
564,992
Greensburg
650,000 -3.8
625,000
707,000
700,000
Altoona
569,499 +3.2
587,447
519,796
544,104
Lancaster
1,538.958 -5.6
1,452,541
1,656,727
967,557
Montclair
591,420
607,338
+2.7
510,344
Total Middle_ 2,192.154.513 2,312,165,915
-5.2 2,472,368,223 2.187,743,023
153,750,459
10,360,300
7.214,051
4,196,220
3,001,432
2,553,192
2,289,771
1,282,042
1,050,197
822,145
920,681
527,708
160,082,736
8,481,900
6,249,705
3,647,213
2,990,527
2,589,998
2,210,406
1,405,150
1,183,801
806,923
808,968
506'407
-4.0
+22.2
+15.4
+15.1
+0.4
-1.4
+3.6
-8.8
-11.2
+1.9
+13.8
+4.2
180.038,670
8,909,800
5,720,536
3,288,234
2,665,487
2,462,541
2,034,099
1,328.962
1,076,533
619,981
737,463
516,889
185,065,329
9,010,700
4,274,171
3,596.662
2,413,330
2,538,668
2,205,819
1,403,356
1,133,662
608,187
578,575
540,513
157 000 105
100 0112 7'A4
-111
209299195
212 I/RIS 079
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
NO. 2586
Week ending January 9.
Clearings at-
Terms of Subscription-Payable In Advance
For One Year
$lo oo
Boston
Providence
Hattford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford
Lowell
Holyoke
Bangor
Electric Railway Sectim
State and City Sectior
1914.
Inc.or
Dec.
1913.
1912.
Chicago
338,262,910 332,250,511
+1.8 322,229,734 273,176.108
Cincinnati
28,968,800
31,320,700 -7.5
26,798,650
28.583,750
Cleveland
30,399,356
29,312,896
24,052,169
+3.7
29,299.975
Detroit
24,599,909
27,969,038 -12.1
20,942,407
24,487,653
Milwaukee
19,152,554
17,607,783 +8.8
14,065,246
15,744,881
Indianapolis _ _ _
8,606,000
9,053,566 -6.1
8,522,085
10,046,387
Columbus
6,555,900
7,303,100 -10.2
6,085,400
6,428,600
Toledo
5,501,561
6,999,226 -21.4
4,761,853
5,650,105
Peoria
4,158,707
3,961,653 +5.0
3,479,810
3,896,609
Grand Rapids_ _
3,697,249
3,623,757
2,802,192
+2.0
3,482,044
Dayton
2,487,468
3,787,669 -3.4
2,682,126
3.320,197
Evansville
1,568.765
1,838,619 -14.7
1,417,128
1,255.031
Kalamazoo
564,232
843,211 -33.1
803,693
1.030,526
Springfield, Ill_
1,199,175
1,419,144 -15.5
1,178,790
1,394,217
Lexington
1,292,393
1,315,176 -1.7
1,118,290
1,583,681
Fort NVayne _ _ _ _
1,567,268
1,403.689 +11.7
1,403,081
1,029,885
Youngstown_ _ _ _
1,563,411
1,075,794 -20.9
1,764,448
2,091,657
Akron
1,498,000
2,002,000 -25.2
2,022,000
1,412,000
Rockford
696,045
781,715 -10.9
764,194
835,851
Bloomington. _ _
1,030,087
753,932 +36.7
653,232
653.257
Quincy
950,33
1,003,719 -5.3
736,142
915,402
Canton
1,828,58
1,738,589 +5.2
985,493
1,309,470
Decatur
557,622 +5.2
586.75
473,793
545,818
South Bend
835,14
772,449 +8.2
662,622
718,683
Springfield, Ohio
953,16
1,007,789 -5.4
921.691
614,836
Jackson
583,01
940,674 -38.0
653,275
520,000
Mansfield
597,541 -18.0 , 459,432
490,61
470,231
Danville
561,610 +6.8
600,000
452,890
361.350
Jacksonville, Ill_
283,364
336,443
427,212 -24.7
321,91
446,672
Lima
510,100
589,778 -15.2
500,000
284,344 +19.9
224,410
Ann Arbor
209,008
340,747
130,020
Owensboro
488,727
571,910 --3.1
554,215
42.562
Adrian
32.34
61,611 --19.2
49,841
372.332
Lansing
486,49
668,070 --2.4
652,325
Tot.mid.West. 492,510,445 495,306,077 -0.5 473,6441,909 404,271.488
48,936,363
56,335,99
San Francisco_ _ _
54,166,898
58,022,518
9-7.1
21,693,698
25.110,000
Los Angeles
27,248,917 ---18.9
22,100,021
10,756,221
12,261.19
Seattle
12,360,461 --90.8
12,257.380
13,048,000
13,215,204
Portland
11,397,329 ---2.8
11,075,889
10,024,548
Salt Lake City_
8,827,49
8,574,308 --93.4
8,540,033
4,867,599
Spokane
4,734,019
5,204,042 ---10.3
4,669,898
4,211,071
Tacoma
3,421,318
2,486,024
2,275,458 +9.3
3,050,156
Oakland
4,142,209 +9.1
4,520,031
4,149,637
Sacramento
1,920,888
2,121,593
2.536,734 ---21.8
1,982,376
San Diego
2,000,000
2,406.288 ---8.4
3.323,828
2,205,820
942,859
Fresno
1,116,133 --10.3
1,001,443
1,358,367
Stockton
919,212
952,814
1,103,405 --13.7
1,115,305
San Jose
801,516
881,520
850,000
760,480 +15.9
Pasadena
1,062,913
887,441
900,000 --1.4
1,029,571
North Yakima_
329,164
438,000 ---2.7
426,180
430,609
Reno
294,189
332,248
321,24
303,844
+9.6
Long Beach
658.759 Not Included in total
Total Pacific_ _ 132,341,636 134,951,905 ---2.0 138.587,981 124,817,397
Kansas City_ _
49,580,147
80,918,546
58,408,736 +38.4
58,974,096
Minneapolis
19,308.992
34,391,630
27,116,318 +26.8
28,712,740
Omaha
14,376,641
19,000.000
18,844.600 +0.8
16,936,531
St. Paul
12,480,971
10,307,648 +21.1
9,931,138
10,157,369
Denver
10,497,330
9,282,933
8,663,113 +21.2
9,127.130
St. Joseph
7,804,095
9,784,331 -20.2
7,900,335
8,601,727
Duluth
3,849,743
3,576,873
4,178,628 -7.9
5,994,970
Des Moines
6,213,762
6,138,010 +1.2
3,662,530
5,173,269
Sioux City
3,659.780
4,090,274 -10.5
2,355,493
3,458,137
Wichita
' 3,901,931
3,676,888 +6.1
3,240.098
3,752.206
Lincoln
2,682,877
2,456,816 +9.2
1,506,687
1,852.380
Topeka
1,487,175
1,858,404 -20.0
1,695,328
2,141,883
Davenport
2,183,637
2,067,099 +5.6
1,781,835
1,290,970
Cedar Rapids._ _
1,968,643
2.622,765 -24.9
1,824,902
1,330,529
Fargo
1,185,398
610,397 +86.0
769,236
752.253
Colorado Springs
636,032
703,272 -9.5
639,907
606,583
Pueblo
816,997
793,442 +3.0
802,242
704,789
Fremont
514,426
466,128 +10.3
332,349
412,534
Waterloo
1,534,548
1,565,271 -2.0
1,100,942
1,756.148
Helena
1.230,978
1,269,442 -3.0
978,365
986,176
Billings
611,623
631,221 -3.1
315,790
360,83
Hastings
261,217
224,104 +16.6
188,54
166,924
Aberdeen
500.000
410,000 +22.0
440,83
242,754
Tot.Oth.West_ 198,339,339 166,886,907 +18.8 164,828,640 134.256,326
St. Louis
94,419,362
92.020,583
+2.5
75,281.067
87,410,549
New Orleans._ _
21.727,357
25,174,680 --13.7
24,353,771
23,072,211
Louisville
14,225,389
18,027,441 -21.1
15,165,232
15,451,438
Houston
9.825.125
10.662,165 -7.8
Galveston
4,892,213
4,304,000 +13.5
3,834,000
4,715,500
Richmond
10,274,000
9,393,615 +9.4
8,600.000
9,271,974
Atlanta
16,492,777
20,722,603 -20.4
18,461,477
18.193,606
Memphis
IgZigli
10,680,927 -10.2
9,393,011
10,002,350
Fort Worth
9,353,616 +7.3
6,759,072
9.547,749
Savannah
5,697,16
6,280.591 -9.3
_6,357.483
5,709,171
Nashville
4
71
10,944,022 -31.2
10,077,807
6.367.758
Norfolk
5,760,561 -26.4
4,795,396
3.763.087
Birmingham _
5.197,03
5,949,728 -12.8
2,936,541
4.121,238
Augusta
2,040,725
3,287.366 --37.9
2,646,991
2,450.638
Jacksonville
3,300,000
3,841.228 -14.1
3,589,062
3,887.352
Knoxville
2.205,391
1,815,080
2,236.728 --1.4
1,867,160
Little Rock
2,521,482
3,200,043 -21.2
2,153,372
2,506,604
Charleston
2,293,224
2,910,015 -21.2
2,306,314
3.059,363
Chattanooga - _ 2,635,765
3,034,437 -12.2
2,525,983
3,191.041
Mobile
1,300,000
1,475,558 -11.9
1.387.635
1.763,666
Oklahoma
2,578,475
1,723,209
2,058,000 +25.2
2,271,781
Macon
3,294,278
5,268,197
5,285,001 -37.7
4,728,060
Austin
3,2413:
1/g
2,300,000
3,712,574 ---1.9
4,429,702
Vicksburg
397,914
502,240 --18.9
469,280
Jackson
550,108
898,794
555,504 -1.0
Meridian
300,000
400,000
376,86 -20.4
Muskogee
842,899
908,19
-7.2
1,034,050
Tulsa
1,226,000
1,892,58 --35.2
1,085,539
Total Southern 243,278,044 264.550,878 ---8.0 236.582.132 210!!!!!
Total all
3;446,592
,1778 3,564-825 416 -3.03 695 407 ogb 3,274,614764
Outside N. Y_ 1.587,119.924 1.585-;856:053
071 1.562:5387490 1,380,492.071
:13::
211:124
162
THE CHRONICLE
CHRONICLE INDEX.
The index to Volume 99 of the "Chronicle"—which
volume ended with the issue of December 26—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.
THE FINANCIAL SITUATION.
Indianapolis
speech of the 8th,the President
In his
took the role of the managing politician on the defensive and he somewhat laid aside his habitual
rhetoric in order to seek sharper effect by slangy
colloquialisms which do not well befit him. Even if
events have made him in the least degree query the
perfection of his own infallibility (which is not
probable), heis as determined as ever to maintain the
appearance of it.
He announces that he intends and expects to have
his own way absolutely; he is to originate, and Congress may participate only by consenting. He has
decided to drive through the ship-purchase bill, and
as he hears it "said in Washington on all hands" that
the Senate Republicans are doing their utmost to
prevent its passing, he warns them to stand out of
the way or be politically crushed,as blunderheads,if
not officious and traitorous. Observe this language:
"Those self-styled friends of business say that the
Democratic Party does not know what to do for
business and they are saying that the Democrats shall
do nothing for business. I challenge them to show
their right to stand in the way of the release of
American products to the rest of the world. Who
commissioned them, a minority—a less than minority
—for they will be in a greater minority in the next
Senate than in this? . . . These gentlemen are
just now seeking to defy the nation. . . . Their
credentials as friends of business and friends of
America will be badly discredited if they succeed."
The men thus threatened and held up to ridicule
are Senators, chosen to represent the people. It is
their Constitutional and sworn duty to speak and
vote upon all measures according to their best judgment, on behalf of the people. The Constitution
begins by declaring that "all legislative powers
herein granted shall be vested in a Congress," and it
requires the President to "recommend to their consideration such measures as he shall judge necessary
and expedient." It does not say that if he feels
very sure of the necessity and expediency of some
measures he may initiate them and may lampoon
and coerce the members (even the minority members)
of a co-ordinate branch to which "all" legislative
powers have been delegated. Mr. Wilson's language
and dictatorial attitude mean that he deems himself
the Government and that whoever does not agree
with him has no right except that of silent acquiescence. The defect in him is the obsession of the role
of Moses in the wilderness with which he began
He is the one who knows. He uses the word "we"
but he always means himself. He admits that he
has no experimental knowledge of business, but he
has "taken counsel with men who did know, and their
counsel is uniform." That would be a wise and safe
course if he were open-mindedly seeking information,
but he makes his conclusion first and then talks with
those who will agree with and confirm him. As for
those who do not agree with him, he turns from them
and discredits them; he says they are not competent
judges, or there is something wrong in their own
[voL. 100.
courses. "The great voice of America ought to
make them (the denounced Senators) understand
what they are said to be attempting." That is, the
great voice of America is audible only to Mr. Wilson,
and something is wrong with all ears that hear
differently from his own; indeed, nobody has any
right to hear differently from himself. Note this
complacent confession:
"You know Jackson used to think that every man
who disagreed with him was an enemy of the country.
I have never gone quite that far in my thoughts, but
I have ventured to think that they didn't know what
•
they were talking about."
We suppose the most careful thinkers will admit
that the various possible forms of government are
still on trial throughout the world. Conceive it to
be so; then if we are to have in this country a oneman form, even on the supposition that the one man
is a colossus looming high above a nation of dwarfs,
why keep up the trouble and expense of a Congress?
The speech even indulged in a thrust at the courts.
Mr. Wilson says he does not doubt "either the industry or the learning or the integrity" of the Federal
courts, but he knows their way of doing business is
inadequate. The tardiness of judicial movement,
not only in the Federal but in all courts above petty
ones, is an old trouble; the Bar Association here has
spoken about this, and Mr. Taft has just referred
to it; the length of struggle in the Danbury Hatters
and the Gompers contempt cases is an example of a
slowness which needs correcting. But Mr. Wilson
neither offers explanation nor suggests remedy; instead, he fans further the popular discontent which
jumps for "recall" and like rash novelties under the
name of "progressiveness" by saying, "If you have
to be rich to get justice, because of the cost of the
process itself, then there is no justice about it, and
so I say there is another direction in which we ought
to be very quick to see the signs of the times and
help those who need to be helped."
What he says of parties may pass, considering the
occasion and the partisan purpose. One thing at
least is clear; whatever the democracy of the day
really is, it is not Jeffersonian; it comes nearer
being Jacksonian. The great trouble with the country, is, indeed "a state of mind," but that state is
one of being too much "very quick." Under that,
the shibboleth now is to "start something," and the
tendency is to leave nothing undisturbed which is
more than twenty years old.
By a severe earthquake shock Italy has this week
suffered a loss of life that may exercise some restraint
upon what there is excellent basis for believing was
a previous determination to enter the war on the side
of the Allies. The shock occurred early on Wednesday morning and lasted several seconds. First reports suggested that damage had taken place in Rome
only. But it was not long before more complete
accounts showed that the area had been very wide
and that many thousands of lives had been lost.
Latest press accounts present widely varying estimates of the loss of life. For instance, the London
"Chronicle's" Rome correspondent estimated the
total killed and injured at between ninety and one
hundred thousand, while a Central News cable dispatch from Rome suggests a total loss of life of
20,000, distributed as follows: Avezzano, 10,000;
Sora, 4,000, and elsewhere, 6,000. Avezzano, sixty
miles east of Rome, and Sora, fifteen miles south of.-
4
JAN. 16 1915.]
THE CHRONICLE
163
Avezzano, were the worst sufferers so far as loss Poland furnishing any change in the general situaof life was concerned, but about sixty towns and tion. The Russian accounts indicate slight, if any,
villages in all sustained either total demolition or progress with reference to the expected invasion of
serious damage. Reports from the North of Italy Hungary by the way of Bukowina, although last week
declare that the shock .was felt as far as the Swiss they claimed to be at the threshold. It is conceded,
frontier, and that in the Alps region there were however, that practically the whole of Bukowina is
numerous avalanches, the result of the earthquake. now in Russian hands, and dispatches reaching
This suggests that the disturbance extended through- London from Bucharest say that thousands of fugiout the entire length of Italy with the exception of tives from that territory are crossing the Roumanian
the extreme Southern end. There is no estimate yet frontier, some of them proceeding to Vienna. The
available of the value of the property loss.
developments arising from the occupation of BukoAs to Italy's intention to participate in the war, wina will, it is believed, have an immediate bearing
there appears to have been no question of its real on the Roumanian situation. Little authentic inseriousness. On the other hand, even before the formation has been received regarding the Turkish
earthquake disaster, press accounts declared that army in the Caucasus since Russia last week dealt it
Turkey had agreed to all the demands Italy had such a heavy blow. It is denied that Turkey is premade for a solution of the Hodeida incident, including paring to invade Egypt with a camel corps, fearing
a military salute to the Italian flag and the partici- the disembarkation of troops in Syria which would
pation of Italian consular authorities in the investi- •threaten Turkey's line of communication. The
gation of the affair. Turkey has ordered the release Turks are reported to have occupied the Persian town
of the British Vice-Consul, Mr. Richardson, who was of Tabriz, which is in the Russian sphere of influence.
arrested in the Italian Consulate at Hodeida and has The general staff of the Russian Caucasus army has
promised to punish the troops who broke into the prepared a statement on the operations in Azerbaijan,
Consulate. Later accounts seem to suggest that the where it is explained it became expedient to re-gro
up
promises made by Turkey were the usual indefinite the Russian forces, necessitating the evacuation of
ones for which the Porte is noted. At any rate the certain places previously occupied. No important
position of Italy had shown some return of uncer- action took place, the only engagement being by the
tainty on the war question when the earthquake de- Russian advance guard. British aviators early in
veloped and caused concentration on relief measures. the week dropped bombs on the German position at
The police have recently arrested many German Antwerp, according to a Netherlands newspaper disagents who have been soliciting signatures to a patch. The damage done by the bombs has not been
petition calling upon Italy to maintain her meutrality ascertained.
throughout the war. The police charge that the
agents paid for signatures to the petitions at the rate
Austria is reported to have protested against Italy's
of a penny each. Subscriptions to an Italian war occupation of Avlona in Albania. Italy sent a firm
loan of 1,000,000 lire closed on Monday. While reply to the effect that she will pursue her policy
exact figures of subscriptions have not yet been an- without interruption. Roumania continues her warnounced, it has been officially stated that the issue like preparations, according to a dispatch from
has been oversubscribed.
Bucharest. That Government is enrolling many surgeons, is buying quantities of war munitions and is
In the Western theatre of war a number of sharp constructing hospitals.
Count Berchtold, Austrian
reverses appear to have been suffered by the French Premier,
has resigned and has been succeeded by
troops this week after a period of steady progress Baron
Stephen Burian, the Hungarian Minister to
occupying several weeks. The Germans have suc- the
Royal Court. It has been reported that Count
ceeded in driving the French from their positions in Berchtold
was in favor of bringing about an early
the Heights of Vregny, the Kaiser himself witnessing peace. The change in
Premiers suggests that Hunthe engagement by which this success was secured. gary is to receive greater
consideration at Vienna
The French official communique admit the loss of than in the past.
these positions. The French line at this point has
fallen back across the River Aisne. The French offiOur State Department and the Foreign Office in
cial statements attribute the defeat at this point to London on Monday, by
agreement, made public
the flooding of the Aisne, which destroyed the mili- simultaneously the British
reply to the American
tary bridges and rendered it impossible to send rein- protest against the
undue detention of American
forcements. Vregny is on the right of the French ships and cargoes
seized for search for contraband.
position north of Soissons. On the remainder of this The note, as we
stated last week, is preliminary, and
bitterly contested front the French claim to have held will be followed
by a more detailed reply. Its text
their own and even to have made unimportant pro- appears on another
page of this issue.
gress. The French War Office yesterday afternoon
declared that the Germans had taken the French
Keen interest attaches to the outcome of negotiaposition at St. Paul in that region, but that the tions over the
proposed voyage of what was formerly
French were immediately reinforced and regained the the Hamburg-A
merican steamship Dacia from a
ceded territory after a stubborn fight. North of Texas
port to Bremen with a full cargo of cotton.
Arris, also, heavyfighting is declared to be continuing, This boat
was recently purchased by American inFrench zouaves having taken a line of German posi- terests
and was immediately given American registions. From the sea to the Lys severe cannonading try. It is stated on authority that should
the voyage
continues, with the French progressing slowly in the be
successfully completed, the boat will receive
vicinity of Lombaertzyde (near the coast) and Bece- in freight charges more than
$35,000 above what it
laere (east of Ypres).
cost its new owners. The British Government is
On the Eastern frontier the developments have not objecting to the registration of the German
ship'
apparently been important, neither Bast Prussia nor and intimates that it will capture
the vessel as soon'
164
THE CHRONICLE
'Tor, 100.
press on the 8th inst., we are authorized to state
that after a conference held by the Chancellor of the
Exchequer with the London bankers it was resolved
that inasmuch as exchange between the United
States and the United Kingdon is now substantially
normal, no definite action at the present time is
required, but that if during the continuance of the
war or for one year thereafter the exchanges between
the two countries should become such that gold
exports from either country to an unreasonable
amount might result, committees of bankers could
be appointed in the United States and in the United
Kingdom, respectively, to consider plans for dealing
collectively with the situation by such methods as
may seem at the time mutually desirable. It is
understood that a similar announcement is appearing
The War Department at Washington has received to-day in the American press on behalf of the New
reports from Brigadier-General Scott at Naco that York bankers."
Generals Hill and Maytorena, representing Carranza
Trading on the London Stock Exchange is showing
and Villa, respectively, have signed an agreement by
which Mexican ports on the United States border at comparatively little life. Quotations as a rule seem
Arizona are to be neutralized and the American towns to be fairly well maintained, however. The restricsaved from the menace of firing across the line. In tions that the Exchange authorities, in connection
military engagements Carranza troops are reported with the British Treasury, have insisted upon are
to have defeated General Villa's army, but results proving effective in curtailing business, and very little
are not entirely conclusive. It is reported that the is passing in the direction of speculative commitNational Convention at Mexico City has re-named ments. The demands of English investors seem to
Eulalio Gutierrez as Provisional President of Mexico. be centering more particularly in the direction of
general Gutierrez will serve out the unexpired term securities of industrial concerns which at the moment
of General Porfirio Diaz, which would have termin- are rushed beyond precedent as a result of the urgency
of war orders. Hence the regular business of these
ated in November 1916.
concerns is being to some extent restricted and supFinancial matters in London seem to be becoming plies.of products on hand for distribution are corit is believed
in a measure subordinate to commercial activities. respondingly light. On this account
of a
be
considered
cannot
business
of
rush
the
that
as
quite
centre,
British
the
at
heard
Complaint is
the
well
into
continue
will
but
character,
temporary
of
supply
inadequate
the
of
own,
our
at
as
strenuously
since
it
will
declared,
is
then
peace
after
shipping facilities as well as of the constantly rising future,even
up with
rates for transporting merchandise oversea. One be necessary for the manufacturers to catch
by
noted
One
feature
requirements.
ordinary
their
effect of the congestion is to accelerate the decline in
facfor
demand
active
an
is
correspondents
London
taken
have
British trade that would in any event
place as a direct result of the war. Hence, English tory buildings, a corresponding rise in prices of real
shippers are seeking the aid of their Government and estate of this character naturally resulting.
Sir Edward Holden, Chairman of the London City
are suggesting that German steamers interned at all
Midland Bank, has fulfilled the promise he made
&
into
commerbe
pressed
Empire
British
the
in
ports
cial service, leaving the question of compensation or last year that he would publicly announce the gold
confiscation to be passed upon after the termination holdings of his bank this year in order to encourage
of the war. One direct reason for the sudden move- individual banks to create gold reserves. In view
ment in this direction appears to have been the of the derangement of general financial plans by the
decline in sterling exchange, and the prospect that, war it was expected that he might feel disposed to
with a severe curtailment in British exports of mer- postpone his announcement. Instead, however, he
chandise,there must necessarily follow a correspond- on Tuesday published the fact that his bank now
ing outward movement of gold to compensate for the holds £8,000,000 in gold. Other banks have not
deficit. English bankers are quite interested and yet followed the example,though the favorable recepsomewhat concerned over shipments aggregating tion accorded the action may encourage such other
about $3,000,000 from Shanghai, China, to New banks in the near future to strengthen their gold
York, representing, so far as we recall, the first im- reserves and make similar announcements.
So far as the London market for capital is conportant movement of this kind. We deal more in
the offerings this week have been confined
cerned,
in
our
this
question
on
remarks
with
sterling
detail
exchange on a subsequent page of "The Chronicle." very largely to one of £10,000,000 French Treasury
bills, 5 per cents, which it is reported have been
8% basis.
/
The following announcement was made public considerably oversubscribed on about a 47
been
have
large
there
British
that
reported
simultaneously yesterday by bankers in London It is also
On
the
loan.
other
Dutch
hand,
the
to
subscriptions
and New York in connection with the plans disa
of
capital
big
dye
company
the
to
subscriptions
cussed, first, between Sir George Paish and the
Secretary of the Treasury, Mr. McAdoo, at Wash- that it was proposed to organize under British Govpar- ,
ington, and a committee of New York bankers and, eminent guaranty are reported to have been
dyethe
fear
that German
later, under discussion in London between New York ticularly disappointing,
the English market at abnormally
flood
would
stuffs
"In
connection
with
bankers:
the
London
and
unquestionannouncement by the Treasury upon the subject low prices as soon as the war has ended
response.
of
the
lack
for
reason
the
being
of the American exchange which appeared in the ably
as it proceeds to sea. The State Department is
reported to have requested that Great Britain permit
the vessel to discharge her cargo at Rotterdam instead of at Bremen. Meanwhile the loading of the
vessel has been delayed, owing to the refusal of the
Government's War Risk Bureau at Washington to
insure the Dacia and her cargo. The insurance was
refused on the ground that as the British Government had indicated objections to the Dacia engaging
in trade with Germany, her arrest on the high seas
was virtually a certainty, and she is not a good risk.
The sale of the Dacia is a test case, upon whose
outcome it is understood that the transfer from the
German to the American flag of a considerable
number of other German vessels will depend.
JAN. 16 1915.]
THE CHRONICLE
165
The plan for the new company has been withdrawn. National City Bank, the First National Bank, the
Money in London closed at 1% for day-to-day funds. Chase National, the Mechanics' & Metals' National
and several others. Strictly speaking, the arrangeIn Paris the trading on the Bourse this week has ment is not a loan, but merely a banking transaction
not differed essentially from that on the London which contemplates the exportation of merchandise
Stock Exchange. The buying has been chiefly in and not of gold.
small lots, presumably for investment, and the deNo changes have been recorded this week in the
mand has been especially noticeable in rentes,
Russian bonds, the shares of the principal banks and official bank discounts of Europe, London remaining
transportation companies, and also lottery bonds. at 5%, Paris 5%, Berlin 5%, Brussels 6%, Vienna
The buyers have been chiefly what are described as 5M% and Amsterdam 5%. The private bank rate
"small capitalists" who have regained control of in London is 214@214% for short bills and 2% for
their bank deposits that had been tied up since the long. A week ago sixty-day bills closed at 2 5-16%,
38@,23/2%. The open
war began, the principal banks having now volun- and ninety-day bills at 2/
market
rate
in
Berlin
was
quoted at 414% by a
moratorium.
the
protection
of
the
surrendered
tarily
said,
the
cable
dispatch
on
Monday,
while
call money on the
it
is
are
not
figuring
in
securities,
Many
dealings on the Bourse,not because of a lack of buyers, same date was 3%.
but on account of the absence of sellers. Another
The Bank of England reports an increase of
influence restricting the financial business in France is
the refusal of the Agents de'Change to execute selling £512,401 in its bullion holdings in the current weekly
orders from neutral countries unless such orders are statement. The total reserve increased £1,214,000,
accompanied by the securities themselves and a there having been a reduction of £702,000 in note
French consul's certificate of bona fide neutral circulation. The proportion of reserve to liabilities is
ownership. On this account arbitrage business is now 32.71%, which is without change from a week
impossible, notwithstanding that the London Stock ago, and compares with an advance from 49.34% to
Exchange authorities have let down their own bars 55.58% in this week last year. The Bank's gold
to some extent against arbitrage business, not alone holdings now amount to £69,360,894, comparing
so far as Paris is concerned, but as regards other with £34,890,867 at this date last year and £35,273,markets foreign to their own country. The French 610 in 1913. The reserve aggregates £52,636,000,
Treasury bills, referred to in our remarks on the against £29,869,547 in 1914 at this date and £25,London situation, were not offered in Paris at all, so 644,895 the previous year. Public deposits during the
far as cabled press dispatches indicate. French week increased £21,024,000, while Government serentes closed at 73.40 francs for cash, against 73.25 curities increased £3,258,000. Other deposits showed
a reduction of £17,293,000 and other securities
francs a week ago.
(loans) a contraction of £701,000. The loan item
It is announced from Amsterdam that the Dutch now stands at £108,220,000 and compares with
war loan of 275,000,000 florins has been oversub- £29,723,622 a year ago and £31,577,071 in 1913.
scribed to the amount of 25,000,000 florins, the list Our special correspondent furnishes the following
having closed on Monday. It will not be necessary, details by cable of the gold movement into and out
therefore, for the Government to put into effect its of the Bank for the Bank week: Inflow, £1,512,000
threat to issue another loan, subscriptions to which (of which £827,000 bought in the open market, and
would be compulsory for persons who had not already £685,000 received from the interior of Great Britain);
subscribed to the loan just referred to. There outflow, £1,000,000 set aside and "ear-marked" curwere few subscriptions in New York, though as we rency note redemption account. We add a tabular
have noted above, a fair amount of the new bonds statement comparing for the last five years the
was taken in London. The loan will be dated different items in the Bank of England return:
Feb. 1 1915, will bear 5% and be payable in three to
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
fifteen years. The Amsterdam Stock Exchange
1913.
1912.
1911.
Jan. 13.
Jan. 14.
Jan. 18.
Jan. 1.8.
Jan. 11.
will, it is announced, reopen on February 9.
E
£
E
£
E
A Russian credit of $25,000,000 has been arranged
in New York through Messrs. J. P. Morgan & Co.
The New York syndicate has agreed to accept drafts
by Russia at ninety days at 5% and M% additional
for acceptance, with privilege of one renewal at the
same rate. The President of an important Petrograd bank is reported by cable to be on his way to
New York for the purpose of conferring with financiers and Government officials here with the idea of
perfecting exchange facilities between this country
and his own. Messrs. J. P. Morgan & Co., in response to newspaper inquiries, furnished a statement
declaring that "a group of New York banks and
bankers had recently made a purely banking arrangement with Russia by undertaking to accept shortterm drafts of the Russian Government, the proceeds
of which were to be used in payment for supplies to
be exported from this country." Among the bankers
who are members of the syndicate besides J. P.
Morgan & Co. are the Guaranty Trust Co., th
Circulation
39,174,000
Public deposita
44,832,000
Other deposits
116,055,000
Gov't securities
18,068,000
Other securities__ _108,220,000
Reserve,notes&coln. 52,636,000
Coin and bullIon
69,360,804
Proportion of reserve
to liabilities
32.71%
Bank rate
5%
28,471,320
7,697,913
46,065,073
12,148,974
29,723,622
29,869,547
39,890,867
28,078,715
10,688,542
41,484,817
13,035,483
31,577,071
25,644,895
35,273,610
28,044,040
16,983,685
31,607,897
15,270,184
31,665,009
27,712,507
37,306,541'
27,416,775
10,057,069
40,033,410
14,955,493
27,524,597
25,699,489
84,661,264
55.58%
414%
49.10%
5%
48.94%
4%
47.83%
41,5%
The German Bank statement, published on Monday, shows a decrease for the week of 19,056,000
marks in gold and of 300,380,000 marks in "cash,"
including Imperial and Loan Bank notes, and notes
of other banks in addition to coin and bullion. The
Lombard item registered an increase of 40,971,000
marks, discount and treasury bills combined increased 134,620,000 marks, securities decreased 2,489,000 marks, note circulation showed a contraction
of 266,609,000 marks and deposits a decrease of
126,764,000 marks. The gold holdings now amount
to 2,073,755,000 marks, comparing with 1,169,000,000 marks in 1914 and only 878,046,000 marks in
1913. The reduction in the note circulation brings
166
THE CHRONICLE
loo.
the total down to 4,785,290,000 marks, which com- partly French coin and supposedly for New York.
pares with 2,303,060,000 marks in 1914 and 2,237,- Thus it appears that the inbound gold movement
that is so concededly justified by the low rates
420,000 marks in 1913.
current for sterling exchange has begun. The
So far as local money is concerned, our remarks 850,000,000 in French Treasury bills to which we
must necessarily be very largely a reiteration of referred in last week's "Chronicle" were heavily
recent conditions. Further progress must be re- oversubscribed in London. It is understood that the
corded in the direction of unusual redundance in proceeds of this sale are destined to reinforce the
the volume of funds and of concessions in rates. French credits in New York that are so necessary in
Call money on the New York Stock Exchange has connection with the large purchases of supplies of
loaned as low as 13/2%, while fixed maturities may various kinds .by the French Government in this
be quoted at as low as 331%,with a light demand in country. Meanwhile exports of grain are going forall directions. Gold is beginning to arrive in New ward as rapidly as shipping facilities can be found,
York under the stimulus of the low rates of sterling and a similar condition may even be reported in reexchange, and it is desirable to keep actively in mind spect to cotton exports, though, as the demand for the
in any discussion of the money situation that when Southern staple is largely for Berlin, and difficulty is
gold enters the banks it counts on the new basis pro- being experienced in obtaining ships to carry the
vided by the Federal Reserve Act, of 18% reserve for cotton to the German market. The belief is cerdeposits against 25% under the old banking law. tainly growing in sterling exchange circles that foreign
The bank statement on Saturday showed a further in- trade will continue to run very heavily in our favor
crease of $6,494,890 in the surplus reserve above during the remainder of the war and also after the
requirements, making the total $120,579,810, com- war itself has ended. The latter phase is based on
paring with $19,999,550 at this date a year ago the belief that the European conflict has resulted
under the old reserve requirements,and on a strictly and will still further result in the destruction of
cash basis. Loans were $2,609,000 lower for the manufacturing plants in the belligerent countries;
week, net demand deposits increased $9,115,000, net furthermore, that the tremendous rush of industrial
time deposits decreased $2,282,000, note circulation activity in manufacturing war supplies is so great,
decreased $2,353,000. The total reserve in banks' and so largely conducted at the expense of ordinary
"own vaults" increased $7,405,000,to $337,582,000, business, that the formal declaration of peace will
of which $264,032,000 is represented by specie. The find foreign markets bare of supplies needed for the
reserve in Federal Reserve banks increased $441,000 sustenance and comfort of the people. This view
to $100,738,000, while the reserve in other deposi- does not lose sight of the fact that at the very
taries increased $244,000, to $32,234,000, bringing moment the war ends the work of re-construction
the total aggregate reserve up to $470,554,000, or will begin and that the commercial and industrial
an increase of $8,090,000 for the week. Commercial activities of the various countries will start up with
paper during the week has been in greater demand redoubled energy and with a definite determination
than supply; while rates are without change from a to recover interrupted trade both at home and
week ago,there is a greater proportion of the business abroad.
The Continental exchanges have ruled somewhat
passing at the lower figures. There have been few
formal demands upon the New York capital market irregular. Bankers' sight drafts on Berlin closed at
879', which compares with 86% last week, while
this week.
Referring to money rates in detail, the week's cable transfers finished at 873/
2, against 86%. Exrange for call money was 13/2@23'%. On Monday change on Paris ended at 5 19, against 5 191
4 for
23/2% was the highest and renewal rate and 214% checks and 5 1814, against 5 183/ for bankers'
the lowest; Tuesday's highest and lowest were 23/2% cables. Bankers' sight drafts on Amsterdam closed
0 the ruling figure; on Wednesday 40 3-16,against401-16@40% a week ago,and bankers'
and 2%, with 237
the range was 13/2@2%, with renewals at 2%; on cables finished at 40 5-16, against 403@409, while
Thursday it was 2@23%, with renewals again at commercial sight at the close last evening was 40 1-16
2%, while Friday's single rate was 2%, including against 399. Italian exchange bankers' sight closed
renewals. Time money closed at 33i% for 60 at 5 353, against 5 34 last week. In Paris the Londays, against 332% a week ago; 334% for ninety don check rate closed at 25.19, against 25.25 francs
days (against 33'@3%% a week ago), 33@ a week ago.
332% for four months (against 332@3%%), 3/
3
2%
for five months (against 3@4%) and 332% for
There has been some disposition to regard the imsix months (against 3%@4%). Commercial paper portation of gold,from China as marking the beginning
closed unchanged at 3%@4% for sixty and ninety of a movement for the gradual substitution of "dollar"
day endorsed bills receivable and for four to six exchange for sterling exchange in Chinese trade with
months' single names of choice character. Names this country. Max May, Vice-President of the
/
4@432%.
Guaranty Trust Co., when questioned on this point,
not so well known require 43
was emphatic in his statement that the importation
Sterling exchange has ruled quiet and irregular of the precious metal was without significance in the
during the week. On Saturday $860,000 in gold exchange market, and that it did not mark any
arrived from Canada. On Tuesday the Guaranty dealings in "dollar" exchange. Ever since the outTrust Co. announced that a total of $2,950,000 ofthe break of the war there has been a disposition—a not
precious metal had either arrived for its account at unnatural one—of German banks in China and of
San Francisco or was on its way to that port from Germans having financial and mercantile connections
China (Shanghai) and that $200,000 in French gold there to get their assets out of China. The natural
coin was being brought to New York from London. tendency would have been to export silver, but as
On Thursday cabled advices from London stated that transportation of this would have been too expensive,
the Bank of England had sold $1,300,000 in gold, the next best thing was to send the, gold forward.
JAN. 16
1915.]
THE CHRONICLE
As this gold could not be shipped to Germany, it
was sent in care of the Guaranty Trust Co. here, and
may to that extent be regarded as in some measure
establishing a German credit here. Under these circumstances,it is evident that there was incentive to
send the gold to establish the credits direct with the
home office of the Guaranty Trust Co. in New York
rather than to the London branch, where Chinese
business has been handled in large measure in the
past. It is of interest to note in connection herewith that the International Banking Corporation has
announced this week that since Oct. 1 that corporation has brought into this country slightly in excess
of $10,000,000 in gold from Japan, which has been
sold to the United States Mint in San Francisco.
This gold constitutes payment for commodities, principally cotton and steel, purchased by Japan in this
country since the outbreak of the war. Previous to
the war Japan was, it is reported, a heavy buyer of
machinery and steel from Germany, but the outbreak
of hostilities caused her to turn to the United States
for such supplies. The credit of $25,000,000 granted
by American bankers to Russia will necessarily suggest the importation of gold in payment of the drafts
drawn against these credits when such drafts mature.
Compared with Friday of last week, sterling exchange on Saturday was unchanged, with demand
still quot9d at 4 83%@4 83%, cable transfers at
4 84@4 84% and sixty days at 4 81%. On Monday
heavy accumulations of commercial offerings caused
weakness at the opening, but later the market
steadied, with practically little change in actual
rates; demand ranged at 4 833'@4 83%, cable
transfers at 4 84 3-16, and sixty days at 4 823.; only
a small amount of business was transacted. Sterling
moved irregularly on Tuesday, early firmness being
followed by a weaker tone, with a partial rally at
the close; the day's range was 4 83%@4 843/i for
demand, 4 843'@4 849/i for cable transfers and
4 81% for sixty days; continued buying by a large
financial concern,and a liberal supply of commercial
bills constituted the chief factors. On Wednesday
trading was dull and featureless, at slightly lower
levels; quotations were 4 843 for cable transfers,
4 83%@4 83% for demand and 4 813/i for sixty
days. Selling of cables by an international banking
firm, presumably against the new Russian loan,
brought about a recession on Thursday, though the
volume of transactions was light; demand declined
to 4 833@4 83%, cable transfers to 4 84%@
4 84 3-16, and sixty days to 4 813/
2. On Friday the
market ruled slightly firmer though quiet. Closing
quotations were 4 813/2@4 81%
3 for sixty days,4 83%
@4 84 for demand and 4 843'@4 843
/s for cable
transfers. Commercial on banks nominal, documents for payment nominal. Seven-day grain bills
at 4 823/
2@4 82%. Cotton for payment nominal;
grain for payment nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $12,633,000 net in cash as a result of the currency movements for the week ending Jan. 15.
Their receipts from the interior have aggregated $16,634,000, while the shipments have reached $4,001,000. Adding the Sub-Treasury operations and the
gold imports, which together occasioned a loss of
$5,130,000, 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 $7,503,000, as follows:
167
1Veek ending Jan. 15 1915.
Banks' interior movement
Sub-Trees. oper. and gold imports
Total
into
Banks.
OW of
Banks.
Net Change in
Bank Holdings.
816,634,000
28,321,000
84,001,000 Gain $12,633,000
33,451,000 L039 5,130.000
I 844.955,000
137.452,000 Gain 87.503.000
The following table indicates the amount of bullion
in the principal European banks:
Jan. 14 1915.
Jan. 15 1914.
Banks of
Gold.
Silva.
Total.
Total.
E
£
E
£
E
England__ 60,360,894
69,360,854 39,890,867
39.890.867
France a _ _ 165,101,005 14,041,000 179.942,i i 140.474,440 25.413.7i1165,888,200
Germany _ 104,187,800 1,564,000105,751,8s'62,828,4 I I 15,117.311 77,940.700
Russia...... 176,785,000 4.792.000 181,577,000 168,543,110 6,191,111 174,734,000
Aus.-Hun 51,578,0
12,140, Is 63,718,000 51.730.111 10,979,
62,709.000
Spain... 22,024,000 28,352,000 51,270,0
19,251.000 28,589,
47,840,000
Italy
47,607,000 2,777,000 50,381,000 45.590.11*2,930,
48,520,000
Nether!'d 18,140,000
140,700 18,280,700 12,626,000
Nat.Belgd 15,380,000
600,000 15,980,000 8.236,000 4,118,000 12,351,000
Sweden
5,809,000
5,809,500 5,672,000
5,672,000
Switz'land 9,470.40
9,470,400 6,813,00
6,813,000
Norway.... 2,246,00
2,248,000 2,657,111
2,657,000
Tot. week 6/29,389,094 64,108,7
53,795,794 564.306,70
5rey. week 988,452,593 65,013.35 753,465,943558,377,01
94.081.
158.389.567
93,281,71 651,658,729
a Data for 1914 tor Oct. 15. c July 30. d Sept. 21.
ENGLAND ON THE NEUTRAL CARGO
QUESTION.
The British Foreign Office, under date of Jan. 7,
has replied to the American Government's note regarding detention or seizure of neutral cargoes. The
text of Sir Edward Grey's reply was made public
in London and New York last Sunday. It reviews
in general the contentions of the American note
and re-states the position taken by the British Government. The British Foreign Secretary is careful
to describe this present document as a "preliminary
communication," submitted with the purpose of
helping "to clear the ground and remove some misconceptions that seem to exist."
The tone of Sir Edward Grey's note is eminently
friendly. It takes occasion to commit his Government very positively to the making of redress in all
cases where what is called the principle of "necessary
self-protection," in the matter of detention of American ships,has unintentionally been exceeded. Itthen
takes up the exceedingly vexed question of our exports to neutral European countries which still have
access to Germany and Austria. Our own Government's figures for last November, as cited by Sir
Edward Grey, show the month's total exports to
Denmark, Sweden, Norway and Italy to have been
$17,000,000, as against $4,000,000 in November
1913; the greater part of the increase being in shipments to the Scandinavian countries, to which the
month's consignments increased $10,800,000 over
last year. To this is added reference to the fact that
exports of copper—a contraband commodity—from
the United States to Italy, during the course of the
war up to the fourth week of December, showed
an increase from 15,202,000 pounds to 36,285,000;
the shipments to parts of Europe not separately
stated—which would cover the Scandinavian countries—increasing in quite as large proportion. From
this the British note draws the inference that "the
presumption is very strong that the bulk of copper
consigned to these countries has recently been intended, not for their own use, but for that of a belligerent who cannot import it direct."
In the matter of foodstuffs exports—on which the
American note, appealing as it did to the explicit
authority of Lord Salisbury, took a very strong
position—Sir Edward Grey admits that such commodities ought not to be detained without presumption that they are intended, not for the general
population of the enemy's country, but for the armed
forces of the enemy or the enemy's government.
But, while expressing intention to adhere to this rule,
168
THE CHRONICLE
the British note adds that it "cannot give an unlimited and unconditional undertaking, in view of the
departure by those against whom we are fighting
from hitherto accepted rules of civilization and
humanity, and the uncertainty as to the extent to
which such rules may be violated by them in the
future."
The points thus brought up may be briefly cornmented on. In regard to the increased exports to
the Scandinavian countries, there is, first, the important consideration that responsibility for. preventing delivery of such commodities to Germany must
actually rest with the consignees in the Scandinavian
countries, and with the Government of the country.
Second, the question would still remain as to whether
these largely increased exports might not have been
non-contraband in character. Of the question, even
in regard to copper exports to Italy, the British Government does not deny that Italy has the right to
increase indefinitely its import of copper. It would
certainly seem to follow that our manufacturers
and merchants have an equal right to fill all orders
of the sort. If it were to be established that these
increased consignments of a potential war material
have been promptly forwarded across the Italian
frontier to Germany or Austria, then, we should say,
the quarrel on the part of the Allies is with Italy,
and not in any respect with the United States.
The recognition by Sir Edward Grey of Lord
Salisbury's view regarding foodstuffs is extremely
gratifying; but it is difficult not to regret the intimation that England may not be able to maintain its
were
present position, if its antagonists in this war
and
ion
civilizat
of
rules
d
accepte
to violate other
y
precisel
and
underst
to
difficult
is
humanity. It
doubt,
what is involved by this reservation. No
therefore, the question can be better faced at such
time as it may arise. But, in the meantime, the
British Foreign Office cannot blame the United
in
States, if our _Government replies that we are
of
laws
the
of
n
violatio
for
ble
no respect responsi
the
on
sts
antagoni
's
England
by
war
humanity or
Continent,
The point made by the British note, regarding
withholding of manifests on ships departing from the
ed
United States until too late for the use of an interest
These
strong.
very
foreign Power, seems to us
instructions were given by our Treasury Department
tion on
on Nov. 28—without any formal explana
aware.
are
we
as
far
so
part,
ent's
our Governm
the
instance
whose
on
ion,
Associat
ts'
Merchan
The
stated
order appeared to have been issued, frankly
postponein an official declaration of its own that
advisable
was
s
ment of publication for the manifest
tarepresen
by
taken
because "advantage has been
governtheir
inform
to
war
at
tives of the countries
ments of shipments of materials which have been
declared contraband, the name of the vessel carrying
them and its destination; and that "it has thus been
ts."
easy for belligerent nations to stop such shipmen
it
but
t;
documen
this
in
stated
y
correctl
is
case
The
German
will hardly be overlooked that, since the
Government is at present helpless to stop shipments
this
of contraband to ports of the European Allies,
ted
interpre
be
easily
might
case
very statement of the
and
contrab
ts
of
shipmen
that
as public notification
lated by the New York
to Germany were contemp
export trade.
as it
Clearly, there is much in the controversy
e
of
views
exchang
further
require
will
stands which
loo.
while the war continues. There are a few positive
inferences which may be drawn at once. First and
foremost, distinction between the attitude of our
Government and the attitude of our merchants
must never be overlooked. Our traders have a
perfect right to send to any belligerent State whatever
contraband articles they choose; that much is clearly
shown by our export of war material to the Allies.
But shipments of this sort are necessarily made at
the peril of the shipper, and our Government will
not protect them in the operation. What it can do,
and what it is now endeavoring to do, is to insure so
clear and unmistakable a code of rules, and such
guaranties that international rule and precedent will
be observed, as to protect innocent shippers from
unfair annoyance or loss.
But the very delicacy of the questions involved
on both sides in this matter point to definite conelusions in another direction. The so-called "Ship
Purchase Bill," under which, up to a given total
sum, our Government would be permitted to engage
as a 51% shareholder in vessels purchased or built for
the foreign trade,is still pending in Congress. Meantime, the Hamburg-American steamer Dacia, having
been sold to private capitalists, and transferred to
American registry, is reported as having been loaded
with cotton at Galveston, with the original purpose
of sailing for Bremen. An impression has existed,
especially among the lawyers, that this vessel was
to be used with the definite purpose of testing the
status of international law and practice in the matter. Be this as it may, several delicate questions
would arise necessarily in such a case. There is the
question of indirectly providing capital to the enemy
of the Allied Powers—a question not of the first
importance, in our judgment, since our markets are
now providing capital directly and in substantial
amounts to the Allied governments themselves.
But much more important than this consideration
is the possibility that such a purchase might be effected merely for the purpose of putting an interned
steamer into service again, with the view of retransferring it to its original owners when the war
is over. Experience in some past wars has shown the
possibility even of direct collusion in such matters,
and, although no such intent is alleged in the present
case, its theoretical possibility in other conceivable
cases necessarily affects the attitude of European
governments. Furthermore, our own Government,
even in this case, has become to an extent a party,
through its permitting transfer of registry under
the circumstances.
This week's earlier dispatches suggested that, while
the British Government was averse to permitting
the vessel to sail direct to Bremen, it was considering
the withholding of objections to a Rotterdam destination. More recent cable advices from London
have hardly borne out such expectation. The
London newspapers do not agree upon the matter;
the "Times," for instance, declaring yesterday that
if the Dacia sails for Europe, she must be stopped
and the question settled in an Admiralty Court,
while the "Daily News" agues that, under existing
ocean freight conditions, our purchase and uselof
the interned German ships would benefit England
as well as the United States. The "News" may
have had in mind the reported appeal of English
merchants to their Government that Germaniships
now interned in England be employed on the seas
again.
JAN 16 1915.]
THE CHRONICLE
Considering how this matter stands, and what
difficulties are sure to arise in the case of entirely
private ownership, it is easy to see what situation
might be created if vessels owned in belligerent countries were not only to be purchased for our trade,
but if more than one-half of the purchase money were
to be openly and directly provided by our Government. A host of complex problems would immediately confront us. What would be the diplomatic situation if a contraband cargo were discovered? Would such a vessel be in any sense a
Government ship? If not, would our Government,
as the larger partner, be responsible for its actions?
If so,in what way would that responsibility be brought
home?
The most reasonable conclusion from the whole
situation of affairs is that the very fact of our present
insistence, that the absolute rights of international
law regarding detention and search of American
cargoes be observed, makes far more important
our own maintenance of an absolutely correct position in questions where our national good faith
might become seriously challenged.
169
beating into line one or two larger concerns elsewhere.
By his own statement Mr. Loewe seems to have
little noted the question of principle per se and to
have viewed the whole as a problem of expediency.
At first, with some two-thirds of his men in unions,
he had thought so little about it that he did not know
who were in and who were not. He was doing well,
he said, and now, if he had to unionize and replace
the boys on certain parts of the work by journeymen
at full pay, he could not meet the competition of nonunionized shops in Yonkers and elsewhere; make
the larger places closed shops, he said, then come to
him, with the terms of competition equalized, and
he would see about consenting.
The union emissaries declined. They proposed to
take people in order; it was his turn, and they
wanted him now. They had decided to unionize
him, peaceably if possible, and, if not, "by our usual
or well-known methods." They demanded the right
to fix all the conditions, including discretion as to
which of his then non-union men they would take in
and would allow to stay in the factory; some, they
frankly said, would not be allowed to remain at all.
After successive conferences, Mr. Loewe declined.
LABOR UNIONS BROUGHT TO BOOK.
To become a closed shop, he said, would dismiss many
When the recent Supreme Court decision in the old who had served him well, men living right there in
Danbury Hatters case became known, Mr. Samuel Danbury; it would mean surrender of his factory to
Gompers could not restrain his emotions, and, ac- persons at a distance; and he would have to make a
cording to the newspapers, remarked that "I feel different grade of goods or lose most of his trade.
awful about it," being greatly concerned for the crush- Hence, the union men in the factory were ordered
ing effect which collection of the judgment would out, being told that he would soon have to give in,
have on the unfortunate defendants, and rather and if they disobeyed they would be expelled from
doubtful also whether enforcement could be accom- the union; so they went. The non-union workers were
plished at all. One remark to the jury by the judge told how, in a Philadelphia case, the non-union ones
who sat in the trial court where the judgment was who stood by were left outside after the surrender,
rendered was that "the minutes, resolutions, reports, and the same would happen to them in Danbury; so
proclamations and printed discussions which the they shrank out, too, and then there were orders left
officers and agents of the Association have publicly on the books but nobody in the factory to make hats.
proclaimed and circulated among the membership
The firm's customers were not forgotten, however.
are all matters to be considered by you in passing Some of them were willing to wait awhile for their
upon whether or not the boycotting of the plaintiff's goods, but the boycott was promptly exhibited to
trade in other States than Connecticut was approved them. It is not supposable that any of them enor warranted by the individual members of the joyed or did not feel resentful about such dictation;
Association." The charge to the jury having been but self-preservation is a first law of nature, and
considered by the Supreme Court to have sufficiently most of them surrendered, sooner or later. But
safeguarded the defendants' rights, it is no longer Mr. Loewe had begun to fight.
open to a union member to plead that he paid his
Except in its present stage, this long struggle is
dues but had no knowledge of what was going on and essentially the same in this chapter of it as in others.
did not even know what the by-laws permitted; per- As excuse for coercing workers it has been seriously
sonal responsibility for union methods and conduct offered that it is best for the individual to come in
must apparently be accepted hereafter by all trade and under the union; therefore, he ought to do it
unions and in all States, and what the members cheerfully and promptly; therefore, if he is too dull or
permit they must be held to approve and authorize. too obstinate to come in, he must be made to come in,
Whether the written assurances of standing by and for his own good. The defect in this syllogism does
holding harmless which the Federation of Labor seems not trouble the union leaders, for they claim to be
to have given these zealous members in Connecticut practical men and do not aspire to be logicians.
are an enforceable contract or will be acknowledged Clearly, they must be able to coerce the men or they
as a moral one is yet to be shown; but all unionists could not coerce the employers, and they must be
have been willing to crush employing concerns for the able to coerce the employers or they could not coerce
sake of what they claim to be the cause of the general the men. An open shop
means individual liberty of
welfare of labor, and now they ought to accept decision and action; the power
of the central body
suffering in their own persons for that supposed must be complete at
all points or fail at all, and it
cause..Sympathy for them is not particularly due, can only be
confessed by being visibly and successand while they are scurrying about in trying to find fully
exercised. Recusant workmen, recusant emwhat to do, a sketch of the long struggle which
ployers and recusant customers of employers must
Mr.. Loewe has given to a "Times" representative be
disciplined into surrender, by application of the
has interest. He came from the journeyman's bench,
boycott to them; they must be taught that only in
and in 1879 started as an employing hatmaker, with
submission to solidified union power can they exist
three other workmen. In 1900 the United Hatters at
all. Next in line come the politicians, and when
of North America got around to him, after just they are shown
that • the union controls the offices
179
THE CHRONICLE
also, the circle of power is complete; then we get
exemptions from a general law written into another
general law in favor of labor, which gets itself defined
as "not a commodity."
But when this circle or chain is broken in one
place it is broken everywhere. That is the significance of the situation now.
FAILURES IN 1914.
A considerable increase in the number of business
casualties in the United States during 1914 and an
even more decided increase in the volume of liabilities are salient features of the failures statement
for the calendar year as compiled by Messrs. R. G.
Dun & Co.; and, furthermore, it is to be noted
that in each instance the totals reached are in excess
of those of any earlier year—very much so in most
cases. With the number in business constantly
expanding, it is no more than natural that there
should be growth in the commercial mortality from
year to year; that is, merely a normal sequence.
But making due allowance for the new enterprises
launched, the ratio of suspensions to the number in
business was during 1914 the highest since 1898.
Normally the percentage of failures is well under
1% and within the last decade has been almost as
low as VI of 1%, but in the late year it reached about
1.10%
It is, of course, hardly a cause for surprise that
there should have been a marked rise in the proportion of failures in 1914, taking into account surrounding circumstances. It cannot be denied that
a condition of depression in trade was existent here
in the early part of the year, as it was evidenced in
many ways and found confirmation in the increased
number of failures and largely augmented liabilities,
the exhibit for the first six months having been the
poorest since 1908. In the last half of the year the
situation, we need hardly say, was distinctly adverse,
the European war having tended to greatly accentuate depression in commercial and industrial lines,
the South being most unfavorably affected through
the disastrous decline in cotton prices. As a matter
of fact, the closing of the cotton exchanges, following
the declaration of war, brought chaos to cotton.
At first prices varied widely in contiguous sections
and were ruinously low; even now the staple is selling
generally below cost of production.
To fully appreciate the adverse character of the
failures exhibit, it is only necessary to glance at
the record for the last six months of 1914 and note
the abnormal increase over 1913 in the number
forced to the wall, the most of them small tradesmen; large failures, at the same time, are a distinctive feature of the 1914record,accounting collectively for a good part of the aggregate liabilities.
No month in reality was without its quota of noticeable insolvencies. While forming only a meagre
percentage of the total of failures in 1914, the insolvencies for large amounts were above the average
in number. Specifically, they aggregated 409 or
30(only about 8%)more than in 1913, but covered
indebtedness of no less than $210,715,947, against
less than 137 million dollars—an increase of over
53%. It is clear, therefore, that in a few commercial
insolvencies there was a swelling of debts of no less
than 73 million dollars, whereas the augmentation
of the liabilities over 1913 of all defaulting concerns
was but 12 millions greater-85 millions. In fact,
although barely 2%% of the aggregate failures,these
[YoL. loo.
409 large disasters furnished nearly 60% of the
years failed indebtedness.
Of the large failures the Claflin suspension, which
occurred in June,stands in a class by itself,involving,
as it did, 26 different retail establishments and
about $40,000,000 of liabilities—just about oneninth of the 1914 total. Other notable commercial
disasters of the year included the O'Neil-Adams
Co. of New York for $12,000,000; the Pittsburgh
Westmoreland Coal Co. for $6,800,000; International
Steam Pump Co. for $10,000,000; the fosterColumbus Associated Breweries Co., $5,000,000;
S. H. P. Pell & Co., stock and cotton brokers, over
$5,000,000; Great Shoshone & Twin Falls Power
Co. of Pittsburgh,$4,000,000; Herman Boker & Co.,
hardware, New York, $2,000,000; WashingtonOregon (Electric) Corporation of Portland, Ore.,
$2,500,000; International Typesetting Machine Co.,
$3,000,000; Valley Forge Cutlery Co. of New
Jersey, $2,000,000; The Lozier Motor Co., $1,500,000; John Hunter, arms manufacturer, Utica, $1,500,000; Cramp, Mitchell & Co., bankers and
brokers, Philadelphia, $3,600,000; New York Mills
Co., cotton goods, $1,500,000 and the Atlantic Gas
& Electric Co., $2,500,000. These sixteen failures
contributed no less than $102,900,000 liabilities, or
not far from one-third of the grand aggregate. As
indicating the stress among the concerns with insufficient capital—the ones least fitted financially
to withstand the adversity that followed the breaking
out of the European war—it is to be remarked that
the average liability of those who failed owing less
than $100,000 was only $8,236, or the lowest since
1909.
Analyzing the year's figures geographically we
find the least favorably situated locality to have
been the Middle Atlantic section, comprising the
States of New York, Pennsylvania and New Jersey.
In each there was a rather decided increase in the
number of insolvents and in the first-named liabilities
rose some 48 million dollars above 1913, as a consequence of the Claflin failure. Pennsylvania, moreover, showed an augmentation of over 25 millions.
The 353/i millions of indebtedness reported for the
South Central division were 33/i millions greater
than in the previous year, the Central West debts
1 millions and
of 193/ millions contrasting with 15Y
the Western 43/i millions with 39/i millions. The
feature disclosed by the retnrns from the South
Atlantic group is the considerable increase in the
liabilities in Florida, due primarily to a number of
lumber failures. On the Pacific, a large increase
in the number of insolvents is to be noted and an
augmentation of 5 millions in the liabilities. The
best showing is in • New England, the aggregate
number forced to the wall having been fewer than in
1913 and each State, except Maine, reports lower
liabilities, with the total of all 3 million dollars less.
The Central East—Ohio, Indiana, Illinois, Michigan
and Wisconsin—while reporting a greater number of
insolvencies, shows a drop in indebtedness of about
23/i millions. Considering the returns by quarters
we find that the first period was the most satisfactory, if such an expression can be used, in connection
with the subject. It is true that the number of
failures was much greater than in 1913, but debts
showed only moderate augmentations. In the
second quarter, on the other hand, the number was
practically the same in both years but the Claflin
and other large disasters swelled the indebtedness
JAN. 16 1915.1
THE CHRONICLE
to close to double that of the previous year. The
remaining quarters, reflecting the baneful effect of
the war, witnessed the downfall of hosts of small
merchants.
As compiled by Messrs. R. G. Dun & Co., the
number of failures in 1914 in the United States was
18,280, with liabilities of $357,908,859, these comparing with 16,037 and $272,672,288 in the preceding
year, 15,452 and $203,117,391 in 1912 and 13,441
and $191,061,665 in 1911. As already intimated,
the latest total of indebtedness is the heaviest on
record, but in 1893, although the number of insolvencies was much less than in the year just closed,
the indebtedness (indicating the very adverse conditions then prevailing) was within 12 millions of
that for 1914. In no other year was there any close
approach to the volume of debts now recorded. The
failures situation, quarter by quarter, the last two
years is set forth below.
FAILURES BY QUARTERS.
1914.
No.
Liatilities.
First quarter
Second quarter
Third quarter
Fourth quarter
4,826 $83,221,121
3,717 101,877,904
4,288 88,818,291
5,439 85,990,838
Total, year
18,280 8357,108,859
1913.
Average
Liability. • No.
517,215
27,410
20,200
16,810
Average
4,458 $76,832,277
3,705 56,078,784
3,549 63,837,315
4,325 75,925,912
$17,235
15,135
17,987
17,555
$19,579 16,037 $272,672,288
$17,003
Studying now the failures as segregated into
branches of trade, we learn that in all but four lines
in the manufacturing division the number of disasters
was greater in 1914 than in 1913. The aggregate indebtedness of manufacturers for the twelve months
at $135,636,279 was 123/ millions in excess of 1913
and overreached 1912 by 49 millions. Practically
every branch of business in the trading group reported more casualties than in 1913 and augmented
liabilities are to be noted in all but two instances.
Dry goods and carpets naturally make the most unfavorable exhibit, the Claflin and O'Neill-Adams
insolvencies serving to abnormally swell the total of
indebtedness. The aggregate of trading debts contrasts very unfavorably with earlier years, that of
1914 having been no less than $165,864,850, against
only 115 millions in 1913 and 91Y
1 millions in 1912.
Brokerage disasters also were more numerous than
in 1913, with an abnormal increase in liabilities.
Banking failures likewise were greatly in excess of
those of earlier years, but the liabilities, although considerably in excess of the previous year, were much
smaller than in 1908. In all, the failed institutions
numbered 212, of which 19 were national banks,
10 trust companies, 10 savings banks and 173 State
and private banks. In the Central East the situation as regards commercial failures, as already inticated, was rather more favorable in 1914 than in
most sections of the country, but in banking lines
conditions seem to have been very much the other
way. In other words, defaults were double those of
1913 and liabilities reached nearly 16 million dollars,
against less than DA millions. In the Middle Atlantic, South Atlantic, South Central and Pacific
Coast sections, also,there was mentionable expansion,
but in New England improvement is to be noted
both in number and amount. There is no reason to
regard banking suspensions in the same light as commercial failures, but as an essential part of the year's
record we include them in the subjoined tabulation:
TOTAL FAILURES.
'umber.
1914. 1913. 1912.
Liabilities.
1914.
I
1913.
1912.
Manufacturing
Trading
Other
4,820 4,2,03 3,839 $131,636,279$123,122,528 880,719,832
12,851 11,145 11,011 168,864,8521 115,115,212 01,779,965
809
649
602 56,407,7281 34,434,5481 24,617,594
Total
Banking
18,280 16,037 15,452 $357.908,859$272.672.2333203,117,399
212
120
79 36,004,107 31,546,3141 24,219,522
[
18,492 16,157 15,531 $413,912,966 $304,218,602 3227,336.913
Toua
171
To even a greater extent than in the United States,
and quite naturally so, was the business situation
adversely affected in Canada in 1914 by the war and
other unfavorable developments. The previous year
had witnessed a considerable increase in the number
of insolvencies and the volume of liabilities following
the decline in activity in the trade and industrial
affairs of the Dominion, but that was as nothing to
the further increase in both in the latest year. The
commercial casualties numbered 2,898,against only
1,719 in the preceding year and 1,357 in 1912, while
the indebtedness rose to $35,045,095, comparing with
but $16,979,406 and $12,316,936. In the number of
disasters improvement is revealed in Nova Scotia
and Newfoundland alone, and as regards liabilities
the exhibit is especially unfavorable in British Columbia, where the aggregate advanced from $1,378,564
in 1913 to $11,650,670, and an augmentation of
2 million dollars is to be noted in Saskatchewan and
over one million each in Ontario, Quebec and Manitoba. Analyzing the returns by branches of trade
discloses a particularly unfavorable situation among
traders, insolvencies increasing almost 80% in number and liabilities rising to $18,677,935, or over
double the total of 1913. In the manufacturing section eleven lines fared less well than in 1913 and the
aggregate indebtedness advanced from $6,792,763
to $11,063,191. Brokerage failures were over 100%
greater than in 1913 and the late year's reported
indebtedness, at $5,303,968, compares with but $1,505,224. In banking circles the insolvencies of the
year numbered but one (in British Columbia), with
liabilities of $250,000, this comparing with a like
number for half the amount in the same province in
1913, and an entire absence of financial casualties
in 1912. In 1910, however, the liabilities of two
banks reached 23/ million dollars.
CLEARINGS AND SPECULATION IN 1914.
The war in Europe naturally was an important
factor in reducing bank clearings in 1914, but only
during the last five months of the year. During the
greater part of this period the stock and commodity
exchanges of the country were closed, and on account
of the generally disorganized conditions the floating of
important new security issues,etc., was largely made
impossible, and in fact was attempted in but few
instances. In view of these facts, it is not at all
occasion for surprise that bank clearings-the business barometer of the country-should show a
marked decline from last year during the last five
months of 1914. Even before the war in Europe
started there was decided lack of snap to affairs in
many directions. High prices for articles of quite
general consumption tended to cut down their use
more or less materially, and the delay of the Government in according to the railroads the relief they so
urgently needed, by authorizing an advance in rates,
was a distinct factor in curtailing the volume of
dealings on the stock exchanges and checking other
financial operations. This latter influence was, of
course, most severely felt at New York, Boston and
other leading money centres of the country.
The total of clearings at New York for 1914
exhibits a loss of 12.3% from 1913 and a decline of
14.5% from 1912, while, contrasted with the high
record of 1906 (established during a period of large
dealings on the Stock Exchange and marked activity
in other financial operations), there is a diminution
of 213/i billion dollars, or 20.8%. Outside of New
York the comparison with earlier years is rather
more favorable, although there is a falling off from
the high-water mark of 1913, the total at $72,223,621,520 contrasting with $75,181,418,616 then and
$73,208,947,649 in 1912. In every section of the
country, except the "Other Western"-the territory
lying west of the Mississippi River but not including
the three Pacific Coast States nor Utah, Nevada,
Oklahoma and Texas-lower totals than a year ago
are presented. In the Middle division (New York
City not included) only five cities out of 27 show
gains over 1913, and in the aggregate of all the
decrease is 7.3%. Of the 13 municipalities grouped
under New England, six register larger totals than
a year earlier, and, excluding Boston, the loss is
merely nominal-0.06%. The Middle Western
group of 39 cities includes 16 with larger clearings
than in 1913, but the combined aggregate records a
falling off of 1.8%. Eliminating Chicago, a slight
gain is revealed.
On the Pacific Coast a moderate loss in the total for
19 cities is reported (all but four sharing in it) and
at the South 33 cities furnish an average falling off of
6.5%. In this latter section, naturally, the volume
of clearings was distinctly affected for most of the
time after Aug. 1, and until quite lately, by the
decided contraction in the movement of cotton-a
fact distinctly ascribable to conditions abroad. But
with the restoration of facilities for the marketing
of the staple through the re-opening of the New York
and other cotton exchanges and the providing of
funds to finance its movement, an improvement was
quickly apparent. In the "Other Western" section,
referred to above, quite notable activity is to be
reported at a number of the 28 cities, with the result
that the aggregate for the year exceeds 1913 by
3.1%. Altogether 108 of the 159 cities outside of
New York return totals of clearings less than in 1913
and in many cases the declines are large. For the
whole country the aggregate of bank clearings for
1914 reached $155,242,201,536, falling 143/i billions,
or 8.6%, below the total for the previous year and
18% billions under 1912. We have referred heretofore to the preponderating influence of New York in
the clearings, noting that it had increased rather than
diminished with the adding of new clearing houses.
In 1914 the dulness in, and absence of, stock and
other financial operations left a deep impress on the
New York figures, but nevertheless they exceed the
total for the other 159 cities by 103
4 billion dollars.
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 1899
to 1914, inclusive:
Year.
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
-.coo
[voL. 100.
THE CHRONICLE
172
New York
Clearings.
Inc.
or
Dec.
$
%
83,013,580,016 -12.3
94,631,281,984 -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
60.761.791.901 +44.8
Clearings
Outside
New York.
Inc.
or
Dec.
Total
Clearings.
Inc.
or
Dec.
$
$
%
%
72,223,021,520 -3.9 155,242,201,536 -8.6
75,181.418,616 +2.7 169,815,700,600 -2.4
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
43,909,694,342 +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
We have not attempted above, nor do we believe it
necessary here, to point out the influences responsible
for the fluctuations in:clearings from month to month,
as they are fully covered in:our Retrospect of 1914,
given on previous pages. It simply remains for us to
remark, therefore, that, as indicated by the clearings
of the banks, there was little or:no activity in business
at any time during the year, and that, coincident
with the breaking out of hostilities in Europe, there
was a very pronounced let-up, adding, however,
that at the close of the year some improvement in the
situation was apparent and a more optimistic feeling
seemed to prevail. 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 All.
on
1913.
1914.
%
1914.
1
11.93.
%
$
t
$
8
i
Jon-_ 16,198,119,613 16,233,840,268 -0.2 6,826,299,220; 6,895,099,062
Fe113 __ 12,864,108,921 13,614,567,259 -5.5 5,626,553,438, 5,819,961,954
sr- 14,254,780,928 14,140,021,542 +0.8 6,405,190,884; 6,253,796,632
I
ist or_ 43,317,009,462 43,988,429,069 -1.5 18,858,043,542;18,968,857,658
-1.0
-3.3
+2.4
-0.6
A wIl _ 14,899,762,026 14,289,152,590 +4.3 6,351,244,7051 6,233,821,615 +1.9
ay__ 13,166,042,664 14,119,532,249 -6.8 5,927,511,106 6,157,073,527 -3.8
June__ 13,946,091,208 13,709,419,177 +1.7 6,101,888,444 5,955,898.726 +2.5
2 or_ 42,011,895,808 42,113,154,016 -0.3 18,380,644,255!18,346,793,868 +0.2
6 nos_ 85,328,905,360 86,106.583.085 -0.9 37,238,687,79437,315,651,526 -0.2
July__ 14,492,362,819 13,554,457,867 +6'9 6.311.878,198, 6,209,537,843 +1.7
IS -- 9,932,158.903 12,391.433,472 -19.8 5,350,958,318. 5,629.238.968 -4.9
Bept._ 10,027.042,153 13,446,947,898 -25.4 5,398,918.710 5,991,030,747 -9.9
3r-I Qr. 34,451,563,875 39,392.839,237-12.5 17.061,755.21617,829.807,558 -4.3
9 nos_ 119780.469,235 125499,422,322 -4.654,300,443,01055,145,459.084 -1.5
I
0 4..._ 11,734,974,805 15,720,056,725 -25.4 6,125,537,827, 7,026,621,397-12.8
)y_ 11,082,179.985 13,895.004,969 -20.3 5,682,738,630, 6.308,120,098 -9.9
13 3c __ 12,644,576,511 14,701,216,579 -14.0 6,114,802,0531 6,701,218,027 -8.8
41hoz% 35.461,732,301 44,316,278,278 -20.0 17.922,178,510,20,035,959,532-10.5
Year 155212201.530 169815700,600 -8.6 72,223,621.520 75,181,418,616 -3.9
The exhibit by quarters, likewise, calls for no
extended comment. In fact the compilation below,
which covers the totals by quarters for each group
for the last six years indicates clearly the course of
clearings from period to period, and shows as well
how some special influence has operated in one section to the exclusion of the others.
Clearings Reported.
(0003 omitted.)
New York
First
Quarter.
Second
Quarter.
Third
Quarter.
Fourth
Quarter.
Total
Year.
$
$
8
S
8
1914_ 24,458,966 23,631,252 17,389,808 17,538,554 83,018,580
1913-- 25,019,571 23,771,361 21,563,031 24,280,319 94,634,282
1912_ 24,565,184 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
1910_ 28,446,400 24,512.952 20,571,950 23,743,198 97,274.500
1909_ 23,258,893 25,822,682 25,484,556 29.022,657 103,588,738
191C_
1913._
1912._
1911._
1910_
1909._
3,892,252
4,075,871
3,749,219
3,553,524
3,532.806
2,925,964
3,996,260
4,203,982
3,841,720
3,700.011
3,656,683
3,191.864
3,674,943
3,874,167
3,785,150
3,498,495
3,395,379
3,198,910
3,718,165
4,234,488
4,267.851
3,724,577
3,679.394
3,719,869
1914_
1913_
1912._
Total
New England. 1911_
1910...
1909._
2,442,640
2,599,225
2,720,365
2,483,820
2,625,146
2,368,358
2,401,876
2,325,398
2,594,287
2,359,548
2,265,658
2,366,296
2,031,649
2,165,822
2,375,904
2,236,348
2,153,792
2,235,148
2,122,330 8,998,495
2,512,641 9,603,086
2,705,774 10,396,330
2,570.029 9,649,745
2.533,056 9.577.602
2,643,516 9,613,318
1914- 6,072,175
1913._ 5,828,537
1912- 5,333,094
Total
4,933,959
1911_
WestMiddle
1910._ 5,048,470
1909- 4,665,473
5,925,845
5,738,688
5,529,010
5,020,607
5,091,076
4,799,241
5,499,278
5,734,505
5,411,743
4,951,408
4,787,959
4.811,822
.5,441,833
6,050,838
5,929,928
5,206,979
5,061,566
5,131,-076
22,939,131
23,352,619
22,203,775
20,112,953
19,989,071
19,407,612
1914_
1913..
19121911._
1910_
1909_
1,550,636
1,640,459
1,555,450
1,366,950
1,395,539
1,052,661
1,565,740
1,610,246
1,567,328
1,426,511
1,411,831
1,180,092
1,505,215
1,577,568
1,585,920
1,450,055
1,382.950
1,230,306
1,572,411
1,729,239
1,790,019
1,610,054
1,475,833
1,387,942
6,194,002
6,557,512
6,498,717
5,853,600
5,616.148
4,857,001
1914_
1913__
1912_
Total
Other West- 1911_
1910_
1909._
1,967,836
1,971,729
1,793,351
1,755,129
1,838,775
1,471,337
1,890,805
1,899,225
1,792,804
1,668,917
1.770,187
1,467,696
2,046,641
1,993,334
1,832,069
1,674,669
1,757,791
1.511,813
2,492,139
2,280.388
2,300,310
1,980.170
1,994,815
1,831.996
8,307,471
8,144,676
7,718,534
7,078,885
7,370,568
6,332,842
1914_
1913._
1912._
1911_
SouthernTotal
1910_
1909_
2.932,454
2,851,987
2,721.955
2,695,126
2,522,222
2,187,838
2,599,206
2.570,330
2,513,716
2,441,067
2,351.524
2,032,187
2,304,942
2,484.335
2,399,853
2,441,987
2,195,979
2,043,492
2,576,301
3,228,366
3,112,123
3,106,991
2,952,769
2.738,506
10.412,903
11,135.018
10,747,652
10,685,171
10,022,994
9,002,023
Total other
Middle
Total Pacific
Total all
1914_
1913._
1912..
1911._
1910_
1909._
15,281,620
16,388.508
15.643,940
14,476,607
19,264,347
13,036,607
43,317.009 42,010,984 34,452,476 35,461,733 155,242,202
43,987,429 42,119,230 39,392,763 44,316,279 169,815,701
42,438,618 43,409,890 40,230,840 47,873,567 173,952,915
40,236,533 39,760,622 38,337,898 41,894,721 160,229,774
45,359,443 41,088,911 36,245,744 41.421,202 164,095,300
37,930,474 40,860,058 40,522,048 16,525,561 165,838,141
1914.. 18,858,043 18,379,732 17,062,668 17,923,179
1913_ 18,967.858 18,347,369 17,829,732 20,035,960
1912- 17,873,434 17,838,865 17.390.639 20,106,010
Outelde
New York.---1 1911-- 16,788,518 16,616,651 16,252,962 18,198,830
1910._ 16,913,043 16,555,059 15,673,794 17,677,934
1909-- 14,671,630 15.037.37715,037,402 17,602,904
72,223,622
75,181,419
73,208,948
67,886.961
66,820,730
62,249,403
JAN. 16 1915.]
173
THE CHRONICLE
The number of cities in our compilation is so great
that it is impossible to refer in detail to the causes
explaining the gains and losses at each, and especially
in a case like the present, where one influence-the
disturbed conditions here due to the war in Europewas so generally effective the latter part of the year.
It is to be noted, however, that, as a rule, losses have
been heaviest at important centres of speculative
activity and at leading Southern cotton markets.
On the other hand, gains have been largely confined
to the Middle Western and Other Western divisions,
where adverse factors were least operative. 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 submitted without further comment.
1913.
1914.
Number
of
Shares.
Values.
Par.
Actual.
Number
of
Shares.
Values.
Par.
$
$
$
Jan 10,088,895 881,625,495 847,963,208 8,748,973 809.787.851
Feb 8,220,059 556,109,360 515,147,918 6.763,632 617,315,10 4
Mar. 5.855,260 518,398,024 483,147,819 7.229,732 639,404,504
Actual.
8
790.879.464
600,464,808
620,004,816
1stq 22,164.214 1,956,132,879 1,847,068,745 22.742,337 2,066,507,451 2,021,848,588
716,498,976
April 7,145,284 623.482,570 593,476,978 8,463,228 738.652,104 470,216,409
May 4.757.405 398,348,240 374,842,097 5363,561 486,456,411 833,498,241
June 4,002,748 343,676,544 324.688,914 9,588.174 872,946,22
2d q 15,905,437 1.365,507,350 1,293,007,989 23,514,961 2,098,054,32 2,020,211.626
4,041.560,214
6m 38,069,651 3,321,640,229 3,140,066.734 46.257,2984.164,581.77
444,217,869
473.143,325
5,124,105
July_ 7,920,924 701,681,140 652.478,409
8.088,374 560,758,9 I 520.713,458
Aug.
No transactions.
7,682,304 655,334,67 632.418.922
No transactions.
Sept
3611
7.920,924
701,681.140 652,478,409 18,892,693 1.689,236,9- 4 1,597,350.249
9 En' 15.990,5754,023,321.3693.792,545,14365,149,991 5.853.798,72. 5,638,910,463
7,403,029 644.318,894 626.464,317
Oct.
No transactIons.
305,479,987
3,765,595 332,054,82
Nov.
No transactIons.
Dec 1,909,993 159,508,334 105,869,142 7,152,07: 610,254.8'' 600,007,419
4thcp 1,909,993 159,508,334 105,869,142 18,320,702 1,592,628,515 1,531,951,623
BANK CLEARINGS AT LEADING CITIES.
Yea, 17.900.5684.182.829.699 3.898.414.28583.470.693 7.446.927.244 7.170.862,086
Jan 1 to Dec. 31
December
1912. 1911.
1913.
1914.
1914. 1913. 1912. 1911.
(000,0008
s
$
$
$
$
3
IS
$
°natal.)
83,019 94,634 100,744 92,373
8,809
8,112
8,000
6,530
York
New
13,926
15,381
16,073
15,693
1,241
1,360
1,437
1,313
Chicago
8,340
8,964
8,116
7,517
731
711
678
579
Boston
7,692
8,166
8,524
700 7,916
745
770
662
Philadelphia
3,860
4,028
4,137
3,889
346
368
377
344
St. Louis
2,520
2,799
2,932
2,626
214
241
238
202
Pittsburgh
2,427
2,678
2.624
2,516
216
231
224
220
San Francisco
1,768 NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE.
1,957
1,968
1,874
145
180
160
156
Baltimore
1,278
1,369
1,317
1,293
113
121
119
105
Cincinnati
2,579
Values
Aver.
2,71.3
2,850
Values
Stocks.
3,016
Aver.
/23
Stocks,
250
245
323
Kansas City
1,013
Price. (approximate)
Shares.
1,150
1,276
1,238
Price. (approximate) Year.
89
Shares.
Year.
108
113
96
Cleveland
1,014
1,053
981.
904
107
105
110
85
Orleans
New
1
1,068
8
$
1,182
1,312
1,374
114
134
131
143
Minneapolis
675 1914._ 47,900.568 93.2 3.898,414,285
725
188,503,403 79.9 14,218,440,083
716
668
60
65
70
53
Louisville
969 1913._ 83,470,693 96.2 7.170,862,086
1,128
285,944,6591 79.0 20,431,960,551
1,331
1,350
88
101
117
98
Detroit
697 1912._ 131,128.425 97.7 11,562,129,835
138,380,1841 69.2 9,249,285,109
725
786
848
60
65
73
73
Milwaukee
176,421,1351 78.6 13.429,291,715
943 1911,..127,208,258 95.8 11,003,600,829
1,169
1,210
1,145
85
109
101
84
Los Angeles
404
112,899,957 72.7 8,187.413,985
14,125,875,897
443
96.2
427
164,051,061
401
1910_
34
41
33
32
Providence
77,324,172 67.0 4,973,553,065
753 1909._ 214,632,194 97.6 19,142,339,184
861
909
883
62
75
76
78
Omaha
54,654.096 65.2 3.329,969,940
15,319,491.797
517
86.6
579
197,206,34
635
591
1908._
44
52
55
47
Buffalo
60.3 3,808,338,604
66,583,232
14,757.802,189
85.8
532
579
196.438.8241
531
585
1907._
42
48
50
57
St.Paul
49,075.032 64.2 3,094,942,769
441 1906._ 284,208,01. 23,393,101,482
435
432
415
37
40
37
36
Indianapolis
80.977.839 60.3 4.550.260,916
21,295,723,688
87.3
459
488
263,081.156
476
1905._
460
41
45
37
42
Denver
85,875,092 63.5 4,874,014,269
393 1904.. 187,312,065 89.9 12,061,452,399
430
419
422
37
37
42
42
Richmond
69,031.639 57.1 3,812,247,412
362 1903._ 161,102,101 73.2 11,004,083.001
421
422
363
42
48
51
33
Memphis
71.282,885 60.2 3,977.664.192
14.218.440,083
79.9
553
188.503.403
602
665
1902
633
50
53
58
51
Seattle
224
246
254
261
18
20
22
20
Hartford
334
369
333
315
37
33
36
32
Salt Lake City....
The dulness prevailing in the stock market the
past year becomes apparent to the reader by simply
glancing at the subjoined compilation, which carries
the comparison back to 1891.
1111111111111
N..Q0C0b.014.4.MN.0
00000500000000
0,00WW0WWWWWWW
At other centres of stock speculation of the country, as at New York, and for the like reasons, 1914
was a lean year. Boston traded in only 3,522,187
12,645 14,701 15,361 14,225 155,242 169,816 173,953 160,2'30
Total all
Outside New York: 6,115 6,701 6,552 6,113 72,223 75,182 73,209 67,857
shares, against 5,705,588 shares in 1913 and over
Chicago reported sales of but
Stock speculation shrank to very meagre propor- 11 millions in 1912.
988,432 shares and 1,174,931
against
shares,
385,074
tions. Up to the time of the closing of the New
the two preceding years.
in
,
respectively
shares,
York Stock Exchange on July 30, the volume of
2,016,319 shares, against
totaled
trading
a
Philadelphi
share sales had run behind the same period of any
shares; Pittsburgh
5,455,842
year since 1896, and with dealings completely sus- 4,751,542 shares and
and 1,729,shares
1,014,631
pended from that date to Dec. 12, and after that 703,012 shares against
against
shares
256,399
Baltimore
very restricted, the aggregate transactions for the full 409 shares, and
As
regards
shares.
585,253
and
year were the smallest since 1878. The total of sales 327,848 shares
for 1914 was only 47,900,568 shares, against 83,- bonds, the transactions at Boston totaled a par value
470,693 shares in 1913 and 131,128,425 shares in of $6,617,400, against $10,569,300 the preceding
1912. Furthermore, no less than 214 million shares year; Chicago, $8,971,000 against $9,311,000; Philwere dealt in in 1909 and 2843..1 million shares in adelphia, $10,715,610 against $10,519,088, and Pitts1906-the latter the high record. The contrac- burgh, $630,500 against $1,477,000, and Baltimore,
tion in the volume of bond sales was very much less $10,640,360 against $16,161,300. Prior to 1913
marked than in stocks, transactions in all classes the totals were all much higher.
Bank clearings in the Dominion of Canada show
aggregating $461,523,600 par value against 8501,571,020 in 1913. In 1912, however, the total was. a considerable decline from the high record aggre$675,213,500 and in 1909 slightly over 1,317 million gate set in 1913. The war in Europe is by no means
wholly responsible for the poor exhibit. Even before
dollars. A summary of the dealings is appended.
the close of 1913 a decline in activity in the Western
Provinces had set in after an almost unprecedented
Twelve Months 1914.
Twelve Monshs 1913.
DescripPar Value
Of the twenty-three cities from which we
lion.
rer. boom.
Aver. Par Value
Actual
Actual
or Quantity.
Price. or Quantity.
Value.
Prtce.
Value.
proper comparison with 1913 is possible
have
returns,
47,900,565
St'klShts_
83,470,693
iVal _ _ 54,182,820,699 83,898,414.285 93.2 $7,446,427,240 37,170,862,086 96.3 at twenty-one and the total of clearings for those
404,923,49 94.
427,198,00
471,035,10
RR. bond
448,357,582 95.2
722,299 104.3
692,600
Gov't lids.
1,729,220
1,759,446 101.8 twenty-one for 1914, at $8,049,209,722, records a
33,862,84 100.
33,632,00.
State lids_ _
28,797,471 93.0
28,806,70
544,67 200.
271,300
Bank stks_
367.896 204.6 decrease of 12.9%.
179.800
At the individual cities losses
Total. 84.614,622,69544,338,467,591 93.4 37,948,178,06087,645,144,48 96.2 are
almost universal, with the showing especially
poor at such points as Vancouver, Saskatoon, VicThere is little to be added to the foregoing, a care- toria, Edmonton, Lethbridge and Regina, where
ful reading of our Retrospect of the year furnishing the falling off in most cases is over 30%. The only
all needed information as to the influences operative gains reported over last year are at Ottawa and
in the stock market. But, as of interest, we give be- Quebec, and those merely nominal. The Canadian
low a table covering the dealings in shares month by stock exchanges had an unsatisfactory year as remonth and quarter by quarter for the last two years. gards volume of sales. Montreal's transactions, at
Total
Other cities
11,536 13,463 14,195 13,089 142,215 156,290 161,389 148,114
1,109 1,238 1,116 1,136 13,027 13,526 12,564 12,116
174
THE CHRONICLE
[voL. loo.
1,087,926 shares and $3,194,540 bonds, compared last year, our early statement for December 1913
with 1,765,651 shares and $5,243,473 bonds in 1913 having shown a decrease of $3,022,036, or 3.86%,
and 2,338,058 shares and $6,295,359 bonds in 1912, as will be seen by the following:
The Canadian clearings by quartns for six years
Gross Estnings.
31 Wage.
Increase (+)
December.
OP
are summarized as follows :
Year
Year
Year InYear
Decrease (-).
' Given. Priced. CT'at
Clearings Reported.
(0003 omitted.)
Canada
l914..
1913_
1912._
1911._
1910_
1909_
First
Quarter.
Second
Quarter.
Third
Quarter.
Quarter.
Total
Year.
$
1,96.3,522
2,153,721
1,955,667
1,587,168
1,370,488
1.088.570
$
2,104,233
2.293,379
2,306,316
1,793,111
1.465.522
1.220,420
$
1,977,683
2,183,863
2,265,014
1,781,062
1.524.949
1.245,681
$
2,003,772
2,597,178
2,629,702
2.182,891
1.754.201
1.635.641
$
8,049,210
9,239,141
9,156,699
7,344,232
6,115.160
5.190.312
Fourth
Year.
1896
_
1897 __
1898 _
1899_....
1900
1001
_
1902 1903-.1904
_
1005..
1906...
1907 _
1908 _ 1909-1910_ -.1911 _
1912 ____
1913......
1914 -....
Given.
Preceding
Roads Miles.
130 93,075 92.282
133 99,418 98,122
129 ; 96,285 95,191
113 1 98,508 96,637
101 ' 96,447 93,002
99 103,496 100,694
80 100,638 98,801
71 ; 89,278 87,067
67 : 81,143 82,607
57 1 81.238 79,804
65 : 95,936 93,553
61 I 88,234 87,0413
49 74,744 73,180
50 86,137 84,391
49 88,359 85,852
52 90,576 89,193
44 87,174 84,845
44 90,622 88,941
49 93,956 92,479
0.86
1.32
1,15
1.93
3.70
2.78
1.86
2.54
1.86
1.76
2.55
1.27
2.14
1.90
2.90
1.57
2.62
1.86
1.60
40,895,711
50,020,193
49,630,312
55,557,813
59,606,431
64,922,983
70,769,049
61,868,261
59,429,656
62,469,679
83,795,332
69,070,466
62,154,203
67,096,709
68,146,996
71,109,323
76.694,747
76,376,380
68,936,422
41,791,251
---895,540 2.14
44,542,149 4-5,478,014 2.29
46,474,701 4-3,155,611 6.78
51,661,909 4-3.895,904 7.54
54,271,094 1-5,335,337 9.83
62,104,946 4.2,818,037 4.53
64,416,412 1-6,352,637 9.85
59,114,002 1-2.754,259 4.66
55,069,547 1-4,360,109 7.91
57.027,847 4-5,441,832 9.54
79,327,117 4-4,469,215 5.64
72,163,205 --3,092,739 4.28
49,474,321 4-2.679,882 5.42
63.209,729 4-3,886,980 6.15
62,782,122 4-5,364,874 8.55
69.326,828 1-1,782,495 2.57
69,003.277 4-7,691,470 11.15
79,398,416 --3.022,036 3.86
83,625,162 --14,638,740 17.51
RAILROAD GROSS EARNINGS FOR DECEMBER.
The closing month of the year makes a dismal
showing in railroad earnings. The figures cover only
the roads which make it a practice to furnish early
preliminary figures soon after the close of the month, Note -Neither the earnings of the Mexican roads nor the mining operations of the
including (as is always our custom in giving the anthracite coal roads me Included in this table.
It should be noted, too, that the heavy losses in
preliminary figures) the three leading Canadian systems, namely the Canadian Pacific, the Canadian earnings disclosed come in face of both an augmented
Northern and the Grand Trunk Ry. of Canada. grain movement in the West and a larger cotton movement in the South. The shrinkage in earnings on
Altogether not quite 100,000 miles of road are repre- Southern
roads does not follow because of any dimisented, including these Canadian systems, and yet nution in the volume of the cotton movement, which
the loss reaches no less than $14,638,740, or over in December was very full and free, but from the de17,1/"
2 %.
pression which exists because of the low values rulWhile the heaviest losses are supplied by the Cana- ing for the staple. The shipments overland were a
dian roads-reflecting the depression prevailing in little smaller, having been 284,915 bales for December 1914, against 332,438 bales for December 1913;
the Dominion, which is even more acute than that but
the receipts at the Southern ports reached no less
prevailing here-the roads in the United States have than 1,717,102 bales against 1,419,461 bales in
suffered hardly less severely. To understand how December 1913 and 1,439,840 bales in December
widespread the contraction in revenues is, it is only 1912, as appears by the following:
AT SOUTHERN PORTS IN DECEMBER FOR
necessary to note that, following the Canadian RECEIPTS OF COTTON
SIX YEARS. 1909 TO 1914, INCLUSIVE.
Pacific, which has fallen behind $4,374,000, the
December.
Baltimore & Ohio, an Eastern trunk line, comes
Pons.
1914.
1913.
1912.
1911.
1910.
1909.
next for amount of falling off, it having a decrease
Galveston
bales_ 631,815 335,951 597,189 521,715 447,353 338,064
of $1,378,897; then follows the Southern Ry. with a Texas
City, ate
88,944 103,220 160,989 156,607 100,917
41,882
Orleans
303,729 385,632 268,229 290,284 371,177 141,875
decrease of $1,368,961, then the Great Northern, New
Mobile
31,067
86,776
27,610
70,441
66,627
32,363
Pensacola, &c
9,480
23,425
28.084
62,752
53,030
27,448
a trans-continental line, in the Western half of the Savannah
356,159 215,537 154,402 308,453 267,182 111,587
Brunswick
39,000
29,700
16,300
73,343
63,609
18,805
$1,048,534,
another
of
then
a
loss
road
country, with
Charleston
87,211
53,065
33,156
62,837
54,495
24,418
112
42
177
in the South, namely the Louisville & Nashville, Georgetown
Wilmington
39,152
52.243
51,943
80,182
60,656
33,141
Norfolk
93,954 109;726
77,046 132,769 130,235
69.167
which has suffered a contraction of $1,024,520, and Newport
News,
36,591
19,477
29,551
5,887
1,063
5,273
so on through the list. There are three or four lines Total
1,717,102 1,419,461 1,439,840 1,765,382 1.616,386 844,200
which are able to show improved results, and these
The Western grain movement registers an increase
come mainly from the Southwest-the Colorado & in each one of the leading items; and, taking
the comSouthern and the Missouri Kansas & Texas being bined movement of wheat, corn, oats, barley and
conspicuous in this respect. In the Colorado & rye, it is found that the receipts for the four weeks
Southern 'case last season's excellent crops in the ended Dec. 26 the present year were no less than
Southwest, together with the large movement of 107,996,000 bushels, against only 82,735,000 bushels
weeks of the preceding year.
grain to the Gulf, may account for considerable of the in the corresponding fourmovement
in our usual form
The details of the grain
improvement, but in part also the gain is due to the are set out in the table, which we now subjoin:
fact that comparison is with the strike period in the
WESTERN FLOUR AND GRAIN RECEIPTS.
Southern Colorado coal mines, the company's loss Four weeks Flour. Wheat.
Oats.
Corn.
Barley.
Rye.
(bush.)
(bush.)
end.Dec.26. (bbls.)
(bush.)
(bush.)
(bush.)
last year having been very much heavier than the Chicago7,472,000 23,635,000 12,189,000 2.681,000
789,000
_
455,000
1,732,000 11,830,000 6,822,000 2,237,000
present amount of gain. In the following we show 1914_
1913. _ _ 627,000
155,000
Milwaukee2,294,000 2,111,000
all changes for the separate roads for amounts in 1914.._ 273,000 530,000 3,839,030
679,000
3,171,000
526,000
1,593,000 1,743,000
1913... 652,000
332,000
excess of $30,000, whether increases or decreases.
St. LouisPRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Increases.
Decreases.
$340,676 St Louis Southwestern__
Colorado & Southern__
$280.000
257,969 Mobile & Ohio
Missouri Kansas & Tex..
270,435
66,139 Denver & Rio Grande.._ _
Denver 8c Salt Lake__ _ _
264,200
46,627 Chao New Orl & Tex Pao_
Minneap & St Louis___ _
217,397
30,355 Minneap StP&SSM
Mineral Range
213,572
Grand Trunk Pacific_
a207,673
Wabash
Representing 5 roads in
204,894
$741.766 Buffalo Roch & Pitts_ _ _ _
our compilation
129,221
Decreases. Alabama Gt Southern_ _ _
121,919
34.374,000 Chicago Ind & LouLsv„ _
Canadian Pacific
77,893
1,378,897 Duluth So Sh & Atl
Baltimore & Ohio
67,841
1,368,961 New Orl & Northeastern_
Southern Railway
66,662
1,048,534 Toledo St Louis & West_
Great Northern
64,527
Louisville & Nashville.._ - 1,024,520 Western Pacific
60,000
926,c00 Georgia Southern & Fla_
Canadian Northern
59,558
Vicksburg Shreve & Pac_
Illinois Central
52,418
673.385 Ann Arbor
Grand Trunk
41,726
496.000 Alabama & Vicksburg_ _ _
Missouri Pacific
40,636
354.414
Yazoo & Miss Valley..__ _
296,298 Representing 30 roads in
Chesapeake & Ohio
our compilation
285,048
$15,296,215
Texas Sz Pacific
a These figures are for three weeks only.
What gives additional significance to this year's
contraction in revenues is that it follows a loss also
1914.... 278.000
1913... 252,000
Toledo1914._
1913._
Detroit41,000
1914._
29,000
1913_ _
Cleveland47,000
788,000
1913_ _ _
Peoria1914...... 202,000
152,000
1913_
2,904,000
2,050,000
1,270,000
1,514,000
1,531,600
1,594,000
289,000
259,000
520,000
877,000
423,000
751,000
103,000
271,000
2,000
2.000
141,000
117,000
603,000
329,000
263,000
235,000
122,003
53,000
423.090
793,000
166,000
206,000
14,000
3,000
33,000
3,000
197,000
126,000
1.639.000
1,609,000
639,000
572,000
169,000
336,000
75,000
65,000
1914..
1913Minneapolis1014_ _
1913...
Kansas CUP-1914_
1913_
Omaha1914-1913.-
4,742,000
7,428,000
403,000
587,000 1,049,000
264,000
590,000
401,000
24,000
11,993,000
10,984,000
2,823,000
2,507,000
2,296,000 2,632,000
2,748,000 2,250,000
804,000
459,000
5,507,000
1,151,000
984,000
3,850,000
478,000
681,000
2,610,000
1,000,000
2,543,000
5,879,000
1,191,000
920,000
29,000
38,000
18,000
6,000'
Trial ofall1914.... 1,629,000 36,828,000 37,985,000 21,742,000 8,947,000 2,494,000
1613.:: 2,500,000 26,044,000 32,233,000 15,956,000 7,420,000 1,082,000
JAN. 16 1915.]
THE CHRONICLE
To complete our analysis, we furnish six-year comparisons of the earnings of leading roads, arranged
in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
December.
Canadian Pacific.
Chic GM West ._
Dul So Oh & Ati_
Great Northern_
Minn & St Louis)
Iowa Central.'
M SIP & 88 M_
Total
1914.
1913.
1912.
1911.
1910.
1909.
3
3
8,705,286 8,214,758
887,517
1,047,369
236,365
249,753
4 658,246 3,819,881
347,215
{414,84
267,027
300,326
1.982,25. 2,195,828 2,656,21 1 1,915,182 1.092,833 1,586,729
$
$
$
3
7,321,001 11,695,000 12,219,279 10,654,871
1,166,55 1,187,365 1,192,315 1,088,533
195,481
263,321
24c,779.
4,611,743 5,660,277 6,148,454 4,984,306
853,123
840,282 686,013
806,496
16.130.15 21.308.28: 23.703.319 19,561,764 17,083,707 15,359,497
•Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
December.
1014.
1913.
1912.
1911.
1910.
175
Gross Earnings.
Name of Road.
1914.
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon- _
Rio Grande Southern..
St Louis Southwestern
Southern Railway
Tenn Ala & Georgia__ _
Texas & Pacific
Toledo Peoria & West
Toledo St Louis & West
Wabash
Yazoo & Miss Valley_ _ _
Total (49 roads)
Net decrease (17.51%)
1913.
(+)or
Dec.(-).
Mileage.
1914. 1913.
4.600,000
880,532
22,296
41,988
903.000
5,234.232
5,152
1,628,382
89,231
5,096.000
-496.000 7,284 7.283
1.150,967
-270.435 1,122 1,122
22,547
-251
236
238
57,015
-15,027
180
180
1,183,000
-280,000 1,753 1,715
6.603,193 -1,368,961 7.037 7.037
-1,638
6.790
97
97
1,913,430
-285,048 1,886 1.884
104,985
-15.754
247
247
343,823
408,350
-64.527
451
451
2,282,571 2.487.465
-204,894 2.518 2.515
1,135,219 1.489.633
--354.414 1.372 1.372
68.986,422 83,625.162-14,638.740 93.956 92,479
a Includes Texas Central In both years.
y These figures are for three weeks only.
1909.
$
A THEORY OF INTEREST.
Haverford, Pa., January 12 1915.
To the Editor of the "Commercial and Financial Chronicle":
4,842,965 4,147,769 3,857,822 3,504,380
Sir.-In your issue of Dec. 26 appeared a review of my
5,700,981 5.019.23955,864,443 4,953,943 book, "A Theory of Interest" (Macmillan, 1914). The
103,915
119,759
103,761 review emphasized especially one of the minor points made in
116.049
327,991
336,757
378,696
317,747
2,672,613 2,426,263 2,597,621 2,345,847 the book, namely the relation of interest to the "unearned
metal
14.449.281 16.239.871 16.380.005 14.440.927 14.958.96213.530.290 increment" of land-sites; and it did not mention what I
regard as the real contributions of the book to economics.
S No longer includes receipts for hire of equipemnt, rentals and other items.
c Includes earnings of Indianapolis Southern beginning with July 1910.
As I think those contributions will be found to be important,
not only for economic theory but for the removal of one of
EARNINGS OF SOUTHERN GROUP
the chief causes of the antagonism between "capitalists"
December.
1914.
1913.
1912.
1911.
1910.
1909.
and "wage-earners," I ask the privilege of explaining them
3
3
$
3
$
3
briefly to your readers.
Ala Great South_
470,792
387,7881 509,707
370,269
443,5321 420,191
My theory of interest is based on a theory of value itself
AlaNO&TPNew On & NE
316,003
205,9201 362,582
357,482
337,2
292,773 which
in one respect is new. The theory of value now generAla & Vicksb__
135,7401 176,376
173,881
153,7761 186,951
160,751
Vieks Shr & P_
160,857
119,0361 171,454
153,791
144,7171
139,948 ally accepted by economists is, of course, the "marginal
Char & Oldo_c 2,917,8381 3,214,136 2.976,993 2,835,2921 2,684,020 2,505,449
Gin N 0& T P..
757,657
975,054
956,181
803,9961 808.979
757,336 utility theory." Some of your readers will recall it. It
Louley & Nash_5 4,136,7561 5,161,271 5,054,305 9,655,837 4,771,675 4,483,844
Mobile & Ohio__
890,5321 1,150,967 1,031,017
979,226 1,015,430 915,068 takes account, in explaining value, not only of the objective
Southern Ry__ _ _ 5,234,2321 6,603,193 6,223,335 5,607,472 5,441,586 5,023,436
Yazoo& MIssVal 1,135,29 1,489,633 1,146,456 1,073,551 1,292,289 1,047,070 element of value-the fitness of the concrete thing in question to satisfy want or give pleasure-but the subjective eleTotal
16.600.712 19.814.372 18.509.980 17.039.595 17.132.394 15.701.494
ment of value-the capacity of the person or persons in quesb Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
tion to be satisfied or pleased by the thing. Now, my book
c Includes Chesapeake & Ohio of Indiana beginning July 11910.
keeps the distinction between these two elements of value
EARNINGS OF SOUTHWESTERN GROUP.
throughout the entire discussion of value, principal and interest, instead of keeping it only at "the margin," as the
December.
1914.
1913.
1612.
1911.
1910.
1909.
marginal utility theory does. The result is that an accurate
3
$
3
s
I
$
S
Colo& Southern_ 1,294,52
953,852 1.412,901 1,271,572 1,558.233
Deny & Rio Gran 1,590,700 1.854,9005 2,031,602 1,863,536 1,979.47 1,421,575 definition of the principal and a clear revelation of the
1,815,330
Out & Grt North. 5765,629
765,629
982,660 1,020,492
827,052
767.441 causes of interest become possible for the first time. Thus
Mo Kan & Tex_a 2,919,371 2,661,402 2,971,492 2,568,554
2,696,333 2,298,254
Missouri Pacific_ 4,600,0
5,096,0001 5,377,871 9,588,775 4,457,678 4,248,735 my book makes, as I think, the first thorough-going analysis
St Louis So West
903,00 1,183,000 1,281,092 1,175.115 1.167.979
936.621 of value, the cornerstone of all economic theory, and the
Texas& Pacific._ 1,628,38
1,913.4301 1,816,993 1,807.911 1,763,169 1,655,169
first convincing revelation of the causes, the inevitability
Total
/3,701.61 14.428.213 15.904.611 14 290 05614 JAG 014
and the justifiability of interest.
a Includes Texas Central in 1914, 1913. 1912, 1911 and
1910 and Wichita Falls
line from Nov. 1 1912.
Your reviewer is impressed by the "higher mathematics" in
S Month this year not yet reported: taken same as last year.
my book. I beg to assure him that the symbols of algebra
We now add our detailed statement for the month, sometimes look more formidable than they really are. I am
a mathematician; there is no mathematics in the book
comprising all the roads that have thus far sub- not
higher than the very simplest equations; and everything
mitted figures for December:
that is explained algebraically and geometrically is explained
also in ordirlary language. The mathematical explanations
GROSS EARNINGS AND MILEAGE IN DECEMBER.
were included simply to make the meaning of the language
unmistakable. However, your reviewer is perhaps substanGross Earnings.
Mileage.
Name of Road.
tially right on this point, for a few algebraic symbols, howInc.(+)or
1913.
1914.
Dec.(-). 1914. 1913. ever simple, do seem to scare away readers as effectually
as real difficulties; and doubtless an author is just as culpable
$
$
$
Alabama Great South__
387,788
509,707
-121,919
309
309 for killing hisreaders by fright as for
Ala N 0 & Tex Pac-killing them by the real
New Orl & Northeast_
295,920
362,582
-86,662
203 bullets and shrapnel of literature.
203
Alabama & Vicksburg
135.740
176,376
-40,636
142
142
Vicks Shrev & Pacific
119,036
171,454
-52,418
171
171
C. G. HOAG.
Ann Arbor
170,791
212.517
-41.726
291
291
3
S
Buff Roch &Pitt.. 792,551
921,772
Chicago & Alton 1,160,366 1,156,597
Chic Ind & Loul
558,589
480,69.
Grand Trunk_ _1
Grd Trk West' 4,087,967 4,761,352
Det G H & MI
Canada Allan
Illinois Centml_c 5,212,07 5,840,761
Tol Peor & West_
89,231
104,985
Tol St L & Weet_
408,350
343,82
2,232,57 2,487,465
Wabash
3
3
3
701,834
739,148
784.377
816,563
1,261,566 1,175,881 1,268,057 1,089,575
470,602 462,198
592,913 488,055
11 142 101C
•
•
Baltimore & Ohio
Bellefonte Central
Buffalo Roch & Pittsb„
Canadian Northern
Canadian Pac fic
Chesapeake & Ohio
Chicago & Alton
Chicago Great West_
Chicago Ind & Louisv
Chi New On & Tex Pac_
Colorado Az Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake_,..
Detroit & Mackinac_
Duluth So Oh &
Georgia SouthernAtl_-& F1;.
Grand Trunk of Can__
Grand Trunk West__
Del Gr Hay & Milw_
Canada Atlantic..__
Grand Trunk PacifiC
Great Northern
Illinois Central
Louisville & Nashville
Macon & Birmingham
Midland Valley
Mineral Range
Minneap & St Louis___}
Iowa Central
Minn St P & S S M____
,.....-....,
il
.
... lb 'P.m
n
6,674,075 8,052.972 -1,378,897 4,516 4,456
7.965
7,023
-942
27
27
792,551
921,772
-129,221
586
576
1.329,100 2,256,000
-926,900 4,670 4.316
7,321,000 11,695.000 -4,374.000 12,319 11,827
2,917,838 3,214,136
-296.298 2,367 2,345
1,160,366 1.156,597
+3.769 1.033 1,033
1,166.552 1,187,366
-20,814 1,427 1.496
480,696
558,589
-77,893
617
616
757,657
975,054
-217.397
336
336
1,294.528
953.852
+340,676 1.867 1.871
1.590,700 1.854,900
-264,200 2.561 2,585
382.600
442.600
-60,000
942
936
139,532
73,393
+66.139
255
214
67,303
80,226
-12,923
400
411
195,480
263,321
-67,841
627
627
211,332
270.890
-59,558
395
395
4,087,967 4.761.352
-673,385 4,549 4,548
y230.408 9438,081
-207,673 1,104 1.104
4,611,743 5,660,277 -1,048,534 8,043 7.769
5.212,075 5.840,761
-628,686 4,763 4,763
4,136,750 5,161.270 -1,024,520 5,034 4,923
12,262
16,394
-4,132
105
105
119.559
136,138
-16,579
380
380
56.874
26,519
+30.355
121
124
853,123
806,496
+46,627 1,646 1,646
1,982,256 2,195.828
-213,572 4,102 3,976
9 010 971 9 601
are
1.9C7 CIAO 9 QAK 2 017
HEARINGS ON ADVANCES OF WESTERN AND SOUTH
WESTERN RATES.
Public hearings will, it is announced, be begun in Chicago
on Feb. 15 before Inter-State Commerce Commissioner
Daniels on proposed freight rate increases on lines west of
Chicago which have been filed in Western Trunk Line and
Southwestern Tariff Committee territories. The tariffs
submitted have been suspended by the Commission,as stated
in the "Chronicle" of Dec. 5 1914, page 1641. Protests
have been filed by the railroad commissions of western
States, who are expected to oppose the granting of the increases asked.
The increases asked for are essentially different from those
proposed by the Eastern roads in the so-called 5% advance
rate case recently decided by the Commission in that the
Western roads do not request a horizontal increase in all
rates, but advances of varying amounts based upon traffic
THE CHRONICLE
176
conditions and the movement of individual classes and commodities. Some of the proposed advances are, it is said,
as large as 30%, while others amount to only 2 or 3%, and
on some kinds of traffic no increases whatever are asked.
The Western roads, it is understood, have endeavored to
revise their rates so as not to impose any special burdens
on the general shipper.
Feb. 15, 16, 17 and 18 are to be devoted to presentation
of evidence by the railways supporting in general their
claims for increased rates, but not with regard to particular
rates. Beginning March 15, opportunity will be given to
present proof in rebuttal of such general testimony. The
following additional dates have been set for hearings on
rates on particular commodities: Feb. 19 to 24, grain and
grain products; Feb. 25 to 27, live stock, fresh meat, packing-house products and fertilizer; March 1 and 2, hay, straw
and broom corn; March 3 to 5, cotton piece goods; March 6
to 9, coal and coke; March 10, salt; March 11 and 12, fruit
and vegetables; March 13, rice and rice products.
WHERE THE LOSS IN OUR FOREIGN TRADE IS
OCCURRING.
The following shows the details of our merchandise imports and exports to each of the principal countries during
November and the eleven months ended with November,
compared with corresponding periods of the preceding calendar year.
—Month of November— —11 Mos. end. with Nov.
1913.
1914.
1913.
1914.
Importsfrom—
Grand Divisions—
Europe
North America__ _
South America
Asia
Oceania
Africa
[VOL. no.
Commission allowed the rate schedules under its order to be
filed on the shorter notice and the New York, Maryland and
West Virginia Commissions authorized the publication of
intra-State rate schedules on similar notice.
Mr. McCain says that as the advance rate proposition
had been under consideration for five years the carriers were
anxious, in the interest of their security holders, to make
the new rates granted by the Commerce Commission effective at the earliest possible date and therefore expedited
the preparation of the necessary new schedules, which involved an immense amount of labor, an extra clerical force
working over extended hours and special arrangements
with printers—all involving extraordinary expenses. It was
finally arranged that the principal rates, being those from
the Eastern seaboard and interior trunk line and New England territories to points west of Buffalo and Pittsburgh,
should be filed by Jan. 5,to be effective Jan. 15,and that the
great mass of rates east, west, north and south throughout
the Eastern trunk line and New England territories should
be filed with the Commerce Commission and the various
State Commissions on Jan. 20, to be effective Feb. 1, but as
above stated, important increases on traffic comprising the
greatest volume will be delayed three weeks because of the
position taken by the Pennsylvania Commission.
A resolution criticizing in its preamble the action of the
Inter-State Commerce Commission in granting the increased
freight rates to the Eastern roads, and seeking to limit the
charges of the carriers, was introduced by Senator La Follette on the 11th inst.
NEW YORK BANKERS EXTENDXREDIT TO RUSSIA.
It was announced on Wednesday (Jan. 13) that a group
of New York banks and banking houses,including J. P.
Morgan & Co., the National City Bank, the Chase National
Bank, the Mechanics' & Metals' National Bank, the Guar126,467.062 148,236,536 1,674,619.456 1,608,570.909 anty Trust Co., and several others, had arranged to extena
Total
to the Russian Government ;credit on short-term drafts to
Principal countries—
extent of $25,000,000.
the
21.006,243
53.403.255
3,251,909
3,363,167
Argentina
9,383,014
17,750.606
This credit must be taken up by Russia within thirty
897.919
643.671
Australia
38,415,300
29,965,343
207,315 2,873.179
Belgium
entire proceeds are to be used in the purchase
86,769,703 days, and the
85.700,291
8,627.043 10,283,338
Brazil
export. Russia will draw ninety-day bills
for
supplies
of
125.564,774
151,156.432
18,200,618
14,587.543
Canada
36,498.556 on the several banks to the extent of their participations in
33,875.509
2,659.786 3.847.657
China
3.920.239 5.040.478 139,903,804 120.541,100 the undertaking. The bills will be accepted by the members
Cuba
98,189.484 121.380,132
7,259,420 12,041,006
France
11.920.680 14,256.993 140.708,938 165.939,267 of the group, turned into cash by them or possibly by their
Germany
62,809,779 sale in the open market, and the proceeds credited to Russia,
59,481,676
4.411.631
1.457.421
India, British
49,266,267
51.131,751
4,858,812 4,952,334
Italy
which may then draw checks against them in payment for
86,966,930
98.656.897
8,944,490
9.361,875
Japan
72,907.501 purchases as they are made.
80.894.117
7.113.834 7,741,188
Mexico
34,127,533
35,440.383
2.944.814 2,333,006
Netherlands
These drafts will be acceptable for discount at the Federal
21,630,798
14,465,918
1,615.353
52,458
Russia
banks. Certain clauses of the Federal Reserve Act
Reserve
243,357,799
272,453,684
21,610,683
20.647,033
United Kingdomspecify that acceptances drawn against goods destined for
Exports to—
export may be dealt in by member banks and are available
Grand Divisions—
re-discount at the Federal Reserve banks. These accepfor
1.148.791,535
1,342.905,152
166.164.084
144.737,779
Europe
North America_ — 36,917,294 47,332,364 449,986,804 559,887,350 tances will constitute the first important ones to be dealt in
85,641,502 134.668.103
South America--- 5,205,850 10.065,241
banks since the passing of the Reserve Act.
88.616.737 113.256,227 by the
10,974,549 12,600,175
Asia
have agreed to purchase the drafts on the basis
banks
The
73,966.351
71,322.168
6,469,412 7,337.351
Oceania
23,632,746
of 1% additional for acceptance.
26,139,481 of 5% interest with
1,573,449 2,039,827
Africa
ninety days, with the privilege of one
for
are
drafts
The
Total
205,878.333 245,539,042 1,867,991.492 2,250,822,664
renewal at the date of maturity, the renewal acceptance rate
Principal countries—
to be the same. This extension would be accomplished by
50,242,560
Argentina
25,606,610
1.207,350 4,113,394
new ninety-day bills on the same terms and having
drawing
Australia
39,263,398
4,017,285 3.463,400
41,474,905
by the members of the group. With the proaccepted
them
58,576,957
34,012.741
121,816 3,999,169
Belgium
37,773,106 ceeds of the sale of the new bills the old ones would be paid.
21.843,896
1.691,030 2,628,827
Brazil
23,522,392 30,598,685 292,279,225 377.427.988
Canada
second set of bills matures the Russian Government
23,511,797 When the
1,166,662 1,702,809
19.532,459
China
up in New York funds.
them
take
67,356,312 will
62,071,442
5,614.886 6,874,162
Cuba
20,864.579 19.109,758 132.518.362 135,581,509
France
Aside from recourse to its re-discount functions, the
42,136 48,072,784 156.100,951 318,720,256
Germany
Bank might easily help to absorb the Rus9,536,513
987,845
9.957,027 Federal Reserve
1,190,699
India, British
71,769,512
69,565,081 sian bills by direct investment. The Reserve banks have
17.031.754 7.771.113
Italy
36,652.788
54,885,092 so far been unable to invest in acceptances because the
4,550.995 7.161,978
Japan
30,846,579
44.880,976
3,173,353 3,253,931
Mexico
Board has not yet formulated the rules
88,316,009 111,481,968 Federal Reserve
7,094,092 7.713,251
Netherlands
25,045.710
2.919,905
21.904,671 under which such investments may be made. These rules
2,823.421
Russia
United Kingdom_ 69,589,297 66,760.195 515,645.990 526.639.658 are expected daily, however, and may be promulgated before
the Russian bills come on the market.
FILING OF INCREASED RATE SCHEDULES BY
In case of such purchases by the Reserve Bank, the bills
EASTERN ROADS.
would be bought in the market at the market rate. The
Chairman C. C. McCain of the Trunk Line Association New York City bills recently bought by the Federal Reserve
on Wednesday announced that important increases in rates Bank were on a basis of 3 19-32% which was arrived at by
which were allowed by the Inter-State Commerce Commis- negotiation between the Comptroller and the Reserve Bank.
sion in its decision of Dec. 18 1914, cannot be made effective
for three weeks, owing to the action of the Public Service
RETIRING EMERGENCY CURRENCY.
Commission of Pennsylvania in denying the request of the
of the 11th inst. the Comptroller of the Curdate
Under
covering
tariffs
intra-State
roads to file on ten days' notice
that,of the$384,483,000of emergency currency
reported
I
on
rency
effective
Feb.
make
to
proposed
was
it
rates that
the
provisions of the Act of May 30 1908,
under
issued
the
with
accordance
usual
in
notice
days'
instead of on thirty
had been retired up to the close of
67%,
or
$258,444,000,
e o the Pennsylvania Commission. The Commerce
59,464,675
28,065,138
18,242,595
17,675,983
2,226,307
792,364
69,743,217
33,303,384
18,949.438
22.205,913
3,442,015
592,569
738,562,245
412,731,710
212,146,507
248,087.833
45,559,124
17.532,037
773,621,096
356,716.577
173,203,255
251.635,927
31.682.136
21,711,918
JAN. 16 1615.]
THE CHRONICLE
177
business January 9th, leaving the balance outstanding
$126,039,000, as follows:
New England States, $4,186,000; Eastern States, $24,856,000; Southern States, $53,209,000; Middle States,
$27,747,000; Western States, $3,738,000; Pacific States,
$12,303,000. The largest amount still outstanding in any
one State is in Texas, charged with $16,859,000; New York
follows, with $12,277,000; next comes California, with $9,637,000; next to California in the amount outstanding is
>Pennsylvania,
604,000; Illinois still has outstanding
158,000 and Ohio $7,885,000. Tennessee has the largest
amount outstanding of any Southern State except Texas,
the amount being
,966,000, followed by Georgia, with
$4,526,000.
and when you consider the delays which their applications for increase in
rates have met and the blind opposition that refuses to listen to their distress we can see that we must moderate these excesses if we would have
prosperity return.
Now if organized labor would devote more of its time to uniting with
capital in opposing these foolish obstructions to enlarged investment and to
fair returns on that investment, It would do much more to maintain wages
than by seeking legislation which attempts to put it in a privileged class.
renders it immune from ordinary prosecutions to which other people are
subject and adds to the timidity that now makes capital hesitate.
The Bank of Pittsburgh, N. A., at Pittsburgh, retired
$1,345,000 of emergency currency on the 8th inst. The
return of this amount, it is stated, constitutes probably the
largest transaction of its kind in a single day in Pittsburgh,
the currency usually being canceled in installments. The
Bank of Pittsburgh is said to have been in position to have
retired the emergency money long since, but decided to defer
the action until it was clearly established that no further
need for its use existed.
While the United States, with less gold in the country and less reserve in
the banks than formerly, is showing the most enormous surplus—and legitimate and better protected surplus by reason of the new Bank Act—and the
Bank of England is counting $100,000,000 of gold in Canada as a London
bank reserve, and Russia has counted as gold in her reserve money on
deposit which has been loaned out on time; while Belgium is doing a
banking business from an English base, and Germany is conscripting gold
from the jewelry of its inhabitants and boasting her gold strength, the
Bank of France refuses to publish any statement, makes no boast, but
holds more gold than ever before in her history.
Only a few weeks before the war was her metal base put above $800,000.
000. Then she suspended official statements until one was made to the
Government on Dec. 10. and this showed $880,000,000 metal base, or
4,500,000,000 francs. Upon this her note issue, which was formerly
5,800.000,000, has been expanded to nearly 10,000,000,000. She is
authorized to issue up to 12,000,000,000 francs in paper.
From this metallic base she increased her bills receivable by three thousand million francs, or about the same as the Bank of England discounted In
pre-moratorium bills under the backing of the Government. Each country
took on $600,000,000 of mercantile credits, and both countries are now
finding this item receding. In France the mercantile credits have been
considerably reduced—the increase reduced nearly a half—because the
men are at the front and business is not cal ing for the credits formerly in
use.
The Bank of France also promptly advanced two thousand million francs.
or $400,000,000. to the Government.
In the last few weeks of 1914 the finances of Russia, France and Belgium
became interlaced with those of England, and gold credits for Allies' supplies were established around the world, shipments from North America
going both east and west into the European war. Government credit with
the Bank of France was then extended, but should not at this time in
January be more than $800,000,000.
This is the main financial assistance on which France has now for five
months conducted a successful defensive warfare with 1,500,000 men at
the front and nearly 3,000,000 men behind them.
The next most remarkable financial feature in respect to France is that
there has been no special financial legislation. In fact, no financial legislation whatsoever except the December budget vote to cover Government
expenses, including the war. A moratorium was set up by decree, buauthorization for this already existed under the general laws. Under this
moratorium, payments were permitted at first of 5%, then 25%. Later
vepositors wer permitted to draw from the banks 40%, and 40% payments became the rule. Then 50% for December. and then, in January,
for 1915. full payment to bank depositors.
Among other temporary devices in French finance was the issue by
French chambers of commerce in the south of France of small pieces
of paper—as low as 50 centimes, or 10 cents—put forth by the French
chambers of commerce and used only for circulation and change locally.
Many banks closed their branches because they had not the clerks to
man them. Many bankers lost three-fourths of their staff when the
mobilization orders were issued; and all over Paris the banks are closed
from 12 to 2 o'clock because of the limitations of the staff. When the
Credit Lyonnais reopened its branch in the Champs Elysees a few weeks
ago it was manned by women clerks.
The Government loan issued in the summer of 1914 met less than half
of the floating indebtedness and 1914 ordinary deficit. The balance, as
maturing, has been merged into the national defense loan, which is only
short-term financing. On the 10th of December there were 1.000,000,000
francs of the new national defense loan outstanding, but it was being
subscribed for all over France daily. This national defense loan consists
of three, six, nine and twelve months' Government bills bearing 5% interest. I figured that the amount issued Dec. 10 was, for the most part.
used to provide for the maturing floating indebtedness and for the deficit
on the Government budget aside from the expense of the present war
As the Government is advancing money to Servia and to Belgium. the
loan of £20,000,000, or $100,000,000, from England can be readily accounted for.
There were loans from the big banks of France for the Government at
the opening of the war, but these loans I was assured were all merged in
the 5% national defense loans, which have not exceeding one year to run.
On these national defense loans the cautious Bank of France will advance
in limited amounts 80% of the face value, but only where the Government
loan matures within three months.
The great principle of the Bank of France is to keep liquid. Its assets
must always be mobile.
There is only one point at which French finance should be criticised; and
as we cannot know all the details of the stress of her military position when
Paris was abandoned, her mobilizing of the reserves still in disorganization
and her transportation awry, we may not be in a position to justly level any
criticism.
But it must be set down in the interest of true report that the French
credit was at one time endangered by the treasury, or the military authorities, handling the Government credit in payment for war supplies.
Instead of going to the bankers and making their financial arrangements.
paying the war supply contractors, the French Government made many
contracts under which it paid contractors, and purveyors, in the 5%
national defense notes of the Government, running, three, six, nine and
twelve months.
As the contractors were making 15% and 20% on their mercantile overturn, they could afford to discount 5% and more in the sale of the Government notes, and while the Government was passing out these notes at par
to the patriotic subscribers, the contractors were negotiating liberal discounts to bankers and others.
Nevertheless, the stupendous fact remains that France, caught in a
European war most unawares, with impaired budget and a floating in-
PUBLIC ENEMIES.
While poetry is foreign to our columns,the verses of Walt
Mason, in the "Journal of Electricity, Power and Gas", on
"Public Enemies" seem appropriate enough to warrant their
reproduction, and hence we give them herewith:
PUBLIC ENEMIES.
If you build a line of railway over hills and barren lands,
Giving lucrative employment to about a million hands;
If you cause a score of cities by your right-of-way to rise,
Where there formerly was nothing but some rattlesnakes and flies;
If when bringing kale to others you acquire a little kale,
Then you've surely robbed the peepul and you ought to be in jail.
If by planning and by toiling you have won some wealth and fame,
It will make no odds how squarely you have played your little game;
Your success is proof sufficient that you are a public foe—
You're a soulless malefactor; to the dump you ought to go.
It's a crime for you to prosper where so many others fail;
You have surely robbed the peopul and you ought to be in jail.
Be a chronic politician, deal in superheated air;
Roast the banks and money barons, there is always safety there:
But to sound the note of business is a crime so mean and base,
That a fellow guilty of it ought to go and hide his face.
Change the builders' song triumphant for the politician's wail,
Or we'll think you've robbed the peepul and we'll pack you off to jail.
LABOR AS A PRIVILEGED CLASS.
The charge that organized labor has attempted to establish itself as a privileged class, and in order to secure political
assistance has sought at times to include farmers in the same
privileged class, was made by ex-President William H. Taft
at the annual dinner of the National Boot and Shoe Manufacturers' Association, given at the Hotel Astor on the 13th
inst. "For a long time," he said, "we gave too much privilege to capital, and now we are restraining it too much.
For a long time we did not give equality of advantage to
labor in its dealings with employers, and now we give
more than equality. We are giving labor an undue privilege which works neither for the ultimate benefit of labor
nor for the benefit of society as a whole." Mr. Taft further
said:
In the Trade Commission Bill, and in the Clayton Bill, which passed the
present Congress at its second session, and in Executive action, we find that
the tendency in reference to the combinations of capital has been to be
more restrictive than ever, but that in reference to labor it has been not
only not to be more restrictive but to break down the ordinary protection
of common law principles which an employer has against damage effected
by its abuse of the power of combination. The Anti-Trust Act was, in my
judgment, entirely effective for the purpose of stopping unlawful restraints
of inter-State trade and the establishment of monopoly.
There has been a failure to distinguish between success as the result
of legitimate business methods and success attained by any improper
ways. The feeling that the railroads once abused their privileges, as they
certainly did, makes the public forget that they can be so oppressed that
they cannot furnish the facilities for inter-State transportation that are
necessary for our national growth. The public for the time fails to realize
that if by its requirements and by its restrictions of rates it takes all profit
out of business it impairs the benefit of the service they render and it leads
to a bankruptcy in the disaster of which the whole community must
suffer.
And the same thing is true with respect to the investment of capital in
industrial enterprises. The passage of the Trade Commission Bill for a
great inquisitorial investigation into general business will, I think, not prove
practical in the further disclosure or repressing of abuse. It will only serve
to harrass and nag business, and it has already rendered capital so timid
that we see its effect in diminished investments in the cutting down of
wage funds and the increase of the unemployed.
When you add to this the gross injustice that the Government had done
the railroads in requiring the carriage of great additional freight under the
parcel post law, without any increased compensation; when you consider
the wanton increase Of the burden of the railroads by the passage offull-crew
laws; when you consider the increase of their expenses in the hot eagerness
of States to compel them to pay more taxes, while other fields are neglected,
FRENCH FINANCING IN THE EUROPEAN WAR.
In an interesting series of articles written for the "Wall
Street Journal" and the "Boston News Bureau," C. W.Barron has the following to say with reference to the methods
pursued by France thus far to finance its needs in the
present great European struggle:
178
THE CHRONICLE
debtedness, has carried the greatest war in her history for five months
without a long-term national loan and by the issue of less than $200,000,000
5% short-term notes for not exceeding one year, and credits for less than
$800,000,000 from the Bank of France; has maintained her gold basis unimpaired and kept the international exchanges steadily in her favor, and
without a particle of special financial legislation.
NEW YORK CITY'S SHARE OF $100,000,000 LOAN
PROFITS.
It has been officially announced that the city's share of
the profits realized on the $100,000,000 loan transaction is
$471,709 34. As stated in the "Chronicle" of Jan. 2, page
13,.under the contract made between the city and the bankers, the members of the syndicate were entitled to 2% of
the profits which might be realized by securing exchange at
rates less than those allowed by the city. Any proftis in
excess of this 2% were to be returned to the city and the
$471,709 34 referred to above represents this excess.
ARBITRATION DEALINGS TO BE RESTORED.
The report of the special committee of the New York
Stock Exchange recommending the restoration of arbitrage
dealings between the New York and foreign exchanges was
approved by the Board of Governors on the 13th inst. Joint
account arbitrage has been prohibited under a resolution
adopted by the Governing Committee on April 20 1911 and
effective since July 1 of that year. It is understood that the
vote for the abrogation of this ruling was not unanimous,
the members of the Governing Committee being about equally
divided as to the question of again permitting such dealings.
The restoration of the privilege will be effected under restrictions which are to be announced later.
DISSOLUTION OF THE COPPER PRODUCERS'
ASSOCIATION.
Action toward dissolving the Copper Producers' Association was taken at a meeting on the 13th inst., when a
recommendation to this effect made by the executive committee was ratified by the members. The issuance of the
monthly statements of the Association was discontinued
with the outbreak of the war. It was made known on
Aug. 4 that the July report would not be published, the
Association, in announcing this stating in explanation that
in view of the conditions existing in the markets of the
world it had been decided to suspend the usual monthly
reports until further notice. It is reported that the
conclusion to dissolve resulted from the arguments advanced
by some of the members that the publication of the monthly
statements inured to the benefit of the consumer instead of
the producer. The Association was organized toward the
end of 1908 and issued its first statement in January 1909.
It included in its membership representatives of practically
every copper-producing and selling company in the United
States. The executive committee consisted of James McLean, Vice-President of Phelps, Dodge & Co.; R. L. Agassiz,
President of the Calumet & Hecht Mining Co.;John D.Ryan,
President of the Amalgamated Copper Co. and Joseph
Clendenin of the American Smelting & Refining Co.
[VOL. loo.
cast upon the shore of the legislative sea like some antediluvian mastodon,
not quite alive enough for the menagerie and not quite dead enough for
the operating table of the taxidermist, designed apparently for the Federal
Treasury, but apparently on its way to the Smithsonian Institution."
SECRETARY REDFIELD TO INVESTIGATE MANUFACTURING CONDITIONS.
In response to the recent letter of the Manufacturers'Association of Montgomery County, Pa., in which the tariff law
was assailed as responsible for business depression, Secretary
of Commerce Redfield has directed the Bureau of Foreign
and Domestic Commerce to send one of its representatives
to Montgomery County "to learn* all the facts, both within
and without yourestablishments,that bear upon the condition
that you state is troubling you." The Association is advised of this in the following letter addressed to the President
of the Association, C. F. Williams:
Your favor of Dec. 24 has been referred to me and has received careful
consideration. It is a cause for sincere regret that any circumstances
should have resulted in business conditions that are troublesome. You
will kindly permit me to hope that matters may soon mend and to extend
for that purpose in any practicable way the assistance of this Department
In any and all of its branches
Indeed. I venture to trust that before this arrives you will have shared
In the business improvement to which both the general and trade press
testify and of which the increase of unfilled orders for steel during December
Is so plain a witness.
Perhaps also you will kindly allow my suggesting that other causes than
that on which you lay stress may have operated to produce the results of
which you speak. If a tariff were the cause of prosperity. Brazilshould be
happy,for she has the highest on earth; but Brazil is very badly off.
If the assurance against competition secured by tariff were the thing
needed, then this has in truth existed and does exist to-day in the fact that
one of our greatest commercial competitors is practically excluded from the
world's markets, and important textile districts of a• second great nation
are the very seat of hostilities. The industries of a third competitor are
closed, if not ruined, and those of a fourth are taxed to meet her own
pressing needs.
However, it is not my purpose to discuss economics, but to tender assistance. That the exact situation you describe may be made more clear
than it was possible for you to do in your letter I have directed the Bureau
of Foreign and Domestic Commerce to send one of its best men to call upon
you. He will seek, as I know you desire him to do, to learn all the facts,
both within and without your establishments,that bear upon the condition
that you state is troubling you. It will be his desire, as it is mine, only to
be helpful.
