The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
ollimercau
financial
rciatde-
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 100
Railway Sc Industrial Section
Bankers' Convention Section
Electric Railway Sectior
State and City Sectior
SATURDAY, JANUARY 2 1915
The Thronicit.
1Week ending December 26.
Clearings at
Inc. or
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$io 00
For One Year
NO. 2584
1914.
1913.
Chicago
For Six Months
6 00
Cincinnati
13 00
European Subscription (including postage)
Cleveland
7 50
European Subscription six months(including postage)
Detroit
.22 14s. Milwaukee
Annual Subscription in London (including postage)
21 Us. Indianapolis
Biz Months Subscription in Loudon (including postage)
$11 50
Canadian Subscription (including postage)
Columbus
Toledo
Subscription includes following Supplements
Peoria
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids
ELECTRIC RAILWAY(3 times yearly)
RAILWAY RAW:I:cos(monthly)
Dayton
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
Evansville
Kalamazoo
Terms of Advertisind-Per Inch Space
Springfield, 111._
Transient matter per inch space(14 agate lines)
84 20 Fort Wayne__
Two Mouths
(8 times)
22 00 Youngstown _ _
Three Months (13 ti)
mes
29 00 Akron
Otanding Business Cards /
Six Months
(26 times)
50 00 Lexington
Twelve Months(52 times)
87 00 Rockford
Canton
CHicacio OFFicz-Geo.M.Shepherd,513 Monadnock Big ,k;TeLHarrison4017. Bloomington
LONDON OFFICE
-Edwards & Smith,1 Drapers' Gardens,B.O.
QuincY
Springfield,0
WILLIAM B. DANA COMPANY,Publishers,
Decatur
P.O.Box 958. Front. Pine and Depeyeter Ste.,
South Bend
New Fork,
Jackson
Published every Saturday morning by WILLIAM B. DANA COMPANY, Mansfield
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville_
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lansing
Lima
Jacksonville, 111_
Ann Arbor
CLEARING-HOUSE RETURNS.
Owensboro
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week Adrian
Tot. Md. Wes
ending to-day have been $2,580,285,243, against $2,364,838.243 last week
and $3,365,672,684 the corresponding week last year.
San Francisco _
Los Angeles
Seattle •
Clearings-Sciurns by Telegraph.
Per
Spokane
IVeek ending Jan. 2.
1915.
1914.
Cent.
Salt Lake City_
New York
$974,494,973 81,422,862,832 -31.5 Portland
Tacoma
Boston
78,576,952
130,301,540 -39.7 Oakland
Philadelphia
04,718,953
130,614,845 -27.5 Sacramento
Baltimore
•
26,905,783
27,678,294
-2.8 San Diego
Chicago
192,451,828
233,764,5L6 -17.7 Pasadena
St. Louis
53,619,226
68,055,449 -21.2
Fresno
New Orleans
15,194,437
16,348,393
-4.9 Stockton
Seven cities, 5 days
$1,436,312.152 82,029,633,389 -29.2 San Jose
Other cities, 5 days
488.278,918
500,079,263 -12.9 North Yakima_
Reno
Total all cities, 5 days
$1,871,591,070 $2,529,713,152 -26.0 Long Beach
All cities 1 day
Total Pacific_
708,694,173
835,9.9,532 -15.2
Kansas City_ _ _
, „
-54.
Minneapolis
_
The full details for the week covered by the above will be given next Omaha
St. Paul
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day Denver
Joseph
of the week has to be in all cases estimated, as we go to press Friday night. St. Moines
Des
We present below detailed figures for the week ending with Saturday Sioux City
noon, December 26, for four years:
Wichita
Duluth
Lincoln
Week ending December 26.
Topeka
Clearings at
Davenport
Inc.or
Cedar Rapids_ _
1914.
Dec. I
1912.
1911.
1913.
Fargo
Helena
3
$
$
New York
1,244,775,437 1,573,439,468 -20.8 1,624,155,344 1,558,499,528 Colorado Spring
•
Philadelphia
133,478,510 155,404,075 -14.1 149,158,705 140,759,768 Pueblo
Pittsburgh
41,855,480
48,149.792 -13.1
53,900,570
43,332,368 Waterloo
•
Baltimore
21,163.751
31,528,126 -32.9
33,521,420
29,047,599 Aberdeen
•
Buffalo
9,950,312
8,845,368 +12.5
9,776,415
7,887,261 Billings
Albany
4,712,088
5,235,306 -10.0
5,100,000
5,255,839 Fresno
Washington
6,203,907
6,187,180 +0.3
6,396,088
6,386,660 Hastings
Rochester
3,055,842
3,816,487 -19.9
3,966,239
3,550,512
.
Tot.0th. West
Scranton
3,554,128
2,776,567 +28.0
2,750,000
2,610,439
Syracuse
2,306,383
2,185,028 +5.5
2,077,836
1,807,472 St. Louis
.
68,766,715
72,150,536
Reading
1,903,135
1,553,068 +22.5
1,753,619
1,582,469 New Orleans__ _ .
16,265,853
22,282,469
1,291,381
Wilmington
1,775,947 -21.6
1,397,485
1,348,310 Louisville
.
9,948,368
13,428,488
Wilkes-Barre_ _
1,633,915
1,427,033 +14.4
1,379,650
1,386,533 Houston
.
6,677,048
9,003.701
1,789,196
Wheeling
2,087,550 -14.3
1.898,736
1,506,946 Galveston
.
3,030,444
3,042,000
1,595,840
1,653,689 -3.5
Trenton
1,630,042
1,581,018 Richmond
6,436,562
7,277,781
781,513
783,313 -3.2
726,038
York
889,603 Atlanta
11,098,391
16,317,775
751,587
980,428 -27.1
891,722
Erie
755,488 Memphis
.
6,329,167
8,886,589
576,273
627,259 -8.1
518,739
Greensburg
541,021 Fort Worth_ _ .
7,499,086
6,898,889
595,400 -16.1
499,800
540,200
Binghamton __ _ _
449,600 Savannah
4,0)7.972
5,425,219
515,682
679.259 -24.2
521,268
Chester
508,582 Nashville
5,000,000
6,983,340
520,432
517,936 +0.5
488,461
Altoona
431,692 Norfolk
.
4,101,974
4,219,771
1,011,312
1,170,190 -13.6
1,083.782
Lancaster
812,597 Birmingham
_
2,500,000
3,177,724
597,846 -4.7
169,837
399,125
Montclair
Augusta
2,502,301
1,466,811
Little Rock_ _
2,713,276
1,973,855
Total Middle. 1,984,498,741 1.852,016,324 -14.4 1,904,032,534 1,810,931,295 Jacksonville _
3,113,982
2,400,000
2,249,278
2,092,185
103,038,718 120,447,956 -14.4 131,772,062 132,649,651 Chattanooga_ _ _
Boston
2,059,238
1,800,060
Charleston
5,996,600
7,135,700 -16.0
7,305,800
Providence
6,275,400 Mobile
1,396,239
900.000
3,845,851
3,846.272 -0.01
3,827,538
Hartford
3,524,259 Knoxville
1,491,514
1,209,000
2,605,529
2,527,476 +3.1
2,260,758
New Haven
2,463,971 Oklahoma
1,855,000
2,779,000
2,134,688 -6.1
2,012,343
" 2,004,034
Springfield
1,692,742 Macon
4,595,118
3,500,000
1,695,494 -16.0
1,565,342
1,424,967
1,785,982 Austin
Portland
1,156,659
762,280
2,089,768 -8.6
1,909,084
2,078,186
Worcester
2,113,206 Vicksburg
376,506
251,433
1,116,243 -22.6
864,793
1,252,263
966,932 Meridian
Fall River
255.479
200,000
965,344 -2.7
039,682
767,007
New Bedford_
837,158 Jackson
407,043
334,032
586,417
+0.6
436,200
590,176
Lowell
396,387 Muskogee
652,730
720,440
501,729 +0.8
523,143
566,104
Holyoke
583,268 Tulsa
1,227,738
1,199,069
308,517
331,799 -7.0
567,289
Bangor
994,655
Total South n 173 537,778 204,069,320
,
r..... 'win,. r,....
191 il(Li nck
1424.55 RAR -14 4
141 257 021
145 ,es a,,
Total all
_ 2
-7364838,243 2,819,429,901
-For Canadian clearings see "Commercial and Miscellaneous News."
Outside N.
Note.
Dec.
1912.
1911.
$
$
8
8
%
249,077,858 273,497,822 -8.9 269,832,237 236,901,559
21,418,800
19,605.900
22,442,750 -12.6
25,674,800
18,878,223
17,635,549
21,128,767 -16.6
21,510,966
16,424,487
18,827,284
20,825,186 -9.6
18,717,752
10,471,005
13,590,712
12,126,972 +3.5
12,862,608
6,855,748
7,000,000
6,852,563 +2.2
7,668,327
6,622,4004,611,500
5,186.700
5,920,300 -12.4
4,028,475
5,319,489
4,737,385 +12.3
4,5751127
2,135,218
2,734,830
3.102,460 -11.9
2,934,908
30111,544
2,523,144
2,528,108 -0.1
2,974,476
1,754,040
1,600,000
2,076,640 -22.9
2,054,372
974,316
826,774
1,022,515
1,192,071 -30.7
655,388
495,305
562,494 -11.9
667,487
887,059
1,029,178
850,000
1,015,267 -16.3
886,697
1,085,614
1,069,729
1,056,498 +2.7
1,565,514
1,271,285
1,392,995
1,255,431
+1.3
1,063,000
1,514,000'
2,154,000
1,385,000 +9.3
745,615
711,214
900,036
763,487 -6.8
981,032
870,498
1,134,923
912,873 -4.6
741,006
1,159,217
1,289,108 -10.1
1,100,000
477,793
550,275
470,098 +17,0
568,346
667,217
718,957 -9.9
526,719
590,841
615,885
419,634
636,866 -3.3
705,039
383,388
405,970 -10.4
318,357
444,258
559,851
528,857 +6.3
456,969
621,170
430,000
475,000 -5.9
402,900
451,801
282,102
385,000
373,328 +3.1
363,965
452,386 -22.6
352,846
447,967
350,000
350,000
400,000 -12.5
396,789
350,000
339,345
338,826
500,910 -18.8
406,693
308,468
324,684
730,345 -77.0
168,282
169,796 .
186,098
169,827 +26.5
214,522
.699.671
.269,532
413,996
346,713 +19.3
37,643
36,349
42,459 -21.4
33,558
347,374,090 391,918,948 -11.4 391,669,866 340,236,232
40,051,257
41,736,608
30,557,960
37,756,45 -19.1
16.488.356
17,799,10 -31.3
20,452.970
12,220,77E
10.017,712
10,825,019
8,000,000
10,348,21 -22.7
4,033,615
4,000,000
2,392,348
3,697,397 -35.3
6,420,766
5,726,575
+6.1
5,871,084
5,53.5,61
9,500,000
6,500,000
9,748,176 -15.9
8,200.929
3,942,198
3,320,240
1,350,045
2,010,395 -32.8
2,770.856
2,737,536
2,200,000
2,592,566 -15.1
1,274.944
1548,715
1,923,055
1,663,376 +15.6
1,800,000
2,175,016
1,501,899
1,659,717 -9.5
690,597
730,115
461,524
656,133 -29.7
703,816
999,461
700,000
798,228 -12.3
719,680
679.166
854,792
693,217 +23.2
539,333
452,815
522,686
519,767 -12.9
340,000
391,902
350.000
375,000 -6.7
248,000
250,554
217,467
265,000 -17.9
293,237 Not included In total
•
96,507,515
77,254,693
96,118,361 -19.6 105,630,178
41,709,907
50,314,768
65,399,998
46,484,115 +40.7
19,256,417
26,033,181
26,118,948
22,664,361 +15.2
12,174,586
13,894,302
12,000,000
12,800,000 -6.2
7,944,975
9,794,380
10,79.5,408
9,495,375 +13.7
8,941,393
8,410,012
8,000,000
7,732,154 +3.5
5,180,129
5,722,123
0,991,144
6,753,318 +3.5
3,510,490
3,994,244
3,9251107
3,850,234
+1.8
1,879,784
2,741,604
2,290,644
2,914,033 -5.9
3,850,759
3,109,445
2,773.92
6
2,607,498 +47.7
3,928,904
5,366.741
3,858,539 +39.1
5,302,265
1,270,475
1,808,925
1,626,402 +14.9
1,366,135
1,823,169
2,258,818
2.272 236 -0.6
1,562,417
1,054,815
1,403,978
1,425,677 -913.0
1,274,942
1,102,461
1,286,240
1,603,874 -19.8
1,334,557
682,089
1,630,053
427,169 +281.7
463,761
855,101
875,000
897,200 -2.5
1,021,694
560,000
454,074
513,817 -11.5
57(1,733
544,914
572,754
638,358 -10.3
727,572
1,039,336
1,042,657 +13.3
1,264,300
1 1181.369
223,083
494,990
315,429 +54.0
374,175
231,119
518,961 ,
491,533 +5.6
444,731
218,534
420,041
303.520 +36.3
273,505
135,647
204,000
170,000 +20.0
174,917
158,078,886 130,968,062 +20.7 139,670,797 117,397,397
n
68,985,202
71,955,661
-4.7
20,792,272
18,498,762
-27.0
13,035,297
11,969,681
-25.9
-25.7
3,278.000
3,166,500
+1.3
7,181,352
7,342,815
-11.6
12,962,979
14,123,828
-31.9
6,697,163
-28.6
8,551,883
5,409,689
+8.9
7,172,752
5,680,355
5,144,234
-24.5
4,030,254
-14.1
6,200,499
3,422,409
3,946,658
-2.8
1,903,946
-21.3
2,824,747
2,055,535
-41.4
1,892,926
2.156.592
1,599,904
-27.3
-22.9
2,765,408
3,030,541
1.860,507
+7.5
2,286,623
1,900,092
-12.6
1,915,554
1,278,039
-35.5
1,417,372
1,449,021
1,745,121
-19.5
1,610,413
1,386,247
+49.8
3,836,114
4,216,104
-23.8
1,490,113
883,579
-34.1
-33.2
318,959
297,980
-21.7
261.101
266,554
-17.9
402.395
370,418
+10.4
811,336
605,168
-2.3
853,339
447,432
-15.3 185,691,186 174,440,492
-16.1 2,881,060,992 2,693,296,542
.
_
_
-10.1, .
,648 3,134,797,
2
THE CHRONICLE
Warning.—It has come to our notice that one K. S. Jones, purporting
to act for the Associated Publ1shers' Service Co.. claims to represent this
paper, and on the strength of this alleged connection has been soliciting
subscriptions for the paper and collecting money in payment of the same,
usually offering a $10 00 subscription for $7 00.
We have no knowledge whatever of said Jones or the concern for which
he claims to be acting, and neither the one nor the other represents us or is
authorized to act for us in any capacity. The subscription price to the
!'Chronicle" is $10 00 per annum to persons in the United States; never less.
CHRONICLE INDEX.1
The index to Volume 99 of the "Chronicle"—which
volume ended with the issue of Dec. 26—will be sent
to our subscribers with the number of Saturday,
Jan. 16.
In a subsequent part of to-day's issue we devote
11 pages (pages 24 to 34) to the presentation of a
monthly range of security prices, stocks and bonds,
on the New York Stock Exchange for the calendar
year 1914.
Our annual review and narrative of the events of
the year will be given next week.
THE FINANCIAL SITUATION.
Though the new year opens with business still depressed, and though it is evident that we cannot
count upon a full restoration of normal conditions for
alconsiderable time to come, owing to the many
obstacles in the way of complete recovery, the tone is,
nevertheless, hopeful, and confidence in the future
strong. The controlling factor in this hopeful feeling
isithelbelief that legislative and Governmental hostilityltowards business and towards corporate interestslisrgoing to abate greatly in the future. Considerable popular discontent with these hostile policieslisIbecoming manifest, and the politicians, it is
felt, will, sooner or later, recognize that such policies
are no longer a passport to public favor.
When the working-man is in enjoyment of a full
dinner-pail, it may please his fancy to have his legislative and Congressional representatives engage in
attempts to cripple corporate interests and hamper
the activities of the wealthy, denouncing them,
Roosevelt fashion, as rich malefactors; but when
idleness and unemployment are the dominant characteristics, as is now the case, the wage-earning classes
are apt to get impatient with efforts that are only
fruitful of harm, especially when it is made to appear
to them that their own lack of prosperity is connected
with the lack of prosperity of the employing classes,
whom the politicians have so long been engaged in
encumbering with new burdens and new taxes and
with costly and vexatious restrictions, making impossible the prosecution of enterprise and the conduct
of business with the same freedom as before.
The deadening paralysis which has settled over
many of the country's industries is not by any means
due entirely to the great conflict in Europe. New
legislative enactments, checking enterprise and undermining profits, are responsible for much of it. Away
back last March the steel mills of this country were
working to only 60% of their capacity, and the very
Congress which was responsible for that condition of
things has since then carried to completion other
legislative measures calculated to restrict and discourage trade. The country is about to come under
the operation of the Trade Commission Law, which
will make a set of Government officials the controlling
element in the administration of business. Instead
of skill, ingenuity and good management being the
[VOL. 100.
chief consideration in the conduct of affairs, it will be
within the power of these Government officials to
wreck and ruin the best-laid plans for insuring
success.
If they avail of their vast powers, which may well
be doubted, the Commissioners will be the arbiters
of the destinies of business. Nevertheless, the disposition is, as already stated, to view the future with
hope and confidence. While much disturbing legislation has been put upon the statute books, it seems
unlikely that it will be given the effect intended by
the framers, since public opinion cannot now be
depended upon to support measures of that.type.
The November elections have proved an eye-opener
to many a politician. Notwithstanding the President made a most urgent appeal to the electorate,
asking it not to desert him and his legislative policies,
he barely succeeded in saving the House of Representatives for his party. In Missouri the full-crew law,
one of that species of legislative schemes that injure
the very parties they are supposed to benefit, was
rejected by an overwhelming majority, the transparent character of the scheme having become apparent to those whom it was intended to deceive. It is
felt, therefore, that a definite halt has been called
by the people themselves to destructive legislation,
so inimical to the welfare of the country and all its
citizens. This, together with the fact that even the
Inter-State Commerce Commission seems inclined
to listen to appeals to reason, constitutes the bright
side in the business firmament, investing it with
promise and furnishing a sort of harbinger of better
things to come.
Very few persons have any conception of the extent
and the devious ways in which confidence has been
undermined by adverse legislation, enacted or
threatened. To feel, therefore, that for the future
this danger is to be measurably diminished, under
the revelation of its harmful effects, means much to
trade and to industry. How many persons, for instance,know that in one of the States it was actually
attempted to place the press—the newspapers—
under the same regulation and control as railroads
and other public service agencies? The attempt
failed, furnishing additional evidence that the popular judgment in the end is certain to be safe and
sound. And yet, that the attempt should have been
made is suggestive of the dangers with which we are
beset from adherence to radical policies that have
been finding so much favor in high places.
An amendment to the Constitution of Colorado, initiated by petition under the initiative and
referendum, making newspapers public utilities, was
actually submitted for popular approval. A new
section was to be added to the Constitution under
which "every newspaper printed, published and circulated in the State of Colorado" was "declared to
be a public utility." Observe how comprehensive
the proposed amendment was. It said: "The business of printing, publishing or circulating such newspaper in the State of Colorado is hereby declared to
be a public service and affected with a public interest.
All persons, associations of persons, co-partnerships,joint-stock companies and corporations engaged in
printing, publishing or circulating such newspaper or
newspapers are hereby declared to be engaged in a
public service and affected with a public interest.
Each and every such newspaper(including allratesfor
subscriptions, advertising and other charges for ser-
JAN. 21915.]
THE CHRONICLE
3
al and to be
vices) and each and every such business,such person, request is said to be entirely imperson
military necessity, which recogsuch association of persons, such co-partnership, based upon the law of
in command of
such joint-stock company and such corporation, is nizes the right of a military officer
territory to dictate absolutely the amount
hereby declared to be subject to all the laws of the occupied
the manner in which
State of Colorado relating to the regulation or control and extent of civil business and
a public service it shall be conducted in that territory. While it is
of public utilities,or those engaged in
this time is seeking to
or affected with a public interest, whether such laws not believed that Germany at
of German soverare now or shall hereafter be enacted or are now or raise the question of recognition
cancellation of all the exshall hereafter become effective. Each and all of eignty in Belgium, the
it. The Belthe provisions of this section shall be in all respects equators comes very close to raising
has protested to the State Department
gian Minister
self-executing."
What a pretty state of things would exist if the against Germany's action.
newspapers, including their subscription and advertising rates and other charges, should be regulated in
The developments in the war this week have cenve years hence, when tred very largely in the Eastern theater, although the
this way. Possibly twenty-fi
the idea embodied in the Trade Commission Bill is Allies have been making a steady, though slow, adcarried to its logical extreme, we may expect a pro- vance all along the entire Western front,from Alsace
posal to regulate all the newspapers in the country in to the North Sea. In Poland the German advance on
this way and to regulate in fact every other class of Warsaw, the capital, appears to have been definitely
business in the same way, and to fix prices checked, while the Austrians are conceded to have
generally, giving us State Socialism in effect if not in been put to rout and entirely disorganized in Western
name. But that is a considerable way off, and in the Galicia. Petrograd reports that the only German
meantime it will be possible to prepare for the danger. movement that is threatened is from Milawa. RusFor the present, as we have seen, a halt has been sian reports also state that Gen. von Hindenburg
called on schemes of this kind. The people of Colo- is in peril by the new Austrian defeat, and must rerado—and Colorado is considered an especially treat unless he decides to attempt the impossible.
benighted State—have rejected the amendment by a The Russians are again advancing on Cracow, the
decisive majority. Only 35,752 votes were cast for siege of which they abandoned at the close of last
it, while 91,426 were cast against it.
week in order to draw on the Austrian army to the
But while the result is satisfactory and shows that latter's defeat, this strategy having proven apparthe popular verdict can be depended upon, public ently entirely successful. The Austrian General
feeling in Colorado does not seem to have been Staff acknowledges the reverse in Galicia, saying
greatly stirred over them after all. One would that their forces are retreating before the Russian
have imagined that the bare suggestion of such a offensive along the Biala, but they state that the
proposition would have aroused the deepest indig- Russian attack failed further to the north on the
nation all over the State. As a matter of fact there Dunajec and the Nida, and that fighting continues
appears to have been deep apathy, as is evidenced on the Pilitza. During the first half of December,
by the fact that more than half the voters did not according to Russian official reports, 50,000 Austake enough interest in the question to vote upon it trians were captured.
at all. Those who did vote condemned the propoIn the Western war zone, the French have entered
sition three to one. And yet the aggregate vote on the village of Steinbach, in upper Alsace, following
this amendment, "for" and "against," was only one of the hardest-fought engagements to date. Oc127,178, whereas on the Prohibition amendment, cupation of this position is declared officially to be of
which was adopted, the aggregate vote cast was no the utmost strategic importance, opening as it does
less than 243,606. This shows that there is room for the way to the roads that run to Altkirch and Muelthe awakening as to the detrimental character of hausen. Fighting between Turks and Russians is
pernicious schemes of legislation to go much further. in active progress in Transcaucasia. The Russian
For what has actually been achieved, however, in official report says that a Turkish column was disthat direction there is occasion for feeling devoutly persed southwest of Kars and that another Turkish
thankful. For the immediate future it seems likely force is marching to attack Ardahan, northwest of
that the demagogues, and those who make it their Kars. The Servian Minister to Paris announces that
stock in trade to appeal to the baser instincts in the Servian plan of campaign is to invade Hungary
man, will be relegated to the rear.
instead of Bosnia and Herzegovina, in order to increase the felling of apprehension now prevailingin
On Monday last a long note was forwarded by Hungary. The Japanese Foreign Office denies that
cable by our Government to Great Britain calling Japan has been approached by Great Britain or any
attention to interference with the legitimate for- other country to send an army to Europe. It is
eign trade of the United States and insisting upon an reported that France and Russia are in favor of such
early improvement in the treatment of American a move, but that England hesitates to request troops
commerce by the British fleet. The text of the note for Europe. Italy has landed regular troops at
has not been published, but it is known that, while Avlona, Albania, in order that marines who have held
firm in tone, it was in no sense offensive. We dis- the port might be trans-shipped to Durazzo,the other
cuss the matter in a separate article on a subsequent Albanian port, where disorder is rife.
page.
The German Government has formally notified
our State Department that American consuls in
Belgium must be acceptable to the German military
authorities and that it is desirable that some of the
consuls be withdrawn, for the present at least. The
-le
A sensational attack by light cruisers, destroyers
and submarines, together with seven British naval
air men piloting seaplanes, was made on Christmas
Day on the German naval base at Cuxhaven, at the
mouth of the River Elbe. Six of the air men returned
4
THE CHRONICLE
safely, one, Commander Hewett, being lost, his
machine being found off Heligoland, wrecked. The
Germans report that no damage was done by the
bombs, thrown from the air. The Brisish squadron,
including the light cruisers Arethusa and Undaunted,
which had been engaged in previous exploits on the
German coast, was attacked by Zeppelins, seaplanes
and submarines. By rapid manoeuvring, the ships
were able to avoid the submarines, while the Zeppelins found the fire of the cruisers too dangerous for
them to keep up the fight. The German seaplanes
dropped bombs, which, according to the British account, fell harmlessly into the sea. The Germans
however, claim to have hit two destroyers and their
convoy, the latter being set on fire. The English
newspapers are enthusiastic over the raid, naval writers claiming it the most remarkable engagement of
twentieth century warfare. They conclude that the
German ships feared to come forth and give battle
to the English cruisers becauses of the uncertainty
as to whether the British battleships were lurking
behind them. The English authorities are said to
have issued a warning to the people of the danger in
the streets from guns which may be used in London
against hostile air craft, and to have advised everybody to take refuge in basements if they should hear
the sound of explosives or guns.
loo.
Carranza Generals were Villareal, Luis Gutierrez,
brother of the provisional President; Vasquez,
Maclovio Herrera, Davilla, Sanchez, Davila, Salinas and a number of less prominent leaders. All
of the Carranza chiefs had agreed to recognize the
Convention Government, according to the report,
and both the Villa and Carranza forces had suspended
operations in the north. All details had been practically settled when Villareal protested at the matter
of executions by Zapata. Gen. Alvarez, who has
been a supporter of Zapata, defended the Morelos
chief, and a bitter wrangle ensued which resulted in
the complete severance of relations.
The proposed opening of the Stock Exchange in
London is not creating enthusiasm at that centre.
Bankers and jobbers alike are not in accord on the
level of minimum prices for inter-Bourse securities,
the former desiring quotations to be fixed on too high
a basis to suit the latter. Hence, considerable irritation exists. Business was as usual suspended at the
British centre over the Christmas holidays, and the
members of the Stock Exchange returned to the city
on Monday in a particularly discouraged frame of
mind. They point out that while they themselves
are compelled to submit to the restrictions imposed
by the Stock Exchange Committee, the banks and
outside operators who are not subject to these reEmperor Yoshihito of Japan dissolved the Imperial strictions will be able to do business for customers on
Diet on Christmas night, after the House had carried more favorable terms. Dealings in consols, for inon for two days its debate on the army increases con- stance, are likely to be conducted entirely outside
tained in the 1915 budget without being able to reach of the Exchange, as quite a substantial business has
a decision. The dissolution was ordered by the Em- recently been reported between banks at 633,which
peror in order to save the Ministry. The budget pro- is 5 points below the minimum quotation. As a revided for an expenditure of 556,000,000 yen ($278,- sult of protests a sub-committee of the Stock Ex000,000), while showing a decrease in revenue of $40,- change has been appointed to inquire into outside,
500,000. The only victory won by the Government unofficial, quotation in securities below minimum
was the passage of the naval program by a majority of prices. Provincial stock exchanges have protested
seven. The army bill providing for a greatlyincreased to the British Treasury against the conditions under
territorial force was defeated by a majority of sixty- which business is to be resumed. One indicafive. Despite the defeat of the budget in the Diet, the tion that the members of the Stock Exchange do
Cabinet has not resigned. New elections for mem- not expect increased business when official trading is
bers of the Diet have been fixed for March 25.
resumed is the fact that they are not increasing their
supply of stamps.
In Mexico the week's news shows slight improveThe effect of the war is shown by the capital appliment. Advices of a victory of the Constitutionalists cations on the London market for the year, which
over Zapata forces were received by the Carranza amounted to £512,522,000, and compared with only
agency at Washington on Thursday,the battle having £196,537,000 in 1913. Of the full amount £350,000,taken place at Pepeaco, between Mexico City and 000 represented' the English loan, and in addition
Vera Cruz. Gen. Obregon with 4,000 men defeated £90,000,000 in treasury notes were offered, though
Zapata with 5,000. President Wilson has advised the latter are to be retired when due out of the
the Government at Mexico City to confer general proceeds of the larger loan, the latter being payable in
amnesty on political prisoners. No formal proposal installments ending April 26. The Bank of England
of recognition has been made to the Government on Christmas Day announced the sale of £612,000 of
headed by General Gutierrez, but it has been repre- foreign coin and £402,000 of gold bars. This was
sented to the latter that his Government can hardly the first transaction of its kind since the end of Augcommand the support of the American Government ust. While the destination of the metal was not
or the American people if it permits ruthless political stated, it was believed in the City that it was French
executions to continue, such as has recently been the coin and that France was the purchaser, presumably
case. The State Department on Wednesday issued for payment to the troops and for other detail in
another strict warning to Americans not to return connection with the campaign. Day-to-day funds
to the Tampico oil regions. Many of those who -in London closed at 1%.
have gone back into those regions are without work
or have become stranded, though warning was given
In Paris business on the Bourse continues to be
by request of the American Consul some weeks ago exclusively on a cash basis, and very little is passing,
against Americans returning. It is announced that even of that character. Financial interests at the
peace negotiations conducted at Saltillo between French centre now recognize that a long war is in
Gen. Villa and a number. of Carranza's most trusted prospect, a very significant change, to quote press
leaders have failed. Gen. Alvarez, Governor of San accounts, having come over public opinion in France
Luis Potosi, represented Villa in the conference. The as to the probable duration of the struggle. Less
JAN. 2 1915.]
THE CHRONICLE
than two months ago it was considered unwise to
hint at a spring campaign. Now such a campaign is
recognized on every hand as inevitable. The Bank
of France on Monday declared a dividend for the
second half of the fiscal year of 90 francs net a share.
During the preceding fiscal year—the full year—the
dividends amounted to 208.33 francs. The French
Minister of Commerce, M. Gaston Thomson, presiding over a large meeting of merchants and manufacturers who are members of the Paris Chamber of
Commerce, told business men on Tuesday that the
time was at hand for them to reach out for trade in
all countries where Germany had been previously
a large purveyor. Before the meeting adjourned, a
committee representing the principal industries and
financial institutions of France had been chosen to
organize this work of expansion. An official decree
has been published abrogating the order issued by
the Government in September transferring the Bank
of France to Bordeaux from Paris. French rentes
closed at 72.10 francs on Thursday.
The Amsterdam Stock Exchange is expected to
reopen for cash business on Jan. 11 or 12. The
amount of the Dutch loan, to which we referred in
last week's "Chronicle," has been fixed at 275,000,000
florins. It is being voluntarily subscribed at par
and carries 5%. Semi-official intimation has been
given, however, that if it should happen that the full
amount is not subscribed, then there will be issued an
obligatory loan carrying only 4%. Those who have
subscribed sufficiently to the voluntary loan will be
excused from subscriptions to the second issue.
No changes were announced during the week in the
official European Bank rates, the Bank of England
still maintaining 5%,Paris 5%, Brussels 6%, Vienna
53/2% and Amsterdam 5%. In London sixty-day
bills closed at 23/2% and long bills at 2%%.
On Thursday of last week 2% was the rate in Lombard Street for both these classes of bills. Private
bank rates on the Continent continue too nominal to
quote.
Financial information regarding Austria has been
rather scant. This makes the following paragraph
from a letter received from one of the principal officials of the largest and strongest bank in Vienna,
written under date of Nov. 30, interesting:
"The military and economic situation of this
monarchy has continued to be strong and safe and
in general unchanged since my report of Oct. 5. The
Government did issue these last days a war loan with
the greatest success; the subscriptions did amount to
more than 23/b milliards of crowns. The Austrian
part of the loan was 532% five-year Treasury notes
at a price of 9732; the Hungarian part of the loan
was a 6% rente at a price of 9732. We are looking
forward to the result of the European war with best
hope and confidence."
The weekly return of the Bank of England on
Thursday indicated a decrease of £884,797 in gold
and bullion holdings, which is partially explained by
a sale reported on Christmas Day of £612,000 in
foreign gold coin and £402,000 supposed to be for
France. Later an additional £200,000 in bar gold
was sold. The Bank now holds £69,493,610, which
compares with £34,983,149 at the close of 1913 and
£31,300,487 in 1912. Decreases, comparing with the
preceding wee-kly statement, of £804,000 in the re
5
serve, of £783,000 in notes reserved, of £81,000 in
note circulation and of £10,526,000 in public deposits
were reported, while other deposits increased £12,650,000 and loans increased £2,941,000, bringing
the total of the latter up to £106,236,000, against
£52,137,739 a year ago.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week: Inflow, £995,000
bought in the open market and £334,000 received
from the interior of Great Britain; outflow, £1,880,000 (of which £1,000,000 set aside and "earmarked"
currency note redemption account, £612,000 foreign
gold coin sold and £602,000 bar gold sold). We add
a tabular statement comparing for the last five years
the different items in the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1913.
1911.
1913.
1912.
Dec. 30.
Dec. 31.
Jan. 1.
Jan. 4.
Jan. 3.
£
Circulation
36,130,000 29,607,635 29,200,255 29,189.550 28,520,530
Public deposits_ _
26,932,000 10,258,489 14.164,961 16,676.790 12.545,528
Other deposits
123,055,000 61,087,066 52,954,723 49,352,258 49,202,904
Gov't securltiel
14,807,000 13,199.062 14,835,422 10,270,181 17,309,568
Other securities_ _106,236,000 52,137,738 49,629,901 44,912,160 40,3E4,538
Reserve.notos&coln. 51,804,000 23,825,514 20,550,232 23,681,778 21,889,815
Coln and buliton_ 69,493,610 34,983,149 31,300,487 34,431.323 31,940,345
Proportion of reserve
to liabilities
33.42%
33.39%
30.65%
3.5.85%
37-86
%
Bank rate
5%
5%
434%
4%
0%
The weekly statement of the Imperial Bank of
Germany as received on Tuesday by cable indicated
an increase of 23,482,000 marks in gold, while "metal
stocks," which 'includes treasury and loan bank
certificates and notes of other banks, increased
148,389,000 marks. There was a contraction of
17,462,000 marks in loans, but an increase of no less
than 584,713,000 marks in discounts, &c. Note
circulation increased 165,263,000 marks, while securities (chiefly treasury bills) were 259,232,000 marks
lower for the week. The Imperial Bank's gold holdings have once again reached a new high record.
They now stand at 2,075,299,000 marks and compare
with 1,208,722,000 marks at the corresponding date
of 1913 and 770,076,000 marks in 1912. The Bank's
note circulation exceeds last year's figure at the corresponding date by more than 100%, now being
4,440,661,000 marks against 2,042,307,000 marks.
In 1912 the amount was 2,041,280,000 marks.
There is no new feature of importance in the local
money market. The supply of funds is clearly in
excess of the demand and rates in all directions are
well below the basis usual at the turn of the old year
to the new. For the early maturities loans have
been reported as low as 332% and discount rates
are about Y lower than a week ago, 43.(% being
i%
the highest figure asked for best names. An interesting feature of the week has been the announcement by J. P. Morgan & Co. and Kuhn, Loeb & Co.,
who were the heads of the underwriting syndicate
organized in September last to purchase $100,000,000
New York City short-term bonds and to undertake
the payment of the foreign indebtedness of the city,
amounting to something over $80,000,000, that the
transaction has been closed. Checks are now being
mailed to the 124 participants in that syndicate.
They represent 2% profit on the $80,243,940 of
syndicate subscription set aside for the payment
of New York's obligations maturing abroad during
the closing months of the year. The arrangement,
readers of the "Chronicle" will recall, provided that
the syndicate should return to the city treasury all
6
THE CHRONICLE
loo.
ers' cables % lower at 5 163/2. Bankers' sight drafts
on Amsterdam finished % lower at 40%, while
bankers' cables closed without change at 40 8.
Commercial sight finished at 403, against 403/2.
Italian exchange has ruled steady, but without
change, on the basis of 5 313/i for bankers' sight.
In Paris the London check rate closed at 25.16 francs,
against 25@25.15 francs a week ago.
Compared with Thursday of last week (Friday
was a holiday), sterling exchange on Saturday was
easier, with demand quoted at 4 853@4 859.,
cable transfers at 4 863@4 869/i and sixty days at
4 823. On Monday the opening was weak and
subsequent declines brought demand to 4 85, the
lowest point touched since December 26 1913,
mainly due to heavy accumulations of bills over the
week-end; later European selling of American stocks
caused a partial rally, only to be followed by a reaction when this had subsided; the range was 4 85
@,4 85% for demand, 4 85%@4 863' for cable
transfers and 4 823 for sixty days. Increased
weakness became evident on Tuesday, and cable
transfers declined to 4 853/2@4 85%, demand to
4 84%@4 853 and sixty days to 4 81%@4 81%.
On Wednesday trading was extremely dull, being,
in fact, almost at a standstill; the tone was easy,
though quotations were practically unchanged at
4 85@4 853' for demand, 4 85%@4 85% for cable
transfers and 4 81%@4 81% for sixty days. On
Thursday the market again ruled quiet but steady.
Closing quotations (Friday was a holiday) were
4 82@4 823/i for sixty days, 4 85%@4 863 for
cable transfers and 4853'@4853 for demand. Commercial on banks nominal, documents for payment
.
/
nominal. Seven-day grain bills at 4 843@4 843s
In sterling exchange, rates have this week indicated Cotton for payment nominal; grain for payment
a new low record for the current downward swing nominal.
from the high figures that followed the outbreak of
the war. There is, in fact, discussion in usually
well-informed circles as to how early in the new year
The New York Clearing-House banks, in their
gold will come to New York from Ottawa. London operations with interior banking institutions, have
advices suggest that a sale of gold by the Bank of gained $9,382,000 net in cash as a result of the curEngland,supposedly for France,may have New York rency movements for the week ending Jan. 3. Their
for its final destination, owing to the active pur- receipts from the interior have aggregated $14,646,chases of supplies in this country for the account 000, while the shipments have reached $5,264,000.
of the French Government. Some intermediaries Adding the Sub-Treasury operations, which occain New York concerned with the purchases of such sioned a loss of $10,473,000, the combined result of
supplies are understood to be offering to accept the flow of money into and out of the New York
payment in French Treasury warrants due in sixty banks for the week appears to have been a loss of
days. This movement, however, does not seem to $1,091,000, as follows:
have assumed great importance, though it appears
rather suggestive of the existing situation. The
Out of
Into
Net Change in
Week ending Jan. 1915.
Banks.
Banks.
Bank Holdings.
Lusitania, which sailed on Wednesday, furnished
85.264,000 Gain 89,382,000
$14,646,000
Hanks interior movement
10,981,000
the chief mail date of the week, and on Tuesday Sub-Treasury operations
21,454,000 Loss 10,473,000
$25.627,000 526,718,000 Loss 31,091,000
demand bills were quoted at 4 85 for that boat, Total
while for to-day's (Saturday's) steamer, which is
the Cameronia, via Glasgow, a quotation of 4 84%
The following table indicates the amount of bullion
was made on Tuesday. A slight firmness in cable in the principal European banks:
transfers towards the close was attributed to a demand
for remittances on account of New Year's disburseJan. 1 1914.
Dec. 31 1914.
ments on securities specifically payable abroad. Banks Of Gold.
Gold.
Silver.
Total.
Silver.
Total.
The foreign exchange market is certainly not
.0
.0
69,493,610 34,983,149
34,983,149
England__ 69,403,61
furnishing practical evidence of any extensive Prance a__ 165,901. 19,041, 179,942,000 140,307,4 25,543,040165,850.440
2,050,00 105,823,650 58,498,55
72,340,150
Germany_
liquidation of American securities by foreign Russia __ 103,773,65 4,491,000 181,397,000 167,358, 13,841,6001173,184,000
176,106.000
, ,
10,784,000 62,450,000
Aus.-Hun 51,178,000 12,190,I I 63,718,000 51,666
holders.
Spain___. 22,871,000 28,368,000 51,239,000 19,169,I I I 28,660,000 47,829,000
The Continental exchanges have again ruled ir- Italy d 47,007,000 2,021,000 49,62F,000 45,587,0 2,950,000 48,537,000
798,600 13,339.600
304,900 17,636,900 12,541
17,332,000
Netherl
I I
II
8,330,
4.165,000 12.495,000
Nat.Beigd
regular. Bankers' sight on Berlin closed at Sweden. 15.380,000 600, 10,980,
5,808,000 5,689,
5,689,000
5,808,1: I
9,504,800 6.813,00
6,813,000
0.504,8''
2,286,000 2,577,
@88%, which compares with 883/i last week, while Swita land 2,286,000
2,577,000
Norway __
752,956,960553,519,099
cable transfers finished at 883/ against 88% last Tot. week 687,841,06 64,615,900 750,311.651 553,456,412 92,568,240646,087,339
93,028,253 646,484.665
Prev. wee 686,186.451 64,185,2
week. Exchange on Paris is a shade easier,
checks closing % centimes lower at 5 163' and bank- a Data for 1914 for Oct. 15. c July 30. d Sept. 21.
profits in excess of 2%. These profits are now estimated at between $400,000 and $500,000. How
really abundant are the loanable funds of the banks
may be gathered from the fact that the preparation
for the January dividend and interest disbursements,
which are always the largest of any month of the year,
were completed without causing any important
upward reaction in money rates. Aside from the
New Year payments, there have been no important
demands upon the local market. A local syndicate
of bankers was successful in the competition for an
issue of $6,900,000 City of Montreal 3-year 5%
notes. These were secured at 98.671 and interest,
or on about a 53'% basis.
Referring to money rates in detail, it may be said
2
that the week's range for call money was2%@33/%.
and highest, respectively on Monday
The lowest
and Tuesday were 23@3% while 2%% was
on each day the renewal basis. On Wednesday the
single rate for all call loan transactions on the Stock
Exchange was 3%. Thursday's range was 29@,332%, with 3% the ruling rate. Friday, New Year's
Day, was a holiday. Time money closed at 33'@
3%% for sixty and ninety days, against 332@4% a
week ago; four months' funds were 39%,against
3%@4% and five and six months were available at
3%@4%, or without net change for the week.
Commercial paper closed at 4@43% for sixty and
ninety-day endorsed bills receivable and for four to
six months' single names of choice character. On
Thursday of last week the corresponding figure was
4@4%%. Names not so well known require 43/i
to 4%%.
JAN.21915.]THE CHRONICLE
THE QUESTION OF NEUTRAL CARGOES.
The note which has been forwarded to the British
Government this week by our own Government at
Washington, and which calls for a more explicit
statement of the British attitude in the matter of
contraband of war, is one of the almost invariable
incidents of a conflict of this sort, in which one belligerent Power has command of the seas at large, or
of access to the ports of its enemy. When such
a belligerent Power has in the past exercised the
right of obstructing transportation, to that enemy,
of arms, munitions, and materials designed for military use, the wide borderland of classification, in
the case of articles which might or might not be destined for such use, has led by degrees to the establishment of what was called "conditional contraband." In this distinction between commodities
and cargoes which are to be contraband or not, according as their employment for military purposes is
established, there constantly arises occasion for dispute over the facts. In wars of this character,
moreover, the irritating question has invariably
intruded, how far shipment of contraband goods
from a distant neutral nation to another neutral
possessing ready access to the ports of the enemy is
to be legitimate matter of inquiry and suspicion, and
what is to be done to prevent their reaching the enemy.
All of these questions were brought up very distinctly in the early months of the present war,
through representations of our Government in regard to specific cases. In particular, release was
demanded and obtained of certain American steamers carrying oil consigned to Denmark, but which had
been detained by English warships on the allegation
that the delivery in that country might be merely
for purpose of re-shipment to Germany. The protest of our Government in those cases was sufficient;
indeed, it has since been established by high authority in international law,that inquiry into the probable
ultimate destination of such cargoes was in no respect
a right of England, or any other Power,so long as the
purpose of bona fide delivery from one neutral to
another is established. Our own courts enunciated
this principle clearly during the Civil War blockade
of our Southern ports, even though the result was
prejudicial to the North's position as a belligerent.
The present memorandum of our Government to
England deals primarily with the question of interruption to our trade through detention of ships for
investigation of their cargo. As summarized in the
Washington reports, it is expressed in a friendly
tone, and recognizes frankly the practical difficulties which surrounded the British Government at
the outset in framing an all-comprehensive policy
and code of instructions in the matter. But the
practical result is that, after five months of war, the
principles and regulations are still left in such uncertainty, or are changed so frequently, that our exporters find it difficult and at times impossible to
comply with them.
In particular, it is stated to have been pointed out
in the memorandum that the distinction between absolute and conditional contraband has not been adequately recognized in the seizures by the British
fleet. Lord Salisbury's position is recalled—a position
officially taken atthe time of the Boer War—thateven
foodstuffs with a hostile destination cannot be deemed
contraband merely because they might be delivered
7
to the hostile army, but only if it can "be
shown that this was in fact their destination at
the time of seizure." Furthermore, our Government contends that proof of hostile destination,
whether for contraband or non-contraband cargoes,
must be presented in advance of seizure and at the
time of search, and the right of a belligerent cannot
be extended to the point of diverting American ships
into belligerent ports merely upon suspicion.
In presenting these considerations, in a firm
though friendly manner, our Government, it seems
to us, is taking an action which is both timely and
wise. The United States has at no time raised a
question as to the rights of a belligerent Power, and
it has acquiesced in the declaration of contraband of
war, though such declaration has necessarily restricted the opportunities for our trade. But the
Government equally owed the duty to its own citizens, to see to it that the regulations shall be made
so clear that our merchants can adjust their legitimate business plans to them, and that the rights of
a belligerent sea Power under international law shall
not be overstepped. There can be no doubt that the
British Government will receive and respond to the
American memorandum in the spirit which dictated
the action of Washington; the real question is, on
just what basis of explicit understanding or of formal
regulations its response will stand.
The comment of the English press on the American
note has reflected on the one hand a rather curious
perplexity as to the practical means of conforming
to the American position, but on the other hand a
very positive opinion that no breach of good feeling, through such incidents as the American memorandum cites, must be permitted. The specific arguments ascribed to our Administration's note are
not disputed, but a plea of necessity,in the effort to
exercise a conceded right under difficult circumstances, is the main rejoinder. It is suggested that
a search, for example, can be conducted to better
purpose for the interest of both parties if the neutral
ship is brought into harbor, rather than through examination on the high seas, and possibly in the
neighborhood of hostile submarines. These are,
however, aspects of the controversy on which our
Government is itself entitled to a voice, and the
English comments do not dispute that fact. It is
further contended that, but for the command of
the sea by England's fleet, our ocean commerce
as a whole would to-day be subjected to the far
graver uncertainties which momentarily confronted
it at the outbreak of the war. This is not an unreasonable contention, but it hardly touches the
main question, which is, whether that control of the
sea should not be exercised in strict accordance with
the admitted rights of neutrals.
In the matter of preserving international good
feeling, the English press speaks with much less
uncertainty. The "Daily News" sums the matter
up by saying that "it is for the British Government
to consider carefully the relative value of certain
of its regulations and of American good-will." The
London "Times" believes it to be "quite inconceivable that two sensible peoples, on the most friendly
terms with one another, should not succeed in devising a modus vivendi which shall be in accordance
with the general principles of international law, and
which at the same time will meet the peculiar facts
and circumstances of this unprecedented war."
Naturally, the legitimate interests and the reason-.
8
TIIE CHRONICLE
able contentions of both parties must be recognized
in any such arrangement. This is the task which
now devolves on both governments as a result ,of
the friendly presentation of the matter by our own
Administration.
One position taken by the London press, and one
suggestion occasionally heard from our own newspapers, require a further word,of comment. One
or two of the English newspapers have suggested
that the case is parallel to the Washington Government's blockade of our Southern ports in the Civil
War, when "the trade of all foreign States with the
Confederacy was cut off and the Confederacy
starved,"and when,moreover, "Lancashire starved"
because of the embargo on cotton. But this appeal
to precedent is hardly germane to the discussion.
The Washington Government declared and efficiently
maintained a blockade against every port of the Confederacy. England has declared no blockade against
Germany.
On the other hand, the allusion, in some of our
home discussions of the problem, to the disputes over
neutral cargoes, which had a part in bringing on our
war of 1812 with Great Britain, will hardly impress
the minds of people familiar with that episode in
history. The flourishing American trade with
Europe, during the earlier period of the Napoleonic
wars, was caught at that time between the *upper
and nether millstones of a series of quite illegitimate
embargoes by the two great protagonists of that
conflict—France, controlling by 1807 most of the
Continent of Europe, and England, controlling the
seas. Napoleon, having declared a "paper blockade" of the British isles, went so far as to decree
the seizure of any neutral vessel with British merchandise on board, and to declare as a proper prize
of war any vessel bound to or from a British port;
and this extreme departure from the rights of a
belligerent was followed by seizure and confiscation
of an American ship, accidentally stranded on the
coast of France.
This was a grievance, not against England but
against France, and it was quite within the bounds
of possibility that our own country's entry into the
arena of conflict might have been through a challenge to Napoleon. But a misguided British Ministry wholly changed this aspect of affairs, when it
retaliated on its continental enemy by formal prohibition of all direct neutral trade with France and
its allies. This action, in the case of continental
ports which were not even claimed to be effectively
blockaded by Great Britain,was as complete violation of the established principles of international law
as was the paper blockade of England by Napoleon;
and since England, not France, was in command
of the ocean highways, that declaration struck far
more disastrously at the prosperous neutral commerce
of America. When our Government insisted on the
absolute illegality of these Orders in Council, the
British Cabinet, as President Madison bitterly
declared in his Message of June 1812 to Congress,
"formally,avowed a determination to persist in them
against the United States until the markets of her
enemy should be laid open to British products."
It needs no great acquaintance with history or
with international law to see at a glance that the
questions at issue in this dispute over neutral trade,
in the Napoleonic period, differed as completely
cm those in controversy, to-day as the spirit with
hich the British statesmen of that day approached
[VOL. loo.
such questions differed from that of the present
Ministry. But it is none the less of high importance,
even under the wholly different position in which
the controversy over neutral cargoes stands to-day,
that the possibility of mutual distrust and misunderstanding should be removed without delay, through
a clear delimitation of its methods and policies in
the matter by the British Government.
HOW UNEMPLOYMENT IS INTENSIFIED.
The Gary Committee, appointed a month ago by
Mayor Mitchell to make an unofficial inquiry into
employment, particularly in and about this city, has
now settled down to work. We may expect that
this committee will do better than by telling us that
unemployment and unrest exist, as the Federal
Commission on Industrial Relations told us, after
many months of solemn waiting and absorbing a
large amount of money taken from tax avails. Replies are coming in from employers to a circular letter
inquiring the number at present employed, the number at this date a year ago, and the expectations of
the persons addressed as to the next few months.
The even continuation of employment, instead of
alternating overwork and no work—this is the desirable aim, but there is no panacea, nor is it possible
to solve quickly a problem which is of long standing,
rooted in defects of human nature and made worse
by continual attempts to interfere with it from the
outside.
To get the workers to the work is at the bottom,
but what if they will not go? The State has dabbled
with the problem of transferring some of the city
idle to the farms, where production is still far below
what it could be and should be, but the great city
is candle to moth. Immigration debouches here,
and a great number of the arriving refuse to move a
step inland. Here also is the plague of a multitude
who work only with their mouths; the sort that call
themselves "the Church of the Social Revolution,"
the I. W. W., and the rest of them, hating work,
scornfully refusing it, demanding to be supported
comfortably and somehow managing to exist on
contributions from workers whom they are able to
deceive. The loiterers who infest the roads in the
pleasant months drift back here during the rough
ones, and while pathetic appeals that cannot be denied come from Europe, the persons who are satisfied to lean and grumble and denounce and refuse to
lift are here in undiminished numbers. To change
their temper, put life into their lazy muscles, and
aptitude into their incapable heads, is apparently
impossible short of applying the law that whoso will
not work shall not eat.
Subject to the difficulty of indisposition and incapacity, something can be done by acting as a sort
of clearing-house between those who want work and
those who want workers; but permanent good can be
wrought if the committee (or any organization or
means) can begin liberating capital and employers.
While the war stimulates some things, it depresses
others, and the worst depressing agency is uncertainty and apprehension about the future. Just
suppose the country had been enjoying sane, careful, "level-headed", economical, and thoroughly
business-like laws and government, and were without cause to fear any other, is it doubtful that the
anxieties and uncertainties of this war state would be
JAN. 21915.]
THE CHRONICLE
far less disturbing than now, when it is cumulative
upon a lot of uncertainties artificially made?
Men need employment. Employment and subsistence begin with production, primarily from the
soil, and that is least interfered with. Carrying
products comes next, and next comes changing them
to more advanced forms, a process still rather clumsily called manufacturing; next follows trading.
These processes are about equal in importance, being links in one great circle. Success is everybody's
desire, but those who win it are attacked as unfair
and presumptively wicked. Wealth is everybody's
longing, but unending clamor and much legislation
tries to take from those who have and redistribute
to those who have not, a process which goes on of
itself naturally. Capital is denounced, employers
are threatened and constrictive laws are thrown at
them, interspersed with more material missiles;
there is an unending attempt to legislate prosperity
and general happiness through official interventions
to step in, seize things, and make them over.
This has become notorious, labor itself being now
the only subject which is left free to organize, and
it has obtained license to take its own methods without legal responsibility. The climax of this course
of meddling is just now about to attempt a beginning of operations. Does all this tend to encourage
employers to enlarge and persuade new employers
to venture? Does it make for increasing employment and the demand for workers? If it does, we
can lay the pleasant unction to our sympathies that
benevolent interventions will work out a cure and
we can wait to see the dawn dragged in. But if,
on the contrary, its inevitable tendency is to make
bad worse or (at best) to prolong it, is not one path
for lessening unemployment entirely plain?
One instrumentality for making employment more
continuous and better distributed will be found when
co-operative trading and production, the employees
being also the owners and employers, becomes general. This is hardly known yet in the United States,
on a large scale, but it is the antithesis of outside
interference with industry and trade, and it has the
special merit of not being swift.
GOVERNMENT INEFFICIENCY IN
INDUSTRIAL OPERATIONS.
It is said that although the matches made by the
French Government under a close monopoly "are
about eight times as dear as any others in the world
and about twenty times as bad" (a generalization
which may be too sweeping, while doubtless correct
in substance), the French people have had no means
of comparison. But now, as one of the war stories,
it is said that large shipments to the front and the
crippling of the Government production by withdrawal of workers have compelled admission of foreign matches to consumption, and while the Government still controls the trade and sells the imported
article at eight times the price in London, "it has not
been able to conceal from the public the fact that it
is possible to make good matches when private capital and industry are embarked in the task." So says
our contemporary, "The Sun."
Now, M.Guyot,in his book on "public ownership"
tells us something of the tobacco and match monopolies of France. At the close of the calendar year
1910 the official figures showed a capital of about
103/2 million francs controlled by the match monopoly, in matches finished or unfinished, materials,
9
buildings, machines and miscellaneous, an apparent
increase of about a half-million francs in the year
and an apparent profit of 303/ millions for the year,
being a considerable increase; but the department was
owing the Treasury 103/ millions, •and the report
showed no trace of allowance for depreciation anywhere. "Profit," in Government parlance, is the
difference between receipts and expenditures, but
as to the consumer it is extortion and misnomer. A
fiscal profit, says M. Guyot, should never be mistaken for an industrial one. As to quantity and
quality, he declares that "matches which will light
are the exception," and that whoever takes the trouble to count finds also a shortage in the quantity
stated on the label.
Tobacco is closely associated with matches. The
monopoly's purchasing agents, prepared by the
Polytechnic Institute, have not had their probity
questioned, but M. Guyot sees no means of testing
or enforcing it, and he avers that "legislators have
yet to discover how to interfere effectively in trading
operations carried on by the State." In "Le Journal" of July 30 1906, a smoker says he sought one
style of cigarette package, then (as unsuccessfully)
another style, then asked the clerk in the luxurious
shop how he happened to be out of the most popular
brands, and was answered that the warehouse does.
not keep in supply, that one day it is one thing, her
is refused and another day it is another, and he does
not know how it will end; customers complain, then
grow angry, but nothing can be done. The article
also declared that the quantity runs short, the quality is defective, and the labels habitually tell untruths. M. Guyot draws this deduction: "Under
conditions of free competition the producer has more
need of the consumer than the consumer of the producer, and it is necessary that the latter give the
former the maximum of service at the minimum of
cost; under monopolistic conditions the consumer is
obliged to submit to the exigencies of the producer."
Those who are urging Government ownership of
the telephone in this country call that a monopoly,
but it is not one in the European sense. A London
daily asks why in this country there are 15 telephones
per thousand of population and only one per thousand in Europe, and replies that the alertness and
enterprise essential to telephone development cannot
be expected of a Government department, for "the
characteristics of the bureaucratic mind and temperament forbid . . . it naturally seeks efficiency through economy,instead ofeconomy through
efficiency . , . its whole constitution prevents
it from proving as enterprising as private initiative,
as prompt to discard obsolete methods and apparatus,
as quick to adopt new inventions, as skilful and aggressive in gathering in new subscribers." "Le
Matin" of Paris, on Jan. 28 1912, sent a man to look
up complaints by the employees of the Government
Printing Office, that they had to work under the
most unsanitary conditions. This investigator said
he saw a capital of several millions in a "useless and
unused supply of new type, piled up only to justify
the employment of too large a number of foundry
workmen"; but he also saw dilapidated printing machines, under constant repair and requiring more outlay for labor and expense than new and modern ones
would need. He saw stereotyping rooms "utterly
barren of the improvements introduced of late years" :
and in the type foundries, "amid the posionous vapors of melted lead, without air and without light,
THE CHRONICLE
10
half-naked men were using processes and equipment
that private industry abandoned a quarter-century
ago."
In our own country, we have a wasteful and inefficient Government undertaking to discover and
punish private inefficiency. The Post Office Department, like other departments, wants to expand,
and it claims to be working at a profit; but it has no
bookkeeping which could stand a test; it allows nothing for such items as depreciation of plant, amortization of debt, and the like; it increases its business
at the expense of common carriers who get no redress and have no way of escape; it has a new uptown
building here, opened only a few months ago, and
now is in doubt whether that will be large enough.
The expenditures on the navy have averaged 100
millions a year for the last sixteen years, yet some
alarmists upon the subject of preparedness tell us
that we have no navy.
The pressure for Government operation and Government ownership (and possibly Government monopoly also) is still active and still defiant of facts.
But to those who are not committed to such a downward course it may be instructive to note that Europe
does not attain economy to the treasury and efficiency to the citizen by stretching the functions of
governing to inordinate lengths. The reasons for
the failure must be rooted in human nature, and that
is universal.
WHY BRITISH FREIGHT RATES ARE HIGHER THAN
AMERICAN.
BUREAU OF RAILWAY NEWS AND STATISTICS,
Chicago, Dec. 30 1914.
To the Editor of the Commercial & Financial Chronicle,
New York, N. Y.:
Dear Sir—In your issue of Dec. 26th, on the authority
of "a high official of one of the leading British lines," my
friend Mr. D. G. Boissevain questions the statements in
the address of Mr. W. C. Van Antwerp before the City
Club of Rochester that American railways—
"do more work for less money than any in the world,"
and that—
"It costs seven mills, on the average, to haul a ton of freight a mile in
America, whereas in England it costs 2.33 cents."
Mr. Boissevain's British friend does not deny these statements but seeks to destroy their force by claiming:
(a) That the percentage of high-class freight to total tonnage is very
much larger on British than on American railways.
(b) That the average freight haul is much longer here than in Great
Britain, consequently the terminal charges are much heavier there than
here.
(c) On British railways goods are collected and delivered from and to
their destination.
These three causes are frequently given as accounting to
a considerable degree for the apparently higher level of British freight rates. Let us examine them seriatim.
(a) British Board of Trade reports for 1912 divide British
railway "goods traffic" into—
Minerals conveyed
General merchandise
Total
Tons.
Per cent.
77.2
401,563,938
22.8
118,715.190
520.279,128
100.0
A like division for the United States in 1913, so far as
reported, was:
Products of mines conveyed
All other freight conveyed
Total
Tons.
910,377,009
779.678.158
Per cent.
53.87
46.13
1,690.055,167
100.00
(b) If all terminal charges were deducted from the British
rate, the ton mile rate would still be double the American
rate. In New South Wales, where they separate the terminal and line charges, the former amounts to one-seventh of
the whole. In Great Britain if this charge amounted to
one-third it would leave the rate 1.56 cents, against .75 cents
in the United States, including the terminal charge.
(c) The "collect and delivery" service on British railways
does not extend to 15% of their tonnage, the remainder being
"station to station" traffic. Moreover, nearly one-half of
the total tonnage is hauled in "owners wagons" or "traders'
trucks," for which the railways receive a regular haulage
[VOL. 100.
rate. This more than offsets the cost of collecting and
delivering.
Generally speaking, the main reason why British railway
freight rates are higher than American is to be found in
their excessive capitalization per mile of $275,000 to our
$64,000, and the small units in which freight is moved.
Mr. Van Antwerp was well within the mark when he said
that American railways "do more work for less money than
any (railways) in the world."
SLASON THOMPSON.
FUTURE BANKING PROBLEMS WITH REFERENCE
TO THE EUROPEAN WAR.*
It is folly for anyone, at this stage, to estimate the effect of the war upon
American business and American financial conditions. From the few illustrative facts which I have set forth above, it is apparent that the duration
of the war and the extent of its devastation will to a large degree determine
the effect of the conflict upon us. It has been apparent to every one that
the duration of the struggle will directly affect its cost. The greater the
cost, the larger the sacrifices which must be made, and the larger these
sacrifices, the more profound will be the effect of the war upon neutral
nations. We must bear in mind that the ability of the nations of Europe
to bear the financial burdens of the war depends upon the extent to which
their territory is ravaged and their lands, buildings and public works destroyed.
The governmental expenditures of the war, in so far as intelligent estimates can be made at this time, are running at the rate of $20,000,000,000
a year. The investments in new securities by the people of the countries
at war have heretofore been at the rate of about $4,000,000,000 per year.
Even making all allowances for the diversion of capital from manufacturing
Industries to war loans and the results of unparalleled economies, it is apparent that the struggle is running far ahead of the normal rate of investment in times of peace, when business is going on and profits are being made
by the belligerent nations. It is this disparity between saving power and
direct and indirect expenditures which has given rise to the ever-present
dread of an enormous liquidation of American securities.
There seems to be a persistent tendency to [minimize and underestimate
the foreign holdings of American securities. I have seen no newspaper or
magazine which openly expresses doubt as to the extent of these foreign
holdings, support its conclusions by reference to the painstaking official
and unofficial studies of this subject made by foreign governments and by
financial experts in times of peace. And yet every student of finance ought
to be familiar with such a study as that made by Sir George Paish for our
National Monetary Commission in 1909, if not with the original sources
from which he drew his information. Five years ago, Sir George, in his
scholarly study "The Trade Balance of the United States," declared:
"Great Britain possesses about $3,500,000,000 of American securities.
* * * The French investments in the United States, Including the Pennsylvania Railroad and other loans placed in Paris since 1902, amount to
nearly 2,500,000.000 francs, or $500,000,000. * * * German bankers
place the amount of German investments in American securities at about
$1.000,000.000. The amount of Dutch capital in the United States is
about $750,000,000. American securities are also held by Belgium, Switzerland and other countries. In the aggregate, the amount of European
capital invested in permanent securities in the United States is approximately $6.000,000,000."
We must bear in mind, moreover, that the indirect effect of English holdings of securities of corporations on the North American continent may be
very profound. The General Manager of the Bank of Montreal, in his address to the stockholders at the annual meeting held on Dec. 7, declared
that British investors had, for a considerable period, been placing on the
average $25,000,000 per month in Canada. Such investments had ceased
with the outbreak of the war, and as he remarked, "This monetary deprivation, coupled with the necessity of using her earnings and income for
the purpose of paying Great Britain interest on our indebtedness of $2.800.000,000 to London, has brought home to us the extent to which the
London money market and the British investor have been our friends,indeed,
our partners, in what might be termed this colossal Canadian enterprise."
Continuing, he throws an interesting but thus far little-noticed side light
upon the effect of this sudden change upon the foreign trade of Canada and
In fact of South America and all relatively undeveloped countries. He
well states that "The trade situation we are now facing is that, owing to our
present inability to borrow by public process in the London market, we
seemingly must limit our imports to the approximate volume we are able
to pay for in exports, or we must borrow elsewhere: that is, in the natural
assumption that we wish to avoid reducing our cash capital. There Is an
alternative,for it will be obvious to the most unitiated that if our good neighbors in the United States desire us to purchase from them in anything approaching the volume of the past, they must, at least during the war, while
the London market for public flotations is closed, provide us with the
wherewithal in the shape of loans to our principal public borrowers. If
they adopt this course, and a commencement has already been made, it
will be clearly advantageous to them and to Canada."
Thus it would appear that, at a time when we ourselves are fearful of
having to repurchase securities from England, our Canadian and perhaps
also our South American neighbors, are looking to us to maintain our foreign trade with them, in a measure taking the place which England has
heretofore held, by Investing money in their enterprises.
Those little versed in financial matters believed that foreign liquidation
would come suddenly, in a day or a week, and that for this reason the exchanges could not be opened. The fact that the opening of our stock exchanges has not brought out a deluge of securities, such as overwhelmed
them in the last days of July, is taken by some people as a proof that no
liquidation will occur. Both assumptions are contrary to good sense and
to the normal operations of finance. The tremendous outpouring of securities which became so embarrassing a few hours before the outbreak of
the European struggle was the result of an entirely different situation tnan
that which prevails at the present time. A good deal of it was the work of
speculators, who had been carrying margin accounts and who, becoming
frightened at the war clouds overhanging Europe, decided to seek safety.
A large share of it was prompted by the desire of foreign financial institutions and commercial interests to make preparation for the storm which had
so suddenly brewed. It was apparent if war should come that a period of
isolation, uncertainty and ruin would follow. Farsighted financiers
thought that a credit balance in the United States would be of assistance
• Address of Thomas Conway Jr.. Professor of Finance, University of
Pennsylvania, before the American Association for the Advancement of
Science, Philadelphia, Dec. 29 1914.
JAN. 2 1915.]
THE CHRONICLE
11
both in settling transactions already entered into, and in connection with the trade balance is running heavily in our favor, and that if present tenfuture problems, after present-day obligations had been handled. The dencies continue the balance of trade in favor of the United States will run
Bank of England was caught unprepared. Its gold reserve was dangerously some $200,000,000 higher than in ordinary years. This is in part due to the
low, compared with the burden which it must suddenly assume. Gold, in- prostration of European manufacturing industries, which has led to a restead of coming to it, was being withdrawn, and it was evident that drastic duction in our imports, and is in part the result of increasing exports of foodsteps for the replenishment of the gold stock were necessary. Thus we had stuffs and certain classes of manufactured goods, the demand for which has
general moratoria and the calling of short-time loans which American bank- been stimulated by the war.
We must bear in mind that the United States, being a debtor nation.
ers have habitually made during the summer against credits to be built up
through the sale of cotton and grain during the fall, and which normally must normally have a surplus of merchandise exports over imports, if the
amounted to $400,000,000 and upwards at the end of July. The clearing exportation of gold is to be avoided. Estimates by leading authorities on
up of this current borrowing has really been the object of the financial re- foreign trade and foreign exchange agree that this excess of merchandise
exports over imports must range somewhere between $400,000,000 and
adjustments of the last few months.
The editors of the "Commercial and Financial Chronicle" and of a few $600,000,000 in order that we may be able to square our accounts without
other publications have performed a notable service in pointing out the the shipment of the precious metals. This excess of merchandise exports,
unfairness of England's position with reference to this current indebtedness. whatever may be the correct figure, is needed to enable us to pay interest
-declared stay-law—postpon- and dividends on foreign security holdings of from $200,000.000 to $300.Shielding herself behind a moratorium—a self
ing indebtedness without regard to the necessities or the desires of her cred- 000,000; the expenditures of our tourists abroad, estimated at $150,000,000
itors, and at the same time demanding of us the repayment of our obligations to $200,000,000; the remittances by Americans to friends and relatives in
on the day when due, and in gold, she has, to a large degree, emphasized European countries, estimated at $100,000,000 to $150,000,000; and payand intensified the disorganization which the war would cause. and has, ments to foreign shipowners for freight, estimated at $20,000,000 to $40.by this purely arbitrary and one-sided arrangement, drawn from us prac- 000,000. With our merchandise exports running above normal and our
tically all of the gold with which the position of the Bank of England has mports running considerably below normal, with a likelihood that tourist
been bolstered up. I wish to reassert, in the strongest possible terms, the expenditures during the coming year will practically disappear; and with
very wise position which these authorities have taken, that we must not the encouraging news that remittances in the past few months by persons
play a maudlin and uncertain part with reference to the further exportation in this country to friends and relatives abroad have materially decreased.
of gold. Our financial system Is undergoing a radical change—a long-de- It seems altogether probable that we will have a real excess balance in the
layed readjustment—and it is suicidal for us, as a nation, to so manage our neighborhood of $300,000,000 a year, which can be used for the re-purchase
affairs that we will be forced to continue to ship abroad additional amounts of American securities.
As the war develops and the need of foreign nations for munitions and
of gold.
Now that our current indebtedness has been satisfactorily adjusted, the supplies increases, due to the exhaustion of stores accumulated in peacefu
only likelihood of a further withdrawal of gold will come from a liquidation times, it is reasonable to presume that our exports of merchandise may still
of securities. Having postponed the opening of our stock exchanges until further increase, and that our ability to absorb foreign-held securities will
this current indebtedness was adjusted, it is reasonable to conclude that correspondingly grow. There is no more reason why it would be wise for
this fear of a wholesale liquidation has been very much exaggerated and that, us to demand the return of gold for our credit balances, than it would be
as a continuing menace, it has been unduly magnified. I am confident for Europe to continue to draw upon our store of gold.
If we are correct that our commercial balance of trade is satisfactory,
that if the stock exchanges and banks co-operate in an intelligent and unselfish manner, foreign liquidation can be controlled according to our de- there only remains for consideration the possibility of achieving the ideal
sires and convenience. If it becomes known abroad that it is the unalter- of controlling foreign liquidation in American securities upon our own terms,
able decision of American bankers that they will not enter upon or continue rather than upon theirs. I believe that this is possible, and may be acin any enterprise which involves the exportation of additional sums of gold, complished, provided there is the proper degree of co-operation on the part
of the stock exchange interests, our bankers and our corporations. We must
the greatest danger through foreign liquidation will have passed.
Broadly speaking, the only gain which foreign interests can achieve from bear in mind that our stock exchanges are working on a basis of minimum
selling American securities is either to obtain gold from us, with which to prices. We have already seen, in a modified form, the efficacy of this depurchase In some other market, or in order to build up a credit balance in vice. A heavy selling movement will force a stock down to the minimum
this country, against which they may draw in payment for merchandjse, price, as, for example, was the case on two days of last week with Steel
foodstuffs and munitions of war bought from American manufacturers or common. When this occurs, selling ceases or must be limited to the ability
exporters. When we shut the door on gold exportation—and It is possible of the market to absorb the stock at the minimum price. In other words,
to do so—then we have nothing to fear from the sale of American securities, the buying movement determines the amount which shall be sold. The
In order that funds may be secured to purchase American commodities. seller cannot offer his stock at lower prices and force the financial interests,
We will be selling commodities at our own price—at a good profit—and in self-defence, to purchase. It is altogether likely that from time to time
buying securities, representing ownership in properties untouched by the minimum prices may be readjusted, some advanced and others lowered.
war, at bargain prices. We have everything to gain and nothing to lose. The existence of minimum prices will be of the greatest advantage in controlling unwelcome liquidation. Should additional checks be found necesproviding we, as a nation, can regulate the extent of the transaction.
Perhaps there are some who will feel that this is a selfish position for us sary, they can be speedily devised and applied. Stock exchange members
to take. There has been a great deal of misapprehension concerning the could be required, for example, to guarantee that securities sold by them
ethics which should determine our position with reference tore-purchasing are not for the account of citizens of belligerent nations, that at the time
securities owned by foreign investors. In so far as this misapprehension is of sale the brokers actually possess or control the securities (which can be
the result of overwrought sympathy for this or that belligerent, no comment made effective by requiring the broker to give the numbers of the stock ceris necessary, but so much of it as proceeds from an honest and sane misap- tificates or the bonds at the time of the sale). Most of these devices will be
prehension warrants respect and attention. We must remember that the tried in London within the next few days.
When it becomes certain, as it should speedily appear, that the fear of
foreign holdings of American securities represent the accumulation half of
a century To ask us to re-purchase the securities which we have sold dur- uncontrollable liquidation of American securities is groundless, so long as
ing fifty years in one year, much less in a day or a month, is preposterous. we manage our affairs with intelligence, the investment situation in this
A considerable part of the difficulty which many people experience is the country will rapidly improve. It is idle to presume that the amount of
result of fundamental misapprehension as to the nature of these securities. money available for investment in new issues of American securities will be
They do not distinguish between securities and money. No one will dis- as great as heretofore. It is altogether likely that the amount of European
pute that if foreign investors held a large amount of American paper money, capital in this country, entirely aside from the re-sale of securities to us,
that this must be redeemed upon demand, no matter what sacrifices this will markedly decrease. It is estimated that the outstanding funded obliwould entail. The essential characteristic of paper money is that it shall gations of the leading railway and industrial corporations of this country
be redeemed without question upon demand, but paper money and securi- that must be met at various dates throughout the next three years are
ties are entirely different. The first is a call for a standard dollar—that $1,241,573,536, of which $764,424,289, or more than one-half, is due in
is, gold; the second is a certificate of proportionate interest in either the 1915. Our first task is to make provision for refunding or extending these
mortgage on a property, or in the ownership of that property, as the case maturing obligations. A certain percentage, no one seems to know how
may be.
much—although the percentage is probably comparatively small, are held
No one would ask that an American householder should repay the mort- by foreign investors. It is altogether likely that part of the liquidation,
by its terms, was not due for some years, sim- so much feared, will consist in a demand for the re-payment of these obligage upon his home, which,
ply because the English holder of the mortgage suddenly decided that he gations as they mature. Most of them were sold at a price below par.
wanted his money to assist his government in prosecuring the war. No one The issuing corporations are obliged to redeem them at par. It is obviously
would contend that it was the duty of the ranch owners of Texas, for ex- more advantageous to demand the re-payment of these securities at par
ample. to re-purchase a ranch owned by British interests, solely because than to sell us other securities at prices much below par. We have alof the problems which the war brought to the foreign owners, and yet this ready seen something of the working out of this proposition in the recent
is exactly the position which they take with reference to the stocks and bonds refunding of the City of New York's obligations, where this tendency was
of our American corporations. The foreign security-holder is either a cred- strikingly apparent.
itor or a partner in our enterprises. He has gone Into them with the exIt may be remarked in passing that as the war progresses and the finanpectation of profit, and with the assurance that his money is safe. We cial exhaustion of the belligerents becomes more marked, the danger of
have done nothing to endanger the safety of his investment, and whatever liquidation will steadily increase. As some one said, the belligerents of
unfavorable features may have developed concerning the profits of the en- Europe have passed through the honeymoon stage of their war financing.
terprise, rise largely out of the war, which we have not caused and from The Bank of France, without any increase in its gold reserve, has expanded
which we are an innocent sufferer.
Its note issue 3,300,000,000 francs—roughly the amount of its advances to
There is no moral obligation on our part to re-purchase these securities. the French Government. There has been a tremendous expansion both
Such a contention proceeds upon the assumption that we have made an In note issues and in the deposit credit structure of the Bank of England,
enormous call loan in Europe, and that it is understood upon both sides the Imperial Bank of Germany, in Russia and in the Netherlands. The
that Europe may and will call for its re-payment whenever home conditions situation is feverish, to say the least. It behooves us to proceed with caumake it advisable. Such a contention is utter folly. American financiers tion, to maintain our insular position, not only in a political but in a finanwould never have entered into such an arrangement, and had then been so cial sense; to keep our own needs and interests always in the forefront.
foolish as to make such enornous call loans, they would have demanded the The longer the struggle the greater the tendency of a financial cataclysm,
rate of interest which properly attaches to such a class of loans. The plain and even though the world succeeds in avoiding this added misfortune,while
truth of the matter is, that Europe has never regarded these investments as the war continues, the financial problems of peace have many times proved
call loans. They were made because of the attractive rates of interest more difficult of solution than those of financing the struggle.
which they offered—from 50 to 100 per cent higher than the rates which
could be commanded for call loans. Our European friends have made the
THE ECONOMIC SIGNIFICANCE OF THE EUROPEAN
extra profit of a permanent investment, and they must now abide by their
choice and convert their investment into liquid funds at our pleasure and
WAR.*
Enormous are the costs caused by this gigantic struggle for enhancement
not theirs.
If we agre as to the ideal and purpose which should be followed with ref- of political and economical power. Comparisons in this respect with
erence to our financial relations with Europe, let us see to what extent this earlier wars are impossible. For the modern war is entirely different from
Ideal can be achieved. In the beginning there is nothing mysterious or those previously fought, and brings to the front many problems which
magical about the entire situation. So long as Europe does business ac- never before in the world's history had to be solved. Although It is too
cording to the terms of her contracts with us,rather than postponing pay- early yet to arrive at definite conclusions about the economic importance
ment by moratoria, most of which have now happily ended, there is no of this war, certain observations bearing upon this subject may be made.
reason to fear a further and considerable exportation of gold, in so far as
A translation of an article from the pen of Prof. C. A. Verrijn Stuart.
the purchase and sale of commodities are concerned. On the contrary, the
likelihood is that, aside from the securities problem, the movement of gold appearing in "De Economist," a Dutch monthly. Prof. Stuart occupies
would tend in the opposite direction. Incomplete trade statistics show that the Chair of Economics at the University of Groningen (Holland),
12
THE CHRONICLE
[Vol.. 100.
In view of the tremendous slump in Stock Exchange securities, it must be
The last cause of lessened productivity lies in the temporary standstill of
said that the depreciation of such Stock Exchange securities, although our credit relations. Credit surely is no capital. Credit Is only a postruinous for those who are compelled to sell at the prevailing low prices, does ponement of counter-service. This explains why the breakdown of credit
not constitute a loss of capital, if viewed from a broad social standpoint, means the immediate calling in of what would have been quitted from
If this loss continues, it will undoubtedly be a measure indicating the extent the fruits of later labor, and to that extent—unless the credits so paid are
of the impairment of credit of the several States engaged in this war and immediately productively re-invested, which in the hard times through
of the lessened productivity of certain minor branches of our industrial life, which we are passing is often impossible, and in many instances not desired
The increase in the interest rates which may be expected will undoubtedly —there is accelerated consumption: on the other hand, it means contracexercise, for the present at least, a marked influence on the quotations tion of industrial production, which, as we know, largely works for the
of securities and other interest-bearing paper,and this in turn will depress future consumption.
their capital value. But in the first instance, that of the slump in Stock
Credit may not be capital. It nevertheless is performing an excellent
Exchange values, we have to do with a displacement of available wealth, service in our system of production, especially in those cases where it brings
having no bearing on its size. The pressure for cash, so inherent in every together the maker of capital with the consumer thereof, making it possible
crisis,and the distrust in the solvability of debtors,no matter whether they that small savings, which on their own account barely could command a
are States, companies or private individuals, which manifests itself at the productive destination, through their aggregation, are being made available
outbreak of every war, only modified the exchange ratio of securities for such productive use, and thereby encourages and stimulates saving in
(evidences of credit given) and of merchandise on the one hand and of money more than one way. In this manner credit lends a helping hand to the
on the other. Who possesses the latter will be able to acquire the first at creation of capital. It also points out to capital the roads along which it
a low price, and as soon as the panic is over, and things take on their can fulfil most usefully its economic function.
normal proportions, he will be as much richer as the seller is poorer. In
In our modern life there are few industries, and surely no large ones,
this case profit and loss,from a social standpoint,are balancing one another, which do not depend to larger or smaller extent on credit for their undisOne has to be extremely careful, therefore, not to construe a change in turbed continuation. If, therefore, credit is suddenly withdrawn in such a
the money value of real estate, securities or whatever, occurring in these most confusing manner as was the case in the first few weeks of the war, inperiods of unsettlement, as a change of our material wealth. Such a dustrial life receives a shock which not only temporarily prevents its
change can undoubtedly be caused by a change of the money value. But expansion, but in addition has a deathly effect on several enterprises. In
whether or not this is really the case will have to be investigated in each this dual capacity this constitutes, as viewed from a social standpoint, an
particular instance. All fluctuations in prices as such do not teach us or enormous falling off in general productivity.
reveal anything in this regard. It is, nevertheless, an undisputable fact
True, there have been large increases in the loans and discounts of the inthat war brings about a decided change In many fundamental conditions. ternational banks of issue, but the lion's share of this increase does not
It causes a sudden removal of a large part of the productive powers in the represent an expansion of credit extended, but merely a displacement of it.
direction of the acquirement of products of an ideal nature, such as, for in
Let us warn, however, against too much pessimism. If the Stock
stance, the defense of national honor, the maintenance or enhancement Exchanges will soon open their doors, undoubtedly a number of insolvenof power, or security of own neutrality. Every effort to satisfy want, cies will occur, but let us not fail to see that the productive importance
leaving a credit balance above the sacrifices made, constitutes production, of the credit playing a role in these insolvencies is much smaller than we
I, therefore, do not see why the gigantic exertion of the peoples to realize are sometimes Inclined to imagine. The cause of these collapses in most
these aims should necessarily be called an unproductive action. We do cases lies in speculative activities, based on small margins. One of the
not deny that it is such for those who lose, but it is certainly not so for those parties to this gambling game has to lose sooner or later. But when
who win,
this loss occurs, it does not impair social capital. It is only a displacement
From whatever angle we look at this subject, however, an instantaneous again. If Jones and Brown play a "head-you-win, tails-you-lose" game,it
lessening of production is in evidence. A falling off in productivity of the is an entirely indifferent matter for society whether the former or the latter
common industrial pursuits is felt immediately upon the outbreak of the Is the lucky winner. From a social viewpoint this gambling is only harmwar, and this inevitably creates changes, not only in the form of Indus- ful in so far as it encourages the desire to enrich one-self without labor,
trial life, but also in the division basis of its income, with which latter leaving unemployed thereby, productive energy which otherwise could
subject we deal later,
have been so usefully applied.
A number of causes of this falling off in productivity may be enumerated.
In all these respects war causes a lessening of social productivity, and
One of them consists of the forced and sudden diversion of productive this falling off in an economical sense can be called the cost of the war.
energy in a certain direction, coupled with an equally forced and sudden This lessened productivity affects the purchasing power of large numbers
withdrawal of this energy from those branches of industrial life where it of the community with its cumulative effect throughout many ranks of
had been previously employed. There will boa sudden shortage oflaborers society.
The question how long this condition of affairs can last will not be
and also of a tremendous number of horses, mules, etc.
In the case of warfare the consequences of this sudden displacement are touched upon in this discussion. Only the very general remark may be
because the aim of it is certainly not the acquisition made that if one of the belligerents cannot be deprived of the essential conthe more severe
of merchantable goods, but of immaterial things, as heretofore indicated. siimptive articles he needs, the war will last much longer than one is inThe latter, however extremely valuable they might be for the countries in- dined to believe.
volved, are, nevertheless, devoid of any value in the international exchange.
Will there soon be a return to normal conditions after this war Is over?
However, large Part of the deficiency of productive forces is soon made To answer this weighty question adequately, it must be remembered that
up. There always is a good deal of productive power unused and latent, the terrible violence of the storm undoubtedly demolishes much that was
which, just in circumstances like these, becomes active. The inexpert weak and of ramshackle construction before the hurricane cut out its path.
help given in harvesting is one example of what we have in mind. But aside In this regard the community will stand stronger when the war is over. But
from the insufficient efficiency of these hands, the sacrifice of human beings if we have correctly stated above the several causes of lessened productivity,
and the destruction of capital on a huge scale will be translated into a which we have called the real cost of the war, it must be plain that among
essened productivity to be felt not only during the war but long thereafter. them there are a good many,the after-effect of which will be felt a very long
No matter how large the number of industrial accidents, or the loss of life while.
In casual epidemics might be, they fall into insignificance as compared with
Who, for instance, can say how many young geniuses from whom could
the enormous destruction of human life caused by war,a destruction which is have been expected great things, will find an untimely grave in this abhorthe more ravaging in its economic bearing because it takes away our men, rent war? And the hatred and bitterness caused by this war will long •
just in the most productive stage of their lives,
be felt afterwards. Existing trade relations will be permanently broken
Coupled with these hecatombs of young lives, we also have an enormous and new ones will be sought for and ultimately established. If it is true
destruction of capital as is represented by destroyed bridges, buildings, that our economic life tries to develop along the lines of the least resistance,
ships sent to the bottom of the oceans, trampled harvests, demolished the aftermath of the war certainly means an aggravation of the conditions,
forests, killed horses, and so forth. In some cases a compensation is being which industrial life in the future has to take into account. The general
given to the owners of the properties so destroyed. but It is plain that in costs of production will most likely increase.
the last instance the important question is not who has first suffered the
The dire consequences of the destruction of capital, the decreased crealoss, but who is ultimately carrying it?
tion of capital,and the smaller earning power; will no doubt be felt during
the remark may also be made that if an enhancement a long time. It is true, indeed, that also in economic life, action and
In this connection
of the level of general culture can be considered as conducive to s social' reaction soon create an equilibrium, and we have seen time and again
economic development, and consequently possesses productive value, the confidence revive quite rapidly. But this revival, when it comes, brings
savagery which is caused by all wars must certainly mean a weakening of inevitably with it an increased demand for capital. This situation is more
the productive power of the people. Moreover, those who, after the or less aggravated by the fact that the governments of a large number of
battles are fought and peace reigns supreme in the lands, enter again the countries will make an appeal to the savings of their inhabitants in order
ranks of their usual productive occupations, are surely less useful than they to take care of the uncovered expenses of the struggle, which undoubtedly
were before war called them away from their homesteads. The quick and will be large, no matter what permanent financing might have been done
admirable recuperation of France, after the FrancoPrusSian War of while the war is being waged.
1870-71, is a forceful reminder, however, of the fact that lessened produc.,
Whatever we might notice during the war in the way of a plethora of
tivity along the lines as above indicated can be largely offset by increased money, it is plain that, after peace will be concuded, there will be an inexertion on the part of the other units of the population, especially of the creased demand for capital, alongside of a diminished supply of it. This
nations which are defeated,
touches a subject harboring very serious dangers, upon which we might
While the war lasts there also is an expansion of consumption in many dwell here. It is plain that the change of the capital markets must mean a
directions. The men under arms cost a good deal more for clothing and modification of the mutual value relation between the two main factors of
meals than If they remained at work. Not only their consumption is production, capital and labor, creating inevitably a change in the division
larger, but also the prices to be paid for commodities are usually much in level of the social income. Capital means demand for labor, and if the
excess of normal. There is, furthermore, an increase in the use of equip- former becomes scarce the latter becomes conversely, viz.: in the relation
ment and a gigantic consumption of ammunition. There certainly is to the demand, abundant. The interest level increased, while wages
a falling off in the consumptive needs of those who become unemployed slump, creating a condition which becomes more critical if soon all the
on account of the war, but at the same time these people, by being withont media of circulation new withdrawn from circulation come out of the hiding
work, do not add to the production of wares, and consequently the chanees places where they were hoarded: and furthermore, the circulation itself, as
are that consumption does not keep pace with production,
a result of the new money which has been coined and the evidences of money
Although the increased consumption on this account increases the profits which have been printed, will depreciate in intrinsic value. A lowering of
of those who are fortunate enough to sell their manufactures to the army money wages seems,to my mind,very plausible, and this decrease, coupled
authorities, in so far as these sales are not the outcome of increased pro- with an increase in the prices of commodities ass result of the expected infladuction, the enhanced prosperity they evolve means,in spite of all outward tion, will place a heavy burden on the shoulders of the laboring classes.
appearances to the contrary a social impoverishment. However, to an I therefore fear that we stand at the beginning of a period which will be
extent at least, this is compensated again by exercised economy, not only marked by much labor unrest.
This condition luckily creates its own corrective. For lower wages
of official bodies but also of those who remained at home. Lack of employment has much to do in shaping conditions that way.
make it possible that certain enterprises which could not have been underAn important lessening of industrial activity is also caused by the taken before on account of the dearth of their construction can now be cartremendous contraction, which, in some cases, amounts to an absolute ried out, and this, in turn, will increase the demand for labor and stimulate
standstill, of international traffic, and in no less degree of domestic trans- employment.
portation. A good deal of the unemployment of productive hands is due
One must become fully conscious of the fact that the recuperation of the
simply to the impossibility of getting the needed raw materials transported upset industrial conditions is only possible by passing through a period
within the reach of the factories, compelling the shutdown of the latter, of transition during which capital will receive a larger and labor a 'smaller
although they have many orders on their books. This falling off in transthan heretofore.
portation is by no means made good by the Increase of military traffic. On compensation
It Is foolish to blame the egotism of the capitalists for this increase in
the contrary, It causes a decrease in purchasing power and limits in large
the Interest level. We are inclined to believe that the egotism of the
degree the accumulation of capital.
JAN. 21915.1
THE CHRONICLE
social groups as a factor in social life is of an equal quantity. Nevertheless,
• the extent of the compensation changes continually according to place and
time. And the coming years will furnish us with striking examples of this
economic truth.
To shut our eyes to these facts, or to fight them pugnaciously, can have
no other effect than that those which are harmful for the wage-earners
themselves in the first place, while it unavoidably lengthens the period
of transition leading to the more desirable conditions.
But simultaneously and alongside of the decrease in wages, the forming
of new capital must be the means to draw out new demand for labor, so
as to make possible in due course an increase in wages again. The only
means to create this new capital so imperatively needed is saving.
Also in this respect the old error is being propounded in certain quarters
that spending money or luxuries means the bringing of money into the
people's pockets, and increases the general prosperity, while saving increases
only the income of the individual saver. Although warning against
excesses and sudden changes in the saving moods, it must, notwithstanding
all assertions to the contrary, be said, that those who will deny themselves
all luxuries, in times as those through which we are passing and which are
before us, will act in the best interests of the community.
As much as for the private individual the need for food, generally speaking, is more essential than that of attaining extreme of taste in dress, as
much is the interest of society best served by filling the necessary wants of a
higher rank, first and foremost, rather than to cater to knicknacks and
moving picture joys.
Spending money for luxuries is paying for a fleeting joy, which, in so far
as the payment of wages and interest entering into the transaction is
concerned, will soon be consumed, thereby giving at the very best a permanent productive destination to only a small part of the money. Saving
money,on the other hand,and this means investing it, represents a payment
in a pro rata part-form for what, for instance, in the shape of a factory or
an improvement of transportation, will perform a long service in the great
struggle for the attainment of higher prosperity.
It is, therefore, the duty of all who are able to do so, to contribute their
proportionate share in the forming of such new capital.
NEW YORK CITY LOAN PROFITS.
On Dec. 30 the 124 New York banks participating in the
underwriting syndicate formed to purchase $100,000,000
New York City short-term bonds and to undertake the payment of foreign indebtedness of the city, received from J. P.
Morgan & Co. and Kuhn, Loeb & Co., the syndicate managers, their proportion of the profits realized on the transaction. The amount distributed was $1,604,878, and represents the full 2% profit on 0,243,941 of syndicate subscriptions set aside for the payment of the foreign indebtedness of
the city. The city will receive as its share of the profits
between $400,000 and $500,000, the exact amount to be
known after Jan. 1, when a full account of the entire transaction will be rendered.
Under the contract made by the city and the bankers
early in September, the city agreed to furnish out of the proceeds of $100,000,000 notes such funds necessary to pay all
loans maturing abroad at the rate of $5 035 for each pound
sterling and 20 cents for each franc. For its services in
effecting the payment of the city's obligations, thesyndicate
was entitled to the profits which might be realized by securing exchange at rates less than those allowed by the city;
but in no event was the net profit retained by the syndicate
to exceed 2% and any saving in excess of such 2% was to be
paid to the city. If, however, by reason of an advance in
exchange, a loss should result, such loss, it was agreed, was
to be borne exclusively by the syndicate. The notes sold
by the city were taken at par by the syndicate, and were resold to the public at the same price, so it will be seen that
the profit made by the syndicate on the exchange transactions was the only one possible under the agreement. On
the other hand, the syndicate took the full risk of a possible
loss on the exchange operations, the exchange market being
in a highly uncertain condition at the time.
When the payment of the loans maturing abroad commenced, it was necessary for the syndicate managers to ship
gold to Ottawa for the credit of the Bank of England, but
as the rate of exchange dropped this necessity grew less and
finally disappeared. the payments being made by forwarding
exchange to London and Paris. The amount of gold shipped
was $35,264,636, the rest of the $80,243,941 being met with
exchange.
Comptroller Prendergast, who made the contract on behalf of the city, said Dec. 30:
"The city expects to receive to-morrow from the syndicate
managers an accounting of the operations of the$100,000,000
loan. While the definite figures are not available to-day,
I am justified in believing from the estimates made thus far
that there will be a credit to the city of at least $450,000.
It will be remembered that under the terms of the contract
the city's foreign obligations in pounds sterling were to be
liquidated at the rate of $5 035, and 5 francs to the dollar.
Everything that has happened since that time has confirmed
my belief in the splendid service that was rendered to the
city by the syndicate managers and the banks, and also justified beyond any question the making of the contract.
Pa."It was understood that in the liquidation of the city's
foreign indebtedness it would, of course, derive every possible benefit from changes in the exchange market. As time
13
went on,thesechanges manifested themselves and fortunately
they were all in the city's interest. The difference in the
rates at which the city agreed to discharge its foreign obligations and those at which it was possible to secure exchange
facilities accounts for the credit -which is now coming to the
city."
THE COTTON LOAN FUND.
Formal subscriptions received to date by the Cotton
Loan Committee brings the total in hand up to $96,593,600,
with the prospect of the entire amount being received within
a day or so. The Committee announced last Saturday
that the first application for a loan had been received from
banks in the State of Alabama on that day and later a second
application, also from the same source. Neither of these
can be acted upon as the formal subscriptions for the entire
$100,000,000 have not been received as yet. Following is
the announcement made last Saturday by the Committee:
The first loan application to the Cotton Loan Fund has been received
to-day from the State of Alabama. Owing to the fact that the entire
$100,000,000 of signed class A subscriptions have not been received as yet.
the committee will be unable to act upon the application to-day, but hopes
to do so the first of next week.
Subscriptions to the class A certificates have been received to-day from
Kansas City and Baltimore, totaling approximately $4.500,000, making
the total received to date $95,000,000. The committee has been advised that signed subscriptions for approximately 32,500,000 are in transit
from San Francisco, Minneapolis and Richmond. It will be necessary
to hear from Louisville and Pittsburgh before the $100,000,000 fund can
be completed and the committee placed in a position to act upon any applications that may be received.
RATE SCALES FILED BY EASTERN ROADS.
C. C. McCain, Chairman of the Trunk Line Association
Committee, it is reported, on December 28 submitted to the
Inter-State Commerce Commission the scales of rates to be
used in making the general increase in class rates granted to
the Eastern roads by the Inter-State Commerce Commission
on December 18 last. To points intermediate between
New York and Chicago, taking 71% and higher of the New
York-Chicago class rates, the new tariffs will become effective
on January 15, and to points taking a lower percentage of
the rates, they will become effective February 1. The
following facts have been published in the newspapers:
The first class rate between New York and Chicago will be 76.8 cents a
hundred pounds and the other five classes will be graded proportionately
lower.
From New York to points taking 60% of the rates, the charges on the
various classes per hundred pounds will be as follows: First class, 47.3
cents: second, 41c.: third, 31.5c.; fourth. 22.1c.; fifth, 18.9c.; and sixth.
15.8c.
To the same destinations, the rates from Philadelphia will be six cents a
hundred pounds lower on first class traffic and about the same amount
lower on other classes; and from Baltimore about two cents lower than the
Philadelphia rates.
From Boston the rates will be five cents a hundred higher than from
New York, while from Albany. N. Y., they will be the same as from
Philadelphia. From Syracuse and Rochester, N. Y. they will be 3.5
cents below the Philadelphia and Albany rates.
To Canadian destinations the first class rate from New York will range
from 59.9 cents to 78.8 cents a hundred pounds and it will be the same
from Philadelphia and Baltimore. From Albany to Canadian points the
first class rate will range from 44.1 cents to 63 cents, and from Syracuse
and Rochester from 41.9 to 55.2 cents.
The tariffs provide that from New York to all Canadian points via the
People's Line steamers and rail via Rouses Point, N. Y., not less than
standard all-rail rates shall apply.
To points taking higher than 78% of the class rates on traffic moving
by way of Long Island Bound, New London, Conn., or Boston, Mass., or
Portland, Me., a differential eight cents a hundred pounds lower than the
standard all-rail rate is established, with proportionately lower differentials on other classes.
FURTHER PRECAUTIONS IN PAYMENT OF
AUSTRIAN NOTES.
Supplementing the announcement last week to the effect
that the 43/% notes of Austria-Hungary due Jan. 1 would
not be redeemed if held by Austria's enemies, nor unless the
notes were accompanied by affidavits setting forth that they
had not been purchased from such holders subsequent to
Dec. 22, Dr. Constantin Dumba, the Austro-Hungarian
Ambassador to the United States announced on the 29th ult.
that further assurances would be required by Austria-Hungary that the money paid to redeem the notes would not, in
any manner, be diverted to citizens of countries with which
she is at war.
The further assurances required are that no alien enemy
has any interest whatever in such notes presented for redemption; and that where the notes have been acquired by
present holders since Aug. 13 last, shortly after Austria went
to war, they have been actually purchased and are not
presented for redemption on account of their former owners.
Affidavits to this effect, it is stated, must be attached to the
notes.
14
THE CHRONICLE
DAY OF PRAYER IN CANADA .FOR PEACE.
A proclamation setting aside to-morrow (Jan. 3) as a day
of prayer in Canada for "a speedy and favorable peace"
was issued as follows on Dec. 5:
CANADA.
George the Fifth, by the Grace of God, of the United Kingdom of Great
Britain and Ireland and of the British Dominions beyond the seas King,
Defender of the Faith, Emperor of India.
To all to whom these presents shall come, or whom the same may in any wise
concern. Greeting:
A PROCLAMATION.
W. Stuart Edwards, for Deputy Minister of Justice, Canada.
Whereas. Our Empire has been forced to take up arms in defense of rights
and liberties unjustly attacked and to fulfil pledges solemnly given—
We,therefore, believing it to be fitting that our people should be enabled
to make a public and solemn avowal of duty to Almighty God and of need
of guidance, have thought fit, by and with the advice of our Privy Council
for Canada. to appoint, and we do hereby appoint. Sunday the third day
of January next, to be throughout our Dominion of Canada a day of humble
prayer and intercession to Almighty God on behalf of the cause undertaken
by our Empire and our Allies and of those who are offering their lives for
it, and for a speedy and favorable peace that shall be founded on understanding and not hatred, to the end that peace shall endure; and we do invite
all our loving subjects throughout Canada to set apart this appointed day
as a day of humble prayer and intercession.
Of all which our loving subjects and all others whom these presents may
concern, are hereby required to take notice and govern themselves accordingly.
At our Government House, in our city of Ottawa, this fifth day of December, in the year of our Lord one thousand nine hundred and fourteen,
and in the fifth year of our Reign.
By command,
THOMAS MULVEY, Under-Secretary of Stale.
PROTEST TO GREAT BRITAIN AGAINST INTERFERENCE WITH AMERICAN COMMERCE.
A note taking exception to the treatment of American
commerce by the British warships was sent to Great Britain
by the United States Government on December 28. The
note, in insisting upon an early change in the policy which
has prevailed since the outbreak of the European war, gave
notice that much feeling had been aroused in the country,
and that public criticism was general over apparently unwarranted interference with the legitimate foreign trade of
the United States. The document was cabled to Ambassador Page to be formally presented to Sir Edward Grey, the
British Foreign Secretary. Its preparation was begun a
month ago, it is stated, by Solicitor Cone Johnson, Counsellor Robert Lansing and Secretary Bryan, and finally during
the last two weeks had the personal attention of President
Wilson himself, who revised its phraseology.
As the detailed point of view of the United States in
numerous specific cases of detentions and seizures of cargoes
had been set forth in a series of emphatic protests, most of
which have gone unheeded, Monday's communication was
couched in general terms covering the entire subject of the
relations between the United States and Great Britain as
affected by the latter's naval policy, considered highly
objectionable by our Government.
The note declares at the outset that the representations
are made in a friendly spirit, but that the United States
considers it best to speak in terms of frankness lest silence
be construed as an acquiescence in a policy on the part
of Great Britain which infringed the rights of American
citizens under the laws of nations. Since France has adopted
practically the same decrees on contraband as has Great
Britain, the note is virtually a statement intended for all the
members of the Triple Entente.
The document points out that complaints on every side
and public criticism in the United States hold the British
policy as directly responsible for the depression in many
American industries, a situation the seriousness of which
must be apparent to Great Britain. Reimbursement alone
for cargoes unlawfully detained or seized, it states, does not
remedy the evil, as the chief difficulty is the moral effect of
British practice on American exporters, who are restrained
by it from taking risks or hazards which in no case ought to
surround legitimate trade between the United States and
other neutral countries.
Feeling has been aroused on the subject to such an extent,
the communication adds, that the American Government
feels compelled to ask for definite information as to Great
Britain's attitude, in order that it may take such measures
as will protect American citizens in their rights.
Reference is made in the note to the high principles of
equity which have actuated Great Britain in her championship in the past of the freedom of the seas to neutral commerce, and the hope is expressed that, even though a belligerent herself, she will realize the seriousness to the neutral of continued interference.
[VOL. 100.
Reserving until some other date the discussion of those
articles which Great Britain has taken from the generally
accepted lists of non-contraband and placed on the lists
of absolute and conditional contraband, the American
Government declares that the British fleets have been regarding absolute and conditional contraband as in the same
class, whereas international law defines absolute contraband
as consisting of those articles intended directly for the use
of an army or navy, and conditional contraband those
products susceptible of use by armed forces, but whose
destination must be the determining factor in detentions.
The American note, mentioning that foodstuffs are conditional contraband, since they may be destined for the use
of a civil population, as well as an army, says the United
States is in entire agreement with the doctrine expressed
by Lord Salisbury, British Foreign Secretary, in his correspondence with the Washington Government concerning
the shipment of foodstuffs to the Transvaal during the Boer
war in South Africa. Lord Salisbury wrote then:
"Foodstuffs with a hostile destination can be considered
contraband of war only if they are supplies for the enemy's
forces. It is not sufficient that they are capable of being
so used; it must be shown that this was in fact their destination at the time of seizure."
Taking up the subject of detention of American ships at
sea,the Washington Government states that it cannot tolerate undue delays in examining them, or the convoying of
such ships to British ports for detailed examination. It
argues that proof of hostile destination of the cargo must be
in evidence at the time of search at sea. The belligerent
right of search, the note adds, is fully recognized, but it
cannot be extended to the point of diverting American ships
into belligerent ports merely on suspicion.
The United States asserts, moreover, that it views with
growing concern the detention of scores of American cargoes
consigned from this country to neutral ports, contending
that it should be the duty of the belligerent to protect neutral commerce and prevent innocent merchants from suffering.
One of the most conspicuous complaints cited in the note
is against the treatment by Great Britain of American cargoes of copper. It is charged that Great Britain is not
according the same treatment to American trade in copper
with the Scandinavian countries as to commerce in this
product between the United States and Italy under the
same conditions of shipment. Even though the Italian
Government has proclaimed an embargo on the exportation
of copper from Italy to belligerent countries, similar to the
embargo in force in Norway, Denmark and Sweden, the
consignments of copper to Italy from the United States are
said to be held up while those to the Scandinavian countries
are not molested.
The American Government further records its position
on consignments shipped "to order" or no specific consignee, stating that this circumstance alone is not sufficient
on which to hold American cargoes and is of itself not suspicious. This view has been expressed by the Supreme
Court of the United States, but Great Britain announced
recently that cargoes shipped "to order" would be considered "suspect."
The note points out that to hold consignments marked "to
order" proof must be presented at the time when the detention or seizure is made showing that a hostile destination is
intended, or else a sufficient number of other facts must be
advanced to justify further examination of the cargo.
It is in that regard that the United States remarks that
commerce between neutral nations constitutes the normal
relations of peace and not war, and that the presumption
of guilt cannot rest on neutral shippers, but the burden of
proof must be imposed on the belligerents who interfere.
The position of the United States as expressed in the note
is a consequence of several steps by Great Britain, France
and Germany on the subject of contraband. Although the
Declaration of London, drafted in 1909, embodying the
previous understandings of international law and new rules
for the conduct of maritime warfare with respect to neutral
commerce had not been ratified when the present war broke
out,it was thought for a time all countries would adhere to it.
Great Britain by an order in Council on August 20 last,
declared the Declaration of London effective with certain
modifications. Germany announced to all neutrals her
willingness to adhere to the whole declaration if the other
belligerents would. The United States took the position
that it could not accept piecemeal adoption by the Allies
of the Declaration of London with their own amendments,
JAN. 2 1915.]
THE CHRONICLE
and declared that it would be guided by the general practices of international law, irrespective of the Declaration of
London.
The German Government in a formal note to the United
States and other neutrals then voiced its objections to the
British modifications, which similarly the United States
opposed. The note follows in many important points (if
newspaper reports are correct) the argument then advanced
by Germany that British practice with respect to neutral
commerce is a distinct departure from many previously
accepted principles of international law.
15
ports for further examination, a circumstance held not justified under international law unless full proof of hostile destination is presented at the time.
Serious loss, especially to perishable goods, has resulted from such delays
in a ship's voyage.
2. Great Britain has regarded absolute and conditional contraband
as in the same class. The general understanding in international law
has been that absolute contraband includes those articles which are intended for use by a belligerentforce and directly destined to it. Conditions
contraband, including foodstuffs, comprises the articles which are susceptible of use by an army or navy, but it must be proved that instead
of being intended for the civil population of a country, these products are
destined for use by its army and navy.
3. Irrespective of the controversy over what constitutes absolute or
conditional contraband in the commerce between a neutral and a belligerent country, the note sets forth that in respect to commerce between two
neutral countries there ought to be no question of contraband at all, for
the relations are those of peace and not of war. Since the Civil War the
United States has upheld the doctrine of "continuous voyage", which permitted seizure of a cargo even in its journey between neutral ports provided
eventually it was destined for a belligerent. The American note, however
takes the position that proof of such hostile destination must be shown at
time of seizure.
4. The American Government contends that a consignment sent to no
specific consignee, known as a "to order" shipment, is not of itself suspicious. It claims that this may be an important circumstance in proving
a case, but is of no inherent value unless other facts are adduced also at
the time of detention or seizure.
In a discussion of the note on Tuesday, President Wilson
appealed to American shippers of non-contraband goods,
such as cotton, not to allow their cargoes to be mixed with
contraband articles. The United States Government, he
announced, could deal confidently with difficulties which
had arisen in the treatment of American commerce by Great
Britain, only if supported by absolutely honest manifests.
This statement followed a discussion by the President with
his Cabinet of the general shipping situation and of the note
Incidental to the above note, Senator Walsh of Montana
dispatched the previous day to Great Britain protesting at
length against the British policy of prolonged detentions introduced a resolution in the Senate on the 29th ult., requesting the President, if not incompatible with the public
of cargoes and other interference with American trade.
interest, to send to the Senate copies of all correspondence
The note of the United States concerning the delay to between the United States and foreign nations relating to
American shipping caused by the searching of vessels by the the shipment of American copper. A telegram from the
British fleet was the subject of a special session of the British Brunswick, Ga., Board of Trade, protesting against placing
Cabinet on Wednesday. The British Government, it is of naval stores upon the absolute contraband list by Breat
stated, intends to alleviate the conditions of which the Britain, was also presented to the Senate on the 29th ult.
American Government complains by making arrangements by Senator Hoke Smith.
with neutral countries through which American goods may
pass to Great Britain's enemies which will make those counSHIPMENTS OF COTTON TO GERMANY.
tries "watertight" in so far as the possibility of export there,
The first vessel since the outbreak of the war to reach a
from of contraband is concerned. When this "watertight"
Dutch port with a -cotton consignment for Germany was
arrangement is made England will be able greatly to relax
the American steamer A. A. Raven, which arrived at Rotthe rigors of searching ships, and this will obviate the long
terdam from Wilmington, N. C.,on Dec. 24 with 6,600 bales
delays of which Washington complains. This is said to
steamer was held up in the English Channel
have been intimated in a responsible official quarter in- of cotton. The
for an examination of her papers, which
trusted with the duty of dealing with the American press by British warships
delayed her twenty-four hours. The freight charge for
and making known the British Government's views, folthe Raven's cargo, according to the news dispatches, was
lowing the Cabinet discussion of the matter.
$10 per bale, or five times the normal rate. This increase
Much, it is stated, depends upon the effective effort by
war risks attending imports destined
Denmark, Holland, Norway and Sweden to prevent the re- was due to the great
on Wednesday by an American
shipment to Germany and Austria-Hungary of cargoes for Germany. It was stated
agent at the Hague that the alarmist reports concerning the
received from the United States. Until watertight regulamight have a tentions are put in force in these countries little hope,it is under- dangers of navigation in the North Sea
stood, is held out by the British Government for relaxation dency to drive the rates still higher.
Since the war started the German imports of cotton are
in the matter of searching American cargoes.
A guarantee by the United States as to the honesty of said to have amounted to 50,000 bales, most of it going by
bills of consignment and the enactment of strict regulations way of Gothenburg, Sweden, to which port sixteen vessels
for the severe punishment of fraud, granting that the Ameri- are now reported to be steaming. They are due to reach
can government could find satisfactory means of making Gothenburg inside of two weeks. Their cargoes aggregate
such a guaranty is admitted as a possible step which might about 75,000 bales.
cause a relaxation in the search of American cargoes.
The first cargo of cotton to Germany from the port of
Although it is the understanding that the British GovernGalveston since the European war began left the Texas city
ment intends to do all in its power to reach a mutually satisfactory settlement,it is pointed out in the New York "Times" on Dec. 25 for Bremen on the American steamship Paththat the recently signed peace treaty with the United States finder. The cargo is 6,550 vales, valued by the shippers at
permits a chance for delay in the adjustment of the matter; $455,000. In addition to his other papers, the captain of
for in the event that a satisfactory understanding cannot be the vessel carries an affidavit from the agents that the cargo
reached, England might resort to the new treaty, which consists solely of cotton. The hatches were sealed in the
allows a year's investigation of disputed points. So far presence of the French Consul and a representative of Lloyds
as the opinion of officials of the United States Government of London. Both certified that the vessel contained only
on this score is concerned, it is stated that they doubt the American cotton and is entitled to unobstructed passage into
suggestion that in the event of a failure to reach a satis- German waters and into a German port. Freight rates were
factory settlement of the differences the British Government $3 a 100 pounds. At this time last year the current rate
was 32 to 35 cents a hundred.
would avail of the privilege accorded by the recent treaty.
In Washington the view prevails that an amicable adjustThe use of the X-ray to guard against the presence of
ment of the matter will be reached. Secretary Bryan, discussing the note with callers on Wednesday, declined to give forbidden articles, thereby facilitating the shipment of
any details concerning it, but described it as a general state- American cotton to Bremen, has been employed by the Sament summarizing the American position in several specific vannah Line in this city in loading cotton on the City of
cases. Neutral diplomats who called to ask about the note Macon the present week.
were not given a copy of it, but were informed that the first
newspaper report of it was accurate. They were told that
DUTY ON BELGIAN FLOUR ABOLISHED.
the State Department probably would not deliver the text
On the 30th ult. it was announced that the German auof the communication to foreign governments generally,
thorities at Brussels have abolished the duty on flour made
as it still regarded the note as confidential, the American
from grain imported by the American Commission for the
Government itself having not authorized its publication in
Relief of Belgium, in order to make less difficult the mainpart or whole. The general points on which the note comtenance of the civil population. The duty now abolished
pains, and which have been the basis of several specific
was the same as in normal times and hitherto had been added
protests hitherto, are substantially as follows:
1. American cargoes have been searched on the high seas—a belliger- to the price fixed on flour by the German military authorient right that is not denied—but the ships also have been diverted to ties.
16
THE CHRONICLE
[vol.. No.
We quote the following, giving his review of the events
ADVANCE IN LONDON FOOD PRICES.
incidental to the iuspension and the resumption of trading:
An Associated Press dispatch states that the average
It was on July 25 that the Syndicat des Agents de Change decided to
change in retail food prices in London between Aug. 1 and suspend trading for the account, and arrested the landslide in the Rentes
minimum of 78, although they
at
Dec. 1 was an advance of about 17%,according to the Lon- by fixing their official price74. an arbitraryday the brokers of the Coulisse
The same
at
were then being
official figures. In Berlin, according stopped dealing offered altogether, and two days later also suspended
don Board of Trade's
in Rentes
issue of mobilization
to the Prussian official "Statische Korrespondenz,"the ad- trading for the account. On August 1, the day of the the Bourse, even for
not a single transaction recorded on
for the same period was 16.4%. The most marked orders, there wasattempt to continue business was made again on August 3
vance
money; but some
advances in London, it is stated, are in eggs, tea and fish, and markets dragged along nominally open until September 3. Meanwhich in the past month rose 13, 12 and 6%, respectively. while the Agents de Change, in accord with the Minister of Finance, deof the July 31 settlement should stand over
Sugar and eggs now average about 65% above the level of cided that all the operations until September 27 that the suspension was
but it was not
articles included in the till August 31; sine die and extended so as to apply to all transactions prior
Aug. 1. Potatoes alone, among the
officially made
to August 4. The rate of interest upon all money thus locked up was
Board of Trade's list, are cheaper than in July.
EXPORTS OF WHEAT AND FLOUR RESTRICTED IN
INDIA.
It is reported that the Government of India has decided
to restrict exports of wheat and flour to 100,000 tons between December 1 last and March 31 1915. The exports
will be confined to British possessions, in which a strong
demand for the cereal exists. The action, it is stated, is
taken in view of the abnormal prices of the commodity.
WHEAT SUPPLY TAKEN OVER BY AUSTRALIAN
GOVERNMENT.
The Australian Government, according to advices from
Sydney, N.S.W.,on Dec. 25 has taken over the entire stock
of wheat in New South Wales, excepting only sufficient
seed for future harvests, and has fixed a price of five shillings
($1 25) per bushel. The Government's action is aimed
against speculators who, it is stated, have been seeking to
take advantage of the war to inflate prices. On Dec. 12
it was reported that because of the shortage of supplies for
consumers and seed purposes (due to drought) the duty on
wheat had been abolished by the Australian Government.
fixed at 5% per an. during the duration of the moratorium.
Except that it has been rendered difficult to disturb prices by speculative
manoeuvres, the Bourse has been reopened without artificial restrictions,
and prices consequently are listed at their natural levels under the existing
conditions. It was natural that a certain need for ready money should
be the first influence felt as soon as facilities were again available for the
conversion of securities. Thus, although French Rentes had been quoted
the previous day at 74 on the Bordeaux Bourse, they opened in Paris at
72.50. In the course of the week they drifted to 71.70 on Saturday, but
although most leading securities showed similar declines, the tone was
by no means bad, and the feeling of confidence was in the opposing scale
to the indication of these figures.
From every point of view, however, the reopening of the Paris Bourse
was not only justifiable, but has been justified. It marks a great step
towards restoring the national business to something like a normal level.
Even the exclusion of trading for the account has not prevented a certain
amount of anticipatory transactions in respect of the end-of July settlement. Some purchases effected prior to that date, but effected against
cover in cash equivalent to the amount payable, have been cleared off in
the course of this week by discounting—that is to say, the sellers called
upon to deliver the scrip bought by persons so covered have had to do so
by buying for cash on the market. And other open accounts have been
closed, too, as, for instance, those of traders who had bought for the
account before July 31, but who since have come into possession of funds
from other sources, and who have preferred to take up their scrip rather
than continue to pay the 5% moratorium interest. The bulk of such adjustments have been made in the 3Yi% Rentes. This can be readily
understood, for, although M. Ribot recently stated that the National
finances have for the moment no need for the assistance of a war loan,
such an Issue is inevitable sooner or later, and holders of 334% Rentes fully
paid up will occupy a privileged position, inasmuch as they have the right
to present their scrip of Three-and-a-Half per Cents at the issue value
of 91, plus interest accruing, and use it to subscribe for any new issue,
either of Rentes or of Treasury bonds, made before January 1917. As
these will almost certainly offer tempting advantages, the favorable position
of present holders of the 3Si per cents can be readily appreciated. Further.
the Banque de France is giving facilities for the paying up of the provisional
certificates. Thus, the 3Si% Rentes, which were quoted at 84 in Bordeaux
prior to the reopening of Paris markets, and which are now quoted at 86.50
here, are, in respect of any new issue actually worth over 91fr.
When this situation becomes generally understood, and the very real
,
advantages of a simple investment in the 355 per cents fully recognized, it
may well come about that the advent of the public will help very materially
6
,
; per cents, which is one of the
in clearing off the incubus of undigested 3
chief factors in the July settlement, especially in the Coulisse. In view
of this it need be no matter for surprise if the old 3% Rentes remain neglected for a long time because they now offer very inferior advantages.
MEAT SEIZURES STOP SHIPMENTS OF PACKERS.
The declaration that the shipment of all food supplies
handled by Chicago packers to Europe has ceased completely
in the last six weeks because of the seizure of meat cargoes
by Great Britain was made in Chicago on the 30th ult. by
Alfred R. "(Ilion, attorney for the packers, who stated that
protests had been made to the State Department previous
to the presentation of the case to the British Government.
Within the last six weeks, it is reported, twelve Norwegian
and Danish ships laden with meats and animal products
valued at $5,350,000, belonging to the Chicago packers and
bound for neutral ports, have been seized and taken into
RETURN OF BANK OF FRANCE TO PARIS.
English ports and confiscated.
A decree was published on December 30 in Paris abroIt is claimed that a large portion of the confiscated food- gating the order issued by the French Government on Sept. 2
stuffs had been on the high seas from one to two weeks prior transferring the Bank of France from Paris to Bordeaux.
to the promulgation of the English order on Oct. 29, declaring foodstuffs to be conditional contraband. Mr. Urion is
MORATORIUM ON DEPOSITS DISCONTINUED BY
quoted as saying:
FRENCH BANKS.
When the first seizure was made,six weeks ago or thereabouts, we thought
that it might be an error which could be easily adjusted, but the continuThe Comptoir National, the Credit Lyonnais and the
ance of this practice proved that we were in error, and we have been pressing
with Societe Generale de Credit Industrial et Commercial disthe State Department for assistance. Meanwhile, our commerce
Europe has been driven from the seas and no revival seems probable until continued on December 31 the application of the moratorium
satisfactory assurances are received from London. We have no intimation
same conDepart- on deposits and on January 1 re-established the
as to what reply will be made to the representations of the State
ne- ditions in regard to current accounts which had prevailed
ment. I expect to return to Washington to-day in connection with the
gotiations.
before August 1. According to the last moratorium decree,
The $5,350,000 worth of foodstuffs confiscated consists the French banks need not pay out more than 50% of
of boxes of meat, canned meat, lard, lard compounds and deposits.
casings. The extent to which the various packing firms are
THE SWEDISH MORATORIUM.
interested in the shipments involved are as follows: Armour
Co.,
With regard to the extension by the Swedish Government
& Co., $2,200,000; Swift & Co., $1,500,000; Morris &
$700,000; Sulzberger & Sons Co., $350,000; Libby, McNeil of the moratorium on foreign debts, referred to last week,
it is announced that it is prolonged until March 1, except as
& Libby, $350,000, and Cudahy Packing Co., $250,000.
to creditors living in America, Holland, Norway and Spain.
Claims transferred after Aug. 4 to any of the countries
FRANCE PROHIBITS EXPORTATION OF WALNUT
named are not payable.
WOOD.
Beginning December 4 France has forbidden the exportaGREAT BRITAIN'S CONTRABAND LIST ENLARGED.
tion, as well as the re-exportation in connection with wareA list of additional articles which Great Britain has made
depot, transit and trans-shipment, of walnut wood
house,
cut. Exceptions to this ruling may be absolute and conditional contraband was announced on
in rough state or
made public on Oct. 31,
granted under conditions to be determined by the Minister Dec. 26. The earlier revised list,
was published in our issue of Nov. 7. The previous list of
of Finance.
conditional contraband is maintained, but sulphur and
glycerine are transferred therefrom to the list of absolute
OF THE PARIS BOURSE.
THE REOPENING
following additions to the absolute conafter a suspension of contraband. The
The opening of the Paris Bourse,
are also made:
is the subject of a communica- traband list • of explosives—nitric acid, glycerine, acetone, calciuAll Ingredients
three months and three days,
t of the London "Financial acetate and all other metallic acetates; sulphur, potassium nitrate; fractions
tion from the Paris corresponden
latter on December 16. of distillation products of coal tar between benzol and cresol, Inclusive;
News", appearing in the issue of the
JAN 21915.]
THE CHRONICLE
17
condition. That single great
aniline, methylanillne, dimethylanlline, ammonium perchlorate, sodium try in this country always reflects a general
which feed upon it suffer
perchlorate, sodium chlorate, barium chlorate, ammonium nitrate, cyana- Industry only suffers insofar as other industries
us in the iron and steel mills
mide potassium chlorate, ammonium nitrate, calcium nitrate and mercury. also. But in the light of wrecks all about
of the case beyond the point
Resinous products—camphor and turpentine (oil and spirit). [These we submit that we need not argue this phase
are so plain and conwere announced in our issue of Saturday last.] Ferro-alloys including of calling attention to outstanding facts. They
a partisan opponent.
ferro-tungsten,ferro-molybdenum,ferro-manganese, ferro-vanadium. ferro- vincing that a wayfaring man, even though he be
chrome. Tungsten, molybdenum vanadium, selenium, cobalt, man- may see.
to you is the same as
The purpose of this second letter thus addressed
ganese, wolframite, scheelite, molybdenite, manganese ore, zinc ore,lead
of that letter was an appeal
ore and bauxite. Alumina and salts of aluminium. Antimony together the purpose of our first letter. The purpose
to you to heed the call to Washington of the business world to give us relief.
with sulphides and oxides of antimony.
We have been asked what we expected to accomplish in the writing of that
Copper, part wrought, and copper wire.
first letter. Our answer, made now in the light of experience and free from
Submarine sound signaling apparatus.
unTires for motor vehicles and for cylces, together with articles or materials partisanship and the passion of an approaching election, is clear and
mistakable.
especially adapted for use in manufacture or repair of tires.
Rubber, including raw waste and reclaimed rubber and goods made
The purpose of the relief we asked In that letter was to avoid that which
wholly of rubber.
we therein stated would come to pass, viz.: that women should sit hopeless
In cold, dismal little rooms and their children face starvation.
We stand upon this appeal and feel that in the presence of a nation with
TARIFF LAW ASSAILED AS CAUSING BUSINESS humanitarian instincts we stand upon solid ground. We called for help
to avoid that which has now happened and we call for it from Washington
CALAMITY.
because it was only from Washington that this help could come. Only at
The charge that the tariff law of the present Administra- Washington and only under your direction can the tariff which now paraamended as to give them that
tion has brought the country face to face with business lyzes the industries of this country be so Read our former letter, please.
protection that will lift this depression.
calamity is made in a second appeal seeking a modification and refresh your mind as to what our appeal was.
It is upon that appeal that we still stand.
of the law made to President Wilson by the Manufacturers'
by saying that the war has
It will
Association of Montgomery County, Pa. In its earlier Interferednot meet the situation to answer us do not suffer from foreign
with importations and, therefore, we
petition to the President, addressed to him under date of competition. In the first place, importations have not ceased. That falfor further discussion.
July 17 (and referred to on page 243 of our issue of July 25), lacy might as well be exploded here as to be reserved second place, the war
Destructive importations have not ceased. In the
the Association, through its President, Charles F. Williams, has placed some business at our disposal and to this extent helped us, but
and its Secretary, W. W.Finn, not only urged that the tariff despite this fact so great has been the blow against our industries by the
be modified, but requested relief from the then pending present tariff law that even with the help of such "war orders" as have
as a whole lie crippled or idle.
our
legislation. Its latest communication, it states, is written reached us, this industries
question squarely before you. Why do you not make your
We place
for the one specific purpose of informing the President theories successfully work or give us those that will? The business world
we now bring it
"that the good times so happily predicted at Washington is asking just that question and conditions whichto you direct. You must
we now face. Had your
for the
have not arrived," but,"on the contrary the forecasts made accept the responsibility enacted into laws by a docile Congress, brought
theories, which have been
you in our first letter have materialized to the extent of forth peace and plenty in the land, you would have accepted the universal
to
of
being an unusual public calamity." Unfortunately, the gladness as a partyou your reward, and the business men of this country
ungrudging praise.
would have given
Association adds, its former letter came in the midst of a
Since, then, those theories have brought depression upon the industries
reason the impression of our laud and idleness for vast hosts of the working class. Upon whom
heated political campaign, and for that
responsibility for that result? It must come to you.
might have been formed that it was written for political pur- shall we place thethere. From that responsibility you cannot escape and
It rightly belongs
"No such suspicion," it states, "can attach to this somebody ought to be brave and patriotic enough to squarely say so.
poses.