Whatever information is given him will be considered confidential insofar
that names and individual businesses will not be disclosed, and every personal and commercial confidence will be respected. His report on the facts
will, of course, be a public document, but since he will seek facts in a considerate and impartial spirit of helpfulness, I do not doubt you will afford him
the fullest knowledge on the subject you have of your own motion so forcibly
brought before the public. Meanwhile if this Department can aid in any
way in relieving any difficulties or annoyances it will act with sympathy
and promptness on learning what it can do.
THE DANBURY HATTERS' CASE.
The question as to whether the members of the United
Hatters of North America, named as defendants in the action
brought against the union by D.E.Loewe & Co. of Danbury,
will be obliged individually to bear full liability for the
damages, is an interesting point which has arisen in connection with the award affirmed by the United States Supreme
Court on the 5th inst. The announcement of the latter's
decision in stating that the Court held that the Connecticut
labor union members must pay the judgment, added that
"the bank accounts and homes of many of the men are already under attachment to pay the judgment, and the next
step probably will be foreclosure."
Walter Gordon Merritt, of Austin, McLachlan & Merritt,
lawyers, who, with Daniel Davenport, represented the plaintiffs, was quoted in the "Times" on the 7th inst. as saying:
THE FEDERAL RESERVE BANKS AS VIEWED BY
SENATOR BORAH.
President Wilson's Indianapolis speech suffered severe
'I understand that Samuel Gompers, President of the American Federacriticism at the hands of Senator Borah of Idaho (Republi- tion of Labor, has expressed his sympathy 'for the men whose homes will be
to satisfy this terrible award.' But no sympathy need be wasted on
can) in the Senate on the 13th inst. Senator Borah char- sold
the individual defendants,for they are amply protected by the organization
acterized it as "a remarkable address," and declared "its of which they are members. Each defendant has an indemnity agreement
Hatters' Union to hold him harmless from all liability. Of the
purpose and purport cannot be mistaken or misunderstood." with the
many thousands of dollars that have been spent in connection with the
"It is," he said, "a virulent attack upon one of the great po- defense of this action, not a penny has been paid by the defendants except
litical parties of the United States by the Chief Magistrate through regular union assessments. An assessment of $30 on each member
the National Association of Hatters would pay the judgment and proof the nation, a party in whose traditions millions of his of
tect the individual defendants under the indeminty agreement. The Union
countrymen take great pride and in whose policies and prin- has already purchased at their face value the attached savings bank accounts
ciples they devoutly and patriotically believe. It not only of the individual members, and the value of these at the present time equals
$80,000.
oba lenges the wisdom of its leaders, but it assails the in- about
"The American Federation of Labor has been conducting the litigation at
and
rank
the
of
file."
patriotism
During the Its own expense in behalf of the defendants for the last four years, and
telligence and
course of his extended dissertation, Senator Borah took occa- an assessment of 20 cents levied on each member of the Federation will pay
this judgment.
sion to enter a plea on behalf of the farmer for the enactment
of a rural credit bill, incidentally expressing his views with BRITISH TREASURY REPRESENTATIVES CAME AT
regard to the Federal Reserve Act in the following remarks:
OUR GOVERNMENT'S REQUEST.
I call your attention to the fact, my friends, that when the crisis came a
A denial of the report that the British Chancellor of the
few months ago, and the European situation brought to us a condition unexpected, it was under the Vreeland-Aldrich Act that you proceeded to Exchequer had,through its two representatives who recently
protect the credit and the business interests of this country. We had visited this country,petitioned the Administration at Washmonths before passed the Federal Reserve Bank Act, but it was not called
to release as much gold as could be spared was issued
Into activity; it was not put into operation. It was not tested in that crisis, ington
but when the crisis came it was permitted to remain Idle while the Vreeland- on the 8th inst. by Acting Secretary of the Treasury Byron
Aldrich Act was the Act under which we proceeded to pass the shoals and S. Newton and Charles S. Hamlin, Governor of the Federal
pitfalls of those first days of the European crisis. While we did so, the
expensive— Reserve Board:
Federal Reserve Bank Act lay—huge, cumbersome, bulky,
JAN. 161915.]
THE CHRONICLE
Our attention has been called to the statement contained in a morning
paper that the Chancellor of the Exchequer sent two representatives to
Washington to plead for the immediate release of as much gold as could be
spared. This statement is not true in fact, nor was it ever authorized or
made by any officer or member of the Treasury Department or of the Federal Reserve Board. The purpose of the visit of the representatives above
referred to was stated in a public announcement by the Secretary of the
Treasury on Oct. 10, as follows:
"It is true that Sir George Paish and Mr. Basil Blackett, representing the
British Treasury, are coming to America for the purpose of discussing the
international exchange and cotton problems. Their visit is the result of
informal suggestions made by me through diplomatic channels to the
Chancellor of the Exchequer in London, because it is believed that a discussion of certain phases of these problems on the ground here may be productive of beneficial results. This is simply another one of those instances
where the Government is using its good offices in every possible way to
help the business situation."
The following announcement was made public simultaneously yesterday by bankers in London and New York concerning the plans which were discussed first between Sir
George Paish and Secretary of the Treasury McAdoo at
Washington and a committee of New York bankers, and were
later under discussion in London between New York and
London bankers:
In connection with the announcement by the Treasury upon the subject
of the American exchange which appeared in the press on the 8th inst.,
we are authorized to state that after a conference held by the Chancellor
of the Exchequer with the London bankers,it was resolved that,inasmuch
as exchange between the United States and the United Kingdom is now substantially normal, no definite action at the present time is required,but that,
if during the continuance of the war or for one year thereafter the exchanges
between the two countries should become such that gold exports from either
country to an unreasonable amount might result, committees of bankers
could be appointed in the United States and in the United Kingdom, respectively, to consider plans for dealing collectively with the situation by
such methods as may seem at the time mutually desirable. It is understood that a similar announcement is appearing to-day in the American
press on behalf of the New York bankers.
THE BANK OF GERMANY'S GOLD HOLDINGS.
From the New York "Times" of the 9th we take the following embodying a denial of the charges that there had
been an over count of the Bank of Germany's gold.
The Central News has received a letter from Arthur von °winner. Managing Director of the Deutsche Bank of Berlin, and one of the foremost
of Germany's financiers and bankers, in which he replies to recent British
criticisms of the Imperial Bank of Germany, said to be inspired by cables
from New York. These criticisms related to the question whether the
Reichsbank, in Its weekly statement, included in its "gold holdings" the
notes of the Kriegsdarlehenskasse, a war loan society, which makes special
loans on securities, including German Government bonds. These notes
are allowed to be counted as "gold cover" for the issue of an equal amount
of Reichsbank notes.
Herr von Gwinner says in his letter:
"With reference to the remarks of the London press, said to emanate
from New York, it is worth while explaining the regularly published returns
of the Reichsbank. They are clear and unmistakable to any one who
knows
how to read and cares to understand the truth.
"The Reichsbank's returns show its stock of gold separately.
It goes
without saying that this stock of gold is all in the vaults of the
bank, and
not elsewhere.
"The notes of the 'Kriegsdarlehenskasse' are shown as a separate asset.
These notes are being issued during the war by a special board on treble
security, viz.:
"Approved collateral offirst-rate securities, accepted with a large margin.
Government bonds, for instance, are being loaned upon only at 75% of
their market value. It is worth mentioning in this connection that the
'Darlehenskasse' advances money on bonds of the German war loan at
75% of its nominal price,for six months only, and at full bank rate, whereas
the Bank of England is loaning on the British war loan at 100% of the price
of issue—i. e., 95% of the nominal amount for three years and at 1% under
bank rate.
"The second security is the responsibility of the parties making use of the
'Darlehenskasse,' which is over and above the collateral.
"Finally, the German Empire is a guarantor for the notes issued by the
'Darlehenskasse,' which thus have a treble guaranty—public, private and
collateral.
"By law these notes of the 'Darlehenskasse' in time of war serve to the
Reichsbank in the same way as gold as an asset against which its bank notes
may be issued, but the notes of the 'Darlehenskasse' never are, nor ever
have been, treated, considered or shown in returns to be a part of the gold
stock. They are not a fraction of that gold stock, but an addition to it.
Indeed, and this is all important, the Reichsbank always held, in peace
and during the war, more gold than is required by law. If, in spite of all,
you consider the notes of the 'Darlehenskasse' as'scraps of paper, you may
strike them out from the Reichsbank's balance sheet and the cover in gold
alone still remains more than sufficient and more than required by law.
"A good deal of bad faith is required to misinterpret so clear a situation.
From the Reichsbank's last return of Nov. 30 It will be seen that the bank
had in circulation 4,205,363.000 marks, as against the following assets:
Gold
1.991,254,000 Marks
Other coin and currency
48,522,000 "
Notes of Darlehenskasse
739,200,000 "
Bills discounted running not longer than 3
mo's_ 2,932,364,000 "
"Thus it will be seen that the
Reichsbank's notes are covered by gold
to the proportion of 47%. The Reichsbank's
present holdings of gold
compare as follows with the previous
dates:
"Dec. 31 1913
1,169,971.000 Marks
June 30 1914
1,306,154,000 "
Nov.30 1914
1.991,254,000 "
"The Bank of England's holding of gold on the same dates was less in
every case. It was as follows:
"Dec. 31 1913
699.660,000 Marks
June 30 1914
801,660,000 "
Nov.30 1914
1,428,200,000 "
"Regarding the total currency notes issued by the 'Darlehenskasse,'
itstands at 1,062,500,000 marks,of which the Reichsbank holds 739,200.000
179
marks. There are circulating, therefore, in the hands of the public only
323,300,000 marks, or about $70,000,000.
"It may be added that this system has been imitated not only by Austria, but by England herself, in so far as her war loan is loaned upon by
the Bank of England at a much higher price, for a much longer term and
at a lower rate of interest than under the strict and conservative regulations
of the 'Darlehenskasse'."
THEINDIANAPOLIS SPEECH OFPRESIDENT WILSON.
The Jackson Day speech at Indianapolis on the 8th inst.
of President Wilson has attracted considerable attention
and we print it in full herewith:
Governor Ralston, Ladies and Gentlemen—You have given me a most
royal welcome, for which I thank you from the bottom of my heart. It is
rather lonely living in Washington. I have been confined for two years
at hard labor, and even now I feel that I am simply out on parole. You
notice that one of the most distinguished members of the United States
Senate is here to see that I go back. And yet, with sincere apologies to
the Senate and House of Representatives, I want to say that I draw more
Inspiration from you than I do from them.
They, like myself, are only servants of the people of the United States.
Our sinews consist in your sympathy and support, and our renewal comes
from contact with you, and with the strong movements of public opinion
in this country. That is the reason why I, for one, would prefer that
our
thoughts should not too often cross the ocean, but should centre themselves
upon the policies and duties of the United States.
If we think of the United States, when the time comes we shall know how
this country can serve the world. I will borrow a very interesting phrase
from a distinguished gentleman of my acquaintance and say that you will
keep your moral powder dry.
But I have come here on Jackson Day. If there are Republicans present
I hope they will feel the compelling influences of such a day. There
was
nothing mild about Andrew Jackson. That is the reason I spoke
of the
compelling influences of the day. Andrew Jackson was a forthright man
who believed everything he did believe, in fighting earnest; and
really
ladies and gentlemen,in public life, that is the only sort of man
worth thinking about for a moment.
If I was not ready to fight for everything I believe in I would think it
my
duty to go back and take a back seat. I like, therefore, to breathe the air
of Jackson Day; I like to be reminded of the old militant hosts of Democracy, which I believe have come to life again in our time.
The United States had almost forgotten that it must keep its fighting
ardor in behalf of mankind when Andrew Jackson became President. And
you will notice that whenever the United States forgets its ardor for mankind
a Democrat is elected President.
The trouble with the Republican Party is that it has not had a new idea
for thirty years. I am not speaking as a politician. I am speaking as a
historian. I have looked for new ideas in the record. and I haven't found
any proceeding from the Republican ranks. They have had leaders from
time to time who suggested new ideas, but they never did anything to carry
them out; I suppose there was no harm in their talking, provided they
could not do anything. And therefore, when it was nece&sau to say that
we had talked about things long enough which it was necessary to do, and
the time had come to do them, it was indispensable that a Democrat should
be elected President.
I would not speak with disrespect of the Republican Party. I always
speak with great respect of the past. The past was necessary to the present,
and was a sure prediction of the future. The Republican Party is still a
cover and refuge for those who are afraid, for those who want to consult
their grandfathers about everything; and you will notice that most of the
advice taken by the Republican Party is taken from gentlemen old enough
to be grandfathers; and that when they claim that a reaction has taken
place, they react to the re-election of the oldest members of their party.
They won't trust the youngsters. They are afraid the youngsters might have
something up their sleeve. You will see, therefore, that I have come to
you in the spirit of Jackson Day.
I got very tired staying in Washington and saying sweet things. I wanted
to come out and get in contact with you once more and say what I really
thought.
But, my friends, what I particularly want you to observe is this: that
politics in this country does not depend any longer upon the regular members
of either party. There are not enough regular Republicans in this country
to take and hold national power. And I must immediately add, there
are
not enough regular Democrats in this country to do it either.
This
country is guided, and its policy is determined,by the independent voter:
And I come to ask you how we can best prove to the independent
voter
that the instrument he needs is the Democratic Party,and that it would
be
hopeless for him to attempt to use the Republican Party. I do not
have to
piove it; I admit it.
But what seems to me perfectly evident is this, that if you made
a
rough reckoning you would have to admit that only about one-third
of the
Republican Party is progressive, and you would also have to admit that
about two-thirds of the Democratic Party is progressive. Therefore, the
independent progressive voter finds a great deal more company in the
Democratic ranks than in the Republican ranks. I say a great deal more.
because there are Democrats who are sitting on the breeching strap. There
are Democrats who are holding back. There are Democrats who are nervous.
I dare say they were born that way. It is their temperament. And I
respect the conservative temperament. I claim to be an animated conservative myself, because by a conservative I understand to mean a man
who not only preserves what is best in the nation, but who sees that in
order to preserve it you dare not stand still, but must move forward.
For the virtue of America is not statical. It is dynamic. All the forces of
America are forces in action, or else they are first forces of inertia.
.What I want to point out to you, and what I believe that this whole
Country is beginning to perceive, is this, that there is .a larger body of men
in the regular ranks of the DemocraticParty who believe in the progressive
policies of our day and mean to see them carried forward and perpetuated
than there is in the ranks of the Republican Party. How can It be otherwise, gentlemen? The Democratic Party, and only the Democratic Party,
has carried out the policies which the progressive people of this country
have desired.
There is not a single great act of this present great Congress which has not
been carried out in obedience to the public opinion of America. And the
public opinion of America is not going to permit any body of men to go
backward with regard to these great matters.
Let me instance a single thing. I want to ask the business men here
present if this is not the first January in their recollection that did not bring
a money stringency for the time being, because of the necessity of paying
out great sums of money by way of dividends and the other settlements
which come:at the first of the year? I have asked bankers If that happened
180
THE CHRONICLE
[Vol,. 100.
Now, do not misunderstand me. There are some men on that side of the
happen under
this year, and they say no, it did not happen, it could not
coun- chamber who understand the value of these things, and are standing valithe Federal Reserve Act. We have emancipated the credits of this
policies antly by them, but they are a small minority. The majority that is standtry. And is there anybody here who will doubt that the other
ing by them is on our side of the chamber, and they are the friends of
that have given guaranties to this country that there will be free compeAmerica.
reversed?
be
to
allow
ever
will
country
this
which
policies
are
tition
But there are other things we have to do. Sometimes when I look
I have taken a long time, ladies and gentlemen, to select the Federal
my friends, and see the great mass of struggling humanity on that
abroad,
I
that
sure
and
be
men
Trade Commission, because I wanted to choose
continent, it goes very much to my heart to see how many men are at a
had chosen men who woule be really serviceable to the business men of this
disadvantage and are without guides and helpers. Don't you think it
country, great as well as small, the rank and file.
a pretty good idea for the Democratic Party to undertake a sysThese things have been done and will never be undone. They were would be
method of helping the worldngmen of America? There is a very
talked about, and talked about with futility until the Democratic Congress tematic
which they could help the workingmen. If we were simply
attempted and achieved them. But the Democratic Party is not to simple way in
a great Federal employment bureau it would do a great thing.
establish
to
business.
the
with
done
is
it
that
suppose
Federal agencies, which spread all over this country, men could
The Democratic Party is still on trial. The Democratic Party has to By the
those parts of the country, to those undertakings, to those
prove to the independent voters of this country, not only that it believes in be directed to
where they could find profitable employment.
these things, but that it will continue to work along these lines, and that it paths
The laborer of this country needs to be guided from opportunity to
will not allow any enemy of these things to break its ranks.
Just the other day we were t,,Id that in two tates of the
This country is not going to use any party that cannot do continuous opportunity.
Union 30,000 men were needed to gather the crops. It was suggested in
and consistent team-work. If any group of men should dare to break the
meeting that the Department of Labor should have printed insolidarity of the Democratic team for any purpose, or from any motive, a Cabinet
up in the post
formation about this in such form that it could be posted
and
a
which
notoriety,
responsibility
unenviable
most
a
be
will
theirs
should
offices all over the United States, and that the Department of Labor
will bring deep bitterness to them.
touch with the labor departments of the States, so that notice could
The only party that is serviceable to a nation is a party that can hold get in
them.
absolutely together, and march with the discipline and with the zest of a go out from
Well, what was the result? These 30,000 men were found and were
conquering host. I am not saying these things because I doubt that the
where they got profitable employment. I don't know of any
Democratic Party will be able to do these things, but because I believe sent to places
that has happened in my Administration that made me feel
that, as leader, for the time being, of that party I can promise the country one thing
together.
happier than that—that the job and the man had been brought
that it will do these things.
cost a great deal of money and it will do a great deal of
not
will
it
Now,
and
spirit
their
their
I
know
at
Washington.
colleagues
my
I know
States were to undertake to do such things systematicpurpose, and I know that they have the same emotions, the same high service if the United
year around, and I for my part hope that it will do that.
emotions as to public service that I have. I want at this juncture to pay ally and all the
an additional plank for the Democratic platform, I would
my tribute of respect and of affectionate admiration for the two great If I were writing
in.
that
put
I
lie
have
never
had
State
to
of
Indiana.
the
from
Senators
Democratic
And there is another thing that needs very much to be done. I am not
awake of nights wondering what they were going to do.
the learning or the integrity
And the country is not going to trouble itself, ladies and gentlemen, one of those who doubt either the industry or
know that they have a very
to lie awake nights and wonder what men are going to do. If they have to of the courts of the United States, but I do
that the United States, in
do that they will choose other men, and that is the whole of the business. inadequate way of doing business. I do know
every other civiPzed governTeam-work all the time is what they are going to demand of us. That is its judicial procedure, is many decades behind
immediate and imperative call to
our individual as well as our collective responsibility. That is what ment in the world, and I say it has an
of justice, the inexpensiveness of
Jackson stands for. If a man will not play in the team, then he does not rectify that, because the speediness
justice, is the greater part of justice itself. If
belong to the team. You see I have spent a large part of my life in college, justice, the ready access of
justice, because of the cost of the process itself,
and I know what a team means when I see it. And I know what the cap- you have to be rich to get
about it, and so I say there Is another direction
tain of a team must have if he is going to win. So it is not an idle figure then there is no justice
and help
in which we ought to be very quick to see the signs of the times
with me.
helped.
be
to
need
who
those
out
carried
Congress
Now, what is there to do? You say, has not this
Then there is something else. The Democrats have heard the Repuba great program? Yes, it has carried out a great program. It has the
the
licans talk about the scientific way in which to handle a tariff, though
most remarkable record that any Congress since the Civil War has had; and
Republicans have never given any exhibition of a knowledge of how to hanI say since the Civil War because I haven't had time to think about those
profits
hands
additional
into
the
put
to
scientific
dle it scientifically. If it is
before the Civil War. But we are living at an extraordinary moment.
of those who are already getting the greater part of the profits, then they
The world has never been in the condition that it is now, my friends. Half have been exceedingly scientific. It has been a science of selfishness; it
the world is on fire. Only America,among the great Powers of the world,is
kind of science I do not care to
to has been a science of privilege, but that
free to govern her own life, and all the world is looking to America
know anything about, except enough to stop it; but if by scientific treatserve its economic needs.
gentle- ment of the tariff they mean adjustment to the actual trade conditions
And wh:le this is happening, what is going on? Do you know,
them.
instances to ten of America and the world, then I am with
men, that the ocean freight rates have gone up in some
And I want to call their attention, for though they voted for it
States, those
times their ordinary figure, and that the farmers of the United
to the fact that the bill
it,
noticed
no
have
are absolutely they apparently
who raise grain, and those who raise cotton—those things that
that very thing.
any profit out which creates the new Trade Commission does
get
nnot
ourselves—ca
to
as
well
as
world
the
to
necessary
to enter into and
things on the other That Commission is authorized and empowered
of the great prices that they are willing to pay for these
in this country
trade
of
extortionate report to Congress not only upon the conditions
side of the sea, because the whole profit is eaten up by the
pro- but upon the conditions of trade, the cost of manufacture, the cost of transDemocrats
the
this,
of
midst
the
in
And
carriage?
charges for ocean
portation, all the things that enter into the question of the tariffin foreign
posed a temporary measure of relief in the shipping bill.
to carry countries as well as the United States and into all those questions of varied
The merchants and the farmers :of this country must have ships
way of combinations which affect international trade between Europe and the
their goods, and just at the present moment there is no other
the United States. It has full powers which will guide Congress in the sciengetting them than through the instrumentality that is suggested in
tific treatment of questions of international trade. Being by profession
shipping bill. And I hear it said in Washington on all hands, that the
a schoolmaster, I am glad to point that out to a class of uninstructed ReRepublicans in the United States Senate are using every effort to make
publicans, though I had not always taught in the primary grades.
the passage of that bill impossible.
At every turn the things that the Republicans—that is, the progressive
Those self-styled friends of business say that the Democratic Party does
Republicans—have proposed that were practical, the Democrats either have
not know what to do for business, and they are saying that the Democrats
are immediately proposing to do. If that Is not a bill of particushall do nothing for business. I challenge them to show their right to done or
the independent voters of the country, I would like to have
stand in the way of the release of American products to the rest of the lars to satisfy
world. Who commissioned them—a minority, a less than minority, for one produced.
we, being
There are things that the Progressive program contains which
they will be in a greater minority in the next Senate than in this. You
lawyers, happen to know cannot be done by the Congress
know it is a peculiarity of that great body that it has rules of procedure constitutional
overhave
to
States. That is a detail which they seem
which make it possible for a minority to defy the nation, and these gentle- of the United
can be done by State legislation, I, for one, speakthey
as
far
so
but
looked,
the
of
American
and
prevent
release
defy
the
to
nation
seeking
men are now
Democrat, am heartily in favor of their being done; because
products to the suffering world, which needs them more than it ever ing for one
do not congregate merely in Washington—they congregate
needed them before. Their credentials as friends of business and friends Democrats
congregate there in very influential
also in the State capitals—and they
of America will be badly discredited if they succeed.
very influential organizations.
with
and
numbers
of
I
point
wish
should
view,
a
partisan
selfish
from
If I were speaking
was going over some of the
Just before I came away from Washington I
nothing better than that they should show their true colors as partisans,
last. The official
of the last elections—the elections of November
and succeed, but I am not quite so malevolent as that. Some of them are figures
why they are so slow in
know
don't
in yet. I
come
all
not
have
returns
misguided; some of them are blind; most of them are ignorant. I would
they have given me this
to us, but so far as they have come in,
rather pray for them than abuse them. But the great voice of America gettinginformation, that, taking the States where Senators were elected,
ought to make them undertand what they are said to be attempting to do useful
where Senators were not elected,taking the election of Governor, and
now. I say they are 'said to be attempting,' because they do not come and
Governors were not elected, taking the returns for the State Legisand tell me what they are attempting. I don't know why. I would where
for the Congressional delegates, the Democrats, reckoning State
or
ture,
I
it,
would
in
express
language;
them
of
parliamentary
opinion
express ray
of
State, would have, l• it had been a Presidential year,had a majority
by
courtesy.
the
of
terms
in
couched
becuase
plainly
less
the
none
hope,
I
eighty in the Electoral College. Fortunately, or unfortunately, this
This country is bursting and gaping its jacket, and they are seeing to about Presidential year; but the thing is signigcant to me or this reason.
is not a
It that the jacket is not only kept tight, but is riveted with steel.
of the Democratic Party as a
A great many people have been speaking
Now the Democratic Party does know how to serve business in this
party. Weil, If it is, it not so much a minority party as the Reminority
of
We
have
program
cleared
service.
a
is
program
future
its
and
country,
can claim to belong
publican Party, and as between minorities, I think we
the decks. We have laid the lines now upon which business that was doing
moral of that is merely what I have already
to the larger minority. The
the country harm shall be stopped, and the economic control which was inin
its
regular
party
membership
neither
that
pointing out to you,
tolerable shall be broken up. We have emancipated America, but America been
has a majority.
freedom.
her
with
something
must do
Now. I don't want to make the independent voter too proud of himself,
There are great bills pending in the United States Senate Just now that
boss. and I am bound to admit that the
are intended as but I have to admit that he is our
have been passed by the House of Representatives, which
he wants are, so far as I have seen them mentioned, things that I
constructive measures in behalf of business—one great measure which will things
but I hope I can claim to be an
voter,
independent
an
not
this country for the industries want. I am
make available the enormous water powers of
want to say this distinctly: I do not love any
unlock the resources of the public independent person, and I
will
which
bill
another
country;
the
of
party any longer than it continues to serve the immediate and present
domain, which the Republicans desire to save, to lock up so nobody can
needs of America. I have been bred in the Democrat'c Party. I love the
use them.
the
have not had a new idea in thirty years Democratic Party, but I love America a great deal more than I love
The reason I say the Republicans
to do anything except sit on the lid. Democratic Party.
how
known
not
have
they
is that
When a party thinks it is an end in itself, then I es° up and dissent.
so it will drive great industries, it is not
Now, if you can release the steam
on its
are trying to do in the great con- It is a means to the end, and its power depends,and ought to depend,
necessary to sit on the lid, and what we
it knows what America needs and is ready to give it what it
that
showing
of
the
the
history
in
time
United
first
the
for
out
carry
servation bill is to
I say to the independent voter, "You have go
great resources of the country can be used,in- needs. That is the reason
States a system by which the
I do not happen to be one of your number.
no man can get at them. I shall watch us in the pa'm of your hand."
that
so
aside
set
being
returns. I have
stead of
the self-styled friends of business try to but I recognize your supremacy, becarve I read the election
with a great deal of interest what
ambition, my Democratic friends; I can avow it on Jackson Day.
this
do with these bills.
JAN. 16 1915.1
THE CHRONICLE
I want to make every independent voter of this country a Democrat.
It is a little cold and lonely out where he is, because though he holds the
balance of power, he is not the majority. I want him to come in where it
Is warm. I want him to come in where there is a lot of good soc ety, good
companionship, where there are great emotions.
That is what I miss in the Republican Party. They don't seem to have
any preat emotion. They seem to think a lot of things, but they do not
seem to have any enthusiasm about anything.
Now there is one thing that I have a great deal of enthusiasm about.
I might almost say a reckless enthusiasm—and that is human liberty.
Much has been said about "watchful waiting" in Mexico. I want to say
a word about Mexico—not so much about Mexico as about our attitude
toward Mexico. I hold it as a fundamental principle, and so do you, that
every people has the right to determine its own form of government, and
until this recent revolution in Mexico, until the end of the Diaz reign, 80%
of the people of Mexico never had a look-in in determining who should be
their governors, or what their government should be.
Now.lam for the 80%. It is none of my business and it is none of your
business how long they take in determining it. It is none of my business
and it is none of yours how they go about the business. The country is
theirs, the government is theirs; the liberty, if they can get it—and God
speed them in getting it—is theirs; and so far as my influence goes, while
I am President, nobody shall interfere with it.
That is what I meant by a great emotion of sympathy. Do you suppose
that the American people are ever going to count a small amount of material
benefit and advantage to people doing business in Mexico against the liberties and the permanent happiness of the Mexican people? Haven't the
European nations taken as long as they wanted, and spilled as much blood
as they pleased in settling their affairs? Shall we deny that to Mexico
because she is weak? No. I am proud to belong to a strong nation that
says this country which we could crush shall have just as much freedom
in their own affairs as we have.
If I am strong I am ashamed to bully the weak. In proportion to my
strength is my pride in withholding that strength from the oppression of
another people. And I know when I speak these things, not merely from
the generous response which they have just called from you, but from my
long-time knowledge of the American people, that that is the sentiment
of the American people.
With all due respect to editors of great newspapers, I have to say to them
that I never take my opinions of the American people from their editorials.
So that when some great dailies,not very far removed from where I am temporarily residing, thundered with rising scorn against watchful waiting,
Woodrow sat back in his chair and chuckled, knowing that he laughs best
who laughs last; knowing, in short, what were the temper and the principles
of the American people. If I did not at least think that I knew,I would emigrate, because I would not be fit to stay where I am. There may come a
time when the American people will have to judge whether I know what
I am talking about, or not.
I didn't intend to start anything then. That was merely prefatory to
saying that at least for two years more I am free to think that I know
what I am talking about and there is great comfort in the thought that the
next Congress of the United States is going to be very safely Democratic,
and that, therefore, we can altogether feel as much condidence as Jackson
did. Then we know what we are about. You know Jackson used to
think that every man who disagreed with him was an enemy of the country.
I have never gone quite that far in my thoughts; but I have ventured to think
that they didn't know what they were talking about, knowing that my fellow-Democrats expected me to live up to the full stature of Jackson's
Democracy. And so I feel, my friends, in a very confiddnt mood to-day.
I feel confident that we do know the spirit of the American people, that we
do know the program of betterment which it will be necessary for us to
undertake; that we do have a very reasonable confidence in the support
of the American people.
I have been talking with business men recently about the present state
of mind of American business. There is nothing the matter with American
business except a state of mind.
I understand that your Chamber of Commerce here in Indianapolis is
working now upon the motto, "If you are going to buy it, buy it now."
That is a perfectly safe maxim to act upon. It is just as safe to buy it now
as it ever will be, and if you start to buying, there will be no end to it—
and you will be a seller as well as a buyer. I am just as sure of that as I
can be, because I have taken counsel with men who know. I never was in
business, and, therefore, I have none of the prejudices of business. But I
have looked on and tried to see what the interests of the country were, in
business, and I have taken counsel with men who did know, and their
counsel is uniform, that all that is needed in America now is to believe in
the future. And I can assure you, as one of those who speak for the Democratic Party, that it is perfectly safe to believe in the future.
We are so much the friends of business that we were,for a little time, the
enemies of those who were trying to control business. I say for a little
time, because we are now reconciled. They have graciously admitted that
we had the right to do what we did, and they have very handsomely said
that they were going to play the game.
I believe, and I always have believed, that American business men were
absolutely sound at heart, but men immersed in business do a lot of things
that opportunity offers to do, which, in other circumstances, they would
not do, and I have thought, all along, that all that was necessary to do was
to call their attention sharply to the kind of reforms in business that were
necessary, and that they would acquiesce, and I believe that they have
heartily acquiesced, and there is all the more reason, therefore, why we
should be confident of the future.
And what a future it is, my friends. Look abroad upon the troubled
world. Only America is at peace. Among all the great Powers of the world
only America is saving her power for her own people; only America is using
her great character and her great strength in the interests of peace and of
prosperity.
Do you not think it likely that the world will some time turn to America
and say,"You were right and we were wrong. You kept your heads when
we lost ours. You tried to keep the scale from tipping, but we threw the
whole weight of arms in one side of the scale. Now,in your self-possession,
in your coolness, in your strength, may we not turn to you for counsel and
for assistance?"
Think of the deep-wrought destruction of economic resources, of life and
of hope that is taking place in some parts of the world, and think of the reservoir of hope, the reservoir of sustenance that there is in this great land of
plenty. May we not look forward to the time when we shall be called
blessed among the nations, because we succored the nations of the world in
their time of distress and of dismay?
I, for one, pray God that that solemn hour may come, and I know the
solidity of character, I know the high principle with which the American
people will respond to the call of the world for this service, and I thank God
that those who believe in America, who try to serve her people, are likely
to be also what America herself, from the first, intended to be—the servant
of mankind.
181
GREAT BRITAIN'S REPLY TO PROTEST OF U. S.
AGAINST SHIP DETENTIONS.
The preliminary reply of Great Britain to the communication of the United States Government complaining of
the seizures and detentions of American cargoes destined to
neutral European ports was made public on the 10th inst.
As in the case of the American note, the text of the British
answer was given out simultaneously both in Washington
and in England by mutual agreement between the State
Department and the British Foreign Office. The reply,
which bears date Jan47,is written in the same friendly, and
at the same time frank, spirit in which the American note
was drafted; the British communication concurs in the view
of the United States that commerce between neutral nations
should be interfered with only when imperatively necessary.
Briefly, the British note, while conceding the principles of
the American Government's contentions, points out difficulties in actual practice, refers to alleged fraudulent practices by shippers and cites statistics showing an increase,
rather than a decrease, in certain neutral commerce in support of Great Britain's suspicions that Germany and Austria have been indirectly obtaining contraband through neutral countries. The note promises, however, that Great
Britain will "make redress whenever the action of the British fleet "may unintentionally exceed" the limits of international law.
In submitting its preliminary reply, Great Britain states
that the points raised by the United States are receiving consideration, and that a further response dealing in detail with
the issues raised will be submitted; the purpose in sending
the preliminary observations is "to clear the ground and remove some misconceptions that seem to exist."
We give the text of the reply of the 7th inst. as follows:
The British Secretary of State for Foreign Affairs to the American Ambassador:
Foreign Office, Jan. 7 1915.
Your Excellency.—I have the honor to acknowledge receipt of your note
of the 28th of December.
It is being carefully examined and the points raised in it are receiving
consideration, as the result of which a reply shall be addressed to Your
Excellency, dealing in detail with the issues raised and the points to which
the United States Government have drawn attention. This consideration
and the preparation of the reply will necessarily require some time, and I
therefore desire to send, without further delay, some preliminary observations which will, I trust, help to clear the ground and remove some misconceptions that seem to exist.
Let me say at once that we entirely recognize the most friendly spirit
referred to by Your Excellency,and that we desire to reply in the same spirit
and in the belief that, as Your Excellency states, frankness will best serve
the continuance of cordial relations between the two countries.
His Majesty's Government cordially concur in the principle enunciated
by the Government of the United States that a belligerent, in dealing with
trade between neutrals, should not interfere unless such interference is
necessary to protect the belligerent's national safety, and then only to the
extent to which this is necessary. We shall endeavor to keep our action
within the limits of this principle on the understanding that it admits our
right to interfere when such interference is, not with bona fide trade between the United States and another neutral country, but with trade in
contraband destined for the enemy's country, and we are ready, whenever
our action may unintentionally exceed this principle, to make redress.
We think that much misconception exists as to the extent to which we
have, in practice, interfered with trade. Your Excellency's note seems to
hold His Majesty's Government responsible for the present condition of
trade with neutral countries, and it is stated that, through the action of His
Majesty's Government, the products of the great industries of the United
States have been denied long-established markets in European countries
which, though neutral, are contiguous to the seat of war. Such a result
is far from being the intention of His Majesty's Government, and they
would exceedingly regret that it should be due to their action.
I have been unable to obtain complete or conclusive figures showing what
the state of trade with these neutral countries has been recently, and I can
therefore only ask that some further consideration should be given to the
question whether United States trade with these neutral countries has been
so seriously affected. The only figures as to the total volume of trade that
I have seen are those for the exports from New York for the month of November 1914, and they are as follows, compared with the month of November 1913:
Exports from New York for November 1913 and November 1914, respectively:
Denmark
$7,101,000
$558,000
Sweden
2,858,000
377,000
Norway
2,318.000
477,000
Italy
4,781,000
2,971,000
3,960,000
Holland
4,389,000
It is true that there may have been a falling off in cotton exports, as to
which New York figures would be no guide, but His Majesty's Government has been mostcareful not to interfere with cotton, and its place on the
free list has been scrupulously maintained.
We do not wish to lay too much stress upon incomplete statistics; the
figures above are not put forward as conclusive, and we are prepared to
examine any further evidence with regard to the state of trade with these
neutral countries which may point to a different conclusion or show that
it is the action of His Majesty's Government in particular and not the existence of a state of war and consequent diminution of purchasing power and
shrinkage of trade which is responsible for adverse effects upon trade with
the neutral countries.
That the existence of a state of war on such a scale has had a very adverse
effect upon certain great industires, such as cotton, is obvious; but it is
submitted that this is due to the general cause of diminished purchasing
power of such countries as Prance, Germany, and the United Kingdom.
rather than to interference with trade with neutral countries. In the matter of cotton, it may be recalled that the British Government gave special
182
THE CHRONICLE
[VOL. loo.
assistance through the Liverpool Cotton Exchange to the renewal of trans- our own national safety to prevent this danger by intercepting goods really
actions in the cotton trade of not only the United Kingdom, but of many destined for the enemy without interfering with those which are "bona
neutral countries.
fide" neutral.
Your Excellency's note refers in particular to the detention of copper.
Since the outbreak of the war the Government of the United States has
The figures, taken froth official returns for the export of copper from the changed their previous practice and have prohibited the publication of
United States for Italy for the months during which the war has been in manifests until thirty days after the departure of vessels from the United
progress up to the end of the first three weeks of December are as follows:
States ports. We had no "locus standi" for complaining of this charge,
and did not complain. But the effect of it must be to increase the diffi1913
15,202,000 pounds
culty
of ascertaining the presence of contraband, and to render necessary
1914
•
36,285,000 pounds
Norway, Sweden, Denmark and Switzerland are not shown separately n the interests of our national safety the examination and detention of more
for the whole period in the United States returns, but are included in the ships than would have been the case if the former practice had continued.
Pending a more detailed reply. I would conclude by saying that His Maheading "Other Europe" (that is, Europe other than the United Kingdom,
Russia, France, Belgium. Austria, Germany, Holland and Italy). The jesty's Government do not desire to contest the general principles of law
on
which they understand the note of the United States to be based, and
corresponding figures under this heading are as follows:
desire to restrict their action solely to interferences with contraband des1913
7,271,000 pounds
tined for the enemy.
1914
35,347,000 pounds
His Majesty's Government are prepared, whenever a cargo coming from
With such figures, the presumption is very strong that the bulk of the
the United States is detained, to explain the case on which such detention
copper consigned to these countries has recently been intended, not for
has taken place, and would gladly enter into any arrangement by which mistheir own use, but for that of a belligerent who cannot import it direct.
takes can be avoided and reparation secured promptly when any injury to
It is, therefore, an imperative necessity for the safety of this country while
the neutral owners of a ship or cargo has been improperly caused, for they
it is at war that His Majesty's Government should do all in their power to are most desirous in the interest both of the United States and of other
stop such part of this import of copper as is not genuinely destined for neu- neutral countries that British action should not interfere with the normal
tral countries.
importation and use by the neutral countries of goods from the United
Your Excellency does not quote any particular shipment of copper to
States.
Sweden which has been detained. There are, however, four consignments
i I have the honor to be, with the highest consideration, Your Excellency's
to Sweden at the present time of copper and aluminum which, though defiobedient, humble servant,
most
nitely consigned to Sweden, are, according to positive evidence in the pos(Signed] E. GREY.
session of His Majesty's Government, definitely destined for Germany.
I cannot believe that, with such figures before them, and in such cases
as those just mentioned, the Government of the United States would quesAcknowledgment of the receipt of the above preliminary
tion the propriety of the action of His Majesty's Government in taking susreply
of Great Britain was made in a note sent on the 14th
pected cargoes to a prize court, and we are convinced that it cannot be in
accord with the wish either of the Government or of the people of the United inst. to the British Government through Ambassador Page
States to strain the international code in favor of private interests so as to at London by Secretary of State Bryan. The following is a
prevent Great Britain from taking such legitimate moans for this purpose
paraphrase of Mr. Bryan's note:
as are in her power.
The friendly spirit in which the British Government received the AmeriWith regard to the seizure of foodstuffs to which Your Excellency refers,
His Majesty's Government are prepared to admit that foodstuffs should not can note of Dec. 28 is appreciated. No doubt is entertained by us that the
cordial
relations between the governments will continue pending diplomatic
be detained and put into a prize court without presumption that they are
Intended for the armed forces of the enemy or the enemy Government. discussion. This Government notes with satisfaction that the principles of
We believe that this rule has been adhered to in practice hitherto, but if the International law as set forth in the American note are accepted by his MajUnited States Government have instances to the contrary, we are prepared esty's Government. As the original note is being examined with care by
to examine them, and it is our present intention to adhere to the rule, the British Government, with a view to replying further and in detail, it
further answer at this time, it is
though we cannot give an unlimited and unconditional undertaking in view would seem premature for me to make
Government to consider in connection with the further
of the departure by those against whom we are fighting from hitherto ac- the intention of this
raised by Sir Edward Grey in
the
points
British
Government
cepted rules of civilization and humanity and the uncertainty as to the reply of the
connection with the preliminary answer.
extent to which such rules may be violated by them in future.
From the 4th of August last to the 3d of January, the number of steamships proceeding from the United States for Holland, Denmark, Norway,
THE STOCK AND OTHER EXCHANGES.
Sweden and Italy has been 773. Of these, there are 45 which have had
consignments or cargoes placed in the prize court, while of the ships themA
New
York Stock Exchange membership was reported
selves only eight have been placed in the prize court and one of these has
transferred this week, the consideration being $38,000, the
since been released.
It is, however, essential under modern conditions that, where there is same as the last preceding sale.
real ground for suspecting the presence of contraband, the vessels should be
brought into port for examination; in no other way can the right of search
The following changes were made this week in minimum
be exercised, and but for this practice it would have to be completely
abandoned. Information was received by us that special instructions had prices for stocks below which transactions are not allowed
been given to ship rubber from the United States under another designation,
to escape notice, and such cases have occurred in several instances. Only on the New York Stock Exchange. We give the successive
by search in a port can such cases, when suspected, be discovered and changes made in each stock where more than one change has
proved.
been made during the week, and also the previous minimum.
The necessity for examination in a port may be also illustrated by a hypoPrevious
—Changes with Dates
thetical instance, connected with cotton, which has not yet occurred.
Stock—
Minimum.
When Effective.—
Cotton is not specifically mentioned in Your Excellency's note, but I have
97
95 Jan, 14
seen public statements made in the United States that the attitude of American Express
Amer.
Malt
Corp.,
pref.
30
28 Jan. 16
His Majesty's Government with regard to cotton has been ambiguous, and
American
Snuff
145
142
Jan. 13
thereby responsible for depression in the cotton trade.
15 Jan. 14
There has never been any foundation for this allegation. His Majesty's International Agricultural Corp., pref. _-- 20
27
25 Jan. 14
Government have never put cotton on the list of contraband; they have Minneapolis & St. Louis, preferred
133
125 Jan. 14
throughout the war kept it on the free list; and on every occasion when Nashville Chattanooga & St. LouLs
M.
Rumely
Co.,
preferred
16
12
Jan.
14
9 Jan. 16
questioned on the point they have stated their intention of adhering to this
practice.
But information has reached us that, precisely because we have declared
The New Orleans Stock Exchange was reopened to unour intention of not interfering with cotton, ships carrying cotton will be
specially selected to carry concealed contraband; and we have been warned restricted trading in all classes of listed stocks, with the exthat copper will be concealed in bales of cotton. Whatever suspicions we ception of bank shares,on Monday of this week. This is the
have entertained, we have not so far made these a gound for detaining any
first open trading in stocks since Aug. 1, though trading in
ship carrying cotton; but, should we have information giving us real reason
to believe in the case of a particular ship that the bales of cotton concealed bonds was resumed on Nov.23.
copper or other contraband, the only way to prove our case would be to examine and weigh the bales; a process that could be carried out only by bringThe Washington Stock Exchange was reopened to reing the vessel into a port. In such a case, if examination justifies the
action of His Majesty's Government, the case shall be brought before a stricted trading in stocks on Monday of this week for the
prize court and dealt with in the ordinary way.
first time since July 30. The Exchange resumed trading
That the decisions of the British prize courts hitherto have not been unfavorable to neutrals is evidenced by the decision in the Miramichi case. in bonds on Nov. 30.
This case, which was decided against the Crown, laid down that the American shipper was to be paid even when he had sold a cargo c. I. f., and when
The Cincinnati Stock Exchange will reopen for business
the risk of loss after the cargo had been shipped did not apply to him at all. to-day (Jan. 16), having been closed since Aug. 31.
It has been further represented to His Majesty's Government, though
this subject is not dealt with in Your Excellency's note, that our embargoes
on the export of some articles, more especially rubber, have interfered with
SUPERINTENDENT RICHARDS ON THE NEW
commercial interests in the United States. It is, of course, difficult for STATE
BANKING LAW.
His Majesty's Government to permit the export of rubber from British
dominions to the United States at a time when rubber is essential to belligerLaw enacted by the last Legislature
Banking
new
The
carrying
on
the
war, and when a new trade in exporting
ent countries for
rubber from the United States in suspiciously large quantities to neutral should not be amended in any material essentials at this
countries has actually sprung up since the war.
time, in the opinion of Superintendent of Banks Eugene
It would be impossible to permit the export of rubber from Great Britain
Richards. In his annual report, submitted to the
unless the right of His Majesty's Government were admitted to submit to Lamb
a prize court cargoes of rubber exported from the United States, which Legislature on the 6th inst., Superintendent Richards says
they believed to be destined for an enemy country, and reasonable latitude the new law represents a great advance in banking legislaof action for this purpose were conceded. But His Majesty's Government
has been of inestimable value in strengthening the
have now provisionally come to an arrangement with the rubber exporters tion and
In Great Britain which will permit of licenses being given under proper financial condition of New York State. The report says:
guaranties for the export of rubber to the United States.
Just before I assumed office the revision of the Banking Law prepared
We are confronted with the growing danger that neutral countries con- by a Commission appointed by former Superintendent George C. Van
tiguous to the enemy will become on a scale hitherto unprecedented a base Tuyl Jr., went into effect. This Commission was composed of some of the
of supplies for the armed soldiers of our enemies and for materialsfor manu- most prominent bankers of the State, representing national banks as well as
facturing armament. The trade figures of imports show how strong this the different classes of financial institutions subject to the supervision of
tendency is, but we have no complaint to make of the attitude of the gov- the State Superintendent of Banks, attorneys with large experience in
ernments of those countries, which, so far as we are aware, have not de- banking law, representatives of business and manufacturing interests, and
parted from proper rules of neutrality. We endeavor in the interest of theoretical students of the principles of finance
JAN. 16 1915.]
THE CHRONICLE
It was the endeavor of the Commission to adapt the Banking Law of
this State to present financial and business conditions.
Among its most salient features are the extension of the jurisdiction of
the Superintendent of Banks resulting from the fact that the statute is
made applicable not only to corporations and individuals voluntarily submitting themselves to it generally, but to all corporations and individuals
who subject themselves to special provisions of it, or who, by violating its
provisions, become subject to its penalties
The provisions with reference to the reserves of banks and trust companies were entirely re-written,and modeled largely upon the provisions of
the Federal Reserve Act, and the necessity of maintaining a large portion of
these reserves in gold or its equivalent emphasized.
State banks and trust companies were given even broader powers with
reference to the acceptance of bills payable at a future date for commercia
purposes than are granted to national banks by the Federal Reserve Act.
The entrance of State institutions into the Federal Reserve system, whenever desired, was legalized and facilitated. Measures necessary for the
protection of the savings bank system of the State that have been under
discussion for many years were made a part of the statute, and the creation
of a guaranty fund for the protection of depositors, in view of the absence
of capital stock, required.
The privilege previously granted to remedial corporations, known as
"Personal Loan Associations," to make loans to indigent borrowers at
reasonable rates, proportionate to the risk, In excess of the lega rate of
interest, was extended and granted under proper restriction to individuals
as well.
Special attention was given to co-operative financial institutions designed
to enable industrious and thrifty citizens of the State, whether located In
agricultural districts or in the centres of population, by funding their resources, to obtain loans at moderate rates upoh their personal credit and
upon land values, while our two co-operative systems of credit unions and
savings and loan associations are based to a considerable extent upon the cooperative loaning systems of European countries, they are not servile imitations of them but are adapted to the conditions, customs and business
life of this country.
Certain classes of private bankers were also, for the first time. brought
under the supervision of this Department.
Even had not these new features been introduced into the statute, the
work of the Department would have been greatly increased as a consequence or the many minor changes and differences in forms and procedure
necessitated by them. The responsibility and anxieties resulting from the
exercise of the great additional powers conferred upon the Superintendent
of Banks and the new and very important duties imposed upon him have
been increased a hundredfold by conditions resulting from the European
war. The work of the Department, therefore, since I assumed office has
been extremely arduous and trying, and has demanded from all its officers
and employees the most constant and faithful service. As a result: so much
consideration has not been given to a theoretical consideration of the new
statute and its effectiveness as would otherwise have been possible. It is
already evident, however, that it does represent a great advance in banking
egislation and it has been of inestimable value In strengthening the financial system of the State during the crisis through which we are now passing.
Although the Revision Committee did not attempt to solve the problems
involved in the regulation and supervision of every kind of financial institutions. I do not intend to recommend any amendment ot be Banking Law
ter date.
in essentials at this time, but I may find it necessary to do so at
after certain investigations now under way have been completed.
FEDERAL RESERVE MATTERS.
A further lowering of the discount rates of several of the
Federal Reserve Banks occurred during the week; the
Minneapolis Reserve Bank on the 9th inst. announced
that its rate for maturities of thirty days and less had been
reduced from 5% to 43%; for maturities of over thirty
days to sixty days, inclusive, had been changed from 53' to
5%, the rate remaining at 6% for over sixty days to ninety
days, inclusive; the San Francisco Reserve Bank reduced its
rates on the 9th, fixing that affecting maturities of thirty
days or less at 4%, this being a reduction of % of 1%;
reducing the rate on maturities of over thirty days to sixty
days, inclusive, from 5% to 5%, while that on maturities
of over sixty days to ninety days, inclusive, is changed from
6% to 5%%-6% being continued as the rate for agricultural and live-stock paper of over ninety days. The rate
of 4% adopted by the San Francisco Reserve Bank for
maturities of thirty days and less is the lowest thus far
approved by the Reserve Board. On the 13th inst. both the
Cleveland and Dallas Federal Reserve Banks were authorized to reduce their rates on maturities of thirty days and
less from 5% to 43%; the Cleveland Bank also reduces its
rate on maturities of over thirty days to sixty days,inclusive,
from 53'% to 5%; and that for maturities of over sixty
days to ninety days, inclusive, from 6% to 5%%; the
Dallas Bank had already established a rate of 5% and 532%,
respectively, on these maturities, and those rates remain unchanged. The Federal Reserve Bank of Richmond has reduced its rate on agricultural and live stock paper of over
ninety days from 6% to 5%%; this is the only Reserve bank
which has a rate lower than 6% on this paper.
On the 13th inst. the Reserve Board announced that it
had extended the time when the requirement for the certification as to the character of paper offered for re-discount
would go into effect from Jan. 15 to July 15. In the meantime the Reserve banks may accept as evidence that the proceeds of the paper offered are to be used for agriculture, industrial or commercial purposes, a written statement from
the officer of the applying bank that of his own knowledge
1 S3
the original loan was made for the purposes mentioned. The
notice of the Board says:
"Whenever a member bank shall offer for re-discount any note, draft or
bill of exchange bearing the indorsement of such member banks with
waiver of demand, notice and protest, the directors or executive committee
of the Federal Reserve Bank may. until July 15 1915, accept as evidence
that the proceeds of such note, draft or bill of exchange were or are to be
used for agricultural, industrial or commercial purposes (and that such
notes, drafts or bills of exchange in other respects comply with the regulations of the Board), written statement from the officer of the applying bank
that of his own knowledge and belief the original loan was made for the
one purpose mentioned and the provisions of the Act and regulations issued
by the Board have been complied with."
The Federal Reserve Board announced its approval on the
11th inst. of the applications of three State banks in the
South for admission to the Reserve system; they are to be
admitted, it is stated, as soon as they have undergone an
examination by National bank examiners. Out of the 98
State banks and trust companies signifying their intention
to join the Federal system only six, it is announced, have
signified their readiness to enter without waiting for the promulgation of the regulations now being prepared by the
Federal Reserve Board bearing on the admission of State
banks. These six are in the South, and it is understood that
the most of them are in Texas. The Board advised the six
on the 9th that they would be admitted immediately upon
the condition that they should be submitted to the same
examinations and regulations which are promulgated for the
national banks. Three of these replied immediately that they
would enter the system upon these conditions. It is expected that the other three will accept the offer. The other 92
State banks and trust companies will delay entering the
system until the official regulations of the Board are issued.
Representative Henry of Texas was notified by the Federal
Reserve Board on the 11th that the latter cannot consent
to his request that the Reserve banks in the South be allowed to accept for re-discount from member banks the six
months' 6% notes of cotton farmers secured by warehouse
receipts with the understanding that an additional six months
may be allowed. In notifying Representative Henry of its
decision W.P. G. Harding,one:of the members of the Board,
says:
Assuming that notes made by farmers and secured by cotton receipts are
issued for agricultural purposes, the power of a Federal Reserve bank to discount paper running as long as six months is limited, as such operations
must be confined to a percentage of the capital stock of the bank, to be
determined by the Federal Reserve Board. We have authorized banks in
the South to discount a total volume of six months' paper equal to 90%
of their paid-in capital,Tand even should it authorize a limit of 100%, beyond which it clearly cannot go, the aggregate would not be an impressive
amount, being approximately $787,000 for Atlanta, $923,000 for St. Louis.
$958,000 for Dallas, and $1,093,000 for Richmond. The member banks
will soon be called upon to pay the second installment of their subscriptions
to the capital stock of the Federal Reserve banks, and the amount available at each Federal Reserve bank for six-month notes will then be double
the figures just given."
It was the hope of the Board that the Cotton Loan Fund would be of
service to the South in carrying over its large cotton surplus, and it has
been pointed out that a fair interest rate is by no means the chief factor
of expense in carrying cotton for a long period, as charges for warehousing
and insurance amount to much more than the interest at 6% or even 8%•
The counsel to the Board has advised in response to inquiries from several member banks that the Federal Reserve Act does not allow a Federal
Reserve bank to discount for a member bank a note made by the member
bank and secured by notes of its customers with receipts for cotton or other
commodities as sub-collateral; he holds that each note re-discounted by a
Federal Reserve bank must be handled separately, and indorsed by the
member bank offering it for discount.
Mr. Harding is also credited with stating that the Reserve
Board has no direct control over discount operations of the
member banks of the system, which are already authorized,
subject to the limitations of the National Bank Act, to discount six months' notes secured by cotton at a rate not to
exceed the legal rate of interest in the States where the
transaction is had. The member banks can, if they wish,
use interest-bearing paper instead of discounting it. Ordinary business prudence, however, Mr. Harding says, would
suggest that loans secured by warehouse receipts be based
upon a reasonable percentage of the market value of the
commodity instead of the full market value.
Under date of the 7th inst., a lengthy letter was written
by Henry B. Joy, a director of the Federal Reserve Bank
of Chicago to F. A. Delano, Vice-Governor of the Federal
Reserve Board, defending George M. Reynolds and James
B. Forgan and the conduct generally of the Chicago Reserve
Bank, of which Messrs. Reynolds and Forgan are directors,
and an investigation of which is sought by Representative
Lindbergh. Mr. Joy, in his letter, referred to a long article
which appeared in the Chicago "Tribune" of the 6th inst.
purporting to give interviews by Congressman Lindbergh,
Congressman Gass and Senator Owen, which Mr. Joy
184
THE CHRONIC LE
characterized as "a lot of pure, unadulterated sensational
slush, to stir up prejudice and trouble." Representative
Glass, who is Chairman of the House Banking and Currency Committee, made public yesterday a letter taking
exception to Mr. Joy's criticisms. Congressman Glass
declares that he gave no interview to the Chicago "Tribune",
or any other newspaper and has made no comment, for
publication or otherwise, upon statements appearing in the
public press concerning the administration of the Chicago
bank. Mr. Glass concludes his letter with a paragraph in
which he says: "I shall unhesitatingly say to members of
the Federal Reserve Board, and to Congress, that in my
judgment, your letter to Mr. Delano clearly demonstrates
your total unfitness for the position which you occupy, and
that your longer incumbency of it would be a distinct reproach and peril to the Federal Reseerve system—that is if
you are of sufficient consequence to impress your views upon
the other members of the Chicago directors."
The Federal Reserve Board has completed the first draft
of its report to Congress and is expected to submit it next
week.
The first quarterly meeting of the Advisory Council of
Reserve Banks will be held in Washington next week, on the
18th, 19th and 20th inst. The first meeting of the Council
for organization purposes was a preliminary gathering, and
not a quarterly meeting, in the view of the Federal Reserve
Board members. On the dates mentioned the Governors
of the Reserve Banks have scheduled a meeting for the further consideration of the clearing feature of the Federal
Reserve Act. This and other matters will be taken up at
the joint session.
The special committee appointed last month at the conference of the Governors of the Reserve Banks to consider
the question of the clearance of checks by the Reserve Banks,
held a several days' session in this city this week; as it is to
report its conclusions at the Washington conference next
week, the committee has deemed it inadvisable to make
known in advance the results of its deliberations. Besides
the subject of clearances and settlements the committee also
discussed the program for the coming conference, suggestions
concerning possible revised regulations relative to the rediscount of commercial paper and matters connected with
intra-district clearances and collections.
The protest of the Pittsburgh bankers against the selection
of Cleveland instead of their city as a Reserve centre, was
heard by the Federal Reserve Board on the 13th inst.; the
opposition of the Northern New Jersey bankers to the inclusion of their section in the Philadelphia district, instead
of New York, was also heard at the time.
[VoL. 100.
The State Department has a contingent fund available for
such a purpose.
Officials of the State, Treasury and Commerce departments
look forward to the conference as an important step toward
bringing the two American continents into a closer commercial relationaship. They point out that in the PanAmerican movement lies the hope of South America for
financial independence of Europe and suggest the possibility
of New York becoming at least a serious competitor with
London for supremacy as a world's financial centre. It has
long been recognized that the crux of the difficulties in the
way of commerce between the United States and other
American nations lies in the question of credits. South and
Central American buyers have been accustomed to seek and
easily obtain long-term credits in Europe. At present
bankers of the United States do practically no business direct
with South America and foreign exchange with countries
there is carried on through London. Largely to this has
been attributed the comparatively small amount of trade
between the United States and her next-door neighbor to
the South. Officials who have heard the plan discussed
expect to see an interchange of views at the forthcoming
conference which will lead to the establishment of many
connections between houses in the United States and those
in the principal South American countries, with more
branches of American banks there. Detailed arrangements
for the conference have not been taken up, but it probably
will be held at the Pan-American Union building,and the
sessions are expected to continue for at least a week.
THE NEW JERSEY BANK TAX LAW
CONSTITUTIONAL.
The opinion of the New Jersey Court of Errors and
Appeals in the decisions affirming (on Dec. 10) the ruling of
the New Jersey Supreme Court upholding the constitutionality of the Pierce Bank Stock Act was filed on Jan. 7 by
Supreme'Court Justice Garrison. The findings of the Supreme Court were handed down by Justice Swayze on
Oct. 30; previously, on Oct. 12, the same Court had declared
the law valid insofar as the question of its legislative procedure was involved. Justice Swayze's views bearing on the
question of constitutionality were referred to at length in
our issue of Nov.7, page 1334. One of the grounds on which
the Act was attacked was that banking capital does not constitute a class for purposes of taxation. Justice Swayze held
such classification to be not only valid, but necessary.
According to the Newark "News," the Court of Errors
and Appeals, speaking by Justice Garrison, holds:
The Act of March 31 1914 providing for the taxation of shares of national
banks, State banks, banking institutions and trust companies is a general
law based upon a valid classification of property possessed of unique
characteristics and taxing such property by uniform rules according to its
true value.
In support of this classification, Justice Garrison pointed
out that bank stock has inherent characteristics so clearly
In a conference with members of the Federal Reserve differentiating it from all other sorts of taxable property as
Board on the 10th inst. Alba B. Johnson, President of the to take it out of ordinary methods of taxation and place it in
Baldwin Locomotive Works and Vice-President of the a class by itself. He says:
National Foreign Trade Council, urged the need of the
"These peculiar characteristics are imparted to such shares by the
establishing in South America branches of banks in United unique nature of the corporate business from which both their status as
property and their value as such are derived. The unique nature of the
States.
corporate business that Is thus reflected In the property of the holders
The Union National Bank of Cleveland is said to be the
first bank in that city to avail of the provision in the Federal
Reserve Act enabling national banks to enlarge their facilities through the acceptance of paper based on foreign
trade.
CONFERENCE IN WASHINGTON ON PAN-AMERICAN
PROBLEMS.
A conference in Washington on financial and commercial
problems confronting the Americas as a result of the European
War is planned early in the spring. All the Central and
South American nations have been invited by the United
States Government to send their Ministers of Finance and
leading bankers to confer with Treasury Department officials
and financiers of this country on the subjects in question.
Acceptances, it is stated, have already been cabled by several
of the countries. Invitations for the gathering were sent
formally through the embassies and legations at Washington.
The plan originated with Secretary McAdoo of the Treasury
Department, but Secretary Bryan and President Wilson
have taken an active interest in putting it into execution.
It has been suggested that Congress be asked for an appropriation to defray expenses, but whether or not this is done
the visitors will come as the guests of the United States.
of shares therein is that the earning capacity that constitutes at once the
property of the shareholders and its value is derived, not, as in other
business enterprises,from the production of wealth, e.g., mining or farming
or from the manufacture or barter of commodities as In ordinary commerce, but from dealing directly in the medium of exchanges itself, money
to wit, by which the value of all other sorts of property is gauged and
measured, whether for the purposes of exchange or for those of taxation.
"Between such a common measure of values and the property that is
measured by It the difference is as great and as plain as that between a
yard stick and the cloth it measures: and nowhere is this difference as
significant as in the taxation of the only source of property in which the
thing to be measured and the measure itself are rolled into one, as is the
case with shares of stock in moneyed capital—that is to say, in the business
of banking, which is essentially the business of making money breed money.
"Other activities not directly connected with this essential one, such as
.the collection of drafts, the issuing of currency, the safekeeping of valuables
or the management of estates, are engaged in by one or another of the Class
of institutions we are considering, but it is a fact beyond any question that
with regard to the real business of a bank the value of its shares depends to
an enormous extent upon the profits that accrue from the lending out of
money, by the discounting of notes or the purchase of commercial paper.
"So that, broadly speaking, we may say that the profits of a banking
company upon which the value of its stock depends are derived from the
lending of money greatly in excess of its capital. Even a bank, however,
cannot lend what it has not got and hence the borrowing of money in order
to have it to lend must be included In adequate description of the business
of banking, the sums so borrowed being called deposits.
"But the borrowing of money, however called, creates a debt, and if the
purpose is to lend it again at a profit we have as rules of these moneyed institutions: The greater the debt the greater the profit, and the greater the
profit the greater the value of the stock. This, however, is not so peculiar
to these institutions that it is now insisted upon saving as it explains the
non-deduction of the debts of a bank in fixing the value of its shares, as to
which its bearing is obvious."
JAN. 161915.1
185
THE CHRONICLE
discuss the subject of "Merchant Marine;" James B. ForCAPITALIZATION OF UNITED STATES CORPORA- 'gan,
President of the First National Bank of Chicago; A.W.
THE
ON
LISTED
SECURITIES
TIONS AND
General Manager of R. G. Dun & Co.; Professor
Ferguson,
STOCK EXCHANGE.
G. L. Swiggett, W.
D. Simmons,
J. W. Jenks, Professor
The following data showing the capitalization of corpora- President of the Simmons Hardware Co.; D.W. Kempner,
York
tions of the United States and the listings on the New
of the Galveston Cotton Exchange; Henry Howard, Vice..
Stock Exchange is taken from the report of the Comptroller President of the Merrimac Chemical Co. of Boston, &a.
29:
December
of the Currency, made public on
CAPITALIZATION OF ALL CORPORATIONS IN UNITED STATES.
In connection with the consideration of banking and financial matters, statistics
relating to the aggregate capital stock and bowled and other Indebtedness of the
corporations doing business in this country are interesting.
The annual report of the Commissioner of Internal Revenue shows that, as of
Jan. 1 1914, the capital stock of all corporations in the United States amounted
to $64,071,319,185; the total amount of bonded and other Indebtedness of these
corporations amounted to 337,136,215,096: total, 5101.207,534,281, and their
net taxable income was reported at 54,339,550,008.
These figures embrace the returns of 316,909 corporations, of which number
only 186,866 reported any taxable income.
It should be observed that the net income amounted to 4.3% upon the aggregate
amount of capital stock, plus bonded and other indebtedness.
TOTAL SECURITIES LISTED ON NEW YORK STOCK EXCHANGE.
Stock
As of Dec. 1 1914 the total amount of securities listed on the New York
governments
Exchange-the bonds including those of corporations and also of
and municipalities-was:
Bonds
Stocks
$14,310,553,139
13,084,073,925
$27,394,627,064
Total
has
Through the courtesy of the authorities of the New York Stock Exchange It
with
been possible to compile the following statement, which it is believed will show
approximate accuracy, as of December 1914:
(I) The annual interest'and dividends paid by all bonds and stocks listed on the
New York Stock Exchange. (2) The amount of bonds upon which interest is now
In default. (3) The amount of stocks upon which no dividends were paid in the
year 1914, and (4) the amount of stocks upon which one or more dividend payments
were made during 1914. but upon which the last dividend has been passed.
CLASSIFICATION OF BONDS AND STOCKS LISTED ON NEW YORK
STOCK EXCHANGE,SNOWING AMOUNT ON WHICH INTEREST
AND AMOUNT IN DEFAULT.
-Bonds in DefaidtAnita!
Prtneipal
Annual InInterest.
cipal.
Listed.
Charges.
terest
Bonds$18.329,191
$887,391,290
Government__
S.
U.
10,500,000
420,000
Insular Possessions.___
Foreign countries&cities 1,638,861,100 77,216,692 $142,941,100 $6,776,680
620,625,459
25.697,459
_
12,691,531
761,491
municipal_
State and
(1)8,213,374,750 353,404,936 (1)674,454,600 29,301,112
Railroad
817,837,090 35,709,721
Street railway
284,763,1.00
14,150,169
5,900,000
295,000
Gas and electric cos
cos_
teieph.
372,966,600
16.954,079
&
Teleg'ph
120,925,700
6,115,228
Coal & iron cos
Mfg. & industrial cos_ 794,623,050 40,752,633
(2)348,684,200
16,543,187 (2)86,298,000
Miscellaneous
3,899,515
Total
$14,310,553,139 $608,293,305
YIELD OF THE INCOME TAX.
A total of $28,253,535 was paid in as income tax from individuals during the fiscal year 1913-14, according to the
report of the Commissioner of Internal Revenue made publics
on December 11, in which is furnished the first complete
compilation of returns under the income tax law. The
above yield came from 357,598 individuals, of whom 44
acknowledged a net income of $1,000,000 or over. A classification, according to income, of those contributing the aggregate indicated is made in the following table:
Net Income.
No. Returns.
Net Income.
44 $40,000 to $50,000
$1.000,000 and over
91 630,000 to $40,000
$500,000 to $1.000.000
44 25,000 to $30.000
$400,000 to $500,000
84 20,000 to $25.000
$300,000 to $400,000
94 $15,000 to $20,000
$250,000 to $300,000
145 $10,000 to 815.000
$200,000 to $250,000
311 $5.000 to $10,000
8150,000 to $200,000
$100,000 to $150,000
785 $3,333 to $5,000
998 $2.500 to $3,333
$75.000 to $100.000
$50,000 to $75,000
2,618
$922,285,231 $41,033,798
(1) Includes $10,000,000 Income bonds not paying Interest, with $500,000 annual
Interest charges.
(2) Includes $2,769,000 income bonds not paying interest. with $110,760 annual
interest charges.
Face value of stocks
upon whichl
Annual
one or more
Face value of
dividend
dividend
stocks which
payments
payments
on stocks
paid no
have been
which have
dividend
made during
nor passed
in 1914.
1914, but
Face value
last dividend.
Passed last
of stocks
dividend.
listed.
Stocks$250,000
$118,839,200 $16,724,636
Bank stocks
2,720,000
9,000,000
Trust company
48,778,900 $9,859,200
5,067.335
141,028,600
011 company
1,977,453,400 137.293,700
301,350,091
6,543,618,135
Railroad
793,452,700 61,245,500
Mfg. & industrial cos_ 3,792,189,200 146,795,758
218,288,100
441,707,000 15,405,680
Street railway
10,000,000
2,638,038
63,967,300
Express company
61,891,140 43,279.550
18,890,916
483,303,890
Mining
7,125,000
75,238,600
140,310,400 (1)3,882,340
Coal and Iron
9,000,000
19,720,349
300,539,800
Gas and electric light
18,000,000
624,909,400 39,755,270
Telegraph & telephone_
14,956,866 (2)155,368,000 43,899,300
(2)424,661,000
Miscellaneous
Total
$13,084,073,925 $587,907,279 $3,367,760,840 $302,702,250
(1) Includes $750,000 dividends on 1,500,000 shares of no par value.
(2) Includes $3,670,000 certificates of Texas Pacific Land Trust which pay no
dividends.
CONFERENCE OF NATIONAL FOREIGN TRADE
COUNCIL.
The National Foreign Trade Council has completed its
plans for the second annual conference,to be held in St. Louis
next week-the 21st and 22d inst. William C. Redfield,
Secretary of Commerce, will deliver the opening address.
James A. Farrell, President of the United States Steel Corporation and Chairman of the Council, will speak on the
general foreign trade situation. Among those whose names
appear on the program are John Bassett Moore, formerly
counsel of the Department of State, on "Problems Arising
War and Commerce"; W. C. Downs, United States Commercial Attache for Australasia, on "Problems of the Smaller
Manufacturer and Merchant in Developing Foreign Trade";
Professor E F. Gay. on "Commercial Education for Foreign
rue° 'weldiak t3 0.axe Jam eb J.Uill,both of whom will
I
No Returns.
2,427
4,553
4,164
6,817
11,977
26,818
101,718
114,484
79,488
Returns were made by 278,835 married persons, 55,212
single men and 23,551 single women. The normal tax of
1% on all taxable incomes produced $12,728,038. Incomes
over $20,000 a year subject to surtax produced $15,525,497.
Of this latter amount, $2,934,754 came from incomes of
between $20,000 and $50,000; $1,645,639 from those between $50,000 and $75,000; $1,323,023 from the incomes
between $75,000 and $100,000; $3,835,948 from those between $100,000 and $250,000; $2,334,583 from those between $250,000 and $500,000, and $3,437,850 from those
over $500,000. According to tables submitted in the report,
most of the individuals with large net incomes live in the
districts near the cities of New York, Chicago, Philadelphia, Boston and Detroit. New York is credited with 82
individuals having incomes of over $500,000, while Connecticut, where many New Yorkers live, has 5; the first
Illinois district showed returns from 13 individuals in this
class; the first Michigan 6; the first Pennsylvania 8; the
Maryland, Massachusetts and first Missouri districts each 3
The second New York district produced the largest num
her of all returns-26,965; the first Illinois was second with
25,671. The Porto Rico district had only one return, that
in the class from $3,333 to $5,000. The eighth Kentucky
district made only 275 returns and the sixth Kentucky 395
For the State of New York the total returns were somewhat over eighty thousand made up as follows:
Net Income.
Persons Taxed.
Net Income.
$500,000 or more
82 $40,000 to $50.000
17 $30,000 to 110,000
$400,000 to $500,000
$300,000 to $400,000
48 $25,000 to
0,000
$250.000 to $300.000
46 $20,000 to 25,000
$200.000 to 3250,000
63 $15,000 to $20,000
$150,000 to $200,000
105 $10,000 to $15,000
$100,000 to $150,000
278 $5.000 to $10.000
$75,000 to $100,000
467 $3,333 to $5,000
$50.000 to 175.000
879 $2.500 to $3.333
Persons Taxed.
851
1,432
1,254
1,922
4,411
6,762
24,438
25,214
15,924
Returns were filed by 1,426 Americans residing abroad,
representing a total net income of $19,843,399, and 425 returns were made by non-resident aliens representing income
amounting to $7,317,842.
The income of the Government from internal revenue taxes,
according to the report, amounted to $380,008,894, the largest in the history of the country. Of this, $43,128,275 was
derived from the corporation tax, $28,253,000 (as stated
above) from the individual income tax and $308,627,619
from ordinary sources, including the taxes on tobacco,
liquors and other taxable articles. There were 316,909 corporations doing business in the United States during the
fiscal year ended June 30. These corporations in making
returns under the income tax law reported capital stock
aggregating $64,071,319,185, an increase over the previous
year of about $2,333,000,000 reported by 305,336 corporations. The net income of the corporations for the year was
$4,339,550,008, or nearly 7% on their capital, with bonded
and other indebtedness amounting to $37,136,215,096.
The net income reported for the year showed an increase of
more than $500,000 000. The failures to make proper returns, the Commissioner announces, were few, and cases of
false or fraudulent returns still fewer, though more than
$2,000,000 of taxes was collected from corporations in excess
of the amount assessable on the basis of first returns. He
estimated the collections for .the fiscal year ending next
186
THE CHRONICLE
[VOL. loo.
with the enforcement of the anti-trust laws. The functions
of the Federal Trade Commission include not only those
functions of investigation and publicity which the Bureau
of Corporations exercised, but also other functions of investigation, publicity and recommendations, and in addition
INCOME TAX REGULATIONS AND DECISIONS.
thereto the Commission has powers which are quasi-judicial in
Underrecently announced regulations affecting the income character. This class of functions distinguishes it in a very
tax law, notice is given how to compute the gain or loss marked manner from the Bureau of Corporations.
Commissioner Davies' report made public this week,
resulting from the sale of capital assets. We give below
makes it evident that immediately upon the organization of
the ruling as issued by the Treasury Department:
GAIN OR LOSS FROM SALE OF CAPITAL ASSETS SUBSEQUENT the Federal Trade Commission there will be available a large
TO JAN. 1 1909 TO BE APPORTIONED.
amount of valuable data, and a body of employees trained in
The gain or loss resulting from the sale of capital assets and apportioned to
the specialized kind of work which the Commission will, of
should
be
subsequent
1909
increased
years
to
Jan.
1
or
the
decreased
ac.
cordingly as there was gain or loss by the amount of depreciation charged necessity, carry on.
off since Jan. 1 1909, and not used to make good such depreciation.
During the past few months, a general comprehensive
[T. D.2077.1 Income Tax.
survey, it is stated, has been made by the Bureau of the
TREASURY DEPARTMENT.
whole industrial field, with a view to having immediately
Office of Commissioner of Internal Revenue.
available to the Commission, if needed, the general facts of
Washington, D. C.. November 21 1914.
To Collectors of Internal Revenue:
the processes of manufacture, organization and dominant
I/Article 110, page 66, of Regulations No. 33 should be, and is hereby,
control in any line of industry. A large card index
financial
I amended to read as follows:
Art. 110. For the purpose of determining the amount of profit or loss system, showing the directors of the principal industrial, railarising from the sale of capital assets acquired prior to Jan. 1 1909, which
and public utility corporations, insurance companies
• shall be taken into account by corporations in making their returns of road
annual net income, the gain or loss represented by the difference between and banks, has also been completed, in line with this purthe purchasing price and the selling price shall be prorated according to
the number of years the assets were held prior to their sale, and the amount pose. This preliminary work has revealed that there are
thus apportioned or apportionable to the years subsequent to Jan. 1 1909. approximately 6,500 corporations, exclusive of steam railshall be included in or deductedfrom the gross income of the year in which
the assets were sold, accordingly as they were sold for more or less than roads, banking and other financial corporations and public
their original cost. To any gain thus apportioned and to be included in
Income there should be added any amount, or amounts, which had been service corporations, under the jurisdiction of the Inter-State
charged against and deducted from gross income during the years since Commerce Commission, which have a capital stock or bonded
the inception of the special excise tax law, on accountof depreciation,and
which had not been paid out in making good the depreciation—that is, any
over,
amount charged off subsequent to Jan. 11909, on account of the deprecia- and other indebtedness amounting to $1,000,000 or
tion of the assets sold and not used to make good such depreciation, shall be engaged minter-State commerce,in addition to many smaller
• added to the gain apportioned to these years, and will be included in corporations which will likewise come within the jurisdiction
the income of the year in which the property was sold. Likewise, for the
purpose of a deduction from gross income of the year in which the assets of this Commission. Over one-third of these corporations
were sold, loss resulting from any such sale apportionable to the years
subsequent to Jan. 1 1909 will be reduced by the amount of the unused have voluntarily furnished to the Bureau, upon request, reportion of the depreciation charged off with respect to such assets since ports as to their financial'condition, organization and other
Jan. 1 1909.
This ruling, in so far as it relates to depreciation, applies only to such similar facts, all of which were procured with the design of
tangible property as is subject to wear and tear, exhaustion and obsolescence being available for the use of the Federal Trade Commission
and is not to be construed as recognizing any gain or loss due to fluctuations upon its organization.
in the market value or arbitrary changes in the book value of securities
During the past year the Bureau has been engaged in a
'and like assets, the gain or loss with respect to which will be determined
only when such assets mature, or are sold or disposed of—that is, when number of extensive investigations, most of which were made
,there is a completed, a closed transaction. (See T. D. 2005.)1
at the direction of Congress. Reports on the taxation of
W H. OSBORN,
corporations covering the tax movement of the United
Commissioner of Internal Revenue.
States in 1912, and the system of corporate taxation in force
Approved:'
BYRON R. NEWTON,
in the Mountain and Pacific States, were issued during the
Acting Secretary of the Treasury.
year. A report covering the conditions of production, wholeTAX-EXEMPT CLAUSE IN BONDS NOT PROHIBITED UNDER sale distribution and prices in the lumber industry, as well as
the results of a special investigation into the shingle and lumINCOME TAX LAW.
A ruling on this subject has been rendered by the Treas- ber industry of the State of Washington, was made public.
ury Department, we learn from the Boston "News Bureau." Final reports on the tobacco industry, on farm machinery
associations, on State corporate taxation, and on competitive
• The latter has the following to say in the matter:
Some interest attaches to a recent ruling with reference to a corporation conditions in the retail lumber trade, are to be issued in the
assuming to pay the income tax due on its bonds. There had apparently
been a very widespread opinion that the Federal income tax law made it immediate future. Special reports on the fertilizer industry
illegal for a corporation to assume the tax, but the Treasury Department and on the investigation made under the resolution of the
has held to the contrary in the case of the recent issue of North Packing United States Senate as to certain alleged discriminations in
bonds. It has informed Collector Malley as follows:
'Your are advised, and should so inform Messrs. Hornblower St Weeks the Oklahoma oil fields are being rapidly brought into shape
that the issuance of bonds containing a 'tax-free' or 'no deduction' clause for publication. The investigation which the Bureau has
Is not prohibited by any provision of the Federal income tax law. How- been making into the economic character and effects of the
ever. paragraph E,section 2, of the Act of Oct. 3 1913 provides:
"'Nothing in this section shall be construed to release a taxable person system of re-sale price maintenance, i. e., the practice of
from liability for income tax, nor shall any contract entered Into after this manufacturers and distributers of fixing the price at which
Act takes effect be valid in regard to any Federal income tax imposed upon retailers or other dealers in their products shall sell to cona person 'labile to such payment.'
"Therefore such a clause will not release a taxable person from liability sumers or other purchasers—is rapidly advancing; and the
for income tax on income derived from such bonds, and the debtor cor- investigation being made into the divergence in State laws
poration, or its duly authorized agent, in paying coupons from such bonds, relating to foreign corporations, with the purpose of securing
will be held responsible for the normal tax due in such cases when no tax
a more uniform system, with its attendant benefit to the
is withheld and no exemption claimed."
business world and to the public, is nearing completion.
In reciting in detail:the functions of the Federal Trade
FINAL REPORT OF THE BUREAU OF CORPORATIONS.
Commission, Commissioner Davies incidentally:dilates upon
The last report of the Bureau of Corporations was presenthe quasi-judicial functions vested in it in carrying out certain
ted to Secretary Redfield of the Department. of Commerce provisions of both the Federal Trade Commission Bill and
by Commissioner Joseph E. Davies, under date of Dec. 28. the Clayton Anti-Trust Law in so far as they relate to unfair
Under the provisions of the Federal Trade Commission Bill, methods of competition, price discrimination, tying conapproved Sept. 26, the Bureau is to be merged in the Comtracts, holding companies, interlocking directorates and
mission immediately upon its organization; the Bureau will enforcement of the prohibitions of the Clayton Act. Briefly
its
employees
exist,
becoming employees of the
then cease to
stated, he says, the procedure in the enforcement of these
Commission, the latter taking over the records, furniture substantive provisions of law declared in both the
Federal
and equipment of the Bureau and the conduct of all work and Trade Commission Act and the Clayton Act is the following:
proceedings in which it is engaged. Provision for the
Whenever the Commission believes that any person, Sm., has been using
organization of the Bureau of Corporations was made in the unfair methods of competition or violating the aforesaid provisions of the
Clayton Act,and that its intervention in the matter would be to the interest
Act of Congress of Feb. 14 1903, which established the De- of
the public, it shall serve a notice on the party complained
who shall
partment of Commerce and Labor. The principal work have the right to appear before it and show cause why an orderof,should
not
performed by the Bureau has been the investigation of trusts be made to require that such practices cease. Other parties, for good
cause shown, are allowed to intervene in the
On hearing
and combinations in restraint of trade. It has, however, had,if the Commission shall be of opinion that theproceeding.
practices are prohibited
made investigations into other fields to which its activities by the Act, It shall serve an order on the person complained of to cease and
If such person fails to obey the order of the Commission, the latter
were directed by the legislative or executive branches of the desist.
may apply to the Circuit Court of Appeals to enforce the same and file a
Government. The advice of the Bureau has also been occa- transcript
of the record in the case. The court shall then take jurisdiction
sionally sought by the Department of Justice in connection of the proceedings and have power to affirm, modify or set aside the order
June at $439,000,000, of which $54,000,000 is to come from
the war revenue tax and $80,000,000 from the income tax.
For the fiscal year ending June 30 1916 the estimates are
8434,000,000.
JAN.16 1915.]
THE CHRONICLE
187
"So that if these 220,000,000 of people, speaking through these neutral
of the Commission, but the findings of the Commission as to facts if supported by evidence shall be conclusive, and no additional evidence is nations—and I have excluded from the calculation nations like the Balkans,
that
might conceivably be drawn into the controversy—if these, under the
the
Commisthe
case
to
referring
without
again
adduced
permitted to be
sion for a re-hearing. The only review of the judgment and decree of the primacy of the United States, could meet at once to discuss what might be
court is by writ of certiorari to the Supreme Court as provided by law. done—not necessarily with any immediate action, not necessarily to interAny party required to cease from using such method of competition or from fere by any display of force, but simply to express their collective judgment
violating the aforesaid provisions of the Clayton Act may obtain court either upon the causes of the war, or, at all events, upon the methods of
the war—I take it, and I believe it to be true, that the nations that are
review in similar manner.
The judicial review of the orders of the Commis.sion thus provided for is now struggling at each other's throats would not dare to ignore the voice
review.
That is to say, the Com- of so many nations thus formally expressed."
what is sometimes termed a "narrow"
mission's conclusions of fact are conclusive if supported by evidence, but
The policy of inaction, and the seizure of the opportunity
the court may modify or reverse the order on the basis of violation ofConstitutional provisions, absence of jurisdiction or violation of the rules presented in the conflict of developing the trade interests
of the United States, Mr. Beck denounced as "the Judas
of procedure provided in the Act.
These provisions of the Trade Commission Act and the Clayton Act Iscariot policy which would brand this Government with
establish, therefore, not only new rules of substantive law, but also repose in
the Commission powers of a quasi-judicial character which are entirely eternal infamy." "I believe," he said, "that this nation is
the great organ of civilization; that it ought to gather about
unknown to the Bureau of Corporations.
THE PANAMA—PACIFIC EXPOSITION.
Reports that there was to be a postponement of the opening of the Panama-Pacific International Exposition at San
Francisco are emphatically declared to be without foundation. On Dec. 5 Charles C. Moore, President of the Exposition, issued a proclamation saying in part:
The exposition will not be postponed. The war will not materially
affect any phase of its greatness, importance or success. All the great
plans for exhibits, for naval parade, for the erection of buildings by foreign
nations, will be carried out practically unchanged by the war. Several
nations now actually engaged in war have their buildings under construction at present. Five European neutral nations have their buildings
almost finished.
Exhibits are coming from every country in Europe.
None of the forty-two participating foreign nations has withdrawn because of the war. On the contrary, three have increased their share in
the exposition.
Forty-three States and Territories are represented.
If instead of the sixteen European nations officially participating we had
not a single one, we still would have an exposition worthy of high place
among international expositions.
The Exposition will open on its scheduled date. Feb. 20 1915. It will be
completely ready when it opens, in every phase and every aspect. No,
feature of its greatness or its importance and no detail of its educatione
value, its beauty or its brilliancy will be injured by the war.
its council board with the President of this Republic the
representatives of every neutral Power, and then consider
how they can best bring to bear on the contending nations
the ideas of such pacific nations that once again the scourge
of war may pass away and that once again may be said, as
was said on the first Christmas eve, 'Peace on earth; good
will to men.'"
Dr. Charles W. Elicit, President Emeritus of Harvard
University, and Dr. Lyman Abbott were also speakers at
the dinner, and their remarks likewise bore on the European
war. A. Barton Hepburn, Chairman of the Board of the
Chase National Bank, presided at the gathering.
THE NATIONAL SECURITY LEAGUE.
At a meeting of the NationalSecurity League on December
22 action was withheld on a proposal,embodied in a resolution
presented by Dr. William T. Hornaday, urging upon Congress the passage of a bill providing for the training of 3,000
men as officers of the army and the issuance of $100,000,000
of 334% bonds, the proceeds to be applied toward a more
adequate national defense. A "go-slow" policy was advocated by S. Stanwood Menken, Chairman of the League,
The following statement concerning the Panama-Pacific and a sufficient number at the meeting coincided with his
Exposition and its opening on the scheduled date comes ideas to prevent the adoption of the resolution, which, after
from the New York New Haven & Hartford RR., under considerable debate, was referred to the Executive Committee with power to amend or change it as it might elect.
date of the 2d inst.:
According to advices sent to the railroads of the country, the great Mr. Menken, in opposing any hasty proceedings, said:
Panama-Pacific Exposition at San Francisco will open right on time and
be in nearly all respects the same as if there were no European war at all.
February 20 is the official opening day of the big show. It will continue
until December 4 1915. The Exposition is now 97% completed. A fully
completed Exposition is,therefore, assured for the opening day—something
of a record for such shows.
It is announced that not a single nation that had agreed to participate
before the war has withdrawn. Japan, The Netherlands and Argentina
have asked for additional space. Russia, Great Britain and Germany
never had been counted in the list of official participants, although both
Great Britain and Germany will have extensive exhibits. There are fortytwo foreign nations officially participating. But if Europe had not a
single pavilion or exhibit, the Exposition would still stand as the most
wonderful show of its kind, according to its promoters.
California's other exposition—The Panama-California Exposition at
San Diego—opened on New Year's Day and will continue for a year. This
exposition covers 618 acres. All the exhibits of manufactories and industries are "in the making" rather than the finished product only, in which
respect the exposition is unique.
Secretary of the Treasury McAdoo represented President
Wilson at the opening of the San Diego Exposition.
This movement is to be much more far-reaching than we at first realized.
We should subdivide the work with various committees, on the army
navy, militia, fortifications, &c., for investigation. We want reports
from the committees as to actual present condi":",ms—reports not colored
or sensational—and then we can go before Congress with recommendations.
Our responsibility is great in this matter. We do not want to overburden
the people with taxation. There are many things the Nation needs besides an army and a navy. We want to go about it as economically as
possible.
The following committees were announced at the meeting:
On the Navy—J. Bernard Walker, Chairman; R. W. Neeser, Herbert
Satterlee, W. Butler Duncan, William McAdoo, Beekman Winthrop and
Roland R. Riggs.
On the Army—Col. W. C. Church, Frederick W. Huidekoper, Gen.
Francis Vinton Green, Gen. George It. Dyer, T.S. Hubbard, W.II. Childs,
George Haven Putnam, George H. Gaston Jr., Frederic R. Coudert, J. G.
White, John F. O'Rourke and Capt. Mark E. Hanna. The Chairman of
this committee is to be announced later.
On the Militia—Col. Charles E. Lydecker, Chairman; Colgate Hoyt Jr.,
J. Mayhew Wainwight, Reginald H. Sayre, George Gordon Battle and
Frank Sullivan Smith.
On the Extension of Branches of the League's Work—Lawrence F. Abbott,
Chairman; A. B. Humphreys, John H. Iselin, William R. Corwine, Rodman Gilder, Elmer Thompson, Frederick A. Stokes, J. Beaumont Sponse,
Albert R. Ledoux, Major Loveland and William F. Dix.
Committee on Legislation—William T. Hornaday, Chairman; F. It. Coudert, F. J. Brown, C. E. Manieffe, Richard Harding Davis, W. Morgan
Schuster, J. Sergeant Cram, Horace E. Dunning, Cambridge Livingston,
Elihu Root Jr., E. C. Medal, Talcott Williams and R. Floyd Clark
Committee on Finance—Franklin Q. Brown, Chairman; John B. Lunger.
Samuel W. Fairchild, John D. Crimmins, Sidney Borg, F. H. Allen and
Courtlandt Nicoll.
NEUTRAL COUNTRIES URGED TO USE THEIR
INFLUENCE TOWARD EFFECTING PEACE.
The calling, at the instance of the United States, of an immediate conference of the neutral nations of the world
having for its aim the adoption of measures for the termination or modification of the European warfare was suggested
by James M. Beck, former Assistant Attorney-General of
Steps for the organization of the League were taken at a
the United States, in an address at the 109th annual dinner meeting on December 1; previous
reference was made to it
of the New England Society, given at the Waldorf-Astoria in these columns Dec. 5 and 12.
on December 22 to commemmorate the 294th anniversary
of the landing of the Pilgrims at Plymouth. In making
PEACE RESOLUTION OF AMERICAN PEACE SOCIETY.
this suggestion Mr. Beck said:
The American Peace Society, at a recent meeting in Wash"There is only one practical suggestion that I wish to discuss. What
can these United States, as the
greatest of all neutral nations, do in this ington, adopted a resolution urging President Wilson to
fateful hour of humanity to bring about the pacification for all humanity, a
pacification based upon justice and mutual respect rather than upon call a conference of the neutral Powers with a view to bringing about a settlement of the differences of the belligerent
artificial devices like arbitration or agreements?
In my judgment the United States
could and should ask for an immediate nations. The resolution reads as follows:
conference of the
neutral nations of the world in order to see what, if any
thing, can be done, if not to end a disastrous war, to at least modify and
soften its horrors and reform its
methods. Have you realized how many,
how large, the population of these neutral States is? And I am eliminating
the
now
semi-barbaric nations that could give us little actual moral cooperation, but I refer to nations like Italy, Holland, Sweden, Switzerland,
Norway, the United States, Argentina, Brasil. and so forth, and I find
that in those countries there are 220.000.000 people.
There are people starving in New York to-night because of this war
there is suffering from the Atlantic to the Pacific because of this war. I:
there were no immediate suffering, yet the very foundations of civilization
are being sapped by this war, and in the perpetuity of civilization surely
every man has a stake, whatever his nationality.
Resolved. That the American Peace Society hereby respectfully urges the
President of the United States to call a conference of neutral Powers to
consider:
First: What steps, if any,should be taken by the neutral Powers, acting
in concert, to safeguard neutral rights and interests during the present war.
Second: The advisability of joint action by the neutral Powers in extending their good offices to the belligerents in accordance with Articles HI
and XXVII of The Hague Convention for the Specific Settlement of
nternational Disputes, whenever in the opinion of the conference the
proper time for such action shall have arrived.
Third: What steps, if any,should be taken by neutral Powers to influence
the settlement of the differences between the belligerent Powers at the
close of hostilities in such a way as to diminish the chances of future wars.
THE CHRONICLE
188
RETROSPECT OF 1914.
In publishing last week our review of the calendar
year 1914, we printed the monthly narratives only
for the first six months. We add to-day the narratives for the last six months.
MONTH OF JULY.
Current Events.—With startling swiftness a general European war broke out the latter part of this month. For many
decades the world had lived in dread of such a calamity, and
time and again important concessions were made by one or
the other of the great Powers to avoid precipitating such a
terrible conflict. When the event actually came, it took
everyone by surprise and found the different countries in a
bellicose mood, with apparently little desire to make concessions sufficient to avoid the greatly feared general struggle. In the earlier stages of the controversy, Great Britain,
through Sir Edward Grey, the British Minister for Foreign
Affairs, made commendable efforts to preserve peace, but
when the conflict had once been started, Great Britain also
decided to join in, and thus there was presented the awful
spectacle of Great Britain, Prance, Russia, Austria-Hungary, Germany, Belgium, Servia and Montenegro all engaged in a military cataclysm unsurpassed in history as far
as human annals go. It was figured that, counting merely
the regular armies and the reserves, the fighting strength of
the combatants aggregated over 17,000,000 men. The conflict had its origin in the assassination on Sunday, June 28,
of the heir to the Austrian throne, Archduke Francis Ferdinand,and his wife, the Duchess of Hohenberg, who were shot
to death while driving through the streets of Sarayevo, the
Bosnian capital, on an official visit. The fatal shooting
was the second attempt upon the lives of the couple during
the day. In the morning, while the Archduke and the
Duchess were driving to a reception at the town hall, a bomb
was thrown at their motor car, but the Archduke pushed it
off with his arm and it did not explode until after the Archduke's car had passed on. The author of this earlier attempt at assassination was a compositor. Upon his return
from the town hall, the Archduke started for the hospital
to visit Colonel Morizzi, one of the occupants of the succeeding car, who had been injured by the bomb explosion.
He was then attacked by a school boy of 19, who shot and
killed both him and his wife. The authors of both attacks
were Serbs, born in Bosnia, which, along with Herzegovina,
Austria had annexed a few years before. They proved to be
Servian sympathizers and the plot was traced back to the
Servian capital at Belgrade. Great resentment was occasioned by the murder, and the previously existing enmity
between Austria and Servia was naturally intensified. AntiServian demonstrations occurred in many parts of Austria
and public sentiment became greatly inflamed. The latter
part of July, when the outside world supposed the excitement had pretty well calmed down, the announcement suddenly came that Austria had delivered to the Servian Government at Belgrade, on Thursday evening, July 23, what
was tantamount to an ultimatum. The note reviewed the
relations which had grown up between Austria and Servia
since 1907. It charged that the Servian Government had
failed to suppress subversive movements and agitations by
the newspapers and that this tolerance had incited the Servian people to hatred of the Austro-Hungarian Monarchy
and contempt for its institutions: the whole culminating in
the Sarayevo assassinations, which, it was asserted, were
proved by depositions and the confessions of the perpetrators to have been hatched at Belgrade, the arms and explosgives having been supplied by the connivance of Servian officers and functionaries. Terms were given of a lengthy
formal declaration.which the Servian Government was required to publish in its official journal on the front page.
Servia was also enjoined to eliminate from its educational
system all anti-Austrian tendencies, and to do a long list of
other things to appease Austria. A reply was requested
inside of 48 hours, or by Saturday evening, July 25. Meanwhile, the Austrian reservists were called to the colors, so
that Austria might be fully prepared for immediate war.
Servia sounded Russia and delayed a reply until a few minutes before the time fixed for the expiration of the ultimatum,
and then agreed to the publication in its official journal on
the front page of the formal declaration submitted by the
Austrian Government: condemning the subversive propaganda and deploring its fatal consequences, regretting the
participation of the Servian officers ni the propaganda, repudiatmg any further interference with. Austro-Hungarian
interests and warning all Servians that rigorous proceedings
would be taken in the future against any persons guilty of
such machinations. It also agreed to dismiss from the army
and navy officers and remove civilian officials whose participation in an anti-Austrian propaganda might be proved.
officials taking part
It protested, however, against Austrian
the condiin the inquiry. In substance Servia accepted all
tions and all the demands.of Austria excepting only the participation of Austrian officials in any.investigations made.
Even as to this, no flat refusal was given, but it was sug
[voL. loo.
gested that if the Austrian Government deemed the reply
inadequate, Servia would be glad to have an appeal to the
Hague Tribunal and to the Powers which signed the declare,
tion of 1909 relative to Bosnia and Herzegovina. The
Servian reply was at once declared unsatisfactory by Austria
and the Austrian Minister at Belgrade immediately left the
Servian capital. The German Emperor was on a sea journey at the time, but at once began to hasten back home.
Meanwhile, at the instance of Sir Edward Grey, representatives of England, France, and.Russia kept working in Vienna and other European capitals to obtain Austria's acceptance of mediation. Austria refused either arbitration
or mediation. Kaiser William arrived at Kiel at 7 o'clock
Monday morning, July 27, after an all-day and all-night
forced-draught cruise through the Baltic, and held a military council the same night at Berlin. He refused to give
countenance to Sir Edward Grey's suggestion of an Ambassadorial Conference, holding that Austria's difficulty with Servia was one that Austria must be allowed to settle for herself—that Austria could not be expected to submit her acts
to a European council as though she were one of the Balkan
States. Russia made no secret of her intention to come to the
aid of Servia and began partial mobilization of her forces.
On Tuesday, July 28, the Austro-Hungarian Government
issued a formal declaration of war against Servia. The German Government viewed Russian military preparations with
grave alarm. On Thursday morning, July 30,it dispatched
a note to the Czar, giving Russia 24 hours to explain her intentions with reference to the "menacing mobilization" on
the German and Austrian frontiers. Russia was asked to
explain the object of her mobilization, whether it was directed against Austro-Hungary, and whether Russia was
willing to order a stoppage of the mobilization. All this
failing, Germany at midnight July 31 made a peremptory
demand that Russia cease mobilization and fixed a 12-hour
limit for a response. No attention apparently was paid to
this, and on Saturday evening, Aug. 1, at 7:30 o'clock, the
German Ambassador at St.Petersburg delivered a declaration
of war to Russia. The German Imperial Chancellor, Dr.
von Bethmann-Hollweg, during the day addressed a huge
assemblage from the window of his official residence, making
a stirring speech and enjoining his hearers that they should
remember the words of Prince Frederick Charles to the men
of Brandenburg: "Let your hearts beat for God and your
fists on the enemy." On July 31,in the evening, France had
also been apprised that Germany had addressed an ultimatum to Russia, desiring to know by noon Aug. 1 whether
the Russian Government would discontinue mobilization.
The German Ambassador was requested to ask the French
Government what were the intentions of France should
Russia's reply be a refusal to demobilize. The German Government fixed "before 1 p. m." as the period within which
France must answer, but it later appeared that the German
Government would not insist on a reply from France until
noon, Monday, Aug. 3. Without waiting for the reply,
however, German forces on Aug. 2 began the invasion of
France. In the process of invasion they entered the Duchy
of Luxemburg, a neutral State, and seized the State railways.
The independence of the Duchy had been guaranteed by
Great Britain, among other States. The English Government had been hesitating whether, as a member of the Triple
Entente, it would join with France and Russia, or hold completely aloof. The action against Luxemburg, and the refusal of the German Government to give any assurances in
respect to its intentions regarding the neutrality of Belgium,
finally induced the English Government also to engage in the
war with Germany. In a speech in the House of Commons,
on Monday night, Aug. 3, Sir Edward Grey indicated the
policy of the British Government in that.regard, and his
statements received the approval of all the different political
parties, though.the Labor element registered a protest
against Great Britain's becoming involved in the war. John
E. Redmond, the Nationalist leader, assured the Government that they might with safety withdraw everyone of the
soldiers in Ireland, and the coast of Ireland would be defended by the armed Catholics of the south, who would
gladly join the armed Protestants of the north. Sir Edward Grey said that Great Britain was under no obligations to take up arms in behalf of France and Russia. But
Great Britain Thad had for years a friendship with France
and the French fleet was now in the Mediterranean, leaving the northern coasts of Prance defenseless, and if a foreign
fleet should come down and battle against those defenseless
coasts, England could not stand aside. He added: "I
understand that the German Government would be prepared, if we would pledge ourselves to neutrality, to agree
that its fleet would not attack the northern coast of France.
That is far too narrow an engagement." After the announcement of the British Government's policy, John Burns,
the labor member in the Cabinet, resigned his position.
Germany sought permission from Belgium for the passage
of its armies through that country and agreed to respect
that country's independence in that event after the war.
But this permission was refused, and on the night of Aug. 3
the German Govt. presented an ultimatum saying that if
Belgium adopted a hostile attitude against the German
troops, she would not enter into any undertaking with Belgium, but "would leave the final relations of the two States
to the decision of arms." The German troops then began to
cross the Belgium frontier. On Aug. 4 Great Britain sent a
JAN. 16 1616.]
THE CHRONICLE
189
practical ultimatum to Germany, saying the King of Bel- stock exchanges in the United States, namely Philadelphia,
gium had appealed to the British Govt.for diplomatic inter- Boston, Chicago, Baltimore, Pittsburgh, &c., followed the
vention and insisting on a satisfactory reply from Germany action of New York on the same day, and the London Stock
by midnight to the British demands on the subject of Belgian Exchange, as already noted, had already suspended business
neufrality. The German Govt. rejected this demand, and the same day. The N. Y. Coffee Exchange likewise on that
an hour before midnight Germany gave the British Ambassa- day stopped business. The N. Y. Cotton Exchange opened
dor his passports, and the British Government announced at the usual time, but before noon decided to close, owing to
the existence of a state of war from that time on. Diplo- the development of panicky conditions, and the New Ormatic relations between France and Germany were formally leans Cotton Exchange was obliged to close for the same reasevered Monday night, Aug. 3. Italy, though a member of son. Before the closing of the N. Y. Cotton Exchange the
the Triple Affiance, along with Germany and Austria, de- suspension of three cotton houses was announced, namely
cided to remain neutral, contending that she was bound only S. H. P. Pell & Co. (also members of the N. Y. Stock Exto come to the rescue of her allies in case they were at- change), Homer, Howe & Co. and F.J. Frederickson & Co.
tacked, while in the present instance the war was the result In addition, the N. Y. Stock Exchange house of Flower &
of aggressive action on the part of Germany and Austria. Co. made an assignment. The Liverpool Cotton Exchange
The effect of all these developments was disturbing in the was closed Aug. 1 and Aug. 3, these being bank holidays,
extreme. A feeling of consternation and alarm spread and thereafter continued closed. Both the Chicago Board
throughout the world, producing utter demoralization in the of Trade, however, and the N. Y. Produce Exchange kept
financial markets, disarranging the foreign exchanges, para- open continuously. Throughout Europe extremely panicky
lyzing ere lit facilities and producing a state of things bor- conditions developed at all the financial centres and runs upon
dering on panic. The situation was recognized as being the savings banks and other financial institutions occurred.
exceedingly grave from the moment Austria rejected the The great banks not only held on to their gold, but restricted
Servian reply as unsatisfactory and Russia undertook to credits, and in France gold went to a premium long before
mobilize her army, and the outlook became increasingly the end of July. The Bank of England on July 30 advanced
alarming each day thereafter until by the end of the follow- its discount rate from 3% to 4%,on July 31 increased it to
ing week (on Saturday, Aug. 1) all hope of averting a general 8% and on Saturday, Aug. 1, raised it to 10%. The Bank
European war was gone. The strain on the Continent of of France on July 30 advanced from 3%% to 43 % and on
Europe began to show itself in definite form on Saturday, Aug. 1 to 6%. The Bank of Germany on July 31 advanced
July 25. On Monday,July 27,the Vienna Bourse was closed from 4 to 5% and on Aug. 1 to 6%. The Bank of the Nethwith the intention of reopening the following Thursday, but erlands advanced its minimum on July -29 from 3j/ to 43%
as the state of things became steadily more critical the re- and on Aug. 1 to 6%, while the Bank of Belgium advanced
opening did not occur. On July 27,also, the Brussels Bourse on July 30 from 4 to 5% and on Aug. 1 to 6%. Owing to
was closed to avoid a panic, and on the same day it was de- the critical state of things abroad and the tremendous liquicided to suspend operations on the Stock and Grain Exchanges dation here of.securities on foreign account, gold went out
of Budapest. The French Chamber of Bankers at Paris from this port in a perfect deluge the latter part of the month.
made formal announcement on July27 that all operations in Day after day engagements of large amounts were announced
stocks would be temporarily suspended on account of the and the takings for export for the week ending Aug. 1 aggremenacing state of things and the closing of the bourses in gated $41,850,000 (though some of this did not go out until
Vienna, Brussels and other cities. The next day, July 28, the next week), which was in addition to $2,500,000 taken
all quotations on the Bourse were suspended by the Chamber at the close of the preceding week. The N. Y. Custom
of Bankers, while the Coulisse was definitely closed for busi- House figures showed $33,626,886 shipped to Great Britain
ness, although the Parquet remained formally open, chiefly in the two weeks ending Aug.8 and $9,787,310 to France, or
to permit preparations for the settlement scheduled for $43,414,196 together. The situation finally became so
July 31. However, it was finally decided to postpone for a alarming that conservative measures had to be taken by
month, or until Aug. 31, the settlement in rentes and even- financial interests to check the outflow. The closing of the
tually also to carry also all other securities along until Aug.31. Stock Exchange,by stopping security sales for foreign account,
When these dates arrived,further extensions of course had to of course aided the effort, and insurance rates also became
be made. The Montreal and Toronto Stock Exhanges were practically prohibitory. With the knowledge that Great Britclosed on Tuesday, July 28. On Wednesday, July 29, the ain and Germany might become involved in the. conflict,
Berlin Stock Exchange Committee decided to suspend ac- marine underwriters raised their rates higher and still higher,
count business on the Berlin Bourse, though keeping the or- feeling that the German ships on their journeys across the
ganization open for cash business. The St. Petersburg ocean might be seized by the British or possibly that English
Bourse, the Amsterdam Bourse, the Liverpool Stock Ex- ships might fall a prey to German naval operations. As a
change, the Antwerp Bourse and the Havre Cotton Exchange matter of fact, a number of German ships which had sailed
closed the same day, while the Hamburg and Frankfort from U.S. ports were ordered back by wireless messages when
bourses suspended dealings for the settlement. The Stock the danger of war between Great Britain and Germany
Exchange at Rome on July 30 suspended all business in for- became imminent. One of the ships ordered back and
ward contracts and was followed by the Milan Stock Ex- for whose safety great anxiety was manifested for a whole
change. The Manchester Stock Exchange did not formally week was the Kronprinzessen
Cecilie. She sailed on
close until Friday, July 31, but no attempt was made earlier Tuesday, July 28, carrying $10,600,000
gold destined to
in the week to do business. The London Stock Exchange England
and
and was almost immediately recalled.
remained open until Friday, July 31, but then also was As day after France
day passed without definite knowledge as to
obliged to close. London jobbers, however, had refused to her whereabouts, great
alarm was felt lest she had been
name quotations for several days before this and brokers captured. It was not until
a week later, on Aug.4, that the
had declined speculative orders, rendering short sales im- ship unexpectedly arrived at Bar
Me., after having
possible. English consols on July 29 declined to 69%, the dodged hostile cruisers for severalHarbor,
days. It quickly became
lowest on record, against 75 the previous week. The Lon- apparent that our foreign trade, imports
and exports alike,
don Stock Exchange Committee decided to postpone the no less than that of the countries actually at war, would besettlement due in a fortnight until the end of August and the coi
.ne entirely disarranged. There was a double reason for
consols settlement until the middle of Sept. On Thursday, this, first, be.cause many merchant ships were at once taken
July 30, the failure of 15 London Stock Exchange firms was over by the different governmentsfor war uses,and,secondly,
announced. All this time the N. Y. Stock Exchange was because the commerce of the belligerents would necessarily be
kept open and liquidation on a tremendous scale from all liable to seizure. In the grain market a prodigious rise in
parts of the world took place, producing frightful declines. prices occurred. A Chicago the Sept. option for wheat rose
Finally the load became unendurable,and on Friday,July 31, from 763/2c. July 14 to 97c. July 30(and cash wheat got up to
the Exchange failed to open. The day before, following sev- $1 a bushel), but a sharp reaction occurred, and the close
eral days' continuous decline, there had been a further break, July 31 was at only 88c. Sept.
at Chicago advanced
amounting in the case of such a standard stock as Reading from 63%e. July 6 to 74c. July corn
close 693c•
common to 15 points and in the ease of specialties like Gen'l Sept. oats moved up from 343e. 30, with the
July 14 to 38%c. July 30,
Motors corn. to over 23 points. Nevertheless, at a meeting with the close at 36%e. In cotton,
the other hand, a
of bankers held in the offices of J.P.Morgan & Co.that night sharp decline occurred and the tone wason
exceedingly depressed
after a full discussion of the situation, the decision had been on the knowledge that the foreign market
the staple might
reached that the closing of the Exchange would not be neces- be largely cut off. Middling upland spotfor
cotton in this marsary. But overnight the outlook became still more grave ket declined from 13.25c. July 25 to 12.50c.
July 30. No
and portentous, and Friday morning further conferences were doubt, a further break would have been recorded July 31, exheld at Mr. Morgan's offices. Foreign bankers then pre- cept that the Cotton Exchange here was closed before any
sented the situation in such an urgent way that no alterna- record of spot prices was made. In the iron and steel trade
tive remained but to close. These foreign bankers had such business continued small; the war in Europe, of course,
an avalanche of selling orders that to execute them could not came too late
in
month to have any effect on conditions.
have failed to cause general disaster. All the financial mar- An advance of $1the
a ton was made in wire products and in bars,
kets of the world, apparently, wanted to convert their se- plates and shapes,
effective July 20. The "Iron Age" excurities into cash here and most of the orders were without plained that this was
any large
limit as to price, while where there was a limit it was often volume of orders such"not due to the coming in of up.
The
20 points below Thursday's closing figures. Accordingly, fact is that the 1.10c. as ordinarily pushes pricesstimulus to
basis was no longer in itself a
only a few minutes before the opening time, the Stock Ex- buying, and it was believed
as much business could be had at
change authorities decided to keep the Exchange closed un- ..15c. The monthly
the Steel Co.rporation,
til further notice and also to suspend all deliveries until issued after the close ofstatement of
the month,showed a slight increase in
further notice. This was the first time such a step had been the orders on the books
of the subsidiary corporations, the
taken since 1873, the time of the great panic occasioned by total July 31 being
4,158,589 tons, against 4,032,857 tons
the failure of Jay Cooke & Co. All the principal out-of-town June 30, 3,998,160 May
31,4,277,068 tons April 30, and lar
190
THE CHRONICLE
ger totals at preceding dates. The quarterly return of the
Steel Corporation showed $20,457,596 net earnings for the
June quarter, as against $17,991,381 in the March quarter,
but comparing with $41,219,813 in the June quarter of 1913.
For the half-year to June 30 the net was $38,451,977, against
$75,646,614 in the half-year of 1913. The Republic Iron&
Steel Co. showed gross profits of only $2,058,831 for the six
months of 1914, against $3,649,549 for the first six months of
1913. The Lackawanna Steel Co. reported gross profits no
more than $616,183 for the six months, against $3,513,469 in
the first six months of 1913. Pres. Wilson had some conferences with business men which attracted attention, since previously Mr. Wilson had apparently discouraged attempts on
the part of financial leaders to approach him while trust
legislative measures were under consideration. Among those
with whom Mr. Wilson conferred were J. P. Morgan, Henry
Ford of the Ford Automobile Co., Detroit,a delegation representing the Chicago Association of Commerce, and various
other committees and delegations. After his talk with Mr.
Morgan, Mr. Wilson stated that the conversation had been
largely reminiscent, and White House officials declared the
President had no thought of altering his legislative program,
they saying that when the Administration's principal legislative projects were under way—the Tariff Act, the Currency
Bill and during the time when the "trust" program was being
perfected—the President felt there should be no opportunity
for a charge that inspiration was being received from business
or financial centres. Now,however, that two of the reforms
had been completed and a third was approaching its final
stage, the President was said to feel that an exchange of
thought and information with captains of industry would be
conducive to the business revival he hoped to inaugurate
along lines which the Administration considered legal. At a
conference of Democratic Senators on July 1 a resolution was
adopted in harmony with the President's wishes, declaring
that Congress should not adjourn until the Trade Commission
B!11, the Clayton Anti-Trust Bill and the Railroad Securities
Bill had been disposed of. On July 22a caucus of Democratic
members of the Senate was held, and it was then agreed that
the Inter-State Trade Commission Bill should be kept constantly before the Senate as unfinished business until its final
disposition (excepting when it should become necessary to
take up the appropriation bills), that the Clayton Omnibus
Anti-Trust Bill should be taken up next in order, and that
this should be followed by the bill providing for the Federal
regulation of railroad security issues. The Clayton Omnibus
Bill, as amended by the Senate Judiciary Committee, was reported to the Senate on July 22. It showed many changes
from the bill as it had passed the House on June 5. The bill
for the regulation of railway security issues was reported to
the Senate on July 23. The Trade Commission Bill had been
reported to the Senate the previous month. On July 2 the
Senate Banking and Currency Committee reported favorably
three of the nominations to the Federal Reserve Board,
namely Charles S. Hamlin, W.P. G. Harding and Adolph C.
Miller. These nominations were confirmed by the Senate on
July 6. In the ease of the two other appointees, Mr.Thomas
D.Jones was invited to appear before the Committee and explain his connection with the International Harvester Co.,
and Paul M. Warburg was also invited to visit the Committee. On July 9 the Committee,after hearing Mr.Jones, by a
vote of 7 to 4, reported his nomination unfavorably, and
later, at Mr. Jones's request, the President withdrew the
nomination. Mr. Warburg at first declined to appear before
the Senate Committee, and he asked the President to withdraw his name, fearing that the action of the Committee
might impair his usefulness as a member of the Board. The
President would not assent to this, and sought to induce Mr.
Warburg to waive his objection and appear before the Committee. This Mr. Warburg finally did, and the Senate Committee on Banking and Currency the 5th of the next month
reported his nomination favorably and also that of Frederic
A. Delano of Chicago, who had been nominated in place of
Thomas D. Jones.. Both nominees were confirmed by the
Senate Aug.7,making the Board complete. The Inter-State
Commerce Commission did not announce its conclusions on
the petition of the Eastern railroads for a5% advance in rates
until the 1st of the following month, and Western railroad
labor troubles assumed a threatening form. On July 16 both
the Brotherhood of Locomotive Engineers and the Brotherhood of Locomotive Firemen and Engineers gave formal notice that their organizations would not accept arbitration
wider the Newlands Act. The question affected 140,000
miles of road and 55,000 engineers and firemen. Thus the
prospect of a strike once more loomed up. The services of
the U. S. Board of Mediation and Conciliation were called
into requisition, and it proposed a plan of arbitration which
the railroad managers found it incumbent to reject. Pres.
Wilson, however, pleaded with the managers and made an
appeal to their patriotism in view of the extraordinary situation brought about by the conflict inEurope; accordingly,
the managers felt constrained to waive discussion of the
merits of the proposition and announced early the next month
(Aug.3) that they would accept the arbitration plan so as to
avert a disastrous strike on Western roads. The Commerce
Commission on July 13 made public a.report, containing over
60 000 words, giving the results of its investigation of the
'Y. N. H. & H. RR. under an order of the U. S. Senate
N.
passed the previous February. The report was sensational in
the extreme, making all sorts of accusations and insinuations
[VoL. 100.
against the former management and the former directors. It
declared that the New Haven's financial operations presented
"one of the most glaring instances of mal-administration in
all the history of American railroading," asserted that "every
other interest seemed better represented on the New Haven
Board than the average stockholder's interest," and that "it
was inconceivable that these wrongs could have gone on without interference if the members of the board of directors had
been true to the faith they owed the stockholders." The report seemed to have produced a painful impression abroad,
leading to quite free selling of American securrties'on European account, but it was so obviously one-sided and unfair,
and rested so largely on loose talk instead of real evidence of a
substantial sort, that it was generally accepted as worthless.
Unfortunately, the New Haven Co. was also confronted by
the possibility that the settlement previously entered into
with the Government for the purpose of averting a suit by the
latter under the Anti-Trust Law might, after all, end in failure, owing to the inability of the managers to accept a condition imposed by the Mass. Legislature with reference to
Boston & Maine stock, namely that every certificate representing said stock, when sold, be stamped with the statement
that it might be bought or taken at any time by the State of
Mass. The directors contended that such a requirement
stamped on the certificate could only tend still further to depreciate B.& M.shares, already so sadly depreciated, thereby entailing additional losses upon the New Haven as the
holder of a majority interest in the B. & M. shares. T. W.
Gregory,Special Assistant to the U.S. Atty.Gen., on July 23
actually filed in the U.S. District Court in this city the longthreatened suit against the company and its controlled and
allied lines, alleging violation of the Anti-Trust Law.
In taking this action the Government sought to put the
blame for the suit on the directors, charging them with
failure to carry out the agreement entered into with the
Attorney-General on Marcia 21 for averting the suit, and
which had been approved by the stockholders April 21.
Fortunately, the next month a peaceable solution was found.
Under the arrangement the New Haven was given the opportunity of again going before the Mass. Legislature and having
the objectionable requirement changed by making the stock
purchasable by "the Commonwealth of Massachusetts at
the fair value thereof, in accordance with the law." The
Irish Home Rule question assumed an increasingly threatening form, and before Great Britain became embroiled in war
and Nationalists and Ulstermen made common cause in defence of their country, Great Britain may be said to have
been on the verge of civil war. Many think that Kaiser
William in provoking Great Britain imagined that there would
be Irish disaffection, and that the English Government would
be slow about engaging in a foreign war with such serious
troubles to deal with at home. Sir Edward Carson in a public speech to the Ulster Volunteers on the eve of the celebration of the anniversary of the Battle of the Boyne,on July 13,
assumed a .very threatening and defiant attitude, saying:
"A great crisis in the face of our country cannot be delayed
many weeks. The time cannot be far distant when we will
have to show the Government and all others that we are unconquerable and will never submit to Home Rule." On
July 21 a series of conferences which King George had called
at the request of Premier Asquith began at Buckingham Palace and were attended by leaders representing the various
factions. The conferences terminated July 24 and it was
then acknowledged that the effort to reconcile conflicting
views of Irish Nationalists and Ulster Unionists had failed.
The King in his speech at the first day's conference made
some highly significant remarks suggestive of the perilous
nature of the situation. He said:"My intervention at this
moment may be regarded as a new departure, but the exceptional circumstances under which you are brought together
justify my action. For months we have watched with deep
misgiving the course of events in Ireland. The trend has
been surely and steadily toward an appeal to force,and to-day
the cry of civil war is on the lips of the most responsible and
sober-minded of my people. We have in the past endeavored
to act as a civilizing example to the world, and to me it is
unthinkable,asit must be to you, that Nye should be brought
to the brink of fratricidal strife upon issues apparently so
capable of adjustment as those you are now asked to consider, if handled in a spirit of generous compromise. * *
We regard you, then, in this matter, as trustees for the
honor and peace of all." After the conferences, Mr. Asquith
declared in Parliament that the conferences had been "unable to agree in principle or detail," on the question "of
finding an area to be excluded from the operation of the Irish
Home Rule Bill." On July 26 the acuteness of the situation
was revealed in the fact.that, as a result of a gun-running
exploit of the Nationalist Volunteers, a battalion of the
King's Own Scottish Borderers was obliged to fire into a
mob in the streets of Dublin, killing three men and one woman
and wounding more than sixty other persons. But the war
changed the whole situation. The following September,
when Parliament was prorogued, the announcement was
made that the King had signed the Home Rule Bill and also
the Welsh Disestablishment Act, and at the same time an
accompanying Act suspendmg the operation of both measures during the continuance of the war. It happened, too,
that just before the outbreak of war serious strike riots were
reported in St. Petersburg and other large Russian cities,
attended by street demonstrations under the red flag and by
JAN. 16 1915.]
THE CHRONICLE
sanguinary conflicts with the police. The movement was
said to be a reflex of a general strike at Baku,where bad labor
conditions, coupled with the tyranny of the police, was said
to have brought about a general revolt of labor which had
lasted for several weeks. Many other industrial cities were
stated to have proclaimed a general strike. In St. Petersburg alone 200,000 workers were said to have laid down their
tools in protest against the severe measures taken at Baku.
Manifestly, such circumstances might have conveyed to the
Germans the impression of inherent weakness on the part of
Russia to engage in a foreign war. In Mexico the most important development was the submission to the Mexican
Chamber of Deputies on July. 15 of .his resignation as Provisional President by General Huerta. Huerta blamed the
United States for Mexico's misfortunes. The resignation was
accepted by a vote of 121 to 17 and Francisco Carbajal,
shortly before appointed Minister of Foreign Affairs under
Huerta, was made Provisional President by the Deputies.
Carbajal's main concern seemed to be to turn the Government over as speedily as possible to the Constitutionalists
under Carranza. Huerta left the country. A French national loan for 800,000,000 francs was publicly offered July 7
and proved an overwhelming success, the issue having been
applied for more than forty fold. The loan carried 3%%
interest and was offered at 91. By July 25 the price had dedined 3 points and the old Rentes, which were 83.40 July 1,
by the end of the month were down to 77.25. The trial of
Mme. Caillaux for the murder the previous March of Gaston Calmette, editor of the Paris "Figaro," resulted in an
ac uittal, the jury declaring that she had not voluntarily
killed her victim or premeditated the crime. The Cape Cod
Canal, connecting Buzzard's Bay with Cape Cod Bay and
effecting a saving of 70 miles in the water route between
New York and Boston, was opened to traffic July 30. The
Secretary of War announced that the Panama Canal would
be open to commerce the next month (Aug. 15) to all ships
drawing not more than 30 ft. of water. Massachusetts
enacted a law imposing a tax on transfers of stock at the rate
of 2c. on each $100 of face value or fraction thereof, the same
as in New York. The Iowa Blue Sky Law was held unconstitutional July 6 by Walter I. Smith, U. S. Circuit Judge,
and Smith McPherson and John C. Pollock, U. S. District
Judges. It was held that the law violates the Commerce
Clause of the Federal Constitution and deprives citizens
of other States of privileges permitted to citizens of Iowa.
Justice Horace H. Linton of the U. S. Supreme Court died
suddenly in Atlantic City on July 12. Congressman James
T. McDermott of the 4th Illinois District resigned to escape
the censure of Congress recommended by the House Judiciary
Committee on April 7, as a result of its investigation of the
National Association of Manufacturers with respect to
lobbying activities in Washington. The Committee found
him guilty of acts of grave impropriety unbecoming the dignity of his position. McDermott declared himself unconscions of any wrong-doing and said he would seek vindication at the polls, and the ensuing November was re-elected
by an overwhelming majority.
Railroad Events and Stock Exchange Matters.—On the Stock
Exchange things went from bad to worse, and the month will
long stand as one of the most disastrous on record. Even
before the European war came in to deal the final staggering
blow, the market had to contend against a succession of
unfavorable events which served to disturb confidence anew
and to bring about large and general declines. Rumors of
receiverships for Mo. Pac. and other weak properties again
became prevalent, the rate decision of the Commerce Cornmission, so long looked for, continued to be delayed (it did
not come until Saturday afternoon, Aug. 1), and returns of
railroad earnings remained discouraging in the extreme.
Then came the sensational report of the Inter-State Comm.
Commission with regard to N. Y. N. H.& H., and this was
followed the next week by the filing by t e Federal Govt.
of a suit against the company under the Sherman Anti-Trust
Law. The abandonment of the plan to reorganize the Rock
Island RR. was another depressing influence. The tremendons liquidation on foreign account the last week of the
month, growing out of the European developments, came as
a super-added load, which proved too heavy to carry. Engagements of gold for export of five to ten million dollars a
day indicated the seriousness of the situation, and on July 30
such was the extent of the foreign selling that a stock like
Reading common showed a decline of 15 points for the day
and some specialties even larger declines, while inactive stocks
recorded breaks of several points between sales. The sensational losses in prices attracted very considerable buying
in small lots and the downward movement might possibly
have been checked on Friday, July 31, except that so far
from foreign liquidation having been completed, selling orders over night came pouring in on a still more ponderous
scale. When this situation was presented to the Stock Ex_
change authorities before the opening of business July 31,
they had no alternative but to close if they would avert
general disaster. Mil. & St. P. coin. dropped from 1003
%
joly 7 to 85 July 30; Reading com. from 165% July 7 to
137ex-div. July 30; Can. Pak. from 194% July 6 to 1563's
July 30; B.& 0. corn. from 92% July 7 to 72 July 30; Atoll.
7 July 7 to 893' July 30; So. Pac. from 98%
com. from 99%
July 8 to 84% July 30; Gr. Nor. from 125 July 8 to 113ex
July 29; Nor. Pac. from 112% July 7 to 97ex July 30; N. Y.
Cent. from 91M July 9 to 77 July 30;Penn. RR.from 1133'
191
July 7 to 105% July 30; Steel corn. from 623' July 7 to 503.
July 30; Amal. Cop. from 71% July 7 to 49ex July 30, and
Gen. Motors corn. from 93 July 3 to 54% July 30 Bankers
offered at 97 $20,000,000 Nor. Pac. ref. and impt. 43s.
Of £3,000,000 Can. Nor. 20-yr. 4% deb. stock guar. by the
Dominion Govt., offered in London on July 23, about 79%
was left in the hands of the underwriters. Va.-Car. Chem.
placed $5,000,000 6% 10-yr. s. f. cony. debs. Pac. Gas &
Elec. offered for subscription at 823 $12,500,000 6% cum.
1st pref. stock. Bankers offered $10,000,000 Pierce Oil
Corp. 10-yr. 6% cony. debs. Receiverships and defaults
were numerous. Receivers were appointed for the Cin.
Ham. & Dayton Ry. because of defaults in int. payments.
Pere Marc. failed to pay the int. due July 1 on its ref. bonds
guar. by the C. H.& D. Ry. Chi. Peoria & St. L. had defaulted in int. the previous month. Chi. & East. Ill, defaulted in the int. due July 1 on Evansv. & Ind. bonds. Cin.
Ind. & West. also made default. It was announced that
Tol. St. L. & West. would default Aug. 1 in the int. due
on its Series "A" and "B" bonds which were issued in payment of the Chi. & Alton stocks, owned by the company.
Receivers were appointed for the Kan. City & Memphis
Ry. The plan for the reorganization of the Chi. R. I. &
Pac. RR. was abandoned. The Associated Merchants Co.
and the United Dry Goods Co., both H.B.Claflin concerns,
omitted their dividends. Chi. Ind. & Louisv. omitted its
dividend. Pao. Coast Co. reduced its corn. and 2d pref.
div. from 13. quar. to 1%. Buff. Roch. & Pitts. s.-a. div.
on corn. was made only 2%,against the previous 3%. Greene
Cananea Cop. omitted action on the dividend. Bangor &
Aroostook, which the previous year suffered from a strike
and had to reduce, now made the s.-a. payment again 2%.
The Money Market.—General upheaval and the large gold
exports were reflected in an all-around rise in money rates.
The rise in rates did not develop until towards the very close
of the month, when the situation in Europe became acute.
Prior to July 29 call money did not get above 3M. On July
29 the high point was 5 and on July 30 it was 6, while July 31
some business on call was done at 6@7, notwithstanding
the Stock Exchange was closed. Time loans at the close
were 6 for all maturities; commercial paper was 5@53
for choice double and prime single names and 6% for
good single names. The New York Clearing-House banks
and trust companies in their statement for Aug. 1 showed
a deficiency in the required cash reserve (on the old
basis, before the lowering of reserves under the new
Federal Reserve Act) of $17,425,750. This was in the
case of the figures giving the condition at the end of the
week. In the averages for the week there ,was on Aug. 1
no deficiency but a surplus reserve of $8,603,050. Money
holdings, mainly as a result of the large exports of gold, were
on Aug. 1,according to actual figures, down to $411,580,000,
against $463,464,000 July 3 and $518,393,000 June 6. More
than the whole loss was in the specie holdings which Aug. 1
were reported at $332,889,000 against $391,442,000 July 3
and $444,709,000 June 6. Deposits Aug. 1 were $1,911,539,000, against $2,004,713,000 July 3 and loans were $2,058,755,000 Aug. 1 against $2,116,500,000 July 3. Money holdings of the State banks and trust companies not in the Clearing House (according to the averages for the week, no actual
figures ever being given out for these institutions) were only
slightly changed, being $53,283,800 Aug. 1 and $53,231,100
June 27. Loans of these institutions were $570,812,400
Aug. 1 and $574,395,800 June 27.
Foreign Exchange, Silver, &c.—In foreign exchange cornplete demoralization developed as a result of the European
happenings. Early in the month sterling manifested some
wealmess, owing to the pressure of finance and wheat bills,
but the latter part the political and financial strain produced
a situation that was absolutely without parallel. The tremendous gold engagements for export the last ten days, aggregating $44,350,000(see details in general narrative above),
attested the acuteness of the situation. With Austria and
Servia already at war and more countries being drawn in
from day to day, and with great tension developing at all the
leading monetary centres and interest rates rising to extreme
figures, it became apparent that the ordinary methods of
doing business and of conducting foreign exchange were fast
being rendered unavailable. On July 31 nominal rates for
sight sterling advanced to the unprecedented figure of $5 50
in the pound sterling, while cable transfers were quoted
at $6 35. Still higher figures were reached early the next
month. We have referred above to the rise in discount rates
by all the European banks. Open market discounts were
not to be had at the close of the month. Silver in London
broke to 23%d.
MONTH OF AUGUST.
Current Events.—The gigantic conflict in Europe assumed
steadily widening dimensions. Germany invaded Belgium
and pushed the war against France with great vigor from Belgian soil. The Belgians made a desperate resistance, and in
the attempt to repel the invasion inflicted terrible losses upon
the German forces. This resistance had evidently not been
counted upon by the Germans and delayed them in their onward rush. The active intervention of Great Britain on behalf of Belgian neutrality was also outside the German plan
and served further to obstruct the progress of the Kaiser's
armies. But when the Germans once got under way, they
swept everything before them. On Aug. 5 a large force of
192
THE CHRONICLE
German troops crossed the Belgian border at three points and I
began a concerted attack on Liege, the chief strategic point in
Belgium. The Belgians seem to have repulsed the attack.
Day after day the accounts spoke of renewed attacks and renewed repulses, the forts surrounding Liege holding out
against terrific bombardment and inflicting great havoc upon
the Germans. In the end, however, the Germans invested
the place, even before the forts had .been taken. The Germans later brought up heavy siege guns and subdued the
forts. On Aug. 20 the Germans entered Brussels and occupied the city, the seat of the Belgian Govt. having previously
been transferred to Antwerp in expectation of the event.
Later the forts at Namur, which were considered more nearly
impregnable than those at Liege, after long-continued assaults, were subdued, and the Germans then overran the
greater part of Belgium. The delay encountered in Belgium
enabled the British Govt. to land an expeditionary force of
100,000 to 150,000 under Field Marshal Sir John French as
commander-in-chief, and when the Germans finally crossed
the Belgian frontier into France they had this English army to
reckon with as well as the French forces. But all this did not
prevent their onward march and they conducted operations
with wonderful rapidity. Further south the French themselves had apparently gained a number of initial successes.
Thus, it was reported early in the month that the French
troops, after a fierce battle, had captured Altkirch in Upper
Alsace and had then immediately marched upon Muelhaifsen,
8 miles distant, which they also occupied. Subsequently it
was reported that the French troops had advanced to Colmar,
22 miles beyond Muelhausen and 40 miles from Strassburg,
the Alsatian capital. It was also stated that the French had
driven the Germans back with heavy losses at Spincourt,
south of Longwy, on the northeastern French frontier, after
desperate fighting. Later it was reported that the French
army had withdrawn behind Muelhausen as a strategic move.
Successes nearly everywhere by the French were the rule, or
the report, at the start, and while these could not be confirmed, it did seem for a time as if the tide of battle was going
against the Germans. Many of the early engagements were
apparently merely preliminary skirmishes or outpost affairs.
But the Germans brought up reinforcements and finally were
able to hurl the French back everywhere. On Aug. 28 a dispatch from Berlin stated that official announcement had been
made at army headquarters that German troops had been victorious everywhere along a battle line (of about 250 miles) in
nine days of fighting—that Gen.von Kluck had defeated the
English at Maubeuge, that Gens. von Buelow and von Hausen had driven back a Belgian army of eight corps, that the
Crown Prince of Bavaria had repulsed an attack near Nancy,
that Gen. von Hoeringen was in pursuit of the French in Vosges Mtns., and that four Belgian divisions attacking from
Antwerp had been repulsed, with the loss.of many guns and
the capture of many prisoners. It was evidently the German
plan of campaign to push into Paris from the Belgian frontier
as the easiest and quickest way to reach the French capital,
and with this object in view the right wing of the German
army steadily pushed backward the left wing of the English
and French armies (the English being here in full force), notwithstanding desperate and stubborn resistance. At the close
of the month the German right wing was within 50 miles of
Paris. On Aug. 26 Premier Viviani and the entire French
Cabinet resigned. At the request of Pres. Poincaire. the
Premier succeeded in forming a new Cabinet, with Theophile
Delcasse as Foreign Minister,and two members of the Unified
Socialists, Jules Jeusde and Marcel Sembat, in the Ministry.
Many of the members of the old Cabinet were retained and
the new Cabinet comprised several ex-Premiers. While the
Germans were achieving victories in their campaign against
the French, they were apparently meeting with reverses on
their Eastern frontier. The mobilization of the Russian
army had been carried to completion with greater rapidity
than had been deemed possible, and the Russians at once began an invasion of.Eastern Prussia and also engaged in combat with the Austrian armies. They appeared to be making
great headway in Eastern Prussia, across a swampy, unfortified country,and apparently got somewhere near Konigsberg,
while the Austrians sustained severe reverses, especially in
Galicia; but at the close of the month Berlin announced a
great victory for the German troops at Allenstein, East Prussia,it being claimed that three army corps had been completely annihilated and 70,000 prisoners taken,including two commanding generals, 300 officers and the complete artillery of
the Russian army engaged. It was estimated that the line of
battle in the Russian engagements with Germany and Austria
extended over 400 miles, that about 3,000,000 men were enaged on both sides and that 3,000,000 more men were engaged on both sides in the war between Germany and the
Anglo-French-Belgian Allies. In the contest of Austria
against Servia the Austrians seem to have been beaten in
pretty nearly every engagement and at nearly every point.
On the sea the British navy managed to capture or sink a
number of German ships of one kind or another, one of these
being the North German Lloyd steamer Kaiser Wilhelm der
Grosse, which was sunk off the west coast of Africa by the
British cruiser Highflyer. The German boat had been converted from a merchant-ship into an auxiliary cruiser and
carried ten 4-in. guns. One of the.events of the month was a
: Japan on
declaration of war by Japan against Germany
demanding the withAug. 15 sent an ultimatum to Germany
drawal or disarmament of German warships in Japanese and
(Vol, 100.
Chinese waters and the surrender to Japan by Sept. 15 of the
German leased port.of. Kaiu-Chau on the Chinese coast.
Germany was given until Sunday,Aug.23, to comply. Japan
promised the eventual restoration of this piece of leased territory to China. It was announced officially at London that
Japan contemplated no hostile action against any of the German possessions on the Pacific except Kiau-Chau, thus precluding a Japanese move against Samoa or other quarters in
which the interests of the U. S. might be affected. On Aug.
29 Apia, in German Samoa, surrendered to an expe itionary
force sent by the Govt. of New Zealand, but this was not considered as being inimical to the interests of the United States.
Italy decided to remain neutral, and Portugal, in answer to
Germany's insistent questioning, declared she would stand
with England. In this country prompt measures were taken
by the Treasury Dept. and the N. Y. banking interests to
cope with the extraordinary situation that had arisen. Conferences between leading bankers and Sec. of the Treas. McAdoo were held both in Washington and New York on Saturday, Sunday and Monday, Aug. 1, 2 and 3. Steps were
taken to put out large amounts of emergency currency and
to facilitate the movement Congress was induced to amend
the provisions of the law for the issuance of emergency notes
under the Aldrich-Vreeland Act. The amendment consisted
in removing the $500,000,000 limit upon the issuance of such
notes and leaving it discretionary with the Sec. of the Treas.
as to what aggregate amount might be put out. The Secretary was also given authority to suspend the limitation which
prescribed that any additional circulation secured otherwise
than by bonds of the U. S. should be issued only to national
banks having circulating notes outstanding secured by Govt.
bonds to amount not less than 40% of their capital stock.
The tax imposed on such emergency currency had under the
Federal Reserve Act been reduced. In the original law the
initial rate of interest was 5% and the rate increased by 1%
a month until 10% was reached. In the Federal Reserve
Act, in re-incorporating theemergency provision the rate
was changed so as to make it only 3% per annum for the
first three months, then increasing one-half of 1% a month,
with the maximum fixed at 6%. In further changing the
law now,a proviso was inserted requiring each bank and currency association to maintain on deposit in the Treasury of
the United States a sum in gold sufficient in the judgment of the Secretary for the redemption of such notes,
but in no event less than 5%. The amendments became a law on Tuesday, Aug. 4. The Treasury Department acted with great promptness and made large shipments of currency to the various centres of the country
the previous Saturday, so that everything was in readiness
for the issuance of the notes on Monday morning, Aug. 3.
At the Sub-Treasury in this city $46,000,000 of now currency
had been received on Aug. 3. A meeting of the Executive
Committee of the National Currency Assn. of N. Y. was held
on Saturday, Aug. 1, to consider applications for notes
under the Emergency Currency Act. The Clearing-House
bank statement issued that day showed a reduction in the
money holdings as compared with the previous week from
$467,879,000 to $411,580,000 (according to the figures of
actual condition at the end of the week), with the result that
there was now a deficiency in cash reserves of $17,425,750,
mdicatmg the need for prompt action in providing additional
circulating media. The Clearing-House Committee of the
N. Y. Clearing-House Assn. was also in session on Sunday,
Aug. 2, and at a meeting of the Association on Aug. 3 resolutions were adopted declaring that every means should be
taken•to protect the gold supply in the U. S. and with that
end in view to issue Clearing-House certificates for the settlement of balances between banks. Another resolution
adopted provided "that until further action all forms of
currency issued under authority of the National Govt. be
received in payment of balances at the Clearing House," In
normal times gold certificates or other lawful money is used
in the payment of balances. Acting in accordance with the
suggestion of the State Supt. of Banks, the N. Y. State
Savings Bank Assn. at a meeting on Aug.3 decided to enforce
the 60-day requirement with regard to savings deposits, except in the ease of sums to the amount of $25 to $50. The
publication of the detailed N.Y. Clearing-House weekly bank
statement showing the condition of the individual banks and
trust companies was discontinued beginning with Saturday,
Aug. 8, and publication of the same was not again resumed
until Saturday, Dec. 5, after all the Clearing-House loan
certificates had been retired.. During this interval, also, the
Clearing-House omitted to give out the totals showing the
actual condition at the end of the week but confined itself
entirely to reporting the averages for the week. In Great
Britain heroic measures were adopted for dealing with the
situation. Saturday, Aug. 1 and Monday, Aug. 3, were
bank holidays. These holidays were extended by the Govt.
so as to include Tuesday, Aug. 4, Wednesday, Aug. 5, and
Thursday, Aug. 6. Then a moratorium was declared for
one month, first for bills of exchange and later a general
moratorium. The moratorium was subsequently twice extended for a further month, the last time until Nov. 4. In
the case of bills of exchange the last extension was for only
14 days where a bill had had the benefit under either one of
the two previous extensions. Accordingly the pre-moratorium bills of exchange began to fall due Oct. 17. While the
moratorium finally expired Nov. 4, the effect in the case of
bills of exchange did not pass away until Dec. 3, a month's
JAN. 16 1915.]
THE CHRONICLE
extension of time on maturing bills not previously extended
having been granted on all bills maturing for the first time on
or before Nov. 3, with the result that a bill extended on the
last-mentioned day did not require payment until Dec. 3.
The boldest step of all, however, was the announcement on
Aug. 13 that the British Govt. had decided to guarantee
the Bank of England against any loss that might be incurred
in discounting bills of exchange of either home or foreign
banks accepted prior to Aug. 4. The Bank of England at
once gave formal notice that it was prepared to discount
any approved bill of exchange accepted before Aug. 4 at the
Bank's minimum rate and without recourse to the acceptor.
It was estimated that this vitalized several hundred millions
sterling of bills. Subsequently, as questions arose whether
acceptors would be sufficiently protected as to their position
at the termination of the moratorium, a further bold step
was taken and a new proclamation issued to the effect that
the Bank of England, according to arrangements with the
Govt., would advance the necessary funds to meet acceptances for which cover might not be forthcoming from clients,
until one year after the close of the war. There was no open
suspension of the Bank Act, but in allowing the plank of
England to issue Treasury notes of small denominations,
namely £1 and 10s., against which it was not obligatory for
the Bank to hold a gold reserve of its own, action was taken
tantamount to the suspension of the Bank Act. The Bank,
howeVer, at once began to provide a gold reserve against
these Treasury notes and consistently kept up the practice
until the end of the year. It also later made provision to
protect Stock Exchange debtors,who were estimated to have
outstanding obligations amounting to £80,000,000 sterling.
All this brought a rapid improvement in the banking situation and accordingly the Bank minimum rate of discount,
which on Aug. 1 had been raised to 10%, was on Aug. 6
reduced to 6% and on Aug. 8 to 5%, at which figure it remained until the end of the year. To what a strain the Bank
had been subjected appeared in the return for Aug. 6, showing a decrease in the holdings of gold coin and bullion for the
week of no less than £10,509,475, with the proportion of reserve to liabilities down to only 14.60%, against 40.03%
the previous week and 55.92% at the corresponding date the
previous year. Vigorous measures were taken, however, to
replenish the gold holdings and by the end of the year the
stock of gold,which Aug.6 had got down to £27,622,069, was
raised to £69,493,610, after having set aside large amounts
as a reserve against the issue of Treasury notes;and the proportion of reserve to liabilities was brought up to 33.42%.
The bulk of the new gold supplies came from the U. S.,a
depository for the Bank of England having been established
at Ottawa, Canada. Later, similar depositories were opened
in South Africa and in Australia. This was to avoid the
of.capture of the metal by the enemy should the goldrisk
be
shipped direct to the Bank of England. Other exceptional
measures were likewise taken by the British Government
to meet the unusual situation, among others a scheme
of insurance against war risks. The British Parliament
on Aug. 4 voted £105,000,000 for emergency purposes
and on Aug. 6 voted another £100,000,000 for war
authority to increase the army by 500,000 men. and
On
Aug. 19 £15,000,000 of 6-mos. Treasury bills were offered
and the applications amounted to £42,115,000. The average
rate was 3 21-32%. On Aug. 26 £15,000,000 more of
6-mos. Treasury bills were disposed of at an average price
of 3 25-32%. The French Govt. on Sunday, Aug. 2, also
announced a moratorium suspending the payment of all
debts in France until Aug. 31. This moratorium was subsequently repeatedly extended, the last extension, granted in
December,allowing a further postponement of 60 days in the
matter of negotiable instruments, or until Mar. 1 1915. The
discount rate of the Bank of France, which on Aug. 1 had
been advanced to 6% from 43/s, was later reduced to 5%,at
which figure it remained until the end of the year. In Gprmany no general moratorium was declared, but the maturity
of foreign drafts accepted in Germany before Aug. 1 was postponed until Nov. 1 on account of the difficulty of drawers
in securing their remittances, and the delays occasioned
thereby as well as the interruption in the usual transportation of the mails. On Nov. 1 it is believed a further extension was granted. Austria declared a general moratorium
until the end of Sept., and bills of exchange maturing in Aug.
and Sept. were prolonged 61 days. As a matter of fact,
practically every leading country in Europe promulgated
moratoria of longer or shorter duration, and many of these
had to be renewed at expiration. So far as the facts became
public, they will be found recorded from week to week in the
"Chronicle." In this country several big conferences of
prominent business men, bankers, shipowners and shippers
from all over the country with the members of the Federal
Reserve Board were held in the Treasury Dept. at Washington to discuss ways and means to export our cotton and grain
crops to Europe and finance our international trade balances.
The difficulty of obtaining ships and of foreign exchange facilities both acted as obstacles to free export. Then the fact
that so many of the countries of Europe were at war seriously
curtailed the demand for some of our leading products, particularly cotton, copper and mineral oils. A tremendous
advance occurred in the price of sugar. On July 28 raw
sugar sold at 3.26 cts. per lb. On Aug. 14 the price had risen
to 6.52 cts. Later in the year marked recessions from these
figures occurred. There was also a sharp rise in the price of
t93
rubber, and grain values were much higher. In fact, there
was such a general advance in food prices that several Governmental investigations of the matter were begun. This
was the more noteworthy as the outlook for the growing
crops remained very encouraging. The Sept. option for
wheat in Chicago advanced from 863 cts. Aug. 1 to $1 12
Aug. 31, the Sept. option for corn from 69% cts. to 80 cts.
and the Sept. option for oats from 36 cts. to 49 cts.. The
American Copper Producers' Association decided to discontinue the monthly statements of production, stocks, &c., in
view of the conditions prevailing. Copper prices, after
sharply declining to 12% cts. for Lake copper and 12% cts.
for electrolytic, stiffened on the curtailment of output and
:were 13 cts. and 12% cts., respectively, at the close. In the
iron and steel trade important ultimate benefits were looked
for in certain lines, and this had a sentimental effect in improving the tone, but otherwise the situation remained unchanged. Many of the steel companies manifested uneasiness about the supply of ferro-manganese,in which a tremendous rise in price occurred. At the beginning of the ,
month an advance of $1 a ton in bars, plates and shapes was
made, bringing the price to $1 20 per 100 lbs. at Pittsburgh.
Later. an advance of $1 a ton was made in wire products,
bringing nails up to $1 60 and fencing wire to $1 40 at Pittsburgh. Steel billets at Pittsburgh moved up from $19
to
$21 per ton. The cotton exchanges remained closed, 50
print
cloths at Fall River were reduced Aug. 8 from 33% cts. to
35% cts:and Aug. 15 to
33 cts. In response
a message
of President Wilson on Aug. 3, Congress voted to
an appropriation of $250,000 for the relief, protection and transportation of stranded Americans in Europe, and later a further
appropriation of $2,500,000 was provided for the same purpose. The armored cruiser Tennessee was immediately dispatched from New York,and she also carried $3,000,000 gold
destined for London sent by a number of bankers and banking houses in order to furnish their clients with-gold currency.
Congress also adopted an amendment to the Panama Canal
Act so as to admit foreign vessels to immediate American
registry. The bill eliminated the requirement that foreignbuilt ships admitted to American registry must be less than
5 years old. It also empowered the President to suspend
the provisions of the law prescribing that all the officers of
U. S. vessels registered for foreign trade shall be citizens of
the U. S. J. P. Morgan & Co. were tentatively approached
by private interests to see if they would engage to bring out
in this country a French loan for $100,000,000, but they de-,
dined to entertain the suggestion in view of the attitude oi
strict neutrality which the Administration at Washington
enjoined. The French Govt., however, deposited a sum
approximating $16,000,000 with the Paris firm of Morgan,
Harjes & Co., this being in accordance with a plan of the
Bank of France to establish through J. P. Morgan & Co: a
credit in the U. S. on which the Bank could draw for bills
incurred here. President Wilson again declined to stay
trust legislation, the request this tune coming from Republican Senators, and on Aug. 5 the Senate passed a Federal
Trade Commission Bill as a substitute for the House InterState Trade Commission Bill. At the close of the month,
however, the President consented to postpone action on the
Railroad Securities Bill. The Smith-Lever Cotton Futures
Bill became a law on Aug. 18. The bill imposes a tax of
2 cts. on each lb. of cotton ($10 a bale) sold for future delivery where the provisions of the Act are not complied with, and
provides that trading shall be in accordance with standards
fixed at various times by the Govt. The Act, as to its main
provisions, does not become operative until 6 mos. after its
passage, that is, not until Feb. 18 1915. The Inter-State
Commerce Commission filed its decision Saturday afternoon,
Aug.1,on the petition of the Eastern roads for a 5%
in rates. It proved a disappointment. It granted aadvance
limited
advance in Central Freight Association Territory, but disallowed entirely all increase in rates in trunk-line territory
and in the New England States. The decision was followed
almost immediately by an application for a rehearing in view
of the change in the situation produced by the war in Europe,
and this rehearing the Commission granted, and it was productive of a better result the following December. Govt.
deposits in the banks were increased from $62,157,564 to
$74,816,333, and cash in Sub-Treasuries was reduced from
$374,151,991 to $347,459,838. Owing mainly to the issue
of emergency currency, bank circulation increased from $735,222,801 to $862,093,143. In Mexican affairs the provisional
President, Carbajal, and his Cabinet left Mexico City for
Vera Cruz on Aug. 12, and on Aug. 20 Gen. Carranza, as
lender of the Mexican Constitutionalists, entered Mexico
City at the head of his troops. Pope Piux X. died Aug. 20.
He. was succeeded early the next month by Cardinal Della
Chiesa who took the title of Benecrot XV. Eighteen peace
treaties negotiated by Secretary Bryan were ratified
by the U. S. Senate. The distinctive feature of all
these treaties was that they provide for an investigation by
an international commission into matters of dispute before
resort can be had to war. The U. S. Dist. Court at St. Paul
on Aug.12,by a divided court,in the suit brought bythe U.S.
Govt. held that the Internat. Harvester Co. of N. J. and its
subsidiaries constituted a monopoly in restraint of trade in
violation of the Sherman Anti-Trust Law. It decreed the
dissolution of the combination into at least three independent
concerns of about equal size and with no stockholders in
common. The case was appealed. President Wilson noun-
194
THE CHRONICLE
[voL. no.
nated James C. McReynolds, Attorney-General of the U. S., march at the close of the previous month, had advanced to
to fill the vacancy on the bench of the U. S. Supreme Court within 20 or 25 miles of the outer fortifications of Paris, and
caused by the death of Justice Lurton. He was confirmed so great was deemed the peril to the French capital that the
by the Senate on Aug. 29, and that body also confirmed the seat of government was removed to Bordeaux and the Bank of
nomination of Thomas Watt Gregory as Attorney-General. France transferred its immense money holdings to the same
place. But Gen.Joffre, the French commander-in-chief, had
Mr. Gregory had been Assistant Attorney-General.
Railroad Events and Stock Exchange Matters.—On the effected a truly masterful retreat and the French army reN. Y. Stock Exchange deliveries were gradually made in mained intact. The task before the invaders, therefore, was
settlement of business transacted at the closing session on not only to reduce the almost impregnable fortifications of the
armies.
July 30. Quite a good many customers of brokerage houses city, but also to crush the allied English and French flank
of
took up securities which these latter were carrying for them. Gen. von Kluck evidently attempted to turn the left
On Aug. 12 the Special Committee of Five of the Exchange the Allied armies and to get in between the city and the Allied
ruled that members of the Exchange desiring to buy securi- forces. Failing in this, he began to retreat with the same raties for cash could send a list of the same to the Committee pidity with which he had previously advanced. The Allied
on Clearing House, giving the amount of securities and the forces having rallied, and having also been strongly reinforced
prices they were willing to pay, but that no offer to buy at so that they were believed to have more men in the field than
less than the closing prices of July 30 would be considered. the Germans, pressed the retreating invaders very hard, and
Most other exchanges throughout the country adopted the many bloody engagements took place. Within a week the
back
same policy—that is, allowing purchases or sales for dash, German right wing under von Kluck had been forced order
but at not less than the figures ruling when the exchanges some 100 to 125 miles. The Germans retreated in goodon
the
closed. No reports were furnished of purchases or sales un- and in the course of their retreat took up a position
der this rule. Some irregular dealings occurred from time to Marne River, where they offered desperate resistance to the
time in the so-called "Gutter Market" on New Street, but Allied attacks. A gigantic battle lasting 7 or 8 days, and
the dealings were insignificant and inconsequential, all the known as the Battle of the Marne, was fought, in which enorleading investment and brokerage houses living up in good mous losses to both sides occurred. The Germans continued
faith to the agreement that there were to be no security deal- to fall back, and finally took a defensive stand on the Aisne
ings so long as the Stock Exchange remained closed. One River and in part also on the Oise River, where a mighty
feature established in the dealings on New Street was that a battle or battles raged until the end of the month. The Gerdemand existed for the sugar stocks—Amer. Beet Sugar and mans here fortified themselves in trenches of great strength.
Amer. Sugar Refining—at substantially better quotations At the close of the month the fighting was particularly
than those which ruled when the Exchange closed. The rea- hard along a distance of 150 or more miles from the Moson for this, of course, was the great advance in the price of selle River to the Somme; the northern and westraw sugar, due to the fact that so many of the beet-sugar- ern point, which at first had been at Noyon, having
producing countries of Europe were at war. Receivers were been extended further north in the direction of
appointed for the International & Great Northern, also for Belgium, as the Allies pressed the Germans harder and still
the International Steam Pump Co. Numerous reductions of harder, and the latter were obliged to bring up reinforcebe known
dividends by industrial and other companies were announced, ments. This gigantic battle, which will probably
.of the Two Rivers,
those regarding oil properties being particularly prominent. as the Battle of the Aisne, or the Battle
the
The Money Market.—In our local money market the tone continued day after day without a decisive issue. Atdays
progress nineteen
was very firm, but this represented the caution of lenders close of September it had been in
on both sides. The German
rather than a specific demand from any class of borrower. with almost incredible losses
battle was, about the middle of
The Clearing-House banks and trust companies, in .their force engaged in this great
to French advices, placed at 1,100,000
statement of actual figures for Aug. 1 showed a deficinecy the month, according were
credited with 1,500,000; but these
in the required cash reserve of $17,425,750. After that only men, while the Allies been
later in the month, as
the weekly averages were given out and these reported a numbers must have wereincreased
brought up. At the same time
deficiency Aug. 8 of $43,116,000, which was increased to further reinforcements
to make numerous sorties from
$47,992,250 Aug. 15, then decreased to $42,719,900 Aug. 22 the Belgian army continued
a great deal and making
and to $33,857,000 Aug. 29. Money holdings of the Clear- Antwerp, harassing the Germans
a considerable force in Beling-House banks and trust companies were reduced from it necessary for them to retainhave
been used against the
$444,434,000 Aug. 1 to $382,732,000 Aug. 15, and then in- gium which might otherwise
progressing satisfactorily
creased to $394,180,000 Aug. 29. Deposits decreased from Allies. Meanwhile things were not
$1,935,821,000 Aug. 1 to $1,902,704,000 Aug. 29, but loans for the Germans on the Russian border, or what came to be
of war. Russia pushed
ran up from $2,056,190,000 to $2,127,667,000. Money designated as the Eastern theatre the
Austrians being driven
holdings of the State banks and trust companies not in the further and stillfurtherinto Galicia,
Clearing House increased from $53,283,800 Aug. 1 to $55,- steadily back, with enormous losses. At the beginning of the
095,800 Aug. 15 and then fell to $53,870,200 Aug.29. Loans month the Czar's troops occupied Lemberg, and, subseof these institutions were not greatly changed. Call money quently, the Russians captured a number of other strongthroughout the month remained at the uniform figure of holds in the.same vicinity and were said to be marching on to
6@)8%, but with the Stock Exchange closed there was no Cracow, with the view of capturing that point and then
occasion for making call loans. Time money was nominally beginning the invasion of Germany. Russian advices the
8%for all maturities up to 5 months and 7(0)8%for6 months. latter part of the month claimed that in the Galician camCommercial paper was quoted at 6%@7% for double names paign the Austrians had lost 550,000 men and 900 guns,
and prime single names and 73'% for single names not so the losses being divided as follows—killed 150,000, wounded
200,000 and prisoners 200,000. The Austrians also suffered
favorably known.
Foreign Exchange, Silver, &c.—Our foreign exchange mar- bad reverses in their war with the Servians, these latter
ket was completely disorganized and normal conditions were entering the Province of Bosnia and inflicting senous damnot restored even by the close, notwithstanding that the age in many ways. One of the important events in connecfinancial situation abroad, as a result of the extraordinary tion with the war was the agreement entered into between the
measures adopted by the British Government, greatly im- Allies—England, France and Russia—by which they. muproved—so much so that the Bank of England, after having tually engaged not to conclude peace separately. This en5, when the
raised its rate from 8% to 10% on Aug. 1, was able to re- gagement was entered into on Saturday, Sept.
duce again to 6% on Aug.6 and still further to 5% on Satur- right wing of the German army was close to Pans. The
day, Aug. 8. The Bank of France also reduced its rate, as three governments then agreed that when terms of peace
noted above. It being impossible to arrange any inter- came to be discussed, no one of the Allies would demand
change of credit between this country and Great Britain, conditions of peace without the previous agreement of each
and further exports of gold being strongly discountenanced, of the other Allies. At one time, while the German army
small transactions occurred in sterling at the beginning of the was being pressed bank with such great rapidity, rumors of
month at as high as $7 to the pound sterling for cable trans- peace negotiations gamed currency. and had the effect, for
fers. But these were extreme figures. Still, even as late the moment,of arresting the sensational advance in the price
as the 8th as high as 5 50 was paid. At the close the quota- of wheat. Our Government, of course, was desirous of
tion was 5 071g5 073i. Bankers' sight sterling Aug. 14 promoting peace, and on Sept. 8 President Wilson issued a
States
got down to 4 94@4 96, but the close Aug. 31 was at 5 06 proclamation calling upon the people of the United
@,5 063(. There were no open market discount rates. to pray for peace and setting aside Oct. 4 as a day of prayer
Kaiser
had
sent a
Silver in London, after the Bank holidays early in the month, for the purpose. Rumor was.that the
got up to 273Ad. Aug. 10, but fluctuated widely and errati- message to President Wilson indicating a desire to accept
peace. It appeared, however, that the message was simply
cally thereafter, with the close Aug. 31 243
a protest embodying various allegations against the way in
MONTH OF SEPTEMBER.
which the war was being conducted by the Allies, one charge
Current Events.—The war in Europe continued with un- being that dum-dum bullets had been manufactured in
abated violence. The tone of affairs, nevertheless,improved special works by the French Government and were being
during this month. One reason for this was that the tide of used by the Allies, a charge which was promptly denied by
battle seemed to be turning strongly against the Germans and the French Govt. Mr. Wilson made a diplomatic response,
in favor of the Allies, whose success was considered desirable. declaring that it would be "unwise, premature, even inconsisnow."
Still another reason was that important measures for dealing tent, for a neutral Govt. like this to pass judgment peace,
for
with the financial disorganization growing out of the war When it was supposed the Germans were suing
by the British press. These
were put into effect in this country and in Great Britain. At very harsh terms were suggested
not only a demand for the return of
the scene of the war the momentous development of the intimations embodied,
to France and the repayment of the indemmonth was the steady pushing back of the German forces in Alsace-Lorraine
had obtained from France after the
Germany
which
Gerwing
of
right
nity
the
the
Sept.
of
France. At the beginning
of
War
1870, but the cession of new Rhine
Franco-Prussian
its
of
lightning
result
a
as
Kluck,
man army under Gen. von
JAN. 16 1915.]
THE CHRONICLE
195
territory to Belgium, with an indemnity to this latter coun- 1914 which are not self-sustaining are to be paid for, onetry, also the ceding of Germany's northeastern provinces to quarter from taxes and three-quarters by.the issuance of
Denmark, of Poland to Russia and of Trieste to Italy, with 15-year bonds. The improvements authorized during 1916
the complete dismantling of the German fleet. It was this are to be paid for, one-half from the tax budget of the folno doubt that induced the German Imperial Chancellor lowing year and one-half by the sale of city bonds. In 1917
later in the month, in informing U. S. Ambassador Gerard, they are to be taken care of by the payment of three-quarters
at Berlin, that Germany was appreciative of the American from the budget and one-quarter by the issuance of bonds.
Government's interest and offer of services in trying to make All improvements made in 1918 and subsequently are to
peace, to suggest that the United States ought, in view of all be met entirely from taxes. It was provided that the prothe circumstances of the case, to get proposals of peace from ceeds of the $100,000,000 new 6s were to be deposited at
the Allies with a view of their submission to Germany. Presi- interest, at the rate of 2% per annum, in the several banks
dent Wilson did not think that this suggestion contained and trust companies of the city becoming members.of the
anything definite or tangible on which to proceed; and syndicate to an extent equal to their several subscriptions.
obviously, so long as neither side had sustained a crushing Of the total proceeds, $80,243,940 47 were to be used
defeat, the time was not opportune for mediation. In finan- solely for the payment of the outstanding obligations
cial affairs the matter of importance was the progress made of the city payable in London and in Paris prior to Janin both Great Britain and the United States for restoring uary 1 1915 to the extent of £13,494,327 16s. and
normal conditions. The Bank of England kept adding to its 61,500,000 francs. The syndicate was to arrange for such
gold holdings week by week and also increased its ratio of payment in consideration of the payment to the syndicate
reserve to liabilities. The success attending the military managers for the account of the syndicate of the aggregate
operations of the Allies in France served greatly to improve sum of 0,243,940 47. In computing the amount needed to
the tone and an added influence in the same direction was an take up the city's obligations abroad, foreign exchange was
announcement made in the House of Commons on Sept. 4 figured at the rate of $5,033 for each pound sterling of all
by David Lloyd George, Chancellor of the Exchequer, notes payable by their terms in London and at 20 cents for
saying that an arrangement had been completed calculated each franc of all notes payable by their terms in Paris. It was
to remove the difficulties caused by the breakdown of the provided that the syndicate managers were to act as manaforeign exchanges. Under the arrangement (which we have gers without any compensation, but might become memalready referred to in our narrative for August),the Bank of bers of the syndicate, and as such might share in the profits or
England undertook to provide acceptors with the funds neces- the losses of the syndicate. If through the fluctuation of exsary to pay at maturity all bills contracted before the mora- change the payment of the city's obligations maturing abroad
torium was declared. Acceptors were to be under obligation could be effected at a less cost than $80,243,940 47, the profit
to collect from their clients the funds due them as soon as was to go to the syndicate, but in no event was the net profit
possible and to apply those funds to the advance made by the so retained by the syndicate to exceed 2% upon said sum.
Bank, for which interest was to be charged at 2% above the Any saving in excess of such 2% was to go to the city. On
ruling Bank rate. The Bank engaged not to claim re- the other hand, if a loss was sustained by the syndicate by
payment of any amount not recovered by acceptors from reason of an advance in exchange, then such loss was to be
their clients for a period of one year after the close of the war. borne exclusively by the syndicate. At the end of the year
Until the end of this period the Bank's claim was to rank the syndicate managers were able to turn over a profit of
below other claims in respect of post-moratorium transac- $171,709 to the city under this arrangement. On Thursday,
tions. Further constructive action was taken by the Sept. 17, the $100,000,000 new 6s were offered for public
London Joint-Stock Banks. In order to facilitate fresh subscription at par and accrued interest—the cost price to
business and the movement of produce and merchandise the syndicate. The subscribing banks and trust companies
from and to all parts of the world, these banks, on their were allowed to retain 50% of their subscription if they so depart, arranged, with the co-operation of the Bank of Eng- sired. The offering proved a decided success and the new
land and the British Government, to advance to clients issues immediately sold at a premium, those due 1915 being
the amounts necessary to pay their acceptances at quoted at the close of the month at 1003. @100/,those due
maturity where the funds had not been provided in in 1916 at 1003/8@)101% and those due in 1917 at 102@
due time by the clients of the acceptors. These 1023
/s. Subsequently a still further rise occurred. Shiptwo developments relieved the monetary pressure ments of gold in connection with the transaction were madeto
and checked the rush to the Bank for discounts. Moreover, Ottawa, being there deposited to the credit of the Bank of
as a result of the introduction of a new Bills of Exchange Act, England. On Sept. 14 $4,650,000 was shipped, on Sept. 16
protecting bill holders from loss from delays resulting from $2,000,000, and in the week ending Sept. 26 $4,633,055 of
the war, London bankers arranged for the resumption, be- gold was engaged for Ottawa, chiefly in connection with the
ginning with Thursday, Sept. 17, of their bi-weekly meetings loan remittances. With the further shipments made subseat the Royal Exchange for the purpose of fixing foreign ex- q.uently a total of about $35,000,000 gold was sent. Quotachange rates. The Royal Exchange had been closed since tions for British consols remained in the neighborhood of
the outbreak of hostilities. The London Stock Exchange 683/2. Great Britain made another issue of £15,000,000 of
remained closed throughout the month, but on Sept. 15 the Treasury bills on Sept. 16. £7,500,000
at
London Stock Exchange Committee promulgated a long list 2 15-16 and £7,500,000 of 12 mos. of 6 mos. bills going
bills at 3 13-32d. Gerof official quotations for high-grade securities in which trus- many brought
out a 5% loan for $1,250,000,000 at 973/2 (contees under English law might invest. A resolution was sisting of 1,000,000,000
marks of Treasury bonds and 4,000,adopted prohibiting members of the Exchange from selling 100 marks
of Imperial War Loan) and it appears to have
below these official prices, which did not differ materially been quite successful.
There was a further rise in gram
from those current at the final session of the Exchange in prices, followed, however,
July. The moratorium in Great Britain was on Aug. 31 rumors of peace negotiations.by a noteworthy decline on
The Dec. option for wheat
extended from Sept. 4 to Oct. 4 and on Sept. 23 announce- in Chicago touched $1
243j Sept. 4 and then declined to
ment came that there was to be a further extension of the $1 03 Sept. 15, with the
close Sept. 30 $1 073((4)31 08%.
moratorium from Oct. 4 to Nov. 4. This further extension The Dec. option for corn, after getting
to
cts. Sept. 4,
did not at first apply to bills of exchange. Subsequently, fell to 67 cts. Sept.30. The Dec.option for773j
oats, after touchhowever, the Government yielded to the solicitations of ing 543% cts. Sept.5,got down to 453/2 cts. Sept.
15 and closed
bankers and the moratorium proclamation as issued Sept. 30 at 47@48 cts. Conditions in the steel trade grew
worse, and
showed an extension of 14 days for bills that had previously the "Iron Age" reported that concessions in prices
been extended and a full months' grace in the case of bills ily obtained. Govt. deposits in the banks were were readreduced from
the original maturity of which fell after Oct. 3. The French $74,816,333 to $72,741,461 and cash in Sub-Treasuries
inmoratorium was also extended. In this country the two im- creased from $347,459,838 to $349,113,150.
National bank
portant events were the conclusion by New York bankers circulation through the further issue of
emergency currency
of arrangements to finance the $80,000,000 of New York City moved still higher—that is, from
$8862,093,143 to $1,062,obligations maturing abroad before Jan. 1 1915 and the 117,883. The Clayton Omnibus
Anti-Trust Bill passed the
formation of a $100,000,000 gold pool (of which the banks in S9nate.Sept. 2, containing
numerous amendments from the
N.y. City contributed $45,000,000) for the purpose of re- bill as it had passed the House
previous June 5. It then
heving the foreign exchange market. To provide for the went to conferees who reached the
an agreement and made a recity's needs, J. P. Morgan & Co. and Kuhn, Loeb & Co. port the next month. In the case
of the Federal Trade Comorganized a syndicate in which every one of 130 banks and mission Bill both Houses
the report of the Confertrust companies in the city was invited to participate, and ence Committee and the accepted
received the signature of the
in which all did participate except four, to float at par $100,- President on Sept.20. Onbill
4 Pres. Wilson read a special
000,000 new city obligations bearing 6% interest-357,000,- message to Congress urgingSept.
the raising of $100,000,000 addi000 to be payable in one year, $18,000,000 in two years and tional revenues through
internal taxes,to meet the falling off
$25,000,000 in three years. As part of the plan, the city in Govt. income occasioned
by the European war. The bill
agreed to put a limit upon the issuance of new obligations authorizing the
establishment of a Bureau of War Risk Insurfor the future. As originally drawn the agreement provided ance in the Treasury
Dept. became a law with the signature of
that until after the year 1917 no new obligations (other than the President on
2. The new Act provides temporary
revenue bills, bonds or notes in anticipation of taxes) were j means of insuringSept.
American
ships and cargoes against loss or
city
for
any
work under contract, excepting I damage during
to be sold by the
European war. The President vetoed an
self-sustaining works like rapid transit, docks or water sup- Act amending the
the law governing postal savings deposits.
ply. On objection being made by the Mayor that this would This proposed to raise the amount which might be deposited
cause a postponement of many needed and contemplated in a postal savings bank by any one
person to $1,000, the
improvements, or result in an advance in the tax rate, the present limit being $500. The
objected to the bill,
limitation was qualified somewhat. As adopted by the , however, because it contained aPresident
repealing a section
provision
agreement
provided
that improve- of the new bank law providing that Federal funds may
Board of Estimate, the
be dements authorized by the city during 1915 and the rest of I posited only with members of the Federal Reserve System.
THE CHRONICLE
196
An appropriation was made giving Secy. of State Bryan
$1,000,000 to meet extra expenses of the diplomatic and consular services growing out of the hostilities in Europe.
Railroad Events and Stock Exchange Matters.—Our Stock
Exchange remained closed throughout the whole month and
there was nothing to indicate when re-opening would take
place. A step in that direction, however, occurred Sept. 22,
when the Special Committee of Five decided to allow members to trade in listed bonds or notes at moderate concessions from the closing prices of July 30 under the supervision of the Committee. Three days before (on Sept. 19)
the Investment Bankers' Committee of Seven had also
removed some restrictions in deciding that dealers should
be free to sell unlisted bonds owned by them to investors,
though sales of unlisted bonds not owned were to continue
subject to the approval of the Committee. On Sept. 24 a
committee of 5, representative of dealers in unlisted stocks,
issued a letter allowing trading in this class of securities, subject to their approval,.at moderate concessions from the prices
of July 30. No restrictions were placed on trading in mining
stocks listed on the N.Y."Curb" that were selling at not over
$3. The N. Y."Curb" Market Assn. held that its members
must submit proposed transactions in unlsted stocks to
the Committee on Unlisted Stocks. Dividend reductions
or suspensions were the feature of the month, including
many copper and oil companies. The list is too numerous
to mention, but extensive references to the subject will be
found in the issue of the "Chronicle" of Aug. 22 1914, page
517; Sept. 12, page 721; Sept. 19, page 799; Oct. 3, page 952;
Oct. 17, page 1112 and Oct. 31, page 12t8. Among other
companies that passed was the famous Calumet & Hecla
Mining Co.; Southern Ry. first deferred action on the pref.
dividend, then reduced its semi-annual payment from 2%
to 2% and made the whole amount payable in 4% scrip
due in five years. There were no new loan negotiations of
consequence.
The Money Market.—The money market was largely a
nominal affair, with call loans ranging throughout the month
at 6@8%. Time money at the close was 6@7% for 60 days,
90 days and for 6 mos. and 6@8% for 4 and 5 mos. Commercial paper was 6@7% for double names and prime single
names and 73' and above for others. Money holdings of the
Clearing-House banks and trust companies fell from $394,180,000 Aug. 29 to $391,004,000 Sept. 5, but then steadily
increased and got up to $415,679,000 Sept. 26. Cash reserves continued below the requirements each week, the
deficit being $37,129,300 Sept. 5, $35,065,000 Sept. 12,
$38,384,100 Sept. 19 and $30,709,400 Sept. 26. Deposits
Sept. 26 were $1,983,246,000, against $1,902,388,000 Sept. 5,
and loans were $2,226,706,000 Sept. 26, against $2,136,964,000 Sept. 5. Money holdings of the State banks and
trust companies not in the Clearing House were $54,623,500
Sept. 26, against $53,870,200 Aug. 29 and loans of these institutions were $585,639,100, against $570,145,800.
Foreign Exchange, Silver, &c.—In foreign exchange more
or less progress was made toward a restoration of normal
conditions, but the market, nevertheless, remained very
much disorganized. The announcement that bankers had
arranged to take care of the New York City obligations maturing abroad before the 1stof January, and would send what
amount of gold was needed for the purpose to Ottawa, had
an immediate effect in causing a sharp drop in rates and the
arrangements for the formation of a $100,000,000 gold pool
for the purpose of easing exchange rates, the gold likewise
to go to Ottawa, operated in the same direction. The resumption by London bankers on Sept. 17 of the semi-weekly
meetings on the Royal Exchange for the purpose of fixing
foreign exchange rates was also not without influence in
indicating approach by degrees to a normal state of things.
Still, in face of the plans for the formation of the $100,000,000
gold pool, exchange rates again sharply advanced the latter
part of the month. The announcement, however, that the
pool had actually been put in operation on Sept. 30, and that
$10,000,000 gold would be shipped immediately to Ottawa,
occasioned a sharp downward reaction again on that day.
Bankers' sight bills were at their highest Sept. 1 at 5 06@
5 063j and at their lowest Sept. 21 at 4 9434@4 953
%, with
the close Sept. 30 4 97%@4 98%. Open market discounts
33/i
in London at the close were down to
@33' for 90-day
bills, the rate having steadily declined under the great improvement in the position of the Bank of England, which
week by week made further large additions to its gold holdings. There were no open market quotations at the other
European centres and only this one for London. Silver in
London fluctuated between 25 3-16d. and 23 9-16d. and
closed at 24d.
MONTH OF OCTOBER.
Current Events.—While the developments regarding the war
in Europe were unfavorable during October—the Germans
scoring decided successes in Belgium and the area of the conflict being widened by the entry of Turkey into the contest
at the close of the month—the financial situation, both in
this country and in Great Britain, greatly improved. In
this country the most signal evidence of improvement was
found in the striking betterment, week by week, of banking
conditions, as reflected in the weekly returns of the New York
Clearing-House institutions. At the close of Sept. the
C1earingHou5e banks and trust companies still recorded a
large deficiency ($30,709,400), and at that figure comparison
[VOL. loo.
was with a deficiency of $47,992,250 on Aug. 15, when the
impairment of reserves was at its height; on Oct. 3 the Clearing-House return showed a deficit of only $17,986,650; on
Oct. 10 this was cut down to $7,791,350; Oct. 17 it was reduced to $934,150, and Oct. 24 converted into a surplus of
,460,650, while Oct. 31 this surplus was further increased
to $14,914,950. Most important of all, the banks were able
to increase their specie holdings notwithstanding the large
gold exports to Canada (the gain, however, being in considerable part at the expense of the U. S. Treasury), and were
able likewise to add to their holdings of legal-tenders. The
specie holdings ran up from $325,774,000 Sept. 26 to $345,053,000 Oct. 31, at which figure comparison was with $308,928,000 Aug. 15, the low point. The legal tender holdings
increased from $89,905,000 Sept. 26 to $103,297,000 Oct. 31,
this latter comparing with the minimum of $73,804,000,
reached on Aug. 15. In other words, total money holdings
Oct. 31 were 48,350,000, against $415,679,000 Sept. 26
and $382,732,000 Aug. 15. One other step in the improvement of the Clearing-House banks was the gradual retirement of Clearing-House certificates, though no figures were
given out. The latter half of the month several millions of
emergency notes were also sent in for redemption. The foreign exchange situation registered an equally wonderful
transformation. While there was still active discussion as
to what could or should be done to rectify the dislocation in
exchange, and when our Treasury officials were in conference
at Washington with two representatives of the English Chancellor of the Exchequer, namely Sir George Paish and Basil
B. Blackett, and the deliberations were later extended so
as to include eleven leading men from the banking and financial world—James Speyer, Albert H. Wiggin, George Foster
Peabody, Benjamin Strong Jr., James Brown, Jacob H.
Schiff, H.P. Davison, J. S. Alexander, William Woodward,
Samuel McRoberts and D. C. King—the exchange market
suddenly collapsed and an equilibrium was restored apparently in a normal, natural way. On Saturday, Oct. 24,
prices of the different classes of sterling bills broke two or
three cents per pound sterling, and the following Monday
this was succeeded by a further break of the same amount,
bringing rates below the customary gold-export point and
disposing for the time being of the question whether or not
it would be good policy or obligatory upon us to part with
further large amounts of our gold to the Bank of England,
after having already shipped so much. The $100,000,000
Gold Pool operated very sparingly and with great secrecy,
making only one call (of 25%) upon its members, and the
conferences with the English representatives did not lead to
anything definite. Exports of breadstuffs continued on a
huge scale, but nevertheless there was no considerable supply
of grain bills in the foreign exchange market, business being
conducted in considerable degree on what might be termed a
cash basis—that is, payment for both the cargo and the
freight money being made in cash before the vessel sailed.
Cotton bills also were far from plentiful, though being in
freer supply after assurances had been received from the
English Government, in response to the inquiry made by the
Washington authorities (both from Sir Edward Grey, British Secretary of State for Foreign Affairs, and Cecil SpringRice, the British Ambassador to the United States), that
cotton was not regarded as contraband and would not be
seized, no matter what its destination, whether to neutral
countries or to belligerents, if in neutral bottoms. The termination or the approaching termination of the moratoria in
Europe, and particularly the English moratorium, seems to
have been mainly responsible for the break in exchange rates
and the gradual return to normal conditions in the exchange
market. During Aug. and Sept. all bills on London falling
due had been rendered unavailable by the moratorium.
But, as the third proclamation allowed a further extension
of merely 14 days on bills previously extended, it resulted
that some bills drawn on London had to be met the latter
part of the month, even though the moratorium was still in
force. For instance, a bill due Oct. 5 would have to be met
Oct. 19, a bill due Oct. 6, Oct. 20, &c., &c. This explains
the statement so generally made that the moratorium as to
bills of exchange had terminated on Monday, Oct. 19. As a
matter of fact, it will be seen, it terminated only partially
on that day and full termination did not come as to all bills
until the beginning of December. The effect on the exchange
market was immediate. Some bills on London were now
being paid from day to day and the exchange market ceased
being the absolutely one-sided affair it had been since July 30.
For the first.time in nearly three months it became possible
to offset in part what was due by us to Great liritain
by what was owing to us from that country. Gold exports
to Canada were large until the last week of the month, when,
on account of the drop in exchange rates, they fell to moderate proportions. On Thursday, Oct. 1, the $100,000,000
Gold Pool began operations by shipping $10,000,000 in gold
to Ottawa, this consisting of ,600,000 in coin taken from
the Sub-Treasury and $1,400,000 in bars obtained from the
Assay Office. After that, however, gold shipments by the
Pool were light, though, on the other hand, considerable
shipments were made by the J. P. Morgan & Co. and Kuhn,
Loeb & Co. syndicate in the carrying out of its obligations
to meet maturing New York City obligations abroad. In
the week ending Oct. 10 $6,058,146 was sent to Canada,
consisting of $5,178,910 coin and 79,236 bars, of which
,420,500 was on New York City account. In the week
JAN. 161915.]
THE CHRONICLE
ending Oct. 17 a total of ,283,562 gold was sent to Canada,
consisting of $7,059,070 coin and $1,224,492 bars, about
$6,000,000 of this being for the New York City syndicate.
In the week ending Oct. 24 the shipments to Ottawa aggregated $7,646,441, embracing $7,196,920 coin and $449,521
bars, and $4,200,000 of this was on City account. In the
last week the shipments to Ottawa aggregated only $2,161,575, $2,086,000 of this being coin and $75,575 bars; furthermore, subscribers to the New York City syndicate,in being
called upon to pay the 7th installment of their subscription,
amounting to, roughly, $2,000,000, were not asked to pay
in gold or exchange as in previous weeks, but were allowed
to pay in check. With reference to the developments in
connection with the war in Europe, the battle of the Aisne,
or the Battle of the Many Rivers, as it might be called, continued day after day during the earlier part of the month
without decisive result. The two sides were virtually deadlocked, neither the Allies nor the Germans being able to
obtain any substantial advantage. In Belgium, however,
the Germans gained their objective. They bombarded
Antwerp, and the capital, which had previously been moved
from Brussels to Antwerp, was now transferred to Ostend,
and could not long be maintained even there. The outer
forts of Antwerp quickly succumbed under the fire of
the big Germ an guns, and October 9 the place was
surrendered. Unfortunately for the Germans, the great
bulk of the Belgian army succeeded in getting away. A
small portion, along with some British marines, sought
shelter in Holland. The Germans later also occupied
Ostend on the coast and on October 13 the Belgian
Government was removed to Havre on French territory,
though King Albert remained with his army. The Germans
then essayed a quick dash for the northern French ports,
Dunkirk and Calais, which would have brought them to the
Straits of Dover, where they could have conducted operations
against the British Isles with greater facility. This attempt
was frustrated and the Belgian army played an important
part in defeating the onward rush of the Germans, who were
finally forced to retreat in part. Then ensued the most desperate fighting of all. British and French warships engaged in the conflict and the Belgians opened their dikes
and flooded the country. Airships also took part in the
struggle and the battle raged on land, on the sea and in the
air. The line of battle now extended from the North Sea
to the Swiss border, engagements being all the time under
way, with the odds first favoring one side and then the other;
but the Allies succeeded at least in hurling back the German
forces in Belgium and in preventing their descent on the
French coast. The Allied armies at this stage seemed to
have superiority of numbers, their estimates of their forces
being 2,225,000 men, as against 1,750,000 Germans engaged.
In what was known as the Eastern theatre of war—that is,
in Russia.—the Austrians apparently succeeded in pushing
the Russians back in Galicia, but the German armies failed
in their designs on Warsaw in Russian Poland, and were
forced to retreat to fortified positions. The close of the
month marked the entrance of Turkey into the conflict.
On Oct. 29 two Turkish torpedo-boat destroyers were reported to have entered the Port of Odessa on the Black Sea
and to have sunk a Russian gunboat and damaged the French
liner Portugal. The city itself was bombarded. The Turks
were also reported as having bombarded Theodosia and
Novorossysk. Whether this was done by design or whether
the Turkish warships, manned by Germans, got out of
hand, could not be clearly determined, and the Grand Vizier
of Turkey was said to have apologized on behalf of his Government for the waxlike operations of the Turkish fleet under German commanders in the Black Sea; but while Turkey, in reply to a note presented by Russia, France and England on Oct. 30, agreed to recall her fleet from the Black
Sea, she refused ,to dismiss the German officers from her
ships, as demanded. Accordingly, the Ambassadors of the
Entente Powers demanded their passports and left.Turkey.
Another unfortunate development was an uprising in South
Africa. A dispatch from Cape Town on Oct. 13 announced
that a revolt had broken out in the Northwest Cape Province and that Lord Buxton, Governor-General of the Union,
had proclaimed martial law throughout the Union of South
Africa. Colonel Solomon G. Mintz, who had fought in the
Boer War and had been military commander of the Northwest Cape Province, was the leader of the rebels. Just as it
appeared that this uprising had been suppressed,and Colonel
Maritz, wounded, fled across the German border, announce,
meat came that Generals De Wet and Beyers, both highlr,
respected, and who had made their mark in the Boer Way
had joined the rebels. General Louis Botha, the Premierat once headed the army and with a host of other loyal commanders began operating against the revolutionists. Great
Britain made two more issues of 6-months' Treasury bills
—£15,000,000 being placed Oct. 7 at 3 9-16% and £15,000,000 Oct. 21 at 3%. British Consols remained quoted
at about 683/2. The French moratorium was again extended,
and Germany, which had at the outbreak of the war postponed payments.of bills of exchange for 2 months, now made
a further extension of 3 months. Russia placed an issue of
£12,000,000 Treasury bills in London. The French Government, which at the beginning of the wax had obtained a
credit here for $12,000,000 through J. P. Morgan & Co. to
pay for purchases in this country, obtained a further loan of
$10,000,000 through New York bankers against which to
197
draw to pay for commodities and supplies purchased in this
country. The new loan was in the form of one-year notes
discounted at 6%. The principals in the killing of Archduke Francis Ferdinand of Austria and his wife ,whose assassination was the immediate cause of the European war,
were tried and most of them convicted. Gavrio Prinzip,
the actual assassin, escaped with a sentence of imprisonment
for 20 years, while the other conspirators were sentenced to
death or to various terms of imprisonment. Many naval
disasters were reported. On Oct. 7 the British Admiralty
announced that submarine E-9 had engaged and sunk a
German torpedo boat destroyer off the estuary of the River
Ems. A news dispatch from Rome stated that four Austrian torpedo boats and two Austrian torpedo boat destroyers had been sunk in the Adriatic as a result of contact with
mines. The French Minister of Maxine announced that the
French fleet had been obliged to lay mines in the Adriatic
to offset similar action by Austria. On Oct. 15 the British
cruiser Hawke was sunk while scouting in the North Sea.
The cruiser Theseus, sister ship of the Hawke, was attacked
about the same time, but the torpedo missed. This disaster to the Hawke followed only a few weeks the sinking of
three British cruisers, the Aboukir, Hogue and Cressy, by a
German submarine. The Russian cruiser Palada was also
reported sunk in the North Sea by a German torpedo boat.
On the other hand, the British cruiser Yarmouth sank the
German liner Markomania near Sumatra and captured the
Greek steamer Ponpoporos, both acting as supply ships of
the German cruiser Emden. On Oct. 22 the British Admir•
alty announced that the latter had sunk six more British
steamers off the cost of India. The Emden's sister ship,
the Karlsruhe, it was stated had sunk thirteen British merchantmen in the Atlantic. Later in the month another
successful escapade by the German cruiser Emden was reported. Flying the Japanese flag and disguised by the addition of a fourth smokestack, the vessel entered Penang,
a British possession in the Straits Settlements and fired
torpedoes which sank the Russian cruiser Jemtchug and a
French destroyer. The Emden came in under the guns of
the fort and after completing her task escaped through the
Straits of Malacca. The German Embassy at Washington
announced that the British battleship Triumph, which had
been assisting the Japanese in the bombardment of Tsingtau, had been badly damaged by shell fire from the German
fortifications at that point. The Japanese cruiser Takachiho, was stated to have struck a mine while patroling the
harbor at Tsing-tau and been sunk. German reports dedared that a new British submarine E-3 had been sunk on
Oct. 18 by German warships in the North Sea. Early in
the month the Japanese occupied the Island of Yap,a German
possession in the Pacific. Later they occupied the German
islands in the archipelagoes of Marshall, Marianna and
Caroline (lying 1,000 to 1,700 miles east of the Philippines
and near the American island of Guam) for "military purposes". Japanese and British warships kept bombarding
the forts at Tsing-tau. Prince Louis of Battenberg, against
whom much idle gossip had been launched because of his
Austrian birth, notwithstanding he had two sons serving
the British army, thought it best to resign his position as
First Sea Lord of the British Admiralty. He was succeeded
the next month by Admiral Fisher. Marquis di San Giuliano, the Italian Minister of Foreign Affairs, who had been
Italy's great advocate of peace and neutrality, died, but
Italy's policy of neutrality remained unchanged. Great
anxiety was occasioned during the month by the seizure of
American ships by British warships, but considerable relief
was experienced the latter part of the month when Great
Britain definitely announced its position regarding the placing
of certain articles on the contraband list. On Oct. 25 assurances were given that the British Government did not consider cotton contraband of war—that it was on the free list
and would so remain. It was also announced that the
Bureau of War Risk Insurance of the Treasury Department
at Washington was writing insurance freely on cotton when
carried in American vessels. This eased the cotton situation immediately. The attitude of Great Britain towards
shipments of mineral oils was also set out by Sir Cecil SpringRice, the British Ambassador, his explanation coming as a.
result of the seizure by Great Britain of three Standard Oil
vessels—the John D. Rockefeller, the Brindilla and the
Platuria. In the case of the two last-named steamers there
had been a transfer to American registry, but it was understood that the question of the change of registry did not enter
into the proceedings taken by Great Britain in either instance,
but centred on the ultimate destination of their cargoes and
that this was true also of the tank steamer John D. Rockefeller. Sir Cecil Spring-Rice pointed out that there had
latterly been a marked increase in the export of certain articles, as compared with previous years, to those neutral countries which were in direct communication with the belligerent
nations. Particularly was this true as regards mineral
oils; and the course of the war had shown the immense
importance of the motor, the airship and the submarine,
all of which were consumers of mineral oil. He claimed that
a large proportion of the exports of the United States had
been consigned to neutral ports and had been transmitted
from them to a belligerent country. He also contended that
the U. S. Supreme Court had decided in 1863 that vessels
must be considered as carrying contraband, although sailing
from one neutral port to another, if the goods concerned were
198
THE CHRONICLE
destined to be transported by land or sea from the neutral
port of landing into enemy territory; hence that the character of the goods is determined by their ultimate and nottheir
immediate destination. He said that this doctrine had at
the time been acquiesced in by Great Britain though her
own trade was the chief sufferer. In the case of the Rockefeller, which was bound for a port in the neighborhood of
the chief naval port of a belligerent, the oil she carried was
consigned to order and there was, therefore, no guaranty
that it would not be forwarded to the enemy. She was,
accordingly, detained until proof was afforded of the neutral
destination of her cargo and the intention of the neutral
government to prevent re-export. The Rockefeller was released by the British Government Oct. 22, following the
protest of our State Department and, on advices received
from London, the British Ambassador here explained that
there had been nothing to show in her papers for whom the
oil she carried was destined, it being consigned "to order",
but it having now been ascertained that the oil in her tanks
was destined for the Vanish Petroleum Co., and that there
was in Denmark an embargo on exportation. Fuel and
lubricants had been declared conditional contraband by the
British proclamation of Aug. 4. The Rockefeller was
American owned and had undergone no change of ownership. She was bound from one neutral port to another,
having left Philadelphia for Copenhagen on September 2.
The steamers, Brindilla and Plattiria, however, though
always owned by the Standard Oil Company, had previous to the war been flying the German flag, and
with the passage of the Ship Registry Law had taken out
American registry. The steamer Brindflla had cleared on
Oct. 13from New York for Alexandria, Egypt, but was seized
by the British auxiliary cruiser Caronia the moment she got
outside of Sandy Hook. The Platuria was seized off the
coast of Scotland on Oct. 23. The former was released
Oct. 26 and the latter the next month, Nov. 3. The Standard Oil.people stated that there was never any doubt as to
the ultimate destination of any of the shipments, that the
cargoes represented normal shipments of illuminating lamp
oil to old-established clients of theirs, having large distributfng organizations in their respective markets for supplying
the local trade. Protests were also filed with the State Department at Washington by the Amer. Smelt. &Refining
Co., the Amer. Metal Co., Ltd., the United Metals Selling
Co. and the Consolidated Metals Co. against the seizure
by the British authorities of steamers whose cargoes consisted partly of copper. The Italian steamers San Giovanni
and Regina d'Italia had been seized at Gibraltar because
part of the cargoes consisted of copper. shipped from this
country. The American Line steamship Kroonland, flying the American flag and carrying 1,300 tons of copper, had
likewise been seized and was being .detained at Gibraltar.
These shipments had been consigned in conformity with universal practice in the trade, "to order." These measures
of interference threatened to stop altogether the exportation
of copper from the United States to Europe, and this could
not but affect disastrously the copper-mining industry
throughout the West. Eventually all the vessels which had
been detained at Gibraltar carrying American copper were
released. It appeared the Italian Government had already
at the time of the seizures declared an embargo on the exportation of copper to belligerent countries, but the notification
had not yet formally reached England. On Oct. 31 a revised list of articles which Great Britain had declared contraband of war was made public, and this showed that Great
Britain had placed in the absolute contraband class such articles as copper, lead, mineral oils, rubber, motor vehicles
and other things that had previously been classed as conditional contraband. Affairs in Mexico continued highly disturbed, with theiriction between General Carranza and General Villa daily increasing. All sorts of measures were suggested or devised for the relief of cotton planters in the South.
A movempnt. had been inaugurated the previous month to
get each individual to buy a bale and hold it. President
Wilson started the scheme by the purchase of the first bale
offered in the campaign. This movement was continued, but
gradually came to a halt as the price dropped lower and still
lower (in the Southern markets, we mean, the cotton exchanges being closed), the movement being predicated on
the purchase of cotton at 10 cents per lb. And all sorts of
other measures. came up for discussion. President Wilson,
however, set his !ace sternly against adventitious schemes.
He declined, for instance, to give his support to a proposal
urged by Southern Congressmen for the valorization of cotton by the Federal Government. The suggestion was that
the Government make a direct loan of $500,000,000 to the
hotton planters. Secretary.McAdoo, on his part, declined
to give countenance to similar other wild schemes. A bill
for the deposit of $250,000,000 of Government funds in
Southern banks, to be loaned to cotton planters at not more
than 4% was defeated in the House on Oct. 21. Congressman Henry was sponsor for the bill and he offered it as a
rider to a proposed amendment to the Federal Reserve Law.
On the other hand, Secretary McAdoo indulged in charges
against the banks, saying they were exacting high interest
rates and also that they were engaged in hoarding, through
the holding of excessive reserves. These allegations were
bitterly resented, it being usually found that where a bank's
reserve was high (some of the banks named were small institutions), special circumstances existed justifying such re
[VOL. 100.
serves, thus making it unfair to single out any special institution for unfavorable mention. The statement that New
York banks were requiring correspondent banks to pay 7%
for loans, Mr. McAdoo was obliged to admit, was not warranted after the Clearing-House Committee had challenged
the statement and had asked him to name specific instances.
The special war tax bill intended to raise $100,000,000
to make up for deficiencies of revenue during the existence of
war in Europe became a law on Oct. 22. In the shape the
bill passed it was estimated the yield would be $90,000,000.
Previously, the Clayton Omnibus Anti-Trust Bill had become
a law through the President's signature on Oct. 15. As this
completed the program of trust legislation (the Federal Trade
Commission Bill having been signed Sept. 26 and the bill
for the regulation of railroad security issues having been
postponed), Congress was now ready to adjourn. Some of
the Southern Congressmen, however, for a time resorted to
filibustering with the view of forcing the adoption of some
measure extending Government relief to Southern planters.
This, however, speedily collapsed, and on Oct. 24 Congress
definitely adjourned. With the completion of trust legislation the President addressed a letter (Oct. 17) to Congressman Underwood, in which he spoke in eulogistic terms of
what had been accomplished, saying the legislative program
"had several distinct parts and many items, but, after all,
a single purpose, namely, to destroy private control and set
business free." "Private control," he declared, "had shown
its sinister force on every hand in America, had shown it for
a long time and sometimes very brazenly, in the trusts and
in a virtual domination of credit and by small groups of men.
The safest hiding-place and covert of such control was in
the tariff." "High prices," he stated, "did not spring directly out of the tariff. They sprang out of the suppression
of domestic, no less than of foreign, competition, by means
of combinations and trade agreements which could be much
more easily contrived and maintained under the protection
of a high tariff than without it." "The soil in which combinations had grown was removed, lest some of the seeds of
monopoly might be found to remain in it." "In like manner,
by the currency bill, we have created a democracy of credit
such as has never existed in this country before." Notwithstanding the realization of the prospect4 of excellent
grain crops, grain prices further advanced on the prodigious
European demand. The Dec. option for wheat at Chicago
rose from $1 O53 Oct. 2 to $1 17 Oct. 23, the Dec. option
for corn from 6634c. Oct. 2 to 705
,gc. Oct. 24 and the Dec.
option for oats from 463'c. Oct. 2 to 51c. Oct. 24. There
was a further large increase in national bank circulation
through the issue of emergency currency, the total rising
from $1,062,117,883 to $1,100,836,633. Government deposits in the banks rose from $72,741,461 to $76,597,117
and cash in sub-treasuries was reduced from $349,113,159
to $345,651,858. The steel trade became still more depressed and prices dropped sharply. It was estimated the
steel mills were operating to only 50% of their capacity.
Steel billets at Pittsburgh were marked down from $21 to
$19 50. Copper declined from 1214c. to 113ic. for Lake
and from 11 Yi to 11 Wic. for electrolytic. The U. S.
District Court in this city on Oct. 13 rendered a unanimous decision in the suit brought by the Government on
Jan. 4 1911 against the International Mercantile Marine
Co. and others included in the membership of the North
Atlantic Passenger Conference, holding that such combines
are not within the prohibition of the statutes as defined by the
U.S. Supreme Court in the Standard Oil and Tobacco Trust
cases, and do not, with the exception of the practice known as
"fighting ships", constitute "unreasonable restraints of trade
and commerce." The effect of these two decisions, the
Court said, would seem to be that contracts and methods of
business which do not in fact restrain or interfere with competition are not obnoxious to the provisions of the Act unless
such restraint or interference is "unreasonable" or "undue".
An injunction was granted against the continuance of the
"fighting ships", which,it was generally conceded, was not an.
essential part of the conference methods and has been abandoned.
Railroad Events and Stock Exchange Maters.—The Stock
Exchanges remained closed—at London, it New York, at
Paris, &c., &c. In London, however, stelia were taken for
facilitating the opening of the Exchange and at New York
the transactions conducted in the so-called gutter market
on New Street indicated a decided improving price tendency.
While the dealings in New Street were necessarily restricted
in character and precarious in nature and without semblance
of authenticity, inasmuch as no Stock Exchange house could
lend its aid in any way to outside dealings,it is a fact, nevertheless, that certain quotations were current from day to
day; more than that, during this and the next month even
definite price sheets were issued by two or three concerns
catering to these irregular dealings. In the "Chronicle" of
Dec. 26 1914, pages 1866, to 1869, will be found a record of
these quotations. Their value consists entirely in indicating
the change in sentiment from day to day and the gradual
improvement in this sentiment. Definite progress was also
made during October toward restoring normal conditions
in the regular securities market. The Special Committee
of Five of the New York Stock Exchange on Oct. 13 allowed
trading in guaranteed stocks at moderate concessions from
the July 30 prices, all transactions, however, to be submitted
to the Committee; and the Committee of Seven on unlisted
.
L
JAN. 16 1915.]
THE CHRONICLE
bonds to have charge of the trading in unlisted guaranteed
stocks. An important announcement was also made by the
London Stock Exchange, which on Oct. 3 resolved not to
allow its members to trade in securities dealt in in the American market at a less price than the English equivalent of the
New York closing prices of July 30. The Committee of
Five having charge of trading in unlisted stocks on Oct.3
ruled that transactions in unlisted stocks selling at $3 or
under on July 30 need not be submitted to them, though no
sales or quotations were to be made public. This was amended on Oct. 10 so that the limit was raised to $10. As practically all the mining shares and several important industrial
stocks listed on the New York "Curb" came under this rule
it led, through misunderstanding, to a partial resumption
of trading on the "Curb" on Oct. 14, which lasted only a
short while, having practically ceased at noon. Trading in
some of the Standard Oil stocks at a moderate reduction in
the minimum prices, amounting in some cases to 5 points,
was also allowed, beginning Oct. 21. Brokers and dealers
in unlisted securities expressed dissatisfaction at a meeting
on Oct. 7 with the action of the Committee of Five and resolutions were presented to the Exchange Committee of Five.
The dissenting brokers, however, decided to continue to cooperate, in the interests of harmony. The Committee of
Seven in charge of trading in unlisted bonds on Oct. 28 ruled
that trading in unlisted notes and bonds maturing prior to
Nov. 1 1917 and all unlisted serial equipment notes need
not be submitted to them. On Oct. 6 the embargo on unlisted securities in Boston was lifted entirely and on Oct. 14
the Boston Curb Exchange resumed business. Amal. Cop.
reduced quar. div. from 1%% to %% and some other copper
companies also reduced or suspended, including the Rio
Tinto Co. U. S. Steel cut the quar. div. on corn. from
1% to %%. Cambria Steel paid in scrip. Seaboard Air
Line Ry. deferred the div. on pref. Tol. St. L. & West.
RR. went into the hands of receivers. J. P. Morgan & Co.
offered $20,000,000 1-year 5% notes of the N. Y. Cent. and
also $20,000,000 6 mos. notes. Consol. Gas Co. of N. Y.
placed $7,500,000 of 8-mos. 6% notes.
The Money Market.—In money at this centre conditions
became steadily more comfortable as the month progressed.
Very early, there was an improved demand for commercial
paper by banks and trust companies, including both city
and out-of-town institutions. One feature was increased balances in N. Y. belonging to clients in Europe. Call money
at first remained pegged at 6@)8%, but gradually the maximum figure worked down, being first reduced from 8 to 7%
and then to 63'%. The break in call money was led by the
First Nat. Bank of this city, which announced about the
middle of the month that its rate on collateral call loans had
been reduced from 8 to 7%. The Secretary of the N. Y.
Stock Exchange, George W. Ely, at once posted a notice on
the bulletin of the Stock Exchange saying that "a bank has a
moderate amount of money to loan on call at 7%. On application at the N. Y. Stock Exchange Clearing House, 55
New St., members desiring to borrow will be placed in communication with said bank." The other banks were prompt
in following the leadership of the First National. The
significance of the reduction lay in the circumstance that it
marked a renewal of lending on Stock Exchange collateral.
The money Oct. 31 was 6@64 for all maturities, while
commercial paper was 6@,63 for choice double and prime
mingle names and 7@73 for good single names. Money
holdings of the Clearing-House banks and trust companies
increased from $415,679,000 Sept. 26 to $448,350,000 Oct. 31
and in place of a cash deficiency of $330,709,400 below the
requirements on Sept. 26,there was a surplus of cash reserve
on Oct. 31 of $14,914,950. Deposits were reduced from
$1,983,246,000 Sept. 26 to $1,919,683,000 Oct. 31, and
loans from $2,226,706,000 to $2,157,251,000 Oct. 31. The
money holdings of the State banks and trust companies
not in the Clearing House were not greatly changed. But
the loans of these institutions were reduced from $585,639,100 Sept. 26 to $560,829,600 Oct. 31.
Foreign Exchange, Silver, &c.—The course of our foreign
exchange market has been outlined above. The early part
of the month rates continued to rule high. The managers of
the Gold Pool did not attempt to depress rates. Their operations were conducted in secret and no details were given
out beyond the single announcement made on Oct. 6 that
the committee had delivered bills on that day at 4 95% as
a result of the previous day's applications, as compared
with 4 963i, the rate at which the previous Friday's applications had been filled on Saturday, Oct. 3. The rest of
the month the Pool appeared to be quite inactive, and rates
for sterling were well maintained at high figures until the
great break occurred on Oct. 24 and Oct. 26. Berlin exchange was weak throughout the month, owing to a disposition to hold German balances in N. Y. as a neutral market
and also because large purchases of merchandise were being
made in this country for indirect export to Germany, while,
on the other hand, the U. S. could purchase very little German merchandise, since, owing to the war, Germany could
not ship the goods. The parity for German exchange is
usually considered 95.2 and the import point for German gold
here about 94%, but German cable transfers dropped to 89
and German demand exchange closed at 883
%. We have referred above to the weekly .gold shipments to Canada.
Bankers' sight bills were at their highest Oct. 16 at 4 97%
4 98 and attheirlowest Oct. 26 at4 89@14 893,with theclose
199
Oct. 31 at 4 904. Open market discounts at London
Oct. 31 were 2@23/2 for 60-day bills and 33' for 90-day bills.
Silver in London sharply declined and closed Oct. 31 at
22 3-16d.
MONTH OF NOVEMBER.
Current Events.—Greater progress towards a restoration
of normal conditions was made in November than during
any month since the outbreak of war in Europe. The important events included the resumption of trading on Nov.
16 on the N. Y. Cotton Exchange, the inauguration on the
same day of the Federal Reserve Banking System, a break
in foreign exchange rates as a result of the gradual running
off of bills of exchange on Great Britain the payment of
which had been postponed by the British moratorium and
the beginning of trading on the N. Y. Curb market on Nov.
12, followed on Nov. 28 by dealings in bonds on the N. Y.
Stock Exchange itself under certain restrictions. To this
must be added the completion of the work of obtaining the
necessary pledges to the $135,000,000 cotton pool intended
to assist cotton planters with loans, the retirement of a
considerable portion of the emergency currency that had
been taken out by the various national banks throughout
the country and also the almost total extinction of ClearingHouse loan certificates at the different centres. The
Clearing-House Committee of the N. Y. Clearing-House
Association made announcement Nov. 30 that all ClearingHouse loan certificates had been retired and that the Clearing
House would resume the publication of the detailed weekly
bank statement, showing the condition of the separate banks,
with the following Saturday, Dec. 5. The publication of
this detailed statement had been discontinued the previous
Aug.8. The first issue of these Clearing-House loan certificates was made Aug.3 and the last Oct. 15. The aggregate
issue was $124,695,000, but the largest amount outstanding
at any one time was $109,185,000 and the largest amount in
circulation only $57,625,000. The date of the first cancellation of the certificates was Aug. 26 and the date of the
last cancellation Nov. 28. The collateral deposited for the
certificates aggregated $462,174,000, consisting of $234,465,000 commercial paper (or 50.7%), $163;873,000 (or
35.5%) of bonds and securities and $63,836,000 (or 13.8)%
of collateral loans. At the time of the 1907 panic, the aggregate issue was $101,060,000 and the largest amount outstanding $88,420,000. On Dec. 1 the Comptroller of the
Currency also gave out a statement, this covering the whole
country. He announced that telegraphic adv!ees to him
showed that all the clearing-house loan certificates had
either been paid off or called for redemption. Chicago
wired, he stated, that the banks there were ready to pay off
the comparatively small balance of certificates still outstanding and immediate cancellation was delayed merely by the
notice of redemption required. The Baltimore .banks had
given notice of the redemption of the last of their loan certificates not later than Dec. 15. New York, Boston, Philadelphia, St. Louis, New Orleans and all other cities throughout the United States which had reported the issue of any
clearing-house certificates now announced that all had been
paid in full. The Comptroller also stated that the.total
amount of emergency currency issued under the provisions
of the Aldrich-Vreeland Act up to Dec. 1 had been $381,530,000, and of this $127,272,000, or fully one-third, had
already been redeemed. Not least among the important
events of the month were the November elections. The
result of these was in the highest degree encouraging,indicating dissatisfaction on the part of the electorate with the
radical policies of the Administration and enjoining a halt
on such policies. Whereas in the existing Congress the
Democrats had a clear majority in the Lower House of 143,
m the new Congress, the term of which begins on March 4
1915, the majority will be only 29. The result was the more
noteworthy, owing to the direct appeal which President
Wilson had made to the voters. He had kept Congress
continuously in session for nearly nineteen months in
order to carry out his legislative policies, and on Oct. 17,
only two weeks before the election, had written a letter to
Congressman Underwood, expressing faith in a result favorable to him and his party, saying: "I look forward with confidence to the elections. The voters of the United States
have never failed to reward real service. They have never
failed to sustain a Congress and Administration that were
seeking, as this Congress and, I believe, this Administration,
have sought, to render them a permanent and disinterested
benefit in the shape of reformed and rectified laws. They
know, too, that without a Congress in close sympathy with
the Administration, a whole scheme of peace and honor
and disinterested service to the world, of which they
have approved, cannot be brought to its full realization."
After declaring that "the Democratic Party is
now in fact the only instrument ready to the country's
hand by which anything can be accomplished," he went on
to add : "A practical nation is not likely to reject such a
team, full of the spirit of public service, and substitute,
in the midst of great tasks, either a party upon which a
deep demoralization has fallen, or a party which has not
grown to the stature that would warrant its assuming the
responsible burdens of State." Nevertheless, the Democratic majority in Congress was reduced to small proportions.
Furthermore, the Progressive Party, to which the President
so tenderly referred as the party which had not yet grown to
200
THE CHRONICLE
rvoL. loo.
The German troops turned from the Russians
full stature, suffered almost complete collapse, its repre- and South.they
were engaged and fought a very bitter threesentation in the House being cut down from 19 to 7. In with whomand broke
through the Russians'ring. In so doing
this State the vote was particularly decisive. The Demo- days fight12,000 prisoners as well as 25 guns and lost only one
cratic candidate for Governor of the State, Martin H. Glynn, they took
claimed. In acknowledgment of his
to help whom in the closing days of the campaign the Presi- German gun, it was
of the German Army in Russian
dent had sent the members of his official family to engage in achievement as commander
Hindenburg was promoted to the rank of
speech-making, was overwhelmingly rejected. Mr. Glynn Poland, Gen. vonvon
Hindenburg reported that more than
got only 541,269 votes, while Chas. S. Whitman, as the Field Marshal; 150 guns
and about 200 machine guns had
Republican candidate, got 686,701 votes. Mr. Roosevelt's 60,000 prisoners,
declared, however, the enemy was
Progressive candidate, Frederick M.Davenport, did not poll fallen into his hands. "HeEarly
in Dec. Berlin gave out a
as many votes even as William Sulzer, who the previous year "not yet annihilated.
in the battles at Wloclawek, Kutno,
had been removed from office by a High Court of Impeach- statement saying that
army had taken between the
ment. Mr. Davenport received only 45,586 votes, while Lodz and Lowicz the Eastern
of Dec. over 80,000 unwounded
Sulzer got 126,270, Gustave A. Strebel, Socialist, 37,793, 11th of Nov. and the 1st
The Kaiser also raised Gen. Luedendorf,
and James T. Hunter, Social Labor, 2,350. Mr. Glynn Russian prisoners. chief
of staff, to the rank of Lieut.-Gen.
was so decisively defeated notwithstanding the newspapers von Hindenburg's
of Merit on Gen. von Mackensen
of William Randolph Hearst had been particularly zealous and also conferred the OrderHe
likewise awarded the Order of
on his behalf. Thus, the Hearst element also received a for his victory at Lowicz.
of the Guards Diblow, and the election seemed to involve the common con- Merit to Lieut.-Gen. Likman, Commander
the battle of Lodz. The
demnation of Roosevelt. Bryan, Wilson and Hearst. Only vision, for distinguished service atappeared,
on the whole, to
campaign
the day before the election a grand jury in this city in the situation in the Russianline
of battle in North and South PolU. S. District Court, before Judge Foster, after an investi- be very confusing, the
successes
gation of New York New Haven & Hartford RR. affairs and being extremely long, with the Russians gaining
Germans—the
lasting several weeks, had handed down an indictment and making large captures, the same as thegreatly
exceedagainst 21 former directors and counsel of the company for Russians,indeed, claiming that their captures taken by the
alleged criminal conspiracy to violate the Sherman Anti- ed the 80,000 prisoners claimed to have been the Russian
Trust Law by obtairung a monopoly, as charged, of prac- Germans. That something had gone awry with
tically all of the land and water transportation facilities of plans appeared early the next month, when it was announced
in
New England. Forty-eight other men, including the late that the Russian Gen. Rennenkampf had been superseded
J.P. Morgan and Alexander J. Cassatt, though not indicted, command for having spoiled the strategic plans of Grand
were mentioned as having been co-conspirators. Other Duke Nicholas by coming into position a couple of days late.
election results also went to show that the voters were getting In the Russo-Austrian campaign in Galicia and the Carpatared of radical legislation and of hostile policies against the thians, the Austrians again suffered serious reverses and Rusrailroad and other interests. For instance, in Missouri, on a sian reports at the close of the month stated that the Austrian
referendum vote, the Full Crew Law was defeated by a vote troops defending the approaches to Cracow had been defeated
of 324,384 against 159,892. On the field of battle one event and were falling back in disorder in the region of the fortress.
the
early in the month (Dec. 7) was the surrender of the forts at But here, also, the situation was more or less confusing,
so that,
Tsmg-Tau.to the Japanese. Tsing-Tau was the principal Russians being repulsed at some points on occasions,prisoners
town of Krao-Chau, Germany's leasehold concession of 117 though they estimated the number of Austrian
at 50,000 men
square miles on the Shantung Peninsula of China. which taken during the last two weeks of the month
to have warJapan had determined to wrest from the Germans. The and 600 officers, the Austrians, in turn, seemed
numbers of Ruslittle German garrison had defended the place for 65 days rant for claiming the capture of considerable
against S.ervia the Austriagainst land and sea attacks by the Japanese and certain sians. In the Austrian campaign
and at the beginning of DecemBritish detachments of both white and Indian troops that ans gained notable successes,
anniversary of Emperor Francis
found themselves in China at the outbreak of the war. In ber (Dec. 2), on theof66th
Joseph's assumption the throne of Austria-Hungary, Gen.
the Turkish war, Great Britain, in accepting the challenge
Army Corps, announced that
of Turkey, on Nov. 5 annexed the Island of Cyprus. This Frank,commander of the Fifth the Austrian troops on that
annexation was hardly more than a formality, however, as Belgrade had been occupied by
day. This victory, however, proved short-lived, as will apthe island had actually been a British possession since 1878,
In pear from our narrative for December. Sentiment in the
although nominally under the suzerainty of the Sultan.
practi- steel trade improved, but demand continued on a small basis
France and Belgium the opposing armies remained
the and prices for finished products declined. An announcement
cally deadlocked, though the net results seemed to favorsucof ferromanganese to
Allies, at least to the extent that German attacks were Ger- came from Great Britain that exports
the U.S. had been forbidden, but this action caused no flurry
cessfully resisted. In the early part of the month the
mans apparently were endeavoring to force a march to the here, and it was also stated that concessions might be made if
coast through Ypres, having chosen that route after the proper guaranties were given against re-exports from the U.S.
Belgians had flooded the Ypres valley to the north and thus The "Iron Age" reported that steel plates had sold as low as
successfully prevented the German advance in that direc- 1.05c. at Pittsburgh, and bars also showed weakness,
tion. For the rest of the month the battle consisted mainly and sold at the same figure. Pig iron production in the U. S.
of artillery contests, with the Germans seeking to break got down to only 1,518,316 tons, against 2,347.867 tons in
through the lines of the Allies at various points, but invaria- March and.2,822,217 tons in May of the previous year. Steel
bly failing, while, on the other hand, the Allies were unsuc- billets at Pittsburgh further declined from $19 50 per ton to
cessful, except in isolated instances, in forcing the Germans $19. Unfilled orders on the books of the Steel Corporation
back. In the Russian campaign, it seemed at one time as Nov. 30 were only 3,324,592 tons, against 3,461,097 tons
if the Germans had suffered overwhelming disaster and that Oct. 31, 3,787,667 tons Sept. 30 and 4,213,331 tons Aug. 31.
their • doom was sealed. The Russians did inflict serious Copper continued depressed, notwithstanding the curtailpunishment, but they failed to crush the foe,and the Germans ment of production, owing to the difficulty of making exfinally succeeded in cutting their way through the ring which ports, and early in the month Lake copper got down to 11.25
enthe Russians had undertaken to draw around them. Early cts. and electrolytic to 11.15 cts., but a sharp recovery cts.
in the month the Russians drove back the German centre sued, and Lake closed at 13 ots. and electrolytic at 12.75 The
(which had been pushing forward with great energy) to the Grain prices weakened the latter part of the month.
River Warthe, in Russian Poland. They also repulsed a Dec. option for wheat at Chicago touched $1 183 Nov. 5,
German offensive movement from East Prussia and captured got down to $1 11% Nov. 28 and closed Nov. 30 atS1 133,.
Johanmsburg from the Germans. The latter part of the The Dec. option for corn at Chicago dropped from 70%
month the accounts regarding the battle in Russia were sen- Nov. 9 to 62% Nov. 30, and the Dec. option for oats desational in the extreme. Dispatches from Russian sources clined from 50% cts. Nov.9 to 47% cts. Nov.30. With the
declared that not only had the German invading army of resumption of business at the N. Y. Cotton Exchange on
General von Hindenburg been crushed, and his forces divided, Nov. 16 middling upland cotton opened at 7.75 cts. (against
but that the army of General von Mackensen,which had gone 12.50 cts., the price when the Exchange closed on July 30),
to von Hindenburg's relief, had also been defeated. The and Nov. 17 was quoted at 7.50 cts.; the close Nov. 30 was
German front south of Plock was said to have been cut at 7.65 cts. Print cloths at Fall River remained at 3 cts.
in two and the Russians. were stated to have driven a throughout the month. Resumption of dealings on the
wedge into the German line between Mock and Lowicz. Cotton Exchange was effected through an ingenious scheme
The southern half of the German army was declared to be involving the formation, through a syndicate, of a company
endeavoring to cut its way through to join the German called "The Cotton Trading Corporation" for the purchase
forces further to the right, from which it had been cut off. of all outstanding "long" cotton (including that held by
The other half of the divided army,it was asserted, was vain- S. H. P. Pell & Co., a large cotton house which failed in
of.the trap into which Gen. July the day the Exchange closed, and to get whose consent
ly endeavoring to fight its way outstriking
towards the north. the approval of the Court had to be obtained); an agreement
von Hindenburg had been led by
Russian war critics then asserted that the surrender of that on the part of cotton dealers to pay to the Corporation $1 25
part of the army which was surrounded must soon ensue. upon each contract of purchase or sale of 100 bales of cotton
Estimates of the number of German prisoners captured ran up until all liabilities, losses, charges, &c., resulting to the Corseemed to be basis for poration by reason of purchases of cotton should be made good,
to 50,000 and much higher. There
in extreme dilem- and finally an agreement by which certain banks and trust
these reports as to the German forcestobeing
extricate themselves. companies of N. Y. City bound themselves to loan to the
ma, but they eventually managed
Berlin reported "a great story of Corporation from, time to time not exceeding in the aggreAt the close of the month
German troops" in the fighting near Lodz. gate at any one time $1,500,000. To secure said banks and
success for the Germ
had been operating against trust companies a guaranty was entered into between cerThe German forces, it was stated,
of the Russians when they in tain cotton dealers and a committee representing the bankthe right flank and in the rear
from the East ers. On the Liverpool Cotton Exchange trading on a retheir turn were attacked by Russians coming
JAN. 16 1915.1
THE CHRONICLE
stricted basis was resumed Nov. 6. The minimum trading
price was fixed at 4.25d. for American cotton; unrestricted
trading began Nov. 16. It appeared that a decree had been
issued the latter part of Sept. encompassing a reduction of
over 50% in the area to be devoted to cotton in Egypt in 1915.
Owing to the retirement of emergency currency, the aggregate of bank-note circulation was reduced from $1,100,836,633 to $1,010,579,057. Govt. deposits in the banks increased from $72,597,117 to $81,705,083, at the same time
that cash in Sub-Treasuries increased from $345,651,858 to
$407,047,038. This last, however, was due entirely to the
deposit of money to retire bank-note circulation. No less
than $101,420,019 of bank notes were in process of retirement on Nov. 30, against $20,632,278 Oct. 31 and $15,766,893 Sept. 30. The net gold holdings of the Treasury Nov.30
were only $251,062,788, against $256,214,219 Oct. 31 and
$272,336,020 Sept. 30. The net silver holdings on Nov. 30
were $34,999,130, against $16,471,559 Oct. 31 and $16,057,609 Sept. 30. The legal-tender holdings were $27,712,395
Nov.30,against $11,785,908 Oct. 31 and $9,711,987 Sept.30.
The new Federal Reserve banking system was inaugurated
Nov. 16 under very favorable auspices. Paul M. Warburg,
one of the members of the Reserve Board, was particularly
enthusiastic,and thought coming generations would look back
to this date as the 4th of July in the economic life of the
country. President Wilson sent a congratulatory letter to
Sec. McAdoo in which he reviewed the acts of his whole 4dministration and spoke in eulogistic terms of the legislation
accomplished. After commending the tariff law of October
of the previous year, he said: "A trade tribunal has been
created by which those who attempt unjust and oppressive
practices in business can be brought to book. Labor has
been made something else in the view of the law than a mere
mercantile commodity—something human and linked with
the privileges of life itself. The soil has everywhere been laid
bare out of which monopoly is slowly to be eradicated. And
undoubtedly the means by which credit has been set free is
at the heart of all these things—is the keypiece of the whole
structure." In fixing the discount rates to be charged by the
Federal Reserve banks in the 12 reserve districts, the Board
made the range at first 5M@6M%,but subsequently rates
were gradually lowered, the process being continued to the
end of the year and beyond. An assessment of 4-10 of 1%
against the capital of the Federal Reserve banks to defray
the expenses of the Reserve Board for the first half year of
its existence was announced Nov. 2. The N. Y. ClearingHouse Association, with the inauguration of the new system,
reduced the reserve requirements for the institutions within
its jurisdiction. Previously national and State banks were
required by the rules of the Association to maintain reserves
of 25% of the deposits in their own vaults, while trust companies had to keep 15% in vault and 10% with ClearingHouse banks. The new regulations were made to conform
to the requirements of the Federal Reserve Act and the new
State law—in other words, only 18% of the demand deposits
and 5% of the time deposits in the case of the national banks
and 18% of the demand deposits in the case of the State banks
and 15% in the case of the trust co's. State institutions, in accordance with State law, can count national bank notes
as part of their cash reserve. At the suggestion of
State Superintendent of Banks, the savings banks in this city
on Nov.10adopted resolutions declaring necessity nolonger existed for enforcing the 60-day clause with reference to the
withdrawal of deposits. Some of the institutions had ceased
to invoke the notice for some time previously. The $100,000,000 gold pool, instituted for the relief of the foreign
exchange market, practically ceased operations. Only one
call of 25% was made upon the members of the syndicate
and r,000,000 of this was now returned to the subscribers
and $2,500,000 more the next month. The $100,000,000
New York City Loan Syndicate,in making a cap for $16,765,975 payable Nov. 6,received$11,472,431 of it in gold,
but in the case of the remaining payments,namely $14,278,750 Nov. 12, $3,699,325 Nov. 27 and $10,716,850 Dec. 4,
payment was requested entirely in checks, the syndicate
managers, J. P. Morgan & Co. and Kuhn, Loeb & Co., having been able to buy the full amount of exchange beforehand.
The aggregate of the call to meet payments abroad which
had to be met up to the end of the year was $80,243,941
and of this $35,264,636 was paid in gold $11,824,088 in
exchange and $33,155,215 in checks. While the necessary
pledges to complete the $135,000,000 Cotton Loan Fund were
finally obtained this month, the preliminary operations in
completion of the work were not concluded until after the
close of the year and no money on cotton was actually,loaned
out until Jan. 1915. The plan provided for the raising of
$35,000,000 in the cotton-growing States to be termed Class
"B" subscribers and $100,000,000 elsewhere to be called
Class "4." subscribers, $50,000,000 of this latter being subscribed in New York City. The money was to be secured
by cotton on the basis of 6 cents a pound, but in such quantity as to provide a margin of 20% above the face amount
of the Joan. Responsibility was to rest largely upon
the
banks in the cotton-growing States through whom applications for loans had to be made, and which had to take
of the loans themselves out of their own subscriptions. 25%
British Treasury representatives Sir George Paish and The
Basil
B. Blackett, who had been in this country at the
invitation
of Sec. McAdoo since the middle of
October, returned home
onithe steamship sailing Nov. 25. It
had become clear by
201
this time through the decline in foreign exchange rates that
the United States was in no need of special assistance from
the other side now that the British moratorium had definitely
expired—(the third extension having ended Nov. 4 though
on bills of exchange as a month's extension of payment was
granted up to and including Nov.3 in the case of bills which
had not enjoyed an extension under the previous two moratoria the effects did not completely pass off until Dee.3)—
and Great Britain was again meeting all its obligations, while
on the other hand the same circumstance had made it clear
that the Bank of England could not count upon drawing
any more gold from this side. The Comptroller of the Currency issued a statement Nov. 4 saying that in response to
telegrams addressed on Nov. 2 to all national banks of New
York City, making inquiry as to the rates of interest charged
on call loans secured by collateral, reports had been received
showing that most of the national banks in New York had
either maintained a 6% rate throughout or else had already
reduced their loans from the higher rates which werecharged
for a time, and which in a few instances since Aug. 1 had
been as high as 10%, to the legal rate of 6%. The Comptroller announced that upon receipt of these replies he telegraphed the banks still charging more than 6% suggesting
that they, too, come down to 6% and that the suggestion
had been complied with except in the case of three banks.—
See "Chronicle" Nov. 7 1914, page 1342. The British
Government put out another £15,000,000 of.6-mos. Treasury
bills on Nov. 4 and the tenders aggregated £26,633,000, the
allotment being at an average rate of 3 11-16%. This
made altogether £90,000,900 out of the £100,000,000 originally authorized. Later in the month permanent financing
was entered upon. On Nov. 16 Premier Asquith asked for
authority (which was promptly granted) for the issuance
of
£350,000,000 in the shape of a 33'2% loan, the issue price
to be 95 and the bonds to be redeemable on March 1 1928.
It was announced that,by agreement with the Government,
the Bank of England would lend at 1% below the Bank rate
prevailing at the time of application on the loan without
additional security. The official memorandum issued by
the Bank of England the next month (and published by
us in the "Chronicle" of Jan. 23 1915,) showed that
the Bank was prepared to advance to holders "sums not
exceeding the amount paid upon their holdings, within
margin, whether such holdings be partly paid or fully paid,
and holders of allotments which are partly paid may apply
for advances to enable them to pay all or part of the further
sums payable in respect thereof"—also that repayment of
advances would "not be demanded by the Bank before
March 1st 1918, provided the interest is punctually paid."
On Nov.27 Lloyd George, the Chancellor of the Exchequer,
while not giving figures,announced that the loan had been
over-subscribed. He also reviewed the action which the
British Government had taken to save British trade and
commerce. He said the Government had hypothecated the
credit of the State in order to restore the exchanges upon
which the commerce and industry of the country depended
and upon which the whole community depended for their
daily life. £120,000,000 of bills had been discounted by the
Bank of England and that showed, he contended, that out
of a total of between £300,000,000 and £500,000,000 of bills
out at the beginning of the war, the greater part had been
disposed of in the ordinary course. The total amount of
bills which had arrived at maturity and for which the Bank
of England had found money was £60,386,000. It was
estimated at the end of the war there would be about f.50.000,000 of bills in what he would call "cold store" through
their belonging to belligerent countries or for other reasons.
There would not be a penny lost to the great accepting
houses and the total loss upon the whole of these transactions,
he estimated, would not be equal to the cost of a single week
of carrying on the war,and in addition British commerce
and industry would be saved from one of the worst possible
catastrophes. The Chancellor also announced the doubling
of the income tax, which,working on a sliding scale, according
to the amount of income, had previously ranged from 33%
to 81-3%,with an added super tax upon unearned incomes
and those exceeding £2,000 per year. An additional tax of
17s. 3d. was also to be levied upon beer, equivalent approximately to Md. a glass. The tax on tea was to be raised to
3d. a pound. A supplementary army estimate was voted
providing for an additional army of a million men. Another war measure ordered by Great Britain on November 20 prohibited the exportation of tea to all Continental
ports except those of the countries of the Allies and of Spain
and Portugal. An Act was also passed by the British Parliament amending the law covering trading with the enemy.
The purpose of this Act was to stop the transmission of money
or credits which would be advantageous to the enemy. The
British Treasury arranged to make advances to British
traders carrying on an export business in respect of debts
outstanding in foreign countries and the colonies, including
unpaid foreign and colonial acceptances which could not be
collected for the time being. It was provided that the ultimate loss, if any, should be borne to the extent of 75% by
the Exchequer and to the extent of 25% by the accepting
bank. In connection with the reopening of the Liverpool
Cotton Exchange, provision was made for a Govt. guaranty
of advances made to merchants by the banks. The guaranty
applied to advances required to meet market differences
from 5d. a pound downward which the merchants might
202
THE CHRONICLE
[VOL. 100.
three years—namely from Aug. 1 1914
have paid, or might still have to pay, with respect to cotton arranged to fund for interest
on its external debt. Hearings
future contracts, all advances to be repaid not later than to July 31 1917—the
gs of the demands for an increase
one year after the termination of the war. In the case of m the arbitration proceedin
locomotive engineers and firemen on
Stock Exchange business the Govt. arranged with the Bank in wages by the 53,000
began at Chicago Nov. 30. The roads
of England to make advances to certain classes of lenders 98 Western railroads
i Riverfiled new freight tariffs
to enable them to continue their loans until after the end of operating west of thee Mississipp
Commerce Commission, effective Dec.
the war. The scheme had reference to loans made to mem- with the Inter-Stat in
y rates ranging from 2% to
bers of the Stock Exchange by lenders other than banks to 15, making advances oncommodit
suspended the advances. Owing to
which currency facilities were open. All such bankers on 12%. The Commissi
mouth disease, extensive quarantheir part agreed not to press loans for repayment or require the discovery of foot-and-of
cattle from a considerable numa deposit of further margin until after the expiration of 12 tines against the shipment by
the Federal Govt. on Nov. 2
months from the conclusion of peace. The Govt. arranged ber of States were declared
disease was soon got under
with the Bank of England to advance to lenders 60% of the and subsequent dates. Thesituation
changed greatly for
value of securities held against loans outstanding July 29. control, however, and the
of the month and in December.
The Bank agreed not to press for the repayment until a the better by the close
Railroad Events and Stock Exchange Matters.—On the N. Y.
year after the end of the war. The Stock Exchange on its
as already indicated, was the
part agreed not to open the Exchange until it first obtained Stock Exchange the feature,
on Nov. 28, under restricthe consent of the Govt. The Bank of France and the Stock resumption of trading intobonds
guard against foreign selling and
Brokers' Assn. of Paris reached an agreement with reference tions that were intended
prices. Dealings were perto the liquidation of accounts outstanding July 31 on a line also against serious declines in July 30 quotations, schedsomewhat similar to that between the Bank of England and mitted at certain concessions frombeing
furnished each day.
purpose
the London Stock Exchange. The Bank of France agreed ules of prices for that on
the Stock Exchange official sheets
to advance to the stock brokers 40% of the funds employed The sales were reported
showed only moderate dein carrying over stocks which had been made immobile and these sales, on the whole,
prices were better than
through the adjournment of the July settlement. At the clines, with a few instances where
the whole,recorded smaller
same time Dec. 7 was set as a definite date for the reopening on July 30. Industrial issues, on
Numerous preliminary steps
of the Paris Bourse. The French Parliament voted a sup- losses than railroad issues.
actually opened to
plementary credit for extraordinary expenditures amounting were taken before the Exchange was28. On Nov. 2 the
Nov.
to 910,772,520 francs, being a daily average of a little above trading in bonds on Saturday,
Stock Exchange decided
30,000,000 francs. Subscriptions were invited to a short- Special Committee of Five of the notes
maturing prior to
term 5% French national defense loan and amounted to that trading in listed bonds andcertificates of any maturity
700,000,000 francs. The bonds were issued at 95. This Nov.11917,and equipment trust
was followed by
was in addition to 300,000,000 francs of Treasury bonds need not be submitted for approval. This
ns on trading in unalready m circulation. Subscriptions were opened Nov. 12 the removal on Nov. 11 of all restrictio
as to quotations, and
at Petrograd for a Russian internal loan of $250,000,000 in listed stocks, even allowing publicity
e having in charge trading
5% bonds at 94,and largely exceeded the offering. Austria- the disbanding of the committe
With the lifting of the ban on unHungary offered a war loan and the subscriptions are said in this class of security.
was resumed in the "Curb" market on
to have reached 23 milliards of crowns. The Austrian part listed stocks,trading 11)
with the cognizance of the authorof the loan was in 53% 5-year Treasury notes at 973; the the same day (Nov.
was made that the "official"
ment
announce
although
ities,
Hungarian part of the loan was a 6% rente,also at 9734.
Monday, Nov. 16. The
until
place
take
not
would
opening
of
city
this
A minor feature of the month was the offering in
since the Stock Exchange
securities
of
sale
auction
public
first
par.
at
$3,000,000 6% gold notes of the Kingdom of Norway
11. The N. Y. ConNov.
on
place
took
closed
been
had
offeran
At the beginning of the next month there was also
open that exchange on
to
6
Nov.
voted
Exchange
solidated
the
of
notes
ing here of 85,000,000 2-yr. 6% Treasury
Nov. 11 to trading in wheat. The Committee of Seven
Swedish Govt. at par. The German Bundesrath voted a having in charge trading in unlisted bonds announced Nov.13
re
expenditu
the
ng
second supplementary budget authorizi
that a market for this class of security and also for unlisted
of 5,000,000,000 marks and an issue of Treasury warrants
d stocks, being well-established, their services were
guarantee
the
that
stated
was
It
to a maximum of 400,000,000 marks.
required. The Committee consequently disno
longer
time
ble
considera
a
for
last
large loan previously issued would
It
was first supposed that the Stock Exchange
banded.
measnary
precautio
take
to come, but the Govt. desired to
Nov. 21, or Nov. 24, as the committee had
on
open
would
ng
forthcomi
be
would
money
ures so as to be assured that the
for trading in bonds and everything was
plans
d
formulate
war
the
with
n
connectio
in
as required. Marine disasters
ment was, however, made on Nov. 19
An
announce
ready.
on
d
announce
y
Admiralt
British
The
continued numerous.
s" would prevent reopening at
en
difficultie
"unforese
that
a
by
sunk
been
had
Hermes
cruiser
Oct. 31 that the light
Committee announced on
Special
The
date.
earlier
the
ValpaFrom
Dover.
of
Straits
German submarine in the
for resumption having been complan
the
that
21
Nov.
warships
German
the
that
news
raiso, Chili, came the
pleted, it would be submitted to the Governing Committee
Gneisenau, Scharnhorst, Nurnberg, Leipsic and Dresden of the Exchange on Nov. 24. The Governors of the ExCoronel,
off
fleet
British
the
attacked
had on the same day
change at this meeting passed a resolution giving the ComChili. As a result the British cruiser Monmouth had to be mittee of Five power to permit dealings in bonds on the floor
,
while
Hope
foundered
Good
cruiser
British
beached and the
of the Exchange. Accordingly, the Committee announced
the British cruiser Glasgow was obliged to take refuge in the that trading would be permitted beginning Nov. 28 in bonds
Niger
gunboat
torpedo
British
the
harbor. On Nov. 11
restrictions. The plan provided for the fixing of
was torpedoed by a German submarine near the mouth of under
prices for bonds from time to time and their sale
minimum
laythe
to
owing
Govt.,
British
2
the
Nov.
the Thames. On
or "regular way" only. This arrangement exfor
"cash"
of
Ireland,
north
the
in
waters
Germans
ing of mines by the
ons which provided for delivery at some
transacti
cluded
warnand
gave
area
a
military
Sea
declared the whole North
it was required that all trades for foreign
Also,
time.
future
encounter
would
they
dangers
the
of
ing to merchant vessels
designated. Further reductions or susso
be
must
account
"to
it
felt
y
necessary
having
by entering it, the Admiralt
by railroad and industrial corporations
dividends
of
pensions
condithe
novel
to
te
adopt exceptional measures appropria
Mining Co. (copper) however,
Quincy
The
occurred.
also
It
appeared
tions under which this war is being waged."
& Ohio Ry., which the previous
ke
Chesapea
the
and
resumed
Britain,
in
Great
p
that,owing to the strict censorshi enforced
ion of the dividend question,
considerat
deferred
had
August
battlethe
British
of
news had been withheld of the sinking
Dee. 31, but without assigning it to
payable
1%,
declared
suba
German
or
mine
ship Audacious on Oct. 27 by either a
period. Cincinnati Haile. & Dayton Nov. 1
marine off the coast of Ireland. On Nov. 26 the British any particular
on a number of.different issues. .The
interest
in
defaulted
off
Thames
River
in
the
up
battleship Bulwark wasblown
previous spring had underwritten
the
which
,
syndicate
35
only
of
Medway,
Sheerness at the, mouth of the estuary
impt. 43s of the N. Y. Central, was
and
ref.
00
$40,000,0
on
loaded
on
being
was
miles from London, while ammuniti
still on hand.
dissolved with ,000,000 of the bonds
the ship. It was believed the disaster had been caused by
Market.—In the money market additional ease
Money
The
was
Khartoum
collier
British
..
The
to
a magazine explosion
developed. This followed both from the gradual return
sunk by a mine off Grimsby. Field-Marshal Earl Roberts, normal conditions in the financial world and the release of
g
inspectin
while
in
France
died
British national war hero,
inauguration on Nov. 16 of the Fedd in the funds as a result of the
the British troops, as the result of a cold contracte
and the reduction of reserve requiresystem
Reserve
eral
was
month
the
the
of
An
incident
95%. The early part
rain-soaked trenches.
ments. Call money on Nov.30 was 4
firing on the launch of the U. S. cruiser Tennessee by Turkwas still 6%. Time money at the close
rate
the
month
the
of
was
on,
however,
explanati
to 6 mos. Comish troops at Smyrna. Proper
was 43/2 for all maturities from 60 days updouble
and prime
made and regret expressed. The latter part of the month
4%95 for.choice
was
then
paper
mercial
ion
the
co-operat
asked
the principal nations of South Americawarring Powers of Eu- single names and 595% for good single names. The N. Y.
the
with
ank statement was completely
of the U. S. in negotiations
t warships Clearing-House weeklyb
rope to bring about the exclusion of all belligeren
of the inauguration of the Federal Reserve
result
a
as
altered
to
and
safeAmerica
South
the establishment of the new system
from the waters of North and
with each other. banking system. With
of the national banks had to be transguard the trade of Pan-American countries
reserves
the
of
part
atmaking
decree
a
d
banks, but the most important
The German Bundesrath sanctione
German Empire ferred to the Federal Reserve
of the reserve requirements. This
tempts to buy or sell the gold coins of.•the
lowering
the
was
change
such
m
aiding
the
All bank members of the assoat prices above their nominal value,oi
ent. Aus- may be explained as follows:
transaction, punishable by fine and imprisonm
required to keep in their own vaults
formerly
were
ciation
S.
the
U.
to
wool
of
exportation
their net deposits. Under the new
tralia put an embargo on the
Ambassador.that a cash reserve of 25% of
are required to maintain a reserve of
Assurances were received from the British
banks
national
system
Britain
Great
by
d
deposits and 5% of time deposits and
tobacco was not regarded as contraban
when shipped in neutral only 18% ofademand
of 18% of aggregate demand deposits.
reserve
and would not be interfered with
banks
State
Brazil
country.
bottoms to either a neutral or a belligerent
JAN. 16 1915.]
THE CHRONICLE
Trust companies, which were required to maintain a cash
reserve of 25% of their "legal net deposits" (of which, however, only 15% had to be kept in their own vaults, the other
10% being optionally on deposit with C.-H. members carrying full 25% cash reserve in their own vaults), under the
change are permitted to reduce,their reserve holdings to
15% of "aggregate demand deposits." The proportion of
these reserves which must be kept on hand and the percentage which may be on deposit with other institutions.was
fixed by the Clearing House to coincide with the provisions
of the Federal and State laws governing the maintenance of
reserves by the institutions under their respective 4uridictions. Under the new arrangement also, the State institutions' (both banks and trust companies) holdings of national bank notes count as reserves. The result of all this
was to cause a wonderful transformation in the surplus reserve of the combined institutions. The statement for Nov.
14, the last one issued in the old forma, had shown a surplus
of $7,413,900; this was entirely cash reserve in vault on the
basis of 25% for the banks and 15% for the trust companies.
Even if to this be added the $57,840,000 of reserve which the
trust companies had on deposit with the Clearing-House
banks, the total reserve of all kinds was only $65,253,900.
Under the new form of statement, with the lessened reserve
requirements and the other changes noted, the aggregate of
surplus reserve for Nov. 21 was no less than $137,890,540
and for Nov.28 proved to be $132,424,200. There were also
changes in the method of computing the deposits (all of which
were set out at length in the "Chronicle" of Nov. 28 1914,
page 1584), as a result of which the net deposits for Nov. 21
appeared at 82,027,960,000 and for Nov. 28 at $2,045,918,000, against only $1,925,354,000 on Nov. 14.
Foreign Exchange, Silver, &c.—In the foreign exchange
market a sharp break in rates occurred in the early part of the
month. The decline appeared to be mainly due to the ending
of the British moratorium,rendering available credits in favor
of this country that had been dormant since Aug. 4. The
moratorium terminated Nov.4, but as far as bills of exchange
were concerned its effects continued up to Dec.3,since 30-day
extensions of payment of maturing bills continued to be granted all through October (except bills that had already enjoyed
extension under the first and second proclamations, in which
case the further extension was only for 14 days),and up to and
including Nov. 3. Under the 14-day extension, the first of
the pre-moratorium bills requiring payment fell due Oct. 17,
but in the case of a bill due Nov.3 and getting a 30-day extension (because of not having previously been extended), payment was not required until Dec.3. Thus additional amounts
of.pre-moratorium bills kept falling due from day to day, and
with the realization of that fact rates dropped sharply in Nov.
after the expiration of the general moratorium on Nov.4. On
Nov. 9 sight bills were still quoted at 4 90%, which was the
high point for the month. On the 10th there was a drop to
4 899, on the 11th to 4 89, while on the 12th there was a
break to 4 86%—the low point for the month. This brought
the quotation way below the gold-export point. A special
reason for the spectacular decline on Nov. 12 existed in the
fact that the N. Y.City bond syndicate,in making a call that
day,this time for.$14,278,750, announced that payment could
be made in Clearing-House checks for the full amount,instead
of in gold or exchange, the syndicate managers having been
able to purchase the entire amount of exchange required beforehand at figures below 4 90, which was considered about
the cost of shipping gold tn Canada. Speculators who had
been accumulating exchange with the purpose of selling it to
the syndicate then found that they had over-reached themselves, and accordingly the price broke badly. Recovery
from the exereme low point occurred, however, and the latter
part of the month there was more or less strength, attributed
by some to the announcement that the Stock Exchange was to
open for bond trading Nov. 28, and the fear that there would
be some selling for foreign account, notwithstanding the restrictions imposed by the Stock Exchange authorities to guard
against foreign liquidation. In the first week of Nov. the
gold shipments to Canada were only $579,027, consisting of
$452,712 coin and $126,315 bars; in the second week they
aggregated $12,917,087, of which $12,352,820 was in coin and
$564,267 in bars; that, however, ended the movement for the
month. The Gold Pool was not called upon to conduct any
further operations in exchange, and,in fact,of the 25% ofthe
$100,000,000 which had actually been called from the members of the pool, $5,400,000 was returned to them, as mentioned above. There was a further great break in exchange
on Berlin under the complete absence of any demand for it,
Germany being obliged to pay cash for all purchases made in
this country. Sight bills closed Nov. 30 at 4 89(4)4 893.
Open market discounts at London Nov.30 were 2%@3% for
60 and 90-day bills. Silver in London kept at a low level,
fluctuating between 223d. and 23d. and closing at 223d.
203
this instance was much more favorable to the carriers than
the original decision made public the previous Aug. 1. On
this occasion the Commission allowed increases of 5% in the
whole of the territory covered, where under the previous
ruling the increase was confined entirely to the roads west
of Buffalo, that is, in Central Freight Association territory.
The significance of the increase, however, was greatly diminished by the fact that the Commission excepted certain heavy
commodities, constituting a large part of the total traffic
of the carriers. The exceptions were rail-lake-and-rail,
lake-and-rail and rail-and-lake traffic, rates on bituminous
coal and coke, rates on anthracite coal and iron ore and rates
held by unexpired orders of the Commission. While the
ruling came far from meeting the desires or requirements of
the roads, great comfort was derived from it, nevertheless,
as being a step in the right direction, and,furthermore, there
appeared to be, judging from the language of the opinion,
a complete change in the tone and attitude of the Commission. The effect in reviving confidence was quite marked.
In the iron and steel trade, while there was no great influx
of railroad orders, prices nevertheless stiffened. Bessemer
steel rails at Pittsburgh remained at $19 a ton, but manufacturers of bars, structural shapes and plates advanced
prices from 1.05 cts. at Pittsburgh on early deliveries to
1.10 cts. At the end of the month U.S. Steel Corp. reported
an increase in unfilled orders from 3,324,592 tons to 3,836,643 tons. However, the volume of business continued small,
and it was reported that during December the mills of the
corporation had been engaged to only 30% of their capacity.
The production of pig iron in the United States forDecember
proved even a trifle less than for November, being only
1,515,752 tons, or the smallest of any month of any year since
September 1908. It was considered a favorable feature
that,in face of the adverse conditions existing, the Steel Corporation, after giving careful consideration to the subject,
decided, the latter part of the month, to make no general reduction in wages, but to continue the existing scale in the
hope that improvement in business would be realized. A
development in connection with the affairs of the Corpora,tion was that the company for the first time since 1902 decided not to offer its employees stock for subscription at the
opening of the new year. In the copper trade, too, there were
signs of improvement,and Lake copper further advanced from
13c. to 133'c. and electrolytic from 12% to 13c. The final
crop figures of the Department of Agriculture at Washington
were made public and showed larger crops than in the preceding season, in the case of all the leading cereals and the
largest wheat crop ever harvested, but there was a prodigious demand for our brea,dstuffs and continuous and extraordinary exports of wheat from day to day, with the
result that grain prices made further sensational advances.
The May option for wheat at Chicago advanced from $1 19%
Dec. 1 to $1 31% Dec. 28; the May option for corn from
%c. Dec. 28 and the May option for oats
6834c. Dec.9 to 745
from 51c. Dec.10 to 54Yo.Dee.28. The Australian Government,according to advices received from Sydney on Dec.25,
took over the entire stock of wheat in New South Wales,
excepting only sufficient seed for future harvests and fixed
a price of 5 shillings per bushel ($1 25). The action was
aimed at the speculators. It was also reported that the
Government of India had decided to restrict exports of wheat
and flour to 100,000 tons between Dec. 1 1914 and March 31
1915, the exports to be confined to British possessions. In
the case of cotton, also, it appeared from the ginning returns
and from the Department of Agriculture's estimate that the
crop was to be the largest on record, pointing to a product
of at least 16,500,000 bales. Prices improved after an early
break from 7.65c. Dec. 1 for middling upland here to 7.25c.
Dec. 11, the price getting up Dec. 31 to 7.80c. Exports
were on a liberal scale and would have been still larger if
ships had been available. Shipments directly or indirectly
to Germany were extensive, but on account of the scarcity
of tonnage, ocean freights were very high, running all the
way from $10 to $20 a bale, with insurance rates also very
high—running from 3 to 5%. Ocean freights. were extremely high on account of the scarcity of ships not only in
the case of cotton, but in the case of other commodities.
Print cloths at Fall River were reduced on Dec. 7 from 3c.
to 23/sc. On account of the retirement of emergency currency, national bank circulation was further reduced from
$1,010,579,057 to
71,169,405. Government deposits in
the banks decreased from
1,705,083 to $77,879,829 and
cash in sub-treasuries ran up from $407,047,038 to $432,375,748.
The gold holdings included in this increased
from $251,062,788 to $263,650,970. On Dec. 26 a list of
additional articles which Great Britain had made either
absolute or conditional contraband was announced. The
previous list of conditional contraband was maintained, but
sulphur and glycerine were transferred therefrom to the list
of absolute contraband. Our Govt. on Dec. 28 forwarded a
MONTH OF DECEMBER.
note to Great Britain taking exception to the treatment of
Current Events.--Perhaps the two most important events American commerce by British warships. The note was
during this month were the complete resumption of trading couched in conciliatory language, but called attention to the
on the New York Stock Exchange and the decision of the feeling aroused in this country by these acts, and expressed
Inter-State Commerce Commission, handed down Dec. 18, the hope that an early change in policy in that respect would
in the re-hearing of the application of the railroads east of be made. Judge Hough in the U. S. District Court in this
the Mississippi and north of the Ohio and Potomac Rivers city handed down a decision dismissing the suit brought by
for a 5% advance in freight rates. The events connected the Govt. in March 1914 against the Lehigh Valley RR.. and
with the re-opening of the Stock Exchange are related fur- controlled companies and others, charging violation of the
ther below. The decision of the Commerce Commission in Sherman Anti-Trust law. Judge Hough said that so far as
204
THE CHRONICLE
the commodities clause was concerned there was no great
difference between what the Lackawanna RR. did and was
upheld in doing by all the circuit judges of the Third Circuit
and what the Lehigh Valley RR.had been doing. The Pennsylvania Public Service Commission on Dec. 21 ordered a reduction of 40 cts. a ton in the freight rate for anthracite coal
carried to Philadelphia from Schuylkill, Lehigh and Wyoming
valleys. The Colorado coal mining troubles were advanced
to termination. President Wilson had on Nov.29 appointed
a commission of three to deal with disputes which might de-.
velop in the future. The members of the Commission are
Seth Low of New York,President of the National Civic Federation; Charles W. Mills of Philadelphia, principal owner
of the Climax Coal Co., and Patrick Gilday of Clearfield,
Pa., President of the Second District of the United Mine
Workers of America. Following this, recommendation for
the termination of the strike in both the northern and Southern fields was approved on Dec. 8 at the convention in Denver of District No. 15 of the United Mine
Workers of America. The strike was officially ended at midnight of Dec.9. Later in the month arrangements were made
for the gradual withdrawal of the Federal troops. On Dec. 1
the names of the members of the Advisory Council of the
Federal Reserve System were announced and the list excited
favorable comment, it being composed largely of eminent
bankers throughout the country, including J. P. Morgan.
The question as to whether the Federal Reserve Board was
subordinate to the Treasury Dept. was decided in the negative by Atty.-Gen. Gregory. In an opinion announced on
Dec. 19 he held that the Board was an entity completely separate from the Treasury Dept.; that it is an independent
Govt. board and that the Secy. of the Treas. and the Board
are co-ordinate.officials. The N. Y. Clearing-House Assn.
on Dec. 22 notified member banks that Clearing-House balances must again be paid in gold certifs. or other lawful
money. The previous Aug. 3, with the issuance of ClearingHouse loan certifs., a resolution had been adopted "making
available in payment of balances all forms of currency issued
under the authority of the National Government." Under
an amendment of the rules of the N.Y. Clearing House Assn.
the discretionary privileges as to the free collection of checks
was extended so as to apply to the Federal Reserve banks (see
V. 99, p. 1636). A statement was given out Dec. 7 by Secy.
of State Bryan saying that Pres. Charles M. Schwab of the
Bethlehem Steel Co. would observe President Wilson's wishes
as far as concerned the building of submarines for belligerents.
Two small N. Y. Stock Exchange houses were compelled to
announce their suspension Dec.7,namely A. H.Combs & Co.
and J. F. Pierson Jr. & Co. George G. Henry, of the banking firm of Salomon & Co. of N. Y. lost on his appeal to.the
U. S. Supreme Court at Washington. The Court decided
on Nov. 30 that he must appear in Washington to answer
to the indictment banded down on Feb. 10 1913 by the Federal Grand Jury of the District of Columbia charging him
with contempt for having refused to give the House "Money
Trust" investigating committee the names of certain bank
officers who had participated individually as underwriters
in the sale of the stock of the California Petroleum Co.
David Lamar was found guilty Dec.3 of having impersonated
Congressman A. Mitchell Palmer with intent to detraud
J. P. Morgan & Co. and the U. S. Steel Corp. by seeking to
lead them to believe that the Steel Trust investigation could
be stopped through his intercession. The U. S. District
Court for the Northern District of West Virginia held the
"blue sky" law of that State to be unconstitutional,following
the Federal Court' decisions in the case of the "blue sky"
statutes of Michigan and Iowa. Announcement was made
that the ."financial conferences" initiated in October, when
the British Treasury delegates, Sir George Paish and
Basil B. Bla?kett, arrived in this country for the purpose of
conferring with the officials of the U. S. Treasury, had been
definitely abandoned, "the representatives of both having
now reached the conclusion that such measures are unnecessary and that it will be best to leave the settlement of the
U. S. indebtedness to Great Britain to the parties directly
concerned and to the operation of natural agencies." In the
war field of.Europe the Germans seemed to have retrieved
themselves in their action in Russia, Berlin having announced a great victory for the Austro-German forces over
the Russians about the middle of December,after more than
a month of severe struggle in Poland. The news was
made the occasion of a feteday in Berlin, where the
schools were closed and the city was decorated. Later,
however, the Russians were able to check the Germans in
their attempt to capture Warsaw, the capital of Poland.
Allies apIn Belgium and France the English.and French
peared to be gaining minor successes in pushing the invaders
back. Austria met with renewed defeat in Servia. The Servians re-captured Belgrade, inflicting terrible losses upon the
Austrians and again driving them 94 of Servian territory.
President Poincaire and Premier Viviam returned to Paris
the close of the month
from Bordeaux on Dec. 9.. Towards
published abrogating the order issued
an official decree wastransferring
the Bank of France to Borby the Govt. in Sept.
rentes at one time were quoted as
deaux from Paris. Frenchclose
was at 72.10 francs. British
but the
Iow as 70.55 francs,
but it was reported that
at
nominally
683/2,
remained
consols
2, or 5 points
bet:ween banks at 63/
there had been dealings
the South African camIn
quotation.
minimum
this
below
paign Cen. Christian de Wet, the leader of the revolutionary
[VOL. loo.
forces, was captured and the uprising overcome. On Dec. 17
aproclamation was issued bringing to an end Turkish suzerainty over Egypt and establishing a British protectorate over
that country. This followed the action of the Khedive (who
was the Sultan's representative in Egypt, but had little or no
power)in taking sides with Turkey against Great Britain. In
an engagement off the Falkland Islands in the South Atlantic
on Dec.8 the armed cruisers "Schornhorst" and "Gneisnau"
and the protected cruiser "Leipsic", three of the German warships which had inflicted great damage upon British shipping
and comprised part of the squadron which sank the British
cruisers "Good Hope" and "Monmouth" in the Pacific, were
destroyed. The light cruiser "Nurnberg" escaped, but was
finally overtaken and captured. On Dec. 16 a German
squadron bombarded Hartlepool, Scarborough and Whitby,
3 important towns on the English eastern coast, and killed
many persons. A sensational attack by light cruisers, destroyers and submarines,together with 7British naval airmen pilot
ing sea-planes, was made on Christmas Day on the German
naval base at Cuxhaven, at the mouth of the River Elbe.
One of the air machines was wrecked, but Commander
Hewett, at first thought lost, afterward turned up safe.
New moratoria were declared by France, Italy, Sweden,
Hungary and other countries. Several of the French banks,
however, including the Comptoir National, the Credit
Lyonnais, Societe Generale de Credit Industrial et Commercial, discontinued on December 31 the application of the
moratorium on deposits. According to the last moratorium
decree the French banks were obliged to pay out only 50%
of deposits. The first installment on account of the British
war loan fell due Dec. 7. The prospectus of the loan gave
the dates and percentages of payments after the initial payment of £2% accompanying the subscription: £3% Dec. 7
1914; £10% Dec. 21 1914; £10% Jan. 7 1915; £10% Jan. 21
1915;£10%Feb.4 1915;£10% Feb.22 1915; £10%'Max.11 1915;
£10% Mar. 25 1915; £10% Apr. 12 1915; £10% Apr. 26 1915.
On Dec. 18 the French Minister of Finance, M. Ribot, explained to the Appropriations Committee of the Chamber the
financial resources of France. M. Ribot said that the Government had advanced to allied or friendly countries these
amounts: to Belgium 250,000,000 francs ($50,000,000); to
Servia 90,000,000 francs ($18,000,000); to Greece 20,000,000
francs ($4,000,000), and to the Bank of Montenegro 500,000
francs ($100,000). The Treasury, he further explained, had
in .circulation on Sept. 1 427,000,000 francs (::5,400,000)
of Treasury bonds. This had been increased before the
end of November to 940,000,000 francs ($188,000,000), the
total authorized under the Government's decree of Oct. 1.
However, the Government on Dec. 3 authorized an increase
to a total of 1,400,000,000 francs ($280,000,000). The total
National Defence 5s subscribed for now surpasses 1,000,000,000 francs ($200,000,000). M. Ribot announced that under the law of Nov. 11 1911 the Bank of France advanced to
the Government for mobilization expenses 2,900,000,000 francs ($580,000,000) and the Bank of Algeria Immo,sap) francs ($20,000,000). This proved insufficient for the
first expenses of the campaign and the Government called
upon the Bank in September to increase its advances to
an ultimate total of 6,000,000,000 francs ($1,200,000,000).
M. Ribot said that the Govt. in the bill to be submitted requested the authorization to issue Treasury bonds up to
200,000,000 francs ($40,000,000) with authority, if the necessity arose, to go beyond this maximum by decree after consulting the Council of State. The requirements of the next
half-year were estimated at 8,500,000,000 francs, which was
voted unanimously. The Russian Minister of Finance in a
report appended to the 1915 Budget estimated the cost of
the war to Russia up to the end of October, old-style calendar (equal to Nov. 13), as 1,795,000,000 rubles ($892,500,000). The expenses, he showed, had been met by various
issues of short-time bonds, Treasury notes and loans, totaling
1,850,000,000 rubles ($925,000,000). A Dutch war loan of
275,000,000 florins ($110,000,000) was announced Dec. 24.
The Bank of Germany on Dec. 23 reduced its discount rate
from 6 to 5%.
Railroad Events and Stock Exchange Matters.—The closing
month of the year marked a return to normal conditions in
this country as far as Stock Exchange operations are concerned. Dealings in bonds on the floor of the Stock Exchange, under certain restrictions and limitations, had been
resumed at the close of the preceding month, that is, on
Saturday, Nov. 28. During December. public trading in
stocks was begun, Saturday, Dec. 12, being selected for the
initial dealings. Not all stocks were admitted to public trading on the opening day—pee. 12. As a precautionary measure, certain stocks of an international character were at first
kept off the open schedn19. Various others were reserved
for other reasons for the time being. Minimum prices below which sales could not be made were of course prescribed
in both instances, these minimum prices being generally
the closing price on July 30, the last day when the Exchange
had been in normal operation, with a deduction for the
dividend paid in the interval, only one dividend, however, being allowed to come off—barring a few exceptions
to the rule. As it happened, the distinction between the
stocks that could be dealt in only through the ClearingHouse Committee and those allowed to be dealt in
on the floor of the Exchange was not long maintained, it
existing for only two days. The experience on those two
days (Saturday, Dec. 12, and Monday, Dec. 14) convinced
JAN. 16 1915.]
THE CHRONICLE
the Stock Exchange authorities that the entire list of stocks
could with safety and propriety be admitted to public trading, and accordingly the announcement came Monday afternoon, Dec. 14, that, beginning with Tuesday, Dec. 15,
there would no longer be any excluded class, but.dealings
might be carried on in the whole list of stocks, subject only
to the price restrictions fixed. As a preliminary to the beginning of trading in stocks on Dec. 12, the Stock Exchange
commenced on Dec. 2 to disclose the dealings.that were being made through the Stock Exchange Committee on gearing House, that being the only kind of transaction permitted
to members of the Stock Exchange until the opemn.g of the
Exchange on Dec. 12. Twice a day records were given out
showing the last sale prices for the day, or, where there were
no sale prices, the bid and asked prices. This.was kept
up day by day until business in stocks was definitely resumed on Dec. 12. The record pf prices, therefore., covers
the entire month except December 1st, with this
qualification, however, that in reporting the dealings through the Clearing House Committee only the
prices were given and not the number of shares sold.
So long as dealings had to be made through the Stock Exchange Clearing-House Committee, transactions were infrequent and carried on in a very prosaic fashion. When, however, open trading on the Exchange began Dec. 12, the striking characteristic of the dealings was the marked rise in prices
which occurred. In the more prominent stocks advances of
several points were recorded on Dec. 12 and on Dec. 14,
and quite a buoyant tone developed. In the case of United
States Steel common no sales were recorded at or above
the minimum of 48 fixed, so long as dealings were through
the Clearing-House Committee, and none even on the
Exchange on Saturday, Dec. 12, but on Dec. 14 there
was lively trading up to 543/ and on Dec. 15 even 55 was
touched. From that figure a sharp reaction ensued. The
course of the Steel shares was symptomatic). of the entire
list. There was nothing in existing conditions that warranted
any such spurt, and accordingly a downward turn now occurred. As a rule the best prices were recorded during the
first few days after the opening of the Exchange to dealings
in stocks. The last half of the month the course was towards
a lower basis, but witn some stiffening again before the close.
In the downward movement the minimum prices fixed a
barrier below which the decline could not proceed. This
was notably so in the case of Steel, which, however,recovered
to 493/i on Dec. 31, this being 13
% above the minimum.
There may have been a little selling of various stocks on
foreign .account, but there was no trace of the extensive
liquidation which nearly every one had feared must come
with the reopening of the Exchange.
The Money Market.—In the money market extreme ease
again developed, both in the call loan branch of the market
and in time loans and commercial paper. Even at the very
close of the year, when preparations have to be made for the
large 1st of January interest and dividend payments, there
was no trace of firmness. The range for call money for the
month was 23,6@5% and for Dec. 31 28%@33/2%. Time
money closed at 332@38%% for 60 and 90
days, 334% for 4
mos. and 38
4(4)4% for 5 and 6 mos. Commercial paper
closed at 4@48%% for choice double names and prime single
and 434j% for single names not so well known. The
N. Y. gearing House resumed the publication on Dec. 5 of
the detailed weekly return showing the condition of each individual institution, and also began giving again the summaries
showing the actual condition of the combined institutions at
the end of the week,in addition to the averages for the week,
which latter alone were given from Aug. 8 to Nov. 28, both
inclusive. According to these actual figures, there was a surplus reserve under the changed and lessened requirements of
$131,176,090 Nov. 28 (this being reported in the comparison
with Dec. 5), $119,465,630 Dec. 5, $116,992,400 Dec. 12,
$125,297,980 Dec. 19 and $117,121,200 Dec. 26.
Foreign Exchange, Silver, &c.—In the foreign exchange
market the feature in December was the further great drop
in rates to a figure that would have admitted of gold imports
if the Bank of England had been willing to release any of the
metal. Bankers' sight bills were at their highest on Dec. 1
at 4 898% and at their lowest on Dec. 29 at 4 848%@4 85
with the close Dec. 31 485@4 851.4. Open market discounts Dec. 31 at London were 23/2 for 60 day bills and 25
%
for long bills. The Bank of Germany reduced its rate on
Dec. 23 from 6% to 5%. Silver in London fluctuated between 22Y2d. and 238%d. and closed at 22 11-16d.
205
is intended to confer upon the Inter-State Commerce Commission authority to investigate all requests of carriers for
issuance of securities, to look into the character of proposed
improvements and to authorize or reject all proposed issues.
No material changes occurred at the annual meetings of
the local banking institutions this week; for the most part
any changes which did occur were confined to the directorates;
outside of these, the other announcements concerned the
election of Edward R. Carhart as Vice-President of the
Battery Park National Bank to succeed A. H. Merry, who
continues with the bank as Assistant Cashier; the elevation
of Frank Hammond from the Cashiership to a Vice-Presidency in the Greenwich Bank, Robert P. Ward, Assistant
Cashier, becoming Cashier; Mr. Hammond was also chosen
as a director; the confirmation by the directors of the
election as Vice-President of Beverly D. Harris, who comes
from the South Texas National Bank of Houston; the appointment of four new Assistant Cashiers in the National
Park Bank, viz.: E. V. Connolly (who was President of the
Commercial National Bank of Long Island City, just
merged with the Broadway Trust Co.), J. Edwin Provine,
William E. Douglas and Henry L. Sparks. Conspicuous among the changes in the directorates were the inclusion in the board of the Liberty National Bank of Henry
D. Gibson, Vice-President of the bank; the election as a
director of the First National of Cashier C. D. Backus and
the election as a member of the board of the Market &
Fulton National of John H. Carr, Cashier of that institution; Austin B. Fletcher was also made a director of the
Market & Fulton, Messrs. Carr and Fletcher filling the
vacancies due to the death of Philander R. Jennings and
Edward J. Hall; in the Bank of New York, N.B.A., Joseph
Andrews, Cashier, was elected a director to take the place
of Anson W. Hard, retired. Thomas B. Clarke Jr. and
John A. Noble, respectively Vice-President and Cashier of
the Harriman National Bank, were added to the bank's directorate. William H. Williams and John L. Kemmerer are
new members elected to the board of the Coal &Iron National
Bank; Mr. Williams is the well-known Vice-President of the
Delaware & Hudson Co., while Mr. Kemmerer is a member
of the wholesale coal firm of Whitney & Kemmerer. The
following are some of the other changes which occurred in
the boards:
Bowery Bank—Robert S Ferguson elected to the directorate, succeeding
John S. Foster, deceased.
Chase National Bank—Grant B. Schley and John I. Waterbury retired
from the board, the board being reduced by two members.
Citizens Central National—Walton P.Kingsley elected a director. while
Daniel A. Davis withdrew from the board.
Garfield National Bank—The board reduced from eleven to nine members, the vacancies created by the deaths of James McCutcheon and
Daniel S. McElroy not being filled.
Gotham National Bank—victor M. Tyler retired as a director, thereby
reducing the board from ten to nine members.
Irving National Bank—Number of directors reduced from thirty to
twenty-eight, owing to the death of James E. Nichols and retirement of
Edward Earl.
National Bank of Commerce—Board reduced by one; Frederick
Sturges retired from the board and no successor was named.
Seaboard National Dank—H.C.Fogler,President of the Standard Oil Co.
of New York, elected a director to fill the vacancy caused by the retirement
of Francis M. Weld; Mr. Weld's resignation was due to the provision in
the Federal Reserve Act affecting the business relationship of bank directors
and banking firms.
West Side Bank—Thomas A. Painter elected a director to fill a vaclney.
Ivy L. Lee, now connected with the Rockefeller Foundation, has been elected a trustee of the Equitable Trust Co.
Henry R. Towne has been elected a director of the Lincoln
Safe Deposit Co. in place of Percival Kuhne.
The stockholders of the New York Trust Co. have reelected the following trustees to serve for a term of three years
expiring in 1918: Mortimer N. Buckner, James C. Colgate,
BANKING, FINANCIAL AND LEGISLATIVE NEWS. Robert W. DeForest, John B. Dennis, F. N. Hoffstot, John
J. Mitchell, George W.Perkins, E. Parmelee Prentice, Dean
No bank or trust company stocks were sold at auction Sage,
Myles Tierney.
or at the Stock Exchange this week.
The important merger of the Mutual Alliance Trust Co.
The Railway Securities Bill in an amended form was re- of this city with the Chatham &
Phenix National Bank,
introduced in the Senate on the 8th inst. by Senator Porn- which has been under way for the past
week, was effected
crone, acting for Chairman Newlands on the Inter-State Thursday afternoon when the
directors of the trust company
Commerce Committee. The bill (one of the trio of the accepted the offer made by the
Chatham & Phenix. Imanti-trust bills, two of which became laws at the late session) mediately afterwards the
transfer of cash and securities was
passed the House on June 5 and on July 23 was reported to undertaken, and by
midnight of Thursday all had been
the Senate. In August, in view of the conditions brought stored in the vaults of
the Chatham. Arrangements have
about by the European war President Wilson consented also been completed
for the sale of the trust company's two
to permit the bill to lie over for the time being. The bil branches
to the Century Bank of New York, which is con1
206
THE CHRONICLE
trolled by the same interests as the Chatham. Under the
agreement the bank takes over the deposits, liabilities and
assets of the trust ompany except real estate; the trust
company will be liquidated. President Louis G. Kaufman,
who has been instrumental in putting through the consolidation, came to New York only a few years ago from Marquette, Mich., as President of the First National Bank.