We assure you that we write this letter from no critical attitude and that
communication. The election is over. We are not in the
that is free from all political passion. Unfortumidst of a campaign or even approaching one. There can It is presented in a spirit to you in the midst of a heated political cam-.
nately our last letter came
to you as distressed and paign, and for that reason you may have gained the impression, as others
be no question now that we write
suspicion
shackled business men, as disheartened employers of labor." did, that it was written for political purposes. No such are not in can
the
The election is over. We
to
We quote the latest letter, which, like its predecessor, bears attachof athis communication.
midst
campaign or even approaching one. There can be no questionSecretary Finn, ing the fact now that we write to you as distressed and shackled business
the signature of President Williams and
men, as disheartened employers of labor.
in large part below:
We lay these conditions before you for the very good and solid reason
Hon. Woodrow Wilson, President of the United States, Washington, D. C.
can correct them. It may be that this letter will no more move
Dear Sir—Under date of July 17 1914 the Manufacturers' Association that you
President than did our former letter. We trust it will. If, however,
of Montgomery County. Norristown, Pa., through its President and Secre- our
ears are closed to our appeal: if the wasted energies of our industrial
tary,addt•essed to you a letter setting forth "the existing business conditions his
leaders, the idle hands of a vast multitude of willing workers and even the
of those manufacturers and other industries which make up the Manuhunger are of no avail, then we at least may be held blameless. We
facturers' Association of Montgomery County,Pennsylvania," and appealed cry of
hope that this second appeal will not be in vain, for we have now laid
to you as the loader of the political party in power to give that relief which will
before you concrete evidence that the cry of hunger is in the land. With
alone would save the business of the country from disaster.
in the ears of our President and the Congress about him.
Your Secretary courteously acknowledged receipt of this letter, but the that cry ringing
which we prayed in our former letter shall not
only means we have of knowing that it came before you is through a notice we dare believe that that for
which appeared in the public press at that time attributing to you a state- be denied us now.
It ought to go on record that the business men of this country have met
ment that it was your belief that the letter addressed to you did not set
honorable citizenship. They have
forth the real conditions of the Industries of the Schuylkill Valley. You the new laws enacted in the spirit of
success and prosperity under
were further reported to have stated that in every direction unmistakable met them with a determined purpose to wrest
was weak, their work at least
evidence of better and even prosperous times were at hand. If you be- their dominance. If their faith in some cases
they have failed is not their fault.
'loved this to be so then, of course, the relief for which we prayed was was sincere and determined. That
Success was not passible. The new theories have, under practical pressure.
already in sight and no attention to our appeal was necessary.
of the country now issue a clarion call for a
We now address to you this second letter for the one specific purpose of collapsed. The business men
chance to live and a chance to live without the remedy involved in a reducinforming you that the good times so happily predicted at Washington have
tion of pay to their employees which foreign competition will shortly
not arrived. On the contrary, the forecasts made to you in our first letter
necessarily demand in drastic measure.
have materialized to the extent of being an unusual public calamity. We
Apparently in answer to the above, which was made
are aware that the language of this letter is strong and direct. For this
Situations like the one public on Sunday, President Wilson on Tuesday told callers
we have no apology. We mean that it shall be so.
before us demand heroic treatment and heroic treatment cannot be applied that all the
information reaching him indicated that the
through the weakness of circumlocution. We say to you again that we
write you in this way because the tariff law of the Democratic Party now business situation is not growing worse, but is improving.
in power has brought this country face to face with business calamity.
We are not without the facts to prove what we say. Here Is one fact.
We take it from a Philadelphia newspaper of Dec. 12:
THE COMPTROLLER OF THE CURRENCY'S
"From the pulpits of every church in Philadelphia will go forth the apRECOMMENDATIONS.
peal of the poor to the rich, the call of humanity to humanity. Thousands
of men in this city cannot obtain employment. Their wives sit hopelessly
The annual report of the Comptroller of the Currency,
in cold. dbamal little rooms and their children face starvation."
to Congress on
Here is another fact. We take it from another newspaper of the same John Skelton Williams, was submitted
Dec. 29. The Comptroller recounts at some length the
date:
"The virtually unanimous passage by councils (Philadelphia) of the bill activities of Governmental agencies to aid the financial
appropriating $50.000 for the relief of the city's unemployed will meet
and business world during the stress at the outbreak of the
with hearty approval of the general public. Extraordinary conditions
call for extraordinary relief, and it has been very thoroughly demonstrated European war, covering much the same ground as Secretary
that the present need for home relief is extraordinarily great, too great of the Treasury McAdoo did in his recent report to Congress.
for the permanent charitable organizations to handle effectively. The city's
reviews th'e provisions of the new Federal Reserve Act
action must be understood as supplementing and not replacing private He
and the steps by which it was put into operation, and makes
charitable endeavor."
Should it still be said that the facts submitted above prove only that the some recommendations for new legislation. These recomdepression lies in the Schuylkill Valley and that we present an isolated and
local circumstance, we lay down as our answer this fact: The National mendations comprise—
An amendment to require uniform by-laws for national banks. In conAssociation of Wool Manufacturers, Boston, Mass., has issued a table
showing that in that great industry on Dec. 11014 more than one-third of nection with that subject the Comptroller declares many bank directors
does not attend a majority of board
all this vast machinery was idle; and that table shows that the depression fail to direct and says any director who
be ineligible for re-election.
now is greater than it was Sept. I last, and that table shows that the de- meetings in a year should
amendment to enable the Government to furnish the national banks
I last.
An
pression in that industry was greater on Sept. 1 than it was on June
with the names of their officers engraved, instead of subThat table shows that this depression throughout the country is deepening complete notes
month until now we are face to face jecting the banks to signing, stamping or printing the names of the officers.
and spreading with each succeeding
with that condition which, in our former letter, we told you was nothing An advantage which the engraved notes would have, the Comptroller
points out, is that they could be subjected to the laundering processes
less than frightening.
Should it be still maintained that we have set forth the condition of but which have been so successfully operated for the renovation, renewal or
one industry, our answer is that the state of any one large and staple Indus- washing of silver certificates and other Government notes
18
THE CHRONICLE
That national banks be required to limit their deposits to ten times
heir combined capital and surplus.
That the Comptroller be empowered to remove, with the approval of
the Secretary of the Treasury, any director or officer of a national bank
guilty of violating any of the more important provisions of the bank law
and direct that suit be brought against them in the name of the bank to
recover for the results of any malfeasance in office.
That there be a limit fixed to the amount which a bank may lawfully
loan to or discount for a single borrower, such limL to be either a certain
percentage of the bank's capital and surplus or of its total loans.
That the banking laws be so amended as to permit actual consolidation
of national banks along lines which have proved satisfactory and efficacious
under some of the State laws. Under the present practice, when two
national banks desire to effect a consolidation,one of the banks is placed in
iquidation, the other taking over the assets and assuming the liabilities
of the liquidating bank.
On the subject of limiting deposits in proportion to capital
and surplus the Comptroller says:
[VOL. 100.
Fifth, by making it possible for any well-managed bank to convert its assets
readily into cash to meet unexpected contingencies or runs, the necessity
for the larger reserves heretofore required ceases. It is estimated that by
this reduction in the reserve requirements alone more than four hundred
millions of dollars of money or credits,heretofore held in reserves and inert.
will become available for commercial purposes and the legitimate demands
of business.
Sixth, the new law also makes it possible for national banks to lend money
on improved, unencumbered farm property, thus enabling farmers, the most
numerous and in many respects most important portion of our population
to participate directly in the beneficent provisions of the new law.
Seventh, the new law provides that national banks may establish branches
in foreign countries, these branches to be under the jurisdiction and subject
to the rules, regulations and examinations of the Comptroller's office.
These branch banks should be material aids in building up our foreign
commerce.
Eighth, the former system of paying national bank examiners by fee is
abolished, and the examinations of all member banks, both national and
State, are now placed upon a basis which necessarily will insure a thoroughness and efficiency hitherto impossible. Under the provisions of the new
law the failure of efficiently and honestly-managed banks is practically
Impossible and a closer watch can be kept on member banks. Opportunities for a more thorough and complete examination are furnished for each
particular bank. These facts should reduce the dangers from dishonest
and incompetent management to a minimum. It is hoped that national
bank failures can hereafter be virtually eliminated.
Ninth, the establishment of a system of bank acceptances and an open
market for commercial paper, which, it is believed, will aid and facilitate
this country in obtaining a larger share of international trade and of the
world's commerce.
The reports of condition of the national banks, according to the statements of Sept. 12 1914 to the Comptroller of the Currency, show that, on
an average,the total deposits of all national banks amount to about four
and six-tenths times their total capital and surplus. This means that the
average capital and surplus of these banks is equal to approximately 21%
of the total amount of deposits. There are, however, national banks whose
deposits amount to ten or more times their capital and surplus, and in these
cases the margin of protection to depositors is only 10% or less of the sum
total of deposits. Usually the amount of money which a bank has invested
In loans approximates the amount of its deposits. In the case of a bank
whose loans equal its deposits,and whose deposits are approximately ten
times its capital and surplus, it is obvious that the loss of over 10% in loans
With regard to the National Currency Associations and
would wipe out both capital and surplus and destroy the solvency of the
the emergency currency issued under the Aldrich-Vreeland
bank, rendering it unable to pay its depositors.
The view is held by many practical bankers and experienced economists Act of May 30 1908, to meet the crisis developed by the
that it is not sound banking for an active commercial bank to be allowed to European war, Comptroller Williams has the following to
receive deposits in excess of ten times its capital and surplus. I am firmly
impressed with the correctness of this view, and respectfully recommend to say:
On Oct. 1 1914 44 currency associations had been formed, embracing in
the Congress that the National Bank Act be amended so as to provide that
no national bank shall be permitted to hold deposits in excess of ten times their membership national banks in nearly every State of the Union.
Oct. 31 1914 the number of national banks, members of the 44 currency
its unimpaired capital and surplus. Perhaps it might be wiser to make
associations, was 2,102, with $687.494,910 capital and $510,276,091
this limitation eight times the capital and surplus.
Such a limitation need not interfere with the growth and development of surplus.
Prior to Aug. 4 1914 no currency had been issued under this Act. On
the bank. When its deposits approach an amount equal to ten times its
capital and surplus,or whatever other limitation may be fixed,arrangements Aug. 31 1914 the currency issued amounted to $208,810.790; on Sept. 30
1914 to $326,789,380; and on Oct. 31 1914 the amount of such currency
many be made to increase its capital. A bank whose deposits amount to
ten times the capital and surplus, if efficiently managed, should be so actually issued and shipped was $369,558.040 and the amount authorized
profitable that there would be no difficulty in providing for an increase of to Nov. 30 1914 was $383,301,305.
This currency was issued to 41 different currency associations in 40
capital by the sale of additional stock, and when the proposed increase
Three currency associations organized in anticipation of possible
shall have been authorized by two-thirds of its stockholders and approved States.
had not, to Nov. 30 1914, submitted any applications for currency
by the Comptroller of the Currency, it can be made promptly effective. A needs
To Nov. 30 1914 the amount of additional currency redeemed was 3120,commercial bank whose capital and surplus amount to less than one-tenth
234.419 and included redemptions made through 23 associations in 19 difof its deposits is, except possibly under very exceptional conditions, doing
ferent States. Tax collected on "emergency" currency, Aug. 4 to Oct. 31
business on too small a capital and upon too narrow a margin for safety,
1914, amounted to $1,327,000.
and does not furnish its creditors the protection to which they are entitled
In addition to the currency issued under the terms of the Act of May 30
against unexpected losses and contingencies which are liable to, and do
1908, as amended, there was issued from the office of the Comptroller of
so frequently, arise.
the Currency between July 1 and Oct. 311914. on account of United States
Concerning the Federal Reserve Act and what it is ex- bonds deposited and on account of mutilated notes redeemed and destroyed,
$115,187,870 of national bank notes. Total issued, July 1 to Oct. 31,
pected to accomplish for the finance and commerce of the
$484,745,910.
country, the report says:
The Federal Reserve Act approved by President Wilson on Dec. 23 1913
Is designed not only to cure weaknesses and defects of the currency system
under which we have struggled, and sometimes staggered, in the past, as
we have outgrown the conditions and passed beyond the circumstances
which it was especially provided to meet, but to offer to the people of this
country many new advantages and opportunities, while emancipating
business from many evils, difficulties and troubles with which it has been
burdened and from which it has found no escape.
Among the principal direct benefits which the new Act confers are these:
First,it supplies a circulating medium absolutely safe, which will command
its face value in all parts of the country, and which is sufficiently elastic
to meet readily the periodical demands for additional currency incident
to the movement of the crops, also responding promptly to increased industrial or commercial activity, while retiring from use automatically when
the legitimate demands for it have ceased. Under the operation of this
law such financial and commercial crises or "panics" as this country experienced in 1873, in 1893 and again in 1907, with their attendant misfortunes and prostrations, seem to be mathematically impossible.
Second, it provides effectually and scientifically for the mobilization of
bank reserves in the twelve Federal Reserve districts, where these funds are
not only available for the member banks of each resepctive district but,
under wise and well-guarded provisions of the law, the surplus moneys of
any one district become available for the legitimate needs of any other
districts which may require them.
Third, it eliminates the indirect tax of many millions of dollars annually
upon the commerce and industry of the country heretofore imposed in the
shape of collection or "exchange" charges on checks, and inaugurates a
system of clearances by which it is expected that every check or draft on
any member bank in any one of the twelve Federal Reserve districts can
be collected ultimately free of the exchange charges heretofore exacted and
may be charged on the books of the Federal Reserve bank to the account of
the bank upon which drawn, in most cases, within twenty-four hours or
I ess after it is deposited with a member bank. This provision renders
available many hundreds of millions of dollars heretofore carried in transit
a the malls in expensive and tedious processes of collecting, sometimes oh;oluteiy useless, during weeks when much needed, held in transit moving
. om point to point.
Fourth, it furnishes a discount system by which every well-managed member bank may have the opportunity of converting into money by re-discounting, to such extent as may be necessary or desirable, all commercial
paper having not more than three months to run, which it may have taken
in the ordinary course of its business. The new law removes, so far as
borrowing money from a Federal Reserve bank is concerned, the limitation
which prevented a'national bank from borrowing an amount in excess of
100% of its capital. The significance of this release may be appreciated
when It is realized that some national banks have deposits amounting to
ten times their capital or more. The ability to borrow only an amount
equal to capital would be wholly insufficient, in many cases, to enable
banks to meet the demands which arise from unexpected runs, or in financial crises, or other extraordinary demands. It remolres from prosperous
and well-managed banks penalties hitherto imposed on their very propserity
and success. It relieves the well-managed bank from the limitations of
original capital invested and gives it the legitimate advantages of its own
enterprise and the business it has built up and actually does.
There were 26,765 banks reporting to State and Federal
officers at the close of business on June 30, or 772 more than
reported in 1913. The aggregate resources of the 26,765
banks amounted to $26,971,398,031, showing an increase
of $1,259,234,431 in the year. The banks showed loans
and discounts amounting to $15,288,357,284, with individual deposits subject to check without notice amounting
to $9,539,573,744. They held gold coin and certificates
totaling more than $912,000,000. In the year ended Oct.31
1914, 319 applications were received from persons wishing
to organize banks. Of these 226 were approved.
RAILWAY MAIL PAY.
Under date of December 22, Ralph Peters, Chairman of
the Committee on Railway Mail Pay, representing 264 leading railroads, operating nearly 90% of the total railroad
mileage of the United States, issued another statement
dealing with the subject of railway mail pay, which we
print herewith :
The House of Representatives has passed a special rule declaring in order
the railway mall pay rider in the Post Office Appropriation Bill.
The ostensible purpose of that rider is to establish a plan of payment
for the railway mail service which shall be more scientific than the system
now in effect.
Its true purpose, however, as revealed in debate before the House of
Representatives by Chairman Moon, of the Post Office Committee, is to
reduce railway mall pay by many millions per year, and, in particular, to
force the railroads to carry all the parcel post, in Chairman Moon's own
words. "without any additional compensation."
Chairman Moon openly advanced this proposal despite the injustice
manifest on its face, and in direct disregard of the finding submitted to
Congress last summer, after nearly two years of careful investigation and
study, by the Joint Congressional Committee on Railway Mall Pay, under
the chairmanship of former Senator Bourne.
The finding of the Bourne Committee was that the railroads were, as
a matter of right and justice, entitled to an advance of at least $3,000,000
per year for carrying the mails, with relief from certain incidental services
now rendered without payment and representing several millions more
annually.
Chairman Moon's committee, it is true, recommended to the House an
increase of more than $2,000,000 in next year's appropriation for railway
mall pay,and embodied this recommendation in the Post Office Appropriation Bill. But that the apparent promise of the bill and its real object are
vastly different things was made clear when Chairman Moon, on December 19, sald before the House :
"* * * it does not show a saving upon its face, and cannot do it,
but only shows an administrative proposition of saving. The saving will
occur, as the.Department thinks, In the handling of the malls.
JAN. 2 1915.]
.
THE CHRONICLE
19
of the 26 to (15 cents. Cottonseed oil, to Liverpool and Manchester, from 97
In other words, you have changed from the quadrennial weighing space
computed, to the
malls on a weight basis, on which the pay is to be contract to carry ail your cents to $1 95 a barrel.
space under the
provision, and you wilt have enough
save many
The increased rates, the report says, have in many cases
parcel post probably without any additional compensation and
millions annually. That is their theory."
been speculative, and the larger increases have been to
Again Chairman Moon said, more specifically:
and Mediterranean ports. The general level of
"Does not the gentleman know that the main feature of this bill ,the European
know
only great feature in it, is the railroad proposition, and does he not that rates to South America, South Africa and the Far East,
against the consideration of
that when he voted as he did he voted
fairly consistent,"
railroad proposition that would save this country eight millions of dollars the report points out, "has remained
every year, if carried ?"
with the exception of a surtax of 25% to South America
So, the Chairman of the House of Representatives' Committee, which
the and 20% to South Africa. "The only remedy for thepresrecommended an increase of $2,000,000 in the appropriation to pay
railroads for carrying the mails, stated on the floor of the House that the ent situation," the report adds, "is to increase the available
bill would save the Government $8,000.000 annually.
in order that the increasing demand for cargo space
Chairman Moon quoted the President of the United States as supporting tonnage
is used by chamthe rule to consider the mail pay rider of the Post Office Appropriation can be partially satisfied." The report
Bill:
pions of the pending Government Ship Purchase bill in urging
"I said, and I say it now, and I do not propose to withdraw one single
for favorable action on the
word of it from anybody, that, in my opinion, when the President of the upon the Senate the necessity
United States and the Postmaster General, when the Democratic Com- measure. Senator Fletcher, acting Chairman of the ComDemocratic Committee on the Post Office and
mittee on Rules, when the
this
Post Roads, asks for a rule to consider legislation that would save to that merce Committee,on Wednesdayfile d a report on the Ship Purcountry millions of dollars, the Democrat who turns his back upon
Democratic Party."
chase bill already recommended for action, in which is emdemand violates the best interests of the
economy,
What President Wilson did say on the question of Governmental
bodied portions of the information furnished by Cabinet
in his message to Congress. was this:
people of the United officials. The committee seeks to impress upon the Sen"I assert with the greatest confidence that the
are sure
States are not jealous of what their Government costs if they money is ate the need of enlarged shipping facilities for adequately
that the
that they get what they need and desire for the outlay, it IS being applied
being spent for objects of which they approve and that
taking care of American commerce abroad, and urges
with good business sense and management. * * •
contemplated
.
It is not expenditure but extravagance that we should fear being criti- that the $40,000,000 Government investment
"
cised for. * • • The Nation is not niggardly, it is very generous.
would soon be compensated
occasion of the opening in the Ship Purchase measure
And, in his letter to Secretary McAdoo, on the
for by economies in ocean transportation rates that could
of the Federal Reserve Banks, the President said:
understandings,
"No doubt, in the light of the new day, with its newa spirit of candor be effected.
dealt with in
the problems of the railroads will be met and
and justice."
The American people should not tolerate withholding from the railroads
FEDERAL RESERVE MATTERS.
that fair and just pay for carrying the mails which an impartial and comThe Special Committee of Five appointed at the conferpetent tribunal has declared to be their just due.
The railway mall pay rider in the Post Office Appropriation Bill was not ence of the Governors of the Federal Reserve Banks on
conceived in "a spirit of candor and justice". It is a bald attempt to
clearance of checks by
create a specious show of economy in the operations of one department Dec. 12 to consider the matter of the
of the Government by depriving the railroads of a large part of the com- the reserve banks is to hold a meeting in this city on the 11th
pensation they fully and fairly earn in the performance of an indispensable
second meeting
public sernice.
inst. The committee is to report at the
of the conference to be held in Washington on the 22d.
HIGH RATES OF OCEAN FREIGHTS.
In a preliminary report on shipping conditions, presented
to the Senate on Dec. 29 by Secretary of the Treasury McAdoo and Secretary of Commerce Redfield, increases in
ocean freight rates since the beginning of the European war
are described as having been in many cases "unreasonable
and exorbitant." The fact that an inquiry into the matter
was being conducted by Secretaries McAdoo and Redfield
was made known on Dec. 25 with the issuance of the following statement:
Under a ruling promulgated by the Comptroller of the
Currency on Dec. 30 loans by national banks on real estate
are to be limited to one-third the time deposits at the time
the loan is made,and not in excess of one`third of the average
time deposits during the preceding calendar year. The following is the notice in the matter:
The Senate has called upon the Secretary of the Treasury and the Secretary of Commerce to report to it all available information about increased
ocean freight rates and the scarcity of vessels engaged in foreign trade.
This is very important for the business interests of the country, and the
Secretary of the Treasury and the Secretary of Commerce will be glad if
all shippers who have been affected by the high ocean freight charges and
the scarcity of vessels will send the facts promptly to the Treasury Department or the Department of Commerce. The fullest information is desired.
Letters already received show that the scarcity of vessels is so great and the
freight charges are so high that American foreign trade is being seriously
handicapped.
The report filed this week says:
In shipping circles it is estimated by some that 50% of the total (foreign)
tonnage available has been eliminated through the tying up of the German
and Austrian marine and through the commandeering of such a large part
of the British marine by the Admiralty. Not only has there been a great
reduction in the available supply of tonnage, but on account of the large
purchase of war supplies and the great profits which can be derived from
shipments to European ports, there has been corresponding increase in the
demand for ships. The inevitable result has been a steady increase in
the steamship rates.
In addition to the general situation, the question of shipments of cotton
and other non-contraband goods to German ports has created an abnormal
situation. The shipment of such goods is practically confined to boats
of American registry. The supply of boats suitable for this type of shipments is limited
For the shipment of non-contraband goods to German ports, therefore,
American shipowners have been in an extremely strong position, and, as a
result, steamship freight rates and steamship charters for such boats have
-ton boat has recently
reached extraordinary levels. For instance, one 6,000
been chartered for the purpose of carrying cotton to Bremen. The charter
was of Government form and calls for $1.800 a day from the charterer,
or approximately $61,000 a month. It is expected that this boat will make
three round trips. This boat will carry approximately 10.000 bales of
cotton, and the charter amounts approximately to a freight rate of $3 per
100 pounds of cotton, or, roughly. $15 a bale.
At the present time the freight rates on cotton are the key to the situation
and the question of shipments of cotton has been one of the determining
factors in the shipping situation. The opening of German ports to American cotton has greatly increased the demand for cargo space, and the result
has been a very marked advance in freight rates all along the line.
Rates on cotton from New York to Liverpool, according
to the report, jumped from 20 cents a hundred pounds in
July to 40 cents in September and 75 cents in December.
Rates on cotton to Bremen went from 20 cents a hundred
in July to $3 in December. Some of the increases in the
rates between July 11 and Dec. 19 1914 are given as follows:
Grain, New York to English and European ports, from 4 to 5 cents a
bushel to 16 and 17 cents; to Rotterdam, from 634 cents to 3034 cents.
Provisions—New York to European ports, from $4 87 to $7 30 per ton;
to Rotterdam, from 28 cents per hundred pounds to 38 cents. Flour,
New York to English ports, from 12 and 13 cents per hundred pounds to
26 and 35; to Rotterdam, from 10 to 55 cents, and to Copenhagen, from
You were previously informed by circular letter that salt had been claimed
so far as
that there was a possible ambiguity in the language of the Act
by
to limitation upon the amount of real estate loans which can be made
concurnational banks is concerned, the Comptroller, with the unanimous
that
rence of the Reserve Bank Organization Committee, had determined
in
it would be best that national banks should observe the minimum limit
should
the matter of such real estate loans until the Federal Reserve Board
have had the opportunity of fully considering and interpreting the language
relating to the limitation on such loans.
You are now advised that the Federal Reserve Board has, after careful
board
consideration, decided that the language of the Act Justifies the
in making a regulation that—
The maximum amount of loans which a national bank may make on real
estate under the terms of section 24 of the Federal Reserve Act shall be
the
limited to an amount not in excess of one-third of its time deposits at
time of the making of the loan and not in excess of one-third of its average
time deposits during the preceding calendar year;
the
Provided, however, that if "one-third of such time deposits" as of
date of making the loan, or "one-third of the average time deposits for the
preceding calendar year," shall have amounted to less than "one-fourth
of the capital and surplus of the bank" as of the date of the loan, then, in
that event, the bank shall have authority to make loans upon real estate
under the terms of the Act to the extent of "one-fourth of the bank's capital
and surplus" as of the date of making the loan.
You are requested to substitute the foregoing regulation for requirement
number 7 in the circular letter of April 18 1914, above mentioned.
The discount rates of the Philadelphia Federal Reserve
Bank were lowered on Dec. 28 to 43i% for paper maturing
in thirty days or less and 5% for paper having a longer maturity, but not exceeding ninety days. These rates were
adopted by the New York Federal Reserve Bank last week.
The same rates for the Boston Federal Reserve Bank were
approved by the Reserve Board on Dec. 30. In the case
of New York, Philadelphia and Boston, the rate prior to this
change was 5% for paper running for thirty days, ”i%
for paper running not exceeding sixty days and 6% for
ninety-day paper. In addition to the change in the Boston
rate approved on Wednesday, the Reserve Board also announced its approval of the following rates: At San Francisco, 432% on paper maturing up to thirty days; at Dallas,
5% on paper maturing up to sixty days,532% on paper from
sixty to ninety days and 6% on all other paper; Chicago.
effective Jan. 1, 4%% on paper up to thirty days, 5% on
paper from thirty to sixty days,5% on paper of sixty to
ninety days' maturity and 6% on all paper of longer maturity
than ninety days.
Frank M. Hardt, Cashier of the Philadelphia Federal
Reserve Bank,has also been appointed Secretary of the bank.
20
THE CHRONICLE
The Federal Reserve Bank of Boston has notified member
banks that it is prepared to accept notes for re-discount to
their actual maturity and to assume the responsibility for
collecting such notes. Heretofore notes have been charged
to banks at a date prior to maturity and sent to the same
for collection. It is hoped that the new practice will facilitate the use of short-time paper for re-discount.
Announcement was made this week that the business of
discounting through the purchase and sale of bank acceptances has been undertaken by the National City Co., the
National City Bank's affiliated organization. Notice of
the adoption of the new policy by the company was made
by Samuel McRoberts, Vice-President of the bank, and
Chairman of the board of the company, in a letter to banking interests, which said:
Under the new bank Act national banks are authorized to accept drafts
based upon the importation and exportation of merchandise. State banks
in New York under the amended laws of that State also have this power
as to both foreign and domestic business. If these powers are to be made
potential, and they are essential to the proper working of the new banking
system now being initiated, a general discount market for these bills must
be created. To that end we are discounting rand offering for sale prime
bills drawn upon and accepted by national and State banks. We offer prime
bills accepted by the National City Bank of New York, maturing in ten to
ninety days. upon an attractive basis, and also quote acceptances of leading
State institutions. We trust that the exceptional merit of this paper will
interest you and invite your correspondence on the subject.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Five shares of bank stock were sold at the Stock Exchange
this week and twenty-five shares of trust company stock
were sold at auction.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
166. 16634 166M Dec. 1914— 170
;.6
*5 Commerce, Nat. Bank of
TRUST COMPANY—Brooklyn.
25 Brooklyn Trust Co
460 460
June 1914— 480
460
* Sold at the Stock Exchange.
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being $38,000,
unchanged from the last previous transaction.
A word of caution to the banks against availing too freely
of the expansion facilities afforded them under the Federal
Reserve Act through the reduction of their legal reserve
requirements and their ability to secure re-discount is contained in the annual statement to the press, issued under
date of December 31, by James B. Forgan, President of the
First National Bank of Chicago. In advising the bankers
to continue to conserve their resources until the ultimate
effect of the European conflict on American securities is
fully realized, Mr. Forgan says: "Nothing could be more
unsound than to attempt to boom domestic business by
undue expansion oZ credit until we find out what may be
required of us in caring for our foreign indebtedness and for
our securities which may be thrown on our home market".
The following is his statement in full:
During the first half of 1914 business for a variety of reasons was restricted in volume and generally depressed, in consequence of which the
money market was irregular and unsatisfactory. The outbreak of the
greatest war in history at the beginning of August threw the financia
affairs of the world into a chaotic condition. An unprecedented and
world-wide upheaval of international commerce took place. To bridge
the time until they could adjust themselves to abnormal conditions,the
banks in Chicago, as elsewhere, had recourse to the use of temporary credit
instruments in the form of Aldrich-Vreeland currency for general circulation, and to the issuance of clearing-house loan certificates for the settle
ment of balances among themselves. Owing to these and other precautionary measures,the year is passing out with practically normal financial
conditions and with a good business outlook for the coming year. The
banks are in good shape as to their reserve strength and should make a
satisfactory showing as to their profits for the year.
Since the new Federal Reserve Law became effective and the Reserve Bank was opened, the banks have been able to discontinue the
use of the temporary expedients above referred to. The money released in
the national banks by the reduction in their legal reserve requirements
authorized by the new law was somewhat more than enough to offset the
amount required to redeem their clearing-house loan certificates and to
retire their Aldrich-Vreeland notes. The clearing-house loan certificates
have all been retired while the emergency notes have nearly all either
been sent in for cancellation or have been provided for by the deposit of
lawful money in the United States Treasury. A large amount of these
notes, while covered by gold in the United States Treasury, are still in
circulation. These will gradually find their way into the United States
Treasury for redemption, largely through the Federal Reserve banks, and
can be replaced by Federal Reserve notes if commerce should require
additional currency. The facilities afforded by the Federal Reserve banks
justify the hope that never again will there be any occasion for the use
of either clearing-house loan certificates or of emergency currency,
The Federal Reserve banks opened for business just at the commencement of the season when contraction of the circulating medium of the
country regularly and naturally takes place. Simultaneously with the
opening of these banks,the reduction in the legal reserve requirements
of the national banks under the new law placed them in the position of
having a considerable amount of excess reserves available to retire their
[VoL. 100.
clearing-house loan certificates and emergency currency and to invest in
loans without reducing their cash reserves below a point dictated by
prudence.
Those two clecumstances retarded the discounting activity of the Federal
Reserve Bank of Chicago, which nevertheless, considering the conditions,
has made a fair start and is gradually being equipped to perform the various
functions for which it was organized.
The conservative policy adopted by the Federal Reserve Board, as
demonstrated by the rules and regulations so far promulgated, should be
reassuring alike to bankers and business men, and the Federal Reserve
banks should thereby become a source of potential strength to their member
banks and of confidence to the business community,removing for the future
every fear of money panics.
During the last two months of the year financial conditions in this
country have cleared up rapidly and are now practically normal while
at the same time there have been some indications of improvement in
general business. A better tone prevaiLs and the feeling for the future is
optimistic. Relations between the banks and their customers are again
on a normal basis as to discount rates. In domestic affairs, especially
since the long expected increase in rates has been granted to the Eastern
railways, there Is nothing in present conditions or in business prospects
to cause apprehension. Business is fundamentally sound and the outlook
Is good for an increased volume. But for the conditions in Europe, where
a large amount of our securities are held, there is nothing in sight but improvement in business. The European war casts a dark cloud over all the
world and we cannot, it seems to me. ultimately escape the widespread
effect of such terriffic destruction of property and interference with international business relations as are taking place, even if we should in some
lines and in some respects reap a temporary benefit. The enormous cost
of the war,which must be financed.cannot but have an injurious effect
on the market value of all securities, resulting in higher rates for money for
both investment and commercial purposes.
Bankers should continue to conserve their resources until the ultimate
effect of the conflict on American securities is fully realized. Nothing
could be more unsound than to attempt to boom domestic business by
undue expansion of credit until we find out what may be required of us in
caring for our foreign indebtedness and for our securities which may be
thrown on our home market. I do not mean by this that we should not
proceed with business in a normal way and take advantage of our opportunities as they arise. It will, however, be prudent on the part of the
banks to conserve their strength and to husband their resources under
the present world-wide condition.
I foresee nothing to cause a return to the abnormally high rates of discount which have recently prevailed for commercial paper. The Federal
Reserve banks should have a steadying influence on the market.
Entirely above and beyond any consideration of profit, however, it might
prove a boomerang if the banks should too freely avail themselves of the
expansion facilities afforded them through reduction of their legal reserve
requirements and their ability to secure re-discounts at the Federal Reserve
banks. This is not the time for this country to inaugurate a business
boom entailing an over-expansion of credit.
Despite the conditions resulting from the European war,
the incorporated banks of New York State had a fairly prosperous year, according to the annual report of the Superintendent of Banks, Eugene Lamb Richards. In takingup
the condition of banks of deposit and discount, savings banks
and trust companies, Superintendent Richards says in part:
Five new State banks were authorized by the Superintendent of Banks
during the year and three ceased to do business during the same period.
Of the latter, the Mount Morris Bank. New York, was merged into the
Corn Exchange Bank, New York, and the People's Bank of Binghamton
was merged into the Broome County Trust Co. under the name of the People's Trust Co. of Binghamton. The close of the fiscal year shows
an increase of two in the number of State banks. It is gratifying to the Superintendent of Banks to report that during the year no State bank was closed
by him pursuant to authority vested in him by law.
The aggregate gain in resources during the year was $41,835,583. The
notable increases were $22,852.779 in stocks and bonds and $31,718,558
In loans and discounts. With the market prices of securities down to the
lowest mark in many years, the banks were still able to add a surplus of
some $521,091 after paying dividends to stockholders. There has been
little change in the character of bank investments during the past year.
Short-time bonds, notes and equipment obligations continue to be popular,
because of their comparative safety and large income return. Because
of conditions due to the European war, banks have made very few new
investments during the past few months, using their available funds to
take care of their own customers. As a medium of investment, commercial
paper still continues in favor.
The total number of State banks reporting to the Superintendent at
the close of business Sept. 12 1914 was 197.
Eighty-one trust companies reporting to the Superintendent of Banks
show that the total resources of these institutions have increased at least
$100,000,000 over 80 trust companies reporting in 1913. As in the case
of banks, the principal items of increase have been in stocks and bonds
and loans and discounts. Unlike banks, the Investments by trust companies are to a large extent in securities.
• The past year brought no changes in the number of savings banks of the
State. The last savings bank was authorized by the Superintendent of
Banks on March 16 1910.
I think it opportune at this time to call your attention to conditions
revealed during the past three months, concerning the sayings banks of
the State.
When reports reached this department on Friday, July 31 1914, following
formal declaration of war in Europe, that there was a tendency on the part
of depositors in the savings banks of New York State. and particularly
New York City, to withdraw their money and hoard it, I at once devised
plans to prevent it as far as possible. While I felt that She institutions
under my supervision were never in their history in better condition, I
realized the concerted actions on the part of savings bank officials and
private bankers throughout the State was necessary.
After a series of conferences on Saturday, Aug. 1, and Sunday, Aug. 2,
some of which extended beyond midnight, orders were issued on Sunday.
Aug. 2, to all bankers and banks prohibiting hereafter the transaction of
any banking business whatsoever on Sunday. Invitations were issued
to the officials of the savings banks of Greater New York to attend a conference at the office of the State Banking Department on Monday. Aug. 3,
at 9:30 a. m. This conference was attended by representatives of practically every savings bank in New York City. A resolution was unanimously
adopted calling for the application of the sixty-day notice of withdrawal
of deposits.
JAR. 2 1915.]
THE CHRONICLE
effective throughout
The application of the sixty-day clause was made
banks. This plan for
the State, both in the savings banks and private
banks seemed to meet
conserving the interests of savings banks and private
the State.
with the hearty approval of the bankers throughout
banks to give the sixty-day
The decision of the officials of the savings
issuance of an order
notice of withdrawal of deposits was followed by the
similar action. This
advising all savings and loan associations to take
representatives of savings
order was issued following a conference with
and loan associations.
showing their conWeekly reports were required from every savings bank
deposits received
dition for the week. The items of cash available and
from officials of
special attention. These reports, as well as expressions
showed steady return to
savings banks located throughout the State.
the department
normal condition, so that in the early part of November
longer insist upon the
advised the savings bank officials that it would no
to the discretion
enforcement of the sixty-day clause, leaving this matter
time suggesting to them
of the officers of the institutions, and at the same
the advisability of uniform action in each locality.
21.
A new offer of composition was made to the creditors of
S. H. P. Pell & Co.(which suspended July 31) at a meeting
held before Referee Peter B. Olney. at the New York County
Lawyers' Association on the 22nd ult. The offer provides
that all the assets of the firm are to be transferred to John
W. Jay, as trustee, who is to issue certificates of participation in the proceeds of the assets and liquidate the assets
for the benefit of the creditors. Colonel R. M. Thompson
is to waive his claim of over $3,000,000 as a general creditor
the
of the firm, and is to be released from all liability to
Thompson is also to be adjudged the
creditors. Colonel
his
owner of securities pledged for certain loans, upon
of the loans and releasing the firm from any
assumption
liability on such loans. A committee of creditors has been
named to consider the plan, this committee consisting of
Archibald B. Gwathmey Jr., Nathaniel L. Carpenter, R. M.
Stuart Worthley, W. Hustace Hubbard, Walter L. Johnson,
William C. Fraser and John G. Lonsdale. A letter in opposition to this new proposal has been addressed to the creditors
by Phelan Beale of 2 Wall Street, as follows:
At a conference of State bankers of Minnesota, held in
St. Paul on December 22,at the instance of State Superintendent of Banks A. H. Turrittin, action was taken on a
number of important questions affecting their interests.
One of the resolutions adopted at the conference petitions
New York. December 28th 1914.
Pell bankruptcy will
the Legislature to enact such legislation at the forthcoming
To the Creditors.—A proposed compromise of the
provision is made
other
session as will enable the State banks to become members be submitted to you shortly wherein,amongto onethings,W. Jay. Esq., as
John
estate
of the Federal Reserve system, if they should so desire, and for a transfer of the assets of the Robert M. Thompson is released
trustee, for administration. Colonel
to permit them to hold stock in the Federal Reserve Bank. from liability as a general partner and certain securities to which he asserts
on record as favoring the enactment ownership to,re delivered to him. He in turn relinquishes his claim against
The bankers also went
estate.
of a law providing for the creation of a Board or commission the am opposed to this composition on the following grounds:
I
cash.
with power to refuse bank charters "whenever in its opinion
I. It does not provide an immediate payment of any
did not liquidate
the organization of such banks would be detrimental to the II. It permits the Cotton Exchange creditors whoJuly 31 1914 to into the close of the exchange on
best interests of the people." It is recommended that the their contracts prior about one-half million dollars over and above the
crease their claims
include a clause whereby any dissatisfied applicant average prices prevailing on that day, thereby decreasing the estate to
measure
or not they
might submit his case to a board of appeals, to be composed thatextent,despite the question of law involved as to whether
thereto.
of the Attorney-General, the Public Examiner and the are entitled
a liquidation figure
III. It considers that other creditors shall accept
limitation is
Superintendent of Banks. The bankers, likewise, expressed based on the closing prices of July 31, although a like discriminatingnot
in
raise the imposed upon the Cotton Exchange creditors.thereby
themselves in favor of legislation which would
of the latter.
amount of capital required in the case of State favor The trustee, Mr. Jay, is designated by the Cotton Exchange
minimum
IV.
named by any
banks, and also advocated that a surplus fund equal to not creditors. In my judgment, a trustee should not beor appointed byclass
the
elected by all of the creditors
less than 20% of the paid-in capital be called for at the time but should either be
truly,
change in the reserve requirements of Court.
of organization. A
Yours very
PHELAN BEALE.
the State banks was another of the proposals endorsed;
in the case of banks which act as depositories of funds for
at
The department store of the J. B. Greenhut Company
other banks a reserve of not less than 15% of demand liawill discontinue on March 1 the
bilities and 5% of time and savings deposits was favored; 18th Street and 6th Avenue
cofor banks which do not serve as such depositories a reserve banking business conducted by the private banking
and 5% partnership of J. B. Greenhut& Co. With a view to winding
of not less than 12% of their demandable liabilities
pay
of their time and savings deposits as reserve is recommended. up this department of its business the firm ceased to
of cash in the bank vault and interest on deposits on the 1st inst., but allows its deposiSuch reserve would consist
accounts.
money on deposit with reserve agents, and not less than 25% tors two months in which to withdraw their
of all of this reserve is to be cash. A resolution was also Concerning the firm's action, Mr. Greenhut said: department
popular in
There was a time when a private bank was very
adopted petitioning the Legislature to so amend 'the laws
a large number of
stores, as it offered facilities which were appreciated by
relating to the taxation of bank capital that the tax may be the customers of our store. In the judgment of myself and associates the
levied against the banking corporation and not against the considerations which formerly justified the maintenance of a banking
degree, ceased to exist, and
to a
holders of its stock. This is to relieve stockholders from business in department stores have,time largeattention to our department
and
I feel that I want to devote all my
double taxation in some instances under the Federal Income store business.
bankers
I was very glad to help secure legislation to have all private
Tax Law.
and I approve the
under the control of the State Department of Banks;
If such
regulation of all banking business by the public authorities.
recent unA bill which it is proposed to introduce at the coming legislation had been enacted several years ago, a great many avoided.
banking business would have been
session of the Kansas Legislature calls for the creation of a pleasant occurrences in the our 57,000 depositors that we shall retire from
We are sending notices to
central State bank in Kansas to handle the State funds and the banking business on March 1 1915, which will give our depositors
meantime
arrangements; and
operate as a central reserve for State banks, much as the ample time to make other bankingat their convenience, in the
and receive their
can present their pass books,
Federal Reserve banks serve the national banks. The bill they in full on demand.
deposits
will be offered by Senator J. D. Joseph, who was formerly
The failure a year ago of the private banking firm of Henry
Chairman of the Senate Committee on Banks and Banking. Siegel & Co., conducted in connection with the Fourteenth
Street Store, was followed by the enactment of legislation
President Evans of the American Institute of Banking for the regulation of private bankers.
has announced the following committee appointments:
The American Exchange National Bank of this city this
Post-Graduate Committee.—E. S. Hecht, Chairman, Hibernia Bank &
Trust Co.. Now Orleans, La.; Robert If. Bean, Old South Trust Co.. week advanced to the positions of Assistant Cashiers Hugh
Boston, Mass.; J. A. Broderick, U. S. Treasury Dept., Washington, D. C.; Smythe McClure and Walter B. Tallman. Both appointJoshua
Joseph J. Schroeder, National Bank of the Republic, Chicago,
ments carry out the policy of the bank of promoting men
Evans Jr.. Biggs National Bank. Washington, D.C.
Debate Committee.—F. B. Devereux, Chairman, National Savings & from the ranks to positions of trust when occasion presents.
Trust Co., Washington, D. C.: J. Leland Cross, First National Bank, Mr. McClure and Mr. Tallman have both been connected
Birmingham, Ala.; M. W. Harrison, Brooklyn Savings Bank, Brooklyn,
for many years, starting at the foot of the
N. Y.; LeRoy V. Elder, Rhode Island Hospital Trust Co., Providence, with the bank
R. I.; Arthur H.Cooley, Security Trust Co., Hartford, Conn.
ladder, and by conscientious and faithful service are gradCommittee on Public Affairs—E.G.McWilliam, Chairman, Savings Bank ually working their way to the top.
of the American Bankers' Association, 5 Nassau St., New York
Section
City; R. H. MacMichael, Dexter-Horton National Bank, Seattle, Washington; H. J. Dreher, Marshall & Ilsley Bank, Milwaukee, Wis.; C. W.
Allendoerfer, First National Bank. Kansas City, Mo.; Frank C. Mortimer, First National Bank, Berkeley, Cal.; Raymond B. Cox, Webster &
Atlas National Bank,Boston, Mass.
Program Committee.—Thos. H. West, Chairman, Ladd & Tilton Bank,
Portland. Ore.; Ralph A. Newell. First National Bank, San Francisco,
Cal.; S. D. Beckley. City National Bank, Dallas, Texas.
Transportation Committee.—George A. Jackson, Chairman:Continental &
Commercial National Bank, Chicago, Ill.; W. A. Marcus. Savings Union
Bank & Trust Co., San Francisco, Cal.; Henry R. Kinsey, Williamsburg
Savings Bank, Brooklyn, N. Y. .
The Guaranty Trust Co. of New York in its statement of
Dec. 24, issued in response to the call of the State Superintendent of Banks, exhibits total deposits of more than
$211,000,000,as compared with $149,000,000 on Dec.9 1913.
The total resources of the company are now stated to be
in excess of $265,000,000.
The Morris Plan Co. of New York began business on
Thursday last, Dee. 31. The organization aims to proyide
22
THE CHRONICLE
an opportunity for persons of moderate means to secure
loans of money at reasonable rates of interest, re-payable
under equitable conditions. The plan is in successful operation in a number of cities and additional companies are
in process of organization. The capital stock of the Morris
Plan Co. of New York is $100,000 and the cash dividend
on the stock is limited to 6% of its book value. The company will accept no deposits, but will issue its paid-up and
instalment certificates of investment. The paid-up certificates, designated as Class "B" certificates, are sold in
multiples of $50,and 5% interest is allowed thcreon,payable
semi-annually. The instalment certificates, designated as
Class "C" certificates, are likewise issued in multiples of
$50, and are sold on an instalment plan calling for the payment of $1 a week for each $50 certificate purchased. After
twenty-five payments have been made on the instalment
Class "C" certificates, the company allows interest on the
sum paid at the rate of 4% until the full $50 is paid, at which
time the holder of the Class "C" instalment certificate may
convert it into a paid-up Class "B" certificate bearing 5%
interest. Holders of these "B" and "C" certificates may
borrow on them as collateral, without endorsers or other
securities, to an extent equal to the amount paid in on each
certificate. The officers elected on Dec. 29 are: President,
Henry R. Towne; Vice-Presidents, Herbert L. Satterlee and
Clark Williams; Treasurer, Charles H. Sabin; General Manager, Wallace D. McLean.
[Vol,. 100.
previous depreciation of any consequence was witnessed in
1907, when the adjustment amounted to $792,500. The
amount charged off at that time was nearly all restored with
a subsequent advance in prices. With reference to the
present reduction in book value, President Effingham B.
Morris says: "Whether this amount will be recovered when
the present unsettled and unprecedented condition of the
financial markets of the world shall have passed away can
be determined only by the development of future events."
Notwithstanding the disturbed conditions in business generally, the company reports earnings for the twelve months
ending Nov. 30 of $1,076,793, of which $900,000 was distributed to stockholders in dividends. The sum of $10,000
was applied toward the employees' pension fund and $72,928
was charged off for the construction of the new safe deposit
vaults. After these various appropriations, the company
carries forward a profit and loss account of $1,137,649. The
trust department of the institution has 2,194 accounts,
covering estates of $171,000,000. E. J. Berwind, Randal
Morgan, Edward T. Stotesbury, Henry B. Coxe and Edgar
C. Felton have been re-elected directors for a term of four
years.
The Girard National Bank of Philadelphia has also marked
down the book value of its loans and investments to the extent of $500,000, reducing its surplus in the process from
$4,500,000 to $4,000,000. In making known its action to
the stockholders and depositors, President Joseph Wayne Jr.
Morris K. Parker, who has been associated for over ten says:
The directors have authorized that the surplus fund be reduced from
years with the banking house of N. W.Halsey & Co. and for
$4,500.000
have written off 3500.000 from loans and
the past few years has been in charge of the firm's extensive investmentsto $4,000.000 and In values developed during the current year.
to cover shrinkage
municipal bond department, has been appointed manager
The bank will now have:
$2.000,000
of the bond department of the Equitable Trust Co. of this Capital
Surplus
4,000,000
city, his duties beginning with the new year. Mr. Parker Undivided profits, over
300,000
is an authority on municipal bonds and his advent into the or a clean book value of $315 a share.
As the earning capacity of the bank is and has been for many years conEquitable will no doubt prove the means of enlarging the siderably in excess of dividend requirements, our
undivided profits account
already extensive dealings in municipal bonds, in which the should continue to increase as it has In recent years.
Some of the amount now written off may be recovered, but in fairness
company has always specialized.
to our depositors and stockholders
doubtful values must be eliminated
from our books.
Leonard Everett Ware, a member of the Stock Exchange
firm of Mann. Bill & Ware of 38 Wall St., died on December 28. Mr. Ware was born in Roxbury, Mass., in 1876.
He was graduated from Harvard in 1899. After leaving
college Mr. Ware became associated with the National
Bank of Redemption in Boston. Later he joined the banking
firm of Bond& Goodwin of Boston and in 1903 came to this
city as manager of the New York office of that firm. In
1907 he organized the firm of Ware & Timlow, which was
later changed to its present form of Mann, Bill & Ware.
Elliot Hardon, a State bank examiner in New Jersey for
fifteen years, becomes a Vice-President of the Newark
Trust Co. of Newark, N. J., on Jan. 3, succeeding Gordon
B.Phillips, who will withdraw to engage in another business.
A semi-annual dividend of 7% was declared by the directors of the Southern Illinois National Bank of East St. Louis,
Ill., at a meeting held on Dec. 21. It is one of the largest
dividends ever declared by an Illinois bank. The institution has heretofore paid 5% semi-annually. Conrad Reeb
is President.
Haydn S. Cole, President, and Ira C. Oehler, Vice-President and Secretary, of the Northwestern Trust Co. of St.
Paul, Mimi., who resigned on Sept. 9, relinquished their
places on Dec. 14. Mr. Cole is succeeded by Otis Everett,
formerly of the Guaranty Trust Co. of New York; A. W.
Wahlgren, heretofore Assistant Secretary of the Northwestern Trust., takes Mr. Oehler's place as Secretary, J. H.
Probst becoming Assistant Secretary. As yet no Vice
President has been named to fill the vacancy caused by
Mr. Oehler's resignation.
Samuel W. Baldwin, President of the Connecticut Na
tional and the Peoples' Savings Bank of Bridgeport, Conn.,
died on December 25. Mr. Baldwin was one of Bridgeport's
oldest citizens and believed to be one of the oldest bank
The Commercial Trust& Savings Bank of Memphis,Tenn.
officials in point of service. He was ninety-one years old. moved into its handsome new home on December 21. The
interior of the building has been so remodeled that it is now
Thomas H. West, Vice-President of the St Louis-Union one of the most attractive in the city. It is fitted up with
Trust Co. of St. Louis, Mo., was elected a Vice-President red gum lumber. This beautiful southern wood gives an
of the Rhode Island Hospital Trust Co. of Providence, R. I., effect of richness to the paneling and railings all of which
on Dec. 29. Mr. West is expected to assume his new duties are treated on the natural color of the wood. Besides the
paneling, railings and doors, every piece of furniture in the
on Jan. 15, relinquishing his St. Louis post.
bank is specially made of red gum. The bank started in
William E. Putnam, formerly President of the Boston 1905 with 825,000 capital and it now has a paid-in capital of
Safe Deposit & Trust Co. and long identified with the shoe $350,000. Its deposits are in the neighborhood of $3,000,and leather business, died in Boston on Dec. 16. Mr. Put- 000. The officers are Abe Goodman, President; Simon
nam served as Vice-President of the Boston Safe Deposit & Jacobs, Vice-President; D. M. Armstrong, Cashier, and
TrustCo. for a number of years and in 1897 was made Presi- A. B. Lewis, Assistant Cashier.
dent of the institution. He served in this position for eight
years, retiring in 1905 on account of ill-health.
Dr. Norton G. Watson, President of the Ohio Valley Bank
of Huntington, W. Va., and of the Louisa National Bank of
In view of the decline in the market pricesofsecurities, due Louisa, Ky., and a man of extensive coal, oil and timber
to the business depression and the war in Europe, the Girard interests in the South, committed suicide on December 26,
Trust Co. of Philadelphia has followed its action of last year by the use of morphine.
of reducing the book value of its investments by marking
James B. Brown, heretofore Vice-President of the Nathem down on an average about 6% points. This adjustment amounts to $1,029,783 on total investments of tional Bank of Commerce of Louisville, Ky., was elected
about $15,000,000; last-year the book value of the invest- President on December 22, succeeding the late Samuel
ments was reduced about 5%, or to the extent of $753,674 Casseday, whose death was announced in these columns on
on totaljsecurities of approxinmtely $14,000,000. The last December119.1Mr.Prownlhadlheld the position of Vice-
N. 21915.]
THE CHRONICLE
23
President since January 1 1911, at which time he resigned
the presidency of the First National Bank of Louisville.
GOLD.
This week the addition to the Bank of England gold reserves has been
substantial, so that, after another sum of a million sterling had been set
aside on account of the Treasury Currency Note Reserve, the increase
Owen L. Cochran, President of the First National Bank of amounted to £1.467,000. The total set aside as above is now £16,500,000.
Receipts were announced by the Bank as under:
Houston, Texas, died on December 22. Mr. Cochran was Dec. 10
£1,239,000 in bar gold.
12
engaged in the banking business for 35 years. He was Vice650,000 released from the Indian Gold Standard Reserve,
14
15,000 in bar gold.
President and director of the First National for many years
15
563,000 in bar gold.
prior to his elevation to the presidency in 1908. In adThe totals of the exports and imports of specie at the Port of New York
dition to being President of the First National Bank, Mr. from Jan. 1 to Nov. 28 this year differ widely from the figures relating to
the same period in the
Cochran was President of the Houston Land & Trust Co., the movements by sea: two preceding years. Statistics are appended of
a director of the Peden Iron & Steel Co., and held interests
Exports.
Imports.
Net Exports.
1914
£26,400,000
£24,500,000
in several other concerns.
£1,900,000
1913
9,200,000
14,200.000
5,000,000
1912
1,209,000
6,900,000
5.700,000
In addition to these gold movements, an exceptional event of the year
F. M. Law, Cashier of the First National Bank of Beauhas been the extremely large transfer of gold coin and bar gold from the
mont, Tex., has been chosen as Vice-President of the First United States of America to Canada,
and its deposit in the Dominion on
National Bank of Houston, to succeed Oscar Wells, who re- account of the Bank of England. The total of United States gold coin thus
dealt with between the 7th of August and the 28th of November amounted
signed to become Governor of the Federal Reserve Bank at
to over /18,000.000, the figures being based upon the Bank of England and
Dallas. His election to that position will take place at the the trade import returns.
annual meeting of the directors of that institution to be held
As regards any bar gold sent from New York to Canada overland, the
Jan. 12. Mr. Law is active in the Texas Bankers' Bank of England returns do not differentiate in declaring additions to
ts reserves, whether a deposit is made in Canada or elsewhere.
Association.
Of this year's oversea shipments from New York, France took the lion's
share, namely £17,600,000. as compared with £7,800,000 in the case of
Great Britain.
Stockholders of the Stockton Savings Bank of Stockton,
The above figures indicate that this year, up to Nov. 28. Great Britain
Calif., have applied to tho Federal Government for authority received either in London or Ottawa from the United States of America
to organize a national bank to be known as the City National about £26,000,000 in gold coin, plus any amount of bar gold transferred
United States of America to Canada subsequent to the commenceBank of Stockton, with $100,000 capital and $25,000 surplus. from thethe war.
ment of
The stock will all be taken by shareholders of the State bank,
Great Britain has reason to be thankful that, in what is probably the
which will be continued. George E. Catts, President of the' gravest crisis of her destiny, her position as creditor nation has enabled her
to attract gold, in even larger quantities than obligatory, for the purpose
Stockton Savings Bank, will also serve as President of the of sustaining her international credit.
new institution.
There is legitimate cause for pride that Great Britain possesses trade relations with the United States of America of so intimate and friendly a
character that the latter nation is unlikely to refrain from discharging its
The Old National Bank of Spokane, Wash., has just gold debts due to this country at a time when such a form of discharge is
vital to the interests of the Motherland.
issued a very instructive little booklet, entitled "How WOmen
SILVER.
Bank with the Old National." A copy will be mailed to any
The tone of the market continues to be fairly steady. Inquiry from
bank having a woman's department or to any one at all the Indian Bazaars has been very slight, and the support afforded by
China has also been less keen, though a revival of demand from the latter
interested in a subject so vital to a bank's welfare.
quarter is not unlikely before the year is ended. Coinage and other orders
have not sufficed to hold prices, which have sagged to a small extent.
The Banque d'Hochelaga (head office Montreal,ranada), Supplies are restricted. There has been an indisposition on the partof
according to its annual statement under date of Nov. 30 some holders to sell at the present low level. The stock in Bombay consists of 5,500 bars, as
1914, has had a most satisfactory and noteworthy year. Its 000 ounces has been compared with 4,100 last week. A shipment of 150.made from San Francisco to Hongkong during the
net profits for the twelve months were $566,614, as against week.
Quotations for bar silver per ounce standard:
in 1913 and $481,616 in 1912. Even deposits inBank rate
No
creased in spite of the war, being reported at $21,293,482, as Dec. 11. 23% cash quotations Bar gold per ounce standard._ _ _77s. 5%
9d
23 1-16 '
1/
Nominal
14._.23 1-16 "
French gold coin per ounce
fixed
against $20,105,622 in 1913. The total assets are $33,for
15_ __ _23
U.S. A. gold coin per ounce. _ _ _Nominal
16_22 15-16 "
forward
323,390, while the aggregate in 1913 was $31,894,709.
17._ __2214
Dividends at the rate of 9%, or $360,000, were paid to its Av. for w1_23.010 " delivery.
"
The quotation to-day for cash silver is lid. below that fixed a week ago.
stockholders. F. G. Leduc is General Manager.
$534,700
The Canadian Bank of Commerce (head office, Toronto)
Canadian Bank Clearings.
-The clearings for the week
had the same experience as the other Canadian banks dur- ending Dec. 26 at Canadian cities, in comparison with the
ing the past year, judging from its annual statement just same week in 1913, shows a decrease in the aggregate of
issued for the year ending Nov. 30 1914. Its profits showed 12.2%.
a decrease, but it has an exceptionally large available reserve, its liquid assets amounting to 43.2%. While the war
Week ending Dee. 28.
Clearings al
has had a more or less depressing effect on all financial inInc. or
1914.
1911.
1913.
1912.
Dr& i
stitutions in Canada, on the whole the chartered banks
Canada
$
$
have had quite a satisfactory year. The Bank of Com- Montreal $
% I
44,798,484 45,068,025 -0.6 48,117,804 38.
557,
825
merce net earnings amounted to $2,668,233 on its paid-up Toronto
28,598,048 35,542,386 -19.5 38,000,000 35,921,549
Winnipeg
24,242,384 30,473,157 -20.5 32,697,600 26,451,557
capital of $15,000,000, being at the rate of 17.78%. Divi- Vancouver
5,711,417 8,780,392 -34.9 10,949,857 9,360,746
3,181,725 3,758,285 -15.4 4,845,401 4,597,090
dends at the usual rate of 12% were paid ($1,800,000). Calgary
Victoria*
2,549,476
4,876,459 2,576,837
3,420,001
The bank also donated $50,000 to the Canadian Patriotic Edmonton*
4,059,538 2,581,075
Ottawa
4,517,575 3,426,635 +31.8 3,847,332 3,971,034
Fund and $5,000 to the Red Cross Fund. The new state- Hamilton
2,237,490 3,496,841 -36.0 3.228,517 2,660,149
Qaebec
2,936,120 2,793,620 +5.1 2,797,264 2,405,814
ment shows that the bank's deposits are holding up well, Saskatoon*
1,352,989
1,482,915
Regina*
2,303,346
the totals being reported at $181,508,810, while aggregate St. John
' 2,250,800 1,427,639
1,536,426 1,386,305 +10.8 1,913,316 1.494,863
resources were $245,364,398. B. E. Walker is the well- Halifax
1,919,896 1,870,783 +2.6 1,690,475 1,591,550
Moose
935,226
1,632,208
1,165,509
known head of the institution and Alexander Laird, General LondonJaw*
1,751,145 1,585,727 +10.5 1,575,115 1,408,509
Fort William*
483,396
823,207
905,117
Manager.
Brandon*
690,709
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 17 1914:
Lethbridge
Brantford*
New Westminster*
Medicine Hat*
Peterborough
385,441
577,858
495,648 -22.2
517,928
300,294
464.753
Not incl. In total. I
'705,007
090,718
673.664
558,505
592,919
Total Canada
121,814,491 133,677,834 -12.2 143,753,899 120,069,211
• Not rceived for 1914,therefore omited from total.
PRICES IN 1914 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new baths. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"
-that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
THE CHRONICLE
24
[Yo. 100.
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS FOR THE YEAR 1914.
May
January February
March
April
July
June
Low High Low High Low High Low High Low High Low High Low High
BONDS
August September October
Bond Market Closed
—July 30 to Nov.2
November December
Low High Low High
7012 72
65 6612 6312 673 6312 65
4
6213 65
63 64 --------------------------------65 6834
Ann Arbor—lst 1995 gold __4 70 74
947 957 95 955 953 9618 9514 9614 9512 957 9112 96 ------------------------904 9012 90 5 92
s
4
5
Atch Top & S Fe gee g 1995_4 93 96
4 9212 923 93 95
9414 9414 94 9514
4
-94 948 94 94
Registered
4 8,4
4
873 8714 8818 8612 8714 86% 873 ii - 18 87 877 --------------------------------81 8i
4
8
Adjustment gold 1995
817 92 12 4
-34 8458 8814 8712 8812 865 8712 863 88% 87 8712 8718 88
8
8512 87 8 --------------------------------818 8234
4
7
8
Stamped
4 83 83
Registered
91
4 94 100
.
8
4
11i 93 97123 941. lii iii I914 65i2 - .12 __ ---- --__ ____ ____ __ ___ ____ Oilis I31
99i4 - 14 96i8 16
50-year cony gold 1955
4 04% 9958 9614 9913 953 9812 93 971 05 971 97 993 9014 093 --------------------------------891 9434
4
8
3
4
Convertible 1960
4
5 9978 10134 10134 1017 1013 102 10012 10214 10012 1007 1007 1015 10012 10114 --------------------------------095810058
8
8
8
8
10-year gold 1917
4
8
4
Eastern Oklahoma Div lst-4 913 923 --------04 9412 --------9512 9512 9412 941 9413 943
4 8614 915 8918 91
8
90 91
3
90 4 9113 9012 92
91
92
9014
Transcon Short L 1st g
4
8
Cal-Mix 1st & ref 1962_434 9714 973 9814 983 98 9812 98 9812 ----------------99 09
3
2
Santa F Pres &Phen 1st 11_5 104 104 ____ ---- 109 109 ____ ---- ---- - - _- - - - ___ ____ ____ —__ ____ ---- ___- -- 10114 16714 itiii 1111
_
_ _
_ ____ ____ ____ ____ ____ ____ _
- - Chic & St Louis 1st 1915_6 101%10118 ------------------------10112 10113 19112 101. _
94 9434 9312 94
9312 95
9-i4 80 99;8 0i _--- ---- ---- ---- ---- --- 13iis 8f
1
Atlan Coast L—Ist 1952 g4 91 9413 9212 95 93 94
--------92
50-year unified 1959
5 -------- -------- 10314 100 10414 1043 --------1051310512 - - 14
4
_
Alabama Mid 1st 1928 gu
---- ---- ---- ---- ---- -- --- ---- _ _
7
Bruns & West 1st 1938 gu_4 ------------------------03 3 938 ---- - . —
94% 92 937 8913 9212 90 - - 9034 -91
4
9114 8714 923 --------------------------------847 8534
Lou & Nash coil 1952 g___A 87 95 9
121 121
Say Fla & West 1st 1934 g..6
4 ---- ---- --------98 --- 9- i2 -- 7- 98 98
8
9
7
i
9 3
Sil S Ocala & G 1918 gu
91 92
9118 9178 92 - 7 8912 - 1 --------------------------------88 8614
91 92
92;
4
92
B & 0—Prior lien g 1925-3% 90 923 9113 9214
34
Registered
4 90%95 9458 96
oi II 9334 947 93 8 9412 9312 - 14 5
a% --------------------------------8758 8
.
12 S
8012
94
Gold 1948
4 9078 92
93 9312 92% 94
92 92
9334 94
Registered
4
3
- 12 6 1 8 Si%
434 90 8 9412 9234 943 911 9353 90 9238 91 9212 9114 9058 95i8
398
20-year cony 1933
Registered
434
336
Pitts June & M Div
4
8
7 Si 87 88
7
97 00
i __- ---- ---- ---- ---- ---- 90i2 - 1 i8 - 3-1. 8
- 06s
88 863 8712 95 2 -4
Pitts L E & W Va System__4 8412 873 877 8912 9- Div 1st g_334 8714 9113 90% 9114 9012 9118 9013 9114 9012 9118 90% 9118 87% 9112 ___—__ ---- ___ ____ ____ ___ --_ 8618 8712
Southwestern
10512 10512 10513 10513
5_
Ohio River let 1936 g
921,3 ------------------------8315
3
-96 4 064
- .
Buff Roch & Pitts—Gen '37__5 --------108 100--------109 11,1014 --------110 110110116 ____
434 _
Consol 1957
Allegheny & W 1st 1998 gu4 94 94
Clear( & Mah 1st 1943 gu...5 -------- -------- 111 111 iii
Roch & Pitts 1st 1921 g____6 ----------------10913 19912 110 110 --------110 110 109 109 -6_
Cons 1st 1922 a
Canada Southern—
5 1033 1053 106 106% 106 10612 106 1067 1063 1063 106%
4
3
4
8
8
Cons guar Series A 1962
5
s
Registered
iO67 1067
- 914
8
66 -9 iiiii 995 100 --------0914 - 3- 613 100
Car Clinch & Ohio 1st 1938 5 97 9912 99;4 - 82 9-is "
Central of Georgia-1st 1945_5 -------- 108 108 --------------------------------10714 10714 ---104 10412 ____
4i
h .4 1 12
5 10
1. 10358 105
a c 12 i
Consol 1945 gold
___ _ ____ _ ___ ____ ____ .-__ ____ _
iii _ --- ---- - - - - -- - -- - -- --- --- -- - -- - --- -- ---- -- ---- ---- ---- ---- ---- -- ---- __-101
_
---___ 1023
4
_
_
---- --- ---- ---- ---____ --- ---_ ---- ---- aiie lifaz 100 1 3664
------------------------1041310413
--------1005810058 --------10014 1164 --------9934 lool4 --------------------------------9713 I/712
5 0943 1
Central RR & Banking Ga
Central of New Jersey—
____ 1111 113 112 113
4
5 114 116 116 117 116%1163 11634 118 117 117% 117 11713 116%1171 __ __ ____ ____
General 1987 gold
4
8
5 11334 113% --------116 116 116 1165 117 117 1163 117 116 11612 --------------------------------112 112%
Registered
4
_
_- 1043 1011 ----------------------------------------10212 10312
4
_ 101 10414 10412 10412 1043 1043
4
5
Amer Dock & Impt
__
2...
501
8 80 -8412 8214 825 _86 86
Central Vermont—au 1st g 4 82 84
-Chesapeake & Ohio
9912 100
99 100 100 100 ------------------------ -------- 91
3
5 98 4 997 100 100 100 10014 9912 100
s
Gen fund & impt 1928
8
3
8
5 105 10612 10712 1077 105 10714 1065810714 1065 107 1067 10712 10613 1067 --------------------------------10134
lit consol 1939 gold
5 103 103
Registered
8 9- 4 00
. - 12 991. - 3 92Ty - 3- 925 9512 iii l 1; -------------------------------- iii Si
9i 3
8
5 981 9
3 0i
i
4% 9314 97
;
3
General 1992 gold
434
Registered
14
7213
8
436 797 8414 8312 S61 iiii - 18 80i4 827 ii ii 7613 8114 iii If ------------------------6758
Convertible 1930
___
4
Big Sandy 1st 1944
-iih 671.
2
4
2d consol 1989 g
90 90
Greenbrler Ry 1st 1940 9u4
__
_ _
161 ____ ____ ____ ____ ____ ____ _
5--60'2 OO 163
3 6i ii 96 6i
Chic & Alton—Ref 1949 a
_ _ _ _ _ _ _ 92 8 02-4 99 - -14
35 401 ____ ___ ___
45 471 4414 4513 4358 46
4714 52
3.- 2
4
35
Ry 1st 1950 g_354 54 5512 523 55
Chic & Alt
Chic Burlington & Quincy—
7
3
993 9033 --------99 100 ____ _
4 9934 993
9914 9914
Denver Division 1922
8
8412 85
838 8458 9413 151 8918 8578 8512 857 83 8514 ---------------- ----------------80
Illinois Division 1949____3% 82 85
4 93 955 943 96
8
9412 95% 95 9534 95 9512 9518 9512 95 9534
4
1949
Illinois Division
--- ---- -- 93% 94
5
s
1027 1027 103 103
_--- -__- ---- ---- -Iowa Division 1919. s f
4 963 9813 98 98 98 98 --------9814 9814 993 -083
4
4
Iowa Division 1919, at
8
9713 98 9714 98
97% 98
9713 98 ____ ____ ____ ____ ____ ____ ____ ___ ____ ____
Nebraska Extension 1927__ _4 9434 9613 965 97 9612 97
9812 981 0814 0814 ----------------9958 9933 995 995
8
4
8
Southwest Div 1921
93 9312 9314 9313 91% 931
4 9114 94 93 94
9358 9412 92% (
89 4
28914 3
General 1958
Illinois—
Chicago & Eastern
3
40 40
3013 40
32 35
Refunding & impt 1995 CA 8612 68 6513 6534 60 60 4 40 41
10714 10714 __-- -- 109 11213 111 11134 112 11214,111 112 105 105 --------------------------------102
—
1st consol 1934 gold
97 10013 9913 100
4
953 96
99 99 --------90 90
70 --------------------------------75
60
General consol 1st 1937
98 98
Registered
____ 74____
4
___ 963 99 ----------------39 88
---- ---- --- ---- ---- ---2712 39 __---_
Chic & Ind Coal Ry 1st
3
18
74 ____
7513 733 7412 71
8
745 7213 74
8
3
733 745 68
-1st 1959_ _4 70 - - 7373 Chic Great West
-_-- --__ ____ ____ ......_•
118 118 ___ ____ 11812 11812 ----------------1178 120 120 121 ____
4
Chic Ind & Lou—Ref 1947 g
5
- ---- ---- ---- ---- ---Refunding 1947 gold
--1031210158
___ ____ ____ ____ ____ ____
___ ____
1
Chic Mil 84 St P term 1914 g.._5 1001810014 10018 106% 10018 10018 109Ts 100 109is f6614 iOO 176614 __ _
4 92 9518 9518 063 93 953
96% ...4
4
5
953 94 95 95 9918 05 Gen Series A 1989 gold
923 923
4
4
4 93% 9314 --------9213 9213 ----------------94 94
Registered
s
803 90
_
8214 -9 86 80 81
ii238 99 - - 8
ii34 8113 ii 92 2
8
Gen Series B 1989 gold___3% 99 -- 18 832 8
12 iiii8 iii4 - 3.
4
4
8
4 10038 10338 1023 10312 1017 10318 10213 10338 1023 10333 10214 1033 10033 102% ___- ____ __-- -___ _--- -_-- 07 iii 4
General 1989
917 9212 9134 92% 90 92 -------------------- ------------ 88
90 9138 8912 92
91% 93
25-year debenture 1934____4 88 90
4
4% 100%10314 102 103% 100 10214 100 1013 101 103 10012 1023 9418 101
Convertible 1932
5_
___ _
-__ _._
Chic & Mo River Div
8
8
4
4104 104 10412 104%10414 101141041., 1031 1043 - -- - ---- ---- --.. -- -- -___ 1005 1013 1013 1013
5 10212 1023 10312 10378 1033
4
11
4
4
Chic & Pac West Div
3
__- -- — ---- ---- ---- ---- ---- 88 8814
9234 937 92% 933 023 931 93 9312 9338 93% 9313 93 4
8
4
CM & Pug Sd 1st gee 1949_4 89 93
.
4
1920..6 108 10814 10812 10813 1081 10812 10812 108'3 1083 1083 ---- ---- -- -- - - -- - - - - ---- -- -- — - ---- ---- .- - ___. ____ _ _ _ _
4
Dubuque Div 1st s f
La Crosse & D 1st 1919... 5 10258 10218
4 - 8
8
4
5 1025 1025 --------1033 1033 ____ ___. 1045810458 10458 19433 -- -- -- -- ---- - -- - ---- ---- ---- ---- ---_ ____ 10138 1115;
Wise & Minn Division
4"-9iii. 10014 1091
Wiconain Val Div
_
_ _ 10212 102's,10212 10211 --- — - _ ---- -___ ____ ___ ____ ____ ____
IV( 1013 1013
3
4
---4
_
Mi & Nor 1st ext 1934__;% 56; 9
4 - 101 101 101 10118 10118 101 18 1013 101% _____ 10212 10212
____- 436 _
Consol 1934
10114 10114 ____ ____ ___ ______ ____ __ ____ 10014 1- 0
8
6 14
Chic & North West-1915____7 19214 1025 10238 102% 0214 10238 10218 10212 102%10238 102 102%
Extension 1886.1926
9458 9433
9433 9458
4 _
Registered
12
3
4
8314 84 924 12 8112 8312 9212 Ii 993 80 81 83 8 --------------------------------777 19-4
3% 80 84
13
General 1987 gold
314 7812 7813
Registered
91:i --------------------------------89 90
4
4 93 9512 99 If ii 154 67 i973 9484 If oi li 9512 .
12
General 1987
Registered
Stamped
-108 10812 10512 10812
Sinking fund
10473 10412 104%10418 10418 10418 -------- 105 105
___ ____
Sinking fund 1879-1929_5 ___
4
- -7
4
5 10012 10212 10118 102 8 10214 10214 102 102 10114 1013 1013 102 102 102 --------------------------------907 1-0014
Debenture 1921
4
5 102%10212 10214 10212 192%103 1923 193% 10334 1033 1033 1033 10318 104
4
fund deb 1933
Sinking
5
Registered
f ii
iol - 6018
ao 66.3i .i
on
BIB ES & W 1st 1921 a
6
- _ 1093 1093 ----------------110 11014 ...... ___ 11014 11012 ---- ---- ---- -- ---- ____ ____ ___ 9912 16g%
8
8
7
9358 94
93% 937 9213 93 923 9213 9258 033 91% 917
8
93
4
,
Milli Sparta & N W Ist____4 91
8
_ 1073 107%
Northwest tJninn let 1917_7 ------ 108%108% 108 108
- ___ ____ 10518 10514 10538 10613 10512 10618 1097 107 1054 16614 -------------------------------10134 10212
-8 gu_5 ____ ___
St L Peo & N W 1st '48
I
JAN. 2 1915.]
THE CHRONICLE
25
1914—Continued.
i
January February
March
April
May
June
July
August 1September October November December
Low High Low High Low High Low High Low High Low High Low High
Bond Market Closed
Low High Low High
I
—July 30 to Nov.28
---Chic Rock I & Pac RY-1917--6 105 105 16412 1042 10414 10112 104 104% 104 10414 --- ---- 10314 10314 --------------------------------10
4
134
Registered
6_
___ ____ ____ ___- ---___ ____ __-- ---- ___- --- ---- ---- ---- ---- ____ 10134
- 104%10438
_
____
General 1988 gold
4 84 88
851 8914 86
4
8914 _-- 878778 863 8712 87 90 8114 87 4 -------------------------8013 807 807 92
8
4
8
8
Registered
4
.87 87
Refunding 1934 gold
4 72 80
7514 81
7314 787 73 75
8
i-4r 7514 747 80% 65 4 --8
iiis ------------------------6412
194
8Registered
4 7112 7112 78 78
_
_
7314 7314 ____ ____ ____ ___ ____ ____ ____ __ __ _ __ __ _
_
___ ____ ____ _.:__
20-year debentures 19325 71%76s 7412 8012 --- ---8 6612 7012 68 717 693 7812 55 7414 ------------------------5112
—
6814 781
4
8
517 51
8
09 4
,
Collat Trust ser 111 1915._A
Series 0 1917
4 --------90
-----------------------95ci ..„
CRI&PRR 2002
4 47 8 53
4278 4812 3i ,
ii 2618 17
14 30 4 3614 2852 3412 1834 2918 ------------------------ 20 20
3
2014 277
3
Registered
Trust receipts
__ ____ ____ ____ ____ ____ ____ -___ -___ ____ ____ ____ -- 2 --- 202712
19i 1912 -- --Burl C R & Nor 1934 g
CRIF&N1921 gu
5 --------1007 100 8 1-3 10 - --------1007 103 ------------------------------------------------ a --7- - 0- -3
—8
-------BONDS
wii, iii,
St Paul&KC ShLIst _ _4 M --------7812 80
7812 7812 ----------------75 --- 75 - -- ---- --- ---- ---- ---- ---- - - - --- 6 i ---76
-7
614
82 6812
-Chic St P Minn & Omaha
6 --------118 11814 120 120
_
_ 119 1194 120 120 4 119 8 119% ---- ------- -- ---- ---- ---- ---- 11412 115%
1
,
Debenture 1930
5 101 10234 102 102% 10214 103 --- 103 10212 103 10112 1023 997 102
102 --8
4
Chic St P & Minn 1st g_6 11612 11612 ____ ___
_
_ _
.
---_ ____ ____ ____ ____ __-- ------ ---- —_ ____ ____ ____
St Paul & Sioux City lot g-6 107 10718 ____ ___- 10712 10810714 1085 --_-- --- -8 -- 3
--- 8 10714 0 -14 1073 107 8 ----------------------------------------104 104
7
Chic & West Indiana-1932.A
Consol 50-year 1952_
4 8318 -- 8414 87
8412 ---
8414 8514 8312 8514 83
--
--------100 100
97 97
Clev Gin Chic & St L—'93 g 4 8484 83 85
8314 84
8012 76 7712 72
-- 8 12 78 - - -- i,t -0 78
20-year debenture 1931_..414 8712 8712 8612 8612 8412 8512 82 8312 --------82 82
763 ___. ____ ---- ---- ---- ---- -___ -- 22
8
13
Cin W & M Div 1st
4
St Louis Div 1st 1990 g
4 83 8312 853 853 841-2 8412 82 4
4
ii --------83 ii ----------------------------------------83 Si
Registered
4----------------8214
Sp & Col Div 1st 1944 g4
-85 85
C 1 St L & C cons I920
6 i6- 10518 16- T4 11- 1o112 1055 10334 1653;. .
518 --514
8
5
_ ____ ____ ..._ _ __ ___ _ _
___ ___ _ ._ _ _ ____ ____ ___ - -- -- .___ _ _ _ _
1st 1936 g
4
CCC&Icons 1914
Gen cons 1934 gold
6
--------1053
4
Peor & East 1st cons 1940..4 8014 84
84 81
75 80
747 75
72 72
722
i2
Incomes 1990
430 30
2512 30
25 28
23 23
_ _ _ 20 20
20 22 ---- _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _
-.
. _
__
- 26 11
------------------------953 96 _-- - - 9514 9614 94 9
Cleve Short L—Ist '61 gu__41i
4
969614
518 ------------------------9028 --5 9012 92
_90 8
Colorado Midland —1st g_ ..4 ----------------15
1412 15
1412 19
93 1412 19
4
14
19 --------------------------------15 15
Trust Co certifs of
-9-3--17
17
Colo & South —1st 1929 g. -4 9
9214
- —
0
9i - -89 -91-12 89- --- 9
9214 93
- 12 9 % -6 -- 12 89i2 - -0
0 -9 9
0 --- ---- -- -- ---- --- - ---- _ - _ _ _ _ _ - 85% 87
%
Refund & eaten 1935_ — - M 9012 93
.4
913 9312 9014 92
4
89 9038 89 8912 8712 8812 81
85 --------------------------------72 8011
Ft Worth & Den City Ist 6 105 107 1067 107 1067 107 ____ ___- 1057
8
8
8106 4 1053 1053 10212 10212 ---------------------------------100 100
4
,
4
Delaware Lack & Western—
Morris & Essex 1st 1914..._7 10012 1007 10012 10012 10014 10
8
011
-- --7
- ---- ---- - — -7-- -- -- ---- ---.. -..-- - -.. -- -- -- -- ---1st cons go 1915
7 103 10314 10318 10318 103% 10318 --- k f1027 0318 --- 8 103 --- 4 1023 _ _
1027 1023 --- 4
.
_ _I_ . _ _
_ _ _ _ _ _. _ _ . _ _ _ _ --- _ . - --- _ _ _ _ _ _ _ _ _
_-Refund 2000 gu
334
NY Lack & West Ist 1921.-6 16- 1 109 1092810928 i-- 4 110 ____ ___- 116 110 1103811038
- 8Z --09i -----1097 1097 ---- ---- ---- ---- ---- ---- ---- ---- --- ---8
8
Construction 1923
5
Delaware & Hudson
1st Penn Div 1917
Convertible 1916
4
1st lien equip 1922
414
Ist refunding 1943
4
Mb & Susq cony 1946 g--316
.
97 8 99
,
100 101
9312 9514
847 863
2
4
983 99%
4
9912 10018
953 963
4
4
86 8614
Denver & Rio Grande
1st consol 1936 gold
4 83 84
Consol gold 1936
434 901
Improvement 1928 gold ____5 -------• 1st & refunding 1955
5 6612 74
R10 G West 1st 1939 g
4 79 8314
Mtge & coll tr A 1949 81_4
-------6712 74
8318 84
72 7214
83
85
9814 99
98 8 9914 988 99
— 5---5--997 10018 10012 100% 10012 10012
8
95 9614 95 963 9612 963
2
4
8412 858 8514 8612 8534 87
4
7914 82
80 4 82
3
80
82
89 9212
_
_ 83 85
62 6814 _-- __- 573 62
62 67
8
83 8312 8212
-----------------70
999914 989914 _ _ _ _ _ _ _ _ _. _ _ _ -- — ---- ---- -- - - 9812
-- --- -- --.
_
10014 10012 100 10012 ---- ---- ---- ---- ---- ---- ---- ---- ---97 9712 95 9712 --------------------------------9013
8612 87
85 867 -------------------------------- 8184
8
7912 81
75
--------88
8385
76
5.514 61
4318
991s
---9111
8314
7914 --------------------------------75 77
88
82 --------------------------------80 80
56 --------------------------------4112 4
4
Detroit & Mackinac—
Ist lien 1995 g
Gold 1995
Detroit Term Tun 1961_4 34 96s --- 6- --- 96
97
614 9612
96
Dul Itlissabe & Nor—Gen '41_5 ----------------10314 10312 105
105
104
....
-1st 1937.5 10012 10212 104 10412 10312 10312 1027 1027 10412 105 102 104 104_ 10414 --------------------------------------Dul & Iron Range
. ____ ____ ____ __ __-- ---- ---- ---- 9918 9
8
8 103 1033
10318 _
91
Elgin J & E 1st 1941 g
5 _
Erie—Ist cons 1920 gold _ _ _ _7 111% 11118 1113 11178 1ii18 11118 112 112
t --4
---
4-102
--------1113 111s 1--- 7- 12
1 -12
11 ---- ---- ---- ---- ---- ---- -- -- ---- ---- ---
2d extension 1919 g
5_
3d extension 1923 g__452 --------100 100 100 100 ----------------9912
4th extend 1920 g
5 --------102 10218 1021810228 --------10214 10214 ---- ---- 1654 f654 ---- ---- --- ----1---- ---- .._ _ _ _ _ 166- I001
. - 12 - —
5th extended 1928 g
4_
NY LE& W fund 1920
7 ----------------------------------------1101211028
-- - -----------------------------------------------1st cons prior lien 1996 g 4 823 863 86 8714 8312 8514 844 854 8312 85
4
4
834 8412 82 8412 --------------------------------7834 82
Registered
4 83 83 ____ ____ __-- ---- ---- ---- ---- -- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------- --1st cons gen 1996 g
4 7114 7612 7414 7614 731 743 71% 75
4
4
72 7312 7212 74
6678 7318 -------------------------65 65
6412 69
Pennsylvania coll tr 1951 g_4 89 91
5
9012 92
90 a 91
89% 907 8912 00 8914 90 8812 8918 --------------------------------8734 88
3
50-yr cony Ser A 1953 g
4 7212 773 7434 7714 7428 7512 71 75
4
74
72
64 73 --------------------------------5914 66
7318 71
50-yr cony Ser B 1953 g
4 713 7512 733 76
6312 7112 ------------------------59 59
7212 7014 73
4
71
4
7314 743 7014 74
60 6612
Buffalo NY & E 1st
7_
--1041410414104 10414
Chic & Erie 1st 1982 g
5 105 8 106 --------10712 1-0,
--8 10712 107 8 1.66i4
8
,
1067 108 107 108 --------------------------------102 162
-- ---- - Cleve & Mah Val 1938
Long Dock cons 1935 g
6
_
12112 123 12212 123 12278 12212
-- 12212 ---- - - ---- ---- ---- ---- ---- ---- ---NY LE& W Dock & Impt_6 1017 101-8 102 102 --------10214 10214 12212
_- 8 - 7
----------------103 103 --------------------------------10184 10- 4
------- - ------ - 1:
General 1940 gold
5 _
Terminal 1st 1943 g
5 102 102
Wilkes & East 1st gu g
5 923 94
4
siii 1112 96i2 17 9- - 18 95 iii 94 - 3- 62 - 1- ----6 97
02 4
144
---- ---- ---- ---- ---- ---- ---Florida East Coast—Ist _ _ _i114 6- --- 62 - -- 9-12 -1 9312
94
-2 9
i 9- i2 -2
1i2.12 93 -- - --------90 -- 14 --------------------------------88
--93
91
Worth & Rio Gr—Ist g
Ft
4 5812 59
88
64 64
__ 62 62 . _
_ __-- ---- ---- ---- ---- ---- ---- ---- ---- ---- Gr North—C B & 0 colt tr _4 9414 97
957 9718 9- -8
-6 98
961s 975 6E12 8
4
if% -57 Iiss 5.134 WI., ------------------------9438 943 941$ 95
Registered
4 9514 9628 957 9612 9612 9728 967 9712
g
8
97 971 967 97
8
961 s 9738 --------------------------------9418 94
'
1st & refund Ser A 1961_434 100 101 100 10138 100 10012 10018 10012 10014
1
10058 10012 101 100 4 101 --------------------------------991 99 2
St P Minn & Man 1933-4 ---------------- 96 4 9714 98 98
9714 98
-- ---- ---- ---- ---- ---1st cons 1933 g
6 1103 120 12014 12014 12114 12114
4
Reduced to
414 10014 10214 102 10218 102 102%103 10-- - 314 --2
10-1
Mont Eat 1st 1937 g
4 93 9312 95 95 8 941 95
,
4
9512 955
9514 957 ---- ---- --- ---- ---- ---- ---- ---Registered
---- --•
4 .
E Ry Minn No Div 1st
4
Minneap Union 1st
__ ____ ____ ____ ____ ____ ____ ____ ____ ____ ___- _-.
Montana Cent—Ist g gu 6
12114 12114
12414 125
1st guar 1937 g
5_
Gulf & Ship IsId—Ist I952 5 89 90 91
9114 66% 9018 90 90 92 92
9018 9112
12
Hocking Vall—Ist cons g__432 97 101 100 1001 9912 10012 9912 10018 99 998 993 10012 89 89 ---- ---- ---- ---- ---- ---- ---- ---- iii 4
9938 10014 --------------------------------93 95
4
Registered
Col & Toledo 1st ext 1955_A ____ ---- — 9012
Illinois Central—ist 1951 [1_4 9412 9412 95 95 --------963 ---- -9
4 97
-6it 16 4 967 96% 671s - 18 ---- ---- ---- ---- - --- ---- ---- ---- --- -8
1
91
1
1st 1951 gold
31
4
.
Extended 1st 1951
314
_
--- ____ ___- __-- -- __-- -___
14
Collateral trust 1952 g
4 90 90
92 93 90 91% -------- -------- 89 4 9012 8814 8812 --------------------------------85 81
1st refunding 1955
4 897 93%93 94
8
93 8 94
,
93% 93 92 93 92 9234 9013 9212 -------------------------------85
12
81
fiii
THE CHRONICLE
26
[VOL. 100.
19141—Continued.
BONDS
May
April
March
July
June
January February
Low High Low High Low High Low High Low High Low High Low High
Illinois Central—(Concl.)
4
L N 0 & T 1953 g
4
Registered
4
1950 g
Cairo Bridge
3
Litchfield Div 1951
3
1st 1951
Omaha Div
Springfield Div 1st
354
4 00
Lines 1st 1951 g
West
5
Chic St L & NO 1951 g
91
90
91
91
88
August September October
Bond Market iClosed
—July 30 to Nov.2
November December
Low High Low High
89
91
8912 9012 --------88
8812 8812 ------------------------88 88
4 861 8714 88 88
2nd Illinois & lowa—ist g
Internet & Gt Nor-1st '19 g_6 --------104 104 103 104 ----------------88 88 10012 10012 --------------------------------9934
_
_
_ 1023 1023 _ .
4
- ---- ---- ---- ---- ---- 4
James 1? & Clear-1st 1959_ 4 -------- -------- 9113 9218
------------------------6611 94
3 6812 6834 6912 70
69% 6912 693 70
6914 698 _-- --- _-- 8 .-- 693 69
Kansas C Sou—Ist 1950 g
.
943 973 95 96
9514 9638 9412 96 --------------------------------8812 90
Refund & Improv't 1950 5 9512 97 96% 9812 9612 98
9292 93 93
4
933 94% 9312 93 2 92% 937 933 9414
,
Kans City Term—Ist 1960 4 931 9412 9412 9512 94 95
8
5 100 10312 10314 10334 1027 10318 101%102 --------101 101 101 101
Lake Erie & W—Ist 1937 g
5 95 05
2d 1941 gold
-- ---- --9898 9898
5 _ __
North Ohio 1st 1945 gu
--11-3
8
--------------------------------99
3
--Lehigh Val (N Y)—Ist gu434 10014 100 4 101 10112 10114 1013 101 101 8 101 10112 101- 10 Registered
3
- 8 -4 --------8712 87
-8914 --- 90 4 -- --- 12 89 897 8914 --- 8912 --- 9090 9912 9938 ---- ---- ---- ---- ---Val (Pa)
-2003 g
Lehigh
8
General consol 2003
454 --------09 9912 99 0912 99 9938 99 9912 993 9912 ----------------------------------------9613
_
4111 111 11112 ____ ____ ____ ____ ____ ____ ____ ___
Lehigh Val Term—lst gu g__5 ----------------1103811134 --------1103
- ---- -- - ---- ---Lehigh ValCcutt—lst gu g_5 ----------------1041410414
---- ---- ---- --- ---- ---- ---- ---- ---- ---- ---- -- ---Long Island
s
1st cons 1931 gold
4
General 1938 gold
454
--- ---- ---- ---- ---- ---- ---Ferry 1922 geld
---- ____ ____ ____ ____ ____ ____ _ — ____ ____ _ _. ____ ___
Unified 1949 gold4 86 8712
-- - -1
s --------10014 10 1934 gold
Debenture
8
917 91 9118 ___ _--- ____ ____ ____ ____ _--- -___ __-_ ____ ___ __— ____ ____
92
4 89 9012 91
91
9014 91
Guar refund 1949 gold
5
NY B & Man Bch 1935
1049NY
5 10212 10212
& Rock Beach 1st
North Shore Br gu 1932_5 ---------------- -------- -------- 102 102 ____ ____ 102 102
s
La & Arkan—Ist 1927
Louisville & Nashville—
8
6 11112 11112 112 112 11414 115 115 115 1143811438 11212 11238 112 1133 ---- -- ---- _-_- —_ ____ ____ -_-- ____ ____
Gen 1930 gold
110 110 1093 1093
8
5 1053 1053 10712 103
4
4
8
Gold 1937
3
8
g
8 96
8
5
8
4 9214 96
949
9312 9614 _-- --- 9438 9518 947 953 953 - - 527 163 ---- ---- ---- ---- ---- ---- 90% 90 8 91 92
Unified gold 1940
4
Registered
-- ---- ------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____ ____
-14
5----------------105 105 10514 105 - Collateral trust 1931 g
---- ai,
66 /6
-7-2-2;
-01-1;
--------10114----
L Chi & Lex 1931 g
— " 96 6 34 0-014
6_
St Louis Div 1st 1921
3
3
3
3
90 4 90 s 9038 90 8 90 4 --------------------------------85 85
908
-4
Atlanta Knorr & Cin Div_4 88 90 893 90% 89% -- 7
6 106 106
Henderson Bdge 1st
if
4
4
3
4
90 9014 893 104 893 893 9014 9014 -------------------------------- 84 90
Kentucky Central 1987 g_ A 8812 89
--------- 101
L&N&Mob&M1stg434 100 100 --------------- 84 85
3 8034
841$ --------------------------------80 4 -84 84 --------84
L & N—Sou-Monon Joint 4 8312 84 838 % 8314 4
Nash Flor & Sheff 1st
-% 9 4
99 ---3 - 9
-- ---- ---- ---- ---- ---- ---- --- ---10(1 --------100 100
992
.
N & Cin Bridge 1945 gu _4% --------10414104149912 --------100
-8
_ 0918 10918 110 110 10914 10914 1093
8
4
8
6 1053 1083 1095 10958 —
Pensacola & Atl 1st gu
7
-- -5 --------10514 10514 107 10 No Ala gu 1936
So
981 993
8
s
-- 8
- 8 _ 10412 10412 194%10B 194% 1043 10414 10438 1037 1043 ____ ____ ____ ____ ____ ___
_
_.
5 _
Gen cons 1963 gu
8413 8412 8312 85
4 83 83
Louts & Jeff Bdge—I919
.
Louis—
Minneapolis & St
- 8912 8912 -------------------------------- 89 89
5 89 9212 931* 9338 93 9412 90 9212 90 9114
1st consel 1934 gold
52% 53%
50% 52 _-- --- 4412 52 --------------------------------40 44
53 55
57 59 55 56
61
4 51
1st & ref 1949 gold
68 08 ----------------60
4 69 69
_
_
Des M & Ft D 1st gu
---_ ____ ____ ____ ____ ____ ____ ___ ____ _
8814 8814
90 90
92
2
92- 94
5 88 9212 9312 94
Iowa Con 1st 1938
4112
47 4812 7 4818 --------------------------------39 -47 50
5212 53
5114 52
4 50 5712 54 57
Ref 1951 g
_______ ____
4
4
9412 943 95 9518 9412 95 9412 9514 933 95 ___ ____ ___ ____ ____ ____ ___
M St P & S S 51—Cons'38 g4 90 9212 93 9412
Mississippi Cen
Texas—
Missouri Kansas &
8618 881.3 8112 8712 -------------------- ------------ 75 79
4
3
4 04
4
4 874 91% 90 913 893 9 3 88 9018 863 88
Ist 1990 gold
57 70 --------------------------------52 60
4
693 71
3
70 7112 69% 70 4 698 71
74 75
4 7353 77
2d 1990 gold
90 90
91
96 96 --------9012
97 99
5 9512 97
1st extension 1944 gold
4
65 65
143 --------------------------------4818 19-14
6518 691s 6414 6712 6412 66
71
4 66 6814
2004
1st & refunding
70 76
75 76
4
703 75
4
4
833 8438 813 8312 7212 75
General sink fund 1936__43'( 8112 85
78 --__ ____ ____ ____ ____ ____ ____ ____ ____ ____
_ 82% 8214 8212 8212 ----------------78
.
1st 1990 g...4 _ __
Kan City & Pac
10314 10314 10414 104 104
Mo K & E 1st gu 1942 g _5 104 104 10314
5 _
Mo K &0 1st gu 1942
9 14
-- 9214 --- 9214 9214 90 90
-812 7 4
M K &T of Texas 1st gu g_.5 96 96 --------96 1- 92i 95
5 07 991y
Texas & Okla 1st gu g
4
0 --------------------------------100 '10153
-- - -3--1
3 - -12 7
- 1.1 ,
MissouriPac 1st con 1920 g__ _6 103 105 10:1 101 101 8104 4 102 105 -02;4 104 102 103 4 100 10
95 9512 89 94 --------------------------------88 91
4
943 96
12 95 96
5 945 9712 971 9818 95 97
Trust 1917 gold stamped
89 --------------------------------85 86
9012 9112 8512
9512 9512 94 95 --------90 91
5 94 95
1st collateral 1920 gold
6 45
3
g
8
567 608 -.5 633 5312 5914 533 5812 3912 5378 ------------ --------------------3
7
4 5912 6612 5912 62
40-year gold loan 1945
------------------36 42%
5 69 77% 713a 77 68 7312 6612 7318 6214 70 6212 69% 40 62 -------------1st & ref cony 1959
5_
Registered
341 7s extd 1938
--------88s 888
----- ---- ---- ---- ---- ---- ---- ---- ---- -- --89 4
9018 9018 8912 --1 90 90
4 ----------------00 90
Pac of Mo 1st ext 1938 g
1938
2d extended
St Louis Iron Mtn & So—
10112 1021s 101 10212 --------------------------------972100
3
Gen cons ry &I gr 1931 g_ 5 101 10412 103 105 102 103 10212 104 100 8 103
--------------------------------102
5 _
Stamped guar
5
. BB
.
3
73 4 ---- _ _ _ _ _ _ _ -_ - _ ---- -------- ---- 9
79 757818 -5 4 7812 7512 7712 68
79 8112 7
g__4 76 82
Unifying & ref 1929
72 -------------------- _______
65
3
73 3 7512 73 74
Rlv & Gulf Div 1933 g_A 7614 8138 793 8138 75 7912 74 77
4
4
8 116 116 1163 1163 11612 117
8
4
Mobile & Ohio—New 1927 9 6 11312 11312 115 1153 11514 11512 1153 1153
---_ _ _ 11212 11212 11212 11212 11212 11212 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- ---- ---- ---- ---6_
1st extension 1927 gold
General 1938 gold
- 41- 4 -104 104 10-1 04 8
____ ____ 10518 10614 --------------Montgomery Div 1st '47 g 5 _
siii 1618 iiii
Li If
fio
&
Li
6v8
Nash Chatt & St L-4
5 10512 1053 10614 107 10612 107 10714 10712 107 108 107%10818 10712
Ist consol 1928 gold
McM 81 W & A 1st
National Rya of Mexico—
454
Prior lion 1957
National of Mexico
4
con 1951 gold
1st
8
4
:1712 --5512 5712 50 5612 4712 51
N 0 hiebile & Chic—Ist '60 5 5312 58
N Y Cent & Hudson River—
3%
Gold mortgage 1997
354
Registered
4
1934 gold
Debenture
4
Registered
Shore cell g 1998___3H
Lake
4
8112 823 8214 8314 8212 8334
8218 84
82 .84
4
813 8212
4
3
80 4 8112 813 82
8112 83 83 84
12 90 92
4
88 8812 89 913 8918 9114 891s 92
4
3
4 81 80 4 8338 8012 iii; 773 80
78 8112 811 -
5
7
-214 --- 74
blich Cent coil g 1998____334 7
Registered
4
953
Beech Creek 1st 1936 gu----4 0524
NJ June 1st 1986 gu
4
78
78
7814 78% .
8
---5 767 74
1
9
78
- -14 ____
77
____ _--- ---- _-__ ____ ____ ____
____ ____ _____ ____
951
9
77-- 4
3
8
- - 10418 10412 10418 10418 1043 1048 1043 105
84
86
2 8ii 891- 88
4 --
1038*
797 8038
8
8212 8312 7912 827 ------------------------7814 7814
82% 8234 82 8212 --------------------------------78 78
4
8
877 893 ___ ____ __._ ____ ____ ____ ___ ____ 86 88
91
8912
9514 9514
____ --__ ---- ---- ---- --__
6
Pine Creek 1932 gu
104
Rome W & Ogd 151 c3ns5 10212 102% 104
& Rome 2d gu
Oswego
84 85
3% 8512 8612
11.18 & M S gold 1997
Registered
4
733 74% 7412 77
ion --------------------------------103
---- ---- ---- ...._ ___. ____ ____ ____ ____ ____
5
8612 8734 8418 8 -12 ____
____ ___ ____ ____ __-
73
ii
JAN. 2 1915.]
THE CHRONICLE
27
1914—Continued.
BONDS
January
February
March
April
May
June
July
Low High Low High Low High Low High Low High Low High Low High
August September' October
Bond Market Closed
-July 30 to Nov.2
NYC & HR River—(Concl.)
L S & 111 S deb 1928 gold„4 8914 92
/ 918 923 9112 9212 92 9314 9214 933 93 94
1
4
4
4
/ / 90 9438
1
4
4
1
4
25-year.1931 gold
9114 9238 92 9278 92 93
4 8812 92
/ 915 92
1
4
911 92
/
4
8
/ 903 93 4
1
4
4
3
_
__ ____ ___- 907 907 --------918 917 _
Registered
4 --- -8
8
8
Mahoning Coal RR Ist.- 5 ------------------------10714 1071
_
4_Pitts & L E 2d 1928
105 105
Michigan Cent 1931
___ ____ _-__ „.... _
_
Registered
5_
10312 10312
1940
4 --------87 87
1st 1952 gold
8318 83 8
334
,
---- ---20-yr debenture 1929____4 837 86
8
8614 87
863 863 -88 --7 -88; ---5- -88; ill; ___- --4
4 ;85 8
85 4
N Y Chic & St L 1st 1937
9512 97
95 957 9412 9514 9412 94 9312 947
97
8
9633
/
1
4
8
Registered
4_
935s 94
/ 923 94
1
4
4
25-year deben 1931____334 8412 8412 86
85 86
85 8612 85 85
87
West Shore 1st 2361 gu
4 9112 93
9212 9312 9314 94
93 95
92 94 -92; /
1
4
us;
Registered
4 8934 913 9112 92
9012 9218 90 9184 9012 9112 91 9112 90 9078
4
Equip trust 1924 P
434
973 977
4
8
Equip trust 1923 N
434
99 99
____ 98 98
Equip trust 1918 H
434
993 993
8
s
Equip trust 191511
41 --------100 100 ___. ---- ---- ---4
___ ____ ____
N Y C Lines equip 1919____5 --------------------------------10014 1-6F4
Equip trust 1914
5_
181018 ---- ---______
N Y Connecting—Ist gu A.434 ____ ____
___- ---- ---- ---- __ __--67;
N Y New Havers Sc Hartford—
Non-cony deben 1947
4 ----------------797 79 --------80 80 _-_—__ 77 77
/
1
4
Non-cony deben 1955
4 75 78
7712 793 76 76
80 8012 7712 78
4
Non-cony deben 1956
4 76 80
797 81 --------76 76
8
76
75,4 --- ---Convertible deben 1956_334 687 75
7338 75 68 7188 691r 703 69 697 -6912 -- - - - 8
4
8
70 6169%
Convertible deben 1948_ 6 10538 11712 1133 11714 1085 113 1087 110 1087 11112 1083 1093 983 10914
4
8
/
1
4
8
/
1
4
g
4
4
4
Registered
6 116 116 --------109 10912 --------108 10812 1084 10814 99 10814
/
1
20-year cony deben
6 103 104 ---- ---- ---- ---- ---- ---- ---- -- _-_- —__ ____ -Cent N E 1st 1961 gu
4 83 83 --------81 81
---- ---- --- ____ ___- --__
Housatonic cons g 1937__5 ------------------------1065810658
1st 1954
4 ------------------------------------------------87 87
N Y Westches & Bos 1st .434 79 817 79 83
8
7112 7813 72 7413 68
8
8 cis 53 70
/
1
4
4 ------------------------55 58
Providence Secur 1957
60 60 --__ ---- ____ _--Prov & Springfield 1st 1922_5
---- ------_---Providence Terml 1st 1956_4 --------8358 135-8
-_-- _--4 8212 88
N Y Ont & W—Ist g 1992
85 86
818 ii -83; ii- 8312 35
,;
4
1955
8112 8314 _
Norfolk Southern—ref 1961_5 94 971 9612 971 95 97
/
4
92 9514 9212 -.
-9i72 94
9
2
21
Nod & South 1st 1941
5 100 100
101 10114.
Norfolk & West—Gen 1931_6 --------11713 11712 118
/
1
4119 -- —_- 119 119 --------1171212033
/
1
4
/
1
4
New River 1st 1932 gold
6 --------118 118 --------------------------------120 120
N & W Ry 1st cons 1996
4 9412 9512 9412 95
9412 957
8
94 941
/
4
Registered
4_
Divisional 1st lien
4 8812 91
90 91
9058 913 9014 91
4
U1 21 /
1
4
- Eil
10-25-year cony 1932
4 101 101 --------10333 103 102's 10314
/
1
4
10-20-year cony 1932
4 101 10418 10414 1043 1023 10312 ---8
4
1054 10512 997 101
/
1
4
Convertible 1938
4% 100 105 103 10512 103 1033 1013 103 1035 10414 104 1053 10112 1053
/
1
4
8
1
4
4
4 - /
4
4
Registered
4
434 1023 1023
4
Pocahontas C & C Joint-4 8918 9012 8912 891
8714 887 8714 88
8
12
884 89
/
1
88 89
Scioto V & N E 1st gu g
4 905 914 923 93 2 :L
8
/
1
4
:
i.
92 934 --------93 94 9414 94 4
,
Northern Pacific—
Prior lien 1997 gold
4 9212 9512 9412 96
945 9512 947 957 94 953 94 9534 92 9512
8
8
8
/
1
4
8
/
1
4
Registered
4 --------9418 954 94 943 94 9412 --- ___- 9412 9412 9311 9312
/
1
/
1
4
4
General lien 2047 gold
3 6414 6818 6712 6838 6734 685 6714 6814 67 68 6612 69
8
/ 663 67
1
4
4
/
1
4
Registered
3_
6512 67 --------654 654 6514 6513 66 66
/
1
66 66
St Paul-Dul Div g 1996
4 90 90
St P & No Poe gen gold ___ O 110 1107 ------------ -----112
/
1
4
g
11218 1121;
iii- •i11
St P & Dul-2d 1917
5 --------101 11
--------10114
1 _-__ ____ ____ ____
cons 1968 g
4 -------- 87 87
Nor Pac Term-1st gold
6 -------- -------- 11314
--------113Oregon-Wash-1st & ref 1961-4 89 903
f112 90 4 92
4
2
91 9112 9012 9012 -89; - ,- — ; -.;
9
.
;
.1
96284 '..... - Pacific Coast Co—lst g
5 9914 9914 100 10312 100 10112
10114 102 10114 10114 10018 102
Pennsylvania RR
1st real estate 1923 gold_ _A ------------------------98
100 100
- -------------------------------- -102
Consol 1919 g
.
Consol 1943 gold
4
10-year cony 1915 gold___3% 973 987 -88E8 - 1 -iiii 8
8
19 8
ii98 99
/
1
4
98 9914 97 9914 -/
1
4
/
1
4
Registered
3
%
. 9812 9813 985 984 --- _
8
/
1
9834 983 99 9918 _
___ _
4
Cons 1948 gold
4 99 10012 10018 1003 10114 102 1003 101 a 10112 102 100 10112 -99- 101 - — 4
4 - -7/
1
4
/
1
4
- - Alleg Vail gu 1942 g
4 9612 96 2 9612 97 --------97 97
,
97 97
9612 97
963 97
4
Del Riv RR itridge gu
4
-- 91 91
434 100 101 101.- 101 - 101 10112 1005 101
Pennsyl Co—gu 1st g
1 190;1Cd8- ;
Registered
4% 100 100 10114 10114 10114 10114 __8.
_i_iil _ _1:1 _-_-_1:4 :8:5:14:
8:4_
Go colt ctfs A 1937
31 86 86 ____ ____
/
4
---• ---- -____
334
Go coil ctfs 13 1941
85 85 -8.ir -ii8-2
3% 9712 97
Tr ctfs guar 1916
/ 9712 9712 ----------------98 983 : _ _3' -7 2 -P8-11-43 ---1
4
s _8 _ 5
_5 8 8 i
84
Gu tr ctfs C 1942
3
/ 83 83 ------------------------85 8512 --.._ ____ ____ ____1
1
4
.
____
334
Guar tr ctfs D 1944
84 85
4 93 95
9312 9414 9315 9412 fi4 4 9
15-25-yr guar g 1931
5 95 9512
/
1
4
4
Go series E 1952
92 92
/ /
1
4
1
4
---- ---4
Cm Lab & N 1942 gu
Leb
9314 9334 --------93 9312
-Clev & Marietta 1st gu---434
----------------------98 -- 138- -ei
"
---- --Erie &Pitts gull 1940—_-3% --------------------------------8614 8614
4 --------------------------------981293 93
Ohio Connecting gu
434
Tol W V & 01st gu A
98 -- — ---- -: : -- ---12 --------99 9
9
4%
Series II 1933
2 1 12
4
Series C 1942
93 -88;2 -- 19 2
i
/
4
PC C & St L gu A 1942_4% 10038 1011 ------------------------10213 103 1031a 103 101 10112
4
4% 10014 1(1014
12 1212---- -___
Series B guar 1942
4%__ __-- ____ ____
Series C guar 1942
------------------------------------------------101
i
Series D guar 1945
4%
____ ___.
-___ ---Series E guar 1949
334 ------------------------90 1614
93 93 - 84
5
Chic St L & Pitts 1932
____ _.__
& Pekin Un—Ist
6 --------------------------------i061-Peoria
434
2d 1921 gold
89 89
__
Pere Marquette—Ref 1955-4 --------------------------------25 ii- ---- ---5
Chic & West Mich 1921
73 73
6 100 100
Flint & P 21 1920 g
--1 92 92 -89; - 1- 88 89
9 3
5
141 2
5 90 90
9812 981 80 80
4
1st consol 1939 g
7312 75
65 65
5 --------9014 90275 79
Port Huron Div 1st g
, ___ —__
---- ----4 644 65
/
1
/ 6412 65 651 6518 --------65 ii- _-__
1
4
/
4
Philippine Ry—Ist.8
__ —.,_ _4_
Registered
60 60
--------5 ------------ - -Pitts Shenan & L Erie Ist
1997 gold
4 92 9518
/
1
4
9
414 9558 943 95
94 953 -93 ---5
/
1
4
8 --- 9 58
4_
9412 9412
Registered
_
GAI
..
Olt
9412 Oki -------------------------9433 9412 ____ ____ ---..-4 ..-4 ..-2 , .04 94 2 954 9412 9478 94 94
4a2 r
Jersey Cent colt 1951 gold_ -4 9312 96
,
/
1
/ /
1
4
1
4
4 7612 77
7712 78
75
St Jos &Gr Isl—Ist g
/ 7512 ____ ___ 761 751
1
4
_
_
110 110 112 112 -------------------St L & San Fr Ry gen 1931 g 6 __
----108
5 100- 101 4 102 10214 10212 1023 10234 1023
- -1General 1931 gold
4
4
34 13 109102 103 __._
4 73 7712 7812 791 7714 7714 7814 80
/
1
4
1996 g
7714 77
/ 77 7712 75 75
1
4
5 5112 54
49 527 48 50
Gen 15-20-yr 1927
45 50
40 47
/ 42 48
1
4
35 42 ::::
Trust co ctfs dep
5012 553 50 52
4
48 4918 46 49
46 48
42 48
35 41 ____
do stamped.. ____ ____
do
____ ____ 44 45
-iiii Ii1- 7 4 - -- 763 7914 747, 765 4412 4412 35 35
2
4 7:2i i6
A 71
Refunding 1951 gold
8
7634
8 68 7518 63 7012 ---/
1
4
Trust Co ctfs dep
---stamped
do
- 4
/
4
K C Ft S & 114 cons 1928 i 6 10912 1 101- 11033111 1111 112- liffit 11112 If igt; ii-'
:;
2
1936 gold__ _4 73 76
Refunding
75 7714 743 76
4
/ 75 7712
1
4
/
1
4
KC &WRy &13 gu 1929.-5 ----------------95 95 —._-1st g
4 8458 8718 864 88 86 861 84 86 -8i- /
1
/
4
St Louis Southwest
81- -84 1-7.-7i"-- 8 li
1ii
475 75 --------75
2d Inc bond ctfs gold
_
_
75 75
.._ .._
4 744 773 7512 77 73 75-72731;-iai,
/
1
4
Consol 1932 gold
76
__- - 68 7012 68 69 ......
5 981/4
Grays Point Terml 1st
.... ---- ...- ---- ---9..1.2
1
. .._
s
NOSember December
Low High Low High
90
891 - / 89
/ 19
4
1
4
90 s
5
90
/
1
4
iiiiT4 iiiii4
79
791
/
4
78 7812
/
1
4
923 93 4
4
,
gA 9434 9512
82
89
88
-iii3 - 4
913-
82
89
88
-_-
- 2
6/1-
96
96:4 -98- 1a4
- 1-
-__—
Naugatuck
-ii- - - -7974 83
6134
General
3
,2
s9
-iiiig - -iai.
667i
---9613 9612
9812 102
/
1
4
861 8912
/
4
-,13
ifilz
1i.
Ist
11314
89
/
1
4
8912 88 90
88 89
623 64
8
84; 65
101 4 ---- ---fii-
__ _ _ _
___- ____
.
.
- f151.
9914 994 iii6- 1661-4 993410014
-5;i4 -DI-
HZ-
112
98
98
99
99
--------
__-____ 9812 98 2
,
/
4
93 9311
/
1
4
10114 161 - iiiiis 162 ---58
-38
6:1,234 iii3- "iiis 4
ii
li"
i:ft:
_9 _, _9_2__
2
92
____ ____ ____
99
99
- fed-
99
la- 161- --ail - '94
ii- —
Reading—Gen
s
-- --- --i2 4 2
10811 f611-4
_____ ____
__—
_:_:
9218 9212
-_:-_-_
191
-
RR.—Cons
-7i-
— i6i-
i-8 8 '7.-7561-4-3 ::::::::
1: ;
7- 4 8
1
16-
-2i12 2713 2712
3114 3114
2812 2812
59 63 4
5778 63 1
56 6112
10714 10714
677 6914
8
—
74 74
74 78
60 60
THE CHRONICLE
28
[Voi. 100.
1914—Continued.
August Sepiembod October November December
Low High Low High
Bond Market Closed
July 30 to Nov.28
--------------------------------78 78
3
8112 80 4 8112
_ ---- ____ ---- ---. ---- ---- ---- -___ 75 75
_ _
80 ---- ---- ---- --- ---- ---- ---- ---- --- -60 2:1i2 6312 6614
774 -------- -------- --------62 62
4
863 71
3
4
743 73 4 744 ---- --------------------7312 7312 ____ ____
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low High
BONDS
77
834
8312
4
743
744
84
San Ant & Aran p—Ist gu g_4
Seaboard Air Line-1950 g___4
4
do do stamped
5
Adjustment 1949
4
1959
Refunding
4
Atl Binning 1st 1933 g
5
8312
85
85
794
764
8512
Fla Cen & Penin cons
Ga 8c Ala 1st cons 1945_5 10212 103
5Ga Car & No 1st gu g
8234
854
85
2
767
77
85
8312 82
8512 - 5
4 .
853 9
7612
80
7814 75
4
853 8512
4
79 823 80 8115 81
84
- - —
-65 8
3b7
1
8112 - 8 I6 iii - 3 2:44
744 7612 7514
7772 75 77
,
74 764 69
2
773 7312 76
8
,
3
. - -- - 100 6 10012
4
-- 1 2 - 12
10412 10512 ------------------------1041 10 -12 -941. 164 ---- -- — ---- ---- ----. ---- - - 4
10318 134 1034 1033 10314 10314 ---- ---- - --- ---- ---- ---- ---- ---- ---- -- --
ioo
ioo
84
66
if
614
4
ii ii 113 iiii - 66i8 - 66 -i612 ii - -18 ------------------------83 --66366 - 8 iii4 ais
i
ii ii4
8213 8414
So Pac Co—Ct Pac coil '49 g_.4
4Registered
W;
804
862
8612 89 ---3 -----------.------------ki --g ii "Was SKI fi
99;4
92
7
4 864 92 872
Convertible 1929
------------95 954 94 974
5
_ 10238 1034 101 10238 9912 10138 10014 10138 100 8 10218 96 10234 -----------58
Convertible 1934
8514 867
____ ---- -___ 854 86
93 9412 9214 9312 9314 9438 9312 9418 934 9412 8912 94 ____ ____ ---4 9112 94
Con Pac 1st ref gu
____ ---- ----- -- ---- -___ 8712 8712
3
9113 --------9113 9113 9114 9138 913 9134 9112 9112 9038 9138 --__
335 91
Mtge guar gold
---- --__ ___ --__ 864 864 ---- ---- ---- ---- ---- ---- ---- --- 86 86
3
3
Through St 1. 1st gu g__ A 85 4 85 4 --------8712 8712 86 86 ------------------------------------------------10233 1024 10212 102,
2
4 --------103 103
G H & S A—M & P Div 1st g..5 10318 10318 10318 1033
Gila Val G & N 1st gu
_ 10412 10412 ---- ---- ---- ---- ---- ---- ---- ---- --- -- 1st guar 1933 redeemable_5 1iiii2 102 --------103 103 iiii 101
5
Mous & Tex Cen lat gu
9334 94
0334 94
3
93 g 94
95l 9512 94 94
4
General 1921
6
Waco & N W 1st 1930
5 1011210112 103 103 103 103
Austin & N W 1st 1941
09
Louisiana Western lst192L6
----------------------------------------109134
7 1i4
Morgan's La & T 1st
--_ 1074 1074 10712 1074------------------------10614 Mit
6
_
.100 100
1st 1920
_
_ ___ ____ ____ ___ ____ ___
_
___
_ _
_ 1014 10112 __ ____
__ ____
8
Ore & Cal 1st 1927 gu _... _ __
7
------------ _- - - 80 8112
4 - 2 85
4 843
843 778
88
5- 4 854 8714 -- ----------------843 - _--4 84i4 ---- 84i - - -----------_San Fran Terml 1st 1950_4 843 -5 96 96
Texas & N 0cons
---- ---- ---- ---3
4
9314 92
--13 91 9332 914 03 92 Ili 88 4 128 --2
Sou Pac RR 1st ref MS__ A 893 9234 92 1057
8
,
- -- ---- ---- ---- 98 4 987 974 9912
3
2 10518 106 10414 10578 1043 105 4 10412 10512 102 1053 --- 4
3
5 10214 105 105
Southern-1st 1994 gold
5
Registered
6i
64
------------62 - - 94 7
i3 2
73 2 7
4
7414 747 73 7434 iaT4 - -- i2Z1 -- -7- 97 4 1312 -----------4
743 76
4 73 7614
Develop & gen Ser A
4
Registered
- --4 8014 83 83 8312
Mobile & Ohio coil tr g
-------- __-- --- -------- ---- i00 160
41-5 104 104 --------10433 10412 ---- ---- -... ---. ---- ---- .... -___ --._
Memphis Div 1st g
86l 86'3
4 --------8413 8474 -------- 8514 8533 8533 86
4 834 833
St Louis Div 1st gold
g
5_
1, ,1 714 ____ ____ ioi12 1-6i12 ____ ____ ____ ____ ---- ____ --_ ____ ---- __ _ _
z 1812 _______ .
ia -iii. iii. -8-513
Ala Gt South 1st A
Atlan & Danv 1st 1948
5 _
g_.4
.
1--------106 1___. __. __ __ .__ _ ___. _...__ .___ ,,:_ _ __ ....„. __
_
603
- -32
5 --------1943310433 --------------------------------100338
E T Va Ga div 1930
10812'10712 f0818 ------------------------ 103 103 1934 1
2
5 10514 1073 10732 10732 1074 10734 108 108 10712 10734 108
Cons 1st 1956 gold
___ ____ __. ____ ____ _....
East Tenn reorg lien 1938.. 5
____ ____ ____ ________ ____
2 1 12 34 112 ----------------10834109
6 1l--------- - - - - - - - - - - - - - - -1031 1
Georgia Pac 1st 1922 g
- - -- ---- ---- -- -.
.
------------------------1101g 11 18 -,,7 _- - 7 :- r - ---- ---- --- - ---- -- - --- ---- ---- ---- --:Knorr & Ohio 1st 1925 g..6 109 11012
- 101 101 10118 10113 1014 1994 1-0114 ---- ---- ---- ---- --- ---3
5
& Danv cons gold_61100 8 100 4 101 101 101 101 101
Rich
---1031410314
Deben 1927
. MiNg 101 101 101 --------------------------------09 100
-11i
5,10i fiii 101 10113 la 1 4 iiii foils Sou Caro & Ga tat g
_
_ _ __ _
5 10212 1O3l 10418 1041
Va Mid gen 1936
----------------104 fa ---- --__ -- — --__ -__ -___ -___
- .
105 194 160 104 104
Vs & S W 1st 2003 guar__ _ _5 --------10312
9218 9212 91 93
3
4
9112 --------92 4 923 91 924 91 92
4
5 903
Va & S W 1st cons I958
West No Caro 1914 g
-9611 9611
pokane International
- - 160 --------1001210012 --------101 101
1
10014 11014
'erml Assn St Louis---IstAM -------- 0033 10033 100
---------------------------------------8
4
1033 1064 10618 10618 10618 10618 10618 0618 10512 1057 107 107
1st cons 1894-1944 g
8814 88'g
4 8514 88 89 9O' 8912 8912 89 89
Gen ref 1953 s f
____
-2
5 --------1018 10134 --------102 102 --------102 10--------0413 95
St LMer Bridge Term'l
8
101
997 101 -----------------------5 9912 10112 10214 104 101Is 1024 1014 1024 994 10114 100
-1st g
'ems & Pacific
5---La Div B L 1st 1931
7
12
_
1011210514 ---- --._ ---- ---- 104 2 104 ---- ---- --- ---- ---- ---- ---- ---- ---_
4
'oledo & Ohio Cent—lst 5 5 1033 104 104410412
General 1935 gold
----------------8714
i
4 8512 853 --------8514
Ran & Mich gu gold
4
14 9812 983 6811 - 3- ---- ---- --- ---- -- -- ---- --- - ---- -- — --- 4 0i4
4
3 9 3
t 9812 08 9834
3
5 95 4 97
2d 20-year 1927
,--- i6i4 164 ---- ---- --- ---- ---- ---- ---- ---- ------ ---- - --,- --2 --0
i- 82 - lien _ _3Y4 814 - 2
0 461*
4
'ol St L & W—Prior
3
3 4 55 4418 53
-------------------------------5514 -,_:,521
52 li 52'4 63 50-year 1950 g
Coll trust ser A 1917
4
oronto Ham & Buff 1St
--------------------------------100 fOi
112
4
5 10012 10114 10111 1013 101 101 1(51is 10- ----------------100 16113
-1st con g
later & Del
76 76
4 74 74
4 6012
- - 941 1st refunding g 1952
1
2
s
14
0/ 997 077 99114 18 4 ------------------------04 .6414
0i-3
iiiIi2 - 8 9812 9712
4
nion Pac—RE & I g 1947_ A 9512 973 9614 98
:7-7 '
_4
9612 9612 9512 9612 9612 2617 953 96 --------9814 984 ---- ---- ---- ---- ---- ---- - 7_- -86 -854 -- 4
89
Registered
9512 _-2
2
913 917 91 9184 86 9114 ---- ---. ---- ---- ---- --3
4
4 90 934 904 9312 9012 913 90 4 92
20-yr cony 1927
___ —_ ____ ---- —_
4
Registered
--------------------------------88 8912
90 92i2 15
4
9 8 ' 0112 9:1T2 9314 944 92T8 -- 5 934 "
934 9212 95
4 91
1st & refunding 2008
4
Registered
9014 -------------------------89
8
- 923 93
8
97 i 18
1
4 92 93 934 94 9134 93 923 9312 ii 9334 11014 - 14 0238 -- ------------------------107 10i7 100 10753
con g
Oregon RR & Nay
I
11012 110 11012
3
6 10918 11012 11038 11012 11018 110 4 10 11012 104 1104
------------------10234 103
Oregon Sh Line 1st g
107 -----------4
8
8
855 877
3
5 105 4 1074 1073 108 10712 108 10713 10712 10784 108 107 1074 107
86
1946 gold
------------86
1st cons
92 9212 8912 92 -----------92
4
2
4
4 8914 923 93 9414 913 923 9012 9212 91
Guar ref 1929 gold
------------------------------9514 66
8
9 4
09,
8
34 983 9918 98i2 - -1 inis - - -39612 9914
5 --------------------------------921498 1 t
8
4
3
8
7
4 1 12
97
Irginian—Ist 1962 sec A
10338 ------------------------97
4
87 89 2
,
5 1014 10414 104 105 10312 10414 10312 10414 10314 104 10341033 10214
abash-15t 1939 gold
4
4
9713 963 963 -------------------------------96 9712 96
4
98 100 954 98
963 97
5 94 98
2d 1939 gold
Col & Greenv 1st 1916
1138 1458
5558 eo 57 55t,
iak.
1st 50-year terminal 1954..A
4
1st & refund 1956 gold
----78
iiii3 614 5612 6114 544 5712 5112 5812 151 10
3
___ 37 4 38
-3-12
io /3 Zia 11 8 ---- --__ ---- ---_ ---- ---_ ---.
stamped
do
2
0
633 5633
EqultTrctfsofdePoalt .. 5
4812 ---_-___------------------------ 27
i)
i' 40 :i4
-- ;iii ii i
5
11 - i1 81 817 ii l
EquitTrctfsofdepstpi. 46 562 8
Omaha Dlv 1941 gold____334 --------71
4
713 71
7
331
& Chic Div 1st g
Tol
---712
9
7
- .7
4------------------------7
ab-Pitts Term—Ist g
8
3
64
710
- -8
-14 7
i
Tr Co ctfs 1112 1414 1014 1312 912 1114 1
Cent&Old Colony
7
4 912 7
614 614 73
7
134 1314 94 94 7
4
123 13
7
4 - 12
Columbia Tr Co ctfs
---- ---- ---- ---- ---- ---- ---- 8
--7
3
8 75
4 74 7
1112 144 10 1118 912 94 ___ ____ 614 67
Col Tr ctfs for Cen Tr ctfs
4gold 1954
Id
11
4 114 ---------------3
ctfs dep.