When he assumed the presidency of the Chatham & Phenix
five years ago the deposits of the latter were only $7,000,000.
To-day, after the absorption of the Mutual Alliance, they
will exceed $32,000,000. At the annual meeting of the board
of directors held Thursday Mr. Kaufman was re-elected
President and three new Vice-Presidents wee also elected, as
follows: Frank V. Baldwin, Bert L. Haskins and Norborne
P. Gatling. This makes six Vice-Presidents altogether, as
Frank J. Heaney, Richard H. Higgins and William H.
Strawn were re-elected. Mr. Baldwin was formerlyVicePresident of the Mutual Alliance Trust Co., Mr. Haskins was
Cashier of the Chatham & Phenix Bank and is given the
additional title of Vice-President, while Mr. Gatling was
promoted from the office of Assistant Cashier. The bank
also added three new Assistant Cashiers as follows; Vinton
M.Norris, Joseph Brown and F. H. Hornby. Mr. Hornby
was formerly Secretary of the trust company. Henry L.
Cadmus, Walter B. Boice and Henry C. Hooley continue as
Assistant Cashiers.
R. B. Minis, formerly Vice-President of the Mutual Affiance Trust Co., was elected yesterday a Vice-President of
the Century Bank, while H. A. Clinkunbroomer, Treasurer
of the Mutual Alliance, was appointed Cashierof the Century.
On Monday morning of this week the Chase National Bank
of New York opened for business in its handsome new quarters in the recently completed Adams Building at 57 Broadway, the bank occupying the entire first floor and basement. The new banking room of the Chase is said to be
the "last word" in bank quarters, and while it is void of
extravagant display, it is nevertheless elegant in design.
Every known appliance has been provided both for safeguarding and for facilitating the work of its employees.
The room is 200 feet in depth—extending from Broadway
to Trinity Place and 75 feet in width, from the Adams
Building corridor to Exchange Place; thus gaining daylight on three sides; besides which there is an immense
skylight in the centre.
The main entrance on Broadway is of beautifully carved
Brecheopal marble. A pair of elaborate bronze doors admit
tea vestibule ofsolid bronze and another set of double bronze
doors to the banking room. Italian renaissance is the
theme throughout, from the marble cornices to the mahogany furniture. The walls, piers and ceilings are of Botticino Italian marble and the floors of French Traniville
marble with borders of light and dark Botticino. The bankng screen is also of Botticino, with pilasters, caps, bases,
cornice and arabesque panels. Inside the main entrance
is a marble bust of Salmon P. Chase (Lincoln's Secretary
of the Treasury, for whom the bank was named), upon a
simple dignified marble pedestal.
On the right is an entrance from the corridor of the Adams
Building, through a marble frame in which are set heavy
bronze doors similar to those of the main entrance. Immediately over this entrance is a great clock in a carved
marble case. There are marble seats with heavy carved
tops and ornamented brackets. The ceiling and cornices
are of ornate Italian renasissance.
The artificial light is secured from thirty bronze ornamental
chandeliers, each with a cluster of 16 lights. All of the
desks are fitted with portable lights of special design and
with Frinck reflectors. The heating radiators are enclosed
in marble frames with heavy bronze grills.
Probably the most artistic part of the bank is the directors' room, located in the basement. Here the Georgian
period of furnishing is followed. The walls are paneled in
mahogany from the parquet floor to the ornamental plaster
ceiling. In the centre of the room is the directors' table,
18 feet long and of special design. A grandfather's clock,
the master-clock of the ten synchronized ones in the bank,
is
is in one corner. Adjoining the directors' room the ofthe
room;
clerk's
dining
private
a
and
room
ficer's dining
dining room, seating 100 persons, and the kitchen and
up with
lockers. The remainder of the basement is taken
bookkeeping, mailing, voucher, checking and other departments, and the two vaults.
[VOL. 100.
Of particular interest is the great securities vault, which
has been protected by every known device. It is 18 feet
wide by 43 feet deep on the inside and is 8 feet 8 inches high.
It is of the latest type of laminated construction.
Under the vault observation pits are provided, with electric lights at frequent intervals along one side and continuous mirrors and glass floor sections on the other side. By
this means it is possible to stand beside the vault, and by
looking down through a glass which extends along the
entire side, to have an unobstructed view of the bottom
of the vault. The total weight of the vault is 560 tons and
total weight of each entrance, including inside and outside
doors, is 25 tons.
At the annual meeting of the stockholders of the Bankers
Trust Co. on Thursday Joseph B. Martindale, President of
the Chemical National Bank, declined re-election. Herbert
K. Twitchell, Vice-President of the Chemical National
Bank was elected to succeed Mr. Martindale. The board
was reduced from 30 to 28 members, there having been two
vacancies.
The Commercial National Bank of Long Island City became a branch of the Broadway Trust Co. of Manhattan on
the 9th inst. Plans for the merger of the business of the
bank into that of the trust company were completed on the
7th inst., necessary formalities having been taken by the
directors of the bank at a special meeting on that day; while
the consent of the requisite number of stockholders to the
proceedings has been obtained, they will not formally act
upon the proposition until Feb. 15. It is the understanding
that in taking over the business of the bank the trust company assumes the deposits liabilities of the Commercial,
paying for the stock in cash at a price representing its value
over and above the deposit liabilities. The Commercial National began business in February 1913 under the presidency of Ernest V. Connolly, who had been Cashier of the
Aetna National Bank of this city. The Commercial had a
capital of $200,000; its deposits on Dec. 31 last were $590,000, while its resources were placed at $1,000,000. Three
of the directors of the institution have been made directors
of the trust company, viz.: Martin G. Metzner, Horace
Havemeyer and George G. Meyer. The Commercial National had subscribed to stock in the Federal Reserve Bank
to the extent of $18,000, and had paid in the first installment; this, it is stated, will not become part of the assets
of the Broadway Trust but will be reserved for liquidation,
the Federal Reserve Act specifically stating that the stock is
not transferable.
The Battery Park National Bank of this city has made
extensive alterations to its officers'appointments, which are
now more conveniently arranged, and add to the appearance
of the banking room.
The suspension of the Stock Exchange house of Stringer
& Co. of 40 Exchange Place, was announced on the floor
of the Stook Exchange on the 9th inst. The firm was comJr.
posed of G. Franklin Stringer and G. Franklin Stringer
Almost immediately after the formal announcement of the
firm's inability to meet its obligations, the junior member
shot and killed himself in the offices of the firm. He was
in his twenty-eighth year. Recently the younger member
had ventured into the wheat market and had induced his
friends to speculate; in the face of a rising market he had
taken a position on the short side; the continued and unprecedented rise of last week resulted in the wiping out of
the firm's margins, and its inability to longer carry on its
operations was made evident on the 8th inst. Prior to May
1912 the firm was known as Jewell & Stringer; at the time
mentioned G.F.Stringer Sr. took over the interest of Edward
H.Jewell and Mr. Stringer's son was admitted to the partnership. The elder Mr. Stringer has been interested in a number
of Mexican mining enterprises; these are the Guanajuato Development Co., of which he is President; and the following of
which he is a director: Guanajuato Amalgamated Gold Mines
Co.;the Peregrina Mining & Milling Co.; the Mexican Milling
& Transportation Co.; he is also Vice-President of the
Securities Corporation, Ltd. These concerns, it is stated,
are in no way involved in the firm's affairs. An involuntary
petition in bankruptcy was filed by Mr. Stringer Sr. on the
12th inst.; it places the firm's liabilities at $413,752 and its
assets at $106,687; the personal liabilities of Mr. Stringer
are given as $149,976, and his assets as $39,954.
JAN. 161915.1
THE CHRONICLE
A small brochure, styled "Its Service to You," bearing
the imprint on the front cover of the Metropolitan Trust
Co. of this city, and a pencil drawing of lower New York
City showing the completed new Equitable Building among
the numerous "skyscrapers," has made its appearance. The
booklet is distinctive both in printing and its treatment of
the functions of a trust company. In a way which is new
and interesting its message tells what services the Metropolitan Trust Co. will render to individuals, firms, estates,
banks and bankers.
The board of directors of the Montauk Bank of Brooklyn
at a meeting on the 12th inst. elected John S. Scully Second
Vice-President of the institution, to fill the vacancy caused
by the retirement of John S. Sorenson. Mr. Sorenson,
however, continues as a director of the bank.
H. M. De Mott, Vice-President of the Mechanics' Bank
of Brooklyn Borough, George C.Van Tuyl Jr., Joseph Walker
Jr., Michael Furst, Alvah Miller, W. Averill Pendleton and
William E. Wheelock have been added to the Mechanics'
directorate.
Walter F. Wells, Vice-President of the Edison Electric
Illuminating Co. of Brooklyn, and Eugene F. Barnes,
President of the East Brooklyn Savings Bank, have been
elected directors of the National City Bank of Brooklyn,
succeeding John L. Heins, resigned, and George H. Roberts,
deceased.
207
elected Vice-President. Mr. Hough was also re-elected
Cashier and will continue in that office.
Harold W. Stevens, who had been President of the Hartford National Bank of Hartford, Conn., for so many years,
resigned at a meeting of the directors last week, and Charles
E. Chase, Chairman of the Board of the Hartford Fire Insurance Co., and its former President, was elected in his
stead. After accepting Mr. Stevens's resignation, he was
elected Second Vice-President of the institution—a new office
—and granted a year's leave of absence. Mr. Chase has
been prominent in the insurance world and has been a
director of the "Old" Hartford National for a good many
years. Because of his other associations, Mr. Chase will not
be able to give his whole time to the bank, and thus VicePresident and Cashier Frank P.Furlong N611 be the official in
charge. Mr. Furlong has long held a conspicuous place in
banking circles and at one time was Postmaster at Hartford.
Mr. Stevens has also resigned from the bank's board; two
new directors 'were elected this week, viz.: Morgan G.
Buckeley and Morgan B. Brainard.
Atwood Collins, President, and Charles E. Prior, VicePresident and Treasurer of the Security Trust Co. of Hartford, Conn., were highly honored on the 9th inst. by their
associates, upon their completion of twenty years of service
with the company. Mr. Collins received a handsome loving
cup and Mr. Prior a Circassian desk clock.
Charles Wissman and Frederick W. Luecke have been
Robert Ives Gammen, President of the Providence Naelected to fill vacancies on the board of the People's National tional Bank of Providence, R. I., and a prominent manufacBank of Brooklyn, caused by the death of James Herndon turer of that city, died the past week in his sixty-third year.
and the resignation of H. F. Gundrum.
Mr. Gammell had been a director of the Rhode Island Hospital Trust Co. for many years and also of the Providence
On Tuesday last the directors of the City Bank of Bayonne, Institution for Savings. He was recently elected a director
N. J., voted to accept the offer of the Union Trust Co. of of the United States Trust Co. of New York. Mr. Gammell
New Jersey, looking to the acquisition of the bank, and was a member of many clubs in Providence, New York,
the establishment of a branch of the trust company in the Washington and Newport,and also Vice-Chancellor of Brown
present quarters of the bank at 22nd Street and Broadway. University.
This will be especially advantageous to the Union Trust Co.,
of which Samuel Ludlow Jr. is President, not only for the
At a meeting of the directors of the First Mortgage
increased business obtained but also for the additional Guarantee & Trust Co. of Philadelphia on the 7th inst.,
facilities it secures in the establishment of another branch in Charles V. Thackara was elected Vice-President and Treasthe heart of the business section of Bayonne. It is the urer. Mr.Thackara was formerly Assistant Treasurer of the
intention of the Union Trust Co. to reduce its capital from Philadelphia Trust, Safe Deposit & Insurance Co. of Phila$500,000 to $300,000, adding the difference to its surplus delphia, and had also served as Assistant Cashier of the
account and thereby making the latter equal to its capital Franklin National Bank of Philadelphia.
of $300,000. Of the trust company stock $50,000 is to be
allotted to the stockholders of the City Bank, and such
The directors of the Philadelphia National Bank on the
stock will have a book value approximately of $200 per
share. After the liquidation of the City Bank, and the acqui- 13th inst. unanimously re-elected Levi L. Rue President.
sition of its deposits, the Union Trust Co. will have deposits Lincoln Godfrey declined re-election as Vice-President.
H. J. Keser, heretofore Cashier, and Wm.S. Maddox, hereof $3,500,000. The City Bank was organized in 1909; it
tofore an Assistant Cashier, were elected Vice-Presidents and
has a capital of $100,000.
Horace Fortescue was appointed Cashier. The directors
elected are:
Louis T. Brady, who for the past three years had been
Richard Ashhurst, Lincoln Godfrey, George Wood, Alfred
C. Harrison,
connected with the New York Clearing House, was elected Levi L. Rue. George It Frazier, George if. McFadden, Effingham
Morris, Randal Morgan, R. Dale Benson, Samuel Rea. Pierre
Cashier of the First National Bank of Syracuse, N. Y., on Thomas S. Gates,
S. du Pont.
Asa S. Wing, Samuel M. Vauclain, William It. Donner,
the 5th inst., succeeding Edward S. Tefft, who relinquishes Wallace D. Simmons, Samuel D.
Warriner.
his duties as Cashier to devote his entire attention to the
office of Vice-President, to which he was elected last October.
Morris R. Bockius, Arthur V. Morton and William Jay
Mr. Brady was in the service of the Fifth Avenue Bank of
Turner are new directors on the board of the Girard National
New York for some years, and also served as Assistant
Bank of Philadelphia; they fill vacancies caused by the resigCashier of the New Netherland Bank of New York. The
officers of the First National are Charles W.Snow,Chairman nation of Richard L. Austin, now Federal Reserve Agent,
of the Board; Alfred W. Hudson, President; Albert P. Clarence M. Clark and Horatio G. Lloyd.
Fowler and E. S. Tefft, Vice-Presidents, Mr.Brady, Cashier;
In the First National Bank of Philadelphia Joseph S.
George A. Cholete and William A.Boyd,Assistant Cashiers.
Clark has been elected a director to fill one of three vacancies
caused by the resignation of Edward W. Clark and Howard
At the annual meeting of the stockholders of the Bankers' S.
Graham and the death of Theodore Armstrong. Two
Trust Co. of Buffalo on the 12th inst., the following retiring
of the vacancies were not filled, thus reducing the board
directors were re-elected for a term of three years:George F.
from 18 to 16 members.
Rand, Clifford Hubbell and L. S. De Graff.
An increase of $25,000 in surplus was voted on Dec. 29
The Marine National Bank of Buffalo is distributing a by
the
useful calendar for the ensuing year, showing by the use of Pa., directors of the Union Savings Bank of Pittsburgh,
making the surplus fund $900,000. The bank has a
colored figures the date paper is due when falling on a Suncapital
of $1,000,000 and resources of over $12,000,000. On
day or holiday in New York State. The calendar contains a
Nov. 2 the deposits amounted to $10,578,093.
picture of the institution's massive safe deposit vaults, which
are second to none in this country except in the matter of size.
On Monday next the Union National Bank of Cleveland,
Ohio, will remove into temporary quarters at No. 1 Euclid
At the regular meeting of the directors of the City National
Avenue (Williamson Building), pending the erection of its
Bank of Bridgeport, Conn.,on Jan. 12 Charles E.Hough was
own handsome new building, to which we referred some time
208
THE CHRONICLE
[VOL. 100.
nsive floor of the bank from 1887 until May 1913, when she claimed she
ago. The bank is sending out a very comprehe
and was dismissed without cause.
y
quarters
plan showing the arrangement of its temporar
The
recent
clerks.
and
officials
different
the
of
the places
In the three months ending Dec. 31 1914 the Mechanics-.
statement of the bank showed aggregate resources of $17,National Bank of St. Louis experienced a noteAmerican
132,564.
worthy increase in its deposits; they now total $31,059,863,
against $28,257,427 on Oct. 31 1914—a gain of nearly
as
Chiof
Bank
National
the
First
of
The combined profits
millions of dollars.
three
cago and the First Trust & Savings Bank show a net earning
for
the
employed
e
capital
aggregat
average
the
on
4%
of 103
The German Savings Institution of St. Louis opened for
calendar year 1914, according to the report submitted to the
in its new home on the corner of Broadway and
business
stockholders of the First National on Dec. 31 by President
on Dec. 28. The exterior of the new building
Street
Pine
the
fact
to
that
the
attention
calling
In
James B. Forgan.
The interior is finished in white marble,
granite.
white
of
is
to
is
equal
now
surplus of the First Trust & Savings Bank
and plate glass fixtures and steel furbronze
marble,
the capital paid in of $5,000,000, Mr.Forgan points out that, with
of the bank are: Nelson W. McLeod,
officers
The
niture.
1912,
on
d
30
March
announce
policy
in accordance with the
and Louis Fusz, Vice-Presidents;
Uhri
C.
W.
;
President
this places it in the position of contributing hereafter to the
E. Barklage, Assistant Cashier.
and
Cashier,
dividends to be paid to the shareholders. "Just what divi- H. Hunicke,
on
of
course,
"depend,
says,
dends may be paid must," he
representing $650,000, paid
With total dividends of 87
future earnings, but it may be safely expected that both
al Bank & Trust
Commerci
defunct
the
of
s
depositor
of
3%
the
dividends
quarterly
to
regular
pay
hereafter
banks can
January 1912, a
in
failure
its
since
Ky.
e,
Louisvill
on their respective capitals, making 18% per annum on the Co. of
Deputy Banking Comoutstanding stock of the First National. The net profits report, filed by B. L. Bruner, special
$75,000 still due the depositors,
of the First National for the year 1914 amounted to $2,000,- missioner, shows that of the
J. V. Norman, attorney
hand.
on
cash
626; it paid therregular dividends of 12% and a special divi- there is $20,000 in
15,is reported to have
Dec.
on
oner,
Commissi
its
00
on
Deputy
ion
of
the
$1,700,0
for
a
distribut
for
calling
5%,
dend of
within a few months
made
be
would
payment
of
net
full
profits-- said that
capital of $10,000,000; the unused portion
paid by now
$300,626—combined with the balance of $2,012,718 brought and that the entire amount would have been
.
generally
s
condition
adverse
for
been
not
to
credit
it
bank
the
had
enables
year,
forward from the previous
to undivided profits $2,313,344. The net profits of the First
An application to organize.the Germania National Bank
Trust & Savings Bank were $1,306,740; added to the 'balance
for
available
had
(capital $200,000) of Charleston, S. C., has been approved
carried forward from 1931 of $213,245, it
Germania Nadistribution $1,519,985, of which $1,500,000 was transferred by the Comptroller of the Currency. The
a SavGermani
the
of
Bank
Branch
g
the
remainin
succeed
the
balance
s
will
tional
represent
to the surplus and $19,985
The
ings Bank.
to the credit of the new profit and loss account.
deposits of the First National on Jan. 2 were $117,092,495,
The Commercial Bank of Jacksonville, Fla., closed its
while its aggregate resources reached $156,021,078; the
t was made by the officers
deposits of the First Trust & Savings Bank on the same date doors on Dec. 31. No statemen
to protect depositors.
taken
was
action
the
$68,958,to
that
amount
than
assets
further
total
its
while
618,
were $58,720,
capital of $100,000. The liawith
one,
small
is
a
bank
The
578.
bilities are said to aggregate $649,109.
Co.,
RR.
Central
Illinois
the
C. H.Markham,President of
The Lumberman's National Bank of Houston, Tex., of
was elected a director of the Illinois Trust & Savings Bank,
S. F. Carter is President and Lynn Talley,Cashier,
Buckingwhich
Clarence
late
the
ng
succeedi
4,
Chicago, on Jan.
deposits on Dee. 31 1914 of $3,329,391 and total
reports
the
largest
were
bank
the
ham. On Jan. 1 the deposits of
resources of $5,316,551. The bank has a capital of $600,000
in its history, being $98,507,000.
and surplus and profits of $487,000.
Leonard Specht, Treasurer of Ed. Ahlswede Company,
was elected a director of North West State Bank of Chicago
at the stockholders' meeting on the 11th inst. The full
list of directors, including the old ones re-elected and
the newly elected member, is as follows : Alfred Anderson, James Davis, Otto J. Hartwig, F. W. Hochspeier,
Robert D. Lay, Gus G. Martin, Charles H. Menzel, Joseph
R. Noel, A. G. Rehtmeyer, Peter P. Reisenhus, John F.
Schiffmann, Charles T.Schueler, Theodore Sheldon, Leonard
Specht and Charles A. Zahn.
The Citizens National Bank of Los Angeles, Cal., continues to show a marked increase in business, its recent new
statement under date of December 31 1914, giving the deposits as $9,401,737 and aggregate resources of $13,280,314.
This institution, of which A. J. Waters is-President, has now
under construction a magnificent new building at the corner
of Fifth and Spring Streets, right in the heart of the commercial district. A description of which appeared in these
columns some time ago.
The Valley Bank of Phoenix, Ariz., which closed its doors
November 10, has been reorganized, and was reopened
stateon
's
official
• The Mississippi Valley Trust Company
ation of the
on the 2nd inst. It is stated that in the rehabilit
ment as of Dec. 31 1914 shows:
$8,376,343 26 institution many of the large depositors have accepted stock.
Capital, surplus and profits
Deposits amounting to
Total assets
16,577,494 63
$24,978.688 47
This is a substantial gain in deposits over the same day
of 1913, and undivided profits have also increased, notwithstanding the payment of $480,000 in dividends during the
year. The recent acquisition by the American Trust Co.
of the Guardian Trust Company's business leaves the Mississippi Valley the only St. Louis trust company of any con-sequence which has never absorbed or consolidated with
some other institution.
An order authorizing the distribution of the amount remaining to the credit of the pension fund of the National
Bank of Commerce in St. Louis was signed by Circuit Judge
Hitchcock on Dec. 19. According to the St. Louis "Republic," the fund amounts to $62,862, and is to be divided
among 150 persons entitled to participate in it. The validity
in it was
of claims upon the fund by those qualified to share
was
fund
The
July.
establast
k
Hitchcoc
Judge
upheld by
July 1913 the dilished by the bank in January 1900, but in
rectors voted to discontinue the annual appropriation
k's decision as to
towards its maintenance. Judge Hitchcoc
was given as the result of an action
claims
the
of
validity
the
been in the employ
brought by Miss Fannie Stein, who had
The Imperial Bank of Canada (head office, Toronto) is
distributing as customary its new calendar for the ensuing
year. The 1915 edition is quite in keeping with the times,
as the large picture depicts a naval review of the British
navy.
The Union Bank of Canada (head office, Winnipeg) in its
fiftieth annual report for the year ending Dec. 31 1914 presents a particularly interesting and satisfactory report.
During the twelve months its net profits, after deducting
expenses of management, interest, doubtful debts, &c.,etc.,
were $712,440,being atthe rate of 14.25% on its paid-up capital. The usual 8% dividend was paid with an additional 1%
bonus. The total deposits amount to $63,445,915 and the
1,561,849, as against $80,766,532
aggregate assets were
in 1913. During the year thirteen branches and agencies
were opened, bringing the total number up to 328. The
President of the institution, the Hon. John Galt, in presenting his annual address, expressed his deep regret at the
absence of the General Manager, G. H. Balfour, who had
met with a serious accident and was confined in the hospital.
H. B. Shaw, the Assistant General Manager, read Mr.
Balfour's report, in which, after calling attention to the
JAN. 16 1915.]
THE CHRONICLE
Bank's favorable outlook for 1915, he commented on the
staff's efficiency and loyalty, particularly in such trying
times when 104 members were already in active service,
while many others were fitting themselves for duty if called
upon later.
209
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Stocks.
Shares.
10 Tenth National Bank
11754
65 People's Nat. F. I.,$25 each. 16
64 Corn Exchange Nat. Bank__ 260
100 Mohave Minerals Co , pref_1328
1,400 Mohave Minerals Co., Com. lot
8 Farm. Se Mech. Nat. Bank..134
10 Nat. State Bank, Camden__ _210
25 Third National Bank
250
8 Continental-Equitable Trust,
92
$50 each
165
10 West End Trust Co
101
50 Phila. Warehouse Co
2 Fire Assn of Flint' ,$50 each 325
5 Indep. F.I. S.. $25 each....
_ _ _ 2554
1
Shares.
Stocks.
$ per sh.
1 Citizens' Passenger Ry
280
1 J. B.Stetson,common
340
5 13th & 15th Sts. Pain. Ry__ _240
82 Wire Glass Co
554
4 Phila. Bourse, com.,350 each 454
20 Girard National Bank
315
Bonds.
Per cent.
$1,000 Harrisburg Gas 1st 51, 1024.101
In its official statement to the Dominion Government
250 Clev.& Erie RR. 1st 58,'2913100
under date of Oct. 31 1914 the Merchants' Bank of Canada
250 Clev.& Erie RR.Inc. 58,'291 lot
Wilm. Gas pit& ref. 5s,1949 9554
1,000
Montreal)
(head office
makes a very strong showing. The
2.000 Hudson Co.Gas 1st 59,1949.10144
3,000 Jersey Shore Gas lot 5s,1941 50
Merchants' fiscal year ends with April 30, at which date
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in 1914 it showed total assets of $83,120,741. On Oct. 31
$ per all. Bonds.
Stocks.
Per Cent.
the bank's total assets reached $87,876,533, thus having Shares.
10 2d & 3d Sta. Pass. RY.,$50 each 240
$300 Philadelphia City 3345, 1932_ 9234
gained in the six months over four million dollars. Deposits
NICARAGUA CUSTOMS RECEIPTS.-We append a
are in excess of sixty million dollars. The institution has a statement showing the Nicaraguan customs receipts for the
capital of $7,000,000 and reserve fund and undivided profits first ten months of 1914, compared with 1913:
Increase(+) or
of $7,248,134. Sir H. Montagu Allan is President and E. F.
Decrease (-).
1914.
1913.
January
$158,251
36
8149.945
+38.305 38
98
General
Manager.
Hebden,
February
156,910 64
+29,953 39
126,957 25
March
The directors of the Standard Bank of South Africa
announce the retirement of William Smart from the management of the London office after forty years of service. Noel
Jennings, Assistant Manager, will succeed Mr. Smart, who
will be chosen a director in place of the late Sir Charles
Fremantle.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
December 31 1914:
GOLD.
For the first time since the outbreak of war, the Bank of England announced a considerable withdrawal of bar gold and gold coin. The following amounts were received by the Bank:
Dec. 24, £935,000 in bar gold.
Dec.29,
8,000
Dec.30,
52.000
Withdrawals were made as wade:
Dec.24, £612,000 in foreign gold coin.
Dec. 24, 402,000 " bar gold.
Dec.28, 200,000
Dec.30, 1.000,000 set aside on account of Treas'y currency note reserve.
The additional £1,000,000. set aside as above, makes the total in that
reserve £18,500,000.
The reduction on balance during the week was £1,219,000.
The West African gold output for November 1914 was £154,674, as
compared with /132,694 for November 1913 and E159.410 for October 1914.
The gold output from the Transvaal for November 1914 was £3.04...677,
as compared with £2,860.788 for November 1913 and £3,116,754 for October 1914.
The Rhodesian output for November 1914 was £311,711, as compared
with £239,036 for November 1913 and £337,241 for October 1914.
SILVER.
The tone is fairly good.
Owing to the Christmas holidays, business has been rather restrained
and supplies have been far from plentiful..
The Indian bazaars have been nibbling, but the mainstay
the market
at the present time is China. During the last few weeks of
a substantial
amount of silver has been bought for that quarter.
An extract from the issue under date of Nov. 14 of
Herald" suggests that the interminable complications ofthe "North China
Chinese currency
have by no means ended"Currency in China has had all kinds of surprises for
laymen: but the
present situation is simply extraordinary. There is now
found to be an
actual plethora of dollars and small coins, and since
August the Chinese
have been melting them and converting them into sycee.
cheap at present, in contrast to the position in the past, Dollars are very
exspecially during
the revolution of 1911. The reasons why dollars are taints
melted are that
large issues of the provincial mints have found no use in the
market, and as
all Chinese accounts are in taels.the present price of the dollar
is not very
conducive to its existence and circulation."
An Indian currency return for Dec. 22 gave details as follows:
Notes in circulation
61,21 Lacs
Reserve in silver coin
29.70
Gold coin and bullion
9.86 "
East Indian securities
10,00 "
Gold in Eng and
7,65 "
Securities in England
The stock in Bombay consists of 4,500 bars, as compared with 4.900
last week.
A shipment of 100,000 ozs. has been made from San Francisco to Hongkong during the week.
Appended will be found statistics for December:
Highest price
2334 cash delivery
Lowest price
223
4
44
Average price
22.9
Quotations for bar s Ivor per ounce, stamped:
• Dec.28__22 11-16 cash No quota- Bank rate
5%
Dec.29_..22jtion fixed
Bar gold per oz., stamped--77s. 9s.
Dec. 30_ _22
" for forward French gold coin per oz__Nominal
Dec. 31_-22 1-16 "
delivery.
U. S. A. gold coin per oz__ _Nominal
The quotationito-clay for cash silver is fixed the same as that of a week ago.
Gomm moatI a niIU iscellancons Jews
First quarter
April
May
June
Second quarter
Half-year
July
August
September
Third quarter
October
Shares.
Stocks.
Per cent. i Shares.
Per Cent.
Stocks.
3,500 Distributing Corp., pref.,81
5 Woodhaven Park Co
6
110 each
lot 2 J. B.Stetson Co., pref
670 International Nickel Co.,
Bonds.
Per cent.
common
105-105% $1,000 Roslyn Estates 6s, 1917
$21
By Messrs. Francis Renshaw & Co., Boston:
Shares.
Stoeks.
S iter sta.
S per sh. Shares.
Stocks.
59 Quissett Mfg.Co.,pf.
(N.Bed.)10Iq 10 Boston Ground Rent Trust_p
.
_er 0
ce8nt.
10 Technical ChambersTrust...
_ CO
2 Charlestown G.& E., 350
Bonds.
each.125ii
40 Boston Co-op. Bldg.,
1911e
8ing Crowther Corp. 1st
$16
0
;
0
,00
ex-div.,
$25 each
20
3300 lot
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
$ per sh Shares.
Stocks.
$ per sh.
6 Waltham Bleachery & D. W..
1.5254
10054 452 Lawrence Gas Co. tights
210 Ranno-Speirs Co., pret13
5
50 Western It. E. Trust
5
50 Ranno-Speirt Co.,corn
1
2 Lowell Gas Lt. Co., ex-div__263
10 State Street Exchange
70-7054
139,518 74
-21.29834
8416,42197
$154.767 38
150,718 94
150,006 12
+816.960 43
-$39.680 14
-32.412 54
-44.456 60
$338.943 16
$455,492 44
-8116.549 28
$772,325 56
95,973 52
84,532 52
82.531 38
$871,914 41
181.62984
140.051 16
153,623 17
-399,588 85
-85,65632
-55.518 64
-71,091 79
8273.037 42
$475,304 17
-8212,266 75
877,998 19
$125,901 40
-847.903 21
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, Jan. 9,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of December. From this statement it appears that the
aggregate of unfilled orders on Dec. 31 was 3,836,643 tons,
recording an increase of 512,051 tons from last month when
the amount of orders outstanding was 3,324,592 tons. The
last-mentioned was the lowest figure since May 1911, when
the amount of outstanding orders was 3,113,187 tons. In
the following we give the comparisons with previous months:
Tons.raw
Dec. 31 1914_3,836.643 June 30 1913___5,807,31i Dec. 31 1911-5.034.761
Nov. 30 1914_3,324,592 May 31 1913_6.324,322 Nov. 30 1911_4.141.955
Oct. 31 1914_3,461,097 April 30 1913...6,978,762 Oct. 31 1911..__3,694,828
Sept. 30 1914-3,787,667 Mar. 31 1913--7,468,956 Sept. 30 1911_3.611,317
Aug. 31 1914_4,213,331 Feb. 28 1913__7.650,714 Aug. 31 1911_„3,695.986
July 31 1914__-4,168,589 Jan. 31 1913_-_7,827.368 July 81 1911_3,584,085
June 30 1914_4,032,857 Dee 31 1912_7.932.164 June 80 1911_3,361,058
May 31 1914-3,998.160 Nov. 30 1912___7,852,883 May 81 1911-3,113.187
Apr. 30 1914..„4,277,068 Oct. 31 1912___7,594,381 Aprli 30 1911_3,218.704
Mar. 31 1914_4.653,825 Sept. 30 1912...6,551,507 Mar. 31 1911_3,447,301
Feb. 28 1914_5,020.440 Aug. 31 1912_6,163.375 Feb. 28 1911_3.400,543
Jan. 31 1914_4.613,680 July 31 1912_6,957.079 Jan. 31 1911_3,110.919
Dee, 31 1913_4,282.108 June 30 1912_5.807.346 Dee. 31 1910_2.674.750
Nov. 30 1913_4,396,347 May 31 1912_5.750.983 Nov. 30 1910__2,760.413
Oct. 31 1913_4.513,767 April 30 1912_5,664.885 Oct. 31 1910_2.871,949
Sept. 30 1913_5,003.785 Mar. 31 1912_5,304,841 Sept. 30 1910-3.158,106
Aug. 31 1913_5,223,468 Feb. 29 1912_5,454,200 Aug. 81 1910-3.537.128
July 31 1913_5,399,356 Jan, 31 1912___5,379,721 July 81 1910_3,970.931
Prior to July 31 1910,reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
Tons.
Tons.
June 30 1910___4.257,794 June 30 1907_ 4.7,603,878 June 30 1904„.3,192,277
Mar. 31 1910_5,402.514 Mar. 31 1907-.8,043,858 Mar. 31 1904_04,138,961
Dee. 31 1909_5,927,031 Dec. 31 1906_ 4'8,489.718 Dec. 31 1903...3,215,123
Sept. 30 1909_4,790,833 Sept. 30 1900_ 4.7,936,884 Sept. 30 1903-.3.728.742
June 30 1909_4,057,939 June 30 1906_4'6,809,589 June 30 1003_ 4'4.666.578
Mar. 31 1900___3,542,595 Mar. 31 1906_4'7,018,712 Mar. 81 1903...5,410,719
Dee. 31 1908_3.603,527 Dec. 31 1905_ 407,605,086 Dec. 31 1902...5,347,253
Sept. 30 1908___3,421,977 Sept. 30 1905-.5.865,377 Sept. 30 1902_ 4'4,843,007
June 30 1908_3,313,876 June 30 1905_ 4.4,829,655 June 30 1902_•4,791.993
Mar. 31 1908_3.765.343 Mar. 31 1905...45,597,560 Dec. 31 1901_.4,497,749
Dec. 31 1907_4.624,553 Dec. 31 1904_ 4.4,696.203 Nov. 1 1901_•2.831.692
Sept. 30 1907...6.425.008 Sept. 30 1904_4'3 027 436
•The figures prior to Dec. 31 1907 are on the oin basis. Under the present
method only orders received from sources outside of the company's own Interests
are shown. The amount as of Sept 30 1904, shown above as 3,027,436 tOnS• she
former basis. would. It Is stated, be 2.434.736 tons on that now employed.
Canadian Bank Clearings.-The clearings for the week
ending Jan. 9 at Canadian cities, in comparison with the
same week of 1914,show a decrease in the aggregate of 26.7%.
Week endtny January 9.
Clearings at1915.
4•1441144WARII4nonnat.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:
118,220 40
$433,382 40
$115,087 24
118.306 40
105.549 52
CanadaMontreal
Toronto
Winnlpeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Victoria
London
Calgary
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1914.
$
$
41.670,530 56,512,398
40.198,295 45,522,719
25,066,915 38.039,131
6,053,576 12,012.173
3,980.655 4,638,622
2,457,335 3,956,397
2,537,973 3,140,617
2,989,115 3.214,063
1,545,730 2,013,556
2,713,019 3,244,498
2,941,915 2,601.603
2,920,035 4.953,302
2,197,119 4,900,402
2,003,138 3,237,251
556,867
818,447
341,427
646,603
878,230 2,230,208
620,459
781,043
862.067 1,492,706
600,000 1,084,093
308,16e
508,792
201,591
485.570
534.607 Not Incl. In
Inc. el
Dee.
%
-28.3
-11.5
-34.1
-49.6
-14.2
-37.0
-19.2
-7.0
-23.2
-16.4
+13.1
-41.0
-55.2
-38.1
-30.8
-47.2
-60.6
-20.6
-42.2
-4.5
-39.3
-53.5
total
1913.
1012.
$
60,879.253
45,290,038
37.228,265
14,120.329
5.953,080
4,015,985
2,616,348
3,864.988
2.272,787
3,919,942
2,681,475
5.867.469
5,266.643
3,258,235
850,809
592,540
2,648,372
689,683
1,773,423
882,240
776,825
$
50.489,026
38.670,163
27,427,198
11,827,041
5,190,530
2,811,488
2,194,295
2,603.459
1,762,292
2.896.077
1.795,575
4,251,522
3,541,727
2,002,159
588,292
570.771
1,613.239
1,387,364
912,093
028,978
143.644.807 196.034.200 -26.7 205.419.030 163,220,289
Breadstuffs Figures brought from page 243.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Rye.
Barley.
Oats.
Corn.
Wheat.
bbls.10(1lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4818s. bu.56 lbs.
82,000
044,000
221,000 1,807,000 4,785,000 2,206,000
Chicago _ .. _ _
85,000
307,000
324,000
548,000
96,000
17,000
Milwaukee__
38,000
42,000
182,000
34.5,000
292,000
Duluth
412,000 107,000
332,000
515,000
1,906,000
Minneapolis.
45,000
1,000
174,000
100,000
Toledo
97,000
198,000
41,000
8,000
Detroit
173,600
97,000
30,000
16,000
Cleveland
318,000
10,000
42,000
602,000
372,000
75,000
St. Louis_ _ _
14,000
115,000
175,000
450,000
64,000
83,000
Peoria
47,000
695,000
898,000
Kansas City.
200,000
432,000 1,347,000
Omaha
423,000
313,000
347,000
Total wk.'15
Same wk.'14
Same wk.'13
9,756,000
6,331,000
7,016,000
6,123,000
3,994,000
6,431,000
4,099,000 1,562,000
4,212.000 1,268,000
4,676,000 2,081,000
337,000
246,000
210,000
Since Aug. 1
1914-15._ 0,830,000 276,945,000 119,389,000 157,992,000 55,608,000 14556000
1913-14._ 9,920,000 188,157,030 104,233,000 119,878,000 56,317,000 8,853,000
1912-13._ 8.513.394 241.061.777 91.685.363 131.270.462 48 439 506 Inestrum
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 9 1915 follow:
Wheat,
Flour,
bush,
bbls.
Receipts at254,000 1,832,000
New York
200,000
39,000
Boston
2,000
336,000
Portland, Me
629,000
97,000
Philadelphia
705,000
52,000
Baltimore
132,000 1,800,000
New Orleans•
22,000
Newport News_ _ _
694,000
Galveston
11,000
Mobile
110,000
8,000
Montreal
240,000
Port Arthur
630,000
40,000
St. John
Total week 1915._ e27,000
Since Jan. 11915..1,304,000
390,000
Week 1914
Since Jan. 1 1914_ 814,000
Corn,
us
bush,
454,000
8,000
, Barley,
gag.
bush.
358,000 563,000
67,000 39,000
196,000
741,000
121,000
166,000
121,000
67,000
116,000
12,000
18,000
1,000
4,000
30,000
Rye,
bush.
43,000
60,000
4,000
9,000
81,000 287,000
17,000
775,000 709,000 394,000
5,576,000 1,705,000
12,272,000 3,434,000 1,547,000 1051,000 753,000
42,000
935,000 269,000
2,508,000 1,653,000
6,031,000 2,699,000 1,663,000 603,000 102,000
• 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.9 are shown in the annexed statement:
Wheat,
bush,
Exportsfrom793,562
New York
Portland, Me_ _._ 336,000
389,730
Boston
Philadelphia ____ 703,000
812,323
Baltimore
New Orleans__ _ _ 2,611,000
Newport News__
2 178,000
Galveston
Mobile
Montreal
630,000
St. John
240,000
Port Arthur
Corn, Flour,
bids.
bush.
201,477 214,473
2,000
150 20,887
80,000
370,437 35,728
4,000
166,000 22,000
8,693,615
3,135,978
756,014 430,088
73,258 313,977
Total week...
Week 1914
Peas.
Rye, Barley,
Oats,
bush,
bush.
bush,
bush,
60,776 197,790 372,728 42,589
900,000
6,000
65,500 641,038
18,340
12,000
4,000
18,000 11,000
40,000
161,016 838,828 378,728 42,589
2,680
388,727 59,401 662,223
The destination of these exports for the week and since
July 1 1914 is as below:
Wheat- ---CornFlour
Since
Since
Since
July 1
Week.
July 1
Week.
July 1
Week:
1914.
Jan. 9.
1914.
1914.
Jan. 9.
Exportsfor took and Jan.9.
bush.
bush.
bush,
bush,
bbls.
bbls.
since July1 to173,061
43,000
United Kingdom...178,182 3,062,757 3,741,643 81,604,562
206,035 2,486;671 4,905,297 94,285,769 691,624 6,625,529
Continent
805,101
10,000 2,695,427
Sou.& Cent. Amer_ 5,284 795,188
985,325
21,005
32,883
31,378 787,440
West Indies
1E0
4,969
49,063
Brit. Nor. Am.Cols. 2,164
285
15,660
92,687
36,675
Other Countries__ _ _ 6,285 146,385
Total
Total 1913-14
430,088 7,328,504 8,693,615 178711,328
313,977 6,542,711 5,135,278 120125,976
756,064 8,509,694
73,258 2.011,707
The world's shipments of wheat and corn for the week
ending Jan.9 1915 and since July 1 1914 and 1913 are shown
in the following:
Corn.
Wheat.
Exports.
[VOL. 100.
THE CHRONICLE
210
1913-14.
1914-15.
Week.
Jan. 9.
Since
July 1.
Since
July 1.
J
1913-14.
1914-It.
Week
Jan. 9.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
746,000
North Amer. 9,864,000 236,912,000 170,842,000 782,000 8,026,000
4,813,000 8,362,000
12,074,00 00,926,000
Amnia
9,431,000
14,261,000
29,572,000
2,247,000
Danube...
40,000 9,603,000 13,178,000 3,571,000 93,444,000 121,468,000
Argentina.__
8.996,000 18,988,000
Australia_
320,000 16,512,000 25,032,000
India
9(1,000 4,621,000 5,050,000
Oth.countr's
Total ____ 10360000 286,065,000 353,088,000 4,353,000 115,714,000 194,837,000
•Not aval able since August 1.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom • Continent.
Total.
United
Kingdom. Continent.
Tool.
Bushels,
Bushels.
Bushels.
Bushels.
27,022,000
38,736,000
Jan. 9 1915._
28,741,000
37,448,003
Jan. 2 1915._
15,040,000 29,072,000 6,163,000 9,053,000 15,216,000
Jan. 10 1914._ 19,032,000 13,368,000 26,792,000 8,228,000 17,043,000 25,271,000
Jan. 111213.. 13,424,000
Bushels.
Bushels.
DIVIDENDS.
all the diviojends announced for the
shows
The following
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company
Per
Cent
When
Payable
Books Closed
Days Inclusive
Railroads (Steam).
Feb. 23 Holders of rec. Jan. 23a
3
Alabama Great Southern, preferred
1M Mar. 1 Holders of reo. Jan. 29a
Atchison Topeka & Santa Fe, corn.((NOFeb. 1 Holders of rec. Dec. 3I0
24
33)(No.
pref.
Atch.Topeka & Santa Fe,
234 Mar. 1 Holders of rec. Feb. la
Baltimore & Ohio, common
2
Mar. 1 Holders of rec. Feb. la
Preferred
139 Feb. 1 Holders of rec. Deo. 31a
Canada Southern
34 Feb. 20 Holders of rec. Feb. la
Chic. St. Paul Minn. dr Om., cont. & pref_
Feb. 1 Holders of rec. Dec. 31a
3
Cuba RR., preferred
24 Mar. 20 Holders of rec. Feb. 25a
Delaware & Hudson Co (guar.)
Delaware Lackawanna & Western (guar.) 239 Jan, 20 Holders of rec. Jan. 4a
14 Feb. 1 Holders of ree. Jan. 8a
Great Northern (quar.)
219 Feb. 10 Holders of rec. Jan. 20a
Louisville & Nashville
$5 Feb. 1 Holders of rec. Jan. 80
Mahoning Coal RR ,common
Jan. 29 Holders of rec. Dec. 3Ia
1
Michigan Central
234 Feb. 1 Jan. 24 to Feb. 1
Nashville Chattanooga & St. Louis
Feb. 1 Holders of rec. Jan. 8a
14
Railroad
Central
New York
1
Feb. 19 Holders of reo. Jan. 300
Norfolk & Western, adj. pref.(qua?.)..
m3)9 Feb. 1 Jan. 22 to Jan. 31
North Carolina
Feb. 1 Holders of rec. Jan. 90
lji
Northern Pacific (quar.)
219 Jan. 25 Holders of rec. Jan. 15
Pittsb. CM. Chicago & St. L., met
$2.50 Feb. 1 Holders of rec. Jan. 230
Pittsburgh & Lake Erie
2
Feb. 11 Holders of rec. Jan. 25a
Reading Company.common (guar.)
Street and Electric Railways.
Feb. 1 Holders of rec. Dec. 23
144
(MOpref.
RR,
&
Aurora Elgin Chicago
Feb. 1 Holders of rec. Jan. 22
3
Bay State Street Ry,first pref
rec. Jan. 4
Bosten & Suburban Electric Cos., pref.... 51 Jan. 15 Holders of rec.
Jan. 27
Feb. 8 Holders of
Ili
(guar.)
eons.
Light,
Columbus Ry., Power &
Ili Feb. 8 Holders of rec. Jan. 27
Preferred, Series B (guar.)
Jan. 180
rec.
of
Holders
1
Feb.
1
By.
Lt.,com.(gu.)
&
Power,
Commonwealth
14 Feb. 1 Holders of rec..lan. 18a
Preferred (guar.)
Jan, 10 Holders of rec. Dec. 310
1
Denver & Northwestern By. (guar.)
Feb. 1 Holders of rec. Jan. 20a
14
(Vo.4)
(gu.)
pf.
East Si. Louis & Sub. Co.,
Jan. 20a
Milwaukee Elec. Ry. dr Lt., pref.(guar.) 139 Feb. 1 Holders of rec. Jan. 15
219 Feb. 1 Holders of rec.
Montreal Tramways (guar.)
Jan. 31
to
21
Jan.
30
Jan.
2
New Hampshire Electric Railways
134 Jan. 15 Holders of rec. Dec. 31
Ottumwa By. & Light, pref. (guar.)
180
Jan.
rec.
of
Holders
1
Feb.
(No.
140
133)
Philadelphia Co., com. (quay.)
Feb. 1 Holders of rec. Jan. 150
Public Service Investment. corn (No. 11) $2
81.50 Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.) (No. 23)
Feb. 1 Holders of rec. Jan. 150
Railway & Light Securities, con.(No. 11). 3
Feb. 1 Holders of rec. Jan. 15a
3
Preferred (Na. 20)
Feb. 1 Holders of rec. Jan. 15
P.,
&
I,
134
Ltd.
(guar.)
Tram.,
Janeiro
de
Ria
Sao Paulo Tram., Light h Fewer, Ltd.... 234 Feb. 1 Holders of rec. Jan. 15
la
Tampa Electric Co.(quar.)(No. 41).... $2.50 Feb. 15 Holders of rec. Feb. 3Ia
Jan. 20 Holders of tee. Dec.
Virginia Railway & Power, preferred..... 3
239g Jan. 30 Holders of rec. Jan. 20
York Railways, pref. (payable in scrip)._ _
Banks.
Feb. 1 Jan. 14 to Jan. 31
2
Pacific (guar.)
Trust Companies.
119 Feb. 1 Jan. 22 to Jan. 31
Broadway (guar.)
Fire Insurance.
On dem Holders of rec. Jan. 1
10
Home (No. 119)
Miscellaneous.
Jan. 20 Holders of rec. Dec. 24
1
American Chicle. Common (monthly)
Jan. 20 Holders of rec. Dec. 24
1
Extra
131 Feb. 1 Holders of rec. Jan. 15a
American Cigar. common (quar.)
Jan, 29 Jan. 17 to Jan. 25
Amer. District Telegraph of N.J.(qua?.).. 1
'Amer. Gas & Elec., pref (guar.)(No.32) 119 Feb. 1 Holders of rec. Jan. 20
AME7 Graphophone, pref. (guar.)(No.67) 1;4 Feb. 15 Holders of rec. Feb. 1
2)4 Feb. 1 Jan. 16 to Jan. 31
Amer. Light & Trac.,common (attar.)2)41 Feb 1 Jan 16 to Jan 31
Common (payable in common stock)_ _
1 Jan 16 to Jan. 31
1).5 Feb
(quar.)
Preferred
,4 Jan. 21 Jan. 6 to Jan. 21
1)
American Locomotive, pref.(mar.)
Feb. 1 Holders of rec. Jan. 20
Amer.Pipe & Construction Securities, pf._ _ 4
)4 Feb. 15 Jan. 31 to Feb. 15
American Sewer Pipe
Anaconda Copper Mining (qu.)(No.57).. 210. Jan. 20 Holders of rec. Jan. 2a
3
Jan. 20 Holders of rec. Dec. 3I0
BrooklynBorough Gas, preferred
134 Feb. 1 Holders of rec. Jan. 23
Brown Shoe, Inc., preferred (guar.)
111 Feb. 15 Holders of rec. Feb. 1
Burns Bros., common (guar.)
14( Feb. 1 Holders of rec. Jan. 15
Preferred (guar.) (No. 8)
3
Feb. I Holders of rec. Jan. lla
Central Leather, common
Jan. 25 Jan. 10 to Jan. 25
Chicago Pneumatic Tool (guar.)
Feb. 1 Holders of rec. Jan. 20a
(qu.).
corn.
Cluett, Peabody At Co.. Inc.,
Feb. 1 Holders of rec. Jan. 15a
2
Commonwealth Edison (guar.)
14 Jan. 21 Holders of rec. Jan. 11
Consolidated Ice, Pittsburgh, pref. (guar.)_
135 Jan. 30 Holders of rec. Jan. 23a
Consolidation coal (guar.)
34 Jan. 30 Holders of rec. Jan. Ila
Distilling Co. of America, pref. (quar.)..
315 Feb. 1 Holders of rec. Jan. 6
Dominion Coal, Ltd., preferred (Nc. 44)._
Dominion Steel Corp., Ltd., pref. (gust,).. 115 Feb. 1 Holders of rec. Jan. 15
duPont(RI.) de Nemours Powd pr.(M.) 14 Tan. 25 Jan 16 to Jan. 25
Feb. 1 Holders of rec. Jan. 18
Edison Elec. III. of Boston (guar.)(No.103) 3
Electrical Securities Corp., pref. (Guar.) 14 Feb. 1 Holders of rec. Jan. 28
15 Holders of rec. Jan. 14
Jan.
2
Electric Bond & Share, common (guar.)
1,4 Feb. 1 Holder's of rec. Jan. 20a
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15
6
Eureka Pipe Line (guar.)
29a
Federal Suoar Refining, preferred (quar,).. 139 Feb. 1 Holders of rec. Jan.
Jan. 20
Fl.1Vorth Power & Light, pl.(cu.)(No. 14) 134 Feb. 1 Holders of rec. Deo. 31a
rec.
of
Raiders
1
Feb.
5
common
(extra)
General Chemical.
15o. Feb. 27 Holders of rec. Jan. 3na
Goldfield Consolidated Mines
119 Jan. 20 Holders of rec. Jan. 9
Harbison-Walker Refrac., pref.(guar.).Feb. 15 Feb. 9 to Feb. 15
134
Hercules Powder, preferred (quar.)----Holders of res. Jan. 200
Homestake Mining (monthly)(No. 483). 650. Jan. 25
Feb. 1
3
preferred
011,
Houston
Jan. 31
20 to
Jan.
1
Feb.
14
Illinois Northern Utilities, pref. (guar.).
Feb. 15 Holders of rec. Jan. 30
Illuminating & Power Securs.. Pref.(Par.) 14 Feb. 12 Holders of rec. Jan. 23
$2
(cmar.)
Indiana Pipe Line
134 Feb. 1 Jan. 15 to Feb. 1
International Nickel, pref. (quar.)
50e. Feb. 1 Holders of two. Jon. 23
Inland Creek Coal, corn. (quer.)
Feb. 1 Holders of ree. Jan. 210
14
(qu.)
pref.
24
&
tot
Kayser(Jullus)& Co..
Feb. 1 Holders of rec. Jan. 15
Kelly-Springfield Tire, common
244 Jan. 20 Jan. 1 to Jan. 17
(quar.).._..
Consolidated
Mines
La Rose
16 Holders of rec. Jan. 4
Jan.
81.25
Lehigh Valley Coal Sales
.(qu.)(No.11) 134 Feb. 1 Tan 16 to Feb. 1
Loose-Wiles Blacult 24 pref.
1 Holders of rec. Jan. 20a
Feb.
$2
75)..
(No.
(goar.)
Lowell Flee. Light Cont.
$1.25 Feb. 1 Holders of rec. Jan. I5a
MassachusettsGas Cos.. coin. (guar.)
5
Jan. 20 Jan. 1 to Jan. 17
NiplasIng Mines (guar.)
(1) Feb. 1 Jan. 3 to Jan. 31
Ohio 011 (special)
134 Jan. 20 Jan. 12 to Jan. 20
Oklahoma Natural Gas (guar.)
Feb. 1 Holders of rec. Jan. 200
52.50
pref
Power,
&
Tight
Electric
Omaha
Feb. 15 Holders of rec. Feb. 5
1
Penmans. Limited, corn.(guar.)
134 Feb. 1 Holders of rec. Jan. 21
Preferred (quar.)
2
Feb. 1 Holders of rec. Jan. 15a
Penn Traffic
Feb. 25 Holders of rec. Jan. 20
2
People's L'as Light & Coke (quar.)
Tan. 20 'folders of rec. Jan. 15
1)4
(quar.)
pref.
Coal,
Pittsburgh
1 Holders of rec Jan 15a
Feb
Public Service Co.of Nor. ni•• corn. (4111.) 11(
1 Holders of roc Jan 15a
114 Feb
Preferred (quar.)
Feb. 27 Holders of rec. Feb. la
14
(qua?.)
preferred
Oats,
Quaker
134 Feb. 1 Jan. 24 to Jan. 31
Taylor-Wharton Iron & Steel, pref.(cm). 215e.
1 to Jan. 7
Jan. 21 Jan
Tonopah Mining of Nevada (quar.)..
4
Feb. 1 Holders of rec. Jan. 18a
common
Torrington Co.,
14 Tan. 15 Holders of rec. Jan. 11
Union Ferry
1
Feb. 1 .Tan. 20 to Feb. 4
United Clear Mfrs., common (quar.)139 Feb. 15 Holders of rec. Feb. 1
United Cigar Stares of .4 met.. rem.(qW.) 1
Feb. 1 Holders of ree. Jan. 21
U. S. Reqty & Imnrovement (guar.)
139 Jan. 30 Holders of rec. Jan. 155
United States Robber,common (quar.)_ _
2
Jan. 30 Holders of rec. Jan. 15a
First preferred (qua?.)
115 Jan, 30 Holders of rec. Jan. 150
Second nreferred ((Mar.)
4
(qu.)
18
Jan. 24 Holders of roe. Jan. 1
pref.
20
dr
Warner (Chas.) Co., let
arte, pref. (guar.) 14 Jan. 15 Holders of rec. Dee. 31
Weefera Stip? use & F.1,
30 Holders of rec. Dec. 310
1
Jan.
eon).
(qean)
Mfg..
&
Elec.
Westinghouse
155 Feb. 1 'folders of rec. Jan. 23a
MINT-Ore-WM,common (guar.)
139 Mar. 1 Holders of rec. Feb. Sc!
Woolworth (F. W.), common (quar.)
Transfer h001(8 not closed for this dividend. 14 Les.. Br tish Income tac. d Correction. e Payable in stock. /Payable in common stock. g Payable In scrip.
h On account of aecumulated dividends. 1 Being a distribution pro rata of 200,000
shares of the capital stock of the Illinois Pipe Line Co. Certificates representing
% payable Aug.11915
said stock will be mailed on or before Feb. 1. m Also
JAN. 16 19151
THE CHRONICLE
211
Imports and Exports for the Week.-The following are and since Jan. 1 1915, and for the corresppnd
ing periods in
the imports at New York for the week ending Jan. 9; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
For Week ending Jan.9
Dry goods
General merchandise
1915.
83,329,287
14,034,904
Total
Since January 1.
Dry goods
General merchandise
1914.
55,095,821
13,978,264
1913.
53,009,910
16,717,331
1912.
52,473,891
10.448,276
$17,364,191 519,074,085 519,727,241 312,922,167
33,329,287
14,034,904
Total one week
85,095,821
13,978,264
$3,009,910
16,717,331
82,473,391
10,448,278
$17,364,191 519,074,085 319,727,241 512,922,167
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.9 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
Week ending Jan. 9.
For the week
Previously reported
.
Total one week
1915.
1914.
1913.
1912.
$23,272,618 317,773,589 524.499,338 517.669,105
323.272.618 $17,773,584 924,499,338 $17,689,105
Week ending Jan. 9.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1915
Total 1914
Total 1913
Exports.
Week.
1,000
$1,000
204,798
2,131,818
Imports.
Since Jan. 1
51,000
Week.
$48,195
791,807
185,264
114,312
Since Jan. 1
$48,195
791,807
185,264
114,312
$1,000 $1,139.578 31.139,578
204.798
769.476
769,476
2,131,818
496,069
496,069
81,342,323 $1,342,323
420
420
51,342,743 81.342,743
770,271
728,326
1,137,052 1,200.492
$15,406
63,550
$15,406
63,550
878.956
389,755
425,381
$78,956
389,755
425,381
The following table shows the exports and imports of
Of the above imports for the week in 1915,$36,363 were
specie at the port of New York for the week ending Jan. 9 American gold coin and $270
American silver coin.
The Federal Reserve Banks.-The Federal Reserve Board made public on Jan. 9 its weekly
statement of the condition of each of the Federal Reserve banks, as well as the consolidated statement for the
system as a whole as at close of
business on Jan.8 1915.
The gold holdings of the banks show an increase of about 3.5 million dollars, while
total cash resources appear to have
decreased about 5 millions. This loss, as well as the loss in total loans, and discounts,
is more than fully offset by a gain of
6.2 million dollars in investments in municipal and Government securities reported by
four banks. Of the total just given,
about 5.8 million dollars mature within the next six months.
The consolidated statement for the present week for the first time includes among the
resources the items in transit
between Federal Reserve banks, which in previous statements were deducted from reserve deposits.
The apparent gain of
11.3 millions dollars, as shown in the present statement, should be reduced by 6.25 million dollars,
in order to enable a fair
comparison between the amounts of deposits shown in the present and previous week's statements.
The amount of Federal Reserve notes in circulation shows an increase of about one-half million dollars.
The liabilities
of the Federal Reserve banks on account of their outstanding notes decreased, however, about 1.9 million
dollars, as the result of larger gold deposits for the retirement of notes reported by the Federal Reserve Agents.
Following is the statement, together with the figures for preceding reports:
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS JANUARY 8 1915.
Gold coin and certificates
Legal-tender notes, silver certificates and subsidiary coin
RESOURCES.
Jan. 8 1915. Dec.311914. Dec.24 1914. Dec.18 1914. Dec. 111914. Dec. 4 1914. Nov.27 1914. Nov.201914.
3232,553,000 $229,069,000 $232,568,000 5233,279,000 8232,073,000 5230,912,000 $227,840,000 $203,415,000
17,997,000
26.578,000
25,748,000
25,008,000
28,170,000
32,020,000
34,630,000
37.308,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
$250,550,000 5255,647,000 8258,316,000 8258,287,000 3260,243,000 $262,932,000 5262,470,000 $240,723,000
$4,410,000
$4,632.000
$4,102,000
55,049,000
96,466,000
37,724.000
55,857,000
3.686,000
4,215,000
2,750,000
2,266,000
1,960,000
1,025,000
1,097,000
1,780,000
1,746,000
1,700,000
1,728,000
1,831,000
1,095,000
429,000
Total
59.876.000 810,593,000
58,552,000 59,043,000 810,257,000
investments
59,844,000 57.383,000 95,607,900
6.467,000
255,000
Due from Federal Reserve banks: Items In
transit
6,249,000
Al
'other resources
14,159.000
11,349.000
4,815,000
2,660,000
1,976,000
308,000
165,000
95,000
Total resources
$287,301,000 5277,344,000 5271,683,000 8269,990,000 $272,476,000
9273,084,000 $270,018,000 $246,425,000
LIABILITIES.
Capital paid in
818.058,000 818,051,000 $18,050,000 518,050,000
Reserve deposits
$18,047,000 818,047,000 518,050.000 818,072,000
267,339,000 6256,018,000 6249,786,000 1.248,084,000
Federal Reserve notes in circulation (net amount)
b250,937,000 251,037,000 249,268,000 227,138,000
.1,854,000 .3,775,000 .3,847,000
.3,856,000 .3,492,000 .3,970,000
1,215,000
2,700,000
Total liabilities
5287,301,000 $277,844,000 $271,683,000 $269,990,000
Gold reserve against net liabilities_ b
3272,476,000 5273,084,000 5270,018,000 8246325 000
88.5%
88.2%
91.7%
Cash reserve against net liabilitles_b
92.6%
91.6%
90%
90%
95.3%
98.4%
101.8%
102.5%
Cash reserve against liabilities after setting aside 40% gold
102.3%
103%
104%
reserve against net amount of Federal Reserve notes
in circulation.b
95.7%
99.3%
102.8%
103.5%
103.1%
104%
105%
105%
Jan. 8 1915. Dec.31 1914. Dec. 241914. Dec. 181914.
Dec. 111914.Dcc.41914.
(a) Federal reserve notes in circulation
516,530,000 516,027,000 .512,412,000
58,869,000
56,702,000 55,105,000
Deduct: Gold and lawful money in hands of Federal Reserve Agent for retirement ,of outstanding notes._ 14,676,000
12.252,000
8,565,000
5,013,000
3,210,000
1,135.000
Net liability of Reserve Banks upon outs.Vguotess 81,854,000
33,775,000 '$3,847,000
$3,856,000
(b) Net deposits, after deduction of items in transit between
53.492,000
93,970,000
Federal Reserve banks, viz
$6,467,000
37,930.000
95,663,000
55,169.000
82,919,000
•Corrected figures.
WEEKLY STATEMENT OF RESOURCES
AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS JAN.8 1915
Boston.
New York. Fhiladera. Cleveland. Richmond. Atlanta. ‘Chica
go. Si. Louis. Minneay. Kan. City. Dallas. San Fran.
RESOURCES.
5
5
5
$
8
$
rold coin and certificates
s
$
13,672,000 86,153,000 13,468,000 16,291,000 8,636,000
$
$
S
3
3,134,000 33,945,000 9,276,000 9,910,000
I.egal-tender notes, silver certifi10,482,000 6,354,000 10,182,000
cates and subsidiary coin
1,302,000 7,503,000 3,310,000 1,093,000
109,000 2,195,000
514,000
839,000
6,000
72,000
569,000
485,000
Total
14,974.000 93,656,000 21,778,000 17,384,000 8,795,000
5,329,000
Ills discounted and loans
141,000
566,000
244,000
452,000 2,430.000 1,228,000 34,459,000 10,115,000 9,916.000 11,051,000 6,839,000 16,254,000
ovestments
2,340,000
527,000
35,000 5.050,000
282,000
122,000 1,057,000
487,000
lue from other F. R.bks.-net.
705,000
472.001 11,090,000
677,000
II other resources
__
2,444,000
359,000 4,663,000 1,860,000 1,729,000
275,000 1,531,000 1,194,000 1,819.000
957,000
351,000
208,000
111.000
921,000
Total resources
15,981,000 115,025,000 23,882,000 19,565,000
11,500,000 8,088.000 41,142,000 13,418,000
11,226,000 11.381.000 8,817,000 16,852,000
LIABILITIES.
,eserve deposits
14,362,000 111.703.00020.683,000 16,788.000
7.629,000 5.485.60038,942,000 12,469,000
lue to other F. R. banks-net
8,806,000 9,436.000 6,531.000 14.555,000
1,112,000
606,000 2.015,000 1,377,000
,ederal Reserve notes In circu1,606,000
945,000
914,000 1,001,000
lation-net amount
140,000
760,000
apital paid in
440,000
1,619,000 3,322,000 2,087.000 2,031,000
26,000
416,000
72,000
1,096,000
786,000 2,200,000
923,000
814,000
956,000 1,296,000
928,000
Total liabilities
15,981,000 115,025,000 23,882,000 19,565,000
11.500,000 8,088.000 41.142.000 13.418.1100
11.22a.000 11.381.000 8.817.000 16,852.000
Statement of New York City Clearing-House Banks
and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing-House
members for the week ending January
9. The figures for the
separate banks are the averages of the daily results. In the ease of the
totals, actual figures at the end of the week are
also given:
[VOL. 100.
THE CHRONICLE
212
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Not
Week Ending
Jan. 9 1915.
(00s omitted.)
Loans,
Discounts,
Investmls,
&c.
(Nat.Banks Oct.31)
(State B'ks Dec.24)
Capital.
Net
Profits.
Gold.
Legal
Tenders.
Silver,
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[not
[reserve
Notes
counted
for State
[not
as
Institureserve], reserve].
Bons].
Reserve
with
Legal
Deposilanes.
Net
Demand
Deposits.
National
Bank
Net
Circula- Net
Time
Deposits. lion.
Average. Average. Average. Average. Average.
$
Average. Average. Average. Average. Average. Average.
8
$
$
$
$
$
$
$
799,0 1
$
200,0
$
23,908,0
$
1,827,0
12,0
667,0
3
667,0
2,000,0
26,646.0 1,688,0
22,043,0
4.577,2
21,0 1,698,0
28,0
652,0 1,033,0
23,188.0 1,338,0
77,330,0 1,892,0 7,600,0 4
2,202,9
5,570,0
9,0
42,0
512,0 3,548,0
8
3,913,0
87,955,0 6,160,0
190,0
9,455,8
241,509.0
24,350,0
199,0
220,0
1,532,0 12
26,609,0
33,235,4 222,674.0 31.295,0 23,310,0 7,577,0
14,0 2,048,0
154,0
496,0 13
54,0
32.666,0 1,207,0 1,214,0 1,472,0
7,596,0
8,112,6
563,0
9,0
29,0
274,0
192,0
50,0 15
457,0
110.0
8.666,0
805,8
1,790,0
147,0
10,0
103,0
35,0
93.0
686,0 3.948,0 21
1,904,0
114,4
49,644,0
4,0 4,495,0
281,0
7,548,0 23
53,667,0 2,828,0 2.663,0 2,018,0
119,872,0
4,600,0
9,239,0
37,0
322.0
109,0 2,069,0 30
19,839,0
16,744,9 143.300,0 9,000,0 4,519,0 2.879,0
25,0 1,523,0
276,0
872,0
334,0
328,0 33
21,882,0 1,118,0
1,390,6
82,534,0
34,0 6,455,0
339,0
150,0 1,555,0 36
80,045,0 9,997,0 2,131,0 2,589,0
15,282,9
23,178,0
1,755,0
46,0
242,0
2,385,0
56,0
211,0 42
1,232,0
23,937,0
8,184,0
2,375,9
731,0
2,0
197,0
50,0 53
478,0
852,0
829,0
8,431,0
1,938,6
23,404,0
2,022,0
264,0
54
468,0
3,580,0
528,0
27,048,0 1,338,0 1,555.0
7,856,1
92,284,0
6,823,0
665,0
50,0 59
4,509,0
1,798,0
5,962,0
99,004,0
1,936,0
14,893,6
170,0
31,0
120.0
685,0 63
33.0
124.0
1,719,0
65,9
13,145,0
1,000,0
8,0
234,0
949,0
5,077,0 65
170,0
15,371,0 1,163,0
2,981,1
10,0 8,168,0 108,675,0
231,0
230,0 1,497,0 67
47,589,0
23,592,3 120,916,0 10,024,0 1,370,0 4,343,0
51,0 3,525,0
151,0
717,0 2,766,0
498.0 71
45,706,0 3,811,0
8.822,0
3,673,5
675,0
261,0
394,0
450,0 74
42,0
265,0
10,335,0
1,983,6
32,0 7,980,0 116.524,0
783.0
890,0 89
9,816,7 106,014,0 9.158,0 4,064,0 2,802.0
17,524,0
1,620,0
12,0
306.0
350,0 81
14,109,0 1,577,0 2.566,0 1,127,0
1,834.7
8,360,0
734,0
2,0
119,0
880,0
564,0
514,0
391,0 82
11.1
8,182,0
1.319,4
4,039,0
299,0
15,0
279,0
107,0
61,0
405,0 85
4.301,0
501,7
26,005,0
2,056,0
1,0
44.0
818.0
2,030,0
2,095,0
22,343,0
500,0 91
707,0
2,690,9
23,249,0
8,0 1,872,0
18,0
384,0 1,348,0
933,0
400,0 99
_
23.177,0
____
2,910,3
6,092.0
484,0
42,0
247,0
100
145,0
378,0
400,0
6,595,0
108,0
618,4
9,417,0
702,0
95,0
843,0
115,0
255,0
267,0 118
9,811,0
1.002,8
6,872,0
418,0
3,0
56,0
415,0
120,0
317,0
7.838,0
1,152,3
527,0 98,949,0 1,217,973,0 4,975,0 47,539,0 5,457,0
0 105,217,0 51,705,0 49,415,0
Totals. avge. for wee lc 112,600,0 177,780,3 1,257,430,
567,0 100,738,0 1,229,406,0 4,949,0 46,216,0
5,669,0
1,260,365,0 107.826,0 52,548,0 52,494,0
455,0 100,297,0 1,224,912,0 5,268.0 48,569,0
Totals, actual conditiso Jan 9
4,714,0
0 113,500,0 49,038.0 46,224,0
1.265,839,
2
Jan.
0
o
conditi
actual
543,0 98.499,0 1,201,953,0 6,448,0 52,576,0
Totals,
4,289,0
1,255,007,0 115,481,0 48,257,0 48,533.0
527.0 95,313,0 1.193,799,0 7,048,0 56,837,0
Totals, actual conditi o n Dee. 26
4,566,0
1,253,307,0 115,134,0 51,910,0 47,172,0
93,842,0 1.200,875,0 7,307,0 60,067,0
554,0
Totals, actual condlti o n Dec. 19
5,612,0
1,263,522,0 113,017,8 48,884,0 51.850,0
390,0 94,179,0 1,196,546,0 6,829,0 65,216,0
Totals, actual conditl o n Dec. 12
4,116,0
1,261,265,0 116,172,8 51,054,0 49,291,0
Totals, actual condlti I n Dec. 5
Members of Fedora
3
Bank.
2,000,0
_
1 Bank of N. Y., N.B.A_ _
2,000,0
Bank_
Nat.
'
Merchants
3
_
6,000,0
4 Mech. dr Metals Nat_ _ _ 25,000,0
8 National City Bank__
3,000,0
k
Ban
National
12 Chemical
1,000,0
Nat _
13 Merchants' Exch.Drov_.
300,0
&
Butchers
15Nat.
5,000,0
Na
I.
Exchange
21 American
e 25,000,0
23 Nat. Bank of Commer
2,250,0
Nat _
30 Chatham & Phenix Ban it 3.000,0
33 NallOVer National
2,550,0
Nat _ _
Central
Citizens'
36
1,000.0
Nat_ _
42 Market & Fulton
1,500,0
Traders'. _
53 Importers' & Bank__ _
5,000,0
Park
National
54
250,0
_
_
_
National_
59 East River
1,000,0
Bank_ _
63 Second National
10,000,0
_
_
_
Bank_
National
65 First
_
4,000,0
67 Irving National Bank_ _
500,0
71 N. Y. County National
5.000,0
_
Bank._
74 Chase National Bank _
1,000,0
80 Lincoln National Bank
. 1,000,0
81 Garfield National
250,0
__
82 Fifth National Bank__
1,000,0
Ban k
National
Seaboard
85
1,000,0
.
Bank
National
91 Liberty
. 1,000,0
gg Coal & Iron Nat. Bank. 1,000,0
100 Union Exch. Nat. Bank. 1,000,0
Brooklyn
118 Nassau Nat.,
State Banks.
Not Members of
Federal Reserve Bank.
2 Bank of Manhattan Co
6 Bank of America
17 Greenwich Bank
28 Pacific Bank
31 People's Bank
44 Metropolitan Bank
45 Corn Exchange Bank..
70 Bowery Bank
72 German-American Ban
76 Fifth Avenue Bank
77 German Exchange Ban
78 Germania Bank
83 Bank of the Metropolis
84 West Side Bank
92 N.Y.Produce Each__ _
96 State Bank
97 Security Bank
Totals. avge. for w
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditl
Totals, actual conditi
Totals, actual conditl
4,867,6
6,328,8
1,124.2
1,004,7
460,7
1,827,2
6.979,3
778.7
691,6
2.227,1
820,7
999,0
2,110.5
714,7
856,1
687,0
301,3
36,100,0 10,055,0
28,685,0 4,291,0
932,0
9,468,0
349,0
5,003,0
224,0
1,974,0
13,295,0 1,100,0
67.869,0 5,088,0
3'671'0295,0
669,0
4,328.0
14,404,0 1,680,0
487,0
3,372,0
599.0
5,852,0
12.291.0 1,045,0
288.0
4,415,0
9.955,0 1,544,0
17,793,0 1,172,0
638,0
10,339,0
16,450,0 32.779,7
248,814,0 30,456,0
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250.0
750,0
100,0
200,0
200,0
1.000,0
200,0
1,000,0
1,500,0
1,000,0
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3,349,0
102 Brooklyn Trust Co
10,000,0 12,451,5
103 Bankers Trust Co
4,226,9
2,000,0
104 U. B. Mortgage & Trust
1,250,0 1,038,8
105 Astor Trust Co
11,652,1
5,000,0
Trust
&
106 Title Guarantee
10,000,0 21,360,8
107 Guaranty Trust Co_ _ _ _
1,000,0 1,330,3
l08 Fidelity Trust Co
4,000,0 5,083,2
Tr_
110 Lawyets Title Ins.&
2,000,0 7,094,1
111 Columbia Trust
1.000,0 1,376,7
113 People's Trust Co
3,000,0 11,647,6
114 New York Trust Co__ _
1,000,0 1,036,9
Co
Trust
Franklin
115
545,2
1,000,0
116 Lincoln Trust Co
2,000.0 6,123.4
117 Metropolitan Trust Co_
875,2
1,500,0
_
Co__
Trust
119 Broadway
Totals, avge. for week 46,250,0 89,191,7
Totals, actual conditio
Totals, actual condltio
Totals, actual eonditio
Totals, actual conditio
n Jan. 9
n Jan. 2
n Dec. 26
n Dec. 19
9.939.0 19.030,0
5,48t,0
246,0
200,0
337,0
129,0
29,417,0 1,398,0
137,308,0 10,850,0
41,563,0 3,779,0
19,488,0 1,102,0
36,464,0 1,917,0
197.106,0 13,301,0
377,0
7,844,0
941,0
17,854,0
59,142,0 4,341,0
17,335,0 1,215,0
47,084,0 3,785,0
642.0
13,292,0
633,0
10,617,0
29,773,0 1,326,0
13,675,0 1,161,0
183.0
101,0
145.0
18.0
86,0
450,0
141,0
103,0
102,0
72,0
566,0
49,0
39,0
444,0
140,0
443,0
220,0
183,0
245,0
171,0
1,948,0
114,0
193,0
527,0
243,0
1,179,0
171,0
180,0
934,0
435,0
290,0
677,962,0 46,668.0
2,639,0
7,186,0
3,193,0
132,0
8,141,0
6,162,0
4,025,0
7,169,0
2,999,0
3,063,0
3,786,0
4,205,0
131,0
51,0
3,599,0
47,239,0 '
45,828.0 2,260,0
45,171,0 1.979,0
45,000,0 3,536,0
45,0
5,732.0
270,696,0
3,272,0
27.0
3.0
2,0
3,0
3,0
3,0
5,725,0
5,534,0
5,732,0
5,712,0
4,349,0
4,345,0
271.752,0
268,119,0
261,932,0
262,375,0
259,520,0
260,983,0
3,252,0
3,486,0
3,455,0
3,451,0
3,442,0
3,650,0
5,0
1,143,0
5,564.0
1,733,0
745,0
1,152,0
7,577,0
328,0
511,0
2,285,0
850,0
1,707,0
526,0
476,0
1,105,0
700,0
22,877,0 5,405,0
111,286,0 20,908,0
34,661,0 6,901.0
15,365,0 4,077,0
548,0
23,042,0
151.552,0 18,317.0
66,0
6,581,0
253,0
10,214,0
45,697,0 12,263,0
583.0
17,010,0
33,986,0 5,839,0
10,520,0 2,191,0
9,520,0 1,039,0
22,105.0 3,878,0
38,0
13,999.0
3,000.0
203,0
88,0
6,077,0
5,174.0
5,853,0
6,509,0
6,606.0
6,694.0
677,361,0
678,774,0
677,265,0
679,785,0
5.0
2,0
3.207.0
3,0
3,0
201.0
183,0
17,485,0
19,119,0
16,012,0
17,245,0
17,097,0
17,049,0
105,0
150,0
294,0
560,0
107,0
20,0
515,0
259,0
40,0
274,0
119,0
131,0
329,0
1.150.0
571,0
336,0
55,0
191,0
30.847,0 9,327,0
29,939,0 9,861,0
30,302,0 9,017,0
30,936.0 9.871,0
31.957,0 9,998,0
31,613,0 10,087.0
251,173,0
246,895,0
246,825,0
245,294,0
241,968,0
244,486,0
n Jan. 9
n Jan. 2
n Dec. 26
n Dee. 19
n Dec.12
n Dec. 5
2,318,0
83.0
19,0
147.0
107,0
187,0
308.0
66,0
55,0
586,0
230,0
47,000,0
28,185,0
10.306,0
5,028,0
2,403.0
12,882,0
76,574,0
3,267,0
4,133,0
15,700,0
3,361,0
5,897,0
12,103,0
4,318,0
10,624,0
19,591,0
9,524,0
39,0
426,0
371.0
325.0
253,0
3,616,0
1,208,0
884,0
571,0
322,0
1,879,0
5,503,0
44.0
225,0
1,521,0
182,0
211,0
1,143,0
185,0
650.0
723,0
363,0
3,094.0
1,627,0
208,0
383,0
85,0
267,0
1,934,0
21,0
88,0
545.0
89,0
83.0
515,0
199.0
268,0
439,0
89,0
38,0
35,0
13,0
8,0
4,0
132,0
1,0
4.0
ILO
5.835,0
2,184.206,0 182,341,0 64,283,0 75,631,0 8,674,0 +1,000,0
,rand Aggregate, avge_ 175,300,0299.751,7 +1,331,0-8.073,0
+3,290,0 +5,954,0-1,142,0
omparison, prey. week
9,076,0 6,000,0
Jan. 9- 2,188,899,0 185,912,0 64.474,0 78,120,0 +839.0 +898,0
Grand Aggregate, actual condition
-2,609,0 -3,364,0 +3,315,0 +6.615,0
Comparison, prey. week
8,237,0 5,102,0
Jan. 2. 2,191,508,0 189,276,0 61,259,0 71,505.0
Grand Aggregate, actual condition Dec. 26_ 2,179,097,0 190.954,0 59,253,0 68,570,0 9,639,0 4,418,0
condition
4,566,0
actual
Aggregate,
10,714,0
Grand
Dec. 19_ 2,178,386,0 191,070,0 65,317,0 71,586,0
Grand Aggregate, actual condition Dec. 12_ 2.182,758,0 188,151,0 61,644,0 73,350,0 10,414,0 5,685,0
condition
Grand Aggregate,actual rendition Dee. 5_ 2.180.199.0 189.984.0 63.956.0 71.554.0 10.622.0 4.584,0
Grand Aggregate. actual
.
STATEMENTS OF RESERVE POSITION
79,0 26,402,0
83,0
69,0
88,0
107,0
26,509,0
26,456,0
25.740,0
25,975,0
36,0
22.0
2
6
17
28
31
. 44
45
70
72
76
77
78
83
84
92
96
97
102
103
104
105
106
107
108
110
111
113
114
115
116
117
119
-
528,415,0 82,306.0
-530,122,0
529,134.0
516,294,0
519,502,0
81.453,0
82,182,0
83,577,0
83,259,0
651,0 -31,033.0 2,017.084.0 90.553,0 47.539,0
+78,0 +231,0 +17,084,0 -1.432,0 -1,584,0
677,0 132,972,0 2,031,280,0 89,654,0 46,216,0
+150,0 +685,0 +9,115,0 -2,282,0-2.353.0
527,0 132,287,0 2,022,165,0
622,0 129,971,0 1,980,179,0
637,0 127,000,0 1,975,676,0
605,0 123,911,0 1,975,336.0
420.0 122,774,0 1.969.047,0
18,569,0
91,936,0 7
93,480,0 52.576,0
93,758,0 56,837,0
91,509,0 60,067,0
90,543,0 85,216,0
Actual Figures.
Averages
Cash reserve Reserve In
in vault. depositaries
Total
reserve.
*Reserve
required.
Surplus
reserve.
Inc.or dec.
Cash reserve Reserve In
from
In vault. depositaries
Previous wk
Total
reserve.
aReserre
required.
Surplus
TtSr7Te.
Inc. en dec.
from
previous wk.
$
0
0
$
$
212.868,000 100,738.000 313,606,000 221,540,53 92,065,470 +3,745,03
Members Federal 208,337.000 98,949,000 305,286,000 219,483,890 85,802.110 -6,528,530 63,736.000 5,725,000 69,461,000 48,915,360 20,545,640 -819,940
Reserve Bank__ 64,906,000 5.732.000 70,638.000 48,725,280 21.912,720 +683,420
26,509,000 87,487,000 79.518,300 7,968,700 +3,569,800
60,978,000
+3,207,95
6,825,750
79,262.250
State banks
59,686,000 26,402,000 86,088,000
Trust companies
132.972.000 470,554,000 349,974,190 120,579,810 +6,494,890
-2.632,160 337,582,000 132,287,000 462,464,000 348,379,080 114,084,920 -3.036.280
131,083,000 462,012,000 347,471,4201114,540,580
0
330,920,00
330,177,000
Total Jan. 9.. 330,900,000 130,852,000 461.752,000 344,579.260 117,172,740 -4,701,77 328,416,000 129,971.000 458.387,000 341,265,800 117,121,200 -8,176.780
Total Jan. 2.. 333,976,000 129,252,000 463.228,000 341,353,4901121,1374,510 +890,930
0 465,687,000 340,389,020 125,297,980 +8,305,580
80 +1,281,170 338,637,000 127,000,00 457,470,000 340,477,600 116,992,400 -2,473,230
Total Dee. 26._ 335,113,000 125,736,000 480.849.000 339,1365,4201120,983,5
333,559,000 123,911,000
Total Dec. 19._ 335,731.000 123,947,000 459,678,000 339.975,5901119,702.4100 -7,689.900 336.116,0(10 122,774,000 458,890,000 339,424,370 119.413.5,630 -11,710,460
-5,031.89
0 348,694,910 121,176,090
9
Total Dec. 12.. 341,198,000 123.712.000 484,910,000 337.517.690 127,392,31
200 -5,4/38,340 345,421.0o0 131,439,90 487.871,00
Total Dee. 5._ 347,675.000 121.170,000468,845.001) 3313.420,S00132,424.
23._
of the Federal Reserve Bank it
of
case
Members
Nov.
the
in
but
Total
Deposits in the case of State Banks and Trust Companies Jan. 2, $277,300; Dec. 26, 8332,750; Dec. 19, $153,350.
required on Net Demand
was as follows: Jan. 9, $248,750:
of the Federal Reserve Bank I
case
of
Members
•This is the reserve of reserve required on Net Time Dein:Altar width
the
in
but
Comirtnles
amount
in the case of State Banks and Trust
includes also the reserve required on Net Denfand Deposits
5247,450; Jan. 2, 8263,400; Dec. 28, $322,400; Dec. 10. 3352,400
9,
Jan.
was
as
which
follows:
Deposits,
Time
Net
on
a This la the
of reserve required
ncludes also the amount
JAN. 16 1915.1
THE CHRONICLE
213
The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in New York City not in the Clearing-House
" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the
Department also
shown in the following table:
presents a statement covering all the institutions of this
SUMMARY OF STATE BANKS AND TRUST COMPANIES INGREATER
class
in the whole State. Thefigures are compiled so as to disNEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
tinguish between the results for New York City(Greater New
(Pleura Furnished by State Banking Department.) '
Loans and investments
5561,408,300 Dec. 6523,200 York)and thosefor
the rest of the State,as per the following.
Gold
43,602,000 Inc.
338,800
Currency and bank notes
12,220,000 Dec.
375.100
For definitions and rules under which the various items
Total deposits
645,095,400 Dec.
483,900
Deposits, eliminating amounts due from reserve deare made up, see "Chronicle," V. 98, p. 1661.
positaries and from other banks and trust companies in New York City, and exchanges
The provisions of the law governing the/reserve require563,483,900 Inc. 3,375,700
Reserve on depolts
140,338,500 Dec. 5,205,300
ments of State banking institutions were published in the
Percentage of reserve
26.2%
RESERVE.
"Chronicle" March 28 1914 (V. 98, p. 968). The regula-State Banks
-Trust Companies-Cash in vault
$11,553,800 13.00%
544,208,200 9.93% tions relating to calculating the amount of deposits and what
Deposits in banks & trust co.'s_ _ _ _ 11.465.800 12.90%
73,050,700 16.40% deductions are permitt
ed in the computation of the reserves
Total
$23,019,800 25.90%
$117,318,900 26.33% were given in the "Chronicle" April
4 1914 (V. 98, p. 1045).
The averages of the New York City Clearing-House banks
STATE BANKS AND TRUST COMPANIES.
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
State Banks
Trust Co..
State Banks
Trutt Cos.
Week ended Jan. 9.
ga
in
outside of
outside of
Clearing House,compare as follows for a series of weeks past:
Greater N. Y. Greater N. 1'. Greater N. 1r. Greater N. Y.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
We omit ciphers in all these figures.
Week Ended- Loans and
Investments
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov. 28
Dec. 5
Dee. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
2,731,094,1
2,721.140,7
2.718,080,6
2,705,082.3
2,693,549,1
2,725,762.7
2.716,296,6
2.727,144.8
2,739,891,7
2,736,668,6
2,791,417,1
2,744,808.5
2,745,614,3
Demand
Deposits.
Other
Money.
Specie.
2,489,016.7
2,977.065,3
2,472.981.5
2,478,226,5
2,97e,678.3
2,489,479,2
2,105.515.9
2.510,353.2
2,525,517,5
2,527,814.4
2,537,104,2
2,560,108,2
2,580,567.9
Capital as of Sept. 12.. _ _ 824,550000 $ 67,300,000
$ 10,758.000 It 11.300,000
IN
Surplus as of Sept. 12_ ___
Total
Entire
Money Reserve on
Holdings. Deposits.
S.
378.766,8
380,955,5
386,000,5
388,205,2
381.795,4
112,473,2
115,807,6
117,255.6
118,853,8
115.889,5
307,801.5
305.609.9
303.984,6
303,090,4
305,702.3
303,354,2
301,574,0
94,044.4
90.093,1
86,175,0
86,774,6
83,229,3
83,404,1
85,177.0
489,240.0
498,763,1
103,256.1
105.058,8
497,664.9
404,600,2
401,841,9
395,603,0
390,159.6
389.815,2
388,931,6
386,758,3
386,751,0
624,377,1
633.512,2
845,745.2
C52,656,2
843,626.3
612,901,6
608,533,3
608,010.0
602,362,3
605,680.7
611,698,5
607,295,8
602,350,5
Loans and investments__
Change from last week_
Specie
Change from last week_
39,119,300
151,148,900
13,894,000
11,702,800
322,594,900 1,137,474,000
+2,388,500 -1,636,900
132,051,300
+9,400
190,234,800
-563,500
41,917,600
-970,800
85,769,600
+1,993,100
i
34,784,900
18,310,000
+2,606,600 +1,703,800
Deposits
422,514.200 1,253,976,
Change from last week_ +16,595,000 +12,607,9100
00
Reserve on deposits
102,633,900 237,493,700
Change from last week_
+2.888,200 -1,069.900
P. C. reserve to deposits_
29.5%
23.9%
Pereentage last week_
29.0%
24.1%
I
Legal-tender & bk. notes_
Change from last week_
136,653,000
+1,207,000
200.422,900
+3,416,900
22,126,800
+780,900
28,194,400
+2.855.400
18.2%
17.7%
16.8%
15.5%
+ Increase over last week. -Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOU
SE.
CLEARING
NON-MEMBERS.
Week Endl^g
Jen. 9 1915.
Members of
Fod'I R
Bank.
natty Park Nat. Bk
First Nat. Bk., Bklyn
Nat. City Bk.,Bklyn.
Firat Nat.13k., Jer. C.
Huds'nCo.N.Bk.,J.C.
Third Nat. Bk., J. C.
First Nat. Bk.,Rob'n
3econdNat.Bk.,11ob'n
Total
Capital.
Net
Profits.
Loans,
Discounts
Nat. banks Oct. 31) Incest(State banks Dec. 24 menu,‘"•
Gold.
Legal
Tenders.
Average. Average. Average. Average.
Average.
$
i
$
$
$
Si
$
200,000
134,000 1,889,000
62,000
28,000
29,000
300.000
678,200 4,371,000
96,000
42,000
181,000
300,000
593,800 4,802,000
171,000
55,000
127,000
400,000 1,259,500 4,486,000
243,000
399,000
86,000
250.000
803,200 3,236,000
77.000
14,000
53,000
200,000
444,700 2,357,000
57,000
8,000
79,000
220,000
668,800 4,917,000
109,000
24.000
64,000
125,000
300,800 4,080,000
70,000
55,000
99.000
1,995,000 4,883.000 30,118,000
885,000
625,000
718.000
8888'88§§8
COV.M000!.00.-.NW
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash'n HIM.
100,000
Century Bank
500,000
Colonial Bank
400,000
Columbia Bank
300,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland Bank
200,000
Yorkville Bank
100,000
Mechanics' Bk., Skin 1,600,000
North Side Bk., BkIn
200,000
1,521,000
66,000
5,791,000
427,000
6,610,000
286,000
6,545,000
421,000
1,138,000
113,000
5,911,000
503,000
3,337,000
153,000
5,153,000
393.000
15,937,000
766,000
2,996,000
135,000
3,800,000 4,843.100 54,939,000 3,263,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamIltonTr.Co.,Bkn
Meehan. Tr.,Bayonne
Total
500,000 1,020,700 7,025,000
50,000
317,300 3,639,000
550,000 1,338,000 10,664,000
Grand aggregate
Comparison, prev.wk.
Excess reserve,
Grand aggr'te Jan. 2
Grand aggr'te Dec. 26
Grand aggr'te Dec. 19
Grand aggr'te Dec. 12
Grand aggr'te Dec. 5
Silver.
Nat. Rank
Notes
Nat. Bank Federal
[Reserve for Notes (Not Reserve
State Insti- Counted Bank Notes
tutionsi. as Reserve]. fNotRes'vel
6,345,000 10,864,100 95,721.000
-902,000
8169,050 Increase
6,345,000 10,792,200 96.623,000
8,345,000 10,792,200 96,658,000
6,345,000 10,792,200 96,180,000
6,345,000 10,792,20005,602,006
6,345,009 10,792,200 95,776,000
9,000
90,000
160,000
169,000
10,000
43,000
27,000
60,000
119,000
37,000
75,000
132,000
452,000
279,000
25,000
116,000
131,000
183,000
662,000
120,000
256,000
255,000
215,000
9,000
140,000
92,000
133,000
712,000
60,000
724,000 2.175,000 1,872,000
569,000
62,000
13,000
25,000
19,000
68,000
59,000
74,000
631,000
38,000
87,000
133,000
4,779,000 1,387,000 2,980,000 2,005.000
+84,000 +24,000 -83,000
4,779.000
4,769,000
4,855,000
4.921.000
5,077,000
1,303,000
1,298,000
1,172,000
1,284,000
1,186,000
2,956.000
2,922.000
3,080.000
3.045,000
3314,000
2.068,000
1,894,000
1,786,000
1.921.000
1,835,000
Reserve
with
Legal
Devoetastes.
Average. Average. Average.
$
$
$
6,000
200,000
1,000
36,000
6,000
461,000
25,000 . 2,000
564,000
39,000
487,000
107,000
244,000
30,000
280,000
32,000
283,000
18,000
198,000
293,000
National
Bank
Circulesion.
Average. Average. Average.
$
II
$
1,652,000
28,000
200,000
3,657,000
300,000
4,436,000
118,000
4,069,000
393,000
2.036,000
198,000
2,332,000
200,000
1,639,000 2,595,000
218,000
1,652,000 1,762.000
100.000
88,000 1,146.000
364,000 6,058,000
427,000 7.114,000
430,000 7,166,000
63,000 1,054.000
352,000 5,881,000
113,000 3,2'30,000
395,000 5,572,000
1,006,000 16,767,000
189,000 3,148,009
21,000
235.000
250,000
222,000
270,000
350,000
Net
Time
Deposits.
9,000 2,717,000 21,473,000 4,385,000 1,727,000
21,000
314,000
+79,000
Net
Demand
Deposits.
3,407,000 57,136,000
68,000
296,000
143,000
105,000
15.000
627.000
2,000
301,000 6.010.000
78,000 1,560,000 2,029,000
2,000
379,000 7,570,000 2.029,000
11,000 6,503,000 88,179.000 7.041,000 1.727,000
+1,000
-2,000 -821,000 -302,000 -21,000
10,000
6,000
5,000
6.000
5,000
6,505,000 87,000,000
6,468,000 86,457,000
6,365,000 86,638,000
6,460,000 85,932,000
6,290,000 84,611,000
7,343,000
7,285,000
7,312,000
7,304,000
7,019,000
1,748,000
1,774,000
1,776,000
1,794,000
1,855,000
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a sumClearing-House banks and trust companies of Philade
lphia: mary showing the totals for all
items in the Boston ClearWe omit too ciphers (00) in all thesefigures.
ing-House weekly statement forthe
a series of weeks:
Capital
. and
Surplus.
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
7
$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684.3
BOSTON CLEARING-HOUSE MEMBERS.
Loans.
$
397,346,0
395,705,0
395,058.0
393,182,0
390,844,0
389,633,0
396,719,0
397,010,0
395,929,0
393,452,0
393,545,0
Reserve. Deposits.
a
$
93.423,0
96,430,0
95,099,0
90,251,0
87,948,0
85,738,0
76,841,0
73,357,0
68,608,0
75,010,0
78,158,0
Omutalion.
8
$
424,779,0 18.178,0
432,391,0 16,233,0
428,512,0 16,069,0
428,989,0 15,210,0
425,332,0 14,278,0
427,516,0 13,316,0
426.510,0 12,972,0
427,709,0 12,686,0
422,876,0 12,418,0
431,039,0 12,178.0
434,191,0 11,789,0
$
126,758.1
148,524,1
152,173,1
158,692,1
124,747,4
163,149,1
141,291,1
152,095,1
133,478,4
131,233,1
178,538j
.Includes Government deposits and
the item "due to o her banks' (Jan. 9,
$119,912,000); also "Exchanges for Clearing
House" (Jan. 9, $15,863,000). Due
from banks Jan. 9, $51,844,000.
I
Clearings
Change from
Jan. 9 1915 previous week. Jan. 2 1915 Dec.26 1914
Circulation
Loans.disc'ts & Investments_
Individ. deposits, Incl. U. SDue to banks
'Time deposits
Exchange clearances
Due from banks
Cash reserves
Reserve in Fed. Reff ve Bank
Reserve with other banks- _
Reserve excess in bank
Excess with reserve agents
Excess with Fed. Res Bank
$9,848,000 Dec.$2,326,000 312,174,000 615,196,000
236,157,000 Dec. 1.587,000 237,744,000 238,489,000
175,103,000 Dec. 3,866,000 178,969,000 175,912,000
82,934,000 Inc. 6,461,000 76,473,000 73,536,000
4,215,000 Inc.
120,000 4,095,000 3,951,000
11.914,000 Dec. 1,129,000 13.043,000 9,884,000
24,432,000 Inc.
424,000 24,003,000 23,923,000
21,016,000 Dec.
275,000 21,291,0110 21,452,000
7,691,000 Inc.
411,000 7,280,000 6,648.000
23,108,000 Inc. 2,071,000, 21,037,000 21,911,000
8,251,000 Dec.
356,000, 8,607,000 9,092,000
10,343,000 Inc. 1,990,000 8,353,000 9,461.000
1,304,000'Inc.
9341)00
370 000
Imports and Exports for the Week.-See second page
preceding.
THE CHRONICLE
214
[VOL. 100.
$1,000 New York 4s 1962 at 100, $2,000 New York 4s 1960
at 100, $20,000 N. Y. Canal 43's at 108% to 1083,$5,000
N. Y. Canal 4s 1960 at 100 and $9,000 Virginia 6s deferred
Wall Street, Friday Night, Jan. 15 1915.
trust receipts at 53% to 54%.
The Money Market and Financial Situation.-The
The market for railway and industrial bonds reflects an
security markets reflect a more definitely hopeful feeling investment demand in more activity and decided strength.
in business circles than recently existed. Business at the Throughout the week the transactions have included a large
Stock Exchange has broadened, is becoming more and more number of issues and several have been notably strong
substantial in character,and prices are in almost every ease Consolidated Gas cony. 6s (w. i.) have been in favor and are
higher than a week ago. These conditions are stimulated 3 points higher than last week. Baltimore & Ohios and
by increasing orders for iron and steel products, a larger de- Missouri Pacifies moved up in sympathy with the shares,
mand for copper metal,and,last but by no means least, the and other equally prominent bonds are a point or more higher
increased exports of wheat and cotton. Shipments of the -so general, indeed, has been this movement that of a list,
latter since Jan. 1 have been larger than for the correspond- of 36 prominently active issues, only 8, some for special
ing period last year, and apparently Europe will need not reasons, are fractionally lower.
at
only all the foodstuffs we have to spare but large quantities
United States Bonds.-Sales of Government bonds
of cotton and many kinds of manufactured goods during the Board are limited to $2,000 Panama 3s reg. at 101M
and for yearly
the year before us.
For to-day's prices of all the different issues
Increasing ease in the money market also tends to facilitate range see third page following.
the absorption of securities. Call loans have been negotiated
market
Railroad and Miscellaneous Stocks.-The stock
as low as 1 %this week-the lowest rate quoted since July.
nearly
y
Monda
On
week.
the
in
early
The Dank of England reports increased gold holdings, and was decidedly active
prices advanced sharply.
and
in
traded
were
a
ago.
than
year
shares
larger
0
211,00
00,000
$147,0
about
these are now
e of business has steadily diminished
Loans are abnormally large, however, and therefore the per- Since Monday the volum
cases a part of the advance then
centage of reserve is low. The Russian Government has until to-day, and in many
y the market has again been
To-da
lost.
the
been
t
with
has
this
in
marke
ed
0,000
of
record
$25,00
established a credit
last hour Missouri Pacific,
the
g
Durin
understanding that it shall be retained to pay for supplies active and strong.
advanced from 7% to 10.
,
4
63
at
week
price
last
record
high
a
new
closed
which
at
sold
has
Wheat
purchased here.
points during the day and
up
d
moved
c
14
deman
this
Pacifi
ian
if
and
Canad
this week, owing to the foreign demand,
nearly as much.
stocks
nent
continues it seems quite possible that our surplus of this other more or less promi
on a reduction of only
points
4
ced
advan
Ohio
&
Under
ore
t.
Baltim
r
harves
anothe
cereal will be exhausted before
Central is nearly 2
York
New
rate.
nd
forthe
divide
its
1% in
these conditions and prospects it seems certain that
active railway list
the
all
and
week,
for points higher than last
eign exchange market will be amply supplied with bills
ced.
advan
has
some time to come.
. AmeriSeveral industrial issues have been notably strong
A reduction of the dividend rate on Baltimore & Ohio shares
can
,
Ameri
higher
points
2
over
closes
ed and can Car & Foundry
from 6 to 5% was a smaller cut than had been expect
Gas 4%, Studebaker 5, Mex.
idated
Consol
4%,
co
Tobac
caused a sharp advance in that stock.
ean holders, Petroleum 3 and General Electric 2.
The selling of American securities by Europ before and
For daily volume of business see page 223.
ension
appreh
less
or
a matter which caused more
has
nge,
The following sales have occurred this week of shares not
Excha
Stock
at the time of opening the New York
pearrepresented in our detailed list on the pages which follow:
s by non-ap
not yet attracted attention, except perhap ant influence at
domin
a
e
becom
,
Range Year 1914.
Range for Week.
ance. This may,of course
Sales
STOCKS.
a month has passed
for
Highest.
LGIC€31.
any time, but the fact that more than business makes it Week ending Jan. 15. Week.
Highest.
Lowest.
for
since the Stock Exchange opened
Feb
59
Dec
57
15
Jan
5814 Jan 9 60
ent of that sort will Amer Telegraph & Cable 350
Feb
5 Jan 11 3 July 6
100 5 Jan 1
unlikely that any precipitous movem
Duluth S S & Atian_ _ _
Jan
1434
Apr
10%
11
Jan
10%
11
Jan
1
1034
Green Bay & West deb B
Feb
take place.
15 69 Jan 11 67 May 87
Jan
67
509
pref
um,
Petrole
Mexican
nge
Excha
Stock
July
the
3
on
14
3
034
loans
263,
Jan
call
July
P
Jan
for
2934
2714
rate
t
_
2,057
marke
warrants
Union Pacific
The open
Feb
ranged from 1M to 2%. United Dry Goods, pref. 113 4834 Jan 12 4814 Jan 12 3534 Dee 10034
on stock and bond collaterals
at
closed
rcial paper
The rate to-day was 2%. Comme
Outside Market.-There was a variable market on the
ements and prime
3%@4% for sixty to ninety-day endors
Business on the
. Good single names "curb" this week, with the tone fairly firm.
four to six months' single names
whole was dull. Among the oil shares, Illinois Pipe Line
of over 5
®4%%•
day was an active feature, and after an early gain
The Bank of England weekly statement on Thurs
red finally to 141. Atrecove
and
136
to
d
droppe
145
to
points
n
and
bullio
reacting to
showed an increase of £512,401 in gold coin
lantic Refining advanced some 7 points to 592,
and closed
109
holdings, and the percentage of reserve to liabilities was
to
105
from
ced
advan
589. Indiana Pipe Line
32.71, against 32.72 the week before. The rate of discount
rose 17 points to 473,fell to
Gas
&
Oil
e
Prairi
108.
at
ay
to-d
remains unchanged at 5%, as fixed Aug. 13. The Bank of
rn Pipe Line improved
465 and ends the week at 467. Southe
Standard Oil of
France issued no statement.
223.
at
day
tosold
from 210 to 224 and
Foreign Exchange.-The market for sterling exchange N. J. was irregular and from 400 sagged to 3983/2, then rose
during the week has been irregular. A feature has been to 401, resting finally at 399. Standard Oil of N. Y.
the arrangement for the receipt of nearly $3,000,000 in gold gained a point to 201,fell to 198 and sold to-day back to 200.
from China. Some moderate-sized engagements also have Union Tank Line gained over 2 points to 86. Among inbeen made to bring gold from London.
United Cigar Stores new was exceptionally active,
exchange were 4 811i© dustrials,
To-day's (Friday's) actual rates for sterling
ay last advanced from 9% to 9 and sold
for
Saturd
84g
@)4
4
and
8434
on
for
cheques
84
and
4 81g for sixty days. 4 833j@S4
nts for payment nomidocume
and
week to 9%,movingback finally to 9%.The
nominal
banks
on
the
cial
Commer
during
cables.
down
for payment nominal.
fractionally to 11% but sold back to 11%.
nal. Cotton for payment nominal and grain
off
was
pref.
new
houses
nt
banking
promine
by
There were no rates for sterling posted
g weakened from 4% to 4 and closed toSharin
Profit
United
this week.
' francs were nominal.
bankers
Paris
for
of Riker & Hegeman receded from 7%
rates
actual
Corp.
's)
(Friday
To-day's
day at 4%.
Germany bankers' marks were nominal.
7%, the final figure to-day being 7%.
to
for long and 5 21 for short.
ced
advan
and
7
short.
for
to
1-16
Amsterdam bankers guilders were 3034(4)40
from 4 to 3% and recovered finally
ed
declin
and
high
15c.
251range,
week's
Gum
19c.:
.
251.
ng
Sterli
Exchange at Paris on London
Tobacco, ordinary, gained a point
Amer.
h
251. 20c. low.
to 3%. Britis
e.
bearer" stock selling up from 183i
Exchange at Berlin on London not quotabl
"to
ry
ordina
the
18%,
follows:
to
e for the week
The range for foreign exchang
Tire com., after early loss of
gfield
Cables.
-Sprin
.
Cheques
Kelly
Days.
Sixty
to 19%.
Sterling. Actual48434
48434
jumped to 79 and was traded in to-day at
High for the week__ -4 81U
76,
to
484
point
a
4833,
over
81g
__4
Low for the week_
The 2d
Parts Bankers' Francs78. The 1st pref. moved up from 79% to 80.
51834
519
High for the week_ __ __
Bonds
.
red
to1101
but
5
100
to
recove
1834
19g
5
101%
from
pref. was off
Low for the week_ Marks5s flucGermany Bankers
&
cony.
P.
St.
Chic.
Milw.
firm.
8734
and
active
8734
_
_
were
High for tho week_ _
873-16
87
Low for the week_
tuated between 101 and 101% and rested finally at 101%.
Amsterdam bankers' Guildersclosed
4034
403-16
Chic. & N. W.5s advanced from 107% to 108% and
High for the week___
4034
40 1-16
Copn
Brade
Low for the week_ __
quiet.
were
g
stocks
Minin
per
5c.
St.
par.
Louis,
108%.
Boston,
at
par.
go.
to-day
Domestic Exchange.-Chica
the
with
per
co,
San
50c.
Francis
asked.
m
to
6%,
up
and
sold
premiu
to
6%
6%
Sc.
from
and
bid
per weakened
31.000 discount
Montreal, $.3 1234 Per $1,000 premium. Minneapolis,
idated was active
eld
Consol
6%.
Goldfi
to
back
day
51,000 premium.
toclose
premium. Cincinnati, par.
40c. per $1,000
from 1M to 1 15-16, closing to-day at 1%.
.-Sales of State bonds at the and advanced
State and Railroad Bonds
ions will be found on page 223.
quotat
e
Outsid
,
5
%
'
to
,
108
1083
York 43.'s at
Board include $46,000 New
Vanktre
azette.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
215
For record of sales during the week of stocks usually inactive, see precedi
ng page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 9
Monday
Jan. 11
Tuesday
Jan. 12
Wednesday
Jan. 13
Thursday
Jan 14
Friday
Jan 15
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range for year 1914.
On basis of 100 share lots.
Lowest
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
94
94
94
9413 9418 9414 94% 9414 94% 9414 94
6.930 Atchison Topeka & Santa Fe _
9414
July30
8912
10038 Jan 23
9014 Nov 10638Jan
*96
9712 *9614 9713 9612 9612 97
*97
93
400 Do pref
9714 *9612 98
29612 Dec 31 10134 June29
96 July 10214 Jan
99% 9912 100 10014 100 100
99% 100% •9978 101
49978 101
1,000 Atlantic Coast Line RR
19918 Dec 30 126 Jan 23 112 June 13338 Jan
6714 6834 6734 6914 6838 6914 6812
31,227 Baltimore & Ohio
6818 7134 7118 72
68%
67 Deo 24 984 Jan 26
9058 June 10638 Jan
7012 7012 7014 71
7114 7112 7114 7114 7118 7238 7114 7134 5,858 Do Prof
69 Dec 21 8338Jan 29
7714 June 88 Jan
86
8612 8534 88
8512 86
85713 86
3,910 Brooklyn Rapid Transit
8538 8578 858 86
79 July30 9414 Mch 6 28324 June 9234 May
15438 15518 15534 15618 156 157
15,167 Canadian Pacific
157 15912 15812 15913 15812 161
153 Dec 24 22012Feb 4 204 Dec 28684 Jan
4____ 325
325 4____ 325. •
325 4__ 325 4____ 325
Central of New Jersey
300 July14 310 Jan 12 275 June 362 Jan
4112 4113 42
4212 42
4214 4214 4212 43
4214 4212 43
1,700 Chesapeake & Ohio
40 Dec 28 68 Jan 22
5j1 July 80 Jan
•1018 11
410% 11
*1018 1084 *1018 11
1038 1034 *1014 11
340 Chicago Great West tr cUs
914 July30 1514 June23
42712 29
1018 June
177g Jan
27
2718 2734 2778 2778 2778 427
28% 2718 2784 2,322 Do pref trust Ws
25 July30 4112 June23
8712 8712 8712 8818 8812 8812
23 June 35 Jan
8812 8778 888* 4,300 Chicago Milw & St Paul
873
8818
8814
4
8434 Dec 26 10718 Feb 4
125 125 4124 12512 125 125
9634 Nov 11614 Jan
12412 12412 125 125
125 125
950 Do pref
126 Dec 23 143 Feb 6 13112 Nov 145 Jan
125 125
126 128
126 126
12512 125% *125 128
12532 12538
785 Chicago & North Western
122 Dec 28 13678 Feb 14 2123 Dec 138 Jan
Do pref
170 Jan 5 180 Jan 24
4____ 132 *____ 130 *:::: 132 *:::: 132 *
fiiChicago St Paul Minn & Om_ - 125 May30 13114 July 1 1714 Nov 1189 Jan
*____ 150 4____ 150 4____ 150 •
11912 Aug 125 Mch
150 *____ 150 4____
Do pref
132 May 2 132 May 2 130 Jun 150's Jan
421
40
*21
40
*21
*21
40
*21
40 •21
40
40
Cleve On Chic & St Louie- 22 July17 40 Jan 5
3478 Aug
___ *45 ____ *50 __ -- §50
54 Jan
50
*50
50 .
60
10 Do pref
40
July21
9424 Jan
70 Feb 9
*4542412 2812 *2434 2512 42434 251
60 Oct
*2412 251 *2412 25
24714 25
300 Colorado & Southern
20 Mch20 28l Jan 27
*42 __
2324June
442 ____ *4214
33
Jan
14214 421 44212
10 Do 1st pref
3778 July24 62 Jan 28
___ *33 ___- *33
60 Dec
69 Mch
*33 ____ *33
- *33
Do 2d pref
29 Dec 21 35 M ch26
•144
*33146
146 146
55 July 6518 Apr
14718 148 *147 150 •14712 151 4148 151
565 Delaware dr Hudson
13884 Dec 24 15912 Feb 4 14712 June 167 Jan
4400
401 401
402 402 4402 450 4402 425
300 Delaware Lack & Western
415 415
388 Jan 6 40634 June 6 380 Dec 445 Jan
*4
-5
*312 412
4
4
*4
412
514 44
235 Denver & Rio Grande
514 514
4 July28 1914 Jan 31
47
9
47
1334 June 2318 Jan
8% 17
7
812
7% 712 47
912 912
520 Do pref
8 July2
217k 2218 2178 2218 2218 2218 2178 2218 2134 22
3118 Feb 4
23 June 41 Jan
2118 2212 13,200 Erie
347 3478 3478 3512 35
2018 July3
3212Jan 23
2014 June 32'z Jan
35
3412 3378 3478 4,430 Do 1st preferred
3438 35
34
32 July30 4934 Jan 27
*26
28
*26
29
*28
3312June 4912Jan
426
28
426
28
426
28
28
Do 2d preferred
•11312 11412 11378 11438 11412 11434 114 1142
2614 July30 4014 Jan 23
2814 June 41 Jan
4 11414 11412 11418 11413 4,350 Great
pref
11158 Dec 23 13424 Feb 4 11512 June 13258Jan
2612 2612 27
2834 2814 2812 2712 2734 2734 2734 42712 2812 3,300 IronNorthern
Ore properties
2212 July30 3914 Jan 19
110818 10818 10818 10818 108 108 *106 109 *106 108% 4106 10812
2512 June 4114Jan
245 Illinois Central
1078 1112 1034 1114 11
1114 11
1114 11
11
1034 1078 4,650 Interboro-Metropolitan v t otf 10312 Dec 7 115 Jan 26 10234 Dec 12878 Feb
1034 July30 1638Jan 24
50
5018 50
5038 50
50
50
1238 June 1958Ja21
50 4_ _ 50
50
50
3,400 Do pref
50 Dec 22 6538 Junel0
2118 22
42138 22
22
22 •21
22
45 June 6538Jan
2278 22
22
1.500 Kansas City Southern
2214
*5212 57
2014 July30 2812 July 3
*54
58
*5218 5734 *54
45418 58
58
2138 June 2838July
*54
5814
Do
pref
*434 8
4918 Dec 4 62 Jan 24
*5
46
8
7%
*6
8
6
56 June 6112 Jan
6
46
7
100 Lake Erie & Western
'11____ *1012 _ _ -- •11 -- *11
518 Jul yl1
9 Jan 23
7 May 1112Feb
_ *11,4 ---Do pref
4133 134
17 Apr 3 2112 Jan 28
134 134% 134 13412 134 134% 13312 13412 13314 134
16 Nov 35 Jan
Lehigh
Valley
_
118 July30 15814 Jan 23 14114 June 16838Jan
30
30
430
35
3112 3112 430
3212 32
36 "
- 8
.6
10 Long Island
11512 1-1-61-2 11712 11838 •11712
28
Jan
15
36
Feb 5
11512 11512 11538 1153, *11534
30 Jun
4318 Jan
1,250 Louisville 8t Nashville
*124 129 *125 129 *125 129 •124 130 *127 129 *125 117
125 Dec 12 14178Jan 19 12614 June 14214 Jan
129
Manhattan Elevated
•____ 11
128 Jan 5 133 Feb 7 127 June 13258 Feb
10% 11
*10
11
111
•10
11
11 *____ 11
250 Minneapolis & St Louis
_ 27 4____ 27 4_ _
July30
94
1614 Jan 31
27 • . _ 27 • __ 25 *_
12 June 2314 Jan
25
-Do pref
2712 June30 35'2 Jan 22
*io5 110 *los 110 *los 110
110 11314 112 112
28 June 47 Jan
11212 113
1.200 Minn St P & S S Marie
101 Dec 2 137 Feb 5 11514 June 14214 Jan
4____ 130 4____ 130 1126 126 •____ 130
126 126 *126 12712
217 Do pref
4812 912
130
9% 978 49
June25 145 Feb 2 131 NOv 1150 Jan
9
912
10
9
934 10
934 2,470 Missouri Kansas dr Texas
818 Dec 29 24 Jan 26
*2612 30
27
27
1818 June 291s Jan
27
27
27
27
27% 2712
700 Do pref
26 Dee 30 60 Jan 30
7% 738
52 June 6412 Apr
7
712
634 738 *ass 714
634 634
613 1014 16,215 Missouri Pacific
7 Dec 31 30 Jan 27
4_
25 4____ 23 4
2114
_ 23
Dec
4358Jan
23 4____ 23
23
100
Nat Rys of Mexico let pref
30 Jan 19 34 Feb 6
4438 7
4438 7
31 Dec
4438 7
59 Mcb
44% 7. 4438 7
4438 7
5 Dec 14 14 Jan 26
87
8712 8714 8938 8814 8918 8814 88% 8814 8918 8814 887s 13,210 Do 2d preferred
884 Dec
2711 Jan
Central
Y
Hudson
N
River..
&
77 July30 964 Jan 31
53
53
•6314 54
9018 Dec 10934 Jan
53
5414 5334 54
54
5414 5314 5314 1,485 NYNH& Hartford
494 July16 78 Jan 2
22
2218 22
6558 Dec 12978 Jan
2212 2218 2212 22% 22% *22
2278 2210 2218
900
N
Ontario
Y
Western
&
1834
Dec
4-_ 2612 4____ 2612 4____ 2612 4____ 2612 4_„_ 2512 4____
2518 June 3378 Jan
261
Norfolk Southern
•111111 10112 10114 10138 10118
2518 July2
3
43
158 j
Jan 2
13
2
39 Dec
4712 Apr
10112 10138 10138 410138 102
10112 10112
750 Norfolk & Western
484
9612 Dec 3 10578 July 6
86
484
98 June 11312Jan
86
484
86
484
484
86
86
484
87
adiustme
preferred
Do
nt
..
10012 101
85 Jan
10078 10238 102 10212 10134.102% 102 10212 10118
A
2
9
4
p
r
80
Aug
14
87 Feb
9,110 Northern Pacific
1017
9658 Dec 2 1180
105 10588 105 10634 10434 105% 1047
0 12 Feb
10124 June i223 Jan
8 10512 105% 10534 1047 105,2 11,798 Pennsylvania
*4
6
10212 Dec 23 11512Jan 31 106 Dec 1238k Jan
44
6
44
6
44
44
6
6
44
6
Peoria & Eastern
470
72
470
5 July14
8 Jan 22
72
6 Nov 12 Jan
471
72
72
468
*71
71
71
71
150 Pittsb Cin Chic,& St Louis..
*
105 4____ 105 4_ _
6418 July30 91 Feb 4
7718 Dec 104 Jan
105 ▪ __ 105 •____ 105 4____ 105
Dopref
14683 14718 14634 148% 14714 14818 14834
95 June23 101 M ch25 100 June 1109 Sep
1s 14628 1474 56,965 Reading
4
1463
1473
147
4
484
86
137 July30 17214 Jan 22 1514 June 17134 Dec
8512 8612 86
88
86
88
86
86 *_ _ 90
2,500 1st preferred
480
85
480
87 July28 8938 June24
85
8212 Oct. 9212 Apr
480
85
478
85
*82
85
18434 8434
40 2d preferred
%
280
Dec 22 93 Jan 28
118
*13
84 June 95 Apr
72
5
8
3
52
58
%
38
34
78 1,200 Rock Island Company
*1
Vs
142 112
58 Dec 24 1618 Jan 23
114
128
247 Feb
11% Oct
114 114 413
112
114
17
2,200
*113 21
Do
pref
*112 21
*112 21
1 Dee 24 25 Jan 16
4434 Jan
1712 Oct
*114 212 •112 212 *1
2
48
St Louis dr San Francisco__
12
48
12
2 Apr 7
46
538 Jan 15
12
46
234 June 1934 Jan
12
46
12
48
12
4234 31
Do
preferred
1st
*234 33
8 May 5 17'2 Jan 13
4234 31
4234 388 4234 338 *212 31
13 June 59 Feb
•____ 17 4____ 17 4____ 17
Do 2d preferred
2l4 Dec 14
512 June 29 Jan
4____ 17 4____ 17 4 __ 17
934Jan 26
• ___ 37 *____ 37 4____ 37
St Louis Southwestern
1775July17 2684Jan 26
4____ 37 4____ 37
20 Dec
3512 Jan
34
34
120
;13
13%
Do
pref
•13
141
36
July1
6518
13
Jan
13
26
5614
Dec
1212
75 Jan
1212
13
13
300 Seaboard Air Line
3811 3812 39
39
3812 381
1014 Dec.24 2238 Feb 5
38
38 4____ 38 4____ 38
1412 June 2034 Apr
500 Do pref
84
8438 84% 86
85% 86
45.14 Jan 2 58 Feb 4
848 858 848 8512 843s 8512 15,950
38 June 4938 Sep
Southern Pacific Co
81 Dec 24 99's Jan 23
83 Nov 110 Jan
-1514 "fi4 "i8i8 161584 -1-57Certifica
(when issued).- 924 Dec 26 104312 June22
g "184 "fEii -1514
8814 Nov 9912 Sep
"158* -1138 -1,616 Southern vtes
•58
60
58
5814 58
tr
elf,
stamped_
58
_58
58 4____ 58 *____ 58
14 Dec 24 2814 Feb 4
194 June 2815 Jan
•11
12
700 Do
11
12
preferred
•1112 1212 411
do
-- 58 Dec 24 8514 Feb 4
12
*11
12
12
72 June 8112 Mch
1234 1,000 Texas & Pacific
40
4034 4038 4134 4112 42
4078 414 4114 4112 4012 41
1112 Dec 26 1734 Apr 1
June 2258Jan
1014
•1
8,685
3
2
2
Third
Avenue
•1
312 *1
(N Y)
312 *1
5
4584 Jan 13
33 July30
2728 June 4338 Sep
312
100 Toledo St Louis & Western
9,4 214 *7,2 9,2 47
912 •714 912 *712 912 •1
2 Dec 26 1214 Jan 24
4712 913
100 Do pref
718July 13 Jan
97
97
97% 98
98
98
9812 9834 99
9912 9914 9914 1,020
434 Dec 24 23 Jan 26
1514 June 2934 Jan
11818 11812 118 11912 11834 11912 11812 11914
11818 119,8 11818 1191s 31,095 Twin City Rapid Transit_ _
9478 July30 10812 Jan 19 10118 June 109 Sep
*7913 81
Union Pacific
17934 7934 *79% 81
80
80
8014 8014 80
112 July30 16488Jan 31 13724 June 16284 Jan
8014
790 Do pref
10
10% 10
11
11
1112 1114 1312 1314 14
7712 Dee 5 86 Feb 4
1234 13
5,915 United
7934 June 93l Jan
2512 27
2678 2912 29
Investment_
2934 2934 3313 3234 34
3112 3214 8,200 Do Railways
712 Dec 29 2334 Feb 6
16 June 35'l Jan
*18
78
*18
*12
78
pref
78
*13
22 July30 4914 M ch24
34
*13
34
34
100 Wabash
34
30
June 6312 Jan
•138 2
*138 2
•138 2
•112 134
134 134
12 July13
2
2
458Jan 23
200 Do pref
2 Jun
6 Aug
1134 12,2 1112 1134 1113 1312 14
15
1318 15
12
4
15
Deo
12
1618
13
Jan 23
5,700 Western Maryland
6's July 1718 Aug
2% 2% *134 3
*2
3
•134 234 42
1024
3
Dec 31 35 Jan 22
214 214
210
2878
Dec
Jan
Wheeling
46
de
15
*11
Lake
Erie
*10
15
*8
15
212 July30
48
15
*10
15
•10
15
638Jan 7
384 Oct
Do 1st preferred
8 Jan
313 31
4213 31
814 July29 21 Jan 23
312 3, *3
31
43
31
312 4
800 Do 2d preferred
13 June 2818 Jan
39
430
*30
37
430
39
3 Dec 14 11 Jan 24
430
38
430
33
*31
33
558 Dec
Wisconsin Central
14 Jan
2934 July30 48 Feb 4
4018 June 5812 Apr
Industri
al
&
Miscella
2818 2684 2634 271
neous
2718 273
2714 288* 2818 2824 23
281 19,970 dAlaska Gold Mining_Par
*612 9
810 81912 July30 12878
47
9
734 838 4712 8% 48
813
814 101
1,119 Allis-Chalmers Mfg v t c
May18 818 Nov 82438 Oct
*3413 36
36
36
*3413 37
6 July30 1414 Feb 20
*3412 36
35
35
35
36
732 Do preferred v t c
7s8 Dec
9 Dec
548* 5484 54% 551
3212 July30 49 Jan 26
54521 5588 5478 5513 5412 558 47,820 Amalgam
5418 553
4____ 49
40 No
ated Copper
*48
48
48% 481 *48
4834 Dec 24 7818 Feb 4
49
485g 4858 4872 491
520 American Agricultural Chem_
6158
Jun
191
:0
91
3
%D
e Sel:
*8912
91
91
4734 Jan 2 5912 M ch19
*90
90
*89
9012 901
95
389 Do pref
4114 Sep
3478 3512 3514 -387
57 Jan
3513 381
35
9014 Dee 28 9712Jan 23
3558 3484 3538 3414 351 14,610 American
480
90 Nov 99 Jan
84
480
Beet
Sugar
84
480
84
480
84
480
19
84
*80
July30 3312 Dec 28
84
*87
5012 Jan
Do pref
1934 Jun
97 .87
97
489
97
487
97
•517
97
487
97
*134 137
Amer Brake Shoe & Foundry- 66 May 4 80 Dec 14
65 Oct
137 137 4134 1371 •134 137% 4134
86 Mch
80 Apr 25 9711 Feb 11
13712 4134 1371
100 Do pref
29
298 2912 308* 2912 301
8912
Oct
964
Jan
2918
4
293
2C14
2912 2914 303 34,765 American
12912Jan 12 14678 Feb 20
9334 9384 9334 9418 94
12784 No
1365s Jan
Can
9438 937 9418 94
94
1914 July30 3518 Jan 27
9414 941
1,660 Do pref
45
21 JUn4 4678 Jan
45
4534 4714 4714 4778 47
4714 47
4714 4812 4738 4,800
80
July30 96 Jan 24 /8012jun 12912Jan
•11212 11412 4112% 11412 11314 11314 411278 11418 •11212 11418
American Car & Foundry....
*11212 115
4214 Dec 12 5312Feb 4
100 Do pref
3612 Junk 5638Jan
60
60
*____ 59%
112 July30 11878 July24 108 Jun 117 Mch
59
100 American Cities pref
8314 *8314 482
834 4-___ 834
5912 July30 68 Jan 26
831
7812Jan
•10214 105 *1024 105 *10214 105 •10214 105 410214 107
American
6014
Jun
Coal
Products
4103
182 Jan 5 18612 M ch24
Do pref
43
80
94 Jan
4314 4312 44
4334 4414 443
44
4312 4334 4312
1102 Jan 16 107 July 6 100 Jul
- 3,200 American Cotton
195
95
No
492
109
14 Jan
978 492
Oil
9734 *93
9734 *93
9734 *93
32 July30 4612 Feb 9
9734
25
412 412 *4
3312 Jun
5738Jan
434 *438 434
434 518 447k
518 *434 518 1,200 Do pref
93% June 5 97% Mch30
421
American Hide & Leather_ _ _ _
22
9212Sep
98
may
22
22
22
22
2412
24
2212
2453
344
2353 2418 4,925 Do pref
July30
2034 21
514 Feb 6
518 Jan
312 Jul
21
2114 211g 2212 2213 2212 2214 2312 2312 24
17 July30 2534 Feb 6
5,510 American Ice
*818 9
2814 Feb
1518 Jun
4818 9
*94 812
Securitie
814
812
s
914
813
912
105g
197
8
2,700 American Linseed
42534 2712 *2534 2712
July30 3234 Feb 20
17 Jun
2784 Apr
424
28
*2512 28
2612 27
712 Juiy30 1158Jan 28
28
2918 1,000 Do pref
26
2612 2512 28
1218 Nov
872 Jun
2734 2834 23
2812 2712 2713 2712 2712 6,065 America
24 Dee 16 3134 Jan 16
9814 9814 495
20 Oct
3338 Nov
n Locomotive
9712
*95
495
9612
9618
4____
9813
4_ _
2014 July30 3714 Jan 31
9638
412 *318 414
Do
27
Jun
4412
pref
Jan
*312
4
*3
4
4
4
*314 412
98 Jan 6 10213 Mch25
30
30 4..._ 30 4_ _ _ _
100 American Malt
94 Oct 10684 Jan
Corporation_ _
31
30
4_,
414 Dec 16
80 4_
100 Do pref
914 Jan 26
13 Jan
514 Oct
80
478
80
30 Dec 16 5012 Jan 24
80
59
59
8938 6038 6018
6112 Jan
Amer
414 Oct
6018 60
601
6014 6114 5913 6038 4.650 Amer Smelters Sec pref B...... 7914 July28 85 Jan 19
*9913 100
1003 10038 100 100
86 Jan
7912 Jun
Smelting & Refining_ _
18 10018 10018 10012 10012 10078 10078
5014 july30 7118Feb 4
150
715 Do pre
5812 Jun
7434 Jan
150 4
149 •____ 149 •_ _
149 •142 149
9712 Apr 25 105 Jan 27
97 Jun 107 Feb
American Snuff
148 Dec 15 172 Jan 31 150 Jul
;21---Do pre! (new)
;ii193 Jan
-iii3
*515Iffy
-51"
31
;30- 3113
200 Amer Steel Foundry
104 101
104% 10412 10813 10714
994Jan 9
July 2 100 Jun 105 Jan
1107 107
(new)...... 2712 July30 10684
101384 1064 1106 107
11278 11278 113 113 •113
1,665 American Sugar
4012 Feb
25 Jun
3712 Feb 16
Refining-11914 11812 118 11888 11812 1134 11318 11314 11318 11318 113 113
97 Mchl2 10978 Jan 24
550 Do pref
9978 Dec 118 Jan
11813
1185
11814
11814 11812 1188, 2,030 Amer
1077Mgh31 115 Dec 16 1104 Jun 11658 Jan
220 220
220 220 4218 222 4220 s 11812
Telephon
e & Telegraph. 114 July30
222 223
22412 2241
625,American Tobacco
12414 Jan 30 110 Dec 140 Jan
106 106
10614 10814 1081 10612 107 222
107
107 107 4106 107
215 Apr 25 256 Mch23 200 June 29424 Jan
600 Preferred.new
•1312 20
*18
20 .18
25
1682 20
41612 20
*16
10124 Jan 7 109 June 9
20
1 79
96 July 10618 Jan
476!
79
7911 *7812 8014 *29
America
n Woolen
130
8014 7914 797g
*79
12 July30 2078 Jan 28
800 Do pref
1412 Dec
2312 Sep
•Bid and asked prices; no sales
7212 Moll 4 83 Jan 26
74 May 82 Sep
on this day.
t
Ex-right
s.
Use than 100 shares. a
dollars per share. e First installment paid.
Ex-alv.
and
x Ex-01v. e Full paid.
rights. S New stock. 'Ex 24% aeaum. dia.
d Quoted
New York Stock Record-Concluded-Page 2
216
usually nactive, see second page preceding.
For record of sales during the week of stocks
PRICES.
STOCKS-HIGHEST AND LOWEST SALE
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Jan 15
Jan 14
Jan 13
Jan 12
Jan 11
Jan 9
Sales of
the
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1914.
On basis of 100 share Lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Industrial & !Wise (Con)
10 Apr 22 1738Jan 23 1178 Nov 3214 Jan
Amer Writing Paper pref
3 13078 June 34112 Jan
10 *__ 10 •-___ 10 *-_-- 10
Copper Par §25 $2414 Dec 23 83814 Feb 5
•____ 11 •____ 11 *___ 2678
8
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26
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4
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2612
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820 Baldwin Locomotive
39
4 39
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103 103 '
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8518
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4Jan 14 98 June 160993142 Apr
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5634 5738 5634 5734 58
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4Jan 31 4978 June
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•10234 10318 1103 103
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i -' 984 'LA 1612 "Asii4 163-8 "ibis -61.17, 8,200 Westinghouse Elec ar Mfg.__ 17174 jJan A :7,? i!
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New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
217
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all--"and intercs1"-except for income and defaulted bonds.
Week's
'1M
Price
BONDS
Range
Range
BONDS
Price
Week's
12
.
3
I
Range or
,2
N. Y. STOCK EXCHANGE .
Year
Friday
N. Y. STOCK EXCHANGE t
Year
Range or
_63
Friday
Last Sale
41.
1914.
Week Ending Jan. 15.
Jan. 15
'A
Week Ending Jan. 15.
1914.
...,0Jan. 15
Las; Sale
''
Ask Low
High No. Low Hioh Chesapeake & Ohio (Con.)Bid
U. S. Government.
Bid
Ask Low
High No. Low High
U-13
.
28 consol registered- _d1930 Q - j 97 ____ 9812 Jan '15 ____ 9634 9834 &General gold 430
1992,M- S 8812 89 8812
8812 20 85 1 9812
96% 99
d1930 Q_ .1 97
97 July'14
U Sl2s consol coupon
14 Registered
1992 M - El --------9312 Feb '14 ____ 9313 9312
IT 13.3s registered
k1918 Q - F 100/
fl Convertible 430
1
4 _ - 10114 July'14 ____ 9978 10214
1930 F - A 73 Sale 70/
1
4
28 6712 86/
73
1
4
•ITIS:36 coupon
g Big Sandy 1st 45
1
4 102 10078 Dec '14 ____ 100 1027
k1918 CI- F 101/
1
4 8314
1944.2 -D 82 8712 8314 June'14 ____ 83/
US0registered
1925 Q - F 109 ---- 109 Dec '14 ---- 108 11212 ,t; Coal River Ry 1st gu 4s_ _1915 J -D 80 8212 83 July'14 ____ 83 85
Ugt354s.coupon
1925 Q- F 10314 _ _ 110 Dec '14 __-_ 10912 113%
Craig Valley 1st g 5s
1940.7 - .1 95 - - - _ 9612 Dec'13 ____ ---- ---IT S Pan Canal 10-30-yr 2s_k1936 Q - F 9612 ____ 95/
1
4 July'13 ____ ____ ___
Potts Creek Br 155 4s_ _1946 J - J --------8484 Jan '13 -----------_
17_13,Panama Canal as g__ _ _1961 @-M 100 -_-- 1011
2 99 111111
/
4 10112
/
4
R & A Div 1st con g 4s1989.2 - J 83 90 8834 July'14 ____ U 8814
12d consol gold 4s
1989 .1 - .1 74 ____ 82 Apr '14 ____ 82 85/
1
4
Foreign Go.ernment
Greenbrier Ry let gu g 48_1940 M- N --------90 Apr '14 ____ 90 90
Argentine-Internal Is of 1909-- M - St 93 96
1 95 1 98
97
97
Chic & Alton RR ref g 3s 1919 A -0 56 ---- 56 Jan '15 __ 58 67
Chinese (Hukuang) Ry 5s£
Railway 1st lien 330
85 88 July'14 __ 88 90
J -D 51950 J - .1 38 ---- 39 Jan '15 ____ 32/
1
4 5512
Imperial Japanese GovernmentChic B & Q Denver Div 48 1922 F - A 98/
1
4 ---- 99 Dec'14 ____ 99 100
Sterling loan 454s
9034
82 Jan '15 _ _ 81
1925 F - A 5 81
Illinois Div 330
1949.7 - J 82 Sale 82
8212
6 80 857s
2d Series 430
1925 J - J 1 77 78 7934 Dec '14 ---- 78 8912
Registered
1949.7 - .1 80 _ ___ 8614 Aug '12 ____ - - ---Sterling loan0
7512 784 June'14 ____ 7534 80
Illinois Div 45
1931 .1 - J5 1949 J - J 9334 94 93/
4 93 96
94
1
4
Republic of Cuba 5$ exten debt- M- St 9618 Sale 96
Registered
9614 44 9512 10112
1949 .7 - .1 --------93 June'13 -----------External loan 4,30
Iowa Div sink fund 5s_1919 A -0 10134 ---- 1011
1949 F - A 5---- 9414 93 June'14 ____ 93 9312
2 10278 103
/
4 1011
90
4
83
82
Tokyo City loan of 19125*
Sinking fund 4s
M- 5 5 82 Sale 82
1919 A -0 97/
1
4 ---- 9634 Jan '15 -- 9634 9912
7914 Apr '14 ____ 77 85
1899 Q- J 5____ 82
US of Mexico s f g 58 of
Nebraska Extension 4s_1927 161-N 95% 98 9512 Jan '15 __- 9434 98
65 68
83 65 July'14
Gold 45 of 1904
1954 J -D
Registered
1927,0-N ---- -- 913% Sep '12 -----------These are p Hem on_the h =is 01 35 to £.
Southwestern Div 46
1921 M- 11 9612 --- 995 July'14 ____ 9814 9988
State and City Securities.
Joint bonds. See Great North
10038 36 9718 1021s
NY City-430
1960 m- S 10013 Sale 100
General 4s
1958 M- S 8914 Sale 89/
1
4
8934 76 8914 9411
11 10278 10734 Chic & E III ref & imp 4s g 1955 J /
4 105
/
4 Sale 1041
4%8 Corporate stock
1963 4- 5 1041
2612 32 32 July'14 ---- 3012 68
9612
1
4 963 9618
8 95 10018
4% Corporate stock
1st consol gold 6s
1959 4- N 96/
1934 A -0 10214 110 102 Dec '14 ____ 102 112/
1
4
10018
95
9618
3
4% Corporate stock
General consol 1st be
1958 M- N 9615 9634 9614
1937 M- N •75 --- 75
75
4 69 10012
9612 12 95 10018
4% Corporate stock
1937 M-N 9612 Sale 98
Registered
1937 M- 4 ---- 80 98 Feb '14 ____ 98 98
995
3 08
9512
4% Corporate stock
Pur money 1st coal 5s_ _ _ _1942 F- A •- 1956 M-N 95 9518 9518
92 9734 Feb '13 -----------New 430
Chic & Ind C Ry 1st 5s_1936 J - J 2712
1957 M- N 10412 1047 1011
/
4 104% 12 10314 10712
-- 33
2712 July'14 ___, 2712 99
10034 100%
19171M- 4 1001
8 100% 102
Chic Great West 1st 45
New 4548
/
4
1959 M- S 7034 Sale 68/
1
4
7034 60 68 7518
4%% Corporate stock_19571m-N 10478 Sale 10412 10478 26 10334 10718 Chic Ind & Louis's-Ref 65_1947 .1 - J ---- ---- 121 July'14 ____
11734 121
1
4
1
4 100/
7 10038 102%
434% Assessment bonds 1917 m-N 10034 102 100/
Refunding gold 5s
1947 J - .1 ---- ---- 103% Mar'14 ____ 103/
1
4 10318
1
4 8838
354% Corporate stock_._1954 M-N 8518 _ 85 Jan '15 ____ 84/
Refunding 48 Series C_ _ -1917 J - J - ----- 9518 Apr '11 ____ ---- ---1961 61- S
101 9934 Dec '14 ____ 9934 10218
N Y State-0
Ind dr Louisv let gu 4s_ _ _1958 J - J --------86 July'12 -----------Canal Improvement 45-1961 J - J --9934 --- 100 Dec '14 ---- 978 1025s Chic Ind & Sou 50-year 4s1956.7 - J --------9014 Aug '12 ____ ---- - - -Canal Improvement 45__ _1962 j- J 100 ____ 99% Dec '14 ____ 99 10214 Chic L £3 & East lot 430
1969 J -33 --------104 Dec '11 __-- --- --,5 10012 102
100
Canal Improvement 49_1960 J - j 9975 _ ___ 100
Chia Mil & St P terml g 58_1914 J - .1 --------100 June'14 -_-- 100 10014
Canal Improvement 4548.1964 .1 - J 108% 149 10814 10812 20 10618 11078
Gen't gold 48 Series A_ _ _e1989 J -.2 8912 Sae 89
8912 24 8912 9634
Highway Improv't 430_1963 M- S 1086* Sale 108% 108% 46 10612 11014
Registered
51989 Q- J 88--- 9234 July'14 ____ 9212 94
South Carolina 434s 20-40._1933 .1 - J ---.---- 10312 July'10 _ __ __ ____
Gen & ref Ser A 434s
2014 A-0 8914 -Bale 89
89/
1
4 23 89% 90
Virginia funded debt 2-3s1991 J - J --------844
1 July'14 ___ 8414 85
Gen't gold 330 Ber B
81989 J - .1 75 81
8014 Jan '15 --- 80 8334
(39 deferred Brown Bros Ws-- __ __ 53 5412 J53
547s
9 4814 67
Registered
e1989.2 - J
- 80 86 June'll __
- General 430 Ser C
51989 J - J itifils Sale 100
10018 55 iii4 iiiiii
Railroad.
25-year deben 45
1934 J - .1 88/
1
4 8914 89
6 88 93
89
1,1995 Q - J 64 63 65
A on Arbor 1st g 4s
65
7 6212 74
Convertible 430
1932 J -D 9518 Sale 943
1k 10338
9518 143
n1.tch Top & S Fe gen g 0-1995 A- 0 9314 Sale 9212
53/
1
4 9614
1
4 127 90/
Convertible 53 Series B ______ ____ 101% Sale 10114 101% 63 _94
_ _ _ __
Registered
1995 A - 0 8714 93 91
4 9212 9514
92
Chic & L Sup Div g 5s___ _1921 J - J 102 __-- 10238 Sep '13 ____ ___ ____
84
Adjustment gold 43
2 81
h1095 Nov
81 Sale 84
8815
Chic dr Mo Itiv Div bs
1926 J - J 1031 -_ 107 June'14 ___- 10534 107
h1995 Nov
Registered
Chic & P W lst g 59
86 Mar'13
1921 .1 - J 10212
1
4 10212 25 10038 10412
2-lisle 102/
1,1995 M-N 82 _ _.- 8178
Stamped
16 8118 8812
83
CM & Puget Sd 1st gll 48-1949 J - J 8834 90 8834
8834
1 88 9375
Cony gold 15
Dak & Grt Sou gold 58-1916 J -.2 10014 Sale 10014 10014
1955 .1 -D 9378 941, 9312 Jan '15 __-_ 8918 100
1 __ _ _
Cony 46 Issue of 1909
Dubuque Div lots f 60.--1920 J - J 10612 ---- 10834 May'14 ---- 108 10104
1955 J -D --------9912 May'13 ____
____
_Cony 48 (issue of 1910)..1960 J -D 9312 sal 9312
9378 56 ___8934 99%
Far & Sou assum g 66.- _1924 J - J 110 ____ 110 June'13 ____
_
_
10-year gold 58
1017.2 -D10018 101 10078 101
1919.2 - J 10112 __- 102/
12 9918 10214
La Crosse & D 1st 58
1
4 Jan '14 -___ foils iiii%
93
East Okla Div 1st g 4s___ _1928 M- 5 9318 __
1 9134 9512
93
Wis& Minn Div g 58
1921 J -.2 10214 __._ 101% Jan '15 ____ 101% 10438
Short Line 1st 45 gold_ __ _1958 J - .1 87 Sale 87
1920.2 - J 10612 ____ 10914 Mar'14 ---- 109/
2 861A 92
87'1
Wis Vail Div 1st 68
1
4 10914
Cal-Arls lot & ref 430_ _1962 M- El ---_ 99 99 July'14 _ _ _ 97/
1
4 99
Mil & No 155 ext 454s_..1934 .1 -D 9912 ____ 10212 July'14 ____ 9914 1021a
S Fe Pres & Ph 1st g 5e__..1942 M- S 10113 ___ 10112 Dec '14 ____ 10114 109
Cone extended 430_ _1934 J -D 9613 - -- 10212 July'14 ---- 101 10212
Chic & St Louis let es__ _1915 M - S 10018 ___ 10112 June'14 ____ 10118 10112 Chic & Nor West cons 7s
5 10014 102%
1915 Q - F 100 1001 10018 10018
ALI Coast L 1st gold 4s., _h1952 M- 5 8814 Sale 88
1886-1926 F - A 9312 --- 9212
8818
9212
Extension 46
4 85% 95
2 9412 9612
Registered
h1952 M- El
95 Jan '1
Registered
1886-1926 F - A 9113 -- 94% July'14 ---- 9418 95
50-year unified 45
General gold 3%8
1959.2 -D 85
92l4 July'14
1987 M-4 7912 82 7834
92 93
7814
1 777 84
Ala Mid 1st gu gold 55.. _1928 M-4 101 _-_ 10512 June'14 ____ 10314 10512
91987 Q - F ----- 7812 Jan '14 ---- 7812 7812
Registered
Bruns & W let gu gold -43_1938 J - J 901s ___ 91
9018 10 89 973
91
General 45
1987 M- N 8912- 90
1 89 945s
Charles & Say 1st gold 76_1936 J - J ---- 134 __-Sinking fund 66._--1879-1929 A -0 103 --- 10812 May'l --__ 108 10812
---- --1 _ __ _
L & N colt gold 4s
01952 M-N 84/
1
4 8578 8512
86
Registered
20 847
1879-1929 A -0 - _-- - - 10512 Dec '1 -___ -_ __
_8 95
Say F & W let gold 68-J934 A -0 115% ____ 115 Dec '14 ____ 115 121
1879-1929 A -0 10238 ---- 105 July'14
Sinking fund 58
10418 105
lot gold Is
1934 A -0 10314 _ _ 110% MaY'll
Registered
1879-1929 A -0 --------102 Oct '1 ---- __. --Sil Sp Oca & G gu g 4s_ _ _ _1918 J - J 9618 ____ 98 May'14 ___ 96 98
Debenture 58
1921 A -0 19912 101 10014 Deo '1 ---- 9975 10278
Etsit & Ohio prior 330_ _ _ _1925 J - .1 90 91
8934
90
10 88 928
1921 A -0 --------101 Dee'12 __-_ ____ -Registered
.11, Registered
51925 Q- J 8712 Sale 8712
87/
1
4
1 8918 9078
Sinking fund deb 55
1
4 194
1933 M-N 10012 ____ 103/
1
4 July'14 -___ 102/
Gold 43
1,1948 A -0 90 Sale 8914
90
159 8715 96
Registered
1933 M-N
---- 10134 Apr '14 ____ 10114 1013
Registered
h1948 Q - J ---- 8718 8712
8712
1 907 94
Frem Elk & Mo V lst 6s_ _1933 A -0 11312
---- ---- 122 May'14 ---_ 120 122
20-yr cony 430
1933
86% Sale 8334
8678 361 8312 94%
Man GB & NW 18t 3548_1941J - J --------9018 Sep '09 ---- --- ---Pitts June lot gold 68
1922.7 - J
112 Jan '12 ____ ___ _
Milw & S List gu 3%s1941 J - J -----------------------------_,
P June 4 M Div bug 33,is 1925 hi-4 -8712 58812 87
87
2 8812 90
_MII L S & West 1st g 68_1921 M- 13 1077 ____ 11418 Deo '14 __ 10618 11012
FL E & W Va Sys ref 4s 1941 58-N 8114 Sale 8114
1
4
8114
1 78 89/
Ext & Imp at gold 5s_ _ _1929 F - A 10212 --__ 10618 Mar'14 ____1061.
a
Southw Div 1st gold 330_1925 J - J 89 90 8812
90
38
9112
Ashland
M66.._
11318
Div
'14
_1925
107
1st
___
g
Feb
---11318
113%
Cent Ohio R late g 430_1930 M- S *96 ____ 100 Apr '13 ___
_
8618_
Mich Div 1st gold 6s 1924 J - J 101 - _ - 11314 Mar'14 ____ 113/
1
4 113%
Ci Lor & W con 1st g 58..1933 A -0 103 ____ 10512 June'14 ...J 10512 10512
MU Spar & NW lot gu 48_1917 M9118 Sale 911
1 91 94
9118
Monon River 1st gu g 5s_ -1919 F - A --------10214 June'12 ____ __ _
Northw Union 1st 73 g...1917 M1
4 10814
10334 ---_ 10738 May'14 ____ 107/
Ohio River RR lat g 5s.._ _1936 J -D 101 ____ 10534 June'14 ____ 10514 10534
___St
L
Peo
NW
dr
10312
1st
gu
____
101% 107
58_1918
102%
8
J
104
General gold 55
1937 A -0 100 ____ 10438 May'14 __ __ 10438 104%
Winona & St P 1st ext 75.1916.7 - D 10212 ____ 10614 July'14 ____ 106/
1
4
1
4 106/
Pitts Clev & Tol 1st g 6s...1922 A -0 ... _ _ _ _ _ _ 11312 Feb '12 ____ ___
__
Chicago Rock Isl & Pee 6s 1917 J 10134 ____ 10134 Dec '14 ____ 10114 105
Pitts & West 1st g 45
1917 J - J 94 __-- 9634 Mar'14 ___ _ 963-4 -963
1917.7
10138
103
10438
1043
4
Mar'14
____
1043
8
!Rat Is! icy let gu g 4%8_1943 J -D --------91 June'12 ___ _ ____ ___
General gold 46
1988.7 8212 85 8214
8238
5 8012 90
Bolivia Ry 1st 55
1927.2 - J
Registered
1988.2 - J ---- 8718 87 June'14 ---- 84/
1
4 87
Buffalo R & P gen g 51
1937 M- S 104
110 July'14 _
108 110
Refunding gold 4s
1934
A
6713
69
-0
6718
68
8 6412 81
Consol 4548
1957 M-N 100 10034 10034 lop%
.5 0878 104
20-year debenture 5,3
1932 J - J 55 Sale 53
5512 16 51
8012
All & West 1st g 48 _
1998 A -0 _ _ _.100
J
2,4 ____ 94 94
Coll trust Series P4*
1918 M-N --------9484 June'll
Clear & Malt let gugug 58_1943 1 - J 103 1051 112 Apr '14 ____ Ill 112
Chic ism & Pac RR 4s
2002 M-4 21
Sale 193
2112 100 1834 53
Roch & Pitts 1st gold 68.-1921 F - A 105 ___ 109 July'14 ____ 109 110
Registered
2002 M- N _--- ---- 2012
2034 25 2612
/
1
4
1922.7 - D 106 ___ 111% July'14 _ _. 11018 112
Consol let g Os
RI Ark & Louis 1st 4;0_1934 M- ki ---- 78 85 July'13 __ ; __ -51
-..
anada Sou co
10214 11 101 10878
cons gu A 5s 1962 A - 0 102/
1
4 Bale 102
Bur C R &N-Ist g 5s- _1934 A -0 ____ ____ 10014 July'14 _--, _100% 1023-4
Registered
1962 A-0 ____.__.1067 Apr '14 ____ 10214 1067
C R IF& NW 1st gu 58.1921 A -0 _ _ _ - -- 10078 May'14 _-__--, 100% 103
Car Clinch & Ohio lot 30-yr 58'38.2 -D ---- 9712 100 July'14 ____ 97 100
M & St List gu g 76
1927.2 -D ____ ____ __
_____ ____ ____ ___
Central of Ga 1st gold 5s_ _ _p1945 F - A --------10714 July'14 ____ 10714 108
Choc Okla & G gen g 56_01919 J - J ---- _--- 997-g May'13 ____ _--- - --Canso' gold bs
10212
1945 M- N 100 10212 102
7 9912 105
CO11801 gold 55
1952 M-N ---_ 95 9914 June'14 ____ 99 991
1945 m- m . _ _ _ toq1
/
4 Mar'13 ---_ --,- -- - Registered
Keck & Dee Moines 155 55 1923 A -0 - _ _ _ 93 92% Mar'14 ___ _ 9112 92%
Chatt Div our money g 48 1951 .1 -D ii
St Paul& K C Sh L 15t 430'41 F - A __-- 75 6812 Dec'14 ___ _ 6812 80
'8:(1. 87 Mar'14 ____ 85 87
Mac dr Nor Div 1st g 58_1946 J - J --------10714 Jan '12 __-_ - - - - -- Chic St P 6.1 &0 con 6s1930 J -D 116
---- 11514 116
10 11414 12034
Mid Ga & Atl Div 5s
1947.7 - .7 --------10418 Apr '14 ____ 10412 10412
Cons 65 reduced to 354s_ _1930 J -D --------8914 Dec '12.--- - _- - ---Mobile Div 1st g 5s
1946 J - J 1011*
_ 10934 May'll ------------Debenture 56
1930 M- S 10114 10138 10014 Dec '14 ____ 9912 103
Con RR & B of Ga col g 5s._1937 M-N ---- 9712 9712 Dec '14 ____ 9712 10035
Ch St P dr Minn 1s5 g 63.._1918 M-N 112 _ _ 11612 Jan '14 ____ 11612 11612
Cent of N J gen'i gold 5s_ _ _ _1987 J - .1 115 Sale 115
I 112 118
115
North Wisconsin 1st 68._ _1930 .1 - .1 112 ____ 12918 Mar09 ____ ___ -.,
Registered
h1937 Q- J 113 _ 11214 Jan '15 ___ 112 117
St P & KCity 1st g Os_.1919'A -0 10434 _ _ 10514 10514
1 104 1084
k Am Dock & Imp gu 58_ _1921 j -4 10:3
male 0224 10.3
2 10212 10444
Superior Short List 55 -g g1930 M- 13 -----------------------------;"; Leh & Ilud Riv gen gu g 581920 J - J 100 -__. 100 June'13 ---- ---- ---- Chic T H & So-east let 58
1960 J - D ---- 86 85
an '14 ____ 85 85
'
N Y & Long Br gen g 4s. 1941 M- S 93/
_ 10012Jan '13 ____ ---- --- Chic & West Ind gen g 68_51932 Q-M 105 __-- 105
1
4
1 10518 10612
105
Cent Vermont let gu g 0_61920 Q - F 65 ____ 80 May'14 ____ 80 861a
Consol 50-year 48
19524 - J -__- 80 84 July'14 ____ 8318 87
Chess &0fund & Rapt 58.-1929 J - J 91
96 95 Dec '14 ____i 91 10014 Cinll & D 2d gold 430
1937
J
J
--------96
--__
Mar'14
93 98
let consol gold be
1939 M-N 10214 10434 102% 10234 121110134 10778
1st & refunding 48
Registered
1939 M-N 10213 ---- 10512 June'14 __11103 10512
1st guaranteed:1s
1959 J - J -------- OW14 J-n-e-Iii .-_-_:.: ..--- ---MISCELLANEOUS BONDS-Continued on next Inge.
S
Railway
Street Railway
Brooklyn Rapid Tran g 58_ -1945 A -0 10234 10314 10134 10214
9 99/
1
4104
Hud & Manhat 58 Ser A---_1957 F - A 7514 7512 75/
1
4
7534 60
1st refund cony gold 45._2002 J - J 84 85
1 86 9314
8512
8512
Adjust Income 53
1957 __ __ 2812 Sale 2812
2878 116
6-year secured notes 5s__ _1918 J9912 135 9018100
J 9912 Sale 99
NY & Jersey 1st 55
Bk City 1st con 5s-1916-1941 J - J
2 1001210218 Interboro-Metrop coil 430.1956 A-0 74
101
101
____
100%
Sale 7314
7438 180
Bk Q Co dr El con gu g 58._1941 M-N 90
____ 98 Apr '14 ---- 98 98
Interboro Rapid TransitBklyn Q Co & S lot 58_-__1941 - ./ 96 ____
101 May'13
1st & refunding M
1966 .1 - J 98 Sale 9714
203
98
Bklyn Un El 1st g 4-58.._1950 J
F - A 100 101 100
100
32 98 10314 Manhat Ry(NY)cons g 45-1990 A -0 8814 Sale 8814
2
8814
Stamped guar 4-5s
1950 F - A
1 100 102
9914
101
9934
Stamped tax-exempt
1990 A -0 88% 89 88%
5
88/
1
4
Kings County El 1st g 0-1949 F A 82 -_- 8334 July'14 ____ 83 84
Metropolitan street R5-Stamped guar 48
1949 F - A 8114
8112 Dec '14 --__ 81 8412
Sway & 7th Av 1st cg 53_1943 J - D 95 ---- 10134 July'14 ____
Nassau Else guar gold 45-1951 J - .1 77 83
7853 7818 July'14 ____ 74 80
Col & 9th Av 1st gu g 58_1993 M- S ---- 101
9912 July'14 .....
Chicago Rys 1st 55
1927 F - A 9618 Sale 961a
78Ju
5 9614 9914
96%
ne'1
Lox Av & P F 1st inlets-1993 M2'14
____
S 97 100 101 Apr
Conn RY & L let & ref g 4301951 J - J 92 ____
101
J
Met
W S El (Chic) lst g 4s 1938 F - A --------80 Mar'14 ____
Stamped guar 430
1951 J - J 92/
9614
____
1
4
June'14
9614
9614
9418
Milw
Elec Ry dr Lt cons g 581926 F - A 100% ____ 1001g Dec,'14 ____
Dot United let cons g 430_.1932.2 - J 68 71 67
46 64 7612
Refunding dr eaten 4%5_1931 J - J --------91 Apr '13 ___Ft Smith Lt & Tr 1st g 5s_._1936 M- S ____ ___ 84 Jan71
'14 ____ 84 84
Minneap St list cons g 5s
1919 J - .1 9914
102 No v'12 __-Grand Rapids Ry 1st g 5s 1916 J -D 99 -_ 100 June'14
-_ 99 100
Montreal Tramways let dc ref
Havana Mee consol g 58
1952 F -A -_-. 8912 92 Apr '14 ____ 911
/
4 95
30-year 5s Sera
1941J -3 93
___ 9834 July'14.....
*No price Friday; latest this week. d
Due April. 1Due May. gDueJune. h Due July. k Due Aug. o Due Oct. p Due Nov. qDueDec. s Option sale.
75 9114
2434 39
7178 7918
96 9914
87 93
8812 93
101 10314
9912 101
98% 101
80 80
10014 1021s
---- ------- ---9711 99
21$
t-e
BONDS
ta X
h
N. Y. STOCK EXCHANGE
.1.,'•4
Week Ending Jan. 15
New York Bond Record—Continued—Page 2
Price
Friday
Jan. 15
Week's
Range or
Last Sate
Range
Year
1914.
30.
BONDS
N. Y. STOCK EXCII A NGE la
421
Week Ending Jan. 15
Price
Friday
Jan. 15
[VOL. 100.
Week's
Range or
Last Bale
,a
e..
4,20
Range
Year
1914.
Mph No, Low Nigh
Ask Low
Bid
High No. Low Than St PM & M (Continued)—
Bid
Ash Low
0in Ham & Day (Con.)—
_
.. . 13614 May'06 — - --1937 J-J_
Registered
1941 M-N --------10012 Mar'14 -- 10012 10012
On D & 1 1st gu g 58
7
2 ..... 10634 Feb *14 ---- 10834 112937 J -J 1(767
_
____
—
11
75
sich
88
5s
—_guar
1st
gold
01-14
g_1923
4s
gu
1st
W
C Find & Ft
J
1937
-J
Registered
Cin 1. & W 1st gu g 4s. —1953 J -J --------65 J'Ily '14 ---- 65 16
--9438 Dec'14 ...- 9438 9438
Will & SF 1st gold 58_1938 J-D 103i14 ...-. -. ie14-1-2J'n-e-'h ---- ---Day& Mich 1st cons4 3;9_1931 J -J ____
92 90 Dec'14 ____ 89 -92
1935 J-J --------65 J'iy '14 ---- 65 100 Gulf& El 1 1st ref& t g 58_61952 J -J 87. ____
Ind Dec & W 1st g 5s
_
.
.
-----J
J
----.
01952
Registered
1935 J -J -------1O7' Dec '02 __
1st guar gold is
5 93 101
94
;
19 72 85 'jock Val 1st cons g 4 3.s..1999 J -J 94 Sale 933
73
; 72
Cleve Cin C St St L gen 4s 1993 J -D 70 727
1999 J -J --------9724 Jan '14 ---- 994 9734
82 874 11 Registered
1931 J -J -- - 8434 82 J'ne'14
20-yr deb 4 30
811:
---- - —
Jan
____
---83
'15
1948 A-0
79 ____ 8434 J'ne'14 ____ 8434 86
Col & H V 1st ext g 4s
1939 J -J
Cairo Div 1st gold 4s
1955 F-A --------901,J'ne'14 ..._ 9012 9012
Col & Tot 1st ext 49
CM W .3.: M Div 1st g 49_1991 J -J ---- 80 83 Feb '14 --- 83 83
4
---------100
.----Dec
---'12
-J
J
0_1937
St L Divlst coil tr g 48_1990 M-N __- - 83 83 Dec'14 --__ 82 8534 Hous Belt & Term 1st 4s_1051 J-J
88's,,_ 9718 J'ly '14 ...... 944 974
1990 MN ---- ---- 8214 McIP14 --- 824 8214 Illinois Central 1st gold
Registered
1951 J-J ---- 96 100 Sep 11 ____ ____ ___
1940 01-S --------85 Meh'14 --.- 85 85 3- Registered
Spr & Col Div 1stg4s
5 7814 -85
7834
1051 J-J 80 ____ 7834
1st gold 330
W W Val Div Ist g 4s...„1940 J -J --------91 Apr 12 --- ____
J-J ---- --- 88,2 Feb 13 -__ ____ .-..
1951
4
---'14
--------1053
Apr
-_10534
M-N
10518
Registered
1920
6s
consol
C
L&
St
0I
7814 -784
.....
'14
D
7814
____
80
ADec-0
1051
May'14
91 92
Extended 1st g 330
kl936 Q-I3 --------92
1st gold 48
1951 A-O
Registered
k1936 Q-F --------90 Men 13 --__
Registered
J'li; , --. ____ ____
--------80
nri-s
1951
May'14
-----------103
103
gold
sterlin"
10314
J-J
1st
3s
5s„..1923
Cin S & CI con 1st g
1951 M8
Registered
000& !gen con g 6s _1034 J -J 101 ____ 10534 J'ly '14 ---- 1053 1195
1952 A-0 gli - gil4 );6 Dec 'ill ____ ili -9-i
Coil trust gold 4s
1934 J -J ----------------------------Registered
_
- _
1952 A-0 -------- 9514 Sep '12 __
.—
'08
____
J'iy
____
--------94
A-0
Registered
1940
Ind B & W 1st pref 4s
. iiL -1;424
87
a.e 86
1955 Al-N
___ _ _
-___
1st ref 4s
0 lud & W 1st pref 5s_d1938 Q-J ---- -.. ____
---------82 Feb '14 ._-_ 72 82
-J
J
)
7215
1952
____
-72
'ne'14
84
7414
lines
Purchased
---3.30
A-0
49—.1940
Peo & East 1st co t
1953 01-N 86 ___ 86 Dec'14 -...._ 86 91
20 Dec'14
20 21
L N 0& Tex gold 48
20 30
1090 Apr
Income 4s
1953 04-N ---- 951r2 84 May'14 --__ 81 84
Registered
Cleve Short L 1st go 4128_1961 A-0 9212 9514 92 Dec '14 _--- 9012 9614
J -D --_. _ _ _ 90 Apr '14 .... 90 90
1950
'14
Dec
15
15
4s
____
Bridge
gold
1934
Cairo
14
-J
J
1947
OM Mid and 1st g 45
J-J --------.74 Feb '14 --- 74 74
1951
38
14 17
Litchfield Div 1st g
Trust Co. cents. of deposlt __ — 15 20 15 Dec'14 _
874 ai 8518 93
Loulsv Div& Term g 339s 1953 J-J 77 80 81 May'13 ---- ---- ...1929 F-A 87 92 8612
Colorado& Sou 1st -; 4s
SIM:
8312
85
85
10
72 9312
Registered
1935 M-N
Refund & ext 430
1921 F-A --------123 Alay'99 -----------Middle Div reg 58
Ft W & Den C 1st g 0.--1921 J -D 10034 10112 100', Jan '15-- 100 107
1951 F-A ---- ---- 7218 Feb '14 ---- 71 724
— __ _
___ -... ____
Omaha Div 1st g 3s
Conn & l'as Itivs 1st g 49_1943 A-0 .... 10012
tor
____
-J
818y•10
J -J --- __-_ 7512 ilIcti'12 __ --- --J
39_1951
_1952
__ ____ -.----St Louis Els & term g
Cuba Hit 1st 50-yr 5s g
1951 J -J
Registered
el Lack & Western—
8
1007
__
J -J ii ---- fil2 Se;.ii ____ -- -10034
1951
10078
1
-D
J
Gold
30
3
10234 10314
M s' Es 1st coo gu 78_1015
1951 3-J ________ 10118 Oct '99 -----------1015 J-D- --_ 103 Nov'13 --__
Registered
Registered
77 ---- 7858 Meh'14 -._ _ 784 784
1951 J-J
218 -___ 83 J'ly '14 _ _ 854 884
.
Spring Div 1st g 3;_0
2000 J -D -i
1st ref gu g 330
1951 J-J --------------------------1921 J -J 106 ---_ 1094 J'iy '14 --- 10814 11038
Registered
N Y Lack & W 1st 6s
ill
Feb't ____
1951 F-A -_-- —__
Western lines 1st g 4s
1023 F-A 10012 ___ 10412 Feu '14 --_- 10412 1044
Construction 58
1951 F-A
1923 M-N 9.514 __ 9534 J'ne'14 -- 9434 9534
Registered
Term & Improve 4s
----May
—__
10
ii:f12
____
1923 J -D ---_
Bellev & Car 1st Os
Warren 1st ref gug 330-2000 F-A ---- _ _ 10218 Feb '03 --941 J'ly '12 -----------1917 IM-s 10512 10812 1084s Mcly14 ..... 1084 10838
Carb & Shaw let g 4s..-1032 M-S --__.
Del & I Ind 1st Pa Div 7s
1951 J-11 102 ____ 108 J'iy '14 __-- 108 110
Chic St L& N 0g 59
1917 M-S --------149 Aug '01 ---- ____ ___
Registered
1951 J-D --------114 Feb '11 ____ __— -___
0914 23 974 -9914
Registered
1916 J-D 9914 Sale 99ls
10-yr cony deb 45
1922 J -J 99 10012 100 J'iy '14
Gold 3 Ms
9912 101
1st lien equip g 4 30
1051 JD------ ---- ---04
6 004 9712
Registered
1943 M-N 9338 941- 03
1st& ref 4s
1951 J -D -------. 012 Aug'12 ____ ---- --..
Memph Div 1st g 4s
1946 A-0.83 86 8314 Dec '14 ---. 8134 87
Alb & Sus cony 330
1951 J -O
Registered
1154
'14
115
.111
Feb
__-11512
---1921 M-N
Rens & Saratoga 1st 7s
1931 01-S__- 9-ils ig .J'ly'og ___. .--- ____
St L Sou 1st gu g 4s
Deny & R Grist con g 4s 1936 J -J :. 75 76 76 Dec'14 ---- 75 85
5 8012 8818
84
2 Sale 8312
1950 J -J 83187 9034 Ind III & la 1st g 48
1936 J-3 --------88 J'iy '14 Consol gold 4 39s
9934 104
M-N 98 ___ 9934 Dec '14 .0_1919
&
g
lnt
Great
Nor
1st
78
3 76 9212
1928 J -D 73 Sale 78
Improvement gold 5s
9112 924
--__
91120101'14
____
_
James Frank & Clear 1st as 1958 JD
44 4112 74
39
1st & refunding 5s
1955 F-A 38 Sale 38
6 6612 70
6712
6712
A-0
6732
1950
2
7
66
38
Sou
City
lstgold
___
Wan
____
____
'12
Dec
--------109
Rio 13 I' JUDC 1£4 gu g 59_1039 3-D
_
_
___
'00
Oct
63
.___
___
A-0
1950
-IARegistered
Rio Or So 1st gold 4s
1940 J -J ---- ---- 614 Apr '11 ---- ____ ___$112
89
2 iiii2.
89 - Sale 89
Apr 1950 J -J
Ref St impt 58
74 85 Meh'U8 -1940 J -J
Guaranteed
93 Dec'14 __ 92 954
93
.....J-J
4s___1960
City
Kansas
1st
8412
Term
7512
---1939 J -J 69 -- 754 J'ly '14
Rio Or West 1st g 4s
IV ist g 59___1937 J-J 984 994 101 J'ly '14 __-_ 100 10334
1949 A-0 ---- 60 60 J'IY '14 ---- 60 7214 'r ake Erie &58
Mtge & col trust 4s A
1941 J -J ____ 95 9434 Mar14 ____ 9434 95
J-4 Zd gold
90 90
Utah Cent 1st gu g 48.441917 A-0 --------90 Apr '14 ---- ____
1945 A-0 ____ 95 98 Alch'14 ____ 98 93s
North
Ohio
___
1st
gu g 5s
-'04
Des Moi Un Ry 1st g 58_1917 01-N -------. 110 Sep
Leh Vail N Y 1st gu g 4;98_1940 J -J 99 10114 964 Dec '14 ____ 9658 10112
1995 J-D 80 ---- 84 May'14 ---- 84 -85
Oct & Macit 1st lien g 4s
101 101
J -4 ---- ____ 101 J'iy '14
1940
Registered
84
-'14
82
J'iy
82
1995 J-D
Gold 48
--------90 J'0014
8712 0034
9334 9334 Ply '14 ____ 9314 97 Lehigh Vail (Pa) cons g 49..2003 M-N
75--.Oct Riv Tun-Ter Tun 4;0_1961 M-N --2 964 9958
9714
nalt 974
i,
General cons 434s
20031 M-N
105
'14
10314
J'ly
103
--.
104
1001;
-J
J
58_1941
Dui Alissabe & Not gen
--__ 10S3 Jan '15 ____ 11041114
106
A-0
V
Ity
Leh
1041
Ter
1st
g
gu
5s
10412
994
0812
7
10218
4
3
10012
100
__
Dul St Iron Range 1st Isa_ _1937 A-0
1941 A-0 __ . _ _ . 11118 Dec '11 ____ __ _
Registered
1937 A-0
____ 10414 1044
Registered
-.14 10414
_ Leh Val Coale° 1st gu g 5s_1933 J-J 10118 104Alch'14
1016 J -J 98 ---_ 104 Feb '11 .._ ____
2d Co
----- ____
'13
Oct
105
3—.103
J-J
1033
Registered
161
101
J'ly
..—
'14
1937 J-3 --------101
Du So Shore& At g 5s
____ ____ -___ ---_
1933 J-J ---- ____ ___
1st lot reduced to 4s
Apr '14 --- 10412 10412
1 in Jol & East 1st g 59-1041 M-N 1031 ____ 1044
1945 MS 84 ---- U's Feb '14 — 8818 884
4 10914 11112 J'1y '14 ___. 11118 112 Leh & N Y 1st guar g 4s
4 e 1st consol gold 7s_ —1920 M-S 1073
1945
M-5
Registered
98
974
J'ne'14
-9712
1947 M-N 90 -N Y & Erie 1st ext g 45
1914 A-0 -___ ____ R1112136'10 ____ —__ ____
El0& N 1st prof 6s
1919 011-S 10012 10158 102 J'ne'14 _--- 102 1024
2d ext gold 5s
1914 A-0 -___ -- 9978 Nov'13 ____ ____ ____
Gold guar 55
1 994 100
084
1923 M-S 9878 ..- — 9878
3d ext gold 434s
Q-J 100 --__ 106 Ply '14 ____ 106 10658
let
Isid
5s_h1931
cons
Long
gold
1920 A-0 10012 10158 1004 Dee'14 --- 10012 10258
4th eat gold 5s
_
Q-.1 89 -___ 9614 Atch'12 __ ____
211031
consol
gold
1st
4s
9358
0358
May'14
.—
9358
--------D
J
1928
5th ext gold 4s
9212
8512 Dec'14 __ 8512 _-J -D 88
1938
gold
4s
11058
General
'ne'14
--11011
J
N Y L E & tV 1st g fd 7s 1920 M-S 102 ---- 11014
97
95
......
954
9512
May'14
---.
9212
M-S
1922
Ferry gold 43-s
814
9 7934 8714
8114 Sale 8014
1996 J-J
Erie 1st con g 48 prior
Gold 4s
1932 J-D ----. . 9914 Oct '06 ____ ____ _ _
83 Jan '14 ---- 83 83
1996 J-J 80
Registered
80 -8112
1949 M-9 --- 893; 8612 May'14
Unified gold 48
6812 17 6412 761
1096 J-J 6314 Sale 6778
1st consol gen lien g 4s
e
Debenture gold Os
1934 J-I) -95 --__ 01 Mai'14 ___ _ 10014 101
1096 J-3 --------77 Apr '12 -----------Register d
84
09 94
10
84
87
86
ref
Guar
gold
4s
19491M-9
8712
92
l
4
874
5
873
873
1951 F-A
Penn coil tr g 4s
1940M-8 382 ____ 95 Jan '11 ____ ____
6214 170 59 7738
Registered
1953 A-0 61 Sale 60
50-year cony 45 A
___N Y B & M B 1st con g 5s_1935 A-0 100 ____ 10014 Jan '14 ____ 10014 10014
6512 113 62 76
1953 A-0 65 Sale 64
Series B
do
N Y & It 131st g 5s
1927 5/1-S ---- — ... 10212Jan '14 ____ 10212 10212
1916 J-D 10212 —__ 10211 Jan '15 _-__ 104 10414
Buff N Y & Erie 1st 7s
1 192 108
Nor Sh B 1st con g gu 58-01932 Q-J 101 --- 102 J'ly '14 ____ 102 102
10112
10112
Sale
1014
M-N
1982
5s
gold
1st
Erie
St
Chic
Feb1.4 __-. 103 103 Louisiana & Ark 1st g 5s
1927 01-S ____ 881; 9112 Feb '14 _ _ 914 914
Clev & itlation Val g 59_1938 J-J --------103
1 11112 115
110
____ 12112 123 Loulsv & Nash Gen 65
1930 .J -D 11012 112 110
Long Dock consol g 6s-1935 A-0 118 ___ 1224 May'14
Dec
'12
___
100
103
M-IS 10518 107 10958 May'14 ____ 10534 110
1937
5s
Gold
---____
__-_
M-N
68_1922
gu
cur
1st
RR
Coal St
904 964
43
9278
92
Sale
8
927
-J
4s
J
.._
gold
'14
1940
Dee
103
4
Unified
1013
10134
1943 J -J 101 ---Dock & Imp 1st ext 5s
1040 J -J 9114 ---- 95 J'ne '14 ___ 9334 95
_
Registered
N Y & Green L gu g 0_1946 M-N ---- . . 10312 Aug'12
2 105 10514
10314
10314
-103
3
1
.....
'14
Ply
93
111141
01-N
0._1931
trust
85
gold
r
e
t
a
l
o
C
-J
J
1937
N Y Sus & W lst ref 5s
___ ---- 10838 May'14 _-__ 1084 10838
1919 J
H & Nash 1st g 6s
-----------'06E
1937 F-A --------10014 Dec
Zd gold 4 398
-D-954 --__ 10258 J'iy '14 _-_ 10018 10248
1931 01-N
L Cin & Lox gold 430
1940 F-A ____ 70 75 Apr '14 ...... 75 75
General gold 5s
--- 1135 Jan '15 --- ---. -1144
J-3
1930
6s
gold
1st
NO
M
&
Jan
103
102
'14
100
102
__
102
1943 M-N
Terminal 1st gold 5s
111 Fen '14 ____ Ill 111
_
1930 J-J
NO & M 2d gold 68
114 May- 12
1040 A-0 99
Mid of N J 1st ext 58
92 84 Dec'14 ...... 84 89
87
F-A
1946
4s
v
di
Mem
9812
Paducah&
92
J'iy
____
85
'14
92
__-j-D
1942
5s
g
gu
Wilk & Ea 1st
10614Jan '15 ____ 10838 10838
-_
107
M-8
69_1021
gold
1st
Div
St Louis
Ey & Ind 1st con Ril g 69_1926 J -J --------106 MaY•12.--- ___ - _ __
1980 M-S 62 ---- 0938 SeD 12 .... -----.
2d gold 3s
1921 J -J 93 11111 100 Dec'14 ____ 100 100
Evans & 'I' H 1st cons 6s
89
8512 Jan '15 ____ 85 9078
85
M-N
1955
4s
Div
Cin
&
Knox
Atl
.....
'13
___
1942 A-0 1---- 85 994 Dec
1st general gold 58
Jan '13 .. _ --__ _
Atl Knox & Nor 1st g 59_ 1946 J -D 101 ____ 111
Mt Vernon 1st gold 68_1923 A-0 .4---- ---- 08 Nov'11 .... ___- ---Jan '14 ____ 106 .
100
1011
Hendee lidge 1st s f g 69_1931 Itf-S -------- 86
. -_--___
Sull Co Branch 1st g 59_1930 A-0 --------95 J'ne'12 — - ---.
1 84 9014
86
__
853
-J
J
1987
4s
gold
Cent
Kentucky
lorida le. Coast 1st 4 358 1959 J-D 861 91 88 Dec'14 __ 88 94
,
1,
May'14
...
101
100
101
M-S
Lik N& 01 & M lstg 4 301945
_
I." ort St U Deo 1st g 430_1941 J-J --------92 Aug'10 ---. ___
___ 80 8034 Dec'14 __ 8034 85
L & N-South AI joint 0_1952 J -.3 --------95
1928 J -J ____ 60 62 Apr '14 ---- 5812 -6-4Ft W & Rio Gr 1st g 4s
Feb
'05
Q-J
h1952
Registered
flreat Northern—
N Fla & S 1st Rug 55__--1937 /3-A 10012 ____ 106 J'iy '14 __ 10414 flit;
9658 367 0418 98
‘....X C 13 & Q coil trust 4s
1921 3-J 964 Sale 9512
9812 97 Dec'14 ..„ 97 100
96
26 944 974
N & C Bdge gen gu g 430 1945 J -J 9712 109
1921 Q-J ___ ____ 1954
Registered h
10812 1084
2 10858 110
Pens & Ati 1st gu g 0____1921 F-A 107
9934
1 9912 10138
1084 102
1st& refunding 4 Sieger A 1961 J-J 903; 101 9934
F-A 1044 ----107 Mch'14 _
5s____1935
g
gu
con
Ala
N
&
s
____
Pne'13
1961
------------98
Registered
L 984105
10012
994
101
10012
A-0
0....1963
50-yr
au
cons
Gen
1933 J -41 9412-- 9714 May'14 ---- 9634 18
St Paul M & Man 4s
8312
_-83
83 85
_
Nicti'14
1 11934 12234 L& Jeff Bdge Co gu g 48_1945 M-8
1933 J -J 11212 ____ 11712 11712
1st consol gold 614
__ ..... ___ ____
,, anus RE—Soil lines0_1936 M-24 _ — --- ____
1933 J -J ___ 1214117's Aug '13 -------------.
Registered
-----------77
---___-_
Mch'10
77
19
4s
11i
g
con
-S
10014 Jan '15 _.__ 100 10312 - ex interns t 1st
Reduced to gold 43.s_1933 J -j 10914 __
_ 79 Nov '10 ___ ____ __._
___
stamped guaranteed____1977 01-S --. - _
1933 J -J ___ 10218 10834 J'ne'09 ____
Reirlstere,d __ _
____
___
____
'12
Oct
12412
119
____
J-1)
78____1927
gold
1st
L
St
s
&
987
linn
93
____2
9312
1937 J-D 9312 94 9312
Mont ext 1st gold 4s
__
Pacific Ext 1st gold 8s_,,__1921 A-0 95 103 11018 .1 ug '11 ____ .......
1937 J-D --------941, Apr '14.._ 9412 9412
Registered
944
89 Jan '15 ___ 89 -.
89
---_
1934
M-N
5s
god
consol
.
1st
Alch'll
-J
8
5
92
___
J
940
1
'
pacific ext. guar 95 i
4112
2
40
40
61
Sale
M414
1949
9
43
gold
lstand refund
E Minn Nor Div 1st g 4s1948 A-0 89 __ 0 May'14 —_ 9438 95
. 11011 Jan '14 ___. 110411012 Des Al & Ft, D 1st gu 48 1035 J-J --_. 65 60 J'nel4 ____ 60 09
Minn Union 1st it 69—.1922 .1 -J -___
1937 J -J 11758 122 125 J'ne'14 ____, 12113 125
Mont C 1st au 068
811.:CELLANEOUS BONDS—Cont1nued on Next P e.
I)
F
Street Railway
81 May'14
JNew Orl ity & Lt gen 4 10_1935
7238 32
1942 J-,1
7134 Sale 7134
Y itys 1st it N & ref 48
5238
5414 212
5238
Sale
A-0
a11342
30-year ad) inc 58
4 398.'62 VI-N 84 8814 884 J'iy '14
cons
Ryslat
State
v
N
'14
Dec
M-N
0914
_1930
100
9834
5s
ref
Portland ity 1st &
Portland Ity Lt & Pow 1st
02 Mch'14 --_--390
-A
F
1942
f
s
cony
& ref
J -J
Portland Gen Eiec 1st 5s-1935
-fog No-s:vo;
56 11)37 M-N 964
Si, Jos ity, L,11 P 1stgg5s-1937 J -J
1034 Feb '13
St Paul City Cab cons
8178 123
1960 J -J -g11-2 Sale 8038
Ave 1st ref 45
7812 100
a1960 A-0 78 Sale 7714
Adj Inc 58
'14
J'iy
109
107
10412
J
'1'111rd Ave y 1st g 55___1937
1
95
A-0 9512 9714 95
5s_1923
of
1st
Lt
&
Tri-CIty Ry
'14
9612.71y
94
'
J
430_1933
Undergr of London
CS 87 8712 J'iy '14
1948 ____
Income 6s
84 Oct '08
Union Kiev (Chic) 1st g 0_1549 A -0
71 J'ne'13
nited Rys Inv 58 Pitts ifs 1926 ;11-N
Due Jan
a
week.
11112
•No pace Friday; latest bid and asked
Street Railway
6934 Dec'14
81
United itys St L 1st g 4s___1934 J -J
6512 Dec'14
7918
St Louis Transit gu 5s____1924 A-0
Sale64 65 5334
5558 188
6312 United Hits San Fr s f 4s--1927 A-0
9212 J'ly '14
894
90
8
,
-J
J
ref
&
1st
5s__1934
Pow
90
Va Ry &
9914
(ias and Electric Light
Atlanta (4 L Co. 1st g 59-1947 JD 101 __ .- 10112 Iday'14
92 10012 Bklyn U Gas 1st con g 5s_19.15 M-N 10358 1064 103 Jan '15
54 J 'ne'13
1947 A-C
Buffalo Gas let g53
J
Columbus Gas 1st g
1i178 ii-12 1106
Consol Gas cony Os, when issued__
J 98 103 9812 Dec'14
.
1923 T-Detroit City Gas g
1918 F-A
9554 Sep '08
72 8412 Dot Gas Co.cmi 1st g 5s
1933 J-3 10134 102 10158
10134
8
10612 10912 Det Edison 1st coil tr 5s
1932 M-S
10612 Oct '12
96 08
Eq 0 L N Y 1st, eon g 5s
100 Feb '13
94 96
Gas & Elec Berg Co c g 0-1949 .1-I)
1915 F-A 9612 ---- 100 Oct '00
843.1 9214 Gr nap 0 L 001st g 5s
10114
10114
Hudson Co Gas 1st g 59_19401 M-N 10112
92 Rich '14
___
Kan City(Mo)Gas 1st g 58 19221A-0
OPtIon sale.
Feb. 6 Due April. 6 Due July. 8 Due Aug. o Due Oct.
8058
70
45
87
99
Du;
69
ow.
49
9212
7212
7114
014
9412
1014 10111
1021310615
109" 11114
984 10018
100
100"
91
fa;
92
JAN. 16 1915.]
New York Bond Record-Continued-Page 3
BONDS
3"
s
N. Y. STOOK EXCHANGE
b
Week Ending Jan. 15
va.
Price
Friday
Jan. 15
week's
Range or
Law Sale
,..,"
0
av.3
Range
Year
1914.
i
BONDS
N. Y. STOCK EXCHANGE 0
.0.
Week Ending Jan. 15
219
Price
Friday
Jan. 15
Weer4
Range or
Law Sole
1M
4
Hemur
Year
1914.
Nlinn & St Louis(Con.)High No. Low High NY Nil & Hartford (Con.)Ask Low
Rid
SW
Ask Low
High No Low NW
B& NY Air Line 1st48_1955 F-A ---- Iowa Central 1st gold 5s_3038 J-D ____ 85 8814 J'ne 14 ---, 88 94
9912 J'ne '1' ____ „.... -_
_
Refunding gold 43
56 39 5712 Cent New Eng 1st gu 48-1061 J-J ---- 8018 81 Mch'14 ---- 81
40
1951 M-8 40 Sale 35
83
AL Str&138111 con g 4sint gu 1938 J -J 914 93 91
91
Housatonic R cense 5s___193? M-N 101 ____ 10638 Apr 19 ._
I 90 9514
10635 10656
1st Chic Term Is 14s
NY W*ches&B 1st ser 1 4(is'46 .1 -J 6938 70 684
1053% 83
693
1041 11-N .. - --- 974 J'ne'12 ---- ___ ____
M 3 S & A 1st g 4s Int gu-1926 .1-J 92 96 98 Nov'13 ---- ___ _ _
N 11 & Derby cons cy 5s-1918 111-N 100 ____ 107 Aug 'Os .___ ____ ____
New England cons 5s____1945 J -J -_-- __-_
AllssisaippiCentral 1st 5s-1049 J -J 85 94 91 J'ly '14 ---- 91 -914
_4 ____ ____ ....
fdo Kan& Tex 1st gold 4s-1990 J -13 76 Sale 76
6 75 9178
7738
Cense' 45
994 Meh'r ___
1945 J -J -------. -__2d gold 48
53
2 52 77
rrovidenee Secur deb 4: --1957 MN 68 ___ 60 May'14 __._ 55 IT
01191 F-A 53 55 53
Ist ext gold 5s
N Y 0& W ref 1st g4s--a1092 MS 80 811; 80
1944 NI-N -_- 95 90 J'ne'14 ---- 90 99
80
1, 78 88
1t& refund 48
4918
3 4818 71
Registered 35.000 only...01992 11-S . .
2004 M-S 9911 .__ 49
9212 J'ne'1'.......1_,_ „_
lien sinking fund 4 Sis
General4s
.4. 811251ch'19 --• 8112 -8319
193G J -J 66 70 70 J'ly '14--.. 70 85
1955 J-1) 73'2.,...._
St Louis Div 1st ref g 48_2001 A-0 --------784 Apr'13 --.- __-- ____ Norfolk Sou 1st& ref A 5s_1061 F-A -,- 88 94 J'ne•14 ----1 92 9718
Dal& %Va 1st gu g 5s
Norf & Sou 1st gold 5s
1940 M-N 90 ____ 9934 Dec '13 --__ ____
1941 M-N 1011; 10212 101 May'14 -_-- 100 10114
Ran C & Pac 1st g 4s
1900 F-A -------- -78 J'ly '14 ---- 78 Ilk Nonl & West gen gold 6s.,,1931 M-N ____ ____ 116 Dec'1 .
116 12058
110 K & E 1st gu g 58
1942 A-0 ---- 102 04 Apr '14 ---- 10314 10414
Improvement& ext g 6s_1934 F-A ____ ____ 123 Jan 1 -_ ____
11 IC & Ok 1st guar 53.-1042 M-N -,-- 9134 98 J'ly '14- 9638 9812
New River 151 gold 6s__1932 A-0 114 120 120 J'ly *14 ____ 118 129
M. K & T of'!' lstgu g 5s-1042 111.-S 80 Sale 80
80
N & Wily 1st cons a 4s
3 90 9818
1996 A-0 93 Sale 92
93
2 92 96
Sher SO & SO 1st gu g 5s 1042 J -D --------96 May'13 -__ ____ __
Registered
1906 A-0 --------94 May'l -_-- 94 94
Texas& Okla lstgu g 5s1943 M-S -„ 90 99'? Jan'14 ---, 97 -991Dly'l 1st l& gen g 4
2
1944 J -J 87 90 8712 Dec'1____ MI 914
11lasouri Pac 1st cons g 65_1920 1I-N 993-4 Sale 9934
10-25-year cony 45
9934
9 100 105
1932 J -1) 98 102 1024 Apr *I .-- 101 1034
18 88 984
93
'Crust gold 58 stagnped_a1017 ,1-S 93 Sale 8924
10-20-year cony 4s
991
1 9612 10514
1932 M-5 9954 Sale 994
Registered
a1917 M-8 --------97 Mav'12 --__ _ _ ___
Convertible “is
1938 M-S 102 10212 1023s 1021
4 981s 10544
1st collateral gold 55
9512
Pocah (3 & (1 joint 48_11941 J -D 8913__ 90 Jan '1 --- 8614 9012
1920 F-A 84 88 85 Dec'19 ...... 133 '
-----------------------CC & '1' lstguar gold 58_1922 J -J --------10024 Jan '1 ---- .--- .
Registered
1920 F-A
,4 64 113
, scio v & NE 1st gu g 4s_1939 M-N 85 ____ 9414 Ply '14 --- 9058 -944
10-year gold loan 48
e 37
1945 81-8 4613
33 36 7758 Northern Pacifigpri,r ig 48 1997 -J 9114 sale 894
42
1st & ref cony 55
1959 61-S 42 sal, 38
162 88314 98
91
3d 7s extended at 4%
1938 NI-N *---- 80 80 Jan '14.... 86 86
Registered
1997 -J *88
___ 88s Jan'1 --__ 88 954
()eat Br Ity 1st gu g 4s-1919 F-A ---- 91 8878 May'14..- 8878 9238
General lien gold 38
641. 134 6238 684
a2047 -F 6418 Sale 63
Cent Br U P 1st g 4s
1948 J-D ---- -_-- 7712 Deo '13 ____ __ ____
Registered
a2047 -F *60 6314 66 J'ly '1 ..... 6514 67
_
Leroy & 0 V AL 1st g 5s-1926 .1 -J --------110 Men'05 ____ _
lit P..ul-Duluth Div g 4s_1996 -D ---- 97 90 Jan '1 _--- 00 90
Dul Short L 151 gu 58____1016 M-S --- --__ 1004 Sep '1 -----------Pac R of Mo 1st ext g 48_1938 F-A 85 -- 8912J 'ne'14 ____ iiii2 1612
2d extended gold 58
St P & N P gen gol i Gs___1923 F-A ,-_ 110 111 J'ly '1 --- 1107s 1121
1938 J -J
- --- 974 J'ly'
14 --- - 974 100
12 9712 105
98
St L In Al&S gen con g 5s-1931 A-0 -,.
98 Sale 9734
Registered certificates_1923 Q-F 10614 ____ 11535 Aug'11 -----------Gen con SO
St Paul & 1) luth 1st 5s_1931 F-A ____ ____ 107 Jan '1 -------- „UM go g 58_1931 A-0 --------102 J'ly'14 ---- 102 103
65
Unified & ref gold 4s
2d 55
1929 J -J 64'*..,.__ 6378
6 65 82
_, 10114 siay'l ---- 101 1-0114
1917 A-0 100
1929 j-j --------8034001 '12 ____
Registered
1st cense! gold 45
1068 J-D --------87 Feb '14 ..._ 87 87
6712
Itly & (4 Div 1st g 45
1033 M-N ---6712 674
Wash Cent 1s1 gold 48
4
.
.
34
-g1
--.._
_ 8112 Dec '1; ____ ____ -„
_
Q-M
1948
924 Dee '16 __
Verdi y 1& W 1st g 5s-1926 M-8 ____
_ Nor Pac Tern) Co 1st g 68_1933 .1-3 110 112 112 Dec'1 ___ 112
11-34
Mob & Ohlo new gold 6s
1927 J -D 111 ii61-2 11612 J'IY '14 ---- jigs Ili oregon-Wash 1st & rd i 481961 j-.) 8278 85 85
86
1 8834 92
1st extension gold 68--h1027 Q-J 100 ---- 1124 Apr '14 ___. 11212 11212 Pacific Coast Co 1st
2 58 _1946 J -D 984 Sale 98
9814
9 9914 1034
75
1 75 82 .3- ennsylv 114 01 1st g 48_1923
General gold 45
1938 WS 744 ____ 75
ni-N____
____
98 Dec'1 ------us 100
1 I.)ntgom Div 1st g 55
1947 F-A 100 103 10414 rly '14 ---- 104 10614
Consol gold 55
1919 61-5 100 --- 102 May'1 ..... 102 102
St Louis Div 5,
95 Dec'13 ____
1927 J -D
'
Consol gold 421
1943 11/1-N . 9812____ 10014 J'ly '1 _ 9914 10014
St L Lc Cairo guar g 4s--,-1931 J-J 05 ____ 87
87
5 884 914
Convertible gold 3344...o1915 .1-1) 9934 Sale 9934
993 218 97% 99h
ki ashville(71) 33 St L 1st 58 1928 A-0 1(2438 ____ 10412 10412
2 10314 10818
Registered
o1915 J-1) -... ___ 9918J ne4
1. ...... 984 4)914
Jasper Branch 1st g 6s1923 J-J --------111 Jan '13.,.__
Consol gold 4s
1948 61-N 97 97718 964 10214
98
8 974
McAl Ai W & Al 1st 6s___1917 j-J ---- .....- 10334Jan '14 -- 1.55i4 iiiia;
Alleg Val gen guar g 4s
1942 M-S 9378
94 Jan '1 .-__ 9312 97
T & P Branch 1st Gs
--------113
J'ly
____
'04
_
D It R R & Irge 1st gu 4s g '36 F-A 9134 ____ 91 Mch'l - 91 91
1917 J -J
Nat Rys of Ilex pr lieu 4 3481957 J -J ---- 60 68 J'ne'14 ____ a -of
Philo, Balt& %V 1st g 4s
1943 M-N 97 _ __ 9918 J'155'1 ---- ____ ___.
Guaranteed general 48_1977 A-0 ______ 77 leeb '13 ___ ____ __
Sod Bay & Sou 1st g 5s
2924 J -J -------- 102 Jan
---. ---- ---.
Nat of Mex prior lien 4 S4s-1926 J -J --------9634 Feb *13 ____ _ _
_
Sunbury & Lewis 1st g 4s_1936 .1-J -- - ---- ,,,- - --- ---- ---•
156 Ili
1st consol 4s
---- --60 Apr '14 ..... U N J RR & Can gen 4s 1944 M-8 90
1951 A-0 -----.18 ___ 19112 Mail- - _ ____ ___.
N 0 Mob & Chic 1st ref 5s-1960 J-J 32 36 3114
3212
5 394 5g Pennsylvania CoNO & NE prior lien g Gs-p1915 A-0 --------101 J'ne'14 ...- 101 10113 Guar 1st g 4 10
1921 J -J 10014 10038 10034Jan '1 ..-- 9934 102S
New (Mealy. Term 1st 4s_1953 J -J --------7912 May'13 ____ _
__
Registered
1921 J -J 993s---- 99 Dec '1 --__ 99 1013,
N Y Central & 11 ft g 3;4s_1997 J -J
i 8134 80
811s 14 f574 -89
Guar 3)is coil trust reg 1937 M-S 85 ---- 844 Apr '1 ..-- 8412 86
Registered
Uttar 3;45 coil trust ser 13_1941 F-A 84 ___ 8712.1'1y '1 ___ 86 8711
1997 3 -J -„, ---- 784
784
3 78 84
Debenture gold 4s
Trust Co ctfs gu g 3lis_1916 M-N 97 ____ 9814 J'ly '14 _--- 9712 9831
864
;Sale 8612
1934 M-N 861
9 86 9212
Registered
Guar 3 Ms trust etfsC
1934 144-N -„. 87 8978 J'ne'14 __ 894 8972
1942 J -D 83 -___ 85 MaY*1 ---- 83 8511
Lake Shore coil g 3;o
Guar 32is trust ctfs D
734 10 23 84
1998 F-A 73 Sale 73
11144 2-0 83 85 84 rly '19- 89 85
i 92
921
Registered
Guar 15-26-year g 4s
1998 F-A ---- 78 7812 J'ne'14 ...... 7511 834
1931 A-0 924 ____ 9212
P M & Co ctfs of dep.___ _ _ __ _ _
79 Dec '14 __ 79 79
Clu Leb& Nor gu 4s g
1942 M-N -------- 9312 Apr '14 ____ 93 934
951
Mich Cent coil gold 3 tis_1998 F---A 715
70
Cl & Mar 1st gu g 4 30_1936 111-N
lile 6814
3 734 78
-___ 98 Ilay'l ---- 98 98
Registered
CI & 1' gen gu g 44s ser A 1942 J-J --_1998 F-A --7434 76 J'ne'14 ____ 72 75
9814 ____ 10134 Noy'l --- __-- ---,
Reech Creek 1st gu g 48-1936 3-J 90 ____ 9514 Apr '14 ___ 9514 953
......,
____
1942 A-0 9814 .... 10914 J'ly '0 ___
4
Series Li
Registered
1936 J -J ---- ____ 99 May'll ____
lot reduced to 310_1942 A-0 8412 ___ UN Feb '1' _-__ _-. ---.
2d guar gold 5s
1936 J-J
Series 0 3Sis
1948 M-N 8234 -_-_ 904 Oct '1' ... ---- --Registered
1950 F-A 8214 ____ Ws Dec '1 - „„ „-.
osech Cr Ext 1st g3 %513-G1951
__-- -- Erie& Pitts gu g 3 Ms B 1940 J -J 84 _ _ 8614 May'14 . 864 881
AA) --- •-- .".7
Cart & :id 1st go g 4s
NO Oct '12 ____ ___
1981 J -D -_-___
Series 0
1940 J -J 84 ---- 9018 XIS'' ----------()mil/ & Oswe 1st go a 5s 1942 J -D ---- -- -___ _ - ---: Gr It & 1 ex 1st gu g 4 tis_1941 J -J 95 100 95-la Dec •1 ...... ---- Stoll & Mal 1st gu g 48-1901 M-S ---- 9212
-„9612 J'ne
.
'14 __ oi -611, Pitts Y & Ash 1st cons 5s_1927 11-N ____ ____ 109 May'l ----------7 J June It guar 1st 49_4086 F-A --------86 Jan '16___ 92 92
Tol %V V& 0 gu 4 1is A
1931 3.4 9755 _ 99 Ply '1 ___ 984 99
N Y& Harlem g 3348
' ___- ---- -2000 M-N -----874 Dee12
Series 11 4 34s
193$ J -j 9812 i00 9812 J'ne 1 ...... 9811 9812
Registered
------------------------- -Series 0 4s
2000
1942 M-S ______ 9312 J'ly '19 ..... 9318 931
NY & Northern lst g 55-1927 M-N
A-0 10134 ____ 10178 10178
1 102 102
C 0& St L gu 4 As A
1040 A-0 99 ---- 974
99
5 99 793
N Y 3c Pu 1st cons gu g 45_1993 A-0 --------92 Oct
'13 ___ _
Series B guar
1942 A-0 99 __ 99 Dec '1 ___ 99 10212
' Nor& Montlstgu g 5s_,,,.1016 A-0 ___. ----_
- ---Series C guar
995001 .rly '1 ....._ 101 101
99
1942
M-N
Pine Creek reg. guar 6s
1932 J-D --------116 Fel)'VI ::.... Hi' fir
Series
D
48
guar
1945
M-N
----.
R W & 0 con 1st ext 5s h1922 A-0 1011 10358 10474 J'ne'14
2
.1
.- 94 J.
"
.1 --- 9014 92
34
-- 10212 105
Series E 3As guar g
1949 F-A --__ az 92 3'ne'l ..... 33
05we& R 2d Rug 5s
e1915 F-A -__ ____ 1004 Jan '15 __ 9912 10014
Series F gu 48 g
1953 2-0 -------96¼ Jan '1 ---- ---- --R W & 0T R lstgu g 58-1918 M-N 99 --_ 104 J'ne'l0 __
.
Series
0
45guar
Rutland 1st con g 4(is.. -1941 J -J -------- 90 Apr *13 __-- - ----0 St L & P 1st con g 5s-19
---.
57
2M
A-N
93
O iiir 9112 19
02illgany'll __-- .151-52 I:66 2
Og & L Chem lstgu 48-13 1948 J-J ---80 Sep '23 _
_ Peo& Pek Un 1st 6s
1921 Q-F ---:::: 10114 May'l _. 4 10114 1011
Rut-Canad 1st gu g 48-1949 J-J --------92 J ne'09 ..---- ---. 2d gold 4 341)
g
--------89 Feb '1 - 1 39 39
61921
St Laws& Adir Istg 58-1996 2-4 --------108 Sep '12 _____ _ __ Pere Marquette-Ref4s_1955 M-N
25 25
J-J _ __ 20 25 May'l
2d gold 6s
1096 A-0
11912 idelr12 - _-1
Refunding guar 4s
1955 J-J
-9 ___. 40 Dec'1 --4,- .1:::
Utica & Illk Ely gu g 4s 1922 J -J 9312 -__ 95 Dec'13 - - __
Ch & W M 55
1921 J-D 65 __ _ 73 May'!--. 1 74 "
Lake Shore gold 3hs
1997 J-D 82 863; 834 Dec '14 ...:-. 55- --Flint& PM g 6s
1920 21-0 86 -...:_ 85 Deel ___
85 104
Registered
854 may'14 ____ 834 8512
1997 J-D
151 consol gold 5s
1939 M-N --------65 J'ly '1 ____ 66 90
Debenture gold 48
1028 /4-S 92 -__ 9034
9218 17 894 9478
Pt Huron Div 1st g 58_1939 A-0 --------76 A
'1
25-yr gold 48
75 992
911s 111 MI: 9378
1931 M-N 9113 Sale .9011
Sag Tus & 141 1st gu g
F-A ---_ _
-Registered
1931 M-N ____ ____ 917s J'ne'14 --__ 9078 9178 Philippine Ry 1st 30-yr4s_19$1
s f 45'37 J-J ....... -60 - -65 - 61a-37'
.
1 ---- -ars ig 4
Ka A& 0 It lstgu c58_1938 J-J __-- ____.„
........ ____ ___ Pi'lts Sh& L E 1st g 5s
1940 A-0 ..--- --- - 1084May'l
__ 10812 108 2
Mahon C'l RR 1st 58_1934 J -J -------- 10714 Apr-'14 _.__ 1074 1-074
1st consol gold 5s
194$ J-j
_____ 11314 AlGy'll ___ -- -Pitts& L Erie 2d g 5s_31928 A-0 103 ____ 103 Jan '15.--- 105 105
Ilst eading Co gen g 4s
1997 J-J -93 Sale 9278
931
92 -9555
57
Fitts Mc1( 33 Y lstgu 6s1932 J -J _--- --- 13018Jan '09 --.. .--- ---- -3-`' Registered
1997 J-J 9212 ____ 918g Jan'1. _
9434 94 2
2ri guaranteed Gs
• 1934 J -J--------123l4 Mch'12 ------------Jersey Cent coil gds
1951 A-0 9012 92 9114 Dec'1 _98
___1
91
AlcKees& B V 1st g 6s_1918 3-j _----- ,r,- .
A sian City gu 48 ,
--- ,,,, ,_
e
1951
J
-J
-t
a
Michigan contra 58
1931 4-S ___....1U54
1 J n 39 --- 10514 1151 QtJo&(irIs!letg48
1947 j-J __ fE fEii mavqi::: i
Vi
1931 u_ki . _. _ 103t2 May'14 __ 103410311 Isst Louis&
Registered
San Fran gen 61311431 J -J 103 10713 107
107
5 108 112
43
.
General gold 5s
.7
. 98 Apr'12- _
1940 J-J Ili 6
993
1931 J -J 994 Sale 991
6-100 103
Registered
1940 J-3 -------- 87 Feb '14 --__ 87 -87
St L& S le RR cons g 4s__1096
J -J 69
_ 75 J'ly '1 _ __ 7312 80
J L & 8 1st gold 33-s..,_1951 14-S ------- 90 J'ne*08 -__ ____ -Gen 15-20-yr 5s
1927 M-N 40 aale 35
1st go d 314s
40
2 2712 54
Tr Co certfs of deposit---- --__ 3612l
1952 111-N 7978 8318 7978 Deo '14 -__ 7978 831;
20-year debenture 4s
____ 3634
363
1 3114 55
Dee
784
'14
8312
___
80
784
A-0
1929
87
do
Stamped__
N Y Chic& St L 1st g
__
2812 45
___
____
2812
Dec
'1
4s-1937 A-0 9238 9512 93 Jan '15 Southw Div 1st g 5s
9234 97
1947 -5C-Registered
lice '1
6 --------93
1937 A-0 -------- 9234 5,17ly '14 _
9412
9234
Refunding
g
48
1951 J -J 6518 ____ 6312
78Ig
Debenture 49
55
66
Dec
1931 16-N 7512 831 82
'14 82 87
Registered
1951 J -J
West Shore 1st 4s guar
_ 8034 Meh'll --------.
4;
2361 j-j 891: Sale 894
90
29 89 95
Trust Co ctfs of deposit
65( - - . 64
Registered
64
2
977
s
(
13
2361
8938
____
j-J
8938
89
1
do
88 921/
Stamped__ 6212 Sale 614
1 r Y Ceut Lines eq tr 4 •424 1022 J -J --- ---- 1004.4'1y '11 ---. ......
8 56 61II
821
IC0 Ft S & M con g 68
-4925 55-aN --- --- 10814 108
N Y New Haven & Haar7 1074 112
K C let S & Al Ity ref g 48_1936 A-0
Non-cony deben 4s
70(4 Sale 69
7
19 674 .
,
1
.
7
1955 J -J 71 ____ 72
72
2 75 8012
K C & M 1t& B 1st gu 68_1929 A-0 ____
Non-cony 4s
95 95 Mch'I
-- 95 9°
1956 8%-N *„.... 78 72
72
1 76 81
St
L
8
W
1st
g
4s
bd
ctfs-1989
M-N 76 7814 75
(Jony debentuee3 1is
74 88
77
3
1956 J-3 64 65 64 Jan '15 -- 61 76
2d
g
4s
inc bond etfs--p1989 .1-370
Cony debenture6s
____
60 Dee 1 ---60 73
1948 J-J 10434 Sale 1094 1064 23 96 11712
Como]gold 48
_FTarlern It-Pt Ohes 1st 4s_1954 all-N
1932 J-D 69 61 68 J'ly '1 ___. 68 77
,34
____ ___- 994 Nov 12 ..-- „... ....
Gray's Pt Ter 1st au 2551947 3
-is
051. Jar, '1
_
984 04'2
MISCELLANEOUS BONDS-Continued on Nee
Pale.
(Ina and Electric Light
Gas z.nd Electric Light
Kings Co Ea,& Pg
10114 105 Peo Gas& 0 1st con;63_1943 A-0
Purchase money Os5s____1937 A-0 102 103 10114 Dec '14
1114 116 110 Jan '15-- 114 11714
1997 A-0 11112 - - 10912 Dec'14
10912 11412
Refunding gold 55
Convertible deb 6s
1947 31-S 10014 1001 10018
10014
1025 M-8 1104 - _ 11334 J'ly '14
5 884 1014
113 11334
Registered
Ed E 1111Bkn 1st con g
1947 11-S
99 Sap'! --- ---- -4s..1939
J-J
'14
86
89
J'ly
Ch
8734
Lac Gas L of St L 1st g
G-L & Cke 1st gu g 55_1937 -J 101 ---- 101
1007810334
Deo
'1
5s_e1019
Q-F 10058 Sale 10012 10034 14 9914 10218
ConG Co of Ch lstgu g 5s1036 3-0
Roland ext 1st g 5s
102 1002 Marl
9974 10112
1934 A-0 974100 9711 Jan '15
9634 1014
Ind Nat Gas Sr. Oil 30-yi 5s'36 34-N
Milwaukee Gas L 1st
Mehl
93
4s_1027
M-N
9012
88I2
9112
9112 9018 Jan '15
Mu Fuel Gas lstgu 5s1947 M-N 99 101 100
Newark Con Gas g 5s
-55" Cgs:
Jan '1
1948 J -D 10214
10124 Jan '14
10134 10134 Philadelphia Co conyg5s
N YG EL 11 & Pg5s
1919 F-A 95 97 95 Sep '1.•
1948 -D 103 Salt 10112 103
12 1004 10578
Cony deben 8"5s
Purchase money g 48
-55; 98
1922 114-N ____ 97 9634 J'ne'1
1949 F-A 85 Sale 85
854
3 8212 8734 Stan Gas
Ed 6.1 111 1st cons g 5s& El cony f6
1926 J -D 8812
3 88 9218
881
8812
-1905 3-J
106 109
109 J'ly '19
N Y&QE I L & P lateen g-5s
Syracuse
Lighting 1st g 5s 1951 -1) 974 93 1140 11e.'i
100 1004
1930
F-A
101
101
Feb
101
'14
Syracuse L & P 5s
N Y & Rich Gas 1st g
1954 J -J *....__ 80 8512 J'ne'1'
-1921 91-N
9212 J'ly '09
Trenton G & II 1st g 5
Pacific G & El Co Cal°
101410112
1949 M-8 9814
5s-&E
1014 J'ne'14
Union
Corp unifying& ref6s_ _1937 11-N
Elec L & P 1st g 5s__1932 14-S 98
98 10012
98 Dec'14
93 Sale 9114
12 90 951s
93
Eel & ext 58
Pan PJW 33 Lt1st& ref 2
9412 944
1033 M-N
9413 J'ly '1
r
Utica El L & P 1st g 5s
58 Internet Series
101 101
1950 J-J
1030 F-A
96 Jan'!
884
J'ly
._.
883
'14
4
8834
9018
Utica Gas & It ref 5,s
Pat& Passaic G & 5s
1057 J -J 9712 ____ 1004 Dec '1
1949 91-8 9912 ____ 100 Jan '14 ____ 100 100
%Vestchezter Ltg g5.
1950 J -D 10013 102 10438 J'iy '1
10234 ffir
*No price Friday;latest Dal awl &axed. a Due Jan, 0 Due Feb. e Due May.
9 Due June. 44 Due July, 0 this Oct. V Due Nov. / 00100 sale.
aa -
3,
a
-__-
-__-
---_
--
220
New York Bond Recora-Concluded-Page 4
[voLlioo;
{Veers
Price
Range
ta.
;
iVeers
Price
Range
BONDS
5'"
BONDS
gl
Year
Range Or
1i
Friday
rear N. Y. STOCK EXCHANGE ...a.
Range or 0
Friday
N. Y. STOCK EXCHANGE It
1914.
Last Sale
Jan. 15
Z
1914.
Week Ending Jan. 15
Law Sale
...,q, Jan. 15
Week r.milng Jan. 15
High No Low High
Bid
Ash Low
High No. Low High Wabash (Concluded)Ark Law
Bta
5638Jan '14 --„. 5638 5614
___- 7934 78 Dec'14 ____ 77 84
aqua Tru-d Co .dfs
El A & A Pass let gu g 4s-__1943 J-J --------104
93 27 5714
25
27
2512
Sale
_
'09
_
Oct
---Do Stamped
8 F & N 1' let sink .g as-1919 .3-.1
58--_1941 Y-J ---- ----108 Nov'13 --- ____ ___
Seaboard Alr Line g 4s____1950 A-0 7554 71112 75 Dec '14 ---, 78 854 Del & Ch Ext 1st g 4s--1939
.
80 Aug'12 .... _ __ _
J-J
-_-____
g
7814
3
Mole
8312
Div
78
86
1st
Des
Sale
7814
A-0
1950
Gold 4s stamped
1 6014 -72
60
1941 A-0 60 Sale 60
Om Div 1st g 3.s
___ _
1950 A-0
Registered
R
7318 May'14 ---- 70 80
1941 M-8 65
68 -36 62 80
Tol & Cb Div 1st g 4s
.21949 F-A -67% 8812 8814
Adjustment 5s
8
_ 9 Dec '14 ......712 12
1959 A-0 ---- 7138 7312 Dec'14 ___„ 7312 7814 Wab Pitts Term let g 48....1954 J-D
Refunding 4s
c1( 6
sels 17 684 1414
6 82
1 84 8584
Cent and Old Col Tr Co certa- --Ati-131rm 30-yr 1st g 4s_01933 11/1-8 82 -_-- 82
J'ly '14 _.-- 614 131
7
85%
85
____
ctfs
851s
84
Co
Meh'14
---'1'r
Columbia
-J
J
1949
..is
i:
Car Cent 1st con
7% Dec'14 ---614 1411
_., ---____ ____
Col tr ctfe for Cent Tr etfs -Fla Cent & Pen 1st 2 53-1918 J -J --------10314 Jan '13 ---7a
11
78 .Ply '14 _
---J1954 ,2d gold 45
1930 J-J --------104 Nov'12 ---1st land gr ext 7 45
14 114
____
'14
%Dec
100
____
11111184
Dec
---,
certfs
Trust
100
'14
Co
.1-..11
s
1943
1017
Consolgold 58
84
8114
----8313
---___
F-A
J'1ie'14
4
3
1013
8
330_1945
1003
10112
10512
Wash Term list gu
Ga & Ala By let con 51_0945 .1 -J 10172 10258
1945 F-A -------- 100 Sep 12--1st 40-year guar 45
J'ly '14 ---- 10318 10334
Ga Car& No let gu g 5s....1929 .1 -J 10033 ____ 10314
62 131 5314 80
1952 A-0 62 Sale 5712
1926 .5 -J 101 ---_ 10088 Dec 14_.__ 10038 10032 West Maryland 1st g 4s
Seab & Roe let 5s
West N Y..;.. Pa 1st g 5s.....1937 J- J 101%10238 101 Dee '14 __.. 101 1051e
8outhern Pacific Co-7734 Dec '14 .... 75 82
78
80
A-0
1943
33
86
4s
8414
94
Gen
86
gold
8213
Sale
-D
J
coll)../41940
Inc
Gold 4e (Cent
d1943 Nov - - 35 34 Feb '07 ___ ____ ---Income 55
k1949 J -D --------90 Feb '14 ---- 90 90
Registered
102 J'ly '14 ...... 100 102
811 337 7988 92
Wheeling. & L E let g 5s___1926 A-0 95
01929 M-8 8112 Sale 8012
J.0-year cony 45
.1. J 90 951-2 9512 Nov'13 -- ____ ___
5s___1928
94
98
401
9614
10338
1st
Sale
gold
Wheel
Div
J-D
9788
1934
20-year cony 55
91 Feb '14 ---- 91 -91
85
F-A
89 131 854 9412
Exten & Impt gold 5s____1930
Cent Pac 1st ref gu st 4s 1949 F-A 89 Sale 8834
5 68 80
65
1949 NI-S 65 6,513 65
ItR 1st consol 45
1949 F-A -,,- ---- 94% J'iy '12-......
Registered
90 Apr '14 --- 90 90
..-J-3
1922
8734
88
12
8
5s
888
f
88
20-year equips
8712 9184
. ,r old 3 34s_k1929 .7-1)
Mort .otar ,
86 Dec;14 ....... 8544 8712 Winston-Salem S B 1st48_19,10 J -J -------88 Feb 14.,.,.. 88 88
Through St'L 1st gu 4s_1954 A-0 84 ---7 8314 8914
85
3-J 8314 8434 844
G H & s A M t.,P 1.10, 5s-1931 M-N 10212 ____ 10212 Dee IA ---- 10213 10334 Wit; Cent 50-yr let gen 98_1949
Sup&Dul div & term 1st 4s '36 141-N 834 8478 8854.5'ne'14 --.- 86 8988
Gila V 0 e..:. N 1st gu g 58_1924 M-N 9912 100 10234 Apr '14 ---- 101 10234
EA
Dif
nous E & 1/ T isle 55 1933 M-N 9818 100 1025 J'ly '14 --_- 1023810288
111_
ifig
10412 J'ly '14 ---- 101 10412 Manufacturing & Industrial
1933 M-N 98
1st guar 5s red
8 109 .1'ne'14 ---, 109 100
It & T C 1st g Is int gu_1937 J -J 103 10975 9784 102
100
s
997
Sale
100
Ag
A-0
Chem
Am
95
1928
5s
c
93
91
let
93
95%
1
A-0
9354
_1921
lot
4s
guar__
Gen gold
997g 15 96 9918
Am Cot Oil ext 43is _-_y1915 Q-F 997s Sale 997s
Waco& N 1Y div 188 g 681980 54-N --- 115 108 Mch'14.... 108 108
1931 M-N II 92 9313 9212 Dec '14 ..,.,_I 89 9512
Debenture 5s
1941 J -J 100 102 103 Mch'14 --__ 10112 103
A & N W 1st gu g 55
10114 25 100 10313
M-8 10118 1031g 101
Morgan's La & '1' 1st 78 1918 A-0 ---- ---- 10712 J'ly '14 ---- 10613 10734 Am 111
1 3 78,4 89
85
1920 J -J 10414 ---- 10614.1'1y '14 -___ 10614 10718 Amer Ice Secur deb g 6 -1925 A-0 8112 85 85
1st gold Gs
4 101 105
104
k10312
104
-A
68_1928.F
10314
_
_
_
'07
Am
Feb
----------112
if
Smelt
Securities
A-0
1938
58
g
guar
No of Cal
94 99
-___
'14
J'ly
94
9434
11...._
M-S
1915
Am
2
1
101
10038
161
Gs
-J
g
J
Spirits
Mfg
ioo
1
10033 10018
Ore & Cal 1st guar 2 55..1927
93 9414
---------94 J 'ne'14
1919 J-J 2
Bo Pac of Cal-Gu R 5s1937 M-N ----._ _ 101% Nov 13--.._ ____ ___ Am Thread let col tr 4s
11712 123
120
Jan
....
'15
A-0
8
1207
1944
Am
86
Ge
4
__
g
'12
9113
0-yr
Sep
---Tobacco
J-J
4_1927
4s
S. Pac Coast 1st gu
12184
4 1218i
1213
....
---May'14
---A-0
1944
Registered
Ban Fran Tern/I 1st 48_1950 A-0 82 83 8113 Dec'14 ---- 78 -88
0734 Jan '15 --- 97 9812
1951 F-A .96
Gold 45
Tex & N 0 con gold 5s 1943 J -J ---- 97 96 Apr '14 --, 96 911
98
98
____
'ne'14
-98
.3
F-A
1951
87
Sale 85
Registered
87
50 8378 9388
So Pae Hit 1st ref 4s __1955 J-J
6214 26 6414 78
Am Writg Paper lets f 5s_1919 J-J 62 Sale 62
9834 37 977/ 106
Southern- 1st cons g 38_1994 J -J 9934 Sale 9812
102 10415
---'14
J'ly
__
104
M-N
1003
4
58-1940
Baldw
--__
--__
'13
Loco
Aug
1st
----100
Works
.5
1904
-J
Registered
17 9312 100,
4
1926 J-J 9978 Sale 9914 100
65 139 62 -.1614 Beth Steel let ext s f 5s
Develop & gen 4s Ser A 1956 A-0 6478 Salt 64
88 206 8114 984
1942 M-N 8734 Sale 87
1st & ref 158 guar A
Mob & Ohio coil tr g 4s 1938 M-S 73 79 78 J'ly '14 ---- 77 8312
75 96 100
99
sale
9712
99
A-0
58_1925
10412
-year
Cent
g
20
100
---Leather
'14
--------100
Dec
Nlem Div 1st g 4 Si-59--1996 J-J
9812 J'ly '14____ 9715 9813
1951 FA ....-.
8338 8012 COnsol Tobacco g 4s
-. 8434 8812.Ply '14
1951 J -J 7,..,:
St Louis div 1st g 4s
1931 M-N -95 96 9434 Jan '15 ---- 9313 964
1918 .1 -J lin ---- 10434 J'ne'14 ---- 10413 10434 Corn Prod Ref 8 f g 5s
Ala Cen ft 1st g Gs
3 9112 9814
93
93
94
•
93
M-N
1934
25-year
1st
s
59
f
Ala lit Sou 1st cons A 5s...1943 J-D 94 98 9934 May'14 ---- 9934 100
93
5 864 8812 Cuhan-Amer Sugar coll tr 681918 A-0 9112 94 9134 Dec'14 ___ 90 68
8518
1948 J -J 8412 8534 8513
AU & Daily 1511 g 4s
55
20 5212
Sale 52
53
A-0
58.1927
g
___
Distil
cony
1st
____
SecCor
---•12
Feb
8214
.3
1948 -J ---2(1 4s
8238
9
8432
894
84
8412
8414
JD
19313
Sis
du
Pont
4
Powder
1
E
Atl & Tad 1st g guar 4s-1949 A-0 --------7588 Dec'14 ---- 7534 -7514 General Baking 1st 25-yr 6s_1938 JD ____ __ _ 8712 J'ly '14 ---- 8712 9014
1016 J-J --------10014 J'ly '14 ---- 10038 10138
Col & Gr3env 1st 68
79 J'ly '14 --- 77 8034
79
--F-A
_.j942
108
Gen
;ie.
--__
3
g
deb
Electric
'14
101
____
106
J'ne
10484
1930 J -J
E T Va & Ga Div g 5s
8 10112 10612
104
1952 M-S 10112 104 103
6 10318 10812
Debenture 5s
1956 M-74 10312 - -- 10312 10412
Con 1st gold 58
1011s 36 9812 10134
1915 A-0 10112 Sale 10078
---- 10312 10312 Gen'l Motors 1st lien 6s
1938 M-8 --------10313 J'ly '14 ------------I
E Ten reor lien g 5s
8214 89
85
22
8414
A-0
85
Sale
1940
ll Steel deb 4 3.58
May'13
1948 A-0614
Ga Midland 1st 3s
9978 59 97 102%
1952 M-N 998 Sale 9912
3 108 109 Indiana Steel 1st 55
1922 J-J 10612 Sale 10612 10612
_
.
Ga Pac 'Cy 1st 4 88
_0935 J-J 100 ___ 100 Oct '13.-__
5s_
1st
Ingersoll-Rand
11013
---109
May'14
11018
-----Knox & Ohio 1st R ea....J.925 J-J
15le 10012 101121 a" BE, gi
12---- ____ ____ Int Paper Co 1st con g 6s 1918 FA 10112,
Mob & Bir prior lien g 5s_1945 J-J ---- ---- 1051:Nov
75
82
8
82
4
Sale
3
1935
84
J-J
82
Consol cony s f g 5s
79 Mch'13 ---1945 J-J--- Mortgage gold 45
21 35 6713
40
1929 M-S 39 40 38
Int St Pump let s f 5s
1915 J-J ---- ---- 1.0078 J'ly '14---.. 1008810114
Rich & Dan con g Ge
1 87 97
90
1923 A-0 8612 9114 90
Steel 1st g 58
1927 A-0 -.... --- 10314Feb '14 ---- 10314 10314 Lsekaw
Deb 5s stamped
1 69 7812
65
1950 M-S -,.. 70 65
1st con 158 Series A
--.12
Sep
--------73
M-N
1948
4s
3
Rich & Meek 1st g
8 9313 99
4 gelP 9912
99..
9934
M-S
1915
-year
58
.14
5
Dec
00
convertible
--_99
1
102
101
-......
12413 40 120 12711
So Car & Ga let g 5s_...1919 M-N --------112 Oct '06 ---- ---- ---- Liggett & Myers Tobac 78_1944 A-0 122% 12413 123
Virginia Mid ser 0 Gs_ _1916 M-8 --------10334 Nov'12 -------- ---- -55
44 9634 10282
1011
1951 F-A 101% Sale 10014
1921 M-8
Series D 4-5s
1 11914 126%
124
124
1944 A-0 12214
orillard CO (P)75
1926 P41-8 --------102 Dec'13 --__
Series E Is
27 Ms 10213
102
siiie
100
102
F-A
1951
58
1931 Sil-8 --------104 Mch'13 ------------Mexican
Series F 58
A_'21 A-0 92 98 90 J'ly '14 --__ 90 97
Gs
env
Petrol
10412
Ltd
marl.;
10412
---10212
--__
1
1
M-N
1936
General 55
9 93 9735
9712
9712
1st lien & ref(18 series C 1921 A-0 95
4 ---- 10014 Jan '15 ---- 10313 105
Va & So'w'n 1st go 5s...2003 J -J 993
- 911 Dec'.4 --__ 91 94
Nat Beam & Stpg 1st 58_1929 J-D 85 0314
1958 A-0 8612 90 8612 Dec '14 ---- 8612 9314
1st cons 50-year 58
__ 844 J'ly '14 ---- 81% 85
80
-J
J
1930
__
Nat
5s
Starch
20-yr
____
deb
--__
J'ne'13
--------92
F-A
1924
W 0 & W 1st cy gu 4s
9978 19 9612 100,4
1952 M-N 99,4 Sale 9914
National Tube 1st 5s
-1914 J -J --------10014 May'14 ---- 10018 I0013
West N C 1st con 8 os
1 97 0912
94
98 961:3'ne'14 ---- 9612 9834 N Y Air Brake 1st cony 6s-1928 M-N ---- 9412 94
Spokane Internet 1st g 5s 1955 J -J -,-- ---Railway
Steel
Spring101
'14...._
100
101
J'Iy
96
A-0
Iler A of St L let g 4)48_1939 F-A
9312 9814
2
4-J
96
96
9613 96
Latrobe Plant let s f 58_1921
10012 102 10014 Dec'14 --- 1064 107
1 1st con gold 5s_1894-1944
__ 8914 9314
Inter-mean P 1St 9 f 5s-1931 A-0 91 92 90 Dec
1953 J -J 84 87 8814 May'14 ---- 8514 00,2
Gen refund e f g 95
104
10278
-__
'14I--__
A-0
I
......
'14..8
104
55_1934
&
J'ly
tr
let
col
pub
&
Re
Xne
'14
102
102
---101
10134
St L M Bge Ter gu I 58_1930 A-0 99 Sale 9512
1940.A-0 911-3 92 92
9238 12 90 9414
96
5 9413 104
10-30-year 5s s f
2000 J -D 96
rex & Pac 1st g Ad 55
84 8912
8
4
89
____
89
___
Standard
5s
1930M-N
___
1st
Milling
---'12
51
Nov
40
---Mch
q2000
2d gold inc 55
9912 101 94 106
1931 J-J --------95 May'14 ---- 95 -95 The Texas Co cony deb 63_1931 J-J 9914 sale 99
La Div B L 1st g 58
F-A - - - - ---- 10612 Nov 04 ---- ____ ___ Union Bag & Paper 1st 58_1930 J-J ---- ---- 90 Feb '13.... ---- .--W Min W & NW let gu 58_1930
1935 J...1
9114
_
.
'13 ---- -----Jan
____
J-J
104%
J'ly
1930
'14
--10334 10914
Stamped
55
rol & 0 C let g135
3 73f2 -89
7534
.1.035 A-0 ii55 ____ 101
g 5s._ .
v9995925 Div
Aug'13 --- ____ _ _ US Realty& I cony deb g 5s_'24 J-J 781-3 Sale 7512
20
18
....
'15
Jan
20
--J-J
1931
S
10113
&
U
6s
Apr
t8
Red
___.
Refg
'14
let
100
---98
10f12
J-D
1935
General gold 5s
23 10038 104
102
8 Sale 1015
1990 A-0 --------8714.5'ne'14 ---. 8514 8714 U S Rubber 10-yr coil tr 6s_1918 J-D 1017Kan & M let Cu a 48
10232 200 991s 10314
1927 3-J 94 95 9814 J'Iy '14 --_- 9534 9834 U 8 Steel Corp-jcoup _41963 M-N 102 Sale 10114
2d 20-year 58
9 9913 10314
10214
101
Sale
M-N
101%
_d1963
68
5slreg
Sale
f
-J
68
68
1
El
J
10-60-yr
76
80
1917
rol p & W 1st gold 48
2 90 98
9214
Va-Car Chem let 15-yr 58.1923 J-D 9113 92 12
rol St L& W or lien.g 3548_1925 J -J 7478 78 8034.3'1y '14 --- 8034 82
13 994 10214
Sale 10014 101
J-J
101
1922
42
Dec
43
58
44
5
1st
40
43
60
West
Electric
1950
A-0
4s
gold
50-year
89 9812
26
9312
91
9212
9312
J-J
58_1931
f
s
M
'14
43
Xs('
Westinghouse E &
--__ 43 50
1917 F-A ---- 39
Coll tr 45 g Ser .1
1 9634 995
9814
10-year coil tr notes 55 1917 A-0 9813 9834 9814
r.ir Ham & Buff 1st g 4s__h1946 J-D 80 85 854 J'ne'14 ---, 85 8538
2
100
101
100
100
101
10134
Ulster & Del let con g 58_1928 J-D
Miscellaneous
1952 A-0 7294 74 76 Apr '14 ---- 74 76
, 1st refund L' 48
1.
2 70 8084
7134
1998 M-S 71 72 7154
Adams Ex coil tr 848
Union Pacific9214 37 8912 931k
921g Sale 9114
57 94 9834 Armour & Co 1st real es043is'39 J-D 96
8612 88
-___
let RR & land grant g 4s_1947 .3-J 96 Sale 9478
J'ne'14
86%
91
A-0
1952
0512 9814 Bush Terminal let 98
1047 J-J9814„Ply '14 _
Registered
- 8812 87 Jan '15 ....... 87 93
8712
1955 J-J
9014 63 8514 9314 Consol 5e
1927 J-J 9014 Sale 8918
20-year cony 48
85 8813
1
83
83
Sale
83
A-0
1960
ex
tax
guar
58
Bldge
8 88 05
89
g2008 M-S 881 8912 8814
1s1& ref 48
.3 -J --------166 Apr '14 --- 150 166
9084 13 8618 94 Chino Copper let cony 65_1921
Ore Ry ,J.':' Nay ,on g 4s__1946 J-D 9054 Sale 9012
21 95 10512
99
6s A'28 M-N 9812 oale 98
10712 17 107 11034 Granby ConeM S &Pcom
Ore Short Line let g 08_1922 F-A 10714 108 1071k
9988 84 95 103
M-S 9988 Sale 9834
1922
conv6a
let
14 10234 108 Inspir Cons Cop
105
1948 .5 -J 10454 Sale 101Ig
1st consul • 55
3312 41 2934 61
4%8_1922 A-0 33 sate 3234
Marine
Mercan
89
90
21
Int
Sale
9414
90
.1-D
1929
4s
refund
Guar
1929 F-A ___. 55 57 Jan '15 _ 7118 77,3
_ Int Navigation 1st s f 5s
1926 J -J 100 ___ 08 May'll --- ---Utah & Nor gold 3s
5 90 94%
8932
J-J 8914 Sale 8834
-___ Montana l'ower 1st 5s A _1943
8588--1933 J -J ---- ---- ___
„-----1st extended 4s
1939 J-J ___- ____ 8812Jan '14 ..._ 8812 8813
;is
4
f
s
let
Co
&
Morris
.
.
--------93
yer
F-A
45
A_1955
A'
-,...
-- .....
APr'13
83 83
A-0
Apr
--------83
--'14
_1988
V andalla consSeries B
_
2
ser
4s
Y)
(N
Bond
1957 M-N 87 ____ 9214 May'14 ---- 9214 -92-14 Mtge
Consol 4s
1932 J-J --------100 J'ly '14.... 100 100
10-20-yr 5s series 3
97 94 Oct '12 ---- --_- -_
/era Cruz & P 1st an 4 Sis_1934 J-J -__--------7984 Dec '14 ---- 77 7818
F-A
441_1951
g
let
50-yr
Dock
9612
Sale
96
M-N
Y
9612
N
1962
17 9514 1-0012
rirginlan 1st 58 Series A
99 10114 99 Dec'14 ___ 99 101%
1932 J -J
Niag Falls Pow 1st 5s
97
10 9612 105
8939 MN 97 Sale 97
RIabasb 1st gold .is
92 May'14 ____ 92 03
86
76 87 100
Niag Lock &0 Pow 1st 5.5_1954 M-N ___1939 F-A 86 Sale 86
3 3 2d gold Is
4 9188 9514
9418
95
F-A
9134 04
___53._1943
1st
F
N
Power
1939 J -J --------90 J'ne'19 --- --- _.- Ontario
Debenture Series u
92 95
1/1-N*___
5
9038
90 Jan '15 _-_
5s-194
1921 M-8 ___ 88 90 fly '14-..-- 90
8 Ontario Transmission
25 8612 01
1st ilen equips td g 5s
88
A-0 877-8 Sale 8714
55_1959
gen
J
N
Corp
Serv
Pub
J-J
65
4.t_1954
_--75
78
term
Apr
'14 ---- 27
10018
10414
10478
11714
19
15t lien 50-yr g
105
J
J
10412
cony
681921
1st
32
81 2734 8114 RayConsCopper
1956 .3-J 30 Sale 2912
1st tel and ext g 4s
9312 9214 Feb '14 ___ 9214 92%
. 30 5014 May'14 ..... 4912 55% Sierra & El F Power 1st 5s....1949 F-A -._ ____
Cent Trust Co ctis
___ 10317 10312
'14
10312Jan
-J
J
97
1939
5s
1st
Pow
Water
53 Apr '14 ---- 50 561/ Wash
Do Stamped
MISCELLANEOUS BONDS-Concluded.
Z. Telephone
Telegraph :
Cos. L.: iron
8414 11 85 8973
J-1.)
An, Telep & Tel coil tr 4s_-1929 J -J 88 Sale 97,4
92 92
92 J'ly '14
Bull & Swq 1:on 1 1s___1932 M-8
S 90 9513 9134 Dec '14
1936
9184 9714
45
Convertible
'14
.11y
80
80 80
0126
Debenture is
1933 1.1- S 9712 Sale 97%
97% 352 94 100
convertible 4;is
'14
20-yr
Dec
88
87
99
98
F-A
87
58-1943
st
gen
Co
Col & I
97114 99%
30-yr 58_1943 J -D 9712 9833 9734 Dec '14
1st
Tel
Dist
ly
J
105
'14
105
Cent
105
M-N
1919
Col Fuel gen 6s
8138 8814
8814 Joe '14
1-2397
71 82 Commercial Cable let g 4,
F-A 72 73 71 J'ly '14
Col Lndus 1s11& co!)5s
2397
77% 79
79 Apr '14
Registered
73 Mch'14
73 79
-D
944
98,
5s_1937
4
Sale
Cons Ind Coal Me let 58_1935
97
J
.1
--gen
96
97
9
let&
T
T&
Cumb'd
89
'14
8918.3'1y
92%
9013
5s :950 .3-0
894 8914
Oons Coal of Md Ist&r11
891s Dec'14
Keystone Telephone let 58_1935 J -J
97 9918 Feb '14
89
9918
99%
F-A
55_1952
g
1st
Coal
Continental
sf58..1918 M-N 100 10112 10014
4
0
2
let
el
100%10
1C03
4
MetropolTel&T
'06
10218
-.
Apr
9812
-_
A-0
-01919
1st g GS
1924 F-A 9714 10014 98
98
2 9638 100
'Jr Itiv Coal& tl 1st
03 93l Mich State Telep 1st 58...
93 !deb 14
s t 4 5s_ 1051 J
101 101
Ran & II C St C lets! 5s_1957 -J -'jai 88 Jan .15
3
0
NY&NJ Telephone 58 4-1920 M-N 100 105 101 Dec'14
84
8814
9538 83 944 984
Pleat Con Collier 1st as-1955 - J
95% Sale 95
73 J'ly '14
NY Telep let& gen s t4s 1939
77 82
I'
1037 J -J 9734 Sale 9512
9734 45 94 9984
St L Rock 51l
4 971a 10312 Pac Tel & Tel 1st Is
100
1951 J -J 98 166" 100
9714 Sale 9634
9714 14 9584 100
Tel& T lets f 58 1941 J -J
Bell
Tenn Coal gen 5s
10138
9934
10118
3-3
South
103
8
1013
68_1917
Sale
1 93 984
59_1938
97
97
J-J
cur
tr
illrni Div 1st consol ____a1917 A-0 10034 ---- 101 Jan '15
col
Union
101
102
West
Gsg
2 8618 93
1st
1950
8812
8812
Tenn Div
101 10114
101 Dec '14
Fd and rea! est g 4 Sis
S Gs-1922 .3-0
'11
J'ne
1941
104
14-N
55
ext
ge
Cab 0 M CO.. 1st gu......
Tel
Un
'14
Apr
Mut
73
73
73
1953
93 Jan '13
Victor :Puel let e 5e g 5s 1949 WS 81 86 90 J'ly '14
Northwest Tel on 4 f; e_1934 J-'1
90 9512
Vs Iron Coal&Colte 1st
Due Dec. 5 option 8510
Due Jan. 4 Due April. s Due May. g Das June. 3 Due July. k Due Aug. °Duet/et
a
ed.
ask
and
Old
Mast
I
•No price Friday:
•-
•
•
221
BOSTON STOCK EXCHANGE-Stock Record se.Barkge
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Jan. 9
Wednesday
Tuesday
Monday
Jan. 13
Jan. 11
Jan. 12
-
Thursday
Jan 14
Friday
Jan 15
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
9414 9414 9312 9413 *94
9412 +9358 9414 ---- ----72 Atoll Topeka & Santa Fe__100
9412 *94
100
pre(
Do
15
978
57
97
*9714
9712
*96
*97
9612
*96
9614
9614 *96
100
114 Boston & Albany
190 192
192 192
194 194
186 186 *187 200
190 198
100
144 Boston Elevated
9412 95
9414 95
95
95
95
95
95
9412 95
95
100
Boston & Lowell
Last 8320 150 Dec'14
•_ - 140 +___ _ 140 +____ 140
100
1,047 Boston & Maine
25
24
25
25
2512 2412 2512 24
24
26
2612 26
100
Boston & Providence
Last Sale 225 Jan'15
*225 ____ *225
*220 __ •220 ____
Boston Suburban Elec Cos__
July'14
Last Sate 7
Do pre(
Last Sale 60 Jan'15
---- ---- -_-_ ____ ____ __---- ---Boston & Wore Electric CosLag Sale 612 Nov'13
Do pref
;fa- ;ii- :::: ;5/ :::: ;57- -_-_-_-_ Last Sale as Dec'14
Chic June Ry & U S Y___100
Last Sale 160 Mar'14
------------2
pref
5
Do
*ii 2 -__;,-: *10211 -_-_ _ iois fa- .inii2 -_-_,-_ •102,2 .
100
7 Connecticut River
*165 176
165 t65
165 165 .1_ _ __ 1-05 •__ __ ion
100
pref
Fitchburg
10
70
70
71
70
71
71
72
70
75
*,:::- 7612 *-_ -10 Georgia Ry & Elec stmpd_100
-------___ 118 118
___ •118
.*117
--- *118
-1-181,
100
*8512 87 --------20
*85 -87
86 id. 4,85 -8412 *864 -87
100
39 Maine Central
96
96
98
*96
98
*9612 97
9S
*9613 97
9612 97
100
140 Mass Electric Cos
-------773 8
814 814
8
8
778 773 *712 8
100
--------21 Do prof stamped
54
54 4._ _
•4S
54
54 1.____ 54
•_ - _ 54
100
370 N Y N H & Hartford
534
5413 63
5353 533
54
54
53
5278 6318 53
54
Northern New Hampshae_100
Last Sale 10312July'14
_
100
84 Old Colony
145. fig- *iiF -_-_-_-_ i55" 166- *Mil -_-_-__ *no._ 150 150
100
Rutland, pref
Jan'15
Last-Sale 20
__
*20
_ •20
___ *20 ____ *20
100
185 Union Pacific
USN 11814
- 4 *11858 119
•118 11Si812 119 119/
1
4 9.11853 119 *11814 1183100
Do pref
Last Sate 8314 June'14
14 Vermont& Maseachusetts_100
_
__ _
122 122
*121. _ 122 122 *121 122
122 122
185 West End Street
50
914
6914 116.*69 -61;12 6914 694 6914 6912 0914 6914 6914 691
Do prof
109
50
90
90
90
8912
90
00
*87 ____
874 8712 88
88
Range for Year 1914.
On batik of 100-share ton.
Rangefor Previous
Year 1913.
Lowest.
Highest.
Lowest.
Highest•
8814 Nov11
97N Jan 15
175 Nov12
77 May 8
150 Dec 16
3013.1'1y 20
225 May 1
7 Mch 2
50 July10
100 July 8
10118 Feb 10
195 Jan 5
10114 July15
179 Feb 9
55 Jan 12
255 Jan 27
72 Feb 13
60 Jan 19
35 July17
160 Mch23
103 Dec 29
162 Nov18
75 July 3
1 t512 Dec 16
83 Jan 3
90/
1
4 Jan 5
9 Apr 22
64 Dec 16
4978 July16
100 May 6
140 July17
19 May 8
11014 N ovIl
82 Apr 17
115 Jan 9
65 Nov10
82 Deo 23
40 Jan 26
163 Jan 15
107 Junell
200 Jan 24
93 Jan 28
124 May 1
8878 Apr 6
99 Mch28
14 Jan 23
6612Jan 24
777 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16314Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12
9112 Oct
9514July
163 Dec
82 Nov
150 Dec
35 Dec
23812 Dec
7 Sep
574 June
5 Feb
3612 Dec
162 Sep
10112.Tune
200 July
68 Dec
xII5 Aug
8212 July
91 Dec
1012 Dec
63 Dec
6514 Dec
100 Dec
150 Dec
25 Aug
13912 Jun
8018 Jun
105 Dec
6714 Dec
85 July
10614 Jan
101131°eb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
164 Oct
65 Mob
714 MO
45 Jan
166 Feb
107 Mcb
260 Jan
122 Feb
126 Feb
88 Set)
110 Mob
19N Feb
79 Feb
130 Jan
130 Feb
17612Feb
35 Mel
16214Jan
9012Jan
150 Feb
8111 Feb
100 Jan
Miscellaneous
57 Jan
165 Amer Agrleul Chemical-'00 4714 Jan 2 5914 McI219
41 Sep
48
48 •__ 48
4814 48N
48
4814 •4/1
49
*4812 49
991g Jan
100 89 Dec 21 98 June15
83 Do pref
8912 Dec
9078 9073 9053 91
.10078 91
91
91
*9012 91
9012 91
4l2Jan.
66 Amer Pneumatic Service- 50
2 Dec 14
2
4 Jan 31
2
214 214
212 June
3
214 214 *228 3
3
*2
+2
70 Do prof
50 17 Jan 2 22 Jan 31
16 NoV 2314Jan
184 134 184 1814 1812 1812 *1812 19
19
1912 1812 185
579 Amer Sugar Refining
100 9714 Mehl1 11014Jan 2
108 10614 106 106N 10414 105
105 107
9912 Dec 11812Jan
10412 10413 10414 105
100 108 Mch30 115 Dec 16 10818 Dec 11714 Feb
245 Do pref
113 11312 113 11312 113 113
113 113
*112 11214 11212 113
100 112 Nov14 124 Jan 24 11014 Dec 14012Jan
1181* 11814 11818 11812 11814 11812 1183s 1185s 11814 11812 118 11812 2,761 Amer Telep & Teleg
100 14 Mch 4 15 Mch 4
American Woolen
21 Apr
Last Sate 15 Ma '14
154 Dec
___
___
- 16
100 72114 Melt 4 83 Jan 26
837 Do pref
7918 79
79/
1
4
7812 -781-4 784 .179
79 -794 79
7814 79
74 May 8373 Sell
5712 Dec 12 67 Feb 13
*59
59 May 75 Jan
60
594 594 *59
*59
60
*59
60
5914 --------50 Amoskeag Manufacturing____
5 Do prof
9714 June25 10012June18
•08
18 98's
9214July 100 Jan
5 Feb 19
50 AU Gulf & WI S 8 LInes_100
9 Jan 23
5 Jan
ii4 11
4
1213 MI6
-634 -- -- i534 - -- *384 - -- i'i1 - -- *ii1.4 -- 100 1312 May2
1912 Aug
1614Jan 16
*12
14
.112
1-4
*12
13
10 Jan
12% 124 124 124 --------27 Do pref
10
912 Dec 31
141k Feb 11
1
43 10 --------50 East Boston Land
9 June 15 Feb
*9/
*91
/
41 93
*953 10
914 98
*958 10
Edison
Electric
Ilium
100
234
Nov10
265
821
Mch 4 234 Dec 28812J5n
2524 2544 255 256
251 251
252 25212 252 2524 253 254
100 137 Dec 24 15012Feb 20 130 June 18614Jan
469 General Electric
•14213 1434 14214 143/
1
4 144 14414 143 14312 14314 14414 144 144
128 McElwain(W II) let pref..100 9812 Nov10102 Jan 23
95 May 104 Jan
101 1011s 1018 1011
/
4 101e 1011
/
4 1011
/
4 10114 10114 10114 10014 1004
4
100 7614 Nov
9413Feb 17
9312Jan
87 Apr
480 Massachusetts Gas Cos
8512 854 8512 8512 854 8512 8514 28414 8414
85
8512 85
100 85 Nov 18 96 Mch16
287 Do pref
86 June 9553 Mel
*8712 89
894 8912 8914 90
89
89
90
89
8812 89
1
4 Feb 27 209 June 220 Sep
107 107 *____ 98812 +____ 196 *190 19212 --------7 Mergenthaler Linotype-100 200 Dec 23 216/
197 197
10
214 May13
3 Jan 28
Mexican Telephone
3 Jan
34 Feb
Juy'14
Last Sale 3
3 *____
3
3 .1_ _ __
3 *_ _ _ _
*__ -_
30 Nov 4114 Sep
30 Mississippi River Power....100 18 July27 38 Feb 3
12
14
12
*12
.112
15
15
*12
15
+12
15
•12
100 55 June26 70 Jan 30
70 Dec
7012 Dec
Do wet
*40
Last Sale 55 July'14
50
50
*40
*40
50
.140
50
100 20 Apr 9 30 Jan 19
50 Apr
17 Apr
New Eng Cotton Yarn
Last Sale 20 July'14
•-_- 20 .
._
1
_ 20 •____ 20 *_ 20
100 38 Deo 16 69 Jan 24
6378 Apr 9111 Jan
Do pref
Last Sale 38 Dec'14
-,,- - -- •__ _ _ 40 •___ _ 40 4._ ___ 40
345 New England Telephone-100 128 Nov 2 141 Feb 2 127 Dec 160 Jan
135 135
135 135
135 135
13414 135
1304 13414 13414 13512
100 148 Dec 10 159 Jan 27 149 Dec 16512Jan
396 Pullman Company
•152 153
15253 15214
152 153
1525s 153
152 15212 152 153
1
16 Jan 7 20's July 2
1412 Apr
18 Sep
+17
1814 •____ 18 •__ -- 1753 1712 171 •1612 1712 --------300 Reece Button-Hole
100 10112 Nov 4 10714 Mch 9 101 June 108 Mel
336 Swift & Co
106 10614 10614 10612 10614 10612 1061/ 1064 106 10614 106 1l
24
31
Jan
May21
26
Feb
Sep
28i
25
27
Torrington
29
29
209
29
29
*29
2912 2914 2912 2912 30
2814 29
2814Jan
26 Sep
2
27 Mch24 2912 Jan 20
Do pref
*28
2713 2712 •__
2712 27/
1
4 27N 2712 2712 --------225
_
2 Jan
2 Feb 4
34 June
2 .96 Dec 28
Union Copper L & M
•.-7-5 .95 +.75 .95 *.7-5 .95 +.75 .95
Last Sale .95 Dee'14
100 x113 Dec 24 173 Feb 13 147 June 182 Jan
12434 12434 1244 12434 12412 12472 124 12434 12212 12412 121 12212 1.089 United Fruit
4112 June b53 Feb
5514 553
5578 67
5512 564 5512 561
2,957 United Shoe Mach Corp_ 25 5214 Dec 11 61N June 4
554 56
56
56
2613 June 281s Feb
25 28 Jan 9 3018 July23
pre(
*2814 29
Do
2/178 29
464
28/
1
4 29
29
29
283 29
2878 29
50 June 69 Jan
100 48 Dec 23 674 Jan 31
952 US Steel Corporation
5118 5112 62
5114 5213 5114 5172 5114 5158 5023 51%
51
100 10314 Dec 24 1123* Jan 26 10212 June 111 Jan
1063 107
1064 10714 108 10858 10814 10814 1073s 10712 10712 10714
171 Do Pret
_
Mining
6 Jan
1 May
2 Jan 22
1 Apr 14
25
110 Adventure Con
I
IN *1
14 *1
IN
1/
1
4 •I
113 •1
118 •I
*240 245 .240 245 •240 245
25 23914 Apr 22 300 Mch24 230 Nov330 Jan
245 245
245 245
125 Ahmeek
245 245
2658 27
2418006
2614 2714 274 274 27/
10 19 July30 2824 May18 tc814 June
1
4 2712 28
2812 19,103 Alaska Gold
2814 28
--.- - -_ •.50 .90 .1.50 .80 '.50.90
2l Jan
IN Jan 20 .15 May
25
Algomah Mining
12 Dec 2
Last Sale 00 Dec'14
36 -36
36
37
37
37
29l1June 4214Jan
*3612 37
25 3412Jan 8 4314Feb 18
385 Alloue3
36N 3614 364 364
5412 54/4 544 5512 5414 55/
1
4 5414 5513 5414 5513 5412 55/
100 49 Dec 10 7814 Feb 4, 62 June 8038 Sep
1
4 1,303A malgainated Copper
18
1812 1813 1872 1812 1872
3273 Feb
1814 1818 1814 1812 1814 19
7,255 Amer Zinc, Lead & Smelt.. 25 124 Nov23 213o Jan 30, 1514 Dec
*4
418
4'4. 4/
44 44
1
4
414',
413 414
5128e9
24 No v17 644 Mch 41
4
4
44 2,710 Arizona Commercial
5
214 June
*214 212
214
214 *2
212 .2
8 Oct
114July
10
1 Nov17
2/
1
4
413 Feb 21
110 Butte-Balaklava Copper
214 24 *214 2/2
39
3954 304 404 3912 40N 394 40
3914 414 4013 4114 24,407 Butte & Sup Cop (Ltd).- 10 24 Nov 7 4014 May18
1814 June 45 Jan
5312 54% 54
55
54% 55
54
5912 5384 54
750 Calumet & Arizona
545* 54
10 63 Dec 24 7018 Mch25
5612 June 7212 Jan
360 360
355 360 *355 360
355 355
360 360
360 365
42 Calumet & Hecla
25 350 Deo 12 460 Feb 13 388 Dec 555 Jan
+144 15
*1413 15
15
15
1514 1514 154 1514 *15
69 Centennial
25 14 Jan 9 19 Feb 4
1512
10 June 18 Jan
3312 3353 334 3314 3414 344 345* 3413 3418 344 --------465 Chino Copper
5 3014 Dee 2
4311 Feb 4
304 June 4712 Jam
3054 3014 3012 3114 31
314 30
314 31
3154 314 314
787 Copper Range Cons Co......100 29 Dec 10 4054 Feb 4
32 Dec
53 Jam
*2
214
2
2 •____
2 •____
2 *____
2 •____
2
75 Daly-West
20
113 No v16
4 Jan
3 Feb 6
2 Sep
1
4
853 8/
9
*812 814
1
4 .812 814 1,510 East Butte Copper Min
9
814 8/
8/
1
4 9
10
8 Dec 10 13 Jan 26
914 June 1518 Jail
434 424
54 54
5
512
5
5
*5
5
512
5
205 Franklin
25
2 Nov30
V2 Apr 6
9 JAE
212 Dec
61
58
6014 61
63
62
63
6212 6212 6114 62
6I18 1,527 Granby Consolidated
100 60 Dec 19 91 Feb 4
51 June 784 Sell
24
244 2458 2458 24
244 2414 24
24
24
2412 24
637 Greene-Cananea
100 214 Apr 25 4235 Feb 4
3512 All
2758 Oct
*1112 12
114 1112
12
124 12
85 Hancock Consolidated
•1212 13
12
*1212 13
25 11 Dec 10 22 Feb 4
12 Nov 25 Jac
30
29
*2712 30 .27
10 Hedley Gold
*27
•27
30
30
29
*27
30
10 28 July25 30 Mch24
35 API
277a Jan
Helvetia Copper
Last Sale .27 Jan'15
+.25 .40 .1.30 .40 •.25 .40 +.25 .40
123/11 8
25
.25Junel2
14 May
84 Jat
312 312
374 372
34 3/
1
4
314 312 *314 312 *314 312
240 Indiana Mining
25
3 Apr 24
6' Feb20
17 Jar
3 Oct
•45/
1
4 4612 46
4614 *4512 464 *454 464 *45/
1 4412 Dec 21 5014 June10
1
4 4612 ---- ----80 Island Creek Coal
444 June 59 Jar
Do
pre
164
89
89
89
*87
1 81 Juno 2 8912 June20
89
8912 +8712 90
8712 90
*88
90
79 July 8712 Jar
285 Isle Royale Copper
1712 1812 184 1812 1814 1814 1712 1812 *1712 1812
25 16 Dec 26 24 Feb 4
*16
IR
1
4 Jai
16 June 33/
345 Kerr Lake
*44 414 *4/
411 412
5
3/
1
4 44
4% 414
1
4 Me1/28
4% 4%
1312 July18
4s 44
4% No
253Jan
290 Kewecnaw Copper
26
2% 34 •2% 3
218 May 5 4% Feb 18
•24 3
*234 3
*224 3
*234 3
3
13 Fel
1
Aug
255 Lake Copper Co
25
4/
1
4 Nov16 1012Jan 16
•514 6
6
6
*514 6
6
5'512 6
6
554 52
5 Nov 2812 Jaz
50 La Salle Copper
25 314', Deo 21
*3
312 *3
313 *3
34 314
312 *318 352
312 *3
512 Feb 14
314 June
54 Jar
50 Mason Valley Mines
14 14 '
11
/
4
1/
1
4 +1
111
11
114
11
/
4 •I
11
/
4 *1
6
114 Dec 31
4 Jan 16
318 Nov 1012 Jai
12 Massachusetts Consol
*312 4
3
3
3/
1
4 37s *313 3/
*312 4
25
*34 3/
1
4
1
4
2 Meh 7
e512 May23
54 lax
114 Nov
5
*44 454
54 *424 512 1,070 Mayflower
534
5% 54 *5
414 5
25
314 June16
9 Jan 28
154 Jar
5 Nov
•1714 1714 •1724 IR
Miami Copper
Last sale 1711 Jan'15
*1752 IR
*1712 18
5 16/4 Dec 29 244 Feb 16
2014 June 2612 Jar
+.60 .75 +.50 .76 1..50 .75 .1.60 .75
Dec'14
Last Sale 1
Michigan
25
.50July 2
2 Ap
114 Feb 18
12 Dec
474 4711 47
47
65 Mohawk
4714 474 47
4784 4612 4612 4614 4612
25 39 Apr 22 4913 Dec 17
38 No% 65 Jai
.11218 1212 1212 1212 1212 1212 1212 1212 1212 1218 1212 1212
357 Nevada Consolidated
6 10 Dec 11 1658 Feb 4
1
4Jai
13 June 19/
*612 61
/
4
612 658
612 612 1,635 New Arcadian Copper
614 612
1
4
613 652
612 6/
25
1/
1
4 Jan 14
212 Jai
74 Dec 16
'zJune
514', 514', *512 5%
514 511
145 Nipissing Mines
5% 5514', *512 5534', *54 5534
5
012 Me 12.
5 July30
Jan 22
Nov
714
8's
2312 23
2231 2314 23
234 2254 24
, 3,917 North Butte
234 2314 2314 235
15 1914 Dec 10 3034 Feb 4
2114 June 3412 Jai
112 14 *114
112 *114
113
14 *114
5 North Lake
14 +114
112 *114
25
.95 Apr 25
214 Jai
2/
1
4Feb 4
.99 May
434 1
Dec'14
Last Sale 8.1
*114
1
011bway Mining
1
*84
1
*14
25
34 Apr 22
34 Jai
2 Jan 23
12 June
4
414 412
44 44
4
3/
1
4 435
2,115 Old Colony
4
*314 4
414
25
253 Nov13 5;(2 Jan 28
Apr
3
81
11.161
44
4214 4214 *43
44
4314 4314
*42
44
*42
44
44
35 Old Dominion Co
25 44 Dec 28 54 Feb 4
4114 June 56 Jat
*67
69
*67
69
67
69
*6712 69
*67
18 Osceola
(IS
6824 67
25 64 Dec 24 84 Feb 4
6714 Dee 107 Jai
1213 14
134
14
1,188
1313
131
8
*13
1312
13
Pond
13
134 1324
Creek Coal
10 1214 Dec 24 2078 Jan 22
28'4 la'
15 Jun
•45
50
50
50
60
50
50
50
50
65 Quincy
50
50
50
25 511
80 Jai
/
4 Dec 14 68 Feb 5
5214 Dec
16
16
*1814 1838 1612 184 164 1612 *1614 1653 1614 1614
395 Ray Consolidated Copper_ 10 15 Dec 23 2212 Apr 6
1514 June 22 Jal
2813 29
2812 2914 2812 29
2812 *274 2814
2%
2813 *23
742 St Mary's Mineral Land
25 28 Dec 23 40 Feb 25
30 Nov 46 Jai
2114
114
914
114
114
114
2,114
114,
124 184.4 •14, 112
100 Santa Fe Gold & Copper
10
1 Jan 7
314'e Au
21* Jan 27
1 Jun
4.412 4/4
414 5
4
665 Shannon
4
414
*48
454 5
414 5
10
4 Nov23
1312 Jal
7
12
Feb
16
5 Dee
*19
20
194 20
2112 2112
323 Shattuck-Arizona
21
2012 204 2014 2024 20
31
Set
10
Feb
293
4
Feb
18
21
Dec
26
4
.1.12 .20 +.12 .20 .1.12 .20 .1.12 .20
Last Sale .12 July'14
South Utah M & 9
5
.10 June 1
.23 Feb 9
.15 Aug
.35 J11,1
2314 24
2412 25
2412
24
+2412 25
545 Superior
24
24
*2412 25
Jai
4012
25
22
Nov25
Nov
32
Feb
14
21
113
113
112
124 •114
I% 311, 12
/4 3814 154
133 14
945 Superior & Boston Copper- 10
e43o Fel
114 Nov19 24 Jan 23
11
4Jan
28
288
2314 29
28
24
28
28
28
*27
390 Tamarack
28
28
25 244 Dee 12 43 Feb 28
21 June 38 Jai
*273 3
300 Trinity
1
4 3
1
4 *2/
34
312 3/
*3
3
3
3
3
51jJan 23
25
214 Nov19
3 May
6 Jai
•.20
.23 •.20 .23 •.21 .22
.21 .21 •.19 .20 • 19 .22
100 Tuolumne Copper
312Jac
1
.23 Dec 28
.50 Dee
.85 Mehl9
25
254 25
2514 25
204 23
22/2 23
25
2312 25
3,737 U /I Smelt, Rein & Mtn
50 2414 Dec 23 431 Feb 4
34 June 4312 Jai
4214 4214 4214 4211
41/2 424 413* 42
40
3,777 Do prof
34
39/
1
4 41
Jai
4512
JulY
23
50
4873
Feb
50
6
4012
Apr
2
2
2
214
2
24 214
214 *214 214
212 2/
1
4 1,430 Utah-Apex Mining
5
114 Nov18
258Feb 5
lie MaY
271 Bei
+914 10
10
10
*9/
1
4 10
9/
1
4 973
+9/
1
4 10
311 Utah Consolidated
10
10
May
5
8
/
1
4
Jan
6
11
14
'4
J1
Feb
.1
13
74
5014
5012
*50
5114
51
52
5078 52
514 5114 5113 511
697 Utah Copper Co
40 June 60 Jai
10 451/ Nov19 59 June22
112
1 1.X2 154 +135
•113
112 ..1 113
*113 112
112 *Ps 11
2() Victoria
2 Jas
25
.90 June
I Mel] 2 e2% May 4
•11
/
4 218 *173 24
2
21g
2
•17
*17g
9
^',
215 *17g
2"1 ‘5.1nans
412 Jai
25
14 Seri
472 Feb 2.5
11
/
4 Des 11
35
*33
34
3912 34
35
35
35
35
34
1I,I, tvni swine
s13914 Nov 76 Jai
25 80 Dee 23 4724 Feb 20
.60 .60
.P.50 .00
.75 .7., •.50 .75 .1.50 .63 ..15 .65
151 Wyandott
.40 June
14 Jan 24
.30.Tnne 2
12J54
25
*BM and asked prices. c Assessment patd S Ex-etock dividend. h Ex-rights. a Ex-dividend and rights. a 17mdamped. • 2d paid. te Half paid
Outside Exchanges-Record Transactions
Boston Bond Record.-Complete record of transactions
in bonds at Boston Stock Exchange Jan. 9 to Jan. 15, incl.
Bonds.
VOL.[ ioo.
THE CHRONICLE
222
Week's
Salesfor
Friday
Week.
Range•
Par. Sales. Low. High. Shares.
Range for Year 1914.
Stocks.
Warwick Iron & S__
10
W Jersey & Sea Shore_ .._50
Westmoreland Coal_
50
Week's
Safes/or
Friday
Range.
Week.
Sales. Low. High. Shares
50
934 10
50
50
5851 5811
25
20
S
Range for Jan. 1914.
Low.
934 Dec
50 May
58 Dec
High.
1155 May
5474 Mar
6355 Mar
I
I
I
9755 97%
1,457 9651 Dec
9735 Dec
Cambria Steel scrip
Low.
High.
91
91
626 90 Dec
91 Dec
Philadelphia Co scrip
Bonds.
9935 100 $18,000 9955 Dec 101
Amer Agric Chem let 53._ 100
May Amer Gas & Elec 5.s._2007 85
85
8535 $7,000 82 Dec
8634 Mar
8731 8754 87% 27,000 8434 Nov
Am Tel & Tel 45, 1929_ _ _
8974 Feb
85% 2,900 82 Dec
8654 Star
2007 8531 85
Do small
Convertible 455s 1933__ 97% 9755 9731 23,000 9165 Nov
9935 June Atian City Elec 1st 50_1938
9734 9754 5,000
60
Atl GUI & WI SS IS
60
2,000 59 Dec
68 Jan
101% 101% 2,000 10155 Dec 104% Feb
Baldwin Loco 1st 5,3_ _1940
96
96
Cumberland Tel & Tel 55._
1,000 9435 Dec
9835 Feb
9735 9761 " 1,000
Cent District Tel Is. _1943
Gr Nor CB & Q coil 45._ --9634 9534 9634 47,000 9435 Dec
9755 Mar
10155 10135 4,000 100% Jan 104 Apr
Consol Trac NJ 1st Is 1932
95
Registered
9534 96
9,000 9434 Jan
9751 Apr
People's tr ctfs 4545 7731 77% 7774 23,000 78 Dec
8554 Feb
Elec
&
97
9634 97
21,000 9551 Jan
Mass Gas 1929 4565
9734 Apr
1,800 78 Dec
1945 8055 80
8014
8535 Feb
Do small
Debenture 1931 4345_ _ _ ------ 9235 92%
1,000 91 Dec , 9534 Apr
60% Jan
Interstate Rys coil 45_1943 583,6 57% 5855 22,000 56 Dec
7434 7435
N E Cotton Yarn Es
1,000 72 Dec ' 83 Feb
5835 5834
500 56 Dec
1943
60% Jan
Do small
100 10065 20,000 99 Nov 10134 Feb
N E Telephone Is 1932._
91
92% May
Keystone Teleph 1st Is '35 91
9151 7,000 89% Dec
9555 9555
Pacific Tel & Tel Is
1,000 9855 Jan
99 Jan
Lehigh Coal & Navigation
95
Pond Creek Coal 65
95
4,000 96 Dec 10755 Jan
9935 June
1954 9774 0731 9735 41,000 1665 July
Consol 4555
------ 90
United Fruit 1925 434s_
SO
7,000 90 Dec
Feb
9534
1,000 101 Jan
102 Mar
10031 100%
Lehigh Valley eons 456s'23
U S Steel Corporation 55_ _ ------ 102% 10235 2,000 1974 Dec 103 Mar
13355 13355
1,000 133 Dec 140 Jan
65
Do
Annuity
95
95
Western Tel & Tel 55
95
2,000 9434 Nov
9934 Jan
9231 Feb
88
88
1,000 87% Jan
Do Gen consol 95_2003
9634 Apr
97
97
5,000 9634 Dec
Do Gen con.sol 456s '03 97
Baltimore Stock Exchange.-The complete record of Lehigh
5,000 102 Des 106 Feb
Val Coal 1st 55 1933 104
10334 104
102 102
1,000 102 Dec 109 July
Val Transit 1st Is 1935
transactions at the Baltimore Stock Exchange from Jan. 9 Leh
RRto Jan. 15, both inclusive, compiled from the official sales Pennsylvania
99% Dec
99% 993,5 4,000 98 Jan
Do Convertible 3555'15
9855 June
9756 9754 3,000 97 Dec
Do P W & B ctts 4e '21
lists, is given below. Prices for stocks are all dollars per
87 Feb
83
1,000 80% Dec
83
People's Pass tr ctfs 9s 1943
share, not per cent. For bonds the quotations are per cent Philadelphia Co 1st 5s 1949
97
97
7,000 97 Dee 10134 Mar
Phlla Eelectric tr ctfs Is'48 101.4 101 10154 9,000 100 Dec 10354 Jan
of par value.
10155
600 100 Dec 10334 Jan
101
1948
Do small
83 May
32,000 7756 Dec
77% 78
Do Trust Ws 45_.1950 78
Week's
Salesfor
Rangefor Year 1914.
83 May
7931 7956 1,900 7755 Dec
small
1950
Do
7936
Friday
Range.
Week.
Philadelphia & ReadingPar. Sales. Low. High. Shares.
Low.
High.
10934 10955
1,000 111% May 113% Jan
Do Read Term 55 1941
90% Mar
8751 8751
1,000 8634 Dec
Pub Serv Corp NJ 5s_1919
Stocks9556 Apr
9335 15,000 92% Dec
1997 9334 93
Reading gen 45
Baltimore Electric, /00_50
44
44
4334 Jan
4554 May
9534 Apr
90%
Dec
2,000
collet
45..1951
9034
Do
J-C
90%
Consol Gas, EL dr P_100 107
10235 107
10251 Dec 10835 May Spanish-Am Iron 65_1927 101
102% Jan
Jan
101
101
3,000
10034
Preferred
100
110 110
106 Dec 11535 July
8934 8935 7,000 88 June 0255 Mar
Standard Gas& El 65_1926
Consolidation Coal__ __100 92
92
92
9134 Jan
9765 July
7834 Feb
65
65% 76,000 66 Dec
United Rys Invest 55_1926 65
Houston 011 trust ctfs__100
11
11
10 Dec
1934 Feb
1053,5 Feb
10255 10234
2,000 104 Jan
West N Y & Pa 1st 55 1937
Preferred trust °tie_ _10 54
54
54
53 Apr
60 Jan
•
11z-dividend
Northern Central
50 8555 8334 8534
8234 Dec 12935 June
Seaboard Alr Line
100
1355 1334
1734 Jan
22 Feb
United Ry & Elec
50 25
25
25
2455 Jan
2834 May
Chicago Stock Exchange.-Complete record of transacWayland 011 dr Gas
5
4
455
356 Dec
635 Apr
Bondstions
at Chicago Stock Exchange from Jan.9to Jan.15, both
Anacostia & Potomac 5s... 100
P935 100
0756 Jan
10034 July
inclusive compiled from the official sales lists, is as follows:
Arundel Land & G 65
9855 Jan
101 Apr
10034 iooy, 10034
Atlanta Cons Street 5s_-10334 10334
102 Jan
10434 June
Bait Flee stamped Is
Salesfor
Range for Year 1014.
Week's
97-34 97
9756
9634 Dec
9954 Feb
Bait S P & Chesap 456s_ _ _
95
9534
9434 Jan
98 Juno
Friday
Range.
Week*
Low.
High.
Carolina Central 45
89 Feb
Par. Sales. Low. High Shares.