_-- --- ---- ---- ---- ---- ---- ---- ---- ---- ---Id 1954 Tr Co —i-4
833 84 ---- - - 8312 8312
-5333 59*4
83344
ishington Term1st
3 56 6
7312 614 67 7 -,----2
72 76 66 754 79
80 79 80
4 76
-------- 101 101
-St Maryland 1st gold
8
104 1044 1037 10418 04 104 -----------------------10414 10414
8
& Pa—Ist 1937 g 5 10212 10168 1043 10518 104 10413
!t N Y
ti
4 76 82 --------------------------------7712 102 102 102 --__ ---- --- ---- ---- ---- ---- --- ---- -3eneral 1943 gold
112 1. 11
5 101 102 1
-1st 1926 g
lee' & L E
--------68 81
-14
.7-sten & inapt 1930
ii /4 -----------------------78's78'sIiI2 76
4 75 79 79 80
1949 gold
Ist cons
5
.0 ear equip 1922s f
8314 841
4
nston•Salem S 13—Ist
88 891 86 881
873 871 881 873 89
4
8
4 855 883 8714 8
-1st gen
sconsin Cent
---- ---- ---- ---- ---- ---- ---- ---- ---4
4
89 894 8812 8813 8813 883 ---- ---- 884 883 ---- ---- ---div & term lat_.4 86 87
;up & Dul
g
gu_m mu
5
78
g
16i--------102
ii
771 iii le ii -
--------------------101 10113
STREET RAILWAY
3
8
10334 1025 103 8 100 104 ------------ --------------------8
6 86
:10312 102 103 10212 10318 10212 10314 103
Tr-1945 g__ S 991
4
3 92 -----------3
Br witlyn Rap
2 9
3
3
5
90 4 92 8 90 4 9314 88 913 8 4 9212 894 92 4 90 100 ---- ---- ---- ---- --- ---- 9818 98 8 9818 9918
3
4 8712 92
2002 g
8
993 100 97
1at refund cony
5
3 9914 100 99 8 100
5
964 9912 9914 99 8 9914 995
---- — ---- ---- ---10218 102 10233
-year secured notes 1918_5
8
8
8
8
5 101 1014 1015 10134 1013 1013 ---- ---_ 101 1017 10012
--------------------Irooklyn City tat cons
9814 100
--3
ii 102 1017 10314 99 4 103 ---_-- ---. ---- --- ---- --- ---- ---- --__
2
101% 10118 10112 loi 13*
---- --- ,--- ---- ---- --- ---Irooklyn-Un El Ist g___-4-5 9912 10114 1011s 10112 1013 1013 013 102 10138 10178 —
_ 8
4
8
4-5 100 101 101
stam ped guar
81
--------81 - -12
4 83 83
8
8312 8418 833 8358 ------------------------ ___ ____ ____ ..._
angs Co El 1st 1949
$3;12 84 84
84
____
,4
4 823 83 8Ii2 - -12 8412 8412 8:172 784 79 ",- Mg ____ -___ -- _ _____
StamPed gu
7733 7733 80 79 80 794 7912 79 7914
en a r dead _ _ _ _4 74
.
,
THE CHRONICLE
JAN. 2 1915.1
29
1914—Continued.
August September, October November December
March
April
June
May
January February
July
Bond, Market Closed
Low High Low High
Low High Low High Low High Low High Low High Low High Low High
I
—July 30 to Nov.28
9814 987 98 8 9812 9812984 9814 985
5 9634 9914 983 99
8
4
9813 99
,
Chicago Rys--Ist 1927
---- ---- -------------------------------------------96140614
5
ii 6712 --------------------------------64 - -12
66
Det Unit—lst cons '32 g_434 6
75 12 7312 .612 7212 7313 7073072 70 8 72
5 84 84
Ft Smith Lt & Tree-1st
Grand Rapids Ry—Ist g
Electric—Cons g.......5 - 95Havn
-ii
8312 -83
-- ---- ---------------------------------75 8813
4
-89 9014 813 833 8212 8414 8234 --- 81; --- 7
4
4
Hudson & Manhat-1957 A 5
29 31 ---------------------------------2434 27
33 35
30 33
31
314 304 31
Adjustment inc 1957
5
383 39
4
------------------------718 7414 734 747g
7
77 783 72 775
8
8
75 78
761 78
Interboro-Metrop--Coll____4 A 753 7918 778 788 754 78
4
4367
74
Registered
-- ---3
987 99
8
- 9712 99 __— __-- --- ---- ---- ---- 9696 4 964 97
987 99
8
Interboro R T 1952 set A_-_ _5 988 98% 985g 9914 987 99
988 99
8
8
Manhattan Ry—Cons gold _ A 8918 9134 91, 92
907 913 913 92
8
9112 9212 9214 93 92 928 --------------------------------87 90
8
s
92 9212 924 9212 927 927 91
8
Stamped tax-exempt
4 8878 9212 9112 92
8
93 --------------------------------8812 832
913 92
4
Metropolitan Street—
102 101 102 10112 10214 10112 1018 10212 10314 1013 1013 ---- ---- -- -- ---- ---- ---- ---- ---- ---- -- -5 101 101 1013
4
Bway & 7th Ave 1st g
4
4
9912 9912 ---- ---- ---- ---- ---- ---- ---- ---- ---- --Col & 9th Ave 1st gu
5--------100 100% 101 101 101 101 100410012 101 101
LexAv&Pavpylstgug..,5 98s 98 --------10014101 101 101
4
Met W S El (Chic) 1st
-- ----1926
5 102 10218
Milw Elec Ry & Lt
Montreal Tram—Ist & ref A....5 9714 9812 9-. --- 92
9
-8i8 9
BONDS
99 14
N Y Railways refunding
Adjustment income
NY State Rys-1962
1613 ------------------------70 7014 70 ii
4 75 79
--- 7814 --- 775g --- 7;7814 765 773 7534 6
-7918 -ii ii 7
78343 -" --4
8
4
5 5813 607 593 6312 608 624 52 583 5418 563 5314 5512 45 5412 ---- ---- -___ ____ ---- ____ 474 475 473 52
4
4
8
894 90
434
_ _
8812 90
89 90 89 893 8812 8812 ---- ---- ---- ---- ---- ---- ---- ---- ---- --- 87 87
4
4 8013 --- 8212 ---Third Ave—lst ref
-84
85
5 7614 8138 803 8412
Adjustment income
4
1937
5 1064107 10714 10714
Third Ave RR-1st
_
Tr -City Ry & LIght—Ist_ _5 96 9712 9614 98
96 96
Underground of Lon 1938_4146a 9112 95
60 8534 9214 92 9214
Income 1948
4 70 72
Louis 1st
70374 7212
United Rys St
70 70
508 68
St L Transit gu
RRs San Francisco. _4 52 6113 58 6014
United
5 9412 944 94 94
Virginia Ry & Pow 1st
823
4
8212
_
_-96%
9412
8434
70
71
5714
927
8
4
8412 311. 134 8234 Si 33 Si 8214 I; ------------------------7912 7912 7914
12
7412
4
8412 751 81
773 793 79 793 72 798 ------------------------ 74 74
4
4
_ 109 10912 1075 1083 10812 1085 1087 109 ---- ---- ---- ---- ---- ---- --- ---- ---8
g
8
4
97 9714 96 97 ---- ---- ---- ---- ---- ---- ---- ---- ------ 97 9734 963 98
98
4
95
95 95
94 954 9512 9512 ---- ---- ---- ---- ---- ---- ---- ---- ---94 94
86
86 88
_
- 88 88
874 8712 ---- ---- ---- ---- ---- ---- ---- ---- ---707 6912 70 _-- --6969
- ---- 6912 695 --------------------------------89
8
7114 70 71 --------69 6912 6914 70 --------------------------------6512
--5414
587 553 58
8
12 5314 5418 49 5338 --------------------------------5114
4
9314 927 927 9212 928 ---- --__ 9212 9212 ---8
____ ____ ____ ___- -___ ____
s
80
7612
-- --- - ------694
6512
55
__
GAS AND ELECTRIC
_ ____ ____ ____ ____ ____ ____ -- ____ ____ ____
_ _
Atlanta Gas Light-1st
5--------------------------------10113 10112
Brooklyn Union Gas—Ist- -.5 102%10312 10512 106 105 10512 105 106 105 1053g 105T 10i 05i 10-8 --------------------------------10233 10314
- 1 4
--1 - 6
4
6
Consolidated Gas cony
.
Detroit City Gas-1923 g _ _ _5 100 100
9312 983 --------9813 9813 983 983 99%10012 10012 10012 ---- ____ ____ ____ ____ ____ ____ _ _ — 9812 9812
4
4
4
8
Detroit Edison-1st 1933
5 100 102 10134 102 19158 10218 10214 102% 10218 10278 1025 10314 10212 103 ---------------------------- ----10012 10012
Hudson Co Gas—lst 1949_ - -5 10114 10112 _ _ - - 103410318 103 10418 104 104 --------103 103 ------------ --------------------100 100
(Mo) Gas—Ist
5
---- ---- ---- ---- ---- ---_ ___- ---- ---- -Kansas C
_
_ ____ I05 105 --------------------------------10114 10114
- 12
Kings Co El L & P
-1st 37 g_5 102 10212 10312 10312 ____ ____ iiiii216i
4 _-Purchase money 1997
6 111 113 ----------------1141211412 114 11- 1141211412 112 112 --------------------------------10913 10912
__Convertible deben 19256
---113
Ed El III Bklyn 1st cons___ _4 ---- ----8- --- 88 8
4
4
-- 873 873 ---- ---- ---- ---- ---- ---- - —
8814 8814 - 1349 88 88
8 88
Laclede Gas
-1st 1919 g
- 1 -5 100 1134 101 101% 10114 1013 101% 1013 101 10113 i0-7g 102 1014 1024 ------------------------9914 1914 903 1 14
4 00
4
4
8
Refund St eat 1st 1934 g_5 9718 100 10012 10012 100 1004 100 1003 993 10114 10018 1003 100 1005 --------------------------------9613 97
4
8
4
Milwaukee Gas Lt—Ist 1927_4 8812 8812 90 91
.4
9038 9112 9058 91 --------------------------------8912 893
90 907 9058 91
9018 91
Newark Cons Gas—cons
5 10134 10134
NY Gas M Lt Ht & Pow--5 10134 10312 103 1051043 10- 104;105104 105 1--;--- --- 1051g --------------------------------1001210118
Pow.
.5
--;--- 04 105104 ----- --- ---- 8 - 5 -Porch money colt trust g 4 83 8612 8438 87
8614 873 -------------------------------- 8213 834
4
8412 8512 8512 863 857 87
86 87
4
8
Ed El III 1st cons 1995 g__ 5 106 107 108 108 1084 10812 109 109 --------109 109 109 109 ___- ---- ---- ---- ---- ---- ---- ---- ---- ---5
N Y & Queens El Lt & P
Pacific Gas & Electric—
9012 92
Calif Gas & El Corp—I937_5 9238 9458 9312 9518 93 8 9412 9318 94
7
8
9212 933 923 93 90 93 ------------------------91 91
8
5
Pacific Pow & L 1st 1930
_
_ 90 90 --------90 9018 893 893 --------883 883 ---- ---- ---- ---- ---- ---- ---- ---- ---- --4
4
4
4
Pat&PassaicGas&Ei—cons5 100 100
-1st 6 --------114 1114 iii 11412 11518 Ili; --------1153 1153- iii;
People's Gas Lt & Coke
4
4
5 983 9978 100 10038 104
Refunding 1947 gold
4 1011210038 100% 10014 10 3 101 1013 1003 101% --------------------------------9918100
- 0
4
8
4
5 1007 102 10214 1023 1023 1033 103 10312 10314 10314 1023 1033 103 103 --------------------------------101 101
8
Chic G L & Coke 1st
4
4
8
4
4
5 9914 9914 1001810012 10012 10138 10114 10112 10138 10112 ____ ____
Consumers Gas 1st
_
_ -- --__ ---- --- ---- — - --- -- -- -- 5 --------993810012
Mutual Fuel Gas 1st gu
5 --------9612 9712 9714 --- 975 98
Philo Co (Pitts) cony 1922
-98
8
9718 973
4
11718_ __ _ _ _ _ _ _ _ _ _ _ _ - - - - _ --- - -- --- —
...
-
Syracuse Light Co—ist 1951.5 --------1001310013 100 100
5 -------------------- -------------------- 1011210112
Trenton Gas & E-1st 1949
- Refunding 1933
5
Utica Elec L & P-1st 1950..
_ _.5 _ ________ ___- 101 10 --1
Westchester Ltg—I950
5 10238 10314 104 10412 104 10414
-
10484 iiii- ioiii fiii- 104z14 1643- 10413105 -_-_- _
_
4
-
MISCELLANEOUS
Adams Express—coil trust 4 7312 80 4 78 7917 763 7914 76 78
4
4
4
7512 7612 77 773 773 7934 -------------------------------- 70
-1st real est__456 8912 9212 9218 93
Armour & Co
923 93
4
92 934 9212 92% 92 927 90 93 ------------------------90 94 90
8
4 __ ___ 874 8712 88 88
____ ___ ____ ____ ____ ____ ____ ____ - Bush Terminal—lst 1952
_
8712 88 -___ ____ 8612 8812 _ _
591 91
91 ---- ----91 81
Consol 1955
91
5 87
Buildings gu tax-ex
87 8812 88 88
88
--------------------------------8512
8712 88 8
5888
4
-- ---7- 8818 8712 863 8712
_
Chino Copper—cony 1921_ _ -6 150
_
_
164 164 166 166
150--- --103 i.5214 10312 ---------------- ---- --------------------95
Granby Cons NI S & P—lst 6 99%10012 1004 1034 102 105 100 10512
Inspiration Cons Copper 1st-6s 9634 10014 9912 103 100 10112 9812 10112 99 10914 995g 10014 9612 102 -------------------- -------- ----95
5-year cony deb 1919 69413
5312 43 5212 ------------------------ 32 ---- 293
Internat Mere Marine
5012 54
4812 5412 52
4
436 594 61
,
4712 60
534 55
-323
4
Internet Navigation—Ist___5 757 7712 7312 76
3
4
7138 7312 73 73 4 7214 723 72 7312 72 74
Montana Power-1st A
5
4
93 9412 9314 937 93 9312 923 9314 914 93 -------------------------------- 90
ioi.iy
10-20-year 1932 Ser 3
5
-Morris & Co—lst 1939
41-1 8813 881z
New York Dock-50-year.„..4 78 73 7878
-- --Niagara Falls Power
5
78
-
78
-
77
-77
7214
8118
8517
_.
1817
99
94I
32
901i
iii) fiiii iiiO fOo loo 166
7
-3;'-- 7818
-
- ---- ---- ---- ---- ---- ---- ---- ---- 7979
-- ---
-- --7979 4
1
---92
95
9- 9
-4
; -5
Ontario Power N F-1st
5 915g 13
r5
--14 95 95
9518 9412 9518 95 I514 0 154---trntario Transmission
93 95
849213
9217 92 92
Public Service Corp N J
5 88; --- 9012 --- 8912 - 7 8912 905 893 90
-i91 88 9012 --------------------------------8612 Si
-91
91
8
-90 8
4
Ray Cons Copp—cony 1921_6 10712 11012 109 1093 10918 11714 1083 11612 110 4 115 112 11312 104 114 ____ ____ __-- ---- ---- ____ 10018 1112 1023 1051
,
4
4
3
4
U S Mtge &Trust—Ser K
Sierra & S F Power—Ist
5
TELEGRAPH
8
Amer Telep & Teleg colt tr....4 85 8938 88 4 897 8818 89
3
883 895 8834 8912 89 897 88 898 ------------------------8711 8712 867
s
8
8
Convertible 1936 gold
4 Mg 9714 95 95
9513 9513
98 96
9514 96
94 963 933 94
4
4
------------------------9515 9512 947
20-year convertible 1933A% 9412 9914 9614 99
9718 997 9814 9934 97 100
8
g
94 99
----96 993
4
Cent District Teleg—lst
9914 --------------------------------973
5 ------------------------ 997 99% 994 9934 9914 9912 99
4
Commercial Cable—Ist
4771387758 ---------------- 7979
Registered
Cumberland T & T—Ist
5 9612 9814 9714 -- -14 989818 963 9714 964 IS 9714
8
-- --4
------------ ---- 8914
Keystone Teiephone—lst
Metrop Telep & Teleg-1918_ _ 5 --------1003
810033100131003310058100581003810058 --------10058100 4 ---- ---- ---- ---- -- -- ---- ---- ---- --- 3
--Michigan State Telep--lst
5 96% 98
99 100 99 9912 9812 100
98% 983 987 987 ---- ---- ---- ---- ---- ---984 99
4
8
-
871,
9614
972
4
9712 iis - -712 --------------------------------9413 -9-5. 9
-- -'
N Y Telephone— Ist 19394 5.1 65 ----758 -----3 -- -3 96; -----5 ----- -- 14 97 98 - -------------------------------- 9438
.:'
9 14 98
9 12 9
8
64 974 - 9 12 9614 9 12 97 9--7
; 8
8
95
Pacific Telep & Teleg—Ist
5 96 9934 98 9812 974 984 973g 984 9714 98
9612 9758 95 97 ------------------------------94 95
Southern Bell T & T—Ist
5 9718 997 9812 100
8
95 4 9612
3
9814 99
98 983 973 9812 973 9818 9714 9818 ------------------------96 96
4
4
4
West Union Teleg-1938
5 93 96
96 9812 97 98
97 8 --------------------------------98 98
973 9812 9712 974 9412 9512 96
4
Fund & real est 1950 g___436 867 92
913 923 904 92
8
8
8
3
9114 9218 9112 9212 9112 93
9112 9214 -------------------------------- 8612 884
MFG. AND INDUSTRIAL
4
Amer Agric Chem—Ist '28_ .5 973 101 101 102 100 10112 99%102
99%101 100 101
99 101 _--- ---- ---- ---- ---- ---- ---- ---- - -9812 99
981g 9814 987 99
Amer Cotton 011—Deben_.436 96 98
9812 9918 99 99
987s 9918 --------------------------------99 0.912
5 89 913 913 9312 93 933 925 9358 9334 943 945 9512 943 9514 --------------------------------9213 9212
Debenture 1931
4
4
8
8
4
4
4
Amer Hide & Leather—Ist 6 101 10214 102 10212 1023 103 10212 10312 102 103 102 10314 10214 103 --------------------------------100 101
4
Amer Ice Securities--Deb
6 7814 82 82 89
8712 8812 8712 8812 88 8812 88 8812 88 89 --------------------------------80 8314
6 10312 1047 10412 105 1045 105 103 105 103410414 1033 1043 1024 10412 ------------------------ 101 101 1011g 103
Amer Smelt Secur—Deb
8
8
4
4
6 94 94
Amer Spirits Mfg-1st
4
9514 99
96 96
94 94 --------948 943 943 943 ---- ---- ---- ---- ---- ---- ---- ---- ---- -- -4
4
4
4
American Thread—Ist
[VOL. 100.
THE CHRONICLE
30
1914-Concluded.
•
BONDS
August September Odober November December
Low High Low High
Bond Market Closed
July 30 to Nov.2
0
122 1224 --------------------------------12014 12 14
July
June
May
April
March
January 1 February
Low High 1Low High Lou, High Low High Low High Low High Low High
6 11712 120 120 1201± ___ ____ ____ ____ 1211212112 1214123
-40-year
Amer Tobacco
6_
Registered
;
1.ii
-----------------9713 - 5
8
-1- 9
12
98
9712 9712 98 98 9712 913- 97 9712 irli8 - -12 98 8 - - -12 --------------4 97 97
Gold 1951
98
4 _98
Registered
18
.
85 89 --------------------------------862
677 68-3 6414 67
75 69 7214 68 70
70 4
__ _5 68 78
Amer Writing Paper-1st_
104
_
Baldwin Locom Works-Ist 5 102 103 ____ -_ 103 103 --------104 10418 --------104
97
975± 99
5 934 9812 98% 100 98% 9912 9812 9912 99 9912 9918 9912 98 10014 ------------------------97
Bethlehem Steel-1926
9812
4
86 8712 86 883 83 8612 ____ ____ ____ ____ ____ ____ 8414 84% 8458
8612 884 8514 88
8
5 813 854 847 87
2
1st & refunding 1942 A
8
96 9934 -------------------- ---- 98 9611 9614 973
4
993 98% 9912 984 993 988 995 9914 100
Central Leather-20-year__5 974 9812 9814
___ ____ _ ___
,
- ---- ___ 974 9712 ----------------9812 98 2 ---- ---- --- ---- ---- ---- ----50-year__ _4 9718 974 ---Consol Tobacco
9434 943 95 95 --------95 95
4
95
9612
94 --- 9312 5
Corn Products Refg-s f
94 945± 9412 9514 9412 942 9413 941,
4
93
2 --- 93 933 9312 94
1st 25-year sink fund 1934_5
56
_
4
4
90 9014 ____ ____ ____ ____. _ _ ____ 88 --- 913 913
92 92 --------9134 92
9212 9212 92 92
Cuban-Amer Sugar-10-yr_ _ _6 93 93
58 6214 5212 5912 _______ ____ ____ ____ ____ 82% 8238 55 5714
8
6414 667 57 6412 5812 61
Distillers Securities-conv_5 6314 65% 64 68
2
854 87
855± 863 8512 861
8912 8712 8812 864 88
8
4)-4 87 885 88
E I du Pont Powder
__
_ _ _ _ _ 8712 8712 ____ ____ ____ ____ _ ._ _ ____ ____ ____ ____ _ _
General Baking-1st 1936 _6 ----------------90 9014 ___ 90 90 _ _
0 795 80 --------79 79
8
4
4
3
General Electric-1942_ _- Yi 7780 80 803 783 8012 784 -8
5 103 105 103%105 10312 10512 104 10512 1047 1064 04%106 10514 106
Debenture 1952
-----------10018 10034
8
4
6 98121001± 10018 101 1001210114 101 1013 1007 10112 101 10114 985±10118---------------------1st 1915
General Motors
8612 88 8412 8712 --------------------------------8214 8412
87 88
88 89
5
87 2 8814 88 89
-deb 1940_ _4Si 8312 88
Illinois Steel
3
____ 9834 98 4 9812 993
4
1007
8
1007 10112 101410112 10114 102 1015±1021± 97 102 ____ ____ __ _ ____ ____
5 985±10112
±1013±
Indiana Steel-1st 1952
100 10012 ------------------------100 100 100 10012
4
4
International Paper-Ist_ _6 101 10212 102 103 1014 10112 1004 10112 1013 1013 101131011±
78 8 4
43
78 7814 79 8012 75 78 --------------------------------78 78
8
80 817 78 80
Consol cony sinking fund.5 82 8412
43 49 --------------------------------35 4312
5612 59 43 57
4
Internat Steam Pump-I929.5 60 6712 65 663 61 6512 60 63
9018 9138 --------------------------------87 91
9514 9612 9312 9614 91 924 9132 92
Lackawanna Steel-1st con..5 9014 9612 953± 97
7112 7112 --------------------------------69 69
707 71
74 7414 72 72
74 78
5 70 7812 77 78
1st cons 1950 Series A
5 9312 9712 97 9812 98 9812 9612 9812 965± 974 97 98 95 974 ------------------------9814 9814 9812 99
5-year cony 1915
126 125 12712 124 12614 ------------------------120 120 120 122
Liggett & Myers Tobacco----7 120 1214 121181223± 1224125 124 12618 12434
, 98%
.
4
5 963 100 998100% 100 102 100 102 19912 10112 10114 10214 101 1025± ____ ____ _-_- -,-- ---- - 974 98 2 ____ 1004
1951
____
__
5_
Registered
-. 11912 11914 122
158 7 1195±121 120 122 12114 12312 123 1264 12312 125 1244 1265± 19,- 12612 ------------------------11912
Lorillard (P)
8
____ ____ ____ ____ ___ 974 974 97 4 10012
7
±
8
3
5 963± 997 99 41005 100 101 10012 1014 10014 100 ± 10014 101% 100 10212 ____
1951
____ ---- ---- ---- .--- ---- --- ---- ---ilexican Petrol-cony 1921 A.6 91 95% ---- --- 954 9514 95 97 ----------------90 97 --------------------------------95 - .
iii
6 --------959612 9512 9512 95 975± 93 93 ____ ____ 94% 95
1st & ref 1921 Series C
93 93 --------91 9112 ____ __-- ---- ---- ____ ____ -__ ____ 914 93
93 93
5 9112 9112 93 935 94 94
Nat Enam & Stamp-1st
-5 --------818± 8212 -------- 82 82 85 85 --------8412 843± _ _ ___ __ ___- ____ ---- ---- ---Nat Starch deben 1930
9612 98
9712 --- --8
5 9634 9914 9938 10018 99 997 99 100 99 10014 9912 100 9914 100 ---- ---- ---- ---- ---- ---- 9712 --1st 1952
National Tube
----96 964
98% 9914 98 9912 97 9812 9812 9812 9712 983± 97 9812 ---------------------------6 9812 99
-Cony
N Y Air Brake
3 wi
Railway Steel Spring-4
__ 974 973 974 9818 ____ ____ ___ ____ ____ ____ ______. 9312 9312
4
3
9712 9814 973 97 4 ---12
Latrobe Plant 1st s t 19215 97 97 98 98
4
917 9218 914 913 -------------------------------8914 90
92
Inter-Ocean Plant 1st 1931_5 91 9212 9112 9212 9112 924 92 934 914 --104 104
8
Republic Iron & Steel-lst _ _5 ------------------------ 1027 103 --------------- 9112 9414 --------------------------------90 01
4
9314 933 9312 943±
93 94
9218 934 93 94
9234
10-30-yr sink fund 1940_....5 9
------------------88 88
4
883 894 8912 8912 89 894 88 8912 8812 8834 88 88 ------------------------95 9512 943± 9912
5 8412 89
Standard Milling-1st
10212 -------------4
4
6 1005±106 103 1053 104 10512 01%104% 102 10334 102 1033 94
-cony 1931_
Me Texas Co
7312
---- ---- ---- --- ---- ---- ---- ---- ---- .... 75
83 8312 - 4
813 8312 82 84
8214 84
86 87
17 S Realty & Impt-deben _ _ _5 84 89
- 18 20
20 20 ----------------18 18 ___6 20 20
LT S Reduc & Refining
g
4
8
10318 102 1027 ____ ____ __ __ ____ ____ ____ 10038 1003 1003 foi
8
4
7
4
6 101%104 1023 103 8 1023 10314 102410314 102%1033 1024
J S Rubber-coil tr 1918
8
995 1003
____ ____ .__ ___ ____ ____ 9912 100
8
7 1023 10214 10234 1025±10314 1017 1034 1023±103 10212 10318 101 103
4
J S Steel
-s f 10-60-year
5 99
,
1023±10314 10218 1034 --__ ____ ____ _ ___ _ ____ 99% 995± 99 2 10012
4
4
5 100 1023 10214 1023 1025±10314 1024 10314 10212 10314
Registered
96 98 --------------------------------90 94
96 97
4
8
955 9714 958 967 953 97
8
955 98
8
Ira.Caro Chemical 1st 1923.. 5 913 96
9912 102 ------------------------100 100 100 10114
8 102
5 10018 102 101 10214 101 102 10112 102 10112 102 1013
-1st
7Vestern Electric
89 91
93 9612 ------------------------90 90
8
93 9412 933± 9514 944 953 9418 9512 9518 96
5 8912 9814
Vestingh El & Mfg-conv
,
9914 995 99 99 2 --------------------------------9714 98%
8
988 99
4
4
5 963 963 97 9714 9714 9712 98 99
10-year coil notes 1917
COAL AND IRON
5
-1st 1932
luff & Susq 1
80 80
80 80
80
-deb 1926_....5 80 80 --------80 haft & Sum 1
4
9212 923 86 90 --------------------------------87 87
9718 9718 9134 92
98 99
-s 1 1943_5 9112 91314 98 98
.1olo Fuel & Iron
6
1919
:olorado Fuel gen
73
71
73l 783 73 75
74 74
4
78 79
5 7612 8112 79 82
-1st 1934
;olorado Indust
____ ____ ___ ____ ._ __
89 89 --------905± 904 8912 8912 89 8912 __- ---- _--- ---- ---89 89
5 89 89
:onsol Coal Md-1950
5
;onsol Ind Coal-1935
5
-1st
;ontinental Coal
____ ____ ___ ____ ____ ____ ___ " ____
6
8
87 4 .
87
18
8i - 14 iii2 -- -12 80; -- -5 80 ---12 -__ ____
844 85 - 12 8712 88
-12 81
'ocohontas Cons Collieries_5 84 78 7812 ---- ---- ---- ---- ---- ---- --__ ____ ____ ____
78 --------80 80
4
It L Rocky Mtn & Pac--lst-5 77 773 7912 82 8014 8014 77 793 79 7913 79 79
793
4
7912 7912 80 80
Trust receipts
---166
10112 103 103 10312 1021±103 10212 11214 ---------------------------4
renn Coal Iron & RR--Gen_5 974 101 101 10112 10212 10318
--------------------------------993 1004
4
4
6 102 103 102%10212 10112 1024 102 102 1015 1013 1013 102 102 102
Birmingham Division
Tennessee Division
99
5
-1st 1953
rictor Fuel
-1st-5 9212 954 93
rn irnn Cast Pc Coke
9412 9212 93% 924 93
if1,
65 "ifs; 6i. - 65 "6152
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1914.
BONDS
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low High
November December
Ash ust September October
Low High Low High
1 ond Market Closed
uly 30 to Nov. 28
New York State
7
4
4
2
±
1963 107121083± 1081g 1087 1085±10912 1085±1097 109 10952 1093 11014 1073 110 ± ---Highway impt 410
1963
4 Yi5, registered
48
1958 --------------------------------101 Rif
42, registered
2
____ 102521025 _--_
1961 100 100 --------101 1011g 1011210112 __-- --__ ____
4s
2
81013 ---------------- 102 102 --__
100 le ____ ____ 1013
1961 _
4s, registered
4
4
100 101 10112 --------10182 10112 10112 102 1013 1013 ---- ---- ---1962 100
45
1962 100 100
Ia.
, registered
10712 11014 ---4
8- 7
4
1964 1073 10814 10814 102 4 1083 10912 10812 10912 109 10912 1093 11014 11012 11012 ---Canal bnpt 434s
4
4
_ 1083 1083 --- __ _ 109 109 ____ ___
1964 _
434s. registered
____ _ _ _
,
_ 100410012 --------10112 101 2 ---- ---_
_
1960
-is
8
___ _- _ 188i2 1025 ---02 1015±10112 18 ll2 _ - _ - -- _ _ .
7
9
Jan 1961 oiFs -- 14 108 1
45
,.,
------------------------10118 10114 -------------------------1961
45, registered
19214 --4
4
1962 99 10012 101 1014 100% 10118 101 1013 1014 102 1013 10214 1024
45
1961 _
Palisades Park 4s
Virginia
debt 2-38
Funded
.
65 deferred, Brown Bros.& Co.
50 67 4814 5412
4
563 60 58 59% 84 5818 54 6012 5812 67
certificates
New York City
Corporate Stock:
88 --- _
1955 8518 8514 ____ ____ _--- ____ 864 8612 87 8712 --------88
3345, coupon
334s,coupon
310,coupon
_. -- -iii2 8734 8734 ---lily ------------------------ Si 1954 iii2 33.4±, registered
8
4
838718 87% 8712 873± 8714 873 88 -- 4 ---8512 86% 8614 87
Nov 1954 85 86
334±, coupon
101 101-_
1960 _
45, registered
iiii 55 160'4 8514 1661s ---4
7
4
9/
%
87
1959 99i2 - - FA; - 1 974 97 2 983 ii siiis -----------997 997
48, coupon
------------1959 9712 9712 ------------48, registered
,
4
9812 994 983 100 93 100 8 ---9
4
8
1958 9512 973 97 973 97% 97% 9752
4s, coupon
_ ____
9914 99%.
1958 ------------------------------------4s, registered
4
ii8 189 9s34 003 554 1664 _
s i 4 97574 i i2
1957
4s, coupon
99 9953
8 99
1956 ----------------96 96% 97 9712 9712 9812 987 ____ ____ ___ ____
4s, registered
7
3
_------978 98 ____ ___ ____
1955
4s, coupon
2
3
- --- 7
5
8
4
1955 ___-_-_ 96 96% 95 963 97 973 97 98 8 98 99 2
48, registered
193665i 9412
.
4s, registered
8 10112 10118 1015± 1018±102s 10072 1024 __ _
5
7
1960 100 102 101 10112 100 8 10112 100
1
4348, coupon
7
7
4-_ _ 100 8 100 8 101 101 10114 10112 1015±1013± 10112 101 2 -- -1960 10014 1001
434±, registered
4
8
s
8
10612 1058±1063± 10512 10712 1063 107% 1087 1073 101 1073 -- -5
4
1963 1033 105 2 10512
43.4s, coupon
107
7
4
4
1963 104 1053 ____ _ _ ____ ___ 106 106 1063 106 107
5
4Si ii, registered
3
109 5 107 1005±1075± 1064 197 4 - 8
- 8
3
5
Nov 1957 103 8 105 4 10512 1843 1054 1065 10512 107 _ 1063 1063 _ _
3
_ _ 10752 107 8 4
434±, coupon
4
____
Nov 1957 ----------------100 106
4yis, registered
2- 4 107 1067 10714 106 10758. .
- 71:
4
7
1957 103 8 OUs 10514 106 10512 1063 1055± 16 1063 10612 ____ ____ 1073a 107% - --May
4348, coupon
-106 106 ____ ____ 10612
May 1957 --------------4Sis, registered
Assessment Bonds:
00 100
_
- 99 99
.
1919 9812 9812
0112 101% ---Iiii
'4s, coupon
_.__ ___
.
ioli2
Nov 1917 10112 102 8 10112 16112 i5114 IE 10111 192 iaii4 102 jai's 1614 1011g 10184 ---8
10104
1015 10134
4wi,4coupon
10112 10112 102
1017 102% 1023
May
E4348,!coupon
____
4
-OA 903
ioWs 108
107 107
998±100
993 993
8
4
99 99%
-4814 5712
84
8412
844
8412
8414
84%
8412
844
8412
8412
4
51 "953"
-88 958
-..
973g 99
98 08
8
985 98%
7
7
102 ± 102 * 10314 1044
10312 10312
10314 10414
15514 1-W2
104 104
4
1663100% 10034
JAN. 2 1915
THE CHRONICLE
31
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1914.
'
March
April
January 1 February
May
June
July
August September October 1 November December
Low High Low High Low High Low High Low High Low High Low High Stock Exc hange Closed on Account of Low High
War In Europe
I
3
Atchison Topeka & Santa Fe_ 9314 100381 9618 99% 953 987 913 0738 93 4 974 9612 9934 8912 9978
3
4
4
__ ____ ____ ____ ____ ____ ____ 8912 95
Preferred
8
0003
8101% 10014 1013 99%10012 997
97121003
810012 100 10134 973 1641 --------------------------------0612 99
4
Atlantic Coast Line RR
116 126 12212 12512 12014 124 116 12312 11912 12312 119 124 114 12012 ---- ---- ---- ---- ---- ---- ---- ---Baltimore & Ohio
874 0212 8714 9122 893 923 88 9238 72 9212 ------------ --------------------67 -8
8
8818 983 907 96
4
4
--7
3
Preferred
*
8034 8122 807 81% 713 8012 --------------------------------69 7012
773 833 8114 815 8012 8212 8024 81
4
*
8
4
Brooklyn Rapid Transit
8
4
4
8712 9212 9114 933 9112 9414 885* 923 91
79 0218 --------------------------------84 872
933 8918 94
8
Buffalo Rochester &
Preferred ................
:1- 7
7 7 7
Canadian Pacific
0
0
2-614 219 209422 - 2-3 8 210 18-12 2 -- -8-12 19 - - 903 19 - 15618 19412 --------------------------------153 164
-0- - - -- -- 12 -0-5 - -12 -6 - 9 1- 9 - 6
%
9 1 - 4 ---- - - 12
Canada Southern
6112 6512 ---- ----1
60 60
Central of New Jersey
315 315 310 310
Chesapeake & Ohio
4
8
-----58 503 637 5018 5414 4-3 ---7 49 527 4112 53 --------------------------------40 -8 4 548
8
62¼ 67
5914 68
4512
Chicago & Alton
912 10
812 812 9
9 --------9
03 1112 10 10
8
9 --------------------------------923 912
Preferred
19
19
1114 13% 11
13% 11% 1418 13
- -Chic Great West trust certs_ 113 141 1-2'T 14
-4
15
-.
Preferred trust certs
/
294 3212 28 3333 2912 3318 31% 3614 331, 4112 25 373
2712 33
.
25 31
4
810m 9534 1033 9418 1013 9741013 9612 10112 85 100 4 ---_ ____ ____ ____ ____ ____ ____ ____ 84% 9278
8
Chicago Milwaukee & St Paul.. 9918 106% 1003
4
3
4
------------------- 126 130
Preferred
4
13918 14112 140 143 137 14012 134%1373 13412 139 131 138 130 1343
4
Chicago &North Western
8
128 13512 134 1367 13212 135 12912 1348 13012 13312 12812 132 126 132 --------------------------------122 12612
Preferred
STOCKS
Preferred
_
Cleve Gine Gh & St Lo - 25 31
-ic --- ---uis
38 38
30 30
3-14 -8 40
iii 30
22 298 ----------------------------------------Preferred
6315 643
4
50 51
64% 70 --- ---4 543 6114 543 55
6112 67
40 40
214 233 223 2312 2212 223 20 2312 ----------------------------------20 20 24
4
Colorado & Southern
7
4
2618 2812 23 8 28
4
304
46 5412 46 46
1st preferred
5414 61
3812 41
59 62
411 4112 37'78 4114 ----------------------------------42 42
2d preferred
8
4
Delaware & Hudson
150 15914 1523 1501? 1477 15212 14512 cif 149 151% 14534 1493 140 149 ___- ---- ____ ____ ____ ______ ___ 1383 142
8
4
Delaware Lackaw & Western... 388 405 392 401 395 40112 395 40113 397 4008 398 4063 390 401 ---------------------------------390 390
4
1012 13
Denver & Rio Grande
1614 1914 1012 19
1118 15
1118 1218 10
12
4 11 ---------------------------------48 6
4
4
4
Preferred
26 303 203 3118 193 243 19 26
1958 22
17 20
8
19 ---------------------------------8
1013
Detroit United
Preferred
Erie
1st preferred
2d preferred
Great Northern, preferred.
Subscription receipts
Ore certificates
72
73
73
73
11
92 --1
-i. 1 - 11
274 3212 2838 32
427 493 4514 4914
8
4
8
35 404 37 395
12514 13212 12638 13434
g129 13038 p13114 1311*
334 394 357 381
8
11 --11
9 10
28 3012 253 301
4
4312 467 4018 4638
8
36 375g 3512 38
1253
451287 119 12738
8
4 94 36
----- 2- --84 373
3
_
_
8
8
_-- s --- 2714 293
273 2912
4
417 443 4112 4434
358 3714 3714 3724
12178 12514 121 125
31
-
- 31
32
8
8
- ---2018 2938 --------------------- ---- --------203 24
32 4422
......_-------------------------32 3634
2614 35 ----------------------------------------113 125 ___ ___ 1____ ____ ____ ____ ____
_
158 1914
29i - 224 2212 - 3218 --------------------------------- 2314 --- 2 3- -29
Deb certs B
Preferred
Hocking Valley
Illinois Central
Interboro-Met vot tr ctfs
Preferred
02 92
125 127 127 127
4
107 115 1093 115
8
148 163 144 16
5914 624
593 63
4
96
96
4
- - - 125-0838 11 12 -0712 1113 10 18 11222 11134 11412 105% 1133 --------------------------------10358111
8
3
4
8
1412 1514 134 1538 144 1518 133 153 10 4 1412 --------------------------------1114 1322
5812 614 5814 625* 6138 633 603 653 52 6312 --------------------------------- -50 5338
8
8
4
Iowa Central
Preferred ------------------------------------------1328 lila _ _
K C PS & 131 trust certs, pre— 6512 6512 6718 6712 69 703 71
-- --7412 7374
4
Kansas City Southern
2438 273 24% 27
23 2512 243 273 28 -3 7 2024 - 12 -------------------------------- 20 4 2318
8
8s 244 26
/8
33
Preferred
58 61
58 62 60 618 5912 6018 57 59
6012 611 504 61 ------- ---- ---- --- ---- ---- ---- 49% 5912
Lake Erie & Western
Preferred
18 2112 20 20
I81 1813 17 17
Lehigh Valley
148 15614 14812 15514 14214 1503 13214 146 .
8
6713 filits 13238 1393 iii 13924 -------------------------------- 124 13 4
83
4
Long Island
28 32
3412 36 --------3224 3214 -------- - 4 35
3
31
35 -------------------------------- 30 30
Louisville & Nashville
8
133381417 13558 13934 13434 1394 13114 13712 13312 139 137 13912 127 139 --------------------------------125 126
Manhattan Elevated
128 132 13118 133 13018 131 131 13138 131 1315 129%13114 128 13014 ___- —__ ___ ____ ____ ____ ____ --__ 1284 12814
8
Minneapolis &St Louis
1212 1614 1512 1512 1212 13
12
13
1212 1312 1222 1318 94 1212 -------------------------------- 10
II /
,
Preferred
3312 351 34 34
Minn St Paul & S S M
- --12412 133 13112 137 1-25 134 1173 1267 122 126 122 12512 102 125 --------------------------------101 108
4
*
Preferred
14212 14212 145 145 --------140 140 143 143
— 130 1323 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---4
Leased line certificates
-84l 8413, 80 80
83 843
*
--130 13711
Missouri Kansas &Texas
19 24
1- 712 --- 2314 16
18% 1414 184 1- -- 8 1512 1814 ii
512 173
1858 --------------------------------816 12
Preferred
523 60
4
5238 60 424 543 35 46
8
3814 4112 37 40
2718 3812 -------------------------------- 26 30
Missouri Pacific
2378 30
2312 287 233 263 1514 2818 1534 2114 16
8
8
8
193
8 17 8 -------------------------------- 7 114
7
Morris & Essex
162 162 165 165 16624 1662*
Nashville Chatt & St Louis..
140 144 140 140 ----------------137 137
---------135 1363 ---- ---- ---- ---- ---- ---- ---- ---- -- -- ----- --4
National Rys of Met, 1st pref
30 30
34 34 --------31
31
.- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---2d prefetred
10
14
10 134 1034 214 9 12
-9 4 -- 3 11
713 111
3 10712
5
1
1.1
N Y Central & Hudson River
885* 965* 8812 96
877 92
8638 91
905* 944 878 9312 77 9112 --------------------------------7938 8511
N Y Chicago & St Louis
2d preferred
N Y Lackawanna & Western
_
_
11518 11518
_ _ '_
_
_
- 110 110
_
__ __ ---- ---- ---- ---- ---- ---- ---•
NY New Haven & Hartford
_-- --- 663 7512 _-- --- 6
7378
6512 71
-834 _- _--3 --- 6312 673 -495 631- --------------------------------51
70 66 8 71
--- _
8
8 - 2
59
NY Ontario & Western
26
311y 2728 30 4 2612 28
3
2478 2712 2534 265 224 257 194 24 --------------------------------188 2211
8
*
4
393 43
Norfolk Southern
35 393 26 35
4
30 30
26
2638 277 2738 2518 2612 ---------------------------------------•
3
Norfolk & Western
4
993 10512 1013 1053 102 10114 10114 10414 103 10512 10312 105% 9722 1057 --------------------------------9622 1021
8
4
,
Preferred
85 8514 8612 8612 8818 8812 8838 90
89 89
89 8912 85 87 --------------------------------85 85
Nor Ohio Traction & Lt____ _ 59 62_
_ 62 62
59 59
60 60
_
684 6614 ____ ____ ____ ____ ____ ____ ____ ____
/
1
Northern Pacific
11634 10612 11518 108 11238 1-- 11178 97 11212 _ _ _ _ ____ --- _ _ _ _ __ __
812
1
109 11712 1-112 11- 10912
0812
----_ -- --- _ --- __17-;
. 96% 1:
147
Pacific Coast Co
2d preferred
80 82
8312 83'3 82 83
Pennsylvania RR
1083811512 11012 11378 10938 11212 10824 1111* 10612 112l4 10614 ifils 10 28 1E18 -------- ------------------------ 10212 fiiii,
Peoria & Eastern
612 8 --------6
64 54 54
5
5
Pitts Cinc Chic & St Louis
70 83
794 8212 8114 - 12 6914 12 4 644 725* -___ ____ ____ ____ ____ ____ ____ ____ 6514 70
83 874 894 91
33
-3Preferred ----------------------------------97 101
953 99
96 96
95 95
Reading
612 1724 16414 1693 1613 16714 15812 16634 1624 1667 1608 1663 137 1 33 --------------------------------138 fili,
4
4
8
8 . . 18
1st preferred
872288
_ 88 89
88 8812 88 89
_
88'3898 87 894 ---- ---- ---- ---- ---- -___ ____ ---- - •
2d preferred
904 93 _-- --- 90 90
87 90
9012 9212
8722 90
8814 8814 82 86 -------- ------------------------ 80 if
51
Rock Island Co
37
212 438 212 38 114 318
8 414 12
7
125* 165
2
Preferred
51
1814 25
734 18
83
4 4% 7
412 54 3
45* 138 314
_ --- ---- --1
31:
-__
---St Louis & San Francisco
212 312 2
4
53
8 312 4
23
4 214 312 3
312 218 27 -------------------------------- 2
8
--- ---- ---- --- 2
1st preferred
15. 13 16
16
1712 15
1018 12
8 1112 10 10 ----------------------------------------10 10
2d preferred
93
4 712 8
73
6
712 318 612 338 6
44 53
__
214 3
•
33
4 412 _
St Louis Southwestern
Preferred
Seaboard Air Line
Preferred
Southern Pacific Co
Certificates of interest
Subscription receipts
Rights
Southern rot tr certs stpd extPreferred
do do
Mobile & Ohio stk tr ctfs
Texas & Pacific
Third Avenue
Toledo St Louis & Western...._
Preferred
Twin City Rap Trap
Union Pacific
'Preferred
Warrants
United Rys Inv of9 F
Preferred
Virginia Ry & Power
Preferred
Wabash
Preferred
2684 24 2614 20 2524 21
21
22l 2173 24
18 227 177 21
3
8
57 654 60 64
60 60
— _ 40 504 36 41 -------37-__
ii
1634 20
20 225* 1918 2118 __-- -1812 20% --T4 --- 8 17%
19 203
2014 15
191
101 15
- ---- ---- ---- ---- ---- 4534 544 52 58
5313 5512 51
553 5314 5514 523 554 47 543
8
45 451,
4
8813 9912 944 993 9212 9618 8614 9522 9012 95% 915* 9784 847
8
591
k 9818
-__ 81
9438 1054 100221047* 1005810314 9712 1023 99 102% 1017 10612
4
10138106 ------------------------ ---- ---- ---- ------------927 927
8
---- -- —
d95by 10318 41001810312 498% 994 494 997 49618 973 4993 10228
4
4973 10212 ------------------------------------4
17-32 % sx„ 15-64 1-64 5-32
227 273* 248 2814 2438 2612 221 2638 237 258 -23- 15 2
8
4 77___ --- ---- ---- ---- --- -- -1.
3
8
- -i .. 317
1
21 ii- ------- ---- ------- ---- 75 84% 8212 854 80 8412 77 81
777 8018
7 8114 6712 80 --------------------------------58 641
8
- — -- _ _
_ _ _
_ __
1312 133 -- - --- 14
4
1612 1412 16-2, --5 17 4 - -13 17
13 8 - -3- 14
1484 161 12
1518 --------------------------------1158
4112 453 42 4514 42 4412 3814 443 4014 43
3
4
392 433* 33 413 --------------------------------35 38
4
10 1214 1023 10 4 94 94 0
3
9
94 9 4 10 104 5
3
31
7 ---- ---- ---- ---- ---- ---- ---- ---- 2
19 23
20 23 --------1713 197 1214 1512 _
8
_ _ 9% 1214 ___
4% 61.
105410812 10614 108 10512 106 103 10512 10412 1074 1021035* 947 103 --------------------------------96 97
3
15312 16438 15914 16414 15541604 1487 1607 1533 1583 15114
s
4
4
157 112 1574 --------------------------------11212 122
8212 854 8412 86
823 845* 82 83 8 821
4
7
- 2012 307
67 29
8
8
19 22
2112 2334 20 22
15 20
14i --- 16
74 9
4
1- -1)i2
14
9% 1212 ____ ____ ____ ___. ---- ---- ---- --__
3812 44
44 49
41 494 41
1 3112 41
48
41 43
_-_. -_-- --__ ____ ____ 23 26
22
34 ___- __-- _--_
51 51
55% 5612 51
51
504 52
49 5024 49 4914 48 49 _--- ---- ---- ------- ---- ---- ---- ---- -25 --3 34 1-2 212
458 1 8
1
1
Bs 1
18
ig 118
i
4
7;
12
3 --------------------------------38 11
4
74 13
5 4 918- -54 74 '3 - - 63
3
81
312 32
24 34 ------------------------------138 23
0 3d paid.
DEx-rignts .
I4 1st paid
318 vs
ioo.
THE CHRONICLE
32
1914—Conl'titled.
_
—
Western Maryland Ry
Preferred
wheeling & Lake Erie
1st preferred
2c1 preferred
Wisconsin Central
August S4 ptember October I November
July
May
March
April
June
January February
Low High Low High Low High Low High Low High Low High Low High Stock Exc he nge Cl osed on A ccount of
War in Europe
—
_
4
4
8
4
4
3018 3214 2514 303 183 2512 1813 195 123 183 ---- ---- -4
293 34
32 35
8
35 35
4
8
50 50
347 347 30 323 -- -- ---- -- _
5218 60
_
58 58 ____
4 14 35* 53
5
4 4
35* 414 212 312 ---- ---- —
4
53
s 35 _- - 4
63
5
814 1418 ---- ---- -4
4
1514 1612 13 183 15 1714 143 18
19
16
1812 21
7
6 12 312 7 ---- ---- -64 7
6
6
9
812 5
9
712 11
4
4012 42
293 40 ---- ---- -44 4412 39 42
38 41
45 48
435* 47
EXPRESS
Adams
American
United States
Wells, Fargo & Co
100 100
100 11014
46 63
85 91
STOCKS
96
91
102 1093
4
5214 68
8012 89
100 110
100341081$
65 87
4
843 94
9834 10314 98 10212
97 102
100 101 100 108 10034 108
72 77
7014 75
8
767 78
89 9112 87 9912 93 10512
COAL AND MINING
Prices of mining stocks of par
value of $25 or less are dollars
per share; others p. c.
8
8
2114 233 2318 28 283 287 2618 2814
4
24
10 203 233 21
4
4
Alaska Gold Mines
8
100 707 774 723 7818 7212 7714 6814 775 7012 7418 667 7212
4
Amalgamated Copper
3012 3218
4
25 333 384 35 3814 35 363 32 3618 3012 34
4
Anaconda Copper
7g
13
12
78 1
114
1
20 1
1
Mining
Batopilas
4
40 4234 37 4234 393 423 2924 11
-34
5 3712 424 403 44
4
Chino Copper
4
3412 3112 343 24 325s 263 2814 25 2712
31
100 2812 34
Colorado Fuel & Iron
100 ------------------------140 140
Preferred
9e. --------63.
10c. 8c.
100 50.
7e.
8c. 8c.
2 6c.
Comstock Tunnel
15
15 ----------------714 714
15
Federal Mining & Smelting_100 15
3112 3613 3-1 39 40 --------3124 37
100 3518 43
-1 2 36
Preferred
100 114 117 116 117 120 12212 113 12012 114 11714 114 1183
4
Homestake Mining
4
8
4
3
Inspiration Consol Copper__20 1518 173 168 1814 163 1812 153 1838 1612 1714 168 173
21
8
2
5 2134 2414 2214 243 2212 2412 2112 24
2
228 213 223
4
Miami Copper
16
8
1312 1518 133 147
5 1433 1612 157 1612 1514 1618 14
8
4
Nevada Consol Copper
100 212 212 212 212 212 212 212 212 214 212 212 23
4
Ontario Silver Mining
19 2112 19 205s 1812 21
3
100 177 2212 20 4 2312 2012 22
8
Coal of NJ
Pittsburgh
4
3
4
84 923 873 8912 87 905
100 8612 928 91
9313 90 8 93
Preferred
114 112
134 24
78 118
214
134 27
8 2
too
Quicksilver mining
4
23 _
___
218 234 112 212
4 --------2
100 4
Preferred
8
4 2212 2012 221o1 2014 2112
8
10 173 193 1914 203 1914 224 193 4
Copper
Ray Consol
4
3134 3512 34 353 3214 35
25 317 3512 34% 363 3414 36
4
8
Tennessee Copper
8
10 487 5512 5314 5614 525s 5612 50 575 5314 583 5514 593
8
8
s
Utah Copper
45 4614 45 45 -------50 51
50 52
Virginia Iron, Coal & Coke_100 40 50
8
917 973 ---4
8
997 106 ---7212 8212 ---80 96 ----
---- ---- ----- ----- —
1912 28
49 7112 ___ ___. __
25 3118 ____ ____ __
32 4112 ---- ____ __.
2012 2614 ---- ---- --.
10e. _„
ic. -10 10
2912 33
4
1093 115
1414 194 -1712 2212 -- -1014 14
214 214 ____
1612 2118 ---82 9113
1 -- 1
112 - 212
1614 2158 ____
4
243 34
457 583 ____
4
35 40
VARIOUS
1014
8
1312 912 1214 104 117 1018 1012 6
.
Pa 133 1212 1414 12
4
aim-Chalmers Mfg t c
4414 3212 41
41
4312 49
47 49
46 483 4114 4512 41 44
4
Preferred v t c
4
5212 55
53 574 493 5513 _--473 57
54 5912 50 57
4
Agricultural Chem
53 55
American
4
4
91 9712 95 9614 9438 963 9312 9412 9312 943 9612 9612 92 943
s
Preferred
2212 2812 2212 2714 20 2414 195 2312 2014 2512 24 2938 10 265 ____
American Beet Sugar
7512
8
68 6918 --------68 70 7212 757 75
Preferred
69 7314 69 69
8
897 94
89 90
96 9712 90 9212 80 8712 87 87
American Brake Shoe & Fdy— 90 94
12912 139 141 j467 140 14414 13612 139 --------138 140 138 138
Preferred
2
84
,
2
s
354 287 3412 2852 313 22% 3012 2532 28 2 2514 293 1914 2 8 --- 2834
kinerican Can
80 92
8
913 9514 9114 9414 8714 9214 8914 9112 8912 94
89 96
Preferred
8
4
8
8
4418 51% 4914 5312 493 525 45 5114 4812 5114 49 523 44 523 ____
kmerican Car & Foundry
8
8
114 116 11514 11618 116 118 116 11712 11714 118 116 1177 112 1187 ____
Preferred
32 32
3512 36
4
36 363 36 36 36 36
kmerican Cities
8
4
- 5913 6212
62 65
60 643 617 6513 6214 67
6114 67
60 68
Preferred
4
82 8412 84 8412 833 8612 82 8412 83 85 8513 8618 83 83
kmerican Coal Products
4
10312 10512 10214 10214 105 105 105 105 1053 107
102 106 10412 10512
Preferred
32 4012
40 4314 3912 43
38 43
4234 4612 424 46
3712 44
kmerican Cotton Oil
974 974 96 9713 935 9333 94 94
9412 96 9614 9614 96 97
Preferred
4
414 4
4
434 314 4
4 4
8 514 44 43
44 412 43
kmerican Hide & Leather
8
2012 2534 2314 2312 187 2112 2014 2114 2014 2312 17 22
2112 25
Preferred
8
197 3014 _ 8
4
8
24 257 2512 323 2933 323 2734 3112 2933 325* 29 32
kmerican Ice Securities
712 914 ---7
8 95* 1012 9 8 1014 014 10
113
8
115 1014 1114 10
10
kmerican Linseed
27 2712 25 2712 ---8
4
2912 313 2812 3114 28 313 2718 2714 2618 29
Preferred
4
3312 353 28 343 2912 3312 2978 3212 2014 32
4
315* 3714 33 37
kmerican Locomotive
4
96 10112 101 102 102 10212 9612 10012 98 983 9814 10018 97 100
Preferred
3
5
5
6
711 6
712 712 6
914 8
8 14 7 4 8
7
kmerican Malt Corporation.-417 4178 32 4038
4812 48 4 45 45
3
8
8
42 504 487 5012 4912 50
Preferred
7914 8212 ____
80 8114 84 84
85 85
82 833 793 85
4
kmerican Smelt Sec, pref B.... 84 85
2
57 7014 6012 647 6118 644 5014 67
8
634 70 5 6512 7118 6614 71
kmerican Smelt & Refining
8
2
4
4
983 105 10112 10414 10134 1033 9712 102% 997 102 1011310233 9712 1037 ___
Preferred
4
160 172 165 1713 16014 165 157 162 157 165 163 169 153 16313 ---kmcrican Snuff
4
4
4
102 104 10222 10314 --------105 1053 0612 10612 063 1063 _-_8
997 10212
Preferred, new
30 3212 2912 3214 295 3218 2712 32
28 3514 3514 3712 3212 35
kmerican Steel Foundries
901410033 1013 109 104 10912 100 107
4
10278 10978 10514 10812 97 105
kmerican sugar Refining Co
8
8
8
1104 1137 11218 1137 077 11314 10918 111 1112 11313 112 11312 108 11312 --__
Preferred
__ 59 59
_
- - - 59 59
kmerican Taloa & Cable Co
8
-- 8 - 197 12312 11812 1227s 1207
12012 114 114 121
__- -TelcP & TeleE Co.... 1174 12414 11913 123
knerican
4
4
24218 25012 2443 2513 2473 256 215 23814 22412 230 226 23312 215 232
4
kmerican Tobacco
8
4
4
1013 1053 1033 10614 105 106 10514 106 106 108 1063 109 103 108
4
Preferred, new
1312 1634 1518 154 15
19
1538 13 15
8
12 14
15 207 16
kmarican Woolen Co
8
3
8
75 4 823 7212 79
747 763 76 77 7212 763 734 76
4
4
76 83
Preferred
1212 10 1114 1014 11
8
1313 14
8
pref. 133 173 133 15
10 157 12
8
4
kmerican Writing Paper,
1412 1412 1412 16
8
15
20 297 22 264 16 21
1512 ---- ---- --kssets Realization
43 43
kssociated Oil
12
4812 ---441-14 48 18 42 2 521
4
ii ii
123
3812 4512 ,- 4 473. 471- - 8 4412 laidwin Locomotive
3
4
10212 105 10534 10612 10638 10812 1073 10818 108 109 10612 110 105 4 10712 ---Preferred
3
40 8 4318 40 4312 30 425 ---4
4
lethlehem Steel Corporation_ 2912 3818 355* 394 3812 443 3712 42
8512
81
4
85 853 83 86
8212 85
76 7214 79 86
0
Preferred
58 8
121 130 125 12713 12512 12712 124 1274 127 12814 1244 128 120 125
Irooklyn Union Gas
614 ---- --- ---- --- ------- ---- ---- ---- ---- ---- ---- ---- 30 4
Down Shoe
8914 80 87 _ —
-__-- ---- ____ ____ 8912 904 8914 Preferred
7
8 58
57
7
6
7
612 612 7
7
74 84 712 85* 7
3runswick Term & Ry Sec
2914 294 29 2 -264 27
913
4
283 283 2714 2738 2614 27
4
26 29
lutterick Co
164 2
314 _--18 30
25 3033 2412 283 18 2714 18% 234 1838 21
tr ctfs
4
;alifornia Petrol vot
50 61
5312 59
524 61
55 66
4
5033 6612 634 663 6314 68
Preferred
s
8214 853 ____
82 8614 87 90
8012 88
90 954 82 9312 8314 89
;ase (J I) Thresh 111 pf ctfs
8
31
8
367 334 3614 35 3614 34 373g 26 37
257 2918 285 35
o
;antral Leather
4
9712 973 10012 994 10114 99 10014 100 101 101 10212 9614 104
8
947
Preferred
103 106 106 10912 108 10812 105 107 106 10712 106 106 10412 105
;ant & South Amer Teleg
63 68
- 69 69 69 69
---- —__ 6812 70 ---:luett, Peabody & Co
_ 103 10412 10312 10412 10111 103 10114 10113 100 10212 99 103
- -Preferred
..._ ____
.12
.
14 13_
1
.__ .734 . 12 1_35_ _ _12_ 8_2 1_3_324. 714 13412 12712 130 116 n0 _ --1_
32_
:onsolidated Gas132
92
_ _ _ -- .
--- _ ---------------- 12913 13 - 3
Rights
-,..
-1
:ontinenta Can Inc
4
_ -- __— ------ --_- 85 9013 84 913 _--Preferred
93
933 7
94 ---8 8
3
8 97
7 4 1213 8
87
914 1318 105s 13
:corn Products Refining
5818 63
8
8
60 693 6212 6514 643 667 62 65
8
4
63 72 673 72
Preferred
4
103
31
212
10
13
4
30,
1612
31
238
10
334
30'4
78
80
s
4273
233
,
48% 57 4
244,2912
84 , 1
311237
2012,2514
____ __.
--- ------ ----- ------ --
---- --____ _-
---- --____ ___
-- -- - —
____ _ _
____ ___
-------- --- _
---- ---
____ _ _ _
_ _ ____
--__ _—
____ _ _ _
____ _ _ _
fii
:rex Carpet
uban.Anler. Sugar,
/acre & Co, preferred
letrolt Edison - _ -- _
listillers* Securities Gorp
leneral Chemical
Preferred
:eneral Electric
1eneral Motors v t C
Preferred v t c
:oodrich (B F)
Preferred
:uggenheim Explor __Par $25_
: W Heime
Preferred
aternat Agric Corp vot tr cts_
Preferred•t c
December
Low High
2852 2912
11212 11712
1512 18
1612 187
s
1012 1412
79 83
114 112
15 I 1712
257 3312
2
8_51%
453
8 12
8
3212 36
48 4913
9014 92
2(13 3312
4
7978 80
91
91
134 134
2
221 277
2
4
873 9278
424 46
113,114
41
9612
5
1934
23%
712
24$
25
4
083
432
3012
_51
6112
97 10014
148 149
3212
9612
378
1912
20
722
24
2178
,
96 2
414
30
h017 lO77
108 115
57 59
11512 119
215 221%
103 104
77
---- ---.
---- ----- ---.
---- ---.
5
5
-4012 103
4
10234 1023
4
40 46%
4
843 91%
118 120
---- -----___ ---.
_-__ ---.
___ ___.
- _ _ _ -- _.
---.
---- ---
27 2714
1518 1934
50 57
77 83
33 384
100 10118
109 109
272
2
42 42
88 89 4
,
3
7 4 952
60 6512
90
9514 94 95 9312 9433 9212 94
8
4
4
913 9918 95 993 947 9618 92,8 4
- -- - --- --- 113 113 11212 113 11312 1133 11312 11312 ---- ---- ---____
4
143 ___ ____ ____
8
1418 1612 137 1718 11
4 19
4 -% 2018 --- 83
17 1 - 17 182012 133
8
8
- --- 170 171 17012 17012 ____ ____ ____
_ 1703 1703 160 170
-17612 180
_-- --10812 10812 10812 10812 109 109 109 110 110 110 11412 ---- ---- ---108 108 10712
41505* 14414 149 141 147 145 14912 146 14812 1383 1494 ---- ---- ---4
140 14818 1463
8
4
8
4
4
8
373 4712 474 753 73 7914 713 823 773 99 8818 9614 547 93__—
70 934 ____ ____ ____
9214 95
92 9412 894 9412 9112 95
4
4
77 853 853 95
4
8
4
1933 243 22 263 2133 2412 2312 287 2518 2733 23 2518 20 27 --- __-- ---g
8612 893 8712 8912 89 90 8614 9014 88 89 ____ -_-- ---4
89 91
797 89
4013 56 ---- ---- __-_
8
4
4438 5012 50 5334 5214 573 483 5712 52 5518 514 55
o
8
1647 1647 165 165 160 160 159 162
____ 113 113 ---- —__---110 110 112 112 115 115 11312 11312 .--- ____
-- 7
712
,
714 712 6 2 74 5 4 614 3
4 10
8
197 251a ------ ---.
----30 36 ---- ---- 25 29 --------13 13 20 23
a. Vnt
7712
90
11
15
167 167
-13712 111
73 87
8512 92
24 267
2
93 95
42 4834
THE CHRONICLE
JAN. 2 1915.]
33
1914—Concluded.
January February
March
April
May
June
August September October November December
July
Low High Low High Low High Low High Low High Low High Low High Stock Exc hange Closed on Account of Low High
War in Europe
Internet Harvester of N J
100% 11312 103 111 10284 10812 1003 105 8 1047 1091s 1033 10814 82 108 ---4
8
4
8818 93
6
Preferred
11312 117% 1165 11712 116 11812 116 116 11618 11618 118 118 1177 1187
8
11614 11818
8
s
Internet Harvester Corp
4
10078 1113 103 1093 102%1053 100 10414 103 10612 102 1053 83 104
4
4
4
82 82
Preferred
11478 11612 117 11712 11512 11512
11412 116 115 115 11638 118
- Internet Mercan Mar stk tr cts 23
4 3 4 214 312 2% 2 4 238 212 2
3
314 234 312 13
4 3 _
3
5
8 13
4
1112 978 1114 614 1014 ---Preferred
14 1514 812 137
2 9% 1078 812 11
3
3
734
International Paper
8 914 63
83 10 4 912 10
8
3
812 10
75
8 9
7
93
8
4 8
9
93
4 77
Preferred
3712 41
978 37 407 3518 37
3312 3612 35 37
8
323 35
4
30 3512
3012 34
612
International Steam Pump__ _
7
8
7% 9
3 _ _
5
5
612 61
3
Ws 3
Preferred
19 29
24 2712 2314 2314 -217 217 16
11
8
21
1138 12 12 _
Kayser & Co (Julius)
86 8914 89 91
80 86
85 8512 85 91
_
89 94
84 84
1st preferred
10612 10612 106%10612 106 106 10812 10812 10834 1083 111 113 10713
Kresge (5 S) Co
0312 9912 94 96
81 92 92 105
95 95 9612 100
92 97 -93 954
Preferred
99 100% 103 104 10314 105 102 103 1023
_81023 104 104 10014 10312 _8
Lackawanna Steel
34 40
343 3812 32 3412 32 32 32 32
4
37 39
2612 32 ____
28 28
Laclede Gas (St Louis)
95 971s 99 101
9612 9812 96 973 93 977 95 97
8
88 92
85 94
Liggett & Myers
21934 230 223 229 22114 231 218 22412 214 2201 215 217 208 210
207 210
12
Preferred
11138 116 11518 11714 115 118 116 117 1157 1181 1133 11814 114 11812 - 1127 1133
8
4
8
4
Loose-Wiles Biscuit tr ctfs
297 3418 30 311 30 32
32 38
313 34
2
2
33 37
27% 31
26 26
1st preferred
10413 1041 103 103 104 4 105 101 10278 10212 103 10412 105 1033 1047 _3
3
2
2d preferred
92% 9214 9112 911 9112 9514 9312 9312
Lorillard (F)
166 1747 170 175 166 178 171 190 171 175 170 178 160 170
8
Preferred
110 11112 114 114 11312 11514 113 114 11314 114 1135s 11412 114 1177
112 11214
8
Mackay Companies
76 8314 79 843 7912 82
77 85
83 87% 834 84
3
6914 7212
61 80 4
Preferred
4
67% 6912 68% 681 6712 6812 69 69
6518 70 69 70 683 70
67 67
Maxwell Motor tr ctfs
1411 1514
1st pref tr ctfs
4112 44
2d pref tr ctfs
17 1712
May Department Stores
57 65'8 5713 61
5112 6038 60 16 4
641z 6914 62
-34
Preferred
101 101 100 1013 101 10118 9778 993 9814 99% 9712 100
4
9912 9912
Mexican Petroleum
4612 6814 63 7312 64 70
51 68
3
4
51 54
54 02 573 6312 53 6814
Preferred
76 80
7918 85
8012 87
70 77
67 7312
7018 7012
Moline Plow 1st pref
10412 10412
100
104 104
Montana Power
49
7- 6 413; 46% 4914 49 5238 4212 493
41 43
4
_ _____ _ _
__
Preferred
10214 10212 101 10212 10114 103 101101 103 8 10134 102
7
Montgomery, ____ & Co,pref_ -___
__
_
111 111
- 110 110
National Biscuit
122 11514 12612 139 13118
125 13214 128
13212 120 132
120 125
Preferred
11914 123 1217 1231 121 124 122 1237 122 125 12513 128 125 128
8
12012 125
3
Nat Enameling & Stamping
8
11
125 10 1112 1018 11
1012 11
9 11
934 1118
8
97 137 1112 14
8
Preferred
___ _
_
78
_
86 86%
_- 80 80
4514 4714 40 46
41
National Lead Co
46
44 78- 4 - _- 49 50
52
493 50 4
45 483 47 47
4
3
10712 10712
Preferred
105 1084 107 109 106%10814 107 109 106 109 10712 10812 10612 10712
3
6012 64
65 6712 673 6712 58 65
New York Air Brake
61 69
65 65
62 62
_
New York Dock, pref
26% 2612
-641s 70
North American Co new stock.. 65 /22 -13£1i2 72
6912 7914 7212 7812 7414 77 72 7612 641 75'8
792 92
90 90
08 98 94 94
Pabst Brewing, pref..........
10412 10412 101 103
2312 2412 22 2414 1714 2314
1712 2212
Pacific Mail Steamship
24 29
24 2814 2312 2512 2214 26
23 27
20 2412
2534 2618
Pacific Telephone & Teleg
2512 2918 27 29
2612 31
273 293 28 31
4
4
---Preferred
_ 8812 9018 9014 9014 _-- 8914 8914
8612 90
89 89
---115 11713
Peoples' Gas Lt & Coke Chic
2
1207 125 12112 12412 1213
2
4
1183 1247 120 12124119 11 106 122
2 1
4
8
_-_Pettibone-Mulliken
23 23
26 2612 27 29
____
let preferred __
____ _
95
95
Philadelphia Co (Fitts), 6% pf 8912 163; _ _ _ __ _
_
---Pittsburgh Steel preferred
_ 88 923 9212 93
85 8712
90 92 -82- 193 85 86 85 85
4
4
---- ---- 3312 37
Pressed Steel Car
2634 45
2
4112 1512 42 44 4 34 433
4
4134 46
397 44
4214 45
3
100 100
---Preferred
9734 104 10214 104 10312 10514 103%104 102 102 10238103 1023 10412
4
Public Service Corp of N J
107 1093 110 11314 112 11312 11314 114 11214 11214
11112 11112
4
Pullman Co (The)
8
15112 159 1541 156 152 15412 15418 156 15312 15514 l541 158 1537 157
193 2514
4
Railway Steel-Spring
2514 323 2634 343 2714 313 25 2912 2712 3014 263 293 193 273
4
4
4
8
4
4
4
Preferred
88 88
97 9814 98 101
95 95
90 9314
98 98
93 983 9312 96
14
4
18 2014
Republic Iron & Steel
1034 27
24 263 23 27
22 237 1812 23
2
4
2012 2412 22 24
Preferred
75 78
80 893 88 893 86 9114 817 874 85 87% 84 89
4
78 86
4
8
38 6 4
7
3
Rumely (d) Co
9 18
12 153
8 9 157
2 64 1012 814 1412 014 1218 712 11
21 23
Preferred
2612 41
28 3612 253 38
24 3412 25 3212 22 2812
2
2034 29
Sears, Roebuck & Co
17312 186
183 193 185 103 185. 18912 180 18914 18212 187 185 189 17014 19712
Preferred
12214 12312 123%124 124 12412 12412 1244 12412 12112 123 1243 122 123
120 12114
4
21 23
Sloss-Sheffield Steel & Iron_ 27 35
3312 3412 3012 34
26 28
1912 2614
25 3018 26 28
Preferred
90 92
8914 8914
86 86
Standard Milling
32 35
40 45
3314 3 4 35 3714 341 363 38 4014 37 3912 33 367
2
53
4
Preferred
65 65
5912 6712
65 657 6412 66
65 65
61 62
6212 66
62 64
Studebaker Corp (The)
20 2534 251 303 2312 3614 2614 36
3112 36
32 3512 27 3312 2638 3314
4
Preferred
84 91
70 80
81
87
82 883 80 85
7912 86
82 863 87 92
4
4
Texas Co (The)
128 149 145 1487 14514 1497 135 14718 138 145 14112 147 8 112 11312
12212 138
8
7
Texas Pacific Land Trust
90 99
99 99
99 99
95 95
Underwood Typewriter
35 88
85 86
83 8411 80 81
-7314 76
74 75%
Preferred
108 110
103 103
111 111 1113 113
8
1053 1053
4
4
Union Bag & Paper
3 a 51s
7
518 812 7
8 8
83
4 63
514
53
8 63
3% 5% 4
4 51g 6
Preferred
5
25 297 291 3212 2214 31
20 20 8
52
2112 25
20% 2212 2014 2112 1814 21
4818 5014 4612 4912 48 50
United Cigar Manufacturers_ 45 50
39 4212
46 47% 4618 4012 40 16
Preferred
102 10212 10218 1038 10012 10018 102 102 10034 10212 99 10012 100 100
99 100 8
,
91 91
United Dry Goods
90 91
88 89
83 83
Preferred
4
93% 95
993 IGO% 100 1008 947 100
97 977 53 99
6013 767
3514 3514
2
2
73
4 912
123 1114 1232 914 10
4
Cast Iron Pipe & Fdy
9
8
8
10% 1312 125 1312 11
8
' Preferred
32 373 30 3118
40 8 477 3834 42
3
2
47 49
373 39
4
30 30
40 47
4
20 20
16
LIS Industrial Alcohol
_
15 16
16
1 Preferred
7814 8238
8314 8314 83 83
_ -- 85 85
75 76
81
8512 84 85
US Realty & Improvement
3
53 60
5412 633 58 63 4 593 6012 59% 60
4
5118 53
4
_ 54 567 54 56
8
U S Reduction & Refg pref__ _ _
3
3
5314 127; 56
-2
-57- /91- 4413 603
U S Rubber Co
45 578
573 623 5814 W64 59'2 63
4
8
38
99%10412 101 103 1017 103% 95% 103%
let preferred
97 1025
s
8
101% 10 % 101 10214 1013 104
4
8
U S Steel Corporation
48 55
573 633 583 62% 5012 6212
623 6512 56 64
4
8
4
4
5712 6714 633 67
10314 105 8
5
Preferred
11234 10914 11112 10912 1103 10714 110% 108 110 108%110 10612 11012
2
10614
Virginia-Carolina Chemical_
2
17 2312
4
2
28 3314 3014 3272 3014 34% 253 317 263 30 2818 3138 21 29
4
Preferred
4
4
9614 104 104 105 1043 10712 99 10312 96 1011 1003 10412 96 1013
Vulcan Dean:ling preferred
21
21
---- 25 25
35 35
35 35
37 40
Western Union Telegraph_
533 6012
8
5658 60
4
2
4
607 66% 62 643 593 63% 6112 6212 56% 62
8
573 65
Westinghouse Air Brake
256 256
6512 79'2
West'house El & Mfg, assent_ _ 64 713 693 72, 7013 787 71
6412 70
7514 7334 7814 7234 78
3
4
4
2
1st preferred
116 116
11572 117 119 119 11612 119 118 119 119 123 124 12412 119 1201s
109 109
Weyman-Bruton preferred__ _ 112 112
_
9914
92
89 9812
90 92
Woolworth (F W)
9218 100 98 10314 9713 9938
11412 117
8
Preferred
8
11234 116 116 118 117 1187 11714 11714 11712 11714 115 117 1155 118
STOCKS
_
4 16538
Ws
1612
100"
so
fill,
iii" HO"
Ili
iSO" 1114
ioi" fifis
US
1614
"iii4
"9612 16-
If"
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE.
1914
_
BONDS
Argentine—Internal 53 of 1909_ _
Imperial Chinese Government—
Huiniang fly, 1051
5
Imperial Japanese Government—
Sterling loan, 1025
43.
2d Series, 1925
434
Sterling loan, 1931
Republic of Cuba—
External debt loan of 1904_8
External loan, 1949
;1)§
Tokyo, City, loan of 1912
5
US of Mexico, 1899 £ loan _ _ --5
Gold debtjot 1904-1051
June
July
April
March
May
January February
Low High Low High Low High Low High Low High Low High Low High
96
97
98
88
8812 89
88% 8918 89
87 883 88
4
98
4
9512 963 9512 9618 95
4
8912 883 89
89
89
88
4
963 9614 963 97
4
98
September
October
December
August
Noetearger Low High
Bond Market Closed
—July 30 to Nov.28—
____ ____ ____ ____ ____ ____ ____ ____ _ __ _ __ _ _
4
883 89% 88
88
_
00
8
9034 SS 897 86 883 86 §812 8814 8912 81 90 --------------------------------81 8212
4
8
853 883 874 893 872 89% --------------------------------78 7934
8
8
8912 S63 883 8512 87
. ____
99 10018 993 10012 993 10012 993 10014
4
4
4
931* 9312
87 8814 8714 8712
86 89
8812 90
84 85 ----------------77 80
9972 10012
93 93
841 863
4
7914 798
997 1003 101 10112 -------------------------------- 9581 9918
4
93
8512 864 83 857
- ---- ---- -___
____ -___ - _ ---. ---- ____ ___- -_-- ---- ---- ---- ---- -- -- - -
Nole.—la ease of bonds of foreign Governments Issued in pounds sterling, the usage of the Stock Exchange is to consider $5 as the equivalent of one Dottbd sterling
and the above quotations are on that basis. With the execution of the Republic of Cuba 5s and 434a and the U. S. of Mexico 4s of 1904 (which are Visaed in the denomtnatkie
isftral, the bonds to the foregoing are all sterling Wm.
[Vol,. 100.
THE CHRONICLE
34
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1914.
[Compiled from tulles made at the New York Stock Exchange.]
January.
Opening _ 98
Highest... 9834
98
Lowest
_ 9834
Closing
February.
Opening _
Highest _
Lowest _
Closing _
March.
Opening _ 9854
Highest _ 99
984
Lowest
Closing _ _ 99
April.
97
Opening Highest _ 97
07
Lowest _ _
Closing _ _ _ 97
May.
9631
Opening
Highest_
1734
Lowest _ _ 9634
_ 197
Closing
June.
Opening _ _ 9731
Highest_ _ 9734
Lowest __ _ 9731
Closing __. 0734
10231
10234
10231
1024
11134
11231
11134
1124
10135
10135
10131
1014
1124
1124
11231
1124
1024
10234
1024
1024
1024
10231
1024
1024
101
101
101
101
11235
113
11235
113
9834
884
934
984
102
1024
102
10234
10235
1024
1024
1024
1134
1134
11234
1124
984
9831
984
84
9
10234
1025i
10234
1024
10234
10235
10254
10231
9831
9834
984
9835
101
101
101
101
10134
10234
10031
1004
984
984
9831
9631
112
112
11134
11134
1014
10135
10134
1013,4
101
101
101
101
97
97
97
97
10934
1094
10934
1093,4
•"Seller 4 free."
11135
11135
11134
1.114
984
964
91334
984
10135 Ill
10134 11134
1014 Ill
101351'111
1024
1024
10231
1024
10131
1014
10134
10135
11235
1124
11234
1124
10134
10131
10131
10131
97
97
97
97
11031
11034
1104
11031
REGISTERED BONDS.
COUPON BONDS.
REGISTERED BONDS.
COUPON BONDS.
Pan. Pan. Pan.
2s,
Pan.
2s,
45, Canal Canal Canzl
3s,
33. Canal 4s, cons.
cons.
1930. 1918. 35, 61. 1925. 1930. 1918. 1925. 30, 61.2s, 36.25. 25.
25,
Pan. Pan. Pan.
Pan.
25,
43, Canal Canal Canal
3s. Canal 45. cons. 35,
cons.
1930. 1918. 35,61. 1925. 1930. 1918. 1925. 3s,'61. 23,'36 2s,'38•
July.
10131 11034
111
1014
3/7
Opening _
111%
10134 1103.1
1013,4
97
Highest__
1014 1094
1104
101
97
Lowest
10131 10934
111
101
Closing _
97
August.
Opening
llighest _ .._
Lowest
closing
September
opening -ilktheit___ Stock Exchange Closed July 30 to Nov. 28 on
Europe.
Loweit _ _
closing
October.
Opening -Ilighcat_ __
Lowest
closing — November.
108
Opening
108
Highest...
108
Lowest
Closing.....108
December.
9934 10814
1093.4
10034
Opening
9934 los
110
Highest__
10034
9934 1084
10934
100
Lowest _
9934 109
110
10031
Closing..__
*10134
!1ci134,
•1014
110135
'
account at war in
99
994
99
9931
t "Seller 5 free"
gotrortercial and.caltscellantons4turs
•11.....••••••••••••••••••••
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange,were recently sold
at auction in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:
Per cent•
460
Stocks.
Shares.
25 Brooklyn Trust Co
By Messrs. R. L. Day & Co., Boston:
3 per sh.
Stocks.
Shares.
19 Warren Nat. Bank. Peabody__ _1154
106
1 Pacific Mills
15034
5 Berkshire Cotton Mtg, Co
3 Heywood Bros. & Wakefield
99
Co.. prof
3 per oh.
Stocks.
Shares.
common, ex-div_ _ 19234
10 Draper
Co..
18 Mass.Light. Co's, com..ex-div. 24
Per cent.
Bonds.
g2,000 Brock.liridgewater & Tann994
ton St. Ry. 1st 55, 1917
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh.
Storks.
Shares.
6 Eagle: Mere RR.Co.. par $50 Lot
$300 Eagles Mere RR. Co. lit 553
3 $120
1942
2 Farmers & Mechanics Nat.Bk13434
5 Continental-Equitable Trust
92
Co., par 350
3 Guarantee Tr. dr S. D. Co.. _ _ 155
3 Fire Assoc. of Phila., par $50.. 320
20 Micmac Gold M.Co., par 35_ Lot
50 Bingham Central-Standard
Co., par $5
3 $200
200 Rawhide Coalition Mines,
lot$2 00
par $1
41
20 People e Trust
$ per oh.
Stocks.
Shares.
150 Boston & Halifax Gold Mg.
lot $2 00
Co.. par $5
100 Reorg. Booth Mg. Co.of Goldlot $16 00
field par $1
200 Central Md. Water, Pow. &
lot 32 00
Elec. Co., par $50
Pcr cent.
Bonds.
32,000 Huntingdon & Bd. T. Mtn.
RR.& Coal Co., 1st 4s, 1920
- 774
$100,000 Pennsy. Marble & Granite
Co. lot 0s, 1939
5
31,000 Lafayette & Logans. Tree.
1st 55, 1936
85
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Bonds.
$ per sh.
Percent.
Shares. Stocks.
3 Phila. Bourse, pref., $25 each.... 1534 $1,000 Manufacturers Water Co.
1939 55
. 34
16034
Phila. Bourse, cons., $50 each _
4
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name Of Company.
Railroads (Steam).
Alabama Great Southern, preferred
Albany & Susquehanna
Special
Allegheny & Western. guaranteed
Atch. Topeka di Santa Fe, pref.(No. 33)_
Atlanta & West Point
Atlantic Coast Line RR.. common
Beech Creek, guaranteed (guar )
Belt RR.& Stock Yards,Inelianap.,com.(ga)
Preferred (guar.)
Boston & Lowell
Boston Revere Beach & Lynn (guar.)
Canada Southern
Canadian Pacifie, cont. (guar.)(No. 74)ChaPahoochce & Gull
Chicago & North Western.coin.(quar.)..
Preferred ((marl
Cbtann^ti Leber:4n & Northern (annual)....
Cuba RR., preferred
Delaware & Ittutscn Cc. (guar.)
Deldtcare Laekauvinna & Western (guar.)
Detroit 1111Isdale & Southwestern
Detroit & Maeklnar. corn. and pref
Detroit River Tunnel
Elmira & Williamsport, preferred
Fitchburg. preferred (guar.)
Georgia RR.& Banking (guar.)
Great Northern (guar.)
Harrisb. Portam. Mt. Joy & Lancaster..
Illinois Central, leased line stock
Interborough Rapid Transit (guar.)
Extra.
Joliet dr Chicago (guar.)
Kansas City Southern, pref.(guar.)
Lackawanna RR. of New Jersey (guar.)
Lehigh Valley. corn. & pref. (guar.)
Little Schuylkill Nay. RR.& Coal
Louisville Bridge
Louisville & Nashville
Lykens Valley RR.& Coal
litahoning Coal RR., common
Preferred
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Feb. 23 Holders of rec. Jan. 234
3
434 Jan. 2 Dec. 16 to Jan. 1
$3.25 Jan. 6 Holders of rec. Jan. 2a
Jan. 2 Holders of rec. Dec. 21a
3
214 Feb. 1 Holders of rec. Dee. 31a
3 Jan. 2 Dee. 20 to Jan. 1
234 Jan. 11 Holders of rec. Dec. 28a
Jan. 2 Holders of rec. Dec. 23a
Jan. 1
134 Jan. 1
Jan. 2 Holders of rec. Nov. 21
134 fan. 1 Hold,rs of rec. Dec. 15a
134 Feb. 1 Holders of rec. Dec. 31a
234 Jvn
2 Holden of rec. Dec. le
234 Jan. 2 Dee. 25 to Jan. 4
1,1 Jan. 2 Holders of rec. Dec la
lan. 2 Holders of ree. Dec. in
2
3
Dec. 31 Holders of rec. Dec. 30a
Feb. 1 Holders of rec. Dec. 31a
3
234 Mar. 20 Holders of rec. Feb. 25a
235 Jan. 20 Holders of rec. Jan. 4
2
Jan. 5 Dec. 20 to Jan. 5
234 Jan. 2 Dec. 18 to Jan. 3
3
tan. 15 Holders of rec. Jan. 8a
2 Dec. 20 to Jan. 1
3.16 Jan
Ian. 1 Dec. 2 to Dec. 9
Jan. 15 Jan. 1 to Jan. 14
134 Feb. 1 Holders of rec. Jan. 8a
33-4 Jan. 10 Holders of rec. Dec. 205
2
Ian, 1 Dec. 12 to Jan. 4
2% Ian. 2 Holdcrs of rec. Dec. 21
Jan. 2 Holders of rce. Dec. 21
5
131 Jan. 4 Holders of rec. Dec. 24a
Jan. 15 Holders of rec. Dec. 31a
1
Jan. 1 Holders of ree. Dec. 170
$1.25 Jan. 9 Holders of ree. Dec. 26a
$1.25 Jan. 15 Dec. 12 to Jan. 14
Jan. 2 Holders of rec. Dec. fla
4
21‘ Feb. 10 Holders of rec. Jan. 20a
Jan. 2 Holders of ree. Dec. 15a
2
25 Feb. 1 Holders of rec. Jan. 84
$1.25 Jan. 1 Holders of rec. Dec. 29a
Name of Company.
Per
Cent.
When
Payable
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded.
134 Jan. 1 Holders of rec. Dec. 150
Maine Central (guar.)
131 Jan. 1 Holders of rec. Dee. 15a
Manhattan Hallway (guar.)
Jan. 29 Holders of rec. Dec. 31a
Michigan Central
$1.25 Jan. 15 Dec. 25 to Jan. 14
Mine Hill dc Schuylkill Haven
Jan. 1 Dee. 2 to Jan. 1
2
Mobile & Birmingham. preferred
335 Jan. 1 Holders of rec. Deo. Oa
Morris & Essex
131 Feb. 1 Holders of rec. Jan. 8
New York Central Railroad
Jan. 2 Holders of rec. Dec. 15a
5
New York & Harlem, corn. & pref
lan. 1 Holders of rec. flee. Ila
N. 'Y. Lackawanna & Western (guar.)._
Feb. 19 Holders of ree. Jan. 30
1
Norfolk & Western,adj. pref.(guar.)._
Jan. 15 Holders of rec. Dec. 3I0
$2
Northern Central
134 Jan. 1 Holders of ree. Dec. 7a
Northern RR.of N. It.(guar.)
2
Jan. 11 Holders of rec. Dec. 31a
Northern Securities Co
2
Jan. 1 Dec. 17 to Dec. 31
Norwich dr Worcester, pref. (guar.)
Jan. 1 Holders of rec. Dec. 16
4
Paterson & Hudson River
4
Jan. 1 Holders of rec. Dec. 18
Paterson & Ramapo
23i Jan. 10 Jan. 1 to Jan. 10
Philadelphia & Trenton (guar.)
235 Jan. 25 Holders of rec. Jan. 15
Rath. Ctn. Chicago & Si. L., pre/
Pittsb. Ft. Wayne & Chic.. reg. ECU. (qu.) 134 Jan. 5 Dec. 13 to Jan. 5
131 Jan
2 Dee. 16 to Jan. 2
Special guaranteed (guar.)
1
Jan. 14 Holders of rec. Dec. 220
Reading Co., second preferred (Guar.).2
Feb. 11 Holder's of rec. Jan. 25a
Reading Company,common (guar.)
Jan. 2 Dee. 16 to Jan. 1
4
Rensselaer di Saratoga
434 Jan. 2 Dec. 23 to Jan. 4
Rich. Fred. & Pot.,com,and div. obits-Jan. 1 Dec. 22 to Jan. 1
3
Rome dc Clinton
1 Jan. 10 Holders of rec. Dec. 31
St. L Rocky Mt.& Pat. Co.. com.(qu.).
St. Louis As San Francisco—
Jan, 2 Dec. 18 to Jan. 3
K.C.Ft.S.&131..pref.trust ctfs.(guar.) 1
Jan. 2 Holders of rec. Nov.30a
Southern Pacific Co.(guar.)(No. 33)
24 Jan. 5 Dec. 16 to Jan. 5
Southwestern Railroad (Georgia)
234 Jan. 1 Holders of ree. Dec. 24a
Texas Central, preferred
2
Tinloo Pacific. common (guar.)
Jan. 2 Holders of rec. Dec. la
United N. J. RR.&CanalCos.,guar.(qu.) 24 Jan. 10 Dec. 20 to Jan. 1
3
Wrightsville & Tennille, cons. & pref....
Jan. 1
December 18
Street and Electric Railways.
3
American Cities
pref.(No. 7)
Jan. 1 Dec. 22 to Jan. 1
Co.,
Asheville Power& Lt., pre.(OIL)(No.11) 131 Jan. 2 Holders of rec. Dee. 19
14 Jan. 1 Holders of rec. Dec. 310
Athens lly. & Electric, pre/. (guar.)
Aurora Elgin & Chicago RR., pref.(qu.)
144 Feb. 1 Holders of rec. Dec. 23
Bangor Ry.& Elec., Pref.(guar.)(No.13) 131 Jan. 1 Holders of rec. Deo. 19
24 Dec. 31 Holders of rec. Dec. 300
Batt State Street By.. common
Feb. 1 Holders of ree. Jan. 22
3
First prof
$1 Jan. 1 Holders of rec. Dec. 24
Boston & Worcester Elec. Cos., pref
1 4 Jan. 2 Holders of rec. Dec. 15
Brazilian Tree.. Light dr Pow., pf.
1 Holders of rec. Dec. 1)a
14 Jan
Brooklyn Rapid Transit (guar.)
&
California R. Power, prior prof.(qM.). 14 Jan, 2 Holders of rec. Dec. 194
Jan. 13
Capita! Traction (Wash.. D.C.)(guar.). 134 Jan. 1 Dec. 14 to
Carolina Pow. & Lt., pref.(Mt.)(No. 23) 154 Jan. 2 Holders of ree. Dee. 19
Chicago City&Conn.Rys., pref. part.ctfs. $1.25 Jan. 1 Dec. 27 to Jan. 1
Jan. 2 Dec. 22 to Jan. 1
1
Cincinnati & Hare. Tree., coin.(guar.).114 Jan. 2 Dee. 22 to Jan. I
Preferred (guar.)
Ctn. Nemo. & Coo. Li. & Tract., eons. (gu.) 1% Jan. 15 Jan. 1 to Jan. 15
Ili Jan. 15 Jan. 1 to Jan. 15
Preferred (guar.)
134 Jan. 1 Dec 17 to Jan
Cincinnati Street Ry. (gua)'.)
Citizens Traction (Oil City, Pa.), Pref.-- $1.50 Jan. 5 Holders of rec. Dec. 31
14 Jan . 1 Holders of rec. Dee. 150
Cleveland Railway (guar.)
( Mar.) 155 Jan. 1Dcc. 29 to Jan. 2
Columbia Hy,Gas & wee.. prof. (
Jan. 1 11Tolders of ree. Dee. 18ts
Columbus Electric Co.. pref. (No. 17).. 3
114 Jan. 2 Holders of rec. Dee. 16
Columbuslly.,Pow.&Lt..pf.,Ser.A
2
Jan. 15 Jan. I to Jan. 15
Consolidated Traction of New Jers0Y-- —
1
fan. 2 Holders of ree. Dee. 15a
Duluth-Superior Traction.corn & Pf.
3
fan. 1 Holders of rec. Dee. 194
Eastern Texas Electric Co., pt. (No. 6) 2
Jan. 1 Holders of ree. Dec. 15
Elmira Water, Light & RR., common
134 Jan. 1 Holders of rea. Dec. 15
First preferred (guar.)
131 Jan. 1 Holders of rec. Dec. 15
Second preferred (guar.)
3
Jan. 11 Holders of rec. Dee. 24a
El Paso Elec. Co. preferred (No. 253 !
$1.50 Jan
2 Holders of rec. Deo. to
Frankford & Southwark Pass. (altar.)
813114 Jan. 5 Dec. 16 to Jan. 4
Germantown Passenger Ry.(guar.)
Jan. 2 Dee. 20 to Jan. 2
2
Halifax Electric Tram., Ltd. (guar.)._
135 Jan. 2 Holders of rec. Dee. lba
Illinois Traction preferred (guar.)
3
1 Dec. 23 to Jan. 1
Jan.
Indianapolis Street Ry
Jan. 1 Dee. 19 to Jan. 1
3
Interstate Rye.. preferred
135 Jan. 15 Holders of Me. Jan. 2
Kentucky Securities Corp., pref. (guar.). _
135 Jan. 1 Holders of rec. Dec. 19a
Lake Shore Elec. Rv., 1st pref. (quar.)_.
Jan. 3 Dee. 21 to Jan. 3
3
London Street fly. (guar.)
I
.Inn. 1 nee 11 to Dec 15
Louisville Traction. common (guar.).—
Nfassachlisetts Electric Companies. pref. $2 Jan. I Holders of rec. Nov. 30
14 Jan. 2 Holders of rec. Dec. 23a
Mohawk Valley Co. (guar.)
131 Jan.
Nashville Ry.& Light, pref.(guar.)
Jan. 1 Holders of rec. Dec. 240
2
New England Investm't & Security, pref.
Jan. 2 Holders of rec. Dec. 23a
1
New York State Rya., common (guar).-111 Jan. 2 Holden of rec. flea. 230
Preferred (quer)
Northern Ohio Tree.& Light. pref.(qu.). 134 Jan. 1 Holders of rec. Dee. 150
14 Jan. 1 Dec. 20 to Jan. 11
Omaha & Council Bluffs, com.drpf.(gu.)..
1
Jan. 1 Holders of rec. Dec. 31a
Ottawa Traction, Led. (guar.)
Jan. 1 Holders of rec. Dec. 31a
Bonus
1
Ottumwa RaWcay & Light, Peel.(guar.). _
131 Jan. 15 Holders of rec. Dec. 31
131 Jan. 2 Holders of rec. Dec. 24
Porto Rico Rys.. prof.(guar.)
134 Jar. 15 Holders of rec. Jan. la
Puget Sd. Tr., L. dc P., pl.(qu.)(No. 10)
750. Jan. I Dec. 21 to Jan. 1
Reading Traction
Republic Ry.& Light. pref. (011.)(No.14) 134 Jan. 15 Holders of rec. Dee. 31
$3 Jan. I Dee. 16 to Jan. I
Ridge Ave. Pass. fly. (guar.)
JAN 2 1915.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company
35
Per
Cent
When
Payable
Books Closed
Days Inclusive
Street & Electric Rys.—Con.
Miscellaneous (Continued).
Rome (Ga.) Ry.& Light (guar.)
1
Jan. 2 Dec. 28 to Jan. 1
Bethlehem Steel, preferred (guar.)
13( Jan, 2 Holders of rec. Dec. 15
Scioto Valley'Frac., lot Prof. et pref. (qu.) 134 Jan. 1 Dec. 24 to Dec. 31
Bliss(E. W.) Co.,common (guar.)
134 Jan. 2 Dec. 24 to Dec. 31
Second & Third Sts. Pass. Ry. (gust.).... $3 Jan. 2 Holders of tee. Dec. la
Preferred (guar.)
Jan. 2 Dec. 24 to
2
Dec. 31
StarkElectric RR. (guar.)
34 Jan. 1 Dec. 30 to Jan. la Bonbright(Wm.P.)&Co., Inc., 1st pf.(qu.) 154 Jan. 11 Holders of rec. Dec. 31
Thirteenth & 15th Sts. Pass., Phila.(qua S6 Jan. 1 Dec. 20 to Jan. 1
Booth Fisheries, first preferred (guar.)._
134 Jan
2 Dec 22 to Jan
1
Toronto Rarlway (guar.)
Jan. 2
2
Brooklyn Borough Gas, preferred
3
Jan. 20 Holders of rec. Dec. 310
Tr -City Hy.& Light, common
1
Jan. 2 Holders of rec. Dec. 19
British-Amer. Tobacco, Ltd.. ordinary__
233 Jan. 12
See Note (C).
Preferred (guar.)
133 Jan. 2 Holders of rec. Dec. 19
Brooklyn Union Gas (guar.) (No. 55)...
134 Jan, 2 Dee. 17 to Jan. 1
Twin City Rapid Transit. corn. (quar.)_
Extra
134 Jan. 2 Holders of rec. Dec. 15a
1
Jan. 2 Dec. 17
1
Preferred (guar.)
I K Jan. 2 Holders of rec. Dee. I5a Brunswick-Balke-Collender, pref. (quer.) 134 Jan. I Holders of to Jan. 20a
rec. Dec.
Union Pass. Ry., Philadelphia
$4.75 Jan. 1 Holders of rec. Dee. I5a California Electric Generating, pref.(qua
133 Jan. 2 Holders of rec.
Union Traction of Philadelphia
$1.50 Jan. 1 Holders of rec. Dee. 10a California Petroleum Corp., pref. (guar.) 134 Jan. 1 Holders of rec. Dec. 200
Dec. 170
United Light & Rys., first pref. Mara
133 Jan. I Holders of rec. Dec. Its Canadian Cottons, Ltd., pref. (quar.)___
133 Jan. 4 Dee. 25 to Jan. 2
Second preferred (quar.)
K Jan. 1 Holders of roe. Dec. 15a Canadian General Electric (qu.) (No.
62) 154 Jan, 1 Holders of rec. Dee. 150
United Trac. & Elec.,Providence(qua
1K Jan. 2 Dec. 9 to Dee. 13
Canadian Locomotive, pref. (gust)..... 131 Jan. 1 Holders of rec. Dec. 220
Virginia Railway & Power, preferred
Jan. 20 Holders of rec. Dee. 31a Canadian Westinghouse. Ltd.
3
(qua(No.40) 1.34 Jan, 11 Holders of rec. Dee. 31
Washington Water Power, Spokane WO
134 Jan. 2 Holders of rec. Dec. 12a
Cardenas-American Sugar, pref. Oaxaca_
131 Jan, 2 Holders of rec. Dec. 28
West End Street Ry.. Boston, preferred
Jan. 1 Dec. 27 to Jan. 1
$2
Case (.1. I.) Thresh. Mach., pref.(gust.). 134 Jan. 1 Holders of rec. Dec. 1413
Western N.Y.& Penn.'Frac., lot pref
Jan. I Holders of rec. Dec. 28a Central Coal & Coke, pref.(gust.)
3
134 Jan. 15 Jan. 1 to Jan. 15
Western Ohio Ry., lot pref. (quint.)
134 Jan. 1 Holders of rec. Dec. 23
Central Leather, common
3
Feb. 1 Holders of rec. Jan. 116
West India El. Co., Ltd.(gli.)(No.28)__
131 Jan. 2 Dec. 24 to Jan
Central Leather, preferred (guar.)
2
134 Jan. 2 Elolclers of rec. Dee. 10a
West, Phila. Pass. Ry
Jan. 1 Holders of reo. Dec. 15n Central & South Amer. Telegraph (goat.) 133 Jan, 8 Holders ot rec. Dec. 31a
$5
Winnipeg Electric Ry. (guar.)
Jan. 2 Holders of reo.d Dee. 21a Chic.June. Rye.dr Un.Stk. Yds.,COM
3
234 Jan, 1 Holders of ree. Dec. 15a
Hanks.
Preferred (guar.)
133 Jan, 1 Holders of rec. Dee. 154
America, Bank of
Jan. 2 Dec. 19 to Jan. 3
14
Chicago Pneumatic Tool (guar.)
1
Jan. 2.5 Jan. 16 to Jan. 25
Battery Park National
Holders of roe. Dec. 24
Jan. 2
3
Cincinnati Gas & Electric (guar.)
134 Jan, 2 Dec. 15 to Dec. 21
Bronx National
Jan. 2 Dec. 20 to Jan. 1
2
Cincinnati Gas Transportation (annual).. 10
Jan. 2 Dec. 22 to Jan. 1
Butchers'& Drovers' National
Jan. 2 Dec. 18 to Jan. 1
3
Cincinnati & Suburban Telephone (guar.) 233 Jan, 2 Dec. 25 to Dec. 31
Century
Jan. 4
3
City Investing, preferred (Mien)
134 Jan, 2 Holders of rec. Dec. 26
Chase National
Jan. 2 Holders of rec. Dec. 31a Cluett, Peabody & Co., Inc., pf. (qua_
5
134 Jan. 1 Holders of rec. Dec. 1913
Chatham dr Phenix National (guar.)
Jan. 2 Dec. 22 to Dec. 31
2
Columbus Light, Heat & Pow.,corn.(gM) 134 Jan. 2 Holders of rec. Dec. 7
Chemical National (hi-monthly)
233 Jan. 2 Dec. 25 to Jan. I
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 7
Citizens' Central National (guar.)
Jan. 2 Holders of rec. Dec. 26a Connecticut River Power,common
2
133 Jan, 1 Holders of rec. Dec. 19
City, National (Brooklyn)
Jan. 2 Holders of rec. Dec. 15a Consolidated Car-Heating
7
233 Jan. 15 Jan. 1 to Jan 14
Coal & Iron National (guar.)
134 Jan. 2 Holders of rec. Dec. 9
Cense'.Gas,El.Lt.& P..Balt.,corn.
134
(qua
Colonial (gwir.)
Jan. 1 Holders of rec. Dec. 20a Consumers' Power (Mich.), pref. (gar.) 14 Jan, 2 Holders of rec. Dec. 190
3
Jan. 2 Holders of rec. Dee. 170
Columbia(No.53)
8
Jan. 1 Dee. 17 to Jan. I
Continental Can, Inc., preferred (gust.). 134 Jan. 1 Holdere of rec. Dec: 19a
Commerce, Nat. Bank of (guar.)
2
Jan. 2 Dec. 23 to Jan. 3
Continental Gas & Elec. Corp., com.(guar.)
33 Jan. 1 Dec. 23 to Dec. 31
Coney Island, flank of
Jan. 2 Holders of rec. Dec. 22
2
Preferred (guar.)
133 Jan. 1 Dee. 23 to Dec. 31
East River National
Jan. 2 Dec. 25 to Jan. 3
2
Continerual Paper Bag,corn: (qu.)(No. 39) 133 Dec. 31 Holders of rec. Dec. 30
Fifth Avenue (guar.)
Jan. I Holders of rec. Dee. 31a
25
Preferred (guar.) (No. 58)
133 Dec. 31 Holders of rec. Dec. 30
Fifth National (guar.) (No. 158)
Jan. 2 Holders of rec. Dec. 31a Cornino (N. F.) Light & Power
3
Jan. 1 Holders of rec. Dec. 23
1
First National, Brooklyn (quar.)
234 Jan. 2 Holders of rec. Dec. 18a Corn Products Refg., pref.
(guar.)
134 Jan. 15 Holders of rec. Jan. 4a
Extra
Jan. 2 Holders of rec. Dec. 18a Cote Plano Mfg., pref.(gust.)
2
134 Jan. 1 Holders of rec. Dec. 19
First National (guar.)
Jan. 2 Hollers of rec. Dec. 3Ia Cuban-A merlcan Sugar. prof. (gnat.),...
7
134 Jan. 2 Holders of rec. Dee. 15a
Extra
Jan. 2 Holders of rec. Dec. 31a DaytonPower & Light, Prof. (quar.)___
5
133 Jan.
rec. Dec.
_
First Security Co.(guar.)
3
Jan. 2 Holders of rec. Dec. 31a Delaware Lack. & iVestern Coal (guar.)... 213 Jan. 15 Holders of rec. Dec. 31a
310
15 Holders of
Extra
Jan. 2 Holders of rec. Dee. 3Ia Detroit Edison (guar.)
5
134 Jan. 15 Holders of tee. Dec. 31e
Flatbush, Bank of (war.)
134 Jan, 2 Dec. 30 to Jan. 1
Distilling Co. of America, prof. (guar.)._
34 Jan. 30 Holders of rec. Jan. 116
German Exchange
Jan. 2 Dec. 22 to Jan. 1
10
Domfnlon °MSS, Ltd.. preferred (guar.) 134 Jan. I Holder)] of rec. Dec. 12
Gotham National (guar.)
Jan. 2 Holders of rec. Dec. 31
2
Dominion Power & Transm. Lt., pre__
333 Jan. 15 Dec 20 to Dec. 31
Greenpoint National
Dominion Textile. Ltd.,common Mara.. 14 Jan
Jan. 2 Dec. 22 to Jan. 3
2
2 Holders of rec. Dee. 15
Greenwich ((Mara
3
Jan. 1 Holders of rec. Dec. 21a Dominion Textile. Ltd., pref.(quer.)_ _
154 Jan. 15 Holders of rec. Dec. 310
Hanover National(guar.)
Duluth Edison Electric, pref. (guar.)
Jan. 2 Dec. 23 to Jan. 1
5
133 Jan. 1 Holders of rec. Dec. 210
Homestead (Brooklyn)
duPont Internat. Powder, pref. (gnarl_
Jan. 1 Dec. 27 to Jan. 1
2
134 Jan, 2 Holders of rec. flee. 210
Importers & Traders National
duPont(El.) de Nemours Powd pf.(qua
Jan. 2 Dee. 19 to Jan. 1
12
134 Jan. 25 Jan. 16 to Jan. 25
Irving National (guar.)
Jan. 2 Dec. 23 to Jan. 1
2
Eastern Light dr Fuel (quar.)
2
Jan. 2 Dee. 18 to
Dee. 20
Liberty National (goar.)
Jan. 2 Holders of rec. Dec. 310 Eastman Kodak, corn. (guar.)
5
234 Jan. 2 Holders of rec. Dec. 50
Extra
Jan. 2 Holders of rec. Dec. 31a
5
Preferred (gar.)
13.4 Jan, 2 Holders of rec. Dec. 5a
Manhattan Co.,Bank of the
7
Jan. 2 Dec. 27 to Jan. 1
Electrical Securities Corp., pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 28
Extra
Jan. 2 Dec. 27 to Jan. 1
1
Elec. Utilities Corp., pref. (gu.) (No. 19). 134 Jan. 15 Holders of rec. Jan. 6
Market & Fulton National (guar.)
Electric Light & Power of Abington &
Jan. 1 Dee. 23 to Jan. 1
3
Mechanics'.
(Brooklyn)
3
Jan. 2 Dec. 27 to Jan. 1
Rockland (Mass.) (No. 43)
Jan. I Holders of rec. Dec. 22a
4
Merchants' Exchange National
Jan. 2 Holders of rec. Dee. 26a Electric Storage Batt., corn,& pref.(qtt.)3
Jan, 2 Holders of rec. Dec. 2Ia
1
Merchants National (No. 223)
4
Tan. 2 Holders of rec. Dec. 24a Eureka Pipe Line (guar.)
Feb. 1 Holders of rec. Jan. 15
6
Metropolis, Bank of the (guar.)
Jan. 2 Dee. 25 to Jan. I
4
General Baking. Pref.(guar.)(No. 12)_ _
1
Jan, 1 Holders of rev. Dec. 19
Metropolitan (quar.)
Jan. 2 Dec. 19 to Jan. 1
2
General Chemical. common (extra)
5
Feb. 1 Holders of rec. Dec. 3I6
Mutual
7
Jan. 2 Dee. 22 to Jan. 1
Preferred (quar.)
14 Jan, 2 Holders of rec. Dec. 17a
Nassau National, Brooklyn (cplara
234 Jan. 2 Holders of rec. Dec. 290 General Chemical of Cal., lot pref.(qua 13( Jan. 2 Holders of rec. Dec. 22
New York. Bank of, N.13. A.(No.2(12)
Jan. 2 Dec. 24 to Jan. 3
8
General Electric (guar.)
2
Jan. 15 Holders of rec. Nov. 284
New York County National
20
Ten. 2 Dec. 31 to Jan. 2
General Fireproofing, COM. (guar.)
13( Jan. 1 Holders of rec. Dec. 20
North Side (Brooklyn)
3
Jan. 2 Dec. 10 to Jan. 3
Preferred (guar.) (No. 31)
13( Jan. 1 Holders of rec. Dec. 211
Park, National (guar.)
4
Jan. 2 Holders of rec. Dee. 18a General Gas & Electric, pref (gloat.)
134 Jan. 2 Holders of rec. Dee. 30a
People's (No. 127)
5
Jan. 2 Dec. 22 to Jan. 1
General Railway Signal,corn.& prof.(qu)
133 Jan, 2 Dec. 25 to Jan. 3
People's National (Brooklyn)
234 Jan. 1 Holders of rec. Dee. 31a Glabe-TVernicke, pref. (guar.)
133 Jan. 15 Holders of rec. Dec. 31.
Seaboard National (guar.)
3
Jan. 2 Holders of rec. Dec. 23a Goldfield Consolidated Mines
130. Feb. 27 Holders of rec. Jan. 30a
Second National (quar.)
3
Jan. 2 Holders of rec. Dec. 31a Gold & Stock Telegraph (gust.)
134 Jan. 2 Holders of rec. Dec. 310
State
6
Jan. 2 Dec. 12 to Jan
Goodrich (B F.) Co.. pref. Mara
1
134 Jan. 1 Holders of rec. Dec. 210
Washington Heights, Bank of (quar.)...._
Jan. 1 Holders of rec. Dec. 3Ia Goodyear Tire dr Rubber, pref. ((meta
2
13( Jan, 2 Dee.. 20 to Jan. 1
West Side
6
Jan. 2 Dec. 18 to Jan. 3
Gorham Mfg., pref. (guar.)
13.4 Jan. 1 Holders of rec. Dec. 24a
Trust Companies.
Great Lakes Towing, pref. (guar.)
1,‘ Jan. 2 Dec. 16 to Jan. 2
Bankers (quar.)
5
Jan. 9 Dec. 27 to Jan. 14
Guggenheim Exploration (guar.)
Brooklyn (guar.)
87)4e. Jan. 2 Dee. 19 to Dec. 23
5
Jan. 2 Holders of tee. Dec. 18
Hartford City Gas Light, cam. (guar.)
Extra
3
Dec. 31
5
Jan. 2 Holders of rec. Dee. 18
Common (extra)
1
Central (guar.)
Dec. 31
10
Jan. 2 Holders of rec. Dec. 240
Preferred (guar.)
2
Extra
Dec. 31
10
Jan. 2 Holders of rec. Dec. 246 Helme (Geo. W.) Co., common
234 Jan. 2 Holders of rec. Dec. 120
Fidelity
(guar.)._
3
Jan. 2 Dec. 23 to Jan. 1
Common (extra)
2
Fulton (No. 45)
Jan. 2 Holders of rec. Dec. 12a
6
Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 120
Extra (No. 5)
2
Jan. 2 Holders of rec. Dec. 21
Hendee Manufacturing, pf. (c111.) (NO.5) 13( Jan, 1 Holders of rec. Dee. 21
Hudson
3
Jan. 2 Dec. 22 to Jan. 1
Houston Grt4 & Fuel, pref. (guar.)
13( Jan. I Holders of rec. Dec. 15
Lawyers' Title Ins. dr Truet (guar.)
2
Jan. 2 Dec. 16 to Jan. 3
Illinois Brick
3
Jan.
Jan. 5 to Jan. 15
Mutual Alliance ((Nara
14 Jan. 2 Dec. 27 to Jan. 1
Illinois Northern Utfifftes, pref. (goat.).... 114 Feb. 15 Jan. 20 to Jan. 31
1
Union (guar.)
4
Tan. 1 Dec. 25 to Jan. 1
Independent 5 de 10
-Cent Stores, pf.
13( Jon. 2 Holders of rec. Dec. 210
United States
Jan. 2 Dec. 20 to Jan. 1
25
Indiana Pipe Line (gnat.)
$2 Feb. 12 Holders of rec. Jan. 23
Miscellaneous.
Ingersoll-Rand, preferred
3
Jan. 2 Holders of rec. Dee. 15a
Alliance Realey (guar.)
14 Jan. 15 Holders of rec. Jan. 9
Internat. 13u ttonholeMaeli.
Jan. 15 Holders of rec. Jan. 1
(gu a (No.69) 1
Amer. Agri. Chem., COM.(IVO (NO. 13). 1
Jan. 15 Holders of rec. Dee. 223 Int. Harvester of N.J.,
coin.(qua (No.20) 11( Jan, 15 Holders of rec. Dec. 24a
Preferred (guar.)(No. 38)
134 Jan. 15 Holders of tee. Dee. 22a Internatimal Paper, pref. (guar.)
133 Jan. 15 Holders of rec. Jan. 60
American Bank Note, preferred (guar.)._
4 Jan. 2 Holders of rec. Dec. 15a International Silver, preferred
134 Jan. 2 Dee 18 to Jan. 2
(guar.).—
American Beet Sugar. pref.(qua (No.62) 14 Jan. 2 Holders of rec. Dee. 16a
nternat. Smokel. Pow.& Ch corn.(qua
Jan, 2 Holders of rec. Dee. 210
American Can, preferred (gnar.)
134 Jan, 1 Holders of rec. Dee. Ifia Island Creek Coal, corn. (guar.)
50c. Feb. 1 Holders of rec. Jan. 23
Amer. Car & Fdy., corn.(guar.)(No.49)
33 Jan. 1 Holders of rec. flee. lla
Preferred (guar.)
$1.50 Jan, 1 Holders of rec. Dec. 23
Preferred (guar.)(No. 63
Its Jan, 1 Holders of rec. Dee. I la Kansas Gas & Elec.,
)
pref.(qua (No. 19)13( Jan, 2 Holders of rec. Dec. 24
American Chicle. pref.(guar.)
114 Jan. 2 Dee. 25 to Jan. 19
Kaufmann Dept. Stores, Inc., pref. (qu.)
American Cigar, preferred (guar.)
1(4 Jan, 2 Holders of rec. Dec. 15a Kayser (Julius) Sr Co., corn. (gust.).... $1.75 Jan. 1 Holders of rec. Dec. 21
1>4 Jan. 1 Holders of rec. Dec. 21a
Amer. Coal Products, cont. (quar.)
134 Jan. 1 Dee. 24 to Jan. 1
First and second preferred (quar.)____
13.1 Feb. 1 Holders of rec. Jan. 210
Preferred (guar.)
134 Jan. 15 Jan. 10 to Jan. 14
Kelly-S3rIngfield Tire, common
134 Feb. 1 Holders of rec. Jan. 15
American Express (guar.)
$1
Jan. 2 Holders of rec. Dec.15a
6% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Amer. Gas & Elec.. coin.(guar.)(No. 19) 2
Jan. 2 Holders of tee. Dec.
7% preferred (guar.)
131 Jan. 2 Holders of tee. Dec. 15
Common (extra payable In corn. stock) 2/ Jan. 2 Holders of rec. Dee. 19
Kelsey Co.(Inc.) .cona. (
19
133 Jan. 1 Holders of rec. Dec. 22
(Nara
Preferred (guar.)(No. 32)
113 Feb. I Holders of rec. Jan. 20
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 22
Amer.Iron & Steel Mfg.. corn.& pf.(qua
131' Tan. I Holders of rec. Dee. 19a Kolb Bakery, pref.
(guar.)(No. 12)
13( Jan. 1 Holders of rec. Dec. 19
Amer. La France Fire Eng., Inc., of.(q11.) 134 Tan. 2 Holders of rec. Dee.
19a Kresge (5.8.),common
3
American Loromotive, pref. (quar.)
Jan, 2 Holders of rec. Dec. 16a
(guar.)
134 Jan. 21 Jan. 6 to Jan. 21
Preferred (guar.)
13( Jan, 2 Holders of rec. Dee. Ina
American Piano, pref. (guar.) (No. 27)__
134 Jan. 1 Dee. 24 to Jan. 1
La Rose Consolidated Mines ((Mara
234 Jan. 20 Jan. 1 to Jan. 17
Amer. Pow. dr Light, pref.(qua (No. 21)
134 Jan. 2 Holders of rec. Dee. 24
Laurentkle company,I td.(guar.)
Jan. 2 Holders of rec. Dec. 22
Amer. Public Service, pref. (guar.)
131 Jan. 1 Holders of rec. Dec. 23
Lehigh Valley Coal Sales
$1.25 Jan. 16 Holders of rec. Jan. 4
Amer. Public Utilities. prof.(guar.)
133 Jan. 1 Holders of rec. Dec. 19
Library Bureau,
2
Amer. Seeding Machine, com. (quar.)..
Jan. 1 Holders of rec. Dee. 21
I
Jan. 15 Holders of rec. Dec. 31a Liggett & Myers pref. (guar.)
Tobacco, pref. Mara..
15( Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
134 Jan. 15 Holders of tee. Dec. 31a Loose
-Wiles Biscuit, lot pf. (gu.)(No.11) 13( Jan. 2 Dec. 18 to
Amer. Smelt. Beene., pref. A (qUar.)
133 Jan. 2 Dec. 19 to Dec. 27
Jan. 3
. Second preferred (guar.)
13( Feb. 1
Preferred B (guar.)
1
134 Tan. 2 Dec. 19 to Dee. 27
Lorillard (P.) Co., common(No. II)---- 233 Jan. 2 Jan 16 of to Feb. 150
American Snuff. common (guar.)
Holders
tee. Dec.
3
Tan. 2 Holders of rec. Dec. I2a
(guar.)
Preferred (quer.%
15( Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
133 Jan, 2 Holders of rec. Dec. 12a MacAndrews
& Forbes, common (guar.). 234 Jan. 15 Holders of rec. Dec. 31a
Amer. Sugar item. coin. & pref. (qu.)
134 Jan. 2 Holders of rec. Dec. la
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
American Sumatra Tobacco, pref
334 Jan
2 Holders of rec. Dee. 20
Markey Companies.COM.(gM)(NO.38)_
Amer. Telephone dr Telegraph (quar.)
13( Jan. 2 Holders of rec. Dee. 9rt
2
Jan. 15 Holders of rec. Dec. 31a
Preferred (glum)(No. 44)
1
Jan. 2 Holders of rec. Dec. fla
American Tobacco. preferred (quar.)
113 Jan. 2 Holders of rec. Dec. 12a Manhattan
Shirt, pref. (guar.)
131 Jan. 2 Holders of rec. Dec. 22
Amer. Type Founders,corn.(guar.)
1
Jan. 15 Holders of rec. Jan. 10a
2
Jan. lb Jan. 1 to Jan. 15
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 103 Manufacturers' Light & Heat(quar.)___.
Massachusetts Gas Co, Com
American Woolen. pref. (guar.)(No. 63) 134 Jan. 15 flee. 19
(TPlar. --- $1.25 Feb. 1 Holders of rec. Jan. 15
)
to Jan. 3
Anaconda Copper Mining (qua (No.67)..
21e. Tan. 20 Holders of tee. Jan. 2a Massachusetts 1.14. Cos.,old com.(qu.)_. $1.75 Jan. 15 Holders of rec. Dec. 260
New common (guar.)
250. Jan. 15 Holders of tee. Dec. 26a
Anglo-AmericanOil, Ltd.(Interim)
5
Jan. 1 Holders of Coupon No.8
New preferred (quar.)
81.50 Jan, 15 Holders of rec. Dee. 26a
Extra interim
5
Jan. 1 Holders Of Coupon No.8 May
Department Stores, pref. (quar.)__
13( Jan. 1 Holders of rec Dec 150
Ansco Company (guar.)
234 Jan. 1 Dee. 19 to Jan. 1
McCall Corporation, let pref. (guar.).—
13( Jan. 2 Holders of rec. Dec. 26a
Associated Gas & Elec., pref. (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Mexican Telegraph (guar.)
233 Jan. 15 Holders of rec. Dec. 31a
Baldwin Locomotive, common
1
Tan
1 Holders of rec. Dec. 12a Michigan Light,
133 Jan. 2 Holders of rec. Dec. 15a
Preferred
334 Jan. 1 Holders of reo. Dec. 120 Montana Power,pref. (guar.)
Jan, 2 Holders of rec. Dec. I50
corn. (guar.)(No. 9)....
Baltimore Electric Co., preferred
24 Jan, 2 Holders of rec. Dee. 19a
134 Jan, 2 Holders of rec. Dec 15a
Preferred(guar.)(No. 9)
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of tee. Deo. 24
Montgomery Ward & Co.. pref. (guar.).. 13( Jan. 1 Dec. 22 to Jan
Bell Telephone of Pennsylvania (quar.).._.... 133 Jan. 15 Holders of rec.
1
Jan. 5
Mountain States Tam & Teleg. (guar.).13( Jan. 15 Holders of roe. Dee. 31a
[VOL. 100.
THE CHRONICLE
36
-
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Miscellaneous (Continued).
National Biscuit. corn. (au.)(NO. 86)
NationalCarbon, corn. (guar.)
Nat. Gas, Elec. Lt.& Pow..corn. (q11ar.)
Preferred (guar.)
National Lt., Ht. & Pow., pref. (guar.)
National Properties, preferred
National Refining, preferred (quar.)
National Sugar Refining (guar.)
National Surety (guar.)
New England Power, pref.(guar.)
N.Y. Mortgage &Security (guar.)
New York Mutual Gas Light
New York Transit (guar.)
Niagara Falls Power (guar.)
igligeatag Mines (guar.)
North American Co. (guar.)(No. 43)..
Northern Ontario Light& Pow.,Ltd.. pf_
Northern Pipe Line
Northern States Power, pref. (guar.)
Ogilvie Flour Mills, Ltd., corn. (guar.)._
Ohio Cities Gas, pref. (guar.)
Ohio Oil (special)
Ohio Fuel Supply (guar.)
Ohio State Telephone, pref. (guar.)
Old Colony Gas, preferred (guar.)
Otis Elevator, common (guar.)
Preferred (guar.)
Ottawa Lt., Ht.& Pow.(qu.)(No. 34)..
Pacific Tuley. & Teleg. (guar.)
Penmans, Limited, corn.(guar.)
Preferred (guar.)
Pennsylvania Salt Mfg. (guar.)
Pennsylvania Water & Pow.(qu.) (No.4)
Pettibone-MullIken, 1st& 2d pref. (guar.)
Pittsburgh Coal, pref. (guar.)
Pittsb. Term. Wareh.& Transf. (mthly.)
Extra
Procter & Gamble, pref. (guar.)
Public Service Co. of Nor.111., corn. (guar.)
Preferred (guar.)
Quaker Oats, common (guar.)
Preferred (guar.)
Realty Associates(No. 24)
Reece Buttonhole Mach. (qu.)(No. 115)
Reece Folding Mach. (qu.) (No. 23)
Renfrew klanolocturing, pref. (guar.)._
Reynolds(R. J.) Tobacco (guar.)
Extra
Sears. Roebuck & Co., preferred (guar.)Securities Company
Shawiningan Water & Power (guar.)._
Sloss-Sheffield Steel & Iron, pref. (guar.).
Southern Calif. Edison. Pl. (qu.) (No.22)
Southern New England Telephone (guar.). _
South Porto Rico Sugar, corn, (quar.)
Preferred (guar.)
When
Per
Cent. Payable.
Name Of Company.
Jan. 15 Holders of rec. Dec. 28a
Jan. 15 Jan. 6 to Jan. 15
Jan, I Dec. 23 to Dec. 31
Jan. I Dec. 23 to Dec. 31
Jan. 2 Dec. 25 to Jan. 4
Jan. 15 Jan. 7 to Jan. 16
Jan, 2 Holders of rec. Dec. 15a
Jan. 2 Holders of rec. Dec. 7
Jan. 2 Dee. 20 to Jan. 1
Jan. 1 Holders of rec. Dec. 19
Jan. 2 Holders of rec. Dec. 23
Jan. 9 Holders of rec. Dec. 26a
Jan. 15 Holders of rec. Dec. 24
Jan. 15 Holders of rec. Dec. 31a
2
Jan. 20 Jan. 1 to Jan. 17
5
111 Jan. 2 Holders of rec. Dec. 15a
Jan. 15 Holders of rec. Dec. 31
3
Jan. 2 Holders of rec. Dec. 14
5
191 Jan. 15 Holders of rec. Dec. 31
Jan. 2 Holders of rec. Dec. 18
2
14.1 Jan. 2 Holders of rec. Dec. 15a
(I) Feb. 1 Jan. 3 to Jan. 31
Jan. 15
2
191 Jan, 1 Holders of rec. Dec. 26
141 Jan. 1 Holders of rec. Dec. 18a
111 Jan. 15 Holders of rec. Dec. 31
191 Jan. 15 Holders of rec. Dec. 31
Jan. 1 Holders of rec. Dec. 20a
2
141 Jan. 15 Jan. 1 to Jan. 15
Feb. 15 Holders of rec. Feb. 5
1
111 Feb. 1 Holders of rec. Jan. 21
Jan. 15 Holders of rec. Dec. 31
2
Jan. 1 Holders of rec. Dee. 210
1
111 Jan. 2 Holders of rec. Dec. 17a
1 Si Jan. 29 Holders of rec. Jan. 15
2191 c. Jan. 15 Holders of rec. Jan. 8
1214e. Jan. 15 Holders of rec. Jan. 8
Jan. .15 Holders of rec. Dec. 3Ia
2
1.14 Feb 1 Holders of rec Jan 150
114 Feb 1 Holders of rec Jan 150
245 Ian. 15 Holders of rec. Dec. 3Ia
1)1 Feb. 27 Holders of rec. Feb. 10
Jan. 15 Holders of rec. Jan. 5
3
Jan. 15 Holders of rec. Jan. 1
3
Jan. 15 Holders of rec. Jan. 1
1
191 Jan. 1 Holders of rec. Dec. 19
Jan. 2 Holders of rec. Dec. 19
3
Jan. 2 Holders of rec. Dec. 19
4
Jan. 1 Holders of rec. Dec. I50
141
234 Jan. 15 Holders of rec. Dee. 31a
4 Jan 11 Holders of rec. Jan. 2
11
1910 Jan. 1 Holders of rec. Dec. 21a
14i Jan. 15 Holders of rec. Dec. 31
131 Jan. 15 Jan. I to Jan. 15
Jan. 2 Holders of rect. Dec. 120
1
Jan. 2 Holders of rec. Dec. 120
2
191
144
1
114
111
3
2
114
3
191
3
4
Miscellaneous (Concluded).
Standard 011 (Kentucky) (guar.)
Standard 011 (Ohio) (guar.)
Extra
Standard Screw, common
Class A
Class B
Stetson (J. B.) Co., common
Preferred
Sulzberger & Sons Co.. pref. (quar.)
Swift & Co.(guar.)(No. 113)
Taylor (II. P.) & Co. (guar.)
Taylor-Wharton Iron dr Steel, pref.(qu.)
Temple Coal, preferred
Tennessee Copper Co. (guar.)
Tobacco Products Corp.. pref.(guar.)._ _
Tonopah Mining of Nevada (guar.).
Torrington Co., preferred
Underwood Typewriter, corn. (guar.)...
Preferred (guar.)
Union Carbide (guar.)
Union Nat. Gas Corp. (guar.) (No. 46)
UnionSwitch & Signal, corn. dr pref.(qu.)
United Fruit (guar.) (No. 62)
United Gas & Electric Co., pref
United Gas Improvement (guar.)
United Shoe Machinery, corn. (guar.)._
Preferred (guar.)
U. S. Indus. Alcohol, VW. (Yu.) (No. 33)
U .8.Smelt.,Ref.& Mining, pref.
United Utilities, pref. (guar.)
Wells, Fargo & Co
1Vestern States Gas & Elec., pref. (guar.)
Western Union Teleg. (guar.)(No. 183).
Westinghouse Air Brake (guar.)
Westinghouse Elec. dr Mfg., corn.(guar.)
Preferred (guar.)
Weyman-Bruton Co.,common (guar.)._ _
Common (extra, payable In scrip)
Preferred (guar.)
1Vilkes-Barre Company
Extra
WIllys-Overland. pref.(guar.)
Woolworth (F. W.), preferred (guar.)._ _
Yale & Towne Mfg.(guar.)
Young (J. S.) Co., common (guar.)
Preferred (guar.)
Books Closed.
Days Inclusive.
Jan. 2 Dec. 18 to Jan. 3
4
Jan. 1 Dec. 5 to Dec. 23
3
3
Jan. 1 Dec. 5 to Dec. 23
Jan. 1 Dec. 16 to Jan. 1
1
1
Jan. 1 Dec. 16 to Jan
3
344 Jan. I Dee. 16 to Jan. 1
Jan. 15 Holders of rec. Jan. 1
15
Jan. 15 Holders of rec. Jan. I
4
191 Jan. 2 Dee. 16 to Jan. 1
191 Jan. 1 Dec. 11 to Jan. 8
151 Jan. 1 Holders of rec. Dec. 26
191 Feb. 1 Jan. 24 to Jan. 31
2
Jan. 11 Holders of rec. Dec. 30
2 Holders of rec. Dec. 2Ia
750. Jan
191 Jan. 2 Holders of rec. Dee. 21
21e. Jan. 21 Jan. 1 to Jan. 7
3)4 Jan. 1 Holders of rec. Dec. 21
Jan. 1 Holders of rec. Dec. 190
1
191 Jan. I Holders of rec. Dec. I9a
1
Jan. 2 Dec. 20 to Jan
2
244 Jan. 15 Jan. 1 to Jan. 15
$1.50 Jan. 15 Holders of rec. Dec. 31a
Jan 15 Holders of rec. Dee. 29a
2
291 Jan. 15 Holders of rec. Dec. 31
Jan. 15 Holders of rec. Dec. 31a
51
50c. Jan. 5 Holders of rec. Dec. 15
3791c. Jan. 5 Holders of rec. Dec. 15
191 Jan. 15 Holders of rec. Jan. 80
87310. Jan. 15 Holders of rec. Dec. 31
191 Jan. 2 Dec. 20 to Jan. 1
Jan. 15 dDec. 31 to Jan. 15
3
191 Jan. 15 Holders of-rec. Dec. 31
Jan. 15 Holders of rec. Dec. 190
1
52 Jan. 15 Holders of rec. Dec. 3Ia
Jan. 30 Holders of rec. Dec. 310
1
191 Jan. 15 Holders of rec. Dec. 310
Jan. 2 Holders of rec. Dec. 12a
3
100 Jan. 2 Holders of rec. Dec. 12a
120
191 Jan. 2 Holders of rec. Dec.
114
191 Jan. 1 Holders of rec. Dec. 21a
131 Jan. 2 Holders of rec. Doe. 10a
1
194 Jan. 2 Dec. 25 to Jan. 210
214 Jan. 1 Holders of roc. Dec. 210
Holders of rec. Dec.
191 Jan. 1
income tax. d Cora Transfer books not closed for this dividend. b Less Br ti.h
g Payable in scrip.
rection. e Payable in stock. / Payable in common stock.
July 15 1915 to holders
h On account of accumulated dividends. i Also $2 payat e
in London not later than
of record June 30 1915. k Transfers received In order
to transferees. I Being
Dec. 29 will be in time to be passed for payment of dividend
of the Illinois Pipe Line
a distribution pro rata of 200,000 shares of the capital stock
on or before Feb. 1.
Co. Certificates representing said stock will be mailed
of the con-The Federal Reserve Board made public on Dec. 26 the weekly statement of close of
The Federal Reserve Banks.
as
Reserve banks, as well as the consolidated statement for the system as a whole,
dition of each of the Federal
were about 1.7 million dollars larger than the previous week,
business on last Thursday, Dec. 24 1914. The total resources
York bank. Net deposits
mainly to larger amounts of Federal Reserve notes in the hands of the New a half-million dollars as
the increase being due
of about
large, cash resources show a slight gain, and rediscounts a decreasenet circulation of Federal Reserve
show a gain equally
is shown in the figures of
compared with the previous week's totals. Hardly any change
dollars of additional Federal
from the Federal Reserve Agents indicate that almost three million and lawful money deposited
notes, though reports
of gold
issued to the banks during the week. Because of the larger amountsbanks themselves, their net liability
Reserve notes were
of notes in the hands of the
with the Federal Reserve Agents, also of the larger amountsto $1,407,000 this week. The deposits shown are net, exclusive
these notes shows a decrease from $3,856,000
on account of
several banks. This figure is the difference between $24,313,000 reported as
of 5.7 million dollars in transit between the$18,650,000 reported as due to other Federal Reserve banks.
other Federal Reserve banks, and
due from
Following is the statement, together with the figures for preceding reports:
LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED
STATEMENT OF COMBINED RESOURCES AND
AT THE CLOSE OF BUSINESS DECEMBER 24 1914.
RESOURCES.
Dec.24 1914. Dec. 181914. Dec. 111014. Dec.41914.
1232,568,000 5233,279.000 1232,073,000 5230,912,000
Gold coin and certificates
32,020,000
25,008,000
28,170,000
25,748,001)
tender notes, silver certificates and subsidiary coin
Legal
5258,316,000 $258,287,000 5200,243,000 $262,932,000
Total
Bills discounted and loans:
57,724,000
86,466.000
54,102,000
55,049,000
Maturities within 30 days
1,025,000
1,060,000
2,266,000
2,750,000
Maturities within CO days
1,095,000
1,831,000
1,728,000
1,700,000
Other
59,844,000
510,257,000
$9,043,000
$8,552,000
Total
308,000
1,976,000
2,660,090
4,815,000
All other resources
$271,683,000 8269,990,000 5272,476,000 8273,084,000
resources
Total
LIABILITIES.
518,050,000
a249,786,000
b3,847,000
Capital paid In
Reserve deposits
Federal Reserve notes in circulation (net amount)
Total liabilities
Gold reserve against all liabilities
Cash reserve against all liabilities
gold reserve against
Cash reserve against liabilities after setting aside 40%
Federal Reserve notes in circulation
$271,683.000
91.7%
101.8%
102.8%
318,050,000
a248,084,000
b3,856.000
$18,047,000
250,937,000
b3,492,000
$18,047,000
251,067,000
b3,970,000
STATRIS OF AMERICA
Noy.27 18141. Nov.201914.
5227,840,000 8203,415,000
37,308,000
34,630.000
$262,470,000 $240,723,000
55,867,000
1,097.000
429,000
$7,383,000
165,000
$5,607,000
95,000
8270,018.009 5246,425,000
$18,050,009
249,268,000
2,700,000
$18,072,000
227,138,000
1,215,000
$269,990,000 5272,476,000 $273,084,000 5270,018,000 $246,425,000
89%
90%
90%
91.6%
02.6%
104%
105%
103%
102.3%
102.5%
105%
106%
104%
103.1%
103.5%
Dec. 24 1914. Dcc. 18 1914. Dec.11 1014. Dec.41914.
52.919,000
5.5,169,000
In transit between Federal Reserve banks 55,663,000
(a) Net deposits, after deduction of Items
55,105,000
56,702,000
53,869,000
9,972,000
Federal Reserve notes In circulation
(b)
Agent for retirement of
1,135,000
3,210,000
Gold and lawful money In hands of Federal Reserve
5,013,000
8,565.000
outstanding notes
83,970,000
$3,492,000
$3,856,000
51,407,000
upon outstanding notes
Liability of Reserve Banks
BANKS AT CLOSE OF BUSINESS DEC.24 1914
S AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
WEEKLY STATEMENT OF RESOURCE
1
Basion.
New York. Philadel'a. Cleveland. Richmond.1
Atlanta.
8
Chicago.
Si. Louis. Minneap. Kan. City.
8
$
Dallas.
San Fran.
5
5
$
$
8
3
RESOURCES.
38,669,000 9,179,000 9,5E7,000 10,179,000 6,438,000 14,023,000
12,395,000 85,401,000 17,588,000 17,568,000i 8.432,000 3,129,000
I
((ouch coin and certificates
71,000
1,000
526,000
191,000
792,000
Legal tender notes, silver certifi56,000 2,077,000 1,248,000
673,000 16,885,000 2,139,000 1,089,000,
cates and subsidiary C910
9,568,000 10,705,000 6,629,000 14,094,000
19,727,000 18,6.57,000 8,488,000 5,206,000 39,917,000 9,971,000
13,068,000 102,286,000
787,000
108,000
598,000
402,000
314,000
Total
140,000 537,000 1,184,000 .731,000 3,034,000
620,000
' 97,000
130,000
53.000
38,000
36,000
128.000
324,000 . 965,900
Bills discounted and loans
60,000
150,000
402,000
52,000 2,477,000
All other resources
-011,000
43,916,000 10,413,000 10,008,000 10,849,000 7,280,000 15,
13,217,000 105,383,000 20,269,000 19,344,000 0,732,000, 6,261.000
Total resources
t
LIABILITIES.
r. 17,171,000 7,851,000, 5,146,000 39,779,000 9.446,000 9,194, 9,853,000 5,999.000 13,565,000
11,598,000 102,061,000 18,183,000
I
Reserve deposits
I
150,000
385.000
69,000
44,000
Reserve notes in circula329,000 1,941,000
Federal
142,000 787,000
I
956,000 1,296,000
927,000
814,000
923,000
tion-Net amount
786,000 2,199,000
1
.1,322,000 2,086,000 2,031,000' 1,094,00(1
1,619,000
Capital paid in
.000 10.412.00010 nem ono in RV) 11116 7 920 MA lc 011 000
'
15 917 000 500 5R1000 9(1 920 molt,244 11001 0.759 non A 901000 45.010
___.
$
I
s
,
8
JAN.2 1915.]
THE CHRONICLE
37
E RETURN.
CLEARING-HOUSE
MEMBERS.
Capital.
Loans.
Net
Was
Profits. Discounts,
Week Ending
Investmls,
Dec. 26 1914.
&e.
(Nat.BanksOct 3Ix
(00s omitted.)
‘Statelrke Sept 12)
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
(reserve
Bank
(not
ler State counted
Notes
!matteas
(not
lions.] reserve.] reserve.]
•
Reserve
with
Legal
Depositortes.
Net
Demand
Deposits.
Nattonal N
Net
hank
Time
Circuits
Deposits. (ion.
WOON.OW
CONO
t.• WM 0
,
w-4....swoo&-4.00w*.wb2
Obbelbbb-obbbbObb
Members of Federal
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
Reserve Bank.
s
$
2
$
'
$
s
$ •
$
$
$
$
$
S
1 Bank of N. Y.. N.B.A__
26,003,0 1,635,0
2,000,0 9,577,2
107,0
696,0
1,820,0
322,0
22,574,0
260,0
799,0 1
3 Merchants Nat. Bank__
2,000,0 2,202,9
22,012,0
998,0
365,0
957,0
74.0 1,414,0
43,0
19,716,0
1,991,0 3
4 Mech. & Metals Nat___
89,395.0 6,414,0
6,000,0 9,455,8
786,0 4,098,0
14,0 5,433,0
35,0
77,103,0 1.886,0 9.640,0 4
8 National City flank..... 25,000,0 33,235,4 216,900,0 33,724,0 22,076,0 8,580,0
215,0 21,408,0 230.483,0
284,0
161,0 4,163.0 8
12 Chemical National Bank 3,000,0 8,112,6
34,276.0
892,0 1.008,0 1,097,0
292,0
2,060,0
26,135,0
2,249,0 : 2
13 Merch. Exch. Nat.Bank
1,000,0
8,702,0
805,8
408,0
110,0
58,0
297,0
7,0
7,613,0
694,0
496,0 3
47.0
15 Nat. Butch. & Drovers_
1,949,0
114,4
300,0
119,0
23,0
145,0
20,0
93,0
1,755,0
85,0
50.0 5
21 American Exch. Nat_ _ _
53,948,0 2.142,0 2.271,0 3,211,0
5,000,0 4,600,0
2,0 4,400,0
149,0
47,516,0
907,0 6,148,0 1
23 Nat. Bank of Commerce 25,000,0 16,744,9 144.067,0 13,144,0 3,670,0 3,473,0
234,0
46,0 9,724,0 124,471,0
7,577,0 3
30 Chatham & Phenix Nat
22,030,0 1,106,0
2,250,0 1,390,6
533,0
672,0
18,0 1,426,0
400,0
19.362,0
111,0 2,499,0
33 Hanover National Bank 3,000,0 15,282,9
85,532,0 7,853,0 1,694,0 2,716,0
228,0
35,0 6,570,0
85,602.0
207.0 3
36 Citizens Central Nat__
22,533,0 1,312,0
2,550,0 2,375.9
79,0 1,049,0
120,0
1,614,0
20,071,0
180,0 1,555,0 6
42 Market & Fulton Nat_
1,000,0 1,988,6
8,547,0
800,0
857,0
590,0
212,0
18,0
702,0
8,321,0
217,0 2
53 Importers & Trad. Nat
26,546,0 1,307,0 1.224,0
1,500,0 7,356,1
688,0
34,0
4,0 1.906,0
22,226,0
50,0
54 National Park Bank_ _
.
96,197,0 6,938,9 1,282,0 2,772,0
5,000,0 14,893,6
382,0
6,762,0
87,283,0
953,0 3,580,0 4
59 East River National.1,700,0
250,0
85,9
125,0
42,0
102.0
61,0
161,0
1,845,0
50.0 9
63 Second National Bank_
1.000,0 2,981,1
15,590,0 1,236,0
197,0
611.0
134,0
18,0 1.000,0
12.966,0
685.0 '
65 First National Bank... 10,000,0 23,592,3 116,108,0 15,548,0 1,058,0 3,334,0
169.0
9,0 9,024,0 106,885,0
5,076,0 5
67 Irving National Bank_
4,000,0 3,673,5
42,311,0 3,293,0 1,438,0 2.937,0
130,0
52,0 3,217,0
42,809,0
987,0 1.640,0 7
It N. Y. County Nat
10,410,0
500,0 1,983,6
276,0
98,0
414,0
175,0
760,0
8.898,0
496.0
74 Chase National Bank... 5,000,0 9,816,7 108,954,0 10,273,0 4.078,0 5,897,0
346,0
11,0 8,780,0 122,518,0
450,0 4
400,0
80 Lincoln National Bank. 1.000,0 1,834,7
13,934,0 1.624,0 3,115,0
144,0
964,0
36,0 1,620,0
17,605,0
890, 80
81 Garlieid National Bank. 1,000,0 1,319,4
8,166,0
359,0
398,9
851,0
248,0
703,0
7,847,0
350,
82 Fifth National Bank...
250,0
4.519,0
501,7
104,0
108,0
310,0
2
27,0
324,0
4,292,0
14,0
391,
85 Seaboard National Bank
1,060,0 2,690,9
23,662,0 2,089,0
781,0
788,0
102,0
5,0 2,308.0
25,931,0
405, 85
91 Liberty National Bank_
1,000,0 2.910,3
25,269.0
897,0
261,0 1,491,0
49,0
1
1,876,0
23,733,0
650,0 2,192,
99 Coal & Iron Nat. Bank_
1,000,0
6,554,0
618,4
396,0
109,0
249,0
63,0
99
502,0
6,028,0
400, .
100.Union Each. Nat. Bank. 1,000,0 1,002,8
0.625,0
290,0
106,0
945,0
230,0
700,0
9,487,0
10,0
400, ..,00
118 Nassau Nat., Brklyn_. _
1,000,0 1,152,3
7,834,0
362,0
76,0
302,0
24,0
4,0
469,0
6,649,
4,1
267, 1,18
Totals, avge. for week 112.600,0 177.780,3 1,253,273,0 115,664,0 48,539,0 49,799,0
4,500,9
568,0 97,462,0 1,197,724,0 6,655,1 54,913,0
Totals, actual condition Dec.26
1,255,007,0 115,481,0 48,257,0 48,533,0
4,289,0
543,0 98,499,0 1,201,953,0 6,448,1 52,576,0
Totals, actual conditlo n Dec. 19
1,253,307,0 115,134,0 51,910,0 47,172,0
4,566,0
527,0 95,313,0 1,193,799,0 7,048,0 56,837,0
Totals, actual conditio n Dec 12
1.283,522,0 113,017,0 48,884,0 51,850,0
5,612,0
554,0 93,842,0 1,200,875,0 7.307,' 60,067,0
State Banks.
Not Members of
Federal Reserve Bank.
2 Bank of Manhattan Co. 2,050,0 4,880,4
35,550,0 9,247,0 3,074,0 5,879,0
516,0
2
6 Bank of America
47,800,0
1,500,0 6,197,1
28,100,0 4,011,0 2,054,0 1,552,0
544,0
6
28,313,0
17 Greenwich Bank
500,0 1.131.7
9,359,0
900,0
215,0
318,0
655,0
17
472,0
10,245,0
28 Pacific Bank
38,'
500,0 1,013,8
5,207,0
409,0
311,0
398,0
252,0
28
4,959,0
31 People's Bank
200,0
458,6
2,006,0
196,0
75,0
199,0
50,0
31
2,335,0
44 Metropolitan Bank
18.'
2,000,0 1,850,1
13,990,0 1,045,0
269,0
357,0
852,0
2,0
44
12,411,0
45 Corn Exchange Bank _ _
3.500,0 7,016,7
.
66,018,0 6,388,0 1,818,0 3,695,0 1,600.0
45
3,000,0
70,382,0
163.1
70 Bowery Bank
250,0
779,5
3,720,0
277.0
20,0
91,0
55,0
70
205,0
3.327,0
72 German-American Bank
750,0
704,0
4,323,0
734,0
163.0
52,0
86,0
72
4,181.0
76 Fifth Avenue Bank_ _ _ _
100,0 2,156,6
13,900,0 1,613,0
485,0 1,422,0
132,0
76
14.914,0
77 German Exchange Bank
200,0
821,5
3,402.0
488,0
81,0
162,0
108,0
203,0
77
3,357.0
78 Germania Bank
200,0
990,2
5,897.0
617.0
116,0
121,0
80.0
243,0
1 78
5,848,0
83 Bank of the Metropolis_
1,000.0 2,190,9
12,294.0 1,015,0
439,0
853,0
83
709.0
12,075,0
84 West Side Bank
200,0
701,8
4,480,0
306,0
158,0
208,0
84
58.0
40,0
4,303,0
92 N.Y. Produce Exch Bk. 1,000,0
936,2
10,184,0 1,541,0
310,0
92
29,0
584,0
10,802,0
96 State Bank
1
1,500,0
598,3
18,006,0 1,348,0
290,0
96
749,0
599,0
1,150.0
19,764.0
97 Security Bank
1,000,0
342,0
10.828,0
616.0
76,0
97
328,0
293,0
9,208,0 3.225,0
552,0
Totals, avge. for week 18.450,0 32,719,4 247,064,0
30,751,0 9,963,0 17,652,0 5.934,0
2,0 5,865,0 264,224,0 3.449.'
Totals, actual condition Dec.26
246,825,0 30,302,0 9,017,0 16,012,0 5.853,0
129,0
2,0 5,732,0 261,932,0 3,455,1
Totals, actual conditio n Dee. 19
245,294,0 30,936,0 9.871,0 17,245,0 6.509,0
3,0 5,712,0 262,375,0 3.451,1
Totals, actual condltio n Dec. 12
241,968,0 31,957,0 9,998,0 17,097,0 6,606,0
38.0
3,0 4,349,0 259,529.0 3,442.1
_
Trust Companies.
•
Not Members of
Federal Reserve Bank.
102 Brooklyn Trust Co
1,500,0 3,471.9
29,718,0 1,318,0
478,0
270,0
02
103 Bankers Trust Co
7.0 1,131,0
22,620,0 5,449,0
10,000,0 12,513,5
271,0
258,0
03
109 U.S. Mtge.& Trust Co. 2,000,0 4,259,3 132,679,0 10,369,0
5,340,0 106,793,0 20,044,
40,408,0 3,243,0
146,6
257,0
105 Astor Trust Co
es
1,625,0
32,495.0 7,275,
1,250,0 1,197,1
20,245,0 1,164,0
229,0
250.0
106 Title Guar.& Trust Co_
os
749,0
16,198,0 4,082.
5,000,0 11,532,3
37,716,0 1,840,0
158,0
291,0
107 Guaranty Trust Co_ _ _ 10,000,0 21,915,4
06
40,0 1,176,0
.
23,522,0
576,
201,154,0 13,051,0
560,0
108 Fidelity Trust Co
819,0
07
7,510.0 150,215,0 20,258.
1,000,0 1,331,5
7,878,0
382.0
110 Lawyers Title Ins.& Tr_
116.0
86,0
os
324,0
8,500,0
49.
4,000,0 5,214,5
18,323,0
927,0
111 Columbia -Trust Co
133,0
18,0
10
19,0
9,870,0
519,0
253,
2.000,0 7,103,6
59.898,0 4,216,0
113 Peoples Trust Co
527,0
623,0
11
5,0 2,291,0
45,823,0 12,628,
1,000,0 1,359,8
17,242,0 1,262,0
220,0
114 New York Trust Co.... 3,000,0 11,586,4
189,0
13
10,0
847,0
16,947,0
515.
47,365,0 3,418,0
137,0
115 Franklin 'I rust Co
74,0
14
1,626,0
1,000,0 1.128,8
32,416,0 5,431,0
13,548,0
569,0
141,0
116 Lincoln Trust Co
425,0
15
7,0
11,663,0 1,491,
1,000,0
583,0
871,5
10,247,0
594,0
224,0
138,0
117 Metropolitan Trust Co_
16
13,0
7861
2,000,0 6,089,1
466,0
9,328,0
29.607,0 1,228.0
459,0
237,0
119 Broadway Trust Co
17
1,058,9
1,500,0
21,153,0 3,9671
864,9
13.167,0 1,234.0
402,0
438,0
19
680,0
331
13,591.0
Totals, avge. for week 46,250.0 89,637,6 679,193,0 44.815,0
2.285,0 4.333.0 4,241,0
101,0 25,925,0 519,134,0 82,837,0
Totals, actual conditlo n Dec.26
677,2115,0 45,171,0 1.979,0 4,025,0 3,786,0
88,0 25,740,0 516.294,0 83,577,14
Totals, actual condition Dec. 19
679,785,0 45.000,0 3,536,0 7,169,0 4,205,0
107.0 25,975,0 519,502,0 83.259.
Totals, actual condition Dec. 12
677,268,0 43,177,0 2,762,0 4,403,0 3,808,0
35,0
48,0 25,720,0 514,941.0 80,760.
Grand Aggregate. avge. 175.300,0300.137,3 2,179,530,0 191,230,0
60,787,0 71,784,0 10,175,0
671.0 129,252,0 1,981.082.0 92.041,01 54,913,6
Comparison, prey. week
+1,353,0 +1,574,0 -2,885,0 +844,0 -670,0 4,500,0
-438,0
+34,0 +3.516,0 +8,68011
_S16.1_3.542.0
Grand Aggregate, actual condition Deo 26_ 2,179,097,0
190.954,0 59.253,0 68,570,0 9,639,0 4,418,9
633,0 129.971.0 1,980,179,0 93,480,0 52,576,6
Comparison, prey. week
+711,0 -116,0 -6.064.0 -3,016,0 -1,075,0 -148,0
-4,0 +2.971,0 +4.50.3,0 -278,0 -4,261.0
Grand Aggregate,actual condition Deo. 19.. 2,178,386,0 191,070,0
(137,0 127,090,0 1,6175,676,0 93,758,0 56.837,0
Grand Aggregate, actual condition Dee. 12- 2.182.758.0 188.151.0 65,317,0 71,586,0 10,714,0 4.566.0
61.644.0 73.350.9 10,414,0 5.685,0
605.0 123.911.0 1.975.336.0 91.509.0 60.067.0
STATEMENTS OF RESERVE POSITION.
Averages.
ash reserve Reserve in
In vault. depositaries
Total
feSerVe.
*Reserve
required.
Actual Figures,
Surplus
reserve.
Inc.or dec.
Cash reserve Reserve in
from
Previous wk. in vault. depositaries
Total
reserve.
aReserve
required.
Surplus
reserve.
Inc. ceder.
from
previous wk.
Members Peden
$
$
Reserve Bank__ 14,902,000 97,462,000 311,464,000 215,923,070
$
95,540,930 +3,760,720
State banks
64,300,000 5,865,000 70,165,000 47,560.320 22,609.680 -1,880,140 212,271,000 98,499,000 310,770,000 216,873.940 94,096,060 --196,720
61,184.009 5,732,000 66,916,000 47.147,760
Trust companies_ 55,674,000 25,925,000 81,599,000 77,870,100
3,728,900 --989,650 54,961,000 25,740,000 80.701,000 77,444.100 19,768,240 -3,277,280
3,256,900-4,702,800
Total Des. 26_ t33.976,000 129.252,000 463.228,090 341,353,49
Total Dee. 19_ 35,113,000 125,736,000 460,849,000 339,865,42 0 121,874,510 +890.930 328,416,000 129,971,000 458,387.000 341.265,800 117,121,200-8,176.780
Total 1)eo. 12. 35,731,000 123,947,000 459.678,000 339,975,590 120,983,580 +1,281.170 338,687,000 127,000,000 465,687,000 340,389,020 125,297,980 +8.305,580
0 119,702.410 -7,689,900 333,559,000 123,911,000 457,470,00 340,477.60
Total Dec. 5__ 91,198,000 123,712,000
337,517,690 127,392,310 -5.031,890 336,116,000 122,774,000 458,890,000 339,424,370 116,992,400 -2,473,230
,
0
0 119.465,630 -11,710,460
*This is tho reserve required on Net Demand
Delimits in the case of State Banks and Trust 'Companies but In the
It includes also the amount
of reserve required on Net Time Deposits, which was as follows: Dec. 26. 5332,750; Dec. 19, case of Members of the Federal Reserve Bank
3353.350: Dec.
•This is the reserve required on
Net Demand Deposits in the case of State Banks and Trust Companies but in the case of Members12, 3300.450; Dee. 5,3353.050.
it Includes also the amount of
of the Federal Reserve Bank
reserve required on Net Time Deposits. which VMS as follows: Dec. 26. 5322,400: Dec. 19. $352,400;
Dec. 12, S365,350: Dec. 5. 3341,450.
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
In New York City not in the Clearing House, and these are
shown in the following table:
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in New York City, and exchanges
$556.022,200 Inc. $609,800
Reserve on deposits
148,470,500 Inc. 3,638,800
SUMMARY OF STATE BANKS AND TRUST COMPANI
ES INGREATER
NEW YORK. NOT INCLUDED IN CLEARIN
G-HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Loans and Investments
$561,887,100 Inc. $3,395,500
Gold
42,688,300 Inc.
193,900
Currency and bank notes
12,287.300 Inc.
9.500
Total deposits
644,754,000 Inc. 3.845,000
-State Banks
Cash in vault
811.222,800 12.76%
Deposits in banks & trust co.'s_ 10,707,700 12.17%
RESERVE.
Total
$21,930,509 24.93%
-Trutt Companies
-343,732,800
9.79%
82,807,200 18.54%
8126.540.000 23.33%
[VOL. 100.
THE CHRONICLE
38
the results for New York City(Greater New
The averages of the New York City Clearing-House banks tinguish between the rest of the State,as per the following.
and trust companies, combined with those for the State banks York)and thoseforand rules under which the various items
For definitions
and trust companies in Greater New York City outside of the are made up, see "Chronicle," V. 98, p. 1661.
Clearing House,compare as follows for a series of weeks past:
S
COMBINED RESULTS OF BANKS AND TRUST COMPANIE
GREATER NEW YORK.
We omit ciphers in all these figures.
'
We, T
Demand
Deposits.
Loans and
Investments
Specie.
STATE BANKS AND TRUST COMPANIES.
IN
Week enaea Dee. 26.
Entire
Total
Money Reserve on
Holdings. Deposits.
Other
Money.
Trust CO..
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y Greater N. 7. Greater N. 3'.
11,300,000
Capital as of Sept. 12____
24,550,000
67,300,000
10,758,000
Surplus as of Sept. 12__
39,119,300
151,148,900
13.894,100
11,702,300
Loans and investments_ _
Change from last weck _
321,991,300 1,138,806,200
+4,607,300 +4,261,000
132,600,900
-308,500
190,843,900
-139,400
Specie
Change from last week
42,616,600
-1,219,500
83,129,500
+1,218,600
Legal-tender & bk. notes_
Change from last week_
32,992,600
-749,700
16,593,400
-1,443,900
135,462,100
--1,355,800
196,046,900
-191,200
21,638,900
99,315,200 241,495,700
Receive on deposit.
__217,400
-768,000 +4,788,100
In addition to the returns of "State banks and trust comChange from last week _
New York City not in the Clearing-House" furnished
panies in
17.9%
24.5%
29.0%
to deposits_
P. C. reserve
17.0%
24.3%
by the State Banking Department, the Department also Percentage last week__ _ _
29.7%
a statement covering all the institutions of this
presents
last week. -Decrease from last week.
+ Increase over
classin the whole State. Thefigures are compiled so as to disCLEARING-HOUSE.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
24,969,400
+49,900
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov. 28
Dec. 5
Dee. 12
Dec. 19
Dec. 26
2,771,679,2 2,529,831,4 370,589,6 109,136,3
2.739,404,1 2,493.1199,0 273,550,4 110,535.9
2,73E004,1 2,489.016.7 376,766,8 112.473,2
2.477.065.3 380,955,5 115,807,6
2,718,010,6 2,472,481,5 316,000,5 117.255,6
2,705,062,3 2,478,226,5 386,205,2 118,853,6
2,693,549,1 2,478,678.3 381,705,4 115,869.5
2.725.762.7 2,439,479,2
2,716,296,6 2,505,515,9 307,501.5 94,044,4
2,727,144,8 2,510,353,2 305.609.9 90.093,1
2,739.891,7 2,525.517,5 303.934,6 86,175,0
2,736,661,6 2,627,814,4 303,090,4 86,774,8
2,791,417,1 2,537,104,2 305,702,3 83,229,3
CLEARING
NON-MEMBERS.
479,725,9
414,086,3
489,240.0
996,763,1
103,256.1
505,058,8
497,014,9
404,600,2
401,845,9
395,603.0
390,169.6
389.815,2
338,931,6
Net
Profits.
Loans.
Discounts,
Gold.
Invest(Nat. banks Oct. 31\ ments.ekc.
State banks Sept.12/
A verage. Average.
Capital.
Week Ending
Dec. 26, 1914.
Members of
Fed'! Reserve Bank.
Dotty Park Nat. Bk
First Nat. Bank,11kIn
Nat. City Clank, 11kin
First Nat. Bk., Jer.C.
Huels'nCo.N.Bk., J.C.
Third Nat. Ilk., J C
First Nat. Bk., Hobo
SecondNat.13k.,11ob'n
Total
134,000 1,927,000
200,000
678.200 4,517,000
300,000
593,800 4,784,000
300,000
400,000 1,259,500 4,526,000
803,200 3,193,000
250,000
444,700 2,373,000
200,000
668,800 4,968,000
220,000
300,800 4,021.000
125,000
-1,995,000 4,883,000 30,309,000
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash'n 11gts.
500,000
Century Bank
400.000
Colonial Bank
300,000
Columbia Bank
200,000
Fldelity Bank
200,000
Bank
Mutual
200,000
New Netherland Bob
100,000
Yorkville Bank
Bk., Bkln 1.600,000
Mechanics'
200,000
North Side Bk., Bkin
354,300 1.499,000
461,300 5,716.000
724,300 6,357,000
673,400 6,487,000
173.200 1,152.000
451,400 6,006,000
305,700 3,415.000
516,300 5,257,000
722,900 16,215,000
177,400 2,925,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Tr.Co..Bkn
If
Meehan.Tr.,Dayonne
Deposits
Change from last week _
403,238,700 1,232,502,400
-531,100 +1,831,600
Reserve
NB. Bank
ufth
Nat. Bank Federal
Notes
Legal
(Not Reserve
(Reservefor Notes
State Insti- Counted Bank Notes Depositutions). as Reserve]. [Not Res've) taries.
Legal
Tenders.
Silver.
Average.
A veraoe.
Average.
Average.
75,000
73,000
184,000
234,000
73.000
66,000
02,000
57,000
25,000
43,000
61,000
309,000
14,000
10,000
24,000
36,000
22,000
175,000
139,000
71,000
52,000
46,00(1
52,000
100,000
854,000
612,000
657,000
235,000
76,000
418,000
285,000
447,000
115,000
433,000
167,000
432,000
716,000
165,000
10.000
87,000
133,000
114,000
10,000
90,000
20,000
60,000
101,000
22,000
64,000
134,000
529,000
254,000
25,000
138,000
.129,000
184,000
607,000
114,000
Average.
12,000
21,000
28.000
38,000
52,000
51,000
19,000
14,000
22,000
269,000
293,000
174,000
10,000
111,000
78,000
100,000
669,000
47,000
2,000
2,000
Average.
200.000
468,000
544.000
492,000
242,000
264,000
288,000
182,000
Net
Demand
Deposits.
Net
Time
Deposits.
National
Bank
Circulation.
Ave,age.
Average.
Average
200,000
350,000
119,000
392,000
197,000
200,000
217,000
99,000
28,000
1,675,000
3,792,000
4.357,000
4,101,000
2,018.000
2,203,000
1,705,000 2,505,000
1,516,000 1,729,000
76,000 1,260,000
351,000 5,947,000
413.000 6,887.000
413,000 6,895,000
62,000 1,037,000
360,000 6,010,000
187,000 3,397,000
311,000 5,624,000
1,000,000 16,764,000
192,000 3,061,000
15,000
83.000
275,000
127.000
122,000
15,000
622,000
3,378,000 56,882,000
2,000
404.000
330,000 6,607,000
80,000 1,601,000 1,997.000
2,000
66,000
.55,000
15.3%
15.0%
4,000 2,680,000 21,367,000 4,262.000 1,774,000
15,000
647.000 2,178,000 1,773,000
3,800,000 4,560,200 55,029.000 3,304,000
Total
1
615,245,6
621,245,0
624.377,1
633,512,2
645,74.5,2
152,656,2
693,620,3
612,90E6
608,533.3
608,010,0
602,362,3
605,680,7
611.698,5
410,000 8,208,000 2.401,000
500,000 1.057,000 7,606,000
292,000 3,714,000
50,000
562,000
49,000
14,000
25,000
17,000
70,000
550.000 1,349,000 11,320,000
611,000
39,000
87,000
121,000
4,769.000 1,298,000 2,922,000
Grand A ggregate_ _ 6,345.000 10,792,200 96,658.000 -86,000 +126,000 -158,000
+478,000
Comparison,Prev.wk.
decrease
$50,520
Excess reserve,
,180.000 4,855,000 1,172,000 3,080,000
Grand Aggete Dec. 19 6,345,000 10,702.20090
95,692.000 4,921,000 1,284,000 3.045,000
Grand A;mete Dec.12 6,345,000 10,792.200
1,894,000
+108,000
250,000
+28,000
6,000 6,468,000 86.457,000 7,285,000 1,774,000
--2,000
+1,000 +103,000 +819,000 --27,000
1.786,000
1,921,000
222,000
270,000
5,000 6,365,000 85,638,000 7,312,000 1,776,000
6,000 6,460.000 85.932,000 7.304,000 1,704,000
Total
Imports and Exports at New York City.
FOREIGN IMPORTS AT NEW YORK.
For Week ending Dec. 26.
Dry Goods
General Merchandise
510
Total
Since Jan. I.
Dry Goods
General Merchandise
1
' '
1 te5 51 :"" PA
pnral n2 weeks
$3,687,041
18,817,928
1
1912.
1913.
1914.
$E789,054
9,747,848
1911.
$3,329,1521 83,30.5,406
19,873,962, 17,252,586
Of the above imports for the week in 1914, $13,370 well
American gold coin and $450 American silver coin.
-We give below a sumBoston Clearing-House Banks.
Clearmary showing tho totals for all the items in the Boston
ing-House weekly statement for a series of weeks:
-HOUSE MEMBERS.
BOSTON CLEARING
$11,536,902 $22,504,976 $23,203,114 520,555,992
1165,749,392 $100,187,710 3153.968,788 5142,732,523
790,718,145 834,841,120 867,961,428 744,538,396
6956.467.537,8965.028.830 81021930216 1917_270.919
EXPORTS FROM NEW YORK.
Wcelc ending Dec. 26.
For the week
Previously reported
ik ?-r21
ID
,
-weeks
r Total 52
1913.
1914.
1912.
$15,123,061 513,175,517 512,312,610 110,910,792
879,261,731 850,880,419 839,325,760 777,207,701
8889.384.792 $864,056,016 8851,638,376 8798,121,493
EXPORTS'AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Week-ending Dec. 26.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
r
Total 1914
r Total 1913
y Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Week.
Since Jan. 1
$37,975,960
85,540,015
1,018,918
941,201
1,206,014
1,287,489
355,700
Imports.
IVeck.
$3,501
9,150
120,759
1,200
Since Jan. 1
$18,116
124,195
3,602
2,582.215
1.460,559
4,158,187
1,966,020
5128325 283
$50,000 69,368,922
166,560 33,423,025
5134,670 $10,312,894
173.179 25,638,739
537,063 33,390,981
5E778,376 536.578,290
.51,000 3,255,401
312.760
13,226
18,413
76,293
6,113,708
2,873,253
1,439,762
405,860
91,346
1,730,144
1,656,334
$1,829,376 $43,718,382
$680,095 48,019,595
1,136,407 58,135,796
51,887
235,769
20,158
3257,814 $10,517,421
163,443 10,896,130
343.855 10,104,464
Dec. 26.
Change from
previous week.
Dec. 19.
Pet. 12.
$15,190,000 Dec. 51,870,000 $17,066,000 518,944,000
Circulation
405,000238.81)4,000 241,313,000
Dec.
Loans, discls & investments_ 238,489,000 Dec. 2,259,000 178,171,000 178,590,000
S_ 175,912,000
Individ. deposits, Incl. U.
73,536,000 Dee. 1,410,000 74,946,000 75,188,000
Due to banks
451.000 3,500,000 2,880.000
3,951.000 inc.
Time deposits
9,884.000 Dec. 1.714,000 11,598,000 10,126,000
Exchange clearances
23,923,000 Dec. 1,457,000 25,380,000 24,014,000
Due from banks
21.452,000 Dec. 1,817,0110 23,299,000 22,968.000
Cash reserves
243,000 6,405,000 6,812,000
Reserve in Fed. Res've Bank 6.648,000 Inc.
420,000 21,491,000 23,113,000
other banks_ _ 21,911,000 Inc.
Reserve with
9,002,00& Dec. 1,798,000 10,800,000 10,363,000
Reserve excess in bank
469,000 8,992.000 10,508.000
9,461,000 Inc.
Excess with reserve agents
510,000
156,000
267,000
423,000 Inc.
Excess with Fed. Res. Bank_
-Summary of weekly totals of
Philadelphia Banks.
hia:
Clearing-House banks and trust companies of Philadelp
we omft two eight•• (00) in aIl these figures.
i Capital
and
Surplus.
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 21
Dec. 5
Dee. 12
Dec. 19
Dee. 26
103.684,3
103,684.3
103,614,3
103,684.3
103,611,3
103,681,3
103,681,3
103,684,3
103,684.3
103,684,3
103,681,3
Loans
5
400,840,0
399,731,0
307.346,0
395,705,0
395,058,0
393,182.0
390,814,0
319,633,0
396,719,0
397,010,0
395,929,0
Reserve.1 Deposits.
a
92,549,0
92,023,0
93,423,0
96,430,0
95,099,0
90,251,0
87,948,0
85,738,0
76,641,0
73,357,0
68.601,0
435,866,0
429,604,0
421,779.0
432,391,0
424.512,0
423,949.0
425,332,0
427.516.0
42(1,510.0
427,709,0
422,876,0
CfreulaNon.
Clearings.
15,902,0 I
15,985,0
16.171,0
16.233,0
18.009,0
15.210.0
14,278,0
13.316,0
12.972,0
12.686,0
12,418,0
140,830.3
146,031,8
126,758,2
48.524,4
152,173,6
158,692.1
124,747,4
183,149,8
141.29E2
152.09.5,9
133,478,5
and the item 'due to other banks- (Dec. 26.
a Includes Government deposits
House" (Dec. 26, 64,123,000). Due
5114,029,000): also "Exchanges for Clearing
from banks Dec. 20, 551,135.000.
JAN.2 1915.]
3arxha57
THE CHRONICLE
antic.
Wall Street, Thursday Night, Dec.31 1914.
The Money Market and Financial Situation—Business at the Stock Exchange has been of a typical holiday
character plus the irregular, hesitating tendency engendered
by the present disturbed conditions in Europe. The latter
is doubtless also responsible for the smallest volume of
business at any season in many years and that it has apparently not increased the offerings of securities in this market
is quite contrary to general expectations. An important
development of the week, moreover, has been a decline in
foreign exchange rates to the lowest quotations of the closing
year, and, coincidently, a further decline in local bank rates
for both call and time loans.
In industrial circles hope is inspired by the fact that
orders for iron and steel products are increasing and prices,
therefor show a hardening tendency. In most other lines
extreme quiet prevails, but the outlook forward is regarded
with a fair degree of optimism, notwithstanding the fact
that, as every one knows, the future is completely enveloped in obscurity.
The financial situation is favorable, however, as evidenced
by the low rates mentioned and by the award to an American
syndicate of $6,900,000 5% 3
-year notes issued by the city
of Montreal. The Bank of England's weekly statement
shows,for the first time since August 1st, a larger percentage
of reserve than at the corresponding date last year and also
larger than in other recent year-end statements.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals has ranged from 23 to33%7o.
%
The range on Thursday was 23 @3%%. Commercial paper
%
closed at 4©43j% for sixty to ninety-day endorsements
and prime four to six months' single names. Good single
names 43%@434%.
The Bank of England weekly statement on Thursday
showed a decrease of £884,794 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
33.42, against 34.41 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
State and Railroad Bonds.—Sales of State bonds at the
Board include $6,000 New York 43/ at 108, $1,000 New
2
s
York 4s, 1961, at 993 ,$3,000 New York 4s, 1961, reg., at
%
5
99% to 993 ,$31,000 N. Y. Canal 43/38 at 1073% to 109, and
%
$2,000 N. Y. Canal 4s, 1961, at 100.
The market for railway and industrial bonds has been
somewhat more active and stronger than last week. The
transactions averaged more than $1,200,000, par value, per
day, and more than half the active list has; moved to a fractionally higher level.
Among the exceptional features, Wabash ref. & ext. 46
are conspicuous for an advance of 3 points, on limited
transactions. The Rock Islands and Consolidated Gas 6s
("w. i."),have beeh notably active, the former on a decline
which carried them off 13% to over 2 points. All other declines and practically all advances have been unimportant.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. For to-day's
prices of all the different issues and for yearly range see third
page following.
Foreign Exchange.—The market for sterling exchange
has continued to show distinct ease, though with a fair degree
of firmness at the extreme close.
although very dull, and on Monday there was a substantial
advance throughout the entire list traded in; since Monday
trading has been on an exceptionally limited scale and not all
of Monday's advance has been retained. On Wednesday
the volume of business was the smallest for any full day in
correspondingly narrow.
recent years and fluctuations were.
To-day's market has been more active and firmer than since
Monday.
The Western Maryland issues, both stock and bonds,
have declined sharply to-day on the announcement that
interest on the notes due Jan. 1 has been deferred. One or
two other issues were weak in sympathy but such movement was not general.
As a result of the week's trading, the entire active list of
shares is from 1 to 3 points higher than at the close last week.
Atchison shows a gain of 314, Lehigh Valley 234, New York
Central and Northern Pacific 25 , Reading 234 and Union
%
Pacific 2.
For daily volume of business see page 48.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sates
Week ending Dec. 31. for
Sired.
Amer Teleg & Cable_ _ _ _
Cuban-Amer Sugar, Pre'
Moline Plow, lot pref.,
Pabst Brewing, pret_ _
Union Pacific warrants.
United Dry Goods, pref.
Weyman-Bruton, pref__
Range for Week.
Lowest.
100 59
200 90
50 100
100 90
771 273,i
235 353,
500 109
Range since Jan. 1.
Highest.
Dec 26 59
Dec 29 90
Dec 26 100
Dec 29 PO
Dec 28 28
Dec 31 35K
Dec 30 109
Lowest.
Dec 26 59
Dec 29 90
Dec 26 100
Dec 29 90
Dec 31 2814
Dec 31 35II
Dec 30 109
Highest.
Feb 59
Dee 90
Dee 10414
Der 10414
July 30%
Dec 100%
Der 112
Feb
Dec
Mar
Mar
July
Feb
Jan
Outside Market.—Trading on the "curb" this week was
of decidedly meagre proportions, in keeping with which
price changes were without significance. Oil stocks were
very dull. Anglo-American Oil sold up a point to 1534 and
down to 143% ox-dividend, with the close to-day 1434.
Atlantic Refining dropped 5 points to 575. Illinois Pipe
Line "when issued," after an advance of 3 points to 145,
sold down to 130 Ohio Oil rose from 185 to 190, fell back
to 185 and sold to-day ex-rights at 140, with the close at 142.
Prairie Oil & Gas went up 10 points to 469 and reacted finally
to 465. South Penn Oil from 256 moved up to 263 and down
to 260. Standard Oil (California), after a gain of 10 points
to 315, moved downward and rested finally at 312. Standard Oil (Indiana) advanced from 465 to 470 and ends the
week at 468. Standard Oil of N. J. improved 4 points to
403 and reacted to 397. Standard Oil of N. Y. moved up
from 200 to 205 and back to 200. Outside the Whelan group,
industrials were at a standstill. United Profit-Sharing
moved up from 1634 to 173% and down finally to 17. The
new stock ranged between 434 and 43% and closed to-day at
4%. United Cigar Stores, new, also fluctuated narrowly,
3
between 93% and 9%,with the close to-day at the high figure.
Corporation of Riker-Hegeman moved up from 7 to 73% and
reacted to 7%. Sterling Gum sold up from 33% to 4 and
back to 33%. Tobacco Products preferred advanced from
%
8
.
8534 to 887 and closed to-day at 873/ Kelly-Springfiek:l
Tire common gained 3 points to 69. Nat. Cloak & Suit
corn. improved from 44 to 453%. Detroit Edison were
traded in between 134 and 13 and at 134 finally. Bonds,
%
dull. Chic. & N. W. 5s rose from 1063% to 10634. N. Y.
City 6s of 1915 sold at 1013%. Low-priced issues were
about the only active features in mining stocks, with prices
firm.
Outside quotations will be found on page 48.
New York City Banks and Trust Companies.
Banks
Bid Ask
New York
Aa.erica. ___ 535 555
Amer Each__ 200 210
Battery Park 120 135
Bowery* _ __ 400
.
____
Bronx Bore. 225 260
Brons Nat__ 170 185
Bryant Park. 145
____
Butch & Dr_ 120 130
To-day's (Friday's) actual rates for sterling exchange were 4 82@4 82X Century* ___ 170 185
for sixty days. 4 8
Chese
485 510
51@4 853 for cheques and 4 85@4 863i for
Commercial on banks, nominal, and documents for payment, cables. (bath &Phen 170 175
Cotton for payment, nominal, and grain for payment, nominal.nominal. Chelsea Ex*. 135 145
There were no rates for sterling posted by prominent bankers this week. Chemical _ 390 400
To-day's (Friday's) actual rates for Paris bankers' francs were nominal Citizens Cent 160 165
for long and 5 20 for short. Germany bankers' marks were nominal
318 355
for City
long and nominal for short. Amsterdam bankers' guilders were 404@ Coal Jle Iron_ 145 150
40 5-16 for short.
Counties --- 450
____
Exchange at Paris on London 25.16 Fr.; week's range 25.14 fr. high
Columbia*
and Commerce __ 300 325
25.20 fr. low.
__ t166'2 ____
Exchange at Berlin on London not quotable.
Corn Exch.- 300 310
The range for foreign exchange for the week follows:
Cosmopolltn. 65 105
&ening Actual—
Sixty Days.
East River_ 70
Cheques,
____
Cables.
High for the week___ 4 821j
Fidellty•—__ 155 165
4 85%
4 86%
Low for the week_ _ _ 48i%
Fifth Ave._ 4200 1700
4845
4853-i
,
Parts Bankers' Francs—
250 300
Fifth
High for the week_
840 860
First
516(
5 15K
Low for the week_
Garfield
190 210
516i
516
Germany Bankers' Marks—
Germ-Amer* 130 140
High for the week_
German Ex._ 375
____
88X
88X
Low for the week_
Germania• 425 475
88K1
883,,
Amsterdam Bankers' Guilders—
Gotham ____ 190
_ _.
High for the week_
Greenwich*. 265 280
40.
4011-16
Low for the week_
Hanover ....... 840 650
40%
403,-i
.
Domestic Exchange.—Chicago, par. Boston. par. St. Louis, Sc. per Hard man _ _ 255 280
$1,000 premium bid and 10e. asked. San Francisco, 30c. per $1,000 pre- Imp & Trad_ 490 510
170 175
mium. Montreal, $7 50 per $1,000 premium. Minneapolis, 45c. per Irving
560 600
Liberty
$1,000 premium. Cincinnati, par.
300 2.25
Lincoln
Manhattan'
Railroad and Miscellaneous Stocks.—The downward Mark S' Full 300 315
240 240
movement of prices in the stock market noted last week
ended on Thursday. On Saturday the market hardened,
39
Bank
Bid Ask
Mesh & Met_ 220 230
Merch Exch. 165
_
Merchants' .
. 175
_
Metropolis*. 300 340
Metroporn._ 165 175
Mutual
325
__
New Neth. _ 210 225
New York Co 750 800
New York
375 400
Pacific*
235
__ __
Park
390 400
People's. _ 225
____
Prod Etch._ 155 160
1?ublie.
__ 175
Seaboard
420 440
Second
390 420
Security* -------100
Sherman ____ ____ 135
State.
145 155
23d Ward._ _ 100 135
Union Exch. 140 150
(Inn States._ 500
____
Wash Sits'. 275
____
Wetteh Av.. 160 175
Webt Sides_ 450 475
Yorkville •__ 540 575
Brooklyn.
Ccney Isrd._ ____
First
240
Flatbush
110
Greenpolnt _ 140
Hillside.... _ ____
Homestead*. 80
Mechanics*. 145
'Montauk. -' 105
Nassau
2n5
National City 273
North Side._ 175
Pent)IrOR ---- 145
150
270
130
155
125
100
155
120
220
285
200
155
Trust Co's
New York
451
Rid
Astor
350 375
Bankers Tr
425 435
B'way Trust_ 145 155
Central'I'm . 975 995
Columbia ___ 415 430
Commetcial -----80
Empire
295 310
Equitable T 397 410
Farm L & 'I 107.5 1125
Fidelity
205 220
Fulton
275 300
Guaranty T. 520 530
Hudson
130 135
Law T I & T 120 130
Lincoln Trus. 105 115
Metropolitan 375 395
Mutual Atli
ance
125 145
Mut'l (Wes
cheater)_
130 135
NYLite 1 &T 950 1000
N Y Trust__ 585 600
Title Ou &1 390 405
Tensatlanti 200 220
Union Trust 360 370
US Mtg & T 380 400
United State 1040 1060
Westchester. 125 135
Brooklyn
Brooklyn Tr_ 4460
Citizens ____ 13.1
Franklin ____ 230
Hamilton ___ 265
Home
100
Kings Count 570
Peoples . ___ 275
,
• .." ,
,
'T
140
250
275
110
.....
295
qn
• Banks marked with 11 In are State bents. tSale at auction or at
Stock
Exchange this week,
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock TWO PAGES.
OCCUPYING
40
see preceding page.
For record of sales during the week of stocks usually inactive,
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday
Dec. 26
Monday
Dec. 28
Tuesday
Dcc. 29
Wednesday
Dec. 30
Thursday
Dec. 31
93
93
9212 92 92
02
8
913 92
91
99
29612 9612
199
99
•98 100 ;99
101
99
119918 9918 *__
102 •____ 102 •____ 99
,
7
6834 6918 684 6914 6812 13812 6813 68
68
68
69 •___ 6914
69 691s 6918 694 69
69
69
4
4 843 85
8412 8412 8412 843
8
843 85
85
*84
154 154
8
18358 15358 15412 15512 1543 15412 154 154
310 •____ 310 •____ 310 *.___ 310
310 •
•
41
*40
41
4012 4012 *40
41
40
*4014 41
104 104 1018 1018 •1018 1012 1014 1014
11
.10
•27
2812
29
.26
28
28
29
*27
27
27
4
3
86 4 8714 863 8714
7
874 87 8 88 88
8434 85
__ 126 *____ 129 •____ 129 912618 12612 *._ __ 129
123
8
122 1225 122 122 •____ 12212 •
____ 125
170
.
.
_ _ _ _ fii 4._ _ _ iii • _ _ _ iii •____ 132 *._ _ iii
_ 150 •_ . 150
_ 150 • . 150 •
_ 150 •
*ii
40
;ii 40 ;ii 40 ;ii 55 ;ii 40 .40 40
55
55
*40
___ *40
.40 ____ *40
___
___ .23
2012 2012 *2114 ___ *22
*20 -_
42
42 42
*3712 42
*3712 42
*37
42
*37
32
32
*3112 40
32
32
40
*29
.29 ____
3
140 4 1403 14114 14114
4
4
4
3
138 4 ____ *1383 1413 139 139
385 400 .350 400 .380 400 .380 400 •392 400
512 512
7
*5
7
*5
8
5512 612 .5
8
8
10
*8
10
.8
10
1012 *8
58
.
4
8 2112 213
8
4 2133 224 215 221s 2184 217
2114 213
4
4 333* 332
341! *3213 343
7
3412 33 8
34
•3212 34
30
•26
30
*26
30
30 .26
29 •26
*26
,
4
4
8
3
1133 11312 1127 1133 113 1134 1123 113 4
114
11214
27
27
27
*2412 27 •25
*234 25
25
.23
•107 10812 *107 109 .107 10312 *106 109 *106 107
8
115 113
4
8
4
113 117
12
12
12
12
01153 12
8
53 505 5034 5018 5012 •5018 51
50
50
50
23
7
4
*203 22 8 *21
23
*20
22
2012 2012 *21
6812
5811 *50
5812 *50
*50
7
•50 8 5812 •504 58
•
- -- - - -- -,
ai
iiii4 fiafs iii12 fici iii 4 ii674 iiii fii12 13o 130
------ -- -- ---- ---- -- - - ---- ---- - --- ---- 112
115 *____ 115 •____ 115 •____ 112 *__
130 •121 130 *121 130 *121 129 *121 129
---- 11 •____ 11 *.....- 11 •____ 11 •____ 11
. 27 •____ 27
27 •_ _ __ 27 •__ _
27 •
105 105 0100 108 •10313 103 *105 108
105 108
*____ 130 *____ 130 5129 129 •_ _ _ 130
130
_
8 833
5
8 8 858
83
812 84
/
84 94
iliEs 958
26
26
26
2613 2618 26
29
30 *__
*26
7
95s
oh 912 94 10
s *912 10
7
9 8 97
25
5..
26 .
25 •_ _ 25 •_
• _25 *__
'_
7
.
712 4E4 7 ;;Ii2 8438
4 514 53
b1
*iis 7
8234 843
3
8 8312 83 4 58412 8412 8438
3
82 4 83
5412 5434 544 55
53
4 543* 5512 5434 55
533
g
217
4 21
4
5213 213
22
*21
22
2114 22
*20
2612• _ 2612 *. - 2612
2612 *_ _ 2612•
oe
ea 9838 ea 99 ;434 100 ;e3 loo •8333 99
89
89
*83
8
*833 89
3
89 •83 3 89
*83
9914 On
s 0914 100
3
4 98 4 993
993
8 99
3
5973 973
4
*
4
4
104 1043 10414 1043 1043 10412 10412 1043
1034 104
6
*2
70
70 70
70
89
*67
.654/ R9
100
100 •
100 •
100 •
•
8
iiii% 142r4 lig, 144 i:I§E3 14312 i..lii4 1433 iiii4 14334
- 6
612
. 8612
_ 8618
•
8613*- 8612
-- -- 80 80 80 ;i334 8 34 070831, ;'75 83
012 1
7
14
1
i
-s
s
7
4
3
8 1 112 112
13
114
114
114
112 112
118
Us
212 •I12 2
.2
2
2
212
24 *2
*2
10
10
14
*10
14 •____ 14
*10
14
•10
3
3
3
4 3 4 .2114 312
•212 312 *22
31
.3
•_ __ _ 20 *____ 20 *__ 21)
20 *_ 20
_ 37
_ 36 ..._ _ 37 •
30 *- 36 •
Friday
Jan. 1
*90
*98
ii
1114 ;ii
1112 ii
11
;ii
1112
11
2
40 •____ 40 •-__ 40 '._ __ 38 •__ __ 38
8 8111 8212
811 817
821 821
8112 8112 83
-81
__
7
7
593 8 93 8 -----------------------7
92 8 9278
14 •____ 14 *____ 14
14
14
14
14
58
.
58 0
58 •
58 •
58
58
Hi?. 113
4
*1112 131 iiii2 13 ;nit 13
- lily 12
3512 3512 3512 36
36
36
3514 354 3514 36
313
312
31$
312 *- 31 *-- 2
2
els 814 ;a s
s
43
6
i
u313
5
97
197
4
4
963 963 *9512 97
*9513 97
.8612 97
4
5
4 1165 115 2 1161 11514 11614 116 1163
1143
i
114 115
4 7913 794
8 7913 79'3 57934 792
3
795 795
80
*78
8
8
3
Ps 83
712 71
3
7 4 73
8
23
4 23
233
23
25
*23
3
*22- ___23 4 24
8
7
•12
8
7
•4
*12 I
8
7
4
18
1
•3,
8 214 •15g
214
s 214 •15
21/ *153 214 *15
s
•15
3
1212 144 10 4 123s
143* 143*
1413 1434 *1434 171
3
.2
3
*2
3
*2
3
*2
3
.2
15
.8
12
*9
15
*9
12
*8
15
07
4
*3
4
*3
4
•3
4
*3
4
•2
39
*30
39
*30
39
*30
39
*30
39
*30
;lie
P.
<I
f:1
rp
g
-4
GI
b.
id
Z
Sales of
the
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. 1.
On basis of 100 share lots.
Lowest
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
3Jan
9014 Nov 1063
3
8912 July30 1003 Jan 23
1,730 Atchison Topeka dr Santa Fe__
96 July 10214Jan
4
29612 Dec 31 1013 June29
120 Do pref
;9918 Dee 30 126 Jan 23 112 June 13338Jan
10 Atlantic Coast Line RR
53
90 June 10638Jan
67 Dec 24 984 Jan 26
2,765 Baltimore & Ohio
7714 June 88 Jan
3
69 Dec 21 83 8Jan 29
1,550 Do pref
4
3
79 July30 944 Mch 6 2832 June 92 4 May
1.538 Brooklyn Rapid Transit
4
153 Dec 24 220'2 Feb 4 204 Dec 2663 Jan
2,750 Canadian Pacific
300 July14 310 Jan 12 275 June 362 Jan
of New Jersey
Central
5118 July 80 Jan
40 Dec 28 68 Jan 22
1,300 Chesapeake & Ohio
1018 June 177s Jan
450 Chicago Great West tr ctfs„.. 914 July30 1514 June23
23 June 35 Jan
25 July30 4112 June23
200 Do pref trust etfs
4
963 Nov 1164 Jan
4
843 Dec 26 10718 Feb 4
1,920 Chicago Milw dr St Paul
126 Dec 23 143 Feb 6 13112 Nov 145 Jan
10 Do pref
. 122 Dec 28 13678 Feb 14 z123 Dec 138 Jan
_
895 Chicago & North Western_
170 Jan 5 180 Jan 24 17113 Nov ;189 Jan
Do pref
July 1 11912 Aug 125 mob
Chicago St Paul Minn & Om__ 125 MaY30 1314
132 May 2 132 May 2 130 June 15012Jan
Do pref
54 Jan
22 July17 40 Jan 5 344 Aug
Cleve CM Chic & St Louls___
4Jan
943
60 Oct
40 July21 70 Feb 9
Do pre:
4
233 June 33 Jan
2812 Jan 27
20 Mch20
100 Colorado & Southern
69 Mch
60 Dec
374 July24 62 Jan 28
200 Do lst pref
55 July 6513 Apr
29 Dec 21 35 M ch26
200 Do 2d pref
3
138 4 Deo 24 15912Feb 4 14712June 167 Jan
529 Delaware & Hudson
Dec 445 Jan
4
Lack & Western-- 388 Jan 6 4063 June 6 380 June 2313 Jan
Delaware
1334
4 July28 1914 Jan 31
300 Denver & Rio Grande
23 June 41 Jan
8 July27 314 Feb 4
100 Do pref
2014 June 3212Jan
2018 July30 3212 Jan 23
7,600 Erie
3312 June 4912Jan
4Jan 27
32 July30 493
700 Do 1st preferred
2814 June 41 Jan
264 July30 4014 Jan 23
Do 2d preferred
4
11152 Dec 23 1343 Feb 4 11512 June 13258Jan
4,035 Great Northern pref
2512 June 4114 Jan
2212 July30 394 Jan 19
100 Iron Ore properties
7
10312 Dee 7 115 Jan 26 10234 Dec 128 8 Feb
Illinois Central
8Jan
1238 June 195
3Jan 24
July30 163
3
1,228 Interboro-Metropolitan v t etf 10 4
45 June 6538Jan
3Junel0
50 Dec 22 653
1,100 Do pref
3July
8
213 June 283
2014 July30 2812 July 3
Kansas City Southern
56 June 6112Jan
4913 Dec 4 62 Jan 24
Do pref
7 May Ills Feb
518 july11
9 Jan 23
& Western
Lake Erie
16 Nov 35 Jan
17 Apr 3 2111 Jan 28
Do pref
118 July30 15614 Jan 23 14114 June 16838Jan
5,400 Lehigh Valley
30 June 43g Jan
28 Jan 15 36 Feb 5
Long Island
125 Dec 12 14178 Jan 19 12614 June 14214Jan
Louisville & Nashville
128 Jan 5 133 Feb 7 127 June 13258Feb
Manhattan Elevated
12 June 2314 Jan
913 July30 1614 Jan 31
Minneapolis & St Louls
28 June 47 Jan
2712Ju.ae30 3512Jan 22
Do pref
101 Dec 2 137 Feb 5 11514 June 14214 Jan
'100 Minn St P & S8 Marie
130 June25 145 Feb 2 131 Nov 1150 Jan
40 Do pref
1816 June 2918Jan
813 Dee 29 24 Jan 26
2,450 Missouri Kansas & Texas
52 June 6412 Apr
26 Dec 30 60 Jan 30
750 Do pref
4358Jan
2114 Dec
7 Dec 31 30 Jan 27
5,500 Missouri Pacific
50 Mch
31 Dee
30 Jan 19 34 Feb 6
Nat Rys of Mexico 1s1 pref__
2712Jan
4
83 Dec
5 Dec 14 14 Jan 28
preferred
100 Do 2d
4Jan
9033 Dec 1093
77 July30 9653Jan 31
3,454 NY Central & Hudson River_
53
65 Dec 12978 Jan
4953 July16 78 Jan 2
2,700 NY NI!& Hartford
7
2513 June 33 8 Jan
1834 Dee 5 3153Jan 23
Western
470 NY Ontario &
4711 Apr
39 Dec
2518 July29 43 Jan 12
Norfolk Southern
93 June 11312Jan
9612 Dee 3 10573July 6
600 Norfolk & Western
8014 Aug
87 Feb
preferred_ 85 Jan 7 90 Apr 29
Do adjustment
8
965 Dec 24 11812Feb 4 10134 June 12253Jan
5,443 Northern Pacific
10212 Dec 23 11512Jan 31 106 Dec 12334Jan
6,669 Pennsylvania
6 Nov 12 Jan
8 Jan 22
5 July14
Peoria &Eastern
7713 Dec 104 Jan
350 Pittsb On Chle & St Louis- 6418 July30 91 Feb 4
95 June23 101 Mch25 100 June 5109 San
Do pref
4
8
137 July30 17214 Jan 22 1513 June 1713 Dec
48,000 Reading
9212 Apr
8212 Oct
8
87 July28 893 June24
1st preferred
95 Apr
84 Jun
280 Dee 22 93 Jan 23
200 2d preferred
2473 Feb
1163 Oct
53 Dec 24 16511Jan 23
1,865 Rock Island Company
4434 Jan
1712 Oct
1 Dec 24 25 Jan 16
640 Do pref
1934 Jan
3
2 4 Jun
3
5 8Jan 15
2 Apr 7
__
200 St Louis & San Francisco_
13 June 59 Feb
8 May 5 1712Jan 13
Do 1st preferred
512 June 29 Jan
3
9 4Jan 26
14
2 Dec 14
Do 2d preferred
1,000
3512Jan
20 Dec
4Jan 26
7
17 3 July17 263
St Louis Southwestern
75 Jan
5614 Dec
36 July17 6518Jan 26
Do pref
3
1412 June 20 4 Apr
1014 Dec 24 2238 Feb 5
Air Line
900 Seaboard
38 June 4933 Sep
3
45 4Jan 2 58 Feb 4
Do prof
83 Nov 110 Jan
31 Dec 24 9912 Jan 23
8,285 Southern Pacific Co
8814 Nov 9912Sep
8
927 Dec 26 10612June22
Certificates (when issued)
1913 June 2828 Jan
14 Dec 24 2814 Feb 4
. .
1,100 Southern v tr Ws stamped_
72 June 811211cl]
58 Dec 24 8514 Feb 4
do
preferred
100 Do
1014 June 2258Jan
1112 Dec 26 1734 Apr 1
600 Texas & Pacific
3
27ls June 43 3 Sep
4534Jan 13
33 July30
1.510 Third Avenue (NY)
2 Dec 26 124 Jan 24
Western_
7'& July 13 Jan
100 Toledo St Louis &
1514 June 2934 Jan
4
43 Dec 24 23 Jan 26
400 Do pref
. 9478 July30 10812 Jan 19 10118 June 109 Set)
150 Twin City Rapid Transit_ _
8Jan 31 13734 June 16234Jan
112 July30 1643
21,035 Union Pacific
7934 June 9312Jan
7712 Dee 5 86 Feb 4
371 Do pre(
16 June 3512Jan
712 Dee 29 2334Feb 6
Investment.
1,000 United Railways
6312 Jan
30 Jun
22 July30 4914 Mch24
600 Do pref
6 Aug
2 June
453Jan 23
12 July13
100 Wabash
64July 174 Aug
134 Dee 12 13 Jan 23
Do pref
40 Jan
2872 Dec
4
103 Dec 31 35 Jan 22
3,750 Western Maryland
8 Jan
334 Oct
633Jan 7
212 July30
Wheeling & Lake Erie
13 June 2818 Jan
814 July29 21 Jan 23
Do 1st preferred
14 Jan
553 Dee
3 Dee 14 11 Jan 24
Do 2d preferred
8
401 June 5812 Apr
2934 July30 48 Feb 4
Wisconsin Central
Industrial & Miscellaneous
May18 $18 Nov
22,910 dAlaska Gold Mining_Par $10 31912 July30 $2878 Feb 20
Ps Dec
6 July30 144
200 Allis-Chalmers Mfg v t e
40 No
3212July30 49 Jan 26
Do preferred v t c
6158 June
4834 Dec 24 784 Feb 4
Copper
34.900 Amalgamated
4734 Jan 2 5912 M ch19
4114 Sep
100 American Agricultural Chem_
90 No
904 Dec 28 971$ Jan 23
Do pref
193/Jun
19 July30 3312 Dec 28
9,700 American Beet Sugar
65 Oct
66 May 4 80 Dec 14
50 Do pref
8912 Oct
Shoe & Foundry- 80 Apr 25 9713 Feb 11
200 Amer Brake
4
1294Jan 12 1464 Feb 20 1273 No
Do pref
21 June
1914 July30 3518 Jan 27
2,725 American Can
80 July30 96 Jan 24 /8012Jun
520 Do pref
3512 Jun
550 American Car & Foundry_... 424 Dec 12 53I Feb 4
112 July30 1187: July24 108 Jun
100 Do pref
6014 Jun
5912 July30 68 Jan 26
American Cities pref
80 Jul
;82 Jan 5 18612 Mch24
American Coal Products
1102 Jan 16 107 July 6 100 No
Do pref
3312 J un
32 July30 4812 Feb 9
200 American Cotton 011
:
921 Sep
53
93 June 5 973s M ch30
10 Do pref
312 Jul
514 Feb 6
314 July30
Leather_
100 American Ride &
1518 Jun
17 July30 2534 Feb 6
Do prof
17 Jun
7
19 8 July30 3234 Feb 20
735 American fee Securities
7
6 s Jun
711July30 1158Jan 28
American Linseed
20 Oct
24 Dec 16 3134 Jan 16
Do pref
ete
m c 21
0247
2014 July30 3714 Jan636
Locomotive
600 American
Oct
96 Jan 6 10212
Do pref
54 Oct
9I4 Jan 26
414 Dec 16
American Malt Corporation__
8
417 Oct
30 Dec 16 504Jan 24
Do pref
7012 June
7914 July28 85 Jan 19
Amer Smelters See pref B_ _ __
581/June
5014 July30 7113 Feb 4
Smelting & Refining_ _ _
715 Amer
97 June
9713 Apr 2" 105 Jan 27
500 Do pref
148 Dec 15 172 Jan 31 150 July
American Snuff
997 Jan 9 10654 July 2 100 June
8
Do pref (new)
25 June
2712 July30 3712Feb 16
Amer Steel Foundry (new)_ _
i
3
997 Dec
8
97 Mch12 1097 Jan 24
ii" ;ill" "ii" ,iia" ii" wiiti Ii" iith" Ii"
300 American Sugar Refining._
;iiii - *101 106 •102 105 103 103 103 103
10773 Mch31 115 Dec 16 11018 June
'WO 106
210 Do pref
113 113
4 *110 115
4
1123 1123
113 113
11512
1.220 Amer Telephone & Telegraph_ 114 July30 12414 Jan 30 110 Dec
'112 114
11734 118 211512
4
215 Apr 25 256 Mch23 200 June
11712 1173 118 118
125 American Tobacco
117 117
*215 221 *215 220 *216 220
96 July
1013
4Jan 7 109 June 9
7
300 Preferred, new
7
219 s 219 3 *215 221
141:Dec
7
12 July30 20 3 Jan 28
10312 10312 10312 10312 *10112 10313 *10112 10312
104
American Woolen
10112
22
•14
20
22 •14
*14
20
74 May
7212 Mch 4 83 Jan 26
*14
20
400 Do pref
*14
7719 7717
*7111, 70
77
'77
•,"
...,
__
_
*731/ 71
"El 24% mum. dlr.
and rights. b New Stock
3 Ex-rights. I Less than 100 shares. a Ex-d1v.
no sales on this day.
•Bid and asked prices installment paid. z Ex-div. 2 Full paid.
dollars per share. e First
4 2634
271s 26
8 2614 263
273
.8
8
8
.813 9
9
*344
*3412 37
*3412 37
37
5214 51
5
5214 50 8 514 .514
48 *___ _ 48 •___ _ 48 •____
- __ *904
____
9014 8912 92
s 33
327s
325 324 331
331
•7912 8212 *22I2
*7812 84
80
7
97
*88
91
91
97
1404 134
1401 •_
•_
*
273
9
37
52
48
9113
3313
85
97
134
2512 25'4 2618
4 "23 16 4312 285 4312 90 89 8912
-25114 1
;90
4
*873 92
90
*8614 8834 *8812
8
4412 4412 *432 4524
44
44
4214 421 *4314 46
*111 11512 *11112 1151i
111 11512 119 113 *____ 115
_
,---- -Iii .___ 834 *82 8 ___ 8. ___ 83
_
.104 105 *104 105 *104 105 *104 105
4
- 105
'R5
1
53 385 53812 40
38
*3812 40
40
39 •38
39
9712 19712 0712
971 *91
9712 91
*91
07
*91
*438 43
4 *414 434
*412 47
412 5
45
5
48 .
4
193 *1812 1934
1912 *____ 1912 *1812 193 *18
4 2114 2112 203* 203*
4
2113 2112 ;213 212
3
ii2(13 21
812
812 .7
*714 812 *714 SI: •7
81
*7
25 *_ 25
25 ..._ _ 25 •____ 25 *_
'
231/
5s
5
2314 22 8 22 '22l4 234 *22
14
-iiig 224 23
'
617 •- - 9714 *- - 9712
_ 9612 *- - 97 •- - 9
'
ii 6
6
6
>4 o ;:i 34 •_ ii_ 34 *____ 34
5
'- ii
__
34 *____
33 •____
80
*78
SO
_ •78
_
_ 7912
_
,---. 78
8
iti12 *5513 5612 *557 57
0i812 5634
&I
55
5
-.
4
5993 9934 *99 100
4 *9812 100
*98 1009914 993
155 •____ 155
• ___ 155 •____ 155 •____ 155 *____
25
2412 24
814 814 *814
*3412
•3412 37
5014
4938 50
5_
48 ' _ _
904
92
8 324
3112 323
580
80
*77
97 *-___
$2433 Oct
9 Dec
434 Dec
8012 Sep
57 Jan
99 Jan
5013 Jan
86 Mel
9614 Jan
5
136 * Jan
4678 Jan
12012Jan
56o Jan
117 bleb
78's Jan
94 Jan
10914 Jan
574 Jan
98 Ma,
518Jan
2814 Feb
4
273 Apr
1212 Nov
3333 Nov
2
4414
1063 .Tatin
Jan
13 Jan
6112Jan
86 Jan
4
743 Jan
107 Feb
193 Jan
105 Jan
4012Feb
118 Jan
11653Jan
140 Jan
4Jan
2943
10612Jan
2312Sep
82 Sep
d Quoted
New York Stock Record—Concluded—Page 2
41
For record of sales during the week of stocks usually inactive, see second page preceding.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Dec. 26
Monday
Dec. 28
I
Tuesday
Dec. 29
Wednesday
Dcc. 30
Thursday
Dec. 31
11 •____ 11 •____ 11 •____ 11
2512 2514 2512 2514 2512 z2518 2518
40 •-_-- 40
40 •___ 40
105
105
1023 1023 1101 101
4
4
•13 1
.12
*4 1
1
*4438 4514 4514 4658
45 8 444 45
7
89
8
*8612 8912 "86
8912 8913 913
_ 119
• _ _ 120
•____
_
--- 2
71174
•::_.. -12 712
2714
*_
28 •____ 28
27
.
28 •-_
28
153 153
'1538 1612 1614 1614
4
4
4 153 1614 '1512 1612 4
•_„_ 52 4
52 •___ 513
._
513 "____ 513
4
4
4
•_
83
81
77 4. — _ 85 •_ 85
§77
563 367
8
3738 367 374 3213 37
s 37
3714 3818
8
4
•100 1003 §100 100 •100 1003 •100 100 4 10018 10018
e
3
•10614
__ *10614 113 *10614 113 *10614 113 '10014
313 12
3218 3312 33
4
3314 3314 334 333 - 3 333
4
__ 67 •___ 67 •____ 67
67 •____ 67
•____ 100 •____ 100
*97 100 •96 100
•96 100
•
23 •____ 23 •____ 23
2013 2012 "204 23
113 11312 1133 1133 11312 114
•111I2 113
4
4
114 11414
2% 214
214 24
2%, 212 2'% 24,
8
23
8 23
•____ 42 •____ 4213 •____ 4212 •
_ 42 •___ _ 42
"87
88
88
88
88
88 "87
88
88
•87
8
8
8 18 84 "8
8
814
8
814
"8
•63 66
"63
66 '64
•64
66
66 '62
6612
•__ _ _ 90 •____ 90 •__ 90 •__ __ 90 •____ 90
1178 117
8 11
113
4 113 113 41112 1112 113 113
4
4
4
4
•_ _ _ 10
_ _ 10 •_ _ __ 10 'I._ _ 10
"8
10
*28
35 "28
35 •2813 35
5
28 8 28 8 "283 33
5
4
"167 169 4169 169 "167 169 •167 169 •____ 165
•108 114 *108 110 "108 110 "108 110 •107 110
13812 13812 •137 139
1384 13
9 •13913 14013
79 '77
79
804 80
4
804 *77
8212 803 82
"8913 •90
•89
*85
89 8 90
7
90
904 '85
91
*23
2412 2414 2414 2412 2412 "24
25
243 244
4
"91
95
9512 *93
9513 "92
*91
9512 •92
944
*4312 4413 4413 4412 .43
*4414 4512
45 45
45
"112 1171 *110 11712 *110 11712 *10712 11713 1117 117
16
16
16
8
1612 163 16 8 1613 1613 *1618 165
5
8
•88 __-- *88
90 '88
'88 ____
884 8818
•-- 11618•__ 1164 4 _ _ 11618 •____ 11618"
._
11618
•___ 78 •__ _
78 •_ 78
._
_ __ 73 4 ___ 73
•____ 115 •____ 115 •____ 115 •____ 115 •__
115
*8
4
11,
3
To5, 118
5
8
2
4
2
4
34
4
'58
1
"2
612
3
3
6
•2
*2
6
6
*2
74 7 8
5
7 8 7 8 '712 8
5
5
73 78
5
5
.3212 34
"32
33
34
*3212 331
"32
•_
3
_ ;
.
3
_
_
_
7,5
*____84 •____ 84 •_ __84 •_ _ 84
•103
•____ 103 "103 ___ *103 ____ •103
_
_*94 ____ *9418 - 97
18
"IlEklia
*Thoi2 ::: "10012 ___ *1004 104
.
;a- if *85 90 .87
*80 •87
92
91
90
•20712 209
2074 20712 '204 215 4
'204 215 "204 215
•____ 115 •111 115 "111 115
115 •____ 115
•___ 30 *___ 30 '26
*274 30
30 •___- 30
•26
*100 103 *100 103 "100 103 *100 103 *100 103
•___ 9434 8_ _ _ 9434 •____ 9434 •____ 9434 •____ 943
4
•____ 170 •
170 '156 170
16514 16514 •159 170
•
111 •
_ Ill •____ Ill •
111 •____ 111
;i5 80 ;if
)_ "70 85 7212 7212 "70 75
•67
68
4
'67 69
167
67
67
67 •__ __ 68
"14
143
4 14 8 145 •1412 15
5
8
144 145
8 143 1514
4
"40
4212 *4112 43
*4113 43
4134 4134 43
44
•16
174 •16
1712
1712 *1612 1712 "1614 17
17
•_—_ 56 •____ 56 •__ _ _ 56 4 _ _ 56 •____ 56
._
•____ 964•__ 9613
9612
9633 •____ 9612 •___ 9612
4
'51
52
52 52
53
54 "52
55 '53
55
16 8 164 17
7
171
167 17
17
8
17
174 1718
•____ 41
__ 41 •___ 41
41
41
41
41
100 4 _ 100 •___ 100 *.___ 100 •__
._
100
1204 12012 z120 120 *11814 121 *11814 121 "11814 121
• . 123 •
_ 123
;io 11 wia fl 12013 12011 •__ 12212 •_;O _ 123
11
94
3
.934 11
•76
90
*78
90 •76
90
*76
90 "76
90
•42
46
4314 431 *4313 44
"4312 44
•4312 44
*104 10713 *104 107 "104 107 "104 107 *104 107
1112 1112 1173 12
4 1113 1134
1134 118
1112 117
•_ _
65 •_ _ _ _ 70
*55
65
*55
60 •55
60
6834 *6612 882 *6612 683 •6612 683 .68
*66
4
683
•1814 21
"1813 21
•1813 21
"19
21
•1813 21
'25
27
•25
27 "25
27 '25
27
*23
27
•114 117 4
'114 118 *116 1171 •116 117 "116 117
1524
•
1618 1514 1514 154 151
15
154 "15
15
*78
*80
83
80
83
80 8 80 8 *80
79
7
83
7
92
'. _ 92 •
_ 92 •_ 92 4
34
a 3413 *34 35 ai 34 ;ail 35
Friday
Jan. 1
•____ 11 •____
2478
2412 25
•__. _ 40 •____
4
•1023 105 *1023
4
*12 1
*12
4234 433
4 43 8
7
89
*8812 89
•____ 10134 •____ 10114 •____ 101 •___ 101
*jail 1
io fE6*113 138
"118 2
*118 2
_ 101
106
iaig 151
•
*118 3
2
•1
•1
2
2
2
*I
*1
2
23
23
8
23
223 2238 •____ 2212 2212 2212
88 •_ _
88 *____ 88 4%. _ 90 *___ 88
15
1513 1514 15 8 i.518 154 1514 1512
3
19
'18
19
8 1812 1812 419
1814 1812 •18
185
• ___ 76
77
75 •__ _ 75
7518 7518 •75
75
5
;14 438
5
438
-•3 4 5
3
44 478
4
•____ 21 •____ 21 •___ 21 •___ 19 •__ 19
•____ 181
_
•176
•178
-4
•:::: 121" •__12114 121 121 •121 12114 12114 1211*20
24
*2212 24
23
23
"23
8
24 •223 24
"43
45 '42
43
43
45 "43
45
•43
45
.67
681 *67
6812 •6712 6813 "6712 6812 6713 6713
3318 3314 334 344 35
*30 4 32
3
3514 354 35 8
7
87'z 88 88
91
4
'85
*8813 9112 •89
91
91
3112 32
.3013 31
•3112 32
3114 32
3214 3212
'120 130 •130 135 •125 13412 •____ 13413 "---- 13
44
•__ 70 •____ 70 •__ 70 4 _ _ _ 70 •____ 70
._
_ 102 •__ 102 *...
102 •_ __ 102
• - 102
-.4..
*4 4 54 '
3
424
4
512
434
518 54
7.5
54
30 •20
30 "20
31
31
"20
25 "20
"20
45 "40
43
•4018 4214 *4018 421 "4018 4214 •40
10313 100 100
1031
.98
*9713
10312 •__ _ 1031 4
•
4
'712 8
8
9
8
•7
"712 9
9
-*7
•1
"20
•_
iia 15
•::::
•___ _ 20 •__
•__ __ 75 8___
•_ _ 51 •____
•11
5312
56
10112 10113 100 4
3
48
48
48
4
•104 1043 104
4838
47
*46
_ _
•__ 17
•____ 8512 •__ _ _
fE
20
75
51
531
101
491
1041
487
17
851
•::::
•____
•____
•____
524
101
4878
10418
4812
•____
•___
, 5713 -Eil;
20
15
75 •____
51 •___
5312 52
102 •100
4912 483
4
10414 10418
4878
49
17 •____
85
•---:
15 ;18
20
75 •____ 75
51 •__
51
5ii3 511
.
52
102 102
102
4918 49
493
8
10412 10414 1041
4934 494 493
15
11518 151
80 ".. _ _ _ 80
tt
Sales of •
STOCKS
the
NEW YORK STOCK
Week.
EXCHANGE.
Shares.
Range since Jan. 1.
On basis of 100 share lots.
Lowest.
Lowest.
Highest.
Industrial & Mise (Con)
Amer Writing Paper pref _ _ 10 Apr 22 1738Jan 23
8
117 Nov 3224 Jan
2,010 dAnaconda Copper
Par $25 2414 Dec 23 3814 Feb 3
3078 June 4133 Jan
Baldwin Locomotive
3812 Jan 7 5218 Mob 5
3612 Dec
5312Ja11
114 Do pref
10212Jan 16 110 June 8 10014 June 10512June
dBatopilas Mining. Par $20
$12 Apr 24 $114 Feb 18
$1 Jan
$15 Jan
8
7.850 Bethlehem Steel
2912Jan 5 465 Dec 31
8
25 June 4112Jan
900 Do pref
68 Jan 10 913 Dec 31
8
6214 June 74 Aug
Brooklyn Union Gas
118 Dec 24 130 Jan 24 120 Oct 1378 Jan
Brunswick Term & It S
83 Mch
4
8 Feb 2
5s
618 June
5 s July29
7
250 Butterick
26 Jan 13 2913 June23
25 June 31 Feb
1,200 California Petroleum v t etfs
1518 Dec 18 305 Feb 6
5612 Feb
8
16 Aug
50 July30 68 Meh20
Do pref
45 July 86 Jan
8 Case (J I) Thresh M pf tr etts_ *77 Dec 29 9518 Jan 16
8
9014 Dec 1035 Feb
8,700 Central Leather
2578 Jan 14 384 Dec 18
17 June 304 Feb
170 Do pref
9478 Jan 6 104 July15
88 June 9714 Mch
Cent & Sou Amer Tel
1103 Jan 6 *10912 Feb 18 100 Dec 1124Feb
3,775 dChIno Copper
Par $5 53112 Dec 10 44 Feb 4 $303 Jun $4758 Jan
8
Cluett, Peabody & Co, Inc__
6812 Feb 25 70 Feb 13
Do pref
99 July29 10412Feb 14
100 Colorado Fuel & Iron
2012 July30 344 Feb 5
2413 June 4113 Feb
1,550 Consolidated Gas(N Y)
11212 Dee 23 13913 Jan 24 1254 June 14238Jan
27,219 Do rights
24 Dec 23
27 Dec 12
8
Continental Can
3712 June26 4514 July 8
200 Do pref
84 July28 918* July 6
400 Corn Products Refining
7 July30 1318 Jan 31
738 June 17's Jan
Do pre
5818 J ul y30 72 Jan 29
6112 June 7914Jan
Deere & Co pref
913
4Jan 2 994 Feb 3
9112 Dec 1203 ., n
0 118 Ja n
4
1,516 Disillers' Securities Corp
11 July30 2012 M eh 4
93 June
4
Federal Mining dr Smelting__
714 May 2 15 Jan 28
11 Dec
18 Jan
120 Do pref
2858 Dec 30 43 Jan 27
33 Mch 44 Jan
20 General Chemical
160 Apr 27 180 Jan 23 170 June 18513 Apr
Do pref
10712 Feb 2 110 June13 104 May 10978Jan
500 General Electric
13712 Dec 4 15058 Feb 20 12934 June 187 Jan
1,320 General Motors vot tr ctfs
3738Jan 3 99 May27
5 May 40 Aug
300 Do prof voting trust Ms_
70 July30 95 Feb 19
70 May 813 Sep
4
700 Goodrich Co(B F)
8Jan 17 2878 Apr 17
195
1518 Nov 68 Jan
Do pref
797 Jan 2 95 Dec 16
8
7334 Nov 10514 Jan
250 dGuggenbelm Explon._Par $25 $4013 July30 $5713 Apr 2
4034 July 534 Jan
5 Homestake Mining
1093 July29 412212 Mch20 100 Meh 121 Nov
4
1,700 dinspiration Con Cop_ _Par$20 $1414 July30 $1914 July17
2038Jan
13 8 Dec
7
100 International Harvester of NJ 82 July30 11312 Jan 22
96 June 11112 Sep
1131 Jan
11878 July14 111 May 116 Oct
Do p
International Harvester Corp- 82 Dec 16 1113 Jan 22
l
4
9512 June 11014 Sep
1144 May15 118 July17 111 May 1148* 800
300 IntMere ret
38 Jan 27
Do p Marine stock tr ctfs_
45 Jan
5 Dec 28
8
28 June
7
100 Do pref stock trust ctfs...
3 Dec 28 1514 Jan 30
1212 June 191 Jan
300 International Paper
63 July29 10 8 Feb 2
4
7
125 Jan
612 Oct
s
30 Dec 4 41 Jan 31
4812Jan
32'100t
3 June29
International Steam Pump.__
DoPret
44 Dec
98 Jan 20
1812Jan
11 June24 29 Jan 19
Do pref
157 Dec
8
70 Jan
80 Jan 19 94 June 8
Kayser & Co (Julius)
77 Dec
94 Feb
106 Mch12 10834 May18 10612 Oct 110 Jan
Do 1st preferred
81 Jan 6 105 Feb 25
Kresge CO (S S)
58 June 83 Sep
99 Jan 13 105 Mob 3
Do pref
97 June 102 Jan
85 July30 101 Feb 4
91 June 10412Jan
Laclede Gas (St Louis)
20712 Dee 28 231 Mch 1 195 June 235 Mch
100 Liggett & Myers TobaccO
8Jan 6 11812July 8 10612July 11612Jan
1113
Do pref
21 June 39 Jan
26 Dec 24 38 Jan 26
Loose-Wiles Biscuit tr co etfs_
101 Apr 22 105 Mehl() 89 Aug 105 Jan
Do 181 preferred
84 July 95 Jan
89 Jan 2 9514 June12
Do 2d preterred
100 Lorillard Co (P)
160 July30 190 Apr 7 z150 June 200 Jan
7
110 Jan 6 117 8 July 8 103 June 117 Feb
Do pref
87' Jan
7558 Jul
8
100 Mackay Companies
61 July30 873 Feb 20
69 Apr
62 Dec
110 Do pref65
18Jan 2 70 Jan 27
1413 Dec 24 1514 Dee 31
1,969 Maxviell Motor Inc tr ate_
4112 Dec 24 44 Dec 31
395 Do 1st pref stk tr et's_ _ _
17 Dec 24 1713 Dec 31
200 Do 2d pret stk tr ctfs
65 Oct
76 3 Jan
7
5112 June25 6914 Jan17
May Department Stores
9712 June25 1014 Feb 9
Do pref
974 June 10512Jan
4613 Jan 2 738k Feb 9
400 Mexican Petroleum
413 Nov 7814 Feb
4
ParS5 $1612 Dec 12 $2438 Feb 16
1,150 dMiaml Copper
20 8 June 2613 Jan
3
41 Dec 19 5278 June 5
600 Montana Power
101 Apr 27 10378 June 4
Do pref
120 July30 139 Feb 3 104 June 130 Ben
300 National Biscuit
11914 Jan 13 128 June29 116 June 2478 Jan
100 Do pref
1914 Jan
100 Nat Enameling & Stamping
9 July29 14 Feb 3
9 June
Do pref
414 Oct
80 June 6 867 Mch10
8
9214 Jan
40 July29 62 Jan 26
100 National Lead
43 Oct
564 Jan
105 Jan 13 109 Feb 18 100 June 108 Oct
Do pref
1,876 dNevada Cons Cop__ -Par $5 $1014 July30 $1612 Jan 26
13 June 20 Jan
New York Air Brake
58 July30 69 Jan 28
56 July 8219 Jan
North American Co (new)_. _
6418 July30 7914 M ch14
60 June 81121521
Pacific Mall
1714 July29 29 Jan 21
16 June 3112 Jan
Pacific Telephone & Telegraph
20 July30 31 Jan 24
22 Nov 46 Jan
People's Gas Lt & C (Chic).- 106 July30 125 Jan 5 104 June 1293 Set)
4
700 Pittsburgh Coal
8Jan
2383 Feb 4
15 Dec 2
1412 June 243
475 Do pref
79 Dec 3C 9313Feb 4
73 June 95 Jan
Pittsburgh Steel pre
8912 Dec 100 Jan
82 Apr 27 93 Feb 3
500 Pressed Steel Car
263
4Jan 5 46 Feb 14
1812 June 36 Jan
Do prof
4Jan 15 10514 Mch 5
973
8812 June 10118Jan
Public Service Corp of N.1— 107 Jan 13 114 Apr 7 105 Dec 118 Jan
540 Pullman Company
150 Dec 17 159 Jan 28 149 Sep 165 Jan
Quicksilver Mining
78 June24
278 Jan 28
438 May
1 Dec
Do prof
112 June 3
4 Jan 27
8 May
2 Dec
300 Railway Steel Spring
1934 July30 3438 Feb 2
2214 June 35 Jan
Do prof
88 Dec 24 101 Feb 14
9014 June 100 Jan
4,825 dRay Cons Copper_ _Par $10 $15 Dec 23 $2213 Apr 3
15 June 22 Jan
330 Republic Iron & Steel
18 Dec 12 27 Jan 27
17 June 2885 Jan
460 Do pref
75 Dec 16 9114 Mchl1
72 June 024 Sep
1.740 Rumely Co (M)
34 Dec 23 18 Jan 14
14 Nov 9214 Jan
Do pref
998 Jan
4
2034 Apr2 4 41 Jan 13
33 Dec
Sears, Roebuck & Co
17014 July30 19712July 3 15434 June 21312 Jail
200 Do pref
120 Dec 24 12434 June 5 116 June 12412Jan
100 Sloss-Sheffield Steel & Iron—. 1913 July30 35 Jan 26
23 July 4513 Jan
150 Standard Milling
32 Jan 7 45 Dec 17
31 Dec
40'8 Jan
100 Do prof
5912 Dec 4 6712 Dec 31
525*May 6678 Feb
1,700 Studebaker Corporation (The) 20 Jan 3 3614 Meh31
36 Feb
15 4 Dec
3
325 Do prof
70 Jan 5 92 May15
6413 Nov93 Jan
14
1,850 dTennessee Copper_ _ _Par $25 $243 July30 $363 Feb II x2634 June 3913 Jan
4
4
Texas Company (The)
89 June 13212 Dee
112 July30 14978 Mch 5
Underwood Typewriter
78 Juno 9912Jan
7314 June26 88 Jan 31
Do pref
103 Dee 17 113 Apr 15 104 Jul
113 Jan
400 Union Bag & Paper
4 Nov7 4Jan
3 8 Junel6
5
83 Feb 3
4
3
Do pref
414Jan
1814 Jul y28 3212Feb 3
11412 No
United Cigar Mfrs
Dee 7 5014 Feb 9
404 Jun
50',Feb
100 Do prof
96 Sep 103 May
99 June25 10378 Feb 19
100 U S Cast Iron Pipe & Fcly
1634 Jan
94 June
7 4 J,,ne25 1313 Jan 23
3
Do pref
40 Dec
54134 Jan
30 July29 49 Feb 6
US Express
66 Jan
38 Dee
46 Jan 7 87 Mch10
300 US Industrial Alcohol
25 June 44 Jan
15 Dec 30 20 ' Apr 21
Do pref
85 June 97 Mch
75 Dec 1
854 Jan 20
U S Realty & Improvement__
3
493 Nov 77 Jan
4
5112 Dec 15 63 4 Mehl°
600 United States Rubber
4412July3
63 Mch14
51 Nov 6912 Apr
710 Do 1st preferred
98 June 1(1934 Apr
8
9518 July301045 Jan 14
494 June 694 Jan
32.648'United States Steel
6714 Jan 31
48 Dee 2
1,465 Do pre
4Jan 31 10212 June 110 4 Jan
3
10314 Dec 24 1123
5,335 dUtah Copper
8June22
3938 June 605 Jan
$593
8
8
Par $10 $453 Dec
10 Virginia-Carolina Chemical_ __
22 July 431g Jan
17 Dec 24 3478 Mch20
33 may 7 10713 Mch20
Do pref
93 June 114 Jan
Virginia Iron, Coal & Coke_. 35 July28 52 Mch10
36 Dec
54 Jan
1,150,Western Union Telegraph_ _ __
8
53 8 July30667 Feb 16, 544 Dec
3
754 Jan
900'westinghouse Elec & Mfg.._
7912 July21. 53 8 June 7914Jan
5
64 Jan
100, Do 1st preferred
I115 Jan 19 12412 June 81 10778 June 1193
7
8
4Jan
1,200,Wootworth (r Ng)
00 July30 10314 Feb 51
S112 Jun 112 Jan
I'm, Tqn 5 11074 114.01 n VV1 Tt.n
' Do pref
1151,Jan
4 5784 1784
Egli, 6734 672
58's 58's 577 .06613 68
6813 6812 68
69
z68
68
6712 13£1
;i5_ 118 •116 118 *116 118 •_ 118
116 116 •
90 9012 9012 90 8
02 •9038
5
92
"88
•____ 115 •__ 115 111412 11412 "113 11412 •113 115
'Bid and asked prices: no saleS on this day. I Lem than 100 shares. I Ex-rights. a Ha-div. and
rights. b New stook.
dividend. z Ex-dividend.
Highest.
Rangefor Precious
Year 1913.
d Quoted dollars per share. a Extdoek
42
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
-and interest"—except for Income ana defaulted bonds.
Jan. 1 136.10 she NkChange Method or quoting gonds was changed, and prices are now alt--
RON DS
h 5-1
N, Y. STOCK EXCHANGE
h
Week End/nit Dec. 31
Prue
Thursday
Dec. 31
Range
Year
1914.
Wee/g.5
Range or
Last Sate
BONDS
N. Y. STOCR EXCHANGE
Week Ending Dec. 31
Prig
Thursday
Dec. 31
IVeek's
Rang. or
Lass Sale
c/O
Range
Year
1914.
High No. Low High
3131 Low
Rio
High No. Low High Chesapeake & Ohio (Con.)—
Ask Low
9812
85
M-S 88 8812 88 Dec '14
4
General gold 434s
963 983
4
97 Dec '14
9312 9312
9312 ken '19
Al9634 99
Registered
_ 97 J'ly '14
97
3 6713 s612
7114
7118 Sale 7118
F-A
99% 10214
Convertible 4)4s
_ 10114 J'ly '14
10014
83/4 J'ne'14
8314 8314
J -D 32 84
8
100 1027
8
1001 1 102 1007 Dec '14
83 85
42
990439V
Coal River Ity lot gu 4s 1945 J -D 80 8212 83 J'ly '14
108 11212
108 4 ____ 109 Dec '14
9612 Dec '13
J -J
Craig Valley 1st g58
10911 11314
1001 4 ____ 110 Dee '14
4
843 Jan '13
0 8
1046 J -J
Potts Creek Br 1st 4s
_ 9512 J'ly '13
9612
i
883
88 883
4.1'1y '14
1989 J - J
It & A Div 1st con g 4s
01,1;____ 993 Dec '14
"tio"
4
82 Apr '14
82 8512
J- J
2d consol gold 4s
90 Anr '14
90 90
9
80 N4-N
°4
Greenbrier Ity 1st gu g 4s...19
Foreign Government.
58 J'iy '14
58 67
56
98
9712 J'iy '14
95
Chic & Alton RR ref g 3s....1949 A-0 51
3212 5513
Argentine—Internal 5s of 1909_ M-8 93 98 88 J'ly '14
36
39 3514 Dec •14
10.50 J -J
SS 90
Railway 1st lien 3 bls
85
Chinese illukuarig) ItA• 5s £_... J -D
99 Dec •14
99 100
9814
Chic B & Q Denver Div 4s_1922 F-A
Government
imperialJapanese
80 85%
4
9 9
1 949 J -J 81 8112 81 Dec •I4
4
903
Illinois Div 3)4s
81
8212
-A 1_ _ 83 8212
1925 F
Sterling loan 4 50
8614 Aug '12
J -J 80
8912
4
78
78 793 Dec '14
Registered
1925 J -J
231 Series 4 50
8
937
-55- Is—
1949 J -J 92 93% 93%
7512 784
J 1_ _ _
4Joe '14
Illinois Div 4s
1931
sterling loan 4s
93 J'ne •13
J -J
7 3 °8
954 10112
5
Registered
4
053
4
1 93%
Republic of Cuba Is eaten debt- M- S 1____ 96 953 J'ne 14
103 May'14
ioifa 11)3
A-0 101
949
93 9312
Iowa Div sink fund 58_191°
9414 93
1049 F-A
External loan 4
963 9912
4
9713 9912 J'iy '14
A-0 96
Sinking fund 4s
83 J'iy '14
3 95
77 80
8
Fokyo City loan of 1912 5s____ M-8
4
943 98
1919
Nitbraska ld
e egistere!lxtension 4s_1927 M-N 9413 9512 9713 J'ly '14
1____ 7914 7914 Apr '14
of_1899
U S of Mexico s g
96% Sep '12
1927 M-N
65 J'ly '14
1954 -D
of 1904
9814 995k
Gold 4s
9612____ 9953 J'iy '14
6 65 6 E
Southwestern Div 45
These are p ices on the b atts of 5 to 8
1
J oin tra on ds. See Great North
a e ne bi 4s
State and City Securities.
8952 30 8914 9412
hi-S 8912 Sale 8214
26 9758 102%
99
4
l960 MS 9834 99 983
N Y City-450
3012 63
32 32 J'iy '14
10418 51 10278 1073 Chic & E Ill ref & Imp 4s g_1958 J -J
19 55
4
Sale 1038
1963 M-8 104
4 5/ s(
'orporate stock
102 11212
A-0 11,613100 102 Dec '14
1934
1st consol gold ts
4 20 95 10018
953
4
1959 MN 9512 953 9513
4% Corporate stoca
69 10012
7212 75 75 Dee '14
M-N
3 95 100%
955
General consol 1st 5s
8
1958 M-N 955 Sale 95%
4% Corporate stork
98 Feb '14 .-- 98 98
M-N *____ 74
3 95 100%
4
953
Registered
1957 81-N 055 sale 0512
4% Cornoratr stork
4
975 Feb '13 .-19332
11 994 77 F-A
9937
Fur money 1st coal 5s
86
1056 M-N 9412 9514 99 J'iy '14
4% Corporate stock-.
10414
11 10314 10712
• ____ 10418 104
Registered
1957 M-N
New 43s
-27% J'iy '14
20
5s___1936
10034
8
10053102
Chic& Ind C Ry 1st
8
1917 M-N 1003 101 1003
New 43s
8
687 ---1 68
7518
8
10418
1037
8 1033 10753 Chic Great West 1st 4s____1959 A1/-5 08 oN 687
4
4)4% Corporate stock_1957 M-N 10334 104 100 8
3
3 1003 10238 Chic Ind & Louisv—Ref Gs_1947 J -J 120 ____ 121 J'iy '14 --. 11734 121
8
4
1003
4)4% assessment bonds 1917 M -N 10034 Sale
10312 103%
10353 Mch'14
-J
8
8414 883
8412 88 8412 Dec •14
Refunding gold 5s
1954 MN
3)-% Corporate stock
8
955 Apr 11 -1
1 993 1025
1947 J - J
Refunding 4s Series C
4
8
993
4
4
1061 M-S *99I____ 995
N Y State--4s
84 J'ly 12
8
1956 J - J
3 9718 1025
Ind & Louisv 1st gu 4s
100
1961 J- J *99 100 100
Canal Improvement 4s
9014 Aug 12 ._.8
9934 ____ 995 Dec '14
99 10214 Chic Ind& Sou 50
-year 4s 1956 J -J
1962 J-J
Canal Improvement 4s
04 Dec II
102 J'ne'14
Chic L 8 & East 1st 4 qs_ _1069 J -D
10012 102
Canal Improvement 48_1960 J - J
4
100 J'ne'14.- 105" 166131 106%1107 Chic Sill SIP terml g 5s 1914 J -J
109
8
8
Canal improvement 4 Sis_1964 J-J 1077 110 107%
4
8912
3 8912 963
89 8953 8112
108
6 10612 11014
t
e eg gted 1
Gj nlis oire, 5 Series A___e1989 J -J
Improv't 4 50_1963 M-S 107% 108 108
Highway
3
02 4 J'iy 14 __-. 9212 94
10312 J'ly '10
South Carolina 45020-40_1933 J -J
4
80 833
89
8414 J'ly '14
91919
-8414 - ,i- Gen'i gold 3534s Ser LI_e 9 J -J 75 ____ 86 J'ly '14
Virginia funded debt 2-3s_1991
J'ne'll
80
.
ce11,988,9
50 55 52 Dec '14
4814 67
Registered
68 deferred Brown Bros etfs___
J -J
013 Sale 0912 0934 21 9714 fliTs
Gen 4)4* Ser 0
93
8918 26 88
8
1934 J -J 89 8914 885
25-year deben 48
Railroad.
2_22 94% 103%.
.
8
1932 J -D 963 Sate
6212 74
Convertible 430
64 66 65 Dec '14
h1005 Q-J
A on Arbor 1st g 4s
8
923 Sep71134
58_1921 J -J 191 102 10914°
Chic & L Sup Div g
8 48 9014 96%
915
mtcli Top & 8 Fe gen g 4s_1995 A-0 91% Sale 91
4
1053 107
1926 J -J 102l___ 107 J 'ne'14
Chic & Mo Itiv Div 5s
92% 9514
1995 A-0 8714 ____ 94 J'iy
Registered
10112 32 10058 10412
8
4
8
1021 J - J 1013 1013 1913
Chic & P W 1st g 58
8818
81
8
h1995 Nov 8158 8214 823 Dec '14
Adjustment gold 4s
5 88
88
93%
4s_1949 J -J
8814 88
4
873
CM & Puget 8d 1st gu
h1905 Nov ---- -- 86 Mch'13
Registered
4
1916 - J
2
8218
"iiE8 -1,511- Dak & Grt Sou gold 5s 1920 J -J 10014____ 10034 Nov '13 -- 108 111ge;
84995 M-N 8134 82% 8218
Stamped
105 ____ 1083 May'14
J
Dubuque Div 1st s f 69
11 8918 100
9114
1955 J-1) 92 93 9012
Cony gold 4s
1924 J - J 106 .,110 Joe 13
Far & Sou assum g Gs
9912
Cony 45 issue of 19091955 J -D
102% Jan '14
8
1919 J -J 1007
La Crosse & D 1st 5s
55 "i5i4 995
02
Conv 4s (issue of 1910)_1960 J-1) 92 93 9012
Wis & Minn Div g 5s_1921 J -J 10034 ____ 10153 Dec '14 ___ 101%10438
5 99% 19214
100%
1917 J-1) 10012 101 10012
10-year gold Is
10914 10
914
1920 J -J 105 ____ 10914Meh'14
Wis Vail Div 1st Gm
913 9512
4
1928 M-9 9012 92 92 Dee '14
1st g 4s
East Okla Div
__ 10212 J'iy '14
99% 10212
1934 J -D 9612
Mil & No 1st ext 4)4*
8614 92
86 8712 88 Dec '14
1058 J -J
Short Line 1st 9s gold
101 10212
I934 J -D 96% gS 10212 J'ly '14
Cons extended 4 30
99
9714
99 09 J'ly '14
Cal-Ariz 1st & ref 4 30_1962 M-8
8
(F 10014 Sale 10014
8 10014 1025
10014
Chic & Nor West cons 7s 1915
10114 101)
10113 Dec 14
2
8 Fe Pres & Pb 1st g 5s-1942 M'S 1(71 1- -- 10112 J'ne'14
9412 9612
1e-A 9112 ---_ 9618 J'ly '14
Extension 45
101/8 10112
Chic & St Louis 1st 68-1015 M-S 10014 sale 8614
8
043 J•ly '14 .._. 943 115
8
3 8558 95
8 6-192
1888 926 F-A 9112 ___
87
Registered
Pal Coast L 1st gold 45___h1952 AI-8 87
4
832 Dec 4
8
!
777 84
1987 I-N _7_8_1 ...Tit 7 , ja n :14
General gold 330
95 Jan '13
h1952 M-8
Registered
7812 7812
p1987 Q-F
Registered
92 93
9214 J'ly '14
1959 J -D
-year unified 48
50
32 89 973
4
1987 1-N
General 45
10512 J'ne'14
10314 10512
1928
1s1 gu gold 5s
912
8
Ala Mid
6,14
108 10812
Sinking fund 6s____1879-1929 A-0 894 sale 108 May 9'2
89 Dec '14
89 9458
Bruns& W 1st gu gold 4s_1938 J -3 8819 181
.
A-0 jai_:L 10512 Dec '13 _Registered
_
Charles& Say 1st gold 7s_1936 J-J
105 J'iy '14 ---- lairs 1115
29
8518
Sinking fund 5s
89
187 -1929 A-0
847 95
7
01952 M-N g 8 Sale 84%
L & N coll gold 45
102 Occ '13
1879-1929 A-0
Registered
115 Dec '14
115 121
Say le& W 1st gold Gs____1939 A-0 114 -- 1105
4
- 01 D ee 4
91 102*
1921 A-0 10054 1553 10014 Dec '42
Debenture 5s
8May 11
1934 A-0 10318 ---1st gold 5s
1921 A-0
.
tlg
Registered
98 May'14
96
1918 J -J
gu g 4s
Sil Sp Oca & G
10214 104
3
11,9333 M-N 100 101 10318 J'ly •14
Sinking fund deb Is
8914 ;NA
9278
883
8914
4
88
flalt & Ohio prior 3)4s.,1925 J -J
1013 Apr '14
4
10134 10134
11/1-N
8
8
Registered
897 007
4
973 907 May'14
84025 Q-J
3-3 Registered
0
122i2 A l a y 01,
, se p : 4
120 122
1 1_3_13
Frem Elk & Mo V 1st Cs 1933 A-0 .
8
875 96
4
883
80%
84948 A-0 9038
Gold 4s
Man G 11 & N Mr 1st 330 1041 J -J
94
92 May'14
8
907
h1948 Q-J -___ 8712
Registered
4
Milw & S L 1st gu 330_1941 J -J
84% 72 8312 943
8
843 Sale 8414
1933
20-yr cony 4 59s
'14
Dee10628
Mil L S & West 1st g 6s 1921 M-8
112 Jan 12
Pitts June 1st gold 6s1922
10618 10618
Eat & imp. s f gold 58_1929 F-A 10212 ____ 10618 5104 14
6
9
8412 -- 4 J'ne'14
P.1une& M Div lst g 3 301925 M-14 89 _78 893
Ashland Div 1st g 0_1925 i1 S 107 ____ 11318 Feb '14 ____ 11318 11318
73
1 78
6912
78
Sys ref 4s1941 M-N _
PLE& W Va
Mich Div 1st gold 68_1924 J -J 107 ____ 11314 deh'14
11314 11314
8712 28 8618 9112
-3
87 8 Sale 8714
Southw Div 1st gold 350_1925 J -J
Mil Spar& N W 1st gu 4s_1047 hi-9 89 9212 9114 J'ly '14
94
91
100 Apr 13
Cent Ohio R 1st c g 4 30_1930 Is-s
8
1073 May'14
8
Northw Union 1st 7s g
1073 10814
1917 M-8 10334_
52
113--1. 16512
1933 A-0 101% ---- 10512 J'ne'14
Ci Lor & W con 1st g 5s
St L Peo& N W 1st gu 5s_19 8 J -J 10213 Sale 10213
10214 J•ne•12
5 10134 107
10212
_
Monon ftiver 1st gu g 5s 19I F-A
8
Winona & 5)1' 1st ext 7s_1916 J -D 10212 ____ 10614 J'iy '14 _ 10614 1063
4
1053 J'ne'14
5
io-34
1936 J -D 101
Ohio River It ft 1st g 5s
4
1013 Dec 14 ___ 10134 105
s10453 Chicago Rock Isi & l'ac 6s_ 191 7 J -J 10134
10453 May'14
1043
1937 A-0
General gold 58
8
1043 104%
J -J 10138 103 1043 ARAI'14
11313 Feb •12
Registered
Pitts Clev & Tol is) g 6s 1922 A-0
4 16 8012 90
General gold 4s
813
111090388488 J -J
8134 Sale 8114
4
963 Mch'14
1)4
1917 J -J
Pitts & West 1st g 4s
8412 87
87 J'ne'14
J -J
Registered
91 J'ne'12
Stat Isi lty 1st go g 4 30_1943 J -D
18 6412 81
6714
63
A-0
Reloading gold 4s
Bolivia Ity is) ______ _ 1027 J-J
193 61
8012
5212
58
20-year debenture 55
1932 J -J
110 J'ly '14
108 116Buffalo lt & l• gen g 5s- _1037 Is-S
4
943 J'ne'11
1918 M-N
Coll trust Series P 4s
9914 Dee '14
98% 104
1957 M-N
Consol 4 30
2214
2518 116 1834 "gi"
2002 3.1-N
Chic RI & Pac RR 4s
94 Jan '14
94 94
A-0
1098
All & West 1st g 4s /10
2612 51%
2612.1'1y '14
2002 M-N
Registered
111 112
Clear & Mah 1st gu g 58_1943 J -J 103 10512 112 Apr '14
85 J'ly '13
R I Ark & Louis 1st 4 30_1934 34-8
100 110
Roch & Pitts 1st gold 6s 1921 F-A 105 ---- 199 J ly '14
10014 10234
10014 J'ly '14
1934 A-0
Bur C R& N-1st g 5s
110% 112
8
-D 106 -_.. 1115 J'iy '14
1922
Consol 1st g Gs
100% May'14
100%103
8
C El F& N W lstgu5s_1021 A-0
101
2 101 1067
Canada Sou cons gu A 0_1062 A-0 100 10212 101
1927 J-14
Al & St L 1st gu g 7s
8
10214 1967
106% Apr '14
1962 A-0
Registered
99* May'13
Choc Okla & G gen g 53_01919 J -J
9712 100 J'iy '14
97 100
Carelinehsi liloist 30-yr5s19:48 J-1'
9554 J'ne'14
-55- 17114
611-N
Consol gold 5s
10714 J'ly '14
10714 108
Central of Ga 1st gold 58_01045 F-A
93% Mch'14
9112 92%
2
19 2
Reok & Des Moines 1st 5s.1953 A-0
9918 105
10018
1945 51-N 10018 sine 10018
Consol gold Is
6813 80
75 6812 Dec '14
St Paul& K 0 811 L 1st 4 50'41 F-A
10614 Alch'13
1945 M-N
Registered
11412
i- Chic St P M & 0 con 68_1930 JD 11418 11518 114% Dec '12 11 11414 12034
85 187 151ch•14
Chatt Div pur mon is 0_1951 J -D
8914
Cons 6s reduced to 3 Sis 1030 J
10714 Jan 12
Mac & Nor Div 1st g 55_1946 J -J
10014
5 9913 103
8
4
AA- S 1001- 1513- 10014
- -1164 2 Debenture 55
10412
10412 Apr '14
1947 J -J
Mid Ga & Atl Div 5s
918
Ch St P & Minn 1st g 68_ 193° M-N 112 ___ 1612Jan '14___ 11612 11612
10934 May 1
1946 J -J ioirs
Mobile Div 1st g 58
May 09
J - J 112
663; North Wisconsin 1st Gs 1930 A-0 10434 — l295 Dec '14
197 9812 9713 Dec'14
Cen RR & 11 of Ga col is 53_1937 M-N
104
ior igi
1919
St P & 8 City 1st g Gs
11212
112 118
1987 J -J 11213 113 11212
Cent of NJ gen'l aold 5s
Superior Short L 1st 5s g 01930 AI-8
11214 Dec '14,
112 117
111987 9-J 112
Registered
85
89
ge
102%104% Chic T II & So'east 1st 5s_1960 J •D
Dec '14
2
Am Dock & imp gu 5s___1921 -J 10212 1037- 10212
16412 ____ 106 J'ly '14
105%10612
Chic& West Ind gen g Gs_01932
Leh & Bud It gen gu g 55_1920 J -J 100 ---- 100 J ne 13
84 J'iy '14 ____ 8318 87
79
195:'
Consul 50-year 48
10012 Jan '13
_
4s__1941 NI-S 93
N I & Long Br eerie
93 08
00 Mch'14
ii & D 2ti goiu 4 30_1947 J -J
80 May'14
"lio" 861
Cent Vermont 1st gu g 4s_e1920 Q-F 65
19511 J -J
lig & refunding 4s
91 10014
95 1515- 95 Dec '14
Chess & 0 fund & Imp 58_1929 J -J
6614 J no 12
5
1959 J -J
1st guaranteed 4s
3 101%107%
10214 104 10212 1021
1939 M-N
1st consol -gold 58
•
100" 1001,
100% Meh'14
1941 hi-N
Cin I)& I lst gu a 5s
103 10512
1039 M-N g____ ____ 10512 J'ne•111...
Registered
U. S. Government.
S 2s consol registered—d1930 Q- J
dI930 Q- J
8 2s consol coupon
51918 Q-F
S 3s registered
k1918
S 3s coupon
1925 Q-F
S 4s registered
F
1925
8 4s coupon
94 Pan Canal 10-30-yr 2s A1936 Q-1?
(1 S Panama Canal 38 5_1961 Q-M
Ma
U
U
U
U
U
U
3
c1-01-
-9-d3:,
-
MISCELLANEOUS BONDS—Continued on Nest Page
Street Railway
Street Railway
30 75 9114
75
75 Sale 75
Ilud & Manhat Is Ser A__ 1957 F-A
3 9912 104
8011
Brooklyn Rapid 'Iran g 5s_1945 A-0 100 10114 10118
17 24 4 39
26
4
3
2534 Sale 253
1957
Adjust income 58
86 9314
8512 86 86 Dec'14
1st refund cony gold 4s___2002 J -J
N Y & Jersey 1st 5s____1932 F-A____ 101
8 69 9618 100
9S7
notes 5s___ 1918 J - J 987 Sale 983
74l 161 -iiia 151;
o-year secured
10012 10218 Interboro-Metron coil 4 50_1056 A-0 737 sale 7312
J'iy '11
10218
Bk City 1st con 58_1916-1941 J J 99%
terporo Rapid Transit
98 Apr '14
98 98
8 69 96
Bk Q Co & S con gu g 5s__1941 M-N 90 98
967
9678 Sale 9612
196; J J
9914
1st & refunding Is
101 May'13
96 __
Bklyri Q Co & S 1st 5s___1941 J -J
4
99
8 98 f6i1- Manhat Ry(NI)cons g 49_1090 A-0 ---_ 8912 87 Dee '14 ____ 87 93
98%
8
Bklyn Un El 1st g 4-5s___1950 F-A 987 9912 101% May 14
8812 93
1990 A-0 8712 89 8812 Dec '14
991
Stamped tax-exempt
100 102
1950 F -A
4-58
Stamped guar
4.1'1y '14
Metropolitan Street ity—
83 84
833
82
Kings County El 1st g 0_1949 F-A
101 10314
10134 J'ly '14
!sway & 7th Av 1st c g 5s_1943 J -D
81 8412
8112 Dec '14
1949 EP-A 82
Stamped auar 48
9912 101
9912.rly '19
80
74
Col & 9th Av 1st gu g 5s I993
72
7853 7818 J'iy '14
J -J
Nassau F.;iec guar g /id 4s_195I
8
985 161
1st go g 58_1993 Al- S--------101 Apr '14
Lex Av & P
96% 9914
9814 J'ly 14
1927 F-A 9512
Chicago Rwys 1st 's
80 80
•A8(1 Aleh'14
8Joe'12
Met W S El (Chic) 1st g 4s_1938 F
1017
92
lst&ref 55 4 50'51 J -J
Conn Ity & I.
10018 Dec'14
8
10018 10218
J_ .3
-9814 9614 Milw Elec Ry & Li. cons g 581926 F-A 166(
9614 J'ne'14
9214 9413
1951
s914 931 91 Apr 13
Stamped guar 4)-4s
7612
2 64
Refunding & eaten 4 30_1931 J.4
66
6612
6612
J -J
Del United 1st cons g 4 50_1932 4-8
0914 ____ 102 Nov •12
84
84 Jan '14
84
Minneap St 1st cons g 58_1919 J -J
1936
Ft Smitn Lt & 'rr 1st is 5s 1916 J -D 9612 -__ 100 J'ne'14
Tramways 1st & ref
Montreal
99 100
3
9714 99
Grand Rapids Hy 1st 5s 1952 F-A
9112 95
-year Is Ser A ------1941 J -3 03 9818 98 4 J'ly '14
30
92 Apr '14
91
Havana Elee consol 5s
5 Due May. C Due June. h Due July k Dae Aug. 3 Due Oct. p Due Nov. q Due Dec. 3 Option sale.
April.
price Friday: atest this week. d Due
•No
JAN. 2 1915.]
11 2
4.
BONDS
N. Y. STOCK EXCHANGE • t
2
•
*
Week Ending Dec. 31
..s.
New York Bond Record-Continued-Page 2
Price
Thursday
Dec. 31
Week's
Range or
Lao Sate
."
p.
n.
a'a
Range
Year
1914.
BONDS
N. Y. STOCK EXCHANGE b
Week Ending Dec. 31
420
43
Price
Thursday
Dec. 31
Weer.
Range or
Last Sale
a
ga
e6t
Range
Year
1914.
Clin Ham & Day (Con.)Ask Low
High No, Low High St PM & M (Continued)ilia
Rio
Ask Low
MO No. Lots High
0 Find & Ft W 1st gu 4s g_1923 M-11 ---. 75 88 Mali 11 -- ____ ___
Mont C lst gu g 6s
1937 3 - J 113 -__ 125 Joe '14 ...... 121)4125
1937 J -.I ___ _ . 13614 May•06 -----------Cin I & W 1st gu g 48____1953 J -J --------65 J'ly '14 ---- 65 Registered
86
Day & Mich 1st eons4 40_1931 J -J --------943 Dee'14 ._ -- 9438 9438
8
.
1st guar gold 5s
4
1937 3 - J 100 - 1063 Feb '14 .... 10434 107
1937 J -.1 -.- .. - --- ,._..._ . . ---- --Registered
inci Dec & 3V 1st g 58____1935 3-3 --- 95 65 J'iy '14 ---- 65 100
2
..
-1935 4 3 _ ____ 10712 Dec '02 _ ____ ___
1.
1st guar gold 5s
Will & S F 1st gold 58-.1938 J-1) 10214 .... 10411 3 ne 13 __
Cleve On 0& St L gen 4s...1993 J4) fiS 74 73 Dec'14 --- 72 85
Gulf& 81 1st ref& t g 58_61952 J -J 89 92 90
90
5 i5 W
8434 82 J'ne'14 ---. 82 8712
20-yr deb 4(4s
___ .___
Registered
__ --__ ____ ......
1931 J -J
31952 3
Cairo Div 1st gold 4s
4
-J'94 93 Dec'14 --__ 93 101
Uock Val 1st cons g 4 As...1999 3- 3 93 4
1939 J -J --------845 Joe'14 __-- 843 86
Chi W& M Div 1st g 4s 1991 J -J ---- 80 83 Feb '14 _-__ 83 83 .-. Registered
1999 3 - 3 ____ . .. 9734 Jan '14 .... 9614 97 4
11
3
St L Divlst coil tr g 4s
4
Col& H V 1st ext g 45
1990 VI-N 80 83 83 Dec'14 -- 82 853
1948 A-0 83 I.512 92 Apr '13 --- ....
Registered
Col & Tol lst ext 43
1955 F-A -_-_ ---- 9012 J'ne'14 ---- 9012 -.....1990 M-131 ---- ---- 8214 Mch'14 ....... 8214 8214
9012
34I-S •.....- 85 85 11615.14 ---- 85 85
8Pir & Col Div lstg4s
HMIs Belt & Term 1st 5s
____ 19014 Dec '12 ._. ._ __
1940
1937 J -J --W W Val Div 1st g 4s
1940 J -J --------91 Apr '12 ---- ____ ___ Illinois Central 1st gold 45_1951 J-J
8131e _-- 9718 rly '14 ---- 9412 9718
4
0 1 St L& C consol 6s
1920 VI-N --------1053 Apr '14 ---- 10518 1
1951 J-J -__ 96 100 sep '11 -0514
I Registered
...
92 May'14 --91 92
1st gold 48
1st gold 3 3.4s
81936 Q-F
78 --- 7814 Dee'14 ---- 7814 1951 J -J
85
90 Melt'13 ---Registered
k1936 Q-F
Registered
1951 J - J -------- 8812 Feb '13 -_. --__ _ _
Cin S & 01 Con 1st g 58.-1923 J-J --------103 May'14 ---- 103 10314
Extended 1st g 3)48
1051 A-0 --- 80 7814 Dec'14 --- 7814 - 7814
000& 1 gen eon g 65 .._1934 J -J --------1053 J'ly '14 ___. 105 4 11938
4
3
Registered
1st gold 38 sterling
Registered
- -- - ---- ---- 1934 J -3----- - ---------94 .I'ly '08 __-_ ____ ____
Ind B & W 1st pref 4s
Registered
1940 A-0
0 Ind & %V 1st pref 5s
--- ---- -___ ___
Coll trust gold 48
d1938 Q-J ..--- ...„ _ . ___.