84
84
86 Jan
Chariest Cons Elec 5s
9155 Jan
96 Jan
93
93
93
Stocks.
Charles & West Caro 55_ _ _ ------ 10151 10135
103 May 104 July
46 21 Nov
2934 3034
3465 Jan
9055 Jan
American Can coin_._ _100 30
Chicago By 1st 55 1927....
96
9534 Dec
9634
1 390 July 490 Feb
375 375
Amer Radiator corn_ __100
6935 Jan
City & Sub (Wash) 1st 5s_
10034 10034
10134 Apr
280 4656 July
5134 53
102 Dec 106 Apr
60 Feb
Chic Pneumatic Tool__ 100 53
Consol Gas 1939 Is
104 104
1.247 2534 Dec
92 Dec
9551 July
2635 25% 28
933,
1
Chic Rys part ctf "2"
3574 July
General 1954 4355
9361 03
100 204 Dec 218 Mar
90 Feb
205 205
8535 Jan
Chicago Title & Trust_100
Consol Gas, El & Pow 434e 8734 8734 8731
612 127 July 140 Mar
99 Dec 102 Mar
13654 139
CommonwIth Edison_100 137
9974 100
Consolidation Coal cony 65 100
93 Jan
95% June Diamond Match
131 90 Dec 102 Jan
93
93
100 9434 9434 9555
Elkhorn Fuel 55
96 June Goodrich (B F) com_:_100 30
69 22 Nov
2735 30
27 Dec
94
94
9334 Jan
04
Fairmont Coal 55
99
99 Dec 10134 Apr
Hart Scharr & Marx pf 100 10656 1053(10634
234 10056 Jan
106 Mar
99
Fairm & Clarke Tree 55_
61
6134
lilinols Brick
245 5735 July
70 Jan
100
Fla Cent & Pentn 1st 5s_ _ _ 10055 10055 10055
10055 Dec 10455 Feb
163 163
25 20234 May 22434 June
Inland Steel
10134 10134 10134
Consol 55
101 Dec 105 Mar
20
14 Mar
______
2534 2531
36 July
Kansas City Light Ctf
Georgia& Alabama cons 55 10134 10134 10134
10235 Jan
105 May National Biscuit, pref _100
121 123
83 120 Nov 138 Feb
10134 10155
Georgia So & Fla 1st 5s_
24 Apr
23
23
4134 Jan
100 125
120 122
153 a105 Apr 161 Feb
National Carbon
G B S Brewing 45
26 July
29 May
2234 2234
Do preferred
100 121
121 125
38 11534 Jan
122 July
Do stamped 93
9974 100
Pacific Gas& Elec Co 100
4 134 4234
170 35 Jan
4755 Feb
Kirby Lumber 2d ils
103 June People's Gas L & Coke_100 12034 11855 12034
102 102
101 Jan
Knoxville Traction 55
652 110 July 125 Jan
97
Jan
9954
Mar
97
9634
97
Maryland Electric 1st 58._
Pub Serv of No III com_100
7935 7955
30 7334 July
81 Mar
8955 Dec
90 Jan
9036 9034
Milwaukee Gas Light 4s
Do preferred
100 9534 9535 97
191 89 July 100 Feb
101
100 Dec 10234 June Quaker Oats Co., com_100
101
Minn St & St PC Joint 55
232 232
20 230 Jan
250 Mar
35
35
2934 June 4155 Jan
Mt Vernon CD Ws
Quaker Oats Co pref__ 100 104
10335 104
199 102 Jan
107 Feb
48 May 5834 Jan
33
35
NO Mobile & Chic 1st 55_
Sears-Roebuck corn_._100
185 18655
563 16834 Nov 19735 July
86 Jan
88 Mar
8434 8434
Noe & Portsm Trac 55_
Do pref
12134 12134
100
4 12034 Dec 125 June
95M 96
96 Dec
98 Jan
Norfolk By & Light 5s_ ___
Studebaker Corp com_ _ 100
38
40
65 2756 Feb
35 Nov
9935 9934
9935 Dec 101 Feb
Portland By let & ref 5s_
Swift & Co
100 10634 10634 10631
1,417 102 Nov 10755 Feb
8234 Jan
86 Feb
Seaboard Air Line sttopd 45 7756 7734 7755
Union Carbide Co
100 153
14534 153
611 130 July 15835 Mar
102 102
10334 Jan
10534 July
Scab & Roanoke 1926 55.- -- _ U S Steel common
100
52
25 49 Dec
52
6735 Feb
82
83
8134 Dec
8435 Mar
United Ry & Electric 4s.... 83
Ward, Montg'y & Co pref. 110
114 Mar
110 112
342 109
Jan
6234 62
6231
59 Dec
6565 May
Income 45
Bonds.
86
86
86
8534 Dec
8834 June Armour & Co 450_1939
Funding 55
93 Mar
$9,000 8934 Jan
9134 92
Do small
8634 8734
8534 Dec
8834 June Chicago City Ry 5s.__1927
Feb
8,000 9734 Dec 101
98
98
10135 10156
Virginia Mid 5th Series 53_
101 Mar 104 Mar
9955 Jan
9655 14.000 95% Dec
Chicago Ry 55
96
96
1927
worn ,t, Weldon 1035 45
9354 031.1
92 V Fah
41.11,4 A.,,.
5455 Feb
43
1,000 40 Dec
43
Chic By Ad1 Inc 4s__ _1927 43
813.4 Feb
76
7734 13,000 7734 July
Rys 55,Series B- - ______
5,000 99% Dec 10135 Mar
Philadelphia Stock Exchange.-The complete record Chicago
0965 100
Chicago Telephone 55_1923
10056 1007-4 31,000 9834 Nov 10214 July
55_1943
Commonw-Edlson
transactions
at
the
Philadelphia
Stock Exchange from Commonw Flee 5s...1943
of
1,000 987,5 Nov 101% June
9035 9934
4,000 10155 Dec 1053-4 Feb
102 102
Jan. 9 to Jan. 15, both inclusive, compiled from the official Main Match con deb 6520
06 Jan
29,000 92 Des
92
92
1945 92
Ogden Gas 55
sales lists, is given below. Prices for stocks are all dollars Peo
10154 June
0L& C ref g 55 _ _1947 10034 9974 100% 15,000 9934 Jan
Mar
Jan
95
90
5,000
8855
88
share,
not
per
cent.
per
For bonds the quotations are per South Side Elev 4545_1924
9751 Apr
ca.a rt .a, C.r. 1 at ft f ff 5q_1944 9434 943-4 9465 31.000 9455 Nov
OM ,
ONONOONO
NO
er,,,,m.,V
V
,...NO tOm,
0000009.00.00e08880Q0000000Q0080009
.0gO
,
Ogg0
800888080000.8g:grE0 00000
000800.3:00e00
0 0000
0000QW0
0,-10 00 00 000000 00
.060imv.VOCOMMOM.00.NU5N.ON,I.N,IN,tNNr.ot.,..
0
cent of par value.
a Ex 50% stock dividend. z Ex dividend.
Week's
Salesfor
Friday
Range.
Week.
Par. Sales. Low. High. Shares.
Stocks.
American Gas of N J_ _ 100
American Rys, pref __ _100 101
Baldwin Locom, pref_ _100
50 45
Cambria Steel
Consol Trac of N J__....100 z70
Elec Storage Battery... 1(30 49
General Asphalt, pref_ _100 68
Insurance Co of N A__ AO 214
International Powder_ _50 294
Keystone Telephone__ _50
50
Do preferred
Do voting trust ctfs_50
Keystone Watch Case_ 100
Lehigh Navigation-----50 7556
50 7535
Do trustee ctfs
50 67
Lehigh Valley
Lehigh Valley Tranist_ _50
50
Do preferred
50
Northern Central
50 90
Penn Salt Mfg
50 52%
Pennsylvania
Pennsyl Steel, pref__ _100
Philadelphia Co (Pitts)50
Do pref (cum 6%)_ _50
Philadelphia Electric_2236 2374
Phil Rap Tran v t rects_50 II
Philadelphia Traction__50 78
50 73%
Reading
50 4155
2d preferred
435
1
Tono-Beimont Devel
734
1
Tonopah Mining
50 3834
Union Traction
100
United Cos of N J
50 8234
United Gas Impt
100 10055
101 101
10256 10265
45
45
gb
7155
4856 .0
6765 68%
z2134 22
2934 2934
1334 14
6135 6155
14
14
81
81
7534 7634
7534 7631
6634 6755
1.53-4 1635
2755 29
8334 8534
90
90
5234 5364.
60
60
3455
33
39
39
2334 24
11
11
7834
78
7334 74
4134
40
434 455
754 734
3854 3855
222 22234
8155 83
In
1354
Range for Year 1914.
lam
98 100 Dec
89 9855 Dec
9e 10134 Jan
197 40 Dec
103 7134 Jan
423 4255 July
132 66 Dec
91 2055 Dec
584 20 Jan
225
955 Apr
20 4931 Jan
100
25
136 72 Nov
271 72 Dec
303 60 July
285 14 Dec
218 26 Dec
977 8134 Dec
68 05 Dec
1,861 51% Dec
1 51 Apr
635 33 Dec
11 35
June
1,714 21 July
1,653 11 Dec
309 7855 Dec
187 6934 Dec
6 40 Dec
4% Dec
2,447
5% July
1,496
426 3834 Dec
105 218 Dec
1,327 80 Dec
150
High.
104
June
10255 Jan
110 Mar
5131 Jan
74 June
5535 Jan
82 Feb
23 June
2756 Dec
1451 Dee
6115 Dec
65 Jan
8435 Jan
7834 Jan
2034 Feb
34 Jan
130 July
108 Feb
5761 Jan
6634 Mar
4634 Feb
43 Feb
2734 Feb
2034 Jan
8334 Jan
8634 Jan
46 Feb
814 Feb
7% Dec
47 Jan
230 Feb
86 Jan
Pittsburgh Stock Exchange.-Follow in sales were reported Jan. 9 to Jan. 15, both inclusive. Like records will
be found in previous issues.
Bonds.
Pittsburgh Brewing 65, 1949-Jan. 12, $4,000 at 65.
Pittsburgh Coal deb. 55, 1931-Jan. 13, $5,500 at 90: Jan. 14, $1,000 at 90: Jan. 15,
$2,000 at 90.
Stocks.
American Sewer Pipe (par $100)-Jan. 12,80 at 1855; Jan. 13, 115 at 183551874
Jan. 14, 10 at 1834; Jan. 15,50 at 18%•
American Window Glass, preferred (par 5100)-Jan. 11, 35 at 120; Jan. 12, 55 at
1205121; Jan. 13, 30 at 1225123: Jan. 14, bat 123; Jan. 15, 40 at 123.
Columbia Gas & Electric (par 5100)-Jan. 9, 15 at 851; Jan. 13, 15 at 865: Jan. 14,
50 at /35: Jan. 15, 55 at 8t.
Crucible Steel, common (par 5100)-Jan. 11, 305 at 143451434: Jan. 12, 330 at
143101414; Jan. 13, 265 at 143451456; Jan. 14, 115 at 1451514%; Jan. 15,
100 at 1434.
Preferred (par $100)-Jan. 9, 40 at 7834579; Jan. 11, 65 at 79580; Jan. 12,
125 at 80581%; Jan. 13,65 at am:Jan. 15, 130 at 8158131.
Independent Brewing, common (par $50)-Jan. 9, 454 at 54: Jan. 11, 50 at $435:
Jan. 14, 135 at 849-4@434; Jan. 15, 100 at $435•
Preferred (par 550)-Jan. 14, 100 at $2255.
La Belle Iron Works,common (par 5100)-Jan. 13, 100 at 28%.
Preferred (par $100)-Jan.9,50 at 107; Jan. 11,60 at 10835; Jan. 12,10 at 107% •
Manufacturers' Light & Heat (par 550)-Jan. 11, 110 at 549; Jan. 13,35 at $4955:
4.
Jan. 14, 35 at $4935: Jan. 15,55 at $49555495
National Fireproofing, common (par 850)-Jan. 11, 55 at $561; Jan. 12, 85 at $565:
Jan. 15, 15 at $534.
Jan. 13, 10 at 55
eferred (oar $50)-Jan.9,40 at $22: Jan. 14, 220 at $22: Jan. 15, 30 at $2231•
Ohio Fuel 011 (par 51)-Jan. 9, 50 at 51555@1531: Jan. 11, 35 at $1535: Jan. 12,
1014 $1531: Jan. 14, 10 at 51534; Jan. 15,54 at $15.
Ohio Fuel Oil Supply (par 525)-Jan. 14,21 at $403454065: Jan. 15, 35 at $40515
4034.
Oklahoma Natural Gas (par $100)-Jan. 13, 20 at 58: Jan. 14, 30 at 58.
Pittsburgh Brewing, common (par $50)-Jan.9,45 at 57: Jan. 11,210 at 57; Jan. 13,
10 at 57; Jan. 14, 160 at 3634: Jan. 15, 23 at $67557.
Preferred (par 550)-Jan. 13,90 at 524; Jan. 14,40 at $29.
Pittsburgh Coal, preferred (par 5100)-Jan. 11, 10 at 8335; Jan. 14, 10 at 85.
AN. 16 1915.]
THE CHRONICLE
Pittsburgh Oil& Gas (par 5100)-Jan.9, 120 at 6; Jan. 12, 15 at 612; Jan.
13.25 at
1f2; Jan. 14, 150 at 654@734.
Pittsburgh Plate Gies.' (par $100)-Jan. 9, 100
at 10512; Jan. 12, 46 at 10012;
Jan. 14, 60 at 107010712.
Pure Oil, Con1/1a011 (par 55)-Jan. 9, 300 at $1532; Jan. 11, 255 at 51512; Jan.
12.
25 at $1532: Jan. 13, 575 at $1511 01512; Jan. 14, 355 at $1512; Jan. 15, 120 at
51514.
San Toy Mining (pat 51)-Jan. 14, 100 at 14 cents.
Union Natural Gas (par 5100)-Jan. 12, 64 at 132.
Union Switch & Signal, common (par 550)-Jan.9, 17 at $1814; Jan. 11.28 at 59814;
Jan. 12. 15 at $98; Jan. 13, 51 at $08; Jan. 14, 60 at $980983e; Jan. 15, 43 at
$980854.
United States Steel Corp., common (par 5100)-Jan. 12, 10 at 511
/
4•
Westinghouse Air Brake (par 550)-Jan.9,89 at 5119140120; Jan.
11,75 at $123:
Jan. 12, 115 at 5120; Jan. 13, 11 at $119h: Jan. 15,55 at 5120.
Westinghouse Electric dr Mfg., common (par 550)-Jan. 9, 110 at $3554; Jan.
11,
35 at$W,361;
;Jan. 12, 10 at 5367
,2: Jan. 13, 25 at $3612; Jan. IS,20 at 530.
Preferred (par $50)-Jan. 11, 16 at 560; Jan. 15. 50 at 559.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCIIANGE
DAILY. WEEKLY AND YEARLY.
Tobacco Stocks-Per Stairs.
Par Bid. Ask.
American('.lggrcommon_lOOl 115 120
Preferred
iD0l 93 08
Amer Machine & Fdry_.1001 65 75
British-Amer Tobac ord. 21 .1812 19
Ordinary, bearer
LII .191 20
Conley Foil
1001 275 300
Johnson Tin Foil & Met.100l 125 160
MacAndrews & Forbes...100 166 180
Porto Rican-Amer Tob 100 245 260
6% scrip
150 160
Reynolds (Ft J) Tobacco_100 230 290
Preferred
114 117
Tobacco Products com__ 100 100 150
Preferred
100 3" 8812
United Cigar Stores com_1001 9412 97
Preferred
1901 107 115
United Cigar Stores(new) 10, .912 938
Young (J13) Co
1001 125 150
Short Term Notes-Per 'Cent.
223
Elec, Gas B. Power CosPa Bid. Ask.
Am Gas & Eiec corn
501 5831 9012
Preferred
501 47 49
Am Lt & Trac common 100415
18
Preferred
1001 10712 109
Amer Power & Lt corn...10
69 61
Preferred
1001 81 33
Amer Public Utilities com10
30 10
Preferred
1
64 68
Bay State Gas
b .12c. 13e.
Buffalo City Gas stock...100 Cities Service Co corn_ 100 42 44
Preferred
100 50 52
Columbia Gan & Elec_ _ _100
314 812
let 5s, 1527
J-J 65 67
Erne Bond & Share pref 1
97 100
Indiana Lighting Co_ _ 100 35 40
48, 1953 optItnal
F-A 69 71
Pacific Gas & Nt corn....10
4214 43
Preferred
81 83
0
1004
South Calif Edison co.1
corn.
73 76
Preferred
100, 88 92
Standard Gas & El (Del). 50i .6
7
Preferred
50 .17 18
United Gas & Eiec Corp_100 20 26
lot preferred
100 58 64
2d preferred
100 20 26
Utah Seca-Ries Corp..._100 12
14
6% notes-See Short-Term Notes
Western Power common_10( 12
14
Preferred
101 52 66
I
cbc.omOo..1
.0.0w4,00
owww0a,
Amal Cop Ss, Mar15 '15 M S 100181003s
Amer Lccomotive 5s,'15_J-J 100381003s
55, July 1916
/
4 100
J-J 991
Stocks.
Railroad,
bs, July 1917
Week ending
1)9 100
tte.,
State
U. S.
Ara
Tob 6% scrip, Sep 1.15. 101 10114
Jan. 15 1915.
Shares.
Par Value.
Bonds.
bonds.
Bonds.
Am T & T Sub Cos ba, 1916_ 1004 10012
Saturday
67,471 $5,342,600
5957,500
523,000
$2,000 Balt & Ohio 412s, 1915 J-D 10012 10032
BethSteel5s,EnelI '15 J-Dll 10014 10012
Monday
210,642 18,441,700
2,233,000
66,000
Ches St Ohio 56 1919
Tuesday
169,128 13,659,200
J-13 8934 9012
1,941,500
109,000
Chic Elev Ito' Ss, 1916_ _J-J 94 9512
Wednesday
131,137 10,690,370
2,032,000
20.000
Chic & W Ind bs, 1915__M-S 9952 100
Thursday
120,323 10,057,350
2,025,000
27,000
Cowed Gas 68. June 25'1St. 10112 10132
Friday
174,007 15,167,325
2,497,500
39,000
Erie RR 5e, April 1 1915_ A-0 9914 100
Industrial
bs, Oct 11915
Total
873.208 $73.859,045 $11,601,500
A-0 98 1)812
$234,000
32,000
and Miscellaneous
6126, April 1 1917
A-0 951 96
General Rubber 41.2s,'15.J-J 100 1001a Adams
Hap col tr h4a'473-13 165 69
Sales at
Week ending Jan. 15.
Jan. 1 to Jan. 15.
Har Ric & Pt Ch 5s,'15 M-N 9611 9712
Alliance Realty
New York Stock
Hocking Valley 68,'15..M-N 1001410034
.51. •2
76
29
5 55
Exchange.
1915.
1914.
Int Harv 5s, Feb15 '15_F-A 10018100,4 Amer ik Note Cons„..1
1915.
1914.
Preferred
b •48 50
lack Steel 55, 1915
M-S 9912100 American Book
Stocks-No.shares_ _ _
10 150 160
873,208
2,174,574
51,673,367
4,187,252
Lake
Sb
&
Mich
So,
54.50
J'ne'15.
4.03
Par value
100 133 136
$73,859,045 5194,473,925
$142,215,370
363,230,540 Mich Cent 4126, 1915_M-S 100410014 American Brass
Bank shares, par
American Chicle cons__..101)1 191 193
$31,600
$3,600
$37,600 New Eng Nay 68, 1017.M-N 9112 9212
Preferred
Bonds.
N
C
&
11
Riv 5s,'15_ _A-0 100 10014 Am
Government bonds_ _
pre
Gfe
trared
phophone com_1
199 9
27
30
7
6 9
$2,000
516,500
57,500
$38,000
412s, May 1 1915
9972 10012
State bonds
284,000
645,000
809,500
55, Sept 15 1915
1,369,000
9934 100 American Hardware_
RR. and misc. bonds_
7
_9
_
11,691,600 17,894,400
1
700
75
99.
21,605,000
58, Oct 1 1915.....__A-0 9912 100 Amer
34,953,400
Malting 85 1914
NYNHAtH 60, 1915_51-N 9712 9312
Ext to 1917
Total bonds
3-13
1
$11,077,500 $18,555,900
$22,422,000
$36,360,400 Par G&E58, Mar25 '15111-925 100 10014 American
Surety
5 ititi 170
Penne 31213, Oct I 191&J-J) 9934 9978 Amer
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Typefounders com_100 37 40
Pub Ser Corp N S 55.'16 M-S 9812 89,4
Preferred
BALTIMORE EXCHANGES.
1
88 90
Schwarz & Sulzb 6s,'16_J-D 9911100 Amer Writing
14
1
Seaboard A L 55, 1916__M-21 96 98 Bliss(E W)CoPaper_ _ __IGO
corn
60 104 110
Bo ton.
Southern Ry Ss. 1916_ _F-A 9858 99
Ptiladaphla.
Baltimore
Preferred
5 115 _
IVeek ending
5s, Mar 2 1917
M-52 9734 9814 Bond & Mtge Guar
1
280 284
Jan. 15 1915.
Shares. Bond Sales Shares. Bond Sales Shares. Bend Sales. Sulz&SonsCo 68,Enel'16M-21 9912 100 13orden's
Cond Milk cons 1
1
10
13
512105
1612
UnTypew 5s,Jan15'16 J-J15 96 98
Preferred
1001
Saturday
10,937
511,000
$8,130
$47,000 United Frultbs,Mayl'17M-N 10012 10012 Braden Copper Mines
100
5 13
•6
02a 134
Monday
654
24,148
50,000
Gold notes Ss 1918_51-N 97 9752 Casualty Co of America0
18,177
30,100
_1 0 85 100
Tuesday
16,133
33,500
34,656
A-0 9734 99 Celluloid Co
34,000 Utah Co 6s, 1917
Wedneiday
21,517
30,500
UtabSecurCorp 6s,'22M-S1S
86,648
7612
44,300
7712
City
Investing
100 17 25
Co
Thursday
16,615
14,200
96,172
27,400 K'esthse EIS:Mfg 58.'17 A-0 9814 99
Preferreu
..100 70 80
Friday
23,843
41,000
70,300
53,100
Consol Car Heating
100 66 70
Davis-Daly Copper Co_ _10
Total
01
34
113,248 $136.200 522.726 5314.583
New York City Notes$4,032 $236,400
du Pont (E I) de Nemours
Powder
1001 165 175
Os, Sept 1 1915
10112 10152
Preferred
1
83 85
68, Sent 1 1916
10312 10312 Emerson-Brantingham
6 16
Os, Sept 1 1917
10452 10472
Preferred
1
30 50
Goldfield Consol Mine:1_10i *15(4
Banks
Bid
Ask
Bank
Bed
Ask
Trust Co a
New York
Havana Tobacco Co......100'
Mech & Met_
RR. EquipmentsPer Ct Basis
America. _ 640 560 Merch Exch_ 225 230
Preferred
8
S
1001
____
New York
Rid .40k
Bid. Ask
Amer Exch. 207 212 Merchants'. 165
lot g 58 June 1 1922„3-13 157 63
135
____ Astor
Baltimore & Ohio 412s
350
485 470 Intereontin Rub corn__ 10(1
Battery Park 120
512 612
13.5
Metropolis. _ 300 340 Bankers Tr_ 417 375
Buff
Rods
& Pittsburgh 412
425
4.9 4.70 Internet Banking Co_ _100 95 105
Bowery._ _ 400
__ __ Metropoen _ 165 175 B'way Trust._
Equipment 4s.
14.3 155
Bronx Born._ 225 260 Mutual __ .
4.95 4.70 International Nickel
_100 108 1119
_ 325
____ Central Trutt 980 990
Central of Georgia Bs
Brons Nat.__ 160
6.
4.75
Preferred
____ New Neth• - 210 225 Columbia
100 1011110212
410 420
Equipment 4145
Bryant Park. 145
5.00 4.75 International Salt
_. New York Co 550 ROO Commeicial
10(1 14 17
--Chicago & Altqn 4s
_ -75
Butch & Dr_ 120 130 New York___
...... 6
let g bs 1051
A-0 /57 60
380 3911 Empire
Chicago
290
Century* ___ 170 185 Pacific*
&
305
Eastern Illinois tis
6
International Silver pref_100, 98 100
,
210
240
Equitable
400 410
Chrse
Equipment 4129
505 525 Park
6
1st 65 1943
3-11 103 106
390 400. Farm L & 7r 1090 1120
Clhath &Men 162
Chtc Ind & Louisv 412s_
it 5 Kelly
_.__ Peonie's•
Springfield Tire_ I00 z781t 79
____ Fidelity
Chic St L & N 0 Ss
205 220
Chelsea Ex._ 135 145 Prod F:sch.... 225
4.95 4.80
1st
nreferred
155
00 791t 80
160
Fulton
275 300
Chemical ..._ 395 405 Public.
Chicago & NW 452s.
4.801
0 4.65
2d preferred
__
175 Guaranty Tr 520 530
109 100 102
Chicago RI & Pat 412s_ .
Citizens Cent 165
170 Seaboard..
7
6
Kerr
420
M158 478
Lake
Mining
435
Hudson
125
Colorado
135
City
& Southern be_
350 355 Second
514 5
400
Lannon Alonotype
109 --Erie 59
roal & Iron_ 145 150 Security• -------1425 Law T I & Tr 120 130
5.1 4.90 La Rose Conseil Mines
4%
00 Lincoln Trust 105 115
Equipment
Colonial* ___ 450
412s
5.10 4.90 Lawyers Mtge Co
__ _ Sherman --------135 Metropolitan
10t 185 192
390 400
Equipment 4s
Columbia* __ 300 325 State.
5.10 4.90 Lehigh Val Coal Saies___5 180
____
170
Mutual MUEvansville & Terre Haute 55
Commerce __ 156 170 23d Ward... 100 145
6
•58
Manhattan Transit
135
ance
2
100
24
120
Hocking
Valley
45
Corn Exch._ 307 315 Union Each. 140 150 Mut.'
5.20 6
Marconi Wireless of Am _
(West.
*212 234
Illinois Central bs
Cosmopoiltn• 85 105 Unit &atm._ 500
4.95
4.75
Mortgage Bond CO
____
cheater).... 130 135
104 97 102
4
East River__
4.95
4.75 Nat Cloak & Suit com...104 46 47
70
____ Wash His._ 275
____ NYLlie I biT 050 1000
Kanawha & Michigan 4125.. 5.35 5
Fidelity._ 155 105 Wench Av.- 160 175
Preferred
1013 94 95
N Y 7rust_
K C Ft S Jr Memphis 4126_ _
530 595
Fifth Ave.__ 4200 5700 West Side._ 450 475 Title
NY Mtge &
nu
&
390
'I
r
oulsville
400
104 130 140
&
Nashville
4.95
5e_
Fifth
4.75 N Y Title InsSecurity_
250 300 Yorkville •
Co
540 675 Terrnattantic 200 220
1001
50 60
Minn
St
P
& 813 M 4146..
5.30 5
Find
340 860
B 45/
1
4 534
Union Trust_ 355 365
Missouri Kansa.,& Texas Ss. 5.90 5.40 Niptssing Mines
Garfield
100 210
Ohio Copper Co
.10e.
8M
Missouri
150.
1
If
Tr
tg
&
300
100
Pacific
bs
8.50 5.90 Otis Elevator corn
Germ-Amer' 130 140
Brooklyn.
6912
67
104
United
Slats 1040 1060
Mobile & Ohio Ss
4.40 5.20
German Ex*. 375
____ Ccney Ial'd._ ._ ._ 130 Westchester. 125 135
Preferred
1001 90 9112
Equipment 4 149
5.40 6.20 Pittsburgh
Germania ...._ 425 475 First
240 260
Brewing
50 .612 7
New York Central Lines 55_ 5.10 4.90
Gotham ____ 190
____ Flatbush
Preferred
110
24
50'
Equipment 4129
5.10 4.90 Producers OP
Greenwich.. 265 280 Greenpoint_ 140 130
155
100
Brooklyn
N Y Ontario & West 44s... 4
Hanover..._. 625 00 Hills1deo
5..7
15
0 4.
.7
55
5 Realty Assoc (Pitlyn).
-100 95 00
Norfolk & Western 4342_ _ _
Harriman ___ 275 290 Homostead• _ -___ 125 Brooklyn Tr_ 460 475
Remington
Typewriter80 100 Citizens' __ 135 140
Equipment 49
imp & Trad_ 495 505
4.75 4.55
Common
Mechanics*. 140 ISO Franklin
9 10
100
235 250
Pennsylvania RR 4126
Irving
4.75 4.50
172 178 Montauk' ------105 Hamilton____
1st preferred
100 70 80
..... 265 275
L'quipment 49
Liberty
4.75
560 600 N &WS ti
4.60
2d
preferred
205 220 Home
46
Pere
65
100
100
110
Marquette
Lincoln
SI
300 825 National City 273 2311
6
Riker-Hegeman (new)
Kings County 570
.73s 712
Equipment 454s
Manhattan. 300 31.5
6
Royal Bak Powd com___10 150 60
North Side._ 175 200 Peoples ___ 275 295
St Louis Iron Mt & Sou 56...
Mark& Fult_ 240 250 People's
53
4
5
/
1
4
____ 145 155 Oueens Co__ 75
Preferred
St Louts & Pan Francisco
100 10111 03
90
55
6
Safety Car Heat & Lt_ I
103 105
Seaboard Air Line Ss
• Flanks marked with u V) are State
6:20 5
Singer Mfg Co
banks. t Sale at auction or at Stock
255 265
1
Equipment 44s
Exchange this week.
5.20 5
Standard Coupler corn..100,
Southern Pacific Co 412s_
4.30 4.70
Preferred
10
Southern Railway 452s
5.10 4.90 Sterling Gum
4112
3*4
Toledo & Ohio Central 4s.._ _
611 512 Stewart-Warner Spe,edo'r 1
Preferred
10
Railroads
-All bond prices are 'and Interest"
Sulzberger & Bons pref 10
go 93
West Pat 1st 5s, 1933.._111-S
elcept where marked "t."
33 34 Texas & Padilla Coal...,100 95 oo
Tonopah Extension Min_ __I .238 2/
Street Railways1
4
Standard 011 Stocks-Pel,Share
Tonopah Min of Nev
Stand 011 Stk. (Condi- Per oh are
9 Ilk 75s
Par BO. Ask, UnIte,d Profit Sharing
Earl Bid. Ask
Par Bid. Ask. Com'w'itti Pow Sty dr L__100
1
Anglo-Amer OH new
1--015
54
56
1512 Pierce Oil (new)
New
1512
4
418
25, •15
Preferred
Atlantic Refining
1001 587 593 Prairie 011 & Gas
100
S Casualty
100 463 167
Federal Light & Traction 100 80 82
104 190 210
Borne-Scrymser Co
1001 255
12 17 U S Envelope eons
Polar Refining
100 250 200
104 132 136
Buckeye Pipe Line Co--. 60.114 275
Preferred
100
117 Southern Pipe Line Co...100 220 224
Preferred
Republic Ito' de Light_ _100 46 50
1001 102 04
Chesebrough Mfg Cons...1001 660 675
Routh Penn Oil__ .
1612 1312 U P FinishIng
101)
Preferred
,iolonial Oil
104 10 IS
1001 100 105 Southwest Pa Pipe Lines_ 100 280 234
100
Preferred
33 38
Tennessee Sty L & P cora 100 661 68
Continental 011
1001 225 230 Standard Oil (California) 100 120 125
7
8
90 95
309
let g Ss 1919
11
Preferred __
Crescent Pipe Line Co
501 MI 43 Standard 011 (thalami)
100 35 36
Con g Ss 1929
IOC 468 473
70 76
United Lt dr Rys eons...100
Cumberland Pipe Line__ ..1
150 63 Standard Oil (Kansas) ..100 357
45
48 U P Tit Ca & Indem_ _ _ _
30 45
1st preferred
63
Eureka Pipe L:ne Co_ _._ 1001 235 240 Standard 01101
ioo 69 71 Westcheste
r & Bronx Till
2d preferred
Galena-Signal 011 corn...lOOI 163 172 Standard 011 of Kentucky100 255 60
100 64 66
NebraskalOfl 325 40
& Mtge Guar
104 1zg SO
Wash Sy & El Co
Preierred
1001 140 145 ;Standard Oil of New Jer_ 100
100 8212 36
87
Willys Overland corn--1
Preferred
Illinois Pipe Line(when lay).1 140 142 'Standard Oil of New Y'rk100 393 00
100 8314 so
Preferred
1014 92 25
198 00
45, 1951
Indiana Pipe Line Co._..501*107 109 iStandard 011 of Ohio__
J-D 8118 8138 Worthington (H R) Corn
_101 430 35
West
Penn
Tr
&
Wat
National Transit Co
Pow
25 •361 3712 'Swan & Finch
100
25 40
Pall' pref
1
100 160 70
Preferred
New York Transit Co..- iDol 230 235 Union Tank Line Co
100
*Zs 278
Yukon Gold
100 85 87
Northern Pipe Line Co 10
(11 94 97 Vacuum 011
1
203
02
25t'140 142 Washington 011
Ohio Oil Co
• Per share. a And accrued
10 *36 40
dividend. I Basic. Fiat pride. • Nominal.
Sale price. x Ex-dividend. s Ex-ttghte.
New York City Banks and Trust Companies.
Inactive and Unlisted Securities
'
[VoL. 100.
THE CHRONICLE
224
1ilue5t rat'tit awl
t1Lruui
‘t
, r
RAILROAD GROSS EARNINGS.
which regular weekly or monthly returns
gross earnings of every STEAM railroad from
The following table shows the
latest week or month, and the last two
the
gs
for
earnin
gross
two columns of figures give the
be obtained. The first
or month. We add a supplementary
week
latest
the
ing
from July 1 to and includ
oolumns the earnings for the period
begin with July, but covers some other
not
does
year
fiscal
whose
year totals of those roads
statement to show the fiscal
are brought together separately on a subsequent page.
•
period. The returns of the electric railways
July 1 to Latest Date,
Latest Gross Earnings.
Date.
Latest
to
1
July
Latest Gross Earnings.
Previous
Current
Previous
Current
or
Week
ROADS.
Previous
Year.
Year.
Year.
Current Previous Current
Year.
Week or
Month.
ROADS.
Year.
Year.
Year.
Year.
Month.
oan
s
$
$
$
$
$
949.745
770.538
6
$
136,191 203,418
Mobile & Chic_ November
Ala N 0& Tex Pae86 28.080,222 30,060,871
295,920 362,582 1,796,106 2.103,098 NO
& Hartf._ November 5,125,780 5,734,8
N 0 & Nor East_ December_
H
N
NY
988,611
90
33
4,399.7
806,660
4,268,5
176.376
688,431
135,740
694,958
er
Ala & Vicksburg_ December_
945,764 NY Ont & West... Novemb
762,314
171.454
287,606 326,197 1,547,697 1.646,522
Vicks Stir & Pim. December_ 119,036
NY Susq & West__ November
8
1
5
4
1,735,74
1.302,06
1,634,62
1.256.12
40,017
40,061
358.247
er
Jan
300,209
wk
1st
Southern__ Novemb
Ann Arbor
18,424,958 19.727,378
er 10102017 9,784,520 51,399,418 48,768,783 Norfolk
_ November 3,074.133 3,689,061 30.900,
Atch Top St San Fe- November
7 1.492,172 Norfolk & Western..
085 34,290,458
1,131,51
335,620
73
202,890
6,844,1
7
5.648,72
er
Novemb
Atl
Novemb
&
n Pacific.
Atlanta Birm
2,541,495 3,306,210 11,933,646 13.823,359 Norther
274,820 225,872 1,819,440 1,844.645
November
Atlantic Coast Line November
6
871,578 Northwestern Pac_ October
744,385
154,182 190.175
_ _ _ 585,520 745,096 2,496,379 2,845.27
Charlest & W Car November
Pacific Coast Co___
600,352
624,532
116,969
106,903
er
3 16978788 81,145,946 88,507,925
Novemb
1482528
er
L
St
Novemb
RR__
Lou Hend &
lvania
845
659,144
sPennsy
53.656,
666,062
435
99,617
72
47.138.
r_ 6,674,075 8.052.9
86,204
November
p Baltimore & Ohio_ Decembeer
Balt Ches &
801,519
710,257
240,348 301,274 1.308,042 1,526.970
119,731 157.517
Vail November
B & 0 Ch Ter RR Novemb
CumberlandAtl_316,791 327,881 1,429,423 1,485,634
965,233 941,752 6,365,197 6,146.573
November
Bangor & Aroostook November
Island
Long
1
489.749
4,831,25
09
481.751
72,629
545,552 693,816 4,917,1
71,076
Bessemer & L Erie_ November
Maryl'd Del & Va November
9
539,500
383,167
97,267
59,753
281,269 319,059 1,682,189 1,715,98
Birmingham South_ November
Phila & Norf November
NY
07
920
9.107.7
459
21,892,
80
78
21,014,
8.954.6
4.036,6
3
39
r_
3,745,5
Boston & Maine... Novembe
PhllaBalt & Wash November 1,641,491 1.739,27
3,372,363 3,453,859
5,276.584 6,394,495
407,495
er
393,697
Novemb
Seash
Buff Roch & Pitts1_ let wk Jan 158,016 200,936
&
W Jersey
708
776,255
838,454
er
122,181 144,354
November 4,057,245 5.410,286 24,885,4010 30,467,
Co
Buffalo & Susq RR_ NovembJan
64, 00 10.171,900 3,729.600 Pennsylvania &
205,400
417,636 443,050 2,453,40 2.559,226
Canadian Northern. 1st wk
Grand Rap Ind November
19.689.299
57,131.163 77,016,836
66
0
17,116,2
1,850,00
0
Jan
00
1,316,00
wk
1st
4
3,650,2
2,874.23
er
Pacific
n
Novemb
Canadia
Pitts 00& St L_
1.347.191 5,230,919 6,239.553
893,736 977,005 4,890,421 5,169,925
November
Central of Georgia- November 1.002,012
Vandal%
.253 13,926,000 14,517.844
Cent of New Jersey November_ 2,524.1802.731
68 Total lines18
3
1,625,0
1.590,30
330,171
er
310,055
_
Novemb
England
er
18971347 21443396 106729883 1158897412
Cent New
East Pitts & Erie Novemb
303,094 326,325 1,696,321 1,861.749
7 49,986,570 58,581,
Central Vermont November
West Pitts & Erie November 8,354.792 10611633
74471131
20,079,789 19,618,190
63
1567164
9
3205503
2732613
er
Dhes & Ohio Lines- 1st wk Jan 578,707 621,853
Novemb
All East & West_
7,584,980
239,828 7,792,877 8.212,085
Chicago & Alton-. let wk Jan 252,538
te... November 1,484,421 1,478,980 7,920,008
42,065,065 43.938.524 Pere Marquet
Chic Burl & Quinci November 7,903,284 8,361,834
06 Reading uo296
7,187,8
15
22,255,
6.365,0
4
648
8
20,479.
1,387,86
84
er
1,143.49
42
4,454,5
Novemb
Ill.__
3,984,0
er
East
&
r Chic
Phila & Reading_ Novemb
7,605,263 7.818,135
683,447,877 13.004,028 13.255.431
o Chic Great West_ let wk Jan 235,450 235,846 3,514,4
Coal & Iron Co November 2,954,410
20 3,796,577
676 35,510.727
33.483,
1
7.902,46
8,938,5
er
Novemb
Chic Ind & Louisv. 1st wk Jan 100,341 112,193 41,507,825
cos
Total both
00
42,574,709
218.747 237.366 1,121.028 1,131.4
Chic Milw & St P-1 November 7,379,908 8.290,968
Rich Fred & Potom November
421,203
438.314
October.-- 126,422 126,358 9,96
ChIcMil & Pug SI
373,295
447 40,022,243 Rio Grande June.-- 4th
5
38,039,
80
7229
40
7,191,0
er
13,7
6,336,1
Dec
Novemb
wk
West
North
&
South
Chic
30 8,384,849 Rio Grande Lines._ November 6,084,375 5,897:561 32,348,980 30.834.203
rChic St PM & Om November 1,493,061 1.701.846 8,255,1
975,040 Rock Island
968,225
289.724 330.1371,592.242 1.755.046
174,257 219.019
November
Chic Terre H & S E November
735,454
4,599.476 Rutland
734,435
78
4.516,9
816.968
119.799 154,346
773,672
er
Novemb
3 n Hans & Dayton
Jos & Grand Isl. November
St
870.300
990.427 1,080,306
918.028
170,211 209,569
167,420
166,623
& M. November
Colorado Midland_ November
1 7,522,082 St L Brownsv
er 2,555.914 3,038.215 13,311,419 14,382,966
Novemb
Sou
&
Mt
r Colorado & South 1st wk Jan 239.440 209,319 7,873,61
Iron
L
St
82,753
57,123
269.060 232.610 1.197.582 1,010,251
15,160
10,845
& P November
November
Cornwall
142,208 St L Rocky MtFran
135,542
25,440
November_ ,651,284 4,018,503 18,942,876 20,475,940
19.850
San
Cornwall& Lebanon November
1.603,081 1.715,231 St Louis &
342,357
188.000 242,000 5,841,228 7,189.180
Jan
wk
285,226
jet
er
st_
Novemb
Southwe
oad_
Cuba Railr
549 St Louis
704,706 922.736 3,954,901 4,505,494
5 2.011,575 0.112,775 10,648,
LA & S L_ November
Ped
San
3elaware & Hudson November 1,887,39
21
19,687,1
978
19,101,
80
1713,7972220.134 8.525,040 9.990.646
Seaboard Air Line November
3e1 Lack & West November 3,753,900 3,877,5
356,100 12,468.275 13.767.075
November 10246764 11890350 57.497.887 62.166,658
83 Southern Pacific... 1st
)env & Rio Grande 1st wk Jan 311,700
3,666,9
87
3,146.9
32,200
Jan
996,205 1,201.37833,711.765 38,183,418
wk
65,200
Western Pacific 1st wk Jan
674.997 Southern Railway 1st wk Jan 180,974 214.007 5,823,520 6,900,766
981,232
14.134
31,800
Mobile & Ohio
696.844
3enver & Salt Lake 18t wk Jan 180,806
915,582
144,473
Jan
169.157 182,706 4,935.261 5,686,493
wk
1st
erP
T
Novemb
&
Cin N 0
836,657
3etroit Tol & Iront
571,390
15.101
85,453 2,517,582 2,936,835
14,248
68.301
Ala Great South_ 1st wk Jan
3etroit & Mackinac 1st wk Jan
654.795
600.166
140.242
50,672 1.238.073 1,399,841
Jan
41,523
127,440
wk
er
let
Fla_
Novemb
&
So
L.
Georgia
Shore
Tol
&
)et
2.663.010 4.677,687
371,266
2,188.653 2,394.855
431,187
er
355.904
85.782
Novemb
er
Seattle
Novemb
92 Spok Port &
3ul& Iron Range
1.897,0
84
49,542
1,54.1,1
37,841
51,165
2,235
46,492
1.731
Tenn Ala & Georgia 4th wk Dec
3uluth So Sh & AU 1st wk Jan
737,320
855.884
987,049 3,743,813 5,516.970
134.664
109.595
510.152
er
er
Novemb
Novemb
Central
ee
East_
Tenness
&
iilgin Joliet
05 3,583.616
080
3.167,6
48
10,551.
734.583
9.833,2
360,250
371,743
Jan
325,042
wk
er
jet
...
DI Paso & Sou West November 4.715,216 5,068,114 6,668,455 27,452,021 Texas & Pacific.
33.957
36,147
5.154
7,053
Novemb
er & West.. November
erie
731.327
402,993 1,663,323 1,595,213 TidewatPeor & West 1st wk Jan
849,842
370,416
16,846
17,786
er
Novemb
Coast_
rlorida East
443.959 Toledo
396,430
77,257
65,592
79.241 2.371,012 2,514.112
79,682
er
St L & West 1st wk Jan
Ponda Johns & Glov November
308,039 1,268.100 1,460342 Toledo
498,874 1,114,150
er
99,826 257,572
leorgla Railroad.. NovembDec 248,953
06 4,177,849 Trinity & Brazos V. Novemb
2,986,1
124,577
75,138
82
09 41,984,379 44,518,212
7,592,1
er
8,548.1
wk
Novemb
3d
Syst_
Union Pacific
851
lrand Trunk Pac
30
30.216,
7,255,6
797,268
839,732
823,360
743.522
Jan
137,530 160,402
West November
;rand Trunk Syst_ let wk Dec
804,322 0,062,483 22,818.819 Virginia n& Sou
454.629 629.917 2.818,755 3.014.226
November
Grand Trunk Ry 3d wk Dec 652,225
22 3.515,300 Virginia
3.536,1
141.547
458
139,707
21
16,400.
5
15,269,5
1
er.
wk
2,487,46
3d
2,282,57
Decemb
Grand Trk West.
48,982 1,315.969 1,282,636 Wabash Maryland_ November
48,150
634,111 652,820 3,559,359 3,634,294
Det Gr H & Milw 3d wk Dec 4.611,7
77 40.296.140 45,893.001 Western
5.660.2
1
43
3,919,48
45
r
2.545,9
Decembe
873,709
er
396,317
System
Novemb
Erie_
/reat North
895,164 Wheel & Lake
704.923
124,509 161,644
158,617
er
116,175
36,889
25.762
v & Tennille November
MK & Ship Island_ November
527,154 651,916 3,124.859 3,708,188 Wrights
01
6,753.8
1
Novemb
3
6,023,09
9
r..
1,489,63
1.135,21
Decembe
Vall_
Miss
&
Socking Valley
Yazoo
r_ 5,212.0755,840.761 2,580,437 34.657,517
illnois Central.... Decembeer
879.379 1,047,839 4,015,491 4,841,119
Previous
Current
nternat & Grt Nor Novemb er
207,109 275,842 1,380,566 1,504,655
Year.
Year.
Novemb
Period.
Kanawha & Mich
Various Fiscal Years.
23
65
4,503.2
4.449,1
980,110
879,047
er
Novemb
Kansas City South_
792.324
$
208,825 169,148 1,183,989
$
Jehigh & New Eng. November
065
November 3,527,394 3.788,935 18,906.152 19,348.
Jan 1 to Nov 3020.869,281 22,397,671
,ebigh Valley
e & Hudson
Delawar
731.663
645
728,476
95,892,
148,971
7.251
130,105
r_
3087.94
,oulsiana & Arkan_ Novembe
& Hudson River-e- Jan 1 to Nov 30 15,206,463 16.326,209
1,057.260 27,749,791 32,791,585 NY CentralAlbany
Jan 1 to Nov
Louisville & Nash- 1st wk Jan 905.685
Boston &
890
82,978
54.802.
78,342
366
16,394
47,477.
12.262
er.
30
Decemb
Nov
1
to
m
Jan
vlacon & Birm'ha
Lake Shore & Michigan South Jan 1 to Nov 30 5,206,724 5,473.098
934,006 974,301 5,113,389 5,253,215
November
daine Central
Lake Erie & Western_n
248.034
243,382
3,872,929 4.037.899
44,246
30
44.543
Nov
to
1
Jan
nSouther
daryland tz Penna. November
&
Chicago Indiana
.617,712
103.600 206.500 3,852,700 3,969,600
Jan 1 to Nov 3030.808.37733
i Mexican Railways 3d wk Nov 119,559
Michigan Central
909.470
761,652
136,138
I to Nov 30 32,464,518 34.496,944
December.
didland Valley
Cleve Cinch] Chic & St Louis Jan
7 1.298.980
1,356.73
177,908
30
406,828
Nov
5,943
to
11,792
1
Jan
Jan
wk
1st
_
_
_
n
dineral Range_
Cincinnati Norther
41
5,486,920 5.210,691
Jan 1 to Nov 30 14,682.603 18,463,7505
& Lake Erie
&inn & St Louis_ _1 1st wk Jan 189,739 185,722 tt
10,334,857 11,328.
sburghChicago
& St Louis Jan I to Nov 30
Iowa Central_Pi
New York
5.525.725
1
4.568.24
30
71
Nov
16,855,5
200
to
I
15,820,
Jan
459,335
401.143
Jan
wk
1st
M
Central
dinn St P & SS M.
449,365Toledo & Ohio
386,920
84,984
Jan 1 to Nov 30 253906086 281284339
71,182
41.ssissippi Central_ November
Total all lines
71 18,038,947
I to Nov 30 172932495 188474670
1Mo Kan & Texas_ let wk Jan 550.652 558,374 17.741.1
sPenneylvania RailroadAtlantic_ Jan
979
33,120,
9,372
0032,03
Jan 1 to Nov 30 1,167.405 1,154,414
1.005,0
950,000
&
Chesap
Missouri Pacific. let wk Jan
re
Baltimo
47
5.396,3
Jan 1 to Nov 30 3,016,504 3,297,853
895,099 1.107.316 4,820.495
7ashv Chan Sc St 1, November
Cumberland Valley
219.804
225,955
Jan I to Nov 30 12,320.449 12,160,288
3,212
Tevada-Cal-Oregon let wk Jan
Island
Long
878,650
874,127
813,906
689.711
159,106
Jan 1 to Nov 30
117,660
jew Or'Great Nor_ November
Maryland Del & Virginia
8,485.870 42.025,208 46,042,562
. Jan I to Nov 30 3.475,251 3.627,443
Norfolk
&
phia
Philadel
N Y C & Bud Riv November 7.832.080
NY
984
06
39
14
Nov
06
19,433,
7,879,6
to
7.148.0
1
2
18,773,6
Jan
.462,18
'n
6
er
Washing
1.287,01
Novemb
Boston & Albany
Phila Baltimore &
Jan 1 to Nov 30 8,088,694 6.182,159
58 4.404,029 22,496,635 25,161.607
Lake Shore & MS November 3,892,1
West Jersey & Seashore
39 51.347,382 62,008,080
Nov
2.521.462 2,596,832
to
1
464,841
Jan
422,557
er
Novemb
y
W.
Compan
&
Erie
vania
nLake
Jan 1 to Nov 30 4,992,069 5.143,094
341,283 402,525 1,798,731 1,830.784 Pennsyl
Chic Ind & South November
Grand Rapids & Indiana
089 15,609,513
6
Jan 1 to Nov 30 36,150.509 40.865.992
Michigan Central November 2,526,096 2.914,71 14.546,
Pitts CM Chic & St Louis
Jan 1 to Nov 3010.021,12810,446.329
Li
St
.
Vandal's
Clev 00 &
178
673
16,705,
4
16,880,
2,980,27
00
2,759.2
SvErie Jan 1 to Nov 30 223345067 240750110
Peoria & Eastern! November
Total lines-East Pitts &
683,949
719.136
130,198 130,949
Erie Jan I to Nov 30 103901799 119911217
itts
-WestP
Cincinnati North. November
327246866 380661336
1,004,1121,603,568 6,667,026 8,493,413
-All lines ID & W.Jan 1 to Nov 30
Pitts & Lake Erie November
946,696
923,294
932,518 1.028,880 4.771.954 5,181,096
Dec 1 to Oct 31
er
NY Chic & St L. Novemb
92 2,790.280 Rio Grande Junction
3.272.212 3.466.70o
30
2.512,2
479,999
Nov
to
1
454,678
Jan
er
Novemb
Cent_
R17 nneu.mi
Tol & Ohio
132074
2211
3121097
2425782
6
2158189
er
wet sti i i nes above Novemb
-Weekly and Monthly
AGGREGATES OF GROSS EARNINGS
Increase or
Previous
Current
%
Year.
Decrease.
Year.
*Monthly Summaries.
s
$
Yr.
$
Mileage. Cur. Yr. Prey.
li
3
+660.186 0.21
$
250.174.257 249.514.091
March ----245.200 243.184
3.41
roads)._ 18,017,947 22,633.633 -4,615.686 20.40
243.513 241.547 236,531.600 2450.18,870 -8.517.270 9.71
April
19.82
Ills week Oct (37
626
348
-3,020,
15,243,
243.954 239.427,102 265.435.022-28.007.920
roads)____ 12.222,722
(37
246.070
Nov
week
May
tat
4.31
074 -2.887,535 19.43
7
14,863,
,877
639
,107,72
-10.355
11.975.
,850241
.230.751
219,691
roads)
(37
929,001
June
11.6
Id week Nov (38 roads)---- 11,677,904 15,010.869 -3.432,965 22.87
235.407 231.639 252.231.248 261.803.011 -9.571.783 4.01
July
Id week Nov (35 roads)-__ 14,517,713 17,915.795 -3.398,082 18.99
240,831 237,159 269.593.446 280.919,858 -11.326.412
August
4.61
4
Itb week Nov (37 roads)._ 11,191,969 13,645,289 -2,453,32017.98
.857.84
.745-12
901
885.850
238.698
272.992,
6
September_ _242.38
,856 9.6,
1st week Dec (37 roads)._ 11.008,619 13,301,723 -2.293,104 17.22
-244,917 241,093 269,325,262 298.066,118 -28.740
0ctober-.
ad week Dec
462 13,174,223 -2,826,761 21.46
-18,107,653 19.7'
10.347.
51
898
81,461,5
.65,353,
87.724
roads)
89,275
(34
er
Novemb
Id week Dec (37 roads)____ 16,140,798 18,121.396 -2,980,598 16.45
92.479 68.985.422 as Roc 1(19 -1A. A•152 740 17.5
TlAnennher _ 93.956
0.417.808 10.844.847 -1.427.030 1218
Lth week Dec iRk remtial
New York &
from Nov. 1 1911. e Includes thereturns
'RY.
District
Creek
to the
Cripple
&
include earnings of Colorado Springs
does not make
latter of which, being a Canadian road.
a Mexican nurrenCY. h Does notack
the
York
By.
& Wheeling
New
Lorain
&
Ottawa
nd
the
and
Clevela
the
RR. g Includes
e & Adirond
Indiana
Lawrenc
&
le
Evansvil
Includes
St.
s
the
and
Haute
Ottawa.
& Pacific.
ce Commission. .f Includes Evansville & Terre
City & Fort Dodge and Wisconsin Minnesota
g revenues.
Inter-State Commer 11 Includes the Northern Ohio RR. p Includes earnings of Mason
Wichita Falls Lines. o Includes not only operatin
By.in both years. and the Frankfort & Cincinnati. u looludeS the Texas Central and the
g July 1 1914. •We no longer
beginnin
Central
n
Norther
the
Atlantic
Includes
z
n.
Louisville &
. x Includes St. Louis Iron Mountain & Souther
but also all other receipts
in any of our totals.
nclude the Mexican roads
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
JAN. 16 1915.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of January. The table covers 35 roads and shows13.16%
decrease in the aggregate over the same week last year.
First Week of January.
1915.
1914.
3
$
Alabama Great Southern
85.453
68,301
Ann Arbor
40,017
40,061
Buffalo Rochester & Pittsburgh
158,016
200.936
Canadian Northern
205,400
364,700
Canadian Pacific
1,316,000 1,850,000
Chesapeake & Ohio
578,707
621,853
Chicago & Alton
252,538
239,828
Chicago Great Western
235.450
235,846
Chicago Indianapolis & Louisv112,193
100,341
Oinc New Or! & Texas Pacific
182.706
169,157
Colorado & Southern
209.319
239,440
Denver & Rio Grande
356,100
311,700
Western Pacific
32,200
65,200
Denver & Salt Lake
31.800
14,134
Detroit & Mackinac
14.248
15,101
Duluth South Shore & Atlantic_
46,492
51,165
Georgia Southern & Florida
50.672
41,523
Grand Trunk of Canada
Grand Trunk Western
797.268
743,522
I
Detroit Grand Hay & Milw_
Canada Atlantic
Louisville & Nashville
905.685 1,057,260
Mineral Range
5,943
11,792
Minneapolis & St Louis
189.739
185,722
1
Iowa Central
Minneapolis St Paul & S S M_401.143
459,335
Missouri Kansas & Texas
550,652
558,374
Missouri Pacific
950,000 1,005,000
Mobile & Ohio
180,974
214.007
Nevada-California-Oregon
3,212
St Louis Southwestern
188,000
242.000
Southern Railway
996,205 1,201,378
Texas & Pacific
325,042
360,250
Toledo Peoria & Western
17,786
16,846
Toledo St Louis & Western_ _79,682
79,241
Total(35 roads)
Net decrease (13.16%)
9,417,80810,844,847
Increase .Decrease
$
17,152
$
44
42.920
159.300
534,000
43,146
12,710
396
11,852
13,549
30,121
1914.
I
1913.
,g.
Oc
7:re e„
0eclo il coToz
z;
5,
1212;1 2 2024 2020 2' Dtu r
,91 tztZtZtztZ
c64z
‘.4 2
4
•
ti
Xs° X
X x,
X x,
0001
61 .... 2"OA.
853
4,873
9,149
0 to. 030 00
One Wm leo, Ca:, :73-Q, 1,,10
if
c•a
i CC -40-I 00 0,0.
151,575
$
250,734 2,860,487
19,863
344,500
11,276
13,061
4,697
262,010 3,242,608
2,980,598
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
CoOs .6
.
•••• ..a•-oVb.,".••••To• -0.-01 I.".0000 •••••-•1.
ell z
1•2 A
en0
!') 0
.
.-..
'4...,%'...'""c°....,e' ,,,..
-C .c..3 WC 00 AO
'4 Cu
••••4.0
00'1°.: 6-
00 OW 04.1 4,..
•• • • •• • • • • • - • • • • - • • •
COO "l en 000 Gnea ..40 00 v0 .ca 00 "1'.'
0
0bi 0.4 00 -4 A
.
CO C4 -4 C4 a -1 en -4- 00 •
.P.Cat
.
0 Pa -4 .4 CO C.4 Pi 0
.
4 .-.Co Co oa 0na da.C.4
CI
0
. Or
I to
A
00.0CP
0.0
CO 04 en en -4 Co
COW 000 0. N. 4:4 00
en.- COO 0,-• 00 C400
0
- .
0i
•
00.
col.1.14 1,
40.
014
en
3,212
Increase. Decrease.
4
04
.0
58,192
7,722
55.000
33,033
108,000 1,535,039
1,427,039
.
.
e4
.
0
coo coo Cu C4 -4 C4 Oa 0
.
0C400 C. 0
.40
A0
.
01 A0 0in 0cc. V. Co0 00 W0 0.4
5,849
4.017
941
441
pen
0
A .00
en
coteC0
*•-4 0.
4.'4 "C'
01 *.
00 CI. 0
°,0 "W
c0r0 14
C4CO
C' '5'
009 09 ,,.4 ap..9
Z
0 A 0CO 00 0A -40 0
.
A CP 0CO 00 0N.
pi .
'pi•
cp .1.0 .
....co 14
.
0CO
.
4
,1
..
0
.
..0 14
.
A
'
O
.
.' 2
4
0t
•
4•
.
C
'°
0.
C.4 .
-4 C.4 0A.
en en cei0 0A 0-4 '
0h-, 00.4 .6
00
"
-4 -C
V'
CO l'
0
,
"
4
,0
Co 0.r..4
13 ;1
Coen CO P. A0 c.......1... en en -4 C4 00 1'
-40....•
53,746
54,000
205,173
35,208
Pi
00
'..
00 ND :it *4 14
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ca 0
1'e
O
' '.
.
A
2:
;-..-' ...I
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,'
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°
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RI-a ••--..w."..‘
0 Pa Pa pa oa -4 -4 C40 0C4 -40 0,
•
.
1.
A C4 0
,w A 00 0A 00 00
-ei
.0,3
19t.
C4 V.
.
.0 14
.
0
lob.
P.a
.
-4
1
to
tE
Cu
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: 8
a
28
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5
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en
0
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0
pi
;
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WI
g
0.
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10,4 -...
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ao
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0-4 0
53-• ri
.
1 10 gn ri
.
jp
.
2
04
... 0-4 v0 0.-. r.4 V 0ta 0Pa 0Pa Pa i Co •• Pa pa .• e. '
Oa Pa .
Pa
.
es
. . ••
" 14•ei 0
- -A is,.0 14•
0.
,
0 14.
4
,
10 .00
,14
.
07
0
VC. 7
0
,10 .0,.. 107.-• ..-•'`, .
5
i."
51tE E VE rt E OM° LlE O:Og E OS tiS 4te ti gi r.F.' E2 a2
O ..
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.
00
0
.
0..
0
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3
Previously reported (32 roads)- 14,309,626 16,919,379
Ann Arbor •
51,71,805
Canadian Northern
309,400
653.900
Chicago & Alton
383,857
372.581
Georgia Southern & Florida
85,262
72,201
Rio Grande Southern
13,772
18,469
Total (37 roads)
15,140,798 18,121.396
Net decrease (16.45%)
1
"z
44,400
33,000
17,666
For the fourth week of December our final statement
covers 37 roads and shows 16.45% decrease in the aggregate
under the same week last year.
Fourth Week of December.
w•
225
CI CP
-4 C.4 hi
0
0
&
pa .p. .0
.
.
9 Cia.--.1 Co,...28
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,.
.
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•
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•
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-Gross Earnings- -Net Earnings
°'...-. 0'4
.
0 NA
00
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0.00,4 0.4 )-...I !Ow ...a
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Current
Previous
Current
Previous
..-4g0t4 gba cv, t-4"
Roads.
0 00 -" • t
Year.
Year.
Year.
Year.
0
3
3
3
$
Bellefonte Central_b__Dec
7,023
7,965
1.977
919
Jan 1 to Dec 31
90,797
87,723
17,102
17.373
......0
V.0 .
C4
Cent of New Jersey_b__Nov 2,524.180 2,731.253 1.048.974 1.189.772
c':',.1 88 87, «24.
July 1 to Nov 30
13,926,000 14,517,844 5.940,119 6,458.683
0
.
0
- 001,, 1,..., 1,7-, lea, LA,Zola 1.11.4 01,- :410 le... Va,14.2 1...0 P n
0000 b.)00 ..4.-.
0. •-• 000 V .4 0.... 00 0P. -4 ba .4.4 0.4 .
Grand Trunk of Canada..4 ••••
ba 4.• 0cx• to•0 o •••1 00 oo 4...a 0no oo.. oo.. 0
co oa oo ao op 0, -40 •••• 01
I
Grand Trunk Ry_ _ _ _Nov 2.953,522 3,724.132
,
426.082
720,485
Jan 1 to Nov 30
38,469.238 42,798,961 9.851,499 10.446.185
Grand Trunk West_ _ _Nov 576.194
63.
CLIO,.
1 ..%1
.11.0inenen
CI
71_1
1
'
5..i
577,167 def31,146
74,701
iii.-,..,,e4 5L,11.
ca ....0 4
co b,.,
.:
,5,,
Jan 1 to Nov 30
6.570,006 6,788,753
170.569
696,396
'
•
'
t
,
t
&V
at
8
2
°
c
4
IS
On;
Det Gr Hay & Milw_Nov 240,501
241.865
tap)
12,653
31.632
GOT.
Jan 1 to Nov 30
2,345,895 2,290,905 def159,621 def66,427
.
1
Louisiana & Arkansas.a.Nov 130,105
0-4
148.971
34,208
49,170
ea I 0
I
July 1 to Nov 30
728,476
731,663
212,180
252,916
N CO ▪
•••0 A N CP I 0pa 00 0co T. I C.,,C0 0Cn 00 0
,Oa 00..
.
1:11
Rio Grande Southern_b_Nov
52,422
65,912
.
43
0,.0 00.
19,294
00
.
400 en en Zona balo.
30,302
001.• ...0 Co....0.1.. .-.. 0-4 0
•
p, 000 P.•-• CO 00 ,-. Os
0Pi C40 -.40 CO N ip Co C4
July 1 to Nov 30
257.977
316,280
72.074
110,150
CD.4 0000 0co 0pa Pa co co 0 0-4..C4 pa .P.
Ca Pa •:.
Toledo Peoria & West b_Nov
94,178
106,709 def3,894
def7,332
EXPRESS COMPANIES.
December
89,231
104,985
3.159 def2,774
-Month of September--July 1 10 Sept. 30July 1 to Dec 31
633,971
714,481
69.814
44,902
1914.
1913.
1914.
1913.
Canadian Express Co.$
$
INDUSTRIAL COMPANIES.
Total from transportation... 2913,134
348,353
906,213
946.750
-Gross Earnings- -Net Earnings-- Express privileges-Dr
150,184
159.542
461,035
443,656
Current
Previous
Current
Previous
Revenue from transportation 145,949
Companies.
Year.
Year.
Year.
Year.
188.811
445.177
503,094
Oper.
other
than
transport'n
$
$
5,187
$
$
13,018
15,824
31,887
American Tel.& Tel. and associated holding and operating cos. in the U.S.,
Total operating revenues_ _ _ 151,137
not including connected independent or sub-licensed companies:
201,829
534,982
461,001
Operating
expenses
132,607
a Jan 1 to Nov 30
152,808
415,423
444,472
206,710,452 197452,138 53,826,304 53,858,152
Keystone Telephone-a Dec 109,553
107,695
54,905
53,727 Net operating revenue
18,529
49,021
90,509
45,578
Jan 1 to Dec 31...____ 1,321,227 1,265,779
689,417
625.573 Express taxes
4,000
2.850
8.450
12,000
Operating income
a Net earnings here given are after deducting taxes.
14,529
46,171
82,059
33,578
b Net earnings here given are before deducting taxes.
-Month of September- -July 1 to Sept. 301914.
1913.
1914,
1913.
American Express Co.Interest Charges and Surplus.
$
$
$
$
Total from transportation
4,169,588 3,896,043 12.004.228 11,036,279
-Int.. Rentals, &c.- -Bat, of Net Earns.- Express privileges-Dr
2,068,054 1.921,039 5,971.900 5,470.523
Current
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year.
Revenue from transportation
1,975,003 6.032.327 5,565,756
3
$
$
3
Oper. other than transport'n 2,101,534
Bellefonte Central
213,682
564,572
Dec
188,263
570,055
235
240
684
1.737
Jan 1 to Dec 31
2,820
2,880
14,282
14,493
Total operating revenues_ 2,315.217 2,163,267 6,602.382 6.130,328
Central of New Jersey_ _Nov 678,453
792.561
370,521
397,211 Operating expenses
2.135.381 1,993.410 6,560.282 5,942,783
July 1 to Nov 30
3.415,382 3,640,963 2,524,737 2,817.720
Louisiana & Arkansas__Nov
operating revenue
26,782
179,835
30,616
18,554 Net
7,426
187,544
169.856
42.100
July 1 to Nov 30
Uncollectible
rev,
from
trans.
139,474
143.890
276
72,706
109.026 Express taxes
387
Rio Grande Southern_ _ _Nov
35,966
93,995
30.450
110,021
19,964
20,033
zdef635
z10,377
July 1 to Nov 30
99,505
100.441 zdef26.475
z10,844 Operating income
143,591
93,548
-68,308
139.405
Toledo Peoria & West_ _Nov
26,900
25,866 zdef27,629 zdef29.319
December
26,425
26,638 zdef21.766 zdef23,848 ELECTRIC RAILWAY AND TRACTION COMPANIES.
July 1 to Dec 31
154,955
149,792 zdef77.231 zdef78,282
INDUSTRIAL COMPANIES.
Latest Gross Earnings,
Jan. 1 to latest date.
Name of
-Int., Rentals, ‘31.c.- -Bal. of Net Earns.Road.
Previous
Week or Current Previous Current
Current
Previous
Current Previous
Companies.
Month.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
$
American Tel & Tel and
$
American Rys Co..- _ November
associated cos435,395 4,939,456 4.785.182
Atlantic Shore Ry_ November 424,813
349.307
336.416
Jan 1 to Nov 30
24,267 25.797
17,341,567 15,203,199 36.484,737 38,654,953 cAur
Elgin & Chic Ry November 160.928 171.074 1.871,718 1.861.395
Keystone Telephone_ _ _Dec
26,061
26,040
28,844
27.687 Bangor Ry & Electric November
712,243 698.441
64.570 65.372
311.900
Jan 1 to Dec 31
306.495
357,517
319,078 Baton Rouge Elec Co November
146,743
161,697
15.705 15.481
-Belt LRyCorp(NYO) September
551,385
564.735
63.111
61,775
z After allowing for other income received.
Berkshire Street Ry_ November.. 72.066 76,206
900.514
927,459
6
2. ., :
t.1" CI ..- tg.., vr,'21 'it - t0 ttr,
..„, ....., ...
...i. _I
sa zi--v- --..- bl...b
"
. -- ----"
[Vol.. 100.
THE CHRONICLE
226
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
3
$
$
Brazilian Tree. L & P November (5929730f6009487 167340,988(65932,152
8,056
7,671
113.686
116,715
Brock & Plym St By.. November
Bkiyn Rap Tran Syst September 2305.490 2249.340 20,617,324 20,072.369
320,098
344,781
30,045 34,849
Cape Breton Bloc Co November
84,896 97.032
996.085 1.104.553
Chattanooga By & Lt November
395,902
392.398
Cleve Painesv & East November.. 30,998 30,188
Cleve Southw & Col_ November 100.184 98,490 1,158.384 1.149,872
621.668
551.732
63,274 58,858
Columbus(Ga) El Co November
gComwth Pow,Ry&L November_ 1239.728 1237,366 13,270.755 12.758.595
November. 601,801 624,272 7,364,810 7,521,275
Connecticut Co
Consum Pow (Mich). November 303,692 291.035 3.079.902 2.830.186
Cumb Co(Me)P & L November 196,249 195,100 2,310.109 2,149,252
Dallas Electric Co.._.. November 180.303 198.258 2.022.464 1.989.581
Detroit United Lines 4th wk Dec 313.029 308.073 12,182,268 12,659,123
384,544
40,576 49,314
451.750
DD MB& Hat (!tee) September
Duluth-Superior Trac November 104,457 109,263 1,200.595 1,165,829
East St Louis & Sub.. November 207,713 236.850 2.409,829 2,428.243
91.712 80.761
953 404
799,158
El Paso Electric Co November
42d St M & St N Ave September 162,575 161.522 1.382.582 1,410.776
Galv-Hous Elec Co.... November 195,389 211.612 2,231,982 2,169,503
98.208 101,387 1,160,653 1,178.942
Grand Rapids By Co November
908.834
903,106
Harrisburg Railways. November.. 77.197 79.953
Havana El By. L & P
99,472
110.230
(Railway Dept)__ Wk Jan 10 51,300 54,316
52.949 52.618
503.437
508.280
Honolulu R T & Land October..
255,148
272.020
Houghton Co Tr Co November- 19.590 21,701
b Hudson & Manhat_ November 458,574 470.204 5,067,032 5.010.291
Illinois Traction.... November 706.342 729.946 7.479,121 7,188.041
Interboro Rap Tran_ November 2833,911 2821,495 30,786,279 29,724.423
52.881 58,235
Jacksonville Trac CO November
659.112
615,138
November
10,616 13,265
122,226
129,713
Key West Electric
Lehigh Valley Transit November 149.939 191.198 1,700,506 1.634,292
625.134
49,437 51.794
626.850
Lewis Aug & Watery. November
193.875
193.889
23,805 21,372
Long Island Electric_ September
Louisville Railway.... November 244,691 260,943 2.906,655 2,862.356
Milw El By & Lt Co- November 501,273 521.558 5,470.399 5,480,379
Milw Lt. Ht & Tr Co November 114.833 120.429 1,379,153 1.326,706
493.026
454,572
57,414 53.553
N Y City Interboro September
316,871
43,933 38,801
N Y & Long Island September
314,040
NY & North Shore September
124,837
123,755
17,203 16.(75
September 119.186 117.682 1.031.541 1.056.620
N Y & Queens Co
New York Railways_ November- 1061,863 1138,477 12,365,914 13.005,028
349,516
N Y & Stamford Rys November_ 23,967 24,312
351,671
NY Westches & Bog.. November. 37,849 33,790
382.742
340.763
Northampton Tree.- October_ - _
155.906
158.358
15,494 15.830
Nor Ohio Trac & Lt_ November 286,732 265,096 3,319.704 2.989.155
North Texas Electric November 157.568 197,719 1,908,536 1.947.322
340,700
330,739
Northw Pennsylv By November_ 27,320 28,844
136.171
Ocean Electric (L I)_ September
142.890
17.227 14,106
267,062
274.054
Paducah Tr & Lt Co.. November
24,839 26,659
259,466
244.734
Pensacola Electric Co November
18.860 22.696
Phila Rap Transit... November 1959.824 2018.496 21,886,868 22.099,065
Port(Ore)Ry,L&PCo. November 494,626 576,244 5.758.679 6,116.265
956.448
963.782
76.066 75.113
Portland (Me) RR November
Puget Sound Tr,L &P November 686,820 752.983 7,733,423 7.823,294
Republic Ry & Light November 244,251 251.827 2.756,557 2,702,533
Rhode Island Co_.... November.. 397.016 412,576 4.921,984 4,964,203
304,850
305.211
37.192 33.256
Richmond Lt & R11.. September
St Joseph(Mo)RY.1..t.
1.252.904
1,294.124
117,830
119,892
December..
Co.
Power
Heat &
417,313
423,593
Santiago El Lt & Tr_ November_ 37,117 38,325
753,274
770,960
69,870 71.497
Savannah Electric Co November
792,643
697.966
92.238
82,287
September
Second Ave (Rec)„.
156,135
168,972
20.076 18.934
Southern Boulevard.. September
249.903
256.961
32.063 28,625
Staten 1st Midland September
761.833
895.499
75.743
80.922
Tampa Electric Co_ November
September 327,631 339.394 2.968.458 3,040,125
Third Avenue
Toronto Street By...... November 465,035 501.254 5,537,085 5.502.573
Twin City Rap Tran_ 4th wk Dec 260,470 255,068 9,279.742 8,854,809
Union By Co otNYC September 241.811 231.043 2,191.032 2.074,877
November 978.994 1062.951 11,457.945 11,605.532
United Rys of St L
Virginia Ry & Power. November 427,351 429.331 4.725.983 4.587,023
763,122
754,505
Wash Bait & Annap_ November. 64.169 67,724
457,242
465.142
54,722 50,539
Westchester Electric- September
231,890
238,561
19,752 19.655
Westchester St RR November_
Western Rys & Light November 218,777 217.994 2,448,427 2,333.576
522.61g
5.39.105
62.951 60,834
Yonkers Railroad.... September
659,488
635.357
70.171 69.770
October..
York Railways
248.018
232,969
23.603 21.548
Youngstown & Ohio.. November
158.247
162.161
13.767
Youngstown & South November.. 13.529
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in mikes. g Includes constituent
companies.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week.
Roads.
—Gross Earnings— —NetEarnings—
Current
Premous
Current
Previous
Year.
Year.
Year.
Year.
Clev Painesv & East_a__Nov
Jan 1 to Nov 30
New York Railways_a__Nov
July 1 to Nov 30
Northwestern Pennsylv_Nov
Jan 1 to Nov 30
St JOS Ry, L, H & P.a_Dec
Jan 1 to Dec 30
Wash Balt & Annap_b__Nov
Jan 1 to Nov 30
a Net earnings here given
earnings here given
Net
b
30.998
30,188
13.389
12,171
180,148
395,902
392.398
182.575
328,077
1,061.863 1,138.477
294,624
5,680,232 5,977.221 1.690,779 1.818.350
7,247
8,552
27.320
28,844
97.842
340,700
81,580
330,739
60,082
57,479
119,892
117.830
570.050
540.676
1,294,124 1,252,904
26,982
30,671
67.724
64,169
754.505
763,122
342,259
376.756
are after deducting taxes.
are before deducting taxes.
Interest Charges and Surplus.
—Int., Rentals, &c.— —Bat, of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
3
10,483
2,509
10,880
1,688
Cleve Painesv & East—Nov
120,886
114,633
61.688
65,465
Jan 1 to Nov 30
277,162
z47,347
287,545
New York Rallways......Nov 280,457
1,402,538 1,384,664 z472,033 z592,775
July 1 to Nov 30
39.249
20,133
37.346
20,833
St Jas Ry, L, H & P_ ___Dec
241.600
320,050
299,076
250,000
Jan 1 to Dec 31
x4.149
24,012
24,969
x8,689
Wash Bait & Annapolls_Nov
x93,612 x120,449
264.773
270,256
Jan 1 to Nov 30
z After allowing for other income received.
Roads.
ANNUAL REPORTS
Cincinnati Rarailtcai & Dayton Railway.
(Report for Fiscal Year ending lime 30 191410
President Daniel Willard, Oct. f), wrote in substance:
$12,920.
increase of
There
Results.—The operating revenues show an the
average rate per ton per
tons carried, but
was an increase of 476,021
cts. in 1913. Bituminous coal
.529
with
compared
as
.502cts.,
mile was
Net operating revenue decreased $1,662,931.
traffic increased 578,401 tons.
of $1,675.851, or 20.77%—the perOperating expenses show an increase
earnings being 96.57%. as against 80.05%
gross
to
centage of these expenses
for preceding year. an increase of 16.52%. due in largo part to the charges
in this year's accounts, including $1,075,991 for expenditures account
March and April 1913 floods. Exclusive of flood charges, said percentage
is 85.90%. A total increase of $1,122,984 will be noted in maintenance of
way and structures. Of this amount $1,003,430 represents flood damage,
$40,000 increases in wages and $79,554 increased maintenance program.
Transportation expenses increased $523,323. The largest item of increase was $76,757 loss and damage freight, the majority of which is
attributed to losses sustained during flood of March 1913, and paid during
this fiscal year. Increases in pay to employees in this department amounted to more than $61,000. Locomotive fuel increased over $118,000. Laws
Imposing greater responsibility on carriers contributed largely to increasing
transportation expenses.
Secured Debt.—This debt was increased during the year $2,611,187 viz.:
$2,899,827
Issued—Loans made during the year secured by collateral
Issued and held bY company—First & Ref. 4% bonds, issued in
exchange for $250,416 paid and canceled equipment obligations
deposited with trustee of mortgage (receiver's certifs., $27,160:
249,000
04% equipment notes, $223,256)
Retired-Equip. obligations, $535,640 (due Sept. 1913 to May
$537,640
1914), &c
Track, &c.—There have been used in main track renewals 252.060 cross
ties, and there were laid a total of 3,830 tons of new 90-1b. rail; 40 miles of
track were ballasted with gravel.
The divisions between Hamilton, O., and Indianapolis, Ind., and between
Cincinnati and Toledo are now laid with rail as follows: 64.5 miles, 90-11a.:
248.1 miles, 85-1b.; 38 miles, 70 to 75-lb.
The total amount charged to operating expenses during the year on account of the floods in March 1913 was $1,075,991, divided as follows:
Maint of way & structures. $1.003.430; maint. of equipment, $58,809:
transportation expenses, $13,753.
Additions and Betterments.—These aggregated gross in amount $491,618
(including $183,311 for bridges, trestles and culverts), and $132.021 for
block and other signal apparatus); and in net $363,046. the deductions
being mostly on equipment.
Bridges between Hamilton and Indianapolis and between Washington
Court House and Musselman have been strengthened to provide for the
use of Class E-27 engines.
The work of installing automatic block signals between Hamilton and
Indianapolis has been completed, and the automatic block signals between
Glendale and Hamilton are practically finished, making a complete automatic block signal between Cincinnati and Indianapolisin connection with
the Monon, complete automatic signals between Cincinnati and Chicago.
Default July 1 1914—Receivership.—The deficit for the year of $3,814.491
made clear the inability of the company to meet the interest obligations
maturing July 1 1914.
The committee appointed to secure funds with which to meet the maturing interest were only able to secure a loan to meet the interest due on prior
liens of the main line between Cincinnati and Toledo and maturing taxes.
An advance was also made for thi* company pursuant to contract for the
payment of the 3.6 of 1% payable July 1 on the Gen. Mtge. bonds. We
were unable to pay interest maturing July 1 1914 on the First & Ref. Mtge.
bonds and on the bonds of the Cincinnati Indianapolis & Western By:Co.,
most of which were guaranteed by this company, and in consequence there
was a default on those interest obligations.
The Pere Marquette RR. Co. having failed to pay the interest on its
Refunding bonds, certain of which bear the [disputed' guaranty of your
company. demand for payment was made on your company, which it was
unable to meet (V. 99, p. 50, 121, 467, 538, 970. 1592 .1833).
Thereafter a bill in equity was filed by the trustee under the First & Ref.
Mtge., in the U. S. District Court in the Sou. Dist. of Ohio, West. Div..
and Judson Harmon and Rufus B. Smith were on July 2 1914 appointed
receivers for the property (See also V. 99, p. 47. 119, 747, 815. 969. 1051)•
CLASSIFICATION OF FREIGHT TONNAGE—PRODUCTS OF.
Forest. Manufac. Mdse.,&c.
Agricul. Animals. *Mines.
1913-l4_..1.074.764 217.208 7,181,729 935,728 1,161,723 1415,642
1912-13....1,137.803 212.677 6,590,257 993,232 1,228.951 1,347,853
*Includes 5,641,896 tons of bituminous coal in 1913-14, against 5,083.495 tons in 1912-13.
RESULTS FOR YEAR ENDING JUNE 30.
1910-11.
1912-13.
1911-12.
1913-14.
1,015
1.015
1.020
1,015
Average miles operated..
2,739,344
2,870.866
2,916.466
3.156,062
Passengers carried
Pass. carried one mile._ 96,869,653 96,667,847 100,496,948 108,313,166
1.665 eta.
1.598 eta.
1.532 cts.
Rate per pass. per mile_ 1.654 eta.
Tons rev. freight carried 11,986,794 11,510,773 10.973.591 10,247.087
Tons rev. fgt. carr. 1 m 1476238,053 1396399,092 1345651,580 1307822,262
Rate per ton per mile.... 0.502 eta. 0.529 eta. 0.535 eta. 0.528 eta.
$9,933
Gross earnings per mile_
$9,926
39,684
39,381
$7,413,458 $7,384,784 $7,202,252 $6,904.049
Freight revenue
1,659,052
Passenger revenue
1,601,955
1,609,544
1.606.145
Mall and express
380,993
390,474
381,335
406.439
427,436
429,805
383,064
Other transn'it revenue.
412,219
205,784
217.678
275,592
259.059
Other than transport'nTotal oper. revenues..$10,084,217 $10,071,297 39,825,321 $%570,282
$834,462
Maint. of way & struc
$2,364,445 31,241,461 $1.000,947
1,702,727
1,703,448
1.876.585
Maint. of equipment.... 1,876.602
268,323
234,812
234,241
252,619
Traffic expenses
4,340.892
4.477.247 4,153,647
Transportation expenses 5,000,570
252,185
224,398
232.456
243,605
General expenses
Total oper. expenses.. $9.737,841 $8,061,990 $7,317,253 $7.398,589
Net operating revenues. $346,376 $2,009,307 $2,508,068 $2.171.693
378,977
397.675
430,419
464,609
Taxes
.792,716
Oper.inc., def. or sur- df.$118.233 841478,888 sr$2.110,393sr$1*114.772
205,648
207,437
212,493
Other income
$94,260 $1,786,324 $2,316,041 *31,907,488
Total income
Deductions—
Interest on funded debt_ $2,528,433 32,398,108 52,356,055 *$2,091,925
25,526
*37,393
29,795
29.795
Other interest
188,864
104.781
614.532
984,666
Hire of equip.—balance_
386,956
363,484
334,435
365,857
Rentals paid
Total deductions
Deficit
$3,908.751
33,814,491
$3,429,391 $2,933,928 n2,568,534
31.643,066
$617,887
$661,046
* Comparison of the items so marked is inaccurate, the figures having
been somewhat changed in later years; the final results, however, remain
unchanged.
Note.—Operating expenses for 1913-14 include $1,075,992 account expenses incident to repairing damage caused by March and April 1913 floods.
BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1919.
Ltabettles-$
X
Assets—
Road,equip..drc.a43.533,792 43,382,419 Common stock__ 8,000,000 8,000,000
248,575
Leasehold estate_ _ 3,713,200 3,713,200 Preferred stock..- 248,575
b23,516,589 22,839.589 Cap. stock (leased
Securities
3,713,200 3,713,200
Securs. In treas..- 2 283,400 2,711,400 lines)
600 Funded debt_ _._ x83,643,093 81,020,265
Marketable secur_
10.000 Receiver's certfs....
11,640
9,000
Loans & hills rec..
587,735
Other Investments co,518,891 5,518,952 Loans & bills pay_ 537,735
383,417 Traffic, &c., bats.. 670,056
871,422
328,117
Cash
Vouchers & wages 675,264
971,227
Dep. for matured
606,442 Matured interest,
Int., rents, &C.. 166,148
117,332
dividends and
Traffic, &c., bals _ 162,925
890,753
674,001
rents unpaid...... 1,306,464
Agents & conduc's 491,576
Materials & slum_ 673.358 1,005,815 Matur. bonds,&e_ 11.559,000 11,563,880
189,652
983,893 MI3C. accounts..... 259,694
646,725
Misc. accounts_
163,508
8 Working advan___ 164,623
10
161:821800
18,309
Accr.Int. not due_
978,835 Accrued interest,
477,957
Advances
103,805
200
dividends, tee.... 553,461
Special deposits_ _
291,777
Taxes accrued_ .._ .. 323,887
2,000
Sinking fund
Other def. credit
Other def. debit
237,539
909,616
136,201
425,909
Items
items
Profit and loss_ .... 29,878,653 25,994,818
111,846,254108,827,978
Total
111,846,259108,827,978
Total
(1) ina Road, franchises and equipment ($43.533.742)ln 1914 includes
vestment to June 30 1907. $41,223,978 (see foot-note x below); (2) invest,
JAN. 16 1915.]
THE CHRONICLE
ment since June 30 1907, $3.684.858; total.
less reserve for
accrued depreciation, $1,375.094; balance as$44.908,836;
above. $43,533,742.
b Includes in 1914 securities of proprietary, affiliated
and
controlled companies, pledged, $2,688.364. and unpledged, $2,225. and securities
issued
or assumed, pledged, $20,826.000.
c Other investments include in 1914 advances to proprietary, affiliated
and controlled companies for construction
, equipment and betterments,
$1,231,345; and miscellaneous, $4,287,545.
x There are included in the assets ($41,223,978), road and equipment
Investment to June 30 1907. $11,762,000, and in the
liabilities,
bonds held by company and those not held by company, $50,000 mortgage
$11,712,000. respectively, representing the par value of the fundedand
debt of
leased companies of the C. H. & D. By. on June 30 1914, for which
the
latter is contingently liable for the payment of the principal and interest,
excepting that it is contingently liable for the payment of $933,000 only
of the Indiana Decatur az Western By. 1st M.5s, and possibly of a portion
only of the Cincinnati Indianapolis & Western Ry. 1st & ref. M.,as follows:
Chi. Ind. & West.By. 1st & ref. M.
4s, $4,722,000;Ind. Decator &,Western
By. 1st M.5s, ,3 162,000; Ctn. Findlay
& Ft. Wayne 1st M.4s, $1.150,000,
and Dayton & Michigaia Consol. 1st M. bonds, $2728.000.
Note.-The company also has a contingent liability for principal and
Interest on $150,000 Toledo Riverside By. 1st M. 5s, due March 1 1927.
-V.99, p. 1597.
Hudson Companies, New York.
(Report for Fiscal Year ending Dec. 31 1914.)
President W. G. Oakman in circular of Jan. 11 1915,
issued to the pref. stockholders in connection with the
annual report, says in substance:
The condition of Hudson Companies and of the Greeley Square Realty
Co., the stock of which is entirely owned by Hudson Companies, are fully
shown by the accompanying statements (in pamphlet report. An annual
statement for the Hudson & Manhattan RR. Co., the controlled tunnel
property, whose capital stock is $5,242,151 pref. and $39.994,890 common.
was in V. loo, p. 54: V.98,P. 10674
There have been no transactions of importance during the year excepting
the renewal of the mortgage of 36.500,000 due April 23 1914. upon the
property of the Greeley Square Realty Co. That mortgage was renewed
for the sum of $6,427,000 for five years at 5% per annum,with condition of
annual payments upon account thereof of $150,000 per annum during the
years ending April 23 1915 and 1916, and 3175.000 per annum during the
years ending April 23 1917 and 1918, and $100,000 Oct. 23 1918,
against
which payments First Ref. M. bonds of the Greeley Square Realty Co.
are
or will be issued and held in the treasury of the companies. Said company's property is rented until 1931 at a present net rental over all taxes,
repairs or other expenses or any kind of $620,000 per annum for the current
year, increasing during the term of the lease, with provision for its renewal.
In connection with the extension of the aforesaid mortgage, and in furtherance thereof the company on vote of the board purchased at par $427,000 Greeley Square Realty Co.First Ref. M.bonds(compare V.100. p.144).
PROFIT AND LOSS STATEMENT OF HUDSON COMPANIES FOR
CALENDAR YEAR 1914.
Interest received on Greeley Square Realty Co. 5% bonds. $139.699; other interest, $4,853; miscellaneous, $609; total
$145,161
Deduct-Interest on 6% notes, $90,000; other interest, $937; total_ $90,937
Pay-roll $2,803;gen'i,&c ,$3,854:taxes,$5,362;misc.,$755;total 12,774
Net adjust's applicable to consten under H. & M. contracts
324
Balance (profit) carried down
$41,125
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
Assets$
$
£
H.& M.RR.(par)
Preferred stock __ _16,000,000
1st M.scrip
130
130 Common stock_
5,000,000
Preferred stock 2,307,614 2,307,614 Real estate mtges_
Common stock...25,171,209•25,171,209 Gold notesGr.Sq.Rty.Co.(par)aSe, Oct. 15 1913_
Bonds
.2,877,000 *2,450,000 55, Feb. 1 1914_
" Preferred stock _ _•1,000.000 .1,000,000 65 (not 5s), Aug.
Common stock •1,000,000 *1,000,000
1 1918
1,500,000
Real estate
6182,008 6182,008 Accrued interest_
37,500
Cash
62,618
506,098 Accounts payable_
50
Suspense account_
.500
500 Balance, on basis
Accrued interest
36,016
30,708
of par of securiAccts. receivable_
487
5,908
ties owned
10,110,061
Dep.to retire notes
65,144
Mtge. investment
10,000
10,000
1913.
16,000,000
5,000,000
55,000
5,500
58,000
1,500,000
39,590
2,292
10,068.936
Total
32,647,611 32,729,319
Total
32,647,611 32,729,319
* Securities deposited as collateral for $1,500,000 6% notes due Aug. 1
1918: 250,000 shares Hudson Ss Manhattan RR.common stock and 10.000
shares common stock. 10.000 shares pref. stock and 24,500 first refunding
mortgage bonds of Greeley Square Realty Co. a Bonded debt,
310.000.000. 13 Real estate at 6th Ave., cor. 9th St., at cost.
GREELEY SQUARE REALTY CO. CAPITALIZATION, Sc.
DEC. 31
1914 (TOTAL 312,341.848)•
Preferred stock
$1,000,000 First Ref. M. bonds, 5%.$3.648,000
Common stock
1,000,000 I Accrued int. payable_ _ _ - 202.550
First mortgage
6,352,000 Balance, surplus
139,298
Offsets: Property account, $12,107,280; cash, $86,568; company's
5%
bonds in treasury, $148,000; total, 312,341.848.
Profit and loss statement of Greeley Square Realty Co.
year 1914: Income-Rent of Gimbel Bldg.. 3617,083; interest,for calendar
&c., $1,386;
total. $618,469. Deduct interest on mortgage. $321.301; int.
on bonds
(V.91,p. 1772),$175,000;taxes. $4,963; general and misc. expenses,
$1,046:
balance, surplus for year, $116.160. See also V. 100, p. 140.
The Ann Arbor Railroad Company.
(17th Annual Report Year ended June 30 1914.)
Pres. Newman Erb., N. Y., Nov. 1, wrote in substance:
Results.-The gross oper. revenue shows an increase, but,owing
mainly
to an increase in operating expenses, a decrease
in "other income' and an
increase in interest deductions offset by
a decrease in the deficit from outside operations, the net corporate income
decreased.
Other Income -There was a decrease of $15,102, due to increased
per diem payments and $26,973 principally due to adjustment
of bills
taken into last year's account against the Wabash RR. The increase
of
$8,847 from outside operations was due to allowance this year as earnings
of the actual expense of operation and maintenance of ear ferries, while
proportion
fixed
of earnings on' acrossiake"
last year a
was allowed.
Maintenance.-Expenditures for maintenance of business
way anti structures
decreased $48,631, principally due to application of lass cross ties and new
rail. There were placed in track during the year 99,993 crass ties, as compared with 144,886 the previous year, and 150,317 tie plates under the 80
and 85-pound steel; 4.43 miles of new 85-pound rail waslaid,releasing lighter
rail; $5,450 was expended in additions and betterments to buildings and
structures and $7,050 expended in improvements and betterments of
bridges, trestles and culverts paid out of current income. There has been
no deterioration because of decrease in maintenance charges.
Transportation Expenses.-The increase of $49,603, or 6.67%. in these
expenses was due largely to increase in wage rates made to train,
engine
and yard men in Nov. 1913.
Taxes.-There has been no change in the Michigan tax situation except
that a reduction of $100,000 (to 37.400,000) in assessed valuation was
secured for 1913, after the presentation of exhaustive exhibits. This reduction, almost inappreciable, should have resulted in a saving on the basis
of last year's valuation of $2,155, but owing to increase in average rate per
$1,000. our total taxes exceeded those paid in 1912 by $3,511.
Additions, etc.-Additions and betterments charged to this account
during the year aggregated 396,344 and extraordinary repairs charged to
operating expenses and paid for out of current income were35,632.
Capitalivation.-There wero issued to the company during the year
(a) $750,000 two-year 6% collateral gold notes, of which ,however, only
$530,000 have been actually exchanged, sold, and disposed of. leaving in
treasury, and pledged. $220,000; (b) $250,000 improvement and extension
5% bonds to reimburse the treasury for betterments,increasing the treasury
bonds of this issue to $1,500.000 (unsold).
227
The serial note issue due May 1 1914 was paid off and the aforesaid new
serial 2-year 6% loan of $750.000 was negotiated,
evidenced by notes in
denominations of $1,000. secured by a pledge of 31,500,000
and extension mortgage bonds with the Empire Trust Co. (ofimprovement
York),
trustee. (V. 98, p. 1154, 1243, 1315, 1391). There were New
retired
11169,500 of equipment bonds. The net decrease during the yearalso
in interestbearing debt was $72.500.
General Remarks.-Transportation conditions in Michigan
have become
well-nigh intolerable. The burdens of taxation have
been unreasonably
increased; rates during the past ten years have been
reduced; while
wages and the cost of supplies have increased, until itsteadily
is impossible to obtain
any reasonable return upon the actual value, or
the capital invested. In
1903 the company carried 542.277 revenue passengers
with earnings of
$419,665; last year it carried 1,057.513 revenue passengers,
with total
revenue of only $535,467.
with an increase of 73,405,834 tons
in freight handled one mile,Moreover,
there was a decrease of $7,276 in revenue,
showing a decrease in freight revenue per ton per mile
of over 26%,or from
0.69 cents to .51 cents.
OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
1910-11.
Miles operated
292
292
292
292
Passengers carried
1,057.513
1,146,539
1,089.353
949.902
Pass. carried one mile- 29.648,387
30.139.644
31,367,512 28.787.790
Rate per pass. per mile_
1.81 cts. 1.82 cts.
1.72 cts.
1.70 eta.
Pass. earns. per train m- 90.98
cts. 82.25 cts. 77.02 cts. 96.24 cts.
TO1113 carried (revenue)- 2,046.652
1.977.900
1.945,977
1.775,291
Tons carr'd 1 m.(rev.)_277,9
16,663 279,587.372 274,971,595 273.802.696
Rate per ton per mile_ _ _
cts. 0.495 etc. 0.526 cts. 0.566 cis.
Fgt. earns. per train mile 0.5072.53
2.37
2.35
$2.47
Gross earnings per mile_
7.181
7.101
7.264
6,628
Avge. tons per train mile
501
480
447
437
Operating RevenuesFreight
31.407.140 $1,381.716 $1,447,074 $1,323,944
Passenger
535.468
549,655
541.173
490,488
Mail, express, &c
153,561
141,326
132,137
120.184
Total
$2,096.169 82,072.697 32,120,384 81.934,616
Operating ExpensesMaint. way & structures 3246.509
3295.141
3238.049
3259.444
Maint. of equipment_ _ _
264,313
259,188
236,678
245,415
Traffic expenses
63,118
49,640
50.442
48.581
Transportation expenses
793.502
743.899
800.711
666,734
General expenses
87.583
87.215
93.568
85.194
Total
$1,455,025 $1 335.083 $1,419,448 $1,305,368
P.c. expenses to earns
(69.41)
(69.24)
(66.94)
Not operating revenue.. $641.144
(67.47)
3637,614
3700,936
3629,248
Outside oper.(net), def.
96
8,944
7.679
8,186
Net revenue
$641,048
3628.670
$693,257
3621.062
Taxes
168,010
167,159
167.827
167,827
Operating income... $473.038
$461 Z11
3525.430
$453.236
Other income
*26,722
62,138
51.226
52.838
Gross income
3499,760
3523,649
$576,656
$506.074
DeductHire of equipment
$31,034
$38,241
810,741
Int. on 1st NI bonds_ __ _
280.000
3280.000
280,000
280.000
Int. on equip. notes, dm.
107.732
88,307
78.131
52.187
Total deductions___
3418.766
$368,307
5396.372
8342,928
Balance,surplus
$80,994
$155,342
$180.284
3163,146
* Other income includes In 1913-14: Joint
$22,914: interest from
securities and accounts, $480; miscellaneoufacilities.
s, $3.329.
GENERAL BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Assets$
$
Liabilities-3
Road & equip't _ .417,187,024 17,140,259 Preferred
stock... 4,000,000 4,000,000
Impt.& ext. 30-yr.
Common stock... 3,250,000 3,250,000
55 pledged
1,500,000 1,250,000 let M.bonds
7.000,000 7,000.000
2-yr. 6% collat.
Coll, trust notes
750,000
653.000
notes pledged__ 115,000
Equipment
notes_
775,500
945,000
Coll, trust notes
Impt.& ext. bonds. 1,500,000 1,250.000
In treasury
105,000
14,000 Loans & bilis pay_ 161,219
72,750
Other securities
33,566
33,566 Vouchers & wages. 551.844
384,288
Cash •
90,120
92,968 Miscell.liabilities_
95,028
62,291
Remit. in transit_ 110,609
89,790 Interest matured&
Materials & sum). 145,772
142,887
accrued
92,334
98,586
Adv.(D.T.& I.R5%)
1
1 Taxes accrued....
77,774
52,608
Jackson Ann Arbor
Def.
credit items_
37
20,268
& Chicago bonds
7,000
7,000 Profit and loss 61,277,068 1,220,108
Miscellaneous.... 173,337
191,862
Cash for purchase
of new equipm't
759
759
Oth.def.deb.items.
62,616
45,807
Total
19.530,804 19.008,899
Total
19,530,804 19,008,899
a After deducting reserve for accrued depreciation, 3151,091.
b After deducting miscellaneous adjustments (net), aggregating
$24,034.
-V. 98, p. 1243.
Lehigh Valley Transit Co., Allentown, Pa.
(Report for Fiscal Year ending Nov. 30 1914.)
The remarks of President H. R. Fehr regarding the property and its operations, together with the income account,
and also the general balance sheet of Nov. 30 1914, will be
found under heading "Reports and Documents."
Owing to
the necessity of stating the figures in a form different
from
that of previous years, in order to comply with
official
requirements, no comparative figures are given.
President Fehr in the report says that, although the majority of roads made drastic reductions in maintenance
expenditures during the past year, the company not only maintaine
d
the property at its usual high standard, but has
continued to
carry out its original program of improvements.
In spite
of tie widespread business depression and
the unusually
severe winter, the gross earnings increased
slightly
over 1%.
The company, it is noted, enjoyed increased
patronage due
to the "High Speed Limited Service" between
Philadelph
ia
and Allentown, and Allentown and Easton,
and the satisfactory results from the freight business
the
and
Adams
Express Co.-V. 100, p. 140.
Swift & Company, Packers, Chicago.
(Report for Fiscal Year ending Sept. 26 1914.)
Prest. Swift, at the annual meeting, Jan. 7,said in subst.:
I have
just completed a trip to
Pacific Coast and the Western States,
returning through the Southern the
States; from observation I believe this
country, as a whole, is facing a year
of prosperity. Certainly the farmers
(and they are the backbone of prosperity)
greatest crops, the best prices ever known. are realizing as a whole, on the
There Is, however, the exception of the cotton industry, which
has had a great handicap, but this I
believe is fast being adjusted and will
soon be overcome.
Swift & Co. did what they could to
relieve the cotton situation by increasing as much as possible the use of cotton
oil and other Southern
products, including bags. sheetings and coversseed
for meats. Our purchase
and use of cotton goods amounted to
over
10,000,000
last year.
The 3 months, October, November and December,Yards
that have passed
since the close of our fiscal year, prove to
us that our business is on a very
THE CHRONICLE
228
[Vol,. 100.
the first six months fell some-and I anticipate a showing for a 234% dividend, although the earnings for
good basis, both as to volume and profit
what short of the amount necessary for this purpose.
highly satisfactory.
the coming year that will beduring
to
$4,200,000
the
year
by
$37,200,000;
Total surplus was increased
Six Months' Approximate Statement.-The earnings for six
include any sum for good
dividends paid, $5,250,000. The assets do not
have been earned and paid con- months ending Dec. 31 (Dec. estimated) were:
will or trademarks. Cash dividends
in
shares,
been
paid
have
ever
Balance
DiviDeducGross. Net (after Other
tinuously for over 29 years. No dividends
21,000, over 3,500 being 8Mos. end.
Sur. or Def.
dends.
lions.
Taxes) Income.
Revenue.
all have been cash. Shareholders now exceed
were over; $425,000,000. We Dec. 31.
$
employees. Distributive sales for 1914 for
$
over 10.000,000 head of live
4.977.687 deL493,447
pay cash to the farmers of our country
1914--- A7,138.435 11,427.491 2,442.032 9,385,283
5,737.566 sur.217.986
stock annually and have over 35.000 employees.
1913----53.656.845 12,672,030 2,378,759 9,095,237
1914 31,177,259(2%)on the preferred and
in
include
above
as
Dividends
26
AND
27
SEPT.
ABOUT
ON
OR
ENDING
in
1913
OPERATIONS FISCAL YEARS
and
stock
31.177.530 (2%)
common
the
on
(254%)
$3.800,428
1911-12.
1910-11.
1912-13.
1913-14.
on the pref. and $4.560,036 on the common stock.-V.99, p. 1908.
$
$
3
Belvidere Delaware RR.-Dividend Omitted.-No diviBusiness done,exceeded _425,000.000 400,000.000 300,000,000 275,000,000
9.773.302 10.604.597 8,502,930 6.323,430 dend has been declared on the $1,253,000 stock from the
Net earnings
252.930
185,930
1.354.597
323,302
On Dec. 31 1913 6% was paid.
Inc. of reserves
4,987.500 earnings of 1914.
5,250,000
5,250,000
5.250.000
Dividends (7%)
Dividend Record (Per Cent).
1909. 1910-1911. 1912. 1913. 1914.
1907-1908.
1,150.000
3,000.000
4,200.000 4,000,000
1897 to 1906.
Balance,surplus
7
None
6
10 yearly.
15
10 yearly.
yearly.
5
BALANCE SHEET SEPT. 26 TO 28.
-V. 98, p 154.
1912.
1911.
1913.
1914.
Boston & Albany RR.-Favorable Decision.-Judge Put$
$
$
Assets13 held that the
nam in the Federal Court at Boston on Jan.
Real estate, improve'ts,
50,434.307 47,054,189 39,914,922 32,118,798 company is not subject to the Federal Corporation Tax, beIncluding branches
177,721
harness
Sc
ns
Horses,wage
been leased to
35.462,091 32,417,284 24,173,941 23,660,408 cause it "has gone out of business," having
Stocks and bonds
7.474,342 6.019.393
8.479.190 8.573.505
Cash
New York Central RR.
the
38,568,395
40,156.735
42,208,734
_
_
_
47.329,777
Accounts receivable_
the company on its InThe Collector of Internal Revenue had assessed
Live cattle, sheep, hogs,
or 8% on the $25,000,000 stock.
come under the lease, viz. $2,000,000. the
dressed beef, &c., on
was
brought, was $2,182.
suit
before
year
the
1909.
in
income
net
39.766,381
The
33.112,210
45,899,008 47,860.366
hand
was levied. The Court inter500. on which a Corporation Tax of $21,825
the usual business of a mitred and
mean
to
"business"
word
the
151,486.321
preted
133,656,925
178.114,080
187,604,373
assets
Total
as its business had been
held that the B.& A. was not engaged in business,
Liabilitiesthe lease.-V. 99. p. 1813.
Capital stock paid in_.- 75,000,000 75,000,000 75,000,000 75.000,000 taken over by the New York Central under
5,000.000
5,000,000
5.000,000
10,000,000
Bonds
Brooklyn City RR.-New Directors.-Henry F. Noyes,
62.500
1,375.000
1,375.000
Reserve for bond int__ I 1,437,500
of the
a trustee of Brooklyn Savings Bank and a director
Reserve for dividends_ f
39,538.850 39,160,400 24,649,200 15',883.400 Home Insurance Co., has been elected a director to succeed
Bills payable
7,832,841
18,619,001 19,092,960 12,330,998
Accounts payable
3,878,184 Edward D. White, who resigned.
5,809,022 5.485,720 4,131,123
Reserves
37,200,000 33,000,000 29,000.000 26,000,000
of the executive
Surplus
Mr. White had served as a director 27 years, as a member
passed
26 years and as Vice-President 19 years, and the board
187,604,373 178,114,080 151,486,321 133,656.925 committee
100liabilities
Total
regretting the severance of his connection with the company.
resolutions
145, 59.
-V.
-V.99, p. 1051.
Reo Motor Car Co., Lansing, Mich.
(Report for 14 Months ending Oct. 31 1914.)
Buffalo Rochester & Pittsburgh Ry.-Listed.-The
New York Stock Exchange has listed 81,000,000 additional
consol. M.434s, making the total amount listed $9,712,000.
bonds, series 13, E
Sec.-Treas. D. E. Bates, Lansing, confirms the following:
The bonds were issued to refund 50% of equipment
through the sinking fund. of which there have been
The close of our fiscal year has been changed from Aug. 31 to Oct. 31. and F. paid and canceled
$844,000, and of
E,
series
of
$1,156,000;
D,
series
of
amounted
date,
to
canceled
The net profits of thecompany for the 14 mos.ending Oct.31 1914
of the Reo series F, 31,227,000.-V. 99, p. 1748.
to $2,539,187. During the year the $600,000 capital stock
CorCar
Motor
Reo
the
by
owned
was
Motor Truck Co., which formerly
Canadian Pacific Ry.-Notice to 1st M. Bondholders.of the parent company.
ration, was distributed among the shareholders
of a In view of the desire to anticipate re-payment of the L2,641,19
Sept.
on
payment
the
advertised
1914
1
Sept.
Co.
on
Ic"he Truck
paying regular
0% dividend on common stock. The Reo Motor Car Co.is July 1 1914, 900 of sterling 5% 1st M. debenture bonds due July 1 next,
quarterly dividends of 234% each (Q.-J.) with extras-on
the company has authorized Baring Bros. & Co., Ltd., in
it is said. 1234%.J
has paid to its share- London, until further notice to redeem the bonds at par and
In the ten years since its organization the company
n.
of its original capitalizatio
holders dividends amounting to 1,527.4% to
keep so much money In the int. from Jan. 1 to date of payment.
The policy, especially of late years, has been
itself without having to depend on
Those bondholders desiring to avail themselves of the offer should deposit
company that it can at all times finance
superlative degree during their bonds with the coupons due July 1 1915 at the office of Baring
a
to
itself
vindicated
that
policy
-a
banks
the
Insly.
advantageou
so
buy
could
cash
ready
Brothers, 8 Bishopsgate, London, E. C. There is no other place, we are
the past few months when
us money to manufacture automobiles,
where bonds can be paid. Original amount outstanding was
stead of depending on banks to loandrawing
deposits running up informed,
in
interest
be
to
us
for
the balance having been redeemed in July 1913 at 102%.thing
unusual
it is no
automobile business £7,191,500,
V. 100, p. 139.
to and over $2,000,600. We are convinced that the
is sound and permanent.
Central of Georgia Ry.-No Action.-As foreshadowed,
BALANCE SHEET.
Liabilities- Oct.31 '14. Aug. 31 '13. no action was taken by the directors at their meeting on
Oct.31'14. Atig. 31'13.
Assets$2,000,000
__$3,000,000
stock__
Capital
$1,303,856
$1,765,989
Property
126,972 Thursday on the semi-annual dividend usually paid in Janu712,500 Accounts payable_ 368,407
3,000
Investments
20,137 ary on the $15,000,000 6% cum. pref. stock, all of which is
45,293
885,384 Accrued pay-rolls _
738,145
Cash
8,597
15,000
taxes_
for
Reserve
241,076
V. 100, p. 53;
Acets.drbills reedy 684,185
1,692,082 2,061,768 owned by the Illinois Central RR. Compare
Inventory(at cost) 1,923,212 1,064,895 Surplus
•
6,762
V. 99, p. 1908.
6,251
drc_
exp.,
Prepaid
t
Central Park North & East River RR.-Demurrer
$5,120,782 34,217,474
Total
$5,120,782 $4.217,474
Total
ia on
Capital stock auth., $4,000,000; unissued. $1,000,000; outstanding, Overruled.-The U. S. District Court at Philadelph
$3,000,000; Par, $10.-V.99, p. 677
Jan. 8 overrruled the demurrers in the suit brought in the
name of Richard B. Kelly, a stockholder, in behalf of the
stockholders' protective committee against Thomas B. Dolan, P. A. B. Widener and George W. Elkins of Philadelphia, former directors, for an accounting.
RAILROADS, INCLUDING ELECTRIC ROADS.
impracticable
A similar suit was brought in this State, but it was found
ReRate
-2
-Cent
Corp.
Electric
Sy
Ry.
and hence suit was
Augusta-Aiken
to obtain service here on the Philadelphia directors
1919.
p.
98.
-V.
29
n
on
there.
Dec.
RR.
Court
Commissio
Carolina
Federal
brought in the
affirmed.-The South
&c.
by a majority vote adopted a resolution reaffirming the order
Charleston (W. Va.) Interurban RR.-New Stock,
1914 increased
pasits
to
increase
the
company
of Nov. 12, which allowed
-This West Virginia corporation on Nov. 10
$1,500,senger rate from 1 to 2 cts. a mile, beginning Jan. 1 1915. its capital stock (auth. and issued) from $100,000 to
mortgage.
The minimum fare is, however, fixed at 5 cts.
000, in $100 shares. No bonds or
capCo.
$500.000
[whose
Traction
The property of the Kanawha Valley
The Commission held (1) that under the 1-cent rate voluntarily put in
]was taken
by American Railways Co. of Philadelphia
force 12 years ago, the company did not earn a fair return on its investment ital stock is owned
11910.
Co.
on
Jan.
RR.
Interurban
by the Charleston
and (2) that as an interurban operating in South Carolina it should have over under the leaseyears
and gives the right to extend the lines under the
the same rate and privileges enjoyed by similar roads. It is stated that The lease is for 99
Traction Co. bond issue, and provides for the issuance of
"well-established statistics all over the United States have shown con- Kanawha Valleythe
When the lease was taken over, there was in
trustee.
and
by
maintain
operate
bonds
successfully
can
no
road
these
interurban
that
clusively
an outstanding bond issue of $875,000:
operation 11 miles of track, with
itself under a passenger rate of less than 2 cts. a mile.'-V.99. p. 814.
miles of track and there are outstanding
24
there is now in operation 40-year
$1,000 54 of the Kanawha Valley
Baltimore & Ohio RR.-Dividend Reduced.-A dividend $1.225,000, bonds tieing1all
p. 96 of "El. Ity. Section").
Co. dated Jan. 1906 (see
of 23/3% has been declared on the $152,017,143 for the 6 Traction
Traction Co., a line built from St. Albans to South
Charleston
The
in stock was
months ending Dec. 31 1914, payable Mar. 1 to holders of Charleston, was taken over on Nov. 10 and the increase
this purchase and partly as a stock dividend, as all earnings of
record Feb. 1, comparing with 3% semi-annually from Sept. partly for
years have gone into extension and betterment.
four
for
road
the
J. E.
1906 to Sept. 1914, both inclusive, thus reducing the annual
Officers of Charleston Interurban RR.: W. A. MacCorkle, Pres.:
Gallaher,
Chilton. V.-Pres.; F. M. Staunton, Sec. and Treas., and S. M.
rate from 6% to 5%.
nt.
Superintende
Previous Dividend Record on Common Stock (Per Cent).
1907-1913.
1906.
1914.
1905.
1901-1904.
Chicago Elevated Ry.-Subsidiary Co. Bonds, &c.1900.
6 yearly
6
534
435
4 yearly
See Northwestern Elevated Ry. below.-V. 100, p. 53.
2
Chicago & Eastern Illinois RR.-Foreclosure Suit.After the meeting of directors, the following was issued:
from 3% to 2 i% was desirable because of The Metropolitan Trust Co. of N. Y., as mortgage trustee,
The reduction of the dividend
in
off
the
6
falling
being
the
months
revenues.
the Chicago & Indiana Coal
the continued decline in gross
earnings for the period. at $4,484,240. has brought a suit to foreclose
$6.518,000, or 13.82%. The net
for the dividend declared.
Ry. mortgage of 1885, $4,626,000 5% bonds outstanding.
were approximately $500,000 less than required
Statement of President Daniel Willard.
This suit was brought at the instance of the protective
was given to the question of dividends
When in July last consideration
that the railroads in the Eastern committee of Chicago & Indiana Coal Ry. bondholders,
hopeful
been
had
we
declared,
be
then to
date be permitted to generally increase their acting through their counsel, Sullivan & Cromwell.
territory might at an early
claim that the mortgage in question is
as requested. in which event, with normal condiThe foreclosure bill sets up the
freight rates a full 5%,Baltimore
in all re& Ohio,in my opinion, should and could, a lien
the
business,
upon the entire Chicago & Eastern Illinois system superior equal
tions as to
Hen
a
with
stock
common
its
on
reasonable
6%
Refunding Mtge. 4s and an
pay
spects to the latter's $18,019,000
with its present facilities,
Consol. 5s with respect to all assets acquired since June 6
General
the
with
surplus
decision may be cannot now be stated, 1894. the date of merger of the Chicago & Eastern Illinois and the.Chlcago
recent
the
of
theeffects
what
that, with the direct increase allowed, which will largely & Indiana Coal Ry. Co.-V. 99, p. 1748.
but it is estimated
& Ohio should realize an increased
become'effective by Feb. 1, the Baltimore
to $2,500.000 per
Chicago & Indiana Coal Ry.-Foreclosure.on business of 1914. of from $2,225,000
net income, based
1M % on the common stock.
See Chicago & Eastern Illinois RR. above.-V.99, p. 1596.
a sum equal to aboutthese
the future revenue of the
on
increases
of
effect
the
Chicago Milwaukee & St. Paul Ry.-Option to Suborin mind
annum,Havig
volume of business continue for a time to be only
company, even should the
months, it is felt that the results in the future, scribe-Underwrtiing.-The Wisconsin RR. Commission and
6
past
the
of
tim i more than
the company's
on the basis consideration ofthtekinterest
authorized the
e n declaring the Illinois Public Utilities Commission have
with a proper
aken at this
on taken
35,000 aliceholders, it will Justifye action
GENERAL INVESTMENT NEWS.
JAN. 16 1915.]
THE CHRONICLE
issuance of $29,141,300 Ser. B Gen.& Ref. Mtge. convertible
5% bonds dated Feb. 1 1915 and due in 2014, convertible
into common stock at par on or after Feb.1 1916 and on or
before Feb. 1 1926. The bonds are in denominations of
$1,000, $500 and $100 and the proceeds will be used for improvements. A syndicate composed of Kuhn, Loeb & Co.
and the National City Bank has been formed to underwrite
the bonds and the participants thereof are to receive 1 M%
commission. Stockholders of record Jan. 29 are offered the
1 % of their
right to subscribe at par to the extent of 12-A
present holdings for the new bonds, subscriptions payable in
full on March 1 or in installments of 30% Mar. 1, 35%
May 3 and 35% July 30.—V. 100, p. 139.
Chicago & North Western Ry.—Bond Payment.—The
$12,832,000 consolidated M. sinking fund 7% bonds due
Feb. 1 will be paid on and after that date at the office of
the Treasurer, 111 Broadway.—V. 99, p. 1748.
Chicago Rock Island & Pacific RR.—Distribution to
Holders of 4% Bonds—Option on Excess Stock.—Special Master Bronson Winthrop gives notice to holders of the 4% gold
bonds of 2002 fnot deposited with Wallace Committee] as
follows—see adv. on another page, and V. 99, p. 1908.
of the
(1) He is now prepared to pay through the Central Trust Co., out
entitled
22)
Eastern and Railway Transfer Co. (the last-named owned
by the Minneapolis & St. Louis) on cars arriving over the
respective lines that own these terminals or going from the
terminal companies to the parent lines, should be eliminated.
In regard to the Minnesota Transfer By.,the Commission says that it has
always considered it "as part of the terminals of each road that are members
of the company and a station on the line of each company, and reaffirms
this opinion." While recognizing the right of railroad corporations to control terminal companies, the Commission rules that "the law does not permit such control to be used as a device for increasing terminal or transportation charges.
If the theory is upheld after appeal to the Courts (should such a step be
taken) that the terminal companies are in reality parts of the railroad
systems entering the city of Minneapolis, the roads will probably ask for a
rate increase that will make up the deficit that will follow. One identified
with the case presented to the Commission says: "When the cost is finally
adjusted so that the one rate will be charged,it will no doubt be an equitable
rate and one that is just to the shippers. There are many things to be
worked out but the simplification process has begun and the shippers
will benefit." [The roads had charged a flat rate of SI 50 for switching
cars from their lines to the terminal lines.]—V. 99, p. 1300.
Halifax & Eastern Ry.—Construction.—In reply to our
inquiry we were informed under date of Jan. 7:
•'The line is under construction from Dartmouth to Musquoboit Harbor.
67 miles, and is being built by the Dominion Government. The contractors
carried a few passengers for a week about Christmas, but no regular service
has been inaugurated. No trains are being run at present except the
contractors' construction trains."
It was recently reported that the line was opened to regular traffic on
Dec. 21 between Musquodoboit Harbor and Woodside, passengers being
proceeds of the sale, the pro rata amount to which the bonds are
conveyed to Halifax by motor boat.—V. 91, p. 518.
(namely $98 50 per $1,000 bond with coupon of May 1 1914 attached),
Hudson Companies, N. Y.—See "Annual Reports."
upon presentation of the bond for stamping; or (2), upon surrender of
said bonds at his office, 32 Liberty St., or at Central Trust Co., prior to
New Directors.—At the annual meeting on Jan. 12 John I.
Feb. 27, together with the payment by the holder of $4 45 per bond on
or before Jan. 21 (5545 after Jan. 21). said holder will be entitled to re- Waterbury and Oscar L. Gubelman were elected directors
ceive, in lieu of a cash distribution ten shares ($1,000) of stock of the Chi- to succeed A. S. Wing and Charles W. Taintor.
cago Rock Island & Pacific Ry. (3) Bondholders wishing to exercise the
Mr.Taintor is a member of the pref. shareholders' committee which asked
right to subscribe for excess stock must exchange their bonds for stock prior for proxies in opposition
to the management. He voted about $2,200,000
to Feb. 10 1915. and must give notice in writing prior to Feb. 10 1915 to of the stock, as
against the $10.800,000 voted for the successful ticket.
the Special Master of their desire to make such subscription. [Payment The $5,000.000
common stock, which stands in the name of Henry A. Murtherefor at or about $10 42 per share to be made on or before March 5.—Ed.] ray, was not voted.
After the meeting Mr. Taintor made a further statement disapproving of actions of the board of which he has been a memThe Wallace Committee, which represents in excess of ber.
Compare V. 100, p. 140, 54.
over 86%, of the $71,353,500 bonds, gives
$61,496,000, or
substantially the following notice:
Holders of our certificates of deposit may, not later than Mar. 25 1915,
surrender their certificates of deposit in negotiable form to Central Trust
Co., 54 Wall St., and, on payment of $4 45 for each $1,000 of bonds represented by such certificates, receive: (a) Stock of Chicago Rock Island &
Pacific Ry. Co. to an amount at par equal to face amount of bonds represented by such certificates. (b) Warrants entitling them to take and pay
for, not later than Mar.25,their loto rata of excess stock at $IO 42 per share,
this price including interest and cost of Federal and State transfer tax
stamps. It is expected that notice of the amount of stock deliverable under
the warrants can be given on or about Mar. 7 1915. The precise amount
of excess stock cannot be determined until the right of exchange by nondepositing bondholders has expired.
Failure to make surrender and payment on or before Mar. 25 1915
will forfeit all rights under the plan and agreement of Oct. 11914, and holders of certificates of deposit will not be entitled thereafter under any circumstances to the return of the deposited bonds or to the delivery of stock.
No bonds will be received on deposit by the committee after Jan. 20 1915
except on payment at the time of deposit of the additional sum of $1 penalty for each $1,000 bond. Bonds accepted for deposit by the committee
after Feb. 9 1915 will not be entitled to receive warrants.—V. 100, p. 139,
Interborough Rapid Transit Co.—Steel Cars.—The
P. S. Commission on Jan.8 requested the company to ascertain and report at once the earliest possible date when 478
"composite," or wooden body, cars in use in the subway
can be replaced by steel-body cars. The Commission in its
letter says that the company should replace the composite
cars with steel cars at the earliest possible moment and that
work in this direction must begin not later than May 1.
The company has taken steps looking to the submission of bids for the
necessary steel bodies, the indications being that it may be able to secure
deliveries beginning in 3 or 4 months and spreading possibly over a year or
more. According to newspaper reports, the order would amount to about
$2,000,000.
This is the outcome of the accident on the subway on Jan. 7,in which one
passenger was killed and, it is understood, about 200 others were more or
less injured or overcome by smoke and fumes in the subway. The company has been advertising in the daily papers this week that it has"the most
marvelous safety record in the world.." The passengers carried during the
5 years, 6 months and 12 days ended Jan. 12 1915 were, it is stated, as folChicago St. Paul Minneapolis & Omaha Ry.—Listed.
, lows: Elevated division, 1,678,115,936; subway division, 1.692,362.193:
—The New York Stock Exchange has listed $1,700,000 5% total, 3,370,478,129. The fatal accidents due to train operation, excluding
suicides and trespassers, were: On elevated division, 3; subway division. 1:
debenture bonds due 1930, making the total amount listed (including
recent fatality not due to train operation); total, 4. or at the rate
$9,200,000 (V. 98, p. 838, 386).
of 1 passenger in 842.620,000 on the elevated and subway lines. The adThe proceeds were used to pay for extensions, !improvements and equip- vertisement further says: "This company has never refused a request of
its operating department for any device or improvement tending to promote
ment during the two years preceding Nov. 30 1913.—V. 99. p. 810, 829.
efficiency and safety in operation. For this purpose the company has exCleburne Street Ry.—Receiver.—C. Hack Warren was on pended during the last 5 years (apart from its ordinary operating and maintenance
charges) more than $13,000,000."—V. 99, 1:0• 1673.
Jan. 9 appointed receiver by the District Court at Cleburne
and ordered to sell the property.
Counsel for John W. Floore Sr., who holds the first mortgage, excepted
and gave notice of appeal. The receiver was appointed on application of
A. M. Morgan., President of the company, and others. At last accounts
there was authorized and outstanding $65.500 capital stock in shares of
$100. Length of road. 8 miles.
Coast Valleys Gas & Electric Co.—Default of Contr. Co.
See Monterey & Pacific Grove Ry. below.—V. 99, p. 1834.
Columbus (0.) Railway, Power & Light Co.—Regular
Dividends to be Paid Feb. 8.—The directors have declared
the regular quarterly dividends of 1 34% on the series B
preferred and common stock, both payable Feb. 8 to stock
of record Jan. 27.
The reason for the payment of the dividends on Feb. 8 instead of Feb. 1.
the usual date, is that the transfer books of the company were closed Dec.26
to remain closed until the special meeting Jan. 26 to act on the purchase of
the Columbus Light, Heat & Power Co. After the payment ofthese dividends all subsequent payments will be made as usual on the first day of
the dividend month.—V. 100. p. 53.
Cuba RR.—Sale of Equipment Trusts Canceled.—The sale
of $540,000 equipment trusts to Philadelphia bankers has
been declared off on the advice of counsel representing bankers who questioned whether such an issue would be valid
under the laws of Cuba if made under the Philadelphia plan
or whether it would be secured on the equipment purchased.
The management is, it is understood, endeavoring to arrange
for the financing in some other form.
Counsel state that they have no Intention of reflecting "upon the legality
of the issue of 1913 equipment trust certificates. The conditions under
which the latter were issued were in part dissimilar, and no consideration
was given to the laws applicable thereto."—V. 100. p. 53.
Kanawha Valley Traction Co.—Lessee Company.—
See Charleston Interurban RR.above.—V.83, p. 323.
Lehigh Valley Transit Co.—New Director.—Harry J.
Steele of Easton, Pa., has been added to the directorate to
represent Eastern interests in view of the removal of President Fehr from Easton to Allentown.
Report.—See "Annual Reports."—V. 100, p. 140.
Los Angeles & San Diego Beach Ry.—Mortgage.--The
Calif. RR. Commission has .issued a supplemental order
approving the form of a mortgage to the Southern Trust &
Savings Bank of San Diego, dated Dec. 31 1914 securing the
issue of $375,000 bonds recently approved by the commission.—V. 99, p. 1673.
Louisville & Nashville RR.—Controlled Co. Reduces Divs.
See Nashville
Chattanooga & St. Louis Ry. below.—V. 100. p. 140.
Mexican Ry. Ltd.—To Defer Interest Payments.—The
holders of the £2,000,000 6% perpetual debenture stock and
£483,400 43/% second debentures were to meet in London Jan. 7 to vote on authorizing the directors:(a) To defer
until 1917 the payment of the four installments of interest
due in 1915 and 1916 (payable J. & J. and A. & 0., respectively), issuing. against the same, from time to time certificates bearing interest at 6% and 432%, respectively, and
due on or before Jan. 1 1917 and Apr. 1 1917, respectively.
(b) To omit the sink,fund for 2nd deb.in 1915 and 1916.2
Data from Official Circular.
Commercial traffic on the railway was suspended on Nov. 18 lastby order
of the military authorities, and has only been resumed since about Dec. 10
between Mexico City and Ometusco, 42 miles. About Dec. 8 the line beEl Paso & Southwestern Co.—Earnings.—
tween Vera Cruz and Puebla was taken over by the Government of Gm.
June 30. Gross
Net (after
Interest. Dividends. Balance, Carranza. Owing to this complete cessation of earnings, and the low rate
Other
Year. Earnings. Taxes).
Surplus of exchange, which has very seriously reduced the sterling value of the
Income. Rentalseec. (5%).
1913-14-$9,057,553 52.927.853 51,399,766 $2,317, 901 $1,236.884 5772,834 receipts during the half-year, the directors are unable to make cash pay1912-13- 8,657.716 3,126,828 1,545,467 2.469,876 1,169,022 1,033,397 ment of the interest due Jan. 1 next
the 6% perpetual debenture stock,
On June 30 1914 the mileage of the system was 1,029 miles, against and have decided to ask the holderson
of this stock and the holders of the
982 miles in 1913. This includes in both years the El Paso & Southwestern
% second debentures to agree to accept a scheme of arrangement.
RR., 458 miles, and the El Paso & Northeastern By.. 150 miles, and in Owing to the grave uncertainty
of the political and financial situation in
1914 miscellaneous 1 nes aggregating 421 miles, against 3
.74 miles in 1913.
Mexico, they have drawn up the scheme in a form to cover, should it prove
Other income includes in 1913-14 dividend from stock of El Paso South- necessary,
all payments of interest falling due on both issues for the next
western RR. and Nacozari RR. stock, 51,070.000: income from funded two years. The agreement provides:
securities, $254,875.and income from unfunded accounts, rents, &c.,574,890
The company shall not pay any second debenture interest (whether deThe working assets in the balance sheet include on June 30 1914 Rock
under this scheme or not) unless and until all interest accrued due on
Island Co. stock, $3,040,000. having been reduced from the previous year ferred
the 5% perpetual debenture stock shall have been fully paid or provided for.
by 51,250,000 depreciation!charged off.—V. 97. P. 1115. r4
The holders of the debenture stock of the company and the holders of
second debentures of the company, respectively, may, by extraordiGreat Northern Ry.—Decision as to Switching Charges.— the
nary resolution, modify this scheme by enlarging any period for payment
ThelMinnesota RR. Commission on Jan. 9, on complaint thereby
provided, or by providing that the same shall have effect in regard
filedtby the Minneapolis Civic & Commerce Association, to any further half-yearly installments of interest. &c.—V.99, P. 1673.
held that the switching charges to industries on the Minneapolis Western (owned by the Great Northern), Minneapolis
Monterey & Pacific Grove Ry.—Default.—The company
has defaulted in the payment due Jan. 1 1915 on thellst 6s.
THE CHRONICLE
230
[VOL. loo.
approximately $2,000,000, and of the other comOf the original amount of $300.000. $18,000 zre in the sinking fund, of the Phila.& Reading by thousand
dollars per annum.-V. 100. p. 141.
$13,000 in the treasury, $72000 are owned by the Coast Valleys Gas & panies by several hundred
Electric Co. and $198,000 are in the hands of the public. The Coast ValChicago 85 St. Louis Ry.Cincinnati
Pittsburgh
The
guarantee
the
not
bonds.
does
but
stock,
$300,000
the
owns
Co.
leys
Monterey County Gas & Electric Co., now defunct, guaranteed the bonds. Amended Listing.-The N.Y.Stock Exchange in an amended
During the past year the earnings have fallen far below the interest charge, statement regarding the listing on Dec.8 of $2,437,400 addiowing to the severe competition of an automobile bus line.-V.87. p. 1089.
has reduced, at
Moose Jaw (Sask.) Electric Ry.-No Dividend.-The
directors announce that, owing to the general depression
through the West and the decrease in traffic, they cannot
declare the semi-annual dividend on the $596,700 stock.
the retional pref. stock (V. 99, p. 1749),
quest of the company, the total amount of pref. authorized
to be listed from $29,999,000 to $29,937,400, including the
amount reserved for outstanding stock of constituent cos.
Of the authorized issues of stocks, $445,000,000 common and $30,000.000
The notice to shareholders states that the resumption of dividends is prof., there now remains available $7,826,089 common and $62,600 pref.
not far off, and that the road has the distinction of being almost the only -V.100. p. 56.
road west of Winnipeg which is paying its way.
Quebec Railway, Light, Heat 85 Power Co.-Coupons.
Nashville Chattanooga 85 St. Louis Ry.-Dividend Re- -The "Montreal Financial Times" of Jan. 9 says in subst.:
duced.-A semi-annual dividend of 23/2% has been declared
Since we stated two weeks ago that some coupons of Quebec Railway
on the $16,000,000 stock, $11,484,100 of which is owned by bonds had been paid on the due date, we have received several inquiries
readers who state that their own coupons have been returned in the
the Louisville & Nashville RR., payable Feb. 1 to holders of from
way [unpaid]. The position of Quebec Railway bondholders seems
half-yearly from usual
record Jan. 23, comparing with 3
to involve a good many grievances, but so long as all the coupons are paid
expiry of the three months' grace, no matter in what order,
Aug. 1912 to Aug. 1914, both inclusive. The L. & N. also before the see
that anything can be done about it. There is every reason
we do not
recently announced a similar reduction of its dividend.
to believe that they will be so paid.-V.99, P. 817.
Dividend Record Since 1894 (Per Cent).
Rates.-Proposed Advances by Western Roads.-Filing of
1895-98 1899-03 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914
7
5
6 6A
7
4
5
6
6 53i 5
Eastern Coal Rates.-See item in editorial columns.
4 y_early None
-V.100. P. 55.
Pennsylvania State Coal Reduction.-See Pennsylvania RR.
National Railways of Mexico.-Annual Meeting.-There
Canada to U. S. Increase.-The railroads have applied to
will be presented at the extraordinary general meeting to be the Dominion Railway Commission for authority to increase
held at Mexico on Feb. 20 the following:
freight rates between points in Canada and the United States
1. The report of the former board of directors on the operation of the to correspond with the increase recently granted to the Eastcompany for the fiscal year July 1 1913 to June 30 1914.
2. The general balance sheet as of June 30 1914. together with the report ern roads by the I. S. Commerce Commission, effective 30
of the Comisarios and determination of the manner of disposal of the days from Jan. 14.
140.
profits which the balance sheet may show.-V. 100,
p.
New Hampshire Electric Rys.-Sub-Company Bonds.
See Massachusetts Northeascern Street Ry. above.-V.98, p. 236.
Northern Pacific Terminal Co., Oregon.-Bonds Called.
Forty-five ($45,000) 1st M.6% gold bonds for payment at 110 and int.
on Feb. 4 at Farmers' Loan & Trust Co., N. Y. City.-V.98, p. 237.
Under the new schedule, the domestic rates for grain from any point
along the main lines from Montreal to Boston and New York will be 18.3
cents per 100 lbs.. against the present rate of 17.5 cts. The charge for
grain products, such as rolled oats, bran and other milled products will
be 18.8 cts. per 100 lbs., against 18 cts., and for news-print pawn% which is
sent in large quantities from many mills in Quebec and Ontario, 18.9 eta.,
against 18 cts. On the branch lines the increased rates will vary from 18.8
to 19.2 cts., according to distance.-V.100, p. 56.
Northwestern Elevated RR. of Chicago.-Bonds, &c.
Reading Co.-Indictments.-The Grand Jury in the FedThe National City Bank of New York is offering 1st M.
returned 3 indictments
30-year 5% gold bonds of 1911 at a price to yield about eral Court at Philadelphia on Jan. 6
the Philadelphia & Reading
5.70%. Auth.,$25,000,000; out,$12,500,000. Circular says: containing 126 counts againstinter-State
Commerce Act in
of the
Dated Sept. I 1911. Due Sept. 1 1941, but callable as a whole but not Ry. charging violation
In part, except for sinking fund, at 102 and int. on any interest date upon connection with the transportation of anthracite and bi30 days' notice. Interest M.& S. in N. Y. and Chicago without deduction tuminous coal between Philadelphia and New England points.
for
tax. Denom. $1,000 each c*. The sinking
normal Federal income
fund established by supplementary mortgage is to acquire before maturity
38% of the $12,500,000 now outstanding, and an additional amount if
other bonds are put out. Additional bonds can be issued only to cover
a portion of the cost of future acquisitions, betterments, &c.
A first mortgage on the entire property, except the Union Loop, which is
Elevated
subject to $4.473,000 (closed) underlying bonds of the Union extending
Road serves the North Side of Chicago, the main line
RR.
thence
limits,
city
the
to
north
district
from the centre of the business
branch
through Evanston to Wilmette. Ill., a distance of 14.28 miles, with amileage,
extending from Belmont Ave. to Kimball Ave., 4.88 miles. Total
compu ted as single track. 56.39 miles (including 7.17 miles of side-tracks).
a contract
of which 39.75 miles are owned and 16.64 miles operated under
company's
with Ch. M. & St. Paul, continuing during the life of the
upon private rightfranc hise. Over 93% of the main lino mileage owned IsWebster
report the
of-w ay, except where streets are crossed. Stone &in excess of
the $12.replacement value exclusive of Union Loop as largely to the Chicago
Ele500.000 1st M. bonds. The total cost of acquisition
Elevated
vated Rys., including retirement of $18,000,000 Northwestern twice
the
or
$25,000,000,
about
been
has
1911.
1
1st M. 4s paid Sept.
outstanding amount of these bonds. Some of the franchises mature in 1944
and some in 1945. They are regarded as free from burdensome restrictions.
Co.'s Earnings (incl. Loop Div.) as Certified by Public Accts. Cal. Yr. 1913.
$67,722
Gross, incl. Loop rental__$3,222,70110ther income
Net,after taxes,rents, &c. 1.235,1331Total net avail,for bd.int. 1,302,855
848,600
Annual interest charges on bonds now outstanding
During the 11 months ended Nov. 30 1914 earned $2,477.701 gross,
against $2,385.675 for same period in 1913.
The company's passenger traffic has grown from 20,300,000 passengers
carried in the year 1901. the first full year of operation, to nearly 45,000.000
passengers in 1913. or more than 27% of the total traffic in that year of all
the elevated railroads in Chicago. The North Side, owing principally
to its desirability over other sections of the city as a residential district, is
growing rapidly.
There are also outstanding junior to these bonds $4,944,400 5% pref.
and $44,947.000 common stock, all owned by the Chicago Elevated Rys.,
and is pledged as part security under the latter's two-year 5% secured
gold notes (V. 98. p. 1992).-V. 99, p. 1131.
The first indictment contains 51 counts, charging the railway company
wth failing to file with the Commission schedules of rates and charges for
coal transported by the company's barges and tugs running between the
Pennsylvania coal fields and New England ports. The indictment covers
a period from Oct. 1 1913 to April 1 11914 and involves anthracite shipments
from St. Clair and Schuylkill Haven, Pa., to numerous points, including
Boston and other places in Massachusetts, and Portland, Bar Harbor, Sm.,
in Maine. It is also charged that tho company favored some shippers,
especially the Philadelphia & Reading Coal & Iron Co., by granting privileges and facilities in transportation not accorded to competitors. By ownership of mines and rail and water lines the component parts of the Reading
System have, it is stated, obtained control over the supply and output of
coal through all of the New England territory, this power being largely attributed to the fact that the railroad is not dependent upon the rail routes
to New England for service in carrying coal, but through its ownership
of the barge line is enabled to transport anthracite to New England at a lower
cost than that Imposed upon competitors. The railway company has never
regarded its barge line to be within the regulations of the Commerce Act,
and has never filed with the Commission tariffs for transportation over the
water route. Should the Court decide that the barge line rates and charges
must be published and filed with the Commission, all shippers would have
the privilege of using the barge lines under exactly the same conditions as
are now enjoyed by the Coal & Iron Co.
The second indictment of 50 counts charges the railroad company with
granting concessions to favored shippers by failing to collect demurrage
charges (of $1 per carload for each day) on carloads of coal that have been
held in the company's yards beyond 48 hours after the cargo reached Port
Richmond. In the 50 instances of violation between March 1 1913 and
April 1 1914 connected with bituminous coal shipments from West Virginia
to Port Richmond for trans-shipment to other troints, favored shippers it is
stated, had their cars detained at Woodlane Yard, 8 miles from Port Richmond, beyond the time limit allowed for discharging the cargo, without any
claim for demurrage, while competitors of these favored companies were not
allowed concessions, but were compelled to take their cargoes to their destination in Port Richmond and to pay the demurrage charges in case of
detention.
The third indictment of 25 counts is substantially of the same1character
1914 the
as the second, and charges that between July 1 1913 and April
railway company failed to collect demurrage from favored shippers on 25
Richmond.
rail shipments from mines to Port
be
District- Attorney Kane says that the aggregate of fines that could
Imposed in case of conviction would aggregate 31,650.000.-V.99,p. 1911.
Pacific Gas 85 Electric Co., San Francisco.-Notes for
Refunding.-Subject to approval by the Cal. RR. Commission, the company has sold to Bond & Goodwin $4,000,000
1-year coll. trust 5% notes to provide for refunding a like
St. Louis & San Francisco RR.-Purchase of January
amount of notes maturing March 25, the balance of an origi- 1915 Coupons from Refunding M.4% Bonds.See item out of alphabetical order page 55 issue Jan. 2.-V. 100, p. 55.
nal $7,000,000, of which $2,521,000 were retired last DecemSalt Lake Terminal Ry.-Property..ber (V. 99, p. 1675, 1833).
The company on Jan.6 asked the Commission to sanction the issue (and
See Salt Lake & Utah RR. below.
sale at notless than 98)of 1-year 5% coll, trust notes dated Dec. 15 1914,
Salt Lake 85 Utah (Electric) ER.-Bonds.-E. H. Rolsecured, it is said, by $5.000,000 General and Refunding Mtge. bonds and
35.000.000 General Lien 6% bonds.-V. 100, P. 56.
lins & Sons are offering at 98 and int. the unsold portion of
1st M. 30-year 6% gold bonds
Pennsylvania RR.-New Director.-Bayard Henry as the initial block of $500,000
and due April 1944, but redeemable at 102
1914
1
April
dated
N.
deceased.
Parker
Shortridge,
succeeds
director
a
date. Denom. $1,000, $500 and
Appeal.-The company, the Phila. & Reading Ry., Cen- and int. on any interest0.
at First Nat. Bank, N. Y., and
A. &
Interest
c*.
$100
Lehigh
Valley
and
Delaware
Jersey,
LackNew
of
RR.
tral
Bank, trustee, Chicago.
Savings
&
Tr.
Comm.
&
Cont.
at
in
week
filed
this
the
appeals
RR.
DauWestern
awanna &
standard gauge electric railroad extendOwns approximately 50 miles of
of
the
the
decision
from
Court
Pennsylvania
into Provo City, Utah. The
City
south
Lake
phin County
ing from the centre of Salt
Jordan Valley, which has been under
district traversed comprises the famous
P. S. Commission of Dec. 21, last, reducing the rate on an- continuous
cultivation for over 50 Years.
intensive
thracite coal from the mines to Philadelphia. Compare
Data from Pres. W. C. Orem. Salt Lake City, Dec. 1 1914.
Organization.-Incorporated in Maine la 1912. with authority from the
item on "Rates," V. 99, p. 1911.
The new tariffs were to have gone into effect on Jan. 18. and the law regiven.
quires 5 days' notice of appeal to beand
there is one general appeal. The
Each road filed a separate appeal,
following among other reasons were given by the railroads for making the
appeal:
only a reduction In rates on anthracite coal
(1) The decision orders not
but also on sizes of coal not so used, which rates
used for domestic purposes,complaints
filed with the Commission, and the
the
in
embraced
not
were
is approximately 50% of the total anthracite
traffic moved under whichPhiladelphia.
of
City
the
to
tonnage
coal
on all other commodities of the prinThe application to the freight rates
in determining the Philadelphia rate on
ciple applied by the Commission
chaos and reduce the net revecommercial
produce
would
coal
anthracite
by an amount far greater than the gain under the denues of the carriers
Commerce Commission in the 5% rate case and
-State
Inter
the
of
cision
adjustment in the passenger rates.
the recent reductions
in the rates ordered will force the reduction of a large
(3) The
anthracite rates, both State and inter-State, to points other
other
number of
than Philadelphia.
will be to diminish the net revenues of the
(4) The effect of the reduction
a year; the net revenue
Pennsylvania RR. by approximately $1,500,000
of owning and operating
State of Utah to operate therein, for the purpose
City and Provo, Utah, a
an electric railroad in and between Salt Lake
distance of about 48 miles. Construction was carried on through 1913.
Total cost as certified by bankers' auditor over $1,675.000. Complete
electrical operation between Salt Lake City and Provo was begun Aug. 1 '14.
Authorized. Issued.
Capitalization32,000.000 $1,800,000
Preferred stock, 7% cumulative
3,000,000 3,000,000
Common stock
in treasu
_ ,000,000
500.000
First M.6s ($500,000 out and $200,000
Mortgage.-After the issue of the first $500,000 bonds the remaining
$9,500,000 are issuable as follows: (a) The next $750.000 6s on present
property in blocks of 350,000, when the net earnings, after taxes, &c., are
for the preceding three months' period 1% times the bond interest, including bonds applied for. (b) The next $250,000, bearing not to exceed
the
6%,for 75% of the cost of premanent extensions and additions, when The
for three months are 1,ti times such interest charge. (c)
net
when
additions
75%
the
for
of
of
cost
and
bonds
extensions
$500,000
next
(d)
the net earnings for 6 months are 1 times 6 months' interest charge.
The remaining $8,000,000 as aforesaid when net earnings for 12 consecutive
be
to
then
said
bonds
interest
charge,
times
4,
including
1
are
months
Issued. The final $8,750,000 bonds will bear such interest rates not ex
JAN. 16 1915.]
THE CHRONICLE
ceeding 6% as may be fixed at time of issue. All bonds may be called at
102 and int. and replaced by a like amount bearing a lower rate.
Tax-Free.-The company will, as far as lawful, pay principal and interest
without deduction for any taxes or other Governmental charge under any
present or future law. [In the opinion of the bankers' counsel the coupons
are payable without deduction for normal Federal income tax.-Ed.]
Sinking Fund to Retire Bonds Annually: 1% each year 1919 to 1923, incl.;
13i% 1924 to 1933; 2% 1934 to 1943.
Property.-Heavy steam railroad construction: 85-lb. steel rail in cities
and 75-lb. steel rail outside; ties, sawed fir 2,880 to mile; continuous rail
Joints; catenary trolley; cedar poles; grades under 0.8% northbound and
1% southbound, except one grade of 135% to reach "Provo bench"; 3 steelgirder bridges; 2 wooden trestles; culverts all-steel or concrete. Except in
cities private right of way, with wire fencing, cattle guards, &c. Rolling
stock: 5 combination electric interurban cars; 2 express electric motor cars,
2 street railway electric motor cars, 1 electric locomotive, 3 combination
gas motor cars and 1 steam locomotive. Power is purchased under a longtime contract from Utah Power & Light Co. Car barn and repair shops
will be located at Salt Lake City. Terminals at Salt Lake City through
ownership of a one-half interest in and a Joint lease with the Salt Lake &
Ogden Railway Co. of valuable property (V. 99, p. 468) only two blocks
from city's trade centre.
Territory Served.-Estimated population, 1914, Salt Lake City. 110,000:
Lehi,3,000; American Fork, 3.225; Provo, 10,300; other places, 4,300; total.
130.825. Inadequate service at high rates has been provided in the
fertile, well-populated Jordan Valley by the two steam lines.
Franchises.-These extend to 1960 in Utah County and in Provo, to 1962
In Salt Lake City and Salt Lake County. 2010 in Lehi County, American
Fork and Pleasant Grove. Balance, private right of way, owned in fee.
Earnings.-The road north between Salt Lake and Ogden is now earning
upwards of $11,000 gross per mile of line per annum. For the 3 months
end. Oct. 1914 gross $51.493; net(after taxes) $16,382;fixed charges,$7,500.
Directors.-M.R. Browning (Pres. Ogden Rapid Transit Co.) and Chapin
A. Day, Ogden; J. E. Cosgriff, W. C. Orem (Pres. & Gen. Mgr.), F. M.
Orem (Treas.), Henry I. Moore (Vice-Pres.), L. N. Curtis, Albert Fisher
and J. B. Keeler, all of Salt Lake City; J. S. McBeth, Payson, Utah:
George C. Whitmore and D. 11. Beebe, Provo, Utah, and S. L. Chipman,
American Fork. Utah; James G. Berryhill (V.-Pres.) and James G. Berryhill Jr. Des Moines, Iowa. Among the other shareholders are D. C.
Eccles and L. R. Eccles, Ogden; G.E. Claflin. V-.Pres. Elec. Bond & Share
Co., N. Y. City, and T. W. Boyer, Salt Lake City.-V. 99, p. 817.
231
The stock will presumably all be held in the treasury
the parent cornany. The step, it is stated, was taken because of a lawof
recently passed in
assachusetts which increased the taxation on the capital of foreign corporations. Under the broad interpretation given to the law, it appeared
as though the company might have to pay a tax in the State several times
greater than in the past. The tax will hereafter be based on the $300,000
capital stock named in the charter, which is said to
be equal to the value of
the company's real estate holdings in Massachusetts.
-V.98, p. 1001.
Armour & Co., Chicago.-Earnings.-Year end. Nov.2:
Year.
Total
Receipts.
Admin. Bond,&c., Taxes,
Expense. Interest. Ins.,&c.
Dies.
(10%).
Balance
SuTlus.
1913-14_ __13,707,631 1,578,363 3,559,366 1,059,995 2,000,000 5,509,907
1912-13_ _ _11,356,095
1,419,236 2,885,048 1,023,615 2,000.000 4,028.196
-v. 99, P. 1599.
Atlantic Gas & Electric Co., N. Y.-Plan Approved. •
-General Gas & Electric Co. to take Over Properties.-The
bondholders' and stockholders' committees,representing a
considerable majority of both classes of securities,have approved a plan submitted by W. S. Barstow & Co., Inc., for
The General Gas & Electric Co., nder which the properties
of the Atlantic Gas & Electric do. will be taken over by the
General Gas & Electric Co. as soon as various details can be
completed. This plan contemplates the purchase of the
various properties of the Atlantic Gas & Electric Co. by
exchange of securities on the following basis, the Atlantic
Co. to go out of existence:
The holders of Atlantic "A" bonds ($1,680,000)
will receive a ten-year
5% gold bond of the General Gas, secured
by the same collateral, or IL4
equivalent, that the "A" bonds formerly held.
The Atlantic "B" bonds ($1.666.000) will be paid
off.
To provide for immediate construction requirements
, a 6% 5-year Secured Note issue of the General
Gas & Electric Co. has been created. This
note issue will retire $650,000 of
the old General Gas 6% notes, and will
provide
part of the construction funds for 1915.
Schenectady (N. Y.) Ry.-No General Reduction.-The
In
the unsecured creditors and preferred stockholders who subP. S. Commission has made an order stating that on the tes- scribeaddition,
in cash for blocks of various securities
the General Gas & Electric
Co.
an alternate plan for 22 Ji% or 25%of
timony presented it would not at this time be justified in eral under
of holdings, will receive GenGas & Electric Co. convertible pref. stock.
The plan also provides
making a general reduction of fares.
that Atlantic common stockholders may
subscribe for new securities, in
The Commission also declines to make a re-arrangement of the zone sys- which event they will
50% of their present holdings in common stock
tem. There are 5 faro zones between Albany and Schenectady,for each of of the General Gas & receive
Electric
Co.
which a 5-cent fare is collected. As a result, residents of the middle zone
For further future construction requirements of the
consolidated
have been compelled to pay 15 cents to go to Albany or Schenectady and pany, a comprehensive
plan of financing has been prepared. Usingcom15 cents to return, or 30 cents for approximately the same mileage for which aminations and estimates made
by Stone & Webster, engineers; Haskinsex&
25 cents was charged for a single way trip between the two terminii. A Sells, public accountants, and engineers
accountants of W. S. Barstow
place is ordered to be established at about the centre of the middle zone, & Co., Inc., the combined companies, itend
is stated, will show for 1915 earnwhere tound-trip tickets can be purchased to Albany or Schenectady for ings of $173,932 applicable to dividends on
the convertible preferred stock,
25 cents.-V.98, p. 1609.
which is entitled to 3% in 1915. 4% in 1916, 5%
in 1917, 6% in 1918 and
non-cumulative.
Southern Ry.-Final Payment.-The final installment of thereafter
The Atlantic Gas & Electric Co.(V.97,p. 1585; V.98,p. 1696)
owns elec$107,000 on account of the purchase price ($307,000) of the tric lighting properties in Easton, Stroudsburg, Bangor, Bath and
Sayre.
urg, Boonton, Dover and Rockaway, N. J., and Binghamton
Northeastern RR., which was bought from the State of Pa.Philipsb
and'Waverly. N. Y. Gas properties are also operated in Easton,
Georgia in 1899, was made on Nov. 1 1914, when due, and burg and Nazareth. The General Gas & Electric (V. 96. p. 364; PhillipsV. 100,
p. 43) is a Maine corporation. controlling the Sandusky Gas & El. Co., the
not this week as reported.
The road extends from Athens to Lula. Ga., 39 miles. The Southern Northwestern Ohio Ry.& Power Co.. Port Clinton (O.) Elec. Lt. & Pow.
will now receive a deed of the property, which it has been operating for Co., Rutland (Vt.) Ry., Lt. & Pow. Co., Western Vermont Pow.& Lt. Co
and Pittsford Power Co. See also V.99, IP. 1834, 1216. 1053, 971.
some time.-V. 99, p. 1834.
• Terminal RR. Association of St. Louis.-New Director.
-Edward D. Pryor has been elected a director to succeed
Henry Miller.-V. 99, p. 50.
Toledo St. Louis & Western RR.-Foreclosure Suit.The Central Trust Co., trustee under the collateral trust
mortgage of 1907, has filed a petition in the general creditors'
suit m which the receiver was appointed,toforeclose the mortgage.-V.100, p. 142, 56.
Wabash RR.-New Officer.-J. C. Otteson, Secretary for
many years, has also been elected Vice-Pres,
to succeed the
late Edgar T. Wells.
Cross Bill Dismissed.-Judge Lacombe in the
U. S.
District Court in this city on January
by consent of
all parties, dismissed the cross-bill of the11,
Bankers'
Co. in the suit brought by the Central Trust Co. Trust
to foreclose the $5,000,000 43.% notes of 1905, payment
of which
was extended to May 1 1913 (V.90, p. 915).
The $5,000,000
notes are secured by a
note of the WabashPittsburgh Terminal By., the latter being$3.500,000
in turn secured by $3,800,000
Pittsburgh Terminal RR. & Coal Co. consol. M.
4)4% bonds and a note
for $1,500,000 of the Wabash-Pittsburgh Terminal
secured by
$14,000,000 stock of Pittsburgh Terminal RR. & Ry.
Coal Co. The
Bankers' Trust Co. claimed to have an equity in the $14.000,000
stock and
$3,800,000 bonds of the Pittsburgh Terminal RR. &
Coal Co. deposited
under the notes, on the theory that the Pitts. Term. RR.
& Coal Co securities were purchased by the proceeds of Wabash-Pitt
Term. 1st M.
bonds and should have been pledged under the letter.-V.s.
99. p. 1905.
Washington Railway & Electric Co.-Application.
The company, it is reported, has applied for authority toissue $664,000 consol. M.4s of 1902.
Of this amount, $100,000, it is said, is for an underground
conduit system on Nichols Ave., Anacostia, from Anacostia
Bridge to Talbert St. In
Dec. last it was reported that the company
to cover the cost of a single-track extension proposed a new bond issue
from
Congress Heights to
Upsal St.-V. 99, p. 469.
Bethlehem Steel Corp.-Coke Ovens.-
See Lehigh Coke Co. below.
Orders.-The company has been receiving a large amount
of foreign war orders.
A press dispatch to the New York "Sun" says:"These have been coming
in so rapidly that more than 2,000 men have been put to work within the
last month, and there are now nearly 11,000 on the payroll. The majority
are engaged in the manufacture a shrapnel. Larger quantities will be
made henceforth because of the elargement of the projectile shops. Shells
are shipped every night to Canada. More than 1,000 men are employed
in making structural steel for bridges in the war zones in Europe to replace
bridges destroyed. These shipments are also made via Canada. The
aggregate value of foreign contracts landed by President Schwab recently
Is estimated to be $135,000,000, and it is said that if the war continues the
Bethleham plant will have 15,000 men at work, the highest number heretofore having been 12,000.-V. 99, P• 1599.
Called.-One million dollars of the $3,000,000 guaranteed
one-year 5% secured gold notes dated June 11 1914 have been
called for payment at 100% and interest at the Central Trust
Co., N.Y.,and Feb. 15(V.98,p. 1847,1922).-V.99,p.1599.
Biograph Co.-50% Scrip Dividend-Cash Dividend Reduced.-A dividend of 50% has been declared on the $1,999,000 stock, payable Feb. 1 in registered scrip certificates
convertible on or before Dec. 31 1916,at par
interest,.
into either cash or stock or some form ofwithout
interest-bearing
obligation to be determined by the
On Jan. 2
• the regular monthly cash payment ofdirectors.
% 1% was made,
being the rate in effect since March 1913. of
Distributions will
hereafter be 1% until the close of the European
war.
The accumulated surplus on Oct. 31 was
$1,008,150, after depreciation
and other charges. In March 1913
the monthly distributions were reduced
from 1% to ti of 1% in order to enable
the
company
to pay over $1,000,000
from earnings for its new studio in New
number of motion pictures was produced York City. In 1914 a greater
than
ever
before, but the percentage of profit was smaller than in the five
preceding years. A large Part
of the income has come from
foreign
dropped off. Compare V. 97, p. 1358.business, but this has, of course.
Bishop-Babcock-Becker Co.-New Officers.-The folYork(Pa.)Railways.-Scrip Dividend.-A scrip
dividend lowing changes are announced:
of 2%% has been declared on the $1,600,000 5% cum.
John Sherwin, formerly Treasurer, has
been elected President to succeed
J. H. Champ, who has been elected
stock for the half-year ended Nov. 30 1914, payable pref. lings
Chairman of the board. G. E. ColJan. 30
succeeds Mr. Sherwin as Treasurer.
E. T. Sargent has been made
to holders of record Jan. 20.
Sec. and Asst. Treas. and L.
A. Becker has
The scrip will be dated Jan. 30. mature Jan. 30 1918. bear
interest at
5% per annum, payable semi-annually,and redeemable
option on any interest period before maturity on 30 days'at the company's
notice. Interest
will be paid by check mailed to scrip-holders of record.
registered and transferable only on the books of the companyScrip will be
at York. Pa.
Semi-annual distributions were paid in cash from Jan.
both inclusive; in July and Jan. 19122% was disbursed 1913 to July 1914.
and in July 1911 an
initial distribution of 1% was made.
Earnings.-For year ending
Manager -V.95, p. 819.
been appointed General Sales
Bituminous Coal Companies.-Opening of Eastern Ohio
District.-The first of the mines in the Eastern
district
resumed work on the open-shop basis on Jan. 11Ohio
and a general reopening was announced to take
place on Jan. 14.
The strikers'
given an opportunity to return to work on the terms
proposed by thewere
operators. The Federal conciliators recently named on
Nov. 30:
Jan. 14 began a series of conferences
Nov. 30
Gross
Net (after Int. &
with the operators in Wheeling, with
Depre- Pref.Div. Balance, a view to
reaching an agreement on a new
YearEarnings. Taxes). Bond DU. dation.
basis of operation of the mines.
1913-14
$796,645 $348,748 $223.338 $16,915 (5%). Surplus. -V. 100. p. 143.
$80,000
$28,494
1912-13
767,161
329,730
217,078
Cadillac
16,735
80,000
Motor
15.917
Car Co., Detroit.-Decision.-Judge
-V. 98. p• 1602.
Sessions in the Federal Court on Jan. 8, in the suit brought
in July 1914, filed a decree in
favor of Walter S. Austin,
INDUSTRIAL, GAS AND MISCELL
head of the Austin Automobile Co.,
ANEOUS.
at Grand Rapids, Mich.,
who charged the company with infringeme
American Can Co.-New Massachusetts
nt of an axle
Subsidiary
.
-The
patent.
American Can Co. of Massachusetts has been
incorporat
ed
The
alleged
Delaware
infringement
with $300,000 capital stock to take over
, it is claimed, was used on 14,000 Cadillac auin
of the 1914 model. An accounting
all of tomobiles
was ordered before a local
Master in Chancery. It is said that
the properties in the first-mentioned State.
about $500,000 is involved in the suit.
Compare
V. 99. p. 200.
232
THE CHRONICLE
Calumet & Reda Mining Co.-Decision.-Further facts
are at hand regarding the decision of the U. S. Circuit Court
of Appeals handed down on Jan. 6 in the suit brought by
Geo. M. Hyams.
Bigelow suit sustains the
The Court holds that, while the decision in the
purchase stock in
company's right under the Michigan statute of 1905 to should,
in view of
the company
the Tamarack and Isle Royale companies,1914,
to prevent interlocking dithe recent Federal Act approved Oct. 15
proxies
of
enploying
or
stock
its
voting
from
enjoined
rectorates. be
two companies named, who
other stockholders to elect directors for thethe
The
Calumet
company.
of
officers
or
directors
time
same
the
at
are
Court says:
method in
"We think that no stifling of competition is created by the
was made and
which sales of copper produced by the different companies
evidence
fails to
The
management.
Hecla
&
controlled by the Calumet
of proper econo.show any improper curtailemnt of production or disregard
* We think it well within reason to find that it has from the
mies, *
influence, to
start been, and still is. its intention, through its predominant
accomplish. if possible, in one form or another, a virtual consolidation of
Calumet &
proper
matter
how
No
companies.
controlled
its own and its
represent Tam.
Hecia may think a given plan to be, it cannot appropriately
fact or method of such acarack and Isle Royale in determining either the
quisition or the question of compensation to those companies. We think
measure of protection."
the plaintiff entitled to some reasonable
The decision is given at some length in the "Boston News Bureau" of
Jan. 12.
New Smelter.-The company last week shipped from its
Hubbell (Mich.) Smelting plant the first shipment of silver
bullion of any considerable amount to be sent to the U. S.
mint from the Houghton district, being 100,000 troy ounces,
valued close to $50,000.
The plant replaces the former one at Buffalo. The electrolytic treatment employed (in addition to the former treatment) is more than paid for
by the saving In silver alone, which is retreated in the small silver bullion
smelter and the valuable silver secured from the refuse.-V. 100, p. 143.
Cambria Steel Co.-President-Charles S. Price, President, died on Jan. 10.-V. 99, p. 1834.
Capital City Dairy Co., Columbus,0.-Government
Suit.-The U. S. District Attorney, on instructions from the
Department of Justice, on Jan.6 filed a suit in the U.S. District Court at Columbus, 0., against the former New Jersey
company of the same name for internal revenue taxes alleged
to be due on colored oleomargarine and evaded from Jan. 1
1904 to July 11914, aggregating, it is stated, $9,015,029.
The bill asks for the appointment of a receiver of the New Jersey corporation to collect from the stockholders the taxes claimed to be due, as the old
company is insolvent and has abandoned its business. It is alleged that a
tax of % of 1 cent per lb. was paid on the basis of uncolored oleomargarine,
whereas the amount that should have been paid was 10 cents on the colored
article. During the ten years over $2,000,000 of unearned dividends, it is
alleged, were paid.
The receiver will, it Is expected, bring action against the stockholders
paid to
asking for an accounting and judgment against them for dividends
Henry C.
them. Dennis Kelly, President of the old company, and the
stockholders,
other
The
stockholders.
principal
Pirrung Estate, are the
Vice-Pres.
who were indicted several months ago, are: William H. Eberst,
Hayes, Treas.
and Gen. Mgr.; M. Leo Corbett, Sec.. and Cornelius A.company
for the
the
on
demand
a
made
The Government in July 1914
the money, books of
return of $9,334,786. and, on failure to comply, seized
equipment
machinery,
hand,
on
materials
products,
manufactured
account,
was sold in October.
and all tangible property and assets. The plantincorporated
in Delaware.
A new company of the same name has been
as one of the most
regarded
is
case
the
that
state
dispatches
Washingtoh
time.
some
in
brought
mportant of the kind that has been
'Vol.. 100.
Of 28 cities in list compiled by Mr. King, 16 have rates higher than
the Cincinnati maximum net electric light rate of 914 cts. per k.w.h. One
has the same charge, while 9 of the 11 cities which have a lower rate are
served by water-power plants, the cost of production being thereby greatly
lessened. Clearly, therefore, the rates in Cincinnati are low in comparison
with other corresponding cities.
(2) Status, &c., of Electric Department of Cincinnati Gas & Electric Co.
The company's electric franchise runs for 25 years from Nov. 17 1893,
and thereafter until the electric-light plant shall be purchased by the city
In the same manner as is provided for the purchase of the gas properties.
The rate per kilowatt hour in 1893 was 20 cts. The present rate is 10 cts.
per kilowatt hour with a discount of 5% for prompt payment.
The electric generating plant is located at Plum and Canal streets and
there are six sub-stations. For its electric light and power service the
company uses single conduit lines, 318 miles; trenches. 47 miles; underground cables,227 miles; copper wire,2,870 miles; pole line length.380 miles;
distribution system's area, 41 sq. miles; number of meters. 22.000: number
of transformers, 3,000; number of street arc lamps, 6,300. Its electrc
distribution system extends north to Glendale, east to M. Washington
and west to Sayler Park.
Number of Electric Consumers and Average Income Therefrom per K.W.H.
Other
Total
-Electric Lighting- Power
City Resid'ce, Comm'l. Served. Customers. of AU
2,244
730
8,183
20,292
9,135
Number of consumers__
(7) 4.89 cts.
Av. income per k.w.h_ _8.71 cts. 5.24 cts. 4.16 cts.
The company has under way plans for a large expansion of its electric
service through the construction of a new power plant to be located on the
Ohio River. The new plant will treble the company's capacity and add
millions of dollars of new capital to the city's industries, besides producing
an unparalleled service and distributing a vast sum throughout the city's
trade and labor channels. The new plant cannot be built unless such reasonable rates are granted the company as will justify the investment.
The company in 1913 paid a total of $352,735 taxes of various kinds on
its electric light and gas properties, franchises and rights, viz.: General
personal and real property tax, $267.415; State excise tax, $55,272; city tax
on gross electric receipts, $9,972; tax for maintenance of P. S. Commission,
$2,604; Federal income tax. $17,472.
(3) Description of Gas Department of Cincinnati Gas & E:ectric Co.
By acquisition of the Conover contract, dated June 16 1841, the company
was authorized to sell gas in the city for 25 years and thereafter until the
gas works are purchased by the city at a price to be determined by five
persons, two named by the city, two by company and one by these four.
Since the first price of $3 50 per 1,000 cu. ft. for artificial gasin 1843,
the company has constantly reduced the price until natural gas is now being
sold at 30 cents per 1,000 cu. ft., giving double the heat of artificial gas,
or equivalent to artificial gas at 15 cts. Gas consumers: May 11843, 80;
In 1906, 53,639; Oct. 31 1914, 105,854.
The company has laid an average of over 51,000 feet of general distribution mains annually since June 1841 and now has in use 705 miles of street
mains, 310 miles of service pipes laid into 105,000 residences and business
blocks and 111,793 gas meters. The mains radiate to Glendale, 1314 miles;
to Reading and Deer Park, 10 miles' Mt. Healthy, 9 miles, and Mt. Airy.
include
714 miles; Madisonville, 814 miles'Anderson's Ferry, 7 miles. and
Arlington Heights, Hartwell, WilliamsWoodlawn. Wyoming, Lockland,'
Linwood,
dale, Silverton, Kennedy Heights, Pleasant Ridge, Oakley, large
artiBond Hill and Westwood. The company holds in reserve two
10,ficial gas plants and It owns nine steel gas holders with a cpaacity of
gas.
000,000 cu. ft., constantly filled with a reserve supply of natural
length,
The company controls a 20-inch steel pipe line. 145 miles in product
the
running through Kentucky and West Virginia. It transports
artificial gas
of over 250 producing gas wells for use in Cincinnati. When
was used the average daily consumption in winter was not over 6,000,000
cu. ft. In Feb. 1914 for several days the delivery of natural gas reached
89,000.000 on. ft. per day, Including gas taken from the holders. In 1913
the total amount of gas delivered into the city was 15,824.338,000 on. ft.
-V. 99. p. 750.
(H. B.) Claflin Co., N. Y.-Sale.-The company's assets
&c., were bid in at auction on Jan. 14 by the note-holders1
committee, the only bidder. James S. Alexander, President of the National Bank of Commerce, Chairman of the
note-holders' committee, authorized the following:
York.-Earnings
Childs Co. (Restaurants), New
Alternative bids were submitted to the U.S. Dist. Court to-day by B. W.
Total
Previous
Surplus
Dividends
Gross
the Secretary of the note-holders' committee. The purchaser in the
Nov. 30
Surplus Jones,
Surplus.
for Year.
Paid.
Profits.
the sale is confirmed will transfer the assets to the Mercantile
event
Year3326.679 Storesthat
3188:721
$137,958
$593.091
Corporation and to the new H.B. Claflin Corporation, in accordance
1913-14 ---$731,049
468.006 with the plan of reorganization (V. 99, p. 971, 967). Of the total of $40.263,006
205,824
657,782
1912-13 -___ 863,606
1914
$188,account Jan.
of claims filed with receivers, as to which there have been no objecThere was charged to depreciation and reservehand,
$454,204; notes and 050,394
tions filed at this time, $39,466,000 in amount were represented by the
722. The balance sheet Nov. 30 shows cash onand
accounts payable are committees. Of the balance of the claims, $419.000 are held by the reaccounts receivable, &c., $316,256. Notes
31,025,743. against $1.117,854 in 1912-13.-V. 100, p. 57.
ceivers of the 23 stores. The total amount of claims that were not reproby the committee,lother than these claims,aggregate in amount only
Cincinnati (0.) Gas & Electric Co.-Rates.-The com- sented
All the noteholders who proved claims except two were rep3164,000.
an
Council
City
Cincinnati
the
before
pending
by the committee.
has
resented
pany
bid in the alternative was to pay 29% of all proved and allowed claims
application for a renewal for a term of years of its rates for In The
addition to paying the expenses of receivership and taxes and claims
supplying electricity, and a committee of 33 shareholders, entitled to priority, or to pay $10,000,000 in cash. The creditors who are
by the committee, instead of receiving the percentage offered
with Alfred M. Cohen as Chairman and Samuel Assur as represented
by the bid or the dividend payable thereunder, will receive 15% in cash and
Secretary, is aiding the executive officers in properly pre- 85%
in notes after the reorganization has been completed.
as of June 24, recently filed with the Court.
senting the case, lest political agitators jeopardize the inter- [A list of the larger creditors
with others: Dunn ,Bros., N. Y. $1,959,938; Hathaway, Smith.
ests of the stockholders, of whom about 6,000 live in and showed
Folds & Co., $5,564,194; J. P. Morgan di Co., $1,000,209; Chemical Nat.
about Cincinnati.
Bank, $1.104.070; and Blake Bros. & Co., $14,663,425. these amounts
amounts of other holders who have transferred their claims
Committee.-Alfred M. Cohen, Chairman Samuel Assur, Secretary; including large of
the names the several firms of bankers. The amount dna the United
into
Wm.
Stark
H.
E.
and
Harry
Stewart,
George Hafer, J. M. Hutton, Wm.
$1.751,622.1-v. 100. P. 57.
E. Well, Executive Committee; H. L. Breneman, E. Allen Conkling, Edward Dry Goods Co. was
Corporation.-Directors.-This comH. Ernst, George D. Eustis, John 0. Gallagher, Walker P. Hall, Lewis G.
Claflin
B.)
(H.
Hopkins, Chas. D. Jones, Edmund Kerper. Marmion K. Lewis, Stanley
connection with the reorganization
W.Lewis, M.E. Moth, H. W. McGrew, Lee Quitman, J. Nevin Roberts, pany, to be organized in
Wm. Strunk, William A. Sayers, F. H. Schell, George W. Trowbridge, of H. B. Claflin Co. (see above), will have as directors:
& Co.;E. M.TownChas. F. Windisch, Henry M. Weil. R. H. Weatherhead, Ida Wocher,
Harry P. Bonties; J. Harper Poor of Amory, Browne
Caesar of H. A. Caesar & Co.', J. P.
Louise K. Wuerdeman. John 0. Wagner, Caroline R. Wagner.
send of E. M.Townsend & Co.; H. A.Byrne,
Vice-Pres. of the Merchants'
Stevens of J. P. Stevens & Co.; Joseph
Data from Circulars and "Stockholders' (weekly) Herald."
Nat, Exch. Bank.
(1) Summary of Answer to Report by City's Expert A. C. King on Rates.- Nat.Bank; Walter B. Bennett, Vice-Pres. of the Amer.
W. W. Freeman, President of Union Gas & Electric Co., has flied the
Inc., Troy, N. Y.-Earnings
Cluett, Peabody & Co.,Interest,
answer of that company and the Cincinnati Gas & Electric Co. to the report
Pref.
Balance,
Common
Operating
Total
on electric rates made for the city by Mr. King. The city's expert made no
Dividends. Surplus.
Exp.,&c. Depr.,&c. Divs.
calculation of intangible values, although the Court of Appeals of the States Year- Income. $11,385,830
48
17
$237,864 $560,000 (4)3720,000 1.54
1,2
$213.7
1914-$13,114,842
the
the
Railway
Commission,
New
Wisconsin
Jersey,
and
York
New
of
13.520.705 11,272,136 285,292 420,000
New Hampshire P. S. Commission and other high authorities have firmly 1913- balance
cash
on
shows
hand,
ac1914
$531,111;
31
Dec.
of
sheet
The
established the principle that the "going value" of a public utility is an
$1,906,137, and notes and accounts payable,
Intangible value that must be given recognition for rate-making purposes. counts and bills receivable,
$523,204 in 1913.-V. 99, p. 606.
The company computes this item at $1,500,000. The physical value of $42,647, against
property, also omitted by Mr. King, is calculated by the company, to-Demurrer Overruled.-Judge
Chicago.
Crane Co. of
gether with corrections in unit values placed upon certain portions of the
on Jan. 7 overruled the demurrer
distributing system, at $1.450.000. The company makes a case showing Daviss at Groesbeck, Tex.,
the minimum fair rate-making value of Its electric property to be $9,837,- in the suit brought by the State of Texas for alleged violations
605. as against Mr. King's valuation of $7,090,433.
of the State Anti-Trust laws, in which penalties were asked
Mr. Freeman's Correction of Expert's Valuation of Electric Property.
37,952.894 of more than $1,000,000 and also a forfeiture of the charter.
Reproduction cost, new, as estimated by Mr. King
Additions to inventory and corrections in unit values of certain
The Court held the law constitutional and the case is expected to be tried
wiortions of the distributing system omitted by Mr. King_ _.... 1.450,000 about the June term.-V.99. D. 1913.
39.402,894
tu1:11nm valuation based upon reproduction cost, new
1,307,002
Existing depreciation, at the percentage used by Mr. Ring
valuation
$8,095,892
physical
Minimum present
241,673
Working capital, amount allowed by Mr. King
Minimum additional value of business, or "going value" (not
1,500,000
computed by Mr. King)
39,837,565
Minimum fair rate-making value of electric property
for year ending June 30 1914. as reported by
The gross electric income and
also
as
earnings,
net
reported
by Mr.
the
mr4K1ng, was $2,023,836.
but from these earnings should be deducted: Future
King, were $1.182,866,
additional
$336,624;
exnecessary
percentage).
King's
depreciation (Mr.
of income from present customers resulting
.$500,000, and reduction
customers, effective Sept. 15 1914,
power
wholesale
to
rates
in
change
remaining net earnings of $311,242, whereas a return of
335 000, leaving
King, on the foregoing valuation of $9,837,565
8%.' as allowed by Mr.
wouldgequire annual net earnings of 3787.005.
Cr
Creamery Package Manufacturing Co.-Earnings.-
l
Depre- Dividends Charged
lus
ota
Trp
Surplus.Balance
su
Net
Nov. 30.
9a5i
1P
sci7at5imono.
E
Year23.415
$
75
.
6
d
,
$169,769
375.000
$110,510
3404.600
-1 9423.19438.
p. 513
208,932
59,259
28,932
25,000
59,259
.1,496
2
9
Cupples Station Light Heat & Power Co., St. Louis.Control.-See United States Public Service Co. below.
voi Decision.-Judge MoQuillin in Circuit Court at St. Louis
on Dec. 21 dissolved the temporary injunction previously
granted in the suit brought over a year ago by Simon H.
Frohlichstein to prevent the company from erecting poles
in front of property owned by him on Minerva Ave., outside of the so-called "underground district."
JAN. 16 1915.1
THE CHRONICLE
233
The plaintiff was represented by the counsel for the Union Electric Light
& Power Co., who,it is said, regarded the case as a test suit. The decision
will, it is stated, permit all power companies which have obtained a franchise under the so-called Keyes ordinance, approved Sept. 8 1896, to become competitors of the Union Co. Both sides agreed in advance that
the loser would appeal to the State Supreme Court for a final ruling.
The suit attacked the scope of the ordinance, it being claimed that under
it the company was limited to laying its wires In the downtown or socalled underground district, but the Cupples Co. contended that the
ordinance was merely an amendment of previous ones covering the laying
of wires and that a company which operated under it was also entitled to
the privileges of the previous ordinances. The court held the Keyes law
embodied the privileges granted under previous ordinances. As to the
point raised by the plaintiff, that it would be an economic waste, the
Court said:
"Whether opening the field to competition is or is not economic or 'an
unnecessary occupation of public space is not a question for this court
to determine. Obviously, this court must permit the will of the law as
found to be expressed in the Keyes ordinance. In view of the foregoing
considerations my opinion is that the ordinances of the City of St. Louis
at present provide for both underground and overhead electric wires.
The defendant company is qualified under the Keyes ordinance and is
therefore entitled to all the benefits conferred by the general ordinances.
The Keyes ordinance, it is held, is not limited to legislation respecting
conduits and other underground electrical works, but was designed to
supplant prior legislation.
company only since the date of purchase. Therefore, the bankers say,each
succeeding month of operation should show increased earnings.]
Territory Served.-The cities served are mostly county seats and the business centres for large surrounding territories. They are all progressive.
up-to-date communities, agriculture being the leading industry.
Controlled and managed by the Associated Engineers Co. of Denver.
which includes E. C. Van Diest of Colorado Springs and T. L. Wilkinson
of Denver, engineers.
The regular semi-annual dividend of 3%% was also declared on the
Dominion Coal Co. pref. stock. President Plummer stated after the meeting that there was nothing new to report, the situation being about the same
as a couple of months ago. Export business, he said, is not coming in
quite as freely as had been hoped for.-V.99, p. 1454.
devices covered by these two patents,
which new devices are not only wholly without
patents, but are decided
improvement supon the old devices which the the
found to be infringements. The present decision of the Court in Court
no way interferes with the
continued use of the machines by our customers.
In
case any such interference with our customers is attempted, we will substitute
in their machines
the new devices.
See Mergenthaler
Co. below and compare
V. 100, P. 144. 58.
International Harvester Co. (of New Jersey).-Notes
for Refunding, &c.-Holders of the $20,000,000 notes issued
in 1912 and due Feb. 15 1915 (of which $5,000,000 were
assumed in 1913 by the International Harvester Corporation) have, it is reported, been offered opportunity to subscribe until and including Jan. 31 for a new issue of $20,000,000 3-year5% notes,to refund the maturing notes. The
issue will thus be underwritten individually by Chicago and
New York banking institutions. The new notes are dated
Feb. 15 1915 and will mature Feb. 151918.-V. 100, p. 144.'
International Typesetting Machine Co.-Decision.Referring to the decision rendered Dec. 28 in the two suits
Dominion Steel Corporation.-Regular Pref. Dividend.- brought against the company by the Mergenthaler Linotype
The directors on Jan. 8 declared the regular quarterly divi- Co., the company says:
dend on the $7,000,000 6% cum. pref. stock, payable Feb. 1
"The defendant company will continue the manufacture of their ma'
Chines as heretofore. Whatever may be the decision
to holders of record Jan. 15.
of the Court, we have
already perfected and substituted new
El Paso Consol. Gold Mining Co -New Directors.-
Judge H. McGary, Gen. Man. of the Golden Cycle Co., and Fred.W.
Bailey of Denver have been elected directors to succeed Allen L. Burris.
former President of the company, who recently resigned, and Albert Elwinger, respectively.
General Chemical Co., New York.-New Stock.-As
foreshadowed in the "Chronicle" of Nov.21 (V. 99, p. 1531),
common stockholders of record Dec. 31 1914, who, on
Feb. 1, will receive the extra cash dividend of 5% declared
Nov. 20,are offered, by circular of Jan. 2,the right to subscribe and pay for in full at par on or before Feb. 1 at the
Title Guarantee & Trust Co., 176 Bway, N. Y., $542,902
common stock, to the extent of 5% of their respective holdings. This will make $11,400,952 common outstanding.
Listed.-The N. Y. Stock Exchange has authorized the
listing on and after Feb. 1 1915 of $1,250,000 additional pref.
stock in exchange for first pref. stock of the General Chemical
Co. of California, making the total amount authorized to be
listed $15,000,000. Compare V. 99, p. 1835; V. 100, p. 57.
To acquire thel$1,250.000 first pref.'stock of the California Co.on the basis
proposed will require 31,458.300 stock. Of the
capitalization there
Is only available $1,250.000 of pref. stock, but itpresent
is the intention at an early
date to provide by charter amendment for an increased
capitalization, a
portion of which will be issued to complete the exchange. The corporate
existence of the California Co. will be terminated in due course.
Johnston & Collins Co., N.Y. (Insurance).-Business
in Force.-This general insurance agency, with offices at
55 Liberty St., N. Y., reports:
Business in Force (Company Incorporated March 1909 in N. Y.State).
Amount
Premiums
Life Ins.
Life. Accident. Liabiry. Fire.
Total.
$1.224,266 $37,562 $20.278 $7,287
81.573 366,700
3,158,695 106.414
40,368 38,709
14,769
200,260
1199111
3
6,842,756 230,794
68,631
82,912 86,701 469,039
1914
8,168,590 270,056
67,393 122,544
93.094 555,087
Capital stock auth., common, $50,000; 7% pref.,
$150,000. Outstanding,$50.000 common and about $75,000 pref. Par of
shares $100. First
dividends on common in 1909; pre". (Issued 1910) has
received full 7%.
George W.Johnston is President.
Dec. 311909
Kansas City Stock Yards Co.-Decision.-The Kansas
Supreme Courton Jan.9 held in the quo warrant° proceedings
brought by Attorney-General Dawson that the company
was acting illegally in making a charge of 75 cts. a car on
cars handled over its tracks in the yards and could beousted
therefor from the State. Compare V. 98, p. 1247. The
Court in its opinion says:
A corporation engaged in operating stock yards. owning a track between
such stock yards and the railroads over which stock is transported thereto,
and making a charge to the railroad companies for each car moved over
such track, in accordance with a tariff which it has filed with the Inter-State
Commission, is to be regarded as engaging in business as a comEarnings.-For year ending Dec. 31 (partly est. in 1914): Commerce
mon carrier. The grant to a foreign corporation of the right to operate a
Cal.
Net
Insur. Deprec. Profit- Pf.Div. Corn. Div.Balance, stock yards does not carry with it the privilege of engaging in business as a
Year. Profits. Res'oe. Plant &c. Sharing. (6%).
common carrier. To the extent of any intra-State business done in that
1914_ $2,865,640 $90,000 8420,000 3140.0008825.000 (11%). Surplus. manner such a corporation
exercises a function which Is unauthorized and
8196,360
1913- 2.689.441 60,000 438,446 136,811 825,000 81.194.280
1,124,716 284,468 from which it will be ousted by the courts upon application from the proper
Total surplus (estimated) Dec.311914.$5,789,624,after
executive office of the State.-V.98, p. 1247.
adding
$587,682
estimated surplus of the General Chemical Co. of California (merged).
V. 100. p. 57.
Kansas Natural
General Gas & Electric Co.-Purchase, &c.See Atlantic Gas & Electric Co. above.-V.
100, p. 143.
Hackensack Water Co.-Listed.-The N. Y. Stock Exchange has authorized the listing of $1,000,000
common stock (recently offered to stockholders atadditional
par), on
notice of issuance and payment in full, making the
total
listed $4,625,000. Compare V.99 p. 1370; V.98 p. 1463.
Of the stack, $683,350 has been paid for
'
in full and 75% cdthe subscription of the remaining $316,650, has been paid
and the balance of 25% wfli
be paid on or before June 1 1915.-V. 99,
p. 1370.
Gas Co.-Kansas Decree.-The Kansas City "Star" says that by a decree entered in the Federal
Court on the Kansas side on Jan.9 the State receivers, John
M. Landon and R. S. Richfield, were given complete charge
of the company's properties.
Judge Ralph Campbell of Muskogee, Okla. turned over to them, it is
stated, the property in Oklahoma and Missouri which was not transferred
when the Kansas property was taken from the control of the Federal receivers The transfer consisted mainly of pipe-line property.-V.99, p.1914.
Kern Incandescent Gas Co.-Settlement.-The City of
St. Louis on Jan. 4 accepted $100,000 in settlement of the
Hoster-Columbus (0.) Associated Breweries Co.- suit brought against the company in 1905 for violation of
Deposits.-On Jan. 6 a majority of the $4,799,000 1st M. its lighting contract, on which a judgment for $200,000 was
6 bonds had been deposited with the protective committee. obtained in Dec. 1910.
W. S. Hayden is Chairman of the Committee and W. M. Baldwin
'me National Surety Co., bondsman for the company, appealed to the
Is
Secretary.
814 Euclid Ave., Cleveland. Further deposits are urged.
See V. 100. p. 58.
Intermountain Railway,Light & Power Co. (of Colo.).
-Bonds, &c.-Liggett, Hichborn & Co., Inc., Boston, &c.,
are offering at par and int. to yield about 6.15%,lat M.6%
gold bonds dated Aug. 1 1912 and due Aug. 1 1942, but
subject to prior red. at 105 and int. from Aug. 1 1917 till
Aug. 1 1932 and at 1023' thereafter. Denom. $500 and
$1,000. Interest F.& A. in N. Y. Trustee, Colorado Title
& Trust Co.,Colorado Springs.
U. S. Circuit Court of Appeals, which reversed the
judgment and remanded the suit for a new trial. The city's
motion for a new hearing of the
appeal was denied and on Oct. 27 1914 the Supreme
a writ of certiorari to compel the Federal Court Court declined to issue
to reconsider its ruling.
Compare V. 92, p. 192.
(S. S.) Kresge Co.-Sales.-
1914-December-1913. Increase
1914-12
Increase.
S2,599,879
82.203.695 3396,1841316,097,571 Mos.-1913.
$13,258,227 32,839,344
Unofficial estimates of the net profits
them at $1.050.000; the 7%
dividend on the 52,000,000 pref. calls forplaces
leaving $910,000 for the
$5.000,000 common, on which 6%, or$140.000,
was paid last year.
On Jan. 1 1915 the company had 118 $300,000,
stores in operation, an increase
of 17 over Jan. 1 1914,and since the beginning
of
1915
a new store has been
added, and it Is expected that about
Data from Pres. E. C. Van Diest. Colorado Springs. Colo.,
more will be opened before the end
Dec.20'14. of 1915. The company began with20
Organization.-Incorporated June 12 1912 in Colorado and is
25 stores in 1909, 42 in 1910, 51 in
operating
1911,64
in 1912, Sin 1913, 101 in 1914 and 118 at
the electric lighting plants in Lamar and Las Animas,
the beginning of 1915.
Colo., Laramie, -V. 99. p. 1752.
Wyo., Chadron and Crawford. Neb.; the steam heating plants
in Lamar,
Laramie and Crawford, and the ice business
Laramie
in Las Animas, in each case
Electric
Co.
-Successor
doing the street lighting business. Has five modern electric generating
See Intermountain RY.. Light & Power1Co.Company.
plants, operated by steam. Franchises entirely satisfactory and
above.
without
burdensome restrictions.
Laramie Light & Power Co.-Successor
Company.CapitalizationSee Intermountain Ry.. Light & Power
Authorized, Issued.
Co. above.
Common stock
$1,000,000 $382,300
Lawrence (Mass.) Gas Co.-Stock Increase.
Preferred 7%
1,000,000
-The stock87,900
First. mortgage 8% bonds
2,000,000 201,000 holders, it is announced, will be allowed to subscribe for
Secured notes
140,000 $600,000 new stock at 140 to
Laramie Light & Power Co.and Laramie El. Co.bds_
the amount of 6-19ths of a
65.000 new share for each
The bonds are a direct first mortgage on
share held. This will increase the outthe properties, franchises.
&C., except for 365,000 underlying (Laramie)all
standing
stock
bonds,
to
retire
which
$2,500,000
a
like
.-V.
88, p. 297.
amount of our bonds is reserved. Additional
at roar for only 85% of the cost of permanent bonds of 1912 may be issued
Lehigh Coke Co.-Didier Plant at
extensions or
So. Bethlehem.-The
additions, and then only when our annual netimprovements,
earnings
first
are
106
ovens
twice
of
the
interthe
new by-product coking plant at South
est charges, including bonds then proposed to be issued.
Physical valua- Bethlehem, Pa.,
tion nearly twice the 1st M. bonds issued against it. Sinking
were recently completed and have been
fund up to
1917. $3.000 per annum; thereafter for the successive 5-year periods,
respec- heated preparatory to commercial operation
tively. (1) 2% of bonds outstanding, (2) 3%. (3) 4%,
on Jan. 25.
A second battery of the same size is
(4) 5%, (5) 6%•
About 67% of the outstanding bonds should thus be retired.
present plans, it will be ready for practically completed. According to
operation by the middle of
Earnings of Company for Year Ended Nov. 30.
wo other batteries of 106 ovens each
Februay.T
Gross
$119,904 I Int. on bonds dc coll. notes_ $24,360 of' 424 ovens in the entire plant. Theseare under contract, making a total
will use something like 6,000 tons
Net (after taxes)
of coal a day when in full operation.
344.629 I Surplus
320.269 Davis
The
by the
supplied
coal
is
to
be
C. & C. Co. and the Elkins C.
Our accrued interest charges for the year ended Nov. 30 1914 were
&C. Co.under long-term contracts
only entered into a few years ago when
$21,070, new securities having been issued in July as part
the
original
building.
was
plant
payment
for
The
Bethlehem Steel Co. will take all
the purchase of the electric light plants at Chadron and Crawford, Neb.
the gas made at the new ovens and
a large percentage of the coke, but
'The earnings or these properties have been figured into the earnings of
an important tonnage of the latter prothe cluct will be disposed of in the open
market by the Lehigh Coal Co. Tar.
234
THE CHRONICLE
[VOL. 100.
direct or contingent, excepting that it reserves the right to become endorser
or guarantor on notes of the Pittsburgh Steel Ore Co. to an amount not at
any one time exceeding $300,000. (b) Not to make any sale of any of its
properties, excepting sales in the ordinary course of business and the shares
of stock of the Pittsburgh Steel Ore Co. and the Monessen Coal & Coke
Co.. without the written consent of the trustee. (c) Not to permit any
secured indebtedness against its properties. Trustee, Union Tr.()o.. Pittsb.
Organization.-Incorp. in Pa. July 1 1901 and has neither mortgage bond
nor funded debt outstanding other than the present issue of notes. Authorized and issued capital stock,$10,500,000 7% cumulative pref stock and
the Monessen
$7,000,000 common stock. Owns the entire capital stcok ofthe
Pittsburgh
Coal & Coke Co., the Standard Land & Improvement Co.
Steel
Ore Co.
the
Pittsburgh
and
Ltd..
Canada.
of
Perfect Fence Co.
Plants Owned.-(a) At Monessen, Pa., two new 500-ton blast furnaces,
eight 60-ton open-hearth basic steel furnaces, one 3 high 47-inch bloom mill.
two 3 high 28-inch billet mills and one 18-inch continuous bar mill; two
complete modern rod mills, two wire-drawing mills, one wire nail mill, one
barb wire mill, three galvanizing plants and a factory for making "Pittburgh Perfect" electric-welded wire fencing,for which we have the exclusive
rights in the U. S. and Canada. (b) At Glassport, Pa., complete mills for
in
-A
Co.
-Circular.
circular
Linotype
Mergenthaler
hot-rolling all sizes of steel hoops used by the cooperage trade, steel bands
Our steel capacity is
cotton ties and bars for concrete reinforcement.
regard to the decision handed down on Dec.28 says:
about 400,000 gross tons per annum and we are able to finish all of this in
In a decision (first and second patent suits) recently handed down by our own finishing mills. Real estate owned, about 200 acres.
Judge Hough of the U. S. District Court for the Southern District of New
In order to assure a constant supply of raw material for a great many
York,the International Typesetting Machine Co. was declared an infringer years and to make itself absolutely independent, the company, through
of the following patents owned by the Mergenthaler Linotype Co.: Homans, Its subsidiary, the Pittsburgh Steel Ore (to.. acquired in 1912 an iron ore
re-issue,
Dodge,
No.
Rogers,
739,996;
643,289;
erillleo
olthm
uilimtions
ra
..evaeo
ninjos
No. 830,436: Hensley, No.
onangehl%imi.,acogge
0,y,KnR
mogertydein
subsidiary,
oal
No. 13.489. Among the patents infringed are the very important patents
ore.
covering the two-letter device in the first elevator, and the method of owns valuable coal properties.
mounting and removing the magazines from the rear. The patents coyto Interest-Years end. June 30 (see V. 99, p. 1128)•
ering the resistant to prevent overthrow of the mold during justifica- Net Earnings Applicable1911-12.
1912-13. 1913-14. 51r. avg. 10-sr. a
tion, and the mold banking supports, are also declared to have been in- 1909-10. 1910-11.
$
$
fringed. The Mergenthaler Co. will take steps to protect its rights against
573,440 1,148.788 1,275,456
1,374,601 1,309,938 1,321,572 1.164.388
manufacture, sale or use of the infringing devices.
The average income Ls here about four times the interest on these notes.
A third suit filed by this company against the International Co. in the
John
Bindley, 1st V.-Pres.; Willis
Pres.;
Rowe,
H.
Directors.-Wallace
U. S. District Court for the Eastern District of New York is now pending.
F McCook, gen. counsel; Emil Winter and Edward H. Bindley, all of
-V. 100. p. 58.
Pittsburgh; Wm. A. Nash, Wm.H. Nichols, Henry Ruhlender and David
Monessen Coal & Coke Co.-Controlled, &c.P. Bennett, all of New York.
See Pittsburgh Steel Co. below.
until recently Vice-President
and the company is considammonia and other by-products are recovered,
for the manufacture of benzol.
ering the advisability of erecting a plant
original
plant, which has proved
the
completed,
are
ovens
new
the
When
of producing the amount
a failure, will be abandoned, having fallen far short
who, meet practically the
of coke guaranteed by the contractors, batteries
of 75 ovens each, and
full loss sustained. This consisted of four
in the erection of the new
the comjuanies which built it are not concerned
Co.. of Chicago,
plant. These ovens are being built by the H. Koppers
of
which has constructed by-product plants, consisting in all in March 1914
Ind., Joliet, Ill.,
11.500 Hopper's ovens, for steel companies at Gary,
Ala.,
&c.
When
the
Woodward,
0.,
Youngstown,
Md.,
Point,
Sparrow
contract for the 424 new ovens was let last March, it was said the plant
would cost about $4,000,000 and would carbonize 5,000 gross tons of coal
each 24 hours and supply 60,000.000 cubic feet of gas slay. The coke
company has outstanding $4,460,000 common stock and $3.700,000 7%
cum. pref. stock. No bonds. The Bethlehem Steel Co. under its contract with the Lehigh Coke Co. has an option to purchase the new plant
at the end of 20 years, and obligates itself to purchase it at the end of 30
years. See V.93. p. 1605, 1326.
New Officer.-D.P. Bennett,
at New York of the National Rys. of Mexico,has been elected "
2d Vice-Pres. of the Pittsburgh Steel Co. to succeed Willis F.
of William C. Reitz,
Mount Vernon-Woodberry Cotton Duck Co., Balti- McCook, and also Treasurer in place
of the Steel Co. and also
more.-Sales in Nov. 1914.-The Continental Trust Co. of who has been acting as TreasurerCo.
of the Pittsburgh Steel Products
Baltimore, trustee, has reported to the Court:
Mr. Reitz has resigned as Treasurer of the Steel Co. and will devote his
Mooney Biscuit & Candy Co., Ltd.-Bonds Called.-
Fourteen 25-year 6% s. f. 1st M.gold bonds,due Dec. 311937. for payment at 105 and int. on Feb. 15. at Royal Trust Co.. Montreal.
Net sales for four weeks ended Nov.28 1914, $159,666; cost of goods sold,
$124.819; selling exp., $7,739; general exp.. $7.107; net profits from sales,
$20,001; income credits, $2,541. and income charges. $12,624; net income
for period. $9.918.-V. 99. p. 1303.
Northern Ontario (Canada) Light & Power Co., Ltd.
-Bonds.-A. D. Converse & Co., N. Y. are offering at
88 and int.,affording a current yield of 6.82%,1st M.6%
sinking fund gold bonds of 1911, due April 1 1931, but callable
at par and int. Int. J.& J. A circular shows:
Total authorized. $15000,000; outstanding. $4,559,000; retired by sinking fund and held therein, $321,000; reserved for extensions and improveGenments or future acquisition to 90% of value, $10,120,000. Toronto equal
eral Trusts Corporation, trustee. Annual sinking fund an amount
of outstanding bonds to gradually retire same.
to 2
and airA first mortgage on entire property consisting of hydro-electric
including British
compressor plants on Montreal River, and other plants,
with 75,000 h.p.
Canadian Power Co., aggregating in all 25,000 h. p.,within
an extreme
water power rights undeveloped. All plants are situatedelectricity
and comof 12 miles. Distribution lines, 170 miles. Supplies
and paper and
pressed air, without competition, the mining, agricultural
north.
the
on
Cochrane
and
south
the
on
Cobalt
between
pulp districts
Population estimated at 60,000.
Dec. 31 '12. Dec. 31 '13. Nov. 30 '14
Earnings 12 Months ending$879,857
$872,510
$521,605
Gross earnings
$654,830
$658,408
$371,192
Net (after taxes)
273.360
272,263
178.980
Bond interest requirements
142,758
142,758
117,948
requirements
Prof. dividend
$238,312
$243,387
$74,264
Balance, surplus
These bonds are followed by pref. stock. 6% cumulaitve. on which 6%
p. a. has been paid regularly from Jan. 1 1912, $2,400,000; common stock,
54,585.000.-V. 99, p. 466.
entire time to the business of the Steel Products Co. Mr. Reitz has also
been elected Secretary of the Steel Products Co.-V. 100, p. 59.
Prairie Oil & Gas Co.-Pipe Line Co.-The Prairie Pipe
Line Co. has been incorporated in Kansas with $27,000,000
of authorized capital stock to take over the company's pipeline business and complete the 8-inch pipe line from Kansas
City to a connection with the Illinois Pipe Line. The stock;
it is understood, will go wholly or largely as a stock dividend
to holders of the $18,000,000 stock of the Prairie Oil & Gas
Co. (Compare Ohio Oil Co. in V. 100, p. 145; V. 99, p.
1915.)-V. 99, p. 987, 898.
(M.) Rumely Co. La Porte, Ind.-Default Expected
March 1 on $1,300,000 Unextended Notes.-The following
published statement is pronounced substantially correct by
interests acquainted with the situation:
The plants are practically idle and have been since November. This,
coupled with the fact that noteholders having $1,300,000 of the company's
$10,000,000 two-year 6% convertible notes originally due March 1 1915
have never agreed to the three-year extension plan, which was approved by
holders of the balance of the notes in the early part of 1914,explain the weakness of the preferred, which has sold down to 16, the minimum price fixed
last week by the Stock Exchange. The $1,300,000 noteholders have refused to agree to the three-year extension plan even after being advised that
the company will be unable to pay them on March 1 this year. [The management, it is understood, has also been unable to redeem the $6,800,000
farmers' notes hypothecated with the banks last spring at 47c. on the dollar,
in order to raise $3,200,000 for working capital. See V. 98, p. 917. 767,
309.)
Ohio Service Co.-Notes Offered.-Brooks & Co., Scran- 614,
The company has assurances from some noteholders that, while they will
deposit their original notes, they will not press the matter when they
ton, are offering 3-year 6% convertible gold notes, dated not
become due this March. Others refuse to state what course they will purNov. 1 1914; issued, $667,000.-V. 99, p. 1533.
sue, while some have made plain their intentions of presenting their notes
for payment. Therefore the company is waiting until they know definitely
Ohio State Telephone Co., Columbus, 0.-Stock just
what they have to contend with on this note proposition.
Offering.---Secor & Bell, Toledo, are offering for a syndicate
The company has been severely affected by the European war. Their
business with Russia is at a standstill, and has been since Aug. 1 1914.
headed by George Eustis & Co., Cincinnati, and Otis & Co., Their
trade in South America has been curtailed because of the unCleveland, $3,000,000 7% cum. pref. stock (pref. p. & d.; settledlarge
financial conditions there. The Canadian business has been pracbeginning of the war. Perhaps the Rumely Company
divs. Q.-J.), and $900,000 common stock (par value $100 per tically nil since the in
Canada than any other one agricultural implement
more products
share)in blocks as follows: 10 shares pref. stock and 3 shares sold
and farm conditions
manufacturer, and, therefore, the upsetting of trade
very hard. A good percentage, however, of
com. stock for $1,000 and accrued pref. div. Bankers say: in the Dominion hit Rumely on
liquidated. This is
been
have
1914
1
Jan.
hand
on
inventories
large
big
Began business July 23 1914 with all floating debt retired or provided for. the
for one of the misfortunes of the concern was the unuusally
and $2,350,000 to be expended exclusively for additions, improvements and important,
Funk assumed charge. See also
S.
C.
President
when
hand
on
inventories
A
completion.
consolidation
extensions, and this work is being rushed to
1152.
p.
98,
V.
in
1913
for
under Ohio laws(V. 98, p. 1697. 1849) of 15 non-competing telephone com- annual report
panies. owning 64 local exchanges in Ohio, including systems in Cleveland,
Southern Utilities Co., Jacksonville, Fla.-Bonds.Columbus, Toledo, Dayton, Canton and Youngstown. Has over 95,000
Co., Chicago, recently offered the inistations and 30,000 miles of long-distance lines. ALso has recently acquired Shapker, Anderson &
control of People's Telephone Co. of Akron (V.99. p. 1834; V. 100. 142). tial $925,000 1st M.6% gold bonds of $1913, due April 1
Capitalization: Underlying bonds, $8,060,200; new consolidatedp*bonds
Total auth., $20,000,000. See V. 99, p. 124.
(V. 98.50,._ 1697), $5,000,000: 7% pref. stock. $4,850,000; common stock, 1923.
$5,206,000 This capitalization, approved by Ohio P. U. Commission on
Standard Oil Co. of California.-Held to Be Common
providing new funds as shown above, is less than the
basis of valuation.
total of both bonds and stocks of the merged companies.
Carrier.-The Cal. RR. Commission on Jan. 2 held that the
Earnings of New Go.from July 23 191410 Oct. 311914, and Same Period 1913. company and four other pipe-line companies operating in
1914.
1913.
1913.
1914.
the provisions of Chapter 327 of the
$292.588 $220.720 Net for dividends_$154,435 $96,070 the State come within
Net income
div.
approp_
Pref.
83,245
114.085
58,621 Laws of 1913, known as the Oil Pipe Line Act, which makes
133,393
debt
fund.
Int. on
10.565
4,760
Other interest
them common carreirs and public utilities, subject to the
Bal. unassigned $71,190
The total average earnings of the 15 merged companies for the past five supervision of the Commission as to rates and in other reyears, after paying all expenses, taxes deducting interest on bonds now out- spects. It is expected that the companies will carry to the
charge, were $441,064' 7% on
standing, and making a large deprec ation
for com. stock about 2.6%,f136,564. State Supreme Court the question of the Constitutionality
pref. stock calls for $304,500, leaving
Company agrees to list these shares on the Cleveland, Cincinnati, Colum- of the law. Compare V.97, p. 527,669.
managing, operating or conbus. St. Louis and Toledo stock exchanges.-V. 99, p. 1836.
The law declares that corporations owning,
of crude oil within the State is
trolling any pipe line for the transportation
and
further
declares that "where
Pittsburgh Steel Co.-Note Offering.-The Union Trust a
utility,
public
a
common carrier, and
extent of their business is such that the public needs no use
Co.and the Mellon Nat. Bank of Pittsburgh, are offering at the nature and
is
a
same
not
of public consethe
of
matter
conduct
the
and
int. for series B, and 99 in the same provisions shall not apply.
9934 and int.,for series A,99 and
quence," its
the
of
portion
of
oil
6%
control
unsold
"The
production
$5,000,000
of the State
the
says:
C,
series
Commission
for
int.
The
and
of monopoly in the oil pipe line
an important bearing on the question
coupon gold notes. Authorized and outstanding, $5,000,- has
record shows that of the State's entire production, the
The
business.
Co. controls 30%, the Associated Oil Co. 22%, the Inde000. Due, series A, $1,500,000 Jan. 1 1918; series B, $1,- Standard OilProducers'
Agency, which controls the Producers' Transporpendent Oil
500,000 Jan. 1 1919; series C, $2,000,000 Jan. 1 1920, but tation
22%.the General Petroleum Co., which controls the Genline,
Co.'s
notice.
30
on
days'
int.
Interand
101
at
red.
11%. and the Kern Trading & Oil Co..
California
prior
of
Co.
to
subject
eral Pipe Line
of the lines of the Associated Pipe Line
$5,000 and $1,000.
which uses one-half of the capacity
at office of trustee. Denom.
the entire oil production of this State
of
est J.& J.
cent
per
Ninety-five
Rowe.
Jan.
11
Pittsburgh,
H.
'15.
10%.
Wallace
Co.,
Pres.
By far the greater portion of this
companies.
five
Digest of Letter from
these
its existing debts, the company has issued these Is controlled by
Notes.-To pay off
companies from the independent producer in the
these
subject
to
by
but
1915,
purchased
1
redemption
Jan.
is
dated
oil
notes.
$5,000,000 0% gold a whole or in part, on the first day of any calendar fields. These companies have become the exclusive buyers of the oil of
as
The complete control which these companies
at 101 and int.,days
notice. The company covenants, while any of these the independent producers.
month upon 30
To maintain quick assets, viz.: cash. may exert over the independent producer in the disposition of his oil is obnotes are outstanding and unpaid: (a) materials
the Standard Oil Co.. Associated Oil Co.
that
fact,
a
as
find,
and stock finished and in vious. We
accounts receivable,
good bills, and equal to all its liabilities other than capital stock, whether Producers' Transportation Co., Associated Pipe Line Co. and General
process at east
"
JAN.. 161915.]
THE CHRONICLE
235
Pipe Line Co. of California have secured the control and monopoly of the
Earnings.-For 8 months ending Dec. 31:
transportation of crude oil, petroleum and the products thereof from the
Net
San Joaquin Valley oil fields.' [The five companies last named are held 8 Mos.end. Gross
Int. on
Divs.
Balance,
Dec. 31. Earnings.
Profit.
Debent's.
to be common carriers.-Ed.1-V. 99, p. 274.
(6 Mos.)
Surplus.
1914
52.014,395
51,081,391
$397.666
h%)
$202,035
5481,690
Stewart-Warner Speedometer Corporation.-Listed 1913
2,313,731 1,448,071 397,666 (2%%) 404,070 646,335
on Curb.-The Listing Committee of the New York Curb -V.99, p. 1150.
Vicksburg (Miss.) Water Works Co.-Sale.-The entire
Market Association has admitted to quotation the$10,000,000
common stock. The Columbia Trust Co. is the transfer physical property of the company was sold to E. N. Ellsagent and the Brooklyn Trust Co. the registrar for the worth of Chattanooga, Tenn.,at recent public sale,for $230,000.-V. 97, p. 1754.
stock.-V. 98, p. 520.
Virginia-Western Power Co.-Notes Offered.-The ChiSunday Creek Co.-New Officers.-Change of Name.The following changes are announced:
cago Savings Bank & Trust Co., the trustee for the issue, is
John S. Jonas. who recently purchased the stock, has been elected Presi- offering, at a price to net 6M%,2-year6%coupon gold notes.
dent to succeed E. A.
of Columbus, who retires at his own request.
Dated July 11914,due July 11916. Int.J.& J.in Chicago or New York.
John H. Winder of NewCole
York, who was President up to the time when the Optional
at 101 andint. on any interest date. Denom. $1,000 and $500.
Hocking Valley and other roads took over the property, returns as General Company
Manager. He will also have direct charge of the mines, succeeding N. D. $90,000. pays normal income tax. Authorized, $150,000; outstanding,
The balance may be issued under conservative restrictions.
Monsarrat, the former manager of mines.
Serves a population of nearly 30,000 in Western Virginia and Eastern
Application has been made to amend the charter of the company,changing the name from the Sunday Creek Co. to the old name, the Sunday West Virginia with electric light and power, consisting of prosperous cities
towns on main line of Ches.& Ohio Ry. These notes provide part
Creek Coal Co. of New Jersey. All of the old officers and employees, ex- and
of the funds necessary to connect all its properties with modern
transmission
cept those named above, and several others, have been retained.-V.99, lines.
This investment will cost about $225,000, or 50% in excess
of this
1:1• 1838.
issue. For past two years has been earning approximately twice
its interest
United Elect.Lt. Co., Springfield, Mass.-New Stock.- charges net, and this additional investment should greatly increase
these
Application has been made to the Mass. Gas & Elec. Light Commission earnings. Under favorable franchises, does entire electric-lighting business
for authority to issue 2,500 shares of new stock. l'ar $100.-V.85, p. 1085. in district served, and also furnishes power to Ches. & Ohio By. Co. under
ten-year contract.-Compare V. 98. p. 242; V. 97, p. 181.
United Electric Securities Co.-Bonds Called.- •
Western Union Telegraph Co.-Earnings.-For 12 mos.
All of the outstanding ($40,000) 21st series collateral trust bonds issued
under indenture dated Aug. 1 1905, for payment at 103 and int. on Feb. 1 ending Dec. 31 (Dec. 1914 estimated):
•
at American Trust Co., Boston.-V.98, p. 615.
1914.
1913.
Total revenues
United Fruit Co.-New Officers.-The changes are:
$47,051,417
$45,650.777
repairs and reserved deprec'n_ 58,412,185 $8,444,386
With a view to separating the accounting from the finances, the office of Deduct-Maint..
Other open expenses, incl. rent offor
leased lines
Comptroller and Auditor has been created. James F. Tilden, previously
and taxes
32.140,560 32,702,042
Assistant Treasurer, was recently appointed Comptroller and Auditor of
Interest on bonded debt
1.337,250 1.337.250
the company and Auditor of its subsidiary companies, in charge of accounting, with headquarters at the general offices, Boston. Mass., effective
Net
Dec. 15 1914. William Newsome. Sheppard G. Schermerhorn and Craw- -V. 100.income
$5,161,422
$3.167.099
D. 146.
ford II. Ellis have been appointed Vice-Presidents in charge of traffic,
tropical divisions and Southern domestic divisions.-V. 99, p. 1916.
United Message Co.-Protective Committee-Deposits.The seventieth annual report of the New York Life InThe interest due Jan. 1 1915 on the 1st M.5s was defaulted surance Company, published in another column, does not
and a protective committee has been formed to take care of give in detail the figures showing the business for 1914, but it
the bondholders' interests.
gives much information of vital importance in which every
Deposits are asked with the Columbia Trust Co., depositary, of N. Y.
City, or at the Troy (N. Y.) Trust Co., its agent. Committee: Willard policy-holder is deeply interested. It tells how the comV. King, F. W. Kavanaugh. James D. Livingston, with Arthur N. Hazel- pany's business has been affected by the "European Horror"
tine as Secretary, 60 Broadway.-V.93, p. 1607.
-how it has served its one million policy-holders at a time
United States Metal Products Co. N. Y.-Trustees- when unprecedented difficulties have destroyed a large part
At a meeting of creditors held Jan. 6 at the office of John J. Townsend,
referee in bankruptcy, 32 Liberty St., N. Y.. Thomas C. Clarke. P. Tecum- of the world's commerce, disarranged international credits
seh Sherman and Frank L. Froment were elected trustees, and a composi- and shattered international relations to an unprecedented
tion was offered of50
on the dollar, payable 30 cents cash and 20 cents degree. That it should at such a time have met every obliin 20-year 1st M. goldcents
bonds.-V.99, p. 1916.
gation and satisfied every just claim, after the first period of
United States Public Service Co., St. Louis.-Notes
of credit passed, without resort to the privilege
Offered.-John Nickerson Jr., St. Louis and New York, is strangulation
of the moratoria declared by various governments, mclicates
offering at par and int.,by adv.on another page,the unsold a
high degree of managerial skill and great efficiency of
portion of a total auth. issue of $1,200,000 6% Collateral organization.
Its new business fell short of that for 1913 by
Lien gold notes dated April 1 1913 and due April 1 1918, but about ten million
dollars, but the report says there has never
subject to call as a whole or in lots of not less than $100,000 been a year in which
it did so much good as in 1914. At
at 101 and int. on any int. date on 4 weeks' notice. Int. the same time, the report
makes it clear that the company
A. & 0. in N. Y. Trustee, Guaranty Trust Co. of N. Y.
has not suffered and will not suffer any severe mortality
A circular reports:
(1) The company's only funded
(2) Secured on properties sup- losses by reason of the war, and that its investments in the
plying 18 towns with public utilitydebt.
warring countries have nor depreciated in price appreciably
service by the pledge of $1,407,841
bonds and notes and $2,462,900
stock
of
subsidiaries. (3) Equity over more than have domestic securities. Not a single security
this issue estimated by engineers as over 100%.
(4) None of the subsidiary
companies can issue additional
or incur floating debt (except for issued by or in any such country is in default of either interoperating expenses) unless the securities
same are deposited as additional
security. est or principal. Loans have been called for on foreign
(5) Properties serve growing agricultural
and manufacturing communities,
average increase in population, 1900 to 1910,
47%. (6) Net earnings over policies in only about the same proportion as on policies is3 dims the interest on these notes.
Localities Served.-The following cities, here shown with their estimated sued in the United States. The figures of income, disbursepopulation in 1914, are all served
ments, insurance in force'and accumulated funds shows the
without competition,
in St. Louis and St. Louis County,
(1) With Electricity-St.except
Louis magnitude of the company's operations, its increasing
Mo., 750.000; Danville, Ky., 5,8M;viz.:
Mitchell,
S.
D..
7.500:
Monmouth
Ill. 9,800; Oberlin, 0., 4,500: Paris, Ky., 6,300; Ravenna, 0., 5,820 strength, and power of usefulness in the years to come.
St.'
Louis County, Mo.(part), 9.000; Cape
Mo.,9,900; Chaffee
-The January 1915 issue of the"Hand Book of Securities",
Mo.,2,500; Charleston, Mo.,3,600; Dexter,Girardeau.
Mo.,2,500; Fornfelt, Mo.,500
Illmo, Mo., 1,300: Morehouse, Mo., 1.880:
Poplar Bluffs, Mo., 7,900 compiled by the publishers of the "Commercial and Financial
Sikeston, Mo., 5,080. (2) With Cos-Mitchell, S. D. Monmouth. Ill. Chronicle,' will
be ready Jan. 18. The book contains 192
Oberlin, O.; Paris, Ky.; Cape Girardeau, Mo. (3) With Steam heat-St
Louis: Monmouth, Ill., and Poplar Bluff, Mo.; with Water-Webb City pages, and gives very full information concerning the variand Carterville, Mo.(7,740). and Cape Girardeau, Mo. (4) With Ice
- ous railroads and the leading industrials
whose securities
Monmouth, Ill., and Sikeston and Charleston, Mo.
Total population served outside of St. Louis, 101,600; population of are dealt in on the New York, Boston, Philadelphia, BaltiSt. Louis. 50,000; total about 850,000.
more, Chicago and Pittsburgh exchanges. It shows their
St. Louis Property.-Operates in St. Louis through the Cupples Station
Light, Heat & Power Co.(entire stock owned; no bonds issued), selling elec- earnings, dividends, &c., for a series of years, present fixed
tric light, power and steam heat. The company has been opezsting for a charges, and the amount of the different issues of bonds
number of years in a small way and under the present management is extending Its conduits over a considerable area of the retail business district. outstanding, the rates of interest, &c. There is also given
It is estimated that without very great additional capital investment they the monthly range of stocks and bonds to Jan. 1 1915,
will be able to secure in the business section earnings of over $500,000.
Security for Notes.-As security there has been deposited (a) All the stocks, together with a yearly range for four years. Price, one
bonds and notes
of companies operating at Chaffee, Charleston, Dexter, dollar, or to "Chronicle" subscribers 75 cents.
Fornfelt, Ill., Morehouse,
Bluff and Sikeston, Mo.; Mitchell, S. D.;
Paris and Danville, Ky.,Poplar
-George R. House has been appointed Manager of the
whose properties have a present value of over
$850,000. (b) Stocks and bonds of
company operating at Cape Girar- bond department of the banking house
of W. W. Lanahan &
deau, Webb City and Cartersville. the
Mo., subject to $305,000 bonds out- Co.,
standing. (c) Stock of companies operating at Oberlin and Ravenna, 0.,
Calvert Building,
and has entered upon the
through deposit of all the stock except 550.000. (d) Stock and bonds of discharge of his duties.Baltimore,
Mr. House is well known in finanthe company operating at Mozunouth, Ill., subject to $279,100 in bonds cial
circles. He has been engaged in the brokerage business
and $105.500 stock outstanding.
None of the securities of the St. Louis or St. Louis County properties is for 11 years, first as a member of
the brokerage firm of
deposited under this indenture, but neither company has any bonded debt, Harrison &
House, and later trading under the name of
and the entire stock issue of both is owned by the maker of these notes.
Value of Property.-H. M. Byllesby & Co., using depreciated values, George R. House & Co. Prior to
entering the brokerage
estimated the physical property at 52,509.672. Additional property since business he was
connected with the Mercantile Trust & Deacquired, including Cupples Station Light, Heat &
Co. and Western
Power & Light Co.. are valued by the company atPower
posit
Co., Baltimore, for 11 years.
$1,000,000; total, $3,509,672; total underlying securities (par value), $864,600;
balance, as
against these $1.200,000 notes. $2,645,072.
-Chandler & Co., Inc. of Philadelphia announce the apAnnual Earnings of Constituent Properties Reported by Company.
pointment of Rudolph Hecht as the New York representative
12 Months Ending-'Nov. 30'14. Dec.31 '13. Dec.31 '12. Dec.31 '11. of Chandler & Co. Inc., and the Securities Corporation GenGross earnings
$826,482
$691,503
$556.500
5514.852
Net (after taxes)
will make his office with Chandler Bros.
235,602 212.166 192.945 eral. Mr. Hecht'
Int. on underlying securities 321,782
54,853
46,590
46.635
46,635 & Co. at 34 Pine St., this city.
Int, on these notes
72,000
72.000
72,000
72,000
-Paine, Webber & Co., Boston, have opened an office
Balance, surplus
$194,929 $117,012 $93,531 $74,310 in the Continental & Commercial National Bank Bldg., 208
Interest charges for 1911 and
organization of present company.1012 are on basis of fixed obligations at So. La Salle St., Chicago. The Chicago office will be under
United States Realty & Improvement Co.-Dividends the management of Sanger B. Steel.
Resumed.-A dividend of 1% has been declared on the $16,-George A. Huhn & Sons, Brokers, of Philadelphia, an162,800 stock, payable Feb. 1 to holders of record Jan. 2. nounce the removal of their office to the Bellevue Court Bldg.,
From Nov. 1909 to Aug. 1914 15% was paid quarterly, 1418 Walnut Street.
but in Nov. 1914 no payment was made,although earnings
-J. Julian Dick retired from Dick Bros. & Co., 30
were in excess of the dividend requirements.
Broad St., this city, on the 1st inst.
[VOL. loo.
THE CHRONICLE
236
PROTIS alUt
Pormuntis.
PUBLISHED PS ADVERTHSEHELPIPS.
LEHIGH VALLEY TRANSIT COMPANY.
ANNUAL REPORT—FOR THE YEAR ENDED NOV. 30 1914.
To the Stockholders of the Lehigh Valley Transit Company:
Your Board of Directors herewith submits for your consideration the following report of your Company's operations for
the fiscal year ended November 30 1914.
TRACKAGE.
Exclusive of the Easton Consolidated Electric Company,
referred to later, your Company operates 167 miles of railway,of which 146.38 miles are owned and 20.62 miles leased,
extending from Allentown to Philadelphia (Chestnut Hill),
Norristown, Macungie, Slatington, Egypt, Siegfried, Nazareth, the Bethlehems and Hellertown, as shown on the map
accompanying this report.
Although no extensive construction work was begun,
.special attention was devoted to rebuilding and otherwise
improving the existing trackage by installing guard rails, retieing, resurfacing, improving drainage conditions and rebuilding and strengthening bridges. In making these improvements and similar improvements in prior years certain
abandonments of rights of way, structures and equipment
were necessary, to offset which your Board,at the recommendation of the Company's Auditing Accountants, have appropriated out of accumulated surplus $209,870 21. The
principal improvements were as follows:
Track—New and Reconstructed: One thousand feet of
new track was built on Union Street, Allentown,from Lehigh
to Eighth Street, thereby making possible loop operation of
the South Bethlehem and Chestnut Hill cars with a resulting relief of the congestion at Eighth and Hamilton Sts.,
Allentown. Four miles of track was reconstructed, of which
the Bethlehem Pike comprised 80%.
Cut-Offs Completed: On the Philadelphia Division the
following cut-offs were completed: Quakertown, three miles;
Sellersville, seven-tenths mile; and Hatfield, four miles.
Guard Rail Installed: Guard rail, consisting of secondhand T rail to the extent of 9,675 ft., has been installed on
curves and bridges.
Bridges Rebuilt and Strengthened: The following bridges
were either rebuilt or strengthened to accommodate 80-ton
oars: Bonner's Mill, Siegersville, Fort Washington, Lanark,
Centre Valley, Brush Meadow and Tohickon Creek.
Ties Installed: The total number of ties installed during
the year was 50,988, or 12 per cent of all the ties on the
system.
Bonding: A large amount of bonding was done during the
year.
Warning Signs: At the approach to all dangerous crossings warning signs were erected.
tracks. Five additional storage tracks are located outside
of the building, and there is ample surrounding space for
extensions when the need arrives. The Superintendent of
Transportation, the Superintendent of Overhead Lines and
the General Storekeeper have their offices here.
POWER.
The main generating station is located at Allentown on the
Lehigh River and the Lehigh Valley Railroad. During the
yeat a 400 k.w. transformer was added to the Slatington
sub-station, and three transformers and new switchboard
panels were installed at the Catasauqua sub-station. The
main station and sub-stations are being maintained at a high
state of efficiency, and current is being generated and distributed on a most economical basis, and, as we believe, as
cheaply as anywhere in this country under similar conditions.
EASTON CONSOLIDATED ELECTRIC co.
During the year your Company has acquired all the outstanding stock of the Easton Consolidated Electric Company, except 24 qualifying shares held by your directors.
The Easton Consolidated Electric Company, in addition
to the ownership of the Edison Illuminating Company of
Easton, owns and controls 54 miles of railway, extending
from Easton to and through Bethlehem, South Bethlehem,
Nazareth and the town of Phillipsburg, N. J.., which gives
your Company control of all the trolley roads in the Lehigh
Valley from Slatington, Pa., to Phillipsburg, N. J.
The through service established between Easton and Allentown has shown a large increase in receipts on this line over
the previous year, to the profit of both companies.
The surplus earnings of the Company for the year ending
December 31 1914 (December estimated) will be $87,163 16.
The interest charge on the Collateral Trust Bonds now outstanding amounts to $55,446 00, thus leaving a profit for the
Lehigh Valley Transit Company on its investment of
$31,717 16.
All the tracks in New Jersey, or seven miles, were reconstructed and relaid with heavier rail, laid on creosoted
ties. During the year there was added to your equipment
nine single truck Brill semi-steel Prepayment type cars,
one Russell snow sweeper, and one double-truck work car
built by.the Lehigh Valley Transit Co. In addition to the
new equipment purchased, six of the semi-convertible type
cars were entirely rebuilt and converted to Prepayment
type, thereby making it possible to operate all the local lines
in Easton, except one, with the Prepayment type of car.
Sixteen per cent of your total closed revenue cars was purchased during the year, while the balance of the rolling stock
OVERHEAD.
has been well maintained.
The maintenance of electric lines included the renewing
The summary of equipment is as follows:
of fifteen miles of 210 and eight miles of 410 trolley wire, also
47
k closed cars
the renewal of 556 poles. Automatic signals were installed Single-truc
9
Double-truck closed cars
30
on the Slatington line between Allentown and Slatington; Single-truck open cars
12
trailers
cars,
in Catasauqua; on Fourth Street, South Bethlehem; and at Single-truck open
98
Sixth and Union Sts., Allentown. All the high-tension inTotal passenger cars
1 Line car
2 snow plows
sulators were renewed on the lines from the Front Street
Cars
Work
3
2 Sweepers
2 Trail Cars
Power House to Catasauqua and Slatington, over the Beth1 Freight Car
11
lehem Pike to Heoktown sub-station, and on the Philadel- Total service cars
109
phia Division from the Power House to Aineyville Junction.
total
Grand
The lines have been well maintained.
LIMITED SERVICE.
ROLLING STOCK.
The rolling stock of your Company consists of 113 closed
cars,41 open cars, 11 freight cars and 30 service cars, making
a total of 195 cars. There was constructed during the year
at the Company's main shops—one private revenue car,
equipped with all modern conveniences and safety devices;
one work car, one line car and two double-truck box freight
cars, in addition to rebuilding fifteen revenue and five nonrevenue cars. Of the passenger equipment, twelve are modern interurban cars, with smoking and baggage compartments, operating in HIGH SPEED LIMITED SERVICE
on the Philadelphia Division, 24 are double-truck convertible
"Pay Within" cars equipped with folding steps and manuallyoperated doors,36 double-truck St. Louis type cars; 22 semi-truck Kuhlman cars; 6 double-truck cars
convertible double
cars. Of the
of the Third Avenue type, and 12 single-truck
truck and one is single
11 box freight cars, 10 are double
truck. The 30 service cars consist of 10 snow sweepers, 4
snow plows, 6 work cars, 6 line cars, 2 sprinkling cars and
2 sand oars.
NEW CAR HOUSE.
in South Allentown was comThe new Fairview Car HouseThis
is a fireproof concrete
pleted on May 18th 1914. most
recent ideas in car-house
building, which embodies the
construction. It has two 400-ft. bays, each containing four
As the public becomes familiar with the advantages of the
"Liberty Bell" Route in comparison with the steam road
service between Philadelphia and Allentown, the earnings
should show a steady increase. The advance of passenger
road.
rates by the steam roads should divert travel to yourfavorThe road-bed, signal.system and equipment compare
ably with any other interurban road in this country.
FREIGHT AND EXPRESS SERVICE.
An efficient freight service is operated from all points on
the Lehigh Valley Transit Conlapny to Philadelphia via
Chestnut Hill, in conjunction with the freight department
of the Philadelphia Rapid Transit Company. Arrangements
have been completed to include the Lansdale-Norristown
territory, which becomes effective January 2 1915. At
Chestnut Hill, where exchange is made with the Philadelphia Rapid Transit Company, that Company has erected
a new transfer station, a portion of which is rented by
your Company.
During the year the surplus from your Freight Department
showed an increase of 25 per cent in the face of the prevailing
adverse business gonditions.The proposed Municipal Market in Philadelphia and the increase in freight rates by the
steam roads should prove potent factors towards creating
future business.
JAN. 16 1915.]
THE CHRONICLE
During the year the surplus from the Adams Express Company business was 80 per cent more than the previous year,
and the prospects for the future are very favorable.
LIGHT AND POWER BUSINESS.
During the fiscal year your Company acquired all the outstanding stook and bonds of the Lehigh County Electric Company, the Northampton County Electric Company and the
Cementon Electric Light & Power Company, which gives it
control of the lighting and power business in the Boroughs of
Catasauqua, North Catasauqua, Northampton, Coplay, and
the villages of Egypt and Cementon and territory adjacent
thereto.
During the fiscal year the following five light and power
companies were incorporated:
Bethlehem Township.Electric Light & Power Co.
Freemansburg Electric Light & Power Co.
Hellertown Electric Light & Power Co.
Lehigh Township Electric Light & Power Co.
Walnutport Electric Light & Power Co.
Application has been made for charters to cover the following five light and power companies:
Franconia Township Electric Light & Power Co.
Lower Macungie Township Electric Light & Power Co.
Lower Milford Township Electric Light & Power Co.
Milford Township Electric Light & Power Co.
West Rockhill Township Electric Light & Power Co.
With one minor exception all franchises are without time
limit.
The light and power business continues to be satisfactory.
237
LEHIGH VALLEY TRANSIT COMPANY INCOME STATEMENT
YEAR ENDED NOVEMBER 30 1914.
Operating Revenues—
Revenue from Transportation:
Passenger Revenue
$1.446.693 90
Other Transportation Revenue
78.075 84
—$1.524,769 74
Revenue from other Railway Operations:
Power Sales,&c
344.235 95
Total Operating Revenue
$1.869.005 69
Operating Expenses
1.052,693 17
3816,31252
$97,961 58
Taxes
Operating Income
Non-Operatmg Income—
Dividend Income
Interest on Notes, Bank Balances,&c
3718.350 94
3107.963 07
14,984 91
$122.947 98
Gross Income
3841,298 92
Deductions From Gross Income—
Interest on Funded Debt
3530.894 50
Rent for Leased Roads
53.340 80
Interest on Unfunded Debt
17.915 30
Amortization of Discount on Funded Debt.._ 20.431
83
Miscellaneous Debits:
Legal Expenses. &c
10.595 80
$633.178 23
Net Income
$208,120 69
Included in the Operating Expenses is 22 per cent of the
Gross Receipts, out of which the Maintenance Charges and
$112,000 expended for Reconstruction of Track and other
Extraordinary Renewals have been paid, the balance being
set up to Accrued Depreciation Reserve.
Out of the Net Income a dividend of $99,593, equivalent
to 2 per cent on the Preferred Stock outstanding, has been
WELFARE WORK.
paid.
Official requirements have made necessary the adoption
Your Directors have adopted a liberal welfare plan, including death, accident and sick benefits, resulting in greater of a form of stating the Income figures for the fiscal year
stability of organization, with a resulting betterment to the ended Nov. 30th 1914, different from that of previous years,
and in consequence of which the usual three-year comparison
service in the way of safety and efficiency.
has been omitted.
SUMMARY.
Although the majority of roads made drastic reductions in
maintenance expenditures during the past year, your Company not only maintained your property at its usual high
standard, but has continued to carry out its original program
of improvements. In spite of the widespread busmess depression and the unusually severe winter,the gross earnings
increased slightly over 1 per cent for the year. In summarizing the year's work, special attention should be called to the
new track on Union Street, Allentown, and the reconstruction of three and one-quarter miles of track on the Bethlehem Pike; the reconstruction of seven miles of track in New
Jersey; installation of automatic signals on the Slatington
Division; the removal of dangerous curves and steep grades;
new equipment built at Company's shops at Allentown;
purchase of new Prepayment cars by the Easton Transit
Company; the increased patronage of the HIGH SPEED
LIMITED SERVICE between Philadelphia and Allentown,
and Allentown and Easton; and the satisfactory results from
the freight business and the Adams Express Company.
The light and power business not only has
a favorable increase but offers wide opportunities forshown
further development in the supplying of power to the numerous
industrial
concerns in the territory served.
Your Company enjoys the good will of its many patrons,
due to the consideration and courtesy shown them in
branches of the service and to the numerous improvemenall
ts
made for their safety, comfort and convenience. The relations with the authorities of the many municipalities served
by your Company continue to be very satisfactory.
In conclusion, your Directors wish to express their sincere
appreciation of the spirit of steadfast loyalty manifested by
all the officers and employees of your Company.
By order of the Board,
H. R. FEHR, President.
—"The Comparative Worth of Public Utility Bonds" is
ready for free distribution among investors and banking institutions. The booklet is issued by the bond department
of E. F. Hutton & Co. 61 Broadway, this city, and is a
careful analysis of the Whole public utility situation to-day,
and presents in succinct form the actual record of these securities as a class and the principal factors which have made
such ct record possible.
—Poor's Manual of Railroads for 1915 is issued. Its appearance in January is earlier than ever before, yet its standard of former years for freshness and completeness is reported to have been fully maintained. The present issue
is the 48th annual number,and is devoted exclusively to the
steam railroads. Statements are given of all the 1914 reports issued, and general information is revised to December 1914.
—J. F. Slocum has recently opened an office in the Marine
National Bank Bldg., Buffalo, for the purpose of dealing in
investment securities. Mr. Slocum has been associated with
John T. Steele for the past five years and previous to that
time he was Secretary and Treasurer of the International
Traction Co. of Buffalo.
—Harvey Fisk & Sons,62 Cedar St.., this city, have issued
a new'circular of much interest to the investor on the subject
of "The Investors' Opportunity." A copy will be mailed to
interested inquirers.
LEHIGH VALLEY TRANSIT COMPANY GENERAL BALANCE
SHEET NOVEMBER 30 1914.
Assets—
Cost of Properties:
Road and Equipment
317,270,308 57
Deposits in Lieu of Mortgaged Property Sold
13,210 63
Real Estate not used in Operation of Road
28,345 46
Investments in Proprietary, Affiliated and Controlled Companies—at Cost
1,895.577 29
Advances to Proprietary, Affiliated and Controlled Companies
142,298 54
Current Assets:
Cash, Bills Receivable, Accounts Receivable'
and Real Estate Mortgages, &c
$97,935 88
Material and Supplies
144,311 20
3242,247 08
Unadjusted Debits:
Discount on Funded Debt, Insurance, &c., paid in advance, &c
457.930 45
Liabities—
il
Capital and Funded Debt:
Capital Stock
Preferred
Common
320.049,918 02
$4.979,687 37
2.997,350 00
Funded Debt Outstanding
First Mortgage 4 per cent Gold Bonds_ __32.770,000 00
First Mortgage 5 per cent Gold Bonds_
2,213,000 00
Consolidated Mortgage 4 per cent Gold
Bonds
354,000 00
Refunding and Improvement Mortgage
5 per cent Gold Bonds
5.115,000 00
Collateral Trust 6 per cent Gold Bonds
924.197 24
Equipment Trust Certificates Series "A"
5 per cent
72,250 00
37.977,03737
11,448.447 24
Mortgages on Real Estate
41.300 00
Current Liabilities:
Audited Accounts and Wages Payable, Accrued Interest
and Rents Payable, Miscellaneous Accounts Payable,
&c
154.538 26
Unadjusted Credits:
Accrued Taxes, Unused Tickets and Operating Reserves,
&c
101.092 54
Accrued Depreciation Reserve—Road and Equipment
136,128 09
Surplus
191.374 52
320,049.918 02
—The 123d semi-annual statement of the Home Insurance
Co., 56 Cedar St. appears on another page.
The gross
assets now stand ae$35,313,539; the surplus over contingencies and all liabilities, including capital, is $10,703,474, and
the surplus as regards policyholders is $18,703,474
company holds as one of its reserves a conflagratio.n The
surplus which now amounts to $2,000,000.
119th dividend
has been declared, being a semi-annualThe
dividend of 10%,
payable on demand to stockholders of record
of Jan. 1.
—Nelson G. Hollister, formerly partner of Julius Christensen & Co., Phila., and Richard Roy Carpenter
of London,
who has been representing American financial interests
for
the past five years, have formed a co-partnership
under the
firm name of Hollister & Carpenter. The new
deal
firm will
in Government and high-grade municipal
issues. Hollister
& Carpenter have started business
in
Room 714, National
Bank of Commerce Building, 31 Nassau
St., this city.
—Frank English, formerly with Charles Head & Co., and
Almeron G. Drake, formerly with Shoemaker,
Bates & Co,
have formed a co-partnership under the firm name
of Drake
& English, with offices at 15 Wall Street,
to deal in unlisted
securities.
—Kenneth S. Adams, for
Years manager of the
Hartford office of Hornblowerseveral
& Weeks, has been appointed
manager of the bond department in the New York office
of the same firm.
Ever,. 100.
THE CHRONICLE
238
The (1.5.auxutercial
TinteS.
COMMERCIAL EPITOME
Friday Night, Jan. 15 1915.
even if actual business shows
cheerful
more
is
feeling
The
as a rule no great increase. The bank clearings indicating
a sharp decrease compared with those of 1914 and 1913, make
that plain enough. It is a facttoo thatfailures,especially of
small traders, particularly at the South, are still numerous.
The actual improvement in trade is, as a rule, but moderate.
But it is quite as true that in some lines business is notably
more active. Enormous quantities of wheat are being
bought in American markets by Europe and wheat has
reached the highest prices seen for many years. Whether
this will prove an absolutely unmixed blessing may perhaps
seem rather questionable, but certainly the grain States
are prosperous and usually the fact of big crops selling at
high prices reacts favorably on the rest of the country, provided prices do not go so high as greatly to increase the cost
of living. Sales of dry goods have increased. The feeling
is more hopeful in the iron and steel trade. The lumber
business seems to be getting into better shape. The wool
trade is active. Australian shipments to this country may
be resumed. Ocean freights continue scarce and high but
wheat exports for the week exceeded 9,000,000 bushels and
the total thus far.is over 217,000,000 bushels, or some 52,000,000 bushels larger than during the same time last season.
Cotton has latterly been stronger and December exports
were nearly normal. Collections, though far from being all
that could be desired, are rather better ,especially in the grain
belt. Moreover, money is easy, gold is coming from London and even considerable from China, which is something
unprecedented. Europe has sold our securities but moderately,.a fact clearly enough revealed by the recent weakness
in foreign exchange. Also stocks and bonds have been
stronger, with a growing demand for bonds. The general
sentiment is more optimistic.
for
LARD has been quiet; prime Western 10.95c.; refined
Brazil in
the Continent 11.45c.; South America 11.85c.; selling
by
kegs 12.85c. Lard futures have declined on
packers and stock yard traders at Chicago. Large receipts
e imof hogs and lower prices for them have made a noticeabl
pression. Some of the liquidation has been on stop loss
orders. To-day prices advanced slightly.
LARD FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
10.42
10.40
10.52
10.65
10.50
January delivery._cts_10.62
10.70
10.70
10.80
10.92
10.75
10.92
delivery
May
PORK remains unchanged; mess $19 50@$20; clear;
$21@$23
$21 50@$24; family $24 50(026. Beef, messmess
$36@
packet $23@$24; family $24(026; extra India
10 to 20 lbs., 12y2©
$38. Cut meats steady; pickled hams,14
®14%c. Butter,
133e.; pickled bellies, 6 to 12 lbs.,
2c. Cheese, State whole milk,
creamery extras, 33(033/
held specials 155'2 ®16c. Eggs, fresh gathered extras,
46@47c.
%c
COFFEE has been in moderate demand; No. 7 Rio 75
/0., No. 4 Santos 93/i to 10%c., and fair to good Cuto 73
cuta 10yi to 11%c. Coffee futures have shown more or less
depression. Receipts at primary Brazilian markets have
been liberal. Speculation has been light. This, together
with the dulness of the spot trade, has not been without its
influence. Rio exchange, however, has been up to 14 3-16d.
To-day prices declined slightly on light trading. Closing
prices were as follows:
Pennsylvania dark $1 50
1 50
Second sand
1 50
Tiona
1 10
Cabell
1 07
Mercer black
1 07
New Castle
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
95c.
$115
93c.
88c.
88c.
89c.
Somerset.32 deg__
Ragland
Illinois, above 30
degrees
Kansas and Oklahoma
90c.
700
89c.
55c.
TOBACCO has been quiet and steady. Sales of filler are
small, not excepting Pennsylvania and Ohio. Manufacturers are not doing very much and in the meantime trade
naturally halts. There are some fairly large withdrawals
of Sumatra on contracts but Cuban leaf is slow of sale. The
heavy rains in Cuba, however, have been noted with no
slightinterest. They may have some effect on the market
later on.
COPPER has been firmer. Sales have been reported
within a week of some 70,000,000 lbs., including 25,000,000
lbs. for export. It is said that small sales of late have been
40., but it does not appear that this
made at as high as 133
price could be obtained for a large lot. On the contrary,
are
the more general quotation for such lots of LakePro%c.; electrolytic 13.50 to 13.55c. The Copper have
135
s
ducers' Association has dissolved. London quotation
been rising. Tin on the spot has risen to 33.60c., later being
London quotations have advanced. The
333e.
demand has been larger. Lead here on the spot 3.70c.;
res
spelter 6 to 6.05e. Trade in steel and iron manufactu
of
has increased, though not greatly. The unfilled orders
tons,
the largest company increased in December 500,000
however. Steel works have increased their production
slightly. Some are now running at 40 to 50% of their
capacity. The sales of rails have latterly increased, but not
enough to promise work to the rail mills at anything like their
full capacity; quite the contrary. American and Canadian
rail mills, however, have taken orders for 20,000 tons and
is
European mills for 30,000. The Pennsylvania RR. itfor
said, will buy 150,000 tons. Russia is in the marketmills
30,000 tons of rails and Portugal for 27,000. German
neutral
are cutting prices sharply to get business from
a ton,
nations. Wire manufacturers advanced prices $1being
in
making nails now $1 55 and fence wire $1 35, this
and bars.
line with the recent advance in plates, shapes
Cast-iron pipe is somewhat firmer. Pig iron has generally
25 to
been in moderate demand, with No. 2 Eastern $13
am. But
813 75; No. 2 Southern $9 50 to $975 Birmingh
Cleveland, 0., reports Eastern bookings of pig iron of late
to have expanded. One Cleveland Agency reports sales
within ten days of 4,000 tons. Chicago has bought moderately. There is no real activity, however, anywhere.
COTTON
Friday Night, Jan. 151915.
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
486,875 bales, against 380,322 bales last week and 323,466
bales the previous week, making the total receipts since
Aug. 1 1914 5,439,643 bales, against 7,678,442 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 2,238,799 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
Texas City
Port
Pass, &c
Arthur_Aransas
New Orleans
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port Newa&c.
New York
Boston
Baltimore
29,175 26,259 45,578 36,957 23.268 22,606 183,843
_ ___ 16,386 7,630 4.315 45,783
11,881 5,571
----1,479 8.261
-------____ 6,872
____ 11,374 11.374
____
____
____
____
75,046
10,804 11.563 16,005 17,958 9,707 9,009
243 5,492
767 1,709
558
366
1,849
697
697
13.804 82.314
13-,55 13-,8§4 19:M5 10;848 11,iiii 15,000
15.000
1.748 10,395
2,059 1,516 1.228 2.843 1,001
145
145
-------- - ----1,349 9,047
1.393
913
1.694
1,053 2.645
3,156 25,529
4,423 7,566 3,634 3.446 3,304 ,467
8,467
--------------------8
419
125
--) ___144
233 2,526
570
217
242
161 1.103
___- 2.537 2,537
_____
3.148i3.16c. October --3.32®3.34c. Galveston
June
3.20®3.22c. November _3.34 ®3.36c. Texas City
July
August---.3.2503.27c. December -3.35 ®3.38c. Port Arthur &c_
Aransas Pass,
September-3.30 ®3.32c.
New Orleans_ _ _ _
market
at
flaxseed
The
Duluth
Mobile
higher.
-Linseed
OILS.
Pensacola
continues to advance. City, raw, American seed 60®61c.; Jacksonville, &c_
Calcutta 70c. Cocoanut steady; Cochin 14Y2@l5c.; Ceylon Savannah
98@$1 05. Castor 8% ®8%c. Palm Brunswick
Charleston
1078 ®11c. Olive
Cod domestic higher at 35@36c. Georgetown
Lagos.
for
8®8%c.
Wilmington
and
winter
for
6.50c.
summer
at
higher
oil
Cottonseed
Spirits of turpentine Norfolk
N'port News,&c_
white. Corn steady at 5.70@5.75c.rosin
$3 60.
New York
to good strained
Boston
473c. Common
PETROLEUM quiet and steady; refined in barrels 8@9c.; Baltimore a
®5.50c. cases 10.50®11.50c. Naphtha, 73 to Philadelphi
21.091
45,783 275,144 28,207, 339,776 117,167
25,124
-1
12,696
8,261
7,736
636
26,848 2,263 131.999
11.374
75,046 827,407 66,552 1.169,594 360.658 280,757
6,908
53,013
326,389
57,071
98.067
5.492
125 111,678
9,337
_
568
27,615
2,620
25,938 1,441
-6157
82,314 986,729 26.102 1,478,294 321.923 118,498
10,908
96,308 3,200 250,842
46,500
15,000
43,950
10.395 241.586 2,009 387,916 139,524
145
145
25,701
46,530
9,047 117,732 7.711 345,663
63,154
64.407
25.529 269.304 11.097 404.153
66,005
83.792 1.802
8.467
98,459
69
87,297
3,966
2,860
419
5,326
8,965
731
11,624
16.001
2.526
8,889
5,968
39,366 1,596
73.489
2,537
5,384
1,974
739
1,630
January ---6.14 ®6.15c.
February_ _6.19(56.20c.
March _ _ _6.29 ®6.30c.
6.38(06.39c.
April
6.47@6.48c.
May
6.35®6.39c.
June
7.30 7.31c.
July
August_ _ _ _7.39 7.40c.
September _7.48 7.49c.
October _ -7.54 7.55c.
November -7.60 7.61c.
December -7.65 7.66c.
SUGAR lower. The weather in Cuba was more favorable.
Centrifugal, 96-degrees test, 4.04c.; molasses, 89-degrees
11LIPIC 74742 77.116 88.452 90.476 59.803 96.287 488 578
test, 3.29c. The Atlantic port receipts for the week were ,.........1..-1.1.11
19,858 tons, against 61,998 last year and 41,585 two years
The following shows the week s total receipts, the total
ago. The stock there is 116,747 tons, against 116,358 last since
Aug. 1 1914 and the stocks to-night, compared with
been
has
and
quiet
Refined
ago.
years
two
58,487
and
year
year:
last
futures
Sugar
advanced
d.
for
granulate
4.95c.
at
steady
Stock.
1913-14.
about 10 points early in the week on bad weather in Cuba.
1914-15.
Receipts to
But most of this advance was lost in the latter part of the
Aug
Since
This
Aug
Since
This
January 15.
1914.
1915.
week on better weather there. Closing prices were as
Week. 11914. Week. I 1 1913.
follows:
555.802
292,145
2,533,556
112,344
2,308.753
183,843
February-2.91 2.92c.
_2.96@7C
March
3.01 3.02c.
April
3.06@3.08O.
May
bulk 4.50
n drums, 233/2c.; drums $8 50 extra.
486.875 5.439.643 272.157 7.678 442 1 R1R 082 1.034.595
Totals
76-degrees, in 100-gallo
74 to 76-degrees, 25c.; 67 to 70Gasoline, 89-degrees, 26c.;
comparison may be made with other years,
that
In order
unchanged. Closing prices
degrees, 220. Crude prices
at leading ports for nix seasons:
totals
the
give
we
were as follows:
1
Q
THE CHRONICLE
JAN. 16 1915.1
1915.
1914.
1912.
1911. I
183,843
65,418
75.046
5.492
82.314
15,000
10.540
9,047
25,529
8,467
6.179
112,344
30,470
66,552
6.908
26,102
3,200
2,009
7,711
11,097
1.802
3,962
58,709
25.750
23.488
2,086
18,636
1,400
2,555
1.051
7,862
6.605
6,178
74,365
25,078
46,598
11,569
48,849
6,000
3,967
10,403
10,023
961
47,618
70,211
22,228
55,050
4,483
30,137
7,083
3,028
9,940
10,857
328
9,77.6
69,116
528
35,920
4,116
9,164
1,208
549
421
5,854
892
4.145
Total this wk. 486,875
272,157
154,340
285,431
223,121
131,913
Reteipts al-
Galveston --_
Texas City,Ste
New OrleansMobile
Savannah
Brunswick.CharlestonAc
Wilmington_
Norfolk
N'port N.,&c.
Alrothers
1913.
1910.
Singe Aug. 1_ 5.439.643 7.678.442 7.623.044 8.282.453 6.902.656 5.629,967
The exports for the week ending this evening reach a total
of 239,645 bales, of which 49,040 were to Great Britain,
30,967 to France and 159,638 to the rest of the Continent.
Exports for the week and since Aug. 1' 1914 are as follows:
week ending Jan. 15 1915.
Exported toExports
.from-
From Aug. 1 1914 to Jan. 15 1915.
Exported to-
ContiGreat
Great
Britain. France nent. Total. Britain.
Galveston _ _ 8,411 17,96 58,091 84,462 612,442
Texas City_
138,75
6;iii
Pt. Arthur_ 6,782
9,236
Ar. Paa9okc.
NewOrleanx 7;186 12,576 26,293 46,02
264,696
5,743
Mobile _ _ _ _ 5,74
15,638
Pensacola...
9,116
Savannah._ 15;166
-_-_ 43.412 51,668 130,268
Brunswick _
41,634
1:660 7;666 20,090
Charleston
Wilmington
6,800
Norfolk_ _ _ _
3;875 3;875
11,151
New York. 2;46"
431 7,622 10,545
41,811
Boston _ _
100
23,909
1
Baltimore.. 2;i8i
2,657
12,471
-Philadel'a_ _
_
600
26,137
600
San Fran_ _
8;551 8,531
Pt.Towns'd
3,816 3,816
Total_ _ -
49,04
France.
Continent.
Total.
144,260 631,774 1,388,476
16,756 155,514
400
9,636
447
447
31,983 184,369 481,048
837
16,475
40
9,516
14,135 290,427 434,830
41,634
47,214
67,304
36,65
43,450
21,353
32,504
6,852 132,81
181,481
1,714
25,623
4,050
700
17,221
3,127
29.264
57,689
57,689
76,25
76.252
30,967 159.638239,645 1.364.1571 201,280 1,502,927 3,068,364
Total '13-14 111,003 27,867 158,945 297,815 2,216,1141 819,171 2,875,643 5,910,928
Note.-New York exports since Aug. 1 include 4,528 bales Peruvian and 25 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico.
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.
On Shipboard, Not Cleared forGreat
GelOther 1CoastLeaving
Jan. 15 at- Britain. France. many. Foreign wise. Total.
Stock.
Netw Orleans_ _ 23,405 11,122 2.930 50,757
164 88,378 272,280
Galveston _ _ 88,855 1,656
92,309 4,500 187,320 368,482
Savannah
21,000
18.000 2,000 41,000 280,923
Charleston_ _ _ _ 10,000
2.000
12,000 127,524
Mobile
12,307
-338
-566 12,945 40,068
Norfolk
23
23,000
.000
41,407
New York_ _ --865 Too
fojtio
7,600
79,697
Other ports__ _ 30,000
25,000
55.000 180,408
Total 1915_ _ 186,067 12,878 3,268 195,066 29,964 427,243
1,390,789
Total 1914_ 69,705 20,426 66.782 39,875 29.606
226,484i 808,111
Total 1913_ _ 68,011 20,880 69,191 37,800 31.937
227.8191 757,693
339
inference that these figures indicated plainly enough that the
Government overestimated the crop on Dec. 10 when it put
the total at 15,966,000 bales, exclusive of linters. It has
been assumed that this meant a crop of not far from 17,000,000 bales, including linters. But of late some have inclined to the belief that such an estimate is anywhere from
500,000 to 750,000 bales too high. The generality of people,
however, it may as well be said at once, believe that the crop
in any case is the largest on record. Spot markets at the
South have been on the whole pretty well sustained. German
houses have bought futures here, especially October, to some
extent. Liverpool at times has bought October also. Investors have continued to buy on reactions. Yet the fact
remains that there was enough liquidation to send prices
backward at one time about 20 points from the top reached
early in the week. The speculation showed less snap after
a rise of prices since Dec. 11 of $6 to $6 25 a bale. The
South has sold hedges here steadily, if not on a large scale.
Some large spot houses have been at times quite liberal sellers
of October against the actual cotton. Ocean freights.continue scarce and high, hampering new export business.
Also the British note in regard to stopping and searching
American vessels was not considered altogether satisfactory.
The Dacia,a steamship.recently transferred from the German
flag to the American, it is reported, will be seized by English
warships if she is met on the high seas. To-da however,
prices advanced rather sharply on buying byy,Liverpool,
Wall Street, the West and local shorts. Liverpool advices
were stimulating. They reported that spinners were calling
for large quantities of cotton, a fact which offset considerable hedge selling. The forwardings, too, for the week were
large. They were 28,000 bales larger than in
same week
last year and 23,000 larger than in the same the
week
1913.
Manchester reported a good demand for cloths forofIndia.
Spinners' takings also made a better exhibit than last week
or last year. Spot markets in some cases were
The
South did not do much hedge selling. On thehigher.
other hand,
exports fell off sharply for the week,and the quantity brought
into sight was large. Spot cotton closed at 8.10c. for
middling upland, showing an advance for the week of 10 pts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 9 to Jan. 15Middling uplands
Sat. Mln. Tues. Wedl Thurs. Fri.
8.00 8.05
8.05
8.05
8.05
8.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 15 for each of the past 32 years have been as follows:
1915-c
4
1913
1912
1911
1910
1909
1908
8.10
12.85
13.00
9.50
14.90
14.55
9.65
11.85
1907_e
1906
1905
1904
1903
1902
1901
1900
10.80
12.05
7.20
13.80
8.90
8.25
9.88
7.62
1899-e
1898
1897
1896
1895
1894
1893
1892
6.06
5.88
..31
8.19
5.75
8.19
9.62
7.56
1891_c
1890
1889
1888
1887
1886
1885
1884
9.50
190..9444
10.50
9.50
9.31
11.06
10.69
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
Speculation in cotton for future delivery has been less
week at New York are indicated in the following statement.
active at irregular prices. At one time new high
were For the convenience of the reader we also add columns which
reached of 8.51c. for May and 8.91c. for October,levels
which
was
some 20 points higher than the closing quotations of a week show at a glance how the market for spot and futures closed
ago. But later selling by spot houses, more or less hedge on same days.
selling by the South and scattered liquidation have comFutures
bined to bring about a reaction. Yet the exports have been
SALES.
Spot Market
Market
on a comparatively liberal scale and have crossed the 3,000,Closed.
Closed.
Spot. Contr'ct Total.
000-bale mark. Opinion inclines to the belief that the Janu- Saturday_ _ _ Quiet
Barely steady.. _
ary exports may reach a large total. Liverpool early in the Monday _ _ _ Quiet, 5 pts. adv.... _ Steady
-MO
500
quiet
Steady
week showed a certain degree of strength, with an increase Tuesday
1.700 1,700
Wednesday_ Wet
Barely steady_ _
300
300
in the spot sales and more or less covermg by local shorts Thursday _ _ Quiet
Steady
Wet,5 pts. adv- Steady
there, together with some purchases by the Continent. Friday
Total_ _ _
Also Manchester has been firm, with a good demand for
2.500 2,500
cloths. Sales of print cloths in this country have made no
bad showing. The strength and activity in wool has been.
FUTURES.-The highest, lowest and closing
an interesting factor; all fibres have been firm. Western
operators who have been very successful in the wheat market New York for the past week have been as follows:prices at
have recently been buyers of cotton on the theory that it is
Saturday, Monday, Tuesday, Wed'day, Thursd'y,
cheap, as it is some 4M cents lower than a year ago and
Friday.
Jan. E. Jan. 11. Jan. 12. Jan. 13.
something•like 1 to 2 cents below the cost of production. It
Jan. 14. Jan. 15. Week.
is assumed that a commodity cannot sell for any indefinite NewContract
period at a price below the cost of production. Meantime, January
Range
7.93-.00 8.02 - 8.00-.05 7.92-.91 7.89-.90
Closing
too, the talk is persistent to the effect that the acreage at
7.93-.96 7.98-.00 8.00-.02 7.60-.92 7.86-.88 7.90-.95 7.89-.05
7.93-.95--the South will be considerably reduced. The sales of mules March
Range
8.06-.23 8.16-.2e 8.21-27
Closing. _ _ _ 8.16-.17 8.20-.21 8.22-.23 8.16-.27 8.12-.15 8.12-.25 8.09-.27
and fertilizers are said to be smaller than usual. Exports
8.14-.1C 8.11-.12 8.23,24--of mules to the armies of Europe ht.tv( been large from differ- May
Range
8.35-45 8.34-47 8.42-.51 8.34-48 8.31-.35
8.34-45 8.31- 47
ent parts of this country. Alsoip is maintained that the
Oozing.... 8.37-.3 8.41-.42 8.43 8.34-.35 8.31-.32 8.42-.44--acreage of wheat and oats will be.increased some 2,000,000 July
Ranee
8.53-.63 8.53-.65 8.61-.68 8.52-.65 8.48-.53
acres at the expense of cotton. in Texas and Oklahoma.
Closing
8.5.5-.E6 8.59-.60 8.61-.62 8.52-.53 8.49-.50 8.52-.62 8.52-.68
8.60-.61--East of the Mississippi, too, it.is claimed that grain culture August-Range
845-.72 8.e5-.60
will increase,with a corresponding decrease in the raising of
8.63 ----- 8.63-.72
Closing
8.65-.67 8.69-.71 8.70-.72 8.61-.63 8.18-.60 8.68-.70
--cotton. The ginning figures issued by the Census Bureau OctoberRange
8.78-.90 8.76-.87 8.82-.91 8.75-.88 8.70-.77
on Jan. 9 were considered more or less bullish. Certainly
Closing
5.78 - 8.81-.82 8.83-.84 8.75-.76 8.70-.71 8.73-.85 8.70-.91
8.82-.83--for the period from Dec. 12 to Dec. 31 1914 the total quan- DecemberRange
8.6-2.01 8.94-.01 8.GE-.05--- 8.87-.90 8.80-.98 8.87-.05
tity ginned was only 470,914 bales, against 420,293 bales
Closing
8.91-.92 8.96-.97 8.98-.00 8.88-.90 8.87-.89 8.97-.98-for the same period in 1913, 468,369 in 1912 and 546,275 Old Contract
in the same period of 1911. So that there was a decrease January
Range
7.80-52 7.55 - 7.50-45
of some 75,000 bales compared with same period in the last
Cloidng-- -- 7.57 - 7.68 - 7.64 - 7.58 - 7.51 - 7.62 --big crop season of 1911-12. The total quantity ginned for March
Range
7.77
7.77
season
to
up
Dec.
31
the
1914 was 14,447,623 bales, against
Closing
7.70 - 7.77 - 7.80 - 7.72 - 7.62-.65 7.74 ---13,347,721 bales in the same period of 1913, 12,907,405 in MayRange
8.01-.05
8.04 - 8.01-.05
14,317,002
and
in
Molls&
1911. And some have drawn the
1912
7 OA - a nl _ o ne
roT
•• oo
0 AG-•
.1
[VOL. 100.
THE CHRONICLE
240
THE VISIBLE SUPPLY OF COTTON to-night, as made
Foreign stocks,
up by cable and telegraph, is as follows. and
consequently
as well as the afloat, are this week's returns,
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1913.
1914.
989.000 1,388,000
7,000
5,000
84,000 121.000
1912.
927,000
2,000
69,000
1,034,000 1,078.000 1,516,000
10,000
19,000
*6,000
197,000 468,000 560.000
*77,000 450.000 446,000
2.000
2,000
2,000
26,000
24.000
27,000
43,000
45,000
116,000
16.000
*4,000
998,000
8,000
360,000
263,000
2,000
16.000
36.000
3.000
429.000 1,024.000 1,087.000
688,000
1915.
bales. 932.000
26,000
76.000
January 15Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,463,000 2,102,000 2,603,000 1,686,000
Total European stocks
37,000
59.000
122,000 127.000
India cotton afloat for Europe
796,874 811,506 751.911 1,173.148
Amer. cotton afloat for Europe
64,000
63,000
86,000
Egypt.Brazil,&c.,allt.for Europe. 58.000
*290.000 375,000 325,000 263,000
Stock in Alexandria. Egypt
412.000 631,000 582,000 357.000
Stock in Bombay, India
1.818.032 1.034.595 985,512 1.294,683
Stock in U.S. ports
Stock in U. S. interior towns„ 1,314.864 973,312 822,134 861.570
81,311
50,242
9,186
44,506
U.S. exports to-day
6.319,276 6.190,655 6.201.743 5,816,712
Total visible supply
Of the above, totals of American and other description are as follows.
Americanbales_ 659,000 752,000 1,216,000 812.000
Liverpool stock
Man ester stock
*370,000 974,000 1,058.000 659.000
Continental stock
796,874 811,506 751,911 1.173.148
American afloat for Europe
1,818,032 1,034.595 985,512 1,294,683
U.S. port stocks
973,312 822,134 861,570
1,314,864
stocks
interior
S.
U.
81,311
9.186
50,242
44.506
II. S.exports to-day
Total American
East Indian, Brazil, etc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
January 15ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, Ace
59,023
Total gross overland
Deduct shipmentsOverland to N. Y., Boston. &c_..- 5.482
9,017
Between interior towns
1.935
Inland, &c., from South
237,000
5,000
36.000
50,000
127,000
86.000
375,000
631,000
172,000
7,000
41,000
29,000
59.000
64,000
325.000
582,000
855,444
53.953 1,055,531
59,857
88,399
67.243
2,396
5,792
3,371
89,838
63,241
60.678
16,434 215.499
Total to be deducted
-697945
42,589 Leaving total net overland *
* Including movement by rail to Canada.
11,559
213.757
42,394
841,774
The foregoing shows the week's net overland movement
last
has been 42,589 bales, against 42,394 bales for the week
net overyear, and that for the season to date the aggregate bales.
land exhibits a decrease from a year ago of 201,829
----1914-15---- ----1913-14-----Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
486,875 5,439,643 272,157 7,678,442
Receipts at ports to Jan. 15
841.774
639,945 42,394
42.589
Net overland to Jan. 15
1.446.000
Southern consumption to Jan. 15_ 60.000 1,410,000 60,000
589,464 7.489.588 374,551 9,966,216
Total marketed
829,844
*727 1,194.725 *19,653
Interior stocks in excess
5.048,276 4,643,655 4.922,743 4.927,712
273,000
26,000
31,000
*59.000
122,000
58,000
*290,000
412.000
-1914-15-- -1913-14Since
Since
Week. Aug. 1.
Week. Aug. 1.
19,336 309,288
24,579 295,561
13.235 237.477
13,420 165.252
572
4,041
2,299
150
69,385
4,402
76,992
5,627
74.502
3,428
50.154
4,084
2,986 109,325
74,859
3,514
9.994 251,513
7,649 190,327
115,000
2,000
23,000
29.000
37,000
63.000
263.000
357,000
1,271,000 1,547,000 1,279,000 889.000
5,048,276 4,643,655 4,922,743 4,927,712
6,318,276 6,190,655 6,201,743 5,816.712
Total visible supply
5.40d.
6.80d.
7.16d.
4.80d.
Middling Upland Liverpool
9.55d.
13.00c.
12.85c.
8.10c.
Middling Upland, New York
9%cl.
10.40d.
10.30d.
7.00d.
Egypt, Good Brown, Liverpool
9.006.
9.00d. 10.25d.
Peruvian, Rough Good,Liverpool 8.75d.
9-16d.
5
9-16d.
6
6%d.
4.45d.
Broach, Fine, Liverpool
5tici.
6%d. 6 9-16d.
4.36d.
Tinnevelly, Good. Liverpool_
• Estimated
Total East India. &c
Total American
354,898
Came into sight during week_ _ _ 588,737
10,796.060
8,684.313
Total in sight Jan. 15
1,715.987
Nor. spinners' takings to Jan. 15_112,919 1,461,843 62,914
• Decrease during week.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8
7%
8
8
7 15-16 8
Galveston
7%
7 11-16 7 11-16 7
7%
New Orleans..
7
7
7
7%
7-16
7
Mobile
7
7
7
7
7
Savannah
7
M
7
7
7
- 7
Charleston
7%
7%
7%
7
7
7
Wilmington
7
7
77
Norfolk
8
8
8
8
7%
Baltimore
8.35
8.30
8.30
8.30
8.30
8.25
Philadelphia
713-16%
7%-15-16 7%
7 13-16 7%
Augusta
7%
R
7%
7%
7%
Memphis
7%
734
7%
755
73,5
7%
St. Louis
7 15-16 7 15-16 7 15-16 7 15-16 7 15-16 7 15-16
Houston
734
7%
734
7 3-16
7 3-16
Little Rock
Week ending
January 15.
NEW ORLEANS CONTRACT MARKET.-The highContinental imports for past week have been 160,000 bales.
est, lowest and closing quotations for leading options in the
week
last
over
increase
an
show
1915
for
figures
as
The above
an excess New Orleans cotton market for the past week have been
of 253,132bales, a gain of 128,621 bales over 1913,bales
follows:
over
502,564
of
gain
a
and
1913
over
bales
of 117,536
1912.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
•
Jan. 9. Jan. 11. Jan. 12. Jan. 13. Jan. 14. Jan. 15.
is,
-that
movement
the
TOWNS
R
AT THE INTERIO
for
Contract.
shipments
New
the
1,
Aug.
since
week
the
the receipts for
January7.75
7.59
Range
the week and the stocks to-night, and the same items for the
in
out
set
7.55 - 7.68-.70 7.70-.73 7.60 - 7.60 - 7.70 Closing
year-is
previous
the
of
period
corresponding
March
detail below.
7.85-.93 7.80-.95 7.91-.99 7.82-.95 7.76-.82 7.78-.90
Range
Movement to January 15 1915.
Towns.
Receipts.
Week. Season.
Ship- Stocks
merits. Jan.
Week. 15.
Movement to January 16 1914.
Receipts.
Week. Season.
Ship- Stocks
meats. Jan.
Week. 16.
308 4,909
1,213 37,181
1,854 18,310
2,632 19,147
4,298 53,294
313 4,215
3,125 23,719
4,193 15,748
8.299 87.063
2,025 27.558
884 3,841
1,025 6,789
5,176 42,194
1,174 4,170
3,111 26,867
2,500 32,000
965 8.479
400 5,500
758 13,412
83 17,844
19,336 30,502
354
150
7,102 23,495
918 2,265
53
682
39,347245,236
297
225
45 1,827
1,122 5,684
5,549 7,528
126 3,313
87,162 192,526
2,086 7.363
1714 714324.R93131488 188.004 5.515 944207.4157072 f419
135 20,994
Ala., Eufaula__ 1,091 21,52: 1,076 12,011
743 142,631
Montgomery. 5,046 157,877 12,111 82,394
659 116,531
2.244 105,114 3,707 50,973
Selma
1,749 49,810 1,727 21,650 1,893 54,009
Ark.. Helena
10,603 136,523 6,702 60,106 2,828 142,400
Little Rock
8181 18,11486 28,061
425 29,766
Albany_
Ga..
566 05,790
1,951 86,672 6,050 28.92
Athens
7.129 131,142 6,437 20,602 2,947 188,975
Atlanta
10,89: 331,542 12,411 150,589 4.249 309,260
Augusta
2,669 83,674 3,555 54,059 4,295 62.892
Columbus...
262 42,865
826 33,411 2,045 20,632
Macon
394 52,131
48,34E 1,060 10,608
1,27
Rome
4,165 119,684 4,084 80,918 4,800 155,765
La.,shrevepo
254 32,442
9,795
2.235
24,358
726
Miss.,Columbu.