1952 A-0 Sg -_:.: .7j.8 Dee'14 -- la - .
9
1
Peo & East 1st col 45-.1940 A-0 ---- 7414 7215J 'n e'14 ---. 72 84
1952 A-0-- -__ 9514 Sep 12 ..... ____ -_
Registered
20
20
1 20 30
--- 20
1st ref 4s
1990 Apr
Income 4s
8512 1C 85 94
1955 VI-N 8512 Salt 8512
Cleve Short L 1st gu 412s_ _1961 A-0 9114 ___ 92
92
2 9012 9614
1952 J -J --------82 Feb '14 --Purchased lines 331s
79 82
86
15 Dec'14 __-, 14
Col Mid and 1st g 4s
17
1953 31-N 8_
L N 0& Tex gold 4s
1947 3- J
1934
1 86 91
86
15
7 14 17
Trust Co. certfs. of deposit__,
R
-1
195331-14 -. 55 84 May'14 --- 21 84
, 15 '
431,- 15
8514 13 8518 93
Colorado& Sou 1st;
Cairo Bridge gold 45
1929 F-A 8514 Sale 851s
1950 J -D -------.90 Apr '14 ____ 90 90
45
3 72 9312
8012
Refund & ext 4 432,
Litchfield Div 1st g 3s
1935 VI-N 8012 Sale 80
1951 J-J --------74 Feb '14 ---- 74 74
100
Ft W & Den C 1st g 6s
3 100 107
Loulsv Div& Term g 3;01953 J -J 77 ---- Si May'13 .--- -___ ---1921 3-D --__ 10111 100
1953 3 -.1 --------83 Aug'12- ---- Conn & Pas Rivs 151 g 4s 1943 A-0 - --- ----. ---- ---- --Registered
-11)..... --------Middle Div reg 55
1921 F-13 --------123 May'99 ---- --Cuba RR 1st 50-yr 55 g ....1952 3J ---- -- i(V maii
el Lack & WesternOmaha Div Ist g 3s
1951 F-A ____ __-- 721s Feb '14 ---- 71 7214
____ 10014 men'14 __-- 10014 10078
Morris & Essex 1st 7s-1914 41-IS
St Louis Div & term g 3s_1951 J -J ____ 7512 Mch'12 --__ ____ ._-.
-8
1915 JD 1007 ___- 10234 J'ne'14 ---. 1023 10314
1st conso, guar 7s
4
Registered
1951 3 -J
Gold 313s
1915 JD --------103 Nov'13 ---- ____
Registered
i5
1951 J -J if --- 'H1;54. .... __-_ __-.
1951 .1 -4 _
1
2000 J -D 8078 ---- 88 J'ly '14 ---- 8512 1st ref gu g 3 4is
____. 10118 Oct '99 -----------8318
Registered
83'1y '14 ---- 10814 1103
N Y Lack & W 1st 6s
8
1921 J -J 106 ____ 1097
Spring Div 1st g 3)-4s_1951 3-3 if ---- 78 8 alch'14 ---. 783 7831
5
8
1923 F-A 10012___ 10412 Feb '1 -- 10412 10412
Construction 5s
Registered
1951 J-J
Term & Improve 45
1923 VI-N 93 -___ 9534 rne'14 --- 9434 952
4
Western lines 1st g 4s
1951 F-A --------91 Feb ii __._ 55 if
___ _
Warren 1st ref gu g 330_2000 F-A -- .___ 10218 Feb '03 --------- ---- -Registered
_
1951 F-A
;
8
Del & Bud 1st Pa Div 7s
1917 241-S 1451 10812 1083 Mch'14 --- lairs lliI3
& Car 1st 643
8
-1923 3-1) ____ ____ IFils 1418.yii ___ ___ ___
Registered
1917 81-S --------149 Aug'01 ---1932 'el-8 ____ ...- 9412 J'ly '12 -----------.
& Shaw 1st g 4s
10-yr cony deb 48
99
1916 3-D 99 Sale 99
2 9738 6914
Chic St L & N 0g 5s
1951 J-ll --------108 J'ly '14___ 108 110
1st lien equip g 41.4s•
1922 .1-J 9734 -___ 100 ny '14 ---- 9912 101
Registered
1951 J-D --------114 Fen '11 ____ ___ ....
1st & ref 45
9114 14 Ms 9712
1943 .91-N 9114 ___- 9114
Gold 3148
8314
4
7 812 87
Alb & Sus cony 3 33s
1946 A-0 83 85 8314
Registered
1951 J-D
Feb '1 --- 115 11512
Rens & Saratoga 1st 7s--.1921 .34-N Ill -11513
Memph Div 1st g 4s
1951 J -D -------- 9212 Aug'12 ___ ___ ___,
Deny & R Or 1st coo g 4s 1936 J -J
75 -- 76 Dec'14 --- 75 85
Registered
4
43 88 .Ply '1 ---- 87 908
()onset gold 4(is
St L Sou 1st gu g 48
1936 J - 3
1931 51-s _,..,_ Ciii2 ig J'ii 'Og .--- ...„ ,..„.
improvement gold 5s
1928 J -D 771;-- 80 Dee'1 --.- 76 9212 Ind Ill & la 1st 548
1950 J -J 83 8512 88 J'ly '14 ____ 8602 88i
lnt& Great Nor 1st g 6s
4
1St & refunding 5s
1919 M-N __ 101 993
1955 F-A --_- 42 413 Dee'1 ---- 4112 74
4
9934
1 9934 104
Rio Gr June Ist gu g 5s_1939 3 -D --------109 Dec'1 ---- ---- ____ James FM1114 a Clear 1st 9s 1956 J-1) -___ -___ 9112151ch*14 ____ 9112 921
6112 Apr .1 ___. ____ -- Ill an City Sou 1st gold 3s 1950 A-0 68 6912 6915
Rio Or So 1st gold 421-1940 3 - 41 ____ i
6912
5 6612 70
1 . Registered.
5
74 85 Aleh'i., .....
Guaranteed
1950 A-0 ------63 Oct '00 ----------1940 3 -J
Rio Or West 1st g 4s
Ref & (cunt 55
012 89
75123'1y '14 - - 7512 8413
90
Apr 1950 J -J 89
toe J - J 6912
I
s
12
Mtge& col trust 45 A
- 92 9512
1949 A-0 60 64 60 J'ly '14 ---- 60 7214 Kansas City Term 1st 45_1960 J-3 -_- 93 93 Dec'14
Utah Cent 1st gu g 4s-aI917 A-0 --------90 Apr '14 ---- 90 90
I" ake Erie & %V 1st g 58_1937 J-J ____ 100 101 ,Ply '14 ____ 100 1021
1941 J -.I ____ 95 943 May'14 --- 9434 95
Des Moi Un Ry 1st g 55._1917 51-N --------110 Sep '04 ____ ____
_ -1-4 2d gold 5s
4
Out& Mack 1st lien g 4s
North Ohio 1st gu g 5s
ii
1945 A-0 ____ 95 98 hich'14 -----98 98
1995 JD 80 ---- 84 May'14.--- 84 Gold 48
1 9612 1011
Leh Vail N Y 1st gu g 4%5_1940 J -J 99 10114 96
1995 J-1) 75 --_ 82 J'ly '14 ---- 82 84
Del Riv Tun-Ter Tun 4;0_ 1961 1/1-N ---- 934 933 J'ly *14 .--. 9314 97 ' Regist ed
ly14
4
194 J -J ___-- 101 J' ' ____ 101 101
Dul Missabe & Nos gen 5s_1941 J - J 99 -__ 109 .Ply '14 .--- 10314 105 Lehigh Vail (Pa) cons g 48_2003 M-N ___ '---- 90 J ne'liii ---- 8712 9014
'
Dui & Iron Range 1st 5s
9912
2 9108 10412
5
General cons 433s
8
1937 A0 9912 Sale 9913
2003 MN 967 ---_ 99123'1y '14 ...-- 99 99 5
_ 1103 1113
Registered
8
1937 A-0 - --- --__ 10612 Mch'08 ____ ____ ____ Leh V ler Ry 1st gu g 5s
1941 A-0 1O5'.... 111 J'ne'14
4
2d 6.3
_ 104 Feb '11 _
. 1111s Dec '11 ____ ____ __
Registered
1916 J -J 98
1941 A-0 -..
Du So Shore& At g 5s_,,_1937 J-3 --_ ____ 101 J'ly '14 .... 101 101
Leh Val Coal Co 1st gu g 55_11133 J -J 10118 j0414 10414 Mch'14 -_-- 10414 10414
A lgin Jol & East 1st g 5s...1941 VI-N 10412 ____ 10412 Apr '14 ____ 10412 10412
Registered
1933 J-3 ____ 106 105 Oct '13 __-- __ _
'-drie 1st consol gold 7s
1st int reduced to 43
1920 1.1-S 107 109 111123'1y '14 ---- 1111s 112
1933 J -J
N Y & Erie 1st ext g 4s_1947 M-N 85 -_-_ 9712 3'ne'14 ---- 9712 98 Leh & N Y 1st guar .4 4s_1945 M-S 8314 ____ 881.4 Feb14 -_-- 8818 881
2d ext gold 5s
_ 102 rne'14
1919 51-S 101
102 10212
Registered
1945 31-S
3d ext gold 4 tis
9912 100
1923 91-5 98
9912 J'ne'14
- ...
El 0& N 1st prof 65
i0
1914 A-0 _--- - --- jails Feb
4th ext gold 5s
_ 10012 Dec'14 1920 A-0 101
Gold guar 5s
s
10012 10238
- 997 Nov*13 ____ ____ __
1914 A-0 ____
5th ext gold 4s
8
8
1928 3-1) 92 ___. 9311 Itay'14 ____ 933 932 Lens leld 1st cons gold 5s_h1931 Q-3 --------1 6 J'ly '14_
106 MP
-- 0
N Y L E & W 1st g fd 7s-1920 31-S 102 ___ 11012 .1
-ne'14 ...... 1101311038
f1931 Q-J -------- 9614 Melf12 ____ ___ -1st consol gold 45
1
Erie 1st con g 4s prior
4
1996 3-3 80 8113 80 Dec'14 __ 793 874
8512 921
General gold 4s
87 8512 Dee'14 __
1938 J-D
.,
Registered
1996 J -3 80
83 Jan '14 83 6.3
1922 M-8 ___ ____ 9514 May'14 ...... 94 97
Ferry gold 4 14,21
1st consol gen lien g 4s_ _ _1996 J-J
67 68 6712
64
6 6412 7612 Gold 4s
9914 Ott '06 .... .-- -1932 3-1) __ -Registered
1996 J-J
77 Apr '12 Unified gold 4s
871
1949 M-8
90 8612 May'14 __ 86 Penn cod Ira 48
1951 F-A
8758 88 Dee'14 _
Debenture gold 5s
8734 92
1934 3-D 95 ____ 101 Mcit'14 _-__ 10014 101
50-year cony 48 A
1953 A-0 62 Sale 62
8
6234 27 59 772
Guar ref gold 4s
4.14 ___ 89 92
1949 M-8 821s .--- 914:4145
do
• Series B
1953 8,-U 64 Sale 64
6411 51 62 76
Registered
1949 M-8 -------- -95 Jan IL_ __. ___
Buff N Y & Erie 1st 7s
1916 3-1) 102 --_ 10414 rne'14 ---. 104 10414
N I .13 & MB 1st eon g 55_1935 A-0 100 102 0014Jan '14 ___ INN 100
Chic & Erie 1st gold 5s
1982 VI-N 101 103 102 Dec'14 ____ 102 108
N Y & 11 13 1st g 5s
192731-S -___ ._ _ 10212Jan '14 ____ 10212 102 2
Clev & Mahon Va. g 5s_ _1938 J -J --_- _-__ 103 Feb '14 _--- 103 103
Nor Sh B 1st coils gu 55_01932 Q-3 __
_ 102 J'ly '14 ____ 102 102
Long Dock consol g 6s
1935 A-0 118 ____ 12212 May'14 ...... 12112 123 Louisiana & Ark 1st g 58
1927 vt-s _7_ -8.812 9112 Feb '14 - 9112 91
Coal & RR 1st cur gu 6s_1922 .M-N ____ 103 10,1 Dec •12 _ __
_ ___ Loulsv & Nash Gen 6s...
3
-::1930 . -3) 110 lib 112 .Ply '14 -_ 11112 116
Dock & Imp 1st ext 5s......1943 3-J 101 --- 10134 Dec'14 ..:__ 15I34 103 Gold 5s
4
8
1937 ,ill-N 105 ---- 1093 May'14 ____ 1053 110
N Y & Green L gu g 5s_1946 41-N ---- . _ 10312 Aug'12 - .
Unified gold 4s
s
9158 19 903 92
1940 J -J 9112 92 9114
N Y Sus & W 1st ref 5s
1937 J-3 ---- 11111 93 .Ply '14 __
12
Registered
1940 J -J -------- -95 Joe '14 -. 933 92
4
2d gold 4 Sis
1937 F-A ---. -___ 10014 Dee '06 __ _ _
_
Collateral trust gold 5s
1931 51-N ___ _ --._ 0514 Apr '14 ..... 105 105'
ia General gold 5s
ig
- 70 75 Apr '14
• 1940 F-A
li 11 & Nash 151.5 6s
8
1919 J -D ____ ---. 1083 May'14 ____ 1083 108.
s
1943 41-N 99 108 102 Jan '14 „.... 102 102
Terminal 1st gold 55
1 eln St Lex gold 4 138
,
1931 51-N 9512 -___ 102583'1y '14 --- 10018 102
11112 May 12 ---Mid of 1'4 J 151 ext 5s
1940 AN 0& M 1st gold 69
1930 J -J 11314 11.5 12014 Al ch'13
Wilk & Ea 1st gu g 5s__1942 J -D 85 89 92 J'ly '14 ---- 92 98t2
N O& M 2d gold 6s
1930 3-3 ____._ _ Ill Pub '14 ____ Ill 111
Ey & Ind 1st Con Su g 88_1926 J -J --------106 May'12 ____
_
Paducah & Mem div 4s_._1946 F-A 87 91 84 Dec'14 ___ 84 89
Evans & T [list cons 6s---1921 J -J ---- 100 100 Dec'14 ____ ioir 116
Bs Louis Div 1st gold 83_1921 ,d-S 10534 107 1083 Feb '14 ___. 1083 108
s
8
1st general gold 5s
8
85 995 Dec '13 .....
Zd gold as
1942 A-0
1980 M-S 46238 66 093 Sty 12 ___ ___- ,
8
Mt Vernon 1st gold 68_1923 A-0 --------108 N ov'11 ____ ___ ____
Ati Knox & Cin Div 4s
1955 .8-N 85 86 85 Dec'14 ____ 85 - 7;
90
Dull Co Branch Ist g 5s
_
--------95 3'ne•12 ___ ___
All Knox & Nor 1st g 5s...1946 J -D 101 _ _ 111 Jan '13 ___ ____ „
1930 A-0
Vloricia E Coast 1st 4 ly a_ _1950 3-D ....- 8938 81 Dec'14 ..„ 88 - - '
Mender Bdge lots f g 69_1931 M-S --------100 Jan '14 .....: 106 100
94
:
3 on St U.1.3 Co 1st g 4 , _1941 J-J --------92 Aug'10 _ _ ____
_
is
Kentucky Cent gold 4s
1987 J -J 84
9014 84 Dec'14 ____ 84 90
Ft W & Rio Or 1st g 4s........1928 .1 -J ..-__ • 61 62 Apr '14 ..._ 5818 - ,
e7
i
L& N& M & hil 1st g 43.45 1945 51-S --------101 May 14 ____ 100 101
i'Z reat NorthernL Ss N-South 1%1 joint 4s 1952 J -J ____ 80 803 Dec'14 ____ 80 4 85
4
3
95
64 9418 98
s C B & Q coll trust 4s .1921 J -J 947 Sale 9414
•-•
2
Registered
51952 0-3 ___
___ 95 ret3'05
Registered h
9434 9458
9458
1921 Q-3
5 9418 9738
N Fla & 8 1st gu g 55
1937 F-A 10012:___ 106 .rly '14 __ 10414106
1st & refunding 4 jis ser A 1961 J -J 9912 Sale 9912
9912
1 9912 1013
8
NS;0 I3dge gen gu g 4 14s 1945 J -J ___ ___ 97 Dec'14 ..- 97 100
1961 ------------96 30013 ____ ___ ___
Registered
Pens & Atl 1st gu g 6s
1921 F -A 10712 109 19932 J'ly '14
- 1085 110
8
St Paul M & Man 4s
1933 3
414 ____ 9714 May'14 ____ 9634 98
8 & N Ala con gu g 55_ _1936 F-A 10334 16434 107 Mch'14 ____ 10514 107
1st consol gold 65
1933 J -J 11113 ____ 122343'1y '14 ...-- 11934 1223
4
lien cons gu 50-yr 5s _1963 A-0 9912 Sale 995s
.
9912
4 9812 1S
5
Registered
1933 3J ____ 12118 11711 Aug'13 ____ ___ _ L& Jeff Bdge Co gni;4s
1945 9I-S __ 83 83's Mch'14 ___ 83 86
Reduced to gold 4)48.1933 3 -J 10014 ____ 100 Dec'14 --- 100 10312 , i atom 1411-SOu
lines45_1936 9I-N _ _
Realstered. __....1933 1 - J _ __ 10218 1081 J'no'09 ---- -_ ....... 3-Lex Internet
4
1st con' 48 1977 A-S _-_-:::: if" 5tcliqii:7. :::
Mont ext 1st gold 45
1937 J -D 9114 921 9514.31y '14 ____ 93 9578
.stamped guaranteed g_1977 51-5 - 79 Nov'10 -- --- --.
Registered
1937 J -D ____ ____ 941, Apr •14 ____ 9412 9412 ,
linu & St L 1st gold 7
1927 3-13 - 21e 124l Oct '12 ____ ..... __,
____ '
l'adf
ext guar 45 £
!940 J -3 -------- 925 Men'II ____ ___
8
_
Oscine Ext 1st gold 6s
1921 A-0 95 103 11018 5110'11 --- ---- ,-,
19 Minn Nor Div 1st g 4s 1948 A-0 89 ___ 95 May•14 __ 9438 15
1st consol god 5s
103454-141 -_-_ 89 89 Dec'14 -------91
MIl Gulp° 1st g 6s
ip
1922 J -J ____ .. 11012Jan '14 __ 11012 Um
: lstand refund gold 4••
1 40 61
4612
1949 51-S 40 4012 4012
Des NI & et D 1st Is. dm lfgif. .1.1
1.8
Co Poe'14 ____ 60 61
.1 .C1,1.1.ANEOUS BONDS
,
--Continued on Next P-1 e
D
------Garb
j
__
Street Railway
Street Railway
New Orl Ity & Lt gen 4 435.1935 J-3
81 May'14
8058 81
United flys St L 1st g 4,3_1934 J -J
69 7212
70 6934 Dec'14
N Y Rys 1st H E & ref 44 1942 J -J
7112 Sale 7138
7118
6 70 7918
St Louis Transit gu 5s____1924 A-0 --------.
6513 7114
6512 Dec'14
30-year adi Inc 5s
a1942 A-0 5114 Sale 5814
5112 33 45 6312 United Hits
35
as 49 0118
San Fr s f 4s...1927 A-0 5444 sale 5434
N Y State Rys 1st cons 4 535.'62 131-N 84 8814 83123'ly '14
87 90
Va Ry & Pow 1st & ref 5s_ _1934 .3-3 8914 90 9212 J'ly '14
9212 9412
Portland it y 1st & ref 5s___1930 31-N 99 100 991.
5
9914
5 99 9914
(ias and Electric Light
Portland By Lt & Pow lot
Atlanta G L Co. 1st a 55-__1947 JD 102 __ .- 10118 1may'14
1011E10112
$E ref cony s f 58
1942 F -A
92 Meh'14
92 10012 Bklyn U Gas 1st con g )75_1945 9I-N .. 104 10212
2 1021210618
103
10 11
.
2
Portland Gen Elec 1st 58_1935 J -J
54 J'ne '13
St Jos ity L. H & P 1st g 5s 1937 51.-N 9612 --- _
No- v-i9
3
1 gru m G aGlstl sts
8o faibus as g g 59----M1
91
.
1:3 iirl95 Sale 109
10312 Feb '13 ._ _
St Paul City Cab cons a 55_1937 3-3
41014 705 the fill;
Consol Gas cone 6s,
.8
jj
_ ___ _
1960 J-J
7912 80 7958
Third Ave 1st ref 4s
7934 22 -fir4 ii- Detroit City Gas when issued9922
1 981210012
98 103 9913
g
a1960 A-0 7514 Sale 7512
Ad) Inc 5s
7534 11 72 8412 Del Gas Co.con 1st5s5s-1923 FA
9554 Sep Os
8
191
g
Third Ave y 1st g 58 -.1937 J - J 10412 10718 109 .Ply '14
1061s 10912 Des Edison 1st cell tr 5s
IOU mkt
1933 .1-J 1,665- ilf11- 1001:Dec'14
3 1 2
Tri-City Ry & Lt 1st s f 5s-1923 A-0 94 9612 96133'1y '14
96 98
Eq G L N Y 1st eOn g 5s
1932 4-23
-- 16l Oct '12
Undergr of London 4('4s__1933 J T
94 96
hit; Feb is
Gas & Eiec Berg Co c g 5s 1949 .1-1) 97
1948
Income Gs
•---- 87
8434 9214 Or Rap G L CO 1st g 5s
1915 F-A 9612-- 107 net, -09
Union Elev (Chic) 1st g 55_1549 i"6
194140:eq:
---Hudson Co Gas 1st g 55-1949 51-N
100 Doc '14
100 10414
United Rye Inv 5s Pitts las 192,. M-N
71 J'ne'13
---- ---- Kan City(Mo)Gas 1st g 5s 1922 A-0 48812 --.. 92 %Ich 14
91 92
'No price Friday; nowt old and asked this week. 0 Due Jan c Due Feb. 4 Due Apr11. 5 Due
July. 8 Due Aug. o Due Oct. s Opticus sale.
44
[VoL. 100.
New York Bond Record-Continued-Page 3
4g
BONDS
It
N. Y. STOCK EXCHANGE ...a.
Week Ending Dee. 31
Price
Thursday
Dec. 31
Week's
Range or
Lan Sale
4
vs.,
8
RangeBONDS
N. Y. STOCK EXCHANGE I E
Year
..., a.
Week Ending Dec.31
1914.
I
ca 65
High No. Low High
Ask Low
Bta
Minn & St Louis(Con.)J -D --- 85 8814 J'ne '14 .... 88 04
Iowa Central 151 gold 5s..1938 MS .... 39 39
2 39 574
39
gold 45 -----1951
Refunding
J'ly '14 ---- 90 954
3.I sty&ssM con g 4sintgu 1938 J -J 8912 92 9334 J'ne'12 --- ___ .....
1941 M-N -------- 9714
1st Chic Term Is(48
_
Nov'13 ---- ____
06
M 8 8 & A 1st g 4s i nt gu_1926 J -J -__ 84 96 J'ly '14 ---, 91 -9112
91
3lississippiCentral 18t58_1949 J -J 82 Sale 77
1 75 9178
77
310 Kan & Tex Istgold 4s-1990 J-1) 77 58 58
2 52 77
58
91990 F-A 55
.41 gold 45
1944 ..1-N ---- 10518 9U J'ne'14 --- 90 99
1st est gold 55
1 4818 71
4914
494
2004 M-S 4914
refund 4s
1st&
1936 J -J -___ 70 70 J'iy '14 ---- 70 85
Lien sinking fund 410
Apr 13 ---- ____ __
St Louis Div 1st ref g 4s 2001 A-0 --------7814 Dec *13 ....
..9934
11-N
Lla.& Wa 1st go g 58
1990 F-A --------78 J'IY '14 ---- 78 8212
Kan C & l'ac 1st g 4s
1942 A-0 ___ 102 104 Apr '14 ..-- 10314 10414
Mo K & E 1st gu g 5s
1342 M-N ---- 9134 98 J'ly '14 ---- 9658 984
31 K & Ok let guar 3s
J'ly '14 ---- 90 984
M K & T o('I lstgu g 5s_1942 11-S ---- 3212 90 May'13 -- _ ___
Sh & So 1st gu g 5s_1942 J -D --------96 jau • 14 __-- ii Sher
9912
M-$ ____ 90 994
Texas& Okla 1st'tug 5s._1943
100
10018
5 100 105
---Missouri Pac lstconsg 6s_1920 111-N .90 10018 91 Dec '14 ---- 88 9818
92
stamped__a1917 M.8
Trust gold 5,
97 mav'12 .-__
a1917 1.1-S
Registered
11412
1920 F-A -__- 88 85 Dec'14 --._ 85 9512
1st collateral gold 58
.. ---- .._ ..-_ __ _ . _
1920 F-A
Registered
19451M-8 42 4212 4i Dec'12 ____ 36 664
10-year gold loan 45
4014 24 36 7738
8
19591M-S 38s Sale 387
cony 55
bit & ref
Jan '14 ---- 86 86
3d 78 extended at 4%___..11l38 M-N --------80 tiMay'14 ---- 887. 9238
7
1919 F-A ---- 91 88
Cent Br Ry 1st'tug 4s
1948 J-1) ---_ ____ 7712 Dec '13 --- _
Gent Br UP lstg4s
_
--------110 Itch •05 --Leroy & 0 V A L 1st g 5s-1926 J - J 8514 --_- 8912J Me'14 --- 61 Ifii,
2
Pac R of Mc 1st ext g 4s 1938 F-A
-J -- ---_ 9712..Ply '14 ____ 9712 100
1938 J
2d extended gold 5s
- 9712 105
9712 99 100 Dec'14
StL Ir NI& S gen con g 5s_1931 A-0 --------102 J'ly '14 --- 102 103
Gen con stamp 'tug 0-1931 A-0
85
5 65 82
- J 6512 67 65
1929 J
Unified & ref golci 4s
_ _
8
1929 j-j -------907 Oct '12 --Registered
5 6i - 1
8712
81 4
1933 M-N 64 6734 6712
Riv& 0 Div 1st g 48
_
9212 Deo la .......
Verdi V I A w tst g 58-1926 M-S -,-- ---- 11612 Ply '14 ---- Hai,ili
1927 J -D 11012 11112
Mob & Ohio new gold 6s
Q-J 100--- 1124 Apr '14 ---- 11212 11212
1st extension gold Bs__ _h1927
78 78 Dec '14 ---- 75 82
1938 M-S 7414 General gold 48
1947 F-A ....-- 104 10414 J'ly '14 ---. 104 10614
NI ontgom Div 1st g 5s
1927 J -D --------96 Dec'13 ---- _ _ . _
St Louis Div 5s
94
---1931 -J --- 87 9114 May'14 ____ 1034 - 1St L Se Cairo guar g4s
2084
A-0 10312 ____ 0338 Dec'14
ashville Ch & St L 1st 581928.3-i_
--------111 Jan '13 .... _ _
N Jasper Branch 1st g 01923 J-J
i
4
1410 - 15333
3
1917 J-J --------103 4Jan '14
11pM Al W & Ai 1st 6s
__
J-J --------113 J'ly '04..,. _ _
1917
T & P Branch 1st 38
0
'14 ____ 13; - -1
Nat Rye of ries pr lien 4101957 J -J --------55 J'ne'13 ____ ____ ____
Feb
Guaranteed general 48_1977 A-0 --------77 8
__ _ _ ___
Nat of Mex prior lien 4340_1926 J -J .... ___ 967 Feb '13
1951 A-0 --------50 Apr •14 ---- iii3 lo
1st consul 45
-J 35 ___ 41 J'ly '14 -. 3912 58
N 0 Mob & Chic 1st ref 5s_1960 J
N 0& Nil prior lien g 6s_p1915 A-0 --------101 J'ne'14 ---- 101 10112
.
New Orleanr Term 1st 4s_1953 .1 -J --- -_ 794 MaY'13 18 iiii, a
80
8
797- Sale 797
NJ Y Central & H Kg 3/0_1997 J -J -------78 8 Dec'14 --, 78 84
1997 j-J
Registered
2 86 924
86
1934 M-N ---- aa 86 8 J'ne•I4 .... 8978 3978
Debenture gold 45
1934 M-N ---- 87 897
Registered
1 73 84
7312
7312
1996 F-A ---- 74 764 J'ne'14 --- 7612 8318
Shore coil g 3;is
Lake
1995 F-A --_- 74 7412 J'iy '14 -- 7314 78
Registered
71
67
Mich Cent coil gold 310_1998 F-A -___ 7412 75 J'ne'14 .--- 72 75
19911 F-A
Registered
4
33. oss
--__ 9514 Apr '14 ____ o. ...-4
Beech Creek 1st gu g 46_1936 J -J ----_-_ ____ ____
1936 J -J -------- 99 May'll
Registered
-- - ------1936 J-J
2d guar gold 58
Registered
____ ..... ____ ____
A-0 --- ---- - --Beech Cr Ext 1st g 310_81951 .3-0 -------- 88 Oct '12 ____ ____ ____
198I
Cart & Ad 1st gu g 4s
..
_ _. ____ . _
-- ___ ...„„
Gouv & Oswe lstgu it 5s 1942 J-D
iii12
2
- I/O1- J410'14 ---- fli 1991 M-S ...-Mob & Mal 1st'tug 4s
F -A --------92 May'14 ...-- 92 92
NJ June it guar 1st0_1988
Registered
____ ____ ____
2000 M-N --------8723 Deo
N Y & I larlem g3/0
---2000 M
-NRegistered
---- ___ 102 Jan '14 .-- 102 102
N V & Northern 1st g 5s 1927 A-0 --------92 Oct '13 ____ ____ ___
N Y & Pu 1st cons gu g ...8-1993 A-0
_
_
. --__ ---_- Nor& Mont 1st gu g 58-1916 A-0 -__- -.. 116 Feb '14 _-__ jia Ili
1932 J -D --__ ____
Pine Creek reg guar 6s
8
A-0 1004 10338 1047 J'ne'14 -- 10212 105
R IV St 0 con 1st ext 58_81922
10018 10014 Mch'14 ___ 9912 10014
Oswe& It 2d gu g 5s____e1915 F-A .--- __
104 J'ne'10 ..._ ____ ____
1,
It WA 0, R lstgu g 5s_1918 M-N 99 -___ 90 Apr '13 .___ ____ ___
---.
1941 .1 -J
Rutland 1st con g 4 qs
70 80 Sep '13 ___ ____ ___-_
(Ig & L Chem lstgu 4s g 1948 J-J --.... ____ 92 .1 ne'09 ____ ____ ___
Rut-Canad 1st'tu't 0_1949 J -J ---- ____ 108 Sep '12 ... ____ _
J -J ____
St Lawr& Adir 1st g 58-1996 A-0
-------- 11912 Mcli'12 ..... ____ _-_,-.:
1991.
Zd gold 68
9358-.-- 95 Dec'13 ____ ... _ __
.1 -J
Utica & illk Ely 'tug 4s I922
SS
1 Si 8314
1997 J -D 8314 Sale 8314
Lake Shore 7old 3Iis
8312 854
_
854May14
1997 J -D
Registered
9018 10 8914 947
0
9112 904
1928 31-S 9012
DeLenture gold 48
9018 20 884 9378
1931 01-N 9018 Sale 90
25-yr gold 4s
8
1931 01-N -------. 917 rne'14 _ 9078 9178
Registered
_ ...
_
_
J..; ____ .._ _
Ka A & (1 R 1st gu c 0_1938
- '14
-14
Mahon C'l RR 1st 0_1934 J -J --------10714 Apr '14 .-___ HIFI4 117
___ 106 105
100 103 105 Apr
Pitts & L Erie 2d a 5s___11928 A-0
'09 ...... ____ ____
Pitts IlicK & Y Istgu 89 1932 J -J --- ____ 13018Jan
1934 J - J --------12314 Mch'12 _
2d guaranteed Is
____ .... ____ ___
..
Mcliees& 11 V 1st it 6s 1918 J -J ---- ---- .,
1931 6-8 -___ ..._ 10514J 'ne'14 ___ 10514 10514
Michigan Centro. 5s
10312 10312
. 1034 May 14 _
1931 Q-31
Registered
___
1940 J-J --__ 87 98 Apr 12 ____ ___
Is
87
87- 87 Feb '14 1940 J -J
Itegistered
90 J'ne'08 ____ ____ __.
.
j 4,& s 1st gold 334s.,,1961 .14-S
831s
1952 41-Is. 7978 8318 7978 Dec '14 ____ 7978 1st ROW 3345
754 87
1929 A-0 77 83 7812 Dec '14 ___
-year debenture 4s
20
i 9234 97
9234
4
923 9318 9234
N Y Cede& StL Dag 4s_1937 A-0 --------928 J'ly '14 ____ 9234 9412
4
1837 A-0
Registered
82 87
1931 111-N 7512 82 82 Doc '14 _
Debenture 45
1 89 95
91 89
89
West Shore 1st 48 guar_2381 J-J 89 88 88 Dec '14 ---- 88 9218
2361 J-J ---Registered
--------10012 J'iy '11 ___ ___ ____
Y Cent Lines eq In 434s 1922 J-J
i Y New Haven & Rant-1955 J -J __ 78 76 May 14,... 75 8012
N011-CODY deben 48
1956 M-N ____ 76 76 Niart4 .... 76 81
Non-cony 48
1956 J-3 60 64 611s J'ly '14 ____ 81 75
Cony debentuze310
9 96 1174
194$ J-J 10312 1044 1(212 104
,
Cins debenture6s
UM. Nov 12
1
,
- _._ ___ n no l ..e.r. la a 1, SA n0-N .._
Price
Thursday
Dec. 31
Week'a
Range or
Lau Sale
4
gl
ca0
Range
Year
1914.
High No Low High
Ask Low
Bia
N Y N Li & Hartford (Con.)9912 J'ne'12 ---. __ _
B & N Y Air Line 1st0_1955 F-A
83
74 8918 81 Mch*14 ---. 81 gu 48_1961 J -J Cent New Eng 1st
8
-.... 1063 10838
8
Housatonic R COOS g 5s___1937 M-N 101 ___ 1063 Apr 1
7 5338 83
891
NY W'claes&B 1st ser 1 45's'46 J -J 87 681; 6814
N 11 & Derby cons Cy 5s_1918 M-N 100 _.__ 107 Aug UV --- ---- -...
New England cons 5s____1945 J -J --------------------•
99 WW1 --- ---- ---- .,
1945 J -J
Consoi 48
60
60 Mar14 --- 55 5712
l'rovidenceSecur deb -O. 1957 M-N - - 62
N Y O& W ref Istg4s____01992 M-S 73 82 78 Dec'14 ---. 78 88
only_01992
Registered 55,000
;3
1955 J-D ---_ ____ 8143Ich'14 --- 8114 - 14
Genera148
92
94
'Norfolk Sou 1st& ref A 0_1961 F-A ---- 88 WI J'ne 14.... 100 9712
May 14 -_-.
10215
'
1014
M-N 1941
Norf & Sou 1st gold 5s
Noni & West gen gold 08_1931 M-N 115 ____ 116 Dec'14 ---- 116 12038
Jan i• --Improvement& ext g 0_1934 F-A --------111 J'ly '14 ___ 11_ 12..
0
8
1932 A-0 115 120 120
New River 1st gold 65
96
2
9212
N & Wily 1st cons g 48_1996 A-0 92 9212 9212 ay'le ---- 92 94
94
1996 A-0 .. ---- -94
iteGistered
4
1944 J -.I iili 90 8712 Dec'14 -__ 8612 918
Div'l 1st I& gen g 4s
8
1932 J-D 98 101 1024 Apr '14 .--. 101 1033
10
-25-year cony 45
6/2
M-S 98 101 9 Dec'i4 ---, 984 1054
1932
10-20-ye8r cony 48
10114 12 9812 1053
4
1938 M-S 101 1024 100
Convertible 4 Sis
4 8614 904
8912
Pocah C Sc C Joint 48_1941 J-D 8912 Sale 69
_
3
C) C& T 1st guar gold 5s 1922 J -J ---- ---. 106 4Jan '13 ---- ____
9038 6414
9414
Selo V & N E 1st gu g 48_1939 14-N --__ 941s 89 fly '14 - --- 8838 96
8914 62
1997 Q-J 89 Sale
Northern Pacifi.:priJr i g 4s
9 88 954
89
1997 Q-J 89 Sale 88
Registered
6234 20 6238 6838
a2047 ..F 62 6234 6212
General lien gold 3$
7 -F ------- 66 J'ly '14 --- 6514 67
a 04
Registered
4
13 2::. .
0
.
9
9_0_ .
::
.
St 11.01-Duluth Div g 4s_1996 -D L _9... 10900,2
Sep
Dul Short L 1st gu 5s____1916 M-S
8
-___ --__ Ill J'ly '14 --- 1107 1124
St P & N I' gen gol 0-1923 F-A
11538 Aug 11 --- ___ ____
Registered certificates_1923 Q-F --__ 112
_,
St Paul & D Intl] 1st 5s__1931 P-A ------ 107 Jan 12 ---- -.:- 1914
7:...
.ay'14 ---. nit - ___ 10114 e
1917 A-0 luu
2d 5s
1968 J_D --------87 Feb •14 -• 87 87
1st consol gold 45
_
___
1948 Q-96 ------ 8112 Dec 13 --- 112 11314
Wash Cent 1st gold 4s
1
112
Nor Pac Term Co 1st g 6s 1933 J-j 110 112 112
„1-j 82 84 8834 J'ly '14 --- 8834 92
Uregon-W ash 1st & rel 45_1061
Pacific Coast Co 1st g 59. _1946 .3-1) -_-- 9812 1004 J'ly '14..., 9914 10312
& ennsylvania RE
1 98 100
98
1923 M-N *--- 98 93
1st real est 548
1919 M-S 101 ---_ 102 May 14 .... 102 102
Consol gold 55
1943 M-N 9812 --__ 10014 J'ly 14 -,._ 9914 10014
Conseil gold 49
8
8
8
963 86 973 6113
8
Convertible gold 3 Yic..„01915 J -D 993 Sale 994 3'ne'14 . 9812 994
01915 J -D -------9914.
Registered
96 9812 10218
98
1948 M-N 9612 98 9612
Consul gold 4s
Dec'14 ..... 9312
Alleg Val gen guar g 0_1942 M.8 9212 ____ 9312 11,12'14 ... 01 97
91
- 91
D It It R & irge 1st gu 48 g *36 F-A ---_
1943 M-N 97 .___ 9918 Fly *13 .... ____ ___
Phila Balt& W 1st g 4s
Sod Bay & Sou 1st g 58_2924 J -.3 -------- 102
_--„ - -. --- ---Sunbury & Lewis 1st g 4s_1936 J -J -,-- ---- .i.i.,- N121 . --- ._-_ .....
U N J RR & Can gen 0_1944 M-8 93 .... 1U112 4 12
Pennsylvania Co
.
i1023
1921 J -J 10012 -__ 10034 Dec'14- 991
Guar 1st g 4345
1921 J -J 99 10014 99 Dec'14 ..... 99 10114
Registered
Apr *14 . --. 8412
Guar 3 Iis con trust reg_1937 M-S 85 --__ 844 J'Ily '14 .--. 86 86
8712
____ 8712
.
Guar 3348 coil trust ser 8_1941 F-A
3
1916 M-N 9712 -___ 9814 J'ly '14 _-__ 9712 98 8
Trust Co ctfs'tug 3;9s
1942 J -D --------86 M a y'14 ..... 83 8512
Guar 3/is trust ctfs0
1944 J -D ___ 85 84 J'ly '14 --__ 84 85
Guar 3he trust ctfs D
1931 A-0 --_- 9238 92 Dee'14 ...... 92 9512
Guar 15-25-year g 48
1942 M-N ---_ -_ 934 Apr '14 ... 93 9334 •
Cin Leb& Nor gu 4s g
CI & Mar 1st gu g 4;0_1935 M-N --------98 May'14 ...... 98 98
CI& P gen gug 4I9sser A 1942 j_j 984.... 0138 Nov •13 ...• ---- --1942 A-0 98's.... IU9S4JIy 09 ..
Series 1.1
Int reduced to 3/0_1942 A-0 --------9114 Feb 12 . ____ ____
1948 M-N 80 ..... 9918 Out '12 ... ____ ____
Series C 334s
1950 F-A ---- ---- 844 Dee 12 ---- ---_,, .,...Series D 310
Ma)
8014
8614 Erie& Pitts'tug 3340 13_1940 .1-J --------8014 J'ly '14
________ 904
12 .--. .--- ...Series C
iid 95.34 Dec 13 ... ___ ____
40 J J
Gr R & I ex lstgu g 4;0_1141 j-j
Pitts Y & Ash 1st cons 58_1927 M-N --------109 NW' 10 -- . - - 34 iiii
Tol W V & 0 gu 434s A
1931 J -..1 96 ---- 99 :Ply '14 ___ 9f
1933 J -J 98 - 984 J Me 14 ..9812 9812
Series B 434s
1942 M-S ---_ ---- 934 J'ly 14 .... 934 934
Series C 4s
- 99 103
P C C & St L gu 4 hs A
1940 A-0 --------99 Dec '14
99 Dec '14.... 99 10212
1942 A-0 ____ .
Series B guar
11142 M-N ---- 9958 101 J'IY *14 ... 101 101
Series C guar
1945 M-N --------94 J ne '14 .._. 93 94
Series D 4s gurx
1949 F-A -___ --__ 92 J 'ne•14 .... 9014 92
Series E 350 guar g
1953 J -D -------- 9514 Jan 14 .... ___ ____
Series F gu 4s g
1957 M-N --_-__ 9712Jan 13
Series0 4sguar
C St L & P 1st con g 5s
1932 A-0 --__ --- 0612..may*14 ___ 10612 10612
1921 Q-F --------10114 erity 14 _ 19114 10114
Peo& Pek Un 1st 't Os
2d gold 4/0
01921 341-N --------89 Feb 14 .._. 89 89
Pere Marquette
-Ref 48_1955 J-J - -- 20 25 May'14 .... 25 25
_.
9
- --__ 40 Dec'13 -. _,_
1955 J-J
Refunding guar 48
/
1921 J -D 65 __ _ 73 may 14 ...... 73 -. 3
Ch & W M 0
--:_ 85 Dec'14.- 85 104
1920 A-0 86
Flint & 11 NI g 65
65 90
1939 M-N *____ 63 65 J'ly '1 ._
1st consol gcld 5s
75 9012
Pt Huron Div 1st g 0_1939 A-0 11.-- 63 75 Apr '14 .
---- -,-- Sag Tus & H 1st gu g 4s 1931 F-A --- .- - -- - Iday'14 ---- 6418 6514
.....
-60 65
Philippine Ry 1st 30-yr s f 4s'37 J -J -: .1084 may 14 ..... 10812 10812
1940 A-0 __-_ ___
P1 411 Sb & L E 1st g 5s
. _
... 11314 Noy'll
..
1943 J -J
1st consos gold 5s
45 ii2 lb;
93
9318
1997 J-J --_- Sale 93
Deeding Co gen n 4s
1997 .1-J ___- ---- 9412J'ne 14 ___ 9435 9412
Lt. Registered
2 91 96
9114
1951 A-0 90 92 91
Jersey Cent coil g 48
Atian City gu 48 t1951 J -J
if ies siiiii _. Fii"2 "ji
1947 ..1-.1 ---t .I._. &(Jr 181 1st it 4s
t Louis& San I. rancisco1931 J -J 107 10914 108 J'ly '14 __ 108 112
General told 0
9734 10212 103 J'iy '14 .... tOU 103
1931 J -J
General gold 5s
7312 80
it L & SF RR cons g 4s 1996 J -J 60 . _. 75 J'ly '1 ..
1 2712 54
40
11 40 Sale. 40
1927 M-1
Gen 15-20-yr 5s
3114 6534
Tr lo certfs of deposit-- _ _ 32 -_ 3114 Dec'14 ....
93 her le ..
0
-- ____ - _
1947 A Southw Div 1st it 5s
6
83
1951 J -J 63 Sale 61
Refunding g 4s
8034 Viet, - ii ..
..
1951 J -J
Registered
1928 46-11. 107 10778 10714 Dec'14 _ 10714 11212
NI con g 68
X 0 Ft El &
i 677 7712
6812
8
K 0 Its & Ni ity ref g 45_1936 A-0 68 6914 8812
7712.1'1y 12 ___. ___ -1936 A-0 -.......
Registered
95
K 0& Al lt & B 1st gu 55_1929 A-0 ---- 95 98 ‘leh 14 .__. 95 1969 M-N 74 7814 77 Dec'1 _ 74 88
it L E. W 1st-. 4s bd ctfe
ctfs........p1989 J J --------60 Dec'14 ____ 60 76
2d g 48 inc bond
4
1932 J -D 80 62 68 J'ly '14 __-- 68 773
Consol gold 4s
10119 651.
_
gins .,an 1
(Ipnieg It Tr 1st •O -, 55.1047 .1 -0
-.
-Continuer' on
11 sCELLANEOUS BONDS
unlit and Electric Ligli:
-C
.
Kluge Cu L...L. & e 6 ae__1937 A
1997 A-0
Purchase money Os
1925 A-9
Convertinie deb 6.i g4s_1939 J- J
r..d 4....11113kn 1st con -c1319
Lac Gas L of St L 1st g 5s 1934 X-F
-O
Eel and ext 13t 75s 4s
1927 41-N
Milwaukee Gas L 1st
1948 J -D
Con Gas g 5s
Newer'.
II St l' g 5s
N 111(L money 't 4s
9
114: Purchase
1995 .1-J
Ed r_41 III 1st cons g 5s g 58 1930 F-A
con
N Y&QEI L & P 1st g 5s
1921 8-I\
N Y & Rich Gas 1st
.**.: E
Pacific0& Biro Cal G
.1-N
1937 1
unifying& ref 5s
Corp
1st& ref 20-yr
rac P ,w& LtSeries
1930 F- A
Internal
5s
:58-1949 '-E3
Pat St Passair G &
bld and asked.
*No price Friday;latest
Gas z.nd Eiect. it L:ght
11434 J'ly '14
Peo Gas & C 1st con 4 0_1943 A-0 110
9914 100 9938 Dec'14
1947
Refunding gold 5s
11)47 dl S
'I* Net) Ix
Registered
101 Dec '14
0-L & Cke 1st gu g 5s-1937 J -J
111112 May 14
Con 0 Co of Cii lstgu it 5s1936 J -D
8
93 Mull I?
Ind Nat Gas & 011 30-y Is '36 M-h
99 Dec '14
Mu Fuel Gas 1st gu g 5s 1947 NI-N
2
Philadelphia Co cony 0_1919 F-A 95 97 96 Sep 13
4
1922 M-N 95 97 983 J'ne 14
Cony deben 59
5
8
893 Api 14
.stan Gas & El cony s(6s_1926 J -D
7
dig Mel 14
Lighting 1st. g 5s 1951 J -D
Syracuse
854 J'ne'12
1954 J -J
Syracuse L & P 55
toti,J•ne 14
1949 A-S
Trenton G & E lst g 5,
98 Dee'14
& P 1st g 0_1932 M-S
Union Eiec L
9412 J'iy •14
1533 M-N
Rel & ext 58
3 90 9518
92
92 94 914
101 Met) 14
1950 J-J
Utica El L & P Ist 5s
10111. Dec 1,
1057 J -J
8834 904 Utica Gas & K ref Os
ssia 8834 J'ly '14
1043
1960 .3-0
4J'ly '14
Westclucter Ltg g os
100 100
Ms 100 100 Jan '14
Option sale.
J191. 0 Due Feb. e Due May, 9 Due June, 0 Due July. 0 Due oat. p Due Nov.
a Due
101 ____ 10114 Dec '14
10912
.10912
109
4
1133 J'ly '14
1104
4
86 87 873 J'ly '14
10014
10014 Sate 10014
9678 100 97 Dec '14
8934
8934 9018 8934
10134 Jan '14
10138
10138 Sal( 10138
8318
83 Sale 8212
1011
2-- 109 J'ly '14
101 Feb '14
9212 J'ly '09
•
-
10114 105
19912 11412
3
113 113 4
86 89
9914 10218
9638 10114
884 914
10134 10184
10012 19518
8212 8734
106 199
101 101
Rif;10234
114 11738
3
98 4 1014
38
i555.10-- ;
9914 10112
;5- fail;
•5Fir, 98
88 9218
100 1004 .
1015810113
98 1004
9412 9412
101 101
iaii.fa'
JAN. 2 1915.]
. Price
,
4 o
.'t Thursday
V
.
.4 a. Dec. 31
Week's
Range or
Las, sale
1.
4i,
-,..c>.
nano,
Year
1914.
a
BONDS
N. Y. STOCK EXCHANGE a
Week Ending Dec. 31
...a,
45
Price
Thursday
Dec. 31
a
41 ea's
Range Or
LAW sate
a2
Range
Year
1914.
I
iSt1N1.)
N. Y, STOCK EXCHANGE
Week 1-ndIng Dee. 31
New York Bond Record—Concluded—Page 4
lap•
gg
c-éôieCcL
Z......t6c..6°,646.: 6: :
1
Ask Low
Ma
Hush No. Low High Wabash (Concluded)—
lita
High No, Low High
AM Low
8 A & A Pass 1st gu g 4s-__1043 J-3 _-__ 80 78 Dec'14 -- 77 84
Lqult Tru it Co :Us
- - 5659 Jan '14 - — - 5632 6659
ST & N P 151 sink - g 38-1919 J-J -__ _ __ 104 Oct '09
Do Stamped
29
iii Yale 27
37 27 5758
Seaboard Air Line 5; 4s____1950 A-0 751; 7912 75 Dec '14 _--- 75 - .
1512
Oct & Oh Est 1st g 5
---- -....- diti Nov•13 .... ___ ......
s---1941
Gold 4s stamped
7519 80 8412 J'ly '14 ---- 8312 86
1050 A-0 ---------------. D Mob n Div let g 44-193980 AuR 12
Des
..ii_
Registereu
1950 A-0
Om Div 1st g 3 45s
1941
- - ---- ma Dec'14 ---- (56% ii
Adjustment Is
J1949 F-A 64% Sale 154
id 'Vol & Oh Div 1st g
gi ____ 73, vILt1 14___. JO 80
2
,
1941
Refunding 43
1059 A-0 -...... 73 7312 Dee'14 --- 7312 7814 Wab Pitts Term 1st43419-1954
g
9 Dec '14 ---712 12
Atl-Birm 30-yr let g 4s__e1933 MS — 82 8512 J'ne'14 ---- 84 8534
Cent and Old Col Tr0o certa7 'aii 7
87
12 62,, 141
4
Car Cent 1st con g Is
8212 ___ 8519 Mch'14 ---- 85 8812
1049 J -.1
Columbia Tr Co ctfs
____ ____ 7 J'ly '14 ---614 1814
Fla Cent & Pen 1st g 5s 1918 J -J --------10314150 18 ---- ____ ____
Col tr ctfs for Cent Tr ctfs
72 Dec'14 ---614 1413
1st land ,ig• ext g 58
1930 J -J --------104 Nov 12 ---2d gold 45
s
158i
a J ly 14 ---%
7
9
Conso.golu Is
__ 100 Dec'14 ---- 100 1017
1943 J-3 100
Trust Co certfs
;
Ga & Ala /Cy 1st con 5s__o1945 J J 10012 1021 10012 10012
1 10
0%10513 Wash Term, 1st go 340_1945
Ga Oar& No 1st gu g 5s 1929 J -J 10058 ____ 10314 Xly 14_.... 10319 1033
1st 40
-year guar 45
4
: ..--- 100 " uee 1"4 ------- ! 14
: ---2 831 S p 1 2
9:40
1945
/j e.
4e
1
-.I44 4
I
..
Scab & Rea 1st 5s
1926 J -.1 10038 ___. 100159 Dec 14-.-- 100513 10033 West Maryland 1st g 433_1912
54 Sale 5314
58
141 5314 80
Southern Pacific 00—
West N Y & Pa 1st g 519_1937
10112 ____ 101
101
2 101 1061
Gold 48 (Cent " ac coil)_c1949 J -D 8314 Sale 8313
3 8212 94
83%
()en gold 4s
194$
771 ____ 77
773
4
2 75 82
__ 90 Feb 14..-- 90 90
Registered
11949 J -D
Income 5s
2/1943
___ ____ 34 Feb 07 -- ____ -.....
20-year cony 43
8
8012 53 798 92
8014
91929 M-S --. Sale 797
Wheeling & L E 1st g 5s---1926
00 102 Sly '14 ---- 100 102
go% 294 94 10358
20
96% sill, 9519
-year cony 5s
1934 JD
Wheel Div 1st gold 58_1928
90 9513 9515 Nov 13 ---Cent Pac 1st ref au a, -19_15249 F-A 8613 863 86
4
8612 55 8514 9413
Eaten & Inlet gold 5s____1930
85 ____ i31 Feb 14 -- ---- -t--91 91
Registerea
11R 1st consol 4s
1949 F-A -„,----- 9412.Fly 12..-- ____ __
65 68 68 Dec '14 ---- 68 80
1949
8719
Mort :oar gold 3 45s_k1929 '-0 87 --__ 8712
2 87% - 4
20
913-year equip 9 f 5s
1922
--------90 Apr 14 ---- I 90 90
Through St L 1st gu 4s_1954 A-0 84 -___ 81 Dec'14 ---- 853 8713 Winston-Salem S B lot 49 1960
4
_ _ 88 Feb 14..i 88 88
G H & 5 AM
'1' lsk 5s_1931 51-N 10258....... 10212 Dec'14 ---- 10212 1083 Wts Cent 50-yr 1st gen 4s 1049
lir,
4
8413 Dec'14 ____J 8314 891
4
Gila V Ci & N 1st gu g 5s_1024 NI-N ---- ---_ 102% Apr 14 ---- 101 102 4
Sup&Dul div & term 1st 43 '36
3
____ 84 885g2'ne'14 --. 86 89%
Hous E & W I' 1st g 15_1933 M-N ---- 100 10258 J'ly 14 --- 10233 10232
10413 J'ly '14.... 101 10412 Manufacturing 353 Industrial
1st guar 55 red
1933 141-N 98 ____
EI & TO 1st ; Is int gu-1037 J -J 10258 ___ 109 J 'ne'14 ---- 109 109
Gen golu 49 ml 2uar
4
1921 A-0 ---- 95 94 May'14 ---- 933 9511 Am Ag Chem isle Is
9914 100 99 J'ly '14
1928
97%102
Waco& N W 'fly 1st a 68 1030 Al-N --_- 115 108 Mch'14 ---- 108 108
Am Cot Oil ext 4 4523 —31915
9838 997 9919 Dec'14 ---- 96 9914
A & N W 1st gu g 5s
1941 J -.1 100 102 103 Mch'14 ---- 10112 103
Debenture 55
90 94 9212 Dec '14 ....- 89 9613
1931
Morgan's La & T 1st 7s 1918 A-0 -------1071231y '14 ---- 10613 1073 Am tilde& L 1st a f g 621_1919
..
4
100 10012 100%
1001
2 100 1081
1st gold 68
1920 J -J 10412 ---- 108143'1y '14 --- 10614 10711 Amer Ice Eiecur deb g 6
1925
---- 82 80
82
13 78% 89
No of Cal guar 4158
1938 A-0 ------ 112 Feb '07 -- __ -- Am Smelt Securities i I 63_1926
103 105 10213 103
21 101 105
Ore & Cal 1st cues 5s 1927 J -J 10038 ---- 100
1001 Am Spirits Mfg g Is
100
2 lee
1015
--- 95 9434 J'ly 14 ...- 94 99
So Pac of Cal—ue a 5s 1937 MN „„........_ 10112 Nov 13-... ____ ___ Am Thread 1st col tr 4s
19__ 94 J •ue•14 .-- 93 94%
19
Su Pac Coast 1st gu Is 3_1937 J -J 86 91 91'3 Sep 12 ---- -- - Am Tobacco 4(4-yr g Us
I69 -_____ 120% Dec '14.... 11712 123
1944
2 713 if;
811
8112
San Fran Ternil 1st 48_1950 A-0 80 82
Registered
____ 12134 av•I3 --- 12114 12134
Tex & N 0 con 'told 5s_1943 .1 -J ---- 97 96 Apr 14---- 96 96
Gold 45
1944-__- ____ 9758 Dec'14 ---- 97 9819
96
1051
8458 Sale sn
So Pac RR 1st ref 423
8458 47 8 7 193N
1955 J-J
977 ,6
38
9
Registered
._ ___ 98 J 'ue 14 --- 98 98
1951
20
Southern—lst cons . 5s_1994 J -J 98 4 Sale 9813
3
983
Am Writg Paper lst s f 5s_1019
___ 67 Dee'14 ---- 6414 78
Registered
1094 3 • J ----- 100 Aug 13 --Baldw Loco Works 1st 521_1940
---- __ 104 J'ly '14 --- 102 10458
9919:
Develop & gen 4s Ser A..1956 A-0 154 Salt. 64
6434 55 62 7812 Beth Steel 1st ext s f 58
9815 Sale 9812
1926
9834
8 9312 10014
Mob & Ohio coil tr g 433_1938 M-S 73 79 78 .J'ly is --.- 77 83%
1st & ref Is guar A
1042
8513 -gm 85
8958 7a 9158 8819
Mem Div 1st 2 4 45-5s1996 J-J --------100 Dee'14 ---- 100 10411 Cent Leather 20
-year g 58_1925
967s Salt 96/93
9719 40 96 100
Bt Louis div 1st g 4s
1951 J -21 ,,-- 343 8613.rly '14 ---- 8359 8611 Consol Tobacco g 45
4
____ _ ___ 9858 J'ly 'la ---- 97% 9811
1951
Ala Oen ft 1st g 6s
11118 J - J 1112 --_ 104341'ne'14 ---- 10412 1043 Corn Prod Ref s 1 2 5s
4
94 ___ 9.5 J'ly '14 ---- 9312 9613
1931
Ala 0t Sou 1st cons A 53..1943 J -D -,.. 981 993 May'14 --- 9934 100
1st 25-years 155
4
;
91 92;4 9214 Dec '14 ---- 91% 9558
1934
All & Danv 'st • 49
1948 J .1 143 .--- 8813 J'ly 14.--- e6, 881 Cuban-Amer Sugar coil tr 6s 1918
8
:
9158 94 9134 .3ec '14 ---- 90 93
1948 J -.3 ---- ____ 82% Feb 12 .--- -„Distil Sec Cor cony 1st :53.1927
2d 4s
--- 56 65/9 Dec'14 --- 523 68
831; 8412 8334
4 751All & Yad 1st g guar 48..1949 A-0 --- ---- 7534 Dee'14 — -- 753 - , E I du Pont Powder 4 45/4_1936
4 825 89%
8458
4
Col & Gr mins 1st Os
93'1y '14 .--- 10' 10158 General Baking Ist25-yr 68_195t5
3%
____ __ . 8712.1117 '14 ---- 87% 901
,
1916 .1-J ,,, --__ 1003
E 'I' Va & Oa Oiv 3 5s
Gen Electric aeb g 34513_1942
76 8258 79 J'ly '14 ---- 77 80 4
1930 J -.I luiCs --__ 106 J'ne '14 ---- 10458106
3
Con 1st ;old 5s
1956 M.N 10319 ____ 10358 Dec'14 -_-- 10318 1081:
Debenture 5s
1023 10614 102%
4
1952
10233
2
E Ten reor lien a 5s
1003 Sale 10033 10034 40 101%10613
1938 NI-El ---- ---- 103% J'ly '14 ---- 10312 10311 lien'l Motors 1st lien 68_1915
9814 10133
Ga Midland 1st 3s
111 Steel deb 4 45s
8214 84 8214
1946 A-0 --- --- 94% May'13 ---- ____ ___.
8214
1940
1 82% 89
Ga Pac I:y 1st c es
Indiana Steel 1st 5s
109 J ne 14-..- 108 109
90 9912 9914
1922 J -J
1952
8 97 10213
9958
Knox & Ohio Isle 623
100 .. 100 Oct 13 --_, ____ ____
1925 3-J ---- ---- 11019 May'14 ---- 109 1101 Ingersoll-Rand lst fis
51935
Mob & His prior lien a 59_1945 J -J ---- --- 105% Nov 12 --- -_-- ___ Int Paper Co 1st con a 65_1918
meta 100%1093s 10038 10 100 103
Mortgage gold 4s
Consoi Cony s f g 55
1945 J-J7s Lich 13-.-- -------8213 8412 8112
1 75 842
8112
4
1935
Rich 3; Dan con g is
1915 J -J ---- 101 10075 J'ly '14--.. 1005 1011, lot St Pump 1st s f 5s
35
3
35 89 35
2 35 6713
1929
Deb Is sta• tped
10314 Feb '14 ---- 103% 1031. Lackaw Steel 1st g 53
go 904 90 Dec'14 ---- 87 97
1927 A-0
1923
Rich & Meek 1st g 4s
1st con 55 Series A
1948M-N f.
”.- 73 See 12 -------------- 65 69 Dec'14 --- 69 7813
1950
So Car & Ga 1st g 5s
5-year convertible 5s_,.__1915
r,1919 121-1 1 119113 10253 100 Dec '14 ---- 99 102
, 3
99 99% 99.
5 9312 99
99
Virginia Mid ser C 623-1916 M-5 -------112 Out '06
.— --- ....... Liggett & Myers Tobac 78_1944
12113 12213 122
122
1 120 12711
Series D 4-,s
5s
10334 Nov 12 - .
1921 A-5
100 sale 9912 10018 16 963 10234
19J1
4
Series 13 Is
1026 M-5 --------102 Dec 13---. ------- Lorillard Co (1')7s
12114 12113 123
122
4 11914 126%
1944
Series F Is
58
104 Mch 13 - -1331 A-8 .
MO sale 100
100
1951
8
. 963 102h
General is
--------10413 May'14 ---- 10212 1041 Mexican Petrol Ltd coy 6s 21.'21
1936 M-N .
92 98 90 J'ly '14 ---- 90 97
Va & So'w'n 1st ;u 59 2003 J -3 99 1003 104 J'ly '14 —2 10312 105
1st lien & ref 6s series C_ _19.1
92- - 95 Dec '14 ---- 93 973
-1
1st con- :50-year 5s
1958 A-0 85 861± 8612
8612
6 8612 931 Nat Enan3 & SUM 1st 5s 1929
90 93% 9112 Dec 4 ---- 91 94
'
.
W 0 & W 1st CY CU 4s
Nat Starch 20-yr deb 55
1024 F-A ---- --- 92 .1'ne•13 ---- ____
80 .___ 84% J'iy '14 ---- 8158 85
1930
West N C 1st con g ,s
1914 J J --------10014 May'14 .-- 10013 1901 NatIonal Tube 1st Is
98 Sale 97
1952
98
9 9612 1001,
Spokane Internal 1st g 53_1955 J J -------858.2'ne'14 --.-9612 983 N Y Air Brake 1st cony 69_1928
(4
91 96 96 Dec '14 ---- 97 991
"Per A 4 St L 1st • 4 40..1939 A-0 96
- .101 .Fly '14 __-- 100 101
Railway Steel Spring—
11- 1st ,on ;old 5s___1894-1944 F-A 10012 102 10014 Dec'14 ...-- 106% 107
Latrobe Plant 1st s t 5s_.1921
95 96 9312 Dec '14.... 9313 9858
Gen refunds f : ts
1985 J.J 82 87 8814 May
Inter-oce
90 92 9914
15 21914 931,
90
St L M BRe 'rer au 5s 1930 A-0 100 102 102 ,J'ne'14 __-- 8514 9012 Repub I & an P 1st 5 f 5s 1031
14__-_, 101%102
S 1st & col tr 5s_1934
--------104 J'ly '14 _--- 1024 104
rex & Pac 181 a 'Id 55
2000 J -1) 95 Sale 95
95
9413 104
10-30
8
-year 5s s 1
90 91 9019
1940
902
1 90 94%
Zd cola Inc Is
92000 Mch ...-- 40 51 Nov 12.....
Standard Milling 1st 5s
86% 89 so Dec '14 --„ 84 891;
1930
La Div B L 1st ,• 5s
1931 J -J --------95 May 14....- 95
The Texas
99 sale 9813
W Min W& N W 1st ;u 55_1930 F-A ---- ---- 10612 Nov 04 _-- ___ _ ii. Union Bag Co cony deb 6s_1931
99
22 " 156
& Paper 1st 55_1930
__-.
Vol & 00 1st g 55
1935 J -J -,-- .. .. 10412.rly '14. -. 10334 1051,
Stamped
_ ____ 9114 Jan'13 — ---- --.
1930
Western Div 1st a 5s__1935 A-0 100
__ 101 Aug'13 __-US Realty & I cony
---- 74 74 Dec'14 ..... 7313 89
General gobIs
1935 J -D -....- --- 10112 Apr 14 -- -98 1011 U S Red & Refs 1st deb g 5s_'24
__.
g 6s
1931
-- 20
18 J'ly 14 ____ Is 20
Kau & M 1st gu g 4s
1990 A-0
---- 8714 I'ne'14 _.-- 8514 871, U S
10119 -,ai, 10118
10139
8 10035 104
1927 3 -,1 ---- 95 98143'1y '14 .-- 9534 283 U 5 Rubber 10-yr coil tr 68_1918
2d 20-yeal Is
9312
titeel Corp—jcoup _01963
MO Sale 99is
10043 82 9013 1031
Vol P & W 1st gold Is
1917 J -J..
r: 78
8 f 10-60-yr 5slreg
75 .a"14 ---- 75 80
100 ____ 993
.:1963
11193
1 9912 1031
8
4
Vol S;L & W pr lien a 3 45s_1926 J -J 747 78 8034 J'ly '14 ...;
Va-Car Chem 1st 15-Yr
8034 82
8e12 90 90
5s- 1923
923
4 25 90 98
50-year gold Is
40,8
6 40 60
1950 A-0 4014 --__ 40
West Electric 1st Is Dec 1922
100, Sale 100:4
4
101
32 9912 1021
Coll tr 4s g ser .
1917 F -A ---- 39 43 Inc 14 „-- 43 50
Westinghouse E & M s f 58_1931
9058 .sale 89%
9012 66 89 961
rJr Ham & Buff 1st g 4s_h1946 I -D -------8513 J'ne 14,.._ 85 851
10-year coil tr notes 5s1917
9713 9814 9712 Dec '14 --- 2634 9114
Pfister & Del 1st cnn a 55_1928 J -D *---- 101 100
100
1 100 1014
5
-; 1st refunu
Is
1952 A 0 ---- ---- 76 Apr •I4 --- 74 76
.
miscellaneous
Unlan Pacific
Adams Ex coll tr g 43
1948
70 75 70
70
1 70 803
1st RR & land ;rant • 4s.1047 4 J 9475 Sale 947
II 94 983, Armour & Co 1st real es03 45s '39
95
91'3'ale 9012
91% 12 sins 931
,
Registered
98[4 J'ly 14 -- 9512 981, slush Fermival 1st 48
11447 J -J
1952
---- ____ '11'7 J'ne 14 ____ 4112 88
20
-year cony 4s
8812 Sale. 8814
89
1927 .1 -J
36 8514 932,
consol 58
1955
'86 88 87
8712
3 87 93
1st & reit 45
142008 M-5 88 8914 887
8919 37 88 95
Blass 53 guar tax ex
1060
*83 8512 8513 Dec '1 _ _
85 s81,
Ore fly '.. Nay •on 4 4s_1946 J -D 90 90-,, 9112 Dec'14 ...-- 8919 94
Chino Copper 1st cony 6s 1921
_=__
196 Apr 14 150 166
Ore Short Line 1st a ss_1922 F -A 10712 Sale 10712
10715
I 107 1103 Granby Cons M S& Pcom 6s A'28,
9
6 99 9812 Dec '14 ____ 55 1051
1st gonsoi 5s
1046 J J 103 105 103 Dec'14..-- 10234 108
tusplr Cons Cop 1st conves 1922
97 Sale 9614
13 95 103
97
Guar refunu 48
87/
1929 J D 8758 side 87
8 17 851 941, Mt Atercan Marint 4 45s
1922
30% -lit 3018
4 35 2934 61
303
Utah & N .5r ;Mu is
1926 J J 100
_
108 May It __
--- ___. tot Navigation 1st s f 5s
1929
____ 60 72 J'ly '14 ____ 715 771
1st extende; 4s
8
1933 3-1 --_- 99
Mont& .a l'Ower 1st 58 A _ _1943
89 891 Ms Dec '14 ____ 90 941
I7andalla Jens 45 Ser 4_1955 F A 87 ---- 93 Apr '13 --- .--- —. Morris & Co
ist s f 4
19.39
-_-- -___ 73812Jan '14 ___ SS% 881
• Consoi 4s series B
1957.4-N 87 ____ 9214 May 14__.. 9214 92( Mtge Bond (N Y)4s45s
ser 2 _ _15166
---- --- 83 Apr 14 ._. 83 83
Vera Cruz . 1st •ii 4 45s.1934 J -J
97 94 Oct i
10-20-yr Ss series 3
1932
-------- 100 J'ly •14 .. 100 100
Virginian 1st •s Series A
1962 M-N ---- Sale 9512
9512
9519 -113 -8814 166 N Y Dock 50-yr 1st g 4s
1951- _
7934 Dec '14 ____ 77 741
IA/abash 1st 40111 .s
1939 ..2-1
, 97 Nile 97
.
9712 12 9612 106
Slag Falls Pow 1st 5s
1932
99iOli 99
99
• • 2d Kula as
6 99 1011
19.9 F•A 87 90 8712
8919
8 87 100
Slag Lock & 0 Pow 1st 5s_
____ ___ 92 May 14 .._ 92 93
Debenturt -series B
1939 J • J --------90 J'ne 12 _.. ..
_
Ontario Power N r 1st 5s_ _1954
_1943
94 94; 9514 J'1Y '14 --... 913 951
1st lien -mule s Id 2 5s
1921 M-S 85 88 90 J'ly '14 ..- 90 98
8
'uteri° rransmission 5s
1945
90 ___ 95 J'ly '14 ... 92 95
1st lien 50-yt a term 4s_1954 1-1 65 ___ 75 Apr 14
27 78
Put Serv Corp N J ;en 5s
8634 Sale 8634
8719 22 8613 91
1st rd i and ext 4s
1956 J -J 3379 Sale 2934
34
167 2734 611 .tay('onseOpper 1st cony 1959
6s1921
103 103'± 10234
---------5(114 May'14 .
Cent Tru•4 Co Ms
10234
2 10043 1171
4912 651 Sierra & S F Power
_ f3. 1124 Feb '14 ..
,214 921
Do Sta • evil _
63 Apr 14..__ 50 561 Wasu Water Pow 1st 523_1949
1st 5s_1939
97 _•_ 10312Jan '14 ._. 1031- 1031
3111sCELLA 4LOUS 0 )1 10.2—Concludeti
4
,•,
relegraph Cc 1 elephone
Burl & b1141.1 1.4,1 •
8512 88 92 J'ly 14
J
92 92
Am Temp & Tel coll If 4s_1929 J -J 86% Sale
Debenture .,s
867
8714 23 85 8958
5
al3126 4.5
80 80 J ly '14
80 80
Convertible 48
1936 32190 95% 91% Dec '1
Ool-F & IC, 'en 81 .• 5s_ _ _1943 F-A
913 9714
4
87 Dec'14
86 99
20-yr convertible 4 45s
19.3 ..3-S 95% sale 95%
Col Fuei gen Ss
96 -ioi A 100
1919
105 J ly '14
106 105 Cent 01st Tel tat 30-yr 5s_1943 1-0 977
9734 Dec '14
5
001 Indus 1st & eo11.5 tu_1.34 FA
9734 99%
71 J'ly 14
71 82 Commercial Cable 1st g 4s_2397
_
- 88%.14m 14
Q- J
Cons Ind Coal Me 1st 5s
1935 I'D
2.1.s 88%
73 Mch'14
73 79
Registered
2397
84 79 Apr 14
CIons Coal 01 Sla lst&; d 5s '950 3-0
77% 79
92% 89193'1y '14
89 9012 Cumb'd T& T 1st& gen 5s_19 7
947; 9612 9.5
95
J
8 5412 9814
Continental Coal 151 g 55..1952 F -A
99 9919 Feb 14
99% 9919 Keystone Telephone 1st 55_15.135 I j
8919
J
89% 8914
Ur Itiv
C lst g 1s_a1519 A-0
9812 10233 Apr 06
• MetropolTel&Tel 1st s f5s_1018 A-N 99% -_,,- mu% Dec'1 ..„ 10114810034
J'ly '14
Kan & H C & C 1st s I 4 Is. loll J J
93 Mch 14
Mich State Telep let 5s_ _1924 F -A 9633 98 .3878J'Iy '14
963. 100
Pocah Con Collier 1st s I 5s_11,57 J
8512
86 J'ly '14
84 8814 N Y& NJ Telephone Is 2_12,20 41-rs 100 105 101 Dec'14
101 101
St L Rock MI&
1st 5s
1955 J -J •---- _- 78 .1'ly 'It
77 82
N Y Telep lst& gen s f4 45s 1939
95 .41. 95
95
9412 ssi2
Tenn Coa. gen 5s
11151 J -J 9714 100 100
100
2 9719 1031) Vac Tel & Te.1st 5s
1037 J 9413 95 9 4
94%
5 94
43
9934
Birm Div 1st consul 6s
1917 J -3 10018 100 4 100% Dec'14
,
9934 103
South Bell Tel& T 181i1 f 55 1941 J
9614 9612 9614 Dec '14
95 4 100
3
Tenn Div 1st g Gs- ....._a1917 A-0 10018 101 10158 J'ne '14
101 102
West Union col tr cu. 55_1938 1-1 927 95 98 Dec '1
8
95 9812
Cah C SI (' 1st (111 Gs-1922 1-0
101 Dec '14
101 10114
Pd and rea est g 4 458
15i50 A-N 88 88 4 88
,
88
Victor Fuel 1st s Is
8912 93
1953
84
73 A a• 14
73 73
Mut Un Tel au ext
il-N
_ 104
nr .1
Va Iron('oal&eJlie 1st 58 1949'I-S 80 90 90 Ply '14
90 9512
North'-est Tel •••ti 48s 52_1934 J • .1
87% ---- 13 Ian la
"No price Friday- Attest bid and asked. a Due Jan. 4 Due April, e Due May. 0 DueJune. Si Due July. k Due Aug. *Duet/et
ellue Nov. Due Deo. 8 09t1On Nue
-gg"
• _
BOSTON STOCK EXCHANGE-Stock Record
46
Sates
-NOT PER CENTUM PRICES.
SHARE PRICES
Tuesday
Dec. 29
onday
Dec. 28
Saturday
Dec. 26
Wednesday
Dec. 30
8 93
4
8934 904 *913 924 *9214 923
.
*9834 9912 *9812 9912 *9812 994 *9612
182
182 182
182 182
•180
944 94
94
95
95
95
*94
- lairs 3312
34
33 ;aa" - 1 - -31
•212 __ *215
_ *212
-
33
215
•
;174 ill ;ii2 "a"
•____
*115
.83
*96
93
9712
182
94
"a" ;57" 40
Ma" ai" 103 ii5S-
;373.
4
•
-_-_ 104
175
_ 175 *____ 175
7612 76
76
•____ 77 •
•115
6.15 _
3
*115
86
•85
86
*84
86
86
*83
9612 98
*9612 98
9612 •
9612 •
96
9
9
9
55
*50
55
*50
54
54
*50
3
54 4 5514 534 55
54
4
543 5512
175
76
*50
54
j431
*2014 23
•11412 115
*2014 23
•2014 23
11512 11614 116 116
*rig" al" ▪
143l
*2014 23
1154 11512
fa"'Ea" la" *ii4" fiE"
.1
4 6612 6612
4 668 663
3
4 66 4 663
•6612 663
*82 _ _ +82
83
*82
83
*82
Thursday
Dec. 31
Friday
Jan. 1
of the
Week.
Shares.
8
Last Sate 997 July'14
;iii" 95
Dec'14
Last Sale 150
33
32
Last Sale 227
Last Sale 7
Last Sale 50
Last Sale 612
Last Sale 38
Last Sale 160
July'14
July'14
July'14
Nov'13
Dec'14
Mar14
Last Sate 170 Dec'14
Last Sate 11512Dec'14
Last Sale 8412 Dec'14
Last Sale 9612 Dec'14
Last Sate 54 Dec'14
5412 5514
Last Sale 10312July'14
Last Sale 2014 Dec'14
Last Sale 834 June'14
Last Sale 130 July'14
4
4
663 663
Last Sale 83 Dec'14
48 •____ 48
48
_ 48
48 ▪
48
•_ _ 48
91
9012 91
90
90
90
*8912 90
*215 - 2
i1214 21
3
24 212 *2
3
*2
1712 1712
18
1712 1712 1712 1712 1712 1712 *17
104
4
4
10314 10314 10312 10312 10312 10312 1033 1033 104 113
113
11212 113
11312 11312 113 11314 11214 113
11712 11814 118 11814 118 11814 z116 11614
117 117
Last Sale 15 Mar'14
+15
7624 77 77 78
4 f
5
7514 7512 75 8 763 "7 f 77 "7
*5812 5912 *5812 5012 +5812 5913 5912 591_
Last Sate9812 Dec'14
99 •__ _ 99
S._ _- 99
June'14
Sale
512
•__ _
Last Sale 1412 July'14
14 *_ _ _ _ 14 *__ 14
+_14
•312 10
91412st
6
*912 10
10
;ii2 10 • *1118
3
3
14834 149
28 28
248 249
248 248 •
248 248
*248 249
8
13712 139
138 13812 1383 139
*137 139
101 •10012 101
101
•100 101 •100 101
8412 841
84'± 8482
8412 8412 85
84
*8212 84
8612 87
87
87
87
*8512 8612 8612 8612 86
- - 200 200
-_
-Easiliai 3 July'14
Sale 18
;ii"
"a" witi" 15 ;ii" "a" •40 "a" Last Sale 55 July'14
July'14
Last
50
50
+40
50
*40
50
*40
Last Sale 20 July'14
20
20 •__ 20 •____ 20
Last Sale 38 Dec'14
9
0
2
13 14 2914
12914 129'4 12814 12814 Hire 1281"4
1501k
150 15012
*150 15012 150 15012 15012 15012 •18
Last Sale 18 Dec'14
1812
1814
4
7
•17 8 1814 •174 1814 •18
104 10412 10412 10514
10412 10412 10412 10438 10412 10412 *28
Last Sale 28 Dec'14
30
29
*28
29
28
29 •
•28
28
4 28
283
4 27
283 •
4
283 *27
*27
•274 30
3.75 .95 •.75 .95
.95 .95 .
•34 1
ii§" 121
117 120
11478 115 117
3
113 113 4 1134
8
543
54
54
54
5312 54
54
54
54
54
8
4 283 284
s
4 2812 2812 *283 283
3
.283 283
2814 2812 3
7
49 4912 48 8 4912 4918 4912
4912
48
48
48
4
8
8
4
4
53 1043 1043 1045 1045 104 1043
•104 104
STOCKS
BOSTON STOCK
EXCHANGE
Range for P761110143
Year 1913.
Range since Jan. 1.
-share tots.
On basis of 100
Lowest.
Highest.
Lowest.
Railroads
1 Atch Topeka & Santa Fe_ _ 100 90 Dec 24
100 9738Jan 15
Do pref
100 217712 May29
6 Boston & Albany
100 77 May 8
27 Boston Elevated
100 150 Dec 16
Boston & Lowell
12
100 30 ny 20
105 Boston & Maine
PrOVIdenCe _ _A00 225 May 1
Boston QL
7 Mcb 2
Boston Suburban Elec Cos--50 July10
Do pref
Boston & Wore Electric Cos35 July17
Do pref
Chic June Ry & U S Y1OO 160 Mch23
103 Dec 29
55 Do pref
100 170 Dec 23
Connecticut River
100 75 July 3
4 Fitchburg pref
Georgia Ry & Elec 8tmpd_100 11512 Dee 16
0
83 Jan 3
1)0 17
100 90 8 Jan 5
7
Maine Central
100
9 Apr 22
5 Mass Electric Cos
100 54 Dec 16
Do pre stamped
7
100 49 8 July16
841 NY N H & Hartford
Northern New Hampshire-100 100 May 6
100 140 July17
1 Old Colony
100 19 May 8
Rutland, pref
4
100 1133 Dec 24
55 Union Pacific
100 82 Apr 17
Do pref
Vermont Sr Ma8sachu5etta_100 115 Jan 9
50 6512 June 4
183 West End Street
50 82 Dec 23
Do pref
100 July 8
1013,Feb 10
195 Jan 5
10114 July15
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
Miscellaneous
15 Amer Agricul Chemical__'00 4714 Jan 2
100 89 Dec 21
238 Do lira
50
2 Dec 14
10 Amer Pneumatic Service
50 17 Jan 2
110 Do pret
100 9714 Mchll
179 Amer Sugar Refining
100 108 M ch30
130 Do pref
100 11514 July30
1,654 Amer Telep & Teleg
100 14 Mch 4
American Woolen
100 723 Mch 4
4
445 Do pref
574 Dec 12
5 Amoskeag Manufacturing_
4
973 June25
Do pref
5 Feb 19
AU Gulf & W I 8 8 Lines-100
100 1312 May27
pref
Do
Int Dee 31
10
410 East Boston Land
100 238 July30
35 Edison Electric Illum
100 137 Dec 24
Electric
151 General
4
2 McElwain (W H) 1st pref-100 983 Apr 30
100 78 July30
519 Massachusetts Gas Cos
100 86 Dec 15
pref
328 Do
100 200 Dec 23
1 Mergenthaler Linotype
10
214 May13
Mexican Telephone
River Power__100 18 July27
MiesissipPi
100 55 June26
Do pref
New Eng Cotton Yarn_ _ _ _100 20 Apr 9
100 38 Dec 1
Do pref
71 New England Telephone_ _100 1284 Dec 2
100 148 Dec 1
121 Pullman Company
10 16 Jan
Reece Button-Hole
100 10314 July30
352 Swift & Co
25 27 Feb 2
Torrington
25 27 Mch2
20 Do pref
25 .95 Dec 2
50 Union Copper L & M
100 z113 Dee 2
1,162 United Fruit
313 United Shoe Mach Corp.._ 25 5214 Dec 1
25 28 Jan
67 Do pref
1,759 U S Steel Corporation--100 48 Dec 2
100 10314 Dec 24
30 Do pre:
40 Jan 26
163 Jan 15
107 Janet1
200 Jan 24
93 Jan 28
124 May 1
7
88 8 Apr 6
99 Mch28
14 Jan 23
6612Jan 24
7
77 8 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16324 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12
9112 Oct
4
955 July
183 Dec
82 Nov
150 Dec
35 Dee
23812 Dec
7 Sep
57':June
5 Feb
3612 Dec
162 Sep
10112 June
200 July
68 Dec
z115 Aug
8212 July
91 Dec
1012 Dec
63 Dec
4
653 Dec
100 Dec
150 Dec
25 Aug
13912 Jun
804 Jun
105 Dec
6714 Dec
85 Jul
3914 Mch19
98 Junel5
4 Jan 31
22 Jan 31
11014 Jan 2
115 Dec 16
124 Jan 24
15 Mob 4
83 Jan 26
67 Feb 13
10012 June18
9 Jan 23
4Jan 16
163
1412 Feb 11
265 Mch 4
15012Feb 20
102 Jan 23
8
943 Feb 17
96 Mehl°
21534 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
20I July 2
4
1073 Mch 9
31 May21
29l Jan 20
2 Feb 4
173 Feb 13
4
613 June 4
3018 July23
6714 Jan 31
8Jan 26
1123
41 Sep
894 Dec
212 June
16 Nov
9912 Dee
10818 Dec
11014 Dec
1514 Dec
74 May
59 May
9284 July
5 Jan
10 Jan
9 June
234 Dee
130 June
95 May
87 Apr
86 June
209 June
3 Jan
30 Nov
70 Dec
17 Apr
7
63 8 Apr
127 Dec
149 Dec
144 Apr
101 Jun
26 Sep
26 Sep
4
3 Jun
147 Jun
4112Jun
2638 Jun
50 Jun
1024 Jun
Highest.
10614 Jan
101$,8 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
1612 Oct
65 Mch
714 Mch
45 Jan
166 Feb
107 Mch
260 Jan
122 Feb
126 Feb
88 Selz
110 Mch
8Feb
193
79 Feb
130 Jan
130 Feb
j761 Feb
35 Mch
16214 Jan
901± Jan
150 Feb
814 Feb
100 Jan
57 Jan
994 Jan
412Jan
4
238 Jan
11812 Jan
1174 Feb
140'± Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
28812 Jan
4
1863 Jan
104 Jan
93' Jan
5
95 8 Moil
220 Sep
312 Feb
4114 Seri
7012 Dec
50 Apr
9112 Jan
160 Jan
16S2 Jan
18 Sep
108 Mch
2812 Jan
2814 Jan
2 Jan
182 Jan
5534 Feb
2819 Feb
69 Jan
111 Jan
Mining
6 Jan
1 May
2 Jan 22
1 Apr 14
2
4
13
114
125 Adventure Con
138
138 •1
8 *1
13
330 Jan
114
2 2393 Apr 22 300 M ch24 230 No
4
8
13
11 Ahmeek
250 250 *240 250 *___ 250
255 255
2
243 Oct
1
4
4
-- _
19 July30 283 May18 w83 June
16,552 Alaska Gold
5
7
2714 2614 26 8 26 8 2714
2614
27
*255- 4 25
12 Dec 2
14
2 Jan
2418 243
2
4
13 Jan 20 .15 Ma
,Algomah Mining
Last Sale .90 Dec'14
.50 .75 •.75 .95 •.50 .90
3412 Jan 8 43 4 Feb 18
4214 Jan
.70 .95 *
3
2912 Jun
2
•
601Allouez
*3512 36
35
35
36
35
35 •
35
3
62 Jun
80 8 Sep
*3414 35
980 A malgamated Copper_ _ 100 49 Dec 10 7814 Feb 4
4
5138 513 52
8 51
3012 507 5214 5114 523
8
*go
8Jan 30
1212 July30 213
3278 Feb
1514 Dec
3.340 Amer Zinc, Lead & Smelt_ 2
4 17
1714
4
163 173
7
1714 1612 17 8
314 Dec 22 634 Mch 4
1514 1614 16
214 Jun
512 Sep
180 Arizona Commercial
3
3 8 33
8
8 35
35
7
8 38
*33
4
3
3 4 33
8
14 Jul
*34 35
1
44 Feb 2
2 Apr 22
6 Oct
110 Butte-Balaklava Copper
24 214
214
214
+214 3
*214 3
1
45 Jan
*214 3
1814 Jun
25 July30 40 4 May18
3
5,334 Butte & Sup Cop (Ltd)
3512 363
8
4 3514 3618 353 36
353
1 35
4
5612 June 728s Jan
333 333
1
53 Dec 24 7018 M ch25
448 Calumet & Arizona
55
4 55
5514 5312 543
0412 56
55
54
53
25 350 Dec 12 460 Feb 13 388 Dec 655 Jan
33 Calumet & Ilecla
350 350
350 350
350 353 *350 360
*350 355
10 June 18 Jan
2
14 Jan 9 19 Feb 4
80 Centennial
*1412 1514
1414 15
15
15
15
15
15
+14
3014 June 4712Jan
3014 Dee 23 4312Feb 4
310 Chino Copper
*3312 34
33
8 33
335
4
3312 323
3214 32
53 Jan
32
32 Dec
4
Copper Range Cons Co--100 29 Dec 10 403 Feb 4
430
4
3114 313
3112 31
31
4 Jan
304 3012 3112 3112 31
2 Sep
3 Feb 6
2
4
13 May19
55 Daly-West
214
214 *2
214 +2
214 212 +2
214
914 June 1518 Jan
1
8 Dec 10 13 Jan 26
470 East Butte Copper Min
5
*8 8 9
9
*811
9
9
4 94
83
834
*8
212 Dec
9 Jan
7
7 8 Apr 6
2
212 Jan 8
5 Franklin
*44 5
*412 5
4 5
8 *43
458 45
+412 5
51 June 7814 Sep
100 60 Dec 19 91 Feb 4
172 Granby Consolidated
60
60 60 *_ _
60
60
60
60
60
354 Aug
5
27 8 Oct
8Feb 4
100 2114 Apr 25 423
73 Greene-Cananea
2414 25
25
24
2414 *2418 25 •
2412 24
12 Nov 25 Jan
•23
11 Dec 10 22 Feb 4
2
40 Hancock Consolidated
4
1312 *1234 1312 124 1214 123 123
131s •13
35 Apr
274 Jan
•12
1
28 July25 30 Mch24
Iledley Gold
Last Sal 29 Dec'14
+2712 30
30
27
4
8 Jan
30 •
+27
14 May
30
I2Jan 8
*27
.25June12
2
Helvetia Copper
Last Sale .40 Dec'14
3.30 .45 '.25 .40
17 Jan
3 Oct
612 Feb 20
.30 .45 +.30 .35 .
•
2
3 Apr 24
20 Indiana Mining
4
4
*3
34 318 *3
4
*314
4.34 4
4414 June 59 Jan
1 4412 Dec 21 5014 June10
Island Creek Coal
4
46
Sal 443 Dec'14
Last
*4412
4
*443 46
*4412 46
4
*443 46
I 81 June 2 8912 June20 79 July 874 Jan
Do pref
Last Sale 8712 Dec'14
*854 88
*8512 88
*854 88
7
16 June 33 8 Jan
*8512 88
25 16 Dec 26 24 Feb 4
245 Isle Royale Copper
18
18
18
•16
18
4% Nov
5
2 8Jan
1712 1712 1712 *17
618 July18
16
7
3 8 M ch28
5
44 41
39 Kerr Lake
434 4.4
1 Aug
3
3 8 Feb
412 412 *438 412 •414 412
25
218 May 5 4% Feb 18
Copper
100 Keweenaw
7
*2 8 318
2% 3
4 3
318 4,2% 2% *23
5 Nov 2612 Jan
25
5 July30 1012Jan 16
514 31
552 Lake Copper Co
5 4 511
312
514 578
512 6
•
314 June
25 3!,6 Dec 21
54 Feb 14
514 Jan
195 La Salle Conner
314 3l
374.5 3
312
34 314 *3
3
33
4 Jan 16
34 Nov 1012Jan
114 Dec 31
*3
5
100 Mason Valley Mime
11
114
8
13
•114
,
*13
4
13 Nov
s --2 Mob 7 e512 May23
54 Jan
•13
Massachusetts Consol__ __ 25
Dec'l
*312 4
Last Sal 4
414 *31, 4
•34 44 *31
154 Jan
5 Nov
9 Jan 28
25
3
3 4 Junel6
50 Mayflower
412 412
458 43
4 *412 5
4 43
43
*44 478
a 1634 Dec 29 2418 Feb 16 2014 Jun 264 Jan
70 Miami Copper
*1634 17
17
4
163 1634 17
2 Apr
114 Feb 18
.50July 2
25
4
•163 1714 •1654 1714
h Dec
Michigan
Dec'l
34
Last Sal 1
4
3
'2
3
•12
4 1
*3
38 Nov 65 Jan
25 39 Apr 22 4912 Dee 17
1
4
33
154 Mohawk
47
481
*4613 47
47
47
4678 47
47
a 10 Dec 11 1658 Feb 4 13 Jun 1984 Jan
47
166 Nevada Consolidated
8
8
113 1112 117 117
12
•Ilas 115
712 Dec 16
21 Jan
8 1112 1214 *1112
12 Jun
8
17 Jan 14
1,875 New Arcadian Copper-- 25
6
6
6
6
8
618 63
6$,
yi2 Mch
6
714 N ov
4
818 Jan 22
5
5 July30
3
5 4 53
125 Niptssing Mines
7
.55
3 8 5
6
6
613
6
6
341 Jan
*6
613
2134 Jun
15 193 Dec 10 30 4 Feb 4
4
3
2,767 North Butte
7
4 22 8 23
2212 2314 2214 223
24
284 Jan
7
.99 May
22 8 23
258 Feb 4
25
.95 Apr 25
22
150 North Lake
11
112 •114
1
11±
•114
112
4.14
112 11
2 Jan 23
25
12 Jun
314 Jan
4
3 Apr 22
Dec'14
01Ibway Mining
Last Sal
*34 1
-4
33
4 1
*3
88* Jan
3 Apr
4
234 M ch30 53 Jan 28
25
4 1
3
.
80 Old Colony
5
5s
+3 8 4
3
va
5
*3 8 4
312 31
4134 Jun
3
*3 4 41
56 Jan
25 44 Dec 28 54 Feb 4
100 Old Dominion Co
44 'P.__ 44
*43
44
44
44
43
6714 Dec 107 Jan
25 64 Dec 24 84 Feb 4
*41
Osceola
Last Sale 64 Dec'14
68
*65
68
65
*
70
*65
15 Jun
2814 Jan
4
7
68
10 123 Dec 24 20 8 Jan 22
•65
1,500 Pond Creek Coal
1314
8 1314 1314 1278 1314 13
133
13
5214 Dec
80 Jan
8
25 517 Dec 14 68 Feb 5
*1212 13
20 Quincy
52
52
53
*52
53
*52
53
53
1514 Jun
22 Jan
53
*52
471 Ray Consolidated Copper- 10 15 Dec 23 2212 Apr 6
4
*153* 153
1514 1512 1518 1514
151
15
15
30 No
46 Jan
15
15 St Mary's Mineral Land_ 25 28 Dec 23 40 Feb 25
4
3
4
283 *27 4 283
4
283
3
4
*273 28
214 Jan 27
1 Jun
28
1 J/01 7
4
3!.( Aug
28
100 Santa Fe Gold & Copper__ 10
14 118
*114 112
•114 11
112
*114
1313 Jan
5 Dec
712 Feb 16
10
414 Dec 12
*114 11
300 Shannon
*412 5
8 5
45
3
44 5
5
5
4
21 Feb
10 18 Dec 26 293 Feb 4
31 Sep
4 5
*43
35 Shattuck-Arizona
19
*18
19
*18
19
19
19
•18
.23 Feb 9
.15 Aug
18
.10 June 1
.35 Jan
5
18
South Utah M & S
Last Sale .12 July'14
.12 .20
.12 .20 •
*
25 2214 Dec 30 32 Feb 14
21 igov 404 Jan
•.12 .20 •.12 .2
200 Superior
2214 2214 2214 2214
23
23
23
23
8
8
13 Apr 25 2% Jan 23
e43 Feb
*2234 24
Ph Jan
112
420 Superior & Boston Copper_ 10
8 112 *114
14 112 *13
112 11
21 June 38 Jan
112 112
25 2412 Dec 12 43 Feb 28
370 Tamarack
25
26
25
25
2514 26
26
25
25
6 Jan
2
3 May
54 Jan 23
3 May26
24
•
160 Trinity
3
3
3
3
31
34
3
*3
3I Jan
.85 M01719
.50 Deo
.23 Dec 28
312
*3
400 Tuolumne Copper
.21 .24
.23 .23 •
.23 .2
34 June 431J
2414 Dec 23 4312 Feb 4
'.23 .25
1,154 U S Smelt, Refin & Mhz_ 5
E- 12
25
4 25
3
25 4 2512 253
12July 50 Jan
45
5
4012 Apr 23 4878 Feb 6
244 2412 25
283 Do prof
444 4312 431
4412 44
44
4334 44
258 Feb 5
14 MAY
7
112 Apr 22
28 Sep
*4314 44
1,855 Utah-Apex Mining
2
2
2
2
2!A
2
2
2'4',
884 Jan 6 14 Feb 13
5
74 May 1114 Jan
10
*1% 2
170 Utah Consolidated
10
*912 10
*9$8 10
4
93 10
40 June 60 Jan
4
33 104
10 46 July30 59 June22
687 Utah Copper Co
4
7
4912 493 42 s
49
49
4
4714 491s 483
2 Jan
25
.90 June
47
1 Mch 2 e2% May 4
47
115 Victoria
112
1f4 1 44 •114 11
7
112 •1rs
•114
478 Feb 25
ih Jan
25
2
4
8 Sell
17 Dec 11
Isa
175 Winona
8 2
17
2
8
•17
2
2
2
2
4
17
• 2 2
25 30 Dec 23 473 Feb 20
3914 Nov 76 Jan
12 Wolverine
33
3112 *31
31
32
4 32
4
323 323
112 Jan
.40 Jun
114 Jan 24
23
.30 June 2
Deo'l
4
Wyandott
*3114 3
Last Sal
.60 •.50 .60 •.50 .65
75 •50
*.60
nd paid. is Half paid.
Thattamped,
-dividend and rights.
Assessment paid. 0 Ex-stock dividend. 11 Ex-rights. a Ex
prices.
*Bid and asked
*lla
JAN. 2 1915.]
THE CHRONICLE
LA)NDS
' Price
1.
2.
BOSTON STOCK . X l'll 4 NOThursday
Week .0 li.le Dec.31
.
•-;4- DeC 31
Week's
Range of
Last Sate
b
az(6
Range
Year
1914.
47
BONDS
4 g.
4
I BOSTON STOCK EXCHANGE'4 `'‘'
Week Ending Dec. 3I
2o.,
f
I
Price
Thursday
Da.31
4_
g -3),
ra all
Weet's
Range or
bass Sate
n anoe
Year
1914.
SW
Ad Low
Hie No. Low Nig
Ina
.4101.0w
NW,. No 'Low Nigh
Am Agricui 00e.t. 1st 0•___1228 A-0 9914
9914
9914
3 9918 101 General Motors lot 5-yr 0s1915 A-0 10012 101 1005s Mch•14 ._ _ ., 1005 100
8
Ara Telep & Tel -o I tx 4s_1929 J -J 804 8718 874
8714 16 8478 8978 GI Nor C B & Q cob tr 4s...1921 J -J 95 Sale 9478
95
2 9458 975
s
Convertible 4s
_ 1035 Meh'13------------Registered 4s
•936 VI-S
8
1921 Q-J 9458 Sale 1458
9458
5 945s 9714
20
-veal cony 4 Hs
1933
9512 98 957
8
9578
1 95 9978 Houston Elec 1st of gen 5s_1925 F-A ---- ---- ---- --- --Am Wit Paper lot s f 5s 9_1919 J - J ____ ____ 693 Mehl -- 695s 72 la Falls & Sioux C Is:, 7s
-8
'
,
11117 A-0
117 Apr 'Os ____ .___ .......
-,51; M-N --------100 Olch'14.-__ 100 104 Kan Odin & Spr 1st 5s_1925 A-0
Am 'Zinc L & S deb Gs
80 65 J'ne'14 ._- 65 65
Awn Top & -. e gen - .._1D95 A-0 91 92 9138
913s
1 901s 957 Kan 0 Ft Scott & Mem Gs 1928 ill-N 10612 109 110 J'ly '14 ____: 10858 112
1djui.wrnent•4s___Juy 1195 Nov 801s 84 83 Mch'14 ---- 85 8 87 K C Ft S & M ity ref 48 gu_1936 A-0 -__
5
745 Mch'14 _ _ _. 745 7514
8
.
Stamped
Jedy 11195 14-N
8414 Aug 13
Kan C M & B gen 4s
1934 31-S ---_
8312J'Iy '14 ____ 8315 86
;988 3-13 ____ ___ 9478Jan '14 --50
-year cony 4s
9478 947
8
Assented Income Is
1934 M- S ____ 75 75 Apr '14 ____ 75 80
(0
-year cony Is
11)17 J-D .--- --- 10014 Dec '13 ____
_ _ Kan 0& M ity & Br 151 5s.1929 A-0
93 .1 'I'm 14 ___j 93 963
4
Al,) Cituf ',, W I SC Lines 5s_1959 J-J 60 Sale 60
6012 15 ____59 68 Marq Hough & Ont 1st 6s 1925 A-0 __-115 J'ne'08 _ _ . - - Bets& Corb 1st cony sr 6s 1923 M-N --- ---- 50 Maria ---- -,,- --„- Mass Gas 414s
1921 J -3 95 97 97
97
i 6i i4
1.30-ton Kiev 3 -yr g 4s
8312Jan '14
1935 M-N
831s 83
Debm 4 Hs
1
Dec 1931 J -J 9112 9312 91
1 91 95 4
91
5
tioston & Lowe I te
1915 J -J-------- 1(1014 Mch'09- ...
Mich Telephone 1st 5s
1917 J -J
9878Mch'14
8
e
Bost n & Maine 4 14s____. _1944 J-3 ____ __ limb:Oct '03 ____ ___ ____ Miss River Power 1st 5s_1951 J-J 9614 75 81 J'ly '14 ___ .., 987 987
73
____ 81 85 4
5
I' sin • e
9
1942 F-A ------5 Feb 12 __ ___ New Eng Cotton Yarn 5s 1929 F-A 73
72 Dec'14 ____ 72 83
Bur & Mo Hie cons Is
Mch'14 ___ 1003 1011 New Eng Teieph Is
10044
101:4 .1 -J 100124
1915 A-0 9954,__,_
100 Feb '14 ____ 9978 100
Butte El & l'ow 151 5s
1951 J-D
55
1932 A-0
997
8
9
4
Cedar Ran & Mo hie 1st 79 1916 M-N -- --- 10414Feb 14 ___. 10414 10414 New River (The) cony 5s 1934 J -J 9912 Sale 991s 51ch14 ..... 99121015
75 80
75
Cent Vermt 1st g 4s___May 1920 Q-F --------80 J'ne'14 ...... 80 8578 N Y N H & H con deb 314s.,1956 J-J
7
7074t hIch'14 __ 68 8 75
GB & Q Iowa Div 1st 5s
1919 A-0 1011s --- 1103 Oet, '07 ____
____
Cony deb 15s
1948 J -J
102 Dec'14 ____ 100 117
Iowa Div 1st 45
984J'ne'14 _.
1910 A-0 965
-__- 9812 Oreg Sh Line let g 8s
9778
4
1922 F-A
107 Dec '14 ____ 107 109 s
5
Denver Lxten 45
1922 F-A 98 _- 99 Mch'14 ---- 99 99 Pond Creek Coal 1st Gs
1923 J-1) ---- 96 98 Deo '14 ____ 96 10711
Nebraska Exten 4s
8Feb '14 ____ 9514 96 Puget Sd Elec Ity 156 5s
1027 11-N 9414 96 965
1932 F-A
88 Jan '14 ____ 88 88
1921 m-g 9812
B & S W s f 4s
98is Dec'12 ___ -Repub Valley 1st s f 6s
1919 J -J 92 .... 103 Jan '11 .... ...--Illinois Div 3 Hs
.-------8354 Mch'14 ---- 8334 ___- Savannah Elec 1st cons$s_1952 J -J ---1949 J -J
8354
7014 Dec 'Ill ___. ___
Chic Jet Ity & 8th Yds 5s 1915 J-J 997 --- 997 J'ly '14__ 9854 10118 Seattle Elec 1st g 55
8
8
1930 F-A -----,
10214 J'ly '14 -.. 9912 10214
___Coll trust refunding g 4s_1940 A-0 ---- 85 821s J'ly '14 ____ 80 84 Shannon-Ariz 1st Os g
1919 14-N ---.. 95 95 May'14 ____ 92 95
Oh Milw & St P Dub D 6s 1920 .1-J --------107 J'ne'13
.- ---- ____ Terre Haute Elec g 5s
1929 J -J
- -- 97 Apr '07 ____ ____ ___
Ch M & St P Wis V div 6s_1920 J -3 ____ ____ 11358Feb '11 ---- ------ Torrington 1st g 5s
1918 14-S ---- 104 100 Mch•14 - --_ 100 100
988
4
Ch & No Mich 1st gu 5s
1931 NI-N --------65 Apr '14..___ 65 65 Union Pac RR & Id gr g 4s_1947 J -J
06 Dec'14 ____ 95 97
1i
Chic & W Mich gen Is
__ 70 J ne'14 ....- 70 92
1921 J -D
20
-year cony 45
1927 J
9012 9511
Mch'14
Mont cons 4s......1925 J -D ....„ ---- 9311 Mcb'14 ____ 9312 931 United Fruit gen 5 1 4 14s1923 J -J-___ --. 901s Dec'14
Concord &
-J 9112
____ 911s 9711
9115
Copper Range 1st Is
1949 A-0 --------96 Rich'13 ____ ____ ___
Debenture 4148
1925 J -J 88711 90 90 Dec'14 __
Cudahy Pack (The) Istg 5 1924 Ail-N -- __ ---- 10014 Aug 12 „-- --- ...... U S Steel Co 10-60-yr 58 Apr1963 M-N 997 10014 9978 Dec'14 ____ 90 951(
8
9978 103
Current River 1st 58
1926 A-0 --------92 rly '13-- --___ West End Street Ry 4e.. 1915 F-A 993
9912.1'ne14 ---_ 18 9911
Det Or Rap & W 1st 4s
1946 A-0 57 61 5812.0 ne'14-_ 584 78
Gold 4148
1914 El- El - _ _.
997s Feb '14 ...-- 997 9974
s
Dominion Coal 1st s r 5s
1940 1/1-N -------- 9914 MaY'14-- 97 99
511
Gold debenture 45
1916 M-N 985
7
4
98 11 Apr '14 ...... 9853 J87
1
Fitchburg 4s
192719-S ---------95 Oct 12.
Gold 45
1917 F-A 98511
9812J'ly '14_.._ 9812 961;
Fremt Elk & Mo V let 6s-1933 A-0 11411___.. 121 NIch 14-.7- 120'z121
Western Teleph & Tel 5s
1032 J-J
9512 Sale 95
9512 6 9354 995
;
Unstamped 1st 6s
1933 A-0 --------122 Mch'12 ____ _______ Wisconsin Cent lot gen 48-1949 J -J -___
9358Feb 12_'
...
NOTE.-Buyer pays accrued interest in addition to the purchase price for all Boston bonds. • No price Friday; latest bid and asked. '9 Flat prices.
Outside Exchanges-Record Transactions
Baltimore Stock Exchange.
-The complete record of
transactions at the Baltimore Stock Exchange from Dec. 28
to Dec. 31, both inclusive, compiled from the official sales
lists, is given below. The Exchange was closed from the
afternoon of Dec. 24 until Monday morning, Dec. 28.
Prices for stocks are all dollars per share, not per cent. For
bonds the quotations are per cent of par value.
ThursWeek's
Safesfor
day
Rang&.
Week.
Par. Sales. Low. High. Shares.
Stocks
Como! Gae. El L & P..100 10214
Preferred
100
Fairmount Gas,pref. 50
Houston OlIctfe of dep_100
Northern Central
50 8314
United Ry & Elec
50 25
Wayland Oil & Gas
2 Ex-dividend.
Bonds
Atlanta Cons Street 5e
______
Atl Coast Line cony deb 45
Ball Elec stamped 55
Balt Spar Pt.& Ches 4He_ 95
Ca& Northern 1918 4 Hs_
Chicago Rys 55
Consol Coal cony 6s
Consol Coal ref 1950 513
______
Fla Cent& Pen cone Bs_ _ __ ______
Houston 011 pref certifs.__ 55
Lake Roland Eiec 181 5s.
Milw El Ry & Lt ref 4448. 9114
Minn & St Paul Joint 5s___ 10014
Norfolk Ry & Lt 1949 Is__
Norfolk Street Ry Is
Northern Cent 1925 4Hs ______
Penn Water & Power 5s...._ 88
United Ry .4 El let 4s
82
Income 4s
6034
Funding 55
Virginia Midland 5th ser5s
Virginia Ry & Power Is___
Wash Ry & Elec cone 4s.... 8014
Wilmington& Weldon 4s_
10214
106
46
1014
28.314
25
334
10234
106
46
1014
85
25
3%
Range since Jan. 1.
Low.
33 10214 Dec
20 105 July
5 45 Feb
100 10 Dec
355 28314 Dec
824 2434 Jan
150
4 Dec
Nigh.
10814 May
11534 July
4714 May
1934 Feb
12914 July
2814 May
834 April
Pure Oil, common (par 85)
-Dee. 26. 260 at 3151401554; Dec. 28, 10 at 31534;
Dec. 29, 100 at 31514015H; Dec.30, 100 at 331534.
Union Natural Gas (par 3100)
-Dee. 28, 20 at 133.
Union Switch & Siganl, common (par 850)
-Dee. 28, 10 at 310044; Dec. 29, 15 at
810034: Dec. 30, 10 at 3100.14•
-Dee. 26, 47 at $122012214; Dec. 29, 242 at
Westinghouse Air Brake (par 350)
812244; Dec.30,50 at 312214; Dec.31,60 at 2E1204.
-Dee. 26, 10 at 33334; Dec. 281
Westinghouse Electric & Mfg., common (par 850)
195 at $33)4034; Dec.30, 210at83434.
-Dee. 26, 10 at $5834.
Westinghouse Electric & mfg.. preferred (par 350)
-Dee.30,25 at 811012.
Westinghouse Machine (par 550)
Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
Dec. 26 to Dec. 31, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
ThursSalesfor
Week's
day
Range.
Week.
Par. Sales. Low. High. Shares.
Stocks.
Amer Gas Co of N J___100 Ice%
American Rya pref_ _100
10234 103
82,000 10134 Dec 10434 June Baldwin Locom, pref__100 10234
83
83
7,000 83 Dec
9534' Jan
Cambria Steel
FO 43
9614 9644 1,000 9644 Dec
9944 Feb
Electric Storage Batt 100 4734
95
95
7,000 9434 Jan
98 June General Asphalt
100
9634 9844 5,000 9614 Dee
General Asphalt, pref_101) 68
9614 Dec
9544 9534 4.000 9534 Dec
9934 Jan
Insurance Coot N A___ 10 22
9934 9934 2,000 99 Dec 102 Mar
Keystone Telephone__ 50 1314
86g 8614 1,000 8634 Dec
Do preferred
9014 May
50 81
101H 10114
1,000 10034 Dec 10434 Feb
Lehigh Navigation
50 7714
3 53 Apr
55
55
60 Jan
Do trustees Ws.- 50 7744
10214 10214 2,000 10234 Dec 10344 Jan
Lehigh Valley
50 6514
9114 9114 2,000 9134 Jan
9334 June Leh Val Transit pref_50 2714
10014 10034 2,000 100 Dec 10214 June Norristown
50 137
1,000 96 Dec
96
96
98 Jan
Northern Central
50
10114 10134 1,000 10114 Dec 104 Mar
North Penneylvartia____50 91
101 101
1,000 101 Dec 102 Apr
Pennsylvania
50 5334
1,000 8714 Deo
88
93 Feb
88
Pennsylvania Salt Mfg_ 50
5,000 8134 Dec
8414 Mar
8114 82
Phila Co 8% prof
50 40
6534 May Philadelphia ElectrIc_2234 2334
60.14 6034 7.000 59 Dec
gui les
8,700 8534 Dec
8814 June Phila Rap Tran v t c___ 50 1134
10144 10144 1.000 101 Mar 104 Mar Philadelphia Traction_ 50 7914
90
90
1,000 90 Dec
93 Jan
Reading
50 71%
8014 Dec
80% 8044 5,000 8014 Dec
2e1 & 3d Streets Pass _50
9334 9334 1,000 9214 Feb
9314 Apr
Tonopah-Belmont Dev 1
414
Tonopah Mining
1 2734
50
Pittsburgh Stock Exchange.
-The Pittsburgh Stock Union Traction
United Gas Improvt__
Exchange reopened for trading on Dec. 2.Following sales Warwick Iron& Steel__ 50 281 J4
10
934
West Jersey &
were reported Dec. 26 to Dec. 31, both inclusive. Like Westmoreland Sea Sh__50 50
Coal__ 50
records will be found in previous issues.
York Railways pref. _50
Scrip.
Bonds.
Cambria Steel scrip
WM
Independent Brewing Os of 1955-Deo. 28,81,000 at 61.
Philadelphia Co scrip
Milivale Etna & Sharpsburg St. Ry.5e of 1923-Deo. 26,$1,000 at 96.
Bonds.
Pittsburgh Brewing 6s, Feb. 1949
-Dee. 29. 33,000 at 65; Dec. 31, 85,000 at 65.
Amer Gas 44 Electric Ie.__
Pittsburgh Coal deb. Is, July 1931-Deo. 30, moo()at 90.
Baldwin Locomotive let Is
Stocks.
Bethlehem Steel 135
-Dec.28,40 at $24: Dec. 30, 20 at $242
Caney River Gas (par 823)
Conseil Traction of N J 5s_
-Dee.28.30 at 814.
-Columbia Gas& Electric (par $100)
Elec & Peoplm Tr tr eta 4s_ 78
Crucible Steel, common (par 8100)
-Dee. 26, 20 at 12; Dec. 28, 130 at 1201244; General Asphalt deben 5s_ 9734
Dec. 30, 135 at 123401234; Dec. 31, 25 at 1214.
Interstate Rye, 1943,4s__ _ 58
Crucible Steel, preferred (Dar 8100)
-Dee. 28, 25 at 77; Dec. 29, 60 at 77; Dec. 30, Keystone Telephone let 5e
83 at 75.
Lehigh Nay coneol 4)4s.._ 9734
Independent Brewing. preferred (par 350)
-Dee. 28, 75 at 32114; Dec. 29, 112 at Leh V Trans 151 18
2214021H.
Lehigh Vall cons 2003 434s 97
La Belle Iron Works,common (par 8100)
-Dee.30.50 at 2744.
88%
Gen cons 2003 4s
Manufacturers Light & Heat (par $50)
-Dec. 26,20 at 84934; Dec. 28, 125 at $50
Lehigh Valley Coal 1st 5s_
Dec. 29, 185 at 85005034; Dec. 30, 275 at 85005014; Dec. 31,53 at $5034.
Market Street El let 4s___
National Fireproofing, common (par $50)
-Dee.26.40 at 35340534; Dec. 29.30 at pertly' cony 1015 3He_ __
$514; Dec. 30, 80 at $508514; Dee. 31. 385 at 85.
Penn & Md Steel 6.
National Fireproofing, preferred (Par 850)
-Dee. 30, 340 at $21082114; Dec. 31. Phila Balt & Wash 1st 45._
300 at 821552134.
Philadelphia Co let 55____ _ ___
-Ohio Fuel Supply (par 825)
-Dec.28, 15 at $41; Dec. 29,25 at 841.
Philadel Elec tr ctfe Ss_ ___ 101
Oklahoma Natural Gas (par.8100)-Dee. 28, 10 at 58.
Traat certificates 48____ __ __
Peoples Natural Gas & Pipeage (Par 825)
-Dee.29, 10 at 82014•
93
Reading 1997 45
Pittsburgh Brewing, common (par 850)
-Dee.26,280 at $6140614; Dee. 28, 115 at Spanish-Amer Iron let6s_ 10034
80340614; Dec. 29, 180 at 851406; Dec. 30, 135 at $83455534.
Welsbach coil trust 58
__ __ __
Pittsburgh Brewing, preferred (par 850)
-Dee.30,50 at 824.
west N y 4 Pa gen 4s
4
78
-Dee. 29,50 at 534.
•'Pittsburgh Oil 44 Gas (par 3100)
Sro•wle flelltvelre lot 111'17 ga
Pittsburgh Plate Gass (par 8100)
-Dec.29.10 at 105; Dec. 31, 20 at 1050107.
Pittsburgh Silver Peak (par 81)
-Dec.29, 100 at 15 eta.; Dec.30,500 at 15 cents.
Ex-dividend.
leo
10014
10034 10034
10214 10334
4234 4334
48
47
32
32
68
68
2134 22
1344 1344
61
61
7754 7734
7734 7734
64% 6534
2734 2744
137 137
85
8534
91
91
5114 5234
95
95
3934 40
2344 24
11
12
7944 80
71
71%
235 235
434, 444
x734 7%
3834 39
28144 8234
934 10
50
50
58
58
31
31
22
11
44
522
189
100
10
26
945
70
35
69
229
10
4
144
63
1,069
19
14
508
975
197
117
12
1,95
26
147
451
160
7
100
10
9734 9734
91
91
830
317
85)4 85,4 810,200
102 102
3,000
11544 11534 1,000
101% 10144 7.000
78
8034 24,520
9734 9744 1,000
58
57
55,000
90
90
1,000
9744 9734 17,000
102 102
2,000
97
97
10,000
8844 8834 4.000
103 103
1,000
9214 9234 4,000
99)4 9934 1,000
98
98
2,000
9734 97% 1,000
97
97
6.000
10034 101
6,505
78
78
3,000
93
93
3,000
100% 10034 4,000
89H 89)4 2,000
78
78
5,000
91
91
5000
Range since Jan. I.
Low.
High.
100 Deo
9844 Dec
10134 Jan
40 Dec
4234 July
32 Dec
66 Dec
2014 Dec
934 Apr
4934 Jan
72 Dec
72 Dec
60 July
26 Dec
137 Dec
SI% Dec
89 Dec
51% Dec
95 Dec
35 June
21 July
11 Dec
7834 Dec
6914 Dec
235 Dec
4% Dec
5% July
3834 Dec
80 Dec
914 Dec
50 May
58 Dec
30 Dec
104 June
10214 Jan
110 Mar
5114 Jan
5514 Jan
4214 Feb
82 Feb
23 June
1414 Dec
6114 Dec
85 Jan
8444 Jan
7834 Jan
34 Jan
140 Mar
130 July
96 June
5734 Jan
108 Feb
43 Feb
2734 Feb
2034 Jan
8334 Jan
8634 Jan
243 Mar
844 Feb
7% Dec
47 Jan
86 Jan
1134 Mal
5444 Mar
6354 Mar
35 Jan
9634 Dec
90 Dec
9744 Dec
91 Dec
82 Dce
10134 Dec
114 Dec
10034 Jan
78 Dec
9834 Jan
56 Dec
8934 Dec
96% July
102 Dec
9634 Dec
87,4 Jan
102 Dec
9244 Dec
98 Jan
98 Dec
97 Nov
97 Deo
100 Dec
7734 Dec
9244 Dec
10044 Jan
8734 June
65 May
01
fl..
86)4 Mar
10434 Feb
117 Mar
104 Apr
8534 Feb
9834 Apr
6034 Jan
9234 May
9944 Jun(
104 July
99% Apr
9254 Feb
106 Feb
95 May
9944 Dec
101 Jan
9844 Feb
10134 Mar
10334 Jan
83 Mal
9534 Apr
10234 Jan
8934 Dec
8334 Feb
net, s.
--
[VOL. 100.
THE CHRONICLE
48
Salesfor
Week's
ThursWeek.
Range.
day
Par. Sales. Low. High. Shares.
Stocks.
American Can pre/-__100 89
Booth Fisheries corn_ _100
100
do 1st pref
Chic Pneumatic Tool_ _100
Chic Rys part ctt"1"
Chic Rye part ctf "2"
Chicago Title & Trust_100 20431
CommonwIth Edison_100 136
100 92
Diamond Match
100
Illinois Brick
Kansas City Ry & Lt CH_
100 12131
National Biscuit
100
Do pref
100 11931
National Carbon
100
Do preferred
Pacific Gas & Elea Co_100 4131
People's Gas L & Coke_100 117
Pub Bevy of No III eora_100
100 95
Do preferred
100 184
-Roebuck com
Sears
Studebaker Corp com_100
100 89
Do pref
100 105
Swift & Co
TheQuakerOatsCo pret 100 10331
100
Union Carbide Co
100
U S Steel common
Ward, Montg'y & Co pref_
Bonds.
Chic Ry Atli Inc 4S_ _ _1927 42
Chicago Telephone 5e _ 1923
Commonw-Edison 5:3_1943 100
Extension gold 4s__1938 7534
1945 92
Ogden Gas 53
Pro G L& C ref g 58...1947
a Ex 50% 4oek dividend.
10
85
272
100
310
670
78
171
288
27
100
113
61
443
6
100
108
130
55
578
50
25
453
91
150
89
89
35
35
7331 75
50
5031
88
88
2631 28
204 20431
136 137
91
9231
85
81
25
25
12034 12131
120 12031
118 118
12032 120)2
4131 4131
11631 117
77
76
9431 95
179 184
3431 3434
89
89
10431 105
10331 10331
143 144
4931 4934
10954 110
4131
9931
9931
7514
92
9931
ion
33
85,700
42
9931 1,000
9931 25,000
7534 2 0
. 00
5,000
92
9934 5.000
"
-m
=Q.....w000.wom, "--"
1
.
1"w".."0.0.
=Nw
o.w.00
g gg
g
A
gg
A g
,t.Utixt= ..timm2,ttt,tts-U2XL
,
.W4q=ntLy
s
t aM12 gaqm!eaa2cqq".9,8 0 aggqq..40
,
T
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from Dec.26 to Dec.31,both
inclusive,compiled from the official sales lists, is as follows:
Range since Jan. 1.
Mgt?.
Low.
.
9531 Jan
soq Jan
4
8 31 Jan
60 Feb
9932 June
3531 July
218 Mar
140 Mar
102 Jan
70 Jan
36 July
138 Feb
127 July
161 Feb
122 July
4731 Feb
125 Jan
Mar
81
100 Feb
19734 July
35 Nov
89 Dec
10731 Feb
107 Feb
15831 Mar
6731 Feb
114 Mar
5431 Feb
10131 Mar
10231 July
8034 Apr
96 Jan
101k June
-The New York public utility firm of Hodenpyl, Hardy
& Co., 14 Wall St., this city, was incorporated in Albany
yesterday with $2,000,000, to manage public utilities and
invest in stocks and bonds. There will be no change in
the interests connected with the firm. A. G. Hodenpyl,
the senior partner and founder of the firm, will be President; George E. Hardy, B. C. Cobb, J. C. Weadock, W. H.
Barthold and A. H. Johnson, Vice-Presidents, and Jacob
Heckma, Secretary and Treasurer. The company manages
the Commonwealth Power, R.& Light Co.,. operating it
jointly with E. W. Clark & Co. of Philadelphia.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Dec. 311914.
Par Value.
Shares.
Railroad.
&c.,
Bonds.
U.S.
Bonds.
Slate
Bonds.
Total
$1,992,190
10,002,975
4,453,355
4,209,875
8,325,250
HOLIDAY
$450,500
1,279,500
1,094,500
1,083,000
1,037,000
813,000
37,000
59,000
87,500
15,000
340,240 526,983,555
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$4,994,500
2188,500
23,875
131,042
59,733
50,166
75,419
Week ending Dec. 31.
Sales at
New York Stack
Exchange.
1913.
1914.
Jan. 1 to Dec. 31.
1913.
1914.
47,900,568
340,240
1,254,840
-No.shares_ _ _
Stocks
$26,983,555 8105,256,700 $4,182.829,699
Par valne
$271,300
81.500
$500
Bank shares, par
Bends.
8692,600
$22,000
Government bonds_
33,832,000
411,000
188,500
State bonds
427,198,000
8,981,000
4,994,500
RR.and misc. bonds
187,711
$10,029,050
$1,000
$461,522,600
52,203,000
Total bonds
$9,417,000
$5,183,000
$89,500
2,118,500
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Philadelphia.
Boston.
Week ending
Dec. 311914.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
2,756
17,322
14,393
8,122
10,732
53,325
Total
Bond
Sales.
Listed
Shares.
Unlisted
Shares.
Bond
Sales.
628
22,000
10,000
1,510
8,300
1,914
34,000
1,954
17,000
1.837
HOL 1DAY
181
1,027
257
275
224
$11,000
22,106
51,433
36,954
56,874
7,843
1,964
$178,367
$71,300
Inactive and Unlisted Securities
,
W
--Pe'Share
Standard Oil Stocks
Par Bid.
Anglo-Amer Oil new..*3141,
585
1
Atlantic Refining
10 260
Borne-Scrymscr Co
Buckeye Pipe Line Co_ _ . 50*112
680
Chesehrough Mfg Cons...1
100
1
,olonial Oil
220
1
Continental On
50 *39
Crescent Pipe Line Co
50
1
Cumbetiand Pipe Line
Eureka Pipe Line Co.,.._100 225
011 corn_ _100 165
Galena-Signal
100 149
Pre,erred
Illinois Pipe Line(when ii). 127
Indiana Pipe Line Co__ _. 50 '96
25 S3613
National Transit Co
New York Transit Co...100 220
: 90
Northern Pipe Line Co__101
25 •z1411
On
WW0,...0Nota0a.ti,n000,0:nat.
and Interest" except where marked l't."
All bond prices are'
Stand 011 Stks (Canal Per share
Par Bid Ask.
.
25 4 1512 16
Pierce 011 (new)
100 462 1116
:Prairie 011 & Gas
240 260
1
Solar Refining
Southern Pipe Line Co 100 203 206
_
South Penn 011... . _ _100 260 263
Southwest Pa Noe Lines_ 100 122 i 25
Standard 011 (California) 100 308 312
Standard Oil (Tnatana). _100 965 170
Standard 011 (Kansas) _ _100 350 3,55
Standard 01101 Kent:Jet:yin() 247 252
Standard Oil of Nebraska100 330 345
Standard 011 of New Jer_ 10 397 899
:Standard 011 of New Y'rk100 200 203
.
'Standard 011 of Ohio_ _ _101 425 195
100 160 170
Swan Sc Finch
Union Tank Line Co....100 82 84
100 190 201
Vacuum.011
10 .37 40
,Waahinizton 011
-Per Sha re.
Tobacco Stocks
Par Bid. Ask.
American Cigar common_100 105 120
100 93 98
Preferred
Amer Machine & Fdry_ _100 65 75
4
British-Amer Tobac ord. Li •I714 173
3
£1 •16 4 1714
Ordinary, bearer
100 275 300
Conley Foil
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes..100 180 lt
Porto Rican-Amer Tob_100 230 250
125 132
6% writ)
Reynolds(R J) Tobacco_100 275 285
Preferred (when issued)... 110 114
Tobacco Products corn...100 100 150
100 87 89
Preferred
United Cigar Stores corn.100 90 94
1110 110 120
Preferred
8
914 93
United Cigar Stores(new) 10 *
100 125 150
Young ISIS) Co
-Per Cent.