1,901 61,638 3,388 30,970 2,302 71,387
Greenville
Greenwood_ _ _ 2,501 110,439 4,351 38,011 1,500 101.873
31,155 1,399 20,111 1,072 25,157
Meridian.._. 1,211
400 17.878
251 12,101
17,385
351
Natchez
973 28,395
752 25,687 1,643 17,951
Vicksburg
2,443 21,076 1,554 36,610
753 35,93
Yazoo City
Mo.,St. WA,- 26,971 315,92 24,579 37,487 19,108 327,545
189 11,333
446
45/
5,261
614
N.C..Raleigh_
9,278 6,130 124,971
0.. Cincinnati_ 14,211 138,95 12,257
194 34,668
248 1,054
277 15,527
Okla., Hugo.
218 11,845
151 11,50'
14,241
211
S.C., Greenw'.
811,367
Tenn.,Memph 35,078 691,903 37,077261,139 30.476
50
7,963
221 1,23'
3,376
276
Nashville....
130 22,046
1,923
58
12,45
481
Tex., Brenha ..
669 45,856
6,151
Clarksville._. 2,261 32,234 1,41
5,789 89,28: 4,979 7.979 4,382 74,779
Dallas
27,325
____
3,274
74
589 21,617
Honey Grove_
2,106,277 158,2 203,45: 91,2012.199,882
173,537
Houston
90,318
3,33
7,571
6,09
5,585 85,936
Paris
,-....,
.2q•ncovve195 TARA
stooks have deThe above totals show that the interior
are to-night 341,552
creased during the week 727 bales andyear.
_ The receipts at
bales more than at the same time last
the same week
than
more
bales
136,162
been
have
towns
all
year.
last
Ti OR tTH lWEE AND
OVE Lei]) 0 EM below
a statement showing the
give
-We
1.
AUG.
SINCE
and since Aug. 1, as made
week
the
for
movement
overland
Friday night. The results for the
up'from telegraphic reports
last two years are as follows:
the
in
1
Aug.
since
week and
7.85-.86 7.90-.91 7.90-.92 7.82-.83 7.77-.78 7.90-.92
Closing
May'8.06-.15 8.03-.18 8.13-.21 8.04-.16 7.98-.05 8.00-.14
Range
8.08-.09 8.12-.13 8.13-.14 8.06-.06 8.00-.01 8.13-.14
Closing
July8.27-.36 8.23-.37 8.34-.41 8.25-.39 8.18-.26 8.22-.35
Range
8.28-.29 8.33-.34 8.33-.34 8.25-.26 8.21-.22 8.34-.35
Closing
October8.56-.63
8.56-.62 8.51-.63 8.60-.66 8.53-.67 8.49-.54
Range
8.62-.64
8.56-.57 8.58-.59 8.59-.60 8.53-.54 8.49-.50
Closing
December--- 8.61 8.66
Range
8.64-.65 8.60-.62 8.75-.76
Closing
Old Contract.
January- 7.79-.80
7.65-.71 7.60-.75 7.75-.76--- 7.65
Range
7.80 7.62 - 7.70 - 7.76 - 7.60 - 7.65 Closing
March-1 7.98 Range
7.85 - 7.99 - 7.90 - 7.83 - 7.78 -F 7.92
Closing
May8.00 - 8.07 - 8.08 - 8.00 - 7.95 - 8.11 gronst7g
ToneSteady. Firm. Steady. Steady. Quiet. Steady.
at.....i.,
Spot
a ....Av..
at.....111,
Why tat lr
fits:m.1v
1:11.ner1.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South indicate that the
the
rainfall has been light on the whole during the week and
temperature somewhat higher. Marketing of cotton continues on a very free scale.
Galveston, Tex.-Discouraging reports are received here
Some farmers say they
as to next year's acreage in Texas.
Especially is this
will plant little or not cotton this year.
true in those localities where cotton was abundant last year.
There has been rain on one day during the week, the precipitation reaching eighty-two hundredths of an inch. Average
thermometer 52, highest 64, lowest 40.
Abilene, Tex.-There has been no rain the past week. The
thermometer has averaged 50, the highest being 70 and the
lowest 30.
Dallas, Tex.-Dry all the week. Minimum thermometer 30.
Palestine, Tex.-We have had rain on two days during the
an
week, the precipitation reaching sixteen hundredths of
inch. The thermometer has ranged from 32 to 70, averaging 51.
JAN. 16 1915.1
THE CHRONICLE
San Antonio, Tex.-We have had no rain during the week.
Lowest thermometer 55, highest 76, average 34.
Taylor, Tex.-There has been no rain the past week.
Minimum thermometer 30.
New Orleans, La.-We have had rain on two days the past
week, to the extent of one inch and twenty-four hundredths.
The thermometer has averaged 52.
Shreveport, La.-Rain has fallen on two days during the
week, the precipitation reaching seventy-five hundredths of
an inch. The thermometer has ranged from 31 to 68.
Vicksburg, Miss.-There has been rain on two days the
past week, the rainfall being forty-six hundredths of an inch.
Lowest thermometer 46, highest 68, average 33.
Mobile, Ala.-There has been rain on two days of the week,
the precipitation reaching forty-five hundredths of an inch.
The thermometer has averaged 48, the highest being 61 and
the lowest 37.
Selma, Ala.-It has rained on two days during the week,
the rainfall being one inch and twenty-five hundredths. The
thermometer has averaged 40.5, ranging from 28 to 60.
Madison, Fla.-There has been rain on one day the past
week, the rainfall bemg one. inch. The thermometer has
ranged from 35 to 62, averaging 49.
Savannah, Ga.-There has.been rain on two days during
the week, the rainfall being eighty-six hundredths of an inch.
Average thermometer 50, highest 60, lowest 38.
Charleston, S. C.-We have had rain on two days of the
week, to the extent of one inch and sixty-six hundredths.
The thermometer has averaged 50, the highest being 60
and the lowest 40.
Charlotte, N. C.-We have had rain on two days during
the week, the precipitation reaching ninety hundredths of an
inch. The thermometer has averaged 44, ranging from 31
to 58.
Memphis, Tenn.-There has been rain on one day during
the week, the rainfall being nineteen hundredths of an inch.
Average thermometer 43, highest 60, lowest 31.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913-14.
1914-15.
241
NEW YORK COTTON EXCHANGE.-Notices for
Delivery.-The following are the days upon which notices
may be issued for the delivery of cotton on "New Style"
contracts: Jan. 14 for delivery on Jan. 20; Jan. 15 for delivery on Jan. 21; Jan. 19 for delivery on Jan. 25; Jan. 20
for delivery on Jan. 26; Jan. 21 for delivery on Jan. 27;
Jan.22for delivery on Jan.28; Jan.26 for delivery on Feb.1.
The first notice day for February deliveries "Old Style"
will be Jan. 29 for delivery on Feb. 1.
Trading in "New Style" January contracts will cease at
12 noon on Jan. 22. The last delivery day for January contracts will be on Jan. 28.
Revisions for February Deliveries.-The Committee on
Revision of Quotations of Spot Cotton will establish on
Jan. 25 differences for "New Style" contracts deliverable on
or before Feb. 17,and will establish on Jan.28 differences for
"Old Style" contracts deliverable in February.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JAN.1.-Below we present a synopsis of the crop
movement for the month of December and the five months
ended Dec. 31 for two years:
1914.
1913.
Gross overland for December
bales_
284,915
332.438
Gross overland for 5 months
738,631
933,969
Net overland for December
216,831
275.087
Net overland for 5 months
548,856
744,357
Port receipts In December
1,741.029 1,441,115
Port receipts in 5 months
4,542,335 7.064.416
Exports in December
1,155,928 1.220,400
Exports in 5 months
2.467.705 5.287,323
Port stocks on Dec. 31
1.604.495 1,112,001
Northern spinners' takings to Jan. 1
1,271.108 1,559,840
Southern consumption to Jan. 1
Overland to Canada for 5 months (included in net 1.280.000 1,306,000
overland)
64.125
70.925
Burnt, North and South, in 5 months
292
1
Came in sight during December
2,394,711 2.150.644
Amount of crop in sight Jan. 1
7.596.042 9.977.215
Came in sight balance of season
4,632,753
Total crop
14,609.968
Average gross weight of bales
515.04
517.50
Average net weight of bales
490.04
492.50
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments
for the week ending Dec. 9 and for the corresponding week
of the two previous years:
Week.
Season.
Week.
Season.
Visible supply Jan.8
6,066,144
6,245,892
VLsible supply Aug. 1
3376,816
2,581.551
American in sight to Jan. 1&__ 588.737 8,684,313 354,898 10.796.060
Alexandria ,Egypt,
1914.
Bombay receipts to Jan. 141913.
1912.
--- 660,000
380,000 100.000 1.128,000
Dec.mber 9.
Other India shipls to Jan. 14...
65,000
80,000
6,000
157,000
Alexandriareceipts to Jan. 13_ 670,000
464,000
30,000
843,600 Receipts (cantars)Othersupply to Jan. 13*
1.000
55,000
7,000
154.000
This week
363.787
370,000
400,000
Since Aug. 1
2.064.191
Total supply
4.955.018
4,717.140
6.790,881 12.840,129 6,743,790 15,660,211
DeductVisible supply Jan. 15
6.319,276 6,319,276 6,190.655 6.190,655
This Since
This Since 1 This I Since
Total takings to Jan. 15a
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
471,605 6,520,853 553.135 9,469,556 Exports (bales)Of which American
394,605
5.315.853
373.135 7,485,956
Of which other
To Liverpool
9,146 43,247 9,000 103,695 7.750 104,300
77,000 1,205,000 180,000 1,983.600
To Manchester
9.877 48,592 10.750 97,718 18,230111,051
*Embraces receipts in Europe from Brazil, Smyrna,
To Continent and India.. 3.971 59,853 15,250 167,106 22,250 137,411
West
Indies,
&c.
a This total embraces the tots estimated
To America
6,987 35.509 2,500 13,964 8,500, 42,968
consumption by Southern mills,
1,410.000 bales in 1914-15 and 1,446.000
in 1913-14-takings not being
avallable-and aggregate amounts takenbales
Total ernorts
29.081 187.201 37.500 382.483 56.730395.730
by Northern and foreign spinners,
5.110,853 bales in 1914-15 and 8.023.556
853 bales and 6.039.956 bales American.bales in 1913-14, of which 3,905.Note.-A cantar is 99 lbs. Egyptian bales weighlabout 750 lbs.
b Estimated.
The statement shows that the receipts for the week endBOMBAY COTTON MOVEMENT.-The receipts of ing Dec. 9 were 323,787 canters and the foreign shipIndia cotton at Bombay and the shipments for the week ments were 29,981 bales.
ending Dec.3 and for the season from Aug. 1 for three years
MANCHESTER MARKET.-Our report received by
have been as follows:
cable to-night from Manchester states that the demand for
yarn has been checked by the rise in cotton. Many orders
1914.
1913.
1912.
are being held in abeyance. Coarse counts, however, are
December 3.
Receipts atSince
doing well.
Since
Since
Week. Aug. 1.
Bombay
Exports
48.000
Week.
Aug. 1.
Week. Aug. 1.
201,000 92.000 544,000 58,000
For the Week.
Great Conti- Japan
Great
britaln tie . &China Total. Britain.
235,000
Since August 1.
Continest.
Japan
&China
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week
have
reached 236,645 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total haiSe;
NEW YORK-To Liverpool-Jan.8,550-Jan.
9, 1.542 Peruvian_ 2,092
To Manchester-Jan.9, 400
400
To Havre-Jan.9,306
306
15,
86, I 197,000 298.000
To Marseilles-Jan. 13, 125
125
191.000 479,000
7,000 281,
To Gothenburg-Jan. 11,2,700-Jan.12.500-Jan.
14,2,323_ 5,523
12,000 102,000 51,000 165,000
To Genoa-Jan. 8, 800
800
To Naples-Jan. 11, 1,099
1,099
To Piraeus-Jan. 13. 200
200
COTTON STATISTICS FOR WEEKS ENDING DEC. GALVESTON-To Liverpool
-Jan. 12,
8.411
To Havre-Jan. 12. 8,338-Jan. 13,8.411
25 AND JAN. 1.-The last two Fridays having been holi9,622
17.960
To Gothenburg-Jan.9.4.886-Jan. 12,
5,800-Jan. 13, 5.733 16.224
days (Christmas and New Year), we went to press on ThursTo Christiania-Jan.9, 2,331
2,331
To Barcelona-Jan. 11.5,173
day night, and our cotton statistics, therefore, covered
5.173
To Genoa-Jan. 9, 12,181-Jan. 11, 8,697
-Jan. 12, 13.485 $4,363
imperfect weeks. We have this week, however, revised PORT ARTHUR-To Liverpool-Jan.
11,6,782
6.782
all the results so as to make them cover the full weeks ending NEW ORLEANS-To Manchester-Jan.
12. 5,866
5.866
To Belfast-Jan. 13, 1.293
Friday, Dec. 25, and Jan. 1, and they are as follows:
1.293
To Havre-Jan.8.7,122-Jan. 11.5,454
12,576
To Gothenburg-Jan.8, 7,898-Jan.9-2,802
10.700
To Christiania-Jan. 9. 300
300
Week
Since
Week
Since
To Genoa-Jan.8.4.490
-Jan.
10,803
15.293
Dec. 25. Aug. 1. Jan. 1. Aug. 1.
MOBILE-To Liverpool-Jan. 11, 11,
5,743
5.743
Net receipts
SAVANNAH-To L verpool-Jan. 12,
6,851-Jan.
13, 8,345._ 15,196
428,794 4,248,980 323,466 4,572.446
To Gothenburg-Jan.8.2.500
Stock at U. S. ports
-Jan.12.6,695-Jan. 14. 13.335 22.530
1,622,078
1,475.668
To Genoa-Jan.9,8,129-Jan. 13. 12,553
Foreign exports
20.682
282,633 2,317,709 168.493 2,486.202
To Oporto-Jan. 13. 200
Visible supply
200
5,936,785
5,740,290
American visible
CHARLESTON-To Rotterdam, &c.-Jan. 8, 7.900
7.900
4,741,785
4,550.290
NORFOLK-To Bremen-Jan. 14. 3.873
Interior town receipts
3.873
295.438 4,354,240 225,713 4.579,453 BOSTON-To Yarmouth
Interior town shipments
-Jan.9, 100
100
273,961
224,838
Interior town stocks
BALTIMORE-To Liverpool-Jan. 9, 2.657
2.657
1,326,881
1,327.756
Receipts from plantations
IA-TOIlanchester-Jan.7,600
600
450.271 5,455.722 324,341 5,780.063 PITHILADELPH
SAN FRANCISCO-To Japan-Jan. 9. 8,531
Net overland
8,531
38,824 550.395 PORT TOWNSEND-To
53,091 511,571
Southern consumption
japan-Jan. 13, 3,816
3,816
60,000 1,230.000
60,000 1,290,000
Interior stock increase
21.477 1,206,742
875 1.207,617
Total
Into sight
239,645
563,362
7.197,293
7.620,458
423,165
Northern spinners' takings
92,417 1,205,551
69.925 1.275,476
World's takings
332,601 5.236,819 340,670 5,577,489 •,--EiVERPOOL.-By"cable from Liverpool we have the
American takings
290.601 4,326.819 231,670 4.558.489 following statement ofithe
Other,takings
week's sales, stocks, dm,a* that
42,000 910.000 109.000 1.019,000
port:
ElonabaY-1914-,
- 14,000 24,000 38,000
1913_-._ 2;000 26,000 19,000 47,000
1912-,
6,000 22,000 28,000
Total.
THE CHRONICLE
242
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Jan. 8.
46,000
1,500
2,700
34,000
6,700
128,000
901,000
623,000
204,000
172.000
452,000
377.000
Dec. 24. Dec. 31.
16.000
27,000
200
100
1.000
4,200
13,000
20,000
9,791
3.012
63,000
64.000
738,000 8 30,000
465,000 559.000
96,000 166.000
79.000 147,000
473,000 358,000
422,000 304,000
Jan. 15.
21,000
125,000
932,000
659,000
176,000
153,000
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.
Saturday.
Monday.
Quiet.
Fair
business
doing,
Tuesday. Wednesday. Thursday.
Quiet.
Moderate
demand,
Fair
business
doing.
Friday.
Fair
business
doing.
Mld.Upl'ele
4.80
4.76
4.78
4.83
4.81
4.80
Salem
Spec.drexp.
4,000
600
8,000
1,000
5,000
1,000
10,000
1,000
8,000
500
8,000
800
Futures. Steady at Quiet,%pt. Quiet, 1 pt. Steady at Barely Bey, Steady,
2184114 118134 pts.
Market 1 334 @4 dec. to Si dec. to 134 518634
opened 5 pts. adv. pt. adv, pt. adv, pte. dec. pts. dec. • decline.
Market, ( Very st'dy, Very st'dy, Very et'dy, Steady at Steady at Steady,
34 point 334 pts. 4 points
218234
4 7 points
534 pte.
4
navanra
',Mina
P. M. 1 advance. nts. adv. nts. adv. advance
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.
Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
Jan. 9
to
Jan. 15. 1234 1234 1234 4 izg 4 1234 4 123.4 4 1234 4
P.m. P.m. P.m.P.m. pan• p.m. p.m. p.m pm.p.m p.m 9.m.
d. d. d. d. d. d. d. d. d. d.
d.
d.
MayJune. __- 4 58 5531 60 5831 6531 65 66 6231 6231 62 6631
July-Aug_ ____ 4 633161 66 84 713171 72 6831 68% 68 7231
Oct.-Nov. ____ 4 7331 71% 76 74 813181 82 7831 78% 78% 82%
Jan.-Feb_ ____ 4 7834 7634 8014 79 86 5514 RR t•4 R214 RR f42 87
BREADSTUFFS
Friday Night, January 15th 1915.
Flour has been firm, but the very firmness of prices has
had a tendency to restrict domestic trading to rather moderate proportions. In fact, most buyers still show a disposition to purchase only from hand to mouth. They are
certainly averse to stocking up freely at present prices, being
dubious as to their permanence. Peace talk of or the
opening of the Dardanelles might put a different face on
the whole subject of wheat and flour prices. But that sort
of talk has died out. The .great rise in wheat has given
decided firmness to flour prices and latterly exporters are
said to have bought heavily in Chicago. Bakeries there
have'been threatening to stop, owing to the high prices of
flour. Attempts, it seems, have been made to force the
use of stale bread on Chicagoans on a big scale, much to
their indignation. The future may have developments of
no small interest in store. The total production last week
at Minneapolis, Duluth and Milwaukee was 384,300 barrels,
against 383,275 in the previous week and 338,205 barrels
last year. A Chicago mill has just sold 40,000 barrels to
domestic and foreign buyers.
Wheat declined early in the week owing to the inevitable
liquidation after a period of excited and rising market, but
latterly there has been a sharp recovery. The decline in
the fore part of the week was due to reports that the Allies
had demanded the right to pass the Dardanelles. This was
taken as meaning that there would be a great efflux, if the
demand was accorded, of Russian wheat into the markets of
Western Europe. Needless to say, this was regarded as a
bearish factor. Since then the report has been denied and a
stronger tone has been manifest, prices, in fact, recovering
some 11 cents from the low point of Jan. 11. Also, there
has been some talk in Congress about the gigantic speculation in wheat in this country and the great rise in prices, carrying them some 50 cents a bushel above those of the corresponding date last year. There has been some intimation
that the United States Government might look into the matter, with the possibility of an embargo being placed on exports, though nobody seems seriously to believe that this
will be done. There has been talk, too, however, to the effect that the recent advance in wheat may possibly bring
about an advance of 1 cent in the cost of bread per loaf.
This, it is assumed, would be very unpopular, and might
focus the attention of Congress on the wheat market, with
more or less disturbing possibilities. But while these contingencies have not been altogether ignored, they have not
been really active factors in the market. The dominant influences, after all, have continued to be the decrease in the
world's crop and an imperative demand from Europe. On
Thursday the export sales were reported at as high as 2,000,000 bushels. On other days they have ranged from 800,0130
to, 1,600,000 bushels. The vital point is that Europe wants
the wheat and wants it badly. Some 17,000,000 bushels
available supplies
have already been shipped. The world's
bushels less than they
are now stated at nearly 15,000,000
has been advancing. Rye and corn
were a year ago. Rye
used as substitutes for wheat.
largely
be
to
have
yet
may
cash wheat prices have been gaining
West
the
of
parts
In
especially at Kansas City. The milling
on the price of May,
The world's supply of wheat last
good.
been
has
demand
bushels, in sharp contrast with
2,760,000
decreased
week
[Vox,. 100.
an increase in the same week last year of 8,380,000 bushels.
In other words, the world's wheat supply is put at 198,000,000 bushels, against 212,500,000 a year ago. Foreign markets have been generally strong. A fact to be kept in mind
is that Argentina's export surplus is smaller than was at one
time expected. Also, rains have latterly been reported
in Argentina, where harvesting is in progress. Moreover,
Argentina ocean freights have advanced stillfurther. What,
with bad weather and higher freights in Argentina, the Liverpool market has been plainly apprehensive. The strength
of the American and Argentina markets has been clearly reflected in Liverpool. Argentina freights are up to 63 shillings. At Buenos Aires, Italy and Brazil have been taking
a good deal of the available ocean freight room. Liverpool
authorities take the ground that the requirements of nnporting countries are not likely to decrease in the near future.
Besides, non-European importing countries which have thus
shortly to
far purchased comparatively little are expected
both Brazil
enter the market. The fact is emphasized that
of new wheat in
and South Africa have been buying freely
Argentina markets. The arrivals at Russian ports are
very light. In reply to a dispatch regarding the possible
auopening, sooner or later, of the Dardanelles, a Liverpool
at this time
thority says: "Russia's quota for actual export immediatel
y
would be small, but large quantities would be
the
available from Bulgaria and Rumania." In Italy great
weather is bad, with prolonged and heavy rains. The
earthquake calls for measures of popular relief. Some damage by floods is reported in Italy, and also in Spain. The
imSpanish Government has been petitioned to suspend theThe
strong.
very
are
prices
India
East
In
wheat.
on
duty
port
Pacific Coast has been buying in North Dakota. The bulk
of the supplies recently available on the Coast are said to
have been sold. To-day prices made a new high record, May
in Chicago reaching $1 453. The American Commission
for Relief in Belgium bought 1,250,000 bushels of cash wheat
cash
from the Armour Grain Co. The Pacific Coast bought
governwheat in Utah at $I 50 a bushel. Four European
ments were buying in Chicago. Cash wheat was particularly strong. Export sales amounted to 1,750,000 bushels.
The strength of cash wheat overshadows everything else
at the moment. Liverpool was strong and higher.
FUTURES IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_14731 14131 14531 14931 15331 15631
No. 2 red
15031 15231
14634 14231 1451' 148
May delivery in elevator
13131 12831 13134 13231 13231 13431
July delivery in elevator
IN
FUTURES
WHEAT
CHICAGO.
OF
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_13834 13431 138% 140% 14231 145
May delivery in elevator
12431 12131 124% 125% 12531 12731
July delivery in elevator
Indian corn declined rather sharply early in the week, but
has since rallied, though it has disappointed the bulls.
Stocks of corn are increasing steadily at the West, and this
fact has been by no means lost sight of. The increase last
week amounted to 3,000,000 bushels, against 2,367,000 in
the same week last year. And the available stock of American has now reached 24,800,000 bushels, against 16,300,000 a
year ago and 9,100,000 at this time in 1913. The fact that
available stocks are some 8,000,000 bushels larger than a year
ago has rather chilled bullish speculation. Chicago' also
reports large consignment notices,with no very liberal cash
demand. Many would be inclined to take the short side,
were it not for the wheat rise, owing to a steady increase in
stocks and the fact that the visible supply is the largest at
this time of the year for more than fifteen years past. Corn
mills in various sections of the countryh ave been shuttingNow
down, owing to the dulness of trade in their product. hedgeof
and then, too, there has been heavy pressure
been export
selling as well as profit-taking. But there has
daily,
business amounting to 300,000 to 600,000 bushels
the rally In
which has not been without its effect. Besides,
To-day prices
wheat has also had more or less influence. and
held most
advanced sharply in sympathy with wheat,
An active export
of the advance in spite of heavy selling.
with 1,500,000 bushels
demand was reported at Chicago,seaboard.
Kansas City
said to have been taken by the
via the' Gulf late
reports 1,000,000 bushels sold for export
on Thursday. On the rise country offerings increased.
NO.2 MIXED CORN IN NEW YORK.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs, )ri.
81
7631 7734 7731 78
78
cts_
No. 2 mixed
CORN FUTURES IN CHICAGO.
OF
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 7531 7431 7531 7431 7431 7831
May delivery in elevator
7531 7531 79
7631 75% 76
July delivery in elevator
rallied, deOats declined early in the week but has since
large Chicago houses.
spite heavy selling on the part of some
But export sales have been liberal at times, reaching in a
single day anywhere from 100,000 to 500,000 bushels.
There has been a good demand at Chicago from seaboard
exporters. Also large export sales are reported on the
Pacific Coast. The strength of wheat has also been felt.
Country offerings have been moderate. It is true, on the
other hand, that large elevator concerns at times have been
heavy sellers of May. The receipts, too, have been liberal.
Chicago has a stock of 13,697,000 bushels, against 11,317,000
bushels a year ago. Occasional weakness in corn has not
been without some effect. But on the whole both the home
and foreign demand has been sufficiently large to prevent
any marked depression and the firmness of wheat naturally
could not be ignored. To-day prices advanced with other
grain. Export sales were 100,000 bushels. Country offerings were larger.
THE CHRONICLE
JAN. 16 1915.]
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
cts_ 57% 57A 573-58 57A-58 58-58A 59A-60
Standards
58
58
No. 2 white
58-583 58-58A 5835-59 60-60%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
May delivery in elevator
July delivery in elevator
cts_ 55i 54% 55% 55
55A 56%
55M 52A 533
52l 53 A 54A
GRAIN.
ate
Corn,per bushelWheat,per bushel-f.o.b.
N.Spring. No.1_
$1 54%
No. 2 mixed.___F. 0.B.
81
No. 2 yellow____C. I. F.
N.Spring, No.2
81%
No. 3 yellow
Red winter, No. 2
1 56.i
SOU
Hard winter, No.2
Argentina in bags
1563
78
cts Rye, per bushelOats, per bushel, newStandard
New York
1 24%
50A(4360
60®603
No. 2. white
Western
No. 3. white
80@86
58A ©59 Barley-Malting
FLOUR.
Winter. low grades---$5 30@$5 60 Spring clears
$6 2555$6 50
Winter patents
6 75@ 7 00 Kansas straights,sacks_ 6 60@ 685
6 50 6 75 Kansas clears,sacks ___ 6 250 6 50
Winter straights
625 City patents
6 00
Winter clears
795
7 00 7 25 Rye flour
Spring patents
6 000 8 50
6 75@ 7 00 Buckwheat flour
Spring straights
2 850 3 00
For other tables usually given here, see page 210.
The visible supply of. grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 9 1915 was as follows:
In ThousandsNew York
afloat
"
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
"
Toledo
"
afloat
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Boiled
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush. bush, bush, bush, bush, bush, bush. bush.
4,137 1,280 1,194 1,065
255
185
503
89
40
578 ____
172
213
29
557
28 ____
---5 -555
47
1,520
384
213 ____
5
52
927
____ 1,505 1,100 ____
607
164
3,063
169
2,314
2.406
148
807 2:1367 --ii --ii 1:525
9,411 1,231
____ 1,098 ____
637
1.257 ____
165
745 __
4
9
100
-------iii
412 ____
368 --ii -- -____
2,998 ____ 10,272 12,905
76 -iiii
792
473 ____ 2,239
631..i.
492
72 ____
i --ii -252
9,374
93 1,287 2,139
25
513 --52
18,140 ____
716 4,448
____
198
580
647 ____
356
2
3,053 ____
2
661
____
940 ____
39
9,070
____
176 1,264
3 -___
--374
282 ____
708
____
575 ____ 1,293 1,660 ---- ""i5 -iii
Total Jan. 9 1915_70,184 3,590 22,752 32,529
301
Total Jan. 2 1915_72,861 3,719 19,703 32,957
228
Total Jan. 10 1914_63,883 8.936 14,212 26,241 6,786
Total Jan. 11 1913__66,187 6,475 6,824 8,792
353
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush. bush. bush, bush. bush.
Montreal
1,396
____
115 1,298
Ft.WilliamdoPt.Arthur. 4,980 ___
2,154
"
afloat
Other Canadian
8,504
____
3,398
1,305
1,448
2,252
1,810
5,024
5,116
5,631
3,647
121
150
1,230
187
Canadian Bonded
Rye. Barley. Barley,
bush. bush. bush.
9
297
Total Jan. 9 1915_15,163
Total Jan. 2 1915_15,504
Total Jan, 10 1914__24,628
Total Jan, 11 1913__21,905
115 6,850
9
297
114 6,978
5
333
21 14,069
24
469
19 8,213
____
52
SUMMARY.
Bonded
Bonded
Bonded
Wheal. Wheat. Corn. Oats. Oats.
Rye. BarLy.
In Thousandsbush. bush. bush, bush, bush, bush, bush. Barley.
bush.
American
70,184 3,590 22,752 32,529
301 1,305 5,024
121
Canadian
15,163 _
115 6,850 -___
9
297
Total Jan. 9 1915_85,347 3,590 22,867 39,379
301 1,314 5,321
121
Total Jan. 2 1915_88,365 3,719 19,817 39,935
228 1,453 5,449
150
Total Jan. 10 1914_88,412 8,936 14.233 40,310 6,786 2,276
6,100
1,230
Total Jan. 11 1913..88,092 6,475 6,824 17,005
353 1,810 3,699
187
THE DRY GOODS TRADE.
New York, Friday Night, Jan. 15 1915.
Improvement has been quite general throughout the dry
goods trade during the week. While there is no pronounced
increase in the volume of sales, the business transacted is
of a more substantial quality and inquiries are more promising. A good business is being done in all lines of spot goods,
and buyers state that the values offered in some cases are
exceptional. Spot supplies are not plentiful in any department, and wherever offered at attractive prices are speedily
taken up. In primary markets business is satisfactory.
Manufacturers have sufficient orders on their books to insure
a fair scale of operations for several months to come. While
many manufacturers of cotton goods could handle much
more business than they have, they are well satisfied with
present operations, considering conditions in other trades.
They have had ample opportunity to cover their require-.
ments of the staple for the coming year at 73
4 to 8c. per lb.,
if they had the money and inclination to do so. This, together with the fact that they will be called upon to meet a
tremendous export demand for cotton goods during the coming year from all quarters of the world, makes the outlook
for that branch of the trade particularly bright. It is
obvious that the benefits in the way of exports which will
arise from the present conflict in Europe have not as yet,
despite the large orders already placed, been fully realized.
Most large centres of distribution in Europe have not yet
recovered from the first paralysis of the war and are running
along on whatever accumulated stocks they had at the time
the trouble began. When these supplies are exhausted and
it is realized that goods in any large volume are not obtainable from their home mills, it s impossible to estimate the
demand which will be made upon American manufacturers.
In other words, a large proportion of the cotton which would
ordinarily be exported from this country in the raw product
will instead, it is expected, be exported in the form of fingoods. Export business through regular channels
243
continues quiet, althouugh further sales of several hundred
bales of sheetings have been made for Red Sea account.
Small orders for sheetings are coming to hand from Cuba
and the Philippines, and there is a steady shipment of cheap
colored goods to South America. Business with China is
at a standstill. Inquiries are received regularly concerning
prices, but do not result in sales.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Jan. 9 were 3,945
packages, valued at $279,895. For the corresponding period
of 1914 the totals were 5,345 packages and $411,790. The
usual details that we have heretofore given are.withheld for
the present under instructions of the Secretary of the Treasury.
Staple cotton goods are fairly active and firm, further
advances having been named on several lines for forward
delivery. Buyers are beginning to cover their forward
requirements in sheetings and bleached goods in anticipation
of higher prices later. While orders are not large, they are
more numerous and aggregate a good volume. Much interest was displayed in the introduction of lines of standard
flannelettes during the week, and the opening prices named
were considered very attractive. Standard gmghams are
quiet and firm, sellers maintaining prices while buyers have
been trying to secure goods at reductions. Print cloths are
irregular, spot goods selling one-eighth to one-quarter cent
under prices asked on forward contracts. Buyers are taking
up the spot offerings, but are going slow in placing business
for future delivery. Coarse cottons continue in good demand, chiefly for bagging purposes. Colored cottons are
quiet, buyers taking only such goods as they immediately
require. The scarcity of dyes is still offered as an excuse
for the high prices maintained on these goods, but buyers
prefer to await developments, buying only against actual
requirements in the meantime. Gray goods, 38-inch standard are quoted 37%c.
VVOOLEN GOODS.-Dress goods are firm, though a little
less active than a week ago. Covert cloths continue popular for spring and summer wear, and the higher-grade fabrics are coming into demand. Poplins, whipcords and gabardines are steadily taken, and the demand for lig,ht shades of
broadcloths and sages holds up well. Offerings of novelty
fabrics and silk mixtures for suiting purposes are also favorably received. In men's wear a fair re-order business for
spring is being put through, but interest centres chiefly in
the opening of new fall lines. Selling agents are going slow
in naming opening prices, particularly on the higher-grade
lines, owing to the uncertain raw material situation. Prices
generally show substantial advances, however, over those
ruling last season.
FOREIGN DRY GOODS.-Offerings of imported dress
goods fabrics in this market are light, owing to high prices
and the difficulty of securing goods. Some light-weight
German goods are to be had at prices comparing favorably
with those of last year, but these are expected to soon become exhausted. English lines are also scarce, and where
obtainable, prices are too high for successful competition
with domestic goods. Linens are more active than a week
ago, chiefly household, embroidered and novelty goods,
which have sold well at the January white sales now being
conducted by retailers. Advices from abroad are anything
but encouraging, as prices are rapidly becoming prohibitive
on goods for future shipment. Little is being done in spring
dress goods, as all factors are slow to start the season, owing
to the uncertain outlook. While there is no particular change
in the price situation for burlaps, business is moderately
active with the undertone firm. Light weights are quoted
at 3.50c. and heavy weights at 4.50c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry
at this port for the week ending Jan. 9 1915 and goods
since
Jan. 1 1915, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week and
Since Jan. 1,
Manufactures ofWool
Cotton
Silk
Flax
Miscellaneous
Week Ending
Jan. 9 1915.
Pkgs.
Value.
Since Jan, 1 1915.
Value.
Pkgs.
1,837
2,851
1.041
1,172
2,553
1.837
2,851
1,041
1,172
2.553
336,119
832.727
458.650
431,932
331,390
336.119
832.727
458.650
431.932
331,390
Total 1915
9,454 2,390,818
2.390,818
9,454
Total 1914
13,270 3,854,597
13,270 3,854,597
Warehouse Withdrawals Thrown 'Upon the Market.
Manufactures ofWool
820
223,322
223,322
820
Cotton
768
248.675
248,675
768
Silk
527
192.010
192,010
527
Flax
352
104,374
104.374
352
Miscellaneous
976
162,348
162,348
976
Total withdrawals
3,443
230,729
930.729
3,443
Entered for consumption
2.390,818
9.454 2,390,818
9,454
Total marketed 1915'
3,321.547
12,897 3,321,547
12,897
Total marketed 1914
5,457.322
20,348 5,457,322
20.348
Imports Entered for Warehouse DuringPame Period.
•
Manufactures ofWool
608
232,161
Cotton
1,041
269,680
Silk
151,220
400
400
151,220
Flax
97,011
315
315
97.011
Miscellaneous
178.397
2.217
2,217
178,397
Total
Entered for consumption
Total imports 1915
Total imports 1914
4,581
9.454
938.469
2.390,818
14,035 3.329,287
17,552 5,095,821
1,877
Pa01.
4,581
9.454
938.469
2.390.818
14.035
17,552
3.329.287
5,095,82
THE CHRONICLE
244
STATE AND CITY DtprilmvrtNT,
News Items.
Alberta (Province of),-Debentures Listed On New York
Stock Exchange.-On Jan. 13 there was admitted to the list of
the New York Stock Exchange $5,000,000 *6% 10-year
coupon debentures of the Province of Alberta. These
securities, it will be remembered, were purchased in May last
by Spencer Trask & Co., the Equitable Trust Co.and Harris,
Forbes & Co. of New York City. (V. 98, p. 1636).
Cumberland, Md.-Temporary Injunction.-Following
a bill of complaint filed in the Circuit Court by Henry Shriver
against the Mayor and City Council of Cumberland, and
Alexander Brown & Sons, Baltimore, petitioning that they
be enjoined from taking any action whatsoever in further
execution of any alleged sale of the $150,000 paving bonds
for this city, Judge Robert R. Henderson on Jan. 12 granted
a preliminary injunction restraining the city of Cumberland
from further negotiating for the sale of the bonds. V.100,
p. 155.
Equal Suffrage.-House of Representatives Rejects Proposed Constitutional Amendment.-On Tuesday (Jan. 12) the
House of Representatives rejected the Momlell resolution
proposing an amendment to the Federal Constitution granting to women the right to vote in all the States of the Union.
Of the 378 members voting only 174 were in favor of the
measure. Woman suffrage, therefore, polled 16 votes less
than a majority of those present and 41 less than a majority
of the full membership of the Lower Branch of Congress.
The resolution lacked 78 votes of the total necessary for
its adoption, two-thirds of the House being required on a
Constitutional amendment.
Of the 174 who voted for suffrage 86 were Democrats,
72 Republicans and 12 Progressives, 3 Progressive-Republicans and 1 Independent. The 204 who voted against giving
the ballot to women were made up of 171 Democrats and 33
Republicans.
On Mar.19 the U.S. Senate rejected a resolution providing
for the submission to the States for ratification of the proposed woman suffrage amendment to the Constitution.
There were 35 votes 'for" the resolution to 34 "against."
-V. 98, p. 940.
Bond Proposals and Negotiations this week
have been as follows:
will be
AKRON, Summit County, Ohio.-BOND OFFERING.-Bids
for $105,325
received until! 12 m.Feb.8 by James McCausland,City Aud.,
bonds. Denom. (105) $1,000, (I) $325.
5% street-improvement (assess.)
. Due
Park Bank, N. t.
Date Sept. 15 1914. Int. M. & S. at National15,
from 1916 to 1920 incl.
$10.325 Sept. 15 1915: $11,000 yearly on Sept.
incl.
and $10.000 yearly on Sept. 15 from 1921 to 1924
Anoka County, Minn.
ANOKA SCHOOL DISTRICT (P. 0. Anoka),
be held Jan. 23, reports state, to
-BOND ELECTION.-An election will school-building
bonds.
$50,000
issuing
of
vote on the question
ATWOOD, Piatt County, 'lb.-BOND SALE.-H. C. Speer & Sons
par
at
1
the
6% electric-lght$6.500
Dec.
on
Co. of Chicago were awarded
plant bonds voted Oct. 3 (V. 99. p. 1158). Denom. $500. Date Dec. 1
1.
May
on
annual
1914. Int,
AUDUBON, Audubon County, Iowa.-BOND ELECTION.-An election will be held to-day (Jan. 16), it is stated, to submit to the voters the
question of issuing $1,000 sewer-system bonds.
DAGGS, Carbon County, Wyo.-BOND OFFERING.-Proposals will
be received until 7 p. m. Feb. 2 by Geo. A. Deaton, Town Clerk, for the
following 6% coupon bonds:
$3,000 water-works bonds. Denom. $100. Due in 30 years, subject to
call after 15 years.
3.000 electric-plant bonds. Denom. $500. Due in 30 years, subject
to call after 10 years.
Auth. election held Dec. 8. Date Jan. 1 1915. Int. ann. on Jan. 1
at office of Town Treas. Cert. check for $200. payable to "Town of
Baggs", required.
BASKIN SCHOOL DISTRICT, Franklin County, La.-BOND
SALE.-The $16,000 5% 1-10-year (serial) building bonds which this district has been offering: for sale (V. 99, p. 913) were awarded on Oct. 17 to
Smith & Berthel of Monroe at par. Denom. $500. Date Oct. 1 1914.
Int. A. & 0.
BELLAIRE,Belmont County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 in. Jan. 25 by R. E. Crow, City Aud., for the
following bonds:
$26,425 10 5% No. Jefferson St. paving bonds. Denom. $2.642 51.
Date Jan. 15 1915. Due $2,642 51 yearly on Jan. 15 from
1916 to 1925 incl.
3,842 46 6% curb and sidewalk bonds. Date Feb. 1 1915. Due Feb. 1
1916.
Auth. Sec. 3914, Gen. Code. Int. ann. Cert. check for 5% of bonds.
payable to City Treas., required. Bonds to be delivered and paid for
within 5 days from time of award. Purchaser to pay accrued interest.
Official circular states that this city has never defaulted payment on its
bonds or interest and there is no controversy or litigations pending or
threatening the validity of these or any other outstanding bonds. Total
bonded debt (incl. these issues) $317.502. Assess. val., 1913, $13,468,610.
BOND SALE.-On Jan.6 the two issues of 5% sewer and paving (assessment) bonds, aggregating $15,897 30 (V. 99, pp. 1847) were awarded, it is
stated, to the First National Bank of Bellaire for $15.997 30 and interestequal to 100.629.
BERLIN TOWNSHIP SCHOOL DISTRICT, Delaware County,
the $30,000 53i% 10 5-6-year (average)
Ohio.-BOND SALE.-On Jan. 11 awarded
to the Deposit Banking Co. of
school bonds (V. 99, p. 1847) were103.273.
Other bidders were:
to
-equal
$30,982
for
Delaware
30,982 00 Mayer. Deppe & Walter,Cin430,954
Deposit Bank Co, )el
50 Sessongood & Mayer, CM__ 30,933
Well, Roth & Co., CM- 30,981 50
&
Sidney Spitzer & Co.,Tel- 30,965 00 Tillotson Wolcott Co.,Clev. 30,660
Field,RiMards&Co„Cin-- 30,960
County,
Wyandotte
Kans.-PURCHASER
BONNER SPRINGS,
of the $13,290 28 5.%% special-improvementOF BONDS.-The purchaser
of at par (V. 100, jp. 154) was the Crum
paving bonds recently disposed$1,000
29. Date Jan. 1
$365
(1)
(9) $325
Investment Co. Denom.(10)
yearly from Jan. 1 1916.
1915. Int. J. k J. Due one bond
-Reports state that Chas. II.
BOSTON, Mass.-BOND OFFERING.
will receive bids until 12 in. Jan. 26 for $3,238,000
Slattery, City Treas.,
bonds.
municiPal-impt.
4%
Cleveland), Tenn.-BOND SALE.
BRADLEY COUNTY (P. 0.school
bonds was awarded, it is said, to
0 5% 25-year
An issue of $19,00
to
equal
for
May
$19,235,
101.236
during
Chicago
of
Powell, Garrard & Co.
•
-a basis of about 4.913%
County, Ohio.-BOND SALE.-An issue of
BREMEN, Fairfield
street bonds was awarded, it is stated, during
(aver.)
$9,187 5% 5U-year
to the Bremen Banking Co. at 100.151.
th month of November
[vol..
100.
BROCKTON,Mass.-BOND SALESIN 1914.-During the year ending
Dec. 31 1914 this city issued $314,500 new bonds. As a matter of record
we print below a complete list of these bonds.
Int.
When
Purchaser.
Date. Due. Rate.
Purpose.
Amt.
Sold.
4
Blodget & Co__ 101.10
Apr_ _$180,000
__ 11 75
do
Apr. 1 '15-'29 4
do __ 15,000 School
do __
4,000 Playgrounds Dec.15 '15-'24 4 Sinking fund-- 100
R.L.Day & Co- 102.349
June 1 '15-'41 4
June_ 27,000 Water
do
do
May 1 '15-'24 4
do _ 10,000 Paving
do
do
2,500 Bridge & str. Apr. 1 15-'i9 4
do do
do - 10,000 Playground June 1 '15-'24 4
10d
do
o
0
4
.219
'15-'24
1
July
sir.
&
Bridge
July - 25.000
100
do
1,000 Playground July 1 '15-'19 4
do _
do
100
Sept. 1 '15-'24 434
Aug..- 10,000 Drainage
do
100
Aug. 1 '15-'34 4%
do _ 30,000 School
BURLESON COUNTY (P. 0. Caldwell), Tex.-BOND SALE.-The
$136,045 5% 10-40-year (opt.) Brazos River levee-construction bonds
voted Aug. 5(V. 99. p. 489) have been sold to 0. Nordstrom of Bryan and
Earl Porter of Caldwell. Denom. $1.000. Date Aug. 20 1914. Lat.
F. & A.
BUTLER, Richland County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Feb. 6 by F. L. Beal, Village Clerk, for $4.000
6% electric-light-plant-improvement bonds. Auth. Sec. 3918, Gen. Code.
Denom. (4) $500, (2) 81.000. Date Sept. 15 1914. Int. M. & S. Due
Village Treasurer,
one bond yearly. Certified check for $50, payable to
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest. These bonds were offered
without success as 5s on Dec. 10 (V. 99, p. 1924).
CAMAS, Clarke County, Wash.-FUNDING BONDS EXCHANGED
FOR WARRANTS.-During the month of November the $8.363 21 7%
funding bonds offered without success on April 14 (V. 99. p. 64) were
turned over to the holders of the warrants for which the bonds were issued
to refund.
CANTON CITY SCHOOL DISTRICT (P. 0. Canton), Stark County, Ohio.-BOND OFFERING.-Proposals will be received until Feb. 3
by the Board of Education, it is stated, for $275,000 40-year school bonds.
Denom.$1,000. These bonds are the unsold portion of an issue of $500,000.
$225,000 of which was awarded to C. E. Denison & Co. of Cleveland and
Well, Roth & Co. of Cincinnati, jointly on April 8(V. 98, p. 1181).
CARBON COUNTY SCHOOL DISTRICT NO. 1, Mont.-BOND
OFFERING.-Bids will be received until 1 p. in. Jan. 30, it is reported,
by H. F. Burch, Dist. Sec.(P.0. Beggs), for the $12,000 6% school bonds
mentioned in V. 100, p. 68. Denom. $1,000. Date Jan. 1 1915. Due
on July 1 from 1921 to 1932 incl. A cert. check for 5% required.
CART, Wyandot County, Ohio.-BOND SALE.-The $3,000 5%
5-yr. (aver.) electric-light-plant-installation bonds offered on Dec. 21
(V.99. p. 1766) have been awarded to the People'sjBanking Co.at par& lot
CEDAR CREEK SCHOOL TOWNSHIP (P. 0. Lowell), Lak
County, Ind.-BOND SALE.-The $11,500 5% 9-year (aver.) schoo
bonds offered on Nov. 21 V. 99, p. 1546) were awarded on that day, it is
stated, to E. M.Campbell's Sons & Co. of Indianapolis for 212,000-equal
to 104.347, a basis of about 4.41%•
CHATSWORTH, Murray County Ga.-BOND SALE.-The $13,000
water-works-construction bonds voted In August (V. 99. p. 556) have been
awarded to J. B McCrary Co. of Atlanta.
CHEHALIS COUNTY SCHOOL DISTRICT NO. 108, Wash.
BOND SALE.-On Dec. 28 $10,500 10-20-year (opt.) building-completion
bonds were awarded to the State of Washington at par for Ea. Denom.
$500. Int. ann. in January.
CHICAGO, 111.-BOND SALES.-During 1914 the City Comptroller
sold over the counter at par $453,000 4% gold general corporate bonds,
making a total of $103,000 since our last report. These bonds are part of
the issue of 81,880.000, of which $750,000 were sold over the counter in
1913. They are dated July 1 1913 and due serially on Jan. 1 from 1916 to
0:7'
el.$470,000 4% gold health-department-building bonds which were
0f thc
1933
offered over the counter at par beginning in July $138,000 were disposed of
up to Dec. 311914. At the same time of the $350.000 4% gold bathingbeach bonds. 840,000 were sold to C.0. Heisen at 98 and $154,500 over the
counter at par. Both issues are dated July 1 1914 and due serially on Jan. 1
from 1917 to 1933 incl. (V. 99, p. 64.)
CHOTEAU, Teton County, Mont.-BOND OFFERING.-A. L. Powers, Town Clerk, will offer for sale at public auction at 8 D. in. Feb. 1
210,000 6% 10-15-year (opt.) coupon street-impt. bonds. Denom. $500.
Date Feb. 1 1915. Int. F.& A.at office of Town Treasurer or at some bank
in New York City, to be designated by said Treasurer. Certified check on
a Montana bank for MOO. payable to Town Treasurer, required. A complete transcript of all proceedings touching upon the issue of these bonds
will be furnished by said Town Clerk.
CLARENCE, Shelby County, MO.-BOND SALE.-The $10,000 5%
5-20-year (opt.) electric-light bonds offered without success on Aug. 24
(V. 99. p. 621) were awarded about two months ago to Wm. R. Compton
Co. of St. Louis.
COBLESKILL, Schoharie County, N. Y.-BOND SALE.-On Jan. 9
an issue of $6,000 5% town-bridge bonds was awarded to the First Nat.
Bank of Cobleskill at 100.125. Denom. $1,000. Date Feb. 1 1915. Int.
ann. on Feb. 1. Due $3,000 Feb. 1 1916 and 1917. There were no other
bidders.
COLORADO SPRINGS,El Paso County, Colo.-BONDS AWARDED
IN PART.-The City Treasurer advises us under date of Jan.7that $16,500
of the 8150,000 4% 15-20-year (opt.) water-refunding bonds (V. 99, P•
1393) has been sold to local investors at par and int. This makes a total
of $2,000 sold since our last report.
BONDS NOT YET SOLD.-We are further advised that no sale has been
made of the $57.500 (unsold portion of an issue of $110,000)4% 10-15-year
(opt.) refunding city-hall bonds (V. 99, p. 1393.)
CONCORD TOWNSHIP SCHOOL DISTRICT, Delaware County,
Ohio.-BOND SALE.-On Jan. 9 the $20,000 5)4% 11-year (average)
school-house bonds (V. 100, p. 68) were awarded, reports state, to the
Davies-Bertram Co. of Cincinnati at 103.265.
CRAWFORDSVILLE, Washington County, Iowa.-BOND OFFER%
ING.-Proposals will be received after Feb. 1 for an issue of $10,000
to 5% water-works bonds authorized by vote of 70 to 7 at an election held
Jan. 5. Due May 1 1925.
DAWSON COUNTY SCHOOL DISTRICT NO. 122 (P. 0. Burns),
Mont.-BOND SALE.-The $1.000 6% 5-10-year (opt.) shool bonds
offered on Oct. 31 (V. 99, p. 1081) were awarded on Dec. 5 to the State of
Montana. Date Dec. 5 1914. Interest annually on Dec. 5.
DAYTON, Montgomery County, Ohio.-BOND OFFERING.-Proposals will be received until 12 in. Feb. 9 by Hugh E. Wall, City Accountwaterant, for $45.000 20-year garbage-reduction and 1150.000 30-year
Feb. 1
works-ext. and impt. 5% coupon bonds. Denom. $1,000. Date
bank for 5% of
1915. Int. F. Az A. in N. Y. Cert. check on a nationalBonds
to be debonds bid for, payable to City Accountant, required.
livered and paid for at office of City Treas., on Feb. 16.
Union
Dedman),
0.
(P.
County,
DISTRICT
DEDMAN SCHOOL
20-30-year (opt.) building bonds
N. Mex.-BOND SALE.-The $2,000 6%to
Sweet,
Causey,
1
& Co.,
Sept.
Foster
on
awarded
were
622)
(V• 99, p.
of Denver at 93.50. Denom. $100. Date Sept. 1 1914. Int. M.& S.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
Proposals will be received until 10 a. in. Feb. 20 by Francis M. Williams,
Co..Aud., for $45,000 43,5% 5-15-year (ser.) court-house, poor-asylum and
Children's Home-improvement bonds. Denom. $500. Cert. check on a
Delaware County bank for 3% of bonds, payable to Board of Co. Commrs..
required.
I INDEPENDENT SCHOOL DISTRICT (P. 0. Delhi), DelaDELHI
ware County, Iowa.-BOND OFFERING.-F. E. Stimson, Director, will
receive bids for $15,000 5% coupon tax-free building bonds. Denom.$500.
Date Feb. 1 1915. Int. M. & N. in Delhi or Chicago. Due $500 yearly
for 8 years and $1,000 yearly thereafter for 11 years, subject to call after 5
years. Bonded debt. $600: floating debt, $2,000. Assessed value 1914.
0T0 COUNTY (P. 0. Arcadia), Fla.-BONDS NOT SOLD.
°88,87
D11 /38.
NEW OFFERING.-No bids were received on Jan. 5 for the $350.000 6%
coupon road and bridge District No. 5 bonds dated Oct. 1 1914 offered on
that day(V- 99,p. 1848). New bids will be considered until 2 p. m.Feb.2.
JAN. 16 1915.]
THE CHRONICLE
245
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.GALVA, Ida County, Iowa.-BOND OFFERING.-This town ,s offerBOND OFFERING.-Proposals will be received until 12 m. Feb. 1 by ing for sale an issue of 55.000
James 0. Bickley, Supt. of Public Instruction (P.0. Arcadia), it is stated, bonds (V. 99,.p. 1160). Denom54% coupon water-works-improvement
$500. Date Feb. 15 1915. Int. ann.
for the following 6% school bonds:
on Feb. 15. Due Feb. 15 1935, subject to call after
10 years. I. E.
$15,000 293i-year (average) Nocatee District bonds.
Baumgardner is Town Clerk.
17,500 294-year (average) Sebring District bonds.
GARRARD
COUNTY
semi-annual.
(P.
0.
Lancaster),
Certified check for 2% required.
Ky.-BOND OFFERING.
Interest
Proposals will be received until 1 p. m. Feb. 9 by W. F. Camp, Commr.,
DICKENSON COUNTY (P. 0. Clintwood), Va.-BONDS NOT MET for
the 515.000 coupon court-house-impt. bonds voted Nov. 3 (V. 100. .
SOLD.-We are advised by the County Treasurer, under date ofJan.5that 155). These bonds
are divided into three series of $5,000 each. Series "A',
no sale has yet been made of the $32,000 5% Kenady Magisterial District "B' and "C". Denom.
$1,000. Int. (not to exceed 6%) payable annual
bonds (V.99,_.p. 1240). Denom. $500 and $1,000. Date Jan. 1 1914. at Citizens
Bank. Lancaster, or the fiscal agency of Garrard County.
Int. J. & J. Due 1 to 30-yr. serial. These bonds were reported sold on Due $5,000Nat.
in 5, 10 and 15 years. Bonded debt 517,000. Amount of
March 20 to Bolger, Messer & Willaman of Chicago (V. 98, p. 1865), but taxable property
56,500,000.
this sale, however, was not consummated.
GHENT AND CHATHAM (TOWNS) UNION FREE SCHOOL DISDOUGLAS COUNTY SCHOOL DISTRICT NO. 53 (P. 0. Omaha), TRICT
NO.
I
(P.
0. Chatham), Columbia County, N. Y.-BOND
Neb.-BOND SALE.--,It is stated that the $67,000 54% (not 5% as first SALE.-On Jan.
8 the $75,000 44% 25 4-5-year (aver.) school bonds
reported) building bonds offered without success on Sept.9(V.99, Jr• 1159) (V. 100, p. 68)
were
awarded to Parson, Son & Co. of N. Y.. for 575.068
been
have
sold to H. C. Speer & Sons Co. of Chicago.
and int.-equal to 100.090. Other bidders
were:
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BIDS.-The following Isaac W. Sherrill Co., Poughkeepsie
547550.:000000000
are the other bids received for the 5150,000 5% gold coupon (with privilege State Firemen's
emen's Association, par for
of registration as to principal) armory bonds awarded on Jan. 7 to the
Bank, Chatham, par for
Jacksonville
of
Atlantic Nat. Bank
at 101.678 and int. (V. 100. p. 155.)
GLENCOE, Cook County, Ill.-BONDS VOTED.
a vote of 180 to
H.T.Holtz & Co., Chic- 5153,867 00 Harris,Forbes&Co N.Y. b
135 the question of issuing the 56.500 fire-protection -By
bonds (V. 100. p.
Seasong'd & Mayer and1151,710 00
Fla. sap .o acksv. 150,500 00 carried at the election
held Jan. 9. Due $500, yearly for 13 years. 68)
Field,Richards & Co.,Cin•J
H. A. Kehler & Co. and
GOSHEN, Orange County, N. Y.-BONDS AWARDED IN PART.
Tillotson & Wolc•Co.,Clev.151,577 50
Wm.R.Compt.Co.,N.Y.1150,225 00
state that this city has sold $25,000 of an issue of $50,000
Heard Nat.Bk.,Jacksonv. 150,780 00 U.S.Tr.& Sav.Bk.,Jacksv• 150,101 00 Reports
44%
Spitzer,Rorick & Co.,Tol *150,575 75 Barnett Nat.Bk • Jacksv. 150,000 00 14-yr. (aver.) sewer bonds to the Goshen Says. Bank of Goshen at par.
HAMILTON, Butler County, Ohio.-BOND SALE.-On Jan. the
2
* These bids were rejected on account of not complying with rules of three issues of 5% 534-year (aver.) bonds, aggregating
60, offered
on Dec. 22(V. 99, p. 1614) were awarded, it is stated,$441,971
notice to bidders.
as follows: $25,000
H. T. Holtz & Co. offered an additional allowance to county of $225 if street-improvement (city's portion) and $11,000 gas-plant
-improvement
bonds to E. H. Rollins & Sons of Chicago for $36,391 68
blank bonds are furnished by Duval County.
(101.088)-a basis
of about 4.774%; $5,971 60 sanitary-sewer
EAST CLEVELAND, Cuyahoga County, Ohio.-BOND SALE.-The Co.
-impt. bonds to R. L. Dollings
of
Hamilton
for $5,980 52 (100.149)-a basis of about 4.969%•
171,15554% 5-year street-improvement(assess.) bonds offered on Dec.22
BONDS AUTHORIZED.-Reports state that !t%
V. 99, p. 1613) have been sold to C. E. Denison & Co. of Cleveland at
resolution was passed
on Jan. 5 authorizing the issusnce of 510.000
02.2715 and interest.
5% water-works bonds.
HANSELL CONSOLIDATED SCHOOL DISTRICT (P.
EAST ROCHESTER, Monroe County, N. Y.-BONDS VOTED.-At
Hansel]),
the election held Jan. 2 the questions of issuing the following bonds (V. 99. Franklin County, Iowa.-BONDS VOTED.-By a vote of 0.
142 to 86 the
question of issuing the 535,000 site-purchase building
p. 1925) at not exceeding 5% int. carried:
and
equiping
bonds
bonds.
(V. 99, p. 1925) carried, it is stated, at the election
'
Due $3,000 yearly beginning in 1916.
$26.200 Main St.-impt.
held Dec. 28.
11.900 Main St.-impt. bonds. Due $1,000 yearly beginning in 1916.
HARTFORD, Conn.-BOND SALES IN 1914.-The
following
3.600 eewer-impt. bonds. Due $500 yearly beginning in 1916.
list
of
bonds sold by the city of Hartford in 1914 is printed
a matter of record
Official circular states that this village has never defaulted in the 13ayment only. Practically
all the sales have been referred toas
in
these
Bonded debt Jan. 1 1915, $132,480. No various times during
of either jorindpal or interest.
columns
at
the year.
floating debt. Water debt (incl. in above) $94.300.
Date of
Date of
Price
Int.
Date
Sale. Amount. Purpose.
EAST VIEW VILLAGE SCHOOL DISTRICT (P. 0. Cleveland)'
Bonds.
Paid.
Rate.
Due.
Jan.
Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will be re18 *$570,000 Bldg. bonds.Nov. 1 '13 103.851
ceived until 7 p. m. Feb.5 by John M.Kinner, Clerk, Bd. of Ed.,for $5,000 Jan. 16 *650,000 School bondsFeb. 1 '14 103.851 41.4% Nov. 1 1933
4 % Feb. 1 1939
5% coupon refunding bonds. Auth. Sec. 5656 Gen. Code. Denom. $500. June 22 *500.000 Water bds__June 1 '14 Par
4
Various
Date "day of sale.' Int. A. & 0. Due $500 yearly on Oct. 1 from 1915 July 27 *100,000 Water bds_June 1 '14 Par
4%
Various
to 1924 incl. Cert. check on a bank other than the one making the bid for Sept. 10 2500,000 Lt1.-pur.notesSept. 10 '14 Par
4%
$25,000 yrly
Sept.
22
*19,000
Water bond_June 1 '14 Par
10% of bonds bid for, payable to Dist. Treas.. required. Bonds to be de4%
Various
livered and paid for within 10 days from time of award. Purchaser to Dec. 18 a50,000 Water ifii_june 1 '14 Par
4%
Various
(*) Purchased by Harris. Forbes & Co.. N. Y.;(z) by
pay accrued interest.
Connecticut River
Bridge and Highway District Commission; (a) by Aetna
Life Insurance
ELLIOTT, Montgomery County, Iowa.-BOND SALE.-The $8,000 Co.. Hartford.
5% 10-20-year (opt.) coupon water-works-ext. bonds offered on Dec. 7
HARTFORD CITY, Blackford County, Ind.-BOND
(V. 99. p. 1547) have been sold, it is stated, to Spitzer, Rorick & Co. of
Toledo at 103.125-a basis of about 4.61% to optional date and 54.757% to During the month of December 539.000 44% street bonds were SALE.
awarded.
full maturity.
reports state, to Breed, Elliott & Harrison of Indianapolis.
ENNIS, Ellis County, Tex.-BOND SALE.-The $80,000 publicHARTFORD TOWNSHIP SCHOOL DISTRICT (P. 0. Orangschool-building, 535,000 street-paving; $17,500 city-hall-erection; $30,000 vine), Trumbull County. Ohio.-BOND SALE.-According
to reports,
sower-system-constr. and 35,000 water-works-system-impt. 5% bonds on Dec. 12 the Kinsman Nat. Bank of Kinsman was awarded
$3.200
voted June 23 (V. 99, p. 65) have been sold.
6% 3-yr. (aver.) bldg. bonds for 53,225-equal to 100.781-a basis
of
about
5.71%
EUGENE, Lane County, Ore.-BOND SALE.-According to a local
newspaper, the $34,800 6% city-impt. bonds series "L," offered on Dec. 7
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT NO. 21,
(V. 99, p. 1694), have been purchased by McPherson & Co. of Portland.
(P. 0. Rockville Center), Nassau County N. Y.-BOND OFFERING.
EVANSVILLE SCHOOL CITY (P.
Evansville), Vanderburgh -Further details are at hand relative to the offering on Jan. 26 of the
County, Ind.-BOND SALE.-Reports 0.
following coupon or registered school bonds (V. 100,
that
state
156):
the
School
Board
on
Jan. 7 disposed of the $48,000 (unsold portion of the
bonds. Due $5,000 on Jan. 1 1917
p. and 1918.
$128,000) 4% tax $10,000 site-purchase
eficiency bonds (V. 99, p. 1240), as follows:
40,000 building bonds. Due 55.000 yearly on Jan. 1 from 1919 to 1926.
$36.000 to C. Finley Smith, Pres. of the Mercantile Tr. & Say. Co.
inclusive.
of
Bids for these bonds will be received until 8 p. m.on that day by Eugene
Evansville at 100.21.
6,000 to City Nat. Bank of Evansville for $6,026. equal
P. Hawkins, Clerk Board of Education. Denom. $5,000. Date March 1
to
100.433.
6,000 to John W. Boehne of Evansville at 101.27.
1915. Interest (rate to be named in bid) payable semi-annually at
National Bank of Rockville Centre. Certified check for 10% ofFirst
FALL RIVER, Bristol County, Mass.-BOND SALE.
bid„
-R. L. Day & payable to Harry W. Reeve Treasurer
Co. of Boston were awarded
Board of Education, required.
on June 27 the following 4% bonds at 102:
Benda to be delivered and paid for on March 1 at above bank. Purchaser
$50,000 playground bonds. Date May 1 1914.
Due
serially
from
1915
to
print
bonds
at his own expense. Official circular states that there is
to 1944 inclusive.
no litigation pending and that there has never been a default
70,000 sewer bonds. Date July 1 1914. Due serially from
by the District
1915 to 1925 in the payment of any obligation.
inclusive.
Bonded debt, 544,400. Assessed value
1914. $3,518.805.
FALLS CITY, Polk County, Ore.-PURCHASER OF
BONDS.-The
purchaser of the $3,704 93 6% 1-10-year (opt.)
HERKIMER, Herkimer County, N. Y.-BOND SALE.-On Jan. 5
bonds recently
$3,187 36 West Smith St. improvement (assessment) bonds (V. 99,
sold at par (V. 99, p. 1849) was the Bank of street-impt.
Falls City. Denom $100• the
yi0114Z)Ngtye5sa
Date Nov. 24 1914. Int. M.& N.
.warded to J. Howard Mark of
Herkimer for $3,189 36
FENTRESS TOWNSHIP SPEC/AL TAX SCHOOL DISTRICT
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
(P. 0. Greenville), Guilford County, No. Car.-BOND SALE.-The
(Winauma), Fla.-BOND SALE.-On Jan. 5
$8,000 5% coupon tax-free school bonds offered on Aug. 11 (V. 99, p.
214)
.
100, p.69) were awarded, it is stated, to the 55.0006% school bonds
97.
have been disposed of.
Cutter, May & Co. of Chicago
at
FIFTH LOUISIANA LEVEE DISTRICT (P. 0. Tallulah), La.
HILLSBORO COUNTY SPECIAL TAX
BONDS AWARDED IN PART.-Of the $250,000 5% levee bonds offered
SCHOOL DISTRICTS, Fla.
-BONDS
NOT SOLD.-Reports state that the
on March 3(V.98, p. 540) $120.000 has been sold at par as follows :$5.000
$3.000 6% Seffner
Lake Fern District and $1,500 6% Park
on March 3 to Agnes Guthrie and $115.000 on April 22 to the Whitney- 52,0006%
Academy Dist, bonds
offered
on
Jan.
5
(V.
99, p. 1767) failed to attract any
Central Trust & Says. Bank of New Orleans.
bidders.
HILLSBORO COUNTY SPECIAL TAX SCHOOL
FITCHBURG, Worcester County, Mass.-BOND OFFERING.-ProDISTRICT (West
posals will be received until 12:30 p. m. Jan. 19 by Herbert 0. Morse,City Tampa), Fla.-BOND SALE.-On Jan. 5 the 560,000
5% school bonds
Treasurer (care Old Colony Trust Co., Boston), for the following 4% (V. 100, p. 69) were awarded, it is stated, to Duke M.Parson
of Chicago at
96.433+.
registered
N4r,
fr7)
seta
eridgilds
HILL COUNTY (P 0. Havre), Mont.
school-house, fire-station, street and pavement
,'
-BOND
SALE.
-On Jan. 5 the
bonds. Due $8,800 yearly on Nov. 1 from 1915 to 1924.inclusive. $125,000 5% 18-20-year
court-house and jail
50,000 macadam pavement and sidewalk construction bonds. Due dated Jan. 1 1915( •V 99.(opt.)
bonds
p. 1614) were awarded to -construction
Ferris & Hardgrove
of Spokane at 101.78-a basis
$10,000 yearly on Nov. 1 from 1915 to 1919, inclusive.
of
about
4.851%
to
optional date and about
30,000 water bonds. Due $1,000 yearly on Nov. 1 from 1915 to 1944, 4.861% to full maturity. Other
inclusive.
Wells & Dickey Co., Minneapolis bidders were:
Date Nov. 1 1914. Int. M. & N. at office of City Treasurer. These Minnesota Loan & Trust
$126,875 50
Co., Minneapolis
bonds will be certified as to genuineness by the Old Colony Trust Co., and N. W. Halsey
125.937 50
& Co., Chicago
the opinion of Ropes. Gray. Boyden & Perkins as to the validity of these
125,737 50
Denom. 51,000. Interest J. & J.
bonds will be furnished purchaser without charge.
HOLTVILLE, Imperial County, Cal
FLINT SCHOOL DISTRICT (P. 0. Flint), Genesee County, Mich.
-BOND SALE.-The $2,000
-BOND OFFERING.-Bids will be received until Feb. 3 by the Board of Alamo River bridge and $333.000 (not $30.000, as first
reported) sewerage
bonds voted Oct. 10(V.99, p. 1241)
Education for the $70,000 5%
0 school-building bonds voted Oct. 21 (V. 99, 5%
have been purchased by James N.
Wright & Co. of Denver at par.
1393).
Denom.
$1,000.
$2,000
yearly
Due
from
IL
1916 to 1950, incl.
Denom. $1,000. Interest J. & J.
HOLYOKE, Hampden County,
FLOYD COUNTY (P. 0. Charles City), Iowa.-BOND SALE.-On
-TEMPORARY LOAN.-On
Jan. 4 the $885,000 5% 13-year (average) funding bonds were awarded to Jan. 14 a loan of $150,000, maturingMass.
Nov. 5 1915, was negotiated, with
Hoehler, Cummings & Prudden of Toledo for $87,222 50 (102.614) and R.L.Day & Co.of Boston at3.54% discount.
Denom.$25,000.
Other bids were:
t:Z...
-.4
blank bonds. Date Jan. 1 1915.
,' PI
Discount,
FORT BENTON, Chouteau County, Mont.-BOND SALE.-On I'. S. Moseley
Discount.
&
Co.,
Jan. 6 the following 514% 12-20-year (opt.) bonds were awarded to Ferris
Boston-3.59%1Blake Bros. & Co., Boston-3.74%
Estabrook & Co., Boston_-_
_3.62% Bernhard. Scholle & Co., New
Hardgrove of Spokane at par, int. and 131ank bonds:
,
& Bartlett, N.
$33,000 sewer-system-construction bonds (V. 99, p. 767). Date Aug. 1 Morgan
* Plus $1 premium. Y_ -_*3.72% I York
3.87%
1914.
17,000 electric-light-plant bonds (V. 99, p. 284). Date April 1 1914.
HORTON, Brown County, Kan.-BOND
OFFERING.-Proposals
Denom. $500. Int. Jan. and July.
will be received until 8 p. m.
Jan. 19 by W. W. Wood, City Clerk, for
FREEPORT VILLAGE SCHOOL DISTRICT (P. 0. Freeport), $334.500 534% paving-improvement bonds.
Date
Feb.
A.
1 1915. Int. P.&
Due
Harrison County, Ohio.-BOND OFFERING.-Proposals will be reserially from Aug. 1 1916 to Feb.
1 1925. Certified check for
ceived until 12 m. Jan. 22 by Boyd Kerr, Clerk Board of Education,
for 5500 required.
$1.0006% coupon refunding bonds. Auth. Sec. 5656. Gen. Code. Denom.
HOUSTON, Harris County, Tex.-BONDS
$100. Date Jan. 23 1915. Int. J. & J. in Freeport. Due $100 each six
TO BE SOLD LOCALLY.
-According to reports, the 5200,000
months from July 23 1915 to Jan. 23 1920. inclusive. Certified check for (V.
5% school bonds voted Oct. 28 1914
p. 1394) will be offered for sale
payable
to Board of Education, required. Purchaser to pay accrued able99,
$50,
locallylkDenom. $500. Int.,,paYat
Houston
Land & Trust Co., Houston.
Interest. Bonded debt (including this issue), $14.000. Assessed value,
5652.000.
HOUSTON HEIGHTS, Harris County,
Tex.-BONDS PROPOSED.According to newspaper reports this
FULTON COUNTY (P. 0. Rochester), Ind.-BOND OFFERING.
city is contemplating the issuance o
- $100,000 sanitary
f
Proposals will be received until 3 p. m. Jan. 20 by Layman E. Downey, Co.
-sewer bonds.
Treas., for the following 434% highway-impt. bonds in Union Tvrp.:
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND OFFERING.
$17,000 Geo. W.Garman road No. 1 bonds. Denom. $850.
Reports state that bids will
be received until 10 a. m. Jan. 18 by the Co.
15,000 Geo. W. Garman road No. 2 bonds. Denom. $750.
Treas., for $37,400 and $25,600
434% highway-improvement bonds•r^
Date Jan. 1 1915. Int M.& N. Due one bond of each issue each six
HUDSON TOWNSHIP (P. 0. Hudson), Summit County,'Otrfo.months from May 15 1916 to Nov. 15 1925 incl.
BOND SALE.-On Jan.8 the $5,000
% 94-year (aver.) coupon town-
I
246
THE CHRONICLE
[VOL. 100.
of Ed. (P. 0. Powell, R. D. No. 2). for $23,000 554%
1915(V.99,1). 1849) were awarded Poole. Clerk Bd.
Gen. Code. Denom. $500.
hall and road-impt. bonds dated Jan.8at
school bonds. Auth. Secs. 7625-7627 incl.,
103.14. Other bids were:
Co., Delaware.
to Hayden, Miller & Co. of Cleveland
Jan. 25 1915. Int. M. & S. at Deposit Banking
$5.150 00 Sidney Spitzer dr Co., Tol_$5.090 50 Date
from Mar. 1 1916 to Sept. 1 1935 incl., except
Otis & Co. Cleveland
months
six
each
$500
Due
50
Co.,
Toi_
5,080
&
Rorick
check on a
Cert.
due.
is
$1,000
1935
incl.
to
First Nat. Bank. Cleve_ _ _ 5.148 40 Spitzer. & Wolcott Co.,
1930
from
1
Sept.
on
that
Seasongood,& Mayer,Cin_ 5,130 00 Tillotson
for $500, payable to above Clerk. required.
5,053 50 Delaware County bank (or cash)
Cleveland
Hanchett Bond Co., Chic_ 5,117 00
delivered and paid for within 10 days from time of award.
be
to
Bonds
0.
HUNTINGTON INDEPENDENT SCHOOL DISTRICT (P.
to pay accrued interest. The district has no indebtedness.
Jan. 12 the Purchaser
Huntington), Cabell County, W. Va.-BOND SALE.-On
Asses. val. 1914. $1,435,560.
were
awarded
1849)
p.
99.
(V.
bonds
school
(aver.)
ears
-BOND SALE.-On
173‘-y
5%
$300,000
LICKING COUNTY (P. 0. Newark), Ohio.
the Fifth Third Nat. Bank of Cinpike-impt. bonds were awarded to
Jointly to Breed, Elliott & Harrison and
Dec. 5 $96,500 5% coupon taxable
734-year
(aver.) bonds
$52.500
as
follows:
cinnati at 102.522 and int.-a basis of about 4.784%.
Toledo
of
Co.
& Co. Tol__$303.816 75 Spitzer, Rorick &
Prov. Say. Bk.& Tr.Co.,Cin.$306,780 Sid.Spitzer
-year (aver.) bonds at par. The offering of
303,417 00 at 100.521 and $44.000 254was
1614.
p.
in
Tillotson & Wolc. Co.,i. lev. 306,228 Harris, Forbes&
V.
99,
reported
bonds
above
the
of
305.4301 Seasongood & Mayer,Cin. 303,406 00 $81,500
Well, Roth & Co., Cin
Caro.-BONDS
305,340 Estabrook & Co., N.Y__ 302,550 00
LILLINGTON TOWNSHIP, Harnett County, No.
A. B. Leach & Co., N.Y
Secretary of the Road CommisTO BE TAKEN BY CONTRACTOR-The20-year
INDEPENDENCE, Montgomery, County, Kan.-BOND OFFERING. sioners
road bonds which this
the $20,000 6%
that
us
advises
for
rs
the
City
by
20
Commissione
Jan.
m.
12
until
-Bids will be received
(V. 99, p. 558) are to be delivered
$350. township offered for sale during August
work done.
$53,500 45,6% tax-free bonds. Denom. (45) $1,000. (10) $500, (10)
1928 to to C. D. Riggsbee, the contractor for
Due on Jan. 1 as follows: $4,000 1926. $12,500 1927,$4,000 yearlyCertified
-BONDS NOT SUBMITTED.
Colo.
County,
Larimer
inclusive.
1935,
to
,
LOVELAND
1930, inclusive, and $5,000 yearly from 1931
of issuing the 3120,000 municipal lightingcheck for 1% of bonds bid for, payable to City Commissioners, required. -We just learn that the question
not submitted to a vote on Nov. 3 as
was
558)
and
bonds.
P.
registering
printing
cost
of
and
99,
(V.
interest
bonds
accrued
pay
system
to
Purchaser
it would.
JACKSON, Hinds County, Miss.-NO ACTION YET TAKEN.-No newspaper reports stated
-LOAN OFFERING.-It is
of the $160,000
LOWELL, Middlesex County, Mass.
action has yet been taken looking towards the issuancers
10 a. m. Jan. 19 by the City Treas.
electric-light bonds authorized by the City Commissione on Nov. 18. stated that bids will oe considered until
maturing Nov. 10 1915, and
1915,
20
Jan.
dated
$200,000,
1614.)
loan
of
a
p.
for
99.
(V.
JACKSON COUNTY (P. 0. Brownstown), Ind.-BOND OFFERING. issued in Anticipation of taxes.
Ohio.-BOND SALE.-On
County,
E.
by
John
Co.
23
Mahoning
10
m.
Belding,
Jan.
a.
until
LLE,
received
be
will
LOWELLVI
-Proposals
constr. bonds
Treas., for the following 455% highway-impt. bonds:
Dec. 21 the 333,000 6% 18-year (aver.) coupon water-works& Co. of Toledo for $35,$5,800 Albert Kerkhoff et al. road-impt. bonds in Hamilton Twp. Denom. (V. 99, p. 1614) were awarded to Sidney Spitzer
5.329%.
about
of
basis
int.-a
1914.
$290. Date Dec. 7
544 50 (107.71) and
Iowa.-BONDS VOTED.-Reports
11.000 Wm. Bishop et al. road-irnpt. bonds in Grassy Fork Twp. Denom.
LOW MOOR, Clinton County,water-worksplant and electric-light3550. Date Dec. 7 1914.
state that the propositions to issue
Twp.
in
Driftwood
14,280 Geo. H. Geyer et al. highway-impt. bonds
bonds, amounting to $8,000, carried at an election held Jan. 5. The
plant
$714.
Denom.
26.
to
35
(light)
22,
vote was (water) 41 to
•
2,500 Geo. Mitchener et al. highway-impt. bonds. in Salt Creek Twp.
that the amount of
LYNN, Mass.-BOND SALES.-Wd are advised
Denom. $125.
to Estabrook & Co. of Boston was $220,000 and
Int. M.& N. Due one bond of each issue each six months from May 15 bonds awarded March 3reported.
first
at
as
on
$190,000
first
two
of
issues
were
offered
bonds
not
1916 to Nov. 15 1925 incl. The
4% and
Last y'ear the Sinking Fund Commission purchased $39,000
Jan. 9(V. 100, p. 69.)
bonds.
JACKSONVILLE, Athens County, Ohio.-BOND SALE.-On Jan' $186.500 454%
-Proposals
OFFERING.
McCOMB, Hancock County, Ohio.-BOND
113 the two 'issues of 156% 554-yr. (aver.) coup. street-impt. (assess'
Jan. 25 by W. B. Sherard, Village Cleric, for
bonds. aggregating $3,250 (V. 99, p. 1849), were awarded to the Sinking will be received until 12 m.
vement bonds. Denom.
34.0006% coupon taxable electric-light-plant-impro
Fund Trustees, it is stated, at par and int.
Int. M. & N. at office of Village Treasurer.
1914.
2
Nov.
$800.Date
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-BOND OFFER- Due $800 yearly on Nov. 2 from 1916 to 1920. Inclusive. Certified check
ING.-Proposals will be received until 2 p. m. Jan. 26 by John L. Mews. for 234% of bonds bid for, payable to Village Treasurer, required. Bonds
County Auditor, for the following 5% road bonds:
to be delivered and paid for within ten days from time of award. Purchaser
311.000 inter-county road No. 7 improvement (county's share) bonds. to pay accrued interest. Bonded debt (including this issue), $14,850:
Date Feb. 11915. Due $500 Feb. 1 1916 and 1921, $1,000 each floating debt, $1,300. Assessed value 1914. $855,000.
six months from Feb. 1 1917 to Aug. 1 1920, inclusive, and $1,000
Okla.-BONDS DEMcCURTAIN COUNTY (P. 0. Idabell),
Aug. 1 1921. Bonds to be delivered and paid for on Feb. 15.
of issuing the bridge-construction bonds (V. 99,
4,000 Adena and Hopedale free turnpike bonds. Date March 1 1915. FEATED.-The question
a vote of 699 "for"
3
by
Nov.
held
election
the
at
Due $500 each six months from March 1 1916 to Sept. 1 1919, p. 1161) was defeated
to 2.353 "against."
inclusive. Bonds to be delivered and paid for on March 1.
election will be
-An
ELECTION.
bonds
of
Ga.-BOND
5%
for
MACON, Bibb County,
Denom. $500. Interest semi-annual.' Certified check
a vote the questions of whether
bid for, payable to County Auditor, required. Purchaser to pay accrued held March 4, it is reported, to submit to
sewer and
$30,000
street-paving,
$120,000
issue
shall
city
this
not
or
interest.
- 8150.000 hospital bonds.
SALE.
JOHNSTON COUNTY(P.O. Smithfield), No. Car.-BOND
County,
Madeira),
Hamilton
0.
(P.
bonds
road
DISTRICT
coupon
SCHOOL
Twp.
MADEIRA
Reports state that the 340,0005% 40-year Ingram
Jan.,,
will be received until 8
Ohio.-BOND OFFERING.-Proposals
offered on June 27 (V. 98, p. 1866) have been sold.
for $1.000 5% 35-year
Education,
of
Board
the
of
Clerk
Butz,
-ReJ.
ED.
A.
by
A
simliar
of
of
sale."
JUD, Lamoure County, No, Dak.-BONDS AUTHORIZ
"day
issue
Date
$500.
of school bonds. Denom.
ports state that an ordinance has been passed providing for the Issuance
bonds was reported sold in September to Mayer, Deppe & Walter of Cin$1,200 fire-apparatus-purchase and hall-construction bonds.
998).
p.
(V.
99.
cinnati
KENDALLVILLE, Noble County, Ind.-BONDS AUTHORIZED.
MAGNOLIA PARK (P. 0. Houston), Harris County, Tex.-BOND
of
Reports state that the City Council on Jan. 8 authorized the issuance
relative to the offering on Feb.5
OFFERING.-Further details are at hand
bonds.
6%
street-impt. 5% 10-40-year.(oPt.)
315.000
the $94,000 water-works and $40.000
of
state
156). Bids for these bonds will be received by
p.
100,
(V.
KENT, Portage County, Ohio.-BONDS VOTED.-Reports
bonds
coup.
sewer-system bonds carried John B. York, City Atty. Denom. $500. Date Feb. 1 1915. Int. ann.
that the question of issuing no,000 sanitary 12.
by a vote of 576 to 16 at the election held Jan.
in Feb.,payable in N.Y. Cert.check for 32,680, payable to "City of MagMich.-BONDS TO BE nolia Park," required. Assess. val. 1914. 32.858,409.
Rapids),
Grand
0.
'LENT COUNTY (P.
will
county
this
that
SALE.
OFFERED SHORTLY -Local newspaper reports state
MASONING COUNTY (P. 0. Youngstown), Ohio.-BOND
bonds. It is expected -On
shortly offer for sale $100,000 road-improvement
Jan. 14 the 340.000 5% 4 1-3-year (aver.) Experiment Farm bonds
that $30,000 of this amount will be taken by the Sinking Fund Commission. dated Jan. 20 1915 (V. 100, p• 69) were awarded to Tillotson & Wolcott
NOT YET Co. of Cleveland at 100.82-a basis of about 4.7849". Other bids were:
KINNEY COUNTY (P. 0. Brackettville), Tex.-BONDS
10-40-year (opt.) Sidney Spitzer & Co.,To1-$40,308 00 Seasongood &ayer,Cin.$40,212 00
SOLD -No sale has yet been made of the $80,000 5% 98,
p. 1866.)
Parson, Son & Co.,Chic-- 40,302 80 C.E.Denison & Co.,Clev. 40,205 60
road bonds offered without success on May 15 1914.(V.
R. Kleybolte Co., Clncin_ 40,292 00 Hayden, Miller & Co., Cin.40,144 00
KLICKITAT COUNTY SCHOOL DISTRICT NO. 96 (P. 0. GoldenField, Richards .5c Co.,Cin.40,288 00 Prov. S. B.& T.Co., Cinc_40,140.00
of
been
made
has
yet
sale
-No
SOLD.
YET
NOT
-BONDS
dale), Wash.
E. Aub & Co., eine--- 40,228 00 Spitzer, Rorick & Co.,Tol.40,133 00
A.
on
12
Sept.
success
(V. 99.
the 32.500 6% building bonds offered without
Brighton-German Bk.,Cin.40,212 00 Otis & Co., Celveland___ 40,120 00
p. 1082).
MANHATTAN BEACH (P. 0. Manhattan), Los Angeles County,
KNOX COUNTY (P. 0. Barboursville), Ky.-BOND ELECTION
DEFEATED.-We have Just been advised that the propoPROPOSED.-Reports state that petitions are being circulated calling for Cal.-BONDS
to issue the $75,000 7% municipal-pier-construction bonds (V. 99,
of
the
issuing
question
sition
vote
an election to be held Mar. 15 to submit to a
p. 67), was defeated at an election held Aug. 30. The vote was 168 "for"
$200,000 road bonds.
and 170 "against.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BONDS PROPOSED.-The two
MANNING, Clarendon County, So. Caro.-BOND SALE.
Local papers state that the County Court on Jan. 4 passed a resolution
reported) 20-40-yr. (opt.) water and sewer
providing that the Legislature of the General Assembly of the State of issues of 554% (not 5% as first
were pur1474),
p.
99.
(V.
1
offered on Dec.
Tennessee be requested to pass such an Act as will authorize the County bonds, aggregating 340.000,
J. H. Hilsman & Co. of Atlanta.
o 20-year bonds to purchase the Cherokee chased at par and int. on that day byInt.
Court to issue $125,000 57
J.
&
J.
1915.
1
Jan.
property for the use of the University of Tennessee's agricultural experi- Denom. $1,000. Date
NO. 8, Ariz.-BOND
ment station as an addition to the station's farm.
MARICOPA COUNTY SCHOOL DISTRICTof $20,000 20-year buildLA FAYETTE, Yamhill County, Ore.-BOND SALE.-It is stated SALE.-A newspaper dispatch states that an issue
Bank during June for
Valley
River
Salt
the
on
for
to
sale
offered
bonds
awarded
water-system
-year
that the $15,000 6% 10-20
ing bonds was
May 25 1914 (V. 98, p. 1632) have been awarded to Fred. Glenn & Co. of $20,312 50 (101.562) for 5;0.
s), Ind.-BOND OFFERING,
Portland at 101.01.
MARION COUNTY (P. 0. Indianapoli
m. Jan. 18 by Carl von Hake, Co. Treas..
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND SALE.-On -Bids will be considered until 12 et
highway-impt. bonds in Lawrence
al.
Sargent
Jacob
454%
Jan. 11 the two issues of 43,4% highway-improvement bonds, aggregating for $9,000
Dec. 15 1915. Int. M. & N. Due $450
329,500 (V. 100, p. 156) were awarded to Meyer-Kiser Bank of Indianapolis Twp. Denom. $450. Date
to Nov. 15 1925 incl.
as follows: $22,000 for $22.101 (100.459) and interest and $7,500 for $7-.540 each six months from May 15 1916
Marion), Ohio.-BOND SALES.-The
(100.533) and interest.
0.
(P.
COUNTY
MARION
Oct. 31 (V. 99.
LA MESA, San Diego County, Cal.-BOND SALE.-On Jan.8 $2,300 310,000 6% 6-year (aver.) coupon road bonds offered on
to Spitzer, Rorick
fire-apparatus and $5,800 water 3j t' coup. bonds were awarded to the p1161) were awarded during November, it is stated,
Hanchett Bond Co. of Chicago for $8,167-equa1 to 100.83. C. Wentz dr.Co. of Toledo at 100.035.
3%-year (average) coupon brldge-Impt.
and the Bank of La Mesa each bid par.
On Jan. 12 the $20,500 5_X%
99, p. 1926), were awarded to Well, Roth &
LAPEER COUNTY (P. 0. Lapeer), Mich.-BOND ELECTION PRO- bonds, dated Jan. 12 1915(V.
interest. Other bids were:
and
101.79
at
POSED.-At the spring election the proposition to issue 8400,000 road Co. of Cincinnati
00 Field. Richards& Co.,C1n.$20.573 80
Seasongood & Mayer,Cin.$20,812
bonds will be submitted to a vote, it is stated.
20,723 00 Fifth-Third Nat. Bank,
To)
Co.,
&
Spitzer
20.562 10.
Cincinnati
LARCHWOOD, Lyon County, Iowa.-BONDS NOT YET ISSUED. Sidney
60
20,635
Nat. Bank,Cleve--We are advised by the City Treasurer, under date of Jan. 6. that the First
in County, Me.-BOND SALE.
MECHANICS FALLS, Androscogg
310.000 20-year electric-light bonds at not exceeding 5% interest, voted
$6.000 sewer bonds recently authorized.
Sept. 7(V. 99. p. 1161) have not yet been issued. The bonds are redeem- This town has sold an issue of
ELECTION
-BOND
Rapids), Mich.
able any time before maturity.
MECOSTA COUNTY (P. 0. Big
reports state, to
LASSEN COUNTY (P. 0. Susanville), Calif.-BOND ELECTION PROPOSED.-An election will be held in the near future,shall issue $200.PROPOSED.-Reports state that an election will shortly be held to vote submit to a vote the question of whether or not this county
and
bonds.
hospital
court-house
$20.000
$100,000
issuing
of
bonds.
questions
,
ds
the
D
a
R
ro
o
don
goDoF
mz
000
Middlesex County, Mass.-TEMPORARY LOAN.LAUDERDALE COUNTY (P. 0. Meridian), Miss.-BONDS NOT
of $100.000 maturing $50,000 Nov. 12
SOLD.-Reports state that no sale was made on Jan.6 of the $50,000 55•4% Reports state that on Jan. 12 a loan
Estabrook dr Co. of Boston at 3.57%
tax-free Road Dist. No. 1 bonds offered on that day (V. 99, p. 1926) as and Nov. 18 1915 was negotiated with
to
begin
to
in
mature
were
made
bonds
the
1916
that
discovered
it was
discount.
instead of 1926.
LAKE, Sheridan County, Mont.-BONDS NOT YET
that the $18,000 water-works-system
LAUREL, Prince Georges County, Md.-BOND SALE.-According ISSUED.-The Mayor advises us
of5% tax-free bonds, aggregating $80,000,offered bonds voted in August (V. 99,P. 558) have not yet been issued.
to reports the three issues
of.
been
have
disposed
140)
p•
99,
20
(V.
-BOND
on July
MENTOR TOWNSHIP (P. 0. Mentor), Lake County, Ohio.
E. S. HarLAWRENCE SCHOOL DISTRICT(P.O.Lawrence), Douglas Coun- OFFERING.-Proposals will be received until 12 m. Feb. 11 byAuth.
elecISSUED.-The $75,000 454% 4-20-year rington. Twp. Clerk. for $2,100 6% town-hall-constr. bonds.
YET
NOT
NDS
Kans.-BO
ty,
construction bonds voted June 5 1914 (V. 98. tion held Nov. 3. Denom. (3) $500, (1) $600. Date Dec. 11914. Int.
(ser.) site-purchase andbeen
1
Oct.
and
1
Due
April
Willoughby.
Date
$500.
$500
Denom.
July
1
Co..
issued.
1914.
J. & D. at Cleveland 1Tr.
p. 1866) have not yet
is Clerk of Bd of Ed.
1917 and $600 Oct. 1 1917. Cert. check for $25,
1916 and $500 April
Int. semi-ann. Julia McGrath
required.
Treas.,
0. Jonesville), Va.---BONDS NOT YET SOLD.- payable to Twp.
RY
LEE COUNTY (P.made
of the $30,000 (unsold yaortion of an issue of
MIDDLESEX COUNTY (P. 0. Cambridge), Mass.-TEMPORA
No sale has yet been
of 3200,000 maturing Nov. 5 1915 and issued
Magisterial District bonds (V. 99, p. 491.)
LOAN.-On Jan. 12 the loan
$60,000) Rocky Station
was negotiated with the Old
156)
p.
(V.
100.
taxes
of
Fla.
anticipation
-BOND
6,
SALE.
NO.
DISTRICT
in
discount. Other bidders were:
LEE COUNTY SCHOOL
20-year school-building bonds were awarded to Colony Tr. Co.of Boston at 3.59%
Discount.
Discount.
On Jan. 8 310,000 5%Toledo at par. Denom. $1,000. Int. M.& N.
65 1.
;
i3c"
Loan & Trust Co.,
'
-3.61%
Sidney Spitzer & Co. of
Boston__Co.,
&
Day
H. L.
DISTRICT, Delaware County, Ohio. R.
SCHOOL
York
New
SPECIAL
Co., Boston_ _ _ _3.64%
&
LIBERTY
Estabrook
D.
Jan.
p.
W.
25
2
m.
by
until
received
be
will
BOND OFFERING.-Bids
JAN. 161915.]
THE CHRONICLE
247
MARYLAND.-BOND SALE.-On Jan. 14 the $3,600,0
00 4% 9 1-6 MUSCATINE, Muscatine County, Iowa.-BONDS PROPOSE
year (average) coupon tax-free State road loan bonds,
dated Feb. 1 1915 Local papers
state that this city will issue sower-improvement bonds.D.
(V.99, p. 1850) were awarded to a syndicate composed of
Alexande
r Brown
& Sons, Baltimore; Brown Bros.& Co., Harris, Forbes & Co.. and Remick,
MUSCATINE-LOUISA DRAINAGE DISTRICT NO.
IS, MuscaHodges & Co. of New York. and Estabrook & Co. of Boston at
98.31 for tine and Louisa Counties, Ia.-BOND OFFERING.-Bids will
"all or none"-a basis of about 4.228% •
be received on or before 12 m. February
Other bids were:
16 and opened by the
Joint Bd. of Co. Supers. at Wapello at
Sutton & Co., Baltimore:
Frank, Rosenburg & Co., Balto.:
1 p. in. Feb. 16 for 53.%
For $2,000 at rate of 5907 50 per bond.
semi-ann. drainage bonds. The amount
For $100,000of special assessment levied in
Charles W.Slagle, Baltimore:
Series N, 510,000
98.875 Muscatine County for the payment of said bonds is $104,402 54 and the
For $15,000 at
4.37%
Series P, 5,000
98.25
amount in Louisa County is $173,724 provided
Owen Daly & Co., Baltimore:
Series it, 15,000
;
, however, that if any
97.75
assessment is paid up to the time of the opening
For all or any part of $100,000,
Series U, 30,000
97.00
of the bids it shall be deSeries N. 1918, at
98.51
ducted from the amount of the assessment
Series X, 20,000
96.25
levied for the payment of the
W. N. Stromenger, Baltimore:
Series Z, 20,000
bonds, and the bonds shall be reduced
96.00
For 54,000-Ser. due 1926
9.70 Mercantile Trust & Deposit Co., Balto.:
that amount. Due one-tenth
in 5 yrs. and one-tenth yrly. thereafte to
Ser. due 1927
95.40
Series 1918, 325,000
r until paid, with the privilege of
98.90
Ser. due 1928
payment as provided by law. Cert. check
05.12
Series 1919, 25,000
98.64
for 5% of bid, payable to said
Ser. due 1929
94.85
Series 1920, 25,000
District, required. H. W. Baker is Aud.
98.40
of Louisa Co. and H. C. SchoeSer. due 1930
94.59
Series 1921, 25,000
98.16
maker is Aud. of Muscatine Co.
Joseph Irwin France, Baltimore:
Series 1922, 25,000
97.92
The official notice of this bond
For 325,000-Ser. N. 1918
98.56
Series 1923, 25,000
offering will be found among the advertise97.68
or Ser. 0, 1919
98.23
ments elsewhere in this Department.
Series 1924, 25,000
97.44
or Ser. P. 1920
97.94
Series 1925, 25,000
97.20
NAVARR
O
COUNT
Y
(P.
or Ser. Q, 1921
Corsicana), Tex.-BOND SALE.97.75
Series 1926, 25,000
The $75.000 5% 18M-40-year 0.
96.96
A. B. Leach it Co., New York} all
-average) Road District No. 3
Series 1927, 25,000
bonds offered without success (optional
96.72
Equitable Tr. Co., New York__ or none
Dec. 10 (V. 99, p. 1615) were awarded,
Series 1928, 25.000
reports state, to Fred Smith of on
96.48
E.H. Rollins & Sons, New York 97.8159
Dallas at par and int. The bonds are dated
Series 1929, 25,000
96.24
Sept.
1 1913.
Townsend, Scott & Son. BMW.:
Series 1930, 25,000
96.00
For 530,000-Series U
NEBRAS
97.02 White, Weld & Co
CITY, Otal County, Neb.-BONDS AWARDED IN
An or PART.-UpKA
Series V
to Jan. 10 $3,000 of the $15,000
96.78 Kean, Taylor & Co
I none.
607., paving bonds voted
Sept. 30 (V• 99, p. 1082) had been
Series W
96.55 .1. S. Wilson, Jr., & Co
disposed of to local investors at par.
97.091
Denom.
$1,000. Int. semi-ann. Due
Series X
96.33 Wm.A.Read & Co.,New York:
in 10 years, subject to call any date.
Series Y
96.12
All or none
NEWARK
,
N.
J.
-TEMPORARY LOAN.-Reports state that on Jan.
97.837
Series Z
95.93 Rhoades & Co.. New York
8
a loan of $185,000 was negotiate
d with H. Lee Anstey & Co. of N. Y. at
National City Bank, New York_ All or 3M % plus $15. premium.
N. W. Halsey & Co.
none.
NEWARK, Licking County, Ohio.-BOND
Middendorf, Williams & Co__ _ _ 98.1671 be received until
OFFERINGS.-Bids will
12 m. Jan. 28 by A. N. Dodd,
Merrill, Oldham & Co., Boston_
City And., for $12,000
5% 6-year fire-apparatus purchase
bonds. Auth. Sec. 3939 Gen. Code.
Baltimore Trust Co. and
Denom. $1,000. Date May 1 1914.
Foes & Davies, Baltimore'
bonds bid for, payable to City Treas., Int. ann. Cert. check for 2% of
For all or any part of $303,000
paid for within 10 days from time of required. Bonds to be delivered and
award. Purchaser to pay &Corned
Series "W"
95.64
A. Nelson Todd, City Aud., will receive
MIDDLESEX COUNTY(P.O. New Brunswick), N.
bids until 12 in. Jan. 19 forint•
the
purchase
of31 Issues of5% street-impt.(assess.)
-The $8,000 4 % registered renewal bonds, Series J.-BOND SALE. Date Jan.
bonds, aggregating
1
No.
1915.
25,
offered
Int.
on
J.
&
J.
Due in Jan. as follows: 8,100358.350.
Dec. 3, have been purchased by Thomas H. Hagerty,
in
$5,050
1920:
in
1921.
County
$7.500
Sinking
in 1922, 86.000. 1923: 87,350. 1924; 14,350.
Fund Commissioner at par. Denom. $1,000. Date
1925,
Dec. 1 1914. Int. and $10.000 in 1926. Cert. check for 2% of bonds
J. Sc D. at the County Collector's office.
bid for, payable to City
Due $1,000 yearly Dec. 1 from Treas., required. Bonds to be delivered
and paid for within 10 days from
1924 to 1931, inclusive.
time of award. Purchaser to pay
accrued
Bids will
MIDDLETOWN, Butler County, Ohio.-BOND OFFERIN
received until 12 in. Feb. 10interest.
by A. N. Todd, City And..
G.-Pro- for $240,000be5%
posals will be received until 12 in. Feb. 10
grade-crossing-elimination bonds.
Date May
for the following 5% assessment bonds: by Louis T. Nein, City Auditor, Int. M.& N. Due 24 bonds yrly.
on May 1 from 1933 to 1942 incl.1 1914.
Cert.
check for 2% of bonds bid for, payable
$2,308 40 Van Ave. improvement bonds. Denom. $230 84.
to
City Treas.. required. Bonds to
Date Jan. 1 be delivered and paid
1915. Due $230 84 yearly on Jan. 1 from 1916 to 1925,
for
inclusive. to pay accrued interest. within 10 days from time of award. Purchaser
7,471 90 sidewalk, curb and gutter-improvement bonds.
Denom. (10)
$500,(10) $247 19. Due $747 19 yearly on Dec. 1 from 1915 to
NEW BERN, Dyer County,
-BONDS NOT YET SOLD.-The
1924, inclusive.
City Treas, advises us under dateTenn.
of Jan. that no sale has yet
been made
2,081 10 sidewalk, curb and gutter-improvement bonds. Denom.
the $30,000 6% 20-yr. coup. taxable 7
of
$208 11
school bonds offered on Sept. 1
Due $208 11 yearly on Dec. 1 from 1915 to 1924, inclusive
(V. 99, p. 286).
Interest semi-annually at National Park Bank, N. Y. Certified .
check
NEW
CASTLE COUNTY (P. 0. Wilmington) Dela.-BOND
for $100 required. Bonds to
delivered and paid for within ten days FERING.-Proposals
will be received until 12 m. Jan. 26 by Benj.OFfrom time of award. Purchasebe
A.
r to pay accrued interest.
Groves, Chairman of Finance Committee, for 5300.000
48 % gold coup.
MILWAUKIE, Clackamas County', Ore.-BOND SALE.-Report
s building commission bonds. Denom. $1,000. Date July 1 1913. Int.
state that the Lumberman's Nat.
J.
&
J.
at
Farmers'
Bank,
Bank
Portland
Wilmingt
of
recently
on.
purchase
Due $15,000 yearly on July 1 from
d at
par an issue of $20,000 water
1943 to 1962 incl. Cert. check for 2% of bonds bid for, payable
bonds.
to County
Treas.,required. Bonds to be delivered to the purchaser
MINNEAPOLIS, Minn.
-The following are the other bids unless
at 11 a. in. Feb. 1
received for the $47,500 4% -BIDS.
another
date
shall
be mutually agreed upon. These bonds will be
30-yr. coupon hospital bonds awarded on Jan. 7
to the Minnesota Loan & Trust
certified as to genuineness by the Columbia
Co. and their legality
basis of about 4.258% (V. 100, Co. of Minneapolis at 95.66 and int.-a approved by Caldwell. Masslich & Reed of Trust
N. Y. C.,
p. 156):
favorable
Parson, Son & Co., Chicago.
opinion will be furnished purchaser. Bonded debt (incl,whose
..95.63
Estabroo
this issue), $2,k
Co.,
&
Chicago_
___95.27
Blake Bros. & Co., Boston__ -_95.57
H. T. Holtz & Co.. Chicago_ _ _95.18 081,000. Assess. val., $75,000,000; actual (est.), $100,000,000.
Harris Tr.& Say. Bk.,Chicago
NEW CORDELL (P. 0. Cordell), Washita County,
95.17
Wells & Dickey Co., Minneap_ 95.53 Curtis & Sanger, Chicago
-BOND
OFFERING.-Proposals will be received until 7:30 p. in. Okla.
95.52
All the above bids provided for
Jan. 18
J.
payment of accrued interest.
Reid, City Clerk, for the $75,000 6% coup. water-works-ext. bonds by
authMINNESOTA.-BONDS PURCHASED BY
STATE.-During the orized during September (V.99. p. 1162). Denom.$1,000. Int.semi-ann.
month of November the following
Due
$20,0001
in 10
$15,000 in 15 and 20 yrs. and $25,000 in 25 yrs.
thirty-three issues of 4% bonds, aggregating $120.200. were purchased by
Cert. check for 2% yrs..
of 131r1 required. Bonded debt (incl. this issue), $133,the State of Minnesota at Par:
Amount.
Place Issuing Bonds500: no floating debt. Assess. val. 1914, $952,596.
Purpose.
Date,
$3.500 Aitkin County School
NEWPORT, Newport County, R. I.-LOAN OFFERING.-Bids will
1.500 Anoka County School District No. 50-- School Nov. 18 1914
No. 38..___
do
1,000 Becker Township, CassDistrict
Nov. 18 1914 be received until 5 p. m.Jan. 21,it is stated,for a loan of $50,000. maturing
Municipal Nov. 6 1914 Sept. 3 1915.
500 Beltrami County School County
District No. 113.- School Nov. 6 1914
2.500 Carlton County School District
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND OFFERIN
No. 25
do
G.
1,000 Clearwater County
Nov. 10 1914 Proposals will be received
until 11 a. m.Jan. 19 by Frank C.Rich,Co.Trees
District No. 22_
do
1,800 Cottonwood CountySchool
Nov. 6 1914 for 510,000 43°7 Wm. H.
Ditch No. 7
Kessler et al. highway impt. bonds in Beaver
Ditch
7,500 Elk River, SherbourJud.
Nov.
18 1914 Twp. Denom. $250. Date
ne
County
Aug.
3
1914.
Municipa
Int. M. & N. Due $500
l Nov. 6 1914
2,000 Kandiyohi County School Dist.
School Nov. 18 1914 yrly. These bonds were offered without success on Aug.25(V.99,p. 1927)
1,800 Kittson County School District No. 45
No. 63
NEWVILLE, Cumberland County, Pa.-BOND
do
1,000 Lac Qui Pane County School
Nov. 18 1914
ELECTION PRODist.
POSED.
No.
38-It
is
do
stated that petitions are being circulated calling
Nov. 18 1914
1,600 Lincoln County School
for an elecNo. 73..„
do
Nov. 10 1914 tion to vote on the proposition to issue $10,000fire-protection and municipal2.000 McLeod County SchoolDistrict
District
No.
improvem
21._
ent
do
bonds.
Nov.
16 1914
1,000 Mahnomen County School District
No.
19do
Nov. 18 1914
50,000 Mankato, Blue Earth County
NICHOLAS COUNTY (P. 0. Carlisle),
Ky.-BOND ELECTION PRO1,500 Marshall County No. 165 and RoseauMunicipal Nov. 4 1914 POSED.-It is reported that
petitions are being circulated calling
for an
election to be held Mar.28 to vote
County No. 56 Joint School Districts... School
on the question of issuing $125,000 turnNov. 6 1914 pike-impt. bonds.
2,000 Martin County School District No. 16
do
Nov. 18 1914
3.000 Maryland Twp., Yellow Medicine County_Municipal
NILES,
Nov. 6 1914
Trumbull County,
5,000 Mower County School District No. CIA
SALE.-The $2,000 6%
Nov. 6 1914 10-yr. Sewer District No. 1 impt.Ohio.-BOND
1,500 Nobles County School District No. 68.- School
portion) bonds offered on Dec.
do
Nov. 6 1914 (V. 99. p. 1695) have been sold to(city's
30
the Sinking Fund Trustees at
500 Norman County School District No. 28
par.
do
Nov. 6 1914
1,500 Norman County School District No. 100_
NORFOL
K COUNTY (P. 0. Dedham), Mass.
do
Nov.
18
1914
-TEMPORARY LOAN.
1,500 Pine County School District No. 102
__On Jan. 12 a loan of $100.000 dated
do
Nov. 18 1914 1915
Jan. 14 1915, maturing Nov. 14
1,800 Rock County Consol. School Dist. No. 186
issued in anticipation of
do
Nov. 18 1914 Co. ofand
was negotiated with R. L.
2,000 Roseau County School District
Boston at 3.61% discount, ittaxes,
Day ar
99.No.
do
Nov.
is
18
1914
stated.
1,500 St. Louis County School District No.68_
NORTH ADAMS, Mass.-BOND SALES
_
Nov. 18 1914
do
1,300 Sherbourne County School
1914.-The following lint
do
Nov. 18 1914 of bonds sold by this city last year Is printedIN
3,000 Silver Creek, Lake County District No. 31Municipa
as a matter of record'
l Nov. 6 1914
3,000 Stearns County School District No. 208._
Int.
Amount.
School Nov. 18 1914
Purpose. Date. Due.
1.600 Swift County School District No.
Purchaser.
34
Price.
do
Nov. 18 1914 $188,000_Reservoir_ __May 1 '15-'44Rate.
9.000 Stevens County Ind. School
4
Merrill,Oldham&Co. 102.539
do
Nov. 28 1914
12,500__Sew•Scsidew'k•Sept. 1 '15-'19 4M
1,000 Scott County School District Dist. No. 1_..
do
16
15,000_ _Refunding _ __Nov. 1 '24-'25
do
100
Nov. 6 1914
800 Todd County School DistrictNo.
4M N.W.Harris & Co. 101.14
No. 143
13,500_ _State highw'y•Nov. 1
do
Nov.10 1914
'15-'24 43.
During the month of December the following
do
6.250--Cemetery__ __Nov. 1 '15-'24
101.14
eight issues of 4% bonds.
4
aggregating $51,000. were
100
purchased by the State of Minnesota at par:
NORWO
OD, Hamilton County, Ohio.
Amount.
•
-BOND
Place.
SALE.-On Jan. 11
the 310,229 20 5% 1-10-year
Purpose.
Date.
(ser.)
$700-Aitkin County School Dist.
coupon Highland Ave.-impt. bonds
(V.
99,
p.
No.
School
3
1851)
were
Dec. 30 1914
awarded to J. 0. Mayer & Co. of Cincinnat
1,500-B eltrami County School Dist. No. 11_ _School
i for
Dec. 28 1914 $10,332 (101.004) and int.-a basis of about
4,500_ _Ceylon, Martin County
4.791%. Other bids were:
Municipal
Dec. 24 1914
Premium.
12.000-_Murray County Ditch No.34
Sessongo
Ditch
od
& Mayer, Cin_ .58000 Field
Dec. 10 1914
5,300-Rushmore, Nobles County
.Richard
s
&
Co., Cin!
'
_r_em
um
$6i5
45
.
Municipal
Doc. 28 1914 Fifth-Third Nat. Bk., Cin_-_ 78 00 Kenton
15.000_13t. James. Watonwan County
Bakg. Powd.Co.,Cin. 50 00
Municipal
Dec. 28 1914 Norwood Nat. Bk., Norwood_ 73 65 First Nat.
4,000_ _Scott County Jt.School Dist. No. 74 _ _School
Bk., Norwood____ 49 99
Dec. 28 1914 A. E. Aub & Co.. Cincinnati_ 67 00 Providen
8,000-Westbrook, Cottonwood County
t S. B.& T. Co., Ctn. 41 94
Municipal
Dec. 4 1914
0 BRIEN COUNTY
0. Primghar), Iowa.-BOND OFFERING.
MONROE TOWNSHIP (P. 0. Tippecanoe City),
Proposals will be received(P.
Miami County, for
until 2:30 p.in. Jan. 21 by J. B.Stamp,
Ohio.-BOND OFFERING.-Proposals will be
507
Co. And,
$140,000
received
until 12 m.Jan. 30 $1.000.
court-house-constr. bonds voted
by S. 0. Mitchell, Twp. Clerk, for $10,000 of an issue of
1914 Denom.
Date May 1 1915. Int. ann.
$50,0005% coup. upon,
taxable town-hall-constr. bonds. Auth. Sec.
on
May 1Nov.'plac
at
e to.be agreed
payable in Chicago or N. Y.
Gen. Code. Denom.
exchange or current funds. Due
$1.000. Date Feb. 1 1915. Int. M. & S. at 3398.
on
Tippecanoe Nat. Bank, May 1 as follows: 350,000, 1920; $15,000, 1921
Tippecanoe City. Due $1,000 each six monthsthe
and 1922: $17,000, 1923
and 1924, and $26,000 in
from
Mar.
1
1916
to
1925.
Sept.
Cert.
1
check for 2% of bid, payable to
1920 incl. Cert. check for 5% of bonds bid for, payable
Co.
And.,
required.
Twp. Treas., required. Bonds to be delivered and paid to A. W. Miles, states that there is no Purchaser to furnish blank bonds. Official circular
for within 10 days
litiagtion pending or threatened and that all previous
from time of award. Purchaser to pay accrued
bond Issues and Interest
interest. No bonded or no
have
floating debt. Assess. val. 1914, $5,353.010.
floating debt. Assess. val.been paid in full. Bonded debt, this issue;
. $38.022,848; moneys and credits (add'1).
$1,312,830.
MONTEREY COUNTY (P. 0. Salinas), Calif.
-BOND SALE.-On
OCALA, Marion County, Fla.
Jan. 5 the $570.000 6% 1-10-year (ser.) road and bridge bonds
-BONDS NOT YET VALIDATED.
(V. 99, The $100,000 sewerage,
p. 1615) were awarded to E. H. Rollins & Sons, N. W.
$100,000 paving. 550.000 park and $55,000 electric
& Co. and light bonds voted
Wm. R. Stasis & Co. of San Francisco, it is stated, onHalsey
Oct. 27 (V. 99, p. 1395)
have not yet been validated.
their
joint
bid
of
103.11, a basis of about 5.34%.
ORANGE, Essex County, N. J.
-BOND OFFERING.-Proposals will
be received until 4 p. in.
MORGAN COUNTY (P. 0. Wartburg), Tenn.-BOND
Jan. 26 by the Bd. of City Commrs., John J.
SALE.-The
$270,000 5% gold coupon pike bonds offered
without success on Oct. 1 Byrne,City Clerk,for $109,000 434% 20-yr.coup.funding bonds. Denom.
(V. 99, p. 1082) have been sold at private sale to C. W. McNear 8c Co. of $1.000. Date Feb. 1 1915.
Int. F. & A. Cert. check for 2% of bonds
Chicago at par and int. The bonds were delivered Jan. 4.
bid for required. Bonds will be
ready for delivery on or about Feb. 1
248
[vol.. No.
THE CHRONICLE
19 for $118,825 36 semi-ann. 6% 1-10-yr. (opt.) street-impt. bonds.
N. Y. This trust company will certify Jan.
5% required.
at office of U. S. Mtge. & Tr. Co.,
the bonds Certified check for
signing
officials
city
the
of
res
-BOND SALE.-On
signatu
the
of
ness
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
as to the genuine
and their legality approved by Caldwell, Jan. 12 the $10,000 4)4% 6-year (average) highway bonds(V. 100, p. 157)
thereon
ed
impress
seal
the
and
l Bank of Mt.
Nationa
Vernon
er
Mount
ed
purchas
the
be
to
furnish
will
state,
were awarded, reports
Masslich & Reed of N. Y. C., whose opinion
Vernon at 101.50-a basis of about 4.21%•
NG.-Bids
D
OFFERI
with charge.
-BON
Iowa.
,
County
kee
POSTVILLE, Allama
will be found among the advertise
of the $25,000 sewerThe official notice of this bond offering
will be received until 7:30 p. m. Jan. 29 for $20,000
on May I
yearly
ent.
Due
$1,000
Departm
this
p.70).
(V.
100,
12
in
e
Oct.
elsewher
ments
system bonds voted
NO ACTION YET TAKEN.-No action from 1916 to 1935 incl.
ORD, Valley County, Neb.-offering
and
$5,000
water
-An
$18,000
the
of
D
ION.
-BON
ELECT
Kan.
the
,
towards
County
taken
Reno
has yet been
PRETTY PRAIRIE,
on the proposition to issue the $17,000
electric-light bonds voted in May 1914 (V. 99, 1)• 1315)•
election will be held Jan. 18 to vote
27).
99,p.19
(V.
ng
int.
5%
exceedi
-On
11
Jan.
not
D
SALE.
at
-BON
bonds
Kan.
,
orks
County
water-w
20-30-yr. (ser.)
OSAWATOMIE, Miami
0. Princess Anne), Va.-NO BOND
water-works bonds dated Jan. 1 1915 (V. 100,
the $40,000 43i% 30-year
PRINCESS ANNE COUNTY (P.
Toledo.
of
be
held
will
no
&
Co.
election
that
Rorick
us
Spitzer,
to
advises
d
Clerk
awarde
p. 70) were
ELECTION.-The County
Wis.-BOND ORDINANCE RE- to submit to a vote the question of issuing the $150,000 Kenysville Dist.
OSHKOSH, Winnebago County,the
Commission Council on Jan. 2 bonds mentioned in V. 99, p. 363.
PEALED.-According to local gpapers,
ced
ce
introdu
ordinan
an
and rescinding
-BOND ELECTION.-The elecadopted a resolution repealin
PRINCETON, Bureau County, Ill.
provided for the issuance of the $165,000
Issuing the $16000 5% water-works-hunt.
Nov.25 and passed Dec. 10. which
vote on the question ofheld
tr. bonds (V. 99, p. 1851). This action was tion to(V.
Mar. 9, it is stated. Denom. $1,000.
be
will
1549)
p.
99,
4% coup. high-school-cons
bonds
e
was'
defectiv
the ordinance as passed
Due $2,000 yrly. on April 1 from 1917 to 1924 incl.
taken because it was found that
the city for five years did not include the Date April 1 1915.
-The $700,000 4% 30-year gold
in that the assessed valuation ofMayor
PROVIDENCE, R. I.-BOND SALE.
Mulva on Jan. 2 introduced a new
ed on May 1 by the Board of
valuation of the city for 1914.
ordered published and in due highway bonds (V. 98. p. 543) were purchas
par. Date May 1 1914. Int.
ordinance remedying the defect, which was
at
Fund
on its passage.
Commissioners of the Sinking Bank,
York.
time will be read for the second and third times and placed
New
City
l
Nationa
the
NG.-Proposals M.& N. at
PAINESVILLE, Lake County, 01110.-BOND OFFERI
L DISTRICT NO. 6 (P. 0. Holly),
VII. Clerk, for the
PROWERS COUNTY SCHOO
be held Jan. 16, it is stated,
will be received until 12 m. Feb. 15 by Frank L. Kelly,
D ELECTION.-An election will
-BON
Colo.
bonds:
coup.
g bonds.
5%
ng
followi
) bonds. Due $4.000 yrly. on Oct. 1 to vote on the proposition to issue $30.000 buildin
$41,500 Liberty St. impt. (assess.
(P. 0. Radnor), DelaICT
for
DISTR
check
1
Cert.
L
from 1916 to 1924 incl. and $5,500 Oct. 1925.
RADNOR SPECIAL SCHOO
OFFERING.-Bids will be received until
$1,000 required.
ware County Ohio.-BOND Clerk Bd. of Ed.,for $25.000 53 % school
) bonds. Due $500 yrly. on Oct. 1 1
by R. W.Jones.
'
1
Feb.
m.
10.000 Liberty St. impt. (city's portion
p.
.
Code. Denom. $500. Date
from 1916 to 1935 incl. Cert, check for $500 required
Auth. Secs. 7625-7627 incl., Gen.
Delaware. Due
to bonds. 1915.
Int. M.& S. at Delaware Says. Bank1Co.,
15.000 city sidewalk bonds. Due $3,000 yrly.d.on Oct. 1 from 1916
1
Feb.
Mar. 1916 to Sept. 1 1925
from
1
Sept.
require
for
$500
1 and $1,500 on
1920 incl. Cert. check
Mar.
on
61,000
$500, payable
for
cash)
(or
0. at office of City Treas.
Denom. $500. Date Oct. 1 1914. Int. A. &
Cert. check on a Delaware County bank d and paid for within 10
and payable to City Treas. incl.
above Clerk, required. Bonds to be delivere
Cert. checks must be on a Lake County bank
to
of
time
award.
from
days
10
Bonds to be delivered and paid for within
days after day of sale.
y), Mercer County, 01110.-BOND
Purchaser to pay accrued interest.
RECOVERY (P. 0. Fort Recover
m. Feb.8 by Ir. E. Hoke, Vii.
ELECTION.-An OFFERI
NG.-Bids will be received until 12 impt.
PARKERSBURG, Wood County, W. Va.-BOND
bonds:
questhe
to
voters
the
to
St.
submit
state,
Butler
2,
reports
West
Feb.
held
6%
following
the
election will be
for
Clerk,
on Jan. 1
Denom.
.
e and st.-impt bonds.
(105) $44. (1) $30. Due $220
tion of issuing $200,000 57o 10-yr. sewerag
$4,650 impt. bonds. -Denom.
and $250 Jan. 1 '26.
incl.
1925
1
n.
June
Int.
to
semi-an
1916
1
$1,000.
Jan.
from
and
1
and June
$100, $500
1 and
Jan.
on
$30
Due
$30.
ICT (P. 0.
600 Village's portion bonds.toDenom.
PARKERSBURG INDEPENDENT SCHOOL DISTR
June 1 1925 incl.
ION.-An elecJune 1 from Jan. 1 1916
n. A
semi-an
Parkersburg), Wood County, W. Va.-BOND ELECT
Int.
1915.
1
Jan.
Date
Code.
of
issuing
n
Auth. Sec. 3836, Gen.
to be delivered
tion will be held Feb. 11. it is stated, to vote on the questio
bonds if authorized, cash deposit of $100 with the Vll. Clerk required. Bonds
$250,000 5% high-school-erection bonds. These voted
Purchaser to pay acaward.
of
time
from
days
10
10
1913.
June
within
bonds
for
0
and paid
will take the place of an issue of $300,00 4%
and furnish blank bonds.
Jan. 11 the crued interest. Successful bidder is to prepare
PASSAIC, Passaic County, N. J.-BOND SALE.-Onwere
S NOT TO BE ISSUED.
awarded
p. 1696)
LODGE,Carbon County, Mont.-BOND
RED
•
$269,000 4 % 30-yr. gold school bonds (V. 99,basis
10-20-year (opt.) coupon
5%
$30,000
of about 4.321%. -The City Clerk advises us that the
to Clark, Dodge & Co. of N. Y. at 103.01-a
Grubbs & Co. of St. Paul (V. 99, p.
water-works bonds refused by White,
Other bidders were:
Estabrook & Co.and Harris,'
1
1316) will not be sold.
muRhoades & Co.and Redmon.;11
, Ore.-BOND SALE.-The $10,000
Forbes & Co.. N.Y.,jay.1102.19
REDMOND, Crook Countysuccess.
& Co.. N.Y.,jointly__ 102.64
as 6s on Sept. 29 (V. 99, p. 1083)
Co., N.Y--102.18
offered without
bonds
7s.
for
Geo. B. Gibbons & Co..N. .102.602 Remickat.Hodges
at
97
nicipal
of
Denver
Co.
&
101.905
N. Wright
102.375 Curtis Sanger, N.Y
Hallgarten & Co., N.Y
were awarded on Dec. 22 to James 11914. Int. A.& O. Due Oct. 1 '24.
Y-101.58
102.32 [Kean, Taylor & Co., N.
Denom.$100 and $500. Date Oct.
Blodget & Co., N.Y
100.90
Y
quesN.
-The
Crane.
ION.
&
Ludwig
-BOND ELECT
•
REDROCK, Noble County, Okla.
Y.-BOND SALE.-On Dec. 23 tion of issuing the $22.000 6% water-works bonds will be submitted to a
PATCHOGUE, Suffolk County, N.
25 yrs., subject to call $5,000 every 5 yrs.
in
Jan. 1 1915 was awarded to the
Due
28.
Jan.
on
vote
an issue of $3.500 sewer bonds dated
4.89s. Denom.$500. Int. J.& J.
DISTRICT (P. 0. Ridgeland), Jasper
Patchogue Bank of Patchogue at par for
RIDGELAND SCHOOL SALE.
-On Dec. 29 the $10,000 6% 20-year
D
Due $500 yearly from 1919 to 1925 ,ncl.
ING. County, So. Caro.-BON
OFFER
D
-BON
awarded to R. M. Grant & Co. of Chiwere
Ohio.
IES,
426)
p.
COUNT
PAULDING AND PUTNAM 3:30 p. m. Feb. 22 by Edw. McCaharan. school bonds (V. 99. $1,000. Date Oct. 11914. Int. F. & A.
at par. Denom.
-Proposals will be received until
g), for the following 5% coup. cago
J.-BOND OFFERING.-ProAud. of Paulding County (P. 0. Pauldin
RIDGEWOOD, Bergen County, N.
26 by the Bd. of Commrs., Geo. U.
Due
Joint county pike bonds:
31.000.
Denom. (1) 3560, (.7)
posals will be received until 8 p. m.Jan.
bonds.
pike
Winner
J.
T.
'23.
1
$7.560
e and Finance, for 339,000 5% funding bonds.
1916 to 1922 incl. and $1,560 Mar.
on White, Director of Revenu
$1,000 yrly. on Mar. 1 from
Denom. (21) 31.000. (1) $1.300. Due
Feb. 1 1915. Int. semi-ann. at Ridgewood Tr. Co.,
Date
31,000.
yrly.,
Denom.
$33,000
22,300 Donaldson pike bonds.
1923;
and
1917, 1922
1925 and $7,000 Feb. 1 1930.
Mar. 1 as follows: $2,000, 1916,
Ridgewood. Due $16,000 Feb. 1 1920 and
1924. and $1,300 in 1924.
1918 to 1921 incl., $1,000,
at Co. Cert, check for 1% of bid, payable to above Director, required. Privilege
Date Mar. 1 1915. Int. M.&g S.
for
Auth. Sec. 6949. Gen. Code.
bank
Pauldin
a
certificate of deposit on
as to principal and interest, given to the holder.
Treasury. Cert. check or
be unconditional. of registration, both
Treas., required. Bids must cost
this issue), $522,800; assess. val., $8,286,566.
(incl.
county.
debt
to
$1,000. payable to Co.
Bonded
without
coupons
will be found among the advertisePurchaser to furnish blank bonds and
The official notice of this bond offering
, N. Y.-BOND SALE.-On Jan. 12
PELHAM, Westchester County
taxable park-purchase and impt. bonds ments elsewhere in this Department.
reg.
(aver.)
.
17,j-yr
$10,000
the
of New York
County, Ind.-BOND SALE.
awarded to Geo. B. Gibbons & Co.being
RIVERSIDE (P. 0. Muncie), Delawarerefundi
(V. 100. p. 157) were 4.80s.
the only
ng bonds was awarded to
5% 5-year
Farson, Son & Co., N. Y.,
-On Dec. 31 an issue of $1,000
at 100.35 and int. for
at par. Denom. $500. Date
the Merchants' Nat. Bank of Muncie
other bidder, offered 100 142 for 5s.
bidders.
no
other
were
There
0.
13
D.
(P.
NO.
&
ICT
J.
Int.
L DISTR
Dec. 1 1914.
PEND ORIELLE COUNTY SCHOO
de), Calif.-BOND OFFERING.
-The $1,500 5-20-yr. (opt.) funding
RIVERSIDE COUNTY (P. 0. Riversi
Newport), Wash.-BOND SALE.
of
State
to
the
sold
been
by D. G. Mitchell, Co.
have
3
Feb.
m.
1242)
a.
11
(V. 99, p.
-Proposals will be received untilIndio road division impt. bonds (V. 100,
bonds offered on Oct. 305%s.
Washington at par for
Treas., for the $65,000 6% coup. Mar. 1 1915. Int. ann. on Mar. 1 at
IPAR
Date
SUBSCR
POPUL
AT
p. 70). Denom. $5,000.
PHILADELPHIA, Pa.-BONDS OFFERED
to 1932 incl.
for at par beginning Thursday (Jan. 21) office of Co. Treas. Due $5,000 yearly on Mar. 1 from 1920
TION.-Subscriptions were askeddated
Jan. 2 1915. Int.J.&J. DueJan.1 Cert, check for 10% of bid, payable to Co. Treas., required. This division
bonds
for $5,000,000 4% tax-freeed
0.
$451,11
val.
form as desired, in denominations has no bonded or floating debt. Assess.
1945. Issued in register or coupon
ptions will be received at the office of
PROPOSED.-Locall papers state
ROANOKE, Va.-BOND ELECTION
of $100 and its multiples.beSubscri
authorized that an election be called
accompanied by cash or certified check drawn that
the City Treas, and must
on Jan. 4 the Common Council issuing
d is said to
be
to
borrowe
sum
$100,000 4l % school-bldg.
The
tion.
of
subscrip
of
n
5%
for
questio
the
order
a vote
to his
,000 loan which was finally authorized to submit to
include $3,000,000 of the 811.300
$7,000,000 loan approved in February bonds.
12 the $200.000 sewageJan.
-On
SALE.
E
by Councils Jan. 7.$1,000,000 of the
ROCHESTER, N. Y.-NOTschool constr.. $25,000 deepening Genesee
1914.
1913 and $1,000,000 of the $3,160,000 loan of January
Rochester
- disposal, 3100.000 land
S NOT SOLD.
notes, to run eight
School
High
-BOND
West
Ind.
se
urg),
0.
-purcha
Petersb
(P.
Y
COUNT
$3,333
PIKE
Robert M.Steward River and
West High School notes to run eight months
No bids were received on Dec. 30 for the $3,886 11 5% 1851).
months from Jan. 15, except
x:tchs & Co. of
S
,,
75
were awarded to Goldn7
157),
p.
100,
(V.
18
Jan.
et al. ditch-impt. bonds offered on that day (V. 99, p.
:
erme.
iu
emw
m $15. Other biddperrs
- from
S AUTHORIZED.
York on their bid-interest 3.65%. premiu
New
PITTSFIELD, Berkshire County, Mass.-BONDadopted
by the City
on was
all
3.72
$415 00
Local newspaper reports state that a resoluti
er
bonds.
Rochest
school
Dawes
e
of
Moore,
$68,000
issuanc
A. G.
25 00
Council on .,an. 11 providing for the
all
a matter of record, H. Lee Anstey, New York
3.83%
$100.000
PITTSBURGH, Pa.-BOND SALES IN 1914.-As
last year:
3.87
_
York_
we print below a list of the bonds sold by this city
New
Co.,
&
Scholle
sold Feb. 20 to Bernhard.
3.89
% Corliss St. impt. bonds dated Feb. 1 1913,at
$35,000
par and int.
4.00 0
the City Treas. for the Guarantee Fund
Bond & Goodwin, New York
Due serially to 1943.
d bids will be reNG.
-Seale
E
OFFERI
Mellon Nat. Bank of
ROCHESTER, N. Y.-NOT , City
(% rebuilding bonds sold July 6 to the to
275,500 4,
Comptroller, until 2 p. m.Jan. 20
1942.
at the office of E.S. Osborne
Pittsburgh at 101.92. Due serially
ceived
, and
s-improvement
water-work
$335.000
ction,
1
Aug.
sold
-constru
1914,
St. impt. bonds dated May 1
for $100,000 school
ee notes payab e six months from
50,000 4YA % Kirkpatrick Treas,
for the Guarantee Fund at par and int. $10,000 local improvement under guarant
to the City
Y.. will be
N.
of
at
Co.
Union
Trust
payable
be
will
They
Due serially to 1944.
Jan. 25 1915.
deliverable at said Trust Co. of N. Y. on
bonds dated Dec. 1 1912, sold Dec. 1 at par, drawn with Interest, and will be
120.000 43‘% fire-apparatus
rate of interest and to state whom (net bearer)
$20.000 to Pension Funds of city and $100,000 sundry indi- Jan. 25. Bidder to state
to
and denominations desired.
payable
made
1942.
viduals. Due serially to
notes shall be
ide County, Ill.-BONDS VOTED.-Local
bonds dated Dec. 1 1914, sold Dec. 23 to
500,000 4% current expense
ROCK FALLS, Whites
1
1915.
Dec.
to 213 the proposition to issue $3,500
Due
par.
238
at
of
fund
vote
the sinking
papers state that by a
La.-BOND SALE.-On Jan. 5 the funding bonds carried at the election held Jan. 2.
PLAQUEMINE, Iberville Parish,
d
&
to
Bash
awarde
were
1851)
L
p.
DISTRICT, Riverside County,
SCHOO
water bonds (V .99,
ROCKY COMFORT
$42,000 5% 34-year
6% building bonds offered
and int., it is stated.
-BONDS NOT YET SOLD.-The $4,000
Janes of Joplin. Mo., at par
Calif.
have not yet been sold.
99,
1243)
(V.
15
0.
P.
Oct.
ICT
(P.
SCHOOL DISTR
success on
without
PLYMOUTH TOWNSHIP RURAL
, 05.-BOND ELECTION.-Reports state that.
County, Ohio.-BOND ELECTION.-An elecROME, Floyd County
Ashtabula), Ashtabula
municipal-bldg
16 to submit to a vote the question of issuing $15.000
vote on the questions of issuing the $75,000
tion will be held Feb.ement
the election to
.
•
l 4% bonds (V. 100, p.71) will be held Feb.11.
bonds.
-hospita
public
improv
$25,000
building and
and
k
10
lo),
yrs.
Bannoc
DISTRICT (P. 0. Pocatel
$5,000 Yrle• alter
POCATELLO SCHOOLELECT
, Ore.-NO ACTION YET TAKEN.
ION RESCINDED.-We are advised Due
D
ROSEBURG, Douglas County
County, Idaho.-BON
action has yet
was to have been held Jan.2 to vote on the issuance
which
Recorder advises us under date of Jan. 4 that no(opt.)
election
City
railroadthe
The
that
of the $500.000 10-20-year
ed.
offering
rescind
was
the
bonds
toward
bldg.
been taken
of $175,000
- aid bonds at not exceeding 5% interest, voted Oct. 5(V. 99, p. 1163)•
0. Benton), Tenn.-BONDS PROPOSED.
,
POLK COUNTY (P.
AR SCHOOL DISTRICT, Placer County
Legislature will be asked to pass an Act which
ROSEVILLE GRAMM
State
the
-year (ser.)
that
state
Reports
NOT YET SOLD.-The $20,000 5% 1-20have
Court to issue $75,000 funding bonds.
S
County
-BOND
the
yet
to
not
ty
Calif.
845)
will give authori
L DISTRICTS, Fla.- bldg. bonds offered without success on Sept. 8 (V. 99, p.
Y
@FedFRASER