Short Term Notes
Amal Cop 58, Mar15 '15 MS
Amer Lecomotive 53. I5-J-J
J-J
58, July 1916
88, July 1917
AM Tob 6% scrip, Sep 1 '15_
Am T & T Sub Cos 5s, 1016_
Balt & Ohio 431e, 1915 J-D
-D
Beth5teel5s,rnell '15 J I I
J-D
Ches & Ohio 58 1919
Chic Elev Ry 58. 1916._ _J-J
Chic & W Ind 58, 1915_ _M-S
Conrol Gas 68, June 25 '15._
Erie RR 55, April 1 1915_A-0
A-0
53, Oct 1 1915
5188, April 1 1917___ _A-0
General Rubber 453s,'15.J-J
liar Riv Sc Pt Ch 58,'15 M-N
Hocking Valley 6s.'15_M-N
Int Harv 58, Feb15 '15_F-A
lack Steel 53, 1915
M-S
Lake Sh it Mich So,J'ne'15_
Mich Cent 418s, 1915_ _ _M-S
New Eng Nay 65, 1917..M-N
NY C& It Riv 58,'15_ _A-0
431s, May 1 1915
58. Sept 15 1915
.....__A-0
58, Oct 1 1915
NY NH Sc H 58. 1915_ M-N
Pat G&E59, Mar25'15M-S25
Penne 314s, Oct 1 1915_J-D
Pub Ser Corp NJ .58,'16 M-S
Schwarz & &flab 88,'16 _J-D
Seaboard A L 58. 1916_ _WS
Southern Ry 55. 1916..F-A
M-52
58, Mar 2 1917
Sulz&SonsCo 65,J'nel'16M-S
UnTypew 53,Jan15 '16 J-J15
United Frultils.Mayl'17M-N
Gold notes 55 1918 111-N
A-0
Utah Co 63, 1917
UtahSecurCorp 6s,'22M-S15
Westhse.El&Mfg 5s.'17 A-0
1001g 10014
100 1003
8
99 00
99 00
1003 10118
4
100 10014
100 100,
4
3
1001s 100 s
93
8 4 9012
95 96
8
993 993
105 10112
9918 9912
9734 ost2
54
9 , 96
9934 100
95 9812
100 10014
100 10
014
99 9914
84.85 4.50
100 10014
4
4
593 903
8
,1
99 8 997
9912 993
9
9918 9939
8
987 9914
9612 9712
100 10 ,
04
9914 9912
Elec. Gas a. Power Cos
Pa
5
Am Gas & Elee c,om
50
Preferred
Am Lt & Trac common 100
ill
Preferred
Amer Power Sc Lt corn__ _ 10
10
Preferred
Amer Public Utilities coral°
Preferred
10
5
Bay State Gas
.1
Buffalo City Gas stock.
Cities Service Co corn_ _1 1:
10
Preferred
Columbia Gas Sc Elec._ 10
.11-3
1st 53. 1927
Elec Bond & Share prat_ _1
1
Indiana Lighting Co
48, 1958 opticnal
-A
F
eons_
10
Pacific Gas &
Preferred
10
South Calif Edison com_10
Preferred
Standard Gas Sc El(Del). 5
5
Preferred
United Gas Sc Flee Corp_10
10
181 preferred
10
2d preferred
Utah Seewlties Corp_ __ _1
-See Short
-Term
8% notes
Western Power common_ 10(
105
Preferred
Bid
.87
*46
316
108
62
80
35
64
•11
Ask.
8812
48
19
0912
65
84
40
68
13
"ii
47
50 53
713 812
85 67
9713 100
85 40
69 72
42 43
79 82
74 77
89 92
.4514 7 4
,
1812
•17
22 27
58 82
27
22
1514
14
Notes
1214 1312
54 57
Industrial
and Miscellaneous
Adams Exp col tr 1,48 '47J-D 165 69
101 85 95
Alliance Realty
..6& •26 29
Amer Bank Note corn..
5 *48 50
Preferred
10 150 160
American Book
134 138
Brass
American
..1'
American Chicle corn.. ° 191 193
96 99
10
Preferred
15 20
Am Gtaphophone corn_ _10
50 60
1
Preferred
American Hardware_ _ 100
-D 9912 i617:01,
Amer Malting (is 1914 J
5 160 170
American Surety
Amer Typefounders corn.100 37 40
85 90
_11
Preferred ...,..
983 9914
4
12
. II
9734 Amer Writing Paper._
5 100 110
Bliss(E W)Co cam
9812
115
Preferred
9712 08,
4
5
100 275 285
9
953 99, Bond Sc Mtge Guar
4
96 98
Borden's Cond Milk com.10 116 117
5
Preferred
10 10312 105
100% 1003a
4.5‘ 61t
8
967 973 Braden Copper Mines
s,
85 too
9814 9914; Casualty Co of America_10
lii 130 131
7712 7812 Celluloid Co
:
op 9812 City InveetIng Co
100 17 25
0
Preferred
10
_100 70 80
65 70
Consul Car Heating
.1,12
s
7.
Davis-Daly Copper Co _1
New York City Note
du Pont (E I) de Nemours
153 158
I
_Powder,.
101% l0i3
r
138, Sept 1 1915
83 85
IS
102114103
68, Sent 1 1916
a 15
104%10112 Emerson-Brantingham I
6s. Sept I 1917
30 40
it
Preferred
•11,
Goldfield Consol Mines _1
10
PaCt.Basis Havana Tobacco Co
RR. Equipments
5
8
1
Bid. lAst.
Preferred
4 951 4 80
1st g 58 June 1 1922 J-D /57 63
Baltimore & Ohio 4 &is
6
5
4.951 4.70 Intercontln Rub corn.. I
huff Roeh & Pittsburgh 414
I00 95 105
4.951 4.70 Internet Banking Co_
Equipment 45.
98 00
Central of Georgia 5s____ _ _ 6.2l 4.90 International Nickel___ _10
1 ll 101 103
5.2 4.90
Preferred
Equipment 449.
17
1 II 14
a International Salt
Chicago & Alton 4s
A-0 /57 60
1st g 55 11151
Chicago & Eastern Illinois 58
95 100
6
International Sliver pref_10
Equipment 4 lie
.14) 103 108
5.10
181 60 1948
Chic Ind & Loulsv 4
681 691a
5.05 4.95 Kelly Springfield Tire_..10
Chic St L & N 0 5.
75 78
10
4.95 4.70
1st preferred
Chicago & NW 414s
94 98
1
2d preferred
714 614
Chicago R 1 & Pat 431s.
8 45
*43
514 5
Kerr Lake Mining
Southern 59..
Colorado &
10
5.30 3.10 Lawton Monotype
Erie 53
4
•1
8
7
5.30 5.10 La Rose Cense! Mines
Equipment 4338
182 190
I
5.30 5.10 Lawyers' Mtge Co
Equipment 4s
160 175
.5
6 , Lehigh Val Coal Sales..
Evansville Ar Terre Haute 5*
.52
2
5.20 5
Manhattan Transit
Hocking Valley 43
*23
2
5 4.90 Marconi Wireless of Am _5 93 8 100
Illinois Central 5s
10
5 4.90 Mortgage Bond Co
4318
43 46
Nat Cloak Sc Suit cow__ _10
Michigan 4145. _ 5.35 5
Kanawha &
93 96
10
6
Preferred.
K C Ft SR Memphis 4'48
.
4.95 4.75 N Y Mtge Sc Security...10 130 140
Louisville & Nashville 58
50 60
10
5.30 5
N Y Title Ins Co
MinnSt P&S S M 4
5 .912 53
4
n.so 5.75 NipissIng Mines
Missouri Kansas & Texas 58
10c 20c.
1
8.75 6.25 Ohio Copper Co
Missouri Pacific 58
69 71
10
5.40 5.20 Otis Elevator corn
Mobile & Ohio 53
GI 93
1
5.40 5.20
Preferred _
Equipment 4
,512 53
4
5
4
514 5.10 Pittsburgh Brewing
New York Central Lines 55.
24
5
Preferred
5.10
4
6,
Equipment 431s
1
Producers 011
N Y Ontario & West 4148.. 5.30 5
97 102
4.75 4.55 Realty A esoc (rklyn). _10
Norfolk & Western 4144..
4.75 4.55 Remington TypewriterEquipment 49
8 10
ii,
Common
4.75 4.50
Pennsylvania RR 410
70 80
1
4.75 4.50
1st preferred
Equipment 48
.. 70
1
6
2d preferred
Pere Marquette 5s
6
Riker Ilegeman (new)._ _,_ -4.714 733
.
Equipment 41 48
4 514 Royttlfe lred Powd cam._ _10 1511 60
53
pre lra k
Pt Louis Ron Mt & Sou Bs
6
Pt tools & San Francisco As
0114 4
Kir) 3.10 Safety Car Heat Sc Lt 100 1°3 1°
Air Line As
Seaboard
255 260
5.30 5.251 Singer Mtg
4
Equipment 41 9
0. ....
1
Co0
Southern Pacific Co 4)40. _ _ 4.95 4.85 Standard Coupler corn_ _1
5.1 4.90
Preferred100 - --__ _
Southern Railway 4 14s
412
5 •4
Toledo & Ohio Central Is... 613 512 Sterling Gum
Stev art-Warner Speedo'r 100 --- --100
Preferred
Railroads
90 93
West Pats 1st 514, 1933_ _ _M-S 33 38 Sulzberger Sc Sons pref. 10
..100 95 100
Texas & Pacific Coal..
4
Extension Min.....1 •23 3
Tonopah
Street Railways
5
1 *7 3 77
/1
Par Md. Ask. Tonopah Min of Nev
1712
1 *17
54 56 United Profit Sharing
Com'w*Ith Pow Ry &
100
100 190 210
100 7812 7912 II S Casualty
Preferred
10 132 136
Federal Light & Traction 100 10 18 U S Envelope coin
100 100 104
Profscrod
100 45 5.5
Preferred
8 12
100
18 20 U 9 Finishing
Republic Ry & LIght_ _
100 28 33
Preferred
67 89
100
Preferred
J....I 00 95
8
lot g 58 1919
6
Tennessee Ry L& P com_ ion
.1-3 70 75
38
Con g 58 1029
1
Preferred
45
United Lt dr Rye corn._ _100 43 48 US Tit (111 Sc Indem._ _ _100 30
100 681 7912 Westchester Sc Bronx Title
1st preferred
10( 170 180
Ar Mtge Guar
100 64 66
2d preferred
81 85
WIllys Overland coin_ _10
100
Wash Ry & El Co
100 90 95
Preferred
100
Preferred
Worthington (H R) Com/1
J-I) 805 81
49, 1951
25 40
1
pany pref
West Penn Tr& WatPow 100
311
5 *212 2
YUkon Gold
100
Preferred
•Per share. a And accrued dividend. I* Basle.
bale price. a ra-dividend. p Ex-rights.
HIM price. •Nominal:
JAN. 2 1915.]
THE CHRONICLE
49
inuestment and fiattroad intetltunce.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
clan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
July 1 to Latest Date.
Latest Gross Earnings.
—
Previous
Current Previous Current
Week or
Year.
Year.
Year.
Year.
Month.
S
Ala NO & Tex PacS
$
$
N 0 & Nor East_ November.. 270,069 341,143 1,500,186 1,740,516
670,920
812.235
Ala & Vicksburg_ November_ 120,024 179,393
643,278
774,310
Vicks Shr St Pac_ November_ 115,574 167,004
47,214 1,163,777 1,190.239
Ann Arbor
34,375
3d wk Dec
Atch Top & San Fe.. November 10102017 9,784,520 51,399,418 48,768,783
Atlanta Bina & Atl November
202,890 335,620 1,131,517 1,492,172
Atlantic Coast Line November 2,541,495 3,306.210 11,933,646 13,823,359
590.203
681.404
Charlest & W Car October.... 164,969 215.393
255.545
230.411
Lou Hand & St L August ___ 130.836 120.973
g Baltimore & Ohlo_ November 6,879,270 8,073,888 40.464.360 45,603.873
710.257
B &0 Ch Ter RR November
801,519
119,731 157,517
Bangor & Aroostook October__ 348,990 392,181 1,112,632 1,157,753
Bessemer & L Erie.. October--- 922,582 996,082 4.371.557 4,137.435
383,167
97,267
539,500
Birmingham South_ November
59,753
Boston & Maine.. November.. 3,745.798 4,036,678 21,014.71821,802,920
Buff Roch & Pittsb 3d wk Dec 169,955 208,142 4,839,842 5,896,212
122,181 144,354
638,454
776,255
Buffalo & Susq RR_ November
Canadian Northern. 3d wk Dec 306,200 515,400 9.657,100 12.711,000
Canadian Pacific ....3d wk Dec 1,604,000 2,699.000 53,336,804 71,633.820
Central of Georgia. November 1.002.012 1.347.191 5,230,919 6,239.553
Cent of New Jersey October-- 2.853,5802,958.984 11,401.819 11,786,591
Cent New England. October-- 355,643 365.007 1,280.248 1,294,897
Central Vermont October...... 343,875 379,635 1.393.228 1,535,424
Chas & Ohio Lines.. 3d wk Dc 597,998 781,388 18.483,837 18,011,401
3d wk Dec 252,367 251.242 7,156.730 7,608.707
Chicago & Alton
Chic Burl & Quincy October-- 8,978,521 9,552,405 34,161.781 35,576.690
I Chic & East Ill..... October-- 1.242,885 1.489,992 5.221,516 5,799,942
p Chic Great West.. 3d wk Dec 310,166 317,606 7,081,958 7.277.855
Chic Ind & Louisv_ 3d wk Dec 103,071 131,730 3,255,203 3.509,492
Chic Milw & St P.1 October--- 8.873.521 9.417.662 34,127.916 34,283,741
Chic MU & Pug Si
oChic & North West November 6,336.140 7,191.080 38.059,447 40.022,243
vChic St PM & Om November 1,493,061 1,701.846 8.255,130 8,384.849
Chic Terre H & S E October...._ 198,589 231.936
756,021
793.967
Cid Ham S; Dayton October-- 887,210 999,512 3,743.306 3,782,508
Colorado Midland_ November
870.300
918,028
166.623 167.420
bColorado St South_ 3d wk Dec 289,311 213,542 7.164,980 6,966,858
Cornwall
October___
67.594
46,278
16.608
11.263
Cornwall & Lebanon October___
26.411
26,955
116.768
115.691
Cuba Railroad
285,226 342,357 1.603,081 1,715,231
November
Delaware & Hudson October-- 2,055,964 2.125.035 8.225.380 8.636.974
Del Lack & West October.-- 4.023,331 4,102,677 15.348.078 15,809,541
Deny & Rio Grande 3d wk Dec 363.000 449.900 11,638,154 12.801,254
Western Pacific 3d wk Dec
87,000 101,200 2.956.208 3,511,418
Denver & Salt Lake 3d wk Dec
34.390
634,214
913,892
27,539
Detroit Tol & Iront October-.. 201,711 144,091
552.370
734.775
Detroit & Mackinac 3d wk Dec
14,685
592,754
530,906
19,579
Det & Tol Shore L. October — 136,021 141,410
514,553
472,721
Dul & Iron Range_ October _ _ _ 495,643 888.317 2,577.228 4,306,421
Duluth So Sh & Ad 3d wk Dec
45,787
58,295 1,426,883 1,802,036
Elgin Joliet & East_ October-- 738,098 1,127,865 3,233.661 4,529,921
El Paso & Sou West October— 576.690 794.143 2.595.861 2,849,033
Erie
November 4,715,216 5,068,114 26,668.455 27.452,021
Florida East Coast- October__ 387,343 340.384 1.292,907 1.192.220
Fonda Johns & Glov November
77.257
65.592
306,430
443.959
Georgia Railroad_ October...._ 271,413 379.441 1,019.147 1,152,303
Grand Trunk Pac 1st wk Dec
79,022 169,305 2,834,720 3,909,073
Grand Trunk Syst_ 3d wk Dec 840,347 994.779 25,000,502 27,697,528
Grand Trunk By gd wk Dec 675,237 839,262 19.410,258 22.014,497
Grand Trk West- 2d wk Dec 146,097 139,547 3,396,415 3,373,753
Det Gr H & Milw 2d wk Dec
49,600
50,476 1.267.819 1,233,654
Great North System November 6.104,780 7,626.378 35,732,415 40.214.897
Gulf & Ship Island- October...... 144.281 182,837
580.413
733.520
Hocking Valley
November
527,154 651.916 3.124,859 3.708.188
Illinois Central_._ November 5.077,1155,798,041 27,368,362 28.816,756
Internat & Grt Nor November
879,379 1,047,839 4,015,491
Kanawha & Mich October...._ 259,810 311.036 1,173.459 4,841,119
1.228,813
Kansas City South.. November
879,047 980.110 4,449,165 4,503,223
Lehigh & New Eng- October...._ 270,126 183.697
975.164
623.176
Lehigh Valley
November 3.527,394 3,788.935 18,906.152 19.348.065
Louisiana & Arkan_ October __ 130,005 148.323
598.371
582.692
s Louisville & Nash 3d wk Dec 960,435 1,231,400 25,648.017 30.267,010
Macon & Birm'ham November
12,490
14,094
66.080
66.584
Maine Central
October...._ 1,041.514 1.067.844 4,179.382 4,278.913
Maryland & Penna.. November
44.246
243,382
44,543
248.038
a Mexican Railways 3d wk Nov 103,600 206,500 3,852,700 3,959.600
Midland Valley
642.093
126.532 166.292
November
773.322
Mineral Range
381,718
6.252
14,263
3d wk Dec
164,317
Minn & St Louis_ 3d wk Dec 221,564 214,773 5,089,549 4,822,637
Iowa Central...... I
Minn St P & S SM.. 2d wk Dec 454,432 530,729 14,392,757 15,271.639
386,920
84,984
Mississippi Central_ November
71,182
449,365
U Mo Nan & Texas_ 3d wk Dec 685,871 637,782 16,209,721 16,557,928
x Missouri Pacific 3d wk Dec 962,000 1,124,000 29.716,711 30,452,212
895,099 1,107,316 4,820,495 5,396,347
Nashv Chatt & St L November
Nevada-Cal-Oregon 2d wk Dec
211.807
5,387
208,118
5,392
New On Great .or. October.. _ 142.828 175.860
572.050
654,800
e N Y 0 Sc Bud Ely November 7,832,080 8,485.870 12,025.208 46,042.562
Boston & Albany November 1,287,016 1.462,182 7,148,014 7,897.606
Lake Shore & M S November 3,892,158 4.404,029 22.496,635 25,161.607
nLake Erie & W November
422.557 464,841 2,521,462 2,596,832
Chic Ind & Small November
341.283 402,525 1,798,731 1,830.784
Michigan Central November 2,526,096 2,914,716 14,546,089 15,609,513
St L1
Clev C C&
Peoria & Eastern f November 2,759.2002.980,274 15,880,673 16,705.178
130,198 130,949
719,136
Cincinnati North, November
683,949
Pitts & Lake Erie November 1,004.112 1,503,568 6,667,026 8.493,413
932,518 1,028,880 4.771,954 5,181,096
NY Chic & St L.. November
,
2,512.292 2,790.280
& Ohio Cent.. November5
Tol
'
Tot aill Ines above November 21581896 24257823 121087220 132974817
ROADS.
1
AG. .tilEGATES OF GROSS
C
Current
Year.
Previous
Year.
Increase Of
Decrease.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
,
Previous
Year.
Current
Year.
Previous
Year.
S
$
$
$
No Mobile & Chic. October __
746,327
,
638.347
6.161,.
NY N H & Hartf__ October...... 5,639,
521
023 22.954.442 24.325.985
NY Ont & West_ _ _ November
694.958 688,431 4,266,533 4,339.790
NY Susq & West__ November
287,606 326,197 1,547,697 1.646,522
Norfolk Southern._ October -- 333,295 380.326 1,334,416 1.377,5110
Norfolk & Western.. October__ _ 3.519,805 4,155,789 15,350.825 16,038,317
Northern Pacific..__ October...... 6,649,518 7.596.007 25,251.358 27.446.285
Northwestern Pae_ October___ 341.920 343.534 1.544.620 1,548,773
Pacific Coast Co__ October.._.. 585,520 745.096 2.496,379 2.845.276
zPennsylvania RR__ October-- 16482466 18726204 66.320.663 71.529.137
Balt Ches & AU__ October...... 106.340 119,140
559,527
570,858
Cumberland Vail. Octooer ___ 271,965 322,190 1.067,696 1,225,696
Long Island
October__ 1,074,952 1,027,668 5,399.964 5.204.821
Maryl'd Del & Va October.. _ _
417.120
410,675
85.462
79,206
N Y Phila & Norf October...._ 294,218 315,088 1,400.920 1.390.930
PhilaBalt & Wash October__ 1,743,155 1.851,749 7,313,189 7,368,434
W Jersey & Seash October.. _ _ 472.385 486,573 2.978.666 3,046,364
Pennsylvania Co
October_ 4.862.089 6.205,251 20.828.156 25.057.422
Grand Ran & Ind October...... 464.730 500.675 2.035.764 2.116,176
Pitts C 0 & Si L.. October__ 3.461.475 4.167.601 14.242.032 16.039,099
Vandalia
October...... 1,004.612 1.107,791 3,996,685 4.192.920
Total lines—
East Pitts & Erie October__ 21024094 23536729 87.758.536 94.446.322
West Pitts & Erie October__ 9.924.894 12125019 41.631.787 47,969,775
All East & West_ October _ _ _ 30945988 35661748 129390324 142416098
Pere Marquette
October_ - 1.697.190 1.660,812 6.444,587 6.106.000
Reading ( 0-Phila & Reading_ November 3,984.042 4,454,584 20,479.648 22.255,296
Coal & Iron Co.- November 2,954,468 3,447.877 13.004,028 13,255.431
Total both ens...... November 6,938.510 7,902,461 33.483,676 35,510,727
Rich Fred & Potom
894.034
218.238 230,718
902,281
October__- 135.611 116,859
Rlo Grande June.._ September
294.845
311.892
Rio Grande South 3d wk Dec
349.110
9,820
13,746
285.986
Rock Island Lines._ October__ 6,678,272 6,504,536 26.264.605 24.936,642
October..
Rutland
334.291 349.690 1,302.517 1.424.909
St Jos 8; Grand 1st_ November
119,799 154,346
735,454
734,435
St L Brownsv & M_ October -- 183.822 197.380
820.215
870.736
St L Iron Mt & 8011 October...... 2,714.785 3.018.972 10.755.505 11.344.751
269,060 232.610 1,197,582 1,010.251
St L Rocky Mt & P November
St Louis & San Fran October- 3.955.281 4,333.665 15.291.590 16.459.436
St Louis Southwest_ 3d wk Dec 212.000 289,000 5,356,976 6.585,726
San Pad LA & S L- October-- 815.440 945,176 3,250.196 3.582.758
Seaboard Air Line November 1,713.797 2,220.134 8,525.040 9.990,646
Southern Pacific.. November 10246764 11890350 57,497.887 62.166.658
Southern Railway 3d wk Dec 1.226,312 1,555,344 31,066,867 34,850,563
Mobile & Ohio...... 3d wk Dec 207,542 272,714 5,382,982 6,344,186
CM N 0 & Texl_ 3d wk Dec 162,130 220.862 4,527.005 5.164,082
Ala Great South_ 3d wk Dec
82,543 120,813 2,332,948 2,664,251
Georgia So &Fla_ 3d wk Dec
61.876 1,124,349 1,263,907
45,193
Spok Port & Seattle October-- 420.471 512,811 1,832.749 1.963.667
45.788
35.031
Tenn Ala & Georgia 2d wk Dec
1,518
1.159
602,656
546.290
Tennessee Central.. October...... 121.460 159,638
Texas & Pacific........ 3d wk Dec 400,080 479,133 8.994,225 9,596,941
33.957
36,147
Tidewater & West.. November
5,154
7,053
676.827
596,755
Toledo Peor & West 3d wk Dec
24,400
19,547
Toledo St L & West 3d wk Dec
85,510 105,572 2,203.647 2,336.757
856.578
397.047
Trinity & Brazos V _ ,October __ 116,790 247.158
Union Pacific Syst_November 7,592,1828,548.109 41.984,379 44.518,212
839,732
823,360
Virginia & Sou West November
137.530 160,402
Virginian
lOctober...... 524,797 705,627 2,164,125 2,384.308
'November 2,307,162 2,573.821 12.975,517 13.898.765
Wabash
Western Maryland_'November
634.111 652,820 3,559.359 3.634,294
Wheel & Lake Erie_ INovember
396,317 673.709 2.545.945 3.919,481
158,617
Wrightsv & Tennille November
116,175
36,889
25,762
Yazoo & Miss Vall_ November 1,124.273 1,348,316 4,887.872 5,264,168
Various Fiscal Years.
Delaware & Hudson
Jan
NY Central & Hudson River_e_ Jan
Boston & Albany
Jan
Lake Shore & Michigan South Jan
Lake Erie & Western _n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cincin Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
sPennsylvanla Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Del & Vi nia
Jan
N Y Philadelphia & Norfolk.. Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts CM Chic & St Louis
Jan
Vandalia
Jan
Total lines—East Pitts & Erie Jan
—WestPitts & Erie Jan
—All lines E & W_ Jan
Rio Grande Junction
Dec
Rutland
Jan
Period.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Oct
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Current
Year.
Previous
Year.
$
1
31 18.981.8196 20.386.096
3087,947.251 95,892,645
30 15,206.463 16,326,209
30 47,477,366 54,802,890
30 5,206,724 5.473,088
30 3,872,929 4.037.899
30 30,808,377 33,617,712
3032.464,51834.496.944
30 1,356,737 1.298.980
30 14,662.603 18,463.741
30 10.334,857 11,328.505
30 4.568,241 5,525.725
30 253906066 281264339
31 158107212 171495885
31 1,081.200 1.054.795
31 2.776.158 2.996.379
31 11.355.216 11.218.531
806.02;
31
803.051
31 3,193.982 3.308. 89
3
3117.132,115 17.694.71;
31 5.694.997 5,774.664
,
31 47.200.116 56.597,79,
31 4,574.433 4,700.04;
31 33,276,274 37,215,79j
31 9,127.392 9,468.324
31 204373720 219306729
31 95.547.007 10929957Z
,
31 299920727 32860630
820.34'
30
798,872
31 2.982.56/9 3.136.65'
5
ARN1NGS—Week1y and Month'
Current
Increase or
Previous
%
*Monthly Summaries.
Decrease.
Year.
Year.
S
$
$
Mileage. Cur. Yr. Prev. Yr
0,1 week Oct (36 roads)____ 13.300.265 15.684.210 —2,383.945 15.19
$
$
S
February_ .._244,925 242,928 200,233,005 233,056.143 —23,823,138 10.22
3d week Oct (34 roacts)____ 12,515.701 15,446,844 —2,931,143 19.65
March
245.200 243.184
+660.166 0.27
.174.257 249.614.091
4th week Oct (37 roads)....-- 18.017.947 22.633,633 —4.615.686 20.40
A ril
,
2 6.531.600 245 048.876 —8.517.270 3.48
1st week Nov (37 roads)____ 12.222.722 15.243.348 —3.020.626 19.82
ay
246:870 243.954 239,427.102 265.435.022 —26.007,920 9.73
2d week Nov (37 roads)..__.. 11,975,539 14,863.074 —2,887.535 19.43
June
222,001 219.691 230.751,850 241.107.727 —10.355,877 4.30
week Nov (36 roads____ 11.577.904 15.010.869 —3.432.965 22.87
3d
235.407 231.639 252.231.248 261.803.011 —9.571,763 3.67
4th week Nov (35 roads)_ - _ 14.517,713 17,915.795 —3.308,082 18.99
August
0.831 237.159 269.593.446 280.919,858 —11.326,412 4 03
1st week Dec (37 roads).___ 11.191.969 13,645.289 —2.453,320 17.98
September_ _ 242.386 238.698 272,992.901 285.850.745 —12 857.844 4.50
2d week Dec (37 roads)..___ 11.008,619 13,301.723 —2,203,104 17.22
October_ .. _ _244,917 241.093 269.325.262 298.066.118 —28.740.856 9.64
ad week Dec (34 roads)____ 10,347,462 13.174,223 —2,826.761 21.41
November. _ 89.275
87.724 85.353.89R 81.461.551 —16.107.653 19.77
a Mexican currency. b Does not include earnings of Colorado flprings & Cripple Creek District Ry.
1911. e Includes the New York &
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of which, being from Nov. 1 road, does not make returns to the
Canadian
Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR.a g Includes
in both years. n Includes the Northern own Eft, p Includes earnings of Mason City & Fort Dodge and Wisconsinthe Cleveland Lorain &sWheeling
B.
Includes
Minnesota & Pacific.
Louisville & AUantic and the Frankfort & Cincinnati. u'Includes the Texas Central and the Wichita Falls Lines. v Includes not only operating revenues.
but also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the Northern Central beginning July 1 1914. * We no longer
include the Mexican roads in any of our totals.
•Weekly Summartea.
THE CHRONICLE
50
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
$
$
$
80.215
326,197
60.385
N Y Susq Sz Western_a_Nov 287.606
378,666
397.795
1,547,697 1,646,522
July 1 to Nov 30
Reading CompanyPhila & Re.ading_b_ _ _Nov 3,984,042 4,454,584 1,233.744 1.493,720
20,479,648 22,255,296 6,487,586 7,303.449
July 1 to Nov 30
Increase. Decrease.
220.518
219.525
Coal & Iron Co_b____Nov 2,954,468 3,447,877
130,709
460,294
13.004,028 13,255.431
July 1 to Nov 30
$
$
38,270
Total both co's_b____Nov 6.938,510 7,902.461 1,454,262 1,713,245
12,339
7.434,158
July 1 to Nov 30
33.483,676 35.510.727 6,947,880
38,187
544,609
566,152
Reading Company.._ _Nov
209,200
2,782,065 2,749,566
July 1 to Nov 30
1,095.000
2,020,414 2,257,854
Total all co's
Nov
183,390
9,729.945 10,183,721
July 1 to Nov 30
1,125
7.440 St L Rocky Mt & P_a_ _Nov 269.060
88,164
101,144
232,610
28,659
421,931
310,967
July 1 to Nov 30
1.197,582 1,010.251
58,732 Seaboard Air Line_a___Nov 1.713,797 2.220,134
595,642
385,112
75,769
July 1 to Nov 30
8,525,040 9.990,646 1,894,615 2,578,360
86.900
14.200 Southern Railway_b___Nov 5,046.463 6.312,772 1,393.517 2,019,464
27,481,328 30,378,846 6,786.672 9,163,231
July 1 to Nov 30
6.851
4,894
267,118
250.598
Mobile & Ohio_b__--Nov 810,351 1,148,963
12.508
4,762,014 5,535,792 1.069,750 1,364,578
July 1 to Nov 30
16,683
282,178
191,590
960,837
Cln New Orl & T P_b_Nov 752,366
940.668 1,386,328
4,008,447 4,528,732
July 1 to Nov 30
154,432
140,633
86,941
500,224
Alabama Grt South b Nov 386,837
603,355
444,440
2,061,493 2,341,670
July 1 to Nov 30
270,965
47,526
32,526
229,754
Georgia Sou & Fla_b_Nov 184,630
8.011
202.810
165,789
985.219 1,078,222
July 1 to Nov 30
6,791
745 def1.556
5.154
7,053
Tidewater & Western_b Nov
4.642 def1,017
33.957
36,147
July 1 to Nov 30
48,089
162,000 Union Pacifica
Nov 7,592,182 8,548,109 2.777,894 2,989,271
65,172
41,984,379 44,518,212 16,719,849 17,483,090
July 1 to Nov 30
3,926
48,650
27,154
160.402
137.530
77,000 Virginia & Southw_b___Nov 823,360
276,666
248.453
839,732
July 1 to Nov 30
329,032
39,256
141,563
652.820
Western Maryland_b___Nov 634,111
79.053
646,468
938,261
3,559.359 3,634,294
July 1 to Nov 30
4,853
20,062 Wrightsv & Tennille_b_Nov
17.163
7.526
36.889
25,762
61,980
20,561
158,617
116,175
July 1 to Nov 30
146,636 2,973,397 Yazoo & Miss Valley-a-Nov 1,124,273 1.348,316
515,132
348,485
July 1 to Nov 30
4.887,872 5,264,168 1.104,961 1,289,492
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of December. The table covers 34 roads and shows 21.46%
decrease in the aggregate under the same week last year.
Third Week of December.
1914.
1913.
$
$
82,543
120.813
47.214
34,375
208,142
169,955
515,400
306,200
1,604,000 2,699,000
781,388
597,998
251,242
252,367
317,606
310.166
103,071
131,730
220,862
162,130
213,542
289.311
449,900
363,000
101,200
87,000
27,539
34.390
19,579
14,685
58,295
45.787
45,193
61,876
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Indianapolis & Louisv_
Cin New On & Texas Pacific__
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore ,Sc Atlantic
Georgia Southern & Florida
Grand Trunk of Canada
840,347
994,779
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
960,435 1,231,400
Louisville & Nashville
14,263
6,252
Mineral Range
}
214,773
Minneapolis & St Louis
221.564
Iowa Central
637,782
685,871
Missouri Kansas dc Texas
962,000 1,124,000
Missouri Pacific
272,714
207.542
Mobile & Ohio
9,820
13,746
Rio Grande Southern
212,000
289,000
St Louis Southwestern
1,226,312 1,555,344
Southern Railway
400,080
479.133
Texas & Pacific
19,547
24,400
Toledo Peoria & Western
105,572
85.510
Toledo St Louis & Western-Total (34 roads)
10,347,462 13,174,223
[VOL. 100.
Roads.
INDUSTRIAL COMPANIES.
-Net Earnings
-Gross Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Companies.
i
$
$
$
-Gross Earnings- -Net Earnings
Current
5,251
Previous
Previous
9,666
2,677
Current
16,270
Huntington Der & Gas allov
Year.
Year.
Roads.
61,672
Year.
Year.
107.912
Dec 1 to Nov 30
3
3
$
$
391,822
214,367
180,727
Southern Cal Edison___Nov 400,086
Atch Top & 8 Fe_b___Nov10,102
.017 9.784.520 j3,686.044 )3,568,115
4,359,318 4,330,935 2,220,147 2,133.071
Jan 1 to Nov 30
July 1 to Nov 30
51,399,418 48,768,783519.108.539116.962,568
989,008
546.299
Atlantic Coast Line_a__Nov 2,541,495 3.306,210
a Net earnings here given are after deducting taxes.
11.933,646 13,823,359 1,435.514 2,805.626
July 1 to Nov 30
b Net earnings here given are before deducting taxes.
650,341
809,174
Nov 3,745.798 4.036.678
Boston & Maine b
C After allowing for uncollectible revenue and taxes, operating income
21,014,718 21.892,920 4,949.459 5.128,366 for Nov. 1914 was $225,469. against $330,262; and from July 1 to Nov. 31)
July 1 to Nov 30
148,318
256,129 was $1,048,986 in 1914. against $1,444.115 last year.
917.313
Buff Roch & Pittsb_b_Nov 693.393
4.326.017 5,271,786 1.177.926 1,645,304
July 1 to Nov 30
)1' For Nov. 1914 net income, after charges, was $36,409, against $27,336
24.057
20,546 in 1913. and from July 1 to Nov.30 was $608,569 in 1914. against $621,835.
144,354
Buff & Susq RR Corp.b.Nov 122,181
106.225
197.612
776.255
638,454
July 1 to Nov 30
h After allowing for uncollectible revenue and taxes, operating income for
547,100
964.800 Nov. 1914 was $689.852, against $797,832; and from July 1 to Nov. 30
Canadian Northern_ --Nov 1,670,200 2,673.300
8,637,400 11.108.900 2,376,200 3,416.700 was $3,992,397 in 1914, against $3,782,883 last year.
July 1 to Nov 30
k After allowing for additional income for the month of Nov. 1914, total
Canadian Pacific-a____Nov 8,057,359 13,407,015 2,644,072 4.888,246
48,494,163 63,471,836 17.474,052 22,984,615 net earnings were $179.896, against $125,066 la.st year. and for the period
July 1 to Nov 30
Central of Georgia_b- _Nov 1.002,012 1.347.191 c267.780 c381,241 from July 1 to Nov. 30 were $1,117,354 this year, against 81,029,064.
5,230,919 6,239,553 c1.291,084 c1.694,166
July 1 to Nov 30
jFor Nov.taxes and uncollectible railway revenue amounted to $423,685,
1913: after deducting which, net for
Chic Great Western_b__Nov 1,157,911 1.176,990 5266.530 1238,866 against $477,846 in $3,090,268 last year. Front July 1 to Nov. 1914 was
Nov. 30 taxes.
6,203,261 6,394,923 11.683.575 11,686,159 $3,262,358, against
July 1 to Nov 30
1.925,911 &c., were $2,287,108 in 1914, against $2,261,900 in 1913.
Ohio & North West_a_Nov 6,336,140 7,191,080 1.361.606
Includes St. Louis Iron Mountain & Southern. After allowing for
38,059,447 40,022,243 10,674,306 11,817.723
July 1 to Nov 30
other income,total income was $1,205,954 in Nov. 1914, against $1,458,463
548,425 In 1913,
428,245
Chic St P M & 0_a____Nov 1,493,061 1,701,846
and from
8,255,130 8,384,849 2.472,418 2,310.304 001,396 last year. July 1 to Nov. 30 was $7,388,842 in 1914, against $7,July 1 to Nov 30
348,990
556,323
Colo & Southern_ b____Nov 1,442,772 t,174,888
6,339,643 6,358,911 2.049.741 1.823,728
July 1 to Nov 30
Interest Charges and Surplus.
147,147
118.648
342.357
Nov 285.226
Cuba RR
650.390
742,944
1,603.081 1,715,231
July 1 to Nov 30
-Int., Rentals, &c.- -Bat, of Net Earns.
19.987
96,254
7.981
86,026
Current
Current
Previous
Previous
Detroit & Mackinac_a__Nov
138,879
541,330
102.713
489,839
Year.
Year.
Year.
Roads.
ear.
July 1 to Nov 30
$
990,312
884,195
Nov 4,715,216 5.068,114
Erie-a z6,989 z141.758
26,668.456 27.452,021 6,472,167 6,044,902 Buffalo Rock & Pittsb__Nov 197,618
186,606
July 1 to Nov 30
916,732 z502.047 z1,060.441
July 1 to Nov 30
989,766
1,088
3.468
834
4,398
Fairchild & Northeast.b.Nov
z24.547
13,431
16,303
1,870 Buff & Susq RR Corp _Nov
def1,588
32,292
July 1 to Nov 30
z120.004
160.606
July 1 to Nov 30
185,449
Nov 527,154
651,916
152,364
Hocking Valley_b
949,053
356.165
976.859
3.124,859 3.708,188 1,087.041 1,375.477 Chic & North Western__Nov 1,005,441
July 1 to Nov 30
4,702.900 4,606,153 5.971.405 7,211,571
July 1 to Nov 30
Nov 5,077,115 5,798.041
812,334 1,017.105
Illinois Central_a
180,435
308,280
240,145
27,368,362 28,816,756 5,117,129 5,101.529 Chic St Paul M &0Nov 247,810
July 1 to Nov 30
1,187,769 1,146,662 1,284.649 1.163,642
July 1 to Nov 30
343,957
275,716
Internet & Gt Nor b___Nov 879,379 1,047,839
48,452
66,792
70,196
80,355
Nov
4,015,491 4.841,119
681.349 1,495,903 Cuba RR
July 1 to Nov 30
333,958
299,232
351,158
408,986
July 1 to Nov 30
811,450 k227,824 k167.741
Minneap & St Louls_a__Nov 858,559
z54,281
105.586
z91,161
Nov 121,352
k1.132,035 Hocking Valley
4.444,122 4,218,714 k1,252,691
July 1 to Nov 30
650,510 2499.818 z826,150
604,303
July 1 to Nov 30
Missouri Kan & Tex b__Nov 3,033,044 3,106,635 h1,092.972 h938.844
115.229
6.219 def23,127
14.271,148 14,819.171 h4,553,782 h4.406.494 NY Ont & Western__ - _Nov 125.208
July 1 to Nov 30
598,427
634.235
555,096
576,185
July 1 to Nov 30
q1,396,391
Nov 4,989,135 5,430,069 q1.142,309
Missouri Pacific_a
Nov 1,240,667 1,253,333
779.747 1,004,520
26,487,516 27,017,470 q6.984,873 q6,594,431 Reading Company
July 1 to Nov 30
6.203,333 6,201,666 3,526.611 3,982,056
July 1 to Nov 30
31,746
84.984
29,710
71.182
Mississippi (Jentral_bNov
41,512
56,119
185,277 St L Rocky Mt & Pac....Nov
59.632
386.920
32,045
449,365
161,531
July 1 to Nov 30
208,463
199.120
222.811
102,505
July 1 to Nov 30
273,037
143,532
Nashv Chan & St L_a.._Nov 895,099 1,107,316
866,285 1,151,072
4,820.495 5,396,347
July 1 to Nov 30
INDUSTRIAL COMPANIES.
1.701,888
NY Cent & Ilud Riv_b_Nov 7.832,080 8,485,870 2,106.476 22,993,419
-Int., Rentals,
-Bat, of Net Earns.
87,947,251 95.892.645 22,465.348
Jan 1 to Nov 30
Current
Previous
Current Previous
376,884
Boston & Albany_b__Nov 1,287,016 1,462,182
Yea;.
Year.
Year.
Year.
Companies.
15,206,463 16,326.209 3,923,384 4,242.369
Jan 1 to Nov 30
i
$
$
$
667.703
944,039
Lake Sh & Mich So_ b_Nov 3,892,158 4,404,029
2,095
750
7,571
1,927
Dee & Gas_Nov
47.477,366 54,802,890 12,650,380 15.308,919 Huntingtonto Nov 30
Jan 1 to Nov 30
18,062
43,810
Dec 1
90,195
48,206
464,841
Lake Erie & West_b__Nov 422.557
75,229 x142,987 x106,182
80,313
1.113,055 1,032,329 Southern Calif Edison ..Nov 849,369
5,206.724 5.473,088
Jan 1 to Nov 30
779,799 x1,455,932 x1,381,847
Jan 1 to Nov 30
25,221
402,525
50,200
Chicago Ind & Sou_b_Nov 341,283
693,811
643,623
3,872,929 4,037,899
z After allowing for other income received.
Jan 1 to Nov 30
457,286
440,972
Michigan Centml_b_ _Nov 2,526.096 2,914,716
EXPRESS COMPANIES.
30,808,377 33,617,712 7.630,468 7,946.153
Jan 1 to Nov 30
- -.7u/1/ 1 to Sept. 30Month of September
244.462
546.648
Clev Cin Ch & St L_b_Nov 2,759,200 2,980,274 5,644,816 4,212.729
1914.
1913.
1914.
32,464,518 34,496,944
1913.
30
Jan 1 to Nov
$
Great Northern Express Co.43.008 def20,241
130.949
North'n_b _Nov 130.198
Cincinnati
314,926
943.484
917,275
227,036 def11,422 Total from transportation._ 279,711
1,356,737 1,298,980
Jan 1 to Nov 30
-Dr
170,115
191,268
572,021
Express privileges
580,870
193.045
563,228
1.503,568
Pittsb & Lake Erie_b_Nov 1,004.112 18.463,741 5,071,131 8,409,723
14,662.603
123.657
371,463
Revenue from transport'n_ 109,595
376,404
Jan 1 to Nov 30
5,147
4,620
than transp'nother
14,966
214,259
13,718
259.993
932,518 1,028.880
NY Chic & St L_b__Nov10.334,857 11,328.505 1.737,183 2,369,674 Oper'ns
Nov 30
Jan 1 to
128,278
386,430
Total operating revenues.. 114.743
390,122
106,730
51,081
479,989
Ohio Cent_b___Nov 454,678
92.402
92,103
278,629
Tol &
279,169
859,591 1,252,179 Operating expenses
4,568,241 5.525,725
Jan 1 to Nov 30
22,341
36,175
Nov 21,581,896 24,257,823 5.070.467 4,368,284
107,800
Net operating revenue..
110,953
Total all lines_b
253,906,066 281264,339 62,016,203 68,399,695 Express taxes
4,069
4.181
12.928
12,609
Jan 1 to Nov 30
92,102
688,431
131,427
694,958
Ont & Western_a__Nov 4,266,533 4,339,790 1,189,331 1,174.612
NY
18,271
31,993
Operating income
94,872
198,343
to Nov 30
July 1
-The table
Net Earnings Monthly to Latest Dates.
following shows the Foss and net earnings of STEAM
railroads and industrial companies reported this week:
THE CHRONICLE
JAN. 2 1915.]
--July 1 to
Month of September
1914.
1914.
1913.
$
Southern Express Company- Id
Total from transportation__ 1,039,881 1,165,769 3,182,631
592,334 1.622,811
529,493
Express privileges
-Dr
Sept. 301913.
$
3,299,264
1.680,916
Revenue from tmnsporrn _
Oper'ns other than transpo'n
510,388
26,313
573.434 1,559,819 1,618,347
72,684
72,003
26,902
Total operating revenues_ _
Operating expenses
536,702
522,158
600,337 1,632,504 1,690.351
531,868 1.572,285 1,592,282
Net operating revenue_ _ _ _
Uncollectible rev,from trans.
Express taxes
14,543
10
15,075
68,468
18
14,285
60,218
10
44,665
98,069
26
41,628
15.543
56,414
54,164
-542
-Month of September-- -July 1 to Sept. 301914.
1913.
1913.
1914.
$
Wells, Fargo & Co.$
$
$
Total from transportation__ 3,186,755 2,808,338 9,571,210 8,209,973
Express privileges-Dr
1,634,057 1,399,845 4,916,631 4,100.086
Operating income
Revenue from tmnsport'n 1,552,697 1,408,493 4,654,578 4.109,887
176,736
53,174
166,898
56.677
Operations other than transp.
Total operating revenues.. 1,609,375 1,461.668 4.831,315 4,276.785
1,530.872 1,285,668 4,556,797 3.816.573
Operating expenses
Net operating revenue_ _ _ _
Uncollectible rev,from trans.
Express taxes
78,502
453
36,885
175,999
33,000
274,517
1,169
111,732
460,211
96.000
364.211
161,615
142,999
41.163
-Month of September- -July 1 to Sept. 30-1914.
1913.
1914.
1913.
$
$
Western Express Co.
$
-$
308,069
343,931
112,015
100,469
Total from transportation._
165,874
64,120
189,232
54.191
Express privileges
-Dr
Operating income
Revenue from transporrn_
Oper'ns other than transp'n_
46,278
3,388
47,894
2,357
142.195
9.068
154,699
7,220
Total operating revenues_
Operating expenses
49,667
53,074
50,251
52,830
151,264
162.096
161,920
151,740
def2,578 def10,832
30
3,380
789
10,179
loss3,368 loss14,243
7,835
Net operating revenue_ _-- def3,407
4
Uncollectible rev,from trans.
Express taxes
1.125
Operating income
loss4,h37
2,344
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year. I Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
I $$
American Rye Co..__ November 424,813 435,395 4,939,456 4.785,182
Atlantic Shore Ry___ November
349,307
24,267 25,797 336.416
cAur Elgin & Chic Ry November 160,928 171,074 1,871,718 1.861.395
Bangor Ry & Electric November
712,243
64,570, 65,372
698,441
Baton Rouge Mee Co October__. 15,609, 15,028
131,262
145,992
Belt LRyCorp
(NYC)September
551,385
564,735
61,775! 63,111
Berkshire Street Ry_ October_ _ _
828.448
851.253
89.999 82,606
Brazilian Trac, L & P October-_- n3241170 6,098850161411.258 59,922.665
Brock & Plym St Ry- October__ _
109,044
9,825
105,630
9,315
Bklyn Rap Tran Syst September 2305.490 2249,340 20.617,324 20.072.369
Cape Breton Elec Co October___ 30.751 36.793
309,932
290,053
Chattanooga Ry & Lt November
84,896 97,032
996,085 1,104,553
Cleve Painesv & East October_ _ _
34,974 35.498
364,904
362,210
Cleve Southw & Col_ November 100.184 98,490 1,158,384 1,149,872
Columbus(Ga) El Co October...._ 63.890 54.378
558,394
492.874
Comwth Pow,Ry & L October..__ 250,255 249,887 2.382,866 al.768.163
Connecticut Co
October___ 654,584 658,783 6,763,009 6,897,003
Constun 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
October_ _.. 200.503 226,968 1.842.161 1.791.323
Detroit United Lines 2d wk Dec 203.823 202,693 11,664,739 12,142.444
DDEB& Bat(Rec) September
40,576 49.314
451.750
384,544
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
El Paso Electric Co October_,.,. 88,976 74.560
861,692
718.397
42d St M & St N Ave September 162,575 161,522 1,382,582 1,410.776
Galv-Hous Elm Co_ October___ 189,702 193,411 2,036.593 1,957.891
Grand Rapids Ry Co November
98,208 101,387 1,160,653 1,178.942
Harrisburg Railways. November.. 77,197 79,953
908.834
903,106
Havana El Ry, L & P
Railway Dept
Wk Dec 27 53.851 55,331 2,748,240 2,804.667
Honolulu R T & Land October_ __ 52.949 52.618
503.437
508,280
Houghton Co Tr Co.. October.... 21.226 22.216
235.558
250,319
b Hudson & Manhat_ October._ 468,023 473,988 4,608,458 4.540.087
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
606,231
556,903
Jacksonville Trac Co. October_ _ _ 56,745 57.663
116,448
111,610
Hey West Electric_ _ _ October..__ 11.393 12.982
Lehigh Valley Transit November 149.939 191,198 1,700.506 1.634,292
626.850
49,437 51.794
Lewis Aug & Watery_ November
625.134
193.875
23.805 21,372
Long Island Electric_ September
193,889
Louisville Railway,.,. November 244,690 260,943 2,906,655 2,862.356
Milw El Ry & Lt Co_ October___ 498,745 510,080 4,969,126 4.958.821
Milw Lt, Ht & Tr Co October__ 118,365 119,939 1.264,319 1.206,277
493,026
57,414 53,553
454,572
NY City Interboro September
314,040
43,933 38,801
316.871
N Y & Long Island September
17,203 16,(75
NY & North Shore_,. September
128.755
124.837
N Y & Queens CO...... September 119,186 117.682 1,031.541 1.056,620
1204,394 1264.951 11.304.051 11,866.551
New York Railways. October
27,142 26.847
327.704
N Y & Stamford Ry_ October__
325.204
39.074 34.841 .344,893
N Y Westches & Boa_ October_306.974
15.494 15.830
Northampton Trac_ October...
155.906
158.358
Nor Ohio Trac & Lt_ November 286,732 265,096 3,319,704 2,989.155
North Texas Elec,,,.,, October__ 184,027 201,479 1.750.968 1.749.603
303.418
Northw Pennsylv Ry October..,.. 28,371 29.571
311,855
17,227 14,106
142,890
Ocean Electric (L I)_ September
136.171
249,215
Paducah Tr & Lt Co_ October__ 26.099 26,434
240.403
225.874
236,770
Pensacola Electric Co October.... 19.818 25.399
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
963,782
76,066 75,113
956,448
Portland (Me) RR November
Puget Sound Tr,L&P October-- 711.000 744,519 7,046,603 7,070.311
Republic Ry & Light November 244,251 251,827 2.756.557 2.702,533
October--- 440.696 433.315 4,524,968 4.551.627
Rhode Island Co
305,211
37.192 33,256
304,850
Richmond Lt & RR. September
St Joseph(Mo)Ry,Lt,
Heat & Power Co_ November_ 108,481 110,092 1,174.232 1,135,075
386.476
378.988
Santiago El Lt & Tr_ October- 38.539 38.451
701,090
681,777
Savannah Electric Co October--- 67,529 69.381
697.966
792,643
Second Ave (Rec)
82,287 92,238
September
188.972
156,135
Southern Boulevard_ September
20,076 18,934
256,961
249,903
Staten Isl Midland September
32.063 28.625
814,577
686.090
Tampa Electric Co October,.,.,.83,008 73.998
Third Avenue
September 327,631 339,394 2,968.458 3.040.125
Toronto Street Ry
November 465,035 501,254 5,537,085 5,502,573
Twin City Rap Trail. 2d wk Dec 172,966 172,595 8,836,983 8.424.044
Union Ry Co ofNYC September 241,811 231.043 2,191,032 2.074.877
United Rys of St L October....,, 1073.964 1129,269 10.478,950 10.542,580
Virginia Ey & Power_ November 427,351 429,331 4,725.983 4,587,023
690.336
695.397
Wash Bait & Annap_ October..,,. 77,937 67,026
465.142
457.242
Westchester Electric_ September
54,722 50,539
218.809
212.235
Westchester St RR October._ _ 22.995 21.529
Western Rye & Light November 218,777 217.994 2.448,427 2,333,576
556,069
Wisconsin Gas & Elm September
545,520
57,102 65.395
Yonkers Railroad__ - September
539.105
522.618
62.951 60.834
51
Latest Gross Earnings.
Name of
Raod.
Week or
Month.
Jan. 1 to latest date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
York Railways
October..,.. 70.171 69,770
635.357
659.488
Youngstown & Ohio_ November
232.969
23,603 21,548
248,018
Youngstown & South October__
144,480
14.763 15.063
148,632
a Includes since May 1 1913 the earnings on the additional stocks acquired on that date. b Represents income from all sources. c These
figures are for consolidated company. f Earnings now given in milrels.
Electric Railway Net Earnings.
-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week.
-Gross Earnings--Net Earnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year,
$
S
$
$
Bangor Ry & Elec_ a_Nov
64,750
36.668
65,372
34.277
Jan 1 to Nov 30712,243
698,441
366,778
382,653
Aurora Elgin & Chic_b-Nov 160,928
58.349
171,074
55.875
July 1 to Nov 30
386.883
944,717
968,233 361.079
Chattanooga Ry & Lt.a.Nov
29,519
37.608
84,896
97,032
Jan 1 to Nov 30
447,699
996,085 1,104,553
362,500
Clev 8 W & Coulm_b__Nov 100,184
29,782
98,490
39.118
Jan 1 to Nov 30
463,833
453,292
1.158.384 1,149,872
Columbus(0) Ry,P & Lt Co (Incl. The Col Lt. Ht,& P Co and The Colum
Ry & Light
__ _Nov 261.656
102,639
267,661
111,199
Jan 1 to Nov 30
Co_a2,787,737
1.052,418
Consum Pow (Mich)_a_Nov 303,692
291,035
173,735
155,483
Jan 1 to Nov 30
3,079.902 2,830,186 1,741.255 1,338.734
Cumb Co (Me)P & L.a.Nov 196,249
84,470
195,100
74,787
Jan 1 to Nov 30
2,310,109 2,149,252
977.360
952,441
Duluth-Superior Trac.b.Nov 104,457
109,263
45.409
39,521
Jan 1 to Nov 30
1,200,595 1.165.829
482,271
513,108
E St Louis & Sub_a_-_ _Nov 207.713
99,702
236.850
84,953
Jan 1 to Nov 30
2,409,829 2,428,243
899,493 1,000.888
Federal Light & Traction
(incl subsid cos) a_,,_,.Nov 213,540
79,946
205.797
92,589
Grand Rapids
_Nov
98.208
35,370
101.387
29,374
was Jan 1 to Nov 30
Ry_a_1,160,653 1.178,942
386,841
447,655
Illinois Traction_a
Nov 706,342
324,219
729.946
300.906
Jan 1 to Nov 30
7.479,121 7,188,041 2.933.193 2,945,773
Lehigh Valley Transit.b.Nov 149,939
191,199
74,665
119,999
Jan 1 to Nov 30
1,700.506 1,634,293
821.823
866,734
Lewis Aug & Watery _a _Nov
49,437
51.794
12,184
16,959
Jan 1 to Nov 30
626,850
625,134
197,695
234,536
Nov 244,690
Louisville Ry-b
260,943
105,946
108.900
Jan 1 to Nov 30
2,906,655 2,862,356 1,247,675 1.250,679
Nashville Ry & Lt_ a_ _ _Nov 184,099
189,660
79.791
83,414
2,240,922 2,198.393
Dec 1 to Nov 30
888,063
884,394
265,096
100,724
81.095
Nor Ohio Trac & Lt_ a_ _Nov 286,732
3319,704 2,989,155 1.279,691 1,159,797
Jan 1 to Nov 30
576,244
236.987
303.994
Portl (Ore) Ry,I. & P.a.Nov 494.626
5,758.679 6,116,265 2,750.279 3,093.826
Jan 1 to Nov 30
23,825
75,113
24.645
76.066
Portland (Me) RR _ a _ _ _Nov
318,027
369.861
956,448
963,782
Jan 1 to Nov 30
376,166
751,113
355,829
Twin City Rap_Tran_b_Nov 752,502
Jan 1 to Nov 30
8,499,229 8,085.035 4.106,951 3,998,714
160,610
133,097
357.313
Winnipeg Elec Ry
Oct 330,562
Jan 1 to Oct 31
3.402,502 3,338,748 1,423,407 1.496.985
c301,418
Wisconsin Edison Co_ _ _Nov 713,115
c3,461,716
Dec 1 to Nov 30
8,643.565
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c The balance available for the Wisconsin Edison Co., Inc., and depreciation of sub,cos., was $165,050 for Nov. 1914 and $1,858,592 for the 12 mos.
Roads.
Interest Charges and Surplus.
-Int., Rentals, &v.- -Sal. of Net Earns.
Previous
Current
Previous
Current
Yea,.
Year.
Year.
Year.
$
$
$
$
20,854
15,924
Aurora Elgin & Chicago-Nov
37,495
39,950
200.039
162.062
July 1 to Nov 30
186,844
199.017
19,314
16,793
Bangor Ry & Electric-Nov
17,354
17.484
192,425
Jan 1 to Nov 30
175.123
191.655
190,228
11.536
397
Chattanooga Ry & Lt....Nov
29,122
26.072
175,732
52.429
Jan 1 to Nov 30
310,071
271,967
6.959 def2,277
Cleve South & Colum__Nov
32.158
32,059
104,448
Jan 1 to Nov 30
107,899
355.934
348.843
Colum (0) Ry, P & Lt (Incl The Colum L, H & P Co and The Colum
Ry & Light Co
42.584
Nov
68.615
Jan 1 to Nov 30
476,975
575,443
Consum Pow (Mich)_.._Nov
70.737
70,828
84,655
102,998
Jan 1 to Nov 30
632,942
785,277
705.794
955,977
Cumb Co (Me)P & L__Nov
62,385
20,894
63,576
12,402
Jan 1 to Nov 30
696,336
650,698
281,024
301.743
Duluth-Superior Trac__Nov
25,074
24,845
14,447
20.564
Jan 1 to Nov 30
277,887
274.693
207,578
235.221
E St Louis & Suburb..,,_Nov
58,401
49,762
49,940
26;551
Jan 1 to Nov 30
630,200
542.480
458.408
269,293
Federal Light& Traction
(incl subsid cos)
Nov
54,997
z29.324
48,495
z42,233
23.583
Grand Rapids Ry
Nov
13,701
15,673
11.787
Jan 1 to Nov 30
293,445
237.226
149,615
154,210
Lehigh Valley Transit_ _Nov
48.661
16.917
57,748
71.338
288,365
Jan 1 to Nov 30
223,430
533,458
643,302
Lewis Aug & Watery._ _Nov
1,621
15,670
15,338 def3.486
Jan 1 to Nov 30
70.299
26,912
164.238
170.783
z52,038
Louisville Ry
z46.876
73,250
70,167
Nov
Jan 1 to Nov 30
767,667 z623,300 1062.696
793,416
43,586
Nashville Ry & Light__Nov
37,892
39,828
41,899
423,094
Jan 1 to Nov 30
379,543
508,520
461.300
31.723
Northern Ohio Tr & Lt_Nov
50.463
49.372
50.261
Jan 1 to Nov 30
723.326
648.264
511,533
556,365
127,569
176,425
53.921
Portl (Ore) Ry, L & P_ _Nov 183,066
Jan 1 to Nov 30
760,572 1.260,710
1,989,707 1.833.116
3,389
21,695
2.950
Nov
20,436
Portland (Me) RR
140.587
160,647
229,274
157.380
Jan 1 to Nov 30
234,979
126.904
141.187
Twin City Rapid Tran_Nov 228.924
2,507,433 2,584,510 1,599,519 1.414,205
Jan 1 to Nov 30
z After allowing for other income received.
Roads.
ANNUAL REPORTS
-An index to annual reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will ibe
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Dec.,26. The next„will„appeariinithat of Jan. 30.111A1
[VOL. 100.
THE CHRONICLE
52
Northern Electric Ry. (of California).
(Report of Exports, Dated Feb.6 1914.)
The report made by J. G. White Engineering Corp. as
of Feb. 6 1914 with respect to the physical condition and
values of the Northern Electric Ry. has been made public in
connection with the plan referred to on another page. We
condense the same as follows:
We have made a preliminary examination of the above-named properties,
and an approximate estimate of their reproduction value.
We have also prepared an estimate of earnings, giving careful attention
to the tabulation of earnings furnished by the management. In our tabulation we have deducted from -gross income" the amount stated by the
company as having been received for bridge rentals, and the approximate
amount received for construction trains and power used by branch linos
during construction, in order to form a proper basis from which to project
the probable future earnings uninfluenced by bridge rentals and receipts
on account of construction, both of which cease in a few years.
With regard to the operating revenues for the fiscal year 1913. it should
be noted that, while we were furnished a statement of the approximate
receipts from equipment and power used in construction of branch lines,
we were unable to obtain a segregation of the corresponding expenses for
maintaining and supplying this equipment and power. Therefore the net
operating revenues for 1913 cannot be accurately determined, but the
amount of net earnings given in the tabulation for that year should be increased by the amount of these extraordinary operating expenses on account
of branch lino construction, probably about $40,000. Construction for
the time being has now ceased.
The company has been receiving annual payments from the counties on
account of the bridges built by the Northern Electric over the Sacramento
River at Sacramento and by the Marysville & Colusa over the Sacramento
River at Meridian. The first of those payments on the Sacramento bridge
was in Dec. 1911 and on the Meridian bridge in Dec. 1912. Payments
by the counties on both bridges will terminate with the installment to be
paid in Dec. 1915. Thus the fiscal year 1916 is the last in which receipts
on account of these so-called bridge rentals will occur.
Under the contract with the counties, the aggregate of the payments to
be made by the counties to the railway companies on account of those two
bridges is $172.000 for each bridge, or a total of $344,000. In the case of
the Sacramento bridge, however, the Northern Electric Co. receives only
two-thirds of the county payments on that bridge, the other third going to
the Oakland Antioch & Eastern By. Co., which has acquired a ono-third
ownership in the structure. We are advised that the Sacramento bridge
cost $421,214 and that the Meridian bridge, recently completed, has cost
about $270,000; also that title in the latter structure lies entirely with the
Marysville & Colusa By. Co., a subsidiary of the Northern Electric, and
that title in the Sacramento bridge is vested one-third each in the Northern
Electric, Vallejo & Northern and the Oakland Antioch di Eastern.
Although these payments by the counties to the railway companies
would appear to be in the nature of a reimbursement for capital expended in
this bridge construction, we are advised that they have been taken into
income account under the name of "bridge rentals.' with the consent of the
Railroad Commission and to satisfy some legal technicality. We have not
deducted for the Meridian bridge rental for 1912 or 1913. as that part of the
bridge rentals does not appear to have been included in the income account.
Our own estimate of earnings from operation during the current and subsequent fiscal years to 1916, inclusive, is founded on a study of past earnings and on a careful consideration of the probable traffic conditions for
the next few years. It is also based on the preosnt operating mileage. except that for the fiscal years 1915 and 1916 it is assumed that there will be
in operation an additional three miles of the Vallejo & Northern, now nearly
Influence
completed. We have endeavored to make a fair allowance for the1915, and
of the Panama-Pacific Exposition, to be held at San Francisco in and 1916.
which will be reflected in use earnings of both the fiscal years 1915 effect of
It is not easy, however, to estimate with accuracy the probable from
such an extraordinary factor as a world's fair located at a distancecould the
be
company's property. We have had in mind that passengers
interchanged at Sacramento with the Oakland Antioch& Eastern and not
solely with the steam railroad connections. The more frequent service on
the electric railway connection should stimulate traffic.
In addition to the normal operating revenue on which we haveestimated.
the company will also receive up to the fiscl year 1916, inclusive, thepayments above described as "bridge rentals." and which we have omitted
from operating revenue proper by reason of their temporary character.
Interest charges paid: Vallejo & Northern. $118,262; Northern Electric. $1.121.615; Sacramento & Woodland, $70,893:
Marysville & Colusa, $31.700; total. $1,342,470; deduct usual
int., 4%,during construction, $327,460 (already allowei for in
-0
foregoing table); balance excess int. over usual allowance_ _ _ _$1,015,01
$9,823,820
Approximate reproduction cost, as above stated
Estimate of cost, including excess interest
Stores on hand as per company's statement Dec.5 1913
$10,838,830
138,681
Total estimated cost of construction, equipment and stores,
310,977.511
including excess interest
In addition to the foregoing, the Northern Electric By. Co. and its subsidiaries have taken into their capital account "miscellaneous general expenditures," which we understand is chiefly of bond discounts, $937,906.
-V. 99, P.
We find the property generally in good physical condition.
1674, 1528.
British-American Tobacco Co., Ltd., London, Eng.
(Report for Fiscal Year ending Sept. 30 1914.)
Directors Joseph Hood and Lawrence Hignett, with A. M.
Rickards, Secretary, London, Dec. 17, report in substance:
Results.-Tho net profits for the year, after deducting all charges and
expenses for management, acc.. but including £211,262 profit on sale of
certain shares, are £2,177,022. Deducting preference dividend for the
year of 5%,E188,297,and adding amount brought forward per last balance
sheet, £2,411.705. Less final dividend of 7% for the year ended Sept. 30
1913, paid Jan. 7 1914 £437.802. there remained available £3,962,628.
Four interim dividends on ordinary shares (aggregating 17%, viz.:_6%
% March 31;6% June 30 and 2%% Sept. 30% called for
Jan. 7 1914;
£1,063,234 and the sum of £1,500.000 was transferred to general reserve,
leaving now available a balance of £1,399,393. out of which the directors
recommend the distribution on Jan. 12 1915 of a final dividend (free of
British income tax) on the ordinary shares of 7M %,amounting to £469,074,
and to carry forward $930,319.
The above figures do not include the company's proportion of the undivided profits of the associated companies, and which they have not
thought fit to declare as dividends.
In consequence of the war,some losses will be sustained by the company
in several of the belligerent countries, and tho directors have, therefore,
prudently set aside the above-mentioned sum of £1,500,000 to a general
reserve, which can be used to meet any such loesses, though from the information at present available It is not anticipated that the losses will
amount to more than one-half of the sum so set aside and probably will
not reach that figure. Notwithstanding the war,the business of the company in the majority of the countries in which it operates continues to be
satisfactory.
The earnings justify a larger final dividend but the directors prefer to
continue their conservative policy, and the carry forward, after providing
the £1,500,000 transferred to general reserve, and deducting the final dividend will still be £930,319, as against £1,973,902 last year.
INCOME ACCOUNT SEPTEMBER 30.
1911-12.
1912-13.
1913-14.
£1.981,159
•52.177.022 £2,151,8a6
fit after charges
Net
680
105000
297
dividends (5%)
Preferred
(26%)1385'575
(24%)1,532,iO9(27%)1719937
Ordinary dividend
-£315,219
£456,416
£490,584
Surplus
1.168,106
1.658,685
1,973,904
Previous surplus
Total
Transferred to gon. reserve
£2,430.320
1,500,000
£1,973,904
£1,658,690
Profit and loss surplus
£930,320
£1,973,904
£1,658,690
The dividends on the ordinary shares in 1913-14 include the four interim
payments of6% on Jan. 7,20% on March 31.6% on June 30 and 2ti% on
Sept. 30 1914 and the final payment of (714%) £469,074 to be made next
month, reducing the amount to be carried forward from £1,399,394, as
shown in the balance sheet below, to £930,320, as given above.
•Includes £211,262 profit on sale of certain shares.
BALANCE SHEET.
1913.
1914.
1913.
1914.
£
,
Liabilities£
Assets
361,749 Preferred stock... 4,500,000 3,099,998
Real est. & bldg._ 508,638
327,303 Ordinary stock__ 6,254,320 6,254,320
EARNINGS (INCLUDING THE SUBSIDIARY RAILWAYS), YEARS ENDING Plant. mach'y,&c. 907,689
Cred.& cred. bats_ 2,304,206 1,756,527
Good-will, tradeJUNE 30 1907 AND 1911 AND 1912 TO 1916.
876,069 Bills payable
495,567
879,064
615,699
marks, &c
Both Statemou and Estimate by the Northern Electric Management.
198,414
165,269
Invest.In 8990C.005.5,987,066 5,673,559 Reserves
224,864
'15-'16 MaterIals&supplies 3,493,399 1,670,398 Prem.on ord. sh's. 224,864
1906-07. 1910-11. 1912-13. Est.'13-'14 Est.'14-'15 Est.
20,920
8,198
Debtors & deb. bal. 4,043,336 4,823,399 Redemp. of coup's
"Gross ineome"__ _5238,822 $552,060 3886,630 31,095,894 31,348,973 $1,465,120 Cash
801,102 General reserve__ 1,500,090
1,528,548
Deduct rentals en
Profit andloss__ 1,399,394 2,411,705
a61,112
62,667
60,667
17,126
Bridges (text,)_
60,140
Construe. equip_
16,847,685 14,536,529
16,847,685 14,536,529 Total
Total
Balance,gross__ _$238,882 8552,060 $809,364 $1,033,227 51,288,306 51,901,008
There is a contingent liability on shares not fully paid. £91,683, and also
826,073
651,313
761,203
165,457 389,169 557,683
Operating expenses.
for premiums payable on redemption of shares in associated companies
employees -V. 99, p. 1834, 610.
Net from oper___ 873,365 3162,891 8211,681 $381,914 5527,103 3577.935 allocated to
48,181
52,999
24,927
39,171
19,944
Taxes
Net,after taxes__ 573,365 5142,947 5226,754
Net income (includ.
304,020
bridge rents,&c.)
29,663 $5,853
Op.gross per mile_
Op.ratio,exc.taxes 69.3% 70.5% 68.9%
Mileage,singie track
133.3
118.4
In operation
5342,743
$478,922
$521,936
405,410
36,000
63.3%
539,589
87,362
59.1%
586,048
$8,023
58.5%
172.2
175
9175
Estimate by the J. G. White Engineering Corporation.
Gross earnings from operation:
Northern Electric
Sacramento & Woodland
Marysville & Colusa
Vallejo & Northern
$097,500
158,500
92,000
42,000
Total gross earnings
Operating expenses. including taxes
5990,000 61,108,000 51,160,000
789.900
705,600
764,900
5785,000
170,000
101,000
52,000
5825,000
175.000
105,000
55,000
$284,100 $343,100 $370,100
Net from operation
$6,629
$5,749
56,331
Gross earnings per mile
Per cent oper.exp. to over,earnings. Inc!. taxes:
67
70
68
W.-M.&C
-S.&
N. E.
90
100
90
Vallejo & Northern
of equipment, &c., on
-Operating expenses for 1913 Include maintenance
Note.
constr ue non,not segregated, but aggregating possibly 290,000. The correct amount
it determinable should be deducted from the operating expenses for 1913. for last
a Final payment on bridge rentals to be made in Dec. 1915, and appears
time In 1910 income.
S Assume about 3 miles additional to be put In operation on V. & N. in 1915.
Preliminary Estimate of Reproduction Value Submitted on Jan. 24 1914.
$1.012,215
Vallejo & Northern, right-of-way, lands and construction
Northern Electric, right-of-way, lands and construe. & equipm't_ 5,562,930
707,610
Woodland,right-of-way, lands and construction
Sacramento &
903,762
Marysville & Colusa, right-of-way, lands and construction
Add legal and organization expense, engineering and supervision, 1,637,303
miscell. & gen'l expense, int. during construction, 20%
• 10
Approx. reproduction cost, exclusive of enhanced value of lands_89.823,820
line,
pin the Northern Electric item is here included not only the main
Sacramento Terminal tracks,
with its appurtenances and equipment, but theholdings of North.Realty Co.
Chico, and land
city tracks at Marysville and
interest
4%
p We have included in our estimate the usual The allowance for of congeneral Items
during construction, amounting to 8327,460. been included in our estitractors' profit and local general expenses have
statement that
mate in the unit prices. It appears from the company's
the co. in interest charges:
the following amounts have been expended by
Maxwell Motor Company,Incorporated.
(Statement to New York Stock Exchange Dated Dec. 18 1914.)
In connection with the listing of the voting trust certificates for the capital stock, the company reports in substance:
-Incorporated in Delaware Dec. 31 1912 as Standard
Organization.
Motor Co.; on Jan. 18 1913 adopted the present name. On Jan. 11 1913
acquired at receivers' sale property of the following corporations (per reorg.
plan of U. S. Motor Co.. V. 95. p. 1044): United States Motor Co., AldenSampson Mfg. Co., Briscoe Mfg. Co., Brush Runabout Co., Columbia
Motor Car Co., Dayton Motor Car Co. and Maxwell-Briscoe Mfg. Co.
Subsequently, on Apr. 8 1913, acquired by purchase all of the property of
the Flanders Motor Co.(V. 95, p. 1335; V.96, p. 1559). All ofthe capital
stock (except $5,000 common stock issued for cash) was issued in consideration for the acquisition by It of the property of the above-mentioned
companies. Duration perpetual.
-At incorporation the auth. capital stock was $31,000.000.
Capital Stock.
of which $11,000.000 WM 1st pref., $9,000,000 2d pref. and $11,000,000
common. On Apr. 7 1913 the stock was increased to $37,000,000, of which
$13,000,000 is 1st pref., $11,000.000 is 2d pref. and $13,000,000 common.
All of the authorized stock Is issued, but stock trust certificates to the following amounts are in the treasury: $720,668 1st prof., $872,532 2d pref.
and $316,942 common. Par value, $100. Full paid and non-assessable.
No dividends have been declared upon any stock.
The 1st pref. stock is entitled to dividends, cumulative from Jan. 11913,
at the rate of 7% per annum, and the 2d pref. stock to non-cumulative
dive, at the rate of 6% per annum and no more. In case of liquidation or
dissolution, the assets, aftor payment of indebtedness, shall be applied first
to the payment of the 1st pref. stock and any dividends accrued thereon;
second, to the 2d pref. stock and any dividends declared thereon,and,third.
any balance to holders of common stock. holders of the several classes of
stock have an equal right to vote for all purposes, casting one vote for each
share of any class held by them, respectively.
The entire amount of the 1st pref. stock (but not any part) is subject to
redemption for cancellation on six weeks' published notice on Aug. 1 1920
or on any Aug. 1 thereafter at 105 and divs. As a sinking fund for the 1st
pref., the corporation wilt set aside annually,beginning on Aug.11915, out
of the surplus or net profits before any dividends for the year shall be paid,
an amount in cash equal to 1% of the amount of 1st pref. stock then outstanding, and the trustee shall, at the election of the company, apply the
same either to the redemption of the entire amount of the 1st pref. stock
outstanding on or after Aug. 1 1920 (but not any part thereof) at 105 and
dive., Or to the purchase from time to time, at not above par, of shares of
the 1st pref. for retirement.
-All of the 1st pref. stock, all of the 2d pref. stock and all
Voting Trust.
except $5,000 common stock is deposited under a voting trust agreement
dated Jan. 2 1913 and expiring Jan. 2 1918. but the voting trustees may
make earlier delivery of the certificates of stock. The voting trustees
possess the right to vote for every purpose but will not, however, (1) authorize any mortgage or other charge upon the property and assets without
JAN. 2 1915.]
THE CHRONICLE
53
the consent of trust certificates representing at least 75% of' the 1st pref.
Dated Aug. 1 1914. Dividends payable F. dr A. in gold coin at office of
stock and of stock trust certifictaes representing at least a majority in
Denom.
amount of the 2d pref. stock and a majority in amount of the common trustee. Aug. 1 $1,000 (c5). Due in semi-ann. installments from Feb. 1
1917 to
1926,
stock, nor, except as provided in plan of reorganization of U. S. Motor Co. Security. 184 all-steel $102,000 each Feb. 1 and $103,000 each Aug. 1.
(V. 95, p. 1044), (2) vote any increase in the 1st prof. stock; at present cars. Represented passenger motor cars and 66 all-steel pasesnger trailer
only as
$11,000,000, without the consent, given as hereinafter provided, of the combined income statement to 80% of cost by these certificates. The
of the guarantor roads for the cal. year ended
holders of 1st pref. stock trust certificates representing at least 75% in Dec. 31 1913
shows surplus after all charges of $1.800.174. The issue is
amount of the first pref. stock, and of the holders of stock trust certificates offered subject
to the approval of the Ill. P. U.Conun.—V.99, p. 1672.1527.
representing at least a majority in amount of the 2d pref. stock and a majority in amount of the common stock; nor (2b) any increase in the 2d pref.,
Chicago Rock Island & Pacific Ry.—Extension of Loan.
stock at present $9,000,000, without the consent of a majority of the 2d
—The company this week arranged with New York bankers
pref.stock and a majority of the common stock.
Controlled Companies—Entire Capital Stock (Except Directors' Shares) Owned for a renewal to April 30 next at 6% of the $2,500,000 6-mos.
loan that matured on Dec. 30. It was also announced that
Cap.Stock. Employ's.
Laeallon.
Business.
Maxwell Motor Sales Corp...610,000
Var. cities.
Selling.
the company has in its treasury sufficient cash to pay all of
Maxwell-Newcastle Mfg. Co_ 50,000 1,250 Newcastle, Ind. Repair parts. x
Briscoe Mfg. Co
the interest falling due Jan. 1 and 15, amounting to about
310,000
500 Detroit, Mich. Radiators, &c.
National Motors Co
10,000
(In liquidation.) $3,100,000, viz. on $20,000,000
debenture 5s, $61,581,000
Max.-Brlscoe M.Co.(ofN.Y.) 1,000
____
(Not active.)
Newcastle Realty Co
'
Newcastle,Ind. Homos,employees. 4s, $12,500,000 1st 6s, Rock Island & Peoria, issues of the
300,000
____
Keystone Automobile Co_
50,000
Leaved.
-- former Choctaw
(Sublet.)
x Old models of some of the predecessor companies.
Plants Owned in Fee and Operated by Maxwell Motor Co.
Plants—
She. No.Empl. Main Mtgs.
Business.
OaklandAv.,IIighfdPk., Mich_49.6 acres
1,700 Six brick, dtc. Car complete.
Milwaukee Av., Detroit, Mich_313 ft. front
Assembling.
200 Five do
Plant No. 1, Dayton, Ohio
1,000 Nino do
(2)
200 bodies daily
Plants Nos.2& 3, Nor. Dayton 24.51 acres
700 Ten
Motors, &c.
do
Tarrytown, N. Y., alio plant In Detroit_ _ _ None Not operated. (To b3 sold.)
Officers: J. A. Vail, Chairman of board; Walter E. Flanders, Pres.; Carl'
Tucker, V.-Pres. and Treas.; Walter M.Anthony. Comptroller; L. W.Lineweaver, Sec. Directors: James C. Brady, Harry Brenner, George H.
Burr, Eugene Meyer Jr., D.C. Muhleman, Henry V. Poor, William C.
Potter, Henry Sanderson, all of New York. N. Y.• Walter E. Flanders
and J. A. Vail of Detroit, Mich., and W.J. Maloney of Wilmington, Dela.
'
Authorization to List Stock Trust Certificates: (a) At Once; (b) Prior to Jan. 1
1916 in Exchange for Temporary Certificates; (c) When Sold.
(a) At Once. (h) In 1915. (c)WhenSold.
First preferred
69,791.600
52,487,500
5720,700
$13,000,000
Second preferred
7,457,900
2,669,500
872,000
11,000,000
Common
9,586,200
3,191,800
217,000
12,995.000
Authoritative Statement (Not from Report to Stock Exchange)
Maxwell Motor Co. manufactures one type only of automobile chassis
—25 h. p.—with various types of bodies. Its 5
-passenger car sells for
fully equipped; in other words, as to price, it stands between the $695,
Ford
car, now being turned out at the rate of 200,000 per annum, and the Buick
and the Overland, of which 90,000 to 100,000 per annum are manufactured.
This car's speed, power, low operating cost and attractive appearance,
combined with its reasonable price, have made it exceedingly popular,
especially in agricultural districts.
At present the company has large orders on hand, both for immediate
and later delivery; the great prosperity of the grain-raising sections has
resulted in heavily increased orders for its cars, new business from these
districts much more than offsetting the effects of Southern retrenchment.
For the year ended July 31 1914, during the early part of which
pany's plants were not yet in full operation, earnings above all the comexpenses
and after ample depreciation charges, amounted to $1,505,000. equivalent
to 12.2% on the first pref.. or $31,000 above the dividend requirements
on
both first and second pref. stocks. No dividends were paid on either
issue,
the surplus earnings being used in the rapidly increasing volume business.
of
During the current fiscal year the company should produce two to three
times as many cars as in the past fiscal year, and earnings should
show a
corresponding increase.
[Attention has also been called to the fact that thelcompany showed
net
working assets of over $6,000,000 on July 31,$1,785,000 of which
was cash;
also that, beginning Aug.1 1915. the company
1% of the first pref. stock in cash each year to bewill set aside a reserve of
Issue. See also balance sheet of July 31 1914, used in retirement of this
income account, &c., in
V. 99, p. 1049, I069.—V. 99. p. 1914.
GENERAL INVESTMENT NEWS.
Oklahoma & Gulf and equipment trusts.
Earnings.—The following is confirmed:
The company has always earned, and is to-day earning,
the
interest on all its funded debt, including the debentures.more than the
company is earning something on its stock. The net earningsIn fact,first
for the
four months of this fiscal year, July 1 to Oct. 31, according to the InterState Commerce returns, are about $1,200.000 greater. in spite of the fact
that the company charged to maintenance of
about a million dollars more these four monthsroadway and equipment
than for the same four
months last year.
Annual Meeting Adjourned—Proposed Reorganization.—
The date of the annual meeting has again been postponed,this
time to Jan. 4, and will be further adjourned to Mar. 15. A
reorganization committee, it is stated, may be formed to
undertake the work of readjustment.
The method
expected in Wall Street to be used
the company to agree to raise a large part of theis for the stockholders of
new
the consideration for retaining an interestin the property.capital required as
-Dodge
Interests, who are considered the leading interests in the The Phelps comRock
pany, although understood to be against a further investment Island comin the
. slooked upon as the most likely source of new capital.—V.
,
i
99, p•
m
Cincinnati Lebanon & North. Ry.—Dividend Increased.
—A dividend of 3% was paid Dec. 31 on the $1,500,000
stock, all owned by the Pittsburgh Cincinnati Chicago &
St. Louis Ry., comparing with 5% in 1913,4% in 1911 and
1912 and 3% in 1910, 1909 and 1906.
New Stock.—The shareholders will vote Jan. 26 on increasing the capital stock from $1,500,000 to $2,500,000.
The "Cincinnati Enquirer" of Dec. 27 says:
It is understood that the increase of $1.000,000 is to provide funds for
the purchase of the Dayton Lebanon & Cincinnati, arrangements for which
were recently completed, to pay a claim of about $100,000 of the City of
Cincinnati on the right-of-way through the park property north of
Elsinore,and to cover certain improvements recently made.
All of the present outstanding stock of the company is owned by the
Pittsburgh Cincinnati Chicago & St. Louis By. Co.. which is controlled
by the Pennsylvania Company. It is understood the P. C. C.& St. L. will
take the new stock issue in compensation for the above-named outlay.—
V.99, p. 1831.
Cincinnati Millord & Loveland Traction Co.—Change
in Control.—B. H. Kroger and Charles and J.P.Peurrimg
have sold out their interest in the company to a syndicate
of New York capitalists.
The negotiations for the sale of the road have been pending for many
months. Mr. Kroger refused yesterday to disclose the identity of the purchasers of the property, nor would he say whether any change in management or policy were contemplated by the new owners. Mr. Kroger owned
one-third of the stock and the Peurrungs another third. A report is that the
new interests contemplate an extension of the line to Columbus. The
capital stock is $1,000,000 common and $650,000 5% cum. pref.,on which
no dividends have been paid. [At last accounts the bonded debt was $441.000 1st M. 5s. due July 1 1925, of an authorized issue of 8500,000 also a
small lot of collateral trust bonds amounting on June 30 1912 to 862.300.
C. C. Harris and A. C. Wenzel have been elected to the board, succeeding
Messrs. Kroger and Peurrung.]—V. 81,-p. 264.
RAILROADS, INCLUDING ELECTRIC ROADS.
Bay State Street Ry., Boston.—Dividends.—A semiannual dividend of2% was paid Dec.31 on the $20,517,200
common stock (practically all of which is owned by the
Elec. Cos.), comparing with 234% on June 30 1914, Mass.
3% on
Dec.319.913,2 %on June301913, 3% on Dec. 31 and 2%
on June 26 1912 and 3% on Dec. 30 1911. Compare
Citizens' Traction Co., Oil City, Pa.—Dividend InV.
96, p. 1838.—V. 98, P. 1991.
creased.—A semi-annual dividend of 3% has been declared
on the $1,000,000 6% cum. pref. stock, payable Jan. 5
'Boston & Maine RR.—Change in Rates Approved.—
See "Rates" below.—V. 99. p. 1748.
to holders of record Dec. 31.
In
Brazilian Railway.—Protective Committees.—Preparatory 1913 July 1914 23% was paid. in Jan. 1914 and July 19132% and in Jan.
an initial disbursement of 2M % was made—V. 94, p.
1316.
to reorganization measures, committees have been formed
City Ry., Dayton, 0.—Quarterly Dividend, 134%.—A
to represent the Brazilian Ry. Co.432% bonds (£10,018,876
quarterly dividend of 134% (not 1).%) has been declared
outstanding) and 5% convertible debentures (n,cloomo) on the
$2,400,000 common stock, payable Dec. 31 to holders
and the Madeira-Mamore Ry.Co. 53' and 6% bonds (i2,600,000). The chairmen of the committees are Sir William of record Dec. 21. This compares with 2% quarterly from
Plender, Lord Ritchie and Sir William Haggard, respect. June 1912 to Sept. 1914.—V. 99, p. 1909.
Columbus (0.) Railway, Power & Light Co.—Purchase.
W. Cameron Forbes is receiver of the Brazilian Ry. Co., and Mr. Forbes
and David T. Davis are receivers for the Madeira-Mamore company. —The shareholders will vote at the annual meeting
Jan. 26
The receivership was caused by the general upset in financial and business on
purchasing all of the property and assets of the Columbus
conditions in Brazil, it being impossible to raise new funds to conduct operations of the Government and also to pay to the Madeira-Mamore property Light, Heat & Power Co.—V. 99, p. 1672, 1366.
the amount owed it by the Government for construction. The earnings
Copper River & Northwestern RR.—Possible Sale.—
fell largely as a result of the demoralization In the rubber market. also
See
V. 99, p. 1129.
Washington dispatches on Thursday stated that J. P. MorCalifornia Railway & Power Co.—Redemption.--The gan on that day made a definite proposal to Secretary of
Bankers Trust Co., as agent, on Dec. 31 drew by lot for the Interior Lane for the sale of the road to the Government.
redemption 1,000 shares ($100,000) of the prior preference ofSecretary Lane stated that plans for ascertaining the exact physical value
the road had
yet been made, but that
stock. Notices will be mailed to the stockholders who have left to experts ofnot Inter-State Commerce the work would probably be
the
Commission. While Mr. Morgan has had a number of conferences with Secretary Lane concerning
had shares so drawn.—V. 99, p. 1829.
the
matter, the offer was, it is reported, the first definite proposal
for the sale
of the road.—V. 99. p. 1130.
Central of Georgia Ry.—Preferred Dividend.—As menCuba RR.—Equipment Certificates Offered.—Cassatt &
tioned last week, no action has yet been taken on the semiannual dividend usually paid in January on the $15,000,000 Co. and Reilly, Brock & Co., Philadelphia, are offering on a
6% cum. pref. stock, all of which is owned by the Illinois 532% basis $540,000 5% equipment certificates issued under
Central RIt. It is stated that the matter will be considered the Philadelphia plan, dated Jan. 15 1915 and due in equal
by the directors during the week after next, in connection semi-annual installments July 15 1915 to Jan. 15 1925.
with the showing of earnings up to the end of the year.—
Issued by the Fidelity Trust Co.. Phila., trustee,
motives, 200 flat cars, 150 box cars, 2 sleeping cars,and secured by 8 locoV. 99, p. 1908.
ond-class cars and 2 first-class cars and 1 electric 4 baggage cars, 4 secwelder, at a cost of
Chicago Elevated Railways.—New Car Trusts—E. H. $652,638. being 20% in excess of the certificates issued.Clara
The Cuba RR. operates a line of 602 miles from Santa
to Santiago,
Cuba. For the year ending June 30 1914 the gross earnings were
Rollins & Sons are offering on a 534% basis the small unsold
$5,164,portion of the issue of $2,050,000 equipment trust gold 5% 670; net, $2,470,921: surplus after payment of bond and note interests,
81.516.505.. See V. 99, p. 671.
certificates, Series "A," issued by the Commercial Trust
Delaware & Hudson Co.—Dividend Rate Remains 9%.—
Co. of Philadelphia, trustee, with payment jointly and The
severally guaranteed by endorsement on each certificate by 1915 directors have declared a dividend of 9% for the year
on
Metropolitan West Side Elevated RR: Co. Northwestern ments ofthe $42,503,000 stock, payable in quarterly install234%,
March 20 on stock of record Feb. 25,
Elevated RR. Co. and South Side Elevated RR. Co. A June 21 on stock
'
viz.•. record May 29, Sept. 20 on stock of
of
circular shows:
record Aug. 28 and Dec. 20 on stock of record Nov. 27.
54
THE CHRONICLE
[VOL. loo.
e the new
-These $2,000,000 notes provide funds to complet
Note Issue.
I
in
1885.
Annual Dividend Record Since '01 to '06. '07 to '15. power house. Denom. 21.000. Both principal and interest payable
deduction for any
to '00.
in N. Y. City [without
1888. '89 to '96. '97
1887.
1886.
9 y'rly
[U• Si :gold at office or agency trustee may be required to pay tnereon
7 y'rly
5 y'rly
7 y'rly
6
company or the
5
taxes which the
5
law "of any State of the
s for the year
retain therefrom under any present or future
Redeemable
A director is quoted as saying that earning age will not or S. A. or of any county or municipality therein."-Edi and int. prior
U.
The exact percent
at any time upon 30 days notice at 101
at option of company
1914 approximated 11%.
d on or after that date. Sethe year. This to Sept.
and 100% and int. if redeeme
be determined until the books are closed for % in 1912.- cured by1 1915 of $4,000,000 par value of our new General M.5% sinking
deposit
bonds are of a total authorized
fund gold bonds due Sept. 1 1954. Theseare now issued, all of which are
compares with 14.53% in 1913 and 12.95
$4,000,000
issue of $25,000,000, of which 2
by a
-V.99, p.48.
security for the -year 6% notes. They are secured in the
deposited as
or hereafter acquired
-New Director.
mortgag on all property now owned(of which $104,429 are in the
Delaware Lackawanna & Western RR. r to succeed generalof Cuba,e
subject only to $19,381,111 The underlying liens cannot
Island
-Henry R. Taylor has been elected a directo in the board treasury) and £134,600 of underlying bonds. mortgage can be issued only
y
be increased. Additional bonds under this etc., at 80% of actual cost.
the late H. C. Fahnestock. There is a vacanc
for refunding purposes and for new property,
Henry Marcellus.
through the death of
Coal Co. In order to accept
Earnings of Company for Years ended Dec. 31.
Mr. Taylor resigned from the Lackawanna directors of the railroad and
1912.
1913.
1912.
The boards of
1913.
election to the railroad board. as distinct as possible. President True,sdale
$1,193,100
$5,417,054 $5,165,751 Fixed charge:3_21,189,327 21,676,627
coal companies are to be kept the only director common to both corn- Gross
$2,869,727 Bal., surplus_21.752,187
Net(aft.taxes) $2,941,514
of the railroad company being
has therefore earned over 2% times
panies.-V. 99. p. 1748.
The company for the past two years
charge on
-The Interest charges, and for 1913 the surplus was 21,752,187; the
anchise Election.
Des Moines (Ia.) City Ry.-Fr
notes is only $120,000.
1899 (Census) 1907. Est.1914.
ny, together with the these
Population of Territory Served- gas)_ _ _ _253,418
new franchise proposed by the compa
345,000
302,526
&
voted
22,800
18.156
amendments suggested by the city,which are to be says: Havana (railway,stage, electric
12,803
Mariana° (railway). addition
Hanna
on on Jan. 16,are now being advertised. Mayor
upon topless the franchise
After the election the city council will be called the will of the people as
as an ordinance and will take into consideration the draft submitted by
that
reflected by the vote. If the majority show
up to the council to finally accept or reject
the company is desired, it will bemajority ask that the amendments be inIt. If, on the other hand, the e which incorporates them will be drafted
cluded in a franchise, an ordinanc
e. The company must then
and the council asked to pass it as an ordinancfit. What the outcome will
either accept or reject the measure as it seestheir will must be the guiding
with the expression of the people,for
be rests
-V. 99, p. 1909, 1672.
factor for the city officials.
-The new mortgage to the Guaranty
New Bonds.
as trustee, is intended to secure not exTrust Co. of N.
sinking fund gold
Y.,
ceeding $25,000,000 General Mortgage 5 issued ($4,000,000)
bonds, of which the entire amount now notes, which are
has been pledged to secure the $2,000,000
offered by the Guaranty Trust Co. of New York.
due Sept. 1 1954, but subject
The new bonds are dated Sept. 1 1914 andat any time, and after Sept. 1
to redemption at the option of the company
sinking fund (beginning in 1920,
1920 may at any time be retired for the
outstanding), In either case on 30
See Minneapolis & St. Louis
being equal to lg% of all bonds then and 21,000: r* 21,000. $5,000 and
y RR., New York. days notice, at 105. Denom. c* $500Interest M.& S. in N. Y., without
Dry Dock East Broadway & Batter
multiples of $5,000 (U. S. currency). income tax of the U. S.
Federal
-Review.-The company has served on the P.S.Commission deduction for taxes, except any $25,000,000 Bonds May Be Issued,
Purposes for Which the
64.000,000
n of April 28 Bonds Issuable for general corporate purposes
a writ of certiorari for a review of its decisio
from time to time in exchange for or to take
last, denying the application for authority to make a refund Reserved to be issued $6,000,000 6% General Consol. obligations
up outstanding (a)
y Elect/gelded de la Habana.
ing mortgage and issue bonds thereunder, per plan V. 96,
or bonds of the Compania de Gasbonds of the Compania de Gas
assumed. (b) £134,6005% mtge.
p. 1628. Compare V. 98, p. 1392.
(called English bonds), dated
y Electricidad de la Habana mgte. 5% gold bonds of 1902 of
- 1906. (c) $7.500,000 Consol.whenever the issue of said bonds
-Common Dividends.
Elmira Water, Light & RR. Co.
the Havana Electric Ry. Co.
e shall have been
outstanding either in the treasury or otherwis
A dividend of 2% has been declared on the $1,000,000 com14,100,000
the 2% paid
reduced to $7,500.000
mon stock, payable Jan. 2 1915, making with
delivered from time to time to assist
issued and
same as for 1913. Reserved to be in refunding the aforesaid General Consol. obligain Oct. a total of 4% for the year 1914, the 1910 and an aggrethe company
Ry. Co.
in Oct.
tions or bonds. English bonds and Havana Electric
2,500.000
Previous payments were an initial one of 1%
in the latter
Consolidated mtge. bonds
1911, 1912 and 1913, thejast payment
all the bonds otherwise regate of 4% each during
Reserved to be issued (together withthe purposes for which they
p. 815.
-V.99,
year having been 1% in Dec.
needed or used for
served and not
per annum for bettera.
-Note Offering.
are reserved) at not exceeding $750000 of new property, but
Grand Trunk Railway Co. of Canad
ments. improvements and acquisition 80% of the cost thereof 4.400,000
in London, through Glyn, Mills,
of principal equal to
only for an amount
-The company offered
-Adjourned.
Des Moines & Fort Dodge RR. 99, p. 1832.-V.
RR. below.
an issue of £1,000,Currie & Co.,from Dec. 18 to 23,at 9834,Jan. 15 1915, due
-year 534% secured notes, dated
000 3
t date at 101.
on any
Jan. 14 1918, but redeemableE200 andinteres
£100(05). Secured
Interest J. & J. 15. Denom.
4% Conby pledge of £1,430,000 Grand Trunk Perpetual
solidated Debenture stock. The issue is reported to have
been an immediate success. An adv. says:
a
redeem the notes at 101 either as
The company reserves the right to
£200,000. by drawings, on any interest
whole or in amounts of not less than the event of any notes being redeemed
in
upon 60 days' notice; andtrustee will release a proportionate part of
date.
before the date of maturity the
as security. Trustee, Union of
the debenture stock deposited with them £98 10s.%, payable (a) £5 on
price
London & Smiths Bank, Ltd. Issue10s.% Feb. 11 1915; or (b) in full on
E58
pplication, 535% Jan. 11 1915.
Fan. 11 1915, under discount at 4% per annum.
!
for the above notes, the proceeds of
The directors invited applications purposes of the company. The net
general
which will be applied to theshowed a surplus, after providing for fixed
for the year 1913
revenue
figures for 1914 are not available,
charges. of £975,000. The complete
must be reduced, owing to the depression of trade
but, although the amount of war and the Increase in net revenue charges,
the outbreak
in Canada,
interest on the present issue many
the net revenue available will cover the
-V.99. P. 816, 1909.
times over.
Ry.,
Havana (Cuba) Electric Ry. Light & Power Co.-Notes.-The Guaranty
Offering of Two-Year 6% Secured
Trust Co., N. Y. and London, is offering at 99 and interest
the unsold portion of the total authorized issue of $2,000,000
-year 6% secured gold notes dated Sept. 1 1914 and due
2
Sept. 1 1916, but callable as below. Int. M.&S.. in N. Y.
26 1914.
Digest of Letter from F. Steinhart, Pres. & Gen. Mgr., Nov.
by
-Incorporated in 1912 in New Jersey and acquired By.
Organization.
all the propertiea, rights and franchises of the Havana Electric idad
merger
dissolution of the Compania de Gas y Electric
Co.. and in 1912 on the
Electricity Co.). a Cuban corporation,
de la Habana (Havana Gas & and franchises.
acquired all its properties, rights
-(a) Railway system, 67 miles, single-track measurement
Properties.
r cars, besides
city and suburbs:
(exclusive of yards), coveringhouse,modern and 370 passenge
fireproof; repair shop equip
work cars,&c.;large main car
stages, covering routes not
about 150
meat. (b) Stage lines operating electric power plant under construction
reached by the tracks. (c) New steel, concrete and terra cotta, capacity
on the harbor front. 277x176 ft.,
units [with space for 33 1-3% increase), to
of 37,500 k.w. In three turbine superseding the three existing plants which
be in full operation this year,
effecting a large saving and giving additional
will become sub-stations, thus(d)
distribution system. Some of
capacity for new business. ound Electricthe more thickly settled sections
and in
undergr
the main feeders areengaged in placing all Its overhead conductors, except
the company is now
there were electric consumers
[On
trolley wires, underground. 1912: Dec.31 1913
overhead distributing lines, 157 miles;
11,661, against 8,476 in
miles; street lamps, arcs. 1,012, and incanunderground cable lines, 77-generating stations, daily capacity 3,500.000
gas
descents. 241.1 (e) Twoservice. 5,800 street lights, 173 miles of mains.
Cu. ft.; 10,300 meters in
n line to
-For original street railway expire in 1958; suburba
Franchises.
cation and modification and extension of
Marianao is perpetual. Electrifiof American Military Govt. in 1901 and
were authorized by decree
rights
fare is 5 cts. in U. S. cur1908.
Provisional American Govt. In are alsoRailway numerous extensions and
held for
Rights
rency, with transfers. d by Dept. of Public Works. Electric light and
therefor approve
plans
two cos., one franchise expiring in 2001. the
power originally supplied by e loerpetual. Has contract for both gas and
franchis
other perpetual. Gas running for 15 years from 1912.
lighting,
electric street
, per k.w.h.
-Electric lighting base rate is 15.6 cts., U.S. currency with dis:
Rates.
28 U. S. currency per 1,000 Cu. ft., both
and gas rate about 22
consumers. Electric power rates 9.2 cts. to 4.04 cts.
counts to large
per k.w.h.
Outstanding Capitalization.
ing,($15,000.000 is Pref.).--230,000.000
Capital stock, auth. and outstand
mtge. 5s, due 1952, outstand'g 9,383.111
Havana Electric Ry.Co.consol. redeemable at option of co--- 6,000,000
Consolidated 6% bonds,
General
5
9: 8
6 583
, -year Gold mtge. btls. of'04 3,9 8 000
Havana 6% 50
Gas& Electric Co.of h bonds, due 1943 (£134,500)
'54 2.000.000
ir do do 5% "Englis
notes secur. by 24,000,000 Gen. M.5%,due
These 2-Yr.6%
-Notice to Pref. Stockholders.
Hudson Companies, N. Y.
-The committee named below, continuing the committee
which was organized about a year ago, is preparing to repon
resent the pref. stock at the annual meeting to be held le.
Jan. 12 1915, and otherwise as may become desirab
Proxies are asked. A circular dated Dec. 21 says in subst.:
& ManIn 1913 there was a readjustment of Indebtedness of the Hudson interest
ary
,
hattan RR.Co.,in which your company holds a large proprietpref.and to
of the
[amounting Dec.31 1913 at par to 22,307,613stock. $5,242,151 2331. The
V. 98, p.
$25,171,209 of the 239,994,890 common
was sold
value of your ($16,000,000) pref. stock, all or nearly all of whichand is at
at par and is widely distributed, was thereby lessened
for cash
s have ever been paid.
present being offered at $6 per share. No dividend
The $5,000,000 common stock is important only because of its voting
pref
power; it is held by a single interest in a single name. It is subject to
stock dividends, in arrears, to the amount of over 28,000,000.ee as then
under an arrangement made with this committ
In Jan. 1914,
ders entered
the
constituted, several gentlemen representingwith pref. stockhol . It was
the old interests
the board, but the management remained should make an examination
ee of the board
also agreed that a committ
g.
Into the transactions of the company from the beginnin
of this committee reviewed certain
The majority (preliminary) report g the Issue of the $5,000,000 of com, includin
transaotions of the company
equal to 50,000 shares of pref., for certain
mon stock, with a voting powerbeen controlled by the organizers of your
properties understood to have
of 1907 of 111,000,000 of Hudcompany, the purchase soon after the panic price much above their then
s at a
son dr Manhattan RR. Co.'s securitie
in a loss to the company of a very large amount, the
market value resulting
without any equivalent, of a claim of
cancellation, claimed to have been
earnings, to recover from the Hudson &
your company, contingent upon $800.000 by way of interest, and in conupwards of
Manhattan RR. Co.
the first mortgage upon the property of the
nection with the extension of recent purchase of 2427,000 of the 2d M.5%
Greeley Square Realty Co., aRealty Co. at par, although such bonds were
bonds of the Greeley Square about 82.
at
then offered in the market to procure the adoption of the majority report
Notwithstanding efforts
the committee) and for authority to
(a copy of which Is in the hands of
a motion to adopt the resoexpend $5,000 in completing the investigation,
upon the table."
lution has been "laid
are the real proprietors of Hudson
You, the preferred stockholders, unfortunate history, the company
its
Companies. Notwithstanding believed can be made of very great value.
it Is
possesses a property which recall that a great railroad has lately expended
It seems only necessary to an entrance into the city of New York to indivast sums of money to gain
value of the facilities for entering that city in
cate. In some degree, the so large an Interest. In order that the managewhich your company holds
in charge by the preferred stockholders, they are rement may be taken
proxy to the undersigned
spectfully requested to execute the accompanying tion and such other steps
committee, which proposes such further investiga
your interests.
best promote
as. in its judgment, will P. Cooley, Hartford; Charles P. Curtis, Allan
Committee: Charles
W. Taintor, all of Boston (Mr.
and
Forbes. Arthur B. SilsbeeBldg.,Charles
199 Washington St., Boston), with John
Taintor's address is Sears
Secretary, 55 Liberty St., New York, and Frank R. Lawrence
F. Farrell,
-V. 98. D. 235. 233.
counsel. See Hudson & Manhattan RR. below.
-Harvey
-Earnings, &c.
Hudson & Manhattan RR.
Fisk & Sons in circular of Jan. 2 1915 reports to the bondholders and stockholders:
to give you at this time a
By the courtesy of the company we are ableof the road during the past
results of operatio
close approximation of thethe years 1913 andn1912. Considering the fact
year, in comparison with
up to the time of the outthat the business was showing a steady increase for that event and its imbreak of the European war, it is probable but the shipping trade of Hogeneral effect and particularly upon
mediate
boken, that this year's business would have been markedly the best in the
company's history. As It is, the company has more than held its own and
its
is able to report an excellent year's business with the 5% interest upon
times, leaving a surplus, after
first mortgage bonds earned one and a thirdthe
property, depreciation, reproper allowance for the upkeep of
making
of 2% interest
newel and amortization, sufficient to permit of the payment
upon the Adjustment Income Mortgage bonds.
JAN. 21915.]
THE CHRONICLE
Comparative Income Account for Cal. Years (Nov. and Dec. 1914 partly est.).
1912.
1913.
1914.
58,079,194 59,434,152 59,800,000
Passengers carried
$5,334,660 $5,512,762 $5,550,000
Gross revenue, all sources
2.491.000
Oper. exp. and taxes (incl. deprec'n). *2,380,850 2,515,637
Gross inc. applicable to fixed digs- $2,953,810 $2,997,125 $3,059,000
289,355
Income deduc ns other than bond int261,435
250.000
Net income applicable to bond int_ 52,663,955 52.735,690 52,809,000
Bond Interest on Present Basis
$250,000
$250,000
New York & New Jersey 5s
$250,000
4s 1.870,605
First Lien Sr Ref.5s and H.& M.
1,870,60.5
1.870,605
Balance available for income bonds $543,350
5615,085
$688,395
* Including full depreciation as charged in 1913 and 1914.
These results have been obtained from the use of only about 40% of
the capacity of the tubes. There are now being carried over half of the
number of passengers who used the ferries in 1907. The total number of
people crossing over or under the Hudson River in 1914 closely approximated 160,000.000, of which the Hudson Tubes carried.saY,60,000,000,or
38%. Without the expenditure of another dollar for equipment the company could carry 15,000,000 more passengers, and then 75,000,000 more,
or 150,000.000 in all, could be carried by the expenditure of a moderate
amount of capital for additional equipment. The growth of the New Jersey
towns served by the railroads which feed the Hudson Tunnels is rapid
and it seems reasonable, therefore, to expect a constant increase in the
net income applicable to bond interest, which should insure each year a
proportionately larger amount of net income applicable to interest on the
Adjustment Income bonds.
There are many other matters of interest to the bondholders and stockholders of which we believe they will desire to be advised. If you would
like to be kept advised of matters of real interest in regard to the property,
and will return the enclosed card, we will see that you are kept closely in
touch with the company's affairs. At present quotations of about 75 to 77
and accrued int., the First Lien & Ref. M.5% bonds yield about 6H %.
The Adjustment Income bonds at say 25 to 27 flat are an attractive semi.
speculative investment even on the 2% basis.
[See also Hudson Companies above.]
-V. 99, p. 816, 674.
Interoceanic Ry. of Mexico.
-Annual Report Not Ready.
-Security-holders were informed recently that, owing to the
absence of sufficient information from Mexico, the directors
have not yet been able to issue the usual annual report.
55
The lines connect at various points with other street railways, including
the Bay State Street Ry., the ManchesterTraction, Lt. & Power Co. and
the Exeter Hampton &
Street Ry. Also does an extensive
summer business over its lines to Salisbury and Plum Island Beaches,
Mass., to Seabrook and Hampton Beaches in N.H.,and to Canobie Lake.
Outstanding Capitalization (Stock, $2,165,000; Bonds, $1,000.000)•
Capital stock ($665,000 is preferred 6% cumulative)
$2.165,000
First and Refunding M. 5s (total auth., $2.000,000; remainder
issuable only under conservative restrictions); this issue
707,000
Underlying bonds, maturing in 1919 and 1920, for the retirement
of which a like amount of 1st & Ref. M.5s is reserved
293,000
Earns.for Year end. June 30 1914,Showing Net 2% Times Present Int.Charge.
Gross earnings
$700,799!Present interest charge_ _ _ _ 550,000
Net, after taxes
5137.845 I Balance, surplus
587.845
Bond Issue.-Total issue limited to 52,000,000, viz.: $707.000 now outstanding; $293.000 reserved to retire $230,000 Citizens' El.St. Ry. Co. 5s
due Dec. 1 1920 and $63,000 Amesbury & Hampton St. Ry. 5s due Oct. 1
1919; remaining 51.000.000 reserved for cost of additions and improvements
to be issued only when the annual net earnings are twice the total annual
interest charges,including bonds proposed to be issued. Secured,in opinion
of counsel, by a first mortgage upon the property, rights and franchises,
except that upon the properties formerly a the aforesaid constituent companies, including about 27 miles of track, the issue is subject to the $293,000
underlying bonds. Under the laws of Massachusetts all bonds previously
issued (the aforesaid $293,000) and all pre-existing liabilities are likewise secured pro rata with these bonds; the other liabilities so secured, aside from
the usual damage claims (for which ample cash reserve is held), do not
exceed $25,000, and will be discharged not later than Jan. 1 1915.
Property.
-Owns over 40 miles of private right of way,including about 2%
miles on leased land, and operates the balance of its 126 miles of track
under locations upon highways; (b) 88 open and 53 closed cars, mainly
double truck, interurban type, and 30 work cars and snow plows; (c) large.
highly developed amusement park on Canobie Lake in Salem. N. H.,
convenient to Haverhill, Lawrence, Lowell and Nashua; (d) repair shops
(at Salem, N. H) and 7 car barns; (e) six sub-stations, total capacity
4,500 k.w. Power is purchased from the Rockingham County Light &
Power Co. of Portsmouth. N. H., under a contract (extending beyond
July 1 1934) deposited under this mortgage and taking precedence over
the power company's mortgage.
Estimated reproduction value of the property is about $3,000.000.
Territory.-FIaverhill, Lawrence, Amesbury, Nashua, Lowell and Newburyport are all situated in the Merrimac River Valley, where they enjoy
abundant water power, and are active manufacturing cities of long established importance with a total population of 287.149 (17. S. Census of 1910)•
-V. 99, p. 343.
It was, however, decided, in order to comply with the Companies Acts,
Minneapolis & St. Louis RR.
-Adjourned.
-The meetto convene a general meeting for Dec. 21, but the meeting was to be merely
formal and adjourned to a later date. On or about Aug. 15 last, it Is stated, ings of the stockholders of the company and of the Des
the Government of Mexico took possession of the company's railways, in- Moines & Fort Dodge RR. to vote on consolidating the two
cluding the leased lines, which, according to the latest advices received, still
remain under their control. The information so far received by the direc- companies have been adjourned to Jan. 21 and 20, respectors enabled them to give the following particulars regarding the operations tively. Compare V. 99, p. 1832.-V. 99, p. 1910, 1832.
of the financial year ended June 30 last,as compared with those of 1912-13.
1912-13.
Nashville Chattanooga & St. Louis Ry.-Bonds.1913-14.
1913-14.
1912-13. I
Gross receipts $9,147,842 $9,121.3891 Net profit._ _42.735,572 $3.255,362
The Tracy City Branch 6% bonds, Nos. 461 to 480 incl.. due Jan. 1,
Working ex -56,412,270 55,866.026 Net in sterling £176,903 11£322,721 will be paid on presentation at the Hanover Nat. Bank, N. Y.
-V. 99.
or .exp.( 0)
70.10
64.31
p. 1289. 1215.
A serious consequence of the disturbed conditions in Mexico is the heavy
-Temporary In
New York Central RR.
fall which has occurred in the value of the Mexican dollar, the present value
being about 934d..only, as compared with 2440., the average value of the
Supreme Court at Nyack,N.Y.,on Dec.28
past few years. Last year 4% was paid on first preference stock for the Tompkins in the
on application of the Continental Securities Co. (of which
year; £33.086 was transferred to reserve and £2,245 carried forward.
The results of the working of the Mexican Eastern Ry., Ltd., by the Clarence H. Vernier is President) as a stockholder granted
Interoceanic Ry., Ltd., for the 12 months ending June 30 1914 are reported to be: Gross, $820,201; working expenses, $496,225; net receipts, a temporary injunction restraining the issue of Consolida$323,976; net receipts in sterling, £23,126; ratio of expenditure, 60.50% • tion M.4s in exchange for the New York Central & Hudson
The directors are informed by the Inter-oceanic company that on or about
,
0.
Aug. 15 last the Government of Mexico took possession of their railway River RR.,Lake Shore & Mich. So. Ry.collateral trust 33
and that of this company, which still remains under Government control. The order is granted on stipulation that the ease be tried
-V.99, p. 407.
The Court says:
Kansas City Railways.
-Extension.
-The City Council
on Dec. 28 authorized an extension of six months in the time
in which the reorganization committee of the Railway &
Light Co. may accept the terms of the new franchise which
was voted by the people at the recent election.
This was done so that the officials of the company as well as the committee
may have sufficient time in which to go over the franchise matter preliminary to its acceptance by them. Those well informed are said to have
little doubt that the terms of the franchise will be acceptable to the street
railway interests.
The plan of reorganization, it is hoped, may be announced shortly.
Earnings, it is stated, are very satisfactory.
-V.99, p. 1832.
Lehigh Valley R11.
-No Bond Issue at Present.
-VicePresident Smith denies the report that the company contemplates an immediate issue of bonds on the Buffalo terminals, which the Lehigh-Buffalo Ry. was incorporated
to construct (V. 99, p. 467).
In preliminary plans for the new terminal, it was, it is stated, decided to
create a new mortgage thereon, although such plan may be subject to
changes in details. Such action, however will not be taken for the present
and financing awaits actual construction work.
-V. 99. p. 1910.
on its merits next week.
The question is whether the aggregate of the debts and obligations of
the consolidating companies is increased for no other consideration than the
giving of the consents necessary to accomplish consolidation and I cannot
avoid the conclusion that an added burden of between 5300.000 and $400.000 each year for a period of nearly 85 years, by way of fixed interest
charges, materially increases the debt of the consolidated companies and
in effect is an issue of bonds as a consideration for the consents necessary to
bring about the consolidation and therefore violative of Section 141 of the
railroad law, and is in effect a capitalization of the consents for such consolidation, in violation of Section 55 of the Public Service Commission law.
Undoubtedly the consolidation of these companies will be a good thing
for the public, as well as for the bondholders and stockholders of the companies interested, and may, when consummated, result in savings largely
in excess of the additional rate of interest proposed to be paid to the Lake
Shore bondholders; but I do not see how that affects the present question
before the Court, which is simply whether the proposed refunding of the
% bonds by an issue of 4% bonds by the consolidated companies is
lawhil. The question is a very important one, and involves large public
and private interests, and is serious enough to justify an injunction against
the issuing of the proposed 4% bonds.
This action may not be in good faith, and even a bad motive may have
prompted the plaintiff, and for that reason it may not be entitled to equitable relief, or the principle of equitable estoppel may apply as claimed in defendant's brief, but these things do not sufficiently appear from the papers
before me on this motion, and are matters that must be determined at the
trial. My conclusion is that the plaintiff's motion should be granted upon
condition that it stipulate to try the case upon the merits during the first
week of the Jan. term for trials to be held at White Plains, if the defendants
elect to have the case disposed of. [Compare opinion of Inter-State Commerce Commission, V. 98, p. 1393; V. 99, P. 11311
Louisville Henderson & St. Louis Ry.-Pres.-L. J.
Irwin, Pres. & Gen. Mgr., died on Dec.30.-V.99, p. 1669.
-Notice to Bondholders.
St. Louis & San Francisco RR.
Special Meeting.
-A special meeting of stockholders will
The Committee of holders of 45 refunding mortgage gold
bonds due July 1 1951, Frederick Strauss, Chairman, an- be held on Jan. 26 to elect directors.
Application to List.
nounces that 87M in amount of the outstanding bonds
-The company has applied to the New
York Stock Exchange for authority to list $249,590,500 stock,
has been deposited and also further (see adv.):
The committee has arranged to purchase the coupons and claims for regis- per plan V.98, p. 1393.-V. 99, p. 1910.
tered bond interest due Jan. 11915,and to purchase the coupons and claims
Northern Electric Ry., California.-Experes Report.
for registered bond interest due July 1 1914, not heretofore purchased by
See "Annual Reports" on a preceding page.
the committee, appertaining to the bonds deposited under the committee s
agreement. The Central Trust Co. of N. Y. and the Mississippi Valley
Perfected Plan.
-The bankers' committee, A. Bonnheim,
Trust Co. of St. Louis accordingly will be prepared to pay depositors for
their coupons upon the presentation of certificates of deposit for appro- Chairman,621 Insurance Exchange Bldg., San Francisco, in
priate stamping and upon the filing by depositors of properly executed cer- circular of Dec. 10 1914 says in
substance:
tificates in the form required by the United States Income Tax Law and
On Nov.
the Internal Revenue Department regulations. The committee may, with- notes of the2 1914, at a meeting of a large number of bankers who hold
Northern Electric R7. Co. and its allied interests, secured by
out notice, cease its purchase of the coupons and claims.
In view of the determination to purchase the interest coupons and the overlying bonds, A. Bonnheim (Chairman), A. F. Jones (Secretary),
Geo. P. McNear, H. S. Fletcher, L. P. Larsen. F. L. Naylor and C. A.
claims, the committee will continue to receive additional deposits of bonds, Belli were
appointed a committee to devise a plan for the mutual protection
subject to the reserved right at any time and without further notice to re- of the
overlying bondholders and creditors.
fuse to accept further deposits.
-V. 99, p. 1834. 1750.
On Nov.6 this committee submitted to a second meeting of the bankers
Massachusetts Northeastern Street Ry.-Bonds Of- and creditors an outline of a plan. This general plan was adopted by the
meeting and was also approved by
fered.
-N. W. Harris & Co., Inc., and Merrill, Oldham & tively, the overlying bondholders andthe committees representing, respecthe unsecured creditors.
Co. both of Boston, are offering jointly at 97 and int., On Nov. 20 certain details were amended and the agreements herewith
submitted embody in our opinion the only possible plan for protecting the
yielding about 5%5,$707,000 First and Refunding M.5
overlying bondholders and creditors from disastrous loss.
gold bonds, dated July 1 1914 and due July 1 1934, but callUnless money is provided to meet the coupon interest and sinking fund
provisions of the underlying
able at 110 and int.on any interest date upon 43 days'notice. on the part of the Northern bonds, foreclosure would shortly take place
Electric Co. bondholders, and in that case
Interest J. & J. Denom. $1,000c*. Trustee, American the overlying bondholders and creditors would be obliged to provide the
cash to take care of the 53.784.000 in bonds or lose their equities.
Trust Co., Boston.
The agreements provide for the purchase from the Northern Electric
Digest of Letter from Pres. D. A. Belden, Haverhill, Mass., Dec.15'14. Ry. Co. of $1,400,000, underlying bonds at 90, now held as security by
-A Massachusetts corporation, owning and operating an banks and individuals
Organization.
about 70. The proceeds will pay off obligations
railway of about 126 miles, measured as single track, of which about of about $980.000 andat
electric
give the company about $280,000 new money of
80 miles is in Massachusetts and 46 miles is in New Hampshire. Its lines which $130,000 will go to pay coupon interest and sinking fund on the underextend east and west from Haverhill, Mass.,entering, on the east, the cities lying bonds and thus obviate foreclosure by them. This will leave about
and towns of Newburyport. Merrimac, Salisbury and Amesbury.. Mass., $150,000 in the treasury for working capital. We believe that in the purand Plaistow and Newton, N. H., and on the west, Lawrence, Methuen chase of $1,400,000 underlying bonds very little, if any, money beyond the
and Dracut, Mass., and Salem, Pelltam and Hudson, N. H. Under track- $280,000 to be paid into the treasury will be required, some of the holders
age agreements, its cars enter the cities of Lowell and Nashua. In New- of notes secured by underlying bonds being willing to accept bankable
buryport and Amesbury owns and operates the local lines.
paper for their obligations.
56
THE CHRONICLE
Our first plan (V. 99, P. 1674) contemplated a $500,000 guaranty, to be
-year period. The present agreements
called for when needed over the 5
contemplate the transfer to the bankers' syndicate of $500,000 in present
of Sloss securities upon the conditions set forth in the agreements.
value
All of the banks whose consent is necessary, excepting one, have approved
this arrangement, and favorable reply is expected from the remaining bank.
Prompt execution of the agreement is therefore important. Powers are
given to the trustees of the bankers' syndicate to eliminate from the benefits resulting from these agreements all those who refuse to contribute their
fair share to prevent foreclosure by the underlying bondholders.
The properties have been appraised by J. G. White & Co., and the reproduction value, together with stores on hand, has been placed at about
$10.000.000 and the cost of the property at considerably more. [A digest
of their report is given under "Annual Reports" above.] In strong hands
and with working capital, the road promises to become a good property
and a valuable aid to the development of vast areas of excellent agricultural lands, to the benefit of Central and Northern California.
The proposed plan and agreements have been submitted to the State
Superintendent of Banks and to the National Bank Examiner, and can be
declared effective when signed by the holders of $1,250,000 notes.
On this basis, the amount to be contributed by the participants for investment in underlying bonds at 90 will be 100% of the notes that they are
now holding (or 60% in case of holdings of bonds). For this amount each
signer should subscribe; but the percentage will be decreased in proportion
to the additional subscriptions made to the syndicate and the trustees will
hereafter apportion to each bank the exact amount of bonds to be taken
by it. The total indebtedness secured by overlying bonds alone is S2.770,000. If the holders of all this indebtedness sign,the percentage of investment for each will be about 45%,and if all overlying creditors participate.
about 33%. Prompt action is urged. Compare V. 99,p. 1674.
loo.
Toledo St. Louis & Western. RR.—Interest to be Paid.—
The U. S. District Court at Toledo, 0., on Dec. 28 ordered
Receiver Ross to pay the interest due Jan. 1 on the $9,775,000 prior lien 3M% bonds.—V. 99, p. 1911, 1750.
Tr -City Railway & Light Co.—Dividends.—Regular
quarterly dividends of 1% on the $9,000,000 common stock
and 13/% on the $3,000,000 6% cumulative preferred have
been declared, both payable Jan. 2 to holders of record Dec.
19.—V. 96, p. 1158.
United Gas & Electric Corp.—Divs. of Subsidiaries.—
See Elmira (N. Y.) Water, Light & RR. above and Hartford Gas Light
Co. and Wilkes-Barre Co. under "Industrials" below.—V. 99, p. 895.
United Traction Co. of Pittsburgh.—Pref. Stockholders'
Protective Committee.—A preliminary meeting of pref. stockholders was, it is stated, held this week at the office of the
Philadelphia Trust, Safe Deposit & Insurance Co., with the
view to the appointment of a committee to take action in
regard to the anticipated passing or payment in scrip of the
9
semi-annual dividend of 23/% usually paid on Jan. 1 on
the $3,000,000 5% cum. pref. stock.
The company in a letter to the pref. stockholders states that under the
operating agreement of 1902 between the company and the Pittsburgh
Railways, the latter rays ordinary maintenance expenses, and the former is
Oakland Antioch & Eastern (Elec.) Ry.—Investigating niected to provide funds for extraordinary repairs, &c. In the year ended
Committee.—Wallace Alexander, Chairman of the recent
arch 31 1914, however, the letter states, the Pittsburgh Co. expended
it
considered
repairs,
more than
meeting of security-holders held Dec. 11, has announced the convenient$175,000 in extraordinarycompany&c., andthe is notexpenses in
same
to bear
or desirable for the latter
following special committee to act with a committee ap- 1915. The letter concludes: "Consideration of these possible conditions
may, and- probably will, be
board to the
pointed by the board in passing upon the reports of experts has led your this company conclusion that ityear 1915 the rental received
the
to
necessary for
who are examining into the present status of the company from the Pittsburgh Railwaysuse during for extraordinary repairs, imCo. to pay
lines of railand to determine the right course for future development: provements, extensions, enlargements and betterments to theform of scrip
way and property of this company and possibly to issue some
Louis Rosenthal of Swiss Marine Ins, Co.. Chairman; F. J. Koster of to the stockholders."
the California Barrel Co.; James S. Wallace of the Spring Valley Water
The interests forming the committee take the view that the United
Co., and Wallace Alexander.—V. 99, p. 1833, 1749.
Traction Co. property is the best part of the Pittsburgh street railway sysstrengthen
Ocala Northern RR.—Sate.—Special Master L. R. Mil- tem, and that the company's earnings should not be diverted to statements
the financial position of the Pittsburgh Railways. No separate
ton will, it is reported, sell the road at auction on Feb. 1.
of the two companies have been issued since 1901. The comof earnings
The line extends from Silver Springs, Fla.. to Ga. So. & Fla. Ry. Jct., pany's $17,000,000 common stock, upon which no dividends have been
45.28 miles, with 5 m. trackage from Ocala, &c. and leases from the pahl since 1912, when 34 of 1% was disbursed, is all owned by the Pitts.
Seaboard Air Line Ry. from Silver Springs Jct. to Silver Springs, 2 m., burgh Railways.—V. 73, p. 390.
making a total of 52.69 miles. J. G. Byrd of Jacksonville, Fla., is Receiver
Washington Water Power Co.—Dividend.—The quarand E. P. Rentz of Ocala. Fla.. President.
(M
Ottawa (Can.) Traction Co., Ltd.—Bonus Dividend.—
A dividend of 1%, together with a bonus of 1%, has been
declared payable Jan. 1 to holders of record Dec. 31. On
Oct. 1 last 1% was also paid.—V. 99, p. 970.
an Franciscc. lants,
Pacific Gas & Electric
Co.,io its friends a Christmas
&c.—The company is sending
souvenir containing one dozen artistically colored prints,
showing its various power houses, &c., as follows:
Electra power house,•Cordelia sub-station, De Sabla power
house, Patterson Ranch pumping plant, Centreville power
house, Carquinez Straits crossing, spillway, Spaulding dam,
Potrero gas works, San Rafael sub-station, Colgate power
house, Brown's Valley ditch, Champion mine, Nevada Co.—
V.99, p. 1833, 1749.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
semiannual dividend
Semi-Annual Pref. Div. 2
or at the rate of 5% yearly, has been •declared on
of 2
the pref. stock, payable Jan. 25 to holders of record Jan. 15.
This is the first semi-annual disbursement, payments havof 1%
ing been heretofore made quarterly. In July 1914
was paid, in April 1% andJan. 1914 1 yi,%. V. 98, p. 1994.
An official statement says that this makes an aggregate
3
for the year 1914 of 4% on the preferred stock and 4 of 1%
on the common stock. In 1913 5% was paid on both the
common and preferred stocks.
Previous Dividend Records of Both Stocks (Per Cent).
'97-98. '99. '00. '01. '02-'05. '06. '07-09. '10. '11-13. 1914.
-,5
634 5 y'ly 134, 1.
0
3 4 4 4 y'ly 4)"
__
Pref__
4
634 5 y'ly 145.0
1 —3 yearly—
0 0
0
Corn -_
Change of dividend period made distributions of 634% fall In 1910.
The pref. stock is "non-cum. and entitled to a div. of 4% per annum out
,
of the net earnings as declared by the board, with the right after 3% has
' After
been declared on the corn. to an additional 1%. making 5% in all.
5% on both corn, and pref., the two share pro rata.—V. 99, p. 1749.
Rates.—Scales Filed in East.—See editorial columns.
New York Lighterage Charge Suspended.—The proposed
new lighterage charges in New York Harbor, which were to
have become effective on Jan. 1, were on Dec. 24 suspended
by the Inter-State CommerceCommission until May 1 next,
on the protest of the Merchants' Association of New York
and the New York Produce Exchange and a number of
large steel manufacturers.
The charges average, it is stated, about 12c. per ton for services now
rendered free. Changes in the rules affecting private terminal and freightreceiving stations in and about New York harbor by all the railroads
operating in west-bound traffic were involved. The suspension of the proposed charges follows, it is stated, one of the most vigorous protests ever
presented by the general mercantile, shipping and grain trade interests of
Now York. and will temporarily relieve fears entertained by the commercial
traffic leaders that the proposed system of tariffs would have placed an
unreasonable and unwarranted financial burden upon New York shippers,
because of inadequate terminal facilities existing along the water front.
The proposed changes arose from suggestions of the Commission, in its
various
decision of July 29 1914, on the general rate advance case, In which services
ways of gaining additional revenues by collecting charges for certain ordered
free by the carriers were mentioned. The Commission has
rendered
at which the
an investigation to be made and public hearings will be held present their
protesting commercial interests will have full opportunity to
side of the case.
Boston & Maine Rates Approved.—The New Hampshire
P. S. Commission on Dec. 29 approved of the new schedule
of passenger rates which the Boston & Maine RR. put into
effect on Jan. 1,and which is based upon a uniform rate of
will result in a
23'c. a mile. It is expected that the change p. 1911, 1833.
marked increase in passenger revenue.—V.99,
Toledo Columbus & Ohio River Ry.—Dividend Omitted.
—No dividend was paid for 1914from the earnings of the year
Co.
on the ,000,000 stock, all of which is owned by Penna.
payment was made for 1913, but6% was disbursed yearly
No
for 1911 and 1912.—V. 98, p. 156.
9
terly dividend of 13/%, payable to-day, will be disbursed
on the $15,490,000 outstanding stock, as increased 10%
April 1 1914 by new stock issued at par. Compare V. 99,
p. 1912, 895, 818. Western Maryland Ry.—To Defer Interest Due Jan. 1 on
Note Issue—Committee Asks Deposits—Financial Plans.—In
view of prevailing conditions, the company has determined
to defer the interest falling due Jan. 1 1915 both on its $10,000,000.5% notes of 1912 and on the $6,000,000 unsecured
6% notes, all of which will mature July 1 1915, and invites
the co-operation of the noteholders to the end that the comprehensive plans for a financial readjustment may be more
speedily and effectively consummated.
The committee named below is accordingly urging the immediate deposit of all the notes with the Jan. 1915 coupon
attached at the Bankers' Trust Co., 16 Wall St., depositary,
under agreement'dated Dec. 14 1914. Over 85% of the
aggregate amount of the notes has been deposited.
Digest of Committee's Circular, Dated at New York, Dec. 14 1914.
The company has heretofore issued its $10,000,000 5% notes, maturing
July 1 1915 and secured by a trust agreement dated Jan. 1 1912, to the
Equitable Trust Co. of N. Y., as trustee (V. 93. p: 1790; V. 95, p. 969;
V. 97, p. 1595). Subsequently, the company issued other unsecured
notes, now aggregating $6,000,000 and bearing 6% interest; these also
mature on Jury 1 1915 (V. 97. p. 1825, 1595, 1899). These $16,000,000
notes were soldprimarily for the completion and equipment of the Connellsville extension, additional shops, yards, terminals and equipment and other
improvements, to enable the handling of an increased business with economy
and dispatch, and also to permit the discharge of contractual obligations.
In order.that these temporary obligations might be permanently capitalized, as originally intended, and at the same time permanent provision
made for future financial requirements, the company has had under consideration for some time past plans of financial readjustment, embracing
distinct units—
the separation of the properties of the system into threecoal properties—
namely, the railroad lines, the terminal properties and the future needs and
establishment of appropriate capital resources for
and toe
development. The progress of these plans has been temporarily checked
the company has deterthrough the outbreak of the war in Europe and
is
mined that a postponement of the entire consummation of its plans
necessary pending the restoration of more normal conditions. the notes,
1 1915 interest amounting to $415,000 will mature on
On Jan.
will mature on
and a further installment of interest amounting to $430,000 of the notesJuly 1 1915, upon which date also the principal amount
816,000,000—will become due and payable.
The railway company expresses the hope that improved conditions will
readjustment plans, includpermit It to proceed with certain features of itsof these
principal and intering provision for the liquidation and discharge
est obligations. The present situation is outlined in the communication
from President Gray dated Dec. 10 1914. as shall, in
its opinion, safeguard
This committee will take such measures
co-operate
far
the interests of the noteholders and so andas practicable, willthe earliest
consummating at
railway company in completing
with the
practicable date the plans as now outlined.
Noteholders' Committee; Frederick T. Gates (Chairman), Ivy L. Lee,
Alvin W. Krech, Edgar L. Marston and Edward D. Adams, with Hunter
S. Marston, Secretary. 24 Broad St., N. Y. and Lawrence Greer, counsel.
Digest of Statement by Pres. C. R. Gray, Baltimore, Dec. 10 1914.
Earnino.—From the report for year 1913-14 (V. 99, ).1359). it appears
that the gross revenues of the railroad lines were 38,267,736, and that the
operating income, after taxes, amounted to $154,147. Other income increased the available tozal to $381.602, which was insufficient to meet the
the report, the
fixed charges and other deductions. As stated in of the general failure to
result
depression
realize larger gross earnings was the directexpenses was clue
chiefly to exand the increase in operating
in business
traordinary expenses involved in taking care of deferred maintenance, and
conditions since remedied.
to motive power and roadway.
The operations for the first four months of thepresent fiscal year have
shown a higher and more economic standard of operating efficiency. The
gross.earnings for the four months ended Oct. 31 1914 wore $2,925,247.
a decrease—wholly in passenger earnings—of$56.226 below the corresponding period of 1913. The operating expenses, however, decreased by $•245,713. the operating ratio being 72.76%. and the operating income after taxes
amounted to $698,698, an increase of $170,987, or 32.4% •
Requirements.—During the remainder of the present fiscal year equipment
and terminal obligations will mature in the principal amount of $434,181,
and on July 1 1915 the principal of the $16,000,000 of notes will mature,
while the interest due on the notes Jan. 1 1915 is$415.000 and July 1 1915
0t property
.thile
$430.O0
is now in a position to handle economically such a maWhile the
terially increased business as will naturally come with normal conditions,
it is nevertheless apparent that, until a proper readjustment of the present
obligations,and financial provision is made for its capital requirements, the
company will be unable not only to meet presently maturing principal obligations, but also the fixed interest charges upon its $16,000,000 of notes.
JAR. 2 1915.1
THE CHRONICLE
Comprehensive Plan Postponed.—Thefmanagement has therefore for some
time past been engaged in the consideration of plans for the separation of the
various properties of the system into three distinct units, through (a) the
consolidation of the railway lines, including the unraortgaged Connellsville
Extension of about 85 miles; (b) the concentration in a single terminal company of the freight terminals and terminal 'properties at Baltimore; (c)
the separate ownership or operation of the coal properties of the Davis Coal
& Coke Co. and the West Vriginia Central & Pittsburgh By. Co. In the
same connection it was proposed that provision would be made for the financial requirements of the railroad and terminal properties through the creation of separate mortgages securing bonds to be issued from time to time as
the needs of those properties might develop.
It was our purpose to submit such plan for approval, and, if approved,to
put it into effect prior to Jan. 1 1915. so that provision could be made for
meeting promptly the interest and principal of the notes and the principal
of equipment and terminal obligations failing due prior to July 1 1915;
The outbreak of hostilities abroad early in August necessarily affected to
an unusual degree the Western Maryland By. Co., owing to the fact that
substantial amounts of all classes of its securities are held by investors in
European countries engaged in or directly affected by the war, requiring
the postponement of the remaining steps contemplated pending the restoration of more normal conditions. It has also seemed desirable that the feature of the plans which deals with the separation and disposition of the coal
properties should be deferred until a further demonstration can be had of the
increased earning ability of the Davis Coal & Coke Co., already established
and steadily advancing as the result of more economical operating conditions
and an increasing mining capacity.
New Terminal Securities—Other Features.—Since additional revenue-producing business (besides the increase in coal) can probably be most readily
secured, with the least financial outlay, through the expansion of the company's terminal facilities at Baltimore, it seems desirable to press to an early
completion that portion of the readjustment plan which relates to the terminal properties, including the concentration of these properties and their development, through the use of a separate capital currency, adequately secured both as to property value and earning capacity.
It Is hoped that improved conditions will permit the company to proceed with the other features of its readjustment plans, including provision
for the entire principal and interest upon its $16,000,000 of notes, thus effecting capitalization in permanent form as originally contemplated, of
• expenditures for which such notes were intended to make temporary provision; and it is believed that progress in this direction can much more
effectivelybe made if undertaken with the support of the noteholders.
The plans as here outlined have been approved by the board and all
noteholders who have been thus consulted, representing more than
in amount of the outstanding notes, have expressed their approval85%
and
agreed to a postponement in payment of the interest due upon the note
Jan. 1 1915. Like co-operation is sought from the remaining noteholders
—V.,99, p. 1912, 1359..
57
and the quarterly dividends paid on the stock will go towards paying for it
after deducting interest at 4% per annum on the unpaid balances.
The American company has paid 8% dividends for seven years and it is
calculated that dividends at this rate and the $2 per share per month
payments by employees will pay for the stock in full by November 1918.
Any employee who so desires can, after March 1 1917, but not
in the balance on his stock and receive his stock certificate. before, pay
Should an
employee leave the service or die before his stock is fully paid for, the
amount he has paid in plus the accumulated dividends (less 4% interest)
will be repaid to him.—V. 99, D. 1530.
Ashland (Ore.) Electric Power & Light Co.—Decision.
—Judge Wolverton in the U. S. District Court for Oregon
on Oct. 15 denied the motion to dismiss the bill of complaint
in the suit brought by the company to restrain the city from
annulling the ordinance of Jan. 29 1889 granting what is
claimed to be a perpetual franchise.
On July 25 1911 the City Council adopted an ordinance repealing the
earlier one and requiring the company to remove its system
the streets
and highways, and has since adopted resolutions requiringfromremoval
of
the system and prohibiting the company from exercisingthe
The opinion is given at length in the "Water & Gas Review" ofits franchise.
Dec. 1914.
Canadian General Electric Co.—New Director.
—
Col. Hon. J. S. Hendrie, Lieutenant-Governor of Ontario
a director to succeed the late Senator Robert Jaffray.—V.has been elected
98, p. 915.
Childs (Restaurants), New York.—New Directors
.—
L. E.Pierson and Luther Childs have been elected to fill
by the deaths of J. E. Nichols and A. W. Harris.—V. vacancies caused
99, p. 676.
City Electric Co., San Francisco.—
The California P. S. Commission has granted an
June 30 1915 for the sale of $833,000 of the 1st M.30 extension of time to
-year Ss.—V .96, p.205.
(H. B.) Claflin Co., N. Y.—Sale Ordered.—Judge Learned
land in the Federal District Court in N. Y. on Dec. 28
signed an order (1)for the sale of the assets at the U.S. Court
Bldg., N. Y. City, on Jan. 24;(2) approving the plan of reorganization (V.99,p.971,1913). No upset price is fixed.
The personal property of John Claflin.
ceivers some months ago, will be includedwhich was transferred to the rein the sale.
Arthur F. Gotthold, attorney for the General Creditors'
Informed the Court that 98% of the creditors had acquiesced Committee,
in the plan.
—V.99, p. 1913, 1454.,
;
.
West Jersey & Seashore RR.—New Stock—New Mort.
West
gage.—The shareholders, it is announced, will vote in FebCorning (N. Y.) Light & Power Corp.—First Dividend.
ruary on (1) increasing the authorized common capital stock —An initial dividend of 1% has been declared on the $375,from $10,000,000 to $13,000,000 and (2) the creation of a 000 capital stock, payable Jan. 1 to holders of record Dec.23.
General and Refu,nding Mortgage for $13,000,000. "Phila. —V. 97, p. 1506.
Press" Dec. 29 said in substance:
Deere & Co., Moline, Ill.—Opinion.—
It is planned to issue at once only $2,000,000 of the $3,000,000 new stock,
The opinion of the Judicial Committee of the Privy
which will be offered to shareholders pro rata at
The Pennsylvania RR. owns more than 50% of thepar or $50 per share.
issue, or $4,965,450
of the $9,641,600 outstanding common steels.
The proceeds of the allotment will be
an
tificate of indebtedness for $1,394,000 used to retire off outstanding cerand
a floating debt
amounting to about $600,000, incurred for to pay
total of about $2,000,000 of indebtedness, all improvement work, marring a
of which is due to the Pennsylvania RR. Co: The'additional $1,000,000 of new
stock will not be issued
in the immediate future.
Of the new mortgage $6,500.000 will be reserved
to provide for the
present'First Consolidated Mortgage bonds at
maturity. The balance of
the $13,000,000 authorized may be sold from time
to time for the completion of elevation work in Camden and for other
improvements and capital
purposes.—V. 99, p. 1367.
•
White Pass & Yukon
Ry.—Payment in Scrip.—The
holders of the 6% debentures and of the 5% debenture stock
are to meet on Jan. 13 to consider resolutions authorizi
ng
the company to pay theinterest due Jan. 1 and July 1
issue of scrip, but with a bonus of 1% added thereto. by the
The scrip
Council,delivered
on Oct. 28 1914 in the case of the John Deere Plow Co., Ltd.. was
length i^ the "Montreal Gazette" of Nov. 13. , Compare V. 99, given at
p. 1369.
Dwight Manufacturing Co., Boston.—Dividend Reduced.—A semi-annual dividend of $10 per share (2%) has
been declared on the $1,200,000 stock (par $500), payable
Jan. 1 to holders of record Dec. 24.
This compares with $30 semi-annually (6%) from 1900 to July 1914 antl
places the stock on a 4% as against a 12% basis from 1900 to 1914,inclusive.
In 1905 and 19074% extra was also paid. The rate is said to be the lowest
since distributions were resumed in 1879.
An official statement says: "The directors' action as to dividend was
based on the reduction in surplus caused by large expenditures on new
buildings to replace old mills, and on renewals of old machinery; also with
the desire of increasing the reserves to an amount suitable for economically
carrying on the business, in a period of demoralized condition of cotton
and goods markets, and uncertainty as to future outlook of business."
Elk Natural Gas Co., Pittsburgh.—First Dividends.—
An initial dividend of 2% has been declared on the $300.000 stock, also
certificates will be
est and bonus, and will carry issued immediately for the full year's inter- a special dividend of 2%, both payable Dec. 22 to holders of record of that
interest from June 30 1915 at 5% and
date. The company began business Oct. 4 1914.
respectively. They will be repayable on Dec.
6%.
31 1930.
At the annual meeting in London on
General Chemical Co.—Purchase Authorized.—The stockthat the war had upset the calculations Dec. 18, Chairman Macrae stated
as to August and September. The holders of
freight and passenger traffic which should
the General Chemical Co. of California on Dec. 31
celed, and it is estimated that $400,000 have been received was all can- unanimou
revenue was lost for that reason
sly authorized the sale of the company's assets to
alone.—V. 99, p. 1675.
Willamette Valley Southern (Electric
) Ry.—Guaranteed Bonds.—E. H. Rollins & Sons are offering at par
and int.
the $45,000 additional 1st M. 6% - gold bonds,
guarantee
as to payment of principal, interest and sinking fund d
Portland (Ore.) Ry., Light & Power Co. (see map, by
in "Elec. Ry. Section"); total present issue, $750,000. &c.,
Earnings of Portland Ry., Light de. Power Co., Fiscal Year end. June
30 1914.
Gross earnings
$6,701.8781
charges
$2,020,829
Net, after taxes
$3,357,268 Balance for guaranty, &c.$1,336.439
[The stockholders were to vote on Dec. 12 on increasing the capital stock,
recently $1,000,000 common,and on issuing preferred stock.—V.
98, p.1001
the New York company. Nearly all of thc holders of the
$1,250,000 first pref. stockholders of the Calif. Co. will, it
is stated, accept 7 shares of stock of the New York Co. for
6 shares of that of the California Co. rather than $120 cash
per share. If all of the stockholders consent to
exchange
this would add $1,458,000 to the $13,750,000the
outstanding
6% cumulative preferred stock of the New York company.
—V.99, p. 1835, 1531.
General Chemical Co. of California.—Sale Authorize
d.
See General
Chemical Company below.
--V. 99, p. 1835.
Harrison Bros. & Co., Inc.—Earnings.—
October 31.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Net
DepreBond
Preferred
Balance,
Year
Profits.
CialiOn.
Interest.
Dividends.
Alabama Traction, Light & Power Co.—Option.— 1913-14
SUITIUS.
9354,456 $120,000 $65,000 (3%1945.00
0 $124,456
Holders of certificates of option to. purchase shares at $15 1912-13
338,321
110,000
65.000 (5%)75,000
88,321
—V.99, D. 1217.
(at current rate of.exchange) were lately informed that the
Hartford City (Conn.) Gas Light 00.—Divi
option expired on Doc, 31, Any holder desiring to extend
4end Inc.—
,& quarterly dividend of 3%, also 1% extra, has
to -Dec. 31 1915 the option to purchase at $15 per share
been decurrent rate of exchange)can do so on payment of 10s. per (at clared on the $1,250,000 common stock, payable Dec. 31.
This
sh.
sa
As an alternative the holder may if he desires
till 12 months after the conclusion of peace, or-have the option extended
the
Courts (Emergency Powers) Act, 1914. whicheveron the expiration of the
is
sooner,
so by the payment of £2 per share. Holders taking advantage he can do
these offers must forward their option certificates • to Messrs. of either of
Sperling &
Co:, Basildon House. Moorgate St., E. C., not
accompanied by check.—V. 99; P., 1453. 1053. later than Jan. 30 1915,
Alliance Realty Co., New York.—Dividend
'Reduced.—
A quarterly dividend of 1 3 % has been declared on the
$2,000,000 stock,
payable Jan. 15 to holders of record Jan. 9. This compares
with 2% quarterly for some years past.
. .
•
Previous Dividend Record (Per Cent).
1902 001905.
1906. ' 1907-09.
•
1910:
1911 to 1914.
6 yearly,
7
8 yearly.
8 & 6 extra.
8 yearly.
ps, p. 522.
Amalgamated Sugar Co.—Sale of.•
Stock.—
American Telephone & Telegraph Co.—Opti
on to
ployees to Purchase Stock.—Arrangements, it is stated, Embeen made by which employees of the Bell System who have
have
been two years or more in the service,and whoso
desire,may
purchase stock of the company for $110 per share
on easy
terms of payment.
Soo Amer. Sugar Refining Co., p.1912, last week.—V.
99. p. 1529, 1053.
total of 14% for the year, an increase of 1%
over 1913.
9 makeD.471.
9.
Hocking Valley Products Co.—Jan.
Stamped "One-Half Paid"—Plan to Treat 91915 Coupons to be
in Same Fashion.—The unusual business Additional Coupons
conditions
advisable at this time to pay only one-half of each make it
coupon
due Jan. 1 1915 on the $1,684,000 1st M.
-year 5% sinking
fund gold bonds and the company, has,50
therefore, directed
the deposit with the Bankers Trust Co., 16 Wall
sufficient to pay at maturity one-half of each St., of funds
Jan. 1 1915. The bondholders are also askedcoupon due
their bonds, with the half-paid Jan. 1915 couponto deposit
attached,
with Empire Trust Co. 65 Cedar St., N. Y., under a
by which if 75% of all the bonds assent by June 21 plan
the following nine coupons, July 1 1915 to July 1 1919,1915,
incl.,
will be similarly stamped "half paid." The company will,
however, covenant to declare no dividends until all the interest withheld is paid with 5% interest thereon.
ondensed Circular Signed by Pres. Daniel E. Regan. Dec. 26 1914.
In 1919 and in the first 11 months of 1914 the company
earned its entire interest had it not been for the sinking fund would have
requirements,
No employee can purchase more than one share for
each $300 of annual and even after making provision for these and other requirements,the comWages he receives nor more than ten shares Whatever his
pany earned about one-half of its interest
of payment will be $2 per share per month beginning wages. The terms amounted to $83.000, of which $42,000 was charges. In 1913 interest
earned, leaving a
with March 1915.
$41,000 (exclusive of expense of litigation concerning the oil lease) deficit of
and in the
58
THE CHRONICLE
were $71,000. of which $38,000 was
first 11 months of 1914 interest charges
$33,000 (exclusive of litigation expense).
earned, leaving a deficit of was steadily developing its brick plant and also
Meanwhile the company
employees and miners and its
improving its farms and housing facilities for brick and brick-making, for
in
President designed valuable improvements name of the company in the
in the
which six patents have been issued
prior to the outbreak of the EuroU. S. and Canada. The brick businessfashion. Oil, it Is now hoped, will
al
pean war was developing in exception even more aggressively than before,
drilled for by the Chartiers Oil Co. U. S. Court for the South. Dist 01r
be
down in the
a decision recently handed oil lease in all respects. In the last three years
Ohio having sustained the
bonds.
sinking fund has retired $316,000 of our I$2,000.000I
the
continue paying interest charges in
For these reasons it was hoped to reduction of interest charges by the
and the
full until increased business present deficit into a profit. The war and the
sinking fund would turn the
the stagnation in building, will
resulting business depression, especially On Dec. 1 1914 the cash on hand
make it impossible to realize this hope. for interest in full on Jan. 1 1915
would be required
was $113.000; $75.000
This would leave insufficient cash working
and for the sinking fund in 1914. working capital by July 1 1915. Delay
capital, with probably no cash
y sacrifice on the
may therefore imperil the company, while some temporar
ncy of the company and
part of bondholders should insure the permane
value of security holdings.
enhance the
will declare no diviIf the proposed plan becomes effective, the company of each coupon, redend on its stock until it shall have paid the one-half
at 5%
agreement, with interest on such one-half for this
linquished under the
certificates will be issued
from the original date of maturity. New certifying that the company will
[the certificate for each coupon
purpose
with 5% int. thereon].
pay no dividend until the balance of 50% duels paid
expressed their
Bondholders owning a largo number of bonds have already
interest the business
to accept the plan. With this reduction of the company after
willingness
should enable
and the sinking fund redemptions
sinking fund charges out of
five years to pay all its expenses, interest and so, and should the directors
earnings. Should the company be able to do coupons will be paid in full
then consider it prudent, the 1919, or earlier,
-V. 99, p. 1677.
at maturity.
loo.
0. at co.'s office and 1st
$500. Trustee, W. S. Jeffries. Interest A. & Korst, Sec.-Treas.& Mgr
Nat.Bank,Janesville. M.G.Jeffries. Pres.; P.11.
-Dividend Omitted.
Hodges Fibre Carpet Co., New York.
which
-The directors have decided to omit the dividend000 stk.
has for several years been paid Jan.1 on the $1,000, 1912 no
extra was paid, but for
For 1913 and 1911 6% regular and 2%
setts. Manufactures
payment was reported as made. Incorp. in Massachu located at Indian
fibre carpets, rugs, art squares, matting, &c. Plant looms. President,
Equipped with 3,000 spindles and 300
Orchard, Mass.
Walker. Office,
H. J. Beebe; Vice-Pres.. E. A. Carter; Treasurer, C. W.
25 Madison Ave., New York. profits have been affected by the large inTreasurer Walker says: "The
product without a correcrease in price of materials used in making their
owing to competition
sponding increase in the selling price of the product,
and other reasons."
-Sir George
-New Officer.
London (Ont.) Gas Co.
Gibbons has been elected President to succeed the late
Major Beattie, M. P.
-Decision in Patent Litiga'n.
Mergenthaler Linotype Co.
-V.99,
See International Typesetting Machine Co. above.
p. 1532, 1295
-A dividend of $1 has
-Dividends.
Mohawk Mining Co.
been declared on the $2,500,000 stock (par $25), payable
Feb. 1 to holders of record Jan. 9.
ion was
On Aug. 15 1914 $1 was also paid but in Feb. 1914 the distribut
omitted. Compare V. 98. 13• 391. Record (Per Cent).
Previous Dividend
1911. 1912. 1913. 1914.
1910.
1907. 1908. 1909.
1906.
4
20
14
7
8
12
10
36
20
-V. 99, p. 820.
-The
-Anti-Trust Suit.
Motion Picture Patents Co.
Greater New York Film Rental Co., which sells and leases
moving picture films, machines and appliances, on Dec. 26
brought a suit in the U.S. District Court in this city to collect
law
$1,800,000 (threefold) damages under the Sherman Film
against the Motion Picture Patents Co., the General
Co., and others.
ng
ion controlli
It is alleged that the defendants are an illegal combinat The other dethe
at least 95% of the moving-picture business of the country. Mutoscope &
American
Pendants are the Vitagraph Co. of America,
T. A. Edison Inc.,
Biograph Co., the Biograph Co.. the Edison Mfg. Co..
Mfg. Co. Gaston Melies, George
the Kalem Co., Pathe Freres, Lubin Polyscope Co., Armat Moving Pic'
Essanay Film Mfg. Co., Selig
Kleine,
concerns were named as deture Co. and 12 individuals. Many of these
ent to dissolve the
fendants in the pending suit brought by the Governm
combination.
moving-picture
and two years later it is alleged, owned
The plaintiff was formed in 1907
•the defendants, the bill
a valuable good-will and a profitable business,but
ly worthless and deof complaint states, have made the concern practical formed two groups,
stroyed its good-will. The defendants, it is stated,
"to deLicensed Manufacturers and Edison Licensees, in order to the
known as the
e relating
stroy competition between them, to monopolize commerc
m, agreed about April
moving-picture art, and to exclude all others therefro
ion. The Edi1908 to carry on business by means of an unlawful combinat
under which this
son License agreement is referred to as the cloak and cover alleged that the
unlawful combination is operated. It is further
alleged
urers, "to
defendants organized the General Film Co.,elicensed manufact pictures,
relating to motion
destroy competition and monopolize commerc the rental exchanges existing
purpose of driving out of business
and for the
1752.
at the time of its formation in 1910."-V. 99,p.
-100% Stock Dividend.
Hood Rubber Co., Boston.
-Press reports state that the
Sale of $150,000 Pref. Stock.
-Regular Dividends.
National Grocer Co., Detroit.
stockholders on Dec. 29 voted to increase the common stock
00 6% cum. preferred
The usual 3% semi-annual dividend on the $1,500.0
000 "out of surplus." Subse- and 1% quarterly dividend on the $2,000,000 common stock have been
from $1,000,000 to $2,000,
pref. declared. payable
of record Dec. 21. Distributions on
quently the directors voted to issue $150,000 additional pref. the common stock Jan. 1 to holders
were recently changed from annual to quarterly. For a
been disbursed
above par, making the total
stock at a price netting
number of years 5% was paid. 4 Ji% and 1% extra having
on Feb. 20 1914. Compare V. 98, p. 1075. 609.
stock outstanding $2,300,000.-V. 98, p. 1540.
-This
ies Co.
Natomas Company of California.-Successor Co.
ated
Hoster-Columbus (0.) Associof theBrewer rship, the company was incorporated in California on Dec. 24 with
receive
-In view
Committee.
Bondholders'
committee requests de- $16,500,000 of auth. capital stock in $100 shares (of which
following bondholders' protective later than Jan. 15:
$7,250,000 is non-cum. pref.), as successor, per plan in V.99,
1st M. 6s of 1905 not
posits of the
and the Citi p. 52, 273, of Natomas Consolidated, foreclosed Dec. 22,
Citizens' Savings & Trust Co. of Cleveland
Depositaries:
Columbus.
under mortgage of 1910.
zens' Trust & Savings Bank of
C. A. Otis and W. C. Willard,
Hayden,
Committee: E. V. Hale, W. S.Cleveland, as counsel.
-V.99, p. 1913.
with Squire, Sanders & Dempsey.
nual
-A semi-an
-Regular Dividend.
Illinois Brick Co.
$4,400,000 stook,
dividend of 3% has been declared on the 4, being the same
payable Jan. 15 to holders of record Jan. e V. 97, p. 1902.
amount as in July and Jan. 1914. Compar
-V.98, p. 1848.
Extension.
International Cotton Mills.-Proposed
Myron C. TayDavies Warfield, J. H. Wheelwright andof the syndicate
S.
holders
lor, syndicate managers, ask the the International Cotton
certificates for the securities of
holdings in
Mills of Mass., obtained in exchange for their 6 months
for
New York company,to extend the syndicatean additional
the
extension for
from Jan. 1, with the privilege ofmanagers. A circular says:
months in the discretion of the
6
the terms of the reorganization
The syndicate agreement which, under New York, received the common
Mills Corp. of
of the International Cotton Cotton Mills of Mass, issued in exchange for
stock of the International
which holds this stock againstsyndicertificates of the old company, and participants representing the amount
cate certificates issued to syndicate
terminates Jan. 1 1915. Holders
of such stock they are entitled to receive, 70% of the total, have requested
of the syndicate certificates, approximating
the syndicate, notifying all the members
the syndicate managers to extend of the syndicate weement for 6 months
of the desire for the continuance
of such period to the further conto July 1 1915, and upon the expiration an additional period of not more
tinuance of the syndicate agreement for of not less than two-thirds of the
months, upon the assent thereto
than 6
syndicate is to secure
then participants. The object of continuing this
gly necessary at this juncture
all the benefits of concerted action, exceedin the Massachusetts Company
reason of the undeveloped state of
not only by
s, but also because of the large interest
in connection with its own propertie
Cotton Duck Co., now in process
should
it owns in the Mount Vernon-Woodberry
is believed that concerted action thus to be had
It
of reorganization. of the stock held.
-V.99, D. 897.
conserve the value
-P. B. Anderson, II. Fleishhacker, P. T. Morgan, G. E.
Incorporators
Webber, E. S. Heller, J. D. McKee, F. W. Kiesel, L. Sloss, W. M. Newhall
has the following
and F.P. Madison. San Francisco "Chronicle" of Dec.23 . The levees,
condition
"The physical properties are said to be in fine height, and are expected
while not surfaced, have been brought to their full of high water. About
in their present state to withstand any condition
present arable area, have
85%
40,000 acres of the reclaimed lands, oryear. of the thousand acres have been
One
been plowed and will be cropped next
From the present outlook, agricultural operations will net
put into rice.
the company about $300.000 in 1915." See V.99, p. 273. 612, 751, 1914.
Natomas Consolidated, San Francisco.
-V. 99. p. 1914. 1371.
See Natomas Company of California above.
Nichols Copper Co., New York.-Com. Div. Omitted.
The company has decided to omit the quarterly dividend
usually paid in January on the 87,000,000 stock (par $100),
owing to the slowing down in copper production. For a
number of years 6% was paid annually. refinery in the world
The company, it is stated, owns the largest copper
t of the Phelps
with annual capacity of 400,000,000 lbs. The treatmen , approximating
Dodge & Co. smelter product constitutes its largest contract
The Granby product also goes
normal times 12,000,000 lbs. monthly.expenditures have been made on
in
through the Nichols plant. Some heavy
Laurel Hill. L. I., during the past
the plant of the Nichols company at
-V. 98, p. 766.
year or two, increasing its capacity.
-Dividend Again Omitted.
North Butte Mining Co.
second consecuThe directors have decided to omit for the stock (par $15).
tive quarter the dividend on the $6,450,000
From July 1912 to July 1914 50 cts. per share (3 1-3%) was
nt
paid. Compare V. 99, p. 973. An official stateme says:
1 for sinking the Granite Mountain
The North Butte has spent to Dec.
stations and driving cross-cuts
shaft to a depth of over 3,100 ft..,cutting . All this has been absorbed
$220,477
to connect with the mine workings
cost of copper. New main the development account and charged to the the subsidiary equipment,
with
chinery for the Granite Mountain shaft, y structures, has cost
Dec. 1
-Earnings. shaft house, engine house and other necessardue on this equipmentowhen it
t
International Textbook Co., Scranton, Pa.
The final payment of $23,000 is
Deprecia-Balance, $222,656.thoroughly tested and found equal to the guaranties. With the
Total Net Sellino,
Reserve
Surplus. has been
Mao 31. Scholarship for Accts. Income. Expenses.
perlion.
of this equipment the Granite Mountain shaft will afford aelecYear- Sales.
typo of
48 $112,328 $965,001 completion
with the
manent outlet to the North Butte mine n that at very best be installed.
1913-14_$7,246.608 $1,929,331 35,579,577 $4,502,2
present can
trical machinery for economical operatio
-V. 99, p. 1601.
-Decision in -V.99. p. 973. 465.
ational Typesetting Machine Co.
Intern
-New Officers.
Oro Electric Corp., San Francisco. elected President to
-Judge Hough in the U. S. Dist. Court
been
Patent Litigation.
Luther J. Holton. formerly VIco-Prest , has Van
L.
Southern District of New York on Dec. 28 handed succeed J. W. Goodwin, who resigned. H. p. 118. der Naillen has been
for the
-V.99.
Gen. Manager.
t against the company
down an opinion in two suits brough of the two suits be- made Vice-Prest. &
-Dividend ReMergenthaler Linotype Co., one
Pennsylvania Salt Manufacturing Co.
by the
for inthree patents and the other
-A quarterly dividend of 2% has been declared on the
ing for infringement of , making 28 patents in all sued upon. duced.
$7,500,000 stock, payable Jan. 15 to holders of record Dec.
fringement of 25 patents
withdrawn before or during the course of the trial. 31. This reduces the annual rate from 12%, as heretofore
Ten of the patents were
dismissed. The suits were also dismissed
suits were
President Joseph Moore Jr. says:
or
As to these patents the
the ground that they were invalid thenot in- paid since 1863.
plain14 more of the patents on
for
as to
g four patents the Court found
The reduction of the dividend is a necessity of the present unprecedented
fringed. Upon the remainin one of these four patents was discontinued
by
This unanimous action of the board was foreshadowed in the
of these four patents is conditions.
it is for the ultimate best interests of the
tiff. The device covered
ago. The device covered by another
annual report of October last, and
changed.
about a year
importance and can, it is said, be readilyand diffi- stockholders. Our plants are working on an average of about 60% of
stated to be of very minor
are doing well, but copper at current prices
points of considerable interest
two patents presentpresented to the U. S. Circuit Court of Ap- capacity. Some departments reduced net earnings appreciably below the
The other
loss, lowering the
course be
culty, and will in due od that these devices, although of some importance Is a heavy
This drain could not be permitted to
regular dividend requirements. ve need to conserve every dollar of workpeals. It is understo
-V.99, p. 1835. 751.
continue, because of the imperati
if necessary.
Will be changed
to carry the great stocks of raw materials and merchandise reing capital
-Stock Increase.
Electri
enlarged and modernized plants will
Janesville (Wis.) ated Aug.c1 Co. in Wisconsin, has increased quired. In normal times the three hoped that stockholders will not sac1899
be splendid earners. It is therefore
This company, incorpor
to $300.000. par $100. Supplies electric rifice their shares to afford bargains for strong buyers. Every member of
from $100,000
its capital stockto Janesville and to Edgerton, through the Edgerton Elec.. I
a large holder of the stock, and with none for sale. The comlight and power stock Is all held by stockholders of the Janesville Elec. Co. the board is
soundly based, and the management is effective and entirely haytric Lt Co.,whose
dated 1902 and due Oct. 1922. Denom pany is
debt is $150.000 1st M.55,
Funded
THE CHRONICLE
JAN. 21915.]
monious. I have no investment of which the future is brighter, If Europe
and Washington will return to sanity and a revival of prosperity is made
possible. Wage earners and investors throughout the country chould demand a modification of the injurious legislation of the last two years. Business cannot be throttled and yet thrive. Happily, the period of the inevitable call for the services of the conservative re-builders is fast approaching. - In the meanwhile, nothing can be gained by exchanging one security
for another, as all are affected.
The above is the whole story up to date, with nothing concealed and nothing more to learn. See V. 99, p. 1915, 1303.
-The company has
-Sale of Notes.
Pittsburgh Steel Co.
sold to the Union Trust Co. of Pittsburgh an issue of $5,000,000 6% notes, of which $1,500,000 will mature on Jan. 1
1918, $1,500,000 Jan. 1 1919 and $2,000,000 Jan. 1 1920.
By this transaction the company, it is stated, provides for all of its indebtedness and also secures ample working capital. The trust deed provides that the company's quick assets shall at all times be not less than the
amount of notes outstanding. The Union Trust Co. of Pittsburgh will be
the trustee under the indenture securing the notes. See V.99. P. 1128.
-Earnings.
--Sales for
Sears, Roebuck & Co., Chicago.
Dec.
1914 reached $100,000,000 at the close of businesswas 23.
formed in
President Rosenwald predicted when the present company
1906 that the yearly gross business of the concern would reach this figure
ten years. His prediction was realized about 18 months ahead of
within
time. The sales are usually light the last week of the year. The sales in
1913 were $91.357,276. When the company was formed its gross sales
were about 550.000.000 yearly.
While it has cost more to do business the last year, the net earnings
should. it is stated, approximate $10,000,000. In 1913 the net was $9,027.170. This would mean a surplus of between $6,000.000 and $6,500,000
-V.99, p. 1837, 1732.
after the payment of the usual dividends.
-Committee.
-HoldSierra & San Francisco Power Co.
-year gold bonds, Series B,
ers of the $7,667,023 2d M.5% 40
are requested by the committee named below to deposit
the same with the Columbia Trust Co.,60 Broadway, N. Y.,
as depositary under protective agreement of Nov. 1 1914.
Committee: Philip L. Saltonstall, Francis R. Hart, Samuel R. Smith
and Charles F. Mathewson (Chairman), with Charles Richter as Secretary,
55 Wall St., and L. C. Krauthoff, Counsel.
The committee says that an examination of the properties, affairs, books
and doings of the company, and of its relations and agreements with its
affiliated and related companies,and the company controlling the company,
has disclosed good grounds for believing that the properties of the company
have not been and are not properly managed, and that interests and security of said 2d mtge. bonds, Series B,are not being protected and that the
covenants in respect of said bonds contained in said 2c1 mtge. are not being
performed. The committee deems it imperative for the bondholders to
examine into the affairs of the company and to take concerted action for the
ascertainment and enforcement of their rights.
When the committee shall have adopted or approved any plan or agreement for the adjustment of the affairs of the company, a copy of the same
shall be filed with the depositary and any depositor who shall not assent
may.at his option, within 30 days, withdraw from this agreement upon paying his pro rata share of the expenses, compensation and obligations of
-V. 93, p. 1837.
the committee.
Spanish River Pulp & Paper Mills Co.
-Postponed.
The meetings of the security holders of the Spanish River Pulp & Paper
Mills Co., Ontario Pulp & Paper Co., Ltd., and Lake Superior Paper Co..
called to fund for an average period a seven years four half
-yearly coupons
-say two years' interest, have been postponed until Jan. 13.
Bondholders' Committee.
-An advertisement says in subst.:
To the bondholders of Spanish River Pulp & Paper Mills, Ltd., and Ontario Pulp & Paper Co., Ltd.: At a bondholders' meeting, held in
on Dec. 17, a bondholders' protective committee was formed. The committee has already secured an adJournment of the meetings, called for
Dec.23.for a period of three weeks, and Is now devoting itself to a thorough
study of the entire situation. Bondholders are requested to advise the
committee of their names, addresses and holdings. On behalf of the committee. Benjamin Tooke, Montreal; Norman B. Stark, Montreal. Ad-V.99, p. 1837. 1752
dress 88 Bay St., Toronto.
-Dividend Reduced.
Standard Screw Co., Chicago.
-A
semi-annual dividend of 1% has been declared on the $2,500,000 common stock, payable Jan. 1 to holders of record
Dec. 15. In Jan. 1913 and 1914 2% was paid and in July
1913 and 1914 23.%.
59
and at 1003/i and bat. thereafter. Int. A. & O. in N. Y.
and Chicago. Denom. $1,000, $500 and $100. Guaranty
Trust Co., N. Y., trustee. A circular shows:
Issued under the provisions of a trust agreement by which the company
covenants that so long as any of these notes are outstanding it will not.
except by issuing additional First and Refunding M.5% bonds, purchase
money mortgages and pledges as security for temporary loans in the usual
course of business, create any new mortgage on its property without thereby
securing this issue of notes equally with the indebtedness secured by such
new mortgage. The remaining $911.500 notes can be issued only when
net earnings, after deducting the annual interest charges on all its outstanding First and Ref. M.5% bonds and on underlying bonds shall be at least
three times the annual interest charges on all notes outstanding and then
to be issued. The proceeds of these notes retire the entire floating debt
and provide for many desirable additions and extensions.
Authorized. Outstand'g.
Funded Debt$10,000,000 $4,525,000
First and Refunding M.5% bonds, due 1941
392.000
American River Electric Co.5% bonds, due 1933-_ Closed
1.500.000
588.500
Three-year 6% coupon notes. due 1917
common stock is owned by the Western States
All of the preferred and
Gas & Electric Co. of Delaware, which has outstanding preferred stock,
$2.125,000; common stock, $3,503,000. This pref. stock has received
dividends quarterly at the rate of 7% per annum from Dec. 1 1910.
Of the authorized and unissued bonds, 55,023,000 bonds may be issued
for 75% cost extensions and improvements, provided net earnings are
twice annual interest charges; $452,000 bonds are reserved to retire division.%
bonds and $94,000 bonds have been issued and canceled by sinking fund.
Operating Results for Year ended Nov. 30 1914.
M112,066 I Annual bond interest_ __ _ $245,850
Gross earnings
Net, after taxes
516,245 Balance
270,395
•
Annual interest on these$588.5006% notes.$35.310; bal..sur.,$235,085.
Properties.
-Owns and operates water power, electric and gas utilities
in Central California, comprising: (1) Hydro-electric power plant on south
fork of American River near Placerville, with about 200 miles high voltage
transmission system; (2) gas works, steam electric power house, substations and distributing systems In Stockton; (3) electric distributing systems in Amador, Elk Grove, Florin, Galt, Lockeford, Lodi, Placerville
and Plymouth, all in counties of San Joaquin, Sacramento and Eldorado;
(4) hydro
-electric power plant on Trinity River near Junction City in
Trinity County, with about 60 miles of high-voltage transmission system:
(5) gas works and steam electric-power house with distributing systems in
Eureka; electric distributing systems in Arcata. Blue Lake, Ferndale.
Fields Landing, Fortuna and Loleta. all in Humboldt County; (6) electric
distributing systems in Richmond and vicinity in Contra Costa County,
and various other appurtenant properties serving diversified agricultural.
manufacturing and mining industries in Central California. Population
served approximately 78.750.
Inventory of physical properties recently filed in California shows the
replacement value, exclusive of water rights, to be over 57,100.000. Electricity is supplied for agricultural purposes, including irrigation for gold
dredging and for operating several interurban and street railways. In
addition to its own production, has favorable contracts with other hydroelectric power companies for the purchase of electric energy.
Statistics Sept. 30: x1912. 1914.
Statistics Sept. 30: x1912. 1914.
Elec.-light customers 10,947 14.176 Inc.lamps(16c.p.eq)170.274 218,670
7.761 Municipal arc lamps
6,632
Gas customers
836
925
1,728 H.P.stationary mot. 14,473 23,712
Elec. pow.custom'rs
902
Total customers_ _ _ _ 18,481 23,665 K.W. lighting load- 11.207 15.000
Total K.W
22.501 32,971
x 1912 not 1913 (V.91. P. 1578).-V. 99, p. 1372, 1218.
-Proposed Purchase.
Westinghouse Electric & MIg. Co.
-V. 99, p. 1916. 613.
See Westinghouse Machine Co. below.
-Sale of Control
-Offer for
Westinghouse Machine Co.
Minority.
-H. Herman Westinghouse and the executors
of the estate of Geo. Westinghouse have entered into a
contract for the sale of their stock in the company, representing a majority of the total ($7,510,750) stock, to the
Westinghouse Electric & Mfg. Co., upon the basis of one
($50) share of the common stock of the last-named company
being issued in payment for three shares of $50 each of the
stock of the Machine Co., upon the condition that all other
stockholders of the Machine Co. shall have the privilege for
30 days, i.e., until Jan.26 1915,to sell their stock up on same
basis. A circular dated at Pittsburgh, Dec. 26,says in sub.:
Our conclusion that this sale is advisable has been reached after very
careful consideration of the present condition and future prospects of the
Machine Co. The business of the Machine Co. cannot be carried on profitably without a substantial amount of additional capital, which it has been
Impracticable to procure under present financial conditions and the large
mortgage debt of the company. In
this and other difficulties which
-Changes in Organization. confront the company, it seemed view ofadvantageous to exchange our
Stern Brothers Corporation.
to us
shares for shares of a strong company doing a prosperous business and
-The following is announced:
paying dividends.
Benjamin Stern has been added to the board. Louis Stern has been
Stockholders of the Machine Co. desiring to join in this sale should
elected President and Arthur D. Brandeis Vice-President. Melville A. promptly send their stock certificates (endorsed for transfer in blank and
Stern and Irving C. Stern have resigned from the corporation.
properly stamped) to the Colonial Trust Co., Pittsburgh, or to the Franklin
Benjamin Stern, prior to his withdrawal in 1910 one of the most Trust Co., 46 wall St.. N. Y. City,in exchange for transferable certificates
active members of the firm of Stern Brothers, will, it is announced, have of deposit (exchangeable for the stock of the Electric Co. upon the concharge of the merchandising and devote his entire time and efforts to the summation of the sale, or for the deposited stock in case the sale should not
Interests of the corporation. Mr. Brandeis has so adjusted his interests be consummated). Signed by Charles A. Terry, Walter D. Uptegraff and
in other directions as to devote his energies to his duties as Vice-President. H. Herman Westinghouse, executors, and H. Herman Westinghouse.
-V.98. p. 1686.
Dividend Record of Common Stock Since 1912,
Jan. 1905 to July 1911. Jan. 1912. July 1912.
1913 and 1914.
1%
1%
% yearly.
6% yearly(3% J.& J.)
-V. 98, p. 1998.
-Bonds.
-There is no
Swift & Co., Packers, Chicago.
Wilkes-Barre (Pa.)Co.-Dividend Increased.
-A dividend
present intention of issuing any bonds beyond the $15,000,- of 1%% has been declared on the $1,500,000 stook, also an
000 now out, which includes the recent issue $5,000,000. extra payment of % of 1 %. This makes a total for the year
Of the remainder of the total authorized issue of $50.000.000, $20,000.000
may be Issued for corporate pairposes of the company,and 515.000,000 can of 6%,agamst 4% in 1913.-V. 93, p. 1794.
only be issued for 75% of the cost of additions, &c., upon which the mortgage will be a first lien. Compare V. 99. p. 1678, 1915.
Union Stock Yards Co. of Omaha,Ltd.
-Earnings.
Gross
Year ending
Nov. 30- Earnings.
$1,801,920
1913-14
1,782,323
1912-13
-V.95, p. 234, 160.
Net
Earnings.
$552,952
652,932
Depreelation.
$100.000
150,000
Dividends. Balance,
(6%).
Surplus.
5449,778
$3,174
449,778
53,154
United Profit-Sharing Corporation, N. Y.
-New Stock.
-The shareholders having on Dec. 29 duly authorized the
proposed increase in the auth. capital stock from $350,000
to $2,000,000, will, it is announced, be permitted to subscribe
for $1,400,000 of the new stock at par, $1 a share, until
3 p. in. Feb. 1, to amounts equal to 400% of their respective
holdings as of record on Jan. 11. No provision, we are informed,has been made for issuance of the remaining $250,000
stock. G. A. Kellogg is Secretary, 44 West 18th St.
-V.
99, p. 1683, 474.
-Sale of Stock.
Utah-Idaho Sugar Co.
See American Sugar Refining Co.item, p. 1912, last week.
-V.99.,1055
Western States Gas & Electric Co. of California.
Notes Offered.-William P.Bonbright & Co.,.Inc., and H.M.
Co. are offering at 97% and mt., by adv. on
Byllesby &
-year 6% coupon notes, the present
another page, $588,500 3
issue of a total authorized $1,500,000. Dated Oct. 1 1914
and due Oct. 1 1917, but redeemable at option of company
upon 60 days' notice at 101 and int. on or before Oct. 1 1916
-In our advertising columns to-day,William P.Bonbright
& Co., Inc. of New York, Philadelphia, Boston and Detroit and London, are publishing a very striking chart displaying at a glance the public utility earnings during the
war months. The chart shows the steady upward trand,
from about $2,400,000 August 1914 to $2,700,000 October
1914, of the net earnings of 45 public utility companies reporting to that firm. The comparison with a year ago is
quite favorable. In 1913 the upward trend was from
$2,100,000 in August to slightly over $2,400,000 in October,
establishing the fact that the increase in the same months
this year has been proportionately the same. The firm's
list of offerings will be mailed on application
-The largest payers of January coupons, interest and
dividends in this city have advertised their lists in to-day's
and last week's issues of the "Chronicle.' In to-day's issue
are published the payments to be made by the Columbia
Trust, Farmers' Loan & Trust and the Seaboard National
Bank, and in our Dec. 26 issue the following were published:
Harris, Forbes & Co., A. B. Leach & Co., Stone & Webster
Co., Winslow,Lanier & Co., New York Trust Co.and others.
These January coupon advertisments cover several pages
of both issues and are a great convenience for bond and stock-
60
holders, banking institutions and other agents who collect
them.
Samuel Hessberg, a member of the New York Stock Exchange firm of J. S. Bache & Co., and for twenty-five years
Resident Manager of the Albany branch; severed his connection with the firm and retired from active service on
Jan. 1. Frederick C. Schier, Manager of the Troy branch
of J. S. Bache & Co. will assume the managership of the
'
Albany branch of that firm on Jan. 1, succeeding Mr.
Hessberg.
-After Jan. 1 Anderson & Powell of Cincinnati will be
in their new office (No. 15, ground floor corridor), Union
Central Life Insurance Bldg., continuing the business,
established in 1894, of buying and selling stocks, bonds and
investment securities. The bond department is under the
direction of George Koehler. The firm is a member of the
New York and Cincinnati stock exchanges.
-Bertron, Griscom & Co. of New York, Philadelphia and
Paris, France, are advertising in to-day's "Clironicle"mortgage bonds, short-term notes and preferred stocks issued by
public service companies of successful history and,established
credit. Inquiries invited. All the securities offered are
those of companies which Bertron, Griscom & Co. control
or directly supervise.
Investors should not fail to note the $6,900,000 City
-year 5% gold coupon bonds, due
of Montreal, Canada, 3
Dec. 1 1917, as jointly advertised in the "Chronicle" to-day
by Kountze Bros., A. B. Leach & Co. and E. H. Rollins &
Sons of this city. This new loan is redeemable as a whole at
any time on 60 days' notice at 100 and interest. Price upon
application at any one of the bankers mentioned.
Mr.William Marriott Canby,having withdrawn from the
firm of Mellor, Petry & Canby, has opened an office at
309 Land Title Bldg.,Philadelphia,for the purchase and sale
of bonds and other high-grade investment securities. Mr.
Canby was formerly connected with Bertron, Griscom & Co.
before becoming a member of the firm of Mellor, Petry &
Canby.
-J. S. Farlee & Co., established in 1882, members of the
New York Sock Exchange, are advertising elsewhere in
the "Chronicle" to-day securities for conservative investment.
The firm is.a specialist in old line bpnds and inactive securities
and give special attention to New England securities. Correspondence is invited from private investors and institutions
Write for list.
-Those seeking investment for their surplus Janua y
funds will,be interested in he selected list of equipment trust
bonds which are advertised by Curtis & Sanger of 49 Wall St.,
this city, Boston nd Chicago. The rate of income yields
4.80% to 5.15%. Circulara descriptive of each security
advertised will be mailed on application.
FOr the Jannary. requirements of private investors,
trustees and banking institutions, Harris, Forbes & Co. o
this city are featuring,a number of diversified investments
by advertisement on another page. The interest yield
ranges from 4.10% to 6.18%, and includes 37 high-grade
issues of municipal, railroad and public utility bonds. See
the advertisement for full particulars.
-The firm of H. K. Taylor & Co. of 75 Pearl St., Hartford, Conn., which has been in business for ten years, is in
process of liquidation. Business will be discontinued after
Jan. 1. The members of the firm, ,Harry K. Taylor or
James N. H. Campbell, make no announcement respecting
their future plans.
,
--:-William P. Bonbright & Co., Inc., 14 Wall St., and
H. M.Byllesby & Co., Trinity Bldg. this city, are offering
by advertisement on another page la8,500 Western States
/
Gas & Electric Co„ Cal. 3-yr. 6% coupon notes at Q73
and interest. Full descriplion appears in he advertisement.
-Geo. S. Starbuck and H.L.P. Van Sant, both formerly
with Coffin & Co., and Samuel B. Legg, formerly with
B. H. & F. W. Pelzer, have this day formed a co-partnership to deal in investment securities under the firm name of
Starbuck, Van Sant & Legg, with offices at 25 Broad St.
The First Trust & Savings Bank, Chicago, has issued a
circular describing a number of public utility and other
bonds which they have for sale. On another page also of
to-day's "Chronicle" will be found their, list of January
•
investments with approximate yield on each.
-Farson,Son & Co. announce that Mr.Harry B.Parrott,
who for the past eight years has been associated with them
at their Chicago office, has been appointed manager of their
bond department, to take effect immediately, and is located
at their New York office.
Redmond & Co., 33 Pine St., New York, are offering
a choice line of railroad bonds yielding from 4.65 to 5%.
They will be pleased to furnish prices and full particulars
regarding these offerings on request. See advertisement on
another page.
R.
- M. Grant &Co. of New York and Chicago are offering a choice list of municipal bonds for investment, yielding
from 4.35 to 5.30%. Circular upon request.
-The Security Bank Note Co., Philadelphia, is distributing as an advertisement copies of the 1915 pad for "Daily
Date Sign."
[VOL. 100.
THE CHRONICLE
Plc Trninnertial Times.
.•••••••••*"...µ....••••••••••
'COMMERCIAL EPITOME
Thursday Night, December 31 1914.
As usual at the close of the year, trade is inactive. Grain
exports, though large, have fallen off. somewhat. Most
industries are quiet, with merchants generally taking inventories. In some parts of the country the holiday trade
has exceeded expectations, but as a rule it has fallen below
that of normal years. Collections in most sections are
slow, especially at the South. An improvement in collections in the grain belt is merely an exception which proves
the rule. Though the iron and steel trade has improved
somewhat, manufacturers acknowledge that sales are far
from satisfactory. Copper has declined. The coal trade
is less active than usual at this time of the year. The
number of failures in different branches of trade is,still large.
The stock market has been dull and at times depressed.
The demand for money is small, even at reduced rates.
Trade at the South still shows the numbing effect of low
prices of cotton. One great drawback id the export trade
in all commodities is the continued scarcity and dearness
of ocean freight room, a fact which led the United States
Senate to call for a report on the matter from the Treasury
Department and the Department of Commerce. Wheat
has advanced on a continued large export demand. Germany and Austria have been buying American cotton.
Cotton exports have recently increased. The wool trade
is active,' partly owing to large army contracts for cloth
given to American manufacturers by the British and French
Governments. The Allies are buying large quantities of
army duck here and a better foreign business in other lines
of cotton goods has taken place. Larger sales of steel have
been made at some advance in prices. The feeling is not
unhopeful in this country. The year 1915 is expected to
bring better things, among others very probably peace in
Europe.
LARD in fair demand;prime Western 10.90c., refined for
the Continent 11.30c. South America 11.65c., Brazil 12.65c.
Lard futures advanced in sympathy with higher prices .of
hogs and also on buying by outside interests. On the advance, packers have been sellers., To-day prices advanced.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Fri.
Tues.
Mon.
Sat.
10.42
Ron10.40
10.35
10.50
January delivery_ _cts_10.42
day.
10.72
10.60
10.57
10.65
10.67
May delivery
PORK continues steady; mess $19 50©$20, clear $21 50
©$24, family $24 50(026. Beef, mess $21 ©$23,' packet
$23©$24, family $24©$26, extra India mess $36 ©$38.
Cut meats steady; pickled hams, 10 to 20 lbs. 12013Mc.;
pickled bellies, 6 to 12 lbs., 14®143'c. Butter, creamery
extras 36c. Cheese, State whole milk, held specials, 153
%
©160. Eggs, fresh-gathered extras, 40 ©41c.
in moderate demand; No. 7 Hip 73-i
COFFEE has been,
@Wsu. No. 4 Santos 99.©103/sc., fair to good Cucuta
103.@113 c. Coffee futures at one time were stronger, but
%
latterly have shown the effects of liquidation. Brazilian
markets, too, have been more or less depressed. The rate
of exchange and the milreis price have declined simultaneously, something on which no slight stress has been laid.
To-day prices were slightly. higher.
Closing prices were as follows:
7.38
7.15 October
5.94 I April6.221 July
January
7.24 November--7.44
6.32 August
February_ _ _ _6.03 May
6.22 September _..7.32
6.12IJune
March
SUGAR'quiet and steady. Receipts at Atlantic ports for
the Week were 14,836 tons, against 18,029 last week and
12,877 last year. "The stocks there were,159,652 tons,against
164,816 last week and 79,633 last year. Centrifugal, 96degrees test, 4.01c.; molasses, 89-degrees test,3.36o. Refined remains quiet and unchanged at 4.95c. for granulated.
Trading in sugar futures has been on a small scale at lower
prices. The news from Cuba has been bullish. The
weather there has been unfavorable for grinding of the crop.
Of late May has sold at 3.03 to 3.06e. and Sept. at 3.28c.
OILS.-Linsee,d steady. The flax-seed market at Duluth
has latterly been stronger. City, raw American seed, 50c.,
boiled, 51c. Calcutta . 70c. Cocoanut steady; ,Cochin
14 M ©15c.; Ceylon 10% ©11e. Olive 98@$1 05c. Castor
4
8Y ©8Mc. Palm 8©8Mc. for Lagos. Cod, domestic
steady at 33 ©35c. Cottonseed oil higher at 6c. for winter
and 5.90e. for summer white. Corn remains steady at
5.70@5.75c. Spirits of turpentine 45c. Common to good
strained rosin $3 60.
. PETROLEUM quiet and Steady; refined in barrels 8@
9c.- bulk 4.50@5.50c.; cases 10.50©11.50c. Naphtha,
'
73 to 76 degrees, in 100-gallon drums, 23Mc.• drums $8 50
extra. Gasoline, 89-degrees, 26c.; 74 to 76:degrees, 25c.;
67 to 70-degrees1 22c. Crude prices continue unchanged.
Reports from Pittsburgh state that nothing new has occurred
in field work during the week.
Pennsylvania dark $1 45
1 45
Second sand
I 46
Tiona
1 05
Cabell
1 02
Mercer black
1 02
New Castle
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
85c.
$1 15
930.
88c.
88c.
89c.
Somerset,32 deg-- 85c.
Ragland
65e.
Illinois. above 30
degrees
Kansas and Okla- 89c.
homa
55c.
TOBACCO has remained quiet as usual at about this time
of the year. Prices, however, have been generally steady.
The local trade, too, look for better times in 1915. Good
binder is not in liberal supply; far from it. Manufacturers
JAN. 21915.]
THE CHRONICLE
are supposed to have pretty well exhausted their stock of
this sort. The sales of Sumatra and Cuban tobacco have
also been small.
COPPER has been quiet and more or less depressed. Lake
133.o., electrolytic 12.65c. European suppliesare said to be
rather large. Yet London quotations have at times advanced, though trade there is not described as brisk. Tin
has been dull at 32%c. here on the spot. London prices,
however, have latterly been steadier. Lead here 3.80c.,
spelter 5.573c. Iron and steel, as usual at this time of the
year, have on the whole been rather quiet. Railroads, however, are placing some rail contracts in the East. Larger
sales too, are reported of wire sheets and tin plates in the
interior. Track supplies are also taken somewhat more
freely. The New York Central RR. Co. is said to be making
inquiries for 44,500 tons of rails for 1915 delivery, in addition to orders recently placed by the same company for 27,000 tons. Railroads have latterly been buying rails, track
supplies, bars, sheets and plates, it is stated, to a larger extent than at any time during the last six months. So that,in
spite of the fact that the mills are operating at a low point,
there is a somewhat more cheerful feeling. No. 2 Eastern
pig iron $13 50@$13 75, No. 2 Southern $9 50@$9 76,
Birmingham. A number of manufacturers of bars, structural shapes and plates have advanced prices from 1.05c.,
Pittsburgh,on early deliveries to 1.10c. Tin plate works are
said to be running at nearly 70% of their capacity.
COTTON
Thursday Night, Dec. 31 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
350,036 bales, against 372,113 bales for six days last week
and 428,369 bales the previous week, making the total
receipts since Aug. 1 1914 4,542,335 bales, against 7,131,215
bales for the same period of 1913, showing a decrease since
Aug. 1 1914 of 2,588,880 bales.
61
Week ending Dee. 31 1914.
From Aug. 1 1914 to Dee. 311914.
Exported to
Exported to
Great
ContiGreat
ContiBri.tain.I France. nent. Total. Britain. France. nent.
Total.
Galveston__ 17,892
36,427j 54,319 545,474 101,468 518,63 1,165,574
Texas City.
124,705
16,756 141,461
Pt. Arthur.
_
2,454
4
2,854
A r. Pass,dre
447
447
NewOrleans 12,841
17,2671 30,108 208,565 14,094 136,613 359,272
Mobile ____
9,895
301 10,196
Pensacola__
4.871
9,116
9,116
Savannah__
21.656 22,096 04,080 14,335 203,30 311,523
Brunswick.
34,884
34,884
Charleston _
3,500 3,500 20,09
29,81 49.904
Wilmington 6,f3
6,80C 6,800
27,121 33,921
Norfolk__ -- 4,15
4,150 11,151
9,302 20,453
New York_ 1,955
10.867 12,822 39,100
Boston ___. 2,028
125 2,153 19,427 5,187 111,876 156,163
1,551 20,978
Baltimore__
300
600 900 6,049
700 6,749
Philadr1 a_ _
600
600 24,537
1,711 26,248
San Fi an_ _
3;666 3,099
49,15 49,158
Pt.Towns d
4,182 4,182
68,804 68,804
Exports
from
-
Total____ 51,437
Total
1t13. 143,77
8,796
98,163 149,600 1,156,327 134,884 1,176,494 2,467,705
91,544 244,110 2,008,857 768,4342,607,538 5,384,829
Note.
-New York exports since Aug. 1 include
West Indian to Liverpool, 50 bales Egyptian to 2,986 bales Peruvian and 25 bales
Mexico.
In addition to above exports, our telegrams to-night,
give us the following amounts of cotton on shipboard,also
cleared, at the ports named. We add similar figures not
for
New York.
On Shipboard. Not Cleared for
Great I
Ger- I Other CoastLeaving
Dec.31at- Britain.1France. many. Foreign
wise. I Total.
Stock.
New Orleans.. 26,074 16,923 2,930 35,822
1171.81,866 272,889
Galveston ____ 52,873 25.293
70,818 2.200151.184 307.505
Savannah
14.000
22,000 2.000. 38.000 269,583
Charleston
8,000
1.000
I 9,000 129,868
Mobile
9.240
338
I 9,578 42,427
Norfolk
10,000 19,950 29,950
31.259
New York__ __
200
3,000
3.200
79,905
Other ports___ 25,000
18.000
43,000 105,281
Total 914-- 135,387 42,216 3,268
Total 1913__ 64,808 9,598 71,204 160,640 24,267365,778 1,238,717
34.169
Total 1912.. 63,534 29.140 56.097 36,483 32.574212.353 853.118
43.305 228,559 847,260
Speculation in cotton for future delivery has been somewhat more active at rising prices. Europe, Germany included, has been a good buyer. In fact, the German buy
Galveston
20,375 13,255 23,702 45.208 16,795 9,627 128,962
Texas City
28,859
28,859 ing was something on which a good deal of stress has been
Port Arthur...... 1,501
80
1,581 laid. Three or four steamers have been chartered to load
Aran. Pass, &c__
150
329
479
New Orleans__._ 10,012
439 13.576 18,538 8,128 9.711 60,404 cotton at New York, Wilmington, Charleston and Galveston
Mobile
226
953
832
763 1.064
684 4,522 for Bremen. At Bremen prices have been quoted at 20
Pensacola
4.871
4,871 cents, so that shipments of cotton
Jacksonville, &c_
bought at around 7%
247
247
Savannah
9.868 9158 29,406 7.185 8,335 64,552 cents at the South seem to promise a good profit, even allowBrunswick
5.000
2,000 7,000
Charleston
1.618 5.403 2,007 1,391 4,368 14,787 ing for the fact that shippers have to pay $3 per hundred
Wilmington
2,250
913 3,474 1.084
557
573 8,851 pounds freight with other expenses before they can land the
Norfolk
6,371
3,172 2,860
754 1,348 14,505 cotton at Bremen. Also, it appears that
N'port News,&c. 5.500
in some Southern
1,200 6,700
New York
145
145 ports so keen is the demand for shipping that demurrage
Boston
425
25
3
208
661 is charged at $1,200 a day, something which hastens buying
Baltimore
2,798 2,798 without too
Philadelphia
much regard to the price. Recently the
61
51
112
exports have fallen off somewhat, though this is
Totals this week- 56,681 27.046 59.942 128.869
36.133 41.365 350.036 believed
to be only temporary. Close students of
the statistical situation think that exports will in the near
The following shows the week's total receipts, the
total
since Aug. 1 1914 and the stocks to-night,
compared with future increase materially. It is believed in some quarters
last year:
that the representations which President Wilson has made
to Sir Edward Grey, Secretary for Foreign Affairs yi the
British Cabinet, objecting to undue exercise of the right of
1914.
1913.
Stock.
Receipts to
search in the matter of American vessels carrying non-conDecember 31.
This Since Aug This Since Aug
traband articles, may clear the way for a larger export trade.
Week. 1 1914. Week. 1 1913,
1914.
1913.
At the same time, an appeal has been made to shippers not
Galveston
128,962 1,946,586 94.138 2.322,483 458,689 248,314 to mix
contraband-like copper, for instance-with cotton.
Texas City
28.859 200,824 18.024 291,169
57,640
13.016 In some recent eases,
Port Arthur
1,581
4.435 4,045
it is understood that copper has been
24,431
Aransas Pass,&c_
479
14,760
____ 129,736
8.000
2.279 found concealed in cotton cargoes. Ocean freights continue
New Orleans____ 60,404 687,987 76,273 1,039,296 354,755 291,502
scarce and high, and Secretary of the Treasur
Mobile
4,522
88,579 19,819 308.556
52,005
60,074
y
Pensacola
4,871
McAdoo and Secretary of Commerce Redfield
8,937
111.553
Jacksonville, &c..
have laid
247
23,611 2,037
25.671
1.147
2,500 before the Senate a prelimin
Savannah
64,552 830,329 34,611 1,412,582 307,583 161,478
ary report on the advance
Brunswick
7.000
67,308 15.000 241.142
20.000
11,798 m ocean freight rates since July 1. The report which conCharleston
14.787 220,511 2,605 383,639 138,868
72.404 demns the rise in rates in some cases
Wilmington
8,851 102.493 5.073 330.378
as exorbitant was made
44.244
24,138
Norfolk
14.505 223,874 22,065 378.048
61.209
67.753 in compliance with the resolution passed by the Senate calling
N'port News,&c_ 6,700
72,838 4,859
47,619
for this information. As for the exports thus
New York
145
2,441
925
3,283
83.105 94.721 from
Boston
the United States, despite some recent far this season
661
10,237 1,511
10,234
8.200
4,804
increase, they
Baltimore
2.798
34,955 2,914
70,656
4,345
8,815 are still approximately 2,900,000 bales behind those
Philadelphia
112
1,630
---of last
739
4,525
1,875 season up to this time.
But bulls maintain that this big gap
Totals
350.036 4.542.335 303.899 7,131,215 1.604.495 1.065.471 will be partly
closed up in the early part of 1915. Liverpool
In order that comparison may be made with other years, has been a buyer of October and German houses have bought
May.. Wall Street houses have been buying July and Ocwe give below the totals at leading ports for six seasons:
tober in some cases for long account and in others to cover.
The West is paying more attentio to cotton than it
Receipts at
-I 1914.
1913. 1 1912.
1911.
1910.
1909.
recently, as wheat is high and an sudden declaration did
of
Galveston -__ 128,962
94,138 111.954 123,634
75,819
80,100 peace it is believed would cause it to decline sharply.
TexasCity.&c
30,919
22,069
44,697
28,059
38,036
1,486 On the other hand, cotton is five cents cheaper than
New Orleans_
60,404
76,2731 43,115
59,888
70,481
38,070 a year
Mobile
4,522
19,819,
2,074
13,700
ago and is considered about two cents be6.337
7,115
Savannah
64,552
34,6111 17.488
51,316
31.528
23,332 low
the cost of production. In such circumstances
Brunswick
7,000
15,000
6,000
20.900
19,209
580 not a few Chicago
Charleston,&c
14,787
2,605
1.974
5.764
and St. Louis operators in grain have been
3,798
j,7
Wilmington
8,851
5,073
8.377
9,950
6,168
4,386 buyers of cotton. They are generally taking May or October.
Norfolk
14,505
22,065
13,926
22,821
13.604
8,615 The differences on the new contract
N'port N.,&c.
6,700
4,859
4,824
1.599
s have been arranged with
587
241
Ail others_
8,834
7,387
7.919
17,304
9,536
2.185 increased premiums on the higher grades and.
reduced disTotal this wk. 350,036 303,899 262,348 354,935
counts on the lower grades. Some put a bullish construc275,103 167.377
tion on this action. They argue that the buyer will know
at.... Amr 1 4 A42.335 7.131_218 7.289_704 7 RR9 Arm A adn oral n
.2.211 On just
what he is going to get, and in.any ease it will be good
The exports for the week ending this evening reach a total cotton, while the seller may not find it a very easy matter to
of 149,600 bales, of which 51,437 were to Great Britain, fill his contract. It is argued that the new contract makes
New York peculiarly a buyer's market; that is, that it favors
to France and 98,163 to the rest of the Continen
Exports for the week and since Aug.3 1 1914 are t. the buyer rather than the seller. Though the crop is large,
as the amount of country damage,it is expected, will
follows:
be
ally great,owing to bad weather in the last few monthsunusuas well
Receipts at-
Fri.
Sat.
Mon.
Tues.
Wed.
Thurs. Total.
of
as the extreme lowness of the price, and the indifference
farmers under the circumstances. Many of them,it is said,are
not picking the cotton,on the ground thatit does not pay to do
so. On Tuesday there were heavy rains in Alabama, Louisiana and Mississippi, as well as rather heavy precipitations
in Tennessee, Arkansas and Georgia. Also, it may be
added, that London adviees state that the condition of the
British manufacturing industry is improving. On the
other hand, the spot sales at Liverpool have averaged only
about 5,000 to 6,000 a day. And on the rise in prices
the South, at times, has shown rather more disposition to
sell. December export commitments having been filled,
the question arises, moreover, just how spot markets are
going to act in January. Southern stocks are very large.
Galveston is a striking case in point. The receipts have
been enormous. New Orleans at times has shown a disposition to sell. So has Liverpool. To-day prices advanced
slightly. Offerings were light. The South sold a little,
but Europe was a buyer to a moderate extent. Southern
spot markets were generally steady and New Orleans advanced 1-160. Here on the spot middling upland closed at
7.80c., showing an advance for the week of 15 points.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
H.
7.80
7.80
7.80
II
7.80
Dec. 26 to Jan. 1.
Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
1914_c
1913
1912
1911
1910
1909
1908
1907
[VOL. 100.
THE CHRONICLE
62
7.80
12.60
13.20
9.25
15.00
16.10
9.20
11.70
1906-c
1905
1904
1903
1902
1901
1900
1899
10.65
11.90
6.95
13.50
8.90
8.44
10.00
7.69
1898_c
1897
1896
1895
1894
1893
1892
1891
5.88
5.94
7.19
8.38
5.75
7.81
9.88
7.81
9.31
10.25
9.75
10.56
9.50
9.19
11.06
-10.44
1890-c
1888
1887
1886
1885
1884
1883
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
1
HOLIDAY.
Saturday--Monday __- Quiet 15 pts adv_ _ _ _!Steady
iSteady
Quiet
Tuesday
Steady
Wednesday_ Quiet
'Steady
Quiet
Thursday
HOLIDAY.
Friday
1
Total
SALES.
Spot. Contr'ct Total.
3,000
3.000
200
2,700
2,900
200
5,700
5.900
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Ilrid'day. Thursd'y, Friday,
Dec. 26. Dec. 28. Dec. 29. Dec. 30. Dec. 31. Jan. 1.
NewContract
January
Range _--Closing _ _ _ _
March
Range ____
closing_.._
May
Range ___
Closing...
JutyClosing.... HOLTDAY
OctoberRange ----ClosingOld Contract
December
Range ---Closing....
January
Range ____
Week.
7.55-.69- - 7.37-.67 7.70 7.64-.65 7.62-.64 7.6E...66 7.67 .69
7.37 .70
---
7.77-.89 7.75-.88 7.78-.82 7.78 .85
7.82-.83 7.81-.82 7.79-.80 7.80-.81
7.89-.06 7.93-.07 7.95-.02 7.93-.03
8.01-.02 8.01 - 7.95-.96 7.98-.99
7.75-.89
--7.89-.07
- -
8.09-.26
8.09-.24 8.12-.26 8.15-.21 8.13-.21
8.20 - 8.20-.21 8.15-.16 8.15-.16
8.32,47 8.36-.48 8.36-.43 8.36-43 HOLI- 8.32-48
8.43-.44 8.41-.42 8.38-.39 8.39-.40 DAY. ---
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns,and consequently
all foreign figures are brought down to Wednesday evening.
But to make the total the complete figures for to-night
(Thursday), we add the item fo exports from the United
States, including in it the exports of Thursday only.
December 31Stock at Liverpool
Stock at London
Stock at Manchester
1912.
1913.
952,000 1.493,000
6,000
5,000
66,000
94.000
1911.
858.000
2.000
68,000
911,000 1.051,000 1,505,000
9,000
15,000
*8,000
189,000 493.000 550,000
*79,000 452.000 419,000
2.000
2,000
2,000
22,000
22.000
18,000
43.000
24,000
113,000
14,000
*2,000
928,000
8,000
331.000
224,000
2,000
16,000
35.000
2,000
411,000 1,022.000 1.045,000
618,000
1914.
bales. 830,000
25,000
56,000
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
1,322,000 2,073,000 2,550,000 1.546,000
Total European stocks
34,000
66,000
137,000 106,000
India cotton afloat for Europe
794.816 725,164 823,814 978,880
Amer. cotton afloat for Europe
63,000
71,000
Europe. 61,000 110,000
Egypt,Brazil,&c.,afit.for
*220,000 377,000 327,000 250.000
Stock in Alexandria, Egypt
385.000 614,000 478,000 279,000
Stock in Bombay. India
1,604,495 1,065,471 1,178,796 1.500,173
Stock in U. S. ports
Stock in U. S.Interior towns_ _ 1,344,990 1.005,910 873,938 965,226
79,828
43.353
59,379
34.484
U.S.exports to-day
5,903,785 6.135,924 6,411,901 5.696,107
visible supply
Total
ns are as follows:
Of the above, totals of American and other descriptio
American
742,000 1,241,000 745.000
bales- 559,000
Liverpool stock
50,000
39,000
60,000
32.000
Manchester stock
•320,000 975,000 1,016,000 591.001)
Continental stock
823.814 978.880
794,000 725,164
American afloat for Europe
1.604,495 1,065,471 1,178,796 1,500,173
17. S. port stocks
1,344,990 1,005.910 873,938 965.226
U.S.interior stocks
79,288
43,353
59,379
34,484
U.S.exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
4,694,785 4,632,924 5,215,901 4,910,107
271,000 210,000 192,000 113,000
2.000
6.000
5.000
25,000
18.000
27.000
34,000
24,000
27.000
29,000
47,000
*86.000
34.000
66.000
137,000 106,000
63,000
71,000
61.000 110,000
*220,000 377,000 327,000 250.000
385,000 614,000 478,000 279.000
1,209,000 1,503.000 1,196,000 786.000
Total East India, &c
4,694.785 4,632,924 5,215,901 4.910,107
Total American
5,903.785 6,135.924 6,411,901 5,696,107
Total visible supply
5.22d.
7.19d.
7.05d.
4.588.
Middling Upland,Liverpool
9.25c.
13.30c.
12.50c.
7.80c.
York._
Middling Upland. New
954d.
7.00d. 10.40d. 10.65d.
Egypt, Good Brown. Liverpool
9.05d.
9.00d. 10.25d.
Rough Good. Liverpool 8.75d.
Peruvian,
6%ci. 6 11-16d. 5 5-16d.
4.25d.
Broach.Fine, Liverpool
534d.
61',d.
4.12d. 6 11-16d.
Tinnevelly, Good, Liverpool_ __ -
Continental imports for past week have been 120,000bales.
The above figures for 1914 show an increase over last week
of 203,495 bales, a loss of 232,139 bales from 1913, a decline
of 508,116 bales from 1912 and a gain of 207,678 bales over
1911.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous yeas-is set out in
detail below.
Moveement to December 31 1914. Movement to January 2 1914.
Ship- Sod..
Receipts.
Ship- Stocks
Receipts.
meats. Jan.
meats. Dec.
2.
Week. I Season. Week.
Week. Season. Week. 31.
7.30-49
7.35-.49 7.36-.45 7.30-.36 7.30 8 5,227
1.-- 20,788
--- Ala.,Eufaula _• 1,200 20,09'
87 12,
7.38-e.40 7.33-.35--7.42-.43
140,912 1,386 37,735
Montgomery* 4,$ $ $ 150,801 2,182 91,000 1,386 115,505 1,564 20.262
7.25-.40
7.40 - 7.31 - 7.30-.35 7.25 1,859 101,254 1,431 53,745 1,525 49,385 1,958 19.839
-- Selma
7.25 500 24,5 $ $ 1,470
46,824
1,011
7.40- 7.38- 7.31-.33
Ark., Helena*
5,112 56,889
5.46. 116,849 4,602 54,531 6,422 135,016
little Rock
59 4,510
March
77 27,930
--60' 19,886
29,635
1,011
55$ 29,770
Range
- Ga.,Albany._ _ 2,74. 80,413 3,551 31,818 2,040 92,524
7.63- 7.61- 7.59- 7.59 Athens
Closing__-_
183,018 7,658 20,446
6,102 118,487 4,184 21,8159 5.944
Atlanta
4,239 94,155
May
11,342 312,621 15,115 160,15: 6,9671 300,287 1,311 23,163
Range
55,401 4,060 55,047
--- Augusta
7.8.5 - 7.85 - 7.80 - 7.80 Columbus-- 3,385 75,675 2,350 22,566
896 4.544
Cloging_ _ _ _
42.407
583
866
32,047
371
7,603
Macon
26
198 51.545
1,14. 48,031 1,31 11,075 5,500 144.659 4,17 40,034
high- Rome
79,278
-The
2,383
Shreveport 3,191 109,52
NEW ORLEANS CONTRACT MARKET.
521 6,200
300 32,899
22,361 1,159 11,881
200
s in La.,
mbus
Mlas.,Colu
1,333 29,043
est, lowest and closing quotations for leading contract
1,800 63,893 1,23$ 35,11$ 3,219 65,4
been Greenville'..- 4,106 101,679 2.331 47,299 3,000 98,373 4,000 35,000
Greenwood...
the New Orleans cotton market for the past week have
9,114
23,777 2,012 18,5'' 1,013 23.134 1,763 5,500
2,211
Meridian*
500
500 16,178
as follows:
____ 12,531
344 16,785
Natchez*
25,958 1,43' 12,942
100 20,114 1,472
1,20.5 28,911
Vicksburg..
61. 15,873
800 31,056
1,100 35,268 1,65 24.000
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Yazoo City*
32,886 24,184 290,143 21,54: 29,329
Dec. 26. Dec. 28. Dec. 29. Dec.30. Dec. 31. Jan. 1.
405
Mo.,St. Louis 19,312 267,581 19,677
.1
30 11,009
265
325
4,130
301
N.C.,Raleigh*
6,936 16,009 110,162 14,66. 20,793
0. Cincinnati_ 13,116 107,709 10,916 3,085
New Contract.
50. 8,000
32,031
250
70:
14,220
704
Okla.,Hugo_ - _
January567
11,212
7
582 11,800
13,691
7.23 ----- -7.25-.27-- - 5
Ra e
3.C., Gr'nw d*
30,214 755,404 28,604261,683
7.27 - 7.27 - 7.26 - 7.28 -690
Term.,Memphis 22,367 622,197 27,441 267,838
CI
7,313 --III 1,742
--2,639
467
Nashville __
March3$ $ 1,700
200 21,862
500 2,90
12.131
7.54-.63 7.54-.63 7.52-.57 7.50-57
30 $
Range
Tex.,Brenham•
34. 7,419
325 43,420
7.58-.59 7.57-.58 7.53-.54 7.55-.56
812 28,779 1,003 5,473 3.336 66.648 4,80. 9,659
Clarksvlile
Closing
79,549 3,600 7,545
4,111
Dallas*
May
: 0 4,036
850 32,289
7.71-.83 7.69-.84 7.72-.78 7.70-.77
510 20,631 1,109 3,866 66,1582,027,889 60,592 181,380
Range
Honey Grove_
7.78-.79 7.77-.78 7.71-.75 7.75-.76
114,187 1,800,908 101,424 184,704 2,100 84,957 2.153 7,400
Closing
Houston
5,959 8,809
7,934 72,426
Paris
Jukite e
7.96-.07 7.94-.03 7.95-.01 7.95-.01
1190,253 5,147,019173,8191005910
8.01-.02 8.01-.02 7.97-.98 7.98-.99
Yetal SS fawns238.5504.583.016 221.781134499
&Le
October
8.17-.33 8.23-.29 8.23-.28 8.20-.26
*This year a igures estimated.
Range
8.28-.29 8.27-.29 8.23-.24 8.24-.25 HOLIstocks have inClosing
The above totals show that the interior to-night 339,080
Old Contract. HOLIDAY.
DAY.
the week 16,778 bales and are
creasedduring
Decemberreceipts at
ng
Rae
bales more than at the same time last year. Thesame week
7.05- 7.05- 6.90 ---- - Closing.
been 48,306 bales more than the
all towns have
January
7.15-.23 7.17-.28 7.22-.26- Range
last year.
7.17-.18 7.27-.28 7.26 - 7.26 Closing
WEEK AND
March
OVERLAND MOVEMENT FOR THE t showing the
7.56 - 7.50
Range
-We give below a statemen 1, as made
7.57 - 7.56 - 7.52 - 7.54 SINCE AUG. 1.
Closing
overland movement for the week and since Aug. The results
Way-Range
7.67 - 7.64 - 7.67 up from telegraphic reports Thursday night. years areas
7.68 w Closing
last two
for the week and since Aug. 1 in the
Tone
Steady. Steady. Steady. Steady.
Spot
Steady. Steady.
follows:
Steady. Firm.
IN Ilv.hinn a
Towns.
-----1914
December 31ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia paints
Via other routes, &c
63
THE CHRONICLE
JAN. 21915.1
Week.
19.677
9,707
125
7,601
2,284
5,143
12,017
56,554
Total grossoverland
Deduct shipments
3,716
Overland to N. Y., Boston, &c
7,044
Between interior towns
5,859
Inland, &c., from South
-----1913
Since
Aug. 1.
251,820
139,001
2,040
66,806
36,645
67,997
174,322
Week.
21,548
14,826
183
3,423
10.128
4,603
18,649
Since
Aug. 1.
273,059
210,283
3.450
63,165
65,146
103,216
228,537
738,631
73,360
946,856
49,263
76,760
63,752
5,350
5,294
3,327
84.912
50,820
54,806
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1914.
Week.
Season.
1913.
Week.
Season.
6 028,185
5,700.290
Visible supply Dec. 24
2,581,551
13.971 190.538 Visible supply Aug. 1
3,176,816
16.619 189,775
Total to be deducted
American in sight to Dec. 3L__ 466,749 7,596.042 439.722 10,075,975
916.000
95,000
59.389 756,318 Bombayreceipts to Dec. 31--- 550.000
235,000
39,935 548,856
Leaving total net overland *
146,000
9,000
118,000
53,000
Other India ship'ts to Dec. 31....
791.600
34,000
312.000
550,000
Alexandriareceipts to Dec. 30..
•Including movement by rail to Canada.
143.000
5.000
52.000
1,000
Othersupply to Dec. 30 *
The foregoing shows the week's net overland movement
6,281,039 11,489,8586,810.907 14.654,126
Total supply
has been 39,935 bales, against 59,389 bales for the week last
Deduct
year, and that for the season to date the aggregate net over- Visible supply Dec. 31
5.903,785 5.903,7856.135,924 6.135,921
land exhibits a decrease from a year ago of 207,462 bales.
377,254 5,586.073 474,983 8.518,202
Total takings to Dec. 31_a_ _ _ _
913
1914
282,254 4,581,073 362,983 6.776,602
Of which American
Since
Since
In Sight and Spinner?
95,000 1,005.000 112.000 1,741,600
Of which other
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
350,036 4,542,335 303,899 7,131.215
Receipts at ports to Dec. 31
59,389
756.318
548,856
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
39,935
Net overland to Dec. 31
a This total embraces the total estimated consumption by Southern mills.
Southern consumption to Dec.31_ 60.000 1,280,000 60,000 1,326.000
1,280,000 bales in 1914 and 1,326,000 bales in 1913-takings not being
449,971 6,371,191 423.288 9.213.533 available-and aggregate amounts taken by Northern and foreign spinners,
Total marketed
16.434
862,442 4,306.073 bales in 1914 and 7.192.202 bales in 1913, of which 3,301,073
16.778 1,224,851
Interior stocks in excess
bales and 5,450,602 bales American.
439.722
Came into sight during week_ _466,749
7.596,042
10,075.975
Total in sight Dec. 31
-Commissions on
EXCHANGE.
NEW YORK COTTON
-At a meeting on Monday of the members
Foreign Business.
of the New York Cotton Exchange, the recommendation of
QUOTATIONS FOR MIDDLING COTTON AT OTHER the Board of Managers that the by-laws be amended by
-Below are the closing quotations of middling increasing the rate of commission on foriegn business from
MARKETS.
cotton at Southern and other principal cotton markets for $10 and $20 to $12 50 and $25 was approved. The matter
each day of the week.
was put to a formal vote by ballot on Wednesday and
adopted by a very decisive vote.
Closing Quotations for Middling Cotton on
The tentative draft of by-laws for the proposed Clearing
Week ending
Association that has been prepared by a special committee
December 31. Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
was also considered at Monday's meeting. After a full dis7H
7%
7%
Galveston
cussion of the details of the plan, a vote was taken which
7H
7 7-16
7
7rt
7%
New Orleans_ _ _
7
showed that a majority of those present were in favor of
7
Mobile
73
734
7
74
734
Savannah
the adoption of the clearing system, the vote being 28 to 2.
7
734
7g
7%
Charleston _ __
HOLI7
734
7H
It was decided to canvass the members of the Exchange who
Wilmington _ _ _ _ HOLI- 73'
DAY.
7
7%
Norfolk
DAY. 7
were not represented at the meeting.
7
734
Baltimore
7
8.05
8.05
8.05
8. 5
Philadelphia _ _
-Consul
Augusta
FINANCING EGYPT'S COTTON CROP.
7
74
7
7
Memphis
73‘
7H,
Arthur Garrels, writing under date of Alexandria, Nov. 5,
St. Louis
7
t1-16
'
7 11-16 7 11-16 7 1-116
Houston
says:
734
7
734
734
Little Rock_ _ _ _
Nor, spinners' takings to Dec. 31_ 73,215
1.271.008
90,095
1,587,615
it will
The Ministry of Prance has announced the terms under which
of
purchase, from the proceeds of the £5,000.000 ($24,332,500) issue
WEATHER REPORTS BY TELEGRAPH.-Advices to Egyptian treasury bonds recently guaranteed by the British Government,
small cultivators. Lots of not more than 100 canters
us by telegraph this evening from the South indicate that in cotton tendered by paid for by Government agents at specified places, at
will be bought and
seed:
the following prices per cantar (99.05 lbs.) for fully good fair cotton in 98;
the Southwest precipitation has been light as a rule, and else- Affifi, $10 98; Sakellaridis and Joannovitch, $13 22; Ashmouni. $7
fair will be taken at a reduction
where the rainfall has been moderate. The movement of Fayouni, $7 49. Cotton below fully goodpart of the Egyptian cotton crop
proportionate to the grade. The largest
the crop continues quite free.
Is produced by small cultivators. In 1911 the 5,450.608 feddans (feddan
equals 1.03 acres) under cultivation were owned by 1,441,250 proprietors;
Galveston, Tex.
-Rain has fallen on one day during the
proprietors posse•sed an average of a little more than one acre.
week, the rainfall being forty-six hundredths of an inch. 1,296,561
The thermometer has ranged from 40 to 62, averaging 51.
DOMESTIC EXPORTS OF COTTON MANUFAC-There has been light rain on one day the TURES.
Abilene, Tex.
-We give below a statement showing the exports of
past week, the rainfall being six hundredths of an inch.
domestic cotton manufactures for October and for the ten
Lowest thermometer 24.
-There has been rain on two days of the week, months ended Oct. 31 1914,and,for purposes of comparison,
Dallas, Tex.
to the extent of seventy-seven hundredths of an inch. Mini- like figures for the corresponding periods of the previous
year are also presented:
mum thermometer 26.
-There has been rain on two days the
Palestine, Tex.
past week, the rainfall reaching eighty-five hundredths of
Month end. Oct. 31. 10 Mos. ending Oct. 31.
Manufactures of
Cotton Exported.
an inch. Lowest thermometer 30.
1913.
1914.
1914. I 1913.
on two days during
-Rain has fallen
San Antonio, Tex.
yards 28,161,913 44,247,751 277,263,639 393.649,754
the week, the precipitation reaching thirty hundredths of an Piece goods
Piece goods
value $2,195,057 $3,042,043 $19,784,140 $27.101,257
inch. Minimum thermometer has averaged 34.
878,431
171,674 2,806,050 2,212,608
Clothing,.ke., knit goods_
value
-We have had rain on two days of the week, Clothing, &c., all other
value
535,214
Taylor, Tex.
668,439 6,906,572 7,198.170
value
316,003
558,796 3.405.377 4,504,255
hundredths of an inch. Waste cotton, d‘c
the precipitation reaching thirty-eight
5
699.88
650,988
value
81,858
54.002
Yarn
Lowest thermometer 32.
720,392
value
484.868 5,263,836 4,997,393
All other
-It has rained on two days of the week,
New Orleans, La.
value 84,727,555 $4,979,822 $38,816,662 $46,613,568
the rainfall being one inch and ninety-five hundredths. The Total manufactures of
thermometer has averaged 51.
-Grade DifferNEW YORK COTTON EXCHANGE.
-Rain has fallen on two days during the
Vicksburg, Miss.
-The following differences
week, the rainfall being one inch and sixty-eight hundredths. ences upon Government Standards.
The thermometer has ranged from 25 to 62, averaging 41.
between grades established by the Revision Committee
-It has rained on three days of the week, Dec. 24 were based upon the set of Government Standards
Mobile, Ala.
inches and forty-seven hundredths.
the rainfall reaching
No. 452, and apply to January "New Style" contracts.
best
The thermometer h averaged 50, the highest being 76
Cent.
Grade37.
GradeCent.
and the lowest
.92 off
Middling fair
1.05 on Low Middling
-We have had rain on three days of the past Strict Good Middling
. Selma, Ala.
1.64 "
.76 " Strict Good Ordinary
2.22 "
.63 " Good Ordinary
week, the rainfall being one inch and thirty-five hundredths. Fully Good Middling
Strict Good Middling Tinged .42 on
.50
The thermometer has averaged 44.5, the highest being 67 Good Middling
17 "
.39 " Good Middling Tinged
Barely Good Middling
05 off
and the lowest 30.
.28 " Strict Middling Tinged
Strict Middling
32 "
.14 " Middling Tinged
Ga.-We have had rain on six days of the week, Fully Middling
Savannah,
Basis Strict Low Middling Tinged_ .92 "
Middling
the precipitation reaching one inch and thirty-one hun- Barely Middling
1 50 "
.18 off Low Middling Tinged
1.00 "
.36 " Middling Stained
The thermometer has averaged 48, the highest Strict Low Middling
dredths.
.64
Fully Low Middling
being 76 and the lowest 27.
Charleston, S. C-There has been rain on six days of the
-ConsulCOTTON MILL SITUATION IN JAPAN.
week, to the extent of ninety-three hundredths of an inch. General George H. Scidmore in a recent official comintmithermometer has averaged 48, ranging from 28 to 68.
The
the cotton mill situation in Japan as follows:
-Rain has fallen during the week, the cation referred to
Charlotte, N. C.
necessary consequences of the depression as a result of the
To avoid
reaching three inches and thirty-one hun- war, cotton the are reported by the "Japan Nrail" of Nov. 5 as having
precipitation
men
an agreement for the renewal of the laying up of spindles for
dredths. The thermometer has averaged 28, ranging from entered intomonths.
another six
15 to 42.
On Nov. 3 the representatives of the leading cotton mills met in Osaka
scheme
-We have had rain on three days of the to consider the suggested spite of for the renewed laying up of spindles.
Memphis, Tenn.
the opposition of the larger mills. that
finally decided, in
It
week, the precipitation reaching one inch and seventy-one thewas up of spindles win be renewed for another six months from Feblaying
highest 50,lowest 18. ruary next. The regulations for the enforcement of the agreement are to
hundredths. Average thermometer 34,
64
THE CHRONICLE
[VOL. 100.
be the same as at prevent, the only modification being that for the seven
weeks from Jan. 1 1915 10% of all the spindles worked by the member GALVESTONTotal bales.
To Manchester
-Dec. 30- 17,892 ---- 17.892
mills at present is to be laid up in addition to the
To Bremen-Dec. 24.9.230
more extended review of conditions in the Japanesepresent figures. [For
9,230
cotton-mill industry,
To Gothenburg-Dec.30.3,756
see "Daily Consular and Trade Reports" for Nov. 12 1914.1
3,756
To Genoa-Dec.28- 12,946.. Dec. 29- ----, 10.495 23,441
Egyptian raw cotton is indispensable for producing fine yarns, and 30.000 NEW ORLEANS
-To Liverpool
-Dec. 26to 50,000 bales are imported annually. Owing to the war,says the "Asahl"
D
, 9,340
of Osaka, shipment is difficult, as the cotton does not enjoy the benefits
12,841
To Rotterdam-Dec. 243,900
of the Government war-risk rates unless shipped under special arrange3,900
To Barcelona-Dec. 30, 6,150
ments. Lloyds are charging 3% for war risk, which makes it difficult for
6.150
To Genoa-Dec.287,217
Japanese merchants to import.
7,217
PENSACOLA-To Liverpool4,871
4,871
SAVANNAH-To Rotterdam-Dec.29,10.400
10,400
To Gothenburg-Dec. 24RECEIPTS FROM THE PLANTATIONS.
,5.299
5,299
-The followTo Barcelona-Dec. 29. 6,397
6,397
ing table indicates the actual movement each week from the CHARLESTON-To Continent-Dec. 30. 3.500
3,500
WILMINGTON
,
6,800
plantations. The figures do not include overland receipts NORFOLK-To-To Liverpool-Dec. 30- ,4.150 6,800
Liverpool-Dec.292,150
nor Southern consumption; they are simply a statement of BOSTON-To Liverpool-Dec. 24, 2,026
4.026
To Manchester
-Dec.26,2
2
the weekly movement from the plantations of that part of the
To Yarmouth-Dec. 26, 125
125
BALTIMORE
-To Liverpool
-Dec.
300
300
crop which finally reaches the market through the outports.
To Copenhagen-Dec. 30, 600
600
PHILADELPHIA-To Liverpool
-Dec.
, 600
600
SAN FRANCISCO
-To Japan-Dec. 26--------3,099
3,099
Receipts at Ports.
Stock at Interior Towns. Receipts from Plantations SEATTLE
-To Japan-Dec. 29, 4,182
4,182
Week
ending. 1914. 1913, 1912, 1914. 1913. 1912. 1914. 1913. 1912.
Total
149,600
Nov. 13 338,055 485,269 549.698 1024495 669,860 628,370 435,826 549,687 582,671
" 20 359,216 434,152 508,800 1097236 743,397 685,834 431,957 507,689 566,264
" 27 360,439 423,795 454,342 1165390 831,839 734,723 428,593 512,237 503,231
Dec. 4 /31,201 358,923 437.010 1206758 895.978 774.265 372.569 423,062 476,555
" 11 370,458 291,330 380.202 1258039 941,508 804,204 421,739 336,860 410,138
" 18 428,369 312,795 335,203 1305404 966,023 834,999 475.734 337,310
" 24 372,113 319,198 262,724 1328212 989.476 872.372 394,921 342,651 365,998
300,497
Dec. 31 350,036 303,899 262,348 1344990 1005910 873,938 366,814 320,333 263,464
The above statement shows: 1.
-That the total receipts
from the plantations since Aug. 1 1914 are 5,767,186 bales;
in 1913 were 7,993,657 bales. 2.
-That although the receipts
at the outports the past week were 350,036 bales, the actual
movement from plantations was 366,814 bales, the balance
going to increase stocks at interior towns. Last year receipts
from the plantations for the week were 320,333 bales and for
1912 they were 263,464 bales.
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Gee- -Oth.Eutope- Mex.,
Britain. Ports. many. North. South.
&c. Japan. Total.
New York
1,955
7,537 ---- 3,330 ------12,822
Galveston
17,892
9,230 3,756 23,441 ------.54,319
New Orleans_ _ _12,841
---- 3,900 13.367 ------30,108
Pensacola
4,871
------------------4,871
Savannah
- 15,699 6,397 ------22,096
Charleston
----3,500
3,500
Wilmington__
6,800
---------------6,800
Norfolk
4,150
____
4.150
Boston
2,028
____
H8 -_-_-_ 2,153
Baltimore
____
300
-000
___ ___
900
Philadelphia
600
____
600
San Francisco_ - ---____
::: 3:65 3,099
Port l'ownsend_ ____
---__- 4,182
4,182
Total
51.437
---- 16,767 27,455 46 535
125 7,281 149,600
The exports to Japan since Sept. 1 have been 115,315 bales
from Pacific ports, and 105,126 bales from Galveston.
BOMBAY COTTON MOVEMENT.
-The receipts of
LIVERPOOL.
-By cable from Liverpool we have the
India cotton at Bombay and the shipments for the week
ending Nov. 19 and for the season from Aug. 1 for three years following statement of the week's sales, stocks, &c., at that
port:
have been as follows:
Dec. 11. Dec.
1913.
1914.
November 19.
Receipts at
-
Since
Week. Aug. 1.
20,000
Bombay
1912.
Since
Since
Week. Aug. 1. Week. Aug. 1.
121,000 61,000
For the Week.
364,000 29,000
138,000
Since August 1.
Exports
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
Bombay
21,000 29,000
4,000
1914
1,000 11,000 15,000 27,000
1913
1912
------ 4,000 11,000 15,000
Geniinew.
Japan
&China
Total.
14,000 62,000 157,000 233,000
5,000 233,000 172,000 41,000
11,000 94,000 29,000 134,000
According to the foregoing, Bombay appears to show a
decrease, compared with last year, in the week's receipts of
00,000 bales. Exports from all India ports record a loss of
00,000 bales during the week and since Sept. 1 show an
increase of 00,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-The following are the receipts and shipments
COTTON.
for the week ending Nov. 25 and for the corresponding week
of the two previous years:
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
1914.
Receipts (canlars)
Thls week
Since Aug. 1
Exports (bales)
To Liverpool
To Manchester
To Continent & India
To America
326,952
1,428,858
1913.
390,000
4,234.959
Spot.
Saturday.
Monday.
Market, {
12:15
P.M.
Tuesday. 1Vednesday. Thursday.
Quiet.
MId.Upl de
Quiet.
Quiet.
4.61
Sales
Spec.&exp HOLIDAY IIOLIDAY
Friday.
4.62
4.58
6,000
600
5,000
500
5,000
500
Futures.
Market1
opened
Steady,
Quiet,
Quiet,
608 pts. 10134 pts. 203 Pt&
advance.
decline.
decline.
4
Market, {
Q
uiet,
7848 pts.
advance.
HOLTDAY.
Quiet,
2 points
decline.
Steady,
unch. to
M pt. adv.
1912.1
380,000
3.887.140
This Since
This Since
This I Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
4,601
8,041
11,721
4.583
18. Dec. 24. Dec. 31.
41.000
27.000
16,000
600
1 00
200
8,000
4,200
1,000
31,000
20.000
13,000
5,000
3.012
9,791
82,000
64.000
63,000
708.000 738,000 830,000
445.000 465,000 559.000
101.000
96,000 166,000
85,000
79.000 147,000
490,000 473,000 358,000
430.000 422,000 304.000
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:
P. NI.
Alexandria, Egypt,
November 25.
37,000
2,000
5,000
26,000
6.000
92.000
694,000
423,000
64.000
35,000
438,000
380,000
30,813 5,000 88,464 9,000 79.350
31,672 9,000 79,503 11,500 83,551
42.014 19.250 138,026 11,250 97,411
25,565 1,250 9.436 2,500 28.218
28.946 130,064 34.500315,429 34,250 288,480
Total exports
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
The statement shows that the receipts for the week ending Nov. 25, were 326,952 cantars and the foreign shipments 28,946 bales.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus. 4 35 means 4 35-100d.
Dec. 26 Saturday. Monday. Tuesday.
Wed'day. Thursday. Friday.
to
Jan. 1. 123 1231 1231 4
1231
4 1231 4 12% 4 1231 4
pm.P.m. p.m. P.m. p.m. p.m. 19.m• p.m. p.m. p.m. p.m. P.m•
d. d.
d. a.
d.
d. d. d. d.
d.
d. d.
May-June
4 35 36 36 34 32 3431
July-Aug_ HOLTHOLT- 4 42 43 43 41 39 41
Oct.-Nov. DAY. DAY. 4 533 5431 54% 523 50% 523 ITOLI.
DAY.
Jan.-Feb.
4 59 60 60 58 56 58
BREADSTUFFS
-Our report received by
MANCHESTER MARKET.
Thursday Night, Dec. 311914.
Flour has
to-night from Manchester states that there is a wider highest levelbeen firm. Prices,in fact, have been up to the
cable
since the war began. Latterly, however, the
inquiry for yarns and cloth but the holidays restrict business. local trade, as usual at the close of the year, has been
quiet.
For the week ending Dec. 19 it turns out that the total proCotton prices are still regarded as inflated.
duction at Minneapolis, Duluth and Milwaukee was 395,210
-As shown on a previous page, the barrels, against 390,460
SHIPPING NEWS.
in the previous week and 367,400
exports of cotton from the United States the past week have in the same week last year. Northwestern mills have been
reached 149,600 bales. The shipments in detail, as made very firm in their ideas, and have advanced prices recently
in some cases 20 cents a barrel. Kansas straights have also
up from mail and telegraphic returns, are as follows:
Total bales. reached the
highest price thus far seen. But, as usual at
1.255 Peruvian__ - 7 23070
1: 555
7
Liverpool-Dec.30
-To
NEW YORK
the holidays, trade lags for the time being.
.700
-Dec.24To Hull
7,537
Wheat has advanced from time to time on a sharp export
Bremen-Dec.29To
748Dec. 30
To Barcelona-Dec. 24
848 demand and light country offerings. It is true that it has
100
.200 1,300 declined now and then under
, 1,100_ _Dec. 3026
the weight of liquidation.
To Genoa-Dec. 432 But
, 432
--Dee. 26
To Naples
the sentiment on the whole has been bullish. Liver700
700
-Dec. 29To Piraeus
50 pool advices are to the effect that it has been officially de5t/
To Syra-Dec. 29
JAN. 21915.]
THE CHRONICLE
cided in Italy to extend the period of the reduced import
duty on wheat until June 30 next. Stocks of wheat are decreasing in the United Kingdom, owing to the big consumption and some decrease in the imports. Latterly
the shipments to the United Kingdom have been comparatively small and Liverpool people show nervousness over the
prospects of some delay in shipments from Argentina during January and February. It is believed that the Portuguese Government will shortly give permission to import
wheat. A sliding scale of wheat duties has been adopted
in Spain. In Argentina freight rates have advanced
very sharply during the present week. As high as
34 cents per bushel is demanded there for room for wheat to
the United Kingdom, against 283 cents last week. In the
4
United Kingdom the weather has been too wet. In Germany
it has not been favorable either, and the crop is very backward. Economy in the use of cereals for food continues to
be very pronounced in Germany. In Austria there is an
acute scarcity of grain. From Hungary the weather and
crop news is unmistakably bad. In India rain is needed and
the offerings of new wheat there are small at very high prices.
One piece of news which has caused not a little covering at
Chicago was a dispatch to the effect that the Argentine
exportable surplus would not come within 26,000,000 bushels of the recent estimate of 130,000,000 bushels. Stress is
also laid on the sensational rise in ocean freight
rates at Argentine ports.
Some think, too, that
President Wilson's note of protest to the British Government about the detention of American ships
may facilitate exports of wheat in American bottoms. Also,
another point upon which emphasis has been laid is the decreasing receipts at primary points in the United States.
Country offerings have been noticeably small. Clearances
have been large. Total American supplies during the week
decreased 1,628,000 bushels, as against an actual increase
in at the same time last year of 2,441,000 bushels. On the
other hand, however, there has certainly been a good deal
of realizing from time to time with very perceptible effect
on prices. World's shipments have been light, but the
quantity on passage to Europe has increased. The available
stook in the world increased last week 672,000 bushels, as
against an increase in the same time last year of 159,000 bushels. New export business has not been so large as recently
From Argentina the weather and crop news has been generally
favorable and the new acreage is slightly larger than that of
last year. The crop news from Italy is cheerful. In the
main the weather in France has been favorable. The crop
outlook in India is, on the whole, said to be good, although
rain is admittedly needed. Also everybody recognized that
on the first sign of peace wheat would decline materially.
To-day prices advanced. The Rockefeller Foundation
bought another cargo for Belgium. Portland, Me., sold
475,000 bushels at 154c. under Chicago May. Seaboard
sales for export were 1,000,000 bushels. Liverpool was
higher. Buenos Ayres was very firm, with shorts covering
on bad weather and smaller offerings. Paris was higher,
with supplies lighter in France and the French country
markets are very firm. Crop advices from the West were
generally favorable.
65
is that oats have been firm, irrespective of other grain.
Country offerings, moreover, have been,on the whole, rather
small, though at the opening of the week they showed an increase. At that time, too, there was some pressure of
hedging sales at Chicago. Some surprise was expressed, too,
at the increase in the available stocks in this country last
week of 1,169,000 bushels, as against an increase in the same
time last year of 2,142,000 bushels. The recent big sales, or
reports of sales, had led a good many to believe the increase
in the available supply would be small, if, indeed, there was
any increase at all. The big export business has been the
prime factor in oats, however. Some reports even put the
export sales on Monday and Tuesday at as high a total as
2,700,000 bushels. To-day prices were stronger. There is
said to be a serious shortage in feeding oats throughout
Western Canada.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Fri.
Tues.
Wed. Thurs.
Standards ___cts_5505534 55@5534 55®5534 55@5534 55©5534 Hon'
No. 2 white
5534©56 55% ®56 5534E558 5534@58 5541g513 day.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 4934 4934 4934 4854 4934 Roil
May delivery in elevator
5434 5354 54
5334 5374 day.
The following are closing quotations:
GRAIN.
Wheat.per bushel
-f.o. b.
cte.
Corn,per bushel-.
N.Spring. No.1_
No. 2 mixed, new
$138
76
N.Spring, No.2
No. 2 yellow____0. I. F.
77
Red winter. No. 2
No. 3 yellow
1 37
76i
Hard winter. No.2
Argentina in bags
70®7
13534
Oats. per bushel, newcts
Rye, per bushel
Standard
New York
118
55@5534
No. 2, white
Western
553456
No. 3. white
5494 ©55 Barley-Malting
75@82
FLOUR.
Winter, low grades
-14 00 S4 50 Spring clears
85 650,85 85
Winter patents
6 25
650 Kansas straights,sacks_ 5 75® 600
Winter straights
5 85
6 00 Kansas clears,sacks ___ 5 10® 5 40
Winter clears
55O
575 City patents
745
Spring patents
625@650 Rye flour
6O0(0 650
Storing straights
5 90 6 00 Buckwheat flour
2 850 3 00
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
btls.1961bs. bush. 60155. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
368,000 106,000
Chicago_ - _ _
191,000 1,665,000 3,595,000 2,279,000
511,000
502,000 197,000
426,000
137,000
32,000
Milwaukee__
53,000
86,000
52,000
244,000
472,000
Duluth
383,000 116,000
384.000
611,000
2,198,000
Minneapolis
5,000
32,000
47,000
Toledo
89,000
72,000
117,000
37,000
Detroit
9,000
33,000
32,000
88,000
Cleveland __
29,000
12,000
8,000
64,000
309,000
563,000
583,000
62,000
St. Louis__
12,000
34,000
209,000
253,000
79,000
60,000
Peoria
108,000
217,000
1,500,000
Kansas City.
246,000
823,000
739,000
Omaha
366,000
Total wk.'14
Same wk.
'13 1,039,000
'12
342,000
Same wk.
7,528,000 6,984,000
5,826,000 10,649,000
8,113,000 7,786,000
4,268,000 1,404,000
4,191,000 1,576,000
5,384,000 2,658,000
529,000
285,000
265.000
Since Aug. 1
9,150,000 264,271,000 101,909,000 199,952,000 52,942,000 13838000
1914
9,364,000 179,995,000 93,866,000 111,396,000 53,684,000 8,434.000
1913
1019
7940888997 9%0777 78 420 005121_294.48253.921.508 10509000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fn.
No.2 red
cts..13634 1360 136% 135% 137
Total receipts of flour and grain at the seaboard ports for
Holt.
December delivery in elevator--135
134
135
134
_ _
day. the week ended Dec. 26 1914 follow:
May delivery in elevator
138
136
13734 13634 15734
Rye.
Oats, Barley,
Flour,
Corn,
Wheat.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
bush.
.
Receipts atbush.
by 1,
bush,
Ills.
bush,
Sat. Mon. Tues. Wed. Thurs. Fri. New York
228,000 1,442,000
592,000 355,000 13,000
374,000
December delivery in elevator-cts-12754 12634 12734 126$ 127
Holt
- Boston
4,000
29,000
311,000
46,000
246,000
May delivery in elevator
13
128% 129% 128
12934 day. Portland. Me__
1,000
88,000
July delivery in elevator
12134 11934 120% 118
1185j
Philadelphia
3,000
66,000
640,000
113,000
126,000
42,000
373,000
483,000
529,000 131,000 33,000
Indian corn has advanced, partly in sympathy with wheat Baltimore •
New Orleans
71,000 1,405,000
15,000
28,000
and partly because country offerings have, as a rule, con- Newport News
37,000
1,223,000
tinued small. One circumstances, however, which has by Galveston
Montreal
6,000
41,000
6,000
27,000 54,000
no means escaped attention, was an increase in the available Port Arthur
205,000
034
supply for the week of 2,276,000 bushels. To be sure, the Total week 1914_
443.000 5,853,000 1,237,000 1,348,000 540,000 53,000
increase in the corresponding week last year was 3,140,000 Since Jan, 11914_24,075,000 254942,000 31,614,000 75,058,000 2941,000 8556,000
460,000 4,345,000
bushels, but the increase last week was greater than ex- Week 1913
764,000
826,000 423.000 67,000
pected. Secretary Redfield and Secretary McAdoo have Since Jan. 11913_13,606,000 207189,000 51,003,000 54,070,000 3340,000 3031,000
made a report on the question of ocean freight rates to the •Receipts do not Include grain passing through New Orleans for foreign ports
United States Senate, in which the increase in these rates on through bills of lading.
The exports from the several seaboard ports for the week
since the beginning of the European war is characterized
as in many cases "unreasonable and exorbitant," notwith- ending Dec.26 are shown in the annexed statement:
Corn, Flour.
Rye, BarleY, Peas,.
Oats,
standing the extraordinary conditions which have prevailed. Exportsfrom- When,
bush,
bush.
bush, bush, bush. bush.
bbls.
What effect, if any, this report will have remains to be seen. New York
243
1,132,784
74,596 95,314 862,897
55,159
There has been a fair export business. But the Eastern Portland, Me__ _ _ 88,000
1,000
Boston
212,138
23,311
1,200
demand at Chicago has been light. There has been some Philadelphia ____ 349,000
53,000
43,000
88.000
buying on the idea that the big advance in ocean freight Baltimore
1,235,335 58,891
New Orleans_
.
14,000
1,000
rates at Argentine ports would send a good deal of export Newport News_ _1,619,000 37,000 8,000
2 300,000
buying to American markets. In the main, however, India Galveston
205,000
corn has followed pretty closely the fluctuations in wheat, Port Arthur
St. John
88,000
and has thus lacked pronounced individual features. To-day
Total week____6,118,922
243
83,596 180,625 2,100,432 101,891 55,159
prices advanced, but there was good selling on the rise. Week 1913
2 690,057
242
24,360 165,198
65,043
89,406
The firmness of prices checked export business. Argentina
Trie destination of these exports for the week and since
shipments are expected to be smaller.
July 1_1914 is as below:
DAILY,PLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
-FlourSat. Mon. Tues. Wed. Thurs. Fri.
WheatNo. 2 mixed
cts- 753.4 7634 7834 7634 7834 Hol.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
retriillir delivery in elevator cts_ 68
nbe
6634 6754 6634 6734 HoltMay delivery in elevator
day.
7454 7334 7374 7334 73
July delivery in elevator
75
7434 74
7554 74
Oats have also advanced and on Tuesday export sales were
reported of from 1,500,000 to 2,000,000 bushels, some of
which occurred, it seems, on Monday, Dec. 28. In any case
Europe has been buying again with a free hand. The result
Since
Since
Week.
uln
July 1
: JSiye1e
k°
WeeC
-"-Exportsfor week and Dec.26.
1914.
uli17 e Dec. 26.
34
1.
94
1
since July 1 to-bbls.
Ills.
bush.
bush.
h.
United Kingdom.-- 89,918 2,773,444 2,115
116611,0611:
Continent
63,456 2,165,745 3,981:m0 85,501,062
69,164 4,591,636
17 299
Sou.& Cent. Amer_ 18,400 740.778
1,300
.873 72,65b21
5 67 :302
6
West Indies
8,551 733.249
18.132
32,883
750
Brit. No. Am. Cols_
300
46,899
Other Countries_
"894481
14 8
5
139,700
56,012
l
Total
Total 1913
180,625 6,599,81.5 6,118,922 163918,653
88,596 6,430,744
165,198 6,058,495 2,690,057 111402,081 j11,24,360 1.830,009
66
THE CHRONICLE
[vol.. No.
The world's shipments of wheat and corn for the week Much encouragement is also derived from the promise of
ending Dec. 26 1914 and since July 1 1914 and 1913 are shown large exports and the acquisition of new markets which will
be lost to the countries now engaged in war. There is no
in the following:
uncertainty in this respect, as the dry goods trade has
Corn.
Wheat.
already benefited to a large extent by this new export business, while Government reports show that the foreign trade
1913.
1914.
1914.
1913.
Exports.
balance is increasing in our favor with great rapidity. ExSince
Since
Week
Since
Since
Week.
port business during the week has been quiet, with considerJuly 1.
Dec. 26.
July I.
July 1.
July 1.
Dec. 26.
able complaint of the high ocean freight rates. India conBushels. 'Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
of standard drills where con663,000 tinues to take small amounts
North Amer. 8,272,000 218,648,000 158,066,000 460,000 6,100,000
4,813,000 7,996,000 cessions in prices can be obtained and business with South
12,074,000 85,918,000
Ruegia
9,431,000 11,889,000 America is reported to be improving. Nothing is being done
2,347,000 25,828,000
_
Danube_ _ _
48,000 4,531,000 12,818,000 3,851,000 86,711,000 117,030,000
Argentina...
for account of China or Red Sea ports, although inquiries
8,996,000 15,760,000
Australia_
16,048,000 24,672,000
India
from these quarters are in the market.
90,000 4,469,000 4,794,000
0th.equates
-The exports of cotton
DOMESTIC COTTON GOODS.
Total_,,.. 8,416,000 267,113,000 327,856,000 4,311,000 107,055,000 137,578,000 goods from this port for the week ending Dec. 26 were 9,360
• Not available since August 1.
packages, valued at $682,965, and for the period from Jan. 1
The quantity of wheat and corn afloat for Europe on dates to Dec. 26 they reached 293,762 packages, valued at $21,977,179. For the corresponding period of 1913 the totals
mentioned was as follows:
were 333,416 packages and $25,399,918. The usual details
Corn.
that we have heretofore given are withheld for the present
Wheat,
under instructions of the Secretary of the Treasury.
United
United
Staple cottons are quiet and firm with prices on a number
Kingdom, Continent
Kingetcm. Confines:1.1 Total.
Total.
of lines tending upward. Several brands of bleached cotBushels. Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
to selling
43,312,000
Dec. 26 1914_
29,292,000 tons have been placed "at value" and according
40,312,000
Dee. 19 1914_
29,664,000 agents higher prices will be general after the first of the year.
Dec. 27 1913.. _ 13,120,000 14,160,000 27,280,000 4,845,000 8,602,000 13,447,000
uselessness of delaying longer in
Dec. 28 1912._ 14,184,000 13,216,000 27,400,000 8,067,000 18,819,000 26,886,000 Buyers are realizing the
expectation of lower prices and are beginning to place busiThe visible supply of grain, comprising the stocks in ness for deliveries through the coming year. Colored
granary at principal points of accumulation at lake and cottons are very firm, with some lines withdrawn from the
seaboard ports Dec. 26 1914 was as follows:
market, owing to the scarcity of dyes. Jobbers are placing
UNITED STATES GRAIN STOCKS.
quite a little business in these as well as in sheetings, conAmer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
bleached cottons. Print cloths are
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. vertibles, brown and
bush, bush, bush, bush, bush, bush, bush. bush. firmly held and manufacturers are turning away considerable
In Thousands4,134
998 1,070 1,498
171
New York
264
103 business for late delivery which is offered at prices a quarter
522
451
48
852
Boston
28
4
250
15
of a cent or so under the market. Gray goods, 38-inch
1,733
191
265
Philadelphia
234 --51 1,065 1,005
Baltimore
1,565
123
-816
8
standard, are quoted 33/c.
3,361
____
72
New Orleans
147
-There is little change in the woolen
WOOLEN GOODS.
Galveston
1,4805
Buffalo
310 2,169 -Z8 -ii 1,269
3,156 "iil
and worsted trade and prices are holding firm, with a tenafloat
10,342 1,469 __i_ 1,098 --------637
dency toward higher levels on some lines. As many preToledo
9
1 8
1,427 __ _
762 -_-s
dicted, the extreme popularity of covert cloths has resulted
afloat
"
100
---- --ii -""iio -ii ____
Detroit
442 ____
in the appearance on the market of numerous lines of cheap
____
82 "951
Chicago
4,209 ____ 8,292 13,025
coverts. This will of course hurt the better goods and cause
487
.• afloat
473 ____1,099
--ii "225
648
530
Milwaukee
65 __ a_
cutters-up and garment manufacturers to turn to something
-ii
501
60
31
488 1,822
2
Duluth
9,099
else. Whipcords, gabardines, poplins and serges,as a result,
232 _69
2..
.
____
532 4,471
___
18,033
Minneapolis
1
594 ---112
are in better demand. The preference is for lighter shades,
3,213 ____
St. Louis
29
405 1,000 ____
__
9,526
Kansas City
and offerings of cream serges are expected to go well. Dupli165 1,313 ____
3 ____
---Peoria
380 ---412
cate business for spring is satisfactory and buyers are be351 ---Indianapolis
-iiti
i
--r
____
700 2,121
580 ____
Omaha
ginning to show interest in the new fall season. Some fall
223 1,644 5,336
149 men's wear lines have been opened at advances of from 5 to 7
Total Deo. 26 1914_73,746 3,881 15,864 32,849
457 1,791 4,984
148 cents and the opening on other lines is expected to be in
Total Dec. 19 1914_75.107 4,178 13,326 31,683
Total Dec. 27 1913..03,473 11,261 7,923 26,764 6,760 2,329 5,895.. 1,597
keeping with these.
CANADIAN GRAM STOCKS.
Bonded
Bondid
Canadian
Canadian
-Selling agents in the local
FOREIGN DRY GOODS.
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barlett, market representing English manufacturers of woolens and
bush, bush, bush, bush. bush. bush, bush. bush.
In Thousands329 _ _ _ worsteds report that they will be in a position to accept a
116 1,405
____
1,49
Montreal
1,973
Ft.William&Pt.Arthur. 4,036
large volume of business for the new fall season, and that
283
afloat
••
they have been assured by their mills that deliveries will be
-_-_-_-_ a-AO
9,540
Other Canadian
-promptly made. They also state that they will be in the
329
116 6,978
1914..15,353
Total Dec. 26
market with attractive lines of fancy worsteds for men's
312
113 6,453
Total Dec. 19 1914_15,170
24
4 10,381
490
wear at prices three to four pence lower than last season.
Total Dec. 27 1913..19,521
SUMMARY.
Business in linens is quiet with little improvement expected
,.,.,_ ...._
Bonded
Bonded until after the first of the year. Prices continue to strengthen
Bonded
Rye. Barley, Barlett.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush. bush, bush, bush, bush. bush. bush. and business for future delivery is consequently limited.
In Thousands223 1,644 5,336
71 740 3,881 15,864 32,849
149 Some of the coarser grades of linens,such as duck and canvas,
American
____
116 6,978
15,353 ____
Canadian
are reported to be very scarce and for this reason in good
223 1,644 5,665
149 demand. Housekeeping lines are moving steadily but in
Total Dec. 26 1914_89,099 3,881 15,980 30,827
1,791 5,295
148
Total Dec. 10 1914..90,277 4,178 13,439 3R,136
small lots for immediate requirements. Burlaps have deTotal Dec. 27 1913..82,994 11,201 7,927 37,145 0,760 2,353 6,385 1,597
veloped considerable activity and a much firmer undertone. Quite a large business is said to have been transacted
THE DRY GOODS TRADE.
in light-weights with a moderate trade in heavy-weights.
New York, Thursday Night, Dec.31 1914.
Light-weights are quoted at 3.35c. to 3.50c. and heavyBusiness in dry goods markets, owing to the holidays, has weights at 4.350.
•
been quiet during the past week. Many buyers went home Importations & Warehouse Withdrawals of Dry Goods.
Christmas and will not return until after the first of Imports Entered for Consumption for the Week and Since Jan. 1
over
Ending
Week
the new year. Most houses are engaged in taking year-end
Since Jan. 11914.
Dec. 26 1914.
inventories and will not give much attention to securing
Pkgs.
Value.
Pkgs.
Value..!
s ors
business until these are completed. It is too early to Manufactures ofnew
84,675 23,417,888
248,587
637
Wool
a report on the volume of business for the year, but
make
495,915 148.409 39,922,194
1,956
Cotton
576
204.584
65,546 31,081,214
prominent members of the trade estimate that when figures
Silk
68,380 17,419,082
182,387
629
Flax
are obtainable they will prove to be better than expected
149,732 127,791 13,574,358
911
Miscellaneous
and ahead of those for 1913. Optimistic views are also
4,709 1,279,205 494,801 125,414,736
Total 1914
held in all quarters concerning the outlook for business
9,522 2.798,105 462,663 116,528.835
Total 1913
during the coming year. It is believed that the worst has
Warehouse Withdrawals Thrown Upon the Market.
been witnessed in the cotton goods trade and that from now Manufactures of
38,675 10,606,611
124,730
311
Wool
on business will steadily improve. The first of the year will
302
37,037 10,660,895
99.503
Cotton
houses in a strong position, with light stocks and a
find most
137
14.582
64,508
6,125,876
Silk
246
25,472
75,455
6.697,167
Flax
ahead of them. Manufacturers will also enter
clear road
89,103
93.492
1,393
5,776,911
Miscellaneous
with clean books and no accumulation of pods
the new year
457,688 204,869 39,867,460
2,383
Total
on hand. Mills have kept operations down close to business Entered forwithdrawals
4,709 1,279,205 494,801 125,414,736
consumption
which they had on their books throughout the entire year,
7.092 1,736,893 699,670 165,282,196
Total marketed 1914
while jobbers, large distributors and retailers have called
11,855 3,272,323 676,049 153,711,553
Total markteed 1913
for goods only as needed. The result will be that any active
Imports
demand will have an immediate effect on all branches of Manufactures of Entered for Warehouse During Same Period.
352
121,834
32,794 10.076.810
Wool
the • trade, and few doubt but that this demand will be
321
106,875
34,814 10,416.314
Cotton
forthcoming during the early part of the new year. Better
175
75,809
16,691
Silk
6,990,465
marked improvement in general
360
100,667
27,383
Flax
employment of labor and
7,132,308
101,664
2,374
67.469
Miscellaneous
5,718.759
the dry goods trade is expected
business are looked for and
There is no longer
3,582
509.849 179,151 40,334,656
Total
to be among the first to feel the effect.
4,709 1,279.205 494,801 125,414,736
any fear that American cotton will go begging for a market Entered for consumption
are regarded
8,291 1,789,054 673,952 165,749.392
and present prices for the staple as well as yarns
Total imports 1914
Total imports 1913
20,563 3,687,048_761,304 160,187,710
as being at the lowest level they will sell at for some time.
JAN. 2 1915.]
THE CHRONICLE
STATE MID CITY
DriVeirIVENT.
News Items.
67
with power to appoint the Commissioner of Educat
for members of the City Council, because to themion, nor
is committed the general control of educational
constituting one of the departments of the municimatters as ment."
pal govern
Salem, Mass.
-Mayor Recalled.
-By a vote of
3,400 to 2,600 the citizens of Salem on Dec. 29 voted about
to recall Mayor John F. Hurley and elected Matthias J. O'Keef
a leather manufacturer, to complete his unexpired term e,
of
a little more than a year. Mr. Hurley has served four oneyear terms as Mayor,and when the new charter was adopte
allowing a three-year term, he was a candidate and won.d.
California.
-Governor Proclaims Passage of Bond Issues.
On Dec. 18 Governor Johnson issued a proclamation declaring the adoption of the various bond propositions submitted on Nov. 3. The bonds authorized were as follows:
San Francisco harbor bonds, $10,000,000; San Francisco
State Building, $1,000,000; Sacramento building bonds,
$3,000,000; University of California bonds, $1,800,000. V.
99, p. 1845. The papers state that U. S. Attorney-General
Webb filed an opinion requiring the Governor to procla
im
the adoption of the bonds, thus removing any technicality
Bond Proposals and Negotiations this week
which bonding companies might raise as to their validit
y. have been AS follows:
The several measures made it incumbent upon the Govern
ADAIR COUNTY (P. 0. Kirksville), Mo.-BO
or
to proclaim their passage, with the exception of the Uni- The question of issuing the $25,000 infirmary-bui NDS DEFEATED.
P
versity bonds, which were presented to the electors by ini- 1158) failed to carry at the election held Nov. 3 by lding bonds (V. 99, to
a vote of 1,755 "for
2,049 "against."
tiative petition. The Governor declared these valid, howAKRON, Summit County, Ohio.
-BIDS.
-The following are the bids
ever, to overcome the merest chance of an obstacle.
received for the $51,775, $38,250 and $29,000
-improvement
.5% street
assessment bonds offered on Dec. 28 (V. 99,
New York City.
D. 1692):
-Budget for 1915 Signed by Mayor.
-On
$51.775 $38,250 $29,000
Total.
Dec. 29 Mayor Mitchell and City Comptroller Prendergast
Issue.
Issue.
Issue.
$119,025
Bidders
signed the budget for 1915, calling for an expenditure
Prem.
Prem.
Prem.
Prem.
of A. E. Aub - Co., Cincinnati
&
$198,989,786 52. V. 99, p. 1846.
$1,976 00
Stacy & Braun, Toledo
1,742 45
National Shawmu Bank, Boston $805 95 $527 97 $408 53
New York State.
-Inheritance Tax Ruling.
-The Court of Spitzer, Rorick &tCo., Toledo___- 577 50
1,534 23
451 00 312 50
Appeals, in a recent decision, held that in the case of estates Estabrook & Co., Boston
1.341 00
00
in which a remainder interest is set apart,a tax must be paid Seasongood & Mayer, Cinchmati 551 00 353 00 298 00 1.202 00
905
Field. Richards & Co., Cincinnati
at the highest rate collectible, and then, if the interest goes Tillotson & Wolcott Co.,
856 00
Cleve___
805 57
to a legatee who would pay a lower rate, the difference will Hayden, Miller & Co., Cleveland _ 377 95 233 32 194 30
583 00
First National Bank, Cleveland__ 238 40
be refunded to the estate.
135
112 40
486 40
No award will be made until the Council passes60
on the bids.
In the case before the Court, that of Counte
BOND ELECTI
PROPOSED.
-According to reports,
the income of a residue of several million dollarsss Zbrowski, templating calling ON election to vote on the question of this city is con:
an
was left to a water-works-completion bonds.
issuing $500,000
son with the provision that he should receive it
all
ANN
reached his majority. If he died before he was 21, the if he We haveARBOR, Washtenaw County, Mich.
-BONDS DEFEATED.
just been advised that the election held
estate feat
Nov.3 resulted in the dewas to go to more distant relatives. If
of the question of Issuing 325,000
tax would be at the lowest rate; if he died the son lived, the p. 1158)• The vote was 1,497 "for" to4% fire-dept.-impt. bonds (V. 99.
1.656 'against.
it would
ARLINGTON
highest rate. William Law Stout, representing be at the (P. 0. Arlingt HEIGHTS TOWNSHIP HIGH SCHOOL DISTRICT
Heights), Cook County,
-BOND SALE NOT
Comptroller, argued the case before the Court ofthe State CONSUMMATEon -The sale of the $45.000 5.7Ill. 1-5
Appeals, bonds to McCoyD. Co. on July 15 (V.
0 12
-year (ser.) school
&
which, as already stated, decided that the highest tax should summated.
99. p. 282) has not yet been conbe collected, and that if the son lived the difference
between ofASHLAND, Hanover County, Va.-BONDS VOTED.
-The question
the lowest and the highest rate should be returned to
issuing
carried Dec. 19
the es- a vote of the $15,000 5% bldg. bonds be dated Mar. (V. 99, p. 1847) by
124 to 6. The bonds will
tate.
1 1915 and mature
in 20 years.
Surrogate Fowler and the Appellate Divisio ruled
ASTORIA, Clatsop County, Ore.
-On Dec. 7 Frank
Countess Zbrowski Estate case that the Statencould in the Patton of Astoria agreed to purchase -BOND,SALE.
$180,000
much
collect City may deem proper, 53 % refunding bonds. or as city thereof as the
only the lowest rate, and during the time the
will
case was pend- and accrued interest. Legal services and blankThe free. receive par
bonds
Details of
ing before the Court of Appeals all estates
bonds not yet determined. Using newspaper
we stated
figured on that ruling. These estates must appraised were p. 1847. that the city had sold $100,000 bondsreports, Patton. in V. 99,
to Mr.
all go back for
AUBURN, Cayuga County, N. Y.
re-appraisal and the amount the State
-BOND SALE.
-On Dec. 29 the
(average
immediately is estimated at $5,000 will collect from them $43,535 25 4%% 10%-yearB. Leach ) Wall St. paving bonds (V. 99. p.
1765) were awarded to A.
& Co. of
,000.
(101.29)-a basis of about 4.346%. Other bidsNew York for $44,096 86
Nicaragua.
were:
-Interest Payments Suspen
-The Council Equitable Tr. Co.,N.Y--$44,074 65 Geo.B.Gibbons&Co.,N.Y.$43,760 00
of Foreign Bondholders announce that ded.
Farson, Son & Co., N. Y..
information has been Remick, Hodges & Co., 44,044 00 Trust & Deposit Co. of
received in London that, in conseq
Onondaga, Syracuse__ 43,750 00
N.
43,897 88 H.A.
conditions brought about by the war uence of the abnormal CurtisY Sanger. N. Y. 43.829 00 E.H. Kohler & Co.,N.Y.. 43.722 75
&
in Europe, the GovernRollins& Sons.N.Y. 43,691 98
ment of Nicaragua, after communicatio
AUREILA, Cherokee County, Iowa.
-BOND SALE.
-The $7,000
of Foreign Bondholders, the National n with the Council electric-light-system bonds offered without success on Nov. 15 as 5s (V. 99.
p. 1239)
awarded on Dec. 10 to
and Messrs. Brown Borthers & Co. and Bank of Nicaragua at par forwereless $50 for legal services.H. C. Speer & Sons Co. of Chicago
6s,
J. & W.Seligman &
Denom. $500. Date Jan. 1 1915.
Co., have passed a law, dated Nov.
Due Jan. 1
27, which is understood Int. J. & J.Los Angeles 1924.
to 'provide as follows:
AZUSA,
County, Cal.
-DESCRIPTION
OF
The $35,000 water and $20,000 light 6% bonds awarded on Dec.BONDS.
2 to N. W.
Halsey & Co. of San Francisco (V. 99, p. 1765) are
in denominations of
$500 each. Date Dec. 2 1914. Int. J. & D. Due Dec. 2
$1,500 yrly.
1915 to 1949 incl. and $500 yriy. 1950 to 1954 incl.
BELL COUNTY (P. 0. Belton), Tex.
-BOND SALE.
-Reports state
that the $3,000 5% 20
-37-year (opt.) District
(V. 99, p._ 1692) have been bought up with No. 12 bonds voted Oct. 21
the Sinking Fund of Road
Precinct No. 1.
BOND OFFERING.
-It is stated that bids will be received until 10 a. in.
Jan. 13 by W. E. Hall, Co. Aud., for an issue
of $105,000 5% 40-yr. road
bonds. Int. semi-ann.
BERGEN COUNTY (P.
-BOND SALE.
-On
Dec. 30 the $125.000 5% 30 0. Hackensack), N. J.
-year coup. or reg. road bonds (V. 99, p. 1924)
were awarded to R. M. Grant
4.933%. Delivery was made & Co. of N. Y. at 100.376-a basis of about
at
the bonds have since been re-sold. 2:30 p. m. Dec. 30. and, we understand,
We
Freeholders, before considering bids are advised that the Board of Chosen
for the bonds, announced that the
proceeds of the sale would have to
be
fore Dec.31. It was for this reason, in the hands of the county on or bewe are also advised, that the Board dedined to consider an offer submitted by
said to have been higher than that of Harris, Forbes & Co. and which is
Grant & Co. The bid of Harris,
Forbes & Co., It is reported, was subject
the bonds by some reputable attorney, to the approval of the legality of
mutually agreed upon between the
bidder and the county.
The 5125.000 bonds referred to above
The remaining $761,000 have been takenare part of an issue of $886,000.
by Grant & Co. at private sale
at par and accrued interest from Dec.
1.
BINGHAMTON, Broome County, N.
Y.
-BOND OFFERING.
-Bids
will be received until 4 p. m. Jan. 20
by D. W. Foster, City Clerk, for
$106,000 434% coup. or reg. school
bonds. Denom. 51,000. Date
Dec. 1 1914. Int. J. & D. Due $5,000
yearly Dec. 1 from 1916 to 1935,
ncl., and $6,000 Pec. 1 1936. Cert.
check on an incorporated bank or
trust company for 2% of bonds bid for, payable
to H. M. Gitchell, City
Treas., required. Purchaser to pay accrued
interest. The U. S. Mtge. &
Trust Co. will certify as to the genuineness
of the signatures of the city
officials and the seal impressed thereon, and
the
be approved by Hawkins, Delafield & Longfell validity of the bonds will
ow of N. Y. City, whose
opinion will be furnished to the purchaser.
The official notice of this bond offering will
be found among the advertisements elsewhere in this Department.
-The following are the other bids
BIDS.
coup. or reg. municipal-light-plant bonds received for the $148,200 434%
awarded on Dec. 23 to Lee,
Iligginson & Co. of N. Y. at 101.346 and int. (V.
99,
Equ table Trust Co.. N. Y__101.278 Harris, Forbes & p. 1924):
Co. N.Y__100.829
Rinnicutt&Co.. N.Y.101.25 Hamblet
Remick, Hodges & Co.. N.Y_101.097 Curtis &on & Co., sI. Y____100.77
Sanger, New York_100.757
A. B. Leach & Co.. New York101.03 Geo, B. Gibbons &
Co.,N.Y_100.52
Millet, Roe & Hagen, N. Y_100.961 W. N. Coler & Co.,
N. Y-100.29
Bond & Goodwin, N.Y
100.952 Gray & Wilmerding, N.
Y-100.067
Estabrook & Co., N.Y
100.87
BLAINE COUNTY SCHOOL DISTRICT NO.
27 (P. 0. Blaine),
Idaho.
-BOND SALE.
-An issue of $1,000 6% 4-5-yr. (opt.)
bldg. bonds
was awarded to the State Board of Land Conunrs
Denom. $1,000. Date July 1 1914. Int. J. & J. . at par during July.
BUENA VISTA COUNTY (P. 0. Storm Lake),
Iowa.
-BOND SALE.
-We are advised that the $15,000 5% coup.
on Sept. 15(V. 99. p. 621) have been sold. funding bridge bonds offered
(I) The remittances for
for four months, viz., fromthe service of the 1909 bonds to be suspended
Oct.
the customs revenue to remain 1 1914 to Feb. 1 1915, the collections of
will refund to the Government in the hands of the collector general, who
be appllcable to the paymentof Nicaragua the sums which would otherwise
of interest and sinking fund on
during the said period.
the bonds
(2) Payment of the interest and sinking fund
due Jan. 1 1915 to be extended for one year. The coupon due
Jan. 1 1915 to be paid, with interest
thereon at the rate of 6% per annum, on
Jan. 1 1916, together with the
coupon maturing on the latter date.
(3) If at any time before Jan. 1 1916 Nicarag
ua
from the United States the sum of $3,000,000, becomes entitled to receive
under the terms of the proposed convention or any other sum of money,
between the
the above-named provisions at once to become inoperat two countries.
ive, and all the
conditions of the agreement of May 25 1912.Ipso
facto. torevive and the
amount due thereunder for the service of the bonds
payment. The Republic authorizes and requests discharged out of such
United States to pay to the bankers in New Yorkthe Government of the
the sums that may be
required for this purpose.
(4) Except as above varied, the agreement of May
25 1912 will continue
In full force and effect.
The Council expect to receive an official copy
early next month,and,if in accord with the above-of the law
mentioned
terms, propose to issue negotiable receipts or vouchers
deposit with them of Jan. 1 1915 coupon, and noticeagainst
calling
for the deposit will be issued later.
Philadelphia, Pa.
-Rate of Interest on City Deposits Increased.
-An ordinance directing the City Treasu
Commissioners of the Sinking Fund to require the rer and the
paymen
2%% instead of 2% interest on city deposits was passedt of
by
Councils on Dec. 22 and signed by Mayor Blanke
nburg
Dec. 24. Banks or trust companies at present specifi on
city depositories who are not willing to pay the increaseded as
will have to notify the City Treasurer and withdraw rate
as a
depository.
St. Paul, Minn.
-Commission Charter Sustain -The
commission charter adopted in P 12 was on Dec. ed.
by the Minnesota Supreme Court, as against 24 sustained
that, by reason of its educational features,the contention
its
solely by the male voters or otherwise, was not adoption,
by constitution, Art. 4,Sec. 36, relating to homeau th charrule
ters, a d that such provisions contravene constitution
Art.8,
&ego s 1, 3, relating to establishment and
mainte
public schools, and, both in themselves and in the nance of
their adoption, violate Art. 7, Sec.8,enfranchisingmanner of
women in
educational matters.
The Court is quoted in the press as saying:"We hold
women have no right to vote for Mayor because he is that
vested
68
THE CHRONICLE
[vol.. No.
Tex.
-BOND ELECTION
Count
CORPUS CHRISTI, Nueces election y, be held in the near future
will
SHORTLY.-TAis county will shortly offer
-It Is stated that an
BONDS TO BE OFFERED at not exceeding 5% int. Due from 1925 to PROPOSED.
-paving bonds.
n of issuing $100,000 street
0 bonds
to submit to a vote the questio
for sale about $20,00
1928 incl.
Corydon), Harrison County,
-BOND SALE.
CORYDON SCHOOL TOWN (P. 0.
0. Asheville), No. Caro.
BUNCOMBE COUNTY (P.
-On Dec. 23 the $2.300 4 % school-bldg. bonds
-BOND SALE.
funding bonds was awarded, reports Ind.
-On Dec. 16 an issue of $75.000 5%of Asheville at par for a New York (V. 99, p. 1693) were awarded to V. J. Bulleit of Corydon at par and int.
Co.
bid par, subject to a printing
state, to the Chas. N. Malone15 yrs. and $3,000 yrly. thereafter.
Breed, Elliott & Harrison of Indianapolis
concern. Due $2,000 yriy. for
that made the bid lower than the purchaser's.
CE PAID price of bonds
J.
-No sale
Holley), N. -PRI
-BONDS NOT SOLD.
BURLINGTON COUNTY (P. 0. Mt.
CUMBERLAND, Cass County, Iowa.-year water bonds voted July 6.
% 20
-We are advised that the price paid for the $22,000 435% has yet been made of the $5,000
FOR BONDS.
local investors on Dec. 21 was par.
-year bridge bonds awarded to Int. J. & D.
99, p. 139). Denom. $100.
20
(V.
-The $2,500
-BOND SALE.
Denom. $500. Date Dec. 11914.
DAVIS CITY, Decatur County, Iowa.
-We are
have
-NO BOND ELECTION.
BURRTON, Harvey County, Kan. city is contemplating calling an coupon water-works-completion bonds described in V. 99, p. 1240,
stating that this
l & Co. of Davenport as 6s. Date Mar. 1
advised that the reportsquestion of issuing water-works-system bonds (V. been awarded to Geo. M.Bechte
election to vote on the ous.
1915.
ICT (P. 0. Dawson Springs),
99, p. 1924) are errone
DAWSON SPRINGS SCHOOL DISTR
n), Fulton County,
-The question of issuing buildCANTON SCHOOL DISTRICT (P. 0. Canto a description of which Hopkins County, Ky.-BONDS VOTED. 520 to 14, at the election held
by a vote of
$18,000 434% school bonds,
-The
, reports state,
ni.-B0ND SALE.
sold to the First Trust & Savings Bank ing bonds carried
Dec. 17.
was given in V. 98. p. 2008, were
DISTRICT NO. 1, Lincoln County,
in Chicago.
DEEP FORK DRAINAGE BANKERS.
Buren County,
l), Van
-The Hanchett Bond Co. of
CANTRIL SCHOOL DISTRICT(P.O. Cantri $16,000 building bonds Okla.
-BONDS OFFERED BY
-We are advised that the
rs 160.0006% bonds of this district. Denom.
-BOND SALE.
Chicago Is offering to investo agency of State of Oklahoma (Chatham &
Iowa.
disposed of.
have been
. Int. J. & J. at fiscal
voted during July (V. 99. p. 213)
NO. 1 (P. 0. Boggs), $1,000
Y. City. Due on Jan. 1 as follows: 15.000 1917,
CARBON COUNTY SCHOOL DISTRICT advised that the $12,000 Phoenix Nat. Bank,) N. 1920. $3,000 1921. $4.000 in 1922. 112.000 1923
$10.000 1918, 1919 and
-BONDS NOT YET ISSCED.-We are
Mont.
1915 installment of an issue
1
Date
and $6,000 1924. These bonds are the Jan. semi-annual allotments, as
have not yet been issued. Denom. $1,000. H. F. Jan.
6% school bonds J. Due on July 1 from 1921 to 1932 incl.
Burch of bonds which the County offers for sale in
1915. Int. J. St ry.
the funds are needed.
Is District Secreta
-An elec-BOND ELECTION.
0. Caruthers), Fresno
DENTON, Denton County, Texas. vote on the questions of issuing
CARUTHERS SCHOOL DISTRICT (P. tion to issue 230.000 5%
to
-The proposi
DS VOTED.
tion will be held Jan. 21, it is reported,
-BON
llghtCounty, Cal.
, it is stated, at the election $73,000 school-impt. and $37,000 street, water-works and sewer and
5-15-yr. (ser.) high-school-constr. bonds carried
extension bonds.
held Dec. 17 by a vote of 166 to 70.
-Bids addressed to George
ING.
County,Iowa.
e
-BOND OFFER
DETROIT, Mich.
CASEY SCHOOL DISTRICT (P. 0. Casey), Guthri d to the Harris
d until 11 a. m. Jan. 11 for the
Engel. City Comptroller, will be receivebonds: $550,000 30
-An issue of 235,000 5% bonds was awarde
-year public"
-BOND SALE.
or reg. tax-free
at par on Oct. 26. Denom. $1,000.
-year public-building,
Trust & Savings Bank of Chicago Due 1924, opt. at int. dates in 1920, following 454% coupon public
2270,000 30
-sewer,
-year
school, 3200,000 30
Dec. 1 1914. Int. J. & D.
public-lighting.
-year
Date
-year public-bldg. and $350.000 10
$408.000 10
Int. J. & J. at
1921, 1922 and 1923.
- Denom. $100 or multiple thereof. Date Jan. 1 1915. Detroit in N.Y.
-BOND OFFERING.
Ind.
bank of City of
CASS COUNTY (P. 0. Logansport),
red until 10 a. m. Jan. 20 by D. A. office of City Treas, or at current officialState bank or upon any national
Reports state that bids will be conside 5% ditch bonds.
or cash on a Detroit
City. Cert. check
ed at
Hyman,County Treas.,for $33,076 52
bid for, required. Bonds can only be deliver any,
Ill.
-BONDS OFFERED BY bank, for 2% of bonds
accrued interest, if
CHAMPAIGN, Champaign County,Chicago is offering to investors the office of the City Treasurer in Detroit andentertained for the whole
Hanchett Bond Co. of
y. Proposals will be
-The
BANKERS.
charged on deliver
the bonds cannot be sold for
ement bonds. Denom. $100, $300 and $500. will be
140.000 5% Niel St. improvt annually on Sept. 5 at City Treasury. Due or any portion of the issues. Under the law
Date Sept. 5 1914. Interes 1916 to 1922,inclusive,and $4,600on Sept. 5, less than par.
on on
bonds by Detroit since the adoptiissues
This is the first public sale of
24,400 yearly on Sept. Strom 246,000. Assessed value 1913, $4,072,142,
providing that future
Nov. 4 of an amendment to the city charter
1923 and 1924. Bonded debt,
the rate has
$12,500,000.
interest at not exceeding 5%. Heretofore
may bear
real value (estimated),
for bids
Merrick of bonds
(V. 99, p. 1471). On June 30 the city asked
CHAPMAN SCHOOL DISTRICT NO. 9 (P. 0. Chapman), made of been limited to 4%bonds, but only 250.000 worth were sold at that time.
-No sale has yet been
County, Neb.-BONDS NOT YET SOLD.17 1914 (V. 99,9. 1159), owing for $1,178,000 4%
DISTRICT No. 2, Greenlee
SCHOOL
DUNCAN UNION HIGH -Sweet, Causey, Foster & Co. of Denver
the $18,000 5% building bonds voted Aug. the sale of the bonds, the com-BOND SALE.
County, Ariz.
to an injunction having been filed against a smaller issue.
-20
and int.. the $40,000 6% 10 -year (opt.)
plainant agreeing to circulate a petition for
were awarded on Nov. 16 at par
on Nov. 2 (V. 99, 13. 1473)•
-On Dec. 28 $6,142 12 6% gold building bonds offered without success & 0.
-BOND SALE.
CHATTANOOGA, Tenn.
Co. of Chicago Denom. $1,000. Date Oct. 1 1914. Int. A.
tt Bond
coupon paving bonds were awarded to the Hanche
-BONDS TO BE OFFERED
Iowa.
EARLHAM, Madison County,Clerk, advises us that this town will
for 26,209 12 (101.09) and int. Other bids were:
26,197 02
-D. J. Hawley, Town
First National Bank, Cleveland
-year (opt.) electric-light and
6,167 12 .SHORTLY. at private sale 28,000 535% 10-20
shortly offer
Breed, Elliott & Harrison, Cincinnati
$500. Int. semi-annual.
water-works-extension bonds. Denom.
Date Dec. 5 1914. Duo in 1918.
Bechtel
ICT (P. 0. El Centro),
-BOND SALE.--Geo. M.
EL CENTRO UNION HIGH SCHOOL DISTR PROPOSED.
-Reports
CHELSEA, Tama County, Iowa. during August the $17.000 5I-i%
-BOND ELECTION
at par
County, Calif.
& Co. of Davenport were awarded p. 2008. Denom. $500. Int. M. & S. Imperial an election will be held in the near future to submit to a vote the
98,
state that
-extension bonds.
water bonds mentioned in V. call $500 each year.
n of issuing $125,000 high-school-bldg.
to
questio
Due $1.000 yearly, subject
(P. 0. Alta), Buena Vista
-Local newspaper reports state
ELK TOWNSHIP SCHOOL DISTRICT
-BONDS PROPOSED.e of 21.000,000 bathing beaches,
of
CHICAGO, Ill.
-BONDS NOT YET SOLD.-The Secretary of the Board
the issuanc
County,Iowa.
that this city is contemplating
sal-plant bonds.
has yet been made of the $10,000 5% reg.
$750,000 garbage-dispo
Education advises us that no sale
sale (V. 99,
playgrounds and park and
-Ordinances were tax-free building bonds which this district has been offering for
AUTHORIZED.
-BONDS
CINCINNATI, Ohio. on Dec. 15 providing for the issuance of the p. 1160), as another election is being held.
-WARRANT SALE.
passed by the City Council
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.
following 43i% bonds:
bonds. Due in 40 years, subject to An issue of $14,948 99 8% warrants has been purchased by the State of
00 water-works-ext. and inapt.
$250,0
call after 20 years.
Nov. 5 Florida.
-On
-TEMPORARY LOAN.
1250.000 public-hall-constr. bonds voted
ESSEX COUNTY (P. 0. Salem), Mass. loan of $10,000 dated Dec. 28
25,000 of an issue of 30 years.
1912. Due in
Dec. 28 the Independent Agricultural School1925) was negotiated with the
multiples thereof. Date Jan. 2 1915.
(V. 99, p.
and maturing June 28 1915
Denom.$100 or
-BONDS OFFERED BY 1914
y, Fla.
Lynn at 3.43% discount. Other bids were; CLEARWATER, Pinellas Count of Chicago is offering to Investors Manufacturers' Nat. Bank of
Discount.
-The Hanchett Bond Co. refunding bonds offered on Dec. 2
BANKERS.
3.70 plus $1 75
t & Trust Co., Gloucester
-year water,sewer and
Int. M. & N. at Gloucester Safe Deposi
the $75,000 5% 30
3.79
Denom. $500. Date Nov. 1 1914. Assessed value. Blake Bros. & Co., Boston
(V. 99, p. 1472).
3.85
Total debt, $155,000.
Loring, Tolman & Tupper. Boston
Hanover Nat. Bank, N. Y.
3.85
$3,162,480.
Gloucester National Bank, Gloucester
21,581,240; total value (estimated).
3.89
-The following are the bids re- C. 8. Butler
-BOND SALE.
20
-year
CLEVELAND, Ohio.
On Dec. 31 a loan of $70,000.dated Dec.20 1914 and maturing April is
-year (aver.) water-works, 218,000 10
it
ceived for the $500,000 38
-year (aver.) Dugway Brook sewer 1915 was negotiated with the Cape Ann Nat. Bank of Gloucester,
00 18
electric-light funding and $175.0offered on Dec. 29(V. 99. p. 1693):
discount.
stated, at 3.45%
bonds
2175,000
% coupon or registered
218.000
(Utica), Mont.
2500,000
FERGUS COUNTY SCHOOL DISTRICT NO. 100the State Board of
Issue.
Issue.
Issue.
-This district has sold $1,000 bonds to
BOND SALE.
ion of any
Cleveland, and Curtis &
Land Commissioners at its bid of par for 6s redeemable at expirat
Otis & Co.,
$516,055 00 *$18,184 00*$178,168 00 interest period.
Sanger. Boston
-This
Cleveland,
-BONDS PROPOSED.
Hayden. Miller & Co.,and Merrill,
FREMONT, Steuben County, N. Y. bonds. Sam. B. Hendee is
Co.. N.Y.,
Rhoades &
18.163 80 177,642 50 town is contemplating the issuance of $2,000
514.150 00
Oldham & Co., Boston
Town Clerk (P. 0. Hornell, R. D. No. 2).
-The
-BOND SALE.
Mich.
Field, Richards & Co.,Cincinnati.and 513,300 00
18,083 00 176,838 00
o
FORD (P. 0. Detroit), Wayne County, voted Sept. 1 (V. 99, p.688)
A. B. Leach & Co., ChicagY., and
0 water-main and sewer-extension bonds advised.
Harris, Forbes & Co., N.
have just been
6 50 $16.00
18,124 38 177,30
0 00
were sold during that month, we
Esterbrook & Co., Boston Well. 511,59
ICT (P. 0. Garwin), Tama County,
GARWIN SCHOOL DISTRadvised that the $7,000 5% school bonds
Kean, Taylor & Co., Chicago,Fifth-We are
-BOND SALE.
Iowa.
Roth & Co., Cincinnati, and
of. Due in 1924.
18,09200 176,978 00
511,056 00
V. 99, p. 424, have been disposed
Bank. Cincinnati
mentioned in
Third Nat.
0 00
OL DISTillotson & Wolcott, Co., Cleveland_ 508.45
CHATHAM (Towns) UNION FREE SCHO
18,045 00
GHENT AND
-BOND
Columbia County, N. Y.
Provident Say. Bk.& Tr. Co., Chao_
TRICT NO. 1 (P. 0. Chatham),
week, until 8p. m.
•Successful bids.
-Proposals will be received, as stated last N. Park, Clerk, for
a reso- OFFERING.
of Holt
-The City Council on Dec. 21 adopted ptingBONDS AUTHORIZED.
by the Board of Education at the office
of $470,000 43-6% coup. interce & O. Jan.8 0 45 % 25 4 -year (aver.) school bonds in coupon form, with
-5
,
6
lution providing for the issuance
$75,00
1 1915. Int. A.
Principal and semi-ann. int.
funding bonds. Denom. 21.000. Date April
registration. Date Oct. 11914. will prepare and certify as to
privilege of
sewer
1 from 1916 to 1962 inclusive.
S. Mortgage & Trust Co., N. Y., which 1 $500 yearly 1915 to 1924
Due 110.000 yearly on April
Due on Oct.
0. Cleveland), Cuyahoga at U.
CLEVELAND SCHOOL DISTRICT (P. sals will be received until the genuineness of the bonds.
1930 to 1934 incl.,
ING.
-Propo
$1,000 yearly 1925 to 1929 incl., $1,500 yearly
-BOND OFFER
County, Ohio.
of Ed.,for the following 4 % incl., yearly 1935 to 1939 inel $2,500 yearly 1940 to 1944 incl., $3,000
$2,000
Jan. 18 by Sarah E. Hyre. Clark Bd.
3 p. m.
yearly 1950 to 1954 incl. Legality ap1945 to 1949 incl., $4,000Reed, N. Y., whose opinion will be furyearly
coupon bonds:
ch &
Due
to proved by Caldwell, Massli
$600,000 bldg. bonds.bonds.in 20 years.
check on an incorporated bank
Due $20,000 yearly from Jan. 18 1916
nished purchaser without charge. Cert.
P. Boright.
400.000 bidg.-impt.
company for 2% of bonds bid for, payable totWm. company
1935 incl.
Cert. check on a or trustrequired. Proposal on form furnished by distric or trust
of sale." Int. semi-am:
Denom.$1,000. Date "day bid for, payable to Treas. of Bd. of Ed., re- Treas., above. Purchaser to pay accrued int. Bonded debt (this issue),
of bonds
national bank for 5%be made on forms furnished by the above Clerk. named
ed val.. $1,740.826.
quired. Bids must of $1,500,000 voted Aug. 11, of which $500,000 has $75.000. Assess
-It is stated that
ION.
-BOND
part
GLENCOE, Cook County, 111. on theELECT n of issuing $6.500 fire.
These bonds are Board of Commissioners of the Sinking Fund of the City
questio
an election will be held Jan. 9 to vote
been sold to the See V. 99. p. 996.
protection bonds.
School District.
-On
-On Dec.
-BOND SALE.
-BOND SALE.
County, Minn.
ort), Ind.
GRAND MEADOW, Mower bonds(Y.99, p. 1767) were awarded to the
CLINTON COUNTY (P. 0. Frankf road bonds, aggregating $33.440
of 4%% gravel
$5,500 coup. village-hall
Dec. 28 the seven issues
Clinton County Bank of Frankfort 15 the ota Loan & Trust Co. of Minneapolis at par and int. for 5s. Other
Minnes
1924) were awarded to the
(V• 99, P. Wild & Co. of Indianapolis for $33,563 55 (100.369) and int. bids were received from C.0. Kalman & Co. of St. Paul and Kissel, Kinnitently reported under the
and J. F.
bidders.
Co. of Chicago. This item was inadver
There were no other
. cutt & Grand Meadow, Mont., in last week's "Chronicle," page 1925.
-BONDS DEFEATED
head of
St. Johns), Mich.
-Local
CLINTON COUNTY (P. 0. "against" was cast Nov.3on the question
-BOND ELECTION.
Kent County, Mich.
GRAND RAPIDS,
ion has been passed providing for the
a
-A vote of 1,301 "for" to 3,004ary bonds (V. 99. p. 914).
newspaper reports state that resolut
0 county-infirm
of issuing $30,00
Delaware County, submission to the voters on Apr. 5 the question of whether or not this city
SCHOOL DISTRICT,
Jan. 9
CONCORD TOWNSHIP
issue $60.000 armory-construction bonds.
-Bids will be received until 2_p. m.
-BOND OFFERING. of Ed. (P. 0. Delaware, R. D. No. 5), for shall
-On Dec. 22
Ohio.
Wis.-BOND SALE.
GRAND RAPIDS, Wood County,hase bonds (V. 99,
7627, Gen.
A. Dunlap Clerk Bd.
1767) were
7625, 7626.
by W.
0 5% elec-light-plant-purc
school-house bonds. Auth. Secs.
220,000 554% .$500. Date Jan. 9 1915. Intr. M.& S. at Deposit Bank- the 280,00 N. W. Halsey & Co. of Chicago at 101.0155. Denom. $500.
Denom
from Mar. 1 1916 to Sept. 1 awarded to 1914. Int. J. & J. Due 1915 to 1928 incl.
Code.
$500 each six months
2
jug Co., Delaware. Dueon a Delaware County bank (or cash) for $300, Date Jan.
), Marion County, Ohio.
GREEN CAMP TOWNSHIP (P. 0. Marion
1935 incl. Cert. check required. Bonds to be delivered and paid for
-The following are the bids received for the $3,500 6%
to above Clerk, of award.
-BOND SALE.
payable
bonds offered on Dec. 24 (V. 99, p. 1613):
from time
within 10 days
(P. 0. Coon coupon town-hall
*23.538 85
Cleveland
& Wolcott Co
INDEPENDENT SCHOOL DISTRICT
3.511 00
-The $4,000 5% 10-Yr. Till National Bank, Barnesville
COON RAPIDS
-BOND SALE.
y, Iowa.
Rapids), Carroll Count 11914, which this district has been offering for First
accepted.
Nov.
* Reports state that this bid was
school bonds dated
have been sold.
sale (V. 99. Ish 1159)
JAN. 21915.]
THE CHRONICLE
69
GREENE SCHOOL DISTRICT (P. 0. Greene)
, Butler County,
LAKE COUNTY SCHOOL DISTRICT NO.21, Fla.
lowa.-BONDS NOT SOLD.
-No sale has
-BOND SALE.
building bonds voted Aug. 19 (V. 99, yet been made of the $4,500 5%, The State of Florida has purchased $35,000 6% bonds
for
Dec. 15 1914. Int. M.& N. Due $500p. 1160). Denom. $500. Date equal to 102.116. Date Sept. 1 1914. Due June 1 1944. $35,740 85
each 6 months from May 1 1919
to May 1 1923 incl.
LAKE MILLS, Jefferson County, Wis.-BOND SALE.
-Local inGREEN17P COUNTY (P. O. Greenup), Ky.-BO
vestors have purchased at
ND ELECTION.- nom.$500. Int. annually par $5,000 4% bonds dated Aug. 1 1913. DeEepstate that an election will be held Jan.
on Feb. 1. Due 1920 to 1928 incl. The sale of
19 to vote on the question $2.000 of these
of
$200,000 road bonds.
bonds was reported in V. 99, p. 1082.
HAMILTON COUNTY (P. 0. Noblesvi
LAKEWOOD, Cuyahoga County Ohio.
Ind.
-BOND OFFERING.
-BOND SALE.
-ProOn Dec. 28 $30,300 4 % gravel-road bondslle), awarded
were
, it is stated, to posals will be received until 12 m. Jain. 18 by B. M. Cook, Director of
the Citizens' State Bank of Noblesville for $30,416
Finance, for $11,825 Detroit St. sewer (denom. $2,365) and
(100.382) and int.
$1,500 Riverway Drive sewer (denom. $300) 5% assessment bonds. Int.
HAMMONDSPOR ,T Steuben County, N. Y.
A. & 0. at
-DESCRIPTION OF Cleveland Trust Co., Clevelan
BONDS.
-The $25,000 5% refunding water bonds awarded
d. Due serially beginning Oct. 1 1915.
on Nov. 14 Certified check for 5% of bid required.
to the Bank of Hammondsport at par (V.99, p. 1925)
are in denominations no litigation pending or threatened and Official circular states that there is
of $1,000 each. Date Nov. 15 1914. Int. M. & N.
that the city has never defaulted.
Due $2,000 yearly Total debt (Dec. 30 1914). 31.546.0
beginning 1915.
73. Assessed value 1914, 840,639,260.
LA SALLE TOWNSHIP (P. 0. La Salle), La Salle County,
HARLOWTON, Meagher County, Mont.
-BOND OFFERING.
Ill.-Bids BOND SALE.
will be received until 8 p. m.Jan. 21,
-The 58.000 Deer Park bridge (twp's share) bonds (V. 99,
Clerk, for $15,000 15 -year (opt.)it is stated, by S. K. Campbell,Town p. 1161) have been sold to a local party.
-20
water-works-exten
exceeding 6% int. Certified check for 81.000 required. sion bonds at not
LAWTON SCHOOL DISTRICT(P.O. Lawton), Woodbury County,
These bonds were
offered on Sept. 17 but no award was made. See
Iowa.
V. 99. p. 915.
-BOND SALE.
-On Dec. 11 the 825,000
p. 1161) were awarded to Geo. M.Bechtel & Co.5% bldg. bonds (V. 99,
HAZLETON INDEPENDENT SCHOOL DISTRICT
of Davenport. Denom.
(P. 0. Hazle- $1,000. Date Nov. 2 1914.
ton), Buchanon County,Iowa.
Int. M. & N. Due 1924, subject to call
-BOND SALE.
-An NSW of 817,0005% $1,000 yearly
10
-year coupon building bonds has been awarded to Geo.
beginning 1918.
M. Bechtel &
Co. of Davenport at par. Bonds to be delivered Jan. 1
LEVY COUNT (P. 0. Bronson), Fla.
-WARRANT SALE.
-An
trict is also known as "Greeley" District and was reported 1915. This dis- issue of 812.000 Y
8% warrants, dated Sept. 7 1914 and due Sept. 7 1915, has
under that head
In V. 99, p. 1160.
been purchased by the State of Florida.
HILLSBORO, Montgomery County, Ms.
-BONDS AWARDED IN
LEVY COUNTY SCHOOL DISTRICT NO. 7, Fla.
PART.
-Wm. R. Compton & Co. of Chicago were awarded at
-BOND SALE.
The 815,000
during Nov. $7,000 of the $16,000 5% 5 -year (opt) watee private sale of Florida. 6% bonds offered on Nov. 2 have been purchased by the State
-20
bonds voted
July 14 (V. 99, p. 215.)
LEWISTOWN, Fergus County, Mont.
-BOND SALE.
-Reports
HILLSBOROUGH COUNTY (P. 0. Tampa),"Fla.
state that an issue of 850,000 bonds for municipal impts.
-BOND
was disposed of
ING.
-Marshall Moore, Sec. Bd. of Public Instr., will offer forOFFER- on Dec. 16 to contractors.
sale at
public auction at 11 a. m. Jan. 5 the following school bonds:
LIVE OAK COUNTY (P. 0. Oakville), Tex.
$60,000 5% West Tampa Special Tax School District bonds.
-NO BOND ELECTION.
Denom.
$1,000. Due $3,000 yrly. on July 1 from 1916 to 1935 Encl. -We have just learned that the question of issuing the 8100.000 road bonds
Cert. check on a chartered banking house for 81,500 required (V. 99. p. 768) was not submitted to the voters on Sept. 26.
.
MC MINNVILLE,
Bonded debt (incl. this issue), $60,000. Assess. val.
-BOND OFFERI
1914. posals will be received Yamhill County, Ore.
-ProE1510,000,• value of taxable property (est.). $1,510,000.
until8 p. m.Jan.5 by A.C.Chandler, CityNG.
Recorder
5,0006% Winauma Special Tax School District. Denom. $500. Due for $6,676 37 6% 1-10
-year (opt.) sewer-impt. bonds. Date Jan. 1 1915,
Int. J. & J. at the fiscal agency of the State of
$500 every other year on July 1 from 1916 to 1934 incl.
check on a chartered bank for $250 required. Bonded Cert. check for 3% required. A transcript of proceedi Oregon in N. Y. Cert
ngs will be furnished purdebt chaser without charge.
this is.sue. Assess. val. 1914, $161,321: value
of taxable
property (est.), $462,000.
MACON COUNTY SCHOOL DISTRICT
Auth. elections held July 21 and July 2,
NO.3 (P. 0. Maroa),
BOND SALE.
-The $22,000 5% coup. tax-free
Int. F.& A.in Tampa,Chicago or N.Y. respectively. Date Aug. 1 1914. sold
Official circular states that there
on Sept. 14 (V. 99, p. 844) were disposed bldg. bonds offered but not
Is no litigation pending regarding this issue.
of in October, we are just
advised.
HOWARD COUNTY (P. 0. Kokomo), Ind.
MAHONING COUNTY (P. 0. Youngstown),
-BOND OFFERING.
Proposals will be considered by Larry Ryan, Co.
Ohio.
-BOND OFFER-Propos
5% ditch bonds, it is stated, until 2 p. m. on Jan. Treas., for $9,671 60 ING. Board als will be received until 12 m. Jan. 14 by Frank H. Vogan•
Clerk
of County Commrs.,for $40,000
14.
Auth. election held Nov. 3 1914. Denom. 5% Experiment Farm bonds*
HUMBOLDT COUNTY (P. 0. Eureka), Calif.
-BIDS REJECTED.
$1,000. Date Jan. 20 1915.
- Int. M.& S.at Co. Treasury.
NEW OFFERING.
-The following bids
Due
highway bonds offered on Dec. 16, werereceived for the 8150.0004% State from March 1 1916 to Sept. 1 192382,000 on Mar. land 53,000 on Sept.!.
incl. Cert. check
rejected:
Humboldt Nat. Bank,
to Co. Treas.. required. Bonds to be delivered on for $1,000. payable
Bank of Eureka, Eureka_ _18137.625
Eureka
to pay accrued interest. Bids must be unconditional.Jan. 20. Purchaser
*$141,6751
136.875
* Conditioned that all coupons now on bonds, amounti
MANATEE COUNTY (P. 0. Bradentown),
ng to 6,000 on
-BOND OFFERING.
Jan. 3 1915, remain attached.
-This county is contemplating the issuance of Fla.
$165,000 Sarasota-Venice
New bids will be received until 2 p. m. Jan.
12 by Geo. W. Cousins, road and bridge district lponds, it is stated.
County Clerk. These are bonds that were issued
by the State and purMANSON SCHOOL DISTRICT (P. 0. Manson), Calhoun
chased by the county from the State of
County,
California.
Iowa.
-BOND SALE.
-The $6,000 5% 5-yr. school-site bonds voted
HUNTINGTON BEACH GRADED
Huntington Beach), Orange County, SCHOOL DISTRICT (P. 0. July 29(V. 99. p. 1161) were handled and disposed of by Geo. M. Bechtel
& Co. of Davenport. Denom. $500. Date Nov. 2 1914.
Calif.
-BONDS PROPOSED.
Local newspaper re- orts state that
p
MARICOPA COUNTY SCHOOL DISTRICT NO. 1, Ariz.
850,000 and $75,000 school bonds.this district proposes to issue between
SALE.
-On Dec. 17 an issue of 830.0005% 20-yr. bldg. bonds was-BOND
INDEPENDENCE SCHOOL DISTRICT
awarded
Trempealeau County, Wis.-BOND SALE. (P. 0. Independence), to Sweet, Causey, Foster & Co. of Denver at par and int. Denom. $1,000.
-The 830,000 voted recently Date Dec. 11914. Int. J. & D.
(V. 99, p. 1394) will be sold $25,000
to the State and the balance locally.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND OFFERING.
INDIANAPOLIS, Ind.
-Proposals will be re- -It is stated that bids will be received until 12 m.Jan.4 by Carl von Hake
ceived until 12 m. Jan. 5 -BOND OFFERING.
,
by J. P.
coup. safety board bonds of 1914. Dunn, City Compt., for $80,000 4% Co. Treas.,for $15,000 4%% highway-irnpt. bonds.
Denom. $1,000. Date Sept. 1 1914.
MARSHALLTOWN, Marshall County, Iowa.
Int. at Merchants' Nat. Bank, Indianapo
-BONDS AWARDED
lis. Due $20,000 on July 1 1920, IN PAR T.
1921, 1922 and 1923. Cert. check on an
-Private investors have purchased at par $9,000 of an issue
Indianapolis bank for 214% of $14,500 5%
of
bonds bid for, payable to Carl
5-10-yr. (opt.) fire-equip. bonds. Denom. $500. Date
legal opinion of Smith, Duncan,von Hoke, City Treas., required. The July 1 1914. Int. J. & J.
Hornbro
these bonds can be seen at office of City ok & Smith on the validity of
MARTIN COUNTY (P. 0. Shoals), Ind.
-BOND OFFERING.
cessful bidder. Bonds to be delivered Compt. and will be furnished suc- Boner,
-Lloyd
Co.
on Jan. 7, or at such time or times as and paid for at office of City Treas. Mitcheltree Treas., will receive bids until 12 m. Jan. 4 for $7,500
%
may
Tvrp. road-impt. bonds.
award is made) be agreed upon between (on the day bids are opened and
purcha.ser and City Compt., all
MARTIN COUNTY (P. 0. Fairmont), Minn.
such deliveries, however, to be made
-BOND SALE.
-The
within 30 days from Jan. 5. These Minnesota Loan & Trust Co.of
bonds were offered without success
Minneapolis has taken
on Nov. 20 (V. 99, p. 1849).
drainage bonds upon which it had an option (V. 99, up the $50,000 634%
IOWA CITY,Johnson County
p. 1242).
Iowa.-NO ACTION YET TAKEN.No action has yet been taken
MEDIAPOLIS, Des Moines County, Iowa.
-BOND SALE.
looking towards the
fire-equipment
-purchase bonds mentioned in V. issuance of the $16,000 $4,000 5% (not 514% as first reported) 2 -year (ser.) water-mains-The
-10
-exten99, p. 1161.
sion bonds offered without success on Aug.
IPAVA, Fulton County, Ills.
-BOND ELECTION PROPOSED.
awarded to a Burlington, Iowa, investor on 20 1914 (V. 99. p. 689) were
Reports state that an election will be held
in the near future to vote on - Purchaser about 5%% Date Nov. 11914. Nov. 1 at a price to net the
.
question of issuing $6,000 water-works-impt
the
. and extension bonds.
MIDDLESEX COUNTY (P. 0. Cambrid
IRON COUNTY (P. 0. Crystal Falls),
ge), Mass.
-NOTE SALE.
Mich.
-BONDS TO BE OF- On Dec. 29 the $10„0004% notes, dated Dec. 1 1914 (V.
FERED SHORTLY.
-According to local newspaper
awarded
99,1?. 1926) were
proposes to shortly offer for sale $25,000 road-imp dispatches,this county $1,000 to W.L. Raymond & Co. of Boston at 100.74, and int. Due
yearly from 1915 to 1924, inclusive.
t. bonds.
Other bidders were:
JACKSON COUNTY (P. 0. Brownstown),
Ind.
-Proposals will be received until 10 a. m. Jan. 9 -BOND OFFERING. R. L. Day & Co., Boston -100.459[Blake
by John
Bros. & Co., Boston_ _ _100.15
Treas., for the following 4J. % highway-impt. bonds: E. Belding, Co. Sellers, Phillips & Co., Bos_ _100.30
$5,800 Albert Kerkhoff et al road-impt. bonds in Hamilto
MIDDLESEX COUNTY (P. 0. New
n Twp. Denom. SALE.
$290.
-On Dec. 21 the $33,600 14-year Brunswick), N. -I.-BOND
(average)
11,000 Wm. Bishop et al road-impt. bonds in Grassy
Fork Twp. Denom. bridge bonds (V. 99, p 1850) were awarded to John coupon or registered
D. Everitt Sr Co. of
$550.
N. Y.for $33,660 (10017) as 434s
-a basis of about 4.483%. There were
Date Dec. 7 1914. Int. M.& N. Due one bond of
each issue each six no other bidders.
months from May 15 1915 to Nov. 15 1924 incl.
MILTON, Santa Rosa County, Fla.
-BOND SALE.
$8,000 5% 30
-An issue of
JACKSON SCHOOL TOWNSHIP (P. 0. Flint),
-year
Steuben County, State of Florida at bonds, dated July 1 1911. has been purchased by the
Ind.
-BOND SALE.
-We learn that on Dec. 23 the $4,500
96.375.
4%
tax-free school-refunding bonds offered without success on
MINNEAPOLIS, Minn.
Nov. 18(V. 99,
-BOND OFFERING.
p. 1767) were awarded to Louis Freeman and Homer
Brown at par.
ceived until 2 p. m. Jan. 7 by Dan C. Brown. -Proposals will be reJOHNSTOWN, Fulton County, N. Y.
City Compt.. for 847.500
-BOND
-On Dec. 24 4% 30-yr. coup. hospital bonds. Denom.
the two issues of 5% coupon or registered bonds. SALE.
$50. $100, $500 and $1,000 as
aggregating 114.250 desired by purchasers.. Date
(V.99, p. 1767). were awarded to O. L.Everest of
Jan. 1 1915. Int. J. & J. Cert. check
Gloversville and Wm.P. for
Bonbright & Co., Inc., New York. for $14,302 02
2% of bonds bid for. payable to C.A.
-equal to 100.365.
Bloomquist, City Treas., required.
Other bids were:
No bid will be entertained for less
Isaac W.Sherrill Co., Poughkeepsie
than 95% of par value of said bonds
$14,285 13 and accrued int. upon same to date of
Douglas Fenwick & Co., New York
delivery.
14,277 00
Farson, Son & Co., New York
The official notice of this bond offering
will be found among the advertise
14,260 69 ments
elsewhere in this Department.
KANE COUNTY SCHOOL DISTRICT NO. 131 (P.
0. Aurora), Ills.
-BONDS TO BE RE
MITCHELL, Davison County, So.
-OFFERED IN MARCH.
-We are advised that the
Dak.-NO ACTION YET TAKEN
$45.000 4%% site-purchase and construction bonds offered
-Under date of Dec. 27 the City Auditor
advises us that no action has yet
on Sept. 10 (V. 99. p. 1394) will probably be re-offered forwithout success been taken looking towards the re-of
-20
Denom. to suit purchaser. Date May 1 1915. Int. sale in March. municipal-telephone bonds offered fering of the 860,000 10 -year (opt.)
without success on Oct.
M. & N. Due P• 1161), as the
$5.000 yearly on May 1 from 1916 to 1924 inclusive.
matter is still in the hands of the Supreme 20 1913 (V. 99,
Court.
MONROE COUNT (P.
KAUKAUNA, Outagamie County, Wis.-BOND
SALE.
-BOND SALE.-The $10,000 On Dec.26 the $2.200 Y % 0. Bloomington), Ind.
• % coup. park bonds offered without success on
Sept. 1 (V. 99, p. 1082) to John Millis of Blooming road-impt. bonds(V.99. p. 1926) were awarded
have been sold to local investors.
ton for $2,215
-equal to 100.681. Denom.$110.
MONROE TOWNSHIP RURAL SCHOOL
KENDALL COUNTY (P. 0. Boerne), Tex.
DISTRICT (P. 0. Wil-BONDS VOTED.
-The liamsport R. F. D.), Pickaway County, Ohio.
question of issuing the $25,000 5% 20-40-yr. (opt.)
-On
No. 1 (V. 99, p. 1767) carried by a vote of 251 to road bonds in Precinct Dec. 28 the $20,000 5% 11-year (aver.) coupon -BOND SALE
building bonds(V. 99,
34 at the election held p. 1926) were awarded
Dec. 18.
, reports state,
at 100.50, a basis of about 4.994%• to the First Nat. Bank of Circleville
KING COUNTY (P. 0. Seattle), Wash.
-BOND
-On Dec. 22
MONTROSE, Henry County, Mo.-BONDS NOT SOLD.
the $1,000,000 5% 20-yr. gold road bonds (V. 99, SALE.
-No sale
to Redmond & Co. and the National City Bank p. 1694) were awarded has been made of the $6,000 5% electric-light bonds which this
city has
Lumbermen's Trust Co. of Portland at 103.199 andof New York and the been offering for sale (V. 99. P. 1162
)• Denom. $100 to $500.
Int.-a basis of about
4%. Bids were also recieved from Geo. H. Tilden & Co.
MOUNT VERNON, Westchester County, N. Y.
-BOND OFFERING.
of Seattle,
Henry Teal of Portland, Dexter Horton:Nat. Bank,
Seattle, and E. H. Rol- -Proposals will be received until 8 p. m. Jan. 19 by Peter Collins,
lins & Sons, Chicago.
City
Clerk, for $20,000
% 30-yr. coup. fire and police-dept.
LAKE COUNTY (P. 0. Crown Point), Ind.
-bldg. bonds.
-BOND OFFERING.
- If no satisfactory bids are received at 434%, bids will be considered
Bids will be received until 10 a. m. Jan. 11 by A. J.
at 5%.
Swanson, Co. Treas., Denom. $1,000. Date
for $22,000 4%% Geo. M. Elder highway-lmpt. bonds
Jan. 11915. Int. J. & J. at office of City Treas.
of
Denom. $550. Date Dec. 15 1914. Int. M. & N. Due North Twp. Cost, check for $1,000 required. Bonds to be delivered
and paid for on or
months from May 15 1916 to Nov. 15 1925 incl. Transcri $550 each six before Jan.
pt with approved
25. These bonds will be certified as to genuineness by
opinion of Matson. Gates & Ross will accompany the
the U.S.
bonds, and no bids Mtge.& Tr. Co. and their legality approved by
will be considered except for immediate cash.
Caldwell, Masslich & Reed
of N. Y. C., whose opinion will be furnished
purchaser.
70
THE CHRONICLE
[VOL. 100.
bonds voted July 20 (V. 99.
ds the offering of the $150,000 school
offering will be found among the advertise- towar
D. 1083.)
The official notice of this bond
-On Dec. 19 the
-BOND SALE.
Y.
PERRY, Wyoming County, N. -truck bonds (V. 99, 13. 1769) were
ments elsewhere in this Department.
(ser.) motor-fire
8 p. m. Jan. 19 by John H. Cordes, City
Dec. 1 1914.
Proposals will be received until sewerage bonds. Denom. 31.000. Date $4,500 5% 1-9-year
ors at par. Denom. $500. Date
invest
Compt.. for $15.000 reg. tax-free J. & J. at office of City Treas. Due awarded to local
Int. J. & D.
Int. (4%% or 5%)
Jan. 1 1915.
-On
payable to "City of Mt. Vernon."
-BOND SALE.
County, N. J.
Jan. 1 1944. Cert. check for $1,000, ed as to genuineness by the U. S.
PERTH AMBOY, Middlesex
bonds (V. 99.
-year coupon or reg. water Everitt & Co.
required. These bonds will be certifi ved by Caldwell, Masslich & Reed Dec. 28 the $100,000 4%% 30
and their legality appro
& Co. and John D.
Mtge. & Tr. Co.
to A. B. Leach
hed purchaser.
It• 1927) were awarded and int.-a basis of about 4.422%. Clark, Dodge
of N. Y. City, whose opinion will be furnis
- of New York at 101.31
.
-NO ACTION YET TAKEN.
WAUX,Itasca County, Minn. Dec. 26 that no action has yet & Co. of New York bid 101.07
NASH
-BONDS PROPOSED.
of
ba County, Miss.
The Village Clerk advises us under datece of the $65,000 village-hall-conPHILADELPHIA, Neshobeen given of the intention of this city to issue
been taken looking towards the issuan V. 99, p. 1082.
Reports state that notice hasse and installation of a water-works-system.
struction and funding bonds reported in
00 bonds for the purcha
-On Dec. 8
-BOND SALE.
Nazareth), Northampton $30,0
Miss.
NAZARETH SCHOOL DISTRICT (P. 0.
PIKE COUNTY (P. 0. Magnolia), ct No. 4 road bonds were awarded
-The question of issuing $45,000
DS DEFEATED.
-BON
-year Supervisors Distri Toledo. Denom. $500. Date
County, Pa.
on Dec. 22 by a vote of 138 "for" $100,000 6% 25
en of
Prudd
defeated at the electi
bldg. bonds was ,
to Hoehler, Cummings &and Oct. 1. These bonds are part of an issue
Int. April 1
1
to 320 "against.'
000 of this
-An issue of 88,000 Oct. 1914.
ed in V. 99, p. 217 the sale of $150, for 53.g.
-BOND SALE.
NEOGA Cumberland County,Ill. to the Cumberland County Nat. of $200,000. We report
Bank & Trust Co. of(Mn. at 100.20
Oct. 2 was sold
to the Provident Say. not consummated.
issue
6% water bonds voted
. Int. ann. beginning July 1 but the sale, however, was
8
Bank of Neoga on Nov. 2. Denom. $1,000 incl.
SCHOOL TAX DISTRICT NO.
1925
PINELLAS COUNTY SPECIAL
1915. Due $1.000 yrly. July 1 1918 to
-year school bonds
-No
-The $8,000 6% 25
ON YET TAKEN.
-BOND SALE.
-NO ACTI
NEVADA, Story County, Iowa.to vote on the question of Issuing the (P. 0. Largo), Fla. s on Dec. 1 (V. 99, p. 1475) have been purchased
offered without succes
date has yet been set for the election
1162.
by the State of Florida.
El
$15,000 water-works bonds. V. 99, p.
SCHOOL TAX DISTRICT NO.
-Reports state that the
ORIZED.
PINELLAS COUNTY SPECIAL .
Florida has pur-BONDS AUTH
NEWARK, N. J.
ing for the issuance (P. 0. Dunedin), Fla.
-BOND SALE -The State of d without success
an ordinance provid
Common Council on Dec. 28 passed ovement bonds.
school bonds offere
(aver.)
chased the $8,0006% 163 -year
of $30,000 city-hospital-wing-impr
RICT (P. 0. New Canton), Pike on Dec. 1.(V.99. p. 1475).
-On Dec. 29
-BOND SALE.
NEW CANTON SCHOOL DISTare advised that the 33,000 schoolN. Y.
D, Monroe County, g bonds(V,99. p. 1851) were awarded
.
-We
PITTSFOR
-BOND SALE
County, Ills.
pavin
have been disposed of.
the $5.000 8 2-3-yr.(aver.) reg. Rochester at par and int. for 4%s. Other
bonds voted May 23 1914 (V. 98, p. 1867)
ies, Wis.-BONDS to the Rochester Says. Bank of
NEW LONDON, Waupaca and Outagamie Count
the Common Council on
-An ordinance was passed bycoupon Shawano St.-impt. bidders were: Co., N. Y., 100.31 for 5s.
AUTHORIZED.
H. A. Kahler &
ce of $20,0006%
for 5s.
Dec. 15 providing for the issuan
B. Gibbons & Co.. N. Y., 100.25
$100. Date Jan. 2 1915. Int. ann.
-This city has
bonds. Denom. (13) 3500. (135)Due $2.000 yearly on Jan. 2,from 1916' Geo.
y, Wis.-BOND SALE. 99, p. 624.)
of City Treas.
PORTAGE, Columbia Count
on Jan. 2 at office
without success on Aug. 22.(V.
sold the 330.000 bonds offered
to 1925 incl.
-BOND OFFERING.
e County, N. Y.
-Proposals wil
-CERTIFICATE OFFERING.
PORT DICKINSON, Broom
5, reports state, for
NEW ORLEANS, La.
Finan- The VII. Clerk will receive bids until 8 p. m. Jan.
a. us. Jan. 26 by A. G. Ricks, Commr. of Public
be received until 11
.
and
paving certificates. Denom. $100, $39,000 street-impt. bonds
-On Dec. 22 the $185,044 85
ces, for $550,000 5% Coupon tax-free
-BOND SALE.
were
PORTLAND, Ore.
Due 355.000 yearly on Jan. 1 from 1017
$500 and $1,000. Int. J. & J. on said dates redeem a greater amount $150,000 6% 1-10-year (opt.) street-impt. bonds (V.99. P. 1760)
may
ed as follows:
to 1926 incl., but the city
Issue.
ion so to do shall have been award
Successful bids for $185,044 85 And. Bid for. Price Paid.
of said certificates, provided notice of its intent
for two weeks during
102.50
Bidder$500 00
hed in the official journal of the city twice a week
publis
102.50
2,50000
in which event, the additional Eza B. Ball
the month of the preceedingiNovembor,
102.50
Beyer
10,000 00
the order of the date or dates of'the succeed- EmilieWillis
102.39
W.T.
25,000 00
certificates shall be redeemed In
a New Orleans bank for 3% Lumbermen's Trust Co., Portland
102.519
25.00000
ing maturity or maturities. Cert. check on
102.25
ate bids for the de6,000 00
payable to above Commr., required. Altern
rson
McPhe
of bid,
102.50
85.044 85
entire Issue ($550.000) Geo. L. and J. A.
102.56
livery of the bonds will be received as follows :for the
1,000 00
ry of 3150.000 on April 1
103
2,000 00
to be delivered April 1 1915, or for the delive
for Henry Teal. Portland
ered
102.75
5,000 00
000 on July 11915. No bid will be consid
May 1. June 1 and $100,
102.25
of delivery.
6,000 00
of the par value and accrued Interest to date the advertise- Guardian Trust Co., Denver
less than 95%
102.75
6.00000
sey M. Slocum
found among
102.28
Jacob Kanaler, Attorney for Guern
10,000 00
The official notice of this bond offering will be
102.50
W. F. White
1,000 00
ments elsewhere in this Department.
- United States National Bank
La.
DISTRICT, Ascension Parish, by the
Bids for $150,000 Issue.
Successful
NEW RIVER DRAINAGE will be received until 12 m. Feb. 4
J25,000 00 101.27
-Proposals
Co
Station,
BOND OFFERING.
125,000 00 101.517
r,(P.O. Gonzales, La.). Edenbornannually Lumbermen's Trust
Board of Commrs., C. C.'Webe 5% 38
62,000 00 101.0333
-year drainage bonds. Int. be reL. R. & N. ER.), for $175,000 for 3500 required. A bond will
Geo. L. and J. A. McPherson
1.00000 101.75
on Dec. 15. Cert, check or cash the contract price,to be furnished in a United States National Bank and Pension Fund_ _ _ 125.000 00 100
Relief
the amount of
quired of one-halfcompany authorized to do business in the State of La.
Wm.Adams, Firemen's
112.000 00 100
responsible surety
-On
-BOND SALE.
County, N. F.
-BONDS NOT YET ISIowa.
NISKAYUNA, Schenectady ) coup. or reg. sewer-installation bonds
POSTVILLE, Allamakee County, sewer-system bonds voted Oct. 12
-year (aver.
-equal SUED.
-We are advised that the $25,000
Dec. 28 $12.000 5% 7 as Fenwick & Co. of N. Y. for $12,101 50
not yet been issued.
to Dougl
were awarded
(V. 99, p. 1315) have
%. Other bidders were:
-On
-BOND SALE.
y, N. Y.
to 100.845-a basis of about 4.859 II. W. Sherrill Co.. Poughk_ _100.295
17
POUGHKEEPSIE, Dutchess Count
W. Sherrill
Parson. Son & Co., N. Y_ _ _100.4
J. at Citizens'Trust Co.,
% bonds were awarded to the Isaac
Date Jan. 1 1915. Int. J. &1916 to 1927 incl. Bonded Dec. 10 the following par and int.:
Denom. $100.
1
Co. of Poughkeepsie at
0 yearly on July 1 from
Schenectady. Due 31,00$27,000; no floating debt. Assessed valuation $40,000 paving warrant refunding bonds. Denom. $1,000. Date Dec.
debt (incl. this issue),
1914. Int. J. & D. Due Dec. 1 1934.
Sept. 1 1914. Int.
$1,000. Date
1914, 31.643.942.
10.000 high-school bonds. Denom.
-BONDS AWARDED IN PART.
NORMAL, McLean County, Ill.
t success on
M. & S. Due Sept. 1 1944.
-On
WED.
street-improvement bonds offered withou
-SHORT-TERM NOTES RENEon Sept. 23
Of the $18,000 5% have been disposed of to local investors at par and int.,
R. 1.
PROVIDENCE,
Sept. 7 $8,500 more to date. (V.99. p. 1162).
% notes sold to Providence banks widening of
Dec. 24 the $1,200,000
the
sold
of damages incurred in
making $13,500
-BOND OFFERING.-Blds will to obtain funds for the payment streets (V. 99. p. 917) were renewed at
for Empire, Fountain and North Main
NORWALK, Huron County, Ohio.
27, reports state,by L.Snook, City Aud.,
be received until 12 m. Jan. electric-light bonds. Int. semi-ann. Cert. these institutions at 4%%.
)
-BOND OFFERING.
Ind.
$100.000 5% 18-yr. (aver.
PULASKI COUNTY (P. 0. Winamac), , until 3 p. m. Jan. 16, it Is
check for 1% required.
.-BOND OFFERINO.-Pro- Bids will be received by J. J. Lowry, Co. Treas.
OOD, Paulding County Ohlo Geo. E. Keller, VII. Clerk. stated, for 30,100 4% highway-impt. bonds.
OAKW
1 p. m. Jan. 23 by
-BOND OFFERING.
e), Ind.
posals will be received until Dist. No. 1 sanitary-sewer (assess.) bonds
Treas.,
PUTNAM COUNTY (P. 0. Greencastl
for 321,000 5% coup. Sewer D. at Teutonia Nat. Bank, Dayton. Due Bids will be received until 2p. m. Jan. 4 by H. II. Runyan County l Twp.
1914. Int. J. &
bonds in Russel
Date Dec. 1
and three bonds 10 years after date. Cert. for $9,880 4%% Milton McGaughey road impt.
9 years
two bonds yearly forbank of Dayton for 3% of bonds bid for, payable to
Denom. $494.
check on a national
-BONDS DEFEATED.
on), Miss.
be delivered and paid for within 10 days
0 road bonds
above Clerk, required. Bonds to
RANKIN COUNTY (P. 0. Brand
the proposition to issue 350.00
after day of award.
At the election held Dec. 23is stated, bya veto of41 "for" to 140"against.
-On Dec. 15 319.000
D SALE.
ed,it
OCONTO, Oconto County, Wis.-BON stated, to II. T. Holtz & Co. in Beat No.5 was defeat
-BOND ELECTION.
ed, it is
Alexandria), La.
street-improvement bonds were award
RAPIDES PARISH (P. 0.be held Jan. 19 to submit to a vote the proped for only
1 50 (101.902) and int. Bids were receiv
election will
an
of Chicago for $19,36
authorized, being retired at once by the It is stated that$100,000 road-construction bonds.
$19,000. as $1,000 of the $20,000
or in this year's tax levy ((V. 99. p. osition to issue BEACH UNION HIGH SCHOOL DISTRICT, Los
000
city through the levy provided theref
REDONDO
-It is stated that the $150.99,
-BOND SALE.
y, Calif.
Sept.8(V.
1768).
-BOND ELECTION. Angeles Count
ng bonds offered, but not sold, on
OKLAHOMA CITY, Oklahoma County, Okla.the $240.000 reservoir 534% 3-32-yr. (ser.) buildi of.
of issuing
ed
rt),
-The election to vote on the question not exceeding 5% int., payable P• 559), have been dispos
OL DISTRICT NO.86(P.O. Lambe
construction and site-purchase bonds at
-10
RICHLAND COUNTY SCHO 17 an issue of 31.8006% 5 -year (opt.)
be held Jan. 15.
-On Dec.
semi-annually (V. 99, p• 1696). will
-BOND SALE.
Mont.
of Montana at par. DeState
ell County, No. Car.
ng bonds was awarded to the
Int. ann. on Dec. 17. payable at
OLD FORT SCHOOL DISTRICT, McDowett Bond Co. of Chicago is coupon buildi
$100. Date Dec. 17 1914.
-The Hanch
BONDS OFFERED BY BANKERS. -year school-building bonds. Denom. nomination
Sidney.
00 6% 15
offering to investors $12.0 Interest annually at Hanover Nat. Bank, N.Y.
OL DISTRICT (P. 0. Wheeling),
RICHLAND DISTRICT SCHO
$500. Date Nov. 1 1914.
-The election to vote on
ed value, $600.000r real value (est.), $1,- Ohio County, W. Va.-BOND ELECTION.
and equip. bond,
Total debt, this issue. Assess
g the 550.000 5% coup. bldg., impt.
issuin
300,000.
Conn. the question of will be held Jan. 26. Denom. $500. Date Feb. 15 1915.
NSHIP (P. 0. Olmstead Falls), Cuyahoga
99, p. 1927)
OLMSTEAD.TOW
Warwood. Due:
highway- (V.
-The 38,325 5% 10-yr. (aver.) coup.-were dis- Int. ann. at Bank of Warwood.
$2,000 --1945
-BOND SALE.
ty, Ohio.
_ _1930 $2,000 --1935 $2,500 _1940
t success on Aug. 3 (V. 99. p. 426)
$8,500 _.1925 $1,500 __1931 1,500 _ _1936 2,000 _ _1941 1,500 __1946
impt. bonds offered withou Aug. 10.
1.500
--1947
,
2
2 2.000 __1937 3,000 __1943 1,500 .1948
posed of at private sale on
1,000
1,000 _1927 1.500 __193
.-BOND OFFERINO.-Pro--1938 2.500 ..194
500 -.1949
OSAWATOMIE, Miami County, Kans W.
,500 .._1928 2,000 _ _1933 2,500 --1939 2,000 -.1944
2.000
Allard, City Clerk, for
m. Jan. 11 by J.
1,000 _-1929 1,500 _ -1934
Ripley), Brown
posals will be received until 12
J. & J.
SCHOOL DISTRICT (P. 0. be received until
water-works bonds. Date Jan. 1 1914. Int.
RIPLEY VILLAGED OFFERING.
-Proposals will
$40,000 4.%% 30-year
-BON
County, Ohio.
r.Clerk Bd.of Ed.,for the 330,0005% 15check for $500 required.
Cert.
E. E. Swishe
offering will be found among the advertise- 12 in. Jan. 22 by
bonds. Denom. $500. Date Feb. 15 1915.
The official notice of this bond
-year (opt.) coupon bldg. 5% of bonds bid for. payable to Dist. Treas.,
40
ment.
Int. F.& A. Cert. check for red and paid for within ten days from time of
ments elsewhere in this Depart
delive
RICT (P. 0. Ottawa), Franklin County, required. Bonds to bepay accrued int. The tax levies collected for the
OTTAWA SCHOOL DIST-The question of issuing the $100,000 high. Purchaser to
and
Kans.-BONDS DEFEATED. 1768) vatted to carry at the election held award nt of interest and redemption of the above bonds is exclusive of ent
payme
-Per-C
99, p.
of the Act known as the Smith One
school-bldg. bonds (V.
was 1.105 "for" and 1.203 "against."
Dec. ls
irrespective of the limitations
15 (V.99, p. 1768). The vote
ds were offered without success as 434s on
Dec.
or 9 p 92bo
-The $4,500 Law.9.Thes ie mn
-BOND SALE.
Mich.
OWOSSO, Shiawasee County, p. 769, have been purchased by the
-The $8,000
V. 99.
County, Wis.-BOND SALE.
armory bonds mentioned in
RIVER FALLS, Pierce p. 1316) have all been sold to local investors.
99,
sinking fund.
-BONDS DE- 6% elec-light bonds (V.Dec. 1 1914. Int. ann. In Feb. Due Feb. 1 1915
, Cambria County, Pa.
Level)
PAINT (P. 0. Scalp of issuing $6.000 municipal building-construction Denom. $2,000. Date
-The question
FEATED.
-BONDS TO BE
election held Dec. 22
COUNTY (P. 0. Riverside), Calif.
bonds failed to carry at the
19IS IneIID ve.
-BOND OFFERINO.-It is tA3RIVERS uslE TLY-Local newspaper reports state that the Board of
y, N. Y.
PELHAM, Westchester Count 8 p. m. Jan. 12 by L. M. Simonson, OFFERED SHORwill shortly offer for sale $65,000 Indio-road bonds.
until
received
County Supers..
stated that bids will be 17%-year (aver.) park bonds at not exceeding 55
-BONDS TO
0. Rock Island), Ills.
ROCK ISLAND COUNTY (P.
VII. Clerk, for $10,000
check for $250 required.
-We are advised that the $30,000 bridge
int., payable semi-ann. Cert.
State of BE OFFERED NEXT MONTH 3(V. 99, p. 1475) will be advertised for
-The
-BOND SALE.
bonds voted Nov.
bia County, Fla.
and 375,000 jail
PENSACOLA, Escam issue of $4,000 6% bonds.
1.
an
- about February
y,Ills.
Florida has purchased
, Phelps County, Mo.0.
RICT (P.0.Peoria), Peoria Count
ROLLA SCHOOL DISTRICT (P.and Rolla) ng bonds:(V. 99, p. 1163)
PEORIA SCHOOL DIST-The Sec. of the Board of School Inspectors,
buildi
-The $27,500 5% site
TAKEN.
g BOND SALE.
NO ACTION YET 24,advises us that no action has yet been taken lookin
under date of Dec.
JAN. 2 1915.1
THE CHRONICLE
were awarded Oct. 22 to Francis Bros. & Co. of
Dec. 1 1914. Due 20 years, opt. after 10 years. St. Louis at par. Date
ROCHESTER,N. Y.
-NOTE SALE.
-On Dec.
works impt. notes (V. 99, p. 1852) were awarded 21 the $100,000 waterNew York, upon its bid, interest 3.875. Other to the Union Tr. Co. of
bidders were, for entire
Issue:
71
ST. MARTS, Anglaise County
-BOND OFFERING.-Blds
will be received until 12 m.Jan. 18 by, Ohio.
T. A. White. Secretary Sinking
Trustees, for $17.520 5% coupon taxable Spruce St. improvement Fund
bonds.
Authority Sec. 3914. Gen. Code. Denom.
(68) $250. (2) 5260. Data
Oct. 1 1913. Int. A. & 0. at office of Sinking
Fund Trustees. Certified
check for 2% of bonds bid for, payable to Sinking
Fund Trustees, required.
Bonds to be delivered and paid for
Purchaser to pay accrued interest. within ten days from time of award.
ST. MARTS SCHOOL DISTRICT (P. 0.
St. Marys) Anglaise
County, Ohio.
-BONDS VOTED -Reports state that the ,
question of
issuing the $50,000 building bonds.
(V. 99. p. 1696) carried at the election
held Dec. 15 (not Dec. 11, as previously reporte
d).
SALINA SCHOOL DISTRICT (P. 0. Salina)
, Saline County, Ran.
-BONDS PROPOSED.
-Local newspaper reports
is contemplating the issuance of building bonds. state that this district
SANTA ROSA COUNTY (P. 0. Milton), Fla.
An issue of $25,424 92 warrants has been purchas -WARRANT SALE.
ed by the State of Florida.
SARATOGA COUNTY (P. 0. Saratoga Springs
-BOND
), N. Y.
OFFERING.
-Proposals will be received until 2 p. m.
Jan. 25 by John K.
Walbridge, Co. Treas., for $25,000 5%
municipal bonds. Date Feb. 1
1915. Int. semi-ann. Due 35.000 yearly
from 1920 to 1924 incl.
The official notice of this bond offering
will be found among the advertisements elsewhere in this Department.
SERGEANT BLUFF, Woodbury County
, Iowa.
-BONDS NOT
SOLD.
-13p to Dec. 27 no sale
electric-light-plant bonds which had been made of the 310.000 5% tax-free
this town has been offering for sale (V. 99.
p. 1163).
Int. Premium
Salomon Bros. Sr Hutzler, New York City
3.89
Luther Robbins, Rochester
4.00
5166
Farmers' Loan & Trust Co., New York City
4.00
Bond & Goodwin,New York City
4.125
Genesee Valley Trust Co., Rochester
4.20
Hibbard, Kalbffeisch & Palmer, Rochester
4.20
Bernhard, Scholia & Co., New York City
4.23
155
Goldman,Sachs & Co., New York City
4.25
5 00
On Dec. 28 the $200.00 water-works-impt. and
notes to be dated Jan. 4 and0to run for eight months $28,000 unpaid-tax
(V. 99, p. 1927) were
awarded as follows:
Bernhard, Scholl° & Co., New York, $100,00 water-w
0
orks-impt. notes at
3.98% interest.
A. G. Moore, Rochester, $100,000 water-works-im
pt.
unpaid-tax notes at 4% int. and premium of $15 72. notes and $28,000
Otherbidders were:
Int.
Prem.
H.Lee Anstey, New York,all
4%
$20 00
Farmers' Loan & Trust Co., New York, $200,00
0
Salomon Bros. & Hutzler. New York, all
r
f875%
-_-_-__
Bond & Goodwin,New York,all
4%
19 00
Bernhard, &hone & Co., New York $100.000
4.34
28,000
4.21
Equitable Trust Co., New York, $200,000
4.35
2166
Luther Robbins, Rochester, $200,000
4.40
Goldman. Sachs & Co.. New York, all
25 66
"
On Dec. 30 the $100,000 sewage-disposal notes to be 4.45 ,)
SHEBOYGAN FALLS,Sheboygan County Wis.dated January 4,
1915 and to run for eight (8) months, were
,
BONDS DEFEAT
ED.
-The proposition to issue $40,000 sewer
New York, on his bid Anterest 3.90, premium awarded to H. Lee Anstey, failed
$1.
to carry on Nov. 3, there having been and water-system bonds
Other bidders were:
122 votes "for" and 146
"against." V. 99. p. 1083.
Int.
Premium.
SOMERSET SCHOOL DISTRICT, Los
The Farmers' Loan & Trust Co., Now
Angele
4.00
$12 50 BOND SALE.
Salomon Bros. dr Hutzler, New York York
-On Dec. 21 the $12.000 5.16% 3 s County, Calif.
-26-year (sec.) building
4.0625
bonds (V. 99. p. 493) were awarded jointly,,
Bernhard, Scholle & Co.. New York
it is stated, to Blythe-Witter
4.08
& Co. and G. G.Blymyer & Co. of San
Bond & Goodwin, New York
Francisco at par and interest.
4 125•
Goldman, Sachs & Co., New York
SOUTH NEWB
4.25
--65 -BOND OFFERI URGH (P. 0. Cleveland), Cuyahoga County, Ohio.
5
ROME, Floyd County, Ga.-BOND ELECTION
NG.
-Proposals will be received until 12 m. Jan.
PROPOSED.
-Re- H. H. Bohning, Village Clerk,
30 by
ports state that this city is contemplating calling
for
the voters the question of issuing public-building-an election to submit to $7,044 Turney Road (village's the following 5% water-main bonds:
portion) bonds.
construction bonds.
(13)$500. Due 544 Oct. 1 1916,5500 Oct. 1 Denom. (I) 3544.
ROSEVILLE UNION HIGH SCHOOL DISTR
1917, 1918 and 1919.
and 51,000 yearly on Oct.
Cal.
-BOND OFFERING -Bids will be received ICT, Placer County,
until 10 a. m. Jan. 5, 12,500 Turney Road (assess 1 from 1920 to 1924. inclusive.
It is stated, by Marshall Z. Lowell,
ment) bonds. Denom. $500. Due on
Oct. 1 as follows: $500 In 1915.
5% 24 2-3-yr.(aver.) school bonds. Co. Clerk,(P. 0. Auburn), for $45.000
Inclusive, and $1,500 in 1922 and$1.000 yearly from 1916 to 1921,
required. A similar issue of bonds Int. semi-ann. Cert. check for 2%%
1923, and $1,500 on April 1 and
was
Oct. 1 1924.
& Co. of San Fran., but was later refused awarded to Torrance, Marshall
by them (V. 99, P• 769)•
4,028 Granger Road (village's portion
ler
ROY SCHOOL DISTRICT (P. 0. Roy),
Denom. (1) 5528.
Nora County, New Mex.(7) $500. Due $5528 Oct. 1 1916 ) bonds. yearly
BONDS VOTED.
and $500
on Oct. 1 from
-According to local
1917 to 1923. inclusive.
Issuing school bonds carried at a recentnewspaper reports, the question of
7,750 Granger Road (assessment) bonds.
election by a vote of 71 to 17.
RUSH COUNTY (P. 0. Ladysmith), Wis.$500. Due $250 Oct. 1 1915. $500 on Denom. (1) 3250, (15)
LOCALLY.
and $1,000 yearly on Oct. 1 from 1919Oct. 1 1916, 1917 and 1918.
-The $100,000 bonds voted in AugustBONDS TO BE SOLD
to help settlers clear
to 1924, inclusive.
their lands (V. 99, p. 492) will be sold to local
Authority Secs. 3812. 3821
parties.
hsrt Int. J. & D Certified check and 3845, Gen. Code, Date Dec. 15 1911.
ST. CLAIR COUNTY (P. 0. Osceola), Mo.-N
for 1% of bonds bid for, payable to
O BONDS VOTED Treasurer, required. Bonds to be delivered and
UPON.
-We are advised that the questio
paid for
(V. 99. p. 917) was not submitted to the n of issuing the 514,000 road bonds from time of award. Purchaser to pay accrued interest.within ten days
voters on Nov. 3.
SPRINGFIELD, Hampden County, Mass.
ST. CLAIRSVILLE VILLAGE SCHOO
-TEMPORARY LOAN.
L DISTRICT (P. 0. St. On Dec. 30 a loan of
Clairsville), Belmont County, Ohio.
$500,000 dated Dec. 31 1914 maturing Nov. 10 -BOND ELECTION.
1915
-An elec- and issued in anticipation of
tion will be held to-day (Jan. 2) submit
to
to a vote the proposition to issue of N. Y. at 3.745% discoun taxes was negotiated with Morgan & gartlett
$40.000 school-equip, and completion
t. Other bidders were:
bonds.
ST. JOHNS, Multonomah County
Discount.
, Ore.
-BOND OFFERINO.-Bids Farmers' Loan & Tr. Co.,
will be received until 5 p. m.Jan.
Blake Bros. & Co.,
N. Y..3.85%, plus $10 premium R. L. Day dc Co., Boston3.935
the following 6% coup. bonds: 5 by A. E. Dunsmore. City Recorder,for
Boston-3.94
$1,259 62. dated Sept. 12 1914, 34.537
Oct. 10 1914. $1,919 16 dated Oct.
21 F. S. Moseley & Co.and13.90% Plus Estabrook & Co.. Boston-_-_3.99
24 1914 and $3,718 52 dated Nov. 28
Old Col.Tr., Bos.,jtly.1$3 65 pm. Curtis & Sanger,
1914. Denom. $500 or less. Interest
Boston----4.48
semi-annual. Due in 10 years,
subject to call any interest
SUPERIOR, Douglas County
-paying
-An ordinfor 2% of bid, payable to "City of period after one year. Certified check ance providing for the issuance of, Wis.-BONDS PROPOSED.
St. Johns," required. Bonds to be
532,000 5% 10
-year gold coupon general
livered and paid for within 15 days
de- sewer bonds was to have been submitted to and
after acceptance of bid.
Council on Dec. 28. Denom. $500. Date Jan. 1 considered by the City
1915. Int.i. & J.
NEW LOANS.
NEW LOANS.
NEW LOANS.
MUNICIPAL BOND SALE
$20,000
$47,500
Sale of Bonds
of
SARATOGA COUNTY, N. Y.
City of Mount Vernon, N. Y., CITY OF MINNEAPOLIS
Fire and Police Department
Building Bonds.
BONDS
Sealed bids will be received by
Committee
of Ways and Means of the City the
Council of the
City of Minneapolis, Minnesota. at the office of
the undersigned, THURSDAY, JANUA
RY 2,
1915. at 2 o'clock p. m., for $47,500 Hospital
Bonds. These bonds to be
and to be payable January dated January 1. 1915.
1, 1945, and will bear
interest at the rate of Four (4%)
per cent per
annum, payable semi-an
be entertained for a sum nually, and no bid will
less than
the par value of said bonds and 95 per cent of
upon same to date of delivery. accrued interest
The right to reject any or all
bids is hereby
reserved.
A certified check for Two
par value of the bonds bid(2%) per cent of the
for, made to C.
13loomquist. City Treasurer, must accomp A.
any
each bid.
Circular containing full particulars will
be
mailed upon application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minnesota.
The Common Council
Vernon, N. Y., will at its of the City of Mount
chambe
Building, Depot Place, in the rs in the Lucas
Vernon, N. Y., on the 19TH City of Mount
DAY OF JANUARY, 1915, at 8 o'clock
proposals for the purchase p. m. receive sealed
$5,000
of 520.000 of bonds
1920
to be denominated 'Fire and Pollee
Department
Building Bonds". numbered
5,000
1921
consecu
issued from 226 to 245, both inclusiv tively as
e, each bond
5,000
to be for the principal sum of
1922
One Thousand
($1,000) Dollars.
5,000
That said Common Council
1923
open such proposals as may will then and there
5,000
be
1924
accept the highest thereof unless received, and
it deem it for
the best interest of the city to
reject any or all of
said proposals.
Interest 5% semi-annual.
Each bond will be for the principa
l sum of
Proposals received January 25, 1915, One Thousand (31.000) Dollars
coupons attached at the rate of , with interest
four and one-half
at 2 p. m.
per cent per annum, or at
five per centum as
stated below, payable semi-an
Detailed information upon request.
of the City Treasurer of nually at the office
the City of Mount
Vernon, N. Y., on the
January in each year. first days of July and
JOHN K. WALBRIDGE,
first day of January, They will be dated the
1915 ISSUE
1915, and be payable as
follows :
Treasurer of Saratoga County,
$20.0011 on the 1st
The bonds will be day of January, 1945.
Saratoga Springs, N. Y.
on or before the 25th delivered to the purchaser
day
Each bid for said bondsof January. 1915.
must be accompanied
320 PAGES
by a certified check for
the sum of One Thousand
ISSUED ANNUALLY BY THE
(81.000) Dollars as security
for the performance
of bid if accepted.
on the certified check No interest will be allowed
of deposit.
Bonds will be
of. and certified engraved under the supervision
as to their genuineness, by the
This well-known year book of FinanUnited States Mortgage
their legality approved & Trust Company, and cial
by Messrs. Caldwell,
Facts and Information is issued
Masslich & Reed of New
York City, whose
Opinion as to legality will
be furnished to the pur- annually in March.
chaser.
WATER-WORKS BONDS
By statute the bonds cannot
than par and accrued interest be sold for less
TERMS.
.
Bids will be considered at five
Sealed proposals will be received until 12
per centum per
o'clock noon of JANUARY 11TH, 1915, by annum, payable semi-annually if no satisfactory Price of the Review, bound in cloth
-UM
bids are received at four
J. W. Allard, City Clerk, for $40,000 30
and one-half per centum
-year
Parties desiring ten or more copies can
non-optional 4 % water-works bonds. interest as called for.
By order of the Common
payable semi-annually, bonds dated January 1st,
Council
have their names stamped on the covers,
Dated, Mount Vernon, N. Y.. .
1915. Certified check of $500 required. The
December 15,
Mayor and Commissioners reserve the right to 1914.
In gilt, at reduced prices.
EDWIN W. FISKE,
reject any or all bids.
Mayor.
J. W. ALLARD,
PETER COLLINS,
Commercial & Financial Chronicle
City Clerk.
City Clerk.
138 Front Street, New I'Lr&,,
Dated February 1, 1915.
THE FINANCIAL REVIEW
$40,000
Osawatomie City, Miami County, Kansas,
Commercial & Financial Chronicle
72
loo.
THE CHRONICLE
DISTRICT NO. 20, Mont.
SWEET GRASS COUNTY SCHOOL on Jan. 22 by Mrs. Minnie
will be opened
BOND OFFERINCL-BidsMelville),for $1,200 5-10-yr.(opt.) coup. school
Ongler, Dist. Clerk (P.O.
for $50 required.
bonds at not exceeding 6% int. Cert. check
-BOND OFFERING.
Miss.
TATE COUNTY (P. 0. Senatobia),
relative to the offering on Jan. 4 of the 220,000
Further details are at hand
1928). Proposals
bonds (V. 99. p.
6% coupon Agricultural High School
Board of Supervisors, J. A.
will be received until 2 p. m.on that day by the
page 160. Denom.
of
Wooten Clerk. Authority Chap. 150, Acts in1912.
Senatobia or New York.
2500.bate Jan. 1 1914. Interest annually after date. Tax-exempt in
subject to call five years
Due Jan. 1 1940.
Clerk of Board of
Mississippi. Certified check for $1,000, payable to the bonded debt at
No
Supervisors, or A. Y. Gillespie, Pres., required. 1914, $4.250,000.
215,000. Assessed value
present. Floating debt.
-BONDS OFFERED BY BANKERS.
TEMPE, Maricopa County, Ariz.
to Investors the $15,000
-James N. Wright & Co. of Phila: are offering
Denom.$500. Date July 1
5% sewer bonds mentioned in V.99. p. 1243. Y. City. Due July 1 1934.
J. at Chase Nat. Bank, N.
1914. Int. J. &
1 1924. Total bonded debt
subject to call $3.000 yearly beginning July(included in above), $20,000.
including this issue), $54.000: water bonds
2: actual (estimated). $2.000.000.
Assessed value 1914. $1.395,90
-Local papers state that on
-TEMPORARY LOAN.
TOLEDO, Ohio.
emergency relief street workmen employed
Dec. 23 a loan of $50.000 to pay of Commerce, Northern Nat. Bank, Ohio
awarded to the Nat. Bank
was
banks,all of Toledo.
Savings Bank & Tr. Co., First Nat. and Second Nat. ess for $10,000 in
of indebtedn
Each of the five banks will issue certificatesfor the use of the money and
of the city. The city will pay 6%
favor
will agree to repay the loan within six months.
Tompkinsville),
TOMPKINSVILLE SCHOOL DISTRICT (P. 0.-Local newspaper
Monroe County, Ky.-BONDS AWARDED IN FART. an issue of $7,000
s state that this district recently sold $5,000 of
dispatche
building-Improvement bonds.
-BONDS NOT
TRELIPE (P. 0. Snow Ball), Cass County, Minn. 15
-No sale has yet been made of the 215,000 6% -year road
YET SOLD.
offered without success on Aug. 18 (V.99, p. 625).
bonds
-On Dec. 28 the $150,000 5% 6-mos. tax-BOND SALE.
TROY, N. Y.
1928) were
exempt certificates of indebtedness or revenue bonds (V. 99, p. (100.504)
to Bernhard, Scholle & Co.of New York for 150,757 47
awarded
Other bids were:
-a basis of about 3.972%.
$150,750 00
Farmers' Loan Sc Trust Co., New York
150,652 50
Equitable Trust Co., New York
150,643 05
Union Trust Co., New York
150,558 00
Manufacturers National Bank, Troy
BOND OFFERINO.-Proposals will be received untill0 a. m. Jan. 4 by
s
W.II. Dennin, City Comptroller, for 2100,000 5% tax-exempt certificate
4 1915.
Denom. $25,000.
of indebtedness or revenue bonds. not less than 1% ofDate Jan.
bonds, payable to
Due Sept. 4 1915. Cert. check for
for within
"City of Troy," required. Bonds to be delivered and paid
Official
ten days from time of award. Purchaser to pay accrued interest.
states that the city has never defaulted on any of its obligations.
circular
NEW LOANS,
-BONDS NOT
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Okla. bonds offered
-All the bids received for the $500.000 5% school
SOLD.
Dec. 21 (V. 99, p 1852) were rejected, we are advised, as they did not
comply with the Oklahoma law.
-On Dec. 28
-BOND SALE.
URBANA, Champaign County, Ohio.
(assess.) and $8,000 5%
the $10.000 5% 11-year sanitary-sewer-constr.Braun of Toledo for $18,&
sewer refunding bonds were awarded to Stacyother bidders. The offering
34246 (101.902) and int. There were nine 1852.
of the $10,000 issue was reported in V. 99, p.
-BONDS NOT TO BE OFFERED AT
VIVIAN, Caddo Parish, La.
-It will be 60 or 90 days before the 235,000 5% gold serial
PRESENT.
are offered for
water-system-constr. bonds recently voted (V. 99, p. 1769)
sale.
-This town has
WADLEY, Jefferson County, Ga.-BOND SALE.bonds
d
-plant
disposed of the $6.400 54% 10-year electric-light99, p. 1769). authorize
by a vote of 76 to 4 at the election held Dec. 21 (V.
DISTRICT (P. 0. Marion), Marion
WALDO TOWNSHIP SCHOOL
-The following are the bids received for
-BOND SALE.
County, Ohio.
-year (aver.) coupon school bonds offered on Dee.24
%6
the $30.000
Stacy & Braun, Toledo__230,365 91
oehler, Cummings &
430,603 Seasongood & Mayer,Cin. 30,340 00
Prudden, Toledo
Spitzer. Bolick & Co.,Tol. 30.315 00
Tillotson & Wolcott Co.,
30,531 FIrst Nat. Bank, Cleve__ 30,269 40
Cleveland
30,486 Otis & Co., Cleveland.... 30,00Q 00
Hayden, Miller & Co., Clev_
that this 13.d was
l ep ess
acc' Lted.$100 for attorney's fees. z Reports state
Scott County,
WALDRON SCHOOL DISTRICT (P. 0. Waldron), were awarded
-On Dec. 18 214.000 6_% bldg. bonds
Ark.
-BOND SALE.
Denom. $500. Date Dec. 18
to Gunter & Sawyer of Little Rock at 99.
1914. Int. J. & D. Due 5 to 22 years.
-BOND
T NO. 32, Ore.
WALLOWA COUNTY SCHOOL DISTRIC
school bonds (V. 99.
-20
-On Dec. 15 the $6,000 6% 10 -year (opt.) for $6,020 (100.333)
SALE.
Glen & Co., Portland,
p. 1697) were awarded to Fed,
and int. Other bids:
$6,0251Causey, Foster & Co., Denver $6,000
Keeler Bros., Denver
6,0001
Lumbermen's Tr. Co.. Port
-Bids
-BOND OFFERING.
County, Mass.
WALTHAM, Middlesex
Treas..Harlan W.Cutter
by the
will be received until 10 a. m. Jan. 4,Jan. 1 City aggregating $98,300:
1915,
reg. bonds dated
for the following 4%
Jan. 1916 to 1920 incl.
$5,000 bldg. bonds. Due $1,000 yearly Jan. 1 1916 to 1935 incl.
1
60,000 bldg. bonds. Due $3,000 yearly 1 1916 and $1,000 yearly from
$1,300 Jan.
6,300 school bonds. Due
1917 to 1921 incl.
3.000 sewer bonds. Due $1,000 Jan. 11916, 1917 and 1918.
yearly Jan. 1
5.100 sidewalk bonds. Due $1,100 Jan. 1 1916 and $1,000
1917 to 1920 incl.
bonds. Due 21,400 Jan. 1 1916 and $1,000 yearly Jan.1 1917
5.400 street
to 1920 incl.
Jan. 11916, $1.500 Jan. I 1917
6,500 street-paving bonds. Due $2.0001920 incl.
and $1,000 yearly Jan. 1 1918 to
NEW LOANS.
$309,000
$550,000
Board of Education of the Independent
District of Huntington, Cabell Co., W. Wa.
CITY OF NEW ORLEANS, LA., 1914 BUILDING BONDS
PAVING CERTIFICATES
Notice is hereby given that the Board of
Education of the Independent District of Huntington. in the County of Cabell, State of West
Virginia, will, on the
12TH DAY OF JANUARY_, 1919.
DIVISION.
DEPARTMENT OF PUBLIC FINANCES, ACCOUNTING
commencing at two o'clock p. m. Eastern standard time, at its offices in the Carnegie Library
ORLEANS, LA.
NEW
Building, in the City of Huntington. Cabell
City Hall, December 23rd. 1914.
County, West Virginia, make public sale of the
bon, aggregating three hundred
folio
PUBLIC NOTICE.
thousand ($300.000) dollars of "The 1914 Building Bonds" of said district, being an issue of five
will sell by alternate sealed proposals at 11 o'clock a. rn. TUESDAY.
dollars of said
The City of New Orleans the office of the Deputy Commissioner of Public Finances, Accounting hundred thousand ($500,000)of building, comJANUARY 26TH, 1915, in Orleans. Five Hundred and Fifty Thousand Dollars (2550.000) of Paving bonds, issued for the purpose furnishing school
pleting, enlarging, repairing and
in the City of New
Division.
under and by authority of Act No. 23 of the General
Certificates. issued by the City of New Orleans, 1914. and Ordinances Nos. 1800 and 2051. Commis- houses, under the authority of the law of the
of
of West Virginia, and pursuant to an orAssembly of the State of Louisiana. Session
proposals shall be considered for a price less than State
Series of said City of New Orleans. No(par value as used herein meaning principal and dinance or resolution of the said board passed and
sion Council
value
adopted on the 30th day of January. 1914, and
Ninety-five per cent (0.95 per cent) of its pardelivery.)
to date of
qualified voters of said district at a
Interest accrued from date of issue
ions of One Thousand, Five Hundred and One Hun- a vote of the
special election held on the 7th day of March,
Said Paving Certificates are of the denominat
interest at the rate of five (5 per cent) per cent per annum, evidenced
ordinance and
dred Dollars each, and bearingpayable semi-annually on the first day of January and July each year, 1914, ratifying and approving saida vote of more
provided for by
by interest coupons attached,
from taxation, State, parish and municipal, and are the bonds therein of all the votes cast for and
hs
respectively. Said certificates are by law exempt
of the State of Louisiana under Act No. 71 of the General than three-fift
against the same.
acceptable for deposit with the Treasurer
1904.
The bonds now offered for sale will be dated
Assembly of the State of Louisiana session of payable in annual installments, as follows, to-wit
ion
April 1, 1914, and will be of the denominat
Said certificates shall mature and be made
interest
each,
$55,000 on the first day of January, 1922.
of five hundred ($500) dollars (5%) with annum.
first day of January, 1917.
255,000 on the
per
on the first day of January, 1923.
the rate of five per cent
$55,000
at
$55,000 on the first day of January, 1918.
payable semi-annually, both principal and inter$55,000 on the first day of January, 1924.
1155,000 on the first day of January. 1919.
255,000 on the first day of January, 1925.
est payable to bearer at the First National Bank
$55,000 on the first day of January. 1920.
day of January, 1926.
In the City and State of New York and maturing
255,000 on the first
255,000 on the first day of January. 1921.
amount of said certificates, as follows:
But the City of New Orleans may, on said dates, redeem a greater official journal of the city
Ninety thousand (290,000) dollars of Wilda,
been published in the
provided notice of its intention so to do shall have the preceding November, in which event, the ad- series "A", on April 1, 1924, and two hundred
twice a week for two (2) weeks during the month of the date or dates of the succeeding maturity or and ten thousand ($210,000) dollars of bonds,
series "B" to series "U", both inclusive,(twentytional certificates shall be redeemed in the order of
each series each year) on April 1.
maturities.
the laws aforementioned. All of which one bonds of including April 1, 1944.
And said certificates will be issued under and subject tofor greater certainty and particularity.
1925. to and
hereby referred to and make part of this advertisement
Sealed bids for all or any part of said bonds
are
must be filed with James K. Oney.
Said alternate proposals shall be received as follows:
and Fifty Thousand ($550,000) Dollars, to be delivered so to be sold of the Board, on or before noon
the Secretary
(a) For the entire issue of Five Hundred
purchaser on April 1st, 1915.
said day of sale, accompanied with a certito the
and Fifty Thousand (2550,000) Dollars to of the
per
(b) For delivery of the said issue of Five Hundred
fied check for an amount equivalent to one for.
cent (1%) of the principal of the bonds bid
be made as follows: Fifty Thousand {2150,000) Dollars on April 1st, 1915.
and
e bank or trust company,
drawn on some responsibl
One Hundred
Dollars on May 1st, 1915.
One Hundred and Fifty Thousand 2150,000) Dollars on June 1st, 1915.
the amount of the deposit of the successful bidOne Hundred and Fifty Thousand )$150,000)on July 1st, 1915.
der to be forfeited to and retained by the board
Thousand ($100,000 Dollars,
if the bidder does not take
One Hundred
will be considered separately, but no adjudication for liquidated damages otherwise to be returned
deliveries
Bids, however, for these several any of the hereinbefore prescribed dates unless adjudication at and pay for said bonds,
for a lot deliverable on
or credited upon the purchase
than one to said bidder
shall be made
all of the several bids. If a bidder will bid for one lot or more
bidthe same time be made for shall state in his bid the dates of the maturities he wishes to be fixed for price, all other checks to be returned to the
lot, but not all the lots, he lots for which he bids; should a bidder fail so to do and the Commission ders on the award of the bonds.be approved by
will
of the lot or
The legality of the bonds
the certificates
the sale of the several lots to various bidders, then the dates of the
attorneys
Council decides to adjudicate of each lot shall be governed by and fixed in the order of the date of Messrs. Dillon, Thomson & Clay, legality, of
or a
New York, whose opinion as to the
maturities for the certificates
prescribed.
delivery hereinbefore eligible for consideration and acceptance by the Commission Council which is duplicate thereof, will be delivered to the purThat no bid will be
in an amount chaser of the bonds.
certified check on some chartered bank in the City of New Orleans
The right is reserved to reject any and all bids.
not accompanied by acent) per cent of the amount of the bid, which check shall be made payable to
per
Dated Huntington, West Virginia, December
equal to three (3Commissioner of Public Finances; the cheek or checks of unsuccagsful bidders shall
of the
the Com- 7th, 1914.
cashed
the order
to them and the check of the successful bidder shall beCity of by Orleans
C. W. KENDLE,
New
be immediately returned
him deposited with the fiscal agents of the
by
President of the Board of Education of the
missioner of Public Finances and and whatever interest the said deposit shall earn from the time of so
account so designated,
Independent District of Huntington. In the
so deIn a special
time of release shall accrue to the successful bidder. The amount
County of Cabe'', West Virginia.
being deposited to the purpose of guaranteeing that the bidder will in all respects comply with the
JAMES K. ONEY,
posited shall be for the sale of the Paving Certificates herein described, and the Commissioner of
Secretary of Said Board.
provisions governing the n the said deposit and not return the same to the purchaser of the certiPublic Finances shall-retai
purchaser. Should
of the said certificates have been delivered to and accepted by the
ficates until allbidder fail to comply with the provisions of this ordinance, the amount deposited by
as a penalty
the successful
herein, shall ipso facto be forfeited to the City of New Orleans not
him, as describedged liquidated damages and without recourse to Judicial proceedings,
but as acknowled Council shall have the right and reserves the right to reject any and all bids.
The Commission
on will be furnished upon application to A. G. Ricks, CommisFurther particulars and informati1, City Hall, New Orleans, La.
SOUTHERN INVESTMENT SECURITIES
Room No.
sioner of Public Finances,
A. G. RICKS,
MONTGOMERY, ALA
Commissioner of Public Finances.
OFFICIAL.
B. W. Strassburger
JAN. 21915.]
THE CHRONICLE
7,000 surface-drainage bonds. Due $1,000 yearly Jan.1 1916
to 1922 incl.
Interest on all loans payable Jan. and July.
WAPELLO COUNTY (P. 0. Ottumwa), Iowa.
-BONDS OFFERED
BY BANKERS.
-The First Tr.& Say. Bank of Chicago is offering to
tors $60.000 5% coupon funding bonds. Denom. $1,000. Date invesNov. 2
1914. Int. M.& N. Due $20,000 on Nov. 1 1928, 1929 and
1930. These
bonds are tax-exempt in Iowa. Total bonded debt (incl. this
000. Assess. val. 1914 $11.677,213. Act. value $38,968, issue) $313,576.
WARREN COUNTY (P. 0. Vicksburg), Miss.
-BOND OFFERING.
In addition to the $40,000 loan to be offered on Jan. 6 (V.
99.
1928),
bids will also be considered for an issue of $140,000 semi-ann
p.
opt. (aver.) road bonds. Cert. check for $5,000 required. . 152-3-yr.
WARWICK, Orange County, N. Y.
-BONDS AUTHOR
town has been authorized to issue $5,000 highway bonds. IZED.-This
WASHINGTON COUNTY SCHOOL DISTRI
BOND SALE.
-The State of Florida has purchase CT NO. 1, Fla.$30,184 98
-equal to 100.616. Date June 1 1914.d $30,000 6% bonds for
Due July 11934.
WATERTOWN, Middlesex County, Mass.
-BOND SALE.
-On Dec.
24 the $14,500 4%7. 53-5-yr.(aver.) coupon school bonds
were awarded to E.H. Rollins & Sons of Boston at 103.087(V.99, p. 1852)
and int. Other
bids were:
Blodget & Co.. Boston
102.659 W.L. Raymond & Co., Bos--102.81
R. L. Day & Co.. Boston_102.569 E. M.Farnsworth &
Co.,Bes-102.61
Sellers, Philips& Co.,Boston102.826 Curtis & Sanger.
Boston
102.32
WAUCHilLA, De Soto County, Fla.
-BOND SALE.
-An issue of
$11,000 6% 30
-year bonds dated
State of Florida for $11,190 60 Jan. 1 1914 has been purchased by the
-equal
101.732.
The State of Florida has also purchaseto$15,000
d
6% bonds, dated July 1
1914,for 215.395
-equal to 102.633.
WAYNE SCHOOL TOWNSHIP (P.O. Grasscreek),
Fulton County,
Ind.
-BOND SALE.
-On Dec. 26
4H%
impt. bonds (V. 99, p. 1770) werethe $4,500it is 6H-yr. (aver.) schoolawarded,
stated, to the FirstNat
Bank of Rochester for $4,525
-equal to 100.555-a basis of about 4.40%. .
WAYNE SCHOOL TOWNSHIP (P. 0. West Point),
Tippecanoe
County, Ind.
-BOND SALE.
-On Dec. 26 the $1,300
% school-impt.
bonds (V.99, p. 1770) were awarded, reports state,
to LouisClementsfor
21,302
-equal to 100.153.
WEBSTER. TOWNSHIP SCHOOL DISTRICT
(P. 0. Bowling
Green), Wood County, Ohio.
-BONDS DEFEATED.
issuing the $20,000 bldg. bonds (V. 99, p. 1316) failed -The question of
tion held Nov.3 by a vote of 120 "for" to 190 "against to carry at the elec."
WESTMORELAND COUNTY (P. 0.
-BONDS
PROPOSED.-Local newspaper reports stateGreensburg), Pa.
plating the issuance of $250,000 road bonds. that this county is contemWEST UNION SCHOOL DISTRICT (P. 0. West
Union), Adams
County, Ohio.
-BOND OFFERING.
-Propos
12 m.Jan. 16 by John Shumaker, Clerk Bd.of als will be received unti,
,
heating-plant-constr. bonds voted as reported Ed.,for the $4,200 6% coup
in V. 99, p. 1853.
$200. Date "day of sale." int. M. & S. at First Nat. Bank Denom
of Wes
t
73
Union. Due $200 each six months from Mar. 1 1916 to Mar. 1926
1
Cert. check for 5% of bonds bid for, payable to Bd. of Ed., required Incl.
.
WHARTON COUNTY (P.O. Wharton), Tex.
-BOND
Reports state that an election will be held Jan. 14 to vote ELECTION.
on the question
of Issuing 260,000 5% 40
-year drainage district No. 3 bonds.
WHITE AND HAMILTON COUNTIES DRAINAGE DISTRI
CT,
Ill.
-BONDS OFFERED BY BANKERS.
-An issue of $27,0006% drainage
bonds is being offered to investors by the Hanchett Bond
Denom. $100 and $500. Date July 10 1914. Int. J. Co. of Chicago.
& J. at First Nat
Bank. Chicago. Due $2,700 yearly on July 1 from
1916 to 1925. Inclusive.
WILLOUGHBY SCHOOL DISTRICT (P. 0. Willoug
hby), Lake
County, Ohio.
-BOND SALE.
-On Dec. 24 the $85,000 5% bldg. bonds
(V.99.p. 1697) were awarded to Otis & Co., Clevelan
d, at 101.182 and bit.
The bidsfollow:
Otis & Co.. Cleveland
$86,005 00
Field, Richards & Co. and Seasongood & Mayer, Cincinna
ti
85,994 50
Stacy & Braun, Toledo
85,782 50
Tillotson & Wolcott Co., Cleveland
85,663 00
First National Bank, Cleveland
85.529 40
Well. Roth & Co., Cincinnati
85,0270
WILLOW LAKES, Clark County, So. Dak.-B
ONDS NOT SOLD.
No sale has been made of the $10,000 city -hall-con
str. bomb at not exceedng 5% int. which this city has been offering for sale
(V. 99.
WILMINGTON, New Castle County, Dela.-BONDS P. 1164.)
PROPOSED.Local newspaper reports state that an ordinanc
e providin
of $75,000 sewer bonds is being considered by the City g for the issuance
Council.
WILMINGTON, Clinton County, Ohio.
-BOND SALE.
-The $47.161 60 5% 5H-year (aver.) street-impt. bonds
Aug. 24(V.99, p. 1001) have since been sold. offered without success on
WINCHESTER, Randolph County Ind.-B
ONDS PROPOSED.Local newspaper reports state that this city
of $1,825 93 North Main St. sewer bonds. is contemplating the issuance
WINDOM,Cottonwood County, Minn.
-VOTE.
-We are advised that
the vote cast at the election held Dec. 15, which
resulted in favor of the issuance of the $25,000 4% 18
-year electric-light
-plant bonds (V. 99, p. 1929)
was 211 to 85.
WINDSOR LOCKS, Hartford County, Conn.
-DEBENTURE OFFERING.
-Further details are at hand relative
to the offering on
of the 250,000
% 20
-year gold coup. tax-free sewer bonds (V. Jan. 5
99. P.
1929). Bids for these bonds will be received
until 3
James D. Outerson, Town Treas. Denom. $1.000. p. m. on that day by
Date Jan. 15 1915.
Int. J. & J. at the Windsor Locks Trust
Locks. Cert. check for 21,000 required. & Safe Deposit Co. Windsor
nished with the opinion of Attys. Matthew Successful bidder will be furEd. M. Day of Hartford, approving the P. Kelly of Windsor Locks and
legality of the issue. Bonded
debt. $55,000: floating debt,$69,947. Grand
list, $3.437.911.
WOODHULL, Henry County, Ills.
-BOND SALE.
-The $3,000 5%
water-works-ext. bonds offered without
success on Sept. 4 (V. 99. p. NO)
were disposed of during October.
NEW LOANS.
INSURANCE
$106,000
ATLANTIC MUTUAL INSURANCE COMPANY.
City of Binghamton, N. Y.,
SCHOOL BONDS
The Trustees, in conformity with the Charter of the Company, submit the New York, January 22d, 1914,
following statement of its affairs on Vii
31et of December. 1913.
The Company's business has been confined to marine and inland transporta
llon Insurance.
Premiums on such risks from the 1st January, 1913, to
53,600.334 83
Premiums on Policies not marked off 1st January, 1913the 31st December, 1913
787.050 94
Total Premiums
S4,867.385 77
.
Premiums marked off from January 1st, 1913, to December
31st, 1913
$8,712,802 51
Interest on the investments of the Company received during
the year. $308,419 48
Interest on Deposits in Banks and Trust Companies, etc
39,877 94
Rent received leas Taxes and Expenses
130,212 32 478,509 72
Losses paid during the year
51,790,888 32
Less Salvages
$233,482 06
Re-Insurances
820,813 71
Discount
47 58 554,343 85
Sealed proposals will be received
of Estimate and Apportionment by the Board
Binghamton, New York, until 4 of the City of
P. M.
20TH DAY OF JANUARY. 1915, for on the
of $106,000 coupon School Bonds of thean issue
Binghamton, New York, registerable City of
at the
option of the holder. Said bonds will
be 106
number, numbered from 1 to 106, inclusive in
, of
which bonds numbered 1 to 106
inclusive, will
be of the denomination of $1.000 each,
will bear
interest at the rate of 4).% per annum,
semi-annually on the 1st days of June and payable
December in each year, will be dated
December 1st,
1914, and will be payable in order as
numbered
as follows:
81.236,544 97
Five of said bonds on December 1st,
Returns of PremillMS5
1916
105,033
Expenses, including officers' salaries and clerks' compensa
85
1917
tion, stationery, advertise-.
menta. etc
1918
650,942 08
1919
" 1920
A dividend of interest of Six per cent on the
44
44
44
thereof, or their legal representatives, on and afteroutstanding certificates of profits will be paid to the holders
44
64
Tuesday the third of February
44
The outstanding certificates of the issue of
14
1922
14
4.
1908 will be redeemed and paid tonext.holders
legal representatives, on and after Tuesday
46
44
the
1923
the third of February next, from which date all thereof, or theta
will cease The certificates to be
14
interest thereon
1924
64
At
G.
produced
4.
A dividend of FOTO' per cent Is declaredat the time of payment and canceled.
1925
on the earned premiums of the Company for the year ending 31e1
December, 1913, which are
1926
16
II
6t
A.
Issued 011 and after Tuesday entitled to participate in dividend, for which, upon application, certificates will be
the firth of May next.
1927
By order of the Board,
1928
66
4.
It
0. STANTON FLOYD-JONES, SecretarY•
61
64
1929
6.
II
64
64
*6
TRUSTEES
JOHN N. BEACH.
1930
46
4.
It
14
46
SAMUEL T.HUBBARD,
66
ERNEST C. BLISS.
CHARLES II. PRATT.]
1931
At
46
THOMAS H. HUBBARD,
WALDRON P. BROWN,
DALLAS B. PRATT,
1932
LEWIS CABS LED YARD,
JOHN CLAFLIN
ANTON A. RAVEN,
1933
WILLIAM H.LEFFERTS,
GEORGE C. CLARKL
JOHN J. BIKER,
"
CHARLES D. LEVERICH:
1934
CLEVELAND H. DODGE,
DOUGLAS ROBINSON._
GEORGE H. MAC_ ,Y
1935
16
CORNELIUS ELDERT.
66
WILLIAM J. SCHIEYFELLIN
Six "
NICHOLAS F. PALMER
" "
1936
WILLIAM SLOANE,
All proposals should be addressed to D. W. RICHARD H. EWART.
HENRY PARISH,__ _ :
LOUIS STERN, _
Foster, City Clerk, Binghamton, New York. and PHILI1 A. S FRAN/CLINI
ADOLF PAVENSTEDT,
WILLIAM A. STREETL
marked upon the outside "Proposal for School HERBERT L. GRIGGS.
JAMES H. POST,
ANSON W. HARD,
GEORGE E. TI111.19D ,
Bonds", and each proposal must be accompanied
A. A. RAVEN, Pre/defeat RICHARD H. WILLIAMSRI
by a certified check upon an incorporated bank
CORNELIUS ELDE1tT,'Vice
or trust company, payable to the order of Hollis
-President,
WALTER WOOD PARSONS, 2d
M. Gitchell, City Treasurer, for 2% of the par
VicePresident.
CHARLES E. FAY; ad Vice-President,
value of the bonds bid for, the check of the successful bidder to be retained by the City
ASSETS,
as
security for the due completion of the contract United States and State of New York
LIABILITIES.
Estimated Losses and Losses Unsettled
of sale by the purchaser, and checks of all
Bonds
successful bidders to be forthwith returned un- New York City and New York Trust 8670,000 00 in process of Adjustment
51,805,024 00
.
Premiums on Unterminated Risks
Companies and Bank Stocks
The bonds will not be sold for less than par
654,783 28
1.783 700 00
and Stocks and Bonds of Railroads
accrued interest to date of delivery.
264,1362.5
2,737 412 00 Certificates of Profits and Interest UnOther Securities
paid
The Board reserves the right to reject any or Special
282,520 00 Return Premiums Unpaid
Deposits in Banks and Trust
108,786 90
all bids.
Companies
Reserve for Taxes
28,905 88
The bonds will be prepared under the
Real Estate eor. Wall and Wildam Streets 1.000,00000 Re-insurance Premiums
221,485 08
vision of the United States Mortgage & superand Exchange Place containing
Claims not Settled, Including CompenTrust
offices 4,299,426 04
Company, who will certify as to the genuineness Real Estate on Staten Island
sation, etc
(held under
70.799 43
of the signatures of the city officials and the seal
provisions of Chapter 481,Laws of 1887)
Certificates of Profits Ordered Redeemed;
75.000 00
impressed thereon, and the validity of the bonds Premium Notes
Withheld for Unpaid
22,556 09
475.727 45 Certificate, -.. Profits Premiums
will be approved by Messrs. Hawkins, Delafield B ils Receivable
Outstanding
1,240,320 00
605,891 79
& Longfellow, attorneys of New York City, whose Cash in hands of European Bankers to
pay losses under
opinion will be furnished to the purchaser.
foreign countries policies payable In
D. W. FOSTER,
177,881 39
Cash in Bank
636,465 49
City Clerk.
Temporary Investment. (payable
January and February, 1914)
505.000 00
Loess
10,000 00
113,259.024 18
55,917,796 87
MUNICIPAL AND RAILROAD Thus leaving a balance of
Accrued Interest on the 31st day of
12,841.227 29
December, 1913. amounted to
Rents due and accrued on the
$51,650 iitI
BONDS
31st day of December. 1913, amounted to
Re-Insurance due or accrued, in
28,378 28
companies authorized in New York, on the 81st day of
1913, amounted to
December.
LIST ON APPLICATION
Unexpired re-insurance premiums
186.830 00
on the
Note: The Insurance Department has 31et day of December. 1913, amounted to
55,903 22
William Streets and Exchange estimated the value of the Real Estate corner Wall and
Place in excess of the Book Value given above, at
And tne property at Staten Island
450,573 96
be Market Value of Stocks, Bonds and in excess of the Book Value, at
63,700 00
Ingalls Building
ceeded the Complay'e valuation by other Securities on the 31st day of December, 1913, ex1,268,075 10
CINCINNATI
a the baste of these increased valuations
the balllice would he
54,926,338 05
SEASONGOOD & MAYER
loo.
THE CHRONICLE
74
Yolo County,
WOODLAND SCHOOL DISTRICT (P.O. Woodland),-40
-year (ser.)
Calif.—BOND SALE.—On Dec. 19 the $100.000 5%_j Halsey & Co.,
.
gold building bonds (V.99. p. 1698) were awarded to N. 4.826%. Other
50 and int.—a basis of about
of San Francisco for $101,377
bids were:
and interest.
William R. Staats Co. of San Francisco, $100,94125 and interest.
Capital National Bank of Sacramento, $100,101
Bank of Woodland, Woodland, par and Interest.
.—
YOUNGSTOWN, Mahoning County, Ohio.—BOND OFFERING
Proposals will be received until 2 p.in. Jan. 25 by Dan J. Jones, City And..
or reg. bonds:
for the following 5% coup.
$750 West Ave. bridge bonds. Due Oct. 1 1917.
on Oct. 1
18,000 fire and police signal-system bonds. Due $3,000 yearly
from 1917 to 1922 incl.
on Oct. 1 from
1.650 Berlin and Highland sewer bonds. Due $330 yearly
1916 to 1920 incl.
yearly on Oct. 1
11,740 Oakland etal. street paving bonds. Due $2,348
from 1916 to 1920 incl.
St. paving bonds. Due $471 yearly on Oct. 1 from 1916 to
2,355 Granite
1920 incl.
on Oct. 1 from
6,740 Whitney Ave. paving bonds. Due $1,348 yearly
1916 to 1920 incl.
I from 1916 to
2,835 Front St. repaving bonds. Due $567 yearly on Oct.
1920 incl.
$2,585 yearly on Oct. 1 from
12.925 Belmont Ave. paving bonds. Due
1916 to 1920 incl.
incl.
2,625 sidewalk bonds. Due $525 yearly on Oct. 1 from 1916 to 1920
Trustees.
Date Feb. 1 1915. Int. F. & A. at office of Sinking Fund
check for 2% of each block of bonds bid for, payable to City Aud.,
Cert.
than Feb. 1.
required. Purchaser must be prepared to take bonds not later
Canada. its Provinces and Municipalities.
that A. E.
CHATHAM, Ont.—DEBENTURE SALE.—Reports state
Ames & Co. of Toronto recently purchased the $90,000 6% 30 equal annual
(V. 99,
installment hydro-electric installation debentures voted Oct. 12
p. 1164.)
BENTURES DEFEATED.—The question of
EDMONTON, Alta.—DE
-plant debentures (V. 99. P. 1771) was defeated at
issuing the $150.000 gas
the election held Dec. 14.
FREDERICTON, N. B.—DEBENTURE OFFERING.—J. M. Robinson
tax& Sons of Toronto are offering for sale the $50,000 43 % gold coup.
free school-house-constr. debentures(V.99, p. 1930). Denom. $500. Date
May 11914. Int. semi-ann. at Bank of British North America, Fredericton. Due in 1939.
HALIFAX, N. S.—DEBENTURE SALE.—Reports state that the $48.-year school debentures (V. 99, p. 1854) have been disposed
067 4M % 25
of at 89.50.
KINGSTON, Ont.—DEBENTURE ELECTION.—The question of issuing $3,500 bonus debentures will be submitted to the voters on Jan. 4,it is
stated.
MIDDLESEX COUNTY (P. 0. London), Ont.—DEBENTURES
AUTHORIZED.—Reports state that the Council on Dec. 12 passed a bylaw providing for the issuance of $24,000 debentures to meet current expenses.
MONTREAL, Q110.—DEBENTURE SALE.—On Dec.29 the $6,900.000
-year gold coupon debentures (V. 99, p. 1930) were awarded
5% 3
to E. H. Rollins & Sons. A. B. Leach & Co. and Kountze Bros.
of New York at their joint bid of 98.671 and int.—a basis of about 5.486%.
The bonds are dated Dec. 1 1914 and are to be delivered Jan. 15 next.
The interest for that period, approximately $43,000. is assumed by the
The bonds
purchasers in their offer and made their bid equivalent to 99.29. a preceding
which are now being offered to investors (see advertisement on
page) are due Dec. 1, 1917, subject to call on 60 days notice. Other bids
were:
Wm. A. Read & Co., New York
99.004 flat
Dominion Securities Corp., Ltd., Toronto
Kissel, Kinnicutt & Co., New York
• 98.808 flat
N. W. Harris & Co., Inc., Boston
9
) 7.949 and int.
National City Bank, New York
Potter, Choate & Prentice, New York
MOUNT FOREST, Ont.—DEBENTURE ELECTION.—An election
will be held Jan. 4 to vote on the question of issuing $12,000 hydro-electricpower debentures, it is stated.
REVELSTOKE, B. C.—DEBENTURES DEFEATED.—The question
of issuing $10,500 market-site-purchase debentures failed to carry at the
election held Dec. 7, it is stated, by a vote of 185 to 60.
ST. JOHN, N. B.—DEBENTURES PROPOSED.—According to reports
this city is contemplating the issuance of$280,000 5% debentures. Denom.
$500 or multiples thereof.
SALMON ARM, B. C.—DEBENTURES AUTHORIZED.—Reports
-year firestate that this city has been authorized to borrow $2,500 6% 10
protection debentures.
SALE.—According to reST. CATHERINES, Ont.—DEBENTURE
ports, the Dominion Securities Corp.,Ltd.,of Toronto, recently purchased
an issue of $281,279 5% debentures. Due in 10, 15 and 20 years.
s state
WALKERVILLE, Ont.—DEBENTURE ELECTION.—Report
to
that an election will be held Jan. 4 to submit to a vote.the proposition
ting-system-impt. debentures
issue $25,000 street-ligh
is stated that no
WELLAND, Oat.—DEBENTURES NOT SOLD.—It recently offered
-year debentures
sale was made of the $135,000 5)4% 20
for sale.
proWINGHAM, Ont.—DEBENTURE ELECTION.—On Jan. 4 the subbe
position to issue $2,200 road-machinery-purchase debentures will
is stated.
mitted to the voters, it
YORK TOWNSHIP, Ont.—DEBENTURES AUTHORIZED.—It is
the Council providing
stated that a by-law was passed on Dec. 15 byAyes. sewer debenturesfor
.
the issuance of $11,600 Oairwood and Conway
1
ENGINEERS
TRUST COMPANIES
CHARTERED 1853
Company of New York THEIGWHITE COMPANIES
United States Trust
45-47 WALL STREET
•
•
•
•
•
Capital,
ded Profits
Surplus and Undivi
ENGINEERS
FINANCIERS
• $2,000,000.00
2204 It
• $14,151,944.23
, Trustee, Court
MANAGERS
This Company acts as Executor, Administrator, Guardian
OPERATORS
and In other recognized trust capacities.
Depositary
It allows interest at current rates on deposits.
other property, real Or 43 EXCHANGE PLACE, NEW YORK
It holds, manages and invests money, securities and
for estates, corporations and individuals.
SAN FRANCISCO
personal,
LONDON
CHICAGO
EDWARD W.SHELDON. President.
WILFRED J. WORCESTER. Secretary.
WILLIAM 81, KINGSLEY, Vice-President
CHARLES A. EDWARDS. 2d Asst. Secy
WILLIAMSON PELL. Asst. Secretary
TRUSTEES
Alton S. Miller
Alex. 0. Humphreys
JOHN A. STEWART Chairman of the Board
OGDEN MILLS
PAYNE WHITNEY
WILLIAM ROCKEFELLER
EGERTON L. WINTHROP
EDWARD W. SHELDON
WILLIAM D.SLOANE
CORNELIUS N. BLISS JR.
ENGINEERS
CHAUNCEY KEEP
FRANK LYMAN
HENRY W. de FOREST
GEORGE L. RIVES
N
JAMES STILLMA
CURTISS JAMES ROBERT I. GAMMELL
ARTHUR
JOHN J. PHELPS
ASTOR
WILLIAM VINCENT
WILLIAM M. KINGSLEY
LEWIS CASS LEDYARD
CHARLES FRED. HOFFMAN
WILLIAM STEWART TOD
NEW YORK
LYMAN J. GAGE
185 BROADWAY
HUMPHREYS& MILLER,Inc
Power—Light---Gas
IllinoisTrast&SavingsBank
CHICAGO
Capital, Surplus and Undivided Profits
-
$15,500,000
Has on hand at all times a variety of exPays interest on Time
cellent Seoutities. Buys and sells
Deposits, Current and Reserve
Government, Municipal and
Accounts. Deals in Foreign ExCorporation Bonds.
Trust Business.
change. Transacts a General
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alfred E. Foretell
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St..,
Aning engineer
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
E. B. Morris, President.
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